1
1
www.angelbroking.com
Market Outlook
March 30, 2020
www.angelbroking.com
Market Cues
Indian markets are likely to open negative tracking global indices and SGX Nifty.
The US stocks staged a recovery attempt in afternoon trading on Friday after coming
under pressure early in the session but pulled back sharply going into the close. The
Dow posted a steep loss after recording its biggest three-day spike since 1931. The
Dow plunged 4.1 percent to 21,636 and the Nasdaq tumbled 3.8 percent to 7,502.
UK stocks fell on Friday as investors booked some profits after a three-day rally on
stimulus expectations. The FTSE 100 was down by 3.9 percent to 5,585.
On domestic front, Indian shares gave up early gains to end mixed on Friday
as coronavirus worries persisted and Moody's Investors Service slashed India's
economic growth projection for 2020 to 2.5 percent from 5.3 percent earlier, saying
the 21-day lockdown would result in a sharp loss in incomes and further weigh on
domestic demand and the pace of recovery. The benchmark BSE Sensex was down
by 0.4 percent to 29,815.
News Analysis
RBI measures amid COVID-19
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
3,864
6,200
60.5
KEI Industries
Buy
255
400
56.7
Asian Paints
Buy
1,606
2,118
31.9
Bata India
Buy
1,228
1,800
46.6
More Top Picks on Pg4
Domestic Indices
Chg (%)
(Pts)
(Close)
BSE Sensex
(0.4)
(131)
29,815
Nifty
0.2
19
8,660
Mid Cap
(0.3)
(30)
10,538
Small Cap
0.3
27
9,497
Bankex
0.9
218
22,966
Global Indices
Chg (%)
(Pts)
(Close)
Dow Jones
(4.1)
(915)
21,636
Nasdaq
(3.8)
(295)
7,502
FTSE
(3.9)
(228)
5,585
Nikkei
3.9
725
19,389
Hang Seng
0.6
132
23,484
Shanghai Com
0.3
7
2,772
Advances / Declines
BSE
NSE
Advances
1,133
1,025
Declines
1,171
806
Unchanged
177
114
Volumes (` Cr)
BSE
14,342
NSE
47,056
Net Inflows (` Cr)
Net
Mtd
Ytd
FII
(3,453)
(49619)
(39,421)
*MFs
1,198
19,043
27,477
Top Gainers
Price (₹)
Chg (%)
BANDHANBNK
250
15.1
MMTC
12
12.6
SUNDRMFAST
285
12.1
CEATLTD
733
11.1
SRTRANSFIN
724
11.0
Top Losers
Price (
`
)
Chg (%)
MAHSEAMLES
208
-15.1
TEAMLEASE
1,529
-9.9
JAMNAAUTO
25
-9.2
ADANIENT
128
-8.9
BAJFINANCE
2,545
-8.8
As on Mar 27, 2020
2
www.angelbroking.com
Market Outlook
March 30, 2020
www.angelbroking.com
News Analysis:
RBI measures amid COVID-19
RBI preponed its 7
th
bi-monthly monetary policy meeting to 27
th
March,2020
instead of having the meeting on 31
st
March and 3
rd
April, 2020 in view of the
deteriorating economic situation. The central bank has brought in measures as
mentioned below to ensure adequate liquidity is available and to ease the liquidity
constraints related to COVID-19.
1) Reduced interest rates: The RBI reduced repo rate by 75 bps to 4.4 per
cent and reverse repo rate by 90 bps to 4 per cent to maintain financial
stability and revive growth.
2) Lowered CRR: The Cash Reserve Ratio (CRR) of all banks was also cut
down by 100 basis points to 3% of net demand and time liabilities (NDTL)
with effect from 28 March, 2020 for a period of 1 year. This reduction
would release liquidity of nearly `1.4 lakh crore and this dispensation
would be available till 26 March, 2021.
3) MSF rate increased: The borrowing limit under marginal standing facility
(MSF) is now increased to 3 per cent of SLR from 2 per cent. This
applicable with immediate effect up till 30 June, 2020.
