Market Outlook

August 20, 2015

Dealer’s Diary

Domestic Indices

Chg (%)

(Pts)

(Close)

BSE Sensex

0.4

100

27,932

Indian markets are expected to open negatively tracking the SGX Nifty and its Asian

peers.

Nifty

0.3

8,495

MID CAP

0.1

11,549

US markets fell led by losses in the energy stocks as the oil prices plunged to a new

SMALL CAP

0.2

11,921

6 year low.

BSE HC

2.6

470

18,368

BSE PSU

(1.1)

(81)

7,380

European markets declined owing to a rout in commodities due to slowdown worries

in China.

BANKEX

(0.5)

(99)

21,456

AUTO

0.5

19,545

Indian markets ended higher led by gains in the Pharma and IT stocks.

METAL

(1.3)

(104)

7,653

OIL & GAS

(0.1)

(10)

9,404

News & Result Analysis

BSE IT

0.7

11,855

 Tata Motors Ltd plans to introduce three new car models in FY2016 to regain

domestic market share

Global Indices

Chg (%)

(Pts)

(Close)

Refer detailed news & result analysis on the following page

Dow Jones

(0.9)

(163)

17,349

Markets Today

NASDAQ

(0.8)

(40)

5,019

FTSE

(1.9)

(123)

6,403

The trend deciding level for the day is 27,891 / 8,481 levels. If NIFTY trades above

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

Nikkei

(1.6)

(332)

20,223

to 28,062 - 28,192 / 8,535 - 8,575 levels. However, if NIFTY trades below

Hang Sang

(1.3)

(307)

23,168

27,891 / 8,481 levels for the first half-an-hour of trade then it may correct towards

Straits Times

(0.3)

(8)

3,041

27,761 - 27,591 / 8,441 - 8,386 levels.

Shanghai Com

1.2

3,794

Indices

PIVOT

Indian ADR

Chg (%)

(Pts)

(Close)

SENSEX

27,591

27,761

27,891

28,062

28,192

NIFTY

8,386

8,441

8,481

8,535

8,575

INFY

0.9

0.2

$18.2

WIT

(0.1)

(0.0)

$12.5

Net Inflows (August 14, 2015)

IBN

(1.1)

(0.1)

$9.7

` cr

Purch

Sales

Net

MTD

YTD

HDB

(0.9)

(0.6)

$61.4

FII

4,445

3,984

461

(489)

140,481

MFs

919

708

211

732

58,681

Advances / Declines

BSE

NSE

Advances

1,507

743

FII Derivatives (August 19, 2015)

Declines

1,392

758

` cr

Purch

Sales

Net

Open Interest

Unchanged

112

Index Futures

1,082

1,604

(522)

14,269

Stock Futures

3,442

2,939

503

53,253

Volumes (` cr)

BSE

3,312

Gainers / Losers

NSE

17,365

Gainer

Loser

Company

Price (`)

chg (%)

Company

Price (`)

chg (%)

ATUL

1,501

10.2

AMTEKAUTO

(30.8)

JPASSOCIAT

9.4

DEN

131

(7.1)

BFUTILITIE

626

8.2

KSCL

493

(6.0)

SPARC

433

8.2

IBREALEST

(5.0)

SCI

8.0

KAILASH

(4.9)

www.angelbroking.com

Market Outlook

August 20, 2015

Tata Motors Ltd plans to introduce three new car models in

FY2016 to regain domestic market share

Tata Motors Ltd plans to introduce three new car models in FY2016 as it seeks to

refresh an aging lineup and regain market share. It plans to unveil a sedan, a

hatchback and a crossover during the year. It’s also considering the introduction of

a compact sport-utility vehicle later. The new products are a part of long term

strategy to unveil at least two new passenger vehicles every year through 2020 to

drive growth. Tata Motors has gone from being India’s third-biggest car maker in

2012 to the fifth-biggest this year, as consumers opted for newer models offered

by competition viz Maruti Suzuki India Ltd. and Hyundai Motor Co.

The three new models will be the latest additions to Tata’s lineup since the Zest

compact sedan and Bolt hatchback were introduced in the past year. The Zest and

Bolt helped boost sales by

9.7% in YTD FY2016 (April

2015-July

2015),

rebounding from the 36% slump a year earlier. We believe new product is the

need of the hour as it would be the major factor to enable it regain market share.

We currently have Buy rating on the stock.

