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Market Outlook
January 4, 2016
Market Cues
Indian markets are expected to open on a negative note tracking the SGX Nifty and
Asian markets.
U.S. markets like most Global markets were closed on Friday (New Year). In earlier
session, the US markets had ended on a negative note mainly due to disappointing
economic data which showed that initial jobless claims jumped to 287,000,
representing an increase of 20,000 from the previous week’s number. Economists
were expecting claims to be at 270,000.
All European markets too were closed for the start of the New Year. Most European
markets were closed on 31st
December while the ones that were open saw limited
action.
Indian markets ended Friday's session on a flat note owing to lack of directional cues
from global markets and amid the release of disappointing core sector output data.
News & Result Analysis
December monthly auto sales: Hero MotoCorp, TVS Motor Co., Ashok Leyland
Detailed analysis on Pg2
Investor’s Ready Reckoner
Key Domestic & Global Indicators
Stock Watch: Latest investment recommendations on 150+ stocks
Refer P4 onwards
Top Picks
Company Sector Rating CMP
(`) Target
(`) Upside
(%)
Axis Bank Financials Buy 450 630 40.0
HCL Tech IT Buy 846 1,132 33.9
ICICI Bank Financials Buy 263 354 34.6
Ashok Leyland Automobiles Buy 89 111 25.1
Larsen & Toubro Construction Buy 1,289 1,646 27.7
More Top Picks on Pg3
Key Upcoming Events
Date Region
Event Description
Previous
Reading
Consensus
Expectations
Jan 4 UK
PMI Manufacturing 52.70 52.80
Germany
PMI Manufacturing 53.00 53.00
Jan 5 Germany
Unemployment change (000's) (13.00) (8.00)
Jan 6 Germany
PMI Services 55.40 55.40
(
Domestic Indices Chg (%) (Pts) (Close)
BSE Sensex 0.2 43 26,161
Nifty 0.2 17 7,963
Mid Cap 0.9 102 11,245
Small Cap 0.9 104 11,941
Bankex 0.6 120 19,448
Global Indices Chg (%) (Pts) (Close)
Dow Jones (1.0) (179) 17,425
Nasdaq (1.2) (58) 5,007
FTSE (0.5) (32) 6,242
Nikkei 0.3 51 19,034
Hang Seng 0.1 32 21,914
Shanghai Com (0.9) (34) 3,539
Advances / Declines BSE NSE
Advances 2,006 1,113
Declines 837 452
Unchanged 121 40
Volumes (` Cr)
BSE 2,985
NSE 12,791
Net Inflows (` Cr) Net Mtd Ytd
FII 1,105 205 18,328
MFs 233 4,319 68,910
Top Gainers Price (`) Chg (%)
Sreinfra 66 19.3
Pmcfin 1 9.1
Relinfra 591 9.0
Jetairways 761 8.3
Adanient 90 8.0
Top Losers Price (`) Chg (%)
Bergepaint 261 (2.7)
Sunasian 61 (1.9)
Jindalstel 94 (1.9)
Welcorp 113 (1.7)
Gail 370 (1.5)
As on January 1, 2015
2
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Market Outlook
January 4, 2016
December monthly auto sales: Hero MotoCorp, TVS Motor Co.,
Ashok Leyland
Hero MotoCorp, reported a 5.0% decline in its sales for the month of December.
The company reported two-wheeler sales of 499,665 units, which is below
estimates, and against 526,097 units reported in the same month of the previous
year. We currently have a Neutral view on the stock.
TVS Motor Company reported a 4% increase in sales during December 2015,
which is in-line with the estimates. The company reported sales of 202,086 units in
December 2015 against 194,481 units reported in December 2014. Total two-
wheeler sales increased by 5.2% to 194,066 (from 184,474 units in December
2014). Domestic two-wheeler sales grew by 5.2% to 168,160 units (from 159,918
units in December 2014). Three-wheelers sales registered a decline of 20.0% to
8,020 units from 10,007 units reported in previous year. We currently have a Buy
recommendation on the stock.
Ashok Leyland’s total sales increased by 31.4% yoy to 12,209 units (from 9,290
units reported in December 2014), which is ahead of expectations. The sales of
Medium and Heavy Commercial Vehicles jumped by 35.3% yoy to 9,758 units
(from 7,210 units in December 2014) while Light Commercial Vehicles sales grew
by 17.8% yoy to 2,451 (from 2,080 units in December 2014). We currently have a
Buy recommendation on the stock.
Economic and Political News
Govt hikes excise duty on petrol, diesel
Textile exports hit due to US procurement legislation: Ficci
Non-subsidised LPG price rises `49.5, ATF rate falls by 10%
Wheat output may drop for 2nd year straight due to warm winter
Corporate News
IndiGo to launch Delhi-Doha flights this year
Coal India's production and offtake rises by over 9% during April-December
Maruti, Hyundai post robust sales growth in December
3
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Market Outlook
January 4, 2016
Top Picks
Large Cap
Company Market Cap
(` Cr)
CMP
(`) Target
(`) Upside
(%) Rationale
Amara Raja Batteries 14,862 870 1,040 19.5
To outpace battery industry growth due to better technological
products leading to market share gains in both the automotive
OEM and replacement segments.
Ashok Leyland 25,257 89 111 25.1
Earnings to grow strongly given the MHCV cyclical upturn.
Focus on exports and LCV's provides additional growth
avenue.
Axis Bank 1,07,002 450 630 40.0
Healthy pace of branch expansion, backed by distribution
network, will be the driving force for the bank’s retail business
and overall earnings.
HCL Tech 1,19,141 846 1,132 33.9 The stock is trading at attractive valuations and is factoring all
the bad news.
HDFC Bank 2,74,881 1,089 1,262 15.9
Strong 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.
ICICI Bank 1,52,859 263 354 34.6
Due to its robust franchise and capital adequacy position, the
bank is well positioned to grow by at least a few percentage
points higher than the average industry growth rate from a
structural point of view.
Infosys 2,53,387 1,103 1,306 18.4 Back on the growth trend, expect a long term growth of 14%
to be a US$20bn in FY2020.
