6.( Market Outlook Market Cues Indian markets are likely to open sideways tracking Asian markets and SGX Nifty. U.S. stocks closed lower Thursday, as a sharp drop in oil and telecommunications shares weighed on investors sentiment. Investors also grappled with a mixed bag of economic data, earnings results, a steep drop in crude-oil prices, the prospect of a rate increase by the Federal Reserve and tumult wrought by the U.S. presidential election. UK s FTSE 100, edged into positive territory at the end of Thursday trading. Indian stocks advanced to a two-week high as over positive sentiment on the banking sector. The S&P BSE Sensex ended up 145 points at 28,129.84 and the Nifty50 settled 40 points higher at 8,699.40. The mood in the market has changed over positive earnings and fresh buying seen in banking space. The market will track the US elections and corporate earnings which will decide the course of the market going ahead. News Analysis Result Preview: Wipro Result Preview: HCL Tech Detailed analysis on Pg2 Investor s Ready Reckoner Domestic Indices Chg (Pts) (Close) BSE Sensex 0.5 145 28,130 Nifty 0.5 40 8,699 Mid Cap 0.1 7 13,560 Small Cap 0.5 67 13,419 Bankex 1.4 315 22,542 Global Indices Chg (Pts) (Close) Dow Jones (0.2) (40) 18,162 Nasdaq (0.1) (5) 5,242 FTSE 0.1 5 7,027 Nikkei 1.4 237 17,236 Hang Seng 0.3 69 23,374 Shanghai Com (0.0) (0) 3,084 Advances / Declines BSE NSE Advances 1,603 961 Declines 1,244 682 Unchanged 222 75 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 Ancill. Buy 1,035 1,218 17.7 HCL Tech IT Buy 815 1,000 22.7 Bharat Electronics Capital Goods Accumulate 1,276 1,414 10.8 Equitas Holdings Financials Buy 183 235 28.8 Navkar Corporation Others Buy 200 265 32.4 More Top Picks on Pg4 Key Upcoming Events Date Region Event Description Previous Reading Consensus Expectations Oct 21 Euro Zone ECB announces interest rate -- -- Oct 24 Germany PMI Services 50.90 -- Oct 24 US New home sales 609.0 600.0 Oct 25 Germany PMI Manufacturing 54.3 -- Oct 26 US Consumer Confidence 104.1 101.5 Oct 27 UK GDP (YoY) 2.1 2.1 Oct 28 US GDP QoQ (Annualised) 1.4 2.5 Oct 31 Euro Zone Euro Zone GDP s.a. (QoQ) 0.3 -- More Events on Pg5 Volumes (` Cr) BSE 3,425 NSE 23,090 Net Inflows (` Cr) Net Mtd Ytd FII 374 (428) 49,577 MFs 244 3,040 16,986 Top Gainers Price (`) Chg Jisljaleqs 102 6.3 Syndibank 76 6.1 Deltacorp 182 5.9 Jpassociat 11 5.6 Corpbank 43 5.6 Top Losers Price (`) Chg Kajariacer 662 (9.1) Wabag 499 (5.0) Bayercrop 4,355 (3.4) Gati 138 (2.8) Aloktext 3 (2.5) As on October 20, 2016
News Analysis Result Preview Wipro (CMP: `494 / TP: `680 /Upside: 37.6%) Wipro is slated to announce its 2QFY2017 results today. We expect the company to post 0.5% sequential de-growth in its USD IT Services revenues to US$1,921mn v/s US$1,931mn in 1QFY2017. In rupee terms, the consolidated revenues are expected to come in at `13,428cr, down 1.3% qoq. EBIT margin is expected to show an dip of ~94bp qoq to end the period at 15.1% on account of wage hikes and currency impact. Consequently, PAT is expected to be at `1,968cr, a dip of 4.1% qoq. We maintain our buy 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) FY2017E 51,631 21.7 8,887 35.9 19.0 13.7 2.6 8.8 1.9 FY2018E 55,822 17.9 9,115 36.9 18.1 13.4 2.7 7.5 1.6 HCL Tech (CMP: `815 / TP: `1,000 /Upside: 22.7%) HCL Tech is slated to announce its 2QFY2017 results today. We expect the company to post 2.1% sequential growth in USD revenues to US$1,726mn v/s US$1,691mn in 1QFY2017. In rupee terms, the revenues are expected to come in at `11,548cr, up 1.9% qoq. EBIT