Market Outlook
January 12, 2017
Market Cues
Domestic Indices
Chg (%)
(Pts)
(Close)
Indian markets are likely to open flat with a positive bias tracking SGX Nifty.
BSE Sensex
0.9
241
27,140
US market saw considerable volatility over the course of the trading session on
Nifty
1.1
92
8,381
Wednesday before managing the end the day modestly higher. The volatility seen
Mid Cap
1.4
170
12,619
on Wall Street was partly in reaction to President-elect Donald Trump's comments
Small Cap
1.0
123
12,707
during his first press conference in several months.
Bankex
2.4
506
21,542
The European markets got off to a weak start Wednesday, but staged a recovery in
the morning that brought them back near the flat line. The markets then fluctuated
between small gains and losses before firmly entering positive territory in the
Global Indices
Chg (%)
(Pts)
(Close)
afternoon. The positive opening on Wall Street helped to push the European markets
Dow Jones
0.5
99
19,954
into the green.
Nasdaq
0.2
12
5,564
Indian market rose notably on Wednesday, with benchmark indexes Sensex and
FTSE
0.2
15
7,290
Nifty rising for a second consecutive session to hit a two-month high, as oil struggled
Nikkei
0.3
63
19,365
after two days of losses and the World Bank said that the "adverse effects" of
Hang Seng
0.8
190
22,935
demonetization will disappear in the medium term.
Shanghai Com
(0.8)
(25)
3,137
Result Preview
TCS
Advances / Declines
BSE
NSE
Detailed analysis on Pg2
Advances
1,745
1,085
Investor’s Ready Reckoner
Declines
1,089
546
Unchanged
155
81
Key Domestic & Global Indicators
Stock Watch: Latest investment recommendations on 150+ stocks
Volumes (` Cr)
Refer Pg5 onwards
BSE
3,663
Top Picks
NSE
21,562
CMP
Target
Upside
Company
Sector
Rating
(`)
(`)
(%)
Amara Raja Batteries Auto & Auto Ancillary
Buy
907
1,167
28.7
Net Inflows (` Cr)
Net
Mtd
Ytd
Alkem Laboratories
Pharmaceuticals
Buy
1,693
1,989
17.5
FII
(113)
(2,443)
(2,443)
HCL Tech
IT
Buy
833
1,000
20.1
MFs
207
1,612
1,612
Power Grid Corp.
Power
Buy
190
223
17.5
Navkar Corp.
Others
Buy
177
265
49.5
More Top Picks on Pg3
Top Gainers
Price (`)
Chg (%)
Jindalstel
82
9.4
Key Upcoming Events
Unionbank
140
7.2
Previous
Consensus
Date
Region
Event Description
Reading
Expectations
Escorts
359
6.5
Jan 12 India
Industrial Production YoY
(1.90)
(2.20)
Hindalco
174
6.3
Jan 12 US
Initial Jobless claims
235.00
255.00
Nationalum
72
6.2
Jan 13 India
Imports YoY%
10.40
--
Jan 13 US
Producer Price Index (mom)
-
--
Top Losers
Price (`)
Chg (%)
Jan 13 India
Exports YoY%
2.30
--
More Events on Pg4
Abb
1,132
(3.7)
Renuka
15
(3.4)
Fortis
198
(1.5)
Jpassociat
10
(1.5)
Bajajelec
230
(1.5)
As on January 11, 2017
Market Outlook
January 12, 2017
Result Preview
TCS (CMP: `2,323/ TP: `2,620/ Upside: 12.8%)
TCS is slated to announce its 3QFY2017 results today. We expect the company to
post 0.2% sequential growth in USD revenues to US$4,383mn. In rupee terms,
revenues are expected to come in at `29,588cr, up 1.0% QoQ. EBITDA margin is
expected to show a downtick of ~50bp QoQ to 27.2%. Consequently, PAT is
expected to be at `6,320cr, a dip of 4.0% QoQ. We maintain our accumulate
rating on the stock, with a price target of `2,620.
