Market Outlook
December 05, 2016
Market Cues
Domestic Indices
Chg (%)
(Pts)
(Close)
Indian market is expected to open on a flat note tracking the SGX Nifty.
BSE Sensex
(1.2)
(329)
26,231
Nifty
(1.3)
(106)
8,087
The US markets remained flattish on Friday, after witnessing a mixed trend in the
previous trading session. It seems traders might not have taken big positions ahead
Mid Cap
(1.3)
(156)
12,199
of the Referendum in Italy.
Small Cap
(1.4)
(167)
12,083
European markets remained weak on Friday ahead of Italian referendum. While the
Bankex
(0.9)
(193)
20,874
issue of rate hike by US Fed continues to be there, a ‘no’ vote in Italian referendum
could trigger political uncertainty and might derail the country’s fragile recovery.
Global Indices
Chg (%)
(Pts)
(Close)
With Italians voting for NO, Euro has slipped to a fresh low and European markets
Dow Jones
(0.1)
(22)
19,170
are likely to remain volatile going ahead.
Nasdaq
0.1
5
5,256
Indian markets remained volatile during the week and witnessed selling pressure on
FTSE
(0.3)
(22)
6,731
Friday amid global volatility and concerns over slowdown in the corporate earnings
Nikkei
(0.5)
(87)
18,426
for the quarter. Though auto companies reported a decent set of sales number for
Hang Seng
(1.4)
(313)
22,565
November, fear of sales coming down in the month of December weighed on the
stocks. One the key events that will be watched by market participants is the
Shanghai Com
(0.9)
(29)
3,244
outcome of RBI’s monetary policy.
Advances / Declines
BSE
NSE
News Analysis
Advances
819
351
Bajaj Auto to launch “Dominar 400” soon
Declines
1,871
1,262
Detailed analysis on Pg2
Unchanged
119
66
Investor’s Ready Reckoner
Key Domestic & Global Indicators
Volumes (` Cr)
Stock Watch: Latest investment recommendations on 150+ stocks
BSE
2,727
Refer Pg5 onwards
NSE
16,805
Top Picks
CMP
Target
Upside
Net Inflows (` Cr)
Net
Mtd
Ytd
Company
Sector
Rating
(`)
(`)
(%)
FII
(401)
(401)
26,876
Amara Raja BatteriesAuto & Auto Ancill.
Buy
924
1,167
26.3
MFs
1,172
12,822
34,875
Alkem Laboratories Pharmaceuticals
Buy
1,680
1,989
18.4
HCL Tech
IT
Buy
793
1,000
26.0
Power Grid Corp. Power
Buy
184
223
21.3
Top Gainers
Price (`)
Chg (%)
Navkar Corporation Others
Buy
177
265
49.5
Eichermot
22,879
3.2
More Top Picks on Pg3
Balkrisind
1,218
2.4
Key Upcoming Events
Mrpl
98
2.1
Previous
Consensus
Date
Region
Event Description
Gdl
232
2.0
Reading
Expectations
Geship
359
1.9
Dec 5 Euro Zone Euro Zone GDP s.a. (QoQ)
0.3
0.3
Dec 6 Germany PMI Services
55.0
55.0
Dec 7 India
RBI Cash Reserve ratio
4.0
--
Top Losers
Price (`)
Chg (%)
Dec 7 India
RBI Reserve Repo rate
5.8
--
Bharatfin
698
(6.1)
Dec 7 India
RBI Repo rate
6.3
--
Mmtc
49
(5.9)
More Events on Pg4
Tatacomm
629
(5.6)
Indiacem
111
(5.5)
Il&Fstrans
96
(5.2)
As on December 02, 2016
Market Outlook
December 05, 2016
News Analysis
Bajaj Auto to launch “Dominar 400” soon
One of the most awaited models by Bajaj Auto is likely to be launched in Dec 15.
The product will be named Dominar 400, which in Spanish means to excel or
exceed in power.
Bajaj Autos this much awaited product has been in news as the company is likely
to compete head on with Royal Enfield, via this product. It is expected that Bajaj
will source the engines for the same from KTM.
Bajaj Auto has been relatively reporting weak numbers. For the month of
November it reported a 13% decline in sales at 2, 69,948 units’ vs 3, 09,673 units
YoY. Motor cycle sales declined by 12% YoY to 2, 37,757 units’ vs 2, 70,886 units.
Commercial vehicle segment reported even a higher fall down by 17% at 32,191
units vs 38,787 units YoY. Bajaj Auto which has relatively higher share of exports
sales compared to its peers has been facing headwinds from the overseas markets
as well. During November export sales were down by 16% at 1, 15,425 units vs 1,
37,315 units.
Economic and Political News
RBI to issue new `20 and `50 notes, old currency notes still valid
Mutual Funds park `13,610 cr in equities in November
China’s largest automaker SAIC Motor is planning to invest about $ 1bn in
India by 2018.
Rabi sowing picking up pace despite demonetisation
Corporate News
IL&FS Eng is lowest bidder for `677cr West Bengal projects
Peninsula land to sell 150 acres land to reduce debt
Bombay dyeing to focus on retail sales
Market Outlook
December 05, 2016
Top Picks ★★★★★
Large Cap
Market Cap
CMP
Target
Upside
Company
Rationale
(` Cr)
(`)
(`)
(%)
To outpace battery industry growth due to better
Amara Raja Batteries
15,786
924
1,167
26.3
technological products leading to market share gains in
both the automotive OEM and replacement segments.
Strong growth in domestic business due to its leadership in
Alkem Laboratories
20,083
1,680
1,989
18.4
acute therapeutic segment. Alkem expects to launch more
products in USA, which bodes for its international business.
The stock is trading at attractive valuations and is factoring
HCL Tech
1,11,922
793
1,000
26.0
all the bad news.
Back on the growth trend; expect a long term growth of 14%
Infosys
2,21,448
964
1,249
29.5
to be a US$20bn in FY2020.
Strong order backlog and improvement in execution would
Larsen & Tourbo
1,26,776
1,360
1,634
20.1
trigger the growth for the L&T
One of the largest pharma companies with strong
international presence. It has a rich pipeline of ANDAs
Lupin
67,116
1,489
1,809
21.5
which is also one of the largest among the generic
companies.
