Market Outlook
December 11, 2018
Domestic Indices
Chg (%)
(Pts)
(Close)
Market Cues
BSE Sensex
(2.0)
(714)
34,959
Indian markets are likely to open negative tracking global indices and SGX Nifty.
Nifty
(1.9)
(205)
10,488
Mid Cap
(1.8)
(271)
14,446
U.S. stock staged a substantial turnaround over the course of the trading session on
Small Cap
(1.8)
(259)
13,845
Monday. The major averages climbed well off their worst levels of the day and into
positive territory. The Dow inched up 0.1 percent to 24,423 and Nasdaq climbing
Bankex
(2.1)
(605)
29,055
up by 0.7 percent to 7,020.
Global Indices
Chg (%)
(Pts)
(Close)
U.K. shares moved lower on Monday as growth and trade worries kept investors
nervous. The benchmark FTSE 100 was down by 0.5% to 6,743.
Dow Jones
0.1
35
24,423
Nasdaq
0.7
51
7,020
On domestic front, Indian shares succumbed to heavy selling pressure on Monday,
FTSE
(0.5)
(35)
6,743
with weak global markets and anxiety ahead of the outcome of assembly election
results weighing on markets. During the last trading session
t
he BSE Sensex was
Nikkei
(2.2)
(460)
21,219
down by 2% to 34,959.
Hang Seng
(1.2)
(312)
25,752
Shanghai Com
(0.8)
(21)
2,584
News Analysis
Urjit Patel quits as RBI governor 9 months before his term was to end
Advances / Declines
BSE
NSE
Detailed analysis on Pg2
Advances
791
467
Declines
1,777
1,242
Investor’s Ready Reckoner
Unchanged
150
353
Key Domestic & Global Indicators
Stock Watch: Latest investment recommendations on 150+ stocks
Volumes (` Cr)
Refer Pg5 onwards
BSE
1,820
Top Picks
NSE
853
CMP
Target
Upside
Company
Sector
Rating
(`)
(`)
(%)
Blue Star
Capital Goods
Buy
630
867
37.6
Net Inflows (` Cr)
Net
Mtd
Ytd
ICICI Bank
Financials
Buy
347
416
19.9
FII
1,195
6,382
(37,304)
Parag Milk Foods
Others
Buy
237
330
39.2
*MFs
87
2,430
112,808
Bata India
Others
Buy
1,017
1,243
22.2
KEI Industries
Capital Goods
Buy
366
486
32.8
More Top Picks on Pg4
Top Gainers
Price (`)
Chg (%)
TEXRAIL
55
5.6
Key Upcoming Events
HFCL
18
4.8
Previous
Consensus
Date
Region
Event Description
ReadingExpectations
ASHOKA
125
4.4
Dec 11, 2018
TH Exports
$22380m
--
DBCORP
171
3.7
Dec 11, 2018
TH Imports YoY
0.24
--
KSCL
532
3.6
Dec 14, 2018
TH Imports
$21776m
--
Dec 14, 2018
TH Trade Balance
$604m
--
Dec 14, 2018
TH BoP Current Account Balance
$753m
$1200m
Top Losers
Price (`)
Chg (%)
More Events on Pg7
INFIBEAM
40
-10.2
NLCINDIA
70
-7.4
MAGMA
100
-7.3
JUBILANT
734
-7.1
JETAIRWAYS
257
-6.7
As on Dec 10, 2018
www.angelbroking.com
Market Outlook
December 11, 2018
News Analysis
Urjit Patel quits as RBI governor 9 months before his term was to end
Reserve Bank of India (RBI) Governor Urjit Patel delivered a shocker on Monday by
resigning, effective immediately, citing personal reasons. The 24th RBI governor
resigned nine months before his term was to end. Patel’s abrupt resignation could
impact the financial markets. Rating agency Moody’s said any attempt by the
government to curtail the RBI’s independence would be credit negative. If Patel
resigned due to differences with the government, as is suspected, he would be
second only to Benegal Rama Rau to do so before expiry of term due to differences
with the finance minister. Rau was RBI’s second Indian governor who quit in 1957.
Patel's deputy Viral Acharya — initially speculated to have resigned too —
continues to stay at the RBI, for now. However, analysts doubt how long he can
continue. Acharya, in his October 26 speech, criticised government officials for
undermining RBI’s autonomy. This was seen as an extension of Patel's fight to
prevent any intervention in RBI functioning.
