Please refer to important disclosures at the end of this report
1
Angel Top Picks – October 2020
Indian equities turn volatile in September on back of negative global cues –
Indian equities turned volatile after rallying for three months in a row with the
benchmark Nifty down by 1.2% for the month as FII flows turned negative. FII
outflows for the month stood at `7,783 crore after record inflows of `47,078
crore in August 2020. Markets were also impacted by negative global cues in the
second half of the month due to a surge in infections in Europe and failure on the
part of the US congress to make any significant progress on the second US
stimulus package.
Domestic economy improved sharply in September led by manufacturing–
The economy continued to improve in September which was reflected in high
frequency data like Auto sales and PMI numbers. The manufacturing PMI for
September pointed to very strong rebound in manufacturing as it improved to
56.8 in September from 52.0 in August. This is the highest reading for the
indicator since January 2012. The reading was driven by majority of the
component including new orders, production, export sales, input stocks along with
an improvement in business confidence. Auto companies reported another month
of strong sequential growth with Maruti Suzuki reporting a 30.8% YoY increase in
August domestic sales as compared to a 17.7% and 1.1% growth in August and
July respectively. Hero Motocorp also reported a very strong growth of 16.9%
YoY growth in motorcycle sales for the month of September.
Further easing of restrictions post unlock 5.0 along expected lines - Unlock
5.0 carries forward the momentum from unlock 4.0 with the Government
announcing significant incremental relaxations. Unlock 5.0 has mostly been along
expected lines that the Government will keep reopening the economy gradually
as the Covid-19 situation keeps improving. Due to lockdowns in April and May
there is pent up demand which along with inventory buildup prior to the festive
season and continued opening up of the economy should lead to further
improvement in economic activities over the next month or so.
We expect sectors with revenue visibility will continue doing well will rally
in cyclical sectors also expected to continue– We expect the rural, essential
and digital theme to continue playing out over the next few quarters given
revenue visibility and strong growth prospects. We therefore continue to maintain
our positive outlook on sectors like Agrochemicals, IT, Telecom, Two wheelers
and tractors. We also expect the rally in cyclical and beaten down sectors to
continue for some more time given continued improvement in the economy.
Within the recovery theme we believe that sectors like low ticket consumer
durables, cement, and multiplexes should do well.
Key risks which can derail the recovery rally are 1) Surge in infections as the
economy is opened up further 2) Delay in vaccine production as compared to
timelines expected by markets 3) Failure of the US Government in passing the
second stimulus bill leading to volatility in global markets.
Top Picks Performance
Return Since Inception (30th Oct, 2015)
Top Picks Return
74.1%
BSE 100
39.0%
Outperformance
35.1%
Source: Company, Angel Research
Top Picks
CMP (`)
TP (`)
1,788
2,156
1,305
1,531
192
238
287
350
799
1,125
2,225
2,543
262
328
257
290
30
36
1,135
1,297
1,462
1,891
5,144
5,992
289
375
Source: Company, Angel Research
Note: Closing price as on 1
st
October,2020
Angel Top Picks | October 2020
October 3, 2020
2
Top Picks
Angel Top Picks | October 2020
October 3, 2020
3
Swaraj Engines
Swaraj Engines is engaged in the business of manufacturing diesel engines
and hi-tech engine components. Diesel Engines are specifically designed for
tractor application.
Going forward, we expect recovery in tractor industry (due to robust Rabi
crop production, hike in MSP & the forecast of a normal monsoon) will benefit
player like Swaraj Engines
The company has healthy balance sheet along with free cash flow and higher
profitability. The company is trading at reasonably lower valuations.
Hawkins Cooker
HCL operates in two segments i.e. Pressure Cookers and Cookware. Over
the last two years, the company has outperformed TTK Prestige (market
leader) in terms of sales growth ~13% vs. ~4% in Cookers & Cookware
segment.
Cooking gas (LPG) penetration has increased from 56% in FY2014 to 95% in
FY2020, which would drive higher growth for Cookers & Cookware compared
to past.
Increase demand for Kitchen product post Covid-19.
