1
1
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Market Outlook
October 23, 2019
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Market Cues
Indian markets are likely to open flat tracking global indices and SGX Nifty.
The US stocks turned in a lackluster performance throughout much of the trading
day Tuesday but came under pressure in the latter part of the session. The major
averages all pulled back into negative territory, with the tech-heavy Nasdaq showing
a notable drop. The Dow dipped 0.2 percent to 26,788 and the Nasdaq slid 0.7
percent to 8,104.
The UK stocks rose on Tuesday and the pound fell as investors awaited two crucial
Brexit votes in parliament that will determine whether the United Kingdom can leave
the European Union at the end of October. The FTSE 100 rose by 0.4 percent to
7,193.
On domestic front, Indian market fell on Tuesday to snap a six-day winning streak
as Infosys shares crashed after whistleblowers accused CEO Salil Parekh of leading
an effort to shore up profits through irregular accounting. The benchmark BSE
Sensex ended down by 0.8 percent to 38,963.
News Analysis
Jio, Vodafone Idea, Airtel pay govt over Rs 4500 crore in spectrum dues
Detailed analysis on Pg2
Investor’s Ready Reckoner
Key Domestic & Global Indicators
Stock Watch: Latest investment recommendations on 150+ stocks
Refer Pg5 onwards
Top Picks
Company
Sector
Rating
CMP
(`)
Target
(`)
Upside
(%)
Blue Star
Capital Goods
Accumulate
867
990
14.2
ICICI Bank
Financials
Accumulate
451
490
8.6
Parag Milk Foods
Others
Buy
157
200
27.1
Bata India
Others
Accumulate
1,767
1,865
5.5
KEI Industries
Capital Goods
Accumulate
531
612
15.2
More Top Picks on Pg4
Domestic Indices
Chg (%)
(Pts)
(Close)
BSE Sensex
(0.8)
(335)
38,963
Nifty
(0.6)
(72)
11,589
Mid Cap
(0.1)
(13)
14,407
Small Cap
0.5
65
13,190
Bankex
1.1
347
33,247
Global Indices
Chg (%)
(Pts)
(Close)
Dow Jones
(0.2)
(39)
26,788
Nasdaq
(0.7)
(59)
8,14
FTSE
0.4
30
7,193
Nikkei
0.3
57
22,548
Hang Seng
0.2
60
26,786
Shanghai Com
0.5
15
2,954
Advances / Declines
BSE
NSE
Advances
1,260
921
Declines
1,293
889
Unchanged
206
336
Volumes (` Cr)
BSE
3,604
NSE
49,319
Net Inflows (` Cr)
Net
Mtd
Ytd
FII
1,274
813
(2,46,570)
*MFs
1,441
12,002
49,553
Top Gainers
Price (
`
)
Chg (%)
RPOWER
2
19.8
SCI
54
13.2
CENTURYTEX
450
12.6
GRANULES
113
12.1
HEG
1,076
10.7
Top Losers
Price (
`
)
Chg (%)
INFY
643
-16.2
DISHTV
14
-12.6
LTTS
1,472
-10.4
ORIENTCEM
82
-7.8
HFCL
17
-7.2
As on Oct 22, 2019
2
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Market Outlook
October 23, 2019
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News Analysis
Jio, Vodafone Idea, Airtel pay govt over Rs 4500 crore in
spectrum dues
Private telecom operators Reliance Jio, Vodafone Idea and Bharti Airtel have paid
the Telecom Department over Rs 4,500 crore in spectrum dues in the last three to
four days, according to sources. Sources said that the payments came in before
the due date. The sparring telcos — some of which are reeling under acute
financial stress and are seeking immediate relief measures — have made the
payment towards deferred spectrum liability (or instalment payment for radiowaves
bought in past auctions) which fell due on October 21. While Mukesh Ambani-
led Reliance Jio has paid Rs 1,133 crore to the Department of Telecom, Vodafone
Idea has made Rs 2,421 crore payment towards spectrum dues. Sunil
Mittal's Bharti Airtel has paid Rs 977 crore. Taken together, these three players
have paid over Rs 4,531 crore towards spectrum dues late last week.
