Market Outlook
August 17, 2017
Market Cues
Domestic Indices
Chg (%)
(Pts)
(Close)
Indian markets are likely to open flat tracking global indices and SGX Nifty.
BSE Sensex
1.0
322
31,771
U.S. stocks rose Wednesday, with the Dow Jones Industrial Average up for a fourth
Nifty
1.1
103
9,897
day despite political turmoil in Washington DC and the disintegration of the
Mid Cap
1.3
190
15,282
president's business advisory council. The Dow Jones Industrial Average climbed
Small Cap
1.3
202
15,612
0.1%, to end at 22,025, the Nasdaq Composite Index rose 0.2%, to close at 6,345
Bankex
1.3
344
27,573
while the S&P 500 rose 0.1%, to close at 2,468.
The FTSE 100 followed global stocks higher as investors breathed a sigh of relief
Global Indices
Chg (%)
(Pts)
(Close)
over easing tensions between the US and North Korea. London’s blue chip index
ended the day higher by 0.67% at 7433 while the French CAC 40 and German Dax
Dow Jones
0.1
26
22,025
rose 0.71% each.
Nasdaq
0.2
12
6,345
FTSE
0.7
49
7,433
Posting their biggest single-day percentage gain in a month, Indian markets on
Nikkei
(0.1)
(24)
19,729
Wednesday soared more than 1 per cent, reflecting the upbeat mood across global
markets amid receding tensions between the US and North Korea and expectations
Hang Seng
0.9
234
27,409
of favourable comments in the US Federal Reserve minutes. The 30-share Sensex
Shanghai Com
(0.1)
(5)
3,246
zoomed 1.02% to close at 31,771, its highest closing since August 9. The NSE Nifty
again went past the 9,900-mark to touch a high of 9,904.95 intra-day but finally
Advances / Declines
BSE
NSE
settled 1.05 per cent higher at 9,897.
Advances
1,641
1,148
News Analysis
Declines
963
538
Biocon withdraws application for two biosimillars
Unchanged
120
68
Detailed analysis is on Pg2
Volumes (` Cr)
Investor’s Ready Reckoner
BSE
4,402
Key Domestic & Global Indicators
NSE
26,122
Stock Watch: Latest investment recommendations on 150+ stocks
Refer Pg7 onwards
#Net Inflows (` Cr)
Net
Mtd
Ytd
Top Picks
FII
(1,524)
(4,199)
54,197
CMP
Target
Upside
Company
Sector
Rating
MFs
(38)
4,434
55,380
(`)
(`)
(%)
Blue Star
Capital Goods
Accumulate
698
760
8.8
Dewan Housing FinanceFinancials
Buy
449
550
22.5
Top Gainers
Price (`)
Chg (%)
Mahindra Lifespace
Real Estate
Buy
415
522
25.7
Godfryphlp
1,040
14.0
Navkar Corporation
Others
Buy
195
265
35.7
Sparc
370
10.4
KEI Industries
Capital Goods
Buy
218
258
18.5
More Top Picks on Pg5
Granules
127
8.7
Tataglobal
193
8.2
Key Upcoming Events
Torntpharm
1,317
8.1
Previous
Consensus
Date
Region
Event Description
Reading
Expectations
Aug 17, 2017 US
Initial Jobless claims
244.00
240.00
Top Losers
Price (`)
Chg (%)
Aug 17, 2017 Germany PMI Services
53.10
Religare
70
(15.7)
Aug 17, 2017 Euro Zone Euro-Zone CPI (YoY)
1.30
1.30
Aug 23, 2017 US
Industrial Production
0.39
0.30
Biocon
329
(5.9)
Aug 23, 2017 Germany PMI Manufacturing
58.10
Rcom
23
(3.1)
More Events on Pg7
Apollohosp
1,159
(2.8)
Centralbk
75
(2.6)
#as on 16th Aug, 2017
Market Outlook
August 17, 2017
News Analysis
Biocon withdraws application for two biosimillars
Biocon has reported to have withdrawn applications for the biosimilars
Trastuzumab and Pegfilgrastim, drugs for breast cancer. The company has said
that though the drug substance facilities for Trastuzumab and Pegfilgrastim were
approved, the European regulatory authorities has informed them of the need for
a re-inspection of the drug product facility for these products. According to
company, the request for withdrawal of the dossiers and re-submission is part of
the European Medicines Agency procedural requirements linked to this re-
inspection and will be considered by the EMA's Committee for Medicinal Products
for Human Use.
These biosimilars are developed by Biocon in collaboration with US drug maker
Mylan. Last month, Biocon’s shares had seen steep rise on expectations of
approval of the trastuzumab (brand Herceptin) which is one of the most commonly
used drugs to treat HER2-positive breast cancer. Biocon is a latest company in the
Indian pharma space to have seen series of regulatory actions and the shares
have seen high volatility in the last one month and we expect this is likely to
continue unless there is more clarity on Biocon’s future actions to monetize its
biosimilar pipelne.
Economic and Political News
Air India sale is said to be completed before year-end
Diesel, LPG imports swell despite high refining capacity
Agriculture advance estimate pegs grain output higher at 275.68 mt
Monsoon 16% below normal
Corporate News
Tata Sons Is Said to End Dealings With Mistry’s SP Group
ITC to invest `1,700cr in Kapurthala food park
Malaysia’s Petronas eyeing stake in Indian Oil Corp’s LNG import terminal
Infosys buyback gets approval from SEBI
Market Outlook
August 17, 2017
Top Picks
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
21,705
1,815
2,161
19.0
more products in USA, which bodes for its international
business.
We expect the company would report strong profitability
Asian Granito
1,212
403
480
19.1
owing to better product mix, higher B2C sales and
amalgamation synergy.
Favorable outlook for the AC industry to augur well for
Cooling products business which is out pacing the
Blue Star
6,687
698
760
8.8
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
14,078
449
550
22.5
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
8,439
140
160
14.6
Lower credit cost will help in strong bottom-line growth.
