Market Outlook

August 19, 2015

Dealer’s Diary

Domestic Indices

Chg (%)

(Pts)

(Close)

BSE Sensex

(0.2)

(47)

27,832

Indian markets are expected to open on a flat note tracking the SGX Nifty.

Nifty

(0.1)

(11)

8,467

US markets fell breaking a three day gaining streak; led by decline in consumer and

MID CAP

0.5

11,542

energy stocks.

SMALL CAP

0.9

100

11,892

BSE HC

(0.6)

(102)

17,898

European markets fell led by a decline in commodity stocks.

BSE PSU

(0.5)

(35)

7,462

Indian markets ended marginally in the red led by weakness in PSU and oil

BANKEX

(0.2)

(42)

21,555

exploration and production stocks.

AUTO

0.6

117

19,454

METAL

(1.9)

(152)

7,756

News & Result Analysis

OIL & GAS

(0.0)

(1)

9,415

 Moody’s cuts 2015 GDP growth forecast to 7%

Refer detailed news & result analysis on the following page

BSE IT

1.6

187

11,771

Global Indices

Chg (%)

(Pts)

(Close)

Markets Today

Dow Jones

(0.2)

(34)

17,511

The trend deciding level for the day is 27,873 / 8,475 levels. If NIFTY trades above

NASDAQ

(0.6)

(32)

5,059

this level during the first half-an-hour of trade then we may witness a further rally up

FTSE

(0.4)

(24)

6,526

to 27,999 - 28,167 / 8,517 - 8,567 levels. However, if NIFTY trades below

27,873 / 8,475 levels for the first half-an-hour of trade then it may correct towards

Nikkei

(0.3)

(66)

20,554

27,706 - 27,580 / 8,425 - 8,383 levels.

Hang Sang

(1.4)

(340)

23,475

Straits Times

(0.6)

(18)

3,050

Indices

PIVOT

Shanghai Com

(6.1)

(246)

3,748

SENSEX

27,580

27,706

27,873

27,999

28,167

NIFTY

8,383

8,425

8,475

8,517

8,567

Indian ADR

Chg (%)

(Pts)

(Close)

Net Inflows (August 14, 2015)

INFY

0.6

0.1

$18.0

` cr

Purch

Sales

Net

MTD

YTD

WIT

0.4

0.1

$12.5

FII

4,445

3,984

461

(489)

140,481

IBN

0.4

0.0

$9.8

MFs

919

708

211

732

58,681

HDB

(1.4)

(0.9)

$62.0

FII Derivatives (August 18, 2015)

Advances / Declines

BSE

NSE

` cr

Purch

Sales

Net

Open Interest

Advances

1,626

884

Index Futures

1,299

1,280

14,172

Declines

1,256

631

Stock Futures

3,381

2,973

408

53,115

Unchanged

114

Gainers / Losers

Volumes (` cr)

Gainer

Loser

BSE

3,155

Company

Price (`)

chg (%)

Company

Price (`)

chg (%)

NSE

17,015

TATAELXSI

2,132

19.7

INDIANB

154

(4.9)

JPINFRATEC

10.9

KAILASH

(4.9)

ESCORTS

169

9.5

SUNTV

348

(4.5)

JKTYRE

119

8.5

GAIL

330

(4.4)

GPPL

209

8.5

COALINDIA

364

(4.2)

www.angelbroking.com

Market Outlook

August 19, 2015

Moody’s cuts 2015 GDP growth forecast to 7%

Moody’s Investors Service cut its forecast for India’s GDP growth to around 7% in

2015 from 7.5% on account of lower-than-expected rainfall in the ongoing

monsoon season. The monsoon rainfall has remained 10% below normal as on

17-Aug-2015. In addition to weak monsoon, subdued global growth conditions

and uncertain global financial environment have led the agency to revise its

growth forecasts downwards. The rating agency has maintained its forecast for

2016 GDP growth at 7.5% as it expects the domestic consumption growth to

continue to be supported by moderation in inflation and favourable

demographics. It has however pointed towards risks ahead that include delays in

the government’s reform plan which could dent growth momentum.

Economic and Political News

 India's domestic air traffic rises 29.3% in July

 Modi to bet $1.5 billion on palm oil plan as imports surge

 Moody's cuts India's 2015 growth forecast to 7% on deficient monsoon

Corporate News

 FSSAI says reviewing court order, no decision on approaching SC yet

 Aurobindo: Strong growth visibility led by US approvals

 Rajesh Exports bags `1,170-cr order from UAE

www.angelbroking.com

Market Outlook

August 19, 2015

Top Picks

Large Cap

Market

CMP

Target

Upside

Company

Sector

Rating

Cap (` Cr)

(`)

(%)

