Market Outlook
January 17, 2017
Market Cues
Domestic Indices
Chg (%)
(Pts)
(Close)
Indian markets are likely to open flat to positive tracking SGX Nifty.
BSE Sensex
0.2
50
27,288
US markets were closed yesterday on eve of Martin Luther King, Jr. Day.
Nifty
0.1
12
8,413
The European markets ended the first session of the new trading week with modest
Mid Cap
0.3
34
12,673
losses. Bank and automotive stocks were among the weakest performers Monday.
Small Cap
0.6
72
12,762
Bank stocks took a hit after Canadian rating agency DBRS cut Italy's sovereign credit
Bankex
1.0
211
21,868
rating.
Indian markets recovered from early losses to close modestly higher on Monday
despite weak cues from Asia and Europe, and continued losses in IT stocks.
Global Indices
Chg (%)
(Pts)
(Close)
Dow Jones
(0.0)
(5)
19,886
News Analysis
Nasdaq
0.5
27
5,574
Headway on dual control, GST likely in July
FTSE
(0.1)
(11)
7,327
Detailed analysis on Pg2
Nikkei
(1.0)
(192)
19,095
Investor’s Ready Reckoner
Hang Seng
(1.0)
(219)
22,718
Key Domestic & Global Indicators
Shanghai Com
(0.3)
(9)
3,103
Stock Watch: Latest investment recommendations on 150+ stocks
Refer Pg6 onwards
Advances / Declines
BSE
NSE
Advances
1,564
943
Top Picks
CMP
Target
Upside
Declines
1,245
674
Company
Sector
Rating
(`)
(`)
(%)
Unchanged
161
108
Amara Raja Batteries Auto & Auto Ancillary
Buy
894
1,167
30.5
Alkem Laboratories
Pharmaceuticals
Buy
1,669
1,989
19.2
Volumes (` Cr)
HCL Tech
IT
Buy
831
1,000
20.4
Power Grid Corp.
Power
Accumulate
199
223
11.9
BSE
3,032
Navkar Corp.
Others
Buy
176
265
50.5
NSE
15,308
More Top Picks on Pg4
Net Inflows (` Cr)
Net
Mtd
Ytd
Key Upcoming Events
Previous
Consensus
FII
(103)
(3,233)
(3,233)
Date
Region
Event Description
Reading
Expectations
MFs
1,048
2,661
2,661
Jan 17 UK
CPI (YoY)
1.2
1.4
Jan 18 Euro Zone Euro Zone CPI (YoY)
1.1
1.1
Jan 18 US
CPI (MoM)
0.2
0.3
Top Gainers
Price (`)
Chg (%)
Jan 18 UK
Jobless claims changes
2.4
4.5
Manappuram
78
6.6
Jan 19 US
Housing Starts
1,090.0
1,184.0
Dhfl
288
6.5
More Events on Pg5
Jktyre
134
5.2
Den
85
5.1
Pvr
1,226
4.6
Top Losers
Price (`)
Chg (%)
Dbcorp
357
(5.1)
Sanofi
4,105
(2.6)
Hcltech
827
(2.5)
Nationalum
70
(2.4)
Tv18Brdcst
38
(2.3)
As on January 16 2017
Market Outlook
January 17, 2017
New Analysis
Headway on dual control, GST likely in July
The Centre and the states managed to hammer out a broad consensus over the
contentious issue of division of administrative control over tax assessees at the
ninth meeting of GST Council Monday though it will be at the cost of a
three-month delay in the rollout of the proposed indirect tax regime.
90 per cent of tax assessees below the annual turnover threshold of `1.5cr will be
under the control of states and the remaining 10 per cent will be under the
Centre’s jurisdiction. For a turnover of `1.5cr and higher, there will be equal
division of assessees between the states and the Centre.
Citing that the whole process will take time till March, FM said that July 1 will be a
“more realistic date” to roll out GST.
Economic and Political News
India inks financing pact with World Bank for $48 million
Odisha steps up efforts to implement `2lakh cr investments
No returning to subsidies on petrol, diesel: Govt
Corporate News
BHEL commissions 500 MW thermal unit in West Bengal
SPML Infra bags new orders worth `800cr
PE/VC investments in auto components hits all-time low in 2016
Gujarat Cricket Association, L&T lay foundation for world's largest stadium
Market Outlook
January 17, 2017
Quarterly Bloomberg Brokers Consensus Estimate
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 17, 2017
Top Picks ★★★★★
Large Cap
Market Cap
CMP
Target
Upside
Company
Rationale
(` Cr)
(`)
(`)
(%)
To outpace battery industry growth due to better
Amara Raja Batteries
15,278
894
1,167
30.5
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
19,949
1,669
1,989
19.2
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
1,17,228
831
1,000
20.4
all the bad news.
Back on the growth trend, expect a long term growth of 14%
Infosys
2,19,519
956
1,249
30.7
to be a US$20bn in FY2020.
