Market Outlook
January 10, 2017
Market Cues
Domestic Indices
Chg (%)
(Pts)
(Close)
Indian markets are likely to open flat with a positive bias tracking SGX Nifty.
BSE Sensex
(0.1)
(33)
26,727
U.S. markets had a mixed session with energy stocks moving downward on lower oil
Nifty
(0.1)
(8)
8,236
prices. The NYSE Arca Natural gas Index fell by 2.4 percent, while the NYSE Arca
Mid Cap
0.2
28
12,350
Oil & Gas Index slid by 1.4 percent. Lack of economic data as well as upcoming
Small Cap
0.4
55
12,496
earnings updates from financial giants Bank of America (BAC), JPMorgan Chase
(JPM), and Wells Fargo (WFC) kept trading activity low during the session.
Bankex
0.1
21
20,922
The FTSE closed positive in spite of negative news regarding Brexit and economic
data. The British pound drifted lower on worries over the likelihood of a "hard
Global Indices
Chg (%)
(Pts)
(Close)
Brexit," after comments by the U.K. Prime Minister. British house price inflation
Dow Jones
(0.4)
(76)
19,887
accelerated unexpectedly at the end of the year. House prices climbed 6.5 percent in
Nasdaq
0.2
11
5,532
three months to December YoY. This was against an expected inflation of 5.8
FTSE
0.4
28
7,238
percent.
Nikkei
(0.3)
(66)
19,454
Indian Market closed flat on Monday as investors await the third quarter earnings
Hang Seng
0.2
56
22,559
results as well as data relating to December CPI and November factory data. The
Shanghai Com
0.5
17
3,171
major loser for the session was the Pharma index which closed down 1.42 percent.
The IT index recovered the previous session’s losses to close up 0.87 percent. FII
sentiment continues to remain weak as FII selling continued.
Advances / Declines
BSE
NSE
Advances
1,597
875
News Analysis
Declines
1,249
752
Tata Steel Q3 production up 28%
Unchanged
120
88
Detailed analysis on Pg2
Investor’s Ready Reckoner
Volumes (` Cr)
Key Domestic & Global Indicators
BSE
3,334
Stock Watch: Latest investment recommendations on 150+ stocks
NSE
14,510
Refer Pg5 onwards
Net Inflows (` Cr)
Net
Mtd
Ytd
Top Picks
CMP
Target
Upside
FII
(319)
(1,944)
(1,944)
Company
Sector
Rating
(`)
(`)
(%)
MFs
67
1,183
1,183
Amara Raja Batteries Auto & Auto Ancillary
Buy
903
1,167
29.2
Alkem Laboratories
Pharmaceuticals
Buy
1,681
1,989
18.3
HCL Tech
IT
Buy
840
1,000
19.0
Top Gainers
Price (`)
Chg (%)
Power Grid Corp.
Power
Buy
186
223
19.7
Beml
1,158
16.6
Navkar Corp.
Others
Buy
178
265
49.1
Mmtc
70
13.1
More Top Picks on Pg3
Biocon
1,013
5.7
Key Upcoming Events
Star
1,160
5.6
Previous
Consensus
Date
Region
Event Description
Coromandel
329
5.3
Reading
Expectations
Jan 11 UK
Industrial Production (YoY)
(1.10)
0.60
Jan 12 India
Industrial Production YoY
(1.90)
(2.20)
Top Losers
Price (`)
Chg (%)
Jan 12 US
Initial Jobless claims
235.00
255.00
Cadilahc
361
(4.8)
Jan 13 India
Imports YoY%
10.40
--
Drreddy
3,066
(3.0)
Jan 13 US
Producer Price Index (mom)
-
Amarajabat
903
(2.7)
Jan 13 India
Exports YoY%
2.30
Torntpharm
1,340
(2.6)
More Events on Pg4
Ongc
198
(2.2)
As on January 09, 2017
Market Outlook
January 10, 2017
News Analysis
Tata Steel Q3 production up 28%
Tata Steel reported a 28% growth in saleable steel production to 3.2 mln tonnes
(MT) for Q3FY17 on the back of ramp up its Kalinganagar plant. The production
was 2.5 MT in Q3FY16.
The company's crude steel production during the October- December quarter of
2016-17 also grew to 3.2 MT, against 2.5 MT in the year-ago period.
Its sales grew to nearly 3 MT against 2.3 MT in the year-ago period.
The company's hot metal production was up at 3.4 MT, against 2.7 MT in the
same quarter of previous fiscal.
The filing said the company's Kalinganagar plant "crossed 1.5 million tonnes of
hot metal and one million tonnes of hot rolled coil production since commissioning
in May".
Economic and Political News
All India Manufacturers Organisation (AIMO) finds that MSME segment has
suffered 35 per cent job losses and a 50 per cent dip in revenue
TRAI to give recommendation on public wifi networks in 25 days
Gujarat govt plans website to deal with 'sick' MSME units
Corporate News
Jet Airways and IndiGo rank seventh and tenth, respectively, in on-time
performance in Asia Pacific region
Aurobindo Phama eyes increase in European market share to 3% from 2%
currently
Granules India falls on 11 observations from Portuguese drug regulator
Quarterly Bloomberg Brokers Consensus Estimate
IndusInd Bank Ltd - Jan 10, 2016
Particulars ( ` cr)
3QFY17E
3QFY16
y-o-y (%)
2QFY17 q-o-q (%)
Net profit
705
581
21.4
704
0.2
Market Outlook
January 10, 2017
Top Picks ★★★★★
Large Cap
Market Cap
CMP
Target
Upside
Company
Rationale
(` Cr)
(`)
(`)
(%)
To outpace battery industry growth due to better
Amara Raja Batteries
15,429
903
1,167
29.2
technological 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
20,101
1,681
1,989
18.3
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
1,18,601
840
1,000
19.0
the bad news.
