Market Outlook

March 27, 2017

Market Cues

Domestic Indices

Chg (%)

(Pts)

(Close)

Indian markets are likely to open with negative bias tracking the SGX Nifty & Asian

BSE Sensex

0.3

29,421

markets.

Nifty

0.2

9,108

With traders keeping a close eye on developments on Capitol Hill, US markets saw

Mid Cap

(0.0)

(4)

13,849

some volatility over the course of the trading session on Friday. The major averages

Small Cap

0.4

14,078

eventually ended the day on opposites sides of the unchanged line. The volatility on

Bankex

1.2

292

24,061

Wall Street came as the House prepared to vote on a Republican bill to repeal and

replace Obamacare.

Global Indices

Chg (%)

(Pts)

(Close)

The majority of the European markets ended Friday's session with small losses. The

markets were locked in a narrow sideways trend throughout the session. Investors

Dow Jones

(0.3)

(60)

20,597

were reluctant to make any major moves ahead of a crucial vote on U.S. healthcare

Nasdaq

0.2

5,829

reform.

FTSE

(0.1)

(4)

7,337

Nikkei

0.9

177

19,263

Indian markets rose on Friday, although benchmark indexes ended off their day's

highs amid caution ahead of a key U.S. vote on healthcare plan due tonight

Hang Seng

0.1

24,358

intended to repeal and replace the Affordable Care Act.

Shanghai Com

0.6

3,269

News Analysis

Advances / Declines

BSE

NSE

 GVK completes `2,200Cr stake sale in Bangalore Airport project

Detailed analysis on Pg2

Advances

1,363

798

Declines

1,467

838

Investor’s Ready Reckoner

Unchanged

223

Key Domestic & Global Indicators

Stock Watch: Latest investment recommendations on 150+ stocks

Volumes (` Cr)

Refer Pg5 onwards

BSE

5,567

Top Picks

NSE

23,383

CMP

Target

Upside

Company

Sector

Rating

(`)

(%)

Amara Raja Batteries Auto & Auto AncillaryAccumulate

877

1,009

15.0

Net Inflows (` Cr)

Net

Mtd

Ytd

HCL Tech

Accumulate

871

1,000

14.8

FII

211

20,137

30,576

Power Grid Corp.

Power

Buy

194

223

15.1

MFs

(299)

(1,533)

5,537

Navkar Corp.

Others

Buy

173

265

53.1

KEI Industries

Others

Buy

175

207

18.3

Top Gainers

Price (`)

Chg (%)

More Top Picks on Pg3

Kec

209

9.4

Key Upcoming Events

Wabag

670

7.5

Consensus

Date

Region

Event Description

Reading

Expectations

Orientbank

144

6.5

Mar 28, 2017 US

Initial Jobless claims

258.00

Bankindia

133

5.0

Mar 30, 2017 US

Consumer Confidence

114.80

113.40

Recltd

174

4.4

Mar 30, 2017 Euro Zone Euro-Zone Consumer Confidence

-5.00

Mar 30, 2017 China

PMI Manufacturing

51.60

51.70

Top Losers

Price (`)

Chg (%)

Mar 31, 2017 US

GDP Qoq (Annualised)

1.90

2.00

Mar 31, 2017 Germany Unemployment change (000's)

-15.00

-10.00

Jindalstel

120

(4.5)

More Events on Pg4

Sadbhav

309

(3.8)

Sreinfra

(2.8)

Nlcindia

110

(2.8)

Supremeind

1,039

(2.8)

As on March 24, 2017

www.angelbroking.com

Market Outlook

March 27, 2017

News Analysis

GVK completes `2,200Cr stake sale in Bangalore Airport project

GVK Power and Infrastructure on Friday announced that it has completed the stake

sale in Bangalore International Airport Project (BIAL).It has divested 33 per cent of

its stake in Bangalore Airport and Infrastructure Developers — wholly owned

subsidiary of BIAL — to Fairfax India Holdings Corporation, for an aggregate

amount of `2,202Cr ($336.18 million).

It may be recalled that the company had first announced the stake sale deal with

Fairfax in March 2016, while it took one full year to complete the process owing to

delay in foreign direct investment (FDI) clearances among other things. Post sale,

GVK group would have 10 per cent stake in this profit-making airport asset.

Economic and Political News

 Kerala seeks `1,000Cr from Centre to face worst drought in 115 years

 RBI allows exchange of `4,500 in old notes in Nepal

 Bihar power shock: BERC increases electricity tariffs by 55%

 Govt, RBI examined viability of introducing `5,000 and `10,000 notes

Corporate News

 TCS ties up with LIBA to launch PGDM course on Business Analytics

 Essar Steel urged to seek consent for developing iron ore block

 CCI slaps `591Cr penalty on Coal India

 Lower tariff constrains telecom operators' capacity to invest: Govt

www.angelbroking.com

Market Outlook

March 27, 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

14,988

877

1,009

15.0

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

26,351

2,204

2,257

2.4

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

1,22,974

871

1,000

14.8

the bad news.

Back on the growth trend, expect a long term growth of 14%

Infosys

2,36,999

1,032

1,249

21.0

to be a US$20bn in FY2020.