Strong balance sheet along with free cash flow and higher profitability.
Stock Info
CMP
1,462
TP
1,891
Upside
29.3%
Sector
Engines
Market Cap (` cr)
1,774
Beta
0.5
52 Week High / Low
1,708 /807
3 year-Chart
Source: Company, Angel Research
Key Financials
Y/E
Sales
OPM
PAT
EPS
ROE
P/E
P/BV
EV/Sales
March
(` cr)
(%)
(` cr)
(`)
(%)
(x)
(x)
(x)
FY2021E
711
16.7
64
53.0
16.2
27.7
4.6
2.6
FY2022E
899
17.0
86
71.2
17.1
20.6
3.6
2.3
Source: Company, Angel Research
Key Financials
Y/E
Sales
OPM
PAT
EPS
ROE
P/E
P/BV
EV/Sales
March
(` cr)
(%)
(` cr)
(`)
(%)
(x)
(x)
(x)
FY2021E
575
13.0
51
96.7
32.5
53.3
17.3
4.7
FY2022E
728
15.1
77
145.7
42.4
35.4
15.0
3.7
Source: Company, Angel Research
-
500
1,000
1,500
2,000
2,500
3,000
Jul-17
Oct-17
Feb-18
May-18
Sep-18
Dec-18
Apr-19
Jul-19
Nov-19
Feb-20
May-20
Sep-20
Stock Info
CMP
5,144
TP
5,992
Upside
16.5%
Sector
Durable
Market Cap (` cr)
2,721
Beta
0.6
52 Week High / Low
5,539 /3,111
3 year-Chart
Source: Company, Angel Research
-
1,000
2,000
3,000
4,000
5,000
6,000
Jul-17
Oct-17
Feb-18
May-18
Sep-18
Dec-18
Apr-19
Jul-19
Nov-19
Feb-20
May-20
Sep-20
Angel Top Picks | October 2020
October 3, 2020
4
Hindustan Aeronautics
HAL is one of the premier defense PSU in India along with BRL and has over
the years showcased research, design and development capabilities with the
successful development of military aircraft and helicopters such as the Ajeet,
Marut, HPT-32, Kiran and Advanced Light Helicopter.
Indigenous aircraft and helicopters HAL has also manufactured aircrafts
under license from such foreign companies including the MiG 21FL/M/BIS,
MiG-27, Dornier 228, Su-30 MkI, Hawk Mk 132 aircraft etc.
Currently the company has an order backlog of `52,000 cr which is expected
increase substantially over the next few years as the company is likely to get
many new orders including orders for 83 LCA Mark 1A worth `39,000 cr
which is expected to go for cabinet approval very soon. The company also
has various other projects in the pipeline including Light Utility Helicopter
(LUH) and the company is likely to fetch some orders for the same in
FY2021.
Key Financials
Y/E
Sales
OPM
PAT
EPS
ROE
P/E
P/BV
EV/Sales
March
(` cr)
(%)
(` cr)
(`)
(%)
(x)
(x)
(x)
FY2021E
21293
24.5%
2961
88.6
23.3
9.2
2.0
1.3
FY2022E
25552
25%
3791
113.4
24
7.3
1.9
1.9
Source: Company, Angel Research
Persistent System
Persistent Systems has a very strong presence in Hi tech, manufacturing and
life science segments which ware amongst the least impacted sectors due to
Covid-19.
Company has posted a very strong set of numbers for Q1FY21 with dollar
revenue growth of 3.1% qoq. Company has also reported improvement in
margins due to tight cost control. Company has won a large deal during the
quarter which will ramp up over the next few quarters. The new management
focus on annuity deals are expected to lead to stable growth going forward.
We expect the company to post revenue/EBITDA/PAT growth of
11.6%/21.4%/19.7% between FY20-FY22 given negligible impact of Covid-19
on FY21 numbers, strong deal wins, ramp up of existing projects along with
margin expansion.
