Market Outlook
March 07, 2017
Market Cues
Domestic Indices
Chg (%)
(Pts)
(Close)
Indian markets are likely to open flat tracking the SGX Nifty.
BSE Sensex
0.7
216
29,048
US stocks closed on a negative note on Monday. After coming under pressure early
Nifty
0.7
66
8,963
in the session, stocks regained some ground over the course of the trading day, but
Mid Cap
0.6
76
13,485
still closed modestly lower. The weakness for the day came after seeing strength in
Small Cap
0.4
51
13,671
the last week and seeing record highs.
Bankex
0.9
205
23,581
The European markets ended the first trading session on the new week in a negative
territory. The markets got off to a weak start Monday and remained in a narrow
range for most of the session and finally closed in red. Weak opening of the US
Global Indices
Chg (%)
(Pts)
(Close)
indices also had some impact on the European markets. Banking stocks were in
Dow Jones
(0.2)
(51)
20,954
selling pressure during the day.
Nasdaq
(0.2)
(22)
5,849
Indian markets continued their upward move during Monday and closed at two year
FTSE
(0.3)
(24)
7,350
high. Today move was backed by strong buying in Index heavy weight Reliance
Nikkei
(0.5)
(90)
19,379
Industries and selective banks. Auto stocks also were in favour today.
Hang Seng
0.2
44
23,596
Shanghai Com
0.5
16
3,234
News Analysis
US Ban on premium processing of H1-B visas
Advances / Declines
BSE
NSE
Detailed analysis on Pg2
Advances
1,525
897
Investor’s Ready Reckoner
Declines
1,416
761
Key Domestic & Global Indicators
Unchanged
173
91
Stock Watch: Latest investment recommendations on 150+ stocks
Refer Pg5 onwards
Volumes (` Cr)
BSE
2,988
Top Picks
CMP
Target
Upside
NSE
19,153
Company
Sector
Rating
(`)
(`)
(%)
Amara Raja Batteries Auto & Auto Ancillary
Buy
849
1,009
18.8
Net Inflows (` Cr)
Net
Mtd
Ytd
HCL Tech
IT
Buy
856
1,000
16.8
FII
564
491
10,930
Power Grid Corp.
Power
Buy
194
223
15.0
MFs
(482)
(410)
6,660
Navkar Corp.
Others
Buy
163
265
62.4
KEI Industries
Others
Buy
173
207
20.0
More Top Picks on Pg3
Top Gainers
Price (`)
Chg (%)
Welcorp
88
5.1
Key Upcoming Events
Previous
Consensus
Dishman
233
4.8
Date
Region
Event Description
Reading
Expectations
Adanipower
39
4.1
Mar 07 Euro Zone Euro-Zone GDP s.a. (QoQ)
0.40
0.40
Ttkprestig
5,755
3.9
Mar 08 China
Exports YoY%
7.90
14.00
Il&Fstrans
104
3.7
Mar 09 China
Consumer Price Index (YoY)
2.50
1.80
Mar 09 US
Initial Jobless claims
223.00
238.00
Mar 09 Euro Zone ECB announces interest rates
0.00
0.00
Top Losers
Price (`)
Chg (%)
More Events on Pg4
Hathway
36
(4.9)
Coromandel
316
(2.6)
Fortis
182
(2.5)
Get&D
286
(2.5)
Shriramcit
1,854
(2.2)
As on March 06, 2017
Market Outlook
March 07, 2017
News Analysis
Ban on premium processing of H1-B visas
The Trump administration has imposed a temporary suspension on “Premium
Processing of H1-B” visas. The normal time process for H1-B visas ranges from 3-
6 months depending on the evidence and documentation provided. However,
employers were provided a special window which is referred to as the “Premium
Processing Service”. By paying an additional fee of $1225 per application, the
entire H1-B visa can be processed in 15 days. To avail Premium Processing, the
applicant will have to file Form I-907 along with the H1-B visa petition. Once the
requisite additional fee of $1225 is paid, these Form I-907 visas are processed on
a priority basis within 15 days. It is this use of Form I-907 for premium processing
that is banned by the USCIS effective April 03rd 2017.
Of course, it will be technically a temporary ban for a period of 6 months only, but
subject to review. Though this will lengthen the time for the companies to deploy
their resources in US and take away the flexibility that they enjoyed earlier, it will
not impact the long term business fundamentals of the business. Though IT
companies since are not prepared for the same could see some impact on their
business over the next 1-2 quarters, if the ban lasts more than 6-months. Since the
development is of short duration, we are not changing our recommendations and
Infosys and HCL Tech are our Top picks.
Economic and Political News
30% of area sown under rabi crops gets PM insurance cover
North Korea fired four missiles near Japanese sea, says Japan
Govt okays `5,400cr project to revive 50 airports, airstrips
Ministers to brainstorm policy for an all electric vehicle future
Corporate News
Bharat Financial Inclusion says 4.5% of loan portfolio at risk of turning into
NPA in 4QFY17.
Tech Mahindra to buy CJS Solutions Group for $110 miliion
Tata Steel says still in European merger talk with Thyssenkrupp
PNB looks to sell 7% stake in PNB Housing Finance
Market Outlook
March 07, 2017
Top Picks ★★★★★
Large Cap
Market Cap
CMP
Target
Upside
Company
Rationale
(` Cr)
(`)
(`)
(%)
To outpace battery industry growth due to better
Amara Raja Batteries
14,503
849
1,009
18.8
technological products leading to market share gains in both
the automotive OEM and replacement segments.
The stock is trading at attractive valuations and is factoring
HCL Tech
1,20,786
856
1,000
16.8
all the bad news.
