Market Outlook

November 08, 2016

Market Cues

Domestic Indices

Chg (%)

(Pts)

(Close)

Indian markets are likely to open positive backed by SGX nifty and Down Jones

BSE Sensex

0.7

185

27,459

which remained active and gained strongly overnight.

Nifty

0.8

8,497

Mid Cap

0.6

12,915

U.S. markets edged up and closed strong a day ahead of Election Day Political

Small Cap

1.2

153

13,030

worries eased after the FBI said its fresh review of Hillary Clintons emails won’t lead

to charges, triggering a global rally in equities.

Bankex

1.7

371

22,151

Indian markets bounced back sharply backed by global rally in the equity markets

Global Indices

Chg (%)

(Pts)

(Close)

and as probability of Hillary Clintons wins increased. While back home key

important banks like ICICI were expected to declare their 2^nd quarter results, market

Dow Jones

2.1

371

18,260

participants seems to be more keenly watching global developments than the

Nasdaq

2.4

120

5166

domestic developments.

FTSE

1.7

113

6,807

Nikkei

1.6

272

17,177

Result Review

Hang Seng

0.7

159

22,801

 Lupin Q2FY17

 ICICI Bank’s 2QFY17 Results in line with expectations

Shanghai Com

0.3

3,133

Detailed analysis on Pg2

Advances / Declines

BSE

NSE

Investor’s Ready Reckoner

Advances

2,047

1189

Key Domestic & Global Indicators

Declines

865

446

Stock Watch: Latest investment recommendations on 150+ stocks

Unchanged

118

Refer Pg6 onwards

Top Picks

Volumes (` Cr)

CMP

Target

Upside

Company

Sector

Rating

BSE

3,204

(`)

(%)

Amara Raja Batteries Auto & Auto Ancill.

Buy

1,016

1,218

19.9

NSE

21,403

HCL Tech

Buy

815

1,000

22.7

Asian Granito

Capital Goods

Buy

264

351

32.8

Net Inflows (` Cr)

Net

Mtd

Ytd

Equitas Holdings

Financials

Buy

171

235

37.5

FII

493

(144)

44,870

Navkar Corporation Others

Buy

198

265

33.8

MFs

107

287

22,339

More Top Picks on Pg4

Key Upcoming Events

Top Gainers

Price (`)

Chg (%)

Consensus

Date

Region

Event Description

Reading

Expectations

Crompgreav

12.2

Nov 08 China

Exports YoY%

(10.00)

(5.80)

Lupin

1,519

6.9

Nov 08 UK

Industrial Production (YoY)

0.70

0.80

Sreinfra

6.6

Nov 09 US

Initial Jobless claims

265.00

260.00

Pnb

140

6.6

Nov 10 China

Consumer Price Index (YoY)

1.90

2.10

Hindalco

168

5.9

Nov 10 India

Imports YoY%

(2.50)

Nov 10 China

Industrial Production (YoY)

6.10

6.20

6.(

More Events on Pg5

Top Losers

Price (`)

Chg (%)

Gppl

161

(3.8)

Tubeinvest

615

(3.3)

Rallis

203

(2.9)

Shreecem

16,348

(2.7)

Sjvn

(2.6)

As on November 07, 2016

www.angelbroking.com

Market Outlook

November 08, 2016

Result Review

Lupin (CMP: `1,519 / TP:`1,809 /Upside:19.1%)

Lupin, is expected to post sales of `4,300cr , registering a yoy growth of 35.3%,

mainly aided by exports. On operating front, the EBITDA margins are expected to

come in at 24.3% V/s 16.6% in 2QFY2016. Consequently, Adj. PAT is expected to

come in at `782.1cr V/s `408.5cr in 2QFY2016, yoy growth of 91.5%. We

maintain our buy rating on the stock.

Y/E

Sales OPM

PAT

EPS ROE P/E P/BV EV/EBITDA EV/Sales

March

(` cr)

(%)

(` cr)

(`)

(%)

(x)

FY2017E

15,912

26.4

2,611

58.1

21.4

27.2

5.3

16.9

4.5

FY2018E

18,644

26.7

3,117

69.3

20.9

22.8

4.3

13.7

3.7

Reduction in watch list by ICICI Bank in line with expectations:

Slippages though remained high for ICICI Bank, it came from the know accounts

and that’s a key development during the quarter. Slippages of `8,000 cr was in

line with what we were expecting. Though in absolute terms, slippages looks still

high, the good news is that ~80% of the slippages has come from the watch list

and restructured book.

The fact that slippages from the regular loan book have been contained low is a

positive sign and key development for the quarter. While next quarters the

slippages and credit cost will remain high, going by the current quarter it seems

the bank will be largely be able to clean up the book and start looking at regular

growth from 2HFY18. While things are falling in place for ICICI Bank, due to run

up in the stock we would wait for opportune time to enter the stock. We maintain

NEUTRAL Rating on the stock.

Economic and Political News

 Theresa May visit: India, UK to sign over `8,300 cr deals.

 Britain asks India to speed up Cairn, Vodafone arbitration

 Hotel Industry warns tourism will suffer at 18% GST

Corporate News

 Allahabad Bank Q2FY17 PAT dips 63% to `65cr.