Going forward, we expect the company to report strong
Power Grid Corporation
96,183
184
223
21.3
top-line CAGR of ~16% and bottom-line CAGR of ~19%
over FY16-18 on back of strong capitalization guidance
Source: Company, Angel Research
Mid Cap
Market Cap
CMP
Target
Upside
Company
Rationale
(` Cr)
(`)
(`)
(%)
We expect the company would report strong profitability
Asian Granito
643
214
351
64.2
owing to better product mix, higher B2C sales and
amalgamation synergy.
Among the top 4 players in the consumer durables segment.
Bajaj Electricals
2,185
216
274
26.6
Improved profitability backed by turn around in E&P
segment. Strong order book lends earnings visibility.
Favourable outlook for AC industry augurs well for Cooling
Blue Star
4,534
475
634
33.3
products business which is outgrowing the market. EMPPAC
division's is likely to turn around on improving economy
With a focus on the low and medium income (LMI)
Dewan Housing Finance
7,583
242
350
44.5
consumer segment, the company has increased its presence
in tier-II & III cities where the growth opportunity is immense.
Strong loan growth backed by diversified loan portfolio and
adequate CAR. ROE & ROA likely to remain decent as risk of
Equitas Holdings
5,264
157
235
49.7
dilution remains low. Attractive valuations considering
growth.
Economic recovery to have favourable impact on advertising
& circulation revenue growth. Further, the acquisition of a
Jagran Prakashan
5,652
173
225
30.1
radio business (Radio City) would also boost the company's
revenue growth.
Speedier execution and speedier sales, strong revenue
Mahindra Lifespace
1,484
362
522
44.4
visibilty in short-to-long run, attractive valuations
We expect the company to report strong growth on back of
healthy growth in domestic branded sales (owing to
Mirza International
938
78
107
37.2
aggressive ad spend and addition in the number of EBOs &
multi-brand outlets [MBOs]) and healthy export revenues.
Massive capacity expansion along with rail advantage at
Navkar Corporation
2,527
177
265
49.5
ICD as well CFS augurs well for the company.
Strong brands and distribution network would boost growth
Siyaram Silk Mills
1,160
1,237
1,605
29.7
going ahead. Stock currently trades at an inexpensive
valuation.
Market leadership in Hindi news genre and no. 2 viewership
ranking in English news genre, exit from the radio business,
TV Today Network
1,870
313
385
22.8
and anticipated growth in ad spends by corporate to benefit
the stock.
Source: Company, Angel Research
Market Outlook
December 05, 2016
Key Upcoming Events
Global economic events release calendar
Date
Time
Country
Event Description
Unit
Period
Bloomberg Data
Last Reported Estimated
Dec 5, 2016
3:30PM
Euro Zone
Euro-Zone GDP s.a. (QoQ)
% Change
3Q F
0.30
0.30
Dec 6, 2016
2:25PM
Germany
PMI Services
Value
Nov F
55.00
55.00
Dec 7, 2016
3:00PM
UK
Industrial Production (YoY)
% Change
Oct
0.30
0.50
2:30PM
India
RBI Cash Reserve ratio
%
Dec 7
4.00
--
2:30PM
India
RBI Reverse Repo rate
%
Dec 7
5.75
--
2:30PM
India
RBI Repo rate
%
Dec 7
6.25
--
Dec 8, 2016
7:00PM
US
Initial Jobless claims
Thousands
Dec 3
268.00
255.00
China
Exports YoY%
% Change
Nov
(7.30)
(5.00)
6:15PM
Euro Zone
ECB announces interest rates
%
Dec 8
--
--
Dec 9, 2016
India
Imports YoY%
% Change
Nov
8.10
--
India
Exports YoY%
% Change
Nov
9.59
--
7:00AM
China
Consumer Price Index (YoY)
% Change
Nov
2.10
2.20
Dec 12, 2016
5:30PM
India
Industrial Production YoY
% Change
Oct
0.70
--
Dec 13, 2016
3:00PM
UK
CPI (YoY)
% Change
Nov
0.90
--
7:30AM
China
Industrial Production (YoY)
% Change
Nov
6.10
6.10
Dec 14, 2016
7:45PM
US
Industrial Production
%
Nov
0.04
(0.20)
3:00PM
UK
Jobless claims change
% Change
Nov
9.80
--
US
Producer Price Index (mom)
% Change
Nov
0.40
--
12:00PM
India
Monthly Wholesale Prices YoY%
% Change
Nov
3.39
--
Dec 15, 2016
2:00PM
Germany
PMI Manufacturing
Value
Dec P
54.30
--
7:00PM
US
Consumer price index (mom)
% Change
Nov
0.40
0.20
5:30PM
UK
BOE Announces rates
% Ratio
Dec 15
0.25
--
12:30AM
US
FOMC rate decision
%
Dec 14
0.50
0.75
Dec 16, 2016
7:00PM
US
Housing Starts
Thousands
Nov
1,323.00
1,225.00
7:00PM
US
Building permits
Thousands
