Market Outlook

July 5, 2017

Market Cues

Domestic Indices

Chg (%)

(Pts)

(Close)

Indian markets are likely to open on a flat note tracking SGX Nifty and global

BSE Sensex

(0.0)

(12)

31,210

indices.

Nifty

(0.0)

(2)

9,613

US stock markets were closed on Tuesday on the occasion of July 4th, US

Mid Cap

(0.3)

(51)

14,759

Independence Day. Meanwhile North Korea launched another ballistic missile in the

Small Cap

(0.0)

(6)

15,567

direction of Japan, escalating standoff with the United States. The United States

Bankex

(0.3)

(66)

26,276

condemned the test-launch, firing warning missiles and vowing to hold the regime

accountable at the United Nations.

Global Indices

Chg (%)

(Pts)

(Close)

The U.K. stock markets ended the day in red as oil and mining stocks succumbed to

profit taking after sharp gains the previous day. The benchmark FTSE 100 closed

Dow Jones

0.6

130

21,479

down 0.3 percent at 7,357. European stocks fell slightly on Tuesday as fresh

Nasdaq

(0.5)

(30)

6,110

tensions on the Korean peninsula prompted traders to book profits after strong gains

FTSE

(0.3)

(20)

7,357

in the previous session.

Nikkei

(0.1)

(23)

20,032

Indian shares succumbed to profit taking on Tuesday as tension escalated in Korean

Hang Seng

(1.5)

(395)

25,389

peninsula. The benchmark BSE Sensex ended down 0.04 percent at 31,210 while

Shanghai Com

(0.4)

(13)

3,183

the broader Nifty index finished down 0.02 percent finishing at 9,613.

Advances / Declines

BSE

NSE

News Analysis

Advances

1,350

800

 Sun Pharmaceutical signs agreement with Samsung Biologics for psoriasis drug

Declines

1,328

867

Detailed analysis on Pg2

Unchanged

133

Investor’s Ready Reckoner

Key Domestic & Global Indicators

Volumes (` Cr)

Stock Watch: Latest investment recommendations on 150+ stocks

BSE

3,840

Refer Pg6 onwards

NSE

21,918

Top Picks

CMP

Target

Upside

#Net Inflows (` Cr)

Net

Mtd

Ytd

Company

Sector

Rating

(`)

(%)

FII

1,455

3,940

55,908

Blue Star

Capital Goods

Buy

617

760

23.2

MFs

6,954

36,994

Dewan Housing FinanceFinancials

Buy

436

520

19.3

Mahindra Lifespace

Real Estate

Buy

447

522

16.9

Navkar Corporation

Others

Buy

206

265

28.8

Top Gainers

Price (`)

Chg (%)

KEI Industries

Capital Goods

Accumulate

232

258

11.0

Unitech

5.0

More Top Picks on Pg3

Videoind

4.8

Key Upcoming Events

Bataindia

574

4.5

Consensus

Date

Region

Event Description

Reading

Expectations

Intellect

132

4.3

Jul 5, 2017

Germany PMI Services

53.70

Gdl

271

3.9

Jul 6, 2017

Initial Jobless claims

244.00

243.00

Jul 7, 2017

Change in Nonfarm payrolls

138.00

177.00

Top Losers

Price (`)

Chg (%)

Jul 7, 2017

Industrial Production (YoY)

(0.80)

0.20

Religare

157

(6.6)

Jul 7, 2017

Unnemployment rate

4.30

More Events on Pg4

Jpassociat

(6.3)

Gvkpil

(5.4)

Gmrinfra

(5.1)

Justdial

363

(4.9)

#as on 4^t July, 2017

www.angelbroking.com

Market Outlook

July 5, 2017

News Analysis

Sun Pharmaceutical signs agreement with Samsung Biologics for

psoriasis drug

Sun Pharma has entered into a long-term manufacturing agreement with globally

renowned Contract Manufacturing Organization (CMO) Samsung Biologics for a

plaque psoriasis drug Tildrakizumab. The contract is valued at $55.5 million.

Sun Pharma had acquired rights to market Tildrakizumab in the US and Canada

in 2014 from MSD. Sun Pharma is responsible for activities such as regulatory

submission, pharmacovigilance, post approval studies, manufacturing and

commercialization of the product. Sun Pharma later sold its rights to market the

drug in Europe to Spanish company Almirall.

The company has indicated that it has plans to launch Tildrakizumab in the US in

the beginning of FY19. Tildrakizumab is Sun Pharma’s entry into the innovation

drug segment.

We believe that this is a next logical step towards commercialization of the

innovative drug and it should help Sun Pharma to enter in the market of

innovation drug commercialization.

Economic and Political News

 China says Doklam situation ‘grave’, rules out compromise with India

 Bond yields continue to stay high as market fears further OMO sales

 Narendra Modi’s Israel visit sign of India’s shifting foreign policy calculus

 RBI releases Rs 2,400 crore for Telangana, farmers to gain

 North Korea Launches Its Longest-range Ballistic Missile

Corporate News

 NTPC bets $10 billion on coal power despite surplus, green concerns

 Jyoti Structures becomes first case to be admitted for bankruptcy proceedings

 ICICI Prudential to take over Sahara Life’s insurance business

 Textile industry size to touch $250 billion in 2 years, says official

www.angelbroking.com

Market Outlook

July 5, 2017

Top Picks HHHHH

Market Cap

CMP

Target

Upside

Company

Rationale

(` Cr)

(`)

(%)

Strong growth in domestic business due to its leadership

in acute therapeutic segment. Alkem expects to launch

Alkem Laboratories

21,953

1,836

2,161

17.7

more products in USA, which bodes for its international

business.

We expect the company would report strong profitability

Asian Granito

1,352

449

480

6.8

owing to better product mix, higher B2C sales and

amalgamation synergy.

Favourable outlook for the AC industry to augur well for

Cooling products business which is out pacing the market

Blue Star

5,899

617

760

23.2

growth. EMPPAC division's profitability to improve once

operating environment turns around.

