Market Outlook
Aug 27, 2018
Market Cues
Domestic Indices
Chg (%)
(Pts)
(Close)
Indian markets are likely to open positive tracking global indices and SGX Nifty.
BSE Sensex
(0.2)
(85)
38,252
U.S. stocks moved mostly higher over the course of the trading session on Friday
Nifty
(0.2)
(26)
11,557
following the most weakness seen in the previous session. The major averages all
Mid Cap
(0.3)
(43)
16,553
ended the day firmly in positive territory. The Dow Jones was up by 0.5% to 25,790
Small Cap
(0.3)
(58)
16,864
and the Nasdaq was up by 0.9% to 7,945.
Bankex
(0.8)
(255)
31,444
U.K. shares were little changed on Friday as investors adopted a cautious stance
ahead of a three-day holiday weekend. The London markets will be closed on
Global Indices
Chg (%)
(Pts)
(Close)
Monday for a bank holiday. The benchmark FTSE 100 was up by 0.2% to 7,570.
Dow Jones
0.5
134
25,790
On domestic front, Indian stocks fell modestly on Friday to snap a four-day winning
Nasdaq
0.9
68
7,945
streak, as U.S.-China trade talks yielded no concrete results and investors braced for
FTSE
0.2
11
7,570
a speech by Federal Reserve Chairman Jerome Powell for fresh updates on U.S. rate
outlook. The BSE Sensex was ended down by 0.2% to 38,252.
Nikkei
0.9
191
22,602
Hang Seng
(0.4)
(119)
27,672
News Analysis
Shanghai Com
0.2
5
2,729
SAIL prepares to exit non-operational, non-performing joint venture firms
TV Today Network - CMP-`446 TP-`560
Advances / Declines
BSE
NSE
Advances
1,148
797
Detailed analysis on Pg2
Declines
1,576
1,010
Investor’s Ready Reckoner
Unchanged
171
110
Key Domestic & Global Indicators
Stock Watch: Latest investment recommendations on 150+ stocks
Volumes (` Cr)
Refer Pg5 onwards
BSE
3,713
NSE
33,737
Top Picks
CMP
Target
Upside
Company
Sector
Rating
(`)
(`)
(%)
Net Inflows (` Cr)
Net
Mtd
Ytd
Blue Star
Capital Goods
Buy
684
867
26.7
FII
427
729
-2,681
Dewan Housing Finance
Financials
Accumulate
658
720
9.5
Parag Milk Foods
Others
Buy
302
410
35.6
*MFs
563
2,130
74,728
Bata India
Others
Accumulate
1,082
1,243
15.1
KEI Industries
Capital Goods
Buy
408
589
44.2
Top Gainers
Price (`)
Chg (%)
More Top Picks on Pg4
PFIZER
3402
16.7
Key Upcoming Events
SREINFRA
50
8.6
Previous
Consensus
Date
Region
Event Description
BHEL
80
8.6
ReadingExpectations
Aug 28, 2018 US
GDP Qoq (Annualised)
4.10
4.00
BALRAMCHIN
75
5.8
Aug 29, 2018 US
Consumer Confidence
127.40
126.50
SUNTECK
523
4.7
Aug 30, 2018 US
Initial Jobless claims
210.00
Aug 30, 2018 China
PMI Manufacturing
51.20
51.00
Top Losers
Price (`)
Chg (%)
Aug 30, 2018 Euro Zone Euro-Zone Consumer Confidence
(1.90)
(1.90)
More Events on Pg7
HEXAWARE
432
-13.3
JPASSOCIAT
12
-6.6
NIACL
241
-5.2
KWALITY
26
-5.0
HDIL
30
-4.6
As on Aug 24, 2018
Market Outlook
Aug 27, 2018
News Analysis
SAIL prepares to exit non-operational, non-performing joint venture
firms
India's largest steel maker SAIL has started the process to exit some of its joint
ventures that are either non-operational or non-performing, the public sector
major has said in a report. The steelmaker is also exploring options to monetise its
investment in certain JV companies, the latest report said.
