Market Outlook
Aug 14, 2018
Market Cues
Domestic Indices
Chg (%)
(Pts)
(Close)
Indian markets are likely to open flat tracking global indices and SGX Nifty.
BSE Sensex
(0.6)
(224)
37,645
U.S. stocks moved mostly lower over the course of the trading session yesterday after
Nifty
(0.6)
(74)
11,356
failing to sustain an early move to the upside. The major averages all pulled back
Mid Cap
(0.7)
(113)
16,098
off their highs of the session and into negative territory. The Dow Jones fell by 0.5%
Small Cap
(0.8)
(130)
16,654
to 25,188 and the Nasdaq dipped by 0.3% to 7,820.
Bankex
(1.2)
(380)
31,368
U.K. shares fell on Monday to extend losses from the previous session as fears over
the collapse of the Turkish lira continued to spook markets. After the currency
Global Indices
Chg (%)
(Pts)
(Close)
witnessed a free fall late last week, the country's central bank took measures to boost
the liquidity in the foreign exchange market. The benchmark FTSE 100 was down by
Dow Jones
(0.5)
(125)
25,188
0.5% to 7,627.
Nasdaq
(0.3)
(19)
7,820
FTSE
(0.5)
(40)
7,627
On domestic front, Indian shares fell for a second straight session yesterday, with
weak cues from global markets keeping investors nervous as the Turkish lira
Nikkei
(2.0)
(441)
21,857
continued to weaken against the dollar to hit a new record low on concerns about a
Hang Seng
(1.5)
(430)
27,937
deepening rift with the United States. Investors also awaited consumer inflation data
Shanghai Com
(0.3)
(9)
2,786
later in the day for possible clues on interest rates. The BSE Sensex went down by
0.6% to 37,645.
Advances / Declines
BSE
NSE
News Analysis
Advances
972
622
Turkish Lira-led rout complicates RBI's inflation-targetting job in India
Declines
1,762
1,183
Unchanged
142
88
1QFY2019 Cadila Healthcare Results
Safari Industries' target price increased to `981
Volumes (` Cr)
Detailed analysis on Pg2
BSE
4,782
NSE
29,301
Investor’s Ready Reckoner
Key Domestic & Global Indicators
Net Inflows (` Cr)
Net
Mtd
Ytd
Stock Watch: Latest investment recommendations on 150+ stocks
FII
414
1,470
-1,941
Refer Pg5 onwards
*MFs
15
155
72,753
Top Picks
CMP
Target
Upside
Company
Sector
Rating
Top Gainers
Price (`)
Chg (%)
(`)
(`)
(%)
Blue Star
Capital Goods
Buy
700
867
23.9
APOLLOHOSP
1068
12.8
Dewan Housing Finance
Financials
Buy
622
720
15.7
UBL
1300
8.3
Parag Milk Foods
Others
Buy
306
410
34.0
FSL
65
6.3
Bata India
Others
Accumulate
982
1,080
10.0
RCOM
21
5.3
KEI Industries
Capital Goods
Buy
381
589
54.6
More Top Picks on Pg4
KWALITY
20
4.9
Key Upcoming Events
Top Losers
Price (`)
Chg (%)
Previous
Consensus
Date
Region
Event Description
ReadingExpectations
VAKRANGEE
50
-20.0
Aug 14, 2018 India
Exports YoY%
17.57
IL&FSTRANS
35
-10.4
Aug 14, 2018 China
Industrial Production (YoY)
6.00
6.30
HATHWAY
19
-8.5
Aug 14, 2018 India
Monthly Wholesale Prices YoY%
5.77
5.22
BAJAJELEC
556
-8.2
Aug 14, 2018 UK
Jobless claims change
7.80
Aug 14, 2018 Germany
GDP nsa (YoY)
1.60
2.50
SUNTV
763
-7.8
More Events on Pg7
As on Aug 13, 2018
Market Outlook
Aug 14, 2018
News Analysis
Turkish Lira-led rout complicates RBI's inflation-targetting job in India
There’s not a moment of respite for India’s inflation-targeting central bank. Just
when gains in consumer prices eased, a renewed onslaught on the rupee amid a
Turkish lira-led rout on emerging market currencies may require a response, and
possibly more rate action.
Government data on Monday showed retail inflation quickened 4.17 per cent in
July from a year earlier, slower than the 4.5 per cent median estimate in a
Bloomberg survey of economists. The same day the rupee hit a record low of
69.9337 against the dollar, keeping its position as Asia’s worst-
performing currency this year intact.