With a focus on the low and medium income (LMI)

consumer segment, the company has increased its

Dewan Housing Finance

13,669

436

520

19.3

presence in tier-II & III cities where the growth opportunity

is immense.

Loan growth is likely to pick up after a sluggish FY17.

Karur Vysya Bank

8,735

145

160

10.7

Lower credit cost will help in strong bottomline growth.

Increasing share of CASA will help in NIM improvement.

Economic recovery to have favourable impact on

advertising & circulation revenue growth. Further, the

Jagran Prakashan

6,069

186

225

21.2

acquisition of a radio business (Radio City) would also

boost the company's revenue growth.

High order book execution in EPC segment, rising B2C

KEI Industries

1,808

232

258

11.0

sales and higher exports to boost the revenues and

profitability

Speedier execution and speedier sales, strong revenue

Mahindra Lifespace

2,292

447

522

16.9

visibilty in short-to-long run, attractive valuations

Massive capacity expansion along with rail advantage at

Navkar Corporation

2,935

206

265

28.8

ICD as well CFS augurs well for the company

Strong brands and distribution network would boost

Siyaram Silk Mills

2,002

2,136

2,500

17.0

growth going ahead. Stock currently trades at an

inexpensive valuation.

Market leadership in Hindi news genre and no.

viewership ranking in English news genre, exit from the

TV Today Network

1,399

235

344

46.7

radio business, and anticipated growth in ad spends by

corporates to benefit the stock.

Source: Company, Angel Research,

www.angelbroking.com

Market Outlook

July 5, 2017

Key Upcoming Events

Global economic events release calendar

Bloomberg Data

Date

Time

Country

Event Description

Unit

Period

Last Reported

Estimated

Jul 05, 2017

1:25 PMGermany

PMI Services

Value

Jun F

53.70

Jul 06, 2017

6:00 PMUS

Initial Jobless claims

Thousands

Jul 1

244.00

243.00

Jul 07, 2017

6:00 PMUS

Change in Nonfarm payrolls

Thousands

Jun

138.00

177.00

2:00 PMUK

Industrial Production (YoY)

% Change

May

(0.80)

0.20

6:00 PMUS

Unnemployment rate

Jun

4.30

Jul 10, 2017

5:30 PMIndia

Industrial Production YoY

% Change

May

3.10

Jul 12, 2017

7:00 AMChina

Consumer Price Index (YoY)

% Change

Jun

1.50

2:00 PMUK

Jobless claims change

% Change

Jun

7.30

Jul 13, 2017

Producer Price Index (mom)

% Change

Jun

(0.70)

China

Exports YoY%

% Change

Jun

8.70

9.00

Jul 14, 2017

India

Imports YoY%

% Change

Jun

33.10

India

Exports YoY%

% Change

Jun

8.30

6:45 PMUS

Industrial Production

Jun

0.30

6:00 PMUS

Consumer price index (mom)

% Change

Jun

(0.10)

0.10

12:00 PMIndia

Monthly Wholesale Prices YoY%

% Change

Jun

2.17

Jul 17, 2017

7:30 AMChina

Industrial Production (YoY)

% Change

Jun

6.50

7:30 AMChina

Real GDP (YoY)

% Change

6.90

6.80

Jul 18, 2017

2:00 PMUK

CPI (YoY)

% Change

Jun

2.90

2:30 PMEuro Zone

Euro-Zone CPI (YoY)

Jun F

1.30

Jul 19, 2017

6:00 PMUS

Housing Starts

Thousands

Jun

1,092.00

1,190.00

6:00 PMUS

Building permits

Thousands

Jun

1,168.00

1,205.00

Source: Bloomberg, Angel Research

www.angelbroking.com

Market Outlook

July 5, 2017

Macro watch

Exhibit 1: Quarterly GDP trends

Exhibit 2: IIP trends

(%)

10.0

9.1

8.9

8.8

9.0

7.9

8.0

7.9

8.0

7.6

7.5

8.0

7.3

7.2

7.0

5.7

7.0

6.0

5.2

6.1

4.9

6.0

5.0

3.8

4.0

3.0

3.1

2.6

5.0

3.0

1.9

4.0

2.0

1.0

3.0

Source: CSO, Angel Research

Source: MOSPI, Angel Research

Exhibit 3: Monthly CPI inflation trends

Exhibit 4: Manufacturing and services PMI

56.0

Mfg. PMI

Services PMI

(%)

7.0

54.0

6.1

5.8

6.0

52.0

5.1

5.0

4.3

4.2

50.0

3.9

3.6

3.7

4.0

3.4

3.2

3.0

48.0

3.0

2.2

46.0

2.0

44.0

1.0

42.0

Source: Market, Angel Research; Note: Level above 50 indicates expansion

Source: MOSPI, Angel Research

Exhibit 5: Exports and imports growth trends

Exhibit 6: Key policy rates

(%)

Exports yoy growth

Imports yoy growth

(%)

Repo rate

Reverse Repo rate

CRR

60.0

7.00

50.0

6.50

40.0

6.00

30.0

5.50

20.0

5.00

10.0

4.50

0.0

4.00

(10.0)

(20.0)

3.50

(30.0)

3.00

Source: Bloomberg, Angel Research

Source: RBI, Angel Research

www.angelbroking.com

Market Outlook

July 5, 2017

Exhibit 4: Relative performance of indices across globe

Returns (%)

Country

Name of index

Closing price

1YR

Brazil

Bovespa

63,232

1.5

(3.1)

22.7

Russia

Micex

1,917

2.6

(5.2)

2.0

India

Nifty

9,613

(0.0)

4.8

18.3

China

Shanghai Composite

3,183

2.9

(0.9)

10.0

South Africa

Top 40

45,820

(1.4)

0.9

(0.3)

Mexico

Mexbol

50,042

1.5

3.1

9.2

Indonesia

LQ45

987

3.6

7.0

20.0

Malaysia

KLCI

1,762

(0.2)

0.7

7.4

Thailand

SET 50

995

0.5

(0.2)

