Market Outlook
June 30, 2016
Market Cues
Domestic Indices
Chg (%)
(Pts)
(Close)
Indian markets are expected to open in green tracing SGX Nifty and Global cues.
BSE Sensex
0.8
216
26,740
Nifty
0.9
76
8,204
US markets extended its recovery and closed in the positive territory as worries
continued to ease over Britain's vote to leave the European Union. Technology and
Mid Cap
1.0
113
11,572
Banking stocks which took a hard hit post the vote showed some recovery.
Small Cap
1.3
151
11,692
Bankex
0.7
146
20,236
European markets too ended yesterday’s trading session in the green, extending
Tuesday’s recovery following the BREXIT slump. Higher oil prices and possibility of
monetary stimulus aided the markets.
Global Indices
Chg (%)
(Pts)
(Close)
Indian shares gained strength on Wednesday following rally in global peers as well
Dow Jones
1.6
285
17,695
as advances in auto and retail sector shares which are likely to benefit after the
Nasdaq
1.9
87
4,779
Cabinet approved the recommendation of 7th Pay Commission.
FTSE
3.6
220
6,360
News Analysis
Nikkei
1.6
244
15,567
Hang Seng
1.3
264
20,436
Government salaries, pensions hiked based On 7th Pay Commission findings
Detailed analysis on Pg2
Shanghai Com
0.7
19
2,932
Investor’s Ready Reckoner
Advances / Declines
BSE
NSE
Key Domestic & Global Indicators
Advances
1,855
1,177
Stock Watch: Latest investment recommendations on 150+ stocks
Declines
772
396
Refer Pg6 onwards
Unchanged
177
68
Top Picks
CMP
Target
Upside
Company
Sector
Rating
Volumes (` Cr)
(`)
(`)
(%)
Amara Raja
Auto/Auto Ancillary
Buy
876
1,076
22.8
BSE
2,699
HCL Tech
IT
Buy
726
1,000
37.7
NSE
17,510
LIC Housing
Financials
Buy
491
592
20.5
Bharat Electronics
Capital Goods
Accumulate
1,271
1,414
11.3
Net Inflows (` Cr)
Net
Mtd
Ytd
Navkar Corporation Others
Buy
218
265
21.6
FII
(215)
3,548
17,916
More Top Picks on Pg3
MFs
80
81
9,512
Key Upcoming Events
Previous
Consensus
Top Gainers
Price (`)
Chg (%)
Date
Region
Event Description
Reading
Expectations
Unitech
6
7.9
June 30 US
Initial Jobless claims
259.0
267.0
Dlf
144
7.8
June 30 UK
GDP (YoY)
2.1
2.0
July 01 Germany
PMI Manufacturing
54.4
54.4
Sreinfra
72
7.8
July 01 UK
PMI Manufacturing
50.1
50.1
Indiacem
111
7.4
6.(
More Events on Pg4
Sksmicro
735
5.8
Top Losers
Price (`)
Chg (%)
Dabur
305
(2.6)
Polaris
194
(2.1)
Welcorp
80
(2.0)
Sunasian
8
(1.9)
Hexaware
224
(1.7)
As on June 29, 2016
Market Outlook
June 30, 2016
Government salaries, pensions hiked based On 7th Pay
Commission findings
Indian government has given a green signal to hike its federal employees' monthly
compensations. This will result in higher income in the hands of over one Crore
government employees and pensioners. More money in the hands of 47 Lakh
Central Government employees and 52 Lakh pensioners is expected to boost
consumption. This is expected to have a direct impact on sectors that will benefit
from increase in discretionary spending.
Tracing this, auto makers and white good players are expecting spike in their sales
following the implementation of the 7th Pay Commission (CPC). Maruti Suzuki
India Ltd (MSIL) is expecting over 25% growth in sales to government employees
and pensioners as Central and State Government are a high potential segment for
the company, contributing ~17% of its total volume. White good manufacturers
are expecting similar impact on their sales. The CPC along with favorable
monsoon is expected to boost rural incomes thus likely resulting in good times for
consumption based players. We are bullish on our consumption based plays like
Blue Star, Voltas, Bajaj Electricals and Siyaram Silk Mills.
Economic and Political News
MCL may open two greenfield mines by 2018
JNPT to invest Rs 250 cr for dedicated coastal berth
Gujarat to bear an additional Rs 6,000-cr burden under 7th Pay Commission
Corporate News
Suven Life Sciences gets patent for neuro-degenerative drug
Essar settles $500 million of Iran oil bill: Sources
HMSI mulls exports from Gujarat plant; expands capacity to 1.2 mn
Market Outlook
June 30, 2016
Top Picks ★★★★★
Large Cap
Market Cap
CMP
Target
Upside
Company
Rationale
(` Cr)
(`)
(`)
(%)
To outpace battery industry growth due to better technological
Amara Raja Batteries
14,962
876
1,076
22.8
products leading to market share gains in both the automotive
OEM and replacement segments.
Uptick in defense capex by government, coupled with BELs
Bharat Electronics
30,494
1,271
1,414
11.3
strong market positioning, indicate good times ahead for BEL.
HCL Tech
1,02,428
726
1,000
37.7
Stock is trading at attractive valuations & factors all bad news.
Strong visibility for a robust 20% earnings trajectory, coupled
HDFC Bank
2,95,669
1,168
1,262
8.1
with high quality of earnings on account of high quality retail
business and strategic focus on highly rated corporates.
Back on the growth trend, expect a long term growth of 14% to
Infosys
2,70,247
1,177
1,374
16.8
be a US$20bn in FY2020.
Continues to grow its retail loan book at healthy pace with
LIC Housing Finance
24,779
491
592
20.5
improvement in asset quality. Expect LICHF to post a healthy
loan book which is likely to reflect in a strong earnings growth.
Huge bid pipeline of re-development works at Delhi and other
NBCC
11,475
191
220
15.0
State Governments and opportunity from Smart City, positions
NBCC to report strong growth, going forward.
