Market Outlook

August 08, 2016

Market Cues

Domestic Indices

Chg (%)

(Pts)

(Close)

Indian markets are likely to open in positive note tracking SGX Nifty and Global

BSE Sensex

1.3

364

28,078

markets.

Nifty

1.5

132

8,683

The US market gained strongly after a better than expected job data by the US

Mid Cap

1.7

211

12,698

Labor Department. The nonfarm payrolls saw an addition of 2, 55,000 jobs against

Small Cap

1.5

179

12,307

expectations of ~1, and 80,000 jobs. It is expected that the US Fed might still wait

Bankex

2.1

436

21,644

for GDP growth to improve and inflation to move closer to its 2% target before

taking a call on the rate hike.

Global Indices

Chg (%)

(Pts)

(Close)

The European markets which were already strong post rate cut by BoE, got further

Dow Jones

1.0

191

18,544

strength after strong job data by the US Labor department.

Nasdaq

1.1

5,221

The Indian markets gained strongly on Friday on the back of broad based buying

FTSE

0.8

6,793

across all sectors. Rate cut by Bank Of England to a historic low and further

increasing the QE resulted in global rally and this also was partly the reason for the

Nikkei

(0.0)

(0)

16,254

rally in Indian markets. While after the passage of GST the Indian markets didn’t

Hang Seng

1.4

314

22,146

react much, a day after the historic event the key sectors like Cement and Auto

Shanghai Com

(0.2)

(6)

2,977

which are expected to benefit a lot rallied. While the Indian markets has seen sharp

rise in past few days, liquidity flow could keep the market in positive zone in the near

Advances / Declines

BSE

NSE

term.

Advances

1,848

1,212

News Analysis & Result Review

Declines

906

397

 Results Review: Union Bank of India further deteriorates

Unchanged

169

 BEL 1QFY17 result analysis.

Detailed analysis on Pg2

Volumes (` Cr)

Investor’s Ready Reckoner

BSE

3,688

Key Domestic & Global Indicators

NSE

20,651

Stock Watch: Latest investment recommendations on 150+ stocks

Refer Pg6 onwards

Net Inflows (` Cr)

Net

Mtd

Ytd

FII

549

2,081

32,964

Top Picks

CMP

Target

Upside

MFs

(25)

(170)

8,618

Company

Sector

Rating

(`)

(%)

Amara Raja

Auto/Auto Ancillary

Buy

902

1,076

19.3

Top Gainers

Price (`)

Chg (%)

HCL Tech

Buy

822

1,000

21.7

Jktyre

103

12.8

LIC Housing

Financials

Accumulate

519

582

12.2

Bharatforg

814

12.5

Bharat Electronics

Capital Goods

Accumulate

1,259

1,414

12.3

Edelweiss

112

11.7

Navkar Corporation Others

Buy

206

265

28.9

More Top Picks on Pg4

Iifl

303

10.6

Pvr

1,218

9.9

Key Upcoming Events

Consensus

Date

Region

Event Description

Reading

Expectations

Top Losers

Price (`)

Chg (%)

Aug 8

China

Exports YoY %

(4.8)

(3.1)

Ktkbank

143

(4.3)

Aug 8

China

Consumer Price Index (YoY)

1.9

1.8

Ibrealest

(3.7)

Aug 8

India

RBI Reverse Repo rate

6.0

Gskcons

6,181

(2.7)

Aug 8

India

RBI Repo rate

6.5

Muthootfin

352

(2.7)

Aug 8

India

Exports YoY %

1.3

6.(

Justdial

467

(2.7)

More Events on Pg5

As on August 5, 2016

www.angelbroking.com

Market Outlook

August 08, 2016

Union Bank of India’s NPAs continue to be under pressure:

Union Bank of India has reported a mixed set of results for the quarter. While the

bank disappointed on the NII front which declined by 1.3%, higher other income

up by 33% YoY led by treasury gains resulted in 9% gain in the operating profit.

Though provisioning remained lower QoQ it was still high at `1353 cr and credit

cost was high at 2.1%. GNPAs % went up to 10.16% compared to 8.70% in

4QFY16. While NNPAs went up to 6.16% vs 5.25% QoQ.

In absolute terms GNPAs went up by 13% YoY to `27,281 cr. On the business

front the bank continued to disappoint with advances and deposits growing by

3.5% each. The CAR of the bank remains weak at 10.75%, while the Governments

infusion of `721 cr will help to some extent, however we feel the NNPAs of 6.16%

indicates lot of provisioning is to be done in the quarters to come, we don’t expect

material change in the earnings due to the above factors. We have a NEUTRAL

rating on the stock.

BEL reports bad 1Q numbers

BEL reported bad set of 1QFY2017 numbers. Reported sales were below than

expectations, down 20.9% yoy to `847cr. Miss on the sales number could be

possibly due to some of the projects not reaching the mass production stage. In-

line with the sales decline, BEL reported operating losses for the quarter. Reported

EBITDA margins were at negative 8.4% vs. negative 2.0% in 1QFY2016. Despite

weak operating performance, strong `163cr of other income, led the company

report 4.3% PAT margins, which was again lower than our expectations.

Also, BEL has announced buyback of 1.66cr shares at a price of `1,305/share

payable in cash totaling `2,171.1cr. Board of Directors has noted the intention of

promoter of the company to not participate in this proposed buy back. We

continue to maintain our BUY rating on the stock with price target of `1,414.

Economic and Political News

 NITI Aayog suggests closure of eight sick PSUs

 NHAI eyes ` 50,000 cr from bond sale

 Telecos plan to move to court on interconnect charges review

Corporate News

 Mangalam Cement Q1 PAT at ` 23 cr

 Repco Home Finance Q1 PAT up 31% to ` 39 cr.

