Market Outlook

October 25, 2016

Market Cues

Domestic Indices

Chg (%)

(Pts)

(Close)

Indian markets are likely to open sideways tracking Asian markets and SGX Nifty.

BSE Sensex

0.4

102

28,179

Nifty

0.2

8,709

U.S. stocks rallied on Monday due to the announcement of a number of mergers.

Major stock indices posted a two week high due to the positive sentiment in the

Mid Cap

(0.1)

(17)

13,585

market. Stocks rallied in spite of a statement by the Chicago Fed President that the

Small Cap

0.5

13,501

Federal Reserve is likely to raise short-term interest rates by three quarter-point

Bankex

0.6

136

22,722

moves by year end of 2017.

UK’s stocks moved slightly higher despite a weak pound. Media and broadcast firms

Global Indices

Chg (%)

(Pts)

(Close)

rose, with ITV shares up 1.8 percent, after AT&T announced it would buy media

Dow Jones

0.4

18,223

group Time Warner for $85.4bn. Shares of GlaxoSmithKline were down about half

a percent as it waits for regulatory approval for its experimental shingles vaccine.

Nasdaq

1.0

5,310

FTSE

(0.5)

(34)

6,986

Indian stocks posted modest gains on Monday. The rally was led by largecap

companies such as ICICI Bank, Tata Motors, Coal India, BPCL and ONGC. IT stocks

Nikkei

0.3

17,234

resumed their downward trend with Wipro and Mindtree posting poor guidance and

Hang Seng

1.0

230

23,604

results respectively. HCL Technologies declined 2.5 percent on reports that it is

Shanghai Com

1.2

3,128

aggressively looking at acquisition opportunities to drive future growth.

Advances / Declines

BSE

NSE

Result Review & News Analysis

Advances

1,668

936

 News Analysis: Cyrus Mistry steps down as Chairman of Tata Sons

Declines

1,194

701

 Result Review: Dr. Reddys, Alembic Pharma

Detailed analysis on Pg2

Unchanged

233

Investor’s Ready Reckoner

Volumes (` Cr)

Key Domestic & Global Indicators

BSE

3,397

Stock Watch: Latest investment recommendations on 150+ stocks

NSE

18,598

Refer Pg6 onwards

Top Picks

Net Inflows (` Cr)

Net

Mtd

Ytd

CMP

Target

Upside

Company

Sector

Rating

FII

(222)

(604)

49,401

(`)

(%)

MFs

647

4,761

18,707

Amara Raja Batteries Auto & Auto Ancill.

Buy

1,036

1,218

17.6

HCL Tech

Buy

811

1,000

23.4

Bharat Electronics

Capital Goods

Accumulate

1,269

1,414

11.5

Top Gainers

Price (`)

Chg (%)

Equitas Holdings

Financials

Buy

176

235

33.3

Aban

279

5.8

Navkar Corporation Others

Buy

200

265

32.6

Muthootfin

365

5.6

More Top Picks on Pg5

Nlcindia

5.3

Key Upcoming Events

Den

5.1

Consensus

Date

Region

Event Description

Laxmimach

4,559

5.0

Reading

Expectations

Oct 25 US

New home sales

609.0

600.0

Oct 26 US

Consumer Confidence

104.1

101.0

Top Losers

Price (`)

Chg (%)

Oct 27 US

GDP QoQ (Annualised)

1.4

2.5

Mindtree

456

(4.8)

Oct 27 US

Initial Jobless claims

260.0

Idea

(3.8)

Oct 28 UK

GDP (YoY)

2.1

Ceatltd

1,268

(3.6)

Oct 28 Euro Zone

Euro Zone Consumer Confidence

(8.0)

Oct 31 Euro Zone

Euro Zone GDP s.a. (QoQ)

0.3

Biocon

971

(3.5)

Nov 01 UK

PMI Manufacturing

55.4

Persistent

656

(3.2)

6.(

More Events on Pg6

As on October 24, 2016

www.angelbroking.com

Market Outlook

October 25, 2016

News Analysis

Cyrus Mistry steps down as Chairman of Tata Sons

Cyrus Mistry has stepped down as the Chairman of the Tata Group of companies

and Ratan Tata would be taking over as interim Chairman. The departure of Mr.

Mistry based on issues relating to the group’s performance. Ratan Tata would be

the interim Chairman for the next four months till a successor is appointed by a

five member selection panel. The takeover by Ratan Tata is expected to add

stability during this transition phase.

The combined market valuation of all listed companies of Tata Group almost

doubled during the four-year tenure of outgoing chief Cyrus Mistry.

The Shapoorji Pallonji Group has termed the removal of Cyrus Mistry from the

Chairman post of Tata Sons as "illegal” and would likely to challenge the decision.

We do not expect this development to have a long term impact on any of the Tata

group stocks.

Result Review

Dr Reddy’s Labs (CMP: `3,090 / TP: /Upside: )

Dr Reddy’s Lab will post a lackluster quarter during the period. In rupee terms, the

consolidated revenues are expected to come in at `3,500cr V/s `3,989cr (in

2QFY2016), down 12.3% yoy, mainly driven by pressure on the US market. EBIT

margins, is expected to come in at 12.1% V/s 22.4% in 2QFY2016. Consequently,

PAT came in at `325cr V/s `722cr in 2QFY2016, de-growth of 55.0%. We

maintain our neutral rating on the stock.

Y/E

Sales OPM

PAT

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

March

(` cr)

(%)

(` cr)

(`)

(%)

(x)

FY2017E

16,043

23.1

2,150

126.0

15.7

24.7

3.6

14.1

3.3

FY2018E

18,119

24.7

2,6925

157.8

17.1

19.7

3.1

11.6

2.9

Alembic Pharma (CMP: `680 / TP: /Upside:)

Alembic Pharma, posted sales of `750cr V/s `1,008cr down by 25.6% yoy, mainly

on back of base effect. International business is expected to decline owing to lower

contribution from gAbilify. On operating front, the gross margins are expected to

come in at 73.4% V/s 77.5% in 2QFY2016, with EBIDTA margins coming in at

21.9% V/s 37.2% in 2QFY2016. Consequently, PAT is expected to come in at

`112cr V/s `290cr, a yoy dip of 61.2%. We maintain our neutral rating on the

stock.

