Market Outlook

June 16, 2017

Market Cues

Domestic Indices

Chg (%)

(Pts)

(Close)

Indian markets are likely to trade in positive zone tracking the SGX Nifty and Asian

BSE Sensex

(0.3)

(80)

31,076

markets.

Nifty

(0.4)

(40)

9,578

Following the mixed performance seen in the previous session, US markets moved

Mid Cap

(0.1)

(18)

14,782

mostly lower during trading on Thursday. The major averages regained ground after

Small Cap

0.4

157

15,646

an early move to the downside but remained stuck in negative territory. The

weakness on Wall Street came as traders continued to digest the Federal Reserve's

Bankex

(0.4)

(108)

26,462

decision to raise interest rates by a quarter point on Wednesday.

Global Indices

Chg (%)

(Pts)

(Close)

The European markets ended Thursday's session solidly in negative territory, adding

to the losses of the previous session. Investors had their first opportunity to react to

Dow Jones

(0.1)0.9

(15)74

21,360

yesterday's announcement from the Federal Reserve. The Fed not only hiked interest

Nasdaq

(0.5)0.9

(29)54

6,1667

rates, but stated that they are planning one more rate hike this year. The hawkish

FTSE

(0.7)0.1

(55)

7,4199

tone of the central bank has traders concerned, as U.S. economic data has been

Nikkei

(0.3)

(52)

19,832

weak of late.

Hang Seng

(1.2)

(311)

25,565

Indian markets snapped a two-day winning streak to end modestly lower on

Shanghai Com

0.1

3,132

Thursday, with a relatively hawkish Fed and a widening probe into Russia's role in

the U.S. election denting investor sentiment.

Advances / Declines

BSE

NSE

News Analysis

Advances

1,374

1,835

 RIL-BP to invest `40,000cr more to raise KG-D6 gas output to 35 mscmd

Declines

1,305

844

Detailed analysis on Pg2

Unchanged

158

Investor’s Ready Reckoner

Volumes (` Cr)

Key Domestic & Global Indicators

BSE

3,339

Stock Watch: Latest investment recommendations on 150+ stocks

NSE

23,944

Refer Pg5 onwards

Top Picks

#Net Inflows (` Cr)

Net

Mtd

Ytd

CMP

Target

Upside

Company

Sector

Rating

(`)

(%)

FII

(56586

(23,501

55,470

Blue Star

Capital Goods

Buy

659

760

15.3

MFs

804(9)

2,412

32,451

Dewan Housing Fin. Financials

Accumulate

463

520

12.3

Mahindra Lifespace Real Estate

Buy

443

522

17.8

Top Gainers

Price (`)

Chg (%)

Navkar Corporation Others

Buy

217

265

22.3

Sciiacem

185

7.6

KEI Industries

Capital Goods

Buy

212

258

21.6

More Top Picks on Pg3

Auropharma

643

6.9

Ibrealest

198

6.4

Key Upcoming Events

Consensus

Jpassociat

5.9

Date

Region

Event Description

Reading

Expectations

Fortis

198

5.8

Jun 16, 2017 US

Building permits

1,228.00

1,249.00

Jun 16, 2017 Euro Zone Euro-Zone CPI (YoY)

1.40

Top Losers

Price (`)

Chg (%)

Jun 16, 2017 US

Housing Starts

1,172.00

1,220.00

Jun 21, 2017 US

Existing home sales

5.57

5.55

Hindpetro

519

(5.0)

Jun 22, 2017 Euro Zone Euro-Zone Consumer Confidence

(3.30)

Videoind

(4.9)

Jun 23, 2017 Germany PMI Services

55.40

Cub

179

(4.7)

More Events on Pg4

Natcopharm

971

(3.3)

Bpcl

670

(3.1)

#as on 15^th June, 2017

www.angelbroking.com

Market Outlook

June 16, 2017

News Analysis

RIL-BP to invest `40,000cr more to raise KG-D6 gas output to 35

mscmd

Reliance Industries Chairman Mukesh Ambani and BP Plc Chief Executive Bob

Dudley on Thursday announced at a press conference that their companies would

invest `40,000cr more in partnership to increase KG-D6 gas output to 30-35

mscmd. The partners would progress on R-Series gas field development in the KG-

D6 block, Dudley said, adding the gas project would reduce India's import

dependence by 10 per cent.

Economic and Political News

 Sack employees who got jobs with fake caste certificates: Govt

 Civil Aviation Ministry seeks two-months deferment of GST rollout

 Oil imports from Iran plunge to lowest level since June over gas field row

 China-led AIIB grants $150 mn loan for India Infrastructure Fund

 Current account deficit soars to $3.4 bn as imports jump in Q4

 Centre to reduce stake in MSTC to 64% from 90%

 Bihar to invest `20,000cr in 5 years to generate 3,000 Mw clean energy

Corporate News

 Amul turnover crosses `27k mark; farmer income up four times in 7 years

 Warburg Pincus to acquire 43% stake in Tata Technologies for $360mn

 HCL to hire 2,000 at upcoming Nagpur campus

 India Inc's overseas investment drops 56% in May

www.angelbroking.com

Market Outlook

June 16, 2017

Top Picks ★★★★★

Market Cap

CMP

Target

Upside

Company

Rationale

(` Cr)

(`)

(%)

Strong growth in domestic business due to its leadership

in acute therapeutic segment. Alkem expects to launch

Alkem Laboratories

22,283

1,864

2,161

16.0

more products in USA, which bodes for its international

business.

We expect the company would report strong profitability

Asian Granito

1,229

409

447

9.4

owing to better product mix, higher B2C sales and

amalgamation synergy.