Nov
1,260.00
--
8:30PM
Euro Zone
Euro-Zone Consumer Confidence
Value
Dec A
(6.10)
--
Dec 21, 2016
8:30PM
US
Existing home sales
Million
Nov
5.60
--
7:00PM
US
GDP Qoq (Annualised)
% Change
3Q T
3.20
3.10
Dec 22, 2016
3:30PM
Euro Zone
Euro-Zone CPI (YoY)
%
Nov F
0.60
--
Source: Bloomberg, Angel Research
Market Outlook
December 05, 2016
Macro watch
Exhibit 1: Quarterly GDP trends
Exhibit 2: IIP trends
(%)
(%)
9.0
3.0
8.3
2.2
7.9
1.9
8.0
7.5
7.5
7.6
2.0
1.3
7.2
7.1
7.3
0.7
6.6
6.7
1.0
0.3
7.0
6.4
5.8
-
6.0
(1.0)
5.0
(0.9)
(0.7)
(2.0)
(1.3)
(1.6)
4.0
(3.0)
(2.5)
3.0
(4.0)
(3.4)
Source: CSO, Angel Research
Source: MOSPI, Angel Research
Exhibit 3: Monthly CPI inflation trends
Exhibit 4: Manufacturing and services PMI
56.0
Mfg. PMI
Services PMI
(%)
55.0
7.0
6.1
5.7
5.8
5.8
54.0
5.6
5.5
6.0
5.4
5.3
5.1
53.0
4.8
5.0
4.4
52.0
4.2
51.0
4.0
50.0
3.0
49.0
2.0
48.0
1.0
47.0
46.0
-
Source: Market, Angel Research; Note: Level above 50 indicates expansion
Source: MOSPI, Angel Research
Exhibit 5: Exports and imports growth trends
Exhibit 6: Key policy rates
(%)
Exports yoy growth
Imports yoy growth
(%)
Repo rate
Reverse Repo rate
CRR
15.0
7.00
10.0
6.50
5.0
6.00
0.0
(5.0)
5.50
(10.0)
5.00
(15.0)
4.50
(20.0)
4.00
(25.0)
3.50
(30.0)
(35.0)
3.00
Source: Bloomberg, Angel Research
Source: RBI, Angel Research
Market Outlook
December 05, 2016
Global watch
Exhibit 1: Latest quarterly GDP Growth (%, yoy) across select developing and developed countries
(%)
8.0
6.7
5.3
6.0
5.0
0.6
4.3
4.0
3.2
2.3
1.6
1.5
2.0
1.1
0.9
-
(2.0)
(0.4)
(2.9)
(4.0)
Source: Bloomberg, Angel Research
Exhibit 2: 2016 GDP Growth projection by IMF (%, yoy) across select developing and developed countries
(%)
10.0
7.6
8.0
6.6
6.0
4.9
4.3
4.0
3.2
1.8
1.7
1.6
1.3
2.0
(0.8)
0.5
(3.3)
0.1
-
(2.0)
(4.0)
Source: IMF, Angel Research
Exhibit 3: One year forward P-E ratio across select developing and developed countries
(x)
20.0
18.0
16.0
14.0
12.0
10.0
8.0
6.0
4.0
2.0
-
Source: IMF, Angel Research
Market Outlook
December 05, 2016
Exhibit 4: Relative performance of indices across globe
Returns (%)
Country
Name of index
Closing price
1M
3M
1YR
Brazil
Bovespa
60,316
(7.1)
3.0
31.5
Russia
Micex
2,129
6.6
6.2
20.3
India
Nifty
8,087
(6.3)
(6.0)
2.6
China
Shanghai Composite
3,244
4.5
5.7
(10.3)
South Africa
Top 40
42,822
(2.3)
(9.0)
(7.0)
Mexico
Mexbol
44,555
(7.2)
(6.3)
3.6
Indonesia
LQ45
881
(4.8)
(4.2)
12.7
Malaysia
KLCI
1,629
(1.8)
(2.9)
(3.2)
Thailand
SET 50
940
0.3
(2.5)
5.0
USA
Dow Jones
19,170
6.3
4.1
7.4
UK
FTSE
6,731
(1.7)
(2.2)
8.1
Japan
Nikkei
18,426
5.7
10.1
(7.5)
Germany
DAX
10,513
1.4
(1.6)
(3.4)
France
CAC
4,529
2.6
(0.3)
(0.5)
Source: Bloomberg, Angel Research
Stock Watch
December 05, 2016
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( Čcr )
OPM(%)
EPS (Č)
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
(Č)
Price ( Č)
( Č cr )
FY17E FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
Agri / Agri Chemical
Rallis
Accumulate
198
209
3,857
1,937
2,164
13.3
14.3
9.0
11.0
22.0
18.0
3.8
3.4
18.4
19.8
2.0
1.8
United Phosphorus
Accumulate
651
684
33,018
15,176
17,604
18.5
18.5
37.4
44.6
17.4
14.6
3.4
2.8
21.4
21.2
2.3
1.9
Auto & Auto Ancillary
Ashok Leyland
Buy
75
111
21,273
22,407
26,022
10.6
10.6
5.2
6.4
14.3
11.6
3.2
2.7
23.6
24.7
1.0
0.9
Bajaj Auto
Neutral
2,702
-
78,200
25,093
27,891
19.5
19.2
143.9
162.5
18.8
16.6
5.3
4.5
30.3
29.4
2.8
2.5
Bharat Forge
Neutral
873
-
20,324
7,726
8,713
20.5
21.2
35.3
42.7
24.7
20.5
4.6
4.1
18.9
20.1
2.7
2.3
Eicher Motors
Neutral
22,756
-
61,809
16,583
20,447
17.5
18.0
598.0
745.2
38.1
30.5
13.0
9.9
41.2
38.3
3.6
2.8
Gabriel India
Buy
107
130
1,540
1,544
1,715
9.0
9.3
5.4
6.3
19.9
17.0
3.8
3.3
18.9
19.5
1.0
0.8
Hero Motocorp
Accumulate
3,184
3,541
63,575
30,958
34,139
15.7
15.7
193.6
208.3
16.4
15.3
6.4
5.3
34.2
30.5
1.9
1.7
Jamna Auto Industries Neutral
172
-
1,371
1,486
1,620
9.8
9.9
15.0
17.2
11.4
10.0
2.5
2.1
21.8
21.3
1.0
0.9
L G Balakrishnan & Bros Neutral
607
-
953
1,302
1,432
11.6
11.9
43.7
53.0
13.9
11.5
2.0
1.8
13.8
14.2
0.8
0.7
Mahindra and Mahindra Neutral
1,144
-
71,044
46,534
53,077
11.6
11.7
67.3
78.1
17.0
14.7
2.8
2.4
15.4
15.8
1.5
1.3
Maruti
Buy
5,068
