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Market Outlook
March 23, 2016
Market Cues
Indian market is expected to open on a flat note tracking the SGX Nifty.
US indices ended mixed as Nasdaq inched up marginally while Dow Jones and
S&P500 ended marginally in red. A lack of major U.S. economic data also kept
some traders on the sidelines ahead of reports on new home sales and durable
goods orders in the coming days. The choppy trading seen throughout the session
afterward came as some traders are already away from their desks ahead of the
Easter holiday.
The majority of the European markets managed to end in positive. The European
markets were under pressure for most of the session after multiple apparent terrorist
attacks were carried out in Belgium.
Indian shares ended a choppy session marginally higher, even as global cues
remained sluggish in the wake of multiple explosions in Brussels and hawkish
commentary from Federal Reserve officials supporting the case for a hike in U.S.
interest rates as early as April. Narrowing current account deficit figures and rating
agency ICRA's report projecting improved economic growth in next fiscal helped
underpin investor sentiment to some extent.
News & Result Analysis
Wonderla Holidays to start its Hyderabad Park from April, 2016.
Ashok Leyland joins hands with Lockheed Martin to cater defence logistics
requirements
Detailed analysis on Pg2
Investor’s Ready Reckoner
Key Domestic & Global Indicators
Stock Watch: Latest investment recommendations on 150+ stocks
Refer Pg5 onwards
Top Picks
Company Sector Rating CMP
(`) Target
(`) Upside
(%)
Amara Raja Batteries Auto & Auto Ancillary Buy 903 1,040 15.2
HCL Tech IT Buy 829 1,038 25.3
LIC Housing Finance Financials Buy 478 592 23.8
Bharat Electronics Capital Goods Buy 1,191 1,414 18.7
Navkar Corporation Others Buy 163 265 62.9
More Top Picks on Pg4
Key Upcoming Events
Date Region Event Description
Previous
Reading
Consensus
Expectations
Mar 25 US GDP Qoq (Annualized) - % Change 1.00 1.00
Apr 1 China PMI Manufacturing 49.00 ---
Apr 5 India RBI Repo Rate 6.75% ---
Apr 8 India Imports YoY% (5.00) ---
6.(
More Events on Pg5
Domestic Indices Chg (%) (Pts) (Close)
BSE Sensex 0.2 45 25,330
Nifty 0.1 11 7,715
Mid Cap 0.5 55 10,499
Small Cap 0.3 29 10,477
Bankex (0.0) (2) 18,153
Global Indices Chg (%) (Pts) (Close)
Dow Jones (0.2) (41) 17,583
Nasdaq 0.3 13 4,822
FTSE 0.1 8 6,193
Nikkei 1.9 324 17,049
Hang Seng (0.1) (17) 20,667
Shanghai Com (0.6) (19) 2,999
Advances / Declines BSE NSE
Advances 1,365 843
Declines 1,252 717
Unchanged 170 75
Volumes (` Cr)
BSE 3,118
NSE 17,496
Net Inflows (` Cr) Net Mtd Ytd
FII 1,480 16,241 (22,941)
MFs (335) (4,125) 70,694
Top Gainers Price (`) Chg (%)
Justdial 702 9.0
Torntpharm 1,418 5.3
Dlf 115 5.1
Relinfra 536 4.8
Sintex 74 4.7
Top Losers Price (`) Chg (%)
Torntpower 229 (7.2)
Vakrangee 193 (6.2)
Cadilahc 323 (5.3)
Fsl 33 (4.4)
Cox&Kings 185 (4.0)
As on March 22, 2016
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Market Outlook
March 23, 2016
Wonderla Holidays to start its Hyderabad Park from April, 2016.
Wonderla Holiday’s Ltd, India’s leading amusement park operator has announced
that the company’s third entertainment park will be officially inaugurated in 3rd
week of April, 2016. The Company already operates two theme parks one each in
Kochi and Bangalore respectively. Spread over 50 acres of land the company has
incurred a capex of `250cr for the Hyderabad Park.
The management expects the park to have the ability to entertain ~10,000 people
per day and will have 43 exciting land and water based rides to satisfy thrill
appetite of all age groups. The company has further said it will add 3 more new
attractions, including India’s first spaced theme Flying Theatre Experience.
The management plans to take up aggressive marketing campaign for the new
park over the next three months. The company had come out with an IPO to fund
the expansion the Hyderabad theme park. In the first year of its operations the
company expects to attract nearly 7 lakh visitors and which it expects can be scaled
up to 12 lakh visitors over the next 4-5 years. The theme park business in India is
growing by 15-20% per annum in India and hence the management expects the
growth target it has set is achievable.
The company also plans to spend ~ `150cr on the Bangalore facility and ~`50cr
on the Kochi facility to upgrade them with additional features similar like the
Hyderabad Park. Looking at the interest for entertainment parks the company
might plan to enter into other state in the coming future after carefully studying the
demand supply scenario. We expect the company deliver 49.5% growth in revenue
in FY17 to `308cr from `206cr, while the EPS is expected to grow to `12.9 by
FY17 from `9 in FY16, with similar margins going ahead. At the CMP of `375 the
stock is trading at 41.6x and 29x its FY16E and FY17E EPS of `9 and `12.9
respectively. We have a NEUTRAL rating on the stock.
Ashok Leyland joins hands with Lockheed Martin to cater
defence logistics requirements
Ashok Leyland Defence Systems (ALDS), has selected US global security and
aerospace company Lockheed Martin, for pursuit of its Indian Armed Forces Light
Specialist Vehicle (LSV) and Light Armored Multipurpose (LAM) vehicle
programmes.
Ashok Leyland, flagship of the Hinduja Group, will serve as the prime contractor,
and provide a will cater to global requirements of these vehicles and variants.
As the largest provider of logistics vehicles to the Indian Army, Ashok Leyland has
a strong portfolio in the defence sector. This partnership will not just further India’s
ambitions under the ‘Make in India’ program, but help the company to provide
robust and meaningful solutions to armed forces across new domains and
geographies. The company is buoyant about the defense segment, and expect its
play to increase manifold. We maintain our ACCUMULATE rating on the stock.
