Market Outlook

November 16, 2016

Market Cues

Domestic Indices

Chg (%)

(Pts)

(Close)

Indian markets are likely to open positive tracking global cues and SGX Nifty.

BSE Sensex

(1.9)

(514)

26,305

Nifty

(2.3)

(188)

8,108

U.S. Markets closed higher on Tuesday, lifted by a sharp rally in energy stocks, while

Mid Cap

(3.9)

(487)

11,977

the technology sector rebounded after a post-election sell-off.

Small Cap

(4.7)

(583)

11,902

The European markets did not venture far from the unchanged level during

Bankex

(2.4)

(551)

22,053

Tuesdays session. The markets were stuck in a sideways trend for most of the session

and fluctuated between small gains and losses over the course of the day. The

Global Indices

Chg (%)

(Pts)

(Close)

majority of the markets ended the day with small gains

Dow Jones

0.3

18,923

Indian markets tumbled again Tuesday to extend last weeks steep losses as surging

Nasdaq

1.1

5,276

U.S. bond yields and the dollar's strength in international markets on expectations of

higher inflation and interest rates in the U.S. fueled worries about capital flight.

FTSE

0.6

6,793

Nikkei

(0.0)

(4)

17,668

News Analysis

Hang Seng

0.5

102

22,324

 L&T Infotech bags 5-yr contract from Hartford Steam Boiler

Shanghai Com

(0.1)

(3)

3,207

Detailed analysis on Pg2

Investor’s Ready Reckoner

Advances / Declines

BSE

NSE

Advances

342

169

Key Domestic & Global Indicators

Declines

2,380

1,518

Stock Watch: Latest investment recommendations on 150+ stocks

Unchanged

111

Refer Pg5 onwards

Top Picks

Volumes (` Cr)

CMP

Target

Upside

Company

Sector

Rating

(`)

(%)

BSE

6,530

Amara Raja BatteriesAuto & Auto Ancill.

Buy

877

1,167

33.0

NSE

32,457

HCL Tech

Buy

769

1,000

30.1

Asian Granito

Capital Goods

Buy

200

351

75.8

Net Inflows (` Cr)

Net

Mtd

Ytd

Equitas Holdings

Financials

Buy

150

235

57.0

Navkar Corporation Others

Buy

183

265

44.9

FII

(630)

(2,307)

42,707

More Top Picks on Pg3

MFs

634

3,628

25,681

Key Upcoming Events

Consensus

Top Gainers

Price (`)

Chg (%)

Date

Region

Event Description

Reading

Expectations

Corpbank

13.1

Nov 16 Germany GDP nsa (YoY)

1.50

1.60

Bankbaroda

174

8.5

Nov 16 UK

Jobless claims change

0.70

2.00

Nov 16 US

Producer Price Index (mom)

0.80

Suzlon

5.3

Nov 17 US

Initial Jobless claims

254.0

257.0

Natcopharm

650

5.1

Nov 17 US

Housing Starts

1,047.0

1,160.0

Bharatforg

894

3.6

Nov 17 US

Building permits

1,225.0

1,195.0

Nov 17 US

Consumer price index (mom)

0.30

0.40

Top Losers

Price (`)

Chg (%)

Nov 17 Euro Zone Euro-Zone CPI (YoY)

0.50

3.696.(

Manappuram

(16.6)

More Events on Pg4

Pcjeweller

355

(14.0)

Dcbbank

101

(13.8)

Shriramcit

1,800

(12.6)

Jisljaleqs

(12.1)

As on November 15, 2016

www.angelbroking.com

Market Outlook

November 16, 2016

News Analysis

L&T Infotech bags 5-yr contract from Hartford Steam Boiler

IT services and solutions provider L&T Infotech announced that it has been

awarded a five-year contract by Hartford Steam Boiler (HSB), a specialty insurer

with 150 years of industry leadership in equipment breakdown insurance and a

subsidiary of Munich Re. The financial details of the contract were not disclosed. A

key objective of this engagement is to deliver innovation & efficiency improvements

through transitioning management of over 100 applications to a managed

services model enabling HSB to manage by outcomes with an SLA driven

approach.

Supporting a wide variety of legacy and modern technologies such as MS

Dynamics, PeopleSoft, MS SharePoint, .NET, Cognos, among others. Providing

applications maintenance services like monitoring, incident management, problem

management and enhancement services like assurance, release management and

deployment Process, platform and architecture standardization including

application decommissioning. Core business areas covered as part of the

engagement include policy administration, claims, engineering, reporting,

financial systems, and underwriting.

There are other opportunities available to HSB including LTI's automation platform,

MOSAIC Automation to deliver substantial digital platform opportunities focused

on generating revenue and cost reduction, said the company.

Economic and Political News

 Andhra Pradesh to buy 1 million set-top boxes for households

 Petrol price cut by `1.46, diesel by `1.53 per litre

 Govt hikes wheat MSP by `100/qtl; pulses by up to `550/qtl

 WPI Inflation cools down to 4-month low of 3.39% in October

Corporate News

 Maruti to set up manufacturing institute in Gujarat

 Reliance Group launches IoT services venture 'UNLIMIT'

 BHEL bags export orders from Togo, Benin

www.angelbroking.com

Market Outlook

November 16, 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

14,984

877

1,167

33.0

products leading to market share gains in both the

automotive OEM and replacement segments.

