Market Outlook
January 13, 2017
Market Cues
Domestic Indices
Chg (%)
(Pts)
(Close)
Indian markets are likely to open flat with a positive bias tracking SGX Nifty.
BSE Sensex
0.4
107
27,247
US markets fell to a five-week low on Thursday after President-elect Donald Trump,
Nifty
0.3
27
8,407
in his eagerly-awaited news briefing the previous day, failed to provide details on
Mid Cap
0.2
24
12,642
fiscal policies that were expected to bolster the economy.
Small Cap
(0.2)
(20)
12,687
European markets fell on Thursday weighed down by Fiat Chrysler, which wiped out
Bankex
0.2
45
21,587
one sixth of its value in a late session slide after the United States accused the
carmaker of excess diesel emissions.
Global Indices
Chg (%)
(Pts)
(Close)
Indian market rose modestly to extend gains for the third consecutive session on
Dow Jones
(0.3)
(63)
19,891
Thursday, as expectations surrounding Q3 earnings and the upcoming Union
Budget helped investors shrug off mixed global cues.
Nasdaq
(0.3)
(16)
5,547
FTSE
0.0
2
7,292
News Analysis
Nikkei
(1.2)
(230)
19,135
Result Review: TCS Q3FY17
Hang Seng
(0.5)
(106)
22,829
Result Preview: Infosys Q3FY17
Shanghai Com
(0.6)
(17)
3,119
Detailed analysis on Pg2
Investor’s Ready Reckoner
Advances / Declines
BSE
NSE
Key Domestic & Global Indicators
Advances
1,182
635
Stock Watch: Latest investment recommendations on 150+ stocks
Declines
1,605
1,009
Refer Pg5 onwards
Unchanged
159
72
Top Picks
CMP
Target
Upside
Volumes (` Cr)
Company
Sector
Rating
(`)
(`)
(%)
BSE
3,167
Amara Raja Batteries Auto & Auto Ancillary
Buy
897
1,167
30.2
Alkem Laboratories
Pharmaceuticals
Buy
1,683
1,989
18.2
NSE
18,209
HCL Tech
IT
Buy
845
1,000
18.3
Power Grid Corp.
Power
Buy
198
223
12.9
Net Inflows (` Cr)
Net
Mtd
Ytd
Navkar Corp.
Others
Buy
176
265
50.4
FII
(685)
(3,128)
(3,128)
More Top Picks on Pg3
MFs
1,048
2,661
2,661
Key Upcoming Events
Previous
Consensus
Date
Region
Event Description
Top Gainers
Price (`)
Chg (%)
Reading
Expectations
Nhpc
30
9.1
Jan 12 India
Industrial Production YoY
(1.90)
(2.20)
Jan 12 US
Initial Jobless claims
235.00
255.00
Nlcindia
92
8.9
Jan 13 India
Imports YoY%
10.40
--
Sjvn
32
7.5
Jan 13 US
Producer Price Index (mom)
-
--
Aiaeng
1,397
6.4
Jan 13 India
Exports YoY%
2.30
--
Tatacomm
673
6.1
More Events on Pg4
Top Losers
Price (`)
Chg (%)
Oil
348
(3.8)
Jubilant
679
(3.8)
Idea
72
(3.2)
Pvr
1,183
(3.0)
Il&Fstrans
117
(3.0)
As on January 12, 2017
Market Outlook
January 13, 2017
Result Review
TCS (CMP: `2,343/ TP: `2,620/ Upside: 11.8%)
TCS posted numbers slightly better than expected, on the sales and EBIT front. The
company posted a 0.3% sequential growth in USD revenues to US$4,387mn V/s
US$4,383mn expected. On Constant currency terms, the growth came in at 2.0%.
Volume growth during the quarter came in at 1.0% QoQ. In rupee terms, revenues
came in at `29,735cr V/s `29,588cr expected, up 1.5% QoQ.
In terms of the Verticals, the key Verticals like BFSI (which posted a 2.1% QoQ CC
growth), Retail & CPG (which posted a 1.9% QoQ CC growth and Manufacturing
(which posted a 2.1% QoQ CC growth. Amongst the key verticals, Communication
& Media (posted a QoQ CC de-growth of 4.9%). Energy and Utilities posted a
5.8% QoQ CC growth.
In terms, of geography, the USA was the main driver with North America and Latin
America posting a QoQ CC growth of 2.2% and 12.5% respectively. In Europe,
while UK posted a QoQ CC growth of 1.7%, while Continental Europe posted a
QoQ CC de-growth of 1.1%. India posted a QoQ CC growth of 10.3%.
In terms, of client additions the company added in $50M+ revenue band 2 clients
and in $10M+ revenue band 5 clients. LTM attrition of the company came down
further QoQ to 11.3% in IT Services.
On EBIT front, the company posted an EBIT of 26.0% V/s 25.5% expected, flat
QoQ. Consequently, PAT came in at `6,778cr V/s `6,320cr expected, a growth of
2.9% QoQ. Apart from, the margin coming in better than expected, higher other
income, aided the net profit to come in higher than expected. We maintain our
accumulate rating on the stock, with a price target of `2,620.
Y/E
Sales OPM
PAT
EPS ROE P/E P/BV EV/EBITDA EV/Sales
March
(` cr)
(%)
(` cr)
(`)
(%)
(x)
(x)
(x)
(x)
FY2017E
1,19,025
27.6
25,685
131.2
32.4
17.9
5.8
12.4
3.4
FY2018E
1,33,308
27.6
28,483
145.5
33.1
16.1
5.3
10.9
3.0
Result Preview
Infosys (CMP: `1,000/ TP: `1,249/ Upside: 24.9%)
Infosys is slated to announce its numbers today. The company, is expected to post
a 1.0% sequential de-growth in USD revenues to US$2,561mn. On Constant
currency terms, the growth is expected to be around 0.3%. In rupee terms,
revenues came in at `17,275cr V/s `17,310cr in 2QFY2017, down 0.2% QoQ.
On EBIT front, the company is expected to post an EBIT of 24.5% V/s 24.9%
expected, down 40bps QoQ. Consequently, PAT is expected to come in at
`3,569cr V/s `3,606cr in 2QFY2017, de-growth of 1.0% QoQ. We maintain our
buy rating on the stock, with a price target of `1,249.
