1
1
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Market Outlook
December 29, 2020
www.angelbroking.com
Market Cues
Indian markets are likely to open positive tracking global indices and SGX Nifty.
US stocks moved mostly higher during Monday's session. The advance on the day
lifted the major averages to new record closing highs. The Dow climbed 0.7 percent
to 30,404 and the Nasdaq rose 0.7 percent to 12,899.
U.K. stocks held steady on Thursday as speculation grew that a Brexit trade deal was
imminent. A stronger pound was keeping gains in check. The benchmark FTSE 100
inched up by 0.1 per cent to 6,501.
Indian shares posted fresh all-time closing highs on Monday as investors indulged in
some hectic buying almost across the board. Continued optimism
about coronavirus vaccines, and news about U.S. President Donald Trump signing a
coronavirus relief and government-spending package into law on Sunday
contributed to the buoyant mood in the market. The benchmark S&P BSE Sensex
rose by 0.8 percent to 47,354.
Stock Update
IPO: Bectors Food Specialities Reco: Book Profit CMP: `575
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
Sector
Rating
CMP
(`)
Target
(`)
Upside
(%)
Swaraj Engines
Others
Buy
1,399
1,891
35.2
IDFC First Bank
Bank
Buy
37
44
18.9
Persistent Systems
IT
Buy
1,474
1,677
13.8
JK Lakshmi Cement
Cement
Buy
337
422
25.3
More Top Picks on Pg3
Domestic Indices
Chg (%)
(Pts)
(Close)
BSE Sensex
0.8
380
47,354
Nifty
0.9
124
13,873
Mid Cap
0.8
147
17,823
Small Cap
1.5
263
17,939
Bankex
1.5
522
35,449
Global Indices
Chg (%)
(Pts)
(Close)
Dow Jones
0.7
204
30,404
Nasdaq
0.7
95
12,899
FTSE
0.1
6
6,501
Nikkei
0.7
197
26,854
Hang Seng
-0.3
-72
26,315
Shanghai Com
0.0
1
3,397
Advances / Declines
BSE
NSE
Advances
1972
1,375
Declines
1046
571
Unchanged
172
85
Volumes (` Cr)
BSE
5,945
NSE
58,060
Net Inflows (` Cr)
Net
Mtd
Ytd
FII
2,633
39,725
1,53,477
*MFs
-1652
-16240
-48349
Top Gainers
Price (₹)
Chg (%)
CESCVENTURE
346
20.0
PAISALO
624
19.6
FSL
109
18.8
BALMLAWRIE
135
16.4
PILANIINVS
2,829
12.5
Top Losers
Price (
`
)
Chg (%)
PGHL
6,927
-2.3
CASTROLIND
122
-2.2
HONAUT
37,349
-2.3
ITDC
331
-3.7
BSOFT
248
-2.6
As on Dec 28, 2020
3
2
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Market Outlook
December 29, 2020
www.angelbroking.com
Stock Update
IPO: Bectors Food Specialities Reco: Book Profit CMP: `575
We had given a subscribe rating to Mrs Bectors Food IPO, stock made a stellar
listing on the exchange by listing at 73.6% above its issue price and is currently
trading at double the issue price at the higher price band. Currently, stock is
trading at 55.7x PE on a trailing basis. We close our IPO call by recommending
investors to book profit.
Economic and Political News
Centre releases Rs 6,000 crore loan to states to meet GST shortfall
Govt lifts ban on onion export, permits trade of all varieties from Jan 1
Assam tables Bill to protect people from high-interest money lending firms
Corporate News
Tata trusts get tax tribunal clearance
Reliance Capital raises objection to PFL stake sale by Credit Suisse
LIC sells 2% stake in pvt lender ICICI Bank via open market transactions
Murugappa Group signs agreement for settling CG Power's dues, loan recast
3
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Market Outlook
December 29, 2020
www.angelbroking.com
Top Picks
Company
Market Cap
(` Cr)
CMP
(`)
Target
(`)
Upside
(%)
Rationale
Swaraj Engine
1,698
1,399
1,891
35.2
Swaraj Engines is engaged in the business of
manufacturing diesel engines and hi-tech engine
components. Diesel Engines are specifically
designed for tractor application. Going forward,
we expect recovery in the tractor industry (due to
robust Rabi crop production, hike in MSP & the
forecast of a normal monsoon) will benefit players
like Swaraj Engines.
