Market Outlook
June 28, 2016
Market Cues
Domestic Indices
Chg (%)
(Pts)
(Close)
Indian markets are expected to open on a Marginally Negative note tracing Global
BSE Sensex
0.0
5
26,403
cues.
Nifty
0.1
6
8,095
US Stocks closed sharply lower on Monday led by steep decline in bank stocks. The
Mid Cap
0.8
91
11,404
sell-off followed the market's plunge on Friday as the traders continued to react
Small Cap
1.5
171
11,450
negatively to UK’s decision to leave the European Union (BREXIT).
Bankex
0.6
118
20,029
European Markets were hammered once again on Monday as aftershocks from
Britain’s vote to leave the European Union continued to haunt the markets. Banking
Global Indices
Chg (%)
(Pts)
(Close)
stocks were among the biggest drags as BREXIT is expected to put more pressure on
Dow Jones
(1.5)
(261)
17,140
bank earnings and have lasting repercussion on the outlook for the sector.
Nasdaq
(2.4)
(114)
4,594
Indian shares ended Monday’s choppy trading session on a marginally positive
FTSE
(2.5)
(156)
5,982
note. Positive cues from the Asian markets and forecast of extended monsoon were
Nikkei
2.4
357
15,309
able to offset concerns of BREXIT.
Hang Seng
(0.2)
(32)
20,227
News Analysis
Shanghai Com
1.5
41
2,896
Siemens Ltd. wins order worth `570cr from Power Grid Corporation of India
Ltd.
Advances / Declines
BSE
NSE
Detailed analysis on Pg2
Advances
1,835
1,221
Investor’s Ready Reckoner
Declines
794
339
Key Domestic & Global Indicators
Unchanged
175
64
Stock Watch: Latest investment recommendations on 150+ stocks
Refer Pg5 onwards
Volumes (` Cr)
BSE
3,280
Top Picks
CMP
Target
Upside
NSE
16,339
Company
Sector
Rating
(`)
(`)
(%)
Amara Raja
Auto/Auto Ancillary
Buy
850
1,076
26.6
Net Inflows (` Cr)
Net
Mtd
Ytd
HCL Tech
IT
Buy
735
1,000
36.1
FII
(577)
3,832
18,201
LIC Housing
Financials
Buy
482
592
22.8
MFs
298
633
10,064
Bharat Electronics
Capital Goods
Accumulate
1,258
1,414
12.4
Navkar Corporation Others
Buy
204
265
30.0
More Top Picks on Pg3
Top Gainers
Price (`)
Chg (%)
Sparc
346
14.0
Key Upcoming Events
Renuka
17
11.6
Previous
Consensus
Date
Region
Event Description
Reading
Expectations
Balramchin
124
9.4
June 28 US
Cosumer Confidence
92.6
93.1
Mphasis
598
8.7
June 28 US
GDP QoQ (Annualised)
0.8
1.0
Feldvr
18
7.9
June 29 US
Initial Jobless claims
259.0
--
June 30 UK
PMI Manufacturing
50.1
--
6.(
Top Losers
Price (`)
Chg (%)
More Events on Pg4
Tcs
2,495
(2.9)
Infy
1,166
(2.4)
Jppower
5
(2.4)
Kajariacer
1,169
(2.2)
Sunasian
8
(2.0)
As on June 27, 2016
Market Outlook
June 28, 2016
Siemens Ltd. wins order worth
`570cr from Power Grid
Corporation of India Ltd.
As per BSE announcement, Siemens Ltd. has won an order worth approximately
`570cr to supply Static Synchronous Compensator (STATCOM) solutions to Power
Grid Corporation of India Ltd. (PGCIL). The scope of the order includes design,
engineering, supply, civil, installation, testing and commissioning of STATCOMs at
four substation locations of PGCIL.
Cutting-edge technology from Siemens will result in the installation of one of the
world’s largest STATCOM projects at 400 kV level with a dynamic swing range of
2,000MVAr and 1,250MVAr mechanically switched components. The 400 kV
STATCOMs are being manufactured at Siemens Ltd.’s manufacturing plant at
Goa. With fast response time of STATCOM controls, power consumers will be
benefitted in the form of constant grid voltage and frequency leading to availability
of uninterrupted quality power.
Economic and Political News
Govt pay hike may be implemented soon; CoS submits report
Land acquisition for `30,000cr Mumbai-Nagpur highway to begin soon
Forest panel gives nod to `29K cr Odisha power project
Corporate News
ED summons Diageo, USL officials in $75-mn deal
MBL Infra bags `79cr road project from NHAI
L&T bags construction jobs worth `2,416cr in June
Market Outlook
June 28, 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
14,523
850
1,076
26.6
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
30,182
1,258
1,414
12.4
strong market positioning, indicate good times ahead for BEL.
HCL Tech
1,03,662
735
1,000
36.1
Stock is trading at attractive valuations & factors all bad news.
Strong visibility for a robust 20% earnings trajectory, coupled
HDFC Bank
2,93,188
1,158
1,262
9.0
with high quality of earnings on account of high quality retail
business and strategic focus on highly rated corporates.
Back on the growth trend, expect a long term growth of 14% to
Infosys
2,67,881
1,166
1,374
17.8
be a US$20bn in FY2020.
Continues to grow its retail loan book at healthy pace with
LIC Housing Finance
24,315
482
592
22.8
improvement in asset quality. Expect LICHF to post a healthy
loan book which is likely to reflect in a strong earnings growth.
Huge bid pipeline of re-development works at Delhi and other
NBCC
11,250
188
220
17.3
State Governments and opportunity from Smart City, positions
NBCC to report strong growth, going forward.
