Market Outlook
July 12, 2019
Market Cues
Domestic Indices
Chg (%)
(Pts)
(Close)
Indian markets are likely to open flat tracking global indices and SGX Nifty.
BSE Sensex
0.7
266
38,823
Nifty
0.7
84
11,582
The US stock fluctuated over the course of the trading session on Thursday before
Mid Cap
0.6
80
14,494
eventually ending the day mixed. Despite the choppy trading, the Dow and the S&P
500 reached new record closing highs, with the Dow closing above 27,000 for the
Small Cap
0.4
56
13,754
first time ever. The Dow jumped 0.9 percent to 27,088 while Nasdaq down 0.1
Bankex
0.6
220
34,537
percent to 8,196.
U.K. stocks rose on Thursday to snap a four-day losing streak after
Global Indices
Chg (%)
(Pts)
(Close)
Federal Reserve Chair Jerome Powell signaled that the U.S. central bank is likely to
Dow Jones
0.9
227
27,088
cut interest rates soon. The FTSE 100 was down by 0.2 percent to 7,509.
Nasdaq
(0.1)
(7)
8,196
On domestic front, Indian shares rose on Thursday, tracking firm
FTSE
(0.2)
(21)
7,509
global markets and persistent dollar's weakness after Federal Reserve Chair Jerome
Nikkei
0.5
110
21,643
Powell signaled that the U.S. central bank is likely to cut interest rates soon. The
Hang Seng
0.8
227
28,431
benchmark BSE Sensex was up by 0.7 percent to 38,823.
Shanghai Com
0.08
3
2,917
News Analysis
Advances / Declines
BSE
NSE
Religare Enterprises to sell home loan arm, NBFC business to TCG
Advances
1,243
912
Detailed analysis on Pg2
Declines
1,195
805
Investor’s Ready Reckoner
Unchanged
158
368
Key Domestic & Global Indicators
Volumes (` Cr)
Stock Watch: Latest investment recommendations on 150+ stocks
Refer Pg5 onwards
BSE
1,971
NSE
29,914
Top Picks
CMP
Target
Upside
Company
Sector
Rating
(`)
(`)
(%)
Net Inflows (` Cr)
Net
Mtd
Ytd
Blue Star
Capital Goods Accumulate
754
867
15.0
FII
(877)
(3,748)
77,813
ICICI Bank
Financials
Buy
427
490
14.8
*MFs
86
(191)
7,904
Parag Milk Foods
Others
Buy
260
330
27.1
Bata India
Others
Buy
1,343
1,643
22.3
KEI Industries
Capital Goods
Buy
466
612
31.4
Top Gainers
Price (`)
Chg (%)
More Top Picks on Pg4
30
16.3
51
10.9
514
10.9
918
7.6
25
6.6
Top Losers
Price (`)
Chg (%)
284
-7.1
1,190
-7.0
130
-5.3
239
-4.9
23
-4.9
As on July 11, 2019
Market Outlook
July 12, 2019
News Analysis
Religare Enterprises to sell home loan arm, NBFC business to
TCG
Purnendu Chatterjee-owned The Chatterjee Group (TCG) Advisory Services has
Religare Finvest (RFL) and housing finance company Religare Housing
Development Finance Corporation (RHDFC). SBI Capital Markets acted as an
advisor in the whole transaction. RFL has liabilities of Rs 5,800 crore, which are
being restructured by a group of lenders, headed by State Bank of India (SBI). In a
stake in RFL to TCG Services or any of its affiliates. This means TCG will gain
control of the housing finance company RHDFC, a subsidiary of RFL. Lenders to
RFL have already signed the inter-creditor agreement under the revised guidelines
of the Reserve Bank of India for stressed assets. Lenders expect the restructuring of
loans to be completed by August 2019. A total of 22 lenders are part of the group,
which had extended credit to the NBFC.
Sanjay Palve, chief executive officer of RFL and RHDFC, said: “This comes as a
significant development for the Religare Group, which not only enhances value for
its shareholders, with improved focus on its other businesses, but also strengthens
RFL and RHDFC’s businesses by aiding implementation of the ongoing debt
resolution process in RFL, and providing necessary support to boost future growth
of the businesses.” RFL has an asset base of Rs 7,000 crore, which includes Rs
4,500-crore SME loan book. RHDFC has a loan book of Rs 725 crore, with
liabilities of Rs 500 crore and capital base of Rs 200 crore. “We are confident that
through this transaction we will be able to capitalise both RFL and RHDFC to
achieve growth in the high-potential SME and affordable housing sectors,” Palve
added.