Strong order backlog and improvement in execution would
Larsen & Toubro
1,34,548
1,443
1,634
13.3
trigger the growth for the L&T
One of the largest pharma companies with strong
Lupin
68,093
1,508
1,809
19.9
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
1,04,213
199
223
11.9
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
778
259
351
35.8
owing to better product mix, higher B2C sales and
amalgamation synergy.
Among the top 4 players in the consumer durables segment.
Bajaj Electricals
2,325
230
274
19.2
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
4,931
516
634
22.8
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
9,018
288
350
21.5
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
5,089
152
235
54.9
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
5,906
181
225
24.5
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
1,487
362
522
44.0
in short-to-long run, attractive valuations
Higher growth in domestic branded sales and healthy export
Mirza International
1,124
93
107
14.5
to boost the profitability.
Massive capacity expansion along with rail advantage at ICD
Navkar Corporation
2,511
176
265
50.5
as well CFS augurs well for the company
Strong brands and distribution network would boost growth
Siyaram Silk Mills
1,310
1,398
1,605
14.8
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
1,595
267
385
44.0
and anticipated growth in ad spends by corporates to benefit
the stock.
Source: Company, Angel Research
Market Outlook
January 17, 2017
Key Upcoming Events
Result Calendar
Date
Company
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
Jan 23, 2017
HUL, Asian Paints
Source: Bloomberg, Angel Research
Global economic events release calendar
Date
Time
Country
Event Description
Unit
Period
Bloomberg Data
Last Reported Estimated
Jan 17, 2017
3:00PM UK
CPI (YoY)
% Change
Dec
1.20
1.40
Jan 18, 2017
3:30PM Euro Zone
Euro-Zone CPI (YoY)
%
Dec F
1.10
1.10
7:00PM US
Consumer price index (mom)
% Change
Dec
0.20
0.30
3:00PM UK
Jobless claims change
% Change
Dec
2.40
5.00
7:00PM US
Housing Starts
Thousands
Dec
1,090.00
1,184.00
Jan 19, 2017
7:45PM US
Industrial Production
%
Dec
(0.44)
0.60
7:00PM US
Initial Jobless claims
Thousands
Jan 14
247.00
251.00
7:00PM US
Building permits
Thousands
Dec
1,212.00
1,225.00
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
2:00PM Germany
PMI Services
Value
Jan P
54.30
--
8:30PM US
Existing home sales
Million
Dec
5.61
5.53
2:00PM Germany
PMI Manufacturing
Value
Jan P
55.60
--
Jan 26, 2017
3:00PM UK
GDP (YoY)
% Change
4Q A
2.20
--
7:00PM US
GDP Qoq (Annualised)
% Change
4Q A
3.50
2.30
Jan 27, 2017
8:30PM US
New home sales
Thousands
Dec
592.00
580.00
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
--
6:30AM China
PMI Manufacturing
Value
Jan
51.40
--
Feb 2, 2017
5:30PM UK
BOE Announces rates
% Ratio
Feb 2
0.25
--
12:30AM US
FOMC rate decision
%
Feb 1
0.75
0.75
Feb 3, 2017
7:00PM US
Change in Nonfarm payrolls
Thousands
Jan
156.00
--
2:30PM India
RBI Reverse Repo rate
