Market Outlook
January 16, 2017
Market Cues
Domestic Indices
Chg (%)
(Pts)
(Close)
Indian markets are likely to open in red tracking SGX Nifty and Asian markets.
BSE Sensex
(0.0)
(9)
27,238
While buying interest was somewhat subdued in US markets, stocks managed to end
Nifty
(0.1)
(7)
8,400
Friday's trading mostly higher. With the gains on the day, the tech-heavy Nasdaq
Mid Cap
(0.0)
(3)
12,639
reached a new record closing high. The mostly higher close on Wall Street came as
Small Cap
0.0
3
12,690
traders digested earnings news from several financial giants as well as some key
economic data.
Bankex
0.3
70
21,657
The European markets bounced back from Thursday's weak performance and
finished Friday's session firmly in positive territory. Pharmaceutical stocks recovered
Global Indices
Chg (%)
(Pts)
(Close)
some ground following yesterday's pullback. Comments from U.S. President-elect
Dow Jones
(0.0)
(5)
19,886
Donald Trump's press conference on Wednesday weighed on the sector on
Nasdaq
0.5
27
5,574
Thursday.
FTSE
0.6
45
7,338
Indian markets closed marginally lower on Friday to snap a three-day winning
Nikkei
0.8
153
19,287
streak in spite of a good start to the earnings season, with TCS and Infosys posting
Hang Seng
0.5
108
22,937
encouraging quarterly results.
Shanghai Com
(0.2)
(7)
3,113
News Analysis
Result Review: Infosys Q3FY17
Advances / Declines
BSE
NSE
Detailed analysis on Pg2
Advances
1,226
696
Investor’s Ready Reckoner
Declines
1,520
916
Unchanged
180
86
Key Domestic & Global Indicators
Stock Watch: Latest investment recommendations on 150+ stocks
Volumes (` Cr)
Refer Pg6 onwards
BSE
2,998
Top Picks
NSE
18,619
CMP
Target
Upside
Company
Sector
Rating
(`)
(`)
(%)
Amara Raja Batteries Auto & Auto Ancillary
Buy
901
1,167
29.5
Net Inflows (` Cr)
Net
Mtd
Ytd
Alkem Laboratories
Pharmaceuticals
Buy
1,687
1,989
17.9
FII
(2)
(3,130)
(3,130)
HCL Tech
IT
Buy
848
1,000
18.0
MFs
1,048
2,661
2,661
Power Grid Corp.
Power
Accumulate
197
223
13.1
Navkar Corp.
Others
Buy
177
265
49.8
More Top Picks on Pg4
Top Gainers
Price (`)
Chg (%)
Den
81
11.4
Key Upcoming Events
Trent
214
8.8
Previous
Consensus
Date
Region
Event Description
Reading
Expectations
Sreinfra
88
7.4
Jan 16 India
Monthly Wholesale Prices YoY%
3.2
3.5
Kscl
458
5.8
Jan 17 Euro Zone Euro Zone CPI (YoY)
1.1
1.1
Gmdcltd
113
4.4
Jan 18 UK
CPI (YoY)
1.2
1.4
Jan 18 US
CPI (MoM)
0.2
0.3
Top Losers
Price (`)
Chg (%)
Jan 18 UK
Jobless claims changes
2.4
4.5
More Events on Pg5
Jpassociat
10
(4.5)
Idea
69
(4.4)
Gdl
233
(4.0)
Tcs
2,252
(3.9)
Apollotyre
188
(3.5)
As on January 13, 2017
Market Outlook
January 16, 2017
Result Review
Infosys (CMP: `975 / TP: `1,249/ Upside: 28.1%)
Infosys, posted results better than expected on the EBIT and net profit front. The
company, posted a 1.4% sequential de-growth in USD revenues to US$2,551mn
V/s US$2,561mn expected. On Constant currency terms, the de-growth was 0.3%.
The volume growth during the quarter was 0.2% QoQ. In rupee terms, revenues
came in at `17,273cr V/s `17,275cr expected, down 0.2% QoQ.
In terms, of Industry, the FSI was only segment which grew by 0.2% QoQ on CC
terms, while rest of the verticals took a dip. MFG & Hi-Tech, RCL and ECS posted
a QoQ dip of 0.5%, 0.4% and 0.8% on CC terms respectively. In terms of
Geography, USA dipped by 0.6% QoQ on CC basis, Europe grew by 1.0% QoQ
on CC basis, India dipped by 0.1% QoQ on CC basis, while ROW dipped by
1.5% QoQ on CC basis.
In terms, of client addition, the company added 2 clients in the US$75mn+ and 1
in US$25mn+. In terms of Employee utilization, including trainees, the utilization
was 77.8% V/s 77.7% in 2QFY2017. Attrition rate came down to 14.9% V/s
15.7% in 2QFY2017.
On EBIT front, the company posted an EBIT of 25.1% V/s 24.5% expected, up
20bps QoQ. Consequently, PAT, came in at `3,708cr V/s `3,569cr expected
growth of 2.8% QoQ.
On guidance front, FY2017 revenue guidance was revised to 8.4% - 8.8% from
8.0% - 9.0% in constant currency we maintain our buy rating on the stock, with a
price target of `1,249.