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Market Outlook
March 23, 2016
Economic and Political News
Woes for Indians banks to continue in FY17: S&P
Current account deficit to be closer to 1.3% of GDP: India Ratings
India's exports to touch $270 bn by March: Commerce secretary
Corporate News
Bharti's deals with Videocon & ATC are credit positive: Moody's
Maruti Suzuki's SUV Vitara clocks 20,000 bookings within 2 weeks of launch
IDBI Bank to raise Rs 20,000 crore from bonds in FY17
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Market Outlook
March 23, 2016
Top Picks
Large Cap
Company Market Cap
(` Cr)
CMP
(`) Target
(`) Upside
(%) Rationale
Amara Raja Batteries 15,424 903 1,040 15.2
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 29,441 103 111 7.3
Earnings to grow strongly given the MHCV cyclical upturn.
Focus on exports and LCV's provides additional growth
avenue.
Bharat Electronics 28,594 1,191 1,414 18.7
Uptick in defense capex by government when coupled with
BELs strong market positioning, indicate that good times are
ahead for BEL.
HCL Tech 1,16,829 829 1,038 25.3 The stock is trading at attractive valuations and is factoring all
the bad news.
HDFC Bank 2,66,334 1,054 1,262 19.8
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.
Infosys 2,74,206 1,190 1,347 13.2 Back on the growth trend, expect a long term growth of 14%
to be a US$20bn in FY2020.
LIC Housing Finance 24,123 478 592 23.8
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.
NBCC 11,326 944 1,089 15.4
Huge bid pipeline of re-development works at Delhi and other
State Governments and opportunity from Smart City, positions
NBCC to report strong growth, going forward.
Source: Company, Angel Research
Mid Cap
Company Market Cap
(` Cr)
CMP
(`) Target
(`) Upside
(%) Rationale
Blue Star 3,340 371 439 18.2
Favorable 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.
IL&FS Transport 2,405 73 93 27.2 Commencement of new projects, downtrend in the interest rate
cycle, to lead to stock re-rating
Jagran Prakashan 4,990 153 189 23.8
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.
Mahindra Lifespace 1,738 424 554 30.8 Speedier execution and speedier sales, strong revenue visibilty
in short-to-long run, attractive valuations
Navkar Corporation 2,320 163 265 62.9 Massive capacity expansion along with rail advantage at ICD
as well CFS augurs well for the company
Radico Khaitan 1,273 96 156 63.1
Earnings boost on back of stable material prices and
favourable pricing environment. Valuation discount to peers
provides additional comfort
Siyaram Silk Mills 914 975 1,354 38.8
Strong brands and distribution network would boost growth
going ahead. Stock currently trades at an inexpensive
valuation.
Source: Company, Angel Research
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Market Outlook
March 23, 2016
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Key Upcoming Events
Global economic events release calendar
Date Time Country Event Description Unit Period
Bloomberg Data
Last Reported Estimated
Mar 23, 2016 7:30 PM US New home sales Thousands Feb 494.00 510.00
Mar 24, 2016 6:00 PM US Initial Jobless claims Thousands Mar 19 265.00 268.00
Mar 25, 2016 6:00 PM US GDP Qoq (Annualised) % Change 4Q T 1.00 1.00
Mar 29, 2016 7:30 PM US Consumer Confidence S.A./ 1985=100 Mar 92.20 94.00
Mar 30, 2016 2:30 PM Euro Zone Euro-Zone Consumer Confidence Value Mar F (9.70)
Mar 31, 2016 1:25 PM Germany Unemployment change (000's) Thousands Mar (10.00)
2:00 PM UK GDP (YoY) % Change 4Q F 1.90
Apr 01, 2016 2:00 PM UK PMI Manufacturing Value Mar 50.80
6:30 AM China PMI Manufacturing Value Mar 49.00 49.50
6:00 PM US Change in Nonfarm payrolls Thousands Mar 242.00 200.00
6:00 PM US Unnemployment rate % Mar 4.90 4.90
Apr 05, 2016 11:00 AM India RBI Reverse Repo rate % Apr 5 5.75
11:00 AM India RBI Repo rate % Apr 5 6.75