The stock is trading at attractive valuations and is factoring all

HCL Tech

1,08,417

769

1,000

30.1

the bad news.

Back on the growth trend, expect a long term growth of 14%

Infosys

2,12,410

925

1,249

35.0

to be a US$20bn in FY2020.

Source: Company, Angel Research

Mid Cap

Market Cap

CMP

Target

Upside

Company

Rationale

(` Cr)

(`)

(%)

We expect the company would report strong profitability

Asian Granito

601

200

351

75.8

owing to better product mix, higher B2C sales and

amalgamation synergy.

Among the top 4 players in the consumer durables segment.

Bajaj Electricals

2,178

216

306

42.0

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

4,550

477

634

32.9

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

7,583

242

350

44.5

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

5,019

150

235

57.0

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

Jagran Prakashan

5,832

178

225

26.1

radio business (Radio City) would also boost the company's

revenue growth.

Speedier execution and speedier sales, strong revenue visibilty

Mahindra Lifespace

1,530

373

522

40.0

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

Mirza International

965

113

40.9

aggressive 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

2,608

183

265

44.9

as well CFS augurs well for the company.

Strong brands and distribution network would boost growth

Siyaram Silk Mills

1,155

1,232

1,714

39.1

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

1,786

299

385

28.6

and anticipated growth in ad spends by corporates to benefit

the stock.

Source: Company, Angel Research

www.angelbroking.com

Market Outlook

November 16, 2016

Key Upcoming Events

Result Calendar

Date

Company

November 17, 2016 Petronet LNG

November 18, 2016 NHPC

November 19, 2016 India Cements

November 21, 2016 Nalco

Source: Bloomberg, Angel Research

Global economic events release calendar

Bloomberg Data

Date

Time

Country

Event Description

Unit

Period

Last Reported

Estimated

Nov 16, 2016

12:30 PM Germany

GDP nsa (YoY)

% Change 3Q P

1.50

1.60

3:00 PM

Jobless claims change

% Change Oct

0.70

2.00

Producer Price Index (mom)

% Change Oct

0.80

Nov 17, 2016

7:00 PM

Initial Jobless claims

ThousandsNov 12

254.00

257.00

7:00 PM

Housing Starts

Thousands Oct

1,047.00

1,160.00

7:00 PM

Building permits

Thousands Oct

1,225.00

1,195.00

7:00 PM

US Consumer price index (mom)

% Change Oct

0.30

0.40

3:30 PM Euro Zone

Euro-Zone CPI (YoY)

% Oct F

0.50

Nov 22, 2016

8:30 PM Euro ZoneEuro-Zone Consumer Confidence

Value Nov A

(8.00)

8:30 PM

Existing home sales

Million

Oct

5.47

5.45

Nov 23, 2016

2:00 PM Germany

PMI Services

Value Nov P

54.20

8:30 PM

New home sales

Thousands Oct

593.00

587.50

2:00 PM Germany

PMI Manufacturing

Value Nov P

55.00

Nov 25, 2016

3:00 PM

GDP (YoY)

% Change 3Q P

2.30

Nov 29, 2016

7:00 PM

GDP Qoq (Annualised)

% Change 3Q S

2.90

8:30 PM

Consumer Confidence S.A./ 1985=100 Nov

98.60

Nov 30, 2016

2:25 PM Germany Unemployment change (000's)

Thousands Nov

(13.00)

Dec 01, 2016

3:00 PM

PMI Manufacturing

Value Nov

54.30

6:30 AM

China

PMI Manufacturing

Value Nov

51.20

Dec 02, 2016

7:00 PM

Change in Nonfarm payrolls

Thousands Nov

161.00

7:00 PM

Unnemployment rate

% Nov

4.90

Source: Bloomberg, Angel Research

www.angelbroking.com

Market Outlook

November 16, 2016

Macro watch

Exhibit 1: Quarterly GDP trends

Exhibit 2: IIP trends

(%)

9.0

8.3

3.0

2.2

7.8

7.9

1.9

8.0

7.5

7.6

2.0

1.3

7.2

7.1

0.7

6.6

6.7

1.0

0.3

7.0

6.4

5.8

6.0

(1.0)

5.0

(0.9)

(0.7)

(2.0)

(1.3)

(1.6)

4.0

(3.0)

(2.5)

3.0

(4.0)

(3.4)

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

(%)

55.0

7.0

6.1

5.7

5.8

54.0

5.6

5.5

6.0

5.4

5.3

5.0

5.1

53.0

4.8

5.0

4.3

52.0

4.0

51.0

50.0

3.0

49.0

2.0

48.0

1.0

47.0

46.0

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

10.0

7.00

5.0

6.50

0.0

6.00

(5.0)

5.50

(10.0)

5.00

(15.0)

4.50

(20.0)

4.00

(25.0)

(30.0)

3.50

(35.0)

3.00

Source: Bloomberg, Angel Research

Source: RBI, Angel Research

www.angelbroking.com

Market Outlook

November 16, 2016

Exhibit 4: Relative performance of indices across globe

Returns (%)

Country

Name of index

Closing price

1YR

Brazil

Bovespa

59,657

(2.2)

2.3

29.1

Russia

Micex

2,017

2.1

16.7

India

Nifty

8,108

(5.4)

(6.6)

1.9

China

Shanghai Composite

3,207

5.4

6.0

(10.7)

South Africa

Top 40

43,088

(3.5)

