Market Outlook

July17, 2017

Market Cues

Domestic Indices

Chg (%)

(Pts)

(Close)

Indian markets are likely to open on positive note tracking SGX Nifty and Asian

BSE Sensex

(0.1)

(17)

32,021

indices.

Nifty

(0.1)

(5)

9,886

US markets moved mostly higher over the course of the trading session on Friday,

Mid Cap

0.2

15,187

extending the upward trend seen over the past several sessions. With the gains on

Small Cap

(0.3)

(56)

15,908

the day, the Dow and the S&P 500 reached new record closing highs. The strength

Bankex

0.3

27,126

on Wall Street came following the release of several key economic reports, with the

data suggesting that the Federal Reserve will not be in any hurry to raise interest

rates.

Global Indices

Chg (%)

(Pts)

(Close)

The European markets ended Friday's session with mixed results. However, the

Dow Jones

0.4

185

21,638

markets ended the overall trading week with a strong gain, thanks in large part to

Nasdaq

0.6

6,312

Wednesday's strong rally. Markets jumped mid-week after Federal Reserve Chair

FTSE

(0.5)

(35)

7,378

Janet Yellen's comments about gradual policy tightening.

Nikkei

(00.1

20,119

Indian markets snapped a four-day record setting spree to end marginally lower on

Hang Seng

0.2

243

26,389

Friday as investors digested mixed earnings updates from TCS and Infosys and

Shanghai Com

0.1

3,222

looked ahead to earnings from major U.S. banks, including JPMorgan Chase,

Citigroup and Wells Fargo due later in the day for further direction.

Advances / Declines

BSE

NSE

Advances

1,001

1,592

News Analysis

Declines

1,710

1,111

 Infosys (CMP: `972 / TP: `1,179/Upside: 20.8%)

Unchanged

126

Detailed analysis is on Pg2

Investor’s Ready Reckoner

Volumes (` Cr)

Key Domestic & Global Indicators

BSE

4,054

Stock Watch: Latest investment recommendations on 150+ stocks

NSE

27,523

Refer Pg6 onwards

#Net Inflows (` Cr)

Net

Mtd

Ytd

Top Picks

CMP

Target

Upside

FII

(56(83)

(2(957)

54,951

Company

Sector

Rating

(`)

(%)

MFs

8513

4,444

43,590

Blue Star

Capital Goods

Buy

650

760

17.0

Dewan Housing FinanceFinancials

Buy

443

520

17.4

Top Gainers

Price (`)

Chg (%)

Mahindra Lifespace

Real Estate

Buy

442

522

18.2

Navkar Corporation

Others

Buy

204

265

29.6

Unitech

198

9.4

KEI Industries

Capital Goods

Accumulate

237

258

8.8

Biocon

399

8.9

More Top Picks on Pg3

Religare

117

8.6

Key Upcoming Events

Auropharma

746

5.9

Consensus

Date

Region

Event Description

Trent

262

5.3

Reading

Expectations

Jul 17, 2017

Euro Zone Euro-Zone CPI (YoY)

1.30

Jul17, 2017

China

Industrial Production (YoY)

6.50

Top Losers

Price (`)

Chg (%)

Jul 17, 2017

China

Real GDP (YoY)

6.90

6.80

Videoind

230

(4.9)

Jul 18, 2017

CPI (YoY)

2.90

Naukri

1,002

(4.1)

Jul 19, 2017

Housing Starts

1,092.00

1,160.00

More Events on Pg4

Nationalum

(3.8)

Sintex

(3.7)

Prestige

266

(3.1)

#as on 14^t July, 2017

www.angelbroking.com

Market Outlook

July17, 2017

News Analysis

Infosys (CMP: `972 / TP: `1,179/Upside: 20.8%)

Infosys, posted better than expected results mainly driven by better than expected

volume growth during the quarter. On sales front, the company posted a 3.2%

sequential growth in USD revenues to US$2,651mn V/s US$2,657mn expected,

mostly volume lead. In constant currency (CC) terms, the company posted a 2.6%

qoq growth. In rupee terms, revenues came in at `17,078cr V/s `17,131cr

expected, down 0.2%. qoq.

In terms, of geography in CC terms, USA, Europe, India and ROW posted a qoq

growth of 1.3%, 3.1%, 11.2% and 6.9% respectively. In terms of the Industry in CC

terms, FSI, MFG & Hi-Tech, RCL and ECS posted a qoq growth of 2.0%, 1.5%,

2.6% and 4.9% respectively.

EBIT margin, came in at 24.1% V/s 23.6% expected, a qoq dip of 50bps. Impact

of wage hikes and visa expenses, apart from rupee appreciation were the major

drag for profitability. However the fall was lower than expected on back of better

than expected volume growth. Consequently, PAT came in at `3,483cr V/s

`3,443cr expected a de-growth of 3.3% qoq.

During the quarter ended June 30, 2017, the Company has written down the

entire carrying value of the investment in its associate DWA Nova LLC, an Infosys

Innovation Fund Investment. The impact of write down on 1QFY18 net profit is

`71cr. The write-down in the carrying value of this investment during the quarter

ended March 31, 2017 was `18cr. Thus Adj. net profit posted a dip of 1.9% qoq.

For FY2018, the company has kept the guidance of 6.5-8.5% CC growth and

margin guidance of 23-25%.

We maintain our buy rating on the stock with a target price of Rs1,179.

