Market Outlook
February 17, 2017
Market Cues
Domestic Indices
Chg (%)
(Pts)
(Close)
Indian markets are likely to open flat with a positive bias tracking SGX Nifty.
BSE Sensex
0.5
146
28,301
U.S. market indexes snapped a multi-session streak of simultaneous records
Nifty
0.6
53
8,778
Thursday, weighed down by a decline in energy stocks, with the Dow industrials the
Mid Cap
1.2
165
13,353
only index to gain another record high at the close.
Small Cap
1.4
179
13,414
The majority of the European markets ended Thursday's session with modest losses.
Bankex
0.4
90
23,163
Profit taking played a role in the pullback, after the markets enjoyed seven straight
sessions of gains. Bank stocks turned lower following yesterday's rally and mining
stocks weakened along with metal prices.
Global Indices
Chg (%)
(Pts)
(Close)
Dow Jones
0.0
8
20,620
Indian markets rebounded from two days of losses on Thursday, with IT stocks
Nasdaq
(0.1)
(5)
5,815
leading the surge after TCS, India's largest software company, said its board of
FTSE
(0.3)
(24)
7,278
directors would consider a proposal for buyback of equity shares at its meeting to be
Nikkei
(0.5)
(90)
19,348
held on February 20, 2017.
Hang Seng
0.5
113
24,108
News Analysis
Shanghai Com
0.5
17
3,230
Cadila Healthcare, Lupin
Detailed analysis on Pg2
Advances / Declines
BSE
NSE
Investor’s Ready Reckoner
Advances
1,823
1,163
Key Domestic & Global Indicators
Declines
997
483
Stock Watch: Latest investment recommendations on 150+ stocks
Unchanged
178
68
Refer Pg5 onwards
Volumes (` Cr)
Top Picks
CMP
Target
Upside
BSE
2,618
Company
Sector
Rating
(`)
(`)
(%)
NSE
21,703
Amara Raja Batteries Auto & Auto Ancillary
Buy
850
1,009
18.7
HCL Tech
IT
Buy
843
1,000
18.6
Net Inflows (` Cr)
Net
Mtd
Ytd
Power Grid Corp.
Power
Accumulate
201
223
11.1
Navkar Corp.
Others
Buy
156
265
69.5
FII
254
2,748
2,701
KEI Industries
Others
Buy
178
207
16.0
MFs
499
1,446
6,661
More Top Picks on Pg3
Top Gainers
Price (`)
Chg (%)
Key Upcoming Events
Previous
Consensus
Cadilahc
429
19.9
Date
Region
Event Description
Reading
Expectations
Jpassociat
14
12.4
Feb 20 US
Building permit
1228.0
1230.0
Indiacem
164
7.3
Feb 21 Germany PMI Services
53.4
--
Iifl
363
6.8
Feb 21 US
Existing Home sales
5.49
5.55
Feb 22 Euro Zone Euro Zone CPI (yoY)
1.8
--
Aiaeng
1,547
6.7
Feb 22 Germany PMI Manufacturing
56.4
--
More Events on Pg4
Top Losers
Price (`)
Chg (%)
Southbank
20
(2.7)
Godrejind
506
(2.6)
Itc
267
(2.5)
Eclerx
1,367
(2.3)
Navkarcorp
156
(2.1)
As on February 16, 2017
Market Outlook
February 17, 2017
News Analysis
Cadila Healthcare (CMP: `358 / TP: / Upside: )
Cadila Healthcare, did not got any 483’s issued in favour of its Moriaya plant. This
marks an important relief for the company, Moriaya plant is a significant
contributor to the overall sales of the company and has around 74 pending
approvals, of the > 200 ANDA’s pending approval ( at the company level).
Though after the approval the plant will take time to get approvals for its ANDA’s
from this plant and hence will have a long term positive impact on the company.
Thus though we view the news as positive, we remain neutral the stock, given the
valuations.
Lupin gets USFDA nod for generic cough relief oral solution
Drug firm Lupin has received approval from the US health regulator for generic
Hydrocodone Bitartrate and Homatropine Methylbromide oral solution (Syrup-5
mg/1.5 mg per 5 ml) used for providing relief of cough.
The product is generic version of Endo Pharmaceuticals Inc's Hycodan oral solution
in the same strength. Hydrocodone Bitartrate and Homatropine Methylbromide is
indicated for the symptomatic relief of cough in adults and children 6 years of age
and older. Currently, we are positive on stock with buy rating.
Economic and Political News
Nine lakh accounts doubtful under Operation Clean Money
IT ministry to promote digital transactions
Demonetisation possible reason for high inflation in Delhi, J&K: Assocham
Corporate News
JSPL to invest `20,000cr in Jharkhand: Naveen Jindal
NTPC makes a debut in coal mining
Airtel network logs highest download speed in Jan: Trai
Market Outlook
February 17, 2017
Top Picks ★★★★★
Large Cap
Market Cap
CMP
Target
Upside
Company
Rationale
(` Cr)
(`)
(`)
(%)
To outpace battery industry growth due to better
Amara Raja Batteries
14,522
850
1,009
18.7
technological products leading to market share gains in both
the automotive OEM and replacement segments.
The stock is trading at attractive valuations and is factoring
HCL Tech
1,19,020
843
1,000
18.6
all the bad news.
Back on the growth trend, expect a long term growth of 14%
Infosys
2,32,428
1,012
1,249
23.4
to be a US$20bn in FY2020.
Strong order backlog and improvement in execution would
Larsen & Toubro
1,37,141
1,470
1,634
11.1
trigger the growth for the L&T
One of the largest pharma companies with strong
Lupin
65,010
1,440
1,809
25.6
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
Power Grid Corporation
1,05,050
201
223
11.1
top-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
814
271
351
29.7
owing to better product mix, higher B2C sales and
amalgamation synergy.
