Market Outlook
September 06, 2018
Market Cues
Domestic Indices
Chg (%)
(Pts)
(Close)
Indian markets are likely to open positive tracking global indices and SGX Nifty.
BSE Sensex
(0.4)
(140)
38,018
U.S. stocks saw some further downside during trading on Wednesday. The tech-
Nifty
(0.4)
(43)
11,477
heavy Nasdaq showed a particularly steep drop, although the Dow managed to
Mid Cap
(0.6)
(100)
16,267
close slightly higher. The Dow Jones inched up 0.1 percent to 25,974 and the
Small Cap
(0.5)
(87)
16,728
Nasdaq tumbled 1.2 percent to 7,995.
Bankex
(0.1)
(21)
30,911
UK stocks followed global peers lower on Wednesday as increased trade tensions
between the U.S. and its key partners as well as the spreading selloff in emerging
Global Indices
Chg (%)
(Pts)
(Close)
market currencies dented investors' appetite for risk. The FTSE 100 was down 0.51
percent at 7,419.
Dow Jones
0.1
22
74
Nasdaq
(1.2)
(96)
7,995
On domestic front, Indian stocks closed lower for the sixth straight session as a
FTSE
(0.6)
(38)
7,419
falling rupee, disappointing service sector data and weak global cues on concerns
about international trade conflicts and rising inflation in emerging markets kept
Nikkei
(0.5)
(116)
22,581
investors' risk appetite in check. The BSE Sensex dipped by 0.4% to 38,018.
Hang Seng
(2.6)
(729)
27,244
Shanghai Com
(1.7)
(46)
2,704
News Analysis
Advances / Declines
BSE
NSE
NDA govt to buy 18 Shinkansen bullet trains from Japan for Rs 70bn
Advances
991
885
Declines
1,793
966
HCL Technologies aims to overtake Infosys in revenue over the next 5 years
Unchanged
166
85
Detailed analysis on Pg2
Investor’s Ready Reckoner
Volumes (` Cr)
Key Domestic & Global Indicators
BSE
3,279
Stock Watch: Latest investment recommendations on 150+ stocks
NSE
37,074
Refer Pg5 onwards
Net Inflows (` Cr)
Net
Mtd
Ytd
Top Picks
FII
(49)
1,476
-1,934
CMP
Target
Upside
Company
Sector
Rating
(`)
(`)
(%)
*MFs
(151)
3,808
76,330
Blue Star
Capital Goods
Buy
686
867
26.5
Dewan Housing Finance
Financials
Accumulate
647
720
11.4
Top Gainers
Price (`)
Chg (%)
Parag Milk Foods
Others
Buy
290
410
41.2
Bata India
Others
Buy
1,057
1,243
18.0
MUTHOOTFIN
437
9.4
KEI Industries
Capital Goods
Buy
420
589
40.3
ADVENZYMES
224
8.4
More Top Picks on Pg4
APLLTD
638
5.7
Key Upcoming Events
RELINFRA
478
5.5
Previous
Consensus
Date
Region
Event Description
CYIENT
769
5.3
ReadingExpectations
Sep 06, 2018 Euro Zone Euro-Zone GDP s.a. (QoQ)
0.40
0.40
Top Losers
Price (`)
Chg (%)
Sep 07, 2018 US
Initial Jobless claims
213.00
212.50
Sep 07, 2018 US
Change in Nonfarm payrolls
157.00
195.00
BEL
95
-13.3
Sep 07, 2018 UK
Industrial Production (YoY)
1.10
SHANKARA
1453
-6.7
Sep 08, 2018 US
Unnemployment rate
3.90
3.80
More Events on Pg7
ENGINERSIN
125
-5.8
VIPIND
571
-4.8
CROMPTON
223
-4.8
As on Sept 05, 2018
Market Outlook
September 06, 2018
News Analysis
NDA govt to buy 18 Shinkansen bullet trains from Japan for Rs 70bn
India is planning to buy 18 bullet trains from Japan for about Rs 70 billion in a
deal, which includes transfer technology for local production. "We’ll buy
18 Shinkansen train sets from Japan,” an official told Economics Times, adding
that each train will have 10 coaches and would be able to cruise at the speed of
350 km per hour. According to the report, the government will soon float a tender
to procure high-speed trains in which Japanese manufacturers will participate to
set up bullet trains assembly units in India in line with designs similar to that of
Japan Railways. Meanwhile, the first bullet train in India is being planned to run
from Surat to Billimora in Gujarat in
2022 before the complete targetted
commissioning of the 508-km corridor in 2023. The train will complete the 50-km
stretch in about 15 minutes. Modi-led NDA government wanted to run the first
bullet train by August 15, 2022.
