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Market Outlook
March 24, 2021
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Market Cues
Indian markets are likely to open negative tracking global indices and SGX Nifty.
US stocks showed a lack of direction throughout much of the trading day on
Tuesday but showed a notable move to the downside in the latter part of the session.
The major averages ended the session near their worst levels of the day. The Dow
slumped 0.9 percent to 32,423 and the Nasdaq tumbled 1.1 percent to 13,228.
UK stocks edged lower on Tuesday as Covid worries persisted, with EU leaders due
to discuss a possible ban on vaccine exports to Britain at a summit on Thursday. The
benchmark FTSE 100 fell by 0.2 percent to 6,712.
Indian shares shrugged off weak global cues to end higher on Tuesday, with
financials posting broad-based gains after the Supreme Court of India ruled in favor
of waiving compound interest and rejected pleas by various trade associations to
extend the loan moratorium that ended in August last year. The benchmark BSE
Sensex rose by 0.6 percent to 50,051.
News Analysis
Discoms sanctioned Rs 1.35 trillion in loans as part of Atma Nirbhar Bharat
Detailed analysis on Pg2
Investor’s Ready Reckoner
Key Domestic & Global Indicators
Stock Watch: Latest investment recommendations on 150+ stocks
Refer Pg7 onwards
Top Picks
Company
Rating
CMP
(`)
Target
(`)
Upside
(%)
IDFC First Bank
Buy
61
77
25.5
Galaxy Surfactants
Buy
2,383
2,750
15.4
NRB Bearing
Buy
113
150
33.2
Escorts
Buy
1,365
1,573
15.2
More Top Picks on Pg3
Domestic Indices
Chg (%)
(Pts)
(Close)
BSE Sensex
0.6
280
50,051
Nifty
0.5
78
14,815
MidCap
0.9
192
20,435
SmallCap
0.7
154
20,773
Bankex
1.5
573
38,462
Global Indices
Chg (%)
(Pts)
(Close)
Dow Jones
-0.9
-308
32,423
Nasdaq
-1.1
-150
13,228
FTSE
-0.2
-14
6,712
Nikkei
-0.6
-178
28,996
Hang Seng
-1.3
-388
28,497
Shang Com
-0.9
-32
3,412
Advances / Declines
BSE
NSE
Advances
1,663
1,155
Declines
1,319
278
Unchanged
191
92
Volumes (` Cr)
BSE
4,171
NSE
62,038
Net Inflows (` Cr)
Net
Mtd
Ytd
FII
3,307
22,020
36,837
*MFs
-1,118
-5,678
-18,659
Top Gainers
Price ()
Chg (%)
SWSOLAR
315
19.1
SHANKARA
459
16.5
ICRA
3,488
13.3
ALEMBICLTD
113
12.2
MAHABANK
21
10.0
Top Losers
Price (`)
Chg (%)
ASTERDM
137
-4.5
DIXON
3,870
-4.5
INTELLECT
651
-4.5
FLFL
66
-4.3
TATACOMM
1,113
-3.8
As on Mar 23, 2021
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Market Outlook
March 24, 2021
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News Analysis
Discoms sanctioned Rs 1.35 trillion in loans as part of Atma
Nirbhar Bharat
Power distribution utilities or discoms in the country have been sanctioned
loans of Rs 1.35 lakh crore and disbursed Rs 46,321 crore so far under the
liquidity infusion scheme. Loans of Rs 1,35,497 crore have been sanctioned
and Rs 46,321 crore have been released to states/DISCOMs by REC and PFC
(Power Finance Corporation) till date.
The central government had announced a liquidity infusion scheme as part of
AatmaNirbhar Bharat Abhiyan on May 13, 2020, in the backdrop of the
outbreak of global pandemic COVID-19 in the country.
Under the scheme, PFC and REC have extended special long-term transition
loans at concessional rates to DISCOMs against the receivables of the discoms
from the state government in the form of electricity dues and subsidy not
disbursed, to enable them to clear their outstanding dues as existed on June
30, 2020 towards Central Public Sector Undertaking (CPSU) Generation
(Genco) & Transmission Companies (Transcos), Independent Power Producers
(IPPs) and Renewable Energy (RE) generators.
Further, to enable DISCOMs that do not have adequate headroom available
under working capital limits of 25 per cent of last years' revenues, as imposed
under Ujwal DISCOM Assurance Yojana (UDAY), or do not have adequate
receivables from the State Governments, Government of India has also
approved a one-time relaxation to PFC and REC Ltd for extending these loans.
Economic News
Govt garners Rs 30,369 crore as dividend from PSUs so far this fiscal
Oil sector PSUs to set up InvITs as part of asset monetisation drive
India appeals against Cairn arbitration order; seeks stay on $1.2-bn award
Corporate News
ACME Solar plans to invest $2.5 billion in Oman green ammonia unit
Bharti Airtel picks up stake in Avaada's solar company
NCLAT closes insolvency proceedings against Jyoti Ltd after settlement
Govt exits Tata Communications, sells 26% stake for Rs 8,846 crore
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Market Outlook
March 24, 2021
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Top Picks
Company
Market Cap
(` Cr)
CMP
(`)
Target
(`)
Upside
(%)
Rationale
IDFC First Bank
34,821
61
77
25.5
We believe efforts to built liability franchise, fresh
capital infusion and provision taken on wholesale
book will help to tide over this difficult time. The
IDFC First Bank is trading ( 0.7 x FY22ABV) at a
significant discount to historical average
valuations.
Galaxy Surfactants
8,447
2,383
2,750
15.4
Galaxy Surfactants is a market leader in
oleochemical-based surfactants, which is used in
personal and home care products. The company
has been increasing its share of high margin
specialty care products in it’s portfolio which now
accounts for ~ 40% of it’s revenues while the
balance is accounted for by the performance
surfactant business. The company has a very strong
relationship with MNC clients like Unilever, P&G,
Henkel, Colgate-Palmolive and supplies raw
materials to them not only in India but also in US,
EU and MENA region.
NRB Bearings
1,092
113
150
33.2
NRB is one of the leading suppliers of bearings to
Auto companies. The company supplies bearings to
two wheelers, PV, CV, Three wheelers and tractors
OEMs and has a wide customer base. The
company has also been focusing on exports
markets in order to diversify its revenue base.