Back on the growth trend, expect a long term growth of 14%
Infosys
2,37,470
1,034
1,249
20.8
to be a US$20bn in FY2020.
Strong order backlog and improvement in execution would
Larsen & Toubro
1,38,275
1,482
1,634
10.2
trigger the growth for the L&T
One of the largest pharma companies with strong
Lupin
66,628
1,476
1,809
22.6
international presence. It has a rich pipeline of ANDAs which
is also one of the largest among the generic companies.
Going forward, we expect the company to report strong
Power Grid Corporation
1,01,441
194
223
15.0
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
841
280
351
25.5
owing to better product mix, higher B2C sales and
amalgamation synergy.
Among the top 4 players in the consumer durables segment.
Bajaj Electricals
2,673
264
295
11.7
Improved profitability backed by turn around in E&P segment.
Strong order book lends earnings visibility.
Favourable outlook for the AC industry to augur well for
Cooling products business which is out pacing the market
Blue Star
5,326
557
634
13.7
growth. EMPPAC division's profitability to improve once
operating environment turns around.
With a focus on the low and medium income (LMI) consumer
Dewan Housing Finance
10,245
327
350
7.0
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
Equitas Holdings
5,816
172
235
36.4
adequate CAR. ROE & ROA likely to remain decent as risk of
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
6,179
189
225
19.0
radio business (Radio City) would also boost the company's
revenue growth.
High order book execution in EPC segment, rising B2C sales
KEI Industries
1,342
173
207
20.0
and higher exports to boost the revenues and profitability
Speedier execution and speedier sales, strong revenue visibilty
Mahindra Lifespace
1,419
346
522
51.0
in short-to-long run, attractive valuations
Higher growth in domestic branded sales and healthy export
Mirza International
1,080
90
107
19.2
to boost the profitability.
Massive capacity expansion along with rail advantage at ICD
Navkar Corporation
2,327
163
265
62.4
as well CFS augurs well for the company
Market leadership in Hindi news genre and no. 2 viewership
ranking in English news genre, exit from the radio business,
TV Today Network
1,545
259
385
48.6
and anticipated growth in ad spends by corporates to benefit
the stock.
Source: Company, Angel Research
Market Outlook
March 07, 2017
Key Upcoming Events
Global economic events release calendar
Bloomberg Data
Date
Time
Country
Event Description
Unit
Period
Last Reported
Estimated
Mar 07, 2017
3:30 PM Euro Zone Euro-Zone GDP s.a. (QoQ)
% Change
4Q F
0.40
0.40
Mar 08, 2017
China
Exports YoY%
% Change
Feb
7.90
14.00
Mar 09, 2017
7:00 AM China
Consumer Price Index (YoY)
% Change
Feb
2.50
1.80
7:00 PM US
Initial Jobless claims
Thousands
Mar 4
223.00
238.00
6:15 PM Euro Zone ECB announces interest rates
%
Mar 9
0.00
0.00
Mar 10, 2017
3:00 PM UK
Industrial Production (YoY)
% Change
Jan
4.30
3.20
India
Imports YoY%
% Change
Feb
10.70
India
Exports YoY%
% Change
Feb
4.30
5:30 PM India
Industrial Production YoY
% Change
Jan
-0.40
7:00 PM US
Change in Nonfarm payrolls
Thousands
Feb
227.00
190.00
7:00 PM US
Unnemployment rate
%
Feb
4.80
4.70
Mar 14, 2017 12:00 PM India
Monthly Wholesale Prices YoY%
% Change
Feb
5.25
US
Producer Price Index (mom)
% Change
Feb
1.10
Mar 15, 2017
3:00 PM UK
Jobless claims change
% Change
Feb
-42.40
6:00 PM US
Consumer price index (mom)
% Change
Feb
0.60
0.00
11:30 PM US
FOMC rate decision
%
Mar 15
0.75
0.75
March 16, 2017 3:30 PM Euro Zone Euro-Zone CPI (YoY)
%
Feb F
2.00
6:00 PM US
Building permits
Thousands
Feb
1293.00
1250.00
6:00 PM US
Housing Starts
Thousands
Feb
1246.00
1253.00
5:30 PM UK
BOE Announces rates
% Ratio
Mar 16
0.25
Mar 17, 2017
6:45 PM US
Industrial Production
%
Feb
(0.25)
0.20
Mar 21, 2017
3:00 PM UK
CPI (YoY)
% Change
Feb
