Market Outlook
March 24, 2017
Market Cues
Domestic Indices
Chg (%)
(Pts)
(Close)
Indian markets are likely to open with a flat to positive bias tracking the SGX Nifty.
BSE Sensex
0.6
164
29,332
U.S. markets fell on Thursday after a key vote in the House regarding a Republican-
Nifty
0.6
56
9,086
led health care bill was delayed.
Mid Cap
1.0
132
13,853
The European markets ended Thursdays session with gains. Investors were in a
Small Cap
0.9
126
14,028
cautious mood ahead of a crucial vote on healthcare reform in the U.S. Congress.
Bankex
0.6
141
23,769
After a weak start, the markets inched into positive territory later in the morning and
advanced further in the afternoon. The afternoon gains coincided with an upward
Global Indices
Chg (%)
(Pts)
(Close)
move on Wall Street that brought the U.S. markets firmly into positive territory.
Dow Jones
(0.0)
(5)
20,657
Indian markets rose notably on Thursday after falling heavily in the previous session.
Nasdaq
(0.1)
(4)
5,818
Positive global cues, a marginally strong rupee and hopes that the government will
FTSE
0.2
16
7,341
implement the GST tentatively from July supported underlying sentiment as investors
Nikkei
0.2
44
19,085
awaited a key vote on healthcare reform in the United States.
Hang Seng
0.0
7
24,328
News Analysis
Shanghai Com
0.1
3
3,249
IDFC Bank to set up 30,000 micro ATMs and 75,000 Aadhaar Pay merchant
points in two years
Advances / Declines
BSE
NSE
Detailed analysis on Pg2
Advances
1,695
1,087
Investor’s Ready Reckoner
Declines
1,119
567
Key Domestic & Global Indicators
Unchanged
215
80
Stock Watch: Latest investment recommendations on 150+ stocks
Refer Pg5 onwards
Volumes (` Cr)
BSE
6,478
Top Picks
CMP
Target
Upside
Company
Sector
Rating
NSE
23,780
(`)
(`)
(%)
Amara Raja Batteries Auto & Auto AncillaryAccumulate
881
1,009
14.5
HCL Tech
IT
Accumulate
876
1,000
14.1
Net Inflows (` Cr)
Net
Mtd
Ytd
Power Grid Corp.
Power
Buy
193
223
15.5
FII
211
20,137
30,576
Navkar Corp.
Others
Buy
171
265
54.6
MFs
(299)
(1,533)
5,537
KEI Industries
Others
Buy
174
207
19.1
More Top Picks on Pg3
Top Gainers
Price (`)
Chg (%)
Key Upcoming Events
Rdel
63
7.7
Previous
Consensus
Date
Region
Event Description
Sobha
366
7.4
Reading
Expectations
Mar 24, 2017 US
New home sales
555.00
564.00
Kec
191
7.0
Mar 24, 2017 Germany PMI Manufacturing
56.80
56.50
Tataglobal
151
5.8
Mar 28, 2017 Germany Unemployment change (000's)
-15.00
-
Wabag
623
5.7
Mar 30, 2017 US
Consumer Confidence
114.80
113.00
Mar 31, 2017 US
GDP Qoq (Annualised)
1.90
2.00
Top Losers
Price (`)
Chg (%)
Mar 31, 2017 China
PMI Manufacturing
51.60
51.60
More Events on Pg4
Pcjeweller
405
(3.1)
Prestige
200
(2.2)
Gskcons
5,319
(2.2)
Marksans
48
(1.7)
Enginersin
146
(1.6)
As on March 23, 2017
Market Outlook
March 24, 2017
News Analysis
IDFC Bank to set up 30,000 micro ATMs and 75,000 Aadhaar
Pay merchant points in two years
IDFC Bank plans to build a network of more than one lakh points-of-presence in
the next two years to enable people in the farthest corners of the country to
transact digitally, a move that comes amid the government’s digitization drive.
The Mumbai-based private lender plans to set up 30,000 micro ATMs and 75,000
Aadhaar Pay merchant points as part of its plan. While the micro ATMs function as
a bank-in-a-box, most of the Aadhaar Pay merchants will be converted into
business correspondents and will deliver basic financial services.
The plan envisages coverage of 250,000 villages across 300 districts to serve
nearly one crore customers, according to Lall. The bank currently has about 7,000
points-of-presence, including branches, ATMs, micro ATMs, e-PDS outlets,
Aadhaar Pay merchant points and the network of Grama Vidiyal Microfinance, the
company it had acquired last year.
The 30,000 micro ATMs will be installed in rural and unbanked locations and will
be placed at fair price shops and panchayat offices, among others. The bank
currently operates in 19 states spanning 20 cities, 60 districts and 40,000 villages.
In the pilot phase spanning three months, more than 1,500 merchants across 16
states have enabled digital transactions for customers of all banks, using IDFC
Aadhaar Pay on their smartphones. The bank now plans to expand this network to
25 states. The bank also plans to convert most of these agents into a full-fledged
banking service point armed with a micro ATM.
Aadhaar Pay, which addresses the needs of the phone-less, enables users to
transact digitally for small value payments free of cost.
IDFC Bank is the only bank in the country at present that allows smartphone users
or customers using its micro ATM to open a savings account and a fixed deposit
account using a completely digital process that requires no paperwork and takes
under four minutes.
Economic and Political News
India receives $235 billion in remittances in three-and-half years
Petroleum is a part of GST, but will apply after states agree: Arun Jaitley
Government likely to table 4 GST bills in Parliament today
Corporate News
Bharti Airtel to buy Tikona's 4G business for `1,600cr
BHEL commissions 250 mw plant in Assam
NTPC exceeds 12th Plan target by adding 12.84 GW
Market Outlook
March 24, 2017
Top Picks ★★★★★
Large Cap
Market Cap
CMP
Target
Upside
Company
Rationale
(` Cr)
(`)
(`)
(%)
To outpace battery industry growth due to better technological
Amara Raja Batteries
15,049
881
1,009
14.5
products leading to market share gains in both the
automotive OEM and replacement segments.
Strong growth in domestic business due to its leadership in
Alkem Laboratories
26,125
2,185
2,257
3.3
acute therapeutic segment. Alkem expects to launch more
products in USA, which bodes for its international business.
