Market Outlook

August 12, 2015

Dealer’s Diary

Domestic Indices

Chg (%)

(Pts)

(Close)

BSE Sensex

(0.8)

(236)

27,866

Indian markets are expected to open negative tracking SGX Nifty.

Nifty

(0.7)

(63)

8,462

Dow index fell on the heels of news of the People's Bank of China's surprise move to

MID CAP

(0.5)

(53)

11,503

devalue its currency. The move raised concerns about the Chinese economy as well

SMALL CAP

(1.1)

(136)

11,919

as the possibility that it could start a currency war.

BSE HC

(0.1)

(10)

17,490

BSE PSU

(2.1)

(164)

7,565

European markets ended on negative note, with German shares getting hammered

by news that China has devalued its currency. Export stocks with exposure to China,

BANKEX

(1.5)

(332)

21,356

mainly auto stocks and luxury goods, retreated in response to the move.

AUTO

(1.3)

(259)

19,419

METAL

(3.5)

(302)

8,281

Indian markets fell sharply on Tuesday after China devalued its currency by nearly 2

OIL & GAS

(1.1)

(110)

9,763

percent to boost its declining exports and concerns over the logjam in Parliament

BSE IT

1.4

153

11,276

also rattled investors.

Global Indices

Chg (%)

(Pts)

(Close)

News & Result Analysis

Dow Jones

(1.2)

(212)

17,403

 Result Review: Sun Pharmaceuticals, JK Lakshmi Cement, Siyaram Silk Mills

NASDAQ

(1.3)

(65)

5,037

 Result Preview: Cadila Healthcare, Aurobindo Pharmaceuticals

FTSE

(1.1)

(72)

6,665

Refer detailed news & result analysis on the following page

Nikkei

(0.4)

(88)

20,721

Markets Today

Hang Sang

(0.1)

(23)

24,498

The trend deciding level for the day is 27,966 / 8,487 levels. If NIFTY trades above

Straits Times

(1.4)

(44)

3,153

this level during the first half-an-hour of trade then we may witness a further rally up

Shanghai Com

(0.0)

(1)

3,928

to 28,106 - 28,345 / 8,532 - 8,602 levels. However, if NIFTY trades below

27,966 / 8,487 levels for the first half-an-hour of trade then it may correct towards

Indian ADR

Chg (%)

(Pts)

(Close)

27,726 - 27,586 / 8,417 - 8,372 levels.

INFY

(1.3)

(0.2)

$17.5

Indices

PIVOT

WIT

(2.1)

(0.3)

$12.3

SENSEX

27,586

27,726

27,966

28,106

28,345

IBN

(2.7)

(0.3)

$9.9

NIFTY

8,372

8,417

8,487

8,532

8,602

HDB

(1.2)

(0.7)

$62.3

Net Inflows (August 10, 2015)

Advances / Declines

BSE

NSE

` cr

Purch

Sales

Net

MTD

YTD

Advances

973

389

FII

3,575

3,506

1,967

142,936

Declines

1,933

1,133

MFs

570

460

111

(427)

57,521

Unchanged

FII Derivatives (August 11, 2015)

Volumes (` cr)

` cr

Purch

Sales

Net

Open Interest

BSE

3,889

Index Futures

858

1,716

(858)

15,983

NSE

17,478

Stock Futures

2,503

2,595

(91)

50,937

Gainers / Losers

Gainer

Loser

Company

Price (`)

chg (%)

Company

Price (`)

chg (%)

JUBILANT

313

10.6

APOLLOTYRE

183

(12.5)

NIITTECH

519

6.9

JISLJALEQS

(8.2)

ECLERX

1,697

6.7

ENGINERSIN

220

(6.5)

AJANTPHARM

1,709

4.0

JKTYRE

109

(6.3)

DIVISLAB

2,143

3.8

IL&FSTRANS

133

(6.0)

www.angelbroking.com

Market Outlook

August 12, 2015

Result Review

Sun Pharmaceuticals (CMP: `842/ TP: `950 / Upside: 12.8%)

For 1QFY2016 Sun Pharmaceuticals posted results better than expected, on sales

and OPM front. The sales came in at`6522cr V/s `6200cr expected, a yoy growth

of 3.3%. The sales growth was driven by the Indian formulation market (`1784cr),

which posted a yoy growth of 11%, while the US(`3090cr) , posted a yoy growth of

2.2%. Other regions ROW (`575cr) and Emerging markets (`845cr) , posted a yoy

dip of 2.0% and 10.4% respectively.

On the operating front, the gross margins came in at 73.7% V/s 74.4% expected

and 73.9% in 1QFY2015. The OPM consequently has come in at 24.8% in

1QFY2016 V/s 25.8% expected and 30.3% in 1QFY2015. The yoy dip in margins

is on back of the other expenditure which has moved up by 18% yoy, while staff

cost inched up by 11.9% yoy. Thus margin dip is more on back of lower sales,

hence adjusted for normalised sales; the OPM would have been around 30%. On

the net profit front, the company posted Adj net profit of `1165cr V/s `1203cr

expected and `1442cr in the last corresponding period, dip of 19.9% yoy. The

R&D expenditure was 7.7% of sales V/s 9.3% of sales expected and 8.8% of sales

in 1QFY2015. Also the other income during the quarter was `341cr V/s `210cr in

1QFY2015, mainly driven by proceeds from brand divestments as mandated by

various competition authorities pertaining to the Ranbaxy acquisition.

Reported net profit for the quarter was adversely impacted by the one-time items

as well as exceptional charges of `685cr. These exceptional charges relate to

impairment of fixed assets and goodwill and other related costs and have arisen

on account of integration and optimization measures. As a result, the reported net

profit for the quarter was at `479cr V/s `1205cr in 1QFY2015. We recommend

an accumulate on the stock.

Y/E

Sales OPM PAT EPS

ROE

P/E

P/BV EV/Sales EV/EBITDA

Mar

(` cr)

(%)

(` cr)

(`)

(%)

(x)

FY2016E

27,839

27.7

4,565

18.9

13.0

44.4

4.0

6.7

24.1

FY2017E

33,542

29.7

6,471

26.9

14.6

31.3

3.5

5.2

17.5

JK Lakshmi Cement (CMP: `355/ TP: `443 / Upside: 24.9%)

JK Lakshmi Cement (JKLC) posted inline set of numbers on profitability front; its

top line de-grew by 1.6% yoy to `590.7cr but was above our estimate of `553.9cr.

