Market Outlook

February 07, 2017

Market Cues

Domestic Indices

Chg (%)

(Pts)

(Close)

Indian markets are likely to start off on a flat note today tracking global cues and

BSE Sensex

0.7

199

28,439

SGX nifty.

Nifty

0.7

8,801

The US markets closed lower on Monday as the S&P 500 snapped a three-day

Mid Cap

1.1

146

13,431

winning streak after mixed earnings. The trading took a pause after a rally in

Small Cap

0.9

118

13,540

absence of big news. The Dow Jones Industrial Average fell 19.04 points to end at

20,052. The S&P

500 shed

0.2%, to close at

2,293, with energy and

Bankex

0.9

216

23,354

telecommunications sectors leading the losses. The Nasdaq Composite slipped 3.21

points to finish at 5,664.

Global Indices

Chg (%)

(Pts)

(Close)

The FTSE 100 closed down 16.15 points at 7172 as investors got the jitters over

Dow Jones

(0.1)

(19)

20,052

political risks in Europe and the US.

Nasdaq

(0.1)

(3)

5,664

FTSE

(0.2)

(16)

7,172

On the domestic turf, the Budget-induced optimism got a leg to stand on as the

Nikkei

0.3

18,977

Sensex, on Monday, pushed higher for the fourth day by scoring 199 points to close

at a four month highs of 28,439 on hopes built up that RBI might go in for a rate cut

Hang Seng

0.9

219

23,348

at the Wednesday’s policy meet. The NSE Nifty retook the crucial 8,800-mark on

Shanghai Com

0.5

3,157

Monday.

Advances / Declines

BSE

NSE

News Analysis

 Jet Airways to add 11 Boeing 737 planes as it looks to regain market share

Advances

1,875

1,112

Detailed analysis on Pg2

Declines

1,081

549

Unchanged

126

Investor’s Ready Reckoner

Key Domestic & Global Indicators

Volumes (` Cr)

Stock Watch: Latest investment recommendations on 150+ stocks

BSE

4,037

Refer Pg6 onwards

NSE

24,042

Top Picks

CMP

Target

Upside

Company

Sector

Rating

Net Inflows (` Cr)

Net

Mtd

Ytd

(`)

(%)

Amara Raja Batteries Auto & Auto AncillaryAccumulate

896

1,009

12.6

FII

604

1,399

1,352

Alkem Laboratories

Pharmaceuticals

Accumulate

1,819

1,989

9.4

MFs

(41)

911

6,126

HCL Tech

Buy

821

1,000

21.7

Power Grid Corp.

Power

Accumulate

201

223

10.8

Top Gainers

Price (`)

Chg (%)

Navkar Corp.

Others

Buy

176

265

50.5

Renuka

12.5

More Top Picks on Pg4

Jublfood

1,007

9.6

Key Upcoming Events

Bajajfinsv

3,721

8.3

Consensus

Date

Region

Event Description

Reading

Expectations

Hdil

7.8

Feb 08 India

RBI Repo rate

6.25

6.00

Justdial

401

5.7

Feb 08 India

RBI Reserve Repo rate

5.75

5.50

Feb 08 US

Initial Jobless claims

246.00

249.00

Top Losers

Price (`)

Chg (%)

Feb 09 India

RBI Cash Reserve Ratio

4.00

Intellect

134

(4.2)

Feb 10 India

Export YoY%

5.70

Orientbank

125

(4.1)

More Events on Pg5

Pvr

1,260

(3.3)

Trent

245

(2.5)

Carerating

1,381

(2.4)

As on February 06, 2017

www.angelbroking.com

Market Outlook

February 07, 2017

News Analysis

Jet Airways to add 11 Boeing 737 planes as it looks to regain

market share

Due to the flat revenue growth and falling yields due to increased competition, Jet

Airway’s stand alone PAT declined by 70% yoy in Q3FY17. Owing to these

concerns the stock has seen steep fall in the last few trading sessions.

The domestic traffic has been growing at ~20% but Jet Airways has been unable

to participate in the growth story because its fleet size has remained flat over the

last two years. Most of Jet's capacity addition has come through increased fleet

utilization and its domestic market share declined from 21.4% to 17.9% in 2016.

While industry-wide passengers grew 23% in Q3 FY 17, Jet's traffic grew by 1% in

the same quarter. In the last six months, the stock has fallen by more than 30%

over various concerns.

Jet Airways has plans to add 11 Boeing 737 aircraft by 2018 to arrest its falling

market share. It currently has a fleet of 114 planes which includes 76 Boeing 737s

which are deployed on both domestic and short-haul overseas routes. The

company will be inducting 11 aircraft on dry lease and these would be largely

used to boost domestic operations.

Economic and Political News

 Cash deposits up to `2.5 lakh won’t be questioned: CBDT

 We will surpass estimates of 15.3% growth in direct taxes, says Hasmukh

Adhia

 Cesses set to go with GST, see increase in Budget

Corporate News

 IDBI Bank reduces MCLR by 30-35 bps

 Fertilizer Ministry gets `10,000-crore under special banking arrangement

 HPCL gets green nod for `3,846-cr expansion project.

 Tata Sons shareholders vote to remove Mistry as director

www.angelbroking.com

Market Outlook

February 07, 2017

Quarterly Bloomberg Brokers Consensus Estimate

Bharat Heavy Electricals Ltd - Feb 7, 2017

Particulars ( ` cr)

3QFY17E

3QFY16

y-o-y (%)

2QFY17

q-o-q (%)

Net sales

6,514

5,230

24.5

6,551

(0.6)

EBITDA

(1,639)

0.0

155

(49.7)

EBITDA margin (%)

1.2

-31.3

2.4

Net profit

(1,102)

0.0

109

(35.8)

Titan Co Ltd - Feb 7, 2017

Particulars ( ` cr)

3QFY17E

3QFY16

y-o-y (%)

2QFY17

q-o-q (%)

Net sales

3,052

3,398

(10.2)

2,636

15.8

EBITDA

277

310

(10.7)

276

0.1

EBITDA margin (%)

9.1

10.5

Net profit

188

225

(16.4)

