market outlook 01 06 2016 -...

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Market Outlook June 1, 2016

T

Market Cues

Indian Markets are expected to open on a flat note tracking the SGX Nifty and Global cues.

US Markets closed on a mixed close as traders shrugged off the data from the commerce department which showed that the US consumer spending rose by 1% in May while Conference Board survey showed its consumer confidence index fell to 92.6 in May from 94.7 in April.

Major European markets ended lower on Tuesday on mixed reaction to economic reports from Europe which showed that Eurozone consumer prices dropped in May while the unemployment rate was stable. The fears of Britain exiting the European Union weighed down on European markets.

Indian markets edged down yesterday after five consecutive sessions of gains as investors took profits while remaining cautious ahead of annual GDP numbers which were to be released later in the day.

News Analysis India economy posts 7.6% annual growth

PVR completes DT cinemas acquisition Detailed analysis on Pg2

Investor’s Ready Reckoner

Key Domestic & Global Indicators

Stock Watch: Latest investment recommendations on 150+ stocks

Refer Pg4 onwards

Top Picks Company Sector Rating

CMP(`)

Target(`)

Upside (%)

Amara Raja Auto/Auto Ancillary Buy 841 1,076 28.0

HCL Tech IT Buy 740 1,000 35.2

LIC Housing Financials Buy 469 592 26.0

Bharat Electronics Capital Goods Buy 1,178 1,414 20.0

Navkar Corporation Others Buy 200 265 32.4

More Top Picks on Pg3

Key Upcoming Events Date Region

Event Description

PreviousReading

Consensus Expectations

June 01 UK PMI Manufacturing 49.2 49.6

June 01 China PMI Manufacturing 50.1 50.0

June 02 US Initial Jobless claims 268.0 270.0

June 03 Euro Zone ECB announces interest rates 0.0 -- 6.(

More Events on Pg4

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

BSE Sensex (0.2) (58) 26,668

Nifty (0.2) (18) 8,160

Mid Cap (0.2) (20) 11,366

Small Cap (0.1) (15) 11,142

Bankex 0.7 135 20,112

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

Dow Jones (0.5) (86) 17,787

Nasdaq 0.3 15 4,948

FTSE (0.6) (40) 6,231

Nikkei 1.0 167 17,235

Hang Seng 0.9 186 20,815

Shanghai Com 3.3 94 2,917

Advances / Declines BSE NSE

Advances 995 590

Declines 1,588 970

Unchanged 162 72

Volumes (` Cr)

BSE 3,866

NSE 35,856

Net Inflows (` Cr) Net Mtd Ytd

FII 390 2,559 14,349

MFs 326 5,830 8,425

Top Gainers Price (`) Chg (%)

Tatamotors 458 9.0

Canbk 206 6.6

Supremeind 986 5.5

Feldvr 17 5.4

Justdial 678 5.1

Top Losers Price (`) Chg (%)

Gvkpil 5 (7.7)

Amtekauto 32 (6.8)

Mfsl 356 (6.6)

Sunpharma 763 (6.1)

Trent 1,639 (5.9) As on May 31, 2016



India economy posts 7.6% annual growth

India’s Quarterly GDP leapt by 7.9% per cent in March quarter from a revised 7.2% in the previous quarter while the full year growth stood at 7.6%.

The sectors registering growth rate of more than 7% during year were; financial, real estate and professional services (10.3%), manufacturing (9.3%), trade, hotels, transport, communication and services related to broadcasting (9%), and mining and quarrying (7.4%).

Agriculture, forestry and fishing grew by 1.2% and construction by 3.9%. Electricity, gas, water supply and other utility services posted growth of 6.6%, as did the public administration, defence and other services sector.

PVR completes DT cinemas acquisition

PVR has announced that it has closed the deal on its acquisition of DT cinemas which was announced in 2015. The company has initially agreed to acquire 39 screens for consideration of `500cr but the deal was scrutinized by the Competition Commission of India (CCI).

The Company on May 30, 2016 executed an amendment agreement with DLF (DT Cinemas) for exclusion of DT Savitri (1 screen) and DT Saket (6 screens) from the aforementioned transaction (as per condition by the CCI). As a result, the company will acquire 32 screens at outlay of `433cr.

The cinema exhibition space in India has been going through a consolidation phase over the last few years where major players like PVR, Inox Leisure, Carnival and Cinepolis have been acquiring smaller/other multiplexes thereby creating a strong footing for themselves. PVR is a most recognized multiplex in India with a leadership position and market share of ~27% amongst all multiplexes (prior to the acquisition). Such consolidation will not only drive revenues for the cinema operators but also provides them an edge in terms of both in ticket pricing as well negotiating better terms with the content providers.

Economic and Political News Petrol price up by `2.58 per litre, diesel by `2.26

Govt bullish on farm sector growth on hopes of good monsoon

World Bank to offer $9.2 million grant for city bus projects

Corporate News Glenmark plans to raise up to $200 million via FCCBs

New Sanofi vaccine facility starts commercial production

Reliance Industries temporarily shuts PET, PTA units at Dahej on water shortage



Top Picks ★★★★★

Large Cap

Company Market Cap

(` Cr) CMP

(`)Target

(`) Upside

(%) Rationale

Amara Raja Batteries 14,361 841 1,076 28.0 To outpace battery industry growth due to better technologicalproducts leading to market share gains in both the automotiveOEM and replacement segments.

Bharat Electronics 28,278 1,178 1,414 20.0 Uptick in defense capex by government when coupled withBELs strong market positioning, indicate that good times areahead for BEL.

HCL Tech 1,04,367 740 1,000 35.2 The stock is trading at attractive valuations and is factoring allthe bad news.

HDFC Bank 2,98,791 1,181 1,262 6.8 Strong visibility for a robust 20% earnings trajectory, coupledwith high quality of earnings on account of high quality retailbusiness and strategic focus on highly rated corporates.

