Market Outlook

August 11, 2016

Market Cues

Domestic Indices

Chg (%)

(Pts)

(Close)

Indian markets are likely to open negative after witnessing selling pressure in the

BSE Sensex

(1.1)

(310)

27,775

previous trading session.

Nifty

(1.2)

(103)

8,575

The US markets opened directionless and remained lackluster. However, a drop in

Mid Cap

(1.1)

(136)

12,644

oil prices led to some selling and the key indices closed moderately lower.

Small Cap

(1.2)

(146)

12,192

Snapping consecutive gains the European markets ended on a lower note. Investors

Bankex

(1.4)

(295)

21,359

seem to have taken the opportunity to book some profit and hence there was

marginal decline in the indices.

Global Indices

Chg (%)

(Pts)

(Close)

The Indian markets remained under of pressure on Wednesday and selling across

Dow Jones

(0.2)

(37)

18495

the board was witnessed. The largest losers were cement stocks. Grasim Industries

Nasdaq

(0.4)

(21)

5205

was the biggest loser in the nifty. In the absence of any specific data points it seems

FTSE

0.2

6866

profit booking could be reason for the sharp fall in the market today. As the results

season comes to end the Indian markets will now look forward for global

Nikkei

(0.2)

(30)

16,735

developments and react accordingly.

Hang Seng

0.1

22,492

Shanghai Com

(0.2)

(7)

3,019

News Analysis & Result Review

 Result Review: Linc Pen & Plastics Ltd - Results in line of expectations

Advances / Declines

BSE

NSE

 Results Preview: IPCA Labs

Detailed analysis on Pg2

Advances

825

399

Declines

1,924

1,220

Investor’s Ready Reckoner

Unchanged

134

Key Domestic & Global Indicators

Stock Watch: Latest investment recommendations on 150+ stocks

Volumes (` Cr)

Refer Pg6 onwards

BSE

3,321

Top Picks

NSE

20,804

CMP

Target

Upside

Company

Sector

Rating

(`)

(%)

Net Inflows (` Cr)

Net

Mtd

Ytd

Amara Raja

Auto/Auto Ancillary

Buy

907

1,076

18.6

HCL Tech

Buy

818

1,000

22.2

FII

321

4,063

34,945

LIC Housing

Financials

Accumulate

517

582

12.5

MFs

(358)

182

8,970

Bharat Electronics

Capital Goods

Accumulate

1,232

1,414

14.8

Navkar Corporation Others

Buy

194

265

36.7

Top Gainers

Price (`)

Chg (%)

More Top Picks on Pg4

Tatachem

504

8.8

Adaniports

259

7.9

Key Upcoming Events

Consensus

Jubilant

367

7.4

Date

Region

Event Description

Reading

Expectations

Monsanto

2,440

6.1

Aug 11 Euro Zone

Euro Zone GDP s.a (QoQ)

0.3

Tatacomm

482

5.6

Aug 12

Producer Price Index (mom)

0.8

Aug 12

India

Industrial Production YoY

1.2

1.7

Aug 12

Initial Jobless claims

269.0

265.0

Top Losers

Price (`)

Chg (%)

Aug 16

India

Monthly Wholesale Prices YoY %

1.6

2.9

Unitech

(7.8)

6.(

More Events on Pg5

J&Kbank

(7.3)

Gmrinfra

(6.6)

Mothersumi

330

(6.4)

Grasim

4,852

(6.1)

As on August 10, 2016

www.angelbroking.com

Market Outlook

August 11, 2016

Result Review:

Linc Pen & Plastics Ltd - Results in line of expectations

For 1QFY2017, Linc Pen & Plastics Ltd (LPPL) results have come in line of our

estimates on the top-line as well as the bottom-line front. The top-line grew by

~10% YoY to ~`87cr, with the company posting good growth in the domestic as

well as the exports segment. On the operating front, the company reported margin

expansion (by 149bp YoY to 9.6%), primarily on account of lower operating costs.

The reported net profit grew by ~17% YoY to `4.4cr aided by higher sales growth

and a strong operating performance. Going ahead, we expect the company to

report a healthy top-line and bottom-line growth owing to strong domestic as well

as export sales (the exports segment entails relatively higher margins).

Currently we have a NEUTRAL rating on the stock; we shall be revisiting our

financial model and revising our estimates for the company which could

favourably change our recommendation on the stock.

Result Preview:

IPCA Labs (CMP: `502 / TP: `613 /Upside: 22.1%)

For 1QFY2017, the company is expected to post sales of `680cr V/s `751cr in

1QFY2016, a yoy dip of 9.5%. On the operating profit front, the EBITDA margins

are expected to come at 9.6% V/s 10.0% in 1QFY2016. This is against 8.4% in

4QFY2016. Thus, the net profit is expected to come in `52cr V/s `28cr in

1QFY2016, a yoy growth of 85.7%. We maintain our buy rating.

Y/E

Sales OPM

PAT

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

Mar

(` cr)

(%)

(` cr)

(`)

(%)

(x)

FY2017E

15,912

26.4

2,611

58.1

21.4

29.0

2.5

13.3

2.0

FY2018E

18,644

26.7

3,117

69.3

20.9

25.5

2.3

11.7

1.8

Economic and Political News

 Automobile sales grow 13% in July

 Nod to 100% FDI in commodity broking

 Maharastra mulls changes to airport slum development plan

Corporate News

 City Union Bank’s PAT up 11% to `123.5cr

 Thermax’s 1QFY17 PAT down 26%.