Escorts Ltd
18,410
1,365
1,573
15.2
Escorts is a prominent tractor player domestically
with market share in excess of 11%. With rural
India relatively less impacted due to Covid-19,
record food-grain procurement by government
agencies as well as better than expected Kharif
crop in 2020, we expect the tractor industry will
continue to outperform the larger automobile
space in FY21. The company has also reported a
strong growth of 25.7% YoY in Q3FY21 which is
expected to continue into the fourth quarter driven
by strong demand.
Federal Bank
15,610
78
110
40.7
Federal bank is one of India’s largest old
generation private sector banks with total assets of
Rs. 1.9 lakh cr. with deposits of Rs. 1.56 lakh cr.
and a loan book of Rs. 1.2 lakh cr in F21. NPA’s
have remained steady for the bank over the past
few years with GNPA for Q3FY21 at 3.38% while
NNPA ratio stood at 1.14%. PCR at the end
of Q3FY21 stood at ~67% which we believe is
adequate. Restructuring book is expected to be at
Rs. 1,500-1,600 crore out of which Rs. 1,067 crore
has already been restructured. This is against
earlier expectations of total restructuring of Rs.
3,000-3,500 crore
Carborundum
Universal
8,896
469
600
27.9
Carborundum Universal (CUMI) is part of the
Murugappa group and is a leading manufacturer
of abrasives, industrial ceramics, refractories, and
electro minerals in India having application across
diversified user industries. The company is expected
to benefit from improving demand scenarios across
its end user industries such as auto, auto
components, engineering and others. While
demand from the Auto sector has been robust we
expect demand from metal industry pick up, given
increased economic activity.
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Market Outlook
March 24, 2021
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Continued....
Company
Market Cap
(` Cr)
CMP
(`)
Target
(`)
Upside
(%)
Rationale
Shriram City Union
9,487
1,437
1,800
25.2
Shriram City Union Finance is part of the Shriram group
and is in the high margin business of lending to small
businesses, which account for 57.3% of the loan book as
of end FY20. It reported a strong 50% sequential growth
in disbursement for the quarter which led to a 3.7% qoq
growth in AUM to ~ Rs. 28,500 crore. We are positive on
the company as we believe that the worst is over in terms
of asset quality, which along with growth momentum
should lead to a rerating for the company.
HCL Technologies
2,66,143
981
1,161
18.4
HCL Tech is amongst the top four It services companies
based out of India and provides a vast gamut of services
like ADM, Enterprise solutions, Infrastructure management
services etc. Management has highlighted that demand
and supply related issues are now over for the company
and the deal pipeline has improved significantly since
September led by cloud related services. Management has
guided for 2.0-3.0% qoq growth in revenue in constant
currency terms for the rest of the year providing visibility..
GNA Axles
805
375
500
33.4
GNA Axles is one of the leading suppliers of rear axles to
the Auto industry. GNA is expected to be one of the
biggest beneficiaries of strong growth outlook for truck
sales in US and Europe markets which are witnessing
strong recovery in demand. US which accounts for almost
40% of the company's revenues has been registering
strong class 8 truck sales. At current level the stock is
trading at a P/E multiple of 9xFY23E,given inexpensive
valuations we believe that the stock offers value at current
levels.
PVR
8,022
1,320
1,800
36.3
PVR is the largest multiplex chain in India with 800+
screens across India and multiplex screens are gaining
ground at the expense of single screen. Share prices have
corrected significantly as most of the theaters are
operating at very low capacity utilization due to the lack of
major releases due to the Covid-19 crisis.However, with a
significant decrease in Covid-19 cases over the past few
months we believe that it’s a matter of time before we see
new releases by production houses post April 2021 which
should lead to significant increase in business for the
companies.
Cromptongreaves
Consumer Electricals
24,021
383
480
25.4
CGCEL is of India’s leading fast moving electrical goods
(FMEG) company with a strong presence in the fan and
residential pump category. The company is leveraging its
strong distribution network to expand into other product
categories like water pump, lightings and small appliances
fan business up from 14% in FY17 and is expected to
improve further. Moreover the company has posted a
strong set of numbers for Q3FY21 with revenue growing
by 25.8% YoY to Rs. 1348 crore. PBT for the quarter was
up by 45.6% yoy at Rs. 202.5 crore.
Ashok Leyland
33,685
115
145
26.4
Ashok Leyland Ltd (ALL) is one of the leading players in
Indian CV industry with a 32% market share in the MHCV
segment and has strong presence in LCV segment also.
While demand for the LCV segment has been growing
smartly post the pandemic, demand for the MHCV
segment has also started to recover over the past few
months. We believe that the company is ideally placed to
capture the growth revival in the CV segment and will be
the biggest beneficiary of the Government’s voluntary
scrappage policy and hence rate the stock a BUY.
Metropolis Healthcare
10,518
2,058
2,380
15.7
Metropolis is a leading Pathology centre in India and has
an asset light model with a strong balance sheet.It has one
the largest pathology set up in India which gives it
economies of scale as compared to smaller regional
players. Increasing scale of operations will help reduce
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Market Outlook
March 24, 2021
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cost structure for national pathlab chains
like Metropolis thus forcing out marginal players from the
market in the long run.
