market outlook - angel...

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Market Outlook

August 22, 2016

Market Cues

Indian markets are likely to open in positive note tracking SGX Nifty.

US stocks took small losses on Friday as interest rate hike fears dampened a strong

performance for the week. Investors are currently waiting for the Fed Chairwoman’s

comments on August 26 to watch for clues about interest rate actions. Telecom

companies reported their worst decline since 2014 with energy and utility stocks

losing ground as well.

The European markets ended Friday's session with losses, due to a sharp decline in

mining and banking stocks. The markets fell during the afternoon session on back of

poor economic data from the US. Weak crude oil prices also put pressure on prices

of producers. Auto stocks also gave a poor performance after BMW’s outlook was

downgraded.

Indian markets ended with small losses on Friday due to subdued global sentiment

and weak Asian markets. Market breadth was good with most stocks ending

positive. Metals and consumer goods had the best sectoral performance whereas

Auto dragged down the index.

News Analysis & Result Review

News: Fortis Healthcare approves demerger of diagnostics business

News: Apollo Tyres to invest in `1,700 cr in capacity expansion

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 920 1,076 16.9

HCL Tech IT Buy 780 1,000 28.1

HDFC Bank Financials Accumulate 1,245 1,350 8.4

Bharat Electronics Capital Goods Buy 1,230 1,414 15.0

Navkar Corporation Others Buy 195 265 35.7

More Top Picks on Pg4

Key Upcoming Events

Date Region Event Description

Previous

Reading

Consensus

Expectations

Aug 23 US New Home sales 592.0 579.0

Aug 23 Germany PMI Services 54.4 --

Aug 24 Germany PMI Manufacturing 53.8 --

Aug 26 US GDP QoQ (Annualised) 1.2 1.1

Aug 26 UK GDP YoY 2.2 --

6.(

More Events on Pg5

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

BSE Sensex (0.2) (46) 28,077

Nifty (0.1) (6) 8,667

Mid Cap 0.5 67 13,035

Small Cap 0.4 56 12,459

Bankex 0.5 101 22,296

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

Dow Jones (0.2) (45) 18,553

Nasdaq (0.0) (2) 5,238

FTSE (0.1) (10) 6,859

Nikkei 0.4 60 16,546

Hang Seng (0.4) (86) 22,937

Shanghai Com 0.1 4 3,108

Advances / Declines BSE NSE

Advances 1,485 898

Declines 1,242 698

Unchanged 181 81

Volumes (` Cr)

BSE 3,506

NSE 20,309

Net Inflows (` Cr) Net Mtd Ytd

FII 255 7,514 38,397

MFs 6 (189) 8,599

Top Gainers Price (`) Chg (%)

Hindcopper 70 7.9

Ktkbank 153 7.7

Petronet 344 5.2

Indiacem 132 5.2

Tatachem 544 5.2

Top Losers Price (`) Chg (%)

Sci 71 (4.9)

Star 987 (3.3)

Fortis 188 (3.3)

Muthootfin 350 (3.1)

Escorts 305 (2.8)

As on August 19, 2016

2


Market Outlook

August 22, 2016

News Analysis

Fortis Healthcare approves demerger of diagnostics business

Fortis Healthcare announced on Friday that its board had approved the demerger

of its diagnostics business. This move is aimed at ensuring independent growth of

the hospital as well as diagnostics businesses. The company's board approved a

proposal to demerge its diagnostics business, including its subsidiary SRL Ltd into

another majority-owned subsidiary, Fortis Malar Hospitals pursuant to a composite

scheme of arrangement and amalgamation, Fortis Healthcare said in a regulatory

filing.

As part of the process, Fortis Malar will sell its hospital business to Fortis

Healthcare for a lump sum cash consideration of `43 crore and the name of Fortis

Malar will subsequently be changed to SRL. This company is then proposed to be

listed on the National Stock Exchange in addition to its current listing on the BSE.

The management aims to unlock immense value for shareholders as well improve

both the hospital and diagnostic businesses due to the greater clarity and stronger

focus.

Fortis Healthcare shares on Friday ended at `187.80 apiece on the BSE, down

3.27% from previous close.

Apollo Tyres to invest in `1,700 cr in capacity expansion

Apollo Tyres announced plans to invest `1,600-1,700 cr, a bulk of it in its

Chennai facility, and 200 million euros in a greenfield facility in Hungary in 2016-

17. The planned expansion would give the Hungarian facility a capacity of 5.5

million car and light truck tyres and 675,000 heavy truck tyres. Commercial

production at the Hungarian plant is expected to begin in the first quarter of 2017.

The Chennai plant’s capacity will be increase to 12,000 truck-bus radials and

16,000 car tyres a day in a couple of years. This capacity is expected to come

onstream from the last quarter of 2016.

The investment will be funded by internal accruals and borrowing. Apollo Tyres’

gross debt went up from `690 cr to `970 cr due to loans taken for the expansion

of the Chennai plant.

