Market Outlook
October 17, 2016
Market Cues
Domestic Indices
Chg (%)
(Pts)
(Close)
Indian markets are expected to open in the red tracking the SGX Nifty and weak
BSE Sensex
0.1
30
27,674
Asian cues.
Nifty
0.1
10
8,583
Mid Cap
0.8
108
13,420
U.S. markets closed slightly higher Friday, finishing near lows of the session to turn
Small Cap
0.8
108
13,177
in a second losing week in a row, after a trio of quarterly bank results topped
analyst estimates and Federal Reserve Chairwoman Janet Yellen said there may be
Bankex
0.4
78
21,716
benefits to running the economy with a tight labor market.
Global Indices
Chg (%)
(Pts)
(Close)
European markets ended Friday's session solidly in positive territory, following the
losses of the past 3 sessions. Financial stocks were a source of strength after a trio of
Dow Jones
0.2
39
18,138
major U.S. banks reported stronger than expected quarterly results. Automakers
Nasdaq
0.0
1
5,214
jumped after the release of European car sales data and mining stocks received a
FTSE
0.5
36
7,014
boost from the Chinese inflation data.
Nikkei
0.5
82
16,856
Indian markets on Friday closed on a flat-to-positive note on the back of positive
Hang Seng
0.9
202
23,233
inflation macro-data points and value buying.
Shanghai Com
0.1
2
3,064
News Analysis
Advances / Declines
BSE
NSE
Result Review: Infosys
Advances
1,730
1,037
Detailed analysis on Pg2
Declines
1,069
575
Investor’s Ready Reckoner
Unchanged
192
81
Key Domestic & Global Indicators
Stock Watch: Latest investment recommendations on 150+ stocks
Volumes (` Cr)
Refer Pg6 onwards
BSE
3,423
NSE
20,508
Top Picks
CMP
Target
Upside
Company
Sector
Rating
(`)
(`)
(%)
Net Inflows (` Cr)
Net
Mtd
Ytd
Amara Raja Batteries Auto & Auto Ancill.
Buy
1,041
1,218
17.0
HCL Tech
IT
Buy
813
1,000
23.0
FII
(846)
364
50,368
Bharat Electronics
Capital Goods
Accumulate
1,270
1,414
11.4
MFs
426
2,108
16,054
Equitas Holdings
Financials
Buy
175
235
34.2
Navkar Corporation Others
Buy
195
265
36.0
Top Gainers
Price (`)
Chg (%)
More Top Picks on Pg4
Denabank
41
12.3
Key Upcoming Events
Coalindia
344
10.0
Previous
Consensus
Date
Region
Event Description
Hdfc
1,450
9.9
Reading
Expectations
Oct 17 China
Consumer Price Index (YoY)
(0.43)
0.20
Ptc
82
9.5
Oct 17 US
Industrial Production
0.40
0.40
Itc
260
8.4
Oct 18 US
Consumer Price Index (MoM)
0.20
0.30
Oct 18 US
Building permits
1,152.00
1,165.00
Top Losers
Price (`)
Chg (%)
Oct 19 UK
CPI (YoY)
0.60
0.90
Il&Fstrans
84
(17.5)
Oct 19 US
Housing Starts
1,142.00
1,175.00
Oct 19 UK
Jobless claims change
2.40
3.15
Balramchin
99
(11.8)
Oct 19 China
Industrial Production (YoY)
6.30
6.40
Boschltd
20,600
(9.7)
Oct 19 China
Real GDP (YoY)
6.70
6.70
Wockpharma
800
(8.7)
6.(
More Events on Pg5
Infy
971
(5.5)
As on October 14, 2016
Market Outlook
October 17, 2016
News Analysis
Result Review:
Infosys (CMP: `1,041 / TP: `1,370 / Upside: 33.3%)
Infosys, posted results much above expectations. The company posted
3.5%
sequential growth posting revenues of US$2,587mn V/s US$2,561mn expected.
On Constant Currency terms (CC), it posted a QoQ growth of 3.9%, while the
volume growth came in at 4.0% (was 2.2% QoQ growth in 1QFY2017). In rupee
terms, revenues came in at `17,310cr V/s `17,133cr expected, up 2.1% QoQ.
In geography terms, the QoQ CC growth was - USA (2.7%), Europe (3.7%), India
(28.7%) and ROW (5.2%). In terms of the verticals the QoQ CC growth was - FSI
(5.2%), MFG & Hi-Tech (2.1%), RCL (1.2%) and ECS (7.3%).
On the operating margin front, the EBIT margins came in at 24.9% V/s 24.5%
expected, a 78bps QoQ expansion, this came on back of the high volume growth.
Consequently, PAT came in at `3,606cr V/s
`3,546cr expected, a rise of
4.9% QoQ.
Other operating matrix like utilsation levels were at 82.5% (excluding trainee) up
200bps, while including trainee was 77.7% up 120bps. On the attrition front, the
attrition was 20.0% V/s 21.0% in 1QFY2017. In client addition, the company
added 78 gross clients- one in US$100mn+ and 2 in US$54mn+.
In terms of guidance, the company downgraded the guidance to 8-9% CC growth
from 10.5-12.0% CC growth earlier. A part of the downgrade is on back of the
company specific risk and a part on back of the macro dynamics. On US$ terms it
is guided at 7.5-8.5% (on September 30th 2016), while in INR terms, it is
10.9-11.9% (on September 30 th rates). The company gave away interim dividend
of `11/share. We maintain our buy rating on the stock, with target price to be
revised.