Economic and Political News
US, India trade talks to restart after Donald Trump's tariff tweets
Telecom operators likely to get 16 years to pay for 5G spectrum
Tamil Nadu will become first state to manufacture electric cars: Minister
Corporate News
Reliance Infra lenders sign debt resolution pact; stock jumps nearly 11%
Religare Enterprises to sell home loan arm, NBFC business to TCG
Lenders to troubled McLeod Russel go to SBI Caps for loan restructuring
Tata Steel plans to make European operations sustainable on its own
Cash-strapped DHFL gets 7 days to finalise and present a resolution plan
Glenmark, Torrent Pharma sign agreement to co-market diabetes drug in
India
Market Outlook
July 12, 2019
Quarterly Bloomberg Brokers Consensus Estimate
Infosys Ltd - July 12, 2019
Particulars (` cr)
1QFY20E
1QFY19
y-o-y (%)
4QFY19
q-o-q (%)
Sales
21,817
19,128
14.1
21,539
1.2
EBIDTA
4,982
4,703
5.9
5,149
(3.3)
%
22
25
24
PAT
3,736
3,612
3.4
4,074
(8.3)
Indusind Bank Ltd - July 12, 2019
Particulars (` cr)
1QFY20E
1QFY19
y-o-y (%)
4QFY19
q-o-q (%)
PAT
1,205
1,036
16.3
360
234.7
Federal Bank Ltd - July 16, 2019
Particulars (` cr)
1QFY20E
1QFY19
y-o-y (%)
4QFY19
q-o-q (%)
PAT
361
263
37.3
382
(5.5)
Yes Bank Ltd - July 17, 2019
Particulars (` cr)
1QFY20E
1QFY19
y-o-y (%)
4QFY19
q-o-q (%)
PAT
432
1,260
(65.7)
(1,507)
Wipro Ltd - July 17, 2019
Particulars (` cr)
1QFY20E
1QFY19
y-o-y (%)
4QFY19
q-o-q (%)
Sales
14,865
14,231
4.4
15,161
(1.9)
EBIDTA
3,007
2,682
12.2
3,258
(7.7)
%
20
19
21
PAT
2,323
2,121
9.5
2,484
(6.5)
Market Outlook
July 12, 2019
Top Picks
Market Cap
CMP
Target
Upside
Company
Rationale
(` Cr)
(`)
(`)
(%)
Favorable outlook for the AC industry to augur well
for Cooling products business which is out pacing
Blue Star
7,264
754
867
15.0
the market growth. EMPPAC division's profitability
to improve once operating environment turns
around.
Well capitalized with CAR of 18.1% which gives
sufficient room to grow asset base. Faster
ICICI Bank
2,75,343
427
490
14.8
resolution of NPA would reduce provision cost,
which would help to report better ROE.
High order book execution in EPC segment, rising
KEI Industries
3,677
466
612
31.4
B2C sales and higher exports to boost the revenues
and profitability
GST regime and the Gujarat plant are expected to
Maruti Suzuki
1,82,020
6,026
8,552
41.9
improve the company’s sales volume and margins,
respectively.
Third largest brand play in luggage segment
Increased product offerings and improving
Safari Industries
1,400
627
1,000
59.5
distribution network is leading to strong growth in
business. Likely to post robust growth for next 3-4
years
We expect financialisation of savings and
Aditya Birla Capital
19,835
90
130
44.3
increasing penetration in Insurance & Mutual fund
would ensure steady growth.
One of the leading Indian dairy products
companies in India created strong brands in dairy
products. Rising revenue share of high-margin
Parag Milk Foods
2,184
260
330
27.1
Value Added Products and reduction in interest cost
is likely to boost margins and earnings in next few
years.
HDFC Bank maintained its steady growth in the
4QFY18. The bank’s net profit grew by 20.3%.
Steady growth in interest income and other income
HDFC Bank
6,58,007
2,408
2,660
10.5
aided PAT growth. The Strong liability franchise
and healthy capitalisation provides strong earning
visibility. At the current market price, the bank is
trading at 3.2x FY20E ABV.