Axis Bank

Financials

133,297

Buy

561

716

27.6

ICICI Bank

Financials

174,708

Buy

301

370

22.9

Inox Wind

Capital Goods

8,836

Buy

398

505

26.8

LIC Housing

Financials

25,168

Buy

499

590

18.3

Finance

Power Grid

Power

71,751

Buy

137

170

24.0

TCS

535,634

Buy

2,735

3,168

15.9

Yes Bank

Financials

32,882

Buy

786

989

25.8

Infosys

267,318 Accumulate

1,164

1,306

12.2

Tech Mahindra IT

54,071 Accumulate

562

646

14.9

Source: Angel Research, Bloomberg

Mid Cap

Market

CMP

Target

Upside

Company

Sector

Rating

Cap (` Cr)

(`)

(%)

Bajaj Electricals

Others

2,654

Buy

263

341

29.5

Hindustan Media Ven. Media

1,735

Buy

236

292

23.5

JK Tyre

Auto Ancillary

2,689

Buy

119

147

24.0

MBL Infrastructures

Construction

1,096

Buy

265

395

49.1

Radico Khaitan

Others

1,229

Buy

112

21.3

Surya Roshni

Others

616

Buy

141

183

30.1

Garware Wall Ropes Others

751 Accumulate

343

390

13.6

Minda Industries

Auto Ancillary

933 Accumulate

588

652

10.8

MT Educare

Others

511 Accumulate

128

141

9.9

Source: Angel Research, Bloomberg

www.angelbroking.com

Market Outlook

August 18, 2015

Global economic events release calendar

Date

Time

Country Event Description

Unit

Period

Bloomberg Data

Last Reported Estimated

August 18, 2015

6:00PM

Building permits

Thousands

Jul

1,337.00

1,230.00

6:00PM

Housing Starts

Thousands

Jul

1,174.00

1,186.00

2:00PM

CPI (YoY)

% Change

Jul

August 19, 2015

6:00PM

Consumer price index (mom)

% Change

Jul

0.30

0.20

August 20, 2015

6:00PM

Initial Jobless claims

Thousands

Aug 15

274.00

272.00

7:30PM

Existing home sales

Million

Jul

5.49

5.43

August 21, 2015

7:30PM

Euro Zone Euro-Zone Consumer Confidence

Value

Aug A

(7.10)

(6.90)

1:00PM

Germany PMI Services

Value

Aug P

53.80

53.60

1:00PM

Germany PMI Manufacturing

Value

Aug P

51.80

51.60

August 25, 2015

11:30AM

Germany GDP nsa (YoY)

% Change

2Q F

1.60

7:30PM

New home sales

Thousands

Jul

482.00

510.00

7:30PM

Consumer Confidence

S.A./ 1985=100

Aug

90.91

93.00

August 27, 2015

6:00PM

GDP Qoq (Annualised)

% Change

2Q S

2.30

3.40

August 28, 2015

2:00PM

GDP (YoY)

% Change

2Q P

2.60

September 1, 2015

1:25PM

Germany Unemployment change (000's)

Thousands

Aug

9.00

6:30AM

China

PMI Manufacturing

Value

Aug

50.00

2:00PM

PMI Manufacturing

Value

Aug

51.90

September 3, 2015

5:15PM

Euro Zone ECB announces interest rates

Sep 3

0.05

September 4, 2015

2:30PM

Euro Zone Euro-Zone GDP s.a. (QoQ)

% Change

2Q P

0.30

6:00PM

Change in Nonfarm payrolls

Thousands

Aug

215.00

6:00PM

Unnemployment rate

Aug

5.30

September 8, 2015

China

Exports YoY%

% Change

Aug

(8.30)

September 9, 2015

7:00AM

China

Consumer Price Index (YoY)

% Change

Aug

1.60

2:00PM

Industrial Production (YoY)

% Change

Jul

1.50

Source: Bloomberg, Angel Research

Market Outlook

August 19, 2015

Macro watch

Exhibit 1: Quarterly GDP trends

Exhibit 2: IIP trends

(%)

9.0

8.4

6.0

5.2

4.8

5.0

8.0

7.5

3.6

4.0

3.4

7.0

2.8

2.7

6.7

6.6

2.6

2.5

7.0

6.3

6.4

3.0

2.0

0.9

6.0

0.5

1.0

5.0

4.7

5.0

4.5

(1.0)

4.0

(2.0)

(3.0)

3.0

(2.7)

(4.0)

Source: CSO, Angel Research

Source: MOSPI, Angel Research

Exhibit 3: Monthly CPI inflation trends

Exhibit 4: Manufacturing and services PMI

(%)

55.0

Mfg. PMI

Services PMI

8.0

7.4

54.0

7.0

6.8

7.0

53.0

5.6

5.2

5.4

5.3

6.0

4.9

5.0

52.0

4.6

5.0

4.3

51.0

4.0

3.3

3.0

50.0

2.0

49.0

1.0

48.0

47.0

Source: Market, Angel Research; Note: Level above 50 indicates expansion

Source: MOSPI, Angel Research

Exhibit 5: Exports and imports growth trends

Exhibit 6: Key policy rates

(%)

