Market Outlook
August 09, 2019
Market Cues
Indian markets are likely to open flat tracking global indices and SGX Nifty.
Domestic Indices
Chg (%)
(Pts)
(Close)
BSE Sensex
1.8
637
37,327
The US stocks extended the upward move with a substantial rally during trading on
Thursday. With the jump on the day, the Nasdaq and the S&P 500 more than offset
Nifty
1.6
177
11,032
Monday's steep losses. The Dow surged up 371.12 points or 1.4 percent to 26,378 and
Mid Cap
0.4
57
13,566
the Nasdaq soared 2.2 percent to 8,039.
Small Cap
0.7
92
12,574
U.K. stocks edged higher on Thursday, with miners leading the surge after China
Bankex
1.4
430
31,805
reported better-than-expected export growth in July.. The FTSE 100 was up by 0.1% to
7,202.
Global Indices
Chg (%)
(Pts)
(Close)
On domestic front, Indian shares posted strong gains on Thursday as investors
Dow Jones
1.4
371
26,378
cheered reports suggesting that the government may restructure the budget
Nasdaq
2.2
176
8,039
proposal of a super-rich tax surcharge on foreign portfolio investors (FPIs).. The
FTSE
0.1
4
7,202
benchmark BSE Sensex was up by 1.8% to 37,327.
Nikkei
0.4
77
20,593
Hang Seng
0.5
124
26,120
News Analysis
Shanghai Com
0.9
26
2,794
Adani Enterprises commits Rs 10,000-crore capex for airports business
Detailed analysis on Pg2
Advances / Declines
BSE
NSE
Investor’s Ready Reckoner
Advances
1,375
1,055
Declines
1,033
690
Key Domestic & Global Indicators
Unchanged
152
352
Stock Watch: Latest investment recommendations on 150+ stocks
Refer Pg5 onwards
Volumes (` Cr)
Top Picks
BSE
2,452
CMP
Target
Upside
Company
Sector
Rating
(`)
(`)
(%)
NSE
34,805
Blue Star
Capital Goods
Buy
741
867
17.0
ICICI Bank
Financials
Buy
415
490
18.2
Net Inflows (` Cr)
Net
Mtd
Ytd
Parag Milk Foods
Others
Buy
176
330
88.0
FII
(2,171)
(6,227)
62,019
Bata India
Others
Buy
1,428
1,643
15.1
*MFs
2,898
11,665
19,760
KEI Industries
Capital Goods
Buy
471
612
29.8
More Top Picks on Pg4
Top Gainers
Price (`)
Chg (%)
24
15.5
75
7.8
598
7.7
74
7.6
322
7.1
Top Losers
Price (`)
Chg (%)
743
-20.0
46
-8.1
602
-7.6
ITI
75
-7.4
53
-7.1
As on Aug 08, 2019
Market Outlook
August 09, 2019
News Analysis
Adani Enterprises commits Rs 10,000-crore capex for airports
business
capital expenditure (capex) worth roughly Rs 10,000 crore for its airport business
to be incurred over the next 7 years. AEL has also committed an investment of Rs
7,000 crore for coal and mining business during the current fiscal 2019-20. Part of
its "next set of businesses", as stated by Adani Group chairman Gautam Adani,
airport management is being run by AEL's subsidiary Adani Airports Ltd which won
bids for 6 airports recently. Of these, three airports including Ahmedabad,
Lucknow and Mangaluru of Airports Authority of India have been approved by
cabinet to be leased to AEL in a public private partnership (PPP) mode. Two other
airports - Guwahati and Jaipur - are awaiting state approvals, while the one in
Trivandrum is in litigation with the Kerala state government.
The committed investment of Rs 10,000 crore will entail an up-front payment of
roughly Rs 1,600 crore for the three airports with cabinet approval, followed by an
additional up-front payment of Rs 2,000 crore for the remaining airports. In an
earnings call on Thursday, Jugeshinder Singh, AEL's chief financial officer, said
that the remaining Rs 6000 crore of committed capex will be incurred over a period
of 7 years.