Strong market positioning within the domestic AC markets to
Voltas
10,286
311
407
30.9
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
2,265
224
268
19.6
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
3,763
418
495
18.4
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
5,715
196
270
37.9
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
5,772
172
235
36.5
adequate CAR. ROE & ROA likely to remain decent as risk of
dilution remains low. Attractive valuations considering growth.
Commencement of new projects, downtrend in the interest rate
IL&FS Transport
2,424
74
93
26.2
cycle, to lead to stock re-rating
Economic recovery to have favourable impact on advertising &
circulation revenue growth. Further, the acquisition of a radio
Jagran Prakashan
5,551
170
205
20.7
business (Radio City) would also boost the company's revenue
growth.
Speedier execution and speedier sales, strong revenue visibility
Mahindra Lifespace
1,837
448
554
23.8
in short-to-long run, attractive valuations
Massive capacity expansion along with rail advantage at ICD
Navkar Corporation
2,908
204
265
30.0
as well CFS augurs well for the company
Earnings boost on back of stable material prices and
Radico Khaitan
1,219
92
125
36.5
favourable pricing environment. Valuation discount to peers
provides additional comfort
Strong brands and distribution network would boost growth
Siyaram Silk Mills
1,023
1,091
1,347
23.5
going ahead. Stock currently trades at an inexpensive
valuation.
Source: Company, Angel Research
Market Outlook
June 28, 2016
Key Upcoming Events
Global economic events release calendar
Bloomberg Data
Date
Time
Country
Event Description
Unit
Period
Last Reported
Estimated
Jun 28, 2016
7:30 PM
US
Consumer Confidence
S.A./ 1985=100
Jun
92.60
93.05
6:00 PM
US
GDP Qoq (Annualised)
% Change
1Q T
0.80
1.00
Jun 29, 2016
6:00 PM
US
Initial Jobless claims
Thousands
Jun 25
259.00
Jun 30, 2016
2:30 PM Euro Zone Euro-Zone Consumer Confidence
Value
Jun F
-7.30
(7.30)
1:25 PM Germany Unemployment change (000's)
Thousands
Jun
-11.00
(5.00)
2:00 PM
UK PMI Manufacturing
Value
Jun
50.10
July 01, 2016
2:00 PM
UK GDP (YoY)
% Change
1Q F
2.10
1:25 PM Germany PMI Manufacturing
Value
Jun F
54.40
54.40
6:30 AM
China PMI Manufacturing
Value
Jun
50.10
12:00 AM
Jul 05, 2016
1:25 PM Germany PMI Services
Value
Jun F
53.20
Jul 07, 2016
2:00 PM
UK Industrial Production (YoY)
% Change
May
1.60
Jul 08, 2016
India
Imports YoY%
% Change
Jun
(13.20)
India
Exports YoY%
% Change
Jun
(0.80)
6:00 PM
US
Change in Nonfarm payrolls
Thousands
Jun
38.00
190.00
6:00 PM
US
Unnemployment rate
%
Jun
4.70
4.70
Jul 10, 2016
7:00 AM
China Consumer Price Index (YoY)
% Change
Jun
2.00
Jul 12, 2016
5:30 PM
India
Industrial Production YoY
% Change
May
(0.80)
Jul 13, 2016
4:30 PM
UK BOE Announces rates
% Ratio
Jul 14
0.50
Jul 14, 2016
China Exports YoY%
% Change
Jun
(4.10)
Source: Bloomberg, Angel Research
Market Outlook
June 28, 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
4.2
4.3
3.7
5.8
4.0
6.0
2.0
2.0
0.3
5.0
-
4.0
(2.0)
(0.9)
(0.8)
(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
5.6
5.7
5.8
5.4
5.4
5.5
6.0
5.3
5.0
4.8
52.0
5.0
4.4
3.7
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
0.0
7.50
(5.0)
7.00
6.50
(10.0)
6.00
(15.0)
5.50
(20.0)
5.00
4.50
(25.0)
4.00
(30.0)
3.50
(35.0)
3.00
