december 28, 2015 -...

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Market Outlook

December 28, 2015

Market Cues

Indian markets are expected to open flat to negative tracking the SGX Nifty and its

Asian peers.

Wall street was led by a choppy trading session as many traders looked to get a

head start on the upcoming three-day weekend, as the markets closed earlier than

usual. However, the major averages eventually ended the session mixed. While the

Nasdaq inched up 0.1% to 5,048, the Dow 0.3% to 17,552 and the S&P 500

dipped 0.2% to 2,061.

The European markets were mixed in thin trade on the day prior to Christmas, with

many of them, including the U.K., France and the Netherlands, open only for half

the trading session. On a light day for economic news, the British Bankers'

Association said UK house purchase approvals unexpectedly declined in November,

after a rebound in the previous month. The Euro Stoxx 50 index of eurozone

bluechip stocks fell 0.2%, while the Stoxx Europe 50 index, which includes some

major U.K. companies, slid 0.3%.

Indian shares ended Thursday's lackluster session slightly lower ahead of Christmas

holiday weekend. The decline was attributed to profit taking and a lack of political

consensus to push through key legislations, especially the GST and Real Estate Bills.

Commodity-related stocks witnessed broad-based buying, with Hindalco, Cairn

India and Vedanta climbing 2-3%.

News & Result Analysis

Future Consumer Enterprise to raise `368cr from PE, promoters

GAIL to buy 5% stake in consortium building TAPI pipeline

Detailed analysis on Pg2

Investor’s Ready Reckoner

Key Domestic & Global Indicators

Stock Watch: Latest investment recommendations on 150+ stocks

Refer P4 onwards

Top Picks

Company Sector Rating CMP

(`) Target

(`) Upside

(%)

Axis Bank Financials Buy 451 630 39.7

HCL Tech IT Buy 860 1,132 31.6

ICICI Bank Financials Buy 258 354 37.3

Ashok Leyland Automobiles Buy 88 111 26.2

Larsen & Toubro Construction Buy 1,295 1,646 27.2

More Top Picks on Pg3

Key Upcoming Events

Date Region

Event Description

Previous

Reading

Consensus

Expectations

Dec 29

USA Initial Jobless claims – Dec19 (in thousands) 271 270

Jan 8

India Imports YoY% - Dec (% change) (30.26) -

Jan 8

India Exports YoY% - Dec (% change) (24.43) -

Jan 8

USA Change in Nonfarm payrolls –Dec (in thousands) 211 200

(

Domestic Indices Chg (%) (Pts) (Close)

BSE Sensex (0.0) (12) 25,839

Nifty (0.1) (5) 7,861

Mid Cap 0.3 31 11,018

Small Cap 0.5 57 11,731

Bankex (0.4) (80) 19,207

Global Indices Chg (%) (Pts) (Close)

Dow Jones (0.3) (50) 17,552

Nasdaq 0.1 3 5,049

FTSE 0.2 14 6,255

Nikkei (0.1) (21) 18,769

Hang Seng 0.4 98 22,138

Shanghai Com 0.4 15 3,628

Advances / Declines BSE NSE

Advances 1,562 862

Declines 1,117 649

Unchanged 233 76

Volumes (` Cr)

BSE 2,733

NSE 13,391

Net Inflows (` Cr) Net Mtd Ytd

FII 614 (2,031) 10,819

MFs 38 2,520 68,975

Top Gainers Price (`) Chg (%)

Pipavavdoc 100 20.0

Relinfra 493 7.7

Punjlloyd 28 6.3

Bfutilitie 669 5.6

Biocon 508 5.4

Top Losers Price (`) Chg (%)

Pmcfin 1 (9.8)

Neyvelilig 80 (2.5)

Jetairways 609 (2.4)

Kailash 2 (2.3)

Sci 97 (2.1)

As on December 24, 2015

2


Market Outlook

December 28, 2015

Future Consumer Enterprise to raise `368cr from PE, promoters

Future Group's food firm Future Consumer Enterprise said it plans to raise around

`368cr from promoters and PE fund Black River Food 2 Pte Ltd to finance its

various expansion plans and business initiatives.

The food company will issue compulsorily convertible debentures (CCDs) of face

value `100,000 per CCD to Black River Food 2 Pte Ltd, a wholly-owned subsidiary

of Food Fund. The Future Group company will raise $10mn through an issue of

warrants to its promoters.

The primary purpose of the fund-raising is to finance various expansion plans and

business initiatives of Future Consumer Enterprise (FCEL) and improvement of costs

and maturity profile of existing debt.

GAIL to buy 5% stake in consortium building TAPI pipeline

State-owned GAIL India Ltd will take 5% stake in the international consortium

building the $8.7 billion Turkmenistan-Afghanistan-Pakistan-India (TAPI) gas

pipeline.

The four nations building the pipeline had in August agreed to co-own the project

and a joint venture company with participation of each country is to be set up to

build and operate the 1,814-kilometre line.

The TAPI pipeline will have a capacity to carry 90 million standard cubic metres a

day (mmscmd) gas for 30 years and is planned to become operational in 2018.

India and Pakistan were originally to get 38 mmscmd each while the remaining 14

mmscmd was to be supplied to Afghanistan. We maintain our Neutral view on the

stock.

Economic and Political News

Petroleum products to be out of GST for now: CEA

India did well in year of global economic turmoil: Jaitley

FIPB to consider 9 FDI proposals this week

Corporate News

Nestle eyes double digit growth for Maggi noodles

GMR Infra to restructure holdings in GMR Airports

IOC, OIL sign pact with Russian oil firm Rosneft

Reliance Jio Infocomm launches 4G services for employees

3


Market Outlook

December 28, 2015

Top Picks

Large Cap

Company Market Cap

(` Cr)

CMP

(`) Target

(`) Upside

(%) Rationale

Amara Raja Batteries 14,740 863 1,040 20.5

To outpace battery industry growth due to better technological

products leading to market share gains in both the automotive

OEM and replacement segments.

Ashok Leyland 25,029 88 111 26.2

Earnings to grow strongly given the MHCV cyclical upturn.