(5.1)

(6.3)

Mexico

Mexbol

45,024

(5.7)

(7.5)

1.2

Indonesia

LQ45

849

(8.1)

(7.1)

9.4

Malaysia

KLCI

1,631

(1.7)

(2.9)

(3.3)

Thailand

SET 50

920

1.5

(6.3)

(0.2)

USA

Dow Jones

18,923

4.3

2.0

8.2

FTSE

6,793

(3.1)

(1.5)

8.2

Japan

Nikkei

17,668

5.3

5.6

(7.6)

Germany

DAX

10,735

1.5

0.5

(2.1)

France

CAC

4,537

1.5

2.7

(5.9)

Source: Bloomberg, Angel Research

www.angelbroking.com

Stock Watch

November 16, 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

3,712

1,937

2,164

13.3

14.3

9.0

11.0

21.2

17.4

3.7

3.2

18.4

19.8

2.0

1.7

United Phosphorus

Accumulate

602

684

30,501

15,176

17,604

18.5

37.4

44.6

16.1

13.5

3.2

2.6

21.4

21.2

2.1

1.8

Auto & Auto Ancillary

Ashok Leyland

Buy

111

23,521

22,407

26,022

10.6

5.2

6.4

15.8

12.9

3.6

3.0

23.6

24.7

1.1

1.0

Bajaj Auto

Neutral

2,576

74,534

25,093

27,891

19.5

19.2

143.9

162.5

17.9

15.9

5.0

4.3

30.3

29.4

2.7

2.4

Bharat Forge

Neutral

894

20,803

7,726

8,713

20.5

21.2

35.3

42.7

25.3

20.9

4.7

4.2

18.9

20.1

2.8

2.4

Eicher Motors

Neutral

20,281

55,086

16,583

20,447

17.5

18.0

598.0

745.2

33.9

27.2

11.6

8.8

41.2

38.3

3.1

2.5

Gabriel India

Buy

108

130

1,552

1,544

1,715

9.0

9.3

5.4

6.3

20.0

17.2

3.8

3.4

18.9

19.5

1.0

0.8

Hero Motocorp

Buy

2,901

3,541

57,923

30,958

34,139

15.7

193.6

208.3

15.0

13.9

5.9

4.8

34.2

30.5

1.7

1.5

Jamna Auto Industries Neutral

178

1,420

1,486

1,620

9.8

9.9

15.0

17.2

11.9

10.3

2.6

2.2

21.8

21.3

1.0

0.9

L G Balakrishnan & Bros Neutral

570

895

1,302

1,432

11.6

11.9

43.7

53.0

13.1

10.8

1.8

1.7

13.8

14.2

0.8

0.7

Mahindra and Mahindra Neutral

1,238

76,901

46,534

53,077

11.6

11.7

67.3

78.1

18.4

15.9

3.0

2.6

15.4

15.8

1.6

1.4

Maruti

Buy

4,843

6,006

146,288

68,057

82,958

15.8

15.5

212.1

261.2

22.8

18.5

4.5

3.8

19.8

20.3

1.8

1.4

Minda Industries

Neutral

314

2,488

2,728

3,042

9.0

9.1

68.2

86.2

4.6

3.6

1.0

0.8

23.8

24.3

1.0

0.8

Motherson Sumi

Neutral

286

40,109

45,896

53,687

7.8

8.3

13.0

16.1

21.9

17.8

7.1

5.6

34.7

35.4

0.9

0.8

Rane Brake Lining

Neutral

868

687

511

562

11.3

11.5

28.1

30.9

28.1

4.7

4.3

15.3

15.0

1.5

1.4

Setco Automotive

Neutral

508

741

837

13.0

15.2

17.0

2.5

2.2

0.4

15.8

16.3

1.1

1.0

Tata Motors

Neutral

457

132,017

300,209

338,549

8.9

8.4

42.7

54.3

10.7

8.4

1.7

1.5

15.6

17.2

0.6

0.5

TVS Motor

Neutral

348

16,514

13,390

15,948

6.9

7.1

12.8

16.5

27.2

21.0

6.8

5.4

26.3

27.2

1.3

1.0

Amara Raja Batteries

Buy

877

1,167

14,984

5,504

6,605

18.4

19.8

33.4

40.9

26.3

21.5

5.8

4.7

22.1

22.0

2.7

2.3

Exide Industries

Neutral

173

14,705

7,439

8,307

15.0

8.1

9.3

21.4

18.6

3.0

2.7

14.3

16.7

1.6

1.4

Apollo Tyres

Buy

186

235

9,486

12,877

14,504

14.3

13.9

21.4

23.0

8.7

8.1

1.4

1.2

16.4

15.2

0.9

0.8

Ceat

Buy

1,232

1,450

4,983

7,524

8,624

13.0

12.7

131.1

144.3

9.4

8.5

1.7

1.5

19.8

18.6

0.7

0.6

JK Tyres

Neutral

124

2,803

7,455

8,056

15.0

21.8

24.5

5.7

5.0

1.2

1.0

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

142

854

1,488

1,681

11.7

11.9

6.4

7.2

22.3

19.9

2.4

2.1

10.8

11.4

0.8

0.7

Indag Rubber

Neutral

167

438

286

326

19.8

16.8

11.7

13.3

14.3

12.5

2.4

2.3

17.8

17.1

1.2

1.0

Capital Goods

ACE

Neutral

441

709

814

4.1

4.6

1.4

2.1

31.9

21.2

1.3

1.2

4.4

6.0

0.8

0.7

BEML