Source: Bloomberg, Angel Research
Source: RBI, Angel Research
Market Outlook
June 28, 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
2.0
1.3
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
Market Outlook
June 28, 2016
Exhibit 4: Relative performance of indices across globe
Returns (%)
Country
Name of index
Closing price
1M
3M
1YR
Brazil
Bovespa
49,246
(0.5)
(0.8)
(8.4)
Russia
Micex
1,842
(3.0)
(2.0)
12.9
India
Nifty
8,095
0.3
4.9
(3.1)
China
Shanghai Composite
2,896
2.4
(2.6)
(42.0)
South Africa
Top 40
44,143
(7.5)
(6.7)
(6.6)
Mexico
Mexbol
44,282
(3.8)
(3.5)
(1.0)
Indonesia
LQ45
823
0.3
(1.9)
(3.2)
Malaysia
KLCI
1,630
(0.1)
(4.4)
(5.4)
Thailand
SET 50
897
0.4
1.2
(10.0)
USA
Dow Jones
17,140
(4.0)
(2.3)
(2.6)
UK
FTSE
5,982
(4.5)
(3.5)
(8.3)
Japan
Nikkei
15,309
(8.7)
(10.0)
(24.3)
Germany
DAX
9,269
(9.8)
(5.9)
(17.1)
France
CAC
3,985
(11.7)
(8.7)
(15.4)
Source: Bloomberg, Angel Research
Stock Watch
June 28, 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
220
-
4,281
1,612
1,911
13.3
13.3
7.4
9.5
29.8
23.2
4.8
4.3
16.7
18.4
2.6
2.2
United Phosphorus
Accumulate
544
684
23,333
13,083
15,176
18.5
18.5
31.5
37.4
17.3
14.6
3.4
2.9
21.4
21.4
2.2
1.8
Auto & Auto Ancillary
Ashok Leyland
Neutral
97
-
27,690
17,995
21,544
11.4
11.6
3.4
4.7
28.6
20.7
5.0
4.6
17.7
22.2
1.6
1.3
Bajaj Auto
Neutral
2,652
-
76,729
22,709
25,860
20.9
20.1
129.0
143.6
20.6
18.5
6.3
5.4
30.7
29.4
2.9
2.5
Bharat Forge
Buy
744
875
17,326
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
Accumulate
18,725
20,044
50,859
15,556
16,747
15.5
17.3
464.8
597.5
40.3
31.3
14.7
10.8
36.2
34.3
3.2
2.9
Gabriel India
Accumulate
91
101
1,309
1,415
1,544
8.7
9.0
4.6
5.4
19.8
16.9
3.6
3.2
18.1
18.9
0.9
0.8
Hero Motocorp
Neutral
3,055
-
60,997
28,244
30,532
15.5
15.9
156.7
168.5
19.5
18.1
7.8
6.6
39.9
36.4
2.1
1.9
Jamna Auto Industries Neutral
169
-
1,349
1,281
1,473
11.2
11.5
7.6
9.2
22.2
18.4
5.6
4.6
25.4
25.2
1.1
0.9
L G Balakrishnan & Bros Neutral
451
-
708
1,254
1,394
11.6
11.8
35.9
41.7
12.6
10.8
1.7
1.5
13.5
13.8
0.7
0.6
Mahindra and Mahindra Neutral
1,390
-
86,316
38,416
42,904
13.7
13.9
54.8
63.4
25.4
21.9
3.9
3.5
15.4
15.8
1.8
1.6
Maruti
Neutral
4,031
-
121,759
57,865
68,104
16.4
16.7
176.3
225.5
22.9
17.9
4.4
3.8
19.4
21.2
2.0
1.6
Minda Industries
Neutral
1,155
-
1,832
2,523
2,890
8.7
9.0
55.0
65.4
21.0
17.7
4.1
3.3
19.3
18.7
0.8
0.7
Motherson Sumi
Accumulate
273
313
36,124
39,343
45,100
8.8
9.1
10.1
12.5
27.0
21.9
8.6
6.7
35.3
34.4
1.0
0.9
Rane Brake Lining
Buy
375
465
297
454
511
11.5
12.0
25.2
31.0
14.9
12.1
2.2
2.0
14.9
16.6
0.8
0.7
Setco Automotive
Neutral
49
-
648
594
741
12.7
13.7
1.7
3.2
28.5
15.2
3.0
2.6
10.4
16.9
1.3
1.1
Tata Motors
Neutral
449
-
129,520
259,686
273,957
13.0
13.4
25.9
29.5
17.3
15.2
2.3
2.0
8.0
9.0
0.7
0.7
TVS Motor
Accumulate
297
330
14,108
11,263
13,122
6.9
8.5
9.2
15.0
32.3
19.8
7.4
5.9
22.7
29.6
1.2
1.0
Amara Raja Batteries
Buy
850
1,076
14,523
4,690
5,429
17.5
17.5
28.5
35.3
29.9
24.1
6.9
5.7
23.1
25.9
3.0
2.6
Exide Industries
Neutral
167
-
14,221
6,950
7,784
14.4
14.8
6.6
7.3
25.4
22.9
3.2
2.9
12.6
12.8
1.6
1.5
Apollo Tyres
Buy
146
183
7,432
12,056
12,714
17.2
16.4
23.0
20.3
6.4
7.2
1.1
1.0
17.7
13.6
0.7
0.7
Ceat
Buy
794
1,119
3,212
6,041
6,597
14.1
13.7
99.5
111.9
8.0
7.1
1.6
1.3
19.6
18.5
0.8
0.6
JK Tyres
Neutral
86
-
1,948
7,446
7,669
15.2
14.0
19.6
