Market Outlook

August 27, 2015

Dealer’s Diary

Domestic Indices

Chg (%)

(Pts)

(Close)

BSE Sensex

(1.2)

(318)

25,715

Indian markets are expected to open Positive tracking SGX Nifty.

Nifty

(1.1)

(89)

7,792

U.S. Markets closed in positive territory on Wednesday. The rebound on U.S.

MID CAP

(0.8)

(83)

10,477

Markets came as traders looked to pick up stocks at reduced levels following the

SMALL CAP

0.2

10,712

downturn seen over the course of the trading day on Tuesday.

BSE HC

(1.1)

(198)

17,195

European markets ended in negative territory on Wednesday, as concerns about

BSE PSU

(0.6)

(41)

6,723

China continued, even after China's central bank Tuesday cut its key interest rates

BANKEX

(1.7)

(331)

19,395

and reserve ratio, boosting efforts to support the slowing economy.

AUTO

(0.7)

(124)

17,679

Indian markets fell sharply on Wednesday as concerns over China's stock market

METAL

0.2

7,162

crisis and growing fears that Chinese growth is weakening continued to haunt

OIL & GAS

(1.0)

(85)

8,532

investors.

BSE IT

(1.0)

(105)

10,892

Global Indices

Chg (%)

(Pts)

(Close)

News & Result Analysis

Dow Jones

4.0

619

16,286

 Sun TV Network enters into deal with HOOQ to share its library

Refer detailed news analysis on the following page

NASDAQ

4.2

191

4,698

FTSE

(1.7)

(102)

5,979

Markets Today

Nikkei

3.2

570

18,377

The trend deciding level for the day is 25,843 / 7,833 levels. If NIFTY trades above

Hang Sang

(1.5)

(325)

21,080

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

Straits Times

(0.5)

(13)

2,873

to 26,028 - 26,342 / 7,889 - 7,986 levels. However, if NIFTY trades below

Shanghai Com

(1.3)

(38)

2,927

25,843 / 7,833 levels for the first half-an-hour of trade then it may correct towards

25,529 - 25,344 / 7,736 - 7,680 levels.

Indian ADR

Chg (%)

(Pts)

(Close)

Indices

PIVOT

INFY

2.7

0.5

$17.0

SENSEX

25,344

25,529

25,843

26,028

26,342

WIT

2.2

0.3

$11.7

NIFTY

7,680

7,736

7,833

7,889

7,986

IBN

0.2

0.0

$8.7

HDB

0.7

0.4

$57.6

Net Inflows (August 25, 2015)

` cr

Purch

Sales

Net

MTD

YTD

Advances / Declines

BSE

NSE

FII

6,670

8,662

(1,992)

(11,152)

129,818

Advances

1,304

751

MFs

2,798

752

2,046

6,345

64,293

Declines

1,374

743

Unchanged

FII Derivatives (August 26, 2015)

` cr

Purch

Sales

Net

Open Interest

Volumes (` cr)

Index Futures

8,497

8,586

(89)

24,928

BSE

3,134

Stock Futures

15,293

15,049

243

52,306

NSE

19,956

Gainers / Losers

Gainer

Loser

Company

Price (`)

chg (%)

Company

Price (`)

chg (%)

VAKRANGEE

9.3

SADBHAV

290

(6.1)

DENABANK

333

7.7

INFRATEL

387

(5.3)

KEC

128

7.0

BHARATFORG

1,105

(5.1)

IBREALEST

6.8

HEXAWARE

225

(5.1)

PTC

6.6

KAILASH

(5.0)

www.angelbroking.com

Market Outlook

August 27, 2015

Sun TV Network enters into deal with HOOQ to share its library

Sun TV Network has yesterday announced a multi-year deal with video-on-

demand service firm HOOQ, a start up joint venture established by Singtel, Sony

Pictures Television and Warner Bros in January this year.

Under the agreement HOOQ would now carry Sun TV's library that includes a mix

of films in Tamil, Telugu, Malayalam and Kannada languages including the latest

hit movies. With around 33 channels across the South Indian languages, Sun

Group's existing library has about 11,000 titles, which is said to be among the

largest in the industry.