10.9

USA

Dow Jones

21,479

1.6

3.9

20.4

FTSE

7,357

(2.5)

(0.2)

13.8

Japan

Nikkei

20,032

(0.7)

5.9

30.9

Germany

DAX

12,437

(1.8)

1.5

29.2

France

CAC

5,175

(3.2)

1.0

19.5

Source: Bloomberg, Angel Research,

www.angelbroking.com

Stock Watch

July 05, 2017

Company Name

Reco

CMP

Target

Mkt Cap

Sales ( Čcr )

OPM(%)

EPS (Č)

PER(x)

P/BV(x)

RoE(%)

EV/Sales(x)

(Č)

Price ( Č)

( Č cr )

FY17E FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

Agri / Agri Chemical

Rallis

Reduce

242

209

4,700

1,937

2,164

13.3

14.3

9.0

11.0

26.9

22.0

4.7

4.1

18.4

19.8

2.5

2.2

United Phosphorus

Neutral

845

42,941

15,176

17,604

18.5

37.4

44.6

22.6

19.0

4.4

3.7

21.4

21.2

2.9

2.5

Auto & Auto Ancillary

Ashok Leyland

Accumulate

111

29,060

20,021

21,915

11.6

11.9

4.5

5.3

22.1

18.7

4.5

4.0

20.6

21.5

1.4

1.3

Bajaj Auto

Neutral

2,771

80,191

25,093

27,891

19.5

19.2

143.9

162.5

19.3

17.1

5.4

4.6

30.3

29.4

2.9

2.6

Bharat Forge

Neutral

1,099

25,579

7,726

8,713

20.5

21.2

35.3

42.7

31.1

25.7

5.8

5.2

18.9

20.1

3.4

2.9

Eicher Motors

Neutral

27,851

75,816

16,583

20,447

17.5

18.0

598.0

745.2

46.6

37.4

15.9

12.1

41.2

38.3

4.4

3.5

Gabriel India

Neutral

151

2,163

1,544

1,715

9.0

9.3

5.4

6.3

27.9

23.9

5.3

4.7

18.9

19.5

1.4

1.2

Hero Motocorp

Neutral

3,700

73,887

28,083

30,096

15.3

15.7

171.8

187.0

21.5

19.8

7.5

6.3

30.1

27.9

2.5

2.2

Jamna Auto Industries Neutral

254

2,024

1,486

1,620

9.8

9.9

15.0

17.2

16.9

14.8

3.7

3.1

21.8

21.3

1.4

1.3

L G Balakrishnan & Bros Neutral

782

1,228

1,302

1,432

11.6

11.9

43.7

53.0

17.9

14.8

2.5

2.3

13.8

14.2

1.0

0.9

Mahindra and Mahindra Neutral

1,355

84,139

46,534

53,077

11.6

11.7

67.3

78.1

20.1

17.4

3.3

2.9

15.4

15.8

1.8

1.5

Maruti

Neutral

7,372

222,680

67,822

83,288

16.0

16.4

253.8

312.4

29.0

23.6

6.7

5.4

23.0

22.9

3.0

2.3

Minda Industries

Neutral

657

5,676

2,728

3,042

9.0

9.1

68.2

86.2

9.6

7.6

2.2

1.7

23.8

24.3

2.1

1.9

Motherson Sumi

Neutral

458

64,248

45,896

53,687

7.8

8.3

13.0

16.1

35.1

28.4

11.3

9.0

34.7

35.4

1.5

1.2

Rane Brake Lining

Neutral

1,327

1,050

511

562

11.3

11.5

28.1

30.9

47.2

42.9

7.2

6.6

15.3

15.0

2.2

2.0

Setco Automotive

Neutral

510

741

837

13.0

15.2

17.0

2.5

2.2

0.4

15.8

16.3

1.1

1.0

Tata Motors

Neutral

428

123,477

300,209

338,549

8.9

8.4

42.7

54.3

10.0

7.9

1.6

1.4

15.6

17.2

0.5

TVS Motor

Neutral

551

26,156

13,390

15,948

6.9

7.1

12.8

16.5

43.1

33.3

10.7

8.5

26.3

27.2

2.0

1.7

Amara Raja Batteries

Buy

855

1,009

14,607

5,305

6,100

16.0

16.3

28.4

34.0

30.1

25.2

5.8

4.9

19.3

2.8

2.4

Exide Industries

Neutral

226

19,231

7,439

8,307

15.0

8.1

9.3

27.9

24.3

3.9

3.5

14.3

16.7

2.2

2.0

Apollo Tyres

Neutral

252

12,805

12,877

14,504

14.3

13.9

21.4

23.0

11.7

10.9

1.8

1.6

16.4

15.2

1.2

1.1

Ceat

Neutral

1,857

7,511

7,524

8,624

13.0

12.7

131.1

144.3

14.2

12.9

2.6

2.2

19.8

18.6

1.1

0.9

JK Tyres

Neutral

167

3,782

7,455

8,056

15.0

21.8

24.5

7.7

6.8

1.6

1.3

22.8

21.3

0.6

0.5

Swaraj Engines

Neutral

2,340

2,906

660

810

15.2

16.4

54.5

72.8

42.9

32.1

13.4

12.1

31.5

39.2

4.2

3.4

Subros

Neutral

253

1,515

1,488

1,681

11.7

11.9

6.4

7.2

39.5

35.2

4.2

3.8

10.8

11.4

1.3

1.1

Indag Rubber

Neutral

208

547

286

326

19.8

16.8

11.7

13.3

17.8

15.6

3.0

2.8

17.8

17.1

1.6

1.4

Capital Goods

ACE

Neutral

720

709

814

4.1

4.6

1.4

2.1

52.0

34.7

2.1

2.0

4.4

6.0

1.2

1.0

BEML

Neutral

1,518

6,323

3,451

4,055

6.3

9.2

31.4

57.9

48.4

26.2

2.9

2.6

6.3

10.9

2.0

1.6

Bharat Electronics

Neutral

163

36,497

8,137

9,169

16.8

17.2

58.7

62.5

2.8

2.6

0.4

44.6

46.3

3.5

3.1

www.angelbroking.com

Stock Watch

July 05, 2017

Company Name

Reco

CMP

Target

Mkt Cap

Sales ( Čcr )