Emails sent to Reliance Jio and Airtel went unanswered, while a Vodafone
Idea spokesperson said that the company does not comment on matters that are
business as usual. The government, in March last year, enhanced the number of
annual instalments for spectrum payment from 10 to 16 years to provide a
breather to the debt-laden telecom sector. But with the industry reeling under
financial stress, Vodafone Group Chairman Gerard Kleisterlee and CEO Nick
Read recently met Telecom Secretary Anshu Prakash, as the company sought a
two-year moratorium on deferred spectrum payments, and other relief measures
from the government. The telecom sector has been battered by falling tariffs,
eroding profitability and mounting debt in the face of stiff competition triggered by
disruptive offerings of Reliance Jio. The industry has been seeking urgent relief
such as cut in levies like licence fee and spectrum charges, and release of GST
input tax credit locked up with the government.
Economic and Political News
Centre relaxes gift policy for employees, hikes monetary limits
RBI steps in to raise deposit insurance cover for customers from Rs 100,000
I-T dept scans 30,000 individuals for remitting money abroad via RBI scheme
Corporate News
L&T Finance Holdings to cut structured finance book to Rs 5,000 crore
Bajaj Finance to seek RBI's nod to raise ECB limit to $1.4 billion
DHFL crisis set to linger on as forensic audit points to fund diversion
Shapoorji eyes tie-up with IFC, HDFC Capital Advisors for low-cost housing
Jio, Vodafone Idea, Airtel pay govt over Rs 4500 crore in spectrum dues
Alembic Pharma gets USFDA nod for ointment to treat various skin disease
3
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Market Outlook
October 23, 2019
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Quarterly Bloomberg Brokers Consensus Estimate
HDFC Life Insurance Ltd - October 23, 2019
Particulars (` cr)
2QFY20E
2QFY19
y-o-y (%)
1QFY19
q-o-q (%)
PAT
339
287
18.2
425
(20.2)
JSW Steel Ltd – October 23, 2019
Particulars (` cr)
2QFY20E
2QFY19
y-o-y (%)
1QFY19
q-o-q (%)
Sales
17,881
21,552
(17.1)
19,812
(9.7)
EBIDTA
2,774
4,906
(43.5)
3,697
(24.9)
%
15
23
19
PAT
512
2,087
(75.5)
1,028
(50.2)
HCL Tech Ltd – October 23, 2019
Particulars (` cr)
2QFY20E
2QFY19
y-o-y (%)
1QFY19
q-o-q (%)
Sales
17,574
14,860
18.2
16,427
6.9
EBIDTA
3,996
3,463
15.4
3,570
11.9
%
22
23
22
PAT
2,545
2,534
0.4
2,931
(13.2)
Biocon Ltd – October 23, 2019
Particulars (` cr)
2QFY20E
2QFY19
y-o-y (%)
1QFY19
q-o-q (%)
Sales
1,557
1,321
17.8
1,466
6.2
EBIDTA
438
339
29.2
430
1.8
%
28
26
29
PAT
220
355
(38.1)
206
6.8
Larsen & Toubro Ltd – October 23, 2019
Particulars (` cr)
2QFY20E
2QFY19
y-o-y (%)
1QFY19
q-o-q (%)
Sales
35,434
32,081
10.5
29,636
19.5
EBIDTA
4,027
5,558
(27.5)
5,398
(25.4)
%
11
17
18
PAT
2,146
2,230
(3.8)
1,473
45.6
Havells Ltd – October 23, 2019
Particulars (` cr)
2QFY20E
2QFY19
y-o-y (%)
1QFY19
q-o-q (%)
Sales
2,377
2,191
8.4
2,712
(12.4)
EBIDTA
281
263
6.8
276
1.8
%
11
12
10
PAT
200
179
11.7
174
14.9
4
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Market Outlook
October 23, 2019
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Top Picks
Company
Market Cap
(` Cr)
CMP
(`)
Target
(`)
Upside
(%)
Rationale
Blue Star
83,528
867
990
14.2
Favorable outlook for the AC industry to augur well
for Cooling products business which is out pacing
the market growth. EMPPAC division's profitability
to improve once operating environment turns
around.
ICICI Bank
29,14,583
451
490
8.6
Well capitalized with CAR of 18.1% which gives
sufficient room to grow asset base. Faster
resolution of NPA would reduce provision cost,
which would help to report better ROE.
KEI Industries
42,249
531
612
15.2
High order book execution in EPC segment, rising
B2C sales and higher exports to boost the revenues
and profitability
Maruti Suzuki
21,91,349
7,254
8,552
17.9
GST regime and the Gujarat plant are expected to
improve the company’s sales volume and margins,
respectively.