Neutral

863

3,595

3,451

4,055

6.3

9.2

31.4

57.9

27.5

14.9

1.7

1.5

6.3

10.9

1.2

1.0

Bharat Electronics

Accumulate

1,289

1,414

30,943

8,137

9,169

16.8

17.2

58.7

62.5

22.0

20.6

3.4

3.0

44.6

46.3

2.8

2.5

www.angelbroking.com

Stock Watch

November 16, 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

321

407

10,635

6,511

7,514

7.9

8.7

12.9

16.3

24.9

19.7

4.5

3.9

16.7

18.5

1.4

1.2

BGR Energy

Neutral

106

767

16,567

33,848

6.0

5.6

7.8

5.9

13.6

18.0

0.8

4.7

4.2

0.1

BHEL

Neutral

134

32,761

28,797

34,742

2.8

2.3

6.9

58.2

19.4

1.0

1.3

4.8

0.8

0.5

Blue Star

Buy

477

634

4,550

4,283

5,077

5.9

7.3

14.9

22.1

32.1

21.6

6.2

5.2

20.4

26.4

1.1

0.9

Crompton Greaves

Neutral

4,723

5,777

6,120

5.9

7.0

3.3

4.5

22.8

16.7

1.0

4.4

5.9

0.8

0.7

Greaves Cotton

Neutral

126

3,071

1,755

1,881

16.8

16.9

7.8

8.5

16.1

14.8

3.2

3.0

20.6

20.9

1.4

1.3

Inox Wind

Neutral

186

4,119

5,605

6,267

15.7

16.4

24.8

30.0

7.5

6.2

2.1

1.5

25.9

24.4

0.8

0.6

KEC International

Neutral

138

3,545

9,294

10,186

7.9

8.1

9.9

11.9

13.9

11.6

2.0

1.8

15.6

16.3

0.6

Thermax

Neutral

850

10,129

5,421

5,940

7.3

25.7

30.2

33.1

28.2

4.0

3.7

12.2

13.1

1.8

1.6

VATech Wabag

Buy

497

681

2,709

3,136

3,845

8.9

9.1

26.0

35.9

19.1

13.8

2.4

2.0

13.4

15.9

0.8

0.6

Cement

ACC

Neutral

1,347

25,287

11,225

13,172

13.2

16.9

44.5

75.5

30.3

17.8

2.9

2.6

11.2

14.2

2.3

1.9

Ambuja Cements

Neutral

210

41,689

9,350

10,979

18.2

22.5

5.8

9.5

36.2

22.1

3.0

2.7

10.2

12.5

4.5

3.8

India Cements

Neutral

119

3,646

4,364

4,997

18.5

19.2

7.9

11.3

15.0

10.5

1.1

8.0

8.5

1.6

1.4

JK Cement

Neutral

788

5,511

4,398

5,173

15.5

17.5

31.2

55.5

25.3

14.2

3.0

2.6

12.0

15.5

1.8

1.5

J K Lakshmi Cement

Buy

381

565

4,479

2,913

3,412

14.5

19.5

7.5

22.5

50.8

16.9

3.1

2.6

12.5

18.0

2.1

1.8

Orient Cement

Buy

139

215

2,855

2,114

2,558

18.5

20.5

8.1

11.3

17.2

12.3

2.5

2.1

9.0

14.0

2.0

1.5

UltraTech Cement

Neutral

3,367

92,411

25,768

30,385

21.0

23.5

111.0

160.0

30.3

21.1

3.9

3.4

13.5

15.8

3.7

3.1

Construction

ITNL

Neutral

3,022

8,946

10,017

31.0

31.6

8.1

9.1

11.3

10.1

0.4

4.2

5.0

3.7

3.4

KNR Constructions

Buy

696

802

1,959

1,385

1,673

14.7

14.0

41.2

48.5

16.9

14.4

3.2

2.7

14.9

15.2

1.5

1.2

Larsen & Toubro

Buy

1,370

1,700

127,671

67,665

77,249

10.7

11.5

57.3

71.2

23.9

19.2

2.2

2.1

12.6

14.3

2.1

1.8

Gujarat Pipavav Port

Neutral

147

7,116

705

788

52.2

51.7

5.0

5.6

29.4

26.3

2.9

2.6

11.2

9.7

8.2

Nagarjuna Const.

Neutral

4,183

8,842

9,775

9.1

8.8

5.3

6.4

14.2

11.8

1.1

1.0

8.2

9.1

0.6

0.5

PNC Infratech

Buy

111

143

2,842

2,350

2,904

13.1

13.2

9.0

8.8

12.3

12.6

0.5

0.4

15.9

13.9

1.3

1.1

Simplex Infra

Neutral

302

1,492

6,829

7,954

10.5

31.4

37.4

9.6

8.1

1.0

0.9

9.9

13.4

0.6

0.5

Power Mech Projects

Neutral

436

642

1,801

2,219

12.7

14.6

72.1

113.9

6.1

3.8

1.1

0.9

16.8

11.9

0.4

0.3

Sadbhav Engineering

Accumulate

280

298

4,797

3,598

4,140

10.3

10.6

9.0

11.9

31.1

23.5

3.3

2.9

9.9

11.9

1.6

1.4

NBCC

Neutral

223

13,350

7,428

9,549

7.9

8.6

8.2

11.0

27.1

20.2

1.4

1.1

28.2

28.7

1.5

1.1

MEP Infra

Neutral

563

1,877

1,943

30.6

29.8

3.0

4.2

11.6

8.3

5.6

3.8

0.6

1.7

1.5

SIPL

Neutral

3,237

1,036

1,252

65.5

66.2

(8.4)