Y/E
Sales OPM
PAT
EPS ROE P/E P/BV EV/EBITDA EV/Sales
March
(` cr)
(%)
(` cr)
(`)
(%)
(x)
(x)
(x)
(x)
FY2017E
68,350
27.0
14,354
62.5
32.4
16.0
3.4
10.4
2.8
FY2018E
77,236
27.0
15,928
69.4
33.1
14.4
3.1
9.0
2.4
Market Outlook
January 13, 2017
Economic and Political News
India Inc cheers Chandrasekaran's appointment as Tata Sons chairman
Railways to invest `1,000cr on new tracks beyond Agartala
Banks, OMCs to bear card payment charges at petrol pumps: Pradhan
Corporate News
Adani Ports to develop 3rd phase of Mundra Port for `6,000cr
SpiceJet to place order for 90-100 new planes
Idea Cellular to raise `500cr via NCDs
Market Outlook
January 13, 2017
Quarterly Bloomberg Brokers Consensus Estimate
Infosys Ltd Consol - Jan 13, 2017
Particulars ( ` cr)
3QFY17E
3QFY16
y-o-y (%)
2QFY17
q-o-q (%)
Net sales
17,164
15,902
7.9
17,310
(0.8)
EBITDA
4,601
4,262
8.0
4,733
(2.8)
EBITDA margin (%)
26.8
26.8
27.3
Net profit
3,509
3,465
1.3
3,606
(2.7)
LIC Housing Finance Ltd. - Jan 16, 2017
Particulars ( ` cr)
3QFY17E
3QFY16
y-o-y (%)
2QFY17
q-o-q (%)
PAT
477
419
13.8
495
(3.7)
Reliance Industries Ltd - Jan 16, 2017
Particulars ( ` cr)
3QFY17E
3QFY16
y-o-y (%)
2QFY17
q-o-q (%)
Net sales
57,708
56,567
2.0
59,577
(3.1)
EBITDA
10,559
10,272
2.8
10,555
0.0
EBITDA margin (%)
18.3
18.2
17.7
Net profit
7,276
7,218
0.8
7,704
(5.6)
Axis Bank Ltd. - Jan 19, 2017
Particulars ( ` cr)
3QFY17E
3QFY16
y-o-y (%)
2QFY17
q-o-q (%)
PAT
1,597
2,175
(26.6)
319
400.3
Federal Bank Ltd. - Jan 19, 2017
Particulars ( ` cr)
3QFY17E
3QFY16
y-o-y (%)
2QFY17
q-o-q (%)
PAT
184
163
12.9
201
(8.7)
Yes Bank Ltd. - Jan 19, 2017
Particulars ( ` cr)
3QFY17E
3QFY16
y-o-y (%)
2QFY17
q-o-q (%)
PAT
772
676
14.2
802
(3.7)
Market Outlook
January 13, 2017
Top Picks ★★★★★
Large Cap
Market Cap
CMP
Target
Upside
Company
Rationale
(` Cr)
(`)
(`)
(%)
To outpace battery industry growth due to better
Amara Raja Batteries
15,315
897
1,167
30.2
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
20,126
1,683
1,989
18.2
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
1,19,278
845
1,000
18.3
all the bad news.
Back on the growth trend, expect a long term growth of 14%
Infosys
2,29,706
1,000
1,249
24.9
to be a US$20bn in FY2020.
Strong order backlog and improvement in execution would
Larsen & Toubro
1,35,154
1,449
1,634
12.8
trigger the growth for the L&T
One of the largest pharma companies with strong
Lupin
67,235
1,489
1,809
21.5
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
1,03,376
198
223
12.9
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
759
252
351
39.2
owing to better product mix, higher B2C sales and
amalgamation synergy.
Among the top 4 players in the consumer durables segment.
Bajaj Electricals
2,319
229
274
19.5
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
4,780
500
634
26.7
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
8,362
267
350
31.1
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
5,005
149
235
57.5
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
6,025
184
225
22.1
radio business (Radio City) would also boost the company's
revenue growth.
High order book execution in EPC segment, rising B2C sales
KEI Industries
1,080
139
153
10.2
and higher exports to boost the revenues and profitability
Speedier execution and speedier sales, strong revenue visibilty
Mahindra Lifespace
1,471
358
522
45.6
in short-to-long run, attractive valuations
Higher growth in domestic branded sales and healthy export
Mirza International
1,169
97
107
10.1
to boost the profitability.
Massive capacity expansion along with rail advantage at ICD
Navkar Corporation
2,512
176
265
50.4
as well CFS augurs well for the company
Strong brands and distribution network would boost growth
Siyaram Silk Mills
1,311
1,399
1,605
14.8
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
1,610
270
385
42.7
and anticipated growth in ad spends by corporates to benefit
the stock.