183

3.1

Tata Steel Ltd Consol - Feb 7, 2017

Particulars ( ` cr)

3QFY17E

3QFY16

y-o-y (%)

2QFY17

q-o-q (%)

Net sales

27,243

27,819

(2.1)

26,292

3.6

EBITDA

3,359

776

333.0

2,970

13.1

EBITDA margin (%)

12.3

2.8

11.3

Net profit

740

(2,127)

0.0

(182)

0.0

Punjab National Bank - Feb 7, 2017

Particulars ( ` cr)

3QFY17E

3QFY16

y-o-y (%)

2QFY17

q-o-q (%)

Net profit

493

866.5

549

(10.3)

IDBI Bank Ltd - Feb 7, 2017

Particulars ( ` cr)

3QFY17E

3QFY16

y-o-y (%)

2QFY17

q-o-q (%)

Net profit

164

(2,184)

0.0

194.5

Hero MotoCorp Ltd - Feb 8, 2017

Particulars ( ` cr)

3QFY17E

3QFY16

y-o-y (%)

2QFY17

q-o-q (%)

Net sales

7,807

7,174

8.8

7,670

1.8

EBITDA

1,278

1,140

12.1

1,369

(6.6)

EBITDA margin (%)

16.4

15.9

17.8

Net profit

936

796

17.6

995

(5.9)

www.angelbroking.com

Market Outlook

February 07, 2017

Top Picks ★★★★★

Large Cap

Market Cap

CMP

Target

Upside

Company

Rationale

(` Cr)

(`)

(%)

To outpace battery industry growth due to better

Amara Raja Batteries

15,301

896

1,009

12.6

technological products leading to market share gains in both

the automotive OEM and replacement segments.

Strong growth in domestic business due to its leadership in

Alkem Laboratories

21,748

1,819

1,989

9.4

acute therapeutic segment. Alkem expects to launch more

products in USA, which bodes for its international business.

The stock is trading at attractive valuations and is factoring

HCL Tech

1,15,916

821

1,000

21.7

all the bad news.

Back on the growth trend, expect a long term growth of 14%

Infosys

2,14,638

934

1,249

33.6

to be a US$20bn in FY2020.

Strong order backlog and improvement in execution would

Larsen & Toubro

1,38,498

1,485

1,634

10.0

trigger the growth for the L&T

One of the largest pharma companies with strong

Lupin

67,454

1,494

1,809

21.1

international presence. It has a rich pipeline of ANDAs which

is also one of the largest among the generic companies.

Going forward, we expect the company to report strong top-

Power Grid Corporation

1,05,312

201

223

10.8

line CAGR of ~16% and bottom-line CAGR of ~19% over

FY16-18 on back of strong capitalization guidance

Source: Company, Angel Research

Mid Cap

Market Cap

CMP

Target

Upside

Company

Rationale

(` Cr)

(`)

(%)

We expect the company would report strong profitability

Asian Granito

816

271

351

29.5

owing to better product mix, higher B2C sales and

amalgamation synergy.

Among the top 4 players in the consumer durables segment.

Bajaj Electricals

2,469

244

274

12.2

Improved profitability backed by turn around in E&P segment.

Strong order book lends earnings visibility.

Favourable outlook for the AC industry to augur well for

Cooling products business which is out pacing the market

Blue Star

5,201

544

634

16.4

growth. EMPPAC division's profitability to improve once

operating environment turns around.

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

Dewan Housing Finance

9,413

301

350

16.4

segment, the company has increased its presence in tier-II &

III cities where the growth opportunity is immense.

Strong loan growth backed by diversified loan portfolio and

Equitas Holdings

6,072

181

235

29.8

adequate CAR. ROE & ROA likely to remain decent as risk of

dilution remains low. Attractive valuations considering growth.

Economic recovery to have favourable impact on advertising

& circulation revenue growth. Further, the acquisition of a

Jagran Prakashan

6,108

187

225

20.4

radio business (Radio City) would also boost the company's

revenue growth.

High order book execution in EPC segment, rising B2C sales

KEI Industries

1300

167

207

24.0

and higher exports to boost the revenues and profitability

Speedier execution and speedier sales, strong revenue visibilty

Mahindra Lifespace

1,454

354

522

47.4

in short-to-long run, attractive valuations

Higher growth in domestic branded sales and healthy export

Mirza International

1,145

107

12.4

to boost the profitability.

Massive capacity expansion along with rail advantage at ICD

Navkar Corporation

2,511

176

265

50.5

as well CFS augurs well for the company

Strong brands and distribution network would boost growth

Siyaram Silk Mills

1,476

1,575

1,605

1.9

going ahead. Stock currently trades at an inexpensive

valuation.

Market leadership in Hindi news genre and no. 2 viewership

ranking in English news genre, exit from the radio business,

TV Today Network

1,631

273

385

40.8

and anticipated growth in ad spends by corporates to benefit

the stock.

Source: Company, Angel Research

www.angelbroking.com

Market Outlook

February 07, 2017

Key Upcoming Events

Result Calendar

Date

Company

Feb 6, 2017

Automotive Axle, LMW, GSPL, Abbott India, Banco

CEAT, BHEL, Ramco Cements, Punjab Natl.Bank, IDBI Bank, United Bank, Hexaware, Tata Steel, Godawari Ispat, L G

Feb 7, 2017

Balakrishnan & Bros, Orchid Chemicals, NHPC

Tata Chemicals, Hero Motocorp, Bharat Forge, Siemens, Thermax, Union Bank, Indraprasth Gas, Goodyear, Elecon

Feb 8, 2017

Engineering, Cipla, NTPC, Reliance Power, Competent Automobiles, Coffee Day Enterprises Ltd

JK Tyre, ABB, Jyoti Structures, Bank of India, Andhra Bank, SAIL, Cairn India, BPCL, Page Industries, Bajaj Electrical,

Feb 9, 2017

Styrolution, Lupin, Aurobindo Pharma, Power Grid Corpn

M&M, Bosch India, Crompton Greaves, St Bk of India, Bank of Baroda, Reliance Capital, Corporation Bank, Dena

Feb 10, 2017

Bank, Sun TV Network, Jagran Prakashan, Hind. Zinc, Bhushan Steel, GAIL, Tide Water Oil India, Ipca labs, Tata

