Market Outlook

July 24, 2015

Dealer’s Diary

Domestic Indices

Chg (%)

(Pts)

(Close)

Indian markets are expected to open in red tracking SGX Nifty.

BSE Sensex

(0.5)

(134)

28,371

Weak earnings from industrial bellwethers Caterpillar, 3M and American Express

Nifty

(0.5)

(44)

8,590

weighed on Dow Jones, pushing the blue-chip index below the key technical level on

MID CAP

(0.2)

(18)

11,216

Thursday. Selling pressure accelerated in afternoon and key indexes closed in red

SMALL CAP

0.5

11,736

for third straight day, led by Utilities, Materials and Industrial stocks.

BSE HC

(0.6)

(109)

16,894

BSE PSU

0.0

7,807

FTSE and DAX ended in red, continuing the pull back of previous 2 sessions. With

BANKEX

(0.7)

(156)

21,633

Greece concerns easing, markets have now shifted their focus towards corporate

AUTO

0.5

19,170

earnings.

METAL

(0.5)

(47)

8,885

Markets lost half a percent on Thursday due to profit booking after seeing over

OIL & GAS

0.5

10,243

300 points relief rally in earlier sessions. Private Banks, Cap-goods, select Metals

BSE IT

(0.6)

(72)

11,070

and Pharma stocks dragged the market.

Global Indices

Chg (%)

(Pts)

(Close)

Dow Jones

(0.7)

(119)

17,732

News & Result Analysis

NASDAQ

(0.5)

(25)

5,146

 Lupin- Updates

FTSE

(0.2)

(12)

6,655

 Result Review: Rallis India, Wipro, Lupin

 Result Preview: Axis Bank, TVS Motors

Nikkei

0.4

20,684

Refer detailed news & result analysis on the following page

Hang Sang

0.5

116

25,399

Straits Times

(0.1)

(3)

3,356

Markets Today

Shanghai Com

2.4

4,124

The trend deciding level for the day is 28,422 / 8,606 levels. If NIFTY trades above

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

to 28,528 - 28,684 / 8,638 - 8,687 levels. However, if NIFTY trades below

Indian ADR

Chg (%)

(Pts)

(Close)

28,422/ 8,606 levels for the first half-an-hour of trade then it may correct towards

INFY

0.3

0.1

$17.3

28,265 - 28,159 / 8,557 - 8,525 levels.

WIT

(1.3)

(0.2)

$12.6

IBN

(1.6)

(0.2)

$10.1

Indices

PIVOT

HDB

(0.6)

(0.3)

$62.1

SENSEX

28,159

28,265

28,422

28,528

28,684

NIFTY

8,525

8,557

8,606

8,638

8,687

Advances / Declines

BSE

NSE

Advances

1,528

768

Net Inflows (July 22, 2015)

Declines

1,322

738

` cr

Purch

Sales

Net

MTD

YTD

FII

4,002

3,534

468

7,451

142,831

Unchanged

133

MFs

1,056

875

181

1,813

55,423

Volumes (` cr)

FII Derivatives (July 23, 2015)

BSE

3,403

` cr

Purch

Sales

Net

Open Interest

NSE

18,160

Index Futures

1,460

2,044

(584)

21,605

Stock Futures

3,919

4,277

(358)

51,482

Gainers / Losers

Gainer

Loser

Company

Price (`)

chg (%)

Company

Price (`)

chg (%)

POLARIS

211

9.3

KAILASH

(10.0)

RAJESHEXPO

521

7.8

TV18BRDCST

(8.0)

JUBILANT

229

7.3

JSWENERGY

(5.5)

CAIRN

177

6.2

CONCOR

1,656

(5.3)

SUNTV

274

6.0

LUPIN

1,729

(5.2)

www.angelbroking.com

Market Outlook

July 24, 2015

Lupin-Updates

In a recent development, the US Food and Drug Administration (USFDA) have

served Lupin's oral solids and formulation plant in Goa with Form 483, which used

by the regulator to document and communicate concerns discovered during an

inspection. The USFDA has raised nine concerns relating to manufacturing process

and quality control. The plant was inspected by the USFDA last week.

The main cause of concern for USFDA is cross contamination due to free

movement from one unit to another within the plant. Besides this, unsigned test

records, air handling system and stock location are other observations listed in the

form. Lupin has 15 days to respond to the observations before any further action is

taken by the USFDA. The Goa plant supplies drugs to markets in US, Europe and

Japan. While the further details are not available, these observations don’t look

that serious. Thus currently we are, not changing our numbers.

Also, during the quarter, the company entered into a definitive agreement to

acquire privately held GAVIS Pharmaceuticals LLC and Novel Laboratories Inc.

(GAVIS), subject to certain closing conditions, in a transaction valued at

US$880mn, cash free and debt free. The transaction has been unanimously

approved by the Boards of Directors of Lupin and GAVIS.

The acquisition enhances Lupin’s scale in the US generic market and also

broadens Lupin’s pipeline in dermatology, controlled substance products and

other high-value and niche generics. GAVIS brings to Lupin a highly skilled US

based R & D organization which would complement Lupin’s Coral Springs,

Florida, inhalation R&D center. GAVIS’s New Jersey based manufacturing facility

will become Lupin’s first manufacturing site in the US.

New Jersey based GAVIS is a privately held company specializing in formulation

development, manufacturing, packaging, sales, marketing, and distribution of

pharmaceuticals products. GAVIS recorded sales of US$96mn in FY

2014

(coming from around

20 products) and has over

250 New Jersey based

employees. GAVIS currently has 66 ANDA filings pending approval with the US

FDA and a pipeline of over 65+ products under development. 72% of these filings

pending approvals represent niche dosage forms. To date, GAVIS has filed 25

Para IVs and 8 FTFs products. GAVIS’s pending filings address a market value of

about US$9bn. The combined company will have a portfolio of 101 in-market

products, 164 cumulative filings pending approval and a deep pipeline of

products under development for the US. The acquisition creates the 5th largest

portfolio of ANDA filings with the US FDA, addressing a US$63.8bn market.

