market outlook 13 07 2016 -...

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Market Outlook July 13, 2016

Market Cues

Indian markets are expected to open flat tracking SGX Nifty.

US stock hit another milestone as the Dow Jones industrial average closed at a record high, a day after the Standard & Poor's 500 index did. The optimism about stimulus from Japan and China and expectations of interest rate cut by Bank of England generated buying interest.

European shares rose for fourth straight day on Tuesday where the pan-European STOXX Europe 600 index and the similar FTS Euro first 300 index both rose 1.1%. Autos and banks were among the top gainers, up 3.8% and 3.3% respectively.

Indian markets gained for second consecutive day on the back of encouraging U.S. data and expectations of further monetary stimulus from global policymakers.

News Analysis IDFC Bank to expand reach with acquisition of Grama Vidiyal Micro Finance Detailed analysis on Pg2

Investor’s Ready Reckoner

Key Domestic & Global Indicators

Stock Watch: Latest investment recommendations on 150+ stocks

Refer Pg6 onwards

Top Picks Company Sector Rating

CMP(`)

Target(`)

Upside (%)

Amara Raja Auto/Auto Ancillary Buy 861 1,076 25.0

HCL Tech IT Buy 719 1,000 39.0

LIC Housing Financials Accumulate 521 592 13.6

Bharat Electronics Capital Goods Accumulate 1,262 1,414 12.1

Navkar Corporation Others Buy 211 265 25.5

More Top Picks on Pg4

Key Upcoming Events Date Region Event Description

PreviousReading

Consensus Expectations

July 13 India Imports YoY% (13.2) --

July 13 China Exports YoY% (4.1) (5.0)

July 13 India Exports YoY% (0.8) --

June 14 US Initial Jobless claims 254.0 265.0 6.(

More Events on Pg5

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

BSE Sensex 0.7 181 27,808

Nifty 0.6 53 8,521

Mid Cap 0.5 59 12,117

Small Cap 0.1 10 12,081

Bankex 1.6 341 21,402

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

Dow Jones 0.7 121 18,348

Nasdaq 0.7 34 5,023

FTSE (0.0) (2) 6,681

Nikkei 2.5 387 16,096

Hang Seng 1.6 344 21,225

Shanghai Com 1.8 54 3,049

Advances / Declines BSE NSE

Advances 1,236 735

Declines 1,534 882

Unchanged 175 65

Volumes (` Cr)

BSE 3,310

NSE 19,861

Net Inflows (` Cr) Net Mtd Ytd

FII 1,073 1,455 20,999

MFs (286) (92) 9,252

Top Gainers Price (`) Chg (%)

Unitech 8 13.8

Nationalum 50 13.3

Cairn 163 8.3

Jindalstel 74 8.2

Vedl 160 7.3

Top Losers Price (`) Chg (%)

Aloktext 4 (5.0)

Kpit 145 (2.5)

Bergepaint 313 (2.4)

Ajantpharm 1,604 (2.4)

Bfutilitie 548 (2.4) As on July 12, 2016



IDFC Bank to expand reach with acquisition of Grama Vidiyal Micro Finance

IDFC bank has announced that it has signed a share purchase agreement to acquire 100% of Grama Vidiyal Micro Finance Ltd (GVMFL), which is one of the largest microfinance institutions in India. Upon completion of the acquisition, GVMFL will be a wholly owned subsidiary of the company. The company in the announcement however did not disclose the value of the transaction.

The acquisition will give IDFC bank immediate access to 1.2mn rural and semi urban households and it operates from 319 locations across 65 districts of Tamil Nadu, Kerala Karnataka, Puducherry, Maharashtra, Gujarat, and Madhya Pradesh. GVMFL’s assets under management were `1,502 crore as on March 31.

As of the FY2016 ended quarter, IDFC Bank’s advances stood at `45,699 crore, higher than `43,440 crore as on 31 December 2015. About 95% of these loans were from large firms and the remaining from smaller firms and retail customers. The bank’s deposit base as on 31 March stood at `8,219 crore, of which about `200 crore worth of deposits came from its retail customers.

Economic and Political News Industrial production growth rises 1.2 per cent in May after a slowdown.

Government invites bits from Merchant bankers for HUDCO stake sell.

All ministry to old road shows for discovered small field.

Sizable dip Indian black money parked abroad, said by Arun Jaitley.

Corporate News KKR commits to invest `520crore in dairy company Kwality Ltd.

Lenders by the State Bank of India are looking to recover loans worth `20,000 crore given to Alok Industries by restructuring them.

Cairn India seeks $5.6 billion compensation from Indian for retrospective demand



Quarterly Bloomberg Brokers Consensus Estimate Tata Consultancy Services Ltd Consol - July 14, 2016 Particulars (` cr) 1QFY17E 1QFY16 y-o-y (%) 4QFY16 q-o-q (%)

Net sales 29,284 25,668 14.1 28,449 2.9

EBITDA 7,723 7,202 7.2 7,887 (2.1)

EBITDA margin (%) 26.4 28.1 27.7

Net profit 6,056 5,684 6.5 6,413 (5.6)

LIC Housing Finance Ltd - July 15, 2016 Particulars (` cr) 1QFY17E 1QFY16 y-o-y (%) 4QFY16 q-o-q (%)

PAT 460 382 20.3 448 2.6

Reliance Industries Ltd - July 15, 2016 Particulars (` cr) 1QFY17E 1QFY16 y-o-y (%) 4QFY16 q-o-q (%)

Net sales 57,274 65,817 (13.0) 49,957 14.6

EBITDA 9,273 9,307 (0.4) 10,727 (13.6)

EBITDA margin (%) 16.2 14.1 21.5

Net profit 6,409 6,318 1.4 7,320 (12.4)

Infosys Ltd Consol - July 15, 2016 Particulars (` cr) 1QFY17E 1QFY16 y-o-y (%) 4QFY16 q-o-q (%)

Net sales 17,030 14,354 18.6 16,550 2.9

EBITDA 4,450 3,760 18.3 4,639 (4.1)

EBITDA margin (%) 26.1 26.2 28.0

Net profit 3,424 3,030 13.0 3,597 (4.8)

Exide Industries Ltd - July 18, 2016 Particulars (` cr) 1QFY17E 1QFY16 y-o-y (%) 4QFY16 q-o-q (%)

Net sales 1,952 1,795 8.7 1,756 11.1

EBITDA 302 266 13.6 267 13.0

EBITDA margin (%) 15.5 14.8 15.2

Net profit 183 155 18.2 178 3.3



Top Picks ★★★★★ Large Cap Company

Market Cap (` Cr)

CMP (`)

Target (`)

Upside (%)

Rationale

Amara Raja Batteries 14,704 861 1,076 25.0To outpace battery industry growth due to better technologicalproducts leading to market share gains in both the automotiveOEM and replacement segments.