Larsen & Toubro 1,19,992 1,289 1,646 27.7
Well positioned to benefit from such expected gradual
recovery in the overall domestic capex cycle, given its presence
across various infrastructure segments, its execution
capabilities, and its strong balance sheet.
LIC Housing Finance 25,660 508 592 16.4
LICHF continues to grow its retail loan book at a healthy pace
with improvement in asset quality. We expect the company to
post a healthy loan book which is likely to reflect in a strong
earnings growth.
Source: Company, Angel Research
Mid Cap
Company Market Cap
(` Cr)
CMP
(`) Target
(`) Upside
(%) Rationale
Blue Star 3,458 385 429 11.6
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.
Ipca labs 9,375 743 900 21.1
Change in business focus towards high-margin chronic &
lifestyle segments and increasing penetration in Europe and
US
Jagran Prakashan 5,453 167 - -
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.
Radico Khaitan 1,544 116 156 34.4
Earnings boost on back of stable material prices and
favourable pricing environment. Valuation discount to peers
provides additional comfort
Siyaram Silk Mills 1,169 1,248 1,354 8.5
Strong brands and distribution network would boost growth
going ahead. Stock currently trades at an inexpensive
valuation.
Surya Roshni 629 144 183 27.5 Structural shift in the Lighting industry towards LED lighting will
drive growth.
Source: Company, Angel Research
Global economic events release calendar
Date Time Country Event Description Unit Period Bloomberg Data
Last Reported Estimated
Jan 4, 2016 3:00PM UK PMI Manufacturing Value Dec 52.70 52.80
2:25PM Germany PMI Manufacturing Value Dec F 53.00 53.00
Jan 5, 2016 2:25PM Germany Unemployment change (000's) Thousands Dec (13.00) (8.00)
Jan 6, 2016 2:25PM Germany PMI Services Value Dec F 55.40 55.40
Jan 7, 2016 7:00PM US Initial Jobless claims Thousands Jan 2 287.00 --
3:30PM Euro Zone Euro-Zone Consumer Confidence Value Dec F (5.70) (5.70)
Jan 8, 2016 India Imports YoY% % Change Dec (30.30) --
India Exports YoY% % Change Dec (24.43) --
China Exports YoY% % Change Dec (6.80) (6.00)
7:00PM US Change in Nonfarm payrolls Thousands Dec 211.00 200.00
7:00PM US Unnemployment rate % Dec 5.00 5.00
Jan 9, 2016 7:00AM China Consumer Price Index (YoY) % Change Dec 1.50 1.70
Jan 12, 2016 5:30PM India Industrial Production YoY % Change Nov 9.80 --
3:00PM UK Industrial Production (YoY) % Change Nov 1.70 --
Jan 14, 2016 12:00PM India Monthly Wholesale Prices YoY% % Change Dec (1.99) --
5:30PM UK BOE Announces rates % Ratio Jan 14 0.50 0.50
Jan 15, 2016 7:45PM US Industrial Production % Dec (0.56) (0.05)
US Producer Price Index (mom) % Change Dec 0.10 --
Jan 19, 2016 3:00PM UK CPI (YoY) % Change Dec 0.10 --
7:30AM China Industrial Production (YoY) % Change Dec 6.20 --
7:30AM China Real GDP (YoY) % Change 4Q 6.90 --
Jan 20, 2016 7:00PM US Housing Starts Thousands Dec 1,173.00 --
7:00PM US Building permits Thousands Dec 1,282.00 --
3:00PM UK Jobless claims change % Change Dec 3.90 --
7:00PM US Consumer price index (mom) % Change Dec -- --
Jan 21, 2016 3:30PM Euro Zone Euro-Zone CPI (YoY) % Dec F 0.20 --
6:15PM Euro Zone ECB announces interest rates % Jan 21 0.05 --
Jan 22, 2016 8:30PM US Existing home sales Million Dec 4.76 --
Jan 26, 2016 8:30PM US Consumer Confidence S.A./ 1985=100 Jan 96.50 --
Jan 27, 2016 8:30PM US New home sales Thousands Dec 490.00 --
Jan 28, 2016 3:00PM UK GDP (YoY) % Change 4Q A 2.10 --
12:30AM US FOMC rate decision % Jan 27 0.50 0.50
Jan 29, 2016 7:00PM US GDP Qoq (Annualised) % Change 4Q A 2.00 --
Source: Bloomberg, Angel Research
January 04, 2016
Market Outlook
