Market Outlook

July 6, 2017

Market Cues

Domestic Indices

Chg (%)

(Pts)

(Close)

Indian markets are likely to flat tracking SGX Nifty and global indices.

BSE Sensex

0.1

31,246

US markets were mixed yesterday as Federal Reserve policy meeting minutes

Nifty

0.3

9,638

indicated that the reduction in the central bank’s economy-boosting balance sheet

Mid Cap

1.0

143

14,902

could begin soon. The Dow edged down 1.10 points or less than a tenth of a

Small Cap

1.1

174

15,741

percent to 21,478, the Nasdaq climbed 0.7 percent to 6,151 and the S&P 500 rose

Bankex

0.6

168

26,444

0.2 percent to 2,433.

The UK market ended a wobbly Wednesday trading session slightly higher, with

Global Indices

Chg (%)

(Pts)

(Close)

investors taking a cautious approach after weaker-than-expected data on the key UK

services sector as well as rising geopolitical tensions over North Korea. The FTSE

Dow Jones

(0.0)

(1)

21,478

100 rose 0.1% to 7,368, after swinging in and out of losses throughout the session.

Nasdaq

0.7

6,151

The London benchmark on Tuesday declined 0.3%, the fifth decline in six sessions.

FTSE

0.1

7,368

In the domestic markets, the benchmark Sensex inched up 0.11% to close at 31,246

Nikkei

0.2

20,082

as domestic institutional investors stuck to unabated buying in range-bound trade on

Hang Seng

0.5

133

25,522

Wednesday. The broader Nifty managed to hold on to its key 9,600- mark and

Shanghai Com

0.8

3,207

ended the day at 9,638, up 0.25%. Traders opted for small buying, while stock

specific actions led the key indices to remain in positive terrain.

Advances / Declines

BSE

NSE

News Analysis

Advances

1,706

1,122

 Lupin Ltd News Update

Declines

988

576

 Tejas Networks ltd IPO - Book profit

Unchanged

141

Detailed analysis is on Pg2

Investor’s Ready Reckoner

Volumes (` Cr)

Key Domestic & Global Indicators

BSE

3,140

Stock Watch: Latest investment recommendations on 150+ stocks

NSE

22,034

Refer Pg6 onwards

#Net Inflows (` Cr)

Net

Mtd

Ytd

Top Picks

CMP

Target

Upside

FII

(896)

55,012

Company

Sector

Rating

(`)

(%)

MFs

871

37,865

Blue Star

Capital Goods

Buy

612

760

24.3

Dewan Housing FinanceFinancials

Buy

436

520

19.3

Top Gainers

Price (`)

Chg (%)

Mahindra Lifespace

Real Estate

Buy

439

522

19.0

Navkar Corporation

Others

Buy

210

265

26.3

Idfc

10.1

KEI Industries

Capital Goods

Accumulate

234

258

10.2

Jpassociat

8.0

More Top Picks on Pg3

Raymond

815

6.4

Key Upcoming Events

Ibrealest

209

6.3

Previous Consensus

Date

Region

Event Description

Jisljaleqs

107

5.7

Reading Expectations

Jul 6, 2017

Initial Jobless claims

244.00

243.00

Jul 7, 2017

Change in Nonfarm payrolls

138.00

177.00

Top Losers

Price (`)

Chg (%)

Jul 7, 2017

Industrial Production (YoY)

(0.80)

0.20

Religare

151

(4.8)

Jul 7, 2017

Unnemployment rate

4.30

Mfsl

597

(3.8)

Jul 10, 2017

India

Industrial Production YoY

3.10

Cub

177

(2.8)

More Events on Pg4

Intellect

129

(2.2)

Tatacomm

677

(1.9)

#as on 5^t July, 2017

Market Outlook

July 6, 2017

News Analysis

Lupin Ltd News Update

Lupin Limited announced the launch of its Moxifloxacin Hydrochloride Ophthalmic

solution USP, 0.5% (base) having received an approval from the USFDA earlier.

Lupin’s Moxifloxacin Hydrochloride Ophthalmic solution USP, 0.5% (base), is an

AT1 rated generic equivalent of Novartis Pharma Corp’s Vigamox Ophthalmic

solution. It is indicated for the treatment of bacterial conjunctivitis caused by

susceptible strains of the organisms. Vigamox Ophthalmic solution had US sales of

US$267.9mn (IMS MAT March 2017). The product is likely to contribute around

US$20-25mn. We maintain our BUY recommendation on the stock with a price

target of `1526.

Tejas Networks ltd IPO - Book profit

Tejas Networks Limited, concluded its initial public offer (IPO) in mid of June-2017

and raised `.777cr. We had a ‘SUBSCRIBE’ rating on Tejas Networks considering

a) strong revenue CAGR of 24.2% over FY2013-17 b) turnaround from loss of

`79cr in FY13 to PAT of `64cr in FY17 c) 500 bps improvement in RoE from 8% in

FY16 to 12.9% in FY17, d) asset light business model and strong operating

leverage and e) an experienced management team. Its post-IPO debt free balance

sheet coupled with the government’s push for digital India is expected to support

the growth momentum going ahead. Post listing, the stock has appreciated 18%

and at the CMP, it trades at 19.20x of FY19E EPS. We believe this is a fair

valuation and it’s time to book profit.

Economic and Political News

 India Monsoon Rainfall 5% Above Normal July 5

 India's growth prospects improve as reforms pay off: IMF

 India services sector PMI at an 8-month high of 53.1 in June

 Non-food credit growth at two-month high

 India Watchdog to Monitor Pricing in New Tax Regime by July-End

Corporate News

 ABC Bearings hits upper circuit on merger nod

 ICICI Bank, others move UK court to recover $600-mn loans to Essar arm

 NMDC lowers iron ore prices by 8-9% amid supply glut, demand slump

 Note ban, RERA effect: Residential realty launches down 41% in H1 of FY18

Market Outlook

July 6, 2017

Top Picks HHHHH

Market Cap

CMP

Target

Upside

Company

Rationale

(` Cr)

(`)

(%)

Strong growth in domestic business due to its leadership

in acute therapeutic segment. Alkem expects to launch

Alkem Laboratories

21,950

1,836

2,161

17.7

more products in USA, which bodes for its international

business.

