Market Outlook
July 14, 2016
Market Cues
Domestic Indices
Chg (%)
(Pts)
(Close)
Indian markets are expected to open flat tracking SGX Nifty.
BSE Sensex
0.0
7
27,815
Nifty
(0.0)
(2)
8,520
US market closed mixed on Wednesday with Dowjones closing up by 24 points while
the NASDAQ closed down by 17 points. After posting strong gains in the past few
Mid Cap
(0.6)
(67)
12,050
trading sessions, lack of any major announcement or economic data left the
Small Cap
(0.8)
(100)
11,981
market’s direction less.
Bankex
(0.3)
(61)
21,341
European shares remained weak as investors stayed away from taking positions
ahead of crucial meeting by Bank Of England, where the apex bank will take the
Global Indices
Chg (%)
(Pts)
(Close)
decision regarding the future interest rates.
Dow Jones
0.1
24
18,372
Indian markets remained flat on Wednesday and lacked direction. Though ONGC
Nasdaq
(0.3)
(17)
5,006
gained after news of staggered hike in Kerosene prices, the gain was negated by
FTSE
(0.2)
(10)
6,670
weakness in banking stocks and other large stocks like Ultrtaech, Power grid and
Nikkei
0.8
136
16,231
BPCL etc which saw selling pressure.
Hang Seng
0.5
98
21,322
News Analysis
Shanghai Com
0.4
11
3,061
Govt to divest 15% in NBCC
TCS results 1QFY17 Preview
Detailed analysis on Pg2
Advances / Declines
BSE
NSE
Advances
1,007
500
Investor’s Ready Reckoner
Declines
1,746
1100
Key Domestic & Global Indicators
Unchanged
156
58
Stock Watch: Latest investment recommendations on 150+ stocks
Refer Pg6 onwards
Volumes (` Cr)
Top Picks
BSE
3,941
CMP
Target
Upside
Company
Sector
Rating
NSE
21,204
(`)
(`)
(%)
Amara Raja
Auto/Auto Ancillary
Buy
870
1,076
23.6
HCL Tech
IT
Buy
720
1,000
38.9
Net Inflows (` Cr)
Net
Mtd
Ytd
LIC Housing
Financials
Buy
511
592
15.7
FII
365
1,820
21,365
Bharat Electronics
Capital Goods
Accumulate
1,246
1,414
13.5
MFs
35
251
9287
Navkar Corporation Others
Buy
208
265
27.6
More Top Picks on Pg4
Top Gainers
Price (`)
Chg (%)
Balkrisind
712
7.3
Key Upcoming Events
Previous
Consensus
Gmdcltd
82
6.0
Date
Region
Event Description
Reading
Expectations
Gmrinfra
15
5.3
July 14 China
Exports YoY%
(4.8)
(5.0)
Escorts
238
5.3
July 14 UK
BOE Announces rates
0.5
0.3
Mrpl
72
4.9
July 14 Euro Zone
Euro Zone CPI YoY
0.1
0.1
June 15 India
Monthly Wholesale Prices YoY%
0.8
1.2
6.(
More Events on Pg5
Top Losers
Price (`)
Chg (%)
Tv18Brdcst
41
(13.0)
Network18
43
(9.6)
Dcbbank
100
(5.4)
Manappuram
74
(5.0)
Rtnpower
11
(4.6)
As on July 13, 2016
www.angelbroking.com
Market Outlook
July 14, 2016
Govt to divest 15% in NBCC, aims to raise `1,706cr;
The cabinet on Wednesday approved the 15% stake sale in NBCC in which the
Govt holds 90% stake. According to SEBI guidelines the minimum public holding in
the listed company has to be minimum 75% and this stake sell will help the
company in meeting the guidelines.
Early this month the Govt announced to build seven housing colonies to double the
existing units from 12,970 to 25,667 at a total cost of `32,835 cr. NBCC is a
strong players in the redevelopment work by Govt and hence likely to get a lion
share of the order and hence we have seen a sharp rise in the stock price in the
last one week.
NBCC has been on our top pick in the infra segment and our target has been
archived on the stock. At the current price the stock trades at 21x its FY18E EPS of
`11. Despite sharp run up in the stock investors with long-term horizon can hold
on to the stock as new expected orders brings more earnings visibility going
ahead.
Result Preview
TCS (CMP: `2,491/ TP: `3,004/Upside: 20.6%)
TCS is slated to announce its 1QFY2017 results today. We expect the
company to post 3.2% sequential growth in USD revenues to US$4,375mn,
mostly volume lead. In rupee terms, revenues are expected to come in at
`29,362cr, up 3.2% qoq. EBITDA margin is expected to show decline of
~95bp qoq to end at 26.5%. Consequently, PAT is expected to be at
`6,151cr, a de-growth of 3.0% qoq. We maintain our buy rating on the stock
with a target price of `3,004.
Y/E
Sales OPM
PAT EPS ROE P/E P/BV EV/EBITDA EV/Sales
March
(` cr)
(%)
(` cr)
(`)
(%) (x) (x)
(x)
(x)
FY2017E 1,22,770 28.3 27,598 141.0 34.6 17.7
6.1
12.7
3.6
FY2018E 1,38,730 28.3 30,941 158.9 35.5 15.8
5.6
11.0
3.1
Economic and Political News
Navi Mumbai airport gets green signal.
Traders call off strike against anomalies in APMC Act
SC restores Cong Govt in Arunachal Pradesh
Corporate News
Tata Motors aims to be among the top 3 in the country
HCC becomes to the first corporate to get benefit of S4A by banks.
