1
1
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Market Outlook
September 02, 2020
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Market Cues
Indian markets are likely to open flat tracking global indices and SGX Nifty.
The US stocks moved mostly higher over the course of the trading day on Tuesday
following the mixed performance seen in the previous session. With the upward
move, the Nasdaq and the S&P 500 reached new record closing highs. The Dow
climbed 0.8 percent to 28,635 and the Nasdaq surging up 1.4 percent to 11,939.
UK stocks fell sharply on Tuesday, with financials and consumer discretionary stocks
falling amid concerns over the deflationary effects of the coronavirus. Therefore,
FTSE 100 fell by 1.1 percent to 5,898.
On domestic front, Indian shares rose notably on Tuesday, with metals, financials
and telecom companies gaining ground despite weak GDP data and mixed global
cues. The benchmark BSE Sensex was up by 0.7 percent to 38,900.
News Analysis
Coal India to invest over Rs 1.22 tn on 500 projects by 2024: Pralhad Joshi
Detailed analysis on Pg2
Investor’s Ready Reckoner
Key Domestic & Global Indicators
Stock Watch: Latest investment recommendations on 150+ stocks
Refer Pg7 onwards
Top Picks
Company
Sector
Rating
CMP
(`)
Target
(`)
Upside
(%)
Persistent Systems
Others
Buy
962
1,276
32.6
IDFC First Bank
Bank
Accumulate
31
36
14.5
Britannia Inds
FMCG
Accumulate
3,774
4,220
11.8
Endurance Tech
Others
Buy
1,062
1,297
22.1
More Top Picks on Pg3
Domestic Indices
Chg (%)
(Pts)
(Close)
BSE Sensex
0.7
273
38,900
Nifty
0.7
83
11,470
Mid Cap
1.2
170
14,832
Small Cap
0.6
77
14,413
Bankex
0.4
108
27,080
Global Indices
Chg (%)
(Pts)
(Close)
Dow Jones
0.8
216
28,635
Nasdaq
1.4
165
11,939
FTSE
(1.1)
(65)
5,898
Nikkei
(0.01)
(2)
23,138
Hang Seng
0.1
8
25,184
Shanghai Com
0.4
15
3,410
Advances / Declines
BSE
NSE
Advances
1,136
782
Declines
1,521
1,081
Unchanged
161
89
Volumes (` Cr)
BSE
3,500
NSE
62,006
Net Inflows (` Cr)
Net
Mtd
Ytd
FII
1,754
36,608
31,124
*MFs
28
-7,061
13,377
Top Gainers
Price (₹)
Chg (%)
RESPONIND
110
16.6
IIFL
91
10.4
ADANIGREEN
496
9.5
BIOCON
406
7.8
IPCALAB
2,014
7.3
Top Losers
Price (
`
)
Chg (%)
IDEA
9
-12.7
FRETAIL
146
-10.0
MAHLIFE
250
-8.8
TCNSBRANDS
390
-8.0
INDOSTAR
261
-7.4
As on Sep 01, 2020
2
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Market Outlook
September 02, 2020
www.angelbroking.com
News Analysis
Coal India to invest over Rs 1.22 tn on 500 projects by 2024: Pralhad
Joshi
With an aim to achieve 1 billion tonnes (BT) coal production by the year 2023-
24 and make the nation Aatmanirbhar in coal, National Miner Coal India Ltd
(CIL) will invest over Rs 1.22 lakh crores on about 500 projects related to coal
evacuation, infrastructure, project development, exploration and clean coal
technologies, said Union Minister of Coal and Minster Pralhad Joshi on Tuesday.
Addressing a Stakeholders Meet organised by CIL through video conferencing, he
said: "Engagement and involvement of all concerned stakeholders in company's
affairs will reduce and uncover the project risks. Such two-way interactions help
pave way for mutually beneficial newer ideas, improvement areas and project-
related expectations." The Minister said that avenues for business opportunities
with Coal India are huge. The company would be investing around Rs 14,200
crores by the year 2023-24, in two phases for its 49 First Mile Connectivity
projects. The First Mile Connectivity is the transportation of coal from pitheads to
dispatch points. This is being done to bring in improved efficiency in coal
transport and to undertake computer-aided loading replacing the existing road
transport between the two points, he said.
Economic and Political News
From PMI to auto sales, August numbers send mixed signals on recovery
India, Australia and Japan to form pact on supply-chain resilience
Power consumption almost at normal, slump narrows to just 0.85% in AuG
Corporate News
Ashok Leyland's M&HCV sales decline by 52% YoY in August, LCV by 3%
Videocon Industries promoters seek fresh package for debt restructuring
SC gives telcos 10 yrs to clear AGR dues, NCLT to decide on spectrum sale
3
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Market Outlook
September 02, 2020
www.angelbroking.com
Top Picks
Company
Market Cap
(` Cr)
CMP
(`)
Target
(`)
Upside
(%)
Rationale
Britannia Industries
90,851
3,774
4,220
11.8
BRIT has an overall distribution reach of 5.5
million outlets. BRIT has narrowed the gap with the
No. 1 player. The gap with the largest distributed
brand is now just 0.8 million outlets which it
expects to bridge soon and thereby become the
largest player over the medium to long term.