Safari Industries
13,015
583
1,000
71.7
Third largest brand play in luggage segment
Increased product offerings and improving
distribution network is leading to strong growth in
business. Likely to post robust growth for next 3-4
years
Parag Milk Foods
13,231
157
200
27.1
One of the leading Indian dairy products
companies in India created strong brands in dairy
products. Rising revenue share of high-margin
Value Added Products and reduction in interest cost
is likely to boost margins and earnings in next few
years.
HDFC Bank
67,76,362
1,239
1,310
5.8
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
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.
M&M
7,42,808
598
724
21.2
We expect strong PAT growth on back of healthy
growth in automobile segment (on back of new
launches and facelifts in some of the model ) and
strong growth in Tractors segment coupled by its
strong brand recall and improvement in rural
sentiment
Amber Enterprises
29,478
937
1,003
7.0
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 solutions
provider for the major brands in the RAC industry
and currently serves eight out of the 10 top RAC
brands in India
Bata India
2,27,134
1,767
1,865
5.5
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 mainly due to new
product launches, higher number of stores addition
and focus on women’s high growth segment and
margin improvement
5
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Market Outlook
October 23, 2019
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Continued...
Company
Market Cap
(` Cr)
CMP
(`)
Target
(`)
Upside
(%)
Rationale
Shriram Transport Finance
2,53,595
1,118
1,385
23.9
SHTF is in the sweet spot with benefits from
stronger CV volumes, NIMs unaffected by
rising bond yields on the back of stronger
pricing power and an enhancing ROE by
750bps over FY18-20E, supported by decline
in credit cost.
GMM Pfaudler Ltd
20,674
1,414
1,740
23.0
GMM Pfaudler Limited (GMM) is the Indian
market leader in glass-lined (GL) steel
equipment. GMM is expected to cross CAGR
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.
RBL Bank
1,23,536
287
540
88.2
We believe advance to grow at a healthy
CAGR of 35% over FY18-20E. Below peers
level ROA (1.2% FY18) to expand led by
margin expansion and lower credit cost.
TTK Prestige
85,731
6,185
7,708
24.6
TTK Prestige has emerged as one of the
leading brands in kitchen appliances in India
after its successful transformation from a
single product 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.
Larsen & Toubro
20,23,369
1,442
1,850
28.3
The company has a strong order backlog of
~` 3lakh cr. and a very strong pipeline of `9
lakh cr. for FY2020. We are positive on
the prospects of the Company given the
Government’s thrust on Infrastructure with
over 100lakh cr. of investments lined up over
the next 5 years. Reduction in tax rate
for domestic companies to 22% from 30% will
improve profitability for the company.
Ultratech Cement
12,26,695
4,250
4,982
17.2
Post merger of Century textile’s cement
division of 13.4mn TPA from H2FY20
company will have ~110mn TPA of capacity
with a dominant position in West and central
India. We are positive on the long term
prospects of the Company given ramp up
from acquired capacities and pricing
discipline in the industry. Reduction in tax rate
for domestic companies to 22% from 30% will
improve profitability for the company.
Source: Company, Angel Research
6
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Market Outlook
October 23, 2019
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Fundamental Call
Company
Market Cap
(` Cr)
CMP
(`)
Target
(`)
Upside
(%)
Rationale
CCL Products
30,271
228
360
58.2
CCL is likely to maintain the strong growth
trajectory over FY18-20 backed by capacity
expansion and new geographical foray
Elantas Beck India Ltd
19,708
2,485
2,500
0.6
Elantas Beck India is the Indian market leader in
liquid insulation segment used in electrical
equipments like motors, transformers etc. It derives
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
19,007
155
256
65.2
Greenply Industries Ltd (GIL) manufactures
plywood & allied products and medium density
fibreboards (MDF). GIL to report net revenue CAGR
of ~14% to ~`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 Finance Holding
1,73,344
87
150
73.1
L&T Fin’s new management is on track to achieve
ROE of 18% by 2020 and recent capital infusion of
`3000cr would support advance growth.
Aditya Birla Capital
1,91,364
83
118
42.6
We expect financialisation of savings and
increasing penetration in Insurance & Mutual fund
would ensure steady growth.
Nilkamal
18,391
1,233
NA
NA
We forecast Nilkamal to report top-line CAGR of
~9% to `2,635cr over FY17-20E on the back of
healthy demand growth in plastic division. On the
bottom-line front, we estimate ~10% CAGR to
`162cr owing to improvement in volumes.
Siyaram Silk Mills
11,415
244
NA
NA
Strong brands and distribution network would
boost growth going ahead. Stock currently trades
at an inexpensive valuation.