Economic and Political News

Capacity expansion for the port of Vishakhapatnam at a cost of `450 cr

Ministry of Water Resources announces projects worth `560 cr under Namami

Gange programme

Domestic Air traffic grows by 25% YoY from 6.7 mln to 8.5 mln for the month

of July

Corporate News

Sun TV announces that it expects approval from the centre for its FM radio

business

State Bank of India announces merger of its associate banks

Ujjivan Finance applies to RBI for small finance bank license

3


Market Outlook

August 22, 2016

Quarterly Bloomberg Brokers Consensus Estimate

NTPC Ltd – Aug 22, 2016

Particulars (` cr) 1QFY17E 1QFY16 y-o-y (%) 4QFY16 q-o-q (%)

Net sales 18,520 17,019 8.8 17,990 2.9

EBITDA 5,098 3,438 48.3 5,458 (6.6)

EBITDA margin (%) 27.5 20.2 30.3

Net profit 2,396 2,135 12.2 2,716 (11.8)

Hindustan Petroleum Corp Ltd – Aug 22, 2016


Net sales 37,163 51,720 (28.1) 42,126 (11.8)

EBITDA 2,433 3,063 (20.6) 2,661 (8.6)

EBITDA margin (%) 6.5 5.9 6.3

Net profit 1,221 1,588 (23.1) 1,553 (21.4)

Tata Power Ltd Consol – Aug 23, 2016


Net sales 9,275 9,235 0.4 9,375 (1.1)

EBITDA 1,995 2,181 (8.5) 1,913 4.3

EBITDA margin (%) 21.5 23.6 20.4

Net profit 341 241 41.3 360 (5.3)

4


Market Outlook

August 22, 2016

Top Picks

Large Cap

Company Market Cap

(` Cr)

CMP

(`)

Target

(`)

Upside

(%) Rationale

Amara Raja Batteries 15,718 920 1,076 16.9

To outpace battery industry growth due to better technological

products leading to market share gains in both the automotive

OEM and replacement segments.

Bharat Electronics 29,510 1,230 1,414 15.0 Uptick in defense capex by government, coupled with BELs

strong market positioning, indicate good times ahead for BEL.

HCL Tech 1,10,095 780 1,000 28.1 Stock is trading at attractive valuations & factors all bad news.

HDFC Bank 3,15,189 1,245 1,350 8.4

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.

Infosys 2,34,541 1,021 1,370 34.2 Back on the growth trend, expect a long term growth of 14% to

be a US$20bn in FY2020.

Voltas 12,628 382 407 6.6 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 2,626 260 277 6.6

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 4,726 496 527 6.3

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.

Equitas Holdings 6,230 186 235 26.5

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.

Goodyear India 1,278 554 631 13.9

Expectations of above average monsoon augurs well for

Goodyear India as it derives ~50% of its turnover from farm

tyre segment.

IL&FS Transport 2,240 68 93 36.6 Commencement of new projects, downtrend in the interest rate

cycle, to lead to stock re-rating

Jagran Prakashan 6,018 184 205 11.4

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 1,789 436 554 27.0 Speedier execution and speedier sales, strong revenue visibility

in short-to-long run, attractive valuations

Navkar Corporation 2,786 195 265 35.7 Massive capacity expansion along with rail advantage at ICD as

well CFS augurs well for the company

Radico Khaitan 1,340 101 125 24.1

Earnings boost on back of stable material prices and favourable

pricing environment. Valuation discount to peers provides

additional comfort

Siyaram Silk Mills 1,059 1,130 1,347 19.3 Strong brands and distribution network would boost growth

going ahead. Stock currently trades at an inexpensive valuation.

TV Today Network 1,788 300 363 21.1

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

h

1

Market Outlook

August 22, 2016

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Key Upcoming Events

Result Calendar

Date Company

August 22, 2016 NTPC

August 23, 2016 Tata Power Co.

August 26, 2016 Tata Motors

Source: Bloomberg, Angel Research

Global economic events release calendar

Date Time Country Event Description Unit Period

Bloomberg Data

Last Reported Estimated

Aug 23, 2016 2:30 PM Euro Zone Euro-Zone CPI (YoY) % Jul F 0.20 0.20

7:30 PM US New home sales Thousands Jul 592.00 577.00

11:30 AM Germany GDP nsa (YoY) % Change 2Q F 3.10

1:00 PM Germany PMI Services Value Aug P 54.40

Aug 24, 2016 1:00 PM Germany PMI Manufacturing Value Aug P 53.80

7:30 PM US Existing home sales Million Jul 5.57 5.55

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

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

Aug 30, 2016 7:30 PM US Consumer Confidence S.A./ 1985=100 Aug 97.30 97.00

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

Sep 01, 2016 2:00 PM UK PMI Manufacturing Value Aug 48.20

6:30 AM China PMI Manufacturing Value Aug 49.90


h

1

Market Outlook

August 22, 2016


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

(%)

6.3

3.7

9.9

(3.4)

(0.9)(1.6)

1.9

0.3

(1.3)

1.1

2.1

(6.0)

(4.0)

(2.0)

-

2.0

4.0

6.0

8.0

10.0

12.0

Aug-15

Sep-15

Oct-15

Nov-15

Dec-15

Jan-16

Feb-16

Mar-16

Apr-16

May-16

Jun-16

(%)

3.7

4.4

5.0

5.4 5.6 5.7

5.3

4.8

5.5 5.8 5.8

6.1

-

1.0

2.0

3.0

4.0

5.0

6.0

7.0

Aug-15

Sep-15

Oct-15

Nov-15

Dec-15

Jan-16

Feb-16

Mar-16

Apr-16

May-16

Jun-16

Jul-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

Aug-15

Sep-15

Oct-15

Nov-15

Dec-15

Jan-16

Feb-16

Mar-16

Apr-16

May-16

Jun-16

Jul-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

Sep-15

Oct-15

Nov-15

Nov-15

Dec-15

Jan-16

Feb-16

Feb-16

Mar-16

Apr-16

Apr-16

May-16

Jun-16

Jun-16

Jul-16

Aug-16

Repo rate Reverse Repo rate CRR (%)

h

2

Market Outlook

August 22, 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)

