Market Outlook

July 28, 2015

Dealer’s Diary

Domestic Indices

Chg (%)

(Pts)

(Close)

Indian markets are expected to open in red tracking SGX Nifty.

BSE Sensex

(2.0)

(551)

27,561

US markets closed down on Monday under pressure from an 8.5% overnight plunge

Nifty

(1.9)

(161)

8,361

in Shangai composite, on fears that Chinese government may pull back the support

MID CAP

(1.4)

(154)

10,994

measures that stabilized the markets for last 3 weeks. Correction was led by

SMALL CAP

(1.1)

(125)

11,543

Materials and Energy companies, which were impacted due to fall in Oil & Metal

BSE HC

(1.1)

(189)

16,648

prices.

BSE PSU

(1.9)

(145)

7,595

BANKEX

(2.3)

(487)

20,887

FTSE 100 fell on Monday, weighed down by fall in Pearson and commodity stocks,

AUTO

(1.9)

(363)

18,590

which pushed the market towards 6 month lows.

METAL

(2.3)

(201)

8,571

Markets continued their downward trend falling nearly 2% on poor global cues and

OIL & GAS

(1.9)

(193)

9,962

concerns emerging over tighter norms on P-notes. Correction was seen across

BSE IT

(1.2)

(128)

10,877

sectors, with Banking and Metal stocks witnessing maximum correction.

Global Indices

Chg (%)

(Pts)

(Close)

Dow Jones

(0.7)

(128)

17,441

News & Result Analysis

NASDAQ

(1.0)

(49)

5,040

 Garware Wall Ropes- CMP: `315 Target Price: `390 - BUY (Upside: 24%)

FTSE

(1.1)

(75)

6,505

 Result Review: Tech Mahindra, Ambuja, Subros, MRF

 Result Preview: Maruti Suzuki

Nikkei

(0.9)

(194)

20,350

Refer detailed news & result analysis on the following page

Hang Sang

(3.1)

(777)

24,352

Straits Times

(1.2)

(39)

3,313

Markets Today

Shanghai Com

(8.5)

(345)

3,726

The trend deciding level for the day is 27,736 / 8,402 levels. If NIFTY trades above

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

27,943

28,324

8,452

8,542 levels. However, if NIFTY trades below

Indian ADR

Chg (%)

(Pts)

(Close)

27,736 / 8,402 levels for the first half-an-hour of trade then it may correct towards

INFY

(2.8)

(0.5)

$16.7

27,355 - 27,148 / 8,311 - 8,261 levels.

WIT

(1.0)

(0.1)

$12.1

IBN

(1.8)

(0.2)

$9.6

Indices

PIVOT

HDB

(0.7)

(0.4)

$61.1

SENSEX

27,148

27,355

27,736

27,943

28,324

NIFTY

8,261

8,311

8,402

8,452

8,542

Advances / Declines

BSE

NSE

Advances

1,075

573

Net Inflows (July 25, 2015)

Declines

1,775

947

` cr

Purch

Sales

Net

MTD

YTD

FII

3,456

3,413

7,800

143,180

Unchanged

MFs

1,471

914

557

2,191

55,801

Volumes (` cr)

FII Derivatives (July 27, 2015)

BSE

2,962

` cr

Purch

Sales

Net

Open Interest

NSE

16,417

Index Futures

3,636

5,049

(1,414)

20,622

Stock Futures

11,390

12,189

(799)

51,566

Gainers / Losers

Gainer

Loser

Company

Price (`)

chg (%)

Company

Price (`)

chg (%)

TATAELXSI

1,672

4.9

KAILASH

(9.9)

SUNTV

292

4.5

JPPOWER

(7.4)

PERSISTENT

661

3.7

JPINFRATEC

(7.2)

NESTELIND

6,246

3.7

IOB

(6.0)

TV18BRDCST

3.6

NCC

(5.7)

www.angelbroking.com

Market Outlook

July 28, 2015

Garware Wall Ropes - Market Cap: `747 CMP: `315 Target

Price: `390 - BUY (Upside: 24%)

Despite firm raw material inflation witnessed by the company over the past

5-6 years, the company still managed to maintain its operating margin in the

range of 10-11%. In FY2015, the company’s operating margin grew by 90bp yoy.

Going forward, we believe that the company would be able to increase its

margins, mainly due to higher exports and lower material prices.

GWRL’s key raw materials are crude based and a correction in crude oil prices

eases the company’s raw material costs. We expect the company to report

operating margin improvement due to lower prices of key raw materials like

High Density Polyethylene, Polyethylene, Nylon etc. Over the past 3 month,

crude oil prices have corrected by 16%; since we initiated coverage on GWRL

(21st July 2015), crude prices have declined by almost 4%.

Exhibit 1: Falling crude prices

Source: Company, Angel Research

At the current market price, GWRL trades at a P/E of 11.3x its FY2017E EPS. We

had initiated coverage on the stock on June 21, 2015. Our target price of `303

has been achieved since then; we continue to hold our Buy recommendation on

the stock and are upgrading the target price to `390 (14x FY2017E EPS),

indicating further upside of ~24% from the current levels.

Company background

Garware-Wall Ropes Ltd. (GWRL) is an ISO 9001:2008 certified company.

Established in 1976, the company is a leading player in Technical Textiles,

specializing in providing customized solutions to the cordage and infrastructure

industry worldwide. Being a global player, the company is known for its innovation

in the field of fisheries, aquaculture, shipping, sports, agriculture, coated fabrics

and geosynthetics. GWRL’s products are manufactured in state-of-the-art facilities

at Wai and Pune (both in Maharashtra, India) and are marketed in more than

75 countries worldwide.

www.angelbroking.com

Market Outlook

July 28, 2015

Result Review

Tech Mahindra (CMP: `519/ TP: `646/Upside: 24.5%)

Tech Mahindra announced its 1QFY2016 results, which were marginally above on

sales front and ahead of expectations on the net profit. The company posted a

0.5% qoq growth in USD revenues to US$989mn V/s US$983mn expected and

V/s US$984mn in 4QFY2015. In rupee terms, the revenues came in at `6,294cr

V/s `6,242cr expected and V/s `6,117cr in 4QFY2015, a qoq growth of 2.9%.

The impact on the quarterly results was mainly on back of dip in the

communication domain which was

52.7% of sales V/s

55.3% of sales in

4QFY2015, whereas the other domains showed an improvement or same

performance as 4QFY2015.

The EBDITA came in at 14.9% in line with expectations, while the EBIT was 12.1%

again in line with expectation of 12.1%, registering a dip of 32bp and 26bps qoq

respectively. Consequently; the PAT came in at `676cr V/s `556cr expected and

V/s `472cr in 4QFY2015 a growth of 43.2% qoq. This was mainly on back of

other income, which came in at `136.6cr (on back of forex gains) V/s a loss of

`87. On the operating front, the utilization levels, 74% in 1QFY2016 V/s 71% in

4QFY2015, while the attrition stood steady at 19.1%. The client addition during

the quarter remained tepid, with total clients at 770 in 1QFY2016 V/s 767 in

4QFY2015. We maintain our buy rating on the stock with a target price of `646.

