Market Outlook
December 30, 2016
Market Cues
Domestic Indices
Chg (%)
(Pts)
(Close)
Indian markets are likely to open positive tracking SGX Nifty and global cues.
BSE Sensex
0.6
155
26,366
U.S. markets closed fractionally lower on Thursday as investors remained reluctant
Nifty
0.9
69
8,104
to make big bets in a thinly-traded session ahead of long holiday weekend. The S&P
Mid Cap
1.2
140
11,905
500 closed down 0.03% at 2,249 while Dow Jones Industrial Average closed off less
Small Cap
1.1
131
11,955
than 1%, at 19,820. The Nasdaq Composite declined 0.1%, at 5,432. All three
main indexes are on track to post double-digit annual returns.
Bankex
0.8
156
20,565
Stocks have been rallying on the view that President-elect Donald Trump’s
administration will spur economic growth via spending and tax cuts, though there
Global Indices
Chg (%)
(Pts)
(Close)
have been concerns that the moves have come too far and too fast.
Dow Jones
(0.1)
(14)
19,820
A strong performance from precious metals companies helped London's FTSE 100
Nasdaq
(0.1)
(6)
5,432
index to its second closing high this week. The FTSE was up 14 points at 7,120.
FTSE
0.2
14
7,120
Nikkei
(0.6)
(107)
19,039
Indian benchmark indices settled the December series of future & options on a
positive note on renewed buying in the late afternoon trade. The market mostly
Hang Seng
0.6
138
21,929
traded flat for major part of the session as subdued trend seen in global markets
Shanghai Com
0.2
7
3,103
after Wall Street suffered a mild setback overnight capped the gains. The S&P BSE
Sensex settled the day at 26,366, up 155 points, while the broader Nifty50 ended at
Advances / Declines
BSE
NSE
8,104, up 69 points.
Advances
1,703
1,080
News Analysis
Declines
906
510
Sterlite Technologies eyes to double its order book in 2017
Unchanged
157
80
Detailed analysis on Pg2
Investor’s Ready Reckoner
Volumes (` Cr)
Key Domestic & Global Indicators
BSE
1,990
NSE
19,248
Stock Watch: Latest investment recommendations on 150+ stocks
Refer Pg5 onwards
Net Inflows (` Cr)
Net
Mtd
Ytd
Top Picks
FII
(526)
(7,155)
20,123
CMP
Target
Upside
Company
Sector
Rating
(`)
(`)
(%)
MFs
1,423
6,423
44,608
Amara Raja Batteries Auto & Auto Ancillary
Buy
875
1,167
33.4
Alkem Laboratories
Pharmaceuticals
Buy
1,628
1,989
22.2
Top Gainers
Price (`)
Chg (%)
HCL Tech
IT
Buy
820
1,000
22.0
Ifci
28
13.4
Power Grid Corp.
Power
Buy
180
223
24.2
Pageind
13,731
6.1
Navkar Corp.
Others
Buy
162
265
63.8
More Top Picks on Pg4
Idfc
55
6.0
Nationalum
63
5.8
Key Upcoming Events
Cholafin
982
4.8
Previous
Consensus
Date
Region
Event Description
Reading
Expectations
Jan 01 China
Consumer Confidence
51.70
51.50
Top Losers
Price (`)
Chg (%)
Jan 02 Germany
PMI Manufacturing
53.40
53.20
Divislab
790
(4.1)
Jan 03 Germany
Unemployment Change (000’s)
(5.00)
(5.00)
Unitech
4
(3.2)
Jan 03 Germany
PMI Manufacturing
55.50
55.50
More Events on Pg4
Edelweiss
95
(1.6)
Natcopharm
597
(1.4)
Sunpharma
614
(1.3)
As on December 29, 2016
Market Outlook
December 30, 2016
News Analysis
Sterlite Technologies eyes to double its order book in 2017
Sterlite Technologies, a part of mining group Vedanta Resources, expects to more
than double its order book in a year on the back of growing broadband
infrastructure in the country as well as growth in overseas markets. Company has
strong order book of `2,500 to `2,700cr, and has a strong visibility of a pipeline
of `6,000 to `7,000cr. The estimates are based on a mix of global volumes
especially from China, Brazil, and Europe, as well as Indian telcos’ aggressive
adoption of a fibre strategy for the delivery of reliable high-speed broadband.
On the back of strong growth potential, company is investing `300cr to increase
the annual fibre production capacity from nearly 22 million to 30 million km, and
the planned expansion, according to it, would be completed by June 2017. The
fibre major has also supplied nearly 50,000 km of fibre in phase-I of the
government’s ambitious BharatNet initiative.
Sterlite supplies optical fibre to the country’s top carriers that include Bharti Airtel
and Reliance Jio to enable their ambitious fibre-to-the-home (FTTH) network roll
outs, in addition to the government-driven initiatives such as the Smart City and
BharatNet.
Reliance Jio is banking on FTTH network services dubbed as JioFiber with a
recently-launched pilot in Chennai metropolitan and is also reaching out to
residential societies to deploy optic fibre cables and equipment to offer wireline as
well as mobile services. Airtel also is focusing on a fibre-based network and plans
to cumulatively deploy more than 550,000 km of fibre to up its domestic and
submarine cable capacity in order to bring down latency, and improve data
experience for subscribers.
For the last five years, Sterlite is growing at 28% compounded annually and is
currently doing proofs of concept, undertaking trials, which is expected to add up
to nearly `100cr in its order books immediately.
