Market Outlook

July 21, 2016

Market Cues

Domestic Indices

Chg (%)

(Pts)

(Close)

Indian markets are expected to open flat tracking SGX Nifty.

BSE Sensex

0.5

128

27,916

Nifty

0.4

8,566

Following the pullback seen in the previous session, stocks moved back to the upside

during trading on Wednesday. The gains on the day lifted the Dow and the S&P 500

Mid Cap

0.9

109

12,181

to new record highs, while the tech-heavy Nasdaq showed an even stronger upward

Small Cap

1.0

118

12,027

move to reach its best levels of 2016.

Bankex

0.3

21,727

The European markets ended Wednesday's session in the green, rebounding from

yesterday's weak performance. Solid financial reports from companies like SAP,

Global Indices

Chg (%)

(Pts)

(Close)

Lonza and ASML Holding, as well as Microsoft and Morgan Stanley in the U.S.,

Dow Jones

0.2

18,595

provided a boost to investor sentiment.

Nasdaq

1.1

5,090

Indian markets rose for a second consecutive session on Wednesday amid increased

FTSE

0.5

6,729

buying by foreign investors, as monsoon rains covered the whole county and Bihar

Nikkei

(0.2)

(41)

16,682

Chief Minister and Janata Dal (United) chief Nitish Kumar pledged his support for

the Goods and Services Tax (GST) Bill.

Hang Seng

1.0

209

21,882

Shanghai Com

(0.3)

(9)

3,028

News Analysis

Advances / Declines

BSE

NSE

 Aurobindo Pharma: Gets 180-day exclusivity for generic Crestor

Advances

1,673

1,074

 Review: DHFL

Declines

1,042

519

Detailed analysis on Pg2

Unchanged

176

Investor’s Ready Reckoner

Key Domestic & Global Indicators

Volumes (` Cr)

Stock Watch: Latest investment recommendations on 150+ stocks

BSE

3,196

Refer Pg5 onwards

NSE

19,151

Top Picks

CMP

Target

Upside

Net Inflows (` Cr)

Net

Mtd

Ytd

Company

Sector

Rating

(`)

(%)

FII

711

5,680

25,223

Amara Raja

Auto/Auto Ancillary

Buy

874

1,076

23.1

MFs

(439)

8,906

HCL Tech

Buy

729

1,000

37.1

LIC Housing

Financials

Buy

505

592

17.3

Top Gainers

Price (`)

Chg (%)

Bharat Electronics

Capital Goods

Accumulate

1,250

1,414

13.2

Wockpharma

1,038

12.7

Navkar Corporation Others

Buy

208

265

27.2

More Top Picks on Pg3

Mfsl

560

10.0

Abirlanuvo

1,318

6.0

Key Upcoming Events

Prestige

187

5.8

Consensus

Date

Region

Event Description

Reading

Expectations

Edelweiss

5.5

July 21 Euro Zone

ECB announces interest rates

0.0

July 21 US

Initial Jobless claims

254.00

265.00

Top Losers

Price (`)

Chg (%)

July 21 US

Existing home sales

5.53

5.48

Pvr

1,081

(3.0)

July 22 Germany

PMI Services

53.70

53.20

6.(

Jppower

(2.5)

More Events on Pg4

Hathway

(2.4)

Skfindia

1,379

(2.3)

Dabur

304

(2.2)

As on July 20, 2016

www.angelbroking.com

Market Outlook

July 21, 2016

Aurobindo Pharma: Gets 180-day exclusivity for generic Crestor

Company received final approval from US Food & Drug Administration (USFDA) to

manufacture and market Rosuvastatin Calcium tablets 5 mg, 10 mg, 20 mg and

40 mg, a generic equivalent of Crestor tablets, indicated for hyperlipidemia or

mixed dyslipidemia. Rosuvastatin Calcium Tablets is an antihyperlipidemic to

prevent cardiovascular disease. It is used to reduce elevated total-C, LDL-C, ApoB,

non HDL-C, and TG levels and to increase HDL-C in patients with primary

hypercholesterolemia and mixed dyslipidemia.

According to IMS, the approved product has an estimated market size of US$

6.7bn for the twelve months ending May 2016. Aurobindo Pharma said it was one

of the first ANDA applicants to submit a substantially complete ANDA with a

paragraph IV certification; therefore, Aurobindo is eligible for 180 days of generic

drug shared exclusivity. The product is launched in the US market. Along with

Aurobindo Glenmark and Sun Pharmaceuticals, also get the approval to launch

the drug in the market. Though the exact number of generic player expected in the

market during the 180-day exclusivity are not know, we believe that the company

can gross sales of US$150-200mn, in a competitive environment, though upsides

could be higher in case the competition is less than 4-5 players expected. Thus we

maintain our accumulate with a price target of `880.

Result Review

DHFL - BUY CMP -`220 TP-`270

DHFL came out with a decent set of results for the quarter with a PAT growth of

16% YoY AUM grew by 20% YoY. Sanctions for the quarter stood at Rs 8800 cr

growing 12% over same period last year, while disbursal during the quarter stood

at Rs 6215 cr growing by 26% YoY. The company continued to grow its LAP and

developer loan books which has contributed to the growth during the quarter. This

can be reflected from the fact that while the share of Individual loans has gone

down to 71.5% from 72.3% in Q4FY16, the share of LAP has gone up to 16%

from 15.7% and that of developer loans to 9.8% from 9.5% during the same

period. While GNPAs has gone up a tad higher than expected it still is in

comfortable zone. We expect the company will be able to maintain the current

NIM going ahead, which together with healthy loan book growth makes it a good

play on the upswing in housing demand going ahead.

