market outlook 11 08 2016 - angel...

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Market Outlook August 11, 2016

Market Cues

Indian markets are likely to open negative after witnessing selling pressure in the previous trading session.

The US markets opened directionless and remained lackluster. However, a drop in oil prices led to some selling and the key indices closed moderately lower.

Snapping consecutive gains the European markets ended on a lower note. Investors seem to have taken the opportunity to book some profit and hence there was marginal decline in the indices.

The Indian markets remained under of pressure on Wednesday and selling across the board was witnessed. The largest losers were cement stocks. Grasim Industries was the biggest loser in the nifty. In the absence of any specific data points it seems profit booking could be reason for the sharp fall in the market today. As the results season comes to end the Indian markets will now look forward for global developments and react accordingly.

News Analysis & Result Review Result Review: Linc Pen & Plastics Ltd - Results in line of expectations

Results Preview: IPCA Labs Detailed analysis on Pg2

Investor’s Ready Reckoner

Key Domestic & Global Indicators

Stock Watch: Latest investment recommendations on 150+ stocks

Refer Pg6 onwards

Top Picks Company Sector Rating

CMP(`)

Target(`)

Upside (%)

Amara Raja Auto/Auto Ancillary Buy 907 1,076 18.6

HCL Tech IT Buy 818 1,000 22.2

LIC Housing Financials Accumulate 517 582 12.5

Bharat Electronics Capital Goods Accumulate 1,232 1,414 14.8

Navkar Corporation Others Buy 194 265 36.7

More Top Picks on Pg4

Key Upcoming Events Date Region

Event Description

PreviousReading

Consensus Expectations

Aug 11 Euro Zone Euro Zone GDP s.a (QoQ) 0.3 0.3

Aug 12 US Producer Price Index (mom) 0.8 --

Aug 12 India Industrial Production YoY 1.2 1.7

Aug 12 US Initial Jobless claims 269.0 265.0

Aug 16 India Monthly Wholesale Prices YoY % 1.6 2.9 6.(

More Events on Pg5

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

BSE Sensex (1.1) (310) 27,775

Nifty (1.2) (103) 8,575

Mid Cap (1.1) (136) 12,644

Small Cap (1.2) (146) 12,192

Bankex (1.4) (295) 21,359

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

Dow Jones (0.2) (37) 18495

Nasdaq (0.4) (21) 5205

FTSE 0.2 15 6866

Nikkei (0.2) (30) 16,735

Hang Seng 0.1 27 22,492

Shanghai Com (0.2) (7) 3,019

Advances / Declines BSE NSE

Advances 825 399

Declines 1,924 1,220

Unchanged 134 66

Volumes (` Cr)

BSE 3,321

NSE 20,804

Net Inflows (` Cr) Net Mtd Ytd

FII 321 4,063 34,945

MFs (358) 182 8,970

Top Gainers Price (`) Chg (%)

Tatachem 504 8.8

Adaniports 259 7.9

Jubilant 367 7.4

Monsanto 2,440 6.1

Tatacomm 482 5.6

Top Losers Price (`) Chg (%)

Unitech 6 (7.8)

J&Kbank 68 (7.3)

Gmrinfra 13 (6.6)

Mothersumi 330 (6.4)

Grasim 4,852 (6.1) As on August 10, 2016



Result Review:

Linc Pen & Plastics Ltd - Results in line of expectations

For 1QFY2017, Linc Pen & Plastics Ltd (LPPL) results have come in line of our estimates on the top-line as well as the bottom-line front. The top-line grew by ~10% YoY to ~`87cr, with the company posting good growth in the domestic as well as the exports segment. On the operating front, the company reported margin expansion (by 149bp YoY to 9.6%), primarily on account of lower operating costs. The reported net profit grew by ~17% YoY to `4.4cr aided by higher sales growth and a strong operating performance. Going ahead, we expect the company to report a healthy top-line and bottom-line growth owing to strong domestic as well as export sales (the exports segment entails relatively higher margins). Currently we have a NEUTRAL rating on the stock; we shall be revisiting our financial model and revising our estimates for the company which could favourably change our recommendation on the stock.

Result Preview:

IPCA Labs (CMP: `502 / TP: `613 /Upside: 22.1%)

For 1QFY2017, the company is expected to post sales of `680cr V/s `751cr in 1QFY2016, a yoy dip of 9.5%. On the operating profit front, the EBITDA margins are expected to come at 9.6% V/s 10.0% in 1QFY2016. This is against 8.4% in 4QFY2016. Thus, the net profit is expected to come in `52cr V/s `28cr in 1QFY2016, a yoy growth of 85.7%. We maintain our buy rating.

Y/E Sales OPM PAT EPS ROE P/E P/BV EV/EBITDA EV/Sales

Mar (` cr) (%) (` cr) (`) (%) (x) (x) (x) (x)

FY2017E 15,912 26.4 2,611 58.1 21.4 29.0 2.5 13.3 2.0

FY2018E 18,644 26.7 3,117 69.3 20.9 25.5 2.3 11.7 1.8

Economic and Political News Automobile sales grow 13% in July Nod to 100% FDI in commodity broking Maharastra mulls changes to airport slum development plan

Corporate News City Union Bank’s PAT up 11% to `123.5cr Thermax’s 1QFY17 PAT down 26%. J&K Bank’s 1QFY17 PAT down 86% to `23cr Ashoka Buildcon wins `1600 cr road project in Punjab from NHAI Indian Hotels loss widens to `9cr



Quarterly Bloomberg Brokers Consensus Estimate Bank of Baroda Ltd – Aug 11, 2016 Particulars (` cr) 1QFY17E 1QFY16 y-o-y (%) 4QFY16 q-o-q (%)

Net profit 528 1052 (49.8) (3230) 83.7

Rural Electrification Corp. Ltd – Aug 11, 2016 Particulars (` cr) 1QFY17E 1QFY16 y-o-y (%) 4QFY16 q-o-q (%)

Net profit 1630 1479 10.2 1160 40.5

Sun Pharmaceuticals Ltd Consol – Aug 12, 2016 Particulars (` cr) 1QFY17E 1QFY16 y-o-y (%) 4QFY16 q-o-q (%)