Focus on exports and LCV's provides additional growth

avenue.

Axis Bank 1,07,211 451 630 39.7

Healthy pace of branch expansion, backed by distribution

network, will be the driving force for the bank’s retail business

and overall earnings.

HCL Tech 1,21,191 860 1,132 31.6 The stock is trading at attractive valuations and is factoring all

the bad news.

HDFC Bank 2,70,982 1,074 1,262 17.5

Strong visibility for a robust 20% earnings trajectory, coupled

with high quality of earnings on account of high quality retail

business and strategic focus on highly rated corporates.

ICICI Bank 1,49,834 258 354 37.3

Due to its robust franchise and capital adequacy position, the

bank is well positioned to grow by at least a few percentage

points higher than the average industry growth rate from a

structural point of view.

Infosys 2,51,711 1,096 1,306 19.2 Back on the growth trend, expect a long term growth of 14%

to be a US$20bn in FY2020.

Larsen & Toubro 1,20,546 1,295 1,646 27.2

Well positioned to benefit from such expected gradual

recovery in the overall domestic capex cycle, given its presence

across various infrastructure segments, its execution

capabilities, and its strong balance sheet.

LIC Housing Finance 24,491 485 571 17.6

LICHF continues to grow its retail loan book at a healthy pace

with improvement in asset quality. We expect the company to

post a healthy loan book which is likely to reflect in a strong

earnings growth.

Source: Company, Angel Research

Mid Cap

Company Market Cap

(` Cr)

CMP

(`) Target

(`) Upside

(%) Rationale

Blue Star 3,413 379 429 13.1

Favourable outlook for the AC industry to augur well for

Cooling products business which is out pacing the market

growth. EMPPAC division's profitability to improve once

operating environment turns around.

Ipca labs 9,470 751 900 19.9

Change in business focus towards high-margin chronic &

lifestyle segments and increasing penetration in Europe and

US

Jagran Prakashan 5,167 158 169 6.9

Economic recovery to have favourable impact on advertising &

circulation revenue growth. Further, the acquisition of a radio

business (Radio City) would also boost the company's revenue

growth.

Radico Khaitan 1,526 115 156 36.0

Earnings boost on back of stable material prices and

favourable pricing environment. Valuation discount to peers

provides additional comfort

Siyaram Silk Mills 1,111 1,185 1,354 14.3

Strong brands and distribution network would boost growth

going ahead. Stock currently trades at an inexpensive

valuation.

Surya Roshni 648 148 183 23.8 Structural shift in the Lighting industry towards LED lighting will

drive growth.

Source: Company, Angel Research

Global economic events release calendar

Date Time Country Event Description Unit Period Bloomberg Data

Last Reported Estimated

Dec 29, 2015 8:30PM US Consumer Confidence S.A./ 1985=100 Dec 90.40 93.80

Jan 1, 2016 6:30AM China PMI Manufacturing Value Dec 49.60 49.80

Jan 4, 2016 2:25PM Germany PMI Manufacturing Value Dec F 53.00 53.00

3:00PM UK PMI Manufacturing Value Dec 52.70 52.90

Jan 5, 2016 2:25PM Germany Unemployment change (000's) Thousands Dec (13.00) (8.00)

Jan 6, 2016 2:25PM Germany PMI Services Value Dec F 55.40 55.40

Jan 7, 2016 3:30PM Euro Zone Euro-Zone Consumer Confidence Value Dec F (5.70) (5.70)

Jan 8, 2016 India Imports YoY% % Change Dec (30.26) --

India Exports YoY% % Change Dec (24.43) --

7:00PM US Change in Nonfarm payrolls Thousands Dec 211.00 200.00

7:00PM US Unnemployment rate % Dec 5.00 5.00

Jan 12, 2016 5:30PM India Industrial Production YoY % Change Nov 9.80 --

3:00PM UK Industrial Production (YoY) % Change Nov 1.70 --

Jan 14, 2016 12:00PM India Monthly Wholesale Prices YoY% % Change Dec (1.99) --

5:30PM UK BOE Announces rates % Ratio Jan 14 0.50 0.50

Jan 15, 2016 7:45PM US Industrial Production % Dec (0.56) --

US Producer Price Index (mom) % Change Dec 0.10 --

Jan 19, 2016 3:00PM UK CPI (YoY) % Change Dec 0.10 --

Jan 20, 2016 7:00PM US Housing Starts Thousands Dec 1,173.00 --

7:00PM US Building permits Thousands Dec 1,282.00 --

3:00PM UK Jobless claims change % Change Dec 3.90 --

7:00PM US Consumer price index (mom) % Change Dec -- --

Jan 21, 2016 3:30PM Euro Zone Euro-Zone CPI (YoY) % Dec F 0.20 --

6:15PM Euro Zone ECB announces interest rates % Jan 21 0.05 --

Jan 22, 2016 8:30PM US Existing home sales Million Dec 4.76 --

Jan 27, 2016 8:30PM US New home sales Thousands Dec 490.00 --

Jan 28, 2016 3:00PM UK GDP (YoY) % Change 4Q A 2.10 --

12:30AM US FOMC rate decision % Jan 27 0.50 0.50

Jan 29, 2016 7:00PM US GDP Qoq (Annualised) % Change 4Q A 2.00 --

Feb 2, 2016 11:00AM India RBI Reverse Repo rate % Feb 2 5.75 --

11:00AM India RBI Repo rate % Feb 2 6.75 --

11:00AM India RBI Cash Reserve ratio % Feb 2 4.00 --

Feb 12, 2016 3:30PM Euro Zone Euro-Zone GDP s.a. (QoQ) % Change 4Q A 0.30 --

12:30PM Germany GDP nsa (YoY) % Change 4Q P 1.80 --

Source: Bloomberg, Angel Research

December 28, 2015

Market Outlook

Key Upcoming Events

h

1

Market Outlook

December 28, 2015

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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 CPI 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