Y/E
Sales OPM
PAT
EPS ROE P/E P/BV EV/EBITDA EV/Sales
March
(` cr)
(%)
(` cr)
(`)
(%)
(x)
(x)
(x)
(x)
FY2017E
68,350
27.0
14,354
62.5
32.4
15.6
3.3
10.4
2.8
FY2018E
77,236
27.0
15,928
69.4
33.1
14.1
3.1
9.0
2.4
Economic and Political News
India's trade deficit with China mounts to $46.56 billion
Government imposes anti-dumping duties on select steel products
Govt moves swiftly on strategic sale, puts more PSUs on block
Corporate News
Tata Steel in talks to cut its UK pension scheme benefits: Trustees
Reliance Jio to invest ` 30,000 cr more in networks
Jain Irrigation to issue unsecured senior notes worth $200 mn
Market Outlook
January 16, 2017
Quarterly Bloomberg Brokers Consensus Estimate
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)
Reliance Industries Ltd - Jan 16, 2017
Particulars ( ` cr)
3QFY17E
3QFY16
y-o-y (%)
2QFY17 q-o-q (%)
Net sales
57,708
56,567
2.0
59,577
(3.1)
EBITDA
10,559
10,272
2.8
10,555
0.0
EBITDA margin (%)
18.3
18.2
17.7
Net profit
7,276
7,218
0.8
7,704
(5.6)
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 16, 2017
Top Picks ★★★★★
Large Cap
Market Cap
CMP
Target
Upside
Company
Rationale
(` Cr)
(`)
(`)
(%)
To outpace battery industry growth due to better
Amara Raja Batteries
15,388
901
1,167
29.5
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
20,169
1,687
1,989
17.9
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
1,19,627
848
1,000
18.0
all the bad news.
Back on the growth trend, expect a long term growth of 14%
Infosys
2,23,987
975
1,249
28.1
to be a US$20bn in FY2020.
Strong order backlog and improvement in execution would
Larsen & Toubro
1,34,156
1,438
1,634
13.6
trigger the growth for the L&T
One of the largest pharma companies with strong
Lupin
67,472
1,495
1,809
21.0
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
1,03,167
197
223
13.1
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
750
249
351
40.8
owing to better product mix, higher B2C sales and
amalgamation synergy.
Among the top 4 players in the consumer durables segment.
Bajaj Electricals
2,308
228
274
20.0
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
4,783
501
634
26.6
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
8,475
271
350
29.3
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
5,017
150
235
57.1
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
5,992
183
225
22.7
radio business (Radio City) would also boost the company's
revenue growth.
High order book execution in EPC segment, rising B2C sales
KEI Industries
1,077
138
153
10.5
and higher exports to boost the revenues and profitability
Speedier execution and speedier sales, strong revenue visibilty
Mahindra Lifespace
1,496
365
522
43.2
in short-to-long run, attractive valuations
Higher growth in domestic branded sales and healthy export
Mirza International
1,145
95
107
12.5
to boost the profitability.
Massive capacity expansion along with rail advantage at ICD
Navkar Corporation
2,523
177
265
49.8
as well CFS augurs well for the company
Strong brands and distribution network would boost growth
Siyaram Silk Mills
1,312
1,400
1,605
14.7
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
1,586
266
385
44.8
and anticipated growth in ad spends by corporates to benefit
the stock.
Source: Company, Angel Research
Market Outlook
January 16, 2017
Key Upcoming Events
Result Calendar
Date
Company
Jan 16, 2017
LIC Housing Fin., Reliance Industries
Jan 18, 2017
KPIT Cummins, Hindustan Media Ventures
Jan 19, 2017
Axis Bank, Yes Bank, Federal Bank, Mindtree, D B Corp
Jan 20, 2017
Canara Bank, NIIT, Jyothy Laboratories, Adani Power
Jan 21, 2017
UltraTech Cement, Persistent
Jan 22, 2017
Amara Raja Batteries
Source: Bloomberg, Angel Research
Global economic events release calendar
Date
Time
Country
Event Description
Unit
Period
Bloomberg Data
Last Reported Estimated
Jan 16, 2017
12:00PM
India
Monthly Wholesale Prices YoY%
% Change
Dec
3.15
3.50
Jan 17, 2017
3:30PM
Euro Zone
Euro-Zone CPI (YoY)
%
Dec F
1.10
1.10
Jan 18, 2017
3:00PM
UK
CPI (YoY)
% Change
Dec
1.20
1.40
7:00PM
US
Consumer price index (mom)