India Ratings reaffirmed AAA ratings on SBI,BoB,Union Bank of India and
Canara Bank
Mining lease of Pottangi bauxite mines granted to NALCO
Greaves Cotton foyas into multi brand spares business
Govt to raise `1,706 cr from stake sell in NBCC
www.angelbroking.com
Market Outlook
July 14, 2016
Quarterly Bloomberg Brokers Consensus Estimate
Tata Consultancy Services Ltd Consol - July 14, 2016
Particulars (` cr)
1QFY17E
1QFY16
y-o-y (%)
4QFY16
q-o-q (%)
Net sales
29,281
25,668
14.1
28,449
2.9
EBITDA
7,723
7,202
7.2
7,887
(2.1)
EBITDA margin (%)
26.4
28.1
27.7
Net profit
6,058
5,684
6.6
6,413
(5.5)
LIC Housing Finance Ltd - July 15, 2016
Particulars (` cr)
1QFY17E
1QFY16
y-o-y (%)
4QFY16
q-o-q (%)
PAT
457
382
19.5
448
1.9
Reliance Industries Ltd - July 15, 2016
Particulars (` cr)
1QFY17E
1QFY16
y-o-y (%)
4QFY16
q-o-q (%)
Net sales
57,426
65,817
(12.7)
49,957
15.0
EBITDA
9,817
9,307
5.5
10,727
(8.5)
EBITDA margin (%)
17.1
14.1
21.5
Net profit
6,549
6,318
3.7
7,320
(10.5)
Infosys Ltd Consol - July 15, 2016
Particulars (` cr)
1QFY17E
1QFY16
y-o-y (%)
4QFY16
q-o-q (%)
Net sales
17,046
14,354
18.8
16,550
3.0
EBITDA
4,457
3,760
18.5
4,639
(3.9)
EBITDA margin (%)
26.1
26.2
28.0
Net profit
3,430
3,030
13.2
3,597
(4.6)
Exide Industries Ltd - July 18, 2016
Particulars (` cr)
1QFY17E
1QFY16
y-o-y (%)
4QFY16
q-o-q (%)
Net sales
1,940
1,795
8.1
1,756
10.5
EBITDA
302
266
13.6
267
13.0
EBITDA margin (%)
15.6
14.8
15.2
Net profit
184
155
18.8
178
3.9
www.angelbroking.com
Market Outlook
July 14, 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
14,866
870
1,076
23.6
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
29,911
1,246
1,414
13.5
strong market positioning, indicate good times ahead for BEL.
HCL Tech
1,01,546
720
1,000
38.9
Stock is trading at attractive valuations & factors all bad news.
Strong visibility for a robust 20% earnings trajectory, coupled
HDFC Bank
3,02,353
1,194
1,262
5.7
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% to
Infosys
2,74,060
1,193
1,374
15.2
be a US$20bn in FY2020.
Continues to grow its retail loan book at healthy pace with
LIC Housing Fin.
25,808
511
592
15.7
improvement in asset quality. Expect LICHF to post a healthy
loan book which is likely to reflect in a strong earnings growth.
Huge bid pipeline of re-development works at Delhi and other
NBCC
13,785
230
242
5.3
State Governments and opportunity from Smart City, positions
NBCC to report strong growth, going forward.
Strong market positioning within the domestic AC markets to
Voltas
10,712
324
407
25.7
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
2,428
240
268
11.6
Improved profitability backed by turn around in E&P segment.
Strong order book lends earnings visibility.
Favourable outlook for AC industry to augur well for Cooling
Blue Star
4,025
447
495
10.6
products business. EMPPAC division's profitability to improve
once operating environment turns around.
With a focus on the low and medium income (LMI) consumer
Dewan Housing
6,244
214
270
26.2
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
5,851
174
235
34.7
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
1,221
529
631
19.2
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
2,753
84
93
11.1
cycle, to lead to stock re-rating
Economic recovery to have favourable impact on advertising &
Jagran Prakashan
5,858
179
205
14.4
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
1,941
473
554
17.1
in short-to-long run, attractive valuations
Massive capacity expansion along with rail advantage at ICD
Navkar Corporation
2,961
208
265
27.6
as well CFS augurs well for the company
