1
1
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Market Outlook
September 23, 2019
www.angelbroking.com
Market Cues
Indian markets are likely to open positive tracking global indices and SGX Nifty.
US stocks once again came under pressure in afternoon trading on Friday. The
major averages pulled back well off their best levels of the day and firmly into
negative territory. The Dow fell 0.6 percent to 26,935 while the Nasdaq slid 0.8
percent to 8,117.
The UK stocks market retreated amid stock specific activity and was hovering around
the flat line in mid-morning trades. The FTSE 100 was up by 0.1 percent to 7,360.
On domestic front, Indian shares soared on Friday on uninterrupted buying after
Finance Minister Nirmala Sitharaman announced the government's decision to slash
effective corporate tax. The benchmark BSE Sensex was ended up by 5.3 percent to
38,015.
Stock Target Price Upgrade
Comp: GMM Pfaulder CMP: `1,520 Tgt: `1,740
News Analysis
Hero Cycles to invest around Rs 1,000 crore in e-cycles business
Detailed analysis on Pg2
Investor’s Ready Reckoner
Key Domestic & Global Indicators
Stock Watch: Latest investment recommendations on 150+ stocks
Refer Pg5 onwards
Top Picks
Company
Rating
CMP
(`)
Target
(`)
Upside
(%)
Blue Star
Accumulate
781
867
11.0
ICICI Bank
Buy
417
490
17.4
Parag Milk Foods
Buy
155
306
97.5
Bata India
Accumulate
1,625
1,865
14.8
KEI Industries
Buy
502
612
21.8
More Top Picks on Pg4
Domestic Indices
Chg (%)
(Pts)
(Close)
BSE Sensex
5.3
1921
38,015
Nifty
5.3
569
11,274
Mid Cap
6.3
835
14,120
Small Cap
3.9
501
13,204
Bankex
8.2
2475
32,625
Global Indices
Chg (%)
(Pts)
(Close)
Dow Jones
(0.6)
(160)
26,935
Nasdaq
(0.8)
(65)
8,117
FTSE
0.1
4
7,360
Nikkei
0.2
35
22,079
Hang Seng
-0.1
-33
26,436
Shanghai Com
0.2
7
3,006
Advances / Declines
BSE
NSE
Advances
1,852
1,386
Declines
745
488
Unchanged
139
98
Volumes (` Cr)
BSE
6,041
NSE
82,330
Net Inflows (` Cr)
Net
Mtd
Ytd
FII
-681
-4,476
-2,51,859
*MFs
-107
4,569
42,120
Top Gainers
Price (
`
)
Chg (%)
NCC
61
17.2
FEDERALBNK
95
13.5
ASHOKLEY
69
18.7
BBTC
1278
16.8
HAVELLS
730
13.5
Top Losers
Price (
`
)
Chg (%)
CGPOWER
14
-5.0
DHFL
43
-8.6
SREINFRA
11
-5.5
JPASSOCIAT
2
-7.8
NETWORK18
23
-5.0
As on Sept 20, 2019
2
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Market Outlook
September 23, 2019
www.angelbroking.com
Stock Target Price Upgrade
Comp: GMM Pfaulder CMP: `1,520 Tgt: `1,740
Post reduction of tax rates by the Government effective tax rate for GMM would
come down to 25.2% as compared to our earlier estimate of 33%. As a result EPS
gets upgraded from INR 67.8 to INR 75.6 for FY21. Therefore we upgrade our
target price to INR 1740 (23xFY21 EPS estimate) from INR 1570. We upgrade the
stock to a buy with a revised buy upto price of INR 1550.
News Analysis
Hero Cycles to invest around Rs 1,000 crore in e-cycles business
Hero Cycles is planning to invest around Rs 1,000 crore to support its e-cycles
business. The money will be utilised for strengthening global design and R&D and
for setting up a manufacturing unit. A part of the investment might also be used
for building a strong retail distribution network. Recently, the company partnered
with Japan’s Yamaha Motor Co Ltd to launch the 'Lectro E-cycle powered by
Yamaha', India’s first center motor E-cycle, which is priced at Rs 1.35 lakh, and
targets adventure e-cycling in India. The high performance E-cycle powered by
Yamaha is the latest addition to Hero Cycles' popular E-cycle range - Lectro. Lectro
EHX20 is the first branded E-cycle which is driven by a center motor. The E-cycle
can travel 60-70 km on a charge time of 3.5 hours.
