Market Outlook
April 23, 2019
Market Cues
Domestic Indices
Chg (%)
(Pts)
(Close)
Indian markets are likely to open flat tracking global indices and SGX Nifty.
BSE Sensex
(1.3)
(495)
38,645
Nifty
(1.3)
(159)
11,594
US Stocks recovered from an initial move to the downside but showed a lack of
Mid Cap
(1.5)
(235)
15,147
direction over the remainder of the trading session on Monday. The major averages
spent most of the day bouncing back and forth across the unchanged line. The Dow
Small Cap
(1.5)
(217)
14,804
dipped 48.49 points or 0.2 percent to 26,511 while the Nasdaq rose 17.21 points
Bankex
(1.9)
(661)
33,359
or 0.2 percent to 8,015.
U.K. markets fell on Thursday as investors adopted a cautious stance before the
Global Indices
Chg (%)
(Pts)
(Close)
Easter weekend. FTSE 100 was down by 0.31 percent at 7,448
Dow Jones
(0.2)
(49)
26,511
Nasdaq
0.2
18
8,015
On domestic front, Indian shares market suffered a severe setback on Monday as a
sharp jump in crude oil prices and a weakening rupee triggered heavy selling across
FTSE
(0.3)
(24)
7,448
the board. The benchmark BSE Sensex ended the session down by 1.3 percent at
Nikkei
(0.3)
(53)
22,165
38,645.
Hang Seng
(0.3)
(38)
29,924
Shanghai Com
(0.9)
(19)
3,196
News Analysis
Gail top bidder for IL&FS wind power plants with Rs 4,800-crore offer
Advances / Declines
BSE
NSE
Detailed analysis on Pg2
Advances
870
380
Declines
1,701
1,076
Investor’s Ready Reckoner
Unchanged
156
129
Key Domestic & Global Indicators
Stock Watch: Latest investment recommendations on 150+ stocks
Volumes (` Cr)
Refer Pg5 onwards
BSE
2,987
Top Picks
NSE
36,570
CMP
Target
Upside
Company
Sector
Rating
(`)
(`)
(%)
Blue Star
Capital Goods
Buy
651
867
33.2
Net Inflows (` Cr)
Net
Mtd
Ytd
ICICI Bank
Financials
Buy
395
460
16.6
FII
1,038
16,996
67,288
Parag Milk Foods
Others
Buy
242
330
36.4
*MFs
561
(1,308)
229
Bata India
Others
Accumulate
1,413
1,479
4.7
KEI Industries
Capital Goods
Buy
410
486
18.5
More Top Picks on Pg4
Top Gainers
Price (`)
Chg (%)
602
5.2
Key Upcoming Events
Previous
Consensus
697
4.8
Date
Region
Event Description
ReadingExpectations
APLLTD
559
4.7
Mar 26, 2019
TU Central Bank Inflation Report
GHCL
245
4.5
Mar 27, 2019
TH Exports YoY
0.06
--
6
3.4
Mar 27, 2019
TH Exports
$22380m
--
Mar 30, 2019
TH Imports YoY
0.24
--
Mar 30, 2019
TH Imports
$21776m
--
Top Losers
Price (`)
Chg (%)
More Events on Pg7
129
-11.1
DHFL
140
-10.9
RELCAPITAL
135
-10.7
TATASTEELPP
79
-9.1
733
-8.4
As on Apr 22, 2019
Market Outlook
April 23, 2019
News Analysis
Gail top bidder for IL&FS wind power plants with Rs 4,800-
crore offer
State-owned Gail (India) has emerged as the highest bidder for seven operating
wind power plants of Infrastructure Leasing and Financial Services (IL&FS) having a
total generation capacity of 874 megawatts. This is a first major transaction in
making for resolution of assets of IL&FS. Gail has offered Rs 4,800 crore for the
wind projects, which will fetch the beleaguered group 100 per cent of the
enterprise value, thereby resulting in no hair cut to the debt of the SPVs. The total
debt of the Special Purpose Vehicles (SPVs) is to the tune of Rs
3,700
crore, IL&FS said in a statement. The proposal has been unanimously approved by
the Committee of Creditors (CoC) of IL&FS Wind Energy Limited (IWEL), which
majorly owns the SPVs.
