Market Outlook

August 02, 2016

Market Cues

Domestic Indices

Chg (%)

(Pts)

(Close)

Indian markets are expected to open flat tracking SGX Nifty.

BSE Sensex

(0.2)

(49)

28,003

U.S. stocks lost momentum to finish mostly lower Monday as crude-oil futures

Nifty

(0.0)

(2)

8,637

returned to bear-market territory and weaker-than-expected manufacturing data

Mid Cap

0.4

12,709

raised doubts about economy strength. S&P 500 was down 0.1%, after the large-cap

Small Cap

0.1

12,322

index hit a record intraday high of 2,178.29. A 3.3% drop in Energy sector dragged

Bankex

(1.2)

(257)

21,422

S&P 500 into negative territory, outweighing modest gains in health-care and tech

stocks. Nasdaq Composite Index climbed up 0.4%, to end at 5,184.20, boosted by

appetite for tech giants, including a 1.8% jump in shares of Apple Inc.

Global Indices

Chg (%)

(Pts)

(Close)

Dow Jones

(0.2)

(28)

18,405

U.K. stocks erased earlier gains and ended lower on Monday, following data

confirming sharp deterioration in British manufacturing activity in the wake of the

Nasdaq

0.4

5,184

Brexit vote. FTSE 100 lost 0.5% to close at 6,694 after having been up much as

FTSE

(0.5)

(30)

6,694

0.7%. The index had earlier traded above its 2016 closing high of 6,750.43 logged

Nikkei

0.4

16,636

on July 27. The biggest riser was the giant mining group Anglo American, up 2.2%.

Hang Seng

1.1

238

22,129

Equity benchmarks ended marginally lower with both, the Sensex and Nifty closing

Shanghai Com

(0.9)

(26)

2,953

in red. We sense market is 'entering into a no-news kind of trade' and that is what

caused market taking a break from its rally mode. Country's largest private sector

Advances / Declines

BSE

NSE

lender ICICI Bank fell over 5% after bad asset quality performance in 1QFY2017.

Advances

1,179

609

News Analysis & Result Review

Declines

1,590

1,009

 Results Review: Tech Mahindra

Unchanged

142

NHPC to raise `4,500cr after Subansiri project clearance

Detailed analysis on Pg2

Volumes (` Cr)

Investor’s Ready Reckoner

BSE

4,087

Key Domestic & Global Indicators

NSE

24,270

Stock Watch: Latest investment recommendations on 150+ stocks

Refer Pg5 onwards

Net Inflows (` Cr)

Net

Mtd

Ytd

FII

209

11,339

30,883

Top Picks

CMP

Target

Upside

MFs

137

(274)

9,070

Company

Sector

Rating

(`)

(%)

Amara Raja

Auto/Auto Ancillary

Buy

924

1,076

16.5

Top Gainers

Price (`)

Chg (%)

HCL Tech

Buy

781

1,000

28.1

Bajfinance

11,227

8.4

LIC Housing

Financials

Accumulate

522

582

11.5

Muthootfin

356

8.0

Bharat Electronics

Capital Goods

Accumulate

1,241

1,414

14.0

Iifl

289

7.3

Navkar Corporation Others

Buy

210

265

26.1

More Top Picks on Pg4

Jindalstel

6.9

Voltas

371

6.0

Key Upcoming Events

Consensus

Date

Region

Event Description

Reading

Expectations

Top Losers

Price (`)

Chg (%)

Aug 3

China

PMI Manufacturing

49.9

50.0

Icicibank

249

(5.2)

Aug 4

Initial Jobless claims

266.0

265.0

Justdial

531

(4.4)

Aug 4

Unemployment rate

4.9

4.8

1,494

(4.1)

Aug 5

BOE Annouces rates

0.50

0.25

Ashokley

(4.0)

Aug 5

Change in Nonfarm payrolls

287.0

175.0

6.(

Dcbbank

107

(3.9)

More Events on Pg5

As on August 1, 2016

www.angelbroking.com

Market Outlook

August 02, 2016

Result Review

Tech Mahindra (CMP: `490 / TP: /Upside:)

For 1QFY2017, the company posted results lower than expected. On sales the

company posted sales of `6,921cr V/s `6,880cr expected and V/s `6,884cr in

4QFY2016, a QoQ de-growth of 0.5%. In US$ terms, it came in at US$ 1,032mn

V/s US$1,027mn expected and V/s US$1,023mn, a QoQ growth of 0.9%.

The top line growth, during the quarter was driven by USA (which was 49.0% of

sales V/s 46.8% in 4QFY2016), while ROW was a drag, constituting around

22.8% V/s 24.7% in 4QFY2016. In terms of Industries, Manufacturing and BFSI

Industries were the key drivers of the top-line growth of the company.

Manufacturing, constituted around 18.1% of sales V/s 17.1% in 4QFY2016, while

BFSI contributed around 11.3% of sales V/s 10.6% of sales in 4QFY2016. In terms

of client additions, the company added 11 clients, of which 2 were in US$20mn+,

1 were in US$10mn+.

On operating profit front, the EBIT margins came in at 12.0% V/s 12.3% expected

and V/s 13.7% in 4QFY2016, QoQ dip of 176bps. On utilization levels, the

company clocked 78% v/s 77% in 4QFY2016, while attrition remained same at

21%. Thus, the Adj. net profit came in at `750cr V/s `816crexpected and V/s

`897cr in 4QFY2016, a QoQ de-growth of 16.4%. While our estimates might get

revised, we maintain our buy rating.

Y/E

Sales OPM

PAT

EPS ROE P/E P/BV EV/EBITDA EV/Sales

Mar

(` cr)

(%)

(` cr)

(`)

(%)

(x)

FY2017E

30,347

17.0

3,633

37.5

21.8

13.0

2.8

8.1

1.4

FY2018E

33,685

17.0

3,999

41.3

20.7

11.9

2.5

6.9

1.2

NHPC to raise `4,500cr after Subansiri project clearance

As per media reports, NHPC is working on `3,000cr diversification plan to venture

into Solar & Wind Power projects. Company also plans to raise `4,500cr through

private placement, but is waiting National Green Tribunal (NGT) clearance for the

2,000MW Lower Subansiri Hydroelectric project at Gerukamukh along the Assam-

Arunachal Pradesh border.

