1
1
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Market Outlook
May 27, 2020
www.angelbroking.com
Market Cues
Indian markets are likely to open positive tracking global indices and SGX Nifty.
The US stocks showed a lack of direction over the course of the trading session on
Friday before ending the day little changed. The major averages spent much of the
day bouncing back and forth across the unchanged line before closing mixed. The
Dow edged down less than a tenth of a percent to 24,465 while the Nasdaq
climbed 0.2 percent to 9,324.
UK stocks rose sharply on Tuesday after Prime Minister Boris Johnson set out a
timetable for businesses as part of moves to ease the coronavirus lockdown. The
FTSE 100 was up by 1.6 percent to 6,088.
On domestic front, Indian market gave up early gains to end slightly lower on
Tuesday, as concerns about rising coronavirus cases in the country overshadowed
positive cues from global markets. The benchmark BSE Sensex was down by 0.2 per
cent to 30,609.
Top Picks Update
Stock: Bata India Exit: `1,265
Stock: GMM Pfaudler Exit: `3,732
News Analysis
Airtel group ties up with Mastercard to develop products for farmers, SMEs
Detailed analysis on Pg2
Investor’s Ready Reckoner
Key Domestic & Global Indicators
Stock Watch: Latest investment recommendations on 150+ stocks
Refer Pg7 onwards
Top Picks
Company
Rating
CMP
(`)
Target
(`)
Upside
(%)
Avenue Supermarts
Buy
2,290
2,735
19.4
Nestle India
Buy
16,682
20,687
24.0
Britannia Inds
Buy
3,163
3,550
12.2
Reliance Industries
Buy
1,424
1,748
22.8
More Top Picks on Pg3
Domestic Indices
Chg (%)
(Pts)
(Close)
BSE Sensex
(0.2)
(64)
30,609
Nifty
(0.1)
(10)
9,029
Mid Cap
1.2
137
11,406
Small Cap
0.6
66
10,590
Bankex
0.7
141
20,051
Global Indices
Chg (%)
(Pts)
(Close)
Dow Jones
(0.01)
(9)
24,465
Nasdaq
0.2
7
9,324
FTSE
1.6
94
6,088
Nikkei
2.6
530
21,271
Hang Seng
1.9
432
23,385
Shanghai Com
1.0
29
2,847
Advances / Declines
BSE
NSE
Advances
1,203
903
Declines
1,138
890
Unchanged
193
146
Volumes (` Cr)
BSE
11,595
NSE
47,510
Net Inflows (` Cr)
Net
Mtd
Ytd
FII
(206)
6,317
(49,080)
*MFs
(385)
1,299
26,514
Top Gainers
Price (₹)
Chg (%)
BIRLACORPN
487
20.0
JINDALSTEL
109
13.4
JKLAKSHMI
234
12.3
BAYERCROP
4,989
12.1
GODREJIND
285
11.7
Top Losers
Price (
`
)
Chg (%)
BHARTIARTL
560
-5.7
PEL
905
-5.1
THYROCARE
501
-5.1
BAJAJFINSV
4,103
-5.0
CREDITACC
378
-4.9
As on May 26, 2020
2
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Market Outlook
May 27, 2020
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Top Picks Update
Stock: Bata India Exit: `1,265
Given that 4QFY20 results are below our expectation, and also considering FY21
growth will likely remain weak due to lockdown and slowdown in the economy,
we recommend investors to exit the stock.
Stock: GMM Pfaudler Exit: `3,732
GMM Pfaudler has reported 4QFY20 results, which were below our expectation.
We expect that the company will have a weak H1FY21 because of delay in
finalization of capex on the non agro non pharma chemicals side of the business.
Hence given the sharp run up in the stock price we recommend exiting the stock
at current levels given very steep valuation of 38xFY22 EPS estimates.
News Analysis:
Airtel group ties up with Mastercard to develop products for farmers,
SMEs
Airtel Payments Bank (APBL) has partnered with Mastercard to develop customized
products catering to customers across the underbanked spectrum including
farmers, small and medium enterprises, and retail customers. As part of the
Government's vision of Digital India and Banking for every Indian, both entities
have been working towards driving the adoption of formal banking and digital
payments in the country. The collaboration will bring together Mastercard's global
and local experience in developing advanced financial solutions
and Airtel Payments Bank's strong distribution network to reach the last mile and
its large customer base.
The collaboration aims at building a digital platform, which provides farmers with
knowledge about advanced farming techniques and connection to marketplaces,
while simultaneously enabling them to receive payments directly in
their Airtel Payments Bank account.