1.80
Mar 22, 2017
7:30 PM US
Existing home sales
Million
Feb
5.69
5.60
Mar 23, 2017
8:30 PM Euro Zone Euro-Zone Consumer Confidence
Value
Mar A
(6.20)
7:30 PM US
New home sales
Thousands
Feb
555.00
565.00
Source: Bloomberg, Angel Research
Market Outlook
March 07, 2017
Macro watch
Exhibit 1: Quarterly GDP trends
Exhibit 2: IIP trends
(%)
(%)
9.0
8.3
7.0
5.7
7.9
6.0
8.0
7.5
7.5
7.6
7.4
7.2
5.0
7.1
7.0
6.6
6.7
4.0
7.0
3.0
2.2
5.8
1.9
6.0
2.0
1.3
0.7
1.0
0.3
5.0
-
4.0
(1.0)
(0.7)
(0.4)
(2.0)
3.0
(1.3)
(1.8)
(3.0)
(2.5)
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
5.8
6.0
5.3
5.5
5.1
52.0
4.8
5.0
4.4
4.2
50.0
3.6
4.0
3.4
3.2
48.0
3.0
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
15.0
7.00
10.0
6.50
5.0
6.00
0.0
5.50
(5.0)
5.00
(10.0)
4.50
(15.0)
4.00
(20.0)
(25.0)
3.50
(30.0)
3.00
Source: Bloomberg, Angel Research
Source: RBI, Angel Research
Stock Watch
March 07, 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
Neutral
240
-
4,658
1,937
2,164
13.3
14.3
9.0
11.0
26.6
21.8
4.6
4.1
18.4
19.8
2.5
2.2
United Phosphorus
Neutral
686
-
34,777
15,176
17,604
18.5
18.5
37.4
44.6
18.3
15.4
3.6
3.0
21.4
21.2
2.4
2.0
Auto & Auto Ancillary
Ashok Leyland
Buy
91
111
25,755
20,021
21,915
11.6
11.9
4.5
5.3
20.1
17.0
4.1
3.7
20.6
21.5
1.2
1.1
Bajaj Auto
Neutral
2,879
-
83,302
25,093
27,891
19.5
19.2
143.9
162.5
20.0
17.7
5.6
4.8
30.3
29.4
3.1
2.7
Bharat Forge
Neutral
1,072
-
24,958
7,726
8,713
20.5
21.2
35.3
42.7
30.4
25.1
5.6
5.1
18.9
20.1
3.3
2.9
Eicher Motors
Neutral
23,061
-
62,751
16,583
20,447
17.5
18.0
598.0
745.2
38.6
31.0
13.2
10.0
41.2
38.3
3.6
2.9
Gabriel India
Accumulate
114
130
1,634
1,544
1,715
9.0
9.3
5.4
6.3
21.1
18.1
4.0
3.5
18.9
19.5
1.0
0.9
Hero Motocorp
Neutral
3,321
-
66,316
28,083
30,096
15.3
15.7
171.8
187.0
19.3
17.8
6.7
5.7
30.1
27.9
2.2
2.0
Jamna Auto Industries Neutral
207
-
1,651
1,486
1,620
9.8
9.9
15.0
17.2
13.8
12.0
3.0
2.6
21.8
21.3
1.2
1.1
L G Balakrishnan & Bros Neutral
562
-
882
1,302
1,432
11.6
11.9
43.7
53.0
12.9
10.6
1.8
1.7
13.8
14.2
0.8
0.7
Mahindra and Mahindra Neutral
1,320
-
81,972
46,534
53,077
11.6
11.7
67.3
78.1
19.6
16.9
3.2
2.8
15.4
15.8
1.7
1.5
Maruti
Accumulate
5,937
6,560
179,333
67,822
83,288
16.0
16.4
253.8
312.4
23.4
19.0
5.4
4.4
23.0
22.9
2.3
1.8
Minda Industries
Neutral
440
-
3,488
2,728
3,042
9.0
9.1
68.2
86.2
6.5
5.1
1.5
1.2
23.8
24.3
1.3
1.2
Motherson Sumi
Neutral
357
-
50,045
45,896
53,687
7.8
8.3
13.0
16.1
27.3
22.2
8.8
7.0
34.7
35.4
1.2
1.0
Rane Brake Lining
Neutral
946
-
748
511
562
11.3
11.5
28.1
30.9
33.7
30.6
5.1
4.7
15.3
15.0
1.6
1.5
Setco Automotive
Neutral
35
-
468
741
837
13.0
13.0
15.2
17.0
2.3
2.1
0.4
0.3
15.8
16.3
1.0
0.9
Tata Motors
Neutral
471
-
135,907
300,209
338,549
8.9
8.4
42.7
54.3
11.0
8.7
1.8
1.5
15.6
17.2
0.6
0.5
TVS Motor
Neutral
427
-
20,272
13,390
15,948
6.9
7.1
12.8
16.5
33.4
25.8
8.3
6.6
26.3
27.2
1.6
1.3
Amara Raja Batteries
Buy
849
1,009
14,503
5,305
6,100
16.0
16.3
28.4
34.0
29.9
25.0
5.8
4.8
19.3
19.3
2.7
2.4
Exide Industries
Neutral
213
-
18,084
7,439
8,307
15.0
15.0
8.1
9.3
26.3
22.9
3.7
3.3
14.3
16.7
2.0
1.8
Apollo Tyres
Buy
183
235
9,295
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
1,165
1,450
4,713
7,524
8,624
13.0
12.7
131.1
144.3
8.9
8.1
1.6
1.4
19.8
18.6
0.7
0.6
JK Tyres
Neutral
124
-
2,811
7,455
8,056
15.0
15.0
21.8
24.5
5.7
5.1
1.2
1.0
22.8
21.3
0.5
0.4
Swaraj Engines
Neutral
1,388
-
1,724
660
810
15.2
16.4
54.5
72.8
25.5
19.1
7.9
7.2
31.5
39.2
2.4
2.0
Subros
Neutral
199
-
1,193
1,488
1,681
11.7
11.9
6.4
7.2
31.1
27.7
3.3
3.0
10.8
11.4
1.0
0.9
Indag Rubber
Neutral
196
-
514
286
326
19.8
16.8
11.7
13.3
16.7
14.7
2.8
2.6
17.8
17.1
1.5
1.3
Capital Goods
ACE
Neutral
55
-
544
709
814
4.1
4.6
1.4
2.1
39.3
26.2
1.6
1.5
4.4
6.0
0.9
0.8
BEML
Neutral
1,301
-
5,416
3,451
4,055
6.3
9.2
31.4
57.9
41.4
22.5
2.5
2.3
6.3
10.9
1.7
1.4
Bharat Electronics
Neutral