% Change
Dec
0.20
0.30
3:00PM
UK
Jobless claims change
% Change
Dec
2.40
4.50
7:45PM
US
Industrial Production
%
Dec
(0.44)
0.65
Jan 19, 2017
7:00PM
US
Initial Jobless claims
Thousands
Jan 14
247.00
--
7:00PM
US
Housing Starts
Thousands
Dec
1,090.00
1,195.00
7:00PM
US
Building permits
Thousands
Dec
1,212.00
1,220.00
6:15PM
Euro Zone
ECB announces interest rates
%
Jan 19
--
--
Jan 20, 2017
7:30AM
China
Industrial Production (YoY)
% Change
Dec
6.20
6.10
7:30AM
China
Real GDP (YoY)
% Change
4Q
6.70
6.70
Jan 23, 2017
8:30PM
Euro Zone
Euro-Zone Consumer Confidence
Value
Jan A
(5.10)
--
Jan 24, 2017
8:30PM
US
Existing home sales
Million
Dec
5.61
5.48
2:00PM
Germany
PMI Services
Value
Jan P
54.30
--
2:00PM
Germany
PMI Manufacturing
Value
Jan P
55.60
--
Jan 26, 2017
3:00PM
UK
GDP (YoY)
% Change
4Q A
2.20
--
8:30PM
US
New home sales
Thousands
Dec
592.00
580.00
Jan 27, 2017
7:00PM
US
GDP Qoq (Annualised)
% Change
4Q A
3.50
2.10
Jan 31, 2017
2:25PM
Germany
Unemployment change (000's)
Thousands
Jan
(17.00)
--
8:30PM
US
Consumer Confidence
S.A./ 1985=100
Jan
113.70
--
3:30PM
Euro Zone
Euro-Zone GDP s.a. (QoQ)
% Change
4Q A
0.30
--
Feb 1, 2017
3:00PM
UK
PMI Manufacturing
Value
Jan
56.10
--
5:30PM
UK
BOE Announces rates
% Ratio
Feb 2
0.25
--
Feb 2, 2017
12:30AM
US
FOMC rate decision
%
Feb 1
0.75
0.75
7:00PM
US
Change in Nonfarm payrolls
Thousands
Jan
156.00
--
Feb 3, 2017
6:30AM
China
PMI Manufacturing
Value
Jan
51.40
--
7:00PM
US
Unnemployment rate
%
Jan
4.70
--
Source: Bloomberg, Angel Research
Market Outlook
January 16, 2017
Macro watch
Exhibit 1: Quarterly GDP trends
Exhibit 2: IIP trends
(%)
(%)
9.0
8.3
7.0
5.7
7.9
6.0
8.0
7.5
7.5
7.6
7.2
7.1
7.3
5.0
6.6
6.7
4.0
7.0
6.4
3.0
2.2
5.8
1.9
6.0
2.0
1.3
0.7
1.0
0.3
5.0
-
4.0
(1.0)
(0.7)
(2.0)
(1.3)
3.0
(1.6)
(1.8)
(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
6.0
5.3
5.5
5.1
52.0
4.8
5.0
4.4
4.2
50.0
3.6
4.0
3.4
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)
(20.0)
4.00
(25.0)
3.50
(30.0)
3.00
Source: Bloomberg, Angel Research
Source: RBI, Angel Research
Market Outlook
January 16, 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 16, 2017
Exhibit 4: Relative performance of indices across globe
Returns (%)
Country
Name of index
Closing price
1M
3M
1YR
Brazil
Bovespa
63,652
7.4
4.3
63.4
Russia
Micex
2,195
(2.3)
11.1
35.3
India
Nifty
8,400
2.7
(2.1)
10.5
China
Shanghai Composite
3,113
(1.7)
1.5
(8.2)
South Africa
Top 40
46,067
5.0
1.5
5.9
Mexico
Mexbol
46,182
(0.1)
(3.6)
13.7
Indonesia
LQ45
883
(0.6)
(3.5)
12.0
Malaysia
KLCI
1,673
1.9
0.3
1.0
Thailand
SET 50
983
3.0
6.0
23.7
USA
Dow Jones
19,886
0.5
9.6
24.4
UK
FTSE
7,338
5.5
4.5
27.0
Japan
Nikkei
19,287
2.8
14.1
4.5
Germany
DAX
11,629
3.1
9.9
21.5
France
CAC
4,922
2.5
10.1
14.2
Source: Bloomberg, Angel Research
Stock Watch
January 16, 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
211
-
4,111
1,937
2,164
13.3
14.3
9.0
11.0
23.5
19.2
4.1
3.6
18.4
19.8
2.2
1.9
United Phosphorus
Neutral
685
-
34,749
15,176
17,604
18.5
18.5
37.4
44.6
18.3
15.4
3.6
3.0
21.4
21.2
2.4
2.0
Auto & Auto Ancillary
Ashok Leyland
Buy
85
111
24,076
22,407
26,022
10.6
10.6
5.2
6.4
16.2
13.2
3.7
3.1
23.6
24.7
1.2
1.0
Bajaj Auto
Neutral
2,708
-
78,362
25,093
27,891
19.5
19.2
143.9
162.5
18.8
16.7
5.3
4.5
30.3
29.4
2.9
2.5
Bharat Forge
Neutral
945
-
21,996
7,726
8,713
20.5
21.2
35.3
42.7
26.8
22.1
4.9
4.5
18.9
20.1
2.9
2.5
Eicher Motors
Neutral
22,794
-
62,007
16,583
20,447
17.5
18.0
598.0
745.2
38.1
30.6
13.0
9.9
41.2
38.3
3.6
2.8
Gabriel India
Buy
112
130
1,603
1,544
1,715
9.0
9.3
5.4
6.3
20.7
17.7
3.9
3.5
18.9
19.5
1.0
0.9
Hero Motocorp
Buy
3,045
3,541
60,799
30,958
34,139
15.7
15.7
193.6
208.3
15.7
14.6
6.2
5.1
34.2
30.5
1.8
1.6
Jamna Auto Industries Neutral
185
-
1,471
1,486
1,620
9.8
9.9
15.0
17.2
12.3
10.7
2.7
2.3
21.8
21.3
1.1
1.0
L G Balakrishnan & Bros Neutral
587
-
921
1,302
1,432
11.6
11.9
43.7
53.0
13.4
11.1
1.9
1.7
13.8
14.2
0.8
0.7
Mahindra and Mahindra Neutral
1,217
-
75,602
46,534
53,077
11.6
11.7
67.3
78.1
18.1
15.6
2.9
2.6
15.4
15.8
1.6
1.4
Maruti
Accumulate
5,701
6,006
172,219
68,057
