1
1
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Market Outlook
May 11, 2020
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Market Cues
Indian markets are likely to open positive tracking global indices and SGX Nifty.
The US stocks saw some further upside over the course of the trading day on Friday.
The major averages added to the gains posted in the previous session, with the tech-
heavy Nasdaq reaching its best closing level in well over two months. The Dow
surged by 1.9 percent to 24,331and the Nasdaq inched up by 0.2 percent to 9,121.
UK stocks advanced on Thursday as the Bank of England maintained its key interest
rate and refrained from unveiling additional quantitative easing, despite the
coronavirus pandemic taking its toll on the economy. The FTSE 100 moved up by
0.6 percent to 5,890.
On domestic front, Indian shares push higher on Friday, though markets ended off
their day's highs after Moody's Investors Service revised downward its growth
projection for India to 0 percent for FY21 and cautioned that the country's sovereign
rating could be downgraded if its fiscal metrics weaken materially. The benchmark
BSE Sensex was up by 0.6 per cent to 31,643.
Top Picks Update
Add Stock: Hindustan Unilever CMP: `2088 Target: `2364
News Analysis
Carlyle Group to buy 74% in SeQuent Scientific for over Rs 1,500 crore
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
Rating
CMP
(`)
Target
(`)
Upside
(%)
Avenue Supermarts
Buy
2,249
2,735
21.6
Nestle India
Buy
17,798
20,687
16.2
Britannia Inds
Buy
2,992
3,550
18.6
Bata India
Buy
1,292
1,561
20.8
More Top Picks on Pg3
Domestic Indices
Chg (%)
(Pts)
(Close)
BSE Sensex
0.6
199
31,643
Nifty
0.6
52
9,252
Mid Cap
0
4
11,424
Small Cap
-0.5
-48
10,639
Bankex
-0.4
-95
22,211
Global Indices
Chg (%)
(Pts)
(Close)
Dow Jones
1.9
455
24,331
Nasdaq
0.2
142
9,121
FTSE
0.6
36
5,890
Nikkei
2.6
504
20,179
Hang Seng
1
250
24,230
Shanghai Com
0.8
24
2,895
Advances / Declines
BSE
NSE
Advances
987
721
Declines
1,343
1,076
Unchanged
180
111
Volumes (` Cr)
BSE
2,917
NSE
48,489
Net Inflows (` Cr)
Net
Mtd
Ytd
FII
-324
-1,258
-56,655
*MFs
-1,298
-7,075
23,918
Top Gainers
Price (₹)
Chg (%)
EIDPARRY
165
10.7
HATHWAY
19
8.6
TV18BRDCST
20
7.7
SKFINDIA
1447
7.5
TVSSRICHAK
1071
6.4
Top Losers
Price (
`
)
Chg (%)
CYIENT
209
-10.0
LAURUSLABS
441
-9.9
RBLBANK
119
-7.4
TORNTPOWER
302
-6.6
TIMKEN
850
-5.3
As on May 08, 2020
2
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Market Outlook
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Top Picks Update:
Add Stock: Hindustan Unilever CMP: `2,088 Target: `2,364
Rationale: Hindustan Unilever Ltd (HUL) is engaged in manufacturing of branded
and packaged FMCG products. Going forward, we expect HUL to report healthy
bottom-line growth due to healthy volume growth on the back of strong brand,
wide distribution network.
News Analysis:
Carlyle Group to buy 74% in SeQuent Scientific for over Rs 1,500
crore
Private equity player The Carlyle Group has signed up to acquire a majority 74
per cent stake in Mumbai-headquartered animal health care company SeQuent
Scientific for over Rs 1,500 crore. The transaction is being done through an equity
purchase stake that values each share at Rs 86. The deal will be executed through
two investment vehicles — CA Harbor Investments, affiliated entity of CAP V
Mauritius, which is an affiliated entity of Carlyle. The deal is the Carlyle's first
majority transaction in India. Carlyle's global portfolio in the animal nutrition and
health care sectors include Manna Pro Products, which manufactures and markets
animal feeds, Saprogal, a manufacturer and supplier of animal nutrition products
in Spain and Portugal, and CP Pokphand, a livestock feed producer in China.
Carlyle has invested around $2.5 billion in India over the past two decades and
key transactions have included investments in SBI Life, SBI Cards, Medanta
Medicity, and Metropolis Healthcare.
