1
1
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Market Outlook
October 15, 2019
www.angelbroking.com
Market Cues
Indian markets are likely to open positive tracking global indices and SGX Nifty.
The US stocks showed a lack of direction throughout the trading day on Monday.
The major averages spent the day bouncing back and forth across the unchanged
line. Eventually, the major averages ended the session modestly lower. Dow and the
Nasdaq dipped by 0.1 percent each to 26,787 and 8,048, respectively.
The UK stocks fell on yesterday as Brexit concerns lingered and weak Chinese data
revived investor concerns about slowing growth The FTSE 100 fell by 0.6 percent to
7,205.
On domestic front, Indian shares ended Monday's session modestly higher, with firm
global cues and a spectacular debut for Indian Railway Catering and Tourism
Corporation (IRCTC) helping underpin investor sentiment. The benchmark BSE
Sensex was up by 0.2 percent to 38,214.
News Analysis
Retail inflation soars to 14-month high on higher food prices while WPI eases
Exit IRCTC Ltd at CMP: `728.6
Detailed analysis on Pg2
Investor’s Ready Reckoner
Key Domestic & Global Indicators
Stock Watch: Latest investment recommendations on 150+ stocks
Refer Pg5 onwards
Top Picks
Company
Rating
CMP
(`)
Target
(`)
Upside
(%)
Blue Star
Accumulate
806
867
7.6
ICICI Bank
Accumulate
429
490
14.3
Parag Milk Foods
Buy
154
200
29.9
Bata India
Accumulate
1,729
1,865
7.9
KEI Industries
Accumulate
535
612
14.4
More Top Picks on Pg4
Domestic Indices
Chg (%)
(Pts)
(Close)
BSE Sensex
0.2
87
38,214
Nifty
0.2
25
11,330
Mid Cap
0.4
60
13,841
Small Cap
0.1
16
12,787
Bankex
0.4
122
31,854
Global Indices
Chg (%)
(Pts)
(Close)
Dow Jones
(0.1)
(29)
26,787
Nasdaq
(0.1)
(08)
8,048
FTSE
(0.6)
(42)
7,205
Nikkei
1.2
247
21,799
Hang Seng
0.8
213
26,522
Shanghai Com
1.2
34
3,008
Advances / Declines
BSE
NSE
Advances
1,230
907
Declines
1,279
879
Unchanged
225
359
Volumes (` Cr)
BSE
2,064
NSE
33,826
Net Inflows (` Cr)
Net
Mtd
Ytd
FII
(683)
(9,033)
(2,56,416)
*MFs
884
10,762
48,313
Top Gainers
Price (
`
)
Chg (%)
VAKRANGEE
27
9.6
ADANIGAS
151
9.4
PCJEWELLER
33
8.9
MOTILALOFS
638
8.7
ADANIENT
147
7.4
Top Losers
Price (
`
)
Chg (%)
RELCAPITAL
16
-10.0
RELINFRA
20
-9.7
JISLJALEQS
14
-7.2
PNBHOUSING
470
-7.1
IBULHSGFIN
198
-5.7
As on Oct 14, 2019
2
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Market Outlook
October 15, 2019
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News Analysis
Retail inflation soars to 14-month high on higher food prices
while WPI eases
India’s retail inflation sharply accelerated in September to a 14-month high at
3.99%, almost touching the central bank’s medium-term target of 4%, as food
inflation nearly doubled to 5.1%. The high retail inflation could limit the Reserve
Bank of India’s (RBI’s) ability to further cut policy rates.
At the same time, wholesale price inflation decelerated to a three-year low at
0.33% in September compared with 1.08% a month ago, as prices of
manufactured items entered the deflationary territory, signalling the lack of pricing
power of producers in the current economic downturn.
Inflation for manufactured items stood at -0.42% in September as against 0% a
month ago. The WPI inflation rate declined in September despite onion prices
rising 122% from a year ago. The government has banned exports of onions and
put stock limits on traders to cool prices.