SAIL has formed joint venture companies in different areas, namely power
generation, rail wagon manufacturing, slag cement production, securing
coking coal supplies from overseas sources, among others.
Some of the joint ventures include NTPC-SAIL Power Co Ltd, Bokaro Power Supply
Co Pvt Ltd and International Coal Ventures Pvt Ltd (ICVL). According to sources,
some of the non-operating JVs of the PSU include UEC Sail Information
Technology Ltd and Romelt SAIL (India) Ltd.
The proposed JV will construct a state-of-the-art cold rolling mill with a capacity of
about 1.5 million tonnes per annum (MTPA) and other downstream finishing
facilities in the country that will offer technologically advanced steel products to
India's rapidly growing automotive sector.
Addition to Top Picks
TV Today Network - CMP-`446 TP-`560
TV Today Network (TTNL) is one of the leading Indian Hindi and English news
television networks. The company's operating segments include television (TV)
broadcasting and radio broadcasting. The company operates four news channels,
which include Aaj Tak, India Today (earlier know as Headlines Today), TEZ and
Dilli Aaj Tak. The company is also engaged in publishing, and its publications
include India Today, Business Today, etc. Moreover, TTNL is associated with well
know anchors like Rajdeep Sardesai and Karan Thapar. Living Media India Limited
is the holding company of TTNL.
Going forward, we expect TTNL to report net revenue CAGR of ~17% over
FY2017-19E to ~`779cr and net profit CAGR of ~22% over the same period to
`139cr on the back of (a) No.1 leadership position in Hindi news genre (for the
14th consecutive year) and (b) No.2 leadership position in English news genre.
TTNL is a debt free company with `235cr cash on balance sheet. At the current
valuation, we recommend BUY with target price of `560.
Market Outlook
Aug 27, 2018
Economic and Political News
RBI to rewire cash handling system, starts exploratory talks with banks
Trouble for sugar industry as govt goes back five years to penalise mills
Bankers burning midnight oil to resolve Rs 3.8 trn NPAs before deadline
Corporate News
Aurobindo Pharma drops plan to buy speciality generics biz of Mallinckrodt
Amazon plans to invest $700 million in Kishore Biyani's Future Group
ICICI Prudential MF sells I-Sec shares and starts paying back investors
GE Power to shut Gujarat plant from today
ACME Solar looks to diversify into electric vehicles, storage power systems
Market Outlook
Aug 27, 2018
Top Picks
Market Cap
CMP
Target
Upside
Company
Rationale
(` Cr)
(`)
(`)
(%)
Favorable outlook for the AC industry to augur
well for Cooling products business which is out
Blue Star
6,589
684
867
26.7
pacing the market growth. EMPPAC division's
profitability
to
improve once operating
environment turns around.
With a focus on the low and medium income (LMI)
consumer segment, the company has increased its
Dewan Housing Finance
20,639
658
720
9.5
presence in tier-II & III cities where the growth
opportunity is immense.
Well capitalized with CAR of 18.1% which gives
sufficient room to grow asset base. Faster
ICICI Bank
2,12,376
330
416
26.0
resolution of NPA would reduce provision cost,
which would help to report better ROE.
High order book execution in EPC segment, rising
KEI Industries
3,201
408
589
44.2
B2C sales and higher exports to boost the
revenues and profitability
Expected to benefit from the lower capex
Music Broadcast Limited
1,908
334
475
42.0
requirement and 15 year long radio broadcast
licensing.
Strong brands and distribution network would
Siyaram Silk Mills
2,553
545
851
56.2
boost growth going ahead. Stock currently trades
at an inexpensive valuation.
GST regime and the Gujarat plant are expected to
Maruti Suzuki
2,76,808
9,163
10,820
18.1
improve the company’s sales volume and margins,
respectively.
