Market Outlook
Aug 10, 2018
Market Cues
Domestic Indices
Chg (%)
(Pts)
(Close)
Indian markets are likely to open flat tracking global indices and SGX Nifty.
BSE Sensex
0.4
137
38,024
U.S. stocks continued to show a lack of direction during trading on Thursday. The
Nifty
0.2
21
11,471
major averages once again spent the day bouncing back and forth across the
Mid Cap
0.6
96
16,341
unchanged line. The Dow Jones was down by 0.3% to 25,509 and the Nasdaq
Small Cap
0.3
49
16,917
inched up by 0.1% to 7,891.
Bankex
1.3
416
32,003
U.K. shares fell on Thursday as a number of companies announced disappointing
financial results, with travel firm TUI warning that a summer heatwave in northern
Global Indices
Chg (%)
(Pts)
(Close)
Europe may dampen holiday demand. The benchmark FTSE 100 was down by 0.5%
to 7,732.
Dow Jones
(0.3)
(75)
25,509
Nasdaq
0.1
4
7,891
On domestic front, Indian shares rose on Thursday to hit fresh record highs as
FTSE
(0.5)
(45)
7,732
strong corporate earnings results, falling oil prices and uninterrupted foreign and
domestic fund inflows helped investors shrug off muted cues from global markets.
Nikkei
(0.2)
(46)
22,598
The BSE Sensex was up by 0.4% to 37,024.
Hang Seng
0.9
248
28,607
Shanghai Com
1.8
50
2,794
News Analysis
Addition in Top Picks: Inox Wind - CMP: `103 TP: `127
Advances / Declines
BSE
NSE
Detailed analysis on Pg2
Advances
1,340
880
Declines
1,359
895
Investor’s Ready Reckoner
Unchanged
147
111
Key Domestic & Global Indicators
Stock Watch: Latest investment recommendations on 150+ stocks
Volumes (` Cr)
Refer Pg5 onwards
BSE
3,235
Top Picks
NSE
34,901
CMP
Target
Upside
Company
Sector
Rating
(`)
(`)
(%)
Blue Star
Capital Goods
Buy
704
867
23.2
Net Inflows (` Cr)
Net
Mtd
Ytd
Dewan Housing Finance
Financials
Buy
616
720
16.9
FII
917
1,055
-2,355
Parag Milk Foods
Others
Buy
318
410
28.9
*MFs
15
155
72,753
Bata India
Others
Accumulate
954
1,007
5.5
KEI Industries
Capital Goods
Buy
427
589
37.9
More Top Picks on Pg4
Top Gainers
Price (`)
Chg (%)
SHARDACROP
415
13.6
Key Upcoming Events
Previous
Consensus
DENABANK
18
13.4
Date
Region
Event Description
ReadingExpectations
HCC
13
13.0
Aug 10, 2018 India
Industrial Production YoY
3.20
5.60
HATHWAY
21
10.6
Aug 10, 2018 UK
GDP (YoY)
1.20
1.30
PCJEWELLER
101
10.5
Aug 10, 2018 US
Consumer price index (mom)
0.10
0.20
Aug 10, 2018 UK
Industrial Production (YoY)
0.80
0.70
Aug 12, 2018 India
Imports YoY%
21.31
Top Losers
Price (`)
Chg (%)
More Events on Pg7
NMDC
107
-5.7
JPASSOCIAT
14
-5.2
IPCALAB
754
-5.1
AEGISLOG
235
-5.1
BHARTIARTL
367
-4.6
As on Aug 08, 2018
Market Outlook
Aug 10, 2018
News Analysis
Addition in Top Picks:
Inox Wind - CMP: `103
Target Price: `127
We expect Inox Wind to report exponential growth in top-line and bottom-line over
FY19-20E. The growth would be led by changing renewable energy industry
dynamics in favor of wind energy segment viz. changes in auction regime from
Feed-In-Tariff (FIT) to reverse auction regime and Government’s guidance for
10GW auction in FY19 and FY20 each. Further, being the lowest wind turbine
producer globally coupled with healthy order book of 950MW and low debt
equity, we believe INOX Wind is in a sweet spot to tap the upcoming opportunity in
renewable energy segments. At the CMP of INR 103, Inox Wind is trading at 6.5x
FY20E EPS of INR 16. Further, considering the above positives, we assign a
multiple of 8x on FY20EPS to arrive at a target price of INR 127 (potential upside
of 23% over a period of next 10-12 months).
