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Market Outlook August 26, 2016

Market Cues

Indian markets are likely to open on a flat note tracking SGX Nifty.

US markets moved slightly lower on Thursday as investors were unwilling to take big positions ahead of the speech by Fed Chair Janet Yellen. The US Commerce a report showing stronger than expected durable goods orders. Retail and transportation stocks gave a weak performance while gold stocks recovered some of their previous losses.

UK markets lost ground on Thursday after losses from commodity producers and pharma stocks pulled down the indices. Weakness in pharma stocks resulted due to US Presidential candidate Hillary Clinton vowing to pressure drug firms to lower prices. Weak commodity prices continued to hamper the performance of material stocks.

Indian markets slipped lower on weak global cues and due to the derivatives expiry. Investors turned cautious and reduced exposure ahead of the Fed announcement expected on Friday. FMCG was the gainer for the session with most other sectors losing out.

News Analysis Monsanto drops as company cancels plan to introduce GM cotton seeds

Titan Company to boost watch business with smartwatches Detailed analysis on Pg2

Investor’s Ready Reckoner

Key Domestic & Global Indicators

Stock Watch: Latest investment recommendations on 150+ stocks

Refer Pg5 onwards

Top Picks Company Sector Rating

CMP(`)

Target(`)

Upside (%)

Amara Raja Auto/Auto Ancillary Buy 883 1,076 21.9

HCL Tech IT Buy 799 1,000 25.2

HDFC Bank Financials Accumulate 1,258 1,350 7.3

Bharat Electronics Capital Goods Buy 1,206 1,414 17.3

Equitas Holdings Financials Buy 181 235 29.7

Navkar Corporation Others Buy 197 265 34.8

More Top Picks on Pg4

Key Upcoming Events Date Region Event Description

PreviousReading

Consensus Expectations

Aug 26 US Initial Jobless claims 262.00 265.00

Aug 26 UK GDP (YoY) 2.20 2.20

Aug 30 Germany Unemployment change (000's) (7.00)

Aug 30 Euro Zone Euro-Zone Consumer Confidence (8.50)

Aug 31 US Consumer Confidence 97.30 96.65 6.(

More Events on Pg5

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

BSE Sensex (0.8) (224) 27,836

Nifty (0.7) (58) 8,592

Mid Cap (0.4) (46) 12,978

Small Cap (0.1) (13) 12,502

Bankex (0.3) (72) 22,136

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

Dow Jones (0.2) (33) 18,448

Nasdaq (0.1) (5) 5,212

FTSE (0.3) (19) 6,817

Nikkei (0.2) (41) 16,556

Hang Seng (0.0) (6) 22,815

Shanghai Com (0.6) (18) 3,068

Advances / Declines BSE NSE

Advances 1,219 640

Declines 1,496 942

Unchanged 184 75

Volumes (` Cr)

BSE 2,923

NSE 25,163

Net Inflows (` Cr) Net Mtd Ytd

FII (33) 7,918 38,801

MFs (51) 299 9,087

Top Gainers Price (`) Chg (%)

Gvkpil 7 8.1

Jubilant 531 4.6

Natcopharm 684 4.3

Hcc 23 4.0

Justdial 486 3.9

Top Losers Price (`) Chg (%)

Torntpharm 1,612 (5.3)

Manappuram 81 (4.7)

Pcjeweller 418 (4.0)

Kpit 130 (3.7)

Shriramcit 2,095 (3.5) As on August 25, 2016



News Analysis

Monsanto drops as company cancels plan to introduce GM cotton seeds

Shares of Monsanto India fell nearly three per cent after the company announced that it had withdrawn an application seeking approval for the next generation of genetically modified (GM) cotton seeds in India because of regulatory uncertainties. The scrip went down 2.78 per cent to end at `2,368.90 on the BSE and at `2,374.60 on the NSE.

The application seeking environment clearance for commercial cultivation of 'Bollgard-II Roundup Ready Flex technology' was withdrawn on July 6. The company’s stated that its decision to suspend the introduction of the product in India was an outcome of the uncertainty in the business and regulatory environment. This uncertainty also included the regulation of trait fees and introduction of the draft compulsory licensing guidelines.

This decision would have no impact on Monsanto’s current cotton portfolio being sold in India.

Titan Company to boost watch business with smartwatches

Titan Company is pinning hopes on smart watches to boost its watch business. This division has shown some softness in the past quarter.

In the last quarter, the overall revenue from the watch business for Titan grew by 14%, though the profits (before interests and tax) grew only by 4%. Operating margin of the business declined by 14%.

Titan which is the country's leading watchmaker and the fifth in the world, launched the first smartwatch JUXT in January this year and has already sold 10,000 pieces. The company has now launched JUXPro, the next variant with more features at a cost of Rs 22,995, targeting youth and technology freaks. While the contribution of the smartwatches to its overall revenue is very low, the company hopes the launch will attract more excitement to the brand and the results will be shown in the next quarter.