Increasing share of CASA will help in NIM improvement.
High order book execution in EPC segment, rising B2C
KEI Industries
1,694
218
258
18.5
sales and higher exports to boost the revenues and
profitability
Speedier execution and speedier sales, strong revenue
Mahindra Lifespace
2,132
415
522
25.7
visibility in short-to-long run, attractive valuations
Expected to benefit from the lower capex requirement
Music Broadcast
2,125
373
434
16.5
and 15 year long radio broadcast licensing.
Massive capacity expansion along with rail advantage at
Navkar Corporation
2,784
195
265
35.7
ICD as well CFS augurs well for the company
Strong brands and distribution network would boost
Siyaram Silk Mills
1,898
2,025
2,500
23.5
growth 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
TV Today Network
1,458
244
344
40.7
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 Suzuki
2,32,650
7,702
8,495
10.3
plant will also enable higher operating leverage which
will be margin accretive.
Source: Company, Angel Research
Market Outlook
August 17, 2017
Key Upcoming Events
Global economic events release calendar
Bloomberg Data
Date
Time
Country
Event Description
Unit
Period
Last Reported
Estimated
Aug 17, 2017
6:00 PMUS
Initial Jobless claims
Thousands
Aug 12
244.00
240.00
1:00 PMGermany
PMI Services
Value
Aug P
53.10
2:30 PMEuro Zone
Euro-Zone CPI (YoY)
%
Jul F
1.30
1.30
Aug 23, 2017
6:45 PMUS
Industrial Production
%
Jul
0.39
0.30
1:00 PMGermany
PMI Manufacturing
Value
Aug P
58.10
7:30 PMEuro Zone
Euro-Zone Consumer Confidence
Value
Aug A
(1.70)
7:30 PMUS
New home sales
Thousands
Jul
610.00
610.00
Aug 24, 2017
2:00 PMUK
GDP (YoY)
% Change
2Q P
1.70
7:30 PMUS
Existing home sales
Million
Jul
5.52
5.56
Aug 25, 2017
11:30 AMGermany
GDP nsa (YoY)
% Change
2Q F
0.80
Aug 29, 2017
7:30 PMUS
r Confidence
S.A./ 1985=100
Aug
121.10
119.00
Aug 30, 2017
6:00 PMUS
GDP Qoq (Annualised)
% Change
2Q S
2.60
2.40
Aug 31, 2017
1:25 PMGermany
Unemployment change (000's)
Thousands
Aug
(8.00)
6:00 PMUS
Change in Nonfarm payrolls
Thousands
Aug
209.00
180.00
Sep 01, 2017
6:30 AMChina
PMI Manufacturing
Value
Aug
51.40
6:00 PMUS
Unnemployment rate
%
Aug
4.30
4.30
2:00 PMUK
PMI Manufacturing
Value
Aug
55.10
Sep 07, 2017
5:15 PMEuro Zone
ECB announces interest rates
%
Sep 7
-
Sep 08, 2017
India
Imports YoY%
% Change
Aug
15.40
India
Exports YoY%
% Change
Aug
3.94
2:00 PMUK
Industrial Production (YoY)
% Change
Jul
0.30
China
Exports YoY%
% Change
Aug
7.20
Sep 09, 2017
7:00 AMChina
Consumer Price Index (YoY)
% Change
Aug
1.40
Source: Bloomberg, Angel Research
Market Outlook
August 17, 2017
Macro watch
Exhibit 1: Quarterly GDP trends
Exhibit 2: IIP trends
(%)
(%)
5.7
5.7
10.0
6.0
9.1
8.8
4.9
4.9
9.0
5.0
7.9
8.0
7.9
7.6
7.5
3.8
8.0
7.3
7.2
4.0
7.0
3.0
2.8
2.8
7.0
2.6
6.1
6.1
3.0
1.9
6.0
2.0
5.0
1.0
4.0
-
3.0
(0.1)
(1.0)
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
(%)
6.0
54.0
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
2.4
2.2
46.0
2.0
1.5
44.0
1.0
42.0
40.0
-
Source: Market, Angel Research; Note: Level above 50 indicates expansion
Source: MOSPI, Angel Research
Exhibit 5: Exports and imports growth trends
Exhibit 6: Key policy rates
(%)
Exports yoy growth
Imports yoy growth
(%)
Repo rate
Reverse Repo rate
CRR
60.0
6.50
50.0
6.00
40.0
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
Market Outlook