IDFC First Bank
20,988
37
44
18.9
We believe efforts to built liability franchise, fresh
capital infusion and provision taken on wholesale
book will help to tide over this difficult time. The
IDFC First Bank is trading ( 0.7 x FY22ABV) at a
significant discount to historical average
valuations.
Persistent Systems
11,265
1,474
1,677
13.8
Company has won a large deal during the quarter
which will ramp up over the next few quarters. We
expect the company to post revenue/EBITDA/PAT
growth of 11.6%/21.4%/19.7% between FY20-
FY22 given negligible impact of Covid-19 on FY21
numbers strong deal wins, ramp up of existing
projects along with margins expansion.
JK Lakshmi Cement
3,964
337
422
25.3
JK Lakshmi is predominantly a north India cement
company with capacity of 13.3 Mn Mt. Currently,
north India is favorable location for the cement
industry as it is consolidated to a large extent as
well as demand and supply outlook is better
compared to other locations. It is also trading at a
significant discount compared to other north based
cement companies
Hawkins Cooker
3,069
5,801
6,776
16.8
Gaining market share with peer, strong demand
post Covid-19 and increase in penetration of
cooking gas to drive higher growth.
Metropolis
Healthcare
10,135
1,983
2,593
30.8
We are positive on the company given expected
long term growth rates of ~15% CAGR. Stable
margins profile and moderating competitive
intensity
Atul Ltd
19,080
6,433
7,339
14.1
Atul Ltd is one of India’s oldest and largest
specialty chemical companies with diversified
presence across various industries The company
has got one of the strongest chemistry skillets in the
Indian chemical space and has got a very strong
relationship with global chemical companies with
exports accounting for 55-60% of the company’s
revenues. The company's business has almost
normalized in Q2FY2021 with the company
posting 4.2% degrowth in revenues to Rs. `1,002
crore as compared to our expectation of a 10%
degrowth.. We expect the company to post
Revenue/EBIDTA/PAT growth of
10.3%/14.8%/11.8% between FY2020-2022 led
by growth in the life science division.
3
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Market Outlook
December 29, 2020
www.angelbroking.com
Continued....
Company
Market Cap
(` Cr)
CMP
(`)
Target
(`)
Upside
(%)
Rationale
Galaxy Surfactants
7,120
2,008
2,284
13.7
Galaxy Surfactants is a market leader in oleochemical-
based surfactants, which is used in personal and home
care products. The company has been increasing its share
of high margin specialty care products in it’s portfolio
which now accounts for ~ 40% of it’s revenues while the
balance is accounted for by the performance surfactant
business. The company has a very strong relationship with
MNC clients like Unilever, P&G, Henkel, Colgate-Palmolive
and supplies raw materials to them not only in India but
also in US, EU and MENA region.
Gujarat Gas
25,832
375
450
19.9
Strong Volume Growth – In Q2FY21 Volume stood at 9.85
MMSCMD, which is the highest volume by company in any
quarter, Volumes are even better than pre Covid levels. In
last 2 years strong volume CAGR of 20%. Industrial
Growth in Gujarat – 80% of overall volumes comes from
the Industrial sector. Industrial demand is very strong in
Morbi. Morbi ceramic to get further boost as strong
demand from USA as they have imposed 200%-300% of
import duty on Chinese ceramic. Company also ramping
up its capacity at Morbi to enable it to handle 8 MMSCMD
against current capacity of 5.9 MMSCMD. Margin to
sustain – Gujarat gas margins are highest in Q2FY21 at
29%.
Bhandan Bank
65,438
406
525
29.2
Bandhan bank is one of India’s leading east based micro
finance lending led bank. This places the bank at a
significant advantage over other MFIs in the form of very
low cost of funds. While Bandhan Bank started off as a MFI
it is diversifying its loan book. With the takeover of Gruh
Finance mortgages account for ~ 26% of the banks
lending books while commercial banking accounts for
~6.5% of the company's loan book. The company is
looking to diversify its loan book and geographical spread
over the next 5 years.
Whirlpool India
32,732
2,580
3,032
17.5
Whirlpool of India (WIL) is engaged in manufacturing and
selling of Refrigerators, Washing Machines, Air
Conditioners, Microwave Ovens, built in and Small
appliances and caters to both domestic and international
markets. WIL’s product portfolios presence in the lower
penetration category, which would lead to higher growth.