Infosys 2,87,084 1,250 1,374 9.9 Back on the growth trend, expect a long term growth of 14%to be a US$20bn in FY2020.

LIC Housing Finance 23,691 469 592 26.0

LICHF continues to grow its retail loan book at a healthy pacewith improvement in asset quality. We expect the company topost a healthy loan book which is likely to reflect in a strongearnings growth.

NBCC 11,375 948 1,098 15.8 Huge bid pipeline of re-development works at Delhi and other State Governments and opportunity from Smart City, positionsNBCC to report strong growth, going forward.

Source: Company, Angel Research

Mid Cap

Company Market Cap

(` Cr) CMP

(`)Target

(`)Upside

(%) Rationale

Blue Star 3,742 416 481 15.6

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.

Dewan Housing 5,792 199 270 36.0 With a focus on the low and medium income (LMI) consumer segment, the company has increased its presence in tier-II & III cities where the growth opportunity is immense.

IL&FS Transport 2,270 69 93 34.8 Commencement of new projects, downtrend in the interest rate cycle, to lead to stock re-rating

Jagran Prakashan 5,522 169 205 21.4

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 1,824 445 554 24.6 Speedier execution and speedier sales, strong revenue visibilty in short-to-long run, attractive valuations

Navkar Corporation 2,854 200 265 32.4 Massive capacity expansion along with rail advantage at ICD as well CFS augurs well for the company

Radico Khaitan 1,137 86 125 46.2 Earnings boost on back of stable material prices and favourable pricing environment. Valuation discount to peers provides additional comfort

Siyaram Silk Mills 958 1,022 1,354 32.5 Strong brands and distribution network would boost growth going ahead. Stock currently trades at an inexpensive valuation.

Source: Company, Angel Research

Global economic events release calendar

Date Time Country Event Description Unit Period Bloomberg Data

Last Reported Estimated

Jun 1, 2016 2:00PM UK PMI Manufacturing Value May 49.20 49.60

1:25PM Germany PMI Manufacturing Value May F 52.40 52.40

6:30AM China PMI Manufacturing Value May 50.10 50.00

Jun 2, 2016 1:25PM Germany PMI Services Value May F 55.20 55.20

6:00PM US Initial Jobless claims Thousands May 28 268.00 270.00

Jun 3, 2016 5:15PM Euro Zone ECB announces interest rates % Jun 2 -- --

6:00PM US Change in Nonfarm payrolls Thousands May 160.00 160.00

6:00PM US Unnemployment rate % May 5.00 5.00

Jun 7, 2016 2:30PM Euro Zone Euro-Zone GDP s.a. (QoQ) % Change 1Q F 0.50 --

11:00AM India RBI Reverse Repo rate % Jun 7 6.00 --

11:00AM India RBI Repo rate % Jun 7 6.50 --

11:00AM India RBI Cash Reserve ratio % Jun 7 4.00 --

Jun 8, 2016 2:00PM UK Industrial Production (YoY) % Change Apr (0.20) --

China Exports YoY% % Change May (1.80) --

Jun 9, 2016 7:00AM China Consumer Price Index (YoY) % Change May 2.30 2.30

Jun 10, 2016 India Exports YoY% % Change May (6.70) --

India Imports YoY% % Change May (23.10) --

5:30PM India Industrial Production YoY % Change Apr 0.10 --

Jun 12, 2016 11:00AM China Industrial Production (YoY) % Change May 6.00 6.20

Jun 14, 2016 12:00PM India Monthly Wholesale Prices YoY% % Change May 0.34 --

2:00PM UK CPI (YoY) % Change May 0.30 --

Jun 15, 2016 2:00PM UK Jobless claims change % Change May (2.40) --

US Producer Price Index (mom) % Change May 0.20 --

6:45PM US Industrial Production % May 0.66 --

11:30PM US FOMC rate decision % Jun 15 0.50 0.50

Source: Bloomberg, Angel Research

June 01, 2016

Market Outlook

Key Upcoming Events

h

1

Market Outlook

June 1, 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


Exhibit 6: Key policy rates

Source: RBI, Angel Research

6.7

7.8

6.4

5.8

7.5

8.3

6.6 6.7

7.6 7.7

7.2

7.9

3.0

4.0

5.0

6.0

7.0

8.0

9.0

1Q

FY14

2Q

FY14

3Q

FY14

4Q

FY14

1Q

FY15

2Q

FY15

3Q

FY15

4Q

FY15

1Q

FY16

2Q

FY16

3Q

FY16

4Q

FY16

(%)

2.5

4.2 4.3

6.3

3.7

9.9

(3.4)

(0.9) (1.5)

2.0

0.1

(6.0)

(4.0)

(2.0)

-

2.0

4.0

6.0

8.0

10.0

12.0

Ma

y-1

5

Ju

n-1

5

Ju

l-1

5

Au

g-1

5

Se

p-1

5

Oc

t-1

5

No

v-1

5

De

c-1

5

Ja

n-1

6

Fe

b-1

6

Ma

r-16

(%)

5.0 5.4

3.7 3.7

4.4

5.0 5.4 5.6 5.7

5.3 4.8

5.4

-

1.0

2.0

3.0

4.0

5.0

6.0

Ma

y-1

5

Ju

n-1

5

Ju

l-1

5

Au

g-1

5

Se

p-1

5

Oc

t-1

5

No

v-1

5

De

c-1

5

Ja

n-1

6

Fe

b-1

6

Ma

r-1

6

Ap

r-1

6

(%)

44.0

46.0

48.0

50.0

52.0

54.0

56.0M

ar-

15

Apr-

15

May

-15

Jun-1

5

Ju

l-1

5

Aug

-15

Sep

-15

Oc

t-1

5

Nov

-15

De

c-1

5

Jan-1

6

Feb-1

6

Mar-

16

Apr-

16

Mfg . PMI Services PMI

(35.0)

(30.0)

(25.0)

(20.0)

(15.0)

(10.0)

(5.0)