Economic and Political News
Sebi imposes a penalty of Rs 7,00,000 on NHAI for disclosure lapses
Tourism ministry extends validity of approval for hotels till June end
Corporate News
Titan defers launch of jewellery collections, expects demand to be muted
Reliance Power wins lawsuit challenging validity of arbitration award
PFC lends Rs 22,000 cr to Narmada Basin Projects for 225 Mw hydel project
3
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Market Outlook
May 27, 2020
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Top Picks
Company
Market Cap
(` Cr)
CMP
(`)
Target
(`)
Upside
(%)
Rationale
Nestle India
1,60,839
16,682
20,687
24.0
Nestle India Ltd (Nestle) manufactures and sells a
variety of food products such as Milk & Nutrition,
Prepared Dishes & Cooking Aids, Powdered &
Liquid Beverages and Confectionery. Going
forward, we expect healthy growth and profitability
on the back of strong brand recall, wide
distribution network (4.6mn outlets across
India) and new product launches.
Colgate Palmolive
34,764
1,278
1,772
38.6
We believe that the company should ultimately be
able to see sharper market share gain in
toothpastes segment on the back of higher ad-
spend and re-launch of Colgate Strong Teeth
(decent traction seen in last quarter)
Avenue Supermarts
1,48,366
2,290
2,735
19.4
Avenue Supermarts owns and operates the
supermarket chain ‘D-MART’. Focused on value
retailing, it offers a wide range of fast-moving
consumer (food and non-food) products, general
merchandise and apparel.We expect DMART to
report consolidated revenue/PAT CAGR
of 18%/26%, respectively over FY2019-22E.
P&G Hygiene
32,483
10,007
12,230
22.2
P&GHH manufactures, distributes and markets
three major brands in India – Whisper, Vicks, and
Old Spice. Sanitary Pads having less than 20%
market penetration leaves immense growth
opportunity for Whisper.
Going forward, we expect healthy growth and
profitability on the back of strong brand, wide
distribution network and new product launches.
Ipca Lab
20,472
1,620
1,900
17.3
54% of revenue comes from domestic generic and
API business. Generics and API continues to provide
revenue growth for Ipca. Expected to outperform
the Indian Pharmaceutical market(IPM) by 8%-
10% p.a in FY 22.
Bharti Airtel
3,05,047
559
629
12.5
Telecom operators have increased tariffs by ~35%
in Nov’19. There is a possibility of another round
of tariff hikes by telecom companies in FY21 given
that tariffs are still very low . If Vodafone Idea goes
out of business, Bharti would benefit significantly
from addition of subscribers.
Infosys
2,89,683
680
841
23.6
We expect the company to post
revenue/EBITDA/PAT growth of 7.5%/3.7%/5.1%
between FY19-FY22 despite Covid-19 outbreak
impacting FY21 numbers. Rupee depreciation from
~71 levels to ~77 to the US dollar will have a
positive impact on top line and bottom-line and will
mitigate the adverse impact due to Covid-19
outbreak to a large extent.
L&T Infotech
31,118
1,787
2,038
14.1
We expect the company to post
revenue/EBITDA/PAT growth of 6.7%/8.4%/4.8%
between FY19-FY22 despite Covid-19 outbreak
impacting FY21 numbers. We expect limited impact
of Covid-19 outbreak on LTI as most IT companies
have already shifted ~90% of employees to work
from home.
Britannia Industries
76,054
3,163
3,550
12.2
BRIT has an overall distribution reach of 5.5
million outlets. BRIT has narrowed the gap with the
No. 1 player. The gap with the largest distributed
brand is now just 0.8 million outlets which it
expects to bridge soon and thereby become the
largest player over the medium to long term.
4
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Market Outlook
May 27, 2020
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Continue....
Company
Market Cap
(` Cr)
CMP
(`)
Target
(`)
Upside
(%)
Rationale
Reliance Ind.
9,62,710
1,424
1,748
22.8
Reliance Industries Ltd. (RIL) is India’s largest
company with a dominant presence in Refining,
Petrochemicals, Telecom and Retail businesses.
Telecom business to witness robust growth over
next few years due to tariff hikes and shift of
subscribers from Vodafone Idea to other telecom
players.
Alkem Lab.
28,810
2,410
3,300
37.0
67% of revenue comes from domestic generic and
API business. Anti-infectives and
Cronic business continues to provide revenue
growth for Alkem. Expected to outperform the
Indian Pharmaceutical market(IPM) by 1.5x growth
rate for the next 2 years. We expect alkem to grow
its top line by 13-15% in the upcoming years.
PI Industries
21,889
1,584
1,784
12.6
Market leader in fast growing custom
manufacturing space catering to lading
agrochemical companies globally
Galaxy Surfactants
4,662
1,315
1,610
22.4
Leader in surfactant business catering to the FMCG
space with increasing share of speciality care
products
Aarti Industries
17,619
1,011
1,284
27.0
Aarti Industries is well diversified across product,
customer, geography and end user industry.