Exhibit 6: Key policy rates

Source: RBI, Angel Research

5.0 4.7

7.0

7.5

6.4 6.7 6.7

8.4

6.6

7.5

7.0

7.4

3.0

4.0

5.0

6.0

7.0

8.0

9.0

3Q

FY13

4Q

FY13

1Q

FY14

2Q

FY14

3Q

FY14

4Q

FY14

1Q

FY15

2Q

FY15

3Q

FY15

4Q

FY15

1Q

FY16

2Q

FY16

(%)

3.6

2.8

4.8

2.5 3.0

2.5

4.2 4.3

6.3

3.8

9.8

-

2.0

4.0

6.0

8.0

10.0

12.0

Dec-14

Jan-15

Feb-15

Mar-15

Apr-15

May-15

Jun-15

Jul-15

Aug-15

Sep-15

Oct-15

(%)

4.3

5.2 5.4 5.3

4.9 5.0

5.4

3.7 3.7

4.4

5.0

5.4

-

1.0

2.0

3.0

4.0

5.0

6.0

Dec-14

Jan-15

Feb-15

Mar-15

Apr-15

May-15

Jun-15

Jul-15

Aug-15

Sep-15

Oct-15

Nov-15

(%)

44.0

46.0

48.0

50.0

52.0

54.0

56.0

Oct-14

Nov-14

Dec-14

Jan-15

Feb-15

Mar-15

Apr-15

May-15

Jun-15

Jul-15

Aug-15

Sep-15

Oct-15

Nov-15

Mfg. PMI Services PMI

(35.0)

(30.0)

(25.0)

(20.0)

(15.0)

(10.0)

(5.0)

0.0

Dec-14

Jan-15

Feb-15

Mar-15

Apr-15

May-15

Jun-15

Jul-15

Aug-15

Sep-15

Oct-15

Nov-15

Exports yoy growth Imports yoy growth(%)

3.00

3.50

4.00

4.50

5.00

5.50

6.00

6.50

7.00

7.50

8.00

Jan-15

Feb-15

Mar-15

Mar-15

Apr-15

May-15

May-15

Jun-15

Jul-15

Jul-15

Aug-15

Sep-15

Sep-15

Oct-15

Nov-15

Dec-15

Dec-15

Repo rate Reverse Repo rate CRR (%)

h

2

Market Outlook

December 28, 2015


Global watch

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


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

Source: IMF, Angel Research

Exhibit 3: One year forward P-E ratio across select developing and developed countries

Source: IMF, Angel Research

(4.5)(4.1)

5.3

6.9

1.0

4.7 4.7

2.9

2.1 2.1 1.8

1.1 1.6

(6.0)

(4.0)

(2.0)

-

2.0

4.0

6.0

8.0

Brazil

Russia

India

China

South A

frica

Indonesia

Malaysia

Thailand

UK

USA

Germ

any

France

Japan

(%)

(3.0)

(3.8)

7.3 6.8

1.4

4.7 4.7

2.5 2.5 2.6

1.5 1.2

0.6

(6.0)

(4.0)

(2.0)

-

2.0

4.0

6.0

8.0

Brazil

Russia

India

China

South A

frica

Indonesia

Malaysia

Thailand

UK

USA

Germ

any

France

Japan

(%)

10

.6

5.4

17

.2

14

.5

18

.8

14

.4

15

.9

12

.5

16

.0

15

.5

12

.8

15

.8

14

.9

-

2.0

4.0

6.0

8.0

10.0

12.0

14.0

16.0

18.0

20.0

Brazil

Russia

India

China

South

Africa

Indonesia

Malaysia

Thailand

UK

USA

Germ

any

France

Japan

(x)

h

3

Market Outlook

December 28, 2015


Exhibit 4: Relative performance of indices across globe

Returns (%)

Country Name of index Closing price 1M 3M 1YR

Brazil Bovespa 44,015 (8.6) (5.5) (6.4)

Russia Micex 1,734 (5.4) 5.8 23.7

India Nifty 7,861 0.2 (1.5) (4.4)

China Shanghai Composite 3,628 (0.3) 13.8 18.4

South Africa Top 40 46,355 (1.2) 2.9 5.8

Mexico Mexbol 43,528 (2.4) 1.1 1.2

Indonesia LQ45 778 (0.2) 6.8 (11.4)

Malaysia KLCI 1,664 (0.4) 1.5 (1.1)

Thailand SET 50 815 (9.0) (8.3) (17.6)

USA Dow Jones 17,552 (1.4) 8.3 (2.8)

UK FTSE 6,255 (1.0) 4.7 (5.9)

Japan Nikkei 18,769 (4.9) 4.8 9.4

Germany DAX 10,728 (3.3) 13.8 8.1

France CAC 4,663 (3.3) 4.1 9.7


Company Name Reco CMP Target Mkt Cap Sales ( ₹cr ) OPM(%) EPS (₹) PER(x) P/BV(x) RoE(%) EV/Sales(x)

( ₹ ) Price ( ₹) ( ₹ cr ) FY16E FY17E FY16E FY17E FY16E FY17E FY16E FY17E FY16E FY17E FY16E FY17E FY16E FY17E

Agri / Agri Chemical

Rallis Neutral 178 - 3,460 2,075 2,394 14.4 14.4 9.5 11.0 18.7 16.2 3.7 3.2 21.1 21.3 1.7 1.5

United Phosphorus Buy 433 510 18,556 13,698 15,752 17.6 17.6 32.1 38.5 13.5 11.3 2.6 2.2 21.4 21.3 1.5 1.2

Auto & Auto Ancillary

Ashok Leyland Buy 88 111 25,029 17,995 21,544 11.4 11.6 3.4 4.7 25.9 18.7 4.5 4.2 17.7 22.2 1.4 1.1

Bajaj Auto Accumulate 2,485 2,728 71,902 23,695 27,298 21.3 20.4 134.6 151.5 18.5 16.4 5.9 5.0 31.8 30.6 2.6 2.2

Bharat Forge Accumulate 860 943 20,017 7,867 8,881 20.0 20.3 34.4 41.0 25.0 21.0 4.8 4.0 21.1 20.9 2.7 2.3

