1
1
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Market Outlook
July 29, 2020
www.angelbroking.com
Market Cues
Indian markets are likely to open positive tracking global indices and SGX Nifty.
The stocks moved mostly lower over the course of the trading day on Tuesday,
largely offsetting the upward move seen in the previous session. The tech-heavy
Nasdaq posted a particularly steep loss after outperforming its counterparts on
Monday. The Dow slid 0.8 percent to 26,379 and the Nasdaq slumped 1.3 percent
to 10,402.
UK rose on Tuesday as investors watched progress in U.S. stimulus efforts and
awaited clues from a Federal Reserve meeting. The FTSE 100 was up by 0.4 percent
to 6,129.
On domestic front, Indian shares rose sharply on Tuesday, mirroring firm cues from
Asia and Europe as investors weighed the possibility of additional fiscal stimulus
from the United States against rising coronavirus cases around the world. The
benchmark BSE Sensex surged by 1.5 percent to 38,493.
Stock Update
Stock: Larsen & Toubro CMP: `914 Reco: Exit
FPO Update - Stock: Yes Bank
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
Sector
Rating
CMP
(`)
Target
(`)
Upside
(%)
Colgate Palmolive
Others
Buy
1,392
1,620
16.4
IDFC First Bank
Bank
Buy
29
32
10.3
Britannia Inds
FMCG
Buy
3,774
4,220
11.8
Aarti Industries
Others
Buy
970
1,165
20.1
More Top Picks on Pg3
Domestic
Indices
Chg (%)
(Pts)
(Close)
BSE Sensex
1.5
558
38,493
Nifty
1.5
169
11,301
Mid Cap
0.8
104
13,669
Small Cap
0.6
78
12,917
Bankex
1.2
305
25,071
Global Indices
Chg (%)
(Pts)
(Close)
Dow Jones
(0.8)
(205)
26,379
Nasdaq
(1.3)
(134)
10,402
FTSE
0.4
25
6,129
Nikkei
-0.3
-58
22,657
Hang Seng
0.7
170
24,773
Shanghai Com
0.7
23
3,228
Advances / Declines
BSE
NSE
Advances
1,316
930
Declines
1,334
938
Unchanged
153
104
Volumes (` Cr)
BSE
3,202
NSE
60,414
Net Inflows (`
Cr)
Net
Mtd
Ytd
FII
1,739
6,464
(12,641)
*MFs
(1)
(2,496)
24,008
Top Gainers
Price (₹)
Chg (%)
THYROCARE
723
14.4
PRESTIGE
193
12.0
MCX
1705
9.2
GMRINFRA
24
9.1
BSOFT
118
8.8
Top Losers
Price (
`
)
Chg (%)
MAHSEAMLES
208
-6.9
ASHOKA
52
-6.3
HERITGFOOD
279
-5.0
ARVINDFASN
127
-5.0
EDELWEISS
74
-4.7
As on July 28, 2020
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Market Outlook
July 29, 2020
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Stock Update:
Stock: Larsen & Toubro CMP: `914 Reco: Exit
Daily covid cases are increasing in India which could lead to slower than expected
pick up in execution as compared to our earlier estimates. There is also limited
clarity on how the ordering activity will pan out in the remaining part of the year
given the Covid-19 situation and funding related issues for NHAI and the
Government due to shortfall in revenues. Due to lack of clarity on execution and
ordering for the sector we are exiting out of L&T.
FPO Update - Stock: Yes Bank
We had assigned a NEUTRAL rating to Yes Bank FPO, our argument for the rating
was 1) At the upper end of the price band, Yes Bank demands Adj. PB of 0.85x
post considering FPO. In the current market, other banks are trading at an
attractive valuation of FY20 net worth viz. IDFC Bank (0.9x), SBI Bank (0.5x Core
banking business), Federal Bank (0.9x). 2) fresh formation of bad loans that would
keep provision highs and return ratio compressed for a longer time.3) Rebuilding
CASA and deposits is a challenging task and would take a longer time. Overall,
the bank’s revival and decent RoE numbers will take a longer time.