%
Feb 8
5.75
--
Source: Bloomberg, Angel Research
Market Outlook
January 17, 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 17, 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 17, 2017
Exhibit 4: Relative performance of indices across globe
Returns (%)
Country
Name of index
Closing price
1M
3M
1YR
Brazil
Bovespa
63,831
9.7
4.4
61.6
Russia
Micex
2,189
(1.8)
11.3
33.0
India
Nifty
8,413
3.2
(1.3)
11.2
China
Shanghai Composite
3,103
(0.8)
0.3
(1.1)
South Africa
Top 40
46,333
4.8
2.9
6.7
Mexico
Mexbol
45,740
(0.3)
(4.2)
12.1
Indonesia
LQ45
880
(0.3)
(5.5)
13.8
Malaysia
KLCI
1,659
0.8
(0.4)
0.1
Thailand
SET 50
980
2.4
6.8
24.7
USA
Dow Jones
19,886
0.5
9.6
24.4
UK
FTSE
7,327
6.3
5.0
24.7
Japan
Nikkei
19,095
0.5
13.3
3.9
Germany
DAX
11,555
2.8
10.0
18.3
France
CAC
4,882
2.4
9.7
12.1
Source: Bloomberg, Angel Research
Stock Watch
January 17, 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
213
-
4,143
1,937
2,164
13.3
14.3
9.0
11.0
23.7
19.4
4.1
3.6
18.4
19.8
2.2
1.9
United Phosphorus
Neutral
703
-
35,636
15,176
17,604
18.5
18.5
37.4
44.6
18.8
15.8
3.7
3.1
21.4
21.2
2.5
2.1
Auto & Auto Ancillary
Ashok Leyland
Buy
86
111
24,361
22,407
26,022
10.6
10.6
5.2
6.4
16.4
13.3
3.7
3.1
23.6
24.7
1.2
1.0
Bajaj Auto
Neutral
2,722
-
78,766
25,093
27,891
19.5
19.2
143.9
162.5
18.9
16.8
5.3
4.6
30.3
29.4
2.9
2.5
Bharat Forge
Neutral
937
-
21,811
7,726
8,713
20.5
21.2
35.3
42.7
26.5
21.9
4.9
4.4
18.9
20.1
2.9
2.5
Eicher Motors
Neutral
22,343
-
60,782
16,583
20,447
17.5
18.0
598.0
745.2
37.4
30.0
12.8
9.7
41.2
38.3
3.5
2.8
Gabriel India
Buy
112
130
1,606
1,544
1,715
9.0
9.3
5.4
6.3
20.7
17.8
3.9
3.5
18.9
19.5
1.0
0.9
Hero Motocorp
Accumulate
3,091
3,541
61,733
30,958
34,139
15.7
15.7
193.6
208.3
16.0
14.8
6.3
5.2
34.2
30.5
1.8
1.6
Jamna Auto Industries Neutral
184
-
1,461
1,486
1,620
9.8
9.9
15.0
17.2
12.2
10.7
2.7
2.3
21.8
21.3
1.1
1.0
L G Balakrishnan & Bros Neutral
580
-
911
1,302
1,432
11.6
11.9
43.7
53.0
13.3
11.0
1.9
1.7
13.8
14.2
0.8
0.7
Mahindra and Mahindra Neutral
1,212
-
75,301
46,534
53,077
11.6
11.7
67.3
78.1
18.0
15.5
2.9
2.6
15.4
15.8
1.6
1.4
Maruti
Accumulate
5,689
6,006
171,843
68,057
82,958
15.8
15.5
212.1
261.2
26.8
21.8
5.3
4.4
19.8
20.3
2.2
1.7
Minda Industries
Neutral
332
-
2,633
2,728
3,042
9.0
9.1
68.2
86.2
4.9
3.9
1.1
0.9
23.8
24.3
1.0
0.9
Motherson Sumi
Neutral
329
-
46,200
45,896
53,687
7.8
8.3
13.0
16.1
25.2
20.4
8.1
6.5
34.7
35.4
1.1
0.9
Rane Brake Lining
Neutral
986
-
780
511
562
11.3
11.5
28.1
30.9
35.1
31.9
5.4
4.9
15.3
15.0
1.7
1.5
Setco Automotive
Neutral
38
-
504
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
527
-
152,026
300,209
338,549
8.9
8.4
42.7
54.3
12.3
9.7
2.0
1.7
15.6
17.2
0.6
0.5
TVS Motor
Neutral
383
-
18,191
13,390
15,948
6.9
7.1
12.8
16.5
30.0
23.1
7.5
5.9
26.3
27.2
1.4
1.2
Amara Raja Batteries
Buy
894
1,167
15,278
5,504
6,605
17.6
17.5
33.4
40.9
26.8
21.9
5.9
4.8
22.1
22.0
2.8
2.3
Exide Industries
Neutral
185
-
15,725
7,439
8,307
15.0
15.0
8.1
9.3
22.8
19.9
3.2
2.9
14.3
16.7
1.7
1.5