margin is expected to show a dip of ~63bp qoq to end the period at 20.0% on account of wage hikes and currency impact. Consequently, PAT is expected to be at `1,979cr, a dip of 3.3% qoq. We maintain our buy 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) FY2017E 49,242 20.5 7,862 55.7 20.3 14.6 3.0 9.0 1.8 FY2018E 57,168 20.5 9,037 64.1 17.9 12.7 2.3 6.8 1.4 Economic and Political News RBI simplifies norms related to ECB European Central Bank Keeps Rates on Hold Pulses, metals, fuel may play spoilsport in cooling CPI inflation Discom losses to halve by FY19: CRISIL RBI decides to allow FDI up to 100% in other financial services Govt orders probe into debit card data breach Corporate News Reliance Q2 profit rises 18%; GRM at $10.1/bbl, petchem shines Biocon profit at `147 cr, revenue up 21% Tata Coffee Q2 profit up 85% Mahindra begins use of IoT for its trucks and tractors Wipro to buy cloud services firm Appirio for $500 million
Quarterly Bloomberg Brokers Consensus Estimate ACC Ltd - Oct 21, 2016 Particulars ( ` cr) 3QCY16E 3QCY15 y-o-y 2QCY16 q-o-q Net sales 3,033 2,740 10.7 2,870 5.7 EBITDA 451 314 43.7 457 (1.3) EBITDA margin 14.9 11.4 15.9 Net profit 245 117 109.7 238 3.2 Wipro Ltd Consol - Oct 21, 2016 Particulars ( ` cr) 2QFY17E 2QFY16 y-o-y 1QFY17 q-o-q Net sales 13,788 12,514 10.2 13,599 1.4 EBITDA 2,811 2,729 3.0 2,653 6.0 EBITDA margin 20.4 21.8 19.5 Net profit 2,168 2,241 (3.2) 2,052 5.7 IndiaBulls Housing Finance Ltd - Particulars ( ` cr) 2QFY17E 2QFY16 y-o-y 1QFY17 q-o-q Net profit 678 545 24.4 630 7.6 Axis Bank Ltd Consol - Oct 24, 2016 Particulars ( ` cr) 2QFY17E 2QFY16 y-o-y 1QFY17 q-o-q PAT 1,998 1,916 4.3 1,556 28.5 Reliance Capital Ltd Consol - Oct 24, 2016 Particulars ( ` cr) 2QFY17E 2QFY16 y-o-y 1QFY17 q-o-q PAT 259 250 3.7 207 25.3 Idea Cellular Ltd Consol - Oct 24, 2016 Particulars ( ` cr) 2QFY17E 2QFY16 y-o-y 1QFY17 q-o-q Net sales 9,763 8,677 12.5 9,484 2.9 EBITDA 3,579 3,057 17.1 3,074 16.4 EBITDA margin 36.7 35.2 32.4 Net profit 445 809 (45.1) 217 104.8
Top Picks Large Cap Company Market Cap (` Cr) CMP (`) Target (`) Upside Amara Raja Batteries 17,673 1,035 1,218 17.7 Axis Bank 1,28,599 539 630 16.9 Bharat Electronics 30,622 1,276 1,414 10.8 HCL Tech 1,15,012 815 1,000 22.7 Infosys 2,38,182 1,037 1,249 20.4 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. Healthy pace of branch expansion, backed by distribution network, will be the driving force for the bank s retail business and overall earnings. Uptick in defense capex by government when coupled with BELs strong market positioning, indicate that good times are ahead for BEL. 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. Mid Cap Company Market Cap (` Cr) CMP (`) Target (`) Upside Asian Granito 840 279 351 25.8 Bajaj Electricals 2,569 254 306 20.4 Blue Star 5,294 555 634 14.2 Dewan Housing Finance 9,632 330 350 6.0 Equitas Holdings 6,121 183 235 28.8 Jagran Prakashan 6,849 210 225 7.4 Mahindra Lifespace 1,812 442 522 18.2 Mirza International 1,131 94 113 20.1 Navkar Corporation 2,854 200 265 32.4 Siyaram Silk Mills 1,443 1,539 1,714 11.4 TV Today Network 2,004 336 363 8.1 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. Speedier execution and speedier sales, strong revenue visibilty in short-to-long run, attractive valuations We expect the company to report strong growth on back of healthy growth in domestic branded sales (owing to aggressive ad spend and addition in the number of EBOs & multi-brand outlets [MBOs]) and healthy export revenues. 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.