Y/E
Sales OPM
PAT
EPS ROE P/E P/BV EV/EBITDA EV/Sales
March
(` cr)
(%)
(` cr)
(`)
(%)
(x)
(x)
(x)
(x)
FY2017E
1,19,025
27.6
25,685
131.2
32.4
17.7
5.7
13.4
3.7
FY2018E
1,33,308
27.6
28,483
145.5
33.1
16.0
5.3
11.8
3.2
Economic and Political News
India's domestic air traffic grew 22.3% in Nov, tops worldwide charts
Govt to add 40 more towns to Smart Cities list: Venkaiah Naidu
India's fiscal deficit among the highest in G20 countries: Urjit Patel
Corporate News
Petronet LNG sees Kochi terminal at 40% capacity by 2019
MRF plans to set up `4,500cr manufacturing plant in Gujarat
Welspun to invest Rs `4000 cr on textile projects in Gujarat
Market Outlook
January 12, 2017
Quarterly Bloomberg Brokers Consensus Estimate
Tata Consultancy Services Ltd Consol - Jan 12, 2017
Particulars ( ` cr)
3QFY17E
3QFY16
y-o-y (%)
2QFY17
q-o-q (%)
Net sales
29,745
27,364
8.7
29,284
1.6
EBITDA
8,048
7,747
3.9
8,112
(0.8)
EBITDA margin (%)
27.1
28.3
27.7
Net profit
6,309
6,083
3.7
6,603
(4.4)
Infosys Ltd Consol - Jan 13, 2017
Particulars ( ` cr)
3QFY17E
3QFY16
y-o-y (%)
2QFY17
q-o-q (%)
Net sales
17,164
15,902
7.9
17,310
(0.8)
EBITDA
4,601
4,262
8.0
4,733
(2.8)
EBITDA margin (%)
26.8
26.8
27.3
Net profit
3,509
3,465
1.3
3,606
(2.7)
LIC Housing Finance Ltd. - Jan 16, 2017
Particulars ( ` cr)
3QFY17E
3QFY16
y-o-y (%)
2QFY17
q-o-q (%)
PAT
477
419
13.8
495
(3.7)
Axis Bank Ltd. - Jan 19, 2017
Particulars ( ` cr)
3QFY17E
3QFY16
y-o-y (%)
2QFY17
q-o-q (%)
PAT
1,597
2,175
(26.6)
319
400.3
Federal Bank Ltd. - Jan 19, 2017
Particulars ( ` cr)
3QFY17E
3QFY16
y-o-y (%)
2QFY17
q-o-q (%)
PAT
184
163
12.9
201
(8.7)
Yes Bank Ltd. - Jan 19, 2017
Particulars ( ` cr)
3QFY17E
3QFY16
y-o-y (%)
2QFY17
q-o-q (%)
PAT
772
676
14.2
802
(3.7)
Market Outlook
January 12, 2017
Top Picks ★★★★★
Large Cap
Market Cap
CMP
Target
Upside
Company
Rationale
(` Cr)
(`)
(`)
(%)
To outpace battery industry growth due to better
Amara Raja Batteries
15,492
907
1,167
28.7
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
20,239
1,693
1,989
17.5
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
HCL Tech
1,17,507
833
1,000
20.1
all the bad news.
Back on the growth trend, expect a long term growth of 14%
Infosys
2,22,574
969
1,249
28.9
to be a US$20bn in FY2020.
Strong order backlog and improvement in execution would
Larsen & Toubro
1,31,769
1,413
1,634
15.7
trigger the growth for the L&T
One of the largest pharma companies with strong
Lupin
68,628
1,520
1,809
19.0
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
99,269
190
223
17.5
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
729
242
351
44.9
owing to better product mix, higher B2C sales and
amalgamation synergy.
Among the top 4 players in the consumer durables segment.
Bajaj Electricals
2,331
230
274
18.9
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
4,736
496
634
27.9
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
8,293
265
350
32.2
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
5,054
151
235
55.9
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
5,863
179
225
25.4
radio business (Radio City) would also boost the company's
revenue growth.
High order book execution in EPC segment, rising B2C sales
KEI Industries
1,101
142
153
8.1
and higher exports to boost the revenues and profitability
Speedier execution and speedier sales, strong revenue visibilty
Mahindra Lifespace
1,478
360
522
45.0
in short-to-long run, attractive valuations
Higher growth in domestic branded sales and healthy export
Mirza International
1,152
96
107
11.7
to boost the profitability.
Massive capacity expansion along with rail advantage at ICD
Navkar Corporation
2,528
177
265
49.5
as well CFS augurs well for the company
Strong brands and distribution network would boost growth
Siyaram Silk Mills
1,320
1,408
1,605
14.0
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