Favourable outlook for the AC industry to augur well for

Cooling products business which is out pacing the market

Blue Star

6,302

659

760

15.3

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

14,516

463

520

12.3

presence in tier-II & III cities where the growth opportunity

is immense.

Loan growth is likely to pick up after a sluggish FY17.

Karur Vysya Bank

8,518

141

160

13.5

Lower credit cost will help in strong bottomline growth.

Increasing share of CASA will help in NIM improvement.

Economic recovery to have favourable impact on

advertising & circulation revenue growth. Further, the

Jagran Prakashan

5,968

183

225

23.2

acquisition of a radio business (Radio City) would also

boost the company's revenue growth.

High order book execution in EPC segment, rising B2C

KEI Industries

1,651

212

258

21.6

sales and higher exports to boost the revenues and

profitability

Speedier execution and speedier sales, strong revenue

Mahindra Lifespace

2,274

443

522

17.8

visibilty in short-to-long run, attractive valuations

Massive capacity expansion along with rail advantage at

Navkar Corporation

3,090

217

265

22.3

ICD as well CFS augurs well for the company

Strong brands and distribution network would boost

Siyaram Silk Mills

2,112

2,253

2,500

11.0

growth going ahead. Stock currently trades at an

inexpensive valuation.

Market leadership in Hindi news genre and no.

viewership ranking in English news genre, exit from the

TV Today Network

1,550

260

344

32.4

radio business, and anticipated growth in ad spends by

corporates to benefit the stock.

Source: Company, Angel Research

www.angelbroking.com

Market Outlook

June 16, 2017

Key Upcoming Events

Global economic events release calendar

Bloomberg Data

Date

Time

Country

Event Description

Unit

Period

Last Reported

Estimated

Jun 16, 2017

6:00 PMUS

Building permits

Thousands

May

1,228.00

1,249.00

2:30 PMEuro Zone Euro-Zone CPI (YoY)

May F

1.40

6:00 PMUS

Housing Starts

Thousands

May

1,172.00

1,220.00

Jun 21, 2017

7:30 PMUS

Existing home sales

Million

May

5.57

5.55

Jun 22, 2017

7:30 PMEuro Zone Euro-Zone Consumer Confidence

Value

Jun A

(3.30)

Jun 23, 2017

1:00 PMGermany PMI Services

Value

Jun P

55.40

1:00 PMGermany PMI Manufacturing

Value

Jun P

59.50

7:30 PMUS

New home sales

Thousands

May

569.00

600.00

Jun 27, 2017

7:30 PMUS

Consumer Confidence

S.A./ 1985=100 Jun

117.90

Jun 29, 2017

6:00 PMUS

GDP Qoq (Annualised)

% Change

1Q T

1.20

Jun 30, 2017

1:25 PMGermany Unemployment change (000's)

Thousands

Jun

(9.00)

6:30 AMChina

PMI Manufacturing

Value

Jun

51.20

2:00 PMUK

PMI Manufacturing

Value

Jun

56.70

Jul 03, 2017

2:00 PMUK

GDP (YoY)

% Change

1Q F

2.00

Jul 07, 2017

2:00 PMUK

Industrial Production (YoY)

% Change

May

(0.80)

6:00 PMUS

Change in Nonfarm payrolls

Thousands

Jun

138.00

6:00 PMUS

Unnemployment rate

Jun

4.30

Jul 10, 2017

7:00 AMChina

Consumer Price Index (YoY)

% Change

Jun

1.50

Jul 12, 2017

2:00 PMUK

Jobless claims change

% Change

Jun

7.30

5:30 PMIndia

Industrial Production YoY

% Change

May

3.10

Jul 13, 2017

Producer Price Index (mom)

% Change

Jun

(0.70)

China

Exports YoY%

% Change

Jun

8.70

Source: Bloomberg, Angel Research

www.angelbroking.com

Market Outlook

June 16, 2017

Macro watch

Exhibit 1: Quarterly GDP trends

Exhibit 2: IIP trends

(%)

10.0

9.1

8.9

8.8

9.0

7.9

8.0

7.9

8.0

7.6

7.5

8.0

7.3

7.2

7.0

5.7

7.0

6.0

5.2

6.1

4.9

5.0

6.0

3.8

4.0

3.0

3.1

5.0

2.6

3.0

1.9

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

56.0

Mfg. PMI

Services PMI

(%)

7.0

54.0

6.1

5.8

6.0

5.1

52.0

5.0

4.3

4.2

3.9

50.0

3.6

3.7

4.0

3.4

3.2

3.0

48.0

3.0

2.2

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

60.0

7.00

50.0

6.50

40.0

6.00

30.0

5.50

20.0

5.00

10.0

4.50

0.0

4.00

(10.0)

(20.0)

3.50

(30.0)

3.00

Source: Bloomberg, Angel Research

Source: RBI, Angel Research

www.angelbroking.com

Market Outlook

June 16, 2017

Exhibit 4: Relative performance of indices across globe

Returns (%)

Country

Name of index

Closing price

1YR

Brazil

Bovespa

61,923

(9.6)

(5.5)

24.7

Russia

Micex

1,818

(9.3)

(9.1)

(3.2)

India

Nifty

9,578

0.7

5.4

17.2

China

Shanghai Composite

3,132

1.2

(3.4)

7.0

South Africa

Top 40

44,512

(6.1)

0.5

(4.1)

Mexico

Mexbol

49,140

(0.6)

4.3

8.7

Indonesia

LQ45

970

1.9

8.5

16.7

Malaysia

KLCI

1,790

0.6

3.9

7.8

Thailand

SET 50

990

0.5

1.7

7.2

USA

Dow Jones

21,360

1.8

2.0

20.5

FTSE

7,419

(0.5)