6,006
153,108
68,057
82,958
15.8
15.5
212.1
261.2
23.9
19.4
4.7
3.9
19.8
20.3
1.9
1.5
Minda Industries
Neutral
301
-
2,388
2,728
3,042
9.0
9.1
68.2
86.2
4.4
3.5
1.0
0.8
23.8
24.3
0.9
0.8
Motherson Sumi
Neutral
306
-
42,902
45,896
53,687
7.8
8.3
13.0
16.1
23.4
19.0
7.6
6.0
34.7
35.4
1.0
0.8
Rane Brake Lining
Neutral
906
-
717
511
562
11.3
11.5
28.1
30.9
32.3
29.3
4.9
4.5
15.3
15.0
1.5
1.4
Setco Automotive
Neutral
38
-
503
741
837
13.0
13.0
15.2
17.0
2.5
2.2
0.4
0.4
15.8
16.3
1.1
1.0
Tata Motors
Neutral
433
-
125,030
300,209
338,549
8.9
8.4
42.7
54.3
10.2
8.0
1.6
1.4
15.6
17.2
0.5
0.5
TVS Motor
Neutral
358
-
17,020
13,390
15,948
6.9
7.1
12.8
16.5
28.1
21.7
7.0
5.5
26.3
27.2
1.3
1.1
Amara Raja Batteries
Buy
924
1,167
15,786
5,504
6,605
17.6
17.5
33.4
40.9
27.7
22.6
6.1
5.0
22.1
22.0
2.9
2.4
Exide Industries
Neutral
176
-
14,926
7,439
8,307
15.0
15.0
8.1
9.3
21.7
18.9
3.0
2.7
14.3
16.7
1.6
1.4
Apollo Tyres
Buy
182
235
9,285
12,877
14,504
14.3
13.9
21.4
23.0
8.5
7.9
1.3
1.2
16.4
15.2
0.9
0.8
Ceat
Buy
1,232
1,450
4,983
7,524
8,624
13.0
12.7
131.1
144.3
9.4
8.5
1.7
1.5
19.8
18.6
0.7
0.6
JK Tyres
Neutral
118
-
2,681
7,455
8,056
15.0
15.0
21.8
24.5
5.4
4.8
1.1
0.9
22.8
21.3
0.5
0.4
Swaraj Engines
Neutral
1,336
-
1,660
660
810
15.2
16.4
54.5
72.8
24.5
18.4
7.6
6.9
31.5
39.2
2.3
1.9
Subros
Neutral
161
-
969
1,488
1,681
11.7
11.9
6.4
7.2
25.2
22.5
2.7
2.4
10.8
11.4
0.9
0.8
Indag Rubber
Neutral
180
-
472
286
326
19.8
16.8
11.7
13.3
15.4
13.5
2.6
2.4
17.8
17.1
1.3
1.2
Capital Goods
ACE
Neutral
49
-
484
709
814
4.1
4.6
1.4
2.1
34.9
23.3
1.4
1.4
4.4
6.0
0.8
0.7
BEML
Neutral
826
-
3,438
3,451
4,055
6.3
9.2
31.4
57.9
26.3
14.3
1.6
1.4
6.3
10.9
1.1
0.9
Bharat Electronics
Neutral
1,419
-
31,696
8,137
9,169
16.8
17.2
58.7
62.5
24.2
22.7
3.7
3.3
44.6
46.3
2.9
2.6
Stock Watch
December 05, 2016
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( Čcr )
OPM(%)
EPS (Č)
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
(Č)
Price ( Č)
( Č cr )
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
Capital Goods
Voltas
Buy
306
407
10,130
6,511
7,514
7.9
8.7
12.9
16.3
23.7
18.8
4.3
3.7
16.7
18.5
1.3
1.1
BGR Energy
Neutral
113
-
813
16,567
33,848
6.0
5.6
7.8
5.9
14.5
19.1
0.8
0.8
4.7
4.2
0.2
0.1
BHEL
Neutral
127
-
31,085
28,797
34,742
-
2.8
2.3
6.9
55.2
18.4
0.9
0.9
1.3
4.8
0.7
0.5
Blue Star
Buy
475
634
4,534
4,283
5,077
5.9
7.3
14.9
22.1
31.9
21.5
6.2
5.2
20.4
26.4
1.1
0.9
Crompton Greaves
Neutral
76
-
4,770
5,777
6,120
5.9
7.0
3.3
4.5
23.1
16.9
1.0
1.0
4.4
5.9
0.8
0.7
Greaves Cotton
Neutral
130
-
3,172
1,755
1,881
16.8
16.9
7.8
8.5
16.7
15.3
3.3
3.1
20.6
20.9
1.5
1.4
Inox Wind
Neutral
186
-
4,124
5,605
6,267
15.7
16.4
24.8
30.0
7.5
6.2
2.1
1.5
25.9
24.4
0.8
0.6
KEC International
Neutral
139
-
3,565
9,294
10,186
7.9
8.1
9.9
11.9
14.0
11.7
2.1
1.8
15.6
16.3
0.6
0.6
Thermax
Neutral
830
-
9,886
5,421
5,940
7.3
7.3
25.7
30.2
32.3
27.5
3.9
3.6
12.2
13.1
1.7
1.6
VATech Wabag
Buy
494
681
2,694
3,136
3,845
8.9
9.1
26.0
35.9
19.0
13.8
2.4
2.0
13.4
15.9
0.8
0.6
Cement
ACC
Neutral
1,323
-
24,842
11,225
13,172
13.2
16.9
44.5
75.5
29.7
17.5
2.8
2.6
11.2
14.2
2.2
1.9
Ambuja Cements
Neutral
205
-
40,656
9,350
10,979
18.2
22.5
5.8
9.5
35.3
21.6
3.0
2.7
10.2
12.5
4.4
3.7
India Cements
Neutral
111
-
3,411
4,364
4,997
18.5
19.2
7.9
11.3
14.1
9.8
1.0
1.0
8.0
8.5
1.5
1.3
JK Cement
Neutral
732
-
5,115
4,398
5,173
15.5
17.5
31.2
55.5
23.5
13.2
2.8
2.4
12.0
15.5
1.7
1.4
J K Lakshmi Cement
Buy
373
565
4,393
2,913
3,412
14.5
19.5
7.5
22.5
49.8
16.6
3.1
2.6
12.5
18.0
2.1
1.7
Orient Cement
Buy
131
215
2,693
2,114
2,558
18.5
20.5
8.1
11.3
16.2
11.6
2.4
2.0
9.0
14.0
1.9
1.5
UltraTech Cement
Neutral
3,585
-
98,390
25,768
30,385
21.0
23.5
111.0
160.0
32.3
22.4
4.1
3.6
13.5
15.8
3.9
3.3
Construction
ITNL
Neutral
96
-
3,158
8,946
10,017
31.0
31.6
8.1
9.1
11.9
10.6
0.4
0.4
4.2
5.0
3.7
3.4
KNR Constructions
Neutral
772
-
2,170
1,385
1,673
14.7
14.0
41.2
48.5
18.7
15.9
3.5
3.0
14.9
15.2
1.6
1.4
Larsen & Toubro
Buy
1,360
1,634
126,776
111,017
124,908
11.0
11.0
61.1
66.7
22.3
20.4
2.7
2.5
13.1
12.9
2.2
2.0
Gujarat Pipavav Port
Neutral
138
-
6,647
705
788
52.2
51.7
5.0
5.6
27.5
24.6
2.7
2.4
11.2
11.2
9.1
7.6
Nagarjuna Const.