Reliance Ind.
13,74,258
2,088
2,366
13.3
Reliance Industries Ltd. (RIL) is India’s largest
company with a dominant presence in Refining,
Petrochemicals, Telecom and Retail businesses.
Telecom business to witness robust growth over
next few years due to tariff hikes and shift of
subscribers from Vodafone Idea to other telecom
players.
Swaraj Engine
1,927
1,588
1,891
19.1
Swaraj Engines is engaged in the business of
manufacturing diesel engines and hi-tech engine
components. Diesel Engines are specifically
designed for tractor application. Going forward, we
expect recovery in the tractor industry (due to robust
Rabi crop production, hike in MSP & the forecast of
a normal monsoon) will benefit players like Swaraj
Engines.
IDFC First Bank
17,840
31
36
14.5
We believe efforts to built liability franchise, fresh
capital infusion and provision taken on wholesale
book will help to tide over this difficult time. The
IDFC First Bank is trading ( 0.7 x FY22ABV) at a
significant discount to historical average
valuations.
Endurance Tech.
14,938
1,062
1,297
22.1
Post Covid19, evolving consumer preference for
lower ticket priced means of private transport
amid pressurized incomes & awareness around
social distancing are expected to act as tailwinds
for domestic 2-Ws in India, 4-Ws across developed
nations.
Persistent Systems
7,354
962
1,276
32.6
Company has won a large deal during the quarter
which will ramp up over the next few quarters. We
expect the company to post revenue/EBITDA/PAT
growth of 11.6%/21.4%/19.7% between FY20-
FY22 given negligible impact of Covid-19 on FY21
numbers strong deal wins, ramp up of existing
projects along with margins expansion.
Zensar Technologies
3,902
173
204
17.9
Company was adversely impacted in FY2020 due
to ramp down in the retail and consumer group
segment. However Company has won deals worth
USD 150mn during the quarter and management
has said that the deal pipeline is very strong at USD
1.5bn as compared to USD 1.0bn a quarter ago.
We expect the company to post
revenue/EBITDA/PAT growth of
4.5%/17.8%/19.7% between FY20-FY22 given that
the worst is over for the company in terms of client
ramp downs.
Alembic Pharma
18,044
918
1,400
52.5
Expected to gain market share from the current
market share of 1.5% of Indian Pharmaceutical
market(IPM). We expect Apll Ltd to grow its top line
by 15-17% in the upcoming years. Company has
incurred large capex in infrastructure in the last
couple of years.
4
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Market Outlook
September 02, 2020
www.angelbroking.com
Continued....
Company
Market Cap
(` Cr)
CMP
(`)
Target
(`)
Upside
(%)
Rationale
JK Lakshmi Cement
3,096
263
328
24.7
JK Lakshmi is predominantly a north India cement
company with capacity of 13.3 Mn Mt. Currently, north
India is favorable location for the cement industry as it is
consolidated to a large extent as well as demand and
supply outlook is better compared to other locations. It is
also trading at a significant discount compared to other
north based cement companies
Cholamandalam Inv &
Fin Comp
19,863
242
280
15.7
The Cholaman.Inv.&Fn has diversified product mix which
helps them to capture growth in tractor and 2 W segment.
Adequate capital adequacy (20%+) and declined trend in
Cost of fund and strong parentage provide comfort.
Hawkins Cooker
2,575
4,865
5,682
16.8
Gaining market share with peer, strong demand post
Covid-19 and increase in penetration of cooking gas to
drive higher growth.
