Market Outlook

July11, 2017

Market Cues

Domestic Indices

Chg (%)

(Pts)

(Cl ose)

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

BSE Sensex

1.1

355

31,716

indices.

Nifty

1.1

103

9,769

The Nasdaq and the S&P 500 finished higher Monday as a pair embattled sectors,

Mid Cap

0.7

100

15,042

technology and energy, drew bidders, while the Dow industrials closed fractionally

Small Cap

0.4

168

15,899

lower. All the conversation right now are about earnings and Fed Chair yellen’s

Bankex

1.1

280

26,778

semiannual testimony before the house of Financial services committee on

Wednesday and before the senate banking committee on Thursday.

Global Indices

Chg (%)

(Pts)

(Cl ose)

The Dow edged down less than a tenth of a percent to 21,409, but the Nasdaq

climbed 0.4 percent to 6,176 and the S&P 500 inched up 0.1 percent to 2,427.

Dow Jones

(0.0)

1(6)

21,409

Nasdaq

0.4

6,176

U.K. stocks finished with gains Monday, as Schroders PLC and BAE Systems PLC

FTSE

0.3

7,370

outperformed among blue chips. The FTSE 100 index UKX, rose 0.3% to end at

Nikkei

(00.8

152

20,081

7,370., building on last week’s gain of 0.5%.

Hang Seng

0.6

159

25,500

On domestic front, initially trading was disrupted at NSE for about three hours due

Shanghai Com

(0.2)

(5)

3,213

to technical glitch. Indian shares rose sharply to close at fresh record highs on

Monday, with auto, telecom and technology stocks leading the surge on optimism

over corporate earnings. The BSE Sensex closed 1.13 percent higher at 31,716,

A dvances / Declines

BSE

NSE

crossing the 31,700 mark for the first time ever. The broader Nifty index closed at a

Advances

1,548

1,949

record high of 9,763, up 1.01 percent from its previous close.

Declines

1,147

674

Unchanged

137

News Analysis

 SBI - Life Insurance Arm IPO

Detailed analysis is on Pg2

Volumes (` Cr)

BSE

9,919

Investor’s Ready Reckoner

NSE

25,980

Key Domestic & Global Indicators

Stock Watch: Latest investment recommendations on 150+ stocks

#Net Inflows (` Cr)

Ne t

Mtd

Ytd

Refer Pg6 onwards

FII

(56606

(1,324)

54,585

Top Picks

MFs

8232

1,579

40,725

C MP

Target

Upside

C ompany

Sector

R ating

(`)

(%)

Blue Star

Capital Goods

Buy

605

760

25.6

Top Gainers

Price (`)

Chg (%)

Dewan Housing FinanceFinancials

Buy

437

520

19.0

Divislab

734

7.9

Mahindra Lifespace

Real Estate

Buy

437

522

19.5

Rcom

7.3

Navkar Corporation

Others

Buy

206

265

29.0

Carerating

1,690

7.2

KEI Industrie s

Capital Goods

Accumulate

234

258

10.1

More Top Picks on Pg3

Pnb

153

6.3

Tataglobal

166

5.7

Key Upcoming Events

C onsensus

D ate

Region

Event Description

Reading

Expectations

Top Losers

Price (`)

Chg (%)

Jul 12, 2017

Joble ss claims change

7.30

Religare

128

(10.2)

Jul12, 2017

Initial Jobless claims

248.00

245.00

Jul 13, 2017

India

Industrial Production YoY

3.10

Shriramcit

2,328

(6.4)

Jul 13, 2017

Producer Price Index (mom)

(0.70)

Idfc

(5.7)

Jul 13, 2017

India

Exports YoY%

8.30

Biocon

321

(4.7)

More Events on Pg4

Gdl

274

(3.7)

#as on 10^t July, 2017

www.angelbroking.com

Market Outlook

July11, 2017

News Analysis

SBI to Sell Up To 8Cr Shares Of Life Insurance Arm Via IPO

The board of State Bank of India approved a proposal to sell up to 8Cr shares in

SBI Life Insurance's initial public offering.

As on March, SBI held 701 million shares or 70.1% in SBI Life, while the rest were

held by BNP Paribas Cardif (26%), private equity firm KKR (1.95%) and Singapore-

government-owned investment company Temasek (1.95%).

At the end of March 2016, SBI Life’s embedded value was at around Rs12,999Cr

according to a presentation by the company. According to current estimates by

bankers, this value has gone up by at least 17%, which means the embedded

value of SBI Life currently stands at around Rs15,200Cr.

SBI Life, the subsidiary of India's largest lender had earlier announced offloading

12 percent stake through the IPO. SBI Life will be only the second life insurer to list

since the government allowed foreign investors to increase stake in national

insurers to 49 percent from 26 percent earlier. ICICI Prudential Life Insurance was

the first to list in September 2016 after the norms were relaxed.

Economic and Political News

 Tax dept gets busy on 15% hike in mop-up target

 India raises import tax on sugar to 50%: Government statement

 Government gives big fiscal stimulus in April-May 2017

Corporate News

 Amtek Auto indefinitely postpones board meeting to consider Q1 results

 Grasim divests entire stake in subsidiary

 GSFC undertakes emergency shutdown of ammonia and urea plant due to

gas leakage

 GMR Infrastructure: Secures funding worth Rs 1,330cr for Goa airport from

Axis Bank

www.angelbroking.com

Market Outlook

July11, 2017

Top Picks ★★★★★

Market Cap

C MP

Target

Upside

C ompany

R ationale

(` Cr)

(`)

(%)

Strong growth in domestic business due to its leadership

in acute therapeutic segme nt. Alke m expects to launch

Alkem Laboratories

21,988

1,839

2,161

17.5

more products in USA, which bodes for its international

busine ss.

