Market Outlook
July 08, 2016
Market Cues
Domestic Indices
Chg (%)
(Pts)
(Close)
Indian markets are expected to open flat tracking SGX Nifty.
BSE Sensex
0.1
35
27,201
Nifty
0.0
2
8,338
The US markets traded in narrow range on Thursday and the broader indices
remained lackluster. Lack of buying interest resulted in marginally negative closing
Mid Cap
(0.4)
(49)
11,867
for the indices at the end of the day.
Small Cap
0.0
5
11,997
Bankex
0.2
49
20,696
European markets closed on a positive note after remaining in negative zone for
three successive sessions. After the recent sell off bargain haunting led to some level
of buying in selective stocks.
Global Indices
Chg (%)
(Pts)
(Close)
Indian markets closed flat on Thursday after showing strength in the last few trading
Dow Jones
(0.1)
(23)
17,896
session. Pharma stocks saw strong buying after Lupin Ltd said it has received
Nasdaq
0.4
18
4,877
clearance for its Goa plant, this led to buying in other pharma companies as well
FTSE
1.1
70
6,534
along with Lupin.
Nikkei
(0.7)
(103)
15,276
News Analysis
Hang Seng
1.0
212
20,707
Lupin recives clearance of EIR from US FDA for Goa plant.
Shanghai Com
(0.0)
(0)
3,017
Detailed analysis on Pg2
Advances / Declines
BSE
NSE
Investor’s Ready Reckoner
Advances
1,551
871
Key Domestic & Global Indicators
Declines
1,220
745
Stock Watch: Latest investment recommendations on 150+ stocks
Unchanged
145
67
Refer Pg6 onwards
Top Picks
Volumes (` Cr)
CMP
Target
Upside
Company
Sector
Rating
(`)
(`)
(%)
BSE
2,878
Amara Raja
Auto/Auto Ancillary
Buy
837
1,076
28.6
NSE
18,559
HCL Tech
IT
Buy
717
1,000
39.5
LIC Housing
Financials
Buy
498
592
18.9
Net Inflows (` Cr)
Net
Mtd
Ytd
Bharat Electronics
Capital Goods
Accumulate
1,270
1,414
11.3
FII
295
181
19,725
Navkar Corporation Others
Buy
213
265
24.4
MFs
(147)
151
9,495
More Top Picks on Pg3
Key Upcoming Events
Top Gainers
Price (`)
Chg (%)
Previous
Consensus
Date
Region
Event Description
Jppower
6
7.5
Reading
Expectations
July 08 US
Unemployment rate
4.7
4.8
Lupin
1,657
6.3
July 10 China
Consumer Price Index (yoy)
2.0
1.8
Gvkpil
7
6.1
July 12 India
Export YoY%
(0.8)
--
Network18
47
6.1
July 13 India
Imports YoY%
(13.2)
--
Hindcopper
61
5.8
6.(
More Events on Pg4
Top Losers
Price (`)
Chg (%)
Tatasteel
318
(4.9)
Niittech
509
(4.0)
Apollotyre
151
(3.7)
Havells
357
(3.5)
Sci
71
(3.5)
As on July 07, 2016
www.angelbroking.com
Market Outlook
July 08, 2016
Lupin receives clearance of EIR from US FDA for Goa plant.
Pharma Major Lupin has announced that it has received notification that the
inspection carried out by the US FDA in July 2015 at its Goa facility is now closed
and the agency has issued and Establishment Inspection Reports (EIR).
The Goa plant is an important part of the company operations as it accounts for
~50% of the US sales for the company and is involved in the production of oral
and injectabale items. The US market is a significant revenue contributor to the
company and accounted for ~43% of the overall revenues in FY16. And hence this
comes as a relief for the company.
The Mumbai based company is an innovation led transnational pharmaceutical
company producing and developing a wide range of branded generic
formulations, biotechnology products and APIs globally. The company is a
significant player in the cardiovascular, Diabetology, Asthma, Pediatric, CNS, Anti
Infective and NSAID space and holds global leadership in the Anti -TB segment.
Lupin is the 5th largest generics player in the US(5.51% generic market share by
prescriptions-IMS Health, National Prescription Audit, MAT March,2016. The
company is also the 9th largest generic pharmaceutical player in Japan and the 4th
largest generic pharmaceutical company in South Africa.
At the current market price the stock trades at 28.5x its FY17E and 23.9x its FY18E
EPS of `58.1 and `69.3 respectively. We maintain BUY on the stock with a target
price of `1,809.
Economic and Political News
Global IT spending growth will be flat in 2016 due to BREXIT(Gartner)
India -Mozambique ink agreement on pulses
EPFO looks to invest beyond 5% in equity.
Corporate News
BGR Energy system receives LOI for contract worth `2,300cr
CRSIL says BOI margins to be under pressure.
Indian Overseas Bank goes on recovery mode
DLF shortlists 6 potential buyer for promoters 40% stake in rental arm.
www.angelbroking.com
Market Outlook
July 08, 2016
Top Picks
Large Cap
M
arket Cap
CM
P
T
arget
Upsid
e
Company
Rationale
(` Cr)
(`)
(`)
(%)
To outpace battery industry growth due to better technological
Amara Raja Batteries
14,293
837
1,076
28.6
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
30,478
1,270
1,414
11.3
strong market positioning, indicate good times ahead for BEL.
HCL Tech
1,01,151
717
1,000
39.5
Stock is trading at attractive valuations & factors all bad news.
Strong visibility for a robust 20% earnings trajectory, coupled
HDFC Bank
2,99,682
1,184
1,262
6.6
with high quality of earnings on account of high quality retail
business and strategic focus on highly rated corporates.
Back on the growth trend, expect a long term growth of 14% to
Infosys
2,65,802
1,157
1,374
18.7
be a US$20bn in FY2020.
Continues to grow its retail loan book at healthy pace with
LIC Housing Finance
25,117
498
592
18.9
improvement in asset quality. Expect LICHF to post a healthy
loan book which is likely to reflect in a strong earnings growth.