0.0

May-15

Jun-15

Jul-15

Aug-15

Sep-15

Oct-15

Nov-15

Dec-15

Jan-16

Feb-16

Mar-16

Apr-16

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

Ju

n-1

5

Ju

l-15

Ju

l-15

Ju

l-15

Au

g-1

5

Au

g-1

5

Se

p-1

5

Se

p-1

5

Oct-

15

Oct-

15

No

v-1

5

No

v-1

5

De

c-1

5

De

c-1

5

De

c-1

5

Ja

n-1

6

Ja

n-1

6

Fe

b-1

6

Fe

b-1

6

Ma

r-1

6

Ma

r-1

6

Ap

r-16

Ap

r-16

Ma

y-1

6

Repo rate Reverse Repo rate CRR (%)

h

2

Market Outlook

June 1, 2016


Global watch

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


Exhibit 2: 2016 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)

(1.2)

5.3

6.7

0.6

4.9

4.2

3.2

2.0 2.0

1.3 1.4

-

(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

(%)

(3.8) (1.8)

7.5

6.5

0.6

4.9 4.4

3.0

1.9 2.4

1.5 1.1

0.5

(6.0)

(4.0)

(2.0)

-

2.0

4.0

6.0

8.0

10.0

Brazil

Russia

India

China

South A

frica

Indonesia

Malaysia

Thailand

UK

USA

Germ

any

France

Japan

(%)

12

.5

6.9

18

.1

12

.7

17

.6

16

.8

15

.4

14

.4

16

.2

16

.0

12

.7

14

.4

13

.7

-

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

June 1, 2016


Exhibit 4: Relative performance of indices across globe

Returns (%)

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

Brazil Bovespa 48,472 (10.8) 16.5 (10.9)

Russia Micex 1,899 (2.4) 5.3 18.0

India Nifty 8,160 4.0 14.8 (2.1)

China Shanghai Composite 2,917 (1.0) 8.5 (37.4)

South Africa Top 40 47,974 2.5 13.0 3.6

Mexico Mexbol 45,459 (0.7) 4.6 1.2

Indonesia LQ45 820 (1.8) 1.1 (11.1)

Malaysia KLCI 1,626 (2.9) (2.7) (7.8)

Thailand SET 50 911 1.7 10.8 (9.4)

USA Dow Jones 17,787 (0.2) 7.7 (1.2)

UK FTSE 6,231 (1.4) 3.6 (10.4)

Japan Nikkei 17,235 (1.2) 8.3 (14.7)

Germany DAX 10,263 (0.6) 7.9 (9.5)

France CAC 4,506 1.7 3.5 (7.1)


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 206 - 4,008 1,612 1,911 13.3 13.3 7.4 9.5 27.9 21.7 4.5 4.0 16.7 18.4 2.6 2.2

United Phosphorus Buy 596 684 25,558 13,083 15,176 18.5 18.5 31.5 37.4 18.9 15.9 3.8 3.1 21.4 21.4 2.1 1.8

Auto & Auto Ancillary

Ashok Leyland Neutral 109 - 30,992 17,995 21,544 11.4 11.6 3.4 4.7 32.0 23.2 5.6 5.2 17.7 22.2 1.6 1.3

Bajaj Auto Neutral 2,619 - 75,782 22,709 25,860 20.9 20.1 129.0 143.6 20.3 18.2 6.2 5.4 30.7 29.4 2.9 2.5

Bharat Forge Buy 756 875 17,607 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 18,486 20,044 50,210 15,556 16,747 15.5 17.3 464.8 597.5 39.8 30.9 14.5 10.7 36.2 34.3 3.2 2.9

Gabriel India Accumulate 90 101 1,288 1,415 1,544 8.7 9.0 4.6 5.4 19.5 16.6 3.5 3.1 18.1 18.9 0.9 0.8

Hero Motocorp Neutral 3,099 - 61,886 28,244 30,532 15.5 15.9 156.7 168.5 19.8 18.4 7.9 6.7 39.9 36.4 2.0 1.8

Jamna Auto Industries Accumulate 146 160 1,170 1,281 1,473 11.2 11.5 7.6 9.2 19.3 15.9 4.9 4.0 25.4 25.2 1.0 0.8

L G Balakrishnan & Bros Neutral 455 - 714 1,254 1,394 11.6 11.8 35.9 41.7 12.7 10.9 1.7 1.5 13.5 13.8 0.7 0.6

Mahindra and Mahindra Neutral 1,325 - 82,276 38,416 42,904 13.7 13.9 54.8 63.4 24.2 20.9 3.7 3.3 15.4 15.8 1.8 1.6

Maruti Neutral 4,168 - 125,904 57,865 68,104 16.4 16.7 176.3 225.5 23.6 18.5 4.6 3.9 19.4 21.2 1.9 1.6

Minda Industries Neutral 1,197 - 1,899 2,523 2,890 8.7 9.0 55.0 65.4 21.8 18.3 4.2 3.4 19.3 18.7 0.8 0.7

Motherson Sumi Accumulate 285 313 37,692 39,343 45,100 8.8 9.1 10.1 12.5 28.2 22.8 8.9 7.0 35.3 34.4 1.0 0.9

Rane Brake Lining Buy 375 465 297 454 511 11.5 12.0 25.2 31.0 14.9 12.1 2.2 2.0 14.9 16.6 0.8 0.7

Setco Automotive Neutral 31 - 417 594 741 12.7 13.7 1.7 3.2 18.4 9.8 1.9 1.7 10.4 16.9 1.1 0.9

Tata Motors Neutral 458 - 132,292 259,686 273,957 13.0 13.4 25.9 29.5 17.7 15.5 2.3 2.0 8.0 9.0 0.6 0.6

TVS Motor Accumulate 286 330 13,576 11,263 13,122 6.9 8.5 9.2 15.0 31.1 19.1 7.1 5.6 22.7 29.6 1.2 1.0

Amara Raja Batteries Buy 841 1,076 14,361 4,892 5,871 17.4 17.6 28.8 37.1 29.2 22.7 6.8 5.5 23.4 24.1 2.9 2.4