Strong order backlog and improvement in execution would

Larsen & Tourbo

1,44,736

1,551

1,700

9.6

trigger the growth for the L&T.

One of the largest pharma companies with strong

Lupin

66,984

1,484

1,809

21.9

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

1,01,336

194

223

15.1

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)

(`)

(%)

Among the top 4 players in the consumer durables segment.

Bajaj Electricals

3,198

316

330

4.5

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

5,831

610

634

3.9

growth. EMPPAC division's profitability to improve once

operating environment turns around.

Strong loan growth backed by diversified loan portfolio and

Equitas Holdings

5,346

158

235

48.4

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

5,714

175

225

28.7

radio business (Radio City) would also boost the company's

revenue growth.

High order book execution in EPC segment, rising B2C sales

KEI Industries

1,361

175

207

18.3

and higher exports to boost the revenues and profitability

Speedier execution and speedier sales, strong revenue visibilty

Mahindra Lifespace

1,681

410

522

27.5

in short-to-long run, attractive valuations

Higher growth in domestic branded sales and healthy export

Mirza International

1,012

107

27.2

to boost the profitability.

Massive capacity expansion along with rail advantage at ICD

Navkar Corporation

2,469

173

265

53.1

as well CFS augurs well for the company

Strong brands and distribution network would boost growth

Siyaram Silk Mills

1,576

1,681

1,872

11.4

going ahead. Stock currently trades at an inexpensive

valuation.

Market leadership in Hindi news genre and no. 2 viewership

ranking in English news genre, exit from the radio business,

TV Today Network

1,604

269

344

27.9

and anticipated growth in ad spends by corporates to benefit

the stock.

Source: Company, Angel Research

www.angelbroking.com

Market Outlook

March 27, 2017

Key Upcoming Events

Global economic events release calendar

Date

Time

Country

Event Description

Unit

Period

Bloomberg Data

Last Reported Estimated

Mar 28, 2017 6:00PM

Initial Jobless claims

Thousands

Mar 25

258.00

Mar 30, 2017 7:30PM

Consumer Confidence

S.A./ 1985=100

Mar

114.80

113.40

2:30PM

Euro Zone

Euro-Zone Consumer Confidence

Value

Mar F

(5.00)

6:30AM

China

PMI Manufacturing

Value

Mar

51.60

51.70

Mar 31, 2017 6:00PM

GDP Qoq (Annualised)

% Change

4Q T

1.90

2.00

1:25PM

Germany

Unemployment change (000's)

Thousands

Mar

(15.00)

(10.00)

2:00PM

GDP (YoY)

% Change

4Q F

2.00

Apr 3, 2017

2:00PM

PMI Manufacturing

Value

Mar

54.60

Apr 6, 2017

2:30PM

India

RBI Reverse Repo rate

Apr 6

5.75

2:30PM

India

RBI Repo rate

Apr 6

6.25

2:30PM

India

RBI Cash Reserve ratio

Apr 6

4.00

Apr 7, 2017

2:00PM

Industrial Production (YoY)

% Change

Feb

3.20

6:00PM

Change in Nonfarm payrolls

Thousands

Mar

235.00

163.00

6:00PM

Unnemployment rate

Mar

4.70

Apr 10, 2017

India

Imports YoY%

% Change

Mar

21.76

2:00PM

CPI (YoY)

% Change

Mar

2.30

Apr 11, 2017

India

Exports YoY%

% Change

Mar

17.48

Apr 12, 2017

2:00PM

Jobless claims change

% Change

Mar

(11.30)

5:30PM

India

Industrial Production YoY

% Change

Feb

2.70

7:00AM

China

Consumer Price Index (YoY)

% Change

Mar

0.80

Apr 13, 2017

Producer Price Index (mom)

% Change

Mar

0.10

China

Exports YoY%

% Change

Mar

(1.30)

Apr 14, 2017

6:00PM

Consumer price index (mom)

% Change

Mar

0.10

(0.10)

Apr 17, 2017

12:00PM

India

Monthly Wholesale Prices YoY%

% Change

Mar

6.55

7:30AM

China

Industrial Production (YoY)

% Change

Mar

6.00

6:00PM

Housing Starts

Thousands

Mar

1,288.00

Apr 18, 2017

6:00PM

Building permits

Thousands

Mar

1,213.00

6:45PM

Industrial Production

Mar

0.01

7:30AM

China

Real GDP (YoY)

% Change

6.80

Source: Bloomberg, Angel Research

Market Outlook

March 27, 2017

Macro watch

Exhibit 1: Quarterly GDP trends

Exhibit 2: IIP trends

(%)

8.6

9.0

8.4

7.0

8.3

5.7

7.7

7.8

6.0

8.0

7.4

7.2

5.0

6.9

7.0

6.8

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)

3.0

(1.3)

(3.0)

(1.9)