Following protests from pressure groups, project was stalled since Dec-2011 on

grounds that seismic activity could pose threat to people in downstream areas. The

project was expected to be completed by 2012.

This fund raised would be used to meet new capex. NHPC completed 70% work

on project by Dec-2011, which was scheduled to go on-stream in Dec-2012.

NHPC plans to add 430MW of Solar and Wind power projects, as it has inked

deals with Andhra, Tamil Nadu & Uttar Pradesh Government.

Also, NHPC has joined U. P. to develop 50MW Solar power project. This project is

to be executed through Uttar Pradesh New and Renewable Energy Development

Agency (UPNEDA).

NHPC has already reached final stage of completion of 50MW Wind project in

Jaisalmer, Rajasthan. The company has also received letter of intent to set up 50-

MW solar power project in Tamil Nadu and has also signed deal with A.P.

government for setting up 200MW project but much will hinge on feasibility study.

www.angelbroking.com

Market Outlook

August 02, 2016

Economic and Political News

 Govt clears 89 single-brand retail, 1 multi-brand proposals

 Centre provides `6,403cr to Andhra as financial assistance

 India's total Power generation capacity crosses 300GW mark

Corporate News

 Wipro Infra Engg to acquired Israel based Givon in all-cash deal

 GVK's Goindwal Sahib power project faces coal hurdles

 NTPC bets big on domestic coal-driven growth

 ICICI Bank, Apollo to set up Indian Asset Reconstruction company

Quarterly Bloomberg Brokers Consensus Estimate

HCL Technologies Ltd - Aug 3, 2016

Particulars (` cr)

1QFY17E

1QFY16

y-o-y (%)

4QFY16

q-o-q (%)

Net sales

10,780

9,777

10.3

10,698

0.8

EBITDA

2,388

2,100

13.7

2,379

0.4

EBITDA margin (%)

22.1

21.5

22.2

Net profit

1,920

1,783

7.7

1,926

(0.3)

Cadila Healthcare Ltd - Aug 3, 2016

Particulars (` cr)

1QFY17E

1QFY16

y-o-y (%)

4QFY16

q-o-q (%)

Net sales

2519.8

2421.7

4.05

2375.5

6.1

EBITDA

558.9

620.33

(9.9)

606.3

(7.8)

EBITDA margin (%)

22.1

25.6

22.2

Net profit

385.6

353.4

9.1

388.7

(0.8)

Tata Power Co Ltd Consol- Aug 4, 2016

Particulars (` cr)

1QFY17E

1QFY16

y-o-y (%)

4QFY16

q-o-q (%)

Net sales

9,250

9,235

0.2

9,375

(1.3)

EBITDA

2,000

2,181

(8.3)

1,913

4.5

EBITDA margin (%)

21.6

23.6

20.4

Net profit

337

241

39.6

360

(6.5)

Siemens Ltd - Aug 4, 2016

Particulars (` cr)

3QSY16E

3QSY15

y-o-y (%)

2QSY16

q-o-q (%)

Net sales

2,498

2,322

7.6

2,725

(8.3)

EBITDA

273

253

7.7

306

(11.0)

EBITDA margin (%)

10.9

11.2

Net profit

163

168

(3.2)

177

(8.2)

Cummins India Ltd - Aug 4, 2016

Particulars (` cr)

1QFY17E

1QFY16

y-o-y (%)

4QFY16

q-o-q (%)

Net sales

1,307

1,282

1.9

1,038

25.9

EBITDA

204

218

(6.6)

171

19.2

EBITDA margin (%)

15.6

17.0

16.5

Net profit

198

211

(5.9)

164

20.9

www.angelbroking.com

Market Outlook

August 02, 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

15,778

924

1,076

16.5

products leading to market share gains in both the automotive

OEM and replacement segments.

Uptick in defense capex by government, coupled with BELs

Bharat Electronics

29,777

1,241

1,414

14.0

strong market positioning, indicate good times ahead for BEL.

HCL Tech

1,10,166

781

1,000

28.1

Stock is trading at attractive valuations & factors all bad news.

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

Infosys

2,49,219

1,085

1,374

26.6

be a US$20bn in FY2020.

Continues to grow its retail loan book at healthy pace with

LIC Housing Fin.

26,336

522

582

11.5

improvement in asset quality. Expect LICHF to post a healthy

loan book which is likely to reflect in a strong earnings growth.

Strong market positioning within the domestic AC markets to

Voltas

12,266

371

407

9.8

continue, EMP business set to revive

Source: Company, Angel Research

Mid Cap

Market Cap

CMP

Target

Upside

Company

Rationale

(` Cr)

(`)

(%)

With a focus on the low and medium income (LMI) consumer

Dewan Housing

6,509

223

270

21.0

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

6,541

195

235

20.5

adequate CAR. ROE & ROA likely to remain decent as risk of

dilution remains low. Attractive valuations considering growth.

Expectations of above average monsoon augurs well for

Goodyear India

1,208

524

631

20.5

Goodyear India as it derives ~50% of its turnover from farm

tyre segment.

Commencement of new projects, downtrend in the interest rate

IL&FS Transport

2,357

29.8

cycle, to lead to stock re-rating

Economic recovery to have favourable impact on advertising &

Jagran Prakashan

5,897

180

205

13.6

circulation revenue growth. Further, the acquisition of a radio business

(Radio City) would also boost the company`s revenue growth.

Speedier execution and speedier sales, strong revenue visibility

Mahindra Lifespace

1,809

441

554

25.7

in short-to-long run, attractive valuations

Massive capacity expansion along with rail advantage at ICD

Navkar Corporation

2,998

210

265

26.1

as well CFS augurs well for the company

Earnings boost on back of stable material prices and

Radico Khaitan

1,212

125

37.2

favourable pricing environment. Valuation discount to peers

provides additional comfort

Strong brands and distribution network would boost growth

Siyaram Silk Mills

942

1,005

1,347

34.0

going ahead. Stock currently trades at an inexpensive

valuation.

Source: Company, Angel Research

www.angelbroking.com

Market Outlook

August 02, 2016

Key Upcoming Events

Result Calendar

Date

Company

Aug 2, 2016

Indian Bank, UFO Moviez

Aug 3, 2016

Ramco Cements, HCL Tech, Cadila Healthcare, Dishman Pharma, The Byke Hospitality

Aug 4, 2016

Siemens, Cummins India, Hindustan Media Ventures, Kirloskar Engines India Ltd, Tata Power Co.

