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Market Outlook October 20, 2016

Market Cues

Indian markets are likely to open positive tracking Asian markets and SGX Nifty.

U.S. stocks closed higher on Wednesday, with energy companies the biggest gainers of the day as crude prices climbed nearly 2%. Sentiment was also lifted by stronger-than-expected quarterly results from Morgan Stanley, as well as the Federal Reserve's Beige Book, which indicated that the U.S. economy was continuing its modest, albeit steady, expansion. The Dow Jones Industrial Average closed up 0.2%, to close at 18,203 while S&P 500 rose 0.2%, to end at 2,144.

U.K. stocks reversed course to finish higher Wednesday, supported by a rally in oil prices.

Yesterday was a volatile day on the bourses for Indian markets as key benchmark indices oscillated between the positives and negatives. By the end of the day, Indian markets closed down 67 points as investors booked profit over mixed global conditions fuelling from expected volatility arising from ECB meet scheduled this week. The rupee extended its gains by adding 5 paise to close at 66.68 against the US dollar on sustained selling of the American currency by banks and exporters.

News Analysis

Mahindra acquires 60% in Classic Legends Endurance Technologies – Book profit

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 Batteries Auto & Auto Ancill. Buy 1,037 1,218 17.5

HCL Tech IT Buy 830 1,000 20.5

Bharat Electronics Capital Goods Accumulate 1,273 1,414 11.1

Equitas Holdings Financials Buy 179 235 31.7

Navkar Corporation Others Buy 199 265 33.1More Top Picks on Pg4

Key Upcoming Events Date Region

Event Description

PreviousReading

Consensus Expectations

Oct 20 US Initial Jobless claims 246.00 250.00

Oct 20 US Existing home sales 5.33 5.35

Oct 20 Euro Zone ECB announces interest rates - -

Oct 21 Euro Zone Euro-Zone Consumer Confidence (8.20) (8.00)

Oct 24 Germany PMI Services 50.90 --

Oct 24 Germany PMI Manufacturing 54.30 --

Oct 25 US Consumer Confidence 104.1 100.5

Oct 26 US New home sales 609.0 604.0

Oct 27 UK GDP (YoY) 2.1 --6.(

More Events on Pg5

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

BSE Sensex (0.2) (67) 27,984

Nifty (0.2) (19) 8,659

Mid Cap 0.1 9 13,553

Small Cap 0.6 73 13,352

Bankex (0.5) (116) 22,227

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

Dow Jones 0.2 41 18,203

Nasdaq 0.0 3 5,246

FTSE 0.3 22 7,022

Nikkei 0.2 35 16,999

Hang Seng (0.4) (89) 23,305

Shanghai Com 0.0 1 3,085

Advances / Declines BSE NSE

Advances 1,639 942

Declines 1,186 701

Unchanged 211 82

Volumes (` Cr)

BSE 3,957

NSE 23,090

Net Inflows (` Cr) Net Mtd Ytd

FII (220) (801) 49,203

MFs 244 3,040 16,986

Top Gainers Price (`) Chg (%)

Edelweiss 126 6.4

Nlcindia 76 4.8

Gsfc 96 4.8

Tatachem 567 4.8

Idea 76 4.7

Top Losers Price (`) Chg (%)

Havells 411 (4.8)

Petronet 383 (4.3)

Apollotyre 212 (3.5)

Ceatltd 1,288 (3.3)

Prestige 189 (3.1) As on October 19, 2016



News Analysis

Mahindra acquires 60% in Classic Legends

Mahindra & Mahindra, the market leader in utility vehicle and tractors, announced that the company will buy 60% stake in Classic Legends (CLPL), a company engaged in manufacturing and marketing two-wheelers, for `6cr. CLPL is a Mumbai-based, unlisted company, belonging to the automobile industry, which is yet to start commercial operations. It was incorporated in June last year and is not a related party of Mahindra & Mahindra. The deal, executed on Tuesday, was an all-cash deal. Mahindra agreed to subscribe to and has been allotted 6 million equity shares at a consideration of `10 per share.

This is a second major change done by M&M with regards to its two-wheeler business in recent times. Last month, it acquired in full the equity shares of Mahindra Two Wheelers Europe Holdings S.a.r.l (MTWL Europe) from Mahindra Two Wheelers, which is a subsidiary company. MTWL Europe holds investment in Two-wheeler Company in Europe which is Peugeot Motorcycles S.A.S. The acquisition would result in MTWL Europe becoming a direct subsidiary of the company and would facilitate better focus on downstream two wheeler business.

Earlier in the year over 200 employees of MTWL were given the option of voluntary retirement even as attempts are made by the company at repositioning itself. Moving forward the company will focus on premium offerings in the motorcycles and scooter segment that offer higher margins. The Mahindra Mojo, for instance, is a 300cc motorcycle priced at `171,800. It competes against bikes from Bajaj KTM, Honda, and Kawasaki among others. The overhaul is a result of failure of the company to turn profitable with its traditional products in the budget category.

Endurance Technologies – Book profit

Yesterday Endurance Technology listed on the bourses with strong gains of 21%. The Aurangabad based company has seen 43.7 times subscription for its IPO. We in our IPO note had rated this IPO as ‘SUBSCRIBE’. The stock, by the end of the day closed on `647.70 apiece, showing gains of 37%.

At the CMP of `647.70, we rate this stock ‘NEUTRAL’. Investors should book profit in Endurance at the CMP.

