Market Outlook
October 22, 2018
Domestic Indices
Chg (%)
(Pts)
(Cl ose)
Market Cues
BSE Sensex
(1.3)
(464)
34,315
Indian markets are likely to open flat tracking global indices and SGX Nifty.
Nifty
(1.4)
(150)
10,304
U.S. stocks turned mixed over the course of the trading session on Friday after failing
Mid Cap
(1.1)
(156)
14,058
to sustain an early move to the upside. The major averages pulled back well off their
Small Cap
(1.3)
(188)
14,083
highs of the session, with the Nasdaq and the S&P 500 ending the day in negative
Bankex
(0.4)
(120)
28,042
territory while Dow managed to close on a positive note. The Dow Jones inched up
by 0.3 percent to 25,444 and the Nasdaq fell by 0.5 percent to 7,449.
Global Indices
Chg (%)
(Pts)
(Cl ose)
U.K. shares were fluctuating on Friday and the pound held largely flat after
Dow Jones
0.3
65
25,444
European Union negotiator Michel Barnier said disagreements over the Ireland
Nasdaq
(0.5)
(36)
7,449
border could lead to a breakdown in the Brexit discussions. The benchmark FTSE
FTSE
0.2
10
7,037
100 was up by 0.2 percent at 7,037.
Nikkei
1.3
292
22,841
On domestic front, Indian shares tumbled on Friday as liquidity concerns pulled
Hang Seng
0.1
17
25,462
down shares of non-banking finance companies and heavyweight Reliance
Shanghai Com
0.6
16
2,561
Industries plunged after posting lower-than-expected earnings for the September
quarter The BSE Sensex decreased by 1.3% to 34,315.
A dvances / Declines
BSE
NSE
News Analysis
Advances
817
505
Forex reserves fall most since 2011 on account of decline in foreign currency
Declines
1,777
1,299
assets
Unchanged
152
89
Detailed analysis on Pg2
Volumes (` Cr)
Investor’s Ready Reckoner
BSE
1,820
Key Domestic & Global Indicators
NSE
853
Stock Watch: Latest investment recommendations on 150+ stocks
Refer Pg5 onwards
Net Inflows (` Cr)
Ne t
Mtd
Ytd
Top Picks
FII
(1,077)
(1,418)
(6,857)
C MP
Target
U psi de
C ompany
Sector
R ating
*MFs
1,125
3,967
80,584
(`)
(`)
(%)
Blue Star
Capital Goods
Buy
549
867
57.9
Dewan Housi ng Finance
Financials
Buy
212
555
161.8
Top Gainers
Price (`)
Chg (%)
Parag Milk F oods
Others
Buy
253
410
62.1
LAKSHVILAS
91
14.7
Bata India
Others
Buy
895
1,243
38.9
JETAIRWAYS
229
6.1
KEI Industrie s
Capital Goods
Buy
270
486
80.0
More Top Picks on Pg4
DLF
153
5.8
HINDZINC
286
5.7
Key Upcoming Events
JUBLFOOD
1269
5.1
Previous
C onsensus
D ate
Region
Event Description
ReadingExpectations
Oct 25, 2018 Euro Zone ECB announces interest rates
-
Top Losers
Price (`)
Chg (%)
Oct 30, 2018 Euro Zone Euro-Zone GDP s.a. (QoQ)
0.40
PNBHOUSING
707
-18.6
Nov 01,2018 UK
BOE Announce s rate s
0.75
Nov 14,2018 Germany
GDP nsa (YoY)
2.30
IBULHSGFIN
654
-17.1
More Events on Pg7
MINDTREE
812
-17.0
SREINFRA
28
-12.2
IIFL
383
-11.0
As on Oct 19, 2018
Market Outlook
October 22, 2018
News Analysis
Forex reserves fall most since 2011 on account of decline in
foreign currency assets
India made the biggest dent in its foreign exchange reserves in seven years as the
central bank stepped up action to prop up Asia’s worst-performing currency.
Reserves dropped by $5.14 billion to %394.5 billion in the seven days ended
October 12, the biggest weekly decline since November 2011, as the Reserve
Bank of India sold dollars to shore up the rupee, helping it end a losing streak that
extended for six weeks. Most of the drop in reserves seems to be because of
accelerated central bank intervention, according to Kotak Securities Ltd.