Economic and Political News
Govt gets ready for reforms to fight slowdown; FM to meet FPIs, MFs today
Bank of Maharashtra, IDBI Bank cut lending rates by 10 to 15 basis points
Govt approves 5,595 e-buses in 64 cities under FAME India's second phase
Business leaders seek Rs 1 trillion govt stimulus to revive economy
UP to provide loans totalling Rs 5,000 cr to MSMEs under ODOP scheme
Corporate News
May not be able to repay due in the near future: DHFL to stock exchanges
Vodafone Idea and Airtel: A tale of two rights issues in telecom sector
NMDC plans special purpose vehicles with state govts to set up steel plant
CARE downgrades Voda Idea credit rating on weak financial showing
Adani Enterprises commits Rs 10,000-crore capex for airports business
Birla Corp partners Infosys to take digitisation, automation further
Aurobindo Pharma gains nearly 8% on growth prospects in US market
Market Outlook
August 09, 2019
Quarterly Bloomberg Brokers Consensus Estimate
Gail Ltd - August 09, 2019
Particulars (` cr)
1QFY20E
1QFY19
y-o-y (%)
4QFY19
q-o-q (%)
Sales
18,979
17,299
9.7
18,763
1.1
EBIDTA
2,203
2,270
(2.9)
1,684
30.8
%
11
13
9
PAT
1,278
1,259
1.5
1,122
13.9
MRF Ltd - August 09, 2019
Particulars (` cr)
1QFY20E
1QFY19
y-o-y (%)
4QFY19
q-o-q (%)
Sales
4,032
3,856
4.5
4,073
(1.1)
EBIDTA
614
595
3.2
571
7.5
%
15
15
14
PAT
299
261
14.5
294
1.7
Bharat Heavy Electricals Ltd - August 09, 2019
Particulars (` cr)
1QFY20E
1QFY19
y-o-y (%)
4QFY19
q-o-q (%)
Sales
6,040
5,935
1.8
10,297
(41.4)
EBIDTA
264
287
(8.1)
1,395
(81.1)
%
4
5
14
PAT
189
156
21.2
683
(72.3)
BPCL Ltd - August 09, 2019
Particulars (` cr)
1QFY20E
1QFY19
y-o-y (%)
4QFY19
q-o-q (%)
Sales
76,069
71,697
6.1
73,990
2.8
EBIDTA
1,931
3,875
(50.1)
4,805
(59.8)
%
3
5
6
PAT
1,405
2,293
(38.7)
3,125
(55.1)
Britannia Industries Ltd - August 09, 2019
Particulars (` cr)
1QFY20E
1QFY19
y-o-y (%)
4QFY19
q-o-q (%)
Sales
2,770
2,544
8.8
2,799
(1.1)
EBIDTA
426
389
9.5
436
(2.3)
%
15
15
16
PAT
287
258
11.3
297
(3.3)
Market Outlook
August 09, 2019
Cadila Healthcare Ltd - August 09, 2019
Particulars (` cr)
1QFY20E
1QFY19
y-o-y (%)
4QFY19
q-o-q (%)
Sales
3,506
2,894
21.1
3,733
(6.1)
EBIDTA
732
645
13.5
800
(8.5)
%
20
22
21
PAT
414
460
(10.1)
460
(10)
Bharat Forge Ltd - August 13, 2019
Particulars (` cr)
1QFY20E
1QFY19
y-o-y (%)
4QFY19
q-o-q (%)
Sales
1,591
1,480
7.5
1,669
(4.7)
EBIDTA
465
429
8.4
517
(48.7)
%
29
29
31
PAT
261
234
11.5
300
(13)
Sun Pharma Ltd - August 13, 2019
Particulars (` cr)
1QFY20E
1QFY19
y-o-y (%)
4QFY19
q-o-q (%)
Sales
8,119
7,224
12.3
7,164
13.4
EBIDTA
1,719
1,607
6.9
1,017
10
%
21
22
14
PAT
994
1,111
(10.5)
636
56.3
Coal India Ltd - August 13, 2019
Particulars (` cr)
1QFY20E
1QFY19
y-o-y (%)
4QFY19
q-o-q (%)
Sales
24,843
24,261
2.4
28,546
(12.9)
EBIDTA
6,213
4,680
32.7
8,212
(24.5)
%
25
19
29
PAT
4,261
3,786
12.5
6,024
(29.3)
Market Outlook
August 09, 2019
Top Picks
Market Cap
CMP
Target
Upside
Company
Rationale
(` Cr)
(`)
(`)
(%)
Favorable outlook for the AC industry to augur well
for Cooling products business which is out pacing
Blue Star
7,136
741
867
17.0
the market growth. EMPPAC division's profitability
to improve once operating environment turns
around.