Economic and Political News

 Natural fertiliser will slash India's fertiliser import, subsidy bills: Dhirendra

Kumar

 Andhra Pradesh gives approvals to over 1,200 industries

 UK minister calls for closer partnership with India

Corporate News

 NTPC, IPPs will continue to bear lower plant load factors

 Mahindra to invest `700cr in commercial vehicle biz

 Gayatri Projects bags `3,318 crore road contracts from NHAI

www.angelbroking.com

Market Outlook

August 27, 2015

Top Picks

Large Cap

Market

CMP

Target

Upside

Company

Sector

Rating

Cap (` Cr)

(`)

(%)

Axis Bank

Financials

1,17,876

Buy

496

716

44.4

ICICI Bank

Financials

1,61,652

Buy

278

370

32.9

Infosys

2,44,705

Buy

1,065

1,306

22.6

Inox Wind

Capital Goods

7,618

Buy

343

505

47.1

LIC Housing

Financials

21,539

Buy

427

590

38.2

Finance

Power Grid

Power

68,455

Buy

131

170

29.9

TCS

5,04,715

Buy

2,577

3,168

23.0

Tech Mahindra IT

48,792

Buy

507

646

27.4

Yes Bank

Financials

28,518

Buy

682

989

45.1

Source: Angel Research, Bloomberg

Mid Cap

Market

CMP

Target

Upside

Company

Sector

Rating

Cap (` Cr)

(`)

(%)

Bajaj Electricals

Others

2,296

Buy

228

341

49.7

Garware Wall Ropes Others

630

Buy

288

390

35.4

Hindustan Media Ven. Media

1,578

Buy

215

292

35.8

JK Tyre

Auto Ancillary

2,439

Buy

108

129

19.9

MBL Infrastructures

Construction

957

Buy

231

360

56.0

Minda Industries

Auto Ancillary

817

Buy

515

652

26.6

MT Educare

Others

516

Buy

130

169

30.3

Radico Khaitan

Others

1,201

Buy

112

24.0

Surya Roshni

Others

531

Buy

121

183

51.1

Source: Angel Research, Bloomberg

www.angelbroking.com

Market Outlook

August 27, 2015

Macro watch

Exhibit 1: Quarterly GDP trends

Exhibit 2: IIP trends

(%)

9.0

8.4

6.0

5.2

4.8

7.5

5.0

3.8

8.0

3.6

3.4

7.0

4.0

2.8

6.7

2.6

2.5

7.0

6.3

6.4

6.6

3.0

2.0

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

7.0

54.0

7.0

5.6

53.0

6.0

5.2

5.4

5.3

5.4

4.9

5.0

4.6

5.0

4.3

52.0

3.8

4.0

3.3

51.0

3.0

2.0

50.0

1.0

49.0

48.0

Source: MOSPI, Angel Research

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

Exhibit 5: Exports and imports growth trends

Exhibit 6: Key policy rates

(%)

Exports yoy growth

Imports yoy growth

(%)

Repo rate

Reverse Repo rate

CRR

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 27, 2015

Exhibit 4: Relative performance of indices across globe

Returns (%)

Country

Name of index

Closing price

1YR

Brazil

Bovespa

46,038

(5.5)

(14.2)

(21.2)

Russia

Micex

1,661

4.8

(0.0)

14.2

India

Nifty

7,792

(6.8)

(6.3)

(1.3)

China

Shanghai Composite

2,927

(21.4)

(40.8)

30.7

South Africa

Top 40

42,854

(6.6)

(8.7)

(7.3)

Mexico

Mexbol

42,323

(3.2)

(5.5)

(6.9)

Indonesia

LQ45

711

(14.2)

(22.9)

(19.8)

Malaysia

KLCI

1,580

(6.8)

(9.8)

(15.4)

Thailand

SET 50

857

(9.6)

(14.9)

(17.3)

USA

Dow Jones

16,286

(6.6)

(10.3)

(4.9)

FTSE

5,979

(8.1)

(15.1)

(12.3)

Japan

Nikkei

18,377

(7.7)

(8.7)

21.4

Germany

DAX

9,997

(9.6)

(14.4)

4.3

France

CAC

4,501

(8.7)

(12.4)