“On account of personal reasons, I have decided to step down from my current
position effective immediately. It has been my privilege and honour to serve in
the Reserve Bank of India in various capacities over the years. The support and
hard work of RBI staff, officers and management has been the proximate driver of
the Bank’s considerable accomplishments in recent years. I take this opportunity to
express gratitude to my colleagues and directors of the RBI Central Board, and
wish them all the best for the future,” Patel said in a short statement on the RBI
website. Analysts noted he did not name anyone in the government. An RBI board
member said N S Vishwanathan, the senior most deputy, might take over as
interim governor and will take a call on whether the next board meeting on
December 14 will be convened. Though a search panel has been formed, names
of former finance secretary Hasmukh Adhia and member of finance commission
Shaktikanta Das are already doing the rounds.
Economic and Political News
SC issues notice to 4 states for amending land acquisition Act, seeks reply
Gems & jewellery export likely to grow by up to 5% on high US demand
Govt plans to put a cap on a number of postal gifts coming from China
Corporate News
Aavishkaar-Intellecap Group raises Rs 2.25 billion investment from Nuveen
Passenger vehicle sales skid over 3% in November over costly fuel, loans
Air India invites bids from only central govt entities for Mumbai building
Liberty House moves NCLT over 'incorrectness' of Amtek Auto valuation
Daiichi moves contempt plea against Singh brothers in Supreme Court
Tata Motors group global sales dip 7% in November to 104,964 units
www.angelbroking.com
Market Outlook
December 11, 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 pacing
Blue Star
6,067
630
867
37.6
the market growth. EMPPAC division's profitability
to improve once operating environment turns
around.
Well capitalized with CAR of 18.1% which gives
sufficient room to grow asset base. Faster
ICICI Bank
2,23,034
347
416
19.9
resolution of NPA would reduce provision cost,
which would help to report better ROE.
High order book execution in EPC segment, rising
KEI Industries
2,891
366
486
32.8
B2C sales and higher exports to boost the revenues
and profitability
Expected to benefit from the lower capex
Music Broadcast Limited
1,842
323
475
47.1
requirement and 15 year long radio broadcast
licensing.
Strong brands and distribution network would
Siyaram Silk Mills
1,490
318
606
90.6
boost growth going ahead. Stock currently trades
at an inexpensive valuation.
GST regime and the Gujarat plant are expected to
Maruti Suzuki
2,22,031
7,350
10,820
47.2
improve the company’s sales volume and margins,
respectively.
We expect loan book to grow at 24.3% over next
GIC Housing
1,197
223
424
90.1
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
1,642
736
1,000
35.9
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
20,946
95
151
58.9
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
1,990
237
330
39.2
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
5,67,933
2,089
2,350
12.5
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.
www.angelbroking.com
Market Outlook
December 11, 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 the
M&M
88,366
711
1,050
47.7
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
2,755
877
1,135
29.4
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
13,068
1,017
1,243
22.2
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 rising
Shriram Transport Finance
24,787
1,093
1,764
61.4
bond yields on the back of stronger 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 bottom
Jindal Steel & Power Limited
14,078
146
327
124.0
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 Pfaudler Ltd
1,567
1,072
1,287
20.1
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
42,888
732
870
18.9
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.
We believe advance to grow at a healthy CAGR
of 35% over FY18-20E. Below peers level ROA
RBL Bank
23,306
548
690
25.9
(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 product
TTK Prestige
2,447
7,002
8,200
17.1
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
www.angelbroking.com
Market Outlook
December 11, 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
1,611
73
127
74.0
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
29,413
100
156
56.0
activities and no significant impact on industry
due to recent axle load norms, we recommend
BUY on Ashok Leyland at current valuations.
Source: Company, Angel Research
Fundamental Call
Market Cap
CMP
Target
Upside
Company
Rationale
(` Cr)
(`)
(`)
(%)
CCL is likely to maintain the strong growth
CCL Products
3,565
268
360
34.3
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
2,183
1,463
2,178
48.9
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
1,561
1,970
2,500
26.9
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
1,643
134
256
91.0
~`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
26,724
134
210
56.7
ROE of 18% by 2020 and recent capital infusion of
`3000cr would support advance growth.
With a focus on the low and medium income (LMI)
consumer segment, the company has increased its
Dewan Housing Finance
6,173
197
300
52.3
presence in tier-II & III cities where the growth
opportunity is immense.