0.7

23.2

Japan

Nikkei

19,832

(0.4)

1.0

17.8

Germany

DAX

12,692

(0.9)

5.9

26.7

France

CAC

5,217

(3.5)

4.9

16.8

Source: Bloomberg, Angel Research

www.angelbroking.com

Stock Watch

June 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

245

4,771

1,937

2,164

13.3

14.3

9.0

11.0

27.3

22.3

4.8

4.1

18.4

19.8

2.5

2.2

United Phosphorus

Neutral

856

43,460

15,176

17,604

18.5

37.4

44.6

22.9

19.2

4.5

3.7

21.4

21.2

3.0

2.5

Auto & Auto Ancillary

Ashok Leyland

Buy

111

26,837

20,021

21,915

11.6

11.9

4.5

5.3

21.0

17.7

4.3

3.8

20.6

21.5

1.3

1.1

Bajaj Auto

Neutral

2,815

81,470

25,093

27,891

19.5

19.2

143.9

162.5

19.6

17.3

5.5

4.7

30.3

29.4

3.0

2.6

Bharat Forge

Neutral

1,164

27,108

7,726

8,713

20.5

21.2

35.3

42.7

33.0

27.3

6.1

5.5

18.9

20.1

3.6

3.1

Eicher Motors

Neutral

28,780

78,345

16,583

20,447

17.5

18.0

598.0

745.2

48.1

38.6

16.4

12.5

41.2

38.3

4.6

3.6

Gabriel India

Neutral

151

2,168

1,544

1,715

9.0

9.3

5.4

6.3

27.9

24.0

5.3

4.7

18.9

19.5

1.4

1.2

Hero Motocorp

Neutral

3,779

75,472

28,083

30,096

15.3

15.7

171.8

187.0

22.0

20.2

7.7

6.5

30.1

27.9

2.5

2.3

Jamna Auto Industries Neutral

278

2,218

1,486

1,620

9.8

9.9

15.0

17.2

18.6

16.2

4.1

3.4

21.8

21.3

1.6

1.4

L G Balakrishnan & Bros Neutral

751

1,179

1,302

1,432

11.6

11.9

43.7

53.0

17.2

14.2

2.4

2.2

13.8

14.2

1.0

0.9

Mahindra and Mahindra Neutral

1,389

86,254

46,534

53,077

11.6

11.7

67.3

78.1

20.6

17.8

3.4

2.9

15.4

15.8

1.8

1.6

Maruti

Neutral

7,311

220,858

67,822

83,288

16.0

16.4

253.8

312.4

28.8

23.4

6.6

5.4

23.0

22.9

2.9

2.3

Minda Industries

Neutral

596

5,153

2,728

3,042

9.0

9.1

68.2

86.2

8.7

6.9

2.0

1.6

23.8

24.3

2.0

1.7

Motherson Sumi

Neutral

476

66,865

45,896

53,687

7.8

8.3

13.0

16.1

36.5

29.6

11.8

9.4

34.7

35.4

1.5

1.3

Rane Brake Lining

Neutral

1,336

1,058

511

562

11.3

11.5

28.1

30.9

47.6

43.2

7.3

6.6

15.3

15.0

2.2

2.0

Setco Automotive

Neutral

508

741

837

13.0

15.2

17.0

2.5

2.2

0.4

15.8

16.3

1.1

1.0

Tata Motors

Neutral

448

129,483

300,209

338,549

8.9

8.4

42.7

54.3

10.5

8.3

1.7

1.4

15.6

17.2

0.5

TVS Motor

Neutral

542

25,750

13,390

15,948

6.9

7.1

12.8

16.5

42.5

32.8

10.6

8.4

26.3

27.2

2.0

1.6

Amara Raja Batteries

Buy

837

1,009

14,303

5,305

6,100

16.0

16.3

28.4

34.0

29.5

24.6

5.7

4.8

19.3

2.7

2.3

Exide Industries

Neutral

221

18,789

7,439

8,307

15.0

8.1

9.3

27.3

23.8

3.8

3.4

14.3

16.7

2.1

1.9

Apollo Tyres

Neutral

257

13,095

12,877

14,504

14.3

13.9

21.4

23.0

12.0

11.2

1.9

1.6

16.4

15.2

1.2

1.1

Ceat

Neutral

1,873

7,575

7,524

8,624

13.0

12.7

131.1

144.3

14.3

13.0

2.6

2.2

19.8

18.6

1.1

0.9

JK Tyres

Neutral

175

3,965

7,455

8,056

15.0

21.8

24.5

8.0

7.1

1.7

1.4

22.8

21.3

0.7

0.6

Swaraj Engines

Neutral

2,339

2,904

660

810

15.2

16.4

54.5

72.8

42.9

32.1

13.4

12.1

31.5

39.2

4.2

3.4

Subros

Neutral

259

1,554

1,488

1,681

11.7

11.9

6.4

7.2

40.5

36.1

4.3

3.9

10.8

11.4

1.3

1.1

Indag Rubber

Neutral

222

584

286

326

19.8

16.8

11.7

13.3

19.0

16.7

3.2

3.0

17.8

17.1

1.7

1.5

Capital Goods

ACE

Neutral

734

709

814

4.1

4.6

1.4

2.1

53.0

35.3

2.2

2.1

4.4

6.0

1.2

1.0

BEML

Neutral

1,352

5,629

3,451

4,055

6.3

9.2

31.4

57.9

43.1

23.3

2.6

2.4

6.3

10.9

1.8

1.5

Bharat Electronics

Neutral

167

37,246

8,137

9,169

16.8