Key Upcoming Events Result Calendar Date Oct 21, 2016 Oct 22, 2016 Oct 24, 2016 Oct 25, 2016 Oct 26, 2016 Oct 27, 2016 Oct 28, 2016 Company ACC, Wipro, Mindtree, Cairn India, Kirloskar Engines India Ltd Persistent, L G Balakrishnan & Bros Rallis, Axis Bank, Reliance Capital, Adani Power HDFC Bank, Kotak Mah. Bank, Shriram Trans., Federal Bank, Asian Paints, Hexaware, Jyothy Laboratories, Visaka Industries, Dr Reddy's, Alembic Pharma Hero Motocorp, Exide Industries, Cummins India, LMW, J K Lakshmi Cements, HDFC, Canara Bank, Syndicate Bank, ITC, HUL, Dabur India, Cadila Healthcare, Indoco Remedies Maruti, TVS Motor, ABB, Tech Mahindra, PVR, JSW Steel, ONGC, IOC, MRF, GSK Pharma, Glenmark Pharma., Dishman Pharma, VRL Logistics United Phosphorus, Bajaj Auto, IDFC, Nestle, Colgate, Sesa Goa, NTPC Source: Bloomberg, Angel Research Global economic events release calendar Date Time Country Event Description Unit Period Bloomberg Data Last Reported Estimated Oct 21, 2016 5:15PM Euro Zone ECB announces interest rates % Oct 20 -- -- Oct 24, 2016 1:00PM Germany PMI Services Value Oct P 50.90 -- 7:30PM US New home sales Thousands Sep 609.00 600.00 Oct 25, 2016 1:00PM Germany PMI Manufacturing Value Oct P 54.30 -- Oct 26, 2016 7:30PM US Consumer Confidence S.A./ 1985=100 Oct 104.10 101.50 Oct 27, 2016 2:00PM UK GDP (YoY) % Change 3Q A 2.10 2.10 Oct 28, 2016 6:00PM US GDP Qoq (Annualised) % Change 3Q A 1.40 2.50 Oct 31, 2016 3:30PM Euro Zone Euro-Zone GDP s.a. (QoQ) % Change 3Q A 0.30 -- Nov 1, 2016 3:00PM UK PMI Manufacturing Value Oct 55.40 -- 6:30AM China PMI Manufacturing Value Oct 50.40 50.40 Nov 2, 2016 2:25PM Germany Unemployment change (000's) Thousands Oct 1.00 -- 11:30PM US FOMC rate decision % Nov 2 0.50 0.50 Nov 3, 2016 5:30PM UK BOE Announces rates % Ratio Nov 3 0.25 -- Nov 4, 2016 6:00PM US Change in Nonfarm payrolls Thousands Oct 156.00 150.00 China Exports YoY% % Change Oct (10.00) -- Nov 8, 2016 6:00PM US Unnemployment rate % Oct 5.00 4.90 3:00PM UK Industrial Production (YoY) % Change Sep 0.70 -- Nov 9, 2016 7:00AM China Consumer Price Index (YoY) % Change Oct 1.90 -- Nov 10, 2016 India Imports YoY% % Change Oct (2.50) -- India Exports YoY% % Change Oct 4.60 -- Nov 11, 2016 5:30PM India Industrial Production YoY % Change Sep (0.70) -- Nov 14, 2016 7:30AM China Industrial Production (YoY) % Change Oct 6.10 -- 12:00PM India Monthly Wholesale Prices YoY% % Change Oct 3.57 -- Source: Bloomberg, Angel Research