However on the EBITDA front margin came in at 8.6% (against our estimate of

9.5%) a decline of 1032bp yoy largely due to sharp decline in sales realization.

The margin was below estimate due to higher freight and power cost. The EBITDA

came in at `50.7cr was marginally below our estimate of `52.6cr. The company

reported a Net loss of `23.5cr was in line with our estimate of `24cr. It reported

Net loss mainly due to additional interest and depreciation expenses on account of

commissioning of new cement plant of 1.7mtpa at Durg, Chattisgarh in March

2015. We maintain our positive view on the stock with a price target of `443.

Y/E

Sales OPM PAT EPS

ROE

P/E

P/BV EV/Sales EV/EBITDA

Mar

(` cr)

(%)

(` cr)

(`)

(%)

(x)

FY2016E

3,004

17.6

164

13.9

11.8

25.5

2.9

1.8

10.2

FY2017E

3,618

19.9

320

27.2

20.5

13.0

2.5

1.5

7.3

www.angelbroking.com

Market Outlook

August 12, 2015

Siyaram Silk Mills (CMP: `1,183/ TP:-/ Upside:-)

For 1QFY2016, Siyaram Silk Mills (SSML) reported a muted set of numbers. The

top-line for the quarter declined marginally by 0.5% yoy to `301cr. The same was

below was our estimate of `325cr. The EBITDA and EBITDA margins declined by

4% yoy and 38bp yoy to `31cr and 10.3% respectively. The raw material cost as a

percentage of sales declined by 297bp yoy to 45.7% but there was 133bp yoy and

203bp yoy increase in employee and other expense, resulting in almost flat

EBITDA margin. We had built in an EBITDA margin estimate of 11.0%. Interest and

depreciation expense declined by 14.1% yoy and 10% yoy respectively but taxes

were higher on yoy basis (38.3% of PBT vs 32.1%). As a result, the net profit came

in flat at `12cr vis-à-vis our estimate of `15cr. At current market price, the stock is

trading at 9.7x its FY2017E earnings. We have a Neutral rating on the stock.

Y/E

Sales OPM PAT EPS

ROE

P/E

P/BV EV/Sales EV/EBITDA

Mar

(` cr)

(%)

(` cr)

(`)

(%)

(x)

FY2016E

1,653

11.7

99.3

19.5

11.9

2.1

0.8

7.1

FY2017E

1,873

12.2

114 122.1

20.2

9.7

1.8

0.7

5.9

Result Preview

Cadila Healthcare (CMP: `1918/ TP: / Upside: )

For 1QFY2016, Cadila Healthcare is expected to post robust results. On sales the

company is expected to post sales of `2451cr, a yoy growth of 21.3%, driven by

domestic formulations and exports formulations. On the operating front, the gross

margins are expected to be 64.2%, with OPM expected to come in at 20.5%, yoy

expansion of 343bps.On the net profit front, the company is expected to post Adj

net profit of `372cr, a yoy growth of 58.8%. The R&D expenditure during the

quarter is expected to be around 8.4% of sales V/s 5.2% of sales in 1QFY2015.

We recommend a neutral rating on the stock.

Y/E

Sales OPM PAT EPS

ROE

P/E

P/BV EV/Sales EV/EBITDA

Mar

(` cr)

(%)

(` cr)

(`)

(%)

(x)

FY2016E

10,224

19.7

1,429

69.8

29.6

27.5

7.3

3.9

19.5

FY2017E

11,840

20.0

1,658

81.0

27.3

23.7

5.8

3.2

16.2

Aurobindo Pharmaceuticals (CMP: `762/ TP: / Upside: )

For 1QFY2016, Aurobindo Pharmaceuticals is expected to post robust results. On

sales the company is expected to post sales of `3400cr, a yoy growth of 8.1%,

driven by formulations. On the operating front, the gross margins are expected to

be 56.8%, with OPM expected to come in at 20.3%, yoy dip of 189bps.On the net

profit front, the company is expected to post Adj net profit of `448cr, a yoy growth

of 8.1%. We recommend a neutral rating on the stock.

Y/E

Sales OPM PAT EPS

ROE

P/E

P/BV EV/Sales EV/EBITDA

Mar

(` cr)

(%)

(` cr)

(`)

(%)

(x)

FY2016E

14,435

22.6

2,110

36.1

34.4

23.3

6.9

3.8

16.6

FY2017E

16,600

22.6

2,407

41.2

29.4

20.4

5.3

3.2

14.2

www.angelbroking.com

Market Outlook

August 12, 2015

Quarterly Bloomberg Brokers Consensus Estimate

Ashok Leyland Ltd - August 12, 2015

Particulars (` cr)

1QFY16E

1QFY15

y-o-y (%)

4QFY15

q-o-q (%)

Net sales

3,746

2,435

53.9

4,436

(15.5)

EBITDA

326

116

181.0

457

(28.6)

EBITDA margin (%)

8.7

4.8

10.3

Net profit

120

(48)

0.0

230

(48.0)

IDBI Bank Ltd - August 12, 2015

Particulars (` cr)

1QFY16E

1QFY15

y-o-y (%)

4QFY15

q-o-q (%)

Net profit

161

105

53.4

546

(70.5)

Coal India Ltd Consol - August 12, 2015

Particulars (` cr)

1QFY16E

1QFY15

y-o-y (%)

4QFY15

q-o-q (%)

Net sales

19,325

17,800

8.6

20,774

(7.0)

EBITDA

4,701

4,281

9.8

5,965

(21.2)

EBITDA margin (%)

24.3

24.1

28.7

Net profit

4,104

4,033

1.8

4,239

(3.2)

Jindal Steel & Power Ltd Consol - August 12, 2015

Particulars (` cr)

1QFY16E

1QFY15

y-o-y (%)

4QFY15

q-o-q (%)

Net sales

4,884

4,870

0.3

4,481

9.0

EBITDA

841

1,629

(48.4)

1,048

(19.8)

EBITDA margin (%)

17.2

33.4

23.4

Net profit

(453)

418

0.0

(519)

0.0

Reliance Infrastructure Ltd - August 12, 2015

Particulars (` cr)

1QFY16E

1QFY15

y-o-y (%)

4QFY15

q-o-q (%)

Net sales

2,656

2,524

5.2

2,660

(0.1)

EBITDA

497

431

15.5

567

(12.3)

EBITDA margin (%)

18.7

17.1

21.3

Net profit

351

321

9.2

450

(22.0)

Oil & Natural Gas Corp Ltd - August 13, 2015

Particulars (` cr)