The monetisation of wind assets was launched through a public invitation for
expressions of interest on November 29, 2018. The beleaguered group is selling
its assets as a part of the government appointed board’s strategy to restructure the
group. The IL&FS group has hired Arpwood Capital and JM Financial as the
financial and transaction advisers. Also, Alvarez Marsal has been hired as the
bankruptcy resolution consultant. “The sale proceeds, as and when realised by
IWEL, shall be held in trust for distribution to the relevant stakeholders, in
accordance with the resolution framework filed with the National Company Law
Appellate Tribunal (NCLAT) by the Union of India,” the company said in a
statement. Moreover, the conclusion of the sale process will also be subject to
approval of Justice (Retd) D K Jain and NCLT in accordance with the resolution
framework.
Economic and Political News
US ends Iran oil import waivers; no supply woes for India, say marketers
RBI committee to peg excess capital at Rs 3 trillion, says BofAML
Cost of 1,424 Central infra projects surges 17% to Rs 2,134 crore on delays
UP excise revenue up 38% to Rs 24,000 cr on clampdown on liquor cartels
Corporate News
Jet Airways bids set to draw a blank; Etihad to say no, TPG backs out too
Gail top bidder for IL&FS wind power plants with Rs 4,800-crore offer
Blackstone to buy controlling stake in Essel Propack for Rs 3,211 crore
Delhi HC allows Alembic, Natco to export Bayer cancer drug ingredient
Department of Telecom floats draft proposal on 4G spectrum to BSNL, MTNL
Market Outlook
April 23, 2019
Quarterly Bloomberg Brokers Consensus Estimate
Tata Global Ltd - April 23, 2019
Particulars (` cr)
4QFY19E
4QFY18
y-o-y (%)
3QFY19
q-o-q (%)
Sales
1,821
1,688
7.8
1,913
(4.8)
EBIDTA
161
146
10.2
196
(17.8)
%
9
9
10
PAT
69
59
16.9
109
(36.7)
ACC Ltd - April 23, 2019
Particulars (` cr)
4QFY19E
4QFY18
y-o-y (%)
3QFY19
q-o-q (%)
Sales
4,082
3,625
12.6
3,896
4.7
EBIDTA
624
492
26.8
488
27.9
%
15
14
13
PAT
321
250
28.4
732
(56.2)
Market Outlook
April 23, 2019
Top Picks
Market Cap
CMP
Target
Upside
Company
Rationale
(` Cr)
(`)
(`)
(%)
Favorable outlook for the AC industry to augur well
for Cooling products business which is out pacing
Blue Star
6,271
651
867
33.2
the market growth. EMPPAC division's profitability
to improve once operating environment turns
around.
Well capitalized with CAR of 18.1% which gives
sufficient room to grow asset base. Faster
ICICI Bank
2,54,384
395
460
16.6
resolution of NPA would reduce provision cost,
which would help to report better ROE.
High order book execution in EPC segment, rising
KEI Industries
3,236
410
486
18.5
B2C sales and higher exports to boost the revenues
and profitability
Expected to benefit from the lower capex
Music Broadcast Limited
1,579
56
95
69.9
requirement and 15 year long radio broadcast
licensing.
Strong brands and distribution network would
Siyaram Silk Mills
1,889
403
606
50.4
boost growth going ahead. Stock currently trades
at an inexpensive valuation.
GST regime and the Gujarat plant are expected to
Maruti Suzuki
2,20,683
7,305
10,820
48.1
improve the company’s sales volume and margins,
respectively.
We expect loan book to grow at 24.3% over next
GIC Housing
1,362
253
424
67.7
two year; change in borrowing mix will help in NIM
improvement
Third largest brand play in luggage segment
Increased product offerings and improving
Safari Industries
1,630
730
1,000
37.0
distribution network is leading to strong growth in
business. Likely to post robust growth for next 3-4
years
We expect financialisation of savings and
Aditya Birla Capital
21,772
99
151
52.7
increasing penetration in Insurance & Mutual fund
would ensure steady growth.
One of the leading Indian dairy products
companies in India created strong brands in dairy
products. Rising revenue share of high-margin
Parag Milk Foods
2,035
242
330
36.4
Value Added Products and reduction in interest cost
is likely to boost margins and earnings in next few
years.
HDFC Bank maintained its steady growth in the
4QFY18. The bank’s net profit grew by 20.3%.
Steady growth in interest income and other income
HDFC Bank
6,17,714
2,268
2,500
10.2
aided PAT growth. The Strong liability franchise
and healthy capitalisation provides strong earning
visibility. At the current market price, the bank is
trading at 3.2x FY20E ABV.
Market Outlook
April 23, 2019
Continued...