Huge bid pipeline of re-development works at Delhi and other
NBCC
12,933
216
220
2.1
State Governments and opportunity from Smart City, positions
NBCC to report strong growth, going forward.
Strong market positioning within the domestic AC markets to
Voltas
10,425
315
407
29.2
continue, EMP business set to revive
Source: Company, Angel Research
Mid Cap
M
arket Cap
CM
P
T
arget
Upsid
e
Company
Rationale
(` Cr)
(`)
(`)
(%)
Among the top 4 players in the consumer durables segment.
Bajaj Electricals
2,505
248
268
8.1
Improved profitability backed by turn around in E&P segment.
Strong order book lends earnings visibility.
Favourable outlook for AC industry to augur well for Cooling
Blue Star
3,918
435
495
13.7
products business. EMPPAC division's profitability to improve
once operating environment turns around.
With a focus on the low and medium income (LMI) consumer
Dewan Housing
6,201
213
270
27.1
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
6,198
185
235
27.2
adequate CAR. ROE & ROA likely to remain decent as risk of
dilution remains low. Attractive valuations considering growth.
Commencement of new projects, downtrend in the interest rate
IL&FS Transport
2,681
82
93
14.1
cycle, to lead to stock re-rating
Economic recovery to have favourable impact on advertising &
circulation revenue growth. Further, the acquisition of a radio
Jagran Prakashan
5,973
183
205
12.2
business (Radio City) would also boost the company's revenue
growth.
Speedier execution and speedier sales, strong revenue visibility
Mahindra Lifespace
1,916
467
554
18.7
in short-to-long run, attractive valuations
Massive capacity expansion along with rail advantage at ICD
Navkar Corporation
3,037
213
265
24.4
as well CFS augurs well for the company
Earnings boost on back of stable material prices and
Radico Khaitan
1,264
95
125
31.6
favourable pricing environment. Valuation discount to peers
provides additional comfort
Strong brands and distribution network would boost growth
Siyaram Silk Mills
1,013
1,080
1,347
24.7
going ahead. Stock currently trades at an inexpensive
valuation.
Source: Company, Angel Research
www.angelbroking.com
Market Outlook
July 8, 2016
Key Upcoming Events
Global economic events release calendar
Bloomberg Data
Date
Time
Country
Event Description
Unit
Period
Last Reported
Estimated
Jul 08, 2016
6:00 PM
US
Unnemployment rate
%
Jun
4.70
4.80
6:00 PM
US
Change in Nonfarm payrolls
Thousands
Jun
38.00
180.00
Jul 10, 2016
7:00 AM
China
Consumer Price Index (YoY)
% Change
Jun
2.00
1.80
Jul 12, 2016
India
Exports YoY%
% Change
Jun
-0.80
Jul 13, 2016
5:30 PM
India
Industrial Production YoY
% Change
May
-0.80
India
Imports YoY%
% Change
Jun
-13.20
China
Exports YoY%
% Change
Jun
-4.10
-5.00
July 14, 2016
4:30 PM
UK
BOE Announces rates
% Ratio
Jul 14
0.50
US
Producer Price Index (mom)
% Change
Jun
0.50
12:00 PM
India
Monthly Wholesale Prices YoY%
% Change
Jun
0.79
Jul 15, 2016
2:30 PM Euro Zone
Euro-Zone CPI (YoY)
% Jun F
0.10
6:00 PM
US
Consumer price index (mom)
% Change
Jun
0.20
0.30
6:45 PM
US
Industrial Production
%
Jun
(0.42)
0.10
7:30 AM
China
Industrial Production (YoY)
% Change
Jun
6.00
5.90
7:30 AM
China
Real GDP (YoY)
% Change
2Q
6.70
6.60
Jul 19, 2016
6:00 PM
US
Building permits
Thousands
Jun
1,136.00
1,130.00
6:00 PM
US
Housing Starts
Thousands
Jun
1,164.00
1,170.00
2:00 PM
UK
CPI (YoY)
% Change
Jun
0.30
Jul 20, 2016
2:00 PM
UK
Jobless claims change
% Change
Jun
(0.40)
Source: Bloomberg, Angel Research
www.angelbroking.com
www.angelbroking.com
Market Outlook
July 08, 2016
Macro watch
Exhibit 1: Quarterly GDP trends
Exhibit 2: IIP trends
(%)
(%)
9.0
12.0
8.3
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
4.2
4.3
3.7
5.8
4.0
6.0
2.0
2.0
0.3
5.0
-
4.0
(2.0)
(0.9)
(0.8)
(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
5.6
5.7
5.8
5.4
5.4
5.5
6.0
5.3