Exports yoy growth

Imports yoy growth

(%)

Repo rate

Reverse Repo rate

CRR

30.0

9.00

20.0

8.00

10.0

7.00

0.0

6.00

(10.0)

5.00

(20.0)

4.00

(30.0)

3.00

Source: Bloomberg, Angel Research

Source: RBI, Angel Research

www.angelbroking.com

Market Outlook

August 19, 2015

Exhibit 4: Relative performance of indices across globe

Returns (%)

Country

Name of index

Closing price

1YR

Brazil

Bovespa

47,451

(9.3)

(15.6)

(14.9)

Russia

Micex

1,691

2.5

1.9

19.3

India

Nifty

8,467

(1.7)

0.5

11.9

China

Shanghai Composite

3,748

(6.9)

(16.4)

67.0

South Africa

Top 40

45,467

(3.7)

(5.8)

(1.4)

Mexico

Mexbol

43,872

(3.2)

(3.1)

(2.2)

Indonesia

LQ45

762

(8.7)

(15.2)

(13.7)

Malaysia

KLCI

1,580

(7.9)

(12.3)

(14.7)

Thailand

SET 50

894

(8.4)

(9.9)

(12.3)

USA

Dow Jones

17,511

(3.2)

(4.3)

3.5

FTSE

6,526

(3.7)

(6.7)

(3.4)

Japan

Nikkei

20,554

(1.0)

1.2

35.1

Germany

DAX

10,916

(6.5)

(7.9)

18.1

France

CAC

4,971

(3.0)

(3.2)