HCL Technologies aims to overtake Infosys in revenue over the next 5
years
largest information technology (IT) services entity, in revenue over the next five
years or to at least come close on this measure. Acquisitions and intellectual
property (IP) partnerships would drive most of the incremental growth. At the end
of FY18, the revenue gap between Infosys and HCL was $3.1 billion. In the past
five years, HCL revenue grew at a CAGR of 11.5 per cent as compared to Infosys’
6 per cent. At this rate, the Shiv Nadar-led entity is expected to see a turnover of
around $13.5 billion in five years; Infosys' might be $15 billion.
Economic and Political News
Government makes Jan Dhan Yojana scheme open-ended with more
Corporate News
Market Outlook
September 06, 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
6,603
686
867
26.5
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
20,287
647
720
11.4
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
212,290
330
416
26.1
resolution of NPA would reduce provision cost,
which would help to report better ROE.
High order book execution in EPC segment, rising
KEI Industries
3,290
420
589
40.3
B2C sales and higher exports to boost the
revenues and profitability
Expected to benefit from the lower capex
Music Broadcast Limited
1,797
315
475
50.8
requirement and 15 year long radio broadcast
licensing.
Strong brands and distribution network would
Siyaram Silk Mills
2,497
533
851
59.8
boost growth going ahead. Stock currently trades
at an inexpensive valuation.
GST regime and the Gujarat plant are expected to
Maruti Suzuki
268,576
8,891
10,820
21.7
improve the company’s sales volume and
margins, respectively.
We expect loan book to grow at 24.3% over next
GIC Housing
1,769
329
591
79.9
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
1,980
888
1,071
20.6
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
29,916
136
218
60.4
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
2,443
290
410
41.2
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
5,54,974
2,044
2,350
14.9
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
September 06, 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
1,16,368
933
1,050
12.0
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
3,000
940
1,230
31.0
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
13,340
1,059
1,243
17.4
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
29,252
1,263
1,764
40.0
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
20,367
211
327
55.7
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
1,687
1,119
1,287
15.0
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
39,750
698
780
12.0
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
77,114
344
435
26.0
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
25,649
593
690
16.2
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
7,877
6,900
8,200
18.8
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
September 06, 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
2,153
97
127
31.0
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
37,574
128
156
21.9
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
2,641
440
560
27.4
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
September 06, 2018
Fundamental Call
Market Cap
CMP
Target
Upside
Company
Rationale
(` Cr)
(`)
(`)
(%)
CCL is likely to maintain the strong growth
CCL Products
3,659
267
360
34.8
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
2,787
1,822
2,178
19.5
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
1,625
2,100
2,500
22.0
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
2,452
200
333
66.5
~`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
33,780
165
210
27.3
ROE of 18% by 2020 and recent capital infusion of
`3000cr would support advance growth.