Well planned strategy to grow small business loans
and cross-selling would propel fees income. We
Yes Bank
38,228
165
290
75.8
expect YES to grow its advance much higher than
industry and improvement in asset quality to
support profitability.
www.angelbroking.com
Market Outlook
December 11, 2018
Global economic events release calendar
Bloomberg Data
Date
Time
Country
Event Description
Unit
Period
Last Reported
Estimated
Dec 11, 2018
JN
Housing Starts YoY
% Change
Sep
0.02
(0.01)
Dec 11, 2018
JN
Annualized Housing Starts
% Change
Sep
0.957m
0.950m
Dec 12, 2018
JN
Construction Orders YoY
% Change
Sep
0.01
--
Dec 12, 2018
12:00 AM
ES
Industrial Production YoY
% Change
Sep
0.06
--
Dec 12, 2018
12:00 AM
RO
ILO Unemployment Rate
% Change
Sep
0.04
--
Dec 12, 2018
3:15 AM
DE
Unemployment Rate SA
% Change
Sep
0.03
--
Dec 14, 2018
4:30 AM
DE
Unemployment Rate Gross Rate
% Change
Sep
0.04
0.04
Dec 14, 2018
4:30 AM
FI
Trade Balance
% Change
Aug F
-400m
--
Dec 14, 2018
4:30 AM
TU
Economic Confidence
% Change
Oct
71.00
--
Dec 14, 2018
5:20 AM
TU
Trade Balance
% Ratio
Sep
-2.42b
-1.90b
Dec 15, 2018
5:20 AM
TU
Central Bank Inflation Report
%
Dec 15, 2018
5:30 AM
TH
Exports YoY
% Change
Sep
0.06
--
Dec 15, 2018
5:30 AM
TH
Exports
% Change
Sep
$22380m
--
Dec 15, 2018
5:31 AM
TH
Imports YoY
% Sep
0.24
--
Dec 20, 2018
5:31 AM
TH
Imports
% Sep
$21776m
--
Dec 20, 2018
5:31 AM
TH
Trade Balance
Thousands
Sep
$604m
--
Dec 20, 2018
6:00 AM
TH
BoP Current Account Balance
% Change
Sep
$753m
$1200m
Dec 20, 2018
0-Jan-00
AU
CPI YoY
% Change
3Q
0.02
0.02
Source: Company, Angel Research
www.angelbroking.com
Market Outlook
December 11, 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
6.9
8.0
8.1
6.6
7.6
7.7
7.0
8.0
7.2
6.8
7.0
6.0
5.3
7.0
6.3
4.5
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
3.6
3.7
4.0
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 As of 25 Sep, 2018
Source: RBI, Angel Research
www.angelbroking.com
Market Outlook
December 11, 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 As of 25 Sep, 2018
www.angelbroking.com
Market Outlook
December 11, 2018
Exhibit 4: Relative performance of indices across globe
Returns (%)
Country
Name of index
Closing price
1M
3M
1YR
Brazil
Bovespa
87424
11.2
10.4
15.1
Russia
Micex
2352
-5.0
1.3
13.0
India
Nifty
10387
-5.6
-8.5
-0.6
China
Shanghai Composite
2603
-7.7
-9.5
-23.8
South Africa
Top 40
46141
-6.9
-10.1
-12.7
Mexico
Mexbol
42340
-11.2
-15.1
-11.3
Indonesia
LQ45
923
-2.4
-1.2
-8.3
Malaysia
KLCI
1704
-3.6
-4.4
-2.2
Thailand
SET 50
1104
-4.7
-0.5
0.8
USA
Dow Jones
25116
-5.8
-1.2
6.8
UK
FTSE
7085
-5.2
-8.0
-5.9
Japan
Nikkei
21770
-10.8
-3.8
-3.4
Germany
DAX
11448
-7.2
-10.6
-14.8
France
CAC
5093
-7.5
-7.6
-7.6
Source: Bloomberg, Angel Research As of 02 Nov, 2018
www.angelbroking.com
Market Outlook
December 11, 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
30-11-2018
Top Picks
TTK Prstige
7,206
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 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
Source: Company, Angel Research
www.angelbroking.com
Market Outlook
December 11, 2018
Exhibit 8: Historical Angel Top Picks/Fundamental Calls
Date Added
Top Picks/Fundamental
Stocks
Reco Price
Target/Revised Price
Current 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 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
www.angelbroking.com
Market Outlook
December 11, 2018
Research Team Tel: 022 - 39357800
E-mail: re[email protected]
Website: www.angelbroking.com
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