Key Upcoming Events
h
Market Outlook January 4, 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
Source: Bloomberg, Angel Research
Exhibit 6: Key policy rates
Source: RBI, Angel Research
5.0 4.7
7.0 7.5
6.4 6.7 6.7
8.4
6.6
7.5 7.0
7.4
3.0
4.0
5.0
6.0
7.0
8.0
9.0
3QFY
13
4QFY
13
1QFY
14
2QFY
14
3QFY
14
4QFY
14
1QFY
15
2QFY
15
3QFY
15
4QFY
15
1QFY
16
2QFY
16
(%)
3.6 2.8
4.8
2.5 3.0 2.5
4.2 4.3
6.3
3.8
9.8
-
2.0
4.0
6.0
8.0
10.0
12.0
Dec
-14
Jan-
15
Feb-
15
Mar
-15
Apr
-15
May
-15
Jun-
15
Jul-1
5
Aug
-15
Sep-
15
Oct
-15
(%)
4.3
5.2 5.4 5.3 4.9 5.0
5.4
3.7 3.7 4.4
5.0 5.4
-
1.0
2.0
3.0
4.0
5.0
6.0
Dec
-14
Jan-
15
Feb-
15
Mar
-15
Apr
-15
May
-15
Jun-
15
Jul-1
5
Aug
-15
Sep-
15
Oct
-15
Nov
-15
(%)
44.0
46.0
48.0
50.0
52.0
54.0
56.0 O
ct-1
4
Nov
-14
Dec
-14
Jan-
15
Feb-
15
Mar
-15
Apr
-15
May
-15
Jun-
15
Jul-1
5
Aug
-15
Sep-
15
Oct
-15
Nov
-15
Mfg. PMI Services PMI
(35.0)
(30.0)
(25.0)
(20.0)
(15.0)
(10.0)
(5.0)
0.0
Dec
-14
Jan-
15
Feb-
15
Mar
-15
Apr
-15
May
-15
Jun-
15
Jul-1
5
Aug
-15
Sep-
15
Oct
-15
Nov
-15
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 8.00
Jan-
15
Feb-
15
Mar
-15
Apr
-15
Apr
-15
May
-15
Jun-
15
Jun-
15
Jul-1
5
Aug
-15
Aug
-15
Sep-
15
Oct
-15
Oct
-15
Nov
-15
Dec
-15
Dec
-15
Repo rate Reverse Repo rate CRR (%)
h
Market Outlook January 4, 2016
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Global watch
Exhibit 1: Latest quarterly GDP Growth (%, yoy) across select developing and developed countries
Source: Bloomberg, Angel Research
Exhibit 2: 2015 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
(4.5) (4.1)
5.3
6.9
1.0
4.7 4.7
2.9 2.1 2.1 1.8
1.1 1.6
(6.0)
(4.0)
(2.0)
-
2.0
4.0
6.0
8.0
Braz
il
Russ
ia
Indi
a
Chi
na
Sout
h A
fric
a
Indo
nesi
a
Mal
aysi
a
Thai
land UK
USA
Ger
man
y
Fran
ce
Japa
n
(%)
(3.0)
(3.8)
7.3 6.8
1.4
4.7 4.7
2.5 2.5 2.6 1.5 1.2 0.6
(6.0)
(4.0)
(2.0)
-
2.0
4.0
6.0
8.0
Braz
il
Russ
ia
Indi
a
Chi
na
Sout
h A
fric
a
Indo
nesi
a
Mal
aysi
a
Thai
land UK
USA
Ger
man
y
Fran
ce
Japa
n
(%)
10
.5
5.5
16
.8
14
.3
18
.6
14
.6
16
.1
12
.5
15
.9
15
.4
12
.8
15
.7
15
.2
-2.0 4.0 6.0 8.0
10.0 12.0 14.0 16.0 18.0 20.0
Braz
il
Russ
ia
Indi
a
Chi
na
Sout
h A
fric
a
Indo
nesi
a
Mal
aysi
a
Thai
land UK
USA
Ger
man
y
Fran
ce
Japa
n
(x)
h
Market Outlook January 4, 2016
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Exhibit 4: Relative performance of indices across globe
Returns (%)
Country Name of index Closing price 1M 3M 1YR
Brazil Bovespa 43,350 (8.1) (4.3) (12.7)
Russia Micex 1,761 (0.5) 7.2 22.9
India Nifty 7,963 0.1 2.1 (3.4)
China Shanghai Composite 3,539 2.4 14.4 13.2
South Africa Top 40 45,797 (1.1) 2.0 4.2
Mexico Mexbol 42,978 (1.0) 2.0 (0.4)
Indonesia LQ45 792 0.2 13.2 (8.4)
Malaysia KLCI 1,693 0.6 5.2 (3.2)
Thailand SET 50 814 (7.0) (6.7) (19.7)
USA Dow Jones 17,425 (1.7) 7.0 (2.3)
UK FTSE 6,242 (2.1) 3.0 (2.7)
Japan Nikkei 19,034 (4.3) 6.4 10.6
Germany DAX 10,743 (5.1) 13.7 13.4
France CAC 4,637 (6.5) 4.8 8.8
Source: Bloomberg, Angel Research
Company Name Reco CMP Target Mkt Cap Sales ( ₹cr ) OPM(%) EPS (₹) PER(x) P/BV(x) RoE(%) EV/Sales(x)
( ₹ ) Price ( ₹) ( ₹ cr ) FY16E FY17E FY16E FY17E FY16E FY17E FY16E FY17E FY16E FY17E FY16E FY17E FY16E FY17E
Agri / Agri Chemical
Rallis Neutral 180 - 3,509 2,075 2,394 14.4 14.4 9.5 11.0 19.0 16.4 3.8 3.3 21.1 21.3 1.7 1.5
United Phosphorus Buy 440 510 18,865 13,698 15,752 17.6 17.6 32.1 38.5 13.7 11.4 2.7 2.2 21.4 21.3 1.5 1.2
Auto & Auto Ancillary
Ashok Leyland Buy 89 111 25,257 17,995 21,544 11.4 11.6 3.4 4.7 26.1 18.9 4.6 4.2 17.7 22.2 1.4 1.1
Bajaj Auto Accumulate 2,520 2,728 72,922 23,695 27,298 21.3 20.4 134.6 151.5 18.7 16.6 6.0 5.1 31.8 30.6 2.6 2.3