Economic and Political News IRDAI has asked insurance companies to file periodical report on compliance

to investment guidelines from quarter ending March 2017 RBI ruling to make corporate borrowing more expensive from FY18 Unified Payment interface goes live in four banks Corporate News

US patent office rules in favour of Natco Pharma marketing partner Mylan

Govt. panel to decide requirement of coal by Reliance Power's arm Sasan Power

Patanjali becomes third largest FMCG seller in Future Retail



Quarterly Bloomberg Brokers Consensus Estimate

Tata Motors Ltd Consol – Aug 26, 2016 Particulars (` cr) 1QFY17E 1QFY16 y-o-y (%) 4QFY16 q-o-q (%)

Net sales 63,783 60,181 6.0 79,926 (20.2)

EBITDA 8,656 9,109 (5.0) 11,387 (24.0)

EBITDA margin (%) 13.6 15.1 14.2

Net profit 2,416 2,769 (12.8) 4,573 (47.2)

DLF Ltd Consol – Aug 29, 2016 Particulars (` cr) 1QFY17E 1QFY16 y-o-y (%) 4QFY16 q-o-q (%)

Net sales 2,219 2,231 (0.6) 2,336 (5.0)

EBITDA 840 827 1.5 874 (3.9)

EBITDA margin (%) 37.9 37.1 37.4

Net profit 134 122 10.2 132 1.2

Indian Oil Corp Ltd – Aug 29, 2016 Particulars (` cr) 1QFY17E 1QFY16 y-o-y (%) 4QFY16 q-o-q (%)

Net sales 94,037 1,01,009 (6.9) 80,019 17.5

EBITDA 8,960 10,101 (11.3) 4,044 121.5

EBITDA margin (%) 9.5 10.0 5.1

Net profit 4,214 6,436 (34.5) 1,243 239.0

Bharat Petroleum Corp Ltd – Sept 1 , 2016 Particulars (` cr) 1QFY17E 1QFY16 y-o-y (%) 4QFY16 q-o-q (%)

Net sales 49,977 51,917 (3.7) 44,146 13.2

EBITDA 3,485 3,818 (8.7) 3,490 (0.1)

EBITDA margin (%) 7.0 7.4 7.9

Net profit 2,172 2,376 (8.6) 2,549 (14.8)



Top Picks ★★★★★ Large Cap Company

Market Cap (` Cr)

CMP (`)

Target (`)

Upside (%)

Rationale

Amara Raja Batteries 15,078 883 1,076 21.9To outpace battery industry growth due to better technological products leading to market share gains in both the automotive OEM and replacement segments.

Bharat Electronics 28,939 1,206 1,414 17.3Uptick in defense capex by government, coupled with BELs strong market positioning, indicate good times ahead for BEL.

HCL Tech 1,12,677 799 1,000 25.2 Stock is trading at attractive valuations & factors all bad news.

HDFC Bank 3,18,417 1,258 1,350 7.3Strong 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 2,38,090 1,037 1,370 32.2Back on the growth trend, expect a long term growth of 14% to be a US$20bn in FY2020.

Voltas 12,559 380 407 7.2Strong 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 2,549 252 277 9.8 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 4,672 490 527 7.6

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.

Equitas Holdings 6,077 181 235 29.7Strong 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 1,260 546 631 15.5Expectations of above average monsoon augurs well for Goodyear India as it derives ~50% of its turnover from farm tyre segment.

IL&FS Transport 2,352 72 93 30.1 Commencement of new projects, downtrend in the interest rate cycle, to lead to stock re-rating

Jagran Prakashan 6,169 189 205 8.6 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 1,773 432 522 20.8Speedier execution and speedier sales, strong revenue visibility in short-to-long run, attractive valuations

Navkar Corporation 2,803 197 265 34.8 Massive capacity expansion along with rail advantage at ICD as well CFS augurs well for the company

Radico Khaitan 1,265 95 125 31.5Earnings boost on back of stable material prices and favourable pricing environment. Valuation discount to peers provides additional comfort

Siyaram Silk Mills 1,157 1,235 1,347 9.1 Strong brands and distribution network would boost growth going ahead. Stock currently trades at an inexpensive valuation.

TV Today Network 1,783 299 363 21.4Market 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

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Market Outlook

August 26, 2016

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Key Upcoming Events

Result Calendar

Date Company

August 26, 2016 Tata Motors, Abbott India

August 27, 2016 Electrosteel Castings

August 29, 2016 MOIL, Prakash Industries, IOC, DLF

Source: Bloomberg, Angel Research

Global economic events release calendar

Date Time Country Event Description Unit Period

Bloomberg Data

Last Reported Estimated

Aug 26, 2016 6:00 PM US Initial Jobless claims Thousands Aug 20 262.00 265.00

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

Aug 30, 2016 1:25 PM Germany Unemployment change (000's) Thousands Aug (7.00)

2:30 PM Euro Zone Euro-Zone Consumer Confidence Value Aug F (8.50)

Aug 31, 2016 7:30 PM US Consumer Confidence S.A./ 1985=100 Aug 97.30 96.65

Sep 01, 2016 1:25 PM Germany PMI Manufacturing Value Aug F 53.60

2:00 PM UK PMI Manufacturing Value Aug 48.20

6:30 AM China PMI Manufacturing Value Aug 49.90 50.00

Sep 02, 2016 6:00 PM US Change in Nonfarm payrolls Thousands Aug 255.00 180.00

6:00 PM US Unnemployment rate % Aug 4.90 4.80

Sep 05, 2016 1:25 PM Germany PMI Services Value Aug F 53.30

Sep 06, 2016 2:30 PM Euro Zone Euro-Zone GDP s.a. (QoQ) % Change 2Q F 0.30

Sep 07, 2016 2:00 PM UK Industrial Production (YoY) % Change Jul 1.60


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Market Outlook

August 26, 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 (%)