We expect strong PAT growth on back of healthy
growth in automobile segment (on back of new
launches and facelifts in some of the model ) and
M&M
78,775
634
1,050
65.7
strong growth in Tractors segment coupled by its
strong brand recall and improvement in rural
sentiment
Market leader in the room air conditioner (RAC)
outsourced manufacturing space in India with a
market share of 55.4%. It is a one-stop solutions
Amber Enterprises
2,656
845
910
7.7
provider for the major brands in the RAC industry
and currently serves eight out of the 10 top RAC
brands in India
BIL is the largest footwear retailer in India, offering
footwear, accessories and bags across brands. We
expect BIL to report net PAT CAGR of ~16% to
Bata India
17,262
1,343
1,643
22.3
~`3115cr over FY2018-20E mainly due to new
product launches, higher number of stores addition
and focus on women’s high growth segment and
margin improvement
Market Outlook
July 12, 2019
Continued...
Market Cap
CMP
Target
Upside
Company
Rationale
(` Cr)
(`)
(`)
(%)
SHTF is in the sweet spot with benefits from
stronger CV volumes, NIMs unaffected by rising
Shriram Transport Finance
23,665
1,043
1,470
40.9
bond yields on the back of stronger pricing
power and an enhancing ROE by 750bps over
FY18-20E, supported by decline in credit cost.
We expect JSPL’s top line to grow at 27% CAGR
over FY19-FY20 on the back of strong steel
demand and capacity addition. On the bottom
Jindal Steel & Power Limited
13,636
134
250
86.6
line front, we expect JSPL to turn in to profit by
FY19 on back of strong operating margin
improvement.
GMM Pfaudler Limited (GMM) is the Indian
market leader in glass-lined (GL) steel
equipment. GMM is expected to cross CAGR
GMM Pfaudler Ltd
1,868
1,278
1,570
22.8
15%+ in revenue over the next few years
mainly led by uptick in demand from user
industries and it is also expecting to increase its
share of non-GL business to 50% by 2020.
Aurobindo Pharmaceuticals, amongst the
Indian Pharmaceutical companies, is well
placed to face the challenging generic markets,
given its focus on achieving growth through
Aurobindo Pharmaceuticals
35,439
605
890
47.1
productivity. Aurobindo will report net revenue
& net profit CAGR of ~13% & ~8% resp.
during FY2018-20E. Valuations are cheap V/s
its peers and own fair multiples of 17-18x.
We believe advance to grow at a healthy CAGR
of 35% over FY18-20E. Below peers level ROA
RBL Bank
27,168
635
775
22.0
(1.2% FY18) to expand led by margin
expansion and lower credit cost.
TTK Prestige has emerged as one of the leading
brands in kitchen appliances in India after its
successful transformation from a single product
TTK Prestige
8,760
6,320
7,708
22.0
company to offering an entire gamut of home
and kitchen appliances. We are expecting a
CAGR of 18% in revenue and 25% in PAT over
FY2018-20.
Maintain Hold.
Source: Company, Angel Research
Market Outlook
July 12, 2019
Fundamental Call
Market Cap
CMP
Target
Upside
Company
Rationale
(` Cr)
(`)
(`)
(%)
CCL is likely to maintain the strong growth
CCL Products
3,169
238
360
51.1
trajectory over FY18-20 backed by capacity
expansion and new geographical foray
We forecast Nilkamal to report top-line CAGR of
~9% to `2,635cr over FY17-20E on the back of
Nilkamal
1,715
1,149
2,178
89.5
healthy demand growth in plastic division. On the
bottom-line front, we estimate
~10% CAGR to
`162cr owing to improvement in volumes.
Elantas Beck India is the Indian market leader in
liquid insulation segment used in electrical
equipments like motors, transformers etc. It derives
Elantas Beck India Ltd
1,624
2,048
2,500
22.1
demand from several industries which are expected
to register 10%+ CAGR in demand in the coming
years. We can book out from the stock with 16%
profit at Rs. 2500 TP.
Greenply Industries Ltd (GIL) manufactures plywood
& allied products and medium density fibreboards
(MDF). GIL to report net revenue CAGR of ~14% to
Greenply Industries
2,079
170
256
51.0
~`2,478cr over FY2017-20E mainly due to healthy
growth in plywood & lamination business on the
back of strong brand and distribution network
L&T Fin’s new management is on track to achieve
L&T Finance Holding
23,974
120
210
75.1
ROE of 18% by 2020 and recent capital infusion of
`3000cr would support advance growth.