Among the top 4 players in the consumer durables segment.
Bajaj Electricals
2,583
255
295
15.6
Improved profitability backed by turn around in E&P segment.
Strong order book lends earnings visibility.
Favourable outlook for the AC industry to augur well for
Cooling products business which is out pacing the market
Blue Star
5,426
568
634
11.6
growth. EMPPAC division's profitability to improve once
operating environment turns around.
With a focus on the low and medium income (LMI) consumer
Dewan Housing Finance
9,538
305
350
14.9
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
5,945
177
235
32.6
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
6,148
188
225
19.6
radio business (Radio City) would also boost the company's
revenue growth.
High order book execution in EPC segment, rising B2C sales
KEI Industries
1,388
178
207
16.0
and higher exports to boost the revenues and profitability
Speedier execution and speedier sales, strong revenue visibilty
Mahindra Lifespace
1,407
343
522
52.2
in short-to-long run, attractive valuations
Higher growth in domestic branded sales and healthy export
Mirza International
1,080
90
107
19.2
to boost the profitability.
Massive capacity expansion along with rail advantage at ICD
Navkar Corporation
2,229
156
265
69.5
as well CFS augurs well for the company
Market leadership in Hindi news genre and no. 2 viewership
ranking in English news genre, exit from the radio business,
TV Today Network
1,601
268
385
43.5
and anticipated growth in ad spends by corporates to benefit
the stock.
Source: Company, Angel Research
Market Outlook
February 17, 2017
Key Upcoming Events
Global economic events release calendar
Bloomberg Data
Date
Time
Country
Event Description
Unit
Period
Last Reported
Estimated
Feb 20, 2017 7:00 PM US
Building permits
Thousands
Jan
1228.00
1230.00
Feb 21, 2017 2:00 PM Germany PMI Services
Value
Feb P
53.40
8:30 PM US
Existing home sales
Million
Jan
5.49
5.55
Feb 22, 2017 2:00 PM Germany PMI Manufacturing
Value
Feb P
56.40
3:30 PM Euro Zone Euro-Zone CPI (YoY)
%
Jan F
1.80
3:00 PM UK
GDP (YoY)
% Change
4Q P
2.20
Feb 23, 2017 12:30 PM Germany GDP nsa (YoY)
% Change
4Q F
1.20
Feb 24, 2017 8:30 PM US
New home sales
Thousands
Jan
536.00
572.50
Feb 28, 2017 8:30 PM US
Consumer Confidence
S.A./ 1985=100
Feb
111.80
111.00
7:00 PM US
GDP Qoq (Annualised)
% Change
4Q S
1.90
2.00
Mar 01, 2017 2:25 PM Germany Unemployment change (000's)
Thousands
Feb
-26.00
3:00 PM UK
PMI Manufacturing
Value
Feb
55.90
6:30 AM China
PMI Manufacturing
Value
Feb
51.30
Mar 07, 2017 3:30 PM Euro Zone Euro-Zone GDP s.a. (QoQ)
% Change
4Q F
0.40
March 08, 2017 7:00 AM China
Consumer Price Index (YoY)
% Change
Feb
2.50
Mar 09, 2017
China
Exports YoY%
% Change
Feb
7.90
6:15 PM Euro Zone ECB announces interest rates
%
Mar 9
0.00
Mar 10, 2017
India
Imports YoY%
% Change
Feb
10.70
India
Exports YoY%
% Change
Feb
4.30
3:00 PM UK
Industrial Production (YoY)
% Change
Jan
4.30
5:30 PM India
Industrial Production YoY
% Change
Jan
(0.40)
7:00 PM US
Change in Nonfarm payrolls
Thousands
Feb
227.00
175.00
7:00 PM US
Unnemployment rate
%
Feb
4.80
4.70
Mar 14, 2017 12:00 PM India
Monthly Wholesale Prices YoY%
% Change
Feb
5.25
3:00 PM UK
Jobless claims change
% Change
Feb
(42.40)
Source: Bloomberg, Angel Research
Market Outlook
February 17, 2017
Macro watch
Exhibit 1: Quarterly GDP trends
Exhibit 2: IIP trends
(%)
(%)
9.0
7.0
8.3
5.7
7.9
6.0
8.0
7.5
7.5
7.6
7.2
7.1
7.3
5.0
6.6
6.7
4.0
7.0
6.4
3.0
2.2
5.8
1.9
6.0
2.0
1.3
0.7
1.0
0.3
5.0
-
4.0
(1.0)
(0.4)
(0.7)
(2.0)
3.0
(1.3)
(3.0)
(1.8)
(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
5.8
5.8
6.0
5.3
5.5
5.1
52.0
4.8
5.0
4.4
4.2
50.0
4.0
3.6
3.4
3.2
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)
(25.0)
3.50
(30.0)
3.00
Source: Bloomberg, Angel Research
Source: RBI, Angel Research
Market Outlook
