Market Outlook
February 20, 2017
Market Cues
Domestic Indices
Chg (%)
(Pts)
(Close)
Indian markets are likely to open with a positive bias tracking SGX Nifty and Asian
BSE Sensex
0.6
167
28,469
markets.
Nifty
0.5
44
8,822
After initially moving to the downside, US market turned in a lackluster performance
Mid Cap
0.5
70
13,423
over the course of trading session on Friday. Even with the choppy trading, the
Small Cap
0.4
54
13,468
major averages managed to reach new record closing highs. Profit taking
contributed to the initial weakness on Wall Street, although traders seemed
Bankex
1.2
279
23,442
somewhat reluctant to make significant moves.
The majority of the European markets ended Friday's session in the red, extending
Global Indices
Chg (%)
(Pts)
(Close)
their losses from the previous session. The recent rally in Europe and on Wall Street
Dow Jones
0.0
4
20,624
appears to be running out of steam due to uncertainties over the U.S. fiscal and
Nasdaq
0.4
24
5,839
monetary policies.
FTSE
0.3
22
7,300
Nikkei
(0.6)
(113)
19,235
Indian markets surged higher for the second day in a row on Friday to close near
five-month highs, even as caution bled into global markets on uncertainties over the
Hang Seng
(0.3)
(74)
24,034
U.S. fiscal and monetary policies.
Shanghai Com
(0.9)
(28)
3,202
News Analysis
Advances / Declines
BSE
NSE
Nalco to buy 80% power from proposed JV plant
Detailed analysis on Pg2
Advances
1,435
873
Declines
1,399
761
Investor’s Ready Reckoner
Unchanged
203
80
Key Domestic & Global Indicators
Stock Watch: Latest investment recommendations on 150+ stocks
Volumes (` Cr)
Refer Pg5 onwards
BSE
3,742
Top Picks
NSE
35,435
CMP
Target
Upside
Company
Sector
Rating
(`)
(`)
(%)
Amara Raja Batteries Auto & Auto Ancillary
Buy
854
1,009
18.2
Net Inflows (` Cr)
Net
Mtd
Ytd
HCL Tech
IT
Buy
839
1,000
19.2
FII
(196)
2,551
2,505
Power Grid Corp.
Power
Accumulate
202
223
10.2
MFs
499
1,446
6,661
Navkar Corp.
Others
Buy
161
265
65.0
KEI Industries
Others
Accumulate
181
207
14.2
Top Gainers
Price (`)
Chg (%)
More Top Picks on Pg3
Jpassociat
15
10.0
Key Upcoming Events
Dishman
221
6.0
Previous
Consensus
Date
Region
Event Description
Relcapital
518
5.7
Reading
Expectations
Feb 20 US
Building permit
1228.0
1230.0
Dhfl
322
5.7
Feb 21 Germany PMI Services
53.4
--
Wabag
520
5.1
Feb 21 US
Existing Home sales
5.49
5.55
Feb 22 Euro Zone Euro Zone CPI (yoY)
1.8
--
Top Losers
Price (`)
Chg (%)
Feb 22 Germany PMI Manufacturing
56.4
--
Godrejind
484
(4.4)
More Events on Pg4
Infratel
309
(3.3)
Indhotel
116
(3.2)
Nhpc
30
(2.9)
Suntv
703
(2.9)
As on February 17, 2017
Market Outlook
February 20, 2017
News Analysis
Nalco to buy 80% power from proposed JV plant
National Aluminium Company (Nalco) has agreed to buy 80 per cent of the power
to be generated by the 2,400-Mw coal-based power plant proposed at Gajamara
in Odisha’s Dhenkanal district. The power plant, estimated to cost `14,000cr, is
being set up by Nalco jointly with NTPC.
Nalco will be buying 80 per cent of the power which will be used for feeding our
planned greenfield aluminium smelter at Kamakhyanagar close to the site chosen
for the power station. Rest of the power will be sold by NTPC to other sources. We
will shortly form the JV (joint venture) company for the power project
Nalco, meanwhile, is investing `12,000cr on the new greenfield smelter coming
up at Kamakhyanagar, some 45 km from Gajamara, the site selected for the JV
power project. The proposed smelter’s capacity is pegged at 0.6 million tonne per
annum.
Economic and Political News
Rabi sowing rises 18% in Chhattisgarh despite demonetization
Cash credit limit for MSMEs raised to 30% : Meghwal
Electronics imports increase by 26% to `26,757cr in January
Competition led to 30% airfare drop in India: Civil aviation minister
Corporate News
Tech Mahindra to focus on bottomline as market turns more hazy
Telecom industry lost 20% revenue due to Reliance Jio giveaways: Ind-Ra
Bharat Petroleum plans to raise `2,000cr
SBT to raise up to `600cr ahead of merger with SBI
Quarterly Bloomberg Brokers Consensus Estimate
Ambuja Cements Ltd - Feb 20, 2017
Particulars ( ` cr)
4QCY16E
4QCY15
y-o-y (%)
3QCY16 q-o-q (%)
Net sales
2,128
2,356
(9.7)
2,004
6.2
EBITDA
387
328
18.0
303
27.6
EBITDA margin (%)
18.2
13.9
15.1
Net profit
243
110
121.3
277
(12.2)
Market Outlook
February 20, 2017
Top Picks ★★★★★
Large Cap
Market Cap
CMP
Target
Upside
Company
Rationale
(` Cr)
(`)
(`)
(%)
To outpace battery industry growth due to better
Amara Raja Batteries
14,584
854
1,009
18.2
technological products leading to market share gains in both
the automotive OEM and replacement segments.