FPO rate was Rs.12-13 per share, today has made a low of Rs11.10.
Economic and Political News
India increases exposure to US govt securities by nearly $13 bn in May
Milk co-ops approach Centre for export sops to clear massive inventories
Housing sales dip 79% across top 8 cities in Apr-Jun over Covid-19 lockdown
Corporate News
Bharti Airtel chairman Sunil Mittal seeks govt help for telecom sector
Jaypee Infratech delisting: Shareholders move NCLAT, seek fair exit price
Havells India to raise Rs 500 cr through issuance of commercial paper
3
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Market Outlook
July 29, 2020
www.angelbroking.com
Quarterly Bloomberg Brokers Consensus Estimate
Colgate-Palmolive Ltd – July 29, 2020
Particulars (` cr)
1QFY21E
1QFY20
y-o-y (%)
4QFY20
q-o-q (%)
Sales
989
1,085
-8.9
1,071
-7.7
EBIDTA
273
300
-8.9
263
3.9
%
27.6
27.6
24.6
PAT
172
169
1.7
204
-15.7
Dr.Reddy’s Lab Ltd – July 29, 2020
Particulars (` cr)
1QFY21E
1QFY20
y-o-y (%)
4QFY20
q-o-q (%)
Sales
4,195
3,858
8.7
4,449
(5.7)
EBIDTA
901
742
21.4
949
(5.1)
%
21.5
19.2
21.3
PAT
510
676
(24.6)
781
(34.7)
Bharti Airtel Ltd – July 29, 2020
Particulars (` cr)
2QFY20E
2QFY19
y-o-y (%)
1QFY20
q-o-q (%)
Sales
23,804
20,738
14.8
23,723
0.3
EBIDTA
10,319
8,234
25.3
10,165
1.5
%
43.3
39.7
42.8
PAT
-139
-2,866
-5,237
Maruti Suzuki Ltd – July 29, 2020
Particulars (` cr)
2QFY20E
2QFY19
y-o-y (%)
1QFY20
q-o-q (%)
Sales
3,786
19,733
(80.8)
18,208
(79.2)
EBIDTA
-437
2,050
1,548
%
-11.5
10.4
8.5
PAT
-7550
1376
1322
Reliance Ltd – July 30, 2020
Particulars (` cr)
1QFY21E
1QFY20
y-o-y (%)
4QFY20
q-o-q (%)
Sales
100,700
156,976
(35.8)
136,240
(26.1)
EBIDTA
17,105
21,315
(19.7)
21,753
(21.4)
%
17
14
16
PAT
7,119
10,104
(29.6)
6,348
12.2
4
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Market Outlook
July 29, 2020
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Top Picks
Company
Market Cap
(` Cr)
CMP
(`)
Target
(`)
Upside
(%)
Rationale
Colgate Palmolive
37,850
1,392
1,620
16.4
We believe that the company should ultimately be
able to see sharper market share gain in
toothpastes segment on the back of higher ad-
spend and re-launch of Colgate Strong Teeth
(decent traction seen in last quarter)
Ipca Lab
21,894
1,733
1,900
9.7
54% of revenue comes from domestic generic and
API business. Generics and API continues to
provide revenue growth for Ipca. Expected to
outperform the Indian Pharmaceutical market(IPM)
by 8%-10% p.a in FY 22.
Bharti Airtel
308,048
565
672
19.0
Telecom operators have increased tariffs by ~35%
in Nov’19. There is a possibility of another round
of tariff hikes by telecom companies in FY21 given
that tariffs are still very low . If Vodafone Idea goes
out of business, Bharti would benefit significantly
from addition of subscribers.
Britannia Industries
90,829
3,774
4,220
11.8
BRIT has an overall distribution reach of 5.5
million outlets. BRIT has narrowed the gap with the
No. 1 player. The gap with the largest distributed
brand is now just 0.8 million outlets which it
expects to bridge soon and thereby become the
largest player over the medium to long term.
Reliance Ind.
