1
1
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Market Outlook
January 07, 2020
www.angelbroking.com
Market Cues
Indian markets are likely to open positive tracking global indices and SGX Nifty.
The US stocks showed a significant rebound over the course of the session. The
major averages all climbed well off their early lows and into positive territory. The
Dow inched up 0.2 per cent to 28,703 and the Nasdaq increased by 0.6 per cent to
9,071.
UK stocks tumbled yesterday even as soaring oil prices pushed energy stocks higher.
The British pound held around $1.31 as investors awaited a parliamentary debate
on Brexit legislation. The benchmark FTSE 100 plunged by 1 per cent to 7,544.
On domestic front, Indian shares tumbled on Monday and the rupee nosedived
below the 72-mark against the dollar after oil prices surged to six-month highs,
raising concerns over fiscal deficit and CAD imbalances. The benchmark, BSE
Sensex dived by 1.9 percent to 40,677.
News Analysis
India's services PMI rises to a five-month high 53.3 in Dec, on buoyant demand
Detailed analysis on Pg2
Investor’s Ready Reckoner
Key Domestic & Global Indicators
Stock Watch: Latest investment recommendations on 150+ stocks
Refer Pg5 onwards
Top Picks
Company
Sector
Rating
CMP
(`)
Target
(`)
Upside
(%)
ICICI Bank
Financials
Accumulate
526
590
12.2
GMM Pfaudlers
Others
Hold
1,826
2,059
12.8
Larsen & Toubro
Others
Buy
1,316
1,850
40.5
HDFC Bank
Financials
Accumulate
1,241
1,390
12.0
Ultratech Cement
Financials
Buy
4,153
4,982
20.0
More Top Picks on Pg4
Domestic Indices
Chg (%)
(Pts)
(Close)
BSE Sensex
-1.9
-788
40,677
Nifty
-1.9
-234
11,993
Mid Cap
-2.3
-349
14,766
Small Cap
-2
-274
13,715
Bankex
-2.4
-893
35,630
Global Indices
Chg (%)
(Pts)
(Close)
Dow Jones
0.2
69
28,703
Nasdaq
0.6
51
9,071
FTSE
-1
-78
7,544
Nikkei
-1.9
-452
23,205
Hang Seng
-0.8
-225
28,226
Shanghai Com
0
0
3,083
Advances / Declines
BSE
NSE
Advances
604
379
Declines
1,944
1,449
Unchanged
181
337
Volumes (` Cr)
BSE
2,841
NSE
31,100
Net Inflows (` Cr)
Net
Mtd
Ytd
FII
(1,972)
5,436
(2,09,907)
*MFs
170
(1,145)
41,982
Top Gainers
Price (₹)
Chg (%)
SUZLON
3
19.7
CENTRUM
22
10.0
FORCEMOT
1177
7.5
DHFL
17
5.0
IOB
12
3.9
Top Losers
Price (
`
)
Chg (%)
HINDPETRO
245
-7.2
SWANENERGY
113
-9.1
SREINFRA
9
-8.0
KRBL
260
-10.0
NBCC
34
-6.8
As on Jan 06, 2019
2
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Market Outlook
January 07, 2020
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News Analysis
India's services PMI rises to a five-month high 53.3 in Dec, on buoyant
demand
Strong growth returned to the services sector in December as international
business helped it scale a five-month high, according to a global survey released
on Monday.
The widely tracked Nikkei India Services Purchasing Managers Index (PMI) stood at
53.3 in December, up from 52.7 in November. In PMI parlance, the 50-mark
threshold separates expansion from contraction.
Services growth had peaked to a 43-month high of 54.7 in August, followed by
two-straight months of contraction. This was in line with manufacturing activity,
which also rose to 52.7 from 51.2 in November after October’s two-year low,
according to a similar survey released last week. Total sales expanded for the third
consecutive month, and at the quickest pace since October, 2016, or more than
three years. Firms that reported higher sales generally cited improved business
decisions at the managerial level, the offering of new services and better
underlying demand as key enablers for growth.