5.0
4.8
52.0
5.0
4.4
3.7
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
0.0
7.50
(5.0)
7.00
6.50
(10.0)
6.00
(15.0)
5.50
(20.0)
5.00
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
www.angelbroking.com
Market Outlook
July 08, 2016
Global watch
Exhibit 1: Latest quarterly GDP Growth (%, yoy) across select developing and developed countries
(%)
8.0
6.7
6.0
5.3
4.9
4.2
4.0
3.2
2.1
2.0
2.0
1.3
1.3
0.1
-
(2.0)
(4.0)
(1.2)
(6.0)
(0.2)
(5.4)
(8.0)
Source: Bloomberg, Angel Research
Exhibit 2: 2016 GDP Growth projection by IMF (%, yoy) across select developing and developed countries
(%)
10.0
7.5
8.0
6.5
6.0
4.9
4.4
4.0
3.0
2.4
1.9
1.5
2.0
1.1
0.6
0.5
(3.8)
(1.8)
-
(2.0)
(4.0)
(6.0)
Source: IMF, Angel Research
Exhibit 3: One year forward P-E ratio across select developing and developed countries
(x)
20.0
18.0
16.0
14.0
12.0
10.0
8.0
6.0
4.0
2.0
-
Source: IMF, Angel Research
www.angelbroking.com
www.angelbroking.com
Market Outlook
July 08, 2016
Exhibit 4: Relative performance of indices across globe
Returns (%)
Country
Name of index
Closing price
1M
3M
1YR
Brazil
Bovespa
52,015
3.0
8.1
(1.4)
Russia
Micex
1,882
(1.7)
0.8
16.6
India
Nifty
8,338
1.7
7.5
(1.4)
China
Shanghai Composite
3,017
2.0
(1.9)
(30.1)
South Africa
Top 40
44,803
(6.3)
(0.7)
1.0
Mexico
Mexbol
45,394
(1.6)
1.2
1.9
Indonesia
LQ45
851
2.5
1.2
0.5
Malaysia
KLCI
1,651
1.2
(4.3)
(2.4)
Thailand
SET 50
915
(0.6)
2.5
(8.4)
USA
Dow Jones
17,896
(0.1)
1.0
2.0
UK
FTSE
6,534
5.4
6.2
0.8
Japan
Nikkei
15,276
(5.8)
(6.5)
(24.6)
Germany
DAX
9,419
(8.4)
(1.2)
(18.0)
France
CAC
4,118
(8.0)
(4.3)
(19.6)
Source: Bloomberg, Angel Research
www.angelbroking.com
www.angelbroking.com
Stock Watch
July 08, 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 )
FY16E FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
Agri / Agri Chemical
Rallis
Neutral
214
-
4,162
1,612
1,911
13.3
13.3
7.4
9.5
28.9
22.5
4.6
4.1
16.7
18.4
2.6
2.2
United Phosphorus
Buy
555
684
23,766
13,083
15,176
18.5
18.5
31.5
37.4
17.6
14.8
3.5
2.9
21.4
21.4
2.0
1.7
Auto & Auto Ancillary
Ashok Leyland
Buy
93
111
26,495
17,995
21,544
11.4
11.6
3.4
4.7
27.4
19.8
4.8
4.4
17.7
22.2
1.4
1.2
Bajaj Auto
Neutral
2,610
-
75,536
22,709
25,860
20.9
20.1
129.0
143.6
20.2
18.2
6.2
5.3
30.7
29.4
2.9
2.5
Bharat Forge
Accumulate
742
875
17,283
7,351
8,318
19.9
19.7
31.2
36.5
23.8
20.3
4.3
3.6
19.3
19.2
2.6
2.2
Eicher Motors
Neutral
19,593
-
53,217
15,556
16,747
15.5
17.3
464.8
597.5
42.2
32.8
15.4
11.3
36.2
34.3
3.3
3.0
Gabriel India
Accumulate
100
101
1,441
1,415
1,544
8.7
9.0
4.6
5.4
21.8
18.6
4.0
3.5
18.1
18.9
0.9
0.8
Hero Motocorp
Neutral
3,101
-
61,929
28,244
30,532
15.5
15.9
156.7
168.5
19.8
18.4
7.9
6.7
39.9
36.4
2.0
1.9
Jamna Auto Industries Neutral
168
-
1,345
1,281
1,473
11.2
11.5
7.6
9.2
22.2
18.3
5.6
4.6
25.4
25.2
1.1
1.0
L G Balakrishnan & Bros Neutral
479
-
752
1,254
1,394
11.6
11.8
35.9
41.7
13.4
11.5
1.8
1.6
13.5
13.8
0.7
0.6
Mahindra and Mahindra Neutral
1,456
-
90,437
38,416
42,904
13.7
13.9
54.8
63.4
26.6
23.0
4.1
3.6
15.4
15.8
2.0
1.7
Maruti
Neutral
4,141
-
125,090
57,865
68,104
16.4
16.7
176.3
225.5
23.5
18.4
4.6
3.9
19.4
21.2
2.0
1.6
Minda Industries
Neutral
1,150
-
1,825
2,523
2,890
8.7
9.0
55.0
65.4
20.9
17.6
4.0
3.3
19.3
18.7
0.8
0.7
Motherson Sumi
Accumulate
278
313
36,746
39,343
45,100
8.8
9.1
10.1
12.5
27.5
22.2
8.7
6.8
35.3
34.4
1.0
0.9
Rane Brake Lining
Accumulate
414
465
328
454
511
11.5
12.0
25.2
31.0
16.4
13.4
2.5
2.2
14.9
16.6
0.8
0.8
Setco Automotive
Neutral
49
-
651
594
741
12.7
13.7
1.7
3.2
28.7
15.2
3.0
2.6
10.4
16.9
1.6
1.3
Tata Motors
Neutral
455
-
131,440
259,686
273,957
13.0
13.4
25.9
29.5
17.6
15.4
2.3
2.0
8.0
9.0
0.7
0.7
TVS Motor
Accumulate
300
330
14,243
11,263
13,122
6.9
8.5
9.2
15.0
32.6
20.0
7.4
5.9
22.7
29.6
1.3
1.1
Amara Raja Batteries
Buy
837
1,076
14,293
4,690
5,429
17.5
17.5
28.5
35.3
29.4
23.7
6.8
5.6