Prima facie, the acquisition looks very costly, coming in at 9.2xMarket Cap/Sales,

given the size of the company, though funding will be not a problem given that

company has very little debt on the books. We maintain our neutral rating on the

stock.

www.angelbroking.com

Market Outlook

July 24, 2015

Result Review

Rallis India (CMP: `253 / TP: /Upside:)

Rallis India, announced a poor set of numbers for 1QFY2016. The sales came in

at `463.6cr V/s `465.3cr, a yoy dip of 0.4%. On the operating front the EBDITA

margins came in 12.2% V/s 12.0% in 1QFY2015. The net profit came in at

`33.1cr v/s `37cr in 1QFY2015, a yoy dip of 10.5%. We maintain our neutral

rating on the stock.

Y/E

Sales OPM

PAT

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

March

(` cr)

(%)

(` cr)

(`)

(%)

(x)

FY2016E

2,097

14.4

184

9.5

21.1

26.7

5.3

14.0

2.0

FY2017E

2,415

14.4

214

11.0

21.3

23.0

4.6

11.9

1.7

Lupin (CMP: `1,729/ TP: /Upside: )

For 1QFY2016, the company, announced numbers lower than expected. On sales

front the company, posted a dip of 6.4% yoy to end the period at `3,074cr V/s

`3,600cr expected. Overall, the formulation (`2,748.6cr) posted a sales dip of

8.0% and API (`325.7cr) an 11% yoy growth. The formulation sales dipped, on

back of US (`1,109.6cr) posted a 26% yoy dip, on back of few launches and base

impact. Another export destination Japan (`323.1cr), posted a yoy dip of 5.0%,

mainly on back of currency. Sales in JPY terms grew 6% to JPY 6,178mn during

the quarter from JPY 5,823mn. Lupin’s sale to Europe (`85.6cr) and India

(`885.1cr) posted a yoy growth of 21% and 16% respectively. ROW (`182.6cr)

posted a strong growth of 44% in 1QFY2016.

On the operating front, the gross margins came in at 68.0% V/s 65.5% expected

and V/s 67.9% in corresponding period. However, EBITDA margins came in at

24.2% V/s 27.0% expected V/s 32.2% in 1QFY2015. This was mainly on back of

lower sales and the R&D expenditure, which rose by 28.4% yoy to end the period

at 10.2% in 1QFY2016 V/s 7.4% in 1QFY2015. The other income during the

quarter rose to `151.1cr V/s `85.1cr in 1QFY2015, also the Tax as % of PBT rose

by 33.3% V/s 39.0% in 1QFY2015. Consequently, the PAT came in at `525.5cr

V/s `749cr expected and `624cr in 1QFY2015, an expected a yoy de-growth of

16.0%. We maintain our neutral rating on the stock.

Y/E

Sales OPM

PAT

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

March

(` cr)

(%)

(` cr)

(`)

(%)

(x)

FY2016E

15,175

26.9

2,852

63.4

27.2

6.7

18.3

4.9

FY2017E

17,614

26.9

3,267

72.7

24.9

23.8

5.3

15.3

4.1

Wipro (CMP: `588/ TP: `753/Upside: 28.0%)

Wipro announced 1QFY2016 results. The company posted a 1.1% qoq in USD IT

Services revenues to end the period at US$1,794.1mn V/s US$1,775mn in

4QFY2015 and US$1,770mn expected. The guidance for the 1QFY2016 was

US$1,765-1,793mn, a (0.5)-1% qoq growth. Thus results have come, at the upper

end of the guidance. In rupee terms, the revenues came in at `12,238cr V/s

`12,207cr expected and `12,142cr in 4QFY2015.

www.angelbroking.com

Market Outlook

July 24, 2015

On Constant Currency (CC), the company posted a

0.2% qoq growth in

1QFY2016. On CC basis, the key verticals, which posted a qoq dip was

Healthcare, Life Sciences & Services, Global Media & Telecom and Energy,

Natural Resources & Utilities, which dipped 3.9%, 1.8% and 3.0% respectively.

The, domains which posted growth was Retail, Consumer Goods & Transportation,

Manufacturing & Hitech and Finance Solutions, was 4.5%, 2.1% and 1.3% qoq

respectively.

In terms of geography, the USA posted a 2.6% qoq CC growth, while India &

Middle East business and APAC and Other Emerging Markets, posted a 1.7% qoq

and 0.4% qoq CC growth respectively. The geography, which posted the dip on

CC basis, is 5.3% qoq.

On the EBDITA margin front, the EBDITA came in at 21.3% V/s 23.0% expected

and EBIT at 18.5% V/s 20.0% expected. Thus the EBDITA and EBIT have posted a

169bps and 144bps qoq dip respectively. The IT services, EBIT margins came in at

21.0%. The margin dip was mainly on back of currency impact and higher wage

hikes. On operating front the utilization level was 71.3% v/s 70.5%, with attrition

levels at 16.4% V/s 15.6%.Consequently; the PAT came in at `2,188cr V/s

`2,261cr expected and `2,272cr in 4QFY2015 a dip of 3.7% qoq.

In terms of client additions, the company added 36 clients during the quarter and

for 2QFY2016, the company expects revenues from our IT Services business to be

in the range of US$1,821mn-US$1,857mn, implying a 1.5-3.5% growth qoq, with

expectations that the worst is over in the Energy, Natural Resources & Utilities

domain and Healthcare, Life Sciences & Services expected to bounce back in

2QFY2016. We maintain our buy rating on the stock with a target price of `753.

Y/E

Sales OPM

PAT

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

March

(` cr)

(%)

(` cr)

(`)

(%)

(x)

FY2016E

54,050

23.7

9,737

39.4

19.9

14.9

3.0

9.7

2.2

FY2017E

61,617

23.8

10,901

44.1

18.8

13.3

2.7

7.9

1.8

Result Preview

Axis Bank (CMP: `583 / TP: `716 / Upside: 22.7%)

Axis Bank is slated to announce its 1QFY2016 results today. We expect the bank to

report a healthy NII growth of 18.7% yoy to `3,929cr, primarily on back of healthy

advance growth of 22.5% yoy. Non-interest income is expected to grow at 20.7%

yoy at `2,041cr. Operating expenses are expected to increase by 21.6% yoy to

`2,560cr, while provisioning expenses are expected to be lower by 2% yoy to

`379cr. Hence, we expect the bank to report healthy PAT growth of 18.9% yoy

during the quarter to `1,983cr. At the CMP, the stock is trading at 2.3x FY2017E

ABV. We recommend a BUY rating on the stock with a target price of `716.