11:00 AM India RBI Cash Reserve ratio % Apr 5 4.00
Apr 08, 2016
India Imports YoY% % Change Mar (5.00)
India Exports YoY% % Change Mar (5.66)
2:00 PM UK Industrial Production (YoY) % Change Feb 0.20
Apr 11, 2016 7:00 AM China Consumer Price Index (YoY) % Change Mar 2.30
Apr 12, 2016 5:30 PM India Industrial Production YoY % Change Feb (1.50)
Apr 13, 2016 US Producer Price Index (mom) % Change Mar (0.60)
China Exports YoY% % Change Mar (25.40)
Apr 14, 2016 12:00 PM India Monthly Wholesale Prices YoY% % Change Mar (0.91)
6:00 PM US Consumer price index (mom) % Change Mar (0.20)
2:30 PM Euro Zone Euro-Zone CPI (YoY) % Mar F (0.20)
4:30 PM UK BOE Announces rates % Ratio Apr 14 0.50 0.50
Apr 15, 2016 6:45 PM US Industrial Production % Mar (0.49)
7:30 AM China Industrial Production (YoY) % Change Mar 5.90
7:30 AM China Real GDP (YoY) % Change 1Q 6.80
Apr 19, 2016 6:00 PM US Housing Starts Thousands Mar 1,178.00
Source: Bloomberg, Angel Research
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Market Outlook
March 23, 2016
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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
Source: Bloomberg, Angel Research
Exhibit 6: Key policy rates
Source: RBI, Angel Research
4.5
6.7
7.8
6.4
5.8
7.5
8.3
6.6 6.7
7.6 7.7
7.3
3.0
4.0
5.0
6.0
7.0
8.0
9.0
4Q
FY13
1Q
FY14
2Q
FY14
3Q
FY14
4Q
FY14
1Q
FY15
2Q
FY15
3Q
FY15
4Q
FY15
1Q
FY16
2Q
FY16
3Q
FY16
(%)
2.5 3.0
2.5
4.2 4.3
6.3
3.7
9.9
(3.4)
(1.2) (1.5)
(6.0)
(4.0)
(2.0)
-
2.0
4.0
6.0
8.0
10.0
12.0
Mar-15
Apr-15
May-15
Jun-15
Jul-
15
Aug-15
Sep-15
Oct-15
Nov-15
Dec-15
Jan-16
(%)
5.3
4.9 5.0
5.4
3.7 3.7
4.4
5.0
5.4 5.6 5.7
5.2
-
1.0
2.0
3.0
4.0
5.0
6.0
Mar-15
Apr-15
May-15
Jun-15
Jul-
15
Aug-15
Sep-15
Oct-
15
Nov-15
Dec-15
Jan-16
Feb-16
(%)
44.0
46.0
48.0
50.0
52.0
54.0
56.0 Jan-15
Feb-15
Mar-15
Apr-15
May-15
Jun-15
Jul-15
Aug-15
Sep-15
Oct-15
Nov-15
Dec-15
Jan-16
Feb-16
Mfg. PMI Services PMI
(35.0)
(30.0)
(25.0)
(20.0)
(15.0)
(10.0)
(5.0)
0.0
Mar-15
Apr-15
May-15
Jun-15
Jul-
15
Aug-15
Sep-15
Oct-
15
Nov-15
Dec-15
Jan-16
Feb-16
Exports yoy growth Imports yoy growth (%)
3.00
4.00
5.00
6.00
7.00
8.00
Apr-15
May-15
Jun-15
Jun-15
Jul-
15
Aug-15
Sep-15
Sep-15
Oct-
15
Nov-15
Nov-15
Dec-15
Jan-16
Jan-16
Feb-16
Mar-16
Repo rate Reverse Repo rate CRR (%)
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2
Market Outlook
March 23, 2016
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Global watch
Exhibit 1: Latest quarterly GDP Growth (%, yoy) across select developing and developed countries
Source: Bloomberg, Angel Research
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
(5.9)
(4.1)
5.3
6.8
0.6
5.0 4.5
2.8
1.9 1.9 2.1
1.4
0.7
(8.0)
(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
(%)
13
.2
3.7
18
.2
12
.7
19
.4
17
.5
15
.4
14
.3
15
.3
16
.0
11
.9
13
.3
14
.0
-
5.0
10.0
15.0
20.0
25.0
Brazil
Russia
India
China
South
Africa
Indonesia
Malaysia
Thailand
UK
USA
Germ
any
France
Japan
(x)
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Market Outlook
March 23, 2016
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Exhibit 4: Relative performance of indices across globe
Returns (%)
Country Name of index Closing price 1M 3M 1YR
Brazil Bovespa 51,010 22.8 14.0 5.0
Russia Micex 1,903 7.5 9.2 16.9
India Nifty 7,715 7.3 (0.6) (11.2)
China Shanghai Composite 2,999 2.7 (14.5) (12.9)
South Africa Top 40 47,319 6.4 7.6 1.6
Mexico Mexbol 45,632 4.7 4.7 3.7
Indonesia LQ45 846 0.8 11.8 (10.2)
Malaysia KLCI 1,725 3.0 5.8 (3.1)
Thailand SET 50 902 9.7 10.5 (11.0)
USA Dow Jones 17,583 7.4 0.6 (2.3)
UK FTSE 6,193 4.1 2.3 (11.4)
Japan Nikkei 17,049 5.3 (8.2) (10.2)
Germany DAX 9,990 5.9 (7.4) (16.2)
France CAC 4,432 4.2 (3.6) (13.4)
Source: Bloomberg, Angel Research
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 171 - 3,331 2,097 2,415 14.4 14.4 9.5 11.0 18.0 15.6 3.6 3.1 21.1 21.3 1.6 1.4