We expect the company would report strong profitability

Asian Granito

1,372

456

480

5.3

owing to better product mix, hi gher B2C sales and

amalgamation synergy.

Favourable outl ook for the AC industry to augur well for

Cooling products business w hich i s out pacing the market

Blue Star

5,787

605

760

25.6

growth. EMPPAC divisi on's profitability to improve once

operating environme nt turns around.

With a focus on the low and me dium income (LMI)

consumer segment, the company has increased its

Dewan Housing Finance

13,702

437

520

19.0

presence i n tier-II & III cities where the growth opportunity

is immense .

Loan growth i s likely to pick up after a sluggish FY17.

Karur Vysya Bank

8,654

143

160

11.7

Lower credit cost will help in strong bottomline growth.

Increasing share of CASA will help in NIM i mprovement.

High order book execution in EPC segment, rising B2C

KEI Industrie s

1,824

234

258

10.1

sales and higher exports to boost the revenues and

profitability

Speedier execution and speedier sales, strong revenue

Mahindra Lifespace

2,242

437

522

19.5

visibilty in short-to-long run, attractive valuations

Massive capacity expansion al ong with rail advantage at

Navkar Corporation

2,931

206

265

29.0

ICD as well CFS augurs well for the company

Strong brands and distribution network would boost

Siyaram Silk Mills

2,105

2,245

2,500

11.3

growth going ahe ad. Stock currently trade s at an

inexpensive valuation.

Market leadership in Hindi news genre and no.

viewership ranking in English news genre, exit from the

TV Today Network

1,527

256

344

34.4

radio busine ss, and anticipated growth in ad spe nds by

corporates to benefit the stock.

After GST, the company is expected to see higher

volume s along with improving product mix. The Gujarat

Maruti

2,24,586

7,435

8,495

14.3

plant will also enable higher operating leverage which

will be margin accretive.

Source: Company, Angel Research,

www.angelbroking.com

Market Outlook

July11, 2017

Quarterly Bloomberg Brokers Consensus Estimate

IndusInd Bank Ltd - July 11, 2017

Particulars ( ` cr)

1QFY18E

1QFY17

y-o-y (%)

4QFY17

q-o-q (%)

PAT

834

661

26.0

752

10.9

Tata Consultancy Services Ltd Consol - July 13, 2017

Particulars ( ` cr)

1QFY18E

1QFY17

y-o-y (%)

4QFY17

q-o-q (%)

Net sales

29,579

29,305

0.9

29,642

(0.2)

EBITDA

7,726

7,838

(1.4)

8,132

(5.0)

EBITDA margin (%)

26.1

26.7

27.4

Net profit

6,200

6,317

(1.9)

6,608

(6.2)

Infosys Ltd Consol - July 14, 2017

Particulars ( ` cr)

1QFY18E

1QFY17

y-o-y (%)

4QFY17

q-o-q (%)

Net sales

16,998

16,782

1.3

17,120

(0.7)

EBITDA

4,463

4,447

0.3

4,658

(4.2)

EBITDA margin (%)

26.3

26.5

27.2

Net profit

3,429

3,436

(0.2)

3,603

(4.8)

ACC Ltd - July 17, 2017

Particulars ( ` cr)

2QCY17E

2QCY16

y-o-y (%)

1QCY17

q-o-q (%)

Net sales

3,263

2,870

13.7

3,557

(8.3)

EBITDA

454

457

(0.6)

416

9.1

EBITDA margin (%)

13.9

15.9

11.7

Net profit

246

238

3.5

212

16.4

Ultratech Cement Ltd - July 18, 2017

Particulars ( ` cr)

1QFY18E

1QFY17

y-o-y (%)

4QFY17

q-o-q (%)

Net sales

6,784

6,182

9.7

6,595

2.9

EBITDA

1,453

1,423

2.1

1,278

13.7

EBITDA margin (%)

21.4

23.0

19.4

Net profit

785

775

1.2

688

14.0

www.angelbroking.com

Market Outlook

July 11, 2017

Key Upcoming Events

Global economic events release calendar

Bl oomberg Data

D ate

Time

C ountry

Event Description

Unit

Period

L ast Reporte d

E stimate d

Jul 12, 2017

2:00 PM UK

Joble ss claims change

% Change

Jun

7.30

6:00 PM US

Initial Jobless claims

Thousands

Jul 8

248.00

245.00

Jul 13, 2017

5:30 PM India

Industrial Production YoY

% Change

May

3.10

Producer Price Index (mom)

% Change

Jun

(0.70)

India

Exports YoY%

% Change

Jun

8.30

Jul 14, 2017

China

Exports YoY%

% Change

Jun

8.70

9.00

India

Imports YoY%

% Change

Jun

33.10

6:45 PM US

Industrial Production

Jun

0.30

6:00 PM US

Consumer price index (mom)

% Change

Jun

(0.10)

0.10

12: 00 PM India

Monthly Wholesale Prices YoY%

% Change

Jun

2.17

Jul 17, 2017

7:30 AM China

Industrial Production (YoY)

% Change

Jun

6.50

7:30 AM China

Real GDP (YoY)

% Change

6.90

6.80

Jul 18, 2017

2:30 PM Euro Zone

Euro-Zone CPI (YoY)

Jun F

1.30

2:00 PM UK

CPI (YoY)

% Change

Jun

2.90

Jul 19, 2017

6:00 PM US

Housi ng Starts

Thousands

Jun

1,092.00

1,190.00

6:00 PM US

Building permits

Thousands

Jun

1,168.00

1,205.00

Jul 20, 2017

5:15 PM Euro Zone

ECB announces interest rates

Jul 20

7:30 PM Euro Zone

Euro-Zone Consumer Confidence

Value

Jul A

(1.30)