OPM(%)

EPS (Č)

PER(x)

P/BV(x)

RoE(%)

EV/Sales(x)

(Č)

Price ( Č)

( Č cr )

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

Capital Goods

Voltas

Neutral

462

15,297

6,511

7,514

7.9

8.7

12.9

16.3

35.8

28.4

6.5

5.7

16.7

18.5

2.1

1.8

BGR Energy

Neutral

154

1,108

16,567

33,848

6.0

5.6

7.8

5.9

19.7

26.0

1.1

4.7

4.2

0.2

0.1

BHEL

Neutral

134

32,773

28,797

34,742

2.8

2.3

6.9

58.2

19.4

1.0

1.3

4.8

0.8

0.5

Blue Star

Buy

617

760

5,899

4,283

5,077

5.9

7.3

14.9

22.1

41.4

27.9

8.0

6.8

20.4

26.4

1.4

1.2

CG Power and Industrial

Neutral

5,168

5,777

6,120

5.9

7.0

3.3

4.5

25.0

18.3

1.1

4.4

5.9

0.9

0.7

Solutions

Greaves Cotton

Neutral

160

3,917

1,755

1,881

16.8

16.9

7.8

8.5

20.6

18.9

4.1

3.8

20.6

20.9

1.9

1.8

Inox Wind

Neutral

144

3,198

5,605

6,267

15.7

16.4

24.8

30.0

5.8

4.8

1.6

1.2

25.9

24.4

0.6

0.5

KEC International

Neutral

262

6,727

9,294

10,186

7.9

8.1

9.9

11.9

26.4

22.0

3.9

3.4

15.6

16.3

1.0

0.9

KEI Industries

Accumulate

232

258

1,808

2,633

3,001

10.4

10.0

12.7

13.0

18.3

17.9

3.9

3.3

21.4

18.2

0.9

0.8

Thermax

Neutral

937

11,164

5,421

5,940

7.3

25.7

30.2

36.5

31.0

4.4

4.0

12.2

13.1

1.9

1.8

VATech Wabag

Neutral

680

3,713

3,136

3,845

8.9

9.1

26.0

35.9

26.2

19.0

3.3

2.8

13.4

15.9

1.1

0.9

Cement

ACC

Neutral

1,581

29,697

11,225

13,172

13.2

16.9

44.5

75.5

35.5

21.0

3.4

3.1

11.2

14.2

2.7

2.3

Ambuja Cements

Neutral

249

49,423

9,350

10,979

18.2

22.5

5.8

9.5

42.9

26.2

3.6

3.2

10.2

12.5

5.3

4.5

India Cements

Neutral

203

6,254

4,364

4,997

18.5

19.2

7.9

11.3

25.7

18.0

1.9

1.8

8.0

8.5

2.2

1.9

JK Cement

Neutral

970

6,784

4,398

5,173

15.5

17.5

31.2

55.5

31.1

17.5

3.7

3.2

12.0

15.5

2.1

1.7

J K Lakshmi Cement

Neutral

479

5,633

2,913

3,412

14.5

19.5

7.5

22.5

63.8

21.3

3.9

3.3

12.5

18.0

2.5

2.1

Orient Cement

Neutral

150

3,067

2,114

2,558

18.5

20.5

8.1

11.3

18.5

13.3

2.7

2.3

9.0

14.0

2.1

1.6

UltraTech Cement

Neutral

4,018

110,295

25,768

30,385

21.0

23.5

111.0

160.0

36.2

25.1

4.6

4.0

13.5

15.8

4.4

3.6

Construction

ITNL

Neutral

3,206

8,946

10,017

31.0

31.6

8.1

9.1

12.0

10.7

0.4

0.5

4.2

5.0

3.7

3.4

KNR Constructions

Neutral

208

2,919

1,385

1,673

14.7

14.0

41.2

48.5

5.0

4.3

0.9

0.8

14.9

15.2

2.2

1.8

Larsen & Toubro

Neutral

1,684

157,173

111,017

124,908

11.0

61.1

66.7

27.6

25.2

3.3

3.1

13.1

12.9

2.5

2.3

Gujarat Pipavav Port

Neutral

148

7,165

705

788

52.2

51.7

5.0

5.6

29.6

26.5

2.9

2.6

11.2

9.8

8.3

Nagarjuna Const.

Neutral

4,948

8,842

9,775

9.1

8.8

5.3

6.4

16.8

13.9

1.3

1.2

8.2

9.1

0.7

0.6

PNC Infratech

Neutral

143

3,670

2,350

2,904

13.1

13.2

9.0

8.8

15.9

16.3

0.6

0.5

15.9

13.9

1.7

1.4

Simplex Infra

Neutral

533

2,636

6,829

7,954

10.5

31.4

37.4

17.0

14.3

1.8

1.6

9.9

13.4

0.8

0.7

Power Mech Projects

Neutral

598

880

1,801

2,219

12.7

14.6

72.1

113.9

8.3

5.3

1.5

1.3

16.8

11.9

0.5

0.4

Sadbhav Engineering

Neutral

308

5,285

3,598

4,140

10.3

10.6

9.0

11.9

34.2

25.9

3.6

3.1

9.9

11.9

1.8

1.5

NBCC

Neutral

205

18,459

7,428

9,549

7.9

8.6

8.2

11.0

25.0

18.7

1.2

1.0

28.2

28.7

2.2

1.7

MEP Infra

Neutral

120

1,950

1,877

1,943

30.6

29.8

3.0

4.2

40.0

28.6

19.4

13.0

0.6

2.4

2.2

www.angelbroking.com

Stock Watch

July 05, 2017

Company Name

Reco

CMP

Target

Mkt Cap

Sales ( Čcr )