Y/E

Sales OPM

PAT

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

March

(` cr)

(%)

(` cr)

(`)

(%)

(x)

FY2017E

3,483

20.2

459

55.7

24.3

27.9

6.4

17.8

3.6

FY2018E

4,083

21.4

572

64.1

30.4

22.4

5.1

13.9

3.0

www.angelbroking.com

Market Outlook

October 25, 2016

Economic and Political News

 Cotton exports fall by 28% due to lower shipments to Pakistan

 Housing prices increase by an average of 7.3% during April-June, according

to RBI

 Supreme Court dismisses plea against notification to regulate prices of 108

diabetic and cardiac drugs

Corporate News

 Adani Power standalone net loss narrows to `135cr in Q2FY17

 Reliance Capital posts `253cr net profit in Q2FY17

 Jet Airways to deploy more wide-bodied planes on international routes due to

increase in demand

Quarterly Bloomberg Brokers Consensus Estimate

Axis Bank Ltd Consol - Oct 25, 2016

Particulars ( ` cr)

2QFY17E

2QFY16

y-o-y (%)

1QFY17

q-o-q (%)

PAT

1,998

1,916

4.3

1,556

28.5

HDFC Bank Ltd - Oct 25, 2016

Particulars ( ` cr)

2QFY17E

2QFY16

y-o-y (%)

1QFY17

q-o-q (%)

PAT

3,254

2,869

13.4

3,239

0.5

Kotak Mahindra Bank Ltd - Oct 25, 2016

Particulars ( ` cr)

2QFY17E

2QFY16

y-o-y (%)

1QFY17

q-o-q (%)

PAT

740

570

29.9

742

(0.3)

Dr Reddy Laboratories Ltd Consol - Oct 25, 2016

Particulars ( ` cr)

2QFY17E

2QFY16

y-o-y (%)

1QFY17

q-o-q (%)

Net sales

3,841

3,989

(3.7)

3,235

18.7

EBITDA

870

1,086

(19.9)

387

125.0

EBITDA margin (%)

22.7

27.2

12.0

Net profit

480

722

(33.5)

154

212.9

Asian Paints Ltd Consol - Oct 25, 2016

Particulars ( ` cr)

2QFY17E

2QFY16

y-o-y (%)

1QFY17

q-o-q (%)

Net sales

4,010

3,731

7.5

3,590

11.7

EBITDA

785

621

26.4

820

(4.3)

EBITDA margin (%)

19.6

16.6

22.8

Net profit

522

399

30.7

535

(2.5)

Mahindra & Mahindra Financial Services Ltd - Oct 25, 2016

Particulars ( ` cr)

2QFY17E

2QFY16

y-o-y (%)

1QFY17

q-o-q (%)

PAT

128

146

(12.2)

47.6

Federal Bank Ltd - Oct 25, 2016

Particulars ( ` cr)

2QFY17E

2QFY16

y-o-y (%)

1QFY17

q-o-q (%)

PAT

159

161

(1.5)

167

(5.1)

www.angelbroking.com

Market Outlook

October 25, 2016

Zee Entertainment Enterprise Ltd Consol - Oct 25, 2016

Particulars ( ` cr)

2QFY17E

2QFY16

y-o-y (%)

1QFY17

q-o-q (%)

Net sales

1,535

1,385

10.8

1,572

(2.3)

EBITDA

394

355

11.2

453

(13.0)

EBITDA margin (%)

25.7

25.6

28.8

Net profit

276

247

11.6

217

27.2

Bharti Airtel Ltd Consol - Oct 25, 2016

Particulars ( ` cr)

2QFY17E

2QFY16

y-o-y (%)

1QFY17

q-o-q (%)

Net sales

25,495

23,836

7.0

25,547

(0.2)

EBITDA

9,269

8,250

12.4

9,575

(3.2)

EBITDA margin (%)

36.4

34.6

37.5

Net profit

1,402

1,523

(8.0)

1,462

(4.1)

Shriram Transport Finance Co Ltd - Oct 25, 2016

Particulars ( ` cr)

2QFY17E

2QFY16

y-o-y (%)

1QFY17

q-o-q (%)

PAT

387

338

14.5

374

3.5

IDBI Bank Ltd - Oct 25, 2016

Particulars ( ` cr)

2QFY17E

2QFY16

y-o-y (%)

1QFY17

q-o-q (%)

PAT

(503)

120

0.0

241

0.0

Adani Port Ltd - Oct 25, 2016

Particulars ( ` cr)

2QFY17E

2QFY16

y-o-y (%)

1QFY17

q-o-q (%)

Net sales

1845

1842

0.2

1827

1.0

EBITDA

1168

1205

(3.1)

936

24.8

EBITDA margin (%)

63.3

65.4

37.5

Net profit

741

667

11.1

836

(11.4)

www.angelbroking.com

Market Outlook

October 25, 2016

Top Picks ★★★★★

Large Cap

Market Cap

CMP

Target

Upside

Company

Rationale

(` Cr)

(`)

(%)

To outpace battery industry growth due to better technological

Amara Raja Batteries

17,696

1,036

1,218

17.6

products leading to market share gains in both the

automotive OEM and replacement segments.

Healthy pace of branch expansion, backed by distribution

Axis Bank

1,24,422

521

630

20.9

network, will be the driving force for the bank’s retail business

and overall earnings.

Uptick in defense capex by government when coupled with

Bharat Electronics

30,445

1,269

1,414

11.5

BELs strong market positioning, indicate that good times are

ahead for BEL.

The stock is trading at attractive valuations and is factoring all

HCL Tech

1,14,370

811

1,000

23.4

the bad news.

Back on the growth trend, expect a long term growth of 14%

Infosys

2,36,356

1,029

1,249

21.4

to be a US$20bn in FY2020.

Source: Company, Angel Research

Mid Cap

Market Cap

CMP

Target

Upside

Company

Rationale

(` Cr)

(`)

(%)

We expect the company would report strong profitability

Asian Granito

829

275

351

27.4

owing to better product mix, higher B2C sales and

amalgamation synergy.

Among the top 4 players in the consumer durables segment.

Bajaj Electricals

2,667

264

306

16.0

Improved profitability backed by turn around in E&P segment.

Strong order book lends earnings visibility.

Favourable outlook for the AC industry to augur well for

Cooling products business which is out pacing the market

Blue Star

5,113

536

634

18.2

growth. EMPPAC division's profitability to improve once

operating environment turns around.

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

Dewan Housing Finance

9,599

329

350

6.4

segment, the company has increased its presence in tier-II &

III cities where the growth opportunity is immense.

Strong loan growth backed by diversified loan portfolio and

Equitas Holdings

5,914

176

235

33.3

adequate CAR. ROE & ROA likely to remain decent as risk of

dilution remains low. Attractive valuations considering growth.

