Market Outlook

March 11, 2016

Market Cues

Domestic Indices

Chg (%)

(Pts)

(Close)

Indian markets are expected to open flat tracking the SGX Nifty and mixed Asian

BSE Sensex

(0.7)

(171)

24,623

cues.

Nifty

(0.6)

(46)

7,486

Mid Cap

(0.3)

(33)

10,262

US markets failed to sustain initial gains, witnessing a choppy session before closing

Small Cap

(0.2)

(19)

10,295

on a flat note. Markets opened higher after the ECB stimulus measures. However,

the positive sentiment was offset as ECB President said he does not anticipate the

Bankex

(0.7)

(128)

17,279

need for further rate cuts.

Global Indices

Chg (%)

(Pts)

(Close)

European markets opened on a cautious note ahead of the ECB meet. The

European Central Bank delivered more than what markets hoped by cutting its

Dow Jones

(0.0)

(5)

16,995

benchmark interest rate to zero and expanding its asset purchases, among other

Nasdaq

(0.3)

(12)

4,662

steps. Markets saw a sharp upmove post the announcement, but could not sustain

FTSE

(1.8)

(110)

6,037

the gains as investors took the opportunity to lock in some profits. Weakness in

Nikkei

1.3

210

16,852

crude oil prices also contributed to the late day sell-off.

Hang Seng

(0.1)

(12)

19,984

Markets witnessed some profit booking after a six day post budget rally as caution

Shanghai Com

(2.0)

(58)

2,805

ahead of a key European Central Bank meeting and January IIP data triggered

some profit taking.

Advances / Declines

BSE

NSE

News & Result Analysis

Advances

1,179

659

 Rajya Sabha passes Real Estate Bill

Declines

1,437

881

 Cabinet approves MMDR amendment; move to spur M&As

Unchanged

147

 Govt lends HELP to revive oil sector

Detailed analysis on Pg2

Volumes (` Cr)

Investor’s Ready Reckoner

BSE

2,525

Key Domestic & Global Indicators

NSE

17,182

Stock Watch: Latest investment recommendations on 150+ stocks

Refer Pg5 onwards

Net Inflows (` Cr)

Net

Mtd

Ytd

FII

898

8,389

-24,803

Top Picks

MFs

(781)

(1,929)

80,619

CMP

Target

Upside

Company

Sector

Rating

(`)

(%)

Amara Raja Batteries Auto & Auto Ancillary

Buy

906

1,040

14.9

Top Gainers

Price (`)

Chg (%)

HCL Tech

Buy

818

1,038

26.8

Torntpower

242

5.6

LIC Housing Finance Financials

Buy

458

592

29.2

Mfsl

333

5.4

Bharat Electronics

Capital Goods

Buy

1,084

1,414

30.5

Welcorp

5.0

Navkar Corporation Others

Buy

163

265

62.2

Pvr

744

4.3

More Top Picks on Pg4

Gmdcltd

4.1

Key Upcoming Events

Consensus

Date

Region

Event Description

Reading

Expectations

Top Losers

Price (`)

Chg (%)

Mar 11 India

Industrial Production (YoY)

(1.30)

(0.50)

Jubilant

357

(5.4)

Mar 14 India

Monthly Wholesale Prices (YoY)

(0.90)

(0.23)

Renuka

(4.8)

Mar 15 US

Producer Price Index (mom)

(0.50)

Ucobank

(4.2)

Mar 16 US

Housing Starts

1099

1150

6.(

Ibrealest

(4.0)

Emamiltd

941

(4.0)

As on March 10, 2016

www.angelbroking.com

Market Outlook

March 11, 2016

Rajya Sabha passes Real Estate Bill

The Rajya Sabha passed the Real Estate (Regulation and Development) Bill, 2015,

paving way for regulation in the real estate sector. The law will protect home

buyers against erring developers besides bringing in investments as well as

transparency in the sector. In December last year, the Cabinet had approved 20

major amendments to the Bill based on the recommendations of a Rajya Sabha

committee.

The developers will now have to deposit 70% of the sale proceeds, including the

land cost, in a separate escrow account, which was earlier brought down to 50%

by the NDA government. Also, an equal rate of interest has to be paid by

promoters and buyers in case of default or delays. Currently, developers pay only

2-3% interest in case of default, but a buyer pays 16-18% interest for his default,

as per reports.

Apart from three years' imprisonment for developers proposed by the government,

the liability of promoters for structural defects has been increased from the earlier

two years to five years now. Developers will have to register projects with 500 sq

mt area or 8 flats with a regulatory authority instead of 1,000 sq mt and 12 flats

earlier. A minimum of 50% of sale proceeds will have to be kept in a separate

bank account and used for construction of that project.

Cabinet approves MMDR amendment; move to spur M&As

The Cabinet today cleared an amendment in the new mining law that permits

transfer of captive mines granted on discretion. Major deals among cement

companies such as those of UltraTech, Reliance Cements and Lafarge, are stuck

because the Mines and Minerals (Development and Regulation) Amendment Act,

2015, permits transfer of mining leases only for auctioned mines.

With the amendment cleared by the Cabinet, the government would be tabling it

in Parliament soon so that such deals, which involve transfer of non auctioned

mines, may go through smoothly. Auction of non-coal mines was introduced in the

new mining law. Earlier, all non-coal mines in India were handed out by state

governments on discretion.

In the biggest deal in the cement industry, UltraTech Cement is acquiring the

22.4MT cement capacity of debt-ridden Jaiprakash Associates for `17,000cr. To

reduce its debt, Reliance Infrastructure is selling its cement subsidiary to Birla Corp

for `4,800cr. And, as a condition for its merger with Holcim, the Competition

Commission of India had asked Lafarge to sell two units. The company was

unable to sell its two units to Birla Corp because the mining rights could not be

transferred.