OPM(%)

EPS (Č)

PER(x)

P/BV(x)

RoE(%)

EV/Sales(x)

(Č)

Price ( Č)

( Č cr )

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

Construction

SIPL

Neutral

108

3,795

1,036

1,252

65.5

66.2

(8.4)

(5.6)

4.0

4.6

(22.8)

(15.9)

11.9

9.9

Engineers India

Neutral

155

10,448

1,725

1,935

16.0

19.1

11.4

13.9

13.6

11.2

1.9

1.8

13.4

15.3

5.0

4.5

Financials

Axis Bank

Accumulate

509

580

122,004

46,932

53,575

3.5

3.4

32.4

44.6

15.7

11.4

2.0

1.8

13.6

16.5

Bank of Baroda

Neutral

159

36,740

19,980

23,178

1.8

11.5

17.3

13.9

9.2

1.6

1.3

8.3

10.1

Canara Bank

Neutral

332

19,824

15,225

16,836

1.8

14.5

28.0

22.9

11.9

1.6

1.3

5.8

8.5

Can Fin Homes

Neutral

3,201

8,522

420

526

3.5

86.5

107.8

37.0

29.7

8.0

6.5

23.6

24.1

Cholamandalam Inv. &

Accumulate

1,092

1,230

17,070

2,012

2,317

6.3

42.7

53.6

25.6

20.4

4.1

3.5

16.9

18.3

Fin. Co.

Dewan Housing Finance Buy

436

520

13,669

2,225

2,688

2.9

29.7

34.6

14.7

12.6

2.4

1.6

16.1

14.8

Equitas Holdings

Buy

150

235

5,087

939

1,281

11.7

11.5

5.8

8.2

25.9

18.3

2.2

2.0

10.9

11.5

Federal Bank

Accumulate

112

125

21,771

8,259

8,995

3.0

4.3

5.6

26.1

20.0

2.2

2.0

8.5

10.1

HDFC

Neutral

1,640

261,298

11,475

13,450

3.4

45.3

52.5

36.2

31.3

7.0

6.2

20.2

20.5

HDFC Bank

Neutral

1,652

425,128

46,097

55,433

4.5

58.4

68.0

28.3

24.3

5.0

4.1

18.8

18.6

ICICI Bank

Accumulate

289

315

185,619

42,800

44,686

3.1

3.3

18.0

21.9

16.1

13.2

2.2

2.0

11.1

12.3

Karur Vysya Bank

Accumulate

145

160

8,735

5,640

6,030

3.3

3.2

8.9

10.0

16.2

14.5

1.7

1.6

11.2

11.4

Lakshmi Vilas Bank

Neutral

207

3,964

3,339

3,799

2.7

2.8

11.0

14.0

18.8

14.8

2.0

1.8

11.2

12.7

LIC Housing Finance

Neutral

747

37,703

3,712

4,293

2.6

2.5

39.0

46.0

19.2

16.2

3.6

3.1

19.9

20.1

Punjab Natl.Bank

Neutral

137

29,079

23,532

23,595

2.3

2.4

6.8

12.6

20.1

10.9

3.1

2.2

3.3

6.5

RBL Bank

Neutral

522

19,663

1,783

2,309

2.6

12.7

16.4

41.1

31.8

4.5

4.0

12.8

13.3

Repco Home Finance

Neutral

802

5,018

388

457

4.5

4.2

30.0

38.0

26.7

21.1

4.5

3.7

18.0

19.2

South Ind.Bank

Neutral

4,986

6,435

7,578

2.5

2.7

3.1

10.2

8.9

1.3

1.1

10.1

11.2

St Bk of India

Neutral

273

235,655

88,650

98,335

2.6

13.5

18.8

20.2

14.5

1.9

1.7

7.0

8.5

Union Bank

Neutral

146

10,050

13,450

14,925

2.3

25.5

34.5

5.7

4.2

0.8

0.7

7.5

10.2

Yes Bank

Neutral

1,485

67,946

8,978

11,281

3.3

3.4

74.0

90.0

20.1

16.5

3.8

3.2

17.0

17.2

FMCG

Akzo Nobel India

Neutral

1,850

8,873

2,955

3,309

13.3

13.7

57.2

69.3

32.4

26.7

10.6

8.9

32.7

33.3

2.8

2.5

Asian Paints

Neutral

1,109

106,351

17,128

18,978

16.8

16.4

19.1

20.7

58.1

53.6

20.2

19.1

34.8

35.5

6.1

5.5

Britannia

Neutral

3,751

45,020

9,594

11,011

14.6

14.9

80.3

94.0

46.7

39.9

19.2

14.8

41.2

4.6

3.9

Colgate

Neutral

1,126

30,631

4,605

5,149

23.4

23.8

26.9

47.3

41.9

26.2

20.5

64.8

66.8

6.6

5.9

Dabur India

Neutral

295

51,991

8,315

9,405

19.8

20.7

8.1

9.2

36.4

32.1

10.1

8.4

31.6

31.0

5.9

5.2

GlaxoSmith Con*

Neutral

5,400

22,712

4,350

4,823

21.2

21.4

179.2

196.5

30.1

27.5

8.0

6.8

27.1

26.8

4.6

4.1

www.angelbroking.com

Stock Watch

July 05, 2017

Company Name

Reco

CMP

Target

Mkt Cap

Sales ( Čcr )

OPM(%)

EPS (Č)

PER(x)

P/BV(x)

RoE(%)

EV/Sales(x)

(Č)

Price ( Č)

( Č cr )