(0.6)

5.3

6.7

(0.2)

5.2

4.0 3.5

2.2

1.2

3.1

1.4

0.6

(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

.1

7.5

18

.0

13

.4

17

.5

19

.0

16

.1

13

.0

17

.5

16

.2

12

.7

14

.2

11

.8

-

2.0

4.0

6.0

8.0

10.0

12.0

14.0

16.0

18.0

20.0

Brazil

Russia

India

China

South

Africa

Indonesia

Malaysia

Thailand

UK

USA

Germ

any

France

Japan

(x)

h

3

Market Outlook

August 22, 2016


Exhibit 4: Relative performance of indices across globe

Returns (%)

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

Brazil Bovespa 59,099 4.5 18.9 24.4

Russia Micex 1,960 2.3 3.6 17.1

India Nifty 8,667 1.6 11.4 3.8

China Shanghai Composite 3,108 2.6 10.7 (20.9)

South Africa Top 40 45,877 (1.2) (1.6) 0.9

Mexico Mexbol 48,297 1.7 6.8 14.5

Indonesia LQ45 931 4.5 14.0 14.8

Malaysia KLCI 1,688 1.1 3.2 4.8

Thailand SET 50 981 4.1 10.4 4.9

USA Dow Jones 18,553 (0.2) 6.4 12.7

UK FTSE 6,859 1.9 11.4 16.3

Japan Nikkei 16,546 (1.1) (0.6) (20.5)

Germany DAX 10,544 4.0 7.1 4.1

France CAC 4,401 0.5 1.7 (5.9)


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 217 - 4,216 1,937 2,164 13.3 14.3 9.0 11.0 24.1 19.7 4.2 3.7 18.4 19.8 2.3 2.0

United Phosphorus Accumulate 644 684 27,609 15,176 17,604 18.5 18.5 37.4 44.6 17.2 14.4 3.4 2.8 21.4 21.2 1.9 1.6

Auto & Auto Ancillary

Ashok Leyland Buy 87 111 24,788 22,407 26,022 10.6 10.6 5.2 6.4 16.7 13.6 3.8 3.2 23.6 24.7 1.2 1.0

Bajaj Auto Neutral 2,932 - 84,828 25,093 27,891 19.5 19.2 143.9 162.5 20.4 18.0 5.7 4.9 30.3 29.4 3.1 2.7

Bharat Forge Neutral 840 - 19,547 7,726 8,713 20.5 21.2 35.3 42.7 23.8 19.7 4.4 4.0 18.9 20.1 2.6 2.3

Eicher Motors Neutral 21,777 - 59,150 16,583 20,447 17.5 18.0 598.0 745.2 36.4 29.2 12.4 9.5 41.2 38.3 3.5 2.7

Gabriel India Neutral 118 - 1,688 1,544 1,715 9.0 9.3 5.4 6.3 21.8 18.7 4.1 3.6 18.9 19.5 1.0 0.9

Hero Motocorp Neutral 3,359 - 67,080 31,253 35,198 15.3 15.0 172.3 192.1 19.5 17.5 7.1 6.1 38.9 37.0 2.0 1.8

Jamna Auto Industries Neutral 226 - 1,808 1,486 1,620 9.8 9.9 15.0 17.2 15.1 13.2 3.3 2.8 21.8 21.3 1.3 1.2

L G Balakrishnan & Bros Neutral 464 - 729 1,302 1,432 11.6 11.9 43.7 53.0 10.6 8.8 1.5 1.4 13.8 14.2 0.6 0.6

Mahindra and Mahindra Neutral 1,454 - 90,298 46,534 53,077 11.6 11.7 67.3 78.1 21.6 18.6 3.5 3.1 15.4 15.8 1.9 1.7

Maruti Neutral 4,899 - 148,001 69,186 82,217 14.7 14.4 198.5 241.4 24.7 20.3 4.8 3.9 20.2 20.0 1.8 1.5

Minda Industries Neutral 1,156 - 1,833 2,728 3,042 9.0 9.1 68.2 86.2 16.9 13.4 3.9 3.1 23.8 24.3 0.7 0.6

Motherson Sumi Neutral 332 - 43,915 45,896 53,687 7.8 8.3 13.0 16.1 25.5 20.6 8.2 6.5 34.7 35.4 1.0 0.9

Rane Brake Lining Neutral 653 - 517 511 562 11.3 11.5 28.1 30.9 23.2 21.1 3.6 3.2 15.3 15.0 1.1 1.1

Setco Automotive Neutral 46 - 614 741 837 13.0 13.0 15.2 17.0 3.0 2.7 0.5 0.5 15.8 16.3 1.2 1.1

Tata Motors Neutral 510 - 147,247 300,209 338,549 8.9 8.4 42.7 54.3 12.0 9.4 1.9 1.6 15.6 17.2 0.6 0.5

TVS Motor Accumulate 312 330 14,804 13,390 15,948 6.9 7.1 12.8 16.5 24.4 18.8 6.1 4.8 26.3 27.2 1.1 0.9

Amara Raja Batteries Buy 920 1,076 15,718 5,717 6,733 18.7 18.9 38.4 48.9 24.0 18.8 6.0 4.9 25.3 24.8 2.6 2.1

Exide Industries Neutral 178 - 15,168 7,439 8,307 15.0 15.0 8.1 9.3 22.0 19.2 3.1 2.8 14.3 16.7 1.6 1.5