Y/E
Sales OPM
PAT
EPS ROE P/E P/BV EV/EBITDA EV/Sales
March
(` cr)
(%)
(` cr)
(`)
(%)
(x)
(x)
(x)
(x)
FY2017E
69,934
27.5
14,886
64.8
22.0
16.2
3.6
10.6
2.9
FY2018E
79,025
27.5
16,529
72.0
22.3
14.6
3.3
9.1
2.5
Economic and Political News
India's wholesale prices rise 3.57% in September
Odisha targets `20,000cr marine exports in five years
Tax collection in Tamil Nadu increases by 7.52%
Corporate News
SpiceJet plans to add Boeing 4-5 aircraft to its fleet
Vedanta suspends work at Bicholim iron ore mine in Goa
Bajaj Corp Q2 net profit up 23.9% to `58cr
Market Outlook
October 17, 2016
Quarterly Bloomberg Brokers Consensus Estimate
Ultratech Cement Ltd - Oct 17, 2016
Particulars ( ` cr)
2QFY17E
2QFY16
y-o-y (%)
1QFY17 q-o-q (%)
Net sales
6,375
5,621
13.4
6,182
3.1
EBITDA
1,374
989
38.9
1,423
(3.4)
EBITDA margin (%)
21.6
17.6
23.0
Net profit
722
394
83.3
775
(6.8)
LIC Housing Finance Ltd - October 20, 2016
Particulars ( ` cr)
2QFY17E
2QFY16
y-o-y (%)
1QFY17 q-o-q (%)
Net profit
455
412
10.6
408
11.6
ACC Ltd - Oct 21, 2016
Particulars ( ` cr)
3QCY16E
3QCY15
y-o-y (%)
2QCY16 q-o-q (%)
Net sales
3,033
2,740
10.7
2,870
5.7
EBITDA
451
314
43.7
457
(1.3)
EBITDA margin (%)
14.9
11.4
15.9
Net profit
245
117
109.7
238
3.2
Wipro Ltd Consol - Oct 21, 2016
Particulars ( ` cr)
2QFY17E
2QFY16
y-o-y (%)
1QFY17 q-o-q (%)
Net sales
13,788
12,514
10.2
13,599
1.4
EBITDA
2,811
2,729
3.0
2,653
6.0
EBITDA margin (%)
20.4
21.8
19.5
Net profit
2,168
2,241
(3.2)
2,052
5.7
Market Outlook
October 17, 2016
Top Picks ★★★★★
Large Cap
Market Cap
CMP
Target
Upside
Company
Rationale
(` Cr)
(`)
(`)
(%)
To outpace battery industry growth due to better technological
Amara Raja Batteries
17,781
1,041
1,218
17.0
products leading to market share gains in both the
automotive OEM and replacement segments.
Uptick in defense capex by government when coupled with
Bharat Electronics
30,468
1,270
1,414
11.4
BELs strong market positioning, indicate that good times are
ahead for BEL.
The stock is trading at attractive valuations and is factoring all
HCL Tech
1,14,652
813
1,000
23.0
the bad news.
Back on the growth trend, expect a long term growth of 14%
Infosys
2,35,988
1,027
1,370
33.3
to be a US$20bn in FY2020.
Source: Company, Angel Research
Mid Cap
Market Cap
CMP
Target
Upside
Company
Rationale
(` Cr)
(`)
(`)
(%)
Among the top 4 players in the consumer durables segment.
Bajaj Electricals
2,655
263
306
16.5
Improved profitability backed by turn around in E&P
segment. Strong order book lends earnings visibility.
With a focus on the low and medium income (LMI) consumer
Dewan Housing Finance
8,786
301
350
16.2
segment, the company has increased its presence in tier-II &
III cities where the growth opportunity is immense.
Strong loan growth backed by diversified loan portfolio and
adequate CAR. ROE & ROA likely to remain decent as risk of
Equitas Holdings
5,872
175
235
34.2
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
6,548
200
225
12.3
radio business (Radio City) would also boost the company's
revenue growth.
Speedier execution and speedier sales, strong revenue
Mahindra Lifespace
1,794
437
522
19.4
visibilty in short-to-long run, attractive valuations
Massive capacity expansion along with rail advantage at ICD
Navkar Corporation
2,778
195
265
36.0
as well CFS augurs well for the company
Market leadership in Hindi news genre and no. 2 viewership
ranking in English news genre, exit from the radio business,
TV Today Network
1,957
328
363
10.6
and anticipated growth in ad spends by corporates to benefit
the stock.
Source: Company, Angel Research
Market Outlook
October 17, 2016
Key Upcoming Events
Result Calendar
Date
Company
October 17, 2016 UltraTech Cement
October 19, 2016 KPIT Cummins, NIIT, Hind. Zinc
October 20, 2016 LIC Housing Fin.
October 21, 2016 ACC, Wipro, Mindtree, Cairn India, Kirloskar Engines India Ltd
October 22, 2016 Persistent, L G Balakrishnan & Bros
October 24, 2016 Axis Bank
October 25, 2016 HDFC Bank, Kotak Mah. Bank, Asian Paints, Dr Reddy's
October 26, 2016 Exide Industries, LMW, HDFC, Dabur India, Cadila Healthcare, Indoco Remedies
Source: Bloomberg, Angel Research
Global economic events release calendar
Bloomberg Data
Date
Time
Country Event Description
Unit
Period
Last Reported
Estimated
Oct 17, 2016
6:45 PM
US
Industrial Production
% Sep
(0.43)
0.20
2:30 PM Euro Zone
Euro-Zone CPI (YoY)
% Sep F
0.40
0.40
Oct 18, 2016
6:00 PM
US Consumer price index (mom)
% Change Sep
0.20
0.30
6:00 PM
US
Building permits