Economic and Political News

China September quarter GDP grows 6.7% Rosneft, BP entry may fuel retail competition in India GST Council meet ends without decision on rates Inflation to soften on good rains, economic revival visible: MPC

Corporate News Sun enters vaccine space with dengue shot Govt. to sell 15% in NBCC; targets Rs 2,200 crore Jio effect: Airtel offers mobile data at Rs 26 a GB



Quarterly Bl oomberg Brokers Consensus Estimate

Reliance Industries Ltd - Oct 20, 2016 Particulars ( ` cr) 2QFY17E 2QFY16 y-o-y (%) 1QFY17 q-o-q (%)

Net sales 58,028 60,817 (4.6) 53,496 8.5

EBITDA 9,817 9,833 (0.2) 10,817 (9.2)

EBITDA margin (%) 16.9 16.2 20.2

Net profit 6,549 6,561 (0.2) 7,548 (13.2)

LIC Housing Finance Ltd - October 20, 2016 Particulars ( ` cr) 2QFY17E 2QFY16 y-o-y (%) 1QFY17 q-o-q (%)

Net profit 455 412 10.6 408 11.6

Yes Bank Ltd - October 20, 2016 Particulars ( ` cr) 2QFY17E 2QFY16 y-o-y (%) 1QFY17 q-o-q (%)

Net profit 705 610 15.5 732 (3.7)

ACC Ltd - Oct 21, 2016 Particulars ( ` cr) 3QCY16E 3QCY15 y-o-y (%) 2QCY16 q-o-q (%)

Net sales 3,033 2,740 10.7 2,870 5.7

EBITDA 451 314 43.7 457 (1.3)

EBITDA margin (%) 14.9 11.4 15.9

Net profit 245 117 109.7 238 3.2

Wipro Ltd Consol - Oct 21, 2016 Particulars ( ` cr) 2QFY17E 2QFY16 y-o-y (%) 1QFY17 q-o-q (%)

Net sales 13,788 12,514 10.2 13,599 1.4

EBITDA 2,811 2,729 3.0 2,653 6.0

EBITDA margin (%) 20.4 21.8 19.5

Net profit 2,168 2,241 (3.2) 2,052 5.7

IndiaBulls Housing Finance Ltd - October 21, 2016 Particulars ( ` cr) 2QFY17E 2QFY16 y-o-y (%) 1QFY17 q-o-q (%)

Net profit 678 545 24.4 630 7.6



Top Picks ★★★★★ Large Cap Company

Market Cap (` Cr)

CMP (`)

Target (`)

Upside (%)

Rationale

Amara Raja Batteries 17,706 1,037 1,218 17.5To outpace battery industry growth due to better technological products leading to market share gains in both the automotive OEM and replacement segments.

Axis Bank 1,27,775 535 630 17.7 Healthy pace of branch expansion, backed by distribution network, will be the driving force for the bank’s retail business and overall earnings.

Bharat Electronics 30,541 1,273 1,414 11.1Uptick in defense capex by government when coupled with BELs strong market positioning, indicate that good times are ahead for BEL.

HCL Tech 1,17,093 830 1,000 20.5The stock is trading at attractive valuations and is factoring all the bad news.

Infosys 2,39,250 1,042 1,249 19.9Back on the growth trend, expect a long term growth of 14% to be a US$20bn in FY2020.

Source: Company, Angel Research

Mid Cap Company

Market Cap(` Cr)

CMP (`)

Target(`)

Upside (%)

Rationale

Asian Granito 829 276 351 27.4 We expect the company would report strong profitability owing to better product mix, higher B2C sales and amalgamation synergy.

Bajaj Electricals 2,604 258 306 18.8 Among 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 5,360 562 634 12.8

Favourable outlook for the AC industry to augur well for Cooling products business which is out pacing the market growth. EMPPAC division's profitability to improve once operating environment turns around.

Dewan Housing Finance 9,765 335 350 4.6 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.

Equitas Holdings 5,986 179 235 31.7 Strong 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.

Jagran Prakashan 6,682 204 225 10.1

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 1,777 433 522 20.5 Speedier execution and speedier sales, strong revenue visibilty in short-to-long run, attractive valuations

Mirza International 1,131 94 113 20.1

We expect the company to report strong growth on back of healthy growth in domestic branded sales (owing to aggressive ad spend and addition in the number of EBOs & multi-brand outlets [MBOs]) and healthy export revenues.

Navkar Corporation 2,840 199 265 33.1 Massive capacity expansion along with rail advantage at ICD as well CFS augurs well for the company.

Siyaram Silk Mills 1,436 1,532 1,714 11.9 Strong brands and distribution network would boost growth going ahead. Stock currently trades at an inexpensive valuation.

TV Today Network 1,998 335 363 8.4

Market leadership in Hindi news genre and no. 2 viewership ranking in English news genre, exit from the radio business, and anticipated growth in ad spends by corporates to benefit the stock.

Source: Company, Angel Research

Date Company

Oct 20, 2016 LIC Housing Fin., Yes Bank, D B Corp, Reliance Industries

Oct 21, 2016 ACC, Wipro, Mindtree, Cairn India, Kirloskar Engines India Ltd

Oct 22, 2016 Persistent, L G Balakrishnan & Bros

Oct 24, 2016 Rallis, Axis Bank, Reliance Capital, Adani Power

Oct 25, 2016HDFC Bank, Kotak Mah. Bank, Shriram Trans., Federal Bank, Asian Paints, Hexaware, Jyothy Laboratories, Visaka Industries, Dr Reddy's, Alembic Pharma

Oct 26, 2016Hero Motocorp, Exide Industries, Cummins India, LMW, J K Lakshmi Cements, HDFC, Canara Bank, Syndicate Bank, ITC, HUL, Dabur India, Cadila Healthcare, Indoco Remedies

Oct 27, 2016 Maruti, TVS Motor, ABB, Tech Mahindra, PVR, JSW Steel , IOC, MRF, GSK Pharma, Glenmark Pharma., VRL Logistics

Oct 28, 2016 United Phosphorus, Bajaj Auto, IDFC, Nestle, Colgate, Sesa Goa, NTPC

Result Calendar

Source: Bloomberg, Angel Research

Global economic events release calendar

Date Time Country Event Description Unit Period Bloomberg Data

Last Reported Estimated

Oct 20, 2016 5:15PM Euro Zone ECB announces interest rates % Oct 20 -- --

6:00PM US Initial Jobless claims Thousands Oct 15 246.00 250.00

7:30PM US Existing home sales Million Sep 5.33 5.35

Oct 21, 2016 7:30PM Euro Zone Euro-Zone Consumer Confidence Value Oct A (8.20) (8.00)