Bharat Electronics 30,283 1,262 1,414 12.1Uptick in defense capex by government, coupled with BELsstrong market positioning, indicate good times ahead for BEL.

HCL Tech 1,01,497 719 1,000 39.0 Stock is trading at attractive valuations & factors all bad news.

HDFC Bank 3,03,708 1,200 1,262 5.2 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 2,70,121 1,176 1,374 16.8Back on the growth trend, expect a long term growth of 14% tobe a US$20bn in FY2020.

LIC Housing Fin. 26,285 521 592 13.6Continues to grow its retail loan book at healthy pace withimprovement in asset quality. Expect LICHF to post a healthyloan book which is likely to reflect in a strong earnings growth.

NBCC 15,474 258 242 (6.2)Huge bid pipeline of re-development works at Delhi and otherState Governments and opportunity from Smart City, positionsNBCC to report strong growth, going forward.

Voltas 10,530 318 407 27.9 Strong market positioning within the domestic AC markets tocontinue, EMP business set to revive

Source: Company, Angel Research

Mid Cap Company

Market Cap(` Cr)

CMP (`)

Target (`)

Upside (%)

Rationale

Bajaj Electricals 2,446 242 268 10.7Among the top 4 players in the consumer durables segment. Improved profitability backed by turn around in E&P segment. Strong order book lends earnings visibility.

Blue Star 4,075 453 495 9.3 Favourable outlook for AC industry to augur well for Cooling products business. EMPPAC division's profitability to improve once operating environment turns around.

Dewan Housing 6,342 217 270 24.2With 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.

Equitas Holdings 5,997 179 235 31.4Strong loan growth backed by diversified loan portfolio and adequate CAR. ROE & ROA likely to remain decent as risk of dilution remains low. Attractive valuations considering growth.

Goodyear India 1,216 527 631 19.7Expectations of above average monsoon augurs well for Goodyear India as it derives ~50% of its turnover from farm tyre segment.

IL&FS Transport 2,781 85 93 10.0Commencement of new projects, downtrend in the interest rate cycle, to lead to stock re-rating

Jagran Prakashan 5,984 183 205 12.0Economic 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 1,956 477 554 16.2Speedier execution and speedier sales, strong revenue visibility in short-to-long run, attractive valuations

Navkar Corporation 3,010 211 265 25.5Massive capacity expansion along with rail advantage at ICD as well CFS augurs well for the company

Radico Khaitan 1,237 93 125 34.4Earnings boost on back of stable material prices and favourable pricing environment. Valuation discount to peers provides additional comfort

Siyaram Silk Mills 1,015 1,083 1,347 24.4Strong brands and distribution network would boost growth going ahead. Stock currently trades at an inexpensive valuation.

Source: Company, Angel Research

h

1

Market Outlook

July 13, 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

Jul 13, 2016

India Imports YoY% % Change Jun (13.20)

China Exports YoY% % Change Jun (4.10) (5.00)

India Exports YoY% % Change Jun (0.80)

Jul 14, 2016 6:00 PM US Initial Jobless claims Thousands Jul 9 254.00 265.00

12:00 PM India Monthly Wholesale Prices YoY% % Change Jun 0.79 1.20

4:30 PM UK BOE Announces rates % Ratio Jul 14 0.50 0.25

US Producer Price Index (mom) % Change Jun 0.50

July 15, 2016 2:30 PM Euro Zone Euro-Zone CPI (YoY) % Jun F 0.10 0.10

6:00 PM US Consumer price index (mom) % Change Jun 0.20 0.30

6:45 PM US Industrial Production % Jun (0.42) 0.30

7:30 AM China Industrial Production (YoY) % Change Jun 6.00 5.90

7:30 AM China Real GDP (YoY) % Change 2Q 6.70 6.60

Jul 19, 2016 6:00 PM US Housing Starts Thousands Jun 1,164.00 1,165.00

6:00 PM US Building permits Thousands Jun 1,136.00 1,150.00

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

Jul 20, 2016 2:00 PM UK Jobless claims change % Change Jun (0.40)

7:30 PM US Existing home sales Million Jun 5.53 5.45

Jul 21, 2016 7:30 PM Euro Zone Euro-Zone Consumer Confidence Value Jul A (7.30)

5:15 PM Euro Zone ECB announces interest rates % Jul 21 -

Source: Bloomberg, Angel Research

h

1

Market Outlook

July 13, 2016


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

(%)

4.3

6.3

3.7

9.9

(3.4)

(0.9)(1.6)

1.9

0.3

(1.3)

1.2

(6.0)

(4.0)

(2.0)

-

2.0

4.0

6.0

8.0

10.0

12.0

Jul-15

Aug-15

Sep-15

Oct-15

Nov-15

Dec-15

Jan-16

Feb-16

Mar-16

Apr-16

May-16

(%)

5.4

3.7 3.7

4.4

5.0

5.4 5.6 5.7

5.3

4.8

5.5 5.8

-

1.0

2.0

3.0

4.0

5.0

6.0

7.0

Jun-15

Jul-15

Aug-15

Sep-15

Oct-15

Nov-15

Dec-15

Jan-16

Feb-16

Mar-16

Apr-16

May-16

(%)