The stock is trading at attractive valuations and is factoring all
HCL Tech
1,23,630
876
1,000
14.1
the bad news.
Back on the growth trend, expect a long term growth of 14%
Infosys
2,39,020
1,041
1,249
20.0
to be a US$20bn in FY2020.
Strong order backlog and improvement in execution would
Larsen & Tourbo
1,44,246
1,546
1,700
10.0
trigger the growth for the L&T.
One of the largest pharma companies with strong
Lupin
67,278
1,490
1,809
21.4
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 top-
Power Grid Corporation
1,00,970
193
223
15.5
line CAGR of ~16% and bottom-line CAGR of ~19% over
FY16-18 on back of strong capitalization guidance
Source: Company, AngelResearch
Mid Cap
Market Cap
CMP
Target
Upside
Company
Rationale
(` Cr)
(`)
(`)
(%)
We expect the company would report strong profitability
Asian Granito
1,050
349
351
0.6
owing to better product mix, higher B2C sales and
amalgamation synergy.
Among the top 4 players in the consumer durables segment.
Bajaj Electricals
3,188
315
330
4.8
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
5,744
601
634
5.5
growth. EMPPAC division's profitability to improve once
operating environment turns around.
Strong loan growth backed by diversified loan portfolio and
Equitas Holdings
5,367
159
235
47.8
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
5,600
171
225
31.3
radio business (Radio City) would also boost the company's
revenue growth.
High order book execution in EPC segment, rising B2C sales
KEI Industries
1,353
174
207
19.1
and higher exports to boost the revenues and profitability
Speedier execution and speedier sales, strong revenue visibilty
Mahindra Lifespace
1,665
406
522
28.7
in short-to-long run, attractive valuations
Higher growth in domestic branded sales and healthy export
Mirza International
1,038
86
107
24.1
to boost the profitability.
Massive capacity expansion along with rail advantage at ICD
Navkar Corporation
2,445
171
265
54.6
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
1,607
269
344
27.7
and anticipated growth in ad spends by corporates to benefit
the stock.
Source: Company, Angel Research
Market Outlook
March 24, 2017
Key Upcoming Events
Global economic events release calendar
Bloomberg Data
Date
Time
Country
Event Description
Unit
Period
Last Reported
Estimated
Mar 24, 2017
7:30 PM US
New home sales
Thousands
Feb
555.00
564.00
2:00 PM Germany
PMI Manufacturing
Value
Mar P
56.80
56.50
Mar 28, 2017
1:25 PM Germany
Unemployment change (000's)
Thousands
Mar
-15.00
Mar 30, 2017
7:30 PM US
Consumer Confidence
S.A./ 1985=100
Mar
114.80
113.00
Mar 31, 2017
6:00 PM US
GDP Qoq (Annualised)
% Change
4Q T
1.90
2.00
6:30 AM China
PMI Manufacturing
Value
Mar
51.60
51.60
2:00 PM UK
GDP (YoY)
% Change
4Q F
2.00
Apr 03, 2017
2:00 PM UK
PMI Manufacturing
Value
Mar
54.60
Apr 06, 2017
2:30 PM India
RBI Reverse Repo rate
%
Apr 6
5.75
2:30 PM India
RBI Repo rate
%
Apr 6
6.25
2:30 PM India
RBI Cash Reserve ratio
%
Apr 6
4.00
Apr 07, 2017
2:00 PM UK
Industrial Production (YoY)
% Change
Feb
3.20
6:00 PM US
Change in Nonfarm payrolls
Thousands
Mar
235.00
163.00
6:00 PM US
Unemployment rate
%
Mar
4.70
4.70
April 10, 2017
India
Exports YoY%
% Change
Mar
17.48
India
Imports YoY%
% Change
Mar
21.76
April 11, 2017
2:00 PM UK
CPI (YoY)
% Change
Mar
2.30
Apr 12, 2017
2:00 PM UK
Jobless claims change
% Change
Mar
-11.30
5:30 PM India
Industrial Production YoY
% Change
Feb
2.70
7:00 AM China
Consumer Price Index (YoY)
% Change
Mar
0.80
Apr 13, 2017
US
Producer Price Index (mom)
% Change
Mar
0.10
China
Exports YoY%
% Change
Mar
(1.30)
Apr 14, 2017
6:00 PM US
Consumer price index (mom)
% Change
Mar
0.10
-0.10
Apr 17, 2017
12:00 PM India
Monthly Wholesale Prices YoY%
% Change
Mar
6.55
Source: Bloomberg, Angel Research
Market Outlook
March 24, 2017
Macro watch
Exhibit 1: Quarterly GDP trends
Exhibit 2: IIP trends
(%)
(%)
9.0
8.4
8.6
7.0
8.3
5.7
7.7
7.8
6.0
8.0
7.4
7.2
5.0
6.8
6.9
7.0
7.0
4.0
2.7
6.0
3.0
2.2
6.0
5.6
1.3
2.0
0.7
1.0
0.3
5.0
-
4.0
(1.0)
(0.1)
(0.7)
(2.0)
(1.3)
3.0
(1.9)
(3.0)
(2.5)
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
(%)
7.0
54.0
6.1
5.8
5.8
6.0
5.5
5.1
52.0
4.8
5.0