Neutral
77
-
4,281
8,842
9,775
9.1
8.8
5.3
6.4
14.5
12.0
1.2
1.1
8.2
9.1
0.6
0.6
PNC Infratech
Buy
107
143
2,737
2,350
2,904
13.1
13.2
9.0
8.8
11.9
12.1
0.4
0.4
15.9
13.9
1.3
1.0
Simplex Infra
Neutral
301
-
1,491
6,829
7,954
10.5
10.5
31.4
37.4
9.6
8.1
1.0
0.9
9.9
13.4
0.6
0.5
Power Mech Projects
Neutral
458
-
674
1,801
2,219
12.7
14.6
72.1
113.9
6.4
4.0
1.2
1.0
16.8
11.9
0.4
0.3
Sadbhav Engineering
Accumulate
275
298
4,709
3,598
4,140
10.3
10.6
9.0
11.9
30.5
23.1
3.2
2.8
9.9
11.9
1.6
1.4
NBCC
Neutral
222
-
13,335
7,428
9,549
7.9
8.6
8.2
11.0
27.1
20.2
1.4
1.1
28.2
28.7
1.5
1.1
MEP Infra
Neutral
35
-
568
1,877
1,943
30.6
29.8
3.0
4.2
11.7
8.3
5.6
3.8
0.6
0.6
1.7
1.5
SIPL
Neutral
91
-
3,189
1,036
1,252
65.5
66.2
(8.4)
(5.6)
3.4
3.9
(22.8)
(15.9)
11.3
9.4
Stock Watch
December 05, 2016
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( Čcr )
OPM(%)
EPS (Č)
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
(Č)
Price ( Č)
( Č cr )
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
Construction
Engineers India
Neutral
290
-
9,769
1,725
1,935
16.0
19.1
11.4
13.9
25.4
20.9
3.5
3.4
13.4
15.3
4.6
4.1
Financials
Axis Bank
Buy
460
630
109,743
46,932
53,575
3.5
3.4
32.4
44.6
14.2
10.3
1.8
1.6
13.6
16.5
-
-
Bank of Baroda
Neutral
161
-
37,097
19,980
23,178
1.8
1.8
11.5
17.3
14.0
9.3
1.6
1.3
8.3
10.1
-
-
Canara Bank
Neutral
309
-
16,781
15,225
16,836
1.8
1.8
14.5
28.0
21.3
11.0
1.5
1.2
5.8
8.5
-
-
Dewan Housing Finance Buy
242
350
7,583
2,225
2,688
2.9
2.9
29.7
34.6
8.2
7.0
1.3
1.1
16.1
16.8
-
-
Equitas Holdings
Buy
157
235
5,264
939
1,281
11.7
11.5
5.8
8.2
27.1
19.1
2.3
2.1
10.9
11.5
-
-
Federal Bank
Neutral
68
-
11,718
9,353
10,623
2.9
2.9
4.4
5.8
15.5
11.8
1.5
1.3
9.5
11.0
-
-
HDFC
Neutral
1,240
-
196,048
11,475
13,450
3.4
3.4
45.3
52.5
27.4
23.6
5.3
4.7
20.2
20.5
-
-
HDFC Bank
Accumulate
1,191
1,350
301,581
46,097
55,433
4.5
4.5
58.4
68.0
20.4
17.5
3.6
3.0
18.8
18.6
-
-
ICICI Bank
Buy
260
315
151,094
42,800
44,686
3.1
3.3
18.0
21.9
14.4
11.9
2.0
1.8
11.1
12.3
-
-
Lakshmi Vilas Bank
Buy
148
174
2,660
3,339
3,799
2.7
2.8
11.0
14.0
13.5
10.6
1.4
1.3
11.2
12.7
-
-
LIC Housing Finance
Accumulate
556
630
28,049
3,712
4,293
2.6
2.5
39.0
46.0
14.3
12.1
2.7
2.3
19.9
20.1
-
-
Punjab Natl.Bank
Neutral
134
-
28,504
23,532
23,595
2.3
2.4
6.8
12.6
19.7
10.6
3.0
2.2
3.3
6.5
-
-
RBL Bank
Neutral
347
-
12,821
1,783
2,309
2.6
2.6
12.7
16.4
27.3
21.1
3.0
2.7
12.8
13.3
-
-
South Ind.Bank
Neutral
21
-
2,849
6,435
7,578
2.5
2.5
2.7
3.1
7.8
6.8
1.0
0.8
10.1
11.2
-
-
St Bk of India
Neutral
254
-
197,485
88,650
98,335
2.6
2.6
13.5
18.8
18.8
13.5
1.8
1.6
7.0
8.5
-
-
Union Bank
Neutral
142
-
9,758
13,450
14,925
2.3
2.3
25.5
34.5
5.6
4.1
0.8
0.7
7.5
10.2
-
-
Yes Bank
Neutral
1,150
-
48,415
8,978
11,281
3.3
3.4
74.0
90.0
15.5
12.8
3.0
2.5
17.0
17.2
-
-
FMCG
Asian Paints
Neutral
906
-
86,860
17,128
18,978
16.8
16.4
19.1
20.7
47.4
43.8
16.5
15.6
34.8
35.5
5.0
4.5
Britannia
Buy
2,980
3,626
35,747
9,594
11,011
14.6
14.9
80.3
94.0
37.1
31.7
15.3
11.8
41.2
-
3.6
3.1
Colgate
Accumulate
926
995
25,191
4,605
5,149
23.4
23.4
23.8
26.9
38.9
34.4
21.5
16.8
64.8
66.8
5.4
4.8
Dabur India
Accumulate
283
304
49,713
8,315
9,405
19.8
20.7
8.1
9.2
34.9
30.7
9.7
8.1
31.6
31.0
5.6
4.9
GlaxoSmith Con*
Neutral
5,062
-
21,289
4,350
4,823
21.2
21.4
179.2
196.5
28.3
25.8
7.5
6.4
27.1
26.8
4.3
3.8
Godrej Consumer
Neutral
1,449
-
49,354
10,235
11,428
18.4
18.6
41.1
44.2
35.3
32.8
7.8
6.6
24.9
24.8
4.9
4.3
HUL