Y/E

Op. Inc

NIM

PAT

EPS ABV ROA ROE

P/E P/ABV

March

(` cr)

(%)

(` cr)

(`)

(%)

(x)

FY2016E

26,806

3.5

9,030

38.1

215.0

1.8

19.0

15.4

2.7

FY2017E

32,298

3.6

11,089

46.8

251.3

1.9

20.1

12.5

2.3

www.angelbroking.com

Market Outlook

July 24, 2015

TVS Motors Ltd (CMP: `263/ TP: /Upside: )

TVS Motors is slated to announce 1QFY2016 results today. We expect the topline

to grow 14% yoy to `2,633cr. While the volumes have grown 5% yoy, we estimate

the realization/vehicle to improve 9% on account of better product mix. Operating

margins are estimated to improve 80 bp yoy to 6.5%. Better product mix coupled

with subdued raw material costs is likely to drive profitability. We estimate the Net

Profit to grow 37% yoy to `99cr. We currently have Neutral rating on the stock.

Y/E

Sales OPM

PAT

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

March

(` cr)

(%)

(` cr)

(`)

(%)

(x)

FY2016E

11,813

7.0

523

11.0

25.9

24.0

6.2

15.4

1.0

FY2017E

14,001

8.1

779

16.4

30.2

16.1

4.9

10.9

0.8

Quarterly Bloomberg Brokers Consensus Estimate

ABB India Ltd- July 24, 2015

Particulars (` cr)

2QFY16E

2QFY15

y-o-y (%)

1QFY15

q-o-q (%)

Net sales

1,940

1,794

8.1

1,785

8.7

EBITDA

147

126

16.7

144

2.2

EBITDA margin (%)

7.6

7.0

8.0

Net profit

32.2

16.1

Crompton Greaves Ltd (Consol)- July 24, 2015

Particulars (` cr)

1QFY16E

1QFY15

y-o-y (%)

4QFY15

q-o-q (%)

Net sales

3,476

3,442

1.0

3,808

(8.7)

EBITDA

176

173

2.1

147

20.0

EBITDA margin (%)

5.1

5.0

3.9

Net profit

12.4

(199)

0.0

Axis Bank Ltd- July 24, 2015

Particulars (` cr)

1QFY16E

1QFY15

y-o-y (%)

4QFY15

q-o-q (%)

PAT

1,963

1,667

17.8

2,181

(10.0)

Reliance Industries Ltd- July 24, 2015

Particulars (` cr)

1QFY16E

1QFY15

y-o-y (%)

4QFY15

q-o-q (%)

Net sales

67,939

96,351

(29.5)

56,043

21.2

EBITDA

8,963

7,530

19.0

8,629

3.9

EBITDA margin (%)

13.2

7.8

15.4

Net profit

6,250

5,649

10.6

6,243

0.1

Tech Mahindra Ltd (Consol)- July 27, 2015

Particulars (` cr)

1QFY16E

1QFY15

y-o-y (%)

4QFY15

q-o-q (%)

Net sales

6,218

5,122

21.4

6,117

1.7

EBITDA

923

928

(0.6)

928

(0.6)

EBITDA margin (%)

14.8

18.1

15.2

Net profit

593

631

(6.0)

472

25.6

www.angelbroking.com

Market Outlook

July 24, 2015

Economic and Political News

 States initiate steps on district-level foundations for mining affected villages

 Pellet makers seek rollback of export duty

 Mineral auctions to take off in Odisha by October end

Corporate News

 Madras HC allows Sun TV to participate in FM auction

 DLF starts phased payment plan in Gurgaon project

 SpiceJet, Qatar talks may lead to stake sale

Top Picks

Large Cap

Market Cap

CMP

Target

Upside

Company

Sector

Rating

(` Mn)

(`)

(%)

Axis Bank

Financials

1,38,699

Buy

584

716

22.6

ICICI Bank

Financials

1,81,624

Buy

313

392

25.3

Infosys

2,52,400

Buy

1,099

1,306

18.9

Power Grid

Power

74,367

Buy

142

170

19.6

TCS

4,87,322

Buy

2,488

3,168

27.3

Tech Mahindra

48,114

Buy

500

646

29.1

Yes Bank

Financials

34,452

Buy

824

1,006

22.1

Ashok Leyland

Auto

23,422 Accumulate

6.9

LIC Housing Fin.

Financials

25,079 Accumulate

497

553

11.3

MRF

Others

16,168 Accumulate

38,121

43,439

13.9

Source: Angel Research, Bloomberg

Mid Cap

Market

CMP

Target

Upside

Company

Sector

Rating

Cap (` Mn)

(`)

(%)

Action Const. Equip. Capital Goods

420

Buy

27.1

Bajaj Electricals

Others

2,828

Buy

281

341

21.5

Hindustan Media Ven. Media

1,831

Buy

250

292

17.0

JK Tyre

Auto Ancillary

2,287

Buy

101

127

25.9

MBL Infrastructures

Construction

1,196

Buy

577

789

36.7

Mangalam Cements Cement

721

Buy

270

349

29.2

MT Educare

Others

454

Buy

114

141

23.7

Radico Khaitan

Others

1,155

Buy

112

29.0

Setco Automotive

Auto Ancillary

628

Buy

235

286

21.7

Source: Angel Research, Bloomberg

www.angelbroking.com

Market Outlook

July 24, 2015

Result Calendar

Date

Company

July 24, 2015

TVS Motor, ABB, Crompton Greaves, Axis Bank, Reliance Industries, Hitachi

July 25, 2015

Andhra Bank, IOB, Persistent, Sarda Energy, Relaxo, Visaka Industries

July 26, 2015

July 27, 2015

Subros, KEC International, Ambuja Cements, Tech Mahindra, Jagran Prakashan, MRF

Maruti, Thermax, Blue Star, HDFC, Punjab Natl.Bank, Bank of India, Union Bank, IDBI Bank, Syndicate Bank, Tide

July 28, 2015

Water Oil India

United Phosphorus, Yes Bank, Allahabad Bank, Nestle, Dabur India, Godrej Consumer, Mphasis, Sesa Goa, JSW Steel