Economic and Political News

 As Lenovo, Foxconn show interest, TN finds itself on electronics industry map

 Growth forecast to not have an impact on India's credit rating as of now: Atsi

Sheth

 Modi announced `3,094 crore for agri revival for Bihar

Corporate News

 Coal unions to strike on Sept 2 to protest CIL disinvestment

 Glenmark receives USFDA nod for oral contraceptive drug

 IndianOil set to exceed 12th Plan capex of `56,200 crore

www.angelbroking.com

Market Outlook

August 20, 2015

Top Picks

Large Cap

Market

CMP

Target

Upside

Company

Sector

Rating

Cap (` Cr)

(`)

(%)

Axis Bank

Financials

131,788

Buy

555

716

29.1

ICICI Bank

Financials

176,392

Buy

304

370

21.8

Inox Wind

Capital Goods

8,892

Buy

401

505

26.0

LIC Housing Fin. Financials

24,925

Buy

494

590

19.5

Power Grid

Power

71,437

Buy

137

170

24.5

TCS

535,007

Buy

2,731

3,168

16.0

Tech Mahindra IT

53,865

Buy

560

646

15.3

Yes Bank

Financials

32,399

Buy

774

989

27.7

Infosys

269,903 Accumulate

1,175

1,306

11.1

Source: Angel Research, Bloomberg

Mid Cap

Market

CMP

Target

Upside

Company

Sector

Rating

Cap (` Cr)

(`)

(%)

Bajaj Electricals

Others

2,665

Buy

264

341

29.0

Hindustan Media Ven. Media

1,673

Buy

228

292

28.1

JK Tyre

Auto Ancillary

2,646

Buy

117

147

26.0

MBL Infrastructures

Construction

1,091

Buy

263

395

49.9

Radico Khaitan

Others

1,239

Buy

112

20.3

Surya Roshni

Others

626

Buy

143

183

28.1

Garware Wall Ropes Others

746 Accumulate

341

390

14.5

Minda Industries

Auto Ancillary

933 Accumulate

588

652

10.8

MT Educare

Others

552

Neutral

139

Source: Angel Research, Bloomberg

www.angelbroking.com

Market Outlook

August 20, 2015

Global economic events release calendar

Date

Time

Country Event Description

Unit

Period

Bloomberg Data

Last Reported Estimated

August 20, 2015

6:00PM

Initial Jobless claims

Thousands

Aug 15

274.00

271.00

7:30PM

Existing home sales

Million

Jul

5.49

5.43

August 21, 2015

7:30PM

Euro Zone Euro-Zone Consumer Confidence

Value

Aug A

(7.10)

(6.90)

1:00PM

Germany PMI Services

Value

Aug P

53.80

53.70

1:00PM

Germany PMI Manufacturing

Value

Aug P

51.80

51.60

August 25, 2015

11:30AM

Germany GDP nsa (YoY)

% Change

2Q F

1.60

7:30PM

New home sales

Thousands

Jul

482.00

513.50

7:30PM

Consumer Confidence

S.A./ 1985=100

Aug

90.91

93.00

August 27, 2015

6:00PM

GDP Qoq (Annualised)

% Change

2Q S

2.30

3.30

August 28, 2015

2:00PM

GDP (YoY)

% Change

2Q P

2.60

September 1, 2015

1:25PM

Germany Unemployment change (000's)

Thousands

Aug

9.00

6:30AM

China

PMI Manufacturing

Value

Aug

50.00

2:00PM

PMI Manufacturing

Value

Aug

51.90

September 3, 2015

5:15PM

Euro Zone ECB announces interest rates

Sep 3

0.05

September 4, 2015

2:30PM

Euro Zone Euro-Zone GDP s.a. (QoQ)

% Change

2Q P

0.30

6:00PM

Change in Nonfarm payrolls

Thousands

Aug

215.00

6:00PM

Unnemployment rate

Aug

5.30

September 8, 2015

China

Exports YoY%

% Change

Aug

(8.30)

September 9, 2015

7:00AM

China

Consumer Price Index (YoY)

% Change

Aug

1.60

2:00PM

Industrial Production (YoY)

% Change

Jul

1.50

September 10, 2015

India

Imports YoY%

% Change

Aug

(10.28)

India

Exports YoY%

% Change

Aug

(10.30)

4:30PM

BOE Announces rates

% Ratio

Sep 10

0.50

Source: Bloomberg, Angel Research

Market Outlook

August 20, 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 20, 2015

Exhibit 4: Relative performance of indices across globe

Returns (%)

Country

Name of index

Closing price

1YR

Brazil

Bovespa

46,588

(9.7)

(16.1)

(18.2)

Russia

Micex

1,674

2.9

2.3

17.4

India

Nifty

8,495

(1.3)

0.9

11.4

China

Shanghai Composite

3,794

(6.9)

(17.4)

68.4

South Africa

Top 40

44,686

(5.0)

(7.2)

(3.7)

Mexico

Mexbol

43,474

(4.6)

(3.6)

(3.3)

Indonesia

LQ45

756

(10.9)

(17.9)

(15.3)

Malaysia

KLCI

1,582

(9.7)

(12.7)

(15.9)

Thailand

SET 50

897

(8.0)

(10.6)

(12.6)

USA

Dow Jones

17,349

(4.2)

