Market Outlook

July10, 2017

Market Cues

Domestic Indices

Chg (%)

(Pts)

(Cl ose)

Indian markets are likely to open flat tracking SGX Nifty and global indices.

BSE Sensex

(0.0)

(9)

31,361

U.S. stock indexes advanced Friday to close out the first week of July higher after an

Nifty

(0.1)

(9)

9,666

employment report showed the U.S. added 222,000 jobs in June, representing the

Mid Cap

(0.0)

(6)

14,942

second-largest job haul of the year and underscoring that the labor market remains

Small Cap

0.3

141

15,831

healthy. A strong rebound in beleaguered tech stocks also helped major

Bankex

(0.2)

(66)

26,498

benchmarks to secure a foothold in positive territory.

The Dow Jones Industrial Average DJIA, climbed 0.4%, to close at 21,414, The S&P

Global Indices

Chg (%)

(Pts)

(Cl ose)

500 index SPX, rose 0.6%, to 2,425, The Nasdaq Composite Index COMP rallied

1%, to end at 6,153.

Dow Jones

0.4

194

21,414

Nasdaq

0.1

6,153

The U.K stock erased earlier losses and ended slightly higher on Friday after the

FTSE

0.2

7350

pund gets chopped down following a trio of disappointing data. The FTSE 100 index

Nikkei

(0.3)

(65)

19,929

UKX, rose 0.2% to close at 7,351, after trading as low as 7,315 earlier in the day.

The benchmark advanced 0.5% for the week.

Hang Seng

(0.5)

(124)

25,341

Shanghai Com

0.2

3,218

On domestic front, The benchmark Sensex on Friday retreated from its record high

by ending lower by 9 points in a range- bound session but recorded gains for the

week on GST boost and monsoon progress. The NSE Nifty fell 0.09%, to close at

A dvances / Declines

BSE

NSE

9,665.80 after shuttling between 9,684.25 and 9,642.65.

Advances

1,383

1,851

Declines

1,319

823

News Analysis

Unchanged

130

 IDFC Bank- Shriram Group Merger

Detailed analysis is on Pg2

Volumes (` Cr)

Investor’s Ready Reckoner

BSE

3,358

Key Domestic & Global Indicators

NSE

24,161

Stock Watch: Latest investment recommendations on 150+ stocks

Refer Pg6 onwards

#Net Inflows (` Cr)

Ne t

Mtd

Ytd

Top Picks

FII

(56606

(1,324)

54,585

C MP

Target

Upside

C ompany

Sector

R ating

MFs

8208

1,346

40,492

(`)

(%)

Blue Star

Capital Goods

Buy

603

760

26.1

Dewan Housing FinanceFinancials

Buy

436

520

19.4

Top Gainers

Price (`)

Chg (%)

Mahindra Lifespace

Real Estate

Buy

439

522

18.8

Renuka

116

20.0

Navkar Corporation

Others

Buy

207

265

28.2

Unitech

19.9

KEI Industrie s

Capital Goods

Accumulate

229

258

12.5

More Top Picks on Pg3

Tubeinvest

746

6.7

Prestige

282

5.5

Key Upcoming Events

C onsensus

Jpassociat

5.2

D ate

Region

Event Description

Reading

Expectations

Jul 10, 2017

Unnemployment rate

4.40

4.30

Top Losers

Price (`)

Chg (%)

Jul12, 2017

Joble ss claims change

7.30

Religare

142

(5.7)

Jul 12, 2017

Producer Price Index (mom)

(0.70)

Jul 13, 2017

India

Industrial Production YoY

3.10

Intellect

122

(4.6)

Jul 13, 2017

Initial Jobless claims

248.00

245.00

Coromandel

410

(3.2)

More Events on Pg4

Edelweiss

193

(3.0)

Pageind

16,897

(2.8)

#as on 7^t July, 20177

www.angelbroking.com

Market Outlook

July10, 2017

News Analysis

IDFC Bank- Shriram Group Merger

IDFC bank and Shriram Group’s holding firm Shriram Capital have aggressed to

merge. The management has been given 90 days to explore the merger and the

share swap ratio will be decided after that.

The entire merger process looks quite complex and even the IDFC Bank

management has said that they hope to complete the merger in 12 months,

excluding the exclusive 90 days period, if all regulatory approvals come in.

According to the deal structure, the following process might arise;

1) Shriram Capital, which is the unlisted holding company of the Shriram Group

and parent company of Shriram City Union Finance Ltd and Shriram Transport

Finance Co Ltd will merge with IDFC Ltd

2) Shriram City Union Finance Ltd, will merge with IDFC Bank Ltd

3) IDFC ltd will hold Shriram Transport Finance Co Ltd as an unlisted subsidiary.

The deal seems a positive for IDFC Bank. IDFC Bank has been struggling to

expand in the retail space ever since its transformation from an NBFC to a Bank

and the merger will allow it to access the ~1000 branches of the Shriram group

entities. This will also help meeting the priority sector lending for IDFC Bank.

IDFC Bank had got the license to start commercial banking operations from RBI,

and as per the approval IDFC Ltd needs to hold minimum 40% stake in IDFC Bank

Ltd till October 2018 and hence Shriram Transport Finance Co Ltd has not been

merged with the bank, as its large scale of operations would have resulted in the

holding of IDFC Ltd coming down below the required level. While in the absence

of the swap ratio it is not clear how much Shriram Group companies shareholders

will benefit, for IDFC Bank’s shareholders it ca be a positive outcome as it given

the much needed diversifications for the bank.