4.3
4.2
50.0
3.6
3.7
4.0
3.4
3.2
48.0
3.0
46.0
2.0
1.0
44.0
-
42.0
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
30.0
7.00
6.50
20.0
6.00
10.0
5.50
0 .0
5.00
4.50
(10.0)
4.00
(20.0)
3.50
(30.0)
3.00
Source: Bloomberg, Angel Research
Source: RBI, Angel Research
Market Outlook
March 24, 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
3.0
2.0
1.9
1.2
1.2
1.6
2.0
-
(2.0)
(0.4)
(2.5)
(4.0)
Source: Bloomberg, Angel Research
Exhibit 2: 2016 GDP Growth projection by IMF (%, yoy) across select developing and developed countries
(%)
10.0
7.6
8.0
6.6
6.0
4.9
4.3
4.0
3.2
1.8
1.6
1.7
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)
25.0
20.0
15.0
10.0
5.0
-
Source: IMF, Angel Research
Market Outlook
March 24, 2017
Exhibit 4: Relative performance of indices across globe
Returns (%)
Country
Name of index
Closing price
1M
3M
1YR
Brazil
Bovespa
63,531
(6.2)
11.2
24.5
Russia
Micex
2,051
(3.6)
(7.9)
9.9
India
Nifty
9,086
3.0
12.4
21.2
China
Shanghai Composite
3,249
(0.3)
4.1
13.5
South Africa
Top 40
44,845
(1.5)
3.5
(6.2)
Mexico
Mexbol
48,677
3.4
8.2
6.1
Indonesia
LQ45
926
3.9
9.4
8.8
Malaysia
KLCI
1,747
2.4
6.7
2.6
Thailand
SET 50
993
1.2
5.2
10.4
USA
Dow Jones
20,657
(0.4)
3.9
17.9
UK
FTSE
7,341
0.9
4.2
20.2
Japan
Nikkei
19,085
(0.9)
(1.6)
10.7
Germany
DAX
12,040
0.6
5.1
22.9
France
CAC
5,033
2.9
4.1
18.4
Source: Bloomberg, Angel Research
Stock Watch
March 24, 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
6,577.0
6,907.0
Agri / Agri Chemical
Rallis
Neutral
245
-
4,765
1,937
2,164
13.3
14.3
9.0
11.0
27.2
22.3
4.7
4.1
18.4
19.8
2.5
2.2
United Phosphorus
Neutral
729
-
36,960
15,176
17,604
18.5
18.5
37.4
44.6
19.5
16.3
3.8
3.2
21.4
21.2
2.5
2.2
Auto & Auto Ancillary
Ashok Leyland
Buy
87
111
24,830
20,021
21,915
11.6
11.9
4.5
5.3
19.4
16.4
4.0
3.5
20.6
21.5
1.2
1.1
Bajaj Auto
Neutral
2,865
-
82,894
25,093
27,891
19.5
19.2
143.9
162.5
19.9
17.6
5.6
4.8
30.3
29.4
3.0
2.7
Bharat Forge
Neutral
1,008
-
23,455
7,726
8,713
20.5
21.2
35.3
42.7
28.5
23.6
5.3
4.8
18.9
20.1
3.1
2.7
Eicher Motors
Neutral
24,374
-
66,321
16,583
20,447
17.5
18.0
598.0
745.2
40.8
32.7
13.9
10.6
41.2
38.3
3.8
3.0
Gabriel India
Accumulate
122
130
1,752
1,544
1,715
9.0
9.3
5.4
6.3
22.6
19.4
4.3
3.8
18.9
19.5
1.1
1.0
Hero Motocorp
Neutral
3,367
-
67,229
28,083
30,096
15.3
15.7
171.8
187.0
19.6
18.0
6.8
5.8
30.1
27.9
2.2
2.0
Jamna Auto Industries Neutral
216
-
1,720
1,486
1,620
9.8
9.9
15.0
17.2
14.4
12.6
3.2
2.7
21.8
21.3
1.2
1.1
L G Balakrishnan & Bros Neutral
606
-
951
1,302
1,432
11.6
11.9
43.7
53.0
13.9
11.4
2.0
1.8
13.8
14.2
0.8
0.7
Mahindra and Mahindra Neutral
1,274
-
79,124
46,534
53,077
11.6
11.7
67.3
78.1
18.9
16.3
3.1
2.7
15.4
15.8
1.7
1.4
Maruti
Accumulate
6,013
6,560
181,632
67,822
83,288
16.0
16.4
253.8
312.4
23.7
19.3
5.4
4.4
23.0
22.9
2.3
1.8
Minda Industries
Neutral
438
-
3,477
2,728
3,042
9.0
9.1
68.2
86.2
6.4
5.1
1.5
1.2
23.8
24.3
1.3
1.2
Motherson Sumi
Neutral
365
-
51,175
45,896
53,687
7.8
8.3
13.0
16.1
28.0
22.7
9.0
7.2
34.7
35.4
1.2
1.0
Rane Brake Lining
Neutral
941
-
745
511
562
11.3
11.5
28.1
30.9
33.5
30.5
5.1
4.6
15.3
15.0
1.6
1.5
Setco Automotive
Neutral
34
-
453
741
837
13.0
13.0
15.2
17.0
2.2
2.0
0.4
0.3
15.8
16.3
1.0
0.9
Tata Motors
Neutral
472
-
136,225
300,209
338,549
8.9
8.4
42.7
54.3
11.1
8.7
1.8
1.5
15.6
17.2
0.6
0.5
TVS Motor
Neutral
427
-
20,305
13,390
15,948
6.9
7.1
12.8
16.5
33.5
25.8
8.3
6.6
26.3
27.2
1.6
1.3
Amara Raja Batteries
Accumulate
881
1,009
15,049
5,305
6,100
16.0
16.3
28.4
34.0
31.0
25.9
6.0
5.0
19.3
19.3
2.8
2.5
Exide Industries
Neutral
216
-
18,343
7,439
8,307
15.0
15.0
8.1
9.3
26.6
23.2
3.7
3.3
14.3
16.7
2.1
1.9
Apollo Tyres
Accumulate
207
235
10,511
12,877
14,504
14.3
13.9
21.4
23.0
9.6
9.0
1.5
1.3
16.4
15.2
1.0
0.9
Ceat
Accumulate
1,321
1,450
5,345
7,524
8,624
13.0
12.7
131.1
144.3
10.1
9.2
1.9
1.6
19.8
18.6
0.8
0.7
JK Tyres
Neutral
135
-
3,062
7,455
8,056
15.0
15.0
21.8
24.5
6.2
5.5
1.3
1.1
22.8
21.3
0.5
0.5
Swaraj Engines
Neutral
1,400
-
1,739
660
810
15.2
16.4
54.5
72.8
25.7
19.2
8.0
7.3
31.5
39.2
2.5
2.0
Subros
Neutral
194
-
1,161
1,488
1,681
11.7
11.9
6.4
7.2
30.2
27.0
3.2
2.9
10.8
11.4
1.0
0.9
Indag Rubber
Neutral
195
