1
1
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Market Outlook
January 30, 2020
www.angelbroking.com
Market Cues
Indian markets are likely to open flat tracking global indices and SGX Nifty.
The US stocks moved to the upside early in the trading day on Wednesday but
fluctuated over the course of the session before eventually closing little changed. The
Dow was flat at 28,734 and the Nasdaq inched up by 0.1 percent to 9,275.
UK stocks edged up slightly on yesterday despite lingering worries about the corona
virus outbreak and its broader economic impact. The benchmark FTSE 100 crept up
by 0.2 per cent to 7,493.
On domestic front, Indian shares ended firmly in positive territory on Wednesday,
mirroring positive global cues after the head of the World Health Organization
(WHO) said he was confident in China's ability to contain the deadly virus, which has
claimed 132 lives so far and infected nearly 6,000 in China. The benchmark, BSE
Sensex rose by 0.6 percent to 41,199.
News Analysis
To ease burden on NCLT, govt notifies rules for winding up of companies
Stock Action
Exit Nilkamal Ltd at Cmp: `1,449
Detailed analysis on Pg2
Investor’s Ready Reckoner
Key Domestic & Global Indicators
Stock Watch: Latest investment recommendations on 150+ stocks
Refer Pg5 onwards
Top Picks
Company
Rating
CMP
(`)
Target
(`)
Upside
(%)
Hawkins Cooker
Buy
4,518
4,732
4.7
Larsen & Toubro
Buy
1,365
1,689
23.7
KEI Industries
Buy
562
658
17.0
Ultratech Cement
Buy
4,568
4,982
9.1
More Top Picks on Pg4
Domestic Indices
Chg (%)
(Pts)
(Close)
BSE Sensex
0.6
232
41,199
Nifty
0.6
74
12,130
Mid Cap
0.5
77
15,754
Small Cap
0.1
18
14,841
Bankex
0.3
103
35,264
Global Indices
Chg (%)
(Pts)
(Close)
Dow Jones
0.0
12
28,734
Nasdaq
0.1
5
9,275
FTSE
0.2
14
7,493
Nikkei
0.7
164
23,379
Hang Seng
-2.8
-789
27,161
Shanghai Com
-2.8
-84
2,977
Advances / Declines
BSE
NSE
Advances
1,268
965
Declines
1,246
808
Unchanged
165
377
Volumes (` Cr)
BSE
2,230
NSE
38,134
Net Inflows (` Cr)
Net
Mtd
Ytd
FII
29
13,750
13,779
*MFs
-423
431
431
Top Gainers
Price ()
Chg (%)
AARTIIND
990
9.7
BOMDYEING
97
7.2
TATAMOTORS
188
6.8
ERIS
537
6.7
ITI
88
5.4
Top Losers
Price (
`
)
Chg (%)
NBVENTURES
74
-12.7
GODFRYPHLP
1247
-9.1
KRBL
275
-7.4
TIINDIA
486
-5.7
MEGH
60
-5.5
As on Jan 29, 2019
2
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Market Outlook
January 30, 2020
www.angelbroking.com
News Analysis
To ease burden on NCLT, govt notifies rules for winding up of companies
In a move that will help lessen the burden on the National Company Law Tribunal
(NCLT), the government has notified the rules for winding up of companies under
the companies law.
The Corporate Affairs Ministry has notified the Companies (Winding Up) Rules,
2020, which would be effective from April 1.
Petitions for winding up of companies are subject to various conditions, including
thresholds on turnover and paid-up capital.
Akila Agrawal, Partner & Head (M&A) at law firm Cyril Amarchand Mangaldas,
said the rules seek to inter-alia reduce the burden of the NCLT by enabling
summary procedures for liquidation to be filed with the central government.
Though the draft rules had made this available only for small companies, the final
rules make it available to companies that have assets of book value not exceeding
Rs 1 crore and have not taken deposits beyond Rs 25 lakh or have no secured
loans beyond Rs 50 lakh or turnover beyond Rs 50 crore or paid up capital
beyond Rs 1 crore.