h Macro watch Exhibit 1: Quarterly GDP trends Exhibit 2: IIP trends 9.0 8.0 7.0 6.0 5.0 4.0 3.0 7.8 2QFY14 6.4 3QFY14 5.8 4QFY14 7.5 1QFY15 8.3 2QFY15 6.6 6.7 3QFY15 4QFY15 7.5 7.6 1QFY16 2QFY16 7.2 3QFY16 7.9 4QFY16 7.1 1QFY17 12.0 10.0 8.0 6.0 4.0 2.0 - (2.0) (4.0) (6.0) 9.9 Oct-15 (3.4) Nov-15 (0.9) Dec-15 (1.6) Jan-16 1.9 Feb-16 0.3 Mar-16 (1.3) Apr-16 1.3 May-16 2.0 Jun-16 (2.5) Jul-16 (0.7) Aug-16 Source: CSO, Angel Research Source: MOSPI, Angel Research Exhibit 3: Monthly CPI inflation trends Exhibit 4: Manufacturing and services PMI 7.0 6.0 5.0 4.0 3.0 2.0 1.0-5.0 Oct-15 5.4 5.6 5.7 Nov-15 Dec-15 Jan-16 5.3 Feb-16 4.8 Mar-16 5.5 Apr-16 5.8 5.8 May-16 Jun-16 6.1 Jul-16 5.1 Aug-16 4.3 Sep-16 56.0 55.0 54.0 53.0 52.0 51.0 50.0 49.0 48.0 47.0 46.0 Aug-15 Sep-15 Oct-15 Nov-15 Mfg. PMI Dec-15 Jan-16 Feb-16 Mar-16 Services PMI Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 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 10.0 5.0 0.0 (5.0) (10.0) (15.0) (20.0) (25.0) (30.0) (35.0) Exports yoy growth Imports yoy growth 7.00 6.50 6.00 5.50 5.00 4.50 4.00 3.50 3.00 Repo rate Reverse Repo rate CRR Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Nov-15 Dec-15 Jan-16 Jan-16 Feb-16 Mar-16 Apr-16 Apr-16 May-16 Jun-16 Jun-16 Jul-16 Aug-16 Aug-16 Sep-16 Oct-16 Source: Bloomberg, Angel Research Source: RBI, Angel Research
h Global watch Exhibit 1: Latest quarterly GDP Growth (%, yoy) across select developing and developed countries 8.0 6.7 6.0 4.0 2.0 5.3 0.6 5.2 4.0 3.5 2.1 1.3 3.1 1.3 0.8 - (2.0) (4.0) Brazil (3.8) Russia (0.6) India China South Africa Indonesia Malaysia Thailand UK USA Germany France Japan (6.0) Source: Bloomberg, Angel Research Exhibit 2: 2016 GDP Growth projection by IMF (%, yoy) across select developing and developed countries 10.0 8.0 7.6 6.6 6.0 4.0 4.9 4.3 3.2 2.0 - (3.3) (0.8) 0.1 1.8 1.6 1.7 1.3 0.5 (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) 20.0 18.0 16.0 14.0 12.0 10.0 8.0 6.0 4.0 2.0-14.9 Brazil 8.2 Russia 17.9 India 13.2 China 16.0 South Africa 18.8 Indonesia 16.5 Malaysia 13.5 Thailand 16.0 UK 15.4 USA 13.2 Germany 14.4 France 13.8 Japan Source: IMF, Angel Research