Well capitalized with CAR of 18.1% which gives
sufficient room to grow asset base. Faster
ICICI Bank
267,613
415
490
18.2
resolution of NPA would reduce provision cost,
which would help to report better ROE.
High order book execution in EPC segment, rising
KEI Industries
3,721
471
612
29.8
B2C sales and higher exports to boost the revenues
and profitability
GST regime and the Gujarat plant are expected to
Maruti Suzuki
178,309
5,903
8,552
44.9
improve the company’s sales volume and margins,
respectively.
Third largest brand play in luggage segment
Increased product offerings and improving
Safari Industries
1,266
567
1,000
76.4
distribution network is leading to strong growth in
business. Likely to post robust growth for next 3-4
years
We expect financialisation of savings and
Aditya Birla Capital
19,383
88
130
47.6
increasing penetration in Insurance & Mutual fund
would ensure steady growth.
One of the leading Indian dairy products companies
in India created strong brands in dairy products.
Parag Milk Foods
1,477
176
330
88.0
Rising revenue share of high-margin Value Added
Products and reduction in interest cost is likely to
boost margins and earnings in next few years.
HDFC Bank maintained its steady growth in the
4QFY18. The bank’s net profit grew by 20.3%. Steady
growth in interest income and other income aided
HDFC Bank
611,260
2,236
2,660
19.0
PAT growth. The Strong liability franchise and
healthy capitalisation provides strong earning
visibility. At the current market price, the bank is
trading at 3.2x FY20E ABV.
We expect strong PAT growth on back of healthy
growth in automobile segment (on back of new
launches and facelifts in some of the model ) and
M&M
67,070
540
1,050
94.6
strong growth in Tractors segment coupled by its
strong brand recall and improvement in rural
sentiment
Market leader in the room air conditioner (RAC)
outsourced manufacturing space in India with a
market share of 55.4%. It is a one-stop solutions
Amber Enterprises
2,479
788
910
15.4
provider for the major brands in the RAC industry
and currently serves eight out of the 10 top RAC
brands in India
BIL is the largest footwear retailer in India, offering
footwear, accessories and bags across brands. We
expect BIL to report net PAT CAGR of ~16% to
Bata India
18,351
1,428
1,643
15.1
~`3115cr over FY2018-20E mainly due to new
product launches, higher number of stores addition
and focus on women’s high growth segment and
margin improvement
Market Outlook
August 09, 2019
Continued...
Market Cap
CMP
Target
Upside
Company
Rationale
(` Cr)
(`)
(`)
(%)
SHTF is in the sweet spot with benefits from
stronger CV volumes, NIMs unaffected by rising
Shriram Transport Finance
22,750
1,003
1,470
46.6
bond yields on the back of stronger pricing
power and an enhancing ROE by 750bps over
FY18-20E, supported by decline in credit cost.
We expect JSPL’s top line to grow at 27% CAGR
over FY19-FY20 on the back of strong steel
demand and capacity addition. On the bottom
Jindal Steel & Power Limited
10,221
100
250
149.5
line front, we expect JSPL to turn in to profit by
FY19 on back of strong operating margin
improvement.
GMM Pfaudler Limited (GMM) is the Indian
market leader in glass-lined (GL) steel
equipment. GMM is expected to cross CAGR
GMM Pfaudler Ltd
1,833
1,254
1,570
25.2
15%+ in revenue over the next few years mainly
led by uptick in demand from user industries
and it is also expecting to increase its share of
non-GL business to 50% by 2020.