Apollo Tyres Neutral 175 - 8,923 12,877 14,504 14.3 13.9 21.4 23.0 8.2 7.6 1.3 1.1 16.4 15.2 0.9 0.8

Ceat Buy 865 1,119 3,498 7,524 8,624 13.0 12.7 131.1 144.3 6.6 6.0 1.2 1.0 19.8 18.6 0.5 0.5

JK Tyres Neutral 113 - 2,565 7,455 8,056 15.0 15.0 21.8 24.5 5.2 4.6 1.1 0.9 22.8 21.3 0.5 0.4

Swaraj Engines Neutral 1,160 - 1,441 660 810 15.2 16.4 54.5 72.8 21.3 15.9 6.6 6.0 31.5 39.2 2.0 1.6

Subros Neutral 103 - 616 1,488 1,681 11.7 11.9 6.4 7.2 16.0 14.3 1.7 1.5 10.8 11.4 0.7 0.6

Indag Rubber Neutral 171 - 449 286 326 19.8 16.8 11.7 13.3 14.6 12.8 2.5 2.3 17.8 17.1 1.2 1.1

Capital Goods

ACE Neutral 44 - 432 709 814 4.1 4.6 1.4 2.1 31.2 20.8 1.3 1.2 4.4 6.0 0.8 0.7

BEML Accumulate 1,039 1,157 4,326 3,451 4,055 6.3 9.2 31.4 57.9 33.1 17.9 2.0 1.8 6.3 10.9 1.4 1.1

Bharat Electronics Buy 1,230 1,414 29,510 8,137 9,169 16.8 17.2 58.7 62.5 21.0 19.7 3.2 2.9 44.6 46.3 2.6 2.3


August 22, 2016

Stock Watch



Capital Goods

Voltas Accumulate 382 407 12,628 6,511 7,514 7.9 8.7 12.9 16.3 29.6 23.4 5.3 4.7 16.7 18.5 1.6 1.4

BGR Energy Neutral 115 - 829 16,567 33,848 6.0 5.6 7.8 5.9 14.7 19.5 0.8 0.8 4.7 4.2 0.2 0.1

BHEL Neutral 142 - 34,731 28,797 34,742 - 2.8 2.3 6.9 61.7 20.6 1.1 1.0 1.3 4.8 0.8 0.6

Blue Star Accumulate 496 527 4,726 4,351 5,024 6.4 7.1 17.2 20.6 28.9 24.0 18.8 15.7 23.1 24.1 1.1 1.0

Crompton Greaves Neutral 87 - 5,456 5,777 6,120 5.9 7.0 3.3 4.5 26.4 19.3 1.2 1.1 4.4 5.9 0.9 0.8

Greaves Cotton Neutral 138 - 3,370 1,755 1,881 16.8 16.9 7.8 8.5 17.7 16.2 3.5 3.3 20.6 20.9 1.6 1.5

Inox Wind Buy 194 286 4,297 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 842 - 10,028 5,421 5,940 7.3 7.3 25.7 30.2 32.8 27.9 4.0 3.6 12.2 13.1 1.8 1.6

VATech Wabag Buy 580 681 3,160 3,136 3,845 8.9 9.1 26.0 35.9 22.3 16.2 2.8 2.4 13.4 15.9 0.9 0.7

Cement

ACC Neutral 1,689 - 31,718 11,225 13,172 13.2 16.9 44.5 75.5 38.0 22.4 3.6 3.3 11.2 14.2 2.8 2.4

Ambuja Cements Neutral 276 - 54,863 9,350 10,979 18.2 22.5 5.8 9.5 47.6 29.1 4.0 3.6 10.2 12.5 4.5 3.9

India Cements Neutral 132 - 4,058 4,364 4,997 18.5 19.2 7.9 11.3 16.7 11.7 1.2 1.2 8.0 8.5 1.6 1.4

JK Cement Neutral 793 - 5,544 4,398 5,173 15.5 17.5 31.2 55.5 25.4 14.3 3.1 2.6 12.0 15.5 1.8 1.5

J K Lakshmi Cement Neutral 440 - 5,178 2,913 3,412 14.5 19.5 7.5 22.5 58.7 19.6 3.6 3.0 12.5 18.0 2.4 2.0

Orient Cement Neutral 168 - 3,449 2,114 2,558 18.5 20.5 8.1 11.3 20.8 14.9 3.1 2.6 9.0 14.0 2.2 1.8

UltraTech Cement Neutral 3,915 - 107,434 25,768 30,385 21.0 23.5 111.0 160.0 35.3 24.5 4.5 3.9 13.5 15.8 4.2 3.5

Construction

ITNL Buy 68 93 2,240 8,946 10,017 31.0 31.6 8.1 9.1 8.4 7.5 0.3 0.3 4.2 5.0 3.6 3.3

KNR Constructions Neutral 697 - 1,961 1,210 1,595 15.4 16.0 33.9 52.1 20.6 13.4 3.2 2.7 13.6 18.0 1.7 1.2

Larsen & Toubro Accumulate 1,490 1,700 138,906 67,665 77,249 10.7 11.5 57.3 71.2 26.0 20.9 2.4 2.2 12.6 14.3 2.2 1.9

Gujarat Pipavav Port Neutral 174 - 8,388 705 788 52.2 51.7 5.0 5.6 34.7 31.0 3.4 3.1 11.2 11.2 11.6 9.9

MBL Infrastructures Buy 116 285 480 2,797 3,405 14.7 15.4 21.0 34.8 5.5 3.3 0.6 0.5 11.0 16.2 0.8 0.8