4) Relaxation on EMIs for 3 months:: All commercial and co-operative
banks, NBFCs and all-India Financial Institutions are permitted to allow a
moratorium of 3 months on EMI payments except in case of credit-card
outstanding. Lending institutions can also allow deferment of interest
payments on working capital loans and overdrafts for three months. Such
deferment won’t be considered as NPAs
5) Postponed NSFR execution: RBI has also deferred implementation of Net
Stable Funding Ratio (NSFR) by six months to 1 October, 2020. As per the
BCBS, banks in India are required to maintain NSFR of 100 per cent.
6) Banks permitted to participate in NDF: Banks in India, which operate
International Financial Centre Banking Units are permitted to participate
in non-deliverable fund (NDF) market from 1 June, 2020.
Economic and Political News
Industry calls for extended financial year due to coronavirus pandemic
Covid-19 impact: Fruit, veggie exports to fall 30-40% on global lockdown
Government ends FY20 divestment programme with Rs 14,700-cr shortfall
Forex reserves fall by $12 bn to $499 bn; rupee hits all-time low: RBI data
Govt approves additional Rs 5,751 cr to 8 states as calamity relief
Corporate News
Sun Pharma's product approvals at risk as USFDA labels Halol plant as OAI
JSW Group pledges Rs 100 cr to PM-CARES Fund for Covid-19 relief efforts
Tatas open their vault, commit Rs 1,500 crore to fight coronavirus
JICA grants Rs 11,033-cr ODA loan for Freight Corridor, Mumbai Metro
Govt raises Rs 11,500 cr from strategic sale of THDC, NEEPCO to NTPC
3
www.angelbroking.com
Market Outlook
March 30, 2020
www.angelbroking.com
Top Picks
Company
Market Cap
(` Cr)
CMP
(`)
Target
(`)
Upside
(%)
Rationale
KEI Industries
2,284
255
400
56.7
High order book execution in EPC segment, rising
B2C sales and higher exports to boost the revenues
and profitability
Hawkins Cooker
2,044
3,864
6,200
60.5
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
GMM Pfaudler
3,645
2,493
3,437
37.8
Post the GMM Pfaudler (CMP INR 2542.5) Q3FY20
numbers we are introducing our FY22 EPS estimate
of INR 114.5. We raise our target price to INR
2864 (25xFY22E EPS estimate)
ICICI Bank
2,20,131
340
590
73.5
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.
Asian Paints
1,54,066
1,606
2,118
31.9
Asian Paints (APL) is India's largest paints company.
We expect APL to report healthy bottom-line CAGR
of ~19% over FY2019-22E due to leadership
position, strong brand, wide distribution network
(60,000+ dealers across the country) and
improvement in operating margins (back of falling
crude prices).
Bata India
15,778
1,228
1,800
46.6
We expect Bata India to report net revenue CAGR
of ~11% to ~`3,974cr over FY2019-22E mainly
due to increasing brand consciousness among
Indian consumers, new product launches, higher
number of store additions in tier II/ III cities and
focus on high growth women’s segment. Further,
on the bottom-line front, we expect CAGR of ~20%
to `562cr over the same period on the back of
margin improvement (increasing premium product
sales).
Nestle India
1,45,500
15,091
17,355
15.1
Nestle India Ltd (Nestle) manufactures and sells a
variety of food products such as Milk & Nutrition,
Prepared Dishes & Cooking Aids, Powdered &
Liquid Beverages and Confectionery. Going
forward, we expect healthy growth and profitability
on the back of strong brand recall, wide
distribution network (4.6mn outlets across
India) and new product launches.