We expect loan book to grow at 24.3% over next
GIC Housing
1,390
258
424
64.3
two year; change in borrowing mix will help in NIM
improvement
Strong brands and distribution network would boost
Siyaram Silk Mills
1,409
301
549
82.6
growth going ahead. Stock currently trades at an
inexpensive valuation.
Expected to benefit from the lower capex
Music Broadcast Limited
1,585
57
95
65.8
requirement and 15 year long radio broadcast
licensing.
We expect Inox Wind to report exponential growth
in top-line and bottom-line over FY19-20E. The
growth would be led by changing renewable energy
industry dynamics in favor of wind energy segment
Inox Winds
1,525
69
120
74.7
viz. changes in auction regime from Feed-In-Tariff
(FIT) to reverse auction regime and Government’s
guidance for 10GW auction in FY19 and FY20
each.
Considering the strong CV demand due to change
in BS-VI emission norms (will trigger pre-buying
activities), pick up in construction activities and no
Ashok Leyland
24,996
85
156
83.2
significant impact on industry due to recent axle
load norms, we recommend BUY on Ashok Leyland
at current valuations.
Well planned strategy to grow small business loans
and cross-selling would propel fees income. We
Yes Bank
21,427
92
NA
NA
expect YES to grow its advance much higher than
industry and improvement in asset quality to
support profitability.
Market Outlook
July 12, 2019
Global economic events release calendar
Date
Time
Country
Event Description
Unit
Period
Bloomberg Data
Last Reported
Estimated
May 16, 2019
JN
Housing Starts YoY
% Change
Sep
0.02
(0.01)
May 17, 2019
JN
Annualized Housing Starts
% Change
Sep
0.957m
0.950m
May 17, 2019
JN
Construction Orders YoY
% Change
Sep
0.01
--
May 20, 2019
12:00 AM
ES
Industrial Production YoY
% Change
Sep
0.06
--
May 21, 2019
12:00 AM
RO
ILO Unemployment Rate
% Change
Sep
0.04
--
May 24, 2019
3:15 AM
DE
Unemployment Rate SA
% Change
Sep
0.03
--
May 25, 2019
4:30 AM
DE
Unemployment Rate Gross Rate
% Change
Sep
0.04
0.04
May 26, 2019
4:30 AM
FI
Trade Balance
% Change
Aug F
-400m
--
May 28, 2019
4:30 AM
TU
Economic Confidence
% Change
Oct
71.00
--
May 30, 2019
5:20 AM
TU
Trade Balance
% Ratio
Sep
-2.42b
-1.90b
May 30, 2019
5:20 AM
TU
Central Bank Inflation Report
%
June 02, 2019
5:30 AM
TH
Exports YoY
% Change
Sep
0.06
--
June 03, 2019
5:30 AM
TH
Exports
% Change
Sep
$22380m
--
June 04, 2019
5:31 AM
TH
Imports YoY
%
Sep
0.24
--
June 08, 2019
5:31 AM
TH
Imports
%
Sep
$21776m
--
June 09, 2019
5:31 AM
TH
Trade Balance
Thousands
Sep
$604m
--
June 10, 2019
6:00 AM
TH
BoP Current Account Balance
% Change
Sep
$753m
$1200m
June 11, 2019
0-Jan-00
AU
CPI YoY
% Change
3Q
0.02
0.02
Source: Company, Angel Research
Market Outlook
July 12, 2019
Macro watch
Exhibit 1: Quarterly GDP trends
Exhibit 2: IIP trends
(%)
(%)
10.0
8.5
8.4
9.1
9.0
8.0
7.3
7.5
9.0
7.0
7.0
8.1
8.0
7.6
7.7
7.0
6.5
8.0
6.8
7.0
7.0
6.0
7.0
6.3
6.6
4.8
6.1
4.6
4.5
4.6
5.0
5.6
3.8
6.0
4.0
2.6
5.0
3.0
1.7
4.0
2.0
1.0
0.3
3.0
-
Source: CSO, Angel Research
Source: MOSPI, Angel Research
Exhibit 3: Monthly CPI inflation trends
Exhibit 4: Manufacturing and services PMI
56.0
Mfg. PMI
Services PMI
(%)
