Market Outlook. Dealer s Diary. News & Result Analysis. Markets Today. Net Inflows (July 21, 2015) FII Derivatives (July 22, 2015) Gainers / Losers

Transcription

1 Dealer s Diary Indian markets are expected to open flat tracking SGX Nifty. US markets fell on the trifecta of disappointing technology sector earnings, led by Apple. Tech heavy Nasdaq was hit the most, down 0.7%. Apple, Microsoft and Yahoo all reported their quarterly earnings, which were disappointing. European markets also fell, pulling back their recent gains. U.K. stocks dropped on Wednesday, tracking European and Asian equity markets, as investors fret over corporate earnings and the continued weakness in commodity prices. Recouping previous 2 trading session losses, broader Indian indices witnessed strong performance on Wednesday. Pull back across Banking and Oil & Gas stocks led to such strong performance. News & Result Analysis Result Review: Ceat Result Preview: Wipro, Lupin Refer detailed news & result analysis on the following page Markets Today The trend deciding level for the day is 28,374 / 8,592 levels. If NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 28,677 28,850 / 8,685 8,737 levels. However, if NIFTY trades below 28,374 / 8,592 levels for the first half-an-hour of trade then it may correct towards 28,202 27,899 / 8,540 8,447 levels. Indices S2 S1 PIVOT R1 R2 SENSEX 27,899 28,202 28,374 28,677 28,850 NIFTY 8,447 8,540 8,592 8,685 8,737 Net Inflows (July 21, 2015) ` cr Purch Sales Net MTD YTD FII 4,408 4,567 (159) 6, ,363 MFs (209) 1,510 55,119 FII Derivatives (July 22, 2015) ` cr Purch Sales Net Open Interest Index Futures 1,809 2,104 (295) 21,331 Stock Futures 2,870 3,133 (263) 51,200 Domestic Indices Chg (Pts) (Close) BSE Sensex ,505 Nifty ,634 MID CAP ,235 SMALL CAP ,676 BSE HC ,002 BSE PSU ,806 BANKEX ,789 AUTO ,076 METAL ,932 OIL & GAS ,194 BSE IT (0.4) (45) 11,142 Global Indices Chg (Pts) (Close) Dow Jones (0.4) (68) 17,851 NASDAQ (0.7) (36) 5,172 FTSE (1.5) (102) 6,667 Nikkei (1.2) (248) 20,594 Hang Sang (1.0) (254) 25,283 Straits Times (0.4) (12) 3,359 Shanghai Com ,026 Indian ADR Chg (Pts) (Close) INFY $17.3 WIT $12.8 IBN $10.2 HDB $62.4 Advances / Declines BSE NSE Advances 1,774 1,027 Declines 1, Unchanged Volumes (` cr) BSE 2,926 NSE 15,945 Gainers / Losers Gainer Loser Company Price (`) chg Company Price (`) chg SREINFRA KAILASH 8 (20.0) IBREALEST TV18BRDCST 37 (12.3) JUBILANT TTKPRESTIG 4,070 (5.0) IBULHSGFIN RTNPOWER 7 (4.8) ARVIND SKFINDIA 1,386 (4.6)

