Market Outlook. Market Cues. News Analysis. Investor s Ready Reckoner. Top Picks. Key Upcoming Events. February 06, 2017

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1 Market Cues Indian markets are likely to start off on a positive note today tracking global cues and SGX nifty. U.S. markets closed on positive note on Friday, with the Dow Jones closing above 20,000 mark and the NASDAQ reaching at a record high. Steps by President Donald Trump to roll back bank regulations and a stronger-than-expected January jobs report contributed to the upbeat sentiment. U.K. markets closed at a two-week high on Friday, achieving a small weekly rise, as bank shares climbed on plans by U.S. President Donald Trump to dismantle some U.S. regulations on the financial-services sector. The FTSE 100 ended higher by 0.7% at 7,188. BSE Sensex closed higher by 14 points to 28,241, while the Nifty 50 rose 7 points. The post-budget climb went on for the third day as well since the Sensex managed to close at 28,241 with a minuscule gain after a monthly survey suggested that Reserve Bank has much headroom to stay accommodative in its policy meet next week. News Analysis BSE limited Book profit Dr. Reddy s reports 16% fall in Q3 profit 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 Batteries Auto & Auto AncillaryAccumulate 909 1, Alkem Laboratories Pharmaceuticals Accumulate 1,812 1, HCL Tech IT Buy 829 1, Power Grid Corp. Power Accumulate Navkar Corp. Others Buy More Top Picks on Pg4 Key Upcoming Events Date Region Event Description Previous Reading Consensus Expectations Feb 08 India RBI Repo rate Feb 08 India RBI Reserve Repo rate Feb 08 US Initial Jobless claims Feb 09 India RBI Cash Reserve Ratio Feb 10 India Export YoY% More Events on Pg5 Domestic Indices Chg (Pts) (Close) BSE Sensex ,241 Nifty ,741 Mid Cap ,285 Small Cap ,422 Bankex ,138 Global Indices Chg (Pts) (Close) Dow Jones ,071 Nasdaq ,667 FTSE ,188 Nikkei ,918 Hang Seng (0.2) (55) 23,129 Shanghai Com (0.6) (19) 3,140 Advances / Declines BSE NSE Advances 1,641 1,000 Declines 1, Unchanged Volumes (` Cr) BSE 3,524 NSE 26,736 Net Inflows (` Cr) Net Mtd Ytd FII MFs ,167 Top Gainers Price (`) Chg Suntv Unitech Unionbank Star 1, Rcom Top Losers Price (`) Chg Intellect 140 (7.0) Vedl 251 (3.3) Aban 245 (2.9) Cairn 276 (2.7) Nationalum 72 (2.7) As on February 03, 2017

2 News Analysis BSE Limited Book profit Shares of BSE Ltd saw a stellar listing on Friday as they jumped nearly 33% on debut. The stock at the CMP of `1,069 is trading at the price to earnings ratio of 27.45x of its FY17E annualized EPS. We believe that the stock has captured the upside already and investors should book profit in the scrip. Dr. Reddy s reports 16% fall in Q3 profit Dr Reddy s Laboratories reported 16% fall in its third quarter profit due to weak sales in North America and emerging markets. Its net profit fell to `492.3cr in Q3FY17 vs. `585.7cr in Q3FY16. The net profit was ahead of market expectations of `377.1cr. Net sales fell by 6.6% yoy to `3,653.4cr. Sales of generic drugs in North America, its biggest segment, fell by 15% due to increased competition in valgancyclovir and its injectables franchise coupled with continuing pricing pressure. Sales in India rose by 2% yoy to `594.7cr, while revenues from emerging markets declined 7% to `594.8cr. Economic and Political News Reserve Bank of India seen cutting rates February 8 to boost demand after cash crunch FPIs get back to buying mode, pump in `2,300 cr in 3 days RBI mulls giving banks freedom to fix bank service charges for transactions Demonetisation lowers India's gold demand to 7-year low in 2016 Corporate News New AT1 rules double PSBs' debt servicing ability to `2.3 lakh crore Coal shortage, procurement woes cost NTPC `11,000 cr in JSPL exploring options to reduce around `46,000cr debt Mahindra recalls Bolero Maxi Truck Plus model in India HDFC to raise `35,000cr via NCDs