1,630
273
385
40.9
and anticipated growth in ad spends by corporates to benefit
the stock.
Source: Company, Angel Research
Market Outlook
January 12, 2017
Key Upcoming Events
Result Calendar
Date
Company
January 12, 2017
TCS, Infotech Enterprises
January 13, 2017
Infosys
January 16, 2017
LIC Housing Fin., Reliance Industries
January 18, 2017
KPIT Cummins
Source: Bloomberg, Angel Research
Global economic events release calendar
Bloomberg Data
Date
Time
Country
Event Description
Unit
Period
Last Reported
Estimated
Jan 12, 2017
7:00 PM
US
Initial Jobless claims
Thousands
Jan 7
235.00
255.00
India
Imports YoY%
% Change Dec
10.40
Jan 13, 2017
5:30 PM
India
Industrial Production YoY
% Change Nov
(1.90)
1.50
India
Exports YoY%
% Change Dec
2.30
12:00 PM
India
Monthly Wholesale Prices YoY%
% Change Dec
3.15
3.56
China
Exports YoY%
% Change Dec
(1.60)
(4.00)
Jan 16, 2017
US
Producer Price Index (mom)
% Change Dec
-
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)
0.55
Jan 19, 2017
7:00 PM
US
Housing Starts
Thousands Dec
1,090.00
1,200.00
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
-
Jan 20, 2017
7:30 AM
China
Industrial Production (YoY)
% Change Dec
6.20
6.10
8:30 PM Euro Zone Euro-Zone Consumer Confidence
Value Jan A
(5.10)
Source: Bloomberg, Angel Research
Market Outlook
January 12, 2017
Macro watch
Exhibit 1: Quarterly GDP trends
Exhibit 2: IIP trends
(%)
(%)
9.0
3.0
8.3
2.2
7.9
1.9
8.0
7.5
7.5
7.6
7.2
7.1
7.3
2.0
1.3
6.6
6.7
7.0
6.4
1.0
0.7
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
5.7
5.8
5.8
5.6
5.5
6.0
5.3
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 12, 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 12, 2017
Exhibit 4: Relative performance of indices across globe
Returns (%)
Country
Name of index
Closing price
1M
3M
1YR
Brazil
Bovespa
62,446
3.2
2.2
56.3
Russia
Micex
2,219
0.5
10.9
32.0
India
Nifty
8,381
2.6
(3.8)
8.3
China
Shanghai Composite
3,137
(0.3)
2.7
(4.6)
South Africa
Top 40
45,746
7.8
1.4
5.8
Mexico
Mexbol
45,934
(2.1)
(4.8)
11.1
Indonesia
LQ45
889
0.1
(3.7)
11.0
Malaysia
KLCI
1,675
2.6
0.6
0.6
Thailand
SET 50
982
3.2
1.9
21.0
USA
Dow Jones
19,954
1.7
8.9
23.5
UK
FTSE
7,290
5.6
2.7
23.2
Japan
Nikkei
19,365
5.5
15.7
2.0
Germany
DAX
11,646
3.9
10.7
20.5
France
CAC
4,889
2.6
9.8
16.2
Source: Bloomberg, Angel Research
Stock Watch
January 12, 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
208
-
4,041
1,937
2,164
13.3
14.3
9.0
11.0
23.1
18.9
4.0
3.5
18.4
19.8
2.1
1.9
United Phosphorus
Neutral
669
-
33,918
15,176
17,604
18.5
18.5
37.4
44.6
17.9
15.0
3.5
2.9
21.4
21.2
2.3
2.0
Auto & Auto Ancillary
Amara Raja Batteries
Buy
907
1,167
15,492
5,504
6,605
17.6
17.5
33.4
40.9
27.2
22.2
6.0
4.9
22.1
22.0
2.8
2.3
Apollo Tyres
Buy
197
235
10,028
12,877
14,504
14.3
13.9
21.4
23.0
9.2
8.6
1.4
1.2
16.4
15.2
0.9
0.9
Ashok Leyland
Buy
86
111
24,361
22,407
26,022
10.6
10.6
5.2
6.4
16.4
13.3
3.7
3.1
23.6
24.7
1.2
1.0
Bajaj Auto
Neutral
2,718
-
78,637
25,093
27,891
19.5
19.2
143.9
162.5
18.9
16.7
5.3
4.6
30.3
29.4
2.9
2.5
Bharat Forge
Neutral
952
-
22,154
7,726
8,713
20.5
21.2
35.3
42.7
27.0
22.3
5.0
4.5
18.9
20.1
2.9
2.5
Ceat
Buy
1,231
1,450
4,980
7,524
8,624
13.0
12.7
131.1
144.3
9.4
8.5
1.7
1.5
19.8
18.6
0.7
0.6
Eicher Motors
Neutral
23,161
-
63,007
16,583
20,447
17.5
18.0
598.0
745.2
38.7
31.1
13.2
10.1
41.2
38.3
3.6
2.9
Exide Industries
Neutral
186
-
15,848
7,439
8,307
15.0
15.0
8.1
9.3
23.0
20.1
3.2
2.9
14.3
16.7
1.7
1.6
Gabriel India
Buy
111
130
1,592
1,544
1,715
9.0
9.3
5.4
6.3
20.5
17.6
3.9
3.4
18.9
19.5
1.0
0.9
Hero Motocorp
Accumulate
3,087
3,541
61,645
30,958
34,139
15.7
15.7
193.6
208.3
16.0
14.8
6.2
5.2
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
187
-
1,491
1,486
1,620
9.8
9.9
15.0
17.2
12.5
10.9
2.7
2.3
21.8
21.3
1.1
1.0
JK Tyres
Neutral
125
-
2,828
7,455
8,056
15.0
15.0
21.8
24.5