We expect the company would report strong profitability

Asian Granito

1,341

446

480

7.7

owing to better product mix, higher B2C sales and

amalgamation synergy.

Favourable outlook for the AC industry to augur well for

Cooling products business which is out pacing the market

Blue Star

5,849

612

760

24.3

growth. EMPPAC division's profitability to improve once

operating environment turns around.

With a focus on the low and medium income (LMI)

consumer segment, the company has increased its

Dewan Housing Finance

13,665

436

520

19.3

presence in tier-II & III cities where the growth opportunity

is immense.

Loan growth is likely to pick up after a sluggish FY17.

Karur Vysya Bank

8,684

144

160

11.3

Lower credit cost will help in strong bottomline growth.

Increasing share of CASA will help in NIM improvement.

Economic recovery to have favourable impact on

advertising & circulation revenue growth. Further, the

Jagran Prakashan

6,017

184

225

22.2

acquisition of a radio business (Radio City) would also

boost the company's revenue growth.

High order book execution in EPC segment, rising B2C

KEI Industries

1,822

234

258

10.2

sales and higher exports to boost the revenues and

profitability

Speedier execution and speedier sales, strong revenue

Mahindra Lifespace

2,251

439

522

19.0

visibilty in short-to-long run, attractive valuations

Massive capacity expansion along with rail advantage at

Navkar Corporation

2,993

210

265

26.3

ICD as well CFS augurs well for the company

Strong brands and distribution network would boost

Siyaram Silk Mills

2,062

2,200

2,500

13.6

growth going ahead. Stock currently trades at an

inexpensive valuation.

Market leadership in Hindi news genre and no.

viewership ranking in English news genre, exit from the

TV Today Network

1,497

251

344

37.1

radio business, and anticipated growth in ad spends by

corporates to benefit the stock.

Source: Company, Angel Research,

Market Outlook

July 6, 2017

Key Upcoming Events

Global economic events release calendar

Bloomberg Data

Date

Time

Country

Event Description

Unit

Period

Last Reported

Estimated

Jul 06, 2017

6:00 PMUS

Initial Jobless claims

Thousands

Jul 1

244.00

243.00

Jul 07, 2017

6:00 PMUS

Change in Nonfarm payrolls

Thousands

Jun

138.00

177.00

2:00 PMUK

Industrial Production (YoY)

% Change

May

(0.80)

0.20

6:00 PMUS

Unnemployment rate

Jun

4.30

Jul 10, 2017

5:30 PMIndia

Industrial Production YoY

% Change

May

3.10

Jul 12, 2017

7:00 AMChina

Consumer Price Index (YoY)

% Change

Jun

1.50

2:00 PMUK

Jobless claims change

% Change

Jun

7.30

Jul 13, 2017

Producer Price Index (mom)

% Change

Jun

(0.70)

China

Exports YoY%

% Change

Jun

8.70

9.00

Jul 14, 2017

India

Imports YoY%

% Change

Jun

33.10

India

Exports YoY%

% Change

Jun

8.30

6:45 PMUS

Industrial Production

Jun

0.30

6:00 PMUS

Consumer price index (mom)

% Change

Jun

(0.10)

0.10

12:00 PMIndia

Monthly Wholesale Prices YoY%

% Change

Jun

2.17

Jul 17, 2017

7:30 AMChina

Industrial Production (YoY)

% Change

Jun

6.50

7:30 AMChina

Real GDP (YoY)

% Change

6.90

6.80

Jul 18, 2017

2:00 PMUK

CPI (YoY)

% Change

Jun

2.90

2:30 PMEuro Zone

Euro-Zone CPI (YoY)

Jun F

1.30

Jul 19, 2017

6:00 PMUS

Housing Starts

Thousands

Jun

1,092.00

1,190.00

6:00 PMUS

Building permits

Thousands

Jun

1,168.00

1,205.00

Jul 20, 2017

7:30 PMEuro Zone

Euro-Zone Consumer Confidence

Value

Jul A

(1.30)

Source: Bloomberg, Angel Research

www.angelbroking.com

Market Outlook

July 6, 2017

Macro watch

Exhibit 1: Quarterly GDP trends

Exhibit 2: IIP trends

(%)

10.0

9.1

8.9

8.8

9.0

7.9

8.0

7.9

8.0

7.6

7.5

8.0

7.3

7.2

7.0

5.7

7.0

6.0

5.2

6.1

4.9

6.0

5.0

3.8

4.0

3.0

3.1

2.6

5.0

3.0

1.9

4.0

2.0

1.0

3.0

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

(%)

7.0

54.0

6.1

5.8

6.0

52.0

5.1

5.0

4.3

4.2

50.0

3.9

3.6

3.7

4.0

3.4

3.2

3.0

48.0

3.0

2.2

46.0

2.0

44.0

1.0

42.0

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

60.0

7.00

50.0

6.50

40.0

6.00

30.0

5.50

20.0

5.00

10.0

4.50

0.0

4.00

(10.0)

(20.0)

3.50

(30.0)

3.00

Source: Bloomberg, Angel Research

Source: RBI, Angel Research

www.angelbroking.com

Market Outlook

July 6, 2017

Exhibit 4: Relative performance of indices across globe

Returns (%)

Country

Name of index

Closing price

1YR

Brazil

Bovespa

63,154

1.5

(3.1)

22.7

Russia

Micex

1,921

1.9

(3.9)