Bharat Forge Accumulate 888 943 20,665 7,867 8,881 20.0 20.3 34.4 41.0 25.8 21.7 5.0 4.2 21.1 20.9 2.8 2.4
Eicher Motors Accumulate 17,371 19,036 47,169 15,379 16,498 15.6 16.6 473.2 574.8 36.7 30.2 13.6 10.1 36.7 33.2 3.0 2.7
Gabriel India Neutral 98 - 1,408 1,415 1,544 8.7 9.0 4.6 5.4 21.3 18.2 3.9 3.4 18.1 18.9 1.0 0.9
Hero Motocorp Neutral 2,688 - 53,673 28,561 31,559 14.7 14.7 151.1 163.2 17.8 16.5 6.9 5.9 38.7 35.6 1.7 1.5
Jamna Auto Industries Neutral 141 - 1,126 1,292 1,486 9.3 9.8 6.0 7.5 23.5 18.8 4.9 4.1 20.7 21.8 0.9 0.8
L G Balakrishnan & Bros Neutral 519 - 815 1,254 1,394 11.6 11.8 35.9 41.7 14.5 12.5 2.0 1.7 13.5 13.8 0.8 0.7
Mahindra and Mahindra Accumulate 1,263 1,449 78,472 39,031 44,440 13.8 13.9 57.9 67.6 21.8 18.7 3.5 3.1 16.1 16.6 1.7 1.4
Maruti Neutral 4,635 - 140,016 57,865 68,104 16.4 16.7 176.3 225.5 26.3 20.6 5.1 4.4 19.4 21.2 2.2 1.8
Minda Industries Neutral 917 - 1,455 2,567 2,965 8.0 8.3 46.1 57.8 19.9 15.9 3.3 2.8 16.7 17.3 0.7 0.6
Motherson Sumi Accumulate 297 313 39,338 39,343 45,100 8.8 9.1 10.1 12.5 29.5 23.8 9.3 7.3 35.3 34.4 1.1 0.9
Rane Brake Lining Neutral 352 - 278 454 511 11.1 11.4 23.8 28.1 14.8 12.5 2.1 1.9 14.2 15.3 0.7 0.7
Setco Automotive Neutral 43 - 568 594 741 12.7 13.7 1.7 3.2 25.0 13.3 2.6 2.3 10.4 16.9 1.4 1.2
Tata Motors Neutral 402 - 115,965 255,254 301,772 12.9 13.4 23.7 37.3 17.0 10.8 2.1 1.7 7.4 12.1 0.6 0.6
TVS Motor Buy 287 338 13,640 11,569 13,648 7.3 8.7 10.3 16.1 27.9 17.8 6.9 5.4 24.8 30.5 1.2 1.0
Amara Raja Batteries Buy 870 1,040 14,862 4,892 5,871 17.4 17.6 28.8 37.1 30.2 23.5 7.1 5.6 23.4 24.1 3.0 2.4
Exide Industries Accumulate 147 162 12,529 6,950 7,784 14.4 14.8 6.6 7.3 22.3 20.2 2.8 2.6 12.6 12.8 1.5 1.4
Apollo Tyres Accumulate 159 171 8,099 12,146 12,689 16.8 16.0 21.2 19.0 7.5 8.4 1.2 1.1 16.5 13.0 0.7 0.8
Ceat Neutral 1,072 - 4,337 6,041 6,597 14.1 13.7 99.5 111.9 10.8 9.6 2.1 1.8 19.6 18.5 0.9 0.7
JK Tyres Neutral 116 - 2,627 7,446 7,669 15.2 14.0 19.6 18.4 5.9 6.3 1.5 1.2 25.2 19.5 0.8 0.7
Swaraj Engines Neutral 963 - 1,195 552 630 14.2 14.7 44.6 54.1 21.6 17.8 5.0 4.6 23.2 25.6 2.0 1.7
Subros Neutral 109 - 653 1,268 1,488 11.6 11.9 3.7 6.6 29.4 16.5 2.0 1.8 6.8 11.4 0.8 0.7
Indag Rubber Neutral 206 - 540 283 329 17.0 17.2 13.0 15.4 15.9 13.4 3.5 2.9 21.8 21.6 1.6 1.4
Capital Goods
ACE Neutral 46 - 459 660 839 4.7 8.2 1.0 3.9 46.4 11.9 1.5 1.3 3.2 11.3 0.8 0.7
BEML Neutral 1,302 - 5,422 3,277 4,006 6.0 8.9 29.2 64.3 44.6 20.3 2.5 2.3 5.7 11.7 1.7 1.4
Bharat Electronics Neutral 1,376 - 33,018 7,737 8,634 16.8 17.2 54.0 61.0 25.5 22.6 3.6 3.2 39.3 45.6 3.4 2.9
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January 04, 2016
Stock Watch
Company Name Reco CMP Target Mkt Cap Sales ( ₹cr ) OPM(%) EPS (₹) PER(x) P/BV(x) RoE(%) EV/Sales(x)
( ₹ ) Price ( ₹) ( ₹ cr ) FY16E FY17E FY16E FY17E FY16E FY17E FY16E FY17E FY16E FY17E FY16E FY17E FY16E FY17E
Capital Goods
Voltas Accumulate 320 353 10,573 5,363 5,963 8.0 9.1 11.0 13.8 29.1 23.2 4.5 3.9 16.2 17.9 1.9 1.7
BGR Energy Neutral 133 - 957 3,615 3,181 9.5 9.4 16.7 12.4 7.9 10.7 0.7 0.7 10.0 7.0 0.7 0.8
BHEL Neutral 171 - 41,854 33,722 35,272 10.8 11.7 10.5 14.2 16.3 12.0 1.2 1.1 7.0 9.0 1.3 1.3
Blue Star Accumulate 385 429 3,458 3,548 3,977 6.3 6.9 13.7 17.2 28.1 22.4 7.1 4.6 26.1 25.4 1.1 0.9
Crompton Greaves Accumulate 194 204 12,156 13,484 14,687 4.9 6.2 4.5 7.1 43.1 27.3 3.0 2.8 7.2 10.8 1.0 0.9
Inox Wind Buy 360 458 7,987 4,980 5,943 17.0 17.5 26.6 31.6 13.5 11.4 4.0 3.0 35.0 30.0 1.8 1.4
KEC International Neutral 157 - 4,032 8,791 9,716 6.1 6.8 5.4 8.2 29.1 19.1 2.9 2.7 10.0 14.0 0.7 0.6