Back on the growth trend, expect a long term growth of 14%
Infosys
2,22,930
971
1,249
28.7
to be a US$20bn in FY2020.
Strong order backlog and improvement in execution would
Larsen & Toubro
1,28,770
1,381
1,634
18.4
trigger the growth for the L&T
One of the largest pharma companies with strong
Lupin
67,289
1,491
1,809
21.4
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
97,438
186
223
19.7
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
700
233
351
50.8
owing to better product mix, higher B2C sales and
amalgamation synergy.
Among the top 4 players in the consumer durables segment.
Bajaj Electricals
2,333
230
274
18.8
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
4,729
495
634
28.1
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
7,989
255
350
37.2
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
5,027
150
235
56.8
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
5,883
180
225
25.0
radio business (Radio City) would also boost the company's
revenue growth.
High order book execution in EPC segment, rising B2C sales
KEI Industries
1,043
134
153
14.1
and higher exports to boost the revenues and profitability
Speedier execution and speedier sales, strong revenue visibilty
Mahindra Lifespace
1,494
364
522
43.4
in short-to-long run, attractive valuations
Higher growth in domestic branded sales and healthy export
Mirza International
1,106
92
107
16.4
to boost the profitability.
Massive capacity expansion along with rail advantage at ICD
Navkar Corporation
2,535
178
265
49.1
as well CFS augurs well for the company
Strong brands and distribution network would boost growth
Siyaram Silk Mills
1,316
1,404
1,605
14.3
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
1,632
274
385
40.7
and anticipated growth in ad spends by corporates to benefit
the stock.
Source: Company, Angel Research
Market Outlook
January 10, 2017
Key Upcoming Events
Result Calendar
Date
Company
January 10, 2017
IndusInd Bank
January 11, 2017
South Ind.Bank
January 12, 2017
TCS, Infotech Enterprises
January 13, 2017
Infosys
Source: Bloomberg, Angel Research
Global economic events release calendar
Bloomberg Data
Date
Time
Country
Event Description
Unit
Period
Last Reported
Estimated
Jan 10, 2017
7:00 AM
China
Consumer Price Index (YoY)
% Change Dec
2.20
2.20
Jan 11, 2017
3:00 PM
UK
Industrial Production (YoY)
% Change Nov
(1.10)
0.60
Jan 12, 2017
5:30 PM
India
Industrial Production YoY
% Change Nov
(1.90)
(2.20)
7:00 PM
US
Initial Jobless claims
Thousands
Jan 7
235.00
255.00
Jan 13, 2017
India
Imports YoY%
% Change Dec
10.40
US
Producer Price Index (mom)
% Change Dec
-
India
Exports YoY%
% Change Dec
2.30
China
Exports YoY%
% Change Dec
(1.60)
(3.80)
Jan 16, 2017
12:00 PM
India
Monthly Wholesale Prices YoY%
% Change Dec
3.15
Jan 17, 2017
3:00 PM
UK
CPI (YoY)
% Change Dec
1.20
Jan 18, 2017
7:00 PM
US
Consumer price index (mom)
% Change Dec
0.20
0.30
3:30 PM Euro Zone
Euro-Zone CPI (YoY)
% Dec F
1.10
3:00 PM
UK
Jobless claims change
% Change Dec
2.40
7:45 PM
US
Industrial Production
% Dec
(0.44)
0.35
Jan 19, 2017
7:00 PM
US
Housing Starts
Thousands Dec
1,090.00
1,170.00
7:00 PM
US
Building permits
Thousands Dec
1,212.00
1,220.00
6:15 PM Euro Zone
ECB announces interest rates
% Jan 19
-
Source: Bloomberg, Angel Research
Market Outlook
January 10, 2017
Macro watch
Exhibit 1: Quarterly GDP trends
Exhibit 2: IIP trends
(%)
(%)
9.0
8.3
3.0
2.2
7.9
1.9
7.5
7.5
7.6
8.0
7.3
2.0
7.2
7.1
1.3
6.6
6.7
0.7
7.0
6.4
1.0
0.3
5.8
6.0
-
5.0
(1.0)
(0.7)
(0.9)
4.0
(1.3)
(2.0)
(1.6)
(1.9)
3.0
(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