August 17, 2017
Global watch
Exhibit 1: Latest quarterly GDP Growth (%, yoy) across select developing and developed countries
(%)
8.0
6.9
7.0
5.6
6.0
5.3
5.0
1.0
5.0
4.0
3.3
2.9
3.0
2.1
0.5
1.7
1.8
2.0
1.3
1.0
-
(1.0)
(0.4)
Source: Bloomberg, Angel Research
Exhibit 2: 2016 GDP Growth projection by IMF (%, yoy) across select developing and developed countries
(%)
7.2
6.6
7.0
6.0
5.1
5.0
4.5
4.0
3.0
3.0
2.3
2.0
1.4
1.6
2.0
1.4
1.2
0.2
0.8
1.0
-
Source: IMF, Angel Research
Exhibit 3: One year forward P-E ratio across select developing and developed countries
(x)
25.0
20.0
15.0
10.0
5.0
-
Source: IMF, Angel Research
Market Outlook
August 17, 2017
Exhibit 4: Relative performance of indices across globe
Returns (%)
Country
Name of index
Closing price
1M
3M
1YR
Brazil
Bovespa
68,594
4.5
(0.5)
17.2
Russia
Micex
1,943
(0.2)
(2.0)
(0.8)
India
Nifty
9,897
0.1
4.0
15.4
China
Shanghai Composite
3,246
2.2
4.3
8.9
South Africa
Top 40
49,212
4.2
4.0
8.8
Mexico
Mexbol
51,157
0.3
5.3
6.2
Indonesia
LQ45
982
0.2
3.8
6.0
Malaysia
KLCI
1,774
1.1
(0.3)
6.1
Thailand
SET 50
999
(0.1)
1.8
1.3
USA
Dow Jones
22,025
1.7
4.8
18.6
UK
FTSE
7,433
0.4
(0.9)
8.2
Japan
Nikkei
19,729
(1.8)
(1.0)
18.5
Germany
DAX
12,264
(2.4)
(2.8)
17.1
France
CAC
5,177
(0.7)
(1.8)
17.1
Source: Bloomberg, Angel Research
Stock Watch
August 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
226
209
4,400
1,937
2,164
13.3
14.3
9.0
11.0
25.1
20.6
4.4
3.8
18.4
19.8
2.3
2.0
United Phosphorus
Neutral
853
-
43,348
15,176
17,604
18.5
18.5
37.4
44.6
22.8
19.1
4.5
3.7
21.4
21.2
3.0
2.5
Auto & Auto Ancillary
Ashok Leyland
Accumulate
105
116
30,597
20,019
22,789
11.1
11.7
4.3
5.5
24.3
19.1
4.7
4.2
19.4
22.0
1.5
1.3
Bajaj Auto
Neutral
2,851
-
82,486
25,093
27,891
19.5
19.2
143.9
162.5
19.8
17.5
5.6
4.8
30.3
29.4
3.0
2.6
Bharat Forge
Neutral
1,188
-
27,658
7,726
8,713
20.5
21.2
35.3
42.7
33.7
27.8
6.2
5.6
18.9
20.1
3.6
3.2
Eicher Motors
Neutral
30,617
-
83,346
16,583
20,447
17.5
18.0
598.0
745.2
51.2
41.1
17.5
13.3
41.2
38.3
4.9
3.9
Gabriel India
Neutral
179
-
2,564
1,544
1,715
9.0
9.3
5.4
6.3
33.1
28.3
6.2
5.5
18.9
19.5
1.6
1.4
Hero Motocorp
Neutral
4,018
-
80,239
28,120
30,753
15.2
15.6
169.1
189.2
23.8
21.2
8.2
6.9
30.8
28.2
2.7
2.4
Jamna Auto Industries Neutral
248
-
1,980
1,486
1,620
9.8
9.9
15.0
17.2
16.6
14.4
3.6
3.1
21.8
21.3
1.4
1.3
L G Balakrishnan & Bros Neutral
725
-
1,138
1,302
1,432
11.6
11.9
43.7
53.0
16.6
13.7
2.3
2.1
13.8
14.2
1.0
0.9
Mahindra and Mahindra Neutral
1,369
-
85,003
46,534
53,077
11.6
11.7
67.3
78.1
20.3
17.5
3.3
2.9
15.4
15.8
1.8
1.5
Maruti
Accumulate
7,702
8,495
232,650
67,822
83,717
15.2
15.0
243.0
291.5
31.7
26.4
7.3
5.9
22.9
22.4
3.1
2.4
Minda Industries
Neutral
800
-
6,912
2,728
3,042
9.0
9.1
68.2
86.2
11.7
9.3
2.7
2.1
23.8
24.3
2.6
2.3
Motherson Sumi
Neutral
332
-
69,976
45,896
53,687
7.8
8.3
13.0
16.1
25.5
20.6
8.2
6.6
34.7
35.4
1.6
1.3
Rane Brake Lining
Neutral
1,323
-
1,047
511
562
11.3
11.5
28.1
30.9
47.1
42.8
7.2
6.5
15.3
15.0
2.2
2.0
Setco Automotive
Neutral
37
-
497
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
389
-
112,332
300,209
338,549
8.9
8.4
42.7
54.3
9.1
7.2
1.5
1.2
15.6
17.2
0.5
0.4
TVS Motor
Neutral
586
-
27,828
13,390
15,948
6.9
7.1
12.8
16.5
45.9
35.4
11.4
9.0
26.3
27.2
2.1
1.8
Amara Raja Batteries
Buy
813
962
13,893
5,339
6,220
15.9
15.3
28.0
32.3
29.0
25.2
