Market Outlook
March 09, 2017
Market Cues
Domestic Indices
Chg (%)
(Pts)
(Close)
Indian markets are likely to open on a negative note after witnessing some profit
BSE Sensex
(0.3)
(98)
28,902
taking in the previous trading session. Negative SGX Nifty also indicates trend for
Nifty
(0.3)
(23)
8,924
the day could be negative.
Mid Cap
(0.6)
(76)
13,428
The US markets remained in a narrow range for the day and finally closed on a
Small Cap
(0.3)
(42)
13,633
negative note. While a drop in crude oil prices generated some negative sentiment,
general profit taking pulled the indices down for the day. It seems traders were not
Bankex
0.2
38
23,570
reluctant to take big positions ahead of the monthly job data to be published this
Friday.
Global Indices
Chg (%)
(Pts)
(Close)
European markets also remained lackluster on Wednesday but ended the day with
Dow Jones
(0.3)
(69)
20,856
marginal gain. Indian markets remained volatile during Wednesday and closed on
Nasdaq
0.1
4
5,838
a weak note. We believe further direction of the Indian markets will be decided by
FTSE
(0.1)
(4)
7,335
the states assembly elections.
Nikkei
(0.5)
(90)
19,254
News Analysis
Hang Seng
0.4
101
23,782
US FDA issues 13 observations to Dr Reddy’s
Shanghai Com
(0.1)
(2)
3,241
Canadian Pension Funds buys stake in Kotak Mahindra Bank
Detailed analysis on Pg2
Advances / Declines
BSE
NSE
Advances
1,027
516
Investor’s Ready Reckoner
Declines
1,812
1127
Key Domestic & Global Indicators
Unchanged
170
72
Stock Watch: Latest investment recommendations on 150+ stocks
Refer Pg5 onwards
Volumes (` Cr)
Top Picks
BSE
5,875
CMP
Target
Upside
Company
Sector
Rating
NSE
22,207
(`)
(`)
(%)
Amara Raja Batteries Auto & Auto Ancillary
Buy
832
1,009
21.3
HCL Tech
IT
Buy
847
1,000
18.1
Net Inflows (` Cr)
Net
Mtd
Ytd
Power Grid Corp.
Power
Accumulate
195
223
14.2
FII
3573
6512
12,277
Navkar Corp.
Others
Buy
162
265
63.5
MFs
(1735)
(3857)
(800)
KEI Industries
Others
Buy
168
207
23.5
More Top Picks on Pg3
Top Gainers
Price (`)
Chg (%)
Hathway
38
5.8
Key Upcoming Events
Previous
Consensus
Jubilant
735
4.3
Date
Region
Event Description
Reading
Expectations
Bharatfin
852
4.3
Mar 09 US
Initial Jobless claims
223.00
238.00
Marksans
50
3.8
Mar 09 Euro Zone ECB announces interest rates
0.00
0.00
Mar 09 China
Consumer Price Index (YoY)
2.50
1.70
Get&D
288
3.2
Mar 10 UK
Industrial Production (YoY)
4.30
3.20
Mar 10 US
Unemployment rate
4.80
4.70
Top Losers
Price (`)
Chg (%)
Mar 10 India
Industrial Production YoY
-0.40
0.50
Nationalum
74
(4.8)
Mar 10 US
Change in Nonfarm payrolls
227.00
190.00
Adanipower
39
(4.7)
More Events on Pg4
Rcom
35
(4.4)
Nmdc
141
(4.3)
Balramchin
147
(3.6)
As on March 08, 2017
Market Outlook
March 09, 2017
News Analysis
US FDA issues 13 observations to Dr Reddy’s
In a set back Dr Reddy’s has been issued 13 observations by US FDA for its
Duvvada oncology formulation facility. The US FDA inspected the oncology
formulation facility called Unit-7, located in Visakhapatnam at Duvvaada. The site
manufactures cytoxic and hormonal injectable and is an important plant given Dr
Reddy’s focus on complex generic filling. Since the US contributes nearly half of
the company’s sales this could hit the incremental business impacting the near
term profitability. At the CMP the stock trades at 21.8x its FY18E EPS and 2.4x EV/
Sales. We maintain our NEUTRAL rating on the stock.
Canadian Pension Funds - CPPIB, CDPQ bought 1.5% stake in
Kotak Mahindra Bank
Kotak Mahindra Bank has said Canadian Pension Plan Investment Boards ( CPPIB)
and Caisse de Depot Quebec ( CDPQ) have bought 1.5% stake in the bank. The
stake has been bought from its Executive Vice Chairman and MD Mr Uday Kotak.
The total deal is estimated to be Rs 2254 cr. As per RBI’s directive Mr Uday Kotak
will have to reduce his stake in the bank to 30% by June,2017 and further to 20%
by 2018 end and 15% by 2020. And the current stake sale is in that direction only.
CPPIB is an existing share holder in the bank and recently it had received the RBI’s
approval to increase its stake above 5% and below 10%. Post this stake increase
the Canadian Fund will have 6.26% stake in the bank.
Economic and Political News
Reliance MF’s CPSE ETF to open on March 14, to raise `2,500cr
Steel exports shoot up 150% in February, imports decline 46%.