As the rupee has been plummeting, the RBI has sold over $40 billion of its reserves
to prop it up since the beginning of the current financial year. The rupee had lost
more than 16 per cent since January and plunged to 74.43 last week to the dollar,
making it the worst emerging market currency.
The rupee has declined for six straight months in a row, the longest losing streak
since 2002, as rising oil prices fuelled concerns about a widening current account
deficit and inflation amid a rout in emerging markets. The rupee touched a record
low of 74.4825 on October 11.
Foreign funds took out about $13 billion from local bonds and stocks so far this
year, resulting in the rupee declining about 13%. The rupee gained 0.4% on Friday
to 73.3250 per dollar.
Economic and Political News
Maharashtra sugar mills to start crushing on Sat amid cane payment concerns
State subsidies for farmers to improve mills' liquidity, clear cane dues
RBI incentivized bank lending to NBFCs by easing liquidity norms
Corporate News
Govt & state-appointed board eyes asset sales to turn IL&FS around in six months
Jet Airways sets jet sale, leaseback plan in motion to raise $800 mn
ArcelorMittal likely to wrap up Essar Steel, talks with creditors soon
JSW Steel explores options to fund acquisition of Bhushan Power, Essar
Market Outlook
October 22, 2018
Quarterly Bloomberg Brokers Consensus Estimate
Asian Paints Ltd - October 22, 2018
Particulars (` cr)
2QFY19E
2QFY18
y-o-y (%)
1QFY19
q-o-q (%)
Sales
4,772
4,265
11.9
4,390
8.7
EBIDTA
904
801
12.8
874
3.4
%
18.9
18.8
19.9
PAT
578
594
(2.8)
571
1.1
HDFC Standard Life Insurance - October 23, 2018
Particulars (` cr)
2QFY19E
2QFY18
y-o-y (%)
1QFY19
q-o-q (%)
PAT
228
238
(4.1)
380
(39.9)
Bajaj Finance Ltd - October 23, 2018
Particulars (` cr)
2QFY19E
2QFY18
y-o-y (%)
1QFY19
q-o-q (%)
PAT
870
557
56.2
834
4.4
Bajaj Finserv Ltd - October 23, 2018
Particulars (` cr)
2QFY19E
2QFY18
y-o-y (%)
1QFY19
q-o-q (%)
PAT
994
1007
(1.3)
1,329
(25.2)
Market Outlook
October 22, 2018
Top Picks
Market Cap
C MP
Target
Upside
C ompany
R ationale
(` Cr)
(`)
(`)
(%)
Favorable outlook for the AC industry to augur well
for Cooling products busine ss which i s out pacing
Blue Star
5,292
549
867
57.9
the market growth. EMPPAC division' s profitability
to improve once operating environme nt turns
around.
With a focus on the l ow and me dium income (LMI)
consumer segment, the company has incre ase d its
Dewan Housi ng Finance
6,646
212
555
161.8
presence in tier-II & III cities where the growth
opportunity i s immense.
Well capitalized with CAR of 18.1% which gives
sufficient room to grow asset base. Faster
ICICI Bank
2,02,655
315
416
32.1
resolution of NPA would reduce provision cost,
which would help to report better ROE.
High order book execution in EPC segment, rising
KEI Industrie s
2,130
270
486
80.0
B2C sales and higher exports to boost the revenues
and profitability
Expected to benefit from the lower capex
Music Broadcast Limited
1,917
336
475
41.4
requirement and
15 year l ong radio broadcast
licensing.
Strong brands and distribution network would
Siyaram Silk Mills
1,898
405
752
85.7
boost growth going ahead. Stock currently trades
at an inexpensive valuation.
GST regime and the Gujarat plant are expected to
Maruti Suzuki
2,08,224
6893
10,820
57.0
improve the company’s sales volume and margins,
respectively.
We expect loan book to grow at 24.3% over next
GIC Housing
1,222
227
486
114.1
two year; change in borrowing mix will help in NIM
improve ment
Third large st brand pl ay in luggage segment
Increase d product offerings and improving
Safari Industries
1,677
752
1,071
42.4
distribution network is leading to strong growth in
busine ss. Likely to post robust growth for next 3-4
years
We expect financialisation of savings and
Aditya Birla Capital
22,586
103
198
92.2
increasing penetration in Insurance & Mutual fund
would ensure steady growth.
