Market Outlook
November 15, 2016
Market Cues
Domestic Indices
Chg (%)
(Pts)
(Close)
Indian markets are expected to open flat to negative zone, tracking the SGX Nifty
BSE Sensex
(2.5)
(699)
26,819
and Asian market trends.
Nifty
(2.7)
(229)
8,296
Mid Cap
(3.6)
(468)
12,464
U.S. Markets closed mixed on Monday, after the Dow Jones industrial average hit a
Small Cap
(3.4)
(442)
12,485
new all-time high, as investors evaluated the prospects of economic growth
following Donald Trump's presidential election win.
Bankex
(2.5)
(581)
22,604
European markets closed slightly higher on Monday, after the bond market was hit
Global Indices
Chg (%)
(Pts)
(Close)
by fresh losses and traders continued to digest the results of the U.S. presidential
elections.
Dow Jones
0.1
21
18,869
Nasdaq
(0.4)
(19)
5,218
Indian markets tumbled on Friday and the rupee hit an 11-week low against the
dollar, as soaring U.S. bond yields on expectations of higher inflation and interest
FTSE
0.3
23
6,753
rates in the U.S. stoked worries about capital outflows from the region.
Nikkei
0.1
20
17,693
Hang Seng
0.8
170
22,392
Result Review
Shanghai Com
0.1
2
3,212
Result Review - Aurobindo Pharma Q2 net profit up 33% at `605cr
Detailed analysis on Pg2
Advances / Declines
BSE
NSE
Investor’s Ready Reckoner
Advances
423
171
Key Domestic & Global Indicators
Declines
2,279
1,470
Unchanged
147
41
Stock Watch: Latest investment recommendations on 150+ stocks
Refer Pg5 onwards
Volumes (` Cr)
Top Picks
CMP
Target
Upside
BSE
3,461
Company
Sector
Rating
(`)
(`)
(%)
NSE
26,052
Amara Raja BatteriesAuto & Auto Ancill.
Buy
962
1,218
26.7
HCL Tech
IT
Buy
764
1,000
31.0
Net Inflows (` Cr)
Net
Mtd
Ytd
Asian Granito
Capital Goods
Buy
231
351
51.8
Equitas Holdings
Financials
Buy
162
235
45.2
FII
(733)
(4272)
45,381
Navkar Corporation Others
Buy
185
265
43.1
MFs
639
5054
25,047
More Top Picks on Pg3
Top Gainers
Price (`)
Chg (%)
Key Upcoming Events
Previous
Consensus
Date
Region
Event Description
Ibrealest
72
6.0
Reading
Expectations
Get&D
347
4.6
Nov 15 India
Monthly Wholesale Prices YoY%
3.57
3.74
Nov 15 Germany GDP nsa (YoY)
3.10
1.70
Sunpharma
689
3.3
Nov 15 Euro Zone Euro-Zone GDP s.a. (QoQ)
0.30
0.30
Siemens
1,128
3.2
Nov 15 UK
CPI (YoY)
1.00
1.10
Justdial
403
1.5
Nov 16 UK
Jobless claims change
0.70
1.80
Nov 16 US
Industrial Production
0.06
0.20
Top Losers
Price (`)
Chg (%)
Nov 16 US
Producer Price Index (mom)
0.80
-
3.696.(
Deltacorp
106
(12.3)
More Events on Pg4
Manappuram
90
(12.0)
Centurytex
811
(9.6)
Sreinfra
79
(9.4)
Shriramcit
2,060
(9.3)
As on November 11, 2016
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Market Outlook
November 15, 2016
Result Review
Aurobindo Pharma Q2 net profit up 33% at `605cr
Hyderabad-based Aurobindo Pharma Limited has reported a 33.5% jump in
consolidated net profit at `605.6cr for the quarter ended September 2016 on the
back of higher growth in formulations business in the US market. The net profit for
the same quarter of the previous year was `453.6cr. The company's income from
operations grew
12.2% to
`3,775.5cr for the quarter under review from
`3,365.1cr in the year ago period while the EBITDA (earnings before interest,
taxes, depreciation and amortisation) margin was improved by 150 basis points
during the period. The company also reported a foreign exchange gain of `20.2cr
for the period as compared to a loss of `43.9 cr on this front in the year ago
period.
US formulations, which contributed 46% to Aurobindo's gross sales has witnessed
17.8% growth at `1,735.1cr due to increase in volume and the new launches in
both oral and injectable segment, while the overall formulations business grew by
12.4%. In Europe, the company's second largest contributor to the formulations
business, gross sales of formulations has increased by 6.4% at `813.4cr as
compared with `764.3cr. The formulations sales in the emerging markets, though
relatively smaller compared to the above geographies, has registered a 13.3%
increase to `176.8cr in the quarter ended September, 2016 from `176.3cr in the
year ago period. However, the Anti-Retro Virals business remained flat at `278.5cr
as compared with
`280.2cr in the corresponding previous quarter. Active
Pharmaceutical Ingredients grew by 11.3% at `768.8cr.
On a sequential basis the growth in revenue and profit was marginal as compared
to that of the first quarter ended June, 2016.
Economic and Political News
FDI in services sector jumps to $5.28 bn during first half of FY17
India's April-Sept tea exports drop 5% as Pakistan cuts purchases
China cautiously backs India-Japan nuclear deal
Corporate News
Apollo Hospitals in expansion mode; to invest `1,400cr
GAIL scraps $7 billion 'Make in India' LNG carrier tender
RCom Q2 net profit plunges 80% to `39cr
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Market Outlook
November 15, 2016
Top Picks ★★★★★
Large Cap
Market Cap
CMP
Target
Upside
Company
Rationale
(` Cr)
(`)
(`)
(%)
To outpace battery industry growth due to better technological
Amara Raja Batteries
16,425
962
1,218
26.7
products leading to market share gains in both the
automotive OEM and replacement segments.