(5.3)

2.2

FTSE

6,403

(5.7)

(8.6)

(5.5)

Japan

Nikkei

20,223

(3.5)

(0.4)

32.7

Germany

DAX

10,682

(9.0)

(9.8)

14.4

France

CAC

4,884

(5.0)

(5.1)

12.5

Source: Bloomberg, Angel Research

www.angelbroking.com

Market Outlook

August 20, 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

224

4,352

2,075

2,394

14.4

9.5

11.0

23.6

20.4

4.7

4.1

21.1

21.3

2.1

1.8

United Phosphorus

Neutral

565

24,195

13,698

15,752

17.6

32.1

38.5

17.6

14.7

3.5

2.9

21.4

21.3

1.9

1.6

Auto & Auto Ancillary

Ashok Leyland

Neutral

27,178

17,850

20,852

10.6

11.1

3.2

4.3

29.8

22.2

5.0

4.6

16.4

20.8

1.5

1.2

Bajaj Auto

Neutral

2,541

73,535

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

Neutral

21,236

57,638

11,681

15,550

15.3

16.9

358.5

564.3

59.2

37.6

17.8

13.2

29.8

34.9

4.8

3.6

Hero Motocorp

Neutral

2,690

53,716

28,500

33,028

13.8

14.1

144.2

166.3

18.7

16.2

6.8

5.8

36.7

36.0

1.7

1.5

L G Balakrishnan & Bros Neutral

470

738

1,254

1,394

11.6

11.8

35.9

41.7

13.1

11.3

1.8

1.6

13.5

13.8

0.7

0.6

Mahindra and Mahindra Accumulate

1,367

1,493

84,878

40,088

45,176

13.8

14.0

59.6

70.4

22.9

19.4

3.8

3.3

16.6

17.2

1.8

1.5

Maruti

Neutral

4,671

141,106

58,102

68,587

16.7

16.9

182.0

225.5

25.7

20.7

5.1

4.4

19.9

21.0

2.2

1.8

Minda Industries

Accumulate

588

652

933

2,567

2,965

7.3

8.0

38.8

54.3

15.2

10.8

2.2

1.8

14.4

16.8

0.5

0.4

Rane Brake Lining

Accumulate

335

366

265

454

511

11.1

11.4

23.8

28.1

14.1

11.9

2.0

1.8

14.2

15.3

0.7

Setco Automotive

Neutral

223

596

594

741

12.7

13.7

8.4

15.8

26.6

14.1

2.8

2.4

10.4

16.9

1.5

1.2

Tata Motors

Buy

351

455

101,370

267,464

311,225

13.7

34.6

41.8

10.2

8.4

1.3

1.1

13.2

13.9

0.6

0.5

TVS Motor

Accumulate

229

255

10,879

11,839

13,985

7.0

8.0

10.8

15.9

21.2

14.4

5.4

4.3

25.5

29.7

0.9

0.7

Amara Raja Batteries

Neutral

1,056

18,034

5,101

6,224

17.8

17.6

31.1

39.2

34.0

26.9

8.4

6.7

24.8

3.5

2.8

Exide Industries

Neutral

160

13,604

7,363

8,247

13.7

14.5

6.6

7.7

24.3

20.8

3.1

2.8

12.6

13.3

1.6

1.4

Apollo Tyres

Neutral

196

9,954

12,428

13,262

16.8

16.4

21.9

21.1

8.9

9.3

1.5

1.3

17.0

14.1

0.9

Ceat

Accumulate

1,123

1,203

4,542

6,041

6,770

14.3

14.1

101.5

120.3

11.1

9.3

2.2

1.8

20.0

19.6

0.9

0.8

JK Tyres

Buy

117

147

2,646

7,446

7,942

15.2

14.7

19.6

21.0

6.0

5.6

1.5

1.2

25.2

21.7

0.8

0.7

Swaraj Engines

Neutral

954

1,185

593

677

14.5

14.8

51.2

60.8

18.6

15.7

4.3

3.9

23.3

24.8

1.9

1.6

Subros

Neutral

567

1,268

1,488

11.6

11.9

3.7

6.6

25.6

14.3

1.7

1.6

6.8

11.4

0.8

0.6

Indag Rubber

Neutral

204

536

283

329

17.0

17.2

13.0

15.4

15.8

13.2

3.4

2.9

21.8

21.6

1.6

1.3

Capital Goods

ACE

Neutral

456

660

839

4.7

8.2

1.0

3.9

46.1

11.8

1.4

1.3

3.2

11.3

0.8

0.7

BEML

Neutral

1,343

5,593

3,277

4,006

6.0

8.9

29.2

64.3

46.0

20.9

2.6

2.3

5.7

11.7

1.8

1.4

BGR Energy

Neutral

133

958

3,615

3,181

9.5

9.4

16.7

12.4

8.0

10.7

0.8

0.7

10.0