Key Financials
Y/E
Sales
OPM
PAT
EPS
ROE
P/E
P/BV
EV/Sales
March
(` cr)
(%)
(` cr)
(`)
(x)
(%)
(%)
(x)
FY2021E
4,159
15.3
415
54.3
15.4
24.0
3.7
2.0
FY2022E
4,756
15.3
488
63.8
15.9
20.5
3.3
1.7
Source: Company, Angel Research
Stock Info
CMP
1,305
TP
1,531
Upside
17.3%
Sector
IT
Market Cap (` cr)
9,974
Beta
0.4
52 Week High / Low
1,384/420
3 year-Chart
Source: Company, Angel Research
-
200
400
600
800
1,000
1,200
1,400
1,600
Jul-17
Oct-17
Feb-18
May-18
Sep-18
Dec-18
Apr-19
Jul-19
Nov-19
Feb-20
Jun-20
Sep-20
Stock Info
CMP
799
TP
1,125
Upside
40.8%
Sector
Defence
Market Cap (` cr)
26,715
Beta
0.5
52 Week High / Low
1,423/448
3 year-Chart
Source: Company, Angel Research
-
200
400
600
800
1,000
1,200
1,400
Mar-18
Jun-18
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Jun-19
Sep-19
Dec-19
Mar-20
Jun-20
Sep-20
Angel Top Picks | October 2020
October 3, 2020
5
Inox Leisure
Inox Leisure is the second largest multiplex company in India after PVR and
operates more than 600 screens across India.
Multiplex screens are gaining ground in India at the expense of single
screens. According to FICCI, multiplex screens share have increased from
~26% in CY16 to ~33.5% in CY19, which will continue to increase.
Share prices have corrected ~40% as all theatres are closed down due to
covid-19 issue. Although, long term fundamentals are intact. Covid-19 can
lead to further consolidation in the industry.
We are positive on the prospects of the company given that has strong
balance sheet, increasing market share of multiplexes and also increasing
appetite for Hollywood and smaller budget movies which is expected to
reduce volatility in earnings due to lower dependency on big Bollywood
movies
Key Financials:
Y/E
Sales
OPM
PAT
EPS
ROE
P/E
P/BV
EV/Sales
March
(` cr)
(%)
(` cr)
(`)
(%)
(x)
(x)
(x)
FY2021E
628
-8.6
-146
-14.2
-15.0
0.0
4.6
4.7
FY2022E
2153
17.0
162
15.8
14.5
17.8
2.6
1.5
Source: Company, Angel Research (Above table is ex Ind AS 116).
Zensar Technologies
Zensar Technologies is one of the leading IT service providers to the High
tech verticals. The company has a very strong presence in Hi tech and
manufacturing which ware amongst the least impacted sectors due to Covid-
19.
Company was adversely impacted between FY18-20 due to ramp down in
the retail and consumer group segment share of which has gone down from
27.1% of revenues in FY2018 to 20.7% of revenues in FY2020. The
consumer group segment further degrew to 12.0% of revenues in Q1FY2021.
Company has won deals worth USD 150mn during the quarter and
management has said that deal pipeline is very strong at USD 1.5bn as
compared to USD 1.0bn a quarter ago.
We expect the company to post revenue/EBITDA/PAT growth of
4.5%/17.8%/19.7% between FY20-FY22 given that the worst is over for the
company in terms of client ramp downs.
Key Financials
Y/E
Sales
OPM
PAT
EPS
ROE
P/E
P/BV
EV/Sales
March
(` cr)
(%)
(` cr)
(`)
(%)
(x)
(x)
(x)
FY2021E
4,059
14.7
319
14.2
13.5
13.6
1.8
0.9
FY2022E
4,558
15.0
384
17.0
14.3
11.3
1.6
0.7
Source: Company, Angel Research
Stock Info
CMP
192
TP
238
Upside
24.0%
Sector
IT
Market Cap (` cr)
4,333
Beta
0.6
52 Week High / Low
223 /64
3 year-Chart
Source: Company, Angel Research
-
50
100
150
200
250
300
350
Jul-17
Oct-17
Jan-18
May-18
Aug-18
Dec-18
Mar-19
Jul-19
Oct-19
Feb-20
May-20
Sep-20
Stock Info
CMP
287
TP
350
Upside
22.0%
Sector
Media & Entertainment
Market Cap (` cr)
2,952
Beta
0.7
52 Week High / Low
510 /158
3 year-Chart
Source: Company, Angel Research
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100
200
300
400
500
600
Jul-17
Oct-17
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Mar-19
Jul-19
Oct-19
Feb-20
May-20
Sep-20
Angel Top Picks | October 2020
October 3, 2020
6
Metropolis Healthcare
Metropolis is a leading Pathology centre in India. Company has an asset light
model with a strong Balance sheet having cash and cash equivalents to the
tune of ₹235cr as on 30st June, 2020.