23.1
25.9
3.1
2.7
Exide Industries
Neutral
176
-
14,981
6,950
7,784
14.4
14.8
6.6
7.3
26.7
24.1
3.4
3.1
12.6
12.8
1.8
1.6
Apollo Tyres
Buy
151
183
7,663
12,056
12,714
17.2
16.4
23.0
20.3
6.6
7.4
1.2
1.0
17.7
13.6
0.7
0.7
Ceat
Buy
854
1,119
3,455
6,041
6,597
14.1
13.7
99.5
111.9
8.6
7.6
1.7
1.4
19.6
18.5
0.7
0.6
JK Tyres
Neutral
93
-
2,103
7,446
7,669
15.2
14.0
19.6
18.4
4.7
5.0
1.2
1.0
25.2
19.5
0.7
0.6
Swaraj Engines
Neutral
1,180
-
1,466
552
630
14.2
14.7
44.6
54.1
26.5
21.8
6.2
5.6
23.2
25.6
2.7
2.3
Subros
Neutral
91
-
547
1,293
1,527
11.8
11.9
4.2
6.7
21.7
13.6
1.6
1.5
7.7
11.5
0.7
0.6
Indag Rubber
Neutral
189
-
496
283
329
17.0
17.2
13.0
15.4
14.6
12.2
3.2
2.6
21.8
21.6
1.5
1.2
Capital Goods
ACE
Neutral
47
-
462
660
839
4.7
8.2
1.0
3.9
46.7
12.0
1.5
1.3
3.2
11.3
0.8
0.7
BEML
Buy
894
1,157
3,722
3,277
4,006
6.0
8.9
36.2
64.3
24.7
13.9
1.7
1.6
5.7
11.7
1.2
1.0
Bharat Electronics
Accumulate
1,270
1,414
30,478
7,295
8,137
20.0
16.8
56.5
58.7
22.5
21.6
3.4
3.0
42.1
44.6
3.4
2.9
www.angelbroking.com
Stock Watch
July 08, 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 )
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
Capital Goods
Voltas
Buy
315
407
10,425
5,857
6,511
7.5
7.9
11.7
12.9
26.9
24.4
4.4
3.9
17.1
16.7
1.9
1.7
BGR Energy
Neutral
127
-
919
3,615
3,181
9.5
9.4
16.7
12.4
7.6
10.3
0.7
0.7
10.0
7.0
0.7
0.8
BHEL
Neutral
140
-
34,279
33,722
35,272
10.8
11.7
10.5
14.2
13.3
9.9
1.0
0.9
7.0
9.0
1.1
1.0
Blue Star
Accumulate
435
495
3,918
3,770
4,351
5.7
6.4
11.4
17.2
38.1
25.4
5.9
5.5
18.4
23.1
1.1
0.9
Crompton Greaves
Neutral
73
-
4,591
13,484
14,687
4.9
6.2
4.5
7.1
16.3
10.3
1.2
1.1
7.2
10.8
0.5
0.4
Greaves Cotton
Neutral
138
-
3,371
1,655
1,755
16.6
16.8
7.4
7.8
18.7
17.7
3.7
3.5
21.1
20.6
2.0
1.9
Inox Wind
Buy
234
286
5,193
4,406
5,605
15.5
15.7
20.4
24.8
11.5
9.4
2.6
1.9
27.9
25.9
1.4
1.1
KEC International
Neutral
144
-
3,698
8,791
9,716
6.1
6.8
5.4
8.2
26.6
17.5
2.7
2.4
10.0
14.0
0.6
0.6
Thermax
Neutral
893
-
10,639
6,413
7,525
7.4
8.5
30.5
39.3
29.3
22.7
4.5
3.9
15.0
17.0
1.6
1.3
VATech Wabag
Accumulate
598
681
3,259
2,722
3,336
7.9
8.1
19.5
24.6
30.7
24.3
3.2
2.9
11.1
12.4
1.3
1.0
Cement
ACC
Neutral
1,603
-
30,110
13,151
14,757
16.4
18.3
63.9
83.4
25.1
19.2
3.2
3.0
13.3
16.1
2.1
1.8
Ambuja Cements
Neutral
257
-
39,884
11,564
12,556
19.4
20.7
8.9
10.1
28.9
25.5
3.6
3.4
12.8
13.8
3.0
2.8
HeidelbergCement
Neutral
115
-
2,602
1,772
1,926
13.3
15.4
1.0
3.0
114.8
38.3
2.9
2.7
2.6
7.9
2.1
1.8
India Cements
Neutral
117
-
3,588
4,216
4,840
18.0
19.5
4.0
9.9
29.2
11.8
1.2
1.1
4.0
9.5
1.2
1.0
JK Cement
Neutral
712
-
4,982
3,661
4,742
10.1
15.8
7.5
28.5
95.0
25.0
2.9
2.5
7.5
22.9
1.8
1.4
J K Lakshmi Cement
Neutral
403
-
4,746
2,947
3,616
16.7
19.9
11.5
27.2
35.1
14.8
3.3
2.9
9.8
20.8
2.0
1.6
Mangalam Cements
Neutral
303
-
809
1,053
1,347
10.5
13.3
8.4
26.0
36.1
11.7
1.5
1.4
4.3
12.5
1.1
0.9
Orient Cement
Neutral
179
-
3,664
1,854
2,524
21.2
22.2
7.7
11.1
23.2
16.1
3.3
2.9
13.3
15.7
2.7
1.9
Ramco Cements
Neutral
575
-
13,699
4,036
4,545
20.8
21.3
15.1
18.8
38.1
30.6
4.7
4.1
12.9
14.3
3.9
3.4
Shree Cement^
Neutral
15,542
-
54,143
7,150
8,742
26.7
28.6
228.0
345.5
68.2
45.0
10.0
8.4
15.7
20.3
7.0
5.6
UltraTech Cement
Neutral
3,379
-
92,742
24,669
29,265
18.2
20.6
82.0
120.0
41.2
28.2
4.4
3.9
11.3
14.7
3.8
3.2
Construction
ITNL
Accumulate
82
93
2,681
7,360
8,682
34.0
32.2
7.0
8.6
11.6
9.5
0.4
0.4
3.2
2.5
3.7
3.6
KNR Constructions
Accumulate
570
603
1,603
937
1,470
14.3
14.0
44.2
38.6
12.9
14.8
2.6
2.2
15.4
15.4
1.8
1.2
Larsen & Toubro
Accumulate
1,554
1,700
144,839
58,870
65,708
8.3
10.3
42.0
53.0
37.0
29.3
2.6
2.3
8.8
11.2
2.7
2.4
Gujarat Pipavav Port
Neutral
170
-
8,214
629
684
51.0
52.2
6.4
5.9
26.6
28.8
3.5
3.2
15.9
12.7
12.4
11.2
MBL Infrastructures
Buy
139
285
576
2,313
2,797
12.2
14.6
19.0
20.0
7.3
7.0
0.8
0.7
11.3
10.6
0.9
0.8
Nagarjuna Const.