Exide Industries Neutral 164 - 13,906 6,950 7,784 14.4 14.8 6.6 7.3 24.8 22.4 3.1 2.9 12.6 12.8 1.7 1.5

Apollo Tyres Buy 156 183 7,954 12,056 12,714 17.2 16.4 23.0 20.3 6.8 7.7 1.2 1.0 17.7 13.6 0.7 0.7

Ceat Buy 925 1,119 3,741 6,041 6,597 14.1 13.7 99.5 111.9 9.3 8.3 1.8 1.5 19.6 18.5 0.8 0.7

JK Tyres Neutral 86 - 1,947 7,446 7,669 15.2 14.0 19.6 18.4 4.4 4.7 1.1 0.9 25.2 19.5 0.7 0.6

Swaraj Engines Neutral 1,111 - 1,380 552 630 14.2 14.7 44.6 54.1 24.9 20.5 5.8 5.3 23.2 25.6 2.4 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 187 - 491 283 329 17.0 17.2 13.0 15.4 14.5 12.1 3.2 2.6 21.8 21.6 1.5 1.2

Capital Goods

ACE Neutral 40 - 396 660 839 4.7 8.2 1.0 3.9 40.0 10.3 1.3 1.1 3.2 11.3 0.8 0.6

BEML Buy 869 1,157 3,621 3,277 4,006 6.0 8.9 36.2 64.3 24.0 13.5 1.7 1.5 5.7 11.7 1.2 0.9

Bharat Electronics Buy 1,178 1,414 28,278 7,737 8,634 16.8 17.2 54.0 61.5 21.8 19.2 3.1 2.8 39.3 45.6 2.8 2.4


June 01, 2016

Stock Watch



Capital Goods

Voltas Buy 336 407 11,114 5,363 5,963 8.0 9.1 11.0 13.8 30.5 24.3 4.7 4.1 16.2 17.9 2.0 1.8

BGR Energy Neutral 113 - 818 3,615 3,181 9.5 9.4 16.7 12.4 6.8 9.1 0.6 0.6 10.0 7.0 0.6 0.8

BHEL Neutral 121 - 29,543 33,722 35,272 10.8 11.7 10.5 14.2 11.5 8.5 0.9 0.8 7.0 9.0 1.0 0.9

Blue Star Accumulate 416 481 3,742 3,548 3,977 6.3 6.9 13.7 17.2 30.4 24.3 7.6 5.0 26.1 25.4 1.2 1.0

Crompton Greaves Neutral 66 - 4,155 13,484 14,687 4.9 6.2 4.5 7.1 14.7 9.3 1.0 1.0 7.2 10.8 0.4 0.4

Greaves Cotton Neutral 136 - 3,314 1,655 1,755 16.6 16.8 7.4 7.8 18.3 17.4 3.7 3.5 21.1 20.6 2.0 1.9

Inox Wind Buy 219 286 4,852 4,406 5,605 15.5 15.7 20.4 24.8 10.7 8.8 2.5 1.8 27.9 25.9 1.3 1.0

KEC International Neutral 138 - 3,557 8,791 9,716 6.1 6.8 5.4 8.2 25.6 16.9 2.6 2.3 10.0 14.0 0.6 0.6

Thermax Neutral 733 - 8,735 6,413 7,525 7.4 8.5 30.5 39.3 24.0 18.7 3.7 3.2 15.0 17.0 1.4 1.1

VATech Wabag Neutral 578 - 3,148 2,722 3,336 7.9 8.1 19.5 24.6 29.6 23.5 3.1 2.8 11.1 12.4 1.3 1.0

Cement

ACC Neutral 1,532 - 28,759 13,151 14,757 16.4 18.3 63.9 83.4 24.0 18.4 3.1 2.8 13.3 16.1 2.0 1.7

Ambuja Cements Neutral 229 - 35,492 11,564 12,556 19.4 20.7 8.9 10.1 25.7 22.6 3.2 3.1 12.8 13.8 2.7 2.5

HeidelbergCement Neutral 102 - 2,309 1,772 1,926 13.3 15.4 1.0 3.0 101.9 34.0 2.6 2.4 2.6 7.9 1.8 1.6

India Cements Neutral 94 - 2,895 4,216 4,840 18.0 19.5 4.0 9.9 23.6 9.5 0.9 0.9 4.0 9.5 1.0 0.8

JK Cement Neutral 580 - 4,054 3,661 4,742 10.1 15.8 7.5 28.5 77.3 20.3 2.3 2.1 7.5 22.9 1.6 1.2

J K Lakshmi Cement Neutral 340 - 3,995 2,947 3,616 16.7 19.9 11.5 27.2 29.5 12.5 2.8 2.4 9.8 20.8 1.8 1.4

Mangalam Cements Neutral 253 - 674 1,053 1,347 10.5 13.3 8.4 26.0 30.1 9.7 1.3 1.2 4.3 12.5 1.0 0.8

Orient Cement Neutral 161 - 3,292 1,854 2,524 21.2 22.2 7.7 11.1 20.9 14.5 3.0 2.6 13.3 15.7 2.5 1.8

Ramco Cements Neutral 492 - 11,716 4,036 4,545 20.8 21.3 15.1 18.8 32.6 26.2 4.0 3.5 12.9 14.3 3.5 3.0

Shree Cement^ Neutral 13,200 - 45,984 7,150 8,742 26.7 28.6 228.0 345.5 57.9 38.2 8.5 7.2 15.7 20.3 6.3 5.1

UltraTech Cement Neutral 3,229 - 88,624 24,669 29,265 18.2 20.6 82.0 120.0 39.4 26.9 4.2 3.7 11.3 14.7 3.6 3.1

Construction

ITNL Buy 69 93 2,270 7,360 8,825 34.0 35.9 7.0 9.0 9.9 7.7 0.3 0.3 3.2 3.7 3.7 3.6