44.0

46.0

48.0

50.0

52.0

54.0

56.0

May-15

Jun-15

Jul-15

Aug-15

Sep-15

Oct-15

Nov-15

Dec-15

Jan-16

Feb-16

Mar-16

Apr-16

May-16

Jun-16

Mfg. PMI Services PMI

(35.0)

(30.0)

(25.0)

(20.0)

(15.0)

(10.0)

(5.0)

0.0

Jun-15

Jul-15

Aug-15

Sep-15

Oct-15

Nov-15

Dec-15

Jan-16

Feb-16

Mar-16

Apr-16

May-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

Aug-15

Aug-15

Sep-15

Oct-15

Oct-15

Nov-15

Dec-15

Dec-15

Jan-16

Feb-16

Mar-16

Mar-16

Apr-16

May-16

May-16

Jun-16

Repo rate Reverse Repo rate CRR (%)

h

2

Market Outlook

July 13, 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

(5.4)

(1.2)

5.3

6.7

(0.2)

4.9

4.2

3.2

2.1 2.0

1.3 1.3

0.1

(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

(%)

13

.0

7.3

18

.5

13

.2

16

.6

18

.1

15

.7

14

.4

16

.6

16

.1

12

.2

14

.0

11

.6

-

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

July 13, 2016


Exhibit 4: Relative performance of indices across globe

Returns (%)

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

Brazil Bovespa 54,256 2.9 9.5 0.1

Russia Micex 1,938 (2.0) 2.8 18.5

India Nifty 8,521 2.4 11.2 (0.2)

China Shanghai Composite 3,049 2.9 0.9 (23.0)

South Africa Top 40 46,057 (4.3) 1.5 (0.4)

Mexico Mexbol 46,433 1.1 2.4 2.6

Indonesia LQ45 877 5.9 4.3 4.6

Malaysia KLCI 1,654 (0.4) (4.1) (4.6)

Thailand SET 50 931 0.3 1.9 (6.4)

USA Dow Jones 18,348 1.2 3.7 1.4

UK FTSE 6,681 9.2 7.8 (1.1)

Japan Nikkei 16,096 (3.0) 2.2 (21.6)

Germany DAX 9,964 (2.5) 1.6 (14.8)

France CAC 4,331 (3.2) (1.9) (17.1)


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 210 - 4,085 1,612 1,911 13.3 13.3 7.4 9.5 28.4 22.1 4.6 4.1 16.7 18.4 2.6 2.2

United Phosphorus Buy 549 684 23,533 13,083 15,176 18.5 18.5 31.5 37.4 17.4 14.7 3.5 2.9 21.4 21.4 2.0 1.7

Auto & Auto Ancillary

Ashok Leyland Buy 94 111 26,623 17,995 21,544 11.4 11.6 3.4 4.7 27.5 19.9 4.8 4.4 17.7 22.2 1.4 1.2

Bajaj Auto Neutral 2,652 - 76,744 22,709 25,860 20.9 20.1 129.0 143.6 20.6 18.5 6.3 5.4 30.7 29.4 2.9 2.5

Bharat Forge Accumulate 751 875 17,477 7,351 8,318 19.9 19.7 31.2 36.5 24.1 20.6 4.3 3.6 19.3 19.2 2.6 2.2

Eicher Motors Neutral 19,677 - 53,445 15,556 16,747 15.5 17.3 464.8 597.5 42.3 32.9 15.5 11.4 36.2 34.3 3.3 3.0

Gabriel India Accumulate 96 101 1,381 1,415 1,544 8.7 9.0 4.6 5.4 20.9 17.8 3.8 3.4 18.1 18.9 0.9 0.8

Hero Motocorp Neutral 3,244 - 64,774 28,244 30,532 15.5 15.9 156.7 168.5 20.7 19.3 8.3 7.0 39.9 36.4 2.0 1.9

Jamna Auto Industries Neutral 172 - 1,374 1,281 1,473 11.2 11.5 7.6 9.2 22.6 18.7 5.7 4.7 25.4 25.2 1.1 1.0

L G Balakrishnan & Bros Neutral 496 - 778 1,254 1,394 11.6 11.8 35.9 41.7 13.8 11.9 1.9 1.7 13.5 13.8 0.7 0.6

Mahindra and Mahindra Neutral 1,473 - 91,496 38,416 42,904 13.7 13.9 54.8 63.4 26.9 23.2 4.2 3.7 15.4 15.8 2.0 1.7

Maruti Neutral 4,370 - 132,011 57,865 68,104 16.4 16.7 176.3 225.5 24.8 19.4 4.8 4.1 19.4 21.2 2.0 1.6

Minda Industries Neutral 1,168 - 1,853 2,523 2,890 8.7 9.0 55.0 65.4 21.2 17.9 4.1 3.3 19.3 18.7 0.8 0.7

Motherson Sumi Accumulate 293 313 38,763 39,343 45,100 8.8 9.1 10.1 12.5 29.0 23.4 9.2 7.2 35.3 34.4 1.0 0.9

Rane Brake Lining Accumulate 403 465 319 454 511 11.5 12.0 25.2 31.0 16.0 13.0 2.4 2.2 14.9 16.6 0.8 0.8

Setco Automotive Neutral 49 - 650 594 741 12.7 13.7 1.7 3.2 28.6 15.2 3.0 2.6 10.4 16.9 1.6 1.3

Tata Motors Neutral 484 - 139,798 259,686 273,957 13.0 13.4 25.9 29.5 18.7 16.4 2.5 2.1 8.0 9.0 0.7 0.7

TVS Motor Accumulate 305 330 14,476 11,263 13,122 6.9 8.5 9.2 15.0 33.1 20.3 7.6 6.0 22.7 29.6 1.3 1.1

Amara Raja Batteries Buy 861 1,076 14,704 4,690 5,429 17.5 17.5 28.5 35.3 30.3 24.4 7.0 5.7 23.1 25.9 3.1 2.7

Exide Industries Neutral 177 - 15,049 6,950 7,784 14.4 14.8 6.6 7.3 26.8 24.3 3.4 3.1 12.6 12.8 1.8 1.6