Oct 24, 2016 1:00PM Germany PMI Services Value Oct P 50.90 --

1:00PM Germany PMI Manufacturing Value Oct P 54.30 --

Oct 25, 2016 7:30PM US Consumer Confidence S.A./ 1985=100 Oct 104.10 100.50

Oct 26, 2016 7:30PM US New home sales Thousands Sep 609.00 604.00

Oct 27, 2016 2:00PM UK GDP (YoY) % Change 3Q A 2.10 --

Oct 28, 2016 6:00PM US GDP Qoq (Annualised) % Change 3Q A 1.40 2.50

Oct 31, 2016 3:30PM Euro Zone Euro-Zone GDP s.a. (QoQ) % Change 3Q A 0.30 --

Nov 1, 2016 3:00PM UK PMI Manufacturing Value Oct 55.40 --

2:25PM Germany Unemployment change (000's) Thousands Oct 1.00 --

Nov 2, 2016 6:30AM China PMI Manufacturing Value Oct 50.40 --

11:30PM US FOMC rate decision % Nov 2 0.50 0.50

Nov 3, 2016 5:30PM UK BOE Announces rates % Ratio Nov 3 0.25 --

Nov 4, 2016 6:00PM US Change in Nonfarm payrolls Thousands Oct 156.00 150.00

6:00PM US Unnemployment rate % Oct 5.00 4.90

Nov 8, 2016 China Exports YoY% % Change Oct (10.00) --

3:00PM UK Industrial Production (YoY) % Change Sep 0.70 --


October 20, 2016

Market Outlook

Key Upcoming Events

h

1

Market Outlook

October 20, 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

7.8

6.4

5.8

7.5

8.3

6.6 6.7

7.5 7.6

7.2

7.9

7.1

3.0

4.0

5.0

6.0

7.0

8.0

9.0

2Q

FY14

3Q

FY14

4Q

FY14

1Q

FY15

2Q

FY15

3Q

FY15

4Q

FY15

1Q

FY16

2Q

FY16

3Q

FY16

4Q

FY16

1Q

FY17

(%)

9.9

(3.4)

(0.9)(1.6)

1.9

0.3

(1.3)

1.3 2.0

(2.5)

(0.7)

(6.0)

(4.0)

(2.0)

-

2.0

4.0

6.0

8.0

10.0

12.0

Oct-15

Nov-15

Dec-15

Jan-16

Feb-16

Mar-16

Apr-16

May-16

Jun-16

Jul-16

Aug-16

(%)

5.0

5.4 5.6 5.7

5.3

4.8

5.5 5.8 5.8

6.1

5.1

4.3

-

1.0

2.0

3.0

4.0

5.0

6.0

7.0

Oct-15

Nov-15

Dec-15

Jan-16

Feb-16

Mar-16

Apr-16

May-16

Jun-16

Jul-16

Aug-16

Sep-16

(%)

46.0

47.0

48.0

49.0

50.0

51.0

52.0

53.0

54.0

55.0

56.0

Aug-15

Sep-15

Oct-15

Nov-15

Dec-15

Jan-16

Feb-16

Mar-16

Apr-16

May-16

Jun-16

Jul-16

Aug-16

Sep-16

Mfg. PMI Services PMI

(35.0)

(30.0)

(25.0)

(20.0)

(15.0)

(10.0)

(5.0)

0.0

5.0

10.0

Oct-15

Nov-15

Dec-15

Jan-16

Feb-16

Mar-16

Apr-16

May-16

Jun-16

Jul-16

Aug-16

Sep-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

Nov-15

Dec-15

Jan-16

Jan-16

Feb-16

Mar-16

Apr-16

Apr-16

May-16

Jun-16

Jun-16

Jul-16

Aug-16

Aug-16

Sep-16

Oct-16

Repo rate Reverse Repo rate CRR (%)

h

2

Market Outlook

October 20, 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

(3.8)

(0.6)

5.3

6.7

0.6 5.2

4.0

3.5

2.1

1.3

3.1

1.3

0.8

(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

(%)

(3.3)

(0.8)

7.6

6.6

0.1

4.9

4.3

3.2

1.8 1.6 1.7

1.3

0.5

(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

(%)

15.0

8.2

17.8

13.3

16.0

18.8

16.5

13.4

15.9

15.5

13.2

14.4

13.7

-

2.0

4.0

6.0

8.0

10.0

12.0

14.0

16.0

18.0

20.0

Bra

zil

Russia

Ind

ia

Ch

ina

So

uth

A

fric

a

Ind

onesi

a

Mala

ysia

Th

ailand

UK

US

A

Germ

an

y

Fra

nce

Jap

an

(x)

h

3

Market Outlook

October 20, 2016


Exhibit 4: Relative performance of indices across globe

Returns (%)

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

Brazil Bovespa 63,506 11.3 12.0 36.0

Russia Micex 1,968 (1.0) 2.1 14.7

India Nifty 8,659 (1.0) 1.1 5.7

China Shanghai Composite 3,085 0.2 0.8 (6.1)

South Africa Top 40 44,940 (1.2) (2.8) (5.8)

Mexico Mexbol 48,493 5.7 2.1 9.2

Indonesia LQ45 931 1.8 2.9 18.1

Malaysia KLCI 1,668 0.9 (0.0) (2.2)

Thailand SET 50 940 (1.2) (1.9) 3.6

USA Dow Jones 18,203 0.5 (2.1) 6.0

UK FTSE 7,022 3.1 4.4 10.1

Japan Nikkei 16,999 2.3 3.7 (6.3)

Germany DAX 10,646 3.6 5.0 1.5

France CAC 4,520 2.9 3.3 (7.6)


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

( ₹ ) Price ( ₹) ( ₹ cr ) FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E

Agri / Agri Chemical

Rallis Neutral 235 - 4,562 1,937 2,164 13.3 14.3 9.0 11.0 26.1 21.3 4.5 4.0 18.4 19.8 2.4 2.1

United Phosphorus Neutral 710 - 36,009 15,176 17,604 18.5 18.5 37.4 44.6 19.0 15.9 3.7 3.1 21.4 21.2 2.5 2.1

Auto & Auto Ancillary

Ashok Leyland Buy 84 111 23,962 22,407 26,022 10.6 10.6 5.2 6.4 16.1 13.1 3.7 3.1 23.6 24.7 1.2 1.0

Bajaj Auto Neutral 2,787 - 80,651 25,093 27,891 19.5 19.2 143.9 162.5 19.4 17.2 5.4 4.7 30.3 29.4 2.9 2.6

Bharat Forge Neutral 901 - 20,975 7,726 8,713 20.5 21.2 35.3 42.7 25.5 21.1 4.7 4.3 18.9 20.1 2.8 2.4