The stock is trading at attractive valuations and is factoring all
HCL Tech
1,07,725
764
1,000
31.0
the bad news.
Back on the growth trend, expect a long term growth of 14%
Infosys
2,11,744
922
1,249
35.5
to be a US$20bn in FY2020.
Source: Company, Angel Research
Mid Cap
Market Cap
CMP
Target
Upside
Company
Rationale
(` Cr)
(`)
(`)
(%)
We expect the company would report strong profitability
Asian Granito
696
231
351
51.8
owing to better product mix, higher B2C sales and
amalgamation synergy.
Among the top 4 players in the consumer durables segment.
Bajaj Electricals
2,249
223
306
37.5
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
4,857
509
634
24.5
growth. EMPPAC division's profitability to improve once
operating environment turns around.
With a focus on the low and medium income (LMI) consumer
Dewan Housing Finance
7,870
251
350
39.2
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
5,428
162
235
45.2
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
5,950
182
225
23.6
radio business (Radio City) would also boost the company's
revenue growth.
Speedier execution and speedier sales, strong revenue visibilty
Mahindra Lifespace
1,616
394
522
32.5
in short-to-long run, attractive valuations
We expect the company to report strong growth on back of
healthy growth in domestic branded sales (owing to
Mirza International
1,038
86
113
31.0
aggressive ad spend and addition in the number of EBOs &
multi-brand outlets [MBOs]) and healthy export revenues.
Massive capacity expansion along with rail advantage at ICD
Navkar Corporation
2,641
185
265
43.1
as well CFS augurs well for the company.
Strong brands and distribution network would boost growth
Siyaram Silk Mills
1,280
1,366
1,714
25.5
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
1,986
333
385
15.6
and anticipated growth in ad spends by corporates to benefit
the stock.
Source: Company, Angel Research
www.angelbroking.com
Market Outlook
November 15, 2016
Key Upcoming Events
Result Calendar
Date
Company
November 15, 2016 Tata Global, GAIL, HPCL
November 17, 2016 Petronet LNG
November 18, 2016 NHPC
November 19, 2016 India Cements
Source: Bloomberg, Angel Research
Global economic events release calendar
Bloomberg Data
Date
Time
Country
Event Description
Unit
Period
Last Reported
Estimated
Nov 15, 2016
12:00 PM
India Monthly Wholesale Prices YoY%
% Change Oct
3.57
3.74
12:30 PM Germany
GDP nsa (YoY)
% Change 3Q P
3.10
1.70
3:30 PM Euro Zone
Euro-Zone GDP s.a. (QoQ)
% Change 3Q P
0.30
0.30
3:00 PM
UK
CPI (YoY)
% Change Oct
1.00
1.10
Nov 16, 2016
3:00 PM
UK
Jobless claims change
% Change Oct
0.70
1.80
7:45 PM
US
Industrial Production
% Oct
0.06
0.20
US
Producer Price Index (mom)
% Change Oct
0.80
Nov 17, 2016
7:00 PM
US
Initial Jobless claims
ThousandsNov 12
254.00
7:00 PM
US
Housing Starts
Thousands Oct
1,047.00
1,155.00
7:00 PM
US
Building permits
Thousands Oct
1,225.00
1,195.00
7:00 PM
US Consumer price index (mom)
% Change Oct
0.30
0.40
3:30 PM Euro Zone
Euro-Zone CPI (YoY)
% Oct F
0.50
0.50
Nov 22, 2016
8:30 PM Euro ZoneEuro-Zone Consumer Confidence
Value Nov A
(8.00)
2:00 PM Germany
PMI Services
Value Nov P
54.20
Nov 23, 2016
8:30 PM
US
Existing home sales
Million
Oct
5.47
5.46
2:00 PM Germany
PMI Manufacturing
Value Nov P
55.00
8:30 PM
US
New home sales
Thousands Oct
593.00
587.50
Nov 25, 2016
3:00 PM
UK
GDP (YoY)
% Change 3Q P
2.30
Nov 29, 2016
7:00 PM
US
GDP Qoq (Annualised)
% Change 3Q S
2.90
8:30 PM
US
Consumer Confidence S.A./ 1985=100 Nov
98.60
Nov 30, 2016
2:25 PM Germany Unemployment change (000's)
Thousands Nov
(13.00)
Source: Bloomberg, Angel Research
www.angelbroking.com
www.angelbroking.com