Currently, the diagnostic industry is dominated by standalone centers (~48%)
followed by hospital based labs (~37%) and diagnostic chains (~15%)
From 62.6% revenue de-growth (including covid testing) YoY in April'20, the
Company has registered mid double digit revenue growth in July'20 as covid
revenue is making up for the losses in non-covid revenue. We expect non-
covid business to be back to normal from Q3FY21 onwards.
We are positive on the long term prospects of the Company given expected
long term growth rates of ~15% CAGR, stable margins profile and
moderating competitive intensity.
Key Financials
Y/E
Sales
OPM
PAT
EPS
ROE
P/E
P/BV
EV/Sales
March
(` cr)
(%)
(` cr)
(`)
(x)
(%)
(%)
(x)
FY2021E
920
25.0
145
28.7
23.1
62.1
14.4
9.6
FY2022E
1156
28.4
222
43.9
27.8
40.6
11.3
7.5
Source: Company, Angel Research
Cholamandalam Inv. Fin. Com.
The CIFC has one of the most diversified AUMs in terms of product mix and
geographical presence. None of its product segments account for over 26%
of overall AUM. The maximum geographic zonal exposure in terms of AUM is
27% (south).
Management has a stress-tested book and guided for lower incremental
provision requirement. The final provision for FY21 would be similar to FY20.
Hence, we believe existing COVID provision is adequate.
A diversified product mix will help capture growth in the LCV, tractor, and 2W
segment. Adequate capital adequacy (20%+) and declined trend in The cost
of funds and strong parentage provide comfort. The company will benefit
significantly from stabilization in the operating environment.
Key Financials
Y/E
NII
NIM
PAT
EPS
ABV
ROA
ROE
P/E
P/ABV
March
(` cr)
(%)
(` cr)
(`)
(`)
(%)
(%)
(x)
(x)
FY2021E
3,783
5.8
987
12
102
1.5
11.5
21.1
2.5
FY2022E
3,962
5.7
1,346
17
105
2.0
14.1
15.5
2.4
Source: Company, Angel Research
Stock Info
CMP
257
TP
290
Upside
12.8%
Sector
Financials
Market Cap (` cr)
21,089
Beta
1.6
52 Week High / Low
349 /117
3 year-Chart
Source: Company, Angel Research
-
50
100
150
200
250
300
350
400
Jul-17
Oct-17
Jan-18
May-18
Aug-18
Dec-18
Mar-19
Jul-19
Oct-19
Feb-20
May-20
Sep-20
Stock Info
CMP
1,788
TP
2,156
Upside
20.6%
Sector
Healthcare
Market Cap (` cr)
9,107
Beta
0.8
52 Week High / Low
2,110/994
3 year-Chart
Source: Company, Angel Research
-
500
1,000
1,500
2,000
2,500
Mar-19
May-19
Jul-19
Sep-19
Nov-19
Jan-20
Mar-20
May-20
Jul-20
Sep-20
Angel Top Picks | October 2020
October 3, 2020
7
J.K. Lakshmi Cement
JK Lakshmi promoted by Singhania group is a predominantly north India
cement company with capacity of 13.3 Mn Mt.
Currently, north India is favorable location for the cement industry as it is
consolidated to a large extent as well as demand and supply outlook is better
compared to other locations. Q1FY21 numbers of the Company were better
compared to its peers due to favorable regional presence.
Freight and power & fuel are important line items of cost for cement
companies. Fall in crude prices will help to reduce cost/tonne for the
company.