17.2

58.7

62.5

2.8

2.7

0.4

44.6

46.3

3.6

3.2

www.angelbroking.com

Stock Watch

June 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

Neutral

494

16,339

6,511

7,514

7.9

8.7

12.9

16.3

38.3

30.3

6.9

6.0

16.7

18.5

2.3

1.9

BGR Energy

Neutral

153

1,104

16,567

33,848

6.0

5.6

7.8

5.9

19.6

25.9

1.1

4.7

4.2

0.2

0.1

BHEL

Neutral

139

34,058

28,797

34,742

2.8

2.3

6.9

60.5

20.2

1.0

1.3

4.8

0.8

0.6

Blue Star

Buy

659

760

6,302

4,283

5,077

5.9

7.3

14.9

22.1

44.3

29.8

8.6

7.2

20.4

26.4

1.5

1.3

CG Power and Industrial

Neutral

5,155

5,777

6,120

5.9

7.0

3.3

4.5

24.9

18.3

1.1

1.0

4.4

5.9

0.8

0.7

Solutions

Greaves Cotton

Neutral

166

4,049

1,755

1,881

16.8

16.9

7.8

8.5

21.3

19.5

4.3

4.0

20.6

20.9

2.0

1.8

Inox Wind

Neutral

144

3,192

5,605

6,267

15.7

16.4

24.8

30.0

5.8

4.8

1.6

1.2

25.9

24.4

0.6

0.5

KEC International

Neutral

250

6,427

9,294

10,186

7.9

8.1

9.9

11.9

25.3

21.0

3.7

3.2

15.6

16.3

0.9

0.8

KEI Industries

Buy

212

258

1,651

2,633

3,001

10.4

10.0

12.7

13.0

16.7

16.3

3.6

3.0

21.4

18.2

0.8

0.7

Thermax

Neutral

962

11,465

5,421

5,940

7.3

25.7

30.2

37.4

31.9

4.5

4.1

12.2

13.1

2.0

1.8

VATech Wabag

Neutral

690

3,765

3,136

3,845

8.9

9.1

26.0

35.9

26.5

19.2

3.3

2.8

13.4

15.9

1.1

0.9

Cement

ACC

Neutral

1,609

30,219

11,225

13,172

13.2

16.9

44.5

75.5

36.2

21.3

3.4

3.2

11.2

14.2

2.7

2.3

Ambuja Cements

Neutral

236

46,851

9,350

10,979

18.2

22.5

5.8

9.5

40.7

24.8

3.4

3.1

10.2

12.5

5.0

4.3

India Cements

Neutral

211

6,483

4,364

4,997

18.5

19.2

7.9

11.3

26.7

18.7

1.9

8.0

8.5

2.2

2.0

JK Cement

Neutral

1,030

7,198

4,398

5,173

15.5

17.5

31.2

55.5

33.0

18.6

4.0

3.4

12.0

15.5

2.2

1.8

J K Lakshmi Cement

Neutral

481

5,656

2,913

3,412

14.5

19.5

7.5

22.5

64.1

21.4

3.9

3.3

12.5

18.0

2.5

2.1

Orient Cement

Neutral

148

3,038

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

4,047

111,090

25,768

30,385

21.0

23.5

111.0

160.0

36.5

25.3

4.7

4.1

13.5

15.8

4.4

3.7

Construction

ITNL

Neutral

3,225

8,946

10,017

31.0

31.6

8.1

9.1

12.1

10.8

0.5

4.2

5.0

3.7

3.4

KNR Constructions

Neutral

207

2,905

1,385

1,673

14.7

14.0

41.2

48.5

5.0

4.3

0.9

0.8

14.9

15.2

2.2

1.8

Larsen & Toubro

Neutral

1,736

162,022

111,017

124,908

11.0

61.1

66.7

28.4

26.0

3.4

3.2

13.1

12.9

2.5

2.3

Gujarat Pipavav Port

Neutral

148

7,136

705

788

52.2

51.7

5.0

5.6

29.5

26.4

2.9

2.6

11.2

9.8

8.3

Nagarjuna Const.

Neutral

5,034

8,842

9,775

9.1

8.8

5.3

6.4

17.1

14.2

1.4

1.2

8.2

9.1

0.7

0.6

PNC Infratech

Neutral

147

3,760

2,350

2,904

13.1

13.2

9.0

8.8

16.3

16.7

0.6

0.5

15.9

13.9

1.7

1.4

Simplex Infra

Neutral

523

2,585

6,829

7,954

10.5

31.4

37.4

16.6

14.0

1.7

1.6

9.9

13.4

0.8

0.7

Power Mech Projects

Neutral

602

885

1,801

2,219

12.7

14.6

72.1

113.9

8.3

5.3

1.5

1.3

16.8

11.9

0.5

0.4

Sadbhav Engineering

Neutral

307

5,273

3,598

4,140

10.3

10.6

9.0

11.9

34.2

25.8

3.6

3.1

9.9

11.9

1.8

1.5

NBCC

Neutral

198

17,793

7,428

9,549

7.9

8.6

8.2

11.0

24.1

18.0

1.2

1.0

28.2

28.7

2.1

1.6

MEP Infra

Neutral

1,491

1,877

1,943

30.6

29.8

3.0

4.2

30.6

21.8

14.8

10.0

0.6

2.2

2.0

www.angelbroking.com

Stock Watch

June 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

111

3,892

1,036

1,252

65.5

66.2

(8.4)

(5.6)

4.1

4.7

(22.8)

(15.9)

