Market Outlook - Angel Backofficeweb.angelbackoffice.com/Research_ContentManagement/pdf_report... · Market Outlook September 29, 2016 ... Bangladesh government for setting up a 3,000

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Market Outlook September 29, 2016

Market Cues

Indian markets are likely to open on a positive note considering global cues.

The U.S. markets swung higher Wednesday after OPEC member countries reached a consensus to limit crude production and is considering cutting production to between 32.5 million to 33 million barrels a day. The S&P 500 index rose 0.5% while Dow Jones Industrial Average rose 0.6%, led by a 4.3% surge in the energy sector. The rally in crude is one of the driving forces, along with the bounce in Deutsche Bank. Despite the initial euphoria over OPEC’s move to tackle the supply glut, some analysts questioned how effective the measure will be given that the production cap exceeds OPEC’s average of about 30 million barrels a day.

After shaky start to the week, FTSE 100 rebounded, buoyed by a bounce in commodity-related stocks. The UK Index climbed 0.61%, due to sharp gains in the mining stocks such as Rio Tinto, BHP Billiton, Anglo American and Antofagasta. The boost came as nickel prices neared seven-month highs after the Philippines said to suspend 20 more mines.

After a flat opening, Indian markets staged recovery in noon trades and closed higher on renewed buying interest in blue chips particularly financials and auto. Recovery in European shares further bolstered trading sentiment during mid-session. Meanwhile, investors are keenly awaiting for the expiry of the September F&O series and roll over positions to the October series due tomorrow.

News Analysis Reliance Power to double capacity of thermal plants in UP and Maharashtra

Cipla aims to reach $1bn India sales through tie-ups Detailed analysis on Pg2

Investor’s Ready Reckoner

Key Domestic & Global Indicators

Stock Watch: Latest investment recommendations on 150+ stocks

Refer Pg5 onwards

Top Picks Company Sector Rating

CMP(`)

Target (`)

Upside (%)

Amara Raja Batteries Auto & Auto AncillaryAccumulate 1,026 1,174 14.4

HCL Tech IT Buy 796 1,000 25.7

Bharat Electronics Capital Goods Accumulate 1,281 1,414 10.4

Equitas Holdings Financials Buy 177 235 32.5

Navkar Corporation Others Buy 189 265 40.4More Top Picks on Pg3

Key Upcoming Events Date Region

Event Description

PreviousReading

Consensus Expectations

Sep 29 US Initial Jobless claims 252.0 260.0

Sep 29 US GDP QoQ (Annualised) 1.1 1.3

Sep 29 Germany Unemployment Change (000s) (7.0) (5.0)

Sep 29 Euro Zone Euro Zone Consumer Confidence (8.2) (8.2)

Sep 30 UK GDP (YoY) 2.2 2.2

Oct 01 UK PMI Manufacturing 53.3 --

Oct 03 China PMI Manufacturing 50.4 50.46.(

More Events on Pg4

Domestic Indices Chg (%) (Pts) (Close)

BSE Sensex 0.2 69 28,293

Nifty 0.4 39 8,745

Mid Cap 0.9 121 13,397

Small Cap 1.0 135 13,039

Bankex 0.7 164 22,456

Global Indices Chg (%) (Pts) (Close)

Dow Jones 0.6 111 18,339

Nasdaq 0.2 13 5,319

FTSE 0.6 42 6,849

Nikkei (1.3) (219) 16,465

Hang Seng 0.2 48 23,620

Shanghai Com (0.3) (10) 2,988

Advances / Declines BSE NSE

Advances 1,649 1,037

Declines 1,014 583

Unchanged 229 79

Volumes (` Cr)

BSE 2,933

NSE 21,604

Net Inflows (` Cr) Net Mtd Ytd

FII (144) 4,329 44,997

MFs 191 1,357 11,466s

Top Gainers Price (`) Chg (%)

Network18 49 12.9

Indianb 229 10.8

Idfc 68 7.3

Mrf 49,734 6.7

Jktyre 148 6.2

Top Losers Price (`) Chg (%)

Mphasis 521 (3.3)

Bajajelec 264 (3.1)

Piind 810 (2.6)

Shriramcit 2,184 (2.3)

Muthootfin 365 (2.1) As on September 28, 2016



News Analysis

Reliance Power to double capacity of thermal plants in UP and Maharashtra

Reliance Power will double capacity of Rosa power plant in Uttar Pradesh to 2,400 MW and Butibori power plant in Maharashtra to 1,200 MW. The company will also set up a solar PV plant of up to 400 MW capacity in coming years, and will look at future opportunities with caution.

The company has completed phase I of its `50,000cr capex and currently has an operating capacity of 6 GW. Company is also engaged in talks with Andhra Pradesh for a mutual consent to abandon its UMPP in the state to reduce its capex by `20,000cr. Company wants to replicate its success at Tilayia UMPP in Jharkhand which reduced its capex by `36,000cr. Reliance Power stopped developing Krishnapatnam UMPP after imported coal prices shot up in FY13. The company had bagged three UMPPs, of which it is operating the pithead-based Sasan UMPP in Madhya Pradesh. Reliance Power has signed an MoU with Bangladesh government for setting up a 3,000 MW gas-based power project. Company's revenue rose 53 % in FY16 while EBITDA was up 87 %, and PAT was up 32 %.

Cipla aims to reach $1bn India sales through tie-ups

Cipla, is setting its eyes on reaching a billion dollar sales mark, backed by new drug launches from its own research labs and a slew of partnerships with multinational and Indian drug firms. The MD of Cipla, told that he hoped the India sales to cross a billion dollar relatively soon.

Cipla has stepped up launch plans in areas like respiratory, dermatology, cardiovascular and urology, which will help speed up its India growth. Also, several Indian and multinational drug makers have shown interest in partnering for launch of several products in India hence company is expecting strong of 13-15% growth in India led by 8-10% growth in volumes.

In 2014, Cipla partnered with Merck to sell its HIV drug brand, Isentress, under a different brand name. The same year, Cipla signed a licensing agreement with Gilead, alongside a bunch of other Indian companies, to market Hepatitis C drug sofosbuvir.