4
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Market Outlook
March 24, 2021
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Macro watch
Exhibit 1: Quarterly GDP trends
Source: CSO, Angel Research
Exhibit 2: IIP trends
Source: MOSPI, Angel Research
Exhibit 3: Monthly WPI inflation trends
Source: MOSPI, Angel Research
Exhibit 4: Manufacturing and services PMI
Source: Market, Angel Research; Note: Level above 50 indicates expansion
Exhibit 5: Exports and imports growth trends
Source: Bloomberg, Angel Research As of 05 Oct, 2020
Exhibit 6: Key policy rates
Source: RBI, Angel Research
6.0
6.8
7.7
8.1
8.0
7.0
6.6
5.8
5.2
4.4
4.1
3.1
3.0
4.0
5.0
6.0
7.0
8.0
9.0
1QFY18
2QFY18
3QFY18
4QFY18
1QFY19
2QFY19
3QFY19
4QFY19
1QFY20
2QFY20
3QFY20
4QFY20
1QFY21
(%)
(1.4)
(4.3)
(4.0)
1.8
(0.1)
2.0
4.5
(18.3)
(57.6)
(33.9)
(15.8)
(10.4)
(70.0)
(60.0)
(50.0)
(40.0)
(30.0)
(20.0)
(10.0)
-
10.0
Aug-19
Sep-19
Oct-19
Nov-19
Dec-19
Jan-20
Feb-20
Mar-20
Apr-20
May-20
Jun-20
Jul-20
(%)
2.02
1.17
1.17
0.33
0
0.58
2.59
3.1
2.3
0.42
-3.21
-1.8
-0.6
0.2
-4
-3
-2
-1
0
1
2
3
4
Jun-19
Jul-19
Aug-19
Sep-19
Oct-19
Nov-19
Dec-19
Jan-20
Feb-20
Mar-20
Apr-20
May-20
Jun-20
Jul-20
Aug-20
(%)
0
10
20
30
40
50
60
70
Jan-19
Feb-19
Mar-19
Apr-19
May-19
Jun-19
Jul-19
Aug-19
Sep-19
Oct-19
Nov-19
Dec-19
Jan-20
Feb-20
Mar-20
Apr-20
May-20
Jun-20
Jul-20
Aug-20
Sep-20
Mfg. PMI
Services PMI
(70.0)
(60.0)
(50.0)
(40.0)
(30.0)
(20.0)
(10.0)
0.0
10.0
May-19
Jun-19
Jul-19
Aug-19
Sep-19
Oct-19
Nov-19
Dec-19
Jan-20
Feb-20
Mar-20
Apr-20
May-20
Jun-20
Jul-20
Aug-20
Exports yoy growth
Imports yoy growth
(%)
2
2.5
3
3.5
4
4.5
5
5.5
6
6.5
Mar-19
Apr-19
May-19
Jun-19
Jul-19
Aug-19
Sep-19
Oct-19
Nov-19
Dec-19
Jan-20
Feb-20
Mar-20
Apr-20
May-20
Jun-20
Jul-20
Aug-20
Sep-20
Repo rate
Reverse Repo rate
CRR
(%)
5
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Market Outlook
March 24, 2021
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Global watch
Exhibit 1: Latest quarterly GDP Growth (%, yoy) across select developing and developed countries
Source: Bloomberg, Angel Research As of 05 Oct, 2020
Exhibit 2: 2017 GDP Growth projection by IMF (%, yoy) across select developing and developed countries
Source: IMF, Angel Research As of 05 Oct, 2020
Exhibit 3: One year forward P-E ratio across select developing and developed countries
Source: IMF, Angel Research As of 05 Oct, 2020
(0.3)
1.6
5.3
(6.8)
(0.5)
3.0
0.7
(1.8)
(1.6)
0.3
(1.9)
(5.0)
(0.6)
(8.0)
(6.0)
(4.0)
(2.0)
-
2.0
4.0
6.0
Brazil
Russia
India
China
South Africa
Indonesia
Malaysia
Thailand
UK
USA
Germany
France
Japan
(%)
1.6
1.8
5.1
6.8
0.7
5.2
4.4
2.4
1.7
2.2
1.0
1.6
1.1
-
1.0
2.0
3.0
4.0
5.0
6.0
7.0
8.0
Brazil
Russia
India
China
South Africa
Indonesia
Malaysia
Thailand
UK
USA
Germany
France
Japan
(%)
52.3
7.2
26.0
16.9
17.0
21.7
13.3
20.4
18.8
33.8
21.7
25.9
36.8
20.3
-
10.0
20.0
30.0
40.0
50.0
60.0
Brazil
Russia
India
China
South
Africa
Mexico
Indonesi
a
Malaysi
a
Thailan
d
UK
USA
German
y
France
Japan
(x)
6
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Market Outlook
March 24, 2021
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Exhibit 4: Relative performance of indices across globe
Returns (%)
Country
Name of index
Closing price
1M
3M
1YR
Brazil
Bovespa
94603
-7.4
-4.4
-9.1
Russia
Micex
2901
-2.5
2.4
7.1
India
Nifty
11416
-1.0
6.1
0.9
China
Shanghai Composite
3218
-5.5
-3.4
10.5
South Africa
Top 40
50159
-3.6
-5.2
1.2
Mexico
Mexbol
36626
-1.4
-3.3
-15.6
Indonesia
LQ45
761
-9.7
-1.8
-19.1
Malaysia
KLCI
1496
-1.3
-2.6
-3.9
Thailand
SET 50
788
-6.6
-13.6
-26.5
USA
Dow Jones
27963
-2.4
6.4
5.2
UK
FTSE
5877
0.3
-6.5
-20.1
Japan
Nikkei
23184
-0.3
2.1
6.5
Germany
DAX
12748
-1.5
0.1
4.0
France
CAC
4830
-2.2
-4.2
-13.7
Source: Bloomberg, Angel Research As of 05 Oct, 2020
7
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Market Outlook
March 24, 2021
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Exhibit 7: Historical Angel Top Picks/Fundamental Calls
Date Added
Top Picks/Fundamental
Stocks
Reco Price
Target/Revised Price
Current Status
17-03-2021.