 Titan’s net up 24% to Rs 181 cr on improved jewellery sales

 Crompton Greaves has said it has received a binding offer for acquisition of

its B2B automation business from Alfanar

 JLR October sales up 11%

 Future retail acquires Heritage Food’s small stores business

www.angelbroking.com

Market Outlook

November 08, 2016

Quarterly Bloomberg Brokers Consensus Estimate

Ashok Leyland Ltd - Nov 8, 2016

Particulars ( ` cr)

2QFY17E

2QFY16

y-o-y (%)

1QFY17

q-o-q (%)

Net sales

4,205

4,879

(13.8)

4,176

0.7

EBITDA

422

594

(29.0)

476

(11.4)

EBITDA margin (%)

10.0

12.2

11.4

Net profit

196

292

(32.7)

291

(32.5)

Bharat Forge Ltd - Nov 8, 2016

Particulars ( ` cr)

2QFY17E

2QFY16

y-o-y (%)

1QFY17

q-o-q (%)

Net sales

996

1,092

(8.8)

889

12.1

EBITDA

289

321

(10.1)

244

18.2

EBITDA margin (%)

29.0

29.4

27.5

Net profit

157

175

(10.3)

122

28.6

Bharat Heavy Electricals Ltd - Nov 8, 2016

Particulars ( ` cr)

2QFY17E

2QFY16

y-o-y (%)

1QFY17

q-o-q (%)

Net sales

4,597

5,835

(21.2)

5,523

(16.8)

EBITDA

(198)

(474)

0.0

EBITDA margin (%)

(4.3)

(8.1)

1.3

Net profit

(90)

(205)

0.0

Lupin Ltd Consol - Nov 9, 2016

Particulars ( ` cr)

2QFY17E

2QFY16

y-o-y (%)

1QFY17

q-o-q (%)

Net sales

4,423

3,178

39.2

4,314

2.5

EBITDA

1,372

672

104.2

1,308

4.9

EBITDA margin (%)

31.0

21.1

30.3

Net profit

793

409

93.9

882

(10.1)

Rural Electrification Corp Ltd - Nov 9, 2016

Particulars ( ` cr)

2QFY17E

2QFY16

y-o-y (%)

1QFY17

q-o-q (%)

Net sales

2,220

5,893

(62.3)

5,954

(62.7)

EBITDA

2,350

5,755

(59.2)

5,510

(57.4)

EBITDA margin (%)

105.9

97.7

92.5

Net profit

1,290

1,619

(20.3)

1,421

(9.2)

Power Grid Corp of India Ltd - Nov 9, 2016

Particulars ( ` cr)

2QFY17E

2QFY16

y-o-y (%)

1QFY17

q-o-q (%)

Net sales

5,815

4,918

18.2

6,120

(5.0)

EBITDA

5,192

4,318

20.2

5,420

(4.2)

EBITDA margin (%)

89.3

87.8

88.6

Net profit

1,614

1,448

11.5

1,802

(10.4)

www.angelbroking.com

Market Outlook

November 08, 2016

Top Picks ★★★★★

Large Cap

Market Cap

CMP

Target

Upside

Company

Rationale

(` Cr)

(`)

(%)

To outpace battery industry growth due to better technological

Amara Raja Batteries

17,346

1,016

1,218

19.9

products leading to market share gains in both the

automotive OEM and replacement segments.

The stock is trading at attractive valuations and is factoring all

HCL Tech

1,14,948

815

1,000

22.7

the bad news.

Back on the growth trend, expect a long term growth of 14%

Infosys

2,24,813

979

1,249

27.6

to be a US$20bn in FY2020.

Source: Company, Angel Research

Mid Cap

Market Cap

CMP

Target

Upside

Company

Rationale

(` Cr)

(`)

(%)

We expect the company would report strong profitability

Asian Granito

796

264

351

32.8

owing to better product mix, higher B2C sales and

amalgamation synergy.

Among the top 4 players in the consumer durables segment.

Bajaj Electricals

2,518

249

306

22.8

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

5,153

540

634

17.3

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

9,773

312

350

12.1

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

5,730

171

235

37.5

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

6,092

186

225

20.7

radio business (Radio City) would also boost the company's

revenue growth.

Speedier execution and speedier sales, strong revenue visibilty

Mahindra Lifespace

1,721

419

522

24.5

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

1,080

113

25.9

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 ICD

Navkar Corporation

2,825

198

265

33.8

as well CFS augurs well for the company.

Strong brands and distribution network would boost growth

Siyaram Silk Mills

1,430

1,525

1,714

12.4

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

2,001

336

385

14.8

and anticipated growth in ad spends by corporates to benefit

the stock.

Source: Company, Angel Research

www.angelbroking.com

Market Outlook

November 8, 2016

Key Upcoming Events

Result Calendar

Date

Company

November 08, 2016 Bharat Forge, Ashok Leyland, BHEL, Vesuvius India, UFO Moviez

November 09, 2016 Apollo Tyres, Ramco Cements, Rural Elec.Corp., BPCL, ITD Cementation, Lupin

Motherson Sumi, Thermax, Blue Star, Page Industries, Bajaj Electrical, Finolex Cables, Elecon Engineering,

November 10, 2016

Sun Pharma, Team Lease Serv.

Source: Bloomberg, Angel Research

Global economic events release calendar

Bloomberg Data

Date

Time

Country

Event Description

Unit

Period

Last Reported

Estimated

Nov 08, 2016

China

Exports YoY%

% Change Oct

(10.00)

(6.00)

3:00 PM

Industrial Production (YoY)

% Change Sep

0.70

0.80

Nov 09, 2016

7:00 PM

Initial Jobless claims

Thousands

Nov 5

265.00

260.00

Nov 10, 2016

7:00 AM

China

Consumer Price Index (YoY)

% Change Oct

1.90

2.10

India

Imports YoY%

% Change Oct

(2.50)

7:30 AM

China

Industrial Production (YoY)

% Change Oct

6.10

6.20

Nov 11, 2016

India

Exports YoY%

% Change Oct

4.60

Nov 14, 2016

5:30 PM

India

Industrial Production YoY

% Change Sep

(0.70)