1.9

India

Nifty

9,638

(0.2)

5.1

17.5

China

Shanghai Composite

3,207

3.7

(0.1)

10.9

South Africa

Top 40

46,241

(0.8)

2.0

0.2

Mexico

Mexbol

50,301

1.5

3.1

9.2

Indonesia

LQ45

979

2.8

6.1

19.0

Malaysia

KLCI

1,768

0.1

1.1

8.2

Thailand

SET 50

996

0.8

(0.5)

10.1

USA

Dow Jones

21,478

1.6

3.9

20.4

FTSE

7,368

(2.1)

0.6

12.8

Japan

Nikkei

20,082

(0.4)

5.8

31.1

Germany

DAX

12,454

(2.9)

1.1

26.6

France

CAC

5,180

(2.3)

1.9

19.6

Source: Bloomberg, Angel Research,

www.angelbroking.com

Stock Watch

July 06, 2017

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

Reduce

244

209

4,752

1,937

2,164

13.3

14.3

9.0

11.0

27.2

22.2

4.7

4.1

18.4

19.8

2.5

2.2

United Phosphorus

Neutral

853

43,338

15,176

17,604

18.5

37.4

44.6

22.8

19.1

4.5

3.7

21.4

21.2

3.0

2.5

Auto & Auto Ancillary

Ashok Leyland

Accumulate

102

116

29,748

20,019

22,789

11.1

11.7

4.3

5.5

23.7

18.6

4.6

4.1

19.4

22.0

1.4

1.2

Bajaj Auto

Neutral

2,772

80,207

25,093

27,891

19.5

19.2

143.9

162.5

19.3

17.1

5.4

4.6

30.3

29.4

2.9

2.6

Bharat Forge

Neutral

1,111

25,869

7,726

8,713

20.5

21.2

35.3

42.7

31.5

26.0

5.8

5.3

18.9

20.1

3.4

3.0

Eicher Motors

Neutral

28,067

76,404

16,583

20,447

17.5

18.0

598.0

745.2

46.9

37.7

16.0

12.2

41.2

38.3

4.4

3.5

Gabriel India

Neutral

149

2,142

1,544

1,715

9.0

9.3

5.4

6.3

27.6

23.7

5.2

4.6

18.9

19.5

1.3

1.2

Hero Motocorp

Neutral

3,707

74,029

28,120

30,753

15.2

15.6

169.1

189.2

21.9

19.6

7.6

6.3

30.8

28.2

2.5

2.2

Jamna Auto Industries Neutral

267

2,130

1,486

1,620

9.8

9.9

15.0

17.2

17.8

15.5

3.9

3.3

21.8

21.3

1.5

1.4

L G Balakrishnan & Bros Neutral

772

1,212

1,302

1,432

11.6

11.9

43.7

53.0

17.7

14.6

2.5

2.3

13.8

14.2

1.0

0.9

Mahindra and Mahindra Neutral

1,385

86,024

46,534

53,077

11.6

11.7

67.3

78.1

20.6

17.7

3.3

2.9

15.4

15.8

1.8

1.6

Maruti

Buy

7,371

8,495

222,668

67,822

83,717

15.2

15.0

243.0

291.5

30.3

25.3

6.9

5.7

22.9

22.4

3.0

2.3

Minda Industries

Neutral

672

5,806

2,728

3,042

9.0

9.1

68.2

86.2

9.9

7.8

2.2

1.8

23.8

24.3

2.2

1.9

Motherson Sumi

Neutral

306

64,353

45,896

53,687

7.8

8.3

13.0

16.1

23.4

19.0

7.6

6.0

34.7

35.4

1.5

1.2

Rane Brake Lining

Neutral

1,342

1,062

511

562

11.3

11.5

28.1

30.9

47.8

43.4

7.3

6.6

15.3

15.0

2.2

2.0

Setco Automotive

Neutral

536

741

837

13.0

15.2

17.0

2.6

2.4

0.4

15.8

16.3

1.1

1.0

Tata Motors

Neutral

432

124,748

300,209

338,549

8.9

8.4

42.7

54.3

10.1

8.0

1.6

1.4

15.6

17.2

0.5

TVS Motor

Neutral

547

26,004

13,390

15,948

6.9

7.1

12.8

16.5

42.9

33.1

10.7

8.5

26.3

27.2

2.0

1.6

Amara Raja Batteries

Accumulate

848

962

14,480

5,339

6,220

15.9

15.3

28.0

32.3

30.3

26.2

5.8

4.9

19.1

18.5

2.7

2.3

Exide Industries

Neutral

228

19,389

7,439

8,307

15.0

8.1

9.3

28.2

24.5

3.9

3.5

14.3

16.7

2.2

2.0

Apollo Tyres

Neutral

255

12,967

12,877

14,504

14.3

13.9

21.4

23.0

11.9

11.1

1.9

1.6

16.4

15.2

1.2

1.1

Ceat

Neutral

1,865

7,545

7,524

8,624

13.0

12.7

131.1

144.3

14.2

12.9

2.6

2.2

19.8

18.6

1.1

0.9

JK Tyres

Neutral

170

3,852

7,455

8,056

15.0

21.8

24.5

7.8

6.9

1.6

1.3

22.8

21.3

0.6

Swaraj Engines

Neutral

2,348

2,916

660

810

15.2

16.4

54.5

72.8

43.1

32.3

13.4

12.2

31.5

39.2

4.2

3.4

Subros

Neutral

253

1,519

1,488

1,681

11.7

11.9

6.4

7.2

39.6

35.3

4.2

3.8

10.8

11.4

1.3

1.1

Indag Rubber

Neutral

210

551

286

326

19.8

16.8

11.7

13.3

17.9

15.7

3.0

2.8

17.8

17.1

1.6

1.4

Capital Goods

ACE

Neutral

723

709

814

4.1

4.6

1.4

2.1

52.2

34.8

2.2

2.0

4.4

6.0

1.2

1.0