6.0
5.2
5.07
54.0
4.9
4.9
5.0
4.4
4.6
4.3
4.2
52.0
3.7
3.7
4.0
3.4
50.0
3.0
2.6
2.3
2.1
2.0
48.0
2.0
1.0
46.0
-
44.0
Source: MOSPI, Angel Research
Source: Market, Angel Research; Note: Level above 50 indicates expansion
Exhibit 5: Exports and imports growth trends
Exhibit 6: Key policy rates
(%)
Exports yoy growth
Imports yoy growth
(%)
Repo rate
Reverse Repo rate
CRR
35.0
7.00
30.0
6.50
25.0
6.00
20.0
5.50
15.0
5.00
10.0
4.50
5.0
4.00
0.0
3.50
(5.0)
3.00
Source: Bloomberg, Angel Research As of 15 April, 2019
Source: RBI, Angel Research
Market Outlook
July 12, 2019
Global watch
Exhibit 1: Latest quarterly GDP Growth (%, yoy) across select developing and developed countries
8.0
(%)
6.9
7.0
5.8
6.0
5.3
5.0
5.0
1.1
3.7
4.0
2.5
3.0
2.2
1.8
2.0
1.5
1.4
0.8
1.0
0.3
-
Source: Bloomberg, Angel Research
Exhibit 2: 2017 GDP Growth projection by IMF (%, yoy) across select developing and developed countries
(%)
6.7
6.8
7.0
6.0
5.4
5.2
5.0
3.7
4.0
3.0
1.8
2.2
2.0
1.7
1.6
1.5
2.0
0.7
0.7
1.0
-
Source: IMF, Angel Research
Exhibit 3: One year forward P-E ratio across select developing and developed countries
(x)
25.0
20.0
15.0
10.0
5.0
-
Source: IMF, Angel Research As of 25 Sep, 2018
Market Outlook
July 12, 2019
Exhibit 4: Relative performance of indices across globe
Returns (%)
Country
Name of index
Closing price
1M
3M
1YR
Brazil
Bovespa
1,00,995
4.1
5.8
38.8
Russia
Micex
2,559
0.0
1.5
10.9
India
Nifty
11,789
-1.1
1.4
10.0
China
Shanghai Composite
2,979
2.8
-3.6
4.6
South Africa
Top 40
51,925
3.8
9.7
3.7
Mexico
Mexbol
44,686
-11.2
-15.1
-11.3
Indonesia
LQ45
1,006
-3.2
4.1
-8.5
Malaysia
KLCI
1,708
1.4
1.7
-8.0
Thailand
SET 50
1,099
0.2
0.6
-8.9
USA
Dow Jones
26,600
7.2
2.6
9.6
UK
FTSE
7,426
3.7
2.0
-2.8
Japan
Nikkei
21,276
3.3
0.3
-4.6
Germany
DAX
12,399
5.7
7.6
0.8
France
CAC
5,539
6.4
3.5
4.0
Source: Bloomberg, Angel Research As of 06 July, 2019
Market Outlook
July 12, 2019
Exhibit 7: Historical Angel Top Picks/Fundamental Calls
Date Added
Top Picks/Fundamental
Stocks
Reco Price
Target/Revised Price
Current Status
17-08-2018
Top Picks
Ashok Leyland
128
156
Open
10-08-2018
Top Picks
Inox Wind
107
127
Open
30-11-2018
Top Picks
TTK Prstige
7,206
8,200
Open
09-08-2018
Top Picks
TTK Prstige
6,206
7,500
06-07-2018
Top Picks
Aurobindo Pharma
603
780
Open
30-08-2018
Top Picks
RBL Bank
626
690
Open
06-07-2018
Top Picks
RBL Bank
565
670
06-07-2018
Top Picks
Yes Bank
348
418
Open
30-06-2018
Top Picks
Jindal Steel & Power
222
350
Open
20-06-2018
Top Picks
Shriram Transport Finance Com
1,466
1,764
Open
30-07-2018
Top Picks
Bata India
918
1,007
Open
23-07-2018
Top Picks
Bata India
842
955
01-07-2018
Top Picks
Bata India
862
948
18-06-2018
Top Picks
Bata India
779
896
14-06-2018
Top Picks
Amber Enterprises
1,026
1,230
Open
07-06-2018
Top Picks
M&M
918
1050
Open
04-05-2018
Top Picks
M&M
860
990
03-05-2018
Fundamental
L&T Finance Holding
171
210
Open
02-05-2018
Top Picks
HDFC Bank
1944
2315
Open
04-05-2018
Top Picks
Matrimony.com Ltd
573
1016
Closed(17/08/2018)
20-04-2018
Top Picks
Matrimony.com Ltd
781
984
15-05-2018
Top Picks
Parag Milk Foods Limited
310
410
Open
16-04-2018
Top Picks
Parag Milk Foods Limited