VIP Industries
4,172
295
348
18.0
Market leader (~50%+ share) with strong brand and wide
distribution network. Recent correction provides investment
opportunity in high quality stock from long term
perspective
Chalet Hotels
3,248
159
200
25.8
Company has posted strong sequential revpar growth in
July. Future improvement is expected over next few months
led by increased occupancy
Metropolis Healthcare
9,167
1,800
2,156
19.8
We are positive on the company given expected long term
growth rates of ~15% CAGR. Stable margins profile and
moderating competitive intensity
Inox Leisure
2,983
290
350
20.7
Share prices have corrected more than 40% as all theatres
are closed down due to covid-19 issue. Although, long
term fundamentals are intact. Covid-19 can lead to further
consolidation in the industry
4
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Market Outlook
September 02, 2020
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Macro watch
Exhibit 1: Quarterly GDP trends
Source: CSO, Angel Research
Exhibit 2: IIP trends
Source: MOSPI, Angel Research
Exhibit 3: Monthly WPI 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 18 Aug, 2020
Exhibit 6: Key policy rates
Source: RBI, Angel Research
6.0
6.8
7.7
8.1
8.0
7.0
6.6
5.8
5.2
4.4
4.1
3.1
3.0
4.0
5.0
6.0
7.0
8.0
9.0
1QFY18
2QFY18
3QFY18
4QFY18
1QFY19
2QFY19
3QFY19
4QFY19
1QFY20
2QFY20
3QFY20
4QFY20
(%)
1.2
4.3
(1.4)
(4.3)
(4.0)
1.8
(0.1)
2.0
4.5
(18.3)
(57.6)
(34.7)
(16.6)
(70.0)
(60.0)
(50.0)
(40.0)
(30.0)
(20.0)
(10.0)
-
10.0
Jun-19
Jul-19
Aug-19
Sep-19
Oct-19
Nov-19
Dec-19
Jan-20
Feb-20
Mar-20
Apr-20
May-20
Jun-20
(%)
2.79
2.02
1.17
1.17
0.33
0
0.6
2.6
3.1
2.26
0.4
-3.2
-1.8
-0.6
-4
-3
-2
-1
0
1
2
3
4
May-19
Jun-19
Jul-19
Aug-19
Sep-19
Oct-19
Nov-19
Dec-19
Jan-20
Feb-20
Mar-20
Apr-20
May-20
Jun-20
Jul-20
(%)
0
10
20
30
40
50
60
70
Jan-19
Feb-19
Mar-19
Apr-19
May-19
Jun-19
Jul-19
Aug-19
Sep-19
Oct-19
Nov-19
Dec-19
Jan-20
Feb-20
Mar-20
Apr-20
May-20
Jun-20
Jul-20
Mfg. PMI
Services PMI
(70.0)
(60.0)
(50.0)
(40.0)
(30.0)
(20.0)
(10.0)
0.0
10.0
May-19
Jun-19
Jul-19
Aug-19
Sep-19
Oct-19
Nov-19
Dec-19
Jan-20
Feb-20
Mar-20
Apr-20
May-20
Jun-20
Jul-20
Exports yoy growth
Imports yoy growth
(%)
2
2.5
3
3.5
4
4.5
5
5.5
6
6.5
7
Nov-18
Dec-18
Jan-19
Feb-19
Mar-19
Apr-19
May-19
Jun-19
Jul-19
Aug-19
Sep-19
Oct-19
Nov-19
Dec-19
Jan-20
Feb-20
Mar-20
Apr-20
May-20
Jun-20
Jul-20
Aug-20
Repo rate
Reverse Repo rate
CRR
(%)
5
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Market Outlook
September 02, 2020
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Global watch
Exhibit 1: Latest quarterly GDP Growth (%, yoy) across select developing and developed countries
Source: Bloomberg, Angel Research As of 18 Aug, 2020
Exhibit 2: 2017 GDP Growth projection by IMF (%, yoy) across select developing and developed countries
Source: IMF, Angel Research As of 18 Aug, 2020
Exhibit 3: One year forward P-E ratio across select developing and developed countries
Source: IMF, Angel Research As of 18 Aug, 2020
(0.3)
1.6
5.3
(6.8)
(0.5)
3.0
0.7
(1.8)
(1.6)
0.3
(1.9)
(5.0)
(0.6)
(8.0)
(6.0)
(4.0)
(2.0)
-
2.0
4.0
6.0
Brazil
Russia
India
China
South Africa
Indonesia
Malaysia
Thailand
UK
USA
Germany
France
Japan
(%)
1.6
1.8
5.1
6.8
0.7
5.2
4.4
2.4
1.7
2.2
1.0
1.6
1.1
-
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
(%)
52.3
7.2
26.0
16.9
17.0
21.7
13.3
20.4
18.8
33.8
21.7
25.9
36.8
20.3
-
10.0
20.0
30.0
40.0
50.0
60.0
Brazil
Russia
India
China
South
Africa
Mexico
Indonesi
a
Malaysi
a
Thailan
d
UK
USA
German
y
France
Japan
(x)
6
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Market Outlook
September 02, 2020
www.angelbroking.com
Exhibit 4: Relative performance of indices across globe
Returns (%)
Country
Name of index