82,958
15.8
15.5
212.1
261.2
26.9
21.8
5.3
4.4
19.8
20.3
2.2
1.7
Minda Industries
Neutral
329
-
2,612
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
326
-
45,814
45,896
53,687
7.8
8.3
13.0
16.1
25.0
20.3
8.1
6.4
34.7
35.4
1.1
0.9
Rane Brake Lining
Neutral
989
-
783
511
562
11.3
11.5
28.1
30.9
35.2
32.0
5.4
4.9
15.3
15.0
1.7
1.5
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
Tata Motors
Neutral
515
-
148,590
300,209
338,549
8.9
8.4
42.7
54.3
12.1
9.5
1.9
1.6
15.6
17.2
0.6
0.5
TVS Motor
Neutral
384
-
18,222
13,390
15,948
6.9
7.1
12.8
16.5
30.1
23.2
7.5
5.9
26.3
27.2
1.4
1.2
Amara Raja Batteries
Buy
901
1,167
15,388
5,504
6,605
17.6
17.5
33.4
40.9
27.0
22.0
6.0
4.8
22.1
22.0
2.8
2.3
Exide Industries
Neutral
182
-
15,479
7,439
8,307
15.0
15.0
8.1
9.3
22.5
19.6
3.2
2.8
14.3
16.7
1.7
1.5
Apollo Tyres
Buy
188
235
9,567
12,877
14,504
14.3
13.9
21.4
23.0
8.8
8.2
1.4
1.2
16.4
15.2
0.9
0.8
Ceat
Buy
1,199
1,450
4,848
7,524
8,624
13.0
12.7
131.1
144.3
9.1
8.3
1.7
1.4
19.8
18.6
0.7
0.6
JK Tyres
Neutral
128
-
2,894
7,455
8,056
15.0
15.0
21.8
24.5
5.9
5.2
1.2
1.0
22.8
21.3
0.5
0.4
Swaraj Engines
Neutral
1,341
-
1,665
660
810
15.2
16.4
54.5
72.8
24.6
18.4
7.7
7.0
31.5
39.2
2.3
1.9
Subros
Neutral
173
-
1,036
1,488
1,681
11.7
11.9
6.4
7.2
27.0
24.1
2.9
2.6
10.8
11.4
0.9
0.8
Indag Rubber
Neutral
180
-
473
286
326
19.8
16.8
11.7
13.3
15.4
13.5
2.6
2.4
17.8
17.1
1.3
1.2
Capital Goods
ACE
Neutral
49
-
485
709
814
4.1
4.6
1.4
2.1
35.0
23.4
1.4
1.4
4.4
6.0
0.8
0.7
BEML
Neutral
1,207
-
5,026
3,451
4,055
6.3
9.2
31.4
57.9
38.4
20.8
2.3
2.1
6.3
10.9
1.6
1.3
Bharat Electronics
Neutral
1,529
-
34,144
8,137
9,169
16.8
17.2
58.7
62.5
26.0
24.5
4.0
3.6
44.6
46.3
3.2
2.8
Stock Watch
January 16, 2017
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( Čcr )
OPM(%)
EPS (Č)
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
(Č)
Price ( Č)
( Č cr )
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
Capital Goods
Voltas
Buy
344
407
11,371
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
BGR Energy
Neutral
131
-
942
16,567
33,848
6.0
5.6
7.8
5.9
16.7
22.1
1.0
0.9
4.7
4.2
0.2
0.1
BHEL
Neutral
129
-
31,513
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
501
634
4,783
4,283
5,077
5.9
7.3
14.9
22.1
33.6
22.6
6.5
5.5
20.4
26.4
1.2
1.0
Crompton Greaves
Neutral
64
-
4,036
5,777
6,120
5.9
7.0
3.3
4.5
19.5
14.3
0.9
0.8
4.4
5.9
0.7
0.5
Greaves Cotton
Neutral
126
-
3,084
1,755
1,881
16.8
16.9
7.8
8.5
16.2
14.9
3.2
3.0
20.6
20.9
1.5
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
147
-
3,770
9,294
10,186
7.9
8.1
9.9
11.9
14.8
12.3
2.2
1.9
15.6
16.3
0.6
0.6
KEI Industries
Accumulate
138
153
1,077
2,574
2,921
10.4
10.0
10.1
11.8
13.7
11.7
2.4
2.0
17.7
17.4
0.6
0.6
Thermax
Neutral
838
-
9,985
5,421
5,940
7.3
7.3
25.7
30.2
32.6
27.8
3.9
3.6
12.2
13.1
1.7
1.6
VATech Wabag
Buy
498
681
2,718
3,136
3,845
8.9
9.1
26.0
35.9
19.2
13.9
2.4
2.0
13.4
15.9
0.8
0.6
Cement
ACC
Neutral
1,331
-
24,985
11,225
13,172
13.2
16.9
44.5
75.5
29.9
17.6
2.8
2.6
11.2
14.2
2.2
1.9
Ambuja Cements
Neutral
214
-
42,394
9,350
10,979
18.2
22.5
5.8
9.5
36.8
22.5
3.1
2.8
10.2
12.5
4.5
3.9
India Cements
Neutral
131
-
4,036
4,364
4,997
18.5
19.2
7.9
11.3
16.6
11.6
1.2
1.2
8.0
8.5
1.7
1.5
JK Cement
Neutral
681
-
4,761
4,398
5,173
15.5
17.5
31.2
55.5
21.8
12.3
2.6
2.3
12.0
15.5
1.6
1.3
J K Lakshmi Cement
Buy
364
565
4,282
2,913
3,412
14.5
19.5
7.5
22.5
48.5
16.2
3.0
2.5
12.5
18.0
2.1
1.7
Orient Cement
Buy
128
215
2,631
2,114
2,558
18.5
20.5
8.1
11.3
15.9
11.4
2.3
2.0
9.0
14.0
1.9
1.4
UltraTech Cement
Neutral
3,319
-
91,106
25,768
30,385
21.0
23.5
111.0
160.0
29.9
20.8
3.8
3.3
13.5
15.8
3.6
3.0
Construction
ITNL
Neutral
117
-
3,862
8,946
10,017
31.0
31.6
8.1
9.1
14.5
12.9
0.5
0.5
4.2
5.0
3.8
3.5
KNR Constructions
Neutral
169
-
2,369
1,385
1,673
14.7
14.0
41.2
48.5
4.1
3.5
0.8
0.7
14.9
15.2
1.8
1.5
Larsen & Toubro
Accumulate
1,438
1,634
134,156
111,017
124,908
11.0
11.0
61.1
66.7
23.5
21.6
2.8
2.6
13.1
12.9
2.2
2.1
Gujarat Pipavav Port
Neutral
136
-
6,589
705
788
52.2
51.7
5.0
5.6
27.3
24.3
2.7
2.4
11.2
11.2
9.0
7.6
Nagarjuna Const.