16.9

Source: Bloomberg, Angel Research

www.angelbroking.com

Market Outlook

August 19, 2015

Stock Watch

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

226

4,385

2,075

2,394

14.4

9.5

11.0

23.7

20.5

4.7

4.1

21.1

21.3

2.2

1.9

United Phosphorus

Neutral

559

23,972

13,698

15,752

17.6

32.1

38.5

17.4

14.5

3.4

2.8

21.4

21.3

1.9

1.5

Auto & Auto Ancillary

Ashok Leyland

Neutral

27,676

17,850

20,852

10.6

11.1

3.2

4.3

30.4

22.6

5.0

4.7

16.4

20.8

1.5

1.3

Bajaj Auto

Neutral

2,522

72,978

23,842

27,264

19.8

19.6

128.4

144.4

19.6

17.5

6.0

5.2

30.5

29.5

2.6

2.3

Eicher Motors

Neutral

20,945

56,849

11,681

15,550

15.3

16.9

358.5

564.3

58.4

37.1

17.6

13.1

29.8

34.9

4.8

3.5

Hero Motocorp

Neutral

2,642

52,754

28,500

33,028

13.8

14.1

144.2

166.3

18.3

15.9

6.7

5.7

36.7

36.0

1.7

1.4

L G Balakrishnan & Bros Neutral

479

752

1,254

1,394

11.6

11.8

35.9

41.7

13.4

11.5

1.8

1.6

13.5

13.8

0.7

0.6

Mahindra and Mahindra Accumulate

1,366

1,493

84,857

40,088

45,176

13.8

14.0

59.6

70.4

22.9

19.4

3.8

3.3

16.6

17.2

1.8

1.5

Maruti

Neutral

4,635

140,001

58,102

68,587

16.7

16.9

182.0

225.5

25.5

20.6

5.1

4.3

19.9

21.0

2.2

1.8

Minda Industries

Accumulate

588

652

933

2,567

2,965

7.3

8.0

38.8

54.3

15.2

10.8

2.2

1.8

14.4

16.8

0.5

0.4

Rane Brake Lining

Accumulate

337

366

266

454

511

11.1

11.4

23.8

28.1

14.1

12.0

2.0

1.8

14.2

15.3

0.7

Setco Automotive

Neutral

227

607

594

741

12.7

13.7

8.4

15.8

27.0

14.4

2.8

2.4

10.4

16.9

1.5

1.2

Tata Motors

Buy

350

455

100,966

267,464

311,225

13.7

34.6

41.8

10.1

8.4

1.3

1.1

13.2

13.9

0.6

0.5

TVS Motor

Accumulate

230

255

10,939

11,839

13,985

7.0

8.0

10.8

15.9

21.3

14.5

5.4

4.3

25.5

29.7

0.9

0.7

Amara Raja Batteries

Neutral

1,038

17,738

5,101

6,326

17.7

17.5

30.8

37.8

33.7

27.5

8.3

6.6

24.6

24.2

3.4

2.7

Exide Industries

Neutral

165

13,987

7,363

8,247

13.7

14.5

6.6

7.7

24.9

21.4

3.2

2.9

12.6

13.3

1.6

1.5

Apollo Tyres

Neutral

202

10,275

12,428

13,262

16.8

16.4

21.9

21.1

9.2

9.6

1.6

1.4

17.0

14.1

0.9

Ceat

Neutral

1,108

4,483

6,041

6,770

14.3

13.9

101.5

117.7

10.9

9.4

2.2

1.8

20.0

19.2

0.9

0.7

JK Tyres

Buy

119

147

2,689

7,446

7,942

15.2

14.7

19.6

21.0

6.1

5.7

1.5

1.2

25.2

21.7

0.8

0.7

Swaraj Engines

Neutral

937

1,163

593

677

14.5

14.8

51.2

60.8

18.3

15.4

4.3

3.8

23.3

24.8

1.8

1.5

Subros

Neutral

577

1,268

1,488

11.6

11.9

3.7

6.6

26.0

14.6

1.7

1.6

6.8

11.4

0.8

0.6

Indag Rubber

Neutral

203

533

283

329

17.0

17.2

13.0

15.4

15.7

13.2

3.4

2.8

21.8

21.6

1.6

1.3

Capital Goods

ACE

Neutral

457

660

839

4.7

8.2

1.0

3.9

46.2

11.8

1.4

1.3

3.2

11.3

0.8

0.7

BEML

Neutral

1,365

5,685

3,277

4,006

6.0

8.9

29.2

64.3

46.8

21.2

2.6

2.4

5.7

11.7

1.8

1.4

BGR Energy

Neutral

134

968

3,615

3,181

9.5

9.4

16.7

12.4

8.0

10.8

0.8

0.7

10.0

7.0

0.7

0.8

BHEL

Neutral

261

63,944

33,722

35,272

10.8

11.7

10.5

14.2

24.9

18.4

1.8

1.7

7.0

9.0

2.0

1.9

Blue Star

Accumulate

355

387

3,192

3,649

4,209

5.0

5.9

9.2

14.7

38.8

24.1

7.0

6.6

9.1

17.5

1.0

0.8

Crompton Greaves

Accumulate

187

204

11,730

13,484

14,687

4.9

6.2

4.5

7.1

41.6

26.4

2.9

2.7

7.2

10.8

1.0

0.9

Inox Wind

Buy

398

505

8,836

4,980

5,943

17.0

17.5

26.6

31.6

15.0

12.6

4.5

3.3

35.0

30.0

1.9

1.6

www.angelbroking.com

Market Outlook

August 19, 2015

Stock Watch

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