Closing price
1M
3M
1YR
Brazil
Bovespa
101353
-1.5
24.8
1.9
Russia
Micex
3089
5.4
14.7
16.1
India
Nifty
11209
2.8
27.0
1.4
China
Shanghai Composite
3438
3.7
19.6
19.3
South Africa
Top 40
53028
2.8
5.6
6.9
Mexico
Mexbol
38949
6.2
4.9
-2.3
Indonesia
LQ45
827
5.4
25.3
-16.0
Malaysia
KLCI
1557
-2.0
9.4
-2.8
Thailand
SET 50
865
-2.8
0.8
-20.5
USA
Dow Jones
27931
4.7
13.6
6.9
UK
FTSE
6092
-3.1
0.7
-15.3
Japan
Nikkei
23096
1.7
14.7
12.2
Germany
DAX
12861
-0.4
16.3
9.8
France
CAC
4939
-2.6
9.8
-8.0
Source: Bloomberg, Angel Research As of 18 Aug, 2020
7
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Market Outlook
September 02, 2020
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Exhibit 7: Historical Angel Top Picks/Fundamental Calls
Date Added
Top Picks/Fundamental
Stocks
Reco Price
Target/Revised Price
Current Status
28-08-2020
Top Picks
Chalet Hotel
165
200
Open
28-08-2020
Top Picks
Metropolis Healthcare
1,832
2,156
Open
28-08-2020
Top Picks
Inox Leisure
304
350
Open
27-08-2020
Top Picks
Hawkins Cooker
4,918
5,682
Open
27-08-2020
Top Picks
VIP Industries
303
348
Open
25-08-2020
Top Picks
Persistent Systems
1,090
1,276
Open
24-08-2020
Top Picks
JK Lakshmi Cement
287
328
Open
24-08-2020
Top Picks
Cholamandalam Inv & Fin Comp
232
280
Open
24-08-2020
Top Picks
Persistent Systems
1,040
1,149
Open
04-08-2020
Top Picks
Alembic Pharma
1,017
1,400
Open
29-07-2020
Top Picks
Persistent Systems
885
1,085
Open
29-07-2020
Top Picks
Zensar Technologies
155
204
Open
24-08-2020
Top Picks
Swaraj Engines
1,645
1,891
Open
08-06-2020
Top Picks
Swaraj Engines
1290
1,665
Open
24-08-2020
Top Picks
Endurance Tech
1,039
1,297
Open
08-06-2020
Top Picks
Endurance Tech
838
1015
Open
08-06-2020
Top Picks
IDFC First Bank
25.6
32
Open
14-07-2020
Top Picks
Axis Bank
423
Closed(14/07/2020)
03-06-2020
Top Picks
Axis Bank
424
500
Open
21-07-2020
Top Picks
Bajaj Finance
3,255
Closed(21/07/2020)
24-06-2020
Top Picks
Bajaj Finance
3,027
3,550
Open
03-06-2020
Top Picks
Bajaj Finance
2,455
3,000
Open
03-08-2020
Top Picks
Escorts Ltd
1,110
Closed(03/08/2020)
01-06-2020
Top Picks
Escorts Ltd
970
1,150
Open
14-08-2020
Top Picks
HDFC Ltd
1,813
Closed(14/08/2020
01-06-2020
Top Picks
HDFC Ltd
1,756
1,950
Open
20-08-2020
Top Picks
Dr. Reddy Lab
4,483
Closed(20/08/2020)
30-06-2020
Top Picks
Dr. Reddy Lab
4,516
5,000
Open
28-05-2020
Top Picks
Dr. Reddy Lab
3,877
Open
27-05-2020
Top Picks
Dhanuka Agritech
573
Closed(27/05/2020)
16-05-2020
Top Picks
Dhanuka Agritech
482
589
Open
07-05-2020
Top Picks
Dhanuka Agritech
438
520
Open
31-08-2020
Top Picks
PI Industries
1,916
Closed(31/08/2020)
07-08-2020
Top Picks
PI Industries
1,947
2,416
Open
24-04-2020
Top Picks
PI Industries
1,507
2,087
Open
13-08-2020
Top Picks
Galaxy Surfactants
1,751
Closed(13/08/2020)
07-07-2020
Top Picks
Galaxy Surfactants
1,576
1,800
Open
03-07-2020
Top Picks
Galaxy Surfactants
1,600
1,750
Open
24-04-2020
Top Picks
Galaxy Surfactants
1,394
1,610
Open
13-08-2020
Top Picks
Aarti Industries
1,012
Closed(13/08/2020)
05-07-2020
Top Picks
Aarti Industries
926
1,165
Open
29-04-2020
Top Picks
Aarti Industries
1,111
1,284
Open
27-04-2020
Top Picks
Aarti Industries
1,018
1,164
Open
24-04-2020
Top Picks
Aarti Industries
929
1,084
Open
11-07-2020
Top Picks
Reliance Ind.
1,878
2,277
Open
22-06-2020
Top Picks
Reliance Ind.
1,747
1,937
Open
20-05-2020
Top Picks
Reliance Ind.
1,441
1,748
Open
28-04-2020
Top Picks
Reliance Ind.
1,430
1,626
Open
8
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Market Outlook
September 02, 2020
www.angelbroking.com
24-04-2020
Top Picks
Reliance Ind.
1,372
1,520
Open
17-04-2020
Top Picks
Reliance Ind.
1,205
1,412
Open
28-04-2020
Top Picks
Britannia Ind.
3,194
3,550
Open
16-04-2020
Top Picks
Britannia Ind.