2.8

Source: Bloomberg, Angel Research

www.angelbroking.com

Market Outlook

August 27, 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

212

4,121

2,075

2,394

14.4

9.5

11.0

22.3

19.3

4.4

3.8

21.1

21.3

2.0

1.7

United Phosphorus

Neutral

505

21,645

13,698

15,752

17.6

32.1

38.5

15.7

13.1

3.1

2.6

21.4

21.3

1.7

1.4

Auto & Auto Ancillary

Ashok Leyland

Accumulate

24,901

17,850

20,852

10.6

11.1

3.2

4.3

27.3

20.4

4.5

4.2

16.4

20.8

1.4

1.1

Bajaj Auto

Accumulate

2,244

2,454

64,938

23,842

27,264

19.8

19.6

128.4

144.4

17.5

15.5

5.3

4.6

30.5

29.5

2.3

2.0

Eicher Motors

Buy

18,567

22,859

50,395

11,681

15,550

15.3

16.9

358.5

564.3

51.8

32.9

15.6

11.6

29.8

34.9

4.2

3.1

Hero Motocorp

Accumulate

2,392

2,660

47,764

28,500

33,028

13.8

14.1

144.2

166.3

16.6

14.4

6.1

5.2

36.7

36.0

1.5

1.3

L G Balakrishnan & Bros Neutral

428

672

1,254

1,394

11.6

11.8

35.9

41.7

11.9

10.3

1.6

1.4

13.5

13.8

0.6

Mahindra and Mahindra Buy

1,215

1,493

75,481

40,088

45,176

13.8

14.0

59.6

70.4

20.4

17.3

3.4

3.0

16.6

17.2

1.5

1.3

Maruti

Accumulate

4,204

4,735

127,001

58,102

68,587

16.7

16.9

182.0

225.5

23.1

18.6

4.6

3.9

19.9

21.0

2.0

1.6

Minda Industries

Buy

515

652

817

2,567

2,965

7.3

8.0

38.8

54.3

13.3

9.5

1.9

1.6

14.4

16.8

0.4

Rane Brake Lining

Buy

292

366

231

454

511

11.1

11.4

23.8

28.1

12.3

10.4

1.7

1.6

14.2

15.3

0.6

Setco Automotive

Neutral

223

597

594

741

12.7

13.7

8.4

15.8

26.6

14.1

2.8

2.4

10.4

16.9

1.5

1.2

Tata Motors

Buy

337

432

97,241

267,464

307,211

13.7

34.6

40.7

9.7

8.3

1.2

1.1

13.2

13.6

0.5

TVS Motor

Accumulate

227

255

10,806

11,839

13,985

7.0

8.0

10.8

15.9

21.1

14.3

5.4

4.2

25.5

29.7

0.9

0.7

Amara Raja Batteries

Neutral

1,058

18,070

5,101

6,224

17.8

17.6

31.1

39.2

34.0

27.0

8.4

6.7

24.8

3.5

2.8

Exide Industries

Neutral

153

13,001

7,363

8,247

13.7

14.5

6.6

7.7

23.2

19.9

2.9

2.7

12.6

13.3

1.5

1.3

Apollo Tyres

Neutral

179

9,114

12,576

12,978

16.8

16.1

22.3

19.9

8.0

9.0

1.4

1.2

17.2

13.4

0.8

Ceat

Accumulate

1,071

1,166

4,332

6,041

6,597

14.3

14.2

101.5

116.6

10.6

9.2

2.1

1.8

20.0

19.1

0.9

0.7

JK Tyres

Buy

108

129

2,439

7,446

7,669

15.2

14.0

19.6

18.4

5.5

5.9

1.4

1.1

25.2

19.5

0.7

0.6

Swaraj Engines

Neutral

873

1,084

593

677

14.5

14.8

51.2

60.8

17.1

14.4

4.0

3.6

23.3

24.8

1.7

1.4

Subros

Neutral

456

1,268

1,488

11.6

11.9

3.7

6.6

20.5

11.5

1.4

1.3

6.8

11.4

0.7

0.5

Indag Rubber

Neutral

180

473

283

329

17.0

17.2

13.0

15.4

13.9

11.7

3.0

2.5

21.8

21.6

1.4

1.1

Capital Goods

ACE

Neutral

387

660

839

4.7

8.2

1.0

3.9

39.1

10.0

1.2

1.1