Y/E

Sales OPM

PAT

EPS ROE P/E P/BV EV/EBITDA EV/Sales

March

(` cr)

(%)

(` cr)

(`)

(%)

(x)

FY2016E

27,281

17.3

2,957

30.8

20.3

16.9

3.4

9.4

1.7

FY2017E

31,373

18.4

3,651

38.0

20.9

13.7

2.8

7.4

1.4

Ambuja Cement (CMP: `234/ TP: /Upside: )

Ambuja Cement announced its 2QCY2015 numbers, which were in line with our

expectation on profitability front. Net sales declined by 7.9% yoy to `2,492.8cr due

to sharp de-growth in sales realization. The realization came in at `4,239 per

tonne a decline of 8.4% yoy was below our estimate of `4,302 per tonne. Sales

volume was flat yoy to 5.88mt above our estimate of 5.7mt. EBITDA during the

quarter decreased by 34.7% yoy to `383.8cr above our estimate of `367.6cr,

largely due to better cement sales volume. Hence EBITDA margin at 15.4% was

above our estimate of 15.1%. The EBITDA/tonne came in at `653 in line our

estimate of `650/tonne led by operational efficiency. Net profit came in at

`226.4cr, as per our estimate. We maintain our Neutral rating on the stock.

Y/E

Sales OPM

PAT

EPS ROE P/E P/BV EV/EBITDA EV/Sales

March

(` cr)

(%)

(` cr)

(`)

(%)

(x)

CY2015E

10,930

18.0

1,566

10.1

15.1

23.6

3.5

12.9

3.0

CY2016E

12,022

19.1

1,811

11.7

16.4

20.4

3.2

11.1

2.7

Subros (CMP: `79/ TP: /Upside: )

Subros Ltd 1QFY2016 results were below estimates due to weak operating

performance. Revenues grew marginally 3% yoy to `295.2cr missing our estimates

of `309cr. While the volume growth at 19% yoy was robust, a sharp 14% dip in

www.angelbroking.com

Market Outlook

July 28, 2015

the realization on account of price cuts (due to JPY depreciation) coupled with poor

product mix impacted the topline. Subros operating margins at 11.3% improved

90 bp yoy but the same were lower than our estimates of 12.6%. Impacted by

poor operating performance, Net Profit at `4cr missed our estimates of `7.9cr. We

currently have Neutral rating on the stock.

Y/E

Sales OPM

PAT

EPS ROE P/E P/BV EV/EBITDA EV/Sales

March

(` cr)

(%)

(` cr)

(`)

(%)

(x)

FY2016E

1,295

11.7

4.2

7.7

18.9

1.4

5.7

0.6

FY2017E

1,533

12.0

7.3

12.4

10.8

1.3

4.5

0.5

MRF (CMP: `39,018/ TP: `43,575/ Upside: 11.7%)

Note- The Board of Directors at the meeting have approved the extension of the

current financial year by six months thus extending the current financial year up to

31 March 2016.

For 3QFY2016, MRF reported splendid set of numbers. After disappointing in

2QFY2016, the top-line showed good recovery, growing by 6.1% on yoy basis to

`3,539cr. This is marginally higher than our estimate of `3,422cr. Raw material

cost declined significantly during the quarter mainly due to ongoing weakness in

natural rubber prices, which has corrected by ~10% in both domestic as well as

international markets in the past quarter. Raw material cost as a percentage of

sales declined by 889bp yoy to 54.9%. Employee and other expenses were stable

in 3QFY2016 increasing marginally by 38bp and 24bp yoy to 6.1% and 16.1% of

sales respectively. On the back of lower raw material cost, the EBITDA margin

expanded by whopping 827bp yoy to 22.9%, beating our estimate of 18.7%.

Aided by impressive operating performance and 60.1% yoy increase in other

income to `32cr, the net profit grew by 94.1% yoy to `447cr.

We have changed our numbers to 18 months for FY2016E to reflect the financial

year change. At the current market price, the stock is trading at PE of 11.6x for

FY2017E. We maintain our Accumulate rating on the stock with a revised target

price of `43,575 based on target PE of 13.0X for FY2017E.

Y/E

Sales OPM

PAT

EPS ROE P/E P/BV EV/EBITDA EV/Sales

Mar

(` cr)

(%)

(` cr)

(`)

(%)

(x)

FY2016E*

20,727

19.3

2,081

4,905.8 37.6

8.0

2.5

3.9

0.7

FY2017E

14,841

18.6

1,422

3,351.9 19.6 11.6

2.1

5.4

1.0

Note: *FY2016E numbers are for 18 months as the Financial Year has changed from SY2015 to FY2016

Result Preview

Maruti Suzuki Ltd (CMP: `4,195/ TP: /Upside: )

Maruti Suzuki Ltd is slated to announce its 1QFY2016 results today. Revenues are

estimated to grow a robust 18% yoy to `13,466 cr. Maruti’s volumes have grown

14% yoy during the quarter. We expect the realization/vehicle to grow 4% yoy to

`382,812 led by a better mix. Operating margins are likely to improve 450 bp yoy

led by weakness in the Japanese Yen leading to lower raw material costs and a

reduction in the discounting/vehicle on back of improved demand. EBIDTA is

estimated to grow strongly 64% yoy to `2,180 cr. Given the strong operating

www.angelbroking.com

Market Outlook

July 28, 2015

performance, we expect the Net Profit to grow 61% yoy to `1,228 cr. Currently, we

have Neutral view on the stock.

Y/E

Sales OPM

PAT

EPS ROE P/E P/BV EV/EBITDA EV/Sales

March

(` cr)

(%)

(` cr)

(`)

(%)

(x)

FY2016E

57,615

15.6

5,443

180.2

19.7

23.3

4.6

12.8

2.0

FY2017E

68,166

15.5

6,646

220.0

20.6

19.1

3.9

10.7

1.6

Quarterly Bloomberg Brokers Consensus Estimate

Maruti Suzuki India Ltd- July 28, 2015

Particulars (` cr)

1QFY16E

1QFY15

y-o-y (%)

4QFY15

q-o-q (%)

Net sales

13,420

11,074

21.2

13,273

1.1

EBITDA

2,130

1,328

60.4

2,164

(1.6)

EBITDA margin (%)

15.9

12.0

16.3

Net profit

1,269

762

66.5

1,284

(1.2)

Housing Development Finance Corp- July 28, 2015

Particulars (` cr)

1QFY16E

1QFY15

y-o-y (%)

4QFY15

q-o-q (%)

Net sales

2,154

6,447

(66.6)

7,448

(71.1)

EBITDA

1,874

6,234

(69.9)

7,241

(74.1)

EBITDA margin (%)

87.0

96.7

97.2

Net profit

1,365

1,345

1.5

1,862

(26.7)

Punjab National Bank- July 28, 2015

Particulars (` cr)