Economic and Political News
401 infrastructure projects show cost overrun of Rs 4.06 trillion: Report
Covid-19: India's fuel consumption falls 46% in April, may rebound in May
Govt hikes borrowing limit by over 50% to Rs 12 trn as virus grips economy
Credai reports 40-50% hike in cement, steel prices; alleges cartelisation
Corporate News
Vista Equity Partners to invest Rs 11,367 crore in Jio Platforms
Carlyle Group to buy 74% in SeQuent Scientific for over Rs 1,500 crore
Pharma export growth in FY20 down to single digit due to Covid: Pharmexcil
Dr Reddy's gets USFDA inspection closure report fo Srikakulam unit
NCLT orders insolvency procedure for Eason Reyrolle on SBI, Canara plea
4
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Market Outlook
May 11, 2020
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Top Picks
Company
Market Cap
(` Cr)
CMP
(`)
Target
(`)
Upside
(%)
Rationale
Hawkins Cooker
2,344
4,430
5,500
24.1
We forecast HCL to report healthy top-line CAGR
of ~14% to `976cr over FY19-22E on the back of
government initiatives, new product launches,
strong brand name and wide distribution network.
On the bottom-line front, we estimate ~23% CAGR
to `100cr due to strong revenue and operating
margin improvement
Asian Paints
16,612
1,292
1,561
20.8
Asian Paints (APL) is India's largest paints company.
We expect APL to report healthy bottom-line CAGR
of ~19% over FY2019-22E due to leadership
position, strong brand, wide distribution network
(60,000+ dealers across the country) and
improvement in operating margins (back of falling
crude prices).
Bata India
1,71,602
17,798
20,687
16.2
We expect Bata India to report net revenue CAGR
of ~11% to ~`3,974cr over FY2019-22E mainly
due to increasing brand consciousness among
Indian consumers, new product launches, higher
number of store additions in tier II/ III cities and
focus on high growth women’s segment. Further,
on the bottom-line front, we expect CAGR of ~20%
to `562cr over the same period on the back of
margin improvement (increasing premium product
sales).
Nestle India
36,971
1,359
1,772
30.4
Nestle India Ltd (Nestle) manufactures and sells a
variety of food products such as Milk & Nutrition,
Prepared Dishes & Cooking Aids, Powdered &
Liquid Beverages and Confectionery. Going
forward, we expect healthy growth and profitability
on the back of strong brand recall, wide
distribution network (4.6mn outlets across
India) and new product launches.
Colgate Palmolive
1,45,675
2,249
2,735
21.6
We believe that the company should ultimately be
able to see sharper market share gain in
toothpastes segment on the back of higher ad-
spend and re-launch of Colgate Strong Teeth
(decent traction seen in last quarter)
Avenue Supermarts
32,570
10,034
12,230
21.9
Avenue Supermarts owns and operates the
supermarket chain ‘D-MART’. Focused on value
retailing, it offers a wide range of fast-moving
consumer (food and non-food) products, general
merchandise and apparel.We expect DMART to
report consolidated revenue/PAT CAGR
of 18%/26%, respectively over FY2019-22E.
P&G Hygiene
19,609
1,552
1,900
22.4
P&GHH manufactures, distributes and markets
three major brands in India – Whisper, Vicks, and
Old Spice. Sanitary Pads having less than 20%
market penetration leaves immense growth
opportunity for Whisper.
Going forward, we expect healthy growth and
profitability on the back of strong brand, wide
distribution network and new product launches.
Ipca Lab
2,344
4,430
5,500
24.1
54% of revenue comes from domestic generic and
API business. Generics and API continues to provide
revenue growth for Ipca. Expected to outperform
the Indian Pharmaceutical market(IPM) by 8%-
10% p.a in FY 22.
Bharti Airtel
2,89,145
530
594
12.1
Telecom operators have increased tariffs by ~35%
in Nov’19. There is a possibility of another round
of tariff hikes by telecom companies in FY21 given
that tariffs are still very low . If Vodafone Idea goes
out of business, Bharti would benefit significantly
from addition of subscribers.
5
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Market Outlook
May 11, 2020
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Continue....