Economic and Political News

India's sugar output to decline 7% in 2016-17

Cabinet clears `2,256cr project Saksham for GST integration

Govt likely to provide benefits to jute industry

Corporate News ING Group NV to sell stake in Kotak Mahindra Bank via block deal

Delta Corp may buy rummy website ace2three.com for $80-100 million

Airtel makes incoming calls on international roaming free, slashes data rates on some plans



Top Picks ★★★★★ Large Cap Company

Market Cap (` Cr)

CMP (`)

Target (`)

Upside (%)

Rationale

Amara Raja Batteries 17,533 1,026 1,174 14.4To outpace battery industry growth due to better technological products leading to market share gains in both the automotive OEM and replacement segments.

Bharat Electronics 30,743 1,281 1,414 10.4Uptick in defense capex by government when coupled with BELs strong market positioning, indicate that good times are ahead for BEL.

HCL Tech 1,12,233 796 1,000 25.7The stock is trading at attractive valuations and is factoring all the bad news.

Infosys 2,38,561 1,039 1,370 31.9Back on the growth trend, expect a long term growth of 14% to be a US$20bn in FY2020.

Source: Company, Angel Research

Mid Cap Company

Market Cap(` Cr)

CMP (`)

Target(`)

Upside (%)

Rationale

Bajaj Electricals 2,667 264 306 16.0Among the top 4 players in the consumer durables segment. Improved profitability backed by turn around in E&P segment. Strong order book lends earnings visibility.

Blue Star 5,232 549 578 5.3

Favourable outlook for the AC industry to augur well for Cooling products business which is out pacing the market growth. EMPPAC division's profitability to improve once operating environment turns around.

Dewan Housing Finance 8,704 298 325 9.0 With a focus on the low and medium income (LMI) consumersegment, the company has increased its presence in tier-II & III cities where the growth opportunity is immense.

Equitas Holdings 5,950 177 235 32.5

Strong loan growth backed by diversified loan portfolio and adequate CAR. ROE & ROA likely to remain decent as risk of dilution remains low. Attractive valuations considering growth.

Jagran Prakashan 6,218 190 225 18.3

Economic recovery to have favourable impact on advertising & circulation revenue growth. Further, the acquisition of a radio business (Radio City) would also boost the company's revenue growth.

Mahindra Lifespace 1,835 447 522 16.7Speedier execution and speedier sales, strong revenue visibilty in short-to-long run, attractive valuations

Navkar Corporation 2,692 189 265 40.4 Massive capacity expansion along with rail advantage at ICD as well CFS augurs well for the company

Siyaram Silk Mills 1,219 1,300 1,469 13.0Strong brands and distribution network would boost growth going ahead. Stock currently trades at an inexpensive valuation.

TV Today Network 1,804 302 363 20.0

Market leadership in Hindi news genre and no. 2 viewership ranking in English news genre, exit from the radio business, and anticipated growth in ad spends by corporates to benefit the stock.

Source: Company, Angel Research

Global economic events release calendar

Date Time Country Event Description Unit Period Bloomberg Data

Last Reported Estimated

Sep 29, 2016 6:00PM US Initial Jobless claims Thousands Sep 24 252.00 260.00

2:30PM Euro Zone Euro-Zone Consumer Confidence Value Sep F (8.20) (8.20)

6:00PM US GDP Qoq (Annualised) % Change 2Q T 1.10 1.30

1:25PM Germany Unemployment change (000's) Thousands Sep (7.00) (5.00)

Sep 30, 2016 2:00PM UK GDP (YoY) % Change 2Q F 2.20 2.20

Oct 1, 2016 2:00PM UK PMI Manufacturing Value Sep 53.30 --

Oct 3, 2016 6:30AM China PMI Manufacturing Value Sep 50.40 50.40

1:25PM Germany PMI Manufacturing Value Sep F 54.30 --

Oct 4, 2016 11:00AM India RBI Reverse Repo rate % Oct 4 6.00 --

11:00AM India RBI Repo rate % Oct 4 6.50 --

11:00AM India RBI Cash Reserve ratio % Oct 4 4.00 --

Oct 5, 2016 1:25PM Germany PMI Services Value Sep F 50.60 --

Oct 7, 2016 2:00PM UK Industrial Production (YoY) % Change Aug 2.10 --

6:00PM US Change in Nonfarm payrolls Thousands Sep 151.00 175.00

6:00PM US Unnemployment rate % Sep 4.90 4.90

Oct 10, 2016 India Imports YoY% % Change Sep (14.09) --

India Exports YoY% % Change Sep (0.30) --

Oct 12, 2016 China Exports YoY% % Change Sep (2.80) --

Oct 13, 2016 5:30PM India Industrial Production YoY % Change Aug (2.40) --

Oct 14, 2016 US Producer Price Index (mom) % Change Sep (0.30) --

12:00PM India Monthly Wholesale Prices YoY% % Change Sep 3.74 --

7:00AM China Consumer Price Index (YoY) % Change Sep 1.30 --

Oct 17, 2016 2:30PM Euro Zone Euro-Zone CPI (YoY) % Sep F 0.20 --

6:45PM US Industrial Production % Sep (0.43) --

Oct 18, 2016 6:00PM US Consumer price index (mom) % Change Sep 0.20 --

2:00PM UK CPI (YoY) % Change Sep 0.60 --

Source: Bloomberg, Angel Research

September 29, 2016

Market Outlook

Key Upcoming Events

h

1

Market Outlook

September 29, 2016

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Macro watch

Exhibit 1: Quarterly GDP trends

Source: CSO, Angel Research

Exhibit 2: IIP trends

Source: MOSPI, Angel Research

Exhibit 3: Monthly CPI inflation trends

Source: MOSPI, Angel Research

Exhibit 4: Manufacturing and services PMI

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

Exhibit 5: Exports and imports growth trends


Exhibit 6: Key policy rates

Source: RBI, Angel Research

7.8

6.4

5.8

7.5

8.3

6.6 6.7

7.5 7.6 7.2

7.9

7.1

3.0

4.0

5.0

6.0

7.0

8.0

9.0

2Q

FY14

3Q

FY14

4Q

FY14

1Q

FY15

2Q

FY15

3Q

FY15

4Q

FY15

1Q

FY16

2Q

FY16

3Q

FY16

4Q

FY16

1Q

FY17

(%)

3.7

9.9

(3.4)