The premium product is the first outcome of the three-way strategic partnership
formed last year between Hero Cycles Ltd, Yamaha Motor Co Ltd and Mitsui & Co
Ltd. The alliance, brought together by Mitsui & Co Ltd, is aimed at creating
technologically superior high performance products through collaboration
between Hero Cycles and Yamaha Motor's electric drive units, with go-to-market
sales, distribution & marketing support by Mitsui & Co Ltd, said Aditya Munjal,
Director of Firefox Cycles Limited and Hexi. The company is planning to sell
around 45,000 units of Lectro this year, with around 50 per cent to be exported to
the UK and EU. Hero Cycles will use its already existing distribution network
through UK-based Avocet Sports, which it acquired in 2015, to export and sell
Lectro in Britain and the EU. In the domestic market, the company is targeting
mainly metros and urban markets.
Economic and Political News
Cabinet decides to ban sale, production of e-cigarettes; ordinance soon
Govt plans to reduce stake in MMTC to 75%; STC, PEC may shut down
FIDC bats for NHB as a refinancing body for the entire NBFC sector
Tax collection misses target by a wide margin; inches up 4.7% in Apr-Sep
Corporate News
US corporate sector hails India's move to cut income tax rate for companies
ED finds gaps in State Bank of India audit of grounded Jet Airways
GMR Airports to raise Rs 650 cr via bonds by September end to pay off debt
Hero Cycles to invest around Rs 1,000 crore in e-cycles business
3
www.angelbroking.com
Market Outlook
September 23, 2019
www.angelbroking.com
Top Picks
Company
Market Cap
(` Cr)
CMP
(`)
Target
(`)
Upside
(%)
Rationale
Blue Star
7,525
781
867
11.0
Favorable outlook for the AC industry to augur well
for Cooling products business which is out pacing
the market growth. EMPPAC division's profitability
to improve once operating environment turns
around.
ICICI Bank
2,69,529
417
490
17.4
Well capitalized with CAR of 18.1% which gives
sufficient room to grow asset base. Faster
resolution of NPA would reduce provision cost,
which would help to report better ROE.
KEI Industries
3,965
502
612
21.8
High order book execution in EPC segment, rising
B2C sales and higher exports to boost the revenues
and profitability
Maruti Suzuki
1,98,927
6,585
8,552
29.9
GST regime and the Gujarat plant are expected to
improve the company’s sales volume and margins,
respectively.
Safari Industries
1,251
560
1,000
78.5
Third largest brand play in luggage segment
Increased product offerings and improving
distribution network is leading to strong growth in
business. Likely to post robust growth for next 3-4
years
Parag Milk Foods
1,303
155
306
97.5
One of the leading Indian dairy products
companies in India created strong brands in dairy
products. Rising revenue share of high-margin
Value Added Products and reduction in interest cost
is likely to boost margins and earnings in next few
years.
HDFC Bank
6,56,546
1,200
1,310
9.2
HDFC Bank maintained its steady growth in the
4QFY18. The bank’s net profit grew by 20.3%.
Steady growth in interest income and other income
aided PAT growth. The Strong liability franchise
and healthy capitalisation provides strong earning
visibility. At the current market price, the bank is
trading at 3.2x FY20E ABV.