Market Outlook
November 15, 2016
Macro watch
Exhibit 1: Quarterly GDP trends
Exhibit 2: IIP trends
(%)
(%)
9.0
8.3
12.0
9.9
7.8
7.9
10.0
8.0
7.5
7.5
7.6
7.2
7.1
8.0
6.6
6.7
7.0
6.4
6.0
5.8
6.0
4.0
1.9
2.0
1.3
2.0
0.3
5.0
-
4.0
(2.0)
(0.7)
(0.9)
(1.6)
(1.3)
(4.0)
(2.5)
3.0
(3.4)
(6.0)
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
(%)
55.0
7.0
6.1
5.7
5.8
5.8
54.0
5.6
5.5
6.0
5.4
5.3
5.0
5.1
53.0
4.8
5.0
4.3
52.0
4.0
51.0
50.0
3.0
49.0
2.0
48.0
1.0
47.0
46.0
-
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
10.0
7.00
5.0
6.50
0.0
6.00
(5.0)
5.50
(10.0)
5.00
(15.0)
4.50
(20.0)
4.00
(25.0)
(30.0)
3.50
(35.0)
3.00
Source: Bloomberg, Angel Research
Source: RBI, Angel Research
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Market Outlook
November 15, 2016
Global watch
Exhibit 1: Latest quarterly GDP Growth (%, yoy) across select developing and developed countries
(%)
8.0
6.7
6.0
5.3
0.6
5.0
4.0
3.5
4.0
3.1
2.3
1.5
2.0
1.1
0.8
-
(2.0)
(0.6)
(4.0)
(3.8)
(6.0)
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)
20.0
18.0
16.0
14.0
12.0
10.0
8.0
6.0
4.0
2.0
-
Source: IMF, Angel Research
www.angelbroking.com
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Market Outlook
November 15, 2016
Exhibit 4: Relative performance of indices across globe
Returns (%)
Country
Name of index
Closing price
1M
3M
1YR
Brazil
Bovespa
59,657
(2.2)
2.3
29.1
Russia
Micex
2,022
1.4
2.3
16.2
India
Nifty
8,296
(4.7)
(4.8)
3.2
China
Shanghai Composite
3,210
4.8
6.9
(8.8)
South Africa
Top 40
43,466
(1.2)
(4.2)
(7.1)
Mexico
Mexbol
45,306
(5.4)
(6.3)
2.5
Indonesia
LQ45
855
(8.0)
(6.1)
8.9
Malaysia
KLCI
1,617
(2.9)
(3.4)
(4.3)
Thailand
SET 50
914
2.0
(7.5)
0.1
USA
Dow Jones
18,869
4.3
1.2
7.9
UK
FTSE
6,753
(3.2)
(2.7)
7.7
Japan
Nikkei
17,673
4.9
5.4
(6.6)
Germany
DAX
10,694
2.7
(0.4)
(2.5)
France
CAC
4,509
2.3
1.1
(7.8)
Source: Bloomberg, Angel Research
www.angelbroking.com
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Stock Watch
November 15, 2016
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
Accumulate
197
209
3,832
1,937
2,164
13.3
14.3
9.0
11.0
21.9
17.9
3.8
3.3
18.4
19.8
2.0
1.8
United Phosphorus
Accumulate
649
684
32,884
15,176
17,604
18.5
18.5
37.4
44.6
17.3
14.5
3.4
2.8
21.4
21.2
2.3
1.9
Auto & Auto Ancillary
Ashok Leyland
Buy
87
111
24,873
22,407
26,022
10.6
10.6
5.2
6.4
16.8
13.6
3.8
3.2
23.6
24.7
1.2
1.0
Bajaj Auto
Neutral
2,648
-
76,626
25,093
27,891
19.5
19.2
143.9
162.5
18.4
16.3
5.2
4.4
30.3
29.4
2.8
2.4
Bharat Forge
Neutral
863
-
20,089
7,726
8,713
20.5
21.2
35.3
42.7
24.5
20.2
4.5
4.1
18.9
20.1
2.7
2.3
Eicher Motors
Neutral
21,685
-
58,900
16,583
20,447
17.5
18.0
598.0
745.2
36.3
29.1
12.4
9.4
41.2
38.3
3.4
2.7
Gabriel India
Accumulate
117
130
1,684
1,544
1,715
9.0
9.3
5.4
6.3
21.7
18.6
4.1
3.6
18.9
19.5
1.0
0.9
Hero Motocorp
Buy
2,982
3,541
59,542
30,958
34,139
15.7
15.7
193.6
208.3
15.4
14.3
6.0
5.0
34.2
30.5
1.8
1.6
Jamna Auto Industries Neutral
194
-
1,552
1,486
1,620
9.8
9.9
15.0
17.2
13.0
11.3
2.8
2.4
21.8
21.3
1.1
1.0
L G Balakrishnan & Bros Neutral
620
-
973
1,302
1,432
11.6
11.9
43.7
53.0
14.2
11.7
2.0
1.8
13.8
14.2
0.8
0.8
Mahindra and Mahindra Neutral
1,242
-
77,130
46,534
53,077
11.6
11.7
67.3
78.1
18.5
15.9
3.0
2.6
15.4
15.8
1.6
1.4
Maruti
Buy
5,136
6,006
155,153
68,057
82,958
15.8
15.5
212.1
261.2
24.2
19.7
4.8
4.0
19.8
20.3
2.0
1.5
Minda Industries
Neutral
339
-
2,687
2,728
3,042
9.0
9.1
68.2
86.2
5.0
3.9
1.1
0.9
23.8
24.3
1.0
0.9
Motherson Sumi
Neutral
302
-
42,410
45,896
53,687
7.8
8.3
13.0
16.1
23.2
18.8
7.5
6.0
34.7
35.4
1.0
0.8
Rane Brake Lining
Neutral
971
-
768
511
562
11.3
11.5
28.1
30.9
34.6
31.4
5.3
4.8
15.3