At the CMP of Rs 219 the stock is trading at a valuation of 1x its FY18E Adj Book

Value of Rs 215. While the return ratios of the company are comparable to

midsized NBFCs it is trading at a discount in terms of valuations. We expect the

valuations gap to narrow down gradually. We maintain our rating on the stock

with a target price of Rs 270.

www.angelbroking.com

Market Outlook

July 21, 2016

Economic and Political News

 Govt says DBT scheme saves ` 21k cr in LPG subsidy in 2 yrs

 Restaurant sector to contribute ` 22,400 crore in taxes in 2016

 Nabard sanctions `177 cr for Punjab

Corporate News

 Tata Steel aims to double Indian workforce's productivity

 SKF India Q1 net up 29.89% at `60.4 crore

 Telcos invested `4.31 lakh crore in FY15

Quarterly Bloomberg Brokers Consensus Estimate

Hindalco Industries Ltd - July 21, 2016

Particulars (` cr)

1QFY17E 1QFY16 y-o-y (%) 4QFY16

q-o-q (%)

Net sales

8,619

8,517

1.2

8,543

0.9

EBITDA

936

877

6.6

1,166

(19.8)

EBITDA margin

10.9

10.3

13.7

(%)

Net profit

209

107

94.6

356

(41.5)

HDFC Bank Ltd - July 21, 2016

Particulars (` cr)

1QFY17E 1QFY16 y-o-y (%) 4QFY16

q-o-q (%)

Net profit

3,254

2,696

20.7

3,374

(3.6)

Kotak Mahindra Bank Ltd - July 21, 2016

Particulars (` cr)

1QFY17E 1QFY16 y-o-y (%) 4QFY16

q-o-q (%)

Net profit

740

190

289.9

696

6.4

www.angelbroking.com

Market Outlook

July 21, 2016

Top Picks ★★★★★

Large Cap

Market Cap

CMP

Target

Upside

Company

Rationale

(` Cr)

(`)

(%)

To outpace battery industry growth due to better technological

Amara Raja Batteries

14,935

874

1,076

23.1

products leading to market share gains in both the automotive

OEM and replacement segments.

Uptick in defense capex by government, coupled with BELs

Bharat Electronics

29,992

1,250

1,414

13.2

strong market positioning, indicate good times ahead for BEL.

HCL Tech

1,02,901

729

1,000

37.1

Stock is trading at attractive valuations & factors all bad news.

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

Infosys

2,48,771

1,083

1,374

26.9

be a US$20bn in FY2020.

Continues to grow its retail loan book at healthy pace with

LIC Housing Fin.

25,463

505

592

17.3

improvement in asset quality. Expect LICHF to post a healthy

loan book which is likely to reflect in a strong earnings growth.

Strong market positioning within the domestic AC markets to

Voltas

11,081

335

407

21.5

continue, EMP business set to revive

Source: Company, Angel Research

Mid Cap

Market Cap

CMP

Target

Upside

Company

Rationale

(` Cr)

(`)

(%)

Among the top 4 players in the consumer durables segment.

Bajaj Electricals

2,394

237

268

13.1

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

Strong order book lends earnings visibility.

Favourable outlook for AC industry to augur well for Cooling

Blue Star

4,271

448

495

10.5

products business. EMPPAC division's profitability to improve

once operating environment turns around.

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

Dewan Housing

6,412

220

270

22.9

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

cities where the growth opportunity is immense.

Strong loan growth backed by diversified loan portfolio and

Equitas Holdings

5,866

175

235

34.4

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

dilution remains low. Attractive valuations considering growth.

Expectations of above average monsoon augurs well for

Goodyear India

1,216

527

631

19.7

Goodyear India as it derives ~50% of its turnover from farm

tyre segment.

Commencement of new projects, downtrend in the interest rate

IL&FS Transport

2,609

17.3

cycle, to lead to stock re-rating

Economic recovery to have favourable impact on advertising &

Jagran Prakashan

5,888

180

205

13.8

circulation revenue growth. Further, the acquisition of a radio business

(Radio City) would also boost the company's revenue growth.

Speedier execution and speedier sales, strong revenue visibility

Mahindra Lifespace

1,897

462

554

19.9

in short-to-long run, attractive valuations

Massive capacity expansion along with rail advantage at ICD

Navkar Corporation

2,971

208

265

27.2

as well CFS augurs well for the company

Earnings boost on back of stable material prices and

Radico Khaitan

1,204

125

38.1

favourable pricing environment. Valuation discount to peers

provides additional comfort

Strong brands and distribution network would boost growth

Siyaram Silk Mills

986

1,052

1,347

28.0

going ahead. Stock currently trades at an inexpensive

valuation.

Source: Company, Angel Research

www.angelbroking.com

Market Outlook

July 21, 2016

Macro watch

Exhibit 1: Quarterly GDP trends

Exhibit 2: IIP trends

(%)

9.0

12.0

8.3

9.9

7.8

7.7

7.9

10.0

8.0

7.5

7.6

7.2

8.0

6.3

6.7

6.6

6.7

7.0

6.4

6.0

4.3

3.7

5.8

4.0

6.0

1.9

1.2

2.0

0.3

5.0

4.0

(2.0)

(0.9)

(1.3)

(1.6)

(4.0)

3.0

(3.4)

(6.0)

Source: CSO, Angel Research

Source: MOSPI, Angel Research

Exhibit 3: Monthly CPI inflation trends

Exhibit 4: Manufacturing and services PMI

56.0

Mfg. PMI

Services PMI

(%)

7.0

54.0

5.7

5.8

5.4

5.6

5.5

6.0

5.3

5.0

4.8

52.0

5.0

4.4

3.7

4.0

50.0

3.0

48.0

2.0

46.0

1.0

44.0

Source: MOSPI, Angel Research

Source: Market, Angel Research; Note: Level above 50 indicates expansion

Exhibit 5: Exports and imports growth trends

Exhibit 6: Key policy rates

(%)

Exports yoy growth

Imports yoy growth

(%)

Repo rate

Reverse Repo rate

CRR

5.0

7.50

0.0

7.00

(5.0)

6.50

(10.0)

6.00

5.50

(15.0)

5.00

(20.0)

4.50

(25.0)

4.00

(30.0)

3.50

(35.0)

3.00

Source: Bloomberg, Angel Research

Source: RBI, Angel Research

www.angelbroking.com

Market Outlook

July 21, 2016

Global watch

Exhibit 1: Latest quarterly GDP Growth (%, yoy) across select developing and developed countries

(%)

8.0

6.7

6.0

5.3

4.9

4.2

4.0

3.2

2.1

2.0

1.3

0.1

(2.0)

(4.0)

(1.2)

(6.0)

(0.2)

(5.4)

(8.0)

Source: Bloomberg, Angel Research

Exhibit 2: 2016 GDP Growth projection by IMF (%, yoy) across select developing and developed countries

(%)

10.0

7.5

8.0

6.5

6.0

4.9

4.4

4.0

3.0

2.4

1.9

1.5

2.0

1.1

0.6

0.5

(3.8)

(1.8)

(2.0)

(4.0)

(6.0)

Source: IMF, Angel Research

Exhibit 3: One year forward P-E ratio across select developing and developed countries

(x)

20.0

18.0

16.0

14.0

12.0

10.0

8.0

6.0

4.0

2.0

Source: IMF, Angel Research

www.angelbroking.com

Market Outlook

July 21, 2016

Exhibit 4: Relative performance of indices across globe

Returns (%)