KNR Constructions Accumulate 554 603 1,559 937 1,470 14.3 14.0 44.2 38.6 12.5 14.4 2.5 2.2 15.4 15.4 1.7 1.1

Larsen & Toubro Neutral 1,474 - 137,380 58,870 65,708 8.3 10.3 42.0 53.0 35.1 27.8 2.4 2.2 8.8 11.2 2.6 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 12.1 10.9

MBL Infrastructures Buy 125 285 520 2,313 2,797 12.2 14.6 19.0 20.0 6.6 6.3 0.7 0.6 11.3 10.6 0.9 0.8

Nagarjuna Const. Neutral 74 - 4,097 7,892 8,842 8.8 9.1 3.0 5.3 24.6 13.9 1.2 1.1 5.0 8.5 0.8 0.6

PNC Infratech Neutral 565 - 2,898 1,873 2,288 13.2 13.5 24.0 32.0 23.5 17.7 2.3 2.0 12.1 12.3 1.7 1.4

Simplex Infra Neutral 274 - 1,353 5,955 6,829 10.3 10.5 16.0 31.0 17.1 8.8 0.9 0.8 5.3 9.9 0.7 0.6


June 01, 2016

Stock Watch



Construction

Power Mech Projects Neutral 590 - 868 1,539 1,801 12.8 12.7 59.0 72.1 10.0 8.2 1.5 1.3 18.6 16.8 0.6 0.5

Sadbhav Engineering Accumulate 276 298 4,726 3,186 3,598 10.2 10.3 8.0 9.0 34.4 30.6 3.2 2.8 9.4 9.9 1.8 1.6

NBCC Buy 948 1,098 11,375 5,816 7,382 6.9 7.7 29.6 39.8 32.0 23.8 5.8 4.5 24.1 26.7 1.7 1.3

MEP Infra Neutral 40 - 649 1,956 1,876 28.1 30.5 1.3 3.0 30.7 13.3 6.4 4.3 21.2 32.8 1.8 1.7

SIPL Neutral 97 - 3,420 675 1,042 62.4 64.7 - - 3.6 4.2 - - 16.8 11.3

Engineers India Neutral 179 - 6,043 1,667 1,725 13.5 16.0 9.7 11.4 18.5 15.7 2.2 2.1 11.7 13.4 2.5 2.5

Financials

Allahabad Bank Neutral 53 - 3,265 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 Neutral 516 - 122,957 26,204 29,738 3.6 3.5 34.5 35.4 14.9 14.6 2.4 2.1 16.8 14.9 - -

Bank of Baroda Neutral 143 - 32,880 18,802 21,088 2.0 2.2 (7.4) 13.0 11.0 1.1 0.9 (4.2) 7.3 - -

Bank of India Neutral 87 - 8,079 15,972 17,271 1.9 2.0 15.3 33.4 5.7 2.6 0.3 0.2 3.6 7.6 - -

Canara Bank Neutral 206 - 11,161 15,441 16,945 2.0 2.1 46.6 70.4 4.4 2.9 0.4 0.3 8.0 11.2 - -

Dena Bank Neutral 29 - 1,921 3,440 3,840 2.1 2.3 7.3 10.0 4.0 2.9 0.3 0.2 6.1 7.9 - -

Dewan Housing Finance Buy 199 270 5,792 1,828 2,225 2.9 3.0 24.9 29.7 8.0 6.7 1.2 1.1 15.1 16.1 - -

Federal Bank Neutral 52 - 8,994 3,279 3,787 2.8 2.9 3.9 5.5 13.3 9.5 1.1 1.0 8.4 10.8 - -

HDFC Neutral 1,239 - 195,726 10,358 11,852 3.3 3.3 41.1 47.0 30.2 26.3 5.7 5.2 24.7 24.9 - -

HDFC Bank Accumulate 1,181 1,262 298,791 38,606 47,696 4.4 4.5 48.8 61.4 24.2 19.3 4.1 3.6 18.7 20.0 - -

ICICI Bank Neutral 245 - 142,597 34,279 39,262 3.3 3.3 21.0 24.4 11.7 10.1 2.0 1.7 14.4 14.7 - -

IDBI Bank Neutral 68 - 13,990 9,625 10,455 1.8 1.8 8.5 14.2 8.0 4.8 0.5 0.5 5.9 9.3 - -

Indian Bank Neutral 91 - 4,390 6,160 6,858 2.5 2.5 24.5 29.8 3.7 3.1 0.3 0.3 7.7 8.6 - -

LIC Housing Finance Buy 469 592 23,691 3,179 3,758 2.6 2.6 32.9 40.6 14.3 11.6 2.6 2.2 19.6 20.7 - -

Oriental Bank Neutral 85 - 2,932 7,643 8,373 2.4 2.4 37.2 45.4 2.3 1.9 0.2 0.2 8.2 9.4 - -

Punjab Natl.Bank Neutral 79 - 15,532 23,122 26,022 2.8 2.8 7.0 21.6 11.3 3.7 0.6 0.5 3.4 10.0 - -

South Ind.Bank Neutral 19 - 2,572 1,965 2,185 2.5 2.5 2.5 3.3 7.7 5.8 0.8 0.7 9.5 11.7 - -

St Bk of India Neutral 205 - 159,020 79,958 86,061 2.6 2.6 13.4 20.7 15.3 9.9 1.3 1.2 11.5 12.8 - -

Union Bank Neutral 118 - 8,115 12,646 14,129 2.3 2.4 31.0 39.1 3.8 3.0 0.4 0.4 9.8 11.4 - -

Vijaya Bank Neutral 31 - 2,849 3,536 3,827 1.9 1.9 5.5 6.7 5.5 4.6 0.5 0.4 7.8 8.8 - -

Yes Bank Neutral 1,032 - 43,427 7,190 9,011 3.2 3.3 58.2 69.7 17.7 14.8 3.2 2.7 19.2 19.6 - -