15.0
1.6
1.5
Setco Automotive
Neutral
39
-
525
741
837
13.0
13.0
15.2
17.0
2.6
2.3
0.4
0.4
15.8
16.3
1.1
1.0
Tata Motors
Neutral
507
-
146,497
300,209
338,549
8.9
8.4
42.7
54.3
11.9
9.4
1.9
1.6
15.6
17.2
0.6
0.5
TVS Motor
Neutral
361
-
17,129
13,390
15,948
6.9
7.1
12.8
16.5
28.3
21.8
7.0
5.6
26.3
27.2
1.3
1.1
Amara Raja Batteries
Buy
962
1,167
16,425
5,504
6,605
18.4
19.8
33.4
40.9
28.8
23.5
6.4
5.2
22.1
22.0
3.0
2.5
Exide Industries
Neutral
181
-
15,415
7,439
8,307
15.0
15.0
8.1
9.3
22.4
19.5
3.1
2.8
14.3
16.7
1.7
1.5
Apollo Tyres
Buy
192
235
9,796
12,877
14,504
14.3
13.9
21.4
23.0
9.0
8.4
1.4
1.2
16.4
15.2
0.9
0.9
Ceat
Accumulate
1,276
1,450
5,160
7,524
8,624
13.0
12.7
131.1
144.3
9.7
8.8
1.8
1.5
19.8
18.6
0.8
0.7
JK Tyres
Neutral
136
-
3,084
7,455
8,056
15.0
15.0
21.8
24.5
6.2
5.6
1.3
1.1
22.8
21.3
0.5
0.5
Swaraj Engines
Neutral
1,351
-
1,678
660
810
15.2
16.4
54.5
72.8
24.8
18.6
7.7
7.0
31.5
39.2
2.4
1.9
Subros
Neutral
150
-
899
1,488
1,681
11.7
11.9
6.4
7.2
23.4
20.9
2.5
2.2
10.8
11.4
0.8
0.7
Indag Rubber
Neutral
176
-
463
286
326
19.8
16.8
11.7
13.3
15.1
13.2
2.5
2.4
17.8
17.1
1.3
1.1
Capital Goods
ACE
Neutral
48
-
478
709
814
4.1
4.6
1.4
2.1
34.5
23.0
1.4
1.3
4.4
6.0
0.8
0.7
BEML
Neutral
883
-
3,679
3,451
4,055
6.3
9.2
31.4
57.9
28.1
15.3
1.7
1.5
6.3
10.9
1.2
1.0
Bharat Electronics
Accumulate
1,302
1,414
31,250
8,137
9,169
16.8
17.2
58.7
62.5
22.2
20.8
3.4
3.1
44.6
46.3
2.8
2.5
www.angelbroking.com
Stock Watch
November 15, 2016
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
Buy
333
407
11,033
6,511
7,514
7.9
8.7
12.9
16.3
25.9
20.5
4.7
4.1
16.7
18.5
1.4
1.2
BGR Energy
Neutral
110
-
793
16,567
33,848
6.0
5.6
7.8
5.9
14.1
18.6
0.8
0.8
4.7
4.2
0.2
0.1
BHEL
Neutral
136
-
33,398
28,797
34,742
-
2.8
2.3
6.9
59.3
19.8
1.0
1.0
1.3
4.8
0.8
0.6
Blue Star
Buy
509
634
4,857
4,283
5,077
5.9
7.3
14.9
22.1
34.2
23.0
6.6
5.6
20.4
26.4
1.2
1.0
Crompton Greaves
Neutral
79
-
4,929
5,777
6,120
5.9
7.0
3.3
4.5
23.8
17.5
1.1
1.0
4.4
5.9
0.8
0.7
Greaves Cotton
Neutral
128
-
3,136
1,755
1,881
16.8
16.9
7.8
8.5
16.5
15.1
3.3
3.1
20.6
20.9
1.5
1.3
Inox Wind
Neutral
197
-
4,364
5,605
6,267
15.7
16.4
24.8
30.0
7.9
6.6
2.2
1.6
25.9
24.4
0.8
0.7
KEC International
Neutral
141
-
3,619
9,294
10,186
7.9
8.1
9.9
11.9
14.2
11.8
2.1
1.8
15.6
16.3
0.6
0.6
Thermax
Neutral
881
-
10,496
5,421
5,940
7.3
7.3
25.7
30.2
34.3
29.2
4.1
3.8
12.2
13.1
1.8
1.7
VATech Wabag
Buy
512
681
2,792
3,136
3,845
8.9
9.1
26.0
35.9
19.7
14.3
2.5
2.1
13.4
15.9
0.8
0.6
Cement
ACC
Neutral
1,398
-
26,260
11,225
13,172
13.2
16.9
44.5
75.5
31.4
18.5
3.0
2.7
11.2
14.2
2.3
2.0
Ambuja Cements
Neutral
219
-
43,575
9,350
10,979
18.2
22.5
5.8
9.5
37.8
23.1
3.2
2.9
10.2
12.5
4.7
4.0
India Cements
Neutral
132
-
4,069
4,364
4,997
18.5
19.2
7.9
11.3
16.8
11.7
1.2
1.2
8.0
8.5
1.7
1.5
JK Cement
Neutral
833
-
5,827
4,398
5,173
15.5
17.5
31.2
55.5
26.7
15.0
3.2
2.8
12.0
15.5
1.9
1.6
J K Lakshmi Cement
Buy
414
565
4,868
2,913
3,412
14.5
19.5
7.5
22.5
55.2
18.4
3.4
2.9
12.5
18.0
2.3
1.9
Orient Cement
Buy
148
215
3,029
2,114
2,558
18.5
20.5
8.1
11.3
18.3
13.1
2.7
2.3
9.0
14.0
2.1
1.6
UltraTech Cement
Neutral
3,635
-
99,750
25,768
30,385
21.0
23.5
111.0
160.0
32.8
22.7
4.2
3.7
13.5
15.8
4.0
3.3
Construction
ITNL
Neutral
95
-
3,119
8,946
10,017
31.0
31.6
8.1
9.1
11.7
10.4
0.4
0.4
4.2
5.0
3.7
3.4
KNR Constructions
Accumulate
713
802
2,005
1,385
1,673
14.7
14.0
41.2
48.5
17.3
14.7
3.2
2.8
14.9
15.2
1.5
1.3
Larsen & Toubro
Buy
1,390
1,700
129,526
67,665
77,249
10.7
11.5
57.3
71.2
24.3
19.5
2.2
2.1
12.6
14.3
2.1
1.8
Gujarat Pipavav Port
Neutral
153
-
7,377
705
788
52.2
51.7
5.0
5.6
30.5
27.3
3.0
2.7
11.2
11.2
10.1
8.6
Nagarjuna Const.