FY17E FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FMCG

Godrej Consumer

Neutral

986

67,160

10,235

11,428

18.4

18.6

41.1

44.2

24.0

22.3

5.3

4.5

24.9

24.8

6.6

5.9

HUL

Neutral

1,090

235,992

35,252

38,495

17.8

20.7

22.4

52.8

48.7

50.5

43.3

95.6

88.9

6.5

6.0

ITC

Neutral

337

409,488

40,059

44,439

38.3

39.2

9.0

10.1

37.6

33.3

10.5

9.1

27.8

27.5

9.7

8.8

Marico

Neutral

323

41,631

6,430

7,349

18.8

19.5

6.4

7.7

50.4

41.9

15.2

12.8

33.2

32.5

6.3

5.4

Nestle*

Neutral

6,849

66,034

10,073

11,807

20.7

21.5

124.8

154.2

54.9

44.4

22.5

20.3

34.8

36.7

6.4

5.4

Tata Global

Neutral

150

9,470

8,675

9,088

9.8

7.4

8.2

20.3

18.3

1.6

1.5

7.9

8.1

1.0

0.9

Procter & Gamble

Neutral

8,000

25,969

2,939

3,342

23.2

23.0

146.2

163.7

54.7

48.9

13.9

11.5

25.3

23.5

8.4

7.3

Hygiene

HCL Tech^

Buy

840

1,014

119,917

46,723

52,342

22.1

20.9

60.0

62.8

14.0

13.4

3.6

3.0

25.3

22.4

2.3

2.0

Infosys

Buy

961

1,179

220,622

68,484

73,963

26.0

63.0

64.0

15.3

15.0

3.2

2.9

20.8

19.7

2.9

2.5

TCS

Accumulate

2,364

2,651

465,809

117,966

127,403

27.5

27.6

134.3

144.5

17.6

16.4

5.2

4.9

29.8

29.7

3.6

3.4

Tech Mahindra

Buy

378

533

36,838

29,141

31,051

14.4

15.0

32.3

35.6

11.7

10.6

2.0

1.8

17.1

17.0

1.1

1.0

Wipro

Accumulate

260

280

126,471

55,421

58,536

20.3

35.1

36.5

7.4

7.1

1.3

1.1

19.2

14.6

1.7

1.5

Media

D B Corp

Neutral

381

7,008

2,297

2,590

27.4

28.2

21.0

23.4

18.1

16.3

4.2

3.7

23.7

23.1

2.9

2.5

HT Media

Neutral

1,881

2,693

2,991

12.6

12.9

7.9

9.0

10.2

9.0

0.9

0.8

7.8

8.3

0.3

0.2

Jagran Prakashan

Buy

186

225

6,069

2,283

2,555

28.0

10.6

12.3

17.5

15.2

3.7

3.2

21.4

2.7

2.3

Sun TV Network

Neutral

815

32,114

2,850

3,265

70.1

71.0

26.2

30.4

31.1

26.8

8.0

7.0

24.3

25.6

10.9

9.3

Hindustan Media

Neutral

274

2,009

1,016

1,138

24.3

25.2

27.3

30.1

10.0

9.1

1.9

1.7

16.2

15.8

1.3

1.1

Ventures

TV Today Network

Buy

235

344

1,399

608

667

21.5

22.3

15.7

19.2

15.0

12.2

2.3

2.0

16.1

16.0

1.9

1.6

Metals & Mining

Coal India

Neutral

247

153,230

84,638

94,297

21.4

22.3

24.5

27.1

10.1

9.1

4.2

4.0

42.6

46.0

1.3

1.2

Hind. Zinc

Neutral

265

112,055

14,252

18,465

55.9

48.3

15.8

21.5

16.8

12.3

2.7

2.4

17.0

20.7

7.9

6.1

Hindalco

Neutral

198

44,386

107,899

112,095

7.4

8.2

9.2

13.0

21.5

15.2

1.0

4.8

6.6

0.9

JSW Steel

Neutral

208

50,266

53,201

58,779

16.1

16.2

130.6

153.7

1.6

1.4

0.2

14.0

14.4

1.7

1.5

NMDC

Neutral

111

35,262

6,643

7,284

44.4

47.7

7.1

7.7

15.7

14.5

1.4

1.3

8.8

9.2

3.1

2.8

SAIL

Neutral

24,140

47,528

53,738

(0.7)

2.1

(1.9)

2.6

22.5

0.6

(1.6)

3.9

1.4

1.2

Vedanta

Neutral

255

94,881

71,744

81,944

19.2

21.7

13.4

20.1

19.1

12.7

1.6

1.5

8.4

11.3

1.7

1.4

Tata Steel

Neutral

546

53,062

121,374

121,856

7.2

8.4

18.6

34.3

29.4

15.9

1.8

1.7

6.1

10.1

1.1

Oil & Gas

GAIL

Neutral

364

61,614

56,220

65,198

9.3

10.1

27.1

33.3

13.4

10.9

1.2

1.1

9.3

10.7

1.3

1.1

ONGC

Neutral

160

205,268

137,222

152,563

15.0

21.8

19.5

24.1

8.2

6.6

0.7

8.5

10.1

1.8

1.6

Indian Oil Corp

Neutral

382

185,423

373,359

428,656

5.9

5.5

54.0

59.3

7.1

6.4

1.1

1.0

16.0

15.6

0.7

0.6

www.angelbroking.com

Stock Watch

July 05, 2017

Company Name

Reco

CMP

Target

Mkt Cap

Sales ( Čcr )

OPM(%)

EPS (Č)

PER(x)

P/BV(x)

RoE(%)

EV/Sales(x)

(Č)

Price ( Č)

( Č cr )