Nagarjuna Const. Neutral 85 - 4,728 8,842 9,775 9.1 8.8 5.3 6.4 16.1 13.3 1.3 1.2 8.2 9.1 0.7 0.6

PNC Infratech Buy 118 647 3,034 2,350 2,904 13.4 13.7 48.0 42.0 2.5 2.8 0.5 0.4 16.8 13.2 1.4 1.1

Simplex Infra Neutral 299 - 1,477 6,829 7,954 10.5 10.5 31.4 37.4 9.5 8.0 1.0 0.9 9.9 13.4 0.6 0.5

Power Mech Projects Neutral 531 - 781 1,801 2,219 12.7 14.6 72.1 113.9 7.4 4.7 1.4 1.1 16.8 11.9 0.4 0.3

Sadbhav Engineering Neutral 287 - 4,915 3,598 4,140 10.3 10.6 9.0 11.9 31.8 24.1 3.3 2.9 9.9 11.9 1.7 1.4

NBCC Neutral 242 - 14,526 7,428 9,549 7.9 8.6 8.2 11.0 29.5 22.0 1.5 1.2 28.2 28.7 1.7 1.2

MEP Infra Neutral 42 - 680 1,877 1,943 30.6 29.8 3.0 4.2 14.0 10.0 6.8 4.6 0.6 0.6 1.7 1.6


August 22, 2016

Stock Watch



Construction

SIPL Neutral 96 - 3,397 1,036 1,252 65.5 66.2 (8.4) (5.6) 3.6 4.1 (22.8) (15.9) 11.5 9.6

Engineers India Neutral 236 - 7,945 1,725 1,935 16.0 19.1 11.4 13.9 20.7 17.0 2.9 2.8 13.4 15.3 3.4 3.0

Financials

Axis Bank Neutral 588 - 140,437 58,081 66,459 3.5 3.5 32.4 44.6 18.2 13.2 2.4 2.1 13.6 16.5 - -

Bank of Baroda Neutral 162 - 37,247 19,980 23,178 1.8 1.8 11.5 17.3 14.1 9.3 1.6 1.3 8.3 10.1 - -

Canara Bank Neutral 266 - 14,457 15,225 16,836 1.8 1.8 14.5 28.0 18.4 9.5 1.3 1.0 5.8 8.5 - -

Dewan Housing Finance Neutral 263 - 7,686 2,225 2,688 2.9 2.9 29.7 34.6 8.9 7.6 1.4 1.2 16.1 16.8 - -

Equitas Holdings Buy 186 235 6,230 939 1,281 11.7 11.5 5.8 8.2 32.0 22.7 2.8 2.5 10.9 11.5 - -

Federal Bank Neutral 66 - 11,409 9,353 10,623 2.9 2.9 4.4 5.8 15.1 11.5 1.4 1.3 9.5 11.0 - -

HDFC Neutral 1,370 - 216,537 11,475 13,450 3.4 3.4 45.3 52.5 30.2 26.1 5.8 5.2 20.2 20.5 - -

HDFC Bank Accumulate 1,245 1,350 315,189 46,097 55,433 4.5 4.5 58.4 68.0 21.3 18.3 3.7 3.1 18.8 18.6 - -

ICICI Bank Neutral 254 - 147,750 39,029 45,903 3.3 3.3 16.7 16.3 15.2 15.6 1.9 1.7 10.1 12.4 - -

LIC Housing Finance Neutral 554 - 27,933 3,712 4,293 2.6 2.5 39.0 46.0 14.2 12.0 2.7 2.3 19.9 20.1 - -

Punjab Natl.Bank Neutral 128 - 25,164 23,532 23,595 2.3 2.4 6.8 12.6 18.9 10.2 2.9 2.1 3.3 6.5 - -

South Ind.Bank Neutral 22 - 3,018 6,435 7,578 2.5 2.5 2.7 3.1 8.3 7.2 1.1 0.9 10.1 11.2 - -

St Bk of India Neutral 259 - 200,668 88,650 98,335 2.6 2.6 13.5 18.8 19.2 13.8 1.8 1.6 7.0 8.5 - -

Union Bank Neutral 136 - 9,339 13,450 14,925 2.3 2.3 25.5 34.5 5.3 3.9 0.8 0.7 7.5 10.2 - -

Yes Bank Neutral 1,337 - 56,273 8,978 11,281 3.3 3.4 74.0 90.0 18.1 14.9 3.4 2.9 17.0 17.2 - -

FMCG

Asian Paints Neutral 1,115 - 106,975 17,128 18,978 16.8 16.4 19.1 20.7 58.4 53.9 20.3 19.2 34.8 35.5 6.1 5.5

Britannia Neutral 3,346 - 40,139 9,795 11,040 14.6 14.9 80.3 94.0 41.7 35.6 17.1 13.2 41.2 - 3.9 3.4

Colgate Neutral 960 - 26,102 4,605 5,149 23.4 23.4 23.8 26.9 40.3 35.7 22.3 17.5 64.8 66.8 5.6 5.0

Dabur India Neutral 300 - 52,686 8,315 9,405 19.8 20.7 8.1 9.2 37.0 32.6 10.3 8.5 31.6 31.0 6.0 5.3

GlaxoSmith Con* Neutral 6,300 - 26,495 4,350 4,823 21.2 21.4 179.2 196.5 35.2 32.1 9.3 7.9 27.1 26.8 5.5 4.9

Godrej Consumer Neutral 1,544 - 52,565 10,235 11,428 18.4 18.6 41.1 44.2 37.6 34.9 8.3 7.0 24.9 24.8 5.2 4.6