It is also trading at a significant discount compared to other north based
cement company such as JK Cement as well as historical valuation.
VIP Industries
VIP Industries Ltd (VIP) is engaged in the manufacturing of hard and soft
luggage both. VIP's brands include Carlton, VIP Bags, Skybags, Aristocrat,
Alfa and Caprese.
Shift in trend towards the organized sector to propel growth. Substantial
brand visibility with a wide distribution network. VIP has a well diversified
product bouquet, which caters to consumers from all income groups.
The recent correction has given the investors an opportunity to invest in a
market leader with a strong brand & wide distribution network.
Stock info
CMP
262
TP
328
Upside
25.2%
Sector
Cement
Market Cap (` cr)
3,080
Beta
0.7
52 Week High / Low
390 /180
3 year-Chart
Source: Company, Angel Research
Key Financials
Y/E
Sales
OPM
PAT
EPS
ROE
P/E
P/BV
EV/Sales
March
(` cr)
(%)
(` cr)
(`)
(%)
(x)
(x)
(x)
FY2021E
3793
16.9
223
19.0
12.3
14.9
1.7
1.1
FY2022E
4452
16.2
278
23.6
13.7
12.0
1.5
0.9
Source: Company, Angel Research (Standalone nos.)
Stock Info
CMP
289
TP
375
Upside
29.8%
Sector
Durables
Market Cap (` cr)
4,086
Beta
0.8
52 Week High / Low
520 /180
3 year-Chart
Source: Company, Angel Research
Key Financials
Y/E
Sales
OPM
PAT
EPS
ROE
P/E
P/BV
EV/Sales
March
(` cr)
(%)
(` cr)
(`)
(%)
(x)
(x)
(x)
FY2021E
800
NA
-136
-9.6
NA
NA
7.9
5.1
FY2022E
1650
16.5
108
7.6
19.5
37.8
6.8
2.4
Source: Company, Angel Research
-
50
100
150
200
250
300
350
400
450
500
Jul-17
Oct-17
Jan-18
May-18
Aug-18
Dec-18
Mar-19
Jul-19
Oct-19
Feb-20
May-20
Sep-20
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100
200
300
400
500
600
700
Jul-17
Oct-17
Feb-18
May-18
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Apr-19
Jul-19
Nov-19
Feb-20
May-20
Sep-20
Angel Top Picks | October 2020
October 3, 2020
8
Reliance Industries
Reliance Industries Ltd. (RIL) is India’s largest company with dominant
presence in Refining, Petrochemicals, Telecom and Retail businesses.
RIL has built up a dominant telecom business and has already attained
market leader status with 38.3 cr. subscribers at the end of Q4FY20.
Telecom business to witness robust growth over next few years due to tariff
hikes and shift of subscribers from Vodafone Idea to other telecom players
RIL has also built a very strong retail business which is the largest organized
retailing company in India. We expect the retail business to be a key value
driver for Reliance over the long run though there would be some impact on
business in FY21 due to the Covid 9 outbreak.
It has raised INR 1.52lakh cr. from marquee investors like Facebook, General
Atlantic, KKR, Intel etc reaffirms our conviction in the company’s potential
transformation to a digital play from a pure brick and mortar company.
Endurance Tech.
It mainly caters to two and three-wheeler OEMs in India and supplies
aluminum casting products to four-wheeler OEMs in Europe.
Post Covid19, evolving consumer preference for lower ticket priced means of
private transport amid pressurized incomes & awareness around social
distancing are expected to act as tailwinds for domestic 2-Ws in India, 4-Ws
across developed nations.
The company operates 17 plants in India, 9 plants overseas and 4 R&D sites
Going ahead, given the company’s ability to gain new businesses & market
share across categories; we recommend a buy for Endurance.