FMCG

Asian Paints Neutral 984 - 94,395 16,553 19,160 16.0 16.2 17.7 21.5 55.7 45.8 14.8 13.3 29.4 31.2 5.5 4.8

Britannia Neutral 2,706 - 32,465 8,481 9,795 14.0 14.1 65.5 78.3 41.3 34.6 19.6 16.0 38.3 41.2 3.8 3.3


June 01, 2016

Stock Watch



FMCG

Colgate Neutral 859 - 23,355 4,136 4,632 22.5 23.3 22.2 25.3 38.7 33.9 23.5 20.9 68.6 67.5 5.5 4.9

Dabur India Neutral 290 - 51,015 9,370 10,265 17.6 17.3 7.3 8.1 39.5 35.8 10.3 9.4 31.7 30.6 5.4 4.9

GlaxoSmith Con* Neutral 5,741 - 24,145 4,519 5,142 19.6 19.8 164.3 191.2 35.0 30.0 9.7 8.2 30.8 29.9 5.0 4.3

Godrej Consumer Neutral 1,487 - 50,624 9,003 10,335 18.1 18.7 34.1 41.8 43.6 35.6 9.4 8.1 23.9 24.8 5.9 5.2

HUL Neutral 850 - 183,913 33,299 35,497 17.1 17.1 18.9 20.0 45.0 42.5 22.8 26.2 87.6 80.8 5.4 5.0

ITC Neutral 352 - 282,940 36,804 38,776 37.9 37.9 12.2 12.9 28.8 27.3 8.0 7.1 27.7 25.8 7.4 7.0

Marico Neutral 249 - 32,145 6,151 6,966 17.2 17.3 5.4 6.4 46.1 38.9 14.5 11.4 33.2 32.4 5.2 4.6

Nestle* Neutral 6,099 - 58,803 9,393 10,507 22.2 22.3 106.8 121.8 57.1 50.1 20.1 18.0 34.8 36.7 6.3 5.6

Tata Global Buy 118 137 7,432 8,635 9,072 9.8 9.9 5.8 7.2 20.3 16.4 1.8 1.7 6.8 7.4 0.9 0.8Procter & Gamble Hygiene Buy 6,195 7,369 20,109 2,588 2,939 23.3 23.2 130.2 146.2 47.6 42.4 94.9 91.0 27.6 25.3 7.3 6.4

IT

HCL Tech^ Buy 740 1,000 104,367 37,061 30,781 21.5 20.5 51.4 40.0 14.4 18.5 3.7 2.7 20.1 20.3 2.6 2.8

Infosys Accumulate 1,250 1,374 287,084 62,441 70,558 27.5 27.5 59.0 65.3 21.2 19.1 4.3 3.9 22.2 22.4 4.1 3.5

TCS Accumulate 2,575 3,004 507,405 108,646 122,770 28.3 28.3 123.7 141.0 20.8 18.3 6.9 6.3 33.1 34.6 4.3 3.7

Tech Mahindra Neutral 538 - 52,241 26,524 29,177 16.2 17.0 28.8 33.6 18.7 16.0 3.6 3.1 19.3 19.1 1.8 1.5

Wipro Buy 546 680 134,950 50,808 56,189 23.7 23.8 37.3 40.7 14.6 13.4 2.8 2.6 19.2 17.7 2.1 1.8

Media

D B Corp Neutral 374 - 6,876 2,025 2,187 27.4 27.4 17.4 18.9 21.5 19.8 4.9 4.4 22.9 23.7 3.3 3.0

HT Media Neutral 81 - 1,878 2,495 2,673 12.9 13.2 6.8 7.2 11.9 11.2 0.9 0.9 7.5 7.8 0.3 0.3

Jagran Prakashan Buy 169 205 5,522 2,170 2,355 27.2 26.2 8.9 9.9 19.0 17.1 4.0 3.5 20.9 20.5 2.5 2.3

Sun TV Network Neutral 374 - 14,751 2,510 2,763 71.8 71.5 21.9 24.8 17.1 15.1 4.1 3.7 22.8 24.3 5.4 4.9Hindustan Media Ventures Neutral 263 - 1,931 914 1,016 21.7 21.5 21.9 23.3 12.0 11.3 2.2 1.8 18.0 16.2 1.6 1.3

Metals & Mining

Coal India Buy 292 380 184,217 76,167 84,130 19.9 22.3 22.4 25.8 13.0 11.3 4.7 4.6 35.5 41.0 1.8 1.6

Hind. Zinc Neutral 171 - 72,190 14,641 14,026 50.4 50.4 17.7 16.0 9.7 10.7 1.5 1.4 16.2 13.2 2.6 2.4

Hindalco Neutral 105 - 21,713 104,356 111,186 8.7 9.5 6.7 11.1 15.7 9.5 0.6 0.5 3.5 5.9 0.7 0.7

JSW Steel Neutral 1,391 - 33,628 42,308 45,147 16.4 20.7 (10.3) 49.5 28.1 1.6 1.5 (1.0) 5.6 1.8 1.7

NMDC Neutral 88 - 35,008 8,237 10,893 46.6 44.5 10.0 11.7 8.9 7.6 1.0 0.9 12.5 13.0 4.1 3.1

SAIL Neutral 43 - 17,635 45,915 53,954 7.2 10.5 1.5 4.4 28.4 9.8 0.4 0.4 2.3 4.1 1.0 0.9

Vedanta Neutral 109 - 32,182 71,445 81,910 26.2 26.3 12.9 19.2 8.4 5.7 0.6 0.5 7.2 8.9 0.9 0.7

Tata Steel Neutral 334 - 32,482 126,760 137,307 8.9 11.3 6.4 23.1 52.6 14.5 1.1 1.0 2.0 7.1 0.8 0.8

Oil & Gas

Cairn India Neutral 145 - 27,223 11,323 12,490 49.4 51.0 20.7 20.7 7.0 7.0 0.5 0.4 6.4 6.1 1.5 0.8