FY17E FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

Oil & Gas

Reliance Industries

Neutral

1,423

462,600

301,963

358,039

12.1

12.6

87.7

101.7

16.2

14.0

1.7

1.5

10.7

11.3

2.0

1.7

Pharmaceuticals

Alembic Pharma

Buy

512

648

9,644

3,101

3,966

19.7

20.5

21.4

25.5

23.9

20.1

5.1

4.1

23.0

22.8

3.1

2.3

Alkem Laboratories Ltd

Buy

1,836

2,161

21,953

5,853

6,901

17.1

18.4

74.6

85.0

24.6

21.6

5.2

4.4

21.1

20.2

3.7

3.2

Aurobindo Pharma

Buy

679

823

39,776

14,845

17,086

21.5

22.1

39.4

44.7

17.2

15.2

4.2

3.4

27.6

24.7

2.8

2.4

Aventis*

Neutral

4,215

9,707

2,206

2,508

16.6

16.8

128.9

139.9

32.7

30.1

5.6

4.4

21.6

23.5

4.2

3.5

Cadila Healthcare

Reduce

515

450

52,692

9,220

11,584

18.4

20.3

14.5

18.7

35.5

27.5

7.6

6.1

23.5

24.6

6.0

4.6

Cipla

Sell

546

461

43,925

14,281

16,619

15.4

16.2

12.5

19.7

43.7

27.7

3.5

3.2

8.4

12.0

3.2

2.8

Dr Reddy's

Neutral

2,630

43,596

14,081

15,937

16.1

18.6

72.6

105.9

36.2

24.8

3.6

3.2

9.6

13.6

3.3

2.9

Dishman Pharma

Sell

143

1,718

1,890

22.7

22.8

9.5

11.3

10.1

10.9

3.3

2.9

GSK Pharma*

Neutral

2,527

21,401

2,927

3,290

11.8

16.2

34.4

49.6

73.5

50.9

10.7

11.1

13.9

21.3

7.1

6.4

Indoco Remedies

Sell

205

153

1,893

1,067

1,154

12.1

14.9

8.4

11.3

24.5

18.2

2.9

2.6

12.6

15.0

2.0

1.9

Ipca labs

Buy

484

620

6,105

3,211

3,593

13.9

14.5

15.4

19.4

31.4

24.9

2.5

2.3

8.2

9.5

2.0

1.8

Lupin

Buy

1,044

1,526

47,169

17,120

18,657

24.1

56.9

61.1

18.4

17.1

3.5

2.9

20.7

18.6

3.1

2.5

Natco Pharma

Accumulate

990

1,060

17,263

2,065

1,988

33.1

33.7

27.9

25.7

35.5

38.5

10.4

8.8

29.2

22.9

8.5

Sun Pharma

Buy

552

712

132,414

30,264

32,899

29.0

26.9

32.7

31.6

16.9

17.5

3.6

3.1

22.2

18.7

4.1

3.7

Power

Tata Power

Neutral

21,963

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

158

130,155

86,605

95,545

17.5

20.8

11.8

13.4

11.8

1.4

1.3

10.5

11.1

2.8

Power Grid

Accumulate

210

223

109,994

25,315

29,193

88.2

88.7

14.2

17.2

14.9

12.3

2.3

2.0

15.2

16.1

9.0

8.1

Real Estate

Prestige Estate

Neutral

248

9,294

4,707

5,105

25.2

26.0

10.3

13.0

24.1

19.1

1.9

1.8

10.3

10.2

3.1

2.8

MLIFE

Buy

447

522

2,292

1,152

1,300

22.7

24.6

29.9

35.8

14.9

12.5

1.1

1.0

7.6

8.6

2.7

2.3

Telecom

Bharti Airtel

Neutral

379

151,621

105,086

114,808

34.5

34.7

12.2

16.4

31.1

23.1

2.1

2.0

6.8

8.4

2.4

2.1

Idea Cellular

Neutral

30,291

40,133

43,731

37.2

37.1

6.4

6.5

13.1

12.9

1.1

1.0

8.2

7.6

1.8

1.5

zOthers

Abbott India

Neutral

4,233

8,994

3,153

3,583

14.1

14.4

152.2

182.7

27.8

23.2

136.5

116.6

25.6

26.1

2.6

2.2

Asian Granito

Accumulate

449

480

1,352

1,066

1,169

11.6

12.5

13.0

16.0

34.6

28.1

3.4

3.0

9.5

10.7

1.6

1.4

Bajaj Electricals

Buy

325

395

3,299

4,801

5,351

5.7

6.2

10.4

13.7

31.2

23.8

3.9

3.4

12.4

14.5

0.7

0.6

Banco Products (India)

Neutral

215

1,539

1,353

1,471

12.3

12.4

14.5

16.3

14.8

13.2

20.5

18.5

14.5

14.6

1.1

115.8

Coffee Day Enterprises

Neutral

249

5,120

2,964

3,260

20.5

21.2

4.7

8.0

31.1

2.9

2.6

5.5

8.5

2.1

1.9

Ltd

Competent Automobiles Neutral

188

121

1,137

1,256

3.1

2.7

28.0

23.6

6.7

8.0

36.2

32.7

14.3

11.5

0.1

Elecon Engineering

Neutral

670

1,482

1,660

13.7

14.5

3.9

5.8

15.3

10.3

3.6

3.3

7.8

10.9

0.8

0.7

www.angelbroking.com

Stock Watch

July 05, 2017

Company Name

Reco

CMP

Target

Mkt Cap

Sales ( Čcr )

OPM(%)

EPS (Č)

PER(x)

P/BV(x)

RoE(%)

EV/Sales(x)

(Č)

Price ( Č)

( Č cr )

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

zOthers

Finolex Cables

Neutral

480

7,340

2,883

3,115

12.0

12.1

14.2

18.6

33.8

25.8

18.0

15.7

15.8

14.6

2.2

2.0

Garware Wall Ropes

Neutral

835

1,827

863

928

15.1

15.2

36.4

39.4

22.9

21.2

4.2

3.5

17.5

15.9

2.0

1.9

Goodyear India*

Neutral

900

2,076

1,598

1,704

10.4

10.2

49.4

52.6

18.2

17.1

84.1

73.8

18.2

17.0

1.0

140.6

Hitachi

Neutral

1,991

5,415

2,081

2,433

8.8

8.9

33.4

39.9

59.6

49.9

48.1

40.1

22.1

21.4

2.6

2.2

HSIL

Neutral

376

2,719

2,384

2,515

15.8

16.3

15.3

19.4

24.6

19.4

24.4

21.0

7.8

9.3

1.3

1.2

Interglobe Aviation

Neutral

1,195

43,193

21,122

26,005

14.5

27.6

110.7

132.1

10.8

9.0

64.6

46.1

168.5

201.1

2.0

1.6

Jyothy Laboratories

Neutral

354

6,424

1,440

2,052

11.5

13.0

8.5

10.0

41.6

35.4

10.1

9.3

18.6

19.3

4.7

3.3

Kirloskar Engines India

Neutral

389

5,620

2,554

2,800

9.9

10.0

10.5

12.1

37.0

32.1

15.5

14.6

10.7

11.7

1.8

1.6

Ltd

Linc Pen & Plastics

Neutral

272

402

382

420

9.3

9.5

13.5

15.7

20.2

17.3

3.5

3.0

17.1

17.3

1.1

1.0

M M Forgings

Neutral

630

760

546

608

20.4

20.7

41.3

48.7

15.3

12.9

86.2

76.3

16.6

17.0

1.2

1.1

Manpasand Bever.