United Phosphorus Accumulate 445 480 19,056 12,500 14,375 18.3 18.3 29.8 35.9 14.9 12.4 2.8 2.3 20.0 20.3 1.6 1.3
Auto & Auto Ancillary
Ashok Leyland Accumulate 103 111 29,441 17,995 21,544 11.4 11.6 3.4 4.7 30.4 22.0 5.3 4.9 17.7 22.2 1.6 1.3
Bajaj Auto Accumulate 2,310 2,585 66,834 22,709 25,860 20.9 20.1 129.0 143.6 17.9 16.1 5.5 4.7 30.7 29.4 2.5 2.2
Bharat Forge Neutral 878 - 20,439 7,351 8,318 19.9 19.7 31.2 36.5 28.1 24.1 5.0 4.3 19.3 19.2 2.9 2.5
Eicher Motors Accumulate 18,237 20,044 49,533 15,556 16,747 15.5 17.3 464.8 597.5 39.2 30.5 14.3 10.5 36.2 34.3 3.1 2.8
Gabriel India Buy 86 101 1,232 1,415 1,544 8.7 9.0 4.6 5.4 18.7 15.9 3.4 3.0 18.1 18.9 0.8 0.8
Hero Motocorp Neutral 2,867 - 57,245 28,244 30,532 15.5 15.9 156.7 168.5 18.3 17.0 7.3 6.2 39.9 36.4 1.9 1.7
Jamna Auto Industries Buy 139 160 1,110 1,281 1,473 11.2 11.5 7.6 9.2 18.3 15.1 4.6 3.8 25.4 25.2 0.9 0.8
L G Balakrishnan & Bros Neutral 436 - 684 1,254 1,394 11.6 11.8 35.9 41.7 12.1 10.5 1.6 1.5 13.5 13.8 0.6 0.6
Mahindra and Mahindra Accumulate 1,253 1,364 77,832 38,416 42,904 13.7 13.9 54.8 63.4 22.9 19.8 3.5 3.1 15.4 15.8 1.7 1.4
Maruti Neutral 3,699 - 111,752 57,865 68,104 16.4 16.7 176.3 225.5 21.0 16.4 4.1 3.5 19.4 21.2 1.7 1.4
Minda Industries Neutral 1,018 - 1,615 2,523 2,890 8.7 9.0 55.0 65.4 18.5 15.6 3.6 2.9 19.3 18.7 0.7 0.6
Motherson Sumi Buy 251 313 33,181 39,343 45,100 8.8 9.1 10.1 12.5 24.8 20.1 7.9 6.2 35.3 34.4 0.9 0.8
Rane Brake Lining Buy 366 465 290 454 511 11.5 12.0 25.2 31.0 14.5 11.8 2.2 2.0 14.9 16.6 0.8 0.7
Setco Automotive Neutral 32 - 422 594 741 12.7 13.7 1.7 3.2 18.6 9.9 2.0 1.7 10.4 16.9 1.2 1.0
Tata Motors Neutral 377 - 108,819 259,686 273,957 13.0 13.4 25.9 29.5 14.6 12.8 1.9 1.7 8.0 9.0 0.6 0.6
TVS Motor Neutral 317 - 15,067 11,263 13,122 6.9 8.5 9.2 15.0 34.5 21.1 7.9 6.3 22.7 29.6 1.3 1.1
Amara Raja Batteries Buy 903 1,040 15,424 4,892 5,871 17.4 17.6 28.8 37.1 31.4 24.3 7.3 5.9 23.4 24.1 3.1 2.5
Exide Industries Buy 136 162 11,560 6,950 7,784 14.4 14.8 6.6 7.3 20.6 18.6 2.6 2.4 12.6 12.8 1.4 1.2
Apollo Tyres Neutral 179 - 9,091 12,056 12,714 17.2 16.4 23.0 20.3 7.8 8.8 1.4 1.2 17.7 13.6 0.8 0.8
Ceat Neutral 1,100 - 4,451 6,041 6,597 14.1 13.7 99.5 111.9 11.1 9.8 2.2 1.8 19.6 18.5 0.9 0.8
JK Tyres Neutral 84 - 1,895 7,446 7,669 15.2 14.0 19.6 18.4 4.3 4.5 1.1 0.9 25.2 19.5 0.7 0.6
Swaraj Engines Accumulate 861 919 1,069 552 630 14.2 14.7 44.6 54.1 19.3 15.9 4.5 4.1 23.2 25.6 1.8 1.5
Subros Neutral 87 - 520 1,293 1,527 11.8 11.9 4.2 6.7 20.6 12.9 1.6 1.4 7.7 11.5 0.7 0.6
Indag Rubber Neutral 164 - 431 283 329 17.0 17.2 13.0 15.4 12.7 10.7 2.8 2.3 21.8 21.6 1.2 1.0
Capital Goods
ACE Neutral 37 - 369 660 839 4.7 8.2 1.0 3.9 37.3 9.6 1.2 1.0 3.2 11.3 0.7 0.6
BEML Accumulate 1,091 1,157 4,542 3,277 4,006 6.0 8.9 36.2 64.3 30.1 17.0 2.1 1.9 5.7 11.7 1.5 1.2
Bharat Electronics Buy 1,191 1,414 28,594 7,737 8,634 16.8 17.2 54.0 61.5 22.1 19.4 3.1 2.8 39.3 45.6 2.8 2.4
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Stock Watch
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
Capital Goods
Voltas Buy 273 353 9,017 5,363 5,963 8.0 9.1 11.0 13.8 24.8 19.8 3.8 3.3 16.2 17.9 1.6 1.5
BGR Energy Neutral 103 - 743 3,615 3,181 9.5 9.4 16.7 12.4 6.2 8.3 0.6 0.6 10.0 7.0 0.6 0.8
BHEL Neutral 117 - 28,576 33,722 35,272 10.8 11.7 10.5 14.2 11.1 8.2 0.8 0.8 7.0 9.0 0.9 0.9
Blue Star Buy 371 439 3,340 3,548 3,977 6.3 6.9 13.7 17.2 27.1 21.6 6.8 4.4 26.1 25.4 1.0 0.9
Crompton Greaves Neutral 47 - 2,946 13,484 14,687 4.9 6.2 4.5 7.1 10.4 6.6 0.7 0.7 7.2 10.8 0.3 0.3
Greaves Cotton Neutral 125 - 3,045 1,655 1,755 16.6 16.8 7.4 7.8 16.9 16.0 3.4 3.2 21.1 20.6 1.8 1.7
Inox Wind Buy 272 458 6,033 4,980 5,943 17.0 17.5 26.6 31.6 10.2 8.6 3.1 2.3 35.0 30.0 1.4 1.1
KEC International Neutral 120 - 3,072 8,791 9,716 6.1 6.8 5.4 8.2 22.1 14.6 2.2 2.0 10.0 14.0 0.6 0.5