Power Co., CESC, GIPCL, Anant Raj, Radico Khaitan

Source: Bloomberg, Angel Research

Global economic events release calendar

Date

Time

Country

Event Description

Unit

Period

Bloomberg Data

Last Reported Estimated

Feb 8, 2017

2:30PM India

RBI Reverse Repo rate

Feb 8

5.75

5.50

2:30PM India

RBI Repo rate

Feb 8

6.25

6.00

7:00PM US

Initial Jobless claims

Thousands

Feb 4

246.00

249.00

Feb 9, 2017

2:30PM India

RBI Cash Reserve ratio

Feb 8

4.00

Feb 10, 2017 3:00PM UK

Industrial Production (YoY)

% Change

Dec

2.00

3.20

India

Exports YoY%

% Change

Jan

5.70

China

Exports YoY%

% Change

Jan

(6.20)

3.00

India

Imports YoY%

% Change

Jan

0.50

5:30PM India

Industrial Production YoY

% Change

Dec

5.70

1.40

Feb 14, 2017 3:30PM Euro Zone

Euro-Zone GDP s.a. (QoQ)

% Change

4Q P

0.50

7:00AM China

Consumer Price Index (YoY)

% Change

Jan

2.10

2.40

12:00PM India

Monthly Wholesale Prices YoY%

% Change

Jan

3.39

4.30

3:00PM UK

CPI (YoY)

% Change

Jan

1.60

Producer Price Index (mom)

% Change

Jan

0.80

12:30PM Germany

GDP nsa (YoY)

% Change

4Q P

1.50

Feb 15, 2017 3:00PM UK

Jobless claims change

% Change

Jan

(10.10)

7:45PM US

Industrial Production

Jan

0.83

(0.10)

7:00PM US

Housing Starts

Thousands

Jan

1,226.00

1,228.00

Feb 16, 2017 7:00PM US

Consumer price index (mom)

% Change

Jan

0.30

7:00PM US

Building permits

Thousands

Jan

1,228.00

1,230.00

Feb 20, 2017 8:30PM Euro Zone

Euro-Zone Consumer Confidence

Value

Feb A

(4.90)

Feb 21, 2017 2:00PM Germany

PMI Services

Value

Feb P

53.40

2:00PM Germany

PMI Manufacturing

Value

Feb P

56.40

Feb 22, 2017 3:30PM Euro Zone

Euro-Zone CPI (YoY)

Jan F

1.80

8:30PM US

Existing home sales

Million

Jan

5.49

5.55

3:00PM UK

GDP (YoY)

% Change

4Q P

2.20

Feb 24, 2017 8:30PM US

New home sales

Thousands

Jan

536.00

570.00

Source: Bloomberg, Angel Research

Market Outlook

February 07, 2017

Macro watch

Exhibit 1: Quarterly GDP trends

Exhibit 2: IIP trends

(%)

9.0

8.3

7.0

5.7

7.9

6.0

8.0

7.5

7.6

7.2

7.1

7.3

5.0

6.6

6.7

4.0

7.0

6.4

3.0

2.2

5.8

1.9

6.0

2.0

1.3

0.7

1.0

0.3

5.0

4.0

(1.0)

(0.7)

(2.0)

(1.3)

3.0

(1.6)

(1.8)

(3.0)

(2.5)

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

5.7

5.8

6.0

5.3

5.5

5.1

52.0

4.8

5.0

4.4

4.2

50.0

3.6

4.0

3.4

48.0

3.0

46.0

2.0

1.0

44.0

42.0

Source: MOSPI, Angel Research

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

Exhibit 5: Exports and imports growth trends

Exhibit 6: Key policy rates

(%)

Exports yoy growth

Imports yoy growth

(%)

Repo rate

Reverse Repo rate

CRR

15.0

7.00

10.0

6.50

5.0

6.00

0.0

5.50

(5.0)

5.00

(10.0)

4.50

(15.0)

(20.0)

4.00

(25.0)

3.50

(30.0)