(5.6)

3.4

3.9

(22.8)

(15.9)

11.3

9.4

www.angelbroking.com

Stock Watch

November 16, 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

257

8,661

1,725

1,935

16.0

19.1

11.4

13.9

22.6

18.5

3.1

3.0

13.4

15.3

4.0

3.5

Financials

Axis Bank

Buy

479

630

114,362

46,932

53,575

3.5

3.4

32.4

44.6

14.8

10.7

1.9

1.7

13.6

16.5

Bank of Baroda

Neutral

174

40,173

19,980

23,178

1.8

11.5

17.3

15.2

10.1

1.7

1.4

8.3

10.1

Canara Bank

Neutral

316

17,153

15,225

16,836

1.8

14.5

28.0

21.8

11.3

1.5

1.2

5.8

8.5

Dewan Housing Finance Buy

242

350

7,583

2,225

2,688

2.9

29.7

34.6

8.2

7.0

1.3

1.1

16.1

16.8

Equitas Holdings

Buy

150

235

5,019

939

1,281

11.7

11.5

5.8

8.2

25.8

18.3

2.2

2.0

10.9

11.5

Federal Bank

Neutral

12,689

9,353

10,623

2.9

4.4

5.8

16.8

12.7

1.6

1.4

9.5

11.0

HDFC

Neutral

1,226

193,858

11,475

13,450

3.4

45.3

52.5

27.1

23.4

5.2

4.6

20.2

20.5

HDFC Bank

Accumulate

1,255

1,350

317,797

46,097

55,433

4.5

58.4

68.0

21.5

18.5

3.8

3.2

18.8

18.6

ICICI Bank

Buy

269

315

156,710

42,800

44,686

3.1

3.3

18.0

21.9

15.0

12.3

2.0

1.9

11.1

12.3

LIC Housing Finance

Buy

480

630

24,226

3,712

4,293

2.6

2.5

39.0

46.0

12.3

10.4

2.3

2.0

19.9

20.1

Punjab Natl.Bank

Neutral

155

32,888

23,532

23,595

2.3

2.4

6.8

12.6

22.7

12.3

3.5

2.5

3.3

6.5

RBL Bank

Neutral

364

13,448

1,783

2,309

2.6

12.7

16.4

28.6

22.2

3.1

2.8

12.8

13.3

South Ind.Bank

Neutral

3,052

6,435

7,578

2.5

2.7

3.1

8.4

7.3

1.1

0.9

10.1

11.2

St Bk of India

Neutral

278

215,883

88,650

98,335

2.6

13.5

18.8

20.6

14.8

2.0

1.7

7.0

8.5

Union Bank

Neutral

148

10,164

13,450

14,925

2.3

25.5

34.5

5.8

4.3

0.8

0.7

7.5

10.2

Yes Bank

Neutral

1,159

48,787

8,978

11,281

3.3

3.4

74.0

90.0

15.7

12.9

3.0

2.5

17.0

17.2

FMCG

Asian Paints

Neutral

892

85,580

17,128

18,978

16.8

16.4

19.1

20.7

46.7

43.1

16.3

15.3

34.8

35.5

4.9

4.4

Britannia

Buy

2,920

3,626

35,034

9,795

11,040

14.6

14.9

80.3

94.0

36.4

31.1

15.0

11.6

41.2

3.4

3.0

Colgate

Accumulate

914

995

24,857

4,605

5,149

23.4

23.8

26.9

38.4

34.0

21.3

16.6

64.8

66.8

5.3

4.7

Dabur India

Accumulate

270

304

47,558

8,315

9,405

19.8

20.7

8.1

9.2

33.4

29.4

9.3

7.7

31.6

31.0

5.4

4.7

GlaxoSmith Con*

Neutral

5,025

21,134

4,350

4,823

21.2

21.4

179.2

196.5

28.0

25.6

7.5

6.3

27.1

26.8

4.2

3.7

Godrej Consumer

Neutral

1,354

46,112

10,235

11,428

18.4

18.6

41.1

44.2

33.0

30.6

7.3

6.2

24.9

24.8

4.6

4.0

HUL

Neutral

805

174,265

35,252

38,495