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Market Outlook

August 26, 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

(%)

13

.8

7.5

17

.8

13

.3

17

.6

19

.2

16

.2

12

.1

17

.4

16

.1

12

.8

14

.2

11

.8

-

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)

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Market Outlook

August 26, 2016


Exhibit 4: Relative performance of indices across globe

Returns (%)

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

Brazil Bovespa 57,722 1.7 17.7 23.7

Russia Micex 1,986 2.4 3.7 19.7

India Nifty 8,592 (0.5) 8.3 1.5

China Shanghai Composite 3,068 2.6 8.8 (18.1)

South Africa Top 40 46,760 1.0 (0.6) 10.9

Mexico Mexbol 47,734 1.7 3.5 9.9

Indonesia LQ45 941 4.6 17.4 21.4

Malaysia KLCI 1,680 1.1 3.3 6.4

Thailand SET 50 984 2.5 11.5 6.4

USA Dow Jones 18,448 (0.1) 3.3 10.8

UK FTSE 6,817 1.4 8.8 9.1

Japan Nikkei 16,556 (0.4) (1.2) (19.3)

Germany DAX 10,530 2.8 2.4 2.6

France CAC 4,407 0.3 (2.4) (5.3)


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 228 - 4,441 1,937 2,164 13.3 14.3 9.0 11.0 25.4 20.8 4.4 3.9 18.4 19.8 2.3 2.1

United Phosphorus Accumulate 633 684 27,111 15,176 17,604 18.5 18.5 37.4 44.6 16.9 14.2 3.3 2.8 21.4 21.2 1.9 1.6

Auto & Auto Ancillary

Ashok Leyland Buy 87 111 24,645 22,407 26,022 10.6 10.6 5.2 6.4 16.6 13.5 3.8 3.2 23.6 24.7 1.2 1.0

Bajaj Auto Neutral 2,863 - 82,846 25,093 27,891 19.5 19.2 143.9 162.5 19.9 17.6 5.6 4.8 30.3 29.4 3.0 2.7

Bharat Forge Neutral 853 - 19,846 7,726 8,713 20.5 21.2 35.3 42.7 24.2 20.0 4.5 4.0 18.9 20.1 2.6 2.3

Eicher Motors Neutral 22,091 - 60,001 16,583 20,447 17.5 18.0 598.0 745.2 36.9 29.6 12.6 9.6 41.2 38.3 3.5 2.7

Gabriel India Neutral 120 - 1,723 1,544 1,715 9.0 9.3 5.4 6.3 22.2 19.0 4.2 3.7 18.9 19.5 1.1 0.9

Hero Motocorp Neutral 3,304 - 65,972 31,253 35,198 15.3 15.0 172.3 192.1 19.2 17.2 7.0 6.0 38.9 37.0 2.0 1.7

Jamna Auto Industries Neutral 220 - 1,755 1,486 1,620 9.8 9.9 15.0 17.2 14.6 12.8 3.2 2.7 21.8 21.3 1.3 1.1

L G Balakrishnan & Bros Neutral 457 - 717 1,302 1,432 11.6 11.9 43.7 53.0 10.5 8.6 1.5 1.3 13.8 14.2 0.6 0.6

Mahindra and Mahindra Neutral 1,414 - 87,844 46,534 53,077 11.6 11.7 67.3 78.1 21.0 18.1 3.4 3.0 15.4 15.8 1.9 1.6

Maruti Neutral 4,935 - 149,063 69,186 82,217 14.7 14.4 198.5 241.4 24.9 20.4 4.8 3.9 20.2 20.0 1.9 1.5

Minda Industries Neutral 1,269 - 2,013 2,728 3,042 9.0 9.1 68.2 86.2 18.6 14.7 4.2 3.4 23.8 24.3 0.8 0.7

Motherson Sumi Neutral 324 - 42,830 45,896 53,687 7.8 8.3 13.0 16.1 24.8 20.1 8.0 6.4 34.7 35.4 1.0 0.8

Rane Brake Lining Neutral 670 - 530 511 562 11.3 11.5 28.1 30.9 23.8 21.7 3.6 3.3 15.3 15.0 1.2 1.1

Setco Automotive Neutral 46 - 612 741 837 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 494 - 142,556 300,209 338,549 8.9 8.4 42.7 54.3 11.6 9.1 1.9 1.6 15.6 17.2 0.6 0.5

TVS Motor Accumulate 307 330 14,561 13,390 15,948 6.9 7.1 12.8 16.5 24.0 18.5 6.0 4.7 26.3 27.2 1.1 0.9

Amara Raja Batteries Buy 883 1,076 15,078 5,717 6,733 18.7 18.9 38.4 48.9 23.0 18.1 5.7 4.7 25.3 24.8 2.5 2.1

Exide Industries Neutral 177 - 15,024 7,439 8,307 15.0 15.0 8.1 9.3 21.8 19.0 3.1 2.7 14.3 16.7 1.6 1.4