Net sales 7,930 6,522 21.6 7,414 7.0

EBITDA 2,758 1,850 49.1 2,520 9.4

EBITDA margin (%) 34.8 28.4 34.0

Net profit 1,935 479 303.9 1,714 12.9

Glenmark Pharmaceuticals Ltd Consol – Aug 12, 2016 Particulars (` cr) 1QFY17E 1QFY16 y-o-y (%) 4QFY16 q-o-q (%)

Net sales 1,979 1,642 20.5 2,289 (13.6)

EBITDA 404 360 12.3 302 33.9

EBITDA margin (%) 20.4 21.9 13.2

Net profit 223 178 25.2 171 30.2

State Bank of India Ltd. – Aug 12, 2016 Particulars (` cr) 1QFY17E 1QFY16 y-o-y (%) 4QFY16 q-o-q (%)

Net profit 2,471 3,692 (33.1) 1,264 95.5

United Breweries Ltd – Aug 12, 2016 Particulars (` cr) 1QFY17E 1QFY16 y-o-y (%) 4QFY16 q-o-q (%)

Net sales 1,640 1,338 22.6 1,185 38.4

EBITDA 296 264 11.9 125 136.4

EBITDA margin (%) 18.0 19.8 10.6

Net profit 142 123 15.5 51 175.7

Hindalco Industries Ltd – Aug 12, 2016 Particulars (` cr) 1QFY17E 1QFY16 y-o-y (%) 4QFY16 q-o-q (%)

Net sales 8,619 8,517 1.2 8,543 0.9

EBITDA 936 877 6.7 1,166 (19.8)

EBITDA margin (%) 10.9 10.3 13.7

Net profit 208 107 94.1 356 (41.6)



Top Picks ★★★★★ Large Cap Company

Market Cap (` Cr)

CMP (`)

Target (`)

Upside (%)

Rationale

Amara Raja Batteries 15,493 907 1,076 18.6To outpace battery industry growth due to better technological products leading to market share gains in both the automotive OEM and replacement segments.

Bharat Electronics 29,566 1,232 1,414 14.8Uptick in defense capex by government, coupled with BELs strong market positioning, indicate good times ahead for BEL.

HCL Tech 1,15,421 818 1,000 22.2 Stock is trading at attractive valuations & factors all bad news.

HDFC Bank 3,11,265 1,229 1,350 9.8Strong visibility for a robust 20% earnings trajectory, coupled with high quality of earnings on account of high quality retail business and strategic focus on highly rated corporates.

Infosys 2,48,059 1,080 1,370 26.9Back on the growth trend, expect a long term growth of 14% to be a US$20bn in FY2020.

LIC Housing Fin. 26,111 517 582 12.5Continues to grow its retail loan book at healthy pace with improvement in asset quality. Expect LICHF to post a healthy loan book which is likely to reflect in a strong earnings growth.

Voltas 11,497 347 407 17.1 Strong market positioning within the domestic AC markets to continue, EMP business set to revive

Source: Company, Angel Research

Mid Cap Company

Market Cap(` Cr)

CMP (`)

Target(`)

Upside (%) Rationale

Bajaj Electricals 2,778 275 299 8.7 Among 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 4,564 479 527 10.1

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 7,393 253 270 6.6 With a focus on the low and medium income (LMI) consumer segment, the company has increased its presence in tier-II & III cities where the growth opportunity is immense.

Equitas Holdings 5,814 173 235 35.6Strong 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.

Goodyear India 1,227 532 631 18.7Expectations of above average monsoon augurs well for Goodyear India as it derives ~50% of its turnover from farm tyre segment.

IL&FS Transport 2,345 71 93 30.4Commencement of new projects, downtrend in the interest rate cycle, to lead to stock re-rating

Jagran Prakashan 6,018 184 205 11.4Economic 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 1,752 427 554 29.7Speedier execution and speedier sales, strong revenue visibility in short-to-long run, attractive valuations

Navkar Corporation 2,764 194 265 36.7 Massive capacity expansion along with rail advantage at ICD as well CFS augurs well for the company

Radico Khaitan 1,223 92 125 36.0Earnings boost on back of stable material prices and favourable pricing environment. Valuation discount to peers provides additional comfort

Siyaram Silk Mills 1,002 1,069 1,347 26.1Strong brands and distribution network would boost growth going ahead. Stock currently trades at an inexpensive valuation.

TV Today Network 1,730 290 363 25.2Market 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

Date Company

Aug 11, 2016J K Lakshmi Cements, Bank of Baroda, Rural Elec.Corp., Page Industries, Styrolution, MRF, Jyothy Laboratories, MM Forging, Tide Water Oil India, Ipca labs, PTC India, Coffee Day Enterprises Ltd

Aug 12, 2016Bosch India, Automotive Axle, St Bk of India, Oriental Bank, Allahabad Bank, Central Bank, Dena Bank, Bank of Maharashtra, Hindalco, Bajaj Electrical, Cravatex, Sun Pharma, Glenmark Pharma., NHPC, Competent Automobiles

Result Calendar

Source: Bloomberg, Angel Research

Global economic events release calendar

Date Time Country Event Description Unit Period Bloomberg Data

Last Reported Estimated

Aug 11, 2016 2:30PM Euro Zone Euro-Zone GDP s.a. (QoQ) % Change 2Q P 0.30 0.30

Aug 12, 2016 6:00PM US Initial Jobless claims Thousands Aug 6 269.00 265.00

US Producer Price Index (mom) % Change Jul 0.80 --

11:30AM Germany GDP nsa (YoY) % Change 2Q P 1.30 2.80

7:30AM China Industrial Production (YoY) % Change Jul 6.20 6.20

5:30PM India Industrial Production YoY % Change Jun 1.20 1.70

Aug 16, 2016 12:00PM India Monthly Wholesale Prices YoY% % Change Jul 1.62 2.87

6:00PM US Housing Starts Thousands Jul 1,189.00 1,175.00

6:00PM US Building permits Thousands Jul 1,153.00 1,160.00

2:00PM UK CPI (YoY) % Change Jul 0.50 --

6:00PM US Consumer price index (mom) % Change Jul 0.20 --

6:45PM US Industrial Production % Jul 0.60 0.20

Aug 17, 2016 2:00PM UK Jobless claims change % Change Jul 0.40 --

Aug 18, 2016 2:30PM Euro Zone Euro-Zone CPI (YoY) % Jul F 0.20 --

Aug 23, 2016 7:30PM Euro Zone Euro-Zone Consumer Confidence Value Aug A (7.90) --