Apollo Tyres Buy 156 183 7,946 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 876 1,119 3,542 6,041 6,597 14.1 13.7 99.5 111.9 8.8 7.8 1.7 1.5 19.6 18.5 0.7 0.6

JK Tyres Neutral 91 - 2,053 7,446 7,669 15.2 14.0 19.6 18.4 4.6 4.9 1.2 1.0 25.2 19.5 0.7 0.6

Swaraj Engines Neutral 1,143 - 1,420 552 630 14.2 14.7 44.6 54.1 25.6 21.1 6.0 5.4 23.2 25.6 2.7 2.3

Subros Neutral 94 - 566 1,293 1,527 11.8 11.9 4.2 6.7 22.5 14.1 1.7 1.5 7.7 11.5 0.7 0.6

Indag Rubber Neutral 188 - 494 283 329 17.0 17.2 13.0 15.4 14.5 12.2 3.2 2.6 21.8 21.6 1.5 1.2

Capital Goods

ACE Neutral 46 - 451 660 839 4.7 8.2 1.0 3.9 45.6 11.7 1.4 1.3 3.2 11.3 0.8 0.7

BEML Buy 887 1,157 3,692 3,277 4,006 6.0 8.9 36.2 64.3 24.5 13.8 1.7 1.5 5.7 11.7 1.2 1.0

Bharat Electronics Accumulate 1,262 1,414 30,283 7,295 8,137 20.0 16.8 56.5 58.7 22.3 21.5 3.3 3.0 42.1 44.6 3.4 2.9


July 13, 2016

Stock Watch



Capital Goods

Voltas Buy 318 407 10,530 5,857 6,511 7.5 7.9 11.7 12.9 27.2 24.7 4.4 3.9 17.1 16.7 1.9 1.7

BGR Energy Neutral 125 - 903 3,615 3,181 9.5 9.4 16.7 12.4 7.5 10.1 0.7 0.7 10.0 7.0 0.7 0.8

BHEL Neutral 138 - 33,850 33,722 35,272 10.8 11.7 10.5 14.2 13.2 9.7 1.0 0.9 7.0 9.0 1.1 1.0

Blue Star Accumulate 453 495 4,075 3,770 4,351 5.7 6.4 11.4 17.2 39.7 26.4 6.2 5.7 18.4 23.1 1.1 0.9

Crompton Greaves Neutral 73 - 4,582 13,484 14,687 4.9 6.2 4.5 7.1 16.2 10.3 1.2 1.1 7.2 10.8 0.5 0.4

Greaves Cotton Neutral 147 - 3,580 1,655 1,755 16.6 16.8 7.4 7.8 19.8 18.8 4.0 3.8 21.1 20.6 2.0 1.9

Inox Wind Buy 238 286 5,277 4,406 5,605 15.5 15.7 20.4 24.8 11.7 9.6 2.7 2.0 27.9 25.9 1.4 1.1

KEC International Neutral 147 - 3,775 8,791 9,716 6.1 6.8 5.4 8.2 27.2 17.9 2.7 2.5 10.0 14.0 0.6 0.6

Thermax Neutral 891 - 10,614 6,413 7,525 7.4 8.5 30.5 39.3 29.2 22.7 4.5 3.9 15.0 17.0 1.6 1.3

VATech Wabag Accumulate 610 681 3,324 2,722 3,336 7.9 8.1 19.5 24.6 31.3 24.8 3.3 2.9 11.1 12.4 1.3 1.0

Cement

ACC Neutral 1,619 - 30,398 13,151 14,757 16.4 18.3 63.9 83.4 25.3 19.4 3.3 3.0 13.3 16.1 2.1 1.8

Ambuja Cements Neutral 261 - 40,450 11,564 12,556 19.4 20.7 8.9 10.1 29.3 25.8 3.7 3.5 12.8 13.8 3.0 2.8

HeidelbergCement Neutral 123 - 2,782 1,772 1,926 13.3 15.4 1.0 3.0 122.8 40.9 3.1 2.9 2.6 7.9 2.1 1.8

India Cements Neutral 118 - 3,617 4,216 4,840 18.0 19.5 4.0 9.9 29.4 11.9 1.2 1.1 4.0 9.5 1.2 1.0

JK Cement Neutral 705 - 4,933 3,661 4,742 10.1 15.8 7.5 28.5 94.1 24.8 2.8 2.5 7.5 22.9 1.8 1.4

J K Lakshmi Cement Neutral 402 - 4,729 2,947 3,616 16.7 19.9 11.5 27.2 35.0 14.8 3.3 2.9 9.8 20.8 2.0 1.6

Mangalam Cements Neutral 303 - 809 1,053 1,347 10.5 13.3 8.4 26.0 36.1 11.7 1.5 1.4 4.3 12.5 1.1 0.9

Orient Cement Neutral 182 - 3,728 1,854 2,524 21.2 22.2 7.7 11.1 23.6 16.4 3.4 2.9 13.3 15.7 2.7 1.9

Ramco Cements Neutral 582 - 13,849 4,036 4,545 20.8 21.3 15.1 18.8 38.5 30.9 4.7 4.2 12.9 14.3 3.9 3.4

Shree Cement^ Neutral 16,049 - 55,911 7,150 8,742 26.7 28.6 228.0 345.5 70.4 46.5 10.4 8.7 15.7 20.3 7.0 5.6

UltraTech Cement Neutral 3,480 - 95,507 24,669 29,265 18.2 20.6 82.0 120.0 42.4 29.0 4.6 4.0 11.3 14.7 3.8 3.2

Construction

ITNL Accumulate 85 93 2,781 7,360 8,682 34.0 32.2 7.0 8.6 12.1 9.8 0.4 0.4 3.2 2.5 3.7 3.6

KNR Constructions Accumulate 565 603 1,588 937 1,470 14.3 14.0 44.2 38.6 12.8 14.6 2.6 2.2 15.4 15.4 1.8 1.2