Jul 24, 2017

1:00 PM Germany

PMI Services

Value

Jul P

54.00

1:00 PM Germany

PMI Manufacturing

Value

Jul P

59.60

7:30 PM US

Existing home sales

Million

Jun

5.62

5.64

Source: Bloomberg, Angel Research

www.angelbroking.com

Market Outlook

July 11, 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

5.0

6.0

3.8

4.0

3.0

3.1

5.0

2.6

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

3.9

50.0

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

(10.0)

4.00

(20.0)

3.50

(30.0)

3.00

Source: Bloomberg, Angel Research

Source: RBI, Angel Research

www.angelbroking.com

Market Outlook

July 11, 2017

Exhibit 4: Relative performance of indices across globe

Returns (%)

C ountry

Name of index

Closing price

1YR

Brazil

Bovespa

63,025

(1.0)

(5.2)

20.2

Russia

Micex

1,926

2.6

(6.8)

(1.1)

9,771

1.1

5.5

16.7

India

Nifty

3,213

2.0

(2.1)

10.3

China

Shanghai Composite

45,977

(0.3)

(0.2)

2.6

South Africa

Top 40

50,617

1.6

1.7

9.4

Mexico

Mexbol

967

1.9

5.0

17.3

Indonesia

LQ45

1,757

(1.7)

0.6

7.0

Malaysia

KLCI

Thailand

SET 50

993

0.5

(0.7)

9.0

21,409

1.3

3.7

18.0

USA

Dow Jones

7,370

(1.1)

0.5

10.3

FTSE

20,081

0.9

8.0

28.0

Japan

Nikkei

12,446

(2.0)

1.9

23.7

Germany

DAX

5,166

(2.0)