Apollo Tyres Accumulate 174 183 8,849 12,877 14,504 14.3 13.9 21.4 23.0 8.1 7.6 1.3 1.1 16.4 15.2 0.9 0.8

Ceat Buy 862 1,119 3,487 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 126 - 2,859 7,455 8,056 15.0 15.0 21.8 24.5 5.8 5.1 1.2 1.0 22.8 21.3 0.5 0.4

Swaraj Engines Neutral 1,126 - 1,398 660 810 15.2 16.4 54.5 72.8 20.7 15.5 6.4 5.8 31.5 39.2 2.0 1.6

Subros Neutral 102 - 612 1,488 1,681 11.7 11.9 6.4 7.2 15.9 14.2 1.7 1.5 10.8 11.4 0.6 0.5

Indag Rubber Neutral 172 - 452 286 326 19.8 16.8 11.7 13.3 14.7 12.9 2.5 2.3 17.8 17.1 1.3 1.1

Capital Goods

ACE Neutral 43 - 426 709 814 4.1 4.6 1.4 2.1 30.8 20.5 1.3 1.2 4.4 6.0 0.8 0.7

BEML Accumulate 1,036 1,157 4,313 3,451 4,055 6.3 9.2 31.4 57.9 33.0 17.9 2.0 1.8 6.3 10.9 1.4 1.2

Bharat Electronics Buy 1,206 1,414 28,939 8,137 9,169 16.8 17.2 58.7 62.5 20.5 19.3 3.2 2.8 44.6 46.3 2.6 2.3


August 26, 2016

Stock Watch



Capital Goods

Voltas Accumulate 380 407 12,559 6,511 7,514 7.9 8.7 12.9 16.3 29.4 23.3 5.3 4.6 16.7 18.5 1.7 1.5

BGR Energy Neutral 115 - 830 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 141 - 34,474 28,797 34,742 - 2.8 2.3 6.9 61.2 20.4 1.0 1.0 1.3 4.8 0.8 0.6

Blue Star Accumulate 490 527 4,672 4,351 5,024 6.4 7.1 17.2 20.6 28.5 23.7 18.6 15.5 23.1 24.1 1.1 1.0

Crompton Greaves Neutral 84 - 5,274 5,777 6,120 5.9 7.0 3.3 4.5 25.5 18.7 1.1 1.1 4.4 5.9 0.9 0.8

Greaves Cotton Neutral 136 - 3,329 1,755 1,881 16.8 16.9 7.8 8.5 17.5 16.0 3.5 3.3 20.6 20.9 1.6 1.4

Inox Wind Buy 189 286 4,189 5,605 6,267 15.7 16.4 24.8 30.0 7.6 6.3 2.1 1.6 25.9 24.4 0.8 0.7

KEC International Neutral 137 - 3,531 9,294 10,186 7.9 8.1 9.9 11.9 13.9 11.5 2.0 1.8 15.6 16.3 0.6 0.6

Thermax Neutral 841 - 10,017 5,421 5,940 7.3 7.3 25.7 30.2 32.7 27.8 4.0 3.6 12.2 13.1 1.7 1.6

VATech Wabag Buy 573 681 3,124 3,136 3,845 8.9 9.1 26.0 35.9 22.0 16.0 2.8 2.4 13.4 15.9 0.9 0.7

Cement

ACC Neutral 1,647 - 30,921 11,225 13,172 13.2 16.9 44.5 75.5 37.0 21.8 3.5 3.2 11.2 14.2 2.8 2.4

Ambuja Cements Neutral 265 - 52,600 9,350 10,979 18.2 22.5 5.8 9.5 45.7 27.9 3.8 3.4 10.2 12.5 5.7 4.8

India Cements Neutral 144 - 4,411 4,364 4,997 18.5 19.2 7.9 11.3 18.2 12.7 1.3 1.3 8.0 8.5 1.8 1.6

JK Cement Neutral 780 - 5,452 4,398 5,173 15.5 17.5 31.2 55.5 25.0 14.1 3.0 2.6 12.0 15.5 1.8 1.5

J K Lakshmi Cement Neutral 450 - 5,293 2,913 3,412 14.5 19.5 7.5 22.5 60.0 20.0 3.7 3.1 12.5 18.0 2.4 2.0

Orient Cement Neutral 185 - 3,785 2,114 2,558 18.5 20.5 8.1 11.3 22.8 16.4 3.4 2.8 9.0 14.0 2.3 1.8

UltraTech Cement Neutral 3,792 - 104,068 25,768 30,385 21.0 23.5 111.0 160.0 34.2 23.7 4.4 3.8 13.5 15.8 4.2 3.5

Construction

ITNL Buy 72 93 2,352 8,946 10,017 31.0 31.6 8.1 9.1 8.8 7.9 0.3 0.3 4.2 5.0 3.6 3.3

KNR Constructions Neutral 707 - 1,988 1,210 1,595 15.4 16.0 33.9 52.1 20.9 13.6 3.2 2.8 13.6 18.0 1.7 1.2

Larsen & Toubro Buy 1,457 1,700 135,826 67,665 77,249 10.7 11.5 57.3 71.2 25.4 20.5 2.3 2.2 12.6 14.3 2.2 1.9