In January, the government proposed the amendment to "spur merger and

acquisitions in the mining sector and help in checking the stressed and non-

performing assets of banks by allowing them to liquidate assets where a firm or its

captive mining lease is mortgaged".

www.angelbroking.com

Market Outlook

March 11, 2016

Govt lends HELP to revive oil sector

Faced with an investment challenge in the upstream oil and gas production sector,

the Union Cabinet announced major reforms to woo foreign investors and boost

the performance of the sector. The Cabinet Committee on Economic Affairs

(CCEA) approved a much-awaited policy, granting pricing and marketing freedom

to companies exploiting hydrocarbon reserves in difficult geological areas. The

aim is to ramp up domestic output to cut energy imports. It approved a new

Hydrocarbon Exploration Licensing Policy (HELP) that will replace the existing New

Exploration Licensing Policy (NELP) regime with more investor-friendly provisions of

revenue sharing and open acreage licensing.

Pricing freedom will benefit exploitation of 28 discoveries with 2.6 trillion cubic feet

of hydrocarbon reserves located in deep water, ultra deep water and high

pressure-high temperature areas, benefiting two of the country's largest upstream

companies - Oil and Natural Gas Corporation (ONGC) and Reliance Industries

Ltd (RIL).

The pricing and marketing freedom for exploitation would be capped by a ceiling

price that will be determined on the basis of landed price of alternative fuels. The

ceiling price (in $ per mmBtu) will be the lowest of three prices - landed price of

fuel oil; weighted average of the landed price of substitute fuels including coal,

fuel oil and naphtha; and landed price of imported liquefied natural gas (LNG).

The new HELP approval will allow exploration and production of conventional and

unconventional oil and gas including CBM (coalbed methane), shale gas, etc.

under a single license. The concept of Open Acreage Policy will also enable

exploration & production companies choose the blocks from designated areas.

The Union Cabinet also approved a policy for grant of extension to the production

sharing contracts (PSCs) for

28 small and medium-sized fields where the

recoverable reserves are unlikely to be produced within the remaining duration of

the contract periods. During the extended period of contracts for these blocks, the

government's share of profit petroleum will be 10% higher but royalty and cess will

be applicable at prevailing rates of nomination regime.

The Cabinet also approved cancellation of the award of medium-sized discovered

field of Ratna and R-Series to a consortium of Essar Oil and Oil Pacific UK, and

decided to revert the allocation of the fields to state-owned ONGC, the original

licensee.

Economic and Political News

 Cabinet gives nod to `8,000cr rural LPG scheme

 Siam cuts passenger vehicles growth forecast due to infrastructure cess

 Movement rationalisation of coal leads to `1,371 crore savings

Corporate News

 JSPL to reschedule foreign banks' debt in 4-6 weeks

 BHEL starts 500 Mw thermal unit at Anpara-D power plant

 IndiGo takes delivery of its first A320neo

www.angelbroking.com

Market Outlook

March 11, 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

15,467

906

1,040

14.9

products leading to market share gains in both the automotive

OEM and replacement segments.

Earnings to grow strongly given the MHCV cyclical upturn.

Ashok Leyland

27,448

111

15.1

Focus on exports and LCV's provides additional growth

avenue.

Uptick in defense capex by government when coupled with

Bharat Electronics

26,014

1,084

1,414

30.5

BELs strong market positioning, indicate that good times are

ahead for BEL.

The stock is trading at attractive valuations and is factoring all

HCL Tech

1,15,391

818

1,038

26.8

the bad news.

Strong visibility for a robust 20% earnings trajectory, coupled

HDFC Bank

2,57,838

1,021

1,262

23.7

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%

Infosys

2,63,218

1,146

1,347

17.5

to be a US$20bn in FY2020.

LICHF continues to grow its retail loan book at a healthy pace

with improvement in asset quality. We expect the company to

LIC Housing Finance

23,111

458

592

29.2

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

11,094

925

1,089

17.8

State Governments and opportunity from Smart City, positions

NBCC to report strong growth, going forward.

New launches to enable outpace industry growth; margins

TVS Motors

13,469

284

330

16.4

expansion to boost earnings.

Source: Company, Angel Research

Mid Cap

Market Cap

CMP

Target

Upside

Company

Rationale

(` Cr)

(`)

(%)

Favourable outlook for the AC industry to augur well for

Cooling products business which is out pacing the market

Blue Star

2,964

330

439

33.2

growth. EMPPAC division's profitability to improve once

operating environment turns around.

Economic recovery to have favourable impact on advertising &

circulation revenue growth. Further, the acquisition of a radio

Jagran Prakashan

5,028

154

189

22.9

business (Radio City) would also boost the company's revenue

growth.

Massive capacity expansion along with rail advantage at ICD

Navkar Corporation

2,330

163

265

62.2

as well CFS augurs well for the company

Earnings boost on back of stable material prices and

Radico Khaitan

1,336

100

156

55.4

favourable pricing environment. Valuation discount to peers

provides additional comfort

Strong brands and distribution network would boost growth

Siyaram Silk Mills

935

997

1,354

35.8

going ahead. Stock currently trades at an inexpensive

valuation.