Economic and Political News
India seeks investment from Singapore to meet Rs 102 trn infra target
Odisha gets 255 bids for auction of 20 merchant blocks; 87 firms in fray
Telecom industry urges govt to facilitate funding at lower interest rates
Corporate News
Tata Steel BSL gets relief from HC from appearance in Bhushan Steel case
CDSL becomes first depository to open branch in IFSC at GIFT City
Tata Capital Housing Finance plans to raise up to Rs 2,000 crore via NCDs
3
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Market Outlook
January 07, 2020
www.angelbroking.com
Top Picks
Company
Market Cap
(` Cr)
CMP
(`)
Target
(`)
Upside
(%)
Rationale
ICICI Bank
3,40,065
526
590
12.2
Well capitalized with CAR of 18.1% which gives
sufficient room to grow asset base. Faster
resolution of NPA would reduce provision cost,
which would help to report better ROE.
Maruti Suzuki
2,12,661
7,040
7,783
10.6
GST regime and the Gujarat plant are expected to
improve the company’s sales volume and margins,
respectively.
Safari Industries
1,347
603
1,000
66.0
Third largest brand play in luggage segment
Increased product offerings and improving
distribution network is leading to strong growth in
business. Likely to post robust growth for next 3-4
years
Parag Milk Foods
1,171
139
200
43.7
One of the leading Indian dairy products
companies in India created strong brands in dairy
products. Rising revenue share of high-margin
Value Added Products and reduction in interest cost
is likely to boost margins and earnings in next few
years.
HDFC Bank
6,79,781
1,241
1,390
12.0
HDFC Bank maintained its steady growth in the
4QFY18. The bank’s net profit grew by 20.3%.
Steady growth in interest income and other income
aided PAT growth. The Strong liability franchise
and healthy capitalisation provides strong earning
visibility. At the current market price, the bank is
trading at 3.2x FY20E ABV.
Amber Enterprises
3,552
1,130
1,300
15.1
Market leader in the room air conditioner (RAC)
outsourced manufacturing space in India with a
market share of 55.4%. It is a one-stop solutions
provider for the major brands in the RAC industry
and currently serves eight out of the 10 top RAC
brands in India
Shriram Transport
Finance
25,349
1,117
1,410
26.2
SHTF is in the sweet spot with benefits from
stronger CV volumes, NIMs unaffected by rising
bond yields on the back of stronger pricing power
and an enhancing ROE by 750bps over FY18-20E,
supported by decline in credit cost.
GMM Pfaudler
2,669
1,826
2,059
12.8
GMM Pfaudler Limited (GMM) is the Indian market
leader in glass-lined (GL) steel equipment. GMM is
expected to cross CAGR 15%+ in revenue over the
next few years mainly led by uptick in demand from
user industries and it is also expecting to increase
its share of non-GL business to 50% by 2020.
RBL Bank
17,126
337
410
21.7
We believe advance to grow at a healthy CAGR of
35% over FY18-20E. Below peers level ROA (1.2%
FY18) to expand led by margin expansion and
lower credit cost.
4
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Market Outlook
January 07, 2020
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Continued...
Company
Market Cap
(` Cr)
CMP
(`)
Target
(`)
Upside
(%)
Rationale
Larsen & Toubro
1,84,753
1,316
1,850
40.5
The company has a strong order backlog of
~` 3lakh cr. and a very strong pipeline of `9
lakh cr. for FY2020. We are positive on
the prospects of the Company given the
Government’s thrust on Infrastructure with
over 100lakh cr. of investments lined up over
the next 5 years. Reduction in tax rate
for domestic companies to 22% from 30% will
improve profitability for the company.
Ultratech Cement
1,19,860
4,153
4,982
20.0
Post merger of Century textile’s cement
division of 13.4mn TPA from H2FY20
company will have ~110mn TPA of capacity
with a dominant position in West and central
India. We are positive on the long term
prospects of the Company given ramp up
from acquired capacities and pricing
discipline in the industry. Reduction in tax rate
for domestic companies to 22% from 30% will
improve profitability for the company.
Source: Company, Angel Research
5
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Market Outlook
January 07, 2020
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Fundamental Call
Company
Market Cap
(` Cr)
CMP
(`)
Target
(`)
Upside
(%)
Rationale
CCL Products
2,597
195
360
84.4
CCL is likely to maintain the strong growth
trajectory over FY18-20 backed by capacity
expansion and new geographical foray
LT Finance Holding
22,536
113
150
33.2
L&T Fin’s new management is on track to achieve
ROE of 18% by 2020 and recent capital infusion
of `3000cr would support advance growth.