A weaker currency complicates the Reserve Bank of India’s job of keeping prices in
check. The monetary policy committee led by Governor Urjit Patel increased
interest rates twice since June to curb rising price pressures, while the RBI depleted
$23 billion in foreign reserves to check currency volatility. The central bank doesn’t
target the exchange rate and attributes any rate moves to its goal of containing
rising prices.
A selloff in Turkey’s lira spread to other emerging market currencies, with the
rupee losing the most since September 2013. Earlier this month, the RBI raised
rates to the highest in two years against the backdrop of an economy that’s
growing faster than any other major nation.
1QFY2019 Cadila Healthcare Results
For 1QFY2019, Cadila Healthcare posted good set of numbers. The sales came in
at `2,894cr, posting a yoy growth of 28.5%. The growth was driven by key
markets USA & India. In USA & India, the company posted sales of `1,230cr &
`893cr respectively, registering a yoy growth of 27.4% & 40.4% respectively. On
the OPM front the GPM came in at 64.4% of sales in 1QFY2019 V/s 61.7% of
sales in 1QFY2018, resulting in OPM coming at 18.8% in 1QFY2019 V/s 9.2% in
1QFY2018. Other income came in at `125cr V/s `79.4cr in 1QFY2018. Net profit
came in at s `461cr in 1QFY2019 V/s `138.4cr in 1QFY2018. We maintain our
buy with a price target of `423.
Safari Industries' target price increased to `981
We are increasing the target price of Safari Industries to `981 at 40x FY2020
earnings in view of robust Q1FY2019 results and continued demand momentum
in luggage segment.
Market Outlook
Aug 14, 2018
Economic and Political News
India's retail inflation drops to a nine-month low of 4.2% in July
Troubled power corps irked over govt's move to export 300 Mw to Bangladesh
Relief for solar panel importers with provisional stay on safeguard duty
Corporate News
Insolvency process: Bhushan Power CoC may take a call on revised bids today
Jet Airways, Icra under Sebi lens for lapses in loan status disclosure
Infosys to go ahead with Kolkata project worth Rs 1 bn without SEZ status
Tata Steel Q1 PAT doubles to Rs 19.34 bn YoY, Ebitda at 20-quarter high
PNB Fraud: Govt sacks Usha Ananthasubramanian as Allahabad Bank chief
RCom reinstates Rs 7.74-bn bank guarantees with DoT; asset sale on track
Quarterly Bloomberg Brokers Consensus Estimate
Sunpharma Ltd - August 14, 2018
Particulars (` cr)
1QFY19E
1QFY18
y-o-y (%)
4QFY18
q-o-q (%)
Sales
6,949
6,209
11.9
6,977
(0.01)
EBIDTA
1,575
145
986.2
1,683
(6.4)
%
22.6
2.4
24.2
PAT
911
(323)
-
1,529
(40.5)
Market Outlook
Aug 14, 2018
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
6,742
700
867
23.9
the market growth. EMPPAC division's profitability
to improve once operating environment turns
around.
With a focus on the low and medium income (LMI)
consumer segment, the company has increased its
Dewan Housing Finance
19,526
622
720
15.7
presence in tier-II & III cities where the growth
opportunity is immense.
Well capitalized with CAR of 18.1% which gives
sufficient room to grow asset base. Faster
ICICI Bank
2,09,225
325
416
27.9
resolution of NPA would reduce provision cost,
which would help to report better ROE.
High order book execution in EPC segment, rising
KEI Industries
2,986
381
589
54.6
B2C sales and higher exports to boost the revenues
and profitability
Expected to benefit from the lower capex
Music Broadcast Limited
1,883
330
475
44.0
requirement and 15 year long radio broadcast
licensing.
Strong brands and distribution network would
Siyaram Silk Mills
2,405
513
851
65.8
boost growth going ahead. Stock currently trades
at an inexpensive valuation.
GST regime and the Gujarat plant are expected to
Maruti Suzuki
2,74,598
9,090
10,820
19.0
improve the company’s sales volume and margins,
respectively.
We expect loan book to grow at 24.3% over next
GIC Housing
1,824
339
591
74.5
two year; change in borrowing mix will help in NIM
improvement
Third largest brand play in luggage segment
Increased product offerings and improving
Safari Industries
1,936
869
981
12.9
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
31,127
141
218
54.2
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
2,574
306
410
34.0
Value Added Products and reduction in interest cost
is likely to boost margins and earnings in next few
years.