Y/E

Sales OPM

PAT

EPS ROE P/E P/BV EV/EBITDA EV/Sales

March

(` cr)

(%)

(` cr)

(`)

(%)

(x)

FY2018E

73,963

26.0

14,785

64.4

19.7

15.2

3.0

9.5

2.5

FY2019E

80,619

26.0

15,916

69.3

19.6

14.1

2.8

8.5

2.2

Economic and Political News

 India's services exports flat at $13.5 billion in May, imports up 4%

 Govt defers coal mine auctions as steelmakers shy away from bidding

 GST will dent exporter liquidity, hike compliance cost substantially: FIEO

Corporate News

 Zydus gets USFDA nod to market Fingolimod capsules for sclerosis

 Motilal Oswal to invest `120cr in Gurugram housing project

 US govt, Wells Fargo to fund $150mn YES Bank corpus for MSMEs

www.angelbroking.com

Market Outlook

July17, 2017

Top Picks HHHHH

Market Cap

CMP

Target

Upside

Company

Rationale

(` Cr)

(`)

(%)

Strong growth in domestic business due to its leadership

in acute therapeutic segment. Alkem expects to launch

Alkem Laboratories

21,345

1,785

2,161

21.0

more products in USA, which bodes for its international

business.

We expect the company would report strong profitability

Asian Granito

1,345

447

480

7.4

owing to better product mix, higher B2C sales and

amalgamation synergy.

Favourable outlook for the AC industry to augur well for

Cooling products business which is out pacing the

Blue Star

6,215

650

760

17.0

market growth. EMPPAC division's profitability to improve

once operating environment turns around.

With a focus on the low and medium income (LMI)

consumer segment, the company has increased its

Dewan Housing Finance

13,892

443

520

17.4

presence in tier-II & III cities where the growth

opportunity is immense.

Loan growth is likely to pick up after a sluggish FY17.

Karur Vysya Bank

8,243

136

160

17.3

Lower credit cost will help in strong bottomline growth.

Increasing share of CASA will help in NIM improvement.

High order book execution in EPC segment, rising B2C

KEI Industries

1,845

237

258

8.8

sales and higher exports to boost the revenues and

profitability

Speedier execution and speedier sales, strong revenue

Mahindra Lifespace

2,266

442

522

18.2

visibilty in short-to-long run, attractive valuations

Massive capacity expansion along with rail advantage at

Navkar Corporation

2,916

204

265

29.6

ICD as well CFS augurs well for the company

Strong brands and distribution network would boost

Siyaram Silk Mills

2,234

2,383

2500

3.0

growth going ahead. Stock currently trades at an

inexpensive valuation.

Market leadership in Hindi news genre and no.

viewership ranking in English news genre, exit from the

TV Today Network

1,494

250

344

37.4

radio business, and anticipated growth in ad spends by

corporates to benefit the stock.

After GST, the company is expected to see higher

volumes along with improving product mix. The Gujarat

Maruti

2,28,276

7,557

8,495

12.4

plant will also enable higher operating leverage which

will be margin accretive.

Source: Company, Angel Research,

www.angelbroking.com

Market Outlook

July17, 2017

Quarterly Bloomberg Brokers Consensus Estimate

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

Havells - July 19, 2017

Particulars ( ` cr)

1QFY18E

1QFY17

y-o-y (%)

4QFY17

q-o-q (%)

Net sales

2,011

1466

37.2

1,710

17.6

EBITDA

237

201

17.9

153

54.9

EBITDA margin (%)

11.7

13.7

8.9

Net profit

171

146

17.1

80.0

Canara Bank - July 19, 2017

Particulars ( ` cr)

1QFY18E

1QFY17

y-o-y (%)

4QFY17

q-o-q (%)

Net profit

383

229

67.5

214

79.0

www.angelbroking.com

Market Outlook

July 17, 2017

Key Upcoming Events

Global economic events release calendar

Bloomberg Data

Date

Time

Country

Event Description

Unit

Period

Last Reported

Estimated

Jul 17, 2017

2:30 PMEuro Zone

Euro-Zone CPI (YoY)

Jun F

1.30

7:30 AMChina

Industrial Production (YoY)

% Change

Jun

6.50

7:30 AMChina

Real GDP (YoY)

% Change

6.90

6.80

Jul 18, 2017

2:00 PMUK

CPI (YoY)

% Change

Jun

2.90

Jul 19, 2017

6:00 PMUS

Housing Starts

Thousands

Jun

1,092.00

1,160.00

6:00 PMUS

Building permits

Thousands

Jun

1,168.00

1,208.00

Jul 20, 2017

6:00 PMUS

Initial Jobless claims

Thousands

Jul 15

247.00

7:30 PMEuro Zone

Euro-Zone Consumer Confidence

Value

Jul A

(1.30)

(1.10)

5:15 PMEuro Zone

ECB announces interest rates

Jul 20

Jul 24, 2017

1:00 PMGermany

PMI Services

Value

Jul P

54.00

1:00 PMGermany

PMI Manufacturing

Value

Jul P

59.60

7:30 PMUS

Existing home sales

Million

Jun

5.62

5.64

Jul 25, 2017

2:00 PMUK

GDP (YoY)

% Change

2Q A

2.00

Jul 26, 2017

7:30 PMUS

Consumer Confidence

S.A./ 1985=100

Jul

118.90

118.00

7:30 PMUS

New home sales

Thousands

Jun

610.00

609.00

11:30 PMUS

FOMC rate decision

Jul 26

1.25

Jul 28, 2017

6:00 PMUS

GDP Qoq (Annualised)

% Change

2Q A

1.40

2.60

Jul 31, 2017

1:25 PMGermany

Unemployment change (000's)

Thousands

Jul

7.00

6:30 AMChina

PMI Manufacturing

Value

Jul

51.70

Aug 01, 2017

2:00 PMUK

PMI Manufacturing

Value

Jul

54.30

2:30 PMEuro Zone

Euro-Zone GDP s.a. (QoQ)