2,832
3,320
Open
06-05-2020
Top Picks
Dabur India
450
Closed(06/05/2020)
16-04-2020
Top Picks
Dabur India
501
570
Open
08-06-2020
Top Picks
Infosys
708
Closed on(08/06/2020)
16-04-2020
Top Picks
Infosys
625
841
Open
13-08-2020
Top Picks
L&T Infotech
2,504
Closed(13/08/2020)
22-07-2020
Top Picks
L&T Infotech
2,338
2,611
Open
08-07-2020
Fundamental
L&T Infotech
2,054
Open
26-05-2020
Top Picks
L&T Infotech
1,787
2,038
Open
16-04-2020
Top Picks
L&T Infotech
1,493
1,803
Open
09-04-2020
Top Picks
Dr.Lal Path Labs
1,462
Closed(09/04/2020)
06-04-2020
Top Picks
Dr.Lal Path Labs
1,384
1,768
Open
12-08-2020
Top Picks
Ipca Labs
2,037
Closed(12/08/2020)
04-08-2020
Top Picks
Ipca Labs
1,987
2,400
Open
06-04-2020
Top Picks
Ipca Labs
1,332
1,900
Open
24-08-2020
Top Picks
Bharti Airtel
520
Closed(24/08/2020)
05-07-2020
Top Picks
Bharti Airtel
581
672
Open
12-05-2020
Top Picks
Bharti Airtel
560
629
Open
16-04-2020
Top Picks
Bharti Airtel
510
594
Open
09-04-2020
Top Picks
Bharti Airtel
462
543
Open
06-04-2020
Top Picks
Bharti Airtel
421
492
Open
Source: Company, Angel Research
Exhibit 8: Historical Angel Top Picks/Fundamental Calls
Date Added
Top Picks/Fundamental
Stocks
Reco Price
Target/Revised Price
Current Status
08-06-2020
Top Picks
P&G Hygiene
10150
Closed on(08/06/2020)
16-04-2020
Top Picks
P&G Hygiene
11,128
12,230
Open
02-04-2020
Top Picks
P&G Hygiene
10,161
11,670
Open
08-06-2020
Top Picks
Nestle India
17,160
Closed on(08/06/2020)
09-04-2020
Top Picks
Nestle India
16,848
20,687
Open
30-03-2020
Top Picks
Nestle India
15,091
17,355
Open
08-07-2020
Top Picks
Hindustan Unilever
2,185
Closed on(08/07/2020
08-05-2020
Top Picks
Hindustan Unilever
2,088
2,364
Open
04-05-2020
Top Picks
Hindustan Unilever
2,121
Closed on(04/05/2020)
09-04-2020
Top Picks
Hindustan Unilever
2,459
3,080
Open
30-03-2020
Top Picks
Hindustan Unilever
2,140
2,461
Open
29-07-2020
Top Picks
Colgate Palmolive
1,413
Closed on(29/07/2020
28-04-2020
Top Picks
Colgate Palmolive
1,556
1,772
Open
09-04-2020
Top Picks
Colgate Palmolive
1,341
1,680
Open
06-04-2020
Top Picks
Colgate Palmolive
1,241
1,450
Open
30-03-2020
Top Picks
Colgate Palmolive
1,152
1,325
Open
13-07-2020
Top Picks
Avenue Supermart
2,232
Closed(13/07/2020)
09-04-2020
Top Picks
Avenue Supermart
2,300
2,735
Open
30-03-2020
Top Picks
Avenue Supermart
2,038
2,395
Open
07-05-2020
Top Picks
Asian Paints
1,610
Closed(07/05/2020)
28-04-2020
Top Picks
Asian Paints
1,852
2,131
Open
09-04-2020
Top Picks
Asian Paints
1,610
1,981
Open
11-03-2020
Top Picks
Asian Paints
1,864
2,118
Open
9
www.angelbroking.com
Market Outlook
September 02, 2020
www.angelbroking.com
21-04-2020
Fundamental
Ultratech Cement
3,409
Closed(21/04/2020)
30-03-2020
Fundamental
Ultratech Cement
3,148
5,373
Hold
30-10-2019
Top Picks
Ultratech Cement
4,481
5,373
Open
28-07-2020
Top Picks
Larsen Toubro
914
Closed(28/07/2020)
01-06-2020
Top Picks
Larsen Toubro
951
1,093
Open
25-02-2020
Top Picks
Larsen Toubro
1,250
Closed(25/02/2020)
29-10-2019
Top Picks
Larsen Toubro
1,365
1,689
Open
22-05-2020
Top Picks
Hawkins Cooker
4,235
Closed(22/05/2020)
06-04-2020
Top Picks
Hawkins Cooker
3,860
5,500
Open
28-01-2020
Top Picks
Hawkins Cooker
4,332
4,732
Open
13-01-2020
Top Picks
Hawkins Cooker
3,591
4,353
Open
24-04-2020
Fundamental
Inox Wind
27
Closed(24/04/2020)
06-06-2019
Fundamental
Inox Wind
55
Hold
10-08-2018