June 01, 2016

Stock Watch



Oil & Gas

GAIL Neutral 371 - 47,041 64,856 70,933 9.1 9.6 24.0 28.9 15.5 12.8 1.3 1.2 8.8 9.6 0.9 0.8

ONGC Neutral 211 - 180,649 154,564 145,998 36.8 37.4 20.8 22.6 10.2 9.3 1.0 0.9 10.1 9.7 1.4 1.5

Petronet LNG Neutral 274 - 20,565 29,691 31,188 5.8 6.2 12.8 13.4 21.5 20.4 3.2 2.9 15.8 14.8 0.8 0.7

Indian Oil Corp Accumulate 416 455 101,027 359,607 402,760 5.9 6.1 42.5 48.7 9.8 8.5 1.3 1.2 14.1 14.4 0.4 0.3

Reliance Industries Buy 959 1,150 310,823 304,775 344,392 12.6 13.4 91.3 102.6 10.5 9.4 1.2 1.1 11.8 12.0 1.0 0.8

Pharmaceuticals

Alembic Pharma Neutral 535 - 10,087 3,274 3,802 26.9 19.4 35.0 28.7 15.3 18.6 6.8 5.1 55.6 31.2 3.0 2.5

Aurobindo Pharma Accumulate 786 856 45,968 14,923 17,162 22.0 23.0 35.7 42.8 22.0 18.4 6.5 4.9 34.0 30.2 3.3 2.8

Aventis* Accumulate 4,192 4,738 9,655 2,049 2,375 15.4 17.3 115.4 153.5 36.3 27.3 5.9 4.6 19.3 25.8 4.5 3.8

Cadila Healthcare Buy 336 400 34,413 9,469 11,246 21.2 22.0 14.9 17.1 22.6 19.7 6.4 5.1 28.8 26.6 3.6 3.0

Cipla Buy 472 605 37,952 13,979 16,447 20.2 18.6 25.7 27.5 18.4 17.2 3.0 2.6 17.6 16.1 2.7 2.2

Dr Reddy's Accumulate 3,184 3,476 54,307 15,471 17,479 24.6 24.6 138.2 152.4 23.0 20.9 4.2 3.6 19.7 18.7 3.5 3.1

Dishman Pharma Neutral 152 - 2,447 1,733 1,906 21.5 21.5 10.1 10.0 15.0 15.2 1.8 1.6 10.5 11.2 1.9 1.7

GSK Pharma* Neutral 3,547 - 30,046 2,870 3,158 20.0 22.1 59.5 68.3 59.6 51.9 17.6 18.1 28.5 34.3 10.1 9.2

Indoco Remedies Neutral 278 - 2,565 1,033 1,199 15.9 18.2 9.4 13.6 29.6 20.5 4.4 3.7 15.7 19.7 2.7 2.3

Ipca labs Buy 431 750 5,435 3,363 3,909 12.9 18.6 13.4 28.0 32.2 15.4 2.3 2.0 7.4 14.0 1.9 1.7

Lupin Buy 1,474 1,809 66,451 13,702 15,912 23.7 26.4 50.5 58.1 29.2 25.4 6.0 4.9 22.9 21.4 5.3 4.2

Sun Pharma Buy 763 950 183,559 28,163 32,610 25.8 30.7 17.4 26.9 43.8 28.4 4.2 3.6 13.0 16.6 6.4 5.3

Power

Tata Power Neutral 74 - 19,947 35,923 37,402 22.6 22.8 4.1 5.2 18.2 14.3 1.4 1.3 7.5 9.3 1.5 1.4

NTPC Neutral 143 - 118,116 87,271 99,297 23.5 23.5 11.8 13.3 12.2 10.8 1.4 1.3 11.5 12.2 2.4 2.1

Power Grid Accumulate 150 170 78,474 20,702 23,361 86.7 86.4 12.1 13.2 12.4 11.4 1.8 1.6 15.6 15.1 8.8 8.1

Real Estate

MLIFE Buy 445 554 1,824 826 1,133 20.1 21.8 22.6 30.7 19.7 14.5 1.2 1.1 6.0 7.4 4.1 2.7

Telecom

Bharti Airtel Neutral 352 - 140,569 101,748 109,191 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 115 - 41,298 34,282 36,941 32.0 31.5 5.9 6.2 19.4 18.5 1.8 1.6 9.9 9.3 1.8 1.7

zOthers

Abbott India Neutral 4,702 - 9,991 2,715 3,153 14.5 14.1 134.3 152.2 35.0 30.9 8.7 7.2 27.4 25.6 3.4 2.9

Bajaj Electricals Neutral 235 - 2,375 4,719 5,287 5.2 5.8 8.6 12.7 27.5 18.6 3.1 2.8 11.4 14.8 0.5 0.5

Finolex Cables Neutral 353 - 5,400 2,520 2,883 12.2 12.0 12.7 14.2 27.9 24.9 3.8 3.4 13.6 13.5 1.8 1.6

Goodyear India* Accumulate 506 582 1,167 1,800 1,600 11.7 11.5 58.7 52.9 8.6 9.6 1.9 1.7 24.6 18.7 0.4 0.4

Hitachi Neutral 1,294 - 3,518 1,779 2,081 7.8 8.8 21.8 33.4 59.4 38.7 9.6 7.8 17.4 22.1 2.2 1.9

Jyothy Laboratories Neutral 282 - 5,112 1,620 1,847 11.5 11.5 7.3 8.5 38.7 33.3 5.0 4.6 13.3 14.4 3.0 2.6


June 01, 2016

Stock Watch



zOthers

MRF Buy 33,806 45,575 14,338 20,316 14,488 21.4 21.1 5,488.0 3,798.0 6.2 8.9 2.1 1.7 41.1 21.2 0.6 0.9

Page Industries Neutral 13,808 - 15,401 1,929 2,450 19.8 20.1 229.9 299.0 60.1 46.2 26.5 18.4 52.1 47.1 8.1 6.4