3.2

11.3

0.7

0.6

BEML

Neutral

1,264

5,265

3,277

4,006

6.0

8.9

29.2

64.3

43.3

19.7

2.4

2.2

5.7

11.7

1.7

1.3

BGR Energy

Neutral

106

766

3,615

3,181

9.5

9.4

16.7

12.4

6.4

8.6

0.6

10.0

7.0

0.6

0.8

BHEL

Neutral

240

58,791

33,722

35,272

10.8

11.7

10.5

14.2

22.9

16.9

1.7

1.6

7.0

9.0

1.8

1.7

Blue Star

Accumulate

351

387

3,155

3,649

4,209

5.0

5.9

9.2

14.7

38.4

23.8

6.9

6.5

9.1

17.5

1.0

0.8

Crompton Greaves

Buy

173

204

10,836

13,484

14,687

4.9

6.2

4.5

7.1

38.4

24.4

2.7

2.5

7.2

10.8

0.9

0.8

Inox Wind

Buy

343

505

7,618

4,980

5,943

17.0

17.5

26.6

31.6

12.9

10.9

3.9

2.8

35.0

30.0

1.7

1.4

www.angelbroking.com

Market Outlook

August 27, 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

128

3,291

8,791

9,716

6.1

6.8

5.4

8.2

23.7

15.6

2.4

2.2

10.0

14.0

0.6

Thermax

Neutral

937

11,161

6,413

7,525

7.4

8.5

30.5

39.3

30.7

23.8

4.7

4.1

15.0

17.0

1.7

1.4

Cement

ACC

Accumulate

1,361

1,548

25,554

11,856

14,092

14.5

17.8

47.6

76.1

28.6

17.9

2.9

2.7

10.6

15.7

2.0

1.6

Ambuja Cements

Buy

199

233

30,883

10,569

12,022

20.7

22.2

8.7

10.7

22.9

18.6

2.9

2.7

13.0

15.2

2.5

2.2

India Cements

Buy

112

2,164

4,716

5,133

15.9

16.9

3.7

7.5

19.0

9.4

0.7

3.8

7.3

0.8

0.6

JK Cement

Buy

623

767

4,353

4,056

4,748

14.5

17.0

22.6

41.1

27.6

15.2

2.5

2.2

9.3

15.3

1.5

1.3

J K Lakshmi Cement

Buy

331

430

3,899

2,947

3,616

16.7

19.9

11.5

27.2

28.8

12.2

2.7

2.4

9.8

20.8

1.7

1.4

Mangalam Cements

Neutral

222

593

1,053

1,347

10.5

13.3

8.4

26.0

26.5

8.6

1.1

1.0

4.3

12.5

0.9

0.7

Orient Cement

Accumulate

164

183

3,360

1,854

2,524

21.2

22.2

7.7

11.1

21.3

14.8

3.1

2.6

13.3

15.7

2.6

1.8

Ramco Cements

Accumulate

325

350

7,742

4,036

4,545

20.8

21.3

15.1

18.8

21.5

17.3

2.6

2.3

12.9

14.3

2.4

2.1

Shree Cement^

Neutral

10,416

36,285

7,150

8,742

26.7

28.6

228.0

345.5

45.7

30.2

6.7

5.6

15.7

20.3

4.8

3.9

UltraTech Cement

Accumulate

2,901

3,282

79,614

27,562

31,548

20.4

22.3

111.9

143.3

25.9

20.3

3.7

3.2

15.2

16.8

3.0

2.5

Construction

ITNL

Neutral

2,191

7,360

8,825

34.0

35.9

1.0

5.0

88.8

17.8

0.4

0.3

1.4

3.7

3.6

KNR Constructions

Neutral

529

1,486

915

1,479

14.3

13.9

20.3

37.2

26.0

14.2

2.4

2.1

9.6

15.6

1.8

1.1

Larsen & Toubro

Buy

1,593

2,013

148,189

68,920

82,446

10.9

11.5

57.0

73.0

27.9

21.8

2.6

2.4

13.6

15.5

2.4

2.0

Gujarat Pipavav Port

Neutral

189

9,144

740

843

53.1

53.6

8.0

10.0

23.6

18.9

3.7

3.0

20.4

19.4

11.9

10.1

MBL Infrastructures

Buy

231

360

957

2,313

2,797

12.2

14.6

19.0

20.0

12.2

11.5

1.3

1.2

11.3

10.6

1.1

1.0

Nagarjuna Const.