0.8

18.4

France

CAC

Source: Bloomberg, Angel Research,

www.angelbroking.com

Stock Watch

July 11, 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

244

209

4,743

1,937

2,164

13.3

14.3

9.0

11.0

27.1

22.2

4.7

4.1

18.4

19.8

2.5

2.2

United Phosphorus

Neutral

851

43,244

15,176

17,604

18.5

37.4

44.6

22.8

19.1

4.5

3.7

21.4

21.2

3.0

2.5

Auto & Auto Ancillary

Ashok Leyland

Accumulate

105

116

30,816

20,019

22,789

11.1

11.7

4.3

5.5

24.5

19.3

4.8

4.3

19.4

22.0

1.5

1.3

Bajaj Auto

Neutral

2,730

78,983

25,093

27,891

19.5

19.2

143.9

162.5

19.0

16.8

5.3

4.6

30.3

29.4

2.9

2.5

Bharat Forge

Neutral

1,122

26,110

7,726

8,713

20.5

21.2

35.3

42.7

31.8

26.3

5.9

5.3

18.9

20.1

3.4

3.0

Eicher Motors

Neutral

27,929

76,028

16,583

20,447

17.5

18.0

598.0

745.2

46.7

37.5

16.0

12.2

41.2

38.3

4.4

3.5

Gabriel India

Neutral

150

2,154

1,544

1,715

9.0

9.3

5.4

6.3

27.8

23.8

5.2

4.6

18.9

19.5

1.4

1.2

Hero Motocorp

Neutral

3,733

74,542

28,120

30,753

15.2

15.6

169.1

189.2

22.1

19.7

7.6

6.4

30.8

28.2

2.5

2.2

Jamna Auto Industries Neutral

261

2,077

1,486

1,620

9.8

9.9

15.0

17.2

17.4

15.2

3.8

3.2

21.8

21.3

1.5

1.3

L G Balakrishnan & Bros Neutral

780

1,224

1,302

1,432

11.6

11.9

43.7

53.0

17.9

14.7

2.5

2.3

13.8

14.2

1.0

0.9

Mahindra and Mahindra Neutral

1,368

84,947

46,534

53,077

11.6

11.7

67.3

78.1

20.3

17.5

3.3

2.9

15.4

15.8

1.8

1.5

Maruti

Accumulate

7,435

8,495

224,586

67,822

83,717

15.2

15.0

243.0

291.5

30.6

25.5

7.0

5.7

22.9

22.4

3.0

2.4

Minda Industries

Neutral

671

5,800

2,728

3,042

9.0

9.1

68.2

86.2

9.8

7.8

2.2

1.8

23.8

24.3

2.2

1.9

Motherson Sumi

Neutral

311

65,490

45,896

53,687

7.8

8.3

13.0

16.1

23.9

19.3

7.7

6.1

34.7

35.4

1.5

1.3

Rane Brake Lining

Neutral

1,328

1,051

511

562

11.3

11.5

28.1

30.9

47.3

43.0

7.2

6.6

15.3

15.0

2.2

2.0

Setco Automotive

Neutral

566

741

837

13.0

15.2

17.0

2.8

2.5

0.5

0.4

15.8

16.3

1.2

1.0

Tata Motors

Neutral

447

128,992

300,209

338,549

8.9

8.4

42.7

54.3

10.5

8.2

1.7

1.4

15.6

17.2

0.5

TVS Motor

Neutral

569

27,054

13,390

15,948

6.9

7.1

12.8

16.5

44.6

34.4

11.1

8.8

26.3

27.2

2.1

1.7

Amara Raja Batteries

Accumulate

866

962

14,796

5,339

6,220

15.9

15.3

28.0

32.3

30.9

26.8

5.9

5.0

19.1

18.5

2.8

2.4

Exide Industries

Neutral

229

19,482

7,439

8,307

15.0

8.1

9.3

28.3

24.7

4.0

3.5

14.3

16.7

2.2

2.0

Apollo Tyres

Neutral

257

13,097

12,877

14,504

14.3

13.9

21.4

23.0

12.0

11.2

1.9

1.6

16.4

15.2

1.2

1.1

Ceat

Neutral

1,882

7,611

7,524

8,624

13.0

12.7

131.1

144.3

14.4

13.0

2.6

2.2

19.8

18.6

1.1

1.0

JK Tyres

Neutral

169

3,825

7,455

8,056

15.0

21.8

24.5

7.7

6.9

1.6

1.3

22.8

21.3

0.6

0.5

Swaraj Engines

Neutral

2,260

2,807

660

810

15.2

16.4

54.5

72.8

41.5

31.1

12.9

11.7

31.5

39.2

4.1

3.3

Subros

Neutral

254

1,524

1,488

1,681

11.7

11.9

6.4

7.2

39.7

35.4

4.2

3.8

10.8

11.4

1.3

1.1

Indag Rubber

Neutral

211

554

286

326

19.8

16.8

11.7

13.3

18.1

15.8

3.1

2.9

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

1,570

6,538

3,451

4,055

6.3

9.2

31.4

57.9

50.0

27.1

3.0

2.7

6.3

10.9

2.0

1.7

Bharat Electronics

Neutral

173

38,575

8,137

9,169

16.8

17.2

58.7

62.5

2.9

2.8

0.5

0.4

44.6

46.3

3.7

3.3

www.angelbroking.com

Stock Watch

July 11, 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

467

15,446

6,511

7,514

7.9

8.7

12.9

16.3

36.2

28.6

6.5

5.7

16.7

18.5

2.1

1.8

BGR Energy

Neutral

154

1,110

16,567

33,848

6.0

5.6

7.8

5.9

19.7

26.1

1.1

4.7

4.2

0.2

0.1

BHEL

Neutral

137

33,630

28,797

34,742

2.8

2.3

6.9

59.7

19.9

1.0

1.3

4.8

0.8

0.6

Blue Star

Buy

605

760

5,787

4,283

5,077

5.9

7.3

14.9

22.1

40.6

27.3

7.9

6.7

20.4

26.4

1.4

1.2

CG Power and Industrial

Neutral

5,205

5,777

6,120

5.9

7.0

3.3

4.5

25.2

18.5

1.1

4.4

5.9

0.9

0.7

Solutions

Greaves Cotton

Neutral

161

3,938

1,755

1,881

16.8

16.9

7.8

8.5

20.7

19.0

4.1

3.8

20.6

20.9

1.9

1.8

Inox Wind

Neutral

146

3,250

5,605

6,267

15.7

16.4

24.8

30.0

5.9

4.9

1.7

1.2

25.9

24.4

0.6

0.5

KEC International

Neutral

271

6,979

9,294

10,186

7.9

8.1

9.9

11.9

27.4

22.8

4.0

3.5

15.6

16.3

1.0

0.9

KEI Industries

Accumulate

234

258

1,824

2,633

3,001

10.4

10.0

12.7

13.0

18.4

18.0

3.9

3.3

21.4

18.2

0.9

0.8

Thermax

Neutral

921

10,974

5,421

5,940

7.3

25.7

30.2

35.8

30.5

4.3

4.0

12.2

13.1

1.9

1.7

VATech Wabag

Neutral

666

3,636

3,136

3,845

8.9

9.1

26.0

35.9

25.6

18.6

3.2

2.7

13.4

15.9

1.1

0.8

Cement

ACC

Neutral

1,628

30,567

11,225

13,172

13.2

16.9

44.5

75.5

36.6

21.6

3.5

3.2

11.2

14.2

2.7

2.3

Ambuja Cements

Neutral

255

50,545

9,350

10,979

18.2

22.5

5.8

9.5

43.9

26.8

3.7

3.3

10.2

12.5

5.4

4.6

India Cements

Neutral

205

6,317

4,364

4,997

18.5

19.2

7.9

11.3

26.0

18.1

1.9

1.8

8.0

8.5

2.2

1.9

JK Cement

Neutral

973

6,803

4,398

5,173

15.5

17.5

31.2

55.5

31.2

17.5

3.7

3.2

12.0

15.5

2.1

1.7

J K Lakshmi Cement

Neutral

470

5,533

2,913

3,412

14.5

19.5

7.5

22.5

62.7

20.9

3.9

3.2

12.5

18.0

2.5

2.1

Orient Cement

Neutral

156

3,198

2,114

2,558

18.5

20.5

8.1

11.3

19.3

13.8

2.8

2.4

9.0

14.0

2.1

1.7

UltraTech Cement

Neutral

4,144

113,762

25,768

30,385

21.0

23.5

111.0

160.0

37.3

25.9

4.8

4.2

13.5

15.8

4.5

3.8

Construction

ITNL

Neutral

3,265

8,946

10,017

31.0

31.6

8.1

9.1

12.3

10.9

0.5

4.2

5.0

3.7

3.4

KNR Constructions

Neutral

214

3,004

1,385

1,673

14.7

14.0

41.2

48.5

5.2

4.4

1.0

0.8

14.9

15.2

2.2

1.9

Larsen & Toubro

Neutral

1,732

161,686

111,017

124,908

11.0

61.1

66.7

28.4

26.0

3.4

3.2

13.1

12.9

2.5

2.3

Gujarat Pipavav Port

Neutral

151

7,285

705

788

52.2

51.7

5.0

5.6

30.1

26.9

3.0

2.7

11.2

10.0

8.4

Nagarjuna Const.