Company
Market Cap
(` Cr)
CMP
(`)
Target
(`)
Upside
(%)
Rationale
Infosys
2,87,333
675
841
24.6
We expect the company to post
revenue/EBITDA/PAT growth of 7.5%/3.7%/5.1%
between FY19-FY22 despite Covid-19 outbreak
impacting FY21 numbers. Rupee depreciation from
~71 levels to ~77 to the US dollar will have a
positive impact on top line and bottom-line and will
mitigate the adverse impact due to Covid-19
outbreak to a large extent.
L&T Infotech
27,576
1,584
1,803
13.8
We expect the company to post
revenue/EBITDA/PAT growth of 6.7%/8.4%/4.8%
between FY19-FY22 despite Covid-19 outbreak
impacting FY21 numbers. We expect limited impact
of Covid-19 outbreak on LTI as most IT companies
have already shifted ~90% of employees to work
from home.
Britannia Industries
71,951
2,992
3,550
18.6
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.
9,90,088
1,562
1,626
4.1
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.
Alkem Lab.
30,950
2,589
3,300
27.5
67% of revenue comes from domestic generic and
API business. Anti-infectives and
Cronic business continues to provide revenue
growth for Alkem. Expected to outperform the
Indian Pharmaceutical market(IPM) by 1.5x growth
rate for the next 2 years. We expect alkem to grow
its top line by 13-15% in the upcoming years.
PI Industries
21,153
1,532
1,784
16.4
Market leader in fast growing custom
manufacturing space catering to lading
agrochemical companies globally
Galaxy Surfactants
4,816
1,358
1,610
18.6
Leader in surfactant business catering to the FMCG
space with increasing share of speciality care
products
Aarti Industries
18,916
1,086
1,284
18.2
Aarti Industries is well diversified across product,
customer, geography and end user industry.
Significant opportunity for Aarti will arise from from
environmental related issues in China and
companies looking to diversify supply chains.
Dhanuka Agritech
2,110
444
520
17.1
Dhanuka Agritech is a 100% domestic market
focused agrochemical company. It has
international collaboration with the world’s nine
leading agro chemical companies to introduce the
latest technology in Indian farmlands. It has a pan
India presence with ~7,000 distributors &
~80,000 dealer. We are positive on the long term
prospects of the company owing to high industry
growth rate, management capability and wide &
diversified product portfolio as well as reach.
Hindustan Unilever
4,90,651
2,088
2364
13.2
HUL is engaged in manufacturing of branded and
packaged FMCG products. Going forward, we
expect HUL to report healthy bottom-line growth
due to healthy volume growth on the back of
strong brand, wide distribution network.
6
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Market Outlook
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Fundamental Call
Company
Market Cap
(` Cr)
CMP
(`)
Target
(`)
Upside
(%)
Rationale
CCL Products
2,489
187
360
92.4
CCL is likely to maintain the strong growth
trajectory over FY18-20 backed by capacity
expansion and new geographical foray
LT Finance Holding
11,387
57
150
164.1
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.
Jindal Steel & Power
Limited
9,093
89
NA
NA
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
5,199
3,557
NA
NA
Post the GMM Pfaudler (CMP INR 2542.5) Q3FY20
numbers we are introducing our FY22 EPS estimate
of INR 114.5. We raise our target price to INR
2864 (25xFY22E EPS estimate)
4
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Market Outlook
May 11, 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 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 06 April, 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
5.0
4.5
4.7
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
(%)
2.5
1.6
0.2
2.7
3.2
4.6
1.2
4.3
(1.4)
(4.3)
(4.0)
1.8
(0.1)
2.0
(5.0)
(4.0)
(3.0)
(2.0)
(1.0)
-
1.0
2.0
3.0
4.0
5.0
6.0
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
(%)
2.11
1.97
2.9
3.1
3.24
2.79
2.0
1.2
1.2
0.3
0.0
0.6
2.6
3.1
2.3
0
0.5
1
1.5
2
2.5
3
3.5
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
(%)
44
46
48
50
52
54
56
58
60
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
Mfg. PMI
Services PMI
(20.0)
(15.0)
(10.0)
(5.0)
0.0
5.0
10.0
15.0
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
Exports yoy growth
Imports yoy growth
(%)
3
3.5
4
4.5
5
5.5
6
6.5
7
Oct-18
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
Repo rate
Reverse Repo rate
CRR
(%)
5
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Market Outlook
May 11, 2020
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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 18 March, 2020
1.2
1.7
4.7
6.0
(0.5)
5.0
3.6
1.6
1.1
2.3
0.3
0.9
(0.4)
(1.0)