Thermax Neutral 890 - 10,607 6,413 7,525 7.4 8.5 30.5 39.3 29.2 22.7 4.5 3.9 15.0 17.0 1.6 1.3
Cement
ACC Buy 1,373 1,630 25,781 13,151 14,757 16.4 18.3 63.9 83.4 21.5 16.5 2.8 2.5 13.3 16.1 1.8 1.5
Ambuja Cements Accumulate 205 233 31,853 11,564 12,556 19.4 20.7 8.9 10.1 23.1 20.3 2.9 2.7 12.8 13.8 2.4 2.2
HeidelbergCement Neutral 79 - 1,782 1,772 1,926 13.3 15.4 1.0 3.0 78.7 26.2 2.0 1.8 2.6 7.9 1.6 1.4
India Cements Accumulate 99 112 3,055 4,216 4,840 18.0 19.5 4.0 9.9 24.9 10.1 1.0 0.9 4.0 9.5 1.1 0.9
JK Cement Buy 593 744 4,146 3,661 4,742 10.1 15.8 18.0 61.0 33.0 9.7 2.4 2.1 7.5 22.9 1.6 1.2
J K Lakshmi Cement Buy 335 430 3,939 2,947 3,616 16.7 19.9 11.5 27.2 29.1 12.3 2.8 2.4 9.8 20.8 1.7 1.4
Mangalam Cements Neutral 197 - 526 1,053 1,347 10.5 13.3 8.4 26.0 23.5 7.6 1.0 0.9 4.3 12.5 0.9 0.6
Orient Cement Buy 148 183 3,026 1,854 2,524 21.2 22.2 7.7 11.1 19.2 13.3 2.8 2.4 13.3 15.7 2.4 1.7
Ramco Cements Neutral 390 - 9,295 4,036 4,545 20.8 21.3 15.1 18.8 25.9 20.8 3.2 2.8 12.9 14.3 2.8 2.4
Shree Cement^ Neutral 11,314 - 39,413 7,150 8,742 26.7 28.6 228.0 345.5 49.6 32.8 7.3 6.1 15.7 20.3 5.3 4.2
UltraTech Cement Buy 2,816 3,282 77,276 25,021 30,023 19.1 21.6 89.0 132.0 31.6 21.3 3.7 3.2 12.2 15.9 3.2 2.6
Construction
ITNL Neutral 92 - 3,015 7,360 8,825 34.0 35.9 7.0 9.0 13.1 10.2 0.4 0.4 3.2 3.7 3.8 3.7
KNR Constructions Buy 576 673 1,620 937 1,470 14.3 14.0 33.5 38.6 17.2 14.9 2.6 2.3 15.4 15.4 1.8 1.2
Larsen & Toubro Buy 1,289 1,646 119,992 65,065 77,009 11.5 11.7 61.5 65.6 21.0 19.6 2.1 1.9 13.4 14.0 2.0 1.7
Gujarat Pipavav Port Neutral 149 - 7,208 629 684 51.0 52.2 6.4 5.9 23.3 25.3 3.1 2.8 15.9 12.7 11.1 10.0
MBL Infrastructures Buy 225 285 931 2,313 2,797 12.2 14.6 19.0 20.0 11.8 11.2 1.2 1.1 11.3 10.6 1.1 1.0
Nagarjuna Const. Neutral 77 - 4,295 7,892 8,842 8.8 9.1 3.0 5.3 25.8 14.6 1.3 1.2 5.0 8.5 0.8 0.7
PNC Infratech Neutral 534 - 2,740 1,873 2,288 13.2 13.5 24.0 32.0 22.3 16.7 2.2 1.9 12.1 12.3 1.6 1.3
Simplex Infra Neutral 321 - 1,590 5,955 6,829 10.3 10.5 16.0 31.0 20.1 10.4 1.1 1.0 5.3 9.9 0.8 0.7
Power Mech Projects Neutral 660 - 971 1,539 1,801 12.8 12.7 59.0 72.1 11.2 9.2 1.7 1.4 18.6 16.8 0.6 0.5
Sadbhav Engineering Neutral 345 - 5,916 3,481 4,219 10.7 10.8 8.0 12.0 43.1 28.7 4.0 3.5 10.3 13.5 2.0 1.6
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Company Name Reco CMP Target Mkt Cap Sales ( ₹cr ) OPM(%) EPS (₹) PER(x) P/BV(x) RoE(%) EV/Sales(x)
( ₹ ) Price ( ₹) ( ₹ cr ) FY16E FY17E FY16E FY17E FY16E FY17E FY16E FY17E FY16E FY17E FY16E FY17E FY16E FY17E
Construction
NBCC Accumulate 1,004 1,089 12,050 7,382 9,506 7.7 8.6 39.8 54.4 25.2 18.5 6.1 4.8 26.7 29.1 1.4 1.0
MEP Infra Neutral 46 - 744 1,956 1,876 28.1 30.5 1.3 3.0 35.2 15.3 7.4 5.0 21.2 32.8 1.8 1.8
SIPL Neutral 98 - 3,445 675 1,042 62.4 64.7 - - 3.7 4.2 - - 16.8 11.3
Financials
Allahabad Bank Neutral 71 - 4,240 8,569 9,392 2.8 2.9 16.3 27.5 4.3 2.6 0.4 0.3 7.6 11.9 - -
Axis Bank Buy 450 630 107,002 26,473 31,527 3.5 3.6 35.7 43.5 12.6 10.3 2.4 2.1 17.9 18.9 - -
Bank of Baroda Neutral 159 - 36,636 18,485 21,025 1.9 2.0 13.5 21.1 11.8 7.5 0.9 0.8 7.3 10.6 - -
Bank of India Neutral 117 - 9,273 15,972 17,271 1.9 2.0 15.3 33.4 7.7 3.5 0.3 0.3 3.6 7.6 - -
Canara Bank Neutral 238 - 12,931 15,441 16,945 2.0 2.1 46.6 70.4 5.1 3.4 0.5 0.4 8.0 11.2 - -
Dena Bank Neutral 41 - 2,652 3,440 3,840 2.1 2.3 7.3 10.0 5.7 4.1 0.4 0.4 6.1 7.9 - -
Federal Bank Neutral 57 - 9,763 3,477 3,999 3.0 3.0 5.0 6.2 11.3 9.1 1.1 1.0 10.6 11.9 - -
HDFC Neutral 1,257 - 198,493 10,358 11,852 3.3 3.3 41.1 47.0 30.6 26.7 5.8 5.3 24.7 24.9 - -
HDFC Bank Buy 1,089 1,262 274,881 38,309 47,302 4.3 4.3 49.3 61.1 22.1 17.8 3.8 3.3 18.5 19.7 - -