h Exhibit 4: Relative performance of indices across globe Returns Country Name of index Closing price 1M 3M 1YR Brazil Bovespa 63,838 11.3 12.8 35.4 Russia Micex 1,957 (1.7) 1.6 13.6 India Nifty 8,699 (0.9) 1.8 6.8 China Shanghai Composite 3,084 2.0 0.9 (6.4) South Africa Top 40 44,866 0.0 (2.9) (5.4) Mexico Mexbol 48,274 4.2 1.9 8.2 Indonesia LQ45 930 1.0 3.5 16.8 Malaysia KLCI 1,667 0.9 (0.2) (2.5) Thailand SET 50 945 0.6 (1.0) 2.5 USA Dow Jones 18,162 0.2 (1.9) 3.8 UK FTSE 7,027 2.9 4.9 9.0 Japan Nikkei 17,236 5.1 4.5 (6.5) Germany DAX 10,701 3.2 5.4 (0.9) France CAC 4,540 3.5 3.6 (7.1) Source: Bloomberg, Angel Research
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 235-4,570 1,937 2,164 13.3 14.3 9.0 11.0 26.1 21.4 4.6 4.0 18.4 19.8 2.4 2.1 United Phosphorus Neutral 714-36,186 15,176 17,604 18.5 18.5 37.4 44.6 19.1 16.0 3.7 3.1 21.4 21.2 2.5 2.1 Auto & Auto Ancillary Ashok Leyland Buy 86 111 24,375 22,407 26,022 10.6 10.6 5.2 6.4 16.4 13.3 3.7 3.1 23.6 24.7 1.2 1.0 Bajaj Auto Neutral 2,788-80,683 25,093 27,891 19.5 19.2 143.9 162.5 19.4 17.2 5.4 4.7 30.3 29.4 2.9 2.6 Bharat Forge Neutral 897-20,872 7,726 8,713 20.5 21.2 35.3 42.7 25.4 21.0 4.7 4.2 18.9 20.1 2.8 2.4 Eicher Motors Neutral 24,989-67,872 16,583 20,447 17.5 18.0 598.0 745.2 41.8 33.5 14.3 10.9 41.2 38.3 3.9 3.1 Gabriel India Accumulate 119 130 1,712 1,544 1,715 9.0 9.3 5.4 6.3 22.1 18.9 4.2 3.7 18.9 19.5 1.1 0.9 Hero Motocorp Neutral 3,363-67,150 31,253 35,198 15.3 15.0 172.3 192.1 19.5 17.5 7.2 6.1 38.9 37.0 2.0 1.8 Jamna Auto Industries Neutral 224-1,788 1,486 1,620 9.8 9.9 15.0 17.2 14.9 13.0 3.3 2.8 21.8 21.3 1.3 1.2 L G Balakrishnan & Bros Neutral 588-923 1,302 1,432 11.6 11.9 43.7 53.0 13.5 11.1 1.9 1.7 13.8 14.2 0.8 0.7 Mahindra and Mahindra Neutral 1,327-82,388 46,534 53,077 11.6 11.7 67.3 78.1 19.7 17.0 3.2 2.8 15.4 15.8 1.7 1.5 Maruti Accumulate 5,645 5,998 170,509 69,186 82,217 14.7 14.4 198.5 241.4 28.4 23.4 5.5 4.5 20.2 20.0 2.2 1.7 Minda Industries Neutral 341-2,704 2,728 3,042 9.0 9.1 68.2 86.2 5.0 4.0 1.1 0.9 23.8 24.3 1.1 0.9 Motherson Sumi Neutral 330-46,326 