-
512
286
326
19.8
16.8
11.7
13.3
16.7
14.6
2.8
2.6
17.8
17.1
1.5
1.3
Capital Goods
ACE
Neutral
53
-
528
709
814
4.1
4.6
1.4
2.1
38.1
25.4
1.6
1.5
4.4
6.0
0.9
0.8
Stock Watch
March 24, 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
BEML
Neutral
1,319
-
5,494
3,451
4,055
6.3
9.2
31.4
57.9
42.0
22.8
2.5
2.3
6.3
10.9
1.7
1.4
Bharat Electronics
Neutral
157
-
35,113
8,137
9,169
16.8
17.2
58.7
62.5
2.7
2.5
0.4
0.4
44.6
46.3
3.3
3.0
Voltas
Accumulate
386
407
12,785
6,511
7,514
7.9
8.7
12.9
16.3
30.0
23.7
5.4
4.7
16.7
18.5
1.7
1.5
BGR Energy
Neutral
137
-
987
16,567
33,848
6.0
5.6
7.8
5.9
17.5
23.2
1.0
1.0
4.7
4.2
0.2
0.1
BHEL
Neutral
168
-
41,132
28,797
34,742
-
2.8
2.3
6.9
73.1
24.4
1.2
1.2
1.3
4.8
1.1
0.8
Blue Star
Accumulate
601
634
5,744
4,283
5,077
5.9
7.3
14.9
22.1
40.4
27.2
7.8
6.6
20.4
26.4
1.4
1.2
CG Power and Industrial
Neutral
75
-
4,669
5,777
6,120
5.9
7.0
3.3
4.5
22.6
16.6
1.0
1.0
4.4
5.9
0.8
0.6
Solutions
Greaves Cotton
Neutral
162
-
3,950
1,755
1,881
16.8
16.9
7.8
8.5
20.7
19.0
4.2
3.9
20.6
20.9
1.9
1.8
Inox Wind
Neutral
173
-
3,847
5,605
6,267
15.7
16.4
24.8
30.0
7.0
5.8
2.0
1.4
25.9
24.4
0.7
0.6
KEC International
Neutral
191
-
4,900
9,294
10,186
7.9
8.1
9.9
11.9
19.3
16.0
2.8
2.5
15.6
16.3
0.8
0.7
KEI Industries
Buy
174
207
1,353
2,682
3,058
10.4
10.0
11.7
12.8
14.8
13.6
3.0
2.5
20.1
18.2
0.7
0.6
Thermax
Neutral
911
-
10,852
5,421
5,940
7.3
7.3
25.7
30.2
35.4
30.2
4.3
3.9
12.2
13.1
1.9
1.7
VATech Wabag
Accumulate
623
681
3,402
3,136
3,845
8.9
9.1
26.0
35.9
24.0
17.4
3.0
2.6
13.4
15.9
1.0
0.8
Cement
ACC
Neutral
1,402
-
26,321
11,225
13,172
13.2
16.9
44.5
75.5
31.5
18.6
3.0
2.8
11.2
14.2
2.3
2.0
Ambuja Cements
Neutral
233
-
46,246
9,350
10,979
18.2
22.5
5.8
9.5
40.2
24.5
3.4
3.0
10.2
12.5
5.0
4.2
India Cements
Neutral
158
-
4,864
4,364
4,997
18.5
19.2
7.9
11.3
20.0
14.0
1.4
1.4
8.0
8.5
1.9
1.6
JK Cement
Neutral
882
-
6,168
4,398
5,173
15.5
17.5
31.2
55.5
28.3
15.9
3.4
2.9
12.0
15.5
2.0
1.6
J K Lakshmi Cement
Neutral
440
-
5,177
2,913
3,412
14.5
19.5
7.5
22.5
58.7
19.6
3.6
3.0
12.5
18.0
2.4
2.0
Orient Cement
Neutral
128
-
2,618
2,114
2,558
18.5
20.5
8.1
11.3
15.8
11.3
2.3
2.0
9.0
14.0
1.9
1.4
UltraTech Cement
Neutral
3,975
-
109,120
25,768
30,385
21.0
23.5
111.0
160.0
35.8
24.8
4.6
4.0
13.5
15.8
4.3
3.6
Construction
ITNL
Neutral
107
-
3,528
8,946
10,017
31.0
31.6
8.1
9.1
13.2
11.8
0.5
0.5
4.2
5.0
3.7
3.5
KNR Constructions
Neutral
179
-
2,519
1,385
1,673
14.7
14.0
41.2
48.5
4.4
3.7
0.8
0.7
14.9
15.2
1.9
1.6
Larsen & Toubro
Accumulate
1,546
1,700
144,246
111,017
124,908
11.0
11.0
61.1
66.7
25.3
23.2
3.0
2.8
13.1
12.9
2.3
2.2
Gujarat Pipavav Port
Neutral
166
-
8,025
705
788
52.2
51.7
5.0
5.6
33.2
29.6
3.3
2.9
11.2
11.2
11.0
9.4
Nagarjuna Const.
Neutral
83
-
4,595
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
114
143
2,921
2,350
2,904
13.1
13.2
9.0
8.8
12.7
12.9
0.5
0.4
15.9
13.9
1.4
1.1
Simplex Infra
Neutral
300
-
1,484
6,829
7,954
10.5
10.5
31.4
37.4
9.6
8.0
1.0
0.9
9.9
13.4
0.6
0.5
Power Mech Projects
Neutral
517
-
760
1,801
2,219
12.7
14.6
72.1
113.9
7.2
4.5
1.3
1.1
16.8
11.9
0.4
0.3
Sadbhav Engineering
Neutral
320
-
5,490
3,598
4,140
10.3
10.6
9.0
11.9
35.6
26.9
3.7
3.3
9.9
11.9
1.8
1.5
Stock Watch
March 24, 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
NBCC
Neutral
175
-
15,746
7,428
9,549
7.9
8.6
8.2
11.0
21.3
15.9
1.1
0.8
28.2
28.7
1.8
1.4
MEP Infra
Neutral
52
-
840
1,877
1,943
30.6
29.8
3.0
4.2
17.2
12.3
8.3
5.6
0.6
0.6
1.8
1.7
SIPL
Neutral
103
-
3,635
1,036
1,252
65.5
66.2
(8.4)
(5.6)
3.9
4.4
(22.8)
(15.9)
11.7
9.8
Engineers India
Neutral
147
-
9,892
1,725
1,935
16.0
19.1
11.4
13.9
12.9
10.6
1.8
1.7
13.4
15.3
4.7
4.2
Financials
Axis Bank
Buy
488
580
116,844
46,932
53,575
3.5
3.4
32.4
44.6
15.1
10.9
1.9
1.7
13.6
16.5
-
-
Bank of Baroda
Neutral
162
-
37,362
19,980
23,178
1.8
1.8
11.5
17.3
14.1
9.4
1.6
1.3
8.3
10.1
-
-
Canara Bank
Neutral
282
-
15,334
15,225
16,836
1.8
1.8
14.5
28.0
19.5
10.1
1.3
1.1
5.8
8.5
-
-
Can Fin Homes
Neutral
2,068
-
5,506
420
526
3.5
3.5
86.5
107.8
23.9
19.2
5.2
4.2
23.6
24.1
-
-
Cholamandalam Inv. &
Buy
1,000
1,230
15,625
2,012
2,317
6.3
6.3
42.7
53.6
23.4
18.7
3.7
3.2
16.9
18.3
-
-
Fin. Co.