Top Picks
Crompton greaves
386
480
Open
12-03-2021
Top Picks
PVR
1418
1800
Open
18-02-2021
Top Picks
Federal Bank
87
110
Open
18-02-2021
Top Picks
IDFC First Bank
56
68
Open
17-02-2021
Top Picks
GNA Axles
414
500
Open
28-02-2021
Top Picks
Shriram City Union
1492
1800
Open
17-02-2021
Top Picks
Shriram City Union
1468
Closed(17/02/2021)
11-02-2021
Top Picks
HCL Technologies
965
1,161
Open
08-02-2021
Top Picks
Shriram City Union
1,468
1800
Open
09-02-2021
Top Picks
Carborundum Universal
528
600
Open
05-02-2021
Top Picks
Carborundum Universal
452
550
Open
16-03-2021
Top Picks
PNC Infratech
249
Closed(16/03/2021)
08-02-2021
Top Picks
PNC Infratech
258
340
Open
04-02-2021
Top Picks
PNC Infratech
231
268
Open
03-03-2021
Top Picks
Narayana Hrudayalaya
429
Closed(03/03/2021
20-01-2021
Top Picks
Narayana Hrudayalaya
419
550
Open
20-01-2021
Top Picks
IDFC First Bank
55
61
Open
15-01-2021
Top Picks
Gujarat Gas
372
Closed(15/01/2021
24-12-2020
Top Picks
Gujarat Gas
376
450
Open
04-02-2021
Top Picks
Whirlpool of India
2465
Closed(04/02/2021)
24-12-2020
Top Picks
Whirlpool of India
2527
3027
Open
09-02-2021
Top Picks
NRB Bearings
128
150
Open
06-01-2021
Top Picks
NRB Bearings
114
135
Open
18-12-2020
Top Picks
NRB Bearings
100
118
Open
18-12-2020
Top Picks
Narayana Hrudalaya
419
500
Open
18-12-2020
Top Picks
Whirlpool of India
2165
2609
Open
13-01-2021
Top Picks
Bandhan Bank
387
Closed(13/01/2021)
11-12-2020
Top Picks
Bandhan Bank
429
525
Open
26-11-2020
Top Picks
Bandhan Bank
359
450
Open
25-11-2020
Top Picks
Gujarat Gas
339
397
Open
01-02-2021
Top Picks
Atul Ltd
6,470
Closed (01/02/2021)
28-10-2020
Top Picks
Atul Ltd
6,072
7,339
Open
03-11-2020
Top Picks
Hind. Aeronautics
681
Closed(03/11/2020)
03-09-2020
Top Picks
Hind. Aeronautics
926
1,125
Open
28-09-2020
Top Picks
Chalet Hotel
143
Closed(28/09/2020)
28-08-2020
Top Picks
Chalet Hotel
165
200
Open
22-03-2021
Top Picks
Metropolis Healthcare
1944
2380
Open
11-02-2021
Top Picks
Metropolis Healthcare
2120
Closed(11/02/2021
06-10-2020
Top Picks
Metropolis Healthcare
1,950
2,360
Open
28-08-2020
Top Picks
Metropolis Healthcare
1,832
2,156
Open
28-08-2020
Top Picks
Inox Leisure
304
350
Open
04-02-2021
Top Picks
Hawkins Cooker
5710
Closed(04/02/2021)
24-12-2020
Top Picks
Hawkins Cooker
5647
6776
Open
17-09-2020
Top Picks
Hawkins Cooker
5,211
5,992
Open
27-08-2020
Top Picks
Hawkins Cooker
4,918
5,682
Open
17-11-2020
Top Picks
VIP Industries
311
Closed(17/11/2020)
17-09-2020
Top Picks
VIP Industries
325
375
Open
27-08-2020
Top Picks
VIP Industries
303
348
Open
8
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Market Outlook
March 24, 2021
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16-03-2021
Top Picks
JK Lakshmi Cement
424
Closed(16/03/2021)
04-12-2020
Top Picks
JK Lakshmi Cement
363
422
Open
17-11-2020
Top Picks
JK Lakshmi Cement
342
391
Open
05-11-2020
Top Picks
JK Lakshmi Cement
292
355
Open
24-08-2020
Top Picks
JK Lakshmi Cement
287
328
Open
01-12-2020
Top Picks
Cholamandalam Inv & Fin Comp
360
453
Open
05-10-2020
Top Picks
Cholamandalam Inv & Fin Comp
307
332
Open
03-10-2020
Top Picks
Cholamandalam Inv & Fin Comp
257
290
Open
24-08-2020
Top Picks
Cholamandalam Inv & Fin Comp
232
280
Open
15-01-2021
Top Picks
Persistent Systems
1,620
Closed(15/01/2021)
24-08-2020
Top Picks
Persistent Systems
1,040
1,149
Open
02-09-2020
Top Picks
Alembic Pharma
921
Closed(02/09/2020)
04-08-2020
Top Picks
Alembic Pharma
1,017
1,400
Open
07-01-2021
Top Picks
Persistent Systems
1,514
1,776
Open
28-09-2020
Top Picks
Persistent Systems
1,270
1,531
Open
25-08-2020
Top Picks
Persistent Systems
1,090
1,276
Open
29-07-2020
Top Picks
Persistent Systems
885
1,085
Open
30-10-2020
Top Picks
Zensar Technologies
179
Closed(30/10/2020)
17-09-2020
Top Picks
Zensar Technologies
194
234
Open
29-07-2020
Top Picks
Zensar Technologies
155
204
Open
13-01-2021
Top Picks
Swaraj Engines
1,415
Closed(13/01/2021)
24-08-2020
Top Picks
Swaraj Engines
1,645
1,891
Open
08-06-2020
Top Picks
Swaraj Engines
1290
1,665
Open
19-11-2020
Top Picks
Endurance Tech
1,036
Closed(19/11/2020)
24-08-2020
Top Picks
Endurance Tech
1,039
1,297
Open
08-06-2020
Top Picks
Endurance Tech
838
1015
Open
07-01-2021
Top Picks
IDFC First Bank
46
55
Open
25-11-2020
Top Picks
IDFC First Bank
36
44
Open
11-11-2020
Top Picks
IDFC First Bank
33.2