Aurobindo Pharmaceuticals, amongst the
Indian Pharmaceutical companies, is well
placed to face the challenging generic markets,
given its focus on achieving growth through
Aurobindo Pharmaceuticals
35,038
598
890
48.8
productivity. Aurobindo will report net revenue
& net profit CAGR of ~13% & ~8% resp. during
FY2018-20E. Valuations are cheap V/s its peers
and own fair multiples of 17-18x.
We believe advance to grow at a healthy CAGR
of 35% over FY18-20E. Below peers level ROA
RBL Bank
15,773
367
650
76.9
(1.2% FY18) to expand led by margin expansion
and lower credit cost.
TTK Prestige has emerged as one of the leading
brands in kitchen appliances in India after its
successful transformation from a single
TTK Prestige
7,886
5,689
7,708
35.5
product company to offering an entire gamut of
home and kitchen appliances. We are expecting
a CAGR of 18% in revenue and 25% in PAT over
FY2018-20.
Maintain Hold.
Source: Company, Angel Research
Market Outlook
August 09, 2019
Fundamental Call
Market Cap
CMP
Target
Upside
Company
Rationale
(` Cr)
(`)
(`)
(%)
CCL is likely to maintain the strong growth
CCL Products
3,251
244
360
47.3
trajectory over FY18-20 backed by capacity
expansion and new geographical foray
We forecast Nilkamal to report top-line CAGR of ~9%
to `2,635cr over FY17-20E on the back of healthy
Nilkamal
1,561
1,046
2,178
108.2
demand growth in plastic division. On the bottom-
line front, we estimate ~10% CAGR to `162cr owing to
improvement in volumes.
Elantas Beck India is the Indian market leader in
liquid insulation segment used in electrical
equipments like motors, transformers etc. It
Elantas Beck India Ltd
1,512
1,907
2,500
31.1
derives demand from several industries which are
expected to register 10%+ CAGR in demand in the
coming years. We can book out from the stock with
16% profit at Rs. 2500 TP.
Greenply Industries Ltd (GIL) manufactures
plywood & allied products and medium density
fibreboards (MDF). GIL to report net revenue CAGR
Greenply Industries
1,576
129
256
99.1
of ~14% to ~`2,478cr over FY2017-20E mainly due to
healthy growth in plywood & lamination business on
the back of strong brand and distribution network
L&T Fin’s new management is on track to achieve
L&T Finance Holding
19,895
99
210
111.2
ROE of 18% by 2020 and recent capital infusion of
`3000cr would support advance growth.
We expect loan book to grow at 24.3% over next two
GIC Housing
1,293
240
424
76.6
year; change in borrowing mix will help in NIM
improvement
Strong brands and distribution network would boost
Siyaram Silk Mills
1,141
244
549
125.5
growth going ahead. Stock currently trades at an
inexpensive valuation.
Expected to benefit from the lower capex
Music Broadcast Limited
1,113
40
95
136.0
requirement and 15 year long radio broadcast
licensing.
We expect Inox Wind to report exponential growth in
top-line and bottom-line over FY19-20E. The growth
would be led by changing renewable energy
Inox Winds
1,099
50
120
142.4
industry dynamics in favor of wind energy segment
viz. changes in auction regime from Feed-In-Tariff
(FIT) to reverse auction regime and Government’s
guidance for 10GW auction in FY19 and FY20 each.
Considering the strong CV demand due to change
in BS-VI emission norms (will trigger pre-buying
activities), pick up in construction activities and no
Ashok Leyland
18,655
64
156
145.5
significant impact on industry due to recent axle
load norms, we recommend BUY on Ashok Leyland
at current valuations.
Well planned strategy to grow small business loans
and cross-selling would propel fees income. We
Yes Bank
20,674
89
NA
NA
expect YES to grow its advance much higher than
industry and improvement in asset quality to
support profitability.