HUL Neutral 912 - 197,379 35,252 38,495 17.6 17.4 20.4 21.9 44.7 41.7 36.7 32.2 82.2 77.3 5.4 4.9

ITC Accumulate 251 283 303,038 40,059 44,439 39.0 39.2 9.1 10.1 27.6 24.9 7.5 6.6 27.2 26.5 7.1 6.4

Marico Neutral 301 - 38,828 6,430 7,349 18.8 19.5 6.4 7.7 47.0 39.1 14.2 11.9 33.2 32.5 5.8 5.1

Nestle* Neutral 6,723 - 64,819 10,073 11,807 20.7 21.5 124.8 154.2 53.9 43.6 22.1 19.9 34.8 36.7 6.2 5.3

Tata Global Neutral 141 - 8,915 8,675 9,088 9.8 9.8 7.4 8.2 19.1 17.2 2.2 2.1 7.9 8.1 0.9 0.9Procter & Gamble Hygiene Neutral 6,976 - 22,646 2,939 3,342 23.2 23.0 146.2 163.7 47.7 42.6 106.8 102.4 25.3 23.5 7.3 6.4


August 22, 2016

Stock Watch



IT

HCL Tech^ Buy 780 1,000 110,095 49,242 57,168 20.5 20.5 55.7 64.1 14.0 12.2 2.9 2.2 20.3 17.9 2.1 1.7

Infosys Buy 1,021 1,370 234,541 69,934 79,025 27.5 27.5 64.8 72.0 15.8 14.2 3.5 3.2 22.0 22.3 2.8 2.4

TCS Accumulate 2,604 3,004 513,090 121,684 136,286 27.3 27.3 135.0 150.1 19.3 17.4 6.4 5.9 33.2 33.9 4.0 3.6

Tech Mahindra Buy 473 700 45,924 30,347 33,685 17.0 17.0 37.5 41.3 12.6 11.5 2.8 2.4 21.8 20.7 1.2 1.1

Wipro Buy 521 680 128,625 51,631 55,822 21.7 17.9 35.9 36.9 14.5 14.1 3.0 2.8 19.0 18.1 2.2 2.0

Media

D B Corp Neutral 407 - 7,474 2,297 2,590 27.4 28.2 21.0 23.4 19.4 17.4 4.5 3.9 23.7 23.1 3.0 2.6

HT Media Neutral 79 - 1,831 2,693 2,991 12.6 12.9 7.9 9.0 10.0 8.7 0.9 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 2.6 2.3

Sun TV Network Neutral 482 - 19,007 2,850 3,265 70.1 71.0 26.2 30.4 18.4 15.9 4.7 4.2 24.3 25.6 6.3 5.4Hindustan Media Ventures Neutral 268 - 1,969 1,016 1,138 24.3 25.2 27.3 30.1 9.8 8.9 1.9 1.7 16.2 15.8 1.3 1.1

TV Today Network Buy 300 363 1,788 637 743 27.5 27.5 18.4 21.4 16.3 14.0 2.8 2.4 17.4 17.2 2.4 2.0

Metals & Mining

Coal India Neutral 334 - 211,093 84,638 94,297 21.4 22.3 24.5 27.1 13.6 12.3 5.7 5.4 42.6 46.0 2.0 1.8

Hind. Zinc Neutral 228 - 96,422 14,252 18,465 55.9 48.3 15.8 21.5 14.4 10.6 2.4 2.1 17.0 20.7 6.8 5.2

Hindalco Neutral 158 - 32,720 107,899 112,095 7.4 8.2 9.2 13.0 17.2 12.2 0.8 0.8 4.8 6.6 0.8 0.8

JSW Steel Neutral 1,789 - 43,234 53,201 58,779 16.1 16.2 130.6 153.7 13.7 11.6 1.8 1.6 14.0 14.4 1.6 1.4

NMDC Neutral 109 - 43,156 6,643 7,284 44.4 47.7 7.1 7.7 15.3 14.1 1.3 1.3 8.8 9.2 4.1 3.7

SAIL Neutral 50 - 20,506 47,528 53,738 (0.7) 2.1 (1.9) 2.6 19.1 0.5 0.5 (1.6) 3.9 1.3 1.2

Vedanta Neutral 179 - 53,157 71,744 81,944 19.2 21.7 13.4 20.1 13.4 8.9 1.1 1.0 8.4 11.3 1.1 0.8

Tata Steel Neutral 392 - 38,101 121,374 121,856 7.2 8.4 18.6 34.3 21.1 11.4 1.3 1.2 6.1 10.1 0.9 0.9

Oil & Gas

Cairn India Neutral 211 - 39,550 9,127 10,632 4.3 20.6 8.8 11.7 24.0 18.0 0.8 0.8 3.3 4.2 5.6 4.6

GAIL Neutral 364 - 46,135 56,220 65,198 9.3 10.1 27.1 33.3 13.4 10.9 1.2 1.1 9.3 10.7 1.0 0.9

ONGC Neutral 242 - 207,000 137,222 152,563 15.0 21.8 19.5 24.1 12.4 10.0 1.1 1.0 8.5 10.1 1.8 1.6

Petronet LNG Neutral 344 - 25,789 - 0 - - - - - -

Indian Oil Corp Neutral 566 - 137,471 373,359 428,656 5.9 5.5 54.0 59.3 10.5 9.6 1.6 1.5 16.0 15.6 0.5 0.4