We expect loan book to grow at 24.3% over next
GIC Housing
1,845
343
591
72.5
two year; change in borrowing mix will help in
NIM improvement
Third largest brand play in luggage segment
Increased product offerings and improving
Safari Industries
2,087
936
1,000
6.8
distribution network is leading to strong growth in
business. Likely to post robust growth for next 3-4
years
We expect financialisation of savings and
Aditya Birla Capital
30,884
140
218
55.4
increasing penetration in Insurance & Mutual fund
would ensure steady growth.
One of the leading Indian dairy products
companies in India created strong brands in dairy
products. Rising revenue share of high-margin
Parag Milk Foods
2,544
302
410
35.6
Value Added Products and reduction in interest
cost is likely to boost margins and earnings in next
few years.
HDFC Bank maintained its steady growth in the
4QFY18. The bank’s net profit grew by 20.3%.
Steady growth in interest income and other income
HDFC Bank
5,61,185
2,071
2,350
13.5
aided PAT growth. The Strong liability franchise
and healthy capitalisation provides strong earning
visibility. At the current market price, the bank is
trading at 3.2x FY20E ABV.
Source: Company, Angel Research
Market Outlook
Aug 27, 2018
Continued...
Market Cap
CMP
Target
Upside
Company
Rationale
(` Cr)
(`)
(`)
(%)
We expect strong PAT growth on back of
healthy growth in automobile segment (on
back of new launches and facelifts in some of
M&M
1,20,378
968
1,050
8.4
the model ) and strong growth in Tractors
segment coupled by its strong brand recall
and improvement in rural sentiment
Market leader in the room air conditioner
(RAC) outsourced manufacturing space in India
with a market share of 55.4%. It is a one-stop
Amber Enterprises
2,959
941
1,230
30.7
solutions provider for the major brands in the
RAC industry and currently serves eight out of
the 10 top RAC brands in India
BIL is the largest footwear retailer in India,
offering footwear, accessories and bags across
brands. We expect BIL to report net PAT CAGR
of
~16% to
~`3115cr over FY2018-20E
Bata India
13,881
1,082
1,243
15.1
mainly due to new product launches, higher
number of stores addition and focus on
women’s high growth segment and margin
improvement
SHTF is in the sweet spot with benefits from
stronger CV volumes, NIMs unaffected by
Shriram Transport Finance
rising bond yields on the back of stronger
29,538
1,302
1,764
35.5
pricing power and an enhancing ROE by
750bps over FY18-20E, supported by decline
in credit cost.
We expect JSPL’s top line to grow at
27%
CAGR over FY19-FY20 on the back of strong
steel demand and capacity addition. On the
Jindal Steel & Power Limited
19,567
202
327
61.9
bottom line front, we expect JSPL to turn in to
profit by FY19 on back of strong operating
margin improvement.
GMM Pfaudler Limited (GMM) is the Indian
market leader in glass-lined (GL) steel
equipment. GMM is expected to cross CAGR
GMM Pfaulder
1,677
1,148
1,200
4.5
15%+ in revenue over the next few years
mainly led by uptick in demand from user
industries and it is also expecting to increase its
share of non-GL business to 50% by 2020.
Aurobindo Pharmaceuticals, amongst the
Indian Pharmaceutical companies, is well
placed to face the challenging generic markets,
given its focus on achieving growth through
Aurobindo Pharmaceuticals
40,620
693
780
12.6
productivity. Aurobindo will report net revenue
& net profit CAGR of ~13% & ~8% resp.
during FY2018-20E. Valuations are cheap V/s
its peers and own fair multiples of 17-18x.
Well planned strategy to grow small business
loans and cross-selling would propel fees
Yes Bank
86,407
375
435
16.1
income. We expect YES to grow its advance
much higher than industry and improvement in
asset quality to support profitability.
We believe advance to grow at a healthy
CAGR of 35% over FY18-20E. Below peers
RBL Bank
25,769
610
670
9.9
level ROA
(1.2% FY18) to expand led by
margin expansion and lower credit cost.