One of the le ading Indi an dairy products
companie s in India created strong brands in dairy
products. Rising revenue share of high-margin
Parag Milk F oods
2,132
253
410
62.1
Value Adde d Products and reduction in interest cost
is likely to boost margins and earnings in next few
years.
HDFC Bank maintaine d its ste ady growth in the
4QFY18. The bank’s net profit grew by
20.3%.
Steady growth in interest income and other income
HDFC Bank
5,34,142
1,966
2,350
19.5
aided PAT growth. The Strong liability franchise
and healthy capitalisati on provide s strong earning
visibility. At the current market price, the bank is
trading at 3.2x FY20E ABV.
Market Outlook
October 22, 2018
Continued...
Market Cap
C MP
Target
Upside
C ompany
R ationale
(` Cr)
(`)
(`)
(%)
We expect strong PAT growth on back of
healthy growth in automobile segment (on back
of new launches and facelifts in some of the
M&M
92,183
742
1,050
41.5
model ) and strong growth in Tractors segme nt
coupled by its strong brand recall and
improve ment in rural sentime nt
Market leader in the room air conditioner (RAC)
outsourced manufacturing space in India with a
market share of
55.4%. It is a one-stop
Amber Enterprise s
2,830
900
1,230
36.7
solutions provi der for the major brands i n the
RAC industry and currently serves eight out of
the 10 top RAC brands in India
BIL is the largest footwear retailer in India,
offering footwear, accessories and bags across
brands. We expect BIL to report net PAT CAGR
of
~16% to
~` 3115cr over FY2018-20E
Bata India
11,507
895
1,243
38.9
mainly due to new product launche s, higher
number of stores addition and focus on
women’s high growth se gment and margi n
improve ment
SHTF is in the sweet spot with benefits from
stronger CV volumes, NIMs unaffected by rising
Shriram Transport Finance
22,807
1,005
1,764
75.5
bond yields on the back of stronger pricing
power and an enhancing ROE by 750bps over
FY18-20E, supported by decline in cre dit cost.
We expect JSPL’s top line to grow at 27% CAGR
over FY19-FY20 on the back of strong steel
demand and capacity addition. O n the bottom
Jindal Steel & Power Limited
16,087
166
327
97.0
line front, we expect JSPL to turn in to profit by
FY19 on back of strong operating margi n
improve ment.
GMM Pfaudler Limited (GMM) is the Indian
market leader in glass-lined (GL) steel
equipme nt. GMM is expected to cross CAGR
GMM Pfaudler Ltd
1,438
984
1,287
30.8
15%+ in revenue over the next few years
mainly led by uptick in de mand from user
industries and it is also expecting to increase its
share of non-GL business to 50% by 2020.
Aurobindo Pharmaceuticals, amongst the
Indian Pharmaceutical companies, i s well
placed to face the challenging ge neric markets,
given its focus on achieving growth through
Aurobindo Pharmaceutical s
43,802
748
870
16.3
productivity. Aurobindo will report net revenue
& net profit CAGR of
~13% & ~8% resp.
during F Y2018-20E. Valuations are cheap V/ s
its peers and own fair multiples of 17-18x.
Well planned strategy to grow small busine ss
loans and cross-selling w ould propel fee s
Yes Bank
50,273
218
365
67.4
income. We expect YES to grow its advance
much higher than i ndustry and i mprovement i n
asset quality to support profitability.
We believe advance to grow at a healthy CAGR
of 35% over FY18-20E. Below peers level ROA
RBL Bank
21,437
505
690
36.6
(1.2% F Y18) to expand led by margi n
expansion and lower credit cost.
TTK Prestige has emerged as one of the leading
brands in kitchen appliances in Indi a after its
successful transformati on from a single product
TTK Prestige
7,226
6,202
8,200
32.2
company to offering an entire gamut of home
and kitchen appliances. We are expecting a
CAGR of 18% in revenue and 25% in PAT over
FY2018-20.
Source: Company, Angel Research
Market Outlook
October 22, 2018
Continued...