February 17, 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
February 17, 2017
Exhibit 4: Relative performance of indices across globe
Returns (%)
Country
Name of index
Closing price
1M
3M
1YR
Brazil
Bovespa
67,814
6.2
11.6
63.5
Russia
Micex
2,148
(1.4)
5.2
19.8
India
Nifty
8,778
4.3
8.6
25.8
China
Shanghai Composite
3,230
3.0
1.1
17.5
South Africa
Top 40
45,485
(1.2)
4.6
2.5
Mexico
Mexbol
47,294
3.4
5.0
9.0
Indonesia
LQ45
894
1.7
4.6
7.8
Malaysia
KLCI
1,708
1.8
3.3
3.9
Thailand
SET 50
987
0.7
5.7
20.2
USA
Dow Jones
20,620
4.0
9.3
25.8
UK
FTSE
7,278
0.8
7.1
22.3
Japan
Nikkei
19,348
2.8
11.4
13.8
Germany
DAX
11,757
1.9
10.0
28.2
France
CAC
4,899
0.8
8.2
13.6
Source: Bloomberg, Angel Research
Stock Watch
February 17, 2017
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( Čcr )
OPM(%)
EPS (Č)
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
(Č)
Price ( Č)
( Č cr )
FY17E FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
Agri / Agri Chemical
Rallis
Neutral
246
-
4,781
1,937
2,164
13.3
14.3
9.0
11.0
27.3
22.4
4.8
4.2
18.4
19.8
2.5
2.2
United Phosphorus
Neutral
702
-
35,563
15,176
17,604
18.5
18.5
37.4
44.6
18.8
15.7
3.7
3.0
21.4
21.2
2.5
2.1
Auto & Auto Ancillary
Ashok Leyland
Buy
94
111
26,737
20,021
21,915
11.6
11.9
4.5
5.3
20.9
17.7
4.3
3.8
20.6
21.5
1.3
1.1
Bajaj Auto
Neutral
2,789
-
80,690
25,093
27,891
19.5
19.2
143.9
162.5
19.4
17.2
5.4
4.7
30.3
29.4
2.9
2.6
Bharat Forge
Neutral
1,078
-
25,093
7,726
8,713
20.5
21.2
35.3
42.7
30.5
25.2
5.6
5.1
18.9
20.1
3.3
2.9
Eicher Motors
Neutral
25,390
-
69,070
16,583
20,447
17.5
18.0
598.0
745.2
42.5
34.1
14.5
11.1
41.2
38.3
4.0
3.2
Gabriel India
Accumulate
115
130
1,654
1,544
1,715
9.0
9.3
5.4
6.3
21.3
18.3
4.0
3.6
18.9
19.5
1.0
0.9
Hero Motocorp
Accumulate
3,126
3,446
62,426
28,083
30,096
15.3
15.7
171.8
187.0
18.2
16.7
6.4
5.3
30.1
27.9
2.0
1.9
Jamna Auto Industries Neutral
198
-
1,575
1,486
1,620
9.8
9.9
15.0
17.2
13.2
11.5
2.9
2.4
21.8
21.3
1.1
1.0
L G Balakrishnan & Bros Neutral
559
-
877
1,302
1,432
11.6
11.9
43.7
53.0
12.8
10.6
1.8
1.6
13.8
14.2
0.8
0.7
Mahindra and Mahindra Neutral
1,316
-
81,758
46,534
53,077
11.6
11.7
67.3
78.1
19.6
16.9
3.2
2.8
15.4
15.8
1.7
1.5
Maruti
Accumulate
6,027
6,560
182,065
67,822
83,288
16.0
16.4
253.8
312.4
23.8
19.3
5.5
4.4
23.0
22.9
2.4
1.8
Minda Industries
Neutral
377
-
2,993
2,728
3,042
9.0
9.1
68.2
86.2
5.5
4.4
1.3
1.0
23.8
24.3
1.2
1.0
Motherson Sumi
Neutral
347
-
48,677
45,896
53,687
7.8
8.3
13.0
16.1
26.6
21.5
8.6
6.8
34.7
35.4
1.1
1.0
Rane Brake Lining
Neutral
969
-
767
511
562
11.3
11.5
28.1
30.9
34.5
31.3
5.3
4.8
15.3
15.0
1.6
1.5
Setco Automotive
Neutral
35
-
468
741
837
13.0
13.0
15.2
17.0
2.3
2.1
0.4
0.3
15.8
16.3
1.0
0.9
Tata Motors
Neutral
446
-
128,740
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
0.5
TVS Motor
Neutral
422
-
20,053
13,390
15,948
6.9
7.1
12.8
16.5
33.1
25.5
8.2
6.5
26.3
27.2
1.5
1.3
Amara Raja Batteries
Buy
850
1,009
14,522
5,305
6,100
16.0
16.3
28.4
34.0
29.9
25.0
5.8
4.8
19.3
19.3
2.7
2.4
Exide Industries
Neutral
211
-
17,897
7,439
8,307
15.0
15.0
8.1
9.3
26.0
22.6
3.6
3.3
14.3
16.7
2.0
1.8
Apollo Tyres
Buy
179
235
9,104
12,877
14,504
14.3
13.9
21.4
23.0
8.3
7.8
1.3
1.1
16.4
15.2
0.9
0.8
Ceat
Buy
1,127
1,450
4,559
7,524
8,624
13.0
12.7
131.1
144.3
8.6
7.8
1.6
1.3
19.8
18.6
0.7
0.6
JK Tyres
Neutral
120
-
2,714
7,455
8,056
15.0
15.0
21.8
24.5
5.5
4.9
1.2
0.9
22.8
21.3
0.5
0.4
Swaraj Engines
Neutral
1,395
-
1,733
660
810
15.2
16.4
54.5
72.8
25.6
19.2
8.0
7.2
31.5
39.2
2.4
2.0
Subros
Neutral
200
-
1,201
1,488
1,681
11.7
11.9
6.4
7.2
31.3
27.9
3.3
3.0
10.8
11.4
1.0
0.9
Indag Rubber
Neutral
168
-
442
286
326
19.8
16.8
11.7
13.3
14.4
12.6
2.4
2.3
17.8
17.1
1.2
1.1
Capital Goods
ACE
Neutral
56
-
551
709
814
4.1
4.6
1.4
2.1
39.8
26.5
1.6
1.6
4.4
6.0
0.9
0.8
BEML
Neutral
1,284
-
5,349
3,451
4,055
6.3
9.2
31.4
57.9
40.9
22.2
2.5
2.2
6.3
10.9
1.7
1.4
Bharat Electronics