Eicher Motors Buy 16,172 19,036 43,914 15,379 16,498 15.6 16.6 473.2 574.8 34.2 28.1 12.6 9.4 36.7 33.2 2.8 2.5

Gabriel India Accumulate 93 101 1,342 1,415 1,544 8.7 9.0 4.6 5.4 20.3 17.3 3.7 3.3 18.1 18.9 0.9 0.8

Hero Motocorp Neutral 2,690 - 53,710 28,561 31,559 14.7 14.7 151.1 163.2 17.8 16.5 6.9 5.9 38.7 35.6 1.7 1.5

Jamna Auto Industries Neutral 134 - 1,071 1,292 1,486 9.3 9.8 6.0 7.5 22.3 17.9 4.6 3.9 20.7 21.8 0.9 0.8

L G Balakrishnan & Bros Neutral 520 - 817 1,254 1,394 11.6 11.8 35.9 41.7 14.5 12.5 2.0 1.7 13.5 13.8 0.8 0.7

Mahindra and Mahindra Buy 1,258 1,449 78,115 39,031 44,440 13.8 13.9 57.9 67.6 21.7 18.6 3.5 3.1 16.1 16.6 1.7 1.4

Maruti Neutral 4,594 - 138,788 57,865 68,104 16.4 16.7 176.3 225.5 26.1 20.4 5.1 4.3 19.4 21.2 2.2 1.8

Minda Industries Neutral 903 - 1,433 2,567 2,965 8.0 8.3 46.1 57.8 19.6 15.6 3.3 2.7 16.7 17.3 0.7 0.6

Motherson Sumi Accumulate 293 313 38,703 39,343 45,100 8.8 9.1 10.1 12.5 29.0 23.4 9.2 7.2 35.3 34.4 1.1 0.9

Rane Brake Lining Accumulate 340 366 269 454 511 11.1 11.4 23.8 28.1 14.3 12.1 2.0 1.8 14.2 15.3 0.7 0.7

Setco Automotive Neutral 43 - 573 594 741 12.7 13.7 1.7 3.2 25.2 13.4 2.7 2.3 10.4 16.9 1.4 1.2

Tata Motors Accumulate 382 402 110,407 255,254 301,772 12.9 13.4 23.7 37.3 16.1 10.3 2.0 1.6 7.4 12.1 0.6 0.5

TVS Motor Buy 285 338 13,540 11,569 13,648 7.3 8.7 10.3 16.1 27.7 17.7 6.9 5.4 24.8 30.5 1.2 1.0

Amara Raja Batteries Buy 863 1,040 14,740 4,892 5,871 17.4 17.6 28.8 37.1 30.0 23.3 7.0 5.6 23.4 24.1 3.0 2.4

Exide Industries Accumulate 145 162 12,317 6,950 7,784 14.4 14.8 6.6 7.3 22.0 19.9 2.8 2.5 12.6 12.8 1.5 1.3

Apollo Tyres Accumulate 154 171 7,814 12,146 12,689 16.8 16.0 21.2 19.0 7.2 8.1 1.2 1.1 16.5 13.0 0.7 0.8

Ceat Accumulate 1,047 1,119 4,234 6,041 6,597 14.1 13.7 99.5 111.9 10.5 9.4 2.1 1.7 19.6 18.5 0.9 0.7

JK Tyres Neutral 112 - 2,543 7,446 7,669 15.2 14.0 19.6 18.4 5.7 6.1 1.4 1.2 25.2 19.5 0.7 0.6

Swaraj Engines Neutral 956 - 1,187 552 630 14.2 14.7 44.6 54.1 21.4 17.7 5.0 4.5 23.2 25.6 2.0 1.7

Subros Neutral 114 - 685 1,268 1,488 11.6 11.9 3.7 6.6 30.9 17.3 2.1 1.9 6.8 11.4 0.8 0.7

Indag Rubber Neutral 206 - 540 283 329 17.0 17.2 13.0 15.4 15.9 13.3 3.5 2.9 21.8 21.6 1.6 1.3

Capital Goods

ACE Neutral 45 - 442 660 839 4.7 8.2 1.0 3.9 44.7 11.5 1.4 1.2 3.2 11.3 0.8 0.7

BEML Neutral 1,286 - 5,354 3,277 4,006 6.0 8.9 29.2 64.3 44.0 20.0 2.5 2.2 5.7 11.7 1.7 1.4

Bharat Electronics Accumulate 1,317 1,414 31,612 7,737 8,634 16.8 17.2 54.0 61.0 24.4 21.6 3.5 3.1 39.3 45.6 3.2 2.7


December 28, 2015

Stock Watch



Capital Goods

Voltas Accumulate 312 353 10,327 5,363 5,963 8.0 9.1 11.0 13.8 28.4 22.6 4.4 3.8 16.2 17.9 1.9 1.7

BGR Energy Neutral 127 - 916 3,615 3,181 9.5 9.4 16.7 12.4 7.6 10.2 0.7 0.7 10.0 7.0 0.7 0.8

BHEL Neutral 173 - 42,221 33,722 35,272 10.8 11.7 10.5 14.2 16.4 12.2 1.2 1.1 7.0 9.0 1.3 1.3

Blue Star Accumulate 379 429 3,413 3,548 3,977 6.3 6.9 13.7 17.2 27.7 22.1 7.0 4.5 26.1 25.4 1.1 0.9

Crompton Greaves Accumulate 193 204 12,074 13,484 14,687 4.9 6.2 4.5 7.1 42.8 27.1 3.0 2.8 7.2 10.8 1.0 0.9

Inox Wind Buy 366 505 8,117 4,980 5,943 17.0 17.5 26.6 31.6 13.8 11.6 4.1 3.0 35.0 30.0 1.8 1.4

KEC International Neutral 155 - 3,981 8,791 9,716 6.1 6.8 5.4 8.2 28.7 18.9 2.9 2.6 10.0 14.0 0.7 0.6

Thermax Neutral 942 - 11,227 6,413 7,525 7.4 8.5 30.5 39.3 30.9 24.0 4.8 4.1 15.0 17.0 1.7 1.4