1QFY16E

1QFY15

y-o-y (%)

4QFY15

q-o-q (%)

Net sales

23,628

21,747

8.6

21,303

10.9

EBITDA

13,477

8,864

52.0

7,619

76.9

EBITDA margin (%)

57.0

40.8

35.8

Net profit

6,071

4,782

27.0

3,935

54.3

Indian Oil Corp Ltd - August 13, 2015

Particulars (` cr)

1QFY16E

1QFY15

y-o-y (%)

4QFY15

q-o-q (%)

Net sales

101,442

124,666

(18.6)

93,492

8.5

EBITDA

6,136

3,697

66.0

9,284

(33.9)

EBITDA margin (%)

6.0

3.0

9.9

Net profit

4,213

2,523

67.0

6,285

(33.0)

www.angelbroking.com

Market Outlook

August 12, 2015

Tata Power Co Ltd Consol - August 13, 2015

Particulars (` cr)

1QFY16E

1QFY15

y-o-y (%)

4QFY15

q-o-q (%)

Net sales

8,594

8,739

(1.7)

8,167

5.2

EBITDA

1,866

1,775

5.1

1,962

(4.9)

EBITDA margin (%)

21.7

20.3

24.0

Net profit

186

(111)

0.0

159

16.7

DLF Ltd Consol - August 13, 2015

Particulars (` cr)

1QFY16E

1QFY15

y-o-y (%)

4QFY15

q-o-q (%)

Net sales

1,991

1,725

15.4

1,954

1.9

EBITDA

740

737

0.4

696

6.4

EBITDA margin (%)

37.2

42.7

35.6

Net profit

152

128

19.1

172

(11.3)

Reliance Capital Ltd Consol - August 14, 2015

Particulars (` cr)

1QFY16E

1QFY15

y-o-y (%)

4QFY15

q-o-q (%)

Net profit

215

164

31.3

407

(47.1)

Power Finance Corp Ltd - August 14, 2015

Particulars (` cr)

1QFY16E

1QFY15

y-o-y (%)

4QFY15

q-o-q (%)

Net sales

2,527

5,918

(57.3)

6,388

(60.4)

EBITDA

2,497

5,866

(57.4)

6,365

(60.8)

EBITDA margin (%)

98.8

99.1

99.6

Net profit

1,615

1,448

11.5

1,561

3.5

Bharat Petroleum Corp Ltd - August 14, 2015

Particulars (` cr)

1QFY16E

1QFY15

y-o-y (%)

4QFY15

q-o-q (%)

Net sales

54,676

66,750

(18.1)

51,304

6.6

EBITDA

2,808

1,520

84.7

4,496

(37.6)

EBITDA margin (%)

5.1

2.3

8.8

Net profit

1,641

1,216

34.9

2,853

(42.5)

Steel Authority of India Ltd - August 14, 2015

Particulars (` cr)

1QFY16E

1QFY15

y-o-y (%)

4QFY15

q-o-q (%)

Net sales

10,150

11,196

(9.3)

11,469

(11.5)

EBITDA

638

1,130

(43.5)

930

(31.3)

EBITDA margin (%)

6.3

10.1

8.1

Net profit

(63)

530

0.0

334

0.0

Cipla Ltd/India - August 14, 2015

Particulars (` cr)

1QFY16E

1QFY15

y-o-y (%)

4QFY15

q-o-q (%)

Net sales

2,783

2,402

15.9

2,607

6.7

EBITDA

544

533

2.2

393

38.4

EBITDA margin (%)

19.6

22.2

15.1

Net profit

300

332

(9.6)

214

40.4

www.angelbroking.com

Market Outlook

August 12, 2015

Top Picks

Large Cap

Market

CMP

Target

Upside

Company

Sector

Rating

Cap (` Cr)

(`)

(%)

Axis Bank

Financials

1,35,656

Buy

571

716

25.4

ICICI Bank

Financials

1,75,311

Buy

302

370

22.5

Infosys

2,53,663

Buy

1,104

1,306

18.3

Inox Wind

Capital Goods

8,883

Buy

400

505

26.2

LIC Housing

Financials

25,162

Buy

499

590

18.3

Finance

Power Grid

Power

72,013

Buy

138

170

23.5

TCS

5,09,867

Buy

2,603

3,168

21.7

Tech Mahindra IT

51,994

Buy

541

646

19.5

Yes Bank

Financials

33,382

Buy

798

989

23.9

Sun Pharma

Pharmaceuticals 2,02,568 Accumulate

842

950

12.9

Source: Angel Research, Bloomberg

Mid Cap

Market

CMP

Target

Upside

Company

Sector

Rating

Cap (` Cr)

(`)

(%)

Bajaj Electricals

Others

2,752

Buy

273

341

24.9

Garware Wall Ropes Others

689

Buy

315

390

23.9

Hindustan Media

Media

1,782

Buy

243

292

20.2

JK Tyre

Auto Ancillary

2,470

Buy

109

147

35.0

MBL Infrastructures

Construction

1,055

Buy

255

395

55.0

MT Educare

Others

493

Buy

124

141

13.9

Surya Roshni

Others

639

Buy

146

193

32.5

Minda Industries

Auto Ancillary

933 Accumulate

588

652

10.8

Radico Khaitan

Others

1,265 Accumulate

112

17.8

Setco Automotive

Auto Ancillary

677 Accumulate

254

286

12.8

Source: Angel Research, Bloomberg

www.angelbroking.com

Market Outlook

August 12, 2015

Result Calendar

Date

Company

Ashok Leyland, India Cements, IDBI Bank, Bank of Maharashtra, Coal India, Jindal Steel, Nalco, MOIL, Goodyear,

August 12, 2015

TVS Srichakra, Abbott India, Cadila Healthcare, Aurobindo Pharma, Reliance Infra., Anant Raj

Jyoti Structures, ONGC, IOC, Gujarat Gas, Page Industries, Surya Roshni, Orchid Chemicals, Tata Power Co., DLF,

August 13, 2015

Unitech

Amara Raja Batteries, Power Fin.Corpn., Reliance Capital, SAIL, Hindalco, Bhushan Steel, Monnet Ispat, BPCL,

August 14, 2015

Cravatex, Elecon Engineering, Cipla, GIPCL

Source: Bloomberg, Angel Research

Global economic events release calendar

Date

Time

Country Event Description

Unit

Period

Bloomberg Data

Last Reported Estimated

August 12, 2015

2:00PM UK

Jobless claims change

% Change

Jul

7.00

1.00

11:00AM China Industrial Production (YoY)