Aug 5, 2016

Bharat Forge, LMW, GlaxoSmith Con, Quick Heal

Aug 6, 2016

Amara Raja Batteries, Mangalam Cement, Union Bank, Andhra Bank

Aug 8, 2016

Subros, Colgate, Britannia, Vesuvius India, Sterling Tools

Aug 9, 2016

Apollo Tyres, Finolex Cables, Lupin, Team Lease Serv., S H Kelkar & Co.

Aug 10, 2016

M&M, Motherson Sumi, Thermax, ITD Cementation

Rural Elec.Corp., Page Industries, MRF, Jyothy Laboratories, MM Forging, Tide Water Oil India, Coffee Day Enterprises

Aug 11, 2016

Ltd

Aug 12, 2016

Automotive Axle, Hindalco, Bajaj Electrical, Cravatex, NHPC

Source: Bloomberg, Angel Research

Global economic events release calendar

Date

Time

Country

Event Description

Unit

Period

Bloomberg Data

Last Reported Estimated

Aug 3, 2016

6:30AM China

PMI Manufacturing

Value

Jul

49.90

50.00

Aug 4, 2016

6:00PM US

Initial Jobless claims

Thousands

Jul 30

266.00

265.00

6:00PM US

Unnemployment rate

Jul

4.90

4.80

Aug 5, 2016

4:30PM UK

BOE Announces rates

% Ratio

Aug 4

0.50

0.25

6:00PM US

Change in Nonfarm payrolls

Thousands

Jul

287.00

175.00

Aug 8, 2016

China

Exports YoY%

% Change

Jul

(4.80)

(3.00)

Aug 9, 2016

7:00AM China

Consumer Price Index (YoY)

% Change

Jul

1.90

1.80

2:00PM UK

Industrial Production (YoY)

% Change

Jun

1.40

11:00AM India

RBI Reverse Repo rate

Aug 9

6.00

11:00AM India

RBI Repo rate

Aug 9

6.50

11:00AM India

RBI Cash Reserve ratio

Aug 9

4.00

Aug 10, 2016

India

Imports YoY%

% Change

Jul

(7.30)

India

Exports YoY%

% Change

Jul

1.30

Aug 12, 2016 2:30PM Euro Zone

Euro-Zone GDP s.a. (QoQ)

% Change

2Q P

0.30

7:30AM China

Industrial Production (YoY)

% Change

Jul

6.20

Producer Price Index (mom)

% Change

Jul

0.80

5:30PM India

Industrial Production YoY

% Change

Jun

1.20

11:30AM Germany

GDP nsa (YoY)

% Change

2Q P

1.30

Aug 15, 2016 12:00PM India

Monthly Wholesale Prices YoY%

% Change

Jul

1.62

Aug 16, 2016 6:00PM US

Housing Starts

Thousands

Jul

1,189.00

6:00PM US

Building permits

Thousands

Jul

1,153.00

2:00PM UK

CPI (YoY)

% Change

Jul

0.50

6:00PM US

Consumer price index (mom)

% Change

Jul

0.20

6:45PM US

Industrial Production

Jul

0.60

Aug 17, 2016 2:30PM Euro Zone

Euro-Zone CPI (YoY)

Jul F

0.20

Aug 18, 2016 7:30PM Euro Zone

Euro-Zone Consumer Confidence

Value

Aug A

(7.90)

Source: Bloomberg, Angel Research

Market Outlook

August 2, 2016

Macro watch

Exhibit 1: Quarterly GDP trends

Exhibit 2: IIP trends

(%)

9.0

8.3

12.0

9.9

7.8

7.7

7.9

10.0

8.0

7.5

7.6

7.2

8.0

6.3

6.7

6.6

6.7

7.0

6.4

6.0

4.3

3.7

5.8

4.0

6.0

1.9

1.2

2.0

0.3

5.0

4.0

(2.0)

(0.9)

(1.3)

(1.6)

(4.0)

3.0

(3.4)

(6.0)

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

(%)

7.0

54.0

5.7

5.8

5.4

5.6

5.5

6.0

5.3

5.0

4.8

52.0

5.0

4.4

3.7

4.0

50.0

3.0

48.0

2.0

46.0

1.0

44.0

Source: MOSPI, Angel Research

Source: Market, Angel Research; Note: Level above 50 indicates expansion

Exhibit 5: Exports and imports growth trends

Exhibit 6: Key policy rates

(%)

Exports yoy growth

Imports yoy growth

(%)

Repo rate

Reverse Repo rate

CRR

5.0

7.50

0.0

7.00

(5.0)

6.50

6.00

(10.0)

5.50

(15.0)

5.00

(20.0)

4.50

(25.0)

4.00

(30.0)

3.50

(35.0)

3.00

Source: Bloomberg, Angel Research

Source: RBI, Angel Research

www.angelbroking.com

Market Outlook

August 2, 2016

Exhibit 4: Relative performance of indices across globe

Returns (%)

Country

Name of index

Closing price

1YR

Brazil

Bovespa

56,756

10.1

6.0

16.5

Russia

Micex

1,947

3.0

0.7

19.0

India

Nifty

8,637

5.3

10.6

1.3

China

Shanghai Composite

2,953

0.7

0.5

(28.4)

South Africa

Top 40

46,150

0.4

(0.7)

(0.3)

Mexico

Mexbol

46,807

1.8

2.5

4.2

Indonesia

LQ45

926

12.5

9.7

10.1

Malaysia

KLCI

1,665

1.9

(1.6)

(3.3)

Thailand

SET 50

956

6.6

6.5

(0.8)

USA

Dow Jones

18,405

4.0

3.5

4.6

FTSE

6,694

2.9

7.2

0.1

Japan

Nikkei

16,636

6.9

(4.1)

(19.2)

Germany

DAX

10,331

6.7

2.0

(11.2)

France

CAC

4,409

4.1

0.9

(15.1)