12.0

10.0

Engineers India

Neutral

158

10,671

1,725

1,935

16.0

19.1

11.4

13.9

11.4

1.9

13.4

15.3

5.1

4.6

Financials

Axis Bank

Accumulate

508

580

121,771

46,932

53,575

3.5

3.4

32.4

44.6

15.7

11.4

2.0

1.8

13.6

16.5

Bank of Baroda

Neutral

170

39,079

19,980

23,178

1.8

11.5

17.3

14.8

9.8

1.7

1.4

8.3

10.1

Canara Bank

Neutral

352

21,031

15,225

16,836

1.8

14.5

28.0

24.3

12.6

1.7

1.4

5.8

8.5

Can Fin Homes

Neutral

3,122

8,311

420

526

3.5

86.5

107.8

36.1

29.0

7.8

6.4

23.6

24.1

Cholamandalam Inv. &

Accumulate

1,114

1,230

17,415

2,012

2,317

6.3

42.7

53.6

26.1

20.8

4.1

3.5

16.9

18.3

Fin. Co.

Dewan Housing Finance Accumulate

463

520

14,516

2,225

2,688

2.9

29.7

34.6

15.6

13.4

2.5

1.7

16.1

14.8

Equitas Holdings

Buy

152

235

5,149

939

1,281

11.7

11.5

5.8

8.2

26.3

18.6

2.3

2.0

10.9

11.5

Federal Bank

Neutral

119

20,554

8,259

8,995

3.0

4.3

5.6

27.7

21.3

2.3

2.2

8.5

10.1

HDFC

Neutral

1,638

260,307

11,475

13,450

3.4

45.3

52.5

36.2

31.2

7.0

6.2

20.2

20.5

HDFC Bank

Neutral

1,662

426,938

46,097

55,433

4.5

58.4

68.0

28.5

24.4

5.0

4.2

18.8

18.6

ICICI Bank

Neutral

317

184,748

42,800

44,686

3.1

3.3

18.0

21.9

17.6

14.5

2.4

2.2

11.1

12.3

Karur Vysya Bank

Accumulate

141

160

8,518

5,640

6,030

3.3

3.2

8.9

10.0

15.8

14.1

1.7

1.6

11.2

11.4

Lakshmi Vilas Bank

Neutral

194

3,726

3,339

3,799

2.7

2.8

11.0

14.0

17.7

13.9

1.8

1.7

11.2

12.7

LIC Housing Finance

Neutral

777

39,197

3,712

4,293

2.6

2.5

39.0

46.0

19.9

16.9

3.7

3.2

19.9

20.1

Punjab Natl.Bank

Neutral

148

31,409

23,532

23,595

2.3

2.4

6.8

12.6

21.7

11.7

3.4

2.4

3.3

6.5

RBL Bank

Neutral

514

19,349

1,783

2,309

2.6

12.7

16.4

40.5

31.3

4.4

3.9

12.8

13.3

Repco Home Finance

Neutral

901

5,639

388

457

4.5

4.2

30.0

38.0

30.1

23.7

5.0

4.2

18.0

19.2

South Ind.Bank

Neutral

5,266

6,435

7,578

2.5

2.7

3.1

10.8

9.4

1.4

1.2

10.1

11.2

St Bk of India

Neutral

284

230,360

88,650

98,335

2.6

13.5

18.8

21.0

15.1

2.0

1.8

7.0

8.5

Union Bank

Neutral

153

10,525

13,450

14,925

2.3

25.5

34.5

6.0

4.4

0.9

0.8

7.5

10.2

Yes Bank

Neutral

1,446

66,120

8,978

11,281

3.3

3.4

74.0

90.0

19.5

16.1

3.7

3.1

17.0

17.2

FMCG

Akzo Nobel India

Neutral

1,915

9,183

2,955

3,309

13.3

13.7

57.2

69.3

33.5

27.6

10.9

9.2

32.7

33.3

2.9

2.6

Asian Paints

Neutral

1,141

109,464

17,128

18,978

16.8

16.4

19.1

20.7

59.8

55.1

20.8

19.6

34.8

35.5

6.3

5.7

Britannia

Neutral

3,563

42,755

9,594

11,011

14.6

14.9

80.3

94.0

44.4

37.9

18.2

14.1

41.2

4.3

3.7

Colgate

Neutral

1,079

29,342

4,605

5,149

23.4

23.8

26.9

45.3

40.1

25.1

19.6

64.8

66.8

6.3

5.6

Dabur India

Accumulate

289

304

50,820

8,315

9,405

19.8

20.7

8.1

9.2

35.6

31.4

9.9

8.2

31.6

31.0

5.8