3.00

Source: Bloomberg, Angel Research

Source: RBI, Angel Research

www.angelbroking.com

Stock Watch

February 07, 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

Neutral

244

4,750

1,937

2,164

13.3

14.3

9.0

11.0

27.1

22.2

4.7

4.1

18.4

19.8

2.6

2.2

United Phosphorus

Neutral

726

36,810

15,176

17,604

18.5

37.4

44.6

19.4

16.3

3.8

3.2

21.4

21.2

2.6

2.2

Auto & Auto Ancillary

Ashok Leyland

Buy

111

27,079

22,407

26,022

10.6

5.2

6.4

18.2

14.8

4.1

3.5

23.6

24.7

1.3

1.1

Bajaj Auto

Neutral

2,799

80,982

25,093

27,891

19.5

19.2

143.9

162.5

19.4

17.2

5.5

4.7

30.3

29.4

3.0

2.6

Bharat Forge

Neutral

989

23,025

7,726

8,713

20.5

21.2

35.3

42.7

28.0

23.2

5.2

4.7

18.9

20.1

2.9

2.5

Eicher Motors

Neutral

23,815

64,786

16,583

20,447

17.5

18.0

598.0

745.2

39.8

32.0

13.6

10.4

41.2

38.3

3.7

2.9

Gabriel India

Buy

113

130

1,622

1,544

1,715

9.0

9.3

5.4

6.3

20.9

17.9

4.0

3.5

18.9

19.5

1.0

0.9

Hero Motocorp

Accumulate

3,263

3,541

65,155

30,958

34,139

15.7

193.6

208.3

16.9

15.7

6.6

5.5

34.2

30.5

1.9

1.7

Jamna Auto Industries Neutral

192

1,532

1,486

1,620

9.8

9.9

15.0

17.2

12.8

11.2

2.8

2.4

21.8

21.3

1.1

1.0

L G Balakrishnan & Bros Neutral

591

927

1,302

1,432

11.6

11.9

43.7

53.0

13.5

11.1

1.9

1.7

13.8

14.2

0.8

0.7

Mahindra and Mahindra Neutral

1,267

78,711

46,534

53,077

11.6

11.7

67.3

78.1

18.8

16.2

3.1

2.7

15.4

15.8

1.7

1.4

Maruti

Accumulate

6,151

6,560

185,816

67,822

83,288

16.0

16.4

253.8

312.4

24.2

19.7

5.6

4.5

23.0

22.9

2.4

1.9

Minda Industries

Neutral

384

3,047

2,728

3,042

9.0

9.1

68.2

86.2

5.6

4.5

1.3

1.0

23.8

24.3

1.2

1.0

Motherson Sumi

Neutral

339

47,568

45,896

53,687

7.8

8.3

13.0

16.1

26.0

21.1

8.4

6.7

34.7

35.4

1.1

0.9

Rane Brake Lining

Neutral

1,005

795

511

562

11.3

11.5

28.1

30.9

35.8

32.5

5.5

5.0

15.3

15.0

1.6

1.5

Setco Automotive

Neutral

496

741

837

13.0

15.2

17.0

2.4

2.2

0.4

15.8

16.3

1.1

1.0

Tata Motors

Neutral

525

151,665

300,209

338,549

8.9

8.4

42.7

54.3

12.3

9.7

2.0

1.7

15.6

17.2

0.6

0.5

TVS Motor

Neutral

396

18,811

13,390

15,948

6.9

7.1

12.8

16.5

31.0

23.9

7.7

6.1

26.3

27.2

1.4

1.2

Amara Raja Batteries

Accumulate

896

1,009

15,301

5,305

6,100

16.0

16.3

28.4

34.0

31.5

26.4

6.1

5.1

19.3

2.9

2.5

Exide Industries

Neutral

208

17,706

7,439

8,307

15.0

8.1

9.3

25.7

22.4

3.6

3.2

14.3

16.7

2.0

1.8

Apollo Tyres

Buy

182

235

9,269

12,877

14,504

14.3

13.9

21.4

23.0

8.5

7.9

1.3

1.2

16.4

15.2

0.9

0.8

Ceat

Buy

1,177

1,450

4,760

7,524

8,624

13.0

12.7

131.1

144.3

9.0

8.2

1.7

1.4

19.8

18.6

0.7

0.6

JK Tyres

Neutral

121

2,747

7,455

8,056

15.0

21.8

24.5

5.6

4.9

1.2

1.0

22.8

21.3

0.5

0.4

Swaraj Engines

Neutral

1,422

1,766

660

810

15.2

16.4

54.5

72.8

26.1

19.5

8.1

7.4

31.5

39.2

2.5

2.0

Subros

Neutral

185

1,111

1,488

1,681

11.7

11.9

6.4

7.2

29.0

25.8

3.1

2.8

10.8

11.4

1.0

0.9

Indag Rubber

Neutral

178

466

286

326

19.8

16.8

11.7

13.3

15.2

13.3

2.6

2.4

17.8

17.1

1.3

1.2

Capital Goods

ACE

Neutral

520

709

814

4.1

4.6

1.4

2.1

37.5

25.0

1.6

1.5

4.4

6.0

0.9

0.8

BEML

Neutral

1,243

5,177

3,451

4,055

6.3

9.2

31.4

57.9

39.6

21.5

2.4

2.2

6.3

10.9

1.6

1.4

Bharat Electronics

Neutral

1,537

34,330

8,137

9,169

16.8

17.2

58.7

62.5

26.2

24.6

4.1

3.6

44.6

46.3

3.2

2.9

www.angelbroking.com

Stock Watch

February 07, 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

Buy

336

407

11,123

6,511

7,514

7.9

8.7

12.9

16.3

26.1

20.6

4.7

4.1

16.7

18.5

1.4

1.2

BGR Energy

Neutral

140

1,012

16,567

33,848

6.0

5.6

7.8

5.9

18.0

23.8

1.0

4.7

4.2

0.2

0.1

BHEL

Neutral

144

35,245

28,797