40
Open
29-08-2020
Top Picks
IDFC First Bank
34
36
Open
08-06-2020
Top Picks
IDFC First Bank
25.6
32
Open
14-07-2020
Top Picks
Axis Bank
423
Closed(14/07/2020)
03-06-2020
Top Picks
Axis Bank
424
500
Open
21-07-2020
Top Picks
Bajaj Finance
3,255
Closed(21/07/2020)
24-06-2020
Top Picks
Bajaj Finance
3,027
3,550
Open
03-06-2020
Top Picks
Bajaj Finance
2,455
3,000
Open
13-01-2021
Top Picks
Escorts Ltd
1,387
1,573
Open
03-08-2020
Top Picks
Escorts Ltd
1,110
Closed(03/08/2020)
01-06-2020
Top Picks
Escorts Ltd
970
1,150
Open
14-08-2020
Top Picks
HDFC Ltd
1,813
Closed(14/08/2020
01-06-2020
Top Picks
HDFC Ltd
1,756
1,950
Open
20-08-2020
Top Picks
Dr. Reddy Lab
4,483
Closed(20/08/2020)
30-06-2020
Top Picks
Dr. Reddy Lab
4,516
5,000
Open
28-05-2020
Top Picks
Dr. Reddy Lab
3,877
Open
27-05-2020
Top Picks
Dhanuka Agritech
573
Closed(27/05/2020)
16-05-2020
Top Picks
Dhanuka Agritech
482
589
Open
07-05-2020
Top Picks
Dhanuka Agritech
438
520
Open
31-08-2020
Top Picks
PI Industries
1,916
Closed(31/08/2020)
07-08-2020
Top Picks
PI Industries
1,947
2,416
Open
24-04-2020
Top Picks
PI Industries
1,507
2,087
Open
04-01-2021
Top Picks
Galaxy Surfactants
2,133
2,569
Open
9
www.angelbroking.com
Market Outlook
March 24, 2021
www.angelbroking.com
18-11-2020
Top Picks
Galaxy Surfactants
1,996
2,284
Open
05-11-2020
Top Picks
Galaxy Surfactants
1,773
2,075
Open
04-11-2020
Top Picks
Galaxy Surfactants
1,664
1,997
Open
13-08-2020
Top Picks
Galaxy Surfactants
1,751
Closed(13/08/2020)
07-07-2020
Top Picks
Galaxy Surfactants
1,576
1,800
Open
03-07-2020
Top Picks
Galaxy Surfactants
1,600
1,750
Open
24-04-2020
Top Picks
Galaxy Surfactants
1,394
1,610
Open
13-08-2020
Top Picks
Aarti Industries
1,012
Closed(13/08/2020)
05-07-2020
Top Picks
Aarti Industries
926
1,165
Open
29-04-2020
Top Picks
Aarti Industries
1,111
1,284
Open
27-04-2020
Top Picks
Aarti Industries
1,018
1,164
Open
24-04-2020
Top Picks
Aarti Industries
929
1,084
Open
02-11-2020
Top Picks
Reliance Ind.
1,912
Closed(02/11/2020)
11-09-2020
Top Picks
Reliance Ind.
2,319
2,543
Open
11-07-2020
Top Picks
Reliance Ind.
1,878
2,277
Open
22-06-2020
Top Picks
Reliance Ind.
1,747
1,937
Open
20-05-2020
Top Picks
Reliance Ind.
1,441
1,748
Open
28-04-2020
Top Picks
Reliance Ind.
1,430
1,626
Open
24-04-2020
Top Picks
Reliance Ind.
1,372
1,520
Open
17-04-2020
Top Picks
Reliance Ind.
1,205
1,412
Open
14-09-2020
Top Picks
Britannia Ind.
3,786
Closed(14/09/2020)
28-04-2020
Top Picks
Britannia Ind.
3,194
3,550
Open
16-04-2020
Top Picks
Britannia Ind.
2,832
3,320
Open
06-05-2020
Top Picks
Dabur India
450
Closed(06/05/2020)
16-04-2020
Top Picks
Dabur India
501
570
Open
08-06-2020
Top Picks
Infosys
708
Closed on(08/06/2020)
16-04-2020
Top Picks
Infosys
625
841
Open
13-08-2020
Top Picks
L&T Infotech
2,504
Closed(13/08/2020)
22-07-2020
Top Picks
L&T Infotech
2,338
2,611
Open
08-07-2020
Fundamental
L&T Infotech
2,054
Open
26-05-2020
Top Picks
L&T Infotech
1,787
2,038
Open
16-04-2020
Top Picks
L&T Infotech
1,493
1,803
Open
09-04-2020
Top Picks
Dr.Lal Path Labs
1,462
Closed(09/04/2020)
06-04-2020
Top Picks
Dr.Lal Path Labs
1,384
1,768
Open
12-08-2020
Top Picks
Ipca Labs
2,037
Closed(12/08/2020)
04-08-2020
Top Picks
Ipca Labs
1,987
2,400
Open
06-04-2020
Top Picks
Ipca Labs
1,332
1,900
Open
24-08-2020
Top Picks
Bharti Airtel
520
Closed(24/08/2020)
05-07-2020
Top Picks
Bharti Airtel
581
672
Open
12-05-2020
Top Picks
Bharti Airtel
560
629
Open
16-04-2020
Top Picks
Bharti Airtel
510
594
Open
09-04-2020
Top Picks
Bharti Airtel
462
543
Open
06-04-2020
Top Picks
Bharti Airtel
421
492
Open
1 Source: Company, Angel Research
Exhibit 8: Historical Angel Top Picks/Fundamental Calls
Date Added
Top Picks/Fundamental
Stocks
Reco Price
Target/Revised Price
Current Status
08-06-2020
Top Picks
P&G Hygiene
10150
Closed on(08/06/2020)
16-04-2020
Top Picks
P&G Hygiene
11,128
12,230
Open
02-04-2020
Top Picks
P&G Hygiene
10,161
11,670
Open
10
www.angelbroking.com
Market Outlook
March 24, 2021
www.angelbroking.com
08-06-2020
Top Picks
Nestle India
17,160
Closed on(08/06/2020)
09-04-2020
Top Picks
Nestle India
16,848
20,687
Open
30-03-2020
Top Picks
Nestle India
15,091
17,355
Open
08-07-2020
Top Picks
Hindustan Unilever
2,185
Closed on(08/07/2020
08-05-2020
Top Picks
Hindustan Unilever
2,088
2,364
Open
04-05-2020
Top Picks
Hindustan Unilever