Larsen & Toubro Accumulate 1,568 1,700 146,139 58,870 65,708 8.3 10.3 42.0 53.0 37.3 29.6 2.6 2.4 8.8 11.2 2.7 2.4

Gujarat Pipavav Port Neutral 184 - 8,881 629 684 51.0 52.2 6.4 5.9 28.7 31.1 3.8 3.5 15.9 12.7 12.4 11.2

MBL Infrastructures Buy 143 285 593 2,313 2,797 12.2 14.6 19.0 20.0 7.5 7.2 0.8 0.7 11.3 10.6 0.9 0.8

Nagarjuna Const. Neutral 81 - 4,503 7,892 8,842 8.8 9.1 3.0 5.3 27.0 15.3 1.4 1.3 5.0 8.5 0.8 0.7

PNC Infratech Accumulate 564 647 2,894 1,873 2,288 13.2 13.5 24.0 32.0 23.5 17.6 2.3 2.0 12.1 12.3 1.7 1.4

Simplex Infra Neutral 309 - 1,531 5,955 6,829 10.3 10.5 16.0 31.0 19.3 10.0 1.0 0.9 5.3 9.9 0.7 0.6


July 13, 2016

Stock Watch



Construction

Power Mech Projects Neutral 561 - 825 1,539 1,801 12.8 12.7 59.0 72.1 9.5 7.8 1.4 1.2 18.6 16.8 0.5 0.5

Sadbhav Engineering Neutral 287 - 4,923 3,186 3,598 10.2 10.3 8.0 9.0 35.9 31.9 3.3 2.9 9.4 9.9 1.9 1.7

NBCC Accumulate 258 220 15,474 5,838 7,428 6.0 7.9 5.2 8.2 49.6 31.5 1.6 1.2 21.9 28.2 1.8 1.3

MEP Infra Neutral 45 - 733 1,956 1,876 28.1 30.5 1.3 3.0 34.7 15.0 7.3 4.9 21.2 32.8 1.8 1.8

SIPL Neutral 102 - 3,593 675 1,042 62.4 64.7 - - 3.8 4.4 - - 16.9 11.4

Engineers India Neutral 214 - 7,204 1,667 1,725 13.5 16.0 9.7 11.4 22.0 18.8 2.6 2.5 11.7 13.4 3.0 3.0

Financials

Allahabad Bank Neutral 81 - 5,885 8,569 9,392 2.8 2.9 16.3 27.5 5.0 3.0 0.5 0.4 7.6 11.9 - -

Axis Bank Neutral 561 - 133,861 26,204 29,738 3.6 3.5 34.5 35.4 16.3 15.8 2.6 2.3 16.8 14.9 - -

Bank of Baroda Neutral 161 - 37,039 18,802 21,088 2.0 2.2 (7.4) 13.0 12.4 1.3 1.0 (4.2) 7.3 - -

Bank of India Neutral 114 - 10,653 15,972 17,271 1.9 2.0 15.3 33.4 7.5 3.4 0.3 0.3 3.6 7.6 - -

Canara Bank Neutral 238 - 12,939 15,441 16,945 2.0 2.1 46.6 70.4 5.1 3.4 0.5 0.4 8.0 11.2 - -

Dena Bank Neutral 42 - 2,791 3,440 3,840 2.1 2.3 7.3 10.0 5.8 4.2 0.4 0.4 6.1 7.9 - -

Dewan Housing Finance Buy 217 270 6,342 1,828 2,225 2.9 3.0 24.9 29.7 8.7 7.3 1.3 1.2 15.1 16.1 - -

Equitas Holdings Buy 179 235 5,997 679 1,076 12.4 11.7 6.2 6.7 28.9 26.7 3.6 2.6 13.3 12.5 - -

Federal Bank Neutral 63 - 10,739 3,279 3,787 2.8 2.9 3.9 5.5 15.9 11.3 1.3 1.2 8.4 10.8 - -

HDFC Neutral 1,333 - 210,703 10,358 11,852 3.3 3.3 41.1 47.0 32.5 28.3 6.2 5.6 24.7 24.9 - -

HDFC Bank Accumulate 1,200 1,262 303,708 38,606 47,696 4.4 4.5 48.8 61.4 24.6 19.6 4.2 3.6 18.7 20.0 - -

ICICI Bank Neutral 262 - 152,142 34,279 39,262 3.3 3.3 21.0 24.4 12.5 10.7 2.1 1.8 14.4 14.7 - -

IDBI Bank Neutral 76 - 15,657 9,625 10,455 1.8 1.8 8.5 14.2 8.9 5.4 0.6 0.5 5.9 9.3 - -

Indian Bank Neutral 153 - 7,358 6,160 6,858 2.5 2.5 24.5 29.8 6.3 5.1 0.5 0.4 7.7 8.6 - -

LIC Housing Finance Buy 521 592 26,285 3,179 3,758 2.6 2.6 32.9 40.6 15.8 12.8 2.9 2.5 19.6 20.7 - -

Oriental Bank Neutral 124 - 4,291 7,643 8,373 2.4 2.4 37.2 45.4 3.3 2.7 0.3 0.3 8.2 9.4 - -

Punjab Natl.Bank Neutral 126 - 24,800 23,122 26,022 2.8 2.8 7.0 21.6 18.1 5.9 0.9 0.8 3.4 10.0 - -

South Ind.Bank Neutral 23 - 3,052 1,965 2,185 2.5 2.5 2.5 3.3 9.1 6.8 0.9 0.8 9.5 11.7 - -

St Bk of India Neutral 226 - 175,788 79,958 86,061 2.6 2.6 13.4 20.7 16.9 11.0 1.4 1.3 11.5 12.8 - -

Union Bank Neutral 138 - 9,476 12,646 14,129 2.3 2.4 31.0 39.1 4.5 3.5 0.5 0.4 9.8 11.4 - -

Vijaya Bank Neutral 43 - 4,260 3,536 3,827 1.9 1.9 5.5 6.7 7.7 6.4 0.6 0.6 7.8 8.8 - -

Yes Bank Neutral 1,154 - 48,573 7,190 9,011 3.2 3.3 58.2 69.7 19.8 16.6 3.5 3.0 19.2 19.6 - -