Neutral
833
-
180,282
35,252
38,495
17.8
17.8
20.7
22.4
40.4
37.2
38.6
33.1
95.6
88.9
5.0
4.5
ITC
Buy
228
284
275,697
40,059
44,439
38.3
39.2
9.0
10.1
25.4
22.5
7.1
6.2
27.8
27.5
6.4
5.7
Marico
Buy
255
300
32,861
6,430
7,349
18.8
19.5
6.4
7.7
39.8
33.1
12.0
10.1
33.2
32.5
4.9
4.3
Nestle*
Neutral
6,238
-
60,146
10,073
11,807
20.7
21.5
124.8
154.2
50.0
40.5
20.5
18.5
34.8
36.7
5.8
4.9
Tata Global
Neutral
122
-
7,671
8,675
9,088
9.8
9.8
7.4
8.2
16.4
14.8
1.9
1.8
7.9
8.1
0.8
0.7
Stock Watch
December 05, 2016
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( Čcr )
OPM(%)
EPS (Č)
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
(Č)
Price ( Č)
( Č cr )
FY17E FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FMCG
Procter & Gamble
Accumulate
6,601
7,369
21,427
2,939
3,342
23.2
23.0
146.2
163.7
45.2
40.3
101.1
96.9
25.3
23.5
6.8
5.9
Hygiene
IT
HCL Tech^
Buy
793
1,000
111,922
49,242
57,168
20.5
20.5
55.7
64.1
14.2
12.4
2.9
2.2
20.3
17.9
2.1
1.7
Infosys
Buy
964
1,249
221,448
68,350
77,326
27.0
27.0
62.5
69.4
15.4
13.9
3.3
3.0
21.3
21.6
2.7
2.3
TCS
Buy
2,224
2,620
438,203
119,025
133,308
27.6
27.6
131.2
145.5
17.0
15.3
5.5
5.1
32.4
33.1
3.5
3.0
Tech Mahindra
Buy
473
600
45,905
29,673
32,937
15.5
17.0
32.8
39.9
14.4
11.9
2.8
2.5
19.6
20.7
1.3
1.1
Wipro
Buy
460
590
111,838
55,440
60,430
18.1
18.1
35.9
39.9
12.8
11.5
2.3
2.1
19.0
19.3
1.7
1.6
Media
D B Corp
Neutral
362
-
6,648
2,297
2,590
27.4
28.2
21.0
23.4
17.2
15.5
4.0
3.5
23.7
23.1
2.7
2.3
HT Media
Neutral
70
-
1,629
2,693
2,991
12.6
12.9
7.9
9.0
8.9
7.8
0.8
0.7
7.8
8.3
0.2
0.1
Jagran Prakashan
Buy
173
225
5,652
2,355
2,635
28.0
28.0
10.8
12.5
16.0
13.8
3.5
3.0
21.7
21.7
2.4
2.1
Sun TV Network
Neutral
438
-
17,251
2,850
3,265
70.1
71.0
26.2
30.4
16.7
14.4
4.3
3.8
24.3
25.6
5.6
4.8
Hindustan Media
Neutral
271
-
1,990
1,016
1,138
24.3
25.2
27.3
30.1
9.9
9.0
1.9
1.7
16.2
15.8
1.3
1.1
Ventures
TV Today Network
Buy
313
385
1,870
637
743
27.5
27.5
18.4
21.4
17.1
14.7
3.0
2.5
17.4
17.2
2.5
2.1
Metals & Mining
Coal India
Neutral
306
-
193,344
84,638
94,297
21.4
22.3
24.5
27.1
12.5
11.3
5.2
5.0
42.6
46.0
1.8
1.6
Hind. Zinc
Neutral
272
-
115,098
14,252
18,465
55.9
48.3
15.8
21.5
17.2
12.7
2.8
2.5
17.0
20.7
8.1
6.2
Hindalco
Neutral
169
-
34,857
107,899
112,095
7.4
8.2
9.2
13.0
18.4
13.0
0.9
0.8
4.8
6.6
0.8
0.8
JSW Steel
Neutral
1,656
-
40,038
53,201
58,779
16.1
16.2
130.6
153.7
12.7
10.8
1.7
1.5
14.0
14.4
1.5
1.3
NMDC
Neutral
117
-
36,859
6,643
7,284
44.4
47.7
7.1
7.7
16.4
15.1
1.4
1.4
8.8
9.2
3.3
3.0
SAIL
Neutral
50
-
20,444
47,528
53,738
(0.7)
2.1
(1.9)
2.6
19.0
0.5
0.5
(1.6)
3.9
1.3
1.2
Vedanta
Neutral
223
-
66,128
71,744
81,944
19.2
21.7
13.4
20.1
16.7
11.1
1.4
1.3
8.4
11.3
1.3
1.0
Tata Steel
Neutral
406
-
39,470
121,374
121,856
7.2
8.4
18.6
34.3
21.9
11.9
1.4
1.3
6.1
10.1
1.0
0.9
Oil & Gas
Cairn India
Neutral
246
-
46,084
9,127
10,632
4.3
20.6
8.8
11.7
27.9
21.0
0.9
0.9
3.3
4.2
6.5
5.4
GAIL
Neutral
432
-
54,779
56,220
65,198
9.3
10.1
27.1
33.3
15.9
13.0
1.5
1.4
9.3
10.7
1.2
1.0
ONGC
Neutral
291
-
249,179
137,222
152,563
15.0
21.8
19.5
24.1
14.9
12.1
1.3
1.2
8.5
10.1
2.1
1.9
Indian Oil Corp
Neutral
295
-
143,225
373,359
428,656
5.9
5.5
54.0
59.3
5.5
5.0
0.9
0.8
16.0
15.6
0.5
0.5
Reliance Industries
Neutral
995
-
322,721
301,963
358,039
12.1
12.6
87.7
101.7
11.4
9.8
1.2
1.1
10.7
11.3
1.5
1.3
Pharmaceuticals
Alembic Pharma
Neutral
632
-
11,919
3,483
4,083
20.2
21.4
24.3
30.4
26.0
20.8
5.9
4.7
25.5
25.3
3.4
2.8