KEC International

Neutral

143

3,667

8,791

9,716

6.1

6.8

5.4

8.2

26.4

17.4

2.6

2.4

10.0

14.0

0.6

Thermax

Neutral

1,041

12,402

6,413

7,525

7.4

8.5

30.5

39.3

34.1

26.5

5.3

4.6

15.0

17.0

1.9

1.6

Cement

ACC

Accumulate

1,389

1,548

26,079

11,856

14,092

14.5

17.8

47.6

76.1

29.2

18.3

3.0

2.8

10.6

15.7

2.1

1.7

Ambuja Cements

Neutral

227

35,182

10,569

12,022

20.7

22.2

8.7

10.7

26.1

21.2

3.3

3.1

13.0

15.2

2.9

2.6

India Cements

Buy

112

2,574

4,716

5,133

15.9

16.9

3.7

7.5

22.7

11.2

0.8

3.8

7.3

0.9

0.7

JK Cement

Buy

640

767

4,477

4,056

4,748

14.5

17.0

22.6

41.1

28.3

15.6

2.5

2.3

9.3

15.3

1.5

1.3

J K Lakshmi Cement

Buy

363

430

4,268

2,947

3,616

16.7

19.9

11.5

27.2

31.5

13.3

3.0

2.6

9.8

20.8

1.9

1.5

Mangalam Cements

Neutral

232

619

1,053

1,347

10.5

13.3

8.4

26.0

27.6

8.9

1.2

1.1

4.3

12.5

1.0

0.7

Orient Cement

Accumulate

170

183

3,485

1,854

2,524

21.2

22.2

7.7

11.1

22.1

15.3

3.2

2.7

13.3

15.7

2.6

1.8

Ramco Cements

Neutral

349

8,303

4,036

4,545

20.8

21.3

15.1

18.8

23.1

18.6

2.8

2.5

12.9

14.3

2.6

2.2

Shree Cement^

Neutral

11,000

38,320

7,150

8,742

26.7

28.6

228.0

345.5

48.2

31.8

7.1

6.0

15.7

20.3

5.1

4.1

UltraTech Cement

Neutral

3,133

85,977

27,562

31,548

20.4

22.3

111.9

143.3

28.0

21.9

4.0

3.4

15.2

16.8

3.2

2.7

Construction

ITNL

Accumulate

118

130

2,917

7,360

8,825

34.0

35.9

1.0

5.0

118.3

23.7

0.5

0.3

1.4

3.8

3.7

KNR Constructions

Neutral

562

1,626

915

1,479

14.3

13.9

20.3

37.2

27.7

15.1

2.5

2.2

9.6

15.6

1.9

1.2

Larsen & Toubro

Accumulate

1,798

2,013

167,298

68,920

82,446

10.9

11.5

57.0

73.0

31.5

24.6

2.9

2.7

13.6

15.5

2.7

2.2

Gujarat Pipavav Port

Neutral

209

10,099

740

843

53.1

53.6

8.0

10.0

26.1

20.9

4.1

3.3

20.4

19.4

13.2

11.2

MBL Infrastructures

Buy

265

395

1,096

2,507

2,986

12.4

14.4

21.5

20.5

12.3

12.9

1.5

1.3

12.6

12.7

1.2

1.1

PNC Infratech

Neutral

526

2,699

1,798

2,132

13.2

13.5

22.0

30.0

23.9

17.5

2.2

1.9

11.5

11.4

1.6

1.4

Financials

Allahabad Bank

Neutral

5,600

8,859

9,817

3.0

23.7

30.1

4.1

3.3

0.5

0.4

10.6

12.3

Axis Bank

Buy

561

716

133,297

26,522

31,625

3.6

36.2

45.4

15.5

12.4

3.0

2.6

18.2

19.6

Bank of Baroda

Neutral

213

47,050

18,934

21,374

2.0

13.2

15.1

16.1

14.1

1.2

1.1

7.1

7.7

Bank of India

Neutral

179

11,922

17,402

20,003

2.0

2.1

40.3

50.7

4.5

3.5

0.4

9.0

10.4

Canara Bank

Neutral

349

17,980

15,805

17,745

2.0

2.2

64.3

73.5

5.4

4.8

0.6

0.5

10.8

11.3

Dena Bank

Neutral

2,604

3,580

4,040

2.1

2.2

8.4

10.9

5.6

4.3

0.5

0.4

6.8

8.4

Federal Bank

Neutral

11,550

3,522

4,045

3.2

12.2

14.1

5.5

4.8

0.7

0.6

12.9

13.4

HDFC

Accumulate

1,267

1,343

199,696

11,198

13,321

3.5

45.1

53.7

28.1

23.6

5.8

5.2

27.2

28.2

HDFC Bank

Buy

1,087

1,255

273,132

38,629

47,500

4.5

4.7

52.6

66.4

20.7

16.4

3.8

3.2

19.6

21.2

ICICI Bank

Buy

301

370

174,708

36,037

41,647

3.5

3.6

22.9

26.7

13.1

11.3

2.2

1.9

15.7

15.9

IDBI Bank

Neutral

11,244

9,806

11,371

1.7

1.9

10.0

16.3

7.1

4.3

0.5

6.8

10.4

www.angelbroking.com

Market Outlook

August 19, 2015

Stock Watch

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

Financials

Indian Bank

Neutral

154

7,382

6,454

7,321

2.5

2.6

26.4

33.3

5.8

4.6

0.5

0.4

8.1

9.6

LIC Housing Finance

Buy

499

590

25,168

2,934

3,511

2.3

30.9

36.8

16.1

13.6

2.6

2.3

16.8

17.5

Oriental Bank

Neutral

178

5,327

7,930

8,852

2.5

