Market Outlook
October 25, 2018
Domestic Indices
Chg (%)
(Pts)
(Cl ose)
Market Cues
BSE Sensex
0.6
187
34,034
Indian markets are likely to open negative tracking global indices and SGX Nifty.
Nifty
0.8
78
10,225
U.S. stocks showed a substantial move back to the downside during trading on
Mid Cap
1
131
13,966
Wednesday. The Dow dropped to its lowest closing level in over three-months, while
Small Cap
0.7
101
13,738
the Nasdaq and the S&P 500 tumbled to five-month closing lows. The Dow Jones
Bankex
0.4
104
28,003
plunged by 2.4 percent to 24,583 and the Nasdaq nosedived by 4.4 percent to
7,108.
Global Indices
Chg (%)
(Pts)
(Cl ose)
U.K. shares stocks eked out modest gains yesterday after two sessions of losses
Dow Jones
(2.4)
(608)
24,583
amid uncertainty over Brexit and concerns over slowing global growth. The pound
Nasdaq
(4.4)
(329)
7,108
eased to three-week lows ahead of Prime Minister Theresa May's key address to
FTSE
0.5
34
6,989
Conservative Party lawmakers in parliament on Brexit later in the day. The
Nikkei
0.4
80
22,091
benchmark FTSE 100 was up by 0.5 percent at 6,989.
Hang Seng
0.4
97
25,250
On domestic front, Indian shares fluctuated on Wednesday before finishing higher
Shanghai Com
0.3
8
2,603
to snap a four-day losing streak.
While mixed global cues and corporate earnings
offered little support, a further fall in oil prices toward $75 a barrel and a firmer
rupee helped spur some short-covering ahead of Thursday's F&O expiry. The BSE
A dvances / Declines
BSE
NSE
Sensex moved up by 0.6% to 34,034.
Advances
827
508
Declines
1,774
1,261
News Analysis
Unchanged
166
297
SBI moves SC to seek amendment in pacts between discoms and 3 Gujarat
power cos
Volumes (` Cr)
Detailed analysis on Pg2
BSE
1,820
Investor’s Ready Reckoner
NSE
853
Key Domestic & Global Indicators
Net Inflows (` Cr)
Ne t
Mtd
Ytd
Stock Watch: Latest investment recommendations on 150+ stocks
Refer Pg5 onwards
FII
(1,077)
(1,418)
(6,857)
*MFs
1,125
3,967
80,584
Top Picks
C MP
Target
U psi de
C ompany
Sector
R ating
(`)
(`)
(%)
Top Gainers
Price (`)
Chg (%)
Blue Star
Capital Goods
Buy
524
867
65.5
LAKSHVILAS
93
8.2
Dewan Housi ng Finance
Financials
Buy
190
473
148.9
Parag Milk F oods
Others
Buy
253
410
62.1
IL&FSTRANS
20
4.8
Bata India
Others
Buy
882
1,243
40.9
J&KBAN K
43
4.7
KEI Industrie s
Capital Goods
Buy
259
486
87.6
SUZLON
6
4.4
More Top Picks on Pg4
CARERATING
1,090
4.2
Key Upcoming Events
Previous
C onsensus
Top Losers
Price (`)
Chg (%)
D ate
Region
Event Description
ReadingExpectations
KANSAINER
361
-7.3
Oct 25, 2018 Euro Zone ECB announces interest rates
-
Oct 30, 2018 Euro Zone Euro-Zone GDP s.a. (QoQ)
0.40
BIOCON
626
-6.9
Nov 01,2018 UK
BOE Announce s rate s
0.75
APLAPOLLO
1,230
-6.4
Nov 14,2018 Germany
GDP nsa (YoY)
2.30
3MINDIA
19,530
-6.3
More Events on Pg7
DBL
404
-6.1
As on Oct 24, 2018
Market Outlook
October 25, 2018
News Analysis
SBI moves SC to seek amendment in pacts between discoms and
3 Gujarat power cos
SBI has moved the Supreme Court seeking implementation of a high power
panel's recommendation to amend the PPAs between various discoms and three
Gujarat-based electricity producers who were running losses as they could not hike
tariffs to compensate for the rise in cost of coal imported from Indonesia.
SBI is part of a consortium of banks that funded the three power producers -- Tata
Mundra, Adani and Essar -- who were not allowed by the apex court to charge
compensatory tariff in lieu of the increase in cost of coal they were importing
from Indonesia.
The court by its order of April 11, 2017 had set aside the decisions of the Central
Electricity
Regulatory Commission (CERC) and Appellate Tribunal for
Electricity allowing the power producers to charge compensatory tariff.
Thereafter, all stakeholders including the firms had a meeting with Union Finance
Minister Arun Jaitley. Subsequently, the central government recommended
formation of the high powered committee, State Bank of India said in its
application filed through advocate Sanjay Kapur.
Earlier this month, according to the plea, the panel recommended that the power
purchase agreements (PPAs) which the three companies had with discoms in
several states be amended based on the cost of coal imported from Indonesia.