Thousands Sep
1,152.00
1,165.00
Oct 19, 2016
2:00 PM
UK
CPI (YoY)
% Change Sep
0.60
0.90
6:00 PM
US
Housing Starts
Thousands Sep
1,142.00
1,175.00
2:00 PM
UK
Jobless claims change
% Change Sep
2.40
3.15
7:30 AM
China
Industrial Production (YoY)
% Change Sep
6.30
6.40
7:30 AM
China
Real GDP (YoY)
% Change 3Q
6.70
6.70
Oct 20, 2016
6:00 PM
US
Initial Jobless claims
Thousands Oct 15
246.00
250.00
7:30 PM
US
Existing home sales
Million
Sep
5.33
5.35
5:15 PM Euro Zone
ECB announces interest rates
% Oct 20
-
-
Oct 21, 2016
7:30 PM Euro ZoneEuro-Zone Consumer Confidence
Value Oct A
(8.20)
(8.00)
Oct 24, 2016
1:00 PM Germany
PMI Services
Value Oct P
50.90
1:00 PM Germany
PMI Manufacturing
Value Oct P
54.30
Oct 25, 2016
7:30 PM
US
New home sales
Thousands Sep
609.00
604.00
Oct 26, 2016
7:30 PM
US
Consumer Confidence S.A./ 1985=100 Oct
104.10
100.50
Oct 27, 2016
2:00 PM
UK
GDP (YoY)
% Change 3Q A
2.10
Oct 28, 2016
6:00 PM
US
GDP Qoq (Annualised)
% Change 3Q A
1.40
2.50
Source: Bloomberg, Angel Research
Market Outlook
October 17, 2016
Macro watch
Exhibit 1: Quarterly GDP trends
Exhibit 2: IIP trends
(%)
(%)
9.0
12.0
8.3
9.9
7.8
7.9
10.0
8.0
7.5
7.5
7.6
7.2
7.1
8.0
6.6
6.7
7.0
6.4
6.0
5.8
6.0
4.0
1.9
2.0
1.3
2.0
0.3
5.0
-
4.0
(2.0)
(0.7)
(0.9)
(1.3)
(1.6)
(4.0)
(2.5)
3.0
(3.4)
(6.0)
Source: CSO, Angel Research
Source: MOSPI, Angel Research
Exhibit 3: Monthly CPI inflation trends
Exhibit 4: Manufacturing and services PMI
56.0
Mfg. PMI
Services PMI
(%)
55.0
7.0
6.1
54.0
5.6
5.7
5.8
5.8
6.0
5.4
5.5
5.0
5.3
5.1
53.0
4.8
5.0
4.3
52.0
4.0
51.0
50.0
3.0
49.0
2.0
48.0
1.0
47.0
46.0
-
Source: Market, Angel Research; Note: Level above 50 indicates expansion
Source: MOSPI, Angel Research
Exhibit 5: Exports and imports growth trends
Exhibit 6: Key policy rates
(%)
Exports yoy growth
Imports yoy growth
(%)
Repo rate
Reverse Repo rate
CRR
10.0
7.00
5.0
6.50
0.0
6.00
(5.0)
5.50
(10.0)
5.00
(15.0)
4.50
(20.0)
4.00
(25.0)
(30.0)
3.50
(35.0)
3.00
Source: Bloomberg, Angel Research
Source: RBI, Angel Research
Market Outlook
October 17, 2016
Global watch
Exhibit 1: Latest quarterly GDP Growth (%, yoy) across select developing and developed countries
(%)
8.0
6.7
6.0
5.3
0.6
5.2
4.0
3.5
4.0
3.1
2.1
2.0
1.3
1.3
0.8
-
(2.0)
(0.6)
(4.0)
(3.8)
(6.0)
Source: Bloomberg, Angel Research
Exhibit 2: 2016 GDP Growth projection by IMF (%, yoy) across select developing and developed countries
(%)
10.0
7.6
8.0
6.6
6.0
4.9
4.3
4.0
3.2
1.8
1.7
1.6
2.0
1.3
(0.8)
0.5
(3.3)
0.1
-
(2.0)
(4.0)
Source: IMF, Angel Research
Exhibit 3: One year forward P-E ratio across select developing and developed countries
(x)
20.0
18.0
16.0
14.0
12.0
10.0
8.0
6.0
4.0
2.0
-
Source: IMF, Angel Research
Market Outlook
October 17, 2016
Exhibit 4: Relative performance of indices across globe
Returns (%)
Country
Name of index
Closing price
1M
3M
1YR
Brazil
Bovespa
61,767
8.7
11.3
25.8
Russia
Micex
1,966
(1.9)
1.6
14.1
India
Nifty
8,583
(3.2)
1.4
5.3
China
Shanghai Composite
3,064
(0.3)
1.6
0.8
South Africa
Top 40
44,659
(2.9)
(3.5)
(6.2)
Mexico
Mexbol
47,701
3.4
2.1
7.5
Indonesia
LQ45
931
5.7
6.8
26.9
Malaysia
KLCI
1,659
(1.6)
0.3
(0.2)
Thailand
SET 50
944
1.4
1.0
7.0
USA
Dow Jones
18,138
0.6
(2.0)
5.4
UK
FTSE
7,014
5.1
5.2
10.4
Japan
Nikkei
16,856
(0.6)
7.3
(6.4)
Germany
DAX
10,580
1.9
5.1
4.1
France
CAC
4,471
2.3
2.6
(9.2)
Source: Bloomberg, Angel Research
Stock Watch
October 17, 2016
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( Čcr )
OPM(%)
EPS (Č)
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
(Č)
Price ( Č)
( Č cr )
FY17E FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
Agri / Agri Chemical
Rallis
Neutral
230
-
4,478
1,937
2,164
13.3
14.3
9.0
11.0
25.6
20.9
4.5
3.9
18.4
19.8
2.4
2.1
United Phosphorus
Neutral
683
-
34,625
15,176
17,604
18.5
18.5
37.4
44.6
18.3
15.3
3.6
3.0
21.4
21.2
2.4
2.0
Auto & Auto Ancillary
Ashok Leyland
Buy
81
111
22,952
22,407
26,022
10.6
10.6
5.2
6.4
15.5
12.6
3.5
3.0
23.6
24.7
1.1
0.9
Bajaj Auto
Neutral
2,805
-
81,162
25,093
27,891
19.5
19.2
143.9
162.5
19.5
17.3
5.5
4.7
30.3
29.4
3.0
2.6
Bharat Forge
Neutral
915
-
21,305
7,726
8,713
20.5
21.2
35.3
42.7
25.9
21.4
4.8
4.3
18.9
20.1
2.8
2.4
Eicher Motors
Neutral
25,400
-
68,990
16,583
20,447
17.5
18.0
598.0
745.2
42.5
34.1
14.5
11.1
41.2
38.3
4.0
3.2
Gabriel India
Neutral
120
-
1,722
1,544
1,715
9.0
9.3
5.4
6.3
22.2
19.0
4.2
3.7
18.9
19.5
1.1
0.9
Hero Motocorp
Neutral
3,482
-
69,535
31,253
35,198
15.3
15.0
172.3
192.1
20.2
18.1
7.4
6.3
38.9
37.0
2.1