Earnings boost on back of stable material prices and
Radico Khaitan
1,218
92
125
36.5
favourable pricing environment. Valuation discount to peers
provides additional comfort
Strong brands and distribution network would boost growth
Siyaram Silk Mills
995
1,062
1,347
26.9
going ahead. Stock currently trades at an inexpensive
valuation.
Source: Company, Angel Research
www.angelbroking.com
Market Outlook
July 14, 2016
Key Upcoming Events
Global economic events release calendar
Bloomberg Data
Date
Time
Country
Event Description
Unit
Period
Last Reported
Estimated
Jul 14, 2016
1:04 PM
China Exports YoY%
% Change
Jun
-4.80
(5.00)
4:30 PM
UK BOE Announces rates
% Ratio
Jul 14
0.50
0.25
2:30 PM Euro Zone Euro-Zone CPI (YoY)
%
Jun F
0.10
0.10
US
Producer Price Index (mom)
% Change
Jun
0.50
Jul 15, 2016
12:00 PM
India
Monthly Wholesale Prices YoY%
% Change
Jun
0.79
1.20
6:00 PM
US
Consumer price index (mom)
% Change
Jun
0.20
0.20
6:45 PM
US
Industrial Production
%
Jun
-0.42
0.30
7:30 AM
China Industrial Production (YoY)
% Change
Jun
6.00
5.90
7:30 AM
China Real GDP (YoY)
% Change
2Q
6.70
6.60
Jul 19, 2016
6:00 PM
US
Housing Starts
Thousands
Jun
1164.00
1,168.00
6:00 PM
US
Building permits
Thousands
Jun
1136.00
1,150.00
2:00 PM
UK CPI (YoY)
% Change
Jun
0.30
Jul 20, 2016
2:00 PM
UK Jobless claims change
% Change
Jun
(0.40)
7:30 PM Euro Zone Euro-Zone Consumer Confidence
Value
Jul A
(7.30)
Jul 21, 2016
5:15 PM Euro Zone ECB announces interest rates
%
Jul 21
-
7:30 PM
US
Existing home sales
Million
Jun
5.53
5.46
Jul 22, 2016
1:00 PM Germany PMI Services
Value
Jul P
53.70
1:00 PM Germany PMI Manufacturing
Value
Jul P
54.50
Jul 26, 2016
7:30 PM
US
Consumer Confidence
S.A./ 1985=100
Jul
98.00
96.00
Source: Bloomberg, Angel Research
www.angelbroking.com
www.angelbroking.com
Stock Watch
July 14, 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
209
-
4,065
1,612
1,911
13.3
13.3
7.4
9.5
28.3
22.0
4.5
4.0
16.7
18.4
2.6
2.2
United Phosphorus
Buy
561
684
24,028
13,083
15,176
18.5
18.5
31.5
37.4
17.8
15.0
3.5
2.9
21.4
21.4
2.0
1.7
Auto & Auto Ancillary
Ashok Leyland
Buy
91
111
25,883
17,995
21,544
11.4
11.6
3.4
4.7
26.8
19.4
4.7
4.3
17.7
22.2
1.4
1.2
Bajaj Auto
Neutral
2,656
-
76,846
22,709
25,860
20.9
20.1
129.0
143.6
20.6
18.5
6.3
5.4
30.7
29.4
2.9
2.5
Bharat Forge
Buy
747
875
17,378
7,351
8,318
19.9
19.7
31.2
36.5
23.9
20.5
4.3
3.6
19.3
19.2
2.5
2.2
Eicher Motors
Neutral
19,500
-
52,964
15,556
16,747
15.5
17.3
464.8
597.5
42.0
32.6
15.3
11.3
36.2
34.3
3.4
3.1
Gabriel India
Neutral
99
-
1,418
1,415
1,544
8.7
9.0
4.6
5.4
21.5
18.3
3.9
3.5
18.1
18.9
1.0
0.9
Hero Motocorp
Neutral
3,236
-
64,610
28,244
30,532
15.5
15.9
156.7
168.5
20.7
19.2
8.2
7.0
39.9
36.4
2.1
1.9
Jamna Auto Industries Neutral
170
-
1,355
1,281
1,473
11.2
11.5
7.6
9.2
22.3
18.4
5.6
4.6
25.4
25.2
1.1
1.0
L G Balakrishnan & Bros Neutral
484
-
760
1,254
1,394
11.6
11.8
35.9
41.7
13.5
11.6
1.8
1.6
13.5
13.8
0.7
0.7
Mahindra and Mahindra Neutral
1,464
-
90,953
38,416
42,904
13.7
13.9
54.8
63.4
26.7
23.1
4.1
3.7
15.4
15.8
2.0
1.8
Maruti
Neutral
4,320
-
130,502
57,865
68,104
16.4
16.7
176.3
225.5
24.5
19.2
4.8
4.1
19.4
21.2
2.1
1.7
Minda Industries
Neutral
1,160
-
1,840
2,523
2,890
8.7
9.0
55.0
65.4
21.1
17.7
4.1
3.3
19.3
18.7
0.8
0.7
Motherson Sumi
Accumulate
295
313
39,041
39,343
45,100
8.8
9.1
10.1
12.5
29.2
23.6
9.3
7.3
35.3
34.4
1.1
0.9
Rane Brake Lining
Buy
405
465
321
454
511
11.5
12.0
25.2
31.0
16.1
13.1
2.4
2.2
14.9
16.6
0.8
0.8
Setco Automotive
Neutral
48
-
646
594
741
12.7
13.7
1.7
3.2
28.4
15.1
3.0
2.6
10.4
16.9
1.5
1.3
Tata Motors
Neutral
480
-
138,571
259,686
273,957
13.0
13.4
25.9
29.5
18.5
16.3
2.4
2.1
8.0
9.0
0.7
0.7