Country

Name of index

Closing price

1YR

Brazil

Bovespa

56,578

12.4

5.3

6.9

Russia

Micex

1,915

0.7

0.4

17.7

India

Nifty

8,566

4.8

8.2

1.3

China

Shanghai Composite

3,028

5.4

(0.3)

(23.6)

South Africa

Top 40

46,201

(1.7)

(1.4)

(2.5)

Mexico

Mexbol

47,505

3.8

4.3

6.3

Indonesia

LQ45

906

10.3

8.1

7.7

Malaysia

KLCI

1,670

2.6

(3.4)

(2.7)

Thailand

SET 50

959

5.2

11.5

(0.6)

USA

Dow Jones

18,595

5.2

3.0

4.2

FTSE

6,729

8.5

5.1

1.1

Japan

Nikkei

16,682

6.9

(1.4)

(16.0)

Germany

DAX

10,142

1.8

(2.7)

(10.6)

France

CAC

4,380

0.9

(4.4)

(12.7)

Source: Bloomberg, Angel Research

www.angelbroking.com

Market Outlook

July 21, 2016

Key Upcoming Events

Result Calendar

Date

Company

July 21, 2016

HDFC Bank, Cairn India

July 22, 2016

Axis Bank

July 23, 2016

Mphasis, Persistent

July 26, 2016

IDFC, L G Balakrishnan & Bros

July 27, 2016

Asian Paints

July 28, 2016

GSK Pharma

July 29, 2016

Sesa Goa

August 05, 2016

LMW

Source: Bloomberg, Angel Research

Global economic events release calendar

Bloomberg Data

Date

Time

Country Event Description

Unit

Period

Last Reported Estimated

Jul 21, 2016

5:15 PM Euro Zone ECB announces interest rates

Jul 21

0.00

6:00 PM

Initial Jobless claims

Thousands

Jul 16

254.00

265.00

7:30 PM

Existing home sales

Million

Jun

5.53

5.48

July 22, 2016

1:00 PM Germany PMI Services

Value

Jul P

53.70

53.20

1:00 PM Germany PMI Manufacturing

Value

Jul P

54.50

53.40

2:00 PM

UK PMI Manufacturing

Value

Jul P

52.10

47.50

Jul 26, 2016

7:30 PM

Consumer Confidence

S.A./ 1985=100 Jul

98.00

95.25

7:30 PM

New home sales

Thousands

Jun

551.00

560.00

Jul 27, 2016

2:00 PM

UK GDP (YoY)

% Change

2Q A

2.00

11:30 PM

FOMC rate decision

Jul 27

0.50

Source: Bloomberg, Angel Research

www.angelbroking.com

Stock Watch

July 21, 2016

Company Name

Reco

CMP

Target

Mkt Cap

Sales ( Čcr )

OPM(%)

EPS (Č)

PER(x)

P/BV(x)

RoE(%)

EV/Sales(x)

(Č)

Price ( Č)

( Č cr )