0.60

12:00 PM

India

Monthly Wholesale Prices YoY%

% Change Oct

3.57

Nov 15, 2016

3:30 PM Euro Zone

Euro-Zone GDP s.a. (QoQ)

% Change 3Q P

0.30

3:00 PM

CPI (YoY)

% Change Oct

1.00

12:30 PM Germany

GDP nsa (YoY)

% Change 3Q P

3.10

Nov 16, 2016

3:00 PM

Jobless claims change

% Change Oct

0.70

7:45 PM

Industrial Production

% Oct

0.06

0.20

Producer Price Index (mom)

% Change Oct

0.80

Nov 17, 2016

7:00 PM

Housing Starts

Thousands Oct

1,047.00

1,165.00

7:00 PM

Building permits

Thousands Oct

1,225.00

1,190.00

3:30 PM Euro Zone

Euro-Zone CPI (YoY)

% Oct F

0.50

7:00 PM

US Consumer price index (mom)

% Change Oct

0.30

0.40

Source: Bloomberg, Angel Research

www.angelbroking.com

Market Outlook

November 08, 2016

Macro watch

Exhibit 1: Quarterly GDP trends

Exhibit 2: IIP trends

(%)

9.0

12.0

8.3

9.9

7.8

7.9

10.0

8.0

7.5

7.6

7.2

7.1

8.0

6.6

6.7

7.0

6.4

6.0

5.8

6.0

4.0

1.9

2.0

1.3

2.0

0.3

5.0

4.0

(2.0)

(0.7)

(0.9)

(1.3)

(1.6)

(4.0)

(2.5)

3.0

(3.4)

(6.0)

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

(%)

55.0

7.0

6.1

54.0

5.6

5.7

5.8

6.0

5.4

5.5

5.0

5.3

5.1

53.0

4.8

5.0

4.3

52.0

4.0

51.0

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

10.0

7.00

5.0

6.50

0.0

6.00

(5.0)

5.50

(10.0)

5.00

(15.0)

4.50

(20.0)

4.00

(25.0)

(30.0)

3.50

(35.0)