BEML

Neutral

1,568

6,530

3,451

4,055

6.3

9.2

31.4

57.9

49.9

27.1

3.0

2.7

6.3

10.9

2.0

1.7

Bharat Electronics

Neutral

170

37,882

8,137

9,169

16.8

17.2

58.7

62.5

2.9

2.7

0.5

0.4

44.6

46.3

3.6

3.3

www.angelbroking.com

Stock Watch

July 06, 2017

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

Neutral

475

15,725

6,511

7,514

7.9

8.7

12.9

16.3

36.8

29.2

6.6

5.8

16.7

18.5

2.2

1.8

BGR Energy

Neutral

154

1,109

16,567

33,848

6.0

5.6

7.8

5.9

19.7

26.1

1.1

4.7

4.2

0.2

0.1

BHEL

Neutral

134

32,859

28,797

34,742

2.8

2.3

6.9

58.4

19.5

1.0

1.3

4.8

0.8

0.6

Blue Star

Buy

612

760

5,849

4,283

5,077

5.9

7.3

14.9

22.1

41.1

27.6

8.0

6.7

20.4

26.4

1.4

1.2

CG Power and Industrial

Neutral

5,202

5,777

6,120

5.9

7.0

3.3

4.5

25.2

18.4

1.1

4.4

5.9

0.9

0.7

Solutions

Greaves Cotton

Neutral

160

3,916

1,755

1,881

16.8

16.9

7.8

8.5

20.6

18.9

4.1

3.8

20.6

20.9

1.9

1.8

Inox Wind

Neutral

146

3,239

5,605

6,267

15.7

16.4

24.8

30.0

5.9

4.9

1.6

1.2

25.9

24.4

0.6

0.5

KEC International

Neutral

257

6,608

9,294

10,186

7.9

8.1

9.9

11.9

26.0

21.6

3.8

3.3

15.6

16.3

0.9

KEI Industries

Accumulate

234

258

1,822

2,633

3,001

10.4

10.0

12.7

13.0

18.4

18.0

3.9

3.3

21.4

18.2

0.9

0.8

Thermax

Neutral

935

11,138

5,421

5,940

7.3

25.7

30.2

36.4

31.0

4.4

4.0

12.2

13.1

1.9

1.8

VATech Wabag

Neutral

680

3,712

3,136

3,845

8.9

9.1

26.0

35.9

26.2

18.9

3.3

2.8

13.4

15.9

1.1

0.9

Cement

ACC

Neutral

1,596

29,977

11,225

13,172

13.2

16.9

44.5

75.5

35.9

21.1

3.4

3.1

11.2

14.2

2.7

2.3

Ambuja Cements

Neutral

252

50,118

9,350

10,979

18.2

22.5

5.8

9.5

43.5

26.6

3.7

3.3

10.2

12.5

5.4

4.6

India Cements

Neutral

205

6,331

4,364

4,997

18.5

19.2

7.9

11.3

26.0

18.2

1.9

1.8

8.0

8.5

2.2

1.9

JK Cement

Neutral

980

6,851

4,398

5,173

15.5

17.5

31.2

55.5

31.4

17.7

3.8

3.3

12.0

15.5

2.1

1.8

J K Lakshmi Cement

Neutral

475

5,586

2,913

3,412

14.5

19.5

7.5

22.5

63.3

21.1

3.9

3.3

12.5

18.0

2.5

2.1

Orient Cement

Neutral

152

3,121

2,114

2,558

18.5

20.5

8.1

11.3

18.8

13.5

2.8

2.3

9.0

14.0

2.1

1.6

UltraTech Cement

Neutral

4,080

112,001

25,768

30,385

21.0

23.5

111.0

160.0

36.8

25.5

4.7

4.1

13.5

15.8

4.4

3.7

Construction

ITNL

Neutral

3,230

8,946

10,017

31.0

31.6

8.1

9.1

12.1

10.8

0.5

4.2

5.0

3.7

3.4

KNR Constructions

Neutral

207

2,911

1,385

1,673

14.7

14.0

41.2

48.5

5.0

4.3

0.9

0.8

14.9

15.2

2.2

1.8

Larsen & Toubro

Neutral

1,696

158,265

111,017

124,908

11.0

61.1

66.7

27.8

25.4

3.3

3.1

13.1

12.9

2.5

2.3

Gujarat Pipavav Port

Neutral

150

7,252

705

788

52.2

51.7

5.0

5.6

30.0

26.8

3.0

2.7

11.2

9.9

8.4

Nagarjuna Const.

Neutral

5,034

8,842

9,775

9.1

8.8

5.3

6.4

17.1

14.2

1.4

1.2

8.2

9.1

0.7

0.6

PNC Infratech

Neutral

144

3,695

2,350

2,904

13.1

13.2

9.0

8.8

16.0

16.4

0.6

0.5

15.9

13.9

1.7

1.4

Simplex Infra

Neutral

556

2,751

6,829

7,954

10.5

31.4

37.4

17.7

14.9

1.8

1.7

9.9

13.4

0.8

0.7

Power Mech Projects

Neutral

589

867

1,801

2,219

12.7

14.6

72.1

113.9

8.2

5.2

1.5

1.3

16.8

11.9

0.5

0.4

Sadbhav Engineering

Neutral

305

5,228

3,598

4,140

10.3

10.6

9.0

11.9

33.9

25.6

3.5

3.1

9.9

11.9

1.7

1.5

NBCC

Neutral

206

18,549

7,428

9,549

7.9

8.6

8.2

11.0

25.1

18.7

1.3

1.0

28.2

28.7

2.2

1.7

MEP Infra

Neutral

126

2,051

1,877

1,943

30.6

29.8

3.0

4.2

42.1

30.0

20.4

13.7

0.6

2.5

2.3

www.angelbroking.com

Stock Watch

July 06, 2017

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

SIPL

Neutral

110

3,874

1,036

1,252

65.5

66.2

(8.4)