 Andhra Bank’s Q1 PAT falls to ` 31 cr

 DLF plans to raise upto ` 2500 cr via NCDs

 NTPC raises ` 2000 cr via Green Masala Bond

 HDFC, Max Merger likely to get board approval today

www.angelbroking.com

Market Outlook

August 08, 2016

Quarterly Bloomberg Brokers Consensus Estimate

Britannia Industries Ltd - Aug 8, 2016

Particulars (` cr)

1QFY17E

1QFY16

y-o-y (%)

4QFY16

q-o-q (%)

Net sales

2170

2003

8.4

2189

(1)

EBITDA

310

288

7.6

291

6.5

EBITDA margin (%)

14.3

14.4

13.3

Net profit

205

190

7.9

190

7.9

Colgate-Palmolive India Ltd - Aug 8, 2016

Particulars (` cr)

1QFY17E

1QFY16

y-o-y (%)

4QFY16

q-o-q (%)

Net sales

1,090

1,003

8.7

1,091

(0.1)

EBITDA

229

202

13.4

241

(5.1)

EBITDA margin (%)

21.0

20.1

22.1

Net profit

141

114

23.2

146

(3.5)

Hero Motocorp Ltd - Aug 8, 2016

Particulars (` cr)

1QFY17E

1QFY16

y-o-y (%)

4QFY16

q-o-q (%)

Net sales

7,646

6,856

11.5

7,385

3.5

EBITDA

1,205

1,048

15.0

1,176

2.5

EBITDA margin (%)

15.8

15.3

15.9

Net profit

843

750

12.4

814

3.6

Idea Cellular Ltd - Aug 8, 2016

Particulars (` cr)

1QFY17E

1QFY16

y-o-y (%)

4QFY16

q-o-q (%)

Net sales

9,763

8,795

11.0

9,463

3.2

EBITDA

3,579

3,228

10.9

3,616

(1.0)

EBITDA margin (%)

36.7

38.2

Net profit

445

931

(52.2)

576

(22.8)

Lupin Ltd - Aug 9, 2016

Particulars (` cr)

1QFY17E

1QFY16

y-o-y (%)

4QFY16

q-o-q (%)

Net sales

4,423

3,074

43.9

4,091

8.1

EBITDA

1,372

817

68.0

1,367

0.4

EBITDA margin (%)

31.0

26.6

33.4

Net profit

793

525

51.0

807

(1.8)

Tata Global Beverages Ltd Consol - Aug 9, 2016

Particulars (` cr)

1QFY17E

1QFY16

y-o-y (%)

4QFY16

q-o-q (%)

Net sales

2,118

2,004

5.7

1,928

9.9

EBITDA

198

188

5.0

166

19.1

EBITDA margin (%)

9.3

9.4

8.6

Net profit

20.4

107

(7.0)

www.angelbroking.com

Market Outlook

August 08, 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

15,406

902

1,076

19.3

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

30,224

1,259

1,414

12.3

strong market positioning, indicate good times ahead for BEL.

HCL Tech

1,15,901

822

1,000

21.7

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

Strong visibility for a robust 20% earnings trajectory, coupled

HDFC Bank

3,16,214

1,249

1,350

8.1

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

2,45,176

1,067

1,370

28.3

be a US$20bn in FY2020.

Continues to grow its retail loan book at healthy pace with

LIC Housing Fin.

26,174

519

582

12.2

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

11,535

349

407

16.8

continue, EMP business set to revive

Source: Company, Angel Research

Mid Cap

Market Cap

CMP

Target

Upside

Company

Rationale

(` Cr)

(`)

(%)

Among the top 4 players in the consumer durables segment.

Bajaj Electricals

2,748

272

299

10.0

Improved profitability backed by turn around in E&P segment.

Strong order book lends earnings visibility.

Favourable outlook for the AC industry to augur well for

Cooling products business which is out pacing the market

Blue Star

4,709

494

527

6.7

growth. EMPPAC division's profitability to improve once

operating environment turns around.

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

Dewan Housing

7,222

248

270

9.1

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

6,050

180

235

30.3

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

1,252

543

631

16.3

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

2,364

29.4

cycle, to lead to stock re-rating

Economic recovery to have favourable impact on advertising &

Jagran Prakashan

5,940

182

205

12.8

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

1,776

433

554

28.0

in short-to-long run, attractive valuations

Massive capacity expansion along with rail advantage at ICD as

Navkar Corporation

2,932

206

265

28.9

well CFS augurs well for the company

Earnings boost on back of stable material prices and favourable

Radico Khaitan

1,201

125

38.5

pricing environment. Valuation discount to peers provides

additional comfort

Strong brands and distribution network would boost growth

Siyaram Silk Mills

981

1,047

1,347

28.7

going ahead. Stock currently trades at an inexpensive valuation.

Market leadership in Hindi news genre and no. 2 viewership

TV Today Network

1,800

302

363

20.3

ranking in English news genre, exit from the radio business, and

anticipated growth in ad spends by corporates to benefit the stock.

Source: Company, Angel Research

www.angelbroking.com

Market Outlook

August 08, 2016

Key Upcoming Events

Result Calendar

Date

Company

Aug 8, 2016

Hero Motocorp, Subros, Colgate, Britannia, Vesuvius India, Sterling Tools

Tata Global, Apollo Tyres, JK Tyre, Power Fin.Corpn., UCO Bank, United Bank, Jagran Prakashan, Finolex Cables,

Aug 9, 2016

Lupin, Adani Power, Team Lease Serv., S H Kelkar & Co.

Aug 10, 2016

M&M, Motherson Sumi, Thermax, Corporation Bank, ITD Cementation, MT Educare, Manpasand Bever.