3.00

Source: Bloomberg, Angel Research

Source: RBI, Angel Research

www.angelbroking.com

Stock Watch

November 08, 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

Neutral

203

3,951

1,937

2,164

13.3

14.3

9.0

11.0

22.6

18.5

3.9

3.4

18.4

19.8

2.1

1.8

United Phosphorus

Neutral

667

33,809

15,176

17,604

18.5

37.4

44.6

17.8

15.0

3.5

2.9

21.4

21.2

2.3

2.0

Auto & Auto Ancillary

Ashok Leyland

Buy

111

25,513

22,407

26,022

10.6

5.2

6.4

17.2

14.0

3.9

3.3

23.6

24.7

1.2

1.0

Bajaj Auto

Neutral

2,828

81,836

25,093

27,891

19.5

19.2

143.9

162.5

19.7

17.4

5.5

4.7

30.3

29.4

3.0

2.6

Bharat Forge

Neutral

858

19,980

7,726

8,713

20.5

21.2

35.3

42.7

24.3

20.1

4.5

4.1

18.9

20.1

2.6

2.3

Eicher Motors

Neutral

24,022

65,245

16,583

20,447

17.5

18.0

598.0

745.2

40.2

32.2

13.7

10.5

41.2

38.3

3.8

3.0

Gabriel India

Accumulate

122

130

1,755

1,544

1,715

9.0

9.3

5.4

6.3

22.6

19.4

4.3

3.8

18.9

19.5

1.1

1.0

Hero Motocorp

Accumulate

3,350

3,541

66,898

30,958

34,139

15.7

193.6

208.3

17.3

16.1

6.8

5.6

34.2

30.5

2.0

1.8

Jamna Auto Industries Neutral

216

1,723

1,486

1,620

9.8

9.9

15.0

17.2

14.4

12.5

3.1

2.7

21.8

21.3

1.2

1.1

L G Balakrishnan & Bros Neutral

651

1,021

1,302

1,432

11.6

11.9

43.7

53.0

14.9

12.3

2.1

1.9

13.8

14.2

0.9

0.8

Mahindra and Mahindra Neutral

1,378

85,555

46,534

53,077

11.6

11.7

67.3

78.1

20.5

17.7

3.3

2.9

15.4

15.8

1.8

1.6

Maruti

Neutral

5,721

172,811

68,057

82,958

15.8

15.5

212.1

261.2

27.0

21.9

5.3

4.4

19.8

20.3

2.2

1.7

Minda Industries

Neutral

385

3,056

2,728

3,042

9.0

9.1

68.2

86.2

5.7

4.5

1.3

1.0

23.8

24.3

1.2

1.0

Motherson Sumi

Neutral

315

44,270

45,896

53,687

7.8

8.3

13.0

16.1

24.2

19.6

7.8

6.2

34.7

35.4

1.0

0.9

Rane Brake Lining

Neutral

1,002

793

511

562

11.3

11.5

28.1

30.9

35.7

32.4

5.4

4.9

15.3

15.0

1.7

1.6

Setco Automotive

Neutral

543

741

837

13.0

15.2

17.0

2.7

2.4

0.4

15.8

16.3

1.1

1.0

Tata Motors

Neutral

507

146,468

300,209

338,549

8.9

8.4

42.7

54.3

11.9

9.4

1.9

1.6

15.6

17.2

0.6

0.5

TVS Motor

Neutral

390

18,533

13,390

15,948

6.9

7.1

12.8

16.5

30.6

23.6

7.6

6.0

26.3

27.2

1.4

1.2

Amara Raja Batteries

Buy

1,016

1,218

17,346

5,429

6,471

17.5

17.6

35.3

43.5

28.8

23.3

6.6

5.4

25.3

24.8

3.1

2.5

Exide Industries

Neutral

193

16,435

7,439

8,307

15.0

8.1

9.3

23.9

20.8

3.3

3.0

14.3

16.7

1.8

1.6

Apollo Tyres

Buy

194

235

9,860

12,877

14,504

14.3

13.9

21.4

23.0

9.0

8.4

1.4

1.2

16.4

15.2

0.9

Ceat

Buy

1,221

1,450

4,937

7,524

8,624

13.0

12.7

131.1

144.3

9.3

8.5

1.7

1.5

19.8

18.6

0.7

0.6

JK Tyres

Neutral

139

3,161

7,455

8,056

15.0

21.8

24.5

6.4

5.7

1.3

1.1

22.8

21.3

0.6

0.5

Swaraj Engines

Neutral

1,390

1,727

660

810

15.2

16.4

54.5

72.8

25.5

19.1

8.0

7.2

31.5

39.2

2.4

2.0

Subros

Neutral

166

998

1,488

1,681

11.7

11.9

6.4

7.2

26.0

23.2

2.8

2.5

10.8

11.4

0.9

0.8

Indag Rubber

Neutral

184

482

286

326

19.8

16.8

11.7

13.3

15.7

13.8

2.7

2.5

17.8

17.1

1.4

1.2

Capital Goods

ACE

Neutral

515

709

814

4.1

4.6

1.4

2.1

37.2

24.8

1.5

4.4

6.0

0.9

0.8

BEML

Neutral

887

3,692

3,451

4,055

6.3

9.2

31.4

57.9

28.2

15.3

1.7

1.5

6.3

10.9

1.2

1.0

Bharat Electronics

Accumulate

1,302

1,414

31,248

8,137

9,169

16.8

17.2

58.7

62.5

22.2

20.8

3.4

3.1

44.6

46.3

2.8

2.5

www.angelbroking.com

Stock Watch

November 08, 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

Accumulate

359

407

11,874

6,511

7,514

7.9

8.7

12.9

16.3

27.8

22.0

5.0

4.4

16.7

18.5

1.6

1.3

BGR Energy

Neutral

116

834

16,567

33,848

6.0

5.6

7.8

5.9

14.8

19.6

0.9

0.8

4.7

4.2

0.2

0.1

BHEL

Neutral

139

34,058

28,797

34,742

2.8

2.3

6.9

60.5

20.2

1.0

1.3

4.8

0.8

0.6

Blue Star

Buy

540

634

5,153

4,283

5,077

5.9

7.3

14.9

22.1

36.3

24.4

7.1

5.9

20.4

26.4

1.3

1.1

Crompton Greaves

Neutral

5,377

5,777

6,120

5.9

7.0

3.3

4.5

26.0

19.1

1.1

4.4

5.9

0.9

0.8

Greaves Cotton

Neutral

134

3,269

1,755

1,881

16.8

16.9

7.8

8.5

17.2

15.8

3.4

3.2

20.6

20.9

1.6

1.4

Inox Wind

Neutral

205

4,539

5,605

6,267

15.7

16.4

24.8

30.0

8.3

6.8

2.3

1.7

25.9

24.4

0.9

0.7

KEC International

Neutral

126

3,239

9,294

10,186

7.9

8.1

9.9

11.9

12.7

10.6

1.9

1.6

15.6

16.3

0.6

0.5

Thermax

Neutral

849

10,115

5,421

5,940

7.3

25.7

30.2

33.0

28.1

4.0

3.7

12.2

13.1

1.8

1.6

VATech Wabag

Buy

468

681

2,549

3,136

3,845

8.9

9.1

26.0

35.9

18.0

13.0

2.3

1.9

13.4

15.9

0.7

0.6

Cement

ACC

Neutral

1,486

27,914

11,225

13,172

13.2

16.9

44.5

75.5

33.4

19.7

3.2

2.9

11.2

14.2

2.5

2.1

Ambuja Cements

Neutral

242

47,983

9,350

10,979

18.2

22.5

5.8

9.5

41.7

25.4

3.5

3.1

10.2

12.5

5.1

4.4

India Cements

Neutral

152

4,657

4,364

4,997

18.5

19.2

7.9

11.3

19.2

13.4

1.4

1.3

8.0

8.5

1.8

1.6

JK Cement

Neutral

904

6,321

4,398

5,173

15.5

17.5

31.2

55.5

29.0

16.3

3.5

3.0

12.0

15.5

2.0

1.7

J K Lakshmi Cement

Buy

468

565

5,501

2,913

3,412

14.5

19.5

7.5

22.5

62.3

20.8

3.8

3.2

12.5

18.0

2.5

2.1

Orient Cement

Buy

170

215

3,483

2,114

2,558

18.5

20.5

8.1

11.3

21.0

15.0

3.1

2.6

9.0

14.0

2.3

1.8

UltraTech Cement

Neutral

3,909

107,270

25,768

30,385

21.0

23.5

111.0

160.0

35.2

24.4

4.5

3.9

13.5

15.8

4.3

3.5

Construction

ITNL

Neutral

101

3,306

8,946

10,017

31.0

31.6

8.1

9.1

12.4

11.0

0.5

4.2

5.0

3.7

3.4

KNR Constructions

Accumulate

726

802

2,043

1,385

1,673

14.7

14.0

41.2

48.5

17.6

15.0

3.3

2.8

14.9

15.2

1.6

1.3

Larsen & Toubro

Buy

1,400

1,700

130,467

67,665

77,249

10.7

11.5

57.3

71.2

24.4

19.7

2.2

2.1

12.6

14.3

2.1

1.8

Gujarat Pipavav Port

Neutral

161

7,759

705

788

52.2

51.7

5.0

5.6

32.1

28.7

3.2

2.8

11.2

10.7

9.0

Nagarjuna Const.