Neutral

5,020

8,842

9,775

9.1

8.8

5.3

6.4

17.0

14.1

1.4

1.2

8.2

9.1

0.7

0.6

PNC Infratech

Neutral

149

3,815

2,350

2,904

13.1

13.2

9.0

8.8

16.5

16.9

0.6

0.5

15.9

13.9

1.7

1.4

Simplex Infra

Neutral

537

2,656

6,829

7,954

10.5

31.4

37.4

17.1

14.4

1.8

1.6

9.9

13.4

0.8

0.7

Power Mech Projects

Neutral

588

864

1,801

2,219

12.7

14.6

72.1

113.9

8.2

5.2

1.5

1.3

16.8

11.9

0.5

0.4

Sadbhav Engineering

Neutral

295

5,069

3,598

4,140

10.3

10.6

9.0

11.9

32.8

24.8

3.4

3.0

9.9

11.9

1.7

1.4

NBCC

Neutral

206

18,495

7,428

9,549

7.9

8.6

8.2

11.0

25.1

18.7

1.3

1.0

28.2

28.7

2.2

1.7

MEP Infra

Neutral

140

2,271

1,877

1,943

30.6

29.8

3.0

4.2

46.6

33.3

22.5

15.2

0.6

2.6

2.4

www.angelbroking.com

Stock Watch

July 11, 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

3,804

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

157

10,563

1,725

1,935

16.0

19.1

11.4

13.9

13.8

11.3

1.9

1.8

13.4

15.3

5.1

4.5

Financials

Axis Bank

Accumulate

510

580

122,188

46,932

53,575

3.5

3.4

32.4

44.6

15.8

11.4

2.0

1.8

13.6

16.5

Bank of Baroda

Neutral

167

38,422

19,980

23,178

1.8

11.5

17.3

14.5

9.6

1.7

1.4

8.3

10.1

Canara Bank

Neutral

361

21,583

15,225

16,836

1.8

14.5

28.0

24.9

12.9

1.7

1.4

5.8

8.5

Can Fin Homes

Neutral

3,235

8,612

420

526

3.5

86.5

107.8

37.4

30.0

8.1

6.6

23.6

24.1

Cholamandalam Inv. &

Accumulate

1,125

1,230

17,585

2,012

2,317

6.3

42.7

53.6

26.4

21.0

4.2

3.6

16.9

18.3

Fin. Co.