Source: Bloomberg, Angel Research

www.angelbroking.com

Stock Watch

August 02, 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

Neutral

221

4,294

1,937

2,164

13.3

14.3

9.0

11.0

24.5

20.1

4.3

3.7

18.4

19.8

2.3

2.0

United Phosphorus

Accumulate

611

684

26,194

15,176

17,604

18.5

37.4

44.6

16.3

13.7

3.2

2.7

21.4

21.2

1.8

1.5

Auto & Auto Ancillary

Ashok Leyland

Buy

111

26,068

22,407

26,022

10.6

5.2

6.4

17.6

14.3

4.0

3.4

23.6

24.7

1.2

1.0

Bajaj Auto

Neutral

2,735

79,153

25,093

27,891

19.5

19.2

143.9

162.5

19.0

16.8

5.3

4.6

30.3

29.4

2.9

2.5

Bharat Forge

Buy

750

875

17,456

7,726

8,713

20.5

21.2

35.3

42.7

21.2

17.6

3.9

3.5

18.9

20.1

2.3

2.0

Eicher Motors

Neutral

22,325

60,638

16,583

20,447

17.5

18.0

598.0

745.2

37.3

30.0

12.8

9.7

41.2

38.3

3.5

2.8

Gabriel India

Neutral

1,401

1,544

1,715

9.0

9.3

5.4

6.3

18.1

15.5

3.4

3.0

18.9

19.5

0.9

0.8

Hero Motocorp

Neutral

3,219

64,286

31,253

35,198

15.3

15.0

172.3

192.1

18.7

16.8

6.8

5.9

38.9

37.0

1.9

1.7

Jamna Auto Industries Neutral

197

1,570

1,486

1,620

9.8

9.9

15.0

17.2

13.1

11.4

2.9

2.4

21.8

21.3

1.1

1.0

L G Balakrishnan & Bros Neutral

469

737

1,302

1,432

11.6

11.9

43.7

53.0

10.7

8.9

1.5

1.4

13.8

14.2

0.7

0.6

Mahindra and Mahindra Neutral

1,470

91,273

46,534

53,077

11.6

11.7

67.3

78.1

21.8

18.8

3.6

3.1

15.4

15.8

1.9

1.7

Maruti

Neutral

4,870

147,107

69,186

82,217

14.7

14.4

198.5

241.4

24.5

20.2

4.8

3.9

20.2

20.0

1.8

1.5

Minda Industries

Neutral

1,170

1,856

2,728

3,042

9.0

9.1

68.2

86.2

17.2

13.6

3.9

3.1

23.8

24.3

0.7

0.6

Motherson Sumi

Neutral

341

45,099

45,896

53,687

7.8

8.3

13.0

16.1

26.1

21.2

8.4

6.7

34.7

35.4

1.1

0.9

Rane Brake Lining

Neutral

586

464

511

562

11.3

11.5

28.1

30.9

20.9

19.0

3.2

2.9

15.3

15.0

1.0

Setco Automotive

Neutral

662

741

837

13.0

15.2

17.0

3.3

2.9

0.5

15.8

16.3

1.3

1.2

Tata Motors

Neutral

508

146,699

300,209

338,549

8.9

8.4

42.7

54.3

11.9

9.4

1.9

1.6

15.6

17.2

0.6

0.5

TVS Motor

Accumulate

295

330

14,017

13,390

15,948

6.9

7.1

12.8

16.5

23.1

17.8

5.8

4.6

26.3

27.2

1.1

0.9

Amara Raja Batteries

Buy

924

1,076

15,778

5,717

6,733

18.7

18.9

38.4

48.9

24.1

18.9

6.0

4.9

25.3

24.8

2.6

2.2

Exide Industries

Neutral

177

15,071

7,439

8,307

15.0

8.1

9.3

21.9

19.1

3.1

2.7

14.3

16.7

1.6

1.5

Apollo Tyres

Accumulate

163

183

8,282

12,877

14,504

14.3

13.9

21.4

23.0

7.6

7.1

1.2

1.0

16.4

15.2

0.8

Ceat

Buy

864

1,119

3,494

7,524

8,624

13.0

12.7

131.1

144.3

6.6

6.0

1.2

1.0

19.8

18.6

0.5

JK Tyres

Neutral

2,018

7,455

8,056

15.0

21.8

24.5

4.1

3.6

0.9

0.7

22.8

21.3

0.4

0.3

Swaraj Engines

Neutral

1,160

1,441

660

810

15.2

16.4

54.5

72.8

21.3

15.9

6.6

6.0

31.5

39.2

2.0

1.6

Subros

Neutral

573

1,488

1,681

11.7

11.9

6.4

7.2

14.9

13.3

1.6

1.4

10.8

11.4

0.6

0.5

Indag Rubber

Neutral

184

482

286

326

19.8

16.8

11.7

13.3

15.7

13.8

2.7

2.5

17.8

17.1

1.4

1.2

Capital Goods

ACE

Neutral

486

709

814

4.1

4.6

1.4

2.1

35.1

23.4

1.5

1.4

4.4

6.0

0.8

0.7

BEML

Accumulate

1,017

1,157

4,233

3,451

4,055

6.3

9.2

31.4

57.9

32.4

17.6

1.9

1.8

6.3

10.9

1.3

1.1

Bharat Electronics

Accumulate

1,241

1,414

29,777

8,137

9,169

16.8

17.2

58.7

62.5

21.1

19.9

3.3

2.9

44.6

46.3

2.6

2.4

www.angelbroking.com

Stock Watch

August 02, 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