Significant opportunity for Aarti will arise from from
environmental related issues in China and
companies looking to diversify supply chains.
Dhanuka Agritech
2,357
495
589
18.9
Dhanuka Agritech is a 100% domestic market
focused agrochemical company. It has
international collaboration with the world’s nine
leading agro chemical companies to introduce the
latest technology in Indian farmlands. It has a pan
India presence with ~7,000 distributors &
~80,000 dealer. We are positive on the long term
prospects of the company owing to high industry
growth rate, management capability and wide &
diversified product portfolio as well as reach.
Hindustan Unilever
4,64,596
1,977
2364
19.5
HUL is engaged in manufacturing of branded and
packaged FMCG products. Going forward, we
expect HUL to report healthy bottom-line growth
due to healthy volume growth on the back of
strong brand, wide distribution network.
5
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Market Outlook
May 27, 2020
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Fundamental Call
Company
Market Cap
(` Cr)
CMP
(`)
Target
(`)
Upside
(%)
Rationale
CCL Products
2,331
175
360
105.4
CCL is likely to maintain the strong growth
trajectory over FY18-20 backed by capacity
expansion and new geographical foray
LT Finance Holding
10,245
51
150
193.5
L&T Fin’s new management is on track to achieve
ROE of 18% by 2020 and recent capital infusion of
`3000cr would support advance growth.
Jindal Steel & Power
Limited
11,149
109
NA
NA
We expect JSPL’s top line to grow at 27% CAGR
over FY19-FY20 on the back of strong steel
demand and capacity addition. On the bottom line
front, we expect JSPL to turn in to profit by FY19 on
back of strong operating margin improvement.
4
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Market Outlook
May 27, 2020
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Macro watch
Exhibit 1: Quarterly GDP trends
Source: CSO, Angel Research
Exhibit 2: IIP trends
Source: MOSPI, Angel Research
Exhibit 3: Monthly CPI inflation trends
Source: MOSPI, Angel Research
Exhibit 4: Manufacturing and services PMI
Source: Market, Angel Research; Note: Level above 50 indicates expansion
Exhibit 5: Exports and imports growth trends
Source: Bloomberg, Angel Research As of 26 May, 2020
Exhibit 6: Key policy rates
Source: RBI, Angel Research
6.0
6.8
7.7
8.1
8.0
7.0
6.6
5.8
5.0
4.5
4.7
3.0
4.0
5.0
6.0
7.0
8.0
9.0
1QFY18
2QFY18
3QFY18
4QFY18
1QFY19
2QFY19
3QFY19
4QFY19
1QFY20
2QFY20
3QFY20
(%)
0.2
2.7
3.2
4.6
1.2
4.3
(1.4)
(4.3)
(4.0)
1.8
(0.1)
2.0
4.5
(16.7)
(20.0)
(15.0)
(10.0)
(5.0)
-
5.0
10.0
Feb-19
Mar-19
Apr-19
May-19
Jun-19
Jul-19
Aug-19
Sep-19
Oct-19
Nov-19
Dec-19
Jan-20
Feb-20
Mar-20
(%)
2.11
1.97
2.93
3.1
3.2
2.79
2.02
1.2
1.2
0.3
0.0
0.6
2.6
3.1
2.3
1.0
0
0.5
1
1.5
2
2.5
3
3.5
Dec-18
Jan-19
Feb-19
Mar-19
Apr-19
May-19
Jun-19
Jul-19
Aug-19
Sep-19
Oct-19
Nov-19
Dec-19
Jan-20
Feb-20
Mar-20
(%)
0
10
20
30
40
50
60
70
Jan-19
Feb-19
Mar-19
Apr-19
May-19
Jun-19
Jul-19
Aug-19
Sep-19
Oct-19
Nov-19
Dec-19
Jan-20
Feb-20
Mar-20
Apr-20
Mfg. PMI
Services PMI
(20.0)
(15.0)
(10.0)
(5.0)
0.0
5.0
10.0
15.0
Nov-18
Dec-18
Jan-19
Feb-19
Mar-19
Apr-19
May-19
Jun-19