Neutral
84
-
4,661
8,842
9,775
9.1
8.8
5.3
6.4
15.8
13.1
1.3
1.2
8.2
9.1
0.7
0.6
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
Simplex Infra
Neutral
291
-
1,437
6,829
7,954
10.5
10.5
31.4
37.4
9.3
7.8
1.0
0.9
9.9
13.4
0.6
0.5
Power Mech Projects
Neutral
443
-
651
1,801
2,219
12.7
14.6
72.1
113.9
6.1
3.9
1.1
1.0
16.8
11.9
0.4
0.3
Sadbhav Engineering
Accumulate
279
298
4,785
3,598
4,140
10.3
10.6
9.0
11.9
31.0
23.4
3.2
2.9
9.9
11.9
1.6
1.4
NBCC
Neutral
275
-
16,482
7,428
9,549
7.9
8.6
8.2
11.0
33.5
25.0
1.7
1.3
28.2
28.7
1.9
1.4
MEP Infra
Neutral
40
-
656
1,877
1,943
30.6
29.8
3.0
4.2
13.5
9.6
6.5
4.4
0.6
0.6
1.7
1.6
Stock Watch
January 16, 2017
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( Čcr )
OPM(%)
EPS (Č)
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
(Č)
Price ( Č)
( Č cr )
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
Construction
SIPL
Neutral
100
-
3,520
1,036
1,252
65.5
66.2
(8.4)
(5.6)
3.7
4.3
(22.8)
(15.9)
11.6
9.7
Engineers India
Neutral
154
-
10,405
1,725
1,935
16.0
19.1
11.4
13.9
13.5
11.1
1.9
1.8
13.4
15.3
5.0
4.4
Financials
Axis Bank
Buy
473
630
113,105
46,932
53,575
3.5
3.4
32.4
44.6
14.6
10.6
1.9
1.6
13.6
16.5
-
-
Bank of Baroda
Neutral
158
-
36,337
19,980
23,178
1.8
1.8
11.5
17.3
13.7
9.1
1.6
1.3
8.3
10.1
-
-
Canara Bank
Neutral
277
-
15,025
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
271
350
8,475
2,225
2,688
2.9
2.9
29.7
34.6
9.1
7.8
1.5
1.3
16.1
16.8
-
-
Equitas Holdings
Buy
150
235
5,017
939
1,281
11.7
11.5
5.8
8.2
25.8
18.2
2.2
2.0
10.9
11.5
-
-
Federal Bank
Buy
73
85
12,483
8,259
8,995
3.0
3.0
4.3
5.6
16.9
13.0
1.4
1.3
8.5
10.1
-
-
HDFC
Neutral
1,244
-
197,177
11,475
13,450
3.4
3.4
45.3
52.5
27.5
23.7
5.3
4.7
20.2
20.5
-
-
HDFC Bank
Accumulate
1,233
1,350
314,695
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
268
315
155,734
42,800
44,686
3.1
3.3
18.0
21.9
14.9
12.2
2.0
1.9
11.1
12.3
-
-
Lakshmi Vilas Bank
Buy
138
174
2,636
3,339
3,799
2.7
2.8
11.0
14.0
12.5
9.8
1.3
1.2
11.2
12.7
-
-
LIC Housing Finance
Buy
530
630
26,770
3,712
4,293
2.6
2.5
39.0
46.0
13.6
11.5
2.6
2.2
19.9
20.1
-
-
Punjab Natl.Bank
Neutral
125
-
26,621
23,532
23,595
2.3
2.4
6.8
12.6
18.4
9.9
2.8
2.0
3.3
6.5
-
-
RBL Bank
Neutral
366
-
13,548
1,783
2,309
2.6
2.6
12.7
16.4
28.9
22.3
3.1
2.8
12.8
13.3
-
-
South Ind.Bank
Neutral
21
-
2,886
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
251
-
194,768
88,650
98,335
2.6
2.6
13.5
18.8
18.6
13.4
1.8
1.6
7.0
8.5
-
-
Union Bank
Neutral
139
-
9,552
13,450
14,925
2.3
2.3
25.5
34.5
5.5
4.0
0.8
0.7
7.5
10.2
-
-
Yes Bank
Neutral
1,318
-
55,742
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
933
-
89,479
17,128
18,978
16.8
16.4
19.1
20.7
48.8
45.1
17.0
16.0
34.8
35.5
5.1
4.6
Britannia
Buy
2,939
3,626
35,263
9,594
11,011
14.6
14.9
80.3
94.0
36.6
31.3
15.1
11.6
41.2
-
3.5
3.0
Colgate
Accumulate
899
995
24,456
4,605
5,149
23.4
23.4
23.8
26.9
37.8
33.4
20.9
16.4
64.8
66.8
5.2
4.7
Dabur India
Accumulate
281
304
49,578
8,315
9,405
19.8
20.7
8.1
9.2
34.8
30.6
9.7
8.0
31.6
31.0
5.6
4.9
GlaxoSmith Con*
Neutral
5,030
-
21,154
4,350
4,823
21.2
21.4
179.2
196.5
28.1
25.6
7.5
6.3
27.1
26.8
4.2
3.8
Godrej Consumer
Neutral
1,567
-
53,365
10,235
11,428