2,121
Closed on(04/05/2020)
09-04-2020
Top Picks
Hindustan Unilever
2,459
3,080
Open
30-03-2020
Top Picks
Hindustan Unilever
2,140
2,461
Open
29-07-2020
Top Picks
Colgate Palmolive
1,413
Closed on(29/07/2020
28-04-2020
Top Picks
Colgate Palmolive
1,556
1,772
Open
09-04-2020
Top Picks
Colgate Palmolive
1,341
1,680
Open
06-04-2020
Top Picks
Colgate Palmolive
1,241
1,450
Open
30-03-2020
Top Picks
Colgate Palmolive
1,152
1,325
Open
13-07-2020
Top Picks
Avenue Supermart
2,232
Closed(13/07/2020)
09-04-2020
Top Picks
Avenue Supermart
2,300
2,735
Open
30-03-2020
Top Picks
Avenue Supermart
2,038
2,395
Open
07-05-2020
Top Picks
Asian Paints
1,610
Closed(07/05/2020)
28-04-2020
Top Picks
Asian Paints
1,852
2,131
Open
09-04-2020
Top Picks
Asian Paints
1,610
1,981
Open
11-03-2020
Top Picks
Asian Paints
1,864
2,118
Open
21-04-2020
Fundamental
Ultratech Cement
3,409
Closed(21/04/2020)
30-03-2020
Fundamental
Ultratech Cement
3,148
5,373
Hold
30-10-2019
Top Picks
Ultratech Cement
4,481
5,373
Open
28-07-2020
Top Picks
Larsen Toubro
914
Closed(28/07/2020)
01-06-2020
Top Picks
Larsen Toubro
951
1,093
Open
25-02-2020
Top Picks
Larsen Toubro
1,250
Closed(25/02/2020)
29-10-2019
Top Picks
Larsen Toubro
1,365
1,689
Open
22-05-2020
Top Picks
Hawkins Cooker
4,235
Closed(22/05/2020)
06-04-2020
Top Picks
Hawkins Cooker
3,860
5,500
Open
28-01-2020
Top Picks
Hawkins Cooker
4,332
4,732
Open
13-01-2020
Top Picks
Hawkins Cooker
3,591
4,353
Open
24-04-2020
Fundamental
Inox Wind
27
Closed(24/04/2020)
06-06-2019
Fundamental
Inox Wind
55
Hold
10-08-2018
Top Picks
Inox Wind
107
127
Open
08-11-2019
Top Picks
TTK Prestige
6075
Closed(08/11/2019)
30-11-2018
Top Picks
TTK Prestige
7,206
8,200
Open
09-08-2018
Top Picks
TTK Prestige
6,206
7,500
Open
07-10-2019
Fundamental
Aurobindo Pharma
460
Closed(07/10/2019)
26-09-2019
Fundamental
Aurobindo Pharma
610
Hold
07-09-2019
Top Picks
Aurobindo Pharma
759
870
Open
06-07-2018
Top Picks
Aurobindo Pharma
603
780
Open
Source: Company, Angel Research
Exhibit 9: Historical Angel Top Picks/Fundamental Calls
Date Added
Top Picks/Fundamental
Stocks
Reco Price
Target/Revised Price
Current Status
15-04-2020
Top Picks
RBL Bank
121
Closed(15/04/2020)
11-03-2020
Top Picks
RBL Bank
227
Hold
31-10-2019
Top Picks
RBL Bank
312
410
Open
22-07-2019
Top Picks
RBL Bank
500
650
Open
04-04-2019
Top Picks
RBL Bank
649
775
Open
30-08-2018
Top Picks
RBL Bank
626
690
Open
11
www.angelbroking.com
Market Outlook
March 24, 2021
www.angelbroking.com
06-07-2018
Top Picks
RBL Bank
565
670
Open
02-12-2019
Fundamental
Yes Bank
64
Closed(02/12/2019)
18-07-2019
Fundamental
Yes Bank
98
Hold
30-04-2019
Fundamental
Yes Bank
168
Hold
25-01-2019
Top Picks
Yes Bank
214
280
Open
27-07-2019
Top Picks
Yes Bank
370
435
Open
06-07-2018
Top Picks
Yes Bank
348
418
Open
05-10-2019
Fundamental
Jindal Steel & Power
224
Closed(02/12/2019)
05-10-2019
Fundamental
Jindal Steel & Power
94
Hold
24-05-2019
Top Picks
Jindal Steel & Power
152
250
Open
07-02-2019
Top Picks
Jindal Steel & Power
135
249
Open
15-11-2018
Top Picks
Jindal Steel & Power
175
320
Open
30-06-2018
Top Picks
Jindal Steel & Power
222
350
Open
15-04-2020
Top Picks
Shriram Transport Finance Com
685
Closed(15/04/2020)
11-03-2020
Top Picks
Shriram Transport Finance Com
987
Hold
05-02-2020
Top Picks
Shriram Transport Finance Com
1,047
1410
Open
20-06-2018
Top Picks
Shriram Transport Finance Com
1,090
1,410
Open
20-06-2018
Top Picks
Shriram Transport Finance Com
1,156
1,410
Open
20-06-2018
Top Picks
Shriram Transport Finance Com
1,466
1,764
Open
26-05-2020
Top Picks
Bata India
1,265
Closed(26/05/2020)
09-04-2020
Top Picks
Bata India
1,240
1,561
Open
06-04-2020
Top Picks
Bata India
1,190
1,650
Open
12-03-2020
Top Picks
Bata India
1,411
1,800
Open
06-02-2020
Fundamental
Bata India
1,856
Closed(06/02/2020)
03-09-2019
Fundamental
Bata India
1,538
1,865
Hold
03-08-2019
Top Picks
Bata India
1,310
1,525
Open
13-02-2019
Top Picks
Bata India
1,189
1,479
Open
03-11-2018
Top Picks
Bata India
1,008
1,243
Open
30-07-2018
Top Picks
Bata India
918
1,007
Open
23-07-2018
Top Picks
Bata India
842
955
Open
01-07-2018
Top Picks
Bata India
862
948
Open
18-06-2018
Top Picks
Bata India
779
896
Open
16-04-2020
Fundamental
Amber Enterprises
1,116
Closed(16/04/2020)
30-03-2020
Fundamental
Amber Enterprises
1,221
1,830
Hold
31-01-2020