7.0

0.7

0.8

BHEL

Neutral

262

64,127

33,722

35,272

10.8

11.7

10.5

14.2

25.0

18.5

1.9

1.7

7.0

9.0

2.0

1.9

Blue Star

Neutral

370

3,326

3,649

4,209

5.0

5.9

9.2

14.7

40.4

25.1

7.3

6.9

9.1

17.5

1.0

0.9

Crompton Greaves

Accumulate

187

204

11,692

13,484

14,687

4.9

6.2

4.5

7.1

41.5

26.3

2.9

2.7

7.2

10.8

1.0

0.9

Inox Wind

Buy

401

505

8,892

4,980

5,943

17.0

17.5

26.6

31.6

15.1

12.7

4.5

3.3

35.0

30.0

1.9

1.6

www.angelbroking.com

Market Outlook

August 20, 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

142

3,653

8,791

9,716

6.1

6.8

5.4

8.2

26.3

17.3

2.6

2.4

10.0

14.0

0.6

Thermax

Neutral

1,050

12,511

6,413

7,525

7.4

8.5

30.5

39.3

34.4

26.7

5.3

4.6

15.0

17.0

1.9

1.6

Cement

ACC

Accumulate

1,448

1,548

27,177

11,856

14,092

14.5

17.8

47.6

76.1

30.4

19.0

3.1

2.9

10.6

15.7

2.2

1.8

Ambuja Cements

Neutral

231

35,833

10,569

12,022

20.7

22.2

8.7

10.7

26.5

21.6

3.4

3.2

13.0

15.2

3.0

2.6

India Cements

Buy

112

2,594

4,716

5,133

15.9

16.9

3.7

7.5

22.8

11.3

0.8

3.8

7.3

0.9

0.7

JK Cement

Buy

652

767

4,560

4,056

4,748

14.5

17.0

22.6

41.1

28.9

15.9

2.6

2.3

9.3

15.3

1.6

1.3

J K Lakshmi Cement

Buy

368

430

4,331

2,947

3,616

16.7

19.9

11.5

27.2

32.0

13.5

3.0

2.6

9.8

20.8

1.9

1.5

Mangalam Cements

Neutral

254

678

1,053

1,347

10.5

13.3

8.4

26.0

30.2

9.8

1.3

1.2

4.3

12.5

1.0

0.8

Orient Cement

Neutral

175

3,586

1,854

2,524

21.2

22.2

7.7

11.1

22.7

15.8

3.3

2.8

13.3

15.7

2.7

1.9

Ramco Cements

Neutral

353

8,411

4,036

4,545

20.8

21.3

15.1

18.8

23.4

18.8

2.9

2.5

12.9

14.3

2.6

2.2

Shree Cement^

Neutral

11,156

38,864

7,150

8,742

26.7

28.6

228.0

345.5

48.9

32.3

7.2

6.0

15.7

20.3

5.2

4.2

UltraTech Cement

Neutral

3,163

86,794

27,562

31,548

20.4

22.3

111.9

143.3

28.3

22.1

4.0

3.5

15.2

16.8

3.2

2.8

Construction

ITNL

Accumulate

117

130

2,882

7,360

8,825

34.0

35.9

1.0

5.0

116.8

23.4

0.5

0.3

1.4

3.8

3.7

KNR Constructions

Neutral

562

1,579

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

1,811

2,013

168,544

68,920

82,446

10.9

11.5

57.0

73.0

31.8

24.8

2.9

2.7

13.6

15.5

2.7

2.2

Gujarat Pipavav Port

Neutral

200

9,662

740

843

53.1

53.6

8.0

10.0

25.0

20.0

3.9

3.1

20.4

19.4

12.6

10.7

MBL Infrastructures

Buy

263

395

1,091

2,507

2,986

12.4

14.4

21.5

20.5

12.2

12.8

1.5

1.3

12.6

12.7

1.2

1.1

PNC Infratech

Neutral

516

2,647

1,798

2,132

13.2

13.5

22.0

30.0

23.5

17.2

2.1

1.9

11.5

11.4

1.6

1.3

Financials

Allahabad Bank

Neutral

5,345

8,859

9,817

3.0

23.7

30.1

4.0

3.1

0.5

0.4

10.6

12.3

Axis Bank

Buy

555

716

131,788

26,522

31,625

3.6

36.2

45.4

15.3

12.2

3.0

2.6

18.2

19.6

Bank of Baroda

Neutral

209

46,110

18,934

21,374

2.0

13.2

15.1

15.8

13.8

1.2

1.1

7.1

7.7

Bank of India

Neutral

177

11,782

17,402

20,003

2.0

2.1

40.3

50.7

4.4

3.5

0.4

9.0

10.4

Canara Bank

Neutral

342

17,640

15,805

17,745

2.0

2.2

64.3

73.5

5.3

4.7

0.6