Economic and Political News
Direct tax mop-up at 13% till Dec 19: Arun Jaitley
Economy safe, no cash chaos, says Jaitley's demonetisation report card
RBI's stress test shows further worsening of bank's asset quality
Demonetisation to have transformative effect on economy: Urjit Patel
Corporate News
Bhel commissions another 600 Mw thermal unit in Telanganathe
Post demonetisation, auto sector to see sharp decline in December
Despite demonetisation speed-breaker, Ashok Leyland honcho says demand
for trucks will rise
Market Outlook
December 30, 2016
Top Picks ★★★★★
Large Cap
Market Cap
CMP
Target
Upside
Company
Rationale
(` Cr)
(`)
(`)
(%)
To outpace battery industry growth due to better technological
Amara Raja Batteries
14,938
875
1,167
33.4
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
19,463
1,628
1,989
22.2
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
1,15,658
820
1,000
22.0
the bad news.
Back on the growth trend, expect a long term growth of 14% to
Infosys
2,28,339
994
1,249
25.6
be a US$20bn in FY2020.
Strong order backlog and improvement in execution would
Larsen & Tourbo
1,25,105
1,341
1,634
21.8
trigger the growth for the L&T
One of the largest pharma companies with strong international
Lupin
66,190
1,466
1,809
23.4
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
93,959
180
223
24.2
line CAGR of ~16% and bottom-line CAGR of ~19% over
FY16-18 on back of strong capitalization guidance
Source: Company, Angel Research
Mid Cap
Market Cap
CMP
Target
Upside
Company
Rationale
(` Cr)
(`)
(`)
(%)
We expect the company would report strong profitability owing
Asian Granito
638
212
351
65.4
to better product mix, higher B2C sales and amalgamation
synergy.
Among the top 4 players in the consumer durables segment.
Bajaj Electricals
2,146
212
274
29.1
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
4,450
466
634
36.1
growth. EMPPAC division's profitability to improve once
operating environment turns around.
With a focus on the low and medium income (LMI) consumer
Dewan Housing Finance
7,676
245
350
42.8
segment, the company has increased its presence in tier-II & III
cities where the growth opportunity is immense.
Strong loan growth backed by diversified loan portfolio and
Equitas Holdings
4,784
143
235
64.7
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 radio
Jagran Prakashan
5,672
174
225
29.7
business (Radio City) would also boost the company's revenue
growth.
Speedier execution and speedier sales, strong revenue visibilty
Mahindra Lifespace
1,464
357
522
46.3
in short-to-long run, attractive valuations
We expect the company to report strong growth on back of
healthy growth in domestic branded sales (owing to aggressive
Mirza International
1,029
86
107
25.1
ad spend and addition in the number of EBOs & multi-brand
outlets [MBOs]) and healthy export revenues.
Massive capacity expansion along with rail advantage at ICD
Navkar Corporation
2,307
162
265
63.8
as well CFS augurs well for the company
Strong brands and distribution network would boost growth
Siyaram Silk Mills
1,154
1,231
1,605
30.4
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
1,565
262
385
46.8
and anticipated growth in ad spends by corporates to benefit
the stock.
Source: Company, Angel Research
Market Outlook
December 30, 2016
Key Upcoming Events
Global economic events release calendar
Bloomberg Data
Date
Time
Country
Event Description
Unit
Period
Last Reported
Estimated
Jan 01, 2017
6:30 AM
China
PMI Manufacturing
Value
Dec
51.70
51.50
Jan 02, 2017
3:00 PM
UK
PMI Manufacturing
Value
Dec
53.40
53.20
Jan 03, 2017
2:25 PM
Germany
PMI Manufacturing
Value
Dec F
55.50
55.50
2:25 PM
Germany Unemployment change (000's)
Thousands
Dec
(5.00)
(5.00)
Jan 04, 2017
7:00 PM
US
Change in Nonfarm payrolls
Thousands
Dec
178.00
175.00
Jan 06, 2017
2:25 PM
Germany
PMI Services
Value
Dec F
53.80
53.80
3:30 PM Euro Zone Euro-Zone Consumer Confidence
Value
Dec F
(5.10)
(5.80)
7:00 PM
US
Unnemployment rate
% Dec
4.60