Exit IRCTC Ltd at CMP: `728.6
We had recommended 'Subscribe' to the IRCTC Ltd IPO issue based on the fact
that it is the only entity authorized by Indian Railways to provide catering services,
online railway tickets and packaged drinking water at railway stations and trains in
India. From September 01, 2019 Ministry of railways have permitted Company to
charge `15 for Non- AC & `30 for AC ticket booked online which will contribute
at least `400cr to the revenue on full year basis. It made a strong debut on the
stock exchanges at `620, up 93.75% from the issue price of `320 on October 14,
2019. Considering the bumper listing, we close our view on the stock.
Economic and Political News
Cabinet likely to take up Bharat Petroleum stake sale issue by October-end
Govt promise of spectrum price reforms a big relief for industry: COAI
RBI imposes fine on Lakshmi Vilas Bank, Syndicate Bank for violating norms
Corporate News
UPL ordered to pay $31 mn to US-based AgroFresh in patent infringement
case
NCLAT stays implementation of JSW Steel's resolution plan for Bhushan
Power
State govt-run power firms hit by huge cost of transporting their own coal
Total SA, a French energy major acquire a 37.4% stake in Adani Gas
UTI MF opposes 42% haircut for IL&FS entity, challenges its 'amber' status
3
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Market Outlook
October 15, 2019
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Quarterly Bloomberg Brokers Consensus Estimate
ACC Ltd – October 15, 2019
Particulars (` cr)
2QFY20E
2QFY19
y-o-y (%)
1QFY19
q-o-q (%)
Sales
3,552
3,433
3.4
4,150
(14.4)
EBIDTA
492
444
10.8
783
(37.2)
%
13
13
19
PAT
295
209
41.2
456
(35.3)
Wipro Ltd – October 15, 2019
Particulars (` cr)
2QFY20E
2QFY19
y-o-y (%)
1QFY19
q-o-q (%)
Sales
14,890
14,568
2.2
14,786
0.7
EBIDTA
2,910
2,377
22.4
2,945
(1.1)
%
19
16
20
PAT
2,280
1,889
20.7
2,388
(4.5)
4
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Market Outlook
October 15, 2019
www.angelbroking.com
Top Picks
Company
Market Cap
(` Cr)
CMP
(`)
Target
(`)
Upside
(%)
Rationale
Blue Star
77,610
806
867
7.6
Favorable outlook for the AC industry to augur well
for Cooling products business which is out pacing
the market growth. EMPPAC division's profitability
to improve once operating environment turns
around.
ICICI Bank
27,68,726
429
490
14.3
Well capitalized with CAR of 18.1% which gives
sufficient room to grow asset base. Faster
resolution of NPA would reduce provision cost,
which would help to report better ROE.
KEI Industries
42,535
535
612
14.4
High order book execution in EPC segment, rising
B2C sales and higher exports to boost the revenues
and profitability
Maruti Suzuki
20,60,050
6,820
8,552
25.4
GST regime and the Gujarat plant are expected to
improve the company’s sales volume and margins,
respectively.
Safari Industries
13,042
584
1,000
71.3
Third largest brand play in luggage segment
Increased product offerings and improving
distribution network is leading to strong growth in
business. Likely to post robust growth for next 3-4
years
Parag Milk Foods
12,954
154
200
29.9
One of the leading Indian dairy products
companies in India created strong brands in dairy
products. Rising revenue share of high-margin
Value Added Products and reduction in interest cost
is likely to boost margins and earnings in next few
years.
HDFC Bank
65,82,150
1,203
1,310
8.9
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
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.
M&M
7,06,755
569
724
27.4
We expect strong PAT growth on back of healthy
growth in automobile segment (on back of new
launches and facelifts in some of the model ) and
strong growth in Tractors segment coupled by its
strong brand recall and improvement in rural
sentiment
Amber Enterprises
29,355
934
1,003
7.4
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 solutions
provider for the major brands in the RAC industry
and currently serves eight out of the 10 top RAC
brands in India
Bata India
2,22,231
1,729
1,865
7.9
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 mainly due to new
product launches, higher number of stores addition
and focus on women’s high growth segment and
margin improvement
5
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Market Outlook
October 15, 2019
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Continued...