Source: Company, Angel Research

www.angelbroking.com

Market Outlook

March 11, 2016

Key Upcoming Events

Global economic events release calendar

Date

Time

Country

Event Description

Unit

Period

Bloomberg Data

Last Reported Estimated

Mar 11, 2016 5:30PM

India

Industrial Production YoY

% Change

Jan

(1.30)

(0.50)

Mar 14, 2016 12:00PM

India

Monthly Wholesale Prices YoY%

% Change

Feb

(0.90)

(0.23)

Mar 15, 2016

Producer Price Index (mom)

% Change

Feb

(0.50)

Mar 16, 2016 6:00PM

Consumer price index (mom)

% Change

Feb

(0.20)

6:00PM

Housing Starts

Thousands

Feb

1,099.00

1,150.00

6:00PM

Building permits

Thousands

Feb

1,202.00

1,201.00

3:00PM

Jobless claims change

% Change

Feb

(14.80)

(9.00)

11:30PM

FOMC rate decision

Mar 16

0.50

Mar 17, 2016 3:30PM

Euro Zone

Euro-Zone CPI (YoY)

Feb F

(0.20)

Mar 21, 2016 7:30PM

Existing home sales

Million

Feb

5.47

Mar 22, 2016 3:00PM

CPI (YoY)

% Change

Feb

0.30

Mar 23, 2016 8:30PM

Euro Zone

Euro-Zone Consumer Confidence

Value

Mar A

(8.80)

7:30PM

New home sales

Thousands

Feb

494.00

Mar 24, 2016 2:00PM

Germany

PMI Manufacturing

Value

Mar P

50.50

2:00PM

Germany

PMI Services

Value

Mar P

55.30

Mar 25, 2016 6:00PM

GDP Qoq (Annualised)

% Change

4Q T

1.00

Mar 29, 2016 7:30PM

Consumer Confidence

S.A./ 1985=100

Mar

92.20

Mar 31, 2016 1:25PM

Germany

Unemployment change (000's)

Thousands

Mar

(10.00)

2:00PM

GDP (YoY)

% Change

4Q F

1.90

Apr 1, 2016

2:00PM

PMI Manufacturing

Value

Mar

50.80

6:30AM

China

PMI Manufacturing

Value

Mar

49.00

6:00PM

Change in Nonfarm payrolls

Thousands

Mar

242.00

6:00PM

Unnemployment rate

Mar

4.90

Apr 5, 2016

11:00AM

India

RBI Reverse Repo rate

Apr 5

5.75

11:00AM

India

RBI Repo rate

Apr 5

6.75

Apr 13, 2016

China

Exports YoY%

% Change

Mar

(25.40)

Apr 15, 2016

7:30AM

China

Industrial Production (YoY)

% Change

Mar

5.90

7:30AM

China

Real GDP (YoY)

% Change

6.80

Source: Bloomberg, Angel Research

Market Outlook

March 11, 2016

Macro watch

Exhibit 1: Quarterly GDP trends

Exhibit 2: IIP trends

(%)

9.0

12.0

8.3

9.9

7.8

7.7

10.0

8.0

7.5

7.6

7.3

8.0

6.3

6.7

6.6

6.7

7.0

6.4

4.8

6.0

4.2

4.3

3.7

5.8

4.0

2.5

3.0

2.5

6.0

2.0

5.0

4.5

4.0

(2.0)

(1.3)

(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

Mfg. PMI

Services PMI

(%)

56.0

5.6

5.7

6.0

5.4

5.3

4.9

5.0

54.0

5.0

4.4

52.0

3.7

4.0

50.0

3.0

48.0

2.0

1.0

46.0

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

8.00

7.50

(5.0)

7.00

(10.0)

6.50

(15.0)

6.00

5.50

(20.0)

5.00

(25.0)

4.50

4.00

(30.0)

3.50

(35.0)

3.00

Source: Bloomberg, Angel Research

Source: RBI, Angel Research

www.angelbroking.com

Market Outlook

March 11, 2016

Exhibit 4: Relative performance of indices across globe

Returns (%)

Country

Name of index

Closing price

1YR

Brazil

Bovespa

49,571

22.1

10.4

(3.4)

Russia

Micex

1,885

5.8

5.4

13.2

India

Nifty

7,486

1.3

(2.8)

(16.2)

China

Shanghai Composite

2,805

1.9

(20.8)

(14.9)

South Africa

Top 40

45,548

6.0

3.2

(0.6)

Mexico

Mexbol

44,337

4.6

5.0

2.6

Indonesia

LQ45

834

(0.7)

6.2

(12.7)

Malaysia

KLCI

1,691

1.7

0.8

(7.4)

Thailand

SET 50

888

7.6

3.8

(14.9)

USA

Dow Jones

16,995

6.0

(4.1)

(5.0)

FTSE

6,037

7.2

(1.6)

(10.4)

Japan

Nikkei

16,852

(0.9)

(13.6)

(10.4)

Germany

DAX

9,498

7.0

(12.7)

(20.2)

France

CAC

4,350

8.8

(6.2)

(13.6)