1QFY16E

1QFY15

y-o-y (%)

4QFY15

q-o-q (%)

PAT

872

1,405

(38.0)

307

184.3

Bank of India- July 28, 2015

Particulars (` cr)

1QFY16E

1QFY15

y-o-y (%)

4QFY15

q-o-q (%)

PAT

329

806

(59.1)

(56)

0.0

IDBI Bank Ltd- July 28, 2015

Particulars (` cr)

1QFY16E

1QFY15

y-o-y (%)

4QFY15

q-o-q (%)

PAT

150

105

43.3

546

(72.5)

Union Bank of India- July 28, 2015

Particulars (` cr)

1QFY16E

1QFY15

y-o-y (%)

4QFY15

q-o-q (%)

PAT

509

664

(23.3)

444

14.7

Yes Bank Ltd- July 29, 2015

Particulars (` cr)

1QFY16E

1QFY15

y-o-y (%)

4QFY15

q-o-q (%)

PAT

550

439

25.1

551

(0.2)

Nestle India Ltd- July 29, 2015

Particulars (` cr)

1QFY16E

1QFY15

y-o-y (%)

4QFY15

q-o-q (%)

Net sales

2,361

2,419

(2.4)

2,507

(5.8)

EBITDA

400

500

(20.1)

612

(34.7)

EBITDA margin (%)

16.9

20.7

24.4

Net profit

272

288

(5.6)

320

(15.2)

www.angelbroking.com

Market Outlook

July 28, 2015

Dabur India Ltd (Consol)- July 29, 2015

Particulars (` cr)

1QFY16E

1QFY15

y-o-y (%)

4QFY15

q-o-q (%)

Net sales

2,065

1,864

10.8

1,945

6.2

EBITDA

317

268

18.4

346

(8.2)

EBITDA margin (%)

15.4

14.4

17.8

Net profit

255

211

21.1

285

(10.3)

Godrej Consumer Products Ltd (Consol)- July 29, 2015

Particulars (` cr)

1QFY16E

1QFY15

y-o-y (%)

4QFY15

q-o-q (%)

Net sales

2,116

1,886

12.2

2,083

1.6

EBITDA

298

242

23.4

387

(22.9)

EBITDA margin (%)

14.1

12.8

18.6

Net profit

193

143

34.8

266

(27.2)

JSW Steel Ltd (Consol)- July 29, 2015

Particulars (` cr)

1QFY16E

1QFY15

y-o-y (%)

4QFY15

q-o-q (%)

Net sales

11,583

13,067

(11.4)

12,364

(6.3)

EBITDA

1,540

2,612

(41.0)

1,683

(8.4)

EBITDA margin (%)

13.3

20.0

13.6

Net profit

(98)

656

0.0

Vedanta- July 29, 2015

Particulars (` cr)

1QFY16E

1QFY15

y-o-y (%)

4QFY15

q-o-q (%)

Net sales

17,403

17,056

2.0

17,732

(1.9)

EBITDA

4,300

5,673

(24.2)

4,014

7.1

EBITDA margin (%)

24.7

33.3

22.6

Net profit

544

1,341

(59.5)

491

10.6

NHPC Ltd- July 29, 2015

Particulars (` cr)

1QFY16E

1QFY15

y-o-y (%)

4QFY15

q-o-q (%)

Net sales

2,168

2,034

6.6

1,450

49.5

EBITDA

1,467

1,317

11.3

872

68.2

EBITDA margin (%)

67.7

64.8

60.2

Net profit

763

616

23.9

645

18.4

Economic and Political News

 Third round of coal auction sees 31 bids

 Consumer confidence in India rises to 4-year high: Nielsen



83% rainfall in July; situation grim in central, southern India: IMD

Corporate News

 SAIL's special unit at Salem signs MoU with Butterfly Group

 Electrosteel lenders approve strategic debt restructuring

 Vedanta to produce zinc ore at Gamsberg mine from 2018

 Jwellery firm Rajesh Exports buys Valcambi for $400mn in cash

www.angelbroking.com

Market Outlook

July 28, 2015

Top Picks

Large Cap

Market Cap

CMP

Target

Upside

Company

Sector

Rating

(` Mn)

(`)

(%)

Axis Bank

Financials

1,32,024

Buy

556

716

28.8

ICICI Bank

Financials

1,69,033

Buy

291

392

34.6

Infosys

2,44,625

Buy

1,065

1,306

22.6

LIC Housing Fin.

Financials

24,247

Buy

480

553

15.1

Power Grid

Power

73,530

Buy

141

170

21.0

TCS

4,89,075

Buy

2,497

3,168

26.9

Tech Mahindra

49,913

Buy

519

646

24.5

Yes Bank

Financials

32,805

Buy

785

1,006

28.2

Ashok Leyland

Auto

23,052 Accumulate

8.6

MRF

Others

16,548 Accumulate

39,018

43,439

11.3

Source: Angel Research, Bloomberg

Mid Cap

Market

CMP

Target

Upside

Company

Sector

Rating

Cap (` Mn)

(`)

(%)

Action Const. Equip. Capital Goods

440

Buy

21.5

Bajaj Electricals

Others

2,736

Buy

271

341

25.7

Hindustan Media Ven. Media

1,738

Buy

237

292

23.3

JK Tyre

Auto Ancillary

2,331

Buy

103

127

23.6

MBL Infrastructures

Construction

1,169

Buy

564

789

39.9

Mangalam Cements Cement

720

Buy

270

349

29.3

MT Educare

Others

444

Buy

111

141

26.6

Radico Khaitan

Others

1,185

Buy

112

25.8

Setco Automotive

Auto Ancillary

620

Buy

232

286

23.2

Source: Angel Research, Bloomberg

www.angelbroking.com

Market Outlook

July 28, 2015

Result Calendar

Date

Company

Maruti, Thermax, Blue Star, HDFC, Punjab Natl.Bank, Bank of India, Union Bank, IDBI Bank, Syndicate Bank, Tide

July 28, 2015

Water Oil India

United Phosphorus, Yes Bank, Allahabad Bank, Nestle, Dabur India, Godrej Consumer, Mphasis, Sesa Goa, JSW Steel

July 29, 2015

, Essar Oil, NHPC

Exide Industries, Kotak Mah. Bank, Bank of Baroda, IDFC, Oriental Bank, Vijaya Bank, Dena Bank, ITC, Colgate,

July 30, 2015

Electrosteel Castings, Petronet LNG, Jyothy Laboratories, HSIL, L G Balakrishnan & Bros, Dr Reddy's, Glenmark

Pharma., Ipca labs, Indoco Remedies, NTPC

July 31, 2015

Suzlon Energy, ICICI Bank, Shriram Trans., Sun TV Network, GSK Pharma, Alembic Pharma, CESC

August 1, 2015

Transport Corporation of India

August 2, 2015

August 3, 2015

Hero Motocorp, Bharat Forge, BGR Energy , HCL Tech, Styrolution, Vesuvius India

August 4, 2015

Britannia, Hexaware, Sterling Tools

Tata Chemicals, Automotive Axle, Siemens, Ramco Cements, GlaxoSmith Con, Indraprasth Gas, ITD Cementation,