Company
Market Cap
(` Cr)
CMP
(`)
Target
(`)
Upside
(%)
Rationale
Shriram Transport Finance
2,36,659
1,043
1,385
32.8
SHTF is in the sweet spot with benefits from
stronger CV volumes, NIMs unaffected by
rising bond yields on the back of stronger
pricing power and an enhancing ROE by
750bps over FY18-20E, supported by decline
in credit cost.
GMM Pfaudler Ltd
21,724
1,486
1,740
17.1
GMM Pfaudler Limited (GMM) is the Indian
market leader in glass-lined (GL) steel
equipment. GMM is expected to cross CAGR
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.
RBL Bank
1,11,436
259
540
108.7
We believe advance to grow at a healthy
CAGR of 35% over FY18-20E. Below peers
level ROA (1.2% FY18) to expand led by
margin expansion and lower credit cost.
TTK Prestige
82,233
5,933
7,708
29.9
TTK Prestige has emerged as one of the
leading brands in kitchen appliances in India
after its successful transformation from a
single product 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. Maintain Hold.
Larsen & Toubro
19,96,356
1,423
1,850
30.0
The company has a strong order backlog of
~` 3lakh cr. and a very strong pipeline of `9
lakh cr. for FY2020. We are positive on
the prospects of the Company given the
Government’s thrust on Infrastructure with
over 100lakh cr. of investments lined up over
the next 5 years. Reduction in tax rate
for domestic companies to 22% from 30% will
improve profitability for the company.
Ultratech Cement
11,45,820
4,172
4,982
19.4
Post merger of Century textile’s cement
division of 13.4mn TPA from H2FY20
company will have ~110mn TPA of capacity
with a dominant position in West and central
India. We are positive on the long term
prospects of the Company given ramp up
from acquired capacities and pricing
discipline in the industry. Reduction in tax rate
for domestic companies to 22% from 30% will
improve profitability for the company.
Source: Company, Angel Research
6
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Market Outlook
October 15, 2019
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Fundamental Call
Company
Market Cap
(` Cr)
CMP
(`)
Target
(`)
Upside
(%)
Rationale
CCL Products
31,627
238
360
51.4
CCL is likely to maintain the strong growth
trajectory over FY18-20 backed by capacity
expansion and new geographical foray
Elantas Beck India Ltd
18,822
2,373
2,500
5.3
Elantas Beck India is the Indian market leader in
liquid insulation segment used in electrical
equipments like motors, transformers etc. It derives
demand from several industries which are expected
to register 10%+ CAGR in demand in the coming
years. We can book out from the stock with 16%
profit at Rs. 2500 TP.
Greenply Industries
19,007
155
256
65.2
Greenply Industries Ltd (GIL) manufactures
plywood & allied products and medium density
fibreboards (MDF). GIL to report net revenue CAGR
of ~14% to ~`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 Finance Holding
1,63,339
82
150
83.7
L&T Fin’s new management is on track to achieve
ROE of 18% by 2020 and recent capital infusion of
`3000cr would support advance growth.
Aditya Birla Capital
1,71,579
78
118
51.5
We expect financialisation of savings and
increasing penetration in Insurance & Mutual fund
would ensure steady growth.
Nilkamal
17,550
1,176
NA
NA
We forecast Nilkamal to report top-line CAGR of
~9% to `2,635cr over FY17-20E on the back of
healthy demand growth in plastic division. On the
bottom-line front, we estimate ~10% CAGR to
`162cr owing to improvement in volumes.
Siyaram Silk Mills
9,904
211
NA
NA
Strong brands and distribution network would
boost growth going ahead. Stock currently trades
at an inexpensive valuation.
Music Broadcast Limited
9,693
35
NA
NA
Expected to benefit from the lower capex
requirement and 15 year long radio broadcast
licensing.
Inox Winds
7,168
32
NA
NA
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.