% Change

2Q A

0.60

Source: Bloomberg, Angel Research

www.angelbroking.com

Market Outlook

July 17, 2017

Macro watch

Exhibit 1: Quarterly GDP trends

Exhibit 2: IIP trends

(%)

5.7

10.0

6.0

9.1

5.2

8.8

4.9

9.0

7.9

8.0

7.9

5.0

7.6

7.5

8.0

7.3

7.2

3.8

7.0

4.0

7.0

3.0

6.1

2.8

2.6

3.0

6.0

1.9

1.7

5.0

2.0

4.0

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

6.0

5.1

52.0

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

1.5

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

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

4.00

(10.0)

(20.0)

3.50

(30.0)

3.00

Source: Bloomberg, Angel Research

Source: RBI, Angel Research

www.angelbroking.com

Market Outlook

July 17, 2017

Exhibit 4: Relative performance of indices across globe

Returns (%)

Country

Name of index

Closing price

1YR

Brazil

Bovespa

65,436

5.8

1.7

20.6

Russia

Micex

1,961

6.7

(0.9)

1.3

India

Nifty

9,886

2.9

7.4

16.8

China

Shanghai Composite

3,222

1.7

(2.8)

6.0

South Africa

Top 40

47,309

4.5

1.9

2.7

Mexico

Mexbol

51,162

3.8

4.5

9.5

Indonesia

LQ45

978

2.1

5.4

18.8

Malaysia

KLCI

1,755

(1.9)

0.9

6.3

Thailand

SET 50

999

0.8

(0.3)

9.2

USA

Dow Jones

21,638

1.5

5.1

16.9

FTSE

7,378

(1.3)

0.2

10.2

Japan

Nikkei

20,119

1.2

8.4

31.7

Germany

DAX

12,632

(1.4)

4.1

24.5

France

CAC

5,235

(0.2)