Aditya Birla Capital
23,398
101
118
16.7
We expect financialisation of savings and
increasing penetration in Insurance & Mutual fund
would ensure steady growth.
Bata India
21,894
1,703
1,865
9.5
BIL is the largest footwear retailer in India, offering
footwear, accessories and bags across brands. We
expect BIL to report net PAT CAGR of ~16% to
~`3115cr over FY2018-20E mainly due to new
product launches, higher number of stores
addition and focus on women’s high growth
segment and margin improvement
KEI Industries
3,655
460
NA
NA
High order book execution in EPC segment, rising
B2C sales and higher exports to boost the
revenues and profitability
Nilkamal
1,928
1,292
NA
NA
We forecast Nilkamal to report top-line CAGR of
~9% to `2,635cr over FY17-20E on the back of
healthy demand growth in plastic division. On the
bottom-line front, we estimate ~10% CAGR to
`162cr owing to improvement in volumes.
Siyaram Silk Mills
1,066
227
NA
NA
Strong brands and distribution network would
boost growth going ahead. Stock currently trades
at an inexpensive valuation.
Music Broadcast
767
28
NA
NA
Expected to benefit from the lower capex
requirement and 15 year long radio broadcast
licensing.
Inox Wind
758
34
NA
NA
We expect Inox Wind to report exponential growth
in top-line and bottom-line over FY19-20E. The
growth would be led by changing renewable
energy industry dynamics in favor of wind energy
segment viz. changes in auction regime from
Feed-In-Tariff (FIT) to reverse auction regime and
Government’s guidance for 10GW auction in
FY19 and FY20 each.
Jindal Steel & Power Limited
17,014
167
NA
NA
We expect JSPL’s top line to grow at 27% CAGR
over FY19-FY20 on the back of strong steel
demand and capacity addition. On the bottom
line front, we expect JSPL to turn in to profit by
FY19 on back of strong operating margin
improvement.
6
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Market Outlook
January 07, 2020
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Continued...
Company
Market Cap
(` Cr)
CMP
(`)
Target
(`)
Upside
(%)
Rationale
GIC Housing Finance
841
156
NA
NA
We expect loan book to grow at 24.3% over
next two year; change in borrowing mix will
help in NIM improvement
Source: Company, Angel Research
4
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Market Outlook
January 07, 2020
www.angelbr oki ng.co m
Macro watch
Exhibit 1: Quarterly GDP trends
Source: CSO, Angel Research
Exhibit 2: IIP trends
Source: MOSPI, Angel Research
Exhibit 3: Monthly CPI inflation trends
Source: MOSPI, Angel Research
Exhibit 4: Manufacturing and services PMI
Source: Market, Angel Research; Note: Level above 50 indicates expansion
Exhibit 5: Exports and imports growth trends
Source: Bloomberg, Angel Research As of 10 December, 2019
Exhibit 6: Key policy rates
Source: RBI, Angel Research
6.0
6.8
7.7
8.1
8.0
7.0
6.6
5.8
5.0
4.5
3.0
4.0
5.0
6.0
7.0
8.0
9.0
1QFY18
2QFY18
3QFY18
4QFY18
1QFY19
2QFY19
3QFY19
4QFY19
1QFY20
2QFY20
(%)
0.2
2.5
1.6
0.2
2.7
3.2
4.6
1.2
4.3
(1.4)
(4.3)
(5.0)
(4.0)
(3.0)
(2.0)
(1.0)
-
1.0
2.0
3.0
4.0
5.0
6.0
Nov-18
Dec-18
Jan-19
Feb-19
Mar-19
Apr-19