% Change

Jul

6.80

6.60

5:30PM India

Industrial Production YoY

% Change

Jun

2.70

3.30

August 13, 2015

6:00PM US

Initial Jobless claims

Thousands

Aug 8

270.00

August 14, 2015

India

Imports YoY%

% Change

Jul

(13.40)

India

Exports YoY%

% Change

Jul

(15.80)

2:30PM Euro Zone Euro-Zone CPI (YoY)

Jul F

0.20

6:45PM US

Industrial Production

Jul

0.23

0.30

12:00PM India

Monthly Wholesale Prices YoY%

% Change

Jul

(2.40)

(2.90)

2:30PM Euro Zone Euro-Zone GDP s.a. (QoQ)

% Change

2Q A

0.40

11:30AM Germany GDP nsa (YoY)

% Change

2Q P

1.10

1.60

August 18, 2015

6:00PM US

Building permits

Thousands

Jul

1,337.00

1,200.00

6:00PM US

Housing Starts

Thousands

Jul

1,174.00

1,180.00

2:00PM UK

CPI (YoY)

% Change

Jul

August 19, 2015

6:00PM US

Consumer price index (mom)

% Change

Jul

0.30

0.10

August 20, 2015

7:30PM US

Existing home sales

Million

Jul

5.49

5.41

August 21, 2015

7:30PM Euro Zone Euro-Zone Consumer Confidence

Value

Aug A

(7.10)

August 24, 2015

1:00PM Germany PMI Services

Value

Aug P

53.80

1:00PM Germany PMI Manufacturing

Value

Aug P

51.80

August 25, 2015

7:30PM US

New home sales

Thousands

Jul

482.00

7:30PM US

Consumer Confidence

S.A./ 1985=100

Aug

90.91

August 27, 2015

6:00PM US

GDP Qoq (Annualised)

% Change

2Q S

2.30

August 28, 2015

2:00PM UK

GDP (YoY)

% Change

2Q P

2.60

Source: Bloomberg, Angel Research

Market Outlook

August 12, 2015

Macro watch

Exhibit 1: Quarterly GDP trends

Exhibit 2: IIP trends

(%)

9.0

8.4

6.0

5.2

4.8

5.0

8.0

7.5

3.6

4.0

3.4

7.0

2.8

2.7

6.7

6.6

2.6

2.5

7.0

6.3

6.4

3.0

2.0

0.9

6.0

0.5

1.0

5.0

4.7

5.0

4.5

(1.0)

4.0

(2.0)

(3.0)

3.0

(2.7)

(4.0)

Source: CSO, Angel Research

Source: MOSPI, Angel Research

Exhibit 3: Monthly CPI inflation trends

Exhibit 4: Manufacturing and services PMI

(%)

55.0

Mfg. PMI

Services PMI

8.0

7.4

54.0

7.0

6.8

7.0

53.0

5.6

5.2

5.4

5.3

6.0

4.9

5.0

52.0

4.6

5.0

4.3

51.0

4.0

3.3

3.0

50.0

2.0

49.0

1.0

48.0

47.0

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

30.0

9.00

20.0

8.00

10.0

7.00

0.0

6.00

(10.0)

5.00

(20.0)

4.00

(30.0)

3.00

Source: Bloomberg, Angel Research

Source: RBI, Angel Research

www.angelbroking.com

Market Outlook

August 12, 2015

Exhibit 4: Relative performance of indices across globe

Returns (%)

Country

Name of index

Closing price

1YR

Brazil

Bovespa

49,072

(4.1)

(12.4)

(11.7)

Russia

Micex

1,698

3.8

(2.3)

23.4

India

Nifty

8,462

0.9

4.8

10.8

China

Shanghai Composite

3,928

6.1

(11.5)

70.6

South Africa

Top 40

46,623

5.8

(0.6)

2.2

Mexico

Mexbol

44,380

(0.2)

(0.5)

1.1

Indonesia

LQ45

781

(4.0)

(6.2)

(7.2)

Malaysia

KLCI

1,637

(1.9)

(7.0)

(10.4)

Thailand

SET 50

919

(3.2)

(6.8)

(9.4)

USA

Dow Jones

17,403

(2.0)

(2.4)

6.4

FTSE

6,665

4.9

(2.0)

2.7

Japan

Nikkei

20,721

1.2

6.4

31.8

Germany

DAX

11,294

8.5

1.6

26.9

France

CAC

5,099

12.8

2.0

24.7

Source: Bloomberg, Angel Research

www.angelbroking.com

Market Outlook

August 12, 2015

Stock Watch

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 )