M&M
70,713
569
724
27.3
We expect strong PAT growth on back of healthy
growth in automobile segment (on back of new
launches and facelifts in some of the model ) and
strong growth in Tractors segment coupled by its
strong brand recall and improvement in rural
sentiment
Amber Enterprises
2,663
847
910
7.5
Market leader in the room air conditioner (RAC)
outsourced manufacturing space in India with a
market share of 55.4%. It is a one-stop solutions
provider for the major brands in the RAC industry
and currently serves eight out of the 10 top RAC
brands in India
Bata India
20,881
1,625
1,865
14.8
BIL is the largest footwear retailer in India, offering
footwear, accessories and bags across brands. We
expect BIL to report net PAT CAGR of ~16% to
~`3115cr over FY2018-20E mainly due to new
product launches, higher number of stores addition
and focus on women’s high growth segment and
margin improvement
4
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Market Outlook
September 23, 2019
www.angelbroking.com
Continued...
Company
Market Cap
(` Cr)
CMP
(`)
Target
(`)
Upside
(%)
Rationale
Shriram Transport Finance
25,954
1,144
1,385
21.1
SHTF is in the sweet spot with benefits from
stronger CV volumes, NIMs unaffected by
rising bond yields on the back of stronger
pricing power and an enhancing ROE by
750bps over FY18-20E, supported by decline
in credit cost.
Jindal Steel & Power Limited
11,082
109
250
130.1
We expect JSPL’s top line to grow at 27%
CAGR over FY19-FY20 on the back of strong
steel demand and capacity addition. On the
bottom line front, we expect JSPL to turn in to
profit by FY19 on back of strong operating
margin improvement.
GMM Pfaudler Ltd
2,222
1,520
1,740
14.5
GMM Pfaudler Limited (GMM) is the Indian
market leader in glass-lined (GL) steel
equipment. GMM is expected to cross CAGR
15%+ in revenue over the next few years
mainly led by uptick in demand from user
industries and it is also expecting to increase
its share of non-GL business to 50% by 2020.
Aurobindo Pharmaceuticals
36,287
619
890
43.7
Aurobindo Pharmaceuticals, amongst the
Indian Pharmaceutical companies, is well
placed to face the challenging generic
markets, given its focus on achieving growth
through productivity. Aurobindo will report net
revenue & net profit CAGR of ~13% & ~8%
resp. during FY2018-20E. Valuations are
cheap V/s its peers and own fair multiples of
17-18x.
RBL Bank
16,454
382
540
41.3
We believe advance to grow at a healthy
CAGR of 35% over FY18-20E. Below peers
level ROA (1.2% FY18) to expand led by
margin expansion and lower credit cost.
TTK Prestige
8,539
6,161
7,708
25.1
TTK Prestige has emerged as one of the
leading brands in kitchen appliances in India
after its successful transformation from a
single product company to offering an entire
gamut of home and kitchen appliances. We
are expecting a CAGR of 18% in revenue and
25% in PAT over FY2018-20. Maintain Hold.
Source: Company, Angel Research
5
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Market Outlook
September 23, 2019
www.angelbroking.com
Fundamental Call
Company
Market Cap
(` Cr)
CMP
(`)
Target
(`)
Upside
(%)
Rationale
CCL Products
3,254
245
360
3,254
CCL is likely to maintain the strong growth
trajectory over FY18-20 backed by capacity
expansion and new geographical foray
Nilkamal
1,614
1,082
2,178
1,614
We forecast Nilkamal to report top-line CAGR of
~9% to `2,635cr over FY17-20E on the back of
healthy demand growth in plastic division. On the
bottom-line front, we estimate ~10% CAGR to
`162cr owing to improvement in volumes.
Elantas Beck India Ltd
1,844
2,326
2,500
1,844
Elantas Beck India is the Indian market leader in
liquid insulation segment used in electrical
equipments like motors, transformers etc. It derives
demand from several industries which are expected
to register 10%+ CAGR in demand in the coming
years. We can book out from the stock with 16%
profit at Rs. 2500 TP.
Greenply Industries
1,968
161
256
1,968
Greenply Industries Ltd (GIL) manufactures
plywood & allied products and medium density
fibreboards (MDF). GIL to report net revenue
CAGR of ~14% to ~`2,478cr over FY2017-20E
mainly due to healthy growth in plywood &
lamination business on the back of strong brand
and distribution network
L&T Finance Holding
19,825
99
150
19,825
L&T Fin’s new management is on track to achieve
ROE of 18% by 2020 and recent capital infusion of
`3000cr would support advance growth.