Economic recovery to have favourable impact on advertising

& circulation revenue growth. Further, the acquisition of a

Jagran Prakashan

6,587

202

225

11.7

radio business (Radio City) would also boost the company's

revenue growth.

Speedier execution and speedier sales, strong revenue visibilty

Mahindra Lifespace

1,781

434

522

20.2

in short-to-long run, attractive valuations

We expect the company to report strong growth on back of

healthy growth in domestic branded sales (owing to

Mirza International

1,145

113

18.8

aggressive ad spend and addition in the number of EBOs &

multi-brand outlets [MBOs]) and healthy export revenues.

Massive capacity expansion along with rail advantage at ICD

Navkar Corporation

2,850

200

265

32.6

as well CFS augurs well for the company.

Strong brands and distribution network would boost growth

Siyaram Silk Mills

1,427

1,523

1,714

12.6

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 radio business,

TV Today Network

2,023

339

363

7.1

and anticipated growth in ad spends by corporates to benefit

the stock.

Source: Company, Angel Research

www.angelbroking.com

Market Outlook

October 25, 2016

Key Upcoming Events

Result Calendar

Date

Company

Kotak Mah. Bank, Shriram Trans., IDBI Bank, Federal Bank, Asian Paints, Hexaware, Jyothy Laboratories, Visaka

Oct 25, 2016

Industries, Dr Reddy's, Alembic Pharma

Hero Motocorp, Exide Industries, Cummins India, LMW, J K Lakshmi Cements, HDFC, Canara Bank, Syndicate Bank,

Oct 26, 2016

ITC, HUL, Dabur India, Cadila Healthcare, Indoco Remedies

Maruti, TVS Motor, ABB, Vijaya Bank, Tech Mahindra, PVR, JSW Steel , ONGC, IOC, MRF, GSK Pharma, Glenmark

Oct 27, 2016

Pharma., Dishman Pharma, VRL Logistics

Oct 28, 2016

United Phosphorus, Bajaj Auto, Subros, IDFC, Nestle, Colgate, Sesa Goa, Heritage Foods, NTPC

Nov 1, 2016

Hindustan Media Ventures

Nov 2, 2016

HT Media

Nov 3, 2016

Ambuja Cements, Mphasis, MM Forging

Source: Bloomberg, Angel Research

Global economic events release calendar

Date

Time

Country

Event Description

Unit

Period

Bloomberg Data

Last Reported Estimated

Oct 25, 2016 7:30PM US

New home sales

Thousands

Sep

609.00

600.00

Oct 26, 2016 7:30PM US

Consumer Confidence

S.A./ 1985=100

Oct

104.10

101.00

Oct 27, 2016 6:00PM US

Initial Jobless claims

Thousands

Oct 22

260.00

255.00

6:00PM US

GDP Qoq (Annualised)

% Change

3Q A

1.40

2.50

Oct 28, 2016 2:00PM UK

GDP (YoY)

% Change

3Q A

2.10

2:30PM Euro Zone

Euro-Zone Consumer Confidence

Value

Oct F

(8.00)

Oct 31, 2016 3:30PM Euro Zone

Euro-Zone GDP s.a. (QoQ)

% Change

3Q A

0.30

Nov 1, 2016

3:00PM UK

PMI Manufacturing

Value

Oct

55.40

6:30AM China

PMI Manufacturing

Value

Oct

50.40

Nov 2, 2016

2:25PM Germany

Unemployment change (000's)

Thousands

Oct

1.00

11:30PM US

FOMC rate decision

Nov 2

0.50

Nov 3, 2016

5:30PM UK

BOE Announces rates

% Ratio

Nov 3

0.25

Nov 4, 2016

6:00PM US

Change in Nonfarm payrolls

Thousands

Oct

156.00

170.00

6:00PM US

Unnemployment rate

Oct

5.00

4.90

Nov 8, 2016

China

Exports YoY%

% Change

Oct

(10.00)

7:00AM China

Consumer Price Index (YoY)

% Change

Oct

1.90

Nov 9, 2016

3:00PM UK

Industrial Production (YoY)

% Change

Sep

0.70

Nov 10, 2016

India

Imports YoY%

% Change

Oct

(2.50)

India

Exports YoY%

% Change

Oct

4.60

Nov 11, 2016 5:30PM India

Industrial Production YoY

% Change

Sep

(0.70)

Nov 14, 2016 7:30AM China

Industrial Production (YoY)

% Change

Oct

6.10

12:00PM India

Monthly Wholesale Prices YoY%

% Change

Oct

3.57

Nov 15, 2016 3:00PM UK

CPI (YoY)

% Change

Oct

1.00

12:30PM Germany

GDP nsa (YoY)

% Change

3Q P

3.10

Source: Bloomberg, Angel Research

Market Outlook

October 25, 2016

Macro watch

Exhibit 1: Quarterly GDP trends

Exhibit 2: IIP trends

(%)

9.0

12.0

8.3

9.9

7.8

7.9

10.0

8.0

7.5

7.6

7.2

7.1

8.0

6.6

6.7

7.0

6.4

6.0

5.8

6.0

4.0

1.9

2.0

1.3

2.0

0.3

5.0

4.0

(2.0)

(0.7)

(0.9)

(1.3)

(1.6)

(4.0)

(2.5)

3.0

(3.4)

(6.0)

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

(%)

55.0

7.0

6.1

54.0

5.6

5.7

5.8

6.0

5.4

5.5

5.0

5.3

5.1

53.0

4.8

5.0

4.3

52.0

4.0

51.0

50.0

3.0

49.0

2.0

48.0

1.0

47.0

46.0

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

10.0

7.00

5.0

6.50

0.0

6.00

(5.0)

5.50

(10.0)

5.00

(15.0)

4.50

(20.0)

4.00

(25.0)

(30.0)

3.50

(35.0)

3.00

Source: Bloomberg, Angel Research

Source: RBI, Angel Research

www.angelbroking.com

Market Outlook

October 25, 2016

Exhibit 4: Relative performance of indices across globe

Returns (%)

Country

Name of index

Closing price

1YR

Brazil

Bovespa

64,060

9.7

12.4

35.0

Russia

Micex

1,963

(3.1)

1.3

14.6

India

Nifty

8,709

(0.8)

2.1

7.4

China

Shanghai Composite

3,128

4.2

2.8

(6.3)

South Africa

Top 40

45,134

(0.4)

(2.5)

(5.6)

Mexico

Mexbol

48,431

1.0

2.8

7.5

Indonesia

LQ45

930

(0.1)

