Market Outlook
August 16, 2016
Market Cues
Domestic Indices
Chg (%)
(Pts)
(Close)
Indian Markets are expected to open flat tracking SGX Nifty.
BSE Sensex
1.1
293
28,152
Nifty
0.9
80
8,672
The US markets climbed back into record territory on Monday as rising oil prices
boosted petroleum-linked equities.
Mid Cap
0.8
105
12,753
Small Cap
0.2
25
12,214
The European markets endured another choppy trading session Monday, but
Bankex
2.0
434
21,757
finished with modest gains. Global growth concerns have made investors cautious
after U.S. retail sales data came in weaker than expected last week Friday.
Global Indices
Chg (%)
(Pts)
(Close)
The Indian markets rose sharply on Friday, mirroring firm cues from Wall Street and
Asia, as oil prices jumped and disappointing Chinese data evoked a muted reaction
Dow Jones
0.3
60
18,636
from investors. Better-than-expected quarterly earnings from SBI and the lower-than-
Nasdaq
0.6
29
5,262
expected rise in bad loans also bolstered investor sentiment.
FTSE
0.4
25
6,941
Nikkei
(0.2)
(35)
16,834
News Analysis & Result Review
Hang Seng
(0.0)
(2)
22,930
Result Review: Sun Pharma, Cipla, Bajaj Electricals
Detailed analysis on Pg2
Shanghai Com
(0.0)
(1)
3,124
Investor’s Ready Reckoner
Advances / Declines
BSE
NSE
Key Domestic & Global Indicators
Advances
1,263
771
Stock Watch: Latest investment recommendations on 150+ stocks
Declines
1,407
816
Refer Pg6 onwards
Unchanged
181
82
Top Picks
CMP
Target
Upside
Volumes (` Cr)
Company
Sector
Rating
(`)
(`)
(%)
BSE
3,996
Amara Raja
Auto/Auto Ancillary
Buy
911
1,076
18.1
HCL Tech
IT
Buy
812
1,000
23.1
NSE
23,509
LIC Housing
Financials
Accumulate
554
582
5.1
Bharat Electronics
Capital Goods
Buy
1,229
1,414
15.1
Net Inflows (` Cr)
Net
Mtd
Ytd
Navkar Corporation Others
Buy
202
265
31.4
FII
641
5,205
36,087
More Top Picks on Pg4
MFs
(21)
(194)
8,594
Key Upcoming Events
Previous
Consensus
Top Gainers
Price (`)
Chg (%)
Date
Region
Event Description
Reading
Expectations
Bankindia
114
10.3
Aug 16
US
Housing Starts
1189.0
1176.0
Sbin
243
7.2
Aug 16
US
Building permits
1153.0
1160.0
Jubilant
387
6.9
Aug 16
UK
CPI
0.5
0.5
Indianb
204
6.4
Aug 16
US
Industrial Production
0.6
0.2
Lichsgfin
554
5.9
Aug 17
UK Jobless claims change
0.4
8.0
6.(
More Events on Pg5
Top Losers
Price (`)
Chg (%)
Abirlanuvo
1,290
(17.6)
Wockpharma
811
(6.5)
Bajajelec
254
(5.1)
Ubl
782
(5.0)
Thermax
865
(4.3)
As on August 12, 2016
Market Outlook
August 16, 2016
Result Review:
Sun Pharma (CMP: `802 / TP:`944 /Upside: 17.7%)
For 1QFY2017, sales came in higher than expected. Sales at `8,007cr V/s
`7,414cr expected and V/s `6,526cr in 1QFY2016, a yoy growth of 22.7%,
mainly driven by exports. Formulations exports (`5,664.3cr), a yoy growth of
25.6%, while India formulation (`1854.3cr), a yoy growth of 7.6%. On the
operating profit front, the EBITDA margins came in at 33.5% V/s 29.5% expected
V/s 24.8% in 1QFY2016, mainly driven by gross margin expansion (76.9% in
1QFY2017 V/s 73.7% in 1QFY2016). Thus, the Adj. net profit came in at
`2,034cr V/s `1602cr expected `1,168cr in 1QFY2016.We maintain our buy
rating.
Y/E
Sales OPM
PAT
EPS ROE P/E P/BV EV/EBITDA EV/Sales
Mar
(` cr)
(%)
(` cr)
(`)
(%)
(x)
(x)
(x)
(x)
FY2017E
31,129
30.0
6,735
28.0
18.7
28.7
4.4
19.5
5.8
FY2018E
35,258
30.9
7,895
32.8
18.9
24.4
3.7
16.1
5.0
Cipla (CMP: `252 / TP: `299 /Upside: 18.6%)
For 1QFY2017 the company, the company posted lower than expected numbers.
Sales during the quarter came in at `3,500cr V/s `3,743cr expected V/s `3,777cr
in 1QFY2016, a dip of 7.3%. On the operating profit front, the EBITDA margins
are expected to come in at 14.8% V/s 18.6% expected V/s 25.5% in 1QFY2016.
This was against Adj. OPM 15.8% in 4QFY2016. Thus, the Adj. net profit; is
expected to come in at `370cr V/s `435cr expected V/s `651cr in 1QFY2016, a
yoy de-growth of 43.2%. We maintain our buy rating.