Siyaram Silk Mills
1,195
255
549
1,195
Strong brands and distribution network would
boost growth going ahead. Stock currently trades
at an inexpensive valuation.
Music Broadcast Limited
1,025
37
95
1,025
Expected to benefit from the lower capex
requirement and 15 year long radio broadcast
licensing.
Inox Winds
814
37
120
814
We expect Inox Wind to report exponential growth
in top-line and bottom-line over FY19-20E. The
growth would be led by changing renewable
energy industry dynamics in favor of wind energy
segment viz. changes in auction regime from Feed-
In-Tariff (FIT) to reverse auction regime and
Government’s guidance for 10GW auction in FY19
and FY20 each.
Ashok Leyland
20,329
69
156
20,329
Considering the strong CV demand due to change
in BS-VI emission norms (will trigger pre-buying
activities), pick up in construction activities and no
significant impact on industry due to recent axle
load norms, we recommend BUY on Ashok
Leyland at current valuations.
Aditya Birla Capital
20,741
94
118
20,741
We expect financialisation of savings and
increasing penetration in Insurance & Mutual fund
would ensure steady growth.
Yes Bank
14,142
55
NA
14,142
Well planned strategy to grow small business loans
and cross-selling would propel fees income. We
expect YES to grow its advance much higher than
industry and improvement in asset quality to
support profitability.
GIC Housing
884
164
NA
884
We expect loan book to grow at 24.3% over next
two year; change in borrowing mix will help in NIM
improvement
2
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Market Outlook
September 23, 2019
www.angelbroking.com
Global economic events release calendar
Date
Time
Country
Event Description
Unit
Period
Bloomberg Data
Last Reported
Estimated
May 16, 2019
JN
Housing Starts YoY
% Change
Sep
0.02
(0.01)
May 17, 2019
JN
Annualized Housing Starts
% Change
Sep
0.957m
0.950m
May 17, 2019
JN
Construction Orders YoY
% Change
Sep
0.01
--
May 20, 2019
12:00 AM
ES
Industrial Production YoY
% Change
Sep
0.06
--
May 21, 2019
12:00 AM
RO
ILO Unemployment Rate
% Change
Sep
0.04
--
May 24, 2019
3:15 AM
DE
Unemployment Rate SA
% Change
Sep
0.03
--
May 25, 2019
4:30 AM
DE
Unemployment Rate Gross Rate
% Change
Sep
0.04
0.04
May 26, 2019
4:30 AM
FI
Trade Balance
% Change
Aug F
-400m
--
May 28, 2019
4:30 AM
TU
Economic Confidence
% Change
Oct
71.00
--
May 30, 2019
5:20 AM
TU
Trade Balance
% Ratio
Sep
-2.42b
-1.90b
May 30, 2019
5:20 AM
TU
Central Bank Inflation Report
%
June 02, 2019
5:30 AM
TH
Exports YoY
% Change
Sep
0.06
--
June 03, 2019
5:30 AM
TH
Exports
% Change
Sep
$22380m
--
June 04, 2019
5:31 AM
TH
Imports YoY
%
Sep
0.24
--
June 08, 2019
5:31 AM
TH
Imports
%
Sep
$21776m
--
June 09, 2019
5:31 AM
TH
Trade Balance
Thousands
Sep
$604m
--
June 10, 2019
6:00 AM
TH
BoP Current Account Balance
% Change
Sep
$753m
$1200m
June 11, 2019
0-Jan-00
AU
CPI YoY
% Change
3Q
0.02
0.02
Source: Company, Angel Research