Further, increasing focus on emerging categories like water
purifier, AC and Kitchen Hoods & Hobs and feeling
product portfolio gap by launching products. Going
forward, we expect healthy profitability on the back of a
strong brand, wide distribution network, capacity
expansion & strengthening product portfolio.
Narayana
Hrudayalaya
9,102
445
500
12.3
Narayana Hrudayalaya is engaged in providing
economical healthcare services, specifically surgery related
to cardiac. Company having 21 hospitals with Operational
beds of 5920. Company major revenue comes from
Bangalore and Kolkata region with 38% and 28%
respectively.
NRB Bearings
960
99
118
19.1
NRB is one of the leading suppliers of bearings to Auto
companies. The company supplies bearings to two
wheelers, PV, CV, Three wheelers and tractors OEMs and
has a wide customer base. The company has also been
focusing on exports markets in order to diversify its
revenue base. The company has posted a good set of
numbers for Q2FY21 as revenues grew by 4.6% YoY while
PAT was up by 56% YoY. This was led by strong revival in
demand in the auto industry while exports also did well for
the company. With the Auto industry back on growth track
and exports also doing well for the company we expect the
company to do well going forward.
4
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Market Outlook
December 29, 2020
www.angelbroking.com
Macro watch
Exhibit 1: Quarterly GDP trends
Source: CSO, Angel Research
Exhibit 2: IIP trends
Source: MOSPI, Angel Research
Exhibit 3: Monthly WPI 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 05 Oct, 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
5.2
4.4
4.1
3.1
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
4QFY20
1QFY21
(%)
(1.4)
(4.3)
(4.0)
1.8
(0.1)
2.0
4.5
(18.3)
(57.6)
(33.9)
(15.8)
(10.4)
(70.0)
(60.0)
(50.0)
(40.0)
(30.0)
(20.0)
(10.0)
-
10.0
Aug-19
Sep-19
Oct-19
Nov-19
Dec-19
Jan-20
Feb-20
Mar-20
Apr-20
May-20
Jun-20
Jul-20
(%)
2.02
1.17
1.17
0.33
0
0.58
2.59
3.1
2.3
0.42
-3.21
-1.8
-0.6
0.2
-4
-3
-2
-1
0
1
2
3
4
Jun-19
Jul-19
Aug-19
Sep-19
Oct-19
Nov-19
Dec-19
Jan-20
Feb-20
Mar-20
Apr-20
May-20
Jun-20
Jul-20
Aug-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
May-20
Jun-20
Jul-20
Aug-20
Sep-20
Mfg. PMI
Services PMI
(70.0)
(60.0)
(50.0)
(40.0)
(30.0)
(20.0)
(10.0)
0.0
10.0
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
Jun-20
Jul-20
Aug-20
Exports yoy growth
Imports yoy growth
(%)
2
2.5
3
3.5
4
4.5
5
5.5
6
6.5
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
Jun-20
Jul-20
Aug-20
Sep-20
Repo rate
Reverse Repo rate
CRR
(%)
5
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Market Outlook
December 29, 2020
www.angelbroking.com
Global watch
Exhibit 1: Latest quarterly GDP Growth (%, yoy) across select developing and developed countries
Source: Bloomberg, Angel Research As of 05 Oct, 2020
Exhibit 2: 2017 GDP Growth projection by IMF (%, yoy) across select developing and developed countries