249
333
27-08-2018
Top Picks
GMM Pfaudler Limited
1,170
1,287
Open
18-08-2018
Top Picks
GMM Pfaudler Limited
1,024
1,200
07-08-2018
Top Picks
GMM Pfaudler Limited
984
1,100
29-06-2018
Fundamental
GMM Pfaudler Limited
932
1,020
14-05-2018
Fundamental
GMM Pfaudler Limited
818
900
06-04-2018
Fundamental
GMM Pfaudler Limited
712
861
07-03-2018
Fundamental
Ashok Leyland Ltd
139
163
Closed (26/04/2018)
03-03-2018
Fundamental
Greenply Industries
340
395
Open
27-08-2018
Top Picks
Safari Industries
974
1,071
Open
14-08-2018
Top Picks
Safari Industries
868
1,000
07-08-2018
Top Picks
Safari Industries
788
870
16-07-2018
Top Picks
Safari Industries
693
800
16-04-2018
Top Picks
Safari Industries
651
750
21-02-2018
Top Picks
Safari Industries
532
650
31-05-2018
Top Picks
HSIL Ltd
348
Closed (31/05/2018)
16-02-2018
Top Picks
HSIL Ltd
433
510
07-02-2018
Fundamental
Elantas Beck India Ltd.
2155
2500
Open
01-02-2018
Top Picks
ICICI Bank
352
416
Open
01-02-2018
Top Picks
Aditya Birla Capital
167
218
Open
04-01-2018
Fundamental
CCL Products
278
360
Open
03-01-2018
Fundamental
Nilkamal Ltd
1880
2178
Open
01-01-2018
Fundamental
Capital First Ltd
693
850
Closed (15/01/2018)
30-12-2017
Fundamental
Shreyans Industries Ltd
205
247
Closed
Source: Company, Angel Research
Market Outlook
July 12, 2019
Exhibit 8: Historical Angel Top Picks/Fundamental Calls
Date Added
Top Picks/Fundamental
Stocks
Reco Price
Target/Revised Price
Current Status
Fundamental
Prism Cement Ltd
160
Closed (09/05/2018)
21-12-2017
Fundamental
Prism Cement Ltd
118
131
18-12-2017
Fundamental Menon Bearings Limited
92
114
Closed (17/01/2018)
14-12-2017
Top Picks
Ruchira Papers Ltd.
188
244
Closed (09/02/2018)
17-05-2018
Top Picks
Century Plyboards India
280
Closed(17/05/2018)
28-11-2017
Top Picks
Century Plyboards India
317
400
19-12-2017
Top Picks
LT Foods
85
Closed(18/06/2018)
06-11-2017
Top Picks
LT Foods
74
96
16-10-2017
FundamentalEndurance Technologies Ltd
1111
1277
Closed (01/12/2017)
11-09-2017
Top Picks
GIC Housing
533
655
Open
10-10-2017
Top Picks
Music Broadcast Limited
404
475
Open
20-07-2017
Top Picks
Music Broadcast Limited
368
434
07-07-2017
Fundamental L&T Finance Holdings Ltd
149
179
Closed (28/8/2017)
06-07-2017
Fundamental
Syngene International
478
564
Closed (1/3/2018)
05-07-2017
Top Picks
Maruti
7371
10619
Open
05-06-2017
Top Picks
Karur Vysya Bank
127
100
Closed (12/03/2018)
23-05-2018
Top Picks
KEI Industries
481
589
Open
04-01-2017
Top Picks
KEI Industries
125
485
31-05-2018
Top Picks
Alkem Lab
1978
Closed (31/05/2018)
01-12-2016
Top Picks
Alkem Lab
1700
2441
17-10-2016
Top Picks
Asian Granito
267
534
Closed (18/02/2018)
17-05-2018
Top Picks
TV Today Network
460
Closed (17/05/2018)
04-08-2016
Top Picks
TV Today Network
297
603
05-04-2016
Top Picks
DHFL
189
720
Open
25-06-2018
Top Picks
Navkar Corporation
207
Closed(25/06/2018)
05-01-2016
Top Picks
Navkar Corporation
207
265
Open
08-12-2015
Top Picks
Blue Star
357
867
Open
30-10-2015
Top Picks
Siyaram Silk Mills
186
851
Open
Source: Company
Market Outlook
July 12, 2019
Research Team Tel: 022 - 39357800
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