Ashok Leyland
1,98,295
68
NA
NA
Considering the strong CV demand due to change
in BS-VI emission norms (will trigger pre-buying
activities), pick up in construction activities and no
significant impact on industry due to recent axle
load norms, we recommend BUY on Ashok Leyland
at current valuations.
Jindal Steel & Power Limited
1,01,492
100
NA
NA
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 line
front, we expect JSPL to turn in to profit by FY19 on
back of strong operating margin improvement.
7
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Market Outlook
October 15, 2019
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Continued...
Company
Market Cap
(` Cr)
CMP
(`)
Target
(`)
Upside
(%)
Rationale
Yes Bank
1,02,013
40
NA
NA
Well planned strategy to grow small business
loans and cross-selling would propel fees
income. We expect YES to grow its advance
much higher than industry and improvement
in asset quality to support profitability.
GIC Housing
7,146
133
NA
NA
We expect loan book to grow at 24.3% over
next two year; change in borrowing mix will
help in NIM improvement
Source: Company, Angel Research
4
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Market Outlook
October 15, 2019
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Macro watch
Exhibit 1: Quarterly GDP trends
Source: CSO, Angel Research
Exhibit 2: IIP trends
Source: MOSPI, Angel Research
Exhibit 3: Monthly CPI inflation trends
Source: MOSPI, Angel Research
Exhibit 4: Manufacturing and services PMI
Source: Market, Angel Research; Note: Level above 50 indicates expansion
Exhibit 5: Exports and imports growth trends
Source: Bloomberg, Angel Research As of 24 Sep, 2019
Exhibit 6: Key policy rates
Source: RBI, Angel Research
6.0
6.8
7.7
8.1
8.0
7.0
6.6
5.8
5.0
3.0
4.0
5.0
6.0
7.0
8.0
9.0
1QFY18
2QFY18
3QFY18
4QFY18
1QFY19
2QFY19
3QFY19
4QFY19
1QFY20
(%)
4.6
8.4
0.2
2.5
1.6
0.2
2.7
3.2
4.6
1.2
4.3
-
1.0
2.0
3.0
4.0
5.0
6.0
7.0
8.0
9.0
Sep-18
Oct-18
Nov-18
Dec-18
Jan-19
Feb-19
Mar-19
Apr-19
May-
19
Jun-19
Jul-19
(%)
3.7
3.4
2.3
2.1
2.0
2.6
2.9
3.0
3.1
3.2
3.2
3.2
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
Sep-18
Oct-18
Nov-18
Dec-18
Jan-19
Feb-19
Mar-19
Apr-19
May-19
Jun-19
Jul-19
Aug-19
(%)
47
48
49
50
51
52
53
54
55
Sep-18
Oct-18
Nov-18
Dec-18
Jan-19
Feb-19
Mar-19
Apr-19
May-19
Jun-19
Jul-19
Aug-19
Mfg. PMI
Services PMI
(20.0)
(15.0)
(10.0)
(5.0)
0.0
5.0
10.0
15.0
20.0
Sep-18
Oct-18
Nov-18
Dec-18
Jan-19
Feb-19
Mar-19
Apr-19
May-19
Jun-19
Jul-19
Aug-19
Exports yoy growth
Imports yoy growth
(%)
5.4
5.15
4.00
3
3.5
4
4.5
5
5.5
6
6.5
7
Oct-18
Oct-18
Nov-18
Dec-18
Dec-18
Jan-19
Feb-19
Feb-19
Mar-19
Apr-19
Apr-19
May-19
Jun-19
Jul-19
Jul-19
Aug-19
Sep-19
Sep-19
Repo rate
Reverse Repo rate
CRR
(%)
5
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Market Outlook
October 15, 2019
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Global watch
Exhibit 1: Latest quarterly GDP Growth (%, yoy) across select developing and developed countries
Source: Bloomberg, Angel Research
Exhibit 2: 2017 GDP Growth projection by IMF (%, yoy) across select developing and developed countries
Source: IMF, Angel Research
Exhibit 3: One year forward P-E ratio across select developing and developed countries