Jul-19
Aug-19
Sep-19
Oct-19
Nov-19
Dec-19
Jan-20
Exports yoy growth
Imports yoy growth
(%)
2
2.5
3
3.5
4
4.5
5
5.5
6
6.5
7
Oct-18
Nov-18
Dec-18
Jan-19
Feb-19
Mar-19
Apr-19
May-19
Jun-19
Jul-19
Aug-19
Sep-19
Oct-19
Nov-19
Dec-19
Jan-20
Feb-20
Mar-20
Apr-20
May-20
Repo rate
Reverse Repo rate
CRR
(%)
5
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Market Outlook
May 27, 2020
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Global watch
Exhibit 1: Latest quarterly GDP Growth (%, yoy) across select developing and developed countries
Source: Bloomberg, Angel Research
Exhibit 2: 2017 GDP Growth projection by IMF (%, yoy) across select developing and developed countries
Source: IMF, Angel Research
Exhibit 3: One year forward P-E ratio across select developing and developed countries
Source: IMF, Angel Research As of 18 March, 2020
1.2
1.7
4.7
6.0
(0.5)
5.0
3.6
1.6
1.1
2.3
0.3
0.9
(0.4)
(1.0)
-
1.0
2.0
3.0
4.0
5.0
6.0
7.0
Brazil
Russia
India
China
South Africa
Indonesia
Malaysia
Thailand
UK
USA
Germany
France
Japan
(%)
1.6
1.8
5.1
6.8
0.7
5.2
4.4
2.4
1.7
2.2
1.0
1.6
1.1
-
1.0
2.0
3.0
4.0
5.0
6.0
7.0
8.0
Brazil
Russia
India
China
South Africa
Indonesia
Malaysia
Thailand
UK
USA
Germany
France
Japan
(%)
18.2
5.1
22.1
14.4
13.9
16.0
14.7
16.5
15.9
19.7
18.9
21.0
19.8
14.0
-
5.0
10.0
15.0
20.0
25.0
Brazil
Russia
India
China
South
Africa
Mexico
Indonesi
a
Malaysi
a
Thailan
d
UK
USA
German
y
France
Japan
(x)
6
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Market Outlook
May 27, 2020
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Exhibit 4: Relative performance of indices across globe
Returns (%)
Country
Name of index
Closing price
1M
3M
1YR
Brazil
Bovespa
77556
-0.3
-32.7
-13.8
Russia
Micex
2594
3.1
-16.6
-1.0
India
Nifty
9137
1.6
-24.1
-18.8
China
Shanghai Composite
2868
1.0
-3.9
-0.5
South Africa
Top 40
45948
3.4
25.5
0.0
Mexico
Mexbol
35691
7.8
-20.7
-17.8
Indonesia
LQ45
657
-5.5
-31.1
-28.2
Malaysia
KLCI
1403
-0.3
-8.7
-12.6
Thailand
SET 50
854
2.5
-16.7
-20.0
USA
Dow Jones
23685
0.6
-19.0
-8.4
UK
FTSE
5799
3.0
-22.0
-21.1
Japan
Nikkei
20037
0.3
-14.8
-5.7
Germany
DAX
10465
1.6
-24.1
-15.0
France
CAC
4277
-1.7
-29.7
-21.5
Source: Bloomberg, Angel Research As of 16 May, 2020
7
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Market Outlook
May 27, 2020
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Exhibit 7: Historical Angel Top Picks/Fundamental Calls
Date Added
Top Picks/Fundamental
Stocks
Reco Price
Target/Revised Price
Current Status
16-05-2020
Top Picks
Dhanuka Agritech
482
589
Open
07-05-2020
Top Picks
Dhanuka Agritech
438
520
Open
24-04-2020
Top Picks
PI Industries
1,507
1,784
Open
24-04-2020
Top Picks
Galaxy Surfactants
1,394
1,610
Open
29-04-2020
Top Picks
Aarti Industries
1,111
1,284
Open
27-04-2020
Top Picks
Aarti Industries
1,018
1,164
Open
24-04-2020
Top Picks
Aarti Industries
929
1,084
Open
20-05-2020
Top Picks
Reliance Ind.
1,441
1,748
Open
28-04-2020
Top Picks
Reliance Ind.
1,430
1,626
Open
24-04-2020
Top Picks
Reliance Ind.
1,372
1,520
Open
17-04-2020
Top Picks
Reliance Ind.
1,205
1,412
Open
28-04-2020
Top Picks
Britannia Ind.
3,194
3,550
Open
16-04-2020
Top Picks
Britannia Ind.