5.7
5.1
1.2
1.0
22.8
21.3
0.5
0.4
L G Balakrishnan & Bros Neutral
606
-
951
1,302
1,432
11.6
11.9
43.7
53.0
13.9
11.4
2.0
1.8
13.8
14.2
0.8
0.7
Mahindra and Mahindra Neutral
1,229
-
76,329
46,534
53,077
11.6
11.7
67.3
78.1
18.3
15.7
3.0
2.6
15.4
15.8
1.6
1.4
Maruti
Neutral
5,752
-
173,763
68,057
82,958
15.8
15.5
212.1
261.2
27.1
22.0
5.4
4.5
19.8
20.3
2.2
1.8
Minda Industries
Neutral
330
-
2,620
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
330
-
46,305
45,896
53,687
7.8
8.3
13.0
16.1
25.3
20.5
8.2
6.5
34.7
35.4
1.1
0.9
Rane Brake Lining
Neutral
1,011
-
801
511
562
11.3
11.5
28.1
30.9
36.0
32.7
5.5
5.0
15.3
15.0
1.7
1.6
Setco Automotive
Neutral
38
-
502
741
837
13.0
13.0
15.2
17.0
2.5
2.2
0.4
0.4
15.8
16.3
1.1
1.0
Subros
Neutral
177
-
1,063
1,488
1,681
11.7
11.9
6.4
7.2
27.7
24.7
2.9
2.7
10.8
11.4
0.9
0.8
Swaraj Engines
Neutral
1,348
-
1,674
660
810
15.2
16.4
54.5
72.8
24.7
18.5
7.7
7.0
31.5
39.2
2.4
1.9
Tata Motors
Neutral
519
-
149,817
300,209
338,549
8.9
8.4
42.7
54.3
12.2
9.6
2.0
1.6
15.6
17.2
0.6
0.5
TVS Motor
Neutral
381
-
18,098
13,390
15,948
6.9
7.1
12.8
16.5
29.9
23.0
7.4
5.9
26.3
27.2
1.4
1.1
Capital Goods
ACE
Neutral
50
-
498
709
814
4.1
4.6
1.4
2.1
35.9
24.0
1.5
1.4
4.4
6.0
0.9
0.8
BEML
Neutral
1,219
-
5,076
3,451
4,055
6.3
9.2
31.4
57.9
38.8
21.1
2.3
2.1
6.3
10.9
1.6
1.3
BGR Energy
Neutral
131
-
944
16,567
33,848
6.0
5.6
7.8
5.9
16.8
22.2
1.0
0.9
4.7
4.2
0.2
0.1
Stock Watch
January 12, 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
1,528
-
34,122
8,137
9,169
16.8
17.2
58.7
62.5
26.0
24.4
4.0
3.6
44.6
46.3
3.2
2.8
BHEL
Neutral
129
-
31,537
28,797
34,742
-
2.8
2.3
6.9
56.0
18.7
1.0
0.9
1.3
4.8
0.7
0.5
Blue Star
Buy
496
634
4,736
4,283
5,077
5.9
7.3
14.9
22.1
33.3
22.4
6.5
5.5
20.4
26.4
1.2
1.0
Crompton Greaves
Neutral
62
-
3,898
5,777
6,120
5.9
7.0
3.3
4.5
18.9
13.8
0.8
0.8
4.4
5.9
0.6
0.5
Greaves Cotton
Neutral
122
-
2,982
1,755
1,881
16.8
16.9
7.8
8.5
15.7
14.4
3.1
2.9
20.6
20.9
1.4
1.3
Inox Wind
Neutral
183
-
4,071
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
144
-
3,703
9,294
10,186
7.9
8.1
9.9
11.9
14.6
12.1
2.1
1.9
15.6
16.3
0.6
0.6
KEI Industries
Accumulate
142
153
1,101
2,574
2,921
10.4
10.0
10.1
11.8
14.0
12.0
2.5
2.1
17.7
17.4
0.6
0.6
Thermax
Neutral
821
-
9,787
5,421
5,940
7.3
7.3
25.7
30.2
32.0
27.2
3.9
3.5
12.2
13.1
1.7
1.6
VATech Wabag
Buy
491
681
2,678
3,136
3,845
8.9
9.1
26.0
35.9
18.9
13.7
2.4
2.0
13.4
15.9
0.8
0.6
Voltas
Buy
343
407
11,361
6,511
7,514
7.9
8.7
12.9
16.3
26.6
21.1
4.8
4.2
16.7
18.5
1.5
1.3
Cement
ACC
Neutral
1,349
-
25,339
11,225
13,172
13.2
16.9
44.5
75.5
30.3
17.9
2.9
2.7
11.2
14.2
2.3
1.9
Ambuja Cements
Neutral
216
-
42,860
9,350
10,979
18.2
22.5
5.8
9.5
37.2
22.7
3.1
2.8
10.2
12.5
4.6
3.9
India Cements
Neutral
134
-
4,104
4,364
4,997
18.5
19.2
7.9
11.3
16.9
11.8
1.2
1.2
8.0
8.5
1.7
1.5
JK Cement
Neutral
703
-
4,915
4,398
5,173
15.5
17.5
31.2
55.5
22.5
12.7
2.7
2.3
12.0
15.5
1.7
1.4
J K Lakshmi Cement
Buy
359
565
4,223
2,913
3,412
14.5
19.5
7.5
22.5
47.9
16.0
2.9
2.5
12.5
18.0
2.0
1.7
Orient Cement
Buy
130
215
2,661
2,114
2,558
18.5
20.5
8.1
11.3
16.0
11.5
2.4
2.0
9.0
14.0
1.9
1.5
UltraTech Cement
Neutral
3,352
-
91,989
25,768
30,385
21.0
23.5
111.0
160.0
30.2
21.0
3.9
3.4
13.5
15.8
3.7
3.0
Construction
Engineers India
Neutral
156
-
10,523
1,725
1,935
16.0
19.1
11.4
13.9
13.7
11.2
1.9
1.8
13.4
15.3
5.0
4.5
Gujarat Pipavav Port
Neutral
137
-
6,604
705
788
52.2
51.7
5.0
5.6
27.3
24.4
2.7
2.4
11.2
11.2
9.0
7.6
ITNL
Neutral
120
-
3,961
8,946
10,017
31.0
31.6
8.1
9.1
14.9
13.2
0.6
0.6
4.2
5.0
3.8
3.5
KNR Constructions
Neutral
171
-
2,403
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
1,413
1,634
131,769
111,017
124,908
11.0
11.0
61.1
66.7
23.1
21.2
2.8
2.6
13.1
12.9
2.2
2.1
MEP Infra
Neutral
42
-
675
1,877
1,943
30.6
29.8
3.0
4.2
13.9
9.9
6.7
4.5
0.6
0.6
1.7
1.6
Nagarjuna Const.