5.5
4.7
19.1
18.5
2.6
2.2
Exide Industries
Neutral
207
-
17,574
7,439
8,307
15.0
15.0
8.1
9.3
25.5
22.2
3.6
3.2
14.3
16.7
2.0
1.8
Apollo Tyres
Neutral
272
-
13,863
12,877
14,504
14.3
13.9
21.4
23.0
12.7
11.8
2.0
1.7
16.4
15.2
1.2
1.1
Ceat
Neutral
1,711
-
6,922
7,524
8,624
13.0
12.7
131.1
144.3
13.1
11.9
2.4
2.0
19.8
18.6
1.0
0.9
JK Tyres
Neutral
152
-
3,457
7,455
8,056
15.0
15.0
21.8
24.5
7.0
6.2
1.5
1.2
22.8
21.3
0.6
0.5
Swaraj Engines
Neutral
1,973
-
2,450
660
810
15.2
16.4
54.5
72.8
36.2
27.1
11.3
10.2
31.5
39.2
3.5
2.9
Subros
Neutral
229
-
1,376
1,488
1,681
11.7
11.9
6.4
7.2
35.8
32.0
3.8
3.4
10.8
11.4
1.2
1.0
Indag Rubber
Neutral
183
-
479
286
326
19.8
16.8
11.7
13.3
15.6
13.7
2.6
2.5
17.8
17.1
1.3
1.2
Capital Goods
ACE
Neutral
64
-
636
709
814
4.1
4.6
1.4
2.1
45.9
30.6
1.9
1.8
4.4
6.0
1.1
0.9
BEML
Neutral
1,717
-
7,152
3,451
4,055
6.3
9.2
31.4
57.9
54.7
29.7
3.3
3.0
6.3
10.9
2.2
1.9
Bharat Electronics
Neutral
175
-
39,156
8,137
9,169
16.8
17.2
58.7
62.5
3.0
2.8
0.5
0.4
44.6
46.3
3.8
3.4
Stock Watch
August 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
542
-
17,921
6,511
7,514
7.9
8.7
12.9
16.3
42.0
33.2
7.6
6.6
16.7
18.5
2.5
2.1
BGR Energy
Neutral
133
-
961
16,567
33,848
6.0
5.6
7.8
5.9
17.1
22.6
1.0
0.9
4.7
4.2
0.2
0.1
BHEL
Neutral
130
-
31,782
28,797
34,742
-
2.8
2.3
6.9
56.5
18.8
1.0
0.9
1.3
4.8
0.8
0.5
Blue Star
Accumulate
698
760
6,687
4,283
5,077
5.9
7.3
14.9
22.1
46.9
31.6
9.1
7.7
20.4
26.4
1.6
1.4
CG Power and Industrial
Neutral
81
-
5,077
5,777
6,120
5.9
7.0
3.3
4.5
24.6
18.0
1.1
1.0
4.4
5.9
0.8
0.7
Solutions
Greaves Cotton
Neutral
148
-
3,622
1,755
1,881
16.8
16.9
7.8
8.5
19.0
17.5
3.8
3.5
20.6
20.9
1.8
1.6
Inox Wind
Neutral
111
-
2,460
5,605
6,267
15.7
16.4
24.8
30.0
4.5
3.7
1.3
0.9
25.9
24.4
0.5
0.4
KEC International
Neutral
287
-
7,385
9,294
10,186
7.9
8.1
9.9
11.9
29.0
24.1
4.3
3.7
15.6
16.3
1.0
0.9
KEI Industries
Buy
218
258
1,694
2,633
3,001
10.4
10.0
12.7
13.0
17.1
16.7
3.7
3.0
21.4
18.2
0.8
0.7
Thermax
Neutral
885
-
10,550
5,421
5,940
7.3
7.3
25.7
30.2
34.5
29.3
4.2
3.8
12.2
13.1
1.8
1.7
VATech Wabag
Accumulate
632
681
3,452
3,136
3,845
8.9
9.1
26.0
35.9
24.3
17.6
3.0
2.6
13.4
15.9
1.0
0.8
Cement
ACC
Neutral
1,810
-
33,990
11,225
13,172
13.2
16.9
44.5
75.5
40.7
24.0
3.9
3.6
11.2
14.2
3.0
2.6
Ambuja Cements
Neutral
270
-
53,642
9,350
10,979
18.2
22.5
5.8
9.5
46.6
28.4
3.9
3.5
10.2
12.5
5.7
4.9
India Cements
Neutral
185
-
5,698
4,364
4,997
18.5
19.2
7.9
11.3
23.4
16.4
1.7
1.6
8.0
8.5
2.1
1.8
JK Cement
Neutral
1,033
-
7,219
4,398
5,173
15.5
17.5
31.2
55.5
33.1
18.6
4.0
3.4
12.0
15.5
2.2
1.8
J K Lakshmi Cement
Neutral
418
-
4,917
2,913
3,412
14.5
19.5
7.5
22.5
55.7
18.6
3.4
2.9
12.5
18.0
2.3
1.9
Orient Cement
Neutral
154
-
3,145
2,114
2,558
18.5
20.5
8.1
11.3
19.0
13.6
2.8
2.4
9.0
14.0
2.1
1.7
UltraTech Cement
Neutral
3,941
-
108,188
25,768
30,385
21.0
23.5
111.0
160.0
35.5
24.6
4.5
4.0
13.5
15.8
4.3
3.6
Construction
ITNL
Neutral
79
-
2,614
8,946
10,017
31.0
31.6
8.1
9.1
9.8
8.7
0.4
0.4
4.2
5.0
3.6
3.4
KNR Constructions
Neutral
221
-
3,102
1,385
1,673
14.7
14.0
41.2
48.5
5.4
4.6
1.0
0.9
14.9
15.2
2.3
1.9
Larsen & Toubro
Buy
1,142
1,700
159,865
111,017
124,908
11.0
11.0
61.1
66.7
18.7
17.1
2.2
2.1
13.1
12.9
2.5
2.3
Gujarat Pipavav Port
Neutral
141
-
6,795
705
788
52.2
51.7
5.0
5.6
28.1
25.1
2.8
2.5
11.2
11.2
9.3
7.8
Nagarjuna Const.