18.4
18.6
41.1
44.2
38.1
35.5
8.5
7.1
24.9
24.8
5.3
4.7
HUL
Neutral
828
-
179,191
35,252
38,495
17.8
17.8
20.7
22.4
40.1
37.0
38.3
32.9
95.6
88.9
4.9
4.5
ITC
Accumulate
250
284
302,428
40,059
44,439
38.3
39.2
9.0
10.1
27.8
24.6
7.8
6.8
27.8
27.5
7.1
6.3
Marico
Buy
259
300
33,421
6,430
7,349
18.8
19.5
6.4
7.7
40.5
33.6
12.2
10.3
33.2
32.5
5.0
4.3
Nestle*
Neutral
5,907
-
56,957
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 16, 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
Tata Global
Neutral
128
-
8,101
8,675
9,088
9.8
9.8
7.4
8.2
17.3
15.7
2.0
1.9
7.9
8.1
0.9
0.8
Procter & Gamble
Accumulate
6,735
7,369
21,861
2,939
3,342
23.2
23.0
146.2
163.7
46.1
41.1
103.1
98.9
25.3
23.5
7.0
6.1
Hygiene
IT
HCL Tech^
Buy
848
1,000
119,627
49,242
57,168
20.5
20.5
55.7
64.1
15.2
13.2
3.1
2.4
20.3
17.9
2.3
1.9
Infosys
Buy
975
1,249
223,987
68,350
77,326
27.0
27.0
62.5
69.4
15.6
14.1
3.3
3.0
21.3
21.6
2.7
2.4
TCS
Buy
2,252
2,620
443,740
119,025
133,308
27.6
27.6
131.2
145.5
17.2
15.5
5.6
5.1
32.4
33.1
3.5
3.1
Tech Mahindra
Buy
489
600
47,566
29,673
32,937
15.5
17.0
32.8
39.9
14.9
12.3
2.9
2.5
19.6
20.7
1.3
1.1
Wipro
Buy
485
590
117,824
55,440
60,430
18.1
18.1
35.9
39.9
13.5
12.2
2.4
2.2
19.0
19.3
1.8
1.7
Media
D B Corp
Neutral
377
-
6,922
2,297
2,590
27.4
28.2
21.0
23.4
17.9
16.1
4.2
3.6
23.7
23.1
2.8
2.4
HT Media
Neutral
79
-
1,832
2,693
2,991
12.6
12.9
7.9
9.0
10.0
8.7
0.9
0.8
7.8
8.3
0.3
0.1
Jagran Prakashan
Buy
183
225
5,992
2,355
2,635
28.0
28.0
10.8
12.5
17.0
14.7
3.7
3.2
21.7
21.7
2.6
2.2
Sun TV Network
Neutral
531
-
20,922
2,850
3,265
70.1
71.0
26.2
30.4
20.3
17.5
5.2
4.6
24.3
25.6
6.9
5.9
Hindustan Media
Neutral
281
-
2,060
1,016
1,138
24.3
25.2
27.3
30.1
10.3
9.3
2.0
1.7
16.2
15.8
1.4
1.2
Ventures
TV Today Network
Buy
266
385
1,586
637
743
27.5
27.5
18.4
21.4
14.5
12.4
2.5
2.1
17.4
17.2
2.1
1.7
Metals & Mining
Coal India
Neutral
315
-
195,409
84,638
94,297
21.4
22.3
24.5
27.1
12.9
11.6
5.3
5.1
42.6
46.0
1.8
1.6
Hind. Zinc
Neutral
277
-
117,041
14,252
18,465
55.9
48.3
15.8
21.5
17.5
12.9
2.9
2.5
17.0
20.7
8.2
6.3
Hindalco
Neutral
172
-
35,589
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
189
-
45,661
53,201
58,779
16.1
16.2
130.6
153.7
1.5
1.2
0.2
0.2
14.0
14.4
1.6
1.4
NMDC
Neutral
144
-
45,528
6,643
7,284
44.4
47.7
7.1
7.7
20.3
18.7
1.8
1.7
8.8
9.2
4.6
4.2
SAIL
Neutral
58
-
23,789
47,528
53,738
(0.7)
2.1
(1.9)
2.6
22.2
0.6
0.6
(1.6)
3.9
1.4
1.2
Vedanta
Neutral
238
-
70,649
71,744
81,944
19.2
21.7
13.4
20.1
17.8
11.9
1.5
1.4
8.4
11.3
1.4
1.1
Tata Steel
Neutral
446
-
43,355
121,374
121,856
7.2
8.4
18.6
34.3
24.0
13.0
1.5
1.4
6.1
10.1
1.0
1.0
Oil & Gas
Cairn India
Neutral
264
-
49,532
9,127
10,632
4.3
20.6
8.8
11.7
30.0
22.6
1.0
0.9
3.3
4.2
6.9
5.7
GAIL
Neutral
452
-
57,354
56,220
65,198
9.3
10.1
27.1
33.3
16.7
13.6
1.5
1.4
9.3
10.7
1.2
1.0
ONGC
Neutral
201
-
257,948
137,222
152,563
15.0
21.8
19.5
24.1
10.3
8.3
0.9
0.8
8.5
10.1
2.2
1.9
Indian Oil Corp
Neutral
351
-
170,661
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
1,090
-
353,600
301,963
358,039
12.1
12.6
87.7
101.7
12.4
10.7
1.3
1.2
10.7
11.3
1.7
1.4
Pharmaceuticals
Alembic Pharma
Neutral
601
-
11,334
3,483
4,083
20.2
21.4
24.3
30.4
24.7
19.8