Strong market positioning within the domestic AC markets to
Voltas
10,572
320
407
27.4
continue, EMP business set to revive
Source: Company, Angel Research
Mid Cap
Market Cap
CMP
Target
Upside
Company
Rationale
(` Cr)
(`)
(`)
(%)
Among the top 4 players in the consumer durables segment.
Bajaj Electricals
2,322
230
268
16.6
Improved profitability backed by turn around in E&P segment.
Strong order book lends earnings visibility.
Favourable outlook for AC industry to augur well for Cooling
Blue Star
3,912
435
495
13.8
products business. EMPPAC division's profitability to improve
once operating environment turns around.
With a focus on the low and medium income (LMI) consumer
Dewan Housing
5,890
202
270
33.8
segment, the company has increased its presence in tier-II & III
cities where the growth opportunity is immense.
Strong loan growth backed by diversified loan portfolio and
Equitas Holdings
5,946
177
235
32.5
adequate CAR. ROE & ROA likely to remain decent as risk of
dilution remains low. Attractive valuations considering growth.
Commencement of new projects, downtrend in the interest rate
IL&FS Transport
2,393
73
93
27.8
cycle, to lead to stock re-rating
Economic recovery to have favourable impact on advertising &
circulation revenue growth. Further, the acquisition of a radio
Jagran Prakashan
5,626
172
205
19.1
business (Radio City) would also boost the company's revenue
growth.
Speedier execution and speedier sales, strong revenue visibility
Mahindra Lifespace
1,929
470
554
17.8
in short-to-long run, attractive valuations
Massive capacity expansion along with rail advantage at ICD
Navkar Corporation
3,108
218
265
21.6
as well CFS augurs well for the company
Earnings boost on back of stable material prices and
Radico Khaitan
1,237
93
125
34.5
favourable pricing environment. Valuation discount to peers
provides additional comfort
Strong brands and distribution network would boost growth
Siyaram Silk Mills
1,052
1,123
1,347
20.0
going ahead. Stock currently trades at an inexpensive
valuation.
Source: Company, Angel Research
Market Outlook
June 30, 2016
Key Upcoming Events
Global economic events release calendar
Bloomberg Data
Date
Time
Country
Event Description
Unit
Period
Last Reported
Estimated
Jun 30, 2016
6:00 PM US
Initial Jobless claims
Thousands
Jun 25
259.00
267.00
2:00 PM UK
GDP (YoY)
% Change
1Q F
2.10
2.00
1:25 PM Germany
Unemployment change (000's)
Thousands
Jun
(11.00)
(5.00)
Jul 01, 2016
1:25 PM Germany
PMI Manufacturing
Value
Jun F
54.40
54.40
1:25 PM Germany
PMI Services
Value
Jun F
53.20
2:00 PM UK
PMI Manufacturing
Value
Jun
50.10
50.10
July 05, 2016
6:30 AM China
PMI Manufacturing
Value
Jun
50.10
12:00 AM
July 07, 2016
2:00 PM UK
Industrial Production (YoY)
% Change
May
1.60
July 08, 2016
India
Imports YoY%
% Change
Jun
(13.20)
India
Exports YoY%
% Change
Jun
(0.80)
6:00 PM US
Change in Nonfarm payrolls
Thousands
Jun
38.00
180.00
6:00 PM US
Unnemployment rate
%
Jun
4.70
4.80
Jul 10, 2016
7:00 AM China
Consumer Price Index (YoY)
% Change
Jun
2.00
1.90
Jul 12, 2016
5:30 PM India
Industrial Production YoY
% Change
May
(0.80)
Jul 13, 2016
China
Exports YoY%
% Change
Jun
(4.10)
Jul 14, 2016
4:30 PM UK
BOE Announces rates
% Ratio
Jul 14
0.50
12:00 PM India
Monthly Wholesale Prices YoY%
% Change
Jun
0.79
US
Producer Price Index (mom)
% Change
Jun
0.50
Jul 15, 2016
2:30 PM Euro Zone
Euro-Zone CPI (YoY)
%
Jun F
(0.10)
Source: Bloomberg, Angel Research
Market Outlook
June 30, 2016
Macro watch
Exhibit 1: Quarterly GDP trends
Exhibit 2: IIP trends
(%)
(%)
9.0
12.0
8.3
9.9
7.8
7.7
7.9
10.0
8.0
7.5
7.6
7.2
8.0
6.3
6.7
6.6
6.7
7.0
6.4
6.0
4.2
4.3
3.7
5.8
4.0
6.0
2.0
2.0
0.3
5.0
-
4.0
(2.0)
(0.9)
(0.8)
(1.6)
(4.0)
3.0
(3.4)
(6.0)
Source: CSO, Angel Research