Relaxo Footwears Neutral 447 - 5,362 1,767 2,152 12.3 12.5 19.3 25.1 23.2 17.8 5.7 4.4 27.7 27.8 3.1 2.5

Siyaram Silk Mills Buy 1,022 1,354 958 1,636 1,815 11.5 11.5 89.9 104.1 11.4 9.8 1.9 1.6 17.9 17.8 0.7 0.7

Styrolution ABS India* Neutral 594 - 1,044 1,271 1,440 8.6 9.2 32.0 41.1 18.5 14.5 1.9 1.7 10.7 12.4 0.8 0.7

TVS Srichakra Buy 2,345 2,932 1,796 2,035 2,252 15.9 15.3 248.6 268.1 9.4 8.8 4.1 3.0 43.6 33.9 0.9 0.8

HSIL Accumulate 280 310 2,027 2,123 2,384 16.1 16.5 15.0 18.9 18.6 14.9 1.5 1.3 8.0 9.4 1.3 1.2Kirloskar Engines India Ltd Neutral 245 - 3,541 2,403 2,554 8.6 9.9 9.2 10.5 26.7 23.3 2.6 2.4 9.7 10.7 1.1 1.0

M M Forgings Buy 449 546 542 511 615 21.7 21.6 43.1 55.8 10.4 8.0 1.9 1.6 19.9 21.2 1.3 1.0

Banco Products (India) Neutral 131 - 938 1,208 1,353 11.0 12.3 10.8 14.5 12.2 9.1 1.4 1.2 11.9 14.5 0.8 0.7

Competent Automobiles Neutral 143 - 88 1,040 1,137 3.2 3.1 25.7 28.0 5.6 5.1 0.8 0.7 15.0 14.3 0.1 0.1

Nilkamal Neutral 1,217 - 1,816 1,871 2,031 10.7 10.5 63.2 69.8 19.3 17.5 3.1 2.7 17.6 16.6 1.0 0.9

Visaka Industries Accumulate 139 162 221 1,020 1,120 8.7 9.1 13.9 20.1 10.0 6.9 0.6 0.6 6.4 8.7 0.5 0.4Transport Corporation of India Neutral 282 - 2,146 2,830 3,350 8.8 9.0 14.4 18.3 19.6 15.4 3.0 2.6 15.4 17.1 0.9 0.8

Elecon Engineering Neutral 58 - 632 1,359 1,482 10.3 13.7 0.8 3.9 72.2 14.9 1.2 1.1 1.6 7.8 0.8 0.7

Surya Roshni Buy 150 201 659 2,992 3,223 8.1 8.4 14.7 18.3 10.2 8.2 1.0 0.9 9.7 11.0 0.5 0.5

MT Educare Neutral 185 - 735 286 366 18.3 17.7 7.7 9.4 23.9 19.7 5.0 4.4 20.2 21.1 2.4 1.8

Radico Khaitan Buy 86 125 1,137 1,543 1,659 12.6 13.0 5.8 6.3 14.8 13.5 1.3 1.2 8.5 8.6 1.2 1.1

Garware Wall Ropes Buy 364 473 797 862 974 11.2 11.2 24.9 29.6 14.6 12.3 2.2 1.9 15.1 15.4 0.9 0.8

Wonderla Holidays Neutral 378 - 2,134 206 308 44.0 43.6 9.0 12.9 42.0 29.3 5.7 5.2 13.7 17.8 10.4 6.9

Linc Pen & Plastics Neutral 201 - 297 340 371 8.3 8.9 10.8 13.2 18.6 15.2 3.0 2.6 16.0 17.1 0.9 0.8

The Byke Hospitality Neutral 172 - 690 222 287 20.5 20.5 5.6 7.6 30.5 22.8 5.8 4.7 18.9 20.8 3.2 2.4

Interglobe Aviation Neutral 1,064 - 38,353 17,022 21,122 20.7 14.5 63.9 53.7 16.7 19.8 25.0 20.5 149.9 103.2 2.3 1.8Coffee Day Enterprises Ltd Neutral 268 - 5,519 2,692 2,964 17.0 18.6 - 4.7 - 56.5 3.3 3.1 0.2 5.5 2.4 2.2

Navneet Education Neutral 87 - 2,076 998 1,062 24.1 24.0 5.8 6.1 15.2 14.3 3.3 2.9 22.0 20.6 2.2 2.1

Navkar Corporation Buy 200 265 2,854 365 436 38.3 37.5 5.6 5.9 35.5 34.0 2.2 2.1 6.3 6.1 8.2 7.0

UFO Moviez Neutral 521 - 1,437 558 619 32.0 33.2 22.5 30.0 23.1 17.4 2.8 2.4 12.0 13.8 2.5 2.1

VRL Logistics Neutral 277 - 2,526 1,725 1,902 16.5 16.7 12.2 14.6 22.7 19.0 4.7 4.2 20.8 21.9 1.6 1.5

Team Lease Serv. Neutral 931 - 1,591 2,565 3,229 1.3 1.5 15.2 22.8 61.3 40.9 4.9 4.4 8.0 10.7 0.5 0.4


June 01, 2016

Stock Watch



zOthers

S H Kelkar & Co. Neutral 219 - 3,164 928 1,036 15.3 15.1 4.9 6.1 44.3 35.8 4.2 3.8 9.4 10.7 3.4 3.0

Quick Heal Neutral 229 - 1,602 339 408 27.8 27.3 7.1 7.7 32.4 29.6 2.7 2.7 8.5 9.3 3.7 3.1

Narayana Hrudaya Neutral 315 - 6,440 1,603 1,873 10.9 11.5 1.0 2.6 330.8 119.2 8.0 7.3 2.4 6.1 4.0 3.4

Manpasand Bever. Neutral 539 - 2,698 540 836 19.9 19.6 10.2 16.9 52.6 31.9 4.3 3.8 8.1 12.0 4.6 2.9

Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on May 31, 2016


June 01, 2016

Stock Watch

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

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Market OutlookJune 01, 2016

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