1,530
-
34,177
8,137
9,169
16.8
17.2
58.7
62.5
26.1
24.5
4.0
3.6
44.6
46.3
3.2
2.9
Stock Watch
March 07, 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
Accumulate
384
407
12,689
6,511
7,514
7.9
8.7
12.9
16.3
29.7
23.5
5.4
4.7
16.7
18.5
1.7
1.4
BGR Energy
Neutral
133
-
956
16,567
33,848
6.0
5.6
7.8
5.9
17.0
22.5
1.0
0.9
4.7
4.2
0.2
0.1
BHEL
Neutral
161
-
39,394
28,797
34,742
-
2.8
2.3
6.9
70.0
23.3
1.2
1.2
1.3
4.8
1.0
0.7
Blue Star
Accumulate
557
634
5,326
4,283
5,077
5.9
7.3
14.9
22.1
37.4
25.2
7.3
6.1
20.4
26.4
1.3
1.1
Crompton Greaves
Neutral
69
-
4,315
5,777
6,120
5.9
7.0
3.3
4.5
20.9
15.3
0.9
0.9
4.4
5.9
0.7
0.6
Greaves Cotton
Neutral
154
-
3,761
1,755
1,881
16.8
16.9
7.8
8.5
19.7
18.1
4.0
3.7
20.6
20.9
1.8
1.7
Inox Wind
Neutral
169
-
3,757
5,605
6,267
15.7
16.4
24.8
30.0
6.8
5.6
1.9
1.4
25.9
24.4
0.7
0.6
KEC International
Neutral
168
-
4,306
9,294
10,186
7.9
8.1
9.9
11.9
16.9
14.1
2.5
2.2
15.6
16.3
0.7
0.6
KEI Industries
Buy
173
207
1,342
2,682
3,058
10.4
10.0
11.7
12.8
14.7
13.5
3.0
2.5
20.1
18.2
0.7
0.6
Thermax
Neutral
866
-
10,319
5,421
5,940
7.3
7.3
25.7
30.2
33.7
28.7
4.1
3.7
12.2
13.1
1.8
1.6
VATech Wabag
Buy
581
681
3,172
3,136
3,845
8.9
9.1
26.0
35.9
22.4
16.2
2.8
2.4
13.4
15.9
0.9
0.7
Cement
ACC
Neutral
1,392
-
26,137
11,225
13,172
13.2
16.9
44.5
75.5
31.3
18.4
3.0
2.7
11.2
14.2
2.3
2.0
Ambuja Cements
Neutral
225
-
44,747
9,350
10,979
18.2
22.5
5.8
9.5
38.9
23.7
3.3
2.9
10.2
12.5
4.8
4.1
India Cements
Neutral
166
-
5,098
4,364
4,997
18.5
19.2
7.9
11.3
21.0
14.7
1.5
1.5
8.0
8.5
1.9
1.7
JK Cement
Neutral
875
-
6,116
4,398
5,173
15.5
17.5
31.2
55.5
28.0
15.8
3.4
2.9
12.0
15.5
1.9
1.6
J K Lakshmi Cement
Neutral
410
-
4,825
2,913
3,412
14.5
19.5
7.5
22.5
54.7
18.2
3.4
2.8
12.5
18.0
2.2
1.9
Orient Cement
Neutral
139
-
2,854
2,114
2,558
18.5
20.5
8.1
11.3
17.2
12.3
2.5
2.1
9.0
14.0
2.0
1.5
UltraTech Cement
Neutral
3,820
-
104,846
25,768
30,385
21.0
23.5
111.0
160.0
34.4
23.9
4.4
3.8
13.5
15.8
4.2
3.5
Construction
ITNL
Neutral
104
-
3,413
8,946
10,017
31.0
31.6
8.1
9.1
12.8
11.4
0.5
0.5
4.2
5.0
3.7
3.4
KNR Constructions
Neutral
182
-
2,559
1,385
1,673
14.7
14.0
41.2
48.5
4.4
3.8
0.8
0.7
14.9
15.2
1.9
1.6
Larsen & Toubro
Accumulate
1,482
1,634
138,275
111,017
124,908
11.0
11.0
61.1
66.7
24.3
22.2
2.9
2.7
13.1
12.9
2.3
2.1
Gujarat Pipavav Port
Neutral
157
-
7,585
705
788
52.2
51.7
5.0
5.6
31.4
28.0
3.1
2.8
11.2
11.2
10.4
8.8
Nagarjuna Const.
Neutral
80
-
4,470
8,842
9,775
9.1
8.8
5.3
6.4
15.2
12.6
1.2
1.1
8.2
9.1
0.7
0.6
PNC Infratech
Buy
101
143
2,587
2,350
2,904
13.1
13.2
9.0
8.8
11.2
11.5
0.4
0.4
15.9
13.9
1.2
1.0
Simplex Infra
Neutral
296
-
1,462
6,829
7,954
10.5
10.5
31.4
37.4
9.4
7.9
1.0
0.9
9.9
13.4
0.6
0.5
Power Mech Projects
Neutral
424
-
623
1,801
2,219
12.7
14.6
72.1
113.9
5.9
3.7
1.1
0.9
16.8
11.9
0.4
0.3
Sadbhav Engineering
Accumulate
276
298
4,736
3,598
4,140
10.3
10.6
9.0
11.9
30.7
23.2
3.2
2.8
9.9
11.9
1.6
1.4
NBCC
Neutral
167
-
15,057
7,428
9,549
7.9
8.6
8.2
11.0
20.4
15.2
1.0
0.8
28.2
28.7
1.7
1.3
MEP Infra
Neutral
47
-
764
1,877
1,943
30.6
29.8
3.0
4.2
15.7
11.2
7.6
5.1
0.6
0.6
1.8
1.6
Stock Watch
March 07, 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
94
-
3,311
1,036
1,252
65.5
66.2
(8.4)
(5.6)
3.5
4.0
(22.8)
(15.9)
11.4
9.5
Engineers India
Neutral
148
-
9,946
1,725
1,935
16.0
19.1
11.4
13.9
13.0
10.6
1.8
1.7
13.4
15.3
4.7
4.2
Financials
Axis Bank
Accumulate
518
580
124,024
46,932
53,575
3.5
3.4
32.4
44.6
16.0
11.6
2.1
1.8
13.6
16.5
-
-
Bank of Baroda
Neutral
161
-
37,051
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
291
-
15,804
15,225
16,836
1.8
1.8
14.5
28.0
20.1
10.4
1.4
1.1
5.8
8.5
-
-
Can Fin Homes
Accumulate
1,895
2,128
5,045
420
526
3.5
3.5
86.5
107.8
21.9
17.6
4.7
3.9
23.6
24.1
-
-
Cholamandalam Inv. &
Buy
954
1,230
14,912
2,012
2,317
6.3
6.3
42.7
53.6
22.4
17.8
3.5
3.0
16.9
18.3
-
-
Fin. Co.