Cement

ACC Buy 1,344 1,630 25,232 13,151 14,757 16.4 18.3 63.9 83.4 21.0 16.1 2.7 2.5 13.3 16.1 1.8 1.5

Ambuja Cements Accumulate 203 233 31,558 11,564 12,556 19.4 20.7 8.9 10.1 22.9 20.1 2.9 2.7 12.8 13.8 2.4 2.2

HeidelbergCement Neutral 80 - 1,805 1,772 1,926 13.3 15.4 1.0 3.0 79.7 26.6 2.0 1.9 2.6 7.9 1.6 1.4

India Cements Buy 85 112 2,623 4,216 4,840 18.0 19.5 4.0 9.9 21.4 8.6 0.9 0.8 4.0 9.5 1.0 0.8

JK Cement Buy 623 744 4,356 3,661 4,742 10.1 15.8 18.0 61.0 34.6 10.2 2.5 2.2 7.5 22.9 1.7 1.2

J K Lakshmi Cement Buy 327 430 3,844 2,947 3,616 16.7 19.9 11.5 27.2 28.4 12.0 2.7 2.3 9.8 20.8 1.7 1.4

Mangalam Cements Neutral 193 - 515 1,053 1,347 10.5 13.3 8.4 26.0 23.0 7.4 1.0 0.9 4.3 12.5 0.9 0.6

Orient Cement Buy 156 183 3,193 1,854 2,524 21.2 22.2 7.7 11.1 20.2 14.0 2.9 2.5 13.3 15.7 2.5 1.7

Ramco Cements Neutral 364 - 8,665 4,036 4,545 20.8 21.3 15.1 18.8 24.1 19.4 3.0 2.6 12.9 14.3 2.7 2.3

Shree Cement^ Neutral 10,904 - 37,986 7,150 8,742 26.7 28.6 228.0 345.5 47.8 31.6 7.0 5.9 15.7 20.3 5.1 4.1

UltraTech Cement Buy 2,820 3,282 77,393 25,021 30,023 19.1 21.6 89.0 132.0 31.7 21.4 3.7 3.2 12.2 15.9 3.2 2.6

Construction

ITNL Neutral 84 - 2,776 7,360 8,825 34.0 35.9 7.0 9.0 12.1 9.4 0.4 0.4 3.2 3.7 3.7 3.6

KNR Constructions Buy 583 673 1,638 937 1,470 14.3 14.0 33.5 38.6 17.4 15.1 2.6 2.3 15.4 15.4 1.8 1.2

Larsen & Toubro Buy 1,295 1,646 120,546 65,065 77,009 11.5 11.7 61.5 65.6 21.1 19.7 2.1 1.9 13.4 14.0 2.1 1.7

Gujarat Pipavav Port Neutral 147 - 7,085 629 684 51.0 52.2 6.4 5.9 22.9 24.8 3.0 2.8 15.9 12.7 10.9 9.8

MBL Infrastructures Buy 217 285 900 2,313 2,797 12.2 14.6 19.0 20.0 11.4 10.9 1.2 1.1 11.3 10.6 1.1 1.0

Nagarjuna Const. Neutral 78 - 4,322 7,892 8,842 8.8 9.1 3.0 5.3 25.9 14.7 1.3 1.2 5.0 8.5 0.8 0.7

PNC Infratech Neutral 535 - 2,746 1,873 2,288 13.2 13.5 24.0 32.0 22.3 16.7 2.2 1.9 12.1 12.3 1.6 1.3

Simplex Infra Neutral 322 - 1,594 5,955 6,829 10.3 10.5 16.0 31.0 20.1 10.4 1.1 1.0 5.3 9.9 0.8 0.7

Power Mech Projects Neutral 637 - 937 1,539 1,801 12.8 12.7 59.0 72.1 10.8 8.8 1.6 1.4 18.6 16.8 0.6 0.5

Sadbhav Engineering Neutral 343 - 5,885 3,481 4,219 10.7 10.8 8.0 12.0 42.9 28.6 4.0 3.5 10.3 13.5 2.0 1.6


December 28, 2015

Stock Watch



Construction

NBCC Accumulate 992 1,089 11,900 7,382 9,506 7.7 8.6 39.8 54.4 24.9 18.2 6.0 4.7 26.7 29.1 1.4 1.0

SIPL Neutral 98 - 3,434 675 1,042 62.4 64.7 - - 3.7 4.2 - - 16.8 11.3

Financials

Allahabad Bank Neutral 71 - 4,258 8,569 9,392 2.8 2.9 16.3 27.5 4.4 2.6 0.4 0.3 7.6 11.9 - -

Axis Bank Buy 451 630 107,211 26,473 31,527 3.5 3.6 35.7 43.5 12.6 10.4 2.4 2.1 17.9 18.9 - -

Bank of Baroda Neutral 158 - 36,509 18,485 21,025 1.9 2.0 13.5 21.1 11.8 7.5 0.9 0.8 7.3 10.6 - -

Bank of India Neutral 118 - 9,313 15,972 17,271 1.9 2.0 15.3 33.4 7.7 3.5 0.4 0.3 3.6 7.6 - -

Canara Bank Neutral 241 - 13,073 15,441 16,945 2.0 2.1 46.6 70.4 5.2 3.4 0.5 0.4 8.0 11.2 - -

Dena Bank Neutral 41 - 2,658 3,440 3,840 2.1 2.3 7.3 10.0 5.7 4.1 0.4 0.4 6.1 7.9 - -

Federal Bank Neutral 56 - 9,643 3,477 3,999 3.0 3.0 5.0 6.2 11.2 9.0 1.1 1.0 10.6 11.9 - -

HDFC Neutral 1,230 - 194,143 10,358 11,852 3.3 3.3 41.1 47.0 30.0 26.2 5.7 5.2 24.7 24.9 - -

HDFC Bank Buy 1,074 1,262 270,982 38,309 47,302 4.3 4.3 49.3 61.1 21.8 17.6 3.8 3.2 18.5 19.7 - -