May-19
Jun-19
Jul-19
Aug-19
Sep-19
(%)
2.33
2.11
2.0
2.6
2.9
3.0
3.1
3.2
3.2
3.2
3.9
4.6
0
0.5
1
1.5
2
2.5
3
3.5
4
4.5
5
Nov-18
Dec-18
Jan-19
Feb-19
Mar-19
Apr-19
May-19
Jun-19
Jul-19
Aug-19
Sep-19
Oct-19
(%)
45.0
46.0
47.0
48.0
49.0
50.0
51.0
52.0
53.0
54.0
55.0
Oct-18
Nov-18
Dec-18
Jan-19
Feb-19
Mar-19
Apr-19
May-19
Jun-19
Jul-19
Aug-19
Sep-19
Mfg. PMI
Services PMI
(15.0)
(10.0)
(5.0)
0.0
5.0
10.0
15.0
Nov-18
Dec-18
Jan-19
Feb-19
Mar-19
Apr-19
May-19
Jun-19
Jul-19
Aug-19
Sep-19
Oct-19
Exports yoy growth
Imports yoy growth
(%)
5.4
5.15
4.00
3
3.5
4
4.5
5
5.5
6
6.5
7
Oct-18
Oct-18
Nov-18
Dec-18
Dec-18
Jan-19
Feb-19
Feb-19
Mar-19
Apr-19
Apr-19
May-19
Jun-19
Jul-19
Jul-19
Aug-19
Sep-19
Sep-19
Repo rate
Reverse Repo rate
CRR
(%)
5
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Market Outlook
January 07, 2020
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Global watch
Exhibit 1: Latest quarterly GDP Growth (%, yoy) across select developing and developed countries
Source: Bloomberg, Angel Research
Exhibit 2: 2017 GDP Growth projection by IMF (%, yoy) across select developing and developed countries
Source: IMF, Angel Research
Exhibit 3: One year forward P-E ratio across select developing and developed countries
Source: IMF, Angel Research As of 24 Sep, 2019
0.3
2.5
5.3
6.9
1.1
5.0
5.8
3.7
1.5
2.2
0.8
1.8
1.4
-
1.0
2.0
3.0
4.0
5.0
6.0
7.0
8.0
Brazil
Russia
India
China
South
Africa
Indonesia
Malaysia
Thailand
UK
USA
Germany
France
Japan
(%)
0.7
1.8
6.7
6.8
0.7
5.2
5.4
3.7
1.7
2.2
2.0
1.6
1.5
-
1.0
2.0
3.0
4.0
5.0
6.0
7.0
8.0
Brazil
Russia
India
China
South Africa
Indonesia
Malaysia
Thailand
UK
USA
Germany
France
Japan
(%)
9.1
4.0
19.1
10.2
14.6
14.8
17.0
15.2
12.5
16.0
12.2
14.3
13.2
-
5.0
10.0
15.0
20.0
25.0
Brazil
Russia
India
China
South
Africa
Indonesia
Malaysia
Thailand
UK
USA
Germany
France
Japan
(x)
6
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Market Outlook
January 07, 2020
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Exhibit 4: Relative performance of indices across globe
Returns (%)
Country
Name of index
Closing price
1M
3M
1YR
Brazil
Bovespa
1,08,233
0.9
7.0
20.9
Russia
Micex
2,935
1.4
7.1
22.6
India
Nifty
12,056
1.5
9.4
10.8
China
Shanghai Composite
2,872
-1.9
-0.5
11.0
South Africa
Top 40
49,134
0.5
0.4
11.3
Mexico
Mexbol
41,939
-2.3
-1.9
4.4
Indonesia
LQ45
993
1.5
0.1
1.9
Malaysia
KLCI
1,568
-0.1
-4.7
-6.7
Thailand
SET 50
1,047
-5.1
-6.1
-3.6
USA
Dow Jones
28,051
3.7
6.2
9.8
UK
FTSE
7,347
1.4
1.9
5.3
Japan
Nikkei
23,294
1.6
12.5
4.2
Germany
DAX
13,236
2.9
10.9
17.6
France
CAC
5,905
3.1
7.8
18.0
Source: Bloomberg, Angel Research As of 10 December, 2019
7
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Market Outlook
January 07, 2020
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Exhibit 7: Historical Angel Top Picks/Fundamental Calls
Date Added
Top Picks/Fundame ntal
Stocks
Reco Price
Target/Revised Price
Curre nt Status
06-06-2019
Fundamental
Inox Wind
55
Hold
10-08-2018
Top Picks
Inox Wind
107
127
Open
08-11-2019
Top Picks
TTK Prestige
6075
Closed(08/11/ 2019)
30-11-2018
Top Picks
TTK Prestige
7,206
8,200