Source: IMF, Angel Research As of 05 Oct, 2020
Exhibit 3: One year forward P-E ratio across select developing and developed countries
Source: IMF, Angel Research As of 05 Oct, 2020
(0.3)
1.6
5.3
(6.8)
(0.5)
3.0
0.7
(1.8)
(1.6)
0.3
(1.9)
(5.0)
(0.6)
(8.0)
(6.0)
(4.0)
(2.0)
-
2.0
4.0
6.0
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
(%)
52.3
7.2
26.0
16.9
17.0
21.7
13.3
20.4
18.8
33.8
21.7
25.9
36.8
20.3
-
10.0
20.0
30.0
40.0
50.0
60.0
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
December 29, 2020
www.angelbroking.com
Exhibit 4: Relative performance of indices across globe
Returns (%)
Country
Name of index
Closing price
1M
3M
1YR
Brazil
Bovespa
94603
-7.4
-4.4
-9.1
Russia
Micex
2901
-2.5
2.4
7.1
India
Nifty
11416
-1.0
6.1
0.9
China
Shanghai Composite
3218
-5.5
-3.4
10.5
South Africa
Top 40
50159
-3.6
-5.2
1.2
Mexico
Mexbol
36626
-1.4
-3.3
-15.6
Indonesia
LQ45
761
-9.7
-1.8
-19.1
Malaysia
KLCI
1496
-1.3
-2.6
-3.9
Thailand
SET 50
788
-6.6
-13.6
-26.5
USA
Dow Jones
27963
-2.4
6.4
5.2
UK
FTSE
5877
0.3
-6.5
-20.1
Japan
Nikkei
23184
-0.3
2.1
6.5
Germany
DAX
12748
-1.5
0.1
4.0
France
CAC
4830
-2.2
-4.2
-13.7
Source: Bloomberg, Angel Research As of 05 Oct, 2020
7
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Market Outlook
December 29, 2020
www.angelbroking.com
Exhibit 7: Historical Angel Top Picks/Fundamental Calls
Date Added
Top Picks/Fundamental
Stocks
Reco Price
Target/Revised Price
Current Status
24-12-2020
Top Picks
Gujarat Gas
376
450
Open
24-12-2020
Top Picks
Whirlpool of India
2527
3027
Open
18-12-2020
Top Picks
NRB Bearings
100
118
Open
18-12-2020
Top Picks
Narayana Hrudalaya
419
500
Open
18-12-2020
Top Picks
Whirlpool of India
2165
2609
Open
11-12-2020
Top Picks
Bandhan Bank
429
525
Open
26-11-2020
Top Picks
Bandhan Bank
359
450
Open
25-11-2020
Top Picks
Gujarat Gas
339
397
Open
28-10-2020
Top Picks
Atul Ltd
6,072
7,339
Open
03-11-2020
Top Picks
Hind. Aeronautics
681
Closed(03/11/2020)
03-09-2020
Top Picks
Hind. Aeronautics
926
1,125
Open
28-09-2020
Top Picks
Chalet Hotel
143
Closed(28/09/2020)
28-08-2020
Top Picks
Chalet Hotel
165
200
Open
06-10-2020
Top Picks
Metropolis Healthcare
1,950
2,360
Open
28-08-2020
Top Picks
Metropolis Healthcare
1,832
2,156
Open
28-08-2020
Top Picks
Inox Leisure
304
350
Open
24-12-2020
Top Picks
Hawkins Cooker
5647
6776
Open
17-09-2020
Top Picks
Hawkins Cooker
5,211
5,992
Open
27-08-2020
Top Picks
Hawkins Cooker
4,918
5,682
Open
17-11-2020
Top Picks
VIP Industries
311
Closed(17/11/2020)
17-09-2020
Top Picks
VIP Industries
325
375
Open
27-08-2020
Top Picks
VIP Industries
303
348
Open
04-12-2020
Top Picks
JK Lakshmi Cement
363
422
Open
17-11-2020
Top Picks
JK Lakshmi Cement
342
391
Open
05-11-2020
Top Picks
JK Lakshmi Cement
292
355
Open
24-08-2020
Top Picks
JK Lakshmi Cement
287
328
Open
01-12-2020
Top Picks
Cholamandalam Inv & Fin Comp
360
453
Open
05-10-2020
Top Picks
Cholamandalam Inv & Fin Comp
307
332
Open
03-10-2020
Top Picks
Cholamandalam Inv & Fin Comp
257
290
Open