Note: Piramal Enterprises holds 20% stake in Shriram Capital and 10% each in

Shriram Transport & Shriram City Union

Economic and Political News

 SEBI Restricts Use Of P-Note Derivatives



71 pending FDI proposals put on fast track

Corporate News

 Tata and Essar plants in Gujarat fit for takeover: NTPC

 Three Biocon products fail French Health Authority inspection

 Aditya Birla Capital in fray to acquire Bharat Financial Inclusion

 Sun Pharma enters into settlements on Modnafil Antitrust Litigation

 Cadila Healthcare: Gets U.S. FDA approval for two drugs.

www.angelbroking.com

Market Outlook

July10, 2017

Top Picks ★★★★★

Market Cap

C MP

Target

Upside

C ompany

R ationale

(` Cr)

(`)

(%)

Strong growth in domestic business due to its leadership

in acute therapeutic segme nt. Alke m expects to launch

Alkem Laboratories

21,779

1,822

2,161

18.6

more products in USA, which bodes for its international

busine ss.

We expect the company would report strong profitability

Asian Granito

1,353

450

480

6.7

owing to better product mix, hi gher B2C sales and

amalgamation synergy.

Favourable outl ook for the AC industry to augur well for

Cooling products business w hich i s out pacing the market

Blue Star

5,766

603

760

26.1

growth. EMPPAC divisi on's profitability to improve once

operating environme nt turns around.

With a focus on the low and me dium income (LMI)

consumer segment, the company has increased its

Dewan Housing Finance

13,657

436

520

19.4

presence i n tier-II & III cities where the growth opportunity

is immense .

Loan growth i s likely to pick up after a sluggish FY17.

Karur Vysya Bank

8,696

144

160

11.2

Lower credit cost will help in strong bottomline growth.

Increasing share of CASA will help in NIM i mprovement.

High order book execution in EPC segment, rising B2C

KEI Industrie s

1,784

229

258

12.5

sales and higher exports to boost the revenues and

profitability

Speedier execution and speedier sales, strong revenue

Mahindra Lifespace

2,254

439

522

18.8

visibilty in short-to-long run, attractive valuations

Massive capacity expansion al ong with rail advantage at

Navkar Corporation

2,948

207

265

28.2

ICD as well CFS augurs well for the company

Strong brands and distribution network would boost

Siyaram Silk Mills

2,076

2,215

2,500

12.9

growth going ahe ad. Stock currently trade s at an

inexpensive valuation.

Market leadership in Hindi news genre and no.

viewership ranking in English news genre, exit from the

TV Today Network

1,524

256

344

34.6

radio busine ss, and anticipated growth in ad spe nds by

corporates to benefit the stock.

After GST, the company is expected to see higher

volume s along with improving product mix. The Gujarat

Maruti

2,24,423

7,429

8,495

14.3

plant will also enable higher operating leverage which

will be margin accretive.

Source: Company, Angel Research,

www.angelbroking.com

Market Outlook

July 10, 2017

Key Upcoming Events

Global economic events release calendar

Bl oomberg Data

D ate

Time

C ountry

Event Description

Unit

Period

L ast Reporte d

E stimate d

Jul 10, 2017

6:00 PM US

Unnemployment rate

Jun

4.40

4.30

Jul 12, 2017

2:00 PM UK

Joble ss claims change

% Change

Jun

7.30

Producer Price Index (mom)

% Change

Jun

(0.70)

Jul 13, 2017

5:30 PM India

Industrial Production YoY

% Change

May

3.10

6:00 PM US

Initial Jobless claims

Thousands

Jul 8

248.00

245.00

China

Exports YoY%

% Change

Jun

8.70

9.00

Jul 14, 2017

India

Imports YoY%

% Change

Jun

33.10

India

Exports YoY%

% Change

Jun

8.30

6:45 PM US

Industrial Production

Jun

0.30

6:00 PM US

Consumer price index (mom)

% Change

Jun

(0.10)

0.10

12: 00 PM India

Monthly Wholesale Prices YoY%

% Change

Jun

2.17

Jul 17, 2017

7:30 AM China

Industrial Production (YoY)

% Change

Jun

6.50

7:30 AM China

Real GDP (YoY)

% Change

6.90

6.80

Jul 18, 2017

2:30 PM Euro Zone

Euro-Zone CPI (YoY)

Jun F

1.30

6:00 PM US

Housi ng Starts

Thousands

Jun

1,092.00

1,170.00

Jul 19, 2017

2:00 PM UK

CPI (YoY)

% Change

Jun

2.90

6:00 PM US

Building permits

Thousands

Jun

1,168.00

1,205.00

Jul 20, 2017

7:30 PM Euro Zone

Euro-Zone Consumer Confidence

Value

Jul A

(1.30)

5:15 PM Euro Zone

ECB announces interest rates

Jul 20

Jul 24, 2017

1:00 PM Germany

PMI Services

Value

Jul P

54.00

1:00 PM Germany

PMI Manufacturing

Value

Jul P

59.60

Source: Bloomberg, Angel Research

www.angelbroking.com

Market Outlook

July 10, 2017

Macro watch

Exhibit 1: Quarterly GDP trends

Exhibit 2: IIP trends

(%)

10.0

9.1

8.9

8.8

9.0

7.9

8.0

7.9

8.0

7.6

7.5

8.0

7.3

7.2

7.0

5.7

7.0

6.0

5.2

6.1

4.9

5.0

6.0

3.8

4.0

3.0

3.1

5.0

2.6

3.0

1.9

4.0

2.0

1.0

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

(%)

7.0

54.0

6.1

5.8

6.0

52.0

5.1

5.0

4.3

4.2

3.9

50.0

3.6

3.7

4.0

3.4

3.2

3.0

48.0

3.0

2.2

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

60.0

7.00

50.0

6.50

40.0

6.00

30.0

5.50

20.0

5.00

10.0

4.50

0.0

(10.0)

4.00

(20.0)

3.50

(30.0)

3.00

Source: Bloomberg, Angel Research

Source: RBI, Angel Research

www.angelbroking.com

Market Outlook

July 10, 2017

Exhibit 4: Relative performance of indices across globe

Returns (%)

C ountry

Name of index

Closing price

1YR

Brazil

Bovespa

62,470

(0.1)