18.4
4.4
4.7
1.1
0.9
25.2
19.5
0.7
0.6
Swaraj Engines
Neutral
1,158
-
1,438
552
630
14.2
14.7
44.6
54.1
26.0
21.4
6.0
5.5
23.2
25.6
2.3
2.0
Subros
Neutral
88
-
531
1,293
1,527
11.8
11.9
4.2
6.7
21.1
13.2
1.6
1.4
7.7
11.5
0.7
0.6
Indag Rubber
Neutral
180
-
473
283
329
17.0
17.2
13.0
15.4
13.9
11.7
3.0
2.5
21.8
21.6
1.5
1.2
Capital Goods
ACE
Neutral
41
-
403
660
839
4.7
8.2
1.0
3.9
40.7
10.4
1.3
1.1
3.2
11.3
0.8
0.6
BEML
Buy
838
1,157
3,488
3,277
4,006
6.0
8.9
36.2
64.3
23.1
13.0
1.6
1.5
5.7
11.7
1.1
0.9
Bharat Electronics
Buy
1,258
1,414
30,182
7,295
8,137
20.0
16.8
56.5
58.7
22.3
21.4
3.3
3.0
42.1
44.6
3.0
2.5
Stock Watch
June 28, 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
311
407
10,286
5,857
6,511
7.5
7.9
11.7
12.9
26.6
24.1
4.3
3.8
17.1
16.7
1.9
1.7
BGR Energy
Neutral
109
-
787
3,615
3,181
9.5
9.4
16.7
12.4
6.5
8.8
0.6
0.6
10.0
7.0
0.6
0.8
BHEL
Neutral
119
-
29,139
33,722
35,272
10.8
11.7
10.5
14.2
11.3
8.4
0.8
0.8
7.0
9.0
0.9
0.9
Blue Star
Buy
418
495
3,763
3,770
4,351
5.7
6.4
11.4
17.2
36.6
24.4
5.7
5.3
18.4
23.1
1.0
0.9
Crompton Greaves
Neutral
72
-
4,497
13,484
14,687
4.9
6.2
4.5
7.1
15.9
10.1
1.1
1.1
7.2
10.8
0.5
0.4
Greaves Cotton
Neutral
137
-
3,347
1,655
1,755
16.6
16.8
7.4
7.8
18.5
17.6
3.7
3.5
21.1
20.6
2.0
1.9
Inox Wind
Buy
230
286
5,095
4,406
5,605
15.5
15.7
20.4
24.8
11.3
9.3
2.6
1.9
27.9
25.9
1.3
1.0
KEC International
Neutral
136
-
3,493
8,791
9,716
6.1
6.8
5.4
8.2
25.2
16.6
2.5
2.3
10.0
14.0
0.6
0.6
Thermax
Neutral
792
-
9,439
6,413
7,525
7.4
8.5
30.5
39.3
26.0
20.2
4.0
3.5
15.0
17.0
1.4
1.1
VATech Wabag
Neutral
581
-
3,167
2,722
3,336
7.9
8.1
19.5
24.6
29.8
23.6
3.1
2.8
11.1
12.4
1.3
1.1
Cement
ACC
Neutral
1,600
-
30,050
13,151
14,757
16.4
18.3
63.9
83.4
25.0
19.2
3.2
3.0
13.3
16.1
2.0
1.7
Ambuja Cements
Neutral
254
-
39,418
11,564
12,556
19.4
20.7
8.9
10.1
28.5
25.2
3.6
3.4
12.8
13.8
2.7
2.5
HeidelbergCement
Neutral
108
-
2,453
1,772
1,926
13.3
15.4
1.0
3.0
108.3
36.1
2.7
2.5
2.6
7.9
1.9
1.7
India Cements
Neutral
103
-
3,162
4,216
4,840
18.0
19.5
4.0
9.9
25.7
10.4
1.0
1.0
4.0
9.5
1.0
0.8
JK Cement
Neutral
652
-
4,561
3,661
4,742
10.1
15.8
7.5
28.5
87.0
22.9
2.6
2.3
7.5
22.9
1.6
1.2
J K Lakshmi Cement
Neutral
385
-
4,527
2,947
3,616
16.7
19.9
11.5
27.2
33.5
14.1
3.2
2.7
9.8
20.8
1.8
1.4
Mangalam Cements
Neutral
295
-
787
1,053
1,347
10.5
13.3
8.4
26.0
35.1
11.3
1.5
1.4
4.3
12.5
1.1
0.8
Orient Cement
Neutral
165
-
3,380
1,854
2,524
21.2
22.2
7.7
11.1
21.4
14.9
3.1
2.7
13.3
15.7
2.6
1.8
Ramco Cements
Neutral
562
-
13,376
4,036
4,545
20.8
21.3
15.1
18.8
37.2
29.9
4.6
4.0
12.9
14.3
3.5
3.0
Shree Cement^
Neutral
14,440
-
50,304
7,150
8,742
26.7
28.6
228.0
345.5
63.3
41.8
9.3
7.8
15.7
20.3
6.4
5.1
UltraTech Cement
Neutral
3,396
-
93,202
24,669
29,265
18.2
20.6
82.0
120.0
41.4
28.3
4.5
3.9
11.3
14.7
3.6
3.1
Construction
ITNL
Buy
74
93
2,424
7,360
8,682
34.0
32.2
7.0
8.6
10.5
8.6
0.4
0.4
3.2
2.5
3.7
3.5
KNR Constructions
Neutral
537
-
1,511
937
1,470
14.3
14.0
44.2
38.6
12.2
13.9
2.4
2.1
15.4
15.4
1.8
1.2
Larsen & Toubro
Buy
1,468
1,700
136,772
58,870
65,708
8.3
10.3
42.0
53.0
34.9
27.7
2.4
2.2
8.8
11.2
2.5
2.3
Gujarat Pipavav Port
Neutral
163
-
7,875
629
684
51.0
52.2
6.4
5.9
25.5
27.6
3.4
3.1
15.9
12.7
11.8
10.7
MBL Infrastructures
Buy
118
285
490
2,313
2,797
12.2
14.6
19.0
20.0
6.2
5.9
0.7
0.6
11.3
10.6
0.9
0.8
Nagarjuna Const.