Qatar Airways to start fully owned airline in India
Parliament session to start today
Corporate News
Maruti Suzuki to launch two new models, upgrade two models in FY18
Min balance levy to cut burden of Jan-Dhan Ac says SBI.
Shopper stop to shut unprofitable outlets.
Market Outlook
March 09, 2017
Top Picks ★★★★★
Large Cap
Market Cap
CMP
Target
Upside
Company
Rationale
(` Cr)
(`)
(`)
(%)
To outpace battery industry growth due to better technological
Amara Raja Batteries
14,212
832
1,009
21.3
products leading to market share gains in both the
automotive OEM and replacement segments.
Strong growth in domestic business due to its leadership in
Alkem Laboratories
23,611
1,975
2,257
14.3
acute therapeutic segment. Alkem expects to launch more
products in USA, which bodes for its international business.
The stock is trading at attractive valuations and is factoring all
HCL Tech
1,19,509
847
1,000
18.1
the bad news.
Back on the growth trend, expect a long term growth of 14%
Infosys
2,31,360
1,007
1,249
24.0
to be a US$20bn in FY2020.
Strong order backlog and improvement in execution would
Larsen & Toubro
1,37,631
1,475
1,634
10.8
trigger the growth for the L&T
One of the largest pharma companies with strong
Lupin
65,377
1,448
1,809
24.9
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 top-
Power Grid Corporation
1,02,173
195
223
14.2
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
846
281
351
24.8
owing to better product mix, higher B2C sales and
amalgamation synergy.
Among the top 4 players in the consumer durables segment.
Bajaj Electricals
2,832
280
295
5.4
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
5,241
548
634
15.6
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
10,271
328
350
6.7
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
5,593
166
235
41.8
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
6,170
189
225
19.2
radio business (Radio City) would also boost the company's
revenue growth.
High order book execution in EPC segment, rising B2C sales
KEI Industries
1,304
168
207
23.5
and higher exports to boost the revenues and profitability
Speedier execution and speedier sales, strong revenue visibilty
Mahindra Lifespace
1,481
361
522
44.7
in short-to-long run, attractive valuations
Higher growth in domestic branded sales and healthy export
Mirza International
1,060
88
107
21.5
to boost the profitability.
Massive capacity expansion along with rail advantage at ICD
Navkar Corporation
2,312
162
265
63.5
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
1,515
254
344
35.5
and anticipated growth in ad spends by corporates to benefit
the stock.
Source: Company, Angel Research
Market Outlook
March 09, 2017
Key Upcoming Events
Global economic events release calendar
Bloomberg Data
Date
Time
Country
Event Description
Unit
Period
Last Reported
Estimated
Mar 09, 2017
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
7:00 AM China
Consumer Price Index (YoY)
% Change
Feb
2.50
1.70
Mar 10, 2017
3:00 PM UK
Industrial Production (YoY)
% Change
Jan
4.30
3.20
7:00 PM US
Unemployment rate
%
Feb
4.80
4.70
5:30 PM India
Industrial Production YoY
% Change
Jan
-0.40
0.50
7:00 PM US
Change in Nonfarm payrolls
Thousands
Feb
227.00
190.00
Mar 14, 2017 12:00 PM India
Monthly Wholesale Prices YoY%
% Change
Feb
5.25
6.10
US
Producer Price Index (mom)
% Change
Feb
1.10
Mar 15, 2017
India
Imports YoY%
% Change
Feb
10.70
India
Exports YoY%
% Change
Feb
4.30
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
1.00
March 16, 2017 3:30 PM Euro Zone Euro-Zone CPI (YoY)
%
Feb F
2.00
6:00 PM US
Housing Starts
Thousands
Feb
1246.00
1255.00
5:30 PM UK
BOE Announces rates
% Ratio
Mar 16
0.25
6:00 PM US
Building permits
Thousands
Feb
1293.00
1250.00