3.9

21.9

Malaysia

KLCI

1,678

1.1

0.5

(2.1)

Thailand

SET 50

947

(0.1)

(1.2)

2.9

USA

Dow Jones

18,223

(0.9)

(1.5)

3.4

FTSE

6,986

1.1

4.1

9.8

Japan

Nikkei

17,234

4.5

3.3

(3.7)

Germany

DAX

10,761

3.1

5.5

0.6

France

CAC

4,553

0.9

3.6

(7.4)

Source: Bloomberg, Angel Research

www.angelbroking.com

Stock Watch

October 25, 2016

Company Name

Reco

CMP

Target

Mkt Cap

Sales ( Čcr )

OPM(%)

EPS (Č)

PER(x)

P/BV(x)

RoE(%)

EV/Sales(x)

(Č)

Price ( Č)

( Č cr )

FY17E FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

Agri / Agri Chemical

Rallis

Neutral

236

4,592

1,937

2,164

13.3

14.3

9.0

11.0

26.2

21.5

4.6

4.0

18.4

19.8

2.4

2.1

United Phosphorus

Neutral

721

36,528

15,176

17,604

18.5

37.4

44.6

19.3

16.2

3.8

3.1

21.4

21.2

2.5

2.1

Auto & Auto Ancillary

Ashok Leyland

Buy

111

25,044

22,407

26,022

10.6

5.2

6.4

16.9

13.7

3.8

3.2

23.6

24.7

1.2

1.0

Bajaj Auto

Neutral

2,789

80,713

25,093

27,891

19.5

19.2

143.9

162.5

19.4

17.2

5.4

4.7

30.3

29.4

2.9

2.6

Bharat Forge

Neutral

888

20,669

7,726

8,713

20.5

21.2

35.3

42.7

25.2

20.8

4.6

4.2

18.9

20.1

2.7

2.4

Eicher Motors

Neutral

24,860

67,523

16,583

20,447

17.5

18.0

598.0

745.2

41.6

33.4

14.2

10.8

41.2

38.3

3.9

3.1

Gabriel India

Accumulate

120

130

1,728

1,544

1,715

9.0

9.3

5.4

6.3

22.3

19.1

4.2

3.7

18.9

19.5

1.1

1.0

Hero Motocorp

Neutral

3,334

66,582

31,253

35,198

15.3

15.0

172.3

192.1

19.4

17.4

7.1

6.1

38.9

37.0

2.0

1.7

Jamna Auto Industries Neutral

229

1,828

1,486

1,620

9.8

9.9

15.0

17.2

15.3

13.3

3.3

2.8

21.8

21.3

1.3

1.2

L G Balakrishnan & Bros Neutral

671

1,053

1,302

1,432

11.6

11.9

43.7

53.0

15.4

12.7

2.2

2.0

13.8

14.2

0.9

0.8

Mahindra and Mahindra Neutral

1,339

83,192

46,534

53,077

11.6

11.7

67.3

78.1

19.9

17.2

3.2

2.8

15.4

15.8

1.8

1.5

Maruti

Accumulate

5,712

5,998

172,551

69,186

82,217

14.7

14.4

198.5

241.4

28.8

23.7

5.6

4.5

20.2

20.0

2.2

1.8

Minda Industries

Neutral

350

2,777

2,728

3,042

9.0

9.1

68.2

86.2

5.1

4.1

1.2

0.9

23.8

24.3

1.1

0.9

Motherson Sumi

Neutral

332

46,550

45,896

53,687

7.8

8.3

13.0

16.1

25.4

20.6

8.2

6.5

34.7

35.4

1.1

0.9

Rane Brake Lining

Neutral

1,280

1,013

511

562

11.3

11.5

28.1

30.9

45.5

41.4

7.0

6.3

15.3

15.0

2.1

1.9

Setco Automotive

Neutral

591

741

837

13.0

15.2

17.0

2.9

2.6

0.5

0.4

15.8

16.3

1.2

1.1

Tata Motors

Neutral

559

161,424

300,209

338,549

8.9

8.4

42.7

54.3

13.1

10.3

2.1

1.8

15.6

17.2

0.7

0.6

TVS Motor

Neutral

395

18,778

13,390

15,948

6.9

7.1

12.8

16.5

31.0

23.9

7.7

6.1

26.3

27.2

1.4

1.2

Amara Raja Batteries

Buy

1,036

1,218

17,696

5,429

6,471

17.5

17.6

35.3

43.5

29.4

23.8

6.7

5.5

25.3

24.8

3.1

2.5

Exide Industries

Neutral

202

17,162

7,439

8,307

15.0

8.1

9.3

24.9

21.7

3.5

3.1

14.3

16.7

1.9

1.7

Apollo Tyres

Accumulate

210

235

10,690

12,877

14,504

14.3

13.9

21.4

23.0

9.8

9.1

1.5

1.3

16.4

15.2

1.0

0.9

Ceat

Accumulate

1,268

1,450

5,129

7,524

8,624

13.0

12.7

131.1

144.3

9.7

8.8

1.8

1.5

19.8

18.6

0.8

0.7

JK Tyres

Neutral

149

3,380

7,455

8,056

15.0

21.8

24.5

6.8

6.1

1.4

1.2

22.8

21.3

0.6

0.5

Swaraj Engines

Neutral

1,377

1,710

660

810

15.2

16.4

54.5

72.8

25.3

18.9

7.9

7.1

31.5

39.2

2.4

1.9

Subros

Neutral

140

841

1,488

1,681

11.7

11.9

6.4

7.2

21.9

19.6

2.3

2.1

10.8

11.4

0.8

0.7

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

441

709

814

4.1

4.6

1.4

2.1