17.8

20.7

22.4

39.0

36.0

37.3

32.0

95.6

88.9

4.8

4.4

ITC

Buy

238

284

286,923

40,059

44,439

38.3

39.2

9.0

10.1

26.5

23.5

7.4

6.5

27.8

27.5

6.7

6.0

Marico

Buy

240

300

30,919

6,430

7,349

18.8

19.5

6.4

7.7

37.5

31.1

11.3

9.5

33.2

32.5

4.6

4.0

Nestle*

Neutral

5,980

57,658

10,073

11,807

20.7

21.5

124.8

154.2

47.9

38.8

19.7

17.7

34.8

36.7

5.5

4.7

Tata Global

Neutral

117

7,384

8,675

9,088

9.8

7.4

8.2

15.8

14.3

1.8

1.7

7.9

8.1

0.8

0.7

Procter & Gamble

Accumulate

6,725

7,369

21,830

2,939

3,342

23.2

23.0

146.2

163.7

46.0

41.1

103.0

98.8

25.3

23.5

7.0

6.1

Hygiene

www.angelbroking.com

Stock Watch

November 16, 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

HCL Tech^

Buy

769

1,000

108,417

49,242

57,168

20.5

55.7

64.1

13.8

12.0

2.8

2.2

20.3

17.9

2.1

1.7

Infosys

Buy

925

1,249

212,410

68,350

77,326

27.0

62.5

69.4

14.8

13.3

3.2

2.9

21.3

21.6

2.6

2.2

TCS

Buy

2,122

2,620

418,145

119,025

133,308

27.6

131.2

145.5

16.2

14.6

5.2

4.8

32.4

33.1

3.3

2.9

Tech Mahindra

Buy

431

600

41,827

29,673

32,937

15.5

17.0

32.8

39.9

13.1

10.8

2.6

2.2

19.6

20.7

1.2

1.0

Wipro

Buy

448

590

108,909

55,440

60,430

18.1

35.9

39.9

12.5

11.2

2.2

2.1

19.0

19.3

1.7

1.5

Media

D B Corp

Neutral

370

6,797

2,297

2,590

27.4

28.2

21.0

23.4

17.6

15.8

4.1

3.6

23.7

23.1

2.8

2.4

HT Media

Neutral

1,746

2,693

2,991

12.6

12.9

7.9

9.0

9.5

8.3

0.8

0.7

7.8

8.3

0.2

0.1

Jagran Prakashan

Buy

178

225

5,832

2,355

2,635

28.0

10.8

12.5

16.5

14.3

3.6

3.1

21.7

2.5

2.2

Sun TV Network

Neutral

489

19,265

2,850

3,265

70.1

71.0

26.2

30.4

18.7

16.1

4.8

4.2

24.3

25.6

6.4

5.4

Hindustan Media

Neutral

270

1,981

1,016

1,138

24.3

25.2

27.3

30.1

9.9

9.0

1.9

1.7

16.2

15.8

1.3

1.1

Ventures

TV Today Network

Buy

299

385

1,786

637

743

27.5

18.4

21.4

16.3

14.0

2.8

2.4

17.4

17.2

2.4

2.0

Metals & Mining

Coal India

Neutral

315

198,681

84,638

94,297

21.4

22.3

24.5

27.1

12.8

11.6

5.3

5.1

42.6

46.0

1.9

1.7

Hind. Zinc

Neutral

239

100,922

14,252

18,465

55.9

48.3

15.8

21.5

15.1

11.1

2.5

2.2

17.0

20.7

7.1

5.5

Hindalco

Neutral

168

34,743

107,899

112,095

7.4

8.2

9.2

13.0

18.3

12.9

0.9

0.8

4.8

6.6

0.8

JSW Steel

Neutral

1,692

40,903

53,201

58,779

16.1

16.2

130.6

153.7

13.0

11.0

1.7

1.5

14.0

14.4

1.5

1.3

NMDC

Neutral

118

37,334

6,643

7,284

44.4

47.7

7.1

7.7

16.6

15.3

1.4

8.8

9.2

3.4

3.0

SAIL

Neutral

20,671

47,528

53,738

(0.7)

2.1

(1.9)

2.6

19.3

0.5

(1.6)