Dewan Housing Finance Neutral
359
-
11,234
2,225
2,688
2.9
2.9
29.7
34.6
12.1
10.4
2.0
1.7
16.1
16.8
-
-
Equitas Holdings
Buy
159
235
5,367
939
1,281
11.7
11.5
5.8
8.2
27.4
19.4
2.4
2.1
10.9
11.5
-
-
Federal Bank
Neutral
88
-
15,187
8,259
8,995
3.0
3.0
4.3
5.6
20.5
15.8
1.7
1.6
8.5
10.1
-
-
HDFC
Neutral
1,456
-
231,086
11,475
13,450
3.4
3.4
45.3
52.5
32.1
27.7
6.2
5.5
20.2
20.5
-
-
HDFC Bank
Neutral
1,431
-
366,270
46,097
55,433
4.5
4.5
58.4
68.0
24.5
21.0
4.3
3.6
18.8
18.6
-
-
ICICI Bank
Buy
267
315
155,508
42,800
44,686
3.1
3.3
18.0
21.9
14.8
12.2
2.0
1.9
11.1
12.3
-
-
Lakshmi Vilas Bank
Accumulate
165
174
3,152
3,339
3,799
2.7
2.8
11.0
14.0
15.0
11.8
1.6
1.4
11.2
12.7
-
-
LIC Housing Finance
Accumulate
598
630
30,191
3,712
4,293
2.6
2.5
39.0
46.0
15.3
13.0
2.9
2.5
19.9
20.1
-
-
Punjab Natl.Bank
Neutral
136
-
28,898
23,532
23,595
2.3
2.4
6.8
12.6
20.0
10.8
3.1
2.2
3.3
6.5
-
-
RBL Bank
Neutral
500
-
18,494
1,783
2,309
2.6
2.6
12.7
16.4
39.4
30.5
4.3
3.8
12.8
13.3
-
-
Repco Home Finance
Buy
681
825
4,258
388
457
4.5
4.2
30.0
38.0
22.7
17.9
3.8
3.2
18.0
19.2
-
-
South Ind.Bank
Neutral
20
-
2,731
6,435
7,578
2.5
2.5
2.7
3.1
7.5
6.5
1.0
0.8
10.1
11.2
-
-
St Bk of India
Neutral
269
-
214,089
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
149
-
10,239
13,450
14,925
2.3
2.3
25.5
34.5
5.8
4.3
0.9
0.7
7.5
10.2
-
-
Yes Bank
Neutral
1,516
-
64,226
8,978
11,281
3.3
3.4
74.0
90.0
20.5
16.8
3.9
3.3
17.0
17.2
-
-
FMCG
Akzo Nobel India
Neutral
1,724
-
8,266
2,955
3,309
13.3
13.7
57.2
69.3
30.2
24.9
9.9
8.3
32.7
33.3
2.6
2.3
Asian Paints
Neutral
1,062
-
101,828
17,128
18,978
16.8
16.4
19.1
20.7
55.6
51.3
19.3
18.2
34.8
35.5
5.9
5.3
Britannia
Accumulate
3,291
3,626
39,495
9,594
11,011
14.6
14.9
80.3
94.0
41.0
35.0
16.9
13.0
41.2
-
4.0
3.4
Colgate
Neutral
982
-
26,706
4,605
5,149
23.4
23.4
23.8
26.9
41.3
36.5
22.8
17.9
64.8
66.8
5.7
5.1
Dabur India
Accumulate
282
304
49,613
8,315
9,405
19.8
20.7
8.1
9.2
34.8
30.6
9.7
8.0
31.6
31.0
5.6
4.9
Stock Watch
March 24, 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
GlaxoSmith Con*
Neutral
5,335
-
22,436
4,350
4,823
21.2
21.4
179.2
196.5
29.8
27.2
7.9
6.7
27.1
26.8
4.5
4.0
Godrej Consumer
Neutral
1,696
-
57,766
10,235
11,428
18.4
18.6
41.1
44.2
41.3
38.4
9.2
7.7
24.9
24.8
5.7
5.1
HUL
Neutral
902
-
195,144
35,252
38,495
17.8
17.8
20.7
22.4
43.7
40.3
41.7
35.8
95.6
88.9
5.4
4.9
ITC
Neutral
278
-
337,371
40,059
44,439
38.3
39.2
9.0
10.1
31.0
27.4
8.6
7.5
27.8
27.5
7.9
7.1
Marico
Neutral
292
-
37,666
6,430
7,349
18.8
19.5
6.4
7.7
45.6
37.9
13.8
11.6
33.2
32.5
5.7
4.9
Nestle*
Neutral
6,322
-
60,953
10,073
11,807
20.7
21.5
124.8
154.2
50.7
41.0
20.8
18.7
34.8
36.7
5.9
5.0
Tata Global
Neutral
152
-
9,568
8,675
9,088
9.8
9.8
7.4
8.2
20.5
18.5
1.6
1.5
7.9
8.1
1.0
1.0
Procter & Gamble
Accumulate
6,975
7,369
22,641
2,939
3,342
23.2
23.0
146.2
163.7
47.7
42.6
12.1
10.0
25.3
23.5
7.2
6.3
Hygiene
IT
HCL Tech^
Accumulate
876
1,000
123,630
49,242
57,168
20.5
20.5
55.7
64.1
15.7
13.7
3.2
2.5
20.3
17.9
2.4
1.9
Infosys
Buy
1,041
1,249
239,020
68,350
77,326
27.0
27.0
62.5
69.4
16.7
15.0
3.6
3.2
21.3
21.6
2.9
2.5
TCS
Accumulate
2,459
2,700
484,509