34,742

2.8

2.3

6.9

62.6

20.9

1.1

1.0

1.3

4.8

0.9

0.6

Blue Star

Buy

544

634

5,201

4,283

5,077

5.9

7.3

14.9

22.1

36.6

24.6

7.1

6.0

20.4

26.4

1.2

1.0

Crompton Greaves

Neutral

4,368

5,777

6,120

5.9

7.0

3.3

4.5

21.1

15.5

0.9

4.4

5.9

0.7

0.6

Greaves Cotton

Neutral

142

3,458

1,755

1,881

16.8

16.9

7.8

8.5

18.2

16.7

3.6

3.4

20.6

20.9

1.6

1.5

Inox Wind

Neutral

186

4,120

5,605

6,267

15.7

16.4

24.8

30.0

7.5

6.2

2.1

1.5

25.9

24.4

0.8

0.6

KEC International

Neutral

154

3,957

9,294

10,186

7.9

8.1

9.9

11.9

15.6

12.9

2.3

2.0

15.6

16.3

0.7

0.6

KEI Industries

Buy

167

207

1,300

2,682

3,058

10.4

10.0

11.7

12.8

14.2

13.1

2.9

2.4

20.1

18.2

0.7

0.6

Thermax

Neutral

851

10,141

5,421

5,940

7.3

25.7

30.2

33.1

28.2

4.0

3.7

12.2

13.1

1.7

1.6

VATech Wabag

Buy

492

681

2,687

3,136

3,845

8.9

9.1

26.0

35.9

18.9

13.7

2.4

2.0

13.4

15.9

0.8

0.6

Cement

ACC

Neutral

1,480

27,799

11,225

13,172

13.2

16.9

44.5

75.5

33.3

19.6

3.2

2.9

11.2

14.2

2.4

2.0

Ambuja Cements

Neutral

240

47,646

9,350

10,979

18.2

22.5

5.8

9.5

41.4

25.3

3.5

3.1

10.2

12.5

4.9

4.2

India Cements

Neutral

164

5,041

4,364

4,997

18.5

19.2

7.9

11.3

20.8

14.5

1.5

8.0

8.5

1.9

1.7

JK Cement

Neutral

797

5,572

4,398

5,173

15.5

17.5

31.2

55.5

25.5

14.4

3.1

2.7

12.0

15.5

1.7

1.4

J K Lakshmi Cement

Buy

400

565

4,702

2,913

3,412

14.5

19.5

7.5

22.5

53.3

17.8

3.3

2.8

12.5

18.0

2.2

1.8

Orient Cement

Buy

140

215

2,863

2,114

2,558

18.5

20.5

8.1

11.3

17.3

12.4

2.5

2.2

9.0

14.0

2.0

1.6

UltraTech Cement

Neutral

3,748

102,875

25,768

30,385

21.0

23.5

111.0

160.0

33.8

23.4

4.3

3.8

13.5

15.8

4.1

3.4

Construction

ITNL

Neutral

111

3,663

8,946

10,017

31.0

31.6

8.1

9.1

13.8

12.2

0.5

4.2

5.0

3.7

3.5

KNR Constructions

Neutral

187

2,625

1,385

1,673

14.7

14.0

41.2

48.5

4.5

3.9

0.8

0.7

14.9

15.2

2.0

1.6

Larsen & Toubro

Accumulate

1,485

1,634

138,498

111,017

124,908

11.0

61.1

66.7

24.3

22.3

2.9

2.7

13.1

12.9

2.3

2.1

Gujarat Pipavav Port

Neutral

155

7,474

705

788

52.2

51.7

5.0

5.6

30.9

27.6

3.1

2.7

11.2

10.0

8.4

Nagarjuna Const.

Neutral

4,876

8,842

9,775

9.1

8.8

5.3

6.4

16.6

13.7

1.3

1.2

8.2

9.1

0.7

0.6

PNC Infratech

Buy

106

143

2,727

2,350

2,904

13.1

13.2

9.0

8.8

11.8

12.1

0.4

15.9

13.9

1.3

1.0

Simplex Infra

Neutral

309

1,526

6,829

7,954

10.5

31.4

37.4

9.8

8.3

1.0

0.9

9.9

13.4

0.7

0.6

Power Mech Projects

Neutral

455

669

1,801

2,219

12.7

14.6

72.1

113.9

6.3

4.0

1.2

1.0

16.8

11.9

0.4

0.3

Sadbhav Engineering

Accumulate

281

298

4,818

3,598

4,140

10.3

10.6

9.0

11.9

31.2

23.6

3.3

2.9

9.9

11.9

1.6

1.4

NBCC

Neutral

279

16,713

7,428

9,549

7.9

8.6

8.2

11.0

34.0

25.3

1.7

1.3

28.2

28.7

1.9

1.4

MEP Infra

Neutral

684

1,877

1,943

30.6

29.8

3.0

4.2

14.0

10.0

6.8

4.6

0.6

1.7

1.6

www.angelbroking.com

Stock Watch

February 07, 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

100

3,517

1,036

1,252

65.5

66.2

(8.4)

(5.6)

3.7

4.3

(22.8)

(15.9)

11.6

9.7

Engineers India

Neutral

152

10,243

1,725

1,935

16.0

19.1

11.4

13.9

13.3

10.9

1.8

13.4

15.3

4.8

4.3

Financials

Axis Bank

Buy

497

580

118,845

46,932

53,575

3.5

3.4

32.4

44.6

15.4

11.1

2.0

1.7

13.6

16.5

Bank of Baroda

Neutral

184

42,500

19,980

23,178

1.8

11.5

17.3

16.0

10.7

1.8

1.5

8.3

10.1

Canara Bank

Neutral

311

16,887

15,225

16,836

1.8

14.5

28.0

21.5

11.1

1.5

1.2

5.8

8.5

Can Fin Homes

Accumulate

2,045

2,128

5,444

420

526

3.5

86.5

107.8

23.6

19.0

5.1

4.2

23.6

24.1

Cholamandalam Inv. &

Buy

1,043

1,230

16,298

2,012

2,317

6.3

42.7

53.6

24.4

19.5

3.9

3.3

16.9

18.3

Fin. Co.