Neutral
72
-
3,992
7,892
8,842
8.8
9.1
3.0
5.3
23.9
13.6
1.2
1.1
5.0
8.5
0.7
0.6
PNC Infratech
Neutral
558
-
2,860
1,873
2,288
13.2
13.5
24.0
32.0
23.2
17.4
2.3
2.0
12.1
12.3
1.6
1.3
Simplex Infra
Neutral
268
-
1,325
5,955
6,829
10.3
10.5
16.0
31.0
16.7
8.6
0.9
0.8
5.3
9.9
0.7
0.6
Stock Watch
June 28, 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
541
-
796
1,539
1,801
12.8
12.7
59.0
72.1
9.2
7.5
1.4
1.2
18.6
16.8
0.6
0.5
Sadbhav Engineering
Accumulate
276
298
4,735
3,186
3,598
10.2
10.3
8.0
9.0
34.5
30.7
3.2
2.8
9.4
9.9
1.8
1.6
NBCC
Accumulate
188
220
11,250
5,838
7,428
6.0
7.9
5.2
8.2
36.1
22.9
1.1
0.9
21.9
28.2
1.8
1.3
MEP Infra
Neutral
39
-
627
1,956
1,876
28.1
30.5
1.3
3.0
29.7
12.9
6.2
4.2
21.2
32.8
1.7
1.7
SIPL
Neutral
98
-
3,452
675
1,042
62.4
64.7
-
-
3.7
4.2
-
-
16.7
11.3
Engineers India
Neutral
198
-
6,673
1,667
1,725
13.5
16.0
9.7
11.4
20.4
17.4
2.4
2.3
11.7
13.4
2.7
2.7
Financials
Allahabad Bank
Neutral
67
-
4,855
8,569
9,392
2.8
2.9
16.3
27.5
4.1
2.4
0.4
0.3
7.6
11.9
-
-
Axis Bank
Neutral
514
-
122,739
26,204
29,738
3.6
3.5
34.5
35.4
14.9
14.5
2.4
2.1
16.8
14.9
-
-
Bank of Baroda
Neutral
152
-
34,989
18,802
21,088
2.0
2.2
(7.4)
13.0
11.7
1.2
1.0
(4.2)
7.3
-
-
Bank of India
Neutral
99
-
9,233
15,972
17,271
1.9
2.0
15.3
33.4
6.5
3.0
0.3
0.3
3.6
7.6
-
-
Canara Bank
Neutral
215
-
11,666
15,441
16,945
2.0
2.1
46.6
70.4
4.6
3.1
0.4
0.4
8.0
11.2
-
-
Dena Bank
Neutral
37
-
2,494
3,440
3,840
2.1
2.3
7.3
10.0
5.2
3.7
0.4
0.3
6.1
7.9
-
-
Dewan Housing Finance Buy
196
270
5,715
1,828
2,225
2.9
3.0
24.9
29.7
7.9
6.6
1.2
1.1
15.1
16.1
-
-
Equitas Holdings
Buy
172
235
5,772
679
1,076
12.4
11.7
6.2
6.7
27.8
25.7
3.5
2.5
13.3
12.5
-
-
Federal Bank
Neutral
56
-
9,605
3,279
3,787
2.8
2.9
3.9
5.5
14.2
10.1
1.2
1.1
8.4
10.8
-
-
HDFC
Neutral
1,217
-
192,396
10,358
11,852
3.3
3.3
41.1
47.0
29.6
25.9
5.6
5.1
24.7
24.9
-
-
HDFC Bank
Accumulate
1,158
1,262
293,188
38,606
47,696
4.4
4.5
48.8
61.4
23.7
18.9
4.0
3.5
18.7
20.0
-
-
ICICI Bank
Neutral
233
-
135,447
34,279
39,262
3.3
3.3
21.0
24.4
11.1
9.6
1.9
1.6
14.4
14.7
-
-
IDBI Bank
Neutral
68
-
13,928
9,625
10,455
1.8
1.8
8.5
14.2
7.9
4.8
0.5
0.4
5.9
9.3
-
-
Indian Bank
Neutral
140
-
6,731
6,160
6,858
2.5
2.5
24.5
29.8
5.7
4.7
0.5
0.4
7.7
8.6
-
-
LIC Housing Finance
Buy
482
592
24,315
3,179
3,758
2.6
2.6
32.9
40.6
14.7
11.9
2.7
2.3
19.6
20.7
-
-
Oriental Bank
Neutral
106
-
3,673
7,643
8,373
2.4
2.4
37.2
45.4
2.9
2.3
0.3
0.2
8.2
9.4
-
-
Punjab Natl.Bank
Neutral
104
-
20,461
23,122
26,022
2.8
2.8
7.0
21.6
14.9
4.8
0.8
0.7
3.4
10.0
-
-
South Ind.Bank
Neutral
20
-
2,680
1,965
2,185
2.5
2.5
2.5
3.3
8.0
6.0
0.8
0.7
9.5
11.7
-
-
St Bk of India
Neutral
217
-
168,530
79,958
86,061
2.6
2.6
13.4
20.7
16.2
10.5
1.3
1.2
11.5
12.8
-
-
Union Bank
Neutral
125
-
8,614
12,646
14,129
2.3
2.4
31.0
39.1
4.0
3.2
0.4
0.4
9.8
11.4
-
-
Vijaya Bank
Neutral
38
-
3,791
3,536
3,827
1.9
1.9
5.5
6.7
6.9
5.7
0.6
0.5
7.8
8.8
-
-
Yes Bank
Neutral
1,076
-
45,312
7,190
9,011
3.2
3.3
58.2
69.7
18.5
15.5
3.3
2.8
19.2
19.6
-
-
FMCG
Asian Paints
Neutral
974
-
93,431
15,534
17,445
17.7
16.8
18.4
19.6
53.0
49.7
18.7
17.7
34.6
35.6
6.2
5.5
Stock Watch
June 28, 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
2,685
-
32,217
8,481
9,795
14.0
14.1
65.5
78.3
41.0
34.3
19.4
15.9