 J&K Bank’s 1QFY17 PAT down 86% to `23cr

 Ashoka Buildcon wins `1600 cr road project in Punjab from NHAI

 Indian Hotels loss widens to `9cr

www.angelbroking.com

Market Outlook

August 11, 2016

Quarterly Bloomberg Brokers Consensus Estimate

Bank of Baroda Ltd - Aug 11, 2016

Particulars (` cr)

1QFY17E

1QFY16

y-o-y (%)

4QFY16

q-o-q (%)

Net profit

528

1052

(49.8)

(3230)

83.7

Rural Electrification Corp. Ltd - Aug 11, 2016

Particulars (` cr)

1QFY17E

1QFY16

y-o-y (%)

4QFY16

q-o-q (%)

Net profit

1630

1479

10.2

1160

40.5

Sun Pharmaceuticals Ltd Consol - Aug 12, 2016

Particulars (` cr)

1QFY17E

1QFY16

y-o-y (%)

4QFY16

q-o-q (%)

Net sales

7,930

6,522

21.6

7,414

7.0

EBITDA

2,758

1,850

49.1

2,520

9.4

EBITDA margin (%)

34.8

28.4

34.0

Net profit

1,935

479

303.9

1,714

12.9

Glenmark Pharmaceuticals Ltd Consol - Aug 12, 2016

Particulars (` cr)

1QFY17E

1QFY16

y-o-y (%)

4QFY16

q-o-q (%)

Net sales

1,979

1,642

20.5

2,289

(13.6)

EBITDA

404

360

12.3

302

33.9

EBITDA margin (%)

20.4

21.9

13.2

Net profit

223

178

25.2

171

30.2

State Bank of India Ltd. - Aug 12, 2016

Particulars (` cr)

1QFY17E

1QFY16

y-o-y (%)

4QFY16

q-o-q (%)

Net profit

2,471

3,692

(33.1)

1,264

95.5

United Breweries Ltd - Aug 12, 2016

Particulars (` cr)

1QFY17E

1QFY16

y-o-y (%)

4QFY16

q-o-q (%)

Net sales

1,640

1,338

22.6

1,185

38.4

EBITDA

296

264

11.9

125

136.4

EBITDA margin (%)

18.0

19.8

10.6

Net profit

142

123

15.5

175.7

Hindalco Industries Ltd - Aug 12, 2016

Particulars (` cr)

1QFY17E

1QFY16

y-o-y (%)

4QFY16

q-o-q (%)

Net sales

8,619

8,517

1.2

8,543

0.9

EBITDA

936

877

6.7

1,166

(19.8)

EBITDA margin (%)

10.9

10.3

13.7

Net profit

208

107

94.1

356

(41.6)

www.angelbroking.com

Market Outlook

August 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

15,493

907

1,076

18.6

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

29,566

1,232

1,414

14.8

strong market positioning, indicate good times ahead for BEL.

HCL Tech

1,15,421

818

1,000

22.2

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

Strong visibility for a robust 20% earnings trajectory, coupled

HDFC Bank

3,11,265

1,229

1,350

9.8

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

2,48,059

1,080

1,370

26.9

be a US$20bn in FY2020.

Continues to grow its retail loan book at healthy pace with

LIC Housing Fin.

26,111

517

582

12.5

improvement in asset quality. Expect LICHF to post a healthy

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

Strong market positioning within the domestic AC markets to

Voltas

11,497

347

407

17.1

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

2,778

275

299

8.7

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

4,564

479

527

10.1

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

7,393

253

270

6.6

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

5,814

173

235

35.6

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

1,227

532

631

18.7

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

2,345

30.4

cycle, to lead to stock re-rating

Economic recovery to have favourable impact on advertising &

Jagran Prakashan

6,018

184

205

11.4

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

1,752

427

554

29.7

in short-to-long run, attractive valuations

Massive capacity expansion along with rail advantage at ICD as

Navkar Corporation

2,764

194

265

36.7

well CFS augurs well for the company

Earnings boost on back of stable material prices and favourable

Radico Khaitan

1,223

125

36.0

pricing environment. Valuation discount to peers provides

additional comfort

Strong brands and distribution network would boost growth

Siyaram Silk Mills

1,002

1,069

1,347

26.1

going ahead. Stock currently trades at an inexpensive valuation.

Market leadership in Hindi news genre and no. 2 viewership

TV Today Network

1,730

290

363

25.2

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 11, 2016

Key Upcoming Events

Result Calendar

Date

Company

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, Oriental Bank, Allahabad Bank, Central Bank, Dena Bank, Bank of

Aug 12, 2016

Maharashtra, Hindalco, Bajaj Electrical, Cravatex, 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 11, 2016 2:30PM Euro Zone

Euro-Zone GDP s.a. (QoQ)

% Change

2Q P

0.30

Aug 12, 2016 6:00PM US

Initial Jobless claims

Thousands

Aug 6

269.00

265.00

Producer Price Index (mom)

% Change

Jul

0.80

11:30AM Germany

GDP nsa (YoY)

% Change

2Q P

1.30

2.80

7:30AM China

Industrial Production (YoY)

% Change

Jul

6.20

5:30PM India

Industrial Production YoY

% Change

Jun

1.20

1.70

Aug 16, 2016 12:00PM India

Monthly Wholesale Prices YoY%

% Change

Jul

1.62

2.87

6:00PM US

Housing Starts

Thousands

Jul

1,189.00

1,175.00

6:00PM US

Building permits

Thousands

Jul

1,153.00

1,160.00

2:00PM UK

CPI (YoY)

% Change

Jul

0.50

6:00PM US

Consumer price index (mom)

% Change

Jul

0.20

6:45PM US

Industrial Production

Jul

0.60

0.20

Aug 17, 2016 2:00PM UK

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)