Neutral

4,787

8,842

9,775

9.1

8.8

5.3

6.4

16.3

13.5

1.3

1.2

8.2

9.1

0.7

0.6

PNC Infratech

Buy

117

143

2,991

2,350

2,904

13.1

13.2

9.0

8.8

13.0

13.3

0.5

0.4

15.9

13.9

1.4

1.1

Simplex Infra

Neutral

326

1,614

6,829

7,954

10.5

31.4

37.4

10.4

8.7

1.1

1.0

9.9

13.4

0.7

0.6

Power Mech Projects

Neutral

483

711

1,801

2,219

12.7

14.6

72.1

113.9

6.7

4.2

1.2

1.0

16.8

11.9

0.4

0.3

Sadbhav Engineering

Accumulate

267

298

4,580

3,598

4,140

10.3

10.6

9.0

11.9

29.7

22.4

3.1

2.7

9.9

11.9

1.6

1.3

NBCC

Neutral

234

14,064

7,428

9,549

7.9

8.6

8.2

11.0

28.6

21.3

1.4

1.1

28.2

28.7

1.6

1.2

MEP Infra

Neutral

653

1,877

1,943

30.6

29.8

3.0

4.2

13.4

9.6

6.5

4.4

0.6

1.7

1.6

SIPL

Neutral

101

3,543

1,036

1,252

65.5

66.2

(8.4)

(5.6)

3.8

4.3

(22.8)

(15.9)