ICICI Bank Buy 263 354 152,859 34,279 39,262 3.3 3.3 21.0 24.4 12.5 10.8 2.1 1.8 14.4 14.7 - -
IDBI Bank Neutral 90 - 14,420 9,625 10,455 1.8 1.8 8.5 14.2 10.5 6.3 0.7 0.6 5.9 9.3 - -
Indian Bank Neutral 116 - 5,552 6,160 6,858 2.5 2.5 24.5 29.8 4.7 3.9 0.4 0.3 7.7 8.6 - -
LIC Housing Finance Buy 508 592 25,660 3,101 3,745 2.5 2.5 33.0 40.2 15.4 12.7 2.9 2.5 19.7 20.5 - -
Oriental Bank Neutral 144 - 4,325 7,643 8,373 2.4 2.4 37.2 45.4 3.9 3.2 0.3 0.3 8.2 9.4 - -
Punjab Natl.Bank Neutral 118 - 23,102 23,638 26,557 2.8 2.8 17.9 27.2 6.6 4.3 0.7 0.5 8.5 12.0 - -
South Ind.Bank Neutral 20 - 2,660 1,965 2,185 2.5 2.5 2.5 3.3 7.9 6.0 0.8 0.7 9.5 11.7 - -
St Bk of India Buy 228 283 176,720 82,520 93,299 2.7 2.8 20.0 24.5 11.4 9.3 1.2 1.1 11.5 12.8 - -
Union Bank Neutral 150 - 10,315 12,646 14,129 2.3 2.4 31.0 39.1 4.8 3.8 0.5 0.4 9.8 11.4 - -
Vijaya Bank Neutral 34 - 2,938 3,536 3,827 1.9 1.9 5.5 6.7 6.2 5.1 0.5 0.5 7.8 8.8 - -
Yes Bank Buy 732 921 30,707 7,190 9,011 3.2 3.3 58.2 69.7 12.6 10.5 2.3 1.9 19.2 19.6 - -
FMCG
Asian Paints Neutral 880 - 84,424 16,553 19,160 16.0 16.2 17.7 21.5 49.8 40.9 13.2 11.9 29.4 31.2 4.9 4.3
Britannia Neutral 2,991 - 35,885 8,065 9,395 9.6 10.2 47.2 65.5 63.4 45.7 21.1 19.9 38.3 41.2 4.3 3.7
Colgate Neutral 977 - 26,561 4,836 5,490 19.5 19.7 48.5 53.2 20.1 18.4 14.8 12.9 99.8 97.5 5.4 4.7
Dabur India Neutral 276 - 48,605 9,370 10,265 17.1 17.2 7.3 8.1 37.7 34.1 11.4 9.2 33.7 30.6 5.1 4.6
GlaxoSmith Con* Neutral 6,362 - 26,754 4,919 5,742 17.2 17.4 168.3 191.2 37.8 33.3 10.7 9.1 28.8 28.9 5.0 4.2
Godrej Consumer Neutral 1,342 - 45,705 10,168 12,886 16.1 16.1 32.1 38.4 41.8 35.0 8.5 7.9 19.7 21.0 4.6 3.6
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Company Name Reco CMP Target Mkt Cap Sales ( ₹cr ) OPM(%) EPS (₹) PER(x) P/BV(x) RoE(%) EV/Sales(x)
( ₹ ) Price ( ₹) ( ₹ cr ) FY16E FY17E FY16E FY17E FY16E FY17E FY16E FY17E FY16E FY17E FY16E FY17E FY16E FY17E
FMCG
HUL Neutral 857 - 185,346 34,940 38,957 17.5 17.7 20.8 24.7 41.2 34.7 45.8 36.6 110.5 114.2 5.1 4.6
ITC Buy 327 382 263,041 41,068 45,068 37.8 37.4 13.9 15.9 23.5 20.6 7.9 6.9 34.1 33.8 6.0 5.5
Marico Buy 227 363 29,332 6,551 7,766 15.7 16.0 10.4 12.5 21.9 18.2 6.4 5.3 33.2 32.4 4.4 3.7
Nestle* Accumulate 5,786 6,646 55,788 11,291 12,847 22.2 22.3 158.9 184.6 36.4 31.3 19.0 17.1 55.0 57.3 4.8 4.2
Tata Global Neutral 146 - 9,240 8,635 9,072 9.8 9.9 6.5 7.6 22.5 19.3 2.2 2.2 6.8 7.4 1.0 1.0
IT
HCL Tech^ Buy 846 1,132 119,141 42,038 47,503 23.2 23.5 55.8 62.9 15.2 13.4 3.5 2.7 23.0 19.8 2.4 1.9
Infosys Buy 1,103 1,306 253,387 60,250 66,999 28.0 28.0 58.3 63.7 18.9 17.3 4.0 3.4 20.9 19.7 3.5 3.0
TCS Buy 2,416 3,165 476,105 111,274 126,852 28.4 28.7 125.4 143.9 19.3 16.8 7.6 7.0 39.9 42.2 3.9 3.4
Tech Mahindra Buy 520 646 50,247 25,566 28,890 16.0 17.0 26.3 31.9 19.8 16.3 3.6 3.0 17.9 18.6 1.7 1.5
Wipro Buy 556 719 137,451 52,414 58,704 23.7 23.8 38.4 42.3 14.5 13.2 2.8 2.5 19.5 18.0 2.2 1.8
Media
D B Corp Accumulate 328 356 6,019 2,241 2,495 27.8 27.9 21.8 25.6 15.1 12.8 3.9 3.5 26.7 28.5 2.6 2.4
HT Media Neutral 92 - 2,149 2,495 2,603 11.2 11.2 7.3 8.6 12.7 10.7 1.0 0.9 7.4 8.1 0.4 0.3
Jagran Prakashan Neutral 167 - 5,453 2,170 2,355 27.2 26.2 8.9 9.9 18.7 16.9 3.9 3.4 20.9 20.5 2.4 2.2
Sun TV Network Neutral 431 - 16,987 2,779 3,196 70.2 70.5 22.8 27.3 18.9 15.8 4.7 4.2 26.7 28.3 5.9 5.1Hindustan Media Ventures Neutral 297 - 2,178 920 1,031 20.0 20.0 19.2 20.9 15.5 14.2 2.5 2.2 16.4 15.3 1.9 1.7
Metals & Mining
Coal India Accumulate 334 380 210,903 76,167 84,130 19.9 22.3 22.4 25.8 14.9 12.9 5.4 5.2 35.5 41.0 2.1 1.9