(0.9)(1.6)

1.9

0.3

(1.3)

1.1 2.0

(2.4)

(6.0)

(4.0)

(2.0)

-

2.0

4.0

6.0

8.0

10.0

12.0

Se

p-1

5

Oc

t-1

5

No

v-1

5

Dec-1

5

Jan-1

6

Fe

b-1

6

Mar-

16

Ap

r-1

6

Ma

y-1

6

Jun-1

6

Jul-1

6

(%)

4.4 5.0

5.4 5.6 5.7 5.3

4.8

5.5 5.8 5.8

6.1

5.1

-

1.0

2.0

3.0

4.0

5.0

6.0

7.0

Se

p-1

5

Oct-

15

No

v-1

5

Dec

-15

Jan-1

6

Feb

-16

Ma

r-1

6

Ap

r-1

6

May

-16

Ju

n-1

6

Jul-1

6

Au

g-1

6

(%)

46.0

47.0

48.0

49.0

50.0

51.0

52.0

53.0

54.0

55.0

56.0

Jul-15

Aug-1

5

Sep-1

5

Oct

-15

Nov-

15

Dec-

15

Jan-1

6

Feb-1

6

Mar-

16

Apr-

16

May-

16

Jun-1

6

Jul-16

Aug-1

6

Mfg. PMI Services PMI

(35.0)

(30.0)

(25.0)

(20.0)

(15.0)

(10.0)

(5.0)

0.0

5.0

Sep-1

5

Oct

-15

Nov-

15

Dec-

15

Jan-1

6

Feb-1

6

Mar-

16

Apr-

16

May-

16

Jun-1

6

Jul-16

Aug-1

6

Exports yoy growth Imports yoy growth(%)

3.00

3.50

4.00

4.50

5.00

5.50

6.00

6.50

7.00

Nov-1

5

Nov-1

5

Dec-1

5

Dec-1

5

Dec-1

5

Jan

-16

Jan

-16

Feb

-16

Feb

-16

Mar-

16

Mar-

16

Apr-

16

Apr-

16

Ma

y-1

6

May

-16

Jun

-16

Jun

-16

Jun

-16

Jul-

16

Jul-

16

Au

g-1

6

Au

g-1

6

Se

p-1

6

Se

p-1

6

Repo rate Reverse Repo rate CRR (%)

h

2

Market Outlook

September 29, 2016


Global watch

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


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

Source: IMF, Angel Research

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

Source: IMF, Angel Research

(3.8)

(0.6)

5.3

6.7

0.6 5.2

4.0 3.5

2.2

1.2

3.1

1.4 0.8

(6.0)

(4.0)

(2.0)

-

2.0

4.0

6.0

8.0

Bra

zil

Russ

ia

India

Chin

a

South

Afr

ica

Indonesi

a

Mala

ysia

Thailand

UK

USA

Germ

any

Fra

nce

Japan

(%)

(3.8) (1.8)

7.5 6.5

0.6

4.9 4.4

3.0 1.9

2.4 1.5 1.1

0.5

(6.0)

(4.0)

(2.0)

-

2.0

4.0

6.0

8.0

10.0

Bra

zil

Russ

ia

India

Chin

a

South

Afr

ica

Indonesi

a

Mala

ysia

Thailand

UK

USA

Germ

any

Fra

nce

Japan

(%)

14.3

7.1

18.2

13.0

17.4

19.7

16.6

14.0

17.3

16.0

12.6

14.3

12.4

-

5.0

10.0

15.0

20.0

25.0

Bra

zil

Russia

Ind

ia

Ch

ina

So

uth

A

fric

a

Ind

onesi

a

Mala

ysia

Th

ailand

UK

US

A

Germ

an

y

Fra

nce

Jap

an

(x)

h

3

Market Outlook

September 29, 2016


Exhibit 4: Relative performance of indices across globe

Returns (%)

Country Name of index Closing price 1M 3M 1YR

Brazil Bovespa 59,356 2.8 16.4 30.9

Russia Micex 1,981 (0.3) 4.7 22.5

India Nifty 8,745 1.8 8.1 9.6

China Shanghai Composite 2,988 (2.4) 2.2 (5.1)

South Africa Top 40 45,234 (3.6) 0.3 2.2

Mexico Mexbol 48,047 1.4 5.7 12.7

Indonesia LQ45 940 2.3 13.1 27.6

Malaysia KLCI 1,665 (1.0) 1.5 (0.3)

Thailand SET 50 941 (4.2) 5.5 4.1

USA Dow Jones 18,339 (0.3) 5.3 12.6

UK FTSE 6,849 0.2 7.7 12.8

Japan Nikkei 16,684 (0.5) 10.1 (8.7)

Germany DAX 10,438 (1.0) 7.8 9.3

France CAC 4,432 0.2 4.6 (5.0)


Company Name Reco CMP Target Mkt Cap Sales ( ₹cr ) OPM(%) EPS (₹) PER(x) P/BV(x) RoE(%) EV/Sales(x)

( ₹ ) Price ( ₹) ( ₹ cr ) FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E

Agri / Agri Chemical

Rallis Neutral 224 - 4,350 1,937 2,164 13.3 14.3 9.0 11.0 24.9 20.3 4.3 3.8 18.4 19.8 2.3 2.0

United Phosphorus Neutral 684 - 34,661 15,176 17,604 18.5 18.5 37.4 44.6 18.3 15.3 3.6 3.0 21.4 21.2 2.4 2.0

Auto & Auto Ancillary

Ashok Leyland Buy 82 111 23,308 22,407 26,022 10.6 10.6 5.2 6.4 15.7 12.8 3.6 3.0 23.6 24.7 1.1 0.9

Bajaj Auto Neutral 2,914 - 84,319 25,093 27,891 19.5 19.2 143.9 162.5 20.3 17.9 5.7 4.9 30.3 29.4 3.1 2.7

Bharat Forge Neutral 944 - 21,975 7,726 8,713 20.5 21.2 35.3 42.7 26.7 22.1 4.9 4.5 18.9 20.1 2.9 2.5

Eicher Motors Neutral 25,787 - 70,039 16,583 20,447 17.5 18.0 598.0 745.2 43.1 34.6 14.7 11.2 41.2 38.3 4.1 3.2