Neutral

3,978

7,892

8,842

8.3

9.1

2.4

5.3

29.8

13.5

1.2

1.1

4.2

8.6

0.7

0.6

PNC Infratech

Neutral

447

2,294

1,798

2,132

13.2

13.5

22.0

30.0

20.3

14.9

1.8

1.6

11.5

11.4

1.4

1.2

Simplex Infra

Neutral

302

1,494

6,241

7,008

10.4

10.7

20.0

36.0

15.1

8.4

1.2

1.1

6.8

11.1

0.7

0.6

Financials

Allahabad Bank

Neutral

4,762

8,859

9,817

3.0

23.7

30.1

3.5

2.8

0.4

0.3

10.6

12.3

Axis Bank

Buy

496

716

117,876

26,522

31,625

3.6

36.2

45.4

13.7

10.9

2.7

2.3

18.2

19.6

Bank of Baroda

Neutral

177

39,155

18,934

21,374

2.0

13.2

15.1

13.4

11.7

1.0

0.9

7.1

7.7

Bank of India

Neutral

139

9,249

17,402

20,003

2.0

2.1

40.3

50.7

3.5

2.7

0.3

9.0

10.4

Canara Bank

Neutral

279

14,364

15,805

17,745

2.0

2.2

64.3

73.5

4.3

3.8

0.5

0.4

10.8

11.3

Dena Bank

Neutral

2,385

3,580

4,040

2.1

2.2

8.4

10.9

5.1

3.9

0.4

6.8

8.4

Federal Bank

Neutral

10,392

3,522

4,045

3.2

12.2

14.1

5.0

4.3

0.6

12.9

13.4

HDFC

Neutral

1,102

173,788

11,198

13,321

3.5

45.1

53.7

24.5

20.5

5.1

4.5

27.2

28.2

HDFC Bank

Buy

1,016

1,255

255,346

38,629

47,500

4.5

4.7

52.6

66.4

19.3

15.3

3.5

3.0

19.6

21.2

www.angelbroking.com

Market Outlook

August 27, 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

ICICI Bank

Buy

278

370

161,652

36,037

41,647

3.5

3.6

22.9

26.7

12.1

10.4

2.0

1.8

15.7

15.9

IDBI Bank

Neutral

8,998

9,806

11,371

1.7

1.9

10.0

16.3

5.6

3.4

0.4

6.8

10.4

Indian Bank

Neutral

134

6,429

6,454

7,321

2.5

2.6

26.4

33.3

5.1

4.0

0.4

8.1

9.6

LIC Housing Finance

Buy

427

590

21,539

2,934

3,511

2.3

30.9

36.8

13.8

11.6

2.2

1.9

16.8

17.5

Oriental Bank

Neutral

130

3,901

7,930

8,852

2.5

51.8

57.1

2.5

2.3

0.3

9.3

9.5

Punjab Natl.Bank

Neutral

142

26,409

24,160

27,777

2.9

3.0

18.5

24.6

7.7

5.8

0.8

0.6

8.8

10.8

South Ind.Bank

Neutral

2,727

1,999

2,249

2.4

3.5

4.0

5.8

5.0

0.7

12.6

13.1

St Bk of India

Buy

246

309

185,978

86,900

100,550

3.1

22.1

27.7

11.1

8.9

1.4

1.2

12.7

14.3

Union Bank

Neutral

170

10,811

12,995

14,782

2.4

32.3

40.9

5.3

4.2

0.6

0.5

10.7

12.3

Vijaya Bank

Neutral

3,050

3,474

3,932

1.8

1.9

5.9

7.2

6.1

4.9

0.5

8.1

9.3

Yes Bank

Buy

682

989

28,518

7,006

8,825

3.1

3.3

61.4

77.1

11.1

8.8

2.1

1.7

20.1

21.3

FMCG

Asian Paints

Neutral

854

81,930

16,553

19,160

16.0

16.2

17.7

21.5

48.3

39.7

12.8

11.5

29.4

31.2

4.8

4.1

Britannia

Neutral

2,886

34,620

8,065

9,395

9.6

10.2

47.2

65.5

61.1

44.1

20.3

19.2

38.3

41.2

4.1

3.6

Colgate

Accumulate

1,919

2,022

26,093

4,836

5,490

19.5

19.7

48.5

53.2

39.6

36.1

29.0

25.3

99.8

97.5

5.3

4.7

Dabur India

Neutral

275

48,304

9,370

10,265

17.1

17.2

7.3

8.1

37.5

33.9

11.3

9.2

33.7

30.6

5.1

4.6

GlaxoSmith Con*

Neutral

6,016