5.6
5.7
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
48.0
3.0
46.0
2.0
1.0
44.0
-
42.0
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
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)
3.50
(25.0)
(30.0)
3.00
Source: Bloomberg, Angel Research
Source: RBI, Angel Research
Market Outlook
January 10, 2017
Global watch
Exhibit 1: Latest quarterly GDP Growth (%, yoy) across select developing and developed countries
(%)
8.0
6.7
5.3
6.0
5.0
0.7
4.3
4.0
3.2
2.2
1.7
1.5
2.0
1.0
1.1
-
(2.0)
(0.4)
(2.9)
(4.0)
Source: Bloomberg, Angel Research
Exhibit 2: 2016 GDP Growth projection by IMF (%, yoy) across select developing and developed countries
(%)
10.0
7.6
8.0
6.6
6.0
4.9
4.3
4.0
3.2
1.8
1.7
1.6
2.0
1.3
(0.8)
0.5
(3.3)
0.1
-
(2.0)
(4.0)
Source: IMF, Angel Research
Exhibit 3: One year forward P-E ratio across select developing and developed countries
(x)
18.0
16.0
14.0
12.0
10.0
8.0
6.0
4.0
2.0
-
Source: IMF, Angel Research
Market Outlook
January 10, 2017
Exhibit 4: Relative performance of indices across globe
Returns (%)
Country
Name of index
Closing price
1M
3M
1YR
Brazil
Bovespa
61,700
0.5
2.4
51.6
Russia
Micex
2,211
2.3
11.7
30.8
India
Nifty
8,236
(0.1)
(5.4)
5.7
China
Shanghai Composite
3,171
(1.5)
3.3
(11.4)
South Africa
Top 40
44,306
3.5
(2.2)
0.4
Mexico
Mexbol
45,554
(0.1)
(5.0)
11.0
Indonesia
LQ45
892
0.8
(4.5)
12.6
Malaysia
KLCI
1,668
2.6
0.1
(1.5)
Thailand
SET 50
979
4.1
1.5
20.1
USA
Dow Jones
19,887
3.3
8.9
21.3
UK
FTSE
7,238
7.3
3.4
22.1
Japan
Nikkei
19,454
5.6
18.3
3.7
Germany
DAX
11,564
5.3
8.8
21.1
France
CAC
4,888
4.1
8.7
14.4
Source: Bloomberg, Angel Research
Stock Watch
January 10, 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
207
-
4,030
1,937
2,164
13.3
14.3
9.0
11.0
23.0
18.8
4.0
3.5
18.4
19.8
2.1
1.9
United Phosphorus
Neutral
673
-
34,115
15,176
17,604
18.5
18.5
37.4
44.6
18.0
15.1
3.5
2.9
21.4
21.2
2.4
2.0
Auto & Auto Ancillary
Amara Raja Batteries
Buy
903
1,167
15,429
5,504
6,605
17.6
17.5
33.4
40.9
27.0
22.1
6.0
4.9
22.1
22.0
2.8
2.3
Apollo Tyres
Buy
186
235
9,491
12,877
14,504
14.3
13.9
21.4
23.0
8.7
8.1
1.4
1.2
16.4
15.2
0.9
0.8
Ashok Leyland
Buy
85
111
24,176
22,407
26,022
10.6
10.6
5.2
6.4
16.3
13.2
3.7
3.1
23.6
24.7
1.2
1.0
Bajaj Auto
Neutral
2,721
-
78,738
25,093
27,891
19.5
19.2
143.9
162.5
18.9
16.8
5.3
4.6
30.3
29.4
2.9
2.5
Bharat Forge
Neutral
907
-
21,125
7,726
8,713
20.5
21.2
35.3
42.7
25.7
21.3
4.8
4.3
18.9
20.1
2.8
2.4
Ceat
Buy
1,178
1,450
4,766
7,524
8,624
13.0
12.7
131.1
144.3
9.0
8.2
1.7
1.4
19.8
18.6
0.7
0.6
Eicher Motors
Neutral
23,000
-
62,568
16,583
20,447
17.5
18.0
598.0
745.2
38.5
30.9
13.1
10.0
41.2
38.3
3.6
2.9
Exide Industries
Neutral
186
-
15,776
7,439
8,307
15.0
15.0
8.1
9.3
22.9
20.0
3.2
2.9
14.3
16.7
1.7
1.6
Gabriel India
Buy
110
130
1,573
1,544
1,715
9.0
9.3
5.4
6.3
20.3
17.4
3.8
3.4
18.9
19.5
1.0
0.9
Hero Motocorp
Buy
3,036
3,541
60,624
30,958
34,139
15.7
15.7
193.6
208.3
15.7
14.6
6.1
5.1
34.2
30.5
1.8
1.6
Indag Rubber
Neutral
185
-
485
286
326
19.8
16.8
11.7
13.3
15.8
13.9
2.7
2.5
17.8
17.1
1.4
1.2
Jamna Auto Industries
Neutral
182
-
1,451
1,486
1,620
9.8
9.9
15.0
17.2
12.2
10.6
2.7
2.3
21.8
21.3
1.0
0.9
JK Tyres
Neutral
115
-
2,607
7,455
8,056
15.0
15.0
21.8
24.5
5.3
4.7
1.1
0.9
22.8
21.3
0.5
0.4
L G Balakrishnan & Bros Neutral
580
-
911
1,302
1,432
11.6
11.9
43.7
53.0
13.3
11.0
1.9
1.7
13.8
14.2
0.8
0.7
Mahindra and Mahindra Neutral
1,203
-
74,739
46,534
53,077
11.6
11.7
67.3
78.1
17.9
15.4
2.9
2.5
15.4
15.8
1.6
1.4
Maruti
Accumulate
5,648
6,006
170,619
68,057
82,958
15.8
15.5
212.1
261.2
26.6
21.6
5.3
4.4
19.8
20.3
2.2
1.7
Minda Industries