J K Lakshmi Cements, Bank of Baroda, Rural Elec.Corp., Page Industries, Styrolution, MRF, Jyothy Laboratories, MM

Aug 11, 2016

Forging, Tide Water Oil India, Ipca labs, PTC India, Coffee Day Enterprises Ltd

Bosch India, Automotive Axle, St Bk of India, Central Bank, Bank of Maharashtra, Hindalco, Bajaj Electrical, Cravatex,

Aug 12, 2016

Sun Pharma, Glenmark Pharma., NHPC, Competent Automobiles

Source: Bloomberg, Angel Research

Global economic events release calendar

Date

Time

Country

Event Description

Unit

Period

Bloomberg Data

Last Reported Estimated

Aug 8, 2016

China

Exports YoY%

% Change

Jul

(4.80)

(3.50)

Aug 9, 2016

7:00AM

China

Consumer Price Index (YoY)

% Change

Jul

1.90

1.80

11:00AM

India

RBI Reverse Repo rate

Aug 9

6.00

2:00PM

Industrial Production (YoY)

% Change

Jun

1.40

1.60

11:00AM

India

RBI Repo rate

Aug 9

6.50

India

Exports YoY%

% Change

Jul

1.30

Aug 10, 2016 11:00AM

India

RBI Cash Reserve ratio

Aug 9

4.00

India

Imports YoY%

% Change

Jul

(7.30)

Aug 11, 2016 6:00PM

Initial Jobless claims

Thousands

Aug 6

269.00

265.00

Aug 12, 2016 2:30PM

Euro Zone

Euro-Zone GDP s.a. (QoQ)

% Change

2Q P

0.30

Producer Price Index (mom)

% Change

Jul

0.80

7:30AM

China

Industrial Production (YoY)

% Change

Jul

6.20

5:30PM

India

Industrial Production YoY

% Change

Jun

1.20

1.50

11:30AM

Germany

GDP nsa (YoY)

% Change

2Q P

1.30

2.80

Aug 16, 2016 12:00PM

India

Monthly Wholesale Prices YoY%

% Change

Jul

1.62

2.55

6:00PM

Housing Starts

Thousands

Jul

1,189.00

1,180.00

6:00PM

Building permits

Thousands

Jul

1,153.00

1,160.00

6:00PM

Consumer price index (mom)

% Change

Jul

0.20

0.10

2:00PM

CPI (YoY)

% Change

Jul

0.50

6:45PM

Industrial Production

Jul

0.60

0.20

Aug 17, 2016 2:00PM

Jobless claims change

% Change

Jul

0.40

Aug 18, 2016 2:30PM

Euro Zone

Euro-Zone CPI (YoY)

Jul F

0.20

Aug 23, 2016 7:30PM

Euro Zone

Euro-Zone Consumer Confidence

Value

Aug A

(7.90)

7:30PM

New home sales

Thousands

Jul

592.00

Aug 24, 2016 1:00PM

Germany

PMI Services

Value

Aug P

54.40

1:00PM

Germany

PMI Manufacturing

Value

Aug P

53.80

7:30PM

Existing home sales

Million

Jul

5.57

Source: Bloomberg, Angel Research

Market Outlook

August 8, 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 8, 2016

Exhibit 4: Relative performance of indices across globe

Returns (%)

Country

Name of index

Closing price

1YR

Brazil

Bovespa

57,661

10.1

6.0

16.5

Russia

Micex

1,944

3.5

2.0

14.8

India

Nifty

8,683

4.2

12.3

3.1

China

Shanghai Composite

2,977

(1.3)

(0.7)

(18.7)

South Africa

Top 40

45,386

0.1

(0.5)

(3.3)

Mexico

Mexbol

47,194

4.2

4.3

5.2

Indonesia

LQ45

932

8.9

11.7

15.3

Malaysia

KLCI

1,664

0.6

0.4

(2.1)

Thailand

SET 50

963

4.8

8.5

2.1

USA

Dow Jones

18,544

3.5

5.0

6.7

FTSE

6,793

5.1

10.9

0.8

Japan

Nikkei

16,254

3.7

0.9

(20.0)

Germany

DAX

10,367

10.6

5.0

(8.2)

France

CAC

4,411

8.0

2.0

(11.0)

Source: Bloomberg, Angel Research

www.angelbroking.com

Stock Watch

August 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 )