Source: Company, Angel Research
Market Outlook
January 13, 2017
Key Upcoming Events
Result Calendar
Date
Company
January 13, 2017
Infosys
January 16, 2017
LIC Housing Fin., Reliance Industries
January 18, 2017
KPIT Cummins
January 19, 2017
Axis Bank, Yes Bank, Federal Bank, Mindtree
Source: Bloomberg, Angel Research
Global economic events release calendar
Bloomberg Data
Date
Time
Country
Event Description
Unit
Period
Last Reported
Estimated
Jan 13, 2017
India
Exports YoY%
% Change Dec
2.30
India
Imports YoY%
% Change Dec
10.40
China
Exports YoY%
% Change Dec
(1.60)
(4.00)
3:00 PM
UK
CPI (YoY)
% Change Dec
1.20
Jan 16, 2017
US
Producer Price Index (mom)
% Change Dec
-
Jan 17, 2017
12:00 PM
India
Monthly Wholesale Prices YoY%
% Change Dec
3.15
3.56
Jan 18, 2017
7:00 PM
US
Consumer price index (mom)
% Change Dec
0.20
0.30
3:30 PM Euro Zone
Euro-Zone CPI (YoY)
% Dec F
1.10
3:00 PM
UK
Jobless claims change
% Change Dec
2.40
7:45 PM
US
Industrial Production
% Dec
(0.44)
0.65
Jan 19, 2017
7:00 PM
US
Housing Starts
Thousands Dec
1,090.00
1,200.00
7:00 PM
US
Building permits
Thousands Dec
1,212.00
1,220.00
6:15 PM Euro Zone
ECB announces interest rates
% Jan 19
-
Jan 20, 2017
7:30 AM
China
Industrial Production (YoY)
% Change Dec
6.20
6.10
7:30 AM
China
Real GDP (YoY)
% Change 4Q
6.70
6.70
Jan 23, 2017
2:00 PM Germany
PMI Services
Value Jan P
54.30
Jan 24, 2017
8:30 PM Euro Zone Euro-Zone Consumer Confidence
Value Jan A
(5.10)
Source: Bloomberg, Angel Research
Market Outlook
January 13, 2017
Macro watch
Exhibit 1: Quarterly GDP trends
Exhibit 2: IIP trends
(%)
(%)
9.0
8.3
3.0
2.2
7.9
1.9
7.5
7.5
7.6
8.0
7.3
2.0
7.2
7.1
1.3
6.6
6.7
0.7
7.0
6.4
1.0
0.3
5.8
6.0
-
5.0
(1.0)
(0.7)
(0.9)
4.0
(1.3)
(2.0)
(1.6)
(1.9)
3.0
(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
5.6
5.7
5.8
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
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)
4.00
(20.0)
3.50
(25.0)
(30.0)
3.00
Source: Bloomberg, Angel Research
Source: RBI, Angel Research
Market Outlook
January 13, 2017
Global watch
Exhibit 1: Latest quarterly GDP Growth (%, yoy) across select developing and developed countries
(%)
8.0
6.7
5.3
6.0
5.0
0.7
4.3
4.0
3.2
2.2
1.7
1.5
2.0
1.0
1.1
-
(2.0)
(0.4)
(2.9)
(4.0)
Source: Bloomberg, Angel Research
Exhibit 2: 2016 GDP Growth projection by IMF (%, yoy) across select developing and developed countries
(%)
10.0
7.6
8.0
6.6
6.0
4.9
4.3
4.0
3.2
1.8
1.7
1.6
2.0
1.3
(0.8)
0.5
(3.3)
0.1
-
(2.0)
(4.0)
Source: IMF, Angel Research
Exhibit 3: One year forward P-E ratio across select developing and developed countries
(x)
18.0
16.0
14.0
12.0
10.0
8.0
6.0
4.0
2.0
-
Source: IMF, Angel Research
Market Outlook
January 13, 2017
Exhibit 4: Relative performance of indices across globe
Returns (%)
Country
Name of index
Closing price
1M
3M
1YR
Brazil
Bovespa
63,954
8.1
3.7
61.9
Russia
Micex
2,212
(0.7)
11.0
37.5
India
Nifty
8,407
2.3
(1.9)
11.1
China
Shanghai Composite
3,119
(1.1)
1.8
(5.1)
South Africa
Top 40
45,720
6.5
1.3
5.1
Mexico
Mexbol
46,061
(1.7)
(4.1)
12.8
Indonesia
LQ45
885
(0.3)
(3.5)
13.0
Malaysia
KLCI
1,678
2.1
0.5
0.6
Thailand
SET 50
979
2.7
2.3
20.4
USA
Dow Jones
19,891
0.7
9.7
21.4
UK
FTSE
7,292
5.2
3.1
25.6
Japan
Nikkei
19,135
3.4
13.8
0.5
Germany
DAX
11,521
3.0
10.6
22.7
France
CAC
4,864
2.2
10.4
12.2
Source: Bloomberg, Angel Research
Stock Watch
January 13, 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
Accumulate
208
209
4,038
1,937
2,164
13.3
14.3
9.0
11.0
23.1
18.9
4.0
3.5
18.4
19.8
2.0
1.7
United Phosphorus
Accumulate
686
684
34,754
15,176
17,604
18.5
18.5
37.4
44.6
18.3
15.4
3.6
3.0
21.4
21.2
2.3
1.9
Auto & Auto Ancillary
Ashok Leyland
Buy
84
111
24,005
22,407
26,022
10.6
10.6
5.2
6.4
16.2
13.1
3.7
3.1
23.6
24.7
1.1
0.9
Bajaj Auto
Neutral
2,732
-
79,041
25,093
27,891
19.5
19.2
143.9
162.5
19.0
16.8
5.3
4.6
30.3
29.4
2.8
2.4
Bharat Forge
Neutral
953
-
22,185
7,726
8,713
20.5
21.2
35.3
42.7
27.0
22.3
5.0
4.5
18.9
20.1
2.8
2.4
Eicher Motors
Neutral
22,827
-
62,096
16,583
20,447
17.5
18.0
598.0
745.2
38.2
30.6
13.0
9.9
41.2
38.3
3.4
2.7
Gabriel India
Buy
111
130
1,599
1,544
1,715
9.0
9.3
5.4
6.3
20.6
17.7
3.9
3.5
18.9
19.5
1.0
0.8
Hero Motocorp
Buy
3,080
3,541
61,498
30,958
34,139
15.7
15.7
193.6
208.3
15.9
14.8
6.2
5.1
34.2
30.5
1.8
1.6
Jamna Auto Industries Neutral
186
-
1,482
1,486
1,620
9.8
9.9
15.0
17.2
12.4