Exhibit 1:
Y/E
Sales OPM PAT EPS ROE P/E P/BV
EV/EBITDA EV/Sales
March
(` cr)
(%)
(` cr)
(`)
(%) (x)
(x)
(x)
(x)
FY2019E
3,300
17%
278
12.5
12.2
8.2
1
5
5.1
FY2020E
3,900
15%
353
15.9
13.4
6.5
0.9
4.2
4.4
Source: Company
Economic and Political News
Corporate News
Market Outlook
Aug 10, 2018
Quarterly Bloomberg Brokers Consensus Estimate
State Bank of India Ltd - August 10, 2018
Particulars (` cr)
1QFY19E
1QFY18
y-o-y (%)
4QFY18
q-o-q (%)
PAT
894
3032
(70.5)
(7,542)
-
Hindalco Industries Ltd - August 10, 2018
Particulars (` cr)
1QFY19E
1QFY18
y-o-y (%)
4QFY18
q-o-q (%)
Sales
11,013
9,770
12.7
11,681
(5.7)
EBIDTA
1,324
1,043
26.9
1,258
5.2
%
12.0
10.7
10.8
PAT
440
290
51.8
377
16.8
Glenmark Pharmaceuticals Ltd - August 10, 2018
Particulars (` cr)
1QFY19E
1QFY18
y-o-y (%)
4QFY18
q-o-q (%)
Sales
2,283
22,363
(89.8)
2,280
0.1
EBIDTA
369
577
(36.1)
327
12.8
%
16.2
2.6
14.3
PAT
174
333
(47.6)
152
14.7
Apollo Hospitals Enterprise Ltd - August 10, 2018
Particulars (` cr)
1QFY19E
1QFY18
y-o-y (%)
4QFY18
q-o-q (%)
Sales
1,983
1,684
17.7
1,863
6.4
EBIDTA
225
174
29.3
214
5.1
%
11.3
10.3
11.5
PAT
65
35
86.3
60
8.7
GAIL India Ltd - August 10, 2018
Particulars (` cr)
1QFY19E
1QFY18
y-o-y (%)
4QFY18
q-o-q (%)
Sales
14,402
11,407
26.3
15,431
(6.7)
EBIDTA
2,023
1,899
6.5
1,695
19.3
%
14.0
16.6
11.0
PAT
1320
1026
28.6
1,021
29.2
Market Outlook
Aug 10, 2018
Bosch Ltd - August 10, 2018
Particulars (` cr)
1QFY19E
1QFY18
y-o-y (%)
4QFY18
q-o-q (%)
Sales
3366
2,648
27.1
3,158
6.6
EBIDTA
703
439
60.1
597
17.7
%
20.9
16.6
18.9
PAT
450
303
48.6
434
3.8
DLF Ltd - August 10, 2018
Particulars (` cr)
1QFY19E
1QFY18
y-o-y (%)
4QFY18
q-o-q (%)
Sales
1,159
2,048
(43.4)
1,378
(15.9)
EBIDTA
284
903
(68.5)
(14)
-
%
24.5
44.1
(1)
PAT
52
109
(52.2)
243
(78.6)
Market Outlook
Aug 10, 2018
Top Picks
Market Cap
CMP
Target
Upside
Company
Rationale
(` Cr)
(`)
(`)
(%)
Favorable outlook for the AC industry to augur well
for Cooling products business which is out pacing
Blue Star
6,779
704
867
23.2
the market 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
19,330
616
720
16.9
presence in tier-II & III cities where the growth
opportunity is immense.
Well capitalized with CAR of 18.1% which gives
sufficient room to grow asset base. Faster resolution
ICICI Bank
2,14,171
333
416
24.9
of NPA would reduce provision cost, which would
help to report better ROE.
High order book execution in EPC segment, rising
KEI Industries
3,347
427
589
37.9
B2C sales and higher exports to boost the revenues
and profitability
Expected to benefit from the lower capex
Music Broadcast Limited
1,846
324
475
46.8
requirement and 15 year long radio broadcast
licensing.
Strong brands and distribution network would boost
Siyaram Silk Mills
2,530
540
851
57.7
growth going ahead. Stock currently trades at an
inexpensive valuation.
GST regime and the Gujarat plant are expected to
Maruti Suzuki
2,76,597
9,156
10,820
18.2
improve the company’s sales volume and margins,
respectively.