Accumulate

371

407

12,266

6,511

7,514

7.9

8.7

12.9

16.3

28.7

22.7

5.2

4.5

16.7

18.5

1.6

1.4

BGR Energy

Neutral

123

884

16,567

33,848

6.0

5.6

7.8

5.9

15.7

20.8

0.9

4.7

4.2

0.2

0.1

BHEL

Neutral

142

34,707

28,797

34,742

2.8

2.3

6.9

61.7

20.6

1.1

1.0

1.3

4.8

0.9

0.6

Blue Star

Neutral

486

4,631

4,351

5,024

6.4

7.1

17.2

20.6

28.3

23.5

18.4

15.3

23.1

24.1

1.1

1.0

Crompton Greaves

Neutral

4,911

5,777

6,120

5.9

7.0

3.3

4.5

23.7

17.4

1.0

4.4

5.9

0.8

0.7

Greaves Cotton

Neutral

147

3,580

1,755

1,881

16.8

16.9

7.8

8.5

18.8

17.3

3.8

3.5

20.6

20.9

1.7

1.6

Inox Wind

Buy

220

286

4,872

5,605

6,267

15.7

16.4

24.8

30.0

8.9

7.3

2.5

1.8

25.9

24.4

0.9

0.8

KEC International

Neutral

146

3,755

9,294

10,186

7.9

8.1

9.9

11.9

14.8

12.3

2.2

1.9

15.6

16.3

0.6

Thermax

Neutral

872

10,387

5,421

5,940

7.3

25.7

30.2

33.9

28.9

4.1

3.8

12.2

13.1

1.8

1.7

VATech Wabag

Buy

574

681

3,129

3,136

3,845

8.9

9.1

26.0

35.9

22.1

16.0

2.8

2.4

13.4

15.9

0.9

0.7

Cement

ACC

Neutral

1,691

31,762

11,225

13,172

13.2

16.9

44.5

75.5

38.0

22.4

3.6

3.3

11.2

14.2

2.8

2.4

Ambuja Cements

Neutral

271

42,049

9,350

10,979

18.2

22.5

5.8

9.5

46.7

28.5

3.9

3.5

10.2

12.5

4.5

3.8

India Cements

Neutral

121

3,729

4,364

4,997

18.5

19.2

7.9

11.3

15.4

10.7

1.1

8.0

8.5

1.6

1.4

JK Cement

Neutral

711

4,969

4,398

5,173

15.5

17.5

31.2

55.5

22.8

12.8

2.7

2.4

12.0

15.5

1.7

1.4

J K Lakshmi Cement

Neutral

427

5,023

2,913

3,412

14.5

19.5

7.5

22.5

56.9

19.0

3.5

2.9

12.5

18.0

2.3

1.9

Mangalam Cements

Neutral

295

787

1,054

1,292

9.0

11.0

0.8

0.6

Orient Cement

Accumulate

168

179

3,434

2,114

2,558

18.5

20.5

8.1

11.3

20.7

14.8

9.0

14.0

2.2

1.8

UltraTech Cement

Neutral

3,756

103,073

25,768

30,385

21.0

23.5

111.0

160.0

33.8

23.5

4.3

3.8

13.5

15.8

4.1

3.4

Construction

ITNL

Buy

2,357

8,946

10,017

31.0

31.6

8.1

9.1

8.9

7.9

0.3

4.2

5.0

3.6

3.3

KNR Constructions

Neutral

592

1,666

1,210

1,595

15.4

16.0

33.9

52.1

17.5

11.4

2.7

2.3

13.6

18.0

1.4

1.0

Larsen & Toubro

Accumulate

1,494

1,700

139,223

67,665

77,249

10.7

11.5

57.3

71.2

26.1

21.0

2.4

2.2

12.6

14.3

2.2

1.9

Gujarat Pipavav Port

Accumulate

172

192

8,310

705

788

52.2

51.7

5.0

5.6

34.4

30.7

3.4

3.0

11.2

11.4

9.7

MBL Infrastructures

Buy

133

285

551

2,797

3,405

14.7

15.4

21.0

34.8

6.3

3.8

0.7

0.6

11.0

16.2

0.8

Nagarjuna Const.

Neutral

4,447

8,842

9,775

9.1

8.8

5.3

6.4

15.1

12.5

1.2

1.1

8.2

9.1

0.7

0.6

PNC Infratech

Accumulate

577

647

2,961

2,350

2,904

13.4

13.7

48.0

42.0

12.0

13.7

2.3

2.1

16.8

13.2

1.4

1.1

Simplex Infra

Neutral

311

1,538

6,829

7,954

10.5

31.4

37.4

9.9

8.3

1.0

0.9

9.9

13.4

0.7

0.6

Power Mech Projects

Neutral

566

833

1,801

2,219

12.7

14.6

72.1

113.9

7.9

5.0

1.4

1.2

16.8

11.9

0.5

0.3

Sadbhav Engineering

Neutral

287

4,916

3,598

4,140

10.3

10.6

9.0

11.9

31.8

24.1

3.3

2.9

9.9

11.9

1.7

1.4

NBCC

Neutral

244

14,652

7,428

9,549

7.9

8.6

8.2

11.0

29.8

22.2

1.5

1.2

28.2

28.7

1.7

1.3

www.angelbroking.com

Stock Watch

August 02, 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

MEP Infra

Neutral

714

1,877

1,943

30.6

29.8

3.0

4.2

14.6

10.5

7.1

4.8

0.6

1.8

1.6

SIPL

Neutral

102

3,605

1,036

1,252

65.5

66.2

(8.4)

(5.6)

3.8

4.4

(22.8)

(15.9)