TTK Prestige has emerged as one of the
leading brands in kitchen appliances in India
after its successful transformation from a single
TTK Prestige
7,381
6,335
7,500
18.4
product company to offering an entire gamut
of home and kitchen appliances. We are
expecting a CAGR of 18% in revenue and 25%
in PAT over FY2018-20.
Source: Company, Angel Research
Market Outlook
Aug 27, 2018
Continued...
Market Cap
CMP
Target
Upside
Company
Rationale
(` Cr)
(`)
(`)
(%)
We expect Inox Wind to report exponential
growth in top-line and bottom-line over FY19-
20E. The growth would be led by changing
renewable energy industry dynamics in favor of
Inox Winds
2,172
98
127
29.6
wind energy segment viz. changes in auction
regime from Feed-In-Tariff (FIT) to reverse
auction regime and Government’s guidance for
10GW auction in FY19 and FY20 each.
Considering the strong CV demand due to
change in BS-VI emission norms (will trigger
pre-buying activities), pick up in construction
Ashok Leyland
37,956
129
156
20.9
activities and no significant impact on industry
due to recent axle load norms, we recommend
BUY on Ashok Leyland at current valuations.
Going forward, we expect TTNL to report net
revenue CAGR of ~17% over FY2017-19E and
net profit CAGR of ~22% over the same period
on the back of (a) No.1 leadership position in
TV Today
37,956
446
560
25.6
Hindi news genre (for the 14th consecutive
year) and (b) No.2 leadership position in
English news genre. At the current valuation, we
recommend BUY.
Source: Company, Angel Research
Market Outlook
Aug 27, 2018
Fundamental Call
Market Cap
CMP
Target
Upside
Company
Rationale
(` Cr)
(`)
(`)
(%)
CCL is likely to maintain the strong growth
CCL Products
3,466
261
360
38.2
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
2,795
1,873
2,178
16.3
healthy demand growth in plastic division. On the
bottom-line front, we estimate
~10% CAGR to
`162cr owing to improvement in volumes.
Elantas Beck India is the Indian market leader in
liquid insulation segment used in electrical
equipments like motors, transformers etc. It derives
Elantas Beck India Ltd
1,578
1,990
2,500
25.6
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 medium density fibreboards
(MDF). GIL to report net revenue CAGR of ~14% to
Greenply Industries
2,449
200
333
66.8
~`2,478cr over FY2017-20E mainly due to healthy
growth in plywood & lamination business on the
back of strong brand and distribution network
L&T Fin’s new management is on track to achieve
L&T Finance Holding
36,057
181
210
16.3
ROE of 18% by 2020 and recent capital infusion of
`3000cr would support advance growth.
Market Outlook
Aug 27, 2018
Key Upcoming Events
Global economic events release calendar
Bloomberg Data
Date
Time Country
Event Description
Unit
Period
Last Reported
Estimated
Aug 28, 2018
6:00 PMUS
GDP Qoq (Annualised)
% Change
2Q S
4.10
4.00
Aug 29, 2018
7:30 PMUS
Consumer Confidence
S.A./ 1985=100
Aug
127.40
126.50
Aug 30, 2018
6:00 PMUS
Initial Jobless claims