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

11,515

3,522

4,045

3.2

12.2

14.1

5.5

4.8

0.7

0.6

12.9

13.4

HDFC

Accumulate

1,257

1,343

198,151

11,198

13,321

3.5

45.1

53.7

27.9

23.4

5.8

5.2

27.2

28.2

HDFC Bank

Buy

1,081

1,255

271,724

38,629

47,500

4.5

4.7

52.6

66.4

20.6

16.3

3.8

3.2

19.6

21.2

ICICI Bank

Buy

304

370

176,392

36,037

41,647

3.5

3.6

22.9

26.7

13.3

11.4

2.2

1.9

15.7

15.9

IDBI Bank

Neutral

11,172

9,806

11,371

1.7

1.9

10.0

16.3

7.0

4.3

0.5

6.8

10.4

www.angelbroking.com

Market Outlook

August 20, 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

149

7,140

6,454

7,321

2.5

2.6

26.4

33.3

5.6

4.5

0.5

0.4

8.1

9.6

LIC Housing Finance

Buy

494

590

24,925

2,934

3,511

2.3

30.9

36.8

16.0

13.4

2.6

2.2

16.8

17.5

Oriental Bank

Neutral

174

5,231

7,930

8,852

2.5

51.8

57.1

3.4

3.1

0.4

0.3

9.3

9.5

Punjab Natl.Bank

Neutral

168

31,166

24,160

27,777

2.9

3.0

18.5

24.6

9.1

6.8

0.9

0.8

8.8

10.8

South Ind.Bank

Neutral

3,072

1,999

2,249

2.4

3.5

4.0

6.6

5.7

0.8

0.7

12.6

13.1

St Bk of India

Neutral

278

210,379

86,900

100,550

3.1

22.1

27.7

12.6

10.1

1.6

1.4

12.7

14.3

Union Bank

Neutral

212

13,475

12,995

14,782

2.4

32.3

40.9

6.6

5.2

0.8

0.7

10.7

12.3

Vijaya Bank

Neutral

3,385

3,474

3,932

1.8

1.9

5.9

7.2

6.7

5.5

0.6

0.5

8.1

9.3

Yes Bank

Buy

774

989

32,399

7,006

8,825

3.1

3.3

61.4

77.1

12.6

10.0

2.3

2.0

20.1

21.3

FMCG

Asian Paints

Neutral

899

86,256

16,553

19,160

16.0

16.2

17.7

21.5

50.9

41.8

13.5

12.2

29.4

31.2

5.0

4.4

Britannia

Neutral

3,295

39,528

8,065

9,395

9.6

10.2

47.2

65.5

69.8

50.3

23.2

21.9

38.3

41.2

4.8

4.1

Colgate

Neutral

1,997

27,157

4,836

5,490

19.5

19.7

48.5

53.2

41.2

37.5

30.2

26.3

99.8

97.5

5.5

4.8

Dabur India

Neutral

298

52,283

9,370

10,265

17.1

17.2

7.3

8.1

40.6

36.7

12.2

10.0

33.7

30.6

5.5

5.0

GlaxoSmith Con*

Neutral

6,238

26,234

4,919

5,742

17.2

17.4

168.3

191.2

37.1

32.6

10.5

9.0

28.8

28.9

4.9

4.2

Godrej Consumer

Neutral

1,275

43,428

10,168

12,886

16.1

32.1

38.4

39.7

33.2

8.1

7.5

19.7

21.0

4.4

3.4

HUL

Neutral

876

189,485

34,940

38,957

17.5

17.7

20.8

24.7

42.1

35.5

46.8

37.4

110.5

114.2

5.2

4.7

ITC

Buy

317

409

253,983

41,068

45,068

37.8

37.4

13.9

15.9

22.8

19.9

7.6

6.7

34.1

33.8

5.8

5.3

Marico

Neutral

433

27,919

6,551

7,766

15.7

16.0

10.4

12.5

41.7

34.6

12.1

10.1

33.2

32.4

4.2

3.5

Nestle*

Accumulate

6,096

6,646

58,774

11,291

12,847

22.2

22.3

158.9

184.6

38.4

33.0

20.1

18.0

55.0

57.3

5.1

4.4

Tata Global

Accumulate

134

152

8,438

8,635

9,072

9.8

9.9

6.5

7.6

20.6

17.6

2.1

2.0

6.8

7.4

0.9

HCL Tech^

Accumulate

987

1,132

138,819

42,038

47,503

23.5

56.4

62.9

17.5

15.7

4.1

3.1

23.2

19.8

2.9

2.4

Infosys

Accumulate

1,175

1,306

269,903

60,250

66,999

28.0

58.3

63.7

20.2

18.5

4.2

3.6

20.9

19.7

3.8

3.3

TCS

Buy

2,731

3,168

535,007

108,420

123,559

28.8

28.7

127.2

143.9

21.5

19.0

8.6

7.9

39.9

41.8

4.5