1.8
Jamna Auto Industries Neutral
218
-
1,741
1,486
1,620
9.8
9.9
15.0
17.2
14.5
12.7
3.2
2.7
21.8
21.3
1.2
1.1
L G Balakrishnan & Bros Neutral
598
-
939
1,302
1,432
11.6
11.9
43.7
53.0
13.7
11.3
1.9
1.8
13.8
14.2
0.8
0.7
Mahindra and Mahindra Neutral
1,357
-
84,285
46,534
53,077
11.6
11.7
67.3
78.1
20.2
17.4
3.3
2.9
15.4
15.8
1.8
1.5
Maruti
Neutral
5,681
-
171,624
69,186
82,217
14.7
14.4
198.5
241.4
28.6
23.5
5.6
4.5
20.2
20.0
2.2
1.8
Minda Industries
Neutral
346
-
2,741
2,728
3,042
9.0
9.1
68.2
86.2
5.1
4.0
1.2
0.9
23.8
24.3
1.1
0.9
Motherson Sumi
Neutral
330
-
46,361
45,896
53,687
7.8
8.3
13.0
16.1
25.3
20.5
8.2
6.5
34.7
35.4
1.1
0.9
Rane Brake Lining
Neutral
1,232
-
975
511
562
11.3
11.5
28.1
30.9
43.9
39.9
6.7
6.1
15.3
15.0
2.0
1.9
Setco Automotive
Neutral
43
-
568
741
837
13.0
13.0
15.2
17.0
2.8
2.5
0.5
0.4
15.8
16.3
1.2
1.0
Tata Motors
Neutral
555
-
160,370
300,209
338,549
8.9
8.4
42.7
54.3
13.0
10.2
2.1
1.8
15.6
17.2
0.7
0.6
TVS Motor
Neutral
391
-
18,574
13,390
15,948
6.9
7.1
12.8
16.5
30.6
23.6
7.6
6.0
26.3
27.2
1.4
1.2
Amara Raja Batteries
Buy
1,041
1,218
17,781
5,429
6,471
17.5
17.6
35.3
43.5
29.5
23.9
6.8
5.5
25.3
24.8
3.1
2.5
Exide Industries
Neutral
191
-
16,239
7,439
8,307
15.0
15.0
8.1
9.3
23.6
20.5
3.3
3.0
14.3
16.7
1.8
1.6
Apollo Tyres
Neutral
218
-
11,071
12,877
14,504
14.3
13.9
21.4
23.0
10.2
9.5
1.6
1.4
16.4
15.2
1.0
1.0
Ceat
Neutral
1,375
-
5,562
7,524
8,624
13.0
12.7
131.1
144.3
10.5
9.5
1.9
1.6
19.8
18.6
0.8
0.7
JK Tyres
Neutral
155
-
3,508
7,455
8,056
15.0
15.0
21.8
24.5
7.1
6.3
1.5
1.2
22.8
21.3
0.6
0.5
Swaraj Engines
Neutral
1,380
-
1,714
660
810
15.2
16.4
54.5
72.8
25.3
19.0
7.9
7.2
31.5
39.2
2.4
1.9
Subros
Neutral
134
-
805
1,488
1,681
11.7
11.9
6.4
7.2
21.0
18.7
2.2
2.0
10.8
11.4
0.8
0.7
Indag Rubber
Neutral
201
-
527
286
326
19.8
16.8
11.7
13.3
17.2
15.1
2.9
2.7
17.8
17.1
1.5
1.3
Capital Goods
ACE
Neutral
44
-
437
709
814
4.1
4.6
1.4
2.1
31.5
21.0
1.3
1.2
4.4
6.0
0.8
0.7
BEML
Buy
943
1,157
3,926
3,451
4,055
6.3
9.2
31.4
57.9
30.0
16.3
1.8
1.6
6.3
10.9
1.3
1.1
Bharat Electronics
Accumulate
1,270
1,414
30,468
8,137
9,169
16.8
17.2
58.7
62.5
21.6
20.3
3.4
3.0
44.6
46.3
2.7
2.4
Stock Watch
October 17, 2016
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( Čcr )
OPM(%)
EPS (Č)
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
(Č)
Price ( Č)
( Č cr )
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
Capital Goods
Voltas
Neutral
397
-
13,136
6,511
7,514
7.9
8.7
12.9
16.3
30.8
24.4
5.5
4.9
16.7
18.5
1.8
1.5
BGR Energy
Neutral
114
-
823
16,567
33,848
6.0
5.6
7.8
5.9
14.6
19.3
0.8
0.8
4.7
4.2
0.2
0.1
BHEL
Neutral
133
-
32,602
28,797
34,742
-
2.8
2.3
6.9
57.9
19.3
1.0
1.0
1.3
4.8
0.8
0.5
Blue Star
Accumulate
571
634
5,442
4,283
5,077
5.9
7.3
14.9
22.1
38.3
25.8
7.4
6.3
20.4
26.4
1.3
1.1
Crompton Greaves
Neutral
75
-
4,726
5,777
6,120
5.9
7.0
3.3
4.5
22.9
16.8
1.0
1.0
4.4
5.9
0.8
0.7
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
Buy
223
286
4,938
5,605
6,267
15.7
16.4
24.8
30.0
9.0
7.4
2.5
1.8
25.9
24.4
0.9
0.8
KEC International
Neutral
124
-
3,196
9,294
10,186
7.9
8.1
9.9
11.9
12.6
10.5
1.8
1.6
15.6
16.3
0.6
0.5
Thermax
Neutral
902
-
10,752
5,421
5,940
7.3
7.3
25.7
30.2
35.1
29.9
4.2
3.9
12.2
13.1
1.9
1.7
VATech Wabag
Buy
560
681
3,053
3,136
3,845
8.9
9.1
26.0
35.9
21.5
15.6
2.7
2.3
13.4
15.9
0.9
0.7
Cement
ACC
Neutral
1,640
-
30,806
11,225
13,172
13.2
16.9
44.5
75.5
36.9
21.7
3.5
3.2
11.2
14.2
2.7
2.3
Ambuja Cements
Neutral
253
-
50,306
9,350
10,979
18.2
22.5
5.8
9.5
43.7
26.7
3.7
3.3
10.2
12.5
5.4
4.6
India Cements
Neutral
158
-
4,855
4,364
4,997
18.5
19.2
7.9
11.3
20.0
14.0
1.4
1.4
8.0
8.5
1.9
1.6
JK Cement
Neutral
961
-
6,722
4,398
5,173
15.5
17.5
31.2
55.5
30.8
17.3
3.7
3.2
12.0
15.5
2.1
1.7
J K Lakshmi Cement
Neutral
490
-
5,763
2,913
3,412
14.5
19.5
7.5
22.5
65.3
21.8
4.0
3.4
12.5
18.0
2.6
2.1
Orient Cement
Neutral
189
-
3,869
2,114
2,558
18.5
20.5
8.1
11.3
23.3
16.7
3.4
2.9
9.0
14.0
2.5
1.9
UltraTech Cement
Neutral
4,038
-
110,829
25,768
30,385
21.0
23.5
111.0
160.0
36.4
25.2
4.6
4.1
13.5
15.8
4.4
3.7
Construction
ITNL
Neutral
102
-
3,350
8,946
10,017
31.0
31.6
8.1
9.1
12.6
11.2
0.5
0.5
4.2
5.0
3.7
3.4
KNR Constructions
Neutral
793
-
2,229
1,385
1,673
14.7
14.0
41.2
48.5
19.2
16.3
3.6
3.1
14.9
15.2
1.7
1.4
Larsen & Toubro
Buy
1,473
1,700
137,238
67,665
77,249
10.7
11.5
57.3
71.2
25.7
20.7
2.4
2.2
12.6
14.3
2.2
1.9
Gujarat Pipavav Port
Neutral
175
-
8,470
705
788
52.2
51.7
5.0
5.6
35.0
31.3
3.5
3.1
11.2
11.2
11.7
9.9
Nagarjuna Const.