Y/E
Sales OPM
PAT
EPS ROE P/E P/BV EV/EBITDA EV/Sales
Mar
(` cr)
(%)
(` cr)
(`)
(%)
(x)
(x)
(x)
(x)
FY2017E
15,378
17.4
1,736
21.6
13.7
24.2
3.1
17.0
2.9
FY2018E
18,089
18.4
2,185
27.2
15.2
19.2
2.7
13.3
2.4
Bajaj Electricals (CMP: `252 / TP: `299 /Upside: 17.8%)
Bajaj Electricals (BEL) 1QFY2017 results underperformed our estimates. The top-
line de-grew by ~5% YoY to `952cr (below our estimate of `1,188cr), mainly due
to de-growth of 8% YoY in the Consumer Durables segment and lower growth of
~1% YoY in the E&P segment. On the operating front, the company reported a
mild margin improvement (OPM up by 37bp YoY to 5.9%), primarily on account of
lower raw material costs during the quarter. The reported net profit grew by ~12%
YoY to `22cr, again underperforming our estimate of `27cr, on account of lower
sales growth. Currently we have an ACCUMULATE rating on the stock; we shall be
revisiting our financial model and revising our estimates after our interaction the
company’s Management in the conference call.
Market Outlook
August 16, 2016
Economic and Political News
Madhya Pradesh to give staff 7th pay panel scales
Bihar to get 179 MW more power from Nabinagar plant
Govt approves `1,911-crore highway projects in six states
Corporate News
Lupin looks to launch 25 products in US this fiscal
ONGC to invest `823 cr for CBM gas development
Videocon Industries' net loss at `286.6cr April-June quarter
Quarterly Bloomberg Brokers Consensus Estimate
Power Grid Corp of India Ltd - Aug 16, 2016
Particulars (` cr)
1QFY17E
1QFY16
y-o-y (%)
4QFY16
q-o-q (%)
Net sales
5,815
4,717
23.3
5,754
1.1
EBITDA
5,192
4,137
25.5
5,029
3.2
EBITDA margin (%)
89.3
87.7
87.4
Net profit
1,614
1,367
18.1
1,599
0.9
Tata Power Co Ltd Consol - Aug 23, 2016
Particulars (` cr)
1QFY17E
1QFY16
y-o-y (%)
4QFY16
q-o-q (%)
Net sales
9,275
9,235
0.4
9,375
(1.1)
EBITDA
1,995
2,181
(8.5)
1,913
4.3
EBITDA margin (%)
21.5
23.6
20.4
Net profit
341
241
41.3
360
(5.3)
Market Outlook
August 16, 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
15,567
911
1,076
18.1
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
29,490
1,229
1,414
15.1
strong market positioning, indicate good times ahead for BEL.
HCL Tech
1,14,603
812
1,000
23.1
Stock is trading at attractive valuations & factors all bad news.
Strong visibility for a robust 20% earnings trajectory, coupled
HDFC Bank
3,10,986
1,228
1,350
9.9
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
2,44,234
1,063
1,370
28.8
be a US$20bn in FY2020.
Continues to grow its retail loan book at healthy pace with
LIC Housing Fin.
27,938
554
582
5.1
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
12,046
364
407
11.8
continue, EMP business set to revive
Source: Company, Angel Research
Mid Cap
Market Cap
CMP
Target
Upside
Company
Rationale
(` Cr)
(`)
(`)
(%)
Among the top 4 players in the consumer durables segment.
Bajaj Electricals
2,566
254
299
17.8
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
4,580
480
527
9.7
growth. EMPPAC division's profitability to improve once
operating environment turns around.
Strong loan growth backed by diversified loan portfolio and
Equitas Holdings
5,846
174
235
34.8
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
18.6
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
2,301
70
93
33.0
cycle, to lead to stock re-rating
Economic recovery to have favourable impact on advertising &
Jagran Prakashan
6,061
185
205
10.6
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
1,744
425
554
30.3
in short-to-long run, attractive valuations
Massive capacity expansion along with rail advantage at ICD as
Navkar Corporation
2,877
202
265
31.4
well CFS augurs well for the company
Earnings boost on back of stable material prices and favourable
Radico Khaitan
1,217
91
125
36.7
pricing environment. Valuation discount to peers provides
additional comfort
Strong brands and distribution network would boost growth
Siyaram Silk Mills
990
1,056
1,347
27.6
going ahead. Stock currently trades at an inexpensive valuation.
Market leadership in Hindi news genre and no. 2 viewership
TV Today Network
1,754
294
363
23.5
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
Market Outlook
August 16, 2016
Key Upcoming Events
Result Calendar
Date
Company
Aug 16, 2016
Power Grid Corpn
Aug 17, 2016
Radico Khaitan
Aug 18, 2016
India Cements, Transport Corporation of India
Aug 20, 2016
TVS Srichakra
Aug 23, 2016
Tata Power Co.