Gujarat Pipavav Port Neutral 171 - 8,286 705 788 52.2 51.7 5.0 5.6 34.3 30.6 3.4 3.0 11.2 11.2 11.4 9.8

MBL Infrastructures Buy 116 285 479 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 84 - 4,667 8,842 9,775 9.1 8.8 5.3 6.4 15.8 13.1 1.3 1.2 8.2 9.1 0.7 0.6

PNC Infratech Accumulate 122 129 3,127 2,350 2,904 13.4 13.7 48.0 42.0 2.5 2.9 0.5 0.4 16.8 13.2 1.4 1.2

Simplex Infra Neutral 298 - 1,474 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 475 - 699 1,801 2,219 12.7 14.6 72.1 113.9 6.6 4.2 1.2 1.0 16.8 11.9 0.4 0.3

Sadbhav Engineering Accumulate 286 298 4,902 3,598 4,140 10.3 10.6 9.0 11.9 31.8 24.0 3.3 2.9 9.9 11.9 1.6 1.4

NBCC Neutral 240 - 14,409 7,428 9,549 7.9 8.6 8.2 11.0 29.3 21.8 1.5 1.2 28.2 28.7 1.7 1.2

MEP Infra Neutral 43 - 695 1,877 1,943 30.6 29.8 3.0 4.2 14.3 10.2 6.9 4.7 0.6 0.6 1.8 1.6


August 26, 2016

Stock Watch



Construction

SIPL Neutral 98 - 3,439 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 260 - 8,769 1,725 1,935 16.0 19.1 11.4 13.9 22.8 18.7 3.2 3.1 13.4 15.3 3.8 3.4

Financials

Axis Bank Neutral 586 - 139,959 58,081 66,459 3.5 3.5 32.4 44.6 18.1 13.1 2.4 2.1 13.6 16.5 - -

Bank of Baroda Neutral 162 - 37,281 19,980 23,178 1.8 1.8 11.5 17.3 14.1 9.4 1.6 1.3 8.3 10.1 - -

Canara Bank Neutral 270 - 14,680 15,225 16,836 1.8 1.8 14.5 28.0 18.6 9.7 1.3 1.0 5.8 8.5 - -

Dewan Housing Finance Neutral 281 - 8,189 2,225 2,688 2.9 2.9 29.7 34.6 9.5 8.1 1.5 1.3 16.1 16.8 - -

Equitas Holdings Buy 181 235 6,077 939 1,281 11.7 11.5 5.8 8.2 31.2 22.1 2.7 2.4 10.9 11.5 - -

Federal Bank Neutral 67 - 11,503 9,353 10,623 2.9 2.9 4.4 5.8 15.2 11.5 1.5 1.3 9.5 11.0 - -

HDFC Neutral 1,358 - 214,632 11,475 13,450 3.4 3.4 45.3 52.5 30.0 25.9 5.8 5.1 20.2 20.5 - -

HDFC Bank Accumulate 1,258 1,350 318,417 46,097 55,433 4.5 4.5 58.4 68.0 21.5 18.5 3.8 3.2 18.8 18.6 - -

ICICI Bank Neutral 247 - 143,765 39,029 45,903 3.3 3.3 16.7 16.3 14.8 15.2 1.8 1.7 10.1 12.4 - -

LIC Housing Finance Neutral 558 - 28,137 3,712 4,293 2.6 2.5 39.0 46.0 14.3 12.1 2.7 2.3 19.9 20.1 - -

Punjab Natl.Bank Neutral 126 - 24,692 23,532 23,595 2.3 2.4 6.8 12.6 18.5 10.0 2.9 2.0 3.3 6.5 - -

South Ind.Bank Neutral 22 - 3,011 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 250 - 194,108 88,650 98,335 2.6 2.6 13.5 18.8 18.5 13.3 1.8 1.5 7.0 8.5 - -

Union Bank Neutral 134 - 9,225 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 1,344 - 56,567 8,978 11,281 3.3 3.4 74.0 90.0 18.2 14.9 3.5 2.9 17.0 17.2 - -

FMCG

Asian Paints Neutral 1,107 - 106,212 17,128 18,978 16.8 16.4 19.1 20.7 58.0 53.5 20.2 19.0 34.8 35.5 6.2 5.6

Britannia Neutral 3,460 - 41,516 9,795 11,040 14.6 14.9 80.3 94.0 43.1 36.8 17.7 13.7 41.2 - 4.1 3.6

Colgate Neutral 947 - 25,760 4,605 5,149 23.4 23.4 23.8 26.9 39.8 35.2 22.0 17.2 64.8 66.8 5.5 4.9

Dabur India Neutral 292 - 51,428 8,315 9,405 19.8 20.7 8.1 9.2 36.1 31.8 10.1 8.3 31.6 31.0 5.9 5.2

GlaxoSmith Con* Neutral 6,268 - 26,361 4,350 4,823 21.2 21.4 179.2 196.5 35.0 31.9 9.3 7.9 27.1 26.8 5.4 4.8

Godrej Consumer Neutral 1,530 - 52,112 10,235 11,428 18.4 18.6 41.1 44.2 37.2 34.6 8.3 7.0 24.9 24.8 5.2 4.6