July 29, 2015

, Essar Oil, NHPC

Exide Industries, Kotak Mah. Bank, Bank of Baroda, IDFC, Oriental Bank, Dena Bank, ITC, Colgate, Electrosteel

July 30, 2015

Castings, Petronet LNG, Jyothy Laboratories, HSIL, L G Balakrishnan & Bros, Dr Reddy's, Glenmark Pharma., Ipca

labs, Indoco Remedies, NTPC

July 31, 2015

Suzlon Energy, ICICI Bank, Shriram Trans., Sun TV Network, GSK Pharma, Alembic Pharma, CESC

August 1, 2015

Transport Corporation of India

Source: Bloomberg, Angel Research

Global economic events release calendar

Date

Time

Country Event Description

Unit

Period

Bloomberg Data

Last Reported Estimated

July 24, 2015

1:00PM Germany PMI Services

Value

Jul P

53.80

54.00

1:00PM Germany PMI Manufacturing

Value

Jul P

51.90

7:30PM US

New home sales

Thousands

Jun

546.00

547.50

July 28, 2015

2:00PM UK

GDP (YoY)

% Change

2Q A

2.90

2.60

7:30PM US

Consumer Confidence

S.A./ 1985=100

Jul

101.40

100.00

July 29, 2015

11:30PM US

FOMC rate decision

Jul 29

0.25

July 30, 2015

1:25PM Germany Unemployment change (000's)

Thousands

Jul

(1.00)

(5.50)

6:00PM US

GDP Qoq (Annualised)

% Change

2Q A

(0.20)

2.50

August 1, 2015

6:30AM China PMI Manufacturing

Value

Jul

50.20

August 3, 2015

2:00PM UK

PMI Manufacturing

Value

Jul

51.40

August 4, 2015

11:00AM India

RBI Reverse Repo rate

Aug 4

6.25

11:00AM India

RBI Repo rate

Aug 4

7.25

11:00AM India

RBI Cash Reserve ratio

Aug 4

4.00

August 6, 2015

4:30PM UK

BOE Announces rates

% Ratio

Aug 6

0.50

2:00PM UK

Industrial Production (YoY)

% Change

Jun

2.10

August 7, 2015

6:00PM US

Change in Nonfarm payrolls

Thousands

Jul

223.00

6:00PM US

Unnemployment rate

Jul

5.30

August 8, 2015

China

Exports YoY%

% Change

Jul

2.80

August 9, 2015

7:00AM China Consumer Price Index (YoY)

% Change

Jul

1.40

August 10, 2015

India

Imports YoY%

% Change

Jul

(13.40)

India

Exports YoY%

% Change

Jul

(15.80)

August 12, 2015

2:00PM UK

Jobless claims change

% Change

Jul

7.00

11:00AM China Industrial Production (YoY)

% Change

Jul

6.80

5:30PM India

Industrial Production YoY

% Change

Jun

2.70

Source: Bloomberg, Angel Research

Market Outlook

July 24, 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

3.4

7.0

4.0

2.8

2.7

6.7

2.6

2.5

6.6

3.0

7.0

6.3

6.4

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

6.8

7.0

53.0

5.6

5.4

6.0

5.2

5.3

4.9

5.0

52.0

4.6

5.0

4.3

51.0

4.0

3.3

50.0

3.0

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

July 24, 2015

Global watch

Exhibit 1: Latest quarterly GDP Growth (%, yoy) across select developing and developed countries

(%)

8.0

7.0

5.6

6.0

5.3

4.7

5.0

4.0

3.0

2.7

3.0

2.4

2.1

2.0

1.1

0.7

1.0

(1.6)

(1.9)

(0.9)

(1.0)

(2.0)

(3.0)

Source: Bloomberg, Angel Research

Exhibit 2: 2015 GDP Growth projection by IMF (%, yoy) across select developing and developed countries

(%)

10.0

7.5

8.0

6.8

6.0

5.2

4.8

3.7

4.0

3.1

2.7

2.0

1.6

2.0

1.2

1.0

(1.0)

(3.8)

(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)

20.0

18.0

16.0

14.0

12.0

10.0

8.0

6.0

4.0

2.0

Source: Bloomberg, Angel Research

www.angelbroking.com

Market Outlook

July 24, 2015

Exhibit 4: Relative performance of indices across globe

Returns (%)

Country

Name of index

Closing price

1YR

Brazil

Bovespa

49,807

(7.5)

(7.4)

(13.6)

Russia

Micex

1,616

(2.5)

(4.0)

14.9

India

Nifty

8,590

2.5

2.3

15.2

China

Shanghai Composite

4,124

(11.8)

(6.3)

100.1

South Africa

Top 40

46,649

(0.8)

(2.5)

(0.2)

Mexico

Mexbol

44,836

(1.4)

(1.3)

1.4

Indonesia

LQ45

840

(2.2)

(11.7)

(3.3)

Malaysia

KLCI

1,722

(0.8)

(7.6)

(9.0)

Thailand

SET 50

949

(4.1)

(8.7)

(7.1)

USA

Dow Jones

17,732

(2.1)

(1.7)

3.8

FTSE

6,655

(2.6)

(5.3)

(2.0)

Japan

Nikkei

20,684

(1.3)

4.6

33.4

Germany

DAX

11,512

(0.3)

(3.0)

18.0

France

CAC

5,087

0.6

(1.8)