Stock Info
CMP
2,225
TP
2,543
Upside
14.3%
Sector
Telecom
Market Cap (` cr)
1,46,705
Beta
1.1
52 Week High / Low
2,368 /868
3 year-Chart
Source: Company, Angel Research
Key Financials
Y/E
Sales
OPM
PAT
EPS
ROE
P/E
P/BV
EV/Sales
March
(` cr)
(%)
(` cr)
(`)
(x)
(%)
(%)
(x)
FY2021E
3,34,223
12.7
26,360
41.6
5.7
53.5
3.0
8.4
FY2022E
4,24,086
14.0
42,035
66.3
8.7
33.6
2.9
6.7
Source: Company, Angel Research
Stock Info
CMP
1,135
TP
1,297
Upside
14.3%
Sector
Others
Market Cap (` cr)
15,958
Beta
0.6
52 Week High / Low
1,201/562
3 year-Chart
Source: Company, Angel Research
Key Financials
Y/E
Sales
OPM
PAT
EPS
ROE
P/E
P/BV
EV/Sales
March
(` cr)
(%)
(` cr)
(`)
(%)
(x)
(x)
(x)
FY2021E
5884
14.0
281.0
20.0
8.7
57.3
5.1
2.3
FY2022E
7465
15.8
608.0
43.2
16.2
26.5
4.2
1.9
Source: Company, Angel Research
-
500
1,000
1,500
2,000
2,500
Jul-17
Oct-17
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May-18
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Nov-19
Feb-20
May-20
Sep-20
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200
400
600
800
1,000
1,200
1,400
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1,800
Jul-17
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Dec-18
Apr-19
Jul-19
Nov-19
Feb-20
May-20
Sep-20
Angel Top Picks | October 2020
October 3, 2020
9
IDFC First Bank
The Ability to raise sufficient liquidity at Low cost would be The Key criteria
for banks to navigate the current situation, as asset side inflow would be
limited. IDFC Fist Bank, Post management change has clearly outperformed
in building liability franchise and retail lending.
Since new management took charge, every qtr. liability franchise has been
strengthened. CASA ratio improved from 10.4% in Q3FY19 to 33.7% In
Q1FY21. NIM has improved to 4.53% in Q1FY21 as compared to 4.24% in
Q4 FY20 and 2.89% in Q3FY19. Retail advance mix is continuously
improving.
The Bank had raised Rs. 2,000 crores of fresh equity capital during Q1FY21.
Post the capital raise, the Capital Adequacy Ratio will be 15.03% with CET-1
Ratio of 14.58%.
We believe efforts to build a liability franchise, fresh capital infusion, and
provision taken on the wholesale books will help to tide over this difficult time.
The IDFC First Bank is trading (1.0x FY22ABV) at a significant discount to
historical average valuations.
Stock Info
CMP
30
TP
36
Upside
20.0%
Sector
Banking
Market Cap (` cr)
17,187
Beta
1.2
52 Week High / Low
48 /18
3 year-Chart
Source: Company, Angel Research
Key Financials
Y/E
NII
NIM
PAT
EPS
ABV
ROA
ROE
P/E
P/ABV
March
(` cr)
(%)
(` cr)
(`)
(`)
(%)
(%)
(x)
(x)
FY2021E
6,939
4.8
90
0.2
29
0.1
1
191
1.1
FY2022E
8,121
5.3
1,530
2.7
31
0.9
8
11
1.0
Source: Company, Angel Research
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10
20
30
40
50
60
70
80
Jul-17
Oct-17
Feb-18
May-18
Sep-18
Dec-18
Apr-19
Jul-19
Nov-19
Feb-20
May-20
Sep-20
Angel Top Picks | October 2020
October 3, 2020
10
Changes in Recommendation
Exhibit 1: Stocks bought in last 6-months
Stock Name
Buy Call Date
Buy Price
Dr Lal Pathlabs
01-04-2020
1,384
P & G Hygiene
01-04-2020
10,161
Ipca Labs.
01-04-2020
1,398
Bharti Airtel
01-04-2020
421
Dabur India
16-04-2020
498
L & T Infotech
16-04-2020
1,493
Infosys
16-04-2020
626
Britannia Inds.
16-04-2020
2,832
Alkem Lab
17-04-2020
2,688
Reliance Inds.
17-04-2020
1,189
P I Inds.