Source: Bloomberg, Angel Research

www.angelbroking.com

Stock Watch

March 11, 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

154

2,990

2,097

2,415

14.4

9.5

11.0

16.2

14.0

3.2

2.8

21.1

21.3

1.5

1.3

United Phosphorus

Accumulate

447

480

19,161

12,500

14,375

18.3

29.8

35.9

15.0

12.5

2.8

2.3

20.0

20.3

1.6

1.3

Auto & Auto Ancillary

Ashok Leyland

Buy

111

27,448

17,995

21,544

11.4

11.6

3.4

4.7

28.4

20.5

5.0

4.6

17.7

22.2

1.5

1.2

Bajaj Auto

Accumulate

2,320

2,585

67,130

22,709

25,860

20.9

20.1

129.0

143.6

18.0

16.2

5.5

4.8

30.7

29.4

2.5

2.2

Bharat Forge

Accumulate

822

875

19,136

7,351

8,318

19.9

19.7

31.2

36.5

26.4

22.5

4.7

4.0

19.3

19.2

2.7

2.4

Eicher Motors

Neutral

19,800

53,779

15,556

16,747

15.5

17.3

464.8

597.5

42.6

33.1

15.6

11.4

36.2

34.3

3.4

3.1

Gabriel India

Accumulate

101

1,264

1,415

1,544

8.7

9.0

4.6

5.4

19.1

16.3

3.5

3.1

18.1

18.9

0.9

0.8

Hero Motocorp

Neutral

2,812

56,154

28,244

30,532

15.5

15.9

156.7

168.5

18.0

16.7

7.2

6.1

39.9

36.4

1.8

1.7

Jamna Auto Industries Buy

137

160

1,094

1,281

1,473

11.2

11.5

7.6

9.2

18.0

14.9

4.6

3.7

25.4

25.2

0.9

0.8

L G Balakrishnan & Bros Neutral

422

663

1,254

1,394

11.6

11.8

35.9

41.7

11.8

10.1

1.6

1.4

13.5

13.8

0.6

Mahindra and Mahindra Accumulate

1,226

1,364

76,149

38,416

42,904

13.7

13.9

54.8

63.4

22.4

19.3

3.5

3.1

15.4

15.8

1.6

1.4

Maruti

Neutral

3,627

109,569

57,865

68,104

16.4

16.7

176.3

225.5

20.6

16.1

4.0

3.4

19.4

21.2

1.7

1.4

Minda Industries

Accumulate

914

1,047

1,450

2,523

2,890

8.7

9.0

55.0

65.4

16.6

14.0

3.2

2.6

19.3

18.7

0.7

0.6

Motherson Sumi

Buy

240

313

31,686

39,343

45,100

8.8

9.1

10.1

12.5

23.7

19.2

7.5

5.9

35.3

34.4

0.9

0.8

Rane Brake Lining

Buy

365

465

289

454

511

11.5

12.0

25.2

31.0

14.5

11.8

2.2

2.0

14.9

16.6

0.8

0.7

Setco Automotive

Neutral

413

594

741

12.7

13.7

1.7

3.2

18.2

9.7

1.9

1.7

10.4

16.9

1.1

0.9

Tata Motors

Accumulate

348

371

100,590

259,686

273,957

13.0

13.4

25.9

29.5

13.5

11.8

1.8

1.5

8.0

9.0

0.6

TVS Motor

Buy

284

330

13,469

11,263

13,122

6.9

8.5

9.2

15.0

30.8

18.9

7.0

5.6

22.7

29.6

1.2

1.0

Amara Raja Batteries

Accumulate

906

1,040

15,467

4,892

5,871

17.4

17.6

28.8

37.1

31.4

24.4

7.3

5.9

23.4

24.1

3.1

2.5

Exide Industries

Buy

133

162

11,339

6,950

7,784

14.4

14.8

6.6

7.3

20.2

18.3

2.6

2.3

12.6

12.8

1.3

1.2

Apollo Tyres

Accumulate

168

183

8,575

12,056

12,714

17.2

16.4

23.0

20.3

7.3

8.3

1.3

1.1

17.7

13.6

0.8

Ceat

Accumulate

1,063

1,119

4,301

6,041

6,597

14.1

13.7

99.5

111.9

10.7

9.5

2.1

1.8

19.6

18.5

0.9

0.7

JK Tyres

Neutral

1,852

7,446

7,669

15.2

14.0

19.6

18.4

4.2

4.4

1.1

0.9

25.2

19.5

0.6

Swaraj Engines

Accumulate

843

919

1,047

552

630

14.2

14.7

44.6

54.1

18.9

15.6

4.4

4.0

23.2

25.6

1.7

1.5

Subros

Neutral

522

1,293

1,527

11.8

11.9

4.2

6.7

20.7

13.0

1.6

1.4

7.7

11.5

0.7

0.6

Indag Rubber

Neutral

166

436

283

329

17.0

17.2

13.0

15.4

12.8

10.8

2.8

2.3

21.8

21.6

1.3

1.0

Capital Goods

ACE

Neutral

372

660

839