Thermax Neutral 780 - 9,292 6,413 7,525 7.4 8.5 30.5 39.3 25.6 19.8 3.9 3.4 15.0 17.0 1.4 1.2
VATech Wabag Neutral 545 - 2,969 2,722 3,336 7.9 8.1 19.5 24.6 27.9 22.2 2.9 2.6 11.1 12.4 1.2 1.0
Cement
ACC Neutral 1,365 - 25,633 13,151 14,757 16.4 18.3 63.9 83.4 21.4 16.4 2.8 2.5 13.3 16.1 1.8 1.5
Ambuja Cements Neutral 230 - 35,663 11,564 12,556 19.4 20.7 8.9 10.1 25.8 22.8 3.2 3.1 12.8 13.8 2.7 2.5
HeidelbergCement Neutral 79 - 1,795 1,772 1,926 13.3 15.4 1.0 3.0 79.2 26.4 2.0 1.9 2.6 7.9 1.6 1.4
India Cements Neutral 86 - 2,648 4,216 4,840 18.0 19.5 4.0 9.9 21.6 8.7 0.9 0.8 4.0 9.5 1.0 0.8
JK Cement Neutral 640 - 4,475 3,661 4,742 10.1 15.8 7.5 28.5 85.3 22.5 2.6 2.3 7.5 22.9 1.7 1.3
J K Lakshmi Cement Neutral 335 - 3,947 2,947 3,616 16.7 19.9 11.5 27.2 29.2 12.3 2.8 2.4 9.8 20.8 1.8 1.4
Mangalam Cements Neutral 239 - 639 1,053 1,347 10.5 13.3 8.4 26.0 28.5 9.2 1.2 1.1 4.3 12.5 1.0 0.7
Orient Cement Neutral 150 - 3,069 1,854 2,524 21.2 22.2 7.7 11.1 19.5 13.5 2.8 2.4 13.3 15.7 2.4 1.7
Ramco Cements Neutral 405 - 9,640 4,036 4,545 20.8 21.3 15.1 18.8 26.8 21.5 3.3 2.9 12.9 14.3 2.9 2.5
Shree Cement^ Neutral 12,598 - 43,887 7,150 8,742 26.7 28.6 228.0 345.5 55.2 36.5 8.1 6.8 15.7 20.3 5.9 4.7
UltraTech Cement Neutral 3,202 - 87,862 24,669 29,265 18.2 20.6 82.0 120.0 39.0 26.7 4.2 3.7 11.3 14.7 3.6 3.1
Construction
ITNL Buy 73 93 2,405 7,360 8,825 34.0 35.9 7.0 9.0 10.4 8.1 0.4 0.3 3.2 3.7 3.7 3.6
KNR Constructions Buy 516 603 1,451 937 1,470 14.3 14.0 44.2 38.6 11.7 13.4 2.3 2.0 15.4 15.4 1.6 1.1
Larsen & Toubro Accumulate 1,237 1,310 115,233 58,870 65,708 8.3 10.3 42.0 53.0 29.5 23.3 2.0 1.9 8.8 11.2 2.2 2.0
Gujarat Pipavav Port Neutral 175 - 8,458 629 684 51.0 52.2 6.4 5.9 27.3 29.7 3.6 3.3 15.9 12.7 13.1 11.8
MBL Infrastructures Buy 154 285 637 2,313 2,797 12.2 14.6 19.0 20.0 8.1 7.7 0.8 0.8 11.3 10.6 1.0 0.9
Nagarjuna Const. Neutral 75 - 4,147 7,892 8,842 8.8 9.1 3.0 5.3 24.9 14.1 1.2 1.2 5.0 8.5 0.8 0.6
PNC Infratech Accumulate 485 558 2,490 1,873 2,288 13.2 13.5 24.0 32.0 20.2 15.2 2.0 1.8 12.1 12.3 1.4 1.2
Simplex Infra Neutral 247 - 1,222 5,955 6,829 10.3 10.5 16.0 31.0 15.4 8.0 0.8 0.8 5.3 9.9 0.7 0.6
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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
Construction
Power Mech Projects Neutral 567 - 834 1,539 1,801 12.8 12.7 59.0 72.1 9.6 7.9 1.4 1.2 18.6 16.8 0.6 0.5
Sadbhav Engineering Accumulate 269 289 4,607 3,481 4,219 10.7 10.8 8.2 11.7 32.8 23.0 3.1 2.7 10.3 13.5 1.6 1.3
NBCC Buy 944 1,089 11,326 5,816 7,382 6.9 7.7 29.6 39.8 31.9 23.7 5.7 4.5 24.1 26.7 1.7 1.3
MEP Infra Neutral 39 - 638 1,956 1,876 28.1 30.5 1.3 3.0 30.2 13.1 6.3 4.3 21.2 32.8 1.7 1.7
SIPL Neutral 87 - 3,049 675 1,042 62.4 64.7 - - 3.2 3.7 - - 16.2 10.9
Engineers India Neutral 168 - 5,666 1,667 1,725 13.5 16.0 9.7 11.4 17.3 14.8 2.0 2.0 11.7 13.4 2.2 2.2
Financials
Allahabad Bank Neutral 53 - 3,192 8,569 9,392 2.8 2.9 16.3 27.5 3.3 1.9 0.3 0.2 7.6 11.9 - -
Axis Bank Accumulate 441 494 104,966 26,473 31,527 3.5 3.6 35.7 43.5 12.3 10.1 2.1 1.8 17.9 18.9 - -
Bank of Baroda Neutral 146 - 33,744 18,485 21,025 1.9 2.0 13.5 21.1 10.9 6.9 0.9 0.8 7.3 10.6 - -
Bank of India Neutral 98 - 7,953 15,972 17,271 1.9 2.0 15.3 33.4 6.4 2.9 0.3 0.3 3.6 7.6 - -
Canara Bank Neutral 193 - 10,488 15,441 16,945 2.0 2.1 46.6 70.4 4.2 2.7 0.4 0.3 8.0 11.2 - -
Dena Bank Neutral 29 - 1,862 3,440 3,840 2.1 2.3 7.3 10.0 4.0 2.9 0.3 0.3 6.1 7.9 - -
Federal Bank Neutral 50 - 8,555 3,477 3,999 3.0 3.0 5.0 6.2 9.9 8.0 1.0 0.9 10.6 11.9 - -
HDFC Neutral 1,167 - 184,296 10,358 11,852 3.3 3.3 41.1 47.0 28.4 24.8 5.4 4.9 24.7 24.9 - -
HDFC Bank Buy 1,054 1,262 266,334 38,309 47,302 4.3 4.3 49.3 61.1 21.4 17.3 3.7 3.2 18.5 19.7 - -
ICICI Bank Accumulate 234 254 135,876 34,279 39,262 3.3 3.3 21.0 24.4 11.1 9.6 1.9 1.6 14.4 14.7 - -