45,896 53,687 7.8 8.3 13.0 16.1 25.3 20.5 8.2 6.5 34.7 35.4 1.1 0.9 Rane Brake Lining Neutral 1,251-990 511 562 11.3 11.5 28.1 30.9 44.5 40.5 6.8 6.2 15.3 15.0 2.1 1.9 Setco Automotive Neutral 42-565 741 837 13.0 13.0 15.2 17.0 2.8 2.5 0.5 0.4 15.8 16.3 1.1 1.0 Tata Motors Neutral 547-158,017 300,209 338,549 8.9 8.4 42.7 54.3 12.8 10.1 2.1 1.7 15.6 17.2 0.6 0.6 TVS Motor Neutral 392-18,633 13,390 15,948 6.9 7.1 12.8 16.5 30.7 23.7 7.6 6.1 26.3 27.2 1.4 1.2 Amara Raja Batteries Buy 1,035 1,218 17,673 5,429 6,471 17.5 17.6 35.3 43.5 29.3 23.8 6.7 5.5 25.3 24.8 3.1 2.5 Exide Industries Neutral 199-16,919 7,439 8,307 15.0 15.0 8.1 9.3 24.6 21.4 3.4 3.1 14.3 16.7 1.9 1.7 Apollo Tyres Accumulate 213 235 10,822 12,877 14,504 14.3 13.9 21.4 23.0 9.9 9.3 1.5 1.3 16.4 15.2 1.0 0.9 Ceat Accumulate 1,301 1,450 5,262 7,524 8,624 13.0 12.7 131.1 144.3 9.9 9.0 1.8 1.6 19.8 18.6 0.8 0.7 JK Tyres Neutral 150-3,399 7,455 8,056 15.0 15.0 21.8 24.5 6.9 6.1 1.4 1.2 22.8 21.3 0.6 0.5 Swaraj Engines Neutral 1,376-1,709 660 810 15.2 16.4 54.5 72.8 25.3 18.9 7.9 7.1 31.5 39.2 2.4 1.9 Subros Neutral 142-849 1,488 1,681 11.7 11.9 6.4 7.2 22.1 19.7 2.3 2.1 10.8 11.4 0.8 0.7 Indag Rubber Neutral 212-555 286 326 19.8 16.8 11.7 13.3 18.1 15.9 3.1 2.9 17.8 17.1 1.6 1.4 Capital Goods ACE Neutral 45-444 709 814 4.1 4.6 1.4 2.1 32.0 21.4 1.3 1.3 4.4 6.0 0.8 0.7 BEML Buy 939 1,157 3,909 3,451 4,055 6.3 9.2 31.4 57.9 29.9 16.2 1.8 1.6 6.3 10.9 1.3 1.1 Bharat Electronics Accumulate 1,276 1,414 30,622 8,137 9,169 16.8 17.2 58.7 62.5 21.7 20.4 3.4 3.0 44.6 46.3 2.7 2.5
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 Neutral 397-13,123 6,511 7,514 7.9 8.7 12.9 16.3 30.7 24.3 5.5 4.9 16.7 18.5 1.8 1.5 BGR Energy Neutral 116-840 16,567 33,848 6.0 5.6 7.8 5.9 14.9 19.7 0.9 0.8 4.7 4.2 0.2 0.1 BHEL Neutral 142-34,780 28,797 34,742-2.8 2.3 6.9 61.8 20.6 1.1 1.0 1.3 4.8 0.9 0.6 Blue Star Accumulate 555 634 5,294 4,283 5,077 5.9 7.3 14.9 22.1 37.3 25.1 7.2 6.1 20.4 26.4 1.3 1.1 Crompton Greaves Neutral 76-4,766 5,777 6,120 5.9 7.0 3.3 4.5 23.1 16.9 1.0 1.0 4.4 5.9 0.8 0.7 Greaves Cotton Neutral 128-3,117 1,755 1,881 16.8 16.9 7.8 8.5 16.4 15.0 3.3 3.0 20.6 20.9 1.5 1.3 Inox Wind Buy 224 286 4,977 5,605 6,267 15.7 16.4 24.8 30.0 