Neutral
83
-
4,609
8,842
9,775
9.1
8.8
5.3
6.4
15.6
13.0
1.2
1.1
8.2
9.1
0.7
0.6
NBCC
Neutral
273
-
16,401
7,428
9,549
7.9
8.6
8.2
11.0
33.3
24.9
1.7
1.3
28.2
28.7
1.9
1.4
PNC Infratech
Buy
105
143
2,698
2,350
2,904
13.1
13.2
9.0
8.8
11.7
12.0
0.4
0.4
15.9
13.9
1.3
1.0
Power Mech Projects
Neutral
425
-
626
1,801
2,219
12.7
14.6
72.1
113.9
5.9
3.7
1.1
0.9
16.8
11.9
0.4
0.3
Sadbhav Engineering
Accumulate
276
298
4,731
3,598
4,140
10.3
10.6
9.0
11.9
30.6
23.2
3.2
2.8
9.9
11.9
1.6
1.4
Stock Watch
January 12, 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
297
-
1,468
6,829
7,954
10.5
10.5
31.4
37.4
9.5
7.9
1.0
0.9
9.9
13.4
0.6
0.5
SIPL
Neutral
100
-
3,505
1,036
1,252
65.5
66.2
(8.4)
(5.6)
3.7
4.3
(22.8)
(15.9)
11.6
9.6
Financials
Axis Bank
Buy
454
630
108,457
46,932
53,575
3.5
3.4
32.4
44.6
14.0
10.2
1.8
1.6
13.6
16.5
-
-
Bank of Baroda
Neutral
160
-
36,786
19,980
23,178
1.8
1.8
11.5
17.3
13.9
9.2
1.6
1.3
8.3
10.1
-
-
Canara Bank
Neutral
276
-
15,006
15,225
16,836
1.8
1.8
14.5
28.0
19.1
9.9
1.3
1.1
5.8
8.5
-
-
Dewan Housing Finance Buy
265
350
8,293
2,225
2,688
2.9
2.9
29.7
34.6
8.9
7.7
1.4
1.2
16.1
16.8
-
-
Equitas Holdings
Buy
151
235
5,054
939
1,281
11.7
11.5
5.8
8.2
26.0
18.4
2.2
2.0
10.9
11.5
-
-
Federal Bank
Buy
72
85
12,457
8,259
8,995
3.0
3.0
4.3
5.6
16.8
12.9
1.4
1.3
8.5
10.1
-
-
HDFC
Neutral
1,229
-
194,776
11,475
13,450
3.4
3.4
45.3
52.5
27.1
23.4
5.2
4.6
20.2
20.5
-
-
HDFC Bank
Accumulate
1,233
1,350
314,682
46,097
55,433
4.5
4.5
58.4
68.0
21.1
18.1
3.7
3.1
18.8
18.6
-
-
ICICI Bank
Buy
265
315
154,214
42,800
44,686
3.1
3.3
18.0
21.9
14.7
12.1
2.0
1.9
11.1
12.3
-
-
Lakshmi Vilas Bank
Buy
140
174
2,673
3,339
3,799
2.7
2.8
11.0
14.0
12.7
10.0
1.3
1.2
11.2
12.7
-
-
LIC Housing Finance
Buy
533
630
26,888
3,712
4,293
2.6
2.5
39.0
46.0
13.7
11.6
2.6
2.2
19.9
20.1
-
-
Punjab Natl.Bank
Neutral
124
-
26,312
23,532
23,595
2.3
2.4
6.8
12.6
18.2
9.8
2.8
2.0
3.3
6.5
-
-
RBL Bank
Neutral
369
-
13,661
1,783
2,309
2.6
2.6
12.7
16.4
29.1
22.5
3.2
2.8
12.8
13.3
-
-
South Ind.Bank
Neutral
21
-
2,893
6,435
7,578
2.5
2.5
2.7
3.1
7.9
6.9
1.0
0.9
10.1
11.2
-
-
St Bk of India
Neutral
252
-
195,544
88,650
98,335
2.6
2.6
13.5
18.8
18.7
13.4
1.8
1.6
7.0
8.5
-
-
Union Bank
Neutral
140
-
9,648
13,450
14,925
2.3
2.3
25.5
34.5
5.5
4.1
0.8
0.7
7.5
10.2
-
-
Yes Bank
Neutral
1,318
-
55,734
8,978
11,281
3.3
3.4
74.0
90.0
17.8
14.6
3.4
2.9
17.0
17.2
-
-
FMCG
Asian Paints
Neutral
934
-
89,599
17,128
18,978
16.8
16.4
19.1
20.7
48.9
45.1
17.0
16.1
34.8
35.5
5.1
4.6
Britannia
Buy
2,971
3,626
35,652
9,594
11,011
14.6
14.9
80.3
94.0
37.0
31.6
15.2
11.8
41.2
-
3.6
3.1
Colgate
Accumulate
895
995
24,330
4,605
5,149
23.4
23.4
23.8
26.9
37.6
33.3
20.8
16.3
64.8
66.8
5.2
4.6
Dabur India
Accumulate
278
304
48,882
8,315
9,405
19.8
20.7
8.1
9.2
34.3
30.2
9.5
7.9
31.6
31.0
5.5
4.9
GlaxoSmith Con*
Neutral
5,128
-
21,568
4,350
4,823
21.2
21.4
179.2
196.5
28.6
26.1
7.6
6.4
27.1
26.8
4.3
3.8
Godrej Consumer
Neutral
1,573
-
53,578
10,235
11,428
18.4
18.6
41.1
44.2
38.3
35.6
8.5
7.2
24.9
24.8
5.3
4.7
HUL
Neutral
841
-
181,918
35,252
38,495
17.8
17.8
20.7
22.4
40.7
37.6
38.9
33.4
95.6
88.9
5.0
4.6
ITC
Accumulate
248
284
300,004
40,059
44,439
38.3
39.2
9.0
10.1
27.6
24.4
7.7
6.7
27.8
27.5
7.0
6.3
Marico
Accumulate
261
300
33,676
6,430
7,349
18.8
19.5
6.4
7.7
40.8