(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

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

44.0

1.0

42.0

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

30.0

7.00

20.0

6.50

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

www.angelbroking.com

Stock Watch

March 27, 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

Agri / Agri Chemical

Rallis

Neutral

241

4,679

1,937

2,164

13.3

14.3

9.0

11.0

26.7

21.9

4.7

4.1

18.4

19.8

2.5

2.2

United Phosphorus

Neutral

722

36,615

15,176

17,604

18.5

37.4

44.6

19.3

16.2

3.8

3.1

21.4

21.2

2.5

2.2

Auto & Auto Ancillary

Amara Raja Batteries

Accumulate

877

1,009

14,988

5,305

6,100

16.0

16.3

28.4

34.0

30.9

25.8

6.0

5.0

19.3

2.8

2.5

Apollo Tyres

Accumulate

209

235

10,646

12,877

14,504

14.3

13.9

21.4

23.0

9.8

9.1

1.5

1.3

16.4

15.2

1.0

0.9

Ashok Leyland

Buy

111

24,845

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

2,846

82,364

25,093

27,891

19.5

19.2

143.9

162.5

19.8

17.5

5.6

4.8

30.3

29.4

3.0

2.7

Bharat Forge

Neutral

1,015

23,639

7,726

8,713

20.5

21.2

35.3

42.7

28.8

23.8

5.3

4.8

18.9

20.1

3.1

2.7

Ceat

Accumulate

1,320

1,450

5,340

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

Eicher Motors

Neutral

24,315

66,163

16,583

20,447

17.5

18.0

598.0

745.2

40.7

32.6

13.9

10.6

41.2

38.3

3.8

3.0

Exide Industries

Neutral

215

18,275

7,439

8,307

15.0

8.1

9.3

26.5

23.1

3.7

3.3

14.3

16.7

2.1

1.9

Gabriel India

Accumulate

124

130

1,782

1,544

1,715

9.0

9.3

5.4

6.3

23.0

19.7

4.3

3.8

18.9

19.5

1.1

1.0

Hero Motocorp

Neutral

3,377

67,430

28,083

30,096

15.3

15.7

171.8

187.0

19.7

18.1

6.9

5.8

30.1

27.9

2.2

2.0

Indag Rubber

Neutral

204

535

286

326

19.8

16.8

11.7

13.3

17.4

15.3

2.9

2.8

17.8

17.1

1.5

1.3

Jamna Auto Industries

Neutral

213

1,695

1,486

1,620

9.8

9.9

15.0

17.2

14.2

12.4

3.1

2.6

21.8

21.3

1.2

1.1

JK Tyres

Neutral

135

3,055

7,455

8,056

15.0

21.8

24.5

6.2

5.5

1.3

1.1

22.8

21.3

0.5

L G Balakrishnan & Bros Neutral

614

963

1,302

1,432

11.6

11.9

43.7

53.0

14.0

11.6

2.0

1.8

13.8

14.2

0.8

0.7

Mahindra and Mahindra Neutral

1,276

79,245

46,534

53,077

11.6

11.7

67.3

78.1

19.0

16.4

3.1

2.7

15.4

15.8

1.7

1.4

Maruti

Accumulate

6,005

6,560

181,386

67,822

83,288

16.0

16.4

253.8

312.4

23.7

19.2

5.4

4.4

23.0

22.9

2.3

1.8

Minda Industries

Neutral

432

3,429

2,728

3,042

9.0

9.1

68.2

86.2

6.3

5.0

1.4

1.1

23.8

24.3

1.3

1.2

Motherson Sumi

Neutral

366

51,350

45,896

53,687

7.8

8.3

13.0

16.1

28.1

22.7

9.0

7.2

34.7

35.4

1.2

1.0

Rane Brake Lining

Neutral

932

738

511

562

11.3

11.5

28.1

30.9

33.2

30.2

5.1

4.6

15.3

15.0

1.6

1.5

Setco Automotive

Neutral

452

741

837

13.0

15.2

17.0

2.2

2.0

0.4

0.3

15.8

16.3

1.0

0.9

Subros

Neutral

193

1,158

1,488

1,681

11.7

11.9

6.4

7.2

30.2

26.9

3.2

2.9

10.8

11.4

1.0

0.9

Swaraj Engines

Neutral

1,404

1,743

660

810

15.2

16.4

54.5

72.8

25.8

19.3

8.0

7.3

31.5

39.2

2.5

2.0

Tata Motors

Neutral

471

135,850

300,209

338,549

8.9

8.4

42.7

54.3

11.0

8.7

1.8

1.5

15.6

17.2

0.6

0.5

TVS Motor

Neutral

428

20,331

13,390

15,948

6.9

7.1

12.8

16.5

33.5

25.9

8.3

6.6

26.3

27.2

1.6

1.3

Capital Goods

ACE

Neutral

518

709

814

4.1

4.6

1.4

2.1

37.4

25.0

1.5

4.4

6.0

0.9

0.8

BEML

Neutral

1,301

5,417

3,451

4,055

6.3

9.2

31.4

57.9

41.4

22.5

2.5

2.3

6.3

10.9

1.7

1.4

BGR Energy

Neutral

136

984

16,567

33,848

6.0

5.6

7.8

5.9

17.5

23.1

1.0

4.7

4.2

0.2

0.1

www.angelbroking.com

Stock Watch

March 27, 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

Bharat Electronics

Neutral

156

34,744

8,137

9,169

16.8

17.2

58.7

62.5

2.7

2.5

0.4

44.6