119,025
133,308
27.6
27.6
131.2
145.5
18.7
16.9
6.1
5.6
32.4
33.1
3.8
3.4
Tech Mahindra
Buy
482
600
46,900
29,673
32,937
15.5
17.0
32.8
39.9
14.7
12.1
2.9
2.5
19.6
20.7
1.3
1.1
Wipro
Accumulate
510
583
123,866
55,440
60,430
18.1
18.1
36.1
38.9
14.1
13.1
2.5
2.3
19.0
17.6
2.0
1.7
Media
D B Corp
Neutral
381
-
7,000
2,297
2,590
27.4
28.2
21.0
23.4
18.1
16.3
4.2
3.7
23.7
23.1
2.8
2.5
HT Media
Neutral
81
-
1,891
2,693
2,991
12.6
12.9
7.9
9.0
10.3
9.0
0.9
0.8
7.8
8.3
0.3
0.2
Jagran Prakashan
Buy
171
225
5,600
2,355
2,635
28.0
28.0
10.8
12.5
15.9
13.7
3.4
3.0
21.7
21.7
2.4
2.1
Sun TV Network
Neutral
750
-
29,560
2,850
3,265
70.1
71.0
26.2
30.4
28.6
24.7
7.3
6.5
24.3
25.6
10.0
8.6
Hindustan Media
Neutral
286
-
2,096
1,016
1,138
24.3
25.2
27.3
30.1
10.5
9.5
2.0
1.8
16.2
15.8
1.4
1.2
Ventures
TV Today Network
Buy
269
344
1,607
567
645
26.7
27.0
15.4
18.1
17.5
14.9
2.6
2.3
14.9
15.2
2.4
2.0
Metals & Mining
Coal India
Neutral
296
-
183,553
84,638
94,297
21.4
22.3
24.5
27.1
12.1
10.9
5.0
4.8
42.6
46.0
1.7
1.5
Hind. Zinc
Neutral
320
-
135,295
14,252
18,465
55.9
48.3
15.8
21.5
20.3
14.9
3.3
2.9
17.0
20.7
9.5
7.3
Hindalco
Neutral
194
-
40,026
107,899
112,095
7.4
8.2
9.2
13.0
21.1
14.9
1.0
1.0
4.8
6.6
0.9
0.8
JSW Steel
Neutral
187
-
45,166
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
135
-
42,839
6,643
7,284
44.4
47.7
7.1
7.7
19.1
17.6
1.7
1.6
8.8
9.2
4.2
3.8
SAIL
Neutral
62
-
25,607
47,528
53,738
(0.7)
2.1
(1.9)
2.6
23.9
0.7
0.6
(1.6)
3.9
1.4
1.3
Vedanta
Neutral
266
-
78,772
71,744
81,944
19.2
21.7
13.4
20.1
19.8
13.2
1.7
1.5
8.4
11.3
1.5
1.2
Tata Steel
Neutral
495
-
48,119
121,374
121,856
7.2
8.4
18.6
34.3
26.6
14.4
1.7
1.5
6.1
10.1
1.0
1.0
Oil & Gas
Cairn India
Neutral
299
-
56,070
9,127
10,632
4.3
20.6
8.8
11.7
34.0
25.6
1.1
1.1
3.3
4.2
7.6
6.4
GAIL
Neutral
377
-
63,737
56,220
65,198
9.3
10.1
27.1
33.3
13.9
11.3
1.3
1.2
9.3
10.7
1.3
1.1
Stock Watch
March 24, 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
Oil & Gas
ONGC
Neutral
193
-
247,874
137,222
152,563
15.0
21.8
19.5
24.1
9.9
8.0
0.9
0.8
8.5
10.1
2.1
1.9
Indian Oil Corp
Neutral
377
-
182,971
373,359
428,656
5.9
5.5
54.0
59.3
7.0
6.4
1.1
1.0
16.0
15.6
0.6
0.6
Reliance Industries
Neutral
1,274
-
413,316
301,963
358,039
12.1
12.6
87.7
101.7
14.5
12.5
1.5
1.4
10.7
11.3
1.8
1.5
Pharmaceuticals
Alembic Pharma
Buy
596
689
11,229
3,483
4,244
20.2
21.4
24.3
33.6
24.5
17.7
5.6
4.5
25.5
25.3
3.2
2.5
Alkem Laboratories Ltd
Neutral
2,185
-
26,125
6,065
7,009
18.7
20.0
80.2
92.0
27.3
23.8
6.1
5.1
22.5
21.6
4.3
3.7
Aurobindo Pharma
Buy
687
877
40,223
15,720
18,078
23.7
23.7
41.4
47.3
16.6
14.5
4.3
3.4
29.6
26.1
2.8
2.4
Aventis*
Neutral
4,607
-
10,609
2,277
2,597
16.6
17.4
128.9
157.0
35.7
29.3
6.1
4.7
21.6
26.4
4.4
3.7
Cadila Healthcare
Neutral
447
-
45,751
10,429
12,318
17.7
21.6
13.1
19.2
34.1
23.3
7.1
5.7
22.8
27.1
4.4
3.6
Cipla
Sell
597
465
47,991
15,378
18,089
15.7
16.8
19.3
24.5
30.9
24.4
3.6
3.2
12.3
13.9
3.3
2.8
Dr Reddy's
Neutral
2,632
-
43,603
16,043
18,119
18.0
23.0
78.6
130.9
33.5
20.1
3.3
2.9
10.1
15.2
2.5
2.4
Dishman Pharma
Sell
239
143
3,859
1,718
1,890
22.7
22.8
9.5
11.3
25.2
21.2
2.4
2.2
10.1
10.9
2.7
2.4