Neutral
79
-
4,400
8,842
9,775
9.1
8.8
5.3
6.4
14.9
12.4
1.2
1.1
8.2
9.1
0.7
0.6
PNC Infratech
Buy
115
143
2,943
2,350
2,904
13.1
13.2
9.0
8.8
12.7
13.0
0.5
0.4
15.9
13.9
1.4
1.1
Simplex Infra
Neutral
309
-
1,529
6,829
7,954
10.5
10.5
31.4
37.4
9.8
8.3
1.0
0.9
9.9
13.4
0.7
0.5
Power Mech Projects
Neutral
469
-
689
1,801
2,219
12.7
14.6
72.1
113.9
6.5
4.1
1.2
1.0
16.8
11.9
0.4
0.3
Sadbhav Engineering
Accumulate
277
298
4,751
3,598
4,140
10.3
10.6
9.0
11.9
30.8
23.3
3.2
2.8
9.9
11.9
1.6
1.4
NBCC
Neutral
227
-
13,617
7,428
9,549
7.9
8.6
8.2
11.0
27.7
20.6
1.4
1.1
28.2
28.7
1.5
1.1
MEP Infra
Neutral
39
-
632
1,877
1,943
30.6
29.8
3.0
4.2
13.0
9.3
6.3
4.2
0.6
0.6
1.7
1.6
SIPL
Neutral
96
-
3,395
1,036
1,252
65.5
66.2
(8.4)
(5.6)
3.6
4.1
(22.8)
(15.9)
11.5
9.6
www.angelbroking.com
Stock Watch
November 15, 2016
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
Engineers India
Neutral
268
-
9,030
1,725
1,935
16.0
19.1
11.4
13.9
23.5
19.3
3.2
3.1
13.4
15.3
4.2
3.7
Financials
Axis Bank
Buy
498
630
118,956
46,932
53,575
3.5
3.4
32.4
44.6
15.4
11.2
2.0
1.7
13.6
16.5
-
-
Bank of Baroda
Neutral
161
-
37,028
19,980
23,178
1.8
1.8
11.5
17.3
14.0
9.3
1.6
1.3
8.3
10.1
-
-
Canara Bank
Neutral
312
-
16,917
15,225
16,836
1.8
1.8
14.5
28.0
21.5
11.1
1.5
1.2
5.8
8.5
-
-
Dewan Housing Finance Buy
251
350
7,870
2,225
2,688
2.9
2.9
29.7
34.6
8.5
7.3
1.4
1.2
16.1
16.8
-
-
Equitas Holdings
Buy
162
235
5,428
939
1,281
11.7
11.5
5.8
8.2
27.9
19.7
2.4
2.1
10.9
11.5
-
-
Federal Bank
Neutral
77
-
13,299
9,353
10,623
2.9
2.9
4.4
5.8
17.6
13.3
1.7
1.5
9.5
11.0
-
-
HDFC
Neutral
1,272
-
201,020
11,475
13,450
3.4
3.4
45.3
52.5
28.1
24.2
5.4
4.8
20.2
20.5
-
-
HDFC Bank
Accumulate
1,276
1,350
322,974
46,097
55,433
4.5
4.5
58.4
68.0
21.8
18.8
3.8
3.2
18.8
18.6
-
-
ICICI Bank
Neutral
277
-
161,191
39,029
45,903
3.3
3.3
16.7
16.3
16.6
17.0
2.1
1.9
10.1
12.4
-
-
LIC Housing Finance
Buy
520
630
26,245
3,712
4,293
2.6
2.5
39.0
46.0
13.3
11.3
2.5
2.1
19.9
20.1
-
-
Punjab Natl.Bank
Neutral
156
-
33,122
23,532
23,595
2.3
2.4
6.8
12.6
22.9
12.4
3.5
2.5
3.3
6.5
-
-
RBL Bank
Neutral
379
-
14,025
1,783
2,309
2.6
2.6
12.7
16.4
29.9
23.1
3.3
2.9
12.8
13.3
-
-
South Ind.Bank
Neutral
23
-
3,153
6,435
7,578
2.5
2.5
2.7
3.1
8.7
7.5
1.1
0.9
10.1
11.2
-
-
St Bk of India
Neutral
273
-
211,846
88,650
98,335
2.6
2.6
13.5
18.8
20.2
14.5
1.9
1.7
7.0
8.5
-
-
Union Bank
Neutral
144
-
9,896
13,450
14,925
2.3
2.3
25.5
34.5
5.7
4.2
0.8
0.7
7.5
10.2
-
-
Yes Bank
Neutral
1,216
-
51,172
8,978
11,281
3.3
3.4
74.0
90.0
16.4
13.5
3.1
2.6
17.0
17.2
-
-
FMCG
Asian Paints
Neutral
964
-
92,428
17,128
18,978
16.8
16.4
19.1
20.7
50.5
46.6
17.6
16.6
34.8
35.5
5.3
4.8
Britannia
Buy
3,074
3,626
36,885
9,795
11,040
14.6
14.9
80.3
94.0
38.3
32.7
15.7
12.2
41.2
-
3.6
3.2
Colgate
Neutral
949
-
25,809
4,605
5,149
23.4
23.4
23.8
26.9
39.9
35.3
22.1
17.3
64.8
66.8
5.5
4.9
Dabur India
Accumulate
281
304
49,458
8,315
9,405
19.8
20.7
8.1
9.2
34.7
30.6
9.7
8.0
31.6
31.0
5.6
4.9
GlaxoSmith Con*
Neutral
5,349
-
22,497
4,350
4,823
21.2
21.4
179.2
196.5
29.9
27.2
7.9
6.7
27.1
26.8
4.6
4.0
Godrej Consumer
Neutral
1,448
-
49,292
10,235
11,428
18.4
18.6
41.1
44.2
35.2
32.8
7.8
6.6
24.9
24.8
4.9
4.3
HUL
Neutral
801
-
173,334
35,252
38,495
17.8
17.8
20.7
22.4
38.8
35.8
37.1
31.8
95.6
88.9
4.8
4.3
ITC
Buy
243
284
293,321
40,059
44,439
38.3
39.2
9.0
10.1
27.1
24.0
7.6
6.6
27.8
27.5
6.8
6.1
Marico
Buy
250
300
32,235
6,430
7,349
18.8
19.5
6.4
7.7
39.0
32.5
11.8
9.9
33.2
32.5