Apollo Tyres
Buy
187
235
9,516
12,877
14,504
14.3
13.9
21.4
23.0
8.7
8.1
1.4
1.2
16.4
15.2
0.9
0.8
Ceat
Buy
1,187
1,450
4,800
7,524
8,624
13.0
12.7
131.1
144.3
9.1
8.2
1.7
1.4
19.8
18.6
0.7
0.6
JK Tyres
Neutral
134
-
3,044
7,455
8,056
15.0
15.0
21.8
24.5
6.2
5.5
1.3
1.1
22.8
21.3
0.5
0.5
Swaraj Engines
Neutral
1,340
-
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
-
1,037
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
173
-
455
286
326
19.8
16.8
11.7
13.3
14.8
13.0
2.5
2.3
17.8
17.1
1.3
1.1
Capital Goods
ACE
Neutral
49
-
485
709
814
4.1
4.6
1.4
2.1
35.0
23.3
1.4
1.4
4.4
6.0
0.8
0.7
BEML
Neutral
1,214
-
5,056
3,451
4,055
6.3
9.2
31.4
57.9
38.7
21.0
2.3
2.1
6.3
10.9
1.6
1.3
Bharat Electronics
Neutral
1,530
-
34,166
8,137
9,169
16.8
17.2
58.7
62.5
26.1
24.5
4.0
3.6
44.6
46.3
3.2
2.9
Stock Watch
January 17, 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
345
407
11,402
6,511
7,514
7.9
8.7
12.9
16.3
26.7
21.1
4.8
4.2
16.7
18.5
1.5
1.3
BGR Energy
Neutral
138
-
999
16,567
33,848
6.0
5.6
7.8
5.9
17.8
23.5
1.0
1.0
4.7
4.2
0.2
0.1
BHEL
Neutral
129
-
31,464
28,797
34,742
-
2.8
2.3
6.9
55.9
18.6
1.0
0.9
1.3
4.8
0.7
0.5
Blue Star
Buy
516
634
4,931
4,283
5,077
5.9
7.3
14.9
22.1
34.7
23.3
6.7
5.7
20.4
26.4
1.2
1.0
Crompton Greaves
Neutral
65
-
4,068
5,777
6,120
5.9
7.0
3.3
4.5
19.7
14.4
0.9
0.8
4.4
5.9
0.7
0.5
Greaves Cotton
Neutral
129
-
3,155
1,755
1,881
16.8
16.9
7.8
8.5
16.6
15.2
3.3
3.1
20.6
20.9
1.5
1.4
Inox Wind
Neutral
182
-
4,033
5,605
6,267
15.7
16.4
24.8
30.0
7.3
6.1
2.0
1.5
25.9
24.4
0.8
0.6
KEC International
Neutral
150
-
3,856
9,294
10,186
7.9
8.1
9.9
11.9
15.2
12.6
2.2
1.9
15.6
16.3
0.7
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
823
-
9,807
5,421
5,940
7.3
7.3
25.7
30.2
32.0
27.3
3.9
3.5
12.2
13.1
1.7
1.6
VATech Wabag
Buy
495
681
2,703
3,136
3,845
8.9
9.1
26.0
35.9
19.1
13.8
2.4
2.0
13.4
15.9
0.8
0.6
Cement
ACC
Neutral
1,334
-
25,051
11,225
13,172
13.2
16.9
44.5
75.5
30.0
17.7
2.8
2.6
11.2
14.2
2.2
1.9
Ambuja Cements
Neutral
213
-
42,314
9,350
10,979
18.2
22.5
5.8
9.5
36.7
22.4
3.1
2.8
10.2
12.5
4.5
3.9
India Cements
Neutral
136
-
4,164
4,364
4,997
18.5
19.2
7.9
11.3
17.2
12.0
1.2
1.2
8.0
8.5
1.7
1.5
JK Cement
Neutral
701
-
4,903
4,398
5,173
15.5
17.5
31.2
55.5
22.5
12.6
2.7
2.3
12.0
15.5
1.7
1.4
J K Lakshmi Cement
Buy
368
565
4,327
2,913
3,412
14.5
19.5
7.5
22.5
49.0
16.3
3.0
2.5
12.5
18.0
2.1
1.7
Orient Cement
Buy
127
215
2,606
2,114
2,558
18.5
20.5
8.1
11.3
15.7
11.3
2.3
2.0
9.0
14.0
1.9
1.4
UltraTech Cement
Neutral
3,336
-
91,566
25,768
30,385
21.0
23.5
111.0
160.0
30.1
20.9
3.8
3.4
13.5
15.8
3.7
3.0
Construction
ITNL
Neutral
117
-
3,839
8,946
10,017
31.0
31.6
8.1
9.1
14.4
12.8
0.5
0.5
4.2
5.0
3.8
3.5
KNR Constructions
Neutral
167
-
2,350
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
1,443
1,634
134,548
111,017
124,908
11.0
11.0
61.1
66.7
23.6
21.6
2.8
2.6
13.1
12.9
2.2
2.1
Gujarat Pipavav Port
Neutral
136
-
6,572
705
788
52.2
51.7
5.0
5.6
27.2
24.3
2.7
2.4
11.2
11.2
9.0
7.5
Nagarjuna Const.