Neutral
1,526
-
34,094
8,137
9,169
16.8
17.2
58.7
62.5
26.0
24.4
4.0
3.6
44.6
46.3
3.2
2.8
Stock Watch
February 17, 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
345
407
11,404
6,511
7,514
7.9
8.7
12.9
16.3
26.7
21.1
4.8
4.2
16.7
18.5
1.5
1.3
BGR Energy
Neutral
141
-
1,014
16,567
33,848
6.0
5.6
7.8
5.9
18.0
23.8
1.0
1.0
4.7
4.2
0.2
0.1
BHEL
Neutral
154
-
37,571
28,797
34,742
-
2.8
2.3
6.9
66.7
22.3
1.1
1.1
1.3
4.8
1.0
0.7
Blue Star
Accumulate
568
634
5,426
4,283
5,077
5.9
7.3
14.9
22.1
38.2
25.7
7.4
6.2
20.4
26.4
1.3
1.1
Crompton Greaves
Neutral
66
-
4,152
5,777
6,120
5.9
7.0
3.3
4.5
20.1
14.7
0.9
0.8
4.4
5.9
0.7
0.6
Greaves Cotton
Neutral
143
-
3,488
1,755
1,881
16.8
16.9
7.8
8.5
18.3
16.8
3.7
3.4
20.6
20.9
1.7
1.5
Inox Wind
Neutral
173
-
3,839
5,605
6,267
15.7
16.4
24.8
30.0
7.0
5.8
1.9
1.4
25.9
24.4
0.7
0.6
KEC International
Neutral
164
-
4,221
9,294
10,186
7.9
8.1
9.9
11.9
16.6
13.8
2.4
2.1
15.6
16.3
0.7
0.6
KEI Industries
Buy
178
207
1,388
2,682
3,058
10.4
10.0
11.7
12.8
15.2
13.9
3.1
2.5
20.1
18.2
0.7
0.6
Thermax
Neutral
846
-
10,075
5,421
5,940
7.3
7.3
25.7
30.2
32.9
28.0
4.0
3.6
12.2
13.1
1.7
1.6
VATech Wabag
Buy
495
681
2,698
3,136
3,845
8.9
9.1
26.0
35.9
19.0
13.8
2.4
2.0
13.4
15.9
0.8
0.6
Cement
ACC
Neutral
1,456
-
27,340
11,225
13,172
13.2
16.9
44.5
75.5
32.7
19.3
3.1
2.9
11.2
14.2
2.4
2.1
Ambuja Cements
Neutral
236
-
46,802
9,350
10,979
18.2
22.5
5.8
9.5
40.6
24.8
3.4
3.1
10.2
12.5
5.0
4.3
India Cements
Neutral
164
-
5,044
4,364
4,997
18.5
19.2
7.9
11.3
20.8
14.5
1.5
1.5
8.0
8.5
1.9
1.7
JK Cement
Neutral
844
-
5,899
4,398
5,173
15.5
17.5
31.2
55.5
27.0
15.2
3.3
2.8
12.0
15.5
1.9
1.6
J K Lakshmi Cement
Neutral
388
-
4,568
2,913
3,412
14.5
19.5
7.5
22.5
51.8
17.3
3.2
2.7
12.5
18.0
2.2
1.8
Orient Cement
Neutral
133
-
2,729
2,114
2,558
18.5
20.5
8.1
11.3
16.4
11.8
2.4
2.1
9.0
14.0
1.9
1.5
UltraTech Cement
Neutral
3,718
-
102,056
25,768
30,385
21.0
23.5
111.0
160.0
33.5
23.2
4.3
3.7
13.5
15.8
4.1
3.4
Construction
ITNL
Neutral
101
-
3,331
8,946
10,017
31.0
31.6
8.1
9.1
12.5
11.1
0.5
0.5
4.2
5.0
3.7
3.4
KNR Constructions
Neutral
181
-
2,540
1,385
1,673
14.7
14.0
41.2
48.5
4.4
3.7
0.8
0.7
14.9
15.2
1.9
1.6
Larsen & Toubro
Accumulate
1,470
1,634
137,141
111,017
124,908
11.0
11.0
61.1
66.7
24.1
22.0
2.9
2.7
13.1
12.9
2.3
2.1
Gujarat Pipavav Port
Neutral
169
-
8,148
705
788
52.2
51.7
5.0
5.6
33.7
30.1
3.3
3.0
11.2
11.2
11.2
9.5
Nagarjuna Const.
Neutral
82
-
4,564
8,842
9,775
9.1
8.8
5.3
6.4
15.5
12.8
1.2
1.1
8.2
9.1
0.7
0.6
PNC Infratech
Buy
101
143
2,595
2,350
2,904
13.1
13.2
9.0
8.8
11.2
11.5
0.4
0.4
15.9
13.9
1.2
1.0
Simplex Infra
Neutral
312
-
1,544
6,829
7,954
10.5
10.5
31.4
37.4
9.9
8.4
1.0
0.9
9.9
13.4
0.7
0.6
Power Mech Projects
Neutral
450
-
662
1,801
2,219
12.7
14.6
72.1
113.9
6.2
4.0
1.2
1.0
16.8
11.9
0.4
0.3
Sadbhav Engineering
Accumulate
278
298
4,765
3,598
4,140
10.3
10.6
9.0
11.9
30.9
23.3
3.2
2.8
9.9
11.9
1.6
1.4
NBCC
Neutral
289
-
17,355
7,428
9,549
7.9
8.6
8.2
11.0
35.3
26.3
1.8
1.4
28.2
28.7
2.1
1.5
MEP Infra
Neutral
39
-
628
1,877
1,943
30.6
29.8
3.0
4.2
12.9
9.2
6.2
4.2
0.6
0.6
1.7
1.6
Stock Watch
February 17, 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
95
-
3,334
1,036
1,252
65.5
66.2
(8.4)
(5.6)
3.5
4.0
(22.8)
(15.9)
11.4
9.5
Engineers India
Neutral
148
-
9,997
1,725
1,935
16.0
19.1
11.4
13.9
13.0
10.7
1.8
1.7
13.4
15.3
4.7
4.2
Financials
Axis Bank
Buy
493
580
117,900
46,932
53,575
3.5
3.4
32.4
44.6
15.2
11.0
2.0
1.7
13.6
16.5
-
-
Bank of Baroda
Neutral
166
-
38,261
19,980
23,178
1.8
1.8
11.5
17.3
14.4
9.6
1.7
1.4
8.3
10.1
-
-
Canara Bank
Neutral
296
-
16,070
15,225
16,836
1.8
1.8
14.5
28.0
20.4
10.6
1.4
1.1
5.8
8.5
-
-
Can Fin Homes
Accumulate
2,013
2,128
5,359
420
526
3.5
3.5
86.5
107.8
23.3
18.7
5.0
4.1
23.6
24.1
-
-
Cholamandalam Inv. &
Buy
1,021
1,230
15,947
2,012
2,317
6.3
6.3
42.7
53.6
23.9
19.0
3.8
3.2
16.9
18.3
-
-
Fin. Co.