Neutral
83
-
4,603
8,842
9,775
9.1
8.8
5.3
6.4
15.6
12.9
1.2
1.1
8.2
9.1
0.7
0.6
PNC Infratech
Buy
124
143
3,186
2,350
2,904
13.1
13.2
9.0
8.8
13.8
14.1
0.5
0.5
15.9
13.9
1.5
1.2
Simplex Infra
Neutral
337
-
1,666
6,829
7,954
10.5
10.5
31.4
37.4
10.7
9.0
1.1
1.0
9.9
13.4
0.7
0.6
Power Mech Projects
Neutral
490
-
721
1,801
2,219
12.7
14.6
72.1
113.9
6.8
4.3
1.3
1.1
16.8
11.9
0.4
0.3
Sadbhav Engineering
Accumulate
273
298
4,677
3,598
4,140
10.3
10.6
9.0
11.9
30.3
22.9
3.2
2.8
9.9
11.9
1.6
1.3
NBCC
Neutral
257
-
15,399
7,428
9,549
7.9
8.6
8.2
11.0
31.3
23.3
1.6
1.2
28.2
28.7
1.8
1.3
MEP Infra
Neutral
43
-
697
1,877
1,943
30.6
29.8
3.0
4.2
14.3
10.2
6.9
4.7
0.6
0.6
1.8
1.6
SIPL
Neutral
109
-
3,836
1,036
1,252
65.5
66.2
(8.4)
(5.6)
4.1
4.7
(22.8)
(15.9)
11.9
9.9
Stock Watch
October 17, 2016
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( Čcr )
OPM(%)
EPS (Č)
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
(Č)
Price ( Č)
( Č cr )
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
Construction
Engineers India
Neutral
254
-
8,557
1,725
1,935
16.0
19.1
11.4
13.9
22.3
18.3
3.1
3.0
13.4
15.3
3.9
3.5
Financials
Axis Bank
Buy
521
630
124,267
46,932
53,575
3.5
3.4
32.4
44.6
16.1
11.7
2.1
1.8
13.6
16.5
-
-
Bank of Baroda
Neutral
154
-
35,519
19,980
23,178
1.8
1.8
11.5
17.3
13.4
8.9
1.5
1.3
8.3
10.1
-
-
Canara Bank
Neutral
313
-
17,012
15,225
16,836
1.8
1.8
14.5
28.0
21.6
11.2
1.5
1.2
5.8
8.5
-
-
Dewan Housing Finance Buy
301
350
8,786
2,225
2,688
2.9
2.9
29.7
34.6
10.1
8.7
1.6
1.4
16.1
16.8
-
-
Equitas Holdings
Buy
175
235
5,872
939
1,281
11.7
11.5
5.8
8.2
30.2
21.4
2.6
2.3
10.9
11.5
-
-
Federal Bank
Neutral
71
-
12,191
9,353
10,623
2.9
2.9
4.4
5.8
16.1
12.2
1.5
1.4
9.5
11.0
-
-
HDFC
Neutral
1,319
-
208,561
11,475
13,450
3.4
3.4
45.3
52.5
29.1
25.1
5.6
5.0
20.2
20.5
-
-
HDFC Bank
Accumulate
1,261
1,350
319,366
46,097
55,433
4.5
4.5
58.4
68.0
21.6
18.6
3.8
3.2
18.8
18.6
-
-
ICICI Bank
Accumulate
242
254
140,682
39,029
45,903
3.3
3.3
16.7
16.3
14.5
14.8
1.8
1.6
10.1
12.4
-
-
LIC Housing Finance
Neutral
586
-
29,553
3,712
4,293
2.6
2.5
39.0
46.0
15.0
12.7
2.8
2.4
19.9
20.1
-
-
Punjab Natl.Bank
Neutral
139
-
29,579
23,532
23,595
2.3
2.4
6.8
12.6
20.4
11.0
3.2
2.2
3.3
6.5
-
-
RBL Bank
Neutral
315
-
11,638
1,783
2,309
2.6
2.6
12.7
16.4
24.8
19.2
2.7
2.4
12.8
13.3
-
-
South Ind.Bank
Neutral
24
-
3,187
6,435
7,578
2.5
2.5
2.7
3.1
8.7
7.6
1.1
0.9
10.1
11.2
-
-
St Bk of India
Neutral
252
-
195,544
88,650
98,335
2.6
2.6
13.5
18.8
18.7
13.4
1.8
1.6
7.0
8.5
-
-
Union Bank
Neutral
141
-
9,703
13,450
14,925
2.3
2.3
25.5
34.5
5.5
4.1
0.8
0.7
7.5
10.2
-
-
Yes Bank
Neutral
1,260
-
53,044
8,978
11,281
3.3
3.4
74.0
90.0
17.0
14.0
3.2
2.7
17.0
17.2
-
-
FMCG
Asian Paints
Neutral
1,208
-
115,857
17,128
18,978
16.8
16.4
19.1
20.7
63.2
58.4
22.0
20.8
34.8
35.5
6.7
6.0
Britannia
Neutral
3,324
-
39,881
9,795
11,040
14.6
14.9
80.3
94.0
41.4
35.4
17.0
13.1
41.2
-
3.9
3.4
Colgate
Neutral
920
-
25,012
4,605
5,149
23.4
23.4
23.8
26.9
38.6
34.2
21.4
16.7
64.8
66.8
5.4
4.8
Dabur India
Neutral
280
-
49,203
8,315
9,405
19.8
20.7
8.1
9.2
34.5
30.4
9.6
8.0
31.6
31.0
5.6
4.9
GlaxoSmith Con*
Neutral
6,205
-
26,095
4,350
4,823
21.2
21.4
179.2
196.5
34.6
31.6
9.2
7.8
27.1
26.8
5.4
4.8
Godrej Consumer
Neutral
1,574
-
53,603
10,235
11,428
18.4
18.6
41.1
44.2
38.3
35.6
8.5
7.2
24.9
24.8
5.3
4.7
HUL
Neutral
842
-
182,219
35,252
38,495
17.6
17.4
20.4
21.9