The stock is trading at attractive valuations and is factoring
HCL Tech
1,18,343
839
1,000
19.2
all the bad news.
Back on the growth trend, expect a long term growth of 14%
Infosys
2,29,626
1,000
1,249
24.9
to be a US$20bn in FY2020.
Strong order backlog and improvement in execution would
Larsen & Toubro
1,37,850
1,478
1,634
10.6
trigger the growth for the L&T
One of the largest pharma companies with strong
Lupin
65,811
1,458
1,809
24.1
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
Power Grid Corporation
1,05,914
202
223
10.2
top-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
817
271
351
29.3
owing to better product mix, higher B2C sales and
amalgamation synergy.
Among the top 4 players in the consumer durables segment.
Bajaj Electricals
2,618
259
295
14.1
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
5,394
565
634
12.3
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
10,089
322
350
8.6
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
6,164
184
235
27.9
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
6,166
189
225
19.3
radio business (Radio City) would also boost the company's
revenue growth.
High order book execution in EPC segment, rising B2C sales
KEI Industries
1,410
181
207
14.2
and higher exports to boost the revenues and profitability
Speedier execution and speedier sales, strong revenue visibilty
Mahindra Lifespace
1,432
349
522
49.6
in short-to-long run, attractive valuations
Higher growth in domestic branded sales and healthy export
Mirza International
1,082
90
107
19.0
to boost the profitability.
Massive capacity expansion along with rail advantage at ICD
Navkar Corporation
2,290
161
265
65.0
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
1,585
266
385
44.9
and anticipated growth in ad spends by corporates to benefit
the stock.
Source: Company, Angel Research
Market Outlook
February 20, 2017
Key Upcoming Events
Result Calendar
Date
Company
February 20, 2017
Ambuja Cements
February 21, 2017
ITD Cementation
Source: Bloomberg, Angel Research
Global economic events release calendar
Bloomberg Data
Date
Time
Country
Event Description
Unit
Period
Last Reported
Estimated
Feb 20, 2017
7:00 PM US
Building permits
Thousands
Jan
1228.00
1230.00
Feb 21, 2017
2:00 PM Germany PMI Services
Value
Feb P
53.40
8:30 PM US
Existing home sales
Million
Jan
5.49
5.55
Feb 22, 2017
2:00 PM Germany PMI Manufacturing
Value
Feb P
56.40
3:30 PM Euro Zone Euro-Zone CPI (YoY)
%
Jan F
1.80
3:00 PM UK
GDP (YoY)
% Change 4Q P
2.20
Feb 23, 2017
12:30 PM Germany GDP nsa (YoY)
% Change 4Q F
1.20
Feb 24, 2017
8:30 PM US
New home sales
Thousands
Jan
536.00
572.50
Feb 28, 2017
8:30 PM US
Consumer Confidence
S.A./ 1985=100 Feb
111.80
111.00
7:00 PM US
GDP Qoq (Annualised)
% Change 4Q S
1.90
2.00
Mar 01, 2017
2:25 PM Germany Unemployment change (000's)
Thousands
Feb
-26.00
3:00 PM UK
PMI Manufacturing
Value
Feb
55.90
6:30 AM China
PMI Manufacturing
Value
Feb
51.30
Mar 07, 2017
3:30 PM Euro Zone Euro-Zone GDP s.a. (QoQ)
% Change 4Q F
0.40
March 08, 2017 7:00 AM China
Consumer Price Index (YoY)
% Change
Feb
2.50
Source: Bloomberg, Angel Research
Market Outlook
February 20, 2017
Macro watch
Exhibit 1: Quarterly GDP trends
Exhibit 2: IIP trends
(%)
(%)
9.0
7.0
8.3
5.7
7.9
6.0
8.0
7.5
7.5
7.6
7.3
5.0
7.2
7.1
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)
(0.4)
(2.0)
(1.3)
3.0