Top Picks
Inox Wind
107
127
Open
08-11-2019
Top Picks
TTK Prestige
6075
Closed(08/11/2019)
30-11-2018
Top Picks
TTK Prestige
7,206
8,200
Open
09-08-2018
Top Picks
TTK Prestige
6,206
7,500
Open
07-10-2019
Fundamental
Aurobindo Pharma
460
Closed(07/10/2019)
26-09-2019
Fundamental
Aurobindo Pharma
610
Hold
07-09-2019
Top Picks
Aurobindo Pharma
759
870
Open
06-07-2018
Top Picks
Aurobindo Pharma
603
780
Open
Source: Company, Angel Research
Exhibit 9: Historical Angel Top Picks/Fundamental Calls
Date Added
Top Picks/Fundamental
Stocks
Reco Price
Target/Revised Price
Current Status
15-04-2020
Top Picks
RBL Bank
121
Closed(15/04/2020)
11-03-2020
Top Picks
RBL Bank
227
Hold
31-10-2019
Top Picks
RBL Bank
312
410
Open
22-07-2019
Top Picks
RBL Bank
500
650
Open
04-04-2019
Top Picks
RBL Bank
649
775
Open
30-08-2018
Top Picks
RBL Bank
626
690
Open
06-07-2018
Top Picks
RBL Bank
565
670
Open
02-12-2019
Fundamental
Yes Bank
64
Closed(02/12/2019)
18-07-2019
Fundamental
Yes Bank
98
Hold
30-04-2019
Fundamental
Yes Bank
168
Hold
25-01-2019
Top Picks
Yes Bank
214
280
Open
27-07-2019
Top Picks
Yes Bank
370
435
Open
06-07-2018
Top Picks
Yes Bank
348
418
Open
05-10-2019
Fundamental
Jindal Steel & Power
224
Closed(02/12/2019)
05-10-2019
Fundamental
Jindal Steel & Power
94
Hold
24-05-2019
Top Picks
Jindal Steel & Power
152
250
Open
07-02-2019
Top Picks
Jindal Steel & Power
135
249
Open
15-11-2018
Top Picks
Jindal Steel & Power
175
320
Open
30-06-2018
Top Picks
Jindal Steel & Power
222
350
Open
15-04-2020
Top Picks
Shriram Transport Finance Com
685
Closed(15/04/2020)
11-03-2020
Top Picks
Shriram Transport Finance Com
987
Hold
05-02-2020
Top Picks
Shriram Transport Finance Com
1,047
1410
Open
20-06-2018
Top Picks
Shriram Transport Finance Com
1,090
1,410
Open
20-06-2018
Top Picks
Shriram Transport Finance Com
1,156
1,410
Open
20-06-2018
Top Picks
Shriram Transport Finance Com
1,466
1,764
Open
26-05-2020
Top Picks
Bata India
1,265
Closed(26/05/2020)
10
www.angelbroking.com
Market Outlook
September 02, 2020
www.angelbroking.com
09-04-2020
Top Picks
Bata India
1,240
1,561
Open
06-04-2020
Top Picks
Bata India
1,190
1,650
Open
12-03-2020
Top Picks
Bata India
1,411
1,800
Open
06-02-2020
Fundamental
Bata India
1,856
Closed(06/02/2020)
03-09-2019
Fundamental
Bata India
1,538
1,865
Hold
03-08-2019
Top Picks
Bata India
1,310
1,525
Open
13-02-2019
Top Picks
Bata India
1,189
1,479
Open
03-11-2018
Top Picks
Bata India
1,008
1,243
Open
30-07-2018
Top Picks
Bata India
918
1,007
Open
23-07-2018
Top Picks
Bata India
842
955
Open
01-07-2018
Top Picks
Bata India
862
948
Open
18-06-2018
Top Picks
Bata India
779
896
Open
16-04-2020
Fundamental
Amber Enterprises
1,116
Closed(16/04/2020)
30-03-2020
Fundamental
Amber Enterprises
1,221
1,830
Hold
31-01-2020
Top Picks
Amber Enterprises
1,540
1,830
Open
09-01-2020
Fundamental
Amber Enterprises
1,209
Hold
25-09-2019
Top Picks
Amber Enterprises
901
1100
Open
16-02-2019
Top Picks
Amber Enterprises
637
910
Open
08-08-2018
Top Picks
Amber Enterprises
939
1135
Open
14-06-2018
Top Picks
Amber Enterprises
1,026
1,230
Open
Source: Company, Angel Research
Exhibit 10: Historical Angel Top Picks/Fundamental Calls
Date Added
Top Picks/Fundamental
Stocks
Reco Price
Target/Revised Price
Current Status
07-11-2019
Top Picks
M&M
580
Closed(07/11/2019)
09-08-2019
Top Picks
M&M
550
724
Open
15-02-2019
Top Picks