46.3

3.3

3.0

BHEL

Neutral

167

40,924

28,797

34,742

2.8

2.3

6.9

72.7

24.2

1.2

1.3

4.8

1.1

0.8

Blue Star

Accumulate

610

634

5,831

4,283

5,077

5.9

7.3

14.9

22.1

41.0

27.6

8.0

6.7

20.4

26.4

1.4

1.2

CG Power and Industrial

Neutral

4,845

5,777

6,120

5.9

7.0

3.3

4.5

23.4

17.2

1.0

4.4

5.9

0.8

0.6

Solutions

Greaves Cotton

Neutral

159

3,888

1,755

1,881

16.8

16.9

7.8

8.5

20.4

18.7

4.1

3.8

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

209

5,360

9,294

10,186

7.9

8.1

9.9

11.9

21.1

17.5

3.1

2.7

15.6

16.3

0.8

0.7

KEI Industries

Buy

175

207

1,361

2,682

3,058

10.4

10.0

11.7

12.8

14.9

13.7

3.0

2.5

20.1

18.2

0.7

0.6

Thermax

Neutral

909

10,834

5,421

5,940

7.3

25.7

30.2

35.4

30.1

4.3

3.9

12.2

13.1

1.9

1.7

VATech Wabag

Accumulate

669

681

3,652

3,136

3,845

8.9

9.1

26.0

35.9

25.7

18.6

3.2

2.7

13.4

15.9

1.0

0.8

Voltas

Accumulate

389

407

12,861

6,511

7,514

7.9

8.7

12.9

16.3

30.1

23.9

5.4

4.8

16.7

18.5

1.7

1.5

Cement

ACC

Neutral

1,395

26,196

11,225

13,172

13.2

16.9

44.5

75.5

31.4

18.5

3.0

2.7

11.2

14.2

2.3

2.0

Ambuja Cements

Neutral

230

45,739

9,350

10,979

18.2

22.5

5.8

9.5

39.7

24.3

3.3

3.0

10.2

12.5

5.0

4.2

India Cements

Neutral

158

4,853

4,364

4,997

18.5

19.2

7.9

11.3

20.0

14.0

1.4

8.0

8.5

1.9

1.6

J K Lakshmi Cement

Neutral

433

5,091

2,913

3,412

14.5

19.5

7.5

22.5

57.7

19.2

3.6

3.0

12.5

18.0

2.4

2.0

JK Cement

Neutral

884

6,178

4,398

5,173

15.5

17.5

31.2

55.5

28.3

15.9

3.4

3.0

12.0

15.5

2.0

1.6

Orient Cement

Neutral

128

2,626

2,114

2,558

18.5

20.5

8.1

11.3

15.8

11.4

2.3

2.0

9.0

14.0

1.9

1.4

UltraTech Cement

Neutral

3,972

109,029

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

Engineers India

Neutral

148

9,946

1,725

1,935

16.0

19.1

11.4

13.9

13.0

10.6

1.8

1.7

13.4

15.3

4.7

4.2

Gujarat Pipavav Port

Neutral

169

8,158

705

788

52.2

51.7

5.0

5.6

33.8

30.1

3.3

3.0

11.2

11.0

9.4

ITNL

Neutral

106

3,477

8,946

10,017

31.0

31.6

8.1

9.1

13.1

11.6

0.5

4.2

5.0

3.7

3.5

KNR Constructions

Neutral

181

2,551

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

1,551

1,700

144,736

111,017

124,908

11.0

61.1

66.7

25.4

23.3

3.1

2.8

13.1

12.9

2.3

2.2

MEP Infra

Neutral

828

1,877

1,943

30.6

29.8

3.0

4.2

17.0

12.1

8.2

5.5

0.6

1.8

1.7

Nagarjuna Const.

Neutral

4,567

8,842

9,775

9.1

8.8

5.3

6.4

15.5

12.8

1.2

1.1

8.2

9.1

0.7

0.6

NBCC

Neutral

175

15,759

7,428

9,549

7.9

8.6

8.2

11.0

21.4

15.9

1.1

0.8

28.2

28.7

1.8

1.4

PNC Infratech

Buy

115

143

2,957

2,350

2,904

13.1

13.2

9.0

8.8

12.8

13.1

0.5

0.4

15.9

13.9

1.4

1.1

Power Mech Projects

Neutral

512

753

1,801

2,219

12.7

14.6

72.1

113.9

7.1

4.5

1.3

1.1

16.8

11.9

0.4

0.3

Sadbhav Engineering

Neutral

309

5,296

3,598

4,140

10.3

10.6

9.0

11.9

34.3

25.9

3.6

3.2

9.9

11.9

1.8

1.5

www.angelbroking.com

Stock Watch

March 27, 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

Simplex Infra

Neutral

312

1,542

6,829

7,954

10.5

31.4

37.4

9.9

8.3

1.0

0.9

9.9

13.4

0.6

0.5

SIPL

Neutral

101

3,557

1,036

1,252

65.5

66.2

(8.4)

(5.6)

3.8

4.3

(22.8)

(15.9)

11.7

9.8

Financials

Axis Bank

Buy

489

580

117,107

46,932

53,575

3.5

3.4

32.4

44.6

15.1

11.0

1.9

1.7

13.6

16.5

Bank of Baroda

Neutral

169

38,952

19,980

23,178

1.8

11.5

17.3

14.7

9.8

1.7

1.4

8.3

10.1

Can Fin Homes

Neutral

2,080

5,537

420

526

3.5

86.5

107.8

24.1

19.3

5.2

4.2

23.6

24.1

Canara Bank

Neutral

293

15,934

15,225

16,836

1.8

14.5

28.0

20.2

10.5

1.4

1.1

5.8

8.5

Cholamandalam Inv. &

Buy

994

1,230

15,532

2,012

2,317

6.3

42.7

53.6

23.3

18.5

3.7

3.2

16.9

18.3

Fin. Co.