August 5, 2015

PTC India

August 6, 2015

Tata Global, Motherson Sumi, Cummins India, Bajaj Electrical

August 7, 2015

Tata Motors, M&M, Rural Elec.Corp., GSPL, Kirloskar Engines India Ltd

Source: Bloomberg, Angel Research

Global economic events release calendar

Date

Time

Country Event Description

Unit

Period

Bloomberg Data

Last Reported Estimated

July 28, 2015

2:00PM UK

GDP (YoY)

% Change

2Q A

2.90

2.60

7:30PM US

Consumer Confidence

S.A./ 1985=100

Jul

101.40

100.00

July 29, 2015

11:30PM US

FOMC rate decision

Jul 29

0.25

July 30, 2015

1:25PM Germany Unemployment change (000's)

Thousands

Jul

(1.00)

(5.50)

6:00PM US

GDP Qoq (Annualised)

% Change

2Q A

(0.20)

2.50

August 1, 2015

6:30AM China PMI Manufacturing

Value

Jul

50.20

August 3, 2015

2:00PM UK

PMI Manufacturing

Value

Jul

51.40

August 4, 2015

11:00AM India

RBI Reverse Repo rate

Aug 4

6.25

11:00AM India

RBI Repo rate

Aug 4

7.25

11:00AM India

RBI Cash Reserve ratio

Aug 4

4.00

August 6, 2015

4:30PM UK

BOE Announces rates

% Ratio

Aug 6

0.50

2:00PM UK

Industrial Production (YoY)

% Change

Jun

2.10

August 7, 2015

6:00PM US

Change in Nonfarm payrolls

Thousands

Jul

223.00

6:00PM US

Unnemployment rate

Jul

5.30

August 8, 2015

China

Exports YoY%

% Change

Jul

2.80

August 9, 2015

7:00AM China Consumer Price Index (YoY)

% Change

Jul

1.40

August 10, 2015

India

Imports YoY%

% Change

Jul

(13.40)

India

Exports YoY%

% Change

Jul

(15.80)

August 12, 2015

2:00PM UK

Jobless claims change

% Change

Jul

7.00

11:00AM China Industrial Production (YoY)

% Change

Jul

6.80

5:30PM India

Industrial Production YoY

% Change

Jun

2.70

Source: Bloomberg, Angel Research

Market Outlook

July 28, 2015

Macro watch

Exhibit 1: Quarterly GDP trends

Exhibit 2: IIP trends

(%)

9.0

8.4

6.0

5.2

4.8

5.0

8.0

7.5

3.6

3.4

7.0

4.0

2.8

2.7

6.7

2.6

2.5

6.6

3.0

7.0

6.3

6.4

2.0

0.9

6.0

0.5

1.0

5.0

4.7

5.0

4.5

(1.0)

4.0

(2.0)

(3.0)

3.0

(2.7)

(4.0)

Source: CSO, Angel Research

Source: MOSPI, Angel Research

Exhibit 3: Monthly CPI inflation trends

Exhibit 4: Manufacturing and services PMI

(%)

55.0

Mfg. PMI

Services PMI

8.0

7.4

54.0

6.8

7.0

53.0

5.6

5.4

6.0

5.2

5.3

4.9

5.0

52.0

4.6

5.0

4.3

51.0

4.0

3.3

50.0

3.0

2.0

49.0

1.0

48.0

47.0

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

Source: MOSPI, Angel Research

Exhibit 5: Exports and imports growth trends

Exhibit 6: Key policy rates

(%)

Exports yoy growth

Imports yoy growth

(%)

Repo rate

Reverse Repo rate

CRR

30.0

9.00

20.0

8.00

10.0

7.00

0.0

6.00

(10.0)

5.00

(20.0)

4.00

(30.0)

3.00

Source: Bloomberg, Angel Research

Source: RBI, Angel Research

www.angelbroking.com

Market Outlook

July 28, 2015

Global watch

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

(%)

8.0

7.0

5.6

6.0

5.3

4.7

5.0

4.0

3.0

2.7

3.0

2.4

2.1

2.0

1.1

0.7

1.0

(1.6)

(1.9)

(0.9)

(1.0)

(2.0)

(3.0)

Source: Bloomberg, Angel Research

Exhibit 2: 2015 GDP Growth projection by IMF (%, yoy) across select developing and developed countries

(%)

10.0

7.5

8.0

6.8

6.0

5.2

4.8

3.7

4.0

3.1

2.7

2.0

1.6

2.0

1.2

1.0

(1.0)

(3.8)

(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: Bloomberg, Angel Research

www.angelbroking.com

Market Outlook

July 28, 2015

Exhibit 4: Relative performance of indices across globe

Returns (%)

Country

Name of index

Closing price

1YR

Brazil

Bovespa

48,736

(9.5)

(12.5)

(15.1)

Russia

Micex

1,585

(2.9)

(5.5)

12.5

India

Nifty

8,361

(0.4)

1.8

9.7

China

Shanghai Composite

3,726

(14.7)

(21.0)

73.7

South Africa

Top 40

45,769

(3.2)

(5.5)

(1.3)

Mexico

Mexbol

43,714

(3.7)

(4.0)

(1.5)

Indonesia

LQ45

809

(6.2)

(14.7)

(8.9)

Malaysia

KLCI

1,710

(0.8)

(8.6)

(8.9)

Thailand

SET 50

926

(7.4)

(11.0)

(9.8)

USA

Dow Jones

17,441

(2.9)

(3.5)

2.7

FTSE

6,505

(4.4)

(8.0)

(4.4)

Japan

Nikkei

20,350

(3.3)

(0.2)

30.7

Germany

DAX

11,056

(3.6)

(6.4)

14.6

France

CAC

4,928

(2.3)

(6.5)

16.0

Source: Bloomberg, Angel Research

www.angelbroking.com

Market Outlook

July 28, 2015

Stock Watch

Company Name

Reco

CMP

Target

Mkt Cap

Sales ( Čcr )

OPM(%)

EPS (Č)

PER(x)

P/BV(x)

RoE(%)

EV/Sales(x)

(Č)

Price ( Č)

( Č cr )