3 Quarterly Bloomberg Brokers Consensus Estimate Bharat Heavy Electricals Ltd. - Feb 7, 2017 Particulars ( ` cr) 3QFY17E 3QFY16 y-o-y 2QFY17 q-o-q Net sales 6,514 5, ,551 (0.6) EBITDA 78 (1,639) (49.7) EBITDA margin Net profit 70 (1,102) (35.8) Titan Co Ltd - Feb 7, 2017 Particulars ( ` cr) 3QFY17E 3QFY16 y-o-y 2QFY17 q-o-q Net sales 3,052 3,398 (10.2) 2, EBITDA (10.7) EBITDA margin Net profit (16.4) Tata Steel Ltd Consol - Feb 7, 2017 Particulars ( ` cr) 3QFY17E 3QFY16 y-o-y 2QFY17 q-o-q Net sales 27,243 27,819 (2.1) 26, EBITDA 3, , EBITDA margin Net profit 740 (2,127) 0.0 (182) 0.0 Punjab National Bank - Feb 7, 2017 Particulars ( ` cr) 3QFY17E 3QFY16 y-o-y 2QFY17 q-o-q Net profit (10.3) IDBI Bank Ltd - Feb 7, 2017 Particulars ( ` cr) 3QFY17E 3QFY16 y-o-y 2QFY17 q-o-q Net profit 164 (2,184) Hero MotoCorp Ltd - Feb 8, 2017 Particulars ( ` cr) 3QFY17E 3QFY16 y-o-y 2QFY17 q-o-q Net sales 7,807 7, , EBITDA 1,278 1, ,369 (6.6) EBITDA margin Net profit (5.9)

4 Top Picks Large Cap Company Market Cap (` Cr) CMP (`) Target (`) Upside Amara Raja Batteries 15, , Alkem Laboratories 21,662 1,812 1, HCL Tech 1,17, , Infosys 2,14, , Larsen & Toubro 1,37,985 1,479 1, Lupin 67,289 1,491 1, Power Grid Corporation 1,05, Source: Company, Angel Research Rationale To outpace battery industry growth due to better technological products leading to market share gains in both the automotive OEM and replacement segments. Strong growth in domestic business due to its leadership in acute therapeutic segment. Alkem expects to launch more products in USA, which bodes for its international business. The stock is trading at attractive valuations and is factoring all the bad news. Back on the growth trend, expect a long term growth of 14% to be a US$20bn in FY2020. Strong order backlog and improvement in execution would trigger the growth for the L&T One of the largest pharma companies with strong international presence. It has a rich pipeline of ANDAs which is also one of the largest among the generic companies. Going forward, we expect the company to report strong topline CAGR of ~16% and bottom-line CAGR of ~19% over FY16-18 on back of strong capitalization guidance Mid Cap Company Market Cap (` Cr) CMP (`) Target (`) Upside Asian Granito Bajaj Electricals 2, Blue Star 5, Dewan Housing Finance 9, Equitas Holdings 6, Jagran Prakashan 6, KEI Industries 1, Mahindra Lifespace 1, Mirza International 1, Navkar Corporation 2, Siyaram Silk Mills 1,451 1,548 1, TV Today Network 1, Source: Company, Angel Research Rationale We expect the company would report strong profitability owing to better product mix, higher B2C sales and amalgamation synergy. 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. 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. With a focus on the low and medium income (LMI) consumer segment, the company has increased its presence in tier-ii & III cities where the growth opportunity is immense. 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. 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. High order book execution in EPC segment, rising B2C sales and higher exports to boost the revenues and profitability Speedier execution and speedier sales, strong revenue visibilty in short-to-long run, attractive valuations Higher growth in domestic branded sales and healthy export to boost the profitability. Massive capacity expansion along with rail advantage at ICD as well CFS augurs well for the company Strong brands and distribution network would boost growth going ahead. Stock currently trades at an inexpensive valuation. 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.