Alkem Laboratories Ltd
Buy
1,680
1,989
20,083
6,043
6,893
18.7
19.3
80.5
88.8
20.9
18.9
4.7
3.8
22.3
20.3
3.3
2.8
Aurobindo Pharma
Buy
719
877
42,097
15,720
18,078
23.7
23.7
41.4
47.3
17.4
15.2
4.5
3.5
29.6
26.1
2.9
2.5
Sanofi India*
Neutral
4,254
-
9,798
2,277
2,597
17.3
18.3
149.4
172.0
28.5
24.7
4.7
3.8
25.1
28.8
4.0
3.2
Stock Watch
December 05, 2016
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( Čcr )
OPM(%)
EPS (Č)
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
(Č)
Price ( Č)
( Č cr )
FY17E FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
Pharmaceuticals
Cadila Healthcare
Neutral
395
-
40,463
10,429
12,318
22.6
22.0
16.9
19.2
23.4
20.6
6.0
4.8
28.5
25.7
3.9
3.2
Cipla
Reduce
571
490
45,916
15,378
18,089
17.4
18.4
21.6
27.2
26.5
21.0
3.4
3.0
13.7
15.2
3.2
2.7
Dr Reddy's
Neutral
3,180
-
52,688
16,043
18,119
20.8
22.4
112.4
142.9
28.3
22.3
3.8
3.3
14.1
15.9
3.3
2.9
Dishman Pharma
Neutral
236
-
3,813
1,718
1,890
22.7
22.8
9.5
11.3
24.9
20.9
2.4
2.2
10.1
10.9
2.7
2.3
GSK Pharma*
Neutral
2,715
-
22,999
3,000
3,312
15.4
20.6
46.5
60.8
58.4
44.7
14.0
14.0
26.3
30.6
7.4
6.8
Indoco Remedies
Reduce
258
240
2,374
1,112
1,289
16.2
18.2
11.6
16.0
22.2
16.1
3.6
3.0
17.0
20.1
2.3
1.9
Ipca labs
Accumulate
565
613
7,127
3,303
3,799
15.3
15.3
17.3
19.7
32.7
28.7
2.8
2.6
9.1
9.4
2.3
2.0
Lupin
Buy
1,489
1,809
67,116
15,912
18,644
26.4
26.7
58.1
69.3
25.6
21.5
5.0
4.1
21.4
20.9
4.3
3.5
Sun Pharma
Buy
719
847
173,150
31,129
35,258
32.0
32.9
30.2
35.3
23.8
20.4
3.9
3.2
20.0
20.1
5.1
4.3
Power
Tata Power
Neutral
73
-
19,866
36,916
39,557
17.4
27.1
5.1
6.3
14.4
11.7
1.3
1.2
9.0
10.3
1.6
1.4
NTPC
Neutral
161
-
132,876
86,605
95,545
17.5
20.8
11.8
13.4
13.7
12.0
1.4
1.3
10.5
11.1
2.9
2.9
Power Grid
Buy
184
223
96,183
25,315
29,193
88.2
88.7
14.2
17.2
13.0
10.7
2.0
1.7
15.2
16.1
8.4
7.6
Real Estate
MLIFE
Buy
362
522
1,484
1,152
1,300
22.7
24.6
29.9
35.8
12.1
10.1
0.9
0.8
7.6
8.6
2.0
1.7
Telecom
Bharti Airtel
Neutral
319
-
127,417
105,086
114,808
34.5
34.7
12.2
16.4
26.1
19.4
1.8
1.7
6.8
8.4
2.1
1.8
Idea Cellular
Neutral
74
-
26,466
40,133
43,731
37.2
37.1
6.4
6.5
11.5
11.3
1.0
0.9
8.2
7.6
1.7
1.4
zOthers
Abbott India
Neutral
4,839
-
10,282
3,153
3,583
14.1
14.4
152.2
182.7
31.8
26.5
156.1
133.3
25.6
26.1
3.0
2.6
Bajaj Electricals
Buy
216
274
2,185
4,801
5,351
5.7
6.2
10.4
13.7
20.8
15.8
2.6
2.3
12.4
14.5
0.5
0.4
Finolex Cables
Neutral
415
-
6,352
2,883
3,115
12.0
12.1
14.2
18.6
29.3
22.3
15.6
13.6
15.8
14.6
1.9
1.7
Goodyear India*
Neutral
719
-
1,659
1,598
1,704
10.4
10.2
49.4
52.6
14.6
13.7
67.2
59.0
18.2
17.0
0.7
100.5
Hitachi
Neutral
1,374
-
3,736
2,081
2,433
8.8
8.9
33.4
39.9
41.1
34.4
33.2
27.7
22.1
21.4
1.8
1.5
Jyothy Laboratories
Neutral
362
-
6,581
1,440
2,052
11.5
13.0
8.5
10.0
42.6
36.2
10.3
9.6
18.6
19.3
4.9
3.4
Page Industries
Neutral
12,951
-
14,446
2,450
3,124
20.1
17.6
299.0
310.0
43.3
41.8
288.5
220.2
47.1
87.5
5.9
4.7
Relaxo Footwears
Neutral
419
-
5,032
2,085
2,469
9.2
8.2
7.6
8.0
55.5
52.8
21.5
18.4
17.9
18.8
2.5
2.1
Siyaram Silk Mills
Accumulate
1,237
1,605
1,160
1,733
1,948
11.6
11.7
96.6
114.7
12.8
10.8
2.0
1.7
15.3
15.7
0.9
0.8
Styrolution ABS India*
Neutral
577
-
1,014
1,440
1,537
9.2
9.0
40.6
42.6
14.2
13.5
36.3
33.0
12.3
11.6
0.7
0.6
TVS Srichakra
Neutral
3,352
-
2,566
2,304
2,614
13.7
13.8
231.1
266.6
14.5
12.6
376.6
296.5
33.9
29.3
1.1
1.0
HSIL
Neutral
282
-
2,039
2,384
2,515
15.8
16.3
15.3
19.4
18.4
14.5
18.3
15.8
7.8
9.3
1.0
0.9