FY16E FY17E

FY16E

FY17E

FY16E

FY17E

FY16E

FY17E

FY16E

FY17E

FY16E

FY17E

FY16E

FY17E

Agri / Agri Chemical

Rallis

Neutral

227

4,420

2,075

2,394

14.4

9.5

11.0

23.9

20.7

4.8

4.1

21.1

21.3

2.2

1.9

United Phosphorus

Neutral

562

24,094

13,698

15,752

17.6

32.1

38.5

17.5

14.6

3.4

2.9

21.4

21.3

1.8

1.5

Auto & Auto Ancillary

Ashok Leyland

Neutral

24,731

17,394

20,318

9.6

10.7

2.8

4.4

31.0

19.8

4.4

4.1

14.3

20.4

1.4

1.2

Bajaj Auto

Neutral

2,542

73,550

23,842

27,264

19.8

19.6

128.4

144.4

19.8

17.6

6.0

5.2

30.5

29.5

2.6

2.3

Eicher Motors

Accumulate

20,163

21,843

54,728

11,681

15,550

15.3

16.9

358.5

564.3

56.2

35.7

16.9

12.6

29.8

34.9

4.7

3.5

Hero Motocorp

Neutral

2,679

53,490

28,500

33,028

13.8

14.1

144.2

166.3

18.6

16.1

6.8

5.8

36.7

36.0

1.7

1.4

L G Balakrishnan & Bros Neutral

482

757

1,254

1,394

11.6

11.8

35.9

41.7

13.5

11.6

1.8

1.6

13.5

13.8

0.7

0.6

Mahindra and Mahindra Accumulate

1,339

1,493

83,177

40,088

45,176

13.8

14.0

59.6

70.4

22.5

19.0

3.7

3.3

16.6

17.2

1.8

1.5

Maruti

Accumulate

4,505

4,735

136,081

58,102

68,587

16.7

16.9

182.0

225.5

24.8

20.0

4.9

4.2

19.9

21.0

2.1

1.7

Minda Industries

Accumulate

588

652

933

2,500

2,889

7.6

8.3

39.4

54.3

14.9

10.8

2.1

1.8

14.1

16.3

0.5

0.4

Rane Brake Lining

Accumulate

326

366

258

454

511

11.1

11.4

23.8

28.1

13.7

11.6

1.9

1.8

14.2

15.3

0.7

0.6

Setco Automotive

Accumulate

254

286

677

718

862

13.3

14.3

13.4

19.0

18.9

13.3

2.9

2.5

15.4

18.5

1.2

1.1

Tata Motors

Buy

370

455

106,769

267,464

311,225

13.7

34.6

41.8

10.7

8.9

1.4

1.2

13.2

13.9

0.6

TVS Motor

Accumulate

224

255

10,621

11,839

13,985

7.0

8.0

10.8

15.9

20.7

14.1

5.3

4.2

25.5

29.7

0.9

0.8

Amara Raja Batteries

Neutral

952

16,265

5,355

6,641

17.4

17.8

31.8

40.9

29.9

23.3

7.5

5.9

25.2

25.5

3.1

2.4

Exide Industries

Neutral

159

13,532

7,363

8,247

13.7

14.5

6.6

7.7

24.1

20.7

3.0

2.8

12.6

13.3

1.6

1.4

Apollo Tyres

Neutral

183

9,313

12,866

13,892

15.7

15.4

20.1

19.9

9.1

9.2

1.4

1.3

15.8

13.6

0.9

Ceat

Neutral

987

3,992

6,041

6,770

14.3

13.9

101.5

117.7

9.7

8.4

1.9

1.6

20.0

19.2

0.8

0.7

JK Tyres

Buy

109

147

2,470

7,446

7,942

15.2

14.7

19.6

21.0

5.6

5.2

1.4

1.1

25.2

21.7

0.8

0.7

Swaraj Engines

Neutral

990

1,230

593

677

14.5

14.8

51.2

60.8

19.3

16.3

4.5

4.0

23.3

24.8

1.9

1.6

Subros

Neutral

565

1,268

1,488

11.6

11.9

3.7

6.6

25.5

14.3

1.7

1.6

6.8

11.4

0.8

0.6

Indag Rubber

Buy

200

247

526

283

329

17.0

17.2

13.0

15.4

15.5

13.0

3.4

2.8

21.8

21.6

1.6

1.3

Capital Goods

ACE

Neutral

472

660

839

4.7

8.2

1.0

3.9

47.7

12.2

1.5

1.3

3.2

11.3

0.9

0.7

BEML

Accumulate

1,411

1,607

5,876

3,277

4,006

6.0

8.9

29.2

64.3

48.3

22.0

2.7

2.5

5.7

11.7

2.0

1.6

BGR Energy

Neutral

133

957

3,615

3,181

9.5

9.4

16.7

12.4

7.9

10.7

0.7

10.0

7.0

0.7

0.9

BHEL

Neutral

267

65,314

33,722

35,272

10.8

11.7

10.5

14.2

25.4

18.8

1.9

1.8

7.0

9.0

2.0

1.9

Blue Star

Neutral

372

3,344

3,649

4,209

5.0

5.9

9.2

14.7

40.7

25.3

7.3

6.9

9.1

17.5

1.0

0.9

Crompton Greaves

Accumulate

191

204

11,987

13,484

14,687

4.9

6.2

4.5

7.1

42.5

26.9

3.0

2.8

7.2

10.8

1.0

0.9

Inox Wind

Buy

400

505

8,883

4,980

5,943

17.0

17.5

26.6

31.6

15.1

12.7

4.5

3.3

35.0

30.0

2.0

1.6

www.angelbroking.com

Market Outlook

August 12, 2015

Stock Watch

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 )