Neutral
76
-
4,242
7,892
8,842
8.8
9.1
3.0
5.3
25.4
14.4
1.3
1.2
5.0
8.5
0.8
0.7
PNC Infratech
Accumulate
571
647
2,930
1,873
2,288
13.2
13.5
24.0
32.0
23.8
17.8
2.3
2.1
12.1
12.3
1.7
1.4
Simplex Infra
Neutral
310
-
1,531
5,955
6,829
10.3
10.5
16.0
31.0
19.4
10.0
1.0
0.9
5.3
9.9
0.7
0.6
www.angelbroking.com
Stock Watch
July 08, 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 )
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
Construction
Power Mech Projects
Neutral
571
-
841
1,539
1,801
12.8
12.7
59.0
72.1
9.7
7.9
1.5
1.2
18.6
16.8
0.5
0.5
Sadbhav Engineering
Neutral
291
-
4,986
3,186
3,598
10.2
10.3
8.0
9.0
36.3
32.3
3.4
3.0
9.4
9.9
1.9
1.7
NBCC
Accumulate
216
220
12,933
5,838
7,428
6.0
7.9
5.2
8.2
41.5
26.3
1.3
1.0
21.9
28.2
1.8
1.3
MEP Infra
Neutral
43
-
702
1,956
1,876
28.1
30.5
1.3
3.0
33.2
14.4
7.0
4.7
21.2
32.8
1.8
1.8
SIPL
Neutral
102
-
3,605
675
1,042
62.4
64.7
-
-
3.8
4.4
-
-
16.9
11.4
Engineers India
Neutral
209
-
7,052
1,667
1,725
13.5
16.0
9.7
11.4
21.6
18.4
2.5
2.5
11.7
13.4
3.0
3.0
Financials
Allahabad Bank
Neutral
76
-
5,524
8,569
9,392
2.8
2.9
16.3
27.5
4.7
2.8
0.4
0.3
7.6
11.9
-
-
Axis Bank
Neutral
542
-
129,470
26,204
29,738
3.6
3.5
34.5
35.4
15.7
15.3
2.5
2.2
16.8
14.9
-
-
Bank of Baroda
Neutral
158
-
36,417
18,802
21,088
2.0
2.2
(7.4)
13.0
12.2
1.3
1.0
(4.2)
7.3
-
-
Bank of India
Neutral
109
-
10,218
15,972
17,271
1.9
2.0
15.3
33.4
7.2
3.3
0.3
0.3
3.6
7.6
-
-
Canara Bank
Neutral
230
-
12,489
15,441
16,945
2.0
2.1
46.6
70.4
4.9
3.3
0.4
0.4
8.0
11.2
-
-
Dena Bank
Neutral
43
-
2,834
3,440
3,840
2.1
2.3
7.3
10.0
5.9
4.2
0.4
0.4
6.1
7.9
-
-
Dewan Housing Finance Buy
213
270
6,201
1,828
2,225
2.9
3.0
24.9
29.7
8.5
7.2
1.3
1.2
15.1
16.1
-
-
Equitas Holdings
Buy
185
235
6,198
679
1,076
12.4
11.7
6.2
6.7
29.8
27.6
3.7
2.7
13.3
12.5
-
-
Federal Bank
Neutral
60
-
10,318
3,279
3,787
2.8
2.9
3.9
5.5
15.2
10.9
1.2
1.1
8.4
10.8
-
-
HDFC
Neutral
1,291
-
204,095
10,358
11,852
3.3
3.3
41.1
47.0
31.4
27.5
6.0
5.4
24.7
24.9
-
-
HDFC Bank
Accumulate
1,184
1,262
299,682
38,606
47,696
4.4
4.5
48.8
61.4
24.3
19.3
4.1
3.6
18.7
20.0
-
-
ICICI Bank
Neutral
244
-
142,195
34,279
39,262
3.3
3.3
21.0
24.4
11.7
10.0
2.0
1.7
14.4
14.7
-
-
IDBI Bank
Neutral
75
-
15,431
9,625
10,455
1.8
1.8
8.5
14.2
8.8
5.3
0.6
0.5
5.9
9.3
-
-
Indian Bank
Neutral
151
-
7,252
6,160
6,858
2.5
2.5
24.5
29.8
6.2
5.1
0.5
0.4
7.7
8.6
-
-
LIC Housing Finance
Buy
498
592
25,117
3,179
3,758
2.6
2.6
32.9
40.6
15.1
12.3
2.8
2.4
19.6
20.7
-
-
Oriental Bank
Neutral
121
-
4,187
7,643
8,373
2.4
2.4
37.2
45.4
3.3
2.7
0.3
0.3
8.2
9.4
-
-
Punjab Natl.Bank
Neutral
117
-
22,964
23,122
26,022
2.8
2.8
7.0
21.6
16.7
5.4
0.9
0.8
3.4
10.0
-
-
South Ind.Bank
Neutral
22
-
3,004
1,965
2,185
2.5
2.5
2.5
3.3
8.9
6.7
0.9
0.8
9.5
11.7
-
-
St Bk of India
Neutral
221
-
171,169
79,958
86,061
2.6
2.6
13.4
20.7
16.5
10.7
1.3
1.3
11.5
12.8
-
-
Union Bank
Neutral
133
-
9,140
12,646
14,129
2.3
2.4
31.0
39.1
4.3
3.4
0.5
0.4
9.8
11.4
-
-
Vijaya Bank
Neutral
43
-
4,270
3,536
3,827
1.9
1.9
5.5
6.7
7.7
6.4
0.6
0.6
7.8
8.8
-
-
Yes Bank
Neutral
1,112
-
46,823
7,190
9,011
3.2
3.3
58.2
69.7
19.1
16.0
3.4
2.9
19.2
19.6
-
-
FMCG
Asian Paints
Neutral
987
-
94,711
15,534
17,445
17.7
16.8
18.4
19.6
53.8
50.4
19.0
17.9
34.6
35.6
5.9
5.3
www.angelbroking.com
Stock Watch
July 08, 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 )
FY16E FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FMCG
Britannia
Neutral
2,812
-
33,738
8,481
9,795
14.0
14.1
65.5
78.3
42.9
35.9
20.3
16.7
38.3
41.2
3.9
3.4
Colgate
Neutral