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
Mar 24, 2017
2:00 PM Germany PMI Services
Value
Mar P
54.40
2:00 PM Germany PMI Manufacturing
Value
Mar P
56.80
Source: Bloomberg, Angel Research
Market Outlook
March 09, 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 09, 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
239
-
4,646
1,937
2,164
13.3
14.3
9.0
11.0
26.5
21.7
4.6
4.0
18.4
19.8
2.4
2.1
United Phosphorus
Neutral
708
-
35,879
15,176
17,604
18.5
18.5
37.4
44.6
18.9
15.9
3.7
3.1
21.4
21.2
2.5
2.1
Auto & Auto Ancillary
Ashok Leyland
Buy
91
111
25,883
20,021
21,915
11.6
11.9
4.5
5.3
20.2
17.1
4.1
3.7
20.6
21.5
1.2
1.1
Bajaj Auto
Neutral
2,866
-
82,918
25,093
27,891
19.5
19.2
143.9
162.5
19.9
17.6
5.6
4.8
30.3
29.4
3.0
2.7
Bharat Forge
Neutral
1,041
-
24,222
7,726
8,713
20.5
21.2
35.3
42.7
29.5
24.4
5.4
4.9
18.9
20.1
3.2
2.8
Eicher Motors
Neutral
23,448
-
63,804
16,583
20,447
17.5
18.0
598.0
745.2
39.2
31.5
13.4
10.2
41.2
38.3
3.7
2.9
Gabriel India
Accumulate
114
130
1,632
1,544
1,715
9.0
9.3
5.4
6.3
21.0
18.0
4.0
3.5
18.9
19.5
1.0
0.9
Hero Motocorp
Accumulate
3,271
3,446
65,319
28,083
30,096
15.3
15.7
171.8
187.0
19.0
17.5
6.6
5.6
30.1
27.9
2.2
2.0
Jamna Auto Industries Neutral
207
-
1,653
1,486
1,620
9.8
9.9
15.0
17.2
13.8
12.1
3.0
2.6
21.8
21.3
1.2
1.1
L G Balakrishnan & Bros Neutral
567
-
890
1,302
1,432
11.6
11.9
43.7
53.0
13.0
10.7
1.8
1.7
13.8
14.2
0.8
0.7
Mahindra and Mahindra Neutral
1,303
-
80,910
46,534
53,077
11.6
11.7
67.3
78.1
19.4
16.7
3.1
2.8
15.4
15.8
1.7
1.5
Maruti
Accumulate
5,864
6,560
177,132
67,822
83,288
16.0
16.4
253.8
312.4
23.1
18.8
5.3
4.3
23.0
22.9
2.3
1.8
Minda Industries
Neutral
431
-
3,420
2,728
3,042
9.0
9.1
68.2
86.2
6.3
5.0
1.4
1.1
23.8
24.3
1.3
1.1
Motherson Sumi
Neutral
354
-
49,701
45,896
53,687
7.8
8.3
13.0
16.1
27.2
22.0
8.8
7.0
34.7
35.4
1.2
1.0
Rane Brake Lining
Neutral
924
-
731
511
562
11.3
11.5
28.1
30.9
32.9
29.9
5.0
4.6
15.3
15.0
1.6
1.4
Setco Automotive
Neutral
35
-
470
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
463
-
133,583
300,209
338,549
8.9
8.4
42.7
54.3
10.8
8.5
1.7
1.5
15.6
17.2
0.6
0.5
TVS Motor
Neutral
418
-
19,844
13,390
15,948
6.9
7.1
12.8
16.5
32.7
25.3
8.1
6.5
26.3
27.2
1.5
1.3
Amara Raja Batteries
Buy
832
1,009
14,212
5,305
6,100
16.0
16.3
28.4
34.0
29.3
24.5
5.7
4.7
19.3
19.3
2.7
2.3
Exide Industries
Neutral
212
-
17,982
7,439
8,307
15.0
15.0
8.1
9.3
26.1
22.8
3.7
3.3
14.3
16.7
2.0
1.8
Apollo Tyres
Buy
180
235
9,155
12,877
14,504
14.3
13.9
21.4
23.0
8.4
7.8
1.3
1.1
16.4
15.2
0.9
0.8
Ceat
Buy
1,156
1,450
4,678
7,524
8,624
13.0
12.7
131.1
144.3
8.8
8.0
1.6
1.4
19.8
18.6
0.7
0.6
JK Tyres
Neutral
118
-
2,665
7,455
8,056
15.0
15.0
21.8
24.5
5.4
4.8
1.1
0.9
22.8
21.3
0.5
0.4
Swaraj Engines
Neutral
1,382
-
1,716
660
810
15.2
16.4
54.5
72.8
25.4
19.0
7.9
7.2
31.5
39.2
2.4
1.9
Subros
Neutral
198
-
1,185
1,488
1,681
11.7
11.9
6.4
7.2
30.9
27.6
3.3
3.0
10.8
11.4
1.0
0.9
Indag Rubber
Neutral
188
-
494
286
326
19.8
16.8
11.7
13.3
16.1
14.1
2.7
2.5
17.8
17.1
1.4
1.2
Capital Goods
ACE
Neutral
54
-
533
709
814
4.1
4.6
1.4
2.1
38.5
25.7
1.6
1.5
4.4
6.0
0.9
0.8
BEML
Neutral
1,276
-
5,315
3,451
4,055
6.3
9.2
31.4
57.9
40.7
22.0
2.4
2.2
6.3
10.9
1.7
1.4
Bharat Electronics
Neutral
1,521
-
33,981
8,137
9,169
16.8
17.2
58.7
62.5
25.9
24.3
4.0
3.6
44.6
46.3
3.2
2.8
Stock Watch
March 09, 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
385
407
12,752
6,511
7,514
7.9
8.7
12.9
16.3
29.9
23.6
5.4
4.7
16.7
18.5
1.7
1.5
BGR Energy
Neutral
132
-
955
16,567
33,848
6.0
5.6
7.8
5.9
17.0
22.4
1.0
0.9
4.7
4.2
0.2
0.1
BHEL
Neutral
158
-
38,746
28,797
34,742
-
2.8
2.3
6.9
68.8
22.9
1.2
1.1
1.3
4.8
1.0
0.7
Blue Star
Buy
548
634
5,241
4,283
5,077
5.9
7.3
14.9
22.1
36.8
24.8
7.2
6.0
20.4
26.4
1.3
1.1
Crompton Greaves
#VALUE!