TVS Motor
Accumulate
308
330
14,616
11,263
13,122
6.9
8.5
9.2
15.0
33.4
20.5
7.6
6.1
22.7
29.6
1.3
1.1
Amara Raja Batteries
Buy
870
1,076
14,866
4,690
5,429
17.5
17.5
28.5
35.3
30.6
24.6
7.1
5.8
23.1
25.9
3.1
2.7
Exide Industries
Neutral
182
-
15,491
6,950
7,784
14.4
14.8
6.6
7.3
27.6
25.0
3.5
3.2
12.6
12.8
1.9
1.7
Apollo Tyres
Buy
154
183
7,854
12,056
12,714
17.2
16.4
23.0
20.3
6.7
7.6
1.2
1.0
17.7
13.6
0.7
0.7
Ceat
Buy
863
1,119
3,491
6,041
6,597
14.1
13.7
99.5
111.9
8.7
7.7
1.7
1.4
19.6
18.5
0.7
0.6
JK Tyres
Neutral
89
-
2,027
7,446
7,669
15.2
14.0
19.6
18.4
4.6
4.9
1.2
1.0
25.2
19.5
0.7
0.6
Swaraj Engines
Neutral
1,139
-
1,415
552
630
14.2
14.7
44.6
54.1
25.5
21.1
5.9
5.4
23.2
25.6
2.4
2.1
Subros
Neutral
93
-
560
1,293
1,527
11.8
11.9
4.2
6.7
22.2
13.9
1.7
1.5
7.7
11.5
0.8
0.6
Indag Rubber
Neutral
185
-
486
283
329
17.0
17.2
13.0
15.4
14.3
12.0
3.1
2.6
21.8
21.6
1.5
1.2
Capital Goods
ACE
Neutral
45
-
448
660
839
4.7
8.2
1.0
3.9
45.3
11.6
1.4
1.3
3.2
11.3
0.8
0.7
BEML
Buy
882
1,157
3,673
3,277
4,006
6.0
8.9
36.2
64.3
24.4
13.7
1.7
1.5
5.7
11.7
1.2
0.9
Bharat Electronics
Accumulate
1,246
1,414
29,911
7,295
8,137
20.0
16.8
56.5
58.7
22.1
21.2
3.3
2.9
42.1
44.6
3.4
2.9
www.angelbroking.com
Stock Watch
July 14, 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
324
407
10,712
5,857
6,511
7.5
7.9
11.7
12.9
27.7
25.1
4.5
4.0
17.1
16.7
1.8
1.6
BGR Energy
Neutral
124
-
894
3,615
3,181
9.5
9.4
16.7
12.4
7.4
10.0
0.7
0.7
10.0
7.0
0.7
0.8
BHEL
Neutral
142
-
34,646
33,722
35,272
10.8
11.7
10.5
14.2
13.5
10.0
1.0
0.9
7.0
9.0
1.1
1.0
Blue Star
Accumulate
447
495
4,025
3,770
4,351
5.7
6.4
11.4
17.2
39.2
26.1
6.1
5.7
18.4
23.1
1.1
1.0
Crompton Greaves
Neutral
71
-
4,437
13,484
14,687
4.9
6.2
4.5
7.1
15.7
10.0
1.1
1.0
7.2
10.8
0.5
0.4
Greaves Cotton
Neutral
144
-
3,506
1,655
1,755
16.6
16.8
7.4
7.8
19.4
18.4
3.9
3.7
21.1
20.6
2.1
2.0
Inox Wind
Buy
231
286
5,132
4,406
5,605
15.5
15.7
20.4
24.8
11.3
9.3
2.6
1.9
27.9
25.9
1.4
1.1
KEC International
Neutral
142
-
3,657
8,791
9,716
6.1
6.8
5.4
8.2
26.3
17.4
2.6
2.4
10.0
14.0
0.6
0.6
Thermax
Neutral
906
-
10,799
6,413
7,525
7.4
8.5
30.5
39.3
29.7
23.1
4.6
4.0
15.0
17.0
1.6
1.3
VATech Wabag
Accumulate
609
681
3,318
2,722
3,336
7.9
8.1
19.5
24.6
31.2
24.7
3.3
2.9
11.1
12.4
1.3
1.1
Cement
ACC
Neutral
1,613
-
30,283
13,151
14,757
16.4
18.3
63.9
83.4
25.2
19.3
3.3
3.0
13.3
16.1
2.2
1.8
Ambuja Cements
Neutral
261
-
40,435
11,564
12,556
19.4
20.7
8.9
10.1
29.3
25.8
3.7
3.5
12.8
13.8
3.1
2.9
HeidelbergCement
Neutral
118
-
2,670
1,772
1,926
13.3
15.4
1.0
3.0
117.8
39.3
3.0
2.8
2.6
7.9
2.1
1.9
India Cements
Neutral
113
-
3,476
4,216
4,840
18.0
19.5
4.0
9.9
28.3
11.4
1.1
1.0
4.0
9.5
1.2
1.0
JK Cement
Neutral
717
-
5,017
3,661
4,742
10.1
15.8
7.5
28.5
95.7
25.2
2.9
2.6
7.5
22.9
1.8
1.4
J K Lakshmi Cement
Neutral
397
-
4,666
2,947
3,616
16.7
19.9
11.5
27.2
34.5
14.6
3.3
2.8
9.8
20.8
2.0
1.6
Mangalam Cements
Neutral
299
-
799
1,053
1,347
10.5
13.3
8.4
26.0
35.6
11.5
1.5
1.4
4.3
12.5
1.1
0.9
Orient Cement
Neutral
179
-
3,662
1,854
2,524
21.2
22.2
7.7
11.1
23.2
16.1
3.3
2.9
13.3
15.7
2.8
1.9
Ramco Cements
Neutral
578
-
13,766
4,036
4,545
20.8
21.3
15.1
18.8
38.3
30.8
4.7
4.2
12.9
14.3
3.9
3.4
Shree Cement^
Neutral
15,503
-
54,008
7,150
8,742
26.7
28.6
228.0
345.5
68.0
44.9
10.0
8.4
15.7
20.3
7.6
6.1
UltraTech Cement
Neutral
3,435
-
94,265
24,669
29,265
18.2
20.6
82.0
120.0
41.9
28.6
4.5
4.0
11.3
14.7
3.9
3.3
Construction
ITNL
Accumulate
84
93
2,753
7,360
8,682
34.0
32.2
7.0
8.6
12.0
9.7
0.4
0.4
3.2
2.5
3.7
3.6
KNR Constructions
Accumulate
555
603
1,562
937
1,470
14.3
14.0
44.2
38.6
12.6
14.4
2.5
2.2
15.4
15.4
1.8
1.2
Larsen & Toubro
Accumulate