GSK Pharma*
Neutral
2,756
-
23,345
2,800
3,290
10.2
20.6
32.2
60.3
85.6
45.7
15.8
15.7
17.2
34.5
8.1
6.9
Indoco Remedies
Reduce
257
240
2,365
1,112
1,289
16.2
18.2
11.6
16.0
22.1
16.0
3.5
3.0
17.0
20.1
2.3
1.9
Ipca labs
Accumulate
573
613
7,228
3,258
3,747
12.8
15.3
12.1
19.2
47.4
29.8
3.0
2.7
6.4
9.5
2.3
2.0
Lupin
Buy
1,490
1,809
67,278
15,912
18,644
26.4
26.7
58.1
69.3
25.7
21.5
5.0
4.1
21.4
20.9
4.3
3.5
Sun Pharma
Buy
704
847
168,870
31,129
35,258
32.0
32.9
30.2
35.3
23.3
19.9
3.8
3.1
20.0
20.1
5.0
4.2
Power
Tata Power
Neutral
87
-
23,559
36,916
39,557
17.4
27.1
5.1
6.3
17.1
13.8
1.5
1.4
9.0
10.3
1.7
1.5
NTPC
Neutral
164
-
135,514
86,605
95,545
17.5
20.8
11.8
13.4
13.9
12.3
1.4
1.3
10.5
11.1
2.9
2.9
Power Grid
Buy
193
223
100,970
25,315
29,193
88.2
88.7
14.2
17.2
13.6
11.3
2.1
1.8
15.2
16.1
8.6
7.8
Real Estate
Prestige Estate
Accumulate
200
210
7,485
4,707
5,105
25.2
26.0
10.3
13.0
19.4
15.4
1.6
1.4
10.3
10.2
2.8
2.4
MLIFE
Buy
406
522
1,665
1,152
1,300
22.7
24.6
29.9
35.8
13.6
11.3
1.0
0.9
7.6
8.6
2.2
1.8
Telecom
Bharti Airtel
Neutral
338
-
135,272
105,086
114,808
34.5
34.7
12.2
16.4
27.7
20.6
1.9
1.8
6.8
8.4
2.2
1.9
Idea Cellular
Neutral
92
-
33,008
40,133
43,731
37.2
37.1
6.4
6.5
14.3
14.1
1.2
1.1
8.2
7.6
1.8
1.6
zOthers
Abbott India
Neutral
4,797
-
10,194
3,153
3,583
14.1
14.4
152.2
182.7
31.5
26.3
154.8
132.2
25.6
26.1
2.9
2.5
Asian Granito
Neutral
349
-
1,050
1,060
1,169
12.2
12.5
12.7
15.9
27.6
22.0
2.6
2.3
9.5
10.7
1.3
1.1
Bajaj Electricals
Neutral
315
-
3,188
4,801
5,351
5.7
6.2
10.4
13.7
30.2
23.0
3.7
3.3
12.4
14.5
0.7
0.6
Banco Products (India)
Neutral
205
-
1,466
1,353
1,471
12.3
12.4
14.5
16.3
14.1
12.6
19.5
17.6
14.5
14.6
1.0
109.8
Coffee Day Enterprises
Neutral
242
-
4,977
2,964
3,260
20.5
21.2
4.7
8.0
-
30.2
2.8
2.6
5.5
8.5
2.1
1.9
Ltd
Competent Automobiles Neutral
171
-
105
1,137
1,256
3.1
2.7
28.0
23.6
6.1
7.3
32.9
29.7
14.3
11.5
0.1
0.1
Stock Watch
March 24, 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
Elecon Engineering
Neutral
52
-
581
1,482
1,660
13.7
14.5
3.9
5.8
13.3
8.9
3.1
2.9
7.8
10.9
0.7
0.6
Finolex Cables
Neutral
463
-
7,086
2,883
3,115
12.0
12.1
14.2
18.6
32.6
24.9
17.4
15.2
15.8
14.6
2.2
1.9
Garware Wall Ropes
Neutral
697
-
1,525
863
928
15.1
15.2
36.4
39.4
19.2
17.7
3.5
3.0
17.5
15.9
1.7
1.5
Goodyear India*
Neutral
794
-
1,831
1,598
1,704
10.4
10.2
49.4
52.6
16.1
15.1
74.2
65.1
18.2
17.0
0.8
117.1
Hitachi
Neutral
1,580
-
4,296
2,081
2,433
8.8
8.9
33.4
39.9
47.3
39.6
38.2
31.8
22.1
21.4
2.1
1.7
HSIL
Neutral
324
-
2,345
2,384
2,515
15.8
16.3
15.3
19.4
21.2
16.7
21.1
18.1
7.8
9.3
1.2
1.1
Interglobe Aviation
Neutral
980
-
35,406
21,122
26,005
14.5
27.6
110.7
132.1
8.9
7.4
53.0
37.8
168.5
201.1
1.7
1.3
Jyothy Laboratories
Neutral
354
-
6,425
1,440
2,052
11.5
13.0
8.5
10.0
41.6
35.4
10.1
9.3
18.6
19.3
4.7
3.3
Kirloskar Engines India
Neutral
390
-
5,640
2,554
2,800
9.9
10.0
10.5
12.1
37.1
32.2
15.5
14.7
10.7
11.7
1.8
1.6
Ltd
Linc Pen & Plastics
Neutral
254
-
375
382
420
9.3
9.5
13.5
15.7
18.8
16.1
3.2
2.8
17.1
17.3
1.0
0.9
M M Forgings
Neutral
545
-
658
546
608
20.4
20.7
41.3
48.7
13.2
11.2
74.6
66.0
16.6
17.0
1.0
0.9
Manpasand Bever.