Gabriel India Neutral 120 - 1,722 1,544 1,715 9.0 9.3 5.4 6.3 22.2 19.0 4.2 3.7 18.9 19.5 1.1 0.9

Hero Motocorp Neutral 3,450 - 68,901 31,253 35,198 15.3 15.0 172.3 192.1 20.0 18.0 7.3 6.3 38.9 37.0 2.1 1.8

Jamna Auto Industries Neutral 220 - 1,755 1,486 1,620 9.8 9.9 15.0 17.2 14.7 12.8 3.2 2.7 21.8 21.3 1.2 1.1

L G Balakrishnan & Bros Neutral 562 - 882 1,302 1,432 11.6 11.9 43.7 53.0 12.9 10.6 1.8 1.7 13.8 14.2 0.8 0.7

Mahindra and Mahindra Neutral 1,379 - 85,664 46,534 53,077 11.6 11.7 67.3 78.1 20.5 17.7 3.3 2.9 15.4 15.8 1.8 1.6

Maruti Neutral 5,521 - 166,769 69,186 82,217 14.7 14.4 198.5 241.4 27.8 22.9 5.4 4.4 20.2 20.0 2.1 1.7

Minda Industries Neutral 293 - 2,320 2,728 3,042 9.0 9.1 68.2 86.2 4.3 3.4 1.0 0.8 23.8 24.3 0.9 0.8

Motherson Sumi Neutral 316 - 44,389 45,896 53,687 7.8 8.3 13.0 16.1 24.3 19.6 7.8 6.2 34.7 35.4 1.0 0.9

Rane Brake Lining Neutral 1,244 - 985 511 562 11.3 11.5 28.1 30.9 44.3 40.3 6.8 6.1 15.3 15.0 2.1 1.9

Setco Automotive Neutral 43 - 574 741 837 13.0 13.0 15.2 17.0 2.8 2.5 0.5 0.4 15.8 16.3 1.2 1.1

Tata Motors Neutral 540 - 155,866 300,209 338,549 8.9 8.4 42.7 54.3 12.7 10.0 2.0 1.7 15.6 17.2 0.6 0.5

TVS Motor Neutral 352 - 16,709 13,390 15,948 6.9 7.1 12.8 16.5 27.6 21.3 6.9 5.4 26.3 27.2 1.3 1.1

Amara Raja Batteries Accumulate 1,026 1,174 17,533 5,429 6,471 17.5 17.6 35.3 43.5 29.1 23.6 6.7 5.4 25.3 24.8 3.1 2.5

Exide Industries Neutral 190 - 16,154 7,439 8,307 15.0 15.0 8.1 9.3 23.5 20.4 3.3 2.9 14.3 16.7 1.8 1.6

Apollo Tyres Neutral 220 - 11,221 12,877 14,504 14.3 13.9 21.4 23.0 10.3 9.6 1.6 1.4 16.4 15.2 1.0 1.0

Ceat Neutral 1,255 - 5,076 7,524 8,624 13.0 12.7 131.1 144.3 9.6 8.7 1.8 1.5 19.8 18.6 0.8 0.7

JK Tyres Neutral 148 - 3,367 7,455 8,056 15.0 15.0 21.8 24.5 6.8 6.1 1.4 1.2 22.8 21.3 0.6 0.5

Swaraj Engines Neutral 1,200 - 1,490 660 810 15.2 16.4 54.5 72.8 22.0 16.5 6.9 6.2 31.5 39.2 2.1 1.7

Subros Neutral 134 - 801 1,488 1,681 11.7 11.9 6.4 7.2 20.9 18.6 2.2 2.0 10.8 11.4 0.8 0.7

Indag Rubber Neutral 181 - 475 286 326 19.8 16.8 11.7 13.3 15.5 13.6 2.6 2.4 17.8 17.1 1.3 1.2

Capital Goods

ACE Neutral 46 - 458 709 814 4.1 4.6 1.4 2.1 33.0 22.0 1.4 1.3 4.4 6.0 0.8 0.7

BEML Buy 910 1,157 3,791 3,451 4,055 6.3 9.2 31.4 57.9 29.0 15.7 1.7 1.6 6.3 10.9 1.2 1.0

Bharat Electronics Accumulate 1,281 1,414 30,743 8,137 9,169 16.8 17.2 58.7 62.5 21.8 20.5 3.4 3.0 44.6 46.3 2.8 2.5


September 29, 2016

Stock Watch



Capital Goods

Voltas Accumulate 381 407 12,617 6,511 7,514 7.9 8.7 12.9 16.3 29.6 23.4 5.3 4.7 16.7 18.5 1.7 1.4

BGR Energy Neutral 116 - 840 16,567 33,848 6.0 5.6 7.8 5.9 14.9 19.7 0.9 0.8 4.7 4.2 0.2 0.1

BHEL Neutral 144 - 35,184 28,797 34,742 - 2.8 2.3 6.9 62.5 20.8 1.1 1.0 1.3 4.8 0.9 0.6

Blue Star Accumulate 549 578 5,232 4,351 5,024 6.4 7.1 17.2 20.6 32.0 26.6 20.8 17.3 23.1 24.1 1.2 1.1

Crompton Greaves Neutral 80 - 5,005 5,777 6,120 5.9 7.0 3.3 4.5 24.2 17.7 1.1 1.0 4.4 5.9 0.8 0.7

Greaves Cotton Neutral 131 - 3,206 1,755 1,881 16.8 16.9 7.8 8.5 16.8 15.5 3.4 3.1 20.6 20.9 1.5 1.4

Inox Wind Buy 206 286 4,565 5,605 6,267 15.7 16.4 24.8 30.0 8.3 6.9 2.3 1.7 25.9 24.4 0.9 0.7

KEC International Neutral 126 - 3,246 9,294 10,186 7.9 8.1 9.9 11.9 12.8 10.6 1.9 1.6 15.6 16.3 0.6 0.5

Thermax Neutral 860 - 10,247 5,421 5,940 7.3 7.3 25.7 30.2 33.5 28.5 4.1 3.7 12.2 13.1 1.8 1.6

VATech Wabag Buy 566 681 3,085 3,136 3,845 8.9 9.1 26.0 35.9 21.8 15.8 2.7 2.3 13.4 15.9 0.9 0.7