ICICI Bank Buy 258 354 149,834 34,279 39,262 3.3 3.3 21.0 24.4 12.3 10.6 2.1 1.8 14.4 14.7 - -

IDBI Bank Neutral 88 - 14,083 9,625 10,455 1.8 1.8 8.5 14.2 10.3 6.2 0.6 0.6 5.9 9.3 - -

Indian Bank Neutral 115 - 5,504 6,160 6,858 2.5 2.5 24.5 29.8 4.7 3.8 0.4 0.3 7.7 8.6 - -

LIC Housing Finance Buy 485 571 24,491 3,101 3,745 2.5 2.5 33.0 40.2 14.7 12.1 2.8 2.3 19.7 20.5 - -

Oriental Bank Neutral 137 - 4,100 7,643 8,373 2.4 2.4 37.2 45.4 3.7 3.0 0.3 0.3 8.2 9.4 - -

Punjab Natl.Bank Neutral 120 - 23,602 23,638 26,557 2.8 2.8 17.9 27.2 6.7 4.4 0.7 0.6 8.5 12.0 - -

South Ind.Bank Neutral 20 - 2,633 1,965 2,185 2.5 2.5 2.5 3.3 7.8 5.9 0.8 0.7 9.5 11.7 - -

St Bk of India Buy 229 283 177,496 82,520 93,299 2.7 2.8 20.0 24.5 11.4 9.4 1.2 1.1 11.5 12.8 - -

Union Bank Neutral 151 - 10,391 12,646 14,129 2.3 2.4 31.0 39.1 4.9 3.9 0.5 0.4 9.8 11.4 - -

Vijaya Bank Neutral 34 - 2,925 3,536 3,827 1.9 1.9 5.5 6.7 6.2 5.1 0.5 0.5 7.8 8.8 - -

Yes Bank Buy 725 921 30,415 7,190 9,011 3.2 3.3 58.2 69.7 12.5 10.4 2.2 1.9 19.2 19.6 - -

FMCG

Asian Paints Neutral 882 - 84,592 16,553 19,160 16.0 16.2 17.7 21.5 49.9 41.0 13.2 11.9 29.4 31.2 4.9 4.3

Britannia Neutral 2,910 - 34,913 8,065 9,395 9.6 10.2 47.2 65.5 61.6 44.4 20.5 19.4 38.3 41.2 4.2 3.6

Colgate Neutral 986 - 26,808 4,836 5,490 19.5 19.7 48.5 53.2 20.3 18.5 14.9 13.0 99.8 97.5 5.4 4.8

Dabur India Neutral 277 - 48,719 9,370 10,265 17.1 17.2 7.3 8.1 37.8 34.2 11.4 9.3 33.7 30.6 5.1 4.7

GlaxoSmith Con* Neutral 6,706 - 28,203 4,919 5,742 17.2 17.4 168.3 191.2 39.9 35.1 11.3 9.6 28.8 28.9 5.3 4.5

Godrej Consumer Neutral 1,281 - 43,632 10,168 12,886 16.1 16.1 32.1 38.4 39.9 33.4 8.1 7.5 19.7 21.0 4.4 3.5

HUL Neutral 863 - 186,796 34,940 38,957 17.5 17.7 20.8 24.7 41.5 35.0 46.2 36.9 110.5 114.2 5.2 4.6


December 28, 2015

Stock Watch



FMCG

ITC Buy 323 382 259,609 41,068 45,068 37.8 37.4 13.9 15.9 23.2 20.3 7.8 6.9 34.1 33.8 6.0 5.4

Marico Buy 226 363 29,171 6,551 7,766 15.7 16.0 10.4 12.5 21.8 18.1 6.3 5.3 33.2 32.4 4.4 3.7

Nestle* Accumulate 5,779 6,646 55,719 11,291 12,847 22.2 22.3 158.9 184.6 36.4 31.3 19.0 17.1 55.0 57.3 4.8 4.2

Tata Global Neutral 145 - 9,139 8,635 9,072 9.8 9.9 6.5 7.6 22.3 19.1 2.2 2.1 6.8 7.4 1.0 0.9

IT

HCL Tech^ Buy 860 1,132 121,191 42,038 47,503 23.2 23.5 55.8 62.9 15.4 13.7 3.5 2.7 23.0 19.8 2.5 2.0

Infosys Buy 1,096 1,306 251,711 60,250 66,999 28.0 28.0 58.3 63.7 18.8 17.2 3.9 3.4 20.9 19.7 3.5 3.0

TCS Buy 2,433 3,165 479,474 111,274 126,852 28.4 28.7 125.4 143.9 19.4 16.9 7.7 7.1 39.9 42.2 3.9 3.4

Tech Mahindra Buy 518 646 50,095 25,566 28,890 16.0 17.0 26.3 31.9 19.7 16.2 3.5 3.0 17.9 18.6 1.7 1.5

Wipro Buy 556 719 137,340 52,414 58,704 23.7 23.8 38.4 42.3 14.5 13.1 2.8 2.5 19.5 18.0 2.2 1.8

Media

D B Corp Accumulate 331 356 6,072 2,241 2,495 27.8 27.9 21.8 25.6 15.2 12.9 4.0 3.5 26.7 28.5 2.7 2.4

HT Media Neutral 91 - 2,115 2,495 2,603 11.2 11.2 7.3 8.6 12.5 10.6 1.0 0.9 7.4 8.1 0.4 0.3

Jagran Prakashan Accumulate 158 169 5,167 2,170 2,355 27.2 26.2 8.9 9.9 17.8 16.0 3.7 3.3 20.9 20.5 2.3 2.1

Sun TV Network Neutral 414 - 16,303 2,779 3,196 70.2 70.5 22.8 27.3 18.1 15.2 4.5 4.0 26.7 28.3 5.6 4.9Hindustan Media Ventures Neutral 293 - 2,147 920 1,031 20.0 20.0 19.2 20.9 15.2 14.0 2.5 2.2 16.4 15.3 1.9 1.7