Dewan Housing Finance Neutral

362

11,328

2,225

2,688

2.9

29.7

34.6

12.2

10.5

2.0

1.7

16.1

16.8

Equitas Holdings

Buy

158

235

5,346

939

1,281

11.7

11.5

5.8

8.2

27.3

19.3

2.4

2.1

10.9

11.5

Federal Bank

Neutral

15,446

8,259

8,995

3.0

4.3

5.6

20.9

16.0

1.8

1.6

8.5

10.1

HDFC

Neutral

1,462

232,217

11,475

13,450

3.4

45.3

52.5

32.3

27.9

6.2

5.5

20.2

20.5

HDFC Bank

Neutral

1,425

364,773

46,097

55,433

4.5

58.4

68.0

24.4

21.0

4.3

3.6

18.8

18.6

ICICI Bank

Buy

275

315

160,026

42,800

44,686

3.1

3.3

18.0

21.9

15.3

12.6

2.1

1.9

11.1

12.3

Lakshmi Vilas Bank

Accumulate

165

174

3,149

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

600

630

30,260

3,712

4,293

2.6

2.5

39.0

46.0

15.4

13.0

2.9

2.5

19.9

20.1

Punjab Natl.Bank

Neutral

141

30,068

23,532

23,595

2.3

2.4

6.8

12.6

20.8

11.2

3.2

2.3

3.3

6.5

RBL Bank

Neutral

493

18,230

1,783

2,309

2.6

12.7

16.4

38.8

30.1

4.2

3.8

12.8

13.3

Repco Home Finance

Buy

679

825

4,247

388

457

4.5

4.2

30.0

38.0

22.6

17.9

3.8

3.2

18.0

19.2

South Ind.Bank

Neutral

2,752

6,435

7,578

2.5

2.7

3.1

7.5

6.6

1.0

0.8

10.1

11.2

St Bk of India

Neutral

276

220,109

88,650

98,335

2.6

13.5

18.8

20.5

14.7

1.9

1.7

7.0

8.5

Union Bank

Neutral

154

10,576

13,450

14,925

2.3

25.5

34.5

6.0

4.5

0.9

0.8

7.5

10.2

Yes Bank

Neutral

1,529

64,771

8,978

11,281

3.3

3.4

74.0

90.0

20.7

17.0

3.9

3.3

17.0

17.2

FMCG

Akzo Nobel India

Neutral

1,764

8,459

2,955

3,309

13.3

13.7

57.2

69.3

30.9

25.5

10.1

8.5

32.7

33.3

2.6

2.3

Asian Paints

Neutral

1,066

102,250

17,128

18,978

16.8

16.4

19.1

20.7

55.8

51.5

19.4

18.3

34.8

35.5

5.9

5.3

Britannia

Accumulate

3,300

3,626

39,596

9,594

11,011

14.6

14.9

80.3

94.0

41.1

35.1

16.9

13.1

41.2

4.0

3.4

Colgate

Neutral

980

26,641

4,605

5,149

23.4

23.8

26.9

41.2

36.4

22.8

17.8

64.8

66.8

5.7

5.1

Dabur India

Accumulate

281

304

49,578

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

GlaxoSmith Con*

Neutral

5,206

21,895

4,350

4,823

21.2

21.4

179.2

196.5

29.1

26.5

7.7

6.5

27.1

26.8

4.5

4.0

Godrej Consumer

Neutral

1,665

56,720

10,235

11,428

18.4

18.6

41.1

44.2

40.5

37.7

9.0

7.6

24.9

24.8

5.7

5.1

www.angelbroking.com

Stock Watch

March 27, 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

HUL

Neutral

900

194,722

35,252

38,495

17.8

20.7

22.4

43.6

40.2

41.6

35.7

95.6

88.9

5.4

4.9

ITC

Neutral

281

341,195

40,059

44,439

38.3

39.2

9.0

10.1

31.3

27.7

8.7

7.6

27.8

27.5

7.9

7.1

Marico

Neutral

291

37,576

6,430

7,349

18.8

19.5

6.4

7.7

45.5

37.8

13.7

11.6

33.2

32.5

5.7

4.9

Nestle*

Neutral

6,338

61,111

10,073

11,807

20.7

21.5

124.8

154.2

50.8

41.1

20.9

18.8

34.8

36.7

5.9

5.0

Procter & Gamble

Accumulate

7,078

7,369

22,976

2,939

3,342

23.2

23.0

146.2

163.7

48.4

43.2

12.3

10.2

25.3

23.5

7.2

6.3

Hygiene

Tata Global

Neutral

151

9,540

8,675

9,088

9.8

7.4

8.2

20.4

18.4

1.6

1.5

7.9

8.1

1.0

HCL Tech^

Accumulate

871

1,000

122,974

49,242

57,168

20.5

55.7

64.1

15.6

13.6

3.2

2.4

20.3

17.9

2.4

1.9

Infosys

Buy

1,032

1,249

236,999

68,350

77,326

27.0

62.5

69.4

16.5

14.9

3.5

3.2

21.3

21.6

2.9

2.5

TCS

Accumulate

2,427

2,700

478,174

119,025

133,308

27.6

131.2

145.5

18.5

16.7

6.0

5.5

32.4

33.1

3.8

3.4

Tech Mahindra

Buy

474

600

46,178

29,673

32,937

15.5

17.0

32.8

39.9

14.5

11.9

2.8

2.5

19.6

20.7

1.3

1.1

Wipro

Accumulate

513

583

124,583

55,440

60,430

18.1

36.1

38.9

14.2

13.2

2.6

2.4

19.0

17.6

2.0

1.7

Media

D B Corp

Neutral

379

6,971

2,297

2,590

27.4

28.2

21.0

23.4

18.1

16.2

4.2

3.7

23.7

23.1

2.8

2.5

Hindustan Media

Neutral

285

2,089

1,016

1,138

24.3

25.2

27.3

30.1

10.4

9.5

2.0

1.8

16.2

15.8

1.4

1.2

Ventures

HT Media

Neutral

1,897

2,693

2,991

12.6

12.9

7.9

9.0

10.3

9.1

0.9

0.8

7.8

8.3

0.3

0.2

Jagran Prakashan

Buy

175

225

5,714

2,355

2,635

28.0

10.8

12.5

16.2

14.0

3.5

3.0

21.7

2.4

2.1

Sun TV Network

Neutral

755

29,744

2,850

3,265

70.1

71.0

26.2

30.4

28.8

24.8

7.4

6.5

24.3

25.6

10.0

8.6

TV Today Network

Buy

269

344

1,604

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

298

185,012

84,638

94,297

21.4

22.3

24.5

27.1

12.2

11.0

5.1

4.8

42.6

46.0

1.7

1.5

Hind. Zinc

Neutral

323

136,414

14,252

18,465

55.9

48.3

15.8

21.5

20.4

15.0

3.3

2.9

17.0

20.7

9.5

7.3

Hindalco

Neutral

194

40,160

107,899

112,095

7.4

8.2

9.2

13.0

21.1

15.0

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

14.0

14.4

1.6

1.4

NMDC

Neutral

137

43,345

6,643

7,284

44.4

47.7

7.1

7.7

19.3

17.8

1.7

1.6

8.8

9.2

4.2

3.8

SAIL

Neutral

25,751

47,528

53,738

(0.7)

2.1

(1.9)

2.6

24.0

0.7

(1.6)