Dewan Housing Finance Accumulate
305
350
9,538
2,225
2,688
2.9
2.9
29.7
34.6
10.3
8.8
1.7
1.4
16.1
16.8
-
-
Equitas Holdings
Buy
177
235
5,945
939
1,281
11.7
11.5
5.8
8.2
30.6
21.6
2.6
2.3
10.9
11.5
-
-
Federal Bank
Neutral
83
-
14,204
8,259
8,995
3.0
3.0
4.3
5.6
19.2
14.7
1.6
1.5
8.5
10.1
-
-
HDFC
Neutral
1,393
-
220,832
11,475
13,450
3.4
3.4
45.3
52.5
30.8
26.5
5.9
5.2
20.2
20.5
-
-
HDFC Bank
Neutral
1,327
-
338,872
46,097
55,433
4.5
4.5
58.4
68.0
22.7
19.5
4.0
3.3
18.8
18.6
-
-
ICICI Bank
Accumulate
279
315
162,282
42,800
44,686
3.1
3.3
18.0
21.9
15.5
12.7
2.1
2.0
11.1
12.3
-
-
Lakshmi Vilas Bank
Buy
150
174
2,872
3,339
3,799
2.7
2.8
11.0
14.0
13.6
10.7
1.4
1.3
11.2
12.7
-
-
LIC Housing Finance
Accumulate
551
630
27,792
3,712
4,293
2.6
2.5
39.0
46.0
14.1
12.0
2.7
2.3
19.9
20.1
-
-
Punjab Natl.Bank
Neutral
141
-
29,972
23,532
23,595
2.3
2.4
6.8
12.6
20.7
11.2
3.2
2.3
3.3
6.5
-
-
RBL Bank
Neutral
413
-
15,277
1,783
2,309
2.6
2.6
12.7
16.4
32.5
25.2
3.6
3.2
12.8
13.3
-
-
South Ind.Bank
Neutral
20
-
2,690
6,435
7,578
2.5
2.5
2.7
3.1
7.4
6.4
1.0
0.8
10.1
11.2
-
-
St Bk of India
Neutral
270
-
215,604
88,650
98,335
2.6
2.6
13.5
18.8
20.0
14.4
1.9
1.7
7.0
8.5
-
-
Union Bank
Neutral
142
-
9,741
13,450
14,925
2.3
2.3
25.5
34.5
5.6
4.1
0.8
0.7
7.5
10.2
-
-
Yes Bank
Neutral
1,436
-
60,748
8,978
11,281
3.3
3.4
74.0
90.0
19.4
16.0
3.7
3.1
17.0
17.2
-
-
FMCG
Asian Paints
Neutral
970
-
93,018
17,128
18,978
16.8
16.4
19.1
20.7
50.8
46.9
17.7
16.7
34.8
35.5
5.3
4.8
Britannia
Accumulate
3,231
3,626
38,772
9,594
11,011
14.6
14.9
80.3
94.0
40.2
34.4
16.5
12.8
41.2
-
3.9
3.4
Colgate
Accumulate
907
995
24,681
4,605
5,149
23.4
23.4
23.8
26.9
38.1
33.7
21.1
16.5
64.8
66.8
5.3
4.7
Dabur India
Accumulate
266
304
46,936
8,315
9,405
19.8
20.7
8.1
9.2
32.9
29.0
9.2
7.6
31.6
31.0
5.3
4.7
GlaxoSmith Con*
Neutral
5,088
-
21,398
4,350
4,823
21.2
21.4
179.2
196.5
28.4
25.9
7.5
6.4
27.1
26.8
4.3
3.8
Godrej Consumer
Neutral
1,607
-
54,738
10,235
11,428
18.4
18.6
41.1
44.2
39.1
36.4
8.7
7.3
24.9
24.8
5.4
4.8
HUL
Neutral
847
-
183,238
35,252
38,495
17.8
17.8
20.7
22.4
41.0
37.8
39.2
33.6
95.6
88.9
5.0
4.6
ITC
Accumulate
267
284
323,277
40,059
44,439
38.3
39.2
9.0
10.1
29.7
26.3
8.3
7.2
27.8
27.5
7.6
6.8
Stock Watch
February 17, 2017
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( Čcr )
OPM(%)
EPS (Č)
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
(Č)
Price ( Č)
( Č cr )
FY17E FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FMCG
Marico
Accumulate
268
300
34,588
6,430
7,349
18.8
19.5
6.4
7.7
41.9
34.8
12.6
10.6
33.2
32.5
5.2
4.5
Nestle*
Neutral
6,194
-
59,724
10,073
11,807
20.7
21.5
124.8
154.2
49.6
40.2
20.4
18.3
34.8
36.7
5.7
4.9
Tata Global
Neutral
140
-
8,842
8,675
9,088
9.8
9.8
7.4
8.2
18.9
17.1
2.2
2.1
7.9
8.1
0.9
0.9
Procter & Gamble
Neutral
7,020
-
22,787
2,939
3,342
23.2
23.0
146.2
163.7
48.0
42.9
107.5
103.1
25.3
23.5
7.3
6.3
Hygiene
IT
HCL Tech^
Buy
843
1,000
119,020
49,242
57,168
20.5
20.5
55.7
64.1
15.1
13.2
3.1
2.4
20.3
17.9
2.3
1.9
Infosys
Buy
1,012
1,249
232,428
68,350
77,326
27.0
27.0
62.5
69.4
16.2
14.6
3.5
3.2
21.3
21.6
2.8
2.5
TCS
Accumulate
2,447
2,620
482,144
119,025
133,308
27.6
27.6
131.2
145.5
18.7
16.8
6.0
5.6
32.4
33.1
3.8
3.4
Tech Mahindra
Buy
504
600
49,055