Metals & Mining

Coal India Buy 322 380 203,640 76,167 84,130 19.9 22.3 22.4 25.8 14.4 12.5 5.2 5.1 35.5 41.0 2.0 1.8

Hind. Zinc Buy 148 175 62,725 14,641 14,026 50.4 50.4 17.7 16.0 8.4 9.3 1.3 1.2 16.2 13.2 1.9 1.7

Hindalco Neutral 85 - 17,573 104,356 111,186 8.7 9.5 6.7 11.1 12.7 7.7 0.5 0.4 3.5 5.9 0.7 0.6

JSW Steel Neutral 1,064 - 25,707 42,308 45,147 16.4 20.7 (10.3) 49.5 21.5 1.2 1.1 (1.0) 5.6 1.7 1.5

NMDC Neutral 91 - 36,079 8,237 10,893 46.6 44.5 10.0 11.7 9.2 7.8 1.0 0.9 12.5 13.0 4.2 3.2

SAIL Neutral 49 - 20,134 45,915 53,954 7.2 10.5 1.5 4.4 32.4 11.1 0.5 0.5 2.3 4.1 1.1 1.0

Vedanta Neutral 92 - 27,260 71,445 81,910 26.2 26.3 12.9 19.2 7.1 4.8 0.5 0.4 7.2 8.9 0.8 0.6

Tata Steel Neutral 264 - 25,592 126,760 137,307 8.9 11.3 6.4 23.1 41.4 11.4 0.8 0.8 2.0 7.1 0.8 0.7

Oil & Gas

Cairn India Neutral 138 - 25,957 11,323 12,490 49.4 51.0 20.7 20.7 6.7 6.7 0.4 0.4 6.4 6.1 1.4 0.7

GAIL Neutral 362 - 45,951 64,856 70,933 9.1 9.6 24.0 28.9 15.1 12.6 1.3 1.2 8.8 9.6 0.9 0.8

ONGC Neutral 234 - 200,156 154,564 167,321 36.8 37.4 28.6 32.5 8.2 7.2 1.0 1.0 12.7 13.5 1.5 1.4

Petronet LNG Neutral 241 - 18,049 29,691 31,188 5.8 6.2 12.8 13.4 18.8 17.9 2.8 2.5 15.8 14.8 0.7 0.6

Indian Oil Corp Neutral 434 - 105,276 359,607 402,760 5.9 6.1 42.5 48.7 10.2 8.9 1.4 1.2 14.1 14.4 0.4 0.4

Reliance Industries Neutral 1,001 - 324,213 304,775 344,392 12.6 13.4 91.3 102.6 11.0 9.8 1.2 1.1 11.8 12.0 1.0 0.8

Pharmaceuticals

Alembic Pharma Neutral 697 - 13,139 2,658 3,112 24.1 20.2 24.6 23.9 28.3 29.2 10.2 7.8 42.5 30.2 4.9 4.2


December 28, 2015

Stock Watch



Pharmaceuticals

Aurobindo Pharma Neutral 871 - 50,878 14,923 17,162 23.0 23.0 38.2 43.6 22.8 20.0 7.0 5.3 36.0 30.2 3.8 3.2

Aventis* Neutral 4,381 - 10,089 2,082 2,371 17.4 20.8 118.2 151.5 37.1 28.9 5.4 4.4 19.9 25.5 4.5 3.8

Cadila Healthcare Neutral 390 - 39,931 10,224 11,840 21.0 22.0 14.6 17.6 26.7 22.2 7.3 5.7 30.8 29.0 4.0 3.3

Cipla Neutral 648 - 52,066 14,211 16,611 20.6 19.0 27.0 28.9 24.0 22.4 4.1 3.5 18.4 16.8 3.7 3.1

Dr Reddy's Buy 3,010 3,933 51,338 16,838 19,575 25.0 23.1 167.5 178.8 18.0 16.8 3.8 3.2 23.1 20.4 3.0 2.5

Dishman Pharma Neutral 325 - 2,622 1,733 1,906 21.5 21.5 17.0 19.9 19.1 16.3 1.9 1.7 10.5 11.2 2.0 1.7

GSK Pharma* Neutral 3,296 - 27,914 2,870 3,158 20.0 22.1 59.5 68.3 55.4 48.3 16.3 16.8 28.5 34.3 9.2 8.4

Indoco Remedies Neutral 337 - 3,101 1,033 1,199 15.9 18.2 9.4 13.6 35.8 24.8 5.3 4.5 15.7 19.7 3.1 2.7

Ipca labs Buy 751 900 9,470 3,363 3,909 12.9 18.6 13.4 28.0 56.0 26.8 4.0 3.5 7.4 14.0 3.1 2.7

Lupin Neutral 1,805 - 81,335 13,092 16,561 25.0 27.0 50.4 68.3 35.8 26.4 7.4 5.9 22.8 24.7 5.9 4.6

Sun Pharma Buy 792 950 190,495 28,163 32,610 25.8 30.7 17.4 26.9 45.5 29.4 4.3 3.7 13.0 16.6 6.2 5.2

Power

Tata Power Neutral 66 - 17,959 35,923 37,402 22.6 22.8 4.1 5.2 16.4 12.9 1.3 1.2 7.5 9.3 1.4 1.3

NTPC Accumulate 139 157 114,653 87,064 98,846 23.5 23.5 11.7 13.2 11.9 10.5 1.3 1.2 11.4 12.1 2.3 2.1

Power Grid Buy 140 170 73,399 20,702 23,361 86.7 86.4 12.1 13.2 11.6 10.6 1.7 1.5 15.6 15.1 8.5 7.9

Telecom

Bharti Airtel Neutral 338 - 135,272 101,748 109,191 32.1 31.7 12.0 12.5 28.2 27.1 1.9 1.8 6.9 6.7 2.0 1.8

Idea Cellular Neutral 141 - 50,814 34,282 36,941 32.0 31.5 5.9 6.2 23.9 22.8 2.2 2.0 9.9 9.3 2.1 1.9

zOthers

Abbott India Neutral 5,637 - 11,978 2,715 3,153 14.5 14.1 134.3 152.2 42.0 37.0 10.5 8.6 27.4 25.6 4.1 3.5