(4.4)

21.3

Russia

Micex

1,923

2.2

(5.7)

(0.1)

India

Nifty

9,675

0.3

4.3

16.1

China

Shanghai Composite

3,212

2.5

(1.6)

11.1

South Africa

Top 40

46,001

(0.5)

0.2

0.7

Mexico

Mexbol

50,016

1.6

1.4

10.2

Indonesia

LQ45

983

2.4

5.9

19.1

Malaysia

KLCI

1,771

0.4

1.7

8.7

Thailand

SET 50

994

0.5

(0.7)

9.0

USA

Dow Jones

21,320

1.1

3.5

17.8

FTSE

7,337

(2.5)

0.7

11.3

Japan

Nikkei

19,994

0.1

6.3

28.4

Germany

DAX

12,381

(2.5)

0.6

24.4

France

CAC

5,152

(2.4)

1.0

17.6

Source: Bloomberg, Angel Research, as on 7^t July, 2017

www.angelbroking.com

Stock Watch

July 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

Reduce

244

209

4,736

1,937

2,164

13.3

14.3

9.0

11.0

27.1

22.1

4.7

4.1

18.4

19.8

2.5

2.2

United Phosphorus

Neutral

849

43,119

15,176

17,604

18.5

37.4

44.6

22.7

19.0

4.5

3.7

21.4

21.2

3.0

2.5

Auto & Auto Ancillary

Ashok Leyland

Accumulate

104

116

30,509

20,019

22,789

11.1

11.7

4.3

5.5

24.3

19.1

4.7

4.2

19.4

22.0

1.5

1.3

Bajaj Auto

Neutral

2,708

78,359

25,093

27,891

19.5

19.2

143.9

162.5

18.8

16.7

5.3

4.5

30.3

29.4

2.9

2.5

Bharat Forge

Neutral

1,119

26,052

7,726

8,713

20.5

21.2

35.3

42.7

31.7

26.2

5.9

5.3

18.9

20.1

3.4

3.0

Eicher Motors

Neutral

27,852

75,820

16,583

20,447

17.5

18.0

598.0

745.2

46.6

37.4

15.9

12.1

41.2

38.3

4.4

3.5

Gabriel India

Neutral

150

2,154

1,544

1,715

9.0

9.3

5.4

6.3

27.8

23.8

5.2

4.6

18.9

19.5

1.4

1.2

Hero Motocorp

Neutral

3,683

73,538

28,120

30,753

15.2

15.6

169.1

189.2

21.8

19.5

7.5

6.3

30.8

28.2

2.4

2.2

Jamna Auto Industries Neutral

265

2,115

1,486

1,620

9.8

9.9

15.0

17.2

17.7

15.4

3.9

3.3

21.8

21.3

1.5

1.4

L G Balakrishnan & Bros Neutral

782

1,228

1,302

1,432

11.6

11.9

43.7

53.0

17.9

14.8

2.5

2.3

13.8

14.2

1.0

0.9

Mahindra and Mahindra Neutral

1,375

85,406

46,534

53,077

11.6

11.7

67.3

78.1

20.4

17.6

3.3

2.9

15.4

15.8

1.8

1.6

Maruti

Accumulate

7,429

8,495

224,423

67,822

83,717

15.2

15.0

243.0

291.5

30.6

25.5

7.0

5.7

22.9

22.4

3.0

2.3

Minda Industries

Neutral

671

5,796

2,728

3,042

9.0

9.1

68.2

86.2

9.8

7.8

2.2

1.8

23.8

24.3

2.2

1.9

Motherson Sumi

Neutral

312

65,669

45,896

53,687

7.8

8.3

13.0

16.1

23.9

19.4

7.7

6.2

34.7

35.4

1.5

1.3

Rane Brake Lining

Neutral

1,330

1,053

511

562

11.3

11.5

28.1

30.9

47.4

43.0

7.2

6.6

15.3

15.0

2.2

2.0

Setco Automotive

Neutral

566

741

837

13.0

15.2

17.0

2.8

2.5

0.5

0.4

15.8

16.3

1.2

1.0

Tata Motors

Neutral

437

126,119

300,209

338,549

8.9

8.4

42.7

54.3

10.2

8.1

1.6

1.4

15.6

17.2

0.5

TVS Motor

Neutral

572

27,180

13,390

15,948

6.9

7.1

12.8

16.5

44.8

34.6

11.2

8.8

26.3

27.2

2.1

1.7

Amara Raja Batteries

Accumulate

859

962

14,669

5,339

6,220

15.9

15.3

28.0

32.3

30.7

26.6

5.9

4.9

19.1

18.5

2.8

2.4

Exide Industries

Neutral

230

19,550

7,439

8,307

15.0

8.1

9.3

28.4

24.7

4.0

3.6

14.3

16.7

2.2

2.0

Apollo Tyres

Neutral

258

13,153

12,877

14,504

14.3

13.9

21.4

23.0

12.1

11.2

1.9

1.6

16.4

15.2

1.2

1.1

Ceat

Neutral

1,900

7,686

7,524

8,624

13.0

12.7

131.1

144.3

14.5

13.2

2.7

2.3

19.8

18.6

1.1

1.0

JK Tyres

Neutral

169

3,840

7,455

8,056

15.0

21.8

24.5

7.8

6.9

1.6

1.3

22.8

21.3

0.6

Swaraj Engines

Neutral

2,337

2,903

660

810

15.2

16.4

54.5

72.8

42.9

32.1

13.4

12.1

31.5

39.2

4.2

3.4

Subros

Neutral

257

1,539

1,488

1,681

11.7

11.9

6.4

7.2

40.1

35.8

4.2

3.8

10.8

11.4

1.3

1.1

Indag Rubber

Neutral

213

560

286

326

19.8

16.8

11.7

13.3

18.2

16.0

3.1

2.9

17.8

17.1

1.6

1.4

Capital Goods

ACE

Neutral

733

709

814

4.1

4.6

1.4

2.1

52.9