Dewan Housing Finance Buy

437

520

13,702

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

160

235

5,412

939

1,281

11.7

11.5

5.8

8.2

27.6

19.5

2.4

2.1

10.9

11.5

Federal Bank

Accumulate

114

125

22,198

8,259

8,995

3.0

4.3

5.6

26.6

20.4

2.3

2.1

8.5

10.1

HDFC

Neutral

1,638

260,940

11,475

13,450

3.4

45.3

52.5

36.2

31.2

7.0

6.2

20.2

20.5

HDFC Bank

Neutral

1,677

431,537

46,097

55,433

4.5

58.4

68.0

28.7

24.7

5.0

4.2

18.8

18.6

ICICI Bank

Accumulate

292

315

186,934

42,800

44,686

3.1

3.3

18.0

21.9

16.2

13.3

2.2

2.0

11.1

12.3

Karur Vysya Bank

Accumulate

143

160

8,654

5,640

6,030

3.3

3.2

8.9

10.0

16.1

14.3

1.7

1.6

11.2

11.4

Lakshmi Vilas Bank

Neutral

204

3,913

3,339

3,799

2.7

2.8

11.0

14.0

18.6

14.6

1.9

1.8

11.2

12.7

LIC Housing Finance

Neutral

743

37,504

3,712

4,293

2.6

2.5

39.0

46.0

19.1

16.2

3.6

3.1

19.9

20.1

Punjab Natl.Bank

Neutral

153

32,611

23,532

23,595

2.3

2.4

6.8

12.6

22.5

12.2

3.5

2.5

3.3

6.5

RBL Bank

Neutral

533

20,059

1,783

2,309

2.6

12.7

16.4

41.9

32.5

4.6

4.1

12.8

13.3

Repco Home Finance

Neutral

802

5,017

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

5,194

6,435

7,578

2.5

2.7

3.1

10.7

9.3

1.4

1.2

10.1

11.2

St Bk of India

Neutral

286

246,488

88,650

98,335

2.6

13.5

18.8

21.2

15.2

2.0

1.8

7.0

8.5

Union Bank

Neutral

157

10,769

13,450

14,925

2.3

25.5

34.5

6.1

4.5

0.9

0.8

7.5

10.2

Yes Bank

Neutral

1,513

69,193

8,978

11,281

3.3

3.4

74.0

90.0

20.4

16.8

3.9

3.3

17.0

17.2

FMCG

Akzo Nobel India

Neutral

1,830

8,777

2,955

3,309

13.3

13.7

57.2

69.3

32.0

26.4

10.5

8.8

32.7

33.3

2.8

2.4

Asian Paints

Neutral

1,131

108,457

17,128

18,978

16.8

16.4

19.1

20.7

59.2

54.6

20.6

19.4

34.8

35.5

6.3

5.6

Britannia

Neutral

3,712

44,568

9,594

11,011

14.6

14.9

80.3

94.0

46.2

39.5

19.0

14.7

41.2

4.5

3.9

Colgate

Neutral

1,093

29,727

4,605

5,149

23.4

23.8

26.9

45.9

40.6

25.4

19.9

64.8

66.8

6.4

5.7

Dabur India

Neutral

304

53,568

8,315

9,405

19.8

20.7

8.1

9.2

37.5

33.1

10.5

8.7

31.6

31.0

6.1

5.4

GlaxoSmith Con*

Neutral

5,470

23,006

4,350

4,823

21.2

21.4

179.2

196.5

30.5

27.9

8.1

6.9

27.1

26.8

4.7

4.1

www.angelbroking.com

Stock Watch

July 11, 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

976

66,502

10,235

11,428

18.4

18.6

41.1

44.2

23.8

22.1

5.3

4.5

24.9

24.8

6.6

5.8

HUL

Neutral

1,097

237,388

35,252

38,495

17.8

20.7

22.4

53.1

49.0

50.8

43.5

95.6

88.9

6.6

6.0

ITC

Neutral

333

404,971

40,059

44,439

38.3

39.2

9.0

10.1

37.1

32.9

10.4

9.0

27.8

27.5

9.6

8.7

Marico

Neutral

324

41,773

6,430

7,349

18.8

19.5

6.4

7.7

50.6

42.0

15.3

12.9

33.2

32.5

6.3

5.5

Nestle*

Neutral

6,809

65,650

10,073

11,807

20.7

21.5

124.8

154.2

54.6

44.2

22.4

20.2

34.8

36.7

6.3

5.4

Tata Global

Neutral

166

10,505

8,675

9,088

9.8

7.4

8.2

22.5

20.3

1.8

1.7

7.9

8.1

1.1

Procter & Gamble

Neutral

8,050

26,131

2,939

3,342

23.2

23.0

146.2

163.7

55.1

49.2

13.9

11.6

25.3

23.5

8.4

7.3

Hygiene

HCL Tech^

Buy

851

1,014

121,387

46,723

52,342

22.1

20.9

60.0

62.8

14.2

13.6

3.6

3.0

25.3

22.4

2.3

2.0

Infosys

Buy

959

1,179

220,289

68,484

73,963

26.0

63.0

64.0

15.2

15.0

3.2

2.9

20.8

19.7

2.9

2.5

TCS

Accumulate

2,441

2,651

480,952

117,966

127,403

27.5

27.6

134.3

144.5

18.2

16.9

5.4

5.0

29.8

29.7

3.7

3.5

Tech Mahindra

Buy

385

533

37,555

29,141

31,051

14.4

15.0

32.3

35.6

11.9

10.8

2.0

1.8

17.1

17.0

1.1

1.0

Wipro

Neutral

269

130,656

55,421

58,536

20.3

35.1

36.5

7.7

7.4

1.3

1.1

19.2

14.6

1.8

1.5

Media

D B Corp

Neutral

381

7,004

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

1,904

2,693

2,991

12.6

12.9

7.9

9.0

10.4

9.1

0.9

0.8

7.8

8.3

0.3

0.2

Jagran Prakashan

Buy

177

225

5,801

2,283

2,555

28.0

10.6

12.3

16.7

14.5

3.6

3.1

21.4

2.6

2.2

Sun TV Network

Neutral

830

32,689

2,850

3,265

70.1

71.0

26.2

30.4

31.7

27.3

8.1

7.2

24.3

25.6

11.1

9.5

Hindustan Media

Neutral

276

2,026

1,016

1,138

24.3

25.2

27.3

30.1

10.1

9.2

1.9

1.7

16.2

15.8

1.3

1.1

Ventures

TV Today Network

Buy

256

344

1,527

608

667

21.5

22.3

15.7

19.2

16.3

13.3

2.5

2.1

16.1

16.0

2.1

1.8

Metals & Mining

Coal India

Neutral

259

160,896

84,638

94,297

21.4

22.3

24.5

27.1

10.6

9.6

4.4

4.2

42.6

46.0

1.4

1.3

Hind. Zinc

Neutral

268

113,154

14,252

18,465

55.9

48.3

15.8

21.5

17.0

12.5

2.8

2.4

17.0

20.7

7.9

6.1

Hindalco

Neutral

196

43,926

107,899

112,095

7.4

8.2

9.2

13.0

21.3

15.1

1.0

4.8

6.6

0.9

JSW Steel

Neutral

218

52,792

53,201

58,779

16.1

16.2

130.6

153.7

1.7

1.4

0.2

14.0

14.4

1.8

1.5

NMDC

Neutral

118

37,207

6,643

7,284

44.4

47.7

7.1

7.7

16.6

15.3

1.4

8.8

9.2

3.4

3.0

SAIL

Neutral

26,020

47,528

53,738

(0.7)

2.1

(1.9)

2.6

24.2

0.7

(1.6)