Bajaj Electricals Buy 214 290 2,157 4,719 5,287 5.2 5.8 8.6 12.7 25.0 16.9 2.9 2.5 11.4 14.8 0.5 0.4

Finolex Cables Neutral 251 - 3,835 2,520 2,883 12.2 12.0 12.7 14.2 19.8 17.7 2.7 2.4 13.6 13.5 1.3 1.1

Goodyear India* Accumulate 571 622 1,317 1,888 1,680 12.1 11.9 62.2 56.6 9.2 10.1 2.2 1.8 25.9 19.7 0.5 0.5

Hitachi Neutral 1,367 - 3,716 1,779 2,081 7.8 8.8 21.8 33.4 62.7 40.9 10.1 8.2 17.4 22.1 2.2 1.8

Jyothy Laboratories Neutral 299 - 5,414 1,620 1,847 11.5 11.5 7.3 8.5 41.0 35.3 5.3 4.9 13.3 14.4 3.2 2.7

MRF Buy 39,498 45,575 16,752 20,316 14,488 21.4 21.1 5,488.0 3,798.0 7.2 10.4 2.5 2.0 41.1 21.2 0.8 1.0

Page Industries Neutral 12,937 - 14,430 1,929 2,450 19.8 20.1 229.9 299.0 56.3 43.3 24.8 17.3 52.1 47.1 7.5 5.9

Relaxo Footwears Neutral 487 - 5,845 1,767 2,152 12.3 12.5 19.3 25.1 25.3 19.4 6.2 4.8 27.7 27.8 3.4 2.7

Siyaram Silk Mills Accumulate 1,185 1,354 1,111 1,636 1,815 11.5 11.5 89.9 104.1 13.2 11.4 2.2 1.9 17.9 17.8 0.8 0.7

Styrolution ABS India* Neutral 727 - 1,278 1,271 1,440 8.6 9.2 32.0 41.1 22.7 17.7 2.3 2.1 10.7 12.4 1.0 0.8

TVS Srichakra Buy 2,792 3,240 2,138 2,101 2,338 15.7 15.0 248.6 270.0 11.2 10.3 4.9 3.5 43.6 34.0 1.1 0.9

HSIL Neutral 304 - 2,195 2,123 2,384 16.1 16.5 15.0 18.9 20.2 16.1 1.6 1.5 8.0 9.4 1.4 1.2


December 28, 2015

Stock Watch



zOthers

Kirloskar Engines India Ltd Neutral 245 - 3,544 2,471 2,826 8.8 10.4 9.1 13.3 26.9 18.4 2.6 2.4 9.7 13.4 1.1 0.9

M M Forgings Buy 507 614 612 511 615 21.7 21.6 43.1 55.8 11.8 9.1 2.1 1.8 19.9 21.2 1.4 1.1

Banco Products (India) Neutral 140 - 1,001 1,208 1,353 11.0 12.3 10.8 14.5 13.0 9.7 1.5 1.3 11.9 14.5 0.8 0.7

Competent Automobiles Neutral 151 - 93 1,040 1,137 3.2 3.1 25.7 28.0 5.9 5.4 0.9 0.8 15.0 14.3 0.1 0.1

Nilkamal Neutral 1,233 - 1,839 1,910 2,083 10.5 10.3 63.3 69.2 19.5 17.8 3.2 2.7 17.6 16.5 1.0 0.9

Visaka Industries Accumulate 127 144 202 1,086 1,197 9.9 10.3 21.5 28.8 5.9 4.4 0.6 0.5 9.6 11.6 0.4 0.3Transport Corporation of India Neutral 299 - 2,275 2,830 3,350 8.8 9.0 14.4 18.3 20.8 16.3 3.2 2.8 15.4 17.1 0.9 0.8

Elecon Engineering Neutral 86 - 936 1,369 1,533 13.7 14.9 3.3 6.1 25.9 14.2 1.7 1.6 6.6 11.4 1.0 0.9

Surya Roshni Buy 148 183 648 2,992 3,223 8.1 8.4 14.7 18.3 10.1 8.1 0.9 0.9 9.7 11.0 0.5 0.5

MT Educare Neutral 181 - 719 286 366 18.3 17.7 7.7 9.4 23.4 19.3 4.9 4.3 20.2 21.1 2.4 1.8

Radico Khaitan Buy 115 156 1,526 1,565 1,687 12.2 13.0 5.7 7.1 20.1 16.2 1.7 1.6 8.3 9.6 1.4 1.3

Garware Wall Ropes Accumulate 432 473 944 861 967 10.9 10.9 24.0 28.2 18.0 15.3 2.6 2.3 14.6 14.9 1.1 1.0

Wonderla Holidays Neutral 401 - 2,267 206 308 44.0 43.6 9.0 12.9 44.6 31.1 6.1 5.5 13.7 17.8 10.9 7.3

Linc Pen & Plastics Neutral 218 - 322 340 371 8.3 8.9 10.8 13.2 20.2 16.5 3.2 2.8 16.0 17.1 1.0 0.9

The Byke Hospitality Neutral 149 - 598 222 287 20.5 20.5 5.6 7.6 26.5 19.7 5.0 4.1 18.9 20.8 2.7 2.1

Interglobe Aviation Neutral 1,164 - 41,962 17,022 21,122 20.7 14.5 63.9 53.7 18.2 21.7 27.3 22.4 149.9 103.2 2.5 2.0Coffee Day Enterprises Ltd Neutral 279 - 5,752 2,692 2,964 17.0 18.6 - 4.7 - 58.9 3.4 3.2 0.2 5.5 2.5 2.4

Navneet Education Accumulate 88 97 2,100 998 1,062 24.1 24.0 5.8 6.1 15.3 14.5 3.4 3.0 22.0 20.6 2.2 2.1

Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on December 24, 2015


December 28, 2015

Stock Watch

Research Team Tel: 022 - 39357800 E-mail: [email protected] Website: www.angelbroking.com

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Market OutlookDecember 28, 2015

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