16.5

Source: Bloomberg, Angel Research

www.angelbroking.com

Market Outlook

July 24, 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

253

4,912

2,075

2,394

14.4

9.5

11.0

26.6

23.0

5.3

4.6

21.1

21.3

2.4

2.1

United Phosphorus

Neutral

542

23,211

13,698

15,752

17.6

32.1

38.5

16.9

14.1

3.3

2.7

21.4

21.3

1.8

1.5

Auto & Auto Ancillary

Ashok Leyland

Accumulate

23,422

17,094

19,726

9.5

10.7

2.7

4.2

30.5

19.6

4.2

3.9

13.9

19.8

1.3

1.1

Bajaj Auto

Neutral

2,488

71,987

25,664

29,609

18.8

18.6

134.2

150.3

18.5

16.6

5.7

4.9

30.7

29.6

2.5

2.2

Eicher Motors

Neutral

20,538

55,746

11,872

15,783

15.5

17.8

399.4

642.0

51.4

32.0

16.8

12.1

32.3

37.7

4.7

3.5

Hero Motocorp

Neutral

2,714

54,201

29,771

34,219

13.0

13.5

142.3

165.2

19.1

16.4

6.9

5.9

36.3

35.8

1.7

1.4

L G Balakrishnan & Bros Accumulate

506

541

795

1,254

1,394

11.6

11.8

35.9

41.7

14.1

12.2

1.9

1.7

13.5

13.8

0.7

Mahindra and Mahindra Neutral

1,358

84,366

41,078

46,473

11.5

12.0

51.4

62.7

26.4

21.7

3.9

3.4

14.7

15.9

1.8

1.5

Maruti

Accumulate

4,236

4,399

127,951

57,615

68,166

15.6

15.5

180.2

220.0

23.5

19.3

4.6

4.0

19.7

20.6

2.0

1.6

Minda Industries

Buy

553

652

878

2,500

2,889

7.6

8.3

39.4

54.3

14.0

10.2

2.0

1.7

14.1

16.3

0.5

0.4

Rane Brake Lining

Accumulate

347

366

275

454

511

11.1

11.4

23.8

28.1

14.6

12.4

2.1

1.9

14.2

15.3

0.7

Setco Automotive

Buy

235

286

628

718

862

13.3

14.3

13.4

19.0

17.5

12.4

2.7

2.3

15.4

18.5

1.1

1.0

Tata Motors

Buy

401

489

115,878

260,543

278,575

13.3

13.7

31.7

38.0

12.7

10.6

1.5

1.3

12.2

13.0

0.6

TVS Motor

Neutral

263

12,511

11,813

14,001

7.0

8.1

11.0

16.4

23.9

16.1

6.2

4.9

25.9

30.2

1.0

0.8

Amara Raja Batteries

Neutral

870

14,860

5,355

6,641

17.4

17.8

31.8

40.9

27.4

21.3

6.9

5.4

25.2

25.5

2.7

2.2

Exide Industries

Accumulate

153

164

12,975

7,919

9,028

13.9

14.4

7.3

8.6

20.9

17.8

2.9

2.6

13.8

14.4

1.4

1.2

Apollo Tyres

Neutral

197

10,035

12,866

13,892

15.7

15.4

20.1

19.9

9.8

9.9

1.6

1.4

15.8

13.6

0.8

Ceat

Neutral

806

3,258

6,047

6,776

12.4

12.0

82.0

90.4

9.8

8.9

1.6

1.4

16.5

15.7

0.7

0.6

JK Tyres

Buy

101

127

2,287

7,774

8,456

13.3

12.9

17.3

18.1

5.8

5.6

1.3

1.1

22.8

19.7

0.6

Swaraj Engines

Neutral

885

1,099

604

689

14.3

14.5

51.4

60.7

17.2

14.6

4.0

3.6

23.4

24.7

1.6

1.4

Subros

Accumulate

486

1,295

1,533

11.7

12.0

4.2

7.3

19.3

11.1

1.5

1.3

7.7

12.4

0.7

0.5

Indag Rubber

Buy

198

247

519

283

329

17.0

17.2

13.0

15.4

15.3

12.8

3.3

2.8

21.8

21.6

1.4

1.2

Capital Goods

ACE

Buy

421

660

839

4.7

8.2

1.0

3.9

42.5

10.9

1.3

1.2

3.2

11.3

0.8

0.6

BEML

Accumulate

1,513

1,607

6,302

3,277

4,006

6.0

8.9

29.2

64.3

51.8

23.5

5.7

11.7

2.0

1.6

BGR Energy

Neutral

125

901

3,615

3,181

9.5

9.4

16.7

12.4

7.5

10.1

0.7

10.0

7.0

0.7

0.8

BHEL

Neutral

285

69,732

33,722

35,272

10.8

11.7

10.5

14.2

27.1

20.1

2.0

1.9

7.0

9.0

2.1

Blue Star

Buy

334

391

3,001

3,649

4,209

4.8

5.7

8.5

14.0

39.5

23.9

6.3

5.4

16.3

24.4

0.9

0.8

Crompton Greaves

Accumulate

192

220

12,018

15,252

16,870

5.4

5.6

7.9

10.7

24.3

17.9

3.0

2.6

12.0

15.0

0.9

0.8

Inox Wind

Buy

430

505

9,552

4,980

5,943

17.0

17.5

26.6

31.6

16.2

13.6

35.0

30.0

2.1

1.7

www.angelbroking.com

Market Outlook

July 24, 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

151

3,878

8,791

9,716

6.1

6.8

5.4

8.2

27.9

18.4

2.8

2.6

10.0

14.0

0.7

0.6

Thermax

Neutral

1,058

12,609

6,413

7,525

7.4

8.5

30.5

39.3

34.7

26.9

5.3

4.6

15.0

17.0

1.9

1.6

Cement

ACC

Accumulate

1,424

1,548

26,727

11,856

14,092

14.5

17.8

47.6

76.2

29.9

18.7

3.1

2.8

10.6

15.7

2.1

1.7

Ambuja Cements

Neutral

244

37,936

10,930

12,022

22.2

23.2

9.7

11.2

25.2

21.8

3.5

3.2

14.3

15.2

3.1

2.8

India Cements

Buy

132

2,640

4,716

5,133

14.9

15.8

1.0

4.5

86.0

19.1

0.9

1.0

4.5

0.9

0.8

JK Cement

Buy

612

778

4,282

4,061

4,748

16.2

17.7

24.5

42.9

25.0

14.3

2.4

2.1

10.0

15.9

1.5

1.2

J K Lakshmi Cement

Buy

329