5.6
4.5
25.5
25.3
3.2
2.6
Alkem Laboratories Ltd
Buy
1,687
1,989
20,169
6,043
6,893
18.7
19.3
80.5
88.8
21.0
19.0
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 16, 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
Sanofi India*
Neutral
4,217
-
9,711
2,277
2,597
17.3
18.3
149.4
172.0
28.2
24.5
4.7
3.8
25.1
28.8
3.9
3.2
Cadila Healthcare
Accumulate
350
400
35,800
10,429
12,318
22.6
22.0
16.9
19.2
20.7
18.2
5.3
4.2
28.5
25.7
3.4
2.8
Cipla
Sell
584
490
47,010
15,378
18,089
17.4
18.4
21.6
27.2
27.1
21.5
3.5
3.1
13.7
15.2
3.3
2.7
Dr Reddy's
Neutral
2,983
-
49,417
16,043
18,119
20.8
22.4
112.4
142.9
26.5
20.9
3.6
3.1
14.1
15.9
3.1
2.7
Dishman Pharma
Neutral
241
-
3,883
1,718
1,890
22.7
22.8
9.5
11.3
25.3
21.3
2.5
2.2
10.1
10.9
2.7
2.4
GSK Pharma*
Neutral
2,707
-
22,931
3,000
3,312
15.4
20.6
46.5
60.8
58.2
44.5
14.0
13.9
26.3
30.6
7.4
6.7
Indoco Remedies
Reduce
270
240
2,483
1,112
1,289
16.2
18.2
11.6
16.0
23.2
16.8
3.7
3.1
17.0
20.1
2.4
2.0
Ipca labs
Accumulate
547
613
6,905
3,303
3,799
15.3
15.3
17.3
19.7
31.6
27.8
2.8
2.5
9.1
9.4
2.2
1.9
Lupin
Buy
1,495
1,809
67,472
15,912
18,644
26.4
26.7
58.1
69.3
25.7
21.6
5.0
4.1
21.4
20.9
4.3
3.6
Sun Pharma
Buy
651
847
156,249
31,129
35,258
32.0
32.9
30.2
35.3
21.6
18.5
3.5
2.9
20.0
20.1
4.6
3.9
Power
Tata Power
Neutral
79
-
21,449
36,916
39,557
17.4
27.1
5.1
6.3
15.6
12.6
1.4
1.3
9.0
10.3
1.6
1.4
NTPC
Neutral
171
-
141,039
86,605
95,545
17.5
20.8
11.8
13.4
14.5
12.8
1.5
1.4
10.5
11.1
3.0
3.0
Power Grid
Accumulate
197
223
103,167
25,315
29,193
88.2
88.7
14.2
17.2
13.9
11.5
2.1
1.9
15.2
16.1
8.7
7.8
Real Estate
MLIFE
Buy
365
522
1,496
1,152
1,300
22.7
24.6
29.9
35.8
12.2
10.2
0.9
0.9
7.6
8.6
2.0
1.7
Telecom
Bharti Airtel
Neutral
320
-
127,937
105,086
114,808
34.5
34.7
12.2
16.4
26.2
19.5
1.8
1.7
6.8
8.4
2.1
1.9
Idea Cellular
Neutral
69
-
24,867
40,133
43,731
37.2
37.1
6.4
6.5
10.8
10.6
0.9
0.8
8.2
7.6
1.6
1.4
zOthers
Abbott India
Neutral
4,491
-
9,543
3,153
3,583
14.1
14.4
152.2
182.7
29.5
24.6
144.9
123.7
25.6
26.1
2.7
2.4
Bajaj Electricals
Buy
228
274
2,308
4,801
5,351
5.7
6.2
10.4
13.7
21.9
16.7
2.7
2.4
12.4
14.5
0.5
0.4
Finolex Cables
Neutral
414
-
6,336
2,883
3,115
12.0
12.1
14.2
18.6
29.2
22.3
15.5
13.6
15.8
14.6
1.9
1.7
Goodyear India*
Neutral
742
-
1,711
1,598
1,704
10.4
10.2
49.4
52.6
15.0
14.1
69.3
60.8
18.2
17.0
0.8
105.5
Hitachi
Neutral
1,446
-
3,932
2,081
2,433
8.8
8.9
33.4
39.9
43.3
36.3
34.9
29.1
22.1
21.4
1.9
1.6
Jyothy Laboratories
Neutral
339
-
6,159
1,440
2,052
11.5
13.0
8.5
10.0
39.9
33.9
9.7
9.0
18.6
19.3
4.6
3.2
Page Industries
Neutral
14,035
-
15,654
2,450
3,124
20.1
17.6
299.0
310.0
46.9
45.3
312.6
238.6
47.1
87.5
6.4
5.1
Relaxo Footwears
Neutral
415
-
4,986
2,085
2,469
9.2
8.2
7.6
8.0
54.9
52.2
21.3
18.2
17.9
18.8
2.5
2.1
Siyaram Silk Mills
Accumulate
1,400
1,605
1,312
1,733
1,948
11.6
11.7
96.6
114.7
14.5
12.2
2.2
1.9
15.3
15.7
1.0
0.9
Styrolution ABS India*
Neutral
595
-
1,046
1,440
1,537
9.2
9.0
40.6
42.6
14.7
14.0
37.4
34.0
12.3
11.6
0.7
0.6
TVS Srichakra
Neutral
3,233
-
2,475
2,304
2,614
13.7
13.8
231.1
266.6
14.0
12.1
363.3
286.0
33.9
29.3
1.1
0.9
HSIL
Neutral
287
-
2,076
2,384
2,515
15.8
16.3
15.3
19.4
18.8
14.8
18.7
16.1
7.8
9.3
1.0
0.9