2.6

19.5

Source: Bloomberg, Angel Research, #Data as on 12^th July

www.angelbroking.com

Stock Watch

July 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

Reduce

244

209

4,747

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

863

43,823

15,176

17,604

18.5

37.4

44.6

23.1

19.3

4.5

3.7

21.4

21.2

3.0

2.5

Auto & Auto Ancillary

Ashok Leyland

Accumulate

105

116

30,860

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

2,811

81,350

25,093

27,891

19.5

19.2

143.9

162.5

19.5

17.3

5.5

4.7

30.3

29.4

3.0

2.6

Bharat Forge

Neutral

1,120

26,078

7,726

8,713

20.5

21.2

35.3

42.7

31.7

26.2

5.9

5.3

18.9

20.1

3.4

3.0

Eicher Motors

Neutral

27,894

75,934

16,583

20,447

17.5

18.0

598.0

745.2

46.7

37.4

15.9

12.1

41.2

38.3

4.4

3.5

Gabriel India

Neutral

151

2,165

1,544

1,715

9.0

9.3

5.4

6.3

27.9

23.9

5.3

4.7

18.9

19.5

1.4

1.2

Hero Motocorp

Neutral

3,753

74,950

28,120

30,753

15.2

15.6

169.1

189.2

22.2

19.8

7.7

6.4

30.8

28.2

2.5

2.2

Jamna Auto Industries Neutral

259

2,066

1,486

1,620

9.8

9.9

15.0

17.2

17.3

15.1

3.8

3.2

21.8

21.3

1.5

1.3

L G Balakrishnan & Bros Neutral

786

1,234

1,302

1,432

11.6

11.9

43.7

53.0

18.0

14.8

2.5

2.3

13.8

14.2

1.0

0.9

Mahindra and Mahindra Neutral

1,377

85,540

46,534

53,077

11.6

11.7

67.3

78.1

20.5

17.6

3.3

2.9

15.4

15.8

1.8

1.6

Maruti

Accumulate

7,557

8,495

228,276

67,822

83,717

15.2

15.0

243.0

291.5

31.1

25.9

7.1

5.8

22.9

22.4

3.0

2.4

Minda Industries

Neutral

683

5,899

2,728

3,042

9.0

9.1

68.2

86.2

10.0

7.9

2.3

1.8

23.8

24.3

2.2

2.0

Motherson Sumi

Neutral

318

66,953

45,896

53,687

7.8

8.3

13.0

16.1

24.4

19.8

7.9

6.3

34.7

35.4

1.5

1.3

Rane Brake Lining

Neutral

1,348

1,067

511

562

11.3

11.5

28.1

30.9

48.0

43.6

7.3

6.7

15.3

15.0

2.2

2.0

Setco Automotive

Neutral

572

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

452

130,479

300,209

338,549

8.9

8.4

42.7

54.3

10.6

8.3

1.7

1.4

15.6

17.2

0.6

0.5

TVS Motor

Neutral

569

27,051

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

845

962

14,431

5,339

6,220

15.9

15.3

28.0

32.3

30.2

26.1

5.8

4.9

19.1

18.5

2.7

2.3

Exide Industries

Neutral

223

18,934

7,439

8,307

15.0

8.1

9.3

27.5

24.0

3.9

3.4

14.3

16.7

2.2

1.9

Apollo Tyres

Neutral

251

12,779

12,877

14,504

14.3

13.9

21.4

23.0

11.7

10.9

1.8

1.6

16.4

15.2

1.2

1.1

Ceat

Neutral

1,875

7,583

7,524

8,624

13.0

12.7

131.1

144.3

14.3

13.0

2.6

2.2

19.8

18.6

1.1

0.9

JK Tyres

Neutral

166

3,759

7,455

8,056

15.0

21.8

24.5

7.6

6.8

1.6

1.3

22.8

21.3

0.6

0.5

Swaraj Engines

Neutral

2,160

2,683

660

810

15.2

16.4

54.5

72.8

39.6

29.7

12.4

11.2

31.5

39.2

3.9

3.1

Subros

Neutral

246

1,473

1,488

1,681

11.7

11.9

6.4

7.2

38.4

34.3

4.1

3.7

10.8

11.4

1.2

1.1

Indag Rubber

Neutral

206

540

286

326

19.8

16.8

11.7

13.3

17.6

15.4

3.0

2.8

17.8

17.1

1.6

1.4

Capital Goods

ACE

Neutral

701

709

814

4.1

4.6

1.4

2.1

50.6

33.8

2.1

2.0

4.4

6.0

1.2

1.0

BEML

Neutral

1,535

6,394

3,451

4,055

6.3

9.2

31.4

57.9

48.9

26.5

2.9

2.7

6.3

10.9

2.0

1.7

Bharat Electronics

Neutral

173

38,675

8,137

9,169

16.8

17.2

58.7

62.5

3.0

2.8

0.5

0.4

44.6

46.3

3.7

3.3

www.angelbroking.com

Stock Watch

July 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

Neutral

483

15,990

6,511

7,514

7.9

8.7

12.9

16.3

37.5

29.7

6.7

5.9

16.7

18.5

2.2

1.9

BGR Energy

Neutral

152

1,095

16,567

33,848

6.0

5.6

7.8

5.9

19.5

25.7

1.1

4.7

4.2

0.2

0.1

BHEL

Neutral

141

34,413

28,797

34,742

2.8

2.3

6.9

61.1

20.4

1.0

1.3

4.8

0.8

0.6

Blue Star

Buy

650

760

6,215

4,283

5,077

5.9

7.3

14.9

22.1

43.7

29.4

8.5

7.1

20.4

26.4

1.5

1.3

CG Power and Industrial

Neutral

5,277

5,777

6,120

5.9

7.0

3.3

4.5

25.5

18.7

1.1

4.4

5.9

0.9

0.7

Solutions

Greaves Cotton

Neutral

160

3,895

1,755

1,881

16.8

16.9

7.8

8.5

20.5

18.8

4.1

3.8

20.6

20.9

1.9

1.7

Inox Wind

Neutral

158

3,502

5,605

6,267

15.7

16.4

24.8

30.0

6.4

5.3

1.8

1.3

25.9

24.4

0.7

0.5

KEC International

Neutral

294

7,555

9,294

10,186

7.9

8.1

9.9

11.9

29.7

24.7

4.4

3.8

15.6

16.3

1.0

KEI Industries

Accumulate

237

258

1,845

2,633

3,001

10.4

10.0

12.7

13.0

18.6

18.2

4.0

3.3

21.4

18.2

0.9

0.8

Thermax

Neutral

911

10,850

5,421

5,940

7.3

25.7

30.2

35.4

30.2

4.3

3.9

12.2

13.1

1.9

1.7

VATech Wabag

Neutral

680

3,712

3,136

3,845

8.9

9.1

26.0

35.9

26.2

18.9

3.3

2.8

13.4

15.9

1.1

0.9

Cement

ACC

Neutral

1,753

32,912

11,225

13,172

13.2

16.9

44.5

75.5

39.4

23.2

3.7

3.4

11.2

14.2

2.9

2.5

Ambuja Cements

Neutral

262

52,004

9,350

10,979

18.2

22.5

5.8

9.5

45.2

27.6

3.8

3.4

10.2

12.5

5.6

4.7

India Cements

Neutral

209

6,439

4,364

4,997

18.5

19.2

7.9

11.3

26.5

18.5

1.9

8.0

8.5

2.2

2.0

JK Cement

Neutral

963

6,732

4,398

5,173

15.5

17.5

31.2

55.5

30.9

17.4

3.7

3.2

12.0

15.5

2.1

1.7

J K Lakshmi Cement

Neutral

462

5,434

2,913

3,412

14.5

19.5

7.5

22.5

61.6

20.5

3.8

3.2

12.5

18.0

2.5

2.1

Orient Cement

Neutral

157

3,206

2,114

2,558

18.5

20.5

8.1

11.3

19.3

13.9

2.9

2.4

9.0

14.0

2.1

1.7

UltraTech Cement

Neutral

4,218

115,805

25,768

30,385

21.0

23.5

111.0

160.0

38.0

26.4

4.9

4.2

13.5

15.8

4.6

3.8

Construction

ITNL

Neutral

3,196

8,946

10,017

31.0

31.6

8.1

9.1

12.0

10.7

0.4

0.5

4.2

5.0

3.7

3.4

KNR Constructions

Neutral

216

3,032

1,385

1,673

14.7

14.0

41.2

48.5

5.2

4.5

1.0

0.8

14.9

15.2

2.3

1.9

Larsen & Toubro

Buy

1,172

1,700

164,109

111,017

124,908

11.0

61.1

66.7

19.2

17.6

2.3

2.1

13.1

12.9

2.5

2.3

Gujarat Pipavav Port

Neutral

143

6,925

705

788

52.2

51.7

5.0

5.6

28.7

25.6

2.8

2.5

11.2

9.5

8.0

Nagarjuna Const.