Neutral
327
-
2,596
2,728
3,042
9.0
9.1
68.2
86.2
4.8
3.8
1.1
0.9
23.8
24.3
1.0
0.9
Motherson Sumi
Neutral
329
-
46,200
45,896
53,687
7.8
8.3
13.0
16.1
25.2
20.4
8.1
6.5
34.7
35.4
1.1
0.9
Rane Brake Lining
Neutral
990
-
783
511
562
11.3
11.5
28.1
30.9
35.2
32.0
5.4
4.9
15.3
15.0
1.7
1.5
Setco Automotive
Neutral
37
-
494
741
837
13.0
13.0
15.2
17.0
2.4
2.2
0.4
0.4
15.8
16.3
1.1
1.0
Subros
Neutral
169
-
1,013
1,488
1,681
11.7
11.9
6.4
7.2
26.4
23.6
2.8
2.5
10.8
11.4
0.9
0.8
Swaraj Engines
Neutral
1,335
-
1,658
660
810
15.2
16.4
54.5
72.8
24.5
18.3
7.6
6.9
31.5
39.2
2.3
1.9
Tata Motors
Neutral
500
-
144,461
300,209
338,549
8.9
8.4
42.7
54.3
11.7
9.2
1.9
1.6
15.6
17.2
0.6
0.5
TVS Motor
Neutral
384
-
18,260
13,390
15,948
6.9
7.1
12.8
16.5
30.1
23.2
7.5
5.9
26.3
27.2
1.4
1.2
Capital Goods
ACE
Neutral
50
-
492
709
814
4.1
4.6
1.4
2.1
35.5
23.7
1.5
1.4
4.4
6.0
0.9
0.7
BEML
Neutral
1,158
-
4,821
3,451
4,055
6.3
9.2
31.4
57.9
36.9
20.0
2.2
2.0
6.3
10.9
1.5
1.3
BGR Energy
Neutral
126
-
909
16,567
33,848
6.0
5.6
7.8
5.9
16.2
21.4
0.9
0.9
4.7
4.2
0.2
0.1
Stock Watch
January 10, 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
Bharat Electronics
Neutral
1,454
-
32,481
8,137
9,169
16.8
17.2
58.7
62.5
24.8
23.3
3.8
3.4
44.6
46.3
3.0
2.7
BHEL
Neutral
128
-
31,244
28,797
34,742
-
2.8
2.3
6.9
55.5
18.5
0.9
0.9
1.3
4.8
0.7
0.5
Blue Star
Buy
495
634
4,729
4,283
5,077
5.9
7.3
14.9
22.1
33.3
22.4
6.5
5.4
20.4
26.4
1.2
1.0
Crompton Greaves
Neutral
62
-
3,854
5,777
6,120
5.9
7.0
3.3
4.5
18.6
13.7
0.8
0.8
4.4
5.9
0.6
0.5
Greaves Cotton
Neutral
123
-
3,000
1,755
1,881
16.8
16.9
7.8
8.5
15.8
14.5
3.2
2.9
20.6
20.9
1.4
1.3
Inox Wind
Neutral
183
-
4,056
5,605
6,267
15.7
16.4
24.8
30.0
7.4
6.1
2.1
1.5
25.9
24.4
0.8
0.6
KEC International
Neutral
142
-
3,648
9,294
10,186
7.9
8.1
9.9
11.9
14.3
11.9
2.1
1.8
15.6
16.3
0.6
0.6
KEI Industries
Accumulate
134
153
1,043
2,574
2,921
10.4
10.0
10.1
11.8
13.3
11.3
2.4
2.0
17.7
17.4
0.6
0.5
Thermax
Neutral
803
-
9,568
5,421
5,940
7.3
7.3
25.7
30.2
31.3
26.6
3.8
3.5
12.2
13.1
1.6
1.5
VATech Wabag
Buy
481
681
2,623
3,136
3,845
8.9
9.1
26.0
35.9
18.5
13.4
2.3
2.0
13.4
15.9
0.7
0.6
Voltas
Buy
337
407
11,164
6,511
7,514
7.9
8.7
12.9
16.3
26.2
20.7
4.7
4.1
16.7
18.5
1.5
1.2
Cement
ACC
Neutral
1,326
-
24,899
11,225
13,172
13.2
16.9
44.5
75.5
29.8
17.6
2.8
2.6
11.2
14.2
2.2
1.9
Ambuja Cements
Neutral
211
-
41,828
9,350
10,979
18.2
22.5
5.8
9.5
36.3
22.2
3.1
2.7
10.2
12.5
4.5
3.8
India Cements
Neutral
127
-
3,886
4,364
4,997
18.5
19.2
7.9
11.3
16.0
11.2
1.2
1.1
8.0
8.5
1.7
1.4
JK Cement
Neutral
720
-
5,034
4,398
5,173
15.5
17.5
31.2
55.5
23.1
13.0
2.8
2.4
12.0
15.5
1.7
1.4
J K Lakshmi Cement
Buy
358
565
4,208
2,913
3,412
14.5
19.5
7.5
22.5
47.7
15.9
2.9
2.5
12.5
18.0
2.0
1.7
Orient Cement
Buy
128
215
2,616
2,114
2,558
18.5
20.5
8.1
11.3
15.8
11.3
2.3
2.0
9.0
14.0
1.9
1.4
UltraTech Cement
Neutral
3,297
-
90,491
25,768
30,385
21.0
23.5
111.0
160.0
29.7
20.6
3.8
3.3
13.5
15.8
3.6
3.0
Construction
Engineers India
Neutral
153
-
10,280
1,725
1,935
16.0
19.1
11.4
13.9
13.4
11.0
1.8
1.8
13.4
15.3
4.9
4.4
Gujarat Pipavav Port
Neutral
134
-
6,488
705
788
52.2
51.7
5.0
5.6
26.8
24.0
2.7
2.4
11.2
11.2
8.9
7.4
ITNL
Neutral
113
-
3,722
8,946
10,017
31.0
31.6
8.1
9.1
14.0
12.4
0.5
0.5
4.2
5.0
3.7
3.5
KNR Constructions
Neutral
171
-
2,411
1,385
1,673
14.7
14.0
41.2
48.5
4.2
3.5
0.8
0.7
14.9
15.2
1.8
1.5
Larsen & Toubro
Buy
1,381
1,634
128,770
111,017
124,908
11.0
11.0
61.1
66.7
22.6
20.7
2.7
2.5
13.1
12.9
2.2
2.0
MEP Infra
Neutral
40
-
642
1,877
1,943
30.6
29.8
3.0
4.2
13.2
9.4
6.4
4.3
0.6
0.6
1.7
1.6
Nagarjuna Const.