Neutral
720
-
4,119
836
1,087
19.6
19.4
16.9
23.8
42.6
30.2
5.1
4.5
12.0
14.8
4.7
3.5
Mirza International
Buy
86
107
1,038
963
1,069
17.2
18.0
6.1
7.5
14.1
11.5
2.2
1.8
15.0
15.7
1.3
1.2
MT Educare
Neutral
83
-
330
366
417
17.7
18.2
9.4
10.8
8.8
7.7
2.0
1.7
22.2
22.3
0.8
0.7
Narayana Hrudaya
Neutral
317
-
6,486
1,873
2,166
11.5
11.7
2.6
4.0
120.0
80.1
7.4
6.7
6.1
8.3
3.6
3.1
Navkar Corporation
Buy
171
265
2,445
369
561
42.9
42.3
6.9
11.5
24.8
14.9
1.8
1.6
7.4
10.5
7.6
5.0
Navneet Education
Neutral
140
-
3,271
1,062
1,147
24.0
24.0
6.1
6.6
23.0
21.1
4.7
4.2
20.6
19.8
3.2
2.9
Nilkamal
Neutral
1,861
-
2,777
1,995
2,165
10.7
10.4
69.8
80.6
26.7
23.1
106.3
92.4
16.6
16.5
1.4
1.2
Page Industries
Neutral
14,741
-
16,442
2,450
3,124
20.1
17.6
299.0
310.0
49.3
47.6
328.3
250.6
47.1
87.5
6.8
5.3
Parag Milk Foods
Neutral
223
-
1,876
1,919
2,231
9.3
9.6
9.5
12.9
23.6
17.2
3.7
3.0
15.5
17.5
1.1
1.0
Quick Heal
Neutral
238
-
1,669
408
495
27.3
27.0
7.7
8.8
30.8
27.1
2.9
2.9
9.3
10.6
3.2
2.7
Radico Khaitan
Buy
124
147
1,649
1,667
1,824
13.0
13.2
6.7
8.2
18.6
15.1
1.7
1.5
9.0
10.2
1.4
1.2
Relaxo Footwears
Neutral
472
-
5,670
2,085
2,469
9.2
8.2
7.6
8.0
62.4
59.4
24.2
20.7
17.9
18.8
2.8
2.4
S H Kelkar & Co.
Neutral
310
-
4,485
1,036
1,160
15.1
15.0
6.1
7.2
50.8
43.2
5.4
5.0
10.7
11.5
4.2
3.7
Siyaram Silk Mills
Accumulate
1,721
1,872
1,613
1,652
1,857
11.6
11.7
92.4
110.1
18.6
15.6
2.7
2.4
14.7
15.2
1.2
1.1
Styrolution ABS India*
Neutral
601
-
1,057
1,440
1,537
9.2
9.0
40.6
42.6
14.8
14.1
37.8
34.4
12.3
11.6
0.7
0.6
Surya Roshni
Neutral
188
-
826
3,342
3,625
7.8
7.5
17.3
19.8
10.9
9.5
20.7
16.6
10.5
10.8
0.5
0.5
Team Lease Serv.
Neutral
967
-
1,653
3,229
4,001
1.5
1.8
22.8
32.8
42.5
29.4
4.6
3.9
10.7
13.4
0.4
0.3
The Byke Hospitality
Neutral
182
-
729
287
384
20.5
20.5
7.6
10.7
23.9
17.0
5.0
4.0
20.7
23.5
2.6
1.9
Stock Watch
March 24, 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
Transport Corporation of
Neutral
218
-
1,669
2,671
2,911
8.5
8.8
13.9
15.7
15.7
13.9
2.2
1.9
13.7
13.8
0.7
0.7
India
TVS Srichakra
Neutral
3,773
-
2,889
2,304
2,614
13.7
13.8
231.1
266.6
16.3
14.2
423.9
333.8
33.9
29.3
1.3
1.1
UFO Moviez
Neutral
428
-
1,181
619
685
33.2
33.4
30.0
34.9
14.3
12.3
2.0
1.7
13.8
13.9
1.6
1.3
Visaka Industries
Neutral
264
-
419
1,051
1,138
10.3
10.4
21.0
23.1
12.6
11.4
33.9
31.7
9.0
9.2
0.7
0.6
VRL Logistics
Neutral
297
-
2,712
1,902
2,119
16.7
16.6
14.6
16.8
20.4
17.7
4.5
3.9
21.9
22.2
1.5
1.4
VIP Industries
Accumulate
169
180
2,388
1,270
1,450
10.4
10.4
5.6
6.5
30.2
26.0
6.3
5.5
20.7
21.1
1.9
1.6
Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on March 23, 2017
Market Outlook
March 24, 2017
Research Team Tel: 022 - 39357800
DISCLAIMER
Angel Broking Private Limited (hereinafter referred to as “Angel”) is a registered Member of National Stock Exchange of India
Limited,Bombay Stock Exchange Limited and Metropolitan Stock Exchange Limited. It is also registered as a Depository Participant with
CDSL and Portfolio Manager with SEBI. It also has registration with AMFI as a Mutual Fund Distributor. Angel Broking Private Limited is a
registered entity with SEBI for Research Analyst in terms of SEBI (Research Analyst) Regulations, 2014 vide registration number
INH000000164. Angel or its associates has not been debarred/ suspended by SEBI or any other regulatory authority for accessing
/dealing in securities Market. Angel or its associates/analyst has not received any compensation / managed or
co-managed public offering of securities of the company covered by Analyst during the past twelve months.
This document is solely for the personal information of the recipient, and must not be singularly used as the basis of any investment
decision. Nothing in this document should be construed as investment or financial advice. Each recipient of this document should make
such investigations as they deem necessary to arrive at an independent evaluation of an investment in the securities of the companies
referred to in this document (including the merits and risks involved), and should consult their own advisors to determine the merits and
risks of such an investment.
Reports based on technical and derivative analysis center on studying charts of a stock's price movement, outstanding positions and
trading volume, as opposed to focusing on a company's fundamentals and, as such, may not match with a report on a company's
fundamentals. Investors are advised to refer the Fundamental and Technical Research Reports available on our website to evaluate the
contrary view, if any.
The information in this document has been printed on the basis of publicly available information, internal data and other reliable
sources believed to be true, but we do not represent that it is accurate or complete and it should not be relied on as such, as this
document is for general guidance only. Angel Broking Pvt. Limited or any of its affiliates/ group companies shall not be in any way
responsible for any loss or damage that may arise to any person from any inadvertent error in the information contained in this report.
Angel Broking Pvt. Limited has not independently verified all the information contained within this document. Accordingly, we cannot
testify, nor make any representation or warranty, express or implied, to the accuracy, contents or data contained within this document.
While Angel Broking Pvt. Limited endeavors to update on a reasonable basis the information discussed in this material, there may be
regulatory, compliance, or other reasons that prevent us from doing so.
This document is being supplied to you solely for your information, and its contents, information or data may not be reproduced,
redistributed or passed on, directly or indirectly.
Neither Angel Broking Pvt. Limited, nor its directors, employees or affiliates shall be liable for any loss or damage that may arise from
or in connection with the use of this information.