35.3

2.2

2.1

4.4

6.0

1.2

1.0

BEML

Neutral

1,565

6,519

3,451

4,055

6.3

9.2

31.4

57.9

49.9

27.0

3.0

2.7

6.3

10.9

2.0

1.7

Bharat Electronics

Neutral

170

38,016

8,137

9,169

16.8

17.2

58.7

62.5

2.9

2.7

0.5

0.4

44.6

46.3

3.7

3.3

www.angelbroking.com

Stock Watch

July 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

Voltas

Neutral

467

15,452

6,511

7,514

7.9

8.7

12.9

16.3

36.2

28.7

6.5

5.7

16.7

18.5

2.1

1.8

BGR Energy

Neutral

153

1,101

16,567

33,848

6.0

5.6

7.8

5.9

19.6

25.9

1.1

4.7

4.2

0.2

0.1

BHEL

Neutral

135

33,116

28,797

34,742

2.8

2.3

6.9

58.8

19.6

1.0

1.3

4.8

0.8

0.6

Blue Star

Buy

603

760

5,766

4,283

5,077

5.9

7.3

14.9

22.1

40.5

27.2

7.9

6.6

20.4

26.4

1.4

1.2

CG Power and Industrial

Neutral

5,189

5,777

6,120

5.9

7.0

3.3

4.5

25.1

18.4

1.1

4.4

5.9

0.9

0.7

Solutions

Greaves Cotton

Neutral

161

3,923

1,755

1,881

16.8

16.9

7.8

8.5

20.6

18.9

4.1

3.8

20.6

20.9

1.9

1.8

Inox Wind

Neutral

144

3,206

5,605

6,267

15.7

16.4

24.8

30.0

5.8

4.8

1.6

1.2

25.9

24.4

0.6

0.5

KEC International

Neutral

267

6,859

9,294

10,186

7.9

8.1

9.9

11.9

27.0

22.4

4.0

3.4

15.6

16.3

1.0

0.9

KEI Industries

Accumulate

229

258

1,784

2,633

3,001

10.4

10.0

12.7

13.0

18.0

17.6

3.9

3.2

21.4

18.2

0.9

0.8

Thermax

Neutral

921

10,970

5,421

5,940

7.3

25.7

30.2

35.8

30.5

4.3

4.0

12.2

13.1

1.9

1.7

VATech Wabag

Neutral

670

3,658

3,136

3,845

8.9

9.1

26.0

35.9

25.8

18.7

3.2

2.8

13.4

15.9

1.1

0.9

Cement

ACC

Neutral

1,610

30,239

11,225

13,172

13.2

16.9

44.5

75.5

36.2

21.3

3.4

3.2

11.2

14.2

2.7

2.3

Ambuja Cements

Neutral

252

50,088

9,350

10,979

18.2

22.5

5.8

9.5

43.5

26.6

3.7

3.3

10.2

12.5

5.4

4.6

India Cements

Neutral

204

6,282

4,364

4,997

18.5

19.2

7.9

11.3

25.8

18.0

1.9

1.8

8.0

8.5

2.2

1.9

JK Cement

Neutral

970

6,784

4,398

5,173

15.5

17.5

31.2

55.5

31.1

17.5

3.7

3.2

12.0

15.5

2.1

1.7

J K Lakshmi Cement

Neutral

473

5,560

2,913

3,412

14.5

19.5

7.5

22.5

63.0

21.0

3.9

3.3

12.5

18.0

2.5

2.1

Orient Cement

Neutral

155

3,176

2,114

2,558

18.5

20.5

8.1

11.3

19.1

13.7

2.8

2.4

9.0

14.0

2.1

1.7

UltraTech Cement

Neutral

4,095

112,412

25,768

30,385

21.0

23.5

111.0

160.0

36.9

25.6

4.7

4.1

13.5

15.8

4.5

3.7

Construction

ITNL

Neutral

100

3,275

8,946

10,017

31.0

31.6

8.1

9.1

12.3

10.9

0.5

4.2

5.0

3.7

3.4

KNR Constructions

Neutral

212

2,974

1,385

1,673

14.7

14.0

41.2

48.5

5.1

4.4

1.0

0.8

14.9

15.2

2.2

1.8

Larsen & Toubro

Neutral

1,706

159,208

111,017

124,908

11.0

61.1

66.7

27.9

25.6

3.4

3.1

13.1

12.9

2.5

2.3

Gujarat Pipavav Port

Neutral

151

7,302

705

788

52.2

51.7

5.0

5.6

30.2

27.0

3.0

2.7

11.2

10.0

8.5

Nagarjuna Const.

Neutral

4,964

8,842

9,775

9.1

8.8

5.3

6.4

16.9

14.0

1.3

1.2

8.2

9.1

0.7

0.6

PNC Infratech

Neutral

148

3,796

2,350

2,904

13.1

13.2

9.0

8.8

16.4

16.8

0.6

0.5

15.9

13.9

1.7

1.4

Simplex Infra

Neutral

540

2,670

6,829

7,954

10.5

31.4

37.4

17.2

14.4

1.8

1.6

9.9

13.4

0.8

0.7

Power Mech Projects

Neutral

589

866

1,801

2,219

12.7

14.6

72.1

113.9

8.2

5.2

1.5

1.3

16.8

11.9

0.5

0.4

Sadbhav Engineering

Neutral

300

5,147

3,598

4,140

10.3

10.6

9.0

11.9

33.3

25.2

3.5

3.1

9.9

11.9

1.7

1.5

NBCC

Neutral

205

18,428

7,428

9,549

7.9

8.6

8.2

11.0

25.0

18.6

1.2

1.0

28.2

28.7

2.2

1.6

MEP Infra

Neutral

137

2,233

1,877

1,943

30.6

29.8

3.0

4.2

45.8

32.7

22.2

14.9

0.6

2.6

2.4

www.angelbroking.com

Stock Watch

July 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

SIPL

Neutral

109

3,841

1,036

1,252

65.5

66.2

(8.4)