1:00PM Germany

PMI Services

Value

Aug P

54.40

Aug 24, 2016 7:30PM US

New home sales

Thousands

Jul

592.00

575.00

1:00PM Germany

PMI Manufacturing

Value

Aug P

53.80

7:30PM US

Existing home sales

Million

Jul

5.57

5.58

Aug 26, 2016 6:00PM US

GDP Qoq (Annualised)

% Change

2Q S

1.20

1.10

2:00PM UK

GDP (YoY)

% Change

2Q P

2.20

Aug 30, 2016 7:30PM US

Consumer Confidence

S.A./ 1985=100

Aug

97.30

Aug 31, 2016 1:25PM Germany

Unemployment change (000's)

Thousands

Aug

(7.00)

Source: Bloomberg, Angel Research

Market Outlook

August 11, 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 11, 2016

Exhibit 4: Relative performance of indices across globe

Returns (%)

Country

Name of index

Closing price

1YR

Brazil

Bovespa

56,920

10.1

6.0

16.5

Russia

Micex

1,943

1.5

1.8

14.1

India

Nifty

8,575

1.3

9.3

0.7

China

Shanghai Composite

3,019

(0.5)

6.9

(16.3)

South Africa

Top 40

45,132

0.7

(0.0)

(3.8)

Mexico

Mexbol

47,798

3.5

4.6

8.6

Indonesia

LQ45

931

6.7

12.6

15.1

Malaysia

KLCI

1,673

1.2

2.5

(4.1)

Thailand

SET 50

987

7.8

11.8

5.7

USA

Dow Jones

18,496

1.5

3.2

6.3

FTSE

6,866

2.7

11.4

4.5

Japan

Nikkei

16,735

10.8

0.9

(18.7)

Germany

DAX

10,651

8.3

6.8

(3.0)

France

CAC

4,452

4.4

3.7

(8.8)

Source: Bloomberg, Angel Research

www.angelbroking.com

Stock Watch

August 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 )