51.8

57.1

3.4

3.1

0.4

0.3

9.3

9.5

Punjab Natl.Bank

Neutral

171

31,620

24,160

27,777

2.9

3.0

18.5

24.6

9.2

6.9

0.9

0.8

8.8

10.8

South Ind.Bank

Neutral

3,092

1,999

2,249

2.4

3.5

4.0

6.6

5.7

0.8

0.7

12.6

13.1

St Bk of India

Neutral

284

214,843

86,900

100,550

3.1

22.1

27.7

12.9

10.3

1.6

1.4

12.7

14.3

Union Bank

Neutral

218

13,876

12,995

14,782

2.4

32.3

40.9

6.8

5.3

0.8

0.7

10.7

12.3

Vijaya Bank

Neutral

3,458

3,474

3,932

1.8

1.9

5.9

7.2

6.9

5.6

0.6

0.5

8.1

9.3

Yes Bank

Buy

786

989

32,882

7,006

8,825

3.1

3.3

61.4

77.1

12.8

10.2

2.4

2.0

20.1

21.3

FMCG

Asian Paints

Neutral

901

86,448

16,553

19,160

16.0

16.2

17.7

21.5

51.0

41.9

13.5

12.2

29.4

31.2

5.1

4.4

Britannia

Neutral

3,314

39,763

8,065

9,395

9.6

10.2

47.2

65.5

70.2

50.6

23.3

22.1

38.3

41.2

4.8

4.1

Colgate

Neutral

1,988

27,036

4,836

5,490

19.5

19.7

48.5

53.2

41.0

37.4

30.0

26.2

99.8

97.5

5.5

4.8

Dabur India

Neutral

303

53,240

9,370

10,265

17.1

17.2

7.3

8.1

41.3

37.4

12.5

10.1

33.7

30.6

5.6

5.1

GlaxoSmith Con*

Neutral

6,244

26,259

4,919

5,742

17.2

17.4

168.3

191.2

37.1

32.7

10.5

9.0

28.8

28.9

4.9

4.2

Godrej Consumer

Neutral

1,305

44,450

10,168

12,886

16.1

32.1

38.4

40.7

34.0

8.3

7.6

19.7

21.0

4.5

3.5

HUL

Neutral

871

188,533

34,940

38,957

17.5

17.7

20.8

24.7

41.9

35.3

46.6

37.2

110.5

114.2

5.2

4.6

ITC

Buy

315

409

252,499

41,068

45,068

37.8

37.4

13.9

15.9

22.6

19.8

7.6

6.7

34.1

33.8

5.8

5.2

Marico

Neutral

430

27,732

6,551

7,766

15.7

16.0

10.4

12.5

41.4

34.4

12.0

10.0

33.2

32.4

4.2

3.5

Nestle*

Accumulate

6,168

6,646

59,465

11,291

12,847

22.2

22.3

158.9

184.6

38.8

33.4

20.3

18.3

55.0

57.3

5.1

4.5

Tata Global

Accumulate

134

152

8,460

8,635

9,072

9.8

9.9

6.5

7.6

20.6

17.7

2.1

2.0

6.8

7.4

0.9

HCL Tech^

Buy

969

1,132

136,253

42,038

47,503

23.5

56.4

62.9

17.2

15.4

4.0

3.1

23.2

19.8

2.8

2.3

Infosys

Accumulate

1,164

1,306

267,318

60,250

66,999

28.0

58.3

63.7

20.0

18.3

4.2

3.6

20.9

19.7

3.8

3.2

TCS

Buy

2,735

3,168

535,634

108,420

123,559

28.8

28.7

127.2

143.9

21.5

19.0

8.6

8.0

39.9

41.8

4.5

3.9

Tech Mahindra

Accumulate

562

646

54,071

25,566

28,890

16.0

17.0

26.3

31.9

21.4

17.6

3.8

3.3

17.9

18.6

1.9

1.6

Wipro

Buy

571

719

141,088

52,414

58,704

23.7

23.8

38.4

42.3

14.9

13.5

2.9

2.6

19.5

18.0

2.3

1.9

Media

D B Corp

Accumulate

321

356

5,898

2,241

2,495

27.8

27.9

21.8

25.6

14.8

12.5

3.9

3.4

26.7

28.5

2.6

2.3

HT Media

Neutral

2,011

2,495

2,603

11.2

7.3

8.6

11.8

10.1

0.9

7.4

8.1

0.3

Jagran Prakashan

Accumulate

142

156

4,626

1,939

2,122

26.0

8.3

9.2

17.1

15.4

2.9

2.6

17.5

17.1

2.3

2.1

Sun TV Network

Neutral

348

13,708

2,779

3,196

70.2

70.5

22.8

27.3

15.3

12.7

3.8

3.4

26.7

28.3

4.7

4.1

www.angelbroking.com

Market Outlook

August 19, 2015

Stock Watch

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

Media

Hindustan Media

Buy

236

292

1,735

920

1,031

20.0

19.2

20.9

12.3

11.3

2.0

1.7

16.4

15.3

1.4

1.3

Ventures

Metals & Mining

Coal India

Buy

364

450

229,947

77,595

89,628

22.9

24.4

27.6

30.0

13.2

12.1

5.7

33.9

33.2

2.2

2.0

Hind. Zinc

Neutral

147

62,239

15,546

16,821

47.5

49.0

19.7

20.3

7.5

7.3

1.3

1.1

17.2

16.6

1.8

1.3

Hindalco

Neutral

18,399

112,328

119,817

7.7

7.9

16.3

20.1

5.5

4.4

0.4

8.0

8.5

0.6

0.5

JSW Steel

Neutral

988

23,883

48,125

53,595

18.8

21.0

46.9

97.5