Open
09-08-2018
Top Picks
TTK Prestige
6,206
7,500
Open
07-10-2019
Fundamental
Aurobindo Pharma
460
Closed(07/10/ 2019)
26-09-2019
Fundamental
Aurobindo Pharma
610
Hold
07-09-2019
Top Picks
Aurobindo Pharma
759
870
Open
06-07-2018
Top Picks
Aurobindo Pharma
603
780
Open
31-10-2019
Top Picks
RBL Bank
312
410
Open
22-07-2019
Top Picks
RBL Bank
500
650
Open
04-04-2019
Top Picks
RBL Bank
649
775
Open
30-08-2018
Top Picks
RBL Bank
626
690
Open
06-07-2018
Top Picks
RBL Bank
565
670
Open
02-12-2019
Fundamental
Yes Bank
64
Closed(02/12/ 2019)
18-07-2019
Fundamental
Yes Bank
98
Hold
30-04-2019
Fundamental
Yes Bank
168
Hold
25-01-2019
Top Picks
Yes Bank
214
280
Open
27-07-2019
Top Picks
Yes Bank
370
435
Open
06-07-2018
Top Picks
Yes Bank
348
418
Open
05-10-2019
Fundamental
Jindal Steel & Power
94
Hold
24-05-2019
Top Picks
Jindal Steel & Power
152
250
Open
07-02-2019
Top Picks
Jindal Steel & Power
135
249
Open
15-11-2018
Top Picks
Jindal Steel & Power
175
320
Open
30-06-2018
Top Picks
Jindal Steel & Power
222
350
Open
30-10-2019
Top Picks
Shriram Transport Finance Com
1,156
1410
Open
07-08-2019
Top Picks
Shriram Transport Finance Com
1,000
1385
Open
25-05-2019
Top Picks
Shriram Transport Finance Com
1,106
1470
Open
20-06-2018
Top Picks
Shriram Transport Finance Com
1,466
1,764
Open
Source: Company, Angel Research
8
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Market Outlook
January 07, 2020
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Exhibit 8: Historical Angel Top Picks/Fundamental Calls
Date Added
Top Picks/Fundame ntal
Stocks
Reco Price
Target/Revised Price
Curre nt Status
03-09-2019
Fundamental
Bata India
1,538
Hold
03-08-2019
Top Picks
Bata India
1,310
1,525
Open
13-02-2019
Top Picks
Bata India
1,189
1,479
Open
03-11-2018
Top Picks
Bata India
1,008
1,243
Open
30-07-2018
Top Picks
Bata India
918
1,007
Open
23-07-2018
Top Picks
Bata India
842
955
Open
01-07-2018
Top Picks
Bata India
862
948
Open
18-06-2018
Top Picks
Bata India
779
896
Open
25-09-2019
Top Picks
Amber Enterprise s
901
1100
Open
16-02-2019
Top Picks
Amber Enterprise s
637
910
Open
08-08-2018
Top Picks
Amber Enterprise s
939
1135
Open
14-06-2018
Top Picks
Amber Enterprise s
1,026
1,230
Open
07-11-2019
Top Picks
M&M
580
Closed(07/11/ 2019)
09-08-2019
Top Picks
M&M
550
724
Open
15-02-2019
Top Picks
M&M
626
850
Open
07-06-2018
Top Picks
M&M
918
1050
Open
04-05-2018
Top Picks
M&M
860
990
Open
23-10-2019
Top Picks
HDFC Bank
1241
1390
Open
23-07-2019
Top Picks
HDFC Bank
2264
2620
Open
22-01-2019
Top Picks
HDFC Bank
2145
2500
Open
24-07-2018
Top Picks
HDFC Bank
2158
2350
Open
02-05-2018
Top Picks
HDFC Bank
1944
2315
Open
04-05-2018
Top Picks
Matrimony.com Ltd
573
1016
Closed(17/08/ 2018)
20-04-2018
Top Picks
Matrimony.com Ltd
781
984
Open
25-10-2019
Top Picks
Parag Milk F oods Limited
149
200
Open
07-08-2019
Top Picks
Parag Milk F oods Limited
190
306
Open
12-02-2019
Top Picks
Parag Milk F oods Limited
211
359
Open
06-11-2018
Top Picks
Parag Milk F oods Limited
256
330
Open
15-05-2018
Top Picks
Parag Milk F oods Limited
310
410
Open
Source: Company, Angel Research
9