945
-
25,708
4,136
4,632
22.5
23.3
22.2
25.3
42.6
37.4
25.9
23.1
68.6
67.5
6.0
5.4
Dabur India
Neutral
315
-
55,343
9,370
10,265
17.6
17.3
7.3
8.1
42.9
38.8
11.1
10.2
31.7
30.6
5.6
5.1
GlaxoSmith Con*
Neutral
6,164
-
25,922
4,519
5,142
19.6
19.8
164.3
191.2
37.5
32.2
10.4
8.8
30.8
29.9
5.1
4.5
Godrej Consumer
Neutral
1,631
-
55,555
9,003
10,335
18.1
18.7
34.1
41.8
47.9
39.0
10.3
8.9
23.9
24.8
6.4
5.6
HUL
Neutral
917
-
198,537
33,299
35,497
17.1
17.1
18.9
20.0
48.6
45.9
42.6
37.1
87.6
80.8
5.6
5.2
ITC
Buy
247
380
297,545
36,837
39,726
38.8
38.7
12.2
13.5
20.2
18.3
5.6
4.9
27.8
26.9
7.4
6.9
Marico
Neutral
269
-
34,667
6,151
6,966
17.2
17.3
5.4
6.4
49.8
42.0
15.6
12.3
33.2
32.4
5.6
4.9
Nestle*
Neutral
6,509
-
62,754
9,393
10,507
22.2
22.3
106.8
121.8
60.9
53.4
21.4
19.3
34.8
36.7
6.5
5.8
Tata Global
Neutral
134
-
8,486
8,635
9,072
9.8
9.9
5.8
7.2
23.2
18.7
2.1
2.0
6.8
7.4
1.0
1.0
Procter & Gamble
Buy
6,280
7,369
20,385
2,588
2,939
23.3
23.2
130.2
146.2
48.2
43.0
96.2
92.2
27.6
25.3
7.5
6.5
Hygiene
IT
HCL Tech^
Buy
717
1,000
101,151
37,061
30,781
21.5
20.5
51.4
40.0
14.0
17.9
3.6
2.6
20.1
20.3
2.6
2.7
Infosys
Buy
1,157
1,374
265,802
62,441
70,558
27.5
27.5
59.0
65.3
19.6
17.7
3.9
3.6
22.2
22.4
3.8
3.2
TCS
Buy
2,429
3,004
478,627
108,646
122,770
28.3
28.3
123.7
141.0
19.6
17.2
6.5
6.0
33.1
34.6
4.0
3.5
Tech Mahindra
Buy
504
700
48,919
26,494
30,347
16.3
17.0
32.2
37.5
15.7
13.4
3.4
2.9
21.7
21.8
1.6
1.4
Wipro
Buy
559
680
138,088
50,808
56,189
23.7
23.8
37.3
40.7
15.0
13.7
2.9
2.6
19.2
17.7
2.2
1.8
Media
D B Corp
Neutral
383
-
7,042
2,025
2,187
27.4
27.4
17.4
18.9
22.0
20.3
5.0
4.5
22.9
23.7
3.5
3.2
HT Media
Neutral
83
-
1,926
2,495
2,673
12.9
13.2
6.8
7.2
12.2
11.5
1.0
0.9
7.5
7.8
0.3
0.3
Jagran Prakashan
Buy
183
205
5,973
2,107
2,355
33.5
28.0
10.1
10.8
18.2
16.9
4.2
3.7
23.3
21.7
2.8
2.5
Sun TV Network
Neutral
382
-
15,038
2,510
2,763
71.8
71.5
21.9
24.8
17.4
15.4
4.1
3.7
22.8
24.3
5.3
4.8
Hindustan Media
Neutral
272
-
1,993
914
1,016
21.7
21.5
21.9
23.3
12.4
11.7
2.2
1.9
18.0
16.2
1.6
1.4
Ventures
Metals & Mining
Coal India
Buy
315
380
199,250
76,167
84,130
19.9
22.3
22.4
25.8
14.1
12.2
5.1
4.9
35.5
41.0
2.0
1.8
Hind. Zinc
Neutral
187
-
78,887
14,641
14,026
50.4
50.4
17.7
16.0
10.6
11.7
1.6
1.5
16.2
13.2
3.0
2.8
Hindalco
Neutral
128
-
26,380
104,356
111,186
8.7
9.5
6.7
11.1
19.0
11.6
0.7
0.7
3.5
5.9
0.8
0.7
JSW Steel
Neutral
1,463
-
35,364
42,308
45,147
16.4
20.7
(10.3)
49.5
29.6
1.6
1.6
(1.0)
5.6
1.9
1.8
NMDC
Neutral
96
-
37,942
8,237
10,893
46.6
44.5
10.0
11.7
9.6
8.2
1.1
0.9
12.5
13.0
4.4
3.3
SAIL
Neutral
47
-
19,453
45,915
53,954
7.2
10.5
1.5
4.4
31.3
10.8
0.5
0.4
2.3
4.1
1.1
1.0
Vedanta
Neutral
143
-
42,529
71,445
81,910
26.2
26.3
12.9
19.2
11.1
7.5
0.8
0.7
7.2
8.9
1.0
0.8
Tata Steel
Neutral
318
-
30,851
126,760
137,307
8.9
11.3
6.4
23.1
49.9
13.8
1.0
1.0
2.0
7.1
0.8
0.8
www.angelbroking.com
Stock Watch
July 08, 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 )
FY16E FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
Oil & Gas
Cairn India
Neutral
150
-
28,189
11,323
12,490
49.4
51.0
20.7
20.7
7.3
7.3
0.5
0.5
6.4
6.1
1.5
0.9
GAIL
Neutral
385
-
48,779
64,856
70,933
9.1
9.6
24.0
28.9
16.1
13.3
1.4
1.3
8.8
9.6
0.9
0.8
ONGC
Neutral
227
-
193,910
154,564
145,998
36.8
37.4
20.8
22.6
10.9
10.0
1.0
1.0
10.1
9.7
1.5
1.6
Petronet LNG
Neutral
294
-
22,061
29,691
31,188
5.8
6.2
12.8
13.4
23.0
21.9
3.4
3.1
15.8
14.8
0.8
0.8
Indian Oil Corp
Neutral
473
-
114,927
359,607
402,760
5.9
6.1
42.5
48.7
11.2
9.7
1.5
1.3
14.1
14.4
0.4
0.4