Market Cap
C MP
Target
Upside
C ompany
R ationale
(` Cr)
(`)
(`)
(%)
We expect Inox Wind to report expone ntial
growth in top-line and bottom-line over FY19-
20E. The growth would be led by changing
renewable energy industry dynamics in favor of
Inox Winds
1,957
88
127
44.3
wind energy segment viz. changes in auction
regime from Feed-In-Tariff (FIT) to reverse
auction regi me and Government’s guidance for
10GW auction in FY19 and FY20 each.
Considering the strong CV demand due to
change in BS-VI emission norms (will trigger
pre-buying activities), pick up in construction
Ashok Leyland
33,010
112
156
39.3
activities and no signi ficant impact on industry
due to recent axle load norms, we recommend
BUY on Ashok Leyland at current valuations.
Source: Company, Angel Research
Fundamental Call
Market Cap
C MP
Target
Upside
C ompany
R ationale
(` Cr)
(`)
(`)
(%)
CCL is likely to maintain the strong growth
CCL Products
3,290
247
360
45.7
trajectory over FY18-20 backed by capacity
expansion and new geographical foray
We forecast Nilkamal to report top-line CAGR of
~9% to `2,635cr over FY17-20E on the back of
Nilkamal
2,339
1,568
2,178
38.9
healthy de mand growth in plastic division. On the
bottom-line front, we estimate
~10% CAGR to
`162cr owing to improve ment in volumes.
Elantas Beck India is the Indian market leader in
liquid insulation segment used in electrical
equipme nts like motors, transformers etc. It derives
Elantas Beck India Ltd
1,506
1,900
2,500
31.6
demand from several industries which are expected
to register 10%+ CAGR in demand in the coming
years.
Greenply Industries Ltd (GIL) manufactures plywood
& allied products and me dium density fibreboards
(MDF). GIL to report net revenue CAGR of ~14% to
Greenply Industries
1,493
122
256
109.8
~`2,478cr over FY2017-20E mainly due to healthy
growth in plywood & lamination business on the
back of strong brand and di stribution network
L&T Fin’s new management i s on track to achieve
L&T Finance Hol ding
23,735
119
210
76.5
ROE of 18% by 2020 and recent capital infusion of
`3000cr would support advance growth.
Market Outlook
October 22, 2018
Key Upcoming Events
Global economic events release calendar
Bl oomberg Data
D ate
Time Country
Event Description
Unit
Period
L ast Reporte d
E stimate d
Oct 25, 2018
0-Jan-00Euro Zone ECB announces interest rates
%
Oct 25
-Oct 25, 2018
Oct 30, 2018
0-Jan-00Euro Zone Euro-Zone GDP s.a. (QoQ)
% Change
3Q A
0.40Oct 30, 2018
Nov 01, 2018
0-Jan-00 UK
BOE Announce s rate s
% Ratio
Nov 1
0.75Nov 01, 2018
Nov 14, 2018
0-Jan-00Germany GDP nsa (YoY)
% Change
3Q P
2.30Nov 14, 2018
Source: Bloomberg, Angel Research
Market Outlook
October 22, 2018
Macro watch
Exhibit 1: Quarterly GDP trends
Exhibit 2: IIP trends
(%)
(%)
10.0
9.0
8.5
9.1
8.0
7.3
7.5
9.0
8.2
6.9
6.9
8.0
8.1
6.6
7.6
7.7
7.0
8.0
7.2
6.8
7.0
6.0
5.3
7.0
6.3
4.5
6.1
5.0
4.1
5.6
3.9
6.0
4.0
5.0
3.0
1.8
4.0
2.0
1.0
3.0
-
Source: CSO, Angel Research
Source: MOSPI, Angel Research
Exhibit 3: Monthly CPI inflation trends
Exhibit 4: Manufacturing and services PMI
56.0
Mfg. PMI
Services PMI
(%)
6.0
54.0
5.2
5.1
4.9
4.9
4.9
4.6
52.0
5.0
4.4
4.3
4.2
50.0
3.6
3.7
4.0
3.3
48.0
3.0
46.0
2.0
44.0
1.0
42.0
40.0
-
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
35.0
7.00
30.0
6.50
25.0
6.00
20.0
5.50
15.0
5.00
10.0
4.50
5.0
4.00
0.0
3.50
(5.0)
3.00
Source: Bloomberg, Angel Research As of 25 Sep, 2018
Source: RBI, Angel Research
Market Outlook
October 22, 2018
Global watch