3.9

1.3

1.2

Vedanta

Neutral

210

62,125

71,744

81,944

19.2

21.7

13.4

20.1

15.6

10.4

1.3

1.2

8.4

11.3

1.3

1.0

Tata Steel

Neutral

394

38,222

121,374

121,856

7.2

8.4

18.6

34.3

21.2

11.5

1.3

1.2

6.1

10.1

1.0

0.9

Oil & Gas

Cairn India

Neutral

233

43,731

9,127

10,632

4.3

20.6

8.8

11.7

26.5

19.9

0.9

0.8

3.3

4.2

6.3

5.2

GAIL

Neutral

436

55,299

56,220

65,198

9.3

10.1

27.1

33.3

16.1

13.1

1.5

1.4

9.3

10.7

1.2

1.0

ONGC

Neutral

276

235,960

137,222

152,563

15.0

21.8

19.5

24.1

14.1

11.4

1.2

1.1

8.5

10.1

2.0

1.8

Indian Oil Corp

Neutral

286

138,782

373,359

428,656

5.9

5.5

54.0

59.3

5.3

4.8

0.8

0.7

16.0

15.6

0.5

0.4

Reliance Industries

Neutral

988

320,224

301,963

358,039

12.1

12.6

87.7

101.7

11.3

9.7

1.2

1.1

10.7

11.3

1.5

1.3

Pharmaceuticals

Alembic Pharma

Neutral

631

11,886

3,483

4,083

20.2

21.4

24.3

30.4

26.0

20.7

5.9

4.7

25.5

25.3

3.4

2.8

Aurobindo Pharma

Buy

733

877

42,890

15,720

18,078

23.7

41.4

47.3

17.7

15.5

4.6

3.6

29.6

26.1

3.0

2.6

Aventis*

Neutral

4,253

9,794

2,277

2,597

17.3

18.3

149.4

172.0

28.5

24.7

4.7

3.8

25.1

28.8

4.0

3.2

Cadila Healthcare

Accumulate

358

400

36,665

10,429

12,318

22.6

22.0

16.9

19.2

21.2

18.7

5.4

4.3

28.5

25.7

3.5

2.9

Cipla

Neutral

553

44,417

15,378

18,089

17.4

18.4

21.6

27.2

25.6

20.3

3.3

2.9

13.7

15.2

3.1

2.6

www.angelbroking.com

Stock Watch

November 16, 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

Dr Reddy's

Neutral

3,309

54,824

16,043

18,119

20.8

22.4

112.4

142.9

29.4

23.2

3.9

3.4

14.1

15.9

3.4

3.0

Dishman Pharma

Neutral

229

3,690

1,718

1,890

22.7

22.8

9.5

11.3

24.1

20.2

2.3

2.1

10.1

10.9

2.6

2.3

GSK Pharma*

Neutral

2,650

22,447

3,000

3,312

15.4

20.6

46.5

60.8

57.0

43.6

13.7

13.6

26.3

30.6

7.2

6.6

Indoco Remedies

Neutral

286

2,632

1,112

1,289

16.2

18.2

11.6

16.0

24.6

17.9

3.9

3.3

17.0

20.1

2.5

2.1

Ipca labs

Accumulate

540

613

6,819

3,303

3,799

15.3

17.3

19.7

31.2

27.4

2.7

2.5

9.1

9.4

2.2

1.9

Lupin

Buy

1,440

1,809

64,930

15,912

18,644

26.4

26.7

58.1

69.3

24.8

20.8

4.8

4.0

21.4

20.9

4.2

3.4

Sun Pharma

Buy

683

944

164,257

31,129

35,258

30.0

30.9

28.0

32.8

24.4

20.8

3.7

3.1

18.7

18.9

4.9

4.1

Power

Tata Power

Neutral

18,730

36,916

39,557

17.4

27.1

5.1

6.3

13.6

11.0

1.2

1.1

9.0

10.3

1.5

1.4

NTPC

Neutral

150

123,723

86,605

95,545

17.5

20.8

11.8

13.4

12.7

11.2

1.3

1.2

10.5

11.1

2.8

Power Grid

Neutral

184

96,471

25,763

29,762

74.3

73.1

14.8

17.3

12.5

10.7

2.0

1.7

16.9

17.5

8.0

7.6

Real Estate

Prestige Estate

Buy

157

210

5,895

4,707

5,105

25.2

26.0

10.3

13.0

15.3

12.1

1.2

1.1

10.3

10.2

2.4

2.1

MLIFE

Buy

373

522

1,530

1,152

1,300

22.7

24.6

29.9

35.8

12.5

10.4

0.9

7.6

8.6

2.0

1.7

Telecom

Bharti Airtel

Neutral

303

121,081

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

25,692

40,133

43,731

37.2

37.1

6.4

6.5

11.2

11.0

0.9

8.2

7.6

1.7

1.4

zOthers

Abbott India

Neutral

4,576

9,724

3,153

3,583

14.1

14.4

152.2

182.7

30.1

25.1

147.6

126.1

25.6

26.1

2.8

2.4

Asian Granito

Buy

200

351

601

1,071

1,182

12.1

12.4

12.7

16.0

15.7

12.5

1.5

1.3

9.5

10.7

0.9

0.7

Bajaj Electricals

Buy

216

306

2,178

5,099

5,805

5.6

5.9

11.4

14.6

19.0

14.8

2.5

2.2

13.4

15.1

0.4

Banco Products (India)

Neutral

179

1,282

1,353

1,471

12.3

12.4

14.5

16.3

12.4

11.0

17.1

15.4

14.5

14.6

0.9

94.9

Coffee Day Enterprises

Neutral

210

4,317

2,964

3,260

20.5

21.2

4.7

8.0

26.2

2.4

2.2

5.5

8.5

1.9

1.7

Ltd

Competent Automobiles Neutral

167

102

1,137

1,256

3.1

2.7

28.0

23.6

6.0

7.1

32.0

28.9

14.3

11.5

0.1

Elecon Engineering

Neutral

549

1,482

1,660

13.7

14.5

3.9

5.8

12.9

8.7

3.0

2.8

7.8

10.9

0.7

0.6

Finolex Cables

Neutral

381

5,832

2,883

3,115

12.0

12.1

14.2

18.6

26.9

20.5

14.3

12.5

15.8

14.6

1.7

1.5

Garware Wall Ropes

Neutral

553

1,211

873

938

12.9

13.1

30.9

34.9

17.9

15.9

2.8

2.4

15.7

15.2

1.3

1.2

Goodyear India*

Neutral

742

1,712

1,598

1,704

10.4

10.2

49.4

52.6

15.0

14.1

69.4

60.8

18.2

17.0

0.8

105.6

Hitachi

Neutral

1,221

3,320

2,081

2,433

8.8

8.9

33.4

39.9

36.6

30.6

29.5

24.6

22.1

21.4

1.6

1.3

HSIL

Neutral

288

2,083

2,384

2,515

15.8

16.3

15.3

19.4

18.8

14.9

18.7

16.1

7.8

9.3

1.0

0.9

Interglobe Aviation

Neutral

884

31,841

21,122

26,005

14.5

27.6

110.7

132.1

8.0

6.7

47.8

34.1

168.5

201.1

1.5

1.2

Jyothy Laboratories

Neutral

320

5,809

1,440

2,052

11.5

13.0

8.5

10.0

37.6

32.0

9.1

8.4

18.6

19.3

4.3

3.0

Kirloskar Engines India

Neutral

343

4,960

2,554

2,800

9.9

10.0

10.5

12.1

32.7

28.4

13.7

12.9

10.7

11.7

1.6

1.4

Ltd

www.angelbroking.com

Stock Watch

November 16, 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

Linc Pen & Plastics

Neutral

240

355

382

420

9.3

9.5

13.5

15.7

17.8

15.3

3.1

2.6

17.1

17.3

1.0

0.9

M M Forgings

Neutral

416

502

546

608

20.4

20.7

41.3

48.7

10.1

8.5

56.9

50.4

16.6

17.0

0.8

0.7

Manpasand Bever.