2 Result Review Ceat (CMP: `779/ TP: -/Upside:) Ceat Ltd 1QFY2016 results were way ahead of our as well as consensus estimates. Revenues were flat at `1,466cr. Subdued OEM and export sales led to sluggish topline during the quarter. (Revenues were in line with our estimates of `1,490 cr). However, Ceat surprised positively on the operating front reporting a record margin of 15.3%. The margins improved sharply 600 bp yoy and were significantly ahead of our estimates of 11.1%. Softness in raw material prices (both rubber and crude based) coupled with decrease in other expenditure (possibly lower advertising and brand promotion expenses) boosted profitability. EBIDTA at `224cr beat our estimates of `166cr. Given the strong operating performance, Net Profit at `121cr more than doubled yoy and was way beyond our estimates of `78cr. Currently, we have Neutral view on the stock but would review our estimates post interaction with the management. Y/E Sales OPM PAT EPS ROE P/E P/BV EV/EBITDA EV/Sales Mar (` cr) (` cr) (`) (x) (x) (x) (x) FY2016E 6, FY2017E 6, Result Preview Wipro (CMP: `577/ TP: `753/Upside: 30.5%) Wipro is expected to announce its 1QFY2016 results today. The company is expected to post a 0.3% qoq dip in USD IT Services revenues to US$1,770mn V/s US$1,775mn in 4QFY2015. The guidance for the 1QFY2016 was US$1,765-1,793mn, a (0.5)-1% qoq growth. In rupee terms, the revenues are expected to come in at `12,207cr V/s `12,142cr in 4QFY2015. The EBDITA is expected to come in at 23.0% and EBIT is expected to be around 20.0%, both almost flat. Consequently the PAT is expected to come in at `2,261cr V/s `2,272cr in 4QFY2015 a dip of 0.5% qoq. The key factors to watch out 1) Outlook on Energy vertical, 2) Commentary on large deal wins and 3) Outlook for 2QFY2016.We maintain our buy rating on the stock with a target price of `753. Y/E Sales OPM PAT EPS ROE P/E P/BV EV/EBITDA EV/Sales March (` cr) (` cr) (`) (x) (x) (x) (x) FY2016E 54, , FY2017E 61, ,

3 Lupin (CMP: `1,824/ TP: /Upside: ) For 1QFY2016, we expect the company to post a 9.6% yoy growth on sales front to end the period at `3,600cr. On the operating front, the gross margins are expected to come in at 65.5% V/s 67.9% in corresponding period. EBITDA margins are expected to come in at 27.0% V/s 32.2% in 1QFY2015. Consequently the PAT is expected to come in at `749cr V/s `624cr expected a yoy growth of 20.0%. We maintain our neutral rating on the stock. Y/E Sales OPM PAT EPS ROE P/E P/BV EV/EBITDA EV/Sales March (` cr) (` cr) (`) (x) (x) (x) (x) FY2016E 15, , FY2017E 17, , Quarterly Bloomberg Brokers Consensus Estimate Bajaj Auto Ltd- Particulars (` cr) 1QFY16E 1QFY15 y-o-y 4QFY15 q-o-q Net sales 6,078 5, , EBITDA 1, EBITDA margin Net profit Wipro Ltd (Consol)- Particulars (` cr) 1QFY16E 1QFY15 y-o-y 4QFY15 q-o-q Net sales 12,152 11, , EBITDA 2,701 2, ,753 (1.9) EBITDA margin Net profit 2,203 2, ,272 (3.1) GAIL India Ltd- Particulars (` cr) 1QFY16E 1QFY15 y-o-y 4QFY15 q-o-q Net sales 14,690 13, , EBITDA 1,194 1, EBITDA margin Net profit Lupin Ltd (Consol)- Particulars (` cr) 1QFY16E 1QFY15 y-o-y 4QFY15 q-o-q Net sales 3,328 3, , EBITDA 896 1,115 (19.6) EBITDA margin Net profit (8.1) United Spirits Ltd- Particulars (` cr) 1QFY16E 1QFY15 y-o-y 4QFY15 q-o-q Net sales 2,029 1, , EBITDA EBITDA margin Net profit 50 (56) 0.0 (1,799) 0.0

4 ABB India Ltd- July 24, 2015 Particulars (` cr) 2QFY16E 2QFY15 y-o-y 1QFY15 q-o-q Net sales 1,940 1, , EBITDA EBITDA margin Net profit Crompton Greaves Ltd (Consol)- July 24, 2015 Particulars (` cr) 1QFY16E 1QFY15 y-o-y 4QFY15 q-o-q Net sales 3,476 3, ,808 (8.7) EBITDA EBITDA margin Net profit (199) 0.0 Axis Bank Ltd- July 24, 2015 Particulars (` cr) 1QFY16E 1QFY15 y-o-y 4QFY15 q-o-q PAT 1,963 1, ,181 (10.0) Reliance Industries Ltd- July 24, 2015 Particulars (` cr) 1QFY16E 1QFY15 y-o-y 4QFY15 q-o-q Net sales 67,939 96,351 (29.5) 56, EBITDA 8,963 7, , EBITDA margin Net profit 6,250 5, , Economic and Political News Rajya Sabha panel for standard GST rate up to 20% Odisha notifies mineral exploration policy Realty players fear grant of TDR based on road width will halt redevelopment in Mumbai Govt gets `1-lakh-cr spend cushion for FY16 Corporate News TV Today files `100cr defamation suit against Radio City Adani port raises $650mn via dollar bond