(1.8)
(3.0)
(2.5)
Source: MOSPI, Angel Research
Source: CSO, 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
5.8
6.0
5.5
5.3
5.1
52.0
4.8
5.0
4.4
4.2
50.0
3.6
4.0
3.4
3.2
48.0
3.0
46.0
2.0
44.0
1.0
42.0
-
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
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)
4.00
(20.0)
(25.0)
3.50
(30.0)
3.00
Source: Bloomberg, Angel Research
Source: RBI, Angel Research
Market Outlook
February 20, 2017
Global watch
Exhibit 1: Latest quarterly GDP Growth (%, yoy) across select developing and developed countries
(%)
8.0
6.8
0.7
5.3
6.0
4.9
4.5
4.0
3.2
2.2
1.9
1.2
1.7
1.1
2.0
-
(2.0)
(0.4)
(4.0)
(2.9)
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
February 20, 2017
Exhibit 4: Relative performance of indices across globe
Returns (%)
Country
Name of index
Closing price
1M
3M
1YR
Brazil
Bovespa
67,748
5.3
13.3
63.1
Russia
Micex
2,128
(1.9)
4.4
16.8
India
Nifty
8,822
5.0
9.3
26.4
China
Shanghai Composite
3,202
2.1
0.2
16.5
South Africa
Top 40
45,075
(2.3)
4.6
2.6
Mexico
Mexbol
47,165
2.5
5.0
8.3
Indonesia
LQ45
887
1.0
4.5
5.8
Malaysia
KLCI
1,708
2.1
4.5
3.9
Thailand
SET 50
989
1.2
8.1
19.4
USA
Dow Jones
20,624
4.1
9.0
24.1
UK
FTSE
7,300
0.7
8.2
20.9
Japan
Nikkei
19,235
1.8
8.8
19.6
Germany
DAX
11,757
1.4
10.2
26.0
France
CAC
4,868
0.3
8.1
11.8
Source: Bloomberg, Angel Research
Stock Watch
February 20, 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
247
-
4,808
1,937
2,164
13.3
14.3
9.0
11.0
27.5
22.5
4.8
4.2
18.4
19.8
2.5
2.2
United Phosphorus
Neutral
711
-
36,039
15,176
17,604
18.5
18.5
37.4
44.6
19.0
15.9
3.7
3.1
21.4
21.2
2.5
2.1
Auto & Auto Ancillary
Ashok Leyland
Buy
94
111
26,680
20,021
21,915
11.6
11.9
4.5
5.3
20.8
17.6
4.2
3.8
20.6
21.5
1.3
1.1
Bajaj Auto
Neutral
2,782
-
80,487
25,093
27,891
19.5
19.2
143.9
162.5
19.3
17.1
5.4
4.7
30.3
29.4
2.9
2.6
Bharat Forge
Neutral
1,061
-
24,696
7,726
8,713
20.5
21.2
35.3
42.7
30.1
24.8
5.6
5.0
18.9
20.1
3.3
2.8
Eicher Motors
Neutral
25,040
-
68,119
16,583
20,447
17.5
18.0
598.0
745.2
41.9
33.6
14.3
10.9
41.2
38.3
3.9
3.1
Gabriel India
Accumulate
114
130
1,638
1,544
1,715
9.0
9.3
5.4
6.3
21.1
18.1
4.0
3.5
18.9
19.5
1.0
0.9
Hero Motocorp
Accumulate
3,086
3,446
61,618
28,083
30,096
15.3
15.7
171.8
187.0
18.0
16.5
6.3
5.3
30.1
27.9
2.0
1.8
Jamna Auto Industries Neutral
197
-
1,565
1,486
1,620
9.8
9.9
15.0
17.2
13.1
11.4
2.9
2.4
21.8
21.3
1.1
1.0
L G Balakrishnan & Bros Neutral
556
-
873
1,302
1,432
11.6
11.9
43.7
53.0
12.7
10.5
1.8
1.6
13.8
14.2
0.8
0.7
Mahindra and Mahindra Neutral
1,317
-
81,789
46,534
53,077
11.6
11.7
67.3
78.1
19.6
16.9
3.2
2.8
15.4
15.8
1.7
1.5
Maruti
Accumulate
5,989
6,560
180,916
67,822
83,288
16.0
16.4
253.8
312.4
23.6
19.2
5.4
4.4
23.0
22.9
2.3
1.8
Minda Industries
Neutral
378
-
2,995
2,728
3,042
9.0
9.1
68.2
86.2
5.5
4.4
1.3
1.0
23.8
24.3
1.2
1.0
Motherson Sumi
Neutral
350
-
49,049
45,896
53,687
7.8
8.3
13.0
16.1
26.8
21.7
8.6
6.9
34.7
35.4
1.1
1.0
Rane Brake Lining
Neutral
972
-
769
511
562
11.3
11.5
28.1
30.9
34.6
31.4
5.3
4.8
15.3
15.0
1.6
1.5
Setco Automotive
Neutral
35
-
468
741
837
13.0
13.0
15.2
17.0
2.3
2.1
0.4
0.3
15.8
16.3
1.0
0.9
Tata Motors
Neutral
453
-
130,704
300,209
338,549
8.9
8.4
42.7
54.3
10.6
8.4
1.7
1.4
15.6
17.2
0.6
0.5
TVS Motor
Neutral
426
-
20,215
13,390
15,948
6.9
7.1
12.8
16.5
33.3
25.7
8.3
6.6
26.3
27.2
1.5
1.3
Amara Raja Batteries
Buy
854
1,009
14,584