FY16E

FY17E

FY16E

FY17E

FY16E

FY17E

FY16E

FY17E

FY16E

FY17E

FY16E

FY17E

FY16E

FY17E

Capital Goods

KEC International

Neutral

147

3,782

8,791

9,716

6.1

6.8

5.4

8.2

27.2

17.9

2.7

2.5

10.0

14.0

0.7

0.6

Thermax

Neutral

1,039

12,385

6,413

7,525

7.4

8.5

30.5

39.3

34.1

26.5

5.3

4.6

15.0

17.0

1.9

1.6

Cement

ACC

Accumulate

1,373

1,548

25,769

11,856

14,092

14.5

17.8

47.6

76.1

28.8

18.0

3.0

2.7

10.6

15.7

2.1

1.7

Ambuja Cements

Neutral

223

34,600

10,569

12,022

20.7

22.2

8.7

10.7

25.6

20.8

3.3

3.1

13.0

15.2

3.0

2.6

India Cements

Buy

132

2,566

4,716

5,133

14.9

15.8

1.0

4.5

83.6

18.6

0.9

0.8

1.0

4.5

0.9

0.8

JK Cement

Accumulate

641

767

4,483

4,056

4,748

14.5

17.0

22.6

41.1

28.4

15.6

2.5

2.3

9.3

15.3

1.6

1.3

J K Lakshmi Cement

Buy

355

443

4,178

3,004

3,618

17.6

19.9

13.9

27.2

25.5

13.0

2.9

2.5

11.8

20.5

1.9

1.5

Mangalam Cements

Buy

233

349

623

1,111

1,336

12.2

15.1

16.3

34.6

14.3

6.7

1.1

1.0

8.2

16.0

0.9

0.7

Orient Cement

Neutral

174

3,557

1,854

2,524

21.2

22.2

7.7

11.1

22.6

15.6

3.2

2.8

13.3

15.7

2.7

1.9

Ramco Cements

Neutral

350

8,330

4,036

4,545

20.8

21.3

15.1

18.8

23.2

18.6

2.8

2.5

12.9

14.3

2.7

2.3

Shree Cement^

Neutral

11,201

39,020

7,150

8,742

26.7

28.6

228.0

345.5

49.1

32.4

7.2

6.1

15.7

20.3

5.3

4.2

UltraTech Cement

Neutral

3,152

86,479

27,562

31,548

20.4

22.3

111.9

143.3

28.2

22.0

4.0

3.4

15.2

16.8

3.3

2.8

Construction

ITNL

Neutral

133

3,278

7,589

8,021

34.0

35.9

16.0

19.0

8.3

7.0

0.5

6.5

6.7

3.6

3.8

KNR Constructions

Neutral

562

1,538

915

1,479

14.3

13.9

20.3

37.2

27.7

15.1

2.5

2.2

9.6

15.6

1.9

1.2

Larsen & Toubro

Accumulate

1,797

2,013

167,237

68,920

82,446

10.9

11.5

57.0

73.0

31.5

24.6

2.9

2.7

13.6

15.5

2.7

2.2

Gujarat Pipavav Port

Neutral

216

10,440

793

694

53.0

50.9

9.0

8.0

24.0

27.0

5.2

4.2

25.9

18.4

12.7

14.4

MBL Infrastructures

Buy

255

395

1,055

2,507

2,986

12.4

14.4

21.5

20.5

11.8

12.4

1.4

1.3

12.6

12.7

1.2

1.1

PNC Infratech

Accumulate

464

445

2,380

1,719

2,003

13.0

13.5

21.0

28.0

22.1

16.6

1.9

1.7

11.0

10.9

1.5

1.3

Financials

Allahabad Bank

Neutral

5,131

8,859

9,817

3.0

23.7

30.1

3.8

3.0

0.5

0.4

10.6

12.3

Axis Bank

Buy

571

716

135,656

26,522

31,625

3.6

36.2

45.4

15.8

12.6

3.1

2.7

18.2

19.6

Bank of Baroda

Neutral

178

39,376

18,934

21,374

2.0

13.2

15.1

13.5

11.8

1.0

0.9

7.1

7.7

Bank of India

Neutral

164

10,881

17,402

20,003

2.0

2.1

40.3

50.7

4.1

3.2

0.4

0.3

9.0

10.4

Canara Bank

Neutral

310

15,958

15,805

17,745

2.0

2.2

64.3

73.5

4.8

4.2

0.5

10.8

11.3

Dena Bank

Neutral

2,528

3,580

4,040

2.1

2.2

8.4

10.9

5.4

4.1

0.5

0.4

6.8

8.4

Federal Bank

Neutral

11,550

3,522

4,045

3.2

12.2

14.1

5.5

4.8

0.7

0.6

12.9

13.4

HDFC

Neutral

1,287

202,833

11,198

13,321

3.5

45.1

53.7

28.6

24.0

5.9

5.3

27.2

28.2

HDFC Bank

Accumulate

1,094

1,255

275,130

38,629

47,500

4.5

4.7

52.6

66.4

20.8

16.5

3.8

3.2

19.6

21.2

ICICI Bank

Buy

302

370

175,311

36,037

41,647

3.5

3.6

22.9

26.7

13.2

11.3

2.2

1.9

15.7

15.9

IDBI Bank

Neutral

10,426

9,806

11,371

1.7

1.9

10.0

16.3

6.5

4.0

0.5

0.4

6.8

10.4

www.angelbroking.com

Market Outlook

August 12, 2015

Stock Watch

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 )