Eicher Motors Neutral 24,978 - 67,844 16,583 20,447 17.5 18.0 598.0 745.2 41.8 33.5 14.3 10.9 41.2 38.3 3.9 3.1

Gabriel India Accumulate 120 130 1,717 1,544 1,715 9.0 9.3 5.4 6.3 22.1 19.0 4.2 3.7 18.9 19.5 1.1 0.9

Hero Motocorp Neutral 3,367 - 67,235 31,253 35,198 15.3 15.0 172.3 192.1 19.5 17.5 7.2 6.1 38.9 37.0 2.0 1.8

Jamna Auto Industries Neutral 228 - 1,821 1,486 1,620 9.8 9.9 15.0 17.2 15.2 13.3 3.3 2.8 21.8 21.3 1.3 1.2

L G Balakrishnan & Bros Neutral 595 - 934 1,302 1,432 11.6 11.9 43.7 53.0 13.6 11.2 1.9 1.8 13.8 14.2 0.8 0.7

Mahindra and Mahindra Neutral 1,329 - 82,537 46,534 53,077 11.6 11.7 67.3 78.1 19.7 17.0 3.2 2.8 15.4 15.8 1.7 1.5

Maruti Accumulate 5,608 5,998 169,397 69,186 82,217 14.7 14.4 198.5 241.4 28.3 23.2 5.5 4.5 20.2 20.0 2.1 1.7

Minda Industries Neutral 337 - 2,673 2,728 3,042 9.0 9.1 68.2 86.2 4.9 3.9 1.1 0.9 23.8 24.3 1.0 0.9

Motherson Sumi Neutral 333 - 46,677 45,896 53,687 7.8 8.3 13.0 16.1 25.5 20.7 8.2 6.6 34.7 35.4 1.1 0.9

Rane Brake Lining Neutral 1,268 - 1,003 511 562 11.3 11.5 28.1 30.9 45.1 41.0 6.9 6.3 15.3 15.0 2.1 1.9

Setco Automotive Neutral 42 - 565 741 837 13.0 13.0 15.2 17.0 2.8 2.5 0.5 0.4 15.8 16.3 1.1 1.0

Tata Motors Neutral 550 - 158,868 300,209 338,549 8.9 8.4 42.7 54.3 12.9 10.1 2.1 1.7 15.6 17.2 0.6 0.6

TVS Motor Neutral 391 - 18,576 13,390 15,948 6.9 7.1 12.8 16.5 30.6 23.6 7.6 6.0 26.3 27.2 1.4 1.2

Amara Raja Batteries Buy 1,037 1,218 17,706 5,429 6,471 17.5 17.6 35.3 43.5 29.4 23.8 6.7 5.5 25.3 24.8 3.1 2.5

Exide Industries Neutral 196 - 16,643 7,439 8,307 15.0 15.0 8.1 9.3 24.2 21.1 3.4 3.0 14.3 16.7 1.9 1.7

Apollo Tyres Accumulate 212 235 10,789 12,877 14,504 14.3 13.9 21.4 23.0 9.9 9.2 1.5 1.3 16.4 15.2 1.0 0.9

Ceat Accumulate 1,288 1,450 5,209 7,524 8,624 13.0 12.7 131.1 144.3 9.8 8.9 1.8 1.5 19.8 18.6 0.8 0.7

JK Tyres Neutral 151 - 3,418 7,455 8,056 15.0 15.0 21.8 24.5 6.9 6.2 1.4 1.2 22.8 21.3 0.6 0.5

Swaraj Engines Neutral 1,373 - 1,705 660 810 15.2 16.4 54.5 72.8 25.2 18.9 7.9 7.1 31.5 39.2 2.4 1.9

Subros Neutral 137 - 823 1,488 1,681 11.7 11.9 6.4 7.2 21.4 19.1 2.3 2.1 10.8 11.4 0.8 0.7

Indag Rubber Neutral 212 - 558 286 326 19.8 16.8 11.7 13.3 18.2 15.9 3.1 2.9 17.8 17.1 1.6 1.4

Capital Goods

ACE Neutral 44 - 438 709 814 4.1 4.6 1.4 2.1 31.6 21.1 1.3 1.2 4.4 6.0 0.8 0.7

BEML Buy 933 1,157 3,884 3,451 4,055 6.3 9.2 31.4 57.9 29.7 16.1 1.8 1.6 6.3 10.9 1.2 1.0

Bharat Electronics Accumulate 1,273 1,414 30,541 8,137 9,169 16.8 17.2 58.7 62.5 21.7 20.4 3.4 3.0 44.6 46.3 2.7 2.5


October 20, 2016

Stock Watch



Capital Goods

Voltas Neutral 402 - 13,308 6,511 7,514 7.9 8.7 12.9 16.3 31.2 24.7 5.6 4.9 16.7 18.5 1.8 1.5

BGR Energy Neutral 116 - 836 16,567 33,848 6.0 5.6 7.8 5.9 14.9 19.6 0.9 0.8 4.7 4.2 0.2 0.1

BHEL Neutral 141 - 34,572 28,797 34,742 - 2.8 2.3 6.9 61.4 20.5 1.0 1.0 1.3 4.8 0.9 0.6

Blue Star Accumulate 562 634 5,360 4,283 5,077 5.9 7.3 14.9 22.1 37.8 25.4 7.3 6.2 20.4 26.4 1.3 1.1

Crompton Greaves Neutral 76 - 4,770 5,777 6,120 5.9 7.0 3.3 4.5 23.1 16.9 1.0 1.0 4.4 5.9 0.8 0.7

Greaves Cotton Neutral 128 - 3,132 1,755 1,881 16.8 16.9 7.8 8.5 16.4 15.1 3.3 3.1 20.6 20.9 1.5 1.3

Inox Wind Buy 225 286 4,987 5,605 6,267 15.7 16.4 24.8 30.0 9.1 7.5 2.5 1.9 25.9 24.4 0.9 0.8

KEC International Neutral 125 - 3,216 9,294 10,186 7.9 8.1 9.9 11.9 12.6 10.5 1.9 1.6 15.6 16.3 0.6 0.5

Thermax Neutral 874 - 10,420 5,421 5,940 7.3 7.3 25.7 30.2 34.0 29.0 4.1 3.8 12.2 13.1 1.8 1.7