Thousands
Aug 25
210.00
6:30 AMChina
PMI Manufacturing
Value
Aug
51.20
51.00
2:30 PMEuro Zone
Euro-Zone Consumer Confidence
Value
Aug F
(1.90)
(1.90)
Aug 31, 2018
1:25 PMGermany
Unemployment change (000's)
Thousands
Aug
(6.00)
(9.00)
Sep 03, 2018
1:25 PMGermany
PMI Manufacturing
Value
Aug F
56.10
2:00 PMUK
PMI Manufacturing
Value
Aug
54.00
Sep 05, 2018
1:25 PMGermany
PMI Services
Value
Aug F
55.20
Sep 07, 2018
2:30 PMEuro Zone
Euro-Zone GDP s.a. (QoQ)
% Change
2Q F
0.40
6:00 PMUS
Change in Nonfarm payrolls
Thousands
Aug
157.00
194.00
6:00 PMUS
Unnemployment rate
%
Aug
3.90
3.90
Sep 08, 2018
China
Exports YoY%
% Change
Aug
12.20
Sep 10, 2018
2:00 PMUK
Industrial Production (YoY)
% Change
Jul
1.10
7:00 AMChina
Consumer Price Index (YoY)
% Change
Aug
2.10
Sep 11, 2018
India
Imports YoY%
% Change
Aug
28.81
Sep 12, 2018
2:00 PMUK
Jobless claims change
% Change
Aug
6.20
India
Exports YoY%
% Change
Aug
14.32
5:30 PMIndia
Industrial Production YoY
% Change
Jul
7.00
US
Producer Price Index (mom)
% Change
Aug
0.20
Sep 13, 2018
6:00 PMUS
Consumer price index (mom)
% Change
Aug
0.20
4:30 PMUK
BOE Announces rates
% Ratio
Sep 13
0.75
5:15 PMEuro Zone
ECB announces interest rates
%
Sep 13
-
Sep 14, 2018
7:30 AMChina
Industrial Production (YoY)
% Change
Aug
6.00
Source: Bloomberg, Angel Research
Market Outlook
Aug 27, 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
6.9
7.0
8.0
8.1
7.6
7.6
7.7
7.0
8.0
7.2
6.8
7.0
6.0
5.3
7.0
4.8
4.8
6.1
6.3
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
(%)
z
6.0
56.0
Mfg. PMI
Services PMI
5.2
5.1
4.9
4.9
4.9
4.6
54.0
5.0
4.4
4.3
4.2
52.0
4.0
3.6
3.3
3.3
50.0
3.0
48.0
2.0
46.0
1.0
44.0
42.0
-
40.0
Source: MOSPI, Angel Research
Source: Market, Angel Research; Note: Level above 50 indicates expansion
Exhibit 5: Exports and imports growth trends
Exhibit 6: Key policy rates
(%)
Exports yoy growth
Imports yoy growth
(%)
Repo rate
Reverse Repo rate
CRR
35.0
7.00
30.0
6.50
25.0
6.00
20.0
5.50
15.0
5.00
10.0
4.50
5.0
4.00
0.0
3.50
(5.0)
3.00
Source: Bloomberg, Angel Research
Source: RBI, Angel Research
Market Outlook
Aug 27, 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)
20.0
18.0
16.0
14.0
12.0
10.0
8.0
6.0
4.0
2.0
-
Source: IMF, Angel Research
Market Outlook
Aug 27, 2018
Exhibit 4: Relative performance of indices across globe
Returns (%)
Country
Name of index
Closing price
1M
3M
1YR
Brazil
Bovespa
75,634
(4.4)
(6.5)
10.3
Russia
Micex
4,182
1.4
7.1
11.4
India
Nifty
11,557
4.3
9.9
18.3
China
Shanghai Composite
2,725
(6.0)
(13.1)
(15.9)
South Africa
Top 40
52,132
3.0
3.9
4.8
Mexico
Mexbol
49,750
0.6
10.3
(3.0)
Indonesia
LQ45
940
0.3
(2.3)
(2.9)
Malaysia
KLCI
1,809
2.6
0.2
2.1
Thailand
SET 50
1,130
2.2
(3.2)
13.0
USA
Dow Jones
25,657
1.6
3.1
17.8
UK
FTSE
7,563
(1.1)
(2.0)
3.2
Japan
Nikkei
22,411
(0.1)
0.7
16.1
Germany
DAX
12,366
(1.4)
(3.6)
1.9
France
CAC
5,419
0.3
(1.2)
7.7
Source: Bloomberg, Angel Research as on 24 August, 2018
Market Outlook
Aug 27, 2018