(5.6)

4.1

4.7

(22.8)

(15.9)

12.0

9.9

Engineers India

Neutral

157

10,570

1,725

1,935

16.0

19.1

11.4

13.9

13.8

11.3

1.9

1.8

13.4

15.3

5.1

4.5

Financials

Axis Bank

Accumulate

514

580

123,154

46,932

53,575

3.5

3.4

32.4

44.6

15.9

11.5

2.0

1.8

13.6

16.5

Bank of Baroda

Neutral

161

37,062

19,980

23,178

1.8

11.5

17.3

14.0

9.3

1.6

1.3

8.3

10.1

Canara Bank

Neutral

333

19,866

15,225

16,836

1.8

14.5

28.0

22.9

11.9

1.6

1.3

5.8

8.5

Can Fin Homes

Neutral

3,231

8,600

420

526

3.5

86.5

107.8

37.4

30.0

8.0

6.6

23.6

24.1

Cholamandalam Inv. &

Accumulate

1,117

1,230

17,459

2,012

2,317

6.3

42.7

53.6

26.2

20.8

4.1

3.6

16.9

18.3

Fin. Co.

Dewan Housing Finance Buy

436

520

13,665

2,225

2,688

2.9

29.7

34.6

14.7

12.6

2.4

1.6

16.1

14.8

Equitas Holdings

Buy

159

235

5,368

939

1,281

11.7

11.5

5.8

8.2

27.4

19.4

2.4

2.1

10.9

11.5

Federal Bank

Accumulate

115

125

22,286

8,259

8,995

3.0

4.3

5.6

26.7

20.5

2.3

2.1

8.5

10.1

HDFC

Neutral

1,629

259,546

11,475

13,450

3.4

45.3

52.5

36.0

31.0

6.9

6.1

20.2

20.5

HDFC Bank

Neutral

1,651

424,845

46,097

55,433

4.5

58.4

68.0

28.3

24.3

5.0

4.1

18.8

18.6

ICICI Bank

Accumulate

293

315

187,639

42,800

44,686

3.1

3.3

18.0

21.9

16.3

13.4

2.2

2.0

11.1

12.3

Karur Vysya Bank

Accumulate

144

160

8,684

5,640

6,030

3.3

3.2

8.9

10.0

16.2

14.4

1.7

1.6

11.2

11.4

Lakshmi Vilas Bank

Neutral

208

3,981

3,339

3,799

2.7

2.8

11.0

14.0

18.9

14.8

2.0

1.8

11.2

12.7

LIC Housing Finance

Neutral

752

37,943

3,712

4,293

2.6

2.5

39.0

46.0

19.3

16.3

3.6

3.1

19.9

20.1

Punjab Natl.Bank

Neutral

137

29,164

23,532

23,595

2.3

2.4

6.8

12.6

20.2

10.9

3.1

2.2

3.3

6.5

RBL Bank

Neutral

524

19,744

1,783

2,309

2.6

12.7

16.4

41.3

32.0

4.5

4.0

12.8

13.3

Repco Home Finance

Neutral

811

5,074

388

457

4.5

4.2

30.0

38.0

27.0

21.3

4.5

3.8

18.0

19.2

South Ind.Bank

Neutral

5,004

6,435

7,578

2.5

2.7

3.1

10.3

9.0

1.3

1.1

10.1

11.2

St Bk of India

Neutral

275

237,381

88,650

98,335

2.6

13.5

18.8

20.4

14.6

1.9

1.7

7.0

8.5

Union Bank

Neutral

149

10,267

13,450

14,925

2.3

25.5

34.5

5.9

4.3

0.9

0.7

7.5

10.2

Yes Bank

Neutral

1,504

68,818

8,978

11,281

3.3

3.4

74.0

90.0

20.3

16.7

3.9

3.3

17.0

17.2

FMCG

Akzo Nobel India

Neutral

1,833

8,791

2,955

3,309

13.3

13.7

57.2

69.3

32.1

26.4

10.5

8.8

32.7

33.3

2.8

2.4

Asian Paints

Neutral

1,126

108,034

17,128

18,978

16.8

16.4

19.1

20.7

59.0

54.4

20.5

19.4

34.8

35.5

6.2

5.6

Britannia

Neutral

3,733

44,800

9,594

11,011

14.6

14.9

80.3

94.0

46.5

39.7

19.1

14.8

41.2

4.5

3.9

Colgate

Neutral

1,114

30,306

4,605

5,149

23.4

23.8

26.9

46.8

41.4

25.9

20.3

64.8

66.8

6.5

5.8

Dabur India

Neutral

298

52,449

8,315

9,405

19.8

20.7

8.1

9.2

36.8

32.4

10.2

8.5

31.6

31.0

6.0