Market Outlook
September 06, 2018
Key Upcoming Events
Global economic events release calendar
Bl oomberg Data
D ate
Time
C ountry
Event Description
Unit
Period
L ast Reporte d
E stimate d
Sep 06, 2018
2:30 PM Euro Zone
Euro-Zone GDP s.a. (QoQ)
% Change
2Q F
0.40
0.40
Sep 07, 2018
6:00 PM US
Initial Jobless claims
Thousands
Sep 1
213.00
212.50
6:00 PM US
Change in N onfarm payrolls
Thousands
Aug
157.00
195.00
2:00 PM UK
Industrial Production (YoY)
% Change
Jul
1.10
Sep 08, 2018
6:00 PM US
Unnemployment rate
%
Aug
3.90
3.80
Sep 10, 2018
China
Exports YoY%
% Change
Aug
12.20
10.00
7:00 AM China
Consumer Price Index (YoY)
% Change
Aug
2.10
2.10
Sep 11, 2018
2:00 PM UK
Joble ss claims change
% Change
Aug
6.20
Sep 12, 2018
India
Imports YoY%
% Change
Aug
28.81
India
Exports YoY%
% Change
Aug
14.32
5:30 PM India
Industrial Production YoY
% Change
Jul
7.00
US
Producer Price Index (mom)
% Change
Aug
0.20
Sep 13, 2018
6:00 PM US
Consumer price index (mom)
% Change
Aug
0.20
0.30
4:30 PM UK
BOE Announce s rate s
% Ratio
Sep 13
0.75
5:15 PM Euro Zone
ECB announces interest rates
%
Sep 13
-
Sep 14, 2018
12: 00 PM India
Monthly Wholesale Prices YoY%
% Change
Aug
5.09
7:30 AM China
Industrial Production (YoY)
% Change
Aug
6.00
6.10
6:45 PM US
Industrial Production
%
Aug
0.11
0.30
Sep 17, 2018
2:30 PM Euro Zone
Euro-Zone CPI (YoY)
%
Aug F
2.00
Sep 19, 2018
6:00 PM US
Housi ng Starts
Thousands
Aug
1,168.00
6:00 PM US
Building permits
Thousands
Aug
1,303.00
2:00 PM UK
CPI (YoY)
% Change
Aug
2.50
Sep 20, 2018
7:30 PM Euro Zone
Euro-Zone Consumer Confidence
Value
Sep A
(1.90)
7:30 PM US
Existing home sales
Million
Aug
5.34
Source: Bloomberg, Angel Research
Market Outlook
September 06, 2018
Macro watch
Exhibit 1: Quarterly GDP trends
Exhibit 2: IIP trends
(%)
(%)
10.0
9.0
8.5
9.1
8.0
7.3
7.5
9.0
8.2
6.9
7.0
8.0
8.1
7.6
7.7
7.0
8.0
7.2
6.8
7.0
6.0
5.3
7.0
6.3
4.8
4.8
6.1
5.0
4.1
5.6
3.9
6.0
4.0
5.0
3.0
1.8
4.0
2.0
1.0
3.0
-
Source: CSO, Angel Research
Source: MOSPI, Angel Research
Exhibit 3: Monthly CPI inflation trends
Exhibit 4: Manufacturing and services PMI
56.0
Mfg. PMI
Services PMI
(%)
6.0
54.0
5.2
5.1
4.9
4.9
4.9
4.6
52.0
5.0
4.4
4.3
4.2
50.0
4.0
3.6
3.3
3.3
48.0
3.0
46.0
2.0
44.0
1.0
42.0
40.0
-
Source: Market, Angel Research; Note: Level above 50 indicates expansion
Source: MOSPI, Angel Research
Exhibit 5: Exports and imports growth trends
Exhibit 6: Key policy rates
(%)
Exports yoy growth
Imports yoy growth
(%)
Repo rate
Reverse Repo rate
CRR
35.0
7.00
30.0
6.50
25.0
6.00
20.0
5.50
15.0
5.00
10.0
4.50
5.0
4.00
0.0
3.50
(5.0)
3.00
Source: Bloomberg, Angel Research
Source: RBI, Angel Research
Market Outlook
September 06, 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
September 06, 2018
Exhibit 4: Relative performance of indices across globe
Returns (%)
C ountry
Name of index
Closing price
1M
3M
1YR
Brazil
Bovespa
74,712
(8.3)
(2.5)
5.2
Russia
Micex
4,274
1.4
7.1
11.4
India
Nifty
11,520
2.1
8.3
15.8
China
Shanghai Composite
2,751
(0.0)
(13.2)
(19.6)
South Africa
Top 40
51,691
0.4
(1.1)
3.1
Mexico
Mexbol
48,884
(0.8)
8.2
(3.8)
Indonesia
LQ45
932
(6.2)
(3.5)
(8.7)
Malaysia
KLCI
1,813
1.4
3.2
2.2
Thailand
SET 50
1,131
(2.0)
(1.8)