A large part of the procedure applicable to regular companies continues to be
applicable to the companies that can opt for the summary procedure. It is
therefore unclear if the process will be fast tracked merely by shifting the
jurisdiction to the central government
Stock Action
Exit Nilkamal Ltd at Cmp: `1,449
Over the last 4 quarters, Nilkamal has reported de-growth in revenue
performance due to slowdown in economy that affected overall buying sentiment
of consumers. Thus, we recommend exit from stock at current market price.
Economic and Political News
Govt unearths job incentive fraud; EPFO blocks accounts of 1 mn employees
Five firms exit highway projects as NHAI faces delay in land acquisition
Assam tops in budgetary practices, followed by Odisha, Andhra
Corporate News
DHFL diverted Rs 12,700 cr into 79 shadowy firms linked to promoters: ED
Shareholders reject Rakesh Gangwal's special resolution at IndiGo's EGM
Dalmia Cement to move NCLAT against NCLT over subsidiary insolvency case
JSW Infra to invest Rs 300 crore to develop its first container terminal
3
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Market Outlook
January 30, 2020
www.angelbroking.com
Top Picks
Company
Market Cap
(` Cr)
CMP
(`)
Target
(`)
Upside
(%)
Rationale
Safari Industries
1,397
625
1,000
60.0
Third largest brand play in luggage segment
Increased product offerings and improving
distribution network is leading to strong growth in
business. Likely to post robust growth for next 3-4
years
Parag Milk Foods
1,223
145
200
37.5
One of the leading Indian dairy products
companies in India created strong brands in dairy
products. Rising revenue share of high-margin
Value Added Products and reduction in interest cost
is likely to boost margins and earnings in next few
years.
KEI Industries
4,471
562
658
17.0
High order book execution in EPC segment, rising
B2C sales and higher exports to boost the revenues
and profitability
Hawkins Cooker
2,390
4,518
4,732
4.7
We forecast HCL to report healthy top-line CAGR
of ~14% to `976cr over FY19-22E on the back of
government initiatives, new product launches,
strong brand name and wide distribution network.
On the bottom-line front, we estimate ~23% CAGR
to `100cr due to strong revenue and operating
margin improvement
RBL Bank
17,046
335
410
22.3
We believe advance to grow at a healthy CAGR of
35% over FY18-20E. Below peers level ROA (1.2%
FY18) to expand led by margin expansion and
lower credit cost.
Larsen & Toubro
1,91,674
1,365
1,689
23.7
The company has a strong order backlog of ~`
3lakh cr. and a very strong pipeline of `9 lakh cr.
for FY2020. We are positive on the prospects of the
Company given the Government’s thrust on
Infrastructure with over 100lakh cr. of investments
lined up over the next 5 years. Reduction in tax rate
for domestic companies to 22% from 30% will
improve profitability for the company.
Ultratech Cement
1,31,845
4,568
4,982
9.1
Post merger of Century textile’s cement division of
13.4mn TPA from H2FY20 company will have
~110mn TPA of capacity with a dominant position
in West and central India. We are positive on the
long term prospects of the Company given ramp
up from acquired capacities and pricing discipline
in the industry. Reduction in tax rate for domestic
companies to 22% from 30% will improve
profitability for the company.
4
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Market Outlook
January 30, 2020
www.angelbroking.com
Fundamental Call
Company
Market Cap
(` Cr)
CMP
(`)
Target
(`)
Upside
(%)
Rationale
CCL Products
2,766
208
360
73.1
CCL is likely to maintain the strong growth
trajectory over FY18-20 backed by capacity
expansion and new geographical foray
LT Finance Holding
24,048
120
150
25.1
L&T Fin’s new management is on track to achieve
ROE of 18% by 2020 and recent capital infusion
of `3000cr would support advance growth.