Aug 26, 2016
Tata Motors
Source: Bloomberg, Angel Research
Global economic events release calendar
Date
Time
Country
Event Description
Unit
Period
Bloomberg Data
Last Reported Estimated
Aug 16, 2016 11:30AM
Germany
GDP nsa (YoY)
% Change
2Q P
3.10
2.80
6:00PM
US
Housing Starts
Thousands
Jul
1,189.00
1,176.00
6:00PM
US
Building permits
Thousands
Jul
1,153.00
1,160.00
2:00PM
UK
CPI (YoY)
% Change
Jul
0.50
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
8.00
Aug 18, 2016 6:00PM
US
Initial Jobless claims
Thousands
Aug 13
266.00
--
2:30PM
Euro Zone
Euro-Zone CPI (YoY)
%
Jul F
0.20
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 16, 2016
Macro watch
Exhibit 1: Quarterly GDP trends
Exhibit 2: IIP trends
(%)
(%)
9.0
12.0
8.3
9.9
7.8
7.7
7.9
10.0
8.0
7.5
7.6
7.2
8.0
6.3
6.7
6.6
6.7
7.0
6.4
6.0
4.3
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
5.6
5.7
5.8
5.8
6.0
5.4
5.3
5.5
5.0
4.8
52.0
5.0
4.4
3.7
3.7
4.0
50.0
3.0
48.0
2.0
46.0
1.0
-
44.0
Source: MOSPI, Angel Research
Source: Market, Angel Research; Note: Level above 50 indicates expansion
Exhibit 5: Exports and imports growth trends
Exhibit 6: Key policy rates
(%)
Exports yoy growth
Imports yoy growth
(%)
Repo rate
Reverse Repo rate
CRR
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
Market Outlook
August 16, 2016
Global watch
Exhibit 1: Latest quarterly GDP Growth (%, yoy) across select developing and developed countries
(%)
8.0
6.7
6.0
5.3
4.9
4.2
4.0
3.2
2.2
1.3
1.4
2.0
1.2
0.1
-
(2.0)
(4.0)
(1.2)
(6.0)
(5.4)
(0.2)
(8.0)
Source: Bloomberg, Angel Research
Exhibit 2: 2016 GDP Growth projection by IMF (%, yoy) across select developing and developed countries
(%)
10.0
7.5
8.0
6.5
6.0
4.9
4.4
4.0
3.0
2.4
1.9
1.5
2.0
1.1
0.6
0.5
(3.8)
(1.8)
-
(2.0)
(4.0)
(6.0)
Source: IMF, Angel Research
Exhibit 3: One year forward P-E ratio across select developing and developed countries
(x)
25.0
20.0
15.0
10.0
5.0
-
Source: IMF, Angel Research
Market Outlook
August 16, 2016
Exhibit 4: Relative performance of indices across globe
Returns (%)
Country
Name of index
Closing price
1M
3M
1YR
Brazil
Bovespa
59,146
6.6
14.2
19.8
Russia
Micex
1,977
1.8
3.2
16.0
India
Nifty
8,672
1.8
11.0
1.0
China
Shanghai Composite
3,125
2.5
9.8
(14.5)
South Africa
Top 40
45,304
(1.6)
0.3
0.7
Mexico
Mexbol
48,695
4.7
6.2
10.8
Indonesia
LQ45
912
4.7
11.1
11.0
Malaysia
KLCI
1,690
2.1
2.5
(0.3)
Thailand
SET 50
989
6.8
12.0
4.1
USA
Dow Jones
18,636
0.7
6.3
6.2
UK
FTSE
6,941
4.3
12.8
6.4
Japan
Nikkei
16,870
4.8
2.8
(17.8)
Germany
DAX
10,739
6.7
8.6
0.5
France
CAC
4,498
2.6
4.7
2.6
Source: Bloomberg, Angel Research
Stock Watch
August 16, 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
217
-
4,227
1,937
2,164
13.3
14.3
9.0
11.0
24.2
19.8
4.2
3.7
18.4
19.8
2.2
2.0
United Phosphorus
Accumulate
628
684
26,910
15,176
17,604
18.5
18.5
37.4
44.6
16.8
14.1
3.3
2.7
21.4
21.2
1.9
1.6
Auto & Auto Ancillary
Ashok Leyland
Buy
87
111
24,745
22,407
26,022
10.6
10.6
5.2
6.4
16.7
13.5
3.8
3.2
23.6
24.7
1.2
1.0
Bajaj Auto
Neutral
2,867
-
82,975
25,093
27,891
19.5
19.2
143.9
162.5
19.9
17.7
5.6
4.8
30.3
29.4
3.0
2.7
Bharat Forge
Accumulate
824
875
19,178
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
22,322
-
60,628
16,583
20,447
17.5
18.0
598.0
745.2
37.3
30.0
12.8
9.7
41.2
38.3
3.5
2.8
Gabriel India
Neutral
105
-
1,514
1,544
1,715
9.0
9.3
5.4
6.3
19.5
16.7
3.7
3.3
18.9
19.5
0.9
0.8
Hero Motocorp
Neutral
3,313
-
66,162
31,253
35,198
15.3
15.0
172.3
192.1
19.2
17.3
7.0
6.0
38.9
37.0
2.0
1.7
Jamna Auto Industries Neutral
204
-
1,629
1,486
1,620
9.8
9.9
15.0
17.2
13.6
11.9
3.0
2.5
21.8
21.3
1.2
1.1
L G Balakrishnan & Bros Neutral
458
-
719
1,302
1,432
11.6
11.9
43.7
53.0
10.5
8.6
1.5
1.3
13.8
14.2
0.6
0.6
Mahindra and Mahindra Neutral
1,451
-
90,111
46,534
53,077
11.6
11.7
67.3
78.1
21.6
18.6
3.5
3.1
15.4
15.8
1.9
1.6
Maruti
Neutral
4,897
-
147,918
69,186
82,217
14.7
14.4
198.5
241.4
24.7
20.3
4.8
3.9
20.2
20.0
1.8
1.5
Minda Industries
Neutral
1,170
-