10.0
USA
Dow Jones
25,965
2.5
4.6
19.3
UK
FTSE
7,458
(1.6)
(3.0)
1.4
Japan
Nikkei
22,697
0.8
0.7
17.2
Germany
DAX
12,210
(3.6)
(5.2)
(0.6)
France
CAC
5,343
(3.5)
(3.0)
2.1
Source: Bloomberg, Angel Research as on 5 Sept, 2018
Market Outlook
September 06, 2018
Exhibit 7: Historical Angel Top Picks/Fundamental Calls
D ate Added
Top Picks/Fundamental
Stocks
Reco Price
Target/Revised Price
Curre nt Status
17-08-2018
Top Picks
Ashok Leyland
128
156
Open
10-08-2018
Top Picks
Inox Wind
107
127
Open
31-08-2018
Top Picks
TTK Prstige
7,235
8,200
Open
09-08-2018
Top Picks
TTK Prstige
6,206
7,500
06-07-2018
Top Picks
Aurobindo Pharma
603
780
Open
30-08-2018
Top Picks
RBL Bank
626
690
Open
06-07-2018
Top Picks
RBL Bank
565
670
06-07-2018
Top Picks
Yes Bank
348
418
Open
30-06-2018
Top Picks
Jindal Steel & Power
222
350
Open
20-06-2018
Top Picks
Shriram Transport Finance Com
1,466
1,764
Open
30-07-2018
Top Picks
Bata India
918
1,007
Open
23-07-2018
Top Picks
Bata India
842
955
01-07-2018
Top Picks
Bata India
862
948
18-06-2018
Top Picks
Bata India
779
896
14-06-2018
Top Picks
Amber Enterprise s
1,026
1,230
Open
07-06-2018
Top Picks
M&M
918
1050
Open
04-05-2018
Top Picks
M&M
860
990
03-05-2018
Fundamental
L&T Finance Hol ding
171
210
Open
02-05-2018
Top Picks
HDFC Bank
1944
2315
Open
04-05-2018
Top Picks
Matrimony.com Ltd
573
1016
Closed(17/08/ 2018)
20-04-2018
Top Picks
Matrimony.com Ltd
781
984
15-05-2018
Top Picks
Parag Milk F oods Limited
310
410
Open
16-04-2018
Top Picks
Parag Milk F oods Limited
249
333
27-08-2018
Top Picks
GMM Pfaudler Limited
1,170
1,287
Open
18-08-2018
Top Picks
GMM Pfaudler Limited
1,024
1,200
07-08-2018
Top Picks
GMM Pfaudler Limited
984
1,100
29-06-2018
Fundamental
GMM Pfaudler Limited
932
1,020
14-05-2018
Fundamental
GMM Pfaudler Limited
818
900
06-04-2018
Fundamental
GMM Pfaudler Limited
712
861
07-03-2018
Fundamental
Ashok Leyland Ltd
139
163
Closed (26/ 04/ 2018)
03-03-2018
Fundamental
Greenply Industries
340
395
Open
27-08-2018
Top Picks
Safari Industries
974
1,071
Open
14-08-2018
Top Picks
Safari Industries
868
1,000
07-08-2018
Top Picks
Safari Industries
788
870
16-07-2018
Top Picks
Safari Industries
693
800
16-04-2018
Top Picks
Safari Industries
651
750
21-02-2018
Top Picks
Safari Industries
532
650
31-05-2018
Top Picks
HSIL Ltd
348
Closed (31/ 05/ 2018)
16-02-2018
Top Picks
HSIL Ltd
433
510
07-02-2018
Fundamental
Elantas Beck India Ltd.
2155
2500
Open
01-02-2018
Top Picks
ICICI Bank
352
416
Open
01-02-2018
Top Picks
Aditya Birla Capital
167
218
Open
04-01-2018
Fundamental
CCL Products
278
360
Open
03-01-2018
Fundamental
Nilkamal Ltd
1880
2178
Open
01-01-2018
Fundamental
Capital First Ltd
693
850
Closed (15/ 01/ 2018)
30-12-2017
Fundamental
Shreyans Industries Ltd
205
247
Closed
Source: Company, Angel Research
Market Outlook
September 06, 2018
Exhibit 8: Historical Angel Top Picks/Fundamental Calls
D ate Added
Top Picks/Fundamental
Stocks
Reco Price
Target/Revised Price
Curre nt Status
Fundamental
Prism Cement Ltd
160
Closed (09/ 05/ 2018)
21-12-2017
Fundamental
Prism Cement Ltd
118
131
18-12-2017
Fundamental Menon Bearings Limited
92
114
Closed (17/ 01/ 2018)
14-12-2017
Top Picks
Ruchira Papers Ltd.