4.8
4.2
Nestle*
Neutral
6,270
-
60,454
10,073
11,807
20.7
21.5
124.8
154.2
50.2
40.7
20.6
18.6
34.8
36.7
5.8
4.9
Tata Global
Neutral
119
-
7,488
8,675
9,088
9.8
9.8
7.4
8.2
16.0
14.5
1.8
1.7
7.9
8.1
0.8
0.7
Procter & Gamble
Accumulate
6,895
7,369
22,382
2,939
3,342
23.2
23.0
146.2
163.7
47.2
42.1
105.6
101.3
25.3
23.5
7.2
6.2
Hygiene
www.angelbroking.com
Stock Watch
November 15, 2016
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
IT
HCL Tech^
Buy
764
1,000
107,725
49,242
57,168
20.5
20.5
55.7
64.1
13.7
11.9
2.8
2.1
20.3
17.9
2.1
1.7
Infosys
Buy
922
1,249
211,744
68,350
77,326
27.0
27.0
62.5
69.4
14.8
13.3
3.2
2.9
21.3
21.6
2.5
2.2
TCS
Buy
2,105
2,620
414,785
119,025
133,308
27.6
27.6
131.2
145.5
16.0
14.5
5.2
4.8
32.4
33.1
3.3
2.9
Tech Mahindra
Buy
430
600
41,716
29,673
32,937
15.5
17.0
32.8
39.9
13.1
10.8
2.6
2.2
19.6
20.7
1.2
1.0
Wipro
Buy
441
590
107,292
55,440
60,430
18.1
18.1
35.9
39.9
12.3
11.1
2.2
2.0
19.0
19.3
1.6
1.5
Media
D B Corp
Neutral
371
-
6,808
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
HT Media
Neutral
78
-
1,820
2,693
2,991
12.6
12.9
7.9
9.0
9.9
8.7
0.8
0.8
7.8
8.3
0.3
0.1
Jagran Prakashan
Buy
182
225
5,950
2,355
2,635
28.0
28.0
10.8
12.5
16.9
14.6
3.7
3.2
21.7
21.7
2.5
2.2
Sun TV Network
Neutral
501
-
19,748
2,850
3,265
70.1
71.0
26.2
30.4
19.1
16.5
4.9
4.3
24.3
25.6
6.5
5.6
Hindustan Media
Neutral
287
-
2,106
1,016
1,138
24.3
25.2
27.3
30.1
10.5
9.5
2.0
1.8
16.2
15.8
1.4
1.2
Ventures
TV Today Network
Buy
333
385
1,986
637
743
27.5
27.5
18.4
21.4
18.1
15.6
3.2
2.7
17.4
17.2
2.7
2.2
Metals & Mining
Coal India
Neutral
324
-
204,713
84,638
94,297
21.4
22.3
24.5
27.1
13.2
12.0
5.5
5.2
42.6
46.0
1.9
1.7
Hind. Zinc
Neutral
250
-
105,717
14,252
18,465
55.9
48.3
15.8
21.5
15.8
11.6
2.6
2.3
17.0
20.7
7.4
5.7
Hindalco
Neutral
172
-
35,590
107,899
112,095
7.4
8.2
9.2
13.0
18.7
13.3
0.9
0.9
4.8
6.6
0.9
0.8
JSW Steel
Neutral
1,717
-
41,513
53,201
58,779
16.1
16.2
130.6
153.7
13.2
11.2
1.8
1.5
14.0
14.4
1.5
1.3
NMDC
Neutral
126
-
39,754
6,643
7,284
44.4
47.7
7.1
7.7
17.7
16.3
1.5
1.5
8.8
9.2
3.8
3.4
SAIL
Neutral
51
-
21,208
47,528
53,738
(0.7)
2.1
(1.9)
2.6
19.8
0.6
0.5
(1.6)
3.9
1.3
1.2
Vedanta
Neutral
230
-
68,129
71,744
81,944
19.2
21.7
13.4
20.1
17.2
11.4
1.5
1.3
8.4
11.3
1.3
1.0
Tata Steel
Neutral
427
-
41,456
121,374
121,856
7.2
8.4
18.6
34.3
23.0
12.4
1.4
1.3
6.1
10.1
1.0
1.0
Oil & Gas
Cairn India
Neutral
252
-
47,312
9,127
10,632
4.3
20.6
8.8
11.7
28.7
21.6
0.9
0.9
3.3
4.2
6.6
5.5
GAIL
Neutral
439
-
55,635
56,220
65,198
9.3
10.1
27.1
33.3
16.2
13.2
1.5
1.4
9.3
10.7
1.2
1.0
ONGC
Neutral
273
-
233,864
137,222
152,563
15.0
21.8
19.5
24.1
14.0
11.3
1.2
1.1
8.5
10.1
2.0
1.8
Indian Oil Corp
Neutral
310
-
150,654
373,359
428,656
5.9
5.5
54.0
59.3
5.8
5.2
0.9
0.8
16.0
15.6
0.6
0.5
Reliance Industries
Neutral
1,001
-
324,698
301,963
358,039
12.1
12.6
87.7
101.7
11.4
9.9
1.2
1.1
10.7
11.3
1.6
1.3
Pharmaceuticals
Alembic Pharma
Neutral
638
-
12,035
3,483
4,083
20.2
21.4
24.3
30.4
26.3
21.0
6.0
4.8
25.5
25.3
3.4
2.8
Aurobindo Pharma
Accumulate
772
877
45,169
15,720
18,078
23.7
23.7
41.4
47.3
18.6
16.3
4.9
3.8
29.6
26.1
3.1
2.7
Aventis*
Neutral
4,263
-
9,818
2,277
2,597
17.3
18.3
149.4
172.0
28.5
24.8
4.7
3.8
25.1
28.8
4.0
3.3
Cadila Healthcare
Accumulate
381
400
38,999
10,429
12,318
22.6
22.0
16.9
19.2
22.5
19.8
5.7
4.6
28.5
25.7
3.7
3.1
Cipla
Neutral
550
-
44,172
15,378
18,089
17.4
18.4
21.6
27.2
25.5
20.2
3.3
2.9
13.7
15.2
3.1
2.6
www.angelbroking.com