FY16E FY17E

FY16E

FY17E

FY16E

FY17E

FY16E

FY17E

FY16E

FY17E

FY16E

FY17E

FY16E

FY17E

Agri / Agri Chemical

Rallis

Neutral

209

4,072

1,612

1,911

13.3

7.4

9.5

28.3

22.0

4.5

4.1

16.7

18.4

2.6

2.2

United Phosphorus

Buy

552

684

23,676

13,083

15,176

18.5

31.5

37.4

17.5

14.8

3.5

2.9

21.4

2.0

1.7

Auto & Auto Ancillary

Ashok Leyland

Buy

111

26,595

17,995

21,544

11.4

11.6

3.4

4.7

27.5

19.9

4.8

4.4

17.7

22.2

1.4

1.2

Bajaj Auto

Neutral

2,769

80,126

22,709

25,860

20.9

20.1

129.0

143.6

21.5

19.3

6.6

5.7

30.7

29.4

2.9

2.5

Bharat Forge

Buy

746

875

17,370

7,351

8,318

19.9

19.7

31.2

36.5

23.9

20.4

4.3

3.6

19.3

19.2

2.5

2.2

Eicher Motors

Neutral

19,850

53,914

15,556

16,747

15.5

17.3

464.8

597.5

42.7

33.2

15.6

11.5

36.2

34.3

3.4

3.1

Gabriel India

Neutral

102

1,464

1,415

1,544

8.7

9.0

4.6

5.4

22.2

18.9

4.0

3.6

18.1

18.9

1.0

0.9

Hero Motocorp

Neutral

3,277

65,430

28,244

30,532

15.5

15.9

156.7

168.5

20.9

19.5

8.4

7.1

39.9

36.4

2.1

1.9

Jamna Auto Industries Neutral

175

1,395

1,281

1,473

11.2

11.5

7.6

9.2

23.0

19.0

5.8

4.8

25.4

25.2

1.1

1.0

L G Balakrishnan & Bros Neutral

500

785

1,254

1,394

11.6

11.8

35.9

41.7

13.9

12.0

1.9

1.7

13.5

13.8

0.7

Mahindra and Mahindra Neutral

1,461

90,711

38,416

42,904

13.7

13.9

54.8

63.4

26.7

23.0

4.1

3.7

15.4

15.8

2.0

1.8

Maruti

Neutral

4,468

134,972

57,865

68,104

16.4

16.7

176.3

225.5

25.3

19.8

4.9

4.2

19.4

21.2

2.1

1.7

Minda Industries

Neutral

1,170

1,856

2,523

2,890

8.7

9.0

55.0

65.4

21.3

17.9

4.1

3.3

19.3

18.7

0.8

0.7

Motherson Sumi

Accumulate

309

313

40,860

39,343

45,100

8.8

9.1

10.1

12.5

30.6

24.7

9.7

7.6

35.3

34.4

1.1

0.9

Rane Brake Lining

Buy

476

465

377

454

511

11.5

12.0

25.2

31.0

18.9

15.4

2.8

2.6

14.9

16.6

0.8

Setco Automotive

Neutral

651

594

741

12.7

13.7

1.7

3.2

28.7

15.2

3.0

2.6

10.4

16.9

1.5

1.3

Tata Motors

Neutral

494

142,570

259,686

273,957

13.0

13.4

25.9

29.5

19.1

16.7

2.5

2.2

8.0

9.0

0.7

TVS Motor

Accumulate

303

330

14,390

11,263

13,122

6.9

8.5

9.2

15.0

32.9

20.2

7.5

6.0

22.7

29.6

1.3

1.1

Amara Raja Batteries

Buy

874

1,076

14,935

4,690

5,429

17.5

28.5

35.3

30.7

24.7

7.1

5.8

23.1

25.9

3.1

2.7

Exide Industries

Neutral

177

15,003

6,950

7,784

14.4

14.8

6.6

7.3

26.7

24.2

3.4

3.1

12.6

12.8

1.9

1.7

Apollo Tyres

Buy

159

183

8,086

12,056

12,714

17.2

16.4

23.0

20.3

6.9

7.8

1.2

1.1

17.7

13.6

0.7

Ceat

Buy

878

1,119

3,553

6,041

6,597

14.1

13.7

99.5

111.9

8.8

7.9

1.7

1.5

19.6

18.5

0.7

0.6

JK Tyres

Neutral

2,031

7,446

7,669

15.2

14.0

19.6

18.4

4.6

4.9

1.2

1.0

25.2

19.5

0.7

0.6

Swaraj Engines

Neutral

1,138

1,413

552

630

14.2

14.7

44.6

54.1

25.5

21.0

5.9

5.4

23.2

25.6

2.4

2.1

Subros

Neutral

559

1,293

1,527

11.8

11.9

4.2

6.7

22.2

13.9

1.7

1.5

7.7

11.5

0.8

0.6

Indag Rubber

Neutral

185

487

283

329

17.0

17.2

13.0

15.4

14.3

12.0

3.1

2.6

21.8

21.6

1.5

1.2

Capital Goods

ACE

Neutral

457

660

839

4.7

8.2

1.0

3.9

46.2

11.8

1.4

1.3

3.2

11.3

0.8

0.7

BEML

Buy

959

1,157

3,994

3,277

4,006

6.0

8.9

36.2

64.3

26.5

14.9

1.8

1.7

5.7

11.7

1.2

0.9

Bharat Electronics

Accumulate

1,250

1,414

29,992

7,295

8,137

20.0

16.8

56.5

58.7

22.1

21.3

3.3

2.9

42.1

44.6

3.4

2.9

www.angelbroking.com

Stock Watch

July 21, 2016

Company Name

Reco

CMP

Target

Mkt Cap

Sales ( Čcr )

OPM(%)

EPS (Č)

PER(x)

P/BV(x)

RoE(%)

EV/Sales(x)

(Č)

Price ( Č)

( Č cr )

FY16E

FY17E

FY16E

FY17E

FY16E

FY17E

FY16E

FY17E

FY16E

FY17E

FY16E

FY17E

FY16E

FY17E

Capital Goods

Voltas

Buy

335

407

11,081

5,857

6,511

7.5

7.9

11.7

12.9

28.6

26.0

4.7

4.1

17.1

16.7

1.8

1.6

BGR Energy

Neutral

120

869

3,615

3,181

9.5

9.4

16.7

12.4

7.2

9.7

0.7

10.0

7.0

0.7

0.8

BHEL

Neutral

144

35,307

33,722

35,272

10.8

11.7

10.5

14.2

13.7

10.2

1.0

7.0

9.0

1.1

1.0

Blue Star

Accumulate

448

495

4,271

3,770

4,351

5.7

6.4

11.4

17.2

39.2

26.1

6.1

5.7

18.4

23.1

1.1

1.0

Crompton Greaves

Neutral

4,603

13,484

14,687

4.9

6.2

4.5

7.1

16.3

10.4

1.2

1.1

7.2

10.8

0.5

0.4

Greaves Cotton

Neutral

144

3,524

1,655

1,755

16.6

16.8

7.4

7.8

19.5

18.5

3.9

3.7

21.1

20.6

2.1

2.0

Inox Wind

Buy

229

286

5,079

4,406

5,605

15.5

15.7

20.4

24.8

11.2

9.2

2.6

1.9

27.9

25.9

1.4

1.1

KEC International

Neutral

140

3,602

8,791

9,716

6.1

6.8

5.4

8.2

25.9

17.1

2.6

2.4

10.0

14.0

0.6

Thermax

Neutral

925

11,017

6,413

7,525

7.4

8.5

30.5

39.3

30.3

23.5

4.7

4.1

15.0

17.0

1.6

1.3

VATech Wabag

Accumulate

592

681

3,224

2,722

3,336

7.9

8.1

19.5

24.6

30.3

24.1

3.2

2.8

11.1

12.4

1.3

1.1

Cement

ACC

Neutral

1,634

30,675

13,151

14,757

16.4

18.3

63.9

83.4

25.6

19.6

3.3

3.0

13.3

16.1

2.2

1.8

Ambuja Cements

Neutral

262

40,691

11,564

12,556

19.4

20.7

8.9

10.1

29.5

26.0

3.7

3.5

12.8

13.8

3.1

2.9

HeidelbergCement

Neutral

128

2,904

1,772

1,926

13.3

15.4

1.0

3.0

128.2

42.7

3.2

3.0

2.6

7.9

2.1

1.9

India Cements

Neutral

116

3,553

4,216

4,840

18.0

19.5

4.0

9.9

28.9

11.7

1.2

1.1

4.0

9.5

1.2

1.0

JK Cement

Neutral

705

4,927

3,661

4,742

10.1

15.8

7.5

28.5

94.0

24.7

2.8

2.5

7.5

22.9

1.8

1.4

J K Lakshmi Cement

Neutral

417

4,904

2,947

3,616

16.7

19.9

11.5

27.2

36.2

15.3

3.4

3.0

9.8

20.8

2.0

1.6

Mangalam Cements

Neutral

300

802

1,053

1,347

10.5

13.3

8.4

26.0

35.8

11.6

1.5

1.4

4.3

12.5

1.1

0.9

Orient Cement

Neutral

173

3,547

1,854

2,524

21.2

22.2

7.7

11.1

22.5

15.6

3.2

2.8

13.3

15.7

2.8

1.9

Ramco Cements

Neutral

564

13,423

4,036

4,545

20.8

21.3

15.1

18.8

37.3

30.0

4.6

4.1

12.9

14.3

3.9

3.4

Shree Cement^

Neutral

16,223

56,517

7,150

8,742

26.7

28.6

228.0

345.5

71.1

47.0

10.5

8.8

15.7

20.3

7.6

6.1

UltraTech Cement

Neutral

3,560

97,693

24,669

29,265

18.2

20.6

82.0

120.0

43.4

29.7

4.7

4.1

11.3

14.7

3.9

3.3

Construction

ITNL

Accumulate

2,609

7,360

8,682

34.0

32.2

7.0

8.6

11.3

9.2

0.4

3.2

2.5

3.7

3.6

KNR Constructions

Accumulate

572

603

1,609

937

1,470

14.3

14.0

44.2

38.6

13.0

14.8

2.6

2.2

15.4

1.8

1.2

Larsen & Toubro

Accumulate

1,571

1,700

146,456

58,870

65,708

8.3

10.3

42.0

53.0

37.4

29.7

2.6

2.4

8.8

11.2

2.7

2.4

Gujarat Pipavav Port

Neutral

174

8,388

629

684

51.0

52.2

6.4

5.9

27.1

29.4

3.6

3.3

15.9

12.7

13.8

12.5

MBL Infrastructures

Buy

139

285

574

2,313

2,797

12.2

14.6

19.0

20.0

7.3

6.9

0.8

0.7

11.3

10.6

1.0

0.9

Nagarjuna Const.