10.8
2.7
2.3
21.8
21.3
1.0
0.9
L G Balakrishnan & Bros Neutral
606
-
951
1,302
1,432
11.6
11.9
43.7
53.0
13.9
11.4
2.0
1.8
13.8
14.2
0.7
0.7
Mahindra and Mahindra Neutral
1,215
-
75,475
46,534
53,077
11.6
11.7
67.3
78.1
18.1
15.6
2.9
2.6
15.4
15.8
1.6
1.3
Maruti
Accumulate
5,785
6,006
174,764
68,057
82,958
15.8
15.5
212.1
261.2
27.3
22.2
5.4
4.5
19.8
20.3
2.0
1.6
Minda Industries
Neutral
331
-
2,625
2,728
3,042
9.0
9.1
68.2
86.2
4.9
3.8
1.1
0.9
23.8
24.3
0.9
0.8
Motherson Sumi
Neutral
329
-
46,235
45,896
53,687
7.8
8.3
13.0
16.1
25.3
20.5
8.1
6.5
34.7
35.4
1.1
0.9
Rane Brake Lining
Neutral
997
-
789
511
562
11.3
11.5
28.1
30.9
35.5
32.3
5.4
4.9
15.3
15.0
1.7
1.5
Setco Automotive
Neutral
37
-
498
741
837
13.0
13.0
15.2
17.0
2.5
2.2
0.4
0.4
15.8
16.3
1.1
1.0
Tata Motors
Neutral
518
-
149,658
300,209
338,549
8.9
8.4
42.7
54.3
12.2
9.6
2.0
1.6
15.6
17.2
0.6
0.5
TVS Motor
Neutral
389
-
18,474
13,390
15,948
6.9
7.1
12.8
16.5
30.5
23.5
7.6
6.0
26.3
27.2
1.3
1.1
Amara Raja Batteries
Buy
897
1,167
15,315
5,504
6,605
17.6
17.5
33.4
40.9
26.8
21.9
5.9
4.8
22.1
22.0
2.7
2.2
Exide Industries
Neutral
184
-
15,666
7,439
8,307
15.0
15.0
8.1
9.3
22.8
19.8
3.2
2.8
14.3
16.7
1.7
1.5
Apollo Tyres
Buy
195
235
9,911
12,877
14,504
14.3
13.9
21.4
23.0
9.1
8.5
1.4
1.2
16.4
15.2
0.9
0.8
Ceat
Buy
1,204
1,450
4,871
7,524
8,624
13.0
12.7
131.1
144.3
9.2
8.4
1.7
1.4
19.8
18.6
0.7
0.6
JK Tyres
Neutral
125
-
2,836
7,455
8,056
15.0
15.0
21.8
24.5
5.7
5.1
1.2
1.0
22.8
21.3
0.5
0.4
Swaraj Engines
Neutral
1,347
-
1,673
660
810
15.2
16.4
54.5
72.8
24.7
18.5
7.7
7.0
31.5
39.2
2.3
1.8
Subros
Neutral
174
-
1,043
1,488
1,681
11.7
11.9
6.4
7.2
27.2
24.3
2.9
2.6
10.8
11.4
0.9
0.8
Indag Rubber
Neutral
181
-
476
286
326
19.8
16.8
11.7
13.3
15.5
13.6
2.6
2.5
17.8
17.1
1.3
1.2
Capital Goods
ACE
Neutral
50
-
490
709
814
4.1
4.6
1.4
2.1
35.4
23.6
1.5
1.4
4.4
6.0
0.8
0.7
BEML
Neutral
1,224
-
5,097
3,451
4,055
6.3
9.2
31.4
57.9
39.0
21.1
2.3
2.1
6.3
10.9
1.3
1.1
Bharat Electronics
Neutral
1,551
-
34,641
8,137
9,169
16.8
17.2
58.7
62.5
26.4
24.8
4.1
3.6
44.6
46.3
2.8
2.5
Stock Watch
January 13, 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
340
407
11,245
6,511
7,514
7.9
8.7
12.9
16.3
26.3
20.9
4.7
4.2
16.7
18.5
1.4
1.2
BGR Energy
Neutral
130
-
936
16,567
33,848
6.0
5.6
7.8
5.9
16.6
22.0
1.0
0.9
4.7
4.2
0.2
0.1
BHEL
Neutral
128
-
31,305
28,797
34,742
-
2.8
2.3
6.9
55.6
18.5
0.9
0.9
1.3
4.8
0.7
0.5
Blue Star
Buy
500
634
4,780
4,283
5,077
5.9
7.3
14.9
22.1
33.6
22.6
6.5
5.5
20.4
26.4
1.1
0.9
Crompton Greaves
Neutral
64
-
4,036
5,777
6,120
5.9
7.0
3.3
4.5
19.5
14.3
0.9
0.8
4.4
5.9
0.6
0.5
Greaves Cotton
Neutral
122
-
2,983
1,755
1,881
16.8
16.9
7.8
8.5
15.7
14.4
3.1
2.9
20.6
20.9
1.4
1.3
Inox Wind
Neutral
183
-
4,057
5,605
6,267
15.7
16.4
24.8
30.0
7.4
6.1
2.1
1.5
25.9
24.4
0.8
0.6
KEC International
Neutral
142
-
3,647
9,294
10,186
7.9
8.1
9.9
11.9
14.3
11.9
2.1
1.8
15.6
16.3
0.6
0.6
KEI Industries
Buy
139
153
1,080
2,574
2,921
10.4
10.0
10.1
11.8
13.8
11.7
2.4
2.0
17.7
17.4
0.6
0.5
Thermax
Neutral
835
-
9,948
5,421
5,940
7.3
7.3
25.7
30.2
32.5
27.6
3.9
3.6
12.2
13.1
1.5
1.4
VATech Wabag
Buy
498
681
2,717
3,136
3,845
8.9
9.1
26.0
35.9
19.2
13.9
2.4
2.0
13.4
15.9
0.7
0.6
Cement
ACC
Neutral
1,344
-
25,234
11,225
13,172
13.2
16.9
44.5
75.5
30.2
17.8
2.9
2.6
11.2
14.2
2.2
1.9
Ambuja Cements
Neutral
214
-
42,513
9,350
10,979
18.2
22.5
5.8
9.5
36.9
22.5
3.1
2.8
10.2
12.5
4.4
3.7
India Cements
Neutral
134
-
4,113
4,364
4,997
18.5
19.2
7.9
11.3
17.0
11.9
1.2
1.2
8.0
8.5
1.6
1.4
JK Cement
Neutral
691
-
4,834
4,398
5,173
15.5
17.5
31.2
55.5
22.2
12.5
2.7
2.3
12.0
15.5
1.7
1.4
J K Lakshmi Cement
Buy
367
565
4,318
2,913
3,412
14.5
19.5
7.5
22.5
48.9
16.3
3.0
2.5
12.5
18.0
2.0
1.7
Orient Cement
Buy
129
215
2,649
2,114
2,558
18.5
20.5
8.1
11.3
16.0
11.4
2.4
2.0
9.0
14.0
1.8
1.4
UltraTech Cement
Neutral
3,349
-
91,906
25,768
30,385
21.0
23.5
111.0
160.0
30.2
20.9
3.9
3.4
13.5
15.8
3.6
2.9
Construction
ITNL
Neutral
117
-
3,844
8,946
10,017
31.0
31.6
8.1
9.1
14.4
12.8
0.5
0.5
4.2
5.0
3.7
3.4
KNR Constructions
Neutral
170
-
2,390
1,385
1,673
14.7
14.0
41.2
48.5
4.1
3.5
0.8
0.7
14.9
15.2
1.8
1.5
Larsen & Toubro
Buy
1,449
1,634
135,154
111,017
124,908
11.0
11.0
61.1
66.7
23.7
21.7
2.9
2.6
13.1
12.9
2.2
2.0
Gujarat Pipavav Port
Neutral
136
-
6,580
705
788
52.2
51.7
5.0
5.6
27.2
24.3
2.7
2.4
11.2
11.2
8.6
7.2
Nagarjuna Const.