(5.6)

4.1

4.7

(22.8)

(15.9)

11.9

9.9

Engineers India

Neutral

155

10,469

1,725

1,935

16.0

19.1

11.4

13.9

13.6

11.2

1.9

1.8

13.4

15.3

5.0

4.5

Financials

Axis Bank

Buy

503

580

120,642

46,932

53,575

3.5

3.4

32.4

44.6

15.6

11.3

2.0

1.7

13.6

16.5

Bank of Baroda

Neutral

161

37,005

19,980

23,178

1.8

11.5

17.3

14.0

9.3

1.6

1.3

8.3

10.1

Canara Bank

Neutral

346

20,639

15,225

16,836

1.8

14.5

28.0

23.8

12.3

1.7

1.3

5.8

8.5

Can Fin Homes

Neutral

3,253

8,660

420

526

3.5

86.5

107.8

37.6

30.2

8.1

6.6

23.6

24.1

Cholamandalam Inv. &

Accumulate

1,139

1,230

17,794

2,012

2,317

6.3

42.7

53.6

26.7

21.2

4.2

3.6

16.9

18.3

Fin. Co.

Dewan Housing Finance Buy

436

520

13,657

2,225

2,688

2.9

29.7

34.6

14.7

12.6

2.4

1.6

16.1

14.8

Equitas Holdings

Buy

159

235

5,381

939

1,281

11.7

11.5

5.8

8.2

27.4

19.4

2.4

2.1

10.9

11.5

Federal Bank

Accumulate

116

125

22,441

8,259

8,995

3.0

4.3

5.6

26.9

20.6

2.3

2.1

8.5

10.1

HDFC

Neutral

1,629

259,514

11,475

13,450

3.4

45.3

52.5

36.0

31.0

6.9

6.1

20.2

20.5

HDFC Bank

Neutral

1,665

428,642

46,097

55,433

4.5

58.4

68.0

28.5

24.5

5.0

4.2

18.8

18.6

ICICI Bank

Accumulate

290

315

185,844

42,800

44,686

3.1

3.3

18.0

21.9

16.1

13.2

2.2

2.0

11.1

12.3

Karur Vysya Bank

Accumulate

144

160

8,696

5,640

6,030

3.3

3.2

8.9

10.0

16.2

14.4

1.7

1.6

11.2

11.4

Lakshmi Vilas Bank

Neutral

203

3,893

3,339

3,799

2.7

2.8

11.0

14.0

18.5

14.5

1.9

1.8

11.2

12.7

LIC Housing Finance

Neutral

741

37,393

3,712

4,293

2.6

2.5

39.0

46.0

19.0

16.1

3.6

3.0

19.9

20.1

Punjab Natl.Bank

Neutral

144

30,675

23,532

23,595

2.3

2.4

6.8

12.6

21.2

11.4

3.3

2.3

3.3

6.5

RBL Bank

Neutral

527

19,848

1,783

2,309

2.6

12.7

16.4

41.5

32.1

4.5

4.0

12.8

13.3

Repco Home Finance

Neutral

808

5,052

388

457

4.5

4.2

30.0

38.0

26.9

21.3

4.5

3.8

18.0

19.2

South Ind.Bank

Neutral

5,077

6,435

7,578

2.5

2.7

3.1

10.4

9.1

1.3

1.1

10.1

11.2

St Bk of India

Neutral

280

241,870

88,650

98,335

2.6

13.5

18.8

20.8

14.9

2.0

1.7

7.0

8.5

Union Bank

Neutral

151

10,373

13,450

14,925

2.3

25.5

34.5

5.9

4.4

0.9

0.7

7.5

10.2

Yes Bank

Neutral

1,503

68,772

8,978

11,281

3.3

3.4

74.0

90.0

20.3

16.7

3.9

3.3

17.0

17.2

FMCG

Akzo Nobel India

Neutral

1,817

8,712

2,955

3,309

13.3

13.7

57.2

69.3

31.8

26.2

10.4

8.7

32.7

33.3

2.7

2.4

Asian Paints

Neutral

1,117

107,157

17,128

18,978

16.8

16.4

19.1

20.7

58.5

54.0

20.4

19.2

34.8

35.5

6.2

5.6

Britannia

Neutral

3,693

44,338

9,594

11,011

14.6

14.9

80.3

94.0

46.0

39.3

18.9

14.6

41.2

4.5

3.9

Colgate

Neutral

1,087

29,554

4,605

5,149

23.4

23.8

26.9

45.7

40.4

25.3

19.8

64.8

66.8

6.3

5.7

Dabur India

Neutral

302

53,198

8,315

9,405

19.8

20.7

8.1

9.2

37.3

32.8

10.4

8.6

31.6

31.0

6.1