VATech Wabag Buy 521 681 2,838 3,136 3,845 8.9 9.1 26.0 35.9 20.0 14.5 2.5 2.1 13.4 15.9 0.8 0.6

Cement

ACC Neutral 1,609 - 30,209 11,225 13,172 13.2 16.9 44.5 75.5 36.2 21.3 3.4 3.2 11.2 14.2 2.7 2.3

Ambuja Cements Neutral 251 - 49,780 9,350 10,979 18.2 22.5 5.8 9.5 43.2 26.4 3.6 3.3 10.2 12.5 5.3 4.5

India Cements Neutral 156 - 4,801 4,364 4,997 18.5 19.2 7.9 11.3 19.8 13.8 1.4 1.4 8.0 8.5 1.9 1.6

JK Cement Neutral 944 - 6,602 4,398 5,173 15.5 17.5 31.2 55.5 30.3 17.0 3.6 3.2 12.0 15.5 2.0 1.7

J K Lakshmi Cement Buy 485 565 5,702 2,913 3,412 14.5 19.5 7.5 22.5 64.6 21.5 4.0 3.3 12.5 18.0 2.5 2.1

Orient Cement Buy 182 215 3,722 2,114 2,558 18.5 20.5 8.1 11.3 22.4 16.1 3.3 2.8 9.0 14.0 2.4 1.9

UltraTech Cement Neutral 4,032 - 110,645 25,768 30,385 21.0 23.5 111.0 160.0 36.3 25.2 4.6 4.1 13.5 15.8 4.4 3.7

Construction

ITNL Neutral 103 - 3,387 8,946 10,017 31.0 31.6 8.1 9.1 12.7 11.3 0.5 0.5 4.2 5.0 3.7 3.4

KNR Constructions Neutral 783 - 2,203 1,385 1,673 14.7 14.0 41.2 48.5 19.0 16.2 3.5 3.1 14.9 15.2 1.7 1.4

Larsen & Toubro Accumulate 1,486 1,700 138,478 67,665 77,249 10.7 11.5 57.3 71.2 25.9 20.9 2.4 2.2 12.6 14.3 2.2 1.9

Gujarat Pipavav Port Neutral 170 - 8,235 705 788 52.2 51.7 5.0 5.6 34.1 30.4 3.4 3.0 11.2 11.2 11.3 9.7

Nagarjuna Const. Neutral 81 - 4,506 8,842 9,775 9.1 8.8 5.3 6.4 15.3 12.7 1.2 1.1 8.2 9.1 0.7 0.6

PNC Infratech Accumulate 124 143 3,190 2,350 2,904 13.1 13.2 9.0 8.8 13.8 14.1 0.5 0.5 15.9 13.9 1.5 1.2

Simplex Infra Neutral 327 - 1,620 6,829 7,954 10.5 10.5 31.4 37.4 10.4 8.8 1.1 1.0 9.9 13.4 0.7 0.6

Power Mech Projects Neutral 487 - 716 1,801 2,219 12.7 14.6 72.1 113.9 6.8 4.3 1.2 1.1 16.8 11.9 0.4 0.3

Sadbhav Engineering Accumulate 270 298 4,628 3,598 4,140 10.3 10.6 9.0 11.9 30.0 22.7 3.1 2.8 9.9 11.9 1.6 1.3

NBCC Neutral 253 - 15,198 7,428 9,549 7.9 8.6 8.2 11.0 30.9 23.0 1.5 1.2 28.2 28.7 1.8 1.3

MEP Infra Neutral 43 - 705 1,877 1,943 30.6 29.8 3.0 4.2 14.5 10.3 7.0 4.7 0.6 0.6 1.8 1.6

SIPL Neutral 107 - 3,769 1,036 1,252 65.5 66.2 (8.4) (5.6) 4.0 4.6 (22.8) (15.9) 11.9 9.9


October 20, 2016

Stock Watch



Construction

Engineers India Neutral 260 - 8,745 1,725 1,935 16.0 19.1 11.4 13.9 22.8 18.7 3.1 3.0 13.4 15.3 4.0 3.6

Financials

Axis Bank Buy 535 630 127,775 46,932 53,575 3.5 3.4 32.4 44.6 16.6 12.0 2.1 1.9 13.6 16.5 - -

Bank of Baroda Neutral 155 - 35,761 19,980 23,178 1.8 1.8 11.5 17.3 13.5 9.0 1.5 1.3 8.3 10.1 - -

Canara Bank Neutral 314 - 17,042 15,225 16,836 1.8 1.8 14.5 28.0 21.6 11.2 1.5 1.2 5.8 8.5 - -

Dewan Housing Finance Neutral 335 - 9,765 2,225 2,688 2.9 2.9 29.7 34.6 11.3 9.7 1.8 1.6 16.1 16.8 - -

Equitas Holdings Buy 179 235 5,986 939 1,281 11.7 11.5 5.8 8.2 30.8 21.8 2.7 2.4 10.9 11.5 - -

Federal Bank Neutral 71 - 12,173 9,353 10,623 2.9 2.9 4.4 5.8 16.1 12.2 1.5 1.4 9.5 11.0 - -

HDFC Neutral 1,342 - 212,181 11,475 13,450 3.4 3.4 45.3 52.5 29.6 25.6 5.7 5.1 20.2 20.5 - -

HDFC Bank Accumulate 1,259 1,350 318,632 46,097 55,433 4.5 4.5 58.4 68.0 21.6 18.5 3.8 3.2 18.8 18.6 - -

ICICI Bank Neutral 265 - 154,148 39,029 45,903 3.3 3.3 16.7 16.3 15.9 16.3 2.0 1.8 10.1 12.4 - -

LIC Housing Finance Neutral 616 - 31,085 3,712 4,293 2.6 2.5 39.0 46.0 15.8 13.4 3.0 2.5 19.9 20.1 - -

Punjab Natl.Bank Neutral 141 - 29,972 23,532 23,595 2.3 2.4 6.8 12.6 20.7 11.2 3.2 2.3 3.3 6.5 - -

RBL Bank Buy 313 365 11,590 1,783 2,309 2.6 2.6 12.7 16.4 24.7 19.1 2.7 2.4 12.8 13.3 - -

South Ind.Bank Neutral 24 - 3,187 6,435 7,578 2.5 2.5 2.7 3.1 8.7 7.6 1.1 0.9 10.1 11.2 - -