FY17E FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

Agri / Agri Chemical

Rallis

Neutral

221

4,297

1,937

2,164

13.3

14.3

9.0

11.0

24.6

20.1

4.3

3.7

18.4

19.8

2.2

2.0

United Phosphorus

Accumulate

620

684

26,582

15,176

17,604

18.5

37.4

44.6

16.6

13.9

3.3

2.7

21.4

21.2

1.9

1.5

Auto & Auto Ancillary

Ashok Leyland

Buy

111

24,958

22,407

26,022

10.6

5.2

6.4

16.8

13.7

3.8

3.2

23.6

24.7

1.2

1.0

Bajaj Auto

Neutral

2,849

82,441

25,093

27,891

19.5

19.2

143.9

162.5

19.8

17.5

5.6

4.8

30.3

29.4

3.0

2.7

Bharat Forge

Accumulate

822

875

19,137

7,726

8,713

20.5

21.2

35.3

42.7

23.3

19.3

4.3

3.9

18.9

20.1

2.5

2.2

Eicher Motors

Neutral

21,740

59,048

16,583

20,447

17.5

18.0

598.0

745.2

36.4

29.2

12.4

9.5

41.2

38.3

3.4

2.7

Gabriel India

Neutral

103

1,485

1,544

1,715

9.0

9.3

5.4

6.3

19.1

16.4

3.6

3.2

18.9

19.5

0.9

0.8

Hero Motocorp

Neutral

3,321

66,306

31,253

35,198

15.3

15.0

172.3

192.1

19.3

17.3

7.1

6.0

38.9

37.0

2.1

1.8

Jamna Auto Industries Neutral

193

1,540

1,486

1,620

9.8

9.9

15.0

17.2

12.9

11.2

2.8

2.4

21.8

21.3

1.1

1.0

L G Balakrishnan & Bros Neutral

469

736

1,302

1,432

11.6

11.9

43.7

53.0

10.7

8.8

1.5

1.4

13.8

14.2

0.7

0.6

Mahindra and Mahindra Neutral

1,448

89,925

46,534

53,077

11.6

11.7

67.3

78.1

21.5

18.6

3.5

3.1

15.4

15.8

1.9

1.7

Maruti

Neutral

4,867

147,016

69,186

82,217

14.7

14.4

198.5

241.4

24.5

20.2

4.8

3.9

20.2

20.0

1.9

1.5

Minda Industries

Neutral

1,162

1,844

2,728

3,042

9.0

9.1

68.2

86.2

17.0

13.5

3.9

3.1

23.8

24.3

0.7

0.6

Motherson Sumi

Neutral

330

43,644

45,896

53,687

7.8

8.3

13.0

16.1

25.3

20.5

8.2

6.5

34.7

35.4

1.1

0.9

Rane Brake Lining

Neutral

665

526

511

562

11.3

11.5

28.1

30.9

23.7

21.5

3.6

3.3

15.3

15.0

1.2

1.1

Setco Automotive

Neutral

666

741

837

13.0

15.2

17.0

3.3

2.9

0.5

15.8

16.3

1.3

1.2

Tata Motors

Neutral

503

145,313

300,209

338,549

8.9

8.4

42.7

54.3

11.8

9.3

1.9

1.6

15.6

17.2

0.6

0.5

TVS Motor

Accumulate

296

330

14,046

13,390

15,948

6.9

7.1

12.8

16.5

23.2

17.9

5.8

4.6

26.3

27.2

1.1

0.9

Amara Raja Batteries

Buy

907

1,076

15,493

5,717

6,733

18.7

18.9

38.4

48.9

23.6

18.6

5.9

4.8

25.3

24.8

2.6

2.1

Exide Industries

Neutral

176

14,943

7,439

8,307

15.0

8.1

9.3

21.7

18.9

3.0

2.7

14.3

16.7

1.7

1.5

Apollo Tyres

Neutral

173

8,783

12,877

14,504

14.3

13.9

21.4

23.0

8.1

7.5

1.3

1.1

16.4

15.2

0.9

0.8

Ceat

Buy

878

1,119

3,553

7,524

8,624

13.0

12.7

131.1

144.3

6.7

6.1

1.2

1.0

19.8

18.6

0.6

0.5

JK Tyres

Neutral

102

2,311

7,455

8,056

15.0

21.8

24.5

4.7

4.2

1.0

0.8

22.8

21.3

0.5

0.4

Swaraj Engines

Neutral

1,139

1,415

660

810

15.2

16.4

54.5

72.8

20.9

15.7

6.5

5.9

31.5

39.2

2.0

1.6

Subros

Neutral

576

1,488

1,681

11.7

11.9

6.4

7.2

15.0

13.4

1.6

1.4

10.8

11.4

0.6

0.5

Indag Rubber

Neutral

174

456

286

326

19.8

16.8

11.7

13.3

14.9

13.0

2.5

2.3

17.8

17.1

1.3

1.2

Capital Goods

ACE

Neutral

452

709

814

4.1

4.6

1.4

2.1

32.6

21.7

1.3

4.4

6.0

0.8

0.7

BEML

Buy

1,010

1,157

4,207

3,451

4,055

6.3

9.2

31.4

57.9

32.2

17.5

1.9

1.8

6.3

10.9

1.3

1.1

Bharat Electronics

Accumulate

1,232

1,414

29,566

8,137

9,169

16.8

17.2

58.7

62.5

21.0

19.7

3.3

2.9

44.6

46.3

2.6

2.4

www.angelbroking.com

Stock Watch

August 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 )

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

Capital Goods

Voltas

Buy

347

407

11,497

6,511

7,514

7.9

8.7

12.9

16.3

26.9

21.3

4.9

4.3

16.7

18.5

1.5

1.3

BGR Energy

Neutral

116

838

16,567

33,848

6.0

5.6

7.8

5.9

14.9

19.7

0.9

0.8

4.7

4.2

0.2

0.1

BHEL

Neutral

136

33,349

28,797

34,742

2.8

2.3

6.9

59.2

19.8

1.0

1.3

4.8

0.8

0.6

Blue Star

Accumulate

479

527

4,564

4,351

5,024

6.4

7.1

17.2

20.6

27.9

23.2

18.1

15.1

23.1

24.1

1.1

1.0

Crompton Greaves

Neutral

5,142

5,777

6,120

5.9

7.0

3.3

4.5

24.9

18.2

1.1

1.0

4.4

5.9

0.9

0.7

Greaves Cotton

Neutral

138

3,360

1,755

1,881

16.8

16.9

7.8

8.5

17.6

16.2

3.5

3.3

20.6

20.9

1.6

1.5

Inox Wind

Buy

194

286

4,302

5,605

6,267

15.7

16.4

24.8

30.0

7.8

6.5

2.2

1.6

25.9

24.4

0.8

0.7

KEC International

Neutral

137

3,522

9,294

10,186

7.9

8.1

9.9

11.9

13.8

11.5

2.0

1.8

15.6

16.3

0.6

Thermax

Neutral

897

10,690

5,421

5,940

7.3

25.7

30.2

34.9

29.7

4.2

3.9

12.2

13.1

1.9

1.7

VATech Wabag

Buy

576

681

3,139

3,136

3,845

8.9

9.1

26.0

35.9

22.2

16.0

2.8

2.4

13.4

15.9

0.9

0.7

Cement

ACC

Neutral

1,623

30,486

11,225

13,172

13.2

16.9

44.5

75.5

36.5

21.5

3.5

3.2

11.2

14.2

2.8

2.4

Ambuja Cements

Neutral

260

40,411

9,350

10,979

18.2

22.5

5.8

9.5

44.9

27.4

3.8

3.4

10.2

12.5

4.5

3.8

India Cements

Neutral

120

3,671

4,364

4,997

18.5

19.2

7.9

11.3

15.1

10.6

1.1

8.0

8.5

1.6

1.4

JK Cement

Neutral

743

5,193

4,398

5,173

15.5

17.5

31.2

55.5

23.8

13.4

2.9

2.5

12.0

15.5

1.7

1.4

J K Lakshmi Cement

Neutral

441

5,194

2,913

3,412

14.5

19.5

7.5

22.5

58.9

19.6

3.6

3.0

12.5

18.0

2.4

2.0

Orient Cement

Neutral

161

3,296

2,114

2,558

18.5

20.5

8.1

11.3

19.9

14.2

2.9

2.5

9.0

14.0

2.2

1.7

UltraTech Cement

Neutral

3,729

102,324

25,768

30,385

21.0

23.5

111.0

160.0

33.6

23.3

4.3

3.8

13.5

15.8

4.1

3.5

Construction

ITNL

Buy

2,345

8,946

10,017

31.0

31.6

8.1

9.1

8.8

7.8

0.3

4.2

5.0

3.6

3.3

KNR Constructions

Neutral

611

1,717

1,210

1,595

15.4

16.0

33.9

52.1

18.0

11.7

2.8

2.4

13.6

18.0

1.5

1.1

Larsen & Toubro

Accumulate

1,483

1,700

138,170

67,665

77,249

10.7

11.5

57.3

71.2

25.9

20.8

2.4

2.2

12.6

14.3

2.2

1.9

Gujarat Pipavav Port

Neutral

168

8,102

705

788

52.2

51.7

5.0

5.6

33.5

29.9

3.3

3.0

11.2

9.5

MBL Infrastructures

Buy

126

285

523

2,797

3,405

14.7

15.4

21.0

34.8

6.0

3.6

0.6

11.0

16.2

0.8

Nagarjuna Const.