5,777
6,120
5.9
7.0
3.3
4.5
4.4
5.9
Greaves Cotton
Neutral
156
-
3,815
1,755
1,881
16.8
16.9
7.8
8.5
20.0
18.4
4.0
3.7
20.6
20.9
1.9
1.7
Inox Wind
Neutral
169
-
3,753
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
163
-
4,196
9,294
10,186
7.9
8.1
9.9
11.9
16.5
13.7
2.4
2.1
15.6
16.3
0.7
0.6
KEI Industries
Buy
168
207
1,304
2,682
3,058
10.4
10.0
11.7
12.8
14.3
13.1
2.9
2.4
20.1
18.2
0.7
0.6
Thermax
Neutral
870
-
10,367
5,421
5,940
7.3
7.3
25.7
30.2
33.9
28.8
4.1
3.7
12.2
13.1
1.8
1.6
VATech Wabag
Buy
566
681
3,087
3,136
3,845
8.9
9.1
26.0
35.9
21.8
15.8
2.7
2.3
13.4
15.9
0.9
0.7
Cement
ACC
Neutral
1,396
-
26,212
11,225
13,172
13.2
16.9
44.5
75.5
31.4
18.5
3.0
2.7
11.2
14.2
2.3
2.0
Ambuja Cements
Neutral
226
-
44,796
9,350
10,979
18.2
22.5
5.8
9.5
38.9
23.8
3.3
2.9
10.2
12.5
4.8
4.1
India Cements
Neutral
160
-
4,913
4,364
4,997
18.5
19.2
7.9
11.3
20.3
14.2
1.5
1.4
8.0
8.5
1.9
1.6
JK Cement
Neutral
859
-
6,007
4,398
5,173
15.5
17.5
31.2
55.5
27.5
15.5
3.3
2.9
12.0
15.5
1.9
1.6
J K Lakshmi Cement
Neutral
409
-
4,812
2,913
3,412
14.5
19.5
7.5
22.5
54.5
18.2
3.4
2.8
12.5
18.0
2.2
1.9
Orient Cement
Neutral
135
-
2,771
2,114
2,558
18.5
20.5
8.1
11.3
16.7
12.0
2.5
2.1
9.0
14.0
1.9
1.5
UltraTech Cement
Neutral
3,798
-
104,255
25,768
30,385
21.0
23.5
111.0
160.0
34.2
23.7
4.4
3.8
13.5
15.8
4.1
3.4
Construction
ITNL
Neutral
102
-
3,357
8,946
10,017
31.0
31.6
8.1
9.1
12.6
11.2
0.5
0.5
4.2
5.0
3.7
3.4
KNR Constructions
Neutral
181
-
2,544
1,385
1,673
14.7
14.0
41.2
48.5
4.4
3.7
0.8
0.7
14.9
15.2
1.9
1.6
Larsen & Toubro
Accumulate
1,475
1,634
137,631
111,017
124,908
11.0
11.0
61.1
66.7
24.2
22.1
2.9
2.7
13.1
12.9
2.3
2.1
Gujarat Pipavav Port
Neutral
156
-
7,522
705
788
52.2
51.7
5.0
5.6
31.1
27.8
3.1
2.8
11.2
11.2
10.3
8.7
Nagarjuna Const.
Neutral
78
-
4,359
8,842
9,775
9.1
8.8
5.3
6.4
14.8
12.3
1.2
1.1
8.2
9.1
0.7
0.6
PNC Infratech
Buy
101
143
2,597
2,350
2,904
13.1
13.2
9.0
8.8
11.3
11.5
0.4
0.4
15.9
13.9
1.2
1.0
Simplex Infra
Neutral
286
-
1,414
6,829
7,954
10.5
10.5
31.4
37.4
9.1
7.6
0.9
0.9
9.9
13.4
0.6
0.5
Power Mech Projects
Neutral
408
-
600
1,801
2,219
12.7
14.6
72.1
113.9
5.7
3.6
1.0
0.9
16.8
11.9
0.3
0.2
Sadbhav Engineering
Accumulate
280
298
4,801
3,598
4,140
10.3
10.6
9.0
11.9
31.1
23.5
3.3
2.9
9.9
11.9
1.6
1.4
NBCC
Neutral
165
-
14,846
7,428
9,549
7.9
8.6
8.2
11.0
20.1
15.0
1.0
0.8
28.2
28.7
1.7
1.3
MEP Infra
Neutral
47
-
760
1,877
1,943
30.6
29.8
3.0
4.2
15.6
11.1
7.5
5.1
0.6
0.6
1.8
1.6
Stock Watch
March 09, 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
97
-
3,399
1,036
1,252
65.5
66.2
(8.4)
(5.6)
3.6
4.1
(22.8)
(15.9)
11.5
9.6
Engineers India
Neutral
144
-
9,680
1,725
1,935
16.0
19.1
11.4
13.9
12.6
10.3
1.7
1.7
13.4
15.3
4.5
4.1
Financials
Axis Bank
Accumulate
510
580
122,088
46,932
53,575
3.5
3.4
32.4
44.6
15.8
11.4
2.0
1.8
13.6
16.5
-
-
Bank of Baroda
Neutral
159
-
36,671
19,980
23,178
1.8
1.8
11.5
17.3
13.8
9.2
1.6
1.3
8.3
10.1
-
-
Canara Bank
Neutral
287
-
15,578
15,225
16,836
1.8
1.8
14.5
28.0
19.8
10.3
1.4
1.1
5.8
8.5
-
-
Can Fin Homes
Accumulate
1,930
2,128
5,137
420
526
3.5
3.5
86.5
107.8
22.3
17.9
4.8
3.9
23.6
24.1
-
-
Cholamandalam Inv. &
Buy
936
1,230
14,626
2,012
2,317
6.3
6.3
42.7
53.6
21.9
17.5
3.5
3.0
16.9
18.3
-
-
Fin. Co.