We expect loan book to grow at 24.3% over next
GIC Housing
1,849
343
591
72.1
two year; change in borrowing mix will help in NIM
improvement
Third largest brand play in luggage segment
Increased product offerings and improving
Safari Industries
1,816
814
870
6.8
distribution network is leading to strong growth in
business. Likely to post robust growth for next 3-4
years
We expect financialisation of savings and
Aditya Birla Capital
33,042
150
218
45.2
increasing penetration in Insurance & Mutual fund
would ensure steady growth.
One of the leading Indian dairy products
companies in India created strong brands in dairy
products. Rising revenue share of high-margin
Parag Milk Foods
2,675
318
410
28.9
Value Added Products and reduction in interest cost
is likely to boost margins and earnings in next few
years.
We expect MCL to report net revenue CAGR of
~15% to ~`450cr over FY2018-20E mainly due to
strong growth in online matchmaking & marriage
Matrimony.com Ltd
1,661
731
1,016
39.0
related services. On the bottom-line front, we
expect a CAGR of ~28% to `82cr over the same
period on the back margin improvement.
HDFC Bank maintained its steady growth in the
4QFY18. The bank’s net profit grew by 20.3%.
Steady growth in interest income and other income
HDFC Bank
5,65,938
2,119
2,350
10.9
aided PAT growth. The Strong liability franchise and
healthy capitalisation provides strong earning
visibility. At the current market price, the bank is
trading at 3.2x FY20E ABV.
Source: Company, Angel Research
Market Outlook
Aug 10, 2018
Top Picks
Market Cap
CMP
Target
Upside
Company
Rationale
(` Cr)
(`)
(`)
(%)
We expect strong PAT growth on back of
healthy growth in automobile segment (on back
of new launches and facelifts in some of the
M&M
1,16,015
933
1,050
12.5
model ) and strong growth in Tractors segment
coupled by its strong brand recall and
improvement in rural sentiment
Market leader in the room air conditioner (RAC)
outsourced manufacturing space in India with a
market share of
55.4%. It is a one-stop
Amber Enterprises
2,889
919
1,230
33.9
solutions provider for the major brands in the
RAC industry and currently serves eight out of
the 10 top RAC brands in India
BIL is the largest footwear retailer in India,
offering footwear, accessories and bags across
brands. We expect BIL to report net PAT CAGR
of
~16% to
~`3115cr over FY2018-20E
Bata India
12,266
954
1,007
5.5
mainly due to new product launches, higher
number of stores addition and focus on
women’s high growth segment and margin
improvement
SHTF is in the sweet spot with benefits from
stronger CV volumes, NIMs unaffected by rising
Shriram Transport Finance
32,132
1,416
1,764
24.5
bond yields on the back of stronger pricing
power and an enhancing ROE by 750bps over
FY18-20E, supported by decline in credit cost.
We expect JSPL’s top line to grow at 27% CAGR
over FY19-FY20 on the back of strong steel
demand and capacity addition. On the bottom
Jindal Steel & Power Limited
21,004
217
327
50.7
line front, we expect JSPL to turn in to profit by
FY19 on back of strong operating margin
improvement.
GMM Pfaudler Limited (GMM) is the Indian
market leader in glass-lined (GL) steel
equipment. GMM is expected to cross CAGR
GMM Pfaudler Ltd
1,515
1,037
1,100
6.1
15%+ in revenue over the next few years
mainly led by uptick in demand from user
industries and it is also expecting to increase its
share of non-GL business to 50% by 2020.
Aurobindo Pharmaceuticals, amongst the
Indian Pharmaceutical companies, is well
placed to face the challenging generic markets,
given its focus on achieving growth through
Aurobindo Pharmaceuticals
35,207
601
780
29.8
productivity. Aurobindo will report net revenue
& net profit CAGR of ~13% & ~8% resp.
during FY2018-20E. Valuations are cheap V/s
its peers and own fair multiples of 17-18x.
Well planned strategy to grow small business
loans and cross-selling would propel fees
Yes Bank
87,929
381
435
14.1
income. We expect YES to grow its advance
much higher than industry and improvement in
asset quality to support profitability.
We believe advance to grow at a healthy CAGR
of 35% over FY18-20E. Below peers level ROA
RBL Bank
23,981
567
670
18.1
(1.2% FY18) to expand led by margin
expansion and lower credit cost.