Neutral

4,403

7,892

8,842

8.8

9.1

3.0

5.3

26.4

14.9

1.3

1.2

5.0

8.5

0.8

0.7

PNC Infratech

Accumulate

570

647

2,924

1,873

2,288

13.2

13.5

24.0

32.0

23.7

17.8

2.3

2.1

12.1

12.3

1.7

1.4

Simplex Infra

Neutral

294

1,455

5,955

6,829

10.3

10.5

16.0

31.0

18.4

9.5

1.0

0.9

5.3

9.9

0.8

0.7

www.angelbroking.com

Stock Watch

July 21, 2016

Company Name

Reco

CMP

Target

Mkt Cap

Sales ( Čcr )

OPM(%)

EPS (Č)

PER(x)

P/BV(x)

RoE(%)

EV/Sales(x)

(Č)

Price ( Č)

( Č cr )

FY16E

FY17E

FY16E

FY17E

FY16E

FY17E

FY16E

FY17E

FY16E

FY17E

FY16E

FY17E

FY16E

FY17E

Construction

Power Mech Projects

Neutral

550

809

1,539

1,801

12.8

12.7

59.0

72.1

9.3

7.6

1.4

1.2

18.6

16.8

0.5

Sadbhav Engineering

Neutral

297

5,089

3,186

3,598

10.2

10.3

8.0

9.0

37.1

33.0

3.5

3.0

9.4

9.9

1.9

1.7

NBCC

Neutral

242

14,505

5,838

7,428

6.0

7.9

5.2

8.2

46.5

29.5

1.5

1.2

21.9

28.2

2.5

1.8

MEP Infra

Neutral

732

1,956

1,876

28.1

30.5

1.3

3.0

34.6

15.0

7.3

4.9

21.2

32.8

1.8

SIPL

Neutral

101

3,572

675

1,042

62.4

64.7

3.8

4.3

17.0

11.4

Engineers India

Neutral

207

6,990

1,667

1,725

13.5

16.0

9.7

11.4

21.4

18.2

2.5

2.4

11.7

13.4

3.1

Financials

Allahabad Bank

Neutral

5,538

8,569

9,392

2.8

2.9

16.3

27.5

4.7

2.8

0.4

7.6

11.9

Axis Bank

Neutral

558

133,289

26,204

29,738

3.6

3.5

34.5

35.4

16.2

15.8

2.6

2.3

16.8

14.9

Bank of Baroda

Neutral

158

36,337

18,802

21,088

2.0

2.2

(7.4)

13.0

12.1

1.3

1.0

(4.2)

7.3

Bank of India

Neutral

110

10,270

15,972

17,271

1.9

2.0

15.3

33.4

7.2

3.3

0.3

3.6

7.6

Canara Bank

Neutral

259

14,080

15,441

16,945

2.0

2.1

46.6

70.4

5.6

3.7

0.5

0.4

8.0

11.2

Dena Bank

Neutral

2,691

3,440

3,840

2.1

2.3

7.3

10.0

5.6

4.0

0.4

0.3

6.1

7.9

Dewan Housing Finance Buy

220

270

6,412

1,828

2,225

2.9

3.0

24.9

29.7

8.8

7.4

1.4

1.2

15.1

16.1

Equitas Holdings

Buy

175

235

5,866

679

1,076

12.4

11.7

6.2

6.7

28.3

26.1

3.5

2.6

13.3

12.5

Federal Bank

Neutral

10,782

3,279

3,787

2.8

2.9

3.9

5.5

15.9

11.3

1.3

1.2

8.4

10.8

HDFC

Neutral

1,335

211,051

10,358

11,852

3.3

41.1

47.0

32.5

28.4

6.2

5.6

24.7

24.9

HDFC Bank

Accumulate

1,232

1,262

311,936

38,606

47,696

4.4

4.5

48.8

61.4

25.3

20.1

4.3

3.7

18.7

20.0

ICICI Bank

Neutral

268

155,661

34,279

39,262

3.3

21.0

24.4

12.8

11.0

2.2

1.8

14.4

14.7

IDBI Bank

Neutral

15,143

9,625

10,455

1.8

8.5

14.2

8.6

5.2

0.5

5.9

9.3

Indian Bank

Neutral

155

7,421

6,160

6,858

2.5

24.5

29.8

6.3

5.2

0.5

0.4

7.7

8.6

LIC Housing Finance

Accumulate

505

592

25,463

3,179

3,758

2.6

32.9

40.6

15.3

12.4

2.8

2.4

19.6

20.7

Oriental Bank

Neutral

116

4,010

7,643

8,373

2.4

37.2

45.4

3.1

2.6

0.3

0.2

8.2

9.4

Punjab Natl.Bank

Neutral

129

25,409

23,122

26,022

2.8

7.0

21.6

18.5

6.0

0.9

3.4

10.0

South Ind.Bank

Neutral

2,917

1,965

2,185

2.5

3.3

8.7

6.5

0.9

0.8

9.5

11.7

St Bk of India

Neutral

231

179,243

79,958

86,061

2.6

13.4

20.7

17.2

11.2

1.4

1.3

11.5

12.8

Union Bank

Neutral

137

9,390

12,646

14,129

2.3

2.4

31.0

39.1

4.4

3.5

0.5

0.4

9.8

11.4

Vijaya Bank

Neutral

4,210

3,536

3,827

1.9

5.5

6.7

7.6

6.3

0.6

7.8

8.8

Yes Bank

Neutral

1,161

48,897

7,190

9,011

3.2

3.3

58.2

69.7

20.0

16.7

3.6

3.0

19.2

19.6

FMCG

Asian Paints

Neutral

1,029

98,735

15,534

17,445

17.7

16.8

18.4

19.6

56.0

52.5

19.8

18.7

34.6

35.6

6.2

5.5

www.angelbroking.com

Stock Watch

July 21, 2016

Company Name

Reco

CMP

Target

Mkt Cap

Sales ( Čcr )