1,857
2,728
3,042
9.0
9.1
68.2
86.2
17.2
13.6
3.9
3.1
23.8
24.3
0.7
0.6
Motherson Sumi
Neutral
319
-
42,169
45,896
53,687
7.8
8.3
13.0
16.1
24.4
19.8
7.9
6.3
34.7
35.4
1.0
0.8
Rane Brake Lining
Neutral
663
-
524
511
562
11.3
11.5
28.1
30.9
23.6
21.4
3.6
3.3
15.3
15.0
1.2
1.1
Setco Automotive
Neutral
44
-
589
741
837
13.0
13.0
15.2
17.0
2.9
2.6
0.5
0.4
15.8
16.3
1.2
1.1
Tata Motors
Neutral
515
-
148,763
300,209
338,549
8.9
8.4
42.7
54.3
12.1
9.5
1.9
1.6
15.6
17.2
0.6
0.5
TVS Motor
Accumulate
298
330
14,172
13,390
15,948
6.9
7.1
12.8
16.5
23.4
18.0
5.8
4.6
26.3
27.2
1.1
0.9
Amara Raja Batteries
Buy
911
1,076
15,567
5,717
6,733
18.7
18.9
38.4
48.9
23.8
18.6
5.9
4.8
25.3
24.8
2.6
2.1
Exide Industries
Neutral
173
-
14,684
7,439
8,307
15.0
15.0
8.1
9.3
21.3
18.6
3.0
2.7
14.3
16.7
1.6
1.4
Apollo Tyres
Accumulate
170
183
8,669
12,877
14,504
14.3
13.9
21.4
23.0
8.0
7.4
1.2
1.1
16.4
15.2
0.8
0.8
Ceat
Buy
878
1,119
3,550
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
105
-
2,380
7,455
8,056
15.0
15.0
21.8
24.5
4.8
4.3
1.0
0.8
22.8
21.3
0.5
0.4
Swaraj Engines
Neutral
1,125
-
1,397
660
810
15.2
16.4
54.5
72.8
20.6
15.5
6.4
5.8
31.5
39.2
1.9
1.6
Subros
Neutral
95
-
568
1,488
1,681
11.7
11.9
6.4
7.2
14.8
13.2
1.6
1.4
10.8
11.4
0.6
0.5
Indag Rubber
Neutral
171
-
448
286
326
19.8
16.8
11.7
13.3
14.6
12.8
2.5
2.3
17.8
17.1
1.2
1.1
Capital Goods
ACE
Neutral
42
-
413
709
814
4.1
4.6
1.4
2.1
29.8
19.9
1.2
1.2
4.4
6.0
0.7
0.7
BEML
Buy
992
1,157
4,133
3,451
4,055
6.3
9.2
31.4
57.9
31.6
17.1
1.9
1.7
6.3
10.9
1.3
1.1
Bharat Electronics
Buy
1,229
1,414
29,490
8,137
9,169
16.8
17.2
58.7
62.5
20.9
19.7
3.2
2.9
44.6
46.3
2.6
2.3
Stock Watch
August 16, 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
Accumulate
364
407
12,046
6,511
7,514
7.9
8.7
12.9
16.3
28.2
22.3
5.1
4.5
16.7
18.5
1.6
1.4
BGR Energy
Neutral
114
-
819
16,567
33,848
6.0
5.6
7.8
5.9
14.6
19.2
0.8
0.8
4.7
4.2
0.2
0.1
BHEL
Neutral
138
-
33,850
28,797
34,742
-
2.8
2.3
6.9
60.1
20.0
1.0
1.0
1.3
4.8
0.8
0.6
Blue Star
Accumulate
480
527
4,580
4,351
5,024
6.4
7.1
17.2
20.6
28.0
23.3
18.2
15.2
23.1
24.1
1.1
0.9
Crompton Greaves
Neutral
83
-
5,227
5,777
6,120
5.9
7.0
3.3
4.5
25.3
18.5
1.1
1.1
4.4
5.9
0.9
0.7
Greaves Cotton
Neutral
137
-
3,338
1,755
1,881
16.8
16.9
7.8
8.5
17.5
16.1
3.5
3.3
20.6
20.9
1.6
1.4
Inox Wind
Buy
185
286
4,099
5,605
6,267
15.7
16.4
24.8
30.0
7.5
6.2
2.1
1.5
25.9
24.4
0.8
0.6
KEC International
Neutral
139
-
3,574
9,294
10,186
7.9
8.1
9.9
11.9
14.0
11.7
2.1
1.8
15.6
16.3
0.6
0.6
Thermax
Neutral
866
-
10,319
5,421
5,940
7.3
7.3
25.7
30.2
33.7
28.7
4.1
3.7
12.2
13.1
1.8
1.6
VATech Wabag
Buy
584
681
3,181
3,136
3,845
8.9
9.1
26.0
35.9
22.5
16.3
2.8
2.4
13.4
15.9
0.9
0.7
Cement
ACC
Neutral
1,652
-
31,031
11,225
13,172
13.2
16.9
44.5
75.5
37.1
21.9
3.5
3.2
11.2
14.2
2.8
2.4
Ambuja Cements
Neutral
264
-
40,939
9,350
10,979
18.2
22.5
5.8
9.5
45.5
27.8
3.8
3.4
10.2
12.5
4.4
3.7
India Cements
Neutral
121
-
3,726
4,364
4,997
18.5
19.2
7.9
11.3
15.4
10.7
1.1
1.1
8.0
8.5
1.6
1.4
JK Cement
Neutral
752
-
5,258
4,398
5,173
15.5
17.5
31.2
55.5
24.1
13.6
2.9
2.5
12.0
15.5
1.7
1.4
J K Lakshmi Cement
Neutral
427
-
5,023
2,913
3,412
14.5
19.5
7.5
22.5
56.9
19.0
3.5
2.9
12.5
18.0
2.3
1.9
Orient Cement
Neutral
162
-
3,319
2,114
2,558
18.5
20.5
8.1
11.3
20.0
14.3
3.0
2.5
9.0
14.0
2.2
1.7
UltraTech Cement
Neutral
3,713
-
101,904
25,768
30,385
21.0
23.5
111.0
160.0
33.5
23.2
4.3
3.7
13.5
15.8
4.1
3.4
Construction
ITNL
Buy
70
93
2,301
8,946
10,017
31.0
31.6
8.1
9.1
8.6
7.7
0.3
0.3
4.2
5.0
3.6
3.3
KNR Constructions
Neutral
622
-
1,750
1,210
1,595
15.4
16.0
33.9
52.1
18.4
11.9
2.8
2.4
13.6
18.0
1.5
1.1
Larsen & Toubro
Accumulate
1,488
1,700
138,720
67,665
77,249
10.7
11.5
57.3
71.2
26.0
20.9
2.4
2.2
12.6
14.3
2.2
1.9
Gujarat Pipavav Port
Neutral
178
-
8,591
705
788
52.2
51.7
5.0
5.6
35.5
31.7
3.5
3.2
11.2
11.2
11.8
10.1
MBL Infrastructures
Buy
125
285
518
2,797
3,405
14.7
15.4
21.0
34.8
6.0
3.6
0.6
0.5
11.0
16.2
0.8
0.8
Nagarjuna Const.