41.2
38.5
33.9
29.7
82.2
77.3
5.0
4.6
ITC
Buy
240
283
289,458
40,059
44,439
39.0
39.2
9.1
10.1
26.4
23.8
7.2
6.3
27.2
26.5
6.7
6.0
Marico
Neutral
276
-
35,667
6,430
7,349
18.8
19.5
6.4
7.7
43.2
35.9
13.0
11.0
33.2
32.5
5.4
4.6
Nestle*
Neutral
6,859
-
66,132
10,073
11,807
20.7
21.5
124.8
154.2
55.0
44.5
22.6
20.3
34.8
36.7
6.4
5.4
Tata Global
Neutral
153
-
9,669
8,675
9,088
9.8
9.8
7.4
8.2
20.7
18.7
2.4
2.3
7.9
8.1
1.0
1.0
Procter & Gamble
Accumulate
6,953
7,369
22,569
2,939
3,342
23.2
23.0
146.2
163.7
47.6
42.5
106.5
102.1
25.3
23.5
7.2
6.3
Hygiene
Stock Watch
October 17, 2016
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( Čcr )
OPM(%)
EPS (Č)
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
(Č)
Price ( Č)
( Č cr )
FY17E FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
IT
HCL Tech^
Buy
813
1,000
114,652
49,242
57,168
20.5
20.5
55.7
64.1
14.6
12.7
3.0
2.3
20.3
17.9
2.2
1.8
Infosys
Buy
1,027
1,370
235,988
69,934
79,025
27.5
27.5
64.8
72.0
15.9
14.3
3.5
3.2
22.0
22.3
2.8
2.5
TCS
Buy
2,366
3,004
466,184
121,684
136,286
27.3
27.3
135.0
150.1
17.5
15.8
5.8
5.4
33.2
33.9
3.6
3.2
Tech Mahindra
Buy
419
700
40,696
30,347
33,685
17.0
17.0
37.5
41.3
11.2
10.2
2.4
2.1
21.8
20.7
1.1
0.9
Wipro
Buy
475
680
115,338
51,631
55,822
21.7
17.9
35.9
36.9
13.2
12.9
2.8
2.6
19.0
18.1
1.9
1.7
Media
D B Corp
Neutral
399
-
7,328
2,297
2,590
27.4
28.2
21.0
23.4
19.0
17.0
4.4
3.8
23.7
23.1
3.0
2.6
HT Media
Neutral
91
-
2,106
2,693
2,991
12.6
12.9
7.9
9.0
11.5
10.1
1.0
0.9
7.8
8.3
0.4
0.2
Jagran Prakashan
Accumulate
200
225
6,548
2,355
2,635
28.0
28.0
10.8
12.5
18.5
16.0
4.0
3.5
21.7
21.7
2.8
2.5
Sun TV Network
Neutral
542
-
21,367
2,850
3,265
70.1
71.0
26.2
30.4
20.7
17.8
5.3
4.7
24.3
25.6
7.1
6.1
Hindustan Media
Neutral
294
-
2,161
1,016
1,138
24.3
25.2
27.3
30.1
10.8
9.8
2.1
1.8
16.2
15.8
1.5
1.3
Ventures
TV Today Network
Accumulate
328
363
1,957
637
743
27.5
27.5
18.4
21.4
17.9
15.4
3.1
2.6
17.4
17.2
2.7
2.2
Metals & Mining
Coal India
Neutral
313
-
197,734
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
1.7
Hind. Zinc
Neutral
245
-
103,605
14,252
18,465
55.9
48.3
15.8
21.5
15.5
11.4
2.5
2.2
17.0
20.7
7.3
5.6
Hindalco
Neutral
155
-
31,914
107,899
112,095
7.4
8.2
9.2
13.0
16.8
11.9
0.8
0.8
4.8
6.6
0.8
0.8
JSW Steel
Neutral
1,745
-
42,179
53,201
58,779
16.1
16.2
130.6
153.7
13.4
11.4
1.8
1.6
14.0
14.4
1.6
1.3
NMDC
Neutral
117
-
46,466
6,643
7,284
44.4
47.7
7.1
7.7
16.5
15.2
1.4
1.4
8.8
9.2
4.8
4.3
SAIL
Neutral
48
-
19,783
47,528
53,738
(0.7)
2.1
(1.9)
2.6
18.4
0.5
0.5
(1.6)
3.9
1.3
1.2
Vedanta
Neutral
196
-
58,019
71,744
81,944
19.2
21.7
13.4
20.1
14.6
9.7
1.3
1.1
8.4
11.3
1.2
0.9
Tata Steel
Neutral
412
-
40,004
121,374
121,856
7.2
8.4
18.6
34.3
22.2
12.0
1.4
1.3
6.1
10.1
1.0
0.9
Oil & Gas
Cairn India
Neutral
224
-
42,063
9,127
10,632
4.3
20.6
8.8
11.7
25.5
19.2
0.8
0.8
3.3
4.2
6.1
5.0
GAIL
Neutral
430
-
54,589
56,220
65,198
9.3
10.1
27.1
33.3
15.9
12.9
1.5
1.4
9.3
10.7
1.2
1.0
ONGC
Neutral
277
-
236,602
137,222
152,563
15.0
21.8
19.5
24.1
14.2
11.5
1.2
1.1
8.5
10.1
2.0
1.8
Indian Oil Corp
Neutral
643
-
156,117
373,359
428,656
5.9
5.5
54.0
59.3
11.9
10.8
1.8
1.7
16.0
15.6
0.6
0.5
Reliance Industries
Neutral
1,078
-
349,600
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
681
-
12,831
3,483
4,083
20.2
21.4
24.3
30.4
28.0
22.4
6.4
5.1
25.5
25.3
3.6
3.0
Aurobindo Pharma
Accumulate
824
877
48,209
15,720
18,078
23.7