FY16E FY17E

FY16E

FY17E

FY16E

FY17E

FY16E

FY17E

FY16E

FY17E

FY16E

FY17E

FY16E

FY17E

Agri / Agri Chemical

Rallis

Neutral

223

4,342

2,075

2,394

14.4

9.5

11.0

23.5

20.3

4.7

4.0

21.1

21.3

2.1

1.8

United Phosphorus

Neutral

536

22,967

13,698

15,752

17.6

32.1

38.5

16.7

13.9

3.3

2.7

21.4

21.3

1.8

1.5

Auto & Auto Ancillary

Ashok Leyland

Accumulate

23,052

17,094

19,726

9.5

10.7

2.7

4.2

30.0

19.3

4.1

3.8

13.9

19.8

1.3

1.1

Bajaj Auto

Neutral

2,508

72,565

23,842

27,264

19.8

19.6

128.4

144.4

19.5

17.4

6.0

5.1

30.5

29.5

2.6

2.3

Eicher Motors

Accumulate

19,348

21,843

52,515

11,681

15,550

15.3

16.9

358.5

564.3

54.0

34.3

16.2

12.1

29.8

34.9

4.4

3.3

Hero Motocorp

Neutral

2,606

52,032

29,771

34,219

13.0

13.5

142.3

165.2

18.3

15.8

6.6

5.7

36.3

35.8

1.6

1.4

L G Balakrishnan & Bros Accumulate

487

541

765

1,254

1,394

11.6

11.8

35.9

41.7

13.6

11.7

1.8

1.6

13.5

13.8

0.7

0.6

Mahindra and Mahindra Neutral

1,319

81,900

41,078

46,473

11.5

12.0

51.4

62.7

25.7

21.0

3.8

3.3

14.7

15.9

1.7

1.5

Maruti

Accumulate

4,176

4,399

126,159

57,615

68,166

15.6

15.5

180.2

220.0

23.2

19.0

4.6

3.9

19.7

20.6

2.0

1.6

Minda Industries

Buy

552

652

876

2,500

2,889

7.6

8.3

39.4

54.3

14.0

10.2

2.0

1.7

14.1

16.3

0.5

0.4

Rane Brake Lining

Accumulate

335

366

265

454

511

11.1

11.4

23.8

28.1

14.1

11.9

2.0

1.8

14.2

15.3

0.7

Setco Automotive

Buy

232

286

620

718

862

13.3

14.3

13.4

19.0

17.3

12.2

2.7

2.3

15.4

18.5

1.1

1.0

Tata Motors

Buy

378

489

109,021

260,543

278,575

13.3

13.7

31.7

38.0

11.9

9.9

1.4

1.2

12.2

13.0

0.6

TVS Motor

Accumulate

242

259

11,476

11,839

13,985

7.0

8.1

10.8

16.2

22.4

14.9

5.7

4.5

25.5

30.1

0.9

0.8

Amara Raja Batteries

Neutral

844

14,423

5,355

6,641

17.4

17.8

31.8

40.9

26.6

20.6

6.7

5.3

25.2

25.5

2.6

2.1

Exide Industries

Accumulate

145

164

12,287

7,919

9,028

13.9

14.4

7.3

8.6

19.8

16.8

2.7

2.4

13.8

14.4

1.3

1.2

Apollo Tyres

Neutral

191

9,738

12,866

13,892

15.7

15.4

20.1

19.9

9.5

9.6

1.5

1.3

15.8

13.6

0.8

Ceat

Buy

790

945

3,195

6,041

6,770

13.9

13.0

101.5

105.0

7.8

7.5

1.6

1.3

20.0

17.5

0.7

0.6

JK Tyres

Buy

103

127

2,331

7,774

8,456

13.3

12.9

17.3

18.1

5.9

5.7

1.4

1.1

22.8

19.7

0.6

Swaraj Engines

Accumulate

856

910

1,063

604

689

14.3

14.5

51.4

60.7

16.7

14.1

3.9

3.5

23.4

24.7

1.6

1.4

Subros

Neutral

471

1,295

1,533

11.7

12.0

4.2

7.3

18.7

10.8

1.4

1.3

7.7

12.4

0.7

0.5

Indag Rubber

Buy

193

247

507

283

329

17.0

17.2

13.0

15.4

14.9

12.5

3.3

2.7

21.8

21.6

1.5

1.2

Capital Goods

ACE

Buy

440

660

839

4.7

8.2

1.0

3.9

44.5

11.4

1.4

1.2

3.2

11.3

0.8

0.6

BEML

Accumulate

1,454

1,607

6,055

3,277

4,006

6.0

8.9

29.2

64.3

49.8

22.6

5.7

11.7

1.9

1.5

BGR Energy

Neutral

123

885

3,615

3,181

9.5

9.4

16.7

12.4

7.3

9.9

0.7

10.0

7.0

0.7

0.8

BHEL

Neutral

272

66,611

33,722

35,272

10.8

11.7

10.5

14.2

25.9

19.2

1.9

1.8

7.0

9.0

2.1

2.0

Blue Star

Buy

331

391

2,976

3,649

4,209

4.8

5.7

8.5

14.0

39.1

23.7

6.2

5.4

16.3

24.4

0.9

0.8

Crompton Greaves

Buy

179

220

11,231

15,252

16,870

5.4

5.6

7.9

10.7

22.7

16.8

2.8

2.4

12.0

15.0

0.8

0.7

Inox Wind

Buy

437

505

9,698

4,980

5,943

17.0

17.5

26.6

31.6

16.4

13.8

35.0

30.0

2.1

1.7

www.angelbroking.com

Market Outlook

July 28, 2015

Stock Watch

Company Name

Reco

CMP

Target

Mkt Cap

Sales ( Čcr )

OPM(%)

EPS (Č)

PER(x)

P/BV(x)

RoE(%)

EV/Sales(x)

(Č)

Price ( Č)

( Č cr )