IDBI Bank Neutral 69 - 13,129 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 107 - 5,146 6,160 6,858 2.5 2.5 24.5 29.8 4.4 3.6 0.4 0.3 7.7 8.6 - -
LIC Housing Finance Buy 478 592 24,123 3,101 3,745 2.5 2.5 33.0 40.2 14.5 11.9 2.7 2.3 19.7 20.5 - -
Oriental Bank Neutral 92 - 2,754 7,643 8,373 2.4 2.4 37.2 45.4 2.5 2.0 0.2 0.2 8.2 9.4 - -
Punjab Natl.Bank Neutral 86 - 16,867 23,638 26,557 2.8 2.8 17.9 27.2 4.8 3.2 0.5 0.4 8.5 12.0 - -
South Ind.Bank Neutral 18 - 2,390 1,965 2,185 2.5 2.5 2.5 3.3 7.1 5.4 0.7 0.6 9.5 11.7 - -
St Bk of India Neutral 197 - 153,237 79,958 86,061 2.6 2.6 13.4 20.7 14.7 9.6 1.2 1.1 11.5 12.8 - -
Union Bank Neutral 130 - 8,961 12,646 14,129 2.3 2.4 31.0 39.1 4.2 3.3 0.5 0.4 9.8 11.4 - -
Vijaya Bank Neutral 31 - 2,676 3,536 3,827 1.9 1.9 5.5 6.7 5.6 4.7 0.5 0.4 7.8 8.8 - -
Yes Bank Neutral 834 - 35,071 7,190 9,011 3.2 3.3 58.2 69.7 14.3 12.0 2.6 2.2 19.2 19.6 - -
FMCG
Asian Paints Neutral 854 - 81,915 16,553 19,160 16.0 16.2 17.7 21.5 48.3 39.7 12.8 11.5 29.4 31.2 4.8 4.1
Britannia Neutral 2,744 - 32,926 8,481 9,795 14.0 14.1 65.5 78.3 41.9 35.1 19.8 16.3 38.3 41.2 3.8 3.2
Colgate Neutral 851 - 23,153 4,836 5,490 19.5 19.7 48.5 53.2 17.6 16.0 12.9 11.2 99.8 97.5 4.7 4.1
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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
FMCG
Dabur India Accumulate 250 267 43,891 9,370 10,265 17.1 17.2 7.3 8.1 34.0 30.8 10.3 8.3 33.7 30.6 4.6 4.2
GlaxoSmith Con* Neutral 5,988 - 25,182 4,919 5,742 17.2 17.4 168.3 191.2 35.6 31.3 10.1 8.6 28.8 28.9 4.7 4.0
Godrej Consumer Neutral 1,296 - 44,128 10,168 12,886 16.1 16.1 32.1 38.4 40.4 33.8 8.2 7.6 19.7 21.0 4.4 3.5
HUL Neutral 871 - 188,549 34,940 38,957 17.5 17.7 20.8 24.7 41.9 35.3 46.6 37.2 110.5 114.2 5.2 4.6
ITC Accumulate 324 359 260,198 36,804 38,776 37.9 37.9 12.2 12.9 26.5 25.1 7.4 6.5 27.7 25.8 6.6 6.3
Marico Neutral 245 - 31,603 6,551 7,766 15.7 16.0 10.4 12.5 23.6 19.6 6.9 5.7 33.2 32.4 4.8 4.0
Nestle* Buy 5,274 6,646 50,853 11,291 12,847 22.2 22.3 158.9 184.6 33.2 28.6 17.4 15.6 55.0 57.3 4.3 3.8
Tata Global Buy 121 144 7,662 8,635 9,072 9.8 9.9 6.5 7.6 18.7 16.0 1.9 1.8 6.8 7.4 0.8 0.8
IT
HCL Tech^ Buy 829 1,038 116,829 42,038 47,503 21.2 21.5 51.5 57.7 16.1 14.4 3.5 2.7 21.5 18.8 2.4 1.9
Infosys Accumulate 1,190 1,347 274,206 61,850 69,981 27.5 27.5 59.4 65.7 20.0 18.1 4.3 3.6 21.2 20.1 3.7 3.1
TCS Buy 2,474 2,854 487,494 108,487 122,590 28.3 28.5 122.8 138.4 20.2 17.9 7.7 7.0 38.0 38.9 4.1 3.6
Tech Mahindra Accumulate 484 530 46,870 26,524 29,177 16.2 17.0 28.8 33.6 16.8 14.4 3.2 2.8 19.3 19.1 1.5 1.3
Wipro Buy 553 680 136,640 50,808 56,189 23.7 23.8 37.3 40.7 14.8 13.6 2.8 2.6 19.2 17.7 2.2 1.8
Media
D B Corp Accumulate 310 356 5,693 2,241 2,495 27.8 27.9 21.8 25.6 14.2 12.1 3.7 3.3 26.7 28.5 2.5 2.2
HT Media Neutral 79 - 1,840 2,495 2,603 11.2 11.2 7.3 8.6 10.8 9.2 0.9 0.8 7.4 8.1 0.2 0.2
Jagran Prakashan Buy 153 189 4,990 2,170 2,355 27.2 26.2 8.9 9.9 17.2 15.4 3.6 3.1 20.9 20.5 2.2 2.0
Sun TV Network Neutral 365 - 14,370 2,779 3,196 70.2 70.5 22.8 27.3 16.0 13.4 3.9 3.6 26.7 28.3 4.9 4.3Hindustan Media Ventures Neutral 247 - 1,813 920 1,031 20.0 20.0 19.2 20.9 12.9 11.8 2.1 1.8 16.4 15.3 1.5 1.3
Metals & Mining
Coal India Buy 295 380 186,017 76,167 84,130 19.9 22.3 22.4 25.8 13.1 11.4 4.7 4.6 35.5 41.0 1.8 1.6
Hind. Zinc Neutral 170 - 71,852 14,641 14,026 50.4 50.4 17.7 16.0 9.6 10.6 1.5 1.3 16.2 13.2 2.5 2.4
Hindalco Neutral 87 - 17,965 104,356 111,186 8.7 9.5 6.7 11.1 12.9 7.9 0.5 0.5 3.5 5.9 0.7 0.6
JSW Steel Neutral 1,229 - 29,715 42,308 45,147 16.4 20.7 (10.3) 49.5 24.8 1.4 1.3 (1.0) 5.6 1.8 1.6
NMDC Neutral 101 - 39,925 8,237 10,893 46.6 44.5 10.0 11.7 10.1 8.6 1.1 1.0 12.5 13.0 4.6 3.5
SAIL Neutral 43 - 17,863 45,915 53,954 7.2 10.5 1.5 4.4 28.7 9.9 0.4 0.4 2.3 4.1 1.0 0.9
Vedanta Neutral 96 - 28,520 71,445 81,910 26.2 26.3 12.9 19.2 7.5 5.0 0.5 0.5 7.2 8.9 0.8 0.6