Kirloskar Engines India
Neutral
327
-
4,726
2,554
2,800
9.9
10.0
10.5
12.1
31.1
27.0
13.0
12.3
10.7
11.7
1.5
1.3
Ltd
M M Forgings
Neutral
423
-
510
546
608
20.4
20.7
41.3
48.7
10.3
8.7
57.9
51.3
16.6
17.0
0.8
0.7
Stock Watch
December 05, 2016
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( Čcr )
OPM(%)
EPS (Č)
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
(Č)
Price ( Č)
( Č cr )
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
zOthers
Banco Products (India) Neutral
190
-
1,360
1,353
1,471
12.3
12.4
14.5
16.3
13.1
11.7
18.1
16.3
14.5
14.6
0.9
101.1
Competent Automobiles Neutral
162
-
100
1,137
1,256
3.1
2.7
28.0
23.6
5.8
6.9
31.2
28.2
14.3
11.5
0.1
0.1
Nilkamal
Neutral
1,358
-
2,026
1,995
2,165
10.7
10.4
69.8
80.6
19.5
16.9
77.6
67.4
16.6
16.5
1.0
0.9
Visaka Industries
Neutral
193
-
307
1,051
1,138
10.3
10.4
21.0
23.1
9.2
8.3
24.7
23.2
9.0
9.2
0.6
0.5
Transport Corporation of
Neutral
170
-
1,300
2,671
2,911
8.5
8.8
13.9
15.7
12.3
10.8
1.7
1.5
13.7
13.8
0.6
0.5
India
Elecon Engineering
Neutral
52
-
587
1,482
1,660
13.7
14.5
3.9
5.8
13.4
9.0
3.2
2.9
7.8
10.9
0.7
0.6
Surya Roshni
Neutral
199
-
872
3,342
3,625
7.8
7.5
17.3
19.8
11.5
10.1
21.9
17.6
10.5
10.8
0.5
0.5
MT Educare
Neutral
115
-
456
366
417
17.7
18.2
9.4
10.8
12.2
10.6
2.7
2.4
22.2
22.3
1.2
1.0
Radico Khaitan
Buy
118
147
1,567
1,667
1,824
13.0
13.2
6.7
8.2
17.7
14.4
1.6
1.5
9.0
10.2
1.3
1.2
Garware Wall Ropes
Neutral
620
-
1,357
873
938
14.3
14.3
35.2
37.5
17.6
16.6
3.1
2.6
17.5
15.9
1.5
1.3
Wonderla Holidays
Neutral
329
-
1,859
287
355
38.0
40.0
11.3
14.2
29.1
23.2
4.2
3.7
21.4
23.9
6.2
5.0
Linc Pen & Plastics
Neutral
243
-
359
382
420
9.3
9.5
13.5
15.7
18.0
15.5
3.1
2.7
17.1
17.3
1.0
0.9
The Byke Hospitality
Neutral
166
-
664
287
384
20.5
20.5
7.6
10.7
21.8
15.5
4.6
3.7
20.7
23.5
2.3
1.7
Interglobe Aviation
Neutral
843
-
30,387
21,122
26,005
14.5
27.6
110.7
132.1
7.6
6.4
45.6
32.6
168.5
201.1
1.4
1.1
Coffee Day Enterprises
Neutral
206
-
4,233
2,964
3,260
20.5
21.2
4.7
8.0
-
25.7
2.4
2.2
5.5
8.5
1.8
1.6
Ltd
Navneet Education
Neutral
108
-
2,573
1,062
1,147
24.0
24.0
6.1
6.6
17.7
16.3
3.6
3.2
20.6
19.8
2.5
2.3
Navkar Corporation
Buy
177
265
2,527
369
561
42.9
42.3
7.2
11.5
24.5
15.4
1.8
1.6
7.4
10.5
7.9
5.2
UFO Moviez
Neutral
440
-
1,213
619
685
33.2
33.4
30.0
34.9
14.7
12.6
2.0
1.8
13.8
13.9
1.7
1.3
VRL Logistics
Neutral
264
-
2,410
1,902
2,119
16.7
16.6
14.6
16.8
18.1
15.7
4.0
3.5
21.9
22.2
1.4
1.2
Team Lease Serv.
Neutral
842
-
1,440
3,229
4,001
1.5
1.8
22.8
32.8
37.0
25.7
4.0
3.4
10.7
13.4
0.3
0.3
S H Kelkar & Co.
Neutral
298
-
4,307
1,036
1,160
15.1
15.0
6.1
7.2
48.8
41.5
5.2
4.8
10.7
11.5
4.0
3.6
Quick Heal
Neutral
226
-
1,585
408
495
27.3
27.0
7.7
8.8
29.2
25.7
2.7
2.7
9.3
10.6
3.0
2.5
Narayana Hrudaya
Neutral
340
-
6,939
1,873
2,166
11.5
11.7
2.6
4.0
128.4
85.7
7.9
7.1
6.1
8.3
3.8
3.3
Manpasand Bever.
Neutral
608
-
3,476
836
1,087
19.6
19.4
16.9
23.8
36.0
25.5
4.3
3.8
12.0
14.8
3.9
2.9
Parag Milk Foods
Neutral
261
-
2,195
1,919
2,231
9.3
9.6
9.5
12.9
27.6
20.2
4.3
3.5
15.5
17.5
1.3
1.1
Mirza International
Buy
78
107
938
987
1,106
18.0
18.0
6.5
7.6
11.9
10.2
1.9
1.6
15.9
15.7
1.2
1.0
Asian Granito
Buy
214
351
643
1,071
1,182
12.1
12.4
12.7
16.0
16.8
13.4
1.6
1.4
9.5
10.7
0.9
0.8
Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on December 03, 2016
Market Outlook
December 05, 2016
Research Team Tel: 022 - 39357800
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