Hind. Zinc Buy 149 175 62,894 14,641 14,026 50.4 50.4 17.7 16.0 8.4 9.3 1.3 1.2 16.2 13.2 1.9 1.8
Hindalco Neutral 85 - 17,521 104,356 111,186 8.7 9.5 6.7 11.1 12.6 7.7 0.5 0.4 3.5 5.9 0.7 0.6
JSW Steel Neutral 1,028 - 24,848 42,308 45,147 16.4 20.7 (10.3) 49.5 20.8 1.2 1.1 (1.0) 5.6 1.6 1.5
NMDC Neutral 91 - 36,158 8,237 10,893 46.6 44.5 10.0 11.7 9.2 7.8 1.0 0.9 12.5 13.0 4.2 3.2
SAIL Neutral 48 - 19,928 45,915 53,954 7.2 10.5 1.5 4.4 32.0 11.0 0.5 0.5 2.3 4.1 1.1 1.0
Vedanta Neutral 92 - 27,171 71,445 81,910 26.2 26.3 12.9 19.2 7.1 4.8 0.5 0.4 7.2 8.9 0.8 0.6
Tata Steel Neutral 257 - 24,989 126,760 137,307 8.9 11.3 6.4 23.1 40.4 11.2 0.8 0.8 2.0 7.1 0.8 0.7
Oil & Gas
Cairn India Neutral 139 - 25,995 11,323 12,490 49.4 51.0 20.7 20.7 6.7 6.7 0.4 0.4 6.4 6.1 1.4 0.7
GAIL Neutral 370 - 46,908 64,856 70,933 9.1 9.6 24.0 28.9 15.4 12.8 1.3 1.2 8.8 9.6 0.9 0.8
ONGC Neutral 242 - 207,385 154,564 167,321 36.8 37.4 28.6 32.5 8.5 7.5 1.1 1.0 12.7 13.5 1.5 1.4
Petronet LNG Neutral 259 - 19,425 29,691 31,188 5.8 6.2 12.8 13.4 20.3 19.3 3.0 2.7 15.8 14.8 0.7 0.7
Indian Oil Corp Accumulate 433 455 105,191 359,607 402,760 5.9 6.1 42.5 48.7 10.2 8.9 1.4 1.2 14.1 14.4 0.4 0.4
Reliance Industries Neutral 1,015 - 328,893 304,775 344,392 12.6 13.4 91.3 102.6 11.1 9.9 1.3 1.1 11.8 12.0 1.0 0.8
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Stock Watch
Company Name Reco CMP Target Mkt Cap Sales ( ₹cr ) OPM(%) EPS (₹) PER(x) P/BV(x) RoE(%) EV/Sales(x)
( ₹ ) Price ( ₹) ( ₹ cr ) FY16E FY17E FY16E FY17E FY16E FY17E FY16E FY17E FY16E FY17E FY16E FY17E FY16E FY17E
Pharmaceuticals
Alembic Pharma Neutral 686 - 12,935 2,658 3,112 24.1 20.2 24.6 23.9 27.9 28.7 10.0 7.7 42.5 30.2 4.9 4.1
Aurobindo Pharma Neutral 882 - 51,523 14,923 17,162 23.0 23.0 38.2 43.6 23.1 20.2 7.1 5.4 36.0 30.2 3.8 3.2
Aventis* Neutral 4,355 - 10,031 2,082 2,371 17.4 20.8 118.2 151.5 36.9 28.8 5.4 4.3 19.9 25.5 4.5 3.7
Cadila Healthcare Neutral 332 - 33,983 10,224 11,840 21.0 22.0 14.6 17.6 22.7 18.9 6.2 4.9 30.8 29.0 3.4 2.8
Cipla Neutral 655 - 52,588 14,211 16,611 20.6 19.0 27.0 28.9 24.3 22.7 4.1 3.5 18.4 16.8 3.7 3.1
Dr Reddy's Buy 3,106 3,933 52,966 16,838 19,575 25.0 23.1 167.5 178.8 18.5 17.4 3.9 3.3 23.1 20.4 3.1 2.6
Dishman Pharma Neutral 338 - 2,728 1,733 1,906 21.5 21.5 17.0 19.9 19.9 17.0 2.0 1.8 10.5 11.2 2.1 1.8
GSK Pharma* Neutral 3,296 - 27,914 2,870 3,158 20.0 22.1 59.5 68.3 55.4 48.3 16.3 16.8 28.5 34.3 9.2 8.4
Indoco Remedies Neutral 321 - 2,957 1,033 1,199 15.9 18.2 9.4 13.6 34.1 23.6 5.1 4.3 15.7 19.7 2.9 2.6
Ipca labs Buy 743 900 9,375 3,363 3,909 12.9 18.6 13.4 28.0 55.5 26.5 4.0 3.5 7.4 14.0 3.1 2.6
Lupin Neutral 1,846 - 83,139 13,092 16,561 25.0 27.0 50.4 68.3 36.6 27.0 7.6 6.0 22.8 24.7 6.1 4.7
Sun Pharma Buy 816 950 196,319 28,163 32,610 25.8 30.7 17.4 26.9 46.9 30.3 4.5 3.9 13.0 16.6 6.4 5.3
Power
Tata Power Neutral 69 - 18,648 35,923 37,402 22.6 22.8 4.1 5.2 17.0 13.4 1.3 1.2 7.5 9.3 1.5 1.4
NTPC Accumulate 144 157 119,065 87,064 98,846 23.5 23.5 11.7 13.2 12.3 10.9 1.4 1.3 11.4 12.1 2.4 2.1
Power Grid Buy 141 170 73,687 20,702 23,361 86.7 86.4 12.1 13.2 11.7 10.7 1.7 1.5 15.6 15.1 8.5 7.9
Telecom
Bharti Airtel Neutral 341 - 136,131 101,748 109,191 32.1 31.7 12.0 12.5 28.4 27.2 2.0 1.8 6.9 6.7 2.0 1.8
Idea Cellular Neutral 143 - 51,431 34,282 36,941 32.0 31.5 5.9 6.2 24.2 23.0 2.2 2.0 9.9 9.3 2.1 2.0
zOthers
Abbott India Neutral 5,901 - 12,539 2,715 3,153 14.5 14.1 134.3 152.2 44.0 38.8 11.0 9.0 27.4 25.6 4.3 3.7
Bajaj Electricals Buy 209 290 2,113 4,719 5,287 5.2 5.8 8.6 12.7 24.5 16.5 2.8 2.5 11.4 14.8 0.4 0.4
Finolex Cables Neutral 255 - 3,896 2,520 2,883 12.2 12.0 12.7 14.2 20.1 17.9 2.7 2.4 13.6 13.5 1.3 1.1