FY17E FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

Agri / Agri Chemical

Rallis

Neutral

218

4,232

1,937

2,164

13.3

14.3

9.0

11.0

24.2

19.8

4.2

3.7

18.4

19.8

2.2

2.0

United Phosphorus

Accumulate

613

684

26,267

15,176

17,604

18.5

37.4

44.6

16.4

13.7

3.2

2.7

21.4

21.2

1.8

1.5

Auto & Auto Ancillary

Ashok Leyland

Buy

111

25,058

22,407

26,022

10.6

5.2

6.4

16.9

13.7

3.8

3.2

23.6

24.7

1.2

1.0

Bajaj Auto

Neutral

2,860

82,755

25,093

27,891

19.5

19.2

143.9

162.5

19.9

17.6

5.6

4.8

30.3

29.4

2.9

2.5

Bharat Forge

Buy

814

875

18,949

7,726

8,713

20.5

21.2

35.3

42.7

23.1

19.1

4.3

3.9

18.9

20.1

2.2

1.9

Eicher Motors

Neutral

22,223

60,361

16,583

20,447

17.5

18.0

598.0

745.2

37.2

29.8

12.7

9.7

41.2

38.3

3.3

2.6

Gabriel India

Neutral

106

1,523

1,544

1,715

9.0

9.3

5.4

6.3

19.6

16.8

3.7

3.3

18.9

19.5

0.9

0.8

Hero Motocorp

Neutral

3,434

68,579

31,253

35,198

15.3

15.0

172.3

192.1

19.9

17.9

7.3

6.3

38.9

37.0

2.0

1.7

Jamna Auto Industries Neutral

196

1,564

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

472

741

1,302

1,432

11.6

11.9

43.7

53.0

10.8

8.9

1.5

1.4

13.8

14.2

0.7

0.6

Mahindra and Mahindra Neutral

1,482

92,052

46,534

53,077

11.6

11.7

67.3

78.1

22.0

19.0

3.6

3.1

15.4

15.8

1.9

1.6

Maruti

Neutral

4,948

149,480

69,186

82,217

14.7

14.4

198.5

241.4

24.9

20.5

4.9

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

351

46,415

45,896

53,687

7.8

8.3

13.0

16.1

26.9

21.8

8.7

6.9

34.7

35.4

1.1

0.9

Rane Brake Lining

Neutral

650

514

511

562

11.3

11.5

28.1

30.9

23.1

21.0

3.5

3.2

15.3

15.0

1.1

1.0

Setco Automotive

Neutral

675

741

837

13.0

15.2

17.0

3.3

3.0

0.5

15.8

16.3

1.3

1.2

Tata Motors

Neutral

516

149,081

300,209

338,549

8.9

8.4

42.7

54.3

12.1

9.5

1.9

1.6

15.6

17.2

0.6

0.5

TVS Motor

Accumulate

303

330

14,398

13,390

15,948

6.9

7.1

12.8

16.5

23.8

18.3

5.9

4.7

26.3

27.2

1.1

0.9

Amara Raja Batteries

Buy

902

1,076

15,406

5,717

6,733

18.7

18.9

38.4

48.9

23.5

18.4

5.9

4.8

25.3

24.8

2.5

2.0

Exide Industries

Neutral

175

14,871

7,439

8,307

15.0

8.1

9.3

21.6

18.8

3.0

2.7

14.3

16.7

1.6

1.4

Apollo Tyres

Accumulate

175

183

8,908

12,877

14,504

14.3

13.9

21.4

23.0

8.2

7.6

1.3

1.1

16.4

15.2

0.8

Ceat

Buy

908

1,119

3,674

7,524

8,624

13.0

12.7

131.1

144.3

6.9

6.3

1.3

1.1

19.8

18.6

0.5

JK Tyres

Neutral

103

2,325

7,455

8,056

15.0

21.8

24.5

4.7

4.2

1.0

0.8

22.8

21.3

0.4

0.3

Swaraj Engines

Neutral

1,118

1,389

660

810

15.2

16.4

54.5

72.8

20.5

15.4

6.4

5.8

31.5

39.2

1.9

1.5

Subros

Neutral

582

1,488

1,681

11.7

11.9

6.4

7.2

15.2

13.5

1.6

1.5

10.8

11.4

0.6

0.5

Indag Rubber

Neutral

181

474

286

326

19.8

16.8

11.7

13.3

15.5

13.6

2.6

2.4

17.8

17.1

1.3

1.1

Capital Goods

ACE

Neutral

475

709

814

4.1

4.6

1.4

2.1

34.3

22.9

1.4

1.3

4.4

6.0

0.8

0.7

BEML

Buy

1,040

1,157

4,330

3,451

4,055

6.3

9.2

31.4

57.9

33.1

18.0

2.0

1.8

6.3

10.9

1.3

1.1

Bharat Electronics

Accumulate

1,259

1,414

30,224

8,137

9,169

16.8

17.2

58.7

62.5

21.5

20.2

3.3

3.0

44.6

46.3

2.6

2.3

www.angelbroking.com

Stock Watch

August 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 )