FY16E

FY17E

FY16E

FY17E

FY16E

FY17E

FY16E

FY17E

FY16E

FY17E

FY16E

FY17E

FY16E

FY17E

Capital Goods

KEC International

Neutral

150

3,858

8,791

9,716

6.1

6.8

5.4

8.2

27.8

18.3

2.8

2.5

10.0

14.0

0.7

0.6

Thermax

Neutral

1,064

12,672

6,413

7,525

7.4

8.5

30.5

39.3

34.9

27.1

5.4

4.7

15.0

17.0

2.0

1.6

Cement

ACC

Accumulate

1,369

1,548

25,706

11,856

14,092

14.5

17.8

47.6

76.2

28.8

18.0

3.0

2.7

10.6

15.7

2.0

1.7

Ambuja Cements

Neutral

234

36,361

10,930

12,022

22.2

23.2

9.7

11.2

24.1

20.9

3.3

3.1

14.3

15.2

2.9

2.6

India Cements

Buy

132

2,553

4,716

5,133

14.9

15.8

1.0

4.5

83.1

18.5

0.9

0.8

1.0

4.5

0.9

0.8

JK Cement

Buy

616

778

4,303

4,061

4,748

16.2

17.7

24.5

42.9

25.1

14.4

2.4

2.2

10.0

15.9

1.5

1.3

J K Lakshmi Cement

Buy

321

443

3,779

3,004

3,618

17.6

19.9

13.9

27.2

23.1

11.8

2.6

2.3

11.8

20.5

1.7

1.3

Mangalam Cements

Buy

270

349

720

1,111

1,336

12.2

15.1

16.3

34.6

16.6

7.8

1.3

1.2

8.2

16.0

0.9

0.7

Orient Cement

Neutral

184

3,765

2,039

2,573

22.7

24.5

9.3

13.3

19.8

13.8

3.4

2.9

18.3

22.6

2.5

1.9

Ramco Cements

Neutral

362

8,620

4,036

4,545

20.8

21.3

15.1

18.8

24.0

19.3

2.9

2.6

12.9

14.3

2.6

2.3

Shree Cement^

Neutral

10,765

37,503

7,150

8,742

26.7

28.6

228.0

345.5

47.2

31.2

7.0

5.8

15.7

20.3

5.0

4.0

UltraTech Cement

Neutral

3,132

85,950

27,562

31,548

20.3

22.0

111.0

145.0

28.2

21.6

4.0

3.4

15.1

17.0

3.2

2.7

Construction

ITNL

Buy

147

211

3,618

7,589

8,021

34.0

35.9

16.0

19.0

9.2

7.7

0.6

0.5

6.5

6.7

3.6

3.8

KNR Constructions

Neutral

581

1,633

915

1,479

14.3

13.9

20.3

37.2

28.6

15.6

2.6

2.3

9.6

15.6

1.9

1.2

Larsen & Toubro

Buy

1,747

2,013

162,528

68,920

82,446

10.9

11.5

57.0

73.0

30.7

23.9

2.8

2.6

13.6

15.5

2.6

2.1

Gujarat Pipavav Port

Neutral

221

10,677

793

694

53.0

50.9

9.0

8.0

24.5

27.6

5.3

4.3

25.9

18.4

13.1

14.9

MBL Infrastructures

Buy

564

789

1,169

2,507

2,986

12.4

14.4

43.0

41.0

13.1

13.8

1.6

1.4

12.6

12.7

1.2

1.1

PNC Infratech

Accumulate

426

445

2,185

1,719

2,003

13.0

13.5

21.0

28.0

20.3

15.2

1.7

1.6

11.0

10.9

1.4

1.2

Financials

Allahabad Bank

Neutral

4,785

8,859

9,817

3.0

23.7

30.1

3.5

2.8

0.4

10.6

12.3

Axis Bank

Buy

556

716

132,024

26,522

31,625

3.6

36.2

45.4

15.4

12.2

3.0

2.6

18.2

19.6

Bank of Baroda

Neutral

152

33,637

18,934

21,374

2.0

13.2

15.1

11.5

10.1

0.9

0.8

7.1

7.7

Bank of India

Neutral

164

10,891

17,402

20,003

2.0

2.1

40.3

50.7

4.1

3.2

0.4

0.3

9.0

10.4

Canara Bank

Accumulate

268

297

13,802

15,805

17,745

2.0

2.2

64.3

73.5

4.2

3.7

0.5

0.4

10.8

11.3

Dena Bank

Neutral

2,407

3,580

4,040

2.1

2.2

8.4

10.9

5.1

3.9

0.4

6.8

8.4

Federal Bank

Neutral

11,738

3,522

4,045

3.2

12.2

14.1

5.6

4.9

0.7

0.6

12.9

13.4

HDFC

Neutral

1,335

210,486

11,198

13,321

3.5

45.1

53.7

29.6

24.9

6.1

5.5

27.2

28.2

HDFC Bank

Accumulate

1,095

1,255

275,105

38,629

47,500

4.5

4.7

52.6

66.4

20.8

16.5

3.8

3.2

19.6

21.2

ICICI Bank

Buy

291

392

169,033

36,037

41,647

3.5

3.6

22.9

26.7

12.7

10.9

2.1

1.9

15.7

15.9

IDBI Bank

Neutral

9,560

9,806

11,371

1.7

1.9

10.0

16.3

6.0

3.7

0.4

6.8

10.4

www.angelbroking.com

Market Outlook

July 28, 2015

Stock Watch

Company Name

Reco

CMP

Target

Mkt Cap

Sales ( Čcr )

OPM(%)

EPS (Č)

PER(x)

P/BV(x)

RoE(%)

EV/Sales(x)

(Č)

Price ( Č)

( Č cr )