5 Top Picks Large Cap Company Sector Market Cap (` Mn) Rating CMP (`) Target (`) Upside Axis Bank Financials 1,40,101 Buy ICICI Bank Financials 1,83,998 Buy Infosys IT 2,53,261 Buy 1,103 1, LIC Housing Fin. Financials 24,552 Buy MRF Others 15,438 Buy 36,400 43, Power Grid Power 74,498 Buy TCS IT 4,95,186 Buy 2,528 3, Tech Mahindra IT 49,102 Buy Yes Bank Financials 34,425 Buy 823 1, Ashok Leyland Auto 23,165 Accumulate Source: Angel Research, Bloomberg Mid Cap Company Sector Market Cap (` Mn) Rating CMP (`) Target (`) Upside Action Const. Equip. Capital Goods 424 Buy Bajaj Electricals Others 2,744 Buy Hindustan Media Ven. Media 1,819 Buy JK Tyre Auto Ancillary 2,192 Buy MBL Infrastructures Construction 1,160 Buy Mangalam Cements Cement 721 Buy MT Educare Others 464 Buy Radico Khaitan Others 1,147 Buy Setco Automotive Auto Ancillary 613 Buy Source: Angel Research, Bloomberg

6 Result Calendar Date July 24, 2015 July 25, 2015 July 26, 2015 July 27, 2015 July 28, 2015 July 29, 2015 July 30, 2015 July 31, 2015 August 1, 2015 Company Rallis, Bajaj Auto, Areva, Indian Bank, Wipro, GAIL, Lupin TVS Motor, ABB, Crompton Greaves, Axis Bank, Reliance Industries, Hitachi Andhra Bank, IOB, Persistent, Sarda Energy, Relaxo Subros, KEC International, Ambuja Cements, Tech Mahindra, Jagran Prakashan, MRF Maruti, Thermax, Blue Star, HDFC, Punjab Natl.Bank, Bank of India, Union Bank, IDBI Bank, Syndicate Bank, Tide Water Oil India United Phosphorus, Yes Bank, Allahabad Bank, Nestle, Dabur India, Godrej Consumer, Mphasis, Sesa Goa, JSW Steel, NHPC Exide Industries, Kotak Mah. Bank, Bank of Baroda, IDFC, Oriental Bank, ITC, Colgate, Electrosteel Castings, Petronet LNG, Jyothy Laboratories, L G Balakrishnan & Bros, Dr Reddy's, Glenmark Pharma., Ipca labs, Indoco Remedies, NTPC ICICI Bank, GSK Pharma, Alembic Pharma, CESC Transport Corporation of India Source: Bloomberg, Angel Research Global economic events release calendar Date Time Country Event Description Unit Period Bloomberg Data Last Reported Estimated 7:30PM Euro Zone Euro-Zone Consumer Confidence Value Jul A (5.60) (5.80) July 24, :00PM Germany PMI Services Value Jul P :00PM Germany PMI Manufacturing Value Jul P :30PM US New home sales Thousands Jun July 28, :00PM UK GDP (YoY) % Change 2Q A :30PM US Consumer Confidence S.A./ 1985=100 Jul July 29, :30PM US FOMC rate decision % Jul July 30, :25PM Germany Unemployment change (000's) Thousands Jul (1.00) -- 6:00PM US GDP Qoq (Annualised) % Change 2Q A (0.20) 2.50 August 1, :30AM China PMI Manufacturing Value Jul August 3, :00PM UK PMI Manufacturing Value Jul August 4, :00AM India RBI Reverse Repo rate % Aug :00AM India RBI Repo rate % Aug :00AM India RBI Cash Reserve ratio % Aug August 6, :30PM UK BOE Announces rates % Ratio Aug :00PM UK Industrial Production (YoY) % Change Jun August 7, :00PM US Change in Nonfarm payrolls Thousands Jul :00PM US Unnemployment rate % Jul August 8, 2015 China Exports YoY% % Change Jul August 9, :00AM China Consumer Price Index (YoY) % Change Jul August 10, 2015 India Imports YoY% % Change Jul (13.40) -- India Exports YoY% % Change Jul (15.80) -- August 12, :00PM UK Jobless claims change % Change Jul :00AM China Industrial Production (YoY) % Change Jul :30PM India Industrial Production YoY % Change Jun Source: Bloomberg, Angel Research