38.3
41.2
3.8
3.3
Colgate
Neutral
886
-
24,090
4,136
4,632
22.5
23.3
22.2
25.3
39.9
35.0
24.3
21.6
68.6
67.5
5.6
5.0
Dabur India
Neutral
318
-
56,020
9,370
10,265
17.6
17.3
7.3
8.1
43.4
39.3
11.3
10.3
31.7
30.6
5.6
5.1
GlaxoSmith Con*
Accumulate
5,875
6,118
24,708
4,519
5,142
19.6
19.8
164.3
191.2
35.8
30.7
9.9
8.4
30.8
29.9
4.7
4.1
Godrej Consumer
Neutral
1,527
-
52,010
9,003
10,335
18.1
18.7
34.1
41.8
44.8
36.5
9.7
8.3
23.9
24.8
6.1
5.3
HUL
Neutral
860
-
186,082
33,299
35,497
17.1
17.1
18.9
20.0
45.5
43.0
39.9
34.7
87.6
80.8
5.6
5.2
ITC
Accumulate
359
380
288,935
36,837
39,726
38.8
38.7
12.2
13.5
29.4
26.6
8.2
7.2
27.8
26.9
7.2
6.7
Marico
Neutral
257
-
33,144
6,151
6,966
17.2
17.3
5.4
6.4
47.6
40.1
14.9
11.8
33.2
32.4
5.2
4.6
Nestle*
Neutral
6,445
-
62,143
9,393
10,507
22.2
22.3
106.8
121.8
60.4
52.9
21.2
19.1
34.8
36.7
6.2
5.6
Tata Global
Accumulate
126
137
7,949
8,635
9,072
9.8
9.9
5.8
7.2
21.7
17.5
1.9
1.9
6.8
7.4
0.9
0.9
Procter & Gamble
Buy
6,220
7,369
20,191
2,588
2,939
23.3
23.2
130.2
146.2
47.8
42.6
95.3
91.3
27.6
25.3
7.4
6.4
Hygiene
IT
HCL Tech^
Buy
735
1,000
103,662
37,061
30,781
21.5
20.5
51.4
40.0
14.3
18.4
3.7
2.7
20.1
20.3
2.5
2.7
Infosys
Accumulate
1,166
1,374
267,881
62,441
70,558
27.5
27.5
59.0
65.3
19.8
17.9
4.0
3.6
22.2
22.4
4.1
3.5
TCS
Accumulate
2,495
3,004
491,691
108,646
122,770
28.3
28.3
123.7
141.0
20.2
17.7
6.7
6.1
33.1
34.6
4.3
3.7
Tech Mahindra
Buy
504
700
48,963
26,494
30,347
16.3
17.0
32.2
37.5
15.7
13.5
3.4
2.9
21.7
21.8
1.8
1.5
Wipro
Buy
549
680
135,667
50,808
56,189
23.7
23.8
37.3
40.7
14.7
13.5
2.8
2.6
19.2
17.7
2.1
1.7
Media
D B Corp
Neutral
376
-
6,909
2,025
2,187
27.4
27.4
17.4
18.9
21.6
19.9
4.9
4.4
22.9
23.7
3.4
3.1
HT Media
Neutral
78
-
1,824
2,495
2,673
12.9
13.2
6.8
7.2
11.5
10.9
0.9
0.9
7.5
7.8
0.3
0.3
Jagran Prakashan
Buy
170
205
5,551
2,107
2,355
33.5
28.0
10.1
10.8
16.9
15.7
3.9
3.4
23.3
21.7
2.7
2.4
Sun TV Network
Neutral
354
-
13,955
2,510
2,763
71.8
71.5
21.9
24.8
16.2
14.3
3.8
3.5
22.8
24.3
5.2
4.7
Hindustan Media
Neutral
274
-
2,011
914
1,016
21.7
21.5
21.9
23.3
12.5
11.8
2.3
1.9
18.0
16.2
1.6
1.4
Ventures
Metals & Mining
Coal India
Buy
309
380
195,018
76,167
84,130
19.9
22.3
22.4
25.8
13.8
12.0
5.0
4.8
35.5
41.0
1.9
1.7
Hind. Zinc
Neutral
168
-
71,049
14,641
14,026
50.4
50.4
17.7
16.0
9.5
10.5
1.5
1.3
16.2
13.2
2.5
2.3
Hindalco
Neutral
120
-
24,697
104,356
111,186
8.7
9.5
6.7
11.1
17.8
10.8
0.6
0.6
3.5
5.9
0.7
0.7
JSW Steel
Neutral
1,388
-
33,547
42,308
45,147
16.4
20.7
(10.3)
49.5
28.0
1.6
1.5
(1.0)
5.6
1.8
1.7
NMDC
Neutral
91
-
35,960
8,237
10,893
46.6
44.5
10.0
11.7
9.1
7.8
1.0
0.9
12.5
13.0
4.1
3.1
SAIL
Neutral
43
-
17,635
45,915
53,954
7.2
10.5
1.5
4.4
28.4
9.8
0.4
0.4
2.3
4.1
1.0
0.9
Vedanta
Neutral
122
-
36,273
71,445
81,910
26.2
26.3
12.9
19.2
9.5
6.4
0.7
0.6
7.2
8.9
0.9
0.7
Tata Steel
Neutral
310
-
30,142
126,760
137,307
8.9
11.3
6.4
23.1
48.8
13.5
1.0
0.9
2.0
7.1
0.8
0.8
Stock Watch
June 28, 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
134
-
25,151
11,323
12,490
49.4
51.0
20.7
20.7
6.5
6.5
0.4
0.4
6.4
6.1
1.4
0.8
GAIL
Neutral
380
-
48,240
64,856
70,933
9.1
9.6
24.0
28.9
15.9
13.2
1.4
1.3
8.8
9.6
0.9
0.8
ONGC
Neutral
210
-
179,665
154,564
145,998
36.8
37.4
20.8
22.6
10.1
9.3
1.0
0.9
10.1
9.7
1.4
1.5
Petronet LNG