3.9

Tech Mahindra

Buy

560

646

53,865

25,566

28,890

16.0

17.0

26.3

31.9

21.3

17.6

3.8

3.3

17.9

18.6

1.9

1.6

Wipro

Buy

584

719

144,125

52,414

58,704

23.7

23.8

38.4

42.3

15.2

13.8

3.0

2.7

19.5

18.0

2.3

1.9

Media

D B Corp

Accumulate

317

356

5,826

2,241

2,495

27.8

27.9

21.8

25.6

14.6

12.4

3.8

3.4

26.7

28.5

2.5

2.3

HT Media

Neutral

2,046

2,495

2,603

11.2

7.3

8.6

12.0

10.2

1.0

0.9

7.4

8.1

0.3

Jagran Prakashan

Accumulate

143

156

4,662

1,939

2,122

26.0

8.3

9.2

17.2

15.5

2.9

2.7

17.5

17.1

2.4

2.1

Sun TV Network

Neutral

352

13,886

2,779

3,196

70.2

70.5

22.8

27.3

15.5

12.9

3.8

3.4

26.7

28.3

4.8

4.1

www.angelbroking.com

Market Outlook

August 20, 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

228

292

1,673

920

1,031

20.0

19.2

20.9

11.9

10.9

2.0

1.7

16.4

15.3

1.4

1.2

Ventures

Metals & Mining

Coal India

Buy

357

450

225,431

77,595

89,628

22.9

24.4

27.6

30.0

12.9

11.9

5.6

33.9

33.2

2.2

1.9

Hind. Zinc

Neutral

141

59,471

15,546

16,821

47.5

49.0

19.7

20.3

7.1

6.9

1.2

1.1

17.2

16.6

1.6

1.1

Hindalco

Neutral

17,821

112,328

119,817

7.7

7.9

16.3

20.1

5.3

4.3

0.4

8.0

8.5

0.6

0.5

JSW Steel

Neutral

974

23,552

48,125

53,595

18.8

21.0

46.9

97.5

20.8

10.0

1.0

0.9

4.4

9.5

1.3

1.2

NMDC

Neutral

38,101

12,544

13,330

59.5

59.7

16.3

16.5

5.9

5.8

1.1

1.0

5.1

9.9

1.8

SAIL

Neutral

23,769

56,365

63,383

6.9

8.0

7.1

8.2

8.1

7.1

0.5

7.0

7.1

1.0

0.9

Vedanta

Neutral

103

30,388

81,842

88,430

30.6

32.8

20.2

25.7

5.1

4.0

0.4

0.3

7.5

8.5

0.7

0.5

Tata Steel

Neutral

250

24,271

136,805

149,228

11.3

11.9

26.4

36.8

9.5

6.8

0.8

0.7

6.0

8.0

0.7

Oil & Gas

Cairn India

Neutral

152

28,423

12,617

14,513

33.7

40.0

25.5

27.7

6.0

5.5

0.4

7.4

7.7

0.9

0.7

GAIL

Neutral

330

41,891

75,595

85,554

8.6

8.0

31.8

36.1

10.4

9.1

1.1

10.7

11.4

0.7

0.6

ONGC

Neutral

261

223,213

174,773

192,517

22.7

24.8

34.6

38.2

7.5

6.8

1.1

1.0

14.2

14.9

1.4

1.2

Petronet LNG

Accumulate

185

210

13,898

39,007

40,785

3.8

4.2

9.2

11.0

20.3

16.9

2.3

2.1

11.6

12.7

0.4

Reliance Industries

Accumulate

953

1,050

308,498

339,083

384,014

7.8

9.5

75.7

94.5

12.6

10.1

1.2

10.7

12.2

1.2

1.1

Pharmaceuticals

Alembic Pharma

Neutral

731

13,775

2,601

3,115

21.2

20.2

20.8

23.9

35.1

30.6

11.3

8.5

37.2

31.8

5.3

4.4

Aurobindo Pharma

Neutral

817

47,727

14,435

16,600

22.6

36.1

41.2

22.6

19.8

6.7

5.1

34.5

29.3

3.7

3.1

Aventis*

Neutral

4,155

9,569

2,156

2,455

15.1

16.8

109.7

133.9

37.9

31.0

5.2

4.2

18.4

22.5

4.1

3.5

Cadila Healthcare

Neutral

2,004

41,037

10,224

11,840

20.0

21.0

71.0

85.6

28.2

23.4

7.6

6.0

30.1

28.5

4.1

3.4

Cipla

Neutral

696

55,888

14,051

16,515

20.4

18.7

26.6

28.4

26.2

24.5

4.4

3.8

18.2

16.5

4.0

3.3

Dr Reddy's

Neutral

4,232

72,147

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

228

319

1,840

1,716

1,888

20.2

16.3

21.6

14.0

10.6

1.3

1.2

9.7

11.7

1.3

1.0

GSK Pharma*