25,301

4,919

5,742

17.2

17.4

168.3

191.2

35.8

31.5

10.1

8.6

28.8

28.9

4.7

4.0

Godrej Consumer

Neutral

1,240

42,228

10,168

12,886

16.1

32.1

38.4

38.6

32.3

7.9

7.3

19.7

21.0

4.3

3.3

HUL

Neutral

858

185,745

34,940

38,957

17.5

17.7

20.8

24.7

41.3

34.8

45.9

36.7

110.5

114.2

5.1

4.6

ITC

Buy

318

409

254,864

41,068

45,068

37.8

37.4

13.9

15.9

22.8

20.0

7.7

6.7

34.1

33.8

5.8

5.3

Marico

Neutral

400

25,813

6,551

7,766

15.7

16.0

10.4

12.5

38.6

32.0

11.2

9.3

33.2

32.4

3.9

3.3

Nestle*

Accumulate

6,063

6,646

58,461

11,291

12,847

22.2

22.3

158.9

184.6

38.2

32.9

20.0

17.9

55.0

57.3

5.0

4.4

Tata Global

Buy

117

152

7,397

8,635

9,072

9.8

9.9

6.5

7.6

18.1

15.4

1.8

1.7

6.8

7.4

0.8

HCL Tech^

Buy

904

1,132

127,056

42,038

47,503

23.5

56.4

62.9

16.0

14.4

3.7

2.8

23.2

19.8

2.6

2.1

Infosys

Buy

1,065

1,306

244,705

60,250

66,999

28.0

58.3

63.7

18.3

16.7

3.8

3.3

20.9

19.7

3.4

2.9

TCS

Buy

2,577

3,168

504,715

108,420

123,559

28.8

28.7

127.2

143.9

20.3

17.9

8.1

7.5

39.9

41.8

4.2

3.7

Tech Mahindra

Buy

507

646

48,792

25,566

28,890

16.0

17.0

26.3

31.9

19.3

15.9

3.5

3.0

17.9

18.6

1.7

1.4

Wipro

Buy

550

719

135,766

52,414

58,704

23.7

23.8

38.4

42.3

14.3

13.0

2.8

2.5

19.5

18.0

2.2

1.8

Media

D B Corp

Buy

305

356

5,602

2,241

2,495

27.8

27.9

21.8

25.6

14.0

11.9

3.7

3.2

26.7

28.5

2.4

2.2

HT Media

Neutral

1,959

2,495

2,603

11.2

7.3

8.6

11.5

9.8

0.9

0.8

7.4

8.1

0.3

www.angelbroking.com

Market Outlook

August 27, 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

Jagran Prakashan

Buy

132

156

4,319

1,939

2,122

26.0

8.3

9.2

15.9

14.4

2.7

2.5

17.5

17.1

2.2

2.0

Sun TV Network

Neutral

326

12,837

2,779

3,196

70.2

70.5

22.8

27.3

14.3

11.9

3.5

3.2

26.7

28.3

4.4

3.8

Hindustan Media

Buy

215

292

1,578

920

1,031

20.0

19.2

20.9

11.2

10.3

1.8

1.6

16.4

15.3

1.3

1.1

Ventures

Metals & Mining

Coal India

Accumulate

358

400

226,252

72,015

78,415

21.2

21.5

21.7

25.3

16.5

14.2

5.6

5.5

33.1

39.1

2.4

2.2

Hind. Zinc

Neutral

127

53,746

15,546

16,821

47.5

49.0

19.7

20.3

6.5

6.3

1.1

1.0

17.2

16.6

1.2

0.8

Hindalco

Neutral

16,664

112,328

119,817

7.7

7.9

16.3

20.1

5.0

4.0

0.4

0.3

8.0

8.5

0.6

0.5

JSW Steel

Neutral

889

21,477

48,125

53,595

18.8

21.0

46.9

97.5

18.9

9.1

0.9

4.4

9.5

1.3

1.1

NMDC

Neutral

36,654

12,544

13,330

59.5

59.7

16.3

16.5

5.7

5.6

1.0

0.9

5.1

9.9

1.7

1.6

SAIL

Neutral

20,279

56,365

63,383

6.9

8.0

7.1

8.2

6.9

6.0

0.4

7.0

7.1

0.9

0.8

Vedanta

Neutral

25,363

81,842

88,430

30.6

32.8

20.2

25.7

4.2

3.3

0.3

7.5

8.5

0.7

0.5

Tata Steel

Neutral

216

20,930

136,805

149,228

11.3

11.9

26.4

36.8

8.2

5.9

0.7

0.6

6.0

8.0

0.7

0.6