We expect MCL to report net revenue CAGR of
~15% to ~`450cr over FY2018-20E mainly due to
strong growth in online matchmaking & marriage
Matrimony.com Ltd
1,363
600
1,016
69.4
related services. On the bottom-line front, we
expect a CAGR of ~28% to `82cr over the same
period on the back margin improvement.
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
5,58,459
2,091
2,350
12.4
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.
Source: Company, Angel Research
Market Outlook
Aug 14, 2018
Continued...
Market Cap
CMP
Target
Upside
Company
Rationale
(` Cr)
(`)
(`)
(%)
We expect strong PAT growth on back of
healthy growth in automobile segment (on back
of new launches and facelifts in some of the
M&M
1,18,663
955
1,050
10.0
model ) and 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
Amber Enterprises
2,928
931
1,230
32.1
solutions 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
~`3115cr over FY2018-20E
Bata India
12,619
982
1,080
10.0
mainly due to new product launches, higher
number of stores addition and focus on
women’s high growth segment and margin
improvement
SHTF is in the sweet spot with benefits from
stronger CV volumes, NIMs unaffected by rising
Shriram Transport Finance
31,959
1,351
1,764
30.5
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
19,693
199
327
64.3
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
1,490
1,035
1,100
6.2
15%+ in revenue over the next few years
mainly led by uptick in demand from user
industries and it is also expecting to increase its
share of non-GL business to 50% by 2020.
Aurobindo Pharmaceuticals, amongst the
Indian Pharmaceutical companies, is well
placed to face the challenging generic markets,
given its focus on achieving growth through
Aurobindo Pharmaceuticals
35,749
617
780
26.9
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.
Well planned strategy to grow small business
loans and cross-selling would propel fees
Yes Bank
85,588
371
435
17.2
income. We expect YES to grow its advance
much higher than industry and improvement in
asset quality to support profitability.
We believe advance to grow at a healthy CAGR
of 35% over FY18-20E. Below peers level ROA
RBL Bank
23,763
562
670
19.2
(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
7,089
6,200
7,500
20.9
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.
Source: Company, Angel Research
Market Outlook
Aug 14, 2018
Continued...
Market Cap
CMP
Target
Upside
Company
Rationale
(` Cr)
(`)
(`)
(%)
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
Inox Winds
2,172
96
127
32.9
wind energy segment viz. changes in auction
regime from Feed-In-Tariff (FIT) to reverse
auction regime and Government’s guidance for
10GW auction in FY19 and FY20 each.
Source: Company, Angel Research
Fundamental Call
Market Cap
CMP
Target
Upside
Company
Rationale
(` Cr)
(`)
(`)
(%)
CCL is likely to maintain the strong growth
CCL Products
3,384
254
360
41.5
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
2,656
1,780
2,178
22.4
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
1,570
1,980
2,500
26.2
demand from several industries which are expected
to register 10%+ CAGR in demand in the coming
years.
Greenply Industries Ltd (GIL) manufactures plywood
& allied products and medium density fibreboards
(MDF). GIL to report net revenue CAGR of ~14% to
Greenply Industries
2,467
201
333
65.5
~`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
34,859
175
210
20.3
ROE of 18% by 2020 and recent capital infusion of
`3000cr would support advance growth.