Dewan Housing Finance Accumulate
327
350
10,245
2,225
2,688
2.9
2.9
29.7
34.6
11.0
9.5
1.8
1.5
16.1
16.8
-
-
Equitas Holdings
Buy
172
235
5,816
939
1,281
11.7
11.5
5.8
8.2
29.7
21.0
2.6
2.3
10.9
11.5
-
-
Federal Bank
Neutral
86
-
14,731
8,259
8,995
3.0
3.0
4.3
5.6
19.9
15.3
1.7
1.6
8.5
10.1
-
-
HDFC
Neutral
1,365
-
216,519
11,475
13,450
3.4
3.4
45.3
52.5
30.1
26.0
5.8
5.1
20.2
20.5
-
-
HDFC Bank
Neutral
1,380
-
353,367
46,097
55,433
4.5
4.5
58.4
68.0
23.6
20.3
4.1
3.5
18.8
18.6
-
-
ICICI Bank
Accumulate
277
315
161,292
42,800
44,686
3.1
3.3
18.0
21.9
15.4
12.7
2.1
1.9
11.1
12.3
-
-
Lakshmi Vilas Bank
Neutral
169
-
3,238
3,339
3,799
2.7
2.8
11.0
14.0
15.4
12.1
1.6
1.5
11.2
12.7
-
-
LIC Housing Finance
Accumulate
566
630
28,584
3,712
4,293
2.6
2.5
39.0
46.0
14.5
12.3
2.7
2.3
19.9
20.1
-
-
Punjab Natl.Bank
Neutral
142
-
30,111
23,532
23,595
2.3
2.4
6.8
12.6
20.8
11.2
3.2
2.3
3.3
6.5
-
-
RBL Bank
Neutral
472
-
17,464
1,783
2,309
2.6
2.6
12.7
16.4
37.2
28.8
4.1
3.6
12.8
13.3
-
-
Repco Home Finance
Buy
645
825
4,035
388
457
4.5
4.2
30.0
38.0
21.5
17.0
3.6
3.0
18.0
19.2
-
-
South Ind.Bank
Neutral
20
-
2,745
6,435
7,578
2.5
2.5
2.7
3.1
7.5
6.6
1.0
0.8
10.1
11.2
-
-
St Bk of India
Neutral
270
-
215,205
88,650
98,335
2.6
2.6
13.5
18.8
20.0
14.4
1.9
1.7
7.0
8.5
-
-
Union Bank
Neutral
147
-
10,123
13,450
14,925
2.3
2.3
25.5
34.5
5.8
4.3
0.8
0.7
7.5
10.2
-
-
Yes Bank
Neutral
1,460
-
61,791
8,978
11,281
3.3
3.4
74.0
90.0
19.7
16.2
3.7
3.2
17.0
17.2
-
-
FMCG
Akzo Nobel India
Accumulate
1,583
1,720
7,591
2,955
3,309
13.3
13.7
57.2
69.3
27.7
22.8
9.1
7.6
32.7
33.3
2.4
2.1
Asian Paints
Neutral
1,027
-
98,486
17,128
18,978
16.8
16.4
19.1
20.7
53.8
49.6
18.7
17.6
34.8
35.5
5.7
5.1
Britannia
Buy
3,091
3,626
37,088
9,594
11,011
14.6
14.9
80.3
94.0
38.5
32.9
15.8
12.2
41.2
-
3.7
3.2
Colgate
Accumulate
910
995
24,738
4,605
5,149
23.4
23.4
23.8
26.9
38.2
33.8
21.2
16.5
64.8
66.8
5.3
4.7
Dabur India
Accumulate
277
304
48,741
8,315
9,405
19.8
20.7
8.1
9.2
34.2
30.1
9.5
7.9
31.6
31.0
5.5
4.8
GlaxoSmith Con*
Neutral
5,175
-
21,763
4,350
4,823
21.2
21.4
179.2
196.5
28.9
26.3
7.7
6.5
27.1
26.8
4.4
3.9
Godrej Consumer
Neutral
1,618
-
55,106
10,235
11,428
18.4
18.6
41.1
44.2
39.4
36.6
8.7
7.4
24.9
24.8
5.5
4.8
Stock Watch
March 07, 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
HUL
Neutral
871
-
188,511
35,252
38,495
17.8
17.8
20.7
22.4
42.2
38.9
40.3
34.6
95.6
88.9
5.2
4.7
ITC
Accumulate
264
284
320,194
40,059
44,439
38.3
39.2
9.0
10.1
29.4
26.0
8.2
7.2
27.8
27.5
7.5
6.7
Marico
Accumulate
278
300
35,847
6,430
7,349
18.8
19.5
6.4
7.7
43.4
36.1
13.1
11.0
33.2
32.5
5.4
4.7
Nestle*
Neutral
6,272
-
60,470
10,073
11,807
20.7
21.5
124.8
154.2
50.3
40.7
20.6
18.6
34.8
36.7
5.8
4.9
Tata Global
Neutral
143
-
9,041
8,675
9,088
9.8
9.8
7.4
8.2
19.4
17.5
1.5
1.5
7.9
8.1
1.0
0.9
Procter & Gamble
Accumulate
6,990
7,369
22,690
2,939
3,342
23.2
23.0
146.2
163.7
47.8
42.7
12.1
10.1
25.3
23.5
7.3
6.3
Hygiene
IT
HCL Tech^
Buy
856
1,000
120,786
49,242
57,168
20.5
20.5
55.7
64.1
15.4
13.4
3.1
2.4
20.3
17.9
2.3
1.9
Infosys
Buy
1,034
1,249
237,470
68,350
77,326
27.0
27.0
62.5
69.4
16.5
14.9
3.5
3.2
21.3
21.6