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Market Outlook
January 07, 2020
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Exhibit 9: Historical Angel Top Picks/Fundamental Calls
Date Added
Top Picks/Fundame ntal
Stocks
Reco Price
Target/Revised Price
Curre nt Status
16-04-2018
Top Picks
Parag Milk F oods Limited
249
333
Open
19-11-2019
Top Picks
GMM Pfaudler Limited
1688
2059
Open
23-09-2019
Top Picks
GMM Pfaudler Limited
1520
1740
Open
11-06-2019
Top Picks
GMM Pfaudler Limited
1470
1570
Open
13-03-2019
Top Picks
GMM Pfaudler Limited
1265
1400
Open
27-08-2018
Top Picks
GMM Pfaudler Limited
1,170
1,287
Open
18-08-2018
Top Picks
GMM Pfaudler Limited
1,024
1,200
Open
07-08-2018
Top Picks
GMM Pfaudler Limited
984
1,100
Open
29-06-2018
Fundamental
GMM Pfaudler Limited
932
1,020
Open
14-05-2018
Fundamental
GMM Pfaudler Limited
818
900
Open
06-04-2018
Fundamental
GMM Pfaudler Limited
712
861
Open
06-12-2019
Fundamental
Ashok Leyland
75
Closed(06/12/ 2019)
06-06-2019
Fundamental
Ashok Leyland
70
Hold
17-08-2018
Top Picks
Ashok Leyland
128
156
Open
07-03-2018
Fundamental
Ashok Leyland Ltd
139
163
Closed (26/04/ 2018)
16-12-2019
Fundamental
Greenply Industries
160
Closed(16/12/ 2019)
31-05-2018
Fundamental
Greenply Industries
256
364
Open
03-03-2018
Fundamental
Greenply Industries
340
395
Open
43816
Top Picks
Safari Industries
623
807
Open
27-08-2018
Top Picks
Safari Industries
974
1,071
Open
14-08-2018
Top Picks
Safari Industries
868
1,000
Open
07-08-2018
Top Picks
Safari Industries
788
870
Open
16-07-2018
Top Picks
Safari Industries
693
800
Open
16-04-2018
Top Picks
Safari Industries
651
750
Open
21-02-2018
Top Picks
Safari Industries
532
650
Open
31-05-2018
Top Picks
HSIL Ltd
348
Closed (31/05/ 2018)
16-02-2018
Top Picks
HSIL Ltd
433
510
Open
04-11-2019
Fundamental
Elantas Beck India Ltd.
2500
Closed(04/11/ 2019)
07-02-2018
Fundamental
Elantas Beck India Ltd.
2155
2500
Open
Source: Company, Angel Research
10
www.angelbroking.com
Market Outlook
January 07, 2020
www.angelbr oki ng.co m
Exhibit 10: Historical Angel Top Picks/Fundamental Calls
Date Added
Top Picks/Fundamental
Stocks
Reco Price
Target/Revised Price
Curre nt Status
09-12-2019
Top Picks
ICICI Bank
526
590
Open
29-10-2019
Top Picks
ICICI Bank
437
532
Open
25-05-2019
Top Picks
ICICI Bank
431
490
Open
15-02-2019
Top Picks
ICICI Bank
343
460
Open
30-07-2018
Top Picks
ICICI Bank
307
411
Open
01-02-2018
Top Picks
ICICI Bank
352
416
Open
06-09-2019
Fundamental
Aditya Birla Capital
93
118
Open
09-08-2019
Top Picks
Aditya Birla Capital
89
118
Open
04-06-2019
Top Picks
Aditya Birla Capital
102
130
Open
01-02-2018
Top Picks
Aditya Birla Capital
167
218
Open
04-01-2018
Fundamental
CCL Products
278
360
Open
03-01-2018
Fundamental
Nilkamal Ltd
1880
2178
Open
01-01-2018
Fundamental
Capital First Ltd
693
850
Closed (15/01/ 2018)
30-12-2017
Fundamental
Shreyans Industries Ltd
205
247
Closed
09-05-2018
Fundamental
Prism Cement Ltd
160
Closed (09/05/ 2018)
21-12-2017
Fundamental
Prism Cement Ltd
118
131
18-12-2017
Fundamental
Menon Bearings Limited
92
114
Closed (17/01/ 2018)
14-12-2017
Top Picks
Ruchira Papers Ltd.