4.70
Jan 08, 2017
China
Exports YoY%
% Change
Dec
(1.60)
(2.80)
Jan 09, 2017
China
Consumer Price Index (YoY)
% Change
Dec
2.30
2.20
Jan 10, 2017
India
Imports YoY%
% Change
Dec
10.40
India
Exports YoY%
% Change
Dec
2.30
Jan 11, 2017
3:00 PM
UK
Industrial Production (YoY)
% Change
Nov
(1.10)
Jan 12, 2017
5:30 PM
India
Industrial Production YoY
% Change
Nov
(1.90)
Jan 13, 2017
US
Producer Price Index (mom)
% Change
Dec
-
Jan 16, 2017
12:00 PM
India Monthly Wholesale Prices YoY%
% Change
Dec
3.15
Jan 17, 2017
China
Industrial Production (YoY)
% Change
Dec
6.20
3:00 PM
UK
CPI (YoY)
% Change
Dec
1.20
China
Real GDP (YoY)
% Change
4Q
6.70
Jan 18, 2017
7:00 PM
US Consumer price index (mom)
% Change
Dec
0.20
3:30 PM Euro Zone
Euro-Zone CPI (YoY)
%
Dec F
0.60
3:00 PM
UK
Jobless claims change
% Change
Dec
2.40
7:45 PM
US
Industrial Production
% Dec
(0.44)
Jan 19, 2017
7:00 PM
US
Housing Starts
Thousands
Dec
1,090.00
7:00 PM
US
Building permits
Thousands
Dec
1,212.00
Source: Bloomberg, Angel Research
Market Outlook
December 30, 2016
Macro watch
Exhibit 1: Quarterly GDP trends
Exhibit 2: IIP trends
(%)
(%)
9.0
8.3
3.0
2.2
7.9
1.9
7.5
7.5
7.6
8.0
7.3
2.0
7.2
7.1
1.3
6.6
6.7
0.7
7.0
6.4
1.0
0.3
5.8
6.0
-
5.0
(1.0)
(0.7)
(0.9)
4.0
(1.3)
(2.0)
(1.6)
(1.9)
3.0
(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
5.6
5.7
5.8
5.8
6.0
5.3
5.5
52.0
5.1
4.8
5.0
4.4
4.2
50.0
3.6
4.0
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
15.0
7.00
10.0
6.50
5.0
6.00
0.0
5.50
(5.0)
5.00
(10.0)
4.50
(15.0)
(20.0)
4.00
(25.0)
3.50
(30.0)
3.00
Source: Bloomberg, Angel Research
Source: RBI, Angel Research
Market Outlook
December 30, 2016
Global watch
Exhibit 1: Latest quarterly GDP Growth (%, yoy) across select developing and developed countries
(%)
8.0
6.7
5.3
6.0
5.0
0.7
4.3
4.0
3.2
2.2
1.7
2.0
1.5
1.0
1.1
-
(2.0)
(0.4)
(2.9)
(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
1.7
1.6
1.3
2.0
(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)
18.0
16.0
14.0
12.0
10.0
8.0
6.0
4.0
2.0
-
Source: IMF, Angel Research
w
Market Outlook
December 30, 2016
Exhibit 4: Relative performance of indices across globe
Returns (%)
Country
Name of index
Closing price
1M
3M
1YR
Brazil
Bovespa
60,227
(1.2)
3.2
37.6
Russia
Micex
2,206
5.7
10.5
25.1
India
Nifty
8,104
(0.5)
(6.9)
3.0
China
Shanghai Composite
3,096
(4.6)
4.0
(15.1)
South Africa
Top 40
43,977
(0.2)
(0.9)
(4.9)
Mexico
Mexbol
45,909
1.0
(3.8)
6.8
Indonesia
LQ45
888
4.2
(5.5)
14.5
Malaysia
KLCI
1,638
0.7
(1.6)
0.5
Thailand
SET 50
962
2.8
1.5
17.8
USA
Dow Jones
19,820
3.8
8.1
13.7
UK
FTSE
7,120
4.1
4.0
16.9
Japan
Nikkei
19,145
4.3
15.7
0.8
Germany
DAX
11,451
8.2
9.7
12.1
France
CAC
4,838
7.3
8.9
11.6
Source: Bloomberg, Angel Research
Stock Watch
December 30, 2016
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
Accumulate
191
209
3,709
1,937
2,164
13.3
14.3
9.0
11.0
21.2
17.3
3.7
3.2
18.4
19.8
2.0
1.7
United Phosphorus
Accumulate
638
684
32,338
15,176
17,604
18.5
18.5
37.4
44.6
17.1
14.3
3.3
2.8
21.4
21.2
2.2
1.9
Auto & Auto Ancillary
Ashok Leyland
Buy
79
111
22,468
22,407
26,022
10.6
10.6
5.2
6.4
15.1
12.3
3.4
2.9
23.6
24.7
1.1
0.9
Bajaj Auto
Neutral
2,655
-
76,840
25,093
27,891
19.5
19.2
143.9
162.5
18.5
16.3
5.2
4.5
30.3
29.4
2.8
2.4
Bharat Forge
Neutral
907
-
21,114
7,726
8,713
20.5
21.2
35.3
42.7
25.7
21.2
4.7
4.3
18.9
20.1
2.8
2.4
Eicher Motors
Neutral
21,491
-
58,464
16,583
20,447
17.5
18.0
598.0
745.2
35.9
28.8
12.3
9.4
41.2
38.3
3.4
2.7
Gabriel India
Buy
105
130
1,512
1,544
1,715
9.0
9.3
5.4
6.3
19.5
16.7
3.7
3.3
18.9
19.5
0.9
0.8
Hero Motocorp
Buy
3,032
3,541
60,552
30,958
34,139
15.7
15.7
193.6
208.3
15.7
14.6
6.1
5.1
34.2
30.5
1.8
1.6
Jamna Auto Industries Neutral
167
-
1,332
1,486
1,620
9.8
9.9
15.0
17.2
11.2
9.7
2.4
2.1
21.8
21.3
1.0
0.9
L G Balakrishnan & Bros Neutral
539
-
846
1,302
1,432
11.6
11.9
43.7
53.0
12.3
10.2
1.7
1.6
13.8
14.2
0.7
0.7
Mahindra and Mahindra Neutral
1,175
-
72,950
46,534
53,077
11.6
11.7
67.3
78.1
17.5
15.1
2.8
2.5
15.4
15.8
1.5