FY16E FY17E

FY16E

FY17E

FY16E

FY17E

FY16E

FY17E

FY16E

FY17E

FY16E

FY17E

FY16E

FY17E

Financials

Indian Bank

Neutral

134

6,450

6,454

7,321

2.5

2.6

26.4

33.3

5.1

4.0

0.4

8.1

9.6

LIC Housing Finance

Buy

480

553

24,247

2,934

3,511

2.3

30.9

36.8

15.6

13.1

2.5

2.2

16.8

17.5

Oriental Bank

Neutral

161

4,834

7,930

8,852

2.5

51.8

57.1

3.1

2.8

0.4

0.3

9.3

9.5

Punjab Natl.Bank

Neutral

135

25,092

24,160

27,777

2.9

3.0

18.5

24.6

7.3

5.5

0.7

0.6

8.8

10.8

South Ind.Bank

Neutral

3,085

1,999

2,249

2.4

3.5

4.0

6.6

5.7

0.8

0.7

12.6

13.1

St Bk of India

Accumulate

259

297

196,003

86,900

100,550

3.1

22.1

27.7

11.7

9.4

1.5

1.3

12.7

14.3

Union Bank

Neutral

154

9,801

12,995

14,782

2.4

32.3

40.9

4.8

3.8

0.6

0.5

10.7

12.3

Vijaya Bank

Neutral

3,424

3,474

3,932

1.8

1.9

5.9

7.2

6.8

5.5

0.6

0.5

8.1

9.3

Yes Bank

Buy

785

1,006

32,805

7,006

8,825

3.1

3.3

61.4

77.1

12.8

10.2

2.4

2.0

20.1

21.3

FMCG

Asian Paints

Neutral

851

81,652

16,553

19,160

16.0

16.2

17.7

21.5

48.2

39.6

12.8

11.5

29.4

31.2

4.8

4.1

Britannia

Neutral

2,930

35,155

8,065

9,395

9.6

10.2

47.2

65.5

62.1

44.7

20.6

19.5

38.3

41.2

4.2

3.6

Colgate

Neutral

2,056

27,959

4,836

5,490

19.5

19.7

48.5

53.2

42.4

38.6

31.1

27.1

99.8

97.5

5.7

5.0

Dabur India

Neutral

296

52,046

9,370

10,265

17.1

17.2

7.3

8.1

40.4

36.6

12.2

9.9

33.7

30.6

5.5

5.0

GlaxoSmith Con*

Neutral

6,185

26,012

4,919

5,742

17.2

17.4

168.3

191.2

36.8

32.4

10.4

8.9

28.8

28.9

4.9

4.1

Godrej Consumer

Neutral

1,218

41,489

10,168

12,886

16.1

32.1

38.4

38.0

31.7

7.7

7.1

19.7

21.0

4.2

3.3

HUL

Neutral

901

194,895

34,940

38,957

17.5

17.7

20.8

24.7

43.3

36.5

48.2

38.5

110.5

114.2

5.4

4.8

ITC

Buy

312

409

249,783

41,068

45,068

37.8

37.4

13.9

15.9

22.4

19.6

7.5

6.6

34.1

33.8

5.7

5.2

Marico

Neutral

428

27,581

6,551

7,766

15.7

16.0

10.4

12.5

41.2

34.2

12.0

9.9

33.2

32.4

4.1

3.5

Nestle*

Accumulate

6,246

6,646

60,224

11,291

12,847

22.2

22.3

158.9

184.6

39.3

33.8

20.6

18.5

55.0

57.3

5.2

4.5

Tata Global

Buy

138

186

8,674

8,735

9,182

9.8

9.9

8.5

9.3

16.2

14.8

2.1

2.0

7.9

8.1

0.9

HCL Tech^

Buy

937

1,100

131,719

41,535

46,519

24.0

23.4

56.6

61.1

16.6

15.3

3.4

2.7

20.8

17.7

3.1

2.6

Infosys

Buy

1,065

1,306

244,625

60,250

66,999

28.0

58.3

63.7

18.3

16.7

3.8

3.3

20.9

19.7

3.4

2.9

TCS

Buy

2,497

3,168

489,075

108,420

123,559

28.8

28.7

127.2

143.9

19.6

17.4

7.8

7.3

39.9

41.8

4.1

3.6

Tech Mahindra

Buy

519

646

49,913

27,281

31,373

17.3

18.4

30.8

38.0

16.9

13.7

3.4

2.9

20.3

20.9

1.6

1.3

Wipro

Buy

561

753

138,599

54,050

61,617

23.7

23.8

39.4

44.1

14.2

12.7

2.8

2.6

19.9

18.8

2.2

1.7

Media

D B Corp

Accumulate

319

356

5,855

2,241

2,495

27.8

27.9

21.8

25.6

14.6

12.5

3.8

3.4

26.7

28.5

2.6

2.3

HT Media

Buy

129

2,054

2,495

2,703

13.5

13.6

9.4

10.7

9.4

8.3

1.0

0.9

10.4

10.6

0.4

0.2

Jagran Prakashan

Buy

134

156

4,387

1,939

2,122

26.0

8.3

9.2

16.2

14.6

2.8

2.5

17.5

17.1

2.2

2.0

Sun TV Network

Neutral

292

11,521

2,779

3,196

70.2

70.5

22.8

27.3

12.8

10.7

3.2

2.9

26.7

28.3

3.9

3.4

www.angelbroking.com

Market Outlook

July 28, 2015

Stock Watch

Company Name

Reco

CMP

Target

Mkt Cap

Sales ( Čcr )

OPM(%)

EPS (Č)

PER(x)

P/BV(x)

RoE(%)

EV/Sales(x)

(Č)

Price ( Č)

( Č cr )