3.9

1.4

1.3

Tata Steel

Neutral

493

47,900

121,374

121,856

7.2

8.4

18.6

34.3

26.5

14.4

1.7

1.5

6.1

10.1

1.0

Vedanta

Neutral

267

79,172

71,744

81,944

19.2

21.7

13.4

20.1

19.9

13.3

1.7

1.5

8.4

11.3

1.5

1.2

Oil & Gas

Cairn India

Neutral

296

55,545

9,127

10,632

4.3

20.6

8.8

11.7

33.7

25.3

1.1

3.3

4.2

7.6

6.4

GAIL

Neutral

381

64,481

56,220

65,198

9.3

10.1

27.1

33.3

14.1

11.5

1.3

1.2

9.3

10.7

1.3

1.1

Indian Oil Corp

Neutral

373

180,980

373,359

428,656

5.9

5.5

54.0

59.3

6.9

6.3

1.1

1.0

16.0

15.6

0.6

ONGC

Neutral

192

246,398

137,222

152,563

15.0

21.8

19.5

24.1

9.9

8.0

0.8

8.5

10.1

2.1

1.9

www.angelbroking.com

Stock Watch

March 27, 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

Reliance Industries

Neutral

1,286

417,241

301,963

358,039

12.1

12.6

87.7

101.7

14.7

12.7

1.5

1.4

10.7

11.3

1.8

1.5

Pharmaceuticals

Alembic Pharma

Buy

602

689

11,351

3,483

4,244

20.2

21.4

24.3

33.6

24.8

17.9

5.6

4.5

25.5

25.3

3.2

2.5

Alkem Laboratories Ltd

Neutral

2,204

26,351

6,065

7,009

18.7

20.0

80.2

92.0

27.5

24.0

6.2

5.2

22.5

21.6

4.3

3.7

Aurobindo Pharma

Buy

688

877

40,302

15,720

18,078

23.7

41.4

47.3

16.6

14.5

4.3

3.4

29.6

26.1

2.8

2.4

Aventis*

Neutral

4,651

10,712

2,277

2,597

16.6

17.4

128.9

157.0

36.1

29.6

6.2

4.7

21.6

26.4

4.4

3.7

Cadila Healthcare

Neutral

446

45,679

10,429

12,318

17.7

21.6

13.1

19.2

34.1

23.2

7.1

5.7

22.8

27.1

4.4

3.6

Cipla

Sell

593

465

47,725

15,378

18,089

15.7

16.8

19.3

24.5

30.7

24.2

3.6

3.2

12.3

13.9

3.3

2.8

Dishman Pharma

Sell

234

143

3,782

1,718

1,890

22.7

22.8

9.5

11.3

24.7

20.7

2.4

2.2

10.1

10.9

2.7

2.4

Dr Reddy's

Neutral

2,623

43,458

16,043

18,119

18.0

23.0

78.6

130.9

33.4

20.0

3.3

2.9

10.1

15.2

2.5

2.4

GSK Pharma*

Neutral

2,754

23,330

2,800

3,290

10.2

20.6

32.2

60.3

85.5

45.7

15.8

15.7

17.2

34.5

8.1

6.9

Indoco Remedies

Reduce

255

240

2,348

1,112

1,289

16.2

18.2

11.6

16.0

22.0

15.9

3.5

3.0

17.0

20.1

2.3

1.9

Ipca labs

Accumulate

587

613

7,405

3,258

3,747

12.8

15.3

12.1

19.2

48.5

30.6

3.0

2.8

6.4

9.5

2.3

2.0

Lupin

Buy

1,484

1,809

66,984

15,912

18,644

26.4

26.7

58.1

69.3

25.5

21.4

5.0

4.1

21.4

20.9

4.3

3.5

Sun Pharma

Buy

703

847

168,738

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

NTPC

Neutral

164

135,349

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

Power Grid

Buy

194

223

101,336

25,315

29,193

88.2

88.7

14.2

17.2

13.7

11.3