-
1.0
2.0
3.0
4.0
5.0
6.0
7.0
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
(%)
18.2
5.1
22.1
14.4
13.9
16.0
14.7
16.5
15.9
19.7
18.9
21.0
19.8
14.0
-
5.0
10.0
15.0
20.0
25.0
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
May 11, 2020
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Exhibit 4: Relative performance of indices across globe
Returns (%)
Country
Name of index
Closing price
1M
3M
1YR
Brazil
Bovespa
72254
-31.5
-38.6
-23.5
Russia
Micex
2573
-8.8
-16.4
1.2
India
Nifty
8084
-27.4
-34.2
-31.0
China
Shanghai Composite
2764
-8.2
-10.4
-14.9
South Africa
Top 40
40739
-14.4
-20.3
-23.2
Mexico
Mexbol
33591
-21.8
-24.7
-25.4
Indonesia
LQ45
702
-23.9
-31.2
-31.5
Malaysia
KLCI
1331
-10.7
-17.4
-19.1
Thailand
SET 50
767
-16.1
-27.9
-30.0
USA
Dow Jones
21413
-17.4
-25.2
-18.3
UK
FTSE
5415
-19.4
-29.0
-27.0
Japan
Nikkei
17820
-15.5
-23.2
-18.0
Germany
DAX
9576
-20.1
-27.6
-19.9
France
CAC
4186
-22.4
-30.7
-23.5
Source: Bloomberg, Angel Research As of 06 April, 2020
7
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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
07-05-2020
Top Picks
Dhanuka Agritech
438
520
Open
24-04-2020
Top Picks
PI Industries
1,507
1,784
Open
24-04-2020
Top Picks
Galaxy Surfactants
1,394
1,610
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
28-04-2020
Top Picks
Reliance Ind.
1,430
1,626
Open
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
16-04-2020
Top Picks
Infosys
625
841
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
06-04-2020
Top Picks
Ipca Labs
1,332
1,900
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
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
09-04-2020
Top Picks
Nestle India
16,848
20,687
Open
30-03-2020
Top Picks
Nestle India
15,091
17,355
Open
08-05-2020
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
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
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
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
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
Source: Company, Angel Research
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Exhibit 8: Historical Angel Top Picks/Fundamental Calls
Date Added
Top Picks/Fundamental
Stocks
Reco Price
Target/Revised Price
Current Status
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
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
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
22-01-2020
Fundamental
Shriram Transport Finance Com
1,090
1410
Hold
30-10-2019
Top Picks
Shriram Transport Finance Com
1,156
1410
Open
07-08-2019
Top Picks
Shriram Transport Finance Com
1,000
1385
Open
25-05-2019
Top Picks
Shriram Transport Finance Com
1,106
1470
Open
20-06-2018
Top Picks
Shriram Transport Finance Com
1,466
1,764
Open
Source: Company, Angel Research
9
www.angelbroking.com
Market Outlook
May 11, 2020
www.angelbroking.com
Exhibit 9: Historical Angel Top Picks/Fundamental Calls
Date Added
Top Picks/Fundamental
Stocks
Reco Price
Target/Revised Price
Current Status
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
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
Source: Company, Angel Research
10
www.angelbroking.com
Market Outlook
May 11, 2020
www.angelbroking.com
Exhibit 10: Historical Angel Top Picks/Fundamental Calls
Date Added
Top Picks/Fundamental
Stocks
Reco Price
Target/Revised Price
Current Status
16-04-2018
Top Picks
Parag Milk Foods Limited
249
333
Open
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
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)
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
Source: Company, Angel Research
11
www.angelbroking.com
Market Outlook
May 11, 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
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
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
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
Fundamental
L&T Finance Holding
Hold
03-05-2018
Fundamental
L&T Finance Holding
171
210
Open
07-07-2017
Fundamental
L&T Finance Holdings Ltd
149
179
Closed (28/8/2017)
Source: Company, Angel Research
12
www.angelbroking.com
Market Outlook
May 11, 2020
www.angelbroking.com
Exhibit 12: Historical Angel Top Picks/Fundamental Calls
Date Added
Top Picks/Fundamental
Stocks
Reco Price
Target/Revised Price
Current Status
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
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
13
www.angelbroking.com
Market Outlook
May 11, 2020
www.angelbroking.com
Research Team Tel: 022 - 39357800 E-mail: [email protected] Website: www.angelbroking.com
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