Hindustan Unilever
4,63,336
2,140
2,461
15.0
Hindustan Unilever Ltd (HUL) is engaged in
manufacturing of branded and packaged FMCG
products. We expect HUL to report healthy bottom-
line CAGR of ~12% over FY2019-22E due to
healthy volume growth on the back of strong
brand, wide distribution network
Colgate Palmolive
31,323
1,152
1,325
15.1
We believe that the company should ultimately be
able to see sharper market share gain in
toothpastes segment on the back of higher ad-
spend and re-launch of Colgate Strong Teeth
(decent traction seen in last quarter)
Avenue Supermarts
1,34,950
2,038
2,395
17.5
Avenue Supermarts owns and operates the
supermarket chain ‘D-MART’. Focused on value
retailing, it offers a wide range of fast-moving
consumer (food and non-food) products, general
merchandise and apparel.We expect DMART to
report consolidated revenue/PAT CAGR
of 18%/26%, respectively over FY2019-22E.
4
www.angelbroking.com
Market Outlook
March 30, 2020
www.angelbroking.com
Fundamental Call
Company
Market Cap
(` Cr)
CMP
(`)
Target
(`)
Upside
(%)
Rationale
CCL Products
2,329
175
360
105.7
CCL is likely to maintain the strong growth
trajectory over FY18-20 backed by capacity
expansion and new geographical foray
LT Finance Holding
10,656
53
150
182.2
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.
Inox Wind
384
17
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
9,058
89
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.
RBL Bank
8,160
160
NA
NA
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.
Shriram Transport Finance
16,436
724
NA
NA
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.
Amber Enterprise
3,839
1,221
1,830
49.9
Market leader in the room air conditioner (RAC)
outsourced manufacturing space in. 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
Safari Industries
878
392
492
25.4
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
Ultratech Cement
90,858
3,148
5,373
70.7
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
www.angelbroking.com
Market Outlook
March 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 18 March, 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
4.7
3.0
4.0
5.0
6.0
7.0
8.0
9.0
1QFY18
2QFY18
3QFY18
4QFY18
1QFY19
2QFY19
3QFY19
4QFY19
1QFY20
2QFY20
3QFY20
(%)
2.5
1.6
0.2
2.7
3.2
4.6
1.2
4.3
(1.4)
(4.3)
(4.0)
1.8
(0.1)
2.0
(5.0)
(4.0)
(3.0)
(2.0)
(1.0)
-
1.0
2.0
3.0
4.0
5.0
6.0
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
(%)
2.11
1.97
2.9
3.1
3.24
2.79
2.0
1.2
1.2
0.3
0.0
0.6
2.6
3.1
2.3
0
0.5
1
1.5
2
2.5
3
3.5
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
Feb-20
(%)
44
46
48
50
52
54
56
58
60
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
Feb-20
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
Dec-19
Jan-20
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
Feb-20
Mar-20
Repo rate
Reverse Repo rate
CRR
(%)
5
www.angelbroking.com
Market Outlook
March 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 18 March, 2020
1.2
1.7
4.7
6.0
(0.5)
5.0
3.6
1.6
1.1
2.3
0.3
0.9
(0.4)
(1.0)
-
1.0
2.0
3.0
4.0
5.0
6.0
7.0
Brazil
Russia
India
China
South Africa
Indonesia
Malaysia
Thailand
UK
USA
Germany
France
Japan
(%)
1.6
1.8
5.1
6.8
0.7
5.2
4.4
2.4
1.7
2.2
1.0
1.6
1.1
-
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
(%)
18.2
5.1
22.1
14.4
13.9
16.0
14.7
16.5
15.9
19.7
18.9
21.0
19.8
14.0
-
5.0
10.0
15.0
20.0
25.0
Brazil
Russia
India
China
South
Africa
Mexico
Indonesi
a
Malaysi
a
Thailan
d
UK
USA
German
y
France
Japan
(x)
6
www.angelbroking.com
Market Outlook
March 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
82678
-28.3
-24.1
-17.3
Russia
Micex
2267
-27.1
-24.8
-9.1
India
Nifty
9197
-24.1
-23.7
-19.5
China
Shanghai Composite
2789
-6.5
-7.7
-9.9
South Africa
Top 40
36444
-30.2
-28.2
-26.8
Mexico
Mexbol
36637
-18.5
-17.5
-13.3
Indonesia
LQ45
732
-23.3
-27.4
-28.6
Malaysia
KLCI
1281
-16.7
-19.9
-24.2
Thailand
SET 50
689
-32.8
-34.4
-35.9
USA
Dow Jones
23185
-20.7
-18.0
-10.5
UK
FTSE
5366
-27.8
-28.7
-26.5
Japan
Nikkei
17002
-26.7
-29.4
-21.2
Germany
DAX
9232
-33.0
-30.5
-20.8
France
CAC
4118
-32.3
-31.0
-23.9