St Bk of India Neutral 255 - 197,796 88,650 98,335 2.6 2.6 13.5 18.8 18.9 13.6 1.8 1.6 7.0 8.5 - -

Union Bank Neutral 143 - 9,806 13,450 14,925 2.3 2.3 25.5 34.5 5.6 4.1 0.8 0.7 7.5 10.2 - -

Yes Bank Neutral 1,292 - 54,387 8,978 11,281 3.3 3.4 74.0 90.0 17.5 14.4 3.3 2.8 17.0 17.2 - -

FMCG

Asian Paints Neutral 1,169 - 112,173 17,128 18,978 16.8 16.4 19.1 20.7 61.2 56.5 21.3 20.1 34.8 35.5 6.5 5.8

Britannia Accumulate 3,317 3,626 39,791 9,795 11,040 14.6 14.9 80.3 94.0 41.3 35.3 17.0 13.1 41.2 - 3.9 3.4

Colgate Accumulate 936 995 25,465 4,605 5,149 23.4 23.4 23.8 26.9 39.3 34.8 21.8 17.0 64.8 66.8 5.5 4.9

Dabur India Accumulate 277 304 48,763 8,315 9,405 19.8 20.7 8.1 9.2 34.2 30.1 9.5 7.9 31.6 31.0 5.5 4.8

GlaxoSmith Con* Neutral 6,201 - 26,079 4,350 4,823 21.2 21.4 179.2 196.5 34.6 31.6 9.2 7.8 27.1 26.8 5.4 4.8

Godrej Consumer Neutral 1,579 - 53,769 10,235 11,428 18.4 18.6 41.1 44.2 38.4 35.7 8.5 7.2 24.9 24.8 5.3 4.7

HUL Neutral 846 - 183,095 35,252 38,495 17.6 17.4 20.4 21.9 41.4 38.6 34.1 29.8 82.2 77.3 5.0 4.6

ITC Buy 240 283 289,458 40,059 44,439 39.0 39.2 9.1 10.1 26.4 23.8 7.2 6.3 27.2 26.5 6.7 6.0

Marico Neutral 287 - 37,067 6,430 7,349 18.8 19.5 6.4 7.7 44.9 37.3 13.6 11.4 33.2 32.5 5.6 4.8

Nestle* Neutral 6,787 - 65,439 10,073 11,807 20.7 21.5 124.8 154.2 54.4 44.0 22.3 20.1 34.8 36.7 6.3 5.4

Tata Global Neutral 155 - 9,757 8,675 9,088 9.8 9.8 7.4 8.2 20.9 18.9 2.4 2.3 7.9 8.1 1.0 1.0Procter & Gamble Hygiene Accumulate 7,000 7,369 22,723 2,939 3,342 23.2 23.0 146.2 163.7 47.9 42.8 107.2 102.8 25.3 23.5 7.3 6.3


October 20, 2016

Stock Watch



IT

HCL Tech^ Buy 830 1,000 117,093 49,242 57,168 20.5 20.5 55.7 64.1 14.9 13.0 3.0 2.3 20.3 17.9 2.2 1.8

Infosys Buy 1,042 1,249 239,250 68,350 77,326 27.0 27.0 62.5 69.4 16.7 15.0 3.6 3.2 21.3 21.6 2.9 2.5

TCS Buy 2,394 3,004 471,760 121,684 136,286 27.3 27.3 135.0 150.1 17.7 16.0 5.9 5.4 33.2 33.9 3.6 3.2

Tech Mahindra Buy 425 700 41,254 30,347 33,685 17.0 17.0 37.5 41.3 11.3 10.3 2.5 2.1 21.8 20.7 1.1 0.9

Wipro Buy 495 680 120,212 51,631 55,822 21.7 17.9 35.9 36.9 13.8 13.4 2.9 2.7 19.0 18.1 2.0 1.8

Media

D B Corp Neutral 399 - 7,338 2,297 2,590 27.4 28.2 21.0 23.4 19.0 17.1 4.4 3.8 23.7 23.1 3.0 2.6

HT Media Neutral 90 - 2,098 2,693 2,991 12.6 12.9 7.9 9.0 11.4 10.0 1.0 0.9 7.8 8.3 0.4 0.2

Jagran Prakashan Accumulate 204 225 6,682 2,355 2,635 28.0 28.0 10.8 12.5 18.9 16.4 4.1 3.6 21.7 21.7 2.9 2.5

Sun TV Network Neutral 534 - 21,056 2,850 3,265 70.1 71.0 26.2 30.4 20.4 17.6 5.2 4.6 24.3 25.6 7.0 6.0Hindustan Media Ventures Neutral 304 - 2,231 1,016 1,138 24.3 25.2 27.3 30.1 11.1 10.1 2.1 1.9 16.2 15.8 1.5 1.3

TV Today Network Accumulate 335 363 1,998 637 743 27.5 27.5 18.4 21.4 18.2 15.7 3.2 2.7 17.4 17.2 2.7 2.3

Metals & Mining

Coal India Neutral 313 - 197,386 84,638 94,297 21.4 22.3 24.5 27.1 12.8 11.5 5.3 5.1 42.6 46.0 1.8 1.7

Hind. Zinc Neutral 248 - 104,872 14,252 18,465 55.9 48.3 15.8 21.5 15.7 11.5 2.6 2.2 17.0 20.7 7.4 5.7

Hindalco Neutral 151 - 31,171 107,899 112,095 7.4 8.2 9.2 13.0 16.4 11.6 0.8 0.8 4.8 6.6 0.8 0.8

JSW Steel Neutral 1,745 - 42,187 53,201 58,779 16.1 16.2 130.6 153.7 13.4 11.4 1.8 1.6 14.0 14.4 1.6 1.3

NMDC Neutral 122 - 48,330 6,643 7,284 44.4 47.7 7.1 7.7 17.2 15.8 1.5 1.5 8.8 9.2 5.0 4.6

SAIL Neutral 49 - 20,031 47,528 53,738 (0.7) 2.1 (1.9) 2.6 18.7 0.5 0.5 (1.6) 3.9 1.3 1.2

Vedanta Neutral 199 - 58,849 71,744 81,944 19.2 21.7 13.4 20.1 14.8 9.9 1.3 1.1 8.4 11.3 1.2 0.9