HUL Neutral 910 - 197,022 35,252 38,495 17.6 17.4 20.4 21.9 44.6 41.6 36.6 32.1 82.2 77.3 5.5 5.0

ITC Accumulate 253 283 305,754 40,059 44,439 39.0 39.2 9.1 10.1 27.9 25.1 7.6 6.7 27.2 26.5 7.0 6.3

Marico Neutral 286 - 36,847 6,430 7,349 18.8 19.5 6.4 7.7 44.6 37.1 13.5 11.3 33.2 32.5 5.7 4.9

Nestle* Neutral 6,831 - 65,860 10,073 11,807 20.7 21.5 124.8 154.2 54.7 44.3 22.5 20.2 34.8 36.7 6.3 5.4

Tata Global Neutral 140 - 8,864 8,675 9,088 9.8 9.8 7.4 8.2 19.0 17.1 2.2 2.1 7.9 8.1 0.9 0.9Procter & Gamble Hygiene Accumulate 6,730 7,369 21,847 2,939 3,342 23.2 23.0 146.2 163.7 46.0 41.1 103.1 98.8 25.3 23.5 7.1 6.1


August 26, 2016

Stock Watch



IT

HCL Tech^ Buy 799 1,000 112,677 49,242 57,168 20.5 20.5 55.7 64.1 14.3 12.5 2.9 2.2 20.3 17.9 2.1 1.7

Infosys Buy 1,037 1,370 238,090 69,934 79,025 27.5 27.5 64.8 72.0 16.0 14.4 3.5 3.2 22.0 22.3 2.9 2.5

TCS Buy 2,550 3,004 502,479 121,684 136,286 27.3 27.3 135.0 150.1 18.9 17.0 6.3 5.8 33.2 33.9 3.9 3.5

Tech Mahindra Buy 458 700 44,478 30,347 33,685 17.0 17.0 37.5 41.3 12.2 11.1 2.7 2.3 21.8 20.7 1.2 1.0

Wipro Buy 505 680 124,796 51,631 55,822 21.7 17.9 35.9 36.9 14.1 13.7 2.9 2.7 19.0 18.1 2.2 2.0

Media

D B Corp Neutral 409 - 7,522 2,297 2,590 27.4 28.2 21.0 23.4 19.5 17.5 4.6 3.9 23.7 23.1 3.1 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 189 205 6,169 2,355 2,635 28.0 28.0 9.9 10.8 19.1 17.5 3.8 3.3 21.7 21.7 2.6 2.3

Sun TV Network Neutral 467 - 18,421 2,850 3,265 70.1 71.0 26.2 30.4 17.8 15.4 4.6 4.0 24.3 25.6 6.0 5.1Hindustan Media Ventures Neutral 277 - 2,034 1,016 1,138 24.3 25.2 27.3 30.1 10.2 9.2 1.9 1.7 16.2 15.8 1.3 1.1

TV Today Network Buy 299 363 1,783 637 743 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 332 - 209,672 84,638 94,297 21.4 22.3 24.5 27.1 13.6 12.3 5.6 5.4 42.6 46.0 2.0 1.8

Hind. Zinc Neutral 224 - 94,774 14,252 18,465 55.9 48.3 15.8 21.5 14.2 10.4 2.3 2.0 17.0 20.7 6.8 5.2

Hindalco Neutral 154 - 31,852 107,899 112,095 7.4 8.2 9.2 13.0 16.8 11.9 0.8 0.8 4.8 6.6 0.8 0.8

JSW Steel Neutral 1,748 - 42,243 53,201 58,779 16.1 16.2 130.6 153.7 13.4 11.4 1.8 1.6 14.0 14.4 1.6 1.4

NMDC Neutral 108 - 42,700 6,643 7,284 44.4 47.7 7.1 7.7 15.2 14.0 1.3 1.3 8.8 9.2 4.3 3.8

SAIL Neutral 49 - 20,093 47,528 53,738 (0.7) 2.1 (1.9) 2.6 18.7 0.5 0.5 (1.6) 3.9 1.3 1.2

Vedanta Neutral 170 - 50,370 71,744 81,944 19.2 21.7 13.4 20.1 12.7 8.5 1.1 1.0 8.4 11.3 1.1 0.8

Tata Steel Neutral 372 - 36,168 121,374 121,856 7.2 8.4 18.6 34.3 20.0 10.9 1.3 1.1 6.1 10.1 0.9 0.9

Oil & Gas

Cairn India Neutral 201 - 37,703 9,127 10,632 4.3 20.6 8.8 11.7 22.9 17.2 0.7 0.7 3.3 4.2 5.7 4.7

GAIL Neutral 373 - 47,340 56,220 65,198 9.3 10.1 27.1 33.3 13.8 11.2 1.3 1.2 9.3 10.7 1.0 0.9

ONGC Neutral 238 - 203,835 137,222 152,563 15.0 21.8 19.5 24.1 12.2 9.9 1.0 1.0 8.5 10.1 1.8 1.6

Indian Oil Corp Neutral 570 - 138,418 373,359 428,656 5.9 5.5 54.0 59.3 10.6 9.6 1.6 1.5 16.0 15.6 0.5 0.4