Tata Steel Neutral 309 - 30,054 126,760 137,307 8.9 11.3 6.4 23.1 48.6 13.4 1.0 0.9 2.0 7.1 0.8 0.8
Oil & Gas
Cairn India Neutral 158 - 29,642 11,323 12,490 49.4 51.0 20.7 20.7 7.6 7.7 0.5 0.5 6.4 6.1 1.7 1.0
GAIL Neutral 362 - 45,887 64,856 70,933 9.1 9.6 24.0 28.9 15.1 12.5 1.3 1.2 8.8 9.6 0.9 0.8
ONGC Neutral 216 - 185,055 154,564 167,321 36.8 37.4 28.6 32.5 7.6 6.7 1.0 0.9 12.7 13.5 1.4 1.3
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March 23, 2016
Stock Watch
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
Oil & Gas
Petronet LNG Neutral 256 - 19,208 29,691 31,188 5.8 6.2 12.8 13.4 20.0 19.1 3.0 2.7 15.8 14.8 0.7 0.7
Indian Oil Corp Buy 394 455 95,601 359,607 402,760 5.9 6.1 42.5 48.7 9.3 8.1 1.2 1.1 14.1 14.4 0.4 0.3
Reliance Industries Accumulate 1,049 1,150 339,726 304,775 344,392 12.6 13.4 91.3 102.6 11.5 10.2 1.3 1.2 11.8 12.0 1.0 0.9
Pharmaceuticals
Alembic Pharma Neutral 613 - 11,551 3,274 3,802 26.9 19.4 35.0 28.7 17.5 21.4 7.8 5.9 55.6 31.2 3.5 2.9
Aurobindo Pharma Accumulate 749 856 43,826 14,923 17,162 22.0 23.0 35.7 42.8 21.0 17.5 6.2 4.6 34.0 30.2 3.3 2.8
Aventis* Neutral 4,141 - 9,537 2,082 2,371 17.4 20.8 118.2 151.5 35.0 27.3 5.1 4.1 19.9 25.5 4.3 3.5
Cadila Healthcare Accumulate 323 352 33,087 10,224 11,840 21.0 22.0 14.6 17.6 22.1 18.4 6.1 4.8 30.8 29.0 3.3 2.8
Cipla Accumulate 537 605 43,102 13,979 16,447 20.2 18.6 25.7 27.5 20.9 19.5 3.4 2.9 17.6 16.1 3.1 2.6
Dr Reddy's Buy 3,063 3,933 52,228 16,838 19,575 25.0 23.1 167.5 178.8 18.3 17.1 3.8 3.2 23.1 20.4 3.0 2.6
Dishman Pharma Neutral 341 - 2,751 1,733 1,906 21.5 21.5 17.0 19.9 20.1 17.1 2.0 1.8 10.5 11.2 2.1 1.8
GSK Pharma* Neutral 3,514 - 29,768 2,870 3,158 20.0 22.1 59.5 68.3 59.1 51.5 17.4 17.9 28.5 34.3 9.9 9.0
Indoco Remedies Neutral 297 - 2,735 1,033 1,199 15.9 18.2 9.4 13.6 31.6 21.8 4.7 4.0 15.7 19.7 2.7 2.4
Ipca labs Buy 571 900 7,198 3,363 3,909 12.9 18.6 13.4 28.0 42.6 20.4 3.1 2.7 7.4 14.0 2.4 2.1
Lupin Neutral 1,550 - 69,825 13,092 16,561 25.0 27.0 50.4 68.3 30.8 22.7 6.4 5.0 22.8 24.7 5.1 3.9
Sun Pharma Accumulate 844 950 203,147 28,163 32,610 25.8 30.7 17.4 26.9 48.5 31.4 4.6 4.0 13.0 16.6 6.7 5.6
Power
Tata Power Neutral 62 - 16,715 35,923 37,402 22.6 22.8 4.1 5.2 15.2 12.0 1.2 1.1 7.5 9.3 1.4 1.3
NTPC Accumulate 128 146 105,872 87,271 99,297 23.5 23.5 11.8 13.3 10.9 9.7 1.2 1.1 11.5 12.2 2.2 2.0
Power Grid Buy 139 170 72,484 20,702 23,361 86.7 86.4 12.1 13.2 11.5 10.5 1.7 1.5 15.6 15.1 8.4 7.8
Real Estate
MLIFE Buy 424 554 1,738 697 1,011 14.9 19.3 13.8 20.1 30.7 21.1 1.1 1.1 3.8 5.3 3.8 2.6
Telecom
Bharti Airtel Neutral 351 - 140,429 101,748 109,191 32.1 31.7 12.0 12.5 29.3 28.1 2.0 1.9 6.9 6.7 2.0 1.8
Idea Cellular Neutral 102 - 36,761 34,282 36,941 32.0 31.5 5.9 6.2 17.3 16.5 1.6 1.4 9.9 9.3 1.7 1.6
zOthers
Abbott India Neutral 4,716 - 10,020 2,715 3,153 14.5 14.1 134.3 152.2 35.1 31.0 8.8 7.2 27.4 25.6 3.4 2.9
Bajaj Electricals Buy 197 237 1,991 4,719 5,287 5.2 5.8 8.6 12.7 23.0 15.6 2.6 2.3 11.4 14.8 0.4 0.4
Finolex Cables Neutral 264 - 4,039 2,520 2,883 12.2 12.0 12.7 14.2 20.8 18.6 2.8 2.5 13.6 13.5 1.3 1.1
Goodyear India* Buy 478 582 1,103 1,800 1,600 11.7 11.5 58.7 52.9 8.1 9.0 1.8 1.6 24.6 18.7 0.4 0.4
Hitachi Neutral 1,145 - 3,112 1,779 2,081 7.8 8.8 21.8 33.4 52.5 34.2 8.5 6.9 17.4 22.1 1.8 1.5
Jyothy Laboratories Neutral 288 - 5,209 1,620 1,847 11.5 11.5 7.3 8.5 39.5 34.0 5.1 4.7 13.3 14.4 3.1 2.6
MRF Buy 34,818 45,575 14,767 20,316 14,488 21.4 21.1 5,488.0 3,798.0 6.3 9.2 2.2 1.8 41.1 21.2 0.7 0.9
Page Industries Neutral 11,555 - 12,889 1,929 2,450 19.8 20.1 229.9 299.0 50.3 38.7 22.2 15.4 52.1 47.1 6.7 5.3
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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
zOthers
Relaxo Footwears Neutral 378 - 4,543 1,767 2,152 12.3 12.5 19.3 25.1 19.7 15.1 4.8 3.7 27.7 27.8 2.6 2.1
Siyaram Silk Mills Buy 975 1,354 914 1,636 1,815 11.5 11.5 89.9 104.1 10.9 9.4 1.8 1.6 17.9 17.8 0.7 0.6