1:00PM Germany PMI Services Value Aug P 54.40 --

Aug 24, 2016 7:30PM US New home sales Thousands Jul 592.00 575.00

1:00PM Germany PMI Manufacturing Value Aug P 53.80 --

7:30PM US Existing home sales Million Jul 5.57 5.58

Aug 26, 2016 6:00PM US GDP Qoq (Annualised) % Change 2Q S 1.20 1.10

2:00PM UK GDP (YoY) % Change 2Q P 2.20 --

Aug 30, 2016 7:30PM US Consumer Confidence S.A./ 1985=100 Aug 97.30 --

Aug 31, 2016 1:25PM Germany Unemployment change (000's) Thousands Aug (7.00) --


August 11, 2016

Market Outlook

Key Upcoming Events

h

1

Market Outlook

August 11, 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

6.7

7.8

6.4

5.8

7.5

8.3

6.6 6.7

7.6 7.7

7.2

7.9

3.0

4.0

5.0

6.0

7.0

8.0

9.0

1Q

FY14

2Q

FY14

3Q

FY14

4Q

FY14

1Q

FY15

2Q

FY15

3Q

FY15

4Q

FY15

1Q

FY16

2Q

FY16

3Q

FY16

4Q

FY16

(%)

4.3

6.3

3.7

9.9

(3.4)

(0.9)(1.6)

1.9

0.3

(1.3)

1.2

(6.0)

(4.0)

(2.0)

-

2.0

4.0

6.0

8.0

10.0

12.0

Jul-15

Aug-15

Sep-15

Oct-15

Nov-15

Dec-15

Jan-16

Feb-16

Mar-16

Apr-16

May-16

(%)

3.7 3.7

4.4

5.0

5.4 5.6 5.7

5.3

4.8

5.5 5.8 5.8

-

1.0

2.0

3.0

4.0

5.0

6.0

7.0

Jul-

15

Aug-15

Sep-15

Oct-

15

Nov-15

Dec-15

Jan-16

Feb-16

Mar-16

Apr-16

May-16

Jun-16

(%)

44.0

46.0

48.0

50.0

52.0

54.0

56.0

Jun-15

Jul-15

Aug-15

Sep-15

Oct-15

Nov-15

Dec-15

Jan-16

Feb-16

Mar-16

Apr-16

May-16

Jun-16

Jul-16

Mfg. PMI Services PMI

(35.0)

(30.0)

(25.0)

(20.0)

(15.0)

(10.0)

(5.0)

0.0

5.0

Jul-

15

Aug-15

Sep-15

Oct-

15

Nov-15

Dec-15

Jan-16

Feb-16

Mar-16

Apr-16

May-16

Jun-16

Exports yoy growth Imports yoy growth (%)

3.00

3.50

4.00

4.50

5.00

5.50

6.00

6.50

7.00

7.50

Aug-15

Sep-15

Oct-

15

Oct-

15

Nov-15

Dec-15

Dec-15

Jan-16

Feb-16

Mar-16

Mar-16

Apr-16

May-16

May-16

Jun-16

Jul-

16

Repo rate Reverse Repo rate CRR (%)

h

2

Market Outlook

August 11, 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

(5.4)

(1.2)

5.3

6.7

(0.2)

4.9

4.2

3.2

2.2

1.2 1.3 1.4

0.1

(8.0)

(6.0)

(4.0)

(2.0)

-

2.0

4.0

6.0

8.0

Brazil

Russia

India

China

South A

frica

Indonesia

Malaysia

Thailand

UK

USA

Germ

any

France

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

Brazil

Russia

India

China

South A

frica

Indonesia

Malaysia

Thailand

UK

USA

Germ

any

France

Japan

(%)

14

.0

7.4

18

.2

13

.1

17

.2

19

.2

16

.1

15

.0

17

.6

16

.1

12

.8

14

.4

12

.0

-

5.0

10.0

15.0

20.0

25.0

Brazil

Russia

India

China

South

Africa

Indonesia

Malaysia

Thailand

UK

USA

Germ

any

France

Japan

(x)

h

3

Market Outlook

August 11, 2016


Exhibit 4: Relative performance of indices across globe

Returns (%)

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

Brazil Bovespa 56,920 10.1 6.0 16.5

Russia Micex 1,943 1.5 1.8 14.1

India Nifty 8,575 1.3 9.3 0.7

China Shanghai Composite 3,019 (0.5) 6.9 (16.3)

South Africa Top 40 45,132 0.7 (0.0) (3.8)

Mexico Mexbol 47,798 3.5 4.6 8.6

Indonesia LQ45 931 6.7 12.6 15.1

Malaysia KLCI 1,673 1.2 2.5 (4.1)

Thailand SET 50 987 7.8 11.8 5.7

USA Dow Jones 18,496 1.5 3.2 6.3

UK FTSE 6,866 2.7 11.4 4.5

Japan Nikkei 16,735 10.8 0.9 (18.7)

Germany DAX 10,651 8.3 6.8 (3.0)

France CAC 4,452 4.4 3.7 (8.8)


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 221 - 4,297 1,937 2,164 13.3 14.3 9.0 11.0 24.6 20.1 4.3 3.7 18.4 19.8 2.2 2.0

United Phosphorus Accumulate 620 684 26,582 15,176 17,604 18.5 18.5 37.4 44.6 16.6 13.9 3.3 2.7 21.4 21.2 1.9 1.5

Auto & Auto Ancillary

Ashok Leyland Buy 88 111 24,958 22,407 26,022 10.6 10.6 5.2 6.4 16.8 13.7 3.8 3.2 23.6 24.7 1.2 1.0

Bajaj Auto Neutral 2,849 - 82,441 25,093 27,891 19.5 19.2 143.9 162.5 19.8 17.5 5.6 4.8 30.3 29.4 3.0 2.7