23.7
41.4
47.3
19.9
17.4
5.2
4.0
29.6
26.1
3.3
2.9
Aventis*
Neutral
4,233
-
9,748
2,357
2,692
17.3
17.3
153.5
169.2
27.6
25.0
4.7
3.8
25.8
28.4
3.8
3.1
Cadila Healthcare
Neutral
392
-
40,136
11,126
13,148
22.0
22.0
17.1
20.0
22.9
19.6
5.9
4.7
28.8
26.6
3.6
3.0
Cipla
Sell
587
490
47,133
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
Stock Watch
October 17, 2016
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( Čcr )
OPM(%)
EPS (Č)
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
(Č)
Price ( Č)
( Č cr )
FY17E FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
Pharmaceuticals
Dr Reddy's
Neutral
3,029
-
50,194
16,043
18,119
23.1
24.7
126.0
157.8
24.0
19.2
3.5
3.1
15.7
17.1
3.1
2.7
Dishman Pharma
Sell
248
45
3,995
1,718
1,890
22.7
22.8
9.5
11.3
26.1
21.9
2.5
2.3
10.1
10.9
2.8
2.4
GSK Pharma*
Neutral
2,957
-
25,048
3,528
3,811
16.6
18.8
51.8
59.4
57.1
49.8
15.3
15.2
26.3
30.6
6.9
6.4
Indoco Remedies
Sell
313
225
2,881
1,112
1,289
18.2
18.2
13.2
15.6
23.7
20.0
4.2
3.6
19.2
19.2
2.7
2.3
Ipca labs
Neutral
620
-
7,819
3,303
3,799
15.3
15.3
17.3
19.7
35.8
31.5
3.1
2.9
9.1
9.4
2.5
2.2
Lupin
Buy
1,464
1,809
66,016
15,912
18,644
26.4
26.7
58.1
69.3
25.2
21.1
4.9
4.0
21.4
20.9
4.2
3.5
Sun Pharma
Buy
746
944
179,455
31,129
35,258
30.0
30.9
28.0
32.8
26.6
22.7
4.1
3.4
18.7
18.9
5.3
4.5
Power
Tata Power
Neutral
78
-
21,204
36,916
39,557
17.4
27.1
5.1
6.3
15.4
12.4
1.4
1.2
9.0
10.3
1.6
1.4
NTPC
Neutral
145
-
119,477
86,605
95,545
17.5
20.8
11.8
13.4
12.3
10.8
1.2
1.2
10.5
11.1
2.7
2.7
Power Grid
Neutral
177
-
92,808
25,763
29,762
74.3
73.1
14.8
17.3
12.0
10.3
1.9
1.6
16.9
17.5
7.9
7.5
Real Estate
Prestige Estate
Neutral
206
-
7,706
4,707
5,105
25.2
26.0
10.3
13.0
20.0
15.8
1.6
1.5
10.3
10.2
2.8
2.5
MLIFE
Buy
437
522
1,794
1,152
1,300
22.7
24.6
29.9
35.8
14.6
12.2
1.1
1.0
7.6
8.6
2.3
1.9
Telecom
Bharti Airtel
Neutral
306
-
122,260
105,086
114,808
34.5
34.7
12.2
16.4
25.1
18.7
1.7
1.6
6.8
8.4
2.1
1.8
Idea Cellular
Neutral
75
-
26,916
40,133
43,731
37.2
37.1
6.4
6.5
11.7
11.5
1.0
0.9
8.2
7.6
1.7
1.4
zOthers
Abbott India
Neutral
4,729
-
10,048
3,153
3,583
14.1
14.4
152.2
182.7
31.1
25.9
152.5
130.3
25.6
26.1
2.9
2.5
Bajaj Electricals
Buy
263
306
2,655
5,099
5,805
5.6
5.9
11.4
14.6
23.1
18.0
3.1
2.7
13.4
15.1
0.5
0.5
Finolex Cables
Neutral
438
-
6,701
2,883
3,115
12.0
12.1
14.2
18.6
30.9
23.6
16.4
14.3
15.8
14.6
2.0
1.8
Goodyear India*
Neutral
849
-
1,959
1,598
1,704
10.4
10.2
49.4
52.6
17.2
16.1
79.4
69.6
18.2
17.0
0.9
129.4
Hitachi
Neutral
1,533
-
4,168
2,081
2,433
8.8
8.9
33.4
39.9
45.9
38.4
37.0
30.9
22.1
21.4
2.0
1.7
Jyothy Laboratories
Neutral
356
-
6,457
1,440
2,052
11.5
13.0
8.5
10.0
41.8
35.6
10.1
9.4
18.6
19.3
4.8
3.3
Page Industries
Neutral
15,613
-
17,414
2,450
3,124
20.1
17.6
299.0
310.0
52.2
50.4
347.7
265.4
47.1
87.5
7.2
5.6
Relaxo Footwears
Neutral
443
-
5,315
2,085
2,469
9.2
8.2
7.6
8.0
58.6
55.7
22.7
19.4
17.9
18.8
2.6
2.3
Siyaram Silk Mills
Accumulate
1,524
1,714
1,429
1,799
2,040
11.6
11.7
104.9
122.4
14.5
12.5
2.4
2.0
16.4
16.4
1.0
0.9
Styrolution ABS India*
Neutral
611
-
1,074
1,440
1,537
9.2
9.0
40.6
42.6
15.1
14.3
38.4
34.9
12.3
11.6
0.7
0.6
TVS Srichakra
Neutral
3,869
-
2,963
2,304
2,614
13.7
13.8
231.1
266.6
16.7
14.5
434.8
342.3
33.9
29.3
1.3
1.1
HSIL
Neutral
345
-
2,496
2,384
2,515
15.8
16.3
15.3
19.4
22.6
17.8
22.4
19.3
7.8
9.3
1.2
1.1
Kirloskar Engines India
Neutral
351
-
5,074
2,554