Neutral
88
-
4,878
8,842
9,775
9.1
8.8
5.3
6.4
16.6
13.7
1.3
1.2
8.2
9.1
0.7
0.6
PNC Infratech
Neutral
140
-
3,590
2,350
2,904
13.1
13.2
9.0
8.8
15.6
15.9
0.6
0.5
15.9
13.9
1.6
1.3
Simplex Infra
Neutral
474
-
2,346
6,829
7,954
10.5
10.5
31.4
37.4
15.1
12.7
1.6
1.4
9.9
13.4
0.8
0.7
Power Mech Projects
Neutral
556
-
819
1,801
2,219
12.7
14.6
72.1
113.9
7.7
4.9
1.4
1.2
16.8
11.9
0.5
0.3
Sadbhav Engineering
Accumulate
267
298
4,574
3,598
4,140
10.3
10.6
9.0
11.9
29.6
22.4
3.1
2.7
9.9
11.9
1.6
1.3
NBCC
Neutral
208
-
18,756
7,428
9,549
7.9
8.6
8.2
11.0
25.4
19.0
1.3
1.0
28.2
28.7
2.2
1.7
MEP Infra
Neutral
117
-
1,909
1,877
1,943
30.6
29.8
3.0
4.2
39.1
28.0
18.9
12.8
0.6
0.6
2.4
2.2
Stock Watch
August 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
104
-
3,653
1,036
1,252
65.5
66.2
(8.4)
(5.6)
3.9
4.4
(22.8)
(15.9)
11.7
9.8
Engineers India
Neutral
151
-
10,165
1,725
1,935
16.0
19.1
11.4
13.9
13.2
10.9
1.8
1.8
13.4
15.3
4.8
4.3
Financials
Axis Bank
Buy
499
580
119,646
46,932
53,575
3.5
3.4
32.4
44.6
15.4
11.2
2.0
1.7
13.6
16.5
-
-
Bank of Baroda
Neutral
147
-
33,906
19,980
23,178
1.8
1.8
11.5
17.3
12.8
8.5
1.5
1.2
8.3
10.1
-
-
Canara Bank
Neutral
337
-
20,108
15,225
16,836
1.8
1.8
14.5
28.0
23.2
12.0
1.6
1.3
5.8
8.5
-
-
Can Fin Homes
Neutral
2,969
-
7,903
420
526
3.5
3.5
86.5
107.8
34.3
27.5
7.4
6.1
23.6
24.1
-
-
Cholamandalam Inv. &
Accumulate
1,160
1,230
18,134
2,012
2,317
6.3
6.3
42.7
53.6
27.2
21.7
4.3
3.7
16.9
18.3
-
-
Fin. Co.
Dewan Housing Finance Buy
449
550
14,078
2,225
2,688
2.9
2.9
29.7
34.6
15.1
13.0
2.4
1.6
16.1
14.8
-
-
Equitas Holdings
Buy
157
235
5,319
939
1,281
11.7
11.5
5.8
8.2
27.1
19.2
2.3
2.1
10.9
11.5
-
-
Federal Bank
Buy
110
140
21,420
8,259
8,995
3.0
3.0
4.3
5.6
25.6
19.7
2.2
2.0
8.5
10.1
-
-
HDFC
Neutral
1,742
-
277,410
11,475
13,450
3.4
3.4
45.3
52.5
38.4
33.2
7.4
6.6
20.2
20.5
-
-
HDFC Bank
Neutral
1,780
-
458,478
46,097
55,433
4.5
4.5
58.4
68.0
30.5
26.2
5.3
4.5
18.8
18.6
-
-
ICICI Bank
Accumulate
294
335
188,709
42,800
44,686
3.1
3.3
18.0
21.9
16.3
13.4
2.2
2.1
11.1
12.3
-
-
Karur Vysya Bank
Accumulate
140
160
8,439
5,640
6,030
3.3
3.2
8.9
10.0
15.7
14.0
1.7
1.5
11.2
11.4
-
-
Lakshmi Vilas Bank
Neutral
178
-
3,405
3,339
3,799
2.7
2.8
11.0
14.0
16.1
12.7
1.7
1.5
11.2
12.7
-
-
LIC Housing Finance
Neutral
660
-
33,320
3,712
4,293
2.6
2.5
39.0
46.0
16.9
14.4
3.2
2.7
19.9
20.1
-
-
Punjab Natl.Bank
Neutral
148
-
31,398
23,532
23,595
2.3
2.4
6.8
12.6
21.7
11.7
3.4
2.4
3.3
6.5
-
-
RBL Bank
Neutral
524
-
19,872
1,783
2,309
2.6
2.6
12.7
16.4
41.3
32.0
4.5
4.0
12.8
13.3
-
-
Repco Home Finance
Buy
697
825
4,361
388
457
4.5
4.2
30.0
38.0
23.2
18.3
3.9
3.3
18.0
19.2
-
-
South Ind.Bank
Neutral
28
-
5,052
6,435
7,578
2.5
2.5
2.7
3.1
10.4
9.0
1.3
1.1
10.1
11.2
-
-
St Bk of India
Buy
283
335
244,201
88,650
98,335
2.6
2.6
13.5
18.8
21.0
15.1
2.0
1.8
7.0
8.5
-
-
Union Bank
Neutral
133
-
9,170
13,450
14,925
2.3
2.3
25.5
34.5
5.2
3.9
0.8
0.7
7.5
10.2
-
-
Yes Bank
Neutral
1,761
-
80,619
8,978
11,281
3.3
3.4
74.0
90.0
23.8
19.6
4.5
3.8
17.0
17.2
-
-
FMCG
Akzo Nobel India
Neutral
1,783
-
8,551
2,955
3,309
13.3
13.7
57.2
69.3
31.2
25.7
10.2
8.6
32.7
33.3
2.7
2.4
Asian Paints
Neutral
1,142
-
109,579
17,128
18,978
16.8
16.4
19.1
20.7
59.8
55.2
20.8
19.6
34.8
35.5
6.3
5.7
Britannia
Neutral
4,299
-
51,612
9,594
11,011
14.6
14.9
80.3
94.0
53.5
45.7
22.0
17.0
41.2
-
5.2
4.5
Colgate
Neutral
1,066
-
28,990
4,605
5,149
23.4
23.4
23.8
26.9
44.8
39.6
24.8
19.4
64.8
66.8
6.2
5.5
Dabur India
Neutral
309
-
54,510
8,315
9,405
19.8
20.7
8.1
9.2
38.2
33.6
10.6
8.8
31.6
31.0
6.2
5.5
GlaxoSmith Con*
Neutral
5,374
-
22,601
4,350
4,823
21.2
21.4
179.2
196.5
30.0
27.4