5.2

GlaxoSmith Con*

Neutral

5,504

23,146

4,350

4,823

21.2

21.4

179.2

196.5

30.7

28.0

8.2

6.9

27.1

26.8

4.7

4.2

www.angelbroking.com

Stock Watch

July 06, 2017

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

Godrej Consumer

Neutral

983

66,928

10,235

11,428

18.4

18.6

41.1

44.2

23.9

22.2

5.3

4.5

24.9

24.8

6.6

5.9

HUL

Neutral

1,097

237,507

35,252

38,495

17.8

20.7

22.4

53.2

49.0

50.8

43.6

95.6

88.9

6.6

6.0

ITC

Neutral

331

402,139

40,059

44,439

38.3

39.2

9.0

10.1

36.9

32.7

10.3

9.0

27.8

27.5

9.5

8.6

Marico

Neutral

325

41,934

6,430

7,349

18.8

19.5

6.4

7.7

50.8

42.2

15.3

12.9

33.2

32.5

6.3

5.5

Nestle*

Neutral

6,908

66,606

10,073

11,807

20.7

21.5

124.8

154.2

55.4

44.8

22.7

20.4

34.8

36.7

6.4

5.5

Tata Global

Neutral

156

9,855

8,675

9,088

9.8

7.4

8.2

21.1

19.0

1.7

1.6

7.9

8.1

1.1

1.0

Procter & Gamble

Neutral

8,050

26,131

2,939

3,342

23.2

23.0

146.2

163.7

55.1

49.2

13.9

11.6

25.3

23.5

8.4

7.3

Hygiene

HCL Tech^

Buy

836

1,014

119,261

46,723

52,342

22.1

20.9

60.0

62.8

13.9

13.3

3.5

3.0

25.3

22.4

2.3

1.9

Infosys

Buy

951

1,179

218,451

68,484

73,963

26.0

63.0

64.0

15.1

14.9

3.2

2.9

20.8

19.7

2.9

2.5

TCS

Accumulate

2,358

2,651

464,578

117,966

127,403

27.5

27.6

134.3

144.5

17.6

16.3

5.2

4.9

29.8

29.7

3.6

3.3

Tech Mahindra

Buy

378

533

36,872

29,141

31,051

14.4

15.0

32.3

35.6

11.7

10.6

2.0

1.8

17.1

17.0

1.1

1.0

Wipro

Accumulate

258

280

125,328

55,421

58,536

20.3

35.1

36.5

7.3

7.1

1.3

1.1

19.2

14.6

1.7

1.4

Media

D B Corp

Neutral

382

7,026

2,297

2,590

27.4

28.2

21.0

23.4

18.2

16.3

4.2

3.7

23.7

23.1

2.9

2.5

HT Media

Neutral

1,904

2,693

2,991

12.6

12.9

7.9

9.0

10.4

9.1

0.9

0.8

7.8

8.3

0.3

0.2

Jagran Prakashan

Buy

184

225

6,017

2,283

2,555

28.0

10.6

12.3

17.3

15.0

3.7

3.2

21.4

2.6

2.3

Sun TV Network

Neutral

824

32,465

2,850

3,265

70.1

71.0

26.2

30.4

31.4

27.1

8.0

7.1

24.3

25.6

11.0

9.5

Hindustan Media

Neutral

274

2,012

1,016

1,138

24.3

25.2

27.3

30.1

10.0

9.1

1.9

1.7

16.2

15.8

1.3

1.1

Ventures

TV Today Network

Buy

251

344

1,497

608

667

21.5

22.3

15.7

19.2

16.0

13.0

2.4

2.1

16.1

16.0

2.1

1.8

Metals & Mining

Coal India

Neutral

248

153,633

84,638

94,297

21.4

22.3

24.5

27.1

10.1

9.1

4.2

4.0

42.6

46.0

1.3

1.2

Hind. Zinc

Neutral

269

113,809

14,252

18,465

55.9

48.3

15.8

21.5

17.1

12.5

2.8

2.4

17.0

20.7

8.0

6.2

Hindalco

Neutral

199

44,587

107,899

112,095

7.4

8.2

9.2

13.0

21.6

15.3

1.0

4.8

6.6

0.9

JSW Steel

Neutral

212

51,318

53,201

58,779

16.1

16.2

130.6

153.7

1.6

1.4

0.2

14.0

14.4

1.7

1.5

NMDC

Neutral

111

35,167

6,643

7,284

44.4

47.7

7.1

7.7

15.7

14.4

1.4

1.3

8.8

9.2

3.1

2.7

SAIL

Neutral

24,615

47,528

53,738

(0.7)

2.1

(1.9)

2.6

22.9

0.7

0.6

(1.6)