4.7

8.2

1.0

3.9

37.6

9.6

1.2

1.0

3.2

11.3

0.7

0.6

BEML

Accumulate

1,038

1,157

4,321

3,277

4,006

6.0

8.9

36.2

64.3

28.7

16.1

2.0

1.8

5.7

11.7

1.4

1.1

Bharat Electronics

Buy

1,084

1,414

26,014

7,737

8,634

16.8

17.2

54.0

61.5

20.1

17.6

2.9

2.5

39.3

45.6

2.5

2.1

www.angelbroking.com

Stock Watch

March 11, 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

238

353

7,865

5,363

5,963

8.0

9.1

11.0

13.8

21.6

17.2

3.3

2.9

16.2

17.9

1.4

1.3

BGR Energy

Neutral

104

748

3,615

3,181

9.5

9.4

16.7

12.4

6.2

8.4

0.6

10.0

7.0

0.6

0.8

BHEL

Neutral

104

25,541

33,722

35,272

10.8

11.7

10.5

14.2

9.9

7.4

0.7

7.0

9.0

0.8

Blue Star

Buy

330

439

2,964

3,548

3,977

6.3

6.9

13.7

17.2

24.1

19.2

6.1

3.9

26.1

25.4

0.9

0.8

Crompton Greaves

Neutral

151

9,458

13,484

14,687

4.9

6.2

4.5

7.1

33.5

21.3

2.4

2.2

7.2

10.8

0.8

Greaves Cotton

Neutral

126

3,073

1,655

1,755

16.6

16.8

7.4

7.8

17.0

16.1

3.4

3.2

21.1

20.6

1.8

1.7

Inox Wind

Buy

270

458

5,998

4,980

5,943

17.0

17.5

26.6

31.6

10.2

8.6

3.0

2.2

35.0

30.0

1.4

1.1

KEC International

Neutral

115

2,951

8,791

9,716

6.1

6.8

5.4

8.2

21.3

14.0

2.1

2.0

10.0

14.0

0.6

0.5

Thermax

Neutral

755

9,000

6,413

7,525

7.4

8.5

30.5

39.3

24.8

19.2

3.8

3.3

15.0

17.0

1.4

1.1

Cement

ACC

Neutral

1,230

23,089

13,151

14,757

16.4

18.3

63.9

83.4

19.3

14.8

2.5

2.3

13.3

16.1

1.6

1.3

Ambuja Cements

Neutral

201

31,255

11,564

12,556

19.4

20.7

8.9

10.1

22.6

19.9

2.8

2.7

12.8

13.8

2.3

2.1

HeidelbergCement

Neutral

1,591

1,772

1,926

13.3

15.4

1.0

3.0

70.2

23.4

1.8

1.6

2.6

7.9

1.5

1.3

India Cements

Neutral

2,316

4,216

4,840

18.0

19.5

4.0

9.9

18.9

7.6

0.8

0.7

4.0

9.5

0.9

0.7

JK Cement

Accumulate

559

605

3,909

3,661

4,742

10.1

15.8

7.5

28.5

74.6

19.6

2.2

2.0

7.5

22.9

1.5

1.2

J K Lakshmi Cement

Neutral

300

3,531

2,947

3,616

16.7

19.9

11.5

27.2

26.1

11.0

2.5

2.1

9.8

20.8

1.6

1.3

Mangalam Cements

Neutral

184

492

1,053

1,347

10.5

13.3

8.4

26.0

21.9

7.1

0.9

4.3

12.5

0.8

0.6

Orient Cement

Neutral

138

2,830

1,854

2,524

21.2

22.2

7.7

11.1

17.9

12.5

2.6

2.2

13.3

15.7

2.3

1.6

Ramco Cements

Neutral

379

9,015

4,036

4,545

20.8

21.3

15.1

18.8

25.1

20.1

3.1

2.7

12.9

14.3

2.7

2.4

Shree Cement^

Neutral

11,150

38,844

7,150

8,742

26.7

28.6

228.0

345.5

48.9

32.3

7.2

6.0

15.7

20.3

5.2

4.2

UltraTech Cement

Neutral

2,996

82,205

24,669

29,265

18.2

20.6

82.0

120.0

36.5

25.0

3.9

3.4

11.3

14.7

3.4

2.9

Construction

ITNL

Neutral

2,377

7,360

8,825

34.0

35.9

7.0

9.0

10.3

8.0

0.4

0.3

3.2

3.7

3.6

KNR Constructions

Buy

517

603

1,454

937

1,470

14.3

14.0

44.2

38.6

11.7

13.4

2.3

2.0

15.4

1.6

1.1

Larsen & Toubro

Accumulate

1,186

1,310

110,473

58,870

65,708

8.3

10.3

42.0

53.0

28.2

22.4

2.0

1.8

8.8

11.2

2.1

1.9

Gujarat Pipavav Port

Neutral

158

7,638

629

684

51.0

52.2

6.4

5.9

24.7

26.8

3.3

3.0

15.9

12.7

11.8

10.6

MBL Infrastructures

Buy

140

285

580

2,313

2,797

12.2

14.6

19.0

20.0

7.4

7.0

0.8

0.7

11.3

10.6

1.0

0.9

Nagarjuna Const.