TTK Prestige has emerged as one of the leading
brands in kitchen appliances in India after its
successful transformation from a single product
TTK Prestige
7,270
6,240
7,500
20.2
company to offering an entire gamut of home
and kitchen appliances. We are expecting a
CAGR of 18% in revenue and 25% in PAT over
FY2018-20.
Source: Company, Angel Research
Market Outlook
Aug 10, 2018
Fundamental Call
Market Cap
CMP
Target
Upside
Company
Rationale
(` Cr)
(`)
(`)
(%)
CCL is likely to maintain the strong growth
CCL Products
3,433
258
360
39.5
trajectory over FY18-20 backed by capacity
expansion and new geographical foray
We forecast Nilkamal to report top-line CAGR of
~9% to `2,635cr over FY17-20E on the back of
Nilkamal
2,708
1,815
2,178
20.0
healthy demand growth in plastic division. On the
bottom-line front, we estimate
~10% CAGR to
`162cr owing to improvement in volumes.
Elantas Beck India is the Indian market leader in
liquid insulation segment used in electrical
equipments like motors, transformers etc. It derives
Elantas Beck India Ltd
1,578
1,990
2,500
25.6
demand from several industries which are expected
to register 10%+ CAGR in demand in the coming
years.
Greenply Industries Ltd (GIL) manufactures plywood
& allied products and medium density fibreboards
(MDF). GIL to report net revenue CAGR of ~14% to
Greenply Industries
2,505
204
333
63.0
~`2,478cr over FY2017-20E mainly due to healthy
growth in plywood & lamination business on the
back of strong brand and distribution network
L&T Fin’s new management is on track to achieve
L&T Finance Holding
36,047
181
210
16.3
ROE of 18% by 2020 and recent capital infusion of
`3000cr would support advance growth.
Market Outlook
Aug 10, 2018
Key Upcoming Events
Global economic events release calendar
Bloomberg Data
Date
Time Country
Event Description
Unit
Period
Last Reported
Estimated
Aug 10, 2018
5:30 PMIndia
Industrial Production YoY
% Change
Jun
3.20
5.60
2:00 PMUK
GDP (YoY)
% Change
2Q P
1.20
1.30
6:00 PMUS
Consumer price index (mom)
% Change
Jul
0.10
0.20
2:00 PMUK
Industrial Production (YoY)
% Change
Jun
0.80
0.70
Aug 12, 2018
India
Imports YoY%
% Change
Jul
21.31
India
Exports YoY%
% Change
Jul
17.57
Aug 14, 2018
2:30 PMEuro Zone
Euro-Zone GDP s.a. (QoQ)
% Change
2Q P
0.30
7:30 AMChina
Industrial Production (YoY)
% Change
Jul
6.00
6.30
12:00 PMIndia
Monthly Wholesale Prices YoY%
% Change
Jul
5.77
5.18
2:00 PMUK
Jobless claims change
% Change
Jul
7.80
11:30 AMGermany
GDP nsa (YoY)
% Change
2Q P
1.60
Aug 15, 2018
2:00 PMUK
CPI (YoY)
% Change
Jul
2.40
6:45 PMUS
Industrial Production
%
Jul
0.62
0.30
Aug 16, 2018
6:00 PMUS
Building permits
Thousands
Jul
1,292.00
1,310.00
6:00 PMUS
Housing Starts
Thousands
Jul
1,173.00
1,270.00
Aug 17, 2018
2:30 PMEuro Zone
Euro-Zone CPI (YoY)
%
Jul F
2.10
Aug 22, 2018
7:30 PMUS
Existing home sales
Million
Jul
5.38
5.43
Aug 23, 2018
1:00 PMGermany
PMI Services
Value
Aug P
54.10
1:00 PMGermany
PMI Manufacturing
Value
Aug P
56.90
7:30 PMEuro Zone
Euro-Zone Consumer Confidence
Value
Aug A
(0.60)
7:30 PMUS
New home sales
Thousands
Jul
631.00
650.00
Aug 28, 2018
7:30 PMUS
Consumer Confidence