5 Key Upcoming Events Result Calendar Date Feb 6, 2017 Feb 7, 2017 Feb 8, 2017 Feb 9, 2017 Feb 10, 2017 Company Automotive Axle, LMW, GSPL, Abbott India, Banco CEAT, BHEL, Ramco Cements, Punjab Natl.Bank, IDBI Bank, United Bank, Hexaware, Tata Steel, Godawari Ispat, L G Balakrishnan & Bros, Orchid Chemicals, NHPC Tata Chemicals, Hero Motocorp, Bharat Forge, Siemens, Thermax, Union Bank, Indraprasth Gas, Goodyear, Elecon Engineering, Cipla, NTPC, Reliance Power, Competent Automobiles, Coffee Day Enterprises Ltd JK Tyre, ABB, Jyoti Structures, Bank of India, Andhra Bank, SAIL, Cairn India, BPCL, Page Industries, Bajaj Electrical, Styrolution, Lupin, Aurobindo Pharma, Power Grid Corpn M&M, Bosch India, Crompton Greaves, St Bk of India, Bank of Baroda, Reliance Capital, Corporation Bank, Dena Bank, Sun TV Network, Jagran Prakashan, Hind. Zinc, Bhushan Steel, GAIL, Tide Water Oil India, Ipca labs, Tata Power Co., CESC, GIPCL, Anant Raj, Radico Khaitan Source: Bloomberg, Angel Research Global economic events release calendar Date Time Country Event Description Unit Period Bloomberg Data Last Reported Estimated Feb 8, :30PM India RBI Reverse Repo rate % Feb :30PM India RBI Repo rate % Feb :00PM US Initial Jobless claims Thousands Feb Feb 9, :30PM India RBI Cash Reserve ratio % Feb Feb 10, :00PM UK Industrial Production (YoY) % Change Dec India Exports YoY% % Change Jan China Exports YoY% % Change Jan (6.20) 3.00 India Imports YoY% % Change Jan :30PM India Industrial Production YoY % Change Dec Feb 14, :30PM Euro Zone Euro-Zone GDP s.a. (QoQ) % Change 4Q P :00AM China Consumer Price Index (YoY) % Change Jan :00PM India Monthly Wholesale Prices YoY% % Change Jan :00PM UK CPI (YoY) % Change Jan US Producer Price Index (mom) % Change Jan :30PM Germany GDP nsa (YoY) % Change 4Q P Feb 15, :00PM UK Jobless claims change % Change Jan (10.10) -- 7:45PM US Industrial Production % Jan 0.83 (0.10) 7:00PM US Housing Starts Thousands Jan 1, , Feb 16, :00PM US Consumer price index (mom) % Change Jan :00PM US Building permits Thousands Jan 1, , Feb 20, :30PM Euro Zone Euro-Zone Consumer Confidence Value Feb A (4.90) -- Feb 21, :00PM Germany PMI Services Value Feb P :00PM Germany PMI Manufacturing Value Feb P Feb 22, :30PM Euro Zone Euro-Zone CPI (YoY) % Jan F :30PM US Existing home sales Million Jan :00PM UK GDP (YoY) % Change 4Q P Feb 24, :30PM US New home sales Thousands Jan Source: Bloomberg, Angel Research