5,305
6,100
16.0
16.3
28.4
34.0
30.1
25.1
5.8
4.9
19.3
19.3
2.8
2.4
Exide Industries
Neutral
210
-
17,859
7,439
8,307
15.0
15.0
8.1
9.3
25.9
22.6
3.6
3.2
14.3
16.7
2.0
1.8
Apollo Tyres
Buy
179
235
9,122
12,877
14,504
14.3
13.9
21.4
23.0
8.4
7.8
1.3
1.1
16.4
15.2
0.9
0.8
Ceat
Buy
1,130
1,450
4,570
7,524
8,624
13.0
12.7
131.1
144.3
8.6
7.8
1.6
1.3
19.8
18.6
0.7
0.6
JK Tyres
Neutral
119
-
2,693
7,455
8,056
15.0
15.0
21.8
24.5
5.5
4.9
1.1
0.9
22.8
21.3
0.5
0.4
Swaraj Engines
Neutral
1,393
-
1,731
660
810
15.2
16.4
54.5
72.8
25.6
19.1
8.0
7.2
31.5
39.2
2.4
2.0
Subros
Neutral
200
-
1,200
1,488
1,681
11.7
11.9
6.4
7.2
31.3
27.9
3.3
3.0
10.8
11.4
1.0
0.9
Indag Rubber
Neutral
168
-
440
286
326
19.8
16.8
11.7
13.3
14.3
12.6
2.4
2.3
17.8
17.1
1.2
1.1
Capital Goods
ACE
Neutral
54
-
532
709
814
4.1
4.6
1.4
2.1
38.4
25.6
1.6
1.5
4.4
6.0
0.9
0.8
BEML
Neutral
1,290
-
5,373
3,451
4,055
6.3
9.2
31.4
57.9
41.1
22.3
2.5
2.2
6.3
10.9
1.7
1.4
Bharat Electronics
Neutral
1,528
-
34,123
8,137
9,169
16.8
17.2
58.7
62.5
26.0
24.4
4.0
3.6
44.6
46.3
3.2
2.8
Stock Watch
February 20, 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
347
407
11,465
6,511
7,514
7.9
8.7
12.9
16.3
26.9
21.3
4.8
4.2
16.7
18.5
1.5
1.3
BGR Energy
Neutral
138
-
998
16,567
33,848
6.0
5.6
7.8
5.9
17.7
23.5
1.0
1.0
4.7
4.2
0.2
0.1
BHEL
Neutral
153
-
37,546
28,797
34,742
-
2.8
2.3
6.9
66.7
22.2
1.1
1.1
1.3
4.8
1.0
0.7
Blue Star
Accumulate
565
634
5,394
4,283
5,077
5.9
7.3
14.9
22.1
37.9
25.5
7.4
6.2
20.4
26.4
1.3
1.1
Crompton Greaves
Neutral
66
-
4,108
5,777
6,120
5.9
7.0
3.3
4.5
19.9
14.6
0.9
0.8
4.4
5.9
0.7
0.6
Greaves Cotton
Neutral
153
-
3,747
1,755
1,881
16.8
16.9
7.8
8.5
19.7
18.1
3.9
3.7
20.6
20.9
1.8
1.7
Inox Wind
Neutral
172
-
3,813
5,605
6,267
15.7
16.4
24.8
30.0
6.9
5.7
1.9
1.4
25.9
24.4
0.7
0.6
KEC International
Neutral
165
-
4,254
9,294
10,186
7.9
8.1
9.9
11.9
16.7
13.9
2.5
2.1
15.6
16.3
0.7
0.6
KEI Industries
Accumulate
181
207
1,410
2,682
3,058
10.4
10.0
11.7
12.8
15.4
14.2
3.1
2.6
20.1
18.2
0.7
0.6
Thermax
Neutral
851
-
10,135
5,421
5,940
7.3
7.3
25.7
30.2
33.1
28.2
4.0
3.7
12.2
13.1
1.8
1.6
VATech Wabag
Buy
517
681
2,822
3,136
3,845
8.9
9.1
26.0
35.9
19.9
14.4
2.5
2.1
13.4
15.9
0.8
0.6
Cement
ACC
Neutral
1,463
-
27,467
11,225
13,172
13.2
16.9
44.5
75.5
32.9
19.4
3.1
2.9
11.2
14.2
2.5
2.1
Ambuja Cements
Neutral
238
-
47,278
9,350
10,979
18.2
22.5
5.8
9.5
41.1
25.1
3.5
3.1
10.2
12.5
5.1
4.3
India Cements
Neutral
162
-
4,982
4,364
4,997
18.5
19.2
7.9
11.3
20.5
14.4
1.5
1.4
8.0
8.5
1.9
1.7
JK Cement
Neutral
863
-
6,034
4,398
5,173
15.5
17.5
31.2
55.5
27.7
15.6
3.3
2.9
12.0
15.5
1.9
1.6
J K Lakshmi Cement
Neutral
388
-
4,567
2,913
3,412
14.5
19.5
7.5
22.5
51.8
17.3
3.2
2.7
12.5
18.0
2.2
1.8
Orient Cement
Neutral
134
-
2,736
2,114
2,558
18.5
20.5
8.1
11.3
16.5
11.8
2.4
2.1
9.0
14.0
1.9
1.5
UltraTech Cement
Neutral
3,720
-
102,090
25,768
30,385
21.0
23.5
111.0
160.0
33.5
23.3
4.3
3.7
13.5
15.8
4.1
3.4
Construction
ITNL
Neutral
103
-
3,393
8,946
10,017
31.0
31.6
8.1
9.1
12.7
11.3
0.5
0.5
4.2
5.0
3.7
3.4
KNR Constructions
Neutral
178
-
2,502
1,385
1,673
14.7
14.0
41.2
48.5
4.3
3.7
0.8
0.7
14.9
15.2
1.9
1.6
Larsen & Toubro
Accumulate
1,478
1,634
137,850
111,017
124,908
11.0
11.0
61.1
66.7
24.2
22.2
2.9
2.7
13.1
12.9
2.3
2.1
Gujarat Pipavav Port
Neutral
165
-
7,979
705
788
52.2
51.7
5.0
5.6
33.0
29.5
3.3
2.9
11.2
11.2
11.0
9.3
Nagarjuna Const.