Cement

ACC Neutral 1,617 - 30,360 11,225 13,172 13.2 16.9 44.5 75.5 36.3 21.4 3.4 3.2 11.2 14.2 2.7 2.3

Ambuja Cements Neutral 261 - 51,726 9,350 10,979 18.2 22.5 5.8 9.5 44.9 27.4 3.8 3.4 10.2 12.5 5.5 4.7

India Cements Neutral 150 - 4,602 4,364 4,997 18.5 19.2 7.9 11.3 19.0 13.3 1.4 1.3 8.0 8.5 1.8 1.6

JK Cement Neutral 853 - 5,967 4,398 5,173 15.5 17.5 31.2 55.5 27.4 15.4 3.3 2.8 12.0 15.5 1.9 1.6

J K Lakshmi Cement Neutral 498 - 5,856 2,913 3,412 14.5 19.5 7.5 22.5 66.4 22.1 4.1 3.4 12.5 18.0 2.6 2.2

Orient Cement Neutral 211 - 4,316 2,114 2,558 18.5 20.5 8.1 11.3 26.0 18.6 3.8 3.2 9.0 14.0 2.7 2.1

UltraTech Cement Neutral 3,971 - 108,967 25,768 30,385 21.0 23.5 111.0 160.0 35.8 24.8 4.6 4.0 13.5 15.8 4.3 3.6

Construction

ITNL Neutral 103 - 3,385 8,946 10,017 31.0 31.6 8.1 9.1 12.7 11.3 0.5 0.5 4.2 5.0 3.7 3.4

KNR Constructions Neutral 767 - 2,156 1,385 1,673 14.7 14.0 41.2 48.5 18.6 15.8 3.5 3.0 14.9 15.2 1.6 1.4

Larsen & Toubro Buy 1,455 1,700 135,635 67,665 77,249 10.7 11.5 57.3 71.2 25.4 20.4 2.3 2.2 12.6 14.3 2.2 1.9

Gujarat Pipavav Port Neutral 176 - 8,523 705 788 52.2 51.7 5.0 5.6 35.3 31.5 3.5 3.1 11.2 11.2 11.7 10.0

Nagarjuna Const. Neutral 86 - 4,775 8,842 9,775 9.1 8.8 5.3 6.4 16.2 13.4 1.3 1.2 8.2 9.1 0.7 0.6

PNC Infratech Buy 121 143 3,096 2,350 2,904 13.1 13.2 9.0 8.8 13.4 13.7 0.5 0.4 15.9 13.9 1.4 1.2

Simplex Infra Neutral 336 - 1,662 6,829 7,954 10.5 10.5 31.4 37.4 10.7 9.0 1.1 1.0 9.9 13.4 0.7 0.6

Power Mech Projects Neutral 490 - 721 1,801 2,219 12.7 14.6 72.1 113.9 6.8 4.3 1.3 1.1 16.8 11.9 0.4 0.3

Sadbhav Engineering Neutral 284 - 4,872 3,598 4,140 10.3 10.6 9.0 11.9 31.6 23.9 3.3 2.9 9.9 11.9 1.6 1.4

NBCC Neutral 258 - 15,489 7,428 9,549 7.9 8.6 8.2 11.0 31.5 23.5 1.6 1.2 28.2 28.7 1.8 1.3

MEP Infra Neutral 44 - 711 1,877 1,943 30.6 29.8 3.0 4.2 14.6 10.4 7.1 4.8 0.6 0.6 1.8 1.6

SIPL Neutral 108 - 3,811 1,036 1,252 65.5 66.2 (8.4) (5.6) 4.1 4.6 (22.8) (15.9) 11.9 9.9


September 29, 2016

Stock Watch



Construction

Engineers India Neutral 257 - 8,647 1,725 1,935 16.0 19.1 11.4 13.9 22.5 18.5 3.1 3.0 13.4 15.3 3.9 3.5

Financials

Axis Bank Neutral 549 - 131,069 58,081 66,459 3.5 3.5 32.4 44.6 17.0 12.3 2.2 1.9 13.6 16.5 - -

Bank of Baroda Neutral 169 - 38,825 19,980 23,178 1.8 1.8 11.5 17.3 14.7 9.7 1.7 1.4 8.3 10.1 - -

Canara Bank Neutral 313 - 16,968 15,225 16,836 1.8 1.8 14.5 28.0 21.6 11.2 1.5 1.2 5.8 8.5 - -

Dewan Housing Finance Accumulate 298 325 8,704 2,225 2,688 2.9 2.9 29.7 34.6 10.0 8.6 1.6 1.4 16.1 16.8 - -

Equitas Holdings Buy 177 235 5,950 939 1,281 11.7 11.5 5.8 8.2 30.6 21.6 2.6 2.4 10.9 11.5 - -

Federal Bank Neutral 76 - 12,972 9,353 10,623 2.9 2.9 4.4 5.8 17.2 13.0 1.6 1.5 9.5 11.0 - -

HDFC Neutral 1,423 - 224,963 11,475 13,450 3.4 3.4 45.3 52.5 31.4 27.1 6.1 5.4 20.2 20.5 - -

HDFC Bank Neutral 1,295 - 327,860 46,097 55,433 4.5 4.5 58.4 68.0 22.2 19.0 3.9 3.3 18.8 18.6 - -

ICICI Bank Neutral 261 - 151,705 39,029 45,903 3.3 3.3 16.7 16.3 15.6 16.0 1.9 1.8 10.1 12.4 - -

LIC Housing Finance Neutral 588 - 29,677 3,712 4,293 2.6 2.5 39.0 46.0 15.1 12.8 2.8 2.4 19.9 20.1 - -

Punjab Natl.Bank Neutral 146 - 31,164 23,532 23,595 2.3 2.4 6.8 12.6 21.5 11.6 3.3 2.4 3.3 6.5 - -

RBL Bank Accumulate 298 325 11,004 1,783 2,309 2.6 2.6 12.7 16.4 23.4 18.1 2.6 2.3 12.8 13.3 - -

South Ind.Bank Neutral 23 - 3,072 6,435 7,578 2.5 2.5 2.7 3.1 8.4 7.3 1.1 0.9 10.1 11.2 - -