Exhibit 7: Historical Angel Top Picks/Fundamental Calls
Date Added
Top Picks/Fundamental
Stocks
Reco Price
Target/Revised Price
Current Status
17-08-2018
Top Picks
Ashok Leyland
128
156
Open
10-08-2018
Top Picks
Inox Wind
107
127
Open
09-08-2018
Top Picks
TTK Prstige
6,206
7,500
Open
06-07-2018
Top Picks
Aurobindo Pharma
603
780
Open
06-07-2018
Top Picks
RBL Bank
565
670
Open
06-07-2018
Top Picks
Yes Bank
348
418
Open
30-06-2018
Top Picks
Jindal Steel & Power
222
350
Open
20-06-2018
Top Picks
Shriram Transport Finance Com
1,466
1,764
Open
30-07-2018
Top Picks
Bata India
918
1,007
Open
23-07-2018
Top Picks
Bata India
842
955
01-07-2018
Top Picks
Bata India
862
948
18-06-2018
Top Picks
Bata India
779
896
14-06-2018
Top Picks
Amber Enterprises
1,026
1,230
Open
07-06-2018
Top Picks
M&M
918
1050
Open
04-05-2018
Top Picks
M&M
860
990
03-05-2018
Fundamental
L&T Finance Holding
171
210
Open
02-05-2018
Top Picks
HDFC Bank
1944
2315
Open
04-05-2018
Top Picks
Matrimony.com Ltd
573
1016
Closed(17/08/2018)
20-04-2018
Top Picks
Matrimony.com Ltd
781
984
15-05-2018
Top Picks
Parag Milk Foods Limited
310
410
Open
16-04-2018
Top Picks
Parag Milk Foods Limited
249
333
18-08-2018
Top Picks
GMM Pfaudler Limited
1,024
1,200
Open
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
14-08-2018
Top Picks
Safari Industries
868
1,000
Open
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
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
Market Outlook
Aug 27, 2018
19-12-2017
Top Picks
LT Foods
85
Closed(18/06/2018)
Source: Company, Angel Research
Exhibit 8: Historical Angel Top Picks/Fundamental Calls
Date Added
Top Picks/Fundamental
Stocks
Reco Price
Target/Revised Price
Current Status
06-11-2017
Top Picks
LT Foods
74
96
16-10-2017
FundamentalEndurance Technologies Ltd
1111
1277
Closed (01/12/2017)
11-09-2017
Top Picks
GIC Housing
533
655
Open
10-10-2017
Top Picks
Music Broadcast Limited
404
475
Open
20-07-2017
Top Picks
Music Broadcast Limited
368
434
07-07-2017
Fundamental L&T Finance Holdings Ltd
149
179
Closed (28/8/2017)
06-07-2017
Fundamental
Syngene International
478
564
Closed (1/3/2018)
05-07-2017
Top Picks
Maruti
7371
10619
Open
05-06-2017
Top Picks
Karur Vysya Bank
127
100
Closed (12/03/2018)
23-05-2018
Top Picks
KEI Industries
481
589
Open
04-01-2017
Top Picks
KEI Industries
125
485
31-05-2018
Top Picks
Alkem Lab
1978
Closed (31/05/2018)
01-12-2016
Top Picks
Alkem Lab
1700
2441
17-10-2016
Top Picks
Asian Granito
267
534
Closed (18/02/2018)
17-05-2018
Top Picks
TV Today Network
460
Closed (17/05/2018)
04-08-2016
Top Picks
TV Today Network
297
603
05-04-2016
Top Picks
DHFL
189
720
Open
25-06-2018
Top Picks
Navkar Corporation
207
Closed(25/06/2018)
05-01-2016
Top Picks
Navkar Corporation
207
265
Open
08-12-2015
Top Picks
Blue Star
357
867
Open
30-10-2015
Top Picks
Siyaram Silk Mills
186
851
Open
Source: Company
Market Outlook
Aug 27, 2018
Research Team Tel: 022 - 39357800
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