Neutral

5,245

8,842

9,775

9.1

8.8

5.3

6.4

17.8

14.7

1.4

1.3

8.2

9.1

0.8

0.7

PNC Infratech

Neutral

147

3,771

2,350

2,904

13.1

13.2

9.0

8.8

16.3

16.7

0.6

0.5

15.9

13.9

1.7

1.4

Simplex Infra

Neutral

526

2,602

6,829

7,954

10.5

31.4

37.4

16.8

14.1

1.7

1.6

9.9

13.4

0.8

0.7

Power Mech Projects

Neutral

586

862

1,801

2,219

12.7

14.6

72.1

113.9

8.1

5.1

1.5

1.3

16.8

11.9

0.5

0.4

Sadbhav Engineering

Neutral

290

4,970

3,598

4,140

10.3

10.6

9.0

11.9

32.2

24.3

3.4

3.0

9.9

11.9

1.7

1.4

NBCC

Neutral

210

18,927

7,428

9,549

7.9

8.6

8.2

11.0

25.7

19.1

1.3

1.0

28.2

28.7

2.3

1.7

MEP Infra

Neutral

132

2,143

1,877

1,943

30.6

29.8

3.0

4.2

44.0

31.4

21.3

14.3

0.6

2.5

2.3

www.angelbroking.com

Stock Watch

July 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

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

156

10,516

1,725

1,935

16.0

19.1

11.4

13.9

13.7

11.2

1.9

1.8

13.4

15.3

5.0

4.5

Financials

Axis Bank

Accumulate

513

580

122,999

46,932

53,575

3.5

3.4

32.4

44.6

15.9

11.5

2.0

1.8

13.6

16.5

Bank of Baroda

Neutral

165

37,973

19,980

23,178

1.8

11.5

17.3

14.3

9.5

1.6

1.4

8.3

10.1

Canara Bank

Neutral

368

21,956

15,225

16,836

1.8

14.5

28.0

25.4

13.1

1.8

1.4

5.8

8.5

Can Fin Homes

Neutral

3,206

8,535

420

526

3.5

86.5

107.8

37.1

29.7

8.0

6.5

23.6

24.1

Cholamandalam Inv. &

Accumulate

1,154

1,230

18,038

2,012

2,317

6.3

42.7

53.6

27.0

21.5

4.3

3.7

16.9

18.3

Fin. Co.