Music Broadcast Limited
8,988
33
NA
NA
Expected to benefit from the lower capex
requirement and 15 year long radio broadcast
licensing.
Inox Winds
7,601
34
NA
NA
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 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.
Ashok Leyland
2,23,247
76
NA
NA
Considering the strong CV demand due to change
in BS-VI emission norms (will trigger pre-buying
activities), pick up in construction activities and no
significant impact on industry due to recent axle
load norms, we recommend BUY on Ashok Leyland
at current valuations.
Jindal Steel & Power Limited
1,05,521
103
NA
NA
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 line
front, we expect JSPL to turn in to profit by FY19 on
back of strong operating margin improvement.
7
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Market Outlook
October 23, 2019
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Continued...
Company
Market Cap
(` Cr)
CMP
(`)
Target
(`)
Upside
(%)
Rationale
Yes Bank
1,32,107
52
NA
NA
Well planned strategy to grow small business
loans and cross-selling would propel fees
income. We expect YES to grow its advance
much higher than industry and improvement
in asset quality to support profitability.
GIC Housing
8,818
164
NA
NA
We expect loan book to grow at 24.3% over
next two year; change in borrowing mix will
help in NIM improvement
Source: Company, Angel Research
2
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Market Outlook
October 23, 2019
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Global economic events release calendar
Date
Time
Country
Event Description
Unit
Period
Bloomberg Data
Last Reported
Estimated
May 16, 2019
JN
Housing Starts YoY
% Change
Sep
0.02
(0.01)
May 17, 2019
JN
Annualized Housing Starts
% Change
Sep
0.957m
0.950m
May 17, 2019
JN
Construction Orders YoY
% Change
Sep
0.01
--
May 20, 2019
12:00 AM
ES
Industrial Production YoY
% Change
Sep
0.06
--
May 21, 2019
12:00 AM
RO
ILO Unemployment Rate
% Change
Sep
0.04
--
May 24, 2019
3:15 AM
DE
Unemployment Rate SA
% Change
Sep
0.03
--
May 25, 2019
4:30 AM
DE
Unemployment Rate Gross Rate
% Change
Sep
0.04
0.04
May 26, 2019
4:30 AM
FI
Trade Balance
% Change
Aug F
-400m
--
May 28, 2019
4:30 AM
TU
Economic Confidence
% Change
Oct
71.00
--
May 30, 2019
5:20 AM
TU
Trade Balance
% Ratio
Sep
-2.42b
-1.90b
May 30, 2019
5:20 AM
TU
Central Bank Inflation Report
%
June 02, 2019
5:30 AM
TH
Exports YoY
% Change
Sep
0.06
--
June 03, 2019
5:30 AM
TH
Exports
% Change
Sep
$22380m
--
June 04, 2019
5:31 AM
TH
Imports YoY
%
Sep
0.24
--
June 08, 2019
5:31 AM
TH
Imports
%
Sep
$21776m
--
June 09, 2019
5:31 AM
TH
Trade Balance
Thousands
Sep
$604m
--
June 10, 2019
6:00 AM
TH
BoP Current Account Balance
% Change
Sep
$753m
$1200m
June 11, 2019
0-Jan-00
AU
CPI YoY
% Change
3Q
0.02
0.02
Source: Company, Angel Research
4
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Market Outlook
October 23, 2019
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Macro watch
Exhibit 1: Quarterly GDP trends
Source: CSO, Angel Research
Exhibit 2: IIP trends
Source: MOSPI, Angel Research
Exhibit 3: Monthly CPI inflation trends
Source: MOSPI, Angel Research
Exhibit 4: Manufacturing and services PMI
Source: Market, Angel Research; Note: Level above 50 indicates expansion
Exhibit 5: Exports and imports growth trends
Source: Bloomberg, Angel Research As of 24 Sep, 2019
Exhibit 6: Key policy rates
Source: RBI, Angel Research