Reliance Industries Neutral 1,013 - 328,492 301,963 358,039 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 642 - 12,106 3,483 4,083 20.2 21.4 24.3 30.4 26.4 21.1 6.0 4.8 25.5 25.3 3.4 2.8

Aurobindo Pharma Accumulate 789 877 46,185 15,720 18,078 23.7 23.7 41.4 47.3 19.1 16.7 5.0 3.9 29.6 26.1 3.2 2.7

Aventis* Neutral 4,349 - 10,016 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 384 400 39,271 11,126 13,148 22.0 22.0 17.1 20.0 22.4 19.2 5.8 4.6 28.8 26.6 3.5 2.8

Cipla Reduce 563 490 45,245 15,378 18,089 17.4 18.4 21.6 27.2 26.1 20.7 3.4 2.9 13.7 15.2 3.2 2.6


August 26, 2016

Stock Watch



Pharmaceuticals

Dr Reddy's Neutral 3,050 - 52,007 16,043 18,119 23.1 24.7 126.0 157.8 24.2 19.3 3.6 3.1 15.7 17.1 3.2 2.8

Dishman Pharma Sell 176 45 2,839 1,718 1,890 22.7 22.8 9.5 11.3 18.5 15.6 1.8 1.6 10.1 10.9 2.1 1.8

GSK Pharma* Neutral 3,011 - 25,502 3,528 3,811 16.6 18.8 51.8 59.4 58.1 50.7 15.6 15.5 26.3 30.6 7.1 6.6

Indoco Remedies Sell 319 225 2,941 1,112 1,289 18.2 18.2 13.2 15.6 24.2 20.5 4.3 3.6 19.2 19.2 2.7 2.4

Ipca labs Accumulate 543 613 6,857 3,303 3,799 15.3 15.3 17.3 19.7 31.4 27.6 2.7 2.5 9.1 9.4 2.2 1.9

Lupin Buy 1,523 1,809 68,645 15,912 18,644 26.4 26.7 58.1 69.3 26.2 22.0 5.1 4.2 21.4 20.9 4.4 3.6

Sun Pharma Buy 765 944 184,076 31,129 35,258 30.0 30.9 28.0 32.8 27.3 23.3 4.2 3.5 18.7 18.9 5.5 4.7

Power

Tata Power Neutral 76 - 20,461 36,916 39,557 17.4 27.1 5.1 6.3 14.8 12.0 1.3 1.2 9.0 10.3 1.6 1.4

NTPC Neutral 159 - 130,856 86,605 95,545 17.5 20.8 11.8 13.4 13.5 11.8 1.4 1.3 10.5 11.1 2.9 2.9

Power Grid Neutral 182 - 95,241 25,763 29,762 74.3 73.1 14.8 17.3 12.3 10.5 1.9 1.7 16.9 17.5 8.0 7.6

Real Estate

MLIFE Buy 432 522 1,773 1,152 1,300 22.7 24.6 29.9 35.8 14.5 12.1 1.1 1.0 7.6 8.6 2.3 1.9

Telecom

Bharti Airtel Neutral 346 - 138,370 105,086 114,808 34.5 34.7 12.2 16.4 28.4 21.1 1.9 1.8 6.8 8.4 2.3 2.0

Idea Cellular Neutral 96 - 34,442 40,133 43,731 37.2 37.1 6.4 6.5 15.0 14.7 1.3 1.2 8.2 7.6 1.9 1.6

Others

Abbott India Neutral 4,702 - 9,992 3,153 3,583 14.1 14.4 152.2 182.7 30.9 25.7 151.7 129.5 25.6 26.1 2.9 2.5

Bajaj Electricals Accumulate 252 277 2,549 5,099 5,805 5.7 5.9 11.4 14.6 22.2 17.3 3.0 2.6 13.4 15.1 0.5 0.4

Finolex Cables Neutral 429 - 6,564 2,883 3,115 12.0 12.1 14.2 18.6 30.2 23.1 16.1 14.1 15.8 14.6 2.0 1.8

Goodyear India* Buy 546 631 1,260 1,598 1,704 10.4 10.2 49.4 52.6 11.1 10.4 51.1 44.8 18.2 17.0 0.5 61.8

Hitachi Neutral 1,514 - 4,117 2,081 2,433 8.8 8.9 33.4 39.9 45.3 38.0 36.6 30.5 22.1 21.4 2.0 1.7

Jyothy Laboratories Neutral 297 - 5,380 1,440 2,052 11.5 13.0 8.5 10.0 35.0 29.7 8.5 7.8 18.6 19.3 4.0 2.8

Page Industries Neutral 14,271 - 15,917 2,450 3,124 20.1 17.6 299.0 310.0 47.7 46.0 317.8 242.6 47.1 87.5 6.5 5.2

Relaxo Footwears Neutral 459 - 5,512 2,085 2,469 9.2 8.2 7.6 8.0 60.7 57.8 23.6 20.1 17.9 18.8 2.7 2.3

Siyaram Silk Mills Accumulate 1,235 1,347 1,157 1,799 2,040 11.6 11.7 104.9 122.4 11.8 10.1 1.9 1.7 16.4 16.4 0.9 0.8

Styrolution ABS India* Neutral 577 - 1,015 1,440 1,537 9.2 9.0 40.6 42.6 14.2 13.5 36.3 33.0 12.3 11.6 0.7 0.6