Neutral
82
-
4,581
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
104
143
2,671
2,350
2,904
13.1
13.2
9.0
8.8
11.6
11.8
0.4
0.4
15.9
13.9
1.3
1.0
Simplex Infra
Neutral
308
-
1,526
6,829
7,954
10.5
10.5
31.4
37.4
9.8
8.3
1.0
0.9
9.9
13.4
0.6
0.5
Power Mech Projects
Neutral
448
-
659
1,801
2,219
12.7
14.6
72.1
113.9
6.2
3.9
1.1
1.0
16.8
11.9
0.4
0.3
Sadbhav Engineering
Accumulate
275
298
4,724
3,598
4,140
10.3
10.6
9.0
11.9
30.6
23.1
3.2
2.8
9.9
11.9
1.6
1.4
NBCC
Neutral
175
-
15,759
7,428
9,549
7.9
8.6
8.2
11.0
21.4
15.9
1.1
0.8
28.2
28.7
1.8
1.4
MEP Infra
Neutral
40
-
648
1,877
1,943
30.6
29.8
3.0
4.2
13.3
9.5
6.4
4.3
0.6
0.6
1.7
1.6
Stock Watch
February 20, 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
93
-
3,290
1,036
1,252
65.5
66.2
(8.4)
(5.6)
3.5
4.0
(22.8)
(15.9)
11.4
9.5
Engineers India
Neutral
153
-
10,283
1,725
1,935
16.0
19.1
11.4
13.9
13.4
11.0
1.9
1.8
13.4
15.3
4.9
4.4
Financials
Axis Bank
Buy
489
580
116,944
46,932
53,575
3.5
3.4
32.4
44.6
15.1
11.0
1.9
1.7
13.6
16.5
-
-
Bank of Baroda
Neutral
166
-
38,249
19,980
23,178
1.8
1.8
11.5
17.3
14.4
9.6
1.7
1.4
8.3
10.1
-
-
Canara Bank
Neutral
292
-
15,831
15,225
16,836
1.8
1.8
14.5
28.0
20.1
10.4
1.4
1.1
5.8
8.5
-
-
Can Fin Homes
Accumulate
1,972
2,128
5,250
420
526
3.5
3.5
86.5
107.8
22.8
18.3
4.9
4.0
23.6
24.1
-
-
Cholamandalam Inv. &
Buy
1,021
1,230
15,955
2,012
2,317
6.3
6.3
42.7
53.6
23.9
19.1
3.8
3.2
16.9
18.3
-
-
Fin. Co.
Dewan Housing Finance Accumulate
322
350
10,089
2,225
2,688
2.9
2.9
29.7
34.6
10.9
9.3
1.8
1.5
16.1
16.8
-
-
Equitas Holdings
Buy
184
235
6,164
939
1,281
11.7
11.5
5.8
8.2
31.7
22.4
2.7
2.4
10.9
11.5
-
-
Federal Bank
Neutral
83
-
14,333
8,259
8,995
3.0
3.0
4.3
5.6
19.4
14.9
1.6
1.5
8.5
10.1
-
-
HDFC
Neutral
1,402
-
222,211
11,475
13,450
3.4
3.4
45.3
52.5
31.0
26.7
6.0
5.3
20.2
20.5
-
-
HDFC Bank
Neutral
1,377
-
351,586
46,097
55,433
4.5
4.5
58.4
68.0
23.6
20.3
4.1
3.5
18.8
18.6
-
-
ICICI Bank
Accumulate
283
315
164,756
42,800
44,686
3.1
3.3
18.0
21.9
15.7
12.9
2.1
2.0
11.1
12.3
-
-
Lakshmi Vilas Bank
Accumulate
153
174
2,936
3,339
3,799
2.7
2.8
11.0
14.0
13.9
11.0
1.5
1.3
11.2
12.7
-
-
LIC Housing Finance
Accumulate
557
630
28,090
3,712
4,293
2.6
2.5
39.0
46.0
14.3
12.1
2.7
2.3
19.9
20.1
-
-
Punjab Natl.Bank
Neutral
140
-
29,834
23,532
23,595
2.3
2.4
6.8
12.6
20.6
11.1
3.2
2.3
3.3
6.5
-
-
RBL Bank
Neutral
418
-
15,475
1,783
2,309
2.6
2.6
12.7
16.4
33.0
25.5
3.6
3.2
12.8
13.3
-
-
South Ind.Bank
Neutral
20
-
2,703
6,435
7,578
2.5
2.5
2.7
3.1
7.4
6.5
1.0
0.8
10.1
11.2
-
-
St Bk of India
Neutral
269
-
214,328
88,650
98,335
2.6
2.6
13.5
18.8
19.9
14.3
1.9
1.7
7.0
8.5
-
-
Union Bank
Neutral
142
-
9,734
13,450
14,925
2.3
2.3
25.5
34.5
5.6
4.1
0.8
0.7
7.5
10.2
-
-
Yes Bank
Neutral
1,441
-
60,934
8,978
11,281
3.3
3.4
74.0
90.0
19.5
16.0
3.7
3.1
17.0
17.2
-
-
FMCG
Asian Paints
Neutral
961
-
92,174
17,128
18,978
16.8
16.4
19.1
20.7
50.3
46.4
17.5
16.5
34.8
35.5
5.3
4.8
Britannia
Accumulate
3,246
3,626
38,949
9,594
11,011
14.6
14.9
80.3
94.0
40.4
34.5
16.6
12.8
41.2
-
3.9
3.4
Colgate
Accumulate
910
995
24,748
4,605
5,149
23.4
23.4
23.8
26.9
38.2
33.8
21.2
16.5
64.8
66.8
5.3
4.7
Dabur India
Accumulate
265
304
46,760
8,315
9,405
19.8
20.7
8.1
9.2
32.8
28.9
9.1
7.6
31.6
31.0
5.3
4.6
GlaxoSmith Con*
Neutral
5,105
-
21,468
4,350
4,823
21.2
21.4
179.2
196.5
28.5
26.0
7.6
6.4
27.1
26.8
4.3
3.8
Godrej Consumer
Neutral
1,612
-
54,917
10,235
11,428
18.4
18.6
41.1
44.2
39.2
36.5
8.7
7.3
24.9
24.8
5.4
4.8
HUL
Neutral
842
-
182,308
35,252
38,495
17.8
17.8