3.9

1.4

1.2

Vedanta

Neutral

261

97,167

71,744

81,944

19.2

21.7

13.4

20.1

19.5

13.0

1.7

1.5

8.4

11.3

1.7

1.4

Tata Steel

Neutral

550

53,393

121,374

121,856

7.2

8.4

18.6

34.3

29.6

16.0

1.8

1.7

6.1

10.1

1.1

Oil & Gas

GAIL

Neutral

363

61,386

56,220

65,198

9.3

10.1

27.1

33.3

13.4

10.9

1.2

1.1

9.3

10.7

1.3

1.1

ONGC

Neutral

163

208,733

137,222

152,563

15.0

21.8

19.5

24.1

8.3

6.8

0.7

8.5

10.1

1.8

1.6

Indian Oil Corp

Neutral

386

187,292

373,359

428,656

5.9

5.5

54.0

59.3

7.1

6.5

1.1

1.0

16.0

15.6

0.7

0.6

www.angelbroking.com

Stock Watch

July 06, 2017

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

Oil & Gas

Reliance Industries

Neutral

1,440

468,160

301,963

358,039

12.1

12.6

87.7

101.7

16.4

14.2

1.7

1.5

10.7

11.3

2.0

1.7

Pharmaceuticals

Alembic Pharma

Buy

519

648

9,787

3,101

3,966

19.7

20.5

21.4

25.5

24.3

20.4

5.2

4.2

23.0

22.8

3.1

2.3

Alkem Laboratories Ltd

Buy

1,836

2,161

21,950

5,853

6,901

17.1

18.4

74.6

85.0

24.6

21.6

5.2

4.4

21.1

20.2

3.7

3.2

Aurobindo Pharma

Buy

679

823

39,770

14,845

17,086

21.5

22.1

39.4

44.7

17.2

15.2

4.2

3.4

27.6

24.7

2.8

2.4

Aventis*

Neutral

4,190

9,649

2,206

2,508

16.6

16.8

128.9

139.9

32.5

30.0

5.6

4.4

21.6

23.5

4.1

3.5

Cadila Healthcare

Reduce

516

450

52,871

9,220

11,584

18.4

20.3

14.5

18.7

35.6

27.6

7.6

6.2

23.5

24.6

6.1

4.6

Cipla

Sell

546

461

43,905

14,281

16,619

15.4

16.2

12.5

19.7

43.7

27.7

3.5

3.2

8.4

12.0

3.2

2.8

Dr Reddy's

Neutral

2,658

44,056

14,081

15,937

16.1

18.6

72.6

105.9

36.6

25.1

3.6

3.2

9.6

13.6

3.4

3.0

Dishman Pharma

Sell

143

1,718

1,890

22.7

22.8

9.5

11.3

10.1

10.9

3.3

2.9

GSK Pharma*

Neutral

2,566

21,736

2,927

3,290

11.8

16.2

34.4

49.6

74.6

51.7

10.8

11.3

13.9

21.3

7.2

6.5

Indoco Remedies

Sell

202

153

1,862

1,067

1,154

12.1

14.9

8.4

11.3

24.1

17.9

2.9

2.5

12.6

15.0

1.9

1.8

Ipca labs

Buy

481

620

6,063

3,211

3,593

13.9

14.5

15.4

19.4

31.2

24.8

2.5

2.3

8.2

9.5

2.0

1.8

Lupin

Buy

1,084

1,526

48,969

17,120

18,657

24.1

56.9

61.1

19.1

17.7

3.6

3.0

20.7

18.6

3.2

2.6

Natco Pharma

Accumulate

984

1,060

17,152

2,065

1,988

33.1

33.7

27.9

25.7

35.3

38.3

10.3

8.8

29.2

22.9

8.4

8.5

Sun Pharma

Buy

551

712

132,102

30,264

32,899

29.0

26.9

32.7

31.6

16.8

17.4

3.6

3.1

22.2

18.7

4.1

3.7

Power

Tata Power

Neutral

22,112

36,916

39,557

17.4

27.1

5.1

6.3

16.0

13.0

1.4

1.3

9.0

10.3

1.6

1.5

NTPC

Neutral

159

130,938

86,605

95,545

17.5

20.8

11.8

13.4

13.5

11.9

1.4

1.3

10.5

11.1

2.9

2.8

Power Grid

Accumulate

210

223

109,968

25,315

29,193

88.2

88.7

14.2

17.2

14.9

12.3

2.3

2.0

15.2

16.1

9.0

8.1

Real Estate

Prestige Estate

Neutral

250

9,368

4,707

5,105

25.2

26.0

10.3

13.0

24.3

19.2

1.9

1.8

10.3

10.2

3.2

2.8

MLIFE

Buy

439

522

2,251

1,152

1,300

22.7

24.6

29.9

35.8

14.7

12.3

1.1

1.0

7.6

8.6

2.7

2.3

Telecom

Bharti Airtel

Neutral

376

150,422

105,086

114,808

34.5

34.7

12.2

16.4

30.8

23.0

2.1

2.0

6.8

8.4

2.3

2.0

Idea Cellular

Neutral

30,129

40,133

43,731

37.2

37.1

6.4

6.5

13.1

12.9

1.1

1.0

8.2

7.6

1.8

1.5

zOthers

Abbott India

Neutral

4,226

8,980

3,153

3,583

14.1

14.4

152.2

182.7

27.8

23.1

136.3

116.4

25.6

26.1

2.6

2.2

Asian Granito

Accumulate

446

480

1,341

1,066

1,169

11.6

12.5

13.0

16.0

34.3

27.9

3.3

3.0

9.5

10.7

1.6

1.4

Bajaj Electricals

Buy

323

395

3,271

4,801

5,351

5.7

6.2

10.4

13.7

31.0

23.6

3.8

3.4

12.4

14.5

0.7

0.6

Banco Products (India)

Neutral

219

1,564

1,353

1,471

12.3

12.4

14.5

16.3

15.1

13.4

20.8

18.8

14.5

14.6

1.1

117.8

Coffee Day Enterprises

Neutral

248

5,113

2,964

3,260

20.5

21.2

4.7

8.0

31.0

2.9

2.6

5.5

8.5

2.1

1.9

Ltd

Competent Automobiles Neutral

191

122

1,137

1,256

3.1

2.7

28.0

23.6

6.8

8.1

36.7

33.2

14.3

11.5

0.1

Elecon Engineering

Neutral

675

1,482

1,660

13.7

14.5

3.9

5.8

15.4

10.4

3.6

3.3

7.8

10.9

0.8

0.7

www.angelbroking.com

Stock Watch

July 06, 2017

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

Finolex Cables

Neutral

485

7,420

2,883

3,115

12.0

12.1

14.2

18.6

34.2

26.1

18.2

15.9

15.8

14.6

2.3

2.1

Garware Wall Ropes

Neutral

878

1,920

863

928

15.1

15.2

36.4

39.4

24.1

22.3

4.4

3.7

17.5

15.9

2.1

2.0

Goodyear India*

Neutral

910

2,100

1,598

1,704

10.4

10.2

49.4

52.6

18.4

17.3

85.1

74.6

18.2

17.0

1.0

142.9

Hitachi

Neutral

1,954

5,313

2,081

2,433

8.8

8.9

33.4

39.9

58.5

49.0

47.2

39.3

22.1

21.4

2.6

2.2

HSIL

Neutral

404

2,922

2,384

2,515

15.8

16.3

15.3

19.4

26.4

20.8

26.2

22.6

7.8

9.3

1.4

1.3

Interglobe Aviation

Neutral

1,216

43,985

21,122

26,005

14.5

27.6

110.7

132.1

11.0

9.2

65.8

47.0

168.5

201.1

2.1

1.6

Jyothy Laboratories

Neutral

361

6,562

1,440

2,052

11.5

13.0

8.5

10.0

42.5

36.1

10.3

9.5

18.6

19.3

4.8

3.4

Kirloskar Engines India

Neutral

393

5,680

2,554

2,800

9.9

10.0

10.5

12.1

37.4

32.5

15.7

14.8

10.7

11.7

1.9

1.7

Ltd

Linc Pen & Plastics

Neutral

280

414

382

420

9.3

9.5

13.5

15.7

20.8

17.8

3.6

3.1

17.1

17.3

1.2

1.0

M M Forgings

Neutral

635

766

546

608

20.4

20.7

41.3

48.7

15.4

13.0

87.0

77.0

16.6

17.0

1.2

1.1

Manpasand Bever.