2.9
2.5
TCS
Accumulate
2,471
2,700
486,824
119,025
133,308
27.6
27.6
131.2
145.5
18.8
17.0
6.1
5.6
32.4
33.1
3.9
3.4
Tech Mahindra
Buy
499
600
48,579
29,673
32,937
15.5
17.0
32.8
39.9
15.2
12.5
3.0
2.6
19.6
20.7
1.4
1.2
Wipro
Buy
492
583
119,563
55,440
60,430
18.1
18.1
36.1
38.9
13.6
12.6
2.5
2.3
19.0
17.6
1.9
1.7
Media
D B Corp
Neutral
380
-
6,980
2,297
2,590
27.4
28.2
21.0
23.4
18.1
16.2
4.2
3.7
23.7
23.1
2.8
2.4
HT Media
Neutral
85
-
1,976
2,693
2,991
12.6
12.9
7.9
9.0
10.8
9.4
0.9
0.8
7.8
8.3
0.3
0.2
Jagran Prakashan
Buy
189
225
6,179
2,355
2,635
28.0
28.0
10.8
12.5
17.5
15.1
3.8
3.3
21.7
21.7
2.6
2.3
Sun TV Network
Neutral
734
-
28,938
2,850
3,265
70.1
71.0
26.2
30.4
28.0
24.2
7.2
6.3
24.3
25.6
9.7
8.4
Hindustan Media
Neutral
271
-
1,991
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
259
385
1,545
567
645
26.7
27.0
15.4
18.1
16.9
14.3
2.5
2.2
14.9
15.2
2.3
1.9
Metals & Mining
Coal India
Neutral
324
-
200,934
84,638
94,297
21.4
22.3
24.5
27.1
13.2
11.9
5.5
5.2
42.6
46.0
1.9
1.7
Hind. Zinc
Neutral
309
-
130,351
14,252
18,465
55.9
48.3
15.8
21.5
19.5
14.4
3.2
2.8
17.0
20.7
9.2
7.1
Hindalco
Neutral
199
-
41,204
107,899
112,095
7.4
8.2
9.2
13.0
21.7
15.3
1.0
1.0
4.8
6.6
0.9
0.8
JSW Steel
Neutral
185
-
44,670
53,201
58,779
16.1
16.2
130.6
153.7
1.4
1.2
0.2
0.2
14.0
14.4
1.6
1.4
NMDC
Neutral
146
-
46,335
6,643
7,284
44.4
47.7
7.1
7.7
20.6
19.0
1.8
1.7
8.8
9.2
4.7
4.3
SAIL
Neutral
62
-
25,627
47,528
53,738
(0.7)
2.1
(1.9)
2.6
23.9
0.7
0.7
(1.6)
3.9
1.4
1.3
Vedanta
Neutral
266
-
78,935
71,744
81,944
19.2
21.7
13.4
20.1
19.9
13.3
1.7
1.5
8.4
11.3
1.5
1.2
Tata Steel
Neutral
493
-
47,876
121,374
121,856
7.2
8.4
18.6
34.3
26.5
14.4
1.7
1.5
6.1
10.1
1.0
1.0
Oil & Gas
Cairn India
Neutral
292
-
54,776
9,127
10,632
4.3
20.6
8.8
11.7
33.2
25.0
1.1
1.0
3.3
4.2
7.5
6.2
GAIL
Neutral
522
-
66,195
56,220
65,198
9.3
10.1
27.1
33.3
19.3
15.7
1.8
1.6
9.3
10.7
1.4
1.2
ONGC
Neutral
194
-
248,708
137,222
152,563
15.0
21.8
19.5
24.1
9.9
8.0
0.9
0.8
8.5
10.1
2.1
1.9
Indian Oil Corp
Neutral
379
-
184,112
373,359
428,656
5.9
5.5
54.0
59.3
7.0
6.4
1.1
1.0
16.0
15.6
0.6
0.6
Stock Watch
March 07, 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
1,305
-
423,307
301,963
358,039
12.1
12.6
87.7
101.7
14.9
12.8
1.5
1.4
10.7
11.3
1.9
1.6
Pharmaceuticals
Alembic Pharma
Buy
590
689
11,122
3,483
4,244
20.2
21.4
24.3
33.6
24.3
17.6
5.5
4.4
25.5
25.3
3.1
2.5
Alkem Laboratories Ltd
Accumulate
2,110
2,257
25,231
6,065
7,009
18.7
20.0
80.2
92.0
26.3
23.0
5.9
5.0
22.5
21.6
4.1
3.6
Aurobindo Pharma
Buy
669
877
39,162
15,720
18,078
23.7
23.7
41.4
47.3
16.2
14.2
4.2
3.3
29.6
26.1
2.7
2.4
Aventis*
Neutral
4,316
-
9,940
2,277
2,597
17.3
18.3
149.4
172.0
28.9
25.1
4.8
3.9
25.1
28.8
4.0
3.3
Cadila Healthcare
Neutral
439
-
44,896
10,429
12,318
17.7
21.6
13.1
19.2
33.5
22.8
7.0
5.6
22.8
27.1
4.3
3.6
Cipla
Sell
589
465
47,403
15,378
18,089
15.7
16.8
19.3
24.5
30.5
24.1
3.6
3.2
12.3
13.9
3.3
2.7
Dr Reddy's
Neutral
2,858
-
47,351
16,043
18,119
18.0
23.0
78.6
130.9
36.4
21.8
3.5
3.1
10.1
15.2
2.7
2.6
Dishman Pharma
Sell
233
143
3,757
1,644
1,808
25.5
25.5
12.0
14.3
19.4
16.3
2.3
2.1
12.7
13.5
2.8
2.4