7 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 1QFY13 2QFY13 3QFY13 4QFY13 1QFY14 2QFY14 3QFY14 4QFY14 1QFY15 2QFY15 3QFY15 4QFY15 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Market Outlook h Macro watch Exhibit 1: Quarterly GDP trends Exhibit 2: IIP trends (1.0) (2.0) (3.0) (4.0) (2.7) Source: CSO, Angel Research Source: MOSPI, Angel Research Exhibit 3: Monthly CPI inflation trends Exhibit 4: Manufacturing and services PMI 55.0 Mfg. PMI Services PMI 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 30.0 Exports yoy growth Imports yoy growth 9.00 Repo rate Reverse Repo rate CRR (10.0) 5.00 (20.0) 4.00 (30.0) 3.00 Source: Bloomberg, Angel Research Source: RBI, Angel Research

8 Brazil Russia India China South Africa Indonesia Malaysia Thailand UK USA Germany France Japan Brazil Russia India China South Africa Indonesia Malaysia Thailand UK USA Germany France Japan Market Outlook h Global watch Exhibit 1: Latest quarterly GDP Growth (%, yoy) across select developing and developed countries (1.0) (2.0) (3.0) (1.6) (1.9) (0.9) Source: Bloomberg, Angel Research Exhibit 2: 2015 GDP Growth projection by IMF (%, yoy) across select developing and developed countries (1.0) (3.8) (2.0) (4.0) (6.0) Source: IMF, Angel Research Exhibit 3: One year forward P-E ratio across select developing and developed countries Source: Bloomberg, Angel Research

9 h Exhibit 4: Relative performance of indices across globe Returns Country Name of index Closing price 1M 3M 1YR Brazil Bovespa 50,916 (5.3) (5.6) (10.7) Russia Micex 1,636 (2.2) (1.3) 18.1 India Nifty 8, China Shanghai Composite 4,026 (12.1) (8.6) 94.2 South Africa Top 40 46,371 (0.5) (2.5) (0.9) Mexico Mexbol 44,670 (1.2) (1.2) 0.9 Indonesia LQ (10.4) (3.8) Malaysia KLCI 1,730 (0.4) (7.3) (8.5) Thailand SET (2.6) (8.7) (5.9) USA Dow Jones 17,851 (0.9) (0.5) 4.5 UK FTSE 6,667 (2.3) (5.6) (2.3) Japan Nikkei 20, Germany DAX 11, (3.5) 18.4 France CAC 5, (2.5) 17.0 Source: Bloomberg, Angel Research

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 ) FY16E FY17E FY16E FY17E FY16E FY17E FY16E FY17E FY16E FY17E FY16E FY17E FY16E FY17E Agri / Agri Chemical Rallis Neutral 255-4,967 2,075 2, United Phosphorus Neutral ,410 13,698 15, Auto & Auto Ancillary Ashok Leyland Accumulate ,165 17,094 19, Bajaj Auto Neutral 2,619-75,788 25,664 29, Eicher Motors Neutral 21,110-57,297 11,872 15, Hero Motocorp Neutral 2,708-54,069 29,771 34, L G Balakrishnan & Bros Accumulate ,254 1, Mahindra and Mahindra Neutral 1,342-83,323 41,078 46, Maruti Accumulate 4,189 4, ,546 57,615 68, Minda Industries Buy ,500 2, Rane Brake Lining Accumulate Setco Automotive Buy Tata Motors Buy , , , TVS Motor Neutral ,542 11,813 14, Amara Raja Batteries Neutral ,844 5,355 6, Exide Industries Accumulate ,997 7,919 9, Apollo Tyres Neutral 193-9,837 12,866 13, Ceat Neutral 779-3,150 6,047 6, JK Tyres Buy ,192 7,774 8, Swaraj Engines Neutral 868-1, Subros Accumulate ,295 1, Indag Rubber Buy Capital Goods ACE Buy BEML Accumulate 1,502 1,607 6,255 3,277 4, BGR Energy Neutral ,615 3, BHEL Neutral ,781 33,722 35, Blue Star Buy ,003 3,649 4, Crompton Greaves Accumulate ,275 15,252 16, Inox Wind Buy ,683 4,980 5,