1,549
1,700
144,382
58,870
65,708
8.3
10.3
42.0
53.0
36.9
29.2
2.6
2.3
8.8
11.2
2.7
2.4
Gujarat Pipavav Port
Neutral
192
-
9,260
629
684
51.0
52.2
6.4
5.9
29.9
32.5
3.9
3.6
15.9
12.7
13.8
12.5
MBL Infrastructures
Buy
141
285
583
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
80
-
4,420
7,892
8,842
8.8
9.1
3.0
5.3
26.5
15.0
1.3
1.2
5.0
8.5
0.8
0.7
PNC Infratech
Accumulate
552
647
2,831
1,873
2,288
13.2
13.5
24.0
32.0
23.0
17.3
2.2
2.0
12.1
12.3
1.7
1.4
Simplex Infra
Neutral
310
-
1,533
5,955
6,829
10.3
10.5
16.0
31.0
19.4
10.0
1.0
0.9
5.3
9.9
0.8
0.7
www.angelbroking.com
Stock Watch
July 14, 2016
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( Čcr )
OPM(%)
EPS (Č)
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
(Č)
Price ( Č)
( Č cr )
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
Construction
Power Mech Projects
Neutral
565
-
831
1,539
1,801
12.8
12.7
59.0
72.1
9.6
7.8
1.4
1.2
18.6
16.8
0.5
0.5
Sadbhav Engineering
Neutral
296
-
5,073
3,186
3,598
10.2
10.3
8.0
9.0
37.0
32.9
3.4
3.0
9.4
9.9
1.9
1.7
NBCC
Neutral
230
-
13,785
5,838
7,428
6.0
7.9
5.2
8.2
44.2
28.0
1.4
1.1
21.9
28.2
2.5
1.8
MEP Infra
Neutral
44
-
710
1,956
1,876
28.1
30.5
1.3
3.0
33.6
14.6
7.0
4.7
21.2
32.8
1.8
1.8
SIPL
Neutral
101
-
3,542
675
1,042
62.4
64.7
-
-
3.8
4.3
-
-
17.0
11.4
Engineers India
Neutral
210
-
7,061
1,667
1,725
13.5
16.0
9.7
11.4
21.6
18.4
2.5
2.5
11.7
13.4
3.1
3.1
Financials
Allahabad Bank
Neutral
79
-
5,723
8,569
9,392
2.8
2.9
16.3
27.5
4.9
2.9
0.5
0.4
7.6
11.9
-
-
Axis Bank
Neutral
557
-
132,859
26,204
29,738
3.6
3.5
34.5
35.4
16.1
15.7
2.5
2.3
16.8
14.9
-
-
Bank of Baroda
Neutral
160
-
36,820
18,802
21,088
2.0
2.2
(7.4)
13.0
12.3
1.3
1.0
(4.2)
7.3
-
-
Bank of India
Neutral
112
-
10,471
15,972
17,271
1.9
2.0
15.3
33.4
7.3
3.4
0.3
0.3
3.6
7.6
-
-
Canara Bank
Neutral
240
-
13,026
15,441
16,945
2.0
2.1
46.6
70.4
5.2
3.4
0.5
0.4
8.0
11.2
-
-
Dena Bank
Neutral
41
-
2,734
3,440
3,840
2.1
2.3
7.3
10.0
5.7
4.1
0.4
0.4
6.1
7.9
-
-
Dewan Housing Finance Buy
214
270
6,244
1,828
2,225
2.9
3.0
24.9
29.7
8.6
7.2
1.3
1.2
15.1
16.1
-
-
Equitas Holdings
Buy
174
235
5,851
679
1,076
12.4
11.7
6.2
6.7
28.2
26.0
3.5
2.6
13.3
12.5
-
-
Federal Bank
Neutral
61
-
10,481
3,279
3,787
2.8
2.9
3.9
5.5
15.5
11.0
1.3
1.2
8.4
10.8
-
-
HDFC
Neutral
1,329
-
210,047
10,358
11,852
3.3
3.3
41.1
47.0
32.4
28.3
6.2
5.6
24.7
24.9
-
-
HDFC Bank
Accumulate
1,194
1,262
302,353
38,606
47,696
4.4
4.5
48.8
61.4
24.5
19.5
4.2
3.6
18.7
20.0
-
-
ICICI Bank
Neutral
261
-
151,909
34,279
39,262
3.3
3.3
21.0
24.4
12.5
10.7
2.1
1.8
14.4
14.7
-
-
IDBI Bank
Neutral
74
-
15,297
9,625
10,455
1.8
1.8
8.5
14.2
8.7
5.2
0.5
0.5
5.9
9.3
-
-
Indian Bank
Neutral
154
-
7,418
6,160
6,858
2.5
2.5
24.5
29.8
6.3
5.2
0.5
0.4
7.7
8.6
-
-
LIC Housing Finance
Accumulate
511
592
25,808
3,179
3,758
2.6
2.6
32.9
40.6
15.6
12.6
2.9
2.4
19.6
20.7
-
-
Oriental Bank
Neutral
121
-
4,185
7,643
8,373
2.4
2.4
37.2
45.4
3.3
2.7
0.3
0.3
8.2
9.4
-
-
Punjab Natl.Bank
Neutral
125
-
24,535
23,122
26,022
2.8
2.8
7.0
21.6
17.9
5.8
0.9
0.8
3.4
10.0
-
-
South Ind.Bank
Neutral
22
-
2,991
1,965
2,185
2.5
2.5
2.5
3.3
8.9
6.7
0.9
0.8
9.5
11.7
-
-
St Bk of India
Neutral
227
-
176,370
79,958
86,061
2.6
2.6
13.4
20.7
17.0
11.0
1.4
1.3
11.5
12.8
-
-
Union Bank
Neutral
135
-
9,284
12,646
14,129
2.3
2.4
31.0
39.1
4.4
3.5
0.5
0.4
9.8
11.4
-
-
Vijaya Bank
Neutral
42
-
4,200
3,536
3,827
1.9
1.9
5.5
6.7
7.6
6.3
0.6
0.6
7.8
8.8
-
-
Yes Bank
Neutral
1,147
-
48,305
7,190
9,011
3.2
3.3
58.2
69.7
19.7
16.5
3.5
3.0
19.2
19.6
-
-
FMCG
Asian Paints
Neutral
1,010
-
96,831
15,534
17,445
17.7
16.8
18.4
19.6
55.0
51.5
19.4
18.3
34.6
35.6
6.2
5.5
www.angelbroking.com