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

Capital Goods

Voltas

Buy

349

407

11,535

6,511

7,514

7.9

8.7

12.9

16.3

27.0

21.4

4.9

4.3

16.7

18.5

1.5

1.3

BGR Energy

Neutral

121

872

16,567

33,848

6.0

5.6

7.8

5.9

15.5

20.5

0.9

4.7

4.2

0.2

0.1

BHEL

Neutral

138

33,716

28,797

34,742

2.8

2.3

6.9

59.9

20.0

1.0

1.3

4.8

0.8

0.5

Blue Star

Accumulate

494

527

4,709

4,351

5,024

6.4

7.1

17.2

20.6

28.8

23.9

18.7

15.6

23.1

24.1

1.1

1.0

Crompton Greaves

Neutral

5,048

5,777

6,120

5.9

7.0

3.3

4.5

24.4

17.9

1.1

1.0

4.4

5.9

0.8

0.7

Greaves Cotton

Neutral

139

3,393

1,755

1,881

16.8

16.9

7.8

8.5

17.8

16.4

3.6

3.3

20.6

20.9

1.6

1.5

Inox Wind

Buy

219

286

4,851

5,605

6,267

15.7

16.4

24.8

30.0

8.8

7.3

2.5

1.8

25.9

24.4

0.9

0.8

KEC International

Neutral

141

3,620

9,294

10,186

7.9

8.1

9.9

11.9

14.2

11.8

2.1

1.8

15.6

16.3

0.6

Thermax

Neutral

866

10,320

5,421

5,940

7.3

25.7

30.2

33.7

28.7

4.1

3.7

12.2

13.1

1.7

1.6

VATech Wabag

Buy

583

681

3,179

3,136

3,845

8.9

9.1

26.0

35.9

22.4

16.3

2.8

2.4

13.4

15.9

0.9

0.7

Cement

ACC

Neutral

1,721

32,313

11,225

13,172

13.2

16.9

44.5

75.5

38.7

22.8

3.7

3.4

11.2

14.2

2.8

2.4

Ambuja Cements

Neutral

276

42,786

9,350

10,979

18.2

22.5

5.8

9.5

47.5

29.0

4.0

3.6

10.2

12.5

4.4

3.7

India Cements

Neutral

124

3,794

4,364

4,997

18.5

19.2

7.9

11.3

15.6

10.9

1.1

8.0

8.5

1.6

1.4

JK Cement

Neutral

748

5,231

4,398

5,173

15.5

17.5

31.2

55.5

24.0

13.5

2.9

2.5

12.0

15.5

1.7

1.4

J K Lakshmi Cement

Neutral

428

5,033

2,913

3,412

14.5

19.5

7.5

22.5

57.0

19.0

3.5

3.0

12.5

18.0

2.3

1.9

Orient Cement

Neutral

168

3,435

2,114

2,558

18.5

20.5

8.1

11.3

20.7

14.8

3.1

2.6

9.0

14.0

2.2

1.7

UltraTech Cement

Neutral

3,803

104,361

25,768

30,385

21.0

23.5

111.0

160.0

34.3

23.8

4.4

3.8

13.5

15.8

4.0

3.3

Construction

ITNL

Buy

2,364

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

600

1,687

1,210

1,595

15.4

16.0

33.9

52.1

17.7

11.5

2.7

2.3

13.6

18.0

1.4

1.0

Larsen & Toubro

Buy

1,513

1,700

140,980

67,665

77,249

10.7

11.5

57.3

71.2

26.4

21.3

2.4

2.3

12.6

14.3

2.2

1.9

Gujarat Pipavav Port

Neutral

171

8,269

705

788

52.2

51.7

5.0

5.6

34.2

30.5

3.4

3.0

11.2

11.3

9.7

MBL Infrastructures

Buy

124

285

515

2,797

3,405

14.7

15.4

21.0

34.8

5.9

3.6

0.6

0.5

11.0

16.2

0.8

Nagarjuna Const.

Neutral

4,378

8,842

9,775

9.1

8.8

5.3

6.4

14.9

12.3

1.2

1.1

8.2

9.1

0.6

PNC Infratech

Buy

563

647

2,889

2,350

2,904

13.4

13.7

48.0

42.0

11.7

13.4

2.3

2.0

16.8

13.2

1.3

1.1

Simplex Infra

Neutral

296

1,467

6,829

7,954

10.5

31.4

37.4

9.4

7.9

1.0

0.9

9.9

13.4

0.6

0.5

Power Mech Projects

Neutral

541

796

1,801

2,219

12.7

14.6

72.1

113.9

7.5

4.8

1.4

1.2

16.8

11.9

0.4

0.3

Sadbhav Engineering

Neutral

288

4,940

3,598

4,140

10.3

10.6

9.0

11.9

32.0

24.2

3.4

2.9

9.9

11.9

1.7

1.4

NBCC

Neutral

245

14,679

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

1.2

MEP Infra

Neutral

702

1,877

1,943

30.6

29.8

3.0

4.2

14.4

10.3

7.0

4.7

0.6

1.8

1.6

www.angelbroking.com

Stock Watch

August 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 )

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

Construction

SIPL

Neutral

3,487

1,036

1,252

65.5

66.2

(8.4)

(5.6)

3.7

4.2

(22.8)

(15.9)