Neutral

3,814

7,892

8,842

8.8

9.1

3.0

5.3

22.9

12.9

1.1

5.0

8.5

0.7

0.6

PNC Infratech

Accumulate

489

558

2,511

1,873

2,288

13.2

13.5

24.0

32.0

20.4

15.3

2.0

1.8

12.1

12.3

1.4

1.2

Simplex Infra

Neutral

215

1,063

5,955

6,829

10.3

10.5

16.0

31.0

13.4

6.9

0.7

5.3

9.9

0.7

0.6

Power Mech Projects

Neutral

577

849

1,539

1,801

12.8

12.7

59.0

72.1

9.8

8.0

1.5

1.2

18.6

16.8

0.6

0.5

www.angelbroking.com

Stock Watch

March 11, 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

Sadbhav Engineering

Buy

244

289

4,184

3,481

4,219

10.7

10.8

8.2

11.7

29.7

20.9

2.8

2.5

10.3

13.5

1.5

1.2

NBCC

Buy

925

1,089

11,094

5,816

7,382

6.9

7.7

29.6

39.8

31.2

23.2

5.6

4.4

24.1

26.7

1.6

1.3

MEP Infra

Neutral

639

1,956

1,876

28.1

30.5

1.3

3.0

30.2

13.1

6.3

4.3

21.2

32.8

1.7

SIPL

Neutral

3,149

675

1,042

62.4

64.7

3.4

3.8

16.3

11.0

Financials

Allahabad Bank

Neutral

3,084

8,569

9,392

2.8

2.9

16.3

27.5

3.2

1.9

0.3

0.2

7.6

11.9

Axis Bank

Buy

413

494

98,381

26,473

31,527

3.5

3.6

35.7

43.5

11.6

9.5

1.9

1.7

17.9

18.9

Bank of Baroda

Neutral

139

32,108

18,485

21,025

1.9

2.0

13.5

21.1

10.4

6.6

0.8

0.7

7.3

10.6

Bank of India

Neutral

7,612

15,972

17,271

1.9

2.0

15.3

33.4

6.1

2.8

0.3

0.2

3.6

7.6

Canara Bank

Neutral

180

9,766

15,441

16,945

2.0

2.1

46.6

70.4

3.9

2.6

0.3

8.0

11.2

Dena Bank

Neutral

1,842

3,440

3,840

2.1

2.3

7.3

10.0

3.9

2.8

0.3

0.2

6.1

7.9

Federal Bank

Neutral

8,409

3,477

3,999

3.0

5.0

6.2

9.8

7.8

1.0

0.9

10.6

11.9

HDFC

Neutral

1,153

182,034

10,358

11,852

3.3

41.1

47.0

28.1

24.5

5.3

4.9

24.7

24.9

HDFC Bank

Buy

1,021

1,262

257,838

38,309

47,302

4.3

49.3

61.1

20.7

16.7

3.6

3.1

18.5

19.7

ICICI Bank

Buy

215

254

125,243

34,279

39,262

3.3

21.0

24.4

10.3

8.8

1.7

1.5

14.4

14.7

IDBI Bank

Neutral

12,550

9,625

10,455

1.8

8.5

14.2

7.8

4.7

0.5

0.4

5.9

9.3

Indian Bank

Neutral

103

4,942

6,160

6,858

2.5

24.5

29.8

4.2

3.5

0.3

7.7

8.6

LIC Housing Finance

Buy

458

592

23,111

3,101

3,745

2.5

33.0

40.2

13.9

11.4

2.6

2.2

19.7

20.5

Oriental Bank

Neutral

2,681

7,643

8,373

2.4

37.2

45.4

2.4

2.0

0.2

8.2

9.4

Punjab Natl.Bank

Neutral

16,052

23,638

26,557

2.8

17.9

27.2

4.6

3.0

0.5

0.4

8.5

12.0

South Ind.Bank

Neutral

2,390

1,965

2,185

2.5

3.3

7.1

5.4

0.7

0.6

9.5

11.7

St Bk of India

Neutral

181

140,235

79,958

86,061

2.6

13.4

20.7

13.5

8.7

1.1

1.0

11.5

12.8

Union Bank

Neutral

124

8,538

12,646

14,129

2.3

2.4

31.0

39.1

4.0

3.2

0.4

9.8

11.4

Vijaya Bank

Neutral

2,745

3,536

3,827

1.9

5.5

6.7

5.8

4.8

0.5

0.4

7.8

8.8

Yes Bank

Neutral

792

33,300

7,190

9,011

3.2

3.3

58.2

69.7

13.6

11.4

2.4

2.1

19.2

19.6

FMCG

Asian Paints

Neutral

893

85,671

16,553

19,160

16.0

16.2

17.7

21.5

50.5

41.5

13.4

12.1

29.4

31.2

5.0

4.3

Britannia

Neutral

2,829

33,940

8,481

9,795

14.0

14.1

65.5

78.3

43.2

36.1

20.4

16.8

38.3

41.2

3.9

3.3

Colgate

Neutral

808

21,972

4,836

5,490

19.5

19.7

48.5

53.2

16.7

15.2

12.2

10.6

99.8

97.5

4.4

3.9

Dabur India

Accumulate

246

267

43,275

9,370

10,265

17.1

17.2

7.3

8.1

33.5

30.4

10.1

8.2

33.7

30.6

4.5

4.1

GlaxoSmith Con*

Accumulate

5,673

6,118

23,857

4,919

5,742

17.2

17.4

168.3

191.2

33.7

29.7

9.6

8.1

28.8

28.9

4.4

3.7

www.angelbroking.com

Stock Watch

March 11, 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

Godrej Consumer

Neutral

1,248

42,505

10,168

12,886

16.1

32.1

38.4

38.9

32.5

7.9

7.3

19.7

21.0

4.3

3.4

HUL

Neutral

838

181,235

34,940

38,957

17.5

17.7

20.8

24.7

40.3

33.9

44.8

35.8

110.5

114.2

5.0

4.5

ITC

Accumulate

316

359

254,049

36,804

38,776

37.9

12.2

12.9

25.9

24.5

7.2

6.3

27.7

25.8

6.5

6.1

Marico

Neutral

238

30,674

6,551

7,766

15.7

16.0

10.4

12.5

22.9

19.0

6.7

5.5

33.2

32.4

4.6

3.9

Nestle*

Buy

5,186

6,646

50,000

11,291

12,847

22.2

22.3

158.9

184.6

32.6

28.1

17.1

15.3

55.0

57.3

4.3

3.7

Tata Global

Buy

116

144

7,350

8,635

9,072

9.8

9.9

6.5

7.6

17.9

15.3

1.8

1.7

6.8

7.4

0.8

HCL Tech^

Buy

818

1,038

115,391

42,038

47,503

21.2

21.5

51.5

57.7

15.9

14.2

3.4

2.7

21.5

18.8

2.4

1.9

Infosys

Buy

1,146

1,347

263,218

61,850

69,981

27.5

59.4

65.7

19.3

17.4

4.1

3.5

21.2

20.1

3.5

3.0

TCS

Buy

2,348

2,854

462,656

108,487

122,590

28.3

28.5

122.8

138.4

19.1

17.0

7.3

6.6

38.0

38.9

3.9

3.4

Tech Mahindra

Accumulate

466

530

45,095

26,524

29,177

16.2

17.0

28.8

33.6

16.2

13.9

3.1

2.7

19.3

19.1

1.5

1.3

Wipro

Buy

536

680

132,424

50,808

56,189

23.7

23.8

37.3

40.7

14.4

13.2

2.7

2.5

19.2

17.7

2.1

1.7

Media

D B Corp

Accumulate

325

356

5,971

2,241

2,495

27.8

27.9

21.8

25.6

14.9

12.7

3.9

3.4

26.7

28.5

2.6

2.3

HT Media

Neutral

1,911

2,495

2,603

11.2

7.3

8.6

11.3

9.6

0.9

0.8

7.4

8.1

0.3

Jagran Prakashan

Buy

154

189

5,028

2,170

2,355

27.2

26.2

8.9

9.9

17.3

15.5

3.6

3.2

20.9

20.5

2.2

2.0

Sun TV Network

Neutral

342

13,460

2,779

3,196

70.2

70.5

22.8

27.3

15.0

12.5

3.7

3.3

26.7

28.3

4.6

4.0

Hindustan Media

Neutral

261

1,914

920

1,031

20.0

19.2

20.9

13.6

12.5

2.2

1.9

16.4

15.3

1.6

1.4

Ventures

Metals & Mining

Coal India

Buy

322

380

203,513

76,167

84,130

19.9

22.3

22.4

25.8

14.4

12.5

5.2

5.1

35.5

41.0

2.0

1.8

Hind. Zinc

Neutral

169

71,598

14,641

14,026

50.4

17.7

16.0

9.6

10.6

1.5

1.3

16.2

13.2

2.5

2.4

Hindalco

Neutral

17,274

104,356

111,186

8.7

9.5

6.7

11.1

12.5

7.6

0.4

3.5

5.9

0.7

0.6

JSW Steel

Neutral

1,184

28,621

42,308

45,147

16.4

20.7

(10.3)