443

3,871

3,004

3,618

17.6

19.9

13.9

27.2

23.7

12.1

2.7

2.3

11.8

20.5

1.7

1.4

Mangalam Cements

Buy

270

349

721

1,111

1,336

12.2

15.1

16.3

34.6

16.6

7.8

1.3

1.2

8.2

16.0

0.9

0.7

Orient Cement

Neutral

187

3,826

2,039

2,573

22.7

24.5

9.3

13.3

20.1

14.0

3.5

2.9

18.3

22.6

2.5

1.9

Ramco Cements

Neutral

355

8,460

4,036

4,545

20.8

21.3

15.1

18.8

23.5

18.9

2.9

2.6

12.9

14.3

2.6

2.2

Shree Cement^

Neutral

10,889

37,934

7,150

8,742

26.7

28.6

228.0

345.5

47.8

31.5

7.0

5.9

15.7

20.3

5.0

4.0

UltraTech Cement

Neutral

3,240

88,912

27,562

31,548

20.3

22.0

111.0

145.0

29.2

22.4

4.1

3.5

15.1

17.0

3.3

2.8

Construction

ITNL

Buy

148

211

3,643

7,589

8,021

34.0

35.9

16.0

19.0

9.2

7.8

0.6

0.5

6.5

6.7

3.6

3.8

KNR Constructions

Neutral

579

1,628

915

1,479

14.3

13.9

20.3

37.2

28.5

15.6

2.6

2.3

9.6

15.6

1.9

1.2

Larsen & Toubro

Accumulate

1,831

2,013

170,370

68,920

82,446

10.9

11.5

57.0

73.0

32.1

25.1

2.9

2.7

13.6

15.5

2.7

2.3

Gujarat Pipavav Port

Neutral

222

10,749

793

694

53.0

50.9

9.0

8.0

24.7

27.8

5.4

4.4

25.9

18.4

13.5

15.4

MBL Infrastructures

Buy

577

789

1,196

2,507

2,986

12.4

14.4

43.0

41.0

13.4

14.1

1.6

1.5

12.6

12.7

1.2

1.1

PNC Infratech

Accumulate

420

445

2,152

1,719

2,003

13.0

13.5

21.0

28.0

20.0

15.0

1.7

1.5

11.0

10.9

1.3

1.1

Financials

Allahabad Bank

Neutral

5,085

8,859

9,817

3.0

23.7

30.1

3.8

3.0

0.5

0.4

10.6

12.3

Axis Bank

Buy

584

716

138,699

26,522

31,625

3.6

36.2

45.4

16.1

12.9

3.2

2.7

18.2

19.6

Bank of Baroda

Neutral

153

33,770

18,934

21,374

2.0

13.2

15.1

11.6

10.1

0.9

0.8

7.1

7.7

Bank of India

Neutral

173

11,476

17,402

20,003

2.0

2.1

40.3

50.7

4.3

3.4

0.4

9.0

10.4

Canara Bank

Neutral

285

14,657

15,805

17,745

2.0

2.2

64.3

73.5

4.4

3.9

0.5

0.4

10.8

11.3

Dena Bank

Neutral

2,466

3,580

4,040

2.1

2.2

8.4

10.9

5.3

4.0

0.5

0.4

6.8

8.4

Federal Bank

Neutral

12,004

3,522

4,045

3.2

12.2

14.1

5.7

5.0

0.7

0.6

12.9

13.4

HDFC

Neutral

1,349

212,701

11,198

13,321

3.5

45.1

53.7

29.9

25.1

6.2

5.5

27.2

28.2

HDFC Bank

Accumulate

1,107

1,255

278,069

38,629

47,500

4.5

4.7

52.6

66.4

21.1

16.7

3.9

3.3

19.6

21.2

ICICI Bank

Buy

313

392

181,624

36,037

41,647

3.5

3.6

22.9

26.7

13.6

11.7

2.3

2.0

15.7

15.9

IDBI Bank

Neutral

10,281

9,806

11,371

1.7

1.9

10.0

16.3

6.5

3.9

0.5

0.4

6.8

10.4

www.angelbroking.com

Market Outlook

July 24, 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

135

6,482

6,454

7,321

2.5

2.6

26.4

33.3

5.1

4.1

0.4

8.1

9.6

LIC Housing Finance

Accumulate

497

553

25,079

2,934

3,511

2.3

30.9

36.8

16.1

13.5

2.6

2.3

16.8

17.5

Oriental Bank

Neutral

174

5,214

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

140

25,917

24,160

27,777

2.9

3.0

18.5

24.6

7.6

5.7

0.7

0.6

8.8

10.8

South Ind.Bank

Neutral

3,159

1,999

2,249

2.4

3.5

4.0

6.7

5.8

0.8

12.6

13.1

St Bk of India

Accumulate

270

297

203,909

86,900

100,550

3.1

22.1

27.7

12.2

9.7

1.5

1.3

12.7

14.3

Union Bank

Neutral

163

10,363

12,995

14,782

2.4

32.3

40.9

5.0

4.0

0.6

0.5

10.7

12.3

Vijaya Bank

Neutral

3,479

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

824

1,006

34,452

7,006

8,825

3.1

3.3

61.4

77.1

13.4

10.7

2.5

2.1

20.1

21.3

FMCG

Asian Paints

Neutral

846

81,153

16,553

19,160

16.0

16.2

17.7

21.5

47.9

39.4

12.7

11.4

29.4

31.2

4.7

4.1

Britannia

Neutral

2,854

34,246

8,065

9,395

9.6

10.2

47.2

65.5

60.5

43.6

20.1

19.0

38.3

41.2

4.1

3.5

Colgate

Neutral

2,070

28,146

4,836

5,490

19.5

19.7

48.5

53.2

42.7

38.9

31.3

27.2

99.8

97.5

5.7

5.0

Dabur India

Neutral

298

52,432

9,370

10,265

17.1

17.2

7.3

8.1

40.7

36.9

12.3

10.0

33.7

30.6

5.5

5.0

GlaxoSmith Con*

Neutral

6,332

26,630

4,919

5,742

17.2

17.4

168.3

191.2

37.6

33.1

10.7

9.1

28.8

28.9

5.0

4.3

Godrej Consumer

Neutral

1,232

41,949

10,168

12,886

16.1

32.1

38.4

32.1

7.8

7.2

19.7

21.0

4.2

3.3

HUL

Neutral

905

195,858

34,940

38,957

17.5

17.7

20.8

24.7

43.5

36.7

48.4