Dewan Housing Finance Accumulate
328
350
10,271
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
166
235
5,593
939
1,281
11.7
11.5
5.8
8.2
28.6
20.2
2.5
2.2
10.9
11.5
-
-
Federal Bank
Neutral
84
-
14,507
8,259
8,995
3.0
3.0
4.3
5.6
19.6
15.0
1.7
1.5
8.5
10.1
-
-
HDFC
Neutral
1,367
-
216,844
11,475
13,450
3.4
3.4
45.3
52.5
30.2
26.0
5.8
5.1
20.2
20.5
-
-
HDFC Bank
Neutral
1,391
-
356,222
46,097
55,433
4.5
4.5
58.4
68.0
23.8
20.5
4.2
3.5
18.8
18.6
-
-
ICICI Bank
Accumulate
275
315
159,839
42,800
44,686
3.1
3.3
18.0
21.9
15.3
12.5
2.1
1.9
11.1
12.3
-
-
Lakshmi Vilas Bank
Neutral
167
-
3,194
3,339
3,799
2.7
2.8
11.0
14.0
15.2
11.9
1.6
1.4
11.2
12.7
-
-
LIC Housing Finance
Accumulate
568
630
28,677
3,712
4,293
2.6
2.5
39.0
46.0
14.6
12.4
2.7
2.3
19.9
20.1
-
-
Punjab Natl.Bank
Neutral
141
-
29,994
23,532
23,595
2.3
2.4
6.8
12.6
20.7
11.2
3.2
2.3
3.3
6.5
-
-
RBL Bank
Neutral
479
-
17,718
1,783
2,309
2.6
2.6
12.7
16.4
37.7
29.2
4.1
3.7
12.8
13.3
-
-
Repco Home Finance
Buy
621
825
3,887
388
457
4.5
4.2
30.0
38.0
20.7
16.4
3.5
2.9
18.0
19.2
-
-
South Ind.Bank
Neutral
20
-
2,765
6,435
7,578
2.5
2.5
2.7
3.1
7.6
6.6
1.0
0.8
10.1
11.2
-
-
St Bk of India
Neutral
270
-
215,045
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
-
10,081
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
1,471
-
62,324
8,978
11,281
3.3
3.4
74.0
90.0
19.9
16.4
3.8
3.2
17.0
17.2
-
-
FMCG
Akzo Nobel India
Accumulate
1,617
1,720
7,755
2,955
3,309
13.3
13.7
57.2
69.3
28.3
23.3
9.2
7.8
32.7
33.3
2.4
2.1
Asian Paints
Neutral
1,022
-
98,049
17,128
18,978
16.8
16.4
19.1
20.7
53.5
49.4
18.6
17.6
34.8
35.5
5.6
5.1
Britannia
Buy
3,073
3,626
36,880
9,594
11,011
14.6
14.9
80.3
94.0
38.3
32.7
15.7
12.2
41.2
-
3.7
3.2
Colgate
Accumulate
931
995
25,308
4,605
5,149
23.4
23.4
23.8
26.9
39.1
34.6
21.6
16.9
64.8
66.8
5.4
4.8
Dabur India
Accumulate
275
304
48,363
8,315
9,405
19.8
20.7
8.1
9.2
33.9
29.8
9.4
7.8
31.6
31.0
5.5
4.8
GlaxoSmith Con*
Neutral
5,182
-
21,792
4,350
4,823
21.2
21.4
179.2
196.5
28.9
26.4
7.7
6.5
27.1
26.8
4.4
3.9
Godrej Consumer
Neutral
1,624
-
55,302
10,235
11,428
18.4
18.6
41.1
44.2
39.5
36.7
8.8
7.4
24.9
24.8
5.5
4.9
Stock Watch
March 09, 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
320,498
40,059
44,439
38.3
39.2
9.0
10.1
29.4
26.1
8.2
7.2
27.8
27.5
7.5
6.8
Marico
Accumulate
278
300
35,911
6,430
7,349
18.8
19.5
6.4
7.7
43.5
36.1
13.1
11.0
33.2
32.5
5.4
4.7
Nestle*
Neutral
6,329
-
61,026
10,073
11,807
20.7
21.5
124.8
154.2
50.7
41.1
20.8
18.7
34.8
36.7
5.9
5.0
Tata Global
Neutral
141
-
8,924
8,675
9,088
9.8
9.8
7.4
8.2
19.1
17.2
1.5
1.4
7.9
8.1
0.9
0.9
Procter & Gamble
Accumulate
6,892
7,369
22,372
2,939
3,342
23.2
23.0
146.2
163.7
47.1
42.1
11.9
9.9
25.3
23.5
7.2
6.2
Hygiene
IT
HCL Tech^
Buy
847
1,000
119,509
49,242
57,168
20.5
20.5
55.7
64.1
15.2
13.2
3.1
2.4
20.3
17.9
2.3
1.9
Infosys
Buy
1,007
1,249
231,360
68,350
77,326
27.0
27.0
62.5
69.4
16.1
14.5
3.4
3.1
21.3
21.6
2.8
2.4
TCS
Accumulate
2,514
2,700
495,346
119,025
133,308
27.6
27.6
131.2