Dewan Housing Finance Buy

443

520

13,892

2,225

2,688

2.9

29.7

34.6

14.9

12.8

2.4

1.6

16.1

14.8

Equitas Holdings

Buy

170

235

5,748

939

1,281

11.7

11.5

5.8

8.2

29.3

20.7

2.5

2.3

10.9

11.5

Federal Bank

Accumulate

116

125

22,481

8,259

8,995

3.0

4.3

5.6

26.9

20.7

2.3

2.1

8.5

10.1

HDFC

Neutral

1,648

262,557

11,475

13,450

3.4

45.3

52.5

36.4

31.4

7.0

6.2

20.2

20.5

HDFC Bank

Neutral

1,681

432,670

46,097

55,433

4.5

58.4

68.0

28.8

24.7

5.1

4.2

18.8

18.6

ICICI Bank

Accumulate

298

315

191,102

42,800

44,686

3.1

3.3

18.0

21.9

16.6

13.6

2.2

2.1

11.1

12.3

Karur Vysya Bank

Buy

136

160

8,243

5,640

6,030

3.3

3.2

8.9

10.0

15.3

13.6

1.6

1.5

11.2

11.4

Lakshmi Vilas Bank

Neutral

202

3,869

3,339

3,799

2.7

2.8

11.0

14.0

18.3

14.4

1.9

1.7

11.2

12.7

LIC Housing Finance

Neutral

740

37,363

3,712

4,293

2.6

2.5

39.0

46.0

19.0

16.1

3.6

3.0

19.9

20.1

Punjab Natl.Bank

Neutral

154

32,686

23,532

23,595

2.3

2.4

6.8

12.6

22.6

12.2

3.5

2.5

3.3

6.5

RBL Bank

Neutral

541

20,366

1,783

2,309

2.6

12.7

16.4

42.6

33.0

4.6

4.2

12.8

13.3

Repco Home Finance

Neutral

793

4,964

388

457

4.5

4.2

30.0

38.0

26.5

20.9

4.4

3.7

18.0

19.2

South Ind.Bank

Neutral

5,149

6,435

7,578

2.5

2.7

3.1

10.6

9.2

1.4

1.1

10.1

11.2

St Bk of India

Neutral

292

251,711

88,650

98,335

2.6

13.5

18.8

21.6

15.5

2.1

1.8

7.0

8.5

Union Bank

Neutral

155

10,659

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

1,565

71,606

8,978

11,281

3.3

3.4

74.0

90.0

21.2

17.4

4.0

3.4

17.0

17.2

FMCG

Akzo Nobel India

Neutral

1,814

8,702

2,955

3,309

13.3

13.7

57.2

69.3

31.8

26.2

10.4

8.7

32.7

33.3

2.7

2.4

Asian Paints

Neutral

1,118

107,248

17,128

18,978

16.8

16.4

19.1

20.7

58.5

54.0

20.4

19.2

34.8

35.5

6.2

5.6

Britannia

Neutral

3,718

44,638

9,594

11,011

14.6

14.9

80.3

94.0

46.3

39.6

19.0

14.7

41.2

4.5

3.9

Colgate

Neutral

1,071

29,120

4,605

5,149

23.4

23.8

26.9

45.0

39.8

24.9

19.5

64.8

66.8

6.3

5.6

Dabur India

Neutral

304

53,541

8,315

9,405

19.8

20.7

8.1

9.2

37.5

33.0

10.5

8.7

31.6

31.0

6.1

5.4

GlaxoSmith Con*

Neutral

5,456

22,947

4,350

4,823

21.2

21.4

179.2

196.5

30.5

27.8

8.1

6.9

27.1

26.8

4.7

4.1

www.angelbroking.com

Stock Watch

July 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

Godrej Consumer

Neutral

979

66,707

10,235

11,428

18.4

18.6

41.1

44.2

23.8

22.2

5.3

4.5

24.9

24.8

6.6

5.8

HUL

Neutral

1,140

246,684

35,252

38,495

17.8

20.7

22.4

55.2

50.9

52.8

45.3

95.6

88.9

6.8

6.3

ITC

Neutral

337

409,771

40,059

44,439

38.3

39.2

9.0

10.1

37.6

33.3

10.5

9.2

27.8

27.5

9.7

8.8

Marico

Neutral

328

42,282

6,430

7,349

18.8

19.5

6.4

7.7

51.2

42.6

15.5

13.0

33.2

32.5

6.4

5.5

Nestle*

Neutral

6,810

65,659

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

174

10,994

8,675

9,088

9.8

7.4

8.2

23.5

21.2

1.9

1.8

7.9

8.1

1.2

1.1

Procter & Gamble

Neutral

8,000

25,969

2,939

3,342

23.2

23.0

146.2

163.7

54.7

48.9

13.9

11.5

25.3

23.5

8.4

7.3

Hygiene

HCL Tech^

Buy

851

1,014

121,451

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

972

1,179

223,275

68,484

73,963

26.0

63.0

64.0

15.4

15.2

3.2

3.0

20.8

19.7

2.9

2.6

TCS

Accumulate

2,399

2,651

472,666

117,966

127,403

27.5

27.6

134.3

144.5

17.9

16.6

5.3

4.9

29.8

29.7

3.7

3.4

Tech Mahindra

Buy

388

533

37,799

29,141

31,051

14.4

15.0

32.3

35.6

12.0

10.9

2.1

1.9

17.1

17.0

1.2

1.0

Wipro

Accumulate

260

280

126,277

55,421

58,536

20.3

35.1

36.5

7.4

7.1

1.3

1.1

19.2

14.6

1.7

1.5

Media

D B Corp

Neutral

378

6,960

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

1,928

2,693

2,991

12.6

12.9

7.9

9.0

10.5

9.2

0.9

0.8

7.8

8.3

0.3

0.2

Jagran Prakashan

Buy

175

225

5,729

2,283

2,555

28.0

10.6

12.3

16.5

14.3

3.5

3.1

21.4

2.5

2.2

Sun TV Network

Neutral

831

32,743

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

288

2,111

1,016

1,138

24.3

25.2

27.3

30.1

10.5

9.6

2.0

1.8

16.2

15.8

1.4

1.2

Ventures

TV Today Network

Buy

250

344

1,494

608

667

21.5

22.3

15.7

19.2

16.0

13.0

2.4

2.1

16.1

16.0

2.1

1.8

Metals & Mining

Coal India

Neutral

251

155,527

84,638

94,297

21.4

22.3

24.5

27.1

10.2

9.3

4.3

4.1

42.6

46.0

1.4

1.2

Hind. Zinc

Neutral

274

115,710

14,252

18,465

55.9

48.3

15.8

21.5

17.3

12.7

2.8

2.5

17.0

20.7

8.1

6.3

Hindalco

Neutral

205

46,081

107,899

112,095

7.4

8.2

9.2

13.0

22.3

15.8

1.1

1.0

4.8

6.6

1.0

0.9

JSW Steel

Neutral

215

51,849

53,201

58,779

16.1

16.2

130.6

153.7

1.6

1.4

0.2

14.0

14.4

1.7

1.5

NMDC

Neutral

120

37,951

6,643

7,284

44.4

47.7

7.1

7.7

16.9

15.6

1.5

1.4

8.8

9.2

3.5

3.1

SAIL

Neutral

25,441

47,528

53,738

(0.7)

2.1

(1.9)

2.6

23.7

0.7

0.6

(1.6)