Dewan Housing Finance Buy

301

350

9,413

2,225

2,688

2.9

29.7

34.6

10.1

8.7

1.6

1.4

16.1

16.8

Equitas Holdings

Buy

181

235

6,072

939

1,281

11.7

11.5

5.8

8.2

31.2

22.1

2.7

2.4

10.9

11.5

Federal Bank

Neutral

14,445

8,259

8,995

3.0

4.3

5.6

19.5

15.0

1.7

1.5

8.5

10.1

HDFC

Neutral

1,400

221,815

11,475

13,450

3.4

45.3

52.5

30.9

26.7

6.0

5.3

20.2

20.5

HDFC Bank

Neutral

1,314

335,400

46,097

55,433

4.5

58.4

68.0

22.5

19.3

3.9

3.3

18.8

18.6

ICICI Bank

Accumulate

290

315

169,005

42,800

44,686

3.1

3.3

18.0

21.9

16.1

13.3

2.2

2.0

11.1

12.3

Lakshmi Vilas Bank

Buy

143

174

2,742

3,339

3,799

2.7

2.8

11.0

14.0

13.0

10.2

1.4

1.2

11.2

12.7

LIC Housing Finance

Accumulate

561

630

28,312

3,712

4,293

2.6

2.5

39.0

46.0

14.4

12.2

2.7

2.3

19.9

20.1

Punjab Natl.Bank

Neutral

150

31,845

23,532

23,595

2.3

2.4

6.8

12.6

22.0

11.9

3.4

2.4

3.3

6.5

RBL Bank

Neutral

392

14,504

1,783

2,309

2.6

12.7

16.4

30.9

23.9

3.4

3.0

12.8

13.3

South Ind.Bank

Neutral

3,021

6,435

7,578

2.5

2.7

3.1

8.3

7.2

1.1

0.9

10.1

11.2

St Bk of India

Neutral

277

220,906

88,650

98,335

2.6

13.5

18.8

20.5

14.7

2.0

1.7

7.0

8.5

Union Bank

Neutral

168

11,525

13,450

14,925

2.3

25.5

34.5

6.6

4.9

1.0

0.8

7.5

10.2

Yes Bank

Neutral

1,398

59,141

8,978

11,281

3.3

3.4

74.0

90.0

18.9

15.5

3.6

3.0

17.0

17.2

FMCG

Asian Paints

Neutral

992

95,138

17,128

18,978

16.8

16.4

19.1

20.7

51.9

47.9

18.1

17.0

34.8

35.5

5.4

4.9

Britannia

Accumulate

3,286

3,626

39,435

9,594

11,011

14.6

14.9

80.3

94.0

40.9

35.0

16.8

13.0

41.2

3.9

3.4

Colgate

Accumulate

892

995

24,249

4,605

5,149

23.4

23.8

26.9

37.5

33.1

20.7

16.2

64.8

66.8

5.2

4.7

Dabur India

Accumulate

270

304

47,535

8,315

9,405

19.8

20.7

8.1

9.2

33.3

29.3

9.3

7.7

31.6

31.0

5.4

4.7

GlaxoSmith Con*

Neutral

5,127

21,563

4,350

4,823

21.2

21.4

179.2

196.5

28.6

26.1

7.6

6.4

27.1

26.8

4.3

3.8

Godrej Consumer

Neutral

1,588

54,087

10,235

11,428

18.4

18.6

41.1

44.2

38.6

35.9

8.6

7.2

24.9

24.8

5.3

4.7

HUL

Neutral

860

186,225

35,252

38,495

17.8

20.7

22.4

41.7

38.4

39.8

34.2

95.6

88.9

5.0

4.6

ITC

Neutral

276

335,034

40,059

44,439

38.3

39.2

9.0

10.1

30.8

27.3

8.6

7.5

27.8

27.5

7.7

7.0

www.angelbroking.com

Stock Watch

February 07, 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

Marico

Buy

256

300

33,053

6,430

7,349

18.8

19.5

6.4

7.7

40.0

33.3

12.1

10.2

33.2

32.5

4.9

4.3

Nestle*

Neutral

6,283

60,581

10,073

11,807

20.7

21.5

124.8

154.2

50.4

40.8

20.7

18.6

34.8

36.7

5.6

4.8

Tata Global

Neutral

143

9,009

8,675

9,088

9.8

7.4

8.2

19.3

17.4

2.2

2.1

7.9

8.1

1.0

0.9

Procter & Gamble

Accumulate

7,005

7,369

22,740

2,939

3,342

23.2

23.0

146.2

163.7

47.9

42.8

107.3

102.9

25.3

23.5

7.3

6.3

Hygiene

HCL Tech^

Buy

821

1,000

115,916

49,242

57,168

20.5

55.7

64.1

14.8

12.8

3.0

2.3

20.3

17.9

2.2

1.8

Infosys

Buy

934

1,249

214,638

68,350

77,326

27.0

62.5

69.4

15.0

13.5

3.2

2.9

21.3

21.6

2.6

2.2

TCS

Buy

2,241

2,620

441,484

119,025

133,308

27.6

131.2

145.5

17.1

15.4

5.5

5.1

32.4

33.1

3.5

3.1

Tech Mahindra

Buy

477

600

46,418

29,673

32,937

15.5

17.0

32.8

39.9

14.5

12.0

2.9

2.5

19.6

20.7

1.3

1.1

Wipro

Buy

461

583

112,075

55,440

60,430

18.1

36.1

38.9

12.8

11.9

2.3

2.1

19.0

17.6

1.7

1.5

Media

D B Corp

Neutral

376

6,911

2,297

2,590

27.4

28.2

21.0

23.4

17.9

16.1

4.2

3.6

23.7

23.1

2.8

2.4

HT Media

Neutral

1,933

2,693

2,991

12.6

12.9

7.9

9.0

10.5

9.2

0.9

0.8

7.8

8.3

0.3

0.2

Jagran Prakashan

Buy

187

225

6,108

2,355

2,635

28.0

10.8

12.5

17.3

15.0

3.8

3.2

21.7

2.6

2.3

Sun TV Network

Neutral

689

27,152

2,850

3,265

70.1

71.0

26.2

30.4

26.3

22.7

6.7

5.9

24.3

25.6

9.1

7.8

Hindustan Media

Neutral

278

2,040

1,016

1,138

24.3

25.2

27.3

30.1

10.2

9.2

1.9

1.7

16.2

15.8

1.3

1.1

Ventures

TV Today Network

Buy

273

385

1,631

637

743

27.5

18.4

21.4

14.9

12.8

2.6

2.2

17.4

17.2

2.1

1.7

Metals & Mining

Coal India

Neutral

325

201,710

84,638

94,297

21.4

22.3

24.5

27.1

13.3

12.0

5.5

5.3

42.6

46.0

1.9

1.7

Hind. Zinc

Neutral

316

133,605

14,252

18,465

55.9

48.3

15.8

21.5

20.0

14.7

3.3

2.9

17.0

20.7

9.5

7.4

Hindalco

Neutral

190

39,257

107,899

112,095

7.4

8.2

9.2

13.0

20.7

14.6

1.0

0.9

4.8

6.6

0.9

0.8

JSW Steel

Neutral

192

46,338

53,201

58,779

16.1

16.2

130.6

153.7

1.5

1.3

0.2

14.0

14.4

1.6

1.4

NMDC

Neutral

147

46,541

6,643

7,284

44.4

47.7

7.1

7.7

20.7

19.1

1.8

8.8

9.2

4.8

4.4

SAIL

Neutral

27,135

47,528

53,738

(0.7)

2.1

(1.9)

2.6

25.3

0.7

(1.6)