Bharat Forge Accumulate 822 875 19,137 7,726 8,713 20.5 21.2 35.3 42.7 23.3 19.3 4.3 3.9 18.9 20.1 2.5 2.2

Eicher Motors Neutral 21,740 - 59,048 16,583 20,447 17.5 18.0 598.0 745.2 36.4 29.2 12.4 9.5 41.2 38.3 3.4 2.7

Gabriel India Neutral 103 - 1,485 1,544 1,715 9.0 9.3 5.4 6.3 19.1 16.4 3.6 3.2 18.9 19.5 0.9 0.8

Hero Motocorp Neutral 3,321 - 66,306 31,253 35,198 15.3 15.0 172.3 192.1 19.3 17.3 7.1 6.0 38.9 37.0 2.1 1.8

Jamna Auto Industries Neutral 193 - 1,540 1,486 1,620 9.8 9.9 15.0 17.2 12.9 11.2 2.8 2.4 21.8 21.3 1.1 1.0

L G Balakrishnan & Bros Neutral 469 - 736 1,302 1,432 11.6 11.9 43.7 53.0 10.7 8.8 1.5 1.4 13.8 14.2 0.7 0.6

Mahindra and Mahindra Neutral 1,448 - 89,925 46,534 53,077 11.6 11.7 67.3 78.1 21.5 18.6 3.5 3.1 15.4 15.8 1.9 1.7

Maruti Neutral 4,867 - 147,016 69,186 82,217 14.7 14.4 198.5 241.4 24.5 20.2 4.8 3.9 20.2 20.0 1.9 1.5

Minda Industries Neutral 1,162 - 1,844 2,728 3,042 9.0 9.1 68.2 86.2 17.0 13.5 3.9 3.1 23.8 24.3 0.7 0.6

Motherson Sumi Neutral 330 - 43,644 45,896 53,687 7.8 8.3 13.0 16.1 25.3 20.5 8.2 6.5 34.7 35.4 1.1 0.9

Rane Brake Lining Neutral 665 - 526 511 562 11.3 11.5 28.1 30.9 23.7 21.5 3.6 3.3 15.3 15.0 1.2 1.1

Setco Automotive Neutral 50 - 666 741 837 13.0 13.0 15.2 17.0 3.3 2.9 0.5 0.5 15.8 16.3 1.3 1.2

Tata Motors Neutral 503 - 145,313 300,209 338,549 8.9 8.4 42.7 54.3 11.8 9.3 1.9 1.6 15.6 17.2 0.6 0.5

TVS Motor Accumulate 296 330 14,046 13,390 15,948 6.9 7.1 12.8 16.5 23.2 17.9 5.8 4.6 26.3 27.2 1.1 0.9

Amara Raja Batteries Buy 907 1,076 15,493 5,717 6,733 18.7 18.9 38.4 48.9 23.6 18.6 5.9 4.8 25.3 24.8 2.6 2.1

Exide Industries Neutral 176 - 14,943 7,439 8,307 15.0 15.0 8.1 9.3 21.7 18.9 3.0 2.7 14.3 16.7 1.7 1.5

Apollo Tyres Neutral 173 - 8,783 12,877 14,504 14.3 13.9 21.4 23.0 8.1 7.5 1.3 1.1 16.4 15.2 0.9 0.8

Ceat Buy 878 1,119 3,553 7,524 8,624 13.0 12.7 131.1 144.3 6.7 6.1 1.2 1.0 19.8 18.6 0.6 0.5

JK Tyres Neutral 102 - 2,311 7,455 8,056 15.0 15.0 21.8 24.5 4.7 4.2 1.0 0.8 22.8 21.3 0.5 0.4

Swaraj Engines Neutral 1,139 - 1,415 660 810 15.2 16.4 54.5 72.8 20.9 15.7 6.5 5.9 31.5 39.2 2.0 1.6

Subros Neutral 96 - 576 1,488 1,681 11.7 11.9 6.4 7.2 15.0 13.4 1.6 1.4 10.8 11.4 0.6 0.5

Indag Rubber Neutral 174 - 456 286 326 19.8 16.8 11.7 13.3 14.9 13.0 2.5 2.3 17.8 17.1 1.3 1.2

Capital Goods

ACE Neutral 46 - 452 709 814 4.1 4.6 1.4 2.1 32.6 21.7 1.3 1.3 4.4 6.0 0.8 0.7

BEML Buy 1,010 1,157 4,207 3,451 4,055 6.3 9.2 31.4 57.9 32.2 17.5 1.9 1.8 6.3 10.9 1.3 1.1

Bharat Electronics Accumulate 1,232 1,414 29,566 8,137 9,169 16.8 17.2 58.7 62.5 21.0 19.7 3.3 2.9 44.6 46.3 2.6 2.4


August 11, 2016

Stock Watch



Capital Goods

Voltas Buy 347 407 11,497 6,511 7,514 7.9 8.7 12.9 16.3 26.9 21.3 4.9 4.3 16.7 18.5 1.5 1.3

BGR Energy Neutral 116 - 838 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 136 - 33,349 28,797 34,742 - 2.8 2.3 6.9 59.2 19.8 1.0 1.0 1.3 4.8 0.8 0.6

Blue Star Accumulate 479 527 4,564 4,351 5,024 6.4 7.1 17.2 20.6 27.9 23.2 18.1 15.1 23.1 24.1 1.1 1.0

Crompton Greaves Neutral 82 - 5,142 5,777 6,120 5.9 7.0 3.3 4.5 24.9 18.2 1.1 1.0 4.4 5.9 0.9 0.7

Greaves Cotton Neutral 138 - 3,360 1,755 1,881 16.8 16.9 7.8 8.5 17.6 16.2 3.5 3.3 20.6 20.9 1.6 1.5

Inox Wind Buy 194 286 4,302 5,605 6,267 15.7 16.4 24.8 30.0 7.8 6.5 2.2 1.6 25.9 24.4 0.8 0.7

KEC International Neutral 137 - 3,522 9,294 10,186 7.9 8.1 9.9 11.9 13.8 11.5 2.0 1.8 15.6 16.3 0.6 0.6

Thermax Neutral 897 - 10,690 5,421 5,940 7.3 7.3 25.7 30.2 34.9 29.7 4.2 3.9 12.2 13.1 1.9 1.7