11.6

9.6

Engineers India

Neutral

220

7,419

1,725

1,935

16.0

19.1

11.4

13.9

19.3

15.8

2.7

2.6

13.4

15.3

3.2

2.8

Financials

Axis Bank

Neutral

565

134,959

58,081

66,459

3.5

32.4

44.6

17.5

12.7

2.3

2.0

13.6

16.5

Bank of Baroda

Neutral

158

36,291

19,980

23,178

1.8

11.5

17.3

13.7

9.1

1.6

1.3

8.3

10.1

Canara Bank

Neutral

259

14,077

15,225

16,836

1.8

14.5

28.0

17.9

9.3

1.2

1.0

5.8

8.5

Dewan Housing Finance Buy

248

270

7,222

2,225

2,688

2.9

29.7

34.6

8.3

7.2

1.4

1.2

16.1

16.8

Equitas Holdings

Buy

180

235

6,050

939

1,281

11.7

11.5

5.8

8.2

31.1

22.0

2.7

2.4

10.9

11.5

Federal Bank

Neutral

11,022

9,353

10,623

2.9

4.4

5.8

14.6

11.1

1.4

1.2

9.5

11.0

HDFC

Neutral

1,340

211,920

11,475

13,450

3.4

45.3

52.5

29.6

25.5

5.7

5.0

20.2

20.5

HDFC Bank

Accumulate

1,249

1,350

316,214

46,097

55,433

4.5

58.4

68.0

21.4

18.4

3.8

3.1

18.8

18.6

ICICI Bank

Accumulate

246

254

143,154

39,029

45,903

3.3

16.7

16.3

14.7

15.1

1.8

1.7

10.1

12.4

LIC Housing Finance

Accumulate

519

582

26,174

3,712

4,293

2.6

2.5

39.0

46.0

13.3

11.3

2.5

2.1

19.9

20.1

Punjab Natl.Bank

Neutral

123

24,241

23,532

23,595

2.3

2.4

6.8

12.6

18.2

9.8

2.8

2.0

3.3

6.5

South Ind.Bank

Neutral

2,903

6,435

7,578

2.5

2.7

3.1

8.0

6.9

1.0

0.9

10.1

11.2

St Bk of India

Neutral

233

180,717

88,650

98,335

2.6

13.5

18.8

17.2

12.4

1.6

1.4

7.0

8.5

Union Bank

Neutral

137

9,428

13,450

14,925

2.3

25.5

34.5

5.4

4.0

0.8

0.7

7.5

10.2

Yes Bank

Neutral

1,258

52,970

8,978

11,281

3.3

3.4

74.0

90.0

17.0

14.0

3.2

2.7

17.0

17.2

FMCG

Asian Paints

Neutral

1,143

109,632

17,128

18,978

16.8

16.4

19.1

20.7

59.8

55.2

20.8

19.6

34.8

35.5

6.2

5.6

Britannia

Neutral

2,882

34,573

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

957

26,033

4,605

5,249

22.8

25.2

28.5

38.0

33.6

25.7

22.9

64.8

66.8

5.5

4.8

Dabur India

Neutral

296

52,071

9,405

10,581

18.1

18.3

8.1

9.2

36.5

32.2

10.2

8.4

31.6

31.0

5.2

4.6

GlaxoSmith Con*

Neutral

6,181

25,994

4,959

5,623

17.4

18.0

190.5

219.3

32.5

28.2

8.9

7.7

29.6

29.5

4.8

4.2

Godrej Consumer

Neutral

1,589

54,119

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

199,933

35,252

38,495

17.6

17.4

20.4

21.9

45.2

42.2

37.2

32.6

82.2

77.3

5.4

5.0

ITC

Accumulate

251

283

303,521

40,059

44,439

39.0

39.2

9.1

10.1

27.7

24.9

7.5

6.6

27.2

26.5

7.1

6.4

Marico

Neutral

295

38,086

6,730

7,649

17.3

17.5

6.4

7.6

46.1

38.8

13.9

11.7

33.2

32.5

5.5

4.8

Nestle*

Neutral

6,819

65,747

9,393

10,507

22.2

22.3

106.8

121.8

63.9

56.0

22.4

20.2

34.8

36.7

6.8

6.0

Tata Global

Neutral

139

8,779

9,072

9,687

9.4

9.8

7.2

7.8

19.3

17.8

2.1

2.0

7.6

7.9

0.9

Procter & Gamble

Buy

6,367

7,369

20,669

2,939

3,342

23.2

23.0

146.2

163.7

43.6

38.9

97.5

93.5

25.3

23.5

6.6

5.7

Hygiene

www.angelbroking.com

Stock Watch

August 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 )

FY17E FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

HCL Tech^

Buy

822

1,000

115,901

49,242

57,168

20.5

55.7

64.1

14.8

12.8

3.0

2.3

20.3

17.9

2.2

1.8

Infosys

Buy

1,067

1,370

245,176

69,934

79,025

27.5

64.8

72.0

16.5

14.8

3.6

3.3

22.0

22.3

3.0

2.6

TCS

Accumulate

2,649

3,004

521,947

121,684

136,286

27.3

135.0

150.1

19.6

17.7

6.5

6.0

33.2

33.9

4.1

3.6

Tech Mahindra

Buy

495

700

48,079

30,347

33,685

17.0

37.5

41.3

13.2

12.0

2.9

2.5

21.8

20.7

1.3

1.1

Wipro

Buy

545

680

134,617

51,631

55,822

21.7

17.9

35.9

36.9

15.2

14.8

3.2

2.9

19.0

18.1

2.3

2.1

Media

D B Corp

Neutral

410

7,532

2,187

2,329

27.4

28.2

18.9

21.0

21.7

19.5

4.6

3.9

23.7

23.1

3.2

2.9

HT Media

Neutral

1,854

2,673

2,891

13.2

13.8

7.2

8.5

11.1

9.4

0.9

0.8

7.8

8.3

0.3

0.2

Jagran Prakashan

Accumulate

182

205

5,940

2,355

2,635

28.0

9.9

10.8

18.4

16.8

3.7

3.2

21.7

2.6

2.3

Sun TV Network

Neutral

462

18,191

2,850

3,265

70.1

71.0

26.2

30.4

17.6

15.2

4.5

4.0

24.3

25.6

6.0

5.1

Hindustan Media

Neutral

270

1,983

1,016

1,138

21.5

23.3

25.8

11.6

10.5

1.9

1.7

16.2

15.8

1.3

1.1

Ventures

TV Today Network

Buy

302

363

1,800

637

743

27.5

18.4

21.4

16.4

14.1

2.9

2.4

17.4

17.2

3.8

3.1

Metals & Mining

Coal India

Neutral

329

208,061

84,638

94,297

21.4

22.3

24.5

27.1

13.4

12.2

5.6

5.3

42.6

46.0

1.9

1.7

Hind. Zinc

Neutral

218

92,302

14,252

18,465

55.9

48.3

15.8

21.5

13.8

10.2

2.3

2.0

17.0

20.7

6.2

4.8

Hindalco

Neutral

144

29,695

107,899

112,095

7.4

8.2

9.2

13.0

15.6

11.1

0.8

0.7

4.8

6.6

0.8

0.7

JSW Steel

Neutral

1,738

42,014

53,201

58,779

16.1

16.2

130.6

153.7

13.3

11.3

1.8

1.6

14.0

14.4

1.5

1.3

NMDC

Neutral

103

40,658

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

Neutral

19,866

47,528

53,738

(0.7)

2.1

(1.9)

2.6

18.5

0.5

(1.6)