Market Cap
CMP
Target
Upside
Company
Rationale
(` 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
83,536
672
1,050
56.3
model ) and strong growth in Tractors segment
coupled by its strong brand recall and
improvement in rural sentiment
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 Enterprises
2,603
828
984
18.9
solutions provider for the major brands in 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
18,161
1,413
1,479
4.7
mainly due to new product launches, higher
number of stores addition and focus on
women’s high growth segment and margin
improvement
SHTF is in the sweet spot with benefits from
stronger CV volumes, NIMs unaffected by rising
Shriram Transport Finance
26,577
1,171
1,764
50.6
bond yields on the back of stronger pricing
power and an enhancing ROE by 750bps over
FY18-20E, supported by decline in credit 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. On the bottom
Jindal Steel & Power Limited
17,157
176
327
85.4
line front, we expect JSPL to turn in to profit by
FY19 on back of strong operating margin
improvement.
GMM Pfaudler Limited (GMM) is the Indian
market leader in glass-lined (GL) steel
equipment. GMM is expected to cross CAGR
GMM Pfaudler Ltd
1,749
1,196
1,400
17.0
15%+ in revenue over the next few years
mainly led by uptick in demand 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, is well
placed to face the challenging generic markets,
given its focus on achieving growth through
Aurobindo Pharmaceuticals
45,622
779
890
14.3
productivity. Aurobindo will report net revenue
& net profit CAGR of ~13% & ~8% resp.
during FY2018-20E. Valuations are cheap V/s
its peers and own fair multiples of 17-18x.
We believe advance to grow at a healthy CAGR
of 35% over FY18-20E. Below peers level ROA
RBL Bank
29,042
681
763
12.1
(1.2% FY18) to expand led by margin
expansion and lower credit cost.
TTK Prestige has emerged as one of the leading
brands in kitchen appliances in India after its
successful transformation from a single product
TTK Prestige
9,580
8,294
9,250
11.5
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.
Maintain Hold.
Source: Company, Angel Research
Market Outlook
April 23, 2019
Continued...
Market Cap
CMP
Target
Upside
Company
Rationale
(` Cr)
(`)
(`)
(%)
We expect Inox Wind to report exponential
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
1,487
67
120
79.1
wind energy segment viz. changes in auction
regime from Feed-In-Tariff (FIT) to reverse
auction regime 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
27,022
92
156
69.5
activities and no significant 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
CMP
Target
Upside
Company
Rationale
(` Cr)
(`)
(`)
(%)
CCL is likely to maintain the strong growth
CCL Products
3,452
260
360
38.7
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
2,066
1,385
2,178
57.3
healthy demand growth in plastic division. On the
bottom-line front, we estimate
~10% CAGR to
`162cr owing to improvement in volumes.
Elantas Beck India is the Indian market leader in
liquid insulation segment used in electrical
equipments like motors, transformers etc. It derives
Elantas Beck India Ltd
1,848
2,331
2,500
7.3
demand from several industries which are expected
to register 10%+ CAGR in demand in the coming
years. We can book out from the stock with 16%
profit at Rs. 2500 TP.
Greenply Industries Ltd (GIL) manufactures plywood
& allied products and medium density fibreboards
(MDF). GIL to report net revenue CAGR of ~14% to
Greenply Industries
2,045
167
256
53.5
~`2,478cr over FY2017-20E mainly due to healthy
growth in plywood & lamination business on the
back of strong brand and distribution network
L&T Fin’s new management is on track to achieve
L&T Finance Holding
28,103
141
210
49.4
ROE of 18% by 2020 and recent capital infusion of
`3000cr would support advance growth.
Well planned strategy to grow small business loans
and cross-selling would propel fees income. We
Yes Bank
55,214
238
290
21.6
expect YES to grow its advance much higher than
industry and improvement in asset quality to
support profitability.