Neutral
84
-
4,656
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
2,685
2,350
2,904
13.1
13.2
9.0
8.8
11.6
11.9
0.4
0.4
15.9
13.9
1.3
1.0
Simplex Infra
Neutral
289
-
1,430
6,829
7,954
10.5
10.5
31.4
37.4
9.2
7.7
1.0
0.9
9.9
13.4
0.6
0.5
Power Mech Projects
Neutral
460
-
676
1,801
2,219
12.7
14.6
72.1
113.9
6.4
4.0
1.2
1.0
16.8
11.9
0.4
0.3
Sadbhav Engineering
Accumulate
283
298
4,855
3,598
4,140
10.3
10.6
9.0
11.9
31.4
23.8
3.3
2.9
9.9
11.9
1.6
1.4
NBCC
Neutral
275
-
16,521
7,428
9,549
7.9
8.6
8.2
11.0
33.6
25.0
1.7
1.3
28.2
28.7
1.9
1.4
MEP Infra
Neutral
41
-
668
1,877
1,943
30.6
29.8
3.0
4.2
13.7
9.8
6.6
4.5
0.6
0.6
1.7
1.6
Stock Watch
January 17, 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
101
-
3,570
1,036
1,252
65.5
66.2
(8.4)
(5.6)
3.8
4.3
(22.8)
(15.9)
11.7
9.7
Engineers India
Neutral
155
-
10,415
1,725
1,935
16.0
19.1
11.4
13.9
13.6
11.1
1.9
1.8
13.4
15.3
5.0
4.4
Financials
Axis Bank
Buy
477
580
114,050
46,932
53,575
3.5
3.4
32.4
44.6
14.7
10.7
1.9
1.7
13.6
16.5
-
-
Bank of Baroda
Neutral
160
-
36,797
19,980
23,178
1.8
1.8
11.5
17.3
13.9
9.2
1.6
1.3
8.3
10.1
-
-
Canara Bank
Neutral
279
-
15,136
15,225
16,836
1.8
1.8
14.5
28.0
19.2
10.0
1.3
1.1
5.8
8.5
-
-
Dewan Housing Finance Buy
288
350
9,018
2,225
2,688
2.9
2.9
29.7
34.6
9.7
8.3
1.6
1.3
16.1
16.8
-
-
Equitas Holdings
Buy
152
235
5,089
939
1,281
11.7
11.5
5.8
8.2
26.2
18.5
2.3
2.0
10.9
11.5
-
-
Federal Bank
Accumulate
75
85
12,853
8,259
8,995
3.0
3.0
4.3
5.6
17.4
13.3
1.5
1.4
8.5
10.1
-
-
HDFC
Neutral
1,256
-
199,040
11,475
13,450
3.4
3.4
45.3
52.5
27.7
23.9
5.3
4.7
20.2
20.5
-
-
HDFC Bank
Accumulate
1,248
1,350
318,512
46,097
55,433
4.5
4.5
58.4
68.0
21.4
18.4
3.8
3.1
18.8
18.6
-
-
ICICI Bank
Buy
269
315
156,694
42,800
44,686
3.1
3.3
18.0
21.9
15.0
12.3
2.0
1.9
11.1
12.3
-
-
Lakshmi Vilas Bank
Buy
138
174
2,642
3,339
3,799
2.7
2.8
11.0
14.0
12.6
9.9
1.3
1.2
11.2
12.7
-
-
LIC Housing Finance
Buy
540
630
27,267
3,712
4,293
2.6
2.5
39.0
46.0
13.9
11.8
2.6
2.2
19.9
20.1
-
-
Punjab Natl.Bank
Neutral
128
-
27,312
23,532
23,595
2.3
2.4
6.8
12.6
18.9
10.2
2.9
2.1
3.3
6.5
-
-
RBL Bank
Neutral
376
-
13,921
1,783
2,309
2.6
2.6
12.7
16.4
29.6
23.0
3.2
2.9
12.8
13.3
-
-
South Ind.Bank
Neutral
21
-
2,899
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
256
-
198,533
88,650
98,335
2.6
2.6
13.5
18.8
18.9
13.6
1.8
1.6
7.0
8.5
-
-
Union Bank
Neutral
138
-
9,466
13,450
14,925
2.3
2.3
25.5
34.5
5.4
4.0
0.8
0.7
7.5
10.2
-
-
Yes Bank
Neutral
1,330
-
56,241
8,978
11,281
3.3
3.4
74.0
90.0
18.0
14.8
3.4
2.9
17.0
17.2
-
-
FMCG
Asian Paints
Neutral
935
-
89,661
17,128
18,978
16.8
16.4
19.1
20.7
48.9
45.2
17.0
16.1
34.8
35.5
5.2
4.7
Britannia
Buy
2,958
3,626
35,494
9,594
11,011
14.6
14.9
80.3
94.0
36.8
31.5
15.1
11.7
41.2
-
3.6
3.1
Colgate
Accumulate
913
995
24,821
4,605
5,149
23.4
23.4
23.8
26.9
38.3
33.9
21.2
16.6
64.8
66.8
5.3
4.7
Dabur India
Accumulate
277
304
48,821
8,315
9,405
19.8
20.7
8.1
9.2
34.2
30.1
9.5
7.9
31.6
31.0
5.5
4.9
GlaxoSmith Con*
Neutral
5,007
-
21,059
4,350
4,823
21.2
21.4
179.2
196.5
27.9
25.5
7.4
6.3
27.1
26.8
4.2
3.7