3.9

1.4

1.3

Vedanta

Neutral

261

96,907

71,744

81,944

19.2

21.7

13.4

20.1

19.5

13.0

1.7

1.5

8.4

11.3

1.7

1.4

Tata Steel

Neutral

559

54,310

121,374

121,856

7.2

8.4

18.6

34.3

30.1

16.3

1.9

1.7

6.1

10.1

1.1

Oil & Gas

GAIL

Neutral

367

62,113

56,220

65,198

9.3

10.1

27.1

33.3

13.6

11.0

1.2

9.3

10.7

1.3

1.1

ONGC

Neutral

163

208,925

137,222

152,563

15.0

21.8

19.5

24.1

8.4

6.8

0.7

8.5

10.1

1.8

1.6

Indian Oil Corp

Neutral

383

185,787

373,359

428,656

5.9

5.5

54.0

59.3

7.1

6.5

1.1

1.0

16.0

15.6

0.7

0.6

www.angelbroking.com

Stock Watch

July 11, 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

1,492

485,280

301,963

358,039

12.1

12.6

87.7

101.7

17.0

14.7

1.7

1.6

10.7

11.3

2.1

1.7

Pharmaceuticals

Alembic Pharma

Buy

516

648

9,729

3,101

3,966

19.7

20.5

21.4

25.5

24.1

20.2

5.1

4.2

23.0

22.8

3.1

2.3

Alkem Laboratories Ltd

Buy

1,839

2,161

21,988

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

710

823

41,592

14,845

17,086

21.5

22.1

39.4

44.7

18.0

15.9

4.4

3.5

27.6

24.7

3.0

2.5

Aventis*

Neutral

4,251

9,790

2,206

2,508

16.6

16.8

128.9

139.9

33.0

30.4

5.6

4.4

21.6

23.5

4.2

3.5

Cadila Healthcare

Reduce

518

450

53,045

9,220

11,584

18.4

20.3

14.5

18.7

35.7

27.7

7.6

6.2

23.5

24.6

6.1

4.6

Cipla

Sell

549

461

44,206

14,281

16,619

15.4

16.2

12.5

19.7

44.0

27.9

3.5

3.2

8.4

12.0

3.3

2.8

Dr Reddy's

Neutral

2,732

45,275

14,081

15,937

16.1

18.6

72.6

105.9

37.6

25.8

3.7

3.3

9.6

13.6

3.4

3.0

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

2,602

22,042

2,927

3,290

11.8

16.2

34.4

49.6

75.7

52.5

11.0

11.4

13.9

21.3

7.3

6.6

Indoco Remedies

Sell

196

153

1,809

1,067

1,154

12.1

14.9

8.4

11.3

23.4

17.4

2.8

2.5

12.6

15.0

1.9

1.8

Ipca labs

Buy

474

620

5,984

3,211

3,593

13.9

14.5

15.4

19.4

30.8

24.5

2.4

2.2

8.2

9.5

2.0

1.7

Lupin

Buy

1,150

1,526

51,937

17,120

18,657

24.1

56.9

61.1

20.2

18.8

3.8

3.2

20.7

18.6

3.3

2.7

Natco Pharma

Accumulate

997

1,060

17,373

2,065

1,988

33.1

33.7

27.9

25.7

35.7

38.8

10.4

8.9

29.2

22.9

8.5

8.6

Sun Pharma

Buy

563

712

135,078

30,264

32,899

29.0

26.9

32.7

31.6

17.2

17.8

3.7

3.1

22.2

18.7

4.2

3.8

Power

Tata Power

Neutral

22,571

36,916

39,557

17.4

27.1

5.1

6.3

16.4

13.3

1.4

1.3

9.0

10.3

1.6

1.5

NTPC

Neutral

160

132,051

86,605

95,545

17.5

20.8

11.8

13.4

13.6

12.0

1.4

1.3

10.5

11.1

2.9

Power Grid

Accumulate

211

223

110,570

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

276

10,358

4,707

5,105

25.2

26.0

10.3

13.0

26.8

21.3

2.2

2.0

10.3

10.2

3.4

3.0

MLIFE

Buy

437

522

2,242

1,152

1,300

22.7

24.6

29.9

35.8

14.6

12.2

1.1

1.0

7.6

8.6

2.7

2.3

Telecom

Bharti Airtel

Neutral

405

162,055

105,086

114,808

34.5

34.7

12.2

16.4

33.2

24.7

2.3

2.1

6.8

8.4

2.5

2.1

Idea Cellular

Neutral

31,535

40,133

43,731

37.2

37.1

6.4

6.5

13.7

13.5

1.1

8.2

7.6

1.8

1.5

zOthers

Abbott India

Neutral

4,350

9,244

3,153

3,583

14.1

14.4

152.2

182.7

28.6

23.8

140.3

119.9

25.6

26.1

2.6

2.3

Asian Granito

Accumulate

456

480

1,372

1,066

1,169

11.6

12.5

13.0

16.0

35.1

28.6

3.4

3.1

9.5

10.7

1.6

1.4

Bajaj Electricals

Buy

330

395

3,344

4,801

5,351

5.7

6.2

10.4

13.7

31.6

24.1

3.9

3.5

12.4

14.5

0.7

0.6

Banco Products (India)