145.5
19.2
17.3
6.2
5.7
32.4
33.1
3.9
3.5
Tech Mahindra
Buy
491
600
47,757
29,673
32,937
15.5
17.0
32.8
39.9
15.0
12.3
2.9
2.5
19.6
20.7
1.4
1.2
Wipro
Buy
494
583
120,061
55,440
60,430
18.1
18.1
36.1
38.9
13.7
12.7
2.5
2.3
19.0
17.6
1.9
1.7
Media
D B Corp
Neutral
381
-
6,998
2,297
2,590
27.4
28.2
21.0
23.4
18.1
16.3
4.2
3.7
23.7
23.1
2.8
2.5
HT Media
Neutral
84
-
1,946
2,693
2,991
12.6
12.9
7.9
9.0
10.6
9.3
0.9
0.8
7.8
8.3
0.3
0.2
Jagran Prakashan
Buy
189
225
6,170
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
739
-
29,121
2,850
3,265
70.1
71.0
26.2
30.4
28.2
24.3
7.2
6.4
24.3
25.6
9.8
8.4
Hindustan Media
Neutral
269
-
1,978
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
254
344
1,515
567
645
26.7
27.0
15.4
18.1
16.5
14.0
2.5
2.1
14.9
15.2
2.2
1.9
Metals & Mining
Coal India
Neutral
320
-
198,730
84,638
94,297
21.4
22.3
24.5
27.1
13.1
11.8
5.4
5.2
42.6
46.0
1.9
1.7
Hind. Zinc
Neutral
297
-
125,302
14,252
18,465
55.9
48.3
15.8
21.5
18.8
13.8
3.1
2.7
17.0
20.7
8.8
6.8
Hindalco
Neutral
190
-
39,230
107,899
112,095
7.4
8.2
9.2
13.0
20.6
14.6
1.0
0.9
4.8
6.6
0.9
0.8
JSW Steel
Neutral
178
-
43,039
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
141
-
44,611
6,643
7,284
44.4
47.7
7.1
7.7
19.9
18.3
1.7
1.7
8.8
9.2
4.5
4.0
SAIL
Neutral
60
-
24,698
47,528
53,738
(0.7)
2.1
(1.9)
2.6
23.0
0.7
0.6
(1.6)
3.9
1.4
1.2
Vedanta
Neutral
252
-
74,770
71,744
81,944
19.2
21.7
13.4
20.1
18.8
12.6
1.6
1.5
8.4
11.3
1.4
1.1
Tata Steel
Neutral
473
-
45,929
121,374
121,856
7.2
8.4
18.6
34.3
25.4
13.8
1.6
1.5
6.1
10.1
1.0
1.0
Oil & Gas
Cairn India
Neutral
279
-
52,384
9,127
10,632
4.3
20.6
8.8
11.7
31.7
23.9
1.0
1.0
3.3
4.2
7.2
6.0
GAIL
Neutral
518
-
65,663
56,220
65,198
9.3
10.1
27.1
33.3
19.1
15.6
1.8
1.6
9.3
10.7
1.4
1.1
ONGC
Neutral
193
-
247,361
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
375
-
181,975
373,359
428,656
5.9
5.5
54.0
59.3
6.9
6.3
1.1
1.0
16.0
15.6
0.6
0.6
Stock Watch
March 09, 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
1,292
-
419,090
301,963
358,039
12.1
12.6
87.7
101.7
14.7
12.7
1.5
1.4
10.7
11.3
1.9
1.6
Pharmaceuticals
Alembic Pharma
Accumulate
603
689
11,375
3,483
4,244
20.2
21.4
24.3
33.6
24.8
18.0
5.7
4.5
25.5
25.3
3.2
2.6
Alkem Laboratories Ltd
Accumulate
1,975
2,257
23,611
6,065
7,009
18.7
20.0
80.2
92.0
24.6
21.5
5.5
4.6
22.5
21.6
3.8
3.3
Aurobindo Pharma
Buy
666
877
38,975
15,720
18,078
23.7
23.7
41.4
47.3
16.1
14.1
4.2
3.3
29.6
26.1
2.7
2.3
Aventis*
Neutral
4,264
-
9,820
2,277
2,597
17.3
18.3
149.4
172.0
28.5
24.8
4.7
3.8
25.1
28.8
4.0
3.3
Cadila Healthcare
Neutral
443
-
45,311
10,429
12,318
17.7
21.6
13.1
19.2
33.8
23.1
7.1
5.6
22.8
27.1
4.4
3.6
Cipla
Sell
590
465
47,460
15,378
18,089
15.7
16.8
19.3
24.5
30.6
24.1
3.6
3.2
12.3
13.9
3.3
2.7
Dr Reddy's
Neutral
2,851
-
47,238
16,043
18,119
18.0
23.0
78.6
130.9
36.3
21.8
3.5
3.1
10.1
15.2
2.7
2.6
Dishman Pharma
Neutral
234
-
3,784
1,718
1,890
22.7
22.8
9.5
11.3
24.7
20.8
2.4
2.2
10.1
10.9
2.7
2.3
GSK Pharma*
Neutral
2,697
-
22,846
2,800
3,290