1.3
Maruti
Accumulate
5,312
6,006
160,474
68,057
82,958
15.8
15.5
212.1
261.2
25.1
20.3
5.0
4.1
19.8
20.3
2.0
1.6
Minda Industries
Neutral
299
-
2,374
2,728
3,042
9.0
9.1
68.2
86.2
4.4
3.5
1.0
0.8
23.8
24.3
0.9
0.8
Motherson Sumi
Neutral
327
-
45,863
45,896
53,687
7.8
8.3
13.0
16.1
25.1
20.3
8.1
6.4
34.7
35.4
1.1
0.9
Rane Brake Lining
Neutral
939
-
743
511
562
11.3
11.5
28.1
30.9
33.4
30.4
5.1
4.6
15.3
15.0
1.6
1.5
Setco Automotive
Neutral
36
-
484
741
837
13.0
13.0
15.2
17.0
2.4
2.1
0.4
0.4
15.8
16.3
1.0
0.9
Tata Motors
Neutral
471
-
135,915
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
363
-
17,260
13,390
15,948
6.9
7.1
12.8
16.5
28.5
22.0
7.1
5.6
26.3
27.2
1.3
1.1
Amara Raja Batteries
Buy
875
1,167
14,938
5,504
6,605
17.6
17.5
33.4
40.9
26.2
21.4
5.8
4.7
22.1
22.0
2.7
2.3
Exide Industries
Neutral
179
-
15,198
7,439
8,307
15.0
15.0
8.1
9.3
22.1
19.2
3.1
2.8
14.3
16.7
1.7
1.5
Apollo Tyres
Buy
185
235
9,432
12,877
14,504
14.3
13.9
21.4
23.0
8.7
8.1
1.3
1.2
16.4
15.2
0.9
0.8
Ceat
Buy
1,155
1,450
4,671
7,524
8,624
13.0
12.7
131.1
144.3
8.8
8.0
1.6
1.4
19.8
18.6
0.7
0.6
JK Tyres
Neutral
114
-
2,582
7,455
8,056
15.0
15.0
21.8
24.5
5.2
4.7
1.1
0.9
22.8
21.3
0.5
0.4
Swaraj Engines
Neutral
1,303
-
1,618
660
810
15.2
16.4
54.5
72.8
23.9
17.9
7.5
6.8
31.5
39.2
2.3
1.8
Subros
Neutral
162
-
974
1,488
1,681
11.7
11.9
6.4
7.2
25.4
22.7
2.7
2.4
10.8
11.4
0.9
0.8
Indag Rubber
Neutral
180
-
472
286
326
19.8
16.8
11.7
13.3
15.4
13.5
2.6
2.4
17.8
17.1
1.3
1.1
Capital Goods
ACE
Neutral
45
-
449
709
814
4.1
4.6
1.4
2.1
32.4
21.6
1.3
1.3
4.4
6.0
0.8
0.7
BEML
Neutral
986
-
4,105
3,451
4,055
6.3
9.2
31.4
57.9
31.4
17.0
1.9
1.7
6.3
10.9
1.3
1.1
Bharat Electronics
Neutral
1,368
-
30,548
8,137
9,169
16.8
17.2
58.7
62.5
23.3
21.9
3.6
3.2
44.6
46.3
2.7
2.5
Stock Watch
December 30, 2016
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
Voltas
Buy
329
407
10,875
6,511
7,514
7.9
8.7
12.9
16.3
25.5
20.2
4.6
4.0
16.7
18.5
1.4
1.2
BGR Energy
Neutral
111
-
799
16,567
33,848
6.0
5.6
7.8
5.9
14.2
18.8
0.8
0.8
4.7
4.2
0.2
0.1
BHEL
Neutral
119
-
29,126
28,797
34,742
-
2.8
2.3
6.9
51.7
17.3
0.9
0.9
1.3
4.8
0.7
0.4
Blue Star
Buy
466
634
4,450
4,283
5,077
5.9
7.3
14.9
22.1
31.3
21.1
6.1
5.1
20.4
26.4
1.1
0.9
Crompton Greaves
Neutral
58
-
3,657
5,777
6,120
5.9
7.0
3.3
4.5
17.7
13.0
0.8
0.7
4.4
5.9
0.6
0.5
Greaves Cotton
Neutral
119
-
2,901
1,755
1,881
16.8
16.9
7.8
8.5
15.2
14.0
3.1
2.8
20.6
20.9
1.3
1.2
Inox Wind
Neutral
181
-
4,020
5,605
6,267
15.7
16.4
24.8
30.0
7.3
6.0
2.0
1.5
25.9
24.4
0.8
0.6
KEC International
Neutral
140
-
3,590
9,294
10,186
7.9
8.1
9.9
11.9
14.1
11.7
2.1
1.8
15.6
16.3
0.6
0.6
Thermax
Neutral
752
-
8,959
5,421
5,940
7.3
7.3
25.7
30.2
29.3
24.9
3.5
3.2
12.2
13.1
1.5
1.4
VATech Wabag
Buy
469
681
2,557
3,136
3,845
8.9
9.1
26.0
35.9
18.0
13.1
2.3
1.9
13.4
15.9
0.7
0.6
Cement
ACC
Neutral
1,309
-
24,579
11,225
13,172
13.2
16.9
44.5
75.5
29.4
17.3
2.8
2.6
11.2
14.2
2.2
1.9
Ambuja Cements
Neutral
204
-
40,487
9,350
10,979
18.2
22.5
5.8
9.5
35.2
21.5
3.0
2.7
10.2
12.5
4.3
3.7
India Cements
Neutral
113
-
3,460
4,364
4,997
18.5
19.2
7.9
11.3
14.3
10.0
1.0
1.0
8.0
8.5
1.6
1.4
JK Cement
Neutral
680
-
4,751
4,398
5,173
15.5
17.5
31.2
55.5
21.8
12.2
2.6
2.3
12.0
15.5
1.6
1.3
J K Lakshmi Cement
Buy
352
565
4,140
2,913
3,412
14.5
19.5
7.5
22.5
46.9
15.6
2.9
2.4
12.5
18.0
2.0
1.7
Orient Cement
Buy
125
215
2,556
2,114
2,558
18.5
20.5
8.1
11.3
15.4
11.0
2.3
1.9
9.0
14.0
1.8
1.4
UltraTech Cement
Neutral
3,215
-
88,241
25,768
30,385
21.0
23.5
111.0
160.0
29.0
20.1
3.7
3.2
13.5
15.8
3.5
2.9
Construction
ITNL
Neutral
101
-
3,306
8,946
10,017
31.0
31.6
8.1
9.1
12.4
11.0
0.5
0.5
4.2
5.0
3.7
3.4
KNR Constructions
Neutral
171
-
2,403
1,385
1,673
14.7
14.0
41.2
48.5
4.2
3.5
0.8
0.7
14.9
15.2
1.8
1.5
Larsen & Toubro
Buy
1,341
1,634
125,105
111,017
124,908
11.0
11.0
61.1
66.7
22.0
20.1
2.6
2.4
13.1
12.9
2.2
2.0
Gujarat Pipavav Port
Neutral
129
-
6,222
705
788
52.2
51.7
5.0
5.6
25.7
23.0
2.5
2.3
11.2
11.2
8.5
7.1
Nagarjuna Const.