St Bk of India Neutral 254 - 196,786 88,650 98,335 2.6 2.6 13.5 18.8 18.8 13.5 1.8 1.6 7.0 8.5 - -

Union Bank Neutral 146 - 10,009 13,450 14,925 2.3 2.3 25.5 34.5 5.7 4.2 0.8 0.7 7.5 10.2 - -

Yes Bank Neutral 1,269 - 53,404 8,978 11,281 3.3 3.4 74.0 90.0 17.1 14.1 3.3 2.8 17.0 17.2 - -

FMCG

Asian Paints Neutral 1,194 - 114,543 17,128 18,978 16.8 16.4 19.1 20.7 62.5 57.7 21.8 20.5 34.8 35.5 6.6 6.0

Britannia Neutral 3,412 - 40,938 9,795 11,040 14.6 14.9 80.3 94.0 42.5 36.3 17.5 13.5 41.2 - 4.0 3.5

Colgate Neutral 975 - 26,531 4,605 5,149 23.4 23.4 23.8 26.9 41.0 36.3 22.7 17.7 64.8 66.8 5.7 5.1

Dabur India Neutral 277 - 48,799 8,315 9,405 19.8 20.7 8.1 9.2 34.3 30.2 9.5 7.9 31.6 31.0 5.5 4.9

GlaxoSmith Con* Neutral 6,085 - 25,590 4,350 4,823 21.2 21.4 179.2 196.5 34.0 31.0 9.0 7.6 27.1 26.8 5.3 4.7

Godrej Consumer Neutral 1,600 - 54,482 10,235 11,428 18.4 18.6 41.1 44.2 38.9 36.2 8.6 7.3 24.9 24.8 5.4 4.8

HUL Neutral 887 - 192,012 35,252 38,495 17.6 17.4 20.4 21.9 43.4 40.5 35.7 31.3 82.2 77.3 5.3 4.8

ITC Accumulate 247 283 298,209 40,059 44,439 39.0 39.2 9.1 10.1 27.2 24.5 7.4 6.5 27.2 26.5 6.9 6.2

Marico Neutral 284 - 36,699 6,430 7,349 18.8 19.5 6.4 7.7 44.5 36.9 13.4 11.3 33.2 32.5 5.5 4.8

Nestle* Neutral 6,450 - 62,191 10,073 11,807 20.7 21.5 124.8 154.2 51.7 41.8 21.2 19.1 34.8 36.7 6.0 5.1

Tata Global Neutral 147 - 9,262 8,675 9,088 9.8 9.8 7.4 8.2 19.8 17.9 2.3 2.2 7.9 8.1 1.0 0.9Procter & Gamble Hygiene Accumulate 6,851 7,369 22,238 2,939 3,342 23.2 23.0 146.2 163.7 46.9 41.9 104.9 100.6 25.3 23.5 7.1 6.2


September 29, 2016

Stock Watch



IT

HCL Tech^ Buy 796 1,000 112,233 49,242 57,168 20.5 20.5 55.7 64.1 14.3 12.4 2.9 2.2 20.3 17.9 2.1 1.7

Infosys Buy 1,039 1,370 238,561 69,934 79,025 27.5 27.5 64.8 72.0 16.0 14.4 3.5 3.2 22.0 22.3 2.9 2.5

TCS Buy 2,423 3,004 477,523 121,684 136,286 27.3 27.3 135.0 150.1 18.0 16.2 6.0 5.5 33.2 33.9 3.7 3.2

Tech Mahindra Buy 441 700 42,764 30,347 33,685 17.0 17.0 37.5 41.3 11.8 10.7 2.6 2.2 21.8 20.7 1.1 1.0

Wipro Buy 483 680 117,501 51,631 55,822 21.7 17.9 35.9 36.9 13.5 13.1 2.8 2.6 19.0 18.1 2.0 1.8

Media

D B Corp Neutral 399 - 7,339 2,297 2,590 27.4 28.2 21.0 23.4 19.0 17.1 4.4 3.8 23.7 23.1 3.0 2.6

HT Media Neutral 82 - 1,917 2,693 2,991 12.6 12.9 7.9 9.0 10.4 9.2 0.9 0.8 7.8 8.3 0.3 0.2

Jagran Prakashan Buy 190 225 6,218 2,355 2,635 28.0 28.0 10.8 12.5 17.6 15.2 3.8 3.3 21.7 21.7 2.7 2.3

Sun TV Network Neutral 503 - 19,832 2,850 3,265 70.1 71.0 26.2 30.4 19.2 16.6 4.9 4.3 24.3 25.6 6.6 5.6Hindustan Media Ventures Neutral 287 - 2,106 1,016 1,138 24.3 25.2 27.3 30.1 10.5 9.5 2.0 1.8 16.2 15.8 1.4 1.2

TV Today Network Buy 302 363 1,804 637 743 27.5 27.5 18.4 21.4 16.5 14.2 2.9 2.4 17.4 17.2 2.4 2.0

Metals & Mining

Coal India Neutral 329 - 207,619 84,638 94,297 21.4 22.3 24.5 27.1 13.4 12.1 5.6 5.3 42.6 46.0 2.0 1.8

Hind. Zinc Neutral 230 - 97,225 14,252 18,465 55.9 48.3 15.8 21.5 14.6 10.7 2.4 2.1 17.0 20.7 6.8 5.3

Hindalco Neutral 156 - 32,234 107,899 112,095 7.4 8.2 9.2 13.0 17.0 12.0 0.8 0.8 4.8 6.6 0.8 0.8

JSW Steel Neutral 1,775 - 42,915 53,201 58,779 16.1 16.2 130.6 153.7 13.6 11.6 1.8 1.6 14.0 14.4 1.6 1.4

NMDC Neutral 110 - 43,552 6,643 7,284 44.4 47.7 7.1 7.7 15.5 14.3 1.3 1.3 8.8 9.2 4.3 3.9

SAIL Neutral 49 - 20,134 47,528 53,738 (0.7) 2.1 (1.9) 2.6 18.8 0.5 0.5 (1.6) 3.9 1.3 1.2

Vedanta Neutral 175 - 51,823 71,744 81,944 19.2 21.7 13.4 20.1 13.0 8.7 1.1 1.0 8.4 11.3 1.1 0.8