3.9

1.4

1.3

Vedanta

Neutral

251

74,340

71,744

81,944

19.2

21.7

13.4

20.1

18.7

12.5

1.6

1.4

8.4

11.3

1.4

1.1

Tata Steel

Neutral

473

45,900

121,374

121,856

7.2

8.4

18.6

34.3

25.4

13.8

1.6

1.5

6.1

10.1

1.0

Oil & Gas

Cairn India

Neutral

275

51,530

9,127

10,632

4.3

20.6

8.8

11.7

31.2

23.5

1.0

3.3

4.2

7.1

5.9

GAIL

Neutral

483

61,274

56,220

65,198

9.3

10.1

27.1

33.3

17.8

14.5

1.6

1.5

9.3

10.7

1.3

1.1

ONGC

Neutral

199

255,381

137,222

152,563

15.0

21.8

19.5

24.1

10.2

8.3

0.9

0.8

8.5

10.1

2.2

1.9

Indian Oil Corp

Neutral

397

192,537

373,359

428,656

5.9

5.5

54.0

59.3

7.3

6.7

1.1

1.0

16.0

15.6

0.7

0.6

Reliance Industries

Neutral

1,040

337,366

301,963

358,039

12.1

12.6

87.7

101.7

11.9

10.2

1.2

1.1

10.7

11.3

1.6

1.3

Pharmaceuticals

Alembic Pharma

Neutral

555

10,465

3,483

4,083

20.2

21.4

24.3

30.4

22.9

18.3

5.2

4.2

25.5

25.3

3.0

2.4

www.angelbroking.com

Stock Watch

February 07, 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

Pharmaceuticals

Alkem Laboratories Ltd

Accumulate

1,819

1,989

21,748

6,043

6,893

18.7

19.3

80.5

88.8

22.6

20.5

5.0

4.2

22.3

20.3

3.5

3.0

Aurobindo Pharma

Buy

706

877

41,333

15,720

18,078

23.7

41.4

47.3

17.1

14.9

4.4

3.5

29.6

26.1

2.8

2.4

Aventis*

Neutral

4,080

9,396

2,277

2,597

17.3

18.3

149.4

172.0

27.3

23.7

4.5

3.7

25.1

28.8

3.8

3.1

Cadila Healthcare

Accumulate

368

400

37,638

10,429

12,318

22.6

22.0

16.9

19.2

21.8

19.2

5.5

4.5

28.5

25.7

3.6

2.9

Cipla

Sell

601

490

48,381

15,378

18,089

17.4

18.4

21.6

27.2

27.8

22.1

3.6

3.1

13.7

15.2

3.4

2.8

Dr Reddy's

Neutral

3,095

51,268

16,043

18,119

20.8

22.4

112.4

142.9

27.5

21.7

3.7

3.2

14.1

15.9

3.2

2.8

Dishman Pharma

Neutral

233

3,753

1,718

1,890

22.7

22.8

9.5

11.3

24.5

20.6

2.4

2.2

10.1

10.9

2.7

2.4

GSK Pharma*

Neutral

2,736

23,174

3,000

3,312

15.4

20.6

46.5

60.8

58.8

45.0

14.1

26.3

30.6

7.4

6.7

Indoco Remedies

Reduce

269

240

2,476

1,112

1,289

16.2

18.2

11.6

16.0

23.2

16.8

3.7

3.1

17.0

20.1

2.4

2.0

Ipca labs

Buy

527

613

6,644

3,303

3,799

15.3

17.3

19.7

30.4

26.7

2.7

2.4

9.1

9.4

2.2

1.9

Lupin

Buy

1,494

1,809

67,454

15,912

18,644

26.4

26.7

58.1

69.3

25.7

21.6

5.0

4.1

21.4

20.9

4.3

3.5

Sun Pharma

Buy

674

847

161,779

31,129

35,258

32.0

32.9

30.2

35.3

22.3

19.1

3.6

3.0

20.0

20.1

4.6

3.8

Power

Tata Power

Neutral

22,247

36,916

39,557

17.4

27.1

5.1

6.3

16.1

13.1

1.4

1.3

9.0

10.3

1.6

1.4

NTPC

Neutral

173

142,811

86,605

95,545

17.5

20.8

11.8

13.4

14.7

12.9

1.5

1.4

10.5

11.1

3.0

Power Grid

Accumulate

201

223

105,312

25,315

29,193

88.2

88.7

14.2

17.2

14.2

11.7

2.2

1.9

15.2

16.1

8.8

7.9

Real Estate

Prestige Estate

Buy

173

210

6,489

4,707

5,105

25.2

26.0

10.3

13.0

16.8

13.3

1.4

1.3

10.3

10.2

2.5

2.2

MLIFE

Buy

354

522

1,454

1,152

1,300

22.7

24.6

29.9

35.8

11.9

9.9

0.9

0.8

7.6

8.6

2.0

1.7

Telecom

Bharti Airtel

Neutral

355

141,748

105,086

114,808

34.5

34.7

12.2

16.4

29.1

21.6

2.0

1.8

6.8

8.4

2.3

2.0

Idea Cellular

Neutral

108

39,002

40,133

43,731

37.2

37.1

6.4

6.5

16.9

16.7

1.4

1.3

8.2

7.6

2.0

1.7

zOthers

Abbott India

Neutral

4,566

9,702

3,153

3,583

14.1

14.4

152.2

182.7

30.0

25.0

147.3

125.8

25.6

26.1

2.7

2.3

Asian Granito

Buy

271

351

816

1,060

1,169

12.2

12.5

12.7

15.9

21.4

17.1

2.0

1.8

9.5

10.7

1.1

0.9

Bajaj Electricals

Accumulate

244

274

2,469

4,801

5,351

5.7

6.2

10.4

13.7

23.4

17.8

2.9

2.6

12.4

14.5

0.5

Banco Products (India)