Neutral

4,353

8,842

9,775

9.1

8.8

5.3

6.4

14.8

12.2

1.2

1.1

8.2

9.1

0.7

0.6

PNC Infratech

Buy

570

647

2,926

2,350

2,904

13.4

13.7

48.0

42.0

11.9

13.6

2.3

2.1

16.8

13.2

1.3

1.1

Simplex Infra

Neutral

301

1,490

6,829

7,954

10.5

31.4

37.4

9.6

8.1

1.0

0.9

9.9

13.4

0.6

0.5

Power Mech Projects

Neutral

550

809

1,801

2,219

12.7

14.6

72.1

113.9

7.6

4.8

1.4

1.2

16.8

11.9

0.4

0.3

Sadbhav Engineering

Neutral

281

4,817

3,598

4,140

10.3

10.6

9.0

11.9

31.2

23.6

3.3

2.9

9.9

11.9

1.7

1.4

NBCC

Neutral

237

14,226

7,428

9,549

7.9

8.6

8.2

11.0

28.9

21.6

1.4

1.1

28.2

28.7

1.7

1.2

MEP Infra

Neutral

669

1,877

1,943

30.6

29.8

3.0

4.2

13.7

9.8

6.6

4.5

0.6

1.8

1.6

www.angelbroking.com

Stock Watch

August 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 )

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

Construction

SIPL

Neutral

3,447

1,036

1,252

65.5

66.2

(8.4)

(5.6)

3.7

4.2

(22.8)

(15.9)

11.5

9.6

Engineers India

Neutral

221

7,448

1,725

1,935

16.0

19.1

11.4

13.9

19.4

15.9

2.7

2.6

13.4

15.3

3.3

3.0

Financials

Axis Bank

Neutral

567

135,341

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

160

36,936

19,980

23,178

1.8

11.5

17.3

13.9

9.3

1.6

1.3

8.3

10.1

Canara Bank

Neutral

250

13,586

15,225

16,836

1.8

14.5

28.0

17.3

8.9

1.2

1.0

5.8

8.5

Dewan Housing Finance Accumulate

253

270

7,393

2,225

2,688

2.9

29.7

34.6

8.5

7.3

1.4

1.2

16.1

16.8

Equitas Holdings

Buy

173

235

5,814

939

1,281

11.7

11.5

5.8

8.2

29.9

21.1

2.6

2.3

10.9

11.5

Federal Bank

Neutral

10,747

9,353

10,623

2.9

4.4

5.8

14.2

10.8

1.4

1.2

9.5

11.0

HDFC

Neutral

1,337

211,446

11,475

13,450

3.4

45.3

52.5

29.5

25.5

5.7

5.0

20.2

20.5

HDFC Bank

Accumulate

1,229

1,350

311,265

46,097

55,433

4.5

58.4

68.0

21.1

18.1

3.7

3.1

18.8

18.6

ICICI Bank

Neutral

239

139,199

39,029

45,903

3.3

16.7

16.3

14.3

14.7

1.8

1.6

10.1

12.4

LIC Housing Finance

Accumulate

517

582

26,111

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

120

23,514

23,532

23,595

2.3

2.4

6.8

12.6

17.6

9.5

2.7

1.9

3.3

6.5

South Ind.Bank

Neutral

2,876

6,435

7,578

2.5

2.7

3.1

7.9

6.9

1.0

0.9

10.1

11.2

St Bk of India

Neutral

232

179,708

88,650

98,335

2.6

13.5

18.8

17.2

12.3

1.6

1.4

7.0

8.5

Union Bank

Neutral

126

8,669

13,450

14,925

2.3

25.5

34.5

5.0

3.7

0.7

0.6

7.5

10.2

Yes Bank

Neutral

1,265

53,248

8,978

11,281

3.3

3.4

74.0

90.0

17.1

14.1

3.2

2.8

17.0

17.2

FMCG

Asian Paints

Neutral

1,130

108,418

17,128

18,978

16.8

16.4

19.1

20.7

59.2

54.6

20.6

19.4

34.8

35.5

6.3

5.7

Britannia

Neutral

3,105

37,247

9,795

10,940

14.1

80.3

93.0

38.7

33.4

15.9

12.3

41.2

3.7

3.3

Colgate

Neutral

962

26,169

4,605

5,249

22.8

25.2

28.5

38.2

33.8

25.9

23.0

64.8

66.8

5.7

4.9

Dabur India

Neutral

286

50,338

9,405

10,581

18.1

18.3

8.1

9.2

35.3

31.1

9.8

8.2

31.6

31.0

5.1

4.5

GlaxoSmith Con*

Neutral

6,272

26,378

4,959

5,623

17.4

18.0

190.5

219.3

32.9

28.6

9.0

7.8

29.6

29.5

4.8

4.1

Godrej Consumer

Neutral

1,504

51,201

10,335

11,518

18.4

18.6

41.5

46.0

36.2

32.7

8.1

6.9

24.9

24.8

5.1

4.5

HUL

Neutral

925

200,095

35,252

38,495

17.6

17.4

20.4

21.9

45.3

42.2

37.2

32.6

82.2

77.3

5.5

5.1

ITC

Accumulate

247

283

297,727

40,059

44,439

39.0

39.2

9.1

10.1

27.1

24.4

7.4

6.5

27.2

26.5

7.0

6.3

Marico

Neutral

288

37,215

6,730

7,649

17.3

17.5

6.4

7.6

45.1

38.0

13.6

11.5

33.2

32.5

5.5

4.8

Nestle*

Neutral

6,811

65,672

9,393

10,507

22.2

22.3

106.8

121.8

63.8

55.9

22.4

20.2

34.8

36.7

6.9

6.1

Tata Global

Neutral

138

8,694

9,072

9,687

9.4

9.8

7.2

7.8

19.1

17.7

2.1

2.0

7.6

7.9

1.0

0.9

Procter & Gamble

Accumulate

6,822

7,369

22,145

2,939

3,342

23.2

23.0

146.2

163.7

46.7

41.7

104.5

100.2

25.3

23.5

7.1

6.2

Hygiene

www.angelbroking.com

Stock Watch

August 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 )