29,673
32,937
15.5
17.0
32.8
39.9
15.4
12.6
3.0
2.6
19.6
20.7
1.4
1.2
Wipro
Buy
481
583
116,828
55,440
60,430
18.1
18.1
36.1
38.9
13.3
12.4
2.4
2.2
19.0
17.6
1.8
1.6
Media
D B Corp
Neutral
378
-
6,956
2,297
2,590
27.4
28.2
21.0
23.4
18.0
16.2
4.2
3.6
23.7
23.1
2.8
2.4
HT Media
Neutral
82
-
1,911
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
188
225
6,148
2,355
2,635
28.0
28.0
10.8
12.5
17.4
15.1
3.8
3.3
21.7
21.7
2.6
2.3
Sun TV Network
Neutral
724
-
28,544
2,850
3,265
70.1
71.0
26.2
30.4
27.7
23.8
7.1
6.2
24.3
25.6
9.6
8.3
Hindustan Media
Neutral
264
-
1,935
1,016
1,138
24.3
25.2
27.3
30.1
9.7
8.8
1.8
1.6
16.2
15.8
1.2
1.1
Ventures
TV Today Network
Buy
268
385
1,601
637
743
27.5
27.5
18.4
21.4
14.6
12.6
2.5
2.2
17.4
17.2
2.1
1.7
Metals & Mining
Coal India
Neutral
318
-
197,551
84,638
94,297
21.4
22.3
24.5
27.1
13.0
11.7
5.4
5.2
42.6
46.0
1.8
1.7
Hind. Zinc
Neutral
302
-
127,731
14,252
18,465
55.9
48.3
15.8
21.5
19.1
14.1
3.1
2.7
17.0
20.7
9.0
6.9
Hindalco
Neutral
188
-
38,782
107,899
112,095
7.4
8.2
9.2
13.0
20.4
14.4
1.0
0.9
4.8
6.6
0.9
0.8
JSW Steel
Neutral
187
-
45,275
53,201
58,779
16.1
16.2
130.6
153.7
1.4
1.2
0.2
0.2
14.0
14.4
1.6
1.4
NMDC
Neutral
137
-
43,314
6,643
7,284
44.4
47.7
7.1
7.7
19.3
17.8
1.7
1.6
8.8
9.2
4.3
3.9
SAIL
Neutral
60
-
24,925
47,528
53,738
(0.7)
2.1
(1.9)
2.6
23.2
0.7
0.6
(1.6)
3.9
1.4
1.2
Vedanta
Neutral
263
-
78,031
71,744
81,944
19.2
21.7
13.4
20.1
19.6
13.1
1.7
1.5
8.4
11.3
1.5
1.2
Tata Steel
Neutral
470
-
45,628
121,374
121,856
7.2
8.4
18.6
34.3
25.3
13.7
1.6
1.4
6.1
10.1
1.0
1.0
Oil & Gas
Cairn India
Neutral
287
-
53,903
9,127
10,632
4.3
20.6
8.8
11.7
32.7
24.6
1.1
1.0
3.3
4.2
7.4
6.1
GAIL
Neutral
503
-
63,760
56,220
65,198
9.3
10.1
27.1
33.3
18.6
15.1
1.7
1.6
9.3
10.7
1.3
1.1
ONGC
Neutral
194
-
249,093
137,222
152,563
15.0
21.8
19.5
24.1
10.0
8.1
0.9
0.8
8.5
10.1
2.1
1.9
Indian Oil Corp
Neutral
376
-
182,558
373,359
428,656
5.9
5.5
54.0
59.3
7.0
6.3
1.1
1.0
16.0
15.6
0.6
0.6
Reliance Industries
Neutral
1,065
-
345,426
301,963
358,039
12.1
12.6
87.7
101.7
12.1
10.5
1.2
1.1
10.7
11.3
1.6
1.3
Pharmaceuticals
Alembic Pharma
Neutral
550
-
10,363
3,483
4,083
20.2
21.4
24.3
30.4
22.6
18.1
5.2
4.1
25.5
25.3
2.9
2.4
Stock Watch
February 17, 2017
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( Čcr )
OPM(%)
EPS (Č)
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
(Č)
Price ( Č)
( Č cr )
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
Pharmaceuticals
Alkem Laboratories Ltd
Neutral
2,010
-
24,035
6,050
6,839
18.7
19.8
80.0
88.7
25.1
22.7
5.6
4.8
22.4
20.9
3.9
3.5
Aurobindo Pharma
Buy
657
877
38,422
15,720
18,078
23.7
23.7
41.4
47.3
15.9
13.9
4.1
3.2
29.6
26.1
2.7
2.3
Aventis*
Neutral
4,081
-
9,398
2,277
2,597
17.3
18.3
149.4
172.0
27.3
23.7
4.5
3.7
25.1
28.8
3.8
3.1
Cadila Healthcare
Neutral
429
-
43,965
10,429
12,318
22.6
22.0
16.9
19.2
25.4
22.4
6.5
5.2
28.5
25.7
4.2
3.5
Cipla
Sell
583
465
46,929
15,378
18,089
15.7
16.8
19.3
24.5
30.2
23.8
3.5
3.1
12.3
13.9
3.2
2.7
Dr Reddy's
Neutral
2,927
-
48,486
16,043
18,119
20.8
22.4
112.4
142.9
26.0
20.5
3.5
3.1
14.1
15.9
3.0
2.6
Dishman Pharma
Neutral
208
-
3,363
1,718
1,890
22.7
22.8
9.5
11.3
21.9
18.4
2.1
1.9
10.1
10.9
2.4
2.1
GSK Pharma*
Neutral
2,666
-
22,582
2,800
3,290
10.2
20.6