11.7

9.7

Engineers India

Neutral

224

7,542

1,725

1,935

16.0

19.1

11.4

13.9

19.6

16.1

2.7

2.6

13.4

15.3

3.3

3.0

Financials

Axis Bank

Neutral

550

131,319

58,081

66,459

3.5

32.4

44.6

17.0

12.3

2.2

1.9

13.6

16.5

Bank of Baroda

Neutral

148

33,998

19,980

23,178

1.8

11.5

17.3

12.8

8.5

1.5

1.2

8.3

10.1

Canara Bank

Neutral

244

13,249

15,225

16,836

1.8

14.5

28.0

16.8

8.7

1.2

0.9

5.8

8.5

Dewan Housing Finance Buy

223

270

6,509

2,225

2,688

2.9

29.7

34.6

7.5

6.5

1.2

1.0

16.1

16.8

Equitas Holdings

Buy

195

235

6,541

939

1,281

11.7

11.5

5.8

8.2

33.6

23.8

2.9

2.6

10.9

11.5

Federal Bank

Neutral

11,160

9,353

10,623

2.9

4.4

5.8

14.8

11.2

1.4

1.3

9.5

11.0

HDFC

Neutral

1,375

217,304

11,475

13,450

3.4

45.3

52.5

30.3

26.2

5.9

5.2

20.2

20.5

HDFC Bank

Neutral

1,242

314,354

46,097

55,433

4.5

58.4

68.0

21.3

18.3

3.7

3.1

18.8

18.6

ICICI Bank

Neutral

249

144,958

39,029

45,903

3.3

16.7

16.3

14.9

15.3

1.8

1.7

10.1

12.4

LIC Housing Finance

Accumulate

522

582

26,336

3,712

4,293

2.6

2.5

39.0

46.0

13.4

11.3

2.5

2.1

19.9

20.1

Punjab Natl.Bank

Neutral

122

24,005

23,532

23,595

2.3

2.4

6.8

12.6

18.0

9.7

2.8

2.0

3.3

6.5

South Ind.Bank

Neutral

2,883

6,435

7,578

2.5

2.7

3.1

7.9

6.9

1.0

0.9

10.1

11.2

St Bk of India

Neutral

227

176,564

88,650

98,335

2.6

13.5

18.8

16.9

12.1

1.6

1.4

7.0

8.5

Union Bank

Neutral

125

8,593

13,450

14,925

2.3

25.5

34.5

4.9

3.6

0.7

0.6

7.5

10.2

Yes Bank

Neutral

1,221

51,423

8,978

11,281

3.3

3.4

74.0

90.0

16.5

13.6

3.1

2.7

17.0

17.2

FMCG

Asian Paints

Neutral

1,120

107,464

17,128

18,978

16.8

16.4

19.1

20.7

58.7

54.1

20.4

19.3

34.8

35.5

6.2

5.6

Britannia

Neutral

2,886

34,623

9,795

10,940

14.1

80.3

93.0

35.9

31.0

14.8

11.4

41.2

3.4

3.0

Colgate

Neutral

951

25,874

4,605

5,249

22.8

25.2

28.5

37.8

33.4

25.6

22.8

64.8

66.8

5.5

4.8

Dabur India

Neutral

302

53,038

9,405

10,581

18.1

18.3

8.1

9.2

37.2

32.8

10.4

8.6

31.6

31.0

5.3

4.7

GlaxoSmith Con*

Neutral

6,408

26,948

4,959

5,623

17.4

18.0

190.5

219.3

33.6

29.2

9.2

7.9

29.6

29.5

4.9

4.2

Godrej Consumer

Neutral

1,590

54,133

10,335

11,518

18.4

18.6

41.5

46.0

38.3

34.6

8.6

7.2

24.9

24.8

5.3

4.7

HUL

Neutral

924

199,890

35,252

38,495

17.6

17.4

20.4

21.9

45.2

42.2

37.2

32.6

82.2

77.3

5.5

5.0

ITC

Accumulate

251

283

302,796

40,059

44,439

39.0

39.2

9.1

10.1

27.6

24.9

7.5

6.6

27.2

26.5

7.0

6.3

Marico

Neutral

286

36,944

6,730

7,649

17.3

17.5

6.4

7.6

44.7

37.7

13.5

11.4

33.2

32.5

5.3

4.6

Nestle*

Neutral

6,947

66,980

9,393

10,507

22.2

22.3

106.8

121.8

65.1

57.0

22.9

20.6

34.8

36.7

6.9

6.2

Tata Global

Neutral

141

8,899

9,072

9,687

9.4

9.8

7.2

7.8

19.6

18.1

2.2

2.1

7.6

7.9

1.0

0.9

www.angelbroking.com

Stock Watch

August 02, 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

FMCG

Procter & Gamble

Accumulate

6,500

7,369

21,099

2,939

3,342

23.2

23.0

146.2

163.7

44.5

39.7

99.5

95.5

25.3

23.5

6.7

5.8

Hygiene

HCL Tech^

Buy

781

1,000

110,166

49,242

57,168

20.5

55.7

64.1

14.0

12.2

2.9

2.2

20.3

17.9

2.1

1.7

Infosys

Buy

1,085

1,374

249,219

69,934

79,025

27.5

64.8

72.0

16.7

15.1

3.7

3.4

22.0

22.3

3.0

2.6

TCS

Accumulate

2,698

3,004

531,621

121,684

136,286

27.3

135.0

150.1

20.0

18.0

6.7

6.1

33.2

33.9

4.1

3.6

Tech Mahindra

Buy

490

700

47,540

30,347

33,685

17.0

37.5

41.3

13.1

11.9

2.9

2.5

21.8

20.7

1.3

1.1

Wipro

Buy

559

680

138,026

51,631

55,822

21.7

17.9

35.9

36.9

15.6

15.1

3.2

3.0

19.0

18.1

2.4

2.1

Media

D B Corp

Neutral

407

7,485

2,187

2,329

27.4

28.2

18.9

21.0

21.6

19.4

4.5

3.9

23.7

23.1

3.2

2.9

HT Media

Neutral

1,953

2,673

2,891

13.2

13.8

7.2

8.5

11.7

9.9

0.9

0.8

7.8

8.3

0.3

0.2

Jagran Prakashan

Accumulate

180

205

5,897

2,355

2,635

28.0

9.9

10.8

18.2

16.7

3.6

3.1

21.7

2.5

2.2

Sun TV Network

Neutral

473

18,638

2,850

3,265

70.1

71.0

26.2

30.4

18.1

15.6

4.6

4.1

24.3

25.6

6.1

5.2

Hindustan Media

Neutral

275

2,021

1,016

1,138

21.5

23.3

25.8

11.8

10.7

1.9

1.7

16.2

15.8

1.3

1.1

Ventures

Metals & Mining

Coal India

Neutral

326

206,103

84,638

94,297

21.4

22.3

24.5

27.1

13.3

12.0

5.5

5.3

42.6

46.0

1.9

1.7

Hind. Zinc

Neutral

211

89,239

14,252

18,465

55.9

48.3

15.8

21.5

13.4

9.8

2.2

1.9

17.0

20.7

6.3

4.8

Hindalco

Neutral

137

28,218

107,899

112,095

7.4

8.2

9.2

13.0

14.9

10.5

0.7

4.8

6.6

0.8

0.7

JSW Steel

Neutral

1,688

40,810

53,201

58,779

16.1

16.2

130.6

153.7

12.9

11.0

1.7

1.5

14.0

14.4

1.5

1.3

NMDC

Neutral

102

40,579

6,643

7,284

44.4

47.7

7.1

7.7

14.4

13.3

1.3

1.2

8.8

9.2

3.9

3.5

SAIL

Accumulate

19,556

47,528

53,738

(0.7)

2.1

(1.9)

2.6

18.2

0.5

(1.6)