Market Outlook
August 09, 2019
Global economic events release calendar
Date
Time
Country
Event Description
Unit
Period
Bloomberg Data
Last Reported
Estimated
May 16, 2019
JN
Housing Starts YoY
% Change
Sep
0.02
(0.01)
May 17, 2019
JN
Annualized Housing Starts
% Change
Sep
0.957m
0.950m
May 17, 2019
JN
Construction Orders YoY
% Change
Sep
0.01
--
May 20, 2019
12:00 AM
ES
Industrial Production YoY
% Change
Sep
0.06
--
May 21, 2019
12:00 AM
RO
ILO Unemployment Rate
% Change
Sep
0.04
--
May 24, 2019
3:15 AM
DE
Unemployment Rate SA
% Change
Sep
0.03
--
May 25, 2019
4:30 AM
DE
Unemployment Rate Gross Rate
% Change
Sep
0.04
0.04
May 26, 2019
4:30 AM
FI
Trade Balance
% Change
Aug F
-400m
--
May 28, 2019
4:30 AM
TU
Economic Confidence
% Change
Oct
71.00
--
May 30, 2019
5:20 AM
TU
Trade Balance
% Ratio
Sep
-2.42b
-1.90b
May 30, 2019
5:20 AM
TU
Central Bank Inflation Report
%
June 02, 2019
5:30 AM
TH
Exports YoY
% Change
Sep
0.06
--
June 03, 2019
5:30 AM
TH
Exports
% Change
Sep
$22380m
--
June 04, 2019
5:31 AM
TH
Imports YoY
%
Sep
0.24
--
June 08, 2019
5:31 AM
TH
Imports
%
Sep
$21776m
--
June 09, 2019
5:31 AM
TH
Trade Balance
Thousands
Sep
$604m
--
June 10, 2019
6:00 AM
TH
BoP Current Account Balance
% Change
Sep
$753m
$1200m
June 11, 2019
0-Jan-00
AU
CPI YoY
% Change
3Q
0.02
0.02
Source: Company, Angel Research
Market Outlook
August 09, 2019
Macro watch
Exhibit 1: Quarterly GDP trends
Exhibit 2: IIP trends
(%)
(%)
10.0
8.5
8.4
9.1
9.0
8.0
7.3
7.5
9.0
7.0
7.0
8.1
8.0
7.6
7.7
7.0
6.5
8.0
6.8
7.0
7.0
6.0
7.0
6.3
6.6
4.8
6.1
4.6
4.5
4.6
5.0
5.6
3.8
6.0
4.0
2.6
5.0
3.0
1.7
4.0
2.0
1.0
0.3
3.0
-
Source: CSO, Angel Research
Source: MOSPI, Angel Research
Exhibit 3: Monthly CPI inflation trends
Exhibit 4: Manufacturing and services PMI
56.0
Mfg. PMI
Services PMI
(%)
6.0
5.2
5.07
54.0
4.9
4.9
5.0
4.4
4.6
4.3
4.2
52.0
3.7
3.7
4.0
3.4
50.0
3.0
2.6
2.3
2.1
2.0
48.0
2.0
1.0
46.0
-
44.0
Source: MOSPI, Angel Research
Source: Market, Angel Research; Note: Level above 50 indicates expansion
Exhibit 5: Exports and imports growth trends
Exhibit 6: Key policy rates
(%)
Exports yoy growth
Imports yoy growth
(%)
Repo rate
Reverse Repo rate
CRR
35.0
7.00
30.0
6.50
25.0
6.00
20.0
5.50
15.0
5.00
10.0
4.50
5.0
4.00
0.0
3.50
(5.0)
3.00
Source: Bloomberg, Angel Research As of 15 April, 2019
Source: RBI, Angel Research
Market Outlook
August 09, 2019
Global watch
Exhibit 1: Latest quarterly GDP Growth (%, yoy) across select developing and developed countries
8.0
(%)
6.9
7.0
5.8
6.0
5.3
5.0
5.0
1.1
3.7
4.0
2.5
3.0
2.2
1.8
2.0
1.5
1.4
0.8
1.0
0.3
-
Source: Bloomberg, Angel Research
Exhibit 2: 2017 GDP Growth projection by IMF (%, yoy) across select developing and developed countries
(%)
6.7
6.8
7.0
6.0
5.4
5.2
5.0
3.7
4.0
3.0
1.8
2.2
2.0
1.7
1.6
1.5
2.0
0.7
0.7
1.0
-
Source: IMF, Angel Research
Exhibit 3: One year forward P-E ratio across select developing and developed countries
(x)
25.0
20.0