Tata Steel Neutral 380 - 36,887 121,374 121,856 7.2 8.4 18.6 34.3 20.4 11.1 1.3 1.2 6.1 10.1 0.9 0.9

Oil & Gas

Cairn India Neutral 201 - 37,732 9,127 10,632 4.3 20.6 8.8 11.7 22.9 17.2 0.7 0.7 3.3 4.2 5.6 4.6

GAIL Neutral 375 - 47,555 56,220 65,198 9.3 10.1 27.1 33.3 13.8 11.3 1.3 1.2 9.3 10.7 1.0 0.9

ONGC Neutral 252 - 215,256 137,222 152,563 15.0 21.8 19.5 24.1 12.9 10.4 1.1 1.0 8.5 10.1 1.9 1.7

Indian Oil Corp Neutral 592 - 143,674 373,359 428,656 5.9 5.5 54.0 59.3 11.0 10.0 1.7 1.5 16.0 15.6 0.5 0.5

Reliance Industries Neutral 1,090 - 353,329 301,963 358,039 12.1 12.6 87.7 101.7 12.4 10.7 1.3 1.2 10.7 11.3 1.6 1.4

Pharmaceuticals

Alembic Pharma Neutral 674 - 12,699 3,483 4,083 20.2 21.4 24.3 30.4 27.7 22.2 6.3 5.0 25.5 25.3 3.6 3.0

Aurobindo Pharma Neutral 868 - 50,807 15,720 18,078 23.7 23.7 41.4 47.3 21.0 18.4 5.5 4.3 29.6 26.1 3.5 3.0

Sanofi India* Neutral 4,230 - 9,742 2,357 2,692 17.3 17.3 153.5 169.2 27.6 25.0 4.7 3.8 25.8 28.4 3.8 3.1

Cadila Healthcare Neutral 398 - 40,771 11,126 13,148 22.0 22.0 17.1 20.0 23.3 19.9 6.0 4.8 28.8 26.6 3.7 3.0

Cipla Sell 605 490 48,640 15,378 18,089 17.4 18.4 21.6 27.2 28.0 22.3 3.6 3.2 13.7 15.2 3.4 2.8


September 29, 2016

Stock Watch



Pharmaceuticals

Dr Reddy's Neutral 3,205 - 53,104 16,043 18,119 23.1 24.7 126.0 157.8 25.4 20.3 3.8 3.2 15.7 17.1 3.3 2.9

Dishman Pharma Sell 238 45 3,841 1,718 1,890 22.7 22.8 9.5 11.3 25.1 21.1 2.4 2.2 10.1 10.9 2.7 2.4

GSK Pharma* Neutral 2,830 - 23,970 3,528 3,811 16.6 18.8 51.8 59.4 54.6 47.6 14.6 14.6 26.3 30.6 6.6 6.1

Indoco Remedies Sell 331 225 3,047 1,112 1,289 18.2 18.2 13.2 15.6 25.1 21.2 4.5 3.8 19.2 19.2 2.9 2.5

Ipca labs Neutral 610 - 7,695 3,303 3,799 15.3 15.3 17.3 19.7 35.3 31.0 3.1 2.8 9.1 9.4 2.5 2.1

Lupin Buy 1,517 1,809 68,372 15,912 18,644 26.4 26.7 58.1 69.3 26.1 21.9 5.1 4.2 21.4 20.9 4.4 3.6

Sun Pharma Buy 766 944 184,461 31,129 35,258 30.0 30.9 28.0 32.8 27.4 23.4 4.2 3.5 18.7 18.9 5.5 4.7

Power

Tata Power Neutral 76 - 20,582 36,916 39,557 17.4 27.1 5.1 6.3 14.9 12.1 1.3 1.2 9.0 10.3 1.6 1.4

NTPC Neutral 153 - 125,826 86,605 95,545 17.5 20.8 11.8 13.4 12.9 11.4 1.3 1.2 10.5 11.1 2.8 2.8

Power Grid Neutral 178 - 93,279 25,763 29,762 74.3 73.1 14.8 17.3 12.1 10.3 1.9 1.7 16.9 17.5 7.9 7.5

Real Estate

MLIFE Buy 447 522 1,835 1,152 1,300 22.7 24.6 29.9 35.8 15.0 12.5 1.1 1.0 7.6 8.6 2.3 1.9

Telecom

Bharti Airtel Neutral 322 - 128,896 105,086 114,808 34.5 34.7 12.2 16.4 26.4 19.7 1.8 1.7 6.8 8.4 2.1 1.9

Idea Cellular Neutral 83 - 29,707 40,133 43,731 37.2 37.1 6.4 6.5 12.9 12.7 1.1 1.0 8.2 7.6 1.8 1.5

zOthers

Abbott India Neutral 4,721 - 10,031 3,153 3,583 14.1 14.4 152.2 182.7 31.0 25.8 152.3 130.0 25.6 26.1 2.9 2.5

Bajaj Electricals Buy 264 306 2,667 5,099 5,805 5.6 5.9 11.4 14.6 23.2 18.1 3.1 2.8 13.4 15.1 0.5 0.5

Finolex Cables Neutral 439 - 6,709 2,883 3,115 12.0 12.1 14.2 18.6 30.9 23.6 16.4 14.4 15.8 14.6 2.0 1.8

Goodyear India* Neutral 659 - 1,519 1,598 1,704 10.4 10.2 49.4 52.6 13.3 12.5 61.6 54.0 18.2 17.0 0.6 87.1

Hitachi Neutral 1,604 - 4,362 2,081 2,433 8.8 8.9 33.4 39.9 48.0 40.2 38.8 32.3 22.1 21.4 2.1 1.8

Jyothy Laboratories Neutral 345 - 6,244 1,440 2,052 11.5 13.0 8.5 10.0 40.6 34.5 9.8 9.1 18.6 19.3 4.6 3.2

Page Industries Neutral 15,334 - 17,103 2,450 3,124 20.1 17.6 299.0 310.0 51.3 49.5 341.5 260.7 47.1 87.5 7.0 5.5

Relaxo Footwears Neutral 461 - 5,530 2,085 2,469 9.2 8.2 7.6 8.0 60.9 58.0 23.6 20.2 17.9 18.8 2.7 2.3