Godrej Consumer
Neutral
1,562
-
53,207
10,235
11,428
18.4
18.6
41.1
44.2
38.0
35.3
8.4
7.1
24.9
24.8
5.3
4.7
HUL
Neutral
827
-
178,996
35,252
38,495
17.8
17.8
20.7
22.4
40.1
37.0
38.3
32.8
95.6
88.9
4.9
4.5
ITC
Accumulate
249
284
301,579
40,059
44,439
38.3
39.2
9.0
10.1
27.7
24.6
7.7
6.8
27.8
27.5
7.0
6.3
Marico
Buy
258
300
33,298
6,430
7,349
18.8
19.5
6.4
7.7
40.3
33.5
12.2
10.2
33.2
32.5
5.0
4.3
Nestle*
Neutral
5,898
-
56,865
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 17, 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
-
8,056
8,675
9,088
9.8
9.8
7.4
8.2
17.3
15.6
2.0
1.9
7.9
8.1
0.8
0.8
Procter & Gamble
Accumulate
6,730
7,369
21,846
2,939
3,342
23.2
23.0
146.2
163.7
46.0
41.1
103.1
98.8
25.3
23.5
7.0
6.1
Hygiene
IT
HCL Tech^
Buy
831
1,000
117,228
49,242
57,168
20.5
20.5
55.7
64.1
14.9
13.0
3.0
2.3
20.3
17.9
2.2
1.8
Infosys
Buy
956
1,249
219,519
68,350
77,326
27.0
27.0
62.5
69.4
15.3
13.8
3.3
3.0
21.3
21.6
2.7
2.3
TCS
Buy
2,259
2,620
445,031
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
487
600
47,396
29,673
32,937
15.5
17.0
32.8
39.9
14.9
12.2
2.9
2.5
19.6
20.7
1.3
1.1
Wipro
Buy
483
590
117,460
55,440
60,430
18.1
18.1
35.9
39.9
13.5
12.1
2.4
2.2
19.0
19.3
1.8
1.7
Media
D B Corp
Neutral
357
-
6,571
2,297
2,590
27.4
28.2
21.0
23.4
17.0
15.3
4.0
3.4
23.7
23.1
2.7
2.3
HT Media
Neutral
82
-
1,910
2,693
2,991
12.6
12.9
7.9
9.0
10.4
9.1
0.9
0.8
7.8
8.3
0.3
0.2
Jagran Prakashan
Buy
181
225
5,906
2,355
2,635
28.0
28.0
10.8
12.5
16.7
14.5
3.6
3.1
21.7
21.7
2.5
2.2
Sun TV Network
Neutral
528
-
20,810
2,850
3,265
70.1
71.0
26.2
30.4
20.2
17.4
5.2
4.6
24.3
25.6
6.9
5.9
Hindustan Media
Neutral
268
-
1,967
1,016
1,138
24.3
25.2
27.3
30.1
9.8
8.9
1.9
1.7
16.2
15.8
1.3
1.1
Ventures
TV Today Network
Buy
267
385
1,595
637
743
27.5
27.5
18.4
21.4
14.5
12.5
2.5
2.2
17.4
17.2
2.1
1.7
Metals & Mining
Coal India
Neutral
314
-
194,726
84,638
94,297
21.4
22.3
24.5
27.1
12.8
11.6
5.3
5.1
42.6
46.0
1.8
1.6
Hind. Zinc
Neutral
285
-
120,569
14,252
18,465
55.9
48.3
15.8
21.5
18.1
13.3
2.9
2.6
17.0
20.7
8.5
6.5
Hindalco
Neutral
173
-
35,672
107,899
112,095
7.4
8.2
9.2
13.0
18.8
13.3
0.9
0.9
4.8
6.6
0.9
0.8
JSW Steel
Neutral
189
-
45,758
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
-
45,655
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
59
-
24,347
47,528
53,738
(0.7)
2.1
(1.9)
2.6
22.7
0.6
0.6
(1.6)
3.9
1.4
1.2
Vedanta
Neutral
243
-
72,146
71,744
81,944
19.2
21.7
13.4
20.1
18.2
12.1
1.6
1.4
8.4
11.3
1.4
1.1
Tata Steel
Neutral
458
-
44,521
121,374
121,856
7.2
8.4
18.6
34.3
24.7
13.4
1.5
1.4
6.1
10.1
1.0
1.0
Oil & Gas
Cairn India
Neutral
268
-
50,329
9,127
10,632
4.3
20.6
8.8
11.7
30.5
22.9
1.0
1.0
3.3
4.2
7.0
5.8
GAIL
Neutral
447
-
56,745
56,220
65,198
9.3
10.1
27.1
33.3
16.5
13.4
1.5
1.4
9.3
10.7
1.2
1.0
ONGC
Neutral
198
-
254,547
137,222
152,563
15.0
21.8
19.5
24.1
10.2
8.2
0.9
0.8
8.5
10.1
2.1
1.9
Indian Oil Corp
Neutral
353
-
171,341
373,359
428,656
5.9
5.5
54.0
59.3
6.5
6.0
1.0
0.9
16.0
15.6
0.6
0.5
Reliance Industries
Neutral
1,077
-
349,335
301,963
358,039
12.1
12.6
87.7
101.7
12.3
10.6
1.3