Neutral

224

1,598

1,353

1,471

12.3

12.4

14.5

16.3

15.4

13.7

21.3

19.2

14.5

14.6

1.1

120.6

Coffee Day Enterprises

Neutral

245

5,050

2,964

3,260

20.5

21.2

4.7

8.0

30.6

2.8

2.6

5.5

8.5

2.1

1.9

Ltd

Competent Automobiles Neutral

190

122

1,137

1,256

3.1

2.7

28.0

23.6

6.8

8.1

36.5

33.0

14.3

11.5

0.1

Elecon Engineering

Neutral

682

1,482

1,660

13.7

14.5

3.9

5.8

15.6

10.5

3.7

3.4

7.8

10.9

0.8

0.7

www.angelbroking.com

Stock Watch

July 11, 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

491

7,515

2,883

3,115

12.0

12.1

14.2

18.6

34.6

26.4

18.4

16.1

15.8

14.6

2.3

2.1

Garware Wall Ropes

Neutral

939

2,054

863

928

15.1

15.2

36.4

39.4

25.8

23.8

4.7

4.0

17.5

15.9

2.3

2.1

Goodyear India*

Neutral

911

2,102

1,598

1,704

10.4

10.2

49.4

52.6

18.5

17.3

85.2

74.7

18.2

17.0

1.0

143.2

Hitachi

Neutral

2,018

5,487

2,081

2,433

8.8

8.9

33.4

39.9

60.4

50.6

48.7

40.6

22.1

21.4

2.6

2.2

HSIL

Neutral

400

2,893

2,384

2,515

15.8

16.3

15.3

19.4

26.2

20.6

26.0

22.4

7.8

9.3

1.4

1.3

Interglobe Aviation

Neutral

1,239

44,804

21,122

26,005

14.5

27.6

110.7

132.1

11.2

9.4

67.0

47.8

168.5

201.1

2.1

1.7

Jyothy Laboratories

Neutral

366

6,643

1,440

2,052

11.5

13.0

8.5

10.0

43.0

36.6

10.4

9.7

18.6

19.3

4.9

3.4

Kirloskar Engines India

Neutral

395

5,712

2,554

2,800

9.9

10.0

10.5

12.1

37.6

32.6

15.7

14.9

10.7

11.7

1.9

1.7

Ltd

Linc Pen & Plastics

Neutral

277

410

382

420

9.3

9.5

13.5

15.7

20.6

17.6

3.5

3.0

17.1

17.3

1.1

1.0

M M Forgings

Neutral

669

807

546

608

20.4

20.7

41.3

48.7

16.2

13.7

91.6

81.1

16.6

17.0

1.3

1.2

Manpasand Bever.

Neutral

768

4,391

836

1,087

19.6

19.4

16.9

23.8

45.4

32.2

5.5

4.8

12.0

14.8

5.0

3.8

Mirza International

Neutral

157

1,890

963

1,069

17.2

18.0

6.1

7.5

25.6

20.9

3.9

3.3

15.0

15.7

2.2

1.9

MT Educare

Neutral

318

366

417

17.7

18.2

9.4

10.8

8.5

7.4

1.9

1.6

22.2

22.3

0.8

0.7

Narayana Hrudaya

Neutral

306

6,258

1,873

2,166

11.5

11.7

2.6

4.0

115.8

77.2

7.1

6.4

6.1

8.3

3.4

3.0

Navkar Corporation

Buy

206

265

2,931

347

371

43.2

37.3

6.7

6.0

30.8

34.3

2.1

1.9

6.2

10.6

9.6

8.9

Navneet Education

Neutral

177

4,136

1,062

1,147

24.0

6.1

6.6

29.1

26.7

6.0

5.3

20.6

19.8

4.0

3.7

Nilkamal

Neutral

1,947

2,905

1,995

2,165

10.7

10.4

69.8

80.6

27.9

24.2

111.3

96.6

16.6

16.5

1.5

1.3

Page Industries

Neutral

16,684

18,610

2,450

3,124

20.1

17.6

299.0

310.0

55.8

53.8

371.6

283.7

47.1

87.5

7.6

6.0

Parag Milk Foods

Neutral

232

1,947

1,919

2,231

9.3

9.6

9.5

12.9

24.5

17.9

3.8

3.1

15.5

17.5

1.2

1.0

Quick Heal

Neutral

220

1,541

408

495

27.3

27.0

7.7

8.8

28.4

25.0

2.6

9.3

10.6

2.9

2.4

Radico Khaitan

Accumulate

136

147

1,813

1,667

1,824

13.0

13.2

6.7

8.2

20.5

16.7

1.9

1.7

9.0

10.2

1.5

1.3

Relaxo Footwears

Neutral

512

6,154

2,085

2,469

9.2

8.2

7.6

8.0

67.8

64.5

26.3

22.4

17.9

18.8

3.0

2.6

S H Kelkar & Co.

Neutral

260

3,765

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

Accumulate

2,245

2,500

2,105

1,574

1,769

12.5

12.7

97.1

113.1

23.1

19.9

3.6

3.1

15.4

15.5

1.5

1.4

Styrolution ABS India*

Neutral

947

1,665

1,440

1,537

9.2

9.0

40.6

42.6

23.3

22.2

59.5

54.1

12.3

11.6

1.1

1.0

Surya Roshni

Neutral

288

1,264

3,342

3,625

7.8

7.5

17.3

19.8

16.7

14.6

31.7

25.4

10.5

10.8

0.6

Team Lease Serv.

Neutral

1,470

2,513

3,229

4,001

1.5

1.8

22.8

32.8

64.6

44.8

6.9

6.0

10.7

13.4

0.7

0.5

The Byke Hospitality

Neutral

191

766

287

384

20.5

7.6

10.7

25.1

17.9

5.3

4.2

20.7

23.5

2.7

2.0

Transport Corporation of

Neutral

337

2,584

2,671

2,911

8.5

8.8

13.9

15.7

24.4

21.6

3.3

3.0

13.7

13.8

1.1

1.0

India

www.angelbroking.com

Stock Watch

July 11, 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

3,877

2,968

2,304

2,614

13.7

13.8

231.1

266.6

16.8

14.5

435.6

343.0

33.9

29.3

1.3

1.1

UFO Moviez

Neutral

385

1,063

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

539

856

1,051

1,138

10.3

10.4

21.0

23.1

25.7

23.3

69.1

64.7

9.0

9.2

1.1

1.0

VRL Logistics

Neutral

336

3,066

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

Buy

190

218

2,678

1,270

1,450

10.4

5.6

6.5

33.8

29.2

7.0

6.1

20.7

21.1

2.1

1.8

Navin Fluorine

Buy

3,057

3,650

3,009

789

945

21.1

22.4

120.1

143.4

25.5

21.3

4.1

3.5

17.8

18.5

3.7

3.1

Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on July 10, 2017

www.angelbroking.com

Market Outlook

July 11, 2017

Research Team Tel: 022 - 39357800

E-mail: [email protected]

Website: www.angelbroking.com

DISCLAIMER

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Limited,Bombay Stock Exchange Limited and Metropolitan Stock Exchange Limited. It is also registered as a Depository Participant with

CDSL and Portfolio Manager with SEBI. It also has registration with AMFI as a Mutual Fund Distributor. Angel Broking Private Limited is a

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

/dealing in securities Market. Angel or its associates/analyst has not received any compensation / managed or

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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