Siyaram Silk Mills Accumulate 1,300 1,469 1,219 1,799 2,040 11.6 11.7 104.9 122.4 12.4 10.6 2.0 1.7 16.4 16.4 0.9 0.8

Styrolution ABS India* Neutral 595 - 1,046 1,440 1,537 9.2 9.0 40.6 42.6 14.7 14.0 37.4 34.0 12.3 11.6 0.7 0.6

TVS Srichakra Neutral 3,744 - 2,867 2,304 2,614 13.7 13.8 231.1 266.6 16.2 14.0 420.7 331.3 33.9 29.3 1.2 1.1

HSIL Neutral 339 - 2,454 2,384 2,515 15.8 16.3 15.3 19.4 22.2 17.5 22.0 19.0 7.8 9.3 1.2 1.1Kirloskar Engines India Ltd Neutral 328 - 4,736 2,554 2,800 9.9 10.0 10.5 12.1 31.2 27.1 13.1 12.3 10.7 11.7 1.5 1.3

M M Forgings Neutral 419 - 506 546 608 20.4 20.7 41.3 48.7 10.2 8.6 57.4 50.8 16.6 17.0 0.8 0.7

Banco Products (India) Neutral 216 - 1,545 1,353 1,471 12.3 12.4 14.5 16.3 14.9 13.3 20.6 18.5 14.5 14.6 1.1 116.2

Competent Automobiles Neutral 196 - 120 1,137 1,256 3.1 2.7 28.0 23.6 7.0 8.3 37.6 34.0 14.3 11.5 0.1 0.1


September 29, 2016

Stock Watch



zOthers

Nilkamal Neutral 1,325 - 1,978 1,995 2,165 10.7 10.4 69.8 80.6 19.0 16.4 75.7 65.8 16.6 16.5 1.0 0.9

Visaka Industries Neutral 198 - 314 1,051 1,138 10.3 10.4 21.0 23.1 9.4 8.5 25.3 23.7 9.0 9.2 0.6 0.5Transport Corporation of India Neutral 191 - 1,465 2,671 2,911 8.5 8.8 13.9 15.7 13.8 12.2 1.9 1.7 13.7 13.8 0.7 0.6

Elecon Engineering Neutral 61 - 661 1,482 1,660 13.7 14.5 3.9 5.8 15.6 10.5 3.7 3.4 7.8 10.9 0.8 0.7

Surya Roshni Neutral 234 - 1,027 3,342 3,625 7.8 7.5 17.3 19.8 13.6 11.9 25.7 20.7 10.5 10.8 0.6 0.5

MT Educare Neutral 134 - 534 366 417 17.7 18.2 9.4 10.8 14.3 12.4 3.2 2.8 22.2 22.3 1.4 1.2

Radico Khaitan Neutral 126 - 1,673 1,659 1,802 13.0 13.2 6.3 7.4 19.9 17.1 1.7 1.6 8.6 9.3 1.4 1.3

Garware Wall Ropes Neutral 522 - 1,143 873 938 12.9 13.1 30.9 34.9 16.9 15.0 2.7 2.3 15.7 15.2 1.2 1.1

Wonderla Holidays Neutral 385 - 2,177 287 355 38.0 40.0 11.3 14.2 34.1 27.1 4.9 4.3 21.4 23.9 7.3 5.9

Linc Pen & Plastics Neutral 270 - 399 382 420 9.3 9.5 13.5 15.7 20.0 17.2 3.4 3.0 17.1 17.3 1.1 1.0

The Byke Hospitality Neutral 193 - 775 287 384 20.5 20.5 7.6 10.7 25.5 18.1 5.3 4.3 20.7 23.5 2.7 2.0

Interglobe Aviation Neutral 921 - 33,185 21,122 26,005 14.5 27.6 110.7 132.1 8.3 7.0 49.8 35.6 168.5 201.1 1.5 1.2Coffee Day Enterprises Ltd Neutral 225 - 4,635 2,964 3,260 20.5 21.2 4.7 8.0 - 28.1 2.6 2.4 5.5 8.5 2.0 1.8

Navneet Education Neutral 101 - 2,399 1,062 1,147 24.0 24.0 6.1 6.6 16.5 15.2 3.4 3.0 20.6 19.8 2.3 2.2

Navkar Corporation Buy 189 265 2,692 408 612 42.9 42.3 6.8 11.5 27.9 16.4 1.9 1.7 6.9 10.5 7.5 5.0

UFO Moviez Neutral 485 - 1,339 619 685 33.2 33.4 30.0 34.9 16.2 13.9 2.2 1.9 13.8 13.9 1.9 1.5

VRL Logistics Neutral 306 - 2,793 1,902 2,119 16.7 16.6 14.6 16.8 21.0 18.2 4.6 4.0 21.9 22.2 1.6 1.4

Team Lease Serv. Neutral 1,075 - 1,838 3,229 4,001 1.5 1.8 22.8 32.8 47.2 32.7 5.1 4.4 10.7 13.4 0.5 0.4

S H Kelkar & Co. Neutral 308 - 4,452 1,036 1,160 15.1 15.0 6.1 7.2 50.4 42.9 5.4 4.9 10.7 11.5 4.2 3.7

Quick Heal Neutral 230 - 1,609 408 495 27.3 27.0 7.7 8.8 29.7 26.1 2.8 2.8 9.3 10.6 3.1 2.6

Narayana Hrudaya Neutral 336 - 6,868 1,873 2,166 11.5 11.7 2.6 4.0 127.1 84.8 7.8 7.0 6.1 8.3 3.8 3.2

Manpasand Bever. Neutral 759 - 3,800 836 1,087 19.6 19.4 16.9 23.8 44.9 31.9 5.4 4.7 12.0 14.8 4.3 3.2

Parag Milk Foods Neutral 304 - 2,554 1,919 2,231 9.3 9.6 9.5 12.9 32.1 23.5 5.0 4.1 15.5 17.5 1.5 1.3

Mirza International Buy 93 113 1,116 1,024 1,148 18.0 18.0 6.9 8.0 13.4 11.6 2.3 1.9 16.6 16.2 1.3 1.1

Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on September 28, 2016


September 29, 2016

Stock Watch

Research Team Tel: 022 - 39357800 E-mail: [email protected] Website: www.angelbroking.com

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