Neutral

670

3,831

836

1,087

19.6

19.4

16.9

23.8

39.7

28.1

4.8

4.2

12.0

14.8

4.3

3.2

Mirza International

Buy

113

965

1,024

1,148

18.0

6.9

8.0

11.6

10.0

2.0

1.7

16.6

16.2

1.1

1.0

MT Educare

Neutral

121

480

366

417

17.7

18.2

9.4

10.8

12.9

11.2

2.9

2.5

22.2

22.3

1.2

1.0

Narayana Hrudaya

Neutral

330

6,738

1,873

2,166

11.5

11.7

2.6

4.0

124.7

83.2

7.7

6.9

6.1

8.3

3.7

3.2

Navkar Corporation

Buy

183

265

2,608

408

612

42.9

42.3

6.8

11.5

27.0

15.9

1.9

1.7

6.9

10.5

7.3

4.9

Navneet Education

Neutral

106

2,520

1,062

1,147

24.0

6.1

6.6

17.4

16.0

3.6

3.2

20.6

19.8

2.5

2.3

Nilkamal

Neutral

1,314

1,961

1,995

2,165

10.7

10.4

69.8

80.6

18.8

16.3

75.1

65.2

16.6

16.5

1.0

0.9

Page Industries

Neutral

13,171

14,691

2,450

3,124

20.1

17.6

299.0

310.0

44.1

42.5

293.3

223.9

47.1

87.5

6.0

4.8

Parag Milk Foods

Neutral

277

2,333

1,919

2,231

9.3

9.6

9.5

12.9

29.4

21.4

4.6

3.8

15.5

17.5

1.4

1.2

Quick Heal

Neutral

237

1,662

408

495

27.3

27.0

7.7

8.8

30.7

27.0

2.8

2.9

9.3

10.6

3.2

2.7

Radico Khaitan

Buy

122

147

1,617

1,667

1,824

13.0

13.2

6.7

8.2

18.3

14.9

1.7

1.5

9.0

10.2

1.4

1.2

Relaxo Footwears

Neutral

396

4,749

2,085

2,469

9.2

8.2

7.6

8.0

52.3

49.8

20.3

17.3

17.9

18.8

2.4

2.0

S H Kelkar & Co.

Neutral

280

4,056

1,036

1,160

15.1

15.0

6.1

7.2

45.9

39.1

4.9

4.5

10.7

11.5

3.8

3.3

Siyaram Silk Mills

Accumulate

1,232

1,714

1,155

1,799

2,040

11.6

11.7

104.9

122.4

11.7

10.1

1.9

1.7

16.4

0.8

0.7

Styrolution ABS India*

Neutral

594

1,045

1,440

1,537

9.2

9.0

40.6

42.6

14.6

14.0

37.4

34.0

12.3

11.6

0.7

0.6

Surya Roshni

Neutral

193

847

3,342

3,625

7.8

7.5

17.3

19.8

11.2

9.8

21.2

17.0

10.5

10.8

0.5

Team Lease Serv.

Neutral

943

1,613

3,229

4,001

1.5

1.8

22.8

32.8

41.4

28.7

4.4

3.8

10.7

13.4

0.4

0.3

The Byke Hospitality

Neutral

176

707

287

384

20.5

7.6

10.7

23.2

16.5

4.8

3.9

20.7

23.5

2.5

1.8

Transport Corporation of

Neutral

173

1,325

2,671

2,911

8.5

8.8

13.9

15.7

12.5

11.1

1.7

1.5

13.7

13.8

0.6

India

TVS Srichakra

Neutral

3,286

2,516

2,304

2,614

13.7

13.8

231.1

266.6

14.2

12.3

369.2

290.7

33.9

29.3

1.1

0.9

UFO Moviez

Neutral

447

1,233

619

685

33.2

33.4

30.0

34.9

14.9

12.8

2.1

1.8

13.8

13.9

1.7

1.4

Visaka Industries

Neutral

196

312

1,051

1,138

10.3

10.4

21.0

23.1

9.3

8.5

25.2

23.6

9.0

9.2

0.6

0.5

VRL Logistics

Neutral

268

2,443

1,902

2,119

16.7

16.6

14.6

16.8

18.4

15.9

4.0

3.5

21.9

22.2

1.4

1.2

Wonderla Holidays

Neutral

349

1,973

287

355

38.0

40.0

11.3

14.2

30.9

24.6

4.4

3.9

21.4

23.9

6.6

5.3

Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on November 15, 2016

www.angelbroking.com

Market Outlook

November 16, 2016

Research Team Tel: 022 - 39357800

E-mail: [email protected]

Website: www.angelbroking.com

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