4
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Market Outlook
September 23, 2019
www.angelbroking.com
Macro watch
Exhibit 1: Quarterly GDP trends
Source: CSO, Angel Research
Exhibit 2: IIP trends
Source: MOSPI, Angel Research
Exhibit 3: Monthly CPI inflation trends
Source: MOSPI, Angel Research
Exhibit 4: Manufacturing and services PMI
Source: Market, Angel Research; Note: Level above 50 indicates expansion
Exhibit 5: Exports and imports growth trends
Source: Bloomberg, Angel Research As of 15 April, 2019
Exhibit 6: Key policy rates
Source: RBI, Angel Research
9.1
8.1
7.6
6.8
6.1
5.6
6.3
7.0
7.7
8.0
7.0
6.6
3.0
4.0
5.0
6.0
7.0
8.0
9.0
10.0
4QFY16
1QFY17
2QFY17
3QFY17
4QFY17
1QFY18
2QFY18
3QFY18
4QFY18
1QFY19
2QFY19
3QFY19
(%)
8.5
7.3
7.5
7.0
4.6
4.5
3.8
7.0
6.5
4.8
4.6
8.4
0.3
2.6
1.7
-
1.0
2.0
3.0
4.0
5.0
6.0
7.0
8.0
9.0
Nov-17
Dec-17
Jan-18
Feb-18
Mar-18
Apr-18
May-…
Jun-18
Jul-18
Aug-18
Sep-18
Oct-18
Nov-18
Dec-18
Jan-19
(%)
5.2
5.07
4.4
4.3
4.6
4.9 4.9
4.9
4.2
3.7
3.7
3.4
2.3
2.1
2.0
2.6
-
1.0
2.0
3.0
4.0
5.0
6.0
Dec-17
Jan-18
Feb-18
Mar-18
Apr-18
May-18
Jun-18
Jul-18
Aug-18
Sep-18
Oct-18
Nov-18
Dec-18
Jan-19
Feb-19
(%)
44.0
46.0
48.0
50.0
52.0
54.0
56.0
Oct-17
Nov-17
Dec-17
Jan-18
Feb-18
Mar-18
Apr-18
May-18
Jun-18
Jul-18
Aug-18
Sep-18
Oct-18
Nov-18
Dec-18
Jan-19
Feb-19
Mar-19
Mfg. PMI
Services PMI
(5.0)
0.0
5.0
10.0
15.0
20.0
25.0
30.0
35.0
Aug-17
Sep-17
Oct-17
Nov-17
Dec-17
Jan-18
Feb-18
Mar-18
Apr-18
May-18
Jun-18
Jul-18
Exports yoy growth
Imports yoy growth
(%)
3.00
3.50
4.00
4.50
5.00
5.50
6.00
6.50
7.00
Aug-18
Sep-18
Sep-18
Sep-18
Oct-18
Oct-18
Nov-18
Nov-18
Dec-18
Dec-18
Jan-19
Jan-19
Feb-19
Feb-19
Mar-19
Mar-19
Mar-19
Apr-19
Repo rate
Reverse Repo rate
CRR
(%)
5
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Market Outlook
September 23, 2019
www.angelbroking.com
Global watch
Exhibit 1: Latest quarterly GDP Growth (%, yoy) across select developing and developed countries
Source: Bloomberg, Angel Research
Exhibit 2: 2017 GDP Growth projection by IMF (%, yoy) across select developing and developed countries
Source: IMF, Angel Research
Exhibit 3: One year forward P-E ratio across select developing and developed countries
Source: IMF, Angel Research As of 25 Sep, 2018
0.3
2.5
5.3
6.9
1.1
5.0
5.8
3.7
1.5
2.2
0.8
1.8
1.4
-
1.0
2.0
3.0
4.0
5.0
6.0
7.0
8.0
Brazil
Russia
India
China
South
Africa
Indonesia
Malaysia
Thailand
UK
USA
Germany
France
Japan
(%)
0.7
1.8
6.7
6.8
0.7
5.2
5.4
3.7
1.7
2.2
2.0
1.6
1.5
-
1.0
2.0
3.0
4.0
5.0
6.0
7.0
8.0
Brazil
Russia
India
China
South Africa
Indonesia
Malaysia
Thailand
UK
USA
Germany
France
Japan
(%)
9.1
4.0
19.1
10.2
14.6
14.8
17.0
15.2
12.5
16.0
12.2
14.3
13.2
-
5.0
10.0
15.0
20.0
25.0
Brazil
Russia
India
China
South
Africa
Indonesia
Malaysia
Thailand
UK
USA
Germany
France
Japan
(x)
6
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Market Outlook
September 23, 2019
www.angelbroking.com