Exhibit 1: Latest quarterly GDP Growth (%, yoy) across select developing and developed countries
8.0
(%)
6.9
7.0
5.8
6.0
5.3
5.0
5.0
1.1
3.7
4.0
2.5
3.0
2.2
1.8
2.0
1.5
1.4
0.8
1.0
0.3
-
Source: Bloomberg, Angel Research
Exhibit 2: 2017 GDP Growth projection by IMF (%, yoy) across select developing and developed countries
(%)
6.7
6.8
7.0
6.0
5.4
5.2
5.0
3.7
4.0
3.0
1.8
2.2
2.0
1.7
1.6
1.5
2.0
0.7
0.7
1.0
-
Source: IMF, Angel Research
Exhibit 3: One year forward P-E ratio across select developing and developed countries
(x)
25.0
20.0
15.0
10.0
5.0
-
Source: IMF, Angel Research As of 25 Sep, 2018
Market Outlook
October 22, 2018
Exhibit 4: Relative performance of indices across globe
Returns (%)
C ountry
Name of index
Closing price
1M
3M
1YR
Brazil
Bovespa
75,429
(4.0)
5.6
2.7
Russia
Micex
4,327
1.4
7.1
11.4
India
Nifty
11,515
0.7
6.1
14.1
China
Shanghai Composite
2,682
(1.5)
(11.3)
(20.8)
South Africa
Top 40
50,441
1.7
(1.7)
1.9
Mexico
Mexbol
49,612
2.2
6.3
(1.0)
Indonesia
LQ45
937
(2.7)
(2.6)
(4.7)
Malaysia
KLCI
1,804
(0.1)
1.6
1.7
Thailand
SET 50
1,136
2.5
0.7
9.9
USA
Dow Jones
26,155
3.4
3.9
17.5
UK
FTSE
7,304
(4.0)
(4.3)
0.7
Japan
Nikkei
23,095
4.0
1.1
19.8
Germany
DAX
12,124
(0.3)
(5.5)
(3.2)
France
CAC
5,353
0.9
(1.8)
2.1
Source: Bloomberg, Angel Research As of 25 Sep, 2018
Market Outlook
October 22, 2018
Exhibit 7: Historical Angel Top Picks/Fundamental Calls
D ate Added
Top Picks/Fundamental
Stocks
Reco Price
Target/Revised Price
Curre nt Status
17-08-2018
Top Picks
Ashok Leyland
128
156
Open
10-08-2018
Top Picks
Inox Wind
107
127
Open
31-08-2018
Top Picks
TTK Prstige
7,235
8,200
Open
09-08-2018
Top Picks
TTK Prstige
6,206
7,500
06-07-2018
Top Picks
Aurobindo Pharma
603
780
Open
30-08-2018
Top Picks
RBL Bank
626
690
Open
06-07-2018
Top Picks
RBL Bank
565
670
06-07-2018
Top Picks
Yes Bank
348
418
Open
30-06-2018
Top Picks
Jindal Steel & Power
222
350
Open
20-06-2018
Top Picks
Shriram Transport Finance Com
1,466
1,764
Open
30-07-2018
Top Picks
Bata India
918
1,007
Open
23-07-2018
Top Picks
Bata India
842
955
01-07-2018
Top Picks
Bata India
862
948
18-06-2018
Top Picks
Bata India
779
896
14-06-2018
Top Picks
Amber Enterprise s
1,026
1,230
Open
07-06-2018
Top Picks
M&M
918
1050
Open
04-05-2018
Top Picks
M&M
860
990
03-05-2018
Fundamental
L&T Finance Hol ding
171
210
Open
02-05-2018
Top Picks
HDFC Bank
1944
2315
Open
04-05-2018
Top Picks
Matrimony.com Ltd
573
1016
Closed(17/08/ 2018)
20-04-2018
Top Picks
Matrimony.com Ltd
781
984
15-05-2018
Top Picks
Parag Milk F oods Limited
310
410
Open
16-04-2018
Top Picks
Parag Milk F oods Limited
249
333
27-08-2018
Top Picks
GMM Pfaudler Limited
1,170
1,287
Open
18-08-2018
Top Picks
GMM Pfaudler Limited
1,024
1,200
07-08-2018
Top Picks
GMM Pfaudler Limited
984
1,100
29-06-2018
Fundamental
GMM Pfaudler Limited
932
1,020
14-05-2018
Fundamental
GMM Pfaudler Limited
818
900
06-04-2018
Fundamental
GMM Pfaudler Limited
712
861
07-03-2018
Fundamental
Ashok Leyland Ltd
139
163
Closed (26/ 04/ 2018)
03-03-2018
Fundamental
Greenply Industries
340
395
Open
27-08-2018
Top Picks
Safari Industries
974
1,071
Open
14-08-2018
Top Picks
Safari Industries
868
1,000
07-08-2018
Top Picks
Safari Industries
788
870
16-07-2018
Top Picks
Safari Industries
693
800
16-04-2018
Top Picks
Safari Industries
651
750
21-02-2018
Top Picks
Safari Industries
532
650
31-05-2018
Top Picks
HSIL Ltd
348
Closed (31/ 05/ 2018)
16-02-2018
Top Picks
HSIL Ltd
433
510
07-02-2018
Fundamental
Elantas Beck India Ltd.