VATech Wabag Buy 576 681 3,139 3,136 3,845 8.9 9.1 26.0 35.9 22.2 16.0 2.8 2.4 13.4 15.9 0.9 0.7

Cement

ACC Neutral 1,623 - 30,486 11,225 13,172 13.2 16.9 44.5 75.5 36.5 21.5 3.5 3.2 11.2 14.2 2.8 2.4

Ambuja Cements Neutral 260 - 40,411 9,350 10,979 18.2 22.5 5.8 9.5 44.9 27.4 3.8 3.4 10.2 12.5 4.5 3.8

India Cements Neutral 120 - 3,671 4,364 4,997 18.5 19.2 7.9 11.3 15.1 10.6 1.1 1.1 8.0 8.5 1.6 1.4

JK Cement Neutral 743 - 5,193 4,398 5,173 15.5 17.5 31.2 55.5 23.8 13.4 2.9 2.5 12.0 15.5 1.7 1.4

J K Lakshmi Cement Neutral 441 - 5,194 2,913 3,412 14.5 19.5 7.5 22.5 58.9 19.6 3.6 3.0 12.5 18.0 2.4 2.0

Orient Cement Neutral 161 - 3,296 2,114 2,558 18.5 20.5 8.1 11.3 19.9 14.2 2.9 2.5 9.0 14.0 2.2 1.7

UltraTech Cement Neutral 3,729 - 102,324 25,768 30,385 21.0 23.5 111.0 160.0 33.6 23.3 4.3 3.8 13.5 15.8 4.1 3.5

Construction

ITNL Buy 71 93 2,345 8,946 10,017 31.0 31.6 8.1 9.1 8.8 7.8 0.3 0.3 4.2 5.0 3.6 3.3

KNR Constructions Neutral 611 - 1,717 1,210 1,595 15.4 16.0 33.9 52.1 18.0 11.7 2.8 2.4 13.6 18.0 1.5 1.1

Larsen & Toubro Accumulate 1,483 1,700 138,170 67,665 77,249 10.7 11.5 57.3 71.2 25.9 20.8 2.4 2.2 12.6 14.3 2.2 1.9

Gujarat Pipavav Port Neutral 168 - 8,102 705 788 52.2 51.7 5.0 5.6 33.5 29.9 3.3 3.0 11.2 11.2 11.2 9.5

MBL Infrastructures Buy 126 285 523 2,797 3,405 14.7 15.4 21.0 34.8 6.0 3.6 0.6 0.6 11.0 16.2 0.8 0.8

Nagarjuna Const. Neutral 78 - 4,353 8,842 9,775 9.1 8.8 5.3 6.4 14.8 12.2 1.2 1.1 8.2 9.1 0.7 0.6

PNC Infratech Buy 570 647 2,926 2,350 2,904 13.4 13.7 48.0 42.0 11.9 13.6 2.3 2.1 16.8 13.2 1.3 1.1

Simplex Infra Neutral 301 - 1,490 6,829 7,954 10.5 10.5 31.4 37.4 9.6 8.1 1.0 0.9 9.9 13.4 0.6 0.5

Power Mech Projects Neutral 550 - 809 1,801 2,219 12.7 14.6 72.1 113.9 7.6 4.8 1.4 1.2 16.8 11.9 0.4 0.3

Sadbhav Engineering Neutral 281 - 4,817 3,598 4,140 10.3 10.6 9.0 11.9 31.2 23.6 3.3 2.9 9.9 11.9 1.7 1.4

NBCC Neutral 237 - 14,226 7,428 9,549 7.9 8.6 8.2 11.0 28.9 21.6 1.4 1.1 28.2 28.7 1.7 1.2

MEP Infra Neutral 41 - 669 1,877 1,943 30.6 29.8 3.0 4.2 13.7 9.8 6.6 4.5 0.6 0.6 1.8 1.6


August 11, 2016

Stock Watch



Construction

SIPL Neutral 98 - 3,447 1,036 1,252 65.5 66.2 (8.4) (5.6) 3.7 4.2 (22.8) (15.9) 11.5 9.6

Engineers India Neutral 221 - 7,448 1,725 1,935 16.0 19.1 11.4 13.9 19.4 15.9 2.7 2.6 13.4 15.3 3.3 3.0

Financials

Axis Bank Neutral 567 - 135,341 58,081 66,459 3.5 3.5 32.4 44.6 17.5 12.7 2.3 2.0 13.6 16.5 - -

Bank of Baroda Neutral 160 - 36,936 19,980 23,178 1.8 1.8 11.5 17.3 13.9 9.3 1.6 1.3 8.3 10.1 - -

Canara Bank Neutral 250 - 13,586 15,225 16,836 1.8 1.8 14.5 28.0 17.3 8.9 1.2 1.0 5.8 8.5 - -

Dewan Housing Finance Accumulate 253 270 7,393 2,225 2,688 2.9 2.9 29.7 34.6 8.5 7.3 1.4 1.2 16.1 16.8 - -

Equitas Holdings Buy 173 235 5,814 939 1,281 11.7 11.5 5.8 8.2 29.9 21.1 2.6 2.3 10.9 11.5 - -

Federal Bank Neutral 63 - 10,747 9,353 10,623 2.9 2.9 4.4 5.8 14.2 10.8 1.4 1.2 9.5 11.0 - -

HDFC Neutral 1,337 - 211,446 11,475 13,450 3.4 3.4 45.3 52.5 29.5 25.5 5.7 5.0 20.2 20.5 - -

HDFC Bank Accumulate 1,229 1,350 311,265 46,097 55,433 4.5 4.5 58.4 68.0 21.1 18.1 3.7 3.1 18.8 18.6 - -

ICICI Bank Neutral 239 - 139,199 39,029 45,903 3.3 3.3 16.7 16.3 14.3 14.7 1.8 1.6 10.1 12.4 - -

LIC Housing Finance Accumulate 517 582 26,111 3,712 4,293 2.6 2.5 39.0 46.0 13.3 11.3 2.5 2.1 19.9 20.1 - -

Punjab Natl.Bank Neutral 120 - 23,514 23,532 23,595 2.3 2.4 6.8 12.6 17.6 9.5 2.7 1.9 3.3 6.5 - -