24-08-2020
Top Picks
Cholamandalam Inv & Fin Comp
232
280
Open
24-08-2020
Top Picks
Persistent Systems
1,040
1,149
Open
02-09-2020
Top Picks
Alembic Pharma
921
Closed(02/09/2020)
04-08-2020
Top Picks
Alembic Pharma
1,017
1,400
Open
28-09-2020
Top Picks
Persistent Systems
1,270
1,531
Open
25-08-2020
Top Picks
Persistent Systems
1,090
1,276
Open
29-07-2020
Top Picks
Persistent Systems
885
1,085
Open
30-10-2020
Top Picks
Zensar Technologies
179
Closed(30/10/2020)
17-09-2020
Top Picks
Zensar Technologies
194
234
Open
29-07-2020
Top Picks
Zensar Technologies
155
204
Open
24-08-2020
Top Picks
Swaraj Engines
1,645
1,891
Open
08-06-2020
Top Picks
Swaraj Engines
1290
1,665
Open
19-11-2020
Top Picks
Endurance Tech
1,036
Closed(19/11/2020)
24-08-2020
Top Picks
Endurance Tech
1,039
1,297
Open
08-06-2020
Top Picks
Endurance Tech
838
1015
Open
25-11-2020
Top Picks
IDFC First Bank
36
44
Open
11-11-2020
Top Picks
IDFC First Bank
33.2
40
Open
29-08-2020
Top Picks
IDFC First Bank
34
36
Open
08-06-2020
Top Picks
IDFC First Bank
25.6
32
Open
8
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Market Outlook
December 29, 2020
www.angelbroking.com
14-07-2020
Top Picks
Axis Bank
423
Closed(14/07/2020)
03-06-2020
Top Picks
Axis Bank
424
500
Open
21-07-2020
Top Picks
Bajaj Finance
3,255
Closed(21/07/2020)
24-06-2020
Top Picks
Bajaj Finance
3,027
3,550
Open
03-06-2020
Top Picks
Bajaj Finance
2,455
3,000
Open
03-08-2020
Top Picks
Escorts Ltd
1,110
Closed(03/08/2020)
01-06-2020
Top Picks
Escorts Ltd
970
1,150
Open
14-08-2020
Top Picks
HDFC Ltd
1,813
Closed(14/08/2020
01-06-2020
Top Picks
HDFC Ltd
1,756
1,950
Open
20-08-2020
Top Picks
Dr. Reddy Lab
4,483
Closed(20/08/2020)
30-06-2020
Top Picks
Dr. Reddy Lab
4,516
5,000
Open
28-05-2020
Top Picks
Dr. Reddy Lab
3,877
Open
27-05-2020
Top Picks
Dhanuka Agritech
573
Closed(27/05/2020)
16-05-2020
Top Picks
Dhanuka Agritech
482
589
Open
07-05-2020
Top Picks
Dhanuka Agritech
438
520
Open
31-08-2020
Top Picks
PI Industries
1,916
Closed(31/08/2020)
07-08-2020
Top Picks
PI Industries
1,947
2,416
Open
24-04-2020
Top Picks
PI Industries
1,507
2,087
Open
18-11-2020
Top Picks
Galaxy Surfactants
1,996
2,284
Open
05-11-2020
Top Picks
Galaxy Surfactants
1,773
2,075
Open
04-11-2020
Top Picks
Galaxy Surfactants
1,664
1,997
Open
13-08-2020
Top Picks
Galaxy Surfactants
1,751
Closed(13/08/2020)
07-07-2020
Top Picks
Galaxy Surfactants
1,576
1,800
Open
03-07-2020
Top Picks
Galaxy Surfactants
1,600
1,750
Open
24-04-2020
Top Picks
Galaxy Surfactants
1,394
1,610
Open
13-08-2020
Top Picks
Aarti Industries
1,012
Closed(13/08/2020)
05-07-2020
Top Picks
Aarti Industries
926
1,165
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
02-11-2020
Top Picks
Reliance Ind.
1,912
Closed(02/11/2020)
11-09-2020
Top Picks
Reliance Ind.
2,319
2,543
Open
11-07-2020
Top Picks
Reliance Ind.
1,878
2,277
Open
22-06-2020
Top Picks
Reliance Ind.
1,747
1,937
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
14-09-2020
Top Picks
Britannia Ind.