5.1

GlaxoSmith Con*

Neutral

5,350

22,500

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

www.angelbroking.com

Stock Watch

June 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

Godrej Consumer

Neutral

1,869

63,645

10,235

11,428

18.4

18.6

41.1

44.2

45.5

42.3

10.1

8.5

24.9

24.8

6.3

5.6

HUL

Neutral

1,104

238,859

35,252

38,495

17.8

20.7

22.4

53.5

49.3

51.1

43.8

95.6

88.9

6.6

6.1

ITC

Neutral

302

366,729

40,059

44,439

38.3

39.2

9.0

10.1

33.6

29.8

9.4

8.2

27.8

27.5

8.7

7.8

Marico

Neutral

315

40,630

6,430

7,349

18.8

19.5

6.4

7.7

49.2

40.9

14.9

12.5

33.2

32.5

6.1

5.3

Nestle*

Neutral

6,677

64,377

10,073

11,807

20.7

21.5

124.8

154.2

53.5

43.3

22.0

19.8

34.8

36.7

6.2

5.3

Tata Global

Neutral

159

10,035

8,675

9,088

9.8

7.4

8.2

21.5

19.4

1.7

1.6

7.9

8.1

1.1

1.0

Procter & Gamble

Neutral

7,895

25,628

2,939

3,342

23.2

23.0

146.2

163.7

54.0

48.2

13.7

11.4

25.3

23.5

8.3

7.2

Hygiene

HCL Tech^

Buy

846

1,014

120,723

46,723

52,342

22.1

20.9

60.0

62.8

14.1

13.5

3.6

3.0

25.3

22.4

2.3

2.0

Infosys

Buy

952

1,179

218,738

68,484

73,963

26.0

63.0

64.0

15.1

14.9

3.2

2.9

20.8

19.7

2.9

2.5

TCS

Accumulate

2,411

2,651

475,090

117,966

127,403

27.5

27.6

134.3

144.5

18.0

16.7

5.4

5.0

29.8

29.7

3.7

3.4

Tech Mahindra

Buy

394

533

38,420

29,141

31,051

14.4

15.0

32.3

35.6

12.2

11.1

2.1

1.9

17.1

17.0

1.2

1.0

Wipro

Buy

261

570

126,909

55,421

58,536

20.3

35.1

36.5

7.4

7.2

1.3

1.1

19.2

14.6

1.7

1.5

Media

D B Corp

Neutral

372

6,843

2,297

2,590

27.4

28.2

21.0

23.4

17.7

15.9

4.1

3.6

23.7

23.1

2.8

2.4

HT Media

Neutral

1,881

2,693

2,991

12.6

12.9

7.9

9.0

10.2

9.0

0.9

0.8

7.8

8.3

0.3

0.2

Jagran Prakashan

Buy

183

225

5,968

2,283

2,555

28.0

10.6

12.3

17.2

14.9

3.7

3.2

21.4

2.6

2.3

Sun TV Network

Neutral

825

32,500

2,850

3,265

70.1

71.0

26.2

30.4

31.5

27.1

8.1

7.1

24.3

25.6

11.0

9.5

Hindustan Media

Neutral

274

2,011

1,016

1,138

24.3

25.2

27.3

30.1

10.0

9.1

1.9

1.7

16.2

15.8

1.3

1.1

Ventures

TV Today Network

Buy

260

344

1,550

608

667

21.5

22.3

15.7

19.2

16.6

13.5

2.5

2.2

16.1

16.0

2.1

1.8

Metals & Mining

Coal India

Neutral

254

157,916

84,638

94,297

21.4

22.3

24.5

27.1

10.4

9.4

4.3

4.1

42.6

46.0

1.4

1.2

Hind. Zinc

Neutral

243

102,612

14,252

18,465

55.9

48.3

15.8

21.5

15.4

11.3

2.5

2.2

17.0

20.7

7.2

5.6

Hindalco

Neutral

197

44,105

107,899

112,095

7.4

8.2

9.2

13.0

21.4

15.1

1.0

4.8

6.6

0.9

JSW Steel

Neutral

197

47,595

53,201

58,779

16.1

16.2

130.6

153.7

1.5

1.3

0.2

14.0

14.4

1.7

1.4

NMDC

Neutral

113

35,610

6,643

7,284

44.4

47.7

7.1

7.7

15.9

14.6

1.4

1.3

8.8

9.2

3.1

2.8

SAIL

Neutral

23,294

47,528

53,738

(0.7)

2.1

(1.9)

2.6

21.7

0.6

(1.6)