10.2
20.6
32.2
60.3
83.8
44.7
15.5
15.3
17.2
34.5
7.9
6.8
Indoco Remedies
Reduce
262
240
2,411
1,112
1,289
16.2
18.2
11.6
16.0
22.6
16.4
3.6
3.0
17.0
20.1
2.3
1.9
Ipca labs
Accumulate
551
613
6,950
3,258
3,747
12.8
15.3
12.1
19.2
45.5
28.7
2.9
2.6
6.4
9.5
2.3
2.0
Lupin
Buy
1,448
1,809
65,377
15,912
18,644
26.4
26.7
58.1
69.3
24.9
20.9
4.9
4.0
21.4
20.9
4.2
3.4
Sun Pharma
Buy
681
847
163,280
31,129
35,258
32.0
32.9
30.2
35.3
22.5
19.3
3.7
3.0
20.0
20.1
4.8
4.1
Power
Tata Power
Neutral
82
-
22,206
36,916
39,557
17.4
27.1
5.1
6.3
16.1
13.0
1.4
1.3
9.0
10.3
1.6
1.5
NTPC
Neutral
157
-
129,619
86,605
95,545
17.5
20.8
11.8
13.4
13.3
11.7
1.4
1.3
10.5
11.1
2.8
2.8
Power Grid
Accumulate
195
223
102,173
25,315
29,193
88.2
88.7
14.2
17.2
13.8
11.4
2.1
1.8
15.2
16.1
8.7
7.8
Real Estate
Prestige Estate
Buy
168
210
6,281
4,707
5,105
25.2
26.0
10.3
13.0
16.3
12.9
1.3
1.2
10.3
10.2
2.5
2.2
MLIFE
Buy
361
522
1,481
1,152
1,300
22.7
24.6
29.9
35.8
12.1
10.1
0.9
0.8
7.6
8.6
2.0
1.7
Telecom
Bharti Airtel
Neutral
361
-
144,206
105,086
114,808
34.5
34.7
12.2
16.4
29.6
22.0
2.0
1.9
6.8
8.4
2.3
2.0
Idea Cellular
Neutral
106
-
38,269
40,133
43,731
37.2
37.1
6.4
6.5
16.6
16.3
1.4
1.3
8.2
7.6
2.0
1.7
zOthers
Abbott India
Neutral
4,450
-
9,456
3,153
3,583
14.1
14.4
152.2
182.7
29.2
24.4
143.6
122.6
25.6
26.1
2.7
2.3
Asian Granito
Buy
281
351
846
1,060
1,169
12.2
12.5
12.7
15.9
22.2
17.7
2.1
1.9
9.5
10.7
1.1
1.0
Bajaj Electricals
Accumulate
280
295
2,832
4,801
5,351
5.7
6.2
10.4
13.7
26.9
20.5
3.3
3.0
12.4
14.5
0.6
0.5
Banco Products (India)
Neutral
199
-
1,426
1,353
1,471
12.3
12.4
14.5
16.3
13.8
12.2
19.0
17.1
14.5
14.6
1.0
106.6
Coffee Day Enterprises
Neutral
232
-
4,775
2,964
3,260
20.5
21.2
4.7
8.0
-
29.0
2.7
2.5
5.5
8.5
2.0
1.8
Ltd
Competent Automobiles Neutral
173
-
106
1,137
1,256
3.1
2.7
28.0
23.6
6.2
7.3
33.3
30.1
14.3
11.5
0.1
0.1
Elecon Engineering
Neutral
53
-
592
1,482
1,660
13.7
14.5
3.9
5.8
13.5
9.1
3.2
2.9
7.8
10.9
0.7
0.6
Finolex Cables
Neutral
440
-
6,736
2,883
3,115
12.0
12.1
14.2
18.6
31.0
23.7
16.5
14.4
15.8
14.6
2.0
1.8
Stock Watch
March 09, 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
Neutral
681
-
1,490
863
928
15.1
15.2
36.4
39.4
18.7
17.3
3.4
2.9
17.5
15.9
1.6
1.5
Goodyear India*
Neutral
702
-
1,620
1,598
1,704
10.4
10.2
49.4
52.6
14.2
13.4
65.6
57.6
18.2
17.0
0.7
96.8
Hitachi
Neutral
1,500
-
4,078
2,081
2,433
8.8
8.9
33.4
39.9
44.9
37.6
36.2
30.2
22.1
21.4
2.0
1.6
HSIL
Neutral
331
-
2,391
2,384
2,515
15.8
16.3
15.3
19.4
21.6
17.1
21.5
18.5
7.8
9.3
1.2
1.1
Interglobe Aviation
Neutral
880
-
31,802
21,122
26,005
14.5
27.6
110.7
132.1
8.0
6.7
47.6
34.0
168.5
201.1
1.5
1.2
Jyothy Laboratories
Neutral
370
-
6,725
1,440
2,052
11.5
13.0
8.5
10.0
43.6
37.0
10.6
9.8
18.6
19.3
5.0
3.5
Kirloskar Engines India
Neutral
390
-
5,640
2,554
2,800
9.9
10.0
10.5
12.1
37.1
32.2
15.5
14.7
10.7
11.7
1.8
1.6
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
479
-
578
546
608
20.4
20.7
41.3
48.7
11.6
9.8
65.6
58.1
16.6
17.0
0.9
0.8
Manpasand Bever.