Aditya Birla Capital
23,514
102
118
16.1
We expect financialisation of savings and
increasing penetration in Insurance & Mutual fund
would ensure steady growth.
Bata India
23,856
1,856
1,865
0.5
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 mainly due to new
product launches, higher number of stores
addition and focus on women’s high growth
segment and margin improvement
Amber Enterprises
4,809
1,529
NA
NA
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 solutions
provider for the major brands in the RAC industry
and currently serves eight out of the 10 top RAC
brands in India
Shriram Transport Finance
25,129
1,108
1,410
27.3
SHTF is in the sweet spot with benefits from
stronger CV volumes, NIMs unaffected by rising
bond yields on the back of stronger pricing power
and an enhancing ROE by 750bps over FY18-
20E, supported by decline in credit cost.
Inox Wind
921
42
NA
NA
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 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.
Jindal Steel & Power Limited
17,850
175
NA
NA
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
line front, we expect JSPL to turn in to profit by
FY19 on back of strong operating margin
improvement.
5
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Market Outlook
January 30, 2020
www.angelbroking.com
Continued...
Company
Market Cap
(` Cr)
CMP
(`)
Target
(`)
Upside
(%)
Rationale
GIC Housing Finance
823
153
NA
NA
We expect loan book to grow at 24.3% over
next two year; change in borrowing mix will
help in NIM improvement
GMM Pfaudler
3,749
2,565
NA
NA
GMM Pfaudler Limited (GMM) is the Indian
market leader in glass-lined (GL) steel
equipment. GMM is expected to cross CAGR
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.
ICICI Bank
3,40,612
526
590
12.1
Well capitalized with CAR of 18.1% which
gives sufficient room to grow asset base.
Faster resolution of NPA would reduce
provision cost, which would help to report
better ROE.
Source: Company, Angel Research
4
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Market Outlook
January 30, 2020
www.angelbroking.com
Macro watch
Exhibit 1: Quarterly GDP trends
Source: CSO, Angel Research
Exhibit 2: IIP trends
Source: MOSPI, Angel Research
Exhibit 3: Monthly CPI inflation trends
Source: MOSPI, Angel Research
Exhibit 4: Manufacturing and services PMI
Source: Market, Angel Research; Note: Level above 50 indicates expansion
Exhibit 5: Exports and imports growth trends
Source: Bloomberg, Angel Research As of 16 January, 2020
Exhibit 6: Key policy rates
Source: RBI, Angel Research
6.0
6.8
7.7
8.1
8.0
7.0
6.6
5.8
5.0
4.5
3.0
4.0
5.0
6.0
7.0
8.0
9.0
1QFY18
2QFY18
3QFY18
4QFY18
1QFY19
2QFY19
3QFY19
4QFY19
1QFY20
2QFY20
(%)
0.2
2.5
1.6
0.2
2.7
3.2
4.6
1.2
4.3
(1.4)
(4.3)
(4.0)
1.8
(5.0)