Neutral

3,623

30,690

2,870

3,158

20.0

22.1

59.5

68.3

60.9

53.1

18.0

18.5

28.5

34.3

10.2

9.3

Indoco Remedies

Neutral

357

3,293

1,088

1,262

18.2

13.1

15.5

27.3

23.1

5.3

4.5

21.2

21.1

3.1

2.7

Ipca labs

Neutral

847

10,680

3,507

4,078

17.6

18.6

25.8

32.0

32.8

26.5

4.2

3.7

13.8

14.9

3.3

2.8

Lupin

Neutral

1,795

80,778

14,864

17,244

26.9

62.1

71.1

28.9

25.3

7.0

5.6

27.4

24.6

5.2

4.3

Sun Pharma

Neutral

927

223,137

28,163

32,610

25.8

30.7

17.4

26.9

53.3

34.5

5.1

4.4

13.0

16.6

7.4

6.2

Power

Tata Power

Neutral

18,229

38,302

38,404

14.1

13.1

5.1

6.0

13.1

11.3

1.3

1.2

9.2

10.3

1.4

1.3

NTPC

Buy

126

157

103,975

87,064

98,846

23.5

11.7

13.2

10.8

9.6

1.2

1.1

11.4

12.1

2.2

2.0

Power Grid

Buy

137

170

71,437

20,702

23,361

86.7

86.4

12.1

13.2

11.3

10.3

1.7

1.5

15.6

15.1

8.4

7.8

www.angelbroking.com

Market Outlook

August 20, 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

383

153,140

101,748

109,191

32.1

31.7

12.0

12.5

31.9

30.7

2.2

2.1

6.9

6.7

2.1

1.9

Idea Cellular

Accumulate

161

171

57,885

34,282

36,941

32.0

31.5

5.9

6.2

27.3

25.9

2.5

2.3

9.9

9.3

2.3

2.1

zOthers

Abbott India

Neutral

4,753

10,100

2,715

3,153

14.5

14.1

134.3

152.2

35.4

31.2

8.8

7.3

27.4

25.6

3.4

2.9

Bajaj Electricals

Buy

264

341

2,665

4,719

5,287

5.2

5.8

8.6

12.7

30.9

20.9

3.5

3.1

11.4

14.8

0.6

0.5

Finolex Cables

Neutral

251

3,844

2,728

3,036

10.8

11.0

14.4

16.8

17.5

15.0

2.7

2.3

15.2

15.3

1.2

1.0

Goodyear India*

Neutral

628

1,447

1,953

1,766

12.4

12.0

67.4

59.6

9.3

10.5

2.3

2.0

27.7

20.2

0.5

Hitachi

Neutral

1,387

3,773

1,806

2,112

9.0

9.2

28.6

29.1

48.5

47.7

12.1

9.7

28.1

22.6

2.2

1.8

Jyothy Laboratories

Neutral

322

5,824

1,620

1,847

11.5

7.3

8.5

44.1

38.0

5.7

5.3

13.3

14.4

3.5

3.0

MRF

Neutral

44,054

18,684

20,727

14,841

19.3

18.6

4,905.8

3,351.9

9.0

13.1

2.9

2.4

37.6

19.6

0.9

1.2

Page Industries

Neutral

14,565

16,245

1,929

2,450

19.8

20.1

229.9

299.0

63.4

48.7

28.0

19.4

52.1

47.1

8.5

6.6

Relaxo Footwears

Neutral

552

6,628

1,767

2,152

12.3

12.5

19.3

25.1

28.7

22.0

7.0

5.4

27.7

27.8

3.8

3.1

Siyaram Silk Mills

Accumulate

1,116

1,221

1,046

1,653

1,873

11.7

12.2

99.3

122.1

11.2

9.1

2.0

1.7

19.5

20.2

0.8

0.7

Styrolution ABS India*

Neutral

835

1,468

1,271

1,440

8.6

9.2

32.0

41.1

26.1

20.3

2.7

2.4

10.7

12.4

1.1

1.0

Tree House

Neutral

416

1,761

259

324

56.8

17.0

21.7

24.5

19.2

2.5

2.2

10.1

11.5

6.7

5.5

TVS Srichakra

Neutral

3,115

2,385

2,127

2,388

15.2

14.9

237.7

267.5

13.1

11.6

5.6

4.0

51.7

39.8

1.2

1.0

HSIL

Buy

292

434

2,111

2,085

2,436

18.5

18.6

21.7

28.9

13.5

10.1

1.4

1.2

10.0

12.1

1.1

0.9

Kirloskar Engines India

Accumulate

280

297

4,049

2,634

3,252

10.1

12.0

10.9

17.4

25.7

16.1

2.9

2.6

11.4

16.8

1.2

0.9

Ltd

M M Forgings

Buy

675

797

815

563

671

22.1

22.9

51.0

66.5

13.2

10.2

2.8

2.2

23.1

24.1

1.6

1.3

Banco Products (India)