Neutral
82
-
4,567
8,842
9,775
9.1
8.8
5.3
6.4
15.5
12.8
1.2
1.1
8.2
9.1
0.7
0.6
NBCC
Neutral
258
-
15,465
7,428
9,549
7.9
8.6
8.2
11.0
31.4
23.4
1.6
1.2
28.2
28.7
1.8
1.3
PNC Infratech
Buy
105
143
2,692
2,350
2,904
13.1
13.2
9.0
8.8
11.7
11.9
0.4
0.4
15.9
13.9
1.3
1.0
Power Mech Projects
Neutral
433
-
636
1,801
2,219
12.7
14.6
72.1
113.9
6.0
3.8
1.1
0.9
16.8
11.9
0.4
0.3
Sadbhav Engineering
Accumulate
272
298
4,668
3,598
4,140
10.3
10.6
9.0
11.9
30.2
22.9
3.2
2.8
9.9
11.9
1.6
1.3
Stock Watch
January 10, 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
Simplex Infra
Neutral
285
-
1,408
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
SIPL
Neutral
98
-
3,452
1,036
1,252
65.5
66.2
(8.4)
(5.6)
3.7
4.2
(22.8)
(15.9)
11.5
9.6
Financials
Axis Bank
Buy
453
630
108,241
46,932
53,575
3.5
3.4
32.4
44.6
14.0
10.1
1.8
1.6
13.6
16.5
-
-
Bank of Baroda
Neutral
153
-
35,185
19,980
23,178
1.8
1.8
11.5
17.3
13.3
8.8
1.5
1.3
8.3
10.1
-
-
Canara Bank
Neutral
270
-
14,642
15,225
16,836
1.8
1.8
14.5
28.0
18.6
9.6
1.3
1.0
5.8
8.5
-
-
Dewan Housing Finance Buy
255
350
7,989
2,225
2,688
2.9
2.9
29.7
34.6
8.6
7.4
1.4
1.2
16.1
16.8
-
-
Equitas Holdings
Buy
150
235
5,027
939
1,281
11.7
11.5
5.8
8.2
25.8
18.3
2.2
2.0
10.9
11.5
-
-
Federal Bank
Buy
68
85
11,743
8,259
8,995
3.0
3.0
4.3
5.6
15.9
12.2
1.3
1.2
8.5
10.1
-
-
HDFC
Neutral
1,222
-
193,714
11,475
13,450
3.4
3.4
45.3
52.5
27.0
23.3
5.2
4.6
20.2
20.5
-
-
HDFC Bank
Accumulate
1,195
1,350
305,058
46,097
55,433
4.5
4.5
58.4
68.0
20.5
17.6
3.6
3.0
18.8
18.6
-
-
ICICI Bank
Buy
258
315
150,169
42,800
44,686
3.1
3.3
18.0
21.9
14.3
11.8
1.9
1.8
11.1
12.3
-
-
Lakshmi Vilas Bank
Buy
136
174
2,600
3,339
3,799
2.7
2.8
11.0
14.0
12.4
9.7
1.3
1.2
11.2
12.7
-
-
LIC Housing Finance
Buy
525
630
26,507
3,712
4,293
2.6
2.5
39.0
46.0
13.5
11.4
2.5
2.2
19.9
20.1
-
-
Punjab Natl.Bank
Neutral
120
-
25,472
23,532
23,595
2.3
2.4
6.8
12.6
17.6
9.5
2.7
1.9
3.3
6.5
-
-
RBL Bank
Neutral
355
-
13,117
1,783
2,309
2.6
2.6
12.7
16.4
27.9
21.6
3.0
2.7
12.8
13.3
-
-
South Ind.Bank
Neutral
21
-
2,845
6,435
7,578
2.5
2.5
2.7
3.1
7.8
6.8
1.0
0.8
10.1
11.2
-
-
St Bk of India
Neutral
247
-
191,741
88,650
98,335
2.6
2.6
13.5
18.8
18.3
13.1
1.7
1.5
7.0
8.5
-
-
Union Bank
Neutral
127
-
8,751
13,450
14,925
2.3
2.3
25.5
34.5
5.0
3.7
0.7
0.6
7.5
10.2
-
-
Yes Bank
Neutral
1,254
-
53,038
8,978
11,281
3.3
3.4
74.0
90.0
17.0
13.9
3.2
2.7
17.0
17.2
-
-
FMCG
Asian Paints
Neutral
910
-
87,316
17,128
18,978
16.8
16.4
19.1
20.7
47.7
44.0
16.6
15.6
34.8
35.5
5.0
4.5
Britannia
Buy
2,891
3,626
34,695
9,594
11,011
14.6
14.9
80.3
94.0
36.0
30.8
14.8
11.4
41.2
-
3.5
3.0
Colgate
Accumulate
894
995
24,307
4,605
5,149
23.4
23.4
23.8
26.9
37.6
33.2
20.8
16.3
64.8
66.8
5.2
4.6
Dabur India
Accumulate
274
304
48,266
8,315
9,405
19.8
20.7
8.1
9.2
33.8
29.8
9.4
7.8
31.6
31.0
5.5
4.8
GlaxoSmith Con*
Neutral
5,140
-
21,618
4,350
4,823
21.2
21.4
179.2
196.5
28.7
26.2
7.6
6.5
27.1
26.8
4.4
3.8
Godrej Consumer
Neutral
1,538
-
52,372
10,235
11,428
18.4
18.6
41.1
44.2
37.4
34.8
8.3
7.0
24.9
24.8
5.2
4.6
HUL
Neutral
831
-
179,819
35,252
38,495
17.8
17.8
20.7
22.4
40.2
37.1
38.5
33.0
95.6
88.9
4.9
4.5
ITC
Buy
246
284
297,943
40,059
44,439
38.3
39.2
9.0
10.1
27.4
24.3
7.6
6.7
27.8
27.5
6.9
6.2
Marico
Buy
258
300
33,289
6,430
7,349
18.8
19.5
6.4
7.7
40.3
33.5
12.2
10.2
33.2
32.5
5.0
4.3
Nestle*
Neutral
5,888
-
56,770
10,073
11,807
20.7
21.5
124.8
154.2
47.2
38.2
19.4
17.4