11.6

9.7

www.angelbroking.com

Stock Watch

November 08, 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

251

8,460

1,725

1,935

16.0

19.1

11.4

13.9

22.0

18.1

3.0

2.9

13.4

15.3

3.8

3.4

Financials

Axis Bank

Buy

484

630

115,615

46,932

53,575

3.5

3.4

32.4

44.6

15.0

10.9

1.9

1.7

13.6

16.5

Bank of Baroda

Neutral

148

34,113

19,980

23,178

1.8

11.5

17.3

12.9

8.6

1.5

1.2

8.3

10.1

Canara Bank

Neutral

299

16,241

15,225

16,836

1.8

14.5

28.0

20.6

10.7

1.4

1.2

5.8

8.5

Dewan Housing Finance Accumulate

312

350

9,773

2,225

2,688

2.9

29.7

34.6

10.5

9.0

1.7

1.5

16.1

16.8

Equitas Holdings

Buy

171

235

5,730

939

1,281

11.7

11.5

5.8

8.2

29.5

20.8

2.5

2.3

10.9

11.5

Federal Bank

Neutral

13,264

9,353

10,623

2.9

4.4

5.8

17.6

13.3

1.7

1.5

9.5

11.0

HDFC

Neutral

1,379

218,086

11,475

13,450

3.4

45.3

52.5

30.5

26.3

5.9

5.2

20.2

20.5

HDFC Bank

Accumulate

1,250

1,350

316,442

46,097

55,433

4.5

58.4

68.0

21.4

18.4

3.8

3.1

18.8

18.6

ICICI Bank

Neutral

279

162,209

39,029

45,903

3.3

16.7

16.3

16.7

17.1

2.1

1.9

10.1

12.4

LIC Housing Finance

Buy

543

630

27,426

3,712

4,293

2.6

2.5

39.0

46.0

13.9

11.8

2.6

2.2

19.9

20.1

Punjab Natl.Bank

Neutral

140

29,845

23,532

23,595

2.3

2.4

6.8

12.6

20.6

11.1

3.2

2.3

3.3

6.5

RBL Bank

Neutral

383

14,171

1,783

2,309

2.6

12.7

16.4

30.2

23.4

3.3

2.9

12.8

13.3

South Ind.Bank

Neutral

3,106

6,435

7,578

2.5

2.7

3.1

8.5

7.4

1.1

0.9

10.1

11.2

St Bk of India

Neutral

253

196,165

88,650

98,335

2.6

13.5

18.8

18.7

13.4

1.8

1.6

7.0

8.5

Union Bank

Neutral

133

9,157

13,450

14,925

2.3

25.5

34.5

5.2

3.9

0.8

0.7

7.5

10.2

Yes Bank

Neutral

1,206

50,770

8,978

11,281

3.3

3.4

74.0

90.0

16.3

13.4

3.1

2.6

17.0

17.2

FMCG

Asian Paints

Neutral

1,038

99,531

17,128

18,978

16.8

16.4

19.1

20.7

54.3

50.1

18.9

17.8

34.8

35.5

5.7

5.2

Britannia

Accumulate

3,303

3,626

39,630

9,795

11,040

14.6

14.9

80.3

94.0

41.1

35.1

16.9

13.1

41.2

3.9

3.4

Colgate

Neutral

977

26,583

4,605

5,149

23.4

23.8

26.9

41.1

36.3

22.7

17.8

64.8

66.8

5.7

5.1

Dabur India

Neutral

297

52,211

8,315

9,405

19.8

20.7

8.1

9.2

36.6

32.3

10.2

8.5

31.6

31.0

5.9

5.2

GlaxoSmith Con*

Neutral

5,747

24,170

4,350

4,823

21.2

21.4

179.2

196.5

32.1

29.3

8.5

7.2

27.1

26.8

4.9

4.4

Godrej Consumer

Neutral

1,521

51,809

10,235

11,428

18.4

18.6

41.1

44.2

37.0

34.4

8.2

6.9

24.9

24.8

5.1

4.5

HUL

Neutral

838

181,396

35,252

38,495

17.8

20.7

22.4

40.6

37.4

38.8

33.3

95.6

88.9

5.0

4.6

ITC

Accumulate

257

284

309,858

40,059

44,439

38.3

39.2

9.0

10.1

28.6

25.3

8.0

7.0

27.8

27.5

7.2

6.5

Marico

Buy

260

300

33,480

6,430

7,349

18.8

19.5

6.4

7.7

40.6

33.7

12.2

10.3

33.2

32.5

5.0

4.3

Nestle*

Neutral

6,527

62,931

10,073

11,807

20.7

21.5

124.8

154.2

52.3

42.3

21.5

19.3

34.8

36.7

6.1

5.1

Tata Global

Neutral

128

8,078

8,675

9,088

9.8

7.4

8.2

17.3

15.6

2.0

1.9

7.9

8.1

0.9

0.8

Procter & Gamble

Accumulate

6,900

7,369

22,398

2,939

3,342

23.2

23.0

146.2

163.7

47.2

42.2

105.7

101.3

25.3

23.5

7.2

6.2

Hygiene

www.angelbroking.com

Stock Watch

November 08, 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

HCL Tech^

Buy

815

1,000

114,948

49,242

57,168

20.5

55.7

64.1

14.6

12.7

3.0

2.3

20.3

17.9

2.2

1.8

Infosys

Buy

979

1,249

224,813

68,350

77,326

27.0

62.5

69.4

15.7

14.1

3.3

3.1

21.3

21.6

2.7

2.4

TCS

Accumulate

2,279

2,620

449,130

119,025

133,308

27.6

131.2

145.5

17.4

15.7

5.6

5.2

32.4

33.1

3.6

3.1

Tech Mahindra

Buy

445

600

43,172

29,673

32,937

15.5

17.0

32.8

39.9

13.6

11.2

2.7

2.3

19.6

20.7

1.2

1.0

Wipro

Buy

451

590

109,614

55,440

60,430

18.1

35.9

39.9

12.6

11.3

2.2

2.1

19.0

19.3

1.7

1.6

Media

D B Corp

Neutral

379

6,955

2,297

2,590

27.4

28.2

21.0

23.4

18.0

16.2

4.2

3.6

23.7

23.1

2.8

2.4

HT Media

Neutral

1,886

2,693

2,991

12.6

12.9

7.9

9.0

10.3

9.0

0.9

0.8

7.8

8.3

0.3

0.2

Jagran Prakashan

Buy

186

225

6,092

2,355

2,635

28.0

10.8

12.5

17.3

14.9

3.7

3.2

21.7

2.6

2.3

Sun TV Network

Neutral

528

20,804

2,850

3,265

70.1

71.0

26.2

30.4

20.2

17.4

5.2

4.6

24.3

25.6

6.9

5.9

Hindustan Media

Neutral

294

2,156

1,016

1,138

24.3

25.2

27.3

30.1

10.8

9.8

2.0

1.8

16.2

15.8

1.4

1.3

Ventures

TV Today Network

Accumulate

336

385

2,001

637

743

27.5

18.4

21.4

18.3

15.7

3.2

2.7

17.4

17.2

2.8

2.3

Metals & Mining

Coal India

Neutral

319

201,334

84,638

94,297

21.4

22.3

24.5

27.1

13.0

11.8

5.4

5.2

42.6

46.0

1.9

1.7

Hind. Zinc

Neutral

263

110,915

14,252

18,465

55.9

48.3

15.8

21.5

16.6

12.2

2.7

2.4

17.0

20.7

7.8

6.0

Hindalco

Neutral

168

34,589

107,899

112,095

7.4

8.2

9.2

13.0

18.2

12.9

0.9

0.8

4.8

6.6

0.8

JSW Steel

Neutral

1,601

38,697

53,201

58,779

16.1

16.2

130.6

153.7

12.3

10.4

1.7

1.4

14.0

14.4

1.5

1.3

NMDC

Neutral

127

50,451

6,643

7,284

44.4

47.7

7.1

7.7

17.9

16.5

1.6

1.5

8.8

9.2

5.4

4.8

SAIL

Neutral

21,063

47,528

53,738

(0.7)

2.1

(1.9)

2.6

19.6

0.6

0.5

(1.6)