Top Picks
Amber Enterprises
1,540
1,830
Open
09-01-2020
Fundamental
Amber Enterprises
1,209
Hold
25-09-2019
Top Picks
Amber Enterprises
901
1100
Open
16-02-2019
Top Picks
Amber Enterprises
637
910
Open
08-08-2018
Top Picks
Amber Enterprises
939
1135
Open
14-06-2018
Top Picks
Amber Enterprises
1,026
1,230
Open
Source: Company, Angel Research
Exhibit 10: Historical Angel Top Picks/Fundamental Calls
Date Added
Top Picks/Fundamental
Stocks
Reco Price
Target/Revised Price
Current Status
07-11-2019
Top Picks
M&M
580
Closed(07/11/2019)
09-08-2019
Top Picks
M&M
550
724
Open
15-02-2019
Top Picks
M&M
626
850
Open
07-06-2018
Top Picks
M&M
918
1050
Open
04-05-2018
Top Picks
M&M
860
990
Open
22-01-2020
Fundamental
HDFC Bank
1244
Closed(22/01/2020)
20-01-2020
Fundamental
HDFC Bank
1278
1390
Hold
12
www.angelbroking.com
Market Outlook
March 24, 2021
www.angelbroking.com
23-10-2019
Top Picks
HDFC Bank
1241
1390
Open
23-07-2019
Top Picks
HDFC Bank
2264
2620
Open
22-01-2019
Top Picks
HDFC Bank
2145
2500
Open
24-07-2018
Top Picks
HDFC Bank
2158
2350
Open
02-05-2018
Top Picks
HDFC Bank
1944
2315
Open
04-05-2018
Top Picks
Matrimony.com Ltd
573
1016
Closed(17/08/2018)
20-04-2018
Top Picks
Matrimony.com Ltd
781
984
Open
31-01-2020
Top Picks
Parag Milk Foods Limited
138
Closed(31/01/2020)
25-10-2019
Top Picks
Parag Milk Foods Limited
149
200
Open
07-08-2019
Top Picks
Parag Milk Foods Limited
190
306
Open
12-02-2019
Top Picks
Parag Milk Foods Limited
211
359
Open
06-11-2018
Top Picks
Parag Milk Foods Limited
256
330
Open
15-05-2018
Top Picks
Parag Milk Foods Limited
310
410
Open
16-04-2018
Top Picks
Parag Milk Foods Limited
249
333
Open
26-05-2020
Fundamental
GMM Pfaudler Limited
3,732
Closed(26/05/2020)
06-04-2020
Fundamental
GMM Pfaudler Limited
2,597
3,437
Hold
29-02-2020
Top Picks
GMM Pfaudler Limited
2,528
3,437
Open
19-02-2020
Fundamental
GMM Pfaudler Limited
3,255
3,437
Hold
07-02-2020
Top Picks
GMM Pfaudler Limited
2,925
3,437
Open
04-02-2020
Fundamental
GMM Pfaudler Limited
2,979
Hold
29-01-2020
Top Picks
GMM Pfaudler Limited
2,528
2,864
Open
15-01-2020
Fundamental
GMM Pfaudler Limited
1,986
Hold
19-11-2019
Top Picks
GMM Pfaudler Limited
1688
2059
Open
23-09-2019
Top Picks
GMM Pfaudler Limited
1520
1740
Open
11-06-2019
Top Picks
GMM Pfaudler Limited
1470
1570
Open
13-03-2019
Top Picks
GMM Pfaudler Limited
1265
1400
Open
27-08-2018
Top Picks
GMM Pfaudler Limited
1,170
1,287
Open
18-08-2018
Top Picks
GMM Pfaudler Limited
1,024
1,200
Open
07-08-2018
Top Picks
GMM Pfaudler Limited
984
1,100
Open
29-06-2018
Fundamental
GMM Pfaudler Limited
932
1,020
Open
14-05-2018
Fundamental
GMM Pfaudler Limited
818
900
Open
06-04-2018
Fundamental
GMM Pfaudler Limited
712
861
Open
19-03-2021
Top Picks
Ashok Leyland
116
145
Open
11-02-2021
Top Picks
Ashok Leyland
134
Closed(11/02/2021
03-01-2021
Top Picks
Ashok Leyland
132.3
150
Open
04-01-2021
Top Picks
Ashok Leyland
100.4
122
Open
06-12-2019
Fundamental
Ashok Leyland
75
Closed(06/12/2019)
06-06-2019
Fundamental
Ashok Leyland
70
Hold
17-08-2018
Top Picks
Ashok Leyland
128
156
Open
07-03-2018
Fundamental
Ashok Leyland Ltd
139
163
Closed (26/04/2018)
Source: Company, Angel Research
13
www.angelbroking.com
Market Outlook
March 24, 2021
www.angelbroking.com
Exhibit 11: Historical Angel Top Picks/Fundamental Calls
Date Added
Top Picks/Fundamental
Stocks
Reco Price
Target/Revised Price
Current Status
16-12-2019
Fundamental
Greenply Industries
160
Closed(16/12/2019)
31-05-2018
Fundamental
Greenply Industries
256
364
Open
03-03-2018
Fundamental
Greenply Industries
340
395
Open
16-04-2020
Fundamental
Safari Industries
402
Closed(16/04/2020)
30-03-2020
Fundamental
Safari Industries
392
492
Hold
24-03-2020
Top Picks
Safari Industries
328
492
Open
43816
Top Picks
Safari Industries
623
807
Open
27-08-2018
Top Picks
Safari Industries
974
1,071
Open
14-08-2018
Top Picks
Safari Industries
868
1,000
Open
07-08-2018
Top Picks
Safari Industries
788
870
Open
16-07-2018
Top Picks
Safari Industries
693
800
Open
16-04-2018
Top Picks
Safari Industries
651
750
Open
21-02-2018
Top Picks
Safari Industries
532
650
Open
31-05-2018
Top Picks
HSIL Ltd
348
Closed (31/05/2018)
16-02-2018
Top Picks
HSIL Ltd
433
510
Open
04-11-2019
Fundamental
Elantas Beck India Ltd.
2500
Closed(04/11/2019)
07-02-2018
Fundamental
Elantas Beck India Ltd.