3.9

1.3

1.1

Vedanta

Neutral

166

49,199

71,744

81,944

19.2

21.7

13.4

20.1

12.4

8.3

1.1

1.0

8.4

11.3

1.1

0.8

Tata Steel

Neutral

364

35,386

121,374

121,856

7.2

8.4

18.6

34.3

19.6

10.6

1.2

1.1

6.1

10.1

0.9

Oil & Gas

Cairn India

Neutral

190

35,529

9,127

10,632

4.3

20.6

8.8

11.7

21.5

16.2

0.7

3.3

4.2

5.4

4.4

GAIL

Neutral

380

48,202

56,220

65,198

9.3

10.1

27.1

33.3

14.0

11.4

1.3

1.2

9.3

10.7

1.0

0.9

ONGC

Accumulate

219

235

187,237

137,222

152,563

15.0

21.8

19.5

24.1

11.2

9.1

1.0

0.9

8.5

10.1

1.6

1.5

Petronet LNG

Neutral

312

23,370

Indian Oil Corp

Neutral

542

131,595

373,359

428,656

5.9

5.5

54.0

59.3

10.0

9.1

1.6

1.4

16.0

15.6

0.5

0.4

Reliance Industries

Neutral

1,009

327,260

301,963

358,039

12.1

12.6

87.7

101.7

11.5

9.9

1.2

1.1

10.7

11.3

1.6

1.3

Pharmaceuticals

Alembic Pharma

Neutral

623

11,747

3,483

4,083

16.2

17.4

18.7

23.7

33.3

26.3

6.2

5.1

20.1

21.3

3.3

2.8

Aurobindo Pharma

Neutral

788

46,123

15,720

18,078

23.7

41.4

47.3

19.0

16.7

5.0

3.9

29.6

26.1

3.2

2.7

Aventis*

Neutral

4,577

10,541

2,357

2,692

17.3

153.5

169.2

29.8

27.1

5.1

4.1

25.8

28.4

4.2

3.4

Cadila Healthcare

Accumulate

352

400

36,077

11,126

13,148

22.0

17.1

20.0

20.6

17.6

5.3

4.2

28.8

26.6

3.2

2.7

www.angelbroking.com

Stock Watch

August 02, 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

Cipla

Neutral

525

42,195

15,378

18,089

17.4

18.4

21.6

27.2

24.3

19.3

3.2

2.7

13.7

15.2

2.9

2.5

Dr Reddy's

Neutral

2,985

50,903

16,043

18,119

23.1

24.7

126.0

157.8

23.7

18.9

3.5

3.0

15.7

17.1

3.1

2.7

Dishman Pharma

Neutral

166

2,679

1,718

1,890

21.7

21.8

8.7

10.4

19.1

16.0

1.7

1.6

9.3

10.2

2.0

1.8

GSK Pharma*

Accumulate

3,236

3,505

27,410

3,528

3,811

18.9

19.1

60.1

65.3

53.8

49.6

16.0

15.5

29.9

31.8

7.4

6.9

Indoco Remedies

Neutral

312

2,878

1,112

1,289

18.2

13.2

15.6

23.7

20.0

4.2

3.6

19.2

2.7

2.3

Ipca labs

Buy

510

613

6,431

3,303

3,799

15.3

17.3

19.7

29.5

25.9

2.6

2.3

9.1

9.4

2.1

1.8

Lupin

Neutral

1,723

77,695

15,912

18,644

26.4

26.7

58.1

69.3

29.7

24.9

5.8

4.7

21.4

20.9

5.0

4.1

Sun Pharma

Accumulate

835

944

200,983

31,129

35,258

30.0

30.9

28.0

32.8

29.8

25.5

4.6

3.8

18.7

18.9

6.0

5.1

Power

Tata Power

Neutral

19,473

36,916

39,557

17.4

27.1

5.1

6.3

14.1

11.4

1.2

1.1

9.0

10.3

1.5

1.4

NTPC

Neutral

159

131,391

86,605

95,545

17.5

20.8

11.8

13.4

13.5

11.9

1.4

1.3

10.5

11.1

2.9

Power Grid

Neutral

177

92,730

25,763

29,762

74.3

73.1

14.8

17.3

12.0

10.3

1.9

1.6

16.9

17.5

7.9

7.5

Real Estate

MLIFE

Buy

441

554

1,809

925

1,139

18.4

22.3

18.3

33.8

24.1

13.0

1.1

4.9

8.5

2.7

2.1

Telecom

Bharti Airtel

Neutral

364

145,345

105,086

114,808

34.5

34.7

12.2

16.4

29.8

22.2

2.0

1.9

6.8

8.4

2.3

2.0

Idea Cellular

Neutral

104

37,520

40,133

43,731

37.2

37.1

6.4

6.5

16.3

16.0

1.4

1.3

8.2

7.6

2.0

1.7

zOthers

Abbott India

Neutral

4,690

9,966

3,153

3,583

14.1

14.4

152.2

182.7

30.8

25.7

151.3

129.2

25.6

26.1

2.9

2.5

Bajaj Electricals

Neutral

271

2,734

5,351

6,098

5.7

5.9

12.4

15.7

21.9

17.2

3.2

2.8

14.4

16.1

0.5

Finolex Cables

Neutral

400

6,118

2,883

3,115

12.0

12.1

14.2

18.6

28.2

21.5

15.0

13.1

15.8

14.6

1.8

1.6

Goodyear India*

Buy

524

631

1,208

1,598

1,704

10.4

10.2

49.4

52.6

10.6

10.0

48.9

42.9

18.2

17.0

0.4

57.1

Hitachi

Neutral

1,403

3,814

2,081

2,433

8.8

8.9

33.4

39.9

42.0

35.2

33.9

28.2

22.1

21.4

1.8

1.5

Jyothy Laboratories

Neutral

286

5,185

1,440

2,052

11.5

13.0

8.5

10.0

33.7

28.6

8.2

7.6

18.6

19.3

3.9

2.7

MRF

Buy

33,747

45,575

14,312

Page Industries

Neutral

14,941

16,665

2,450

3,124

20.1

17.6

299.0

310.0

50.0

48.2

332.8

254.0

47.1

87.5

6.9

5.4

Relaxo Footwears

Neutral

479

5,752

2,085

2,469

9.2

8.2

7.6

8.0

63.4

60.3

24.6

21.0

17.9

18.8

2.9

2.4

Siyaram Silk Mills

Buy

1,005

1,347

942

1,799

2,040

11.6

11.7

104.9

122.4

9.6

8.2

1.6

1.4

16.4

0.7

Styrolution ABS India*

Accumulate

601

643

1,056

1,440

1,537

9.2

9.0

40.6

42.6

14.8

14.1

37.8

34.3

12.3

11.6

0.7

0.6

TVS Srichakra

Buy

2,356

2,932

1,804

2,304

2,614

13.7

13.8

231.1

266.6

10.2

8.8

264.7

208.4

33.9

29.3

0.8

0.7