Neutral
288
-
21,608
29,691
31,188
5.8
6.2
12.8
13.4
22.5
21.5
3.4
3.0
15.8
14.8
0.8
0.7
Indian Oil Corp
Accumulate
421
455
102,229
359,607
402,760
5.9
6.1
42.5
48.7
9.9
8.6
1.3
1.2
14.1
14.4
0.4
0.3
Reliance Industries
Buy
956
1,150
310,010
304,775
344,392
12.6
13.4
91.3
102.6
10.5
9.3
1.2
1.1
11.8
12.0
0.9
0.8
Pharmaceuticals
Alembic Pharma
Neutral
546
-
10,289
3,274
3,802
26.9
19.4
35.0
28.7
15.6
19.0
6.9
5.2
55.6
31.2
3.2
2.7
Aurobindo Pharma
Accumulate
723
856
42,299
14,923
17,162
22.0
23.0
35.7
42.8
20.3
16.9
6.0
4.5
34.0
30.2
3.5
3.0
Aventis*
Accumulate
4,227
4,738
9,736
2,049
2,375
15.4
17.3
115.4
153.5
36.6
27.5
6.0
4.7
19.3
25.8
4.6
3.9
Cadila Healthcare
Buy
320
400
32,760
9,469
11,246
21.2
22.0
14.9
17.1
21.5
18.7
6.1
4.8
28.8
26.6
3.4
2.9
Cipla
Buy
489
605
39,295
13,979
16,447
20.2
18.6
25.7
27.5
19.0
17.8
3.1
2.7
17.6
16.1
2.7
2.2
Dr Reddy's
Accumulate
3,241
3,476
55,266
15,471
17,479
24.6
24.6
138.2
152.4
23.5
21.3
4.3
3.7
19.7
18.7
3.4
3.0
Dishman Pharma
Neutral
136
-
2,198
1,733
1,906
21.5
21.5
10.1
10.0
13.5
13.6
1.6
1.4
10.5
11.2
1.9
1.7
GSK Pharma*
Neutral
3,474
-
29,430
2,870
3,158
20.0
22.1
59.5
68.3
58.4
50.9
17.2
17.7
28.5
34.3
9.9
9.1
Indoco Remedies
Neutral
281
-
2,585
1,033
1,199
15.9
18.2
9.4
13.6
29.9
20.6
4.4
3.8
15.7
19.7
2.6
2.3
Ipca labs
Buy
470
750
5,927
3,363
3,909
12.9
18.6
13.4
28.0
35.1
16.8
2.5
2.2
7.4
14.0
1.9
1.6
Lupin
Buy
1,478
1,809
66,652
13,702
15,912
23.7
26.4
50.5
58.1
29.3
25.5
6.1
5.0
22.9
21.4
5.2
4.2
Sun Pharma
Buy
774
950
186,254
28,163
32,610
25.8
30.7
17.4
26.9
44.5
28.8
4.2
3.7
13.0
16.6
5.8
4.8
Power
Tata Power
Neutral
72
-
19,527
35,923
37,402
22.6
22.8
4.1
5.2
17.8
14.0
1.4
1.3
7.5
9.3
1.5
1.4
NTPC
Neutral
149
-
122,940
87,271
99,297
23.5
23.5
11.8
13.3
12.7
11.2
1.4
1.3
11.5
12.2
2.4
2.2
Power Grid
Accumulate
154
170
80,723
20,702
23,361
86.7
86.4
12.1
13.2
12.8
11.7
1.9
1.7
15.6
15.1
8.7
8.1
Real Estate
MLIFE
Buy
448
554
1,837
826
1,011
20.1
21.9
22.7
30.7
19.7
14.6
1.2
1.1
6.0
7.4
4.1
3.1
Telecom
Bharti Airtel
Neutral
351
-
140,329
101,748
109,191
32.1
31.7
12.0
12.5
29.3
28.1
2.0
1.9
6.9
6.7
2.0
1.9
Idea Cellular
Neutral
100
-
36,134
34,282
36,941
32.0
31.5
5.9
6.2
17.0
16.2
1.6
1.4
9.9
9.3
1.7
1.6
zOthers
Abbott India
Neutral
4,514
-
9,592
2,715
3,153
14.5
14.1
134.3
152.2
33.6
29.7
8.4
6.9
27.4
25.6
3.3
2.8
Bajaj Electricals
Buy
224
268
2,265
4,612
5,351
5.6
5.7
23.4
18.0
9.6
12.5
3.0
2.6
12.5
14.4
0.5
0.4
Finolex Cables
Neutral
351
-
5,370
2,520
2,883
12.2
12.0
12.7
14.2
27.7
24.7
3.8
3.4
13.6
13.5
1.9
1.6
Goodyear India*
Accumulate
516
582
1,189
1,800
1,600
11.7
11.5
58.7
52.9
8.8
9.7
2.0
1.7
24.6
18.7
0.4
0.4
Hitachi
Neutral
1,270
-
3,452
1,779
2,081
7.8
8.8
21.8
33.4
58.2
38.0
9.4
7.6
17.4
22.1
2.0
1.7
Stock Watch
June 28, 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
295
-
5,345
1,620
1,847
11.5
11.5
7.3
8.5
40.5
34.8
5.2
4.9
13.3
14.4
3.1
2.7
MRF
Buy
31,880
45,575
13,521
20,316
14,488
21.4
21.1
5,488.0
3,798.0
5.8
8.4
2.0
1.6
41.1
21.2
0.6
0.9
Page Industries
Neutral
13,587
-
15,155
1,929
2,450
19.8
20.1
229.9
299.0
59.1
45.5
26.1
18.1
52.1
47.1
8.2
6.4
Relaxo Footwears
Neutral
485
-
5,816
1,767
2,152
12.3
12.5
19.3
25.1
25.2
19.3
6.2
4.8
27.7
27.8
3.0
2.5
Siyaram Silk Mills
Buy
1,091
1,347
1,023
1,619