2155
2500
Open
17-08-2020
Top Picks
ICICI Bank
359
Closed(17/08/2020)
01-06-2020
Top Picks
ICICI Bank
342
410
Open
05-05-2020
Fundamental
ICICI Bank
340
Closed(05/05/2020)
01-04-2020
Fundamental
ICICI Bank
311
440
Hold
02-03-2020
Top Picks
ICICI Bank
497
590
Open
27-01-2020
Fundamental
ICICI Bank
536
590
Hold
09-12-2019
Top Picks
ICICI Bank
526
590
Open
29-10-2019
Top Picks
ICICI Bank
437
532
Open
25-05-2019
Top Picks
ICICI Bank
431
490
Open
15-02-2019
Top Picks
ICICI Bank
343
460
Open
30-07-2018
Top Picks
ICICI Bank
307
411
Open
01-02-2018
Top Picks
ICICI Bank
352
416
Open
06-03-2020
Fundamental
Aditya Birla Capital
75
Closed(06/03/2020)
06-09-2019
Fundamental
Aditya Birla Capital
93
118
Open
09-08-2019
Top Picks
Aditya Birla Capital
89
118
Open
04-06-2019
Top Picks
Aditya Birla Capital
102
130
Open
01-02-2018
Top Picks
Aditya Birla Capital
167
218
Open
25-06-2020
Fundamental
CCL Products
242
Closed (25/06/2020)
04-01-2018
Fundamental
CCL Products
278
360
Open
03-01-2018
Fundamental
Nilkamal Ltd
1,449
Closed (29/01/2020)
03-01-2018
Fundamental
Nilkamal Ltd
1880
2178
Open
01-01-2018
Fundamental
Capital First Ltd
693
850
Closed (15/01/2018)
30-12-2017
Fundamental
Shreyans Industries Ltd
205
247
Closed
09-05-2018
Fundamental
Prism Cement Ltd
160
Closed (09/05/2018)
21-12-2017
Fundamental
Prism Cement Ltd
118
131
18-12-2017
Fundamental
Menon Bearings Limited
92
114
Closed (17/01/2018)
14-12-2017
Top Picks
Ruchira Papers Ltd.
188
244
Closed (09/02/2018)
17-05-2018
Top Picks
Century Plyboards India
280
Closed(17/05/2018)
28-11-2017
Top Picks
Century Plyboards India
317
400
Open
19-12-2017
Top Picks
LT Foods
85
Closed(18/06/2018)
06-11-2017
Top Picks
LT Foods
74
96
14
www.angelbroking.com
Market Outlook
March 24, 2021
www.angelbroking.com
Source: Company, Angel Research
Exhibit 12: Historical Angel Top Picks/Fundamental Calls
Date Added
Top Picks/Fundamental
Stocks
Reco Price
Target/Revised Price
Current Status
16-10-2017
Fundamental
Endurance Technologies Ltd
1111
1277
Closed (01/12/2017)
30-01-2020
Fundamental
GIC Housing
154
Closed (30/01/2020)
06-06-2019
Fundamental
GIC Housing
252
Hold
11-09-2017
Top Picks
GIC Housing
533
655
Open
28-01-2020
Fundamental
Music Broadcast Limited
29
Closed (28/01/2020)
06-06-2019
Fundamental
Music Broadcast Limited
58
Hold
10-10-2017
Top Picks
Music Broadcast Limited
404
475
Open
20-07-2017
Top Picks
Music Broadcast Limited
368
434
Open
13-01-2020
Top Picksl
L&T Finance Holdings Ltd
105
133
Open
30-06-2020
Fundamental
L&T Finance Holdings Ltd
65.5
Closed (30/6/2020)
03-05-2018
Fundamental
L&T Finance Holdings Ltd
171
210
Open
07-07-2017
Fundamental
L&T Finance Holdings Ltd
149
179
Closed (28/8/2017)
06-07-2017
Fundamental
Syngene International
478
564
Closed (1/3/2018)
28-01-2020
Top Picks
Maruti
7,065
Closed(28/01/2020)
30-07-2019
Top Picks
Maruti
5558
7,783
Open
29-10-2018
Top Picks
Maruti
6705
8,552
Open
27-07-2017
Top Picks
Maruti
9315
10820
Open
05-06-2017
Top Picks
Karur Vysya Bank
127
100
Closed (12/03/2018)
16-04-2020
Fundamental
KEI Industries
279
Closed (16/04/2020)
06-04-2020
Fundamental
KEI Industries
295
400
Hold
19-03-2020
Top Picks
KEI Industries
257
400
Open
21-01-2020
Top Picks
KEI Industries
517
658
Open
13-11-2019
Fundamental
KEI Industries
542
Hold
07-08-2019
Top Picks
KEI Industries
464
556
Open
12-02-2019
Top Picks
KEI Industries
349
486
Open
23-05-2018
Top Picks
KEI Industries
481
589
Open
21-05-2018
Top Picks
KEI Industries
433
508
Open
25-01-2018
Top Picks
KEI Industries
400
486
Open
04-01-2017
Top Picks
KEI Industries
167
207
Open
27-05-2020
Top Picks
Alkem Lab.
2,425
Closed (27/05/2020)
17-04-2020
Top Picks
Alkem Lab.
2,687
3,300
Open
31-05-2018
Top Picks
Alkem Lab
1978
Closed (31/05/2018)
01-12-2016
Top Picks
Alkem Lab
1700
2441
Open
17-10-2016
Top Picks
Asian Granito
267
534
Closed (18/02/2018)
17-05-2018
Top Picks
TV Today Network
460
Closed (17/05/2018)
04-08-2016
Top Picks
TV Today Network
297
603
Open
30-01-2019
Fundamental
DHFL
162
Closed(30/01/2019)
05-04-2016
Top Picks
DHFL
189
720
Open
25-06-2018
Top Picks
Navkar Corporation
207
Closed(25/06/2018)
05-01-2016
Top Picks
Navkar Corporation
207
265
Open
09-12-2019
Top Picks
Blue Star
813
Closed(09/12/2019)
08-12-2015
Top Picks
Blue Star
357
867
Open
29-01-2020
Fundamental
Siyaram Silk Mills
229
Closed(28/01/2020)
06-06-2019
Fundamental
Siyaram Silk Mills
337
Hold
30-10-2015
Top Picks
Siyaram Silk Mills
186
851
Open
Source: Company, Angel Research
15
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Market Outlook
March 24, 2021
www.angelbroking.com
Research Team Tel: 022 - 39357800 E-mail: [email protected] Website: www.angelbroking.com
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