Neutral

219

1,568

1,353

1,471

12.3

12.4

14.5

16.3

15.1

13.5

20.9

18.8

14.5

14.6

1.1

114.9

Coffee Day Enterprises

Neutral

200

4,115

2,964

3,260

20.5

21.2

4.7

8.0

25.0

2.3

2.1

5.5

8.5

1.8

1.6

Ltd

Competent Automobiles Neutral

169

104

1,137

1,256

3.1

2.7

28.0

23.6

6.0

7.1

32.4

29.3

14.3

11.5

0.1

Elecon Engineering

Neutral

654

1,482

1,660

13.7

14.5

3.9

5.8

15.0

10.1

3.5

3.2

7.8

10.9

0.8

0.7

Finolex Cables

Neutral

461

7,054

2,883

3,115

12.0

12.1

14.2

18.6

32.5

24.8

17.3

15.1

15.8

14.6

2.1

1.9

Garware Wall Ropes

Neutral

631

1,380

873

938

14.3

35.2

37.5

18.0

16.8

3.1

2.7

17.5

15.9

1.5

1.3

Goodyear India*

Neutral

725

1,672

1,598

1,704

10.4

10.2

49.4

52.6

14.7

13.8

67.8

59.4

18.2

17.0

0.7

102.4

www.angelbroking.com

Stock Watch

February 07, 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

Hitachi

Neutral

1,429

3,886

2,081

2,433

8.8

8.9

33.4

39.9

42.8

35.8

34.5

28.8

22.1

21.4

1.9

1.6

HSIL

Neutral

294

2,127

2,384

2,515

15.8

16.3

15.3

19.4

19.2

15.2

19.1

16.4

7.8

9.3

1.0

0.9

Interglobe Aviation

Neutral

861

31,121

21,122

26,005

14.5

27.6

110.7

132.1

7.8

6.5

46.5

33.2

168.5

201.1

1.4

1.1

Jyothy Laboratories

Neutral

347

6,307

1,440

2,052

11.5

13.0

8.5

10.0

40.9

34.7

9.9

9.2

18.6

19.3

4.7

3.3

Kirloskar Engines India

Neutral

345

4,993

2,554

2,800

9.9

10.0

10.5

12.1

32.9

28.5

13.8

13.0

10.7

11.7

1.6

1.4

Ltd

Linc Pen & Plastics

Neutral

263

389

382

420

9.3

9.5

13.5

15.7

19.5

16.7

3.3

2.9

17.1

17.3

1.1

1.0

M M Forgings

Neutral

486

587

546

608

20.4

20.7

41.3

48.7

11.8

10.0

66.6

59.0

16.6

17.0

0.9

0.8

Manpasand Bever.

Neutral

681

3,898

836

1,087

19.6

19.4

16.9

23.8

40.3

28.6

4.8

4.2

12.0

14.8

4.3

3.2

Mirza International

Buy

107

1,145

1,024

1,148

18.0

6.9

8.0

13.8

11.8

2.3

2.0

16.6

16.3

1.3

1.1

MT Educare

Neutral

130

517

366

417

17.7

18.2

9.4

10.8

13.9

12.0

3.1

2.7

22.2

22.3

1.3

1.1

Narayana Hrudaya

Neutral

329

6,716

1,873

2,166

11.5

11.7

2.6

4.0

124.3

82.9

7.6

6.9

6.1

8.3

3.7

3.2

Navkar Corporation

Buy

176

265

2,511

369

561

42.9

42.3

7.2

11.5

24.4

15.3

1.8

1.6

7.4

10.5

7.7

5.1

Navneet Education

Neutral

132

3,086

1,062

1,147

24.0

6.1

6.6

21.7

20.0

4.5

4.0

20.6

19.8

3.0

2.8

Nilkamal

Neutral

1,672

2,495

1,995

2,165

10.7

10.4

69.8

80.6

24.0

20.8

95.6

83.0

16.6

16.5

1.2

1.1

Page Industries

Neutral

14,442

16,108

2,450

3,124

20.1

17.6

299.0

310.0

48.3

46.6

321.6

245.5

47.1

87.5

6.5

5.1

Parag Milk Foods

Neutral

278

2,335

1,919

2,231

9.3

9.6

9.5

12.9

29.4

21.5

4.6

3.8

15.5

17.5

1.3

1.1

Quick Heal

Neutral

265

1,855

408

495

27.3

27.0

7.7

8.8

34.2

30.1

3.2

9.3

10.6

3.9

3.2

Radico Khaitan

Buy

128

147

1,699

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

1.2

Relaxo Footwears

Neutral

442

5,306

2,085

2,469

9.2

8.2

7.6

8.0

58.4

55.6

22.7

19.3

17.9

18.8

2.6

2.2

S H Kelkar & Co.

Neutral

309

4,475

1,036

1,160

15.1

15.0

6.1

7.2

50.7

43.1

5.4

5.0

10.7

11.5

4.2

3.7

Siyaram Silk Mills

Accumulate

1,575

1,720

1,476

1,652

1,857

11.6

11.7

92.4

110.1

17.0

14.3

2.5

2.2

14.7

15.2

1.1

1.0

Styrolution ABS India*

Neutral

650

1,144

1,440

1,537

9.2

9.0

40.6

42.6

16.0

15.3

40.9

37.2

12.3

11.6

0.7

0.6

Surya Roshni

Neutral

191

838

3,342

3,625

7.8

7.5

17.3

19.8

11.1

9.7

21.0

16.9

10.5

10.8

0.5

Team Lease Serv.

Neutral

927

1,585

3,229

4,001

1.5

1.8

22.8

32.8

40.7

28.2

4.4

3.8

10.7

13.4

0.4

0.3

The Byke Hospitality

Neutral

163

653

287

384

20.5

7.6

10.7

21.4

15.2

4.5

3.6

20.7

23.5

2.3

1.7

Transport Corporation of

Neutral

195

1,490

2,671

2,911

8.5

8.8

13.9

15.7

14.0

12.4

1.9

1.7

13.7

13.8

0.6

India

TVS Srichakra

Neutral

3,303

2,529

2,304

2,614

13.7

13.8

231.1

266.6

14.3

12.4

371.1

292.2

33.9

29.3

1.1

0.9

UFO Moviez

Neutral

419

1,157

619

685

33.2

33.4

30.0

34.9

14.0

12.0

1.9

1.7

13.8

13.9

1.6

1.3

Visaka Industries

Neutral

216

343

1,051

1,138

10.3

10.4

21.0

23.1

10.3

9.3

27.7

26.0

9.0

9.2

0.6

0.5

www.angelbroking.com

Market Outlook

February 07, 2017

Research Team Tel: 022 - 39357800

E-mail: [email protected]

Website: www.angelbroking.com

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registered entity with SEBI for Research Analyst in terms of SEBI (Research Analyst) Regulations, 2014 vide registration number

INH000000164. Angel or its associates has not been debarred/ suspended by SEBI or any other regulatory authority for accessing

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co-managed public offering of securities of the company covered by Analyst during the past twelve months.

This document is solely for the personal information of the recipient, and must not be singularly used as the basis of any investment

decision. Nothing in this document should be construed as investment or financial advice. Each recipient of this document should make

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