Neutral
83
-
4,614
8,842
9,775
9.1
8.8
5.3
6.4
15.7
13.0
1.2
1.1
8.2
9.1
0.7
0.6
PNC Infratech
Buy
106
143
2,714
2,350
2,904
13.1
13.2
9.0
8.8
11.8
12.0
0.4
0.4
15.9
13.9
1.2
1.0
Simplex Infra
Neutral
300
-
1,482
6,829
7,954
10.5
10.5
31.4
37.4
9.5
8.0
1.0
0.9
9.9
13.4
0.6
0.5
Power Mech Projects
Neutral
447
-
658
1,801
2,219
12.7
14.6
72.1
113.9
6.2
3.9
1.1
1.0
16.8
11.9
0.4
0.3
Sadbhav Engineering
Accumulate
273
298
4,679
3,598
4,140
10.3
10.6
9.0
11.9
30.3
22.9
3.2
2.8
9.9
11.9
1.6
1.4
NBCC
Neutral
272
-
16,329
7,428
9,549
7.9
8.6
8.2
11.0
33.2
24.7
1.7
1.3
28.2
28.7
1.6
1.2
MEP Infra
Neutral
41
-
671
1,877
1,943
30.6
29.8
3.0
4.2
13.8
9.8
6.7
4.5
0.6
0.6
1.7
1.5
Stock Watch
January 13, 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
101
-
3,568
1,036
1,252
65.5
66.2
(8.4)
(5.6)
3.8
4.3
(22.8)
(15.9)
11.4
9.5
Engineers India
Neutral
155
-
10,432
1,725
1,935
16.0
19.1
11.4
13.9
13.6
11.1
1.9
1.8
13.4
15.3
4.8
4.3
Financials
Axis Bank
Buy
455
630
108,851
46,932
53,575
3.5
3.4
32.4
44.6
14.1
10.2
1.8
1.6
13.6
16.5
-
-
Bank of Baroda
Neutral
159
-
36,556
19,980
23,178
1.8
1.8
11.5
17.3
13.8
9.2
1.6
1.3
8.3
10.1
-
-
Canara Bank
Neutral
275
-
14,943
15,225
16,836
1.8
1.8
14.5
28.0
19.0
9.8
1.3
1.1
5.8
8.5
-
-
Dewan Housing Finance Buy
267
350
8,362
2,225
2,688
2.9
2.9
29.7
34.6
9.0
7.7
1.5
1.2
16.1
16.8
-
-
Equitas Holdings
Buy
149
235
5,005
939
1,281
11.7
11.5
5.8
8.2
25.7
18.2
2.2
2.0
10.9
11.5
-
-
Federal Bank
Neutral
72
-
12,449
9,353
10,623
2.9
2.9
4.4
5.8
16.4
12.5
1.6
1.4
9.5
11.0
-
-
HDFC
Neutral
1,220
-
193,374
11,475
13,450
3.4
3.4
45.3
52.5
26.9
23.2
5.2
4.6
20.2
20.5
-
-
HDFC Bank
Accumulate
1,235
1,350
315,167
46,097
55,433
4.5
4.5
58.4
68.0
21.1
18.2
3.7
3.1
18.8
18.6
-
-
ICICI Bank
Buy
268
315
156,222
42,800
44,686
3.1
3.3
18.0
21.9
14.9
12.3
2.0
1.9
11.1
12.3
-
-
Lakshmi Vilas Bank
Buy
137
174
2,630
3,339
3,799
2.7
2.8
11.0
14.0
12.5
9.8
1.3
1.2
11.2
12.7
-
-
LIC Housing Finance
Accumulate
526
630
26,565
3,712
4,293
2.6
2.5
39.0
46.0
13.5
11.4
2.5
2.2
19.9
20.1
-
-
Punjab Natl.Bank
Neutral
126
-
26,770
23,532
23,595
2.3
2.4
6.8
12.6
18.5
10.0
2.9
2.0
3.3
6.5
-
-
RBL Bank
Neutral
368
-
13,600
1,783
2,309
2.6
2.6
12.7
16.4
29.0
22.4
3.2
2.8
12.8
13.3
-
-
South Ind.Bank
Neutral
21
-
2,879
6,435
7,578
2.5
2.5
2.7
3.1
7.9
6.9
1.0
0.9
10.1
11.2
-
-
St Bk of India
Neutral
251
-
194,923
88,650
98,335
2.6
2.6
13.5
18.8
18.6
13.4
1.8
1.6
7.0
8.5
-
-
Union Bank
Neutral
136
-
9,373
13,450
14,925
2.3
2.3
25.5
34.5
5.4
4.0
0.8
0.7
7.5
10.2
-
-
Yes Bank
Neutral
1,325
-
56,028
8,978
11,281
3.3
3.4
74.0
90.0
17.9
14.7
3.4
2.9
17.0
17.2
-
-
FMCG
Asian Paints
Neutral
933
-
89,469
17,128
18,978
16.8
16.4
19.1
20.7
48.8
45.1
17.0
16.0
34.8
35.5
4.9
4.4
Britannia
Buy
2,947
3,626
35,363
9,594
11,011
14.6
14.9
80.3
94.0
36.7
31.4
15.1
11.7
41.2
-
3.5
3.0
Colgate
Accumulate
890
995
24,216
4,605
5,149
23.4
23.4
23.8
26.9
37.4
33.1
20.7
16.2
64.8
66.8
5.3
4.7
Dabur India
Accumulate
279
304
49,129
8,315
9,405
19.8
20.7
8.1
9.2
34.4
30.3
9.6
8.0
31.6
31.0
5.5
4.9
GlaxoSmith Con*
Neutral
5,126
-
21,557
4,350
4,823
21.2
21.4
179.2
196.5
28.6
26.1
7.6
6.4
27.1
26.8
4.2
3.7
Godrej Consumer
Neutral
1,578
-
53,743
10,235
11,428
18.4
18.6
41.1
44.2
38.4
35.7
8.5
7.2
24.9
24.8
5.1
4.5
HUL
Neutral
826
-
178,715
35,252
38,495
17.8
17.8
20.7
22.4
40.0
36.9
38.2
32.8
95.6
88.9
4.9
4.5
ITC
Buy
244
284
296,125
40,059
44,439
38.3
39.2
9.0
10.1
27.2
24.1
7.6
6.6
27.8
27.5
6.8
6.1
Marico
Buy
260
300
33,495
6,430
7,349
