Market Outlook
Aug 31, 2018
Market Cues
Domestic Indices
Chg (%)
(Pts)
(Close)
Indian markets are likely to open negative tracking global indices and SGX Nifty.
BSE Sensex
(0.1)
(33)
38,690
U.S. stocks fluctuated over the course of the trading session on Thursday before
Nifty
(0.1)
(15)
11,677
ending the day mostly lower. With the drop on the day, the Nasdaq and the S&P
Mid Cap
0.4
72
16,823
500 pulled back off the record closing highs set in the previous session. The Dow
Small Cap
0.3
47
17,100
Jones fell by 0.5% to 25,986 and the Nasdaq dipped by 0.3% to 8,088.
Bankex
(0.4)
(123)
31,794
UK stocks fell yesterday to extend losses from the previous session as renewed
concerns that China's growth is slowing and Brexit fears kept investors nervous.
The
Global Indices
Chg (%)
(Pts)
(Close)
British pound slipped against the dollar and is heading for a fifth monthly loss after
the European Union's chief negotiator Michel Barnier warned the block must be
Dow Jones
(0.5)
(138)
25,986
prepared for a disorderly exit by the U.K. The FTSE 100 slid 0.6% to 7,518
Nasdaq
(0.3)
(21)
8,088
FTSE
(0.6)
(44)
7,518
On domestic front, Indian stocks fell slightly on Thursday as concerns over rising oil
prices and a weakening rupee kept the underlying mood cautious on eve of
Nikkei
0.1
21
22,870
derivatives expiry.
Sentiment was also dented after the RBI warned in its annual
Hang Seng
(0.9)
(252)
28,164
report released on Wednesday that headline inflation is likely to face upside risks
Shanghai Com
(1.1)
(32)
2,738
over the rest of the financial year ending March 2019 and need close monitoring.
The BSE Sensex dipped by 0.1% to 38,690.
Advances / Declines
BSE
NSE
Advances
1,448
845
Declines
1,290
953
News Analysis
Unchanged
161
93
JSW Energy ups offer for Prayagraj Power a day after Tata Power JV gets LoI
TTK Prestige - Target Price raised to `8,200
Volumes (` Cr)
Detailed analysis on Pg2
BSE
2,798
NSE
40,792
Investor’s Ready Reckoner
Key Domestic & Global Indicators
Net Inflows (` Cr)
Net
Mtd
Ytd
Stock Watch: Latest investment recommendations on 150+ stocks
FII
(49)
1,476
-1,934
Refer Pg5 onwards
*MFs
(151)
3,808
76,330
Top Picks
CMP
Target
Upside
Company
Sector
Rating
Top Gainers
Price (`)
Chg (%)
(`)
(`)
(%)
Blue Star
Capital Goods
Buy
676
867
28.3
BOSCHLTD
22016
9.9
Dewan Housing Finance
Financials
Accumulate
665
720
8.2
GREAVESCOT
158
7.8
Parag Milk Foods
Others
Buy
298
410
37.6
TATASTEELPP
161
7.7
Bata India
Others
Accumulate
1,087
1,243
14.3
DENABANK
18
7.0
KEI Industries
Capital Goods
Buy
414
589
42.1
More Top Picks on Pg4
SREINFRA
54
6.6
Key Upcoming Events
Top Losers
Price (`)
Chg (%)
Previous
Consensus
Date
Region
Event Description
ReadingExpectations
KWALITY
21
-5.0
Aug 31, 2018 China
PMI Manufacturing
51.20
51.00
UFLEX
307
-4.8
Sep 03, 2018 Germany PMI Services
55.20
QUESS
1011
-3.8
Sep 03, 2018 Germany PMI Manufacturing
56.10
HDIL
30
-3.8
Sep 03, 2018 UK
PMI Manufacturing
54.00
Sep 05, 2018 Euro Zone Euro-Zone GDP s.a. (QoQ)
0.40
SPICEJET
78
-3.8
More Events on Pg7
As on Aug 30, 2018
Market Outlook
Aug 31, 2018
News Analysis
JSW Energy ups offer for Prayagraj Power a day after Tata Power JV
gets LoI
Sajjan Jindal's JSW Group is doing an encore in power with Prayagraj
Power Generation Company (PPGCL) against the Tatas as it has done in steel with
Bhushan Power & Steel. A day after Tata Power said the lenders to PPGCL had
issued a letter of intent (LoI) to Resurgent Power Ventures Pte for a 75.01 per cent
stake, JSW Energy wrote to the lead lender, SBI, revising its offer. The new offer
entails an upfront payment upwards of Rs 60 billion, factoring in tax liabilities and
15 per cent equity to the lenders. JSW’s letter was sent Thursday evening, said
sources close to the development.
Resurgent Power is a joint venture based out of Singapore in which Tata
Power holds a 26 per cent stake through its wholly owned Singapore-based
subsidiary, while the balance 74 per cent is owned by ICICI Venture and others.
Resurgent Power and JSW Energy were in the fray for the stressed power asset. The
upfront payment offered by the two companies was understood to be the same at
Rs 60 billion. JSW's revised offer, however, is upwards of Rs 60 billion, besides
including more equity for the lenders and factoring in tax concerns. The latter two
parameters had helped the Tata Power JV score over JSW. The letter also mentions
that, if required, JSW is open to revising its offer further and will discuss the same
with the lenders. The total outstanding debt of the company, formerly promoted by
Jaiprakash Associates, was understood to be Rs 110 billion. PPGCL is a 3X660MW
coal-based power project in UP.
TTK Prestige - Target Price raised to `8,200
The stock has reported a 16% rise since our initiation on 17th August 2018. In
view of positive demand outlook especially rural, we are increasing our target
price to Rs 8200 at 38x FY2020 earnings.