Source: Bloomberg, Angel Research As of 18 March, 2020
7
www.angelbroking.com
Market Outlook
March 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
11-03-2020
Top Picks
Asian Paints
1,864
2,118
Open
30-03-2020
Fundamental
Ultratech Cement
3,148
5,373
Hold
30-10-2019
Top Picks
Ultratech Cement
4,481
5,373
Open
25-02-2020
Top Picks
Larsen Toubro
1,250
Closed(25/02/2020)
29-10-2019
Top Picks
Larsen Toubro
1,365
1,689
Open
28-01-2020
Top Picks
Hawkins Cooker
4,332
4,732
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
11-03-2020
Top Picks
RBL Bank
227
Hold
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
11-03-2020
Top Picks
Shriram Transport Finance Com
987
Hold
05-02-2020
Top Picks
Shriram Transport Finance Com
1,047
1410
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
www.angelbroking.com
Market Outlook
March 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
12-03-2020
Top Picks
Bata India
1,411
1800
Open
06-02-2020
Fundamental
Bata India
1,856
Closed(06/02/2020)
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
30-03-2020
Fundamental
Amber Enterprises
1,221
1,830
Hold
31-01-2020
Top Picks
Amber Enterprises
1,540
1,830
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
31-01-2020
Top Picks
Parag Milk Foods Limited
138
Closed(31/01/2020)
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
www.angelbroking.com
Market Outlook
March 30, 2020
www.angelbroking.com
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
29-02-2020
Top Picks
GMM Pfaudler Limited
2,528
3,437
Open
19-02-2020
Fundamental
GMM Pfaudler Limited
3,255
3,437
Hold
07-02-2020
Top Picks
GMM Pfaudler Limited
2,925
3,437
Open
04-02-2020
Fundamental
GMM Pfaudler Limited
2,979
Hold
29-01-2020
Top Picks
GMM Pfaudler Limited
2,528
2,864
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
30-03-2020
Fundamental
Safari Industries
392
492
Hold
24-03-2020
Top Picks
Safari Industries
328
492
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
March 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
02-03-2020
Top Picks
ICICI Bank
497
590
Open
27-01-2020
Fundamental
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
06-03-2020
Fundamental
Aditya Birla Capital
75
Closed(06/03/2020)
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
1,449
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)
30/01/2020
Fundamental
GIC Housing
154
Closed (30/01/2020)
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
March 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)
19-03-2020
Top Picks
KEI Industries
257
400
Open
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
March 30, 2020
www.angelbroking.com
Research Team Tel: 022 - 39357800 E-mail: [email protected] Website: www.angelbroking.com
DISCLAIMER:
Angel Broking Limited (hereinafter referred to as “Angel”) is a registered Member of National Stock Exchange of India Limited, Bombay
Stock Exchange Limited, Metropolitan Stock Exchange Limited, Multi Commodity Exchange of India Ltd and National Commodity &
Derivatives Exchange Ltd It is also registered as a Depository Participant with CDSL and Portfolio Manager and Investment Adviser with
SEBI. It also has registration with AMFI as a Mutual Fund Distributor. Angel Broking 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 authority 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 should 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 determine 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 positions and
trading volume, as opposed to focusing on a company's fundamentals and, as such, may not match with a report on a company's
fundamentals. Investors are advised to refer the Fundamental and Technical Research Reports available on our website to evaluate 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 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 this report.
Angel Broking 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 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 Limited, nor its directors, employees or affiliates shall be liable for any loss or damage that may arise from or in
connection with the use of this information.