18.8
19.5
6.4
7.7
40.6
33.7
12.3
10.3
33.2
32.5
5.0
4.4
Nestle*
Neutral
5,846
-
56,362
10,073
11,807
20.7
21.5
124.8
154.2
46.8
37.9
19.2
17.3
34.8
36.7
5.6
4.7
Stock Watch
January 13, 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
Tata Global
Neutral
125
-
7,899
8,675
9,088
9.8
9.8
7.4
8.2
16.9
15.3
1.9
1.8
7.9
8.1
0.8
0.8
Procter & Gamble
Neutral
6,789
-
22,036
2,939
3,342
23.2
23.0
146.2
163.7
46.4
41.5
104.0
99.7
25.3
23.5
7.3
6.4
Hygiene
IT
HCL Tech^
Buy
845
1,000
119,278
49,242
57,168
20.5
20.5
55.7
64.1
15.2
13.2
3.1
2.4
20.3
17.9
2.2
1.8
Infosys
Buy
1,000
1,249
229,706
68,350
77,326
27.0
27.0
62.5
69.4
16.0
14.4
3.4
3.1
21.3
21.6
2.8
2.5
TCS
Accumulate
2,343
2,620
461,730
119,025
133,308
27.6
27.6
131.2
145.5
17.9
16.1
5.8
5.3
32.4
33.1
3.7
3.3
Tech Mahindra
Buy
481
600
46,827
29,673
32,937
15.5
17.0
32.8
39.9
14.7
12.1
2.9
2.5
19.6
20.7
1.3
1.1
Wipro
Buy
483
590
117,496
55,440
60,430
18.1
18.1
35.9
39.9
13.5
12.1
2.4
2.2
19.0
19.3
1.8
1.6
Media
D B Corp
Neutral
380
-
6,987
2,297
2,590
27.4
28.2
21.0
23.4
18.1
16.2
4.2
3.7
23.7
23.1
2.7
2.3
HT Media
Neutral
77
-
1,792
2,693
2,991
12.6
12.9
7.9
9.0
9.8
8.6
0.8
0.8
7.8
8.3
0.2
0.1
Jagran Prakashan
Buy
184
225
6,025
2,355
2,635
28.0
28.0
10.8
12.5
17.1
14.8
3.7
3.2
21.7
21.7
2.5
2.2
Sun TV Network
Neutral
539
-
21,253
2,850
3,265
70.1
71.0
26.2
30.4
20.6
17.7
5.3
4.7
24.3
25.6
6.4
5.5
Hindustan Media
Neutral
283
-
2,076
1,016
1,138
24.3
25.2
27.3
30.1
10.4
9.4
2.0
1.8
16.2
15.8
1.2
1.1
Ventures
TV Today Network
Buy
270
385
1,610
637
743
27.5
27.5
18.4
21.4
14.7
12.6
2.6
2.2
17.4
17.2
2.1
1.7
Metals & Mining
Coal India
Neutral
313
-
194,044
84,638
94,297
21.4
22.3
24.5
27.1
12.8
11.5
5.3
5.1
42.6
46.0
1.7
1.5
Hind. Zinc
Neutral
276
-
116,429
14,252
18,465
55.9
48.3
15.8
21.5
17.4
12.8
2.8
2.5
17.0
20.7
7.6
5.9
Hindalco
Neutral
177
-
36,498
107,899
112,095
7.4
8.2
9.2
13.0
19.2
13.6
0.9
0.9
4.8
6.6
0.8
0.8
JSW Steel
Neutral
188
-
45,540
53,201
58,779
16.1
16.2
130.6
153.7
1.4
1.2
0.2
0.2
14.0
14.4
1.5
1.3
NMDC
Neutral
139
-
44,010
6,643
7,284
44.4
47.7
7.1
7.7
19.6
18.1
1.7
1.7
8.8
9.2
3.6
3.3
SAIL
Neutral
57
-
23,624
47,528
53,738
(0.7)
2.1
(1.9)
2.6
22.0
0.6
0.6
(1.6)
3.9
1.3
1.2
Vedanta
Neutral
241
-
71,375
71,744
81,944
19.2
21.7
13.4
20.1
18.0
12.0
1.5
1.4
8.4
11.3
1.3
1.0
Tata Steel
Neutral
448
-
43,486
121,374
121,856
7.2
8.4
18.6
34.3
24.1
13.1
1.5
1.4
6.1
10.1
1.0
0.9
Oil & Gas
Cairn India
Neutral
267
-
50,113
9,127
10,632
4.3
20.6
8.8
11.7
30.4
22.8
1.0
1.0
3.3
4.2
6.4
5.4
GAIL
Neutral
442
-
56,067
56,220
65,198
9.3
10.1
27.1
33.3
16.3
13.3
1.5
1.4
9.3
10.7
1.2
1.0
ONGC
Neutral
199
-
255,638
137,222
152,563
15.0
21.8
19.5
24.1
10.2
8.3
0.9
0.8
8.5
10.1
2.1
1.9
Indian Oil Corp
Neutral
355
-
172,263
373,359
428,656
5.9
5.5
54.0
59.3
6.6
6.0
1.0
0.9
16.0
15.6
0.6
0.5
Reliance Industries
Neutral
1,083
-
351,330
301,963
358,039
12.1
12.6
87.7
101.7
12.4
10.7
1.3
1.2
10.7
11.3
1.6
1.4
Pharmaceuticals
Alembic Pharma
Neutral
601
-
11,335
3,483
4,083
20.2
21.4
24.3
30.4
24.7
19.8
5.6
4.5
25.5
25.3
3.2
2.6
Alkem Laboratories Ltd
Buy
1,683
1,989
20,126
6,043
6,893
18.7
19.3
80.5
88.8
20.9
19.0
4.7
3.9
22.3
20.3
3.1
2.7
Aurobindo Pharma
Buy
694
877
40,602
15,720
18,078
23.7
23.7
41.4
47.3
16.8
14.7
4.4
3.4
29.6
26.1
2.7
2.4
Stock Watch
January 13, 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
Aventis*
Neutral
4,224
-
9,728
2,277
2,597
17.3
18.3
149.4
172.0
28.3
24.6
4.7
3.8
25.1
28.8
4.0
3.3
Cadila Healthcare
Accumulate
350
400