2,832
3,320
Open
06-05-2020
Top Picks
Dabur India
450
Closed(06/05/2020)
16-04-2020
Top Picks
Dabur India
501
570
Open
16-04-2020
Top Picks
Infosys
625
841
Open
26-05-2020
Top Picks
L&T Infotech
1,787
2,038
Open
16-04-2020
Top Picks
L&T Infotech
1,493
1,803
Open
09-04-2020
Top Picks
Dr.Lal Path Labs
1,462
Closed(09/04/2020)
06-04-2020
Top Picks
Dr.Lal Path Labs
1,384
1,768
Open
06-04-2020
Top Picks
Ipca Labs
1,332
1,900
Open
12-05-2020
Top Picks
Bharti Airtel
560
629
Open
16-04-2020
Top Picks
Bharti Airtel
510
594
Open
09-04-2020
Top Picks
Bharti Airtel
462
543
Open
06-04-2020
Top Picks
Bharti Airtel
421
492
Open
16-04-2020
Top Picks
P&G Hygiene
11,128
12,230
Open
02-04-2020
Top Picks
P&G Hygiene
10,161
11,670
Open
09-04-2020
Top Picks
Nestle India
16,848
20,687
Open
30-03-2020
Top Picks
Nestle India
15,091
17,355
Open
08-05-2020
Top Picks
Hindustan Unilever
2,088
2,364
Open
04-05-2020
Top Picks
Hindustan Unilever
2,121
Closed on(04/05/2020)
09-04-2020
Top Picks
Hindustan Unilever
2,459
3,080
Open
30-03-2020
Top Picks
Hindustan Unilever
2,140
2,461
Open
28-04-2020
Top Picks
Colgate Palmolive
1,556
1,772
Open
09-04-2020
Top Picks
Colgate Palmolive
1,341
1,680
Open
06-04-2020
Top Picks
Colgate Palmolive
1,241
1,450
Open
30-03-2020
Top Picks
Colgate Palmolive
1,152
1,325
Open
09-04-2020
Top Picks
Avenue Supermart
2,300
2,735
Open
30-03-2020
Top Picks
Avenue Supermart
2,038
2,395
Open
07-05-2020
Top Picks
Asian Paints
1,610
Closed(07/05/2020)
28-04-2020
Top Picks
Asian Paints
1,852
2,131
Open
09-04-2020
Top Picks
Asian Paints
1,610
1,981
Open
11-03-2020
Top Picks
Asian Paints
1,864
2,118
Open
21-04-2020
Fundamental
Ultratech Cement
3,409
Closed(21/04/2020)
30-03-2020
Fundamental
Ultratech Cement
3,148
5,373
Hold
30-10-2019
Top Picks
Ultratech Cement
4,481
5,373
Open
Source: Company, Angel Research
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May 27, 2020
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Exhibit 8: Historical Angel Top Picks/Fundamental Calls
Date Added
Top Picks/Fundamental
Stocks
Reco Price
Target/Revised Price
Current Status
25-02-2020
Top Picks
Larsen Toubro
1,250
Closed(25/02/2020)
29-10-2019
Top Picks
Larsen Toubro
1,365
1,689
Open
22-05-2020
Top Picks
Hawkins Cooker
4,235
Closed(22/05/2020)
06-04-2020
Top Picks
Hawkins Cooker
3,860
5,500
Open
28-01-2020
Top Picks
Hawkins Cooker
4,332
4,732
Open
13-01-2020
Top Picks
Hawkins Cooker
3,591
4,353
Open
24-04-2020
Fundamental
Inox Wind
27
Closed(24/04/2020)
06-06-2019
Fundamental
Inox Wind
55
Hold
10-08-2018
Top Picks
Inox Wind
107
127
Open
08-11-2019
Top Picks
TTK Prestige
6075
Closed(08/11/2019)
30-11-2018
Top Picks
TTK Prestige
7,206
8,200
Open
09-08-2018
Top Picks
TTK Prestige
6,206
7,500
Open
07-10-2019
Fundamental
Aurobindo Pharma
460
Closed(07/10/2019)
26-09-2019
Fundamental
Aurobindo Pharma
610
Hold
07-09-2019
Top Picks
Aurobindo Pharma
759
870
Open
06-07-2018
Top Picks
Aurobindo Pharma
603
780
Open
15-04-2020
Top Picks
RBL Bank
121
Closed(15/04/2020)
11-03-2020
Top Picks
RBL Bank
227
Hold
31-10-2019
Top Picks
RBL Bank
312
410
Open
22-07-2019
Top Picks
RBL Bank
500
650
Open
04-04-2019
Top Picks
RBL Bank
649
775
Open
30-08-2018
Top Picks
RBL Bank
626
690
Open
06-07-2018
Top Picks
RBL Bank
565
670
Open
02-12-2019
Fundamental
Yes Bank
64
Closed(02/12/2019)
18-07-2019
Fundamental
Yes Bank
98
Hold
30-04-2019
Fundamental
Yes Bank
168
Hold
25-01-2019
Top Picks
Yes Bank
214
280
Open
27-07-2019
Top Picks
Yes Bank
370
435
Open
06-07-2018
Top Picks
Yes Bank
348
418
Open
05-10-2019
Fundamental
Jindal Steel & Power
94
Hold
24-05-2019