Goodyear India* Accumulate 576 622 1,329 1,888 1,680 12.1 11.9 62.2 56.6 9.3 10.2 2.2 1.9 25.9 19.7 0.5 0.5
Hitachi Neutral 1,376 - 3,741 1,779 2,081 7.8 8.8 21.8 33.4 63.1 41.2 10.2 8.2 17.4 22.1 2.2 1.8
Jyothy Laboratories Neutral 319 - 5,769 1,620 1,847 11.5 11.5 7.3 8.5 43.7 37.6 5.7 5.2 13.3 14.4 3.4 2.9
MRF Accumulate 40,547 45,575 17,196 20,316 14,488 21.4 21.1 5,488.0 3,798.0 7.4 10.7 2.5 2.1 41.1 21.2 0.8 1.1
Page Industries Neutral 13,519 - 15,079 1,929 2,450 19.8 20.1 229.9 299.0 58.8 45.2 26.0 18.0 52.1 47.1 7.8 6.2
Relaxo Footwears Neutral 507 - 6,084 1,767 2,152 12.3 12.5 19.3 25.1 26.3 20.2 6.5 5.0 27.7 27.8 3.5 2.8
Siyaram Silk Mills Accumulate 1,248 1,354 1,169 1,636 1,815 11.5 11.5 89.9 104.1 13.9 12.0 2.3 2.0 17.9 17.8 0.9 0.8
Styrolution ABS India* Neutral 768 - 1,350 1,271 1,440 8.6 9.2 32.0 41.1 24.0 18.7 2.5 2.2 10.7 12.4 1.0 0.9
TVS Srichakra Accumulate 2,880 3,240 2,205 2,101 2,338 15.7 15.0 248.6 270.0 11.6 10.7 5.1 3.6 43.6 34.0 1.1 0.9
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Stock Watch
Company Name Reco CMP Target Mkt Cap Sales ( ₹cr ) OPM(%) EPS (₹) PER(x) P/BV(x) RoE(%) EV/Sales(x)
( ₹ ) Price ( ₹) ( ₹ cr ) FY16E FY17E FY16E FY17E FY16E FY17E FY16E FY17E FY16E FY17E FY16E FY17E FY16E FY17E
zOthers
HSIL Neutral 299 - 2,159 2,123 2,384 16.1 16.5 15.0 18.9 19.9 15.8 1.5 1.4 8.0 9.4 1.4 1.2Kirloskar Engines India Ltd Neutral 250 - 3,618 2,471 2,826 8.8 10.4 9.1 13.3 27.4 18.8 2.6 2.4 9.7 13.4 1.1 0.9
M M Forgings Buy 514 614 620 511 615 21.7 21.6 43.1 55.8 11.9 9.2 2.2 1.8 19.9 21.2 1.4 1.1
Banco Products (India) Neutral 145 - 1,035 1,208 1,353 11.0 12.3 10.8 14.5 13.4 10.0 1.5 1.4 11.9 14.5 0.8 0.7
Competent Automobiles Neutral 158 - 97 1,040 1,137 3.2 3.1 25.7 28.0 6.1 5.6 0.9 0.8 15.0 14.3 0.1 0.1
Nilkamal Neutral 1,269 - 1,894 1,910 2,083 10.5 10.3 63.3 69.2 20.1 18.4 3.3 2.8 17.6 16.5 1.1 0.9
Visaka Industries Buy 124 144 197 1,086 1,197 9.9 10.3 21.5 28.8 5.8 4.3 0.6 0.5 9.6 11.6 0.4 0.3Transport Corporation of India Neutral 306 - 2,327 2,830 3,350 8.8 9.0 14.4 18.3 21.3 16.7 3.3 2.9 15.4 17.1 0.9 0.8
Elecon Engineering Neutral 84 - 919 1,369 1,533 13.7 14.9 3.3 6.1 25.4 13.9 1.7 1.5 6.6 11.4 1.0 0.9
Surya Roshni Buy 144 183 629 2,992 3,223 8.1 8.4 14.7 18.3 9.8 7.8 0.9 0.8 9.7 11.0 0.5 0.5
MT Educare Neutral 185 - 738 286 366 18.3 17.7 7.7 9.4 24.0 19.8 5.1 4.4 20.2 21.1 2.5 1.9
Radico Khaitan Buy 116 156 1,544 1,565 1,687 12.2 13.0 5.7 7.1 20.4 16.4 1.7 1.6 8.3 9.6 1.5 1.3
Garware Wall Ropes Accumulate 420 473 918 861 967 10.9 10.9 24.0 28.2 17.5 14.9 2.6 2.2 14.6 14.9 1.1 0.9
Wonderla Holidays Neutral 405 - 2,286 206 308 44.0 43.6 9.0 12.9 45.0 31.4 6.1 5.6 13.7 17.8 11.0 7.3
Linc Pen & Plastics Neutral 219 - 323 340 371 8.3 8.9 10.8 13.2 20.2 16.6 3.2 2.8 16.0 17.1 1.0 0.9
The Byke Hospitality Neutral 159 - 638 222 287 20.5 20.5 5.6 7.6 28.2 21.1 5.3 4.4 18.9 20.8 2.9 2.2
Interglobe Aviation Neutral 1,343 - 48,412 17,022 21,122 20.7 14.5 63.9 53.7 21.0 25.0 31.5 25.8 149.9 103.2 2.9 2.3Coffee Day Enterprises Ltd Neutral 288 - 5,934 2,692 2,964 17.0 18.6 - 4.7 - 60.8 3.5 3.3 0.2 5.5 2.6 2.4
Navneet Education Neutral 95 - 2,270 998 1,062 24.1 24.0 5.8 6.1 16.6 15.7 3.7 3.2 22.0 20.6 2.4 2.2
Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on January 01, 2016
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Research Team Tel: 022 - 39357800 E-mail: research@angelbroking.com Website: www.angelbroking.com
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Market OutlookJanuary 04, 2016
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