Reliance Industries Neutral 1,015 - 329,060 301,963 358,039 12.1 12.6 87.7 101.7 11.6 10.0 1.2 1.1 10.7 11.3 1.6 1.3

Pharmaceuticals

Alembic Pharma Neutral 647 - 12,192 3,483 4,083 20.2 21.4 24.3 30.4 26.6 21.3 6.1 4.8 25.5 25.3 3.4 2.8

Aurobindo Pharma Buy 764 877 44,686 15,720 18,078 23.7 23.7 41.4 47.3 18.5 16.1 4.8 3.8 29.6 26.1 3.0 2.6

Aventis* Neutral 4,344 - 10,003 2,357 2,692 17.3 17.3 153.5 169.2 28.3 25.7 4.8 3.9 25.8 28.4 3.9 3.2

Cadila Healthcare Accumulate 373 400 38,134 11,126 13,148 22.0 22.0 17.1 20.0 21.8 18.6 5.6 4.5 28.8 26.6 3.4 2.8


August 22, 2016

Stock Watch



Pharmaceuticals

Cipla Reduce 556 490 44,642 15,378 18,089 17.4 18.4 21.6 27.2 25.7 20.4 3.3 2.9 13.7 15.2 3.1 2.6

Dr Reddy's Neutral 3,011 - 51,354 16,043 18,119 23.1 24.7 126.0 157.8 23.9 19.1 3.5 3.0 15.7 17.1 3.2 2.8

Dishman Pharma Sell 169 45 2,729 1,718 1,890 22.7 22.8 9.5 11.3 17.8 15.0 1.7 1.6 10.1 10.9 2.1 1.8

GSK Pharma* Neutral 3,118 - 26,414 3,528 3,811 16.6 18.8 51.8 59.4 60.2 52.5 16.1 16.0 26.3 30.6 7.3 6.8

Indoco Remedies Sell 307 225 2,829 1,112 1,289 18.2 18.2 13.2 15.6 23.3 19.7 4.1 3.5 19.2 19.2 2.6 2.3

Ipca labs Buy 514 613 6,483 3,303 3,799 15.3 15.3 17.3 19.7 29.7 26.1 2.6 2.4 9.1 9.4 2.1 1.8

Lupin Accumulate 1,577 1,809 71,109 15,912 18,644 26.4 26.7 58.1 69.3 27.2 22.8 5.3 4.3 21.4 20.9 4.6 3.8

Sun Pharma Buy 783 944 188,372 31,129 35,258 30.0 30.9 28.0 32.8 28.0 23.9 4.3 3.6 18.7 18.9 5.7 4.8

Power

Tata Power Neutral 78 - 21,110 36,916 39,557 17.4 27.1 5.1 6.3 15.3 12.4 1.4 1.2 9.0 10.3 1.6 1.4

NTPC Neutral 167 - 137,493 86,605 95,545 17.5 20.8 11.8 13.4 14.1 12.4 1.4 1.3 10.5 11.1 2.9 2.9

Power Grid Neutral 181 - 94,639 25,763 29,762 74.3 73.1 14.8 17.3 12.2 10.5 1.9 1.7 16.9 17.5 8.0 7.6

Real Estate

MLIFE Buy 436 554 1,789 925 1,139 18.4 22.3 18.3 33.8 23.8 12.9 1.1 1.1 4.9 8.5 2.6 2.1

Telecom

Bharti Airtel Neutral 351 - 140,249 105,086 114,808 34.5 34.7 12.2 16.4 28.8 21.4 1.9 1.8 6.8 8.4 2.3 2.0

Idea Cellular Neutral 94 - 33,704 40,133 43,731 37.2 37.1 6.4 6.5 14.6 14.4 1.2 1.1 8.2 7.6 1.9 1.6

zOthers

Abbott India Neutral 4,670 - 9,923 3,153 3,583 14.1 14.4 152.2 182.7 30.7 25.6 150.6 128.7 25.6 26.1 2.9 2.5

Bajaj Electricals Accumulate 260 277 2,626 5,099 5,805 5.7 5.9 11.4 14.6 22.9 17.8 3.1 2.7 13.4 15.1 0.5 0.4

Finolex Cables Neutral 435 - 6,650 2,883 3,115 12.0 12.1 14.2 18.6 30.6 23.4 16.3 14.2 15.8 14.6 2.0 1.8

Goodyear India* Buy 554 631 1,278 1,598 1,704 10.4 10.2 49.4 52.6 11.2 10.5 51.8 45.4 18.2 17.0 0.5 62.3

Hitachi Neutral 1,458 - 3,966 2,081 2,433 8.8 8.9 33.4 39.9 43.7 36.6 35.2 29.4 22.1 21.4 1.8 1.5

Jyothy Laboratories Neutral 284 - 5,140 1,440 2,052 11.5 13.0 8.5 10.0 33.4 28.4 8.1 7.5 18.6 19.3 3.9 2.7

MRF Buy 36,092 45,575 15,307 - 0 - - - - - -

Page Industries Neutral 14,322 - 15,974 2,450 3,124 20.1 17.6 299.0 310.0 47.9 46.2 319.0 243.5 47.1 87.5 6.5 5.1

Relaxo Footwears Neutral 465 - 5,581 2,085 2,469 9.2 8.2 7.6 8.0 61.5 58.5 23.8 20.4 17.9 18.8 2.8 2.4

Siyaram Silk Mills Buy 1,130 1,347 1,059 1,799 2,040 11.6 11.7 104.9 122.4 10.8 9.2 1.8 1.5 16.4 16.4 0.8 0.7