Top Picks
Jindal Steel & Power
152
250
Open
07-02-2019
Top Picks
Jindal Steel & Power
135
249
Open
15-11-2018
Top Picks
Jindal Steel & Power
175
320
Open
30-06-2018
Top Picks
Jindal Steel & Power
222
350
Open
15-04-2020
Top Picks
Shriram Transport Finance Com
685
Closed(15/04/2020)
11-03-2020
Top Picks
Shriram Transport Finance Com
987
Hold
05-02-2020
Top Picks
Shriram Transport Finance Com
1,047
1410
Open
22-01-2020
Fundamental
Shriram Transport Finance Com
1,090
1410
Hold
30-10-2019
Top Picks
Shriram Transport Finance Com
1,156
1410
Open
07-08-2019
Top Picks
Shriram Transport Finance Com
1,000
1385
Open
25-05-2019
Top Picks
Shriram Transport Finance Com
1,106
1470
Open
20-06-2018
Top Picks
Shriram Transport Finance Com
1,466
1,764
Open
Source: Company, Angel Research
9
www.angelbroking.com
Market Outlook
May 27, 2020
www.angelbroking.com
Exhibit 9: Historical Angel Top Picks/Fundamental Calls
Date Added
Top Picks/Fundamental
Stocks
Reco Price
Target/Revised Price
Current Status
26-05-2020
Top Picks
Bata India
1,265
Closed(26/05/2020)
09-04-2020
Top Picks
Bata India
1,240
1,561
Open
06-04-2020
Top Picks
Bata India
1,190
1,650
Open
12-03-2020
Top Picks
Bata India
1,411
1,800
Open
06-02-2020
Fundamental
Bata India
1,856
Closed(06/02/2020)
03-09-2019
Fundamental
Bata India
1,538
1,865
Hold
03-08-2019
Top Picks
Bata India
1,310
1,525
Open
13-02-2019
Top Picks
Bata India
1,189
1,479
Open
03-11-2018
Top Picks
Bata India
1,008
1,243
Open
30-07-2018
Top Picks
Bata India
918
1,007
Open
23-07-2018
Top Picks
Bata India
842
955
Open
01-07-2018
Top Picks
Bata India
862
948
Open
18-06-2018
Top Picks
Bata India
779
896
Open
16-04-2020
Fundamental
Amber Enterprises
1,116
Closed(16/04/2020)
30-03-2020
Fundamental
Amber Enterprises
1,221
1,830
Hold
31-01-2020
Top Picks
Amber Enterprises
1,540
1,830
Open
09-01-2020
Fundamental
Amber Enterprises
1,209
Hold
25-09-2019
Top Picks
Amber Enterprises
901
1100
Open
16-02-2019
Top Picks
Amber Enterprises
637
910
Open
08-08-2018
Top Picks
Amber Enterprises
939
1135
Open
14-06-2018
Top Picks
Amber Enterprises
1,026
1,230
Open
07-11-2019
Top Picks
M&M
580
Closed(07/11/2019)
09-08-2019
Top Picks
M&M
550
724
Open
15-02-2019
Top Picks
M&M
626
850
Open
07-06-2018
Top Picks
M&M
918
1050
Open
04-05-2018
Top Picks
M&M
860
990
Open
22-01-2020
Fundamental
HDFC Bank
1244
Closed(22/01/2020)
20-01-2020
Fundamental
HDFC Bank
1278
1390
Hold
23-10-2019
Top Picks
HDFC Bank
1241
1390
Open
23-07-2019
Top Picks
HDFC Bank
2264
2620
Open
22-01-2019
Top Picks
HDFC Bank
2145
2500
Open
24-07-2018
Top Picks
HDFC Bank
2158
2350
Open
02-05-2018
Top Picks
HDFC Bank
1944
2315
Open
04-05-2018
Top Picks
Matrimony.com Ltd
573
1016
Closed(17/08/2018)
20-04-2018
Top Picks
Matrimony.com Ltd
781
984
Open
31-01-2020
Top Picks
Parag Milk Foods Limited
138
Closed(31/01/2020)
25-10-2019
Top Picks
Parag Milk Foods Limited
149
200
Open
07-08-2019
Top Picks
Parag Milk Foods Limited
190
306
Open
12-02-2019
Top Picks
Parag Milk Foods Limited
211
359
Open
06-11-2018
Top Picks
Parag Milk Foods Limited
256
330
Open
15-05-2018
Top Picks
Parag Milk Foods Limited
310
410
Open
Source: Company, Angel Research
10
www.angelbroking.com
Market Outlook
May 27, 2020
www.angelbroking.com
Exhibit 10: Historical Angel Top Picks/Fundamental Calls
Date Added
Top Picks/Fundamental
Stocks
Reco Price
Target/Revised Price
Current Status
16-04-2018
Top Picks
Parag Milk Foods Limited
249
333
Open
26-05-2020
Fundamental
GMM Pfaudler Limited
3,732
Closed(26/05/2020)
06-04-2020
Fundamental
GMM Pfaudler Limited
2,597
3,437
Hold
29-02-2020
Top Picks
GMM Pfaudler Limited