Neutral
80
-
4,447
8,842
9,775
9.1
8.8
5.3
6.4
15.1
12.5
1.2
1.1
8.2
9.1
0.7
0.6
PNC Infratech
Buy
105
143
2,691
2,350
2,904
13.1
13.2
9.0
8.8
11.7
11.9
0.4
0.4
15.9
13.9
1.3
1.0
Simplex Infra
Neutral
269
-
1,333
6,829
7,954
10.5
10.5
31.4
37.4
8.6
7.2
0.9
0.8
9.9
13.4
0.6
0.5
Power Mech Projects
Neutral
439
-
645
1,801
2,219
12.7
14.6
72.1
113.9
6.1
3.9
1.1
1.0
16.8
11.9
0.4
0.3
Sadbhav Engineering
Accumulate
275
298
4,716
3,598
4,140
10.3
10.6
9.0
11.9
30.5
23.1
3.2
2.8
9.9
11.9
1.6
1.4
NBCC
Neutral
236
-
14,160
7,428
9,549
7.9
8.6
8.2
11.0
28.8
21.5
1.4
1.1
28.2
28.7
1.6
1.2
MEP Infra
Neutral
36
-
588
1,877
1,943
30.6
29.8
3.0
4.2
12.1
8.6
5.8
3.9
0.6
0.6
1.7
1.5
SIPL
Neutral
93
-
3,274
1,036
1,252
65.5
66.2
(8.4)
(5.6)
3.5
4.0
(22.8)
(15.9)
11.4
9.5
Stock Watch
December 30, 2016
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
Engineers India
Neutral
336
-
11,333
1,725
1,935
16.0
19.1
11.4
13.9
29.5
24.2
4.1
3.9
13.4
15.3
5.5
4.9
Financials
Axis Bank
Buy
444
630
106,209
46,932
53,575
3.5
3.4
32.4
44.6
13.7
10.0
1.8
1.5
13.6
16.5
-
-
Bank of Baroda
Neutral
151
-
34,839
19,980
23,178
1.8
1.8
11.5
17.3
13.2
8.7
1.5
1.2
8.3
10.1
-
-
Canara Bank
Neutral
262
-
14,205
15,225
16,836
1.8
1.8
14.5
28.0
18.0
9.3
1.3
1.0
5.8
8.5
-
-
Dewan Housing Finance Buy
245
350
7,676
2,225
2,688
2.9
2.9
29.7
34.6
8.3
7.1
1.3
1.1
16.1
16.8
-
-
Equitas Holdings
Buy
143
235
4,784
939
1,281
11.7
11.5
5.8
8.2
24.6
17.4
2.1
1.9
10.9
11.5
-
-
Federal Bank
Neutral
66
-
11,425
9,353
10,623
2.9
2.9
4.4
5.8
15.1
11.5
1.4
1.3
9.5
11.0
-
-
HDFC
Neutral
1,256
-
199,071
11,475
13,450
3.4
3.4
45.3
52.5
27.7
23.9
5.3
4.7
20.2
20.5
-
-
HDFC Bank
Accumulate
1,201
1,350
306,730
46,097
55,433
4.5
4.5
58.4
68.0
20.6
17.7
3.6
3.0
18.8
18.6
-
-
ICICI Bank
Buy
251
315
146,182
42,800
44,686
3.1
3.3
18.0
21.9
14.0
11.5
1.9
1.8
11.1
12.3
-
-
Lakshmi Vilas Bank
Buy
142
174
2,549
3,339
3,799
2.7
2.8
11.0
14.0
12.9
10.2
1.3
1.2
11.2
12.7
-
-
LIC Housing Finance
Accumulate
556
630
28,054
3,712
4,293
2.6
2.5
39.0
46.0
14.3
12.1
2.7
2.3
19.9
20.1
-
-
Punjab Natl.Bank
Neutral
113
-
24,110
23,532
23,595
2.3
2.4
6.8
12.6
16.7
9.0
2.6
1.8
3.3
6.5
-
-
RBL Bank
Neutral
332
-
12,265
1,783
2,309
2.6
2.6
12.7
16.4
26.1
20.2
2.9
2.5
12.8
13.3
-
-
South Ind.Bank
Neutral
19
-
2,622
6,435
7,578
2.5
2.5
2.7
3.1
7.2
6.3
0.9
0.8
10.1
11.2
-
-
St Bk of India
Neutral
248
-
192,168
88,650
98,335
2.6
2.6
13.5
18.8
18.3
13.2
1.7
1.5
7.0
8.5
-
-
Union Bank
Neutral
123
-
8,438
13,450
14,925
2.3
2.3
25.5
34.5
4.8
3.6
0.7
0.6
7.5
10.2
-
-
Yes Bank
Neutral
1,149
-
48,589
8,978
11,281
3.3
3.4
74.0
90.0
15.5
12.8
3.0
2.5
17.0
17.2
-
-
FMCG
Asian Paints
Neutral
881
-
84,534
17,128
18,978
16.8
16.4
19.1
20.7
46.1
42.6
16.1
15.1
34.8
35.5
4.9
4.4
Britannia
Buy
2,879
3,626
34,545
9,594
11,011
14.6
14.9
80.3
94.0
35.9
30.6
14.7
11.4
41.2
-
3.5
3.0
Colgate
Accumulate
893
995
24,283
4,605
5,149
23.4
23.4
23.8
26.9
37.5
33.2
20.8
16.2
64.8
66.8
5.2
4.6
Dabur India
Accumulate
275
304
48,354
8,315
9,405
19.8
20.7
8.1
9.2
33.9
29.8
9.4
7.8
31.6
31.0
5.5
4.8
GlaxoSmith Con*
Neutral
5,014
-
21,087
4,350
4,823
21.2
21.4
179.2
196.5
28.0
25.5
7.4
6.3
27.1
26.8
4.2
3.7
Godrej Consumer
Neutral
1,486
-
50,596
10,235
11,428
18.4
18.6
41.1
44.2
36.1
33.6
8.0
6.8
24.9
24.8