Source: MOSPI, Angel Research
Exhibit 3: Monthly CPI inflation trends
Exhibit 4: Manufacturing and services PMI
56.0
Mfg. PMI
Services PMI
(%)
7.0
54.0
5.6
5.7
5.8
5.4
5.4
5.5
6.0
5.3
5.0
4.8
52.0
5.0
4.4
3.7
3.7
4.0
50.0
3.0
48.0
2.0
46.0
1.0
-
44.0
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
0.0
7.50
(5.0)
7.00
6.50
(10.0)
6.00
(15.0)
5.50
(20.0)
5.00
4.50
(25.0)
4.00
(30.0)
3.50
(35.0)
3.00
Source: Bloomberg, Angel Research
Source: RBI, Angel Research
Market Outlook
June 30, 2016
Global watch
Exhibit 1: Latest quarterly GDP Growth (%, yoy) across select developing and developed countries
(%)
8.0
6.7
6.0
5.3
4.9
4.2
4.0
3.2
2.1
2.0
2.0
1.3
1.3
0.1
-
(2.0)
(4.0)
(1.2)
(6.0)
(0.2)
(5.4)
(8.0)
Source: Bloomberg, Angel Research
Exhibit 2: 2016 GDP Growth projection by IMF (%, yoy) across select developing and developed countries
(%)
10.0
7.5
8.0
6.5
6.0
4.9
4.4
4.0
3.0
2.4
1.9
1.5
2.0
1.1
0.6
0.5
(3.8)
(1.8)
-
(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: IMF, Angel Research
Market Outlook
June 30, 2016
Exhibit 4: Relative performance of indices across globe
Returns (%)
Country
Name of index
Closing price
1M
3M
1YR
Brazil
Bovespa
51,002
4.2
(0.3)
(5.2)
Russia
Micex
1,888
(2.0)
1.2
15.5
India
Nifty
8,204
0.3
7.7
(1.9)
China
Shanghai Composite
2,932
3.9
(0.9)
(34.5)
South Africa
Top 40
45,732
(4.9)
(1.3)
(1.4)
Mexico
Mexbol
45,466
(1.2)
(0.9)
1.2
Indonesia
LQ45
856
5.4
3.4
1.4
Malaysia
KLCI
1,642
0.3
(4.2)
(4.9)
Thailand
SET 50
909
(0.3)
1.1
(7.1)
USA
Dow Jones
17,695
(1.0)
(0.1)
(0.4)
UK
FTSE
6,360
1.4
4.2
(4.1)
Japan
Nikkei
15,567
(8.8)
(8.4)
(22.8)
Germany
DAX
9,612
(7.0)
(4.3)
(13.1)
France
CAC
4,195
(7.4)
(4.3)
(9.6)
Source: Bloomberg, Angel Research
Stock Watch
June 30, 2016
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
220
-
4,278
1,612
1,911
13.3
13.3
7.4
9.5
29.7
23.2
4.8
4.3
16.7
18.4
2.6
2.2
United Phosphorus
Accumulate
551
684
23,599
13,083
15,176
18.5
18.5
31.5
37.4
17.5
14.7
3.5
2.9
21.4
21.4
2.2
1.8
Auto & Auto Ancillary
Ashok Leyland
Neutral
99
-
28,160
17,995
21,544
11.4
11.6
3.4
4.7
29.1
21.1
5.1
4.7
17.7
22.2
1.6
1.3
Bajaj Auto
Neutral
2,645
-
76,530
22,709
25,860
20.9
20.1
129.0
143.6
20.5
18.4
6.3
5.4
30.7
29.4
2.9
2.5
Bharat Forge
Buy
756
875
17,588
7,351
8,318
19.9
19.7
31.2
36.5
24.2
20.7
4.3
3.7
19.3
19.2
2.5
2.2
Eicher Motors
Accumulate
19,116
20,044
51,922
15,556
16,747
15.5
17.3
464.8
597.5
41.1
32.0
15.0
11.1
36.2
34.3
3.2
2.9
Gabriel India
Accumulate
94
101
1,345
1,415
1,544
8.7
9.0
4.6
5.4
20.4
17.3
3.7
3.3
18.1
18.9
0.9
0.8
Hero Motocorp
Neutral
3,145
-
62,802
28,244
30,532
15.5
15.9
156.7
168.5
20.1
18.7
8.0
6.8
39.9
36.4
2.1
1.9
Jamna Auto Industries Neutral
173
-
1,382
1,281
1,473
11.2
11.5
7.6
9.2
22.8
18.8
5.8
4.7
25.4
25.2
1.1
0.9
L G Balakrishnan & Bros Neutral
468
-
735
1,254
1,394
11.6
11.8
35.9
41.7
13.1
11.2
1.8
1.6
13.5
13.8
0.7
0.6
Mahindra and Mahindra Neutral
1,417
-
88,015
38,416
42,904
13.7
13.9
54.8
63.4
25.9
22.4
4.0
3.5
15.4
15.8
1.8
1.6
Maruti
Neutral
4,129
-
124,736
57,865
68,104
16.4
16.7
176.3
225.5
23.4
18.3
4.6
3.9
19.4
21.2
2.0
1.6
Minda Industries
Neutral
1,168
-
1,852
2,523
2,890
8.7
9.0
55.0
65.4
21.2
17.9
4.1
3.3
19.3
18.7
0.8
0.7
Motherson Sumi
Accumulate
277
313
36,653
39,343
45,100
8.8
9.1
10.1
12.5
27.4
22.2
8.7
6.8
35.3
34.4
1.0
0.9
Rane Brake Lining
Buy
384
465
304
454
511
11.5
12.0
25.2
31.0
15.2
12.4
2.3
2.1
14.9
16.6
0.8
0.7
Setco Automotive
Neutral
49
-
651
594
741
12.7
13.7
1.7
3.2
28.7
15.2
3.0
2.6
10.4
16.9
1.3
1.1
Tata Motors
Neutral
447
-
129,087
259,686
273,957
13.0
13.4
25.9
29.5
17.3
15.2
2.3
2.0
8.0
9.0
0.7
0.7
TVS Motor
Accumulate
300
330
14,238
11,263
13,122
6.9
8.5
9.2
15.0
32.6
20.0
7.4
5.9
22.7
29.6
1.2
1.0
Amara Raja Batteries
Buy
876
1,076
14,962
4,690
5,429