2,528
3,437
Open
19-02-2020
Fundamental
GMM Pfaudler Limited
3,255
3,437
Hold
07-02-2020
Top Picks
GMM Pfaudler Limited
2,925
3,437
Open
04-02-2020
Fundamental
GMM Pfaudler Limited
2,979
Hold
29-01-2020
Top Picks
GMM Pfaudler Limited
2,528
2,864
Open
15-01-2020
Fundamental
GMM Pfaudler Limited
1,986
Hold
19-11-2019
Top Picks
GMM Pfaudler Limited
1688
2059
Open
23-09-2019
Top Picks
GMM Pfaudler Limited
1520
1740
Open
11-06-2019
Top Picks
GMM Pfaudler Limited
1470
1570
Open
13-03-2019
Top Picks
GMM Pfaudler Limited
1265
1400
Open
27-08-2018
Top Picks
GMM Pfaudler Limited
1,170
1,287
Open
18-08-2018
Top Picks
GMM Pfaudler Limited
1,024
1,200
Open
07-08-2018
Top Picks
GMM Pfaudler Limited
984
1,100
Open
29-06-2018
Fundamental
GMM Pfaudler Limited
932
1,020
Open
14-05-2018
Fundamental
GMM Pfaudler Limited
818
900
Open
06-04-2018
Fundamental
GMM Pfaudler Limited
712
861
Open
06-12-2019
Fundamental
Ashok Leyland
75
Closed(06/12/2019)
06-06-2019
Fundamental
Ashok Leyland
70
Hold
17-08-2018
Top Picks
Ashok Leyland
128
156
Open
07-03-2018
Fundamental
Ashok Leyland Ltd
139
163
Closed (26/04/2018)
16-12-2019
Fundamental
Greenply Industries
160
Closed(16/12/2019)
31-05-2018
Fundamental
Greenply Industries
256
364
Open
03-03-2018
Fundamental
Greenply Industries
340
395
Open
16-04-2020
Fundamental
Safari Industries
402
Closed(16/04/2020)
30-03-2020
Fundamental
Safari Industries
392
492
Hold
24-03-2020
Top Picks
Safari Industries
328
492
Open
43816
Top Picks
Safari Industries
623
807
Open
27-08-2018
Top Picks
Safari Industries
974
1,071
Open
14-08-2018
Top Picks
Safari Industries
868
1,000
Open
07-08-2018
Top Picks
Safari Industries
788
870
Open
16-07-2018
Top Picks
Safari Industries
693
800
Open
16-04-2018
Top Picks
Safari Industries
651
750
Open
21-02-2018
Top Picks
Safari Industries
532
650
Open
31-05-2018
Top Picks
HSIL Ltd
348
Closed (31/05/2018)
16-02-2018
Top Picks
HSIL Ltd
433
510
Open
04-11-2019
Fundamental
Elantas Beck India Ltd.
2500
Closed(04/11/2019)
07-02-2018
Fundamental
Elantas Beck India Ltd.
2155
2500
Open
Source: Company, Angel Research
11
www.angelbroking.com
Market Outlook
May 27, 2020
www.angelbroking.com
Exhibit 11: Historical Angel Top Picks/Fundamental Calls
Date Added
Top Picks/Fundamental
Stocks
Reco Price
Target/Revised Price
Current Status
05-05-2020
Fundamental
ICICI Bank
340
Closed(05/05/2020)
01-04-2020
Fundamental
ICICI Bank
311
440
Hold
02-03-2020
Top Picks
ICICI Bank
497
590
Open
27-01-2020
Fundamental
ICICI Bank
536
590
Hold
09-12-2019
Top Picks
ICICI Bank
526
590
Open
29-10-2019
Top Picks
ICICI Bank
437
532
Open
25-05-2019
Top Picks
ICICI Bank
431
490
Open
15-02-2019
Top Picks
ICICI Bank
343
460
Open
30-07-2018
Top Picks
ICICI Bank
307
411
Open
01-02-2018
Top Picks
ICICI Bank
352
416
Open
06-03-2020
Fundamental
Aditya Birla Capital
75
Closed(06/03/2020)
06-09-2019
Fundamental
Aditya Birla Capital
93
118
Open
09-08-2019
Top Picks
Aditya Birla Capital
89
118
Open
04-06-2019
Top Picks
Aditya Birla Capital
102
130
Open
01-02-2018
Top Picks
Aditya Birla Capital
167
218
Open
04-01-2018
Fundamental
CCL Products
278
360
Open
03-01-2018
Fundamental
Nilkamal Ltd
1,449
Closed (29/01/2020)
03-01-2018
Fundamental
Nilkamal Ltd
1880
2178
Open
01-01-2018
Fundamental
Capital First Ltd
693
850
Closed (15/01/2018)
30-12-2017
Fundamental
Shreyans Industries Ltd
205
247
Closed
09-05-2018
Fundamental
Prism Cement Ltd
160
Closed (09/05/2018)
21-12-2017
Fundamental
Prism Cement Ltd
118
131
18-12-2017
Fundamental
Menon Bearings Limited
92
114
Closed (17/01/2018)
14-12-2017
Top Picks
Ruchira Papers Ltd.