FY16E FY17E

FY16E

FY17E

FY16E

FY17E

FY16E

FY17E

FY16E

FY17E

FY16E

FY17E

FY16E

FY17E

Financials

Indian Bank

Neutral

147

7,082

6,454

7,321

2.5

2.6

26.4

33.3

5.6

4.4

0.5

0.4

8.1

9.6

LIC Housing Finance

Buy

499

590

25,163

2,934

3,511

2.3

30.9

36.8

16.1

13.6

2.6

2.3

16.8

17.5

Oriental Bank

Neutral

171

5,129

7,930

8,852

2.5

51.8

57.1

3.3

3.0

0.4

0.3

9.3

9.5

Punjab Natl.Bank

Neutral

156

28,968

24,160

27,777

2.9

3.0

18.5

24.6

8.4

6.4

0.8

0.7

8.8

10.8

South Ind.Bank

Neutral

3,119

1,999

2,249

2.4

3.5

4.0

6.7

5.8

0.8

12.6

13.1

St Bk of India

Neutral

269

203,758

86,900

100,550

3.1

22.1

27.7

12.2

9.7

1.5

1.3

12.7

14.3

Union Bank

Neutral

204

12,979

12,995

14,782

2.4

32.3

40.9

6.3

5.0

0.8

0.6

10.7

12.3

Vijaya Bank

Neutral

3,406

3,474

3,932

1.8

1.9

5.9

7.2

6.8

5.5

0.6

0.5

8.1

9.3

Yes Bank

Buy

798

989

33,382

7,006

8,825

3.1

3.3

61.4

77.1

13.0

10.4

2.4

2.0

20.1

21.3

FMCG

Asian Paints

Neutral

885

84,918

16,553

19,160

16.0

16.2

17.7

21.5

50.1

41.2

13.3

12.0

29.4

31.2

5.0

4.4

Britannia

Neutral

3,362

40,334

8,065

9,395

9.6

10.2

47.2

65.5

71.2

51.3

23.7

22.4

38.3

41.2

4.6

4.0

Colgate

Neutral

2,011

27,349

4,836

5,490

19.5

19.7

48.5

53.2

41.5

37.8

30.4

26.5

99.8

97.5

5.6

5.0

Dabur India

Neutral

300

52,705

9,370

10,265

17.1

17.2

7.3

8.1

40.9

37.0

12.3

10.0

33.7

30.6

5.7

5.2

GlaxoSmith Con*

Neutral

6,270

26,370

4,919

5,742

17.2

17.4

168.3

191.2

37.3

32.8

10.6

9.0

28.8

28.9

4.9

4.2

Godrej Consumer

Neutral

1,396

47,521

10,168

12,886

16.1

32.1

38.4

43.5

36.3

8.8

8.2

19.7

21.0

4.8

3.8

HUL

Neutral

889

192,352

34,940

38,957

17.5

17.7

20.8

24.7

42.7

36.0

47.5

38.0

110.5

114.2

5.4

4.8

ITC

Buy

320

409

256,719

41,068

45,068

37.8

37.4

13.9

15.9

23.0

20.1

7.7

6.8

34.1

33.8

6.0

5.4

Marico

Neutral

438

28,245

6,551

7,766

15.7

16.0

10.4

12.5

42.2

35.0

12.2

10.2

33.2

32.4

4.2

3.6

Nestle*

Neutral

6,305

60,789

11,291

12,847

22.2

22.3

158.9

184.6

39.7

34.2

20.7

18.7

55.0

57.3

5.4

4.7

Tata Global

Accumulate

138

152

8,684

8,635

9,072

9.8

9.9

6.5

7.6

21.2

18.1

2.1

2.0

6.8

7.4

1.0

0.9

HCL Tech^

Buy

940

1,100

132,155

41,535

46,519

24.0

23.4

56.6

61.1

16.6

15.4

3.5

2.7

20.8

17.7

3.1

2.6

Infosys

Buy

1,104

1,306

253,663

60,250

66,999

28.0

58.3

63.7

18.9

17.3

4.0

3.4

20.9

19.7

3.5

3.0

TCS

Buy

2,603

3,168

509,867

108,420

123,559

28.8

28.7

127.2

143.9

20.5

18.1

8.2

7.6

39.9

41.8

4.2

3.6

Tech Mahindra

Buy

541

646

51,994

25,566

28,890

16.0

17.0

26.3

31.9

20.6

17.0

3.7

3.2

17.9

18.6

1.8

1.5

Wipro

Buy

566

719

139,839

52,414

58,704

23.7

23.8

38.4

42.3

14.8

13.4

2.9

2.6

19.5

18.0

2.3

1.9

Media

D B Corp

Accumulate

326

356

5,988

2,241

2,495

27.8

27.9

21.8

25.6

15.0

12.7

3.9

3.5

26.7

28.5

2.6

2.3

HT Media

Neutral

1,992

2,495

2,603

11.2

7.3

8.6

11.7

10.0

0.9

0.8

7.4

8.1

0.3

Jagran Prakashan

Accumulate

142

156

4,637

1,939

2,122

26.0

8.3

9.2

17.1

15.4

2.9

2.6

17.5

17.1

2.3

2.1

Sun TV Network

Neutral

342

13,486

2,779

3,196

70.2

70.5

22.8

27.3

15.0

12.5

3.7

3.4

26.7

28.3

4.5

3.9

www.angelbroking.com

Market Outlook

August 12, 2015

Stock Watch

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 )

FY16E FY17E

FY16E

FY17E

FY16E

FY17E

FY16E

FY17E

FY16E

FY17E

FY16E

FY17E

FY16E

FY17E

Media

Hindustan Media

Buy

243

292

1,782

920

1,031

20.0

19.2

20.9

12.6

11.6

2.1

1.8

16.4

15.3

1.5

1.3

Ventures

Metals & Mining

Coal India

Accumulate

393

450

248,359

77,595

89,628

22.9

24.4

27.6

30.0

14.3

13.1

6.1

33.9

33.2

2.7

2.3

Hind. Zinc

Neutral

151

63,845

15,546

16,821

47.5

49.0

19.7

20.3

7.7

7.4

1.3

1.1

17.2

16.6

2.0

1.5

Hindalco

Neutral

103

21,342

112,328

119,817

7.7

7.9

16.3

20.1

6.4

5.2

0.5

0.4

8.0

8.5

0.7

0.6

JSW Steel

Neutral

897

21,680

48,125

53,595

18.8

21.0

46.9

97.5

19.1

9.2

0.9

4.4

9.5

1.3

1.1

NMDC

Neutral

103

40,837

12,544

13,330

59.5

59.7

16.3

16.5

6.3

1.1

5.1

9.9

2.0

SAIL

Neutral

23,975

56,365

63,383

6.9

8.0

7.1

8.2

7.1

0.5

7.0

7.1

1.0

0.9

Vedanta

Neutral

124

36,629

81,842

88,430

30.6

32.8

20.2

25.7

6.1

4.8

0.5

0.4

7.5

8.5

0.8

0.6

Tata Steel

Neutral

247

23,979

136,805

149,228

11.3

11.9

26.4

36.8

9.4

6.7

0.7

6.0

8.0

0.7

Oil & Gas

Cairn India

Neutral

163

30,485

12,617

14,513

33.7

40.0

25.5

27.7

6.4

5.9

0.5

7.4

7.7

1.1

0.9

GAIL

Neutral

344

43,680

75,595

85,554

8.6

8.0

31.8

36.1

10.8

9.5

1.2

1.1

10.7

11.4

0.7

0.6

ONGC

Neutral

270

231,383

174,773

192,517

22.7

24.8

34.6

38.2

7.8

7.1

1.1

1.0

14.2

14.9

1.5

1.3

Petronet LNG

Neutral

189

14,179

45,759

49,386

3.7

4.0

12.6

14.9

15.0

12.7

2.3

2.0

16.1

16.7

0.4

0.3

Reliance Industries

Accumulate

966

1,050

312,918

339,083

384,014

7.8

9.5

75.7

94.5

12.8

10.2

1.3

1.2

10.7

12.2

1.3

1.1

Pharmaceuticals

Alembic Pharma

Neutral

668

12,583

2,601

3,115

21.2

20.2

20.8

23.9

32.1

27.9

10.3

7.8

37.2

31.8

5.2

4.3

Aurobindo Pharma

Accumulate

762

824

44,492

14,435

16,600

22.6

36.1

41.2

21.1

18.5

6.3

4.8

34.5

29.3

3.5

3.0

Aventis*

Neutral

4,130

9,512

2,156

2,455

15.1

16.8

109.7

133.9

37.7

30.9

5.2

4.2

18.4

22.5

4.1

3.4

Cadila Healthcare

Neutral

1,918

39,276

10,224

11,840

19.7

20.0

69.8

81.0

27.5

23.7

7.3

5.8

26.8

25.3

3.9

3.3

Cipla

Neutral

720

57,807

14,051

16,515

18.9

18.7

25.1

28.9

28.7

24.9

4.6

3.9

17.2

16.9

4.1

3.4

Dr Reddy's

Neutral

4,231

72,133

17,903

20,842

22.7

22.8

160.5

189.5

26.4

22.3

5.4

4.4

22.2

21.7

4.0

3.4

Dishman Pharma

Buy

213

278

1,715

1,716

1,888

20.2

16.3

21.6

13.0

9.8

1.2

1.1

9.7

11.7

1.1

0.9

GSK Pharma*

Neutral

3,612

30,595

2,870

3,158

20.0

22.1

59.5

68.3

60.7

52.9

17.9

18.4

28.5

34.3

10.3

9.4

Indoco Remedies

Neutral

343

3,162

1,088

1,262

18.2

13.1

15.5

26.2

22.1

5.1

4.3

21.2

21.1

3.0

2.6

Ipca labs

Neutral

762

9,614

3,507

4,078

17.6

18.6

25.8

32.0

29.5

23.8

3.8

3.3

13.8

14.9

3.1

2.6

Lupin

Neutral

1,697

76,353

14,864

17,244

26.9

62.1

71.1

27.3

23.9

6.6

5.3

27.4

24.6

4.9

4.1

Sun Pharma

Accumulate

842

950

202,568

27,839

33,542

27.7

29.7

18.9

26.9

44.5

31.3

4.0

3.5

13.0

14.6

6.7

5.3

Power

Tata Power

Neutral

18,459

38,302

38,404

14.1

13.1

5.1

6.0

13.3

11.4

1.3

1.2

9.2

10.3

1.4

1.3

NTPC

Neutral

131

107,933

89,067

98,329

15.9

16.5

12.1

13.1

10.9

10.0

1.2

1.1

11.0

11.6

2.3

2.2

Power Grid

Buy

138

170

72,013

19,986

22,702

86.2

86.3

11.1

12.7

12.4

10.8

1.7

1.5

14.4

14.7

8.8

8.1

www.angelbroking.com

Market Outlook

August 12, 2015

Stock Watch

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 )