34.8
36.7
5.4
4.6
Stock Watch
January 10, 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
Procter & Gamble
Accumulate
6,810
7,369
22,104
2,939
3,342
23.2
23.0
146.2
163.7
46.6
41.6
104.3
100.0
25.3
23.5
7.1
6.1
Hygiene
Tata Global
Neutral
125
-
7,873
8,675
9,088
9.8
9.8
7.4
8.2
16.9
15.2
1.9
1.8
7.9
8.1
0.8
0.8
IT
HCL Tech^
Buy
840
1,000
118,601
49,242
57,168
20.5
20.5
55.7
64.1
15.1
13.1
3.1
2.4
20.3
17.9
2.3
1.8
Infosys
Buy
971
1,249
222,930
68,350
77,326
27.0
27.0
62.5
69.4
15.5
14.0
3.3
3.0
21.3
21.6
2.7
2.3
TCS
Accumulate
2,304
2,620
453,937
119,025
133,308
27.6
27.6
131.2
145.5
17.6
15.8
5.7
5.2
32.4
33.1
3.6
3.2
Tech Mahindra
Buy
473
600
45,990
29,673
32,937
15.5
17.0
32.8
39.9
14.4
11.8
2.8
2.5
19.6
20.7
1.3
1.1
Wipro
Buy
473
590
114,895
55,440
60,430
18.1
18.1
35.9
39.9
13.2
11.9
2.4
2.2
19.0
19.3
1.8
1.6
Media
D B Corp
Neutral
369
-
6,786
2,297
2,590
27.4
28.2
21.0
23.4
17.6
15.8
4.1
3.6
23.7
23.1
2.8
2.4
Hindustan Media Vent.
Neutral
277
-
2,033
1,016
1,138
24.3
25.2
27.3
30.1
10.2
9.2
1.9
1.7
16.2
15.8
1.3
1.1
HT Media
Neutral
75
-
1,753
2,693
2,991
12.6
12.9
7.9
9.0
9.5
8.4
0.8
0.8
7.8
8.3
0.2
0.1
Jagran Prakashan
Buy
180
225
5,883
2,355
2,635
28.0
28.0
10.8
12.5
16.7
14.4
3.6
3.1
21.7
21.7
2.5
2.2
Sun TV Network
Neutral
540
-
21,275
2,850
3,265
70.1
71.0
26.2
30.4
20.6
17.8
5.3
4.7
24.3
25.6
7.1
6.0
TV Today Network
Buy
274
385
1,632
637
743
27.5
27.5
18.4
21.4
14.9
12.8
2.6
2.2
17.4
17.2
2.2
1.8
Metals & Mining
Coal India
Neutral
300
-
186,253
84,638
94,297
21.4
22.3
24.5
27.1
12.3
11.1
5.1
4.9
42.6
46.0
1.7
1.5
Hind. Zinc
Neutral
269
-
113,703
14,252
18,465
55.9
48.3
15.8
21.5
17.0
12.5
2.8
2.4
17.0
20.7
8.0
6.2
Hindalco
Neutral
158
-
32,635
107,899
112,095
7.4
8.2
9.2
13.0
17.2
12.2
0.8
0.8
4.8
6.6
0.8
0.8
JSW Steel
Neutral
176
-
42,567
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
136
-
43,092
6,643
7,284
44.4
47.7
7.1
7.7
19.2
17.7
1.7
1.6
8.8
9.2
4.3
3.8
SAIL
Neutral
52
-
21,642
47,528
53,738
(0.7)
2.1
(1.9)
2.6
20.2
0.6
0.5
(1.6)
3.9
1.3
1.2
Tata Steel
Neutral
422
-
40,990
121,374
121,856
7.2
8.4
18.6
34.3
22.7
12.3
1.4
1.3
6.1
10.1
1.0
1.0
Vedanta
Neutral
233
-
68,944
71,744
81,944
19.2
21.7
13.4
20.1
17.4
11.6
1.5
1.3
8.4
11.3
1.4
1.0
Oil & Gas
Cairn India
Neutral
256
-
48,078
9,127
10,632
4.3
20.6
8.8
11.7
29.1
21.9
0.9
0.9
3.3
4.2
6.7
5.6
GAIL
Neutral
435
-
55,217
56,220
65,198
9.3
10.1
27.1
33.3
16.1
13.1
1.5
1.4
9.3
10.7
1.2
1.0
ONGC
Neutral
198
-
254,162
137,222
152,563
15.0
21.8
19.5
24.1
10.2
8.2
0.9
0.8
8.5
10.1
2.1
1.9
Indian Oil Corp
Neutral
343
-
166,460
373,359
428,656
5.9
5.5
54.0
59.3
6.4
5.8
1.0
0.9
16.0
15.6
0.6
0.5
Reliance Industries
Neutral
1,077
-
349,367
301,963
358,039
12.1
12.6
87.7
101.7
12.3
10.6
1.3
1.1
10.7
11.3
1.6
1.4
Pharmaceuticals
Alembic Pharma
Neutral
605
-
11,403
3,483
4,083
20.2
21.4
24.3
30.4
24.9
19.9
5.7
4.5
25.5
25.3
3.2
2.7
Alkem Laboratories
Buy
1,681
1,989
20,101
6,043
6,893
18.7
19.3
80.5
88.8
20.9
18.9
4.7
3.9
22.3
20.3
3.3
2.8
Aurobindo Pharma
Buy
695
877
40,646
15,720
18,078
23.7
23.7
41.4
47.3
16.8
14.7
4.4
3.4
29.6
26.1
2.8
2.4
Stock Watch
January 10, 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
Pharmaceuticals
Aventis*
Neutral
4,210
-
9,696
2,277
2,597
17.3
18.3
149.4
172.0
28.2
24.5
4.7
3.8
25.1
28.8
3.9
3.2
Cadila Healthcare
Accumulate
361
400
36,978
10,429
12,318
22.6
22.0
16.9
19.2
21.4
18.8
5.4
4.4
28.5
25.7
3.5
2.9
Cipla
Sell
577