Neutral
77
-
4,300
8,842
9,775
9.1
8.8
5.3
6.4
14.6
12.1
1.2
1.1
8.2
9.1
0.6
0.6
PNC Infratech
Buy
113
647
2,907
2,350
2,904
13.4
13.7
48.0
42.0
2.4
2.7
0.5
0.4
16.8
13.2
1.3
1.1
Simplex Infra
Neutral
297
-
1,470
6,829
7,954
10.5
10.5
31.4
37.4
9.5
7.9
1.0
0.9
9.9
13.4
0.6
0.5
Power Mech Projects
Neutral
529
-
778
1,801
2,219
12.7
14.6
72.1
113.9
7.3
4.6
1.4
1.1
16.8
11.9
0.4
0.3
Sadbhav Engineering
Accumulate
281
298
4,819
3,598
4,140
10.3
10.6
9.0
11.9
31.2
23.6
3.3
2.9
9.9
11.9
1.6
1.4
NBCC
Neutral
231
-
13,839
7,428
9,549
7.9
8.6
8.2
11.0
28.1
21.0
1.4
1.1
28.2
28.7
1.6
1.2
MEP Infra
Neutral
41
-
664
1,877
1,943
30.6
29.8
3.0
4.2
13.6
9.7
6.6
4.4
0.6
0.6
1.7
1.6
Stock Watch
August 16, 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
97
-
3,417
1,036
1,252
65.5
66.2
(8.4)
(5.6)
3.6
4.2
(22.8)
(15.9)
11.5
9.6
Engineers India
Neutral
217
-
7,325
1,725
1,935
16.0
19.1
11.4
13.9
19.1
15.6
2.6
2.6
13.4
15.3
3.2
2.8
Financials
Axis Bank
Neutral
591
-
140,998
58,081
66,459
3.5
3.5
32.4
44.6
18.3
13.2
2.4
2.1
13.6
16.5
-
-
Bank of Baroda
Neutral
149
-
34,413
19,980
23,178
1.8
1.8
11.5
17.3
13.0
8.6
1.5
1.2
8.3
10.1
-
-
Canara Bank
Neutral
256
-
13,892
15,225
16,836
1.8
1.8
14.5
28.0
17.6
9.1
1.2
1.0
5.8
8.5
-
-
Dewan Housing Finance Neutral
265
-
7,737
2,225
2,688
2.9
2.9
29.7
34.6
8.9
7.7
1.4
1.2
16.1
16.8
-
-
Equitas Holdings
Buy
174
235
5,846
939
1,281
11.7
11.5
5.8
8.2
30.1
21.3
2.6
2.3
10.9
11.5
-
-
Federal Bank
Neutral
64
-
10,936
9,353
10,623
2.9
2.9
4.4
5.8
14.5
11.0
1.4
1.2
9.5
11.0
-
-
HDFC
Neutral
1,379
-
217,952
11,475
13,450
3.4
3.4
45.3
52.5
30.4
26.3
5.9
5.2
20.2
20.5
-
-
HDFC Bank
Accumulate
1,228
1,350
310,986
46,097
55,433
4.5
4.5
58.4
68.0
21.0
18.1
3.7
3.1
18.8
18.6
-
-
ICICI Bank
Neutral
246
-
143,067
39,029
45,903
3.3
3.3
16.7
16.3
14.7
15.1
1.8
1.7
10.1
12.4
-
-
LIC Housing Finance
Accumulate
554
582
27,938
3,712
4,293
2.6
2.5
39.0
46.0
14.2
12.0
2.7
2.3
19.9
20.1
-
-
Punjab Natl.Bank
Neutral
123
-
24,113
23,532
23,595
2.3
2.4
6.8
12.6
18.1
9.8
2.8
2.0
3.3
6.5
-
-
South Ind.Bank
Neutral
21
-
2,883
6,435
7,578
2.5
2.5
2.7
3.1
7.9
6.9
1.0
0.9
10.1
11.2
-
-
St Bk of India
Neutral
243
-
188,791
88,650
98,335
2.6
2.6
13.5
18.8
18.0
12.9
1.7
1.5
7.0
8.5
-
-
Union Bank
Neutral
129
-
8,885
13,450
14,925
2.3
2.3
25.5
34.5
5.1
3.8
0.7
0.6
7.5
10.2
-
-
Yes Bank
Neutral
1,291
-
54,351
8,978
11,281
3.3
3.4
74.0
90.0
17.5
14.3
3.3
2.8
17.0
17.2
-
-
FMCG
Asian Paints
Neutral
1,138
-
109,152
17,128
18,978
16.8
16.4
19.1
20.7
59.6
55.0
20.7
19.6
34.8
35.5
6.3
5.7
Britannia
Neutral
3,291
-
39,485
9,795
10,940
14.1
14.1
80.3
93.0
41.0
35.4
16.9
13.0
41.2
-
3.9
3.4
Colgate
Neutral
956
-
26,002
4,605
5,249
22.8
22.8
25.2
28.5
37.9
33.5
25.7
22.9
64.8
66.8
5.6
4.9
Dabur India
Neutral
296
-
52,027
9,405
10,581
18.1
18.3
8.1
9.2
36.5
32.2
10.2
8.4
31.6
31.0
5.2
4.6
GlaxoSmith Con*
Neutral
6,452
-
27,136
4,959
5,623
17.4
18.0
190.5
219.3
33.9
29.4
9.3
8.0
29.6
29.5
4.9
4.3
Godrej Consumer
Neutral
1,548
-
52,715
10,335
11,518
18.4
18.6
41.5
46.0
37.3
33.7
8.4
7.1
24.9
24.8
5.2
4.6
HUL
Neutral
931
-
201,416
35,252
38,495
17.6
17.4
20.4
21.9
45.6
42.5
37.5
32.8
82.2
77.3
5.5
5.1
ITC
Accumulate
254