(4.0)
(3.0)
(2.0)
(1.0)
-
1.0
2.0
3.0
4.0
5.0
6.0
Nov-18
Dec-18
Jan-19
Feb-19
Mar-19
Apr-19
May-19
Jun-19
Jul-19
Aug-19
Sep-19
Oct-19
Nov-19
(%)
2.3
2.1
1.97
2.57
2.9
3.0
3.1
3.2
3.2
3.2
3.9
4.6
0.6
2.6
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
4.5
5.0
Nov-18
Dec-18
Jan-19
Feb-19
Mar-19
Apr-19
May-19
Jun-19
Jul-19
Aug-19
Sep-19
Oct-19
Nov-19
Dec-19
(%)
45.0
46.0
47.0
48.0
49.0
50.0
51.0
52.0
53.0
54.0
55.0
Oct-18
Nov-18
Dec-18
Jan-19
Feb-19
Mar-19
Apr-19
May-19
Jun-19
Jul-19
Aug-19
Sep-19
Oct-19
Nov-19
Dec-19
Mfg. PMI
Services PMI
(20.0)
(15.0)
(10.0)
(5.0)
0.0
5.0
10.0
15.0
Nov-18
Dec-18
Jan-19
Feb-19
Mar-19
Apr-19
May-19
Jun-19
Jul-19
Aug-19
Sep-19
Oct-19
Nov-19
Exports yoy growth
Imports yoy growth
(%)
3
3.5
4
4.5
5
5.5
6
6.5
7
Oct-18
Nov-18
Dec-18
Jan-19
Feb-19
Mar-19
Apr-19
May-19
Jun-19
Jul-19
Aug-19
Sep-19
Oct-19
Nov-19
Dec-19
Jan-20
Repo rate
Reverse Repo rate
CRR
(%)
5
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Market Outlook
January 30, 2020
www.angelbroking.com
Global watch
Exhibit 1: Latest quarterly GDP Growth (%, yoy) across select developing and developed countries
Source: Bloomberg, Angel Research
Exhibit 2: 2017 GDP Growth projection by IMF (%, yoy) across select developing and developed countries
Source: IMF, Angel Research
Exhibit 3: One year forward P-E ratio across select developing and developed countries
Source: IMF, Angel Research As of 16 Jan, 2020
1.2
1.7
4.5
6.0
1.1
5.0
4.4
2.4
1.1
2.1
1.0
1.4
1.7
-
1.0
2.0
3.0
4.0
5.0
6.0
7.0
Brazil
Russia
India
China
South
Africa
Indones
ia
Malaysi
a
Thailan
d
UK
USA
Germa
ny
France
Japan
(%)
0.7
1.8
6.7
6.8
0.7
5.2
5.4
3.7
1.7
2.2
2.0
1.6
1.5
-
1.0
2.0
3.0
4.0
5.0
6.0
7.0
8.0
Brazil
Russia
India
China
South Africa
Indonesia
Malaysia
Thailand
UK
USA
Germany
France
Japan
(%)
9.1
4.0
19.1
10.2
14.6
14.8
17.0
15.2
12.5
16.0
12.2
14.3
13.2
-
5.0
10.0
15.0
20.0
25.0
Brazil
Russia
India
China
South
Africa
Indonesia
Malaysia
Thailand
UK
USA
Germany
France
Japan
(x)
6
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Market Outlook
January 30, 2020
www.angelbroking.com
Exhibit 4: Relative performance of indices across globe
Returns (%)
Country
Name of index
Closing price
1M
3M
1YR
Brazil
Bovespa
117632
5.1
12.6
25.1
Russia
Micex
3130
4.1
15.3
27.9
India
Nifty
12301
2.1
7.6
13.0
China
Shanghai Composite
3086
3.4
3.2
20.1
South Africa
Top 40
51725
1.2
1.3
8.2
Mexico
Mexbol
44773
0.9
3.5
2.7
Indonesia
LQ45
1028
2.7
7.2
0.9
Malaysia
KLCI
1576
0.4
0.6
-6.1
Thailand
SET 50
1067
1.7
-1.7
1.1
USA
Dow Jones
28939
2.5
7.1
20.3
UK
FTSE
7622
1.4
5.7
10.5
Japan
Nikkei
23906
-0.2
7.7
17.2
Germany
DAX
13456
0.4
6.5
23.6
France
CAC
6040
0.8
5.9
26.2
Source: Bloomberg, Angel Research As of 16 January, 2020
7
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Market Outlook