FY16E FY17E

FY16E

FY17E

FY16E

FY17E

FY16E

FY17E

FY16E

FY17E

FY16E

FY17E

FY16E

FY17E

Telecom

Bharti Airtel

Neutral

405

161,835

101,748

109,191

32.1

31.7

12.0

12.5

33.7

32.4

2.3

2.2

6.9

6.7

2.3

2.0

Idea Cellular

Neutral

161

58,047

34,282

36,941

32.0

31.5

5.9

6.2

27.3

26.0

2.5

2.3

9.9

9.3

2.3

2.2

zOthers

Abbott India

Neutral

4,479

9,517

2,713

3,141

13.7

13.5

127.8

145.7

35.0

30.7

8.2

6.7

25.9

23.9

3.5

2.9

Bajaj Electricals

Buy

273

341

2,752

4,719

5,287

5.2

5.8

8.6

12.7

31.9

21.6

3.6

3.2

11.4

14.8

0.6

0.5

Finolex Cables

Neutral

267

4,083

2,728

3,036

10.8

11.0

14.4

16.8

18.5

15.9

2.8

2.4

15.2

15.3

1.2

1.0

Goodyear India*

Neutral

597

1,376

1,536

1,683

9.6

10.0

41.8

48.0

14.3

12.4

2.4

2.1

18.2

18.3

0.7

0.6

Hitachi

Neutral

1,423

3,870

1,806

2,112

9.0

9.2

28.6

29.1

49.8

49.0

12.4

10.0

28.1

22.6

2.2

1.9

Jyothy Laboratories

Neutral

335

6,065

1,620

1,847

11.5

7.3

8.5

46.0

39.6

5.9

5.5

13.3

14.4

3.3

2.8

MRF

Neutral

42,536

18,040

20,727

14,841

19.3

18.6

4,905.8

3,351.9

8.7

12.7

2.8

2.3

37.6

19.6

0.9

1.2

Page Industries

Neutral

14,751

16,453

1,929

2,450

19.8

20.1

229.9

299.0

64.2

49.3

28.3

19.7

52.1

47.1

8.5

6.7

Relaxo Footwears

Neutral

563

6,755

1,767

2,152

12.3

12.5

19.3

25.1

29.3

22.5

7.2

5.5

27.7

27.8

3.9

3.2

Siyaram Silk Mills

Neutral

1,183

1,109

1,653

1,873

11.7

12.2

99.3

122.1

11.9

9.7

2.1

1.8

19.5

20.2

0.9

0.8

Styrolution ABS India*

Neutral

876

1,541

1,271

1,440

8.6

9.2

32.0

41.1

27.4

21.4

2.8

2.5

10.7

12.4

1.2

1.0

Tree House

Accumulate

396

433

1,674

259

324

56.8

17.0

21.7

23.3

18.3

2.3

2.1

10.1

11.5

6.4

5.3

TVS Srichakra

Neutral

2,864

2,193

2,112

2,389

11.9

12.1

168.5

202.5

17.0

14.1

5.9

4.4

39.6

35.5

1.1

1.0

HSIL

Buy

283

434

2,043

2,085

2,436

18.5

18.6

21.7

28.9

13.1

9.8

1.3

1.2

10.0

12.1

1.1

0.9

Kirloskar Engines India

Neutral

282

4,083

2,634

3,252

10.1

12.0

10.9

17.4

25.9

16.2

2.9

2.6

11.4

16.8

1.3

1.0

Ltd

M M Forgings

Buy

669

797

808

563

671

22.1

22.9

51.0

66.5

13.1

10.1

2.7

2.2

23.1

24.1

1.6

1.3

Banco Products (India)

Neutral

135

962

1,208

1,353

11.0

12.3

10.8

14.5

12.5

9.3

1.4

1.3

11.9

14.5

0.8

0.7

Competent Automobiles Neutral

191

118

1,007

1,114

3.1

23.7

28.2

8.1

6.8

1.1

1.0

13.9

14.6

0.1

Nilkamal

Neutral

1,046

1,561

1,948

2,147

10.6

10.3

60.0

67.0

17.4

15.6

2.7

2.3

16.8

16.1

0.9

0.8

Visaka Industries

Neutral

165

263

1,158

1,272

8.6

9.5

23.7

32.7

7.0

5.1

0.7

0.6

10.1

12.5

0.4

0.3

Transport Corporation of

Neutral

287

2,174

2,830

3,350

8.8

9.0

14.4

18.3

20.0

15.7

3.1

2.7

15.4

17.1

0.9

0.8

India

Elecon Engineering

Neutral

943

1,452

1,596

13.7

14.7

4.2

6.2

20.9

13.9

1.6

1.5

8.1

11.2

1.0

0.8

Surya Roshni

Buy

146

193

639

2,992

3,223

8.4

8.7

15.2

19.3

9.6

7.6

0.9

0.8

10.1

11.5

0.5

MT Educare

Buy

124

141

493

275

355

18.3

17.3

7.4

8.8

16.7

14.0

3.4

3.0

20.2

21.1

1.7

1.3

Radico Khaitan

Accumulate

112

1,265

1,565

1,687

11.9

12.4

5.4

6.6

17.6

14.4

1.4

1.3

8.0

9.0

1.3

Garware Wall Ropes

Buy

298

390

652

875

983

10.4

10.6

23.1

27.8

12.9

10.7

1.8

1.6

14.1

14.8

0.7

0.6

Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on August 11, 2015

www.angelbroking.com

Market Outlook

August 12, 2015

Research Team Tel: 022 - 39357800

E-mail: [email protected]

Website: www.angelbroking.com

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