OPM(%)

EPS (Č)

PER(x)

P/BV(x)

RoE(%)

EV/Sales(x)

(Č)

Price ( Č)

( Č cr )

FY16E FY17E

FY16E

FY17E

FY16E

FY17E

FY16E

FY17E

FY16E

FY17E

FY16E

FY17E

FY16E

FY17E

FMCG

Britannia

Neutral

2,805

33,656

8,481

9,795

14.0

14.1

65.5

78.3

42.8

35.8

20.3

16.6

38.3

41.2

4.0

3.4

Colgate

Neutral

949

25,817

4,136

4,632

22.5

23.3

22.2

25.3

42.8

37.5

26.0

23.2

68.6

67.5

6.0

5.4

Dabur India

Neutral

304

53,434

9,370

10,265

17.6

17.3

7.3

8.1

41.4

37.5

10.7

9.8

31.7

30.6

5.7

5.2

GlaxoSmith Con*

Neutral

6,375

26,812

4,519

5,142

19.6

19.8

164.3

191.2

38.8

33.3

10.7

9.2

30.8

29.9

5.2

4.5

Godrej Consumer

Neutral

1,614

54,959

9,003

10,335

18.1

18.7

34.1

41.8

47.3

38.6

10.2

8.8

23.9

24.8

6.3

5.5

HUL

Neutral

907

196,275

33,299

35,497

17.1

18.9

20.0

48.0

45.3

42.1

36.6

87.6

80.8

5.8

5.4

ITC

Neutral

251

302,736

36,837

39,726

38.8

38.7

8.2

9.0

30.8

27.9

8.6

7.5

27.8

26.9

7.6

7.0

Marico

Neutral

278

35,873

6,151

6,966

17.2

17.3

5.4

6.4

51.5

43.5

16.2

12.8

33.2

32.4

5.6

5.0

Nestle*

Neutral

6,660

64,210

9,393

10,507

22.2

22.3

106.8

121.8

62.4

54.7

21.9

19.7

34.8

36.7

6.4

5.7

Tata Global

Neutral

134

8,448

8,635

9,072

9.8

9.9

5.8

7.2

23.1

18.6

2.1

2.0

6.8

7.4

1.0

Procter & Gamble

Buy

6,345

7,369

20,596

2,588

2,939

23.3

23.2

130.2

146.2

48.7

43.4

97.2

93.2

27.6

25.3

7.4

6.5

Hygiene

HCL Tech^

Buy

729

1,000

102,901

37,061

30,781

21.5

20.5

51.4

40.0

14.2

18.2

3.7

2.7

20.1

20.3

2.5

2.6

Infosys

Buy

1,083

1,374

248,771

62,441

70,558

27.5

59.0

65.3

18.4

16.6

3.7

3.4

22.2

22.4

3.8

3.2

TCS

Buy

2,493

3,004

491,277

108,646

122,770

28.3

123.7

141.0

20.2

17.7

6.7

6.1

33.1

34.6

4.0

3.5

Tech Mahindra

Buy

505

700

49,065

26,494

30,347

16.3

17.0

32.2

37.5

15.7

13.5

3.4

2.9

21.7

21.8

1.6

1.4

Wipro

Buy

539

680

133,073

50,808

56,189

23.7

23.8

37.3

40.7

14.4

13.2

2.8

2.5

19.2

17.7

2.2

1.9

Media

D B Corp

Neutral

395

7,255

2,025

2,187

27.4

17.4

18.9

22.7

20.9

5.1

4.7

22.9

23.7

3.4

3.1

HT Media

Neutral

1,835

2,495

2,673

12.9

13.2

6.8

7.2

11.6

11.0

0.9

7.5

7.8

0.4

0.3

Jagran Prakashan

Accumulate

180

205

5,888

2,107

2,355

33.5

28.0

10.1

10.8

17.9

16.7

4.2

3.6

23.3

21.7

2.9

2.6

Sun TV Network

Neutral

400

15,775

2,510

2,763

71.8

71.5

21.9

24.8

18.3

16.1

4.3

3.9

22.8

24.3

5.4

4.9

Hindustan Media

Neutral

273

2,004

914

1,016

21.7

21.5

21.9

23.3

12.5

11.7

2.2

1.9

18.0

16.2

1.6

1.4

Ventures

Metals & Mining

Coal India

Buy

329

380

207,966

76,167

84,130

19.9

22.3

22.4

25.8

14.7

12.8

5.3

5.2

35.5

41.0

2.0

1.7

Hind. Zinc

Neutral

194

81,992

14,641

14,026

50.4

17.7

16.0

11.0

12.1

1.7

1.5

16.2

13.2

3.3

3.2

Hindalco

Neutral

136

28,043

104,356

111,186

8.7

9.5

6.7

11.1

20.2

12.3

0.7

3.5

5.9

0.8

0.7

JSW Steel

Neutral

1,619

39,132

42,308

45,147

16.4

20.7

(10.3)

49.5

32.7

1.8

1.7

(1.0)

5.6

1.9

1.8

NMDC

Neutral

37,447

8,237

10,893

46.6

44.5

10.0

11.7

9.5

8.1

1.1

0.9

12.5

13.0

4.5

3.4

SAIL

Neutral

19,783

45,915

53,954

7.2

10.5

1.5

4.4

31.8

10.9

0.5

2.3

4.1

1.1

1.0

Vedanta

Neutral

162

47,939

71,445

81,910

26.2

26.3

12.9

19.2

12.6

8.4

0.9

0.8

7.2

8.9

1.1

0.9

Tata Steel

Neutral

368

35,784

126,760

137,307

8.9

11.3

6.4

23.1

57.9

16.0

1.2

1.1

2.0

7.1

0.8

www.angelbroking.com

Stock Watch

July 21, 2016

Company Name

Reco

CMP

Target

Mkt Cap

Sales ( Čcr )

OPM(%)

EPS (Č)

PER(x)

P/BV(x)

RoE(%)

EV/Sales(x)

(Č)

Price ( Č)

( Č cr )