January 30, 2020
www.angelbroking.com
Exhibit 7: Historical Angel Top Picks/Fundamental Calls
Date Added
Top Picks/Fundamental
Stocks
Reco Price
Target/Revised Price
Current Status
03-10-2019
Top Picks
Larsen Toubro
1,365
1,689
Open
13-01-2020
Top Picks
Hawkins Cooker
3,591
4,353
Open
06-06-2019
Fundamental
Inox Wind
55
Hold
10-08-2018
Top Picks
Inox Wind
107
127
Open
08-11-2019
Top Picks
TTK Prestige
6075
Closed(08/11/2019)
30-11-2018
Top Picks
TTK Prestige
7,206
8,200
Open
09-08-2018
Top Picks
TTK Prestige
6,206
7,500
Open
07-10-2019
Fundamental
Aurobindo Pharma
460
Closed(07/10/2019)
26-09-2019
Fundamental
Aurobindo Pharma
610
Hold
07-09-2019
Top Picks
Aurobindo Pharma
759
870
Open
06-07-2018
Top Picks
Aurobindo Pharma
603
780
Open
31-10-2019
Top Picks
RBL Bank
312
410
Open
22-07-2019
Top Picks
RBL Bank
500
650
Open
04-04-2019
Top Picks
RBL Bank
649
775
Open
30-08-2018
Top Picks
RBL Bank
626
690
Open
06-07-2018
Top Picks
RBL Bank
565
670
Open
02-12-2019
Fundamental
Yes Bank
64
Closed(02/12/2019)
18-07-2019
Fundamental
Yes Bank
98
Hold
30-04-2019
Fundamental
Yes Bank
168
Hold
25-01-2019
Top Picks
Yes Bank
214
280
Open
27-07-2019
Top Picks
Yes Bank
370
435
Open
06-07-2018
Top Picks
Yes Bank
348
418
Open
05-10-2019
Fundamental
Jindal Steel & Power
94
Hold
24-05-2019
Top Picks
Jindal Steel & Power
152
250
Open
07-02-2019
Top Picks
Jindal Steel & Power
135
249
Open
15-11-2018
Top Picks
Jindal Steel & Power
175
320
Open
30-06-2018
Top Picks
Jindal Steel & Power
222
350
Open
22-01-2020
Fundamental
Shriram Transport Finance Com
1,090
1410
Hold
30-10-2019
Top Picks
Shriram Transport Finance Com
1,156
1410
Open
07-08-2019
Top Picks
Shriram Transport Finance Com
1,000
1385
Open
25-05-2019
Top Picks
Shriram Transport Finance Com
1,106
1470
Open
20-06-2018
Top Picks
Shriram Transport Finance Com
1,466
1,764
Open
Source: Company, Angel Research
8
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Market Outlook
January 30, 2020
www.angelbroking.com
Exhibit 8: Historical Angel Top Picks/Fundamental Calls
Date Added
Top Picks/Fundamental
Stocks
Reco Price
Target/Revised Price
Current Status
03-09-2019
Fundamental
Bata India
1,538
1,865
Hold
03-08-2019
Top Picks
Bata India
1,310
1,525
Open
13-02-2019
Top Picks
Bata India
1,189
1,479
Open
03-11-2018
Top Picks
Bata India
1,008
1,243
Open
30-07-2018
Top Picks
Bata India
918
1,007
Open
23-07-2018
Top Picks
Bata India
842
955
Open
01-07-2018
Top Picks
Bata India
862
948
Open
18-06-2018
Top Picks
Bata India
779
896
Open
09-01-2020
Fundamental
Amber Enterprises
1,209
Hold
25-09-2019
Top Picks
Amber Enterprises
901
1100
Open
16-02-2019
Top Picks
Amber Enterprises
637
910
Open
08-08-2018
Top Picks
Amber Enterprises
939
1135
Open
14-06-2018
Top Picks
Amber Enterprises
1,026