6.0
6.8
7.7
8.1
8.0
7.0
6.6
5.8
5.0
3.0
4.0
5.0
6.0
7.0
8.0
9.0
1QFY18
2QFY18
3QFY18
4QFY18
1QFY19
2QFY19
3QFY19
4QFY19
1QFY20
(%)
4.6
8.4
0.2
2.5
1.6
0.2
2.7
3.2
4.6
1.2
4.3
-
1.0
2.0
3.0
4.0
5.0
6.0
7.0
8.0
9.0
Sep-18
Oct-18
Nov-18
Dec-18
Jan-19
Feb-19
Mar-19
Apr-19
May-
19
Jun-19
Jul-19
(%)
3.7
3.4
2.3
2.1
2.0
2.6
2.9
3.0
3.1
3.2
3.2
3.2
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
Sep-18
Oct-18
Nov-18
Dec-18
Jan-19
Feb-19
Mar-19
Apr-19
May-19
Jun-19
Jul-19
Aug-19
(%)
47
48
49
50
51
52
53
54
55
Sep-18
Oct-18
Nov-18
Dec-18
Jan-19
Feb-19
Mar-19
Apr-19
May-19
Jun-19
Jul-19
Aug-19
Mfg. PMI
Services PMI
(20.0)
(15.0)
(10.0)
(5.0)
0.0
5.0
10.0
15.0
20.0
Sep-18
Oct-18
Nov-18
Dec-18
Jan-19
Feb-19
Mar-19
Apr-19
May-19
Jun-19
Jul-19
Aug-19
Exports yoy growth
Imports yoy growth
(%)
5.4
5.15
4.00
3
3.5
4
4.5
5
5.5
6
6.5
7
Oct-18
Oct-18
Nov-18
Dec-18
Dec-18
Jan-19
Feb-19
Feb-19
Mar-19
Apr-19
Apr-19
May-19
Jun-19
Jul-19
Jul-19
Aug-19
Sep-19
Sep-19
Repo rate
Reverse Repo rate
CRR
(%)
5
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Market Outlook
October 23, 2019
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Global watch
Exhibit 1: Latest quarterly GDP Growth (%, yoy) across select developing and developed countries
Source: Bloomberg, Angel Research
Exhibit 2: 2017 GDP Growth projection by IMF (%, yoy) across select developing and developed countries
Source: IMF, Angel Research
Exhibit 3: One year forward P-E ratio across select developing and developed countries
Source: IMF, Angel Research As of 24 Sep, 2019
0.3
2.5
5.3
6.9
1.1
5.0
5.8
3.7
1.5
2.2
0.8
1.8
1.4
-
1.0
2.0
3.0
4.0
5.0
6.0
7.0
8.0
Brazil
Russia
India
China
South
Africa
Indonesia
Malaysia
Thailand
UK
USA
Germany
France
Japan
(%)
0.7
1.8
6.7
6.8
0.7
5.2
5.4
3.7
1.7
2.2
2.0
1.6
1.5
-
1.0
2.0
3.0
4.0
5.0
6.0
7.0
8.0
Brazil
Russia
India
China
South Africa
Indonesia
Malaysia
Thailand
UK
USA
Germany
France
Japan
(%)
9.1
4.0
19.1
10.2
14.6
14.8
17.0
15.2
12.5
16.0
12.2
14.3
13.2
-
5.0
10.0
15.0
20.0
25.0
Brazil
Russia
India
China
South
Africa
Indonesia
Malaysia
Thailand
UK
USA
Germany
France
Japan
(x)
6
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Market Outlook
October 23, 2019
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Exhibit 4: Relative performance of indices across globe
Returns (%)
Country
Name of index
Closing price
1M
3M
1YR
Brazil
Bovespa
1,04,745
3.6
3.7
32.0
Russia
Micex
2,747
0.3
-0.7
11.0
India
Nifty
11,474
4.1
-2.7
5.0
China
Shanghai Composite
2,905
0.7
-2.5
3.0
South Africa
Top 40
47,975
-2.8
-0.7
4.2
Mexico
Mexbol
43,416
1.4
-0.1
-9.7
Indonesia
LQ45
942
-4.5
-7.6
5.1
Malaysia
KLCI
1,557
-1.6
-4.7
-8.9
Thailand
SET 50
1,067
0.2
0.6
-8.9
USA
Dow Jones
26,917
1.9
1.2
1.7
UK
FTSE
7,408
2.8
-0.2
-1.4
Japan
Nikkei
21,756
5.1
2.3
-9.8
Germany
DAX
12,428
4.1
0.2
1.5
France
CAC
5,678
3.6
2.5
3.4
Source: Bloomberg, Angel Research As of 05 October, 2019
7
www.angelbroking.com
Market Outlook
October 23, 2019
www.angelbroking.com
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
8
www.angelbroking.com
Market Outlook
October 23, 2019
www.angelbroking.com
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
Fundamental
Endurance 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
9
www.angelbroking.com
Market Outlook
October 23, 2019
www.angelbroking.com
Research Team Tel: 022 - 39357800 E-mail: [email protected] Website: www.angelbroking.com
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