31.8

21.2

1.3

1.2

4.4

6.0

0.8

0.7

BEML

Buy

927

1,157

3,862

3,451

4,055

6.3

9.2

31.4

57.9

29.5

16.0

1.8

1.6

6.3

10.9

1.2

1.0

Bharat Electronics

Accumulate

1,269

1,414

30,445

8,137

9,169

16.8

17.2

58.7

62.5

21.6

20.3

3.4

3.0

44.6

46.3

2.7

2.4

www.angelbroking.com

Stock Watch

October 25, 2016

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

393

13,019

6,511

7,514

7.9

8.7

12.9

16.3

30.5

24.1

5.5

4.8

16.7

18.5

1.8

1.5

BGR Energy

Neutral

115

831

16,567

33,848

6.0

5.6

7.8

5.9

14.8

19.5

0.8

4.7

4.2

0.2

0.1

BHEL

Neutral

141

34,572

28,797

34,742

2.8

2.3

6.9

61.4

20.5

1.0

1.3

4.8

0.9

0.6

Blue Star

Buy

536

634

5,113

4,283

5,077

5.9

7.3

14.9

22.1

36.0

24.2

7.0

5.9

20.4

26.4

1.2

1.0

Crompton Greaves

Neutral

4,810

5,777

6,120

5.9

7.0

3.3

4.5

23.3

17.1

1.0

4.4

5.9

0.8

0.7

Greaves Cotton

Neutral

134

3,261

1,755

1,881

16.8

16.9

7.8

8.5

17.1

15.7

3.4

3.2

20.6

20.9

1.6

1.4

Inox Wind

Buy

224

286

4,973

5,605

6,267

15.7

16.4

24.8

30.0

9.0

7.5

2.5

1.9

25.9

24.4

0.9

0.8

KEC International

Neutral

126

3,250

9,294

10,186

7.9

8.1

9.9

11.9

12.8

10.6

1.9

1.6

15.6

16.3

0.6

0.5

Thermax

Neutral

863

10,286

5,421

5,940

7.3

25.7

30.2

33.6

28.6

4.1

3.7

12.2

13.1

1.8

1.6

VATech Wabag

Buy

509

681

2,774

3,136

3,845

8.9

9.1

26.0

35.9

19.6

14.2

2.5

2.1

13.4

15.9

0.8

0.6

Cement

ACC

Neutral

1,567

29,433

11,225

13,172

13.2

16.9

44.5

75.5

35.2

20.8

3.3

3.1

11.2

14.2

2.6

2.2

Ambuja Cements

Neutral

247

48,946

9,350

10,979

18.2

22.5

5.8

9.5

42.5

26.0

3.6

3.2

10.2

12.5

5.2

4.5

India Cements

Neutral

157

4,813

4,364

4,997

18.5

19.2

7.9

11.3

19.8

13.9

1.4

8.0

8.5

1.9

1.6

JK Cement

Neutral

940

6,571

4,398

5,173

15.5

17.5

31.2

55.5

30.1

16.9

3.6

3.1

12.0

15.5

2.0

1.7

J K Lakshmi Cement

Accumulate

505

565

5,945

2,913

3,412

14.5

19.5

7.5

22.5

67.4

22.5

4.1

3.5

12.5

18.0

2.6

2.2

Orient Cement

Buy

179

215

3,667

2,114

2,558

18.5

20.5

8.1

11.3

22.1

15.8

3.3

2.8

9.0

14.0

2.4

1.9

UltraTech Cement

Neutral

3,977

109,151

25,768

30,385

21.0

23.5

111.0

160.0

35.8

24.9

4.6

4.0

13.5

15.8

4.3

3.6

Construction

ITNL

Neutral

113

3,729

8,946

10,017

31.0

31.6

8.1

9.1

14.0

12.5

0.5

4.2

5.0

3.7

3.5

KNR Constructions

Neutral

778

2,188

1,385

1,673

14.7

14.0

41.2

48.5

18.9

16.0

3.5

3.0

14.9

15.2

1.7

1.4

Larsen & Toubro

Accumulate

1,495

1,700

139,293

67,665

77,249

10.7

11.5

57.3

71.2

26.1

21.0

2.4

2.2

12.6

14.3

2.2

1.9

Gujarat Pipavav Port

Neutral

169

8,168

705

788

52.2

51.7

5.0

5.6

33.8

30.2

3.3

3.0

11.2

9.6

Nagarjuna Const.

Neutral

5,142

8,842

9,775

9.1

8.8

5.3

6.4

17.5

14.5

1.4

1.3

8.2

9.1

0.7

0.6

PNC Infratech

Buy

124

143

3,175

2,350

2,904

13.1

13.2

9.0

8.8

13.8

14.1

0.5

15.9

13.9

1.5

1.2

Simplex Infra

Neutral

329

1,628

6,829

7,954

10.5

31.4

37.4

10.5

8.8

1.1

1.0

9.9

13.4

0.7

0.6

Power Mech Projects

Neutral

517

760

1,801

2,219

12.7

14.6

72.1

113.9

7.2

4.5

1.3

1.1

16.8

11.9

0.4

0.3

Sadbhav Engineering

Accumulate

274

298

4,700

3,598

4,140

10.3

10.6

9.0

11.9

30.4

23.0

3.2

2.8

9.9

11.9

1.6

1.4

NBCC

Neutral

237

14,208

7,428

9,549

7.9

8.6

8.2

11.0

28.9

21.5

1.4

1.1

28.2

28.7

1.6

1.2

MEP Infra

Neutral

698

1,877

1,943

30.6

29.8

3.0

4.2

14.3

10.2

6.9

4.7

0.6

1.8

1.6

SIPL

Neutral

106

3,720

1,036

1,252

65.5

66.2

(8.4)

(5.6)

4.0

4.5

(22.8)

(15.9)