15.0
10.0
5.0
-
Source: IMF, Angel Research As of 25 Sep, 2018
Market Outlook
August 09, 2019
Exhibit 4: Relative performance of indices across globe
Returns (%)
Country
Name of index
Closing price
1M
3M
1YR
Brazil
Bovespa
1,00,995
4.1
5.8
38.8
Russia
Micex
2,559
0.0
1.5
10.9
India
Nifty
11,789
-1.1
1.4
10.0
China
Shanghai Composite
2,979
2.8
-3.6
4.6
South Africa
Top 40
51,925
3.8
9.7
3.7
Mexico
Mexbol
44,686
-11.2
-15.1
-11.3
Indonesia
LQ45
1,006
-3.2
4.1
-8.5
Malaysia
KLCI
1,708
1.4
1.7
-8.0
Thailand
SET 50
1,099
0.2
0.6
-8.9
USA
Dow Jones
26,600
7.2
2.6
9.6
UK
FTSE
7,426
3.7
2.0
-2.8
Japan
Nikkei
21,276
3.3
0.3
-4.6
Germany
DAX
12,399
5.7
7.6
0.8
France
CAC
5,539
6.4
3.5
4.0
Source: Bloomberg, Angel Research As of 06 July, 2019
Market Outlook
August 09, 2019
Exhibit 7: Historical Angel Top Picks/Fundamental Calls
Date Added
Top Picks/Fundamental
Stocks
Reco Price
Target/Revised Price
Current Status
17-08-2018
Top Picks
Ashok Leyland
128
156
Open
10-08-2018
Top Picks
Inox Wind
107
127
Open
30-11-2018
Top Picks
TTK Prstige
7,206
8,200
Open
09-08-2018
Top Picks
TTK Prstige
6,206
7,500
06-07-2018
Top Picks
Aurobindo Pharma
603
780
Open
30-08-2018
Top Picks
RBL Bank
626
690
Open
06-07-2018
Top Picks
RBL Bank
565
670
06-07-2018
Top Picks
Yes Bank
348
418
Open
30-06-2018
Top Picks
Jindal Steel & Power
222
350
Open
20-06-2018
Top Picks
Shriram Transport Finance Com
1,466
1,764
Open
30-07-2018
Top Picks
Bata India
918
1,007
Open
23-07-2018
Top Picks
Bata India
842
955
01-07-2018
Top Picks
Bata India
862
948
18-06-2018
Top Picks
Bata India
779
896
14-06-2018
Top Picks
Amber Enterprises
1,026
1,230
Open
07-06-2018
Top Picks
M&M
918
1050
Open
04-05-2018
Top Picks
M&M
860
990
03-05-2018
Fundamental
L&T Finance Holding
171
210
Open
02-05-2018
Top Picks
HDFC Bank
1944
2315
Open
04-05-2018
Top Picks
Matrimony.com Ltd
573
1016
Closed(17/08/2018)
20-04-2018
Top Picks
Matrimony.com Ltd
781
984
15-05-2018
Top Picks
Parag Milk Foods Limited
310
410
Open
16-04-2018
Top Picks
Parag Milk Foods Limited
249
333
27-08-2018
Top Picks
GMM Pfaudler Limited
1,170
1,287
Open
18-08-2018
Top Picks
GMM Pfaudler Limited
1,024
1,200
07-08-2018
Top Picks
GMM Pfaudler Limited
984
1,100
29-06-2018
Fundamental
GMM Pfaudler Limited
932
1,020
14-05-2018
Fundamental
GMM Pfaudler Limited
818
900
06-04-2018
Fundamental
GMM Pfaudler Limited
712
861
07-03-2018
Fundamental
Ashok Leyland Ltd
139
163
Closed (26/04/2018)
03-03-2018
Fundamental
Greenply Industries
340
395
Open
27-08-2018
Top Picks
Safari Industries
974
1,071
Open
14-08-2018
Top Picks
Safari Industries
868
1,000
07-08-2018
Top Picks
Safari Industries
788
870
16-07-2018
Top Picks
Safari Industries
693
800
16-04-2018
Top Picks
Safari Industries
651
750
21-02-2018
Top Picks
Safari Industries
532
650
31-05-2018
Top Picks
HSIL Ltd
348
Closed (31/05/2018)
16-02-2018
Top Picks
HSIL Ltd
433
510
07-02-2018
Fundamental
Elantas Beck India Ltd.