1,434,780
2,177
2,178
0.0
Reliance Industries Ltd. (RIL) is India’s largest
company with a dominant presence in Refining,
Petrochemicals, Telecom and Retail businesses.
Telecom business to witness robust growth over
next few years due to tariff hikes and shift of
subscribers from Vodafone Idea to other telecom
players.
PI Industries
26,676
1,758
1,929
9.7
Market leader in fast growing custom
manufacturing space catering to lading
agrochemical companies globally
Galaxy Surfactants
5,706
1,609
1,800
11.8
Leader in surfactant business catering to the FMCG
space with increasing share of speciality care
products
Aarti Industries
16,906
970
1,165
20.1
Aarti Industries is well diversified across product,
customer, geography and end user industry.
Significant opportunity for Aarti will arise
from from environmental related issues in China
and companies looking to diversify supply chains.
Dr. Reddy Lab
67,332
4,050
4,570
12.8
Company has a very strong product portfolio with
55%-65% of its revenue coming from it’s chronic
which is a high growth segment and will be least
impacted due to lockdown globally.
ICICI Bank
227,896
352
410
16.5
The Ability to raise sufficient liquidity at Low cost
would be The key criteria for banks to navigate the
current situation,. ICICI Bank is clearly better
positioned in the liability side (in Q4FY20, Deposit
grew 18% yoy and CASA ratio of 45%). ICICI Bank
is trading ( Core Banking Business – 1.1x FY22ABV)
at a significant discount to historical average.
HDFC Ltd
321,302
1,852
2,075
12.0
The sufficient liquidity at low cost would be the
key criteria for NBFC/Bank to navigate the current
situation, as asset side inflow is limited due to
moratorium. HDFC Ltd is able to raise fund at
competitive rate owing to strong operating
metrics, experienced Management and industry.
5
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Market Outlook
July 29, 2020
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Continued....
Company
Market Cap
(` Cr)
CMP
(`)
Target
(`)
Upside
(%)
Rationale
Escorts
15,598
1,157
1,275
10.2
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
expectation of normal monsoon 2020, we expect the
tractor industry to outperform the larger automobile
space in FY21E with Escorts a key beneficiary.
L&T Infotech
42,131
2,416
2611
8.1
We expect the company to post revenue/EBITDA/PAT
growth of 6.7%/8.4%/4.8% between FY19-FY22 despite
Covid-19 outbreak impacting FY21 numbers. We expect
limited impact of Covid-19 outbreak on LTI as most IT
companies have already shifted ~90% of employees to
work from home.
Swaraj Engine
1,731
1,427
1,665
16.7
Swaraj Engines is engaged in the business of
manufacturing diesel engines and hi-tech engine
components. Diesel Engines are specifically designed for
tractor application. Going forward, we expect recovery in
the tractor industry (due to robust Rabi crop production,
hike in MSP & the forecast of a normal monsoon) will
benefit players like Swaraj Engines.
IDFC First Bank
16,137
29
32
10.3
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.
Endurance Tech.
12,515
890
1,110
24.7
Post Covid19, evolving consumer preference for lower
ticket priced means of private transport
amid pressurized incomes & awareness around social
distancing are expected to act as tailwinds for domestic 2-
Ws in India, 4-Ws across developed nations.
6
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Market Outlook
July 29, 2020
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Fundamental Call
Company
Market Cap
(` Cr)
CMP
(`)
Target
(`)
Upside
(%)
Rationale
Jindal Steel & Power
Limited
18,676
183
NA
NA
We expect JSPL’s top line to grow at 27% CAGR
over FY19-FY20 on the back of strong steel
demand and capacity addition. On the bottom line
front, we expect JSPL to turn in to profit by FY19
on back of strong operating margin improvement.