5.3

GlaxoSmith Con*

Neutral

5,506

23,154

4,350

4,823

21.2

21.4

179.2

196.5

30.7

28.0

8.2

6.9

27.1

26.8

4.7

4.2

www.angelbroking.com

Stock Watch

July 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

Godrej Consumer

Neutral

972

66,186

10,235

11,428

18.4

18.6

41.1

44.2

23.6

22.0

5.2

4.4

24.9

24.8

6.6

5.8

HUL

Neutral

1,098

237,604

35,252

38,495

17.8

20.7

22.4

53.2

49.0

50.8

43.6

95.6

88.9

6.6

6.0

ITC

Neutral

334

406,004

40,059

44,439

38.3

39.2

9.0

10.1

37.2

33.0

10.4

9.1

27.8

27.5

9.6

8.7

Marico

Neutral

321

41,437

6,430

7,349

18.8

19.5

6.4

7.7

50.2

41.7

15.2

12.7

33.2

32.5

6.3

5.4

Nestle*

Neutral

6,869

66,227

10,073

11,807

20.7

21.5

124.8

154.2

55.0

44.6

22.6

20.3

34.8

36.7

6.4

5.4

Tata Global

Neutral

158

9,956

8,675

9,088

9.8

7.4

8.2

21.3

19.2

1.7

1.6

7.9

8.1

1.1

1.0

Procter & Gamble

Neutral

8,019

26,029

2,939

3,342

23.2

23.0

146.2

163.7

54.9

49.0

13.9

11.5

25.3

23.5

8.4

7.3

Hygiene

HCL Tech^

Buy

831

1,014

118,583

46,723

52,342

22.1

20.9

60.0

62.8

13.9

13.2

3.5

3.0

25.3

22.4

2.3

1.9

Infosys

Buy

936

1,179

214,994

68,484

73,963

26.0

63.0

64.0

14.9

14.6

3.1

2.9

20.8

19.7

2.8

2.5

TCS

Accumulate

2,332

2,651

459,543

117,966

127,403

27.5

27.6

134.3

144.5

17.4

16.1

5.2

4.8

29.8

29.7

3.5

3.3

Tech Mahindra

Buy

380

533

37,072

29,141

31,051

14.4

15.0

32.3

35.6

11.8

10.7

2.0

1.8

17.1

17.0

1.1

1.0

Wipro

Accumulate

257

280

124,865

55,421

58,536

20.3

35.1

36.5

7.3

7.0

1.3

1.1

19.2

14.6

1.7

1.4

Media

D B Corp

Neutral

384

7,058

2,297

2,590

27.4

28.2

21.0

23.4

18.3

16.4

4.3

3.7

23.7

23.1

2.9

2.5

HT Media

Neutral

1,906

2,693

2,991

12.6

12.9

7.9

9.0

10.4

9.1

0.9

0.8

7.8

8.3

0.3

0.2

Jagran Prakashan

Buy

179

225

5,853

2,283

2,555

28.0

10.6

12.3

16.8

14.6

3.6

3.1

21.4

2.6

2.3

Sun TV Network

Neutral

830

32,707

2,850

3,265

70.1

71.0

26.2

30.4

31.7

27.3

8.1

7.2

24.3

25.6

11.1

9.5

Hindustan Media

Neutral

276

2,027

1,016

1,138

24.3

25.2

27.3

30.1

10.1

9.2

1.9

1.7

16.2

15.8

1.3

1.1

Ventures

TV Today Network

Buy

256

344

1,524

608

667

21.5

22.3

15.7

19.2

16.3

13.3

2.5

2.1

16.1

16.0

2.1

1.8

Metals & Mining

Coal India

Neutral

251

155,837

84,638

94,297

21.4

22.3

24.5

27.1

10.3

9.3

4.3

4.1

42.6

46.0

1.4

1.2

Hind. Zinc

Neutral

267

112,753

14,252

18,465

55.9

48.3

15.8

21.5

16.9

12.4

2.8

2.4

17.0

20.7

7.9

6.1

Hindalco

Neutral

195

43,724

107,899

112,095

7.4

8.2

9.2

13.0

21.2

15.0

1.0

4.8

6.6

0.9

JSW Steel

Neutral

216

52,272

53,201

58,779

16.1

16.2

130.6

153.7

1.7

1.4

0.2

14.0

14.4

1.7

1.5

NMDC

Neutral

116

36,654

6,643

7,284

44.4

47.7

7.1

7.7

16.3

15.1

1.4

8.8

9.2

3.3

2.9

SAIL

Neutral

25,462

47,528

53,738

(0.7)

2.1

(1.9)

2.6

23.7

0.7

0.6

(1.6)