2.1

1.8

15.2

16.1

8.6

7.8

Tata Power

Neutral

23,410

36,916

39,557

17.4

27.1

5.1

6.3

17.0

13.7

1.5

1.4

9.0

10.3

1.7

1.5

Real Estate

MLIFE

Buy

410

522

1,681

1,152

1,300

22.7

24.6

29.9

35.8

13.7

11.4

1.0

7.6

8.6

2.2

1.8

Prestige Estate

Accumulate

202

210

7,562

4,707

5,105

25.2

26.0

10.3

13.0

19.6

15.5

1.6

1.5

10.3

10.2

2.8

2.4

Telecom

Bharti Airtel

Neutral

340

136,072

105,086

114,808

34.5

34.7

12.2

16.4

27.9

20.8

1.9

1.8

6.8

8.4

2.2

1.9

Idea Cellular

Neutral

32,738

40,133

43,731

37.2

37.1

6.4

6.5

14.2

14.0

1.2

1.1

8.2

7.6

1.8

1.6

zOthers

Abbott India

Neutral

4,674

9,933

3,153

3,583

14.1

14.4

152.2

182.7

30.7

25.6

150.8

128.8

25.6

26.1

2.9

2.5

Asian Granito

Neutral

357

1,073

1,060

1,169

12.2

12.5

12.7

15.9

28.2

22.5

2.7

2.4

9.5

10.7

1.3

1.1

Bajaj Electricals

Neutral

316

3,198

4,801

5,351

5.7

6.2

10.4

13.7

30.3

23.1

3.7

3.3

12.4

14.5

0.7

0.6

Banco Products (India)

Neutral

213

1,523

1,353

1,471

12.3

12.4

14.5

16.3

14.7

13.1

20.3

18.3

14.5

14.6

1.0

109.8

Coffee Day Enterprises

Neutral

237

4,877

2,964

3,260

20.5

21.2

4.7

8.0

29.6

2.7

2.5

5.5

8.5

2.1

1.9

Ltd

Competent Automobiles Neutral

175

108

1,137

1,256

3.1

2.7

28.0

23.6

6.3

7.4

33.7

30.5

14.3

11.5

0.1

Elecon Engineering

Neutral

586

1,482

1,660

13.7

14.5

3.9

5.8

13.4

9.0

3.2

2.9

7.8

10.9

0.7

0.6

Finolex Cables

Neutral

466

7,124

2,883

3,115

12.0

12.1

14.2

18.6

32.8

25.0

17.5

15.3

15.8

14.6

2.2

1.9

www.angelbroking.com

Stock Watch

March 27, 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

Garware Wall Ropes

Neutral

701

1,533

863

928

15.1

15.2

36.4

39.4

19.3

17.8

3.5

3.0

17.5

15.9

1.7

1.5

Goodyear India*

Neutral

805

1,856

1,598

1,704

10.4

10.2

49.4

52.6

16.3

15.3

75.2

66.0

18.2

17.0

0.8

117.1

Hitachi

Neutral

1,579

4,293

2,081

2,433

8.8

8.9

33.4

39.9

47.3

39.6

38.1

31.8

22.1

21.4

2.1

1.7

HSIL

Neutral

329

2,376

2,384

2,515

15.8

16.3

15.3

19.4

21.5

16.9

21.3

18.4

7.8

9.3

1.2

1.1

Interglobe Aviation

Neutral

1,021

36,901

21,122

26,005

14.5

27.6

110.7

132.1

9.2

7.7

55.2

39.4

168.5

201.1

1.7

1.3

Jyothy Laboratories

Neutral

353

6,417

1,440

2,052

11.5

13.0

8.5

10.0

41.6

35.3

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

263

389

382

420

9.3

9.5

13.5

15.7

19.5

16.7

3.3

2.9

17.1

17.3

1.0

0.9

M M Forgings

Neutral

547

661

546

608

20.4

20.7

41.3

48.7

13.3

11.2

75.0

66.4

16.6

17.0

1.0

0.9

Manpasand Bever.