20.7
22.4
40.8
37.6
39.0
33.4
95.6
88.9
5.0
4.6
ITC
Accumulate
268
284
325,155
40,059
44,439
38.3
39.2
9.0
10.1
29.9
26.5
8.3
7.3
27.8
27.5
7.6
6.9
Stock Watch
February 20, 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
Marico
Accumulate
269
300
34,698
6,430
7,349
18.8
19.5
6.4
7.7
42.0
34.9
12.7
10.7
33.2
32.5
5.2
4.5
Nestle*
Neutral
6,254
-
60,301
10,073
11,807
20.7
21.5
124.8
154.2
50.1
40.6
20.6
18.5
34.8
36.7
5.8
4.9
Tata Global
Neutral
140
-
8,845
8,675
9,088
9.8
9.8
7.4
8.2
18.9
17.1
2.2
2.1
7.9
8.1
0.9
0.9
Procter & Gamble
Accumulate
6,985
7,369
22,674
2,939
3,342
23.2
23.0
146.2
163.7
47.8
42.7
107.0
102.6
25.3
23.5
7.3
6.3
Hygiene
IT
HCL Tech^
Buy
839
1,000
118,343
49,242
57,168
20.5
20.5
55.7
64.1
15.1
13.1
3.1
2.3
20.3
17.9
2.3
1.8
Infosys
Buy
1,000
1,249
229,626
68,350
77,326
27.0
27.0
62.5
69.4
16.0
14.4
3.4
3.1
21.3
21.6
2.8
2.4
TCS
Accumulate
2,408
2,620
474,509
119,025
133,308
27.6
27.6
131.2
145.5
18.4
16.6
6.0
5.5
32.4
33.1
3.8
3.3
Tech Mahindra
Buy
503
600
48,938
29,673
32,937
15.5
17.0
32.8
39.9
15.3
12.6
3.0
2.6
19.6
20.7
1.4
1.2
Wipro
Buy
476
583
115,637
55,440
60,430
18.1
18.1
36.1
38.9
13.2
12.2
2.4
2.2
19.0
17.6
1.8
1.6
Media
D B Corp
Neutral
377
-
6,939
2,297
2,590
27.4
28.2
21.0
23.4
18.0
16.1
4.2
3.6
23.7
23.1
2.8
2.4
HT Media
Neutral
82
-
1,918
2,693
2,991
12.6
12.9
7.9
9.0
10.4
9.2
0.9
0.8
7.8
8.3
0.3
0.2
Jagran Prakashan
Buy
189
225
6,166
2,355
2,635
28.0
28.0
10.8
12.5
17.5
15.1
3.8
3.3
21.7
21.7
2.6
2.3
Sun TV Network
Neutral
703
-
27,718
2,850
3,265
70.1
71.0
26.2
30.4
26.9
23.1
6.9
6.1
24.3
25.6
9.3
8.0
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
266
385
1,585
637
743
27.5
27.5
18.4
21.4
14.5
12.4
2.5
2.1
17.4
17.2
2.1
1.7
Metals & Mining
Coal India
Neutral
317
-
196,496
84,638
94,297
21.4
22.3
24.5
27.1
12.9
11.7
5.4
5.1
42.6
46.0
1.8
1.6
Hind. Zinc
Neutral
300
-
126,633
14,252
18,465
55.9
48.3
15.8
21.5
19.0
13.9
3.1
2.7
17.0
20.7
8.9
6.9
Hindalco
Neutral
184
-
37,955
107,899
112,095
7.4
8.2
9.2
13.0
20.0
14.1
1.0
0.9
4.8
6.6
0.9
0.8
JSW Steel
Neutral
185
-
44,707
53,201
58,779
16.1
16.2
130.6
153.7
1.4
1.2
0.2
0.2
14.0
14.4
1.6
1.4
NMDC
Neutral
136
-
43,124
6,643
7,284
44.4
47.7
7.1
7.7
19.2
17.7
1.7
1.6
8.8
9.2
4.3
3.8
SAIL
Neutral
60
-
24,739
47,528
53,738
(0.7)
2.1
(1.9)
2.6
23.0
0.7
0.6
(1.6)
3.9
1.4
1.2
Vedanta
Neutral
263
-
78,105
71,744
81,944
19.2
21.7
13.4
20.1
19.7
13.1
1.7
1.5
8.4
11.3
1.5
1.2
Tata Steel
Neutral
468
-
45,448
121,374
121,856
7.2
8.4
18.6
34.3
25.2
13.6
1.6
1.4
6.1
10.1
1.0
1.0
Oil & Gas
Cairn India
Neutral
287
-
53,837
9,127
10,632
4.3
20.6
8.8
11.7
32.6
24.5
1.1
1.0
3.3
4.2
7.4
6.1
GAIL
Neutral
510
-
64,661
56,220
65,198
9.3
10.1
27.1
33.3
18.8
15.3
1.7
1.6
9.3
10.7
1.3
1.1
ONGC
Neutral
194
-
249,350
137,222
152,563
15.0
21.8
19.5
24.1
10.0
8.1
0.9
0.8
8.5
10.1
2.1
1.9
Indian Oil Corp
Neutral
385
-
187,074
373,359
428,656
5.9
5.5
54.0
59.3
7.1
6.5
1.1
1.0
16.0
15.6
0.7
0.6
Reliance Industries
Neutral
1,075
-
348,800
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
552
-
10,414
3,483
4,083
20.2
21.4
24.3
30.4
22.7
18.2
5.2
4.1
25.5
25.3
2.9
2.4
Stock Watch
February 20, 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
Alkem Laboratories Ltd
Neutral
2,002
-
23,931
6,050
6,839
18.7
19.8
80.0
88.7
25.0
22.6
5.6
4.7
22.4
20.9
3.9
3.4
Aurobindo Pharma
Buy
665
877
38,896
15,720
18,078
23.7
23.7
41.4
47.3
16.1
14.1
4.2
3.3
29.6
26.1
2.7
2.3
Aventis*
Neutral
4,105
-
9,454
2,277
2,597
17.3
18.3
149.4
172.0
27.5
23.9
4.6
3.7
25.1
28.8
3.8
3.1