38.7

110.5

114.2

5.5

4.9

ITC

Buy

315

409

252,710

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

432

27,881

6,551

7,766

15.7

16.0

10.4

12.5

41.6

34.6

12.1

10.1

33.2

32.4

4.2

3.5

Nestle*

Accumulate

6,054

6,646

58,367

11,291

12,847

22.2

22.3

158.9

184.6

38.1

32.8

19.9

17.9

55.0

57.3

5.0

4.3

Tata Global

Buy

141

186

8,882

8,735

9,182

9.8

9.9

8.5

9.3

16.6

15.2

2.2

2.1

7.9

8.1

0.9

HCL Tech^

Accumulate

972

1,100

136,612

41,535

46,519

24.0

23.4

56.6

61.1

17.2

15.9

3.6

2.8

20.8

17.7

3.2

2.8

Infosys

Buy

1,099

1,306

252,400

60,250

66,999

28.0

58.3

63.7

18.9

17.3

4.0

3.4

20.9

19.7

3.5

3.0

TCS

Buy

2,488

3,168

487,322

108,420

123,559

28.8

28.7

127.2

143.9

19.6

17.3

7.8

7.2

39.9

41.8

4.2

3.6

Tech Mahindra

Buy

500

646

48,114

27,281

31,373

17.3

18.4

30.8

38.0

16.2

13.2

3.3

2.7

20.3

20.9

1.6

1.3

Wipro

Buy

588

753

145,304

54,050

61,617

23.7

23.8

39.4

44.1

14.9

13.3

3.0

2.7

19.9

18.8

2.3

1.8

Media

D B Corp

Accumulate

322

356

5,920

2,241

2,495

27.8

27.9

21.8

25.6

14.8

12.6

3.9

3.4

26.7

28.5

2.6

2.3

HT Media

Buy

129

2,123

2,495

2,703

13.5

13.6

9.4

10.7

9.7

8.5

1.0

0.9

10.4

10.6

0.4

0.3

Jagran Prakashan

Buy

133

156

4,358

1,939

2,122

26.0

8.3

9.2

16.1

14.5

2.8

2.5

17.5

17.1

2.2

2.0

Sun TV Network

Accumulate

274

275

10,794

2,779

3,196

70.2

70.5

22.8

27.3

12.0

10.0

3.0

2.7

26.7

28.3

3.4

2.9

www.angelbroking.com

Market Outlook

July 24, 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

250

292

1,831

920

1,031

20.0

19.2

20.9

13.0

12.0

2.1

1.8

16.4

15.3

1.5

1.3

Ventures

Metals & Mining

Coal India

Neutral

431

272,362

77,595

89,628

22.9

24.4

27.6

30.0

15.6

14.4

6.7

33.9

33.2

2.8

2.5

Hind. Zinc

Neutral

166

70,056

15,546

16,821

47.5

49.0

19.7

20.3

8.4

8.2

1.4

1.2

17.2

16.6

2.2

1.7

Hindalco

Neutral

109

22,415

112,328

119,817

7.7

7.9

16.3

20.1

6.7

5.4

0.5

8.0

8.5

0.7

0.6

JSW Steel

Neutral

858

20,745

48,125

53,595

18.8

21.0

46.9

97.5

18.3

8.8

0.9

0.8

4.4

9.5

1.2

1.1

NMDC

Neutral

114

45,337

12,544

13,330

59.5

59.7

16.3

16.5

7.0

6.9

1.3

1.2

5.1

9.9

2.3

SAIL

Neutral

24,244

56,365

63,383

6.9

8.0

7.1

8.2

7.2

0.5

7.0

7.1

1.0

0.9

Vedanta

Neutral

136

40,172

81,842

88,430

30.6

32.8

20.2

25.7

6.7

5.3

0.5

0.4

7.5

8.5

0.9

0.7

Tata Steel

Neutral

270

26,252

136,805

149,228

11.3

11.9

26.4

36.8

10.2

7.4

0.8

6.0

8.0

0.7

Oil & Gas

Cairn India

Neutral

177

33,241

12,617

14,513

33.7

40.0

25.5

27.7

7.0

6.4

0.5

7.4

7.7

1.1

0.9

GAIL

Neutral

370

46,896

75,595

85,554

8.6

8.0

31.8

36.1

11.6

10.2

1.3

1.2

10.7

11.4

0.8

0.6

ONGC

Neutral

284

242,805

174,773

192,517

22.7

24.8

34.6

38.2

8.2

7.4

1.2

1.1

14.2

14.9

1.5

1.3

Petronet LNG

Neutral

200

14,989

45,759

49,386

3.7

4.0

12.6

14.9

15.9

13.4

2.4

2.2

16.1

16.7

0.4

0.3

Reliance Industries

Neutral

1,046

338,549

339,083

384,014

7.8

9.5

75.7

94.5

13.8

11.1

1.4

1.3

10.7

12.2

1.3

1.2

Pharmaceuticals

Alembic Pharma

Neutral

758

14,292

2,405

2,859

19.9

20.4

17.7

22.0

42.8

34.5

12.3

9.4

32.6

30.9

6.1

5.0

Aurobindo Pharma

Accumulate

746

824

43,575

14,435

16,600

22.6

36.1

41.2

20.7

18.1

6.1

4.7

34.5

29.3

3.4

2.9

Aventis*

Neutral

3,771

8,684

2,156

2,455

15.1

16.8

109.7

133.9

34.4

28.2

4.7

3.9

18.4

22.5

3.6

3.0

Cadila Healthcare

Neutral

1,955

40,026

10,224

11,840

19.7

20.0

69.8

81.0

28.0

24.1

7.4

5.9

26.8

25.3

4.0

3.4

Cipla

Neutral

674

54,105

14,051

16,515

18.9

18.7

25.1

28.9

26.8

23.3

4.3

3.7

17.2

16.9

3.9

3.2

Dr Reddy's

Neutral

3,910

66,666

17,443

20,296

22.3

22.4

156.7

180.1

25.0

21.7

5.0

4.2

21.8

20.8

3.7

3.1

Dishman Pharma

Buy

167

238

1,346

1,716

1,888

20.2

16.3

21.6

10.2

7.7

1.0

0.9

9.7

11.7

1.0

0.8

GSK Pharma*

Neutral

3,400

28,802

2,818

3,044

18.9

56.2

58.6

60.5

58.0

17.1

18.6

27.1

30.7

9.8

9.2

Indoco Remedies

Neutral

368

3,387

1,088

1,262

18.2

13.1

15.5

28.1

23.7

5.5

4.6

21.2

21.1

3.2

2.7

Ipca labs

Accumulate

692

736

8,730