TVS Srichakra Buy 2,528 2,932 1,936 2,304 2,614 13.7 13.8 231.1 266.6 10.9 9.5 284.1 223.7 33.9 29.3 0.8 0.7

HSIL Neutral 364 - 2,631 2,384 2,515 15.8 16.3 15.3 19.4 23.8 18.8 23.6 20.3 7.8 9.3 1.3 1.2Kirloskar Engines India Ltd Neutral 279 - 4,040 2,554 2,800 9.9 10.0 10.5 12.1 26.6 23.1 11.1 10.5 10.7 11.7 1.2 1.1

M M Forgings Neutral 422 - 509 546 608 20.4 20.7 41.3 48.7 10.2 8.7 57.8 51.2 16.6 17.0 0.8 0.7

Banco Products (India) Neutral 217 - 1,552 1,353 1,471 12.3 12.4 14.5 16.3 15.0 13.3 20.7 18.6 14.5 14.6 1.1 119.0

Competent Automobiles Neutral 186 - 114 1,137 1,256 3.1 2.7 28.0 23.6 6.6 7.9 35.8 32.3 14.3 11.5 0.1 0.1


August 26, 2016

Stock Watch



Others

Nilkamal Neutral 1,252 - 1,869 1,995 2,165 10.7 10.4 69.8 80.6 17.9 15.5 71.6 62.2 16.6 16.5 0.9 0.8

Visaka Industries Neutral 164 - 260 1,051 1,138 10.3 10.4 21.0 23.1 7.8 7.1 21.0 19.6 9.0 9.2 0.5 0.5Transport Corporation of India Neutral 368 - 2,818 2,671 2,911 8.5 8.8 13.9 15.7 26.6 23.5 3.6 3.2 13.7 13.8 1.1 1.1

Elecon Engineering Accumulate 59 63 641 1,482 1,660 13.7 14.5 3.9 5.8 15.1 10.1 3.5 3.3 7.8 10.9 0.7 0.6

Surya Roshni Accumulate 178 201 781 3,342 3,625 7.8 7.5 17.3 19.8 10.3 9.0 19.6 15.7 10.5 10.8 0.5 0.4

MT Educare Neutral 145 - 578 366 417 17.7 18.2 9.4 10.8 15.5 13.4 3.4 3.0 22.2 22.3 1.5 1.3

Radico Khaitan Buy 95 125 1,265 1,659 1,802 13.0 13.2 6.3 7.4 15.0 12.9 1.3 1.2 8.6 9.3 1.2 1.1

Garware Wall Ropes Neutral 499 - 1,092 873 938 12.9 13.1 30.9 34.9 16.2 14.3 2.5 2.2 15.7 15.2 1.2 1.1

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 7.8 6.3

Linc Pen & Plastics Neutral 280 - 414 382 420 9.3 9.5 13.5 15.7 20.8 17.8 3.6 3.1 17.1 17.3 1.2 1.1

The Byke Hospitality Neutral 160 - 641 287 384 20.5 20.5 7.6 10.7 21.0 14.9 4.4 3.6 20.7 23.5 2.3 1.7

Interglobe Aviation Neutral 881 - 31,758 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 254 - 5,230 2,964 3,260 20.5 21.2 4.7 8.0 - 31.7 2.9 2.7 5.5 8.5 2.2 1.9

Navneet Education Neutral 105 - 2,501 1,062 1,147 24.0 24.0 6.1 6.6 17.2 15.9 3.5 3.1 20.6 19.8 2.4 2.2

Navkar Corporation Buy 197 265 2,803 408 612 42.9 42.3 6.8 11.5 29.0 17.1 2.0 1.8 6.9 10.5 7.8 5.2

UFO Moviez Neutral 482 - 1,331 619 685 33.2 33.4 30.0 34.9 16.1 13.8 2.2 1.9 13.8 13.9 1.9 1.5

VRL Logistics Neutral 297 - 2,708 1,902 2,119 16.7 16.6 14.6 16.8 20.4 17.6 4.5 3.9 21.9 22.2 1.6 1.4

Team Lease Serv. Neutral 1,123 - 1,920 3,229 4,001 1.5 1.8 22.8 32.8 49.3 34.2 5.3 4.6 10.7 13.4 0.5 0.4

S H Kelkar & Co. Neutral 296 - 4,284 1,036 1,160 15.1 15.0 6.1 7.2 48.5 41.3 5.2 4.8 10.7 11.5 4.0 3.5

Quick Heal Neutral 237 - 1,657 408 495 27.3 27.0 7.7 8.8 30.6 26.9 2.8 2.8 9.3 10.6 3.3 2.7

Narayana Hrudaya Neutral 314 - 6,422 1,873 2,166 11.5 11.7 2.6 4.0 118.8 79.3 7.3 6.6 6.1 8.3 3.6 3.1

Manpasand Bever. Neutral 724 - 3,625 836 1,087 19.6 19.4 16.9 23.8 42.9 30.4 5.1 4.5 12.0 14.8 4.0 3.0

Parag Milk Foods Neutral 313 - 2,634 1,919 2,231 9.3 9.6 9.5 12.9 33.2 24.2 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 25, 2016


August 26, 2016

Stock Watch

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

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