49.5

23.9

1.3

(1.0)

5.6

1.7

1.6

NMDC

Neutral

36,931

8,237

10,893

46.6

44.5

10.0

11.7

9.4

8.0

1.0

0.9

12.5

13.0

4.3

3.3

SAIL

Neutral

17,656

45,915

53,954

7.2

10.5

1.5

4.4

28.4

9.8

0.4

2.3

4.1

1.0

0.9

Vedanta

Neutral

26,163

71,445

81,910

26.2

26.3

12.9

19.2

6.9

4.6

0.5

0.4

7.2

8.9

0.8

0.6

Tata Steel

Neutral

296

28,763

126,760

137,307

8.9

11.3

6.4

23.1

46.6

12.8

0.9

2.0

7.1

0.8

Oil & Gas

Cairn India

Neutral

141

26,379

11,323

12,490

49.4

51.0

20.7

6.8

0.4

6.4

6.1

1.4

0.8

GAIL

Neutral

341

43,299

64,856

70,933

9.1

9.6

24.0

28.9

14.3

11.8

1.2

1.1

8.8

9.6

0.9

0.8

ONGC

Neutral

206

175,986

154,564

167,321

36.8

37.4

28.6

32.5

7.2

6.3

0.9

0.8

12.7

13.5

1.3

Petronet LNG

Neutral

248

18,608

29,691

31,188

5.8

6.2

12.8

13.4

19.4

18.5

2.9

2.6

15.8

14.8

0.7

Indian Oil Corp

Buy

386

455

93,743

359,607

402,760

5.9

6.1

42.5

48.7

9.1

7.9

1.2

1.1

14.1

14.4

0.4

0.3

www.angelbroking.com

Stock Watch

March 11, 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

Reliance Industries

Accumulate

1,012

1,150

327,899

304,775

344,392

12.6

13.4

91.3

102.6

11.1

9.9

1.3

1.1

11.8

12.0

1.0

0.8

Pharmaceuticals

Alembic Pharma

Neutral

623

11,744

3,274

3,802

26.9

19.4

35.0

28.7

17.8

21.7

7.9

5.9

55.6

31.2

3.6

3.0

Aurobindo Pharma

Buy

724

856

42,323

14,923

17,162

22.0

23.0

35.7

42.8

20.3

16.9

6.0

4.5

34.0

30.2

3.2

2.7

Aventis*

Neutral

4,395

10,122

2,082

2,371

17.4

20.8

118.2

151.5

37.2

29.0

5.4

4.4

19.9

25.5

4.5

3.8

Cadila Healthcare

Neutral

345

35,309

10,224

11,840

21.0

22.0

14.6

17.6

23.6

19.6

6.5

5.1

30.8

29.0

3.5

3.0

Cipla

Accumulate

534

605

42,936

13,979

16,447

20.2

18.6

25.7

27.5

20.8

19.4

3.4

2.9

17.6

16.1

3.1

2.5

Dr Reddy's

Buy

3,184

3,933

54,303

16,838

19,575

25.0

23.1

167.5

178.8

19.0

17.8

4.0

3.3

23.1

20.4

3.2

2.7

Dishman Pharma

Neutral

363

2,932

1,733

1,906

21.5

17.0

19.9

21.4

18.3

2.2

1.9

10.5

11.2

2.2

1.9

GSK Pharma*

Neutral

3,218

27,260

2,870

3,158

20.0

22.1

59.5

68.3

54.1

47.1

16.0

16.4

28.5

34.3

9.0

8.2

Indoco Remedies

Neutral

282

2,595

1,033

1,199

15.9

18.2

9.4

13.6

30.0

20.7

4.4

3.8

15.7

19.7

2.6

2.3

Ipca labs

Buy

545

900

6,875

3,363

3,909

12.9

18.6

13.4

28.0

40.7

19.5

2.9

2.6

7.4

14.0

2.3

2.0

Lupin

Neutral

1,821

82,044

13,092

16,561

25.0

27.0

50.4

68.3

36.1

26.7

7.5

5.9

22.8

24.7

6.0

4.6

Sun Pharma

Accumulate

865

950

208,213

28,163

32,610

25.8

30.7

17.4

26.9

49.7

32.2

4.7

4.1

13.0

16.6

6.9

5.7

Power

Tata Power

Neutral

15,930

35,923

37,402

22.6

22.8

4.1

5.2

14.5

11.4

1.1

1.0

7.5

9.3

1.4

1.3

NTPC

Buy

127

146

104,676

87,271

99,297

23.5

11.8

13.3

10.8

9.6

1.2

1.1

11.5

12.2

2.2

2.0

Power Grid

Buy

140

170

72,981

20,702

23,361

86.7

86.4

12.1

13.2

11.6

10.6

1.7

1.5

15.6

15.1

8.5

7.9

Telecom

Bharti Airtel

Neutral

336

134,293

101,748

109,191

32.1

31.7

12.0

12.5

28.0

26.9

1.9

1.8

6.9

6.7

2.0

1.8

Idea Cellular

Neutral

105

37,679

34,282

36,941

32.0

31.5

5.9

6.2

17.7

16.9

1.6

1.5

9.9

9.3

1.7

1.6

zOthers

Abbott India

Neutral

4,904

10,420

2,715

3,153

14.5

14.1

134.3

152.2

36.5

32.2

9.1

7.5

27.4

25.6

3.6

3.0

Bajaj Electricals

Buy

188

237

1,895

4,719

5,287

5.2

5.8

8.6

12.7

21.9

14.8

2.5

2.2

11.4

14.8

0.4

Finolex Cables

Neutral

232

3,547

2,520

2,883

12.2

12.0

12.7

14.2

18.3

16.3

2.5

2.2

13.6

13.5

1.2

1.0

Goodyear India*

Buy

475

582

1,095

1,800