Neutral

150

1,070

1,208

1,353

11.0

12.3

10.8

14.5

13.9

10.3

1.6

1.4

11.9

14.5

0.9

0.7

Competent Automobiles Neutral

186

114

1,007

1,114

3.1

23.7

28.2

7.9

6.6

1.1

1.0

13.9

14.6

0.1

Nilkamal

Neutral

1,033

1,541

1,948

2,147

10.6

10.3

60.0

67.0

17.2

15.4

2.7

2.3

16.8

16.1

0.8

0.7

Visaka Industries

Neutral

174

276

1,158

1,272

8.6

9.5

23.7

32.7

7.4

5.3

0.7

10.1

12.5

0.4

0.3

Transport Corporation of

Neutral

306

2,330

2,830

3,350

8.8

9.0

14.4

18.3

21.3

16.7

3.3

2.9

15.4

17.1

0.9

0.8

India

Elecon Engineering

Accumulate

886

1,452

1,596

14.0

14.7

4.4

6.2

18.4

13.1

1.5

1.4

8.6

11.2

0.9

0.8

Surya Roshni

Buy

143

183

626

2,992

3,223

8.3

8.5

14.7

18.3

9.7

7.8

0.9

0.8

9.8

11.0

0.5

MT Educare

Neutral

139

552

275

355

18.3

17.3

7.4

8.8

18.8

15.7

3.8

3.3

20.2

21.1

1.9

1.4

Radico Khaitan

Buy

112

1,239

1,565

1,687

11.9

12.4

5.4

6.6

17.2

14.1

1.4

1.3

8.0

9.0

1.3

1.2

Garware Wall Ropes

Accumulate

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

0.9

0.7

Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on August 19, 2015

www.angelbroking.com

Market Outlook

August 20, 2015

Research Team Tel: 022 - 39357800

E-mail: [email protected]

Website: www.angelbroking.com

DISCLAIMER

Angel Broking Private Limited (hereinafter referred to as “Angel”) is a registered Member of National Stock Exchange of India Limited,

Bombay Stock Exchange Limited and MCX Stock Exchange Limited. It is also registered as a Depository Participant with CDSL and

Portfolio Manager with SEBI. It also has registration with AMFI as a Mutual Fund Distributor. Angel Broking Private Limited is a registered

entity with SEBI for Research Analyst in terms of SEBI (Research Analyst) Regulations, 2014 vide registration number INH000000164.

Angel or its associates has not been debarred/ suspended by SEBI or any other regulatory authority for accessing /dealing in securities

Market. Angel or its associates including its relatives/analyst do not hold any financial interest/beneficial ownership of more than 1% in

the company covered by Analyst. Angel or its associates/analyst has not received any compensation / managed or co-managed public

offering of securities of the company covered by Analyst during the past twelve months. Angel/analyst has not served as an officer,

director or employee of company covered by Analyst and has not been engaged in market making activity of the company covered by

Analyst.

This document is solely for the personal information of the recipient, and must not be singularly used as the basis of any investment

decision. Nothing in this document should be construed as investment or financial advice. Each recipient of this document should make

such investigations as they deem necessary to arrive at an independent evaluation of an investment in the securities of the companies

referred to in this document (including the merits and risks involved), and should consult their own advisors to determine the merits and

risks of such an investment.

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.

The information in this document has been printed on the basis of publicly available information, internal data and other reliable sources

believed to be true, but we do not represent that it is accurate or complete and it should not be relied on as such, as this document is for

general guidance only. Angel Broking Pvt. Limited or any of its affiliates/ group companies shall not be in any way responsible for any

loss or damage that may arise to any person from any inadvertent error in the information contained in this report. Angel Broking Pvt.

Limited has not independently verified all the information contained within this document. Accordingly, we cannot testify, nor make any

representation or warranty, express or implied, to the accuracy, contents or data contained within this document. While Angel Broking

Pvt. Limited endeavors to update on a reasonable basis the information discussed in this material, there may be regulatory, compliance,

or other reasons that prevent us from doing so.

This document is being supplied to you solely for your information, and its contents, information or data may not be reproduced,

redistributed or passed on, directly or indirectly.

Neither Angel Broking Pvt. Limited, nor its directors, employees or affiliates shall be liable for any loss or damage that may arise from or

in connection with the use of this information.

Note: Please refer to the important ‘Stock Holding Disclosure' report on the Angel website (Research Section). Also, please refer to the

latest update on respective stocks for the disclosure status in respect of those stocks. Angel Broking Pvt. Limited and its affiliates may have

investment positions in the stocks recommended in this report.