21.1

10.1

1.0

0.9

4.4

9.5

1.3

1.2

NMDC

Neutral

37,843

12,544

13,330

59.5

59.7

16.3

16.5

5.9

5.8

1.0

5.1

9.9

1.8

1.7

SAIL

Neutral

23,624

56,365

63,383

6.9

8.0

7.1

8.2

8.0

7.0

0.5

7.0

7.1

1.0

0.9

Vedanta

Neutral

103

30,492

81,842

88,430

30.6

32.8

20.2

25.7

5.1

4.0

0.4

0.3

7.5

8.5

0.7

0.5

Tata Steel

Neutral

252

24,441

136,805

149,228

11.3

11.9

26.4

36.8

9.5

6.8

0.8

0.7

6.0

8.0

0.7

Oil & Gas

Cairn India

Neutral

150

28,170

12,617

14,513

33.7

40.0

25.5

27.7

5.9

5.4

0.4

7.4

7.7

0.9

0.7

GAIL

Neutral

330

41,885

75,595

85,554

8.6

8.0

31.8

36.1

10.4

9.1

1.1

10.7

11.4

0.7

0.6

ONGC

Neutral

261

223,170

174,773

192,517

22.7

24.8

34.6

38.2

7.5

6.8

1.1

1.0

14.2

14.9

1.4

1.2

Petronet LNG

Accumulate

187

210

13,988

39,007

40,785

3.8

4.2

9.2

11.0

20.4

17.0

2.3

2.1

11.6

12.7

0.4

Reliance Industries

Accumulate

944

1,050

305,794

339,083

384,014

7.8

9.5

75.7

94.5

12.5

10.0

1.2

10.7

12.2

1.2

1.1

Pharmaceuticals

Alembic Pharma

Neutral

734

13,841

2,601

3,115

21.2

20.2

20.8

23.9

35.3

30.7

11.3

8.6

37.2

31.8

5.3

4.4

Aurobindo Pharma

Neutral

791

46,180

14,435

16,600

22.6

36.1

41.2

21.9

19.2

6.5

5.0

34.5

29.3

3.5

3.0

Aventis*

Neutral

4,085

9,408

2,156

2,455

15.1

16.8

109.7

133.9

37.2

30.5

5.1

4.2

18.4

22.5

4.1

3.4

Cadila Healthcare

Neutral

1,984

40,617

10,224

11,840

20.0

21.0

71.0

85.6

27.9

23.2

7.5

5.9

30.1

28.5

4.0

3.4

Cipla

Neutral

684

54,904

14,051

16,515

20.4

18.7

26.6

28.4

25.7

24.1

4.3

3.7

18.2

16.5

3.9

3.3

Dr Reddy's

Neutral

4,188

71,401

17,903

20,842

22.7

22.8

160.5

189.5

26.1

22.1

5.3

4.4

22.2

21.7

3.9

3.3

Dishman Pharma

Buy

223

312

1,801

1,716

1,888

20.2

16.3

21.6

13.7

10.3

1.3

1.2

9.7

11.7

1.2

1.0

GSK Pharma*

Neutral

3,649

30,905

2,870

3,158

20.0

22.1

59.5

68.3

61.3

53.4

18.1

18.6

28.5

34.3

10.3

9.4

Indoco Remedies

Neutral

361

3,327

1,088

1,262

18.2

13.1

15.5

27.6

23.3

5.4

4.5

21.2

21.1

3.1

2.7

Ipca labs

Neutral

815

10,287

3,507

4,078

17.6

18.6

25.8

32.0

31.6

25.5

4.1

3.5

13.8

14.9

3.2

2.7

Lupin

Neutral

1,755

78,974

14,864

17,244

26.9

62.1

71.1

28.3

24.7

6.9

5.4

27.4

24.6

5.0

4.2

Sun Pharma

Accumulate

889

950

213,896

28,163

32,610

25.8

30.7

17.4

26.9

51.1

33.0

4.8

4.2

13.0

16.6

7.1

5.9

Power

Tata Power

Neutral

18,419

38,302

38,404

14.1

13.1

5.1

6.0

13.3

11.4

1.3

1.2

9.2

10.3

1.4

1.3

NTPC

Buy

127

157

104,965

87,064

98,846

23.5

11.7

13.2

10.9

9.6

1.2

1.1

11.4

12.1

2.2

2.0

Power Grid

Buy

137

170

71,751

20,702

23,361

86.7

86.4

12.1

13.2

11.4

10.4

1.7

1.5

15.6

15.1

8.4

7.8

www.angelbroking.com

Market Outlook

August 19, 2015

Stock Watch

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

Telecom

Bharti Airtel

Neutral

385

154,040

101,748

109,191

32.1

31.7

12.0

12.5

32.1

30.8

2.2

2.1

6.9

6.7

2.2

1.9

Idea Cellular

Accumulate

160

171

57,543

34,282

36,941

32.0

31.5

5.9

6.2

27.1

25.8

2.5

2.3

9.9

9.3

2.3

2.1

zOthers

Abbott India

Neutral

4,718

10,025

2,715

3,153

14.5

14.1

134.3

152.2

35.1

31.0

8.8

7.2

27.4

25.6

3.4

2.9

Bajaj Electricals

Buy

263

341

2,654

4,719

5,287

5.2

5.8

8.6

12.7

30.8

20.8

3.5

3.1

11.4

14.8

0.6

0.5

Finolex Cables

Neutral

248

3,791

2,728

3,036

10.8

11.0

14.4

16.8

17.2

14.8

2.6

2.3

15.2

15.3

1.1

1.0

Goodyear India*

Neutral

627

1,445

1,953

1,766

12.4

12.0

67.4

59.6

9.3

10.5

2.3

2.0

27.7

20.2

0.5

Hitachi