3,786
Closed(14/09/2020)
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
08-06-2020
Top Picks
Infosys
708
Closed on(08/06/2020)
16-04-2020
Top Picks
Infosys
625
841
Open
13-08-2020
Top Picks
L&T Infotech
2,504
Closed(13/08/2020)
22-07-2020
Top Picks
L&T Infotech
2,338
2,611
Open
08-07-2020
Fundamental
L&T Infotech
2,054
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)
9
www.angelbroking.com
Market Outlook
December 29, 2020
www.angelbroking.com
06-04-2020
Top Picks
Dr.Lal Path Labs
1,384
1,768
Open
12-08-2020
Top Picks
Ipca Labs
2,037
Closed(12/08/2020)
04-08-2020
Top Picks
Ipca Labs
1,987
2,400
Open
06-04-2020
Top Picks
Ipca Labs
1,332
1,900
Open
24-08-2020
Top Picks
Bharti Airtel
520
Closed(24/08/2020)
05-07-2020
Top Picks
Bharti Airtel
581
672
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
Source: Company, Angel Research
Exhibit 8: Historical Angel Top Picks/Fundamental Calls
Date Added
Top Picks/Fundamental
Stocks
Reco Price
Target/Revised Price
Current Status
08-06-2020
Top Picks
P&G Hygiene
10150
Closed on(08/06/2020)
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
08-06-2020
Top Picks
Nestle India
17,160
Closed on(08/06/2020)
09-04-2020
Top Picks
Nestle India
16,848
20,687
Open
30-03-2020
Top Picks
Nestle India
15,091
17,355
Open
08-07-2020
Top Picks
Hindustan Unilever
2,185
Closed on(08/07/2020
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
29-07-2020
Top Picks
Colgate Palmolive
1,413
Closed on(29/07/2020
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
13-07-2020
Top Picks
Avenue Supermart
2,232
Closed(13/07/2020)
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
28-07-2020
Top Picks
Larsen Toubro
914
Closed(28/07/2020)
01-06-2020
Top Picks
Larsen Toubro
951
1,093
Open
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
10
www.angelbroking.com
Market Outlook
December 29, 2020
www.angelbroking.com
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
Source: Company, Angel Research
Exhibit 9: Historical Angel Top Picks/Fundamental Calls
Date Added
Top Picks/Fundamental
Stocks
Reco Price
Target/Revised Price
Current Status
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
224
Closed(02/12/2019)
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
20-06-2018
Top Picks
Shriram Transport Finance Com
1,090
1,410
Open
20-06-2018
Top Picks
Shriram Transport Finance Com
1,156
1,410
Open
20-06-2018
Top Picks
Shriram Transport Finance Com
1,466
1,764
Open
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
11
www.angelbroking.com
Market Outlook
December 29, 2020
www.angelbroking.com
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
Source: Company, Angel Research
Exhibit 10: Historical Angel Top Picks/Fundamental Calls
Date Added
Top Picks/Fundamental
Stocks
Reco Price
Target/Revised Price
Current Status
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
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
12
www.angelbroking.com
Market Outlook
December 29, 2020
www.angelbroking.com
17-08-2018
Top Picks
Ashok Leyland
128
156
Open
07-03-2018
Fundamental
Ashok Leyland Ltd
139
163
Closed (26/04/2018)
Source: Company, Angel Research
13
www.angelbroking.com
Market Outlook
December 29, 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
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
17-08-2020
Top Picks
ICICI Bank
359
Closed(17/08/2020)
01-06-2020
Top Picks
ICICI Bank
342
410
Open
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
25-06-2020
Fundamental
CCL Products
242
Closed (25/06/2020)
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
14
www.angelbroking.com
Market Outlook
December 29, 2020
www.angelbroking.com
Source: Company, Angel Research
Exhibit 12: Historical Angel Top Picks/Fundamental Calls
Date Added
Top Picks/Fundamental
Stocks
Reco Price
Target/Revised Price
Current Status
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
30-06-2020
Fundamental
L&T Finance Holdings Ltd
65.5
Closed (30/6/2020)
03-05-2018
Fundamental
L&T Finance Holdings Ltd
171
210
Open
07-07-2017
Fundamental
L&T Finance Holdings Ltd
149
179
Closed (28/8/2017)
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
27-05-2020
Top Picks
Alkem Lab.
2,425
Closed (27/05/2020)
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
15
www.angelbroking.com
Market Outlook
December 29, 2020
www.angelbroking.com
Research Team Tel: 022 - 39357800 E-mail: [email protected] Website: www.angelbroking.com
DISCLAIMER:
Angel Broking Limited (hereinafter referred to as “Angel”) is a registered Member of National Stock Exchange of India Limited, Bombay
Stock Exchange Limited, Metropolitan Stock Exchange Limited, Multi Commodity Exchange of India Ltd and National Commodity &
Derivatives Exchange Ltd It is also registered as a Depository Participant with CDSL and Portfolio Manager and Investment Adviser with
SEBI. It also has registration with AMFI as a Mutual Fund Distributor. Angel Broking Limited is a registered entity with SEBI for Research
Analyst in terms of SEBI (Research Analyst) Regulations, 2014 vide registration number INH000000164. Angel or its associates has not
been debarred/ suspended by SEBI or any other regulatory authority for accessing /dealing in securities Market. Angel or its
associates/analyst has not received any compensation / managed or co-managed public offering of securities of the company covered
by Analyst during the past twelve months.
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