11 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 KEC International Neutral 151-3,888 8,791 9, Thermax Neutral 1,061-12,637 6,413 7, Cement ACC Accumulate 1,435 1,548 26,945 11,856 14, Ambuja Cements Neutral ,262 10,930 12, India Cements Buy ,613 4,716 5, JK Cement Buy ,216 4,061 4, J K Lakshmi Cement Buy ,895 3,004 3, Mangalam Cements Buy ,111 1, Orient Cement Neutral 184-3,777 2,039 2, Ramco Cements Neutral 354-8,427 4,036 4, Shree Cement^ Neutral 10,764-37,499 7,150 8, UltraTech Cement Neutral 3,256-89,340 27,562 31, Construction ITNL Buy ,660 7,589 8, KNR Constructions Neutral 575-1, , Larsen & Toubro Accumulate 1,855 2, ,566 68,920 82, Gujarat Pipavav Port Neutral , MBL Infrastructures Buy ,160 2,507 2, PNC Infratech Accumulate ,124 1,719 2, Financials Allahabad Bank Neutral 89-5,060 8,859 9, Axis Bank Buy ,101 26,522 31, Bank of Baroda Neutral ,770 18,934 21, Bank of India Neutral ,440 17,402 20, Canara Bank Neutral ,668 15,805 17, Dena Bank Neutral 44-2,480 3,580 4, Federal Bank Neutral 71-12,090 3,522 4, HDFC Neutral 1, ,110 11,198 13, HDFC Bank Accumulate 1,114 1, ,864 38,629 47, ICICI Bank Buy ,998 36,037 41, IDBI Bank Neutral 64-10,313 9,806 11,

12 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 Financials Indian Bank Neutral 133-6,402 6,454 7, LIC Housing Finance Accumulate ,552 2,934 3, Oriental Bank Neutral 175-5,250 7,930 8, Punjab Natl.Bank Neutral ,806 24,160 27, South Ind.Bank Neutral 24-3,207 1,999 2, St Bk of India Accumulate ,266 86, , Union Bank Neutral ,513 12,995 14, Vijaya Bank Neutral 41-3,479 3,474 3, Yes Bank Buy 823 1,006 34,425 7,006 8, FMCG Asian Paints Neutral ,875 16,553 19, Britannia Neutral 2,856-34,269 8,065 9, Colgate Neutral 2,074-28,200 4,836 5, Dabur India Neutral ,555 9,370 10, GlaxoSmith Con* Neutral 6,380-26,831 4,919 5, Godrej Consumer Neutral 1,218-41,474 10,168 12, HUL Neutral ,714 34,940 38, ITC Buy ,409 41,068 45, Marico Neutral ,842 6,551 7, Nestle* Accumulate 5,987 6,646 57,724 11,291 12, Tata Global Buy ,797 8,735 9, IT HCL Tech^ Accumulate 982 1, ,039 41,535 46, Infosys Buy 1,103 1, ,261 60,250 66, TCS Buy 2,528 3, , , , Tech Mahindra Buy ,102 27,281 31, Wipro Buy ,551 54,050 61, Media D B Corp Accumulate ,876 2,241 2, HT Media Buy ,142 2,495 2, Jagran Prakashan Buy ,327 1,939 2, Sun TV Network Accumulate ,181 2,779 3,