3.9

1.3

1.1

Vedanta

Neutral

169

50,133

71,744

81,944

19.2

21.7

13.4

20.1

12.6

8.4

1.1

1.0

8.4

11.3

1.1

0.8

Tata Steel

Neutral

381

36,994

121,374

121,856

7.2

8.4

18.6

34.3

20.5

11.1

1.3

1.2

6.1

10.1

0.9

Oil & Gas

Cairn India

Neutral

197

36,907

9,127

10,632

4.3

20.6

8.8

11.7

22.4

16.8

0.7

3.3

4.2

5.3

4.4

GAIL

Neutral

383

48,526

56,220

65,198

9.3

10.1

27.1

33.3

14.1

11.5

1.3

1.2

9.3

10.7

1.0

0.9

ONGC

Neutral

226

193,183

137,222

152,563

15.0

21.8

19.5

24.1

11.6

9.4

1.0

0.9

8.5

10.1

1.7

1.5

Indian Oil Corp

Neutral

576

139,838

373,359

428,656

5.9

5.5

54.0

59.3

10.7

9.7

1.7

1.5

16.0

15.6

0.5

0.4

Reliance Industries

Neutral

1,015

328,962

301,963

358,039

12.1

12.6

87.7

101.7

11.6

10.0

1.2

1.1

10.7

11.3

1.5

1.3

Pharmaceuticals

Alembic Pharma

Neutral

634

11,942

3,483

4,083

20.2

21.4

24.3

30.4

26.1

20.8

5.9

4.7

25.5

25.3

3.4

2.8

Aurobindo Pharma

Buy

770

877

45,064

15,720

18,078

23.7

41.4

47.3

18.6

16.3

4.8

3.8

29.6

26.1

3.0

2.6

Sanofi India*

Neutral

4,479

10,315

2,357

2,692

17.3

153.5

169.2

29.2

26.5

4.9

4.0

25.8

28.4

4.1

3.3

Cadila Healthcare

Accumulate

376

400

38,477

11,126

13,148

22.0

17.1

20.0

22.0

18.8

5.6

4.5

28.8

26.6

3.4

2.8

Cipla

Neutral

532

42,758

15,378

18,089

17.4

18.4

21.6

27.2

24.6

19.6

3.2

2.8

13.7

15.2

3.0

2.5

www.angelbroking.com

Stock Watch

August 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 )