3.9

1.4

1.3

Vedanta

Neutral

262

97,502

71,744

81,944

19.2

21.7

13.4

20.1

19.6

13.1

1.7

1.5

8.4

11.3

1.7

1.4

Tata Steel

Neutral

560

54,340

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

389

65,851

56,220

65,198

9.3

10.1

27.1

33.3

14.4

11.7

1.3

1.2

9.3

10.7

1.4

1.1

ONGC

Neutral

159

203,471

137,222

152,563

15.0

21.8

19.5

24.1

8.1

6.6

0.7

8.5

10.1

1.8

1.6

Indian Oil Corp

Neutral

373

181,174

373,359

428,656

5.9

5.5

54.0

59.3

6.9

6.3

1.1

1.0

16.0

15.6

0.6

0.5

www.angelbroking.com

Stock Watch

July 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

Oil & Gas

Reliance Industries

Neutral

1,531

497,831

301,963

358,039

12.1

12.6

87.7

101.7

17.5

15.1

1.8

1.6

10.7

11.3

2.1

1.8

Pharmaceuticals

Alembic Pharma

Buy

539

648

10,169

3,101

3,966

19.7

20.5

21.4

25.5

25.2

21.2

5.4

4.4

23.0

22.8

3.2

2.4

Alkem Laboratories Ltd

Buy

1,785

2,161

21,345

5,853

6,901

17.1

18.4

74.6

85.0

23.9

21.0

5.1

4.2

21.1

20.2

3.6

3.1

Aurobindo Pharma

Accumulate

746

823

43,692

14,845

17,086

21.5

22.1

39.4

44.7

18.9

16.7

4.7

3.7

27.6

24.7

3.1

2.7

Aventis*

Neutral

4,183

9,633

2,206

2,508

16.6

16.8

128.9

139.9

32.5

29.9

5.5

4.3

21.6

23.5

4.1

3.5

Cadila Healthcare

Sell

530

450

54,274

9,220

11,584

18.4

20.3

14.5

18.7

36.6

28.4

7.8

6.3

23.5

24.6

6.2

4.8

Cipla

Sell

547

461

44,037

14,281

16,619

15.4

16.2

12.5

19.7

43.8

27.8

3.5

3.2

8.4

12.0

3.3

2.8

Dr Reddy's

Neutral

2,705

44,828

14,081

15,937

16.1

18.6

72.6

105.9

37.3

25.5

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

2,551

21,609

2,927

3,290

11.8

16.2

34.4

49.6

74.2

51.4

10.8

11.2

13.9

21.3

7.2

6.5

Indoco Remedies

Sell

205

153

1,888

1,067

1,154

12.1

14.9

8.4

11.3

24.4

18.1

2.9

2.6

12.6

15.0

2.0

1.8

Ipca labs

Buy

479

620

6,046

3,211

3,593

13.9

14.5

15.4

19.4

31.1

24.7

2.5

2.3

8.2

9.5

2.0

1.8

Lupin

Buy

1,139

1,526

51,433

17,120

18,657

24.1

56.9

61.1

20.0

18.6

3.8

3.2

20.7

18.6

3.3

2.7

Natco Pharma

Accumulate

994

1,060

17,318

2,065

1,988

33.1

33.7

27.9

25.7

35.6

38.7

10.4

8.8

29.2

22.9

8.5

8.6

Sun Pharma

Buy

571

712

136,877

30,264

32,899

29.0

26.9

32.7

31.6

17.5

18.1

3.8

3.2

22.2

18.7

4.3

3.8

Power

Tata Power

Neutral

22,436

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

167

137,740

86,605

95,545

17.5

20.8

11.8

13.4

14.2

12.5

1.4

1.3

10.5

11.1

2.9

Power Grid

Neutral

215

112,479

25,315

29,193

88.2

88.7

14.2

17.2

15.2

12.5

2.3

2.0

15.2

16.1

9.1

8.2

Real Estate

Prestige Estate

Neutral

266

9,964

4,707

5,105

25.2

26.0

10.3

13.0

25.8

20.4

2.1

1.9

10.3

10.2

3.3

2.9

MLIFE

Buy

442

522

2,266

1,152

1,300

22.7

24.6

29.9

35.8

14.8

12.3

1.1

1.0

7.6

8.6

2.7

2.3

Telecom

Bharti Airtel

Neutral

406

162,135

105,086

114,808

34.5

34.7

12.2

16.4

33.3

24.7

2.3

2.1

6.8

8.4

2.5

2.1

Idea Cellular

Neutral

31,968

40,133

43,731

37.2

37.1

6.4

6.5

13.9

13.6

1.2

1.1

8.2

7.6

1.8

1.5

zOthers

Abbott India

Neutral

4,530

9,625

3,153

3,583

14.1

14.4

152.2

182.7

29.8

24.8

146.1

124.8

25.6

26.1

2.8

2.4

Asian Granito

Accumulate

447

480

1,345

1,066

1,169

11.6

12.5

13.0

16.0

34.4

28.0

3.4

3.0

9.5

10.7

1.6

1.4

Bajaj Electricals

Buy

339

395

3,438

4,801

5,351

5.7

6.2

10.4

13.7

32.5

24.8

4.0

3.6

12.4

14.5

0.7

0.6

Banco Products (India)

Neutral

241

1,723

1,353

1,471

12.3

12.4

14.5

16.3

16.6

14.8

22.9

20.7

14.5

14.6

1.2

130.7

Coffee Day Enterprises

Neutral

245

5,053

2,964

3,260

20.5

21.2

4.7

8.0

30.7

2.8

2.6

5.5

8.5

2.1

1.9

Ltd

Competent Automobiles Neutral

185

118

1,137

1,256

3.1

2.7

28.0

23.6

6.6

7.8

35.5

32.1

14.3

11.5

0.1

Elecon Engineering

Neutral

695

1,482

1,660

13.7

14.5

3.9

5.8

15.9

10.7

3.7

3.4

7.8

10.9

0.8

0.7

www.angelbroking.com

Stock Watch

July 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

Finolex Cables

Neutral

503

7,690

2,883

3,115

12.0

12.1

14.2

18.6

35.4

27.0

18.8

16.5

15.8

14.6

2.4

2.1

Garware Wall Ropes

Neutral

938

2,052

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

913

2,107

1,598

1,704

10.4

10.2

49.4

52.6

18.5

17.4

85.4

74.9

18.2

17.0

1.0

143.6

Hitachi

Neutral

1,982

5,389

2,081

2,433

8.8

8.9

33.4

39.9

59.3

49.7

47.9

39.9

22.1

21.4

2.6

2.2

HSIL

Neutral

394

2,847

2,384

2,515

15.8

16.3

15.3

19.4

25.7

20.3

25.6

22.0

7.8

9.3

1.4

1.3

Interglobe Aviation

Neutral

1,280

46,290

21,122

26,005

14.5

27.6

110.7

132.1

11.6

9.7

69.2

49.4

168.5

201.1

2.2

1.7

Jyothy Laboratories

Neutral

362

6,581

1,440

2,052

11.5

13.0

8.5

10.0

42.6

36.2

10.3

9.6

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

281

415

382

420

9.3

9.5

13.5

15.7

20.9

17.9

3.6

3.1

17.1

17.3

1.2

1.0

M M Forgings

Neutral

666

804

546

608

20.4

20.7

41.3

48.7

16.1

13.7

91.2

80.7

16.6

17.0

1.3

1.2

Manpasand Bever.