Neutral

771

4,409

836

1,087

19.6

19.4

16.9

23.8

45.6

32.4

5.5

4.8

12.0

14.8

5.0

3.8

Mirza International

Neutral

165

1,986

963

1,069

17.2

18.0

6.1

7.5

26.9

22.0

4.1

3.5

15.0

15.7

2.3

2.0

MT Educare

Neutral

254

366

417

17.7

18.2

9.4

10.8

6.8

5.9

1.5

1.3

22.2

22.3

0.6

0.5

Narayana Hrudaya

Neutral

316

6,465

1,873

2,166

11.5

11.7

2.6

4.0

119.6

79.8

7.3

6.6

6.1

8.3

3.6

3.1

Navkar Corporation

Buy

210

265

2,993

347

371

43.2

37.3

6.7

6.0

31.5

35.0

2.2

1.9

6.2

10.6

9.7

9.1

Navneet Education

Neutral

177

4,134

1,062

1,147

24.0

6.1

6.6

29.1

26.7

6.0

5.3

20.6

19.8

4.0

3.7

Nilkamal

Neutral

1,932

2,884

1,995

2,165

10.7

10.4

69.8

80.6

27.7

24.0

110.4

95.9

16.6

16.5

1.4

1.3

Page Industries

Neutral

17,956

20,028

2,450

3,124

20.1

17.6

299.0

310.0

60.1

57.9

399.9

305.3

47.1

87.5

8.2

6.5

Parag Milk Foods

Neutral

225

1,896

1,919

2,231

9.3

9.6

9.5

12.9

23.9

17.4

3.7

3.1

15.5

17.5

1.1

1.0

Quick Heal

Neutral

203

1,422

408

495

27.3

27.0

7.7

8.8

26.2

23.0

2.4

9.3

10.6

2.6

2.2

Radico Khaitan

Accumulate

134

147

1,784

1,667

1,824

13.0

13.2

6.7

8.2

20.2

16.4

1.8

1.7

9.0

10.2

1.5

1.3

Relaxo Footwears

Neutral

518

6,226

2,085

2,469

9.2

8.2

7.6

8.0

68.6

65.2

26.6

22.7

17.9

18.8

3.1

2.6

S H Kelkar & Co.

Neutral

260

3,754

1,036

1,160

15.1

15.0

6.1

7.2

42.5

36.2

4.5

4.2

10.7

11.5

3.5

3.1

Siyaram Silk Mills

Accumulate

2,200

2,500

2,062

1,574

1,769

12.5

12.7

97.1

113.1

22.7

19.5

3.5

3.0

15.4

15.5

1.5

1.3

Styrolution ABS India*

Neutral

916

1,610

1,440

1,537

9.2

9.0

40.6

42.6

22.6

21.5

57.6

52.3

12.3

11.6

1.1

1.0

Surya Roshni

Neutral

293

1,286

3,342

3,625

7.8

7.5

17.3

19.8

17.0

14.9

32.2

25.9

10.5

10.8

0.6

Team Lease Serv.

Neutral

1,436

2,455

3,229

4,001

1.5

1.8

22.8

32.8

63.1

43.7

6.8

5.9

10.7

13.4

0.7

0.5

The Byke Hospitality

Neutral

189

759

287

384

20.5

7.6

10.7

24.9

17.7

5.2

4.2

20.7

23.5

2.7

2.0

Transport Corporation of

Neutral

341

2,609

2,671

2,911

8.5

8.8

13.9

15.7

24.6

21.8

3.4

3.0

13.7

13.8

1.1

1.0

India

www.angelbroking.com

Stock Watch

July 06, 2017

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

TVS Srichakra

Neutral

3,849

2,947

2,304

2,614

13.7

13.8

231.1

266.6

16.7

14.4

432.5

340.5

33.9

29.3

1.3

1.1

UFO Moviez

Neutral

387

1,068

619

685

33.2

33.4

30.0

34.9

12.9

11.1

1.8

1.5

13.8

13.9

1.4

1.1

Visaka Industries

Neutral

510

810

1,051

1,138

10.3

10.4

21.0

23.1

24.3

22.0

65.4

61.2

9.0

9.2

1.0

VRL Logistics

Neutral

336

3,069

1,902

2,119

16.7

16.6

14.6

16.8

23.1

20.0

5.1

4.4

21.9

22.2

1.7

1.5

VIP Industries

Accumulate

193

218

2,722

1,270

1,450

10.4

5.6

6.5

34.4

29.6

7.1

6.2

20.7

21.1

2.1

1.9

Navin Fluorine

Buy

3,032

3,650

2,984

789

945

21.1

22.4

120.1

143.4

25.2

21.1

4.1

3.5

17.8

18.5

3.7

3.0

Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on July 05, 2017

www.angelbroking.com

Market Outlook

July 06, 2017

Research Team Tel: 022 - 39357800

E-mail: [email protected]

Website: www.angelbroking.com

DISCLAIMER

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registered entity with SEBI for Research Analyst in terms of SEBI (Research Analyst) Regulations, 2014 vide registration number

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This document is solely for the personal information of the recipient, and must not be singularly used as the basis of any investment

decision. Nothing in this document should be construed as investment or financial advice. Each recipient of this document should make

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