188
244
Closed (09/02/2018)
17-05-2018
Top Picks
Century Plyboards India
280
Closed(17/05/2018)
28-11-2017
Top Picks
Century Plyboards India
317
400
Open
19-12-2017
Top Picks
LT Foods
85
Closed(18/06/2018)
06-11-2017
Top Picks
LT Foods
74
96
16-10-2017
Fundamental
Endurance Technologies Ltd
1111
1277
Closed (01/12/2017)
30/01/2020
Fundamental
GIC Housing
154
Closed (30/01/2020)
06-06-2019
Fundamental
GIC Housing
252
Hold
11-09-2017
Top Picks
GIC Housing
533
655
Open
28-01-2020
Fundamental
Music Broadcast Limited
29
Closed (28/01/2020)
06-06-2019
Fundamental
Music Broadcast Limited
58
Hold
10-10-2017
Top Picks
Music Broadcast Limited
404
475
Open
20-07-2017
Top Picks
Music Broadcast Limited
368
434
Open
Fundamental
L&T Finance Holding
Hold
03-05-2018
Fundamental
L&T Finance Holding
171
210
Open
07-07-2017
Fundamental
L&T Finance Holdings Ltd
149
179
Closed (28/8/2017)
Source: Company, Angel Research
12
www.angelbroking.com
Market Outlook
May 27, 2020
www.angelbroking.com
Exhibit 12: Historical Angel Top Picks/Fundamental Calls
Date Added
Top Picks/Fundamental
Stocks
Reco Price
Target/Revised Price
Current Status
06-07-2017
Fundamental
Syngene International
478
564
Closed (1/3/2018)
28-01-2020
Top Picks
Maruti
7,065
Closed(28/01/2020)
30-07-2019
Top Picks
Maruti
5558
7,783
Open
29-10-2018
Top Picks
Maruti
6705
8,552
Open
27-07-2017
Top Picks
Maruti
9315
10820
Open
05-06-2017
Top Picks
Karur Vysya Bank
127
100
Closed (12/03/2018)
16-04-2020
Fundamental
KEI Industries
279
Closed (16/04/2020)
06-04-2020
Fundamental
KEI Industries
295
400
Hold
19-03-2020
Top Picks
KEI Industries
257
400
Open
21-01-2020
Top Picks
KEI Industries
517
658
Open
13-11-2019
Fundamental
KEI Industries
542
Hold
07-08-2019
Top Picks
KEI Industries
464
556
Open
12-02-2019
Top Picks
KEI Industries
349
486
Open
23-05-2018
Top Picks
KEI Industries
481
589
Open
21-05-2018
Top Picks
KEI Industries
433
508
Open
25-01-2018
Top Picks
KEI Industries
400
486
Open
04-01-2017
Top Picks
KEI Industries
167
207
Open
17-04-2020
Top Picks
Alkem Lab.
2,687
3,300
Open
31-05-2018
Top Picks
Alkem Lab
1978
Closed (31/05/2018)
01-12-2016
Top Picks
Alkem Lab
1700
2441
Open
17-10-2016
Top Picks
Asian Granito
267
534
Closed (18/02/2018)
17-05-2018
Top Picks
TV Today Network
460
Closed (17/05/2018)
04-08-2016
Top Picks
TV Today Network
297
603
Open
30-01-2019
Fundamental
DHFL
162
Closed(30/01/2019)
05-04-2016
Top Picks
DHFL
189
720
Open
25-06-2018
Top Picks
Navkar Corporation
207
Closed(25/06/2018)
05-01-2016
Top Picks
Navkar Corporation
207
265
Open
09-12-2019
Top Picks
Blue Star
813
Closed(09/12/2019)
08-12-2015
Top Picks
Blue Star
357
867
Open
29-01-2020
Fundamental
Siyaram Silk Mills
229
Closed(28/01/2020)
06-06-2019
Fundamental
Siyaram Silk Mills
337
Hold
30-10-2015
Top Picks
Siyaram Silk Mills
186
851
Open
Source: Company, Angel Research
13
www.angelbroking.com
Market Outlook
May 27, 2020
www.angelbroking.com
Research Team Tel: 022 - 39357800 E-mail: [email protected] Website: www.angelbroking.com
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