33.9
12.3
10.4
33.2
32.5
5.1
4.4
Nestle*
Neutral
5,903
-
56,917
10,073
11,807
20.7
21.5
124.8
154.2
47.3
38.3
19.4
17.5
34.8
36.7
5.5
4.6
Stock Watch
January 12, 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
6,781
7,369
22,012
2,939
3,342
23.2
23.0
146.2
163.7
46.4
41.4
103.9
99.6
25.3
23.5
7.0
6.1
Hygiene
Tata Global
Neutral
128
-
8,050
8,675
9,088
9.8
9.8
7.4
8.2
17.2
15.6
2.0
1.9
7.9
8.1
0.8
0.8
IT
HCL Tech^
Buy
833
1,000
117,507
49,242
57,168
20.5
20.5
55.7
64.1
15.0
13.0
3.0
2.3
20.3
17.9
2.3
1.8
Infosys
Buy
969
1,249
222,574
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
2,323
2,620
457,740
119,025
133,308
27.6
27.6
131.2
145.5
17.7
16.0
5.7
5.3
32.4
33.1
3.6
3.2
Tech Mahindra
Buy
474
600
46,082
29,673
32,937
15.5
17.0
32.8
39.9
14.4
11.9
2.8
2.5
19.6
20.7
1.3
1.1
Wipro
Buy
476
590
115,734
55,440
60,430
18.1
18.1
35.9
39.9
13.3
11.9
2.4
2.2
19.0
19.3
1.8
1.7
Media
D B Corp
Neutral
370
-
6,802
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
276
-
2,025
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
HT Media
Neutral
73
-
1,705
2,693
2,991
12.6
12.9
7.9
9.0
9.3
8.1
0.8
0.7
7.8
8.3
0.2
0.1
Jagran Prakashan
Buy
179
225
5,863
2,355
2,635
28.0
28.0
10.8
12.5
16.6
14.4
3.6
3.1
21.7
21.7
2.5
2.2
Sun TV Network
Neutral
536
-
21,135
2,850
3,265
70.1
71.0
26.2
30.4
20.5
17.6
5.2
4.6
24.3
25.6
7.0
6.0
TV Today Network
Buy
273
385
1,630
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
317
-
196,558
84,638
94,297
21.4
22.3
24.5
27.1
12.9
11.7
5.4
5.1
42.6
46.0
1.8
1.6
Hind. Zinc
Neutral
278
-
117,253
14,252
18,465
55.9
48.3
15.8
21.5
17.6
12.9
2.9
2.5
17.0
20.7
8.2
6.4
Hindalco
Neutral
174
-
36,044
107,899
112,095
7.4
8.2
9.2
13.0
19.0
13.4
0.9
0.9
4.8
6.6
0.9
0.8
JSW Steel
Neutral
188
-
45,335
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
140
-
44,421
6,643
7,284
44.4
47.7
7.1
7.7
19.8
18.2
1.7
1.7
8.8
9.2
4.5
4.0
SAIL
Neutral
56
-
23,170
47,528
53,738
(0.7)
2.1
(1.9)
2.6
21.6
0.6
0.6
(1.6)
3.9
1.3
1.2
Tata Steel
Neutral
448
-
43,520
121,374
121,856
7.2
8.4
18.6
34.3
24.1
13.1
1.5
1.4
6.1
10.1
1.0
1.0
Vedanta
Neutral
238
-
70,441
71,744
81,944
19.2
21.7
13.4
20.1
17.7
11.8
1.5
1.4
8.4
11.3
1.4
1.1
Oil & Gas
Cairn India
Neutral
263
-
49,279
9,127
10,632
4.3
20.6
8.8
11.7
29.9
22.5
1.0
0.9
3.3
4.2
6.9
5.7
GAIL
Neutral
444
-
56,358
56,220
65,198
9.3
10.1
27.1
33.3
16.4
13.3
1.5
1.4
9.3
10.7
1.2
1.0
ONGC
Neutral
198
-
253,521
137,222
152,563
15.0
21.8
19.5
24.1
10.1
8.2
0.9
0.8
8.5
10.1
2.1
1.9
Indian Oil Corp
Neutral
349
-
169,520
373,359
428,656
5.9
5.5
54.0
59.3
6.5
5.9
1.0
0.9
16.0
15.6
0.6
0.5
Reliance Industries
Neutral
1,084
-
351,638
301,963
358,039
12.1
12.6
87.7
101.7
12.4
10.7
1.3
1.2
10.7
11.3
1.6
1.4
Pharmaceuticals
Alembic Pharma
Neutral
605
-
11,407
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
1,693
1,989
20,239
6,043
6,893
18.7
19.3
80.5
88.8
21.0
19.1
4.7
3.9
22.3
20.3
3.3
2.8
Aurobindo Pharma
Buy
705
877
41,228
15,720
18,078
23.7
23.7
41.4
47.3
17.0
14.9
4.4
3.5
29.6
26.1
2.8
2.5
Stock Watch
January 12, 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
4,183
-
9,634
2,277
2,597
17.3
18.3
149.4
172.0
28.0
24.3
4.6
3.7
25.1
28.8
3.9
3.2
Cadila Healthcare
Accumulate
357
400
36,568
10,429
12,318
22.6
22.0
16.9
19.2
21.1
18.6
5.4
4.3
28.5
25.7
3.5
2.9
Cipla
Sell
578