S.A./ 1985=100
Aug
127.40
Aug 29, 2018
6:00 PMUS
GDP Qoq (Annualised)
% Change
2Q S
4.10
Aug 30, 2018
6:30 AMChina
PMI Manufacturing
Value
Aug
51.20
Source: Bloomberg, Angel Research
Market Outlook
Aug 10, 2018
Macro watch
Exhibit 1: Quarterly GDP trends
Exhibit 2: IIP trends
(%)
(%)
10.0
9.0
8.5
9.1
8.0
7.3
7.5
9.0
6.9
8.0
8.1
7.6
7.6
7.7
7.0
8.0
7.2
6.8
7.0
6.0
7.0
6.3
4.8
4.6
4.8
6.1
5.0
4.1
5.6
6.0
4.0
3.2
5.0
3.0
1.8
4.0
2.0
1.0
1.0
3.0
-
Source: CSO, Angel Research
Source: MOSPI, Angel Research
Exhibit 3: Monthly CPI inflation trends
Exhibit 4: Manufacturing and services PMI
(%)
z
6.0
56.0
Mfg. PMI
Services PMI
5.2
5.1
5.0
4.9
4.9
4.6
54.0
5.0
4.4
4.3
52.0
4.0
3.6
3.3
3.3
50.0
3.0
2.4
48.0
2.0
46.0
1.0
44.0
42.0
-
40.0
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
35.0
7.00
30.0
6.50
25.0
6.00
20.0
5.50
15.0
5.00
10.0
4.50
5.0
4.00
0.0
3.50
(5.0)
3.00
Source: Bloomberg, Angel Research
Source: RBI, Angel Research
Market Outlook
Aug 10, 2018
Global watch
Exhibit 1: Latest quarterly GDP Growth (%, yoy) across select developing and developed countries
8.0
(%)
6.9
7.0
5.8
6.0
5.3
5.0
5.0
1.1
3.7
4.0
2.5
3.0
2.2
1.8
2.0
1.5
1.4
0.8
1.0
0.3
-
Source: Bloomberg, Angel Research
Exhibit 2: 2017 GDP Growth projection by IMF (%, yoy) across select developing and developed countries
(%)
6.7
6.8
7.0
6.0
5.4
5.2
5.0
3.7
4.0
3.0
1.8
2.2
2.0
1.7
1.6
1.5
2.0
0.7
0.7
1.0
-
Source: IMF, Angel Research
Exhibit 3: One year forward P-E ratio across select developing and developed countries
(x)
25.0
20.0
15.0
10.0
5.0
-
Source: IMF, Angel Research
Market Outlook
Aug 10, 2018
Exhibit 4: Relative performance of indices across globe
Returns (%)
Country
Name of index
Closing price
1M
3M
1YR
Brazil
Bovespa
79,152
5.5
(4.6)
19.0
Russia
Micex
4,299
1.4
7.1
11.4
India
Nifty
11,450
4.8
6.1
15.0
China
Shanghai Composite
2,744
(1.2)
(12.0)
(15.1)
South Africa
Top 40
51,616
(0.7)
0.2
4.1
Mexico
Mexbol
49,895
1.3
7.2
(2.8)
Indonesia
LQ45
965
3.3
1.8
(1.2)
Malaysia
KLCI
1,805
7.9
(2.5)
2.1
Thailand
SET 50
1,142
7.3
(1.7)
13.8
USA
Dow Jones
25,584
3.3
5.0
16.0
UK
FTSE
7,777
1.2
1.5
5.2
Japan
Nikkei
22,644
3.9
1.1
13.3
Germany
DAX
12,634
(0.1)
(3.2)
4.9
France
CAC
5,502
1.0
(0.9)
6.8
Source: Bloomberg, Angel Research as on 09 August, 2018
Market Outlook
Aug 10, 2018
Exhibit 7: Historical Angel Top Picks/Fundamental Calls
Date Added
Top Picks/Fundamental
Stocks
Reco Price
Target/Revised Price
Current Status
06-07-2018
Top Picks
Aurobindo Pharma
603
780
Open
06-07-2018
Top Picks
RBL Bank
565
670
Open
06-07-2018
Top Picks
Yes Bank
348
418
Open
30-06-2018
Top Picks
Jindal Steel & Power
222
350
Open
20-06-2018
Top Picks
Shriram Transport Finance Com
1,466
1,764
Open
30-07-2018
Top Picks
Bata India
918
1,007
Open
23-07-2018
Top Picks
Bata India
842
955
01-07-2018
Top Picks
Bata India
862
948
18-06-2018
Top Picks
Bata India
779
896
14-06-2018
Top Picks
Amber Enterprises
1,026
1,230
Open
07-06-2018
Top Picks
M&M
918
1050
Open
04-05-2018
Top Picks
M&M
860
990
03-05-2018
Fundamental
L&T Finance Holding
171
210
Open
02-05-2018
Top Picks
HDFC Bank
1944
2315
Open
04-05-2018