Exhibit 4: Relative performance of indices across globe
Returns (%)
Country
Name of index
Closing price
1M
3M
1YR
Brazil
Bovespa
1,01,134
-0.7
4.2
31.9
Russia
Micex
2,740
0.0
2.8
16.8
India
Nifty
11,023
-0.9
-7.5
-5.6
China
Shanghai Composite
2,886
-1.6
-0.4
-1.5
South Africa
Top 40
51,925
3.8
9.7
3.7
Mexico
Mexbol
44,686
-11.2
-15.1
-11.3
Indonesia
LQ45
1,006
-3.2
4.1
-8.5
Malaysia
KLCI
1,708
1.4
1.7
-8.0
Thailand
SET 50
1,099
0.2
0.6
-8.9
USA
Dow Jones
26,406
-1.7
6.4
1.6
UK
FTSE
7,207
-5.0
0.6
-3.0
Japan
Nikkei
20,704
-3.8
0.5
-9.5
Germany
DAX
11,939
-2.1
1.8
-3.4
France
CAC
5,480
-0.7
0.2
1.4
Source: Bloomberg, Angel Research As of 30 August, 2019
7
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Market Outlook
September 23, 2019
www.angelbroking.com
Exhibit 7: Historical Angel Top Picks/Fundamental Calls
Date Added
Top Picks/Fundamental
Stocks
Reco Price
Target/Revised Price
Current Status
17-08-2018
Top Picks
Ashok Leyland
128
156
Open
10-08-2018
Top Picks
Inox Wind
107
127
Open
30-11-2018
Top Picks
TTK Prstige
7,206
8,200
Open
09-08-2018
Top Picks
TTK Prstige
6,206
7,500
06-07-2018
Top Picks
Aurobindo Pharma
603
780
Open
30-08-2018
Top Picks
RBL Bank
626
690
Open
06-07-2018
Top Picks
RBL Bank
565
670
06-07-2018
Top Picks
Yes Bank
348
418
Open
30-06-2018
Top Picks
Jindal Steel & Power
222
350
Open
20-06-2018
Top Picks
Shriram Transport Finance Com
1,466
1,764
Open
30-07-2018
Top Picks
Bata India
918
1,007
Open
23-07-2018
Top Picks
Bata India
842
955
01-07-2018
Top Picks
Bata India
862
948
18-06-2018
Top Picks
Bata India
779
896
14-06-2018
Top Picks
Amber Enterprises
1,026
1,230
Open
07-06-2018
Top Picks
M&M
918
1050
Open
04-05-2018
Top Picks
M&M
860
990
03-05-2018
Fundamental
L&T Finance Holding
171
210
Open
02-05-2018
Top Picks
HDFC Bank
1944
2315
Open
04-05-2018
Top Picks
Matrimony.com Ltd
573
1016
Closed(17/08/2018)
20-04-2018
Top Picks
Matrimony.com Ltd
781
984
15-05-2018
Top Picks
Parag Milk Foods Limited
310
410
Open
16-04-2018
Top Picks
Parag Milk Foods Limited
249
333
27-08-2018
Top Picks
GMM Pfaudler Limited
1,170
1,287
Open
18-08-2018
Top Picks
GMM Pfaudler Limited
1,024
1,200
07-08-2018
Top Picks
GMM Pfaudler Limited
984
1,100
29-06-2018
Fundamental
GMM Pfaudler Limited
932
1,020
14-05-2018
Fundamental
GMM Pfaudler Limited
818
900
06-04-2018
Fundamental
GMM Pfaudler Limited
712
861
07-03-2018
Fundamental
Ashok Leyland Ltd
139
163
Closed (26/04/2018)
03-03-2018
Fundamental
Greenply Industries
340
395
Open
27-08-2018
Top Picks
Safari Industries
974
1,071
Open
14-08-2018
Top Picks
Safari Industries
868
1,000
07-08-2018
Top Picks
Safari Industries
788
870
16-07-2018
Top Picks
Safari Industries
693
800
16-04-2018
Top Picks
Safari Industries
651
750
21-02-2018
Top Picks
Safari Industries
532
650
31-05-2018
Top Picks
HSIL Ltd
348
Closed (31/05/2018)
16-02-2018
Top Picks
HSIL Ltd
433
510
07-02-2018
Fundamental
Elantas Beck India Ltd.