3.9

1.3

1.2

Vedanta

Neutral

236

87,689

71,744

81,944

19.2

21.7

13.4

20.1

17.6

11.7

1.5

1.4

8.4

11.3

1.6

1.3

Tata Steel

Neutral

503

48,818

121,374

121,856

7.2

8.4

18.6

34.3

27.0

14.7

1.7

1.5

6.1

10.1

1.0

Oil & Gas

GAIL

Neutral

377

63,703

56,220

65,198

9.3

10.1

27.1

33.3

13.9

11.3

1.3

1.2

9.3

10.7

1.3

1.1

ONGC

Neutral

168

214,957

137,222

152,563

15.0

21.8

19.5

24.1

8.6

7.0

0.7

8.5

10.1

1.8

1.6

Indian Oil Corp

Neutral

407

197,660

373,359

428,656

5.9

5.5

54.0

59.3

7.5

6.9

1.2

1.1

16.0

15.6

0.7

0.6

www.angelbroking.com

Stock Watch

June 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

Oil & Gas

Reliance Industries

Neutral

1,385

450,161

301,963

358,039

12.1

12.6

87.7

101.7

15.8

13.6

1.6

1.5

10.7

11.3

2.0

1.6

Pharmaceuticals

Alembic Pharma

Buy

528

648

9,948

3,101

3,966

19.7

20.5

21.4

25.5

24.7

20.7

5.2

4.3

23.0

22.8

3.2

2.3

Alkem Laboratories Ltd

Buy

1,864

2,161

22,283

5,853

6,901

17.1

18.4

74.6

85.0

25.0

21.9

5.3

4.4

21.1

20.2

3.8

3.2

Aurobindo Pharma

Buy

643

823

37,684

14,845

17,086

21.5

22.1

39.4

44.7

16.3

14.4

4.0

3.2

27.6

24.7

2.7

2.3

Aventis*

Neutral

4,041

9,307

2,206

2,508

16.6

16.8

128.9

139.9

31.4

28.9

5.4

4.2

21.6

23.5

4.0

3.3

Cadila Healthcare

Sell

532

450

54,489

9,220

11,584

18.4

20.3

14.5

18.7

36.7

28.5

7.8

6.3

23.5

24.6

6.2

4.8

Cipla

Sell

549

461

44,182

14,281

16,619

15.4

16.2

12.5

19.7

43.9

27.9

3.5

3.2

8.4

12.0

3.3

2.8

Dr Reddy's

Neutral

2,699

44,728

14,081

15,937

16.1

18.6

72.6

105.9

37.2

25.5

3.7

3.3

9.6

13.6

3.4

3.0

Dishman Pharma

Sell

143

1,718

1,890

22.7

22.8

9.5

11.3

10.1

10.9

3.3

2.9

GSK Pharma*

Neutral

2,455

20,794

2,927

3,290

11.8

16.2

34.4

49.6

71.4

49.5

10.4

10.8

13.9

21.3

6.9

6.2

Indoco Remedies

Sell

194

153

1,786

1,067

1,154

12.1

14.9

8.4

11.3

23.1

17.2

2.8

2.4

12.6

15.0

1.9

1.8

Ipca labs

Buy

513

710

6,474

3,211

3,593

13.9

14.5

15.4

19.4

33.3

26.5

2.6

2.4

8.2

9.5

2.1

1.9

Lupin

Buy

1,183

1,526

53,439

17,120

18,657

24.1

56.9

61.1

20.8

19.4

3.9

3.3

20.7

18.6

3.4

2.8

Natco Pharma

Accumulate

969

1,060

16,890

2,065

1,988

33.1

33.7

27.9

25.7

34.7

37.7

10.1

8.6

29.2

22.9

8.3

8.4

Sun Pharma

Buy

544

712

130,590

30,264

32,899

29.0

26.9

32.7

31.6

16.7

17.2

3.6

3.0

22.2

18.7

4.0

3.6

Power

Tata Power

Neutral

20,840

36,916

39,557

17.4

27.1

5.1

6.3

15.1

12.2

1.3

1.2

9.0

10.3

1.6

1.4

NTPC

Neutral

159

131,433

86,605

95,545

17.5

20.8

11.8

13.4

13.5

11.9

1.4

1.3

10.5

11.1

2.9

Power Grid

Accumulate

210

223

110,020

25,315

29,193

88.2

88.7

14.2

17.2

14.9

12.3

2.3

2.0

15.2

16.1

9.0

8.1

Real Estate

Prestige Estate

Neutral

268

10,048

4,707

5,105

25.2

26.0

10.3

13.0

26.0

20.6

2.1

1.9

10.3

10.2

3.3

3.0

MLIFE

Buy

443

522

2,274

1,152

1,300

22.7

24.6

29.9

35.8

14.8

12.4

1.1

1.0

7.6

8.6

2.7

2.3

Telecom

Bharti Airtel

Neutral

365

145,905

105,086

114,808

34.5

34.7

12.2

16.4

29.9

22.3

2.0

1.9

6.8

8.4

2.3

2.0

Idea Cellular

Neutral

27,586

40,133

43,731

37.2

37.1

6.4

6.5

12.0

11.8

1.0

0.9

8.2

7.6

1.7

1.4

zOthers

Abbott India

Neutral

4,222

8,972

3,153

3,583

14.1

14.4

152.2

182.7

27.7

23.1

136.2

116.3

25.6

26.1

2.6

2.2

Asian Granito

Accumulate

409

447

1,229

1,066

1,169

11.6

12.5

13.0

16.0

31.4

25.6

3.1

2.7

9.5

10.7

1.5

1.3

Bajaj Electricals

Accumulate

347

395

3,511

4,801

5,351

5.7

6.2

10.4

13.7

33.3

25.3

4.1

3.7

12.4

14.5

0.7

Banco Products (India)

Neutral

224

1,600

1,353

1,471

12.3

12.4

14.5

16.3

15.4

13.7

21.3

19.2

14.5

14.6

1.1

120.7

Coffee Day Enterprises

Neutral

245

5,040

2,964

3,260

20.5

21.2

4.7

8.0

30.6

2.8

2.6

5.5

8.5

2.1

1.9

Ltd

Competent Automobiles Neutral

198

127

1,137

1,256

3.1

2.7

28.0

23.6

7.1

8.4

38.1

34.4

14.3

11.5

0.1

Elecon Engineering

Neutral

683

1,482

1,660

13.7

14.5

3.9

5.8

15.6

10.5

3.7

3.4

7.8

10.9

0.8

0.7

www.angelbroking.com

Stock Watch

June 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

Finolex Cables

Neutral

503

7,696

2,883

3,115

12.0

12.1

14.2

18.6

35.4

27.1

18.9

16.5

15.8

14.6

2.4

2.1

Garware Wall Ropes

Neutral

849

1,859

863

928

15.1

15.2

36.4

39.4

23.3

21.6

4.2

3.6

17.5

15.9

2.1

1.9

Goodyear India*

Neutral

874

2,015

1,598

1,704

10.4

10.2

49.4

52.6

17.7

16.6

81.7

71.6

18.2

17.0

0.9

134.8

Hitachi

Neutral

2,130

5,791

2,081

2,433

8.8

8.9

33.4

39.9

63.8

53.4

51.4

42.9

22.1

21.4

2.8

2.3

HSIL

Neutral

381

2,754

2,384

2,515

15.8

16.3

15.3

19.4

24.9

19.6

24.7

21.3

7.8

9.3

1.3

1.2

Interglobe Aviation

Neutral

1,186

42,891

21,122

26,005

14.5

27.6

110.7

132.1

10.7

9.0

64.1

45.8

168.5

201.1

2.0

1.6

Jyothy Laboratories

Neutral

375

6,812

1,440

2,052

11.5

13.0

8.5

10.0

44.1

37.5

10.7

9.9

18.6

19.3

5.0

3.5

Kirloskar Engines India

Neutral

386

5,582

2,554

2,800

9.9

10.0

10.5

12.1

36.8

31.9

15.4

14.5

10.7

11.7

1.8

1.6

Ltd

Linc Pen & Plastics

Neutral

289

427

382

420

9.3

9.5

13.5

15.7

21.4

18.4

3.7

3.2

17.1

17.3

1.2

1.1

M M Forgings

Neutral

615

742

546

608

20.4

20.7

41.3

48.7

14.9

12.6

84.3

74.6

16.6

17.0

1.2

1.1

Manpasand Bever.