490
46,482
15,378
18,089
17.4
18.4
21.6
27.2
26.8
21.2
3.5
3.0
13.7
15.2
3.2
2.7
Dishman Pharma
Neutral
254
-
4,094
1,718
1,890
22.7
22.8
9.5
11.3
26.7
22.5
2.6
2.3
10.1
10.9
2.8
2.5
Dr Reddy's
Neutral
3,047
-
50,482
16,043
18,119
20.8
22.4
112.4
142.9
27.1
21.3
3.6
3.2
14.1
15.9
3.1
2.7
GSK Pharma*
Neutral
2,722
-
23,059
3,000
3,312
15.4
20.6
46.5
60.8
58.6
44.8
14.1
14.0
26.3
30.6
7.4
6.8
Indoco Remedies
Reduce
274
240
2,528
1,112
1,289
16.2
18.2
11.6
16.0
23.7
17.1
3.8
3.2
17.0
20.1
2.4
2.0
Ipca labs
Accumulate
556
613
7,020
3,303
3,799
15.3
15.3
17.3
19.7
32.2
28.2
2.8
2.6
9.1
9.4
2.3
2.0
Lupin
Buy
1,520
1,809
68,628
15,912
18,644
26.4
26.7
58.1
69.3
26.2
21.9
5.1
4.2
21.4
20.9
4.4
3.6
Sun Pharma
Buy
648
847
155,397
31,129
35,258
32.0
32.9
30.2
35.3
21.5
18.4
3.5
2.9
20.0
20.1
4.6
3.8
Power
NTPC
Neutral
164
-
135,555
86,605
95,545
17.5
20.8
11.8
13.4
13.9
12.3
1.4
1.3
10.5
11.1
2.9
2.9
Power Grid
Buy
190
223
99,269
25,315
29,193
88.2
88.7
14.2
17.2
13.4
11.1
2.0
1.8
15.2
16.1
8.6
7.7
Tata Power
Neutral
77
-
20,785
36,916
39,557
17.4
27.1
5.1
6.3
15.1
12.2
1.3
1.2
9.0
10.3
1.6
1.4
Real Estate
MLIFE
Buy
360
522
1,478
1,152
1,300
22.7
24.6
29.9
35.8
12.0
10.1
0.9
0.8
7.6
8.6
2.0
1.7
Prestige Estate
Buy
177
210
6,623
4,707
5,105
25.2
26.0
10.3
13.0
17.2
13.6
1.4
1.3
10.3
10.2
2.6
2.3
Telecom
Bharti Airtel
Neutral
323
-
129,056
105,086
114,808
34.5
34.7
12.2
16.4
26.5
19.7
1.8
1.7
6.8
8.4
2.1
1.9
Idea Cellular
Neutral
75
-
26,866
40,133
43,731
37.2
37.1
6.4
6.5
11.7
11.5
1.0
0.9
8.2
7.6
1.7
1.4
zOthers
Abbott India
Neutral
4,540
-
9,648
3,153
3,583
14.1
14.4
152.2
182.7
29.8
24.9
146.5
125.1
25.6
26.1
2.8
2.4
Asian Granito
Buy
242
351
729
1,071
1,182
12.1
12.4
12.7
16.0
19.0
15.2
1.8
1.6
9.5
10.7
1.0
0.9
Bajaj Electricals
Buy
230
274
2,331
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
220
-
1,575
1,353
1,471
12.3
12.4
14.5
16.3
15.2
13.5
21.0
18.9
14.5
14.6
1.1
118.6
Coffee Day Enterprises
Neutral
199
-
4,101
2,964
3,260
20.5
21.2
4.7
8.0
-
24.9
2.3
2.1
5.5
8.5
1.8
1.6
Competent Automobiles Neutral
168
-
103
1,137
1,256
3.1
2.7
28.0
23.6
6.0
7.1
32.3
29.2
14.3
11.5
0.1
0.1
Elecon Engineering
Neutral
59
-
666
1,482
1,660
13.7
14.5
3.9
5.8
15.2
10.2
3.6
3.3
7.8
10.9
0.8
0.7
Finolex Cables
Neutral
417
-
6,376
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
616
-
1,349
873
938
14.3
14.3
35.2
37.5
17.5
16.5
3.1
2.6
17.5
15.9
1.5
1.3
Goodyear India*
Neutral
744
-
1,716
1,598
1,704
10.4
10.2
49.4
52.6
15.1
14.2
69.5
61.0
18.2
17.0
0.8
106.1
Hitachi
Neutral
1,437
-
3,908
2,081
2,433
8.8
8.9
33.4
39.9
43.0
36.0
34.7
28.9
22.1
21.4
1.9
1.6
HSIL
Neutral
288
-
2,084
2,384
2,515
15.8
16.3
15.3
19.4
18.8
14.9
18.7
16.1
7.8
9.3
1.0
1.0
Stock Watch
January 12, 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
869
-
31,413
21,122
26,005
14.5
27.6
110.7
132.1
7.9
6.6
47.0
33.6
168.5
201.1
1.5
1.1
Jyothy Laboratories
Neutral
333
-
6,039
1,440
2,052
11.5
13.0
8.5
10.0
39.1
33.3
9.5
8.8
18.6
19.3
4.5
3.1
Kirloskar Engines India
Neutral
333
-
4,810
2,554
2,800
9.9
10.0
10.5
12.1
31.7
27.5
13.3
12.5
10.7
11.7
1.5
1.4
Linc Pen & Plastics
Neutral
248
-
366
382
420
9.3
9.5
13.5
15.7
18.4
15.8
3.2
2.7
17.1
17.3
1.0
0.9
M M Forgings
Neutral
445
-
538
546
608
20.4
20.7
41.3
48.7
10.8
9.1
61.0
54.0
16.6
17.0
0.8
0.7
Manpasand Bever.