3.9

1.4

1.3

Vedanta

Neutral

257

95,569

71,744

81,944

19.2

21.7

13.4

20.1

19.2

12.8

1.6

1.5

8.4

11.3

1.7

1.4

Tata Steel

Neutral

554

53,786

121,374

121,856

7.2

8.4

18.6

34.3

29.8

16.2

1.9

1.7

6.1

10.1

1.1

Oil & Gas

GAIL

Neutral

359

60,667

56,220

65,198

9.3

10.1

27.1

33.3

13.2

10.8

1.2

1.1

9.3

10.7

1.3

1.1

ONGC

Neutral

160

204,883

137,222

152,563

15.0

21.8

19.5

24.1

8.2

6.6

0.7

8.5

10.1

1.8

1.6

Indian Oil Corp

Neutral

382

185,617

373,359

428,656

5.9

5.5

54.0

59.3

7.1

6.5

1.1

1.0

16.0

15.6

0.7

0.6

www.angelbroking.com

Stock Watch

July 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

Oil & Gas

Reliance Industries

Neutral

1,491

484,743

301,963

358,039

12.1

12.6

87.7

101.7

17.0

14.7

1.7

1.6

10.7

11.3

2.1

1.7

Pharmaceuticals

Alembic Pharma

Buy

515

648

9,715

3,101

3,966

19.7

20.5

21.4

25.5

24.1

20.2

5.1

4.2

23.0

22.8

3.1

2.3

Alkem Laboratories Ltd

Buy

1,822

2,161

21,779

5,853

6,901

17.1

18.4

74.6

85.0

24.4

21.4

5.2

4.3

21.1

20.2

3.7

3.1

Aurobindo Pharma

Buy

697

823

40,830

14,845

17,086

21.5

22.1

39.4

44.7

17.7

15.6

4.4

3.5

27.6

24.7

2.9

2.5

Aventis*

Neutral

4,196

9,663

2,206

2,508

16.6

16.8

128.9

139.9

32.6

30.0

5.6

4.4

21.6

23.5

4.1

3.5

Cadila Healthcare

Reduce

516

450

52,856

9,220

11,584

18.4

20.3

14.5

18.7

35.6

27.6

7.6

6.2

23.5

24.6

6.1

4.6

Cipla

Sell

546

461

43,933

14,281

16,619

15.4

16.2

12.5

19.7

43.7

27.7

3.5

3.2

8.4

12.0

3.2

2.8

Dr Reddy's

Neutral

2,705

44,833

14,081

15,937

16.1

18.6

72.6

105.9

37.3

25.5

3.7

3.3

9.6

13.6

3.4

3.0

Dishman Pharma

Sell

143

1,718

1,890

22.7

22.8

9.5

11.3

10.1

10.9

3.3

2.9

GSK Pharma*

Neutral

2,574

21,805

2,927

3,290

11.8

16.2

34.4

49.6

74.8

51.9

10.9

11.3

13.9

21.3

7.2

6.5

Indoco Remedies

Sell

195

153

1,796

1,067

1,154

12.1

14.9

8.4

11.3

23.2

17.3

2.8

2.5

12.6

15.0

1.9

1.8

Ipca labs

Buy

468

620

5,903

3,211

3,593

13.9

14.5

15.4

19.4

30.4

24.1

2.4

2.2

8.2

9.5

2.0

1.7

Lupin

Buy

1,117

1,526

50,446

17,120

18,657

24.1

56.9

61.1

19.6

18.3

3.7

3.1

20.7

18.6

3.2

2.6

Natco Pharma

Accumulate

1,007

1,060

17,555

2,065

1,988

33.1

33.7

27.9

25.7

36.1

39.2

10.5

9.0

29.2

22.9

8.6

8.7

Sun Pharma

Buy

550

712

131,887

30,264

32,899

29.0

26.9

32.7

31.6

16.8

17.4

3.6

3.1

22.2

18.7

4.1

3.7

Power

Tata Power

Neutral

22,098

36,916

39,557

17.4

27.1

5.1

6.3

16.0

13.0

1.4

1.3

9.0

10.3

1.6

1.5

NTPC

Neutral

159

131,185

86,605

95,545

17.5

20.8

11.8

13.4

13.5

11.9

1.4

1.3

10.5

11.1

2.9

Power Grid

Accumulate

209

223

109,497

25,315

29,193

88.2

88.7

14.2

17.2

14.8

12.2

2.2

2.0

15.2

16.1

9.0

8.1

Real Estate

Prestige Estate

Neutral

282

10,569

4,707

5,105

25.2

26.0

10.3

13.0

27.4

21.7

2.2

2.0

10.3

10.2

3.4

3.1

MLIFE

Buy

439

522

2,254

1,152

1,300

22.7

24.6

29.9

35.8

14.7

12.3

1.1

1.0

7.6

8.6

2.7

2.3

Telecom

Bharti Airtel

Neutral

385

153,760

105,086

114,808

34.5

34.7

12.2

16.4

31.5

23.5

2.1

2.0

6.8

8.4

2.4

2.1

Idea Cellular

Neutral

30,075

40,133

43,731

37.2

37.1

6.4

6.5

13.0

12.8

1.1

1.0

8.2

7.6

1.8

1.5

zOthers

Abbott India

Neutral

4,286

9,108

3,153

3,583

14.1

14.4

152.2

182.7

28.2

23.5

138.3

118.1

25.6

26.1

2.6

2.2

Asian Granito

Accumulate

450

480

1,353

1,066

1,169

11.6

12.5

13.0

16.0

34.6

28.2

3.4

3.0

9.5

10.7

1.6

1.4

Bajaj Electricals

Buy

328

395

3,323

4,801

5,351

5.7

6.2

10.4

13.7

31.5

24.0

3.9

3.5

12.4

14.5

0.7

0.6

Banco Products (India)

Neutral

223

1,597

1,353

1,471

12.3

12.4

14.5

16.3

15.4

13.7

21.3

19.2

14.5

14.6

1.1

120.4

Coffee Day Enterprises

Neutral

246

5,062

2,964

3,260

20.5

21.2

4.7

8.0

30.7

2.8

2.6

5.5

8.5

2.1

1.9

Ltd

Competent Automobiles Neutral

185

119

1,137

1,256

3.1

2.7

28.0

23.6

6.6

7.9

35.6

32.2

14.3

11.5

0.1

Elecon Engineering

Neutral

692

1,482

1,660

13.7

14.5

3.9

5.8

15.8

10.6

3.7

3.4

7.8

10.9

0.8

0.7

www.angelbroking.com

Stock Watch

July 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

Finolex Cables

Neutral

489

7,480

2,883

3,115

12.0

12.1

14.2

18.6

34.4

26.3

18.3

16.0

15.8

14.6

2.3

2.1

Garware Wall Ropes

Neutral

916

2,004

863

928

15.1

15.2

36.4

39.4

25.2

23.2

4.6

3.9

17.5

15.9

2.2

2.1

Goodyear India*

Neutral

912

2,103

1,598

1,704

10.4

10.2

49.4

52.6

18.5

17.3

85.2

74.8

18.2

17.0

1.0

143.3

Hitachi

Neutral

1,984

5,395

2,081

2,433

8.8

8.9

33.4

39.9

59.4

49.7

47.9

39.9

22.1

21.4

2.6

2.2

HSIL

Neutral

405

2,926

2,384

2,515

15.8

16.3

15.3

19.4

26.5

20.9

26.3

22.6

7.8

9.3

1.4

1.3

Interglobe Aviation

Neutral

1,248

45,113

21,122

26,005

14.5

27.6

110.7

132.1

11.3

9.4

67.4

48.2

168.5

201.1

2.1

1.7

Jyothy Laboratories

Neutral

366

6,641

1,440

2,052

11.5

13.0

8.5

10.0

43.0

36.6

10.4

9.6

18.6

19.3

4.9

3.4

Kirloskar Engines India

Neutral

394

5,691

2,554

2,800

9.9

10.0

10.5

12.1

37.5

32.5

15.7

14.8

10.7

11.7

1.9

1.7

Ltd

Linc Pen & Plastics

Neutral

279

413

382

420

9.3

9.5

13.5

15.7

20.7

17.8

3.6

3.1

17.1

17.3

1.1

1.0

M M Forgings

Neutral

677

817

546

608

20.4

20.7

41.3

48.7

16.4

13.9

92.8

82.1

16.6

17.0

1.3

1.2

Manpasand Bever.