Economic and Political News
Govt to set up adjudicating authority for speedy disposal of benami cases
From now, dealers won't need govt nod for sale, purchase of fuel in Gujarat
Cabinet approves NIF monitoring framework for Sustainable Development
Goals
UP govt to draft new retail, financial services, handicraft sector policies
Corporate News
Bank of Baroda, Vijaya Bank, Dena Bank set up panels to merge operations
CCI says drugprices high in India due to unreasonable trade margins
RIL acquires Den and Hathway
Tata Sponge Iron to acquire Usha Martin's steel business for up to Rs 47 bn
Market Outlook
October 25, 2018
Quarterly Bloomberg Brokers Consensus Estimate
Yes Bank - October 25, 2018
Particulars (` cr)
2QFY19E
2QFY18
y-o-y (%)
1QFY19
q-o-q (%)
PAT
1,274
1003
27.0
1,260
1.1
Shriram Transport Finance Company Ltd - October 25, 2018
Particulars (` cr)
2QFY19E
2QFY18
y-o-y (%)
1QFY19
q-o-q (%)
PAT
593
479
23.8
573
3.5
Maruti Suzuki India Ltd - October 25, 2018
Particulars (` cr)
2QFY19E
2QFY18
y-o-y (%)
1QFY19
q-o-q (%)
Sales
22,241
21,768
2.2
22,459
(1.0)
EBIDTA
3,204
3,678
(12.9)
3,351
(4.4)
%
14.4
16.9
14.9
PAT
2,023
2,484
(18.5)
1,975
2.5
Biocon Ltd - October 25, 2018
Particulars (` cr)
2QFY19E
2QFY18
y-o-y (%)
1QFY19
q-o-q (%)
Sales
1212
969
25.0
1,124
7.8
EBIDTA
275
786
(65.1)
238
15.4
%
22.7
81.1
21.2
PAT
131
89
47.1
138
(5.1)
JSW Steel Ltd - October 25, 2018
Particulars (` cr)
2QFY19E
2QFY18
y-o-y (%)
1QFY19
q-o-q (%)
Sales
20,390
16,848
21.0
20,519
(0.6)
EBIDTA
4,698
3,036
54.8
5,105
(8.0)
%
23.0
18.0
24.9
PAT
2025
829
144.3
2318
(12.6)
Bharat Heavy Electriclas Ltd - October 25, 2018
Particulars (` cr)
2QFY19E
2QFY18
y-o-y (%)
1QFY19
q-o-q (%)
Sales
6,926
6,385
8.5
5,935
16.7
EBIDTA
376
(95)
287
30.9
%
5.4
(1.5)
4.8
PAT
232
115
102.0
156
48.9
Market Outlook
October 25, 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
5,044
524
867
65.5
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
5,967
190
473
148.9
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
2,08,483
324
416
28.4
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
2,044
259
486
87.6
B2C sales and higher exports to boost the revenues
and profitability
Expected to benefit from the lower capex
Music Broadcast Limited
1,831
320
475
48.4
requirement and
15 year l ong radio broadcast
licensing.
Strong brands and distribution network would
Siyaram Silk Mills
1,662
355
752
111.8
boost growth going ahead. Stock currently trades
at an inexpensive valuation.
GST regime and the Gujarat plant are expected to
Maruti Suzuki
2,04,464
6,769
10,820
59.8
improve the company’s sales volume and margins,
respectively.
We expect loan book to grow at 24.3% over next
GIC Housing
1,271
236
424
79.7
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
1,594
715
1,071
49.8
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
21,111
96
198
106.3
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
2,126
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
5,40,990
1,991
2,350
18.0
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 25, 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
91,083
733
1,050
43.2
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
2,657
845
1,230
45.6
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
11,335
882
1,243
40.9
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
23,847
1,051
1,764
67.8
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
15,826
164
327
99.4
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
1,378
943
1,287
36.5
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
43,032
734
870
18.5
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
47,109
204
365
78.9
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
20,949
494
690
39.7
(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 25, 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
1,834
83
127
53.0
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
34,199
117
156
33.3
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
3,088
232
360
55.2
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
2,373
1,590
2,178
37.0
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
1,475
1,860
2,500
34.4
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
1,460
119
256
115.1
~`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
25,283
126
210
66.7
ROE of 18% by 2020 and recent capital infusion of
`3000cr would support advance growth.
Market Outlook
October 25, 2018
Key Upcoming Events
Global economic events release calendar
Bl oomberg Data
D ate
Time
C ountry
Event Description
Unit
Period
L ast Reporte d
E stimate d
Oct 25, 2018
0-Jan-00 Euro Zone ECB announces interest rates
%
Oct 25
-Oct 25, 2018
Oct 26, 2018
US
GDP Annualized QoQ
Oct 26, 2018
US
Personal Consumption
Oct 26, 2018
US
GDP Price Index
Source: Bloomberg, Angel Research
Market Outlook
October 25, 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 25, 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 25, 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 25, 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 25, 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 25, 2018
Research Team Tel: 022 - 39357800
DISCLAIMER:
Angel Broking Limited (hereinafter referred to as “Angel”) is a registered Member of National Stock Exchange of India Limited, Bombay
Stock Exchange Limited, Metropolitan Stock Exchange Limited, Multi Commodity Exchange of India Ltd and National Commodity &
Derivatives Exchange Ltd It is also registered as a Depository Participant with CDSL and Portfolio Manager and Investment Adv iser with
SEBI. It also has registration with AMFI as a Mutual Fund Distributor. Angel Broking Limited is a registered entity wit h 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 sho uld 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 th e 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 a nd
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, interna l 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 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 th is report.
Angel Broking 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 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 reproduc ed,
redistributed or passed on, directly or indirectly.
Neither Angel Broking Limited, nor its directors, employees or affiliates shall be liable for any loss or damage that may ari se from or in
connection with the use of this information.