11.8

9.8

www.angelbroking.com

Stock Watch

October 25, 2016

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

Engineers India

Neutral

277

9,321

1,725

1,935

16.0

19.1

11.4

13.9

24.3

19.9

3.4

3.2

13.4

15.3

4.3

3.9

Financials

Axis Bank

Buy

521

630

124,422

46,932

53,575

3.5

3.4

32.4

44.6

16.1

11.7

2.1

1.8

13.6

16.5

Bank of Baroda

Neutral

158

36,475

19,980

23,178

1.8

11.5

17.3

13.8

9.2

1.6

1.3

8.3

10.1

Canara Bank

Neutral

326

17,680

15,225

16,836

1.8

14.5

28.0

22.5

11.6

1.6

1.3

5.8

8.5

Dewan Housing Finance Accumulate

329

350

9,599

2,225

2,688

2.9

29.7

34.6

11.1

9.5

1.8

1.5

16.1

16.8

Equitas Holdings

Buy

176

235

5,914

939

1,281

11.7

11.5

5.8

8.2

30.4

21.5

2.6

2.3

10.9

11.5

Federal Bank

Neutral

12,878

9,353

10,623

2.9

4.4

5.8

17.0

12.9

1.6

1.4

9.5

11.0

HDFC

Neutral

1,352

213,691

11,475

13,450

3.4

45.3

52.5

29.8

25.8

5.8

5.1

20.2

20.5

HDFC Bank

Accumulate

1,265

1,350

320,367

46,097

55,433

4.5

58.4

68.0

21.7

18.6

3.8

3.2

18.8

18.6

ICICI Bank

Neutral

285

165,521

39,029

45,903

3.3

16.7

16.3

17.0

17.5

2.1

1.9

10.1

12.4

LIC Housing Finance

Neutral

603

30,439

3,712

4,293

2.6

2.5

39.0

46.0

15.5

13.1

2.9

2.5

19.9

20.1

Punjab Natl.Bank

Neutral

147

31,281

23,532

23,595

2.3

2.4

6.8

12.6

21.6

11.7

3.3

2.4

3.3

6.5

RBL Bank

Accumulate

334

365

12,337

1,783

2,309

2.6

12.7

16.4

26.3

20.3

2.9

2.6

12.8

13.3

South Ind.Bank

Neutral

3,288

6,435

7,578

2.5

2.7

3.1

9.0

7.9

1.2

1.0

10.1

11.2

St Bk of India

Neutral

263

204,045

88,650

98,335

2.6

13.5

18.8

19.5

14.0

1.9

1.6

7.0

8.5

Union Bank

Neutral

148

10,184

13,450

14,925

2.3

25.5

34.5

5.8

4.3

0.9

0.7

7.5

10.2

Yes Bank

Neutral

1,309

55,098

8,978

11,281

3.3

3.4

74.0

90.0

17.7

14.5

3.4

2.9

17.0

17.2

FMCG

Asian Paints

Neutral

1,128

108,154

17,128

18,978

16.8

16.4

19.1

20.7

59.0

54.5

20.5

19.4

34.8

35.5

6.2

5.6

Britannia

Accumulate

3,307

3,626

39,677

9,795

11,040

14.6

14.9

80.3

94.0

41.2

35.2

16.9

13.1

41.2

3.9

3.4

Colgate

Neutral

962

26,166

4,605

5,149

23.4

23.8

26.9

40.4

35.8

22.4

17.5

64.8

66.8

5.6

5.0

Dabur India

Accumulate

283

304

49,845

8,315

9,405

19.8

20.7

8.1

9.2

35.0

30.8

9.7

8.1

31.6

31.0

5.6

5.0

GlaxoSmith Con*

Neutral

6,196

26,059

4,350

4,823

21.2

21.4

179.2

196.5

34.6

31.5

9.2

7.8

27.1

26.8

5.4

4.8

Godrej Consumer

Neutral

1,595

54,303

10,235

11,428

18.4

18.6

41.1

44.2

38.8

36.1

8.6

7.3

24.9

24.8

5.4

4.8

HUL

Neutral

849

183,755

35,252

38,495

17.6

17.4

20.4

21.9

41.6

38.8

34.2

30.0

82.2

77.3

5.0

4.6

ITC

Buy

241

283

291,148

40,059

44,439

39.0

39.2

9.1

10.1

26.5

23.9

7.2

6.3

27.2

26.5

6.8

6.1

Marico

Accumulate

284

300

36,583

6,430

7,349

18.8

19.5

6.4

7.7

44.3

36.8

13.4

11.3

33.2

32.5

5.5

4.8

Nestle*

Neutral

6,848

66,021

10,073

11,807

20.7

21.5

124.8

154.2

54.9

44.4

22.5

20.3

34.8

36.7

6.4

5.4

Tata Global

Neutral

154

9,723

8,675

9,088

9.8

7.4

8.2

20.8

18.8

2.4

2.3

7.9

8.1

1.0

Procter & Gamble

Neutral

7,056

22,904

2,939

3,342

23.2

23.0

146.2

163.7

48.3

43.1

108.1

103.6

25.3

23.5

7.3

6.4

Hygiene

www.angelbroking.com

Stock Watch

October 25, 2016

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

HCL Tech^

Buy

811

1,000

114,370

49,242

57,168

20.5

55.7

64.1

14.6

12.7

3.0

2.3

20.3

17.9

2.2

1.8

Infosys

Buy

1,029

1,249

236,356

68,350

77,326

27.0

62.5

69.4

16.5

14.8

3.5

3.2

21.3

21.6

2.9

2.5

TCS

Buy

2,428

3,004

478,390

121,684

136,286

27.3

135.0

150.1

18.0

16.2

6.0

5.5

33.2

33.9

3.7

3.2

Tech Mahindra

Buy

428

700

41,575

30,347

33,685

17.0

37.5

41.3

11.4

10.4

2.5

2.2

21.8

20.7

1.1

0.9

Wipro

Buy

484

680

117,586

51,631

55,822

21.7

17.9

35.9

36.9

13.5

13.1

2.8

2.6

19.0

18.1

2.0

1.8

Media

D B Corp

Neutral

391

7,180

2,297

2,590

27.4

28.2

21.0

23.4

18.6

16.7

4.3

3.8

23.7

23.1

2.9

2.5

HT Media

Neutral

2,137

2,693

2,991

12.6

12.9

7.9

9.0

11.6

10.2

1.0

0.9

7.8

8.3

0.4

0.2

Jagran Prakashan

Accumulate

202

225

6,587

2,355

2,635

28.0

10.8

12.5

18.7

16.1

4.0

3.5

21.7

2.8

2.5

Sun TV Network

Neutral

533

20,999

2,850

3,265

70.1

71.0

26.2

30.4

20.3

17.5

5.2

4.6

24.3

25.6

7.0

5.9

Hindustan Media

Neutral

303

2,225

1,016

1,138

24.3

25.2

27.3

30.1

11.1

10.1

2.1

1.9

16.2

15.8

1.5

1.3

Ventures

TV Today Network

Accumulate

339

363

2,023

637

743

27.5

18.4

21.4

18.5

15.9

3.2

2.7

17.4

17.2

2.8

2.3

Metals & Mining

Coal India

Neutral

321

202,755

84,638

94,297

21.4

22.3

24.5

27.1

13.1

11.9

5.5

5.2

42.6

46.0

1.9

1.7

Hind. Zinc

Neutral

252

106,668

14,252

18,465

55.9

48.3

15.8

21.5

16.0

11.7

2.6

2.3

17.0

20.7

7.5

5.8

Hindalco

Neutral

151

31,171

107,899

112,095

7.4

8.2

9.2

13.0

16.4

11.6

0.8

4.8

6.6

0.8

JSW Steel

Neutral

1,710

41,338

53,201

58,779

16.1

16.2

130.6

153.7

13.1

11.1

1.8

1.5

14.0

14.4

1.5

1.3

NMDC

Neutral

123

48,568

6,643

7,284

44.4

47.7

7.1

7.7

17.3

15.9

1.5

8.8

9.2

5.1

4.6

SAIL

Neutral

20,506

47,528

53,738

(0.7)