1,230
Open
07-11-2019
Top Picks
M&M
580
Closed(07/11/2019)
09-08-2019
Top Picks
M&M
550
724
Open
15-02-2019
Top Picks
M&M
626
850
Open
07-06-2018
Top Picks
M&M
918
1050
Open
04-05-2018
Top Picks
M&M
860
990
Open
22-01-2020
Fundamental
HDFC Bank
1244
Closed(22/01/2020)
20-01-2020
Fundamental
HDFC Bank
1278
1390
Hold
23-10-2019
Top Picks
HDFC Bank
1241
1390
Open
23-07-2019
Top Picks
HDFC Bank
2264
2620
Open
22-01-2019
Top Picks
HDFC Bank
2145
2500
Open
24-07-2018
Top Picks
HDFC Bank
2158
2350
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
Open
25-10-2019
Top Picks
Parag Milk Foods Limited
149
200
Open
07-08-2019
Top Picks
Parag Milk Foods Limited
190
306
Open
12-02-2019
Top Picks
Parag Milk Foods Limited
211
359
Open
06-11-2018
Top Picks
Parag Milk Foods Limited
256
330
Open
15-05-2018
Top Picks
Parag Milk Foods Limited
310
410
Open
Source: Company, Angel Research
9
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Market Outlook
January 30, 2020
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Exhibit 9: Historical Angel Top Picks/Fundamental Calls
Date Added
Top Picks/Fundamental
Stocks
Reco Price
Target/Revised Price
Current Status
16-04-2018
Top Picks
Parag Milk Foods Limited
249
333
Open
15-01-2020
Fundamental
GMM Pfaudler Limited
1,986
Hold
19-11-2019
Top Picks
GMM Pfaudler Limited
1688
2059
Open
23-09-2019
Top Picks
GMM Pfaudler Limited
1520
1740
Open
11-06-2019
Top Picks
GMM Pfaudler Limited
1470
1570
Open
13-03-2019
Top Picks
GMM Pfaudler Limited
1265
1400
Open
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
Open
07-08-2018
Top Picks
GMM Pfaudler Limited
984
1,100
Open
29-06-2018
Fundamental
GMM Pfaudler Limited
932
1,020
Open
14-05-2018
Fundamental
GMM Pfaudler Limited
818
900
Open
06-04-2018
Fundamental
GMM Pfaudler Limited
712
861
Open
06-12-2019
Fundamental
Ashok Leyland
75
Closed(06/12/2019)
06-06-2019
Fundamental
Ashok Leyland
70
Hold
17-08-2018
Top Picks
Ashok Leyland
128
156
Open
07-03-2018
Fundamental
Ashok Leyland Ltd
139
163
Closed (26/04/2018)
16-12-2019
Fundamental
Greenply Industries
160
Closed(16/12/2019)
31-05-2018
Fundamental
Greenply Industries
256
364
Open
03-03-2018
Fundamental
Greenply Industries
340
395
Open
43816
Top Picks
Safari Industries
623
807
Open
27-08-2018
Top Picks
Safari Industries
974
1,071
Open
14-08-2018
Top Picks
Safari Industries
868
1,000
Open
07-08-2018
Top Picks
Safari Industries
788
870
Open
16-07-2018
Top Picks
Safari Industries
693
800
Open
16-04-2018
Top Picks
Safari Industries
651
750
Open
21-02-2018
Top Picks
Safari Industries
532
650
Open
31-05-2018
Top Picks
HSIL Ltd
348
Closed (31/05/2018)
16-02-2018
Top Picks
HSIL Ltd
433
510
Open
04-11-2019
Fundamental
Elantas Beck India Ltd.
2500
Closed(04/11/2019)
07-02-2018
Fundamental
Elantas Beck India Ltd.