Market Outlook
April 23, 2019
Global economic events release calendar
Date
Time
Country
Event Description
Unit
Period
Bloomberg Data
Last Reported
Estimated
April 18, 2019
JN
Housing Starts YoY
% Change
Sep
0.02
(0.01)
April 18, 2019
JN
Annualized Housing Starts
% Change
Sep
0.957m
0.950m
April 19, 2019
JN
Construction Orders YoY
% Change
Sep
0.01
--
April 20, 2019
12:00 AM
ES
Industrial Production YoY
% Change
Sep
0.06
--
April 20, 2019
12:00 AM
RO
ILO Unemployment Rate
% Change
Sep
0.04
--
April 23, 2019
3:15 AM
DE
Unemployment Rate SA
% Change
Sep
0.03
--
April 24, 2019
4:30 AM
DE
Unemployment Rate Gross Rate
% Change
Sep
0.04
0.04
April 24, 2019
4:30 AM
FI
Trade Balance
% Change
Aug F
-400m
--
April 25, 2019
4:30 AM
TU
Economic Confidence
% Change
Oct
71.00
--
April 25, 2019
5:20 AM
TU
Trade Balance
% Ratio
Sep
-2.42b
-1.90b
May 02, 2019
5:20 AM
TU
Central Bank Inflation Report
%
May 02, 2019
5:30 AM
TH
Exports YoY
% Change
Sep
0.06
--
May 03, 2019
5:30 AM
TH
Exports
% Change
Sep
$22380m
--
May 04, 2019
5:31 AM
TH
Imports YoY
%
Sep
0.24
--
May 08, 2019
5:31 AM
TH
Imports
%
Sep
$21776m
--
May 08, 2019
5:31 AM
TH
Trade Balance
Thousands
Sep
$604m
--
May 10, 2019
6:00 AM
TH
BoP Current Account Balance
% Change
Sep
$753m
$1200m
May 11, 2019
0-Jan-00
AU
CPI YoY
% Change
3Q
0.02
0.02
Source: Company, Angel Research
Market Outlook
April 23, 2019
Macro watch
Exhibit 1: Quarterly GDP trends
Exhibit 2: IIP trends
(%)
(%)
10.0
8.5
8.4
9.1
9.0
8.0
7.3
7.5
9.0
7.0
7.0
8.1
8.0
7.6
7.7
7.0
6.5
8.0
6.8
7.0
7.0
6.0
7.0
6.3
6.6
4.8
6.1
4.6
4.5
4.6
5.0
5.6
3.8
6.0
4.0
2.6
5.0
3.0
1.7
4.0
2.0
1.0
0.3
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
5.2
5.07
54.0
4.9
4.9
5.0
4.4
4.6
4.3
4.2
52.0
3.7
3.7
4.0
3.4
50.0
3.0
2.6
2.3
2.1
2.0
48.0
2.0
1.0
46.0
-
44.0
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
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 15 April, 2019
Source: RBI, Angel Research
Market Outlook
April 23, 2019
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
April 23, 2019
Exhibit 4: Relative performance of indices across globe
Returns (%)
Country
Name of index
Closing price
1M
3M
1YR
Brazil
Bovespa
95,415
-0.2
8.6
11.8
Russia
Micex
2,497
0.5
5.4
10.0
India
Nifty
11,624
7.7
7.0
14.9
China
Shanghai Composite
3,091
5.1
23.9
-2.2
South Africa
Top 40
51,925
3.8
9.7
3.7
Mexico
Mexbol
44,686
-11.2
-15.1
-11.3
Indonesia
LQ45
1,006
-3.2
4.1
-8.5
Malaysia
KLCI
1,708
1.4
1.7
-8.0
Thailand
SET 50
1,099
0.2
0.6
-8.9
USA
Dow Jones
25,929
0.1
11.2
7.6
UK
FTSE
7,279
2.4
8.2
-1.6
Japan
Nikkei
21,206
-1.8
-6.0
-1.2
Germany
DAX
11,526
-0.7
9.2
-4.7
France
CAC
5,351
2.1
13.1
-2.1
Source: Bloomberg, Angel Research As of 15 April, 2019
Market Outlook
April 23, 2019
Exhibit 7: Historical Angel Top Picks/Fundamental Calls
Date Added
Top Picks/Fundamental
Stocks
Reco Price
Target/Revised Price
Current Status
17-08-2018
Top Picks
Ashok Leyland
128
156
Open
10-08-2018
Top Picks
Inox Wind
107
127
Open
30-11-2018
Top Picks
TTK Prstige
7,206
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 Enterprises
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 Holding
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 Foods Limited
310
410
Open
16-04-2018
Top Picks
Parag Milk Foods 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
April 23, 2019
Exhibit 8: Historical Angel Top Picks/Fundamental Calls
Date Added
Top Picks/Fundamental
Stocks
Reco Price
Target/Revised Price
Current 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 Technologies 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 Holdings 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 Industries
481
589
Open
04-01-2017
Top Picks
KEI Industries
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
April 23, 2019
Research Team Tel: 022 - 39357800
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