Neutral
542
-
3,103
836
1,087
19.6
19.4
16.9
23.8
32.1
22.8
3.9
3.4
12.0
14.8
3.5
2.6
Mirza International
Accumulate
96
107
1,152
987
1,106
18.0
18.0
6.5
7.6
14.7
12.6
2.4
2.0
15.9
15.7
1.4
1.2
MT Educare
Neutral
122
-
485
366
417
17.7
18.2
9.4
10.8
13.0
11.3
2.9
2.5
22.2
22.3
1.2
1.1
Narayana Hrudaya
Neutral
340
-
6,948
1,873
2,166
11.5
11.7
2.6
4.0
128.6
85.8
7.9
7.1
6.1
8.3
3.8
3.3
Navkar Corporation
Buy
177
265
2,528
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
126
-
3,006
1,062
1,147
24.0
24.0
6.1
6.6
20.7
19.1
4.3
3.8
20.6
19.8
2.9
2.7
Nilkamal
Neutral
1,501
-
2,240
1,995
2,165
10.7
10.4
69.8
80.6
21.5
18.6
85.8
74.5
16.6
16.5
1.1
1.0
Page Industries
Neutral
14,250
-
15,894
2,450
3,124
20.1
17.6
299.0
310.0
47.7
46.0
317.4
242.3
47.1
87.5
6.5
5.2
Parag Milk Foods
Neutral
272
-
2,288
1,919
2,231
9.3
9.6
9.5
12.9
28.8
21.0
4.5
3.7
15.5
17.5
1.3
1.1
Quick Heal
Neutral
256
-
1,791
408
495
27.3
27.0
7.7
8.8
33.0
29.1
3.1
3.1
9.3
10.6
3.5
2.9
Radico Khaitan
Buy
118
147
1,570
1,667
1,824
13.0
13.2
6.7
8.2
17.7
14.4
1.6
1.5
9.0
10.2
1.3
1.2
Relaxo Footwears
Neutral
403
-
4,842
2,085
2,469
9.2
8.2
7.6
8.0
53.3
50.7
20.7
17.7
17.9
18.8
2.4
2.1
S H Kelkar & Co.
Neutral
322
-
4,652
1,036
1,160
15.1
15.0
6.1
7.2
52.7
44.8
5.6
5.2
10.7
11.5
4.4
3.9
Siyaram Silk Mills
Accumulate
1,408
1,605
1,320
1,733
1,948
11.6
11.7
96.6
114.7
14.6
12.3
2.2
1.9
15.3
15.7
1.0
0.9
Styrolution ABS India*
Neutral
600
-
1,055
1,440
1,537
9.2
9.0
40.6
42.6
14.8
14.1
37.7
34.3
12.3
11.6
0.7
0.6
Surya Roshni
Neutral
190
-
832
3,342
3,625
7.8
7.5
17.3
19.8
11.0
9.6
20.9
16.7
10.5
10.8
0.5
0.5
Team Lease Serv.
Neutral
900
-
1,538
3,229
4,001
1.5
1.8
22.8
32.8
39.5
27.4
4.2
3.7
10.7
13.4
0.4
0.3
The Byke Hospitality
Neutral
170
-
683
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
-
1,183
2,671
2,911
8.5
8.8
13.9
15.7
11.2
9.9
1.5
1.4
13.7
13.8
0.5
0.5
TVS Srichakra
Neutral
3,278
-
2,510
2,304
2,614
13.7
13.8
231.1
266.6
14.2
12.3
368.4
290.1
33.9
29.3
1.1
0.9
UFO Moviez
Neutral
414
-
1,144
619
685
33.2
33.4
30.0
34.9
13.8
11.9
1.9
1.7
13.8
13.9
1.6
1.2
Visaka Industries
Neutral
206
-
327
1,051
1,138
10.3
10.4
21.0
23.1
9.8
8.9
26.4
24.7
9.0
9.2
0.6
0.5
VRL Logistics
Neutral
286
-
2,611
1,902
2,119
16.7
16.6
14.6
16.8
19.6
17.0
4.3
3.8
21.9
22.2
1.5
1.3
Wonderla Holidays
Neutral
355
-
2,005
287
355
38.0
40.0
11.3
14.2
31.4
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 11, 2017
Market Outlook
January 12, 2017
Research Team Tel: 022 - 39357800
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