Neutral

771

4,413

836

1,087

19.6

19.4

16.9

23.8

45.6

32.4

5.5

4.8

12.0

14.8

5.0

3.8

Mirza International

Neutral

154

1,856

963

1,069

17.2

18.0

6.1

7.5

25.2

20.5

3.9

3.3

15.0

15.7

2.1

1.9

MT Educare

Neutral

300

366

417

17.7

18.2

9.4

10.8

8.0

7.0

1.8

1.6

22.2

22.3

0.7

0.6

Narayana Hrudaya

Neutral

303

6,194

1,873

2,166

11.5

11.7

2.6

4.0

114.6

76.5

7.0

6.4

6.1

8.3

3.4

2.9

Navkar Corporation

Buy

204

265

2,916

347

371

43.2

37.3

6.7

6.0

30.7

34.1

2.1

1.9

6.2

10.6

9.5

8.9

Navneet Education

Neutral

177

4,134

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

1,945

2,902

1,995

2,165

10.7

10.4

69.8

80.6

27.9

24.1

111.1

96.5

16.6

16.5

1.4

1.3

Page Industries

Neutral

16,966

18,923

2,450

3,124

20.1

17.6

299.0

310.0

56.7

54.7

377.9

288.4

47.1

87.5

7.8

6.1

Parag Milk Foods

Neutral

237

1,991

1,919

2,231

9.3

9.6

9.5

12.9

25.1

18.3

3.9

3.2

15.5

17.5

1.2

1.0

Quick Heal

Neutral

222

1,556

408

495

27.3

27.0

7.7

8.8

28.6

25.2

2.7

9.3

10.6

3.0

2.5

Radico Khaitan

Buy

127

147

1,695

1,667

1,824

13.0

13.2

6.7

8.2

19.2

15.6

1.7

1.6

9.0

10.2

1.4

1.3

Relaxo Footwears

Neutral

509

6,109

2,085

2,469

9.2

8.2

7.6

8.0

67.3

64.0

26.1

22.3

17.9

18.8

3.0

2.6

S H Kelkar & Co.

Neutral

264

3,816

1,036

1,160

15.1

15.0

6.1

7.2

43.2

36.8

4.6

4.2

10.7

11.5

3.6

3.1

Siyaram Silk Mills

Neutral

2,383

2,234

1,574

1,769

12.5

12.7

97.1

113.1

24.5

21.1

3.8

3.3

15.4

15.5

1.6

1.4

Styrolution ABS India*

Neutral

922

1,622

1,440

1,537

9.2

9.0

40.6

42.6

22.7

21.7

58.0

52.7

12.3

11.6

1.1

1.0

Surya Roshni

Neutral

281

1,230

3,342

3,625

7.8

7.5

17.3

19.8

16.3

14.2

30.8

24.8

10.5

10.8

0.6

Team Lease Serv.

Neutral

1,466

2,506

3,229

4,001

1.5

1.8

22.8

32.8

64.4

44.6

6.9

6.0

10.7

13.4

0.7

0.5

The Byke Hospitality

Neutral

193

772

287

384

20.5

7.6

10.7

25.3

18.0

5.3

4.3

20.7

23.5

2.7

2.0

Transport Corporation of

Neutral

325

2,485

2,671

2,911

8.5

8.8

13.9

15.7

23.4

20.7

3.2

2.9

13.7

13.8

1.0

India

www.angelbroking.com

Stock Watch

July 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

TVS Srichakra

Neutral

3,776

2,891

2,304

2,614

13.7

13.8

231.1

266.6

16.3

14.2

424.3

334.1

33.9

29.3

1.3

1.1

UFO Moviez

Neutral

390

1,076

619

685

33.2

33.4

30.0

34.9

13.0

11.2

1.8

1.6

13.8

13.9

1.4

1.1

Visaka Industries

Neutral

517

821

1,051

1,138

10.3

10.4

21.0

23.1

24.6

22.3

66.3

62.0

9.0

9.2

1.0

VRL Logistics

Neutral

322

2,939

1,902

2,119

16.7

16.6

14.6

16.8

22.1

19.1

4.8

4.3

21.9

22.2

1.7

1.5

VIP Industries

Buy

182

218

2,575

1,270

1,450

10.4

5.6

6.5

32.5

28.0

6.8

5.9

20.7

21.1

2.0

1.8

Navin Fluorine

Accumulate

3,233

3,650

3,182

789

945

21.1

22.4

120.1

143.4

26.9

22.6

4.3

3.7

17.8

18.5

4.0

3.2

Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on July 14, 2017

www.angelbroking.com

Market Outlook

July 17, 2017

Research Team Tel: 022 - 39357800

E-mail: [email protected]

Website: www.angelbroking.com

DISCLAIMER

Angel Broking Private Limited (hereinafter referred to as “Angel”) is a registered Member of National Stock Exchange of India

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

such investigations as they deem necessary to arrive at an independent evaluation of an investment in the securities of the companies

referred to in this document (including the merits and risks involved), and should consult their own advisors to determine the merits and

risks of such an investment.

Reports based on technical and derivative analysis center on studying charts of a stock's price movement, outstanding positions and

trading volume, as opposed to focusing on a company's fundamentals and, as such, may not match with a report on a company's

fundamentals. Investors are advised to refer the Fundamental and Technical Research Reports available on our website to evaluate the

contrary view, if any.

The information in this document has been printed on the basis of publicly available information, internal data and other reliable

sources believed to be true, but we do not represent that it is accurate or complete and it should not be relied on as such, as this

document is for general guidance only. Angel Broking Pvt. Limited or any of its affiliates/ group companies shall not be in any way

responsible for any loss or damage that may arise to any person from any inadvertent error in the information contained in this report.

Angel Broking Pvt. Limited has not independently verified all the information contained within this document. Accordingly, we cannot

testify, nor make any representation or warranty, express or implied, to the accuracy, contents or data contained within this document.

While Angel Broking Pvt. Limited endeavors to update on a reasonable basis the information discussed in this material, there may be

regulatory, compliance, or other reasons that prevent us from doing so.

This document is being supplied to you solely for your information, and its contents, information or data may not be reproduced,

redistributed or passed on, directly or indirectly.

Neither Angel Broking Pvt. Limited, nor its directors, employees or affiliates shall be liable for any loss or damage that may arise from

or in connection with the use of this information.