Economic and Political News
Crude oil prices may rise further in 2018, remain above $75 a barrel: IEA
NDMC eases norms to spice up auction process of the iconic Taj Mansingh
Home, personal loans drive household debt to 4% of GNDI, highest in 7 yrs
Aviation ministry seeks sops from FinMin to boost distressed sector
Corporate News
Income Tax dept asks Walmart to pay Flipkart deal tax by September 7
Bankruptcy court admits insolvency plea against Lavasa Corp
New insurance rule to raise on-road price of cars, two-wheelers, hit sales
ICICI Bank votes for Kochhar's reappointment to ICICI Securities board
RBI approves re-appointment of Rana Kapoor as Yes Bank CEO
Market Outlook
Aug 31, 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
6,511
676
867
28.3
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
20,879
665
720
8.2
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
2,21,588
344
416
20.8
resolution of NPA would reduce provision cost,
which would help to report better ROE.
High order book execution in EPC segment, rising
KEI Industries
3,248
414
589
42.1
B2C sales and higher exports to boost the
revenues and profitability
Expected to benefit from the lower capex
Music Broadcast Limited
1,883
330
475
43.9
requirement and 15 year long radio broadcast
licensing.
Strong brands and distribution network would
Siyaram Silk Mills
2,619
559
851
52.3
boost growth going ahead. Stock currently trades
at an inexpensive valuation.
GST regime and the Gujarat plant are expected to
Maruti Suzuki
2,78,288
9,212
10,820
17.5
improve the company’s sales volume and
margins, respectively.
We expect loan book to grow at 24.3% over next
GIC Housing
1,858
345
591
71.3
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
2,011
902
1,071
18.7
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
31,490
143
218
52.4
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
2,507
298
410
37.6
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
5,61,219
2,067
2,350
13.7
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 31, 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
1,22,200
983
1,050
6.8
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
3,021
961
1,230
28.0
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
13,974
1,087
1,243
14.3
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
1,341
1,764
31.5
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
222
327
47.3
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
1,125
1,287
14.4
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
690
780
13.1
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
361
435
20.4
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
626
690
10.2
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
7,235
8,200
13.3
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 31, 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
97
127
32.2
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
130
156
20.1
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
452
560
23.8
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 31, 2018
Fundamental Call
Market Cap
CMP
Target
Upside
Company
Rationale
(` Cr)
(`)
(`)
(%)
CCL is likely to maintain the strong growth
CCL Products
3,574
269
360
34.0
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
2,982
1,998
2,178
9.0
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
1,641
2,070
2,500
20.8
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
2,511
205
333
62.6
~`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
36,726
184
210
14.2
ROE of 18% by 2020 and recent capital infusion of
`3000cr would support advance growth.
Market Outlook
Aug 31, 2018
Key Upcoming Events
Global economic events release calendar
Bloomberg Data
Date
Time Country
Event Description
Unit
Period
Last Reported
Estimated
Aug 31, 2018
6:30 AMChina
PMI Manufacturing
Value
Aug
51.20
51.00
Sep 03, 2018
1:25 PMGermany
PMI Services
Value
Aug F
55.20
1:25 PMGermany
PMI Manufacturing
Value
Aug F
56.10
Sep 05, 2018
2:00 PMUK
PMI Manufacturing
Value
Aug
54.00
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
192.00
6:00 PMUS
Unnemployment rate
%
Aug
3.90
3.80
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
2:00 PMUK
Jobless claims change
% Change
Aug
6.20
Sep 12, 2018
India
Imports YoY%
% Change
Aug
28.81
India
Exports YoY%
% Change
Aug
14.32
US
Producer Price Index (mom)
% Change
Aug
0.20
5:30 PMIndia
Industrial Production YoY
% Change
Jul
7.00
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
12:00 PMIndia
Monthly Wholesale Prices YoY%
% Change
Aug
5.09
6:45 PMUS
Industrial Production
%
Aug
0.11
Sep 17, 2018
2:30 PMEuro Zone
Euro-Zone CPI (YoY)
%
Aug F
2.10
Sep 19, 2018
6:00 PMUS
Housing Starts
Thousands
Aug
1,168.00
2:00 PMUK
CPI (YoY)
% Change
Aug
2.50
Source: Bloomberg, Angel Research
Market Outlook
Aug 31, 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 31, 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
Market Outlook
Aug 31, 2018
Exhibit 4: Relative performance of indices across globe
Returns (%)
Country
Name of index
Closing price
1M
3M
1YR
Brazil
Bovespa
78,389
(2.4)
3.0
12.0
Russia
Micex
4,274
1.4
7.1
11.4
India
Nifty
11,692
3.5
10.0
19.2
China
Shanghai Composite
2,769
(4.8)
(11.6)
(16.8)
South Africa
Top 40
54,031
4.6
7.6
7.9
Mexico
Mexbol
50,187
1.0
12.4
(2.2)
Indonesia
LQ45
963
0.6
2.8
(1.0)
Malaysia
KLCI
1,821
2.9
2.5
2.5
Thailand
SET 50
1,142
1.1
(0.2)
13.6
USA
Dow Jones
26,125
3.2
5.9
19.3
UK
FTSE
7,563
(1.8)
(1.6)
1.8
Japan
Nikkei
22,848
1.3
3.8
17.6
Germany
DAX
12,562
(2.3)
(1.7)
3.7
France
CAC
5,501
(0.4)
0.4
7.9
Source: Bloomberg, Angel Research as on 30 August, 2018
Market Outlook
Aug 31, 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
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
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)
Market Outlook
Aug 31, 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)
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 31, 2018
Research Team Tel: 022 - 39357800
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