35,877
10,429
12,318
22.6
22.0
16.9
19.2
20.7
18.3
5.3
4.2
28.5
25.7
3.5
2.9
Cipla
Reduce
586
490
47,150
15,378
18,089
17.4
18.4
21.6
27.2
27.1
21.6
3.5
3.1
13.7
15.2
3.2
2.6
Dr Reddy's
Neutral
3,011
-
49,883
16,043
18,119
20.8
22.4
112.4
142.9
26.8
21.1
3.6
3.1
14.1
15.9
3.1
2.8
Dishman Pharma
Neutral
240
-
3,881
1,718
1,890
22.7
22.8
9.5
11.3
25.3
21.3
2.5
2.2
10.1
10.9
2.5
2.2
GSK Pharma*
Neutral
2,716
-
23,007
3,000
3,312
15.4
20.6
46.5
60.8
58.4
44.7
14.0
14.0
26.3
30.6
7.4
6.8
Indoco Remedies
Reduce
270
240
2,491
1,112
1,289
16.2
18.2
11.6
16.0
23.3
16.9
3.7
3.1
17.0
20.1
2.3
1.9
Ipca labs
Buy
549
613
6,925
3,303
3,799
15.3
15.3
17.3
19.7
31.7
27.9
2.8
2.5
9.1
9.4
2.2
1.9
Lupin
Buy
1,489
1,809
67,235
15,912
18,644
26.4
26.7
58.1
69.3
25.6
21.5
5.0
4.1
21.4
20.9
4.3
3.5
Sun Pharma
Buy
644
847
154,485
31,129
35,258
32.0
32.9
30.2
35.3
21.3
18.2
3.5
2.9
20.0
20.1
4.4
3.7
Power
Tata Power
Neutral
79
-
21,448
36,916
39,557
17.4
27.1
5.1
6.3
15.6
12.6
1.4
1.3
9.0
10.3
1.6
1.4
NTPC
Neutral
174
-
143,265
86,605
95,545
17.5
20.8
11.8
13.4
14.7
13.0
1.5
1.4
10.5
11.1
2.9
2.9
Power Grid
Buy
198
223
103,376
25,315
29,193
88.2
88.7
14.2
17.2
14.0
11.5
2.1
1.9
15.2
16.1
8.4
7.6
Real Estate
Prestige Estate
Buy
175
210
6,546
4,707
5,105
25.2
26.0
10.3
13.0
17.0
13.4
1.4
1.3
10.3
10.2
2.5
2.2
MLIFE
Buy
358
522
1,471
1,152
1,300
22.7
24.6
29.9
35.8
12.0
10.0
0.9
0.8
7.6
8.6
2.0
1.6
Telecom
Bharti Airtel
Neutral
322
-
128,576
105,086
114,808
34.5
34.7
12.2
16.4
26.4
19.6
1.8
1.7
6.8
8.4
2.1
1.8
Idea Cellular
Neutral
72
-
26,002
40,133
43,731
37.2
37.1
6.4
6.5
11.3
11.1
0.9
0.9
8.2
7.6
1.7
1.4
zOthers
Abbott India
Neutral
4,498
-
9,559
3,153
3,583
14.1
14.4
152.2
182.7
29.6
24.6
145.1
123.9
25.6
26.1
2.9
2.5
Asian Granito
Buy
252
351
759
1,071
1,182
12.1
12.4
12.7
16.0
19.8
15.8
1.9
1.7
9.5
10.7
0.9
0.8
Bajaj Electricals
Buy
229
274
2,319
4,801
5,351
5.7
6.2
10.4
13.7
22.0
16.7
2.7
2.4
12.4
14.5
0.5
0.4
Banco Products (India)
Neutral
215
-
1,539
1,353
1,471
12.3
12.4
14.5
16.3
14.8
13.2
20.5
18.5
14.5
14.6
0.9
100.2
Coffee Day Enterprises
Neutral
199
-
4,095
2,964
3,260
20.5
21.2
4.7
8.0
-
24.8
2.3
2.1
5.5
8.5
1.8
1.6
Ltd
Competent Automobiles Neutral
168
-
103
1,137
1,256
3.1
2.7
28.0
23.6
6.0
7.1
32.3
29.2
14.3
11.5
0.1
0.1
Elecon Engineering
Neutral
58
-
656
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
415
-
6,342
2,883
3,115
12.0
12.1
14.2
18.6
29.2
22.3
15.5
13.6
15.8
14.6
1.9
1.7
Garware Wall Ropes
Neutral
617
-
1,350
873
938
14.3
14.3
35.2
37.5
17.6
16.5
3.1
2.6
17.5
15.9
1.4
1.3
Goodyear India*
Neutral
742
-
1,711
1,598
1,704
10.4
10.2
49.4
52.6
15.0
14.1
69.3
60.8
18.2
17.0
0.6
88.6
Hitachi
Neutral
1,447
-
3,935
2,081
2,433
8.8
8.9
33.4
39.9
43.3
36.3
35.0
29.1
22.1
21.4
1.8
1.5
HSIL
Neutral
291
-
2,105
2,384
2,515
15.8
16.3
15.3
19.4
19.0
15.0
18.9
16.3
7.8
9.3
1.0
0.9
Stock Watch
January 13, 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
Interglobe Aviation
Neutral
878
-
31,730
21,122
26,005
14.5
27.6
110.7
132.1
7.9
6.7
47.5
33.9
168.5
201.1
1.4
1.1
Jyothy Laboratories
Neutral
335
-
6,089
1,440
2,052
11.5
13.0
8.5
10.0
39.4
33.5
9.6
8.8
18.6
19.3
4.5
3.2
Kirloskar Engines India
Neutral
330
-
4,771
2,554
2,800
9.9
10.0
10.5
12.1
31.4
27.3
13.1
12.4
10.7
11.7
1.5
1.3
Ltd
Linc Pen & Plastics
Neutral
271
-
400
382
420
9.3
9.5
13.5
15.7
20.1
17.2
3.4
3.0
17.1
17.3
1.0
0.9
M M Forgings
Neutral
440
-
531
546
608
20.4
20.7
41.3
48.7
10.7
9.0
60.3
53.4
16.6
17.0
0.8
0.7
Manpasand Bever.