32.2
60.3
82.8
44.2
15.3
15.2
17.2
34.5
7.8
6.7
Indoco Remedies
Reduce
261
240
2,406
1,112
1,289
16.2
18.2
11.6
16.0
22.5
16.3
3.6
3.0
17.0
20.1
2.3
1.9
Ipca labs
Buy
524
613
6,608
3,303
3,799
15.3
15.3
17.3
19.7
30.3
26.6
2.6
2.4
9.1
9.4
2.1
1.9
Lupin
Buy
1,440
1,809
65,010
15,912
18,644
26.4
26.7
58.1
69.3
24.8
20.8
4.8
4.0
21.4
20.9
4.2
3.4
Sun Pharma
Buy
649
847
155,781
31,129
35,258
32.0
32.9
30.2
35.3
21.5
18.4
3.5
2.9
20.0
20.1
4.6
3.8
Power
Tata Power
Neutral
83
-
22,490
36,916
39,557
17.4
27.1
5.1
6.3
16.3
13.2
1.4
1.3
9.0
10.3
1.6
1.5
NTPC
Neutral
170
-
140,255
86,605
95,545
17.5
20.8
11.8
13.4
14.4
12.7
1.5
1.4
10.5
11.1
3.0
2.9
Power Grid
Accumulate
201
223
105,050
25,315
29,193
88.2
88.7
14.2
17.2
14.2
11.7
2.2
1.9
15.2
16.1
8.8
7.9
Real Estate
Prestige Estate
Buy
176
210
6,596
4,707
5,105
25.2
26.0
10.3
13.0
17.1
13.5
1.4
1.3
10.3
10.2
2.6
2.3
MLIFE
Buy
343
522
1,407
1,152
1,300
22.7
24.6
29.9
35.8
11.5
9.6
0.9
0.8
7.6
8.6
1.9
1.6
Telecom
Bharti Airtel
Neutral
366
-
146,385
105,086
114,808
34.5
34.7
12.2
16.4
30.0
22.3
2.0
1.9
6.8
8.4
2.3
2.0
Idea Cellular
Neutral
108
-
38,822
40,133
43,731
37.2
37.1
6.4
6.5
16.8
16.6
1.4
1.3
8.2
7.6
2.0
1.7
zOthers
Abbott India
Neutral
4,445
-
9,446
3,153
3,583
14.1
14.4
152.2
182.7
29.2
24.3
143.4
122.5
25.6
26.1
2.7
2.3
Asian Granito
Buy
271
351
814
1,060
1,169
12.2
12.5
12.7
15.9
21.4
17.0
2.0
1.8
9.5
10.7
1.1
0.9
Bajaj Electricals
Buy
255
295
2,583
4,801
5,351
5.7
6.2
10.4
13.7
24.5
18.7
3.0
2.7
12.4
14.5
0.5
0.5
Banco Products (India)
Neutral
193
-
1,383
1,353
1,471
12.3
12.4
14.5
16.3
13.3
11.9
18.4
16.6
14.5
14.6
1.0
103.0
Coffee Day Enterprises
Neutral
239
-
4,918
2,964
3,260
20.5
21.2
4.7
8.0
-
29.8
2.8
2.5
5.5
8.5
2.1
1.8
Ltd
Competent Automobiles Neutral
176
-
108
1,137
1,256
3.1
2.7
28.0
23.6
6.3
7.5
33.9
30.6
14.3
11.5
0.1
0.1
Elecon Engineering
Neutral
53
-
590
1,482
1,660
13.7
14.5
3.9
5.8
13.5
9.1
3.2
2.9
7.8
10.9
0.7
0.6
Finolex Cables
Neutral
438
-
6,692
2,883
3,115
12.0
12.1
14.2
18.6
30.8
23.5
16.4
14.3
15.8
14.6
2.0
1.8
Garware Wall Ropes
Accumulate
625
710
1,367
863
928
15.1
15.2
36.4
39.4
17.2
15.9
3.1
2.7
17.5
15.9
1.5
1.4
Goodyear India*
Neutral
723
-
1,668
1,598
1,704
10.4
10.2
49.4
52.6
14.6
13.7
67.6
59.3
18.2
17.0
0.7
101.4
Stock Watch
February 17, 2017
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( Čcr )
OPM(%)
EPS (Č)
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
(Č)
Price ( Č)
( Č cr )
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
zOthers
Hitachi
Neutral
1,335
-
3,631
2,081
2,433
8.8
8.9
33.4
39.9
40.0
33.5
32.3
26.9
22.1
21.4
1.7
1.5
HSIL
Neutral
289
-
2,088
2,384
2,515
15.8
16.3
15.3
19.4
18.9
14.9
18.8
16.1
7.8
9.3
1.0
1.0
Interglobe Aviation
Neutral
824
-
29,771
21,122
26,005
14.5
27.6
110.7
132.1
7.4
6.2
44.5
31.8
168.5
201.1
1.4
1.1
Jyothy Laboratories
Neutral
361
-
6,550
1,440
2,052
11.5
13.0
8.5
10.0
42.4
36.1
10.3
9.5
18.6
19.3
4.8
3.4
Kirloskar Engines India
Neutral
351
-
5,072
2,554
2,800
9.9
10.0
10.5
12.1
33.4
29.0
14.0
13.2
10.7
11.7
1.6
1.4
Ltd
Linc Pen & Plastics
Neutral
264
-
390
382
420
9.3
9.5
13.5
15.7
19.6
16.8
3.4
2.9
17.1
17.3
1.1
1.0
M M Forgings
Neutral
465
-
561
546
608
20.4
20.7
41.3
48.7
11.3
9.6
63.7
56.4
16.6
17.0
0.9
0.8
Manpasand Bever.