17.5
17.5
28.5
35.3
30.8
24.8
7.1
5.8
23.1
25.9
3.0
2.6
Exide Industries
Neutral
165
-
13,983
6,950
7,784
14.4
14.8
6.6
7.3
24.9
22.5
3.2
2.9
12.6
12.8
1.6
1.5
Apollo Tyres
Buy
152
183
7,714
12,056
12,714
17.2
16.4
23.0
20.3
6.6
7.5
1.2
1.0
17.7
13.6
0.7
0.7
Ceat
Buy
848
1,119
3,432
6,041
6,597
14.1
13.7
99.5
111.9
8.5
7.6
1.7
1.4
19.6
18.5
0.8
0.6
JK Tyres
Neutral
90
-
2,032
7,446
7,669
15.2
14.0
19.6
18.4
4.6
4.9
1.2
1.0
25.2
19.5
0.7
0.6
Swaraj Engines
Neutral
1,151
-
1,430
552
630
14.2
14.7
44.6
54.1
25.8
21.3
6.0
5.5
23.2
25.6
2.3
2.0
Subros
Neutral
90
-
540
1,293
1,527
11.8
11.9
4.2
6.7
21.4
13.4
1.6
1.5
7.7
11.5
0.7
0.6
Indag Rubber
Neutral
184
-
484
283
329
17.0
17.2
13.0
15.4
14.2
12.0
3.1
2.6
21.8
21.6
1.5
1.2
Capital Goods
ACE
Neutral
48
-
472
660
839
4.7
8.2
1.0
3.9
47.7
12.2
1.5
1.3
3.2
11.3
0.8
0.6
BEML
Buy
852
1,157
3,549
3,277
4,006
6.0
8.9
36.2
64.3
23.5
13.3
1.6
1.5
5.7
11.7
1.1
0.9
Bharat Electronics
Buy
1,271
1,414
30,494
7,295
8,137
20.0
16.8
56.5
58.7
22.5
21.7
3.4
3.0
42.1
44.6
3.0
2.5
Stock Watch
June 30, 2016
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
Voltas
Buy
320
407
10,572
5,857
6,511
7.5
7.9
11.7
12.9
27.3
24.8
4.5
3.9
17.1
16.7
1.9
1.7
BGR Energy
Neutral
114
-
823
3,615
3,181
9.5
9.4
16.7
12.4
6.8
9.2
0.6
0.6
10.0
7.0
0.6
0.8
BHEL
Neutral
122
-
29,848
33,722
35,272
10.8
11.7
10.5
14.2
11.6
8.6
0.9
0.8
7.0
9.0
0.9
0.9
Blue Star
Buy
435
495
3,912
3,770
4,351
5.7
6.4
11.4
17.2
38.1
25.3
5.9
5.5
18.4
23.1
1.0
0.9
Crompton Greaves
Neutral
72
-
4,506
13,484
14,687
4.9
6.2
4.5
7.1
16.0
10.1
1.1
1.1
7.2
10.8
0.5
0.4
Greaves Cotton
Neutral
138
-
3,365
1,655
1,755
16.6
16.8
7.4
7.8
18.6
17.7
3.7
3.5
21.1
20.6
2.0
1.9
Inox Wind
Buy
235
286
5,216
4,406
5,605
15.5
15.7
20.4
24.8
11.5
9.5
2.6
1.9
27.9
25.9
1.3
1.0
KEC International
Neutral
144
-
3,698
8,791
9,716
6.1
6.8
5.4
8.2
26.6
17.5
2.7
2.4
10.0
14.0
0.6
0.6
Thermax
Neutral
824
-
9,820
6,413
7,525
7.4
8.5
30.5
39.3
27.0
21.0
4.2
3.6
15.0
17.0
1.4
1.1
VATech Wabag
Neutral
596
-
3,248
2,722
3,336
7.9
8.1
19.5
24.6
30.6
24.2
3.2
2.8
11.1
12.4
1.3
1.1
Cement
ACC
Neutral
1,598
-
30,013
13,151
14,757
16.4
18.3
63.9
83.4
25.0
19.2
3.2
3.0
13.3
16.1
2.0
1.7
Ambuja Cements
Neutral
256
-
39,674
11,564
12,556
19.4
20.7
8.9
10.1
28.7
25.3
3.6
3.4
12.8
13.8
2.7
2.5
HeidelbergCement
Neutral
116
-
2,637
1,772
1,926
13.3
15.4
1.0
3.0
116.4
38.8
3.0
2.7
2.6
7.9
1.9
1.7
India Cements
Neutral
111
-
3,417
4,216
4,840
18.0
19.5
4.0
9.9
27.8
11.2
1.1
1.0
4.0
9.5
1.0
0.8
JK Cement
Neutral
660
-
4,617
3,661
4,742
10.1
15.8
7.5
28.5
88.0
23.2
2.7
2.3
7.5
22.9
1.6
1.2
J K Lakshmi Cement
Neutral
387
-
4,548
2,947
3,616
16.7
19.9
11.5
27.2
33.6
14.2
3.2
2.8
9.8
20.8
1.8
1.4
Mangalam Cements
Neutral
304
-
811
1,053
1,347
10.5
13.3
8.4
26.0
36.2
11.7
1.5
1.4
4.3
12.5
1.1
0.8
Orient Cement
Neutral
182
-
3,735
1,854
2,524
21.2
22.2
7.7
11.1
23.7
16.4
3.4
2.9
13.3
15.7
2.6
1.8
Ramco Cements
Neutral
563
-
13,413
4,036
4,545
20.8
21.3
15.1
18.8
37.3
30.0
4.6
4.1
12.9
14.3
3.5
3.0
Shree Cement^
Neutral
14,442
-
50,312
7,150
8,742
26.7
28.6
228.0
345.5
63.3
41.8
9.3
7.8
15.7
20.3
6.4
5.1
UltraTech Cement
Neutral
3,396
-
93,211
24,669
29,265
18.2
20.6
82.0
120.0
41.4
28.3
4.5
3.9
11.3
14.7
3.6
3.1
Construction
ITNL
Buy
73
93
2,393
7,360
8,682
34.0
32.2
7.0
8.6
10.4
8.5
0.4
0.4
3.2
2.5
3.7
3.5
KNR Constructions
Neutral
537
-
1,510
937
1,470
14.3
14.0
44.2
38.6
12.2
13.9
2.4
2.1
15.4
15.4
1.8
1.2
Larsen & Toubro
Buy
1,482
1,700
138,105
58,870
65,708
8.3
10.3
42.0
53.0
35.3
28.0
2.4
2.2
8.8
11.2
2.5
2.3
Gujarat Pipavav Port
Neutral
160
-
7,745
629
684
51.0
52.2
6.4
5.9
25.0
27.2
3.3
3.0
15.9
12.7
11.8
10.7
MBL Infrastructures
Buy
118
285
489
2,313
2,797
12.2
14.6
19.0
20.0
6.2
5.9
0.7
0.6
11.3
10.6
0.9
0.8
Nagarjuna Const.