2155
2500
Open
01-02-2018
Top Picks
ICICI Bank
352
416
Open
01-02-2018
Top Picks
Aditya Birla Capital
167
218
Open
04-01-2018
Fundamental
CCL Products
278
360
Open
03-01-2018
Fundamental
Nilkamal Ltd
1880
2178
Open
01-01-2018
Fundamental
Capital First Ltd
693
850
Closed (15/ 01/ 2018)
30-12-2017
Fundamental
Shreyans Industries Ltd
205
247
Closed
Source: Company, Angel Research
Market Outlook
October 22, 2018
Exhibit 8: Historical Angel Top Picks/Fundamental Calls
D ate Added
Top Picks/Fundamental
Stocks
Reco Price
Target/Revised Price
Curre nt Status
Fundamental
Prism Cement Ltd
160
Closed (09/ 05/ 2018)
21-12-2017
Fundamental
Prism Cement Ltd
118
131
18-12-2017
Fundamental Menon Bearings Limited
92
114
Closed (17/ 01/ 2018)
14-12-2017
Top Picks
Ruchira Papers Ltd.
188
244
Closed (09/ 02/ 2018)
17-05-2018
Top Picks
Century Plyboards India
280
Closed(17/05/ 2018)
28-11-2017
Top Picks
Century Plyboards India
317
400
19-12-2017
Top Picks
LT Foods
85
Closed(18/06/ 2018)
06-11-2017
Top Picks
LT Foods
74
96
16-10-2017
FundamentalEndurance Technologie s Ltd
1111
1277
Closed (01/ 12/ 2017)
11-09-2017
Top Picks
GIC Housing
533
655
Open
10-10-2017
Top Picks
Music Broadcast Limited
404
475
Open
20-07-2017
Top Picks
Music Broadcast Limited
368
434
07-07-2017
Fundamental L&T Finance Hol dings Ltd
149
179
Closed (28/ 8/2017)
06-07-2017
Fundamental
Syngene International
478
564
Closed (1/3/2018)
05-07-2017
Top Picks
Maruti
7371
10619
Open
05-06-2017
Top Picks
Karur Vysya Bank
127
100
Closed (12/ 03/ 2018)
23-05-2018
Top Picks
KEI Industrie s
481
589
Open
04-01-2017
Top Picks
KEI Industrie s
125
485
31-05-2018
Top Picks
Alkem Lab
1978
Closed (31/ 05/ 2018)
01-12-2016
Top Picks
Alkem Lab
1700
2441
17-10-2016
Top Picks
Asian Granito
267
534
Closed (18/ 02/ 2018)
17-05-2018
Top Picks
TV Today Network
460
Closed (17/ 05/ 2018)
04-08-2016
Top Picks
TV Today Network
297
603
05-04-2016
Top Picks
DHFL
189
720
Open
25-06-2018
Top Picks
Navkar Corporation
207
Closed(25/06/ 2018)
05-01-2016
Top Picks
Navkar Corporation
207
265
Open
08-12-2015
Top Picks
Blue Star
357
867
Open
30-10-2015
Top Picks
Siyaram Silk Mills
186
851
Open
Source: Company
Market Outlook
October 22, 2018
Research Team Tel: 022 - 39357800
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