FMCG

Asian Paints Neutral 1,019 - 97,709 15,534 17,445 17.7 16.8 18.4 19.6 55.5 52.0 19.6 18.5 34.6 35.6 5.9 5.3


July 13, 2016

Stock Watch



FMCG

Britannia Neutral 2,850 - 34,189 8,481 9,795 14.0 14.1 65.5 78.3 43.5 36.4 20.6 16.9 38.3 41.2 3.9 3.4

Colgate Neutral 932 - 25,359 4,136 4,632 22.5 23.3 22.2 25.3 42.0 36.9 25.5 22.7 68.6 67.5 6.0 5.4

Dabur India Neutral 314 - 55,246 9,370 10,265 17.6 17.3 7.3 8.1 42.8 38.8 11.1 10.2 31.7 30.6 5.6 5.1

GlaxoSmith Con* Neutral 6,206 - 26,098 4,519 5,142 19.6 19.8 164.3 191.2 37.8 32.5 10.5 8.9 30.8 29.9 5.1 4.5

Godrej Consumer Neutral 1,619 - 55,126 9,003 10,335 18.1 18.7 34.1 41.8 47.5 38.7 10.3 8.8 23.9 24.8 6.4 5.6

HUL Neutral 923 - 199,738 33,299 35,497 17.1 17.1 18.9 20.0 48.9 46.1 42.8 37.3 87.6 80.8 5.6 5.2

ITC Buy 248 380 299,416 36,837 39,726 38.8 38.7 12.2 13.5 20.3 18.4 5.7 5.0 27.8 26.9 7.4 6.9

Marico Neutral 273 - 35,241 6,151 6,966 17.2 17.3 5.4 6.4 50.6 42.7 15.9 12.5 33.2 32.4 5.6 4.9

Nestle* Neutral 6,423 - 61,925 9,393 10,507 22.2 22.3 106.8 121.8 60.1 52.7 21.1 19.0 34.8 36.7 6.5 5.8

Tata Global Neutral 133 - 8,388 8,635 9,072 9.8 9.9 5.8 7.2 22.9 18.5 2.0 2.0 6.8 7.4 1.0 1.0Procter & Gamble Hygiene Buy 6,264 7,369 20,333 2,588 2,939 23.3 23.2 130.2 146.2 48.1 42.9 95.9 92.0 27.6 25.3 7.5 6.5

IT

HCL Tech^ Buy 719 1,000 101,497 37,061 30,781 21.5 20.5 51.4 40.0 14.0 18.0 3.6 2.6 20.1 20.3 2.6 2.7

Infosys Buy 1,176 1,374 270,121 62,441 70,558 27.5 27.5 59.0 65.3 19.9 18.0 4.0 3.6 22.2 22.4 3.8 3.2

TCS Buy 2,462 3,004 485,021 108,646 122,770 28.3 28.3 123.7 141.0 19.9 17.5 6.6 6.0 33.1 34.6 4.0 3.5

Tech Mahindra Buy 508 700 49,283 26,494 30,347 16.3 17.0 32.2 37.5 15.8 13.5 3.4 3.0 21.7 21.8 1.6 1.4

Wipro Buy 570 680 140,719 50,808 56,189 23.7 23.8 37.3 40.7 15.3 14.0 2.9 2.7 19.2 17.7 2.2 1.8

Media

D B Corp Neutral 378 - 6,944 2,025 2,187 27.4 27.4 17.4 18.9 21.7 20.0 4.9 4.5 22.9 23.7 3.5 3.2

HT Media Neutral 82 - 1,903 2,495 2,673 12.9 13.2 6.8 7.2 12.0 11.4 0.9 0.9 7.5 7.8 0.3 0.3

Jagran Prakashan Buy 183 205 5,984 2,107 2,355 33.5 28.0 10.1 10.8 18.2 17.0 4.2 3.7 23.3 21.7 2.8 2.5

Sun TV Network Neutral 376 - 14,812 2,510 2,763 71.8 71.5 21.9 24.8 17.2 15.2 4.1 3.7 22.8 24.3 5.3 4.8Hindustan Media Ventures Neutral 272 - 1,996 914 1,016 21.7 21.5 21.9 23.3 12.4 11.7 2.2 1.9 18.0 16.2 1.6 1.4

Metals & Mining

Coal India Buy 317 380 200,134 76,167 84,130 19.9 22.3 22.4 25.8 14.1 12.3 5.1 5.0 35.5 41.0 2.0 1.8

Hind. Zinc Neutral 195 - 82,520 14,641 14,026 50.4 50.4 17.7 16.0 11.1 12.2 1.7 1.5 16.2 13.2 3.0 2.8

Hindalco Neutral 135 - 27,939 104,356 111,186 8.7 9.5 6.7 11.1 20.1 12.2 0.7 0.7 3.5 5.9 0.8 0.7

JSW Steel Neutral 1,542 - 37,269 42,308 45,147 16.4 20.7 (10.3) 49.5 31.2 1.7 1.7 (1.0) 5.6 1.9 1.8

NMDC Neutral 97 - 38,359 8,237 10,893 46.6 44.5 10.0 11.7 9.7 8.3 1.1 0.9 12.5 13.0 4.4 3.3

SAIL Neutral 50 - 20,444 45,915 53,954 7.2 10.5 1.5 4.4 32.9 11.3 0.5 0.5 2.3 4.1 1.1 1.0

Vedanta Neutral 160 - 47,376 71,445 81,910 26.2 26.3 12.9 19.2 12.4 8.3 0.9 0.8 7.2 8.9 1.0 0.8

Tata Steel Neutral 342 - 33,254 126,760 137,307 8.9 11.3 6.4 23.1 53.8 14.8 1.1 1.0 2.0 7.1 0.8 0.8


July 13, 2016

Stock Watch



Oil & Gas

Cairn India Neutral 163 - 30,476 11,323 12,490 49.4 51.0 20.7 20.7 7.9 7.9 0.5 0.5 6.4 6.1 1.5 0.9