South Ind.Bank Neutral 21 - 2,876 6,435 7,578 2.5 2.5 2.7 3.1 7.9 6.9 1.0 0.9 10.1 11.2 - -

St Bk of India Neutral 232 - 179,708 88,650 98,335 2.6 2.6 13.5 18.8 17.2 12.3 1.6 1.4 7.0 8.5 - -

Union Bank Neutral 126 - 8,669 13,450 14,925 2.3 2.3 25.5 34.5 5.0 3.7 0.7 0.6 7.5 10.2 - -

Yes Bank Neutral 1,265 - 53,248 8,978 11,281 3.3 3.4 74.0 90.0 17.1 14.1 3.2 2.8 17.0 17.2 - -

FMCG

Asian Paints Neutral 1,130 - 108,418 17,128 18,978 16.8 16.4 19.1 20.7 59.2 54.6 20.6 19.4 34.8 35.5 6.3 5.7

Britannia Neutral 3,105 - 37,247 9,795 10,940 14.1 14.1 80.3 93.0 38.7 33.4 15.9 12.3 41.2 - 3.7 3.3

Colgate Neutral 962 - 26,169 4,605 5,249 22.8 22.8 25.2 28.5 38.2 33.8 25.9 23.0 64.8 66.8 5.7 4.9

Dabur India Neutral 286 - 50,338 9,405 10,581 18.1 18.3 8.1 9.2 35.3 31.1 9.8 8.2 31.6 31.0 5.1 4.5

GlaxoSmith Con* Neutral 6,272 - 26,378 4,959 5,623 17.4 18.0 190.5 219.3 32.9 28.6 9.0 7.8 29.6 29.5 4.8 4.1

Godrej Consumer Neutral 1,504 - 51,201 10,335 11,518 18.4 18.6 41.5 46.0 36.2 32.7 8.1 6.9 24.9 24.8 5.1 4.5

HUL Neutral 925 - 200,095 35,252 38,495 17.6 17.4 20.4 21.9 45.3 42.2 37.2 32.6 82.2 77.3 5.5 5.1

ITC Accumulate 247 283 297,727 40,059 44,439 39.0 39.2 9.1 10.1 27.1 24.4 7.4 6.5 27.2 26.5 7.0 6.3

Marico Neutral 288 - 37,215 6,730 7,649 17.3 17.5 6.4 7.6 45.1 38.0 13.6 11.5 33.2 32.5 5.5 4.8

Nestle* Neutral 6,811 - 65,672 9,393 10,507 22.2 22.3 106.8 121.8 63.8 55.9 22.4 20.2 34.8 36.7 6.9 6.1

Tata Global Neutral 138 - 8,694 9,072 9,687 9.4 9.8 7.2 7.8 19.1 17.7 2.1 2.0 7.6 7.9 1.0 0.9Procter & Gamble Hygiene Accumulate 6,822 7,369 22,145 2,939 3,342 23.2 23.0 146.2 163.7 46.7 41.7 104.5 100.2 25.3 23.5 7.1 6.2


August 11, 2016

Stock Watch



IT

HCL Tech^ Buy 818 1,000 115,421 49,242 57,168 20.5 20.5 55.7 64.1 14.7 12.8 3.0 2.3 20.3 17.9 2.2 1.8

Infosys Buy 1,080 1,370 248,059 69,934 79,025 27.5 27.5 64.8 72.0 16.7 15.0 3.7 3.3 22.0 22.3 3.0 2.6

TCS Accumulate 2,674 3,004 526,873 121,684 136,286 27.3 27.3 135.0 150.1 19.8 17.8 6.6 6.1 33.2 33.9 4.1 3.6

Tech Mahindra Buy 497 700 48,254 30,347 33,685 17.0 17.0 37.5 41.3 13.3 12.0 2.9 2.5 21.8 20.7 1.3 1.1

Wipro Buy 542 680 133,999 51,631 55,822 21.7 17.9 35.9 36.9 15.1 14.7 3.2 2.9 19.0 18.1 2.3 2.1

Media

D B Corp Neutral 407 - 7,479 2,187 2,329 27.4 28.2 18.9 21.0 21.5 19.4 4.5 3.9 23.7 23.1 3.2 2.9

HT Media Neutral 78 - 1,825 2,673 2,891 13.2 13.8 7.2 8.5 10.9 9.2 0.8 0.8 7.8 8.3 0.3 0.1

Jagran Prakashan Accumulate 184 205 6,018 2,355 2,635 28.0 28.0 9.9 10.8 18.6 17.1 3.7 3.2 21.7 21.7 2.5 2.2

Sun TV Network Neutral 460 - 18,146 2,850 3,265 70.1 71.0 26.2 30.4 17.6 15.2 4.5 4.0 24.3 25.6 6.0 5.1Hindustan Media Ventures Neutral 274 - 2,011 1,016 1,138 21.5 21.5 23.3 25.8 11.8 10.6 1.9 1.7 16.2 15.8 1.3 1.1

TV Today Network Buy 290 363 1,730 637 743 27.5 27.5 18.4 21.4 15.8 13.6 2.8 2.3 17.4 17.2 2.4 1.9

Metals & Mining

Coal India Neutral 338 - 213,493 84,638 94,297 21.4 22.3 24.5 27.1 13.8 12.5 5.7 5.5 42.6 46.0 2.0 1.8

Hind. Zinc Neutral 220 - 92,851 14,252 18,465 55.9 48.3 15.8 21.5 13.9 10.2 2.3 2.0 17.0 20.7 6.5 5.0

Hindalco Neutral 146 - 30,097 107,899 112,095 7.4 8.2 9.2 13.0 15.8 11.2 0.8 0.7 4.8 6.6 0.8 0.7

JSW Steel Neutral 1,709 - 41,298 53,201 58,779 16.1 16.2 130.6 153.7 13.1 11.1 1.8 1.5 14.0 14.4 1.5 1.3

NMDC Neutral 100 - 39,548 6,643 7,284 44.4 47.7 7.1 7.7 14.1 13.0 1.2 1.2 8.8 9.2 3.8 3.4