FY16E FY17E

FY16E

FY17E

FY16E

FY17E

FY16E

FY17E

FY16E

FY17E

FY16E

FY17E

FY16E

FY17E

Oil & Gas

Cairn India

Neutral

176

32,932

11,323

12,490

49.4

51.0

20.7

8.5

0.6

0.5

6.4

6.1

1.8

1.1

GAIL

Neutral

395

50,086

64,856

70,933

9.1

9.6

24.0

28.9

16.5

13.7

1.4

1.3

8.8

9.6

0.9

0.8

ONGC

Neutral

224

191,472

154,564

145,998

36.8

37.4

20.8

22.6

10.8

9.9

1.0

10.1

9.7

1.5

1.6

Petronet LNG

Neutral

292

21,934

29,691

31,188

5.8

6.2

12.8

13.4

22.9

21.8

3.4

3.0

15.8

14.8

0.8

Indian Oil Corp

Neutral

513

124,518

359,607

402,760

5.9

6.1

42.5

48.7

12.1

10.5

1.6

1.4

14.1

14.4

0.4

Reliance Industries

Neutral

1,023

331,556

304,775

344,392

12.6

13.4

91.3

102.6

11.2

10.0

1.3

1.1

11.8

12.0

1.0

0.8

Pharmaceuticals

Alembic Pharma

Neutral

589

11,107

3,145

3,483

31.9

16.2

38.2

18.7

15.4

31.5

6.9

5.9

57.9

20.1

3.5

3.2

Aurobindo Pharma

Neutral

798

46,694

13,651

15,702

21.7

33.9

38.4

23.5

20.8

6.6

5.1

32.5

27.7

3.6

3.2

Aventis*

Neutral

4,483

10,325

2,049

2,375

15.4

17.3

115.4

153.5

38.9

29.2

6.3

5.0

19.3

25.8

4.9

4.1

Cadila Healthcare

Accumulate

372

400

38,068

9,469

11,246

21.2

22.0

14.9

17.1

25.0

21.8

7.1

5.6

28.8

26.6

4.0

3.3

Cipla

Neutral

518

41,609

13,372

15,378

16.4

17.4

18.8

21.6

27.5

24.0

3.5

3.1

13.3

13.7

3.1

3.0

Dr Reddy's

Neutral

3,679

62,747

15,471

17,479

24.6

138.2

152.4

26.6

24.1

4.9

4.2

19.7

18.7

3.9

3.5

Dishman Pharma

Neutral

136

2,201

1,733

1,906

21.5

10.1

10.0

13.5

13.6

1.6

1.4

10.5

11.2

1.8

1.5

GSK Pharma*

Neutral

3,399

28,793

2,741

3,528

16.5

18.9

44.2

60.1

76.9

56.6

17.0

16.8

21.2

29.9

10.5

8.2

Indoco Remedies

Neutral

306

2,823

977

1,112

14.9

18.2

9.0

13.2

34.0

23.2

4.8

4.1

15.1

19.2

2.8

2.5

Ipca labs

Buy

488

613

6,154

2,844

3,799

10.6

15.3

10.6

17.3

46.0

28.2

2.7

2.5

5.9

9.1

2.2

1.7

Lupin

Accumulate

1,714

1,809

77,256

13,702

15,912

23.7

26.4

50.5

58.1

33.9

29.5

7.0

5.7

22.9

21.4

6.0

4.8

Sun Pharma

Buy

797

944

191,814

27,744

31,129

26.0

30.0

22.0

28.0

36.2

28.5

5.3

4.4

18.3

18.7

6.6

5.7

Power

Tata Power

Neutral

19,568

35,923

37,402

22.6

22.8

4.1

5.2

17.9

14.1

1.4

1.3

7.5

9.3

1.5

1.4

NTPC

Neutral

157

129,701

87,271

99,297

23.5

11.8

13.3

13.4

11.8

1.5

1.4

11.5

12.2

2.5

2.2

Power Grid

Neutral

168

87,891

20,702

23,361

86.7

86.4

12.1

13.2

13.9

12.7

2.0

1.8

15.6

15.1

9.1

8.5

Real Estate

MLIFE

Buy

462

554

1,897

826

1,011

20.1

21.9

22.7

30.7

20.4

15.1

1.2

1.1

6.0

7.4

4.3

3.2

Telecom

Bharti Airtel

Neutral

364

145,445

101,748

109,191

32.1

31.7

12.0

12.5

30.3

29.1

2.1

2.0

6.9

6.7

2.1

1.9

Idea Cellular

Neutral

105

37,970

34,282

36,941

32.0

31.5

5.9

6.2

17.9

17.0

1.6

1.5

9.9

9.3

1.7

1.6

zOthers

Abbott India

Neutral

4,700

9,988

2,715

3,153

14.5

14.1

134.3

152.2

35.0

30.9

8.7

7.2

27.4

25.6

3.4

2.9

Bajaj Electricals

Accumulate

237

268

2,394

4,612

5,351

5.6

5.7

9.5

12.4

25.0

19.2

3.1

2.8

12.5

14.4

0.5

Finolex Cables

Neutral

372

5,683

2,520

2,883

12.2

12.0

12.7

14.2

29.3

26.2

4.0

3.5

13.6

13.5

2.0

1.7

Goodyear India*

Buy

527

631

1,216

1,750

1,598

11.3

10.4

53.7

49.4

9.8

10.7

2.1

1.8

23.0

18.2

0.5

0.4

Hitachi

Neutral

1,396

3,794

1,779

2,081

7.8

8.8

21.8

33.4

64.0

41.7

10.3

8.4

17.4

22.1

2.2

1.8

www.angelbroking.com

Stock Watch

July 21, 2016

Company Name

Reco

CMP

Target

Mkt Cap

Sales ( Čcr )

OPM(%)

EPS (Č)

PER(x)

P/BV(x)

RoE(%)

EV/Sales(x)

(Č)

Price ( Č)

( Č cr )