6 Macro watch Exhibit 1: Quarterly GDP trends Exhibit 2: IIP trends QFY QFY QFY QFY QFY15 4QFY QFY16 2QFY QFY QFY QFY QFY (1.0) (2.0) (3.0) (1.6) Jan Feb Mar-16 (1.3) Apr May Jun-16 (2.5) Jul-16 (0.7) Aug Sep-16 (1.8) Oct Nov-16 Source: CSO, Angel Research Source: MOSPI, Angel Research Exhibit 3: Monthly CPI inflation trends Exhibit 4: Manufacturing and services PMI 56.0 Mfg. PMI Services PMI Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Source: MOSPI, Angel Research Source: Market, Angel Research; Note: Level above 50 indicates expansion Exhibit 5: Exports and imports growth trends Exhibit 6: Key policy rates (5.0) (10.0) (15.0) (20.0) (25.0) (30.0) Exports yoy growth Imports yoy growth Repo rate Reverse Repo rate CRR Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Feb-16 Feb-16 Mar-16 Mar-16 Apr-16 Apr-16 May-16 May-16 Jun-16 Jun-16 Jun-16 Jul-16 Jul-16 Aug-16 Aug-16 Sep-16 Sep-16 Oct-16 Oct-16 Nov-16 Nov-16 Dec-16 Dec-16 Source: Bloomberg, Angel Research Source: RBI, Angel Research

7 Global watch Exhibit 1: Latest quarterly GDP Growth (%, yoy) across select developing and developed countries (2.0) (4.0) Brazil (2.9) Russia (0.4) India China South Africa Indonesia Malaysia Thailand UK USA Germany France Japan Source: Bloomberg, Angel Research Exhibit 2: 2016 GDP Growth projection by IMF (%, yoy) across select developing and developed countries (3.3) (0.8) (2.0) (4.0) Brazil Russia India China South Africa Indonesia Malaysia Thailand UK USA Germany France Japan Source: IMF, Angel Research Exhibit 3: One year forward P-E ratio across select developing and developed countries (x) Brazil Russia India China South Africa Indonesia Malaysia Thailand UK USA Germany France Japan Source: IMF, Angel Research

8 Exhibit 4: Relative performance of indices across globe Returns Country Name of index Closing price 1M 3M 1YR Brazil Bovespa 64, Russia Micex 2,227 (1.6) India Nifty 8, China Shanghai Composite 3, South Africa Top 40 45, Mexico Mexbol 47, Indonesia LQ (3.4) 12.4 Malaysia KLCI 1, Thailand SET USA Dow Jones 20, UK FTSE 7,188 (0.0) Japan Nikkei 18,918 (1.0) Germany DAX 11, France CAC 4,825 (1.5) Source: Bloomberg, Angel Research

9 Stock Watch 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 250-4,859 1,937 2, United Phosphorus Neutral ,423 15,176 17, Auto & Auto Ancillary Ashok Leyland Buy ,894 22,407 26, Bajaj Auto Neutral 2,810-81,311 25,093 27, Bharat Forge Neutral ,060 7,726 8, Eicher Motors Neutral 23,386-63,618 16,583 20, Gabriel India Buy ,610 1,544 1, Hero Motocorp Accumulate 3,216 3,541 64,215 30,958 34, Jamna Auto Industries Neutral 194-1,541 1,486 1, L G Balakrishnan & Bros Neutral ,302 1, Mahindra and Mahindra Neutral 1,263-78,447 46,534 53, Maruti Accumulate 6,118 6, ,813 67,822 83, Minda Industries Neutral 383-3,042 2,728 3, Motherson Sumi Neutral ,744 45,896 53, Rane Brake Lining Neutral Setco Automotive Neutral Tata Motors Neutral , , , TVS Motor Neutral ,612 13,390 15, Amara Raja Batteries Accumulate 909 1,009 15,534 5,305 6, Exide Industries Neutral ,752 7,439 8, Apollo Tyres Buy ,330 12,877 14, Ceat Buy 1,193 1,450 4,827 7,524 8, JK Tyres Neutral 121-2,754 7,455 8, Swaraj Engines Neutral 1,437-1, Subros Neutral 188-1,125 1,488 1, Indag Rubber Neutral Capital Goods ACE Neutral BEML Neutral 1,256-5,232 3,451 4, Bharat Electronics Neutral 1,544-34,495 8,137 9,