Tata Steel Neutral 425 - 41,320 121,374 121,856 7.2 8.4 18.6 34.3 22.9 12.4 1.4 1.3 6.1 10.1 1.0 1.0

Oil & Gas

Cairn India Neutral 227 - 42,475 9,127 10,632 4.3 20.6 8.8 11.7 25.7 19.4 0.8 0.8 3.3 4.2 6.1 5.1

GAIL Neutral 436 - 55,280 56,220 65,198 9.3 10.1 27.1 33.3 16.1 13.1 1.5 1.4 9.3 10.7 1.2 1.0

ONGC Neutral 279 - 238,399 137,222 152,563 15.0 21.8 19.5 24.1 14.3 11.6 1.2 1.2 8.5 10.1 2.0 1.8

Indian Oil Corp Neutral 327 - 158,570 373,359 428,656 5.9 5.5 54.0 59.3 6.1 5.5 0.9 0.8 16.0 15.6 0.6 0.5

Reliance Industries Neutral 1,087 - 352,421 301,963 358,039 12.1 12.6 87.7 101.7 12.4 10.7 1.3 1.2 10.7 11.3 1.6 1.4

Pharmaceuticals

Alembic Pharma Neutral 673 - 12,685 3,483 4,083 20.2 21.4 24.3 30.4 27.7 22.1 6.3 5.0 25.5 25.3 3.6 3.0

Aurobindo Pharma Accumulate 828 877 48,461 15,720 18,078 23.7 23.7 41.4 47.3 20.0 17.5 5.2 4.1 29.6 26.1 3.3 2.9

Sanofi India* Neutral 4,247 - 9,780 2,357 2,692 17.3 17.3 153.5 169.2 27.7 25.1 4.7 3.8 25.8 28.4 3.8 3.1

Cadila Healthcare Neutral 391 - 39,977 11,126 13,148 22.0 22.0 17.1 20.0 22.8 19.5 5.9 4.7 28.8 26.6 3.6 2.9

Cipla Sell 595 490 47,804 15,378 18,089 17.4 18.4 21.6 27.2 27.5 21.9 3.6 3.1 13.7 15.2 3.3 2.8


October 20, 2016

Stock Watch



Pharmaceuticals

Dr Reddy's Neutral 3,068 - 50,839 16,043 18,119 23.1 24.7 126.0 157.8 24.4 19.4 3.6 3.1 15.7 17.1 3.1 2.7

Dishman Pharma Sell 242 45 3,904 1,718 1,890 22.7 22.8 9.5 11.3 25.5 21.4 2.5 2.2 10.1 10.9 2.7 2.4

GSK Pharma* Neutral 2,976 - 25,208 3,528 3,811 16.6 18.8 51.8 59.4 57.5 50.1 15.4 15.3 26.3 30.6 6.9 6.4

Indoco Remedies Sell 313 225 2,884 1,112 1,289 18.2 18.2 13.2 15.6 23.7 20.1 4.2 3.6 19.2 19.2 2.7 2.3

Ipca labs Neutral 625 - 7,891 3,303 3,799 15.3 15.3 17.3 19.7 36.2 31.8 3.1 2.9 9.1 9.4 2.5 2.2

Lupin Buy 1,512 1,809 68,169 15,912 18,644 26.4 26.7 58.1 69.3 26.0 21.8 5.1 4.2 21.4 20.9 4.4 3.6

Sun Pharma Buy 750 944 180,598 31,129 35,258 30.0 30.9 28.0 32.8 26.8 22.9 4.1 3.4 18.7 18.9 5.4 4.6

Power

Tata Power Neutral 81 - 21,975 36,916 39,557 17.4 27.1 5.1 6.3 15.9 12.9 1.4 1.3 9.0 10.3 1.6 1.4

NTPC Neutral 149 - 122,816 86,605 95,545 17.5 20.8 11.8 13.4 12.6 11.1 1.3 1.2 10.5 11.1 2.8 2.8

Power Grid Neutral 178 - 93,148 25,763 29,762 74.3 73.1 14.8 17.3 12.0 10.3 1.9 1.7 16.9 17.5 7.9 7.5

Real Estate

MLIFE Buy 433 522 1,777 1,152 1,300 22.7 24.6 29.9 35.8 14.5 12.1 1.1 1.0 7.6 8.6 2.3 1.9

Telecom

Bharti Airtel Neutral 307 - 122,840 105,086 114,808 34.5 34.7 12.2 16.4 25.2 18.7 1.7 1.6 6.8 8.4 2.1 1.8

Idea Cellular Neutral 76 - 27,510 40,133 43,731 37.2 37.1 6.4 6.5 11.9 11.8 1.0 0.9 8.2 7.6 1.7 1.4

zOthers

Abbott India Neutral 4,728 - 10,048 3,153 3,583 14.1 14.4 152.2 182.7 31.1 25.9 152.5 130.3 25.6 26.1 2.9 2.5

Bajaj Electricals Buy 258 306 2,604 5,099 5,805 5.6 5.9 11.4 14.6 22.7 17.7 3.0 2.7 13.4 15.1 0.5 0.4

Finolex Cables Neutral 431 - 6,592 2,883 3,115 12.0 12.1 14.2 18.6 30.4 23.2 16.1 14.1 15.8 14.6 2.0 1.8

Goodyear India* Neutral 799 - 1,844 1,598 1,704 10.4 10.2 49.4 52.6 16.2 15.2 74.7 65.5 18.2 17.0 0.8 118.3

Hitachi Neutral 1,521 - 4,135 2,081 2,433 8.8 8.9 33.4 39.9 45.5 38.1 36.7 30.6 22.1 21.4 2.0 1.7

Jyothy Laboratories Neutral 357 - 6,491 1,440 2,052 11.5 13.0 8.5 10.0 42.1 35.7 10.2 9.4 18.6 19.3 4.8 3.3

Page Industries Neutral 16,098 - 17,955 2,450 3,124 20.1 17.6 299.0 310.0 53.8 51.9 358.5 273.7 47.1 87.5 7.4 5.8

Relaxo Footwears Neutral 433 - 5,201 2,085 2,469 9.2 8.2 7.6 8.0 57.3 54.5 22.2 19.0 17.9 18.8 2.6 2.2