Neutral
74
-
4,117
7,892
8,842
8.8
9.1
3.0
5.3
24.7
14.0
1.2
1.1
5.0
8.5
0.7
0.6
PNC Infratech
Neutral
555
-
2,849
1,873
2,288
13.2
13.5
24.0
32.0
23.1
17.4
2.3
2.0
12.1
12.3
1.6
1.3
Simplex Infra
Neutral
264
-
1,307
5,955
6,829
10.3
10.5
16.0
31.0
16.5
8.5
0.9
0.8
5.3
9.9
0.7
0.6
Stock Watch
June 30, 2016
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
Construction
Power Mech Projects
Neutral
546
-
803
1,539
1,801
12.8
12.7
59.0
72.1
9.3
7.6
1.4
1.2
18.6
16.8
0.6
0.5
Sadbhav Engineering
Accumulate
276
298
4,742
3,186
3,598
10.2
10.3
8.0
9.0
34.6
30.7
3.2
2.8
9.4
9.9
1.8
1.6
NBCC
Accumulate
191
220
11,475
5,838
7,428
6.0
7.9
5.2
8.2
36.8
23.3
1.2
0.9
21.9
28.2
1.8
1.3
MEP Infra
Neutral
40
-
651
1,956
1,876
28.1
30.5
1.3
3.0
30.8
13.4
6.5
4.4
21.2
32.8
1.7
1.7
SIPL
Neutral
98
-
3,464
675
1,042
62.4
64.7
-
-
3.7
4.2
-
-
16.7
11.3
Engineers India
Neutral
203
-
6,833
1,667
1,725
13.5
16.0
9.7
11.4
20.9
17.8
2.5
2.4
11.7
13.4
2.7
2.7
Financials
Allahabad Bank
Neutral
68
-
4,942
8,569
9,392
2.8
2.9
16.3
27.5
4.2
2.5
0.4
0.3
7.6
11.9
-
-
Axis Bank
Neutral
517
-
123,479
26,204
29,738
3.6
3.5
34.5
35.4
15.0
14.6
2.4
2.1
16.8
14.9
-
-
Bank of Baroda
Neutral
154
-
35,461
18,802
21,088
2.0
2.2
(7.4)
13.0
11.8
1.2
1.0
(4.2)
7.3
-
-
Bank of India
Neutral
100
-
9,350
15,972
17,271
1.9
2.0
15.3
33.4
6.5
3.0
0.3
0.3
3.6
7.6
-
-
Canara Bank
Neutral
218
-
11,824
15,441
16,945
2.0
2.1
46.6
70.4
4.7
3.1
0.4
0.4
8.0
11.2
-
-
Dena Bank
Neutral
40
-
2,654
3,440
3,840
2.1
2.3
7.3
10.0
5.5
4.0
0.4
0.3
6.1
7.9
-
-
Dewan Housing Finance Buy
202
270
5,890
1,828
2,225
2.9
3.0
24.9
29.7
8.1
6.8
1.3
1.1
15.1
16.1
-
-
Equitas Holdings
Buy
177
235
5,946
679
1,076
12.4
11.7
6.2
6.7
28.6
26.5
3.6
2.6
13.3
12.5
-
-
Federal Bank
Neutral
56
-
9,665
3,279
3,787
2.8
2.9
3.9
5.5
14.3
10.2
1.2
1.1
8.4
10.8
-
-
HDFC
Neutral
1,248
-
197,241
10,358
11,852
3.3
3.3
41.1
47.0
30.4
26.5
5.8
5.3
24.7
24.9
-
-
HDFC Bank
Accumulate
1,168
1,262
295,669
38,606
47,696
4.4
4.5
48.8
61.4
23.9
19.0
4.1
3.5
18.7
20.0
-
-
ICICI Bank
Neutral
237
-
137,570
34,279
39,262
3.3
3.3
21.0
24.4
11.3
9.7
1.9
1.6
14.4
14.7
-
-
IDBI Bank
Neutral
69
-
14,226
9,625
10,455
1.8
1.8
8.5
14.2
8.1
4.9
0.5
0.5
5.9
9.3
-
-
Indian Bank
Neutral
141
-
6,775
6,160
6,858
2.5
2.5
24.5
29.8
5.8
4.7
0.5
0.4
7.7
8.6
-
-
LIC Housing Finance
Buy
491
592
24,779
3,179
3,758
2.6
2.6
32.9
40.6
14.9
12.1
2.8
2.3
19.6
20.7
-
-
Oriental Bank
Neutral
106
-
3,682
7,643
8,373
2.4
2.4
37.2
45.4
2.9
2.3
0.3
0.2
8.2
9.4
-
-
Punjab Natl.Bank
Neutral
104
-
20,510
23,122
26,022
2.8
2.8
7.0
21.6
14.9
4.8
0.8
0.7
3.4
10.0
-
-
South Ind.Bank
Neutral
20
-
2,741
1,965
2,185
2.5
2.5
2.5
3.3
8.2
6.1
0.8
0.7
9.5
11.7
-
-
St Bk of India
Neutral
217
-
168,608
79,958
86,061
2.6
2.6
13.4
20.7
16.2
10.5
1.3
1.2
11.5
12.8
-
-
Union Bank
Neutral
128
-
8,796
12,646
14,129
2.3
2.4
31.0
39.1
4.1
3.3
0.4
0.4
9.8
11.4
-
-
Vijaya Bank
Neutral
38
-
3,766
3,536
3,827
1.9
1.9
5.5
6.7
6.8
5.7
0.6
0.5
7.8
8.8
-
-
Yes Bank
Neutral
1,074
-
45,194
7,190
9,011
3.2
3.3
58.2
69.7
18.4
15.4
3.3
2.8
19.2
19.6
-
-
FMCG
Asian Paints
Neutral
993
-
95,234
15,534
17,445
17.7
16.8
18.4
19.6
54.1
50.6
19.1
18.0
34.6
35.6
6.2
5.5
Stock Watch
June 30, 2016
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
FMCG
Britannia
Neutral
2,771
-
33,247
8,481
9,795
14.0
14.1
65.5