Top Picks
Matrimony.com Ltd
810
1016
Open
20-04-2018
Top Picks
Matrimony.com Ltd
781
984
15-05-2018
Top Picks
Parag Milk Foods Limited
310
410
Open
16-04-2018
Top Picks
Parag Milk Foods Limited
249
333
07-08-2018
Top Picks
GMM Pfaudler Limited
984
1,100
Open
29-06-2018
Fundamental
GMM Pfaudler Limited
932
1,020
14-05-2018
Fundamental
GMM Pfaudler Limited
818
900
06-04-2018
Fundamental
GMM Pfaudler Limited
712
861
07-03-2018
Fundamental
Ashok Leyland Ltd
139
163
Closed (26/04/2018)
03-03-2018
Fundamental
Greenply Industries
340
395
Open
07-08-2018
Top Picks
Safari Industries
788
870
Open
16-07-2018
Top Picks
Safari Industries
693
800
16-04-2018
Top Picks
Safari Industries
651
750
21-02-2018
Top Picks
Safari Industries
532
650
31-05-2018
Top Picks
HSIL Ltd
348
Closed (31/05/2018)
16-02-2018
Top Picks
HSIL Ltd
433
510
07-02-2018
Fundamental
Elantas Beck India Ltd.
2155
2500
Open
01-02-2018
Top Picks
ICICI Bank
352
416
Open
01-02-2018
Top Picks
Aditya Birla Capital
167
218
Open
04-01-2018
Fundamental
CCL Products
278
360
Open
03-01-2018
Fundamental
Nilkamal Ltd
1880
2178
Open
01-01-2018
Fundamental
Capital First Ltd
693
850
Closed (15/01/2018)
30-12-2017
Fundamental
Shreyans Industries Ltd
205
247
Closed
Fundamental
Prism Cement Ltd
160
Closed (09/05/2018)
21-12-2017
Fundamental
Prism Cement Ltd
118
131
18-12-2017
Fundamental
Menon Bearings Limited
92
114
Closed (17/01/2018)
14-12-2017
Top Picks
Ruchira Papers Ltd.
188
244
Closed (09/02/2018)
17-05-2018
Top Picks
Century Plyboards India
280
Closed(17/05/2018)
28-11-2017
Top Picks
Century Plyboards India
317
400
19-12-2017
Top Picks
LT Foods
85
Closed(18/06/2018)
Source: Company, Angel Research
Market Outlook
Aug 10, 2018
Exhibit 8: Historical Angel Top Picks/Fundamental Calls
Date Added
Top Picks/Fundamental
Stocks
Reco Price
Target/Revised Price
Current Status
06-11-2017
Top Picks
LT Foods
74
96
16-10-2017
FundamentalEndurance Technologies Ltd
1111
1277
Closed (01/12/2017)
11-09-2017
Top Picks
GIC Housing
533
655
Open
10-10-2017
Top Picks
Music Broadcast Limited
404
475
Open
20-07-2017
Top Picks
Music Broadcast Limited
368
434
07-07-2017
Fundamental L&T Finance Holdings Ltd
149
179
Closed (28/8/2017)
06-07-2017
Fundamental
Syngene International
478
564
Closed (1/3/2018)
05-07-2017
Top Picks
Maruti
7371
10619
Open
05-06-2017
Top Picks
Karur Vysya Bank
127
100
Closed (12/03/2018)
23-05-2018
Top Picks
KEI Industries
481
589
Open
04-01-2017
Top Picks
KEI Industries
125
485
31-05-2018
Top Picks
Alkem Lab
1978
Closed (31/05/2018)
01-12-2016
Top Picks
Alkem Lab
1700
2441
17-10-2016
Top Picks
Asian Granito
267
534
Closed (18/02/2018)
17-05-2018
Top Picks
TV Today Network
460
Closed (17/05/2018)
04-08-2016
Top Picks
TV Today Network
297
603
05-04-2016
Top Picks
DHFL
189
720
Open
25-06-2018
Top Picks
Navkar Corporation
207
Closed(25/06/2018)
05-01-2016
Top Picks
Navkar Corporation
207
265
Open
08-12-2015
Top Picks
Blue Star
357
867
Open
30-10-2015
Top Picks
Siyaram Silk Mills
186
851
Open
Source: Company
Market Outlook
Aug 10, 2018
Research Team Tel: 022 - 39357800
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