Oil & Gas

Cairn India

Neutral

130

24,326

12,617

14,513

33.7

40.0

25.5

27.7

5.1

4.7

0.4

7.4

7.7

0.6

0.5

GAIL

Neutral

282

35,784

75,595

85,554

8.6

8.0

31.8

36.1

8.9

7.8

1.0

0.9

10.7

11.4

0.6

0.5

ONGC

Neutral

225

192,456

174,773

192,517

22.7

24.8

34.6

38.2

6.5

5.9

0.9

14.2

14.9

1.2

1.1

Petronet LNG

Buy

179

210

13,403

39,007

40,785

3.8

4.2

9.2

11.0

19.5

16.3

2.2

2.0

11.6

12.7

0.4

Indian Oil Corp

Buy

394

455

95,637

359,607

402,760

5.9

6.1

42.5

48.7

9.3

8.1

1.2

1.1

14.1

14.4

0.4

0.3

Reliance Industries

Buy

853

1,050

276,360

339,083

384,014

7.8

9.5

75.7

94.5

11.3

9.0

1.1

10.7

12.2

1.1

1.0

Pharmaceuticals

Alembic Pharma

Neutral

691

13,019

2,601

3,115

21.2

20.2

20.8

23.9

33.2

28.9

10.7

8.1

37.2

31.8

5.0

4.1

Aurobindo Pharma

Accumulate

723

824

42,221

14,435

16,600

22.6

36.1

41.2

20.0

17.6

6.0

4.5

34.5

29.3

3.3

2.8

Aventis*

Neutral

3,913

9,011

2,156

2,455

15.1

16.8

109.7

133.9

35.7

29.2

4.9

4.0

18.4

22.5

3.9

3.2

Cadila Healthcare

Neutral

1,835

37,580

10,224

11,840

20.0

21.0

71.0

85.6

25.9

21.4

6.9

5.5

30.1

28.5

3.7

3.2

Cipla

Neutral

636

51,081

14,051

16,515

20.4

18.7

26.6

28.4

23.9

22.4

4.0

3.4

18.2

16.5

3.6

3.0

Dr Reddy's

Neutral

4,058

69,185

17,903

20,842

22.7

22.8

160.5

189.5

25.3

21.4

5.1

4.2

22.2

21.7

3.8

3.2

Dishman Pharma

Buy

192

269

1,550

1,716

1,888

20.2

16.3

21.6

11.8

8.9

1.1

1.0

9.7

11.7

1.1

0.9

GSK Pharma*

Neutral

3,373

28,571

2,870

3,158

20.0

22.1

59.5

68.3

56.7

49.4

16.7

17.2

28.5

34.3

9.5

8.6

Indoco Remedies

Neutral

329

3,029

1,088

1,262

18.2

13.1

15.5

25.1

21.2

4.9

4.1

21.2

21.1

2.8

2.5

Ipca labs

Neutral

768

9,696

3,507

4,078

17.6

18.6

25.8

32.0

29.8

24.0

3.9

3.3

13.8

14.9

3.0

2.6

Lupin

Neutral

1,812

81,518

14,864

17,244

26.9

62.1

71.1

29.2

25.5

7.1

5.6

27.4

24.6

5.2

4.4

Sun Pharma

Accumulate

873

950

210,082

28,163

32,610

25.8

30.7

17.4

26.9

50.2

32.5

4.8

4.1

13.0

16.6

6.9

5.8

www.angelbroking.com

Market Outlook

August 27, 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

Power

Tata Power

Neutral

16,282

38,302

38,404

14.1

13.1

5.1

6.0

11.7

10.1

1.1

9.2

10.3

1.3

NTPC

Buy

120

157

98,739

87,064

98,846

23.5

11.7

13.2

10.2

9.1

1.1

11.4

12.1

2.2

1.9

Power Grid

Buy

131

170

68,455

20,702

23,361

86.7

86.4

12.1

13.2

10.8

9.9

1.6

1.4

15.6

15.1

8.2

7.7

Telecom

Bharti Airtel

Neutral

340

135,812

101,748

109,191

32.1

31.7

12.0

12.5

28.3

27.2

1.9

1.8

6.9

6.7

2.0

1.8

Idea Cellular

Neutral

152

54,574

34,282

36,941

32.0

31.5

5.9

6.2

25.7

24.5

2.4

2.1

9.9

9.3

2.2

2.0

zOthers

Abbott India

Neutral

4,675

9,934

2,715

3,153

14.5

14.1

134.3

152.2

34.8

30.7

8.7

7.2

27.4

25.6

3.4

2.8