Reliance Industries
Neutral
988
-
320,321
304,775
344,392
12.6
13.4
91.3
102.6
10.8
9.6
1.2
1.1
11.8
12.0
1.0
0.8
Pharmaceuticals
Alembic Pharma
Neutral
580
-
10,936
3,145
3,483
31.9
16.2
38.2
18.7
15.2
31.0
6.8
5.8
57.9
20.1
3.4
3.1
Aurobindo Pharma
Neutral
763
-
44,654
13,651
15,702
21.7
21.7
33.9
38.4
22.5
19.9
6.3
4.9
32.5
27.7
3.5
3.1
Aventis*
Neutral
4,570
-
10,525
2,049
2,375
15.4
17.3
115.4
153.5
39.6
29.8
6.5
5.0
19.3
25.8
5.0
4.2
Cadila Healthcare
Buy
343
400
35,094
9,469
11,246
21.2
22.0
14.9
17.1
23.0
20.1
6.6
5.2
28.8
26.6
3.6
3.0
Cipla
Neutral
513
-
41,243
13,372
15,378
16.4
17.4
18.8
21.6
27.3
23.8
3.5
3.1
13.3
13.7
3.1
2.9
Dr Reddy's
Neutral
3,525
-
60,118
15,471
17,479
24.6
24.6
138.2
152.4
25.5
23.1
4.7
4.0
19.7
18.7
3.8
3.3
Dishman Pharma
Neutral
135
-
2,183
1,733
1,906
21.5
21.5
10.1
10.0
13.4
13.5
1.6
1.4
10.5
11.2
1.8
1.5
GSK Pharma*
Neutral
3,512
-
29,746
2,741
3,528
16.5
18.9
44.2
60.1
79.5
58.4
17.5
17.4
21.2
29.9
10.3
8.1
Indoco Remedies
Neutral
285
-
2,623
977
1,112
14.9
18.2
9.0
13.2
31.6
21.6
4.5
3.8
15.1
19.2
2.8
2.5
Ipca labs
Buy
474
613
5,977
2,844
3,799
10.6
15.3
10.6
17.3
44.7
27.4
2.6
2.4
5.9
9.1
2.3
1.7
Lupin
Buy
1,657
1,809
74,718
13,702
15,912
23.7
26.4
50.5
58.1
32.8
28.5
6.8
5.6
22.9
21.4
5.6
4.5
Sun Pharma
Buy
777
944
187,108
27,744
31,129
26.0
30.0
22.0
28.0
35.3
27.8
5.1
4.3
18.3
18.7
6.6
5.6
Power
Tata Power
Neutral
74
-
19,893
35,923
37,402
22.6
22.8
4.1
5.2
18.1
14.3
1.4
1.3
7.5
9.3
1.5
1.4
NTPC
Neutral
153
-
125,991
87,271
99,297
23.5
23.5
11.8
13.3
13.0
11.5
1.5
1.4
11.5
12.2
2.5
2.2
Power Grid
Accumulate
163
170
85,432
20,702
23,361
86.7
86.4
12.1
13.2
13.5
12.4
2.0
1.8
15.6
15.1
9.0
8.3
Real Estate
MLIFE
Buy
467
554
1,916
826
1,011
20.1
21.9
22.7
30.7
20.6
15.2
1.2
1.1
6.0
7.4
4.2
3.2
Telecom
Bharti Airtel
Neutral
363
-
145,226
101,748
109,191
32.1
31.7
12.0
12.5
30.3
29.1
2.1
2.0
6.9
6.7
2.1
1.9
Idea Cellular
Neutral
105
-
37,772
34,282
36,941
32.0
31.5
5.9
6.2
17.8
16.9
1.6
1.5
9.9
9.3
1.7
1.6
zOthers
Abbott India
Neutral
4,760
-
10,115
2,715
3,153
14.5
14.1
134.3
152.2
35.5
31.3
8.9
7.3
27.4
25.6
3.4
2.9
Bajaj Electricals
Accumulate
248
268
2,505
4,612
5,351
5.6
5.7
23.4
18.0
10.6
13.8
3.3
2.9
12.5
14.4
0.5
0.5
Finolex Cables
Neutral
373
-
5,699
2,520
2,883
12.2
12.0
12.7
14.2
29.4
26.2
4.0
3.6
13.6
13.5
2.0
1.7
Goodyear India*
Buy
526
631
1,213
1,800
1,600
11.7
11.5
58.7
52.9
9.0
9.9
2.0
1.7
24.6
18.7
0.5
0.4
Hitachi
Neutral
1,346
-
3,659
1,779
2,081
7.8
8.8
21.8
33.4
61.7
40.3
10.0
8.1
17.4
22.1
2.2
1.8
www.angelbroking.com
Stock Watch
July 08, 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 )
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
zOthers
Jyothy Laboratories
Neutral
301
-
5,448
1,620
1,847
11.5
11.5
7.3
8.5
41.3
35.5
5.3
4.9
13.3
14.4
3.3
2.8
MRF
Buy
35,109
45,575
14,890
20,316
14,488
21.4
21.1
5,488.0
3,798.0
6.4
9.2
2.2
1.8
41.1
21.2
0.7
0.9
Page Industries
Neutral
13,492
-
15,049
1,929
2,450
19.8
20.1
229.9
299.0
58.7
45.1
25.9
18.0
52.1
47.1
8.0
6.3
Relaxo Footwears
Neutral
478
-
5,736
1,767
2,152
12.3
12.5
19.3
25.1
24.8
19.1
6.1
4.7
27.7
27.8
3.4
2.8
Siyaram Silk Mills
Buy
1,080
1,347
1,013
1,619
1,799
11.6
11.6
93.5
104.9
11.6
10.3
2.0
1.7
17.1
16.4
0.9
0.8
Styrolution ABS India* Neutral
644
-
1,132
1,271
1,440
8.6
9.2
32.0
41.1
20.1
15.7
2.1
1.8
10.7
12.4
0.9
0.8
TVS Srichakra
Buy
2,407
2,932
1,843
2,035
2,252
15.9
15.3
248.6
268.1
9.7
9.0
4.2
3.0
43.6
33.9
1.0
0.8
HSIL
Accumulate
280
310
2,024
2,123
2,384
16.1
16.5
15.0
18.9
18.6
14.8
1.4
1.3
8.0
9.4
1.3
1.2