1,799
11.6
11.6
93.5
104.9
11.7
10.4
2.0
1.7
17.1
16.4
0.8
0.8
Styrolution ABS India* Neutral
605
-
1,064
1,271
1,440
8.6
9.2
32.0
41.1
18.9
14.7
1.9
1.7
10.7
12.4
0.8
0.7
TVS Srichakra
Buy
2,327
2,932
1,782
2,035
2,252
15.9
15.3
248.6
268.1
9.4
8.7
4.1
2.9
43.6
33.9
0.9
0.8
HSIL
Accumulate
272
310
1,963
2,123
2,384
16.1
16.5
15.0
18.9
18.1
14.4
1.4
1.3
8.0
9.4
1.3
1.1
Kirloskar Engines India
Neutral
265
-
3,832
2,403
2,554
8.6
9.9
9.2
10.5
28.9
25.3
2.8
2.6
9.7
10.7
1.2
1.1
Ltd
M M Forgings
Buy
436
546
527
511
615
21.7
21.6
43.1
55.8
10.1
7.8
1.8
1.5
19.9
21.2
1.3
1.0
Banco Products (India) Neutral
137
-
983
1,208
1,353
11.0
12.3
10.8
14.5
12.8
9.5
1.5
1.3
11.9
14.5
0.8
0.7
Competent Automobiles Neutral
140
-
86
1,040
1,137
3.2
3.1
25.7
28.0
5.4
5.0
0.8
0.7
15.0
14.3
0.1
0.1
Nilkamal
Neutral
1,132
-
1,689
1,871
2,031
10.7
10.5
63.2
69.8
17.9
16.2
2.9
2.5
17.6
16.6
1.0
0.9
Visaka Industries
Buy
149
162
237
1,020
1,120
8.7
9.1
13.9
20.1
10.7
7.4
0.7
0.7
6.4
8.7
0.4
0.4
Transport Corporation of
Neutral
310
-
2,370
2,830
3,350
8.8
9.0
14.4
18.3
21.6
16.9
3.3
2.9
15.4
17.1
0.9
0.8
India
Elecon Engineering
Neutral
60
-
656
1,359
1,482
10.3
13.7
0.8
3.9
75.0
15.5
1.2
1.2
1.6
7.8
0.8
0.7
Surya Roshni
Buy
165
201
724
2,992
3,223
8.1
8.4
14.7
18.3
11.2
9.0
1.1
1.0
9.7
11.0
0.5
0.5
MT Educare
Neutral
163
-
649
286
366
18.3
17.7
7.7
9.4
21.1
17.4
4.4
3.9
20.2
21.1
2.4
1.8
Radico Khaitan
Buy
92
125
1,219
1,543
1,659
12.6
13.0
5.8
6.3
15.9
14.5
1.4
1.3
8.5
8.6
1.3
1.2
Garware Wall Ropes
Buy
359
460
786
828
898
11.2
10.3
28.3
29.0
12.7
12.4
2.1
1.8
16.8
14.9
0.9
0.8
Wonderla Holidays
Neutral
397
-
2,241
206
308
44.0
43.6
9.0
12.9
44.1
30.7
6.0
5.5
13.7
17.8
10.4
6.9
Linc Pen & Plastics
Accumulate
248
235
367
344
382
9.1
9.1
12.4
13.1
20.0
19.0
3.6
3.2
18.0
16.7
1.0
0.9
The Byke Hospitality
Neutral
157
-
630
222
287
20.5
20.5
5.6
7.6
27.9
20.8
5.3
4.3
18.9
20.8
3.1
2.4
Interglobe Aviation
Neutral
1,018
-
36,672
17,022
21,122
20.7
14.5
63.9
53.7
15.9
19.0
23.9
19.6
149.9
103.2
2.1
1.7
Coffee Day Enterprises
Neutral
248
-
5,117
2,692
2,964
17.0
18.6
-
4.7
-
52.4
3.0
2.9
0.2
5.5
2.4
2.2
Ltd
Navneet Education
Neutral
91
-
2,165
998
1,062
24.1
24.0
5.8
6.1
15.8
14.9
3.5
3.1
22.0
20.6
2.1
2.0
Navkar Corporation
Buy
204
265
2,908
347
408
43.2
42.9
6.7
6.8
30.6
30.1
2.2
2.1
7.3
6.9
8.7
7.9
UFO Moviez
Neutral
527
-
1,455
558
619
32.0
33.2
22.5
30.0
23.4
17.6
2.8
2.4
12.0
13.8
2.5
2.1
VRL Logistics
Neutral
311
-
2,839
1,725
1,902
16.5
16.7
12.2
14.6
25.6
21.4
5.3
4.7
20.8
21.9
1.6
1.4
Stock Watch
June 28, 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
910
-
1,555
2,565
3,229
1.3
1.5
15.2
22.8
59.9
40.0
4.8
4.3
8.0
10.7
0.5
0.4
S H Kelkar & Co.
Neutral
215
-
3,112
928
1,036
15.3
15.1
4.9
6.1
43.6
35.2
4.1
3.8
9.4
10.7
3.2
2.8
Quick Heal
Neutral
263
-
1,844
339
408
27.8
27.3
7.1
7.7
37.2
34.0
3.2
3.2
8.5
9.3
3.8
3.2
Narayana Hrudaya
Neutral
314
-
6,409
1,603
1,873
10.9
11.5
1.0
2.6
329.2
118.6
7.9
7.3
2.4
6.1
4.1
3.5
Manpasand Bever.
Neutral
544
-
2,722
540
836
19.9
19.6
10.2
16.9
53.1
32.2
4.3
3.9
8.1
12.0
4.7
3.0
Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on June 27, 2016
Market Outlook
June 28, 2016
Research Team Tel: 022 - 39357800
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