490
46,397
15,378
18,089
17.4
18.4
21.6
27.2
26.7
21.2
3.5
3.0
13.7
15.2
3.2
2.7
Dishman Pharma
Neutral
252
-
4,070
1,718
1,890
22.7
22.8
9.5
11.3
26.5
22.3
2.6
2.3
10.1
10.9
2.8
2.5
Dr Reddy's
Neutral
3,066
-
50,791
16,043
18,119
20.8
22.4
112.4
142.9
27.3
21.5
3.6
3.2
14.1
15.9
3.1
2.8
GSK Pharma*
Neutral
2,709
-
22,947
3,000
3,312
15.4
20.6
46.5
60.8
58.3
44.6
14.0
13.9
26.3
30.6
7.4
6.7
Indoco Remedies
Reduce
272
240
2,510
1,112
1,289
16.2
18.2
11.6
16.0
23.5
17.0
3.8
3.2
17.0
20.1
2.4
2.0
Ipca labs
Accumulate
538
613
6,784
3,303
3,799
15.3
15.3
17.3
19.7
31.1
27.3
2.7
2.5
9.1
9.4
2.2
1.9
Lupin
Buy
1,491
1,809
67,289
15,912
18,644
26.4
26.7
58.1
69.3
25.7
21.5
5.0
4.1
21.4
20.9
4.3
3.5
Sun Pharma
Buy
633
847
151,846
31,129
35,258
32.0
32.9
30.2
35.3
21.0
17.9
3.4
2.8
20.0
20.1
4.5
3.7
Power
NTPC
Neutral
163
-
134,401
86,605
95,545
17.5
20.8
11.8
13.4
13.8
12.2
1.4
1.3
10.5
11.1
2.9
2.9
Power Grid
Buy
186
223
97,438
25,315
29,193
88.2
88.7
14.2
17.2
13.2
10.9
2.0
1.7
15.2
16.1
8.5
7.6
Tata Power
Neutral
76
-
20,663
36,916
39,557
17.4
27.1
5.1
6.3
15.0
12.1
1.3
1.2
9.0
10.3
1.6
1.4
Real Estate
MLIFE
Buy
364
522
1,494
1,152
1,300
22.7
24.6
29.9
35.8
12.2
10.2
0.9
0.9
7.6
8.6
2.0
1.7
Prestige Estate
Buy
179
210
6,726
4,707
5,105
25.2
26.0
10.3
13.0
17.4
13.8
1.4
1.3
10.3
10.2
2.6
2.3
Telecom
Bharti Airtel
Neutral
319
-
127,517
105,086
114,808
34.5
34.7
12.2
16.4
26.2
19.5
1.8
1.7
6.8
8.4
2.1
1.8
Idea Cellular
Neutral
74
-
26,650
40,133
43,731
37.2
37.1
6.4
6.5
11.6
11.4
1.0
0.9
8.2
7.6
1.7
1.4
zOthers
Abbott India
Neutral
4,600
-
9,775
3,153
3,583
14.1
14.4
152.2
182.7
30.2
25.2
148.4
126.7
25.6
26.1
2.8
2.4
Asian Granito
Buy
233
351
700
1,071
1,182
12.1
12.4
12.7
16.0
18.3
14.6
1.7
1.6
9.5
10.7
1.0
0.8
Bajaj Electricals
Buy
230
274
2,333
4,801
5,351
5.7
6.2
10.4
13.7
22.1
16.8
2.7
2.4
12.4
14.5
0.5
0.4
Banco Products (India)
Neutral
210
-
1,500
1,353
1,471
12.3
12.4
14.5
16.3
14.5
12.9
20.0
18.0
14.5
14.6
1.0
112.6
Coffee Day Enterprises
Neutral
197
-
4,050
2,964
3,260
20.5
21.2
4.7
8.0
-
24.6
2.3
2.1
5.5
8.5
1.8
1.6
Competent Automobiles Neutral
169
-
104
1,137
1,256
3.1
2.7
28.0
23.6
6.0
7.2
32.5
29.3
14.3
11.5
0.1
0.1
Elecon Engineering
Neutral
57
-
637
1,482
1,660
13.7
14.5
3.9
5.8
14.6
9.8
3.4
3.1
7.8
10.9
0.8
0.7
Finolex Cables
Neutral
417
-
6,382
2,883
3,115
12.0
12.1
14.2
18.6
29.4
22.4
15.6
13.7
15.8
14.6
1.9
1.7
Garware Wall Ropes
Neutral
623
-
1,364
873
938
14.3
14.3
35.2
37.5
17.7
16.6
3.1
2.6
17.5
15.9
1.5
1.4
Goodyear India*
Neutral
722
-
1,664
1,598
1,704
10.4
10.2
49.4
52.6
14.6
13.7
67.4
59.2
18.2
17.0
0.7
101.1
Hitachi
Neutral
1,381
-
3,755
2,081
2,433
8.8
8.9
33.4
39.9
41.4
34.6
33.4
27.8
22.1
21.4
1.8
1.5
HSIL
Neutral
287
-
2,073
2,384
2,515
15.8
16.3
15.3
19.4
18.7
14.8
18.6
16.0
7.8
9.3
1.0
0.9
Stock Watch
January 10, 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
Interglobe Aviation
Neutral
853
-
30,822
21,122
26,005
14.5
27.6
110.7
132.1
7.7
6.5
46.1
32.9
168.5
201.1
1.4
1.1
Jyothy Laboratories
Neutral
330
-
5,995
1,440
2,052
11.5
13.0
8.5
10.0
38.8
33.0
9.4
8.7
18.6
19.3
4.4
3.1
Kirloskar Engines India
Neutral
328
-
4,743
2,554
2,800
9.9
10.0
10.5
12.1
31.2
27.1
13.1
12.3
10.7
11.7
1.5
1.3
Linc Pen & Plastics
Neutral
243
-
359
382
420
9.3
9.5
13.5
15.7
18.0
15.5
3.1
2.7
17.1
17.3
1.0
0.9
M M Forgings
Neutral
452
-
546
546
608
20.4
20.7
41.3
48.7
11.0
9.3
61.9
54.8
16.6
17.0
0.8
0.8
Manpasand Bever.