8.0
6.7
27.1
26.8
4.6
4.1
Stock Watch
August 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
923
-
62,876
10,235
11,428
18.4
18.6
41.1
44.2
22.5
20.9
5.0
4.2
24.9
24.8
6.2
5.5
HUL
Neutral
1,187
-
256,911
35,252
38,495
17.8
17.8
20.7
22.4
57.5
53.0
54.9
47.1
95.6
88.9
7.1
6.5
ITC
Neutral
279
-
339,995
40,059
44,439
38.3
39.2
9.0
10.1
31.1
27.6
8.7
7.6
27.8
27.5
8.0
7.2
Marico
Neutral
317
-
40,934
6,430
7,349
18.8
19.5
6.4
7.7
49.6
41.2
15.0
12.6
33.2
32.5
6.2
5.4
Nestle*
Neutral
6,672
-
64,326
10,073
11,807
20.7
21.5
124.8
154.2
53.5
43.3
22.0
19.7
34.8
36.7
6.2
5.3
Tata Global
Neutral
194
-
12,234
8,675
9,088
9.8
9.8
7.4
8.2
26.2
23.6
2.1
2.0
7.9
8.1
1.3
1.3
Procter & Gamble
Neutral
8,192
-
26,591
2,939
3,342
23.2
23.0
146.2
163.7
56.0
50.0
14.2
11.8
25.3
23.5
8.6
7.5
Hygiene
IT
HCL Tech^
Buy
864
1,014
123,256
46,723
52,342
22.1
20.9
60.0
62.8
14.4
13.8
3.6
3.1
25.3
22.4
2.4
2.0
Infosys
Buy
977
1,179
224,366
68,484
73,963
26.0
26.0
63.0
64.0
15.5
15.3
3.3
3.0
20.8
19.7
3.0
2.6
TCS
Accumulate
2,491
2,651
490,843
117,966
127,403
27.5
27.6
134.3
144.5
18.6
17.2
5.5
5.1
29.8
29.7
3.8
3.5
Tech Mahindra
Buy
418
533
40,799
29,141
31,051
14.4
15.0
32.3
35.6
13.0
11.8
2.2
2.0
17.1
17.0
1.3
1.1
Wipro
Neutral
290
-
141,126
55,421
58,536
20.3
20.3
35.1
36.5
8.3
8.0
1.4
1.2
19.2
14.6
2.0
1.7
Media
D B Corp
Neutral
364
-
6,692
2,297
2,590
27.4
28.2
21.0
23.4
17.3
15.6
4.0
3.5
23.7
23.1
2.7
2.3
HT Media
Neutral
87
-
2,028
2,693
2,991
12.6
12.9
7.9
9.0
11.0
9.7
0.9
0.9
7.8
8.3
0.3
0.2
Jagran Prakashan
Buy
173
225
5,662
2,283
2,555
28.0
28.0
10.6
12.3
16.3
14.1
3.5
3.0
21.4
21.4
2.5
2.2
Sun TV Network
Neutral
748
-
29,470
2,850
3,265
70.1
71.0
26.2
30.4
28.5
24.6
7.3
6.5
24.3
25.6
9.9
8.5
Hindustan Media
Neutral
269
-
1,977
1,016
1,138
24.3
25.2
27.3
30.1
9.9
9.0
1.9
1.7
16.2
15.8
1.3
1.1
Ventures
TV Today Network
Buy
244
344
1,458
608
667
21.5
22.3
15.7
19.2
15.6
12.7
2.4
2.0
16.1
16.0
2.0
1.7
Music Broadcast Limited Buy
373
434
2,125
271
317
91.0
109.0
6.0
10.0
62.1
37.3
3.9
3.5
6.5
9.3
7.4
6.1
Metals & Mining
Coal India
Neutral
237
-
147,147
84,638
94,297
21.4
22.3
24.5
27.1
9.7
8.8
4.0
3.8
42.6
46.0
1.3
1.1
Hind. Zinc
Neutral
291
-
122,788
14,252
18,465
55.9
48.3
15.8
21.5
18.4
13.5
3.0
2.6
17.0
20.7
8.6
6.7
Hindalco
Neutral
234
-
52,408
107,899
112,095
7.4
8.2
9.2
13.0
25.4
18.0
1.2
1.2
4.8
6.6
1.0
0.9
JSW Steel
Neutral
238
-
57,506
53,201
58,779
16.1
16.2
130.6
153.7
1.8
1.6
0.3
0.2
14.0
14.4
1.8
1.6
NMDC
Neutral
121
-
38,346
6,643
7,284
44.4
47.7
7.1
7.7
17.1
15.7
1.5
1.4
8.8
9.2
3.5
3.2
SAIL
Neutral
59
-
24,429
47,528
53,738
(0.7)
2.1
(1.9)
2.6
22.8
0.6
0.6
(1.6)
3.9
1.4
1.2
Vedanta
Neutral
297
-
110,475
71,744
81,944
19.2
21.7
13.4
20.1
22.2
14.8
1.9
1.7
8.4
11.3
1.9
1.6
Tata Steel
Neutral
630
-
61,162
121,374
121,856
7.2
8.4
18.6
34.3
33.9
18.4
2.1
1.9
6.1
10.1
1.1
1.1
Oil & Gas
GAIL
Neutral
370
-
62,620
56,220
65,198
9.3
10.1
27.1
33.3
13.7
11.1
1.3
1.2
9.3
10.7
1.3
1.1
ONGC
Neutral
161
-
206,615
137,222
152,563
15.0
21.8
19.5
24.1
8.3
6.7
0.7
0.7
8.5
10.1
1.8
1.6
Stock Watch
August 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
Indian Oil Corp
Neutral
422
-
205,065
373,359
428,656
5.9
5.5
54.0
59.3
7.8
7.1
1.2
1.1
16.0
15.6
0.7
0.6
Reliance Industries
Neutral
1,567
-
509,557
301,963
358,039
12.1
12.6
87.7
101.7
17.9
15.4
1.8
1.7
10.7
11.3
2.2
1.8
Pharmaceuticals
Alembic Pharma
Buy
515
600
9,710
3,101
3,966
19.7
20.5
21.4
25.5
24.1
20.2
5.1
4.2
23.0
22.8
3.1
2.3
Alkem Laboratories Ltd
Buy
1,815
2,161
21,705
5,853
6,901
17.1
18.4
74.6
85.0
24.3
21.4
5.1
4.3
21.1
20.2
3.7
3.1
Aurobindo Pharma
Buy
714
823
41,844
14,845
17,086
21.5
22.1
39.4