Neutral
695
-
3,977
836
1,087
19.6
19.4
16.9
23.8
41.1
29.2
4.9
4.3
12.0
14.8
4.5
3.4
Mirza International
Buy
90
107
1,080
1,024
1,148
18.0
18.0
6.9
8.0
13.0
11.2
2.2
1.9
16.6
16.3
1.3
1.1
MT Educare
Neutral
98
-
391
366
417
17.7
18.2
9.4
10.8
10.5
9.1
2.3
2.0
22.2
22.3
1.0
0.8
Narayana Hrudaya
Neutral
324
-
6,621
1,873
2,166
11.5
11.7
2.6
4.0
122.5
81.7
7.5
6.8
6.1
8.3
3.6
3.1
Navkar Corporation
Buy
156
265
2,229
369
561
42.9
42.3
7.2
11.5
21.6
13.6
1.6
1.4
7.4
10.5
7.1
4.6
Navneet Education
Neutral
144
-
3,361
1,062
1,147
24.0
24.0
6.1
6.6
23.6
21.7
4.9
4.3
20.6
19.8
3.2
3.0
Nilkamal
Neutral
1,691
-
2,524
1,995
2,165
10.7
10.4
69.8
80.6
24.2
21.0
96.6
83.9
16.6
16.5
1.3
1.1
Page Industries
Neutral
14,318
-
15,970
2,450
3,124
20.1
17.6
299.0
310.0
47.9
46.2
318.9
243.4
47.1
87.5
6.6
5.2
Parag Milk Foods
Neutral
213
-
1,787
1,919
2,231
9.3
9.6
9.5
12.9
22.5
16.4
3.5
2.9
15.5
17.5
1.1
0.9
Quick Heal
Neutral
251
-
1,760
408
495
27.3
27.0
7.7
8.8
32.4
28.6
3.0
3.0
9.3
10.6
3.5
2.9
Radico Khaitan
Accumulate
131
147
1,739
1,667
1,824
13.0
13.2
6.7
8.2
19.7
16.0
1.8
1.6
9.0
10.2
1.4
1.3
Relaxo Footwears
Neutral
426
-
5,115
2,085
2,469
9.2
8.2
7.6
8.0
56.3
53.6
21.8
18.6
17.9
18.8
2.5
2.2
S H Kelkar & Co.
Neutral
309
-
4,472
1,036
1,160
15.1
15.0
6.1
7.2
50.6
43.1
5.4
5.0
10.7
11.5
4.2
3.7
Siyaram Silk Mills
Neutral
1,676
-
1,572
1,652
1,857
11.6
11.7
92.4
110.1
18.1
15.2
2.7
2.3
14.7
15.2
1.2
1.0
Styrolution ABS India*
Neutral
605
-
1,064
1,440
1,537
9.2
9.0
40.6
42.6
14.9
14.2
38.1
34.6
12.3
11.6
0.7
0.6
Surya Roshni
Neutral
182
-
798
3,342
3,625
7.8
7.5
17.3
19.8
10.5
9.2
20.0
16.1
10.5
10.8
0.5
0.4
Team Lease Serv.
Neutral
874
-
1,494
3,229
4,001
1.5
1.8
22.8
32.8
38.4
26.6
4.1
3.6
10.7
13.4
0.4
0.3
The Byke Hospitality
Neutral
185
-
742
287
384
20.5
20.5
7.6
10.7
24.4
17.3
5.1
4.1
20.7
23.5
2.6
1.9
Transport Corporation of
Neutral
185
-
1,420
2,671
2,911
8.5
8.8
13.9
15.7
13.4
11.9
1.8
1.6
13.7
13.8
0.6
0.6
India
TVS Srichakra
Neutral
3,090
-
2,366
2,304
2,614
13.7
13.8
231.1
266.6
13.4
11.6
347.2
273.4
33.9
29.3
1.0
0.9
UFO Moviez
Neutral
407
-
1,124
619
685
33.2
33.4
30.0
34.9
13.6
11.7
1.9
1.6
13.8
13.9
1.5
1.2
Visaka Industries
Neutral
217
-
345
1,051
1,138
10.3
10.4
21.0
23.1
10.3
9.4
27.9
26.1
9.0
9.2
0.6
0.6
Stock Watch
February 17, 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
VRL Logistics
Neutral
295
-
2,694
1,902
2,119
16.7
16.6
14.6
16.8
20.3
17.5
4.4
3.9
21.9
22.2
1.5
1.3
Wonderla Holidays
Neutral
366
-
2,070
287
355
38.0
40.0
11.3
14.2
32.4
25.8
4.6
4.1
21.4
23.9
6.9
5.6
Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on February 16, 2017
Market Outlook
February 17, 2017
Research Team Tel: 022 - 39357800
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