5.0
4.4
HUL
Neutral
817
-
176,919
35,252
38,495
17.8
17.8
20.7
22.4
39.6
36.5
37.8
32.5
95.6
88.9
4.9
4.4
ITC
Buy
236
284
285,458
40,059
44,439
38.3
39.2
9.0
10.1
26.2
23.2
7.3
6.4
27.8
27.5
6.6
6.0
Marico
Buy
251
300
32,360
6,430
7,349
18.8
19.5
6.4
7.7
39.2
32.6
11.8
10.0
33.2
32.5
4.8
4.2
Nestle*
Neutral
5,967
-
57,533
10,073
11,807
20.7
21.5
124.8
154.2
47.8
38.7
19.6
17.7
34.8
36.7
5.5
4.7
Tata Global
Neutral
121
-
7,643
8,675
9,088
9.8
9.8
7.4
8.2
16.4
14.8
1.9
1.8
7.9
8.1
0.8
0.7
Stock Watch
December 30, 2016
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
Procter & Gamble
Neutral
7,157
-
23,233
2,939
3,342
23.2
23.0
146.2
163.7
49.0
43.7
109.6
105.1
25.3
23.5
7.4
6.5
Hygiene
IT
HCL Tech^
Buy
820
1,000
115,658
49,242
57,168
20.5
20.5
55.7
64.1
14.7
12.8
3.0
2.3
20.3
17.9
2.2
1.8
Infosys
Buy
994
1,249
228,339
68,350
77,326
27.0
27.0
62.5
69.4
15.9
14.3
3.4
3.1
21.3
21.6
2.8
2.4
TCS
Accumulate
2,351
2,620
463,198
119,025
133,308
27.6
27.6
131.2
145.5
17.9
16.2
5.8
5.3
32.4
33.1
3.7
3.2
Tech Mahindra
Buy
482
600
46,919
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
Buy
472
590
114,786
55,440
60,430
18.1
18.1
35.9
39.9
13.2
11.8
2.4
2.2
19.0
19.3
1.8
1.6
Media
D B Corp
Neutral
359
-
6,598
2,297
2,590
27.4
28.2
21.0
23.4
17.1
15.3
4.0
3.5
23.7
23.1
2.7
2.3
HT Media
Neutral
72
-
1,680
2,693
2,991
12.6
12.9
7.9
9.0
9.1
8.0
0.8
0.7
7.8
8.3
0.2
0.1
Jagran Prakashan
Buy
174
225
5,672
2,355
2,635
28.0
28.0
10.8
12.5
16.1
13.9
3.5
3.0
21.7
21.7
2.4
2.1
Sun TV Network
Neutral
488
-
19,241
2,850
3,265
70.1
71.0
26.2
30.4
18.6
16.1
4.8
4.2
24.3
25.6
6.3
5.4
Hindustan Media
Neutral
264
-
1,936
1,016
1,138
24.3
25.2
27.3
30.1
9.7
8.8
1.8
1.6
16.2
15.8
1.2
1.1
Ventures
TV Today Network
Buy
262
385
1,565
637
743
27.5
27.5
18.4
21.4
14.3
12.3
2.5
2.1
17.4
17.2
2.1
1.7
Metals & Mining
Coal India
Neutral
298
-
185,136
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
256
-
108,337
14,252
18,465
55.9
48.3
15.8
21.5
16.2
11.9
2.6
2.3
17.0
20.7
7.6
5.9
Hindalco
Neutral
155
-
31,984
107,899
112,095
7.4
8.2
9.2
13.0
16.8
11.9
0.8
0.8
4.8
6.6
0.8
0.8
JSW Steel
Neutral
1,598
-
38,634
53,201
58,779
16.1
16.2
130.6
153.7
12.2
10.4
1.7
1.4
14.0
14.4
1.5
1.3
NMDC
Neutral
123
-
39,011
6,643
7,284
44.4
47.7
7.1
7.7
17.4
16.0
1.5
1.5
8.8
9.2
3.6
3.3
SAIL
Neutral
49
-
20,341
47,528
53,738
(0.7)
2.1
(1.9)
2.6
18.9
0.5
0.5
(1.6)
3.9
1.3
1.2
Vedanta
Neutral
217
-
64,334
71,744
81,944
19.2
21.7
13.4
20.1
16.2
10.8
1.4
1.2
8.4
11.3
1.3
1.0
Tata Steel
Neutral
392
-
38,115
121,374
121,856
7.2
8.4
18.6
34.3
21.1
11.4
1.3
1.2
6.1
10.1
1.0
0.9
Oil & Gas
Cairn India
Neutral
242
-
45,424
9,127
10,632
4.3
20.6
8.8
11.7
27.5
20.7
0.9
0.9
3.3
4.2
6.4
5.4
GAIL
Neutral
425
-
53,898
56,220
65,198
9.3
10.1
27.1
33.3
15.7
12.8
1.4
1.3
9.3
10.7
1.1
1.0
ONGC
Neutral
192
-
245,821
137,222
152,563
15.0
21.8
19.5
24.1
9.8
8.0
0.8
0.8
8.5
10.1
2.1
1.9
Indian Oil Corp
Neutral
323
-
156,821
373,359
428,656
5.9
5.5
54.0
59.3
6.0
5.5
0.9
0.8
16.0
15.6
0.6
0.5
Reliance Industries
Neutral
1,065
-
345,426
301,963
358,039
12.1
12.6
87.7
101.7
12.1
10.5
1.2
1.1
10.7
11.3
1.6
1.3
Pharmaceuticals
Alembic Pharma
Neutral
602
-
11,343
3,483
4,083
20.2
21.4
24.3
30.4
24.8
19.8
5.6
4.5
25.5
25.3
3.2
2.6
Alkem Laboratories Ltd
Buy