1.1
10.7
11.3
1.6
1.4
Pharmaceuticals
Alembic Pharma
Neutral
599
-
11,301
3,483
4,083
20.2
21.4
24.3
30.4
24.7
19.7
5.6
4.5
25.5
25.3
3.2
2.6
Alkem Laboratories Ltd
Buy
1,669
1,989
19,949
6,043
6,893
18.7
19.3
80.5
88.8
20.7
18.8
4.6
3.8
22.3
20.3
3.2
2.8
Aurobindo Pharma
Buy
704
877
41,202
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 17, 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
4,145
-
9,546
2,277
2,597
17.3
18.3
149.4
172.0
27.7
24.1
4.6
3.7
25.1
28.8
3.9
3.1
Cadila Healthcare
Accumulate
349
400
35,744
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
587
490
47,243
15,378
18,089
17.4
18.4
21.6
27.2
27.2
21.6
3.5
3.1
13.7
15.2
3.3
2.7
Dr Reddy's
Neutral
2,983
-
49,419
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
239
-
3,849
1,718
1,890
22.7
22.8
9.5
11.3
25.1
21.1
2.4
2.2
10.1
10.9
2.7
2.4
GSK Pharma*
Neutral
2,727
-
23,101
3,000
3,312
15.4
20.6
46.5
60.8
58.7
44.9
14.1
14.0
26.3
30.6
7.4
6.8
Indoco Remedies
Reduce
271
240
2,497
1,112
1,289
16.2
18.2
11.6
16.0
23.4
16.9
3.7
3.1
17.0
20.1
2.4
2.0
Ipca labs
Accumulate
541
613
6,830
3,303
3,799
15.3
15.3
17.3
19.7
31.3
27.5
2.7
2.5
9.1
9.4
2.2
1.9
Lupin
Buy
1,508
1,809
68,093
15,912
18,644
26.4
26.7
58.1
69.3
26.0
21.8
5.1
4.1
21.4
20.9
4.4
3.6
Sun Pharma
Buy
644
847
154,413
31,129
35,258
32.0
32.9
30.2
35.3
21.3
18.2
3.5
2.9
20.0
20.1
4.5
3.8
Power
Tata Power
Neutral
78
-
21,030
36,916
39,557
17.4
27.1
5.1
6.3
15.3
12.3
1.3
1.2
9.0
10.3
1.6
1.4
NTPC
Neutral
170
-
140,503
86,605
95,545
17.5
20.8
11.8
13.4
14.4
12.7
1.5
1.4
10.5
11.1
3.0
2.9
Power Grid
Accumulate
199
223
104,213
25,315
29,193
88.2
88.7
14.2
17.2
14.1
11.6
2.1
1.9
15.2
16.1
8.8
7.9
Real Estate
MLIFE
Buy
362
522
1,487
1,152
1,300
22.7
24.6
29.9
35.8
12.1
10.1
0.9
0.8
7.6
8.6
2.0
1.7
Telecom
Bharti Airtel
Neutral
318
-
127,077
105,086
114,808
34.5
34.7
12.2
16.4
26.1
19.4
1.8
1.6
6.8
8.4
2.1
1.8
Idea Cellular
Neutral
70
-
25,209
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
4,438
-
9,431
3,153
3,583
14.1
14.4
152.2
182.7
29.2
24.3
143.2
122.3
25.6
26.1
2.7
2.3
Bajaj Electricals
Buy
230
274
2,325
4,801
5,351
5.7
6.2
10.4
13.7
22.0
16.8
2.7
2.4
12.4
14.5
0.5
0.4
Finolex Cables
Neutral
413
-
6,311
2,883
3,115
12.0
12.1
14.2
18.6
29.1
22.2
15.5
13.5
15.8
14.6
1.9
1.7
Goodyear India*
Neutral
738
-
1,702
1,598
1,704
10.4
10.2
49.4
52.6
14.9
14.0
69.0
60.5
18.2
17.0
0.8
104.7
Hitachi
Neutral
1,446
-
3,932
2,081
2,433
8.8
8.9
33.4
39.9
43.3
36.2
34.9
29.1
22.1
21.4
1.9
1.6
Jyothy Laboratories
Neutral
342
-
6,219
1,440
2,052
11.5
13.0
8.5
10.0
40.3
34.2
9.8
9.0
18.6
19.3
4.6
3.2
Page Industries
Neutral
14,091
-
15,717
2,450
3,124
20.1
17.6
299.0
310.0
47.1
45.5
313.8
239.6
47.1
87.5
6.5
5.1
Relaxo Footwears
Neutral
409
-
4,907
2,085
2,469
9.2
8.2
7.6
8.0
54.0
51.4
21.0
17.9
17.9
18.8
2.4
2.1
Siyaram Silk Mills
Accumulate
1,398
1,605
1,310
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
597
-
1,050
1,440
1,537
9.2
9.0
40.6
42.6
14.7
14.0
37.5
34.1
12.3
11.6
0.7
0.6
TVS Srichakra
Neutral
3,236
-
2,478
2,304
2,614
13.7
13.8
231.1
266.6
14.0
12.1
363.6