3.9

1.3

1.2

Vedanta

Neutral

216

63,963

71,744

81,944

19.2

21.7

13.4

20.1

16.1

10.7

1.4

1.2

8.4

11.3

1.3

1.0

Tata Steel

Neutral

412

39,966

121,374

121,856

7.2

8.4

18.6

34.3

22.1

12.0

1.4

1.3

6.1

10.1

1.0

0.9

Oil & Gas

Cairn India

Neutral

242

45,437

9,127

10,632

4.3

20.6

8.8

11.7

27.5

20.7

0.9

3.3

4.2

6.4

5.4

GAIL

Neutral

426

54,075

56,220

65,198

9.3

10.1

27.1

33.3

15.7

12.8

1.4

1.3

9.3

10.7

1.2

1.0

ONGC

Neutral

267

228,731

137,222

152,563

15.0

21.8

19.5

24.1

13.7

11.1

1.2

1.1

8.5

10.1

1.9

1.7

Indian Oil Corp

Neutral

316

153,325

373,359

428,656

5.9

5.5

54.0

59.3

5.9

5.3

0.9

0.8

16.0

15.6

0.6

0.5

Reliance Industries

Neutral

1,002

324,877

301,963

358,039

12.1

12.6

87.7

101.7

11.4

9.9

1.2

1.1

10.7

11.3

1.6

1.3

Pharmaceuticals

Alembic Pharma

Neutral

657

12,384

3,483

4,083

20.2

21.4

24.3

30.4

27.0

21.6

6.2

4.9

25.5

25.3

3.5

2.9

Aurobindo Pharma

Accumulate

767

877

44,859

15,720

18,078

23.7

41.4

47.3

18.5

16.2

4.8

3.8

29.6

26.1

3.1

2.7

Aventis*

Neutral

4,254

9,798

2,357

2,692

17.3

153.5

169.2

27.7

25.1

4.7

3.8

25.8

28.4

3.8

3.1

Cadila Healthcare

Neutral

385

39,394

10,429

12,318

22.6

22.0

16.9

19.2

22.8

20.0

5.8

4.7

28.5

25.7

3.8

3.1

Cipla

Neutral

546

43,855

15,378

18,089

17.4

18.4

21.6

27.2

25.3

20.1

3.3

2.9

13.7

15.2

3.1

2.5

www.angelbroking.com

Stock Watch

November 08, 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

Dr Reddy's

Neutral

3,099

51,344

16,043

18,119

20.8

22.4

112.4

142.9

27.6

21.7

3.7

3.2

14.1

15.9

3.2

2.8

Dishman Pharma

Neutral

238

3,842

1,718

1,890

22.7

22.8

9.5

11.3

25.1

21.1

2.4

2.2

10.1

10.9

2.7

2.4

GSK Pharma*

Neutral

2,771

23,473

3,528

3,811

16.6

18.8

51.8

59.4

53.5

46.7

14.3

26.3

30.6

6.4

6.0

Indoco Remedies

Neutral

280

2,580

1,112

1,289

18.2

13.2

15.6

21.2

18.0

3.8

3.2

19.2

2.4

2.1

Ipca labs

Accumulate

577

613

7,283

3,303

3,799

15.3

17.3

19.7

33.4

29.3

2.9

2.7

9.1

9.4

2.3

2.0

Lupin

Buy

1,519

1,809

68,501

15,912

18,644

26.4

26.7

58.1

69.3

26.2

21.9

5.1

4.2

21.4

20.9

4.4

3.6

Sun Pharma

Buy

657

944

158,180

31,129

35,258

30.0

30.9

28.0

32.8

23.5

20.0

3.6

3.0

18.7

18.9

4.7

3.9

Power

Tata Power

Neutral

20,379

36,916

39,557

17.4

27.1

5.1

6.3

14.8

12.0

1.3

1.2

9.0

10.3

1.6

1.4

NTPC

Neutral

155

127,970

86,605

95,545

17.5

20.8

11.8

13.4

13.2

11.6

1.3

10.5

11.1

2.8

Power Grid

Neutral

174

91,082

25,763

29,762

74.3

73.1

14.8

17.3

11.8

10.1

1.8

1.6

16.9

17.5

7.8

7.4

Real Estate

Prestige Estate

Buy

182

210

6,819

4,707

5,105

25.2

26.0

10.3

13.0

17.7

14.0

1.4

1.3

10.3

10.2

2.6

2.3

MLIFE

Buy

419

522

1,721

1,152

1,300

22.7

24.6

29.9

35.8

14.0

11.7

1.0

7.6

8.6

2.2

1.9

Telecom

Bharti Airtel

Neutral

305

122,041

105,086

114,808

34.5

34.7

12.2

16.4

25.0

18.6

1.7

1.6

6.8

8.4

2.1

1.8

Idea Cellular

Neutral

26,358

40,133

43,731

37.2

37.1

6.4

6.5

11.4

11.3

1.0

0.9

8.2

7.6

1.7

1.4

zOthers

Abbott India

Neutral

4,738

10,069

3,153

3,583

14.1

14.4

152.2

182.7

31.1

25.9

152.9

130.5

25.6

26.1

2.9

2.5

Asian Granito

Buy

264

351

796

1,071

1,182

12.1

12.4

12.7

16.0

20.8

16.6

2.0

1.8

9.5

10.7

1.0

0.9

Bajaj Electricals

Buy

249

306

2,518

5,099

5,805

5.6

5.9

11.4

14.6

21.9

17.1

2.9

2.6

13.4

15.1

0.5

0.4

Banco Products (India)