2155
2500
Open
01-02-2018
Top Picks
ICICI Bank
352
416
Open
01-02-2018
Top Picks
Aditya Birla Capital
167
218
Open
04-01-2018
Fundamental
CCL Products
278
360
Open
03-01-2018
Fundamental
Nilkamal Ltd
1880
2178
Open
01-01-2018
Fundamental
Capital First Ltd
693
850
Closed (15/01/2018)
30-12-2017
Fundamental
Shreyans Industries Ltd
205
247
Closed
Source: Company, Angel Research
8
www.angelbroking.com
Market Outlook
September 23, 2019
www.angelbroking.com
Exhibit 8: Historical Angel Top Picks/Fundamental Calls
Date Added
Top Picks/Fundamental
Stocks
Reco Price
Target/Revised Price
Current Status
Fundamental
Prism Cement Ltd
160
Closed (09/05/2018)
21-12-2017
Fundamental
Prism Cement Ltd
118
131
18-12-2017
Fundamental
Menon Bearings Limited
92
114
Closed (17/01/2018)
14-12-2017
Top Picks
Ruchira Papers Ltd.
188
244
Closed (09/02/2018)
17-05-2018
Top Picks
Century Plyboards India
280
Closed(17/05/2018)
28-11-2017
Top Picks
Century Plyboards India
317
400
19-12-2017
Top Picks
LT Foods
85
Closed(18/06/2018)
06-11-2017
Top Picks
LT Foods
74
96
16-10-2017
Fundamental
Endurance Technologies Ltd
1111
1277
Closed (01/12/2017)
11-09-2017
Top Picks
GIC Housing
533
655
Open
10-10-2017
Top Picks
Music Broadcast Limited
404
475
Open
20-07-2017
Top Picks
Music Broadcast Limited
368
434
07-07-2017
Fundamental
L&T Finance Holdings Ltd
149
179
Closed (28/8/2017)
06-07-2017
Fundamental
Syngene International
478
564
Closed (1/3/2018)
05-07-2017
Top Picks
Maruti
7371
10619
Open
05-06-2017
Top Picks
Karur Vysya Bank
127
100
Closed (12/03/2018)
23-05-2018
Top Picks
KEI Industries
481
589
Open
04-01-2017
Top Picks
KEI Industries
125
485
31-05-2018
Top Picks
Alkem Lab
1978
Closed (31/05/2018)
01-12-2016
Top Picks
Alkem Lab
1700
2441
17-10-2016
Top Picks
Asian Granito
267
534
Closed (18/02/2018)
17-05-2018
Top Picks
TV Today Network
460
Closed (17/05/2018)
04-08-2016
Top Picks
TV Today Network
297
603
05-04-2016
Top Picks
DHFL
189
720
Open
25-06-2018
Top Picks
Navkar Corporation
207
Closed(25/06/2018)
05-01-2016
Top Picks
Navkar Corporation
207
265
Open
08-12-2015
Top Picks
Blue Star
357
867
Open
30-10-2015
Top Picks
Siyaram Silk Mills
186
851
Open
Source: Company
9
www.angelbroking.com
Market Outlook
September 23, 2019
www.angelbroking.com
Research Team Tel: 022 - 39357800 E-mail: [email protected] Website: www.angelbroking.com
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