2,800
9.9
10.0
10.5
12.1
33.4
29.0
14.0
13.2
10.7
11.7
1.6
1.4
Ltd
M M Forgings
Neutral
441
-
532
546
608
20.4
20.7
41.3
48.7
10.7
9.1
60.4
53.5
16.6
17.0
0.8
0.7
Banco Products (India)
Neutral
226
-
1,615
1,353
1,471
12.3
12.4
14.5
16.3
15.6
13.9
21.5
19.4
14.5
14.6
1.1
121.9
Stock Watch
October 17, 2016
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( Čcr )
OPM(%)
EPS (Č)
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
(Č)
Price ( Č)
( Č cr )
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
zOthers
Competent Automobiles Neutral
186
-
114
1,137
1,256
3.1
2.7
28.0
23.6
6.6
7.9
35.7
32.3
14.3
11.5
0.1
0.1
Nilkamal
Neutral
1,567
-
2,338
1,995
2,165
10.7
10.4
69.8
80.6
22.5
19.4
89.5
77.8
16.6
16.5
1.2
1.0
Visaka Industries
Neutral
193
-
306
1,051
1,138
10.3
10.4
21.0
23.1
9.2
8.3
24.7
23.1
9.0
9.2
0.6
0.5
Transport Corporation of
Neutral
181
-
1,388
2,671
2,911
8.5
8.8
13.9
15.7
13.1
11.6
1.8
1.6
13.7
13.8
0.6
0.6
India
Elecon Engineering
Neutral
68
-
742
1,482
1,660
13.7
14.5
3.9
5.8
17.5
11.7
4.1
3.8
7.8
10.9
0.8
0.7
Surya Roshni
Neutral
213
-
933
3,342
3,625
7.8
7.5
17.3
19.8
12.3
10.8
23.4
18.8
10.5
10.8
0.5
0.5
MT Educare
Neutral
134
-
535
366
417
17.7
18.2
9.4
10.8
14.4
12.5
3.2
2.8
22.2
22.3
1.4
1.2
Radico Khaitan
Neutral
139
-
1,852
1,659
1,802
13.0
13.2
6.3
7.4
22.0
18.9
1.9
1.8
8.6
9.3
1.6
1.4
Garware Wall Ropes
Neutral
531
-
1,162
873
938
12.9
13.1
30.9
34.9
17.2
15.2
2.7
2.3
15.7
15.2
1.2
1.1
Wonderla Holidays
Neutral
399
-
2,254
287
355
38.0
40.0
11.3
14.2
35.3
28.1
5.1
4.4
21.4
23.9
7.5
6.1
Linc Pen & Plastics
Neutral
263
-
389
382
420
9.3
9.5
13.5
15.7
19.6
16.8
3.4
2.9
17.1
17.3
1.1
1.0
The Byke Hospitality
Neutral
185
-
742
287
384
20.5
20.5
7.6
10.7
24.4
17.3
5.1
4.1
20.7
23.5
2.6
1.9
Interglobe Aviation
Neutral
934
-
33,672
21,122
26,005
14.5
27.6
110.7
132.1
8.4
7.1
50.5
36.1
168.5
201.1
1.6
1.2
Coffee Day Enterprises
Neutral
227
-
4,683
2,964
3,260
20.5
21.2
4.7
8.0
-
28.4
2.6
2.4
5.5
8.5
2.0
1.8
Ltd
Navneet Education
Neutral
103
-
2,456
1,062
1,147
24.0
24.0
6.1
6.6
16.9
15.6
3.5
3.1
20.6
19.8
2.4
2.2
Navkar Corporation
Buy
195
265
2,778
408
612
42.9
42.3
6.8
11.5
28.8
16.9
2.0
1.8
6.9
10.5
7.7
5.1
UFO Moviez
Neutral
457
-
1,262
619
685
33.2
33.4
30.0
34.9
15.3
13.1
2.1
1.8
13.8
13.9
1.7
1.4
VRL Logistics
Neutral
313
-
2,854
1,902
2,119
16.7
16.6
14.6
16.8
21.5
18.6
4.7
4.1
21.9
22.2
1.6
1.4
Team Lease Serv.
Neutral
1,017
-
1,739
3,229
4,001
1.5
1.8
22.8
32.8
44.7
31.0
4.8
4.2
10.7
13.4
0.4
0.3
S H Kelkar & Co.
Neutral
307
-
4,437
1,036
1,160
15.1
15.0
6.1
7.2
50.2
42.7
5.4
4.9
10.7
11.5
4.2
3.7
Quick Heal
Neutral
232
-
1,624
408
495
27.3
27.0
7.7
8.8
30.0
26.4
2.8
2.8
9.3
10.6
3.1
2.6
Narayana Hrudaya
Neutral
345
-
7,045
1,873
2,166
11.5
11.7
2.6
4.0
130.3
87.0
8.0
7.2
6.1
8.3
3.9
3.3
Manpasand Bever.
Neutral
728
-
4,164
836
1,087
19.6
19.4
16.9
23.8
43.1
30.6
5.2
4.5
12.0
14.8
4.7
3.5
Parag Milk Foods
Neutral
306
-
2,576
1,919
2,231
9.3
9.6
9.5
12.9
32.4
23.7
5.0
4.2
15.5
17.5
1.5
1.3
Mirza International
Buy
95
113
1,142
1,024
1,148
18.0
18.0
6.9
8.0
13.8
11.9
2.3
2.0
16.6
16.2
1.3
1.2
Asian Granito
Buy
267
351
803
1,118
1,220
11.8
12.0
13.0
16.0
20.5
16.7
2.0
1.8
9.7
10.7
1.0
0.9
Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on October 14, 2016
Market Outlook
October 17, 2016
Research Team Tel: 022 - 39357800
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