1,628
1,989
19,463
6,043
6,893
18.7
19.3
80.5
88.8
20.2
18.3
4.5
3.7
22.3
20.3
3.2
2.7
Aurobindo Pharma
Buy
648
877
37,922
15,720
18,078
23.7
23.7
41.4
47.3
15.7
13.7
4.1
3.2
29.6
26.1
2.6
2.3
Sanofi India*
Neutral
4,305
-
9,915
2,277
2,597
17.3
18.3
149.4
172.0
28.8
25.0
4.8
3.9
25.1
28.8
4.0
3.3
Stock Watch
December 30, 2016
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
Pharmaceuticals
Cadila Healthcare
Accumulate
351
400
35,944
10,429
12,318
22.6
22.0
16.9
19.2
20.8
18.3
5.3
4.3
28.5
25.7
3.4
2.8
Cipla
Reduce
564
490
45,392
15,378
18,089
17.4
18.4
21.6
27.2
26.1
20.8
3.4
2.9
13.7
15.2
3.2
2.6
Dr Reddy's
Neutral
3,066
-
50,791
16,043
18,119
20.8
22.4
112.4
142.9
27.3
21.5
3.6
3.2
14.1
15.9
3.1
2.8
Dishman Pharma
Neutral
210
-
3,387
1,718
1,890
22.7
22.8
9.5
11.3
22.1
18.6
2.1
1.9
10.1
10.9
2.4
2.1
GSK Pharma*
Neutral
2,720
-
23,038
3,000
3,312
15.4
20.6
46.5
60.8
58.5
44.7
14.1
14.0
26.3
30.6
7.4
6.8
Indoco Remedies
Reduce
263
240
2,419
1,112
1,289
16.2
18.2
11.6
16.0
22.6
16.4
3.6
3.0
17.0
20.1
2.3
1.9
Ipca labs
Buy
531
613
6,697
3,303
3,799
15.3
15.3
17.3
19.7
30.7
26.9
2.7
2.4
9.1
9.4
2.2
1.9
Lupin
Buy
1,466
1,809
66,190
15,912
18,644
26.4
26.7
58.1
69.3
25.2
21.2
4.9
4.0
21.4
20.9
4.2
3.5
Sun Pharma
Buy
614
847
147,276
31,129
35,258
32.0
32.9
30.2
35.3
20.3
17.4
3.3
2.7
20.0
20.1
4.3
3.6
Power
Tata Power
Neutral
75
-
20,325
36,916
39,557
17.4
27.1
5.1
6.3
14.7
11.9
1.3
1.2
9.0
10.3
1.6
1.4
NTPC
Neutral
164
-
134,813
86,605
95,545
17.5
20.8
11.8
13.4
13.9
12.2
1.4
1.3
10.5
11.1
2.9
2.9
Power Grid
Buy
180
223
93,959
25,315
29,193
88.2
88.7
14.2
17.2
12.7
10.5
1.9
1.7
15.2
16.1
8.4
7.5
Real Estate
MLIFE
Buy
357
522
1,464
1,152
1,300
22.7
24.6
29.9
35.8
11.9
10.0
0.9
0.8
7.6
8.6
2.0
1.7
Telecom
Bharti Airtel
Neutral
303
-
121,161
105,086
114,808
34.5
34.7
12.2
16.4
24.8
18.5
1.7
1.6
6.8
8.4
2.1
1.8
Idea Cellular
Neutral
73
-
26,218
40,133
43,731
37.2
37.1
6.4
6.5
11.4
11.2
1.0
0.9
8.2
7.6
1.7
1.4
zOthers
Abbott India
Neutral
4,631
-
9,840
3,153
3,583
14.1
14.4
152.2
182.7
30.4
25.4
149.4
127.6
25.6
26.1
2.8
2.4
Bajaj Electricals
Buy
212
274
2,146
4,801
5,351
5.7
6.2
10.4
13.7
20.4
15.5
2.5
2.2
12.4
14.5
0.4
0.4
Finolex Cables
Neutral
414
-
6,331
2,883
3,115
12.0
12.1
14.2
18.6
29.2
22.3
15.5
13.6
15.8
14.6
1.9
1.7
Goodyear India*
Neutral
657
-
1,515
1,598
1,704
10.4
10.2
49.4
52.6
13.3
12.5
61.4
53.8
18.2
17.0
0.6
86.7
Hitachi
Neutral
1,387
-
3,772
2,081
2,433
8.8
8.9
33.4
39.9
41.5
34.8
33.5
27.9
22.1
21.4
1.8
1.5
Jyothy Laboratories
Neutral
328
-
5,960
1,440
2,052
11.5
13.0
8.5
10.0
38.6
32.8
9.4
8.7
18.6
19.3
4.4
3.1
Page Industries
Neutral
13,731
-
15,316
2,450
3,124
20.1
17.6
299.0
310.0
45.9
44.3
305.8
233.5
47.1
87.5
6.3
5.0
Relaxo Footwears
Neutral
408
-
4,906
2,085
2,469
9.2
8.2
7.6
8.0
54.0
51.4
20.9
17.9
17.9
18.8
2.4
2.1
Siyaram Silk Mills
Accumulate
1,231
1,605
1,154
1,733
1,948
11.6
11.7
96.6
114.7
12.7
10.7
2.0
1.7
15.3
15.7
0.9
0.8
Styrolution ABS India*
Neutral
580
-
1,021
1,440
1,537
9.2
9.0
40.6
42.6
14.3
13.6
36.5
33.2
12.3
11.6
0.7
0.6
TVS Srichakra
Neutral
3,221
-
2,466
2,304
2,614
13.7
13.8
231.1
266.6
13.9
12.1
361.9
285.0
33.9
29.3
1.1
0.9
HSIL
Neutral
275
-
1,987
2,384
2,515
15.8
16.3
15.3
19.4
18.0
14.2
17.9
15.4
7.8
9.3
1.0
0.9
Kirloskar Engines India