Market Outlook
Aug 14, 2018
Key Upcoming Events
Global economic events release calendar
Bloomberg Data
Date
Time Country
Event Description
Unit
Period
Last Reported
Estimated
Aug 14, 2018
India
Exports YoY%
% Change
Jul
17.57
7:30 AMChina
Industrial Production (YoY)
% Change
Jul
6.00
6.30
12:00 PMIndia
Monthly Wholesale Prices YoY%
% Change
Jul
5.77
5.22
2:00 PMUK
Jobless claims change
% Change
Jul
7.80
11:30 AMGermany
GDP nsa (YoY)
% Change
2Q P
1.60
2.50
Aug 15, 2018
2:00 PMUK
CPI (YoY)
% Change
Jul
2.40
2.50
6:45 PMUS
Industrial Production
%
Jul
0.62
0.35
Aug 16, 2018
6:00 PMUS
Initial Jobless claims
Thousands
Aug 11
213.00
6:00 PMUS
Housing Starts
Thousands
Jul
1,173.00
1,273.00
6:00 PMUS
Building permits
Thousands
Jul
1,292.00
1,308.00
Aug 17, 2018
7:30 PMUS
Existing home sales
Million
Jul
5.38
5.43
Aug 22, 2018
2:30 PMEuro Zone
Euro-Zone CPI (YoY)
%
Jul F
2.10
2.10
Aug 23, 2018
1:00 PMGermany
PMI Services
Value
Aug P
54.10
1:00 PMGermany
PMI Manufacturing
Value
Aug P
56.90
7:30 PMEuro Zone
Euro-Zone Consumer Confidence
Value
Aug A
(0.60)
7:30 PMUS
New home sales
Thousands
Jul
631.00
650.00
Aug 28, 2018
7:30 PMUS
Consumer Confidence
S.A./ 1985=100
Aug
127.40
Aug 29, 2018
6:00 PMUS
GDP Qoq (Annualised)
% Change
2Q S
4.10
Aug 30, 2018
1:25 PMGermany
Unemployment change (000's)
Thousands
Aug
(6.00)
Aug 31, 2018
6:30 AMChina
PMI Manufacturing
Value
Aug
51.20
Sep 03, 2018
6:00 PMUS
Change in Nonfarm payrolls
Thousands
Aug
157.00
Sep 07, 2018
6:00 PMUS
Unnemployment rate
%
Aug
3.90
China
Exports YoY%
% Change
Aug
12.20
Sep 08, 2018
2:00 PMUK
PMI Manufacturing
Value
Aug
54.00
Source: Bloomberg, Angel Research
Market Outlook
Aug 14, 2018
Macro watch
Exhibit 1: Quarterly GDP trends
Exhibit 2: IIP trends
(%)
(%)
10.0
9.0
8.5
9.1
8.0
7.3
7.5
9.0
6.9
7.0
8.0
8.1
7.6
7.6
7.7
7.0
8.0
7.2
6.8
7.0
6.0
5.3
7.0
4.8
4.8
6.1
6.3
5.0
4.1
5.6
3.9
6.0
4.0
5.0
3.0
1.8
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
(%)
z
6.0
56.0
Mfg. PMI
Services PMI
5.2
5.1
5.0
4.9
4.9
4.6
54.0
5.0
4.4
4.3
52.0
4.0
3.6
3.3
3.3
50.0
3.0
2.4
48.0
2.0
46.0
1.0
44.0
42.0
-
40.0
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
Source: RBI, Angel Research
Market Outlook
Aug 14, 2018
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
Market Outlook
Aug 14, 2018
Exhibit 4: Relative performance of indices across globe
Returns (%)
Country
Name of index
Closing price
1M
3M
1YR
Brazil
Bovespa
76,514
2.8
(10.9)
14.6
Russia
Micex
4,248
1.4
7.1
11.4
India
Nifty
11,430
3.0
5.1
15.6
China
Shanghai Composite
2,795
(1.8)
(12.2)
(14.9)
South Africa
Top 40
51,577
1.9
0.0
6.7
Mexico
Mexbol
48,384
(1.3)
4.0
(5.0)
Indonesia
LQ45
963
(0.8)
(3.7)
(5.2)
Malaysia
KLCI
1,806
6.9
(1.2)
2.3
Thailand
SET 50
1,129
5.5
(2.6)
12.3
USA
Dow Jones
25,313
2.5
2.3
15.8
UK
FTSE
7,667
1.0
(0.7)
4.3
Japan
Nikkei
22,298
0.5
(2.0)
11.3
Germany
DAX
12,424
(1.2)
(4.9)
1.5
France
CAC
5,415
(0.2)
(2.8)
4.9
Source: Bloomberg, Angel Research as on 13 August, 2018
Market Outlook
Aug 14, 2018
Exhibit 7: Historical Angel Top Picks/Fundamental Calls
Date Added
Top Picks/Fundamental
Stocks
Reco Price
Target/Revised Price
Current Status
10-08-2018
Top Picks
Inox Wind
107
127
Open
09-08-2018
Top Picks
TTK Prstige
6,206
7,500
Open
06-07-2018
Top Picks
Aurobindo Pharma
603
780
Open
06-07-2018
Top Picks
RBL Bank
565
670
Open
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
810
1016
Open
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
07-08-2018
Top Picks
GMM Pfaudler Limited
984
1,100
Open
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
07-08-2018
Top Picks
Safari Industries
788
870
Open
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
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)
Source: Company, Angel Research
Market Outlook
Aug 14, 2018
Exhibit 8: Historical Angel Top Picks/Fundamental Calls
Date Added
Top Picks/Fundamental
Stocks
Reco Price
Target/Revised Price
Current Status
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
Aug 14, 2018
Research Team Tel: 022 - 39357800
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