10 Stock Watch 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 Capital Goods Voltas Buy ,954 6,511 7, BGR Energy Neutral ,567 33, BHEL Neutral ,939 28,797 34, Blue Star Buy ,138 4,283 5, Crompton Greaves Neutral 68-4,249 5,777 6, Greaves Cotton Neutral 140-3,415 1,755 1, Inox Wind Neutral 184-4,079 5,605 6, KEC International Neutral 152-3,896 9,294 10, KEI Industries Buy ,308 2,682 3, Thermax Neutral 830-9,886 5,421 5, VATech Wabag Buy ,671 3,136 3, Cement ACC Neutral 1,426-26,787 11,225 13, Ambuja Cements Neutral ,521 9,350 10, India Cements Neutral 162-4,970 4,364 4, JK Cement Neutral 755-5,275 4,398 5, J K Lakshmi Cement Buy ,629 2,913 3, Orient Cement Buy ,920 2,114 2, UltraTech Cement Neutral 3, ,583 25,768 30, Construction ITNL Neutral 110-3,627 8,946 10, KNR Constructions Neutral 185-2,608 1,385 1, Larsen & Toubro Accumulate 1,479 1, , , , Gujarat Pipavav Port Neutral 150-7, Nagarjuna Const. Neutral 85-4,731 8,842 9, PNC Infratech Buy ,710 2,350 2, Simplex Infra Neutral 312-1,543 6,829 7, Power Mech Projects Neutral ,801 2, Sadbhav Engineering Accumulate ,859 3,598 4, NBCC Neutral ,542 7,428 9, MEP Infra Neutral ,877 1,

11 Stock Watch Company Name Reco CMP Target Mkt Cap Sales ( cr ) OPM EPS ( ) PER(x) P/BV(x) RoE EV/Sales(x) Construction ( ) Price ( ) ( cr ) FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E SIPL Neutral 100-3,526 1,036 1, (8.4) (5.6) (22.8) (15.9) Engineers India Neutral ,118 1,725 1, Financials Axis Bank Buy ,099 46,932 53, Bank of Baroda Neutral ,927 19,980 23, Canara Bank Neutral ,865 15,225 16, Can Fin Homes Accumulate 2,001 2,128 5, Cholamandalam Inv. & Buy Fin. Co. 1,044 1,230 16,313 2,012 2, Dewan Housing Finance Buy ,290 2,225 2, Equitas Holdings Buy , , Federal Bank Neutral 85-14,548 8,259 8, HDFC Neutral 1, ,244 11,475 13, HDFC Bank Neutral 1, ,775 46,097 55, ICICI Bank Accumulate ,796 42,800 44, Lakshmi Vilas Bank Buy ,679 3,339 3, LIC Housing Finance Accumulate ,201 3,712 4, Punjab Natl.Bank Neutral ,920 23,532 23, RBL Bank Neutral ,428 1,783 2, South Ind.Bank Neutral 22-3,021 6,435 7, St Bk of India Neutral ,185 88,650 98, Union Bank Neutral ,497 13,450 14, Yes Bank Neutral 1,397-59,101 8,978 11, FMCG Asian Paints Neutral ,515 17,128 18, Britannia Accumulate 3,230 3,626 38,757 9,594 11, Colgate Accumulate ,509 4,605 5, Dabur India Accumulate ,438 8,315 9, GlaxoSmith Con* Neutral 5,076-21,345 4,350 4, Godrej Consumer Neutral 1,582-53,871 10,235 11, HUL Neutral ,595 35,252 38, ITC Neutral ,246 40,059 44,