GSK Pharma*
Neutral
2,691
-
22,794
2,800
3,290
10.2
20.6
32.2
60.3
83.6
44.6
15.5
15.3
17.2
34.5
7.9
6.8
Indoco Remedies
Reduce
264
240
2,436
1,112
1,289
16.2
18.2
11.6
16.0
22.8
16.5
3.6
3.1
17.0
20.1
2.3
1.9
Ipca labs
Accumulate
553
613
6,982
3,258
3,747
12.8
15.3
12.1
19.2
45.7
28.8
2.9
2.6
6.4
9.5
2.3
2.0
Lupin
Buy
1,476
1,809
66,628
17,296
20,304
26.4
26.7
63.9
76.4
23.1
19.3
4.8
3.9
23.3
22.4
3.9
3.2
Sun Pharma
Buy
684
847
164,107
31,129
35,258
32.0
32.9
30.2
35.3
22.7
19.4
3.7
3.0
20.0
20.1
4.8
4.1
Power
Tata Power
Neutral
82
-
22,301
36,916
39,557
17.4
27.1
5.1
6.3
16.2
13.1
1.4
1.3
9.0
10.3
1.6
1.5
NTPC
Neutral
159
-
130,691
86,605
95,545
17.5
20.8
11.8
13.4
13.4
11.8
1.4
1.3
10.5
11.1
2.9
2.8
Power Grid
Buy
194
223
101,441
25,315
29,193
88.2
88.7
14.2
17.2
13.7
11.3
2.1
1.8
15.2
16.1
8.7
7.8
Real Estate
Prestige Estate
Buy
173
210
6,488
4,707
5,105
25.2
26.0
10.3
13.0
16.8
13.3
1.4
1.3
10.3
10.2
2.5
2.3
MLIFE
Buy
346
522
1,419
1,152
1,300
22.7
24.6
29.9
35.8
11.6
9.7
0.9
0.8
7.6
8.6
1.9
1.6
Telecom
Bharti Airtel
Neutral
362
-
144,726
105,086
114,808
34.5
34.7
12.2
16.4
29.7
22.1
2.0
1.9
6.8
8.4
2.3
2.0
Idea Cellular
Neutral
110
-
39,566
40,133
43,731
37.2
37.1
6.4
6.5
17.2
16.9
1.4
1.3
8.2
7.6
2.0
1.7
zOthers
Abbott India
Neutral
4,490
-
9,541
3,153
3,583
14.1
14.4
152.2
182.7
29.5
24.6
144.8
123.7
25.6
26.1
2.7
2.4
Asian Granito
Buy
280
351
841
1,060
1,169
12.2
12.5
12.7
15.9
22.1
17.6
2.1
1.9
9.5
10.7
1.1
1.0
Bajaj Electricals
Accumulate
264
295
2,673
4,801
5,351
5.7
6.2
10.4
13.7
25.3
19.3
3.1
2.8
12.4
14.5
0.6
0.5
Banco Products (India)
Neutral
200
-
1,429
1,353
1,471
12.3
12.4
14.5
16.3
13.8
12.3
19.0
17.1
14.5
14.6
1.0
106.8
Coffee Day Enterprises
Neutral
234
-
4,826
2,964
3,260
20.5
21.2
4.7
8.0
-
29.3
2.7
2.5
5.5
8.5
2.0
1.8
Ltd
Competent Automobiles Neutral
176
-
108
1,137
1,256
3.1
2.7
28.0
23.6
6.3
7.4
33.8
30.5
14.3
11.5
0.1
0.1
Elecon Engineering
Neutral
53
-
597
1,482
1,660
13.7
14.5
3.9
5.8
13.7
9.2
3.2
3.0
7.8
10.9
0.7
0.6
Finolex Cables
Neutral
447
-
6,833
2,883
3,115
12.0
12.1
14.2
18.6
31.5
24.0
16.7
14.6
15.8
14.6
2.1
1.9
Stock Watch
March 07, 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
Garware Wall Ropes
Accumulate
675
710
1,477
863
928
15.1
15.2
36.4
39.4
18.6
17.1
3.4
2.9
17.5
15.9
1.6
1.5
Goodyear India*
Neutral
712
-
1,641
1,598
1,704
10.4
10.2
49.4
52.6
14.4
13.5
66.5
58.3
18.2
17.0
0.7
98.8
Hitachi
Neutral
1,496
-
4,067
2,081
2,433
8.8
8.9
33.4
39.9
44.8
37.5
36.1
30.1
22.1
21.4
1.9
1.6
HSIL
Neutral
340
-
2,456
2,384
2,515
15.8
16.3
15.3
19.4
22.2
17.5
22.1
19.0
7.8
9.3
1.2
1.1
Interglobe Aviation
Neutral
860
-
31,088
21,122
26,005
14.5
27.6
110.7
132.1
7.8
6.5
46.5
33.2
168.5
201.1
1.4
1.1
Jyothy Laboratories
Neutral
369
-
6,710
1,440
2,052
11.5
13.0
8.5
10.0
43.5
36.9
10.5
9.7
18.6
19.3
4.9
3.4
Kirloskar Engines India
Neutral
396
-
5,728
2,554
2,800
9.9
10.0
10.5
12.1
37.7
32.7
15.8
14.9
10.7
11.7
1.9
1.7
Ltd
Linc Pen & Plastics
Neutral
249
-
368
382
420
9.3
9.5
13.5
15.7
18.5
15.9
3.2
2.7
17.1
17.3
1.0
0.9
M M Forgings
Neutral
472
-
570
546
608
20.4
20.7
41.3
48.7
11.5
9.7
64.7
57.3
16.6
17.0
0.9
0.8
Manpasand Bever.