4
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Market Outlook
July 29, 2020
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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 09 July, 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
(%)
0.2
2.7
3.2
4.6
1.2
4.3
(1.4)
(4.3)
(4.0)
1.8
(0.1)
2.0
4.5
(18.3)
(55.5)
(60.0)
(50.0)
(40.0)
(30.0)
(20.0)
(10.0)
-
10.0
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
(%)
2.11
1.97
2.93
3.1
3.2
2.8
2.02
1.17 1.2
0.3
0.0
0.6
2.6
3.1
2.3
0.4
-3.2
-4
-3
-2
-1
0
1
2
3
4
Dec-18
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
(%)
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
Mfg. PMI Services PMI
(70.0)
(60.0)
(50.0)
(40.0)
(30.0)
(20.0)
(10.0)
0.0
10.0
20.0
Nov/18
Dec/18
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
Exports yoy growth Imports yoy growth
(%)
2
2.5
3
3.5
4
4.5
5
5.5
6
6.5
7
Oct/18
Nov/18
Dec/18
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
Repo rate Reverse Repo rate CRR
(%)
5
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Market Outlook
July 29, 2020
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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 29 June, 2020
Exhibit 2: 2017 GDP Growth projection by IMF (%, yoy) across select developing and developed countries
Source: IMF, Angel Research As of 29 June, 2020
Exhibit 3: One year forward P-E ratio across select developing and developed countries
Source: IMF, Angel Research As of 29 June, 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
(%)
34.4
6.5
22.6
15.2
15.9
18.2
12.7
19.1
18.4
22.5
18.9
23.0
20.0
19.0
-
5.0
10.0
15.0
20.0
25.0
30.0
35.0
40.0
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
July 29, 2020
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Exhibit 4: Relative performance of indices across globe
Returns (%)
Country
Name of index
Closing price
1M
3M
1YR
Brazil
Bovespa
97761
0.1
24.3
-6.5
Russia
Micex
2825
1.0
7.3
1.7
India
Nifty
10780
6.0
23.2
-6.7
China
Shanghai Composite
3345
13.9
18.8
14.0
South Africa
Top 40
50922
1.7
11.0
-1.3
Mexico
Mexbol
37837
-3.4
9.5
-11.3
Indonesia
LQ45
791
-0.5
13.0
-21.8
Malaysia
KLCI
1575
0.0
15.7
-6.1
Thailand
SET 50
907
-3.6
11.2
-20.6
USA
Dow Jones
25890
-5.9
10.5
-3.4
UK
FTSE
6190
-4.7
9.0
-18.0
Japan
Nikkei
22484
-2.6
16.2
4.3
Germany
DAX
12616
-1.6
22.1
0.6
France
CAC
5043
-2.6
11.9
-9.8
Source: Bloomberg, Angel Research As of 09 July, 2020
7
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Market Outlook
July 29, 2020
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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
08-06-2020
Top Picks
Swaraj Engines
1290
1,665
Open
08-06-2020
Top Picks
Endurance Tech
838
1015
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
01-06-2020
Top Picks
Escorts Ltd
970
1,150
Open
01-06-2020
Top Picks
HDFC Ltd
1,756
1,950
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
24-04-2020
Top Picks
PI Industries
1,507
1,784
Open
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
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
11-07-2020
Top Picks
Reliance Ind.
1,878
2,178
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
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
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
06-04-2020
Top Picks
Ipca Labs
1,332
1,900
Open
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
Source: Company, Angel Research
8
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Market Outlook
July 29, 2020
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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
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
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
9
www.angelbroking.com
Market Outlook
July 29, 2020
www.angelbroking.com
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
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
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
10
www.angelbroking.com
Market Outlook
July 29, 2020
www.angelbroking.com
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
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
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
11
www.angelbroking.com
Market Outlook
July 29, 2020
www.angelbroking.com
12
www.angelbroking.com
Market Outlook
July 29, 2020
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
01-06-2020
Fundamental
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
Source: Company, Angel Research
13
www.angelbroking.com
Market Outlook
July 29, 2020
www.angelbroking.com
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
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
14
www.angelbroking.com
Market Outlook
July 29, 2020
www.angelbroking.com
Research Team Tel: 022 - 39357800 E-mail: research@angelbroking.com Website: www.angelbroking.com
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