188
244
Closed (09/02/ 2018)
17-05-2018
Top Picks
Century Plyboards India
280
Closed(17/05/ 2018)
28-11-2017
Top Picks
Century Plyboards India
317
400
Open
19-12-2017
Top Picks
LT Foods
85
Closed(18/06/ 2018)
06-11-2017
Top Picks
LT Foods
74
96
16-10-2017
Fundamental
Endurance Technologie s Ltd
1111
1277
Closed (01/12/ 2017)
06-06-2019
Fundamental
GIC Housing
252
Hold
11-09-2017
Top Picks
GIC Housing
533
655
Open
06-06-2019
Fundamental
Music Broadcast Limited
58
Hold
10-10-2017
Top Picks
Music Broadcast Limited
404
475
Open
20-07-2017
Top Picks
Music Broadcast Limited
368
434
Open
Fundamental
L&T Finance Holding
Hold
03-05-2018
Fundamental
L&T Finance Holding
171
210
Open
07-07-2017
Fundamental
L&T Finance Holdings Ltd
149
179
Closed (28/8/2017)
Source: Company, Angel Research
11
www.angelbroking.com
Market Outlook
January 07, 2020
www.angelbr oki ng.co m
Exhibit 11: Historical Angel Top Picks/Fundamental Calls
Date Added
Top Picks/Fundame ntal
Stocks
Reco Price
Target/Revised Price
Curre nt Status
06-07-2017
Fundamental
Syngene International
478
564
Closed (1/3/2018)
30-07-2019
Top Picks
Maruti
5558
7,783
Open
29-10-2018
Top Picks
Maruti
6705
8,552
Open
27-07-2017
Top Picks
Maruti
9315
10820
Open
05-06-2017
Top Picks
Karur Vysya Bank
127
100
Closed (12/03/ 2018)
13-11-2019
Fundamental
KEI Industrie s
542
Hold
07-08-2019
Top Picks
KEI Industries
464
556
Open
12-02-2019
Top Picks
KEI Industries
349
486
Open
23-05-2018
Top Picks
KEI Industries
481
589
Open
21-05-2018
Top Picks
KEI Industries
433
508
Open
25-01-2018
Top Picks
KEI Industrie s
400
486
Open
04-01-2017
Top Picks
KEI Industries
167
207
Open
31-05-2018
Top Picks
Alkem Lab
1978
Closed (31/05/ 2018)
01-12-2016
Top Picks
Alkem Lab
1700
2441
Open
17-10-2016
Top Picks
Asian Granito
267
534
Closed (18/02/ 2018)
17-05-2018
Top Picks
TV Today Network
460
Closed (17/05/ 2018)
04-08-2016
Top Picks
TV Today Network
297
603
Open
30-01-2019
Fundamental
DHFL
162
Closed(30/01/ 2019)
05-04-2016
Top Picks
DHFL
189
720
Open
25-06-2018
Top Picks
Navkar Cor poration
207
Closed(25/06/ 2018)
05-01-2016
Top Picks
Navkar Cor poration
207
265
Open
09-12-2019
Top Picks
Blue Star
813
Closed(09/12/ 2019)
08-12-2015
Top Picks
Blue Star
357
867
Open
06-06-2019
Fundamental
Siyaram Silk Mills
337
Hold
30-10-2015
Top Picks
Siyaram Silk Mills
186
851
Open
Source: Company, Angel Research
12
www.angelbroking.com
Market Outlook
January 07, 2020
www.angelbr oki ng.co m
Research Team Tel: 022 - 39357800 E-mail: research@angelbroking.com Website: www.angelbroking.com
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