Neutral
542
-
3,100
836
1,087
19.6
19.4
16.9
23.8
32.1
22.8
3.9
3.4
12.0
14.8
3.5
2.6
Mirza International
Buy
97
107
1,169
987
1,106
18.0
18.0
6.5
7.6
14.9
12.8
2.4
2.0
15.9
15.7
1.2
1.1
MT Educare
Neutral
121
-
481
366
417
17.7
18.2
9.4
10.8
12.9
11.2
2.9
2.5
22.2
22.3
1.2
1.0
Narayana Hrudaya
Neutral
339
-
6,934
1,873
2,166
11.5
11.7
2.6
4.0
128.3
85.6
7.9
7.1
6.1
8.3
3.9
3.3
Navkar Corporation
Buy
176
265
2,512
369
561
42.9
42.3
7.2
11.5
24.4
15.3
1.8
1.6
7.4
10.5
7.4
4.9
Navneet Education
Neutral
119
-
2,830
1,062
1,147
24.0
24.0
6.1
6.6
19.5
17.9
4.0
3.6
20.6
19.8
2.6
2.4
Nilkamal
Neutral
1,496
-
2,233
1,995
2,165
10.7
10.4
69.8
80.6
21.4
18.6
85.5
74.3
16.6
16.5
0.9
0.8
Page Industries
Neutral
14,050
-
15,671
2,450
3,124
20.1
17.6
299.0
310.0
47.0
45.3
312.9
238.9
47.1
87.5
6.3
5.0
Parag Milk Foods
Neutral
272
-
2,284
1,919
2,231
9.3
9.6
9.5
12.9
28.8
21.0
4.5
3.7
15.5
17.5
1.3
1.1
Quick Heal
Neutral
253
-
1,776
408
495
27.3
27.0
7.7
8.8
32.7
28.8
3.0
3.0
9.3
10.6
3.5
2.9
Radico Khaitan
Buy
116
147
1,543
1,667
1,824
13.0
13.2
6.7
8.2
17.4
14.2
1.6
1.4
9.0
10.2
1.3
1.1
Relaxo Footwears
Neutral
427
-
5,126
2,085
2,469
9.2
8.2
7.6
8.0
56.5
53.7
21.9
18.7
17.9
18.8
2.4
2.1
S H Kelkar & Co.
Neutral
318
-
4,592
1,036
1,160
15.1
15.0
6.1
7.2
52.0
44.2
5.6
5.1
10.7
11.5
4.2
3.7
Siyaram Silk Mills
Accumulate
1,399
1,605
1,311
1,733
1,948
11.6
11.7
96.6
114.7
14.5
12.2
2.2
1.9
15.3
15.7
0.9
0.8
Styrolution ABS India*
Neutral
600
-
1,055
1,440
1,537
9.2
9.0
40.6
42.6
14.8
14.1
37.7
34.3
12.3
11.6
0.7
0.6
Surya Roshni
Neutral
191
-
839
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
0.4
Team Lease Serv.
Neutral
893
-
1,527
3,229
4,001
1.5
1.8
22.8
32.8
39.2
27.2
4.2
3.6
10.7
13.4
0.4
0.3
The Byke Hospitality
Neutral
170
-
680
287
384
20.5
20.5
7.6
10.7
22.3
15.9
4.7
3.8
20.7
23.5
2.3
1.7
Transport Corporation of
Neutral
153
-
1,174
2,671
2,911
8.5
8.8
13.9
15.7
11.1
9.8
1.5
1.4
13.7
13.8
0.5
0.5
India
TVS Srichakra
Neutral
3,266
-
2,501
2,304
2,614
13.7
13.8
231.1
266.6
14.1
12.3
367.0
288.9
33.9
29.3
1.1
0.9
UFO Moviez
Neutral
411
-
1,134
619
685
33.2
33.4
30.0
34.9
13.7
11.8
1.9
1.6
13.8
13.9
1.5
1.2
Visaka Industries
Neutral
208
-
331
1,051
1,138
10.3
10.4
21.0
23.1
9.9
9.0
26.7
25.0
9.0
9.2
0.5
0.5
VRL Logistics
Neutral
285
-
2,599
1,902
2,119
16.7
16.6
14.6
16.8
19.6
16.9
4.3
3.8
21.9
22.2
1.4
1.2
Wonderla Holidays
Neutral
351
-
1,981
287
355
38.0
40.0
11.3
14.2
31.0
24.7
4.4
3.9
21.4
23.9
6.4
5.2
Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on January 12, 2017
Market Outlook
January 13, 2017
Research Team Tel: 022 - 39357800
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