Siyaram Silk Mills Accumulate 1,532 1,714 1,436 1,799 2,040 11.6 11.7 104.9 122.4 14.6 12.5 2.4 2.1 16.4 16.4 1.0 0.9

Styrolution ABS India* Neutral 611 - 1,074 1,440 1,537 9.2 9.0 40.6 42.6 15.0 14.3 38.4 34.9 12.3 11.6 0.7 0.6

TVS Srichakra Neutral 3,861 - 2,956 2,304 2,614 13.7 13.8 231.1 266.6 16.7 14.5 433.8 341.6 33.9 29.3 1.3 1.1

HSIL Neutral 352 - 2,542 2,384 2,515 15.8 16.3 15.3 19.4 23.0 18.1 22.8 19.7 7.8 9.3 1.2 1.1Kirloskar Engines India Ltd Neutral 349 - 5,048 2,554 2,800 9.9 10.0 10.5 12.1 33.3 28.9 13.9 13.1 10.7 11.7 1.6 1.4

M M Forgings Neutral 482 - 581 546 608 20.4 20.7 41.3 48.7 11.7 9.9 66.0 58.4 16.6 17.0 0.9 0.8

Banco Products (India) Neutral 226 - 1,615 1,353 1,471 12.3 12.4 14.5 16.3 15.6 13.9 21.5 19.4 14.5 14.6 1.1 121.9

Competent Automobiles Neutral 190 - 117 1,137 1,256 3.1 2.7 28.0 23.6 6.8 8.1 36.6 33.0 14.3 11.5 0.1 0.1


October 20, 2016

Stock Watch



zOthers

Nilkamal Neutral 1,773 - 2,645 1,995 2,165 10.7 10.4 69.8 80.6 25.4 22.0 101.3 88.0 16.6 16.5 1.3 1.2

Visaka Industries Neutral 220 - 350 1,051 1,138 10.3 10.4 21.0 23.1 10.5 9.5 28.2 26.4 9.0 9.2 0.6 0.6Transport Corporation of India Neutral 179 - 1,367 2,671 2,911 8.5 8.8 13.9 15.7 12.9 11.4 1.8 1.6 13.7 13.8 0.6 0.6

Elecon Engineering Neutral 72 - 783 1,482 1,660 13.7 14.5 3.9 5.8 18.4 12.4 4.3 4.0 7.8 10.9 0.8 0.8

Surya Roshni Neutral 226 - 993 3,342 3,625 7.8 7.5 17.3 19.8 13.1 11.5 24.9 20.0 10.5 10.8 0.6 0.5

MT Educare Neutral 139 - 552 366 417 17.7 18.2 9.4 10.8 14.8 12.8 3.3 2.9 22.2 22.3 1.4 1.2

Radico Khaitan Neutral 144 - 1,914 1,659 1,802 13.0 13.2 6.3 7.4 22.7 19.5 2.0 1.8 8.6 9.3 1.6 1.5

Garware Wall Ropes Neutral 518 - 1,133 873 938 12.9 13.1 30.9 34.9 16.8 14.8 2.6 2.3 15.7 15.2 1.2 1.1

Wonderla Holidays Neutral 405 - 2,286 287 355 38.0 40.0 11.3 14.2 35.8 28.5 5.1 4.5 21.4 23.9 7.7 6.2

Linc Pen & Plastics Neutral 260 - 384 382 420 9.3 9.5 13.5 15.7 19.3 16.5 3.3 2.9 17.1 17.3 1.1 1.0

The Byke Hospitality Neutral 185 - 742 287 384 20.5 20.5 7.6 10.7 24.4 17.3 5.1 4.1 20.7 23.5 2.6 1.9

Interglobe Aviation Neutral 948 - 34,167 21,122 26,005 14.5 27.6 110.7 132.1 8.6 7.2 51.3 36.6 168.5 201.1 1.6 1.3Coffee Day Enterprises Ltd Neutral 229 - 4,714 2,964 3,260 20.5 21.2 4.7 8.0 - 28.6 2.6 2.4 5.5 8.5 2.0 1.8

Navneet Education Neutral 101 - 2,404 1,062 1,147 24.0 24.0 6.1 6.6 16.6 15.2 3.4 3.0 20.6 19.8 2.3 2.2

Navkar Corporation Buy 199 265 2,840 408 612 42.9 42.3 6.8 11.5 29.4 17.3 2.0 1.8 6.9 10.5 7.9 5.3

UFO Moviez Neutral 446 - 1,231 619 685 33.2 33.4 30.0 34.9 14.9 12.8 2.1 1.8 13.8 13.9 1.7 1.4

VRL Logistics Neutral 328 - 2,988 1,902 2,119 16.7 16.6 14.6 16.8 22.5 19.5 4.9 4.3 21.9 22.2 1.7 1.5

Team Lease Serv. Neutral 1,010 - 1,727 3,229 4,001 1.5 1.8 22.8 32.8 44.4 30.8 4.8 4.1 10.7 13.4 0.4 0.3

S H Kelkar & Co. Neutral 301 - 4,357 1,036 1,160 15.1 15.0 6.1 7.2 49.3 42.0 5.3 4.8 10.7 11.5 4.1 3.6

Quick Heal Neutral 246 - 1,723 408 495 27.3 27.0 7.7 8.8 31.8 28.0 3.0 3.0 9.3 10.6 3.4 2.8

Narayana Hrudaya Neutral 352 - 7,194 1,873 2,166 11.5 11.7 2.6 4.0 133.1 88.8 8.2 7.4 6.1 8.3 3.9 3.4

Manpasand Bever. Neutral 725 - 4,146 836 1,087 19.6 19.4 16.9 23.8 42.9 30.4 5.2 4.5 12.0 14.8 4.7 3.5

Parag Milk Foods Neutral 323 - 2,717 1,919 2,231 9.3 9.6 9.5 12.9 34.2 25.0 5.3 4.4 15.5 17.5 1.6 1.3

Mirza International Buy 94 113 1,131 1,024 1,148 18.0 18.0 6.9 8.0 13.6 11.8 2.3 1.9 16.6 16.2 1.3 1.1

Asian Granito Buy 276 351 829 1,118 1,220 11.8 12.0 13.0 16.0 21.2 17.3 2.1 1.8 9.7 10.7 1.0 0.9

Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on October 19, 2016


October 20, 2016

Stock Watch

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

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Market OutlookOctober 20, 2016

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