GAIL Neutral 378 - 48,006 64,856 70,933 9.1 9.6 24.0 28.9 15.8 13.1 1.4 1.3 8.8 9.6 0.9 0.8

ONGC Neutral 228 - 194,851 154,564 145,998 36.8 37.4 20.8 22.6 11.0 10.1 1.0 1.0 10.1 9.7 1.5 1.6

Petronet LNG Neutral 295 - 22,099 29,691 31,188 5.8 6.2 12.8 13.4 23.1 22.0 3.4 3.1 15.8 14.8 0.8 0.8

Indian Oil Corp Neutral 477 - 115,728 359,607 402,760 5.9 6.1 42.5 48.7 11.2 9.8 1.5 1.3 14.1 14.4 0.4 0.4

Reliance Industries Neutral 1,002 - 324,925 304,775 344,392 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 592 - 11,164 3,145 3,483 31.9 16.2 38.2 18.7 15.5 31.7 7.0 5.9 57.9 20.1 3.4 3.1

Aurobindo Pharma Neutral 779 - 45,576 13,651 15,702 21.7 21.7 33.9 38.4 23.0 20.3 6.5 5.0 32.5 27.7 3.5 3.1

Aventis* Neutral 4,552 - 10,483 2,049 2,375 15.4 17.3 115.4 153.5 39.4 29.7 6.4 5.0 19.3 25.8 5.0 4.2

Cadila Healthcare Buy 371 400 38,006 9,469 11,246 21.2 22.0 14.9 17.1 24.9 21.7 7.1 5.6 28.8 26.6 3.6 3.0

Cipla Neutral 516 - 41,480 13,372 15,378 16.4 17.4 18.8 21.6 27.5 23.9 3.5 3.1 13.3 13.7 3.1 2.9

Dr Reddy's Neutral 3,591 - 61,246 15,471 17,479 24.6 24.6 138.2 152.4 26.0 23.6 4.8 4.1 19.7 18.7 3.8 3.3

Dishman Pharma Neutral 137 - 2,211 1,733 1,906 21.5 21.5 10.1 10.0 13.6 13.7 1.6 1.4 10.5 11.2 1.8 1.5

GSK Pharma* Neutral 3,506 - 29,696 2,741 3,528 16.5 18.9 44.2 60.1 79.3 58.3 17.5 17.4 21.2 29.9 10.3 8.1

Indoco Remedies Neutral 285 - 2,629 977 1,112 14.9 18.2 9.0 13.2 31.7 21.6 4.5 3.8 15.1 19.2 2.8 2.5

Ipca labs Buy 469 613 5,922 2,844 3,799 10.6 15.3 10.6 17.3 44.3 27.1 2.6 2.4 5.9 9.1 2.3 1.7

Lupin Buy 1,672 1,809 75,383 13,702 15,912 23.7 26.4 50.5 58.1 33.1 28.8 6.8 5.6 22.9 21.4 5.6 4.5

Sun Pharma Buy 784 944 188,625 27,744 31,129 26.0 30.0 22.0 28.0 35.6 28.0 5.2 4.3 18.3 18.7 6.6 5.6

Power

Tata Power Neutral 73 - 19,663 35,923 37,402 22.6 22.8 4.1 5.2 17.9 14.1 1.4 1.3 7.5 9.3 1.5 1.4

NTPC Neutral 158 - 130,278 87,271 99,297 23.5 23.5 11.8 13.3 13.5 11.9 1.5 1.4 11.5 12.2 2.5 2.2

Power Grid Accumulate 167 170 87,132 20,702 23,361 86.7 86.4 12.1 13.2 13.8 12.6 2.0 1.8 15.6 15.1 9.0 8.3

Real Estate

MLIFE Buy 477 554 1,956 826 1,011 20.1 21.9 22.7 30.7 21.0 15.5 1.3 1.2 6.0 7.4 4.2 3.2

Telecom

Bharti Airtel Neutral 363 - 145,126 101,748 109,191 32.1 31.7 12.0 12.5 30.3 29.0 2.1 2.0 6.9 6.7 2.1 1.9

Idea Cellular Neutral 104 - 37,484 34,282 36,941 32.0 31.5 5.9 6.2 17.6 16.8 1.6 1.5 9.9 9.3 1.7 1.6

zOthers

Abbott India Neutral 4,767 - 10,129 2,715 3,153 14.5 14.1 134.3 152.2 35.5 31.3 8.9 7.3 27.4 25.6 3.4 2.9

Bajaj Electricals Accumulate 242 268 2,446 4,612 5,351 5.6 5.7 23.4 18.0 10.3 13.5 3.2 2.8 12.5 14.4 0.5 0.5

Finolex Cables Neutral 374 - 5,715 2,520 2,883 12.2 12.0 12.7 14.2 29.5 26.3 4.0 3.6 13.6 13.5 2.0 1.7

Goodyear India* Buy 527 631 1,216 1,800 1,600 11.7 11.5 58.7 52.9 9.0 10.0 2.0 1.7 24.6 18.7 0.5 0.4

Hitachi Neutral 1,386 - 3,769 1,779 2,081 7.8 8.8 21.8 33.4 63.6 41.5 10.3 8.3 17.4 22.1 2.2 1.8


July 13, 2016

Stock Watch



zOthers

Jyothy Laboratories Neutral 296 - 5,354 1,620 1,847 11.5 11.5 7.3 8.5 40.6 34.9 5.2 4.9 13.3 14.4 3.3 2.8

MRF Buy 35,218 45,575 14,936 20,316 14,488 21.4 21.1 5,488.0 3,798.0 6.4 9.3 2.2 1.8 41.1 21.2 0.7 0.9

Page Industries Neutral 13,272 - 14,803 1,929 2,450 19.8 20.1 229.9 299.0 57.7 44.4 25.5 17.7 52.1 47.1 8.0 6.3

Relaxo Footwears Neutral 480 - 5,765 1,767 2,152 12.3 12.5 19.3 25.1 25.0 19.2 6.1 4.7 27.7 27.8 3.4 2.8