188
244
Closed (09/ 02/ 2018)
17-05-2018
Top Picks
Century Plyboards India
280
Closed(17/05/ 2018)
28-11-2017
Top Picks
Century Plyboards India
317
400
19-12-2017
Top Picks
LT Foods
85
Closed(18/06/ 2018)
06-11-2017
Top Picks
LT Foods
74
96
16-10-2017
FundamentalEndurance Technologie s Ltd
1111
1277
Closed (01/ 12/ 2017)
11-09-2017
Top Picks
GIC Housing
533
655
Open
10-10-2017
Top Picks
Music Broadcast Limited
404
475
Open
20-07-2017
Top Picks
Music Broadcast Limited
368
434
07-07-2017
Fundamental L&T Finance Hol dings Ltd
149
179
Closed (28/ 8/2017)
06-07-2017
Fundamental
Syngene International
478
564
Closed (1/3/2018)
05-07-2017
Top Picks
Maruti
7371
10619
Open
05-06-2017
Top Picks
Karur Vysya Bank
127
100
Closed (12/ 03/ 2018)
23-05-2018
Top Picks
KEI Industrie s
481
589
Open
04-01-2017
Top Picks
KEI Industrie s
125
485
31-05-2018
Top Picks
Alkem Lab
1978
Closed (31/ 05/ 2018)
01-12-2016
Top Picks
Alkem Lab
1700
2441
17-10-2016
Top Picks
Asian Granito
267
534
Closed (18/ 02/ 2018)
17-05-2018
Top Picks
TV Today Network
460
Closed (17/ 05/ 2018)
04-08-2016
Top Picks
TV Today Network
297
603
05-04-2016
Top Picks
DHFL
189
720
Open
25-06-2018
Top Picks
Navkar Corporation
207
Closed(25/06/ 2018)
05-01-2016
Top Picks
Navkar Corporation
207
265
Open
08-12-2015
Top Picks
Blue Star
357
867
Open
30-10-2015
Top Picks
Siyaram Silk Mills
186
851
Open
Source: Company
Market Outlook
September 06, 2018
Research Team Tel: 022 - 39357800
DISCLAIMER
Angel Broking Private Limited (hereinafter referred to as “Angel”) is a registered Member of National Stock Exchange of India
Limited,Bombay Stock Exchange Limited and Metropolitan Stock Exchange Limited. It is also registered as a Depository Particip ant with
CDSL and Portfolio Manager with SEBI. It also has registration with AMFI as a Mutual Fund Distributor. Angel Broking Private Limited is
a registered entity with SEBI for Research Analyst in terms of SEBI (Research Analyst) Regulations, 2014 vide registration number
INH000000164. Angel or its associates has not been debarred/ suspended by SEBI or any other regulatory authorit y for accessing
/dealing in securities Market. Angel or its associates/analyst has not received any compensation / managed or co -managed public
offering of securities of the company covered by Analyst during the past twelve months.
This document is solely for the personal information of the recipient, and must not be singularly used as the basis of any investment
decision. Nothing in this document should be construed as investment or financial advice. Each recipient of this document sho uld
make such investigations as they deem necessary to arrive at an independent evaluation of an investment in the securities of the
companies referred to in this document (including the merits and risks involved), and should consult their own advisors to de termine
the merits and risks of such an investment.
Reports based on technical and derivative analysis center on studying charts of a stock's price movement, outstanding positio ns and
trading volume, as opposed to focusing on a company's fundamentals and, as such, may not ma tch with a report on a company's
fundamentals. Investors are advised to refer the Fundamental and Technical Research Reports available on our website to evalu ate the
contrary view, if any.
The information in this document has been printed on the basis of publicly available information, internal data and other reliable
sources believed to be true, but we do not represent that it is accurate or complete and it should not be relied on as such, as this
document is for general guidance only. Angel Broking Pvt. Limited or any of its affiliates/ group companies shall not be in any way
responsible for any loss or damage that may arise to any person from any inadvertent error in the information contained in th is report.
Angel Broking Pvt. Limited has not independently verified all the information contained within this document. Accordingly, we cannot
testify, nor make any representation or warranty, express or implied, to the accuracy, contents or data contained within this document.
While Angel Broking Pvt. Limited endeavors to update on a reasonable basis the information discussed in this material, there may be
regulatory, compliance, or other reasons that prevent us from doing so.
This document is being supplied to you solely for your information, and its contents, information or data may not be reproduced,
redistributed or passed on, directly or indirectly.
Neither Angel Broking Pvt. Limited, nor its directors, employees or affiliates shall be liable for any loss or damage that ma y arise from
or in connection with the use of this information.