Neutral
710
-
4,062
836
1,087
19.6
19.4
16.9
23.8
42.0
29.8
5.0
4.4
12.0
14.8
4.6
3.5
Mirza International
Buy
88
107
1,060
963
1,069
17.2
18.0
6.1
7.5
14.4
11.7
2.2
1.9
15.0
15.7
1.3
1.2
MT Educare
Neutral
89
-
355
366
417
17.7
18.2
9.4
10.8
9.5
8.2
2.1
1.8
22.2
22.3
0.9
0.7
Narayana Hrudaya
Neutral
318
-
6,494
1,873
2,166
11.5
11.7
2.6
4.0
120.1
80.2
7.4
6.7
6.1
8.3
3.6
3.1
Navkar Corporation
Buy
162
265
2,312
369
561
42.9
42.3
6.9
11.5
23.5
14.1
1.7
1.5
7.4
10.5
7.3
4.8
Navneet Education
Neutral
146
-
3,417
1,062
1,147
24.0
24.0
6.1
6.6
24.0
22.1
4.9
4.4
20.6
19.8
3.3
3.1
Nilkamal
Neutral
1,938
-
2,893
1,995
2,165
10.7
10.4
69.8
80.6
27.8
24.1
110.8
96.2
16.6
16.5
1.4
1.3
Page Industries
Neutral
14,358
-
16,015
2,450
3,124
20.1
17.6
299.0
310.0
48.0
46.3
319.8
244.1
47.1
87.5
6.6
5.2
Parag Milk Foods
Neutral
220
-
1,851
1,919
2,231
9.3
9.6
9.5
12.9
23.3
17.0
3.6
3.0
15.5
17.5
1.1
1.0
Quick Heal
Neutral
240
-
1,682
408
495
27.3
27.0
7.7
8.8
31.0
27.3
2.9
2.9
9.3
10.6
3.3
2.7
Radico Khaitan
Accumulate
128
147
1,702
1,667
1,824
13.0
13.2
6.7
8.2
19.2
15.6
1.7
1.6
9.0
10.2
1.4
1.3
Relaxo Footwears
Neutral
452
-
5,425
2,085
2,469
9.2
8.2
7.6
8.0
59.7
56.8
23.2
19.8
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
1,675
1,872
1,570
1,652
1,857
11.6
11.7
92.4
110.1
18.1
15.2
2.7
2.3
14.7
15.2
1.2
1.0
Styrolution ABS India*
Neutral
610
-
1,073
1,440
1,537
9.2
9.0
40.6
42.6
15.0
14.3
38.4
34.9
12.3
11.6
0.7
0.6
Surya Roshni
Neutral
182
-
799
3,342
3,625
7.8
7.5
17.3
19.8
10.6
9.2
20.0
16.1
10.5
10.8
0.5
0.4
Team Lease Serv.
Neutral
913
-
1,561
3,229
4,001
1.5
1.8
22.8
32.8
40.1
27.8
4.3
3.7
10.7
13.4
0.4
0.3
The Byke Hospitality
Neutral
170
-
681
287
384
20.5
20.5
7.6
10.7
22.4
15.9
4.7
3.8
20.7
23.5
2.4
1.8
Transport Corporation of
Neutral
205
-
1,570
2,671
2,911
8.5
8.8
13.9
15.7
14.8
13.1
2.0
1.8
13.7
13.8
0.7
0.6
India
TVS Srichakra
Neutral
3,071
-
2,351
2,304
2,614
13.7
13.8
231.1
266.6
13.3
11.5
345.0
271.7
33.9
29.3
1.0
0.9
Stock Watch
March 09, 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
-
1,100
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
-
380
1,051
1,138
10.3
10.4
21.0
23.1
11.4
10.3
30.7
28.7
9.0
9.2
0.6
0.6
VRL Logistics
Neutral
293
-
2,675
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
378
-
2,136
287
355
38.0
40.0
11.3
14.2
33.5
26.6
4.8
4.2
21.4
23.9
7.1
5.8
Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on March 08, 2017
Market Outlook
March 09, 2017
Research Team Tel: 022 - 39357800
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