2155
2500
Open
Source: Company, Angel Research
10
www.angelbroking.com
Market Outlook
January 30, 2020
www.angelbroking.com
Exhibit 10: Historical Angel Top Picks/Fundamental Calls
Date Added
Top Picks/Fundamental
Stocks
Reco Price
Target/Revised Price
Current Status
27-01-2020
Top Picks
ICICI Bank
536
590
Hold
09-12-2019
Top Picks
ICICI Bank
526
590
Open
29-10-2019
Top Picks
ICICI Bank
437
532
Open
25-05-2019
Top Picks
ICICI Bank
431
490
Open
15-02-2019
Top Picks
ICICI Bank
343
460
Open
30-07-2018
Top Picks
ICICI Bank
307
411
Open
01-02-2018
Top Picks
ICICI Bank
352
416
Open
06-09-2019
Fundamental
Aditya Birla Capital
93
118
Open
09-08-2019
Top Picks
Aditya Birla Capital
89
118
Open
04-06-2019
Top Picks
Aditya Birla Capital
102
130
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
1449
Closed (29/01/2020)
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
09-05-2018
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
Open
19-12-2017
Top Picks
LT Foods
85
Closed(18/06/2018)
06-11-2017
Top Picks
LT Foods
74
96
16-10-2017
Fundamental
Endurance Technologies Ltd
1111
1277
Closed (01/12/2017)
06-06-2019
Fundamental
GIC Housing
252
Hold
11-09-2017
Top Picks
GIC Housing
533
655
Open
28-01-2020
Fundamental
Music Broadcast Limited
29
Closed (28/01/2020)
06-06-2019
Fundamental
Music Broadcast Limited
58
Hold
10-10-2017
Top Picks
Music Broadcast Limited
404
475
Open
20-07-2017
Top Picks
Music Broadcast Limited
368
434
Open
Fundamental
L&T Finance Holding
Hold
03-05-2018
Fundamental
L&T Finance Holding
171
210
Open
07-07-2017
Fundamental
L&T Finance Holdings Ltd
149
179
Closed (28/8/2017)
Source: Company, Angel Research
11
www.angelbroking.com
Market Outlook
January 30, 2020
www.angelbroking.com
Exhibit 11: Historical Angel Top Picks/Fundamental Calls
Date Added
Top Picks/Fundamental
Stocks
Reco Price
Target/Revised Price
Current Status
06-07-2017
Fundamental
Syngene International
478
564
Closed (1/3/2018)
28-01-2020
Top Picks
Maruti
7,065
Closed(28/01/2020)
30-07-2019
Top Picks
Maruti
5558
7,783
Open
29-10-2018
Top Picks
Maruti
6705
8,552
Open
27-07-2017
Top Picks
Maruti
9315
10820
Open
05-06-2017
Top Picks
Karur Vysya Bank
127
100
Closed (12/03/2018)
21-01-2020
Top Picks
KEI Industries
517
658
Open
13-11-2019
Fundamental
KEI Industries
542
Hold
07-08-2019
Top Picks
KEI Industries
464
556
Open
12-02-2019
Top Picks
KEI Industries
349
486
Open
23-05-2018
Top Picks
KEI Industries
481
589
Open
21-05-2018
Top Picks
KEI Industries
433
508
Open
25-01-2018
Top Picks
KEI Industries
400
486
Open
04-01-2017
Top Picks
KEI Industries
167
207
Open
31-05-2018
Top Picks
Alkem Lab
1978
Closed (31/05/2018)
01-12-2016
Top Picks
Alkem Lab
1700
2441
Open
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
Open
30-01-2019
Fundamental
DHFL
162
Closed(30/01/2019)
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
09-12-2019
Top Picks
Blue Star
813
Closed(09/12/2019)
08-12-2015
Top Picks
Blue Star
357
867
Open
29-01-2020
Fundamental
Siyaram Silk Mills
229
Closed(28/01/2020)
06-06-2019
Fundamental
Siyaram Silk Mills
337
Hold
30-10-2015
Top Picks
Siyaram Silk Mills
186
851
Open
Source: Company, Angel Research
12
www.angelbroking.com
Market Outlook
January 30, 2020
www.angelbroking.com
Research Team Tel: 022 - 39357800 E-mail: [email protected] Website: www.angelbroking.com
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