Neutral
325
-
4,699
2,554
2,800
9.9
10.0
10.5
12.1
31.0
26.9
13.0
12.2
10.7
11.7
1.5
1.3
Ltd
M M Forgings
Neutral
436
-
526
546
608
20.4
20.7
41.3
48.7
10.6
8.9
59.7
52.8
16.6
17.0
0.8
0.7
Stock Watch
December 30, 2016
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
Banco Products (India) Neutral
183
-
1,311
1,353
1,471
12.3
12.4
14.5
16.3
12.6
11.3
17.5
15.7
14.5
14.6
0.9
97.2
Competent Automobiles Neutral
155
-
95
1,137
1,256
3.1
2.7
28.0
23.6
5.5
6.6
29.8
26.9
14.3
11.5
0.1
0.1
Nilkamal
Neutral
1,262
-
1,883
1,995
2,165
10.7
10.4
69.8
80.6
18.1
15.7
72.1
62.6
16.6
16.5
0.9
0.8
Visaka Industries
Neutral
178
-
283
1,051
1,138
10.3
10.4
21.0
23.1
8.5
7.7
22.8
21.4
9.0
9.2
0.5
0.5
Transport Corporation of
Neutral
149
-
1,138
2,671
2,911
8.5
8.8
13.9
15.7
10.7
9.5
1.5
1.3
13.7
13.8
0.5
0.5
India
Elecon Engineering
Neutral
58
-
645
1,482
1,660
13.7
14.5
3.9
5.8
14.7
9.9
3.5
3.2
7.8
10.9
0.8
0.7
Surya Roshni
Neutral
174
-
761
3,342
3,625
7.8
7.5
17.3
19.8
10.1
8.8
19.1
15.3
10.5
10.8
0.5
0.4
MT Educare
Neutral
118
-
470
366
417
17.7
18.2
9.4
10.8
12.6
10.9
2.8
2.4
22.2
22.3
1.2
1.0
Radico Khaitan
Buy
110
147
1,469
1,667
1,824
13.0
13.2
6.7
8.2
16.6
13.5
1.5
1.4
9.0
10.2
1.3
1.1
Garware Wall Ropes
Neutral
605
-
1,324
873
938
14.3
14.3
35.2
37.5
17.2
16.2
3.0
2.6
17.5
15.9
1.4
1.3
Wonderla Holidays
Neutral
344
-
1,941
287
355
38.0
40.0
11.3
14.2
30.4
24.2
4.4
3.8
21.4
23.9
6.4
5.2
Linc Pen & Plastics
Neutral
235
-
348
382
420
9.3
9.5
13.5
15.7
17.5
15.0
3.0
2.6
17.1
17.3
1.0
0.9
The Byke Hospitality
Neutral
166
-
664
287
384
20.5
20.5
7.6
10.7
21.8
15.5
4.6
3.7
20.7
23.5
2.3
1.7
Interglobe Aviation
Neutral
816
-
29,480
21,122
26,005
14.5
27.6
110.7
132.1
7.4
6.2
44.1
31.5
168.5
201.1
1.4
1.1
Coffee Day Enterprises
Neutral
199
-
4,096
2,964
3,260
20.5
21.2
4.7
8.0
-
24.9
2.3
2.1
5.5
8.5
1.8
1.6
Ltd
Navneet Education
Neutral
109
-
2,601
1,062
1,147
24.0
24.0
6.1
6.6
17.9
16.5
3.7
3.3
20.6
19.8
2.5
2.3
Navkar Corporation
Buy
162
265
2,307
369
561
42.9
42.3
7.2
11.5
22.4
14.0
1.7
1.5
7.4
10.5
7.3
4.8
UFO Moviez
Neutral
402
-
1,108
619
685
33.2
33.4
30.0
34.9
13.4
11.5
1.9
1.6
13.8
13.9
1.5
1.2
VRL Logistics
Neutral
259
-
2,365
1,902
2,119
16.7
16.6
14.6
16.8
17.8
15.4
3.9
3.4
21.9
22.2
1.4
1.2
Team Lease Serv.
Neutral
883
-
1,509
3,229
4,001
1.5
1.8
22.8
32.8
38.8
26.9
4.2
3.6
10.7
13.4
0.4
0.3
S H Kelkar & Co.
Neutral
304
-
4,402
1,036
1,160
15.1
15.0
6.1
7.2
49.8
42.4
5.3
4.9
10.7
11.5
4.1
3.6
Quick Heal
Neutral
250
-
1,751
408
495
27.3
27.0
7.7
8.8
32.3
28.4
3.0
3.0
9.3
10.6
3.4
2.8
Narayana Hrudaya
Neutral
335
-
6,847
1,873
2,166
11.5
11.7
2.6
4.0
126.7
84.5
7.8
7.0
6.1
8.3
3.8
3.2
Manpasand Bever.
Neutral
523
-
2,993
836
1,087
19.6
19.4
16.9
23.8
31.0
22.0
3.7
3.2
12.0
14.8
3.3
2.5
Parag Milk Foods
Neutral
257
-
2,164
1,919
2,231
9.3
9.6
9.5
12.9
27.2
19.9
4.2
3.5
15.5
17.5
1.3
1.1
Mirza International
Buy
86
107
1,029
987
1,106
18.0
18.0
6.5
7.6
13.1
11.2
2.1
1.8
15.9
15.7
1.2
1.1
Asian Granito
Buy
212
351
638
1,071
1,182
12.1
12.4
12.7
16.0
16.7
13.3
1.6
1.4
9.5
10.7
0.9
0.8
Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on December 29, 2016
Market Outlook
December 30, 2016
Research Team Tel: 022 - 39357800
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