12 Stock Watch Company Name Reco CMP Target Mkt Cap Sales ( cr ) OPM EPS ( ) PER(x) P/BV(x) RoE EV/Sales(x) FMCG ( ) Price ( ) ( cr ) FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E Marico Buy ,014 6,430 7, Nestle* Neutral 6,079-58,607 10,073 11, Tata Global Neutral 142-8,953 8,675 9, Procter & Gamble Hygiene Accumulate 7,000 7,369 22,724 2,939 3, IT HCL Tech^ Buy 829 1, ,052 49,242 57, Infosys Buy 935 1, ,753 68,350 77, TCS Buy 2,234 2, , , , Tech Mahindra Buy ,759 29,673 32, Wipro Buy ,018 55,440 60, Media D B Corp Neutral 379-6,971 2,297 2, HT Media Neutral 83-1,929 2,693 2, Jagran Prakashan Buy ,118 2,355 2, Sun TV Network Neutral ,949 2,850 3, Hindustan Media Ventures Neutral 276-2,029 1,016 1, TV Today Network Buy , Metals & Mining Coal India Neutral ,393 84,638 94, Hind. Zinc Neutral ,907 14,252 18, Hindalco Neutral , , , JSW Steel Neutral ,169 53,201 58, NMDC Neutral ,920 6,643 7, SAIL Neutral 66-27,073 47,528 53,738 (0.7) 2.1 (1.9) (1.6) Vedanta Neutral ,340 71,744 81, Tata Steel Neutral , , , Oil & Gas Cairn India Neutral ,755 9,127 10, GAIL Neutral ,601 56,220 65, ONGC Neutral , , , Indian Oil Corp Neutral , , , Reliance Industries Neutral 1, , , , Pharmaceuticals Alembic Pharma Neutral ,506 3,483 4,

13 Stock Watch Company Name Reco CMP Target Mkt Cap Sales ( cr ) OPM EPS ( ) PER(x) P/BV(x) RoE EV/Sales(x) Pharmaceuticals ( ) Price ( ) ( cr ) FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E Alkem Laboratories Ltd Accumulate 1,812 1,989 21,662 6,043 6, Aurobindo Pharma Buy ,105 15,720 18, Aventis* Neutral 4,080-9,396 2,277 2, Cadila Healthcare Accumulate ,331 10,429 12, Cipla Sell ,936 15,378 18, Dr Reddy's Neutral 3,142-52,043 16,043 18, Dishman Pharma Neutral 237-3,827 1,718 1, GSK Pharma* Neutral 2,699-22,864 3,000 3, Indoco Remedies Reduce ,518 1,112 1, Ipca labs Buy ,703 3,303 3, Lupin Buy 1,491 1,809 67,289 15,912 18, Sun Pharma Buy ,265 31,129 35, Power Tata Power Neutral 81-21,814 36,916 39, NTPC Neutral ,781 86,605 95, Power Grid Accumulate ,521 25,315 29, Real Estate Prestige Estate Buy ,291 4,707 5, MLIFE Buy ,461 1,152 1, Telecom Bharti Airtel Neutral , , , Idea Cellular Neutral ,326 40,133 43, zothers Abbott India Neutral 4,440-9,434 3,153 3, Asian Granito Buy ,060 1, Bajaj Electricals Accumulate ,530 4,801 5, Banco Products (India) Neutral 214-1,529 1,353 1, Coffee Day Enterprises Ltd Neutral 200-4,117 2,964 3, Competent Automobiles Neutral ,137 1, Elecon Engineering Neutral ,482 1, Finolex Cables Neutral 446-6,828 2,883 3, Garware Wall Ropes Neutral 615-1, Goodyear India* Neutral 728-1,679 1,598 1,