Bajaj Electricals

Buy

228

341

2,296

4,719

5,287

5.2

5.8

8.6

12.7

26.6

18.0

3.0

2.7

11.4

14.8

0.5

0.4

Finolex Cables

Neutral

237

3,632

2,728

3,036

10.8

11.0

14.4

16.8

16.5

14.2

2.5

2.2

15.2

15.3

1.1

0.9

Goodyear India*

Accumulate

573

655

1,322

1,953

1,766

12.4

12.0

67.4

59.6

8.5

9.6

2.1

1.8

27.7

20.2

0.5

0.4

Hitachi

Neutral

1,317

3,582

1,806

2,112

9.0

9.2

28.6

29.1

46.1

45.3

11.5

9.2

28.1

22.6

2.1

1.7

Jyothy Laboratories

Neutral

296

5,356

1,620

1,847

11.5

7.3

8.5

40.6

34.9

5.2

4.9

13.3

14.4

3.2

2.7

MRF

Accumulate

40,089

43,575

17,002

20,727

14,841

19.3

18.6

4,905.8

3,351.9

8.2

12.0

2.6

2.1

37.6

19.6

0.8

1.0

Page Industries

Neutral

13,832

15,428

1,929

2,450

19.8

20.1

229.9

299.0

60.2

46.3

26.6

18.5

52.1

47.1

8.0

6.3

Relaxo Footwears

Neutral

495

5,942

1,767

2,152

12.3

12.5

19.3

25.1

25.7

19.8

6.3

4.9

27.7

27.8

3.4

2.8

Siyaram Silk Mills

Buy

1,050

1,221

984

1,653

1,873

11.7

12.2

99.3

122.1

10.6

8.6

1.9

1.6

19.5

20.2

0.8

0.7

Styrolution ABS India*

Neutral

740

1,301

1,271

1,440

8.6

9.2

32.0

41.1

23.1

18.0

2.4

2.1

10.7

12.4

1.0

0.9

Tree House

Buy

377

449

1,595

259

324

56.8

17.0

21.7

22.2

17.4

2.2

2.0

10.1

11.5

6.1

5.0

TVS Srichakra

Buy

2,578

3,210

1,974

2,127

2,388

15.2

14.9

237.7

267.5

10.9

9.6

4.6

3.3

51.7

39.8

1.0

0.8

HSIL

Buy

265

434

1,913

2,085

2,436

18.5

18.6

21.7

28.9

12.2

9.2

1.2

1.1

10.0

12.1

1.0

0.8

Kirloskar Engines India

Accumulate

270

297

3,908

2,634

3,252

10.1

12.0

10.9

17.4

24.8

15.5

2.8

2.5

11.4

16.8

1.1

0.9

Ltd

M M Forgings

Buy

614

797

741

563

671

22.1

22.9

51.0

66.5

12.0

9.2

2.5

2.0

23.1

24.1

1.5

1.2

Banco Products (India)

Neutral

117

840

1,208

1,353

11.0

12.3

10.8

14.5

10.9

8.1

1.3

1.1

11.9

14.5

0.7

0.6

Competent Automobiles Neutral

162

1,007

1,114

3.1

23.7

28.2

6.8

5.7

1.0

0.8

13.9

14.6

0.1

Nilkamal

Accumulate

943

1,005

1,407

1,948

2,147

10.6

10.3

60.0

67.0

15.7

14.1

2.5

2.1

16.8

16.1

0.8

0.7

Visaka Industries

Accumulate

146

166

232

1,158

1,272

8.6

9.5

23.7

32.7

6.2

4.5

0.6

10.1

12.5

0.4

0.3

Transport Corporation of

Buy

225

293

1,714

2,830

3,350

8.8

9.0

14.4

18.3

15.7

12.3

2.4

2.1

15.4

17.1

0.7

0.6

India

Elecon Engineering

Buy

765

1,452

1,596

14.0

14.7

4.4

6.2

15.9

11.3

1.3

1.2

8.6

11.2

0.8

0.7

Surya Roshni

Buy

121

183

531

2,992

3,223

8.3

8.5

14.7

18.3

8.2

6.6

0.8

0.7

9.8

11.0

0.5

0.4

MT Educare

Buy

130

169

516

286

366

18.3

17.7

7.7

9.4

16.8

13.8

3.5

3.1

20.2

21.1

1.7

1.3

www.angelbroking.com

Market Outlook

August 27, 2015

Research Team Tel: 022 - 39357800

E-mail: [email protected]

Website: www.angelbroking.com

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