2.1

(1.9)

2.6

19.1

0.5

(1.6)

3.9

1.3

1.2

Vedanta

Neutral

202

59,991

71,744

81,944

19.2

21.7

13.4

20.1

15.1

10.1

1.3

1.2

8.4

11.3

1.2

0.9

Tata Steel

Neutral

426

41,393

121,374

121,856

7.2

8.4

18.6

34.3

22.9

12.4

1.4

1.3

6.1

10.1

1.0

Oil & Gas

Cairn India

Neutral

231

43,375

9,127

10,632

4.3

20.6

8.8

11.7

26.3

19.8

0.8

3.3

4.2

6.2

5.2

GAIL

Neutral

444

56,301

56,220

65,198

9.3

10.1

27.1

33.3

16.4

13.3

1.5

1.4

9.3

10.7

1.2

1.0

ONGC

Neutral

293

250,590

137,222

152,563

15.0

21.8

19.5

24.1

15.0

12.2

1.3

1.2

8.5

10.1

2.1

1.9

Indian Oil Corp

Neutral

327

158,909

373,359

428,656

5.9

5.5

54.0

59.3

6.1

5.5

0.9

0.8

16.0

15.6

0.6

0.5

Reliance Industries

Neutral

1,064

344,850

301,963

358,039

12.1

12.6

87.7

101.7

12.1

10.5

1.2

1.1

10.7

11.3

1.6

1.3

Pharmaceuticals

Alembic Pharma

Neutral

679

12,804

3,483

4,083

20.2

21.4

24.3

30.4

28.0

22.3

6.4

5.1

25.5

25.3

3.6

3.0

Aurobindo Pharma

Accumulate

818

877

47,861

15,720

18,078

23.7

41.4

47.3

19.8

17.3

5.1

4.0

29.6

26.1

3.3

2.8

Sanofi India*

Neutral

4,317

9,941

2,357

2,692

17.3

153.5

169.2

28.1

25.5

4.8

3.9

25.8

28.4

3.9

3.2

Cadila Healthcare

Neutral

389

39,854

11,126

13,148

22.0

17.1

20.0

22.8

19.5

5.9

4.7

28.8

26.6

3.6

2.9

Cipla

Sell

585

490

47,013

15,378

18,089

17.4

18.4

21.6

27.2

27.1

21.5

3.5

3.1

13.7

15.2

3.3

2.7

www.angelbroking.com

Stock Watch

October 25, 2016

Company Name

Reco

CMP

Target

Mkt Cap

Sales ( Čcr )

OPM(%)

EPS (Č)

PER(x)

P/BV(x)

RoE(%)

EV/Sales(x)

(Č)

Price ( Č)

( Č cr )