Kirloskar Engines India
Neutral
267
-
3,855
2,403
2,554
8.6
9.9
9.2
10.5
29.0
25.4
2.8
2.7
9.7
10.7
1.3
1.2
Ltd
M M Forgings
Buy
431
546
520
511
615
21.7
21.6
43.1
55.8
10.0
7.7
1.8
1.5
19.9
21.2
1.3
1.0
Banco Products (India) Neutral
154
-
1,102
1,208
1,353
11.0
12.3
10.8
14.5
14.3
10.6
1.6
1.5
11.9
14.5
0.9
0.8
Competent Automobiles Neutral
147
-
90
1,040
1,137
3.2
3.1
25.7
28.0
5.7
5.3
0.9
0.8
15.0
14.3
0.1
0.1
Nilkamal
Neutral
1,222
-
1,824
1,871
2,031
10.7
10.5
63.2
69.8
19.4
17.5
3.2
2.7
17.6
16.6
1.0
0.9
Visaka Industries
Neutral
159
-
252
1,020
1,120
8.7
9.1
13.9
20.1
11.4
7.9
0.7
0.7
6.4
8.7
0.5
0.4
Transport Corporation of
Neutral
329
-
2,520
2,830
3,350
8.8
9.0
14.4
18.3
22.9
18.0
3.5
3.1
15.4
17.1
1.0
0.9
India
Elecon Engineering
Neutral
65
-
705
1,359
1,482
10.3
13.7
0.8
3.9
80.6
16.6
1.3
1.3
1.6
7.8
0.9
0.8
Surya Roshni
Buy
166
201
728
2,992
3,223
8.1
8.4
14.7
18.3
11.3
9.1
1.1
1.0
9.7
11.0
0.5
0.5
MT Educare
Neutral
165
-
657
286
366
18.3
17.7
7.7
9.4
21.4
17.6
4.5
3.9
20.2
21.1
2.2
1.7
Radico Khaitan
Buy
95
125
1,264
1,543
1,659
12.6
13.0
5.8
6.3
16.4
15.0
1.4
1.3
8.5
8.6
1.3
1.2
Garware Wall Ropes
Buy
390
460
854
828
898
11.2
10.3
28.3
29.0
13.8
13.5
2.3
2.0
16.8
14.9
1.0
0.9
Wonderla Holidays
Neutral
398
-
2,250
206
308
44.0
43.6
9.0
12.9
44.3
30.9
6.0
5.5
13.7
17.8
10.8
7.2
Linc Pen & Plastics
Neutral
242
-
358
344
382
9.1
9.1
12.4
13.1
19.5
18.5
3.5
3.1
18.0
16.7
1.1
1.0
The Byke Hospitality
Neutral
159
-
639
222
287
20.5
20.5
5.6
7.6
28.3
21.1
5.3
4.4
18.9
20.8
2.9
2.2
Interglobe Aviation
Neutral
1,013
-
36,504
17,022
21,122
20.7
14.5
63.9
53.7
15.9
18.9
23.8
19.5
149.9
103.2
2.2
1.8
Coffee Day Enterprises
Neutral
253
-
5,210
2,692
2,964
17.0
18.6
-
4.7
-
53.4
3.1
2.9
0.2
5.5
2.4
2.2
Ltd
Navneet Education
Neutral
101
-
2,399
998
1,062
24.1
24.0
5.8
6.1
17.5
16.5
3.9
3.4
22.0
20.6
2.5
2.3
Navkar Corporation
Buy
213
265
3,037
347
408
43.2
42.9
6.7
6.8
31.9
31.4
2.3
2.2
7.3
6.9
9.2
8.3
UFO Moviez
Neutral
546
-
1,506
558
619
32.0
33.2
22.5
30.0
24.2
18.2
2.9
2.5
12.0
13.8
2.6
2.2
VRL Logistics
Neutral
312
-
2,844
1,725
1,902
16.5
16.7
12.2
14.6
25.6
21.4
5.3
4.7
20.8
21.9
1.8
1.6
www.angelbroking.com
Stock Watch
July 08, 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 )
FY16E FY17E FY16E FY17E FY16E FY17E FY16E FY17E FY16E FY17E FY16E FY17E FY16E FY17E
zOthers
Team Lease Serv.
Neutral
1,101
-
1,883
2,565
3,229
1.3
1.5
15.2
22.8
72.6
48.4
5.8
5.2
8.0
10.7
0.6
0.5
S H Kelkar & Co.
Neutral
221
-
3,192
928
1,036
15.3
15.1
4.9
6.1
44.7
36.1
4.2
3.9
9.4
10.7
3.2
2.8
Quick Heal
Neutral
293
-
2,049
339
408
27.8
27.3
7.1
7.7
41.4
37.8
3.5
3.5
8.5
9.3
4.8
4.0
Narayana Hrudaya
Neutral
311
-
6,352
1,603
1,873
10.9
11.5
1.0
2.6
326.3
117.5
7.9
7.2
2.4
6.1
4.1
3.5
Manpasand Bever.
Neutral
590
-
2,953
540
836
19.9
19.6
10.2
16.9
57.6
34.9
4.7
4.2
8.1
12.0
5.1
3.2
Parag Milk Foods
Accumulate
311
336
2,618
1,645
1,919
9.0
9.3
6.7
9.5
46.3
33.0
6.1
5.1
13.1
15.5
1.8
1.5
Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on July 07, 2016
www.angelbroking.com
Market Outlook
July 08, 2016
Research Team Tel: 022 - 39357800
E-mail: [email protected]
Website: www.angelbroking.com
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-managed public offering of securities of the company covered by Analyst during the past twelve months. Angel/analyst has not served as
an officer, director or employee of company covered by Analyst and has not been engaged in market making activity of the company
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