Neutral

1,367

3,716

1,806

2,112

9.0

9.2

28.6

29.1

47.8

47.0

11.9

9.6

28.1

22.6

2.1

1.8

Jyothy Laboratories

Neutral

322

5,824

1,620

1,847

11.5

7.3

8.5

44.1

38.0

5.7

5.3

13.3

14.4

3.5

3.0

MRF

Neutral

44,162

18,730

20,727

14,841

19.3

18.6

4,905.8

3,351.9

9.0

13.2

2.9

2.4

37.6

19.6

0.9

1.2

Page Industries

Neutral

14,559

16,239

1,929

2,450

19.8

20.1

229.9

299.0

63.3

48.7

27.9

19.4

52.1

47.1

8.4

6.6

Relaxo Footwears

Neutral

560

6,714

1,767

2,152

12.3

12.5

19.3

25.1

29.1

22.3

7.1

5.5

27.7

27.8

3.9

3.1

Siyaram Silk Mills

Accumulate

1,105

1,221

1,035

1,653

1,873

11.7

12.2

99.3

122.1

11.1

9.1

2.0

1.7

19.5

20.2

0.8

0.7

Styrolution ABS India*

Neutral

840

1,477

1,271

1,440

8.6

9.2

32.0

41.1

26.2

20.5

2.7

2.4

10.7

12.4

1.1

1.0

Tree House

Accumulate

403

433

1,704

259

324

56.8

17.0

21.7

23.7

18.6

2.4

2.1

10.1

11.5

6.5

5.4

TVS Srichakra

Neutral

3,137

2,402

2,127

2,388

15.2

14.9

237.7

267.5

13.2

11.7

5.6

4.0

51.7

39.8

1.2

1.0

HSIL

Buy

299

434

2,159

2,085

2,436

18.5

18.6

21.7

28.9

13.8

10.3

1.4

1.3

10.0

12.1

1.2

0.9

Kirloskar Engines India

Accumulate

274

297

3,962

2,634

3,252

10.1

12.0

10.9

17.4

25.1

15.7

2.8

2.5

11.4

16.8

1.1

0.9

Ltd

M M Forgings

Buy

674

797

814

563

671

22.1

22.9

51.0

66.5

13.2

10.1

2.8

2.2

23.1

24.1

1.6

1.3

Banco Products (India)

Neutral

141

1,010

1,208

1,353

11.0

12.3

10.8

14.5

13.1

9.8

1.5

1.3

11.9

14.5

0.8

0.7

Competent Automobiles Neutral

172

106

1,007

1,114

3.1

23.7

28.2

7.3

6.1

1.0

0.9

13.9

14.6

0.1

Nilkamal

Neutral

1,054

1,573

1,948

2,147

10.6

10.3

60.0

67.0

17.6

15.7

2.7

2.4

16.8

16.1

0.9

0.7

Visaka Industries

Neutral

166

264

1,158

1,272

8.6

9.5

23.7

32.7

7.0

5.1

0.7

0.6

10.1

12.5

0.4

0.3

Transport Corporation of

Neutral

306

2,331

2,830

3,350

8.8

9.0

14.4

18.3

21.3

16.7

3.3

2.9

15.4

17.1

0.9

0.8

India

Elecon Engineering

Accumulate

901

1,452

1,596

14.0

14.7

4.4

6.2

18.7

13.3

1.6

1.4

8.6

11.2

0.9

0.8

Surya Roshni

Buy

141

183

616

2,992

3,223

8.3

8.5

14.7

18.3

9.6

7.7

0.9

0.8

9.8

11.0

0.5

MT Educare

Accumulate

128

141

511

275

355

18.3

17.3

7.4

8.8

17.4

14.5

3.5

3.1

20.2

21.1

1.8

1.3

Radico Khaitan

Buy

112

1,229

1,565

1,687

11.9

12.4

5.4

6.6

17.1

14.0

1.4

1.3

8.0

9.0

1.3

1.2

Garware Wall Ropes

Accumulate

298

390

652

875

983

10.4

10.6

23.1

27.8

12.9

10.7

1.8

1.6

14.1

14.8

0.9

0.7

Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on August 18, 2015

www.angelbroking.com

Market Outlook

August 19, 2015

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 MCX 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 including its relatives/analyst do not hold any financial interest/beneficial ownership of more than 1% in

the company covered by Analyst. 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. Angel/analyst has not served as an officer,

director or employee of company covered by Analyst and has not been engaged in market making activity of the company covered by

Analyst.

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.

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.

Note: Please refer to the important ‘Stock Holding Disclosure' report on the Angel website (Research Section). Also, please refer to the

latest update on respective stocks for the disclosure status in respect of those stocks. Angel Broking Pvt. Limited and its affiliates may have

investment positions in the stocks recommended in this report.