Stock Watch
July 14, 2016
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( Čcr )
OPM(%)
EPS (Č)
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
(Č)
Price ( Č)
( Č cr )
FY16E FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FMCG
Britannia
Neutral
2,868
-
34,406
8,481
9,795
14.0
14.1
65.5
78.3
43.8
36.6
20.7
17.0
38.3
41.2
4.0
3.4
Colgate
Neutral
924
-
25,140
4,136
4,632
22.5
23.3
22.2
25.3
41.6
36.5
25.3
22.5
68.6
67.5
6.0
5.4
Dabur India
Neutral
317
-
55,730
9,370
10,265
17.6
17.3
7.3
8.1
43.2
39.1
11.2
10.3
31.7
30.6
5.7
5.2
GlaxoSmith Con*
Neutral
6,213
-
26,127
4,519
5,142
19.6
19.8
164.3
191.2
37.8
32.5
10.5
8.9
30.8
29.9
5.2
4.5
Godrej Consumer
Neutral
1,602
-
54,545
9,003
10,335
18.1
18.7
34.1
41.8
47.0
38.3
10.2
8.7
23.9
24.8
6.3
5.5
HUL
Neutral
925
-
200,258
33,299
35,497
17.1
17.1
18.9
20.0
49.0
46.3
42.9
37.4
87.6
80.8
5.8
5.4
ITC
Neutral
247
-
298,149
36,837
39,726
38.8
38.7
8.2
9.0
30.3
27.5
8.5
7.4
27.8
26.9
7.6
7.0
Marico
Neutral
278
-
35,912
6,151
6,966
17.2
17.3
5.4
6.4
51.6
43.5
16.2
12.8
33.2
32.4
5.6
5.0
Nestle*
Neutral
6,582
-
63,464
9,393
10,507
22.2
22.3
106.8
121.8
61.6
54.0
21.7
19.5
34.8
36.7
6.4
5.7
Tata Global
Neutral
132
-
8,340
8,635
9,072
9.8
9.9
5.8
7.2
22.8
18.4
2.0
1.9
6.8
7.4
1.0
1.0
Procter & Gamble
Buy
6,200
7,369
20,126
2,588
2,939
23.3
23.2
130.2
146.2
47.6
42.4
95.0
91.0
27.6
25.3
7.4
6.5
Hygiene
IT
HCL Tech^
Buy
720
1,000
101,546
37,061
30,781
21.5
20.5
51.4
40.0
14.0
18.0
3.6
2.6
20.1
20.3
2.5
2.6
Infosys
Buy
1,193
1,374
274,060
62,441
70,558
27.5
27.5
59.0
65.3
20.2
18.3
4.1
3.7
22.2
22.4
3.8
3.2
TCS
Buy
2,491
3,004
490,912
108,646
122,770
28.3
28.3
123.7
141.0
20.1
17.7
6.7
6.1
33.1
34.6
4.0
3.5
Tech Mahindra
Buy
507
700
49,191
26,494
30,347
16.3
17.0
32.2
37.5
15.7
13.5
3.4
3.0
21.7
21.8
1.6
1.4
Wipro
Buy
574
680
141,794
50,808
56,189
23.7
23.8
37.3
40.7
15.4
14.1
2.9
2.7
19.2
17.7
2.2
1.9
Media
D B Corp
Neutral
376
-
6,910
2,025
2,187
27.4
27.4
17.4
18.9
21.6
19.9
4.9
4.4
22.9
23.7
3.4
3.1
HT Media
Neutral
81
-
1,896
2,495
2,673
12.9
13.2
6.8
7.2
12.0
11.3
0.9
0.9
7.5
7.8
0.4
0.3
Jagran Prakashan
Accumulate
179
205
5,858
2,107
2,355
33.5
28.0
10.1
10.8
17.8
16.6
4.2
3.6
23.3
21.7
2.9
2.6
Sun TV Network
Neutral
372
-
14,672
2,510
2,763
71.8
71.5
21.9
24.8
17.0
15.0
4.0
3.6
22.8
24.3
5.4
4.9
Hindustan Media
Neutral
272
-
1,995
914
1,016
21.7
21.5
21.9
23.3
12.4
11.7
2.2
1.9
18.0
16.2
1.6
1.4
Ventures
Metals & Mining
Coal India
Buy
323
380
204,145
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
1.7
Hind. Zinc
Neutral
194
-
81,760
14,641
14,026
50.4
50.4
17.7
16.0
11.0
12.1
1.7
1.5
16.2
13.2
3.3
3.2
Hindalco
Neutral
136
-
28,032
104,356
111,186
8.7
9.5
6.7
11.1
20.2
12.3
0.7
0.7
3.5
5.9
0.8
0.7
JSW Steel
Neutral
1,558
-
37,659
42,308
45,147
16.4
20.7
(10.3)
49.5
31.5
1.7
1.7
(1.0)
5.6
1.9
1.8
NMDC
Neutral
98
-
38,775
8,237
10,893
46.6
44.5
10.0
11.7
9.8
8.4
1.1
1.0
12.5
13.0
4.5
3.4
SAIL
Neutral
50
-
20,547
45,915
53,954
7.2
10.5
1.5
4.4
33.0
11.4
0.5
0.5
2.3
4.1
1.1
1.0
Vedanta
Neutral
164
-
48,488
71,445
81,910
26.2
26.3
12.9
19.2
12.7
8.5
0.9
0.8
7.2
8.9
1.1
0.9
Tata Steel
Neutral
358
-
34,740
126,760
137,307
8.9
11.3
6.4
23.1
56.2
15.5
1.1
1.1
2.0
7.1
0.8
0.8
www.angelbroking.com
Stock Watch
July 14, 2016
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( Čcr )
OPM(%)
EPS (Č)
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
(Č)
Price ( Č)
( Č cr )
FY16E FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
Oil & Gas
Cairn India
Neutral
166
-
31,207
11,323
12,490
49.4
51.0
20.7
20.7
8.0
8.1
0.5
0.5
6.4
6.1
1.8
1.1
GAIL
Neutral
390
-
49,490
64,856
70,933
9.1
9.6
24.0
28.9