Styrolution ABS India* Neutral 576 - 1,013 1,271 1,440 8.6 9.2 32.0 41.1 18.0 14.0 1.8 1.6 10.7 12.4 0.8 0.7
TVS Srichakra Buy 2,361 3,217 1,808 2,035 2,252 15.9 15.3 248.6 268.1 9.5 8.8 4.1 3.0 43.6 33.9 0.9 0.8
HSIL Accumulate 282 302 2,038 2,123 2,384 16.1 16.5 15.0 18.9 18.7 14.9 1.5 1.4 8.0 9.4 1.3 1.1Kirloskar Engines India Ltd Neutral 210 - 3,038 2,403 2,554 8.6 9.9 9.2 10.5 22.9 20.0 2.2 2.1 9.7 10.7 0.9 0.8
M M Forgings Buy 452 614 546 511 615 21.7 21.6 43.1 55.8 10.5 8.1 1.9 1.6 19.9 21.2 1.3 1.0
Banco Products (India) Neutral 110 - 786 1,208 1,353 11.0 12.3 10.8 14.5 10.2 7.6 1.2 1.0 11.9 14.5 0.6 0.5
Competent Automobiles Neutral 137 - 84 1,040 1,137 3.2 3.1 25.7 28.0 5.3 4.9 0.8 0.7 15.0 14.3 0.1 0.1
Nilkamal Neutral 1,121 - 1,672 1,871 2,031 10.7 10.5 63.2 69.8 17.7 16.1 2.9 2.5 17.6 16.6 0.9 0.8
Visaka Industries Buy 104 144 165 1,086 1,197 9.9 10.3 21.5 28.8 4.8 3.6 0.5 0.4 9.6 11.6 0.4 0.3Transport Corporation of India Neutral 283 - 2,152 2,830 3,350 8.8 9.0 14.4 18.3 19.7 15.5 3.0 2.6 15.4 17.1 0.9 0.8
Elecon Engineering Neutral 58 - 636 1,359 1,482 10.3 13.7 0.8 3.9 72.7 15.0 1.2 1.1 1.6 7.8 0.8 0.7
Surya Roshni Buy 138 201 604 2,992 3,223 8.1 8.4 14.7 18.3 9.4 7.5 0.9 0.8 9.7 11.0 0.5 0.4
MT Educare Neutral 168 - 670 286 366 18.3 17.7 7.7 9.4 21.8 18.0 4.6 4.0 20.2 21.1 2.2 1.7
Radico Khaitan Buy 96 156 1,273 1,517 1,635 12.7 13.4 5.8 7.1 16.4 13.5 1.4 1.3 8.6 9.6 1.3 1.2
Garware Wall Ropes Buy 328 473 719 862 974 11.2 11.2 24.9 29.6 13.2 11.1 2.0 1.7 15.1 15.4 0.8 0.7
Wonderla Holidays Neutral 376 - 2,124 206 308 44.0 43.6 9.0 12.9 41.8 29.1 5.7 5.2 13.7 17.8 10.2 6.8
Linc Pen & Plastics Neutral 195 - 288 340 371 8.3 8.9 10.8 13.2 18.0 14.7 2.9 2.5 16.0 17.1 0.9 0.8
The Byke Hospitality Neutral 154 - 617 222 287 20.5 20.5 5.6 7.6 27.3 20.4 5.1 4.2 18.9 20.8 2.8 2.2
Interglobe Aviation Neutral 844 - 30,401 17,022 21,122 20.7 14.5 63.9 53.7 13.2 15.7 19.8 16.2 149.9 103.2 1.8 1.5Coffee Day Enterprises Ltd Neutral 228 - 4,706 2,692 2,964 17.0 18.6 - 4.7 - 48.2 2.8 2.6 0.2 5.5 2.1 2.0
Navneet Education Neutral 82 - 1,943 998 1,062 24.1 24.0 5.8 6.1 14.2 13.4 3.1 2.8 22.0 20.6 2.0 1.9
Navkar Corporation Buy 163 265 2,320 365 436 38.3 37.5 5.6 5.9 28.9 27.7 1.8 1.7 6.3 6.1 7.2 6.2
Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on March 22, 2016
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March 23, 2016
Stock Watch
Research Team Tel: 022 - 39357800 E-mail: [email protected] Website: www.angelbroking.com
DISCLAIMER
Angel Broking Private Limited (hereinafter referred to as “Angel”) is a registered Member of National Stock Exchange of India Limited, Bombay Stock Exchange Limited and Metropolitian Stock Exchange of India Limited. It is also registered as a Depository Participant with CDSL and Portfolio Manager with SEBI. It also has registration with AMFI as a Mutual Fund Distributor. Angel Broking Private Limited is a registered entity with SEBI for Research Analyst in terms of SEBI (Research Analyst) Regulations, 2014 vide registration number INH000000164. Angel or its associates has not been debarred/ suspended by SEBI or any other regulatory authority for accessing /dealing in securities Market. Angel or its associates including its relatives/analyst do not hold any financial interest/beneficial ownership of more than 1% in the company covered by Analyst. Angel or its associates/analyst has not received any compensation / managed or co-managed public offering of securities of the company covered by Analyst during the past twelve months. Angel/analyst has not served as an officer, director or employee of company covered by Analyst and has not been engaged in market making activity of the company covered by Analyst.
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Market OutlookMarch 23, 2016