Neutral
739
-
4,229
836
1,087
19.6
19.4
16.9
23.8
43.8
31.0
5.3
4.6
12.0
14.8
4.8
3.6
Mirza International
Buy
90
107
1,080
963
1,069
17.2
18.0
6.1
7.5
14.6
12.0
2.2
1.9
15.0
15.7
1.3
1.2
MT Educare
Neutral
94
-
373
366
417
17.7
18.2
9.4
10.8
10.0
8.7
2.2
1.9
22.2
22.3
0.9
0.8
Narayana Hrudaya
Neutral
321
-
6,552
1,873
2,166
11.5
11.7
2.6
4.0
121.2
80.9
7.4
6.7
6.1
8.3
3.6
3.1
Navkar Corporation
Buy
163
265
2,327
369
561
42.9
42.3
6.9
11.5
23.6
14.2
1.7
1.5
7.4
10.5
7.3
4.8
Navneet Education
Neutral
145
-
3,395
1,062
1,147
24.0
24.0
6.1
6.6
23.9
21.9
4.9
4.3
20.6
19.8
3.3
3.0
Nilkamal
Neutral
1,941
-
2,896
1,995
2,165
10.7
10.4
69.8
80.6
27.8
24.1
110.9
96.3
16.6
16.5
1.4
1.3
Page Industries
Neutral
14,235
-
15,878
2,450
3,124
20.1
17.6
299.0
310.0
47.6
45.9
317.0
242.0
47.1
87.5
6.5
5.1
Parag Milk Foods
Neutral
225
-
1,890
1,919
2,231
9.3
9.6
9.5
12.9
23.8
17.4
3.7
3.1
15.5
17.5
1.1
1.0
Quick Heal
Neutral
245
-
1,716
408
495
27.3
27.0
7.7
8.8
31.6
27.9
2.9
2.9
9.3
10.6
3.4
2.8
Radico Khaitan
Accumulate
128
147
1,708
1,667
1,824
13.0
13.2
6.7
8.2
19.3
15.7
1.7
1.6
9.0
10.2
1.4
1.3
Relaxo Footwears
Neutral
448
-
5,382
2,085
2,469
9.2
8.2
7.6
8.0
59.3
56.4
23.0
19.6
17.9
18.8
2.7
2.3
S H Kelkar & Co.
Neutral
289
-
4,180
1,036
1,160
15.1
15.0
6.1
7.2
47.3
40.3
5.1
4.6
10.7
11.5
3.9
3.4
Siyaram Silk Mills
Accumulate
1,696
1,872
1,590
1,652
1,857
11.6
11.7
92.4
110.1
18.4
15.4
2.7
2.3
14.7
15.2
1.2
1.0
Styrolution ABS India*
Neutral
615
-
1,082
1,440
1,537
9.2
9.0
40.6
42.6
15.2
14.4
38.7
35.2
12.3
11.6
0.7
0.6
Surya Roshni
Neutral
187
-
821
3,342
3,625
7.8
7.5
17.3
19.8
10.9
9.5
20.6
16.5
10.5
10.8
0.5
0.5
Team Lease Serv.
Neutral
872
-
1,491
3,229
4,001
1.5
1.8
22.8
32.8
38.3
26.6
4.1
3.6
10.7
13.4
0.4
0.3
The Byke Hospitality
Neutral
169
-
679
287
384
20.5
20.5
7.6
10.7
22.3
15.8
4.7
3.8
20.7
23.5
2.4
1.8
Transport Corporation of
Neutral
206
-
1,578
2,671
2,911
8.5
8.8
13.9
15.7
14.9
13.2
2.0
1.8
13.7
13.8
0.7
0.6
India
TVS Srichakra
Neutral
2,939
-
2,250
2,304
2,614
13.7
13.8
231.1
266.6
12.7
11.0
330.2
260.0
33.9
29.3
1.0
0.8
Stock Watch
March 07, 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
UFO Moviez
Neutral
398
-
1,099
619
685
33.2
33.4
30.0
34.9
13.3
11.4
1.8
1.6
13.8
13.9
1.5
1.2
Visaka Industries
Neutral
239
-
379
1,051
1,138
10.3
10.4
21.0
23.1
11.4
10.3
30.6
28.6
9.0
9.2
0.6
0.6
VRL Logistics
Neutral
293
-
2,671
1,902
2,119
16.7
16.6
14.6
16.8
20.1
17.4
4.4
3.9
21.9
22.2
1.5
1.3
Wonderla Holidays
Neutral
380
-
2,148
287
355
38.0
40.0
11.3
14.2
33.7
26.8
4.8
4.2
21.4
23.9
7.2
5.8
Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on March 06, 2017
Market Outlook
March 07, 2017
Research Team Tel: 022 - 39357800
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