Neutral

209

1,491

1,353

1,471

12.3

12.4

14.5

16.3

14.4

12.8

19.9

17.9

14.5

14.6

1.0

111.8

Coffee Day Enterprises

Neutral

218

4,492

2,964

3,260

20.5

21.2

4.7

8.0

27.3

2.5

2.3

5.5

8.5

1.9

1.7

Ltd

Competent Automobiles Neutral

186

115

1,137

1,256

3.1

2.7

28.0

23.6

6.7

7.9

35.8

32.4

14.3

11.5

0.1

Elecon Engineering

Neutral

682

1,482

1,660

13.7

14.5

3.9

5.8

16.1

10.8

3.8

3.5

7.8

10.9

0.8

0.7

Finolex Cables

Neutral

430

6,583

2,883

3,115

12.0

12.1

14.2

18.6

30.3

23.1

16.1

14.1

15.8

14.6

2.0

1.8

Garware Wall Ropes

Neutral

545

1,193

873

938

12.9

13.1

30.9

34.9

17.6

15.6

2.8

2.4

15.7

15.2

1.3

1.2

Goodyear India*

Neutral

778

1,795

1,598

1,704

10.4

10.2

49.4

52.6

15.8

14.8

72.7

63.8

18.2

17.0

0.8

113.6

Hitachi

Neutral

1,437

3,906

2,081

2,433

8.8

8.9

33.4

39.9

43.0

36.0

34.7

28.9

22.1

21.4

1.9

1.6

HSIL

Neutral

350

2,534

2,384

2,515

15.8

16.3

15.3

19.4

22.9

18.1

22.8

19.6

7.8

9.3

1.2

1.1

Interglobe Aviation

Neutral

925

33,342

21,122

26,005

14.5

27.6

110.7

132.1

8.4

7.0

50.0

35.7

168.5

201.1

1.6

1.2

Jyothy Laboratories

Neutral

359

6,520

1,440

2,052

11.5

13.0

8.5

10.0

42.2

35.9

10.2

9.5

18.6

19.3

4.8

3.4

Kirloskar Engines India

Neutral

348

5,033

2,554

2,800

9.9

10.0

10.5

12.1

33.1

28.8

13.9

13.1

10.7

11.7

1.6

1.4

Ltd

www.angelbroking.com

Stock Watch

November 08, 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

Linc Pen & Plastics

Neutral

254

376

382

420

9.3

9.5

13.5

15.7

18.9

16.2

3.2

2.8

17.1

17.3

1.1

0.9

M M Forgings

Neutral

443

534

546

608

20.4

20.7

41.3

48.7

10.7

9.1

60.6

53.6

16.6

17.0

0.8

0.7

Manpasand Bever.

Neutral

701

4,009

836

1,087

19.6

19.4

16.9

23.8

41.5

29.4

5.0

4.4

12.0

14.8

4.5

3.4

Mirza International

Buy

113

1,080

1,024

1,148

18.0

6.9

8.0

13.0

11.2

2.2

1.9

16.6

16.2

1.2

1.1

MT Educare

Neutral

136

542

366

417

17.7

18.2

9.4

10.8

14.5

12.6

3.2

2.8

22.2

22.3

1.4

1.2

Narayana Hrudaya

Neutral

342

6,983

1,873

2,166

11.5

11.7

2.6

4.0

129.2

86.2

7.9

7.2

6.1

8.3

3.8

3.3

Navkar Corporation

Buy

198

265

2,825

408

612

42.9

42.3

6.8

11.5

29.3

17.2

2.0

1.8

6.9

10.5

7.8

5.2

Navneet Education

Neutral

102

2,427

1,062

1,147

24.0

6.1

6.6

16.7

15.4

3.4

3.0

20.6

19.8

2.4

2.2

Nilkamal

Neutral

1,530

2,283

1,995

2,165

10.7

10.4

69.8

80.6

21.9

19.0

87.4

76.0

16.6

16.5

1.1

1.0

Page Industries

Neutral

15,866

17,696

2,450

3,124

20.1

17.6

299.0

310.0

53.1

51.2

353.4

269.7

47.1

87.5

7.3

5.7

Parag Milk Foods

Neutral

304

2,554

1,919

2,231

9.3

9.6

9.5

12.9

32.1

23.5

5.0

4.1

15.5

17.5

1.5

1.3

Quick Heal

Neutral

239

1,672

408

495

27.3

27.0

7.7

8.8

30.8

27.2

2.9

9.3

10.6

3.2

2.7

Radico Khaitan

Neutral

142

1,884

1,667

1,824

13.0

13.2

6.7

8.2

21.3

17.3

1.9

1.8

9.0

10.2

1.5

1.4

Relaxo Footwears

Neutral

406

4,879

2,085

2,469

9.2

8.2

7.6

8.0

53.8

51.1

20.8

17.8

17.9

18.8

2.4

2.1

S H Kelkar & Co.

Neutral

307

4,439

1,036

1,160

15.1

15.0

6.1

7.2

50.3

42.8

5.4

4.9

10.7

11.5

4.2

3.7

Siyaram Silk Mills

Accumulate

1,525

1,714

1,430

1,799

2,040

11.6

11.7

104.9

122.4

14.5

12.5

2.4

2.0

16.4

1.0

0.9

Styrolution ABS India*

Neutral

620

1,090

1,440

1,537

9.2

9.0

40.6

42.6

15.3

14.6

39.0

35.5

12.3

11.6

0.7

0.6

Surya Roshni

Neutral

224

984

3,342

3,625

7.8

7.5

17.3

19.8

13.0

11.4

24.7

19.8

10.5

10.8

0.6

0.5

Team Lease Serv.

Neutral

1,018

1,741

3,229

4,001

1.5

1.8

22.8

32.8

44.7

31.0

4.8

4.2

10.7

13.4

0.4

0.3

The Byke Hospitality

Neutral

184

738

287

384

20.5

7.6

10.7

24.2

17.2

5.1

4.1

20.7

23.5

2.6

1.9

Transport Corporation of

Neutral

187

1,429

2,671

2,911

8.5

8.8

13.9

15.7

13.5

11.9

1.8

1.6

13.7

13.8

0.6

India

TVS Srichakra

Neutral

3,718

2,847

2,304

2,614

13.7

13.8

231.1

266.6

16.1

14.0

417.8

329.0

33.9

29.3

1.2

1.1

UFO Moviez

Neutral

487

1,343

619

685

33.2

33.4

30.0

34.9

16.2

13.9

2.3

1.9

13.8

13.9

1.9

1.5

Visaka Industries

Neutral

222

352

1,051

1,138

10.3

10.4

21.0

23.1

10.5

9.6

28.4

26.6

9.0

9.2

0.6

VRL Logistics

Neutral

283

2,584

1,902

2,119

16.7

16.6

14.6

16.8

19.4

16.8

4.3

3.7

21.9

22.2

1.5

1.3

Wonderla Holidays

Neutral

373

2,107

287

355

38.0

40.0

11.3

14.2

33.0

26.3

4.7

4.1

21.4

23.9

7.0

5.7

Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on November 07, 2016

www.angelbroking.com

Market Outlook

November 08, 2016

Research Team Tel: 022 - 39357800

E-mail: [email protected]

Website: www.angelbroking.com

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

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