Kirloskar Engines India
Neutral
330
-
4,772
2,554
2,800
9.9
10.0
10.5
12.1
31.4
27.3
13.2
12.4
10.7
11.7
1.5
1.3
Ltd
Stock Watch
January 16, 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
M M Forgings
Neutral
447
-
539
546
608
20.4
20.7
41.3
48.7
10.8
9.2
61.2
54.2
16.6
17.0
0.8
0.7
Banco Products (India) Neutral
215
-
1,536
1,353
1,471
12.3
12.4
14.5
16.3
14.8
13.2
20.5
18.4
14.5
14.6
1.1
115.4
Competent Automobiles Neutral
170
-
104
1,137
1,256
3.1
2.7
28.0
23.6
6.1
7.2
32.7
29.5
14.3
11.5
0.1
0.1
Nilkamal
Neutral
1,468
-
2,191
1,995
2,165
10.7
10.4
69.8
80.6
21.0
18.2
83.9
72.9
16.6
16.5
1.1
1.0
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
Transport Corporation of
Neutral
156
-
1,191
2,671
2,911
8.5
8.8
13.9
15.7
11.2
9.9
1.5
1.4
13.7
13.8
0.6
0.5
India
Elecon Engineering
Neutral
60
-
669
1,482
1,660
13.7
14.5
3.9
5.8
15.3
10.3
3.6
3.3
7.8
10.9
0.8
0.7
Surya Roshni
Neutral
188
-
822
3,342
3,625
7.8
7.5
17.3
19.8
10.9
9.5
20.6
16.6
10.5
10.8
0.5
0.5
MT Educare
Neutral
119
-
474
366
417
17.7
18.2
9.4
10.8
12.7
11.0
2.8
2.5
22.2
22.3
1.2
1.0
Radico Khaitan
Buy
116
147
1,537
1,667
1,824
13.0
13.2
6.7
8.2
17.4
14.1
1.6
1.4
9.0
10.2
1.3
1.2
Garware Wall Ropes
Neutral
618
-
1,352
873
938
14.3
14.3
35.2
37.5
17.6
16.5
3.1
2.6
17.5
15.9
1.5
1.3
Wonderla Holidays
Neutral
351
-
1,982
287
355
38.0
40.0
11.3
14.2
31.0
24.7
4.5
3.9
21.4
23.9
6.6
5.4
Linc Pen & Plastics
Neutral
266
-
393
382
420
9.3
9.5
13.5
15.7
19.8
16.9
3.4
2.9
17.1
17.3
1.1
1.0
The Byke Hospitality
Neutral
170
-
682
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
Interglobe Aviation
Neutral
881
-
31,838
21,122
26,005
14.5
27.6
110.7
132.1
8.0
6.7
47.6
34.0
168.5
201.1
1.5
1.2
Coffee Day Enterprises
Neutral
198
-
4,078
2,964
3,260
20.5
21.2
4.7
8.0
-
24.7
2.3
2.1
5.5
8.5
1.8
1.6
Ltd
Navneet Education
Neutral
117
-
2,778
1,062
1,147
24.0
24.0
6.1
6.6
19.1
17.6
3.9
3.5
20.6
19.8
2.7
2.5
Navkar Corporation
Buy
177
265
2,523
369
561
42.9
42.3
7.2
11.5
24.5
15.4
1.8
1.6
7.4
10.5
7.9
5.2
UFO Moviez
Neutral
409
-
1,129
619
685
33.2
33.4
30.0
34.9
13.7
11.7
1.9
1.6
13.8
13.9
1.5
1.2
VRL Logistics
Neutral
283
-
2,582
1,902
2,119
16.7
16.6
14.6
16.8
19.4
16.8
4.3
3.7
21.9
22.2
1.5
1.3
Team Lease Serv.
Neutral
892
-
1,526
3,229
4,001
1.5
1.8
22.8
32.8
39.2
27.2
4.2
3.6
10.7
13.4
0.4
0.3
S H Kelkar & Co.
Neutral
318
-
4,595
1,036
1,160
15.1
15.0
6.1
7.2
52.0
44.3
5.6
5.1
10.7
11.5
4.3
3.8
Quick Heal
Neutral
258
-
1,808
408
495
27.3
27.0
7.7
8.8
33.3
29.3
3.1
3.1
9.3
10.6
3.6
3.0
Narayana Hrudaya
Neutral
339
-
6,930
1,873
2,166
11.5
11.7
2.6
4.0
128.2
85.5
7.9
7.1
6.1
8.3
3.8
3.3
Manpasand Bever.
Neutral
561
-
3,208
836
1,087
19.6
19.4
16.9
23.8
33.2
23.5
4.0
3.5
12.0
14.8
3.6
2.7
Parag Milk Foods
Neutral
272
-
2,285
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
Mirza International
Accumulate
95
107
1,145
987
1,106
18.0
18.0
6.5
7.6
14.6
12.5
2.4
2.0
15.9
15.7
1.4
1.2
Asian Granito
Buy
249
351
750
1,071
1,182
12.1
12.4
12.7
16.0
19.6
15.6
1.9
1.7
9.5
10.7
1.0
0.9
Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on January 13, 2017
Market Outlook
January 16, 2017
Research Team Tel: 022 - 39357800
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