FY17E FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

HCL Tech^

Buy

818

1,000

115,421

49,242

57,168

20.5

55.7

64.1

14.7

12.8

3.0

2.3

20.3

17.9

2.2

1.8

Infosys

Buy

1,080

1,370

248,059

69,934

79,025

27.5

64.8

72.0

16.7

15.0

3.7

3.3

22.0

22.3

3.0

2.6

TCS

Accumulate

2,674

3,004

526,873

121,684

136,286

27.3

135.0

150.1

19.8

17.8

6.6

6.1

33.2

33.9

4.1

3.6

Tech Mahindra

Buy

497

700

48,254

30,347

33,685

17.0

37.5

41.3

13.3

12.0

2.9

2.5

21.8

20.7

1.3

1.1

Wipro

Buy

542

680

133,999

51,631

55,822

21.7

17.9

35.9

36.9

15.1

14.7

3.2

2.9

19.0

18.1

2.3

2.1

Media

D B Corp

Neutral

407

7,479

2,187

2,329

27.4

28.2

18.9

21.0

21.5

19.4

4.5

3.9

23.7

23.1

3.2

2.9

HT Media

Neutral

1,825

2,673

2,891

13.2

13.8

7.2

8.5

10.9

9.2

0.8

7.8

8.3

0.3

0.1

Jagran Prakashan

Accumulate

184

205

6,018

2,355

2,635

28.0

9.9

10.8

18.6

17.1

3.7

3.2

21.7

2.5

2.2

Sun TV Network

Neutral

460

18,146

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

274

2,011

1,016

1,138

21.5

23.3

25.8

11.8

10.6

1.9

1.7

16.2

15.8

1.3

1.1

Ventures

TV Today Network

Buy

290

363

1,730

637

743

27.5

18.4

21.4

15.8

13.6

2.8

2.3

17.4

17.2

2.4

1.9

Metals & Mining

Coal India

Neutral

338

213,493

84,638

94,297

21.4

22.3

24.5

27.1

13.8

12.5

5.7

5.5

42.6

46.0

2.0

1.8

Hind. Zinc

Neutral

220

92,851

14,252

18,465

55.9

48.3

15.8

21.5

13.9

10.2

2.3

2.0

17.0

20.7

6.5

5.0

Hindalco

Neutral

146

30,097

107,899

112,095

7.4

8.2

9.2

13.0

15.8

11.2

0.8

0.7

4.8

6.6

0.8

0.7

JSW Steel

Neutral

1,709

41,298

53,201

58,779

16.1

16.2

130.6

153.7

13.1

11.1

1.8

1.5

14.0

14.4

1.5

1.3

NMDC

Neutral

100

39,548

6,643

7,284

44.4

47.7

7.1

7.7

14.1

13.0

1.2

8.8

9.2

3.8

3.4

SAIL

Neutral

18,957

47,528

53,738

(0.7)

2.1

(1.9)

2.6

17.7

0.5

(1.6)

3.9

1.3

1.1

Vedanta

Neutral

164

48,754

71,744

81,944

19.2

21.7

13.4

20.1

12.3

8.2

1.1

0.9

8.4

11.3

1.1

0.8

Tata Steel

Neutral

370

35,950

121,374

121,856

7.2

8.4

18.6

34.3

19.9

10.8

1.2

1.1

6.1

10.1

0.9

Oil & Gas

Cairn India

Neutral

191

35,885

9,127

10,632

4.3

20.6

8.8

11.7

21.8

16.4

0.7

3.3

4.2

5.4

4.5

GAIL

Neutral

375

47,587

56,220

65,198

9.3

10.1

27.1

33.3

13.8

11.3

1.3

1.2

9.3

10.7

1.0

0.9

ONGC

Neutral

229

195,921

137,222

152,563

15.0

21.8

19.5

24.1

11.7

9.5

1.0

8.5

10.1

1.7

1.5

Indian Oil Corp

Neutral

539

130,867

373,359

428,656

5.9

5.5

54.0

59.3

10.0

9.1

1.5

1.4

16.0

15.6

0.5

0.4

Reliance Industries

Neutral

1,003

325,152

301,963

358,039

12.1

12.6

87.7

101.7

11.4

9.9

1.2

1.1

10.7

11.3

1.6

1.3

Pharmaceuticals

Alembic Pharma

Neutral

635

11,967

3,483

4,083

20.2

21.4

24.3

30.4

26.1

20.9

6.0

4.7

25.5

25.3

3.4

2.8

Aurobindo Pharma

Accumulate

748

877

43,747

15,720

18,078

23.7

41.4

47.3

18.1

15.8

4.7

3.7

29.6

26.1

3.1

2.7

Sanofi India*

Neutral

4,412

10,161

2,357

2,692

17.3

153.5

169.2

28.7

26.1

4.9

3.9

25.8

28.4

4.0

3.3

Cadila Healthcare

Accumulate

371

400

37,976

11,126

13,148

22.0

17.1

20.0

21.7

18.6

5.6

4.4

28.8

26.6

3.5

2.9

Cipla

Neutral

522

41,954

15,378

18,089

17.4

18.4

21.6

27.2

24.2

19.2

3.1

2.7

13.7

15.2

3.0

2.5

www.angelbroking.com

Stock Watch

August 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 )