Cadila Healthcare
Neutral
448
-
45,843
10,429
12,318
22.6
22.0
16.9
19.2
26.5
23.3
6.7
5.4
28.5
25.7
4.4
3.6
Cipla
Sell
593
465
47,670
15,378
18,089
15.7
16.8
19.3
24.5
30.7
24.2
3.6
3.2
12.3
13.9
3.3
2.7
Dr Reddy's
Neutral
2,915
-
48,295
16,043
18,119
20.8
22.4
112.4
142.9
25.9
20.4
3.5
3.0
14.1
15.9
3.0
2.6
Dishman Pharma
Neutral
221
-
3,565
1,718
1,890
22.7
22.8
9.5
11.3
23.3
19.6
2.3
2.0
10.1
10.9
2.5
2.2
GSK Pharma*
Neutral
2,686
-
22,749
2,800
3,290
10.2
20.6
32.2
60.3
83.4
44.5
15.4
15.3
17.2
34.5
7.9
6.8
Indoco Remedies
Reduce
267
240
2,457
1,112
1,289
16.2
18.2
11.6
16.0
23.0
16.7
3.7
3.1
17.0
20.1
2.3
2.0
Ipca labs
Buy
528
613
6,662
3,303
3,799
15.3
15.3
17.3
19.7
30.5
26.8
2.7
2.4
9.1
9.4
2.1
1.9
Lupin
Buy
1,458
1,809
65,811
15,912
18,644
26.4
26.7
58.1
69.3
25.1
21.0
4.9
4.0
21.4
20.9
4.2
3.5
Sun Pharma
Buy
675
847
162,055
31,129
35,258
32.0
32.9
30.2
35.3
22.4
19.1
3.7
3.0
20.0
20.1
4.8
4.0
Power
Tata Power
Neutral
84
-
22,747
36,916
39,557
17.4
27.1
5.1
6.3
16.5
13.4
1.5
1.3
9.0
10.3
1.6
1.5
NTPC
Neutral
170
-
139,843
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
202
223
105,914
25,315
29,193
88.2
88.7
14.2
17.2
14.3
11.8
2.2
1.9
15.2
16.1
8.8
7.9
Real Estate
Prestige Estate
Buy
173
210
6,469
4,707
5,105
25.2
26.0
10.3
13.0
16.8
13.3
1.3
1.3
10.3
10.2
2.5
2.3
MLIFE
Buy
349
522
1,432
1,152
1,300
22.7
24.6
29.9
35.8
11.7
9.7
0.9
0.8
7.6
8.6
2.0
1.6
Telecom
Bharti Airtel
Neutral
370
-
147,704
105,086
114,808
34.5
34.7
12.2
16.4
30.3
22.5
2.1
1.9
6.8
8.4
2.3
2.0
Idea Cellular
Neutral
106
-
38,174
40,133
43,731
37.2
37.1
6.4
6.5
16.6
16.3
1.4
1.3
8.2
7.6
2.0
1.7
zOthers
Abbott India
Neutral
4,500
-
9,562
3,153
3,583
14.1
14.4
152.2
182.7
29.6
24.6
145.2
124.0
25.6
26.1
2.7
2.4
Asian Granito
Buy
271
351
817
1,060
1,169
12.2
12.5
12.7
15.9
21.4
17.1
2.0
1.8
9.5
10.7
1.1
0.9
Bajaj Electricals
Accumulate
259
295
2,618
4,801
5,351
5.7
6.2
10.4
13.7
24.8
18.9
3.1
2.7
12.4
14.5
0.5
0.5
Banco Products (India)
Neutral
194
-
1,385
1,353
1,471
12.3
12.4
14.5
16.3
13.4
11.9
18.4
16.6
14.5
14.6
1.0
103.2
Coffee Day Enterprises
Neutral
241
-
4,969
2,964
3,260
20.5
21.2
4.7
8.0
-
30.1
2.8
2.6
5.5
8.5
2.1
1.9
Ltd
Competent Automobiles Neutral
175
-
107
1,137
1,256
3.1
2.7
28.0
23.6
6.3
7.4
33.6
30.4
14.3
11.5
0.1
0.1
Elecon Engineering
Neutral
53
-
595
1,482
1,660
13.7
14.5
3.9
5.8
13.6
9.2
3.2
2.9
7.8
10.9
0.7
0.6
Finolex Cables
Neutral
445
-
6,804
2,883
3,115
12.0
12.1
14.2
18.6
31.3
23.9
16.7
14.6
15.8
14.6
2.1
1.9
Garware Wall Ropes
Accumulate
639
710
1,399
863
928
15.1
15.2
36.4
39.4
17.6
16.2
3.2
2.7
17.5
15.9
1.5
1.4
Goodyear India*
Neutral
723
-
1,668
1,598
1,704
10.4
10.2
49.4
52.6
14.6
13.7
67.6
59.3
18.2
17.0
0.7
101.4
Stock Watch
February 20, 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
Hitachi
Neutral
1,346
-
3,661
2,081
2,433
8.8
8.9
33.4
39.9
40.3
33.7
32.5
27.1
22.1
21.4
1.8
1.5
HSIL
Neutral
295
-
2,133
2,384
2,515
15.8
16.3
15.3
19.4
19.3
15.2
19.2
16.5
7.8
9.3
1.1
1.0
Interglobe Aviation
Neutral
829
-
29,977
21,122
26,005
14.5
27.6
110.7
132.1
7.5
6.3
44.8
32.0
168.5
201.1
1.4
1.1
Jyothy Laboratories
Neutral
358
-
6,508
1,440
2,052
11.5
13.0
8.5
10.0
42.2
35.8
10.2
9.5
18.6
19.3
4.8
3.3
Kirloskar Engines India
Neutral
349
-
5,049
2,554
2,800
9.9
10.0
10.5
12.1
33.3
28.9
13.9
13.1
10.7
11.7
1.6
1.4
Ltd
Linc Pen & Plastics
Neutral
261
-
386
382
420
9.3
9.5
13.5
15.7
19.4
16.6
3.3
2.9
17.1
17.3
1.1
1.0
M M Forgings
Neutral
460
-
555
546
608
20.4
20.7
41.3
48.7
11.2
9.4
63.0
55.8
16.6
17.0
0.9
0.8
Manpasand Bever.