M&M
626
850
Open
07-06-2018
Top Picks
M&M
918
1050
Open
04-05-2018
Top Picks
M&M
860
990
Open
22-01-2020
Fundamental
HDFC Bank
1244
Closed(22/01/2020)
20-01-2020
Fundamental
HDFC Bank
1278
1390
Hold
23-10-2019
Top Picks
HDFC Bank
1241
1390
Open
23-07-2019
Top Picks
HDFC Bank
2264
2620
Open
22-01-2019
Top Picks
HDFC Bank
2145
2500
Open
24-07-2018
Top Picks
HDFC Bank
2158
2350
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
Open
31-01-2020
Top Picks
Parag Milk Foods Limited
138
Closed(31/01/2020)
25-10-2019
Top Picks
Parag Milk Foods Limited
149
200
Open
07-08-2019
Top Picks
Parag Milk Foods Limited
190
306
Open
12-02-2019
Top Picks
Parag Milk Foods Limited
211
359
Open
06-11-2018
Top Picks
Parag Milk Foods Limited
256
330
Open
15-05-2018
Top Picks
Parag Milk Foods Limited
310
410
Open
16-04-2018
Top Picks
Parag Milk Foods Limited
249
333
Open
26-05-2020
Fundamental
GMM Pfaudler Limited
3,732
Closed(26/05/2020)
06-04-2020
Fundamental
GMM Pfaudler Limited
2,597
3,437
Hold
29-02-2020
Top Picks
GMM Pfaudler Limited
2,528
3,437
Open
19-02-2020
Fundamental
GMM Pfaudler Limited
3,255
3,437
Hold
07-02-2020
Top Picks
GMM Pfaudler Limited
2,925
3,437
Open
04-02-2020
Fundamental
GMM Pfaudler Limited
2,979
Hold
11
www.angelbroking.com
Market Outlook
September 02, 2020
www.angelbroking.com
29-01-2020
Top Picks
GMM Pfaudler Limited
2,528
2,864
Open
15-01-2020
Fundamental
GMM Pfaudler Limited
1,986
Hold
19-11-2019
Top Picks
GMM Pfaudler Limited
1688
2059
Open
23-09-2019
Top Picks
GMM Pfaudler Limited
1520
1740
Open
11-06-2019
Top Picks
GMM Pfaudler Limited
1470
1570
Open
13-03-2019
Top Picks
GMM Pfaudler Limited
1265
1400
Open
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
Open
07-08-2018
Top Picks
GMM Pfaudler Limited
984
1,100
Open
29-06-2018
Fundamental
GMM Pfaudler Limited
932
1,020
Open
14-05-2018
Fundamental
GMM Pfaudler Limited
818
900
Open
06-04-2018
Fundamental
GMM Pfaudler Limited
712
861
Open
06-12-2019
Fundamental
Ashok Leyland
75
Closed(06/12/2019)
06-06-2019
Fundamental
Ashok Leyland
70
Hold
17-08-2018
Top Picks
Ashok Leyland
128
156
Open
07-03-2018
Fundamental
Ashok Leyland Ltd
139
163
Closed (26/04/2018)
Source: Company, Angel Research
12
www.angelbroking.com
Market Outlook
September 02, 2020
www.angelbroking.com
Exhibit 11: Historical Angel Top Picks/Fundamental Calls
Date Added
Top Picks/Fundamental
Stocks
Reco Price
Target/Revised Price
Current Status
16-12-2019
Fundamental
Greenply Industries
160
Closed(16/12/2019)
31-05-2018
Fundamental
Greenply Industries
256
364
Open
03-03-2018
Fundamental
Greenply Industries
340
395
Open
16-04-2020
Fundamental
Safari Industries
402
Closed(16/04/2020)
30-03-2020
Fundamental
Safari Industries
392
492
Hold
24-03-2020
Top Picks
Safari Industries
328
492
Open
43816
Top Picks
Safari Industries
623
807
Open
27-08-2018
Top Picks
Safari Industries
974
1,071
Open
14-08-2018
Top Picks
Safari Industries
868
1,000
Open
07-08-2018
Top Picks
Safari Industries
788
870
Open
16-07-2018
Top Picks
Safari Industries
693
800
Open
16-04-2018
Top Picks
Safari Industries
651
750
Open
21-02-2018
Top Picks
Safari Industries
532
650
Open
31-05-2018
Top Picks
HSIL Ltd
348
Closed (31/05/2018)
16-02-2018
Top Picks
HSIL Ltd
433
510
Open
04-11-2019
Fundamental
Elantas Beck India Ltd.
2500
Closed(04/11/2019)
07-02-2018
Fundamental
Elantas Beck India Ltd.