14 Stock Watch Company Name Reco CMP Target Mkt Cap Sales ( cr ) OPM EPS ( ) PER(x) P/BV(x) RoE EV/Sales(x) zothers ( ) Price ( ) ( cr ) FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E Hitachi Neutral 1,429-3,884 2,081 2, HSIL Neutral 284-2,056 2,384 2, Interglobe Aviation Neutral ,036 21,122 26, Jyothy Laboratories Neutral 351-6,368 1,440 2, Kirloskar Engines India Ltd Neutral 343-4,959 2,554 2, Linc Pen & Plastics Neutral M M Forgings Neutral Manpasand Bever. Neutral 660-3, , Mirza International Buy ,118 1,024 1, MT Educare Neutral Narayana Hrudaya Neutral 334-6,827 1,873 2, Navkar Corporation Buy , Navneet Education Neutral 133-3,107 1,062 1, Nilkamal Neutral 1,672-2,495 1,995 2, Page Industries Neutral 14,238-15,880 2,450 3, Parag Milk Foods Neutral 270-2,272 1,919 2, Quick Heal Neutral 278-1, Radico Khaitan Buy ,629 1,667 1, Relaxo Footwears Neutral 438-5,259 2,085 2, S H Kelkar & Co. Neutral 312-4,517 1,036 1, Siyaram Silk Mills Accumulate 1,548 1,720 1,451 1,652 1, Styrolution ABS India* Neutral 637-1,119 1,440 1, Surya Roshni Neutral ,342 3, Team Lease Serv. Neutral 941-1,608 3,229 4, The Byke Hospitality Neutral Transport Corporation of Neutral 183-1,404 2,671 2, India TVS Srichakra Neutral 3,306-2,531 2,304 2, UFO Moviez Neutral 422-1, Visaka Industries Neutral ,051 1,

15 Stock Watch 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 zothers VRL Logistics Neutral 302-2,752 1,902 2, Wonderla Holidays Neutral 377-2, Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on February 04, 2017

16 Research Team Tel: Website: DISCLAIMER Angel Broking Private Limited (hereinafter referred to as Angel ) is a registered Member of National Stock Exchange of India Limited,Bombay Stock Exchange Limited and Metropolitan Stock Exchange Limited. It is also registered as a Depository Participant with CDSL and Portfolio Manager with SEBI. It also has registration with AMFI as a Mutual Fund Distributor. Angel Broking Private Limited is a registered entity with SEBI for Research Analyst in terms of SEBI (Research Analyst) Regulations, 2014 vide registration number INH Angel or its associates has not been debarred/ suspended by SEBI or any other regulatory authority for accessing /dealing in securities Market. Angel or its associates/analyst has not received any compensation / managed or co-managed public offering of securities of the company covered by Analyst during the past twelve months. This document is solely for the personal information of the recipient, and must not be singularly used as the basis of any investment decision. Nothing in this document should be construed as investment or financial advice. Each recipient of this document should make such investigations as they deem necessary to arrive at an independent evaluation of an investment in the securities of the companies referred to in this document (including the merits and risks involved), and should consult their own advisors to determine the merits and risks of such an investment. Reports based on technical and derivative analysis center on studying charts of a stock's price movement, outstanding positions and trading volume, as opposed to focusing on a company's fundamentals and, as such, may not match with a report on a company's fundamentals. Investors are advised to refer the Fundamental and Technical Research Reports available on our website to evaluate the contrary view, if any. The information in this document has been printed on the basis of publicly available information, internal data and other reliable sources believed to be true, but we do not represent that it is accurate or complete and it should not be relied on as such, as this document is for general guidance only. Angel Broking Pvt. Limited or any of its affiliates/ group companies shall not be in any way responsible for any loss or damage that may arise to any person from any inadvertent error in the information contained in this report. Angel Broking Pvt. Limited has not independently verified all the information contained within this document. Accordingly, we cannot testify, nor make any representation or warranty, express or implied, to the accuracy, contents or data contained within this document. While Angel Broking Pvt. Limited endeavors to update on a reasonable basis the information discussed in this material, there may be regulatory, compliance, or other reasons that prevent us from doing so. This document is being supplied to you solely for your information, and its contents, information or data may not be reproduced, redistributed or passed on, directly or indirectly. Neither Angel Broking Pvt. Limited, nor its directors, employees or affiliates shall be liable for any loss or damage that may arise from or in connection with the use of this information.