78.3
42.3
35.4
20.0
16.4
38.3
41.2
3.8
3.3
Colgate
Neutral
909
-
24,725
4,136
4,632
22.5
23.3
22.2
25.3
41.0
35.9
24.9
22.2
68.6
67.5
5.6
5.0
Dabur India
Neutral
305
-
53,592
9,370
10,265
17.6
17.3
7.3
8.1
41.5
37.6
10.8
9.9
31.7
30.6
5.6
5.1
GlaxoSmith Con*
Accumulate
5,877
6,118
24,716
4,519
5,142
19.6
19.8
164.3
191.2
35.8
30.7
9.9
8.4
30.8
29.9
4.7
4.1
Godrej Consumer
Neutral
1,553
-
52,892
9,003
10,335
18.1
18.7
34.1
41.8
45.6
37.2
9.8
8.4
23.9
24.8
6.1
5.3
HUL
Neutral
883
-
191,114
33,299
35,497
17.1
17.1
18.9
20.0
46.7
44.2
41.0
35.7
87.6
80.8
5.6
5.2
ITC
Accumulate
366
380
294,689
36,837
39,726
38.8
38.7
12.2
13.5
29.9
27.2
8.3
7.3
27.8
26.9
7.2
6.7
Marico
Neutral
259
-
33,403
6,151
6,966
17.2
17.3
5.4
6.4
47.9
40.5
15.1
11.9
33.2
32.4
5.2
4.6
Nestle*
Neutral
6,444
-
62,127
9,393
10,507
22.2
22.3
106.8
121.8
60.3
52.9
21.2
19.1
34.8
36.7
6.2
5.6
Tata Global
Accumulate
130
137
8,186
8,635
9,072
9.8
9.9
5.8
7.2
22.4
18.0
2.0
1.9
6.8
7.4
0.9
0.9
Procter & Gamble
Buy
6,180
7,369
20,061
2,588
2,939
23.3
23.2
130.2
146.2
47.5
42.3
94.6
90.8
27.6
25.3
7.4
6.4
Hygiene
IT
HCL Tech^
Buy
726
1,000
102,428
37,061
30,781
21.5
20.5
51.4
40.0
14.1
18.2
3.7
2.7
20.1
20.3
2.5
2.7
Infosys
Accumulate
1,177
1,374
270,247
62,441
70,558
27.5
27.5
59.0
65.3
19.9
18.0
4.0
3.6
22.2
22.4
4.1
3.5
TCS
Accumulate
2,500
3,004
492,528
108,646
122,770
28.3
28.3
123.7
141.0
20.2
17.7
6.7
6.1
33.1
34.6
4.3
3.7
Tech Mahindra
Buy
504
700
48,972
26,494
30,347
16.3
17.0
32.2
37.5
15.7
13.5
3.4
2.9
21.7
21.8
1.8
1.5
Wipro
Buy
554
680
136,976
50,808
56,189
23.7
23.8
37.3
40.7
14.9
13.6
2.8
2.6
19.2
17.7
2.1
1.7
Media
D B Corp
Neutral
376
-
6,908
2,025
2,187
27.4
27.4
17.4
18.9
21.6
19.9
4.9
4.4
22.9
23.7
3.4
3.1
HT Media
Neutral
77
-
1,801
2,495
2,673
12.9
13.2
6.8
7.2
11.4
10.8
0.9
0.8
7.5
7.8
0.3
0.3
Jagran Prakashan
Buy
172
205
5,626
2,107
2,355
33.5
28.0
10.1
10.8
17.1
15.9
4.0
3.5
23.3
21.7
2.7
2.4
Sun TV Network
Neutral
357
-
14,065
2,510
2,763
71.8
71.5
21.9
24.8
16.3
14.4
3.9
3.5
22.8
24.3
5.2
4.7
Hindustan Media
Neutral
273
-
2,001
914
1,016
21.7
21.5
21.9
23.3
12.5
11.7
2.2
1.9
18.0
16.2
1.6
1.4
Ventures
Metals & Mining
Coal India
Buy
311
380
196,723
76,167
84,130
19.9
22.3
22.4
25.8
13.9
12.1
5.0
4.9
35.5
41.0
1.9
1.7
Hind. Zinc
Neutral
177
-
74,661
14,641
14,026
50.4
50.4
17.7
16.0
10.0
11.0
1.5
1.4
16.2
13.2
2.5
2.3
Hindalco
Neutral
120
-
24,770
104,356
111,186
8.7
9.5
6.7
11.1
17.9
10.9
0.6
0.6
3.5
5.9
0.7
0.7
JSW Steel
Neutral
1,445
-
34,922
42,308
45,147
16.4
20.7
(10.3)
49.5
29.2
1.6
1.6
(1.0)
5.6
1.8
1.7
NMDC
Neutral
94
-
37,110
8,237
10,893
46.6
44.5
10.0
11.7
9.4
8.0
1.1
0.9
12.5
13.0
4.1
3.1
SAIL
Neutral
44
-
18,028
45,915
53,954
7.2
10.5
1.5
4.4
29.0
10.0
0.4
0.4
2.3
4.1
1.0
0.9
Vedanta
Neutral
127
-
37,755
71,445
81,910
26.2
26.3
12.9
19.2
9.9
6.6
0.7
0.6
7.2
8.9
0.9
0.7
Tata Steel
Neutral
313
-
30,443
126,760
137,307
8.9
11.3
6.4
23.1
49.3
13.6
1.0
1.0
2.0
7.1
0.8
0.8
Stock Watch
June 30, 2016
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
Oil & Gas
Cairn India
Neutral
137
-
25,770
11,323
12,490
49.4
51.0
20.7
20.7
6.6
6.7
0.4
0.4
6.4
6.1
1.4
0.8
GAIL
Neutral
384
-
48,678
64,856
70,933
9.1
9.6
24.0
28.9
16.0
13.3
1.4
1.3
8.8
9.6
0.9
0.8
ONGC
Neutral
214
-
183,259
154,564
145,998
36.8
37.4
20.8
22.6
10.3
9.5
1.0
0.9
10.1
9.7
1.4