2155
2500
Open
17-08-2020
Top Picks
ICICI Bank
359
Closed(17/08/2020)
01-06-2020
Top Picks
ICICI Bank
342
410
Open
05-05-2020
Fundamental
ICICI Bank
340
Closed(05/05/2020)
01-04-2020
Fundamental
ICICI Bank
311
440
Hold
02-03-2020
Top Picks
ICICI Bank
497
590
Open
27-01-2020
Fundamental
ICICI Bank
536
590
Hold
09-12-2019
Top Picks
ICICI Bank
526
590
Open
29-10-2019
Top Picks
ICICI Bank
437
532
Open
25-05-2019
Top Picks
ICICI Bank
431
490
Open
15-02-2019
Top Picks
ICICI Bank
343
460
Open
30-07-2018
Top Picks
ICICI Bank
307
411
Open
01-02-2018
Top Picks
ICICI Bank
352
416
Open
06-03-2020
Fundamental
Aditya Birla Capital
75
Closed(06/03/2020)
06-09-2019
Fundamental
Aditya Birla Capital
93
118
Open
09-08-2019
Top Picks
Aditya Birla Capital
89
118
Open
04-06-2019
Top Picks
Aditya Birla Capital
102
130
Open
01-02-2018
Top Picks
Aditya Birla Capital
167
218
Open
25-06-2020
Fundamental
CCL Products
242
Closed (25/06/2020)
04-01-2018
Fundamental
CCL Products
278
360
Open
03-01-2018
Fundamental
Nilkamal Ltd
1,449
Closed (29/01/2020)
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
09-05-2018
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
Open
19-12-2017
Top Picks
LT Foods
85
Closed(18/06/2018)
06-11-2017
Top Picks
LT Foods
74
96
13
www.angelbroking.com
Market Outlook
September 02, 2020
www.angelbroking.com
Source: Company, Angel Research
Exhibit 12: Historical Angel Top Picks/Fundamental Calls
Date Added
Top Picks/Fundamental
Stocks
Reco Price
Target/Revised Price
Current Status
16-10-2017
Fundamental
Endurance Technologies Ltd
1111
1277
Closed (01/12/2017)
30-01-2020
Fundamental
GIC Housing
154
Closed (30/01/2020)
06-06-2019
Fundamental
GIC Housing
252
Hold
11-09-2017
Top Picks
GIC Housing
533
655
Open
28-01-2020
Fundamental
Music Broadcast Limited
29
Closed (28/01/2020)
06-06-2019
Fundamental
Music Broadcast Limited
58
Hold
10-10-2017
Top Picks
Music Broadcast Limited
404
475
Open
20-07-2017
Top Picks
Music Broadcast Limited
368
434
Open
30-06-2020
Fundamental
L&T Finance Holdings Ltd
65.5
Closed (30/6/2020)
03-05-2018
Fundamental
L&T Finance Holdings Ltd
171
210
Open
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)
28-01-2020
Top Picks
Maruti
7,065
Closed(28/01/2020)
30-07-2019
Top Picks
Maruti
5558
7,783
Open
29-10-2018
Top Picks
Maruti
6705
8,552
Open
27-07-2017
Top Picks
Maruti
9315
10820
Open
05-06-2017
Top Picks
Karur Vysya Bank
127
100
Closed (12/03/2018)
16-04-2020
Fundamental
KEI Industries
279
Closed (16/04/2020)
06-04-2020
Fundamental
KEI Industries
295
400
Hold
19-03-2020
Top Picks
KEI Industries
257
400
Open
21-01-2020
Top Picks
KEI Industries
517
658
Open
13-11-2019
Fundamental
KEI Industries
542
Hold
07-08-2019
Top Picks
KEI Industries
464
556
Open
12-02-2019
Top Picks
KEI Industries
349
486
Open
23-05-2018
Top Picks
KEI Industries
481
589
Open
21-05-2018
Top Picks
KEI Industries
433
508
Open
25-01-2018
Top Picks
KEI Industries
400
486
Open
04-01-2017
Top Picks
KEI Industries
167
207
Open
27-05-2020
Top Picks
Alkem Lab.
2,425
Closed (27/05/2020)
17-04-2020
Top Picks
Alkem Lab.
2,687
3,300
Open
31-05-2018
Top Picks
Alkem Lab
1978
Closed (31/05/2018)
01-12-2016
Top Picks
Alkem Lab
1700
2441
Open
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
Open
30-01-2019
Fundamental
DHFL
162
Closed(30/01/2019)
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
09-12-2019
Top Picks
Blue Star
813
Closed(09/12/2019)
08-12-2015
Top Picks
Blue Star
357
867
Open
29-01-2020
Fundamental
Siyaram Silk Mills
229
Closed(28/01/2020)
06-06-2019
Fundamental
Siyaram Silk Mills
337
Hold
30-10-2015
Top Picks
Siyaram Silk Mills
186
851
Open
Source: Company, Angel Research
14
www.angelbroking.com
Market Outlook
September 02, 2020
www.angelbroking.com
Research Team Tel: 022 - 39357800 E-mail: [email protected] Website: www.angelbroking.com
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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.
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decision. Nothing in this document should be construed as investment or financial advice. Each recipient of this document should make
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Reports based on technical and derivative analysis center on studying charts of a stock's price movement, outstanding positions and
trading volume, as opposed to focusing on a company's fundamentals and, as such, may not match with a report on a company's
fundamentals. Investors are advised to refer the Fundamental and Technical Research Reports available on our website to evaluate the
contrary view, if any
The information in this document has been printed on the basis of publicly available information, internal data and other reliable
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