SAIL Neutral 46 - 18,957 47,528 53,738 (0.7) 2.1 (1.9) 2.6 17.7 0.5 0.5 (1.6) 3.9 1.3 1.1

Vedanta Neutral 164 - 48,754 71,744 81,944 19.2 21.7 13.4 20.1 12.3 8.2 1.1 0.9 8.4 11.3 1.1 0.8

Tata Steel Neutral 370 - 35,950 121,374 121,856 7.2 8.4 18.6 34.3 19.9 10.8 1.2 1.1 6.1 10.1 0.9 0.9

Oil & Gas

Cairn India Neutral 191 - 35,885 9,127 10,632 4.3 20.6 8.8 11.7 21.8 16.4 0.7 0.7 3.3 4.2 5.4 4.5

GAIL Neutral 375 - 47,587 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 229 - 195,921 137,222 152,563 15.0 21.8 19.5 24.1 11.7 9.5 1.0 1.0 8.5 10.1 1.7 1.5

Indian Oil Corp Neutral 539 - 130,867 373,359 428,656 5.9 5.5 54.0 59.3 10.0 9.1 1.5 1.4 16.0 15.6 0.5 0.4

Reliance Industries Neutral 1,003 - 325,152 301,963 358,039 12.1 12.6 87.7 101.7 11.4 9.9 1.2 1.1 10.7 11.3 1.6 1.3

Pharmaceuticals

Alembic Pharma Neutral 635 - 11,967 3,483 4,083 20.2 21.4 24.3 30.4 26.1 20.9 6.0 4.7 25.5 25.3 3.4 2.8

Aurobindo Pharma Accumulate 748 877 43,747 15,720 18,078 23.7 23.7 41.4 47.3 18.1 15.8 4.7 3.7 29.6 26.1 3.1 2.7

Sanofi India* Neutral 4,412 - 10,161 2,357 2,692 17.3 17.3 153.5 169.2 28.7 26.1 4.9 3.9 25.8 28.4 4.0 3.3

Cadila Healthcare Accumulate 371 400 37,976 11,126 13,148 22.0 22.0 17.1 20.0 21.7 18.6 5.6 4.4 28.8 26.6 3.5 2.9

Cipla Neutral 522 - 41,954 15,378 18,089 17.4 18.4 21.6 27.2 24.2 19.2 3.1 2.7 13.7 15.2 3.0 2.5


August 11, 2016

Stock Watch



Pharmaceuticals

Dr Reddy's Neutral 2,999 - 51,144 16,043 18,119 23.1 24.7 126.0 157.8 23.8 19.0 3.5 3.0 15.7 17.1 3.2 2.8

Dishman Pharma Neutral 158 - 2,552 1,718 1,890 21.7 21.8 8.7 10.4 18.2 15.2 1.6 1.5 9.3 10.2 2.0 1.8

GSK Pharma* Neutral 3,076 - 26,053 3,528 3,811 16.6 18.8 51.8 59.4 59.4 51.8 15.9 15.8 26.3 30.6 7.2 6.7

Indoco Remedies Sell 322 225 2,970 1,112 1,289 18.2 18.2 13.2 15.6 24.4 20.7 4.3 3.7 19.2 19.2 2.8 2.4

Ipca labs Buy 502 613 6,338 3,303 3,799 15.3 15.3 17.3 19.7 29.0 25.5 2.5 2.3 9.1 9.4 2.1 1.8

Lupin Accumulate 1,545 1,809 69,657 15,912 18,644 26.4 26.7 58.1 69.3 26.6 22.3 5.2 4.2 21.4 20.9 4.6 3.8

Sun Pharma Accumulate 817 944 196,711 31,129 35,258 30.0 30.9 28.0 32.8 29.2 24.9 4.5 3.7 18.7 18.9 6.0 5.1

Power

Tata Power Neutral 74 - 20,014 36,916 39,557 17.4 27.1 5.1 6.3 14.5 11.8 1.3 1.2 9.0 10.3 1.6 1.4

NTPC Neutral 158 - 130,031 86,605 95,545 17.5 20.8 11.8 13.4 13.4 11.8 1.4 1.3 10.5 11.1 2.9 2.9

Power Grid Neutral 174 - 91,239 25,763 29,762 74.3 73.1 14.8 17.3 11.8 10.1 1.8 1.6 16.9 17.5 7.8 7.5

Real Estate

MLIFE Buy 427 554 1,752 925 1,139 18.4 22.3 18.3 33.8 23.3 12.6 1.1 1.0 4.9 8.5 2.6 2.0

Telecom

Bharti Airtel Neutral 346 - 138,230 105,086 114,808 34.5 34.7 12.2 16.4 28.3 21.1 1.9 1.8 6.8 8.4 2.2 2.0

Idea Cellular Neutral 93 - 33,469 40,133 43,731 37.2 37.1 6.4 6.5 14.5 14.3 1.2 1.1 8.2 7.6 1.9 1.6

zOthers

Abbott India Neutral 4,698 - 9,982 3,153 3,583 14.1 14.4 152.2 182.7 30.9 25.7 151.5 129.4 25.6 26.1 2.9 2.5

Bajaj Electricals Accumulate 275 299 2,778 5,351 6,098 5.7 5.9 12.4 15.7 22.2 17.5 3.2 2.8 14.4 16.1 0.5 0.5

Finolex Cables Neutral 404 - 6,171 2,883 3,115 12.0 12.1 14.2 18.6 28.4 21.7 15.1 13.2 15.8 14.6 1.8 1.6

Goodyear India* Buy 532 631 1,227 1,598 1,704 10.4 10.2 49.4 52.6 10.8 10.1 49.7 43.6 18.2 17.0 0.5 61.0

Hitachi Neutral 1,426 - 3,877 2,081 2,433 8.8 8.9 33.4 39.9 42.7 35.7 34.4 28.7 22.1 21.4 1.9 1.6

Jyothy Laboratories Neutral 286 - 5,186 1,440 2,052 11.5 13.0 8.5 10.0 33.7 28.6 8.2 7.6 18.6 19.3 3.9 2.7

Page Industries Neutral 13,998 - 15,613 2,450 3,124 20.1 17.6 299.0 310.0 46.8 45.2 311.8 238.0 47.1 87.5 6.5 5.1