Neutral
538
-
3,075
836
1,087
19.6
19.4
16.9
23.8
31.8
22.6
3.8
3.3
12.0
14.8
3.4
2.5
Mirza International
Buy
92
107
1,106
987
1,106
18.0
18.0
6.5
7.6
14.1
12.1
2.3
1.9
15.9
15.7
1.3
1.2
MT Educare
Neutral
123
-
491
366
417
17.7
18.2
9.4
10.8
13.2
11.4
2.9
2.5
22.2
22.3
1.2
1.1
Narayana Hrudaya
Neutral
339
-
6,926
1,873
2,166
11.5
11.7
2.6
4.0
128.1
85.5
7.9
7.1
6.1
8.3
3.8
3.3
Navkar Corporation
Buy
178
265
2,535
369
561
42.9
42.3
7.2
11.5
24.6
15.4
1.8
1.6
7.4
10.5
7.9
5.2
Navneet Education
Neutral
125
-
2,978
1,062
1,147
24.0
24.0
6.1
6.6
20.5
18.9
4.2
3.7
20.6
19.8
2.9
2.7
Nilkamal
Neutral
1,507
-
2,249
1,995
2,165
10.7
10.4
69.8
80.6
21.6
18.7
86.1
74.8
16.6
16.5
1.1
1.0
Page Industries
Neutral
13,718
-
15,300
2,450
3,124
20.1
17.6
299.0
310.0
45.9
44.3
305.5
233.2
47.1
87.5
6.3
5.0
Parag Milk Foods
Neutral
270
-
2,271
1,919
2,231
9.3
9.6
9.5
12.9
28.6
20.9
4.4
3.7
15.5
17.5
1.3
1.1
Quick Heal
Neutral
258
-
1,805
408
495
27.3
27.0
7.7
8.8
33.3
29.3
3.1
3.1
9.3
10.6
3.6
3.0
Radico Khaitan
Buy
119
147
1,581
1,667
1,824
13.0
13.2
6.7
8.2
17.9
14.5
1.6
1.5
9.0
10.2
1.3
1.2
Relaxo Footwears
Neutral
400
-
4,806
2,085
2,469
9.2
8.2
7.6
8.0
52.9
50.3
20.5
17.5
17.9
18.8
2.4
2.0
S H Kelkar & Co.
Neutral
324
-
4,691
1,036
1,160
15.1
15.0
6.1
7.2
53.1
45.2
5.7
5.2
10.7
11.5
4.4
3.9
Siyaram Silk Mills
Accumulate
1,404
1,605
1,316
1,733
1,948
11.6
11.7
96.6
114.7
14.5
12.3
2.2
1.9
15.3
15.7
1.0
0.9
Styrolution ABS India*
Neutral
595
-
1,046
1,440
1,537
9.2
9.0
40.6
42.6
14.7
14.0
37.4
34.0
12.3
11.6
0.7
0.6
Surya Roshni
Neutral
188
-
826
3,342
3,625
7.8
7.5
17.3
19.8
10.9
9.5
20.7
16.6
10.5
10.8
0.5
0.5
Team Lease Serv.
Neutral
893
-
1,527
3,229
4,001
1.5
1.8
22.8
32.8
39.2
27.2
4.2
3.6
10.7
13.4
0.4
0.3
The Byke Hospitality
Neutral
170
-
682
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 Corp. of India Neutral
154
-
1,181
2,671
2,911
8.5
8.8
13.9
15.7
11.1
9.9
1.5
1.4
13.7
13.8
0.5
0.5
TVS Srichakra
Neutral
3,241
-
2,482
2,304
2,614
13.7
13.8
231.1
266.6
14.0
12.2
364.2
286.8
33.9
29.3
1.1
0.9
UFO Moviez
Neutral
417
-
1,151
619
685
33.2
33.4
30.0
34.9
13.9
12.0
1.9
1.7
13.8
13.9
1.6
1.2
Visaka Industries
Neutral
188
-
299
1,051
1,138
10.3
10.4
21.0
23.1
9.0
8.1
24.1
22.6
9.0
9.2
0.5
0.5
VRL Logistics
Neutral
277
-
2,530
1,902
2,119
16.7
16.6
14.6
16.8
19.0
16.5
4.2
3.7
21.9
22.2
1.4
1.3
Wonderla Holidays
Neutral
355
-
2,008
287
355
38.0
40.0
11.3
14.2
31.5
25.0
4.5
3.9
21.4
23.9
6.7
5.4
Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on January 09, 2017
Market Outlook
January 10, 2017
Research Team Tel: 022 - 39357800
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