44.7
18.1
16.0
4.5
3.5
27.6
24.7
3.0
2.6
Aventis*
Neutral
4,127
-
9,504
2,206
2,508
16.6
16.8
128.9
139.9
32.0
29.5
5.5
4.3
21.6
23.5
4.1
3.4
Cadila Healthcare
Reduce
484
450
49,508
9,220
11,584
18.4
20.3
14.5
18.7
33.4
25.9
7.1
5.8
23.5
24.6
5.7
4.3
Cipla
Sell
590
461
47,492
14,281
16,619
15.4
16.2
12.5
19.7
47.2
30.0
3.8
3.4
8.4
12.0
3.5
3.0
Dr Reddy's
Neutral
1,999
-
33,131
14,081
15,937
16.1
18.6
72.6
105.9
27.5
18.9
2.7
2.4
9.6
13.6
2.6
2.3
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
2,365
-
20,033
2,927
3,290
11.8
16.2
34.4
49.6
68.8
47.7
10.0
10.4
13.9
21.3
6.6
6.0
Indoco Remedies
Sell
193
153
1,774
1,067
1,154
12.1
14.9
8.4
11.3
22.9
17.0
2.7
2.4
12.6
15.0
1.9
1.7
Ipca labs
Buy
420
620
5,295
3,211
3,593
13.9
14.5
15.4
19.4
27.3
21.6
2.2
2.0
8.2
9.5
1.8
1.5
Lupin
Buy
962
1,467
43,467
17,120
18,657
24.1
24.1
56.9
61.1
16.9
15.8
3.2
2.7
20.7
18.6
2.8
2.3
Natco Pharma
Buy
763
1,060
13,308
2,065
1,988
33.1
33.7
27.9
25.7
27.4
29.7
8.0
6.8
29.2
22.9
6.5
6.6
Sun Pharma
Buy
485
712
116,411
30,264
32,899
29.0
26.9
32.7
31.6
14.8
15.4
3.2
2.7
22.2
18.7
3.6
3.2
Power
Tata Power
Neutral
82
-
22,193
36,916
39,557
17.4
27.1
5.1
6.3
16.1
13.0
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
Neutral
221
-
115,435
25,315
29,193
88.2
88.7
14.2
17.2
15.6
12.9
2.4
2.1
15.2
16.1
9.2
8.3
Real Estate
Prestige Estate
Neutral
267
-
10,029
4,707
5,105
25.2
26.0
10.3
13.0
26.0
20.6
2.1
1.9
10.3
10.2
3.3
2.9
MLIFE
Buy
415
522
2,132
1,152
1,300
22.7
24.6
29.9
35.8
13.9
11.6
1.0
1.0
7.6
8.6
2.6
2.2
Telecom
Bharti Airtel
Neutral
407
-
162,554
105,086
114,808
34.5
34.7
12.2
16.4
33.3
24.8
2.3
2.1
6.8
8.4
2.5
2.2
Idea Cellular
Neutral
87
-
31,360
40,133
43,731
37.2
37.1
6.4
6.5
13.6
13.4
1.1
1.1
8.2
7.6
1.8
1.5
zOthers
Abbott India
Neutral
4,330
-
9,201
3,153
3,583
14.1
14.4
152.2
182.7
28.5
23.7
139.7
119.3
25.6
26.1
2.6
2.3
Asian Granito
Buy
403
480
1,212
1,066
1,169
11.6
12.5
13.0
16.0
31.0
25.2
3.0
2.7
9.5
10.7
1.4
1.3
Bajaj Electricals
Buy
315
395
3,196
4,801
5,351
5.7
6.2
10.4
13.7
30.2
23.0
3.7
3.3
12.4
14.5
0.7
0.6
Banco Products (India)
Neutral
205
-
1,465
1,353
1,471
12.3
12.4
14.5
16.3
14.1
12.6
19.5
17.6
14.5
14.6
1.0
109.7
Coffee Day Enterprises
Neutral
243
-
5,008
2,964
3,260
20.5
21.2
4.7
8.0
-
30.4
2.8
2.6
5.5
8.5
2.1
1.9
Ltd
Competent Automobiles Neutral
207
-
133
1,137
1,256
3.1
2.7
28.0
23.6
7.4
8.8
39.8
36.0
14.3
11.5
0.1
0.1
Stock Watch
August 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
Elecon Engineering
Neutral
48
-
540
1,482
1,660
13.7
14.5
3.9
5.8
12.3
8.3
2.9
2.7
7.8
10.9
0.7
0.6
Finolex Cables
Neutral
526
-
8,041
2,883
3,115
12.0
12.1
14.2
18.6
37.0
28.3
19.7
17.2
15.8
14.6
2.5
2.2
Garware Wall Ropes
Neutral
884
-
1,933
863
928
15.1
15.2
36.4
39.4
24.3
22.4
4.4
3.8
17.5
15.9
2.2
2.0
Goodyear India*
Neutral
827
-
1,909
1,598
1,704
10.4
10.2
49.4
52.6
16.8
15.7
77.3
67.8
18.2
17.0
0.9
124.5
Hitachi
Neutral
2,016
-
5,483
2,081
2,433
8.8
8.9
33.4
39.9
60.4
50.5
48.7
40.6
22.1
21.4
2.6
2.2
HSIL
Neutral
352
-
2,546
2,384
2,515
15.8
16.3
15.3
19.4
23.0
18.2
22.9
19.7
7.8
9.3
1.2
1.1
Interglobe Aviation
Neutral
1,313
-
47,496
21,122
26,005
14.5
27.6
110.7
132.1
11.9
9.9
71.0
50.7
168.5
201.1
2.2
1.8
Jyothy Laboratories
Neutral
381
-
6,918
1,440
2,052
11.5
13.0
8.5
10.0
44.8
38.1
10.9
10.0
18.6
19.3
5.1
3.5
Kirloskar Engines India
Neutral
395
-
5,706
2,554
2,800
9.9
10.0
10.5
12.1
37.6
32.6
15.7
14.8
10.7
11.7
1.9
1.7
Ltd
Linc Pen & Plastics
Neutral
249
-
369
382
420
9.3
9.5
13.5
15.7
18.5
15.9
3.2
2.7
17.1
17.3
1.0
0.9
M M Forgings
Neutral
589
-
711
546
608
20.4
20.7
41.3
48.7
14.3
12.1
80.7
71.4
16.6
17.0
1.1
1.0
Manpasand Bever.