13 Company Name Reco CMP Target Mkt Cap Sales ( cr ) OPM EPS ( ) PER(x) P/BV(x) RoE EV/Sales(x) Media Hindustan Media Ventures Metals & Mining ( ) Price ( ) ( cr ) FY16E FY17E FY16E FY17E FY16E FY17E FY16E FY17E FY16E FY17E FY16E FY17E FY16E FY17E Buy , , Coal India Neutral ,214 77,595 89, Hind. Zinc Neutral ,422 15,546 16, Hindalco Neutral , , , JSW Steel Neutral ,794 48,125 53, NMDC Neutral ,337 12,544 13, SAIL Neutral 58-23,955 56,365 63, Vedanta Neutral ,349 81,842 88, Tata Steel Neutral , , , Oil & Gas Cairn India Neutral ,301 12,617 14, GAIL Neutral ,813 75,595 85, ONGC Neutral , , , Petronet LNG Neutral ,621 45,759 49, Reliance Industries Neutral 1, , , , Pharmaceuticals Alembic Pharma Neutral ,482 2,405 2, Aurobindo Pharma Accumulate ,917 14,435 16, Aventis* Neutral 3,629-8,357 2,156 2, Cadila Healthcare Neutral 1,984-40,630 10,224 11, Cipla Neutral ,185 14,051 16, Dr Reddy's Neutral 3,848-65,603 17,443 20, Dishman Pharma Buy ,374 1,716 1, GSK Pharma* Neutral 3,431-29,065 2,818 3, Indoco Remedies Neutral 367-3,378 1,088 1, Ipca labs Accumulate ,689 3,533 4, Lupin Neutral 1,824-82,061 14,864 17, Sun Pharma Accumulate ,270 27,839 33, Power Stock Watch Tata Power Neutral 73-19,744 38,302 38, NTPC Neutral ,128 89,067 98, Power Grid Buy ,498 19,986 22,

14 Company Name Reco CMP Target Mkt Cap Sales ( cr ) OPM EPS ( ) PER(x) P/BV(x) RoE EV/Sales(x) Telecom ( ) Price ( ) ( cr ) FY16E FY17E FY16E FY17E FY16E FY17E FY16E FY17E FY16E FY17E FY16E FY17E FY16E FY17E Bharti Airtel Neutral , , , Idea Cellular Neutral ,399 34,282 36, zothers Abbott India Neutral 4,342-9,227 2,713 3, Bajaj Electricals Buy ,744 4,719 5, Finolex Cables Neutral 260-3,970 2,728 3, Goodyear India* Neutral 565-1,303 1,536 1, Hitachi Neutral 1,593-4,331 1,801 2, Jyothy Laboratories Neutral 314-5,676 1,620 1, MRF Buy 36,400 43,439 15,438 13,524 14, , , Page Industries Neutral 14,735-16,435 1,929 2, Relaxo Footwears Neutral 550-6,596 1,767 2, Siyaram Silk Mills Neutral 1,200-1,125 1,653 1, Styrolution ABS India* Neutral 729-1,282 1,271 1, Tree House Neutral 440-1, TVS Srichakra Neutral 2,238-1,714 2,112 2, HSIL Buy ,495 2,085 2, Kirloskar Engines India Ltd Neutral 285-4,122 2,779 3, M M Forgings Buy Banco Products (India) Neutral ,196 1, Competent Automobiles Neutral ,007 1, Nilkamal Neutral 743-1,108 1,947 2, Visaka Industries Accumulate ,158 1, Transport Corporation of Accumulate ,033 2,830 3, India Elecon Engineering Neutral ,452 1, Surya Roshni Accumulate ,992 3, MT Educare Buy Radico Khaitan Buy ,147 1,565 1, Garware Wall Ropes Accumulate Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on July 22, 2015 Stock Watch

15 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 MCX 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 including its relatives/analyst do not hold any financial interest/beneficial ownership of more than 1% in the company covered by Analyst. 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. Angel/analyst has not served as an officer, director or employee of company covered by Analyst and has not been engaged in market making activity of the company covered by Analyst. 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. 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. Note: Please refer to the important Stock Holding Disclosure' report on the Angel website (Research Section). Also, please refer to the latest update on respective stocks for the disclosure status in respect of those stocks. Angel Broking Pvt. Limited and its affiliates may have investment positions in the stocks recommended in this report.