FY17E FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

Pharmaceuticals

Dr Reddy's

Neutral

3,002

51,195

16,043

18,119

23.1

24.7

126.0

157.8

23.8

19.0

3.5

3.0

15.7

17.1

3.1

2.7

Dishman Pharma

Neutral

170

2,749

1,718

1,890

21.7

21.8

8.7

10.4

19.6

16.4

1.8

1.6

9.3

10.2

2.1

1.8

GSK Pharma*

Neutral

3,147

26,656

3,528

3,811

16.6

18.8

51.8

59.4

60.8

53.0

16.3

16.2

26.3

30.6

7.2

6.7

Indoco Remedies

Sell

315

225

2,901

1,112

1,289

18.2

13.2

15.6

23.9

20.2

4.2

3.6

19.2

2.7

2.3

Ipca labs

Buy

519

613

6,548

3,303

3,799

15.3

17.3

19.7

30.0

26.4

2.6

2.4

9.1

9.4

2.1

1.8

Lupin

Accumulate

1,675

1,809

75,495

15,912

18,644

26.4

26.7

58.1

69.3

28.8

24.2

5.6

4.6

21.4

20.9

4.8

3.9

Sun Pharma

Accumulate

842

944

202,728

31,129

35,258

30.0

30.9

28.0

32.8

30.1

25.7

4.6

3.8

18.7

18.9

6.1

5.2

Power

Tata Power

Neutral

19,230

36,916

39,557

17.4

27.1

5.1

6.3

13.9

11.3

1.2

1.1

9.0

10.3

1.5

1.4

NTPC

Neutral

161

132,999

86,605

95,545

17.5

20.8

11.8

13.4

13.7

12.0

1.4

1.3

10.5

11.1

2.9

2.8

Power Grid

Neutral

177

92,390

25,763

29,762

74.3

73.1

14.8

17.3

11.9

10.2

1.9

1.6

16.9

17.5

7.9

7.5

Real Estate

MLIFE

Buy

433

554

1,776

925

1,139

18.4

22.3

18.3

33.8

23.7

12.8

1.1

4.9

8.5

2.7

2.1

Telecom

Bharti Airtel

Neutral

363

145,186

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

106

38,205

40,133

43,731

37.2

37.1

6.4

6.5

16.6

16.3

1.4

1.3

8.2

7.6

2.0

1.7

zOthers

Abbott India

Neutral

4,677

9,938

3,153

3,583

14.1

14.4

152.2

182.7

30.7

25.6

150.9

128.8

25.6

26.1

2.9

2.5

Bajaj Electricals

Accumulate

272

299

2,748

5,351

6,098

5.7

5.9

12.4

15.7

22.0

17.3

3.2

2.8

14.4

16.1

0.5

0.4

Finolex Cables

Neutral

399

6,102

2,883

3,115

12.0

12.1

14.2

18.6

28.1

21.5

14.9

13.1

15.8

14.6

1.8

1.6

Goodyear India*

Buy

543

631

1,252

1,598

1,704

10.4

10.2

49.4

52.6

11.0

10.3

50.7

44.5

18.2

17.0

0.4

57.2

Hitachi

Neutral

1,376

3,742

2,081

2,433

8.8

8.9

33.4

39.9

41.2

34.5

33.3

27.7

22.1

21.4

1.8

1.5

Jyothy Laboratories

Neutral

292

5,280

1,440

2,052

11.5

13.0

8.5

10.0

34.3

29.2

8.3

7.7

18.6

19.3

3.9

2.7

Page Industries

Neutral

13,905

15,509

2,450

3,124

20.1

17.6

299.0

310.0

46.5

44.9

309.7

236.4

47.1

87.5

6.2

4.9

Relaxo Footwears

Neutral

478

5,743

2,085

2,469

9.2

8.2

7.6

8.0

63.3

60.2

24.5

21.0

17.9

18.8

2.8

2.4

Siyaram Silk Mills

Buy

1,047

1,347

981

1,799

2,040

11.6

11.7

104.9

122.4

10.0

8.6

1.6

1.4

16.4

0.8

0.7

Styrolution ABS India*

Neutral

626

1,101

1,440

1,537

9.2

9.0

40.6

42.6

15.4

14.7

39.4

35.8

12.3

11.6

0.7

0.6

TVS Srichakra

Buy

2,439

2,932

1,867

2,304

2,614

13.7

13.8

231.1

266.6

10.6

9.2

274.0

215.8

33.9

29.3

0.8

0.7

HSIL

Neutral

321

2,321

2,384

2,515

15.8

16.3

15.3

19.4

21.0

16.6

20.9

17.9

7.8

9.3

1.1

1.0

Kirloskar Engines India

Neutral

290

4,195

2,554

2,800

9.9

10.0

10.5

12.1

27.6

24.0

11.6

10.9

10.7

11.7

1.2

1.0

Ltd

M M Forgings

Neutral

443

535

546

608

20.4

20.7

41.3

48.7

10.7

9.1

60.7

53.7

16.6

17.0

0.8

0.7

Banco Products (India)

Neutral

210

1,500

1,353

1,471

12.3

12.4

14.5

16.3

14.5

12.9

20.0

18.0

14.5

14.6

1.0

112.1

Competent Automobiles Neutral

155

1,137

1,256

3.1

2.7

28.0

23.6

5.5

6.6

29.7

26.9

14.3

11.5

0.1

www.angelbroking.com

Stock Watch

August 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 )

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

zOthers

Nilkamal

Neutral

1,179

1,760

1,995

2,165

10.7

10.4

69.8

80.6

16.9

14.6

67.4

58.5

16.6

16.5

0.9

0.8

Visaka Industries

Neutral

160

254

1,051

1,138

10.3

10.4

21.0

23.1

7.6

6.9

20.5

19.2

9.0

9.2

0.5

Transport Corporation of

Neutral

357

2,733

2,671

2,911

8.5

8.8

13.9

15.7

25.8

22.8

3.5

3.1

13.7

13.8

1.1

1.0

India

Elecon Engineering

Accumulate

611

1,482

1,660

13.7

14.5

3.9

5.8

14.4

9.7

3.4

3.1

7.8

10.9

0.7

0.6

Surya Roshni

Buy

171

201

749

3,342

3,625

7.8

7.5

17.3

19.8

9.9

8.7

18.8

15.1

10.5

10.8

0.5

0.4

MT Educare

Neutral

148

589

366

417

17.7

18.2

9.4

10.8

15.8

13.7

3.5

3.1

22.2

22.3

1.5

1.3

Radico Khaitan

Buy

125

1,201

1,659

1,802

13.0

13.2

6.3

7.4

14.3

12.2

1.2

1.1

8.6

9.3

1.2

1.1

Garware Wall Ropes

Neutral

460

1,006

898

997

11.9

11.7

29.0

32.9

15.8

14.0

2.4

2.0

14.9

14.6

1.0

0.9

Wonderla Holidays

Neutral

400

2,263

287

355

38.0

40.0

11.3

14.2

35.4

28.2

5.1

4.4

21.4

23.9

7.6

6.1

Linc Pen & Plastics

Neutral

264

391

382

416

9.1

13.1

14.7

20.2

18.0

3.4

2.9

16.7

16.3

1.1

1.0

The Byke Hospitality

Neutral

164

657

287

384

20.5

7.6

10.7

21.6

15.3

4.5

3.6

20.7

23.5

2.3

1.7

Interglobe Aviation

Neutral

822

29,605

21,122

26,005

14.5

27.6

110.7

132.1

7.4

6.2

44.4

31.7

168.5

201.1

1.4

1.1

Coffee Day Enterprises

Neutral

239

4,916

2,964

3,260

20.5

21.2

4.7

8.0

29.8

2.8

2.5

5.5

8.5

2.1

1.8

Ltd

Navneet Education

Neutral

100

2,385

1,062

1,147

24.0

6.1

6.6

16.4

15.1

3.4

3.0

20.6

19.8

2.2

2.0

Navkar Corporation

Buy

206

265

2,932

408

612

42.9

42.3

6.8

11.5

30.4

17.9

2.1

1.9

6.9

10.5

8.1

5.4

UFO Moviez

Neutral

541

1,493

619

685

33.2

33.4

30.0

34.9

18.1

15.5

2.5

2.2

13.8

13.9

2.0

1.7

VRL Logistics

Neutral

314

2,865

1,902

2,119

16.7

16.6

14.6

16.8

21.6

18.7

4.7

4.2

21.9

22.2

1.6

1.4

Team Lease Serv.

Neutral

1,084

1,853

3,229

4,001

1.5

1.8

22.8

32.8

47.6

33.0

5.1

4.4

10.7

13.4

0.5

0.4

S H Kelkar & Co.

Neutral

257

3,723

1,036

1,160

15.1

15.0

6.1

7.2

42.2

35.9

4.5

4.1

10.7

11.5

3.4

3.0

Quick Heal

Neutral

271

1,895

408

495

27.3

27.0

7.7

8.8

35.0

30.8

3.2

3.3

9.3

10.6

3.7

3.1

Narayana Hrudaya

Neutral

319

6,517

1,873

2,166

11.5

11.7

2.6

4.0

120.6

80.4

7.4

6.7

6.1

8.3

3.6

3.1

Manpasand Bever.

Neutral

695

3,480

836

1,087

19.6

19.4

16.9

23.8

41.2

29.2

4.9

4.3

12.0

14.8

3.9

2.9

Parag Milk Foods

Neutral

327

2,750

1,919

2,231

9.3

9.6

9.5

12.9

34.6

25.3

5.4

4.4

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 05, 2016

www.angelbroking.com

Market Outlook

August 08, 2016

Research Team Tel: 022 - 39357800

E-mail: [email protected]

Website: www.angelbroking.com

DISCLAIMER

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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

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

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contrary view, if any.

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