Relaxo Footwears Neutral 467 - 5,600 2,085 2,469 9.2 8.2 7.6 8.0 61.7 58.7 23.9 20.4 17.9 18.8 2.8 2.4

Siyaram Silk Mills Buy 1,069 1,347 1,002 1,799 2,040 11.6 11.7 104.9 122.4 10.2 8.7 1.7 1.4 16.4 16.4 0.8 0.7

Styrolution ABS India* Neutral 622 - 1,094 1,440 1,537 9.2 9.0 40.6 42.6 15.3 14.6 39.1 35.6 12.3 11.6 0.7 0.6

TVS Srichakra Buy 2,414 2,932 1,848 2,304 2,614 13.7 13.8 231.1 266.6 10.4 9.1 271.2 213.5 33.9 29.3 0.8 0.7

HSIL Neutral 337 - 2,437 2,384 2,515 15.8 16.3 15.3 19.4 22.0 17.4 21.9 18.8 7.8 9.3 1.2 1.1Kirloskar Engines India Ltd Neutral 282 - 4,078 2,554 2,800 9.9 10.0 10.5 12.1 26.9 23.3 11.2 10.6 10.7 11.7 1.2 1.1

M M Forgings Neutral 452 - 546 546 608 20.4 20.7 41.3 48.7 11.0 9.3 61.9 54.8 16.6 17.0 0.9 0.8

Banco Products (India) Neutral 196 - 1,400 1,353 1,471 12.3 12.4 14.5 16.3 13.5 12.0 18.7 16.8 14.5 14.6 1.0 106.9

Competent Automobiles Neutral 158 - 97 1,137 1,256 3.1 2.7 28.0 23.6 5.7 6.7 30.4 27.5 14.3 11.5 0.1 0.1


August 11, 2016

Stock Watch



zOthers

Nilkamal Neutral 1,175 - 1,753 1,995 2,165 10.7 10.4 69.8 80.6 16.8 14.6 67.2 58.3 16.6 16.5 0.9 0.8

Visaka Industries Neutral 153 - 243 1,051 1,138 10.3 10.4 21.0 23.1 7.3 6.6 19.6 18.4 9.0 9.2 0.5 0.5Transport Corporation of India Neutral 342 - 2,620 2,671 2,911 8.5 8.8 13.9 15.7 24.7 21.9 3.4 3.0 13.7 13.8 1.1 1.0

Elecon Engineering Accumulate 56 63 607 1,482 1,660 13.7 14.5 3.9 5.8 14.3 9.6 3.4 3.1 7.8 10.9 0.7 0.6

Surya Roshni Buy 168 201 737 3,342 3,625 7.8 7.5 17.3 19.8 9.7 8.5 18.5 14.8 10.5 10.8 0.5 0.4

MT Educare Neutral 147 - 584 366 417 17.7 18.2 9.4 10.8 15.6 13.6 3.5 3.0 22.2 22.3 1.5 1.3

Radico Khaitan Buy 92 125 1,223 1,659 1,802 13.0 13.2 6.3 7.4 14.5 12.5 1.3 1.2 8.6 9.3 1.2 1.1

Garware Wall Ropes Neutral 470 - 1,027 898 997 11.9 11.7 29.0 32.9 16.2 14.3 2.4 2.1 14.9 14.6 1.1 1.0

Wonderla Holidays Neutral 405 - 2,289 287 355 38.0 40.0 11.3 14.2 35.9 28.5 5.1 4.5 21.4 23.9 7.6 6.2

Linc Pen & Plastics Neutral 257 - 380 382 416 9.1 9.1 13.1 14.7 19.6 17.5 3.3 2.9 16.7 16.3 1.1 1.0

The Byke Hospitality Neutral 160 - 643 287 384 20.5 20.5 7.6 10.7 21.1 15.0 4.4 3.6 20.7 23.5 2.3 1.7

Interglobe Aviation Neutral 801 - 28,850 21,122 26,005 14.5 27.6 110.7 132.1 7.2 6.1 43.3 30.9 168.5 201.1 1.4 1.1Coffee Day Enterprises Ltd Neutral 237 - 4,889 2,964 3,260 20.5 21.2 4.7 8.0 - 29.7 2.7 2.5 5.5 8.5 2.1 1.9

Navneet Education Neutral 100 - 2,385 1,062 1,147 24.0 24.0 6.1 6.6 16.4 15.1 3.4 3.0 20.6 19.8 2.4 2.2

Navkar Corporation Buy 194 265 2,764 408 612 42.9 42.3 6.8 11.5 28.6 16.9 2.0 1.8 6.9 10.5 8.0 5.3

UFO Moviez Neutral 520 - 1,435 619 685 33.2 33.4 30.0 34.9 17.4 14.9 2.4 2.1 13.8 13.9 2.0 1.7

VRL Logistics Neutral 288 - 2,626 1,902 2,119 16.7 16.6 14.6 16.8 19.8 17.1 4.3 3.8 21.9 22.2 1.6 1.4

Team Lease Serv. Neutral 1,099 - 1,880 3,229 4,001 1.5 1.8 22.8 32.8 48.3 33.5 5.2 4.5 10.7 13.4 0.5 0.4

S H Kelkar & Co. Neutral 260 - 3,761 1,036 1,160 15.1 15.0 6.1 7.2 42.6 36.2 4.6 4.2 10.7 11.5 3.5 3.1

Quick Heal Neutral 245 - 1,717 408 495 27.3 27.0 7.7 8.8 31.7 27.9 2.9 2.9 9.3 10.6 3.4 2.8

Narayana Hrudaya Neutral 319 - 6,516 1,873 2,166 11.5 11.7 2.6 4.0 120.6 80.4 7.4 6.7 6.1 8.3 3.6 3.1

Manpasand Bever. Neutral 688 - 3,445 836 1,087 19.6 19.4 16.9 23.8 40.7 28.9 4.9 4.3 12.0 14.8 3.9 2.9

Parag Milk Foods Neutral 331 - 2,783 1,919 2,231 9.3 9.6 9.5 12.9 35.0 25.6 5.4 4.5 15.5 17.5 1.6 1.4

Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on August 10, 2016


August 11, 2016

Stock Watch

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

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Market OutlookAugust 11, 2016

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