286.3
33.9
29.3
1.1
0.9
HSIL
Neutral
296
-
2,141
2,384
2,515
15.8
16.3
15.3
19.4
19.4
15.3
19.2
16.6
7.8
9.3
1.1
1.0
Kirloskar Engines India
Neutral
331
-
4,780
2,554
2,800
9.9
10.0
10.5
12.1
31.5
27.3
13.2
12.4
10.7
11.7
1.5
1.3
Ltd
Stock Watch
January 17, 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
-
540
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
214
-
1,532
1,353
1,471
12.3
12.4
14.5
16.3
14.8
13.1
20.4
18.4
14.5
14.6
1.1
115.1
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
1,503
-
2,243
1,995
2,165
10.7
10.4
69.8
80.6
21.5
18.7
85.9
74.6
16.6
16.5
1.1
1.0
Visaka Industries
Neutral
205
-
326
1,051
1,138
10.3
10.4
21.0
23.1
9.8
8.9
26.3
24.6
9.0
9.2
0.6
0.5
Transport Corporation of
Neutral
159
-
1,215
2,671
2,911
8.5
8.8
13.9
15.7
11.5
10.1
1.6
1.4
13.7
13.8
0.6
0.5
India
Elecon Engineering
Neutral
59
-
659
1,482
1,660
13.7
14.5
3.9
5.8
15.1
10.1
3.5
3.3
7.8
10.9
0.8
0.7
Surya Roshni
Neutral
189
-
826
3,342
3,625
7.8
7.5
17.3
19.8
10.9
9.5
20.7
16.6
10.5
10.8
0.5
0.5
MT Educare
Neutral
122
-
486
366
417
17.7
18.2
9.4
10.8
13.0
11.3
2.9
2.5
22.2
22.3
1.2
1.1
Radico Khaitan
Buy
118
147
1,576
1,667
1,824
13.0
13.2
6.7
8.2
17.8
14.5
1.6
1.5
9.0
10.2
1.3
1.2
Garware Wall Ropes
Neutral
631
-
1,380
873
938
14.3
14.3
35.2
37.5
18.0
16.8
3.1
2.7
17.5
15.9
1.5
1.4
Wonderla Holidays
Neutral
353
-
1,992
287
355
38.0
40.0
11.3
14.2
31.2
24.8
4.5
3.9
21.4
23.9
6.6
5.4
Linc Pen & Plastics
Neutral
267
-
395
382
420
9.3
9.5
13.5
15.7
19.8
17.0
3.4
2.9
17.1
17.3
1.1
1.0
The Byke Hospitality
Neutral
168
-
675
287
384
20.5
20.5
7.6
10.7
22.2
15.7
4.6
3.7
20.7
23.5
2.4
1.8
Interglobe Aviation
Neutral
876
-
31,657
21,122
26,005
14.5
27.6
110.7
132.1
7.9
6.6
47.3
33.8
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
118
-
2,806
1,062
1,147
24.0
24.0
6.1
6.6
19.3
17.8
4.0
3.5
20.6
19.8
2.7
2.5
Navkar Corporation
Buy
176
265
2,511
369
561
42.9
42.3
7.2
11.5
24.4
15.3
1.8
1.6
7.4
10.5
7.8
5.1
UFO Moviez
Neutral
412
-
1,137
619
685
33.2
33.4
30.0
34.9
13.8
11.8
1.9
1.6
13.8
13.9
1.5
1.2
VRL Logistics
Neutral
282
-
2,576
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
885
-
1,513
3,229
4,001
1.5
1.8
22.8
32.8
38.9
27.0
4.2
3.6
10.7
13.4
0.4
0.3
S H Kelkar & Co.
Neutral
321
-
4,638
1,036
1,160
15.1
15.0
6.1
7.2
52.5
44.7
5.6
5.1
10.7
11.5
4.3
3.8
Quick Heal
Neutral
261
-
1,829
408
495
27.3
27.0
7.7
8.8
33.7
29.7
3.1
3.1
9.3
10.6
3.6
3.0
Narayana Hrudaya
Neutral
340
-
6,948
1,873
2,166
11.5
11.7
2.6
4.0
128.6
85.8
7.9
7.1
6.1
8.3
3.8
3.3
Manpasand Bever.
Neutral
561
-
3,211
836
1,087
19.6
19.4
16.9
23.8
33.2
23.6
4.0
3.5
12.0
14.8
3.6
2.7
Parag Milk Foods
Neutral
266
-
2,241
1,919
2,231
9.3
9.6
9.5
12.9
28.2
20.6
4.4
3.6
15.5
17.5
1.3
1.1
Mirza International
Accumulate
93
107
1,124
987
1,106
18.0
18.0
6.5
7.6
14.3
12.3
2.3
2.0
15.9
15.7
1.3
1.2
Asian Granito
Buy
259
351
778
1,071
1,182
12.1
12.4
12.7
16.0
20.3
16.2
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 16, 2017
Market Outlook
January 17, 2017
Research Team Tel: 022 - 39357800
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