1.5
Petronet LNG
Neutral
290
-
21,761
29,691
31,188
5.8
6.2
12.8
13.4
22.7
21.6
3.4
3.0
15.8
14.8
0.8
0.7
Indian Oil Corp
Accumulate
441
455
107,158
359,607
402,760
5.9
6.1
42.5
48.7
10.4
9.1
1.4
1.2
14.1
14.4
0.4
0.3
Reliance Industries
Buy
967
1,150
313,496
304,775
344,392
12.6
13.4
91.3
102.6
10.6
9.4
1.2
1.1
11.8
12.0
0.9
0.8
Pharmaceuticals
Alembic Pharma
Neutral
547
-
10,311
3,274
3,802
26.9
19.4
35.0
28.7
15.6
19.1
6.9
5.2
55.6
31.2
3.2
2.7
Aurobindo Pharma
Accumulate
737
856
43,133
14,923
17,162
22.0
23.0
35.7
42.8
20.7
17.2
6.1
4.6
34.0
30.2
3.5
3.0
Aventis*
Accumulate
4,272
4,738
9,840
2,049
2,375
15.4
17.3
115.4
153.5
37.0
27.8
6.0
4.7
19.3
25.8
4.6
3.9
Cadila Healthcare
Buy
323
400
33,016
9,469
11,246
21.2
22.0
14.9
17.1
21.6
18.9
6.2
4.8
28.8
26.6
3.4
2.9
Cipla
Buy
501
605
40,283
13,979
16,447
20.2
18.6
25.7
27.5
19.5
18.2
3.2
2.7
17.6
16.1
2.7
2.2
Dr Reddy's
Accumulate
3,273
3,476
55,817
15,471
17,479
24.6
24.6
138.2
152.4
23.7
21.5
4.4
3.7
19.7
18.7
3.4
3.0
Dishman Pharma
Neutral
139
-
2,237
1,733
1,906
21.5
21.5
10.1
10.0
13.7
13.9
1.6
1.5
10.5
11.2
1.9
1.7
GSK Pharma*
Neutral
3,482
-
29,495
2,870
3,158
20.0
22.1
59.5
68.3
58.5
51.0
17.3
17.7
28.5
34.3
9.9
9.1
Indoco Remedies
Neutral
277
-
2,557
1,033
1,199
15.9
18.2
9.4
13.6
29.5
20.4
4.4
3.7
15.7
19.7
2.6
2.3
Ipca labs
Buy
488
750
6,153
3,363
3,909
12.9
18.6
13.4
28.0
36.4
17.4
2.6
2.3
7.4
14.0
1.9
1.6
Lupin
Buy
1,533
1,809
69,111
13,702
15,912
23.7
26.4
50.5
58.1
30.4
26.4
6.3
5.1
22.9
21.4
5.2
4.2
Sun Pharma
Buy
771
950
185,628
28,163
32,610
25.8
30.7
17.4
26.9
44.3
28.7
4.2
3.6
13.0
16.6
5.8
4.8
Power
Tata Power
Neutral
73
-
19,649
35,923
37,402
22.6
22.8
4.1
5.2
17.9
14.1
1.4
1.3
7.5
9.3
1.5
1.4
NTPC
Neutral
152
-
125,001
87,271
99,297
23.5
23.5
11.8
13.3
12.9
11.4
1.4
1.4
11.5
12.2
2.4
2.2
Power Grid
Accumulate
160
170
83,470
20,702
23,361
86.7
86.4
12.1
13.2
13.2
12.1
1.9
1.7
15.6
15.1
8.7
8.1
Real Estate
MLIFE
Buy
470
554
1,929
826
1,011
20.1
21.9
22.7
30.7
20.7
15.3
1.2
1.1
6.0
7.4
4.1
3.1
Telecom
Bharti Airtel
Neutral
357
-
142,567
101,748
109,191
32.1
31.7
12.0
12.5
29.7
28.5
2.0
1.9
6.9
6.7
2.0
1.9
Idea Cellular
Neutral
105
-
37,772
34,282
36,941
32.0
31.5
5.9
6.2
17.8
16.9
1.6
1.5
9.9
9.3
1.7
1.6
zOthers
Abbott India
Neutral
4,561
-
9,692
2,715
3,153
14.5
14.1
134.3
152.2
34.0
30.0
8.5
7.0
27.4
25.6
3.3
2.8
Bajaj Electricals
Buy
230
268
2,322
4,612
5,351
5.6
5.7
23.4
18.0
9.8
12.8
3.0
2.7
12.5
14.4
0.5
0.4
Finolex Cables
Neutral
352
-
5,387
2,520
2,883
12.2
12.0
12.7
14.2
27.8
24.8
3.8
3.4
13.6
13.5
1.9
1.6
Goodyear India*
Accumulate
518
582
1,195
1,800
1,600
11.7
11.5
58.7
52.9
8.8
9.8
2.0
1.7
24.6
18.7
0.4
0.4
Hitachi
Neutral
1,346
-
3,659
1,779
2,081
7.8
8.8
21.8
33.4
61.7
40.3
10.0
8.1
17.4
22.1
2.0
1.7
Stock Watch
June 30, 2016
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
zOthers
Jyothy Laboratories
Neutral
302
-
5,471
1,620
1,847
11.5
11.5
7.3
8.5
41.4
35.7
5.4
5.0
13.3
14.4
3.1
2.7
MRF
Buy
33,373
45,575
14,154
20,316
14,488
21.4
21.1
5,488.0
3,798.0
6.1
8.8
2.1
1.7
41.1
21.2
0.6
0.9
Page Industries
Neutral
13,924
-
15,530
1,929
2,450
19.8
20.1
229.9
299.0
60.6
46.6
26.7
18.6
52.1
47.1
8.2
6.4
Relaxo Footwears
Neutral
497
-
5,968
1,767
2,152
12.3
12.5
19.3
25.1
25.8
19.8
6.3
4.9
27.7
27.8
3.0
2.5
Siyaram Silk Mills
Buy
1,123
1,347