3,533

4,109

18.6

19.6

28.2

34.8

24.5

19.9

3.4

2.9

15.0

15.9

2.7

2.3

Lupin

Neutral

1,729

77,767

14,864

17,244

26.9

62.1

71.1

27.8

24.3

6.8

5.4

27.4

24.6

5.3

4.4

Sun Pharma

Accumulate

828

950

199,139

27,839

33,542

27.7

29.7

18.9

26.9

43.8

30.8

3.9

3.5

13.0

14.6

6.6

5.2

Power

Tata Power

Neutral

19,446

38,302

38,404

14.1

13.1

5.1

6.0

14.0

12.1

1.3

9.2

10.3

1.4

NTPC

Neutral

138

113,994

89,067

98,329

15.9

16.5

12.1

13.1

11.5

10.6

1.3

1.2

11.0

11.6

2.3

Power Grid

Buy

142

170

74,367

19,986

22,702

86.2

86.3

11.1

12.7

12.8

11.2

1.7

1.6

14.4

14.7

8.9

8.2

www.angelbroking.com

Market Outlook

July 24, 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

433

172,928

101,748

109,191

32.1

31.7

12.0

12.5

36.1

34.6

2.5

2.3

6.9

6.7

2.4

2.1

Idea Cellular

Neutral

178

64,075

34,282

36,941

32.0

31.5

5.9

6.2

30.2

28.7

2.8

2.5

9.9

9.3

2.5

2.3

zOthers

Abbott India

Neutral

4,365

9,274

2,713

3,141

13.7

13.5

127.8

145.7

34.1

30.0

8.0

6.5

25.9

23.9

3.1

2.6

Bajaj Electricals

Buy

281

341

2,828

4,719

5,287

5.2

5.8

8.6

12.7

32.8

22.2

3.7

3.3

11.4

14.8

0.6

0.5

Finolex Cables

Neutral

266

4,066

2,728

3,036

10.8

11.0

14.4

16.8

18.5

15.9

2.8

2.4

15.2

15.3

1.2

1.0

Goodyear India*

Neutral

577

1,330

1,536

1,683

9.6

10.0

41.8

48.0

13.8

12.0

2.4

2.1

18.2

18.3

0.6

0.5

Hitachi

Neutral

1,583

4,306

1,801

2,051

8.9

9.3

31.0

38.8

51.0

40.8

11.0

8.7

23.9

23.8

2.4

2.1

Jyothy Laboratories

Neutral

325

5,891

1,620

1,847

11.5

7.3

8.5

44.6

38.4

5.8

5.4

13.3

14.4

3.4

2.9

MRF

Buy

38,121

43,439

16,168

13,524

14,440

18.6

18.2

2,999.2

3,102.8

12.7

12.3

2.8

2.3

24.7

20.5

1.1

1.0

Page Industries

Neutral

14,708

16,405

1,929

2,450

19.8

20.1

229.9

299.0

64.0

49.2

28.2

19.6

52.1

47.1

8.6

6.7

Relaxo Footwears

Neutral

579

6,948

1,767

2,152

12.3

12.5

19.3

25.1

30.1

23.1

7.4

5.7

27.7

27.8

3.8

3.1

Siyaram Silk Mills

Neutral

1,216

1,139

1,653

1,873

11.7

12.2

99.3

122.1

12.2

10.0

2.2

1.9

19.5

20.2

0.8

0.7

Styrolution ABS India*

Neutral

733

1,290

1,271

1,440

8.6

9.2

32.0

41.1

22.9

17.9

2.3

2.1

10.7

12.4

1.0

0.8

Tree House

Neutral

432

1,830

259

324

56.8

17.0

21.7

25.4

20.0

2.6

2.3

10.1

11.5

7.1

5.8

TVS Srichakra

Neutral

2,444

1,871

2,112

2,389

11.9

12.1

168.5

202.5

14.5

12.1

5.0

3.7

39.6

35.5

0.9

0.8

HSIL

Buy

348

434

2,517

2,085

2,436

18.5

18.6

21.7

28.9

16.1

12.1

1.6

1.5

10.0

12.1

1.3

1.1

Kirloskar Engines India

Neutral

286

4,135

2,779

3,314

10.3

11.9

12.0

17.5

23.9

16.3

2.9

2.6

12.5

16.7

1.1

0.9

Ltd

M M Forgings

Buy

675

783

815

586

671

22.3

22.9

53.4

65.2

12.6

10.4

2.7

2.2

24.1

23.5

1.5

1.3

Banco Products (India)

Neutral

106

756

1,196

1,370

9.7

11.8

9.4

14.3

11.3

7.4

1.1

1.0

10.4

14.5

0.6

0.5

Competent Automobiles Neutral

155

1,007

1,114

3.1

23.7

28.2

6.6

5.5

0.9

0.8

13.9

14.6

0.1

Nilkamal

Neutral

787

1,175

1,947

2,131

8.1

8.3

35.7

45.9

22.1

17.1

2.2

2.0

10.3

12.1

0.6

Visaka Industries

Accumulate

148

166

236

1,158

1,272

8.6

9.5

23.7

32.7

6.3

4.5

0.6

10.1

12.5

0.4

0.3

Transport Corporation of

Accumulate

267

293

2,020

2,830

3,350

8.8

9.0

14.4

18.3

18.6

14.6

2.9

2.5

15.4

17.1

0.8

0.7

India

Elecon Engineering

Neutral

978

1,452

1,596

13.7

14.7

4.2

6.2

21.7

14.4

1.7

1.5

8.1

11.2

1.0

0.8

Surya Roshni

Accumulate

139

152

609

2,992

3,223

8.4

8.7

15.2

19.3

9.1

7.2

0.9

0.8

10.1

11.5

0.5

MT Educare

Buy

114

141

454

275

355

18.3

17.3

7.4

8.8

15.4

12.9

3.1

2.7

20.2

21.1

1.6

1.2

Radico Khaitan

Buy

112

1,155

1,565

1,687

11.9

12.4

5.4

6.6

16.0

13.2

1.3

1.2

8.0

9.0

1.2

Garware Wall Ropes

Accumulate

308

303

674

875

983

10.4

10.5

23.1

27.5

13.3

11.2

1.9

1.6

14.1

14.6

0.7

0.6

Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on July 23, 2015

www.angelbroking.com

Market Outlook

July 24, 2015

Research Team Tel: 022 - 39357800

E-mail: [email protected]

Website: www.angelbroking.com

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