283
306,055
40,059
44,439
39.0
39.2
9.1
10.1
27.9
25.1
7.6
6.7
27.2
26.5
7.1
6.4
Marico
Neutral
297
-
38,357
6,730
7,649
17.3
17.5
6.4
7.6
46.5
39.1
14.0
11.8
33.2
32.5
5.5
4.8
Nestle*
Neutral
6,865
-
66,194
9,393
10,507
22.2
22.3
106.8
121.8
64.3
56.4
22.6
20.3
34.8
36.7
6.8
6.1
Tata Global
Neutral
137
-
8,643
9,072
9,687
9.4
9.8
7.2
7.8
19.0
17.6
2.1
2.0
7.6
7.9
0.9
0.9
Procter & Gamble
Accumulate
6,835
7,369
22,187
2,939
3,342
23.2
23.0
146.2
163.7
46.8
41.8
104.7
100.4
25.3
23.5
7.1
6.2
Hygiene
Stock Watch
August 16, 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
IT
HCL Tech^
Buy
812
1,000
114,603
49,242
57,168
20.5
20.5
55.7
64.1
14.6
12.7
3.0
2.3
20.3
17.9
2.2
1.8
Infosys
Buy
1,063
1,370
244,234
69,934
79,025
27.5
27.5
64.8
72.0
16.4
14.8
3.6
3.3
22.0
22.3
2.9
2.6
TCS
Accumulate
2,732
3,004
538,390
121,684
136,286
27.3
27.3
135.0
150.1
20.2
18.2
6.7
6.2
33.2
33.9
4.2
3.7
Tech Mahindra
Buy
492
700
47,807
30,347
33,685
17.0
17.0
37.5
41.3
13.1
11.9
2.9
2.5
21.8
20.7
1.3
1.1
Wipro
Buy
544
680
134,345
51,631
55,822
21.7
17.9
35.9
36.9
15.2
14.7
3.2
2.9
19.0
18.1
2.3
2.1
Media
D B Corp
Neutral
403
-
7,399
2,187
2,329
27.4
28.2
18.9
21.0
21.3
19.2
4.5
3.9
23.7
23.1
3.2
2.9
HT Media
Neutral
77
-
1,799
2,673
2,891
13.2
13.8
7.2
8.5
10.7
9.1
0.8
0.8
7.8
8.3
0.3
0.1
Jagran Prakashan
Accumulate
185
205
6,061
2,355
2,635
28.0
28.0
9.9
10.8
18.7
17.2
3.7
3.2
21.7
21.7
2.6
2.3
Sun TV Network
Neutral
458
-
18,047
2,850
3,265
70.1
71.0
26.2
30.4
17.5
15.1
4.5
4.0
24.3
25.6
5.9
5.0
Hindustan Media
Neutral
271
-
1,990
1,016
1,138
21.5
21.5
23.3
25.8
11.6
10.5
1.9
1.7
16.2
15.8
1.3
1.1
Ventures
TV Today Network
Buy
294
363
1,754
637
743
27.5
27.5
18.4
21.4
16.0
13.8
2.8
2.4
17.4
17.2
2.4
1.9
Metals & Mining
Coal India
Neutral
338
-
213,462
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
219
-
92,450
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
-
30,190
107,899
112,095
7.4
8.2
9.2
13.0
15.9
11.3
0.8
0.7
4.8
6.6
0.8
0.7
JSW Steel
Neutral
1,725
-
41,691
53,201
58,779
16.1
16.2
130.6
153.7
13.2
11.2
1.8
1.6
14.0
14.4
1.5
1.3
NMDC
Neutral
101
-
40,123
6,643
7,284
44.4
47.7
7.1
7.7
14.3
13.1
1.2
1.2
8.8
9.2
3.8
3.4
SAIL
Neutral
46
-
18,916
47,528
53,738
(0.7)
2.1
(1.9)
2.6
17.6
0.5
0.5
(1.6)
3.9
1.3
1.1
Vedanta
Neutral
166
-
49,273
71,744
81,944
19.2
21.7
13.4
20.1
12.4
8.3
1.1
1.0
8.4
11.3
1.1
0.8
Tata Steel
Neutral
375
-
36,401
121,374
121,856
7.2
8.4
18.6
34.3
20.2
10.9
1.3
1.2
6.1
10.1
0.9
0.9
Oil & Gas
Cairn India
Neutral
195
-
36,588
9,127
10,632
4.3
20.6
8.8
11.7
22.2
16.7
0.7
0.7
3.3
4.2
5.5
4.5
GAIL
Neutral
373
-
47,333
56,220
65,198
9.3
10.1
27.1
33.3
13.8
11.2
1.3
1.2
9.3
10.7
1.0
0.9
ONGC
Neutral
233
-
199,428
137,222
152,563
15.0
21.8
19.5
24.1
12.0
9.7
1.0
1.0
8.5
10.1
1.7
1.5
Indian Oil Corp
Neutral
538
-
130,672
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
1,035
-
335,577
301,963
358,039
12.1
12.6
87.7
101.7
11.8
10.2
1.2
1.1
10.7
11.3
1.6
1.3
Pharmaceuticals
Alembic Pharma
Neutral
647
-
12,189
3,483
4,083
20.2
21.4
24.3
30.4
26.6
21.3
6.1
4.8
25.5
25.3
3.4
2.9
Aurobindo Pharma
Buy
747
877
43,703
15,720
18,078
23.7
23.7
41.4
47.3
18.0
15.8
4.7
3.7
29.6
26.1
3.0
2.6