FY16E

FY17E

FY16E

FY17E

FY16E

FY17E

FY16E

FY17E

FY16E

FY17E

FY16E

FY17E

FY16E

FY17E

zOthers

Jyothy Laboratories

Neutral

290

5,249

1,620

1,847

11.5

7.3

8.5

39.8

34.2

5.1

4.8

13.3

14.4

3.2

2.7

MRF

Buy

35,252

45,575

14,951

20,316

14,488

21.4

21.1

5,488.0

3,798.0

6.4

9.3

2.2

1.8

41.1

21.2

0.7

0.9

Page Industries

Neutral

13,514

15,073

1,929

2,450

19.8

20.1

229.9

299.0

58.8

45.2

25.9

18.0

52.1

47.1

7.7

6.0

Relaxo Footwears

Neutral

484

5,812

1,767

2,152

12.3

12.5

19.3

25.1

25.2

19.3

6.2

4.7

27.7

27.8

3.3

2.7

Siyaram Silk Mills

Buy

1,052

1,347

986

1,619

1,799

11.6

93.5

104.9

11.3

10.0

1.9

1.7

17.1

16.4

0.9

0.8

Styrolution ABS India* Neutral

643

1,130

1,271

1,440

8.6

9.2

32.0

41.1

20.1

15.7

2.1

1.8

10.7

12.4

0.8

0.7

TVS Srichakra

Buy

2,370

2,932

1,815

2,035

2,252

15.9

15.3

248.6

268.1

9.5

8.8

4.2

3.0

43.6

33.9

0.9

0.8

HSIL

Accumulate

304

310

2,197

2,123

2,384

16.1

16.5

15.0

18.9

20.2

16.1

1.6

1.5

8.0

9.4

1.3

1.1

Kirloskar Engines India

Neutral

268

3,879

2,403

2,554

8.6

9.9

9.2

10.5

29.2

25.6

2.8

2.7

9.7

10.7

1.2

1.1

Ltd

M M Forgings

Buy

417

546

504

511

615

21.7

21.6

43.1

55.8

9.7

7.5

1.8

1.4

19.9

21.2

1.2

0.9

Banco Products (India) Neutral

151

1,078

1,208

1,353

11.0

12.3

10.8

14.5

14.0

10.4

1.6

1.4

11.9

14.5

0.9

0.8

Competent Automobiles Neutral

150

1,040

1,137

3.2

3.1

25.7

28.0

5.8

5.4

0.9

0.8

15.0

14.3

0.1

Nilkamal

Neutral

1,213

1,810

1,871

2,031

10.7

10.5

63.2

69.8

19.2

17.4

3.1

2.7

17.6

16.6

1.0

0.9

Visaka Industries

Neutral

157

249

1,020

1,120

8.7

9.1

13.9

20.1

11.3

7.8

0.7

6.4

8.7

0.5

0.4

Transport Corporation of

Neutral

353

2,701

2,830

3,350

8.8

9.0

14.4

18.3

24.6

19.3

3.8

3.3

15.4

17.1

1.0

0.9

India

Elecon Engineering

Neutral

678

1,359

1,482

10.3

13.7

0.8

3.9

77.5

16.0

1.3

1.2

1.6

7.8

0.9

0.8

Surya Roshni

Buy

165

201

725

2,992

3,223

8.1

8.4

14.7

18.3

11.3

9.0

1.1

1.0

9.7

11.0

0.5

MT Educare

Neutral

156

621

286

366

18.3

17.7

7.7

9.4

20.2

16.7

4.3

3.7

20.2

21.1

2.2

1.7

Radico Khaitan

Buy

125

1,204

1,543

1,659

12.6

13.0

5.8

6.3

15.7

14.3

1.3

1.2

8.5

8.6

1.3

1.2

Garware Wall Ropes

Accumulate

418

460

915

828

898

11.2

10.3

28.3

29.0

14.8

14.4

2.5

2.1

16.8

14.9

1.1

1.0

Wonderla Holidays

Neutral

405

2,288

206

308

44.0

43.6

9.0

12.9

45.0

31.4

6.1

5.6

13.7

17.8

10.8

7.2

Linc Pen & Plastics

Neutral

279

413

344

382

9.1

12.4

13.1

22.5

21.3

4.1

3.6

18.0

16.7

1.2

1.0

The Byke Hospitality

Neutral

162

651

222

287

20.5

5.6

7.6

28.8

21.5

5.4

4.5

18.9

20.8

3.0

2.3

Interglobe Aviation

Neutral

951

34,284

17,022

21,122

20.7

14.5

63.9

53.7

14.9

17.7

22.3

18.3

149.9

103.2

2.2

1.7

Coffee Day Enterprises

Neutral

232

4,779

2,692

2,964

17.0

18.6

4.7

49.0

2.8

2.7

0.2

5.5

2.3

2.1

Ltd

Navneet Education

Neutral

2,230

998

1,062

24.1

24.0

5.8

6.1

16.3

15.4

3.6

3.2

22.0

20.6

2.4

2.3

Navkar Corporation

Buy

208

265

2,971

347

408

43.2

42.9

6.7

6.8

31.2

30.8

2.3

2.1

7.3

6.9

9.1

8.3

UFO Moviez

Neutral

545

1,504

558

619

32.0

33.2

22.5

30.0

24.2

18.2

2.9

2.5

12.0

13.8

2.6

2.2

VRL Logistics

Neutral

314

2,868

1,725

1,902

16.5

16.7

12.2

14.6

25.8

21.6

5.4

4.7

20.8

21.9

1.8

1.6

www.angelbroking.com

Stock Watch

July 21, 2016

Company Name

Reco

CMP

Target Mkt Cap

Sales ( Čcr )

OPM(%)

EPS (Č)

PER(x)

P/BV(x)

RoE(%)

EV/Sales(x)

(Č)

Price ( Č)

( Č cr )

FY16E FY17E FY16E FY17E FY16E FY17E FY16E FY17E FY16E FY17E FY16E FY17E FY16E FY17E

zOthers

Team Lease Serv.

Neutral

1,039

1,776

2,565

3,229

1.3

1.5

15.2

22.8

68.5

45.6

5.5

4.9

8.0

10.7

0.6

0.5

S H Kelkar & Co.

Neutral

232

3,349

928

1,036

15.3

15.1

4.9

6.1

46.9

37.9

4.4

4.1

9.4

10.7

3.5

3.1

Quick Heal

Neutral

262

1,837

339

408

27.8

27.3

7.1

7.7

37.1

33.9

3.1

8.5

9.3

4.7

4.0

Narayana Hrudaya

Neutral

292

5,969

1,603

1,873

10.9

11.5

1.0

2.6

306.6

110.4

7.4

6.8

2.4

6.1

4.1

3.5

Manpasand Bever.

Neutral

715

3,577

540

836

19.9

19.6

10.2

16.9

69.8

42.3

5.7

5.1

8.1

12.0

5.5

3.5

Parag Milk Foods

Neutral

326

2,742

1,645

1,919

9.0

9.3

6.7

9.5

48.5

34.5

6.3

5.4

13.1

15.5

1.9

1.6

Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on July 20, 2016

www.angelbroking.com

Market Outlook

July 21, 2016

Research Team Tel: 022 - 39357800

E-mail: [email protected]

Website: www.angelbroking.com

DISCLAIMER

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

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

INH000000164. Angel or its associates has not been debarred/ suspended by SEBI or any other regulatory authority for accessing

/dealing in securities Market. Angel or its associates/analyst has not received any compensation / managed or co-managed public

offering of securities of the company covered by Analyst during the past twelve months.

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

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

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