Neutral

777

4,448

836

1,087

19.6

19.4

16.9

23.8

46.0

32.6

5.5

4.8

12.0

14.8

5.1

3.8

Mirza International

Neutral

169

2,028

963

1,069

17.2

18.0

6.1

7.5

27.5

22.5

4.2

3.6

15.0

15.7

2.3

2.1

MT Educare

Neutral

252

366

417

17.7

18.2

9.4

10.8

6.8

5.9

1.5

1.3

22.2

22.3

0.6

0.5

Narayana Hrudaya

Neutral

315

6,446

1,873

2,166

11.5

11.7

2.6

4.0

119.3

79.6

7.3

6.6

6.1

8.3

3.5

3.0

Navkar Corporation

Buy

206

265

2,935

347

371

43.2

37.3

6.7

6.0

30.9

34.3

2.1

1.9

6.2

10.6

9.6

9.0

Navneet Education

Neutral

178

4,146

1,062

1,147

24.0

6.1

6.6

29.1

26.8

6.0

5.3

20.6

19.8

4.0

3.7

Nilkamal

Neutral

1,930

2,880

1,995

2,165

10.7

10.4

69.8

80.6

27.7

24.0

110.3

95.8

16.6

16.5

1.4

1.3

Page Industries

Neutral

17,447

19,460

2,450

3,124

20.1

17.6

299.0

310.0

58.4

56.3

388.6

296.6

47.1

87.5

8.0

6.3

Parag Milk Foods

Neutral

217

1,825

1,919

2,231

9.3

9.6

9.5

12.9

23.0

16.8

3.6

2.9

15.5

17.5

1.1

0.9

Quick Heal

Neutral

205

1,441

408

495

27.3

27.0

7.7

8.8

26.5

23.4

2.5

9.3

10.6

2.7

2.2

Radico Khaitan

Buy

128

147

1,698

1,667

1,824

13.0

13.2

6.7

8.2

19.2

15.6

1.7

1.6

9.0

10.2

1.4

1.3

Relaxo Footwears

Neutral

543

6,526

2,085

2,469

9.2

8.2

7.6

8.0

71.9

68.4

27.9

23.8

17.9

18.8

3.2

2.7

S H Kelkar & Co.

Neutral

260

3,764

1,036

1,160

15.1

15.0

6.1

7.2

42.6

36.3

4.6

4.2

10.7

11.5

3.5

3.1

Siyaram Silk Mills

Buy

2,136

2,500

2,002

1,574

1,769

12.5

12.7

97.1

113.1

22.0

18.9

3.4

2.9

15.4

15.5

1.5

1.3

Styrolution ABS India*

Neutral

888

1,562

1,440

1,537

9.2

9.0

40.6

42.6

21.9

20.8

55.9

50.8

12.3

11.6

1.0

0.9

Surya Roshni

Neutral

286

1,253

3,342

3,625

7.8

7.5

17.3

19.8

16.5

14.5

31.4

25.2

10.5

10.8

0.6

Team Lease Serv.

Neutral

1,414

2,417

3,229

4,001

1.5

1.8

22.8

32.8

62.1

43.1

6.7

5.8

10.7

13.4

0.7

0.5

The Byke Hospitality

Neutral

188

755

287

384

20.5

7.6

10.7

24.8

17.6

5.2

4.2

20.7

23.5

2.6

2.0

Transport Corporation of

Neutral

334

2,558

2,671

2,911

8.5

8.8

13.9

15.7

24.1

21.3

3.3

2.9

13.7

13.8

1.1

1.0

India

www.angelbroking.com

Stock Watch

July 05, 2017

Company Name

Reco

CMP

Target Mkt Cap

Sales ( Čcr )

OPM(%)

EPS (Č)

PER(x)

P/BV(x)

RoE(%)

EV/Sales(x)

(Č)

Price ( Č)

( Č cr )

FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E

zOthers

TVS Srichakra

Neutral

3,802

2,911

2,304

2,614

13.7

13.8

231.1

266.6

16.5

14.3

427.2

336.4

33.9

29.3

1.3

1.1

UFO Moviez

Neutral

385

1,064

619

685

33.2

33.4

30.0

34.9

12.9

11.0

1.8

1.5

13.8

13.9

1.4

1.1

Visaka Industries

Neutral

509

808

1,051

1,138

10.3

10.4

21.0

23.1

24.2

22.0

65.3

61.1

9.0

9.2

1.0

VRL Logistics

Neutral

336

3,069

1,902

2,119

16.7

16.6

14.6

16.8

23.1

20.0

5.1

4.4

21.9

22.2

1.7

1.5

VIP Industries

Accumulate

190

218

2,691

1,270

1,450

10.4

5.6

6.5

34.0

29.3

7.1

6.1

20.7

21.1

2.1

1.8

Navin Fluorine

Buy

3,025

3,650

2,977

789

945

21.1

22.4

120.1

143.4

25.2

21.1

4.1

3.5

17.8

18.5

3.7

3.0

Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on July 04, 2017

www.angelbroking.com

Market Outlook

July 05, 2017

Research Team Tel: 022 - 39357800

E-mail: [email protected]

Website: www.angelbroking.com

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