Neutral

715

4,091

836

1,087

19.6

19.4

16.9

23.8

42.3

30.0

5.1

4.4

12.0

14.8

4.7

3.5

Mirza International

Buy

107

1,012

963

1,069

17.2

18.0

6.1

7.5

13.7

11.2

2.1

1.8

15.0

15.7

1.3

1.2

MT Educare

Neutral

316

366

417

17.7

18.2

9.4

10.8

8.5

7.4

1.9

1.6

22.2

22.3

0.8

0.7

Narayana Hrudaya

Neutral

321

6,552

1,873

2,166

11.5

11.7

2.6

4.0

121.2

80.9

7.4

6.7

6.1

8.3

3.6

3.1

Navkar Corporation

Buy

173

265

2,469

369

561

42.9

42.3

6.9

11.5

25.1

15.0

1.8

1.6

7.4

10.5

7.6

5.0

Navneet Education

Neutral

139

3,248

1,062

1,147

24.0

6.1

6.6

22.8

21.0

4.7

4.2

20.6

19.8

3.2

2.9

Nilkamal

Neutral

1,856

2,769

1,995

2,165

10.7

10.4

69.8

80.6

26.6

23.0

106.1

92.1

16.6

16.5

1.4

1.2

Page Industries

Neutral

14,652

16,343

2,450

3,124

20.1

17.6

299.0

310.0

49.0

47.3

326.3

249.1

47.1

87.5

6.8

5.3

Parag Milk Foods

Neutral

225

1,888

1,919

2,231

9.3

9.6

9.5

12.9

23.8

17.4

3.7

3.0

15.5

17.5

1.1

1.0

Quick Heal

Neutral

238

1,672

408

495

27.3

27.0

7.7

8.8

30.8

27.1

2.9

9.3

10.6

3.2

2.7

Radico Khaitan

Buy

125

147

1,658

1,667

1,824

13.0

13.2

6.7

8.2

18.7

15.2

1.7

1.6

9.0

10.2

1.4

1.2

Relaxo Footwears

Neutral

469

5,630

2,085

2,469

9.2

8.2

7.6

8.0

62.0

59.0

24.0

20.5

17.9

18.8

2.8

2.4

S H Kelkar & Co.

Neutral

306

4,424

1,036

1,160

15.1

15.0

6.1

7.2

50.1

42.6

5.4

4.9

10.7

11.5

4.2

3.7

Siyaram Silk Mills

Accumulate

1,681

1,872

1,576

1,652

1,857

11.6

11.7

92.4

110.1

18.2

15.3

2.7

2.3

14.7

15.2

1.2

1.1

Styrolution ABS India*

Neutral

640

1,125

1,440

1,537

9.2

9.0

40.6

42.6

15.8

15.0

40.3

36.6

12.3

11.6

0.7

0.6

Surya Roshni

Neutral

197

865

3,342

3,625

7.8

7.5

17.3

19.8

11.4

10.0

21.7

17.4

10.5

10.8

0.5

Team Lease Serv.

Neutral

955

1,632

3,229

4,001

1.5

1.8

22.8

32.8

41.9

29.1

4.5

3.9

10.7

13.4

0.4

0.3

The Byke Hospitality

Neutral

183

735

287

384

20.5

7.6

10.7

24.1

17.1

5.0

4.1

20.7

23.5

2.6

1.9

Transport Corporation of

Neutral

219

1,673

2,671

2,911

8.5

8.8

13.9

15.7

15.8

14.0

2.2

1.9

13.7

13.8

0.7

India

TVS Srichakra

Neutral

3,794

2,905

2,304

2,614

13.7

13.8

231.1

266.6

16.4

14.2

426.3

335.7

33.9

29.3

1.3

1.1

www.angelbroking.com

Stock Watch

March 27, 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

UFO Moviez

Neutral

420

1,159

619

685

33.2

33.4

30.0

34.9

14.0

12.0

1.9

1.7

13.8

13.9

1.6

1.3

Visaka Industries

Neutral

259

411

1,051

1,138

10.3

10.4

21.0

23.1

12.3

11.2

33.2

31.1

9.0

9.2

0.7

0.6

VRL Logistics

Neutral

299

2,724

1,902

2,119

16.7

16.6

14.6

16.8

20.5

17.7

4.5

3.9

21.9

22.2

1.5

1.4

Wonderla Holidays

Neutral

382

2,158

287

355

38.0

40.0

11.3

14.2

33.8

26.9

4.8

4.2

21.4

23.9

7.1

5.8

VIP Industries

Accumulate

174

180

2,458

1,270

1,450

10.4

5.6

6.5

31.1

26.8

6.4

5.6

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 24, 2017

www.angelbroking.com

Market Outlook

March 27, 2017

Research Team Tel: 022 - 39357800

E-mail: [email protected]

Website: www.angelbroking.com

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