Stock Watch
November 15, 2016
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
Dr Reddy's
Neutral
3,261
-
54,028
16,043
18,119
20.8
22.4
112.4
142.9
29.0
22.8
3.9
3.4
14.1
15.9
3.3
2.9
Dishman Pharma
Neutral
243
-
3,928
1,718
1,890
22.7
22.8
9.5
11.3
25.6
21.5
2.5
2.2
10.1
10.9
2.8
2.4
GSK Pharma*
Neutral
2,637
-
22,337
3,000
3,312
15.4
20.6
46.5
60.8
56.7
43.4
13.6
13.6
26.3
30.6
7.2
6.6
Indoco Remedies
Sell
292
240
2,694
1,112
1,289
16.2
18.2
11.6
16.0
25.2
18.3
4.0
3.4
17.0
20.1
2.5
2.1
Ipca labs
Accumulate
559
613
7,058
3,303
3,799
15.3
15.3
17.3
19.7
32.3
28.4
2.8
2.6
9.1
9.4
2.3
2.0
Lupin
Buy
1,460
1,809
65,829
15,912
18,644
26.4
26.7
58.1
69.3
25.1
21.1
4.9
4.0
21.4
20.9
4.2
3.5
Sun Pharma
Buy
689
944
165,809
31,129
35,258
30.0
30.9
28.0
32.8
24.6
21.0
3.8
3.1
18.7
18.9
4.9
4.1
Power
Tata Power
Neutral
72
-
19,500
36,916
39,557
17.4
27.1
5.1
6.3
14.1
11.4
1.2
1.1
9.0
10.3
1.5
1.4
NTPC
Neutral
152
-
125,372
86,605
95,545
17.5
20.8
11.8
13.4
12.9
11.4
1.3
1.2
10.5
11.1
2.8
2.8
Power Grid
Neutral
183
-
95,817
25,763
29,762
74.3
73.1
14.8
17.3
12.4
10.6
1.9
1.7
16.9
17.5
8.0
7.6
Real Estate
Prestige Estate
Buy
166
210
6,236
4,707
5,105
25.2
26.0
10.3
13.0
16.2
12.8
1.3
1.2
10.3
10.2
2.5
2.2
MLIFE
Buy
394
522
1,616
1,152
1,300
22.7
24.6
29.9
35.8
13.2
11.0
1.0
0.9
7.6
8.6
2.1
1.8
Telecom
Bharti Airtel
Neutral
302
-
120,622
105,086
114,808
34.5
34.7
12.2
16.4
24.7
18.4
1.7
1.6
6.8
8.4
2.1
1.8
Idea Cellular
Neutral
70
-
25,188
40,133
43,731
37.2
37.1
6.4
6.5
10.9
10.8
0.9
0.8
8.2
7.6
1.6
1.4
zOthers
Abbott India
Neutral
4,676
-
9,937
3,153
3,583
14.1
14.4
152.2
182.7
30.7
25.6
150.9
128.8
25.6
26.1
2.9
2.5
Asian Granito
Buy
231
351
696
1,071
1,182
12.1
12.4
12.7
16.0
18.2
14.5
1.7
1.6
9.5
10.7
1.0
0.8
Bajaj Electricals
Buy
223
306
2,249
5,099
5,805
5.6
5.9
11.4
14.6
19.6
15.3
2.6
2.3
13.4
15.1
0.4
0.4
Banco Products (India)
Neutral
196
-
1,398
1,353
1,471
12.3
12.4
14.5
16.3
13.5
12.0
18.6
16.8
14.5
14.6
1.0
104.3
Coffee Day Enterprises
Neutral
218
-
4,490
2,964
3,260
20.5
21.2
4.7
8.0
-
27.2
2.5
2.3
5.5
8.5
1.9
1.7
Ltd
Competent Automobiles Neutral
180
-
111
1,137
1,256
3.1
2.7
28.0
23.6
6.4
7.6
34.6
31.3
14.3
11.5
0.1
0.1
Elecon Engineering
Neutral
55
-
596
1,482
1,660
13.7
14.5
3.9
5.8
14.0
9.4
3.3
3.0
7.8
10.9
0.7
0.6
Finolex Cables
Neutral
425
-
6,495
2,883
3,115
12.0
12.1
14.2
18.6
29.9
22.8
15.9
13.9
15.8
14.6
1.9
1.8
Garware Wall Ropes
Neutral
516
-
1,129
873
938
12.9
13.1
30.9
34.9
16.7
14.8
2.6
2.3
15.7
15.2
1.2
1.1
Goodyear India*
Neutral
764
-
1,762
1,598
1,704
10.4
10.2
49.4
52.6
15.5
14.5
71.4
62.6
18.2
17.0
0.8
110.5
Hitachi
Neutral
1,310
-
3,562
2,081
2,433
8.8
8.9
33.4
39.9
39.2
32.8
31.7
26.4
22.1
21.4
1.7
1.4
HSIL
Neutral
319
-
2,309
2,384
2,515
15.8
16.3
15.3
19.4
20.9
16.5
20.7
17.9
7.8
9.3
1.1
1.0
Interglobe Aviation
Neutral
915
-
32,982
21,122
26,005
14.5
27.6
110.7
132.1
8.3
6.9
49.5
35.3
168.5
201.1
1.5
1.2
Jyothy Laboratories
Neutral
356
-
6,455
1,440
2,052
11.5
13.0
8.5
10.0
41.8
35.6
10.1
9.4
18.6
19.3
4.8
3.3
Kirloskar Engines India
Neutral
350
-
5,061
2,554
2,800
9.9
10.0
10.5
12.1
33.3
28.9
13.9
13.2
10.7
11.7
1.6
1.4
Ltd
www.angelbroking.com
Stock Watch
November 15, 2016
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
Linc Pen & Plastics
Neutral
253
-
374
382
420
9.3
9.5
13.5
15.7
18.8
16.1
3.2
2.8
17.1
17.3
1.0
0.9
M M Forgings
Neutral
427
-
515
546
608
20.4
20.7
41.3
48.7
10.4
8.8
58.5
51.8
16.6
17.0
0.8
0.7
Manpasand Bever.