Neutral

782

4,474

836

1,087

19.6

19.4

16.9

23.8

46.3

32.8

5.6

4.9

12.0

14.8

5.1

3.8

Mirza International

Neutral

156

1,876

963

1,069

17.2

18.0

6.1

7.5

25.5

20.8

3.9

3.3

15.0

15.7

2.2

1.9

MT Educare

Neutral

257

366

417

17.7

18.2

9.4

10.8

6.9

6.0

1.5

1.3

22.2

22.3

0.6

0.5

Narayana Hrudaya

Neutral

320

6,543

1,873

2,166

11.5

11.7

2.6

4.0

121.0

80.8

7.4

6.7

6.1

8.3

3.6

3.1

Navkar Corporation

Buy

217

265

3,090

347

371

43.2

37.3

6.7

6.0

32.5

36.1

2.2

2.0

6.2

10.6

10.0

9.4

Navneet Education

Neutral

183

4,271

1,062

1,147

24.0

6.1

6.6

30.0

27.6

6.2

5.5

20.6

19.8

4.1

3.8

Nilkamal

Neutral

1,925

2,872

1,995

2,165

10.7

10.4

69.8

80.6

27.6

23.9

110.0

95.5

16.6

16.5

1.4

1.3

Page Industries

Neutral

16,761

18,695

2,450

3,124

20.1

17.6

299.0

310.0

56.1

54.1

373.3

285.0

47.1

87.5

7.7

6.0

Parag Milk Foods

Neutral

226

1,901

1,919

2,231

9.3

9.6

9.5

12.9

23.9

17.5

3.7

3.1

15.5

17.5

1.1

1.0

Quick Heal

Neutral

210

1,473

408

495

27.3

27.0

7.7

8.8

27.1

23.9

2.5

9.3

10.6

2.8

2.3

Radico Khaitan

Buy

123

147

1,634

1,667

1,824

13.0

13.2

6.7

8.2

18.5

15.0

1.7

1.5

9.0

10.2

1.4

1.2

Relaxo Footwears

Neutral

482

5,793

2,085

2,469

9.2

8.2

7.6

8.0

63.8

60.7

24.7

21.1

17.9

18.8

2.9

2.4

S H Kelkar & Co.

Neutral

284

4,112

1,036

1,160

15.1

15.0

6.1

7.2

46.6

39.6

5.0

4.6

10.7

11.5

3.8

3.4

Siyaram Silk Mills

Accumulate

2,253

2,500

2,112

1,574

1,769

12.5

12.7

97.1

113.1

23.2

19.9

3.6

3.1

15.4

15.5

1.5

1.4

Styrolution ABS India*

Neutral

861

1,514

1,440

1,537

9.2

9.0

40.6

42.6

21.2

20.2

54.2

49.2

12.3

11.6

1.0

0.9

Surya Roshni

Neutral

286

1,254

3,342

3,625

7.8

7.5

17.3

19.8

16.6

14.5

31.4

25.2

10.5

10.8

0.6

Team Lease Serv.

Neutral

1,334

2,280

3,229

4,001

1.5

1.8

22.8

32.8

58.6

40.6

6.3

5.4

10.7

13.4

0.6

0.5

The Byke Hospitality

Neutral

189

758

287

384

20.5

7.6

10.7

24.9

17.7

5.2

4.2

20.7

23.5

2.7

2.0

Transport Corporation of

Neutral

307

2,350

2,671

2,911

8.5

8.8

13.9

15.7

22.2

19.6

3.0

2.7

13.7

13.8

1.0

0.9

India

www.angelbroking.com

Stock Watch

June 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

TVS Srichakra

Neutral

4,048

3,100

2,304

2,614

13.7

13.8

231.1

266.6

17.5

15.2

454.9

358.2

33.9

29.3

1.3

1.2

UFO Moviez

Neutral

427

1,178

619

685

33.2

33.4

30.0

34.9

14.2

12.2

2.0

1.7

13.8

13.9

1.6

1.3

Visaka Industries

Neutral

492

781

1,051

1,138

10.3

10.4

21.0

23.1

23.4

21.3

63.1

59.0

9.0

9.2

1.0

0.9

VRL Logistics

Neutral

316

2,885

1,902

2,119

16.7

16.6

14.6

16.8

21.7

18.8

4.8

4.2

21.9

22.2

1.6

1.4

VIP Industries

Accumulate

193

218

2,721

1,270

1,450

10.4

5.6

6.5

34.4

29.6

7.1

6.2

20.7

21.1

2.1

1.9

Navin Fluorine

Accumulate

3,190

3,650

3,123

789

945

21.1

22.4

120.1

143.4

26.6

22.2

4.3

3.7

17.8

18.5

3.9

3.2

Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on June 15, 2017

www.angelbroking.com

Market Outlook

June 16, 2017

Research Team Tel: 022 - 39357800

E-mail: [email protected]

Website: www.angelbroking.com

DISCLAIMER

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