Neutral

776

4,438

836

1,087

19.6

19.4

16.9

23.8

45.9

32.6

5.5

4.8

12.0

14.8

5.0

3.8

Mirza International

Neutral

159

1,909

963

1,069

17.2

18.0

6.1

7.5

25.9

21.1

4.0

3.4

15.0

15.7

2.2

2.0

MT Educare

Neutral

268

366

417

17.7

18.2

9.4

10.8

7.2

6.2

1.6

1.4

22.2

22.3

0.6

0.5

Narayana Hrudaya

Neutral

305

6,232

1,873

2,166

11.5

11.7

2.6

4.0

115.3

76.9

7.1

6.4

6.1

8.3

3.4

3.0

Navkar Corporation

Buy

207

265

2,948

347

371

43.2

37.3

6.7

6.0

31.0

34.5

2.1

1.9

6.2

10.6

9.6

9.0

Navneet Education

Neutral

178

4,148

1,062

1,147

24.0

6.1

6.6

29.2

26.8

6.0

5.3

20.6

19.8

4.0

3.7

Nilkamal

Neutral

1,931

2,881

1,995

2,165

10.7

10.4

69.8

80.6

27.7

24.0

110.3

95.9

16.6

16.5

1.4

1.3

Page Industries

Neutral

16,897

18,846

2,450

3,124

20.1

17.6

299.0

310.0

56.5

54.5

376.3

287.3

47.1

87.5

7.7

6.1

Parag Milk Foods

Neutral

233

1,959

1,919

2,231

9.3

9.6

9.5

12.9

24.7

18.0

3.8

3.2

15.5

17.5

1.2

1.0

Quick Heal

Neutral

221

1,554

408

495

27.3

27.0

7.7

8.8

28.6

25.2

2.7

9.3

10.6

3.0

2.4

Radico Khaitan

Accumulate

135

147

1,799

1,667

1,824

13.0

13.2

6.7

8.2

20.3

16.5

1.8

1.7

9.0

10.2

1.5

1.3

Relaxo Footwears

Neutral

515

6,189

2,085

2,469

9.2

8.2

7.6

8.0

68.2

64.8

26.4

22.6

17.9

18.8

3.1

2.6

S H Kelkar & Co.

Neutral

262

3,786

1,036

1,160

15.1

15.0

6.1

7.2

42.9

36.5

4.6

4.2

10.7

11.5

3.5

3.1

Siyaram Silk Mills

Accumulate

2,215

2,500

2,076

1,574

1,769

12.5

12.7

97.1

113.1

22.8

19.6

3.5

3.0

15.4

15.5

1.5

1.4

Styrolution ABS India*

Neutral

951

1,672

1,440

1,537

9.2

9.0

40.6

42.6

23.4

22.3

59.8

54.4

12.3

11.6

1.1

1.0

Surya Roshni

Neutral

289

1,265

3,342

3,625

7.8

7.5

17.3

19.8

16.7

14.6

31.7

25.5

10.5

10.8

0.6

Team Lease Serv.

Neutral

1,445

2,470

3,229

4,001

1.5

1.8

22.8

32.8

63.4

44.0

6.8

5.9

10.7

13.4

0.7

0.5

The Byke Hospitality

Neutral

193

774

287

384

20.5

7.6

10.7

25.4

18.1

5.3

4.3

20.7

23.5

2.7

2.0

Transport Corporation of

Neutral

339

2,598

2,671

2,911

8.5

8.8

13.9

15.7

24.5

21.7

3.3

3.0

13.7

13.8

1.1

1.0

India

www.angelbroking.com

Stock Watch

July 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

TVS Srichakra

Neutral

3,914

2,997

2,304

2,614

13.7

13.8

231.1

266.6

16.9

14.7

439.8

346.3

33.9

29.3

1.3

1.1

UFO Moviez

Neutral

390

1,078

619

685

33.2

33.4

30.0

34.9

13.0

11.2

1.8

1.6

13.8

13.9

1.5

1.1

Visaka Industries

Neutral

538

855

1,051

1,138

10.3

10.4

21.0

23.1

25.6

23.3

69.0

64.6

9.0

9.2

1.1

1.0

VRL Logistics

Neutral

333

3,038

1,902

2,119

16.7

16.6

14.6

16.8

22.9

19.8

5.0

4.4

21.9

22.2

1.7

1.5

VIP Industries

Accumulate

193

218

2,724

1,270

1,450

10.4

5.6

6.5

34.4

29.7

7.1

6.2

20.7

21.1

2.1

1.9

Navin Fluorine

Buy

3,028

3,650

2,980

789

945

21.1

22.4

120.1

143.4

25.2

21.1

4.1

3.5

17.8

18.5

3.7

3.0

Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on July 07, 2017

www.angelbroking.com

Market Outlook

July 10, 2017

Research Team Tel: 022 - 39357800

E-mail: [email protected]

Website: www.angelbroking.com

DISCLAIMER

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Limited,Bombay Stock Exchange Limited and Metropolitan Stock Exchange Limited. It is also registered as a Depository Participant with

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registered entity with SEBI for Research Analyst in terms of SEBI (Research Analyst) Regulations, 2014 vide registration number

INH000000164. Angel or its associates has not been debarred/ suspended by SEBI or any other regulatory authority for accessing

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co-managed public offering of securities of the company covered by Analyst during the past twelve months.

This document is solely for the personal information of the recipient, and must not be singularly used as the basis of any investment

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

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