24-04-2020
1,507
Galaxy Surfact.
24-04-2020
1,394
Aarti Inds.
24-04-2020
929
Dhanuka Agritech
07-05-2020
438
Hind. Unilever
08-05-2020
2,056
Dr Reddy's Labs
28-05-2020
3,877
H D F C
01-06-2020
1,740
Larsen & Toubro
01-06-2020
951
Escorts
01-06-2020
970
ICICI Bank
01-06-2020
345
Axis Bank
03-06-2020
424
Bajaj Fin.
03-06-2020
2,477
Can Fin Homes
03-06-2020
316
Endurance Tech.
08-06-2020
838
Swaraj Engines
08-06-2020
1,290
Persistent Sys
29-07-2020
885
Zensar Tech.
29-07-2020
155
Alembic Pharma
04-08-2020
1,023
J.K. Lakshmi Cement
24-08-2020
287
Cholamandalam Inv & Fin Comp
24-08-2020
232
VIP Industries
27-08-2020
303
Hawkins Cookers
27-08-2020
4,918
Inox Leisure
28-08-2020
304
Chalet Hotel
28-08-2020
165
Metropolis Healthcare
28-08-2020
1,832
Hindustan Aeronautics
03-09-2020
926
Source: Company, Angel Research
Angel Top Picks | October 2020
October 3, 2020
11
Exhibit 2: Stocks sold in last 6-months
Stock Name
Sell Date
Sell Price
Dr Lal Pathlabs
09-04-2020
1,462
RBL Bank
15-04-2020
121
Shriram Trans.
15-04-2020
685
KEI Inds.
16-04-2020
279
Safari Inds.
16-04-2020
402
Amber Enterp.
16-04-2020
1,116
UltraTech Cem.
21-04-2020
3,409
Inox Wind
24-04-2020
27
Hind. Unilever
04-05-2020
2,121
ICICI Bank
05-05-2020
341
Dabur India
06-05-2020
450
Asian Paints
07-05-2020
1,610
Hawkins Cookers
22-05-2020
4,235
Bata India
26-05-2020
1,265
GMM Pfaudler
26-05-2020
3,732
Alkem Lab
27-05-2020
2,425
Dhanuka Agritech
27-05-2020
573
Nestle India
08-06-2020
17,160
P & G Hygiene
08-06-2020
10,150
Infosys
08-06-2020
708
Hind. Unilever
08-07-2020
2,161
Avenue Suparmart
13-07-2020
2,210
Axis Bank
14-07-2020
423
Bajaj Finance
21-07-2020
3,255
Larsen & Toubro
28-07-2020
913
Colgate-Palmolive
29-07-2020
1,413
Escorts
03-08-2020
1,110
Ipca Lab
11-08-2020
2,037
Aarti Industries
13-08-2020
1,012
Galaxy Surfactants
13-08-2020
1,751
L&T Infotech
13-08-2020
2,504
HDFC Ltd.
14-08-2020
1,813
ICICI Bank
17-08-2020
359
Dr. Reddy Lab
20-08-2020
4,481
Jindal Steel
24-08-2020
224
Bharti Airtel
24-08-2020
520
PI Industries
31-08-2020
1,920
Alembic Pharma
02-09-2020
921
Britannia Industries
14-09-2020
3,786
Chalet Hotels
28-09-2020
142
Source: Company, Angel Research
Angel Top Picks | October 2020
October 3, 2020
12
Research Team Tel: 022 - 39357800 E-mail: [email protected] Website: www.angelbroking.com
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Disclosure of Interest Statement
Top Picks
1. Financial interest of research analyst or Angel or his Associate or his relative
No
2. Ownership of 1% or more of the stock by research analyst or Angel or associates or
relatives
No
3. Served as an officer, director or employee of the company covered under Research
No
4. Broking relationship with company covered under Research
No
Ratings (Based on Expected Returns: Buy (> 15%) Accumulate (5% to 15%) Neutral (-5 to 5%)
Over 12 months investment period) Reduce (-5% to -15%) Sell (< -15%)
Hold (Fresh purchase not recommended)