FY17E FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

Pharmaceuticals

Dr Reddy's

Neutral

3,090

51,194

16,043

18,119

23.1

24.7

126.0

157.8

24.5

19.6

3.6

3.1

15.7

17.1

3.1

2.8

Dishman Pharma

Sell

238

3,848

1,718

1,890

22.7

22.8

9.5

11.3

25.1

21.1

2.4

2.2

10.1

10.9

2.7

2.4

GSK Pharma*

Neutral

2,947

24,962

3,528

3,811

16.6

18.8

51.8

59.4

56.9

49.6

15.2

26.3

30.6

6.9

6.4

Indoco Remedies

Sell

304

225

2,801

1,112

1,289

18.2

13.2

15.6

23.0

19.5

4.1

3.5

19.2

2.6

2.3

Ipca labs

Neutral

633

7,992

3,303

3,799

15.3

17.3

19.7

36.6

32.2

3.2

2.9

9.1

9.4

2.5

2.2

Lupin

Buy

1,530

1,809

68,960

15,912

18,644

26.4

26.7

58.1

69.3

26.3

22.1

5.1

4.2

21.4

20.9

4.4

3.6

Sun Pharma

Buy

747

944

179,816

31,129

35,258

30.0

30.9

28.0

32.8

26.7

22.8

4.1

3.4

18.7

18.9

5.4

4.5

Power

Tata Power

Neutral

22,624

36,916

39,557

17.4

27.1

5.1

6.3

16.4

13.3

1.4

1.3

9.0

10.3

1.6

1.5

NTPC

Neutral

151

124,878

86,605

95,545

17.5

20.8

11.8

13.4

12.8

11.3

1.3

1.2

10.5

11.1

2.8

Power Grid

Neutral

176

92,102

25,763

29,762

74.3

73.1

14.8

17.3

11.9

10.2

1.9

1.6

16.9

17.5

7.8

7.5

Real Estate

MLIFE

Buy

434

522

1,781

1,152

1,300

22.7

24.6

29.9

35.8

14.5

12.1

1.1

1.0

7.6

8.6

2.3

1.9

Telecom

Bharti Airtel

Neutral

307

122,520

105,086

114,808

34.5

34.7

12.2

16.4

25.1

18.7

1.7

1.6

6.8

8.4

2.1

1.8

Idea Cellular

Neutral

27,726

40,133

43,731

37.2

37.1

6.4

6.5

12.0

11.9

1.0

0.9

8.2

7.6

1.7

1.5

zOthers

Abbott India

Neutral

4,727

10,045

3,153

3,583

14.1

14.4

152.2

182.7

31.1

25.9

152.5

130.2

25.6

26.1

2.9

2.5

Bajaj Electricals

Buy

264

306

2,667

5,099

5,805

5.6

5.9

11.4

14.6

23.2

18.1

3.1

2.8

13.4

15.1

0.5

Finolex Cables

Neutral

439

6,718

2,883

3,115

12.0

12.1

14.2

18.6

30.9

23.6

16.5

14.4

15.8

14.6

2.0

1.8

Goodyear India*

Neutral

795

1,834

1,598

1,704

10.4

10.2

49.4

52.6

16.1

15.1

74.3

65.2

18.2

17.0

0.8

117.4

Hitachi

Neutral

1,554

4,227

2,081

2,433

8.8

8.9

33.4

39.9

46.5

39.0

37.6

31.3

22.1

21.4

2.0

1.7

Jyothy Laboratories

Neutral

360

6,543

1,440

2,052

11.5

13.0

8.5

10.0

42.4

36.0

10.3

9.5

18.6

19.3

4.8

3.4

Page Industries

Neutral

16,867

18,813

2,450

3,124

20.1

17.6

299.0

310.0

56.4

54.4

375.7

286.8

47.1

87.5

7.7

6.1

Relaxo Footwears

Neutral

435

5,219

2,085

2,469

9.2

8.2

7.6

8.0

57.5

54.7

22.3

19.0

17.9

18.8

2.6

2.2

Siyaram Silk Mills

Accumulate

1,523

1,714

1,427

1,799

2,040

11.6

11.7

104.9

122.4

14.5

12.4

2.4

2.0

16.4

1.0

0.9

Styrolution ABS India*

Neutral

648

1,140

1,440

1,537

9.2

9.0

40.6

42.6

16.0

15.2

40.8

37.1

12.3

11.6

0.8

0.7

TVS Srichakra

Neutral

3,801

2,910

2,304

2,614

13.7

13.8

231.1

266.6

16.4

14.3

427.0

336.3

33.9

29.3

1.3

1.1

HSIL

Neutral

349

2,525

2,384

2,515

15.8

16.3

15.3

19.4

22.8

18.0

22.7

19.5

7.8

9.3

1.2

1.1

Kirloskar Engines India

Neutral

350

5,060

2,554

2,800

9.9

10.0

10.5

12.1

33.3

28.9

13.9

13.2

10.7

11.7

1.6

1.4

Ltd

M M Forgings

Neutral

448

540

546

608

20.4

20.7

41.3

48.7

10.9

9.2

61.3

54.3

16.6

17.0

0.8

0.7

Banco Products (India)

Neutral

232

1,661

1,353

1,471

12.3

12.4

14.5

16.3

16.0

14.3

22.1

19.9

14.5

14.6

1.2

125.6

Competent Automobiles Neutral

205

126

1,137

1,256

3.1

2.7

28.0

23.6

7.3

8.7

39.4

35.6

14.3

11.5

0.1

www.angelbroking.com

Stock Watch

October 25, 2016

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

Nilkamal

Neutral

1,783

2,661

1,995

2,165

10.7

10.4

69.8

80.6

25.6

22.1

101.9

88.5

16.6

16.5

1.3

1.2

Visaka Industries

Neutral

224

356

1,051

1,138

10.3

10.4

21.0

23.1

10.7

9.7

28.7

26.9

9.0

9.2

0.6

Transport Corporation of

Neutral

179

1,372

2,671

2,911

8.5

8.8

13.9

15.7

12.9

11.5

1.8

1.6

13.7

13.8

0.6

India

Elecon Engineering

Neutral

729

1,482

1,660

13.7

14.5

3.9

5.8

17.2

11.5

4.0

3.7

7.8

10.9

0.8

0.7

Surya Roshni

Neutral

239

1,047

3,342

3,625

7.8

7.5

17.3

19.8

13.8

12.1

26.3

21.1

10.5

10.8

0.6

0.5

MT Educare

Neutral

138

549

366

417

17.7

18.2

9.4

10.8

14.7

12.8

3.3

2.8

22.2

22.3

1.4

1.2

Radico Khaitan

Neutral

139

1,854

1,659

1,802

13.0

13.2

6.3

7.4

22.0

18.9

1.9

1.8

8.6

9.3

1.6

1.4

Garware Wall Ropes

Neutral

535

1,171

873

938

12.9

13.1

30.9

34.9

17.3

15.3

2.7

2.3

15.7

15.2

1.2

1.1

Wonderla Holidays

Neutral

407

2,297

287

355

38.0

40.0

11.3

14.2

36.0

28.6

5.2

4.5

21.4

23.9

7.7

6.2

Linc Pen & Plastics

Neutral

262

387

382

420

9.3

9.5

13.5

15.7

19.5

16.7

3.3

2.9

17.1

17.3

1.1

1.0

The Byke Hospitality

Neutral

182

731

287

384

20.5

7.6

10.7

24.0

17.0

5.0

4.1

20.7

23.5

2.6

1.9

Interglobe Aviation

Neutral

932

33,583

21,122

26,005

14.5

27.6

110.7

132.1

8.4

7.1

50.4

36.0

168.5

201.1

1.6

1.2

Coffee Day Enterprises

Neutral

225

4,631

2,964

3,260

20.5

21.2

4.7

8.0

28.1

2.6

2.4

5.5

8.5

2.0

1.8

Ltd

Navneet Education

Neutral

101

2,396

1,062

1,147

24.0

6.1

6.6

16.5

15.2

3.4

3.0

20.6

19.8

2.3

2.2

Navkar Corporation

Buy

200

265

2,850

408

612

42.9

42.3

6.8

11.5

29.5

17.4

2.0

1.8

6.9

10.5

7.9

5.3

UFO Moviez

Neutral

451

1,245

619

685

33.2

33.4

30.0

34.9

15.1

12.9

2.1

1.8

13.8

13.9

1.7

1.4

VRL Logistics

Neutral

319

2,913

1,902

2,119

16.7

16.6

14.6

16.8

21.9

19.0

4.8

4.2

21.9

22.2

1.6

1.4

Team Lease Serv.

Neutral

995

1,701

3,229

4,001

1.5

1.8

22.8

32.8

43.7

30.3

4.7

4.1

10.7

13.4

0.4

0.3

S H Kelkar & Co.

Neutral

306

4,427

1,036

1,160

15.1

15.0

6.1

7.2

50.1

42.6

5.4

4.9

10.7

11.5

4.1

3.7

Quick Heal

Neutral

257

1,799

408

495

27.3

27.0

7.7

8.8

33.2

29.2

3.1

9.3

10.6

3.6

2.9

Narayana Hrudaya

Neutral

356

7,274

1,873

2,166

11.5

11.7

2.6

4.0

134.6

89.8

8.3

7.5

6.1

8.3

4.0

3.4

Manpasand Bever.

Neutral

729

4,171

836

1,087

19.6

19.4

16.9

23.8

43.2

30.6

5.2

4.5

12.0

14.8

4.7

3.6

Parag Milk Foods

Neutral

324

2,726

1,919

2,231

9.3

9.6

9.5

12.9

34.3

25.1

5.3

4.4

15.5

17.5

1.6

1.3

Mirza International

Buy

113

1,145

1,024

1,148

18.0

6.9

8.0

13.8

11.9

2.3

2.0

16.6

16.2

1.3

1.2

Asian Granito

Buy

275

351

829

1,118

1,220

11.8

12.0

13.0

16.0

21.2

17.3

2.1

1.8

9.7

10.7

1.0

0.9

Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on October 24, 2016

www.angelbroking.com

Market Outlook

October 25, 2016

Research Team Tel: 022 - 39357800

E-mail: [email protected]

Website: www.angelbroking.com

DISCLAIMER

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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

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