Neutral
803
-
4,594
836
1,087
19.6
19.4
16.9
23.8
47.5
33.7
5.7
5.0
12.0
14.8
5.2
3.9
Mirza International
Neutral
158
-
1,905
963
1,069
17.2
18.0
6.1
7.5
25.8
21.1
4.0
3.4
15.0
15.7
2.2
2.0
MT Educare
Neutral
60
-
240
366
417
17.7
18.2
9.4
10.8
6.4
5.6
1.4
1.2
22.2
22.3
0.6
0.5
Narayana Hrudaya
Neutral
299
-
6,109
1,873
2,166
11.5
11.7
2.6
4.0
113.0
75.4
6.9
6.3
6.1
8.3
3.4
2.9
Navkar Corporation
Buy
195
265
2,784
347
371
43.2
37.3
6.7
6.0
29.3
32.6
2.0
1.8
6.2
10.6
9.1
8.5
Navneet Education
Neutral
157
-
3,677
1,062
1,147
24.0
24.0
6.1
6.6
25.9
23.8
5.3
4.7
20.6
19.8
3.5
3.3
Nilkamal
Neutral
1,603
-
2,393
1,995
2,165
10.7
10.4
69.8
80.6
23.0
19.9
91.6
79.6
16.6
16.5
1.2
1.1
Page Industries
Neutral
17,039
-
19,005
2,450
3,124
20.1
17.6
299.0
310.0
57.0
55.0
379.5
289.7
47.1
87.5
7.8
6.1
Parag Milk Foods
Neutral
238
-
2,004
1,919
2,231
9.3
9.6
9.5
12.9
25.2
18.4
3.9
3.2
15.5
17.5
1.2
1.0
Quick Heal
Neutral
188
-
1,321
408
495
27.3
27.0
7.7
8.8
24.3
21.4
2.3
2.3
9.3
10.6
2.4
2.0
Radico Khaitan
Neutral
162
-
2,149
1,667
1,824
13.0
13.2
6.7
8.2
24.3
19.7
2.2
2.0
9.0
10.2
1.7
1.5
Relaxo Footwears
Neutral
494
-
5,937
2,085
2,469
9.2
8.2
7.6
8.0
65.4
62.2
25.4
21.6
17.9
18.8
2.9
2.5
S H Kelkar & Co.
Neutral
254
-
3,679
1,036
1,160
15.1
15.0
6.1
7.2
41.7
35.4
4.5
4.1
10.7
11.5
3.4
3.0
Siyaram Silk Mills
Buy
2,025
2,500
1,898
1,574
1,769
12.5
12.7
97.1
113.1
20.9
17.9
3.2
2.8
15.4
15.5
1.4
1.3
Styrolution ABS India*
Neutral
861
-
1,513
1,440
1,537
9.2
9.0
40.6
42.6
21.2
20.2
54.1
49.2
12.3
11.6
1.0
0.9
Surya Roshni
Neutral
256
-
1,121
3,342
3,625
7.8
7.5
17.3
19.8
14.8
12.9
28.1
22.6
10.5
10.8
0.6
0.5
Team Lease Serv.
Neutral
1,484
-
2,536
3,229
4,001
1.5
1.8
22.8
32.8
65.2
45.2
7.0
6.1
10.7
13.4
0.7
0.5
The Byke Hospitality
Neutral
194
-
777
287
384
20.5
20.5
7.6
10.7
25.5
18.1
5.3
4.3
20.7
23.5
2.7
2.0
Stock Watch
August 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
Transport Corporation of
Neutral
285
-
2,181
2,671
2,911
8.5
8.8
13.9
15.7
20.6
18.2
2.8
2.5
13.7
13.8
0.9
0.9
India
TVS Srichakra
Neutral
3,372
-
2,582
2,304
2,614
13.7
13.8
231.1
266.6
14.6
12.7
378.9
298.3
33.9
29.3
1.1
1.0
UFO Moviez
Neutral
347
-
957
619
685
33.2
33.4
30.0
34.9
11.6
9.9
1.6
1.4
13.8
13.9
1.3
1.0
Visaka Industries
Neutral
511
-
812
1,051
1,138
10.3
10.4
21.0
23.1
24.3
22.1
65.5
61.4
9.0
9.2
1.0
1.0
VRL Logistics
Neutral
333
-
3,036
1,902
2,119
16.7
16.6
14.6
16.8
22.8
19.8
5.0
4.4
21.9
22.2
1.7
1.5
VIP Industries
Accumulate
196
218
2,771
1,270
1,450
10.4
10.4
5.6
6.5
35.0
30.2
7.3
6.3
20.7
21.1
2.2
1.9
Navin Fluorine
Neutral
703
-
3,466
789
945
21.1
22.4
24.0
28.7
29.3
24.5
4.7
4.1
17.8
18.5
4.3
3.5
Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on August 16, 2017
Market Outlook
August 17, 2017
Research Team Tel: 022 - 39357800
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