FY16E FY17E

FY16E

FY17E

FY16E

FY17E

FY16E

FY17E

FY16E

FY17E

FY16E

FY17E

FY16E

FY17E

Media

Hindustan Media

Buy

237

292

1,738

920

1,031

20.0

19.2

20.9

12.3

11.3

2.0

1.7

16.4

15.3

1.4

1.3

Ventures

Metals & Mining

Coal India

Accumulate

424

450

267,782

77,595

89,628

22.9

24.4

27.6

30.0

15.4

14.1

6.6

33.9

33.2

2.7

2.4

Hind. Zinc

Neutral

164

69,147

15,546

16,821

47.5

49.0

19.7

20.3

8.3

8.1

1.4

1.2

17.2

16.6

2.2

1.7

Hindalco

Neutral

104

21,527

112,328

119,817

7.7

7.9

16.3

20.1

6.4

5.2

0.5

0.4

8.0

8.5

0.7

0.6

JSW Steel

Neutral

815

19,703

48,125

53,595

18.8

21.0

46.9

97.5

17.4

8.4

0.8

4.4

9.5

1.2

1.1

NMDC

Neutral

111

43,870

12,544

13,330

59.5

59.7

16.3

16.5

6.8

6.7

1.2

1.1

5.1

9.9

2.2

SAIL

Neutral

23,356

56,365

63,383

6.9

8.0

7.1

8.2

7.9

6.9

0.5

7.0

7.1

1.0

0.9

Vedanta

Neutral

129

38,096

81,842

88,430

30.6

32.8

20.2

25.7

6.4

5.0

0.5

0.4

7.5

8.5

0.8

0.6

Tata Steel

Neutral

251

24,416

136,805

149,228

11.3

11.9

26.4

36.8

9.5

6.8

0.8

0.7

6.0

8.0

0.7

Oil & Gas

Cairn India

Neutral

169

31,638

12,617

14,513

33.7

40.0

25.5

27.7

6.6

6.1

0.5

7.4

7.7

1.2

1.0

GAIL

Neutral

354

44,917

75,595

85,554

8.6

8.0

31.8

36.1

11.1

9.8

1.2

1.1

10.7

11.4

0.7

0.6

ONGC

Neutral

271

232,196

174,773

192,517

22.7

24.8

34.6

38.2

7.9

7.1

1.1

1.0

14.2

14.9

1.4

1.3

Petronet LNG

Neutral

190

14,220

45,759

49,386

3.7

4.0

12.6

14.9

15.1

12.7

2.3

2.0

16.1

16.7

0.4

0.3

Reliance Industries

Accumulate

1,006

1,100

325,647

339,083

384,014

7.8

9.5

75.7

94.5

13.3

10.6

1.3

10.7

12.2

1.3

1.2

Pharmaceuticals

Alembic Pharma

Neutral

740

13,945

2,405

2,859

19.9

20.4

17.7

22.0

41.8

33.6

12.0

9.1

32.6

30.9

5.8

4.8

Aurobindo Pharma

Accumulate

739

824

43,164

14,435

16,600

22.6

36.1

41.2

20.5

17.9

6.1

4.6

34.5

29.3

3.3

2.9

Aventis*

Neutral

3,782

8,710

2,156

2,455

15.1

16.8

109.7

133.9

34.5

28.2

4.7

3.9

18.4

22.5

3.7

3.1

Cadila Healthcare

Neutral

1,915

39,209

10,224

11,840

19.7

20.0

69.8

81.0

27.4

23.6

7.3

5.8

26.8

25.3

3.9

3.3

Cipla

Neutral

675

54,222

14,051

16,515

18.9

18.7

25.1

28.9

26.9

23.4

4.3

3.7

17.2

16.9

3.9

3.2

Dr Reddy's

Neutral

3,856

65,746

17,443

20,296

22.3

22.4

156.7

180.1

24.6

21.4

4.9

4.1

21.8

20.8

3.7

3.2

Dishman Pharma

Buy

181

254

1,462

1,716

1,888

20.2

16.3

21.6

11.1

8.4

1.0

0.9

9.7

11.7

1.0

0.8

GSK Pharma*

Neutral

3,383

28,657

2,818

3,044

18.9

56.2

58.6

60.2

57.7

17.1

18.5

27.1

30.7

9.7

9.0

Indoco Remedies

Neutral

360

3,318

1,088

1,262

18.2

13.1

15.5

27.5

23.2

5.4

4.5

21.2

21.1

3.1

2.7

Ipca labs

Accumulate

694

736

8,751

3,533

4,109

18.6

19.6

28.2

34.8

24.6

19.9

3.4

2.9

15.0

15.9

2.7

2.3

Lupin

Neutral

1,618

72,769

14,864

17,244

26.9

62.1

71.1

26.1

22.8

6.3

5.0

27.4

24.6

4.6

3.9

Sun Pharma

Buy

824

950

198,260

27,839

33,542

27.7

29.7

18.9

26.9

43.6

30.6

3.9

3.5

13.0

14.6

6.5

5.1

Power

Tata Power

Neutral

19,270

38,302

38,404

14.1

13.1

5.1

6.0

13.9

11.9

1.3

9.2

10.3

1.4

NTPC

Neutral

134

110,572

89,067

98,329

15.9

16.5

12.1

13.1

11.1

10.3

1.2

11.0

11.6

2.3

2.2

Power Grid

Buy

141

170

73,530

19,986

22,702

86.2

86.3

11.1

12.7

11.1

1.7

1.5

14.4

14.7

8.8

8.2

www.angelbroking.com

Market Outlook

July 28, 2015

Stock Watch

Company Name

Reco

CMP

Target

Mkt Cap

Sales ( Čcr )

OPM(%)

EPS (Č)

PER(x)

P/BV(x)

RoE(%)

EV/Sales(x)

(Č)

Price ( Č)

( Č cr )

FY16E FY17E

FY16E

FY17E

FY16E

FY17E

FY16E

FY17E

FY16E

FY17E

FY16E

FY17E

FY16E

FY17E

Telecom

Bharti Airtel

Neutral

418

167,011

101,748

109,191

32.1

31.7

12.0

12.5

34.8

33.4

2.4

2.3

6.9

6.7

2.3

2.1

Idea Cellular

Neutral

172

61,808

34,282

36,941

32.0

31.5

5.9

6.2

29.1

27.7

2.7

2.4

9.9

9.3

2.4

2.2

zOthers

Abbott India

Neutral

4,306

9,149

2,713

3,141

13.7

13.5

127.8

145.7

33.7

29.6

7.9

6.4

25.9

23.9

3.1

2.6

Bajaj Electricals

Buy

271

341

2,736

4,719

5,287

5.2

5.8

8.6

12.7

31.7

21.4

3.6

3.2

11.4

14.8

0.6

0.5

Finolex Cables

Neutral

253

3,872

2,728

3,036

10.8

11.0

14.4

16.8

17.6

15.1

2.7

2.3

15.2

15.3

1.2

1.0

Goodyear India*

Neutral

564

1,300

1,536

1,683

9.6

10.0

41.8

48.0

13.5

11.7

2.3

2.0

18.2

18.3

0.6

0.5

Hitachi

Neutral

1,484

4,035

1,801

2,051

8.9

9.3

31.0

38.8

47.8

38.3

10.3

8.2

23.9

23.8

2.3

2.0

Jyothy Laboratories

Neutral

307

5,564

1,620

1,847

11.5

7.3

8.5

42.2

36.3

5.5

5.1

13.3

14.4

3.3

2.8

MRF

Accumulate

39,018

43,439

16,548

13,524

14,440

18.6

18.2

2,999.2

3,102.8

13.0

12.6

2.9

2.4

24.7

20.5

1.2

1.1

Page Industries

Neutral

14,233

15,875

1,929

2,450

19.8

20.1

229.9

299.0

61.9

47.6

27.3

19.0

52.1

47.1

8.3

6.5

Relaxo Footwears

Neutral

591

7,088

1,767

2,152

12.3

12.5

19.3

25.1

30.7

23.6

7.5

5.8

27.7

27.8

4.1

3.3

Siyaram Silk Mills

Neutral

1,186

1,112

1,653

1,873

11.7

12.2

99.3

122.1

11.9

9.7

2.2

1.8

19.5

20.2

0.8

0.7

Styrolution ABS India*

Neutral

728

1,280

1,271

1,440

8.6

9.2

32.0

41.1

22.7

17.7

2.3

2.1

10.7

12.4

1.0

0.8

Tree House

Accumulate

407

433

1,723

259

324

56.8

17.0

21.7

23.9

18.8

2.4

2.2

10.1

11.5

6.6

5.4

TVS Srichakra

Neutral

2,448

1,874

2,112

2,389

11.9

12.1

168.5

202.5

14.5

12.1

5.0

3.8

39.6

35.5

1.0

0.8

HSIL

Buy

327

434

2,361

2,085

2,436

18.5

18.6

21.7

28.9

15.1

11.3

1.5

1.4

10.0

12.1

1.3

1.0

Kirloskar Engines India

Accumulate

284

298

4,101

2,779

3,314

10.3

11.9

12.0

17.5

23.7

16.2

2.9

2.6

12.5

16.7

1.1

0.9

Ltd

M M Forgings

Buy

670

783

808

586

671

22.3

22.9

53.4

65.2

12.5

10.3

2.7

2.2

24.1

23.5

1.5

1.3

Banco Products (India)

Neutral

110

790

1,196

1,370

9.7

11.8

9.4

14.3

11.8

7.8

1.2

1.1

10.4

14.5

0.6

0.5

Competent Automobiles Neutral

180

110

1,007

1,114

3.1

23.7

28.2

7.6

6.4

1.1

0.9

13.9

14.6

0.1

Nilkamal

Neutral

816

1,218

1,947

2,131

8.1

8.3

35.7

45.9

22.9

17.8

2.3

2.0

10.3

12.1

0.7

0.6

Visaka Industries

Accumulate

147

166

233

1,158

1,272

8.6

9.5

23.7

32.7

6.2

4.5

0.6

10.1

12.5

0.4

0.3

Transport Corporation of

Accumulate

258

293

1,949

2,830

3,350

8.8

9.0

14.4

18.3

17.9

14.1

2.8

2.4

15.4

17.1

0.8

0.7

India

Elecon Engineering

Neutral

917

1,452

1,596

13.7

14.7

4.2

6.2

20.3

13.5

1.6

1.5

8.1

11.2

0.9

0.8

Surya Roshni

Accumulate

136

152

596

2,992

3,223

8.4

8.7

15.2

19.3

8.9

7.1

0.9

0.8

10.1

11.5

0.5

MT Educare

Buy

111

141

444

275

355

18.3

17.3

7.4

8.8

15.1

12.6

3.0

2.7

20.2

21.1

1.5

1.1

Radico Khaitan

Buy

112

1,185

1,565

1,687

11.9

12.4

5.4

6.6

16.5

13.5

1.3

1.2

8.0

9.0

1.3

1.2

Garware Wall Ropes

Buy

313

390

684

875

983

10.4

10.6

23.1

27.8

13.5

11.2

1.9

1.7

14.1

14.8

0.8

0.7

Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on July 27, 2015

www.angelbroking.com

Market Outlook

July 28, 2015

Research Team Tel: 022 - 39357800

E-mail: [email protected]

Website: www.angelbroking.com

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