Sanofi India*
Neutral
4,347
-
10,010
2,357
2,692
17.3
17.3
153.5
169.2
28.3
25.7
4.8
3.9
25.8
28.4
3.9
3.2
Cadila Healthcare
Accumulate
369
400
37,791
11,126
13,148
22.0
22.0
17.1
20.0
21.6
18.5
5.5
4.4
28.8
26.6
3.4
2.8
Cipla
Neutral
517
-
41,516
15,378
18,089
17.4
18.4
21.6
27.2
23.9
19.0
3.1
2.7
13.7
15.2
2.9
2.4
Stock Watch
August 16, 2016
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( Čcr )
OPM(%)
EPS (Č)
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
(Č)
Price ( Č)
( Č cr )
FY17E FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
Pharmaceuticals
Dr Reddy's
Neutral
3,005
-
51,246
16,043
18,119
23.1
24.7
126.0
157.8
23.9
19.0
3.5
3.0
15.7
17.1
3.2
2.8
Dishman Pharma
Neutral
167
-
2,689
1,718
1,890
21.7
21.8
8.7
10.4
19.2
16.0
1.7
1.6
9.3
10.2
2.0
1.8
GSK Pharma*
Neutral
3,102
-
26,274
3,528
3,811
16.6
18.8
51.8
59.4
59.9
52.2
16.0
16.0
26.3
30.6
7.2
6.7
Indoco Remedies
Sell
311
225
2,867
1,112
1,289
18.2
18.2
13.2
15.6
23.6
19.9
4.2
3.6
19.2
19.2
2.7
2.3
Ipca labs
Buy
532
613
6,713
3,303
3,799
15.3
15.3
17.3
19.7
30.8
27.0
2.7
2.5
9.1
9.4
2.2
1.9
Lupin
Accumulate
1,579
1,809
71,181
15,912
18,644
26.4
26.7
58.1
69.3
27.2
22.8
5.3
4.3
21.4
20.9
4.5
3.8
Sun Pharma
Buy
802
944
192,969
31,129
35,258
30.0
30.9
28.0
32.8
28.6
24.5
4.4
3.7
18.7
18.9
5.8
4.9
Power
Tata Power
Neutral
75
-
20,339
36,916
39,557
17.4
27.1
5.1
6.3
14.8
11.9
1.3
1.2
9.0
10.3
1.6
1.4
NTPC
Neutral
160
-
132,134
86,605
95,545
17.5
20.8
11.8
13.4
13.6
12.0
1.4
1.3
10.5
11.1
2.9
2.9
Power Grid
Neutral
178
-
93,070
25,763
29,762
74.3
73.1
14.8
17.3
12.0
10.3
1.9
1.7
16.9
17.5
7.9
7.5
Real Estate
MLIFE
Buy
425
554
1,744
925
1,139
18.4
22.3
18.3
33.8
23.2
12.6
1.1
1.0
4.9
8.5
2.6
2.0
Telecom
Bharti Airtel
Neutral
348
-
139,050
105,086
114,808
34.5
34.7
12.2
16.4
28.5
21.2
1.9
1.8
6.8
8.4
2.2
1.9
Idea Cellular
Neutral
94
-
33,812
40,133
43,731
37.2
37.1
6.4
6.5
14.7
14.5
1.2
1.1
8.2
7.6
1.9
1.6
zOthers
Abbott India
Neutral
4,706
-
10,001
3,153
3,583
14.1
14.4
152.2
182.7
30.9
25.8
151.8
129.7
25.6
26.1
2.9
2.5
Bajaj Electricals
Buy
254
299
2,566
5,351
6,098
5.7
5.9
12.4
15.7
20.5
16.1
3.0
2.6
14.4
16.1
0.5
0.4
Finolex Cables
Neutral
413
-
6,322
2,883
3,115
12.0
12.1
14.2
18.6
29.1
22.2
15.5
13.5
15.8
14.6
1.9
1.7
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
59.0
Hitachi
Neutral
1,397
-
3,799
2,081
2,433
8.8
8.9
33.4
39.9
41.8
35.0
33.8
28.1
22.1
21.4
1.8
1.5
Jyothy Laboratories
Neutral
285
-
5,166
1,440
2,052
11.5
13.0
8.5
10.0
33.6
28.5
8.1
7.5
18.6
19.3
3.9
2.7
Page Industries
Neutral
14,085
-
15,710
2,450
3,124
20.1
17.6
299.0
310.0
47.1
45.4
313.7
239.5
47.1
87.5
6.5
5.1
Relaxo Footwears
Neutral
467
-
5,603
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
1,056
1,347
990
1,799
2,040
11.6
11.7
104.9
122.4
10.1
8.6
1.7
1.4
16.4
16.4
0.8
0.7
Styrolution ABS India*
Neutral
543
-
955
1,440
1,537
9.2
9.0
40.6
42.6
13.4
12.8
34.2
31.1
12.3
11.6
0.6
0.5
TVS Srichakra
Buy
2,390
2,932
1,830
2,304
2,614
13.7
13.8
231.1
266.6
10.3
9.0
268.5
211.4
33.9
29.3
0.8
0.7
HSIL
Neutral
341
-
2,463
2,384
2,515
15.8
16.3
15.3
19.4
22.3
17.6
22.1
19.0
7.8
9.3
1.2
1.1
Kirloskar Engines India
Neutral
286
-
4,135
2,554