1,052
1,619
1,799
11.6
11.6
93.5
104.9
12.0
10.7
2.1
1.8
17.1
16.4
0.8
0.8
Styrolution ABS India* Neutral
619
-
1,088
1,271
1,440
8.6
9.2
32.0
41.1
19.3
15.1
2.0
1.8
10.7
12.4
0.8
0.7
TVS Srichakra
Buy
2,371
2,932
1,815
2,035
2,252
15.9
15.3
248.6
268.1
9.5
8.8
4.2
3.0
43.6
33.9
0.9
0.8
HSIL
Accumulate
277
310
2,002
2,123
2,384
16.1
16.5
15.0
18.9
18.4
14.7
1.4
1.3
8.0
9.4
1.3
1.1
Kirloskar Engines India
Neutral
266
-
3,847
2,403
2,554
8.6
9.9
9.2
10.5
29.0
25.4
2.8
2.7
9.7
10.7
1.2
1.1
Ltd
M M Forgings
Buy
441
546
532
511
615
21.7
21.6
43.1
55.8
10.2
7.9
1.9
1.5
19.9
21.2
1.3
1.0
Banco Products (India) Neutral
144
-
1,028
1,208
1,353
11.0
12.3
10.8
14.5
13.3
9.9
1.5
1.4
11.9
14.5
0.8
0.7
Competent Automobiles Neutral
145
-
89
1,040
1,137
3.2
3.1
25.7
28.0
5.7
5.2
0.9
0.7
15.0
14.3
0.1
0.1
Nilkamal
Neutral
1,240
-
1,850
1,871
2,031
10.7
10.5
63.2
69.8
19.6
17.8
3.2
2.7
17.6
16.6
1.0
0.9
Visaka Industries
Buy
153
162
244
1,020
1,120
8.7
9.1
13.9
20.1
11.0
7.6
0.7
0.7
6.4
8.7
0.4
0.4
Transport Corporation of
Neutral
315
-
2,412
2,830
3,350
8.8
9.0
14.4
18.3
21.9
17.2
3.4
2.9
15.4
17.1
0.9
0.8
India
Elecon Engineering
Neutral
62
-
672
1,359
1,482
10.3
13.7
0.8
3.9
76.8
15.8
1.3
1.2
1.6
7.8
0.8
0.7
Surya Roshni
Buy
167
201
732
2,992
3,223
8.1
8.4
14.7
18.3
11.4
9.1
1.1
1.0
9.7
11.0
0.5
0.5
MT Educare
Neutral
166
-
660
286
366
18.3
17.7
7.7
9.4
21.5
17.7
4.5
4.0
20.2
21.1
2.4
1.8
Radico Khaitan
Buy
93
125
1,237
1,543
1,659
12.6
13.0
5.8
6.3
16.1
14.7
1.4
1.3
8.5
8.6
1.3
1.2
Garware Wall Ropes
Buy
392
460
858
828
898
11.2
10.3
28.3
29.0
13.9
13.5
2.3
2.0
16.8
14.9
0.9
0.8
Wonderla Holidays
Neutral
406
-
2,293
206
308
44.0
43.6
9.0
12.9
45.1
31.5
6.2
5.6
13.7
17.8
10.4
6.9
Linc Pen & Plastics
Accumulate
247
235
365
344
382
9.1
9.1
12.4
13.1
19.9
18.9
3.6
3.2
18.0
16.7
1.0
0.9
The Byke Hospitality
Neutral
163
-
652
222
287
20.5
20.5
5.6
7.6
28.8
21.5
5.4
4.5
18.9
20.8
3.1
2.4
Interglobe Aviation
Neutral
1,018
-
36,692
17,022
21,122
20.7
14.5
63.9
53.7
15.9
19.0
23.9
19.6
149.9
103.2
2.1
1.7
Coffee Day Enterprises
Neutral
252
-
5,197
2,692
2,964
17.0
18.6
-
4.7
-
53.2
3.1
2.9
0.2
5.5
2.4
2.2
Ltd
Navneet Education
Neutral
95
-
2,257
998
1,062
24.1
24.0
5.8
6.1
16.5
15.6
3.6
3.2
22.0
20.6
2.1
2.0
Navkar Corporation
Buy
218
265
3,108
347
408
43.2
42.9
6.7
6.8
32.7
32.2
2.4
2.2
7.3
6.9
8.7
7.9
UFO Moviez
Neutral
566
-
1,561
558
619
32.0
33.2
22.5
30.0
25.1
18.9
3.0
2.6
12.0
13.8
2.5
2.1
VRL Logistics
Neutral
319
-
2,907
1,725
1,902
16.5
16.7
12.2
14.6
26.2
21.9
5.4
4.8
20.8
21.9
1.6
1.4
Stock Watch
June 30, 2016
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
zOthers
Team Lease Serv.
Neutral
1,014
-
1,733
2,565
3,229
1.3
1.5
15.2
22.8
66.8
44.5
5.3
4.8
8.0
10.7
0.5
0.4
S H Kelkar & Co.
Neutral
213
-
3,081
928
1,036
15.3
15.1
4.9
6.1
43.2
34.9
4.0
3.7
9.4
10.7
3.2
2.8
Quick Heal
Neutral
264
-
1,846
339
408
27.8
27.3
7.1
7.7
37.3
34.1
3.2
3.2
8.5
9.3
3.8
3.2
Narayana Hrudaya
Neutral
316
-
6,459
1,603
1,873
10.9
11.5
1.0
2.6
331.8
119.5
8.0
7.3
2.4
6.1
4.1
3.5
Manpasand Bever.
Neutral
544
-
2,725
540
836
19.9
19.6
10.2
16.9
53.2
32.2
4.3
3.9
8.1
12.0
4.7
3.0
Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on June 29, 2016
Market Outlook
June 30, 2016
Research Team Tel: 022 - 39357800
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