Styrolution ABS India* Neutral 575 - 1,010 1,440 1,537 9.2 9.0 40.6 42.6 14.2 13.5 36.1 32.9 12.3 11.6 0.6 0.6

TVS Srichakra Buy 2,538 2,932 1,943 2,304 2,614 13.7 13.8 231.1 266.6 11.0 9.5 285.1 224.5 33.9 29.3 0.8 0.7

HSIL Neutral 344 - 2,490 2,384 2,515 15.8 16.3 15.3 19.4 22.5 17.8 22.4 19.3 7.8 9.3 1.2 1.1Kirloskar Engines India Ltd Neutral 286 - 4,135 2,554 2,800 9.9 10.0 10.5 12.1 27.2 23.6 11.4 10.8 10.7 11.7 1.3 1.1

M M Forgings Neutral 423 - 511 546 608 20.4 20.7 41.3 48.7 10.3 8.7 57.9 51.3 16.6 17.0 0.8 0.7


August 22, 2016

Stock Watch



zOthers

Banco Products (India) Neutral 215 - 1,536 1,353 1,471 12.3 12.4 14.5 16.3 14.8 13.2 20.5 18.4 14.5 14.6 1.1 117.4

Competent Automobiles Neutral 156 - 96 1,137 1,256 3.1 2.7 28.0 23.6 5.6 6.6 29.9 27.0 14.3 11.5 0.1 0.1

Nilkamal Neutral 1,223 - 1,825 1,995 2,165 10.7 10.4 69.8 80.6 17.5 15.2 69.9 60.7 16.6 16.5 0.9 0.8

Visaka Industries Neutral 160 - 254 1,051 1,138 10.3 10.4 21.0 23.1 7.6 6.9 20.5 19.2 9.0 9.2 0.5 0.5Transport Corporation of India Neutral 351 - 2,685 2,671 2,911 8.5 8.8 13.9 15.7 25.3 22.4 3.5 3.1 13.7 13.8 1.1 1.0

Elecon Engineering Accumulate 56 63 608 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 0.7

Surya Roshni Buy 176 201 771 3,342 3,625 7.8 7.5 17.3 19.8 10.2 8.9 19.3 15.5 10.5 10.8 0.5 0.4

MT Educare Neutral 133 - 529 366 417 17.7 18.2 9.4 10.8 14.2 12.3 3.1 2.7 22.2 22.3 1.3 1.1

Radico Khaitan Buy 101 125 1,340 1,659 1,802 13.0 13.2 6.3 7.4 15.9 13.7 1.4 1.3 8.6 9.3 1.3 1.1

Garware Wall Ropes Neutral 515 - 1,126 873 938 12.9 13.1 30.9 34.9 16.7 14.7 2.6 2.3 15.7 15.2 1.2 1.1

Wonderla Holidays Neutral 407 - 2,297 287 355 38.0 40.0 11.3 14.2 36.0 28.6 5.2 4.5 21.4 23.9 7.6 6.1

Linc Pen & Plastics Accumulate 261 283 386 382 420 9.3 9.5 13.5 15.7 19.4 16.6 3.3 2.9 17.1 17.3 1.1 1.0

The Byke Hospitality Neutral 161 - 644 287 384 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 881 - 31,737 21,122 26,005 14.5 27.6 110.7 132.1 8.0 6.7 47.6 34.0 168.5 201.1 1.5 1.2Coffee Day Enterprises Ltd Neutral 241 - 4,959 2,964 3,260 20.5 21.2 4.7 8.0 - 30.1 2.8 2.6 5.5 8.5 2.1 1.9

Navneet Education Neutral 102 - 2,436 1,062 1,147 24.0 24.0 6.1 6.6 16.8 15.4 3.5 3.1 20.6 19.8 2.3 2.2

Navkar Corporation Buy 195 265 2,786 408 612 42.9 42.3 6.8 11.5 28.8 17.0 2.0 1.8 6.9 10.5 7.7 5.2

UFO Moviez Neutral 493 - 1,361 619 685 33.2 33.4 30.0 34.9 16.5 14.1 2.3 2.0 13.8 13.9 2.0 1.6

VRL Logistics Neutral 307 - 2,800 1,902 2,119 16.7 16.6 14.6 16.8 21.1 18.2 4.6 4.1 21.9 22.2 1.6 1.4

Team Lease Serv. Neutral 1,065 - 1,820 3,229 4,001 1.5 1.8 22.8 32.8 46.8 32.4 5.0 4.3 10.7 13.4 0.5 0.4

S H Kelkar & Co. Neutral 291 - 4,201 1,036 1,160 15.1 15.0 6.1 7.2 47.6 40.5 5.1 4.7 10.7 11.5 3.9 3.5

Quick Heal Neutral 244 - 1,712 408 495 27.3 27.0 7.7 8.8 31.6 27.8 2.9 2.9 9.3 10.6 3.3 2.7

Narayana Hrudaya Neutral 308 - 6,289 1,873 2,166 11.5 11.7 2.6 4.0 116.4 77.6 7.1 6.5 6.1 8.3 3.4 2.9

Manpasand Bever. Neutral 728 - 3,643 836 1,087 19.6 19.4 16.9 23.8 43.1 30.6 5.2 4.5 12.0 14.8 4.1 3.0

Parag Milk Foods Neutral 318 - 2,673 1,919 2,231 9.3 9.6 9.5 12.9 33.7 24.6 5.2 4.3 15.5 17.5 1.5 1.3

Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on August 19, 2016


August 22, 2016

Stock Watch

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

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Market OutlookAugust 22, 2016

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