2,800
9.9
10.0
10.5
12.1
27.2
23.6
11.4
10.8
10.7
11.7
1.3
1.1
Ltd
M M Forgings
Neutral
425
-
513
546
608
20.4
20.7
41.3
48.7
10.3
8.7
58.2
51.5
16.6
17.0
0.8
0.7
Banco Products (India)
Neutral
203
-
1,448
1,353
1,471
12.3
12.4
14.5
16.3
14.0
12.4
19.3
17.4
14.5
14.6
1.0
108.4
Competent Automobiles Neutral
163
-
100
1,137
1,256
3.1
2.7
28.0
23.6
5.8
6.9
31.4
28.3
14.3
11.5
0.1
0.1
Stock Watch
August 16, 2016
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( Čcr )
OPM(%)
EPS (Č)
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
(Č)
Price ( Č)
( Č cr )
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
zOthers
Nilkamal
Neutral
1,179
-
1,759
1,995
2,165
10.7
10.4
69.8
80.6
16.9
14.6
67.4
58.5
16.6
16.5
0.9
0.8
Visaka Industries
Neutral
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
0.5
Transport Corporation of
Neutral
336
-
2,571
2,671
2,911
8.5
8.8
13.9
15.7
24.2
21.5
3.3
3.0
13.7
13.8
1.1
1.0
India
Elecon Engineering
Accumulate
56
63
612
1,482
1,660
13.7
14.5
3.9
5.8
14.4
9.7
3.4
3.1
7.8
10.9
0.7
0.6
Surya Roshni
Buy
172
201
756
3,342
3,625
7.8
7.5
17.3
19.8
10.0
8.7
19.0
15.2
10.5
10.8
0.5
0.4
MT Educare
Neutral
134
-
533
366
417
17.7
18.2
9.4
10.8
14.3
12.4
3.2
2.8
22.2
22.3
1.4
1.2
Radico Khaitan
Buy
91
125
1,217
1,659
1,802
13.0
13.2
6.3
7.4
14.4
12.4
1.3
1.2
8.6
9.3
1.2
1.1
Garware Wall Ropes
Accumulate
490
524
1,072
873
938
12.9
13.1
30.9
34.9
15.9
14.0
2.5
2.1
15.7
15.2
1.1
1.0
Wonderla Holidays
Neutral
397
-
2,244
287
355
38.0
40.0
11.3
14.2
35.2
28.0
5.0
4.4
21.4
23.9
7.5
6.1
Linc Pen & Plastics
Accumulate
263
283
389
382
420
9.3
9.5
13.5
15.7
19.5
16.7
3.3
2.9
17.1
17.3
1.1
1.0
The Byke Hospitality
Neutral
161
-
646
287
384
20.5
20.5
7.6
10.7
21.2
15.1
4.4
3.6
20.7
23.5
2.3
1.7
Interglobe Aviation
Neutral
801
-
28,857
21,122
26,005
14.5
27.6
110.7
132.1
7.2
6.1
43.3
30.9
168.5
201.1
1.3
1.0
Coffee Day Enterprises
Neutral
237
-
4,872
2,964
3,260
20.5
21.2
4.7
8.0
-
29.6
2.7
2.5
5.5
8.5
2.1
1.8
Ltd
Navneet Education
Neutral
98
-
2,338
1,062
1,147
24.0
24.0
6.1
6.6
16.1
14.8
3.3
2.9
20.6
19.8
2.3
2.1
Navkar Corporation
Buy
202
265
2,877
408
612
42.9
42.3
6.8
11.5
29.8
17.5
2.1
1.9
6.9
10.5
8.0
5.3
UFO Moviez
Neutral
515
-
1,422
619
685
33.2
33.4
30.0
34.9
17.2
14.8
2.4
2.1
13.8
13.9
2.0
1.6
VRL Logistics
Neutral
287
-
2,615
1,902
2,119
16.7
16.6
14.6
16.8
19.7
17.0
4.3
3.8
21.9
22.2
1.5
1.3
Team Lease Serv.
Neutral
1,097
-
1,876
3,229
4,001
1.5
1.8
22.8
32.8
48.2
33.4
5.2
4.5
10.7
13.4
0.5
0.4
S H Kelkar & Co.
Neutral
260
-
3,767
1,036
1,160
15.1
15.0
6.1
7.2
42.7
36.3
4.6
4.2
10.7
11.5
3.5
3.1
Quick Heal
Neutral
241
-
1,686
408
495
27.3
27.0
7.7
8.8
31.1
27.4
2.9
2.9
9.3
10.6
3.3
2.7
Narayana Hrudaya
Neutral
306
-
6,251
1,873
2,166
11.5
11.7
2.6
4.0
115.7
77.2
7.1
6.4
6.1
8.3
3.4
3.0
Manpasand Bever.
Neutral
683
-
3,416
836
1,087
19.6
19.4
16.9
23.8
40.4
28.7
4.8
4.2
12.0
14.8
3.8
2.9
Parag Milk Foods
Neutral
325
-
2,732
1,919
2,231
9.3
9.6
9.5
12.9
34.4
25.1
5.3
4.4
15.5
17.5
1.6
1.3
Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on August 12, 2016
Market Outlook
August 16, 2016
Research Team Tel: 022 - 39357800
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