2155
2500
Open
01-02-2018
Top Picks
ICICI Bank
352
416
Open
01-02-2018
Top Picks
Aditya Birla Capital
167
218
Open
04-01-2018
Fundamental
CCL Products
278
360
Open
03-01-2018
Fundamental
Nilkamal Ltd
1880
2178
Open
01-01-2018
Fundamental
Capital First Ltd
693
850
Closed (15/01/2018)
30-12-2017
Fundamental
Shreyans Industries Ltd
205
247
Closed
Source: Company, Angel Research
Market Outlook
August 09, 2019
Exhibit 8: Historical Angel Top Picks/Fundamental Calls
Date Added
Top Picks/Fundamental
Stocks
Reco Price
Target/Revised Price
Current Status
Fundamental
Prism Cement Ltd
160
Closed (09/05/2018)
21-12-2017
Fundamental
Prism Cement Ltd
118
131
18-12-2017
Fundamental Menon Bearings Limited
92
114
Closed (17/01/2018)
14-12-2017
Top Picks
Ruchira Papers Ltd.
188
244
Closed (09/02/2018)
17-05-2018
Top Picks
Century Plyboards India
280
Closed(17/05/2018)
28-11-2017
Top Picks
Century Plyboards India
317
400
19-12-2017
Top Picks
LT Foods
85
Closed(18/06/2018)
06-11-2017
Top Picks
LT Foods
74
96
16-10-2017
FundamentalEndurance Technologies Ltd
1111
1277
Closed (01/12/2017)
11-09-2017
Top Picks
GIC Housing
533
655
Open
10-10-2017
Top Picks
Music Broadcast Limited
404
475
Open
20-07-2017
Top Picks
Music Broadcast Limited
368
434
07-07-2017
Fundamental L&T Finance Holdings Ltd
149
179
Closed (28/8/2017)
06-07-2017
Fundamental
Syngene International
478
564
Closed (1/3/2018)
05-07-2017
Top Picks
Maruti
7371
10619
Open
05-06-2017
Top Picks
Karur Vysya Bank
127
100
Closed (12/03/2018)
23-05-2018
Top Picks
KEI Industries
481
589
Open
04-01-2017
Top Picks
KEI Industries
125
485
31-05-2018
Top Picks
Alkem Lab
1978
Closed (31/05/2018)
01-12-2016
Top Picks
Alkem Lab
1700
2441
17-10-2016
Top Picks
Asian Granito
267
534
Closed (18/02/2018)
17-05-2018
Top Picks
TV Today Network
460
Closed (17/05/2018)
04-08-2016
Top Picks
TV Today Network
297
603
05-04-2016
Top Picks
DHFL
189
720
Open
25-06-2018
Top Picks
Navkar Corporation
207
Closed(25/06/2018)
05-01-2016
Top Picks
Navkar Corporation
207
265
Open
08-12-2015
Top Picks
Blue Star
357
867
Open
30-10-2015
Top Picks
Siyaram Silk Mills
186
851
Open
Source: Company
Market Outlook
August 09, 2019
Research Team Tel: 022 - 39357800
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