FY17E FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

Pharmaceuticals

Dr Reddy's

Neutral

2,999

51,144

16,043

18,119

23.1

24.7

126.0

157.8

23.8

19.0

3.5

3.0

15.7

17.1

3.2

2.8

Dishman Pharma

Neutral

158

2,552

1,718

1,890

21.7

21.8

8.7

10.4

18.2

15.2

1.6

1.5

9.3

10.2

2.0

1.8

GSK Pharma*

Neutral

3,076

26,053

3,528

3,811

16.6

18.8

51.8

59.4

51.8

15.9

15.8

26.3

30.6

7.2

6.7

Indoco Remedies

Sell

322

225

2,970

1,112

1,289

18.2

13.2

15.6

24.4

20.7

4.3

3.7

19.2

2.8

2.4

Ipca labs

Buy

502

613

6,338

3,303

3,799

15.3

17.3

19.7

29.0

25.5

2.5

2.3

9.1

9.4

2.1

1.8

Lupin

Accumulate

1,545

1,809

69,657

15,912

18,644

26.4

26.7

58.1

69.3

26.6

22.3

5.2

4.2

21.4

20.9

4.6

3.8

Sun Pharma

Accumulate

817

944

196,711

31,129

35,258

30.0

30.9

28.0

32.8

29.2

24.9

4.5

3.7

18.7

18.9

6.0

5.1

Power

Tata Power

Neutral

20,014

36,916

39,557

17.4

27.1

5.1

6.3

14.5

11.8

1.3

1.2

9.0

10.3

1.6

1.4

NTPC

Neutral

158

130,031

86,605

95,545

17.5

20.8

11.8

13.4

11.8

1.4

1.3

10.5

11.1

2.9

Power Grid

Neutral

174

91,239

25,763

29,762

74.3

73.1

14.8

17.3

11.8

10.1

1.8

1.6

16.9

17.5

7.8

7.5

Real Estate

MLIFE

Buy

427

554

1,752

925

1,139

18.4

22.3

18.3

33.8

23.3

12.6

1.1

1.0

4.9

8.5

2.6

2.0

Telecom

Bharti Airtel

Neutral

346

138,230

105,086

114,808

34.5

34.7

12.2

16.4

28.3

21.1

1.9

1.8

6.8

8.4

2.2

2.0

Idea Cellular

Neutral

33,469

40,133

43,731

37.2

37.1

6.4

6.5

14.5

14.3

1.2

1.1

8.2

7.6

1.9

1.6

zOthers

Abbott India

Neutral

4,698

9,982

3,153

3,583

14.1

14.4

152.2

182.7

30.9

25.7

151.5

129.4

25.6

26.1

2.9

2.5

Bajaj Electricals

Accumulate

275

299

2,778

5,351

6,098

5.7

5.9

12.4

15.7

22.2

17.5

3.2

2.8

14.4

16.1

0.5

Finolex Cables

Neutral

404

6,171

2,883

3,115

12.0

12.1

14.2

18.6

28.4

21.7

15.1

13.2

15.8

14.6

1.8

1.6

Goodyear India*

Buy

532

631

1,227

1,598

1,704

10.4

10.2

49.4

52.6

10.8

10.1

49.7

43.6

18.2

17.0

0.5

61.0

Hitachi

Neutral

1,426

3,877

2,081

2,433

8.8

8.9

33.4

39.9

42.7

35.7

34.4

28.7

22.1

21.4

1.9

1.6

Jyothy Laboratories

Neutral

286

5,186

1,440

2,052

11.5

13.0

8.5

10.0

33.7

28.6

8.2

7.6

18.6

19.3

3.9

2.7

Page Industries

Neutral

13,998

15,613

2,450

3,124

20.1

17.6

299.0

310.0

46.8

45.2

311.8

238.0

47.1

87.5

6.5

5.1

Relaxo Footwears

Neutral

467

5,600

2,085

2,469

9.2

8.2

7.6

8.0

61.7

58.7

23.9

20.4

17.9

18.8

2.8

2.4

Siyaram Silk Mills

Buy

1,069

1,347

1,002

1,799

2,040

11.6

11.7

104.9

122.4

10.2

8.7

1.7

1.4

16.4

0.8

0.7

Styrolution ABS India*

Neutral

622

1,094

1,440

1,537

9.2

9.0

40.6

42.6

15.3

14.6

39.1

35.6

12.3

11.6

0.7

0.6

TVS Srichakra

Buy

2,414

2,932

1,848

2,304

2,614

13.7

13.8

231.1

266.6

10.4

9.1

271.2

213.5

33.9

29.3

0.8

0.7

HSIL

Neutral

337

2,437

2,384

2,515

15.8

16.3

15.3

19.4

22.0

17.4

21.9

18.8

7.8

9.3

1.2

1.1

Kirloskar Engines India

Neutral

282

4,078

2,554

2,800

9.9

10.0

10.5

12.1

26.9

23.3

11.2

10.6

10.7

11.7

1.2

1.1

Ltd

M M Forgings

Neutral

452

546

608

20.4

20.7

41.3

48.7

11.0

9.3

61.9

54.8

16.6

17.0

0.9

0.8

Banco Products (India)

Neutral

196

1,400

1,353

1,471

12.3

12.4

14.5

16.3

13.5

12.0

18.7

16.8

14.5

14.6

1.0

106.9

Competent Automobiles Neutral

158

1,137

1,256

3.1

2.7

28.0

23.6

5.7

6.7

30.4

27.5

14.3

11.5

0.1

www.angelbroking.com

Stock Watch

August 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 )