16.3
13.5
1.4
1.3
8.8
9.6
0.9
0.8
ONGC
Neutral
235
-
200,712
154,564
145,998
36.8
37.4
20.8
22.6
11.3
10.4
1.1
1.0
10.1
9.7
1.5
1.6
Petronet LNG
Neutral
288
-
21,578
29,691
31,188
5.8
6.2
12.8
13.4
22.5
21.4
3.4
3.0
15.8
14.8
0.8
0.8
Indian Oil Corp
Neutral
479
-
116,287
359,607
402,760
5.9
6.1
42.5
48.7
11.3
9.8
1.5
1.3
14.1
14.4
0.4
0.4
Reliance Industries
Neutral
1,008
-
326,984
304,775
344,392
12.6
13.4
91.3
102.6
11.1
9.8
1.2
1.1
11.8
12.0
1.0
0.8
Pharmaceuticals
Alembic Pharma
Neutral
588
-
11,084
3,145
3,483
31.9
16.2
38.2
18.7
15.4
31.4
6.9
5.8
57.9
20.1
3.5
3.2
Aurobindo Pharma
Neutral
774
-
45,301
13,651
15,702
21.7
21.7
33.9
38.4
22.8
20.2
6.4
5.0
32.5
27.7
3.6
3.2
Aventis*
Neutral
4,589
-
10,569
2,049
2,375
15.4
17.3
115.4
153.5
39.8
29.9
6.5
5.1
19.3
25.8
4.9
4.1
Cadila Healthcare
Accumulate
360
400
36,839
9,469
11,246
21.2
22.0
14.9
17.1
24.2
21.0
6.9
5.4
28.8
26.6
4.0
3.3
Cipla
Neutral
515
-
41,404
13,372
15,378
16.4
17.4
18.8
21.6
27.4
23.9
3.5
3.1
13.3
13.7
3.1
3.0
Dr Reddy's
Neutral
3,608
-
61,527
15,471
17,479
24.6
24.6
138.2
152.4
26.1
23.7
4.8
4.1
19.7
18.7
3.9
3.5
Dishman Pharma
Neutral
133
-
2,151
1,733
1,906
21.5
21.5
10.1
10.0
13.2
13.3
1.6
1.4
10.5
11.2
1.8
1.5
GSK Pharma*
Neutral
3,505
-
29,691
2,741
3,528
16.5
18.9
44.2
60.1
79.3
58.3
17.5
17.4
21.2
29.9
10.5
8.2
Indoco Remedies
Neutral
286
-
2,634
977
1,112
14.9
18.2
9.0
13.2
31.8
21.7
4.5
3.9
15.1
19.2
2.8
2.5
Ipca labs
Buy
462
613
5,823
2,844
3,799
10.6
15.3
10.6
17.3
43.5
26.7
2.5
2.3
5.9
9.1
2.2
1.7
Lupin
Accumulate
1,649
1,809
74,343
13,702
15,912
23.7
26.4
50.5
58.1
32.7
28.4
6.8
5.5
22.9
21.4
6.0
4.8
Sun Pharma
Buy
778
944
187,313
27,744
31,129
26.0
30.0
22.0
28.0
35.4
27.8
5.1
4.3
18.3
18.7
6.6
5.7
Power
Tata Power
Neutral
72
-
19,487
35,923
37,402
22.6
22.8
4.1
5.2
17.8
14.0
1.4
1.3
7.5
9.3
1.5
1.4
NTPC
Neutral
157
-
129,742
87,271
99,297
23.5
23.5
11.8
13.3
13.4
11.8
1.5
1.4
11.5
12.2
2.5
2.2
Power Grid
Neutral
162
-
84,647
20,702
23,361
86.7
86.4
12.1
13.2
13.4
12.3
2.0
1.8
15.6
15.1
9.1
8.5
Real Estate
MLIFE
Buy
473
554
1,941
826
1,011
20.1
21.9
22.7
30.7
20.8
15.4
1.2
1.1
6.0
7.4
4.3
3.2
Telecom
Bharti Airtel
Neutral
363
-
145,146
101,748
109,191
32.1
31.7
12.0
12.5
30.3
29.1
2.1
2.0
6.9
6.7
2.1
1.9
Idea Cellular
Neutral
107
-
38,403
34,282
36,941
32.0
31.5
5.9
6.2
18.1
17.2
1.7
1.5
9.9
9.3
1.7
1.6
zOthers
Abbott India
Neutral
4,731
-
10,053
2,715
3,153
14.5
14.1
134.3
152.2
35.2
31.1
8.8
7.2
27.4
25.6
3.4
2.9
Bajaj Electricals
Accumulate
240
268
2,428
4,612
5,351
5.6
5.7
9.5
12.4
25.4
19.4
3.2
2.8
12.5
14.4
0.5
0.5
Finolex Cables
Neutral
377
-
5,764
2,520
2,883
12.2
12.0
12.7
14.2
29.7
26.5
4.1
3.6
13.6
13.5
2.0
1.7
Goodyear India*
Buy
529
631
1,221
1,750
1,598
11.3
10.4
53.7
49.4
9.9
10.7
2.1
1.8
23.0
18.2
0.5
0.4
Hitachi
Neutral
1,372
-
3,730
1,779
2,081
7.8
8.8
21.8
33.4
62.9
41.0
10.2
8.2
17.4
22.1
2.2
1.8
www.angelbroking.com
Stock Watch
July 14, 2016
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( Čcr )
OPM(%)
EPS (Č)
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
(Č)
Price ( Č)
( Č cr )
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
zOthers
Jyothy Laboratories
Neutral
293
-
5,303
1,620
1,847
11.5
11.5
7.3
8.5
40.2
34.6
5.2
4.8
13.3
14.4
3.2
2.7
MRF
Buy
34,517
45,575
14,639
20,316
14,488
21.4
21.1
5,488.0
3,798.0
6.3
9.1
2.2
1.7
41.1
21.2
0.7
0.9
Page Industries
Neutral
13,171
-
14,691
1,929
2,450
19.8
20.1
229.9
299.0
57.3
44.1
25.3
17.6
52.1
47.1
7.7
6.0
Relaxo Footwears
Neutral
499
-
5,985
1,767
2,152
12.3
12.5
19.3
25.1
25.9
19.9
6.4
4.9
27.7
27.8
3.3
2.7
Siyaram Silk Mills
Buy
1,062
1,347
995
1,619
1,799
11.6
11.6
93.5
104.9
11.4