Neutral
697
-
3,986
836
1,087
19.6
19.4
16.9
23.8
41.3
29.3
5.0
4.3
12.0
14.8
4.5
3.4
Mirza International
Buy
86
113
1,038
1,024
1,148
18.0
18.0
6.9
8.0
12.5
10.8
2.1
1.8
16.6
16.2
1.2
1.1
MT Educare
Neutral
127
-
505
366
417
17.7
18.2
9.4
10.8
13.5
11.8
3.0
2.6
22.2
22.3
1.3
1.1
Narayana Hrudaya
Neutral
342
-
6,991
1,873
2,166
11.5
11.7
2.6
4.0
129.3
86.3
7.9
7.2
6.1
8.3
3.8
3.3
Navkar Corporation
Buy
185
265
2,641
408
612
42.9
42.3
6.8
11.5
27.3
16.1
1.9
1.7
6.9
10.5
7.4
4.9
Navneet Education
Neutral
103
-
2,460
1,062
1,147
24.0
24.0
6.1
6.6
17.0
15.6
3.5
3.1
20.6
19.8
2.4
2.2
Nilkamal
Neutral
1,422
-
2,122
1,995
2,165
10.7
10.4
69.8
80.6
20.4
17.6
81.3
70.6
16.6
16.5
1.1
0.9
Page Industries
Neutral
14,099
-
15,726
2,450
3,124
20.1
17.6
299.0
310.0
47.2
45.5
314.0
239.7
47.1
87.5
6.5
5.1
Parag Milk Foods
Neutral
299
-
2,513
1,919
2,231
9.3
9.6
9.5
12.9
31.6
23.1
4.9
4.1
15.5
17.5
1.5
1.2
Quick Heal
Neutral
230
-
1,610
408
495
27.3
27.0
7.7
8.8
29.7
26.1
2.8
2.8
9.3
10.6
3.1
2.6
Radico Khaitan
Buy
125
147
1,662
1,667
1,824
13.0
13.2
6.7
8.2
18.8
15.3
1.7
1.6
9.0
10.2
1.4
1.2
Relaxo Footwears
Neutral
403
-
4,834
2,085
2,469
9.2
8.2
7.6
8.0
53.3
50.7
20.7
17.6
17.9
18.8
2.4
2.1
S H Kelkar & Co.
Neutral
298
-
4,313
1,036
1,160
15.1
15.0
6.1
7.2
48.8
41.6
5.2
4.8
10.7
11.5
4.0
3.6
Siyaram Silk Mills
Accumulate
1,366
1,714
1,280
1,799
2,040
11.6
11.7
104.9
122.4
13.0
11.2
2.1
1.8
16.4
16.4
0.9
0.8
Styrolution ABS India*
Neutral
605
-
1,064
1,440
1,537
9.2
9.0
40.6
42.6
14.9
14.2
38.1
34.6
12.3
11.6
0.7
0.6
Surya Roshni
Neutral
212
-
927
3,342
3,625
7.8
7.5
17.3
19.8
12.3
10.7
23.3
18.7
10.5
10.8
0.5
0.5
Team Lease Serv.
Neutral
981
-
1,677
3,229
4,001
1.5
1.8
22.8
32.8
43.1
29.9
4.6
4.0
10.7
13.4
0.4
0.3
The Byke Hospitality
Neutral
181
-
724
287
384
20.5
20.5
7.6
10.7
23.8
16.9
5.0
4.0
20.7
23.5
2.5
1.9
Transport Corporation of
Neutral
181
-
1,386
2,671
2,911
8.5
8.8
13.9
15.7
13.1
11.6
1.8
1.6
13.7
13.8
0.6
0.6
India
TVS Srichakra
Neutral
3,544
-
2,714
2,304
2,614
13.7
13.8
231.1
266.6
15.3
13.3
398.3
313.6
33.9
29.3
1.2
1.0
UFO Moviez
Neutral
456
-
1,259
619
685
33.2
33.4
30.0
34.9
15.2
13.1
2.1
1.8
13.8
13.9
1.7
1.4
Visaka Industries
Neutral
212
-
337
1,051
1,138
10.3
10.4
21.0
23.1
10.1
9.2
27.2
25.5
9.0
9.2
0.6
0.6
VRL Logistics
Neutral
280
-
2,558
1,902
2,119
16.7
16.6
14.6
16.8
19.2
16.7
4.2
3.7
21.9
22.2
1.5
1.3
Wonderla Holidays
Neutral
366
-
2,068
287
355
38.0
40.0
11.3
14.2
32.4
25.8
4.6
4.1
21.4
23.9
6.9
5.6
Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on November 11, 2016
www.angelbroking.com
Market Outlook
November 15, 2016
Research Team Tel: 022 - 39357800
E-mail: [email protected]
Website: www.angelbroking.com
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