Siyaram Silk Mills Buy 1,083 1,347 1,015 1,619 1,799 11.6 11.6 93.5 104.9 11.6 10.3 2.0 1.7 17.1 16.4 0.9 0.8

Styrolution ABS India* Neutral 638 - 1,122 1,271 1,440 8.6 9.2 32.0 41.1 19.9 15.5 2.0 1.8 10.7 12.4 0.9 0.8

TVS Srichakra Buy 2,370 2,932 1,815 2,035 2,252 15.9 15.3 248.6 268.1 9.5 8.8 4.2 3.0 43.6 33.9 1.0 0.8

HSIL Accumulate 280 310 2,025 2,123 2,384 16.1 16.5 15.0 18.9 18.6 14.8 1.4 1.3 8.0 9.4 1.3 1.2Kirloskar Engines India Ltd Neutral 257 - 3,709 2,403 2,554 8.6 9.9 9.2 10.5 27.9 24.5 2.7 2.6 9.7 10.7 1.3 1.2

M M Forgings Buy 415 546 501 511 615 21.7 21.6 43.1 55.8 9.6 7.4 1.8 1.4 19.9 21.2 1.3 1.0

Banco Products (India) Neutral 153 - 1,094 1,208 1,353 11.0 12.3 10.8 14.5 14.2 10.6 1.6 1.5 11.9 14.5 0.9 0.8

Competent Automobiles Neutral 150 - 92 1,040 1,137 3.2 3.1 25.7 28.0 5.8 5.4 0.9 0.8 15.0 14.3 0.1 0.1

Nilkamal Neutral 1,236 - 1,844 1,871 2,031 10.7 10.5 63.2 69.8 19.6 17.7 3.2 2.7 17.6 16.6 1.0 0.9

Visaka Industries Neutral 158 - 251 1,020 1,120 8.7 9.1 13.9 20.1 11.4 7.9 0.7 0.7 6.4 8.7 0.5 0.4Transport Corporation of India Neutral 332 - 2,542 2,830 3,350 8.8 9.0 14.4 18.3 23.1 18.1 3.6 3.1 15.4 17.1 1.0 0.9

Elecon Engineering Neutral 62 - 680 1,359 1,482 10.3 13.7 0.8 3.9 77.8 16.0 1.3 1.2 1.6 7.8 0.9 0.8

Surya Roshni Buy 168 201 738 2,992 3,223 8.1 8.4 14.7 18.3 11.5 9.2 1.1 1.0 9.7 11.0 0.5 0.5

MT Educare Neutral 164 - 651 286 366 18.3 17.7 7.7 9.4 21.2 17.5 4.5 3.9 20.2 21.1 2.2 1.7

Radico Khaitan Buy 93 125 1,237 1,543 1,659 12.6 13.0 5.8 6.3 16.1 14.7 1.4 1.3 8.5 8.6 1.3 1.2

Garware Wall Ropes Buy 429 460 940 828 898 11.2 10.3 28.3 29.0 15.2 14.8 2.6 2.2 16.8 14.9 1.0 0.9

Wonderla Holidays Neutral 399 - 2,254 206 308 44.0 43.6 9.0 12.9 44.3 30.9 6.1 5.5 13.7 17.8 10.8 7.2

Linc Pen & Plastics Neutral 248 - 367 344 382 9.1 9.1 12.4 13.1 20.0 19.0 3.6 3.2 18.0 16.7 1.1 1.0

The Byke Hospitality Neutral 162 - 651 222 287 20.5 20.5 5.6 7.6 28.8 21.5 5.4 4.5 18.9 20.8 2.9 2.2

Interglobe Aviation Neutral 1,013 - 36,488 17,022 21,122 20.7 14.5 63.9 53.7 15.8 18.9 23.8 19.5 149.9 103.2 2.2 1.8Coffee Day Enterprises Ltd Neutral 250 - 5,155 2,692 2,964 17.0 18.6 - 4.7 - 52.8 3.1 2.9 0.2 5.5 2.4 2.2

Navneet Education Neutral 99 - 2,358 998 1,062 24.1 24.0 5.8 6.1 17.2 16.3 3.8 3.3 22.0 20.6 2.5 2.3

Navkar Corporation Buy 211 265 3,010 347 408 43.2 42.9 6.7 6.8 31.6 31.2 2.3 2.2 7.3 6.9 9.2 8.3

UFO Moviez Neutral 556 - 1,536 558 619 32.0 33.2 22.5 30.0 24.7 18.6 3.0 2.6 12.0 13.8 2.6 2.2

VRL Logistics Neutral 316 - 2,884 1,725 1,902 16.5 16.7 12.2 14.6 26.0 21.7 5.4 4.8 20.8 21.9 1.8 1.6


July 13, 2016

Stock Watch



zOthers

Team Lease Serv. Neutral 1,037 - 1,773 2,565 3,229 1.3 1.5 15.2 22.8 68.3 45.5 5.5 4.9 8.0 10.7 0.6 0.5

S H Kelkar & Co. Neutral 230 - 3,321 928 1,036 15.3 15.1 4.9 6.1 46.5 37.6 4.4 4.0 9.4 10.7 3.2 2.8

Quick Heal Neutral 281 - 1,970 339 408 27.8 27.3 7.1 7.7 39.8 36.3 3.4 3.4 8.5 9.3 4.8 4.0

Narayana Hrudaya Neutral 310 - 6,339 1,603 1,873 10.9 11.5 1.0 2.6 325.6 117.3 7.8 7.2 2.4 6.1 4.1 3.5

Manpasand Bever. Neutral 630 - 3,151 540 836 19.9 19.6 10.2 16.9 61.5 37.3 5.0 4.5 8.1 12.0 5.1 3.2

Parag Milk Foods Accumulate 330 336 2,772 1,645 1,919 9.0 9.3 6.7 9.5 49.1 34.9 6.4 5.4 13.1 15.5 1.8 1.5

Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on July 12, 2016


July 13, 2016

Stock Watch

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

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Market OutlookJuly 13, 2016

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