Source: IMF, Angel Research As of 24 Sep, 2019
0.3
2.5
5.3
6.9
1.1
5.0
5.8
3.7
1.5
2.2
0.8
1.8
1.4
-
1.0
2.0
3.0
4.0
5.0
6.0
7.0
8.0
Brazil
Russia
India
China
South
Africa
Indonesia
Malaysia
Thailand
UK
USA
Germany
France
Japan
(%)
0.7
1.8
6.7
6.8
0.7
5.2
5.4
3.7
1.7
2.2
2.0
1.6
1.5
-
1.0
2.0
3.0
4.0
5.0
6.0
7.0
8.0
Brazil
Russia
India
China
South Africa
Indonesia
Malaysia
Thailand
UK
USA
Germany
France
Japan
(%)
9.1
4.0
19.1
10.2
14.6
14.8
17.0
15.2
12.5
16.0
12.2
14.3
13.2
-
5.0
10.0
15.0
20.0
25.0
Brazil
Russia
India
China
South
Africa
Indonesia
Malaysia
Thailand
UK
USA
Germany
France
Japan
(x)
6
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Market Outlook
October 15, 2019
www.angelbroking.com
Exhibit 4: Relative performance of indices across globe
Returns (%)
Country
Name of index
Closing price
1M
3M
1YR
Brazil
Bovespa
1,04,745
3.6
3.7
32.0
Russia
Micex
2,747
0.3
-0.7
11.0
India
Nifty
11,474
4.1
-2.7
5.0
China
Shanghai Composite
2,905
0.7
-2.5
3.0
South Africa
Top 40
47,975
-2.8
-0.7
4.2
Mexico
Mexbol
43,416
1.4
-0.1
-9.7
Indonesia
LQ45
942
-4.5
-7.6
5.1
Malaysia
KLCI
1,557
-1.6
-4.7
-8.9
Thailand
SET 50
1,067
0.2
0.6
-8.9
USA
Dow Jones
26,917
1.9
1.2
1.7
UK
FTSE
7,408
2.8
-0.2
-1.4
Japan
Nikkei
21,756
5.1
2.3
-9.8
Germany
DAX
12,428
4.1
0.2
1.5
France
CAC
5,678
3.6
2.5
3.4
Source: Bloomberg, Angel Research As of 05 October, 2019
7
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Market Outlook
October 15, 2019
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Exhibit 7: Historical Angel Top Picks/Fundamental Calls
Date Added
Top Picks/Fundamental
Stocks
Reco Price
Target/Revised Price
Current Status
17-08-2018
Top Picks
Ashok Leyland
128
156
Open
10-08-2018
Top Picks
Inox Wind
107
127
Open
30-11-2018
Top Picks
TTK Prstige
7,206
8,200
Open
09-08-2018
Top Picks
TTK Prstige
6,206
7,500
06-07-2018
Top Picks
Aurobindo Pharma
603
780
Open
30-08-2018
Top Picks
RBL Bank
626
690
Open
06-07-2018
Top Picks
RBL Bank
565
670
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
573
1016
Closed(17/08/2018)
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
27-08-2018
Top Picks
GMM Pfaudler Limited
1,170
1,287
Open
18-08-2018
Top Picks
GMM Pfaudler Limited
1,024
1,200
07-08-2018
Top Picks
GMM Pfaudler Limited
984
1,100
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
27-08-2018
Top Picks
Safari Industries
974
1,071
Open
14-08-2018
Top Picks
Safari Industries
868
1,000
07-08-2018
Top Picks
Safari Industries
788
870
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
Source: Company, Angel Research
8
www.angelbroking.com
Market Outlook
October 15, 2019
www.angelbroking.com
Exhibit 8: Historical Angel Top Picks/Fundamental Calls
Date Added
Top Picks/Fundamental
Stocks
Reco Price
Target/Revised Price
Current Status
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)
06-11-2017
Top Picks
LT Foods
74
96
16-10-2017
Fundamental
Endurance 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
9
www.angelbroking.com
Market Outlook
October 15, 2019
www.angelbroking.com
Research Team Tel: 022 - 39357800 E-mail: [email protected] Website: www.angelbroking.com
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