1,600

11.7

11.5

58.7

52.9

8.1

9.0

1.8

1.6

24.6

18.7

0.4

Hitachi

Neutral

1,135

3,085

1,779

2,081

7.8

8.8

21.8

33.4

52.0

33.9

8.4

6.8

17.4

22.1

1.8

1.5

Jyothy Laboratories

Neutral

289

5,226

1,620

1,847

11.5

7.3

8.5

39.6

34.1

5.1

4.7

13.3

14.4

3.1

2.6

MRF

Buy

34,387

45,575

14,584

20,316

14,488

21.4

21.1

5,488.0

3,798.0

6.3

9.1

2.1

1.7

41.1

21.2

0.7

0.9

Page Industries

Neutral

11,372

12,684

1,929

2,450

19.8

20.1

229.9

299.0

49.5

38.0

21.8

15.2

52.1

47.1

6.6

5.2

Relaxo Footwears

Neutral

388

4,652

1,767

2,152

12.3

12.5

19.3

25.1

20.1

15.5

4.9

3.8

27.7

27.8

2.7

2.2

Siyaram Silk Mills

Buy

997

1,354

935

1,636

1,815

11.5

89.9

104.1

11.1

9.6

1.8

1.6

17.9

17.8

0.7

Styrolution ABS India*

Neutral

564

992

1,271

1,440

8.6

9.2

32.0

41.1

17.6

13.7

1.8

1.6

10.7

12.4

0.7

0.6

www.angelbroking.com

Stock Watch

March 11, 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

TVS Srichakra

Buy

2,242

3,217

1,717

2,035

2,252

15.9

15.3

248.6

268.1

9.0

8.4

3.9

2.8

43.6

33.9

0.9

0.7

HSIL

Accumulate

271

302

1,960

2,123

2,384

16.1

16.5

15.0

18.9

18.0

14.4

1.4

1.3

8.0

9.4

1.3

1.1

Kirloskar Engines India

Neutral

210

3,043

2,403

2,554

8.6

9.9

9.2

10.5

22.9

20.1

2.2

2.1

9.7

10.7

0.9

0.8

Ltd

M M Forgings

Buy

422

614

509

511

615

21.7

21.6

43.1

55.8

9.8

7.6

1.8

1.5

19.9

21.2

1.2

0.9

Banco Products (India) Neutral

101

721

1,208

1,353

11.0

12.3

10.8

14.5

9.4

7.0

1.1

1.0

11.9

14.5

0.6

0.5

Competent Automobiles Neutral

126

1,040

1,137

3.2

3.1

25.7

28.0

4.9

4.5

0.7

0.6

15.0

14.3

0.1

Nilkamal

Neutral

1,100

1,642

1,871

2,031

10.7

10.5

63.2

69.8

17.4

15.8

2.8

2.4

17.6

16.6

0.9

0.8

Visaka Industries

Buy

113

144

179

1,086

1,197

9.9

10.3

21.5

28.8

5.2

3.9

0.5

9.6

11.6

0.4

0.3

Transport Corporation of

Neutral

275

2,092

2,830

3,350

8.8

9.0

14.4

18.3

19.1

15.0

3.0

2.6

15.4

17.1

0.9

0.7

India

Elecon Engineering

Neutral

619

1,359

1,482

10.3

13.7

0.8

3.9

70.7

14.6

1.2

1.1

1.6

7.8

0.8

0.7

Surya Roshni

Buy

134

201

587

2,992

3,223

8.1

8.4

14.7

18.3

9.1

7.3

0.9

0.8

9.7

11.0

0.5

0.4

MT Educare

Neutral

154

614

286

366

18.3

17.7

7.7

9.4

20.0

16.5

4.2

3.7

20.2

21.1

2.0

1.6

Radico Khaitan

Buy

100

156

1,336

1,517

1,635

12.7

13.4

5.8

7.1

17.2

14.1

1.5

1.4

8.6

9.6

1.4

1.2

Garware Wall Ropes

Buy

301

473

659

862

974

11.2

24.9

29.6

12.1

10.2

1.8

1.6

15.1

15.4

0.8

0.6

Wonderla Holidays

Neutral

372

2,101

206

308

44.0

43.6

9.0

12.9

41.3

28.8

5.6

5.1

13.7

17.8

10.1

6.7

Linc Pen & Plastics

Neutral

182

269

340

371

8.3

8.9

10.8

13.2

16.9

13.8

2.7

2.4

16.0

17.1

0.8

The Byke Hospitality

Neutral

155

622

222

287

20.5

5.6

7.6

27.5

20.5

5.2

4.3

18.9

20.8

2.8

2.2

Interglobe Aviation

Neutral

807

29,068

17,022

21,122

20.7

14.5

63.9

53.7

12.6

15.0

18.9

15.5

149.9

103.2

1.7

1.4

Coffee Day Enterprises

Neutral

226

4,663

2,692

2,964

17.0

18.6

4.7

47.8

2.8

2.6

0.2

5.5

2.1

2.0

Ltd

Navneet Education

Neutral

1,947

998

1,062

24.1

24.0

5.8

6.1

14.2

13.4

3.1

2.8

22.0

20.6

2.0

1.9

Navkar Corporation

Buy

163

265

2,330

365

436

38.3

37.5

5.6

5.9

29.0

27.8

1.8

1.7

6.3

6.1

7.2

6.2

Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on March 10, 2016

www.angelbroking.com

Market Outlook

March 11, 2016

Research Team Tel: 022 - 39357800

E-mail: [email protected]

Website: www.angelbroking.com

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