10.1
1.9
1.7
17.1
16.4
0.9
0.8
Styrolution ABS India* Neutral
643
-
1,131
1,271
1,440
8.6
9.2
32.0
41.1
20.1
15.7
2.1
1.8
10.7
12.4
0.8
0.7
TVS Srichakra
Buy
2,365
2,932
1,811
2,035
2,252
15.9
15.3
248.6
268.1
9.5
8.8
4.2
3.0
43.6
33.9
0.9
0.8
HSIL
Accumulate
281
310
2,033
2,123
2,384
16.1
16.5
15.0
18.9
18.7
14.9
1.5
1.4
8.0
9.4
1.3
1.1
Kirloskar Engines India
Neutral
260
-
3,761
2,403
2,554
8.6
9.9
9.2
10.5
28.3
24.8
2.7
2.6
9.7
10.7
1.2
1.1
Ltd
M M Forgings
Buy
407
546
492
511
615
21.7
21.6
43.1
55.8
9.5
7.3
1.7
1.4
19.9
21.2
1.2
0.9
Banco Products (India) Neutral
149
-
1,067
1,208
1,353
11.0
12.3
10.8
14.5
13.8
10.3
1.6
1.4
11.9
14.5
0.9
0.8
Competent Automobiles Neutral
146
-
90
1,040
1,137
3.2
3.1
25.7
28.0
5.7
5.2
0.9
0.8
15.0
14.3
0.1
0.1
Nilkamal
Neutral
1,212
-
1,809
1,871
2,031
10.7
10.5
63.2
69.8
19.2
17.4
3.1
2.7
17.6
16.6
1.0
0.9
Visaka Industries
Neutral
155
-
246
1,020
1,120
8.7
9.1
13.9
20.1
11.2
7.7
0.7
0.7
6.4
8.7
0.5
0.4
Transport Corporation of
Neutral
334
-
2,556
2,830
3,350
8.8
9.0
14.4
18.3
23.2
18.2
3.6
3.1
15.4
17.1
1.0
0.9
India
Elecon Engineering
Neutral
63
-
685
1,359
1,482
10.3
13.7
0.8
3.9
78.3
16.2
1.3
1.2
1.6
7.8
0.9
0.8
Surya Roshni
Buy
167
201
734
2,992
3,223
8.1
8.4
14.7
18.3
11.4
9.1
1.1
1.0
9.7
11.0
0.5
0.5
MT Educare
Neutral
159
-
631
286
366
18.3
17.7
7.7
9.4
20.5
16.9
4.3
3.8
20.2
21.1
2.2
1.7
Radico Khaitan
Buy
92
125
1,218
1,543
1,659
12.6
13.0
5.8
6.3
15.8
14.5
1.4
1.3
8.5
8.6
1.3
1.2
Garware Wall Ropes
Accumulate
414
460
906
828
898
11.2
10.3
28.3
29.0
14.6
14.3
2.5
2.1
16.8
14.9
1.1
1.0
Wonderla Holidays
Neutral
397
-
2,244
206
308
44.0
43.6
9.0
12.9
44.1
30.8
6.0
5.5
13.7
17.8
10.8
7.2
Linc Pen & Plastics
Neutral
241
-
356
344
382
9.1
9.1
12.4
13.1
19.5
18.4
3.5
3.1
18.0
16.7
1.2
1.0
The Byke Hospitality
Neutral
163
-
653
222
287
20.5
20.5
5.6
7.6
28.9
21.6
5.4
4.5
18.9
20.8
3.0
2.3
Interglobe Aviation
Neutral
999
-
35,994
17,022
21,122
20.7
14.5
63.9
53.7
15.6
18.6
23.4
19.2
149.9
103.2
2.2
1.7
Coffee Day Enterprises
Neutral
248
-
5,102
2,692
2,964
17.0
18.6
-
4.7
-
52.3
3.0
2.9
0.2
5.5
2.3
2.1
Ltd
Navneet Education
Neutral
98
-
2,336
998
1,062
24.1
24.0
5.8
6.1
17.1
16.1
3.8
3.3
22.0
20.6
2.4
2.3
Navkar Corporation
Buy
208
265
2,961
347
408
43.2
42.9
6.7
6.8
31.1
30.7
2.3
2.1
7.3
6.9
9.1
8.3
UFO Moviez
Neutral
559
-
1,543
558
619
32.0
33.2
22.5
30.0
24.8
18.7
3.0
2.6
12.0
13.8
2.6
2.2
VRL Logistics
Neutral
314
-
2,862
1,725
1,902
16.5
16.7
12.2
14.6
25.8
21.5
5.4
4.7
20.8
21.9
1.8
1.6
www.angelbroking.com
Stock Watch
July 14, 2016
Company Name
Reco
CMP
Target Mkt Cap
Sales ( Čcr )
OPM(%)
EPS (Č)
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
(Č)
Price ( Č)
( Č cr )
FY16E FY17E FY16E FY17E FY16E FY17E FY16E FY17E FY16E FY17E FY16E FY17E FY16E FY17E
zOthers
Team Lease Serv.
Neutral
1,026
-
1,754
2,565
3,229
1.3
1.5
15.2
22.8
67.6
45.1
5.4
4.8
8.0
10.7
0.6
0.5
S H Kelkar & Co.
Neutral
225
-
3,258
928
1,036
15.3
15.1
4.9
6.1
45.6
36.9
4.3
3.9
9.4
10.7
3.5
3.1
Quick Heal
Neutral
278
-
1,949
339
408
27.8
27.3
7.1
7.7
39.4
36.0
3.3
3.3
8.5
9.3
4.7
4.0
Narayana Hrudaya
Neutral
300
-
6,125
1,603
1,873
10.9
11.5
1.0
2.6
314.6
113.3
7.6
7.0
2.4
6.1
4.1
3.5
Manpasand Bever.
Neutral
629
-
3,149
540
836
19.9
19.6
10.2
16.9
61.4
37.2
5.0
4.5
8.1
12.0
5.5
3.5
Parag Milk Foods
Neutral
339
-
2,848
1,645
1,919
9.0
9.3
6.7
9.5
50.4
35.9
6.6
5.6
13.1
15.5
1.9
1.6
Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on July 13, 2016
www.angelbroking.com
Market Outlook
July 14, 2016
Research Team Tel: 022 - 39357800
E-mail: [email protected]
Website: www.angelbroking.com
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