Neutral
688
-
3,937
836
1,087
19.6
19.4
16.9
23.8
40.7
28.9
4.9
4.3
12.0
14.8
4.4
3.3
Mirza International
Buy
90
107
1,082
1,024
1,148
18.0
18.0
6.9
8.0
13.0
11.2
2.2
1.9
16.6
16.3
1.3
1.1
MT Educare
Neutral
93
-
372
366
417
17.7
18.2
9.4
10.8
10.0
8.7
2.2
1.9
22.2
22.3
0.9
0.8
Narayana Hrudaya
Neutral
329
-
6,731
1,873
2,166
11.5
11.7
2.6
4.0
124.5
83.1
7.6
6.9
6.1
8.3
3.7
3.2
Navkar Corporation
Buy
161
265
2,290
369
561
42.9
42.3
7.2
11.5
22.2
13.9
1.6
1.5
7.4
10.5
7.2
4.7
Navneet Education
Neutral
144
-
3,353
1,062
1,147
24.0
24.0
6.1
6.6
23.6
21.7
4.8
4.3
20.6
19.8
3.2
3.0
Nilkamal
Neutral
1,685
-
2,514
1,995
2,165
10.7
10.4
69.8
80.6
24.1
20.9
96.3
83.6
16.6
16.5
1.3
1.1
Page Industries
Neutral
14,309
-
15,960
2,450
3,124
20.1
17.6
299.0
310.0
47.9
46.2
318.7
243.3
47.1
87.5
6.6
5.2
Parag Milk Foods
Neutral
211
-
1,773
1,919
2,231
9.3
9.6
9.5
12.9
22.3
16.3
3.5
2.9
15.5
17.5
1.1
0.9
Quick Heal
Neutral
252
-
1,768
408
495
27.3
27.0
7.7
8.8
32.6
28.7
3.0
3.0
9.3
10.6
3.5
2.9
Radico Khaitan
Accumulate
129
147
1,711
1,667
1,824
13.0
13.2
6.7
8.2
19.3
15.7
1.8
1.6
9.0
10.2
1.4
1.3
Relaxo Footwears
Neutral
425
-
5,109
2,085
2,469
9.2
8.2
7.6
8.0
56.3
53.5
21.8
18.6
17.9
18.8
2.5
2.2
S H Kelkar & Co.
Neutral
309
-
4,467
1,036
1,160
15.1
15.0
6.1
7.2
50.6
43.0
5.4
5.0
10.7
11.5
4.2
3.7
Siyaram Silk Mills
Neutral
1,648
-
1,545
1,652
1,857
11.6
11.7
92.4
110.1
17.8
15.0
2.6
2.3
14.7
15.2
1.1
1.0
Styrolution ABS India*
Neutral
600
-
1,055
1,440
1,537
9.2
9.0
40.6
42.6
14.8
14.1
37.7
34.3
12.3
11.6
0.7
0.6
Surya Roshni
Neutral
186
-
813
3,342
3,625
7.8
7.5
17.3
19.8
10.7
9.4
20.4
16.4
10.5
10.8
0.5
0.5
Team Lease Serv.
Neutral
873
-
1,492
3,229
4,001
1.5
1.8
22.8
32.8
38.3
26.6
4.1
3.6
10.7
13.4
0.4
0.3
The Byke Hospitality
Neutral
185
-
741
287
384
20.5
20.5
7.6
10.7
24.3
17.3
5.1
4.1
20.7
23.5
2.6
1.9
Transport Corporation of
Neutral
186
-
1,426
2,671
2,911
8.5
8.8
13.9
15.7
13.4
11.9
1.8
1.6
13.7
13.8
0.6
0.6
India
TVS Srichakra
Neutral
3,104
-
2,377
2,304
2,614
13.7
13.8
231.1
266.6
13.4
11.6
348.8
274.6
33.9
29.3
1.0
0.9
UFO Moviez
Neutral
405
-
1,117
619
685
33.2
33.4
30.0
34.9
13.5
11.6
1.9
1.6
13.8
13.9
1.5
1.2
Visaka Industries
Neutral
219
-
347
1,051
1,138
10.3
10.4
21.0
23.1
10.4
9.5
28.1
26.3
9.0
9.2
0.6
0.6
Stock Watch
February 20, 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
VRL Logistics
Neutral
294
-
2,686
1,902
2,119
16.7
16.6
14.6
16.8
20.2
17.5
4.4
3.9
21.9
22.2
1.5
1.3
Wonderla Holidays
Neutral
367
-
2,076
287
355
38.0
40.0
11.3
14.2
32.5
25.9
4.7
4.1
21.4
23.9
6.9
5.6
Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on February 17, 2017
Market Outlook
February 20, 2017
Research Team Tel: 022 - 39357800
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