HSIL

Neutral

311

2,248

2,384

2,515

15.8

16.3

15.3

19.4

20.3

16.0

20.2

17.4

7.8

9.3

1.1

1.0

Kirloskar Engines India

Neutral

275

3,977

2,554

2,800

9.9

10.0

10.5

12.1

26.2

22.7

11.0

10.3

10.7

11.7

1.2

1.1

Ltd

M M Forgings

Buy

433

546

522

546

608

20.4

20.7

41.3

48.7

10.5

8.9

59.3

52.5

16.6

17.0

0.8

0.7

www.angelbroking.com

Stock Watch

August 02, 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

Banco Products (India) Neutral

175

1,252

1,353

1,471

12.3

12.4

14.5

16.3

12.1

10.7

16.7

15.0

14.5

14.6

0.9

92.4

Competent Automobiles Neutral

168

103

1,137

1,256

3.1

2.7

28.0

23.6

6.0

7.1

32.3

29.2

14.3

11.5

0.1

Nilkamal

Neutral

1,213

1,810

1,995

2,165

10.7

10.4

69.8

80.6

17.4

15.1

69.3

60.2

16.6

16.5

0.9

0.8

Visaka Industries

Neutral

158

251

1,051

1,138

10.3

10.4

21.0

23.1

7.5

6.8

20.3

19.0

9.0

9.2

0.5

Transport Corporation of

Neutral

370

2,834

2,671

2,911

8.5

8.8

13.9

15.7

26.7

23.6

3.7

3.3

13.7

13.8

1.2

1.1

India

Elecon Engineering

Accumulate

636

1,482

1,660

13.7

14.5

3.9

5.8

15.0

10.1

3.5

3.2

7.8

10.9

0.7

Surya Roshni

Buy

172

201

754

3,342

3,625

7.8

7.5

17.3

19.8

10.0

8.7

18.9

15.2

10.5

10.8

0.5

0.4

MT Educare

Neutral

155

617

366

417

17.7

18.2

9.4

10.8

16.5

14.4

3.7

3.2

22.2

22.3

1.6

1.4

Radico Khaitan

Buy

125

1,212

1,659

1,802

13.0

13.2

6.3

7.4

14.4

12.4

1.2

1.1

8.6

9.3

1.2

1.1

Garware Wall Ropes

Neutral

452

989

898

997

11.9

11.7

29.0

32.9

15.6

13.8

2.3

2.0

14.9

14.6

1.0

0.9

Wonderla Holidays

Neutral

409

2,310

287

355

38.0

40.0

11.3

14.2

36.2

28.8

5.2

4.5

21.4

23.9

7.7

6.3

Linc Pen & Plastics

Neutral

274

405

382

416

9.1

13.1

14.7

20.9

18.6

3.5

3.0

16.7

16.3

1.1

1.0

The Byke Hospitality

Neutral

162

651

287

384

20.5

7.6

10.7

21.4

15.2

4.5

3.6

20.7

23.5

2.3

1.7

Interglobe Aviation

Neutral

972

35,014

21,122

26,005

14.5

27.6

110.7

132.1

8.8

7.4

52.5

37.5

168.5

201.1

1.6

1.3

Coffee Day Enterprises

Neutral

242

4,995

2,964

3,260

20.5

21.2

4.7

8.0

30.3

2.8

2.6

5.5

8.5

2.1

1.9

Ltd

Navneet Education

Neutral

2,325

1,062

1,147

24.0

6.1

6.6

16.0

14.7

3.3

2.9

20.6

19.8

2.3

2.1

Navkar Corporation

Buy

210

265

2,998

408

612

42.9

42.3

6.8

11.5

31.0

18.3

2.2

1.9

6.9

10.5

8.3

5.5

UFO Moviez

Neutral

574

1,585

619

685

33.2

33.4

30.0

34.9

19.2

16.5

2.7

2.3

13.8

13.9

2.3

1.9

VRL Logistics

Neutral

354

3,233

1,902

2,119

16.7

16.6

14.6

16.8

24.3

21.1

5.3

4.7

21.9

22.2

1.8

1.6

Team Lease Serv.

Neutral

1,061

1,815

3,229

4,001

1.5

1.8

22.8

32.8

46.6

32.3

5.0

4.3

10.7

13.4

0.5

0.4

S H Kelkar & Co.

Neutral

258

3,733

1,036

1,160

15.1

15.0

6.1

7.2

42.3

36.0

4.5

4.1

10.7

11.5

3.5

3.1

Quick Heal

Neutral

267

1,871

408

495

27.3

27.0

7.7

8.8

34.5

30.4

3.2

9.3

10.6

3.7

3.1

Narayana Hrudaya

Neutral

319

6,511

1,873

2,166

11.5

11.7

2.6

4.0

120.5

80.4

7.4

6.7

6.1

8.3

3.6

3.1

Manpasand Bever.

Neutral

705

3,527

836

1,087

19.6

19.4

16.9

23.8

41.7

29.6

5.0

4.4

12.0

14.8

4.0

3.0

Parag Milk Foods

Neutral

310

2,605

1,919

2,231

9.3

9.6

9.5

12.9

32.8

23.9

5.1

4.2

15.5

17.5

1.5

1.3

Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on August 01, 2016

www.angelbroking.com

Market Outlook

August 02, 2016

Research Team Tel: 022 - 39357800

E-mail: [email protected]

Website: www.angelbroking.com

DISCLAIMER

Angel Broking Private Limited (hereinafter referred to as “Angel”) is a registered Member of National Stock Exchange of India Limited,

Bombay Stock Exchange Limited and Metropolitan Stock Exchange Limited. It is also registered as a Depository Participant with CDSL

and Portfolio Manager with SEBI. It also has registration with AMFI as a Mutual Fund Distributor. Angel Broking Private Limited is a

registered entity with SEBI for Research Analyst in terms of SEBI (Research Analyst) Regulations, 2014 vide registration number

INH000000164. Angel or its associates has not been debarred/ suspended by SEBI or any other regulatory 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

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risks of such an investment.

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contrary view, if any.

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