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

zOthers

Nilkamal

Neutral

1,175

1,753

1,995

2,165

10.7

10.4

69.8

80.6

16.8

14.6

67.2

58.3

16.6

16.5

0.9

0.8

Visaka Industries

Neutral

153

243

1,051

1,138

10.3

10.4

21.0

23.1

7.3

6.6

19.6

18.4

9.0

9.2

0.5

Transport Corporation of

Neutral

342

2,620

2,671

2,911

8.5

8.8

13.9

15.7

24.7

21.9

3.4

3.0

13.7

13.8

1.1

1.0

India

Elecon Engineering

Accumulate

607

1,482

1,660

13.7

14.5

3.9

5.8

14.3

9.6

3.4

3.1

7.8

10.9

0.7

0.6

Surya Roshni

Buy

168

201

737

3,342

3,625

7.8

7.5

17.3

19.8

9.7

8.5

18.5

14.8

10.5

10.8

0.5

0.4

MT Educare

Neutral

147

584

366

417

17.7

18.2

9.4

10.8

15.6

13.6

3.5

3.0

22.2

22.3

1.5

1.3

Radico Khaitan

Buy

125

1,223

1,659

1,802

13.0

13.2

6.3

7.4

14.5

12.5

1.3

1.2

8.6

9.3

1.2

1.1

Garware Wall Ropes

Neutral

470

1,027

898

997

11.9

11.7

29.0

32.9

16.2

14.3

2.4

2.1

14.9

14.6

1.1

1.0

Wonderla Holidays

Neutral

405

2,289

287

355

38.0

40.0

11.3

14.2

35.9

28.5

5.1

4.5

21.4

23.9

7.6

6.2

Linc Pen & Plastics

Neutral

257

380

382

416

9.1

13.1

14.7

19.6

17.5

3.3

2.9

16.7

16.3

1.1

1.0

The Byke Hospitality

Neutral

160

643

287

384

20.5

7.6

10.7

21.1

15.0

4.4

3.6

20.7

23.5

2.3

1.7

Interglobe Aviation

Neutral

801

28,850

21,122

26,005

14.5

27.6

110.7

132.1

7.2

6.1

43.3

30.9

168.5

201.1

1.4

1.1

Coffee Day Enterprises

Neutral

237

4,889

2,964

3,260

20.5

21.2

4.7

8.0

29.7

2.7

2.5

5.5

8.5

2.1

1.9

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

2.4

2.2

Navkar Corporation

Buy

194

265

2,764

408

612

42.9

42.3

6.8

11.5

28.6

16.9

2.0

1.8

6.9

10.5

8.0

5.3

UFO Moviez

Neutral

520

1,435

619

685

33.2

33.4

30.0

34.9

17.4

14.9

2.4

2.1

13.8

13.9

2.0

1.7

VRL Logistics

Neutral

288

2,626

1,902

2,119

16.7

16.6

14.6

16.8

19.8

17.1

4.3

3.8

21.9

22.2

1.6

1.4

Team Lease Serv.

Neutral

1,099

1,880

3,229

4,001

1.5

1.8

22.8

32.8

48.3

33.5

5.2

4.5

10.7

13.4

0.5

0.4

S H Kelkar & Co.

Neutral

260

3,761

1,036

1,160

15.1

15.0

6.1

7.2

42.6

36.2

4.6

4.2

10.7

11.5

3.5

3.1

Quick Heal

Neutral

245

1,717

408

495

27.3

27.0

7.7

8.8

31.7

27.9

2.9

9.3

10.6

3.4

2.8

Narayana Hrudaya

Neutral

319

6,516

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

688

3,445

836

1,087

19.6

19.4

16.9

23.8

40.7

28.9

4.9

4.3

12.0

14.8

3.9

2.9

Parag Milk Foods

Neutral

331

2,783

1,919

2,231

9.3

9.6

9.5

12.9

35.0

25.6

5.4

4.5

15.5

17.5

1.6

1.4

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

www.angelbroking.com

Market Outlook

August 11, 2016

Research Team Tel: 022 - 39357800

E-mail: [email protected]

Website: www.angelbroking.com

DISCLAIMER

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

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

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

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

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

/dealing in securities Market. Angel or its associates/analyst has not received any compensation / managed or

co-managed public offering of securities of the company covered by Analyst during the past twelve months.

This document is solely for the personal information of the recipient, and must not be singularly used as the basis of any investment

decision. Nothing in this document should be construed as investment or financial advice. Each recipient of this document should make

such investigations as they deem necessary to arrive at an independent evaluation of an investment in the securities of the companies

referred to in this document (including the merits and risks involved), and should consult their own advisors to determine the merits and

risks of such an investment.

Reports based on technical and derivative analysis center on studying charts of a stock's price movement, outstanding positions and

trading volume, as opposed to focusing on a company's fundamentals and, as such, may not match with a report on a company's

fundamentals. Investors are advised to refer the Fundamental and Technical Research Reports available on our website to evaluate the

contrary view, if any.

The information in this document has been printed on the basis of publicly available information, internal data and other reliable

sources believed to be true, but we do not represent that it is accurate or complete and it should not be relied on as such, as this

document is for general guidance only. Angel Broking Pvt. Limited or any of its affiliates/ group companies shall not be in any way

responsible for any loss or damage that may arise to any person from any inadvertent error in the information contained in this report.

Angel Broking Pvt. Limited has not independently verified all the information contained within this document. Accordingly, we cannot

testify, nor make any representation or warranty, express or implied, to the accuracy, contents or data contained within this document.

While Angel Broking Pvt. Limited endeavors to update on a reasonable basis the information discussed in this material, there may be

regulatory, compliance, or other reasons that prevent us from doing so.

This document is being supplied to you solely for your information, and its contents, information or data may not be reproduced,

redistributed or passed on, directly or indirectly.

Neither Angel Broking Pvt. Limited, nor its directors, employees or affiliates shall be liable for any loss or damage that may arise from

or in connection with the use of this information.