9.0 7.5 2.5 1.9 25.9 24.4 0.9 0.8 KEC International Neutral 126-3,226 9,294 10,186 7.9 8.1 9.9 11.9 12.7 10.6 1.9 1.6 15.6 16.3 0.6 0.5 Thermax Neutral 868-10,339 5,421 5,940 7.3 7.3 25.7 30.2 33.8 28.7 4.1 3.7 12.2 13.1 1.8 1.6 VATech Wabag Buy 497 681 2,707 3,136 3,845 8.9 9.1 26.0 35.9 19.1 13.8 2.4 2.0 13.4 15.9 0.8 0.6 Cement ACC Neutral 1,612-30,273 11,225 13,172 13.2 16.9 44.5 75.5 36.2 21.4 3.4 3.2 11.2 14.2 2.7 2.3 Ambuja Cements Neutral 252-50,108 9,350 10,979 18.2 22.5 5.8 9.5 43.5 26.6 3.7 3.3 10.2 12.5 5.4 4.6 India Cements Neutral 157-4,817 4,364 4,997 18.5 19.2 7.9 11.3 19.9 13.9 1.4 1.4 8.0 8.5 1.9 1.6 JK Cement Neutral 926-6,474 4,398 5,173 15.5 17.5 31.2 55.5 29.7 16.7 3.6 3.1 12.0 15.5 2.0 1.7 J K Lakshmi Cement Accumulate 506 565 5,948 2,913 3,412 14.5 19.5 7.5 22.5 67.4 22.5 4.1 3.5 12.5 18.0 2.6 2.2 Orient Cement Buy 181 215 3,717 2,114 2,558 18.5 20.5 8.1 11.3 22.4 16.1 3.3 2.8 9.0 14.0 2.4 1.9 UltraTech Cement Neutral 4,008-110,000 25,768 30,385 21.0 23.5 111.0 160.0 36.1 25.1 4.6 4.0 13.5 15.8 4.4 3.6 Construction ITNL Neutral 102-3,357 8,946 10,017 31.0 31.6 8.1 9.1 12.6 11.2 0.5 0.5 4.2 5.0 3.7 3.4 KNR Constructions Neutral 779-2,191 1,385 1,673 14.7 14.0 41.2 48.5 18.9 16.1 3.5 3.0 14.9 15.2 1.7 1.4 Larsen & Toubro Accumulate 1,504 1,700 140,179 67,665 77,249 10.7 11.5 57.3 71.2 26.3 21.1 2.4 2.3 12.6 14.3 2.3 2.0 Gujarat Pipavav Port Neutral 169-8,192 705 788 52.2 51.7 5.0 5.6 33.9 30.3 3.3 3.0 11.2 11.2 11.3 9.6 Nagarjuna Const. Neutral 82-4,584 8,842 9,775 9.1 8.8 5.3 6.4 15.6 12.9 1.2 1.1 8.2 9.1 0.7 0.6 PNC Infratech Accumulate 125 143 3,218 2,350 2,904 13.1 13.2 9.0 8.8 13.9 14.3 0.5 0.5 15.9 13.9 1.5 1.2 Simplex Infra Neutral 326-1,614 6,829 7,954 10.5 10.5 31.4 37.4 10.4 8.7 1.1 1.0 9.9 13.4 0.7 0.6 Power Mech Projects Neutral 484-711 1,801 2,219 12.7 14.6 72.1 113.9 6.7 4.3 1.2 1.0 16.8 11.9 0.4 0.3 Sadbhav Engineering Accumulate 270 298 4,624 3,598 4,140 10.3 10.6 9.0 11.9 30.0 22.7 3.1 2.8 9.9 11.9 1.6 1.3 NBCC Neutral 251-15,057 7,428 9,549 7.9 8.6 8.2 11.0 30.6 22.8 1.5 1.2 28.2 28.7 1.7 1.3 MEP Infra Neutral 43-701 1,877 1,943 30.6 29.8 3.0 4.2 14.4 10.3 7.0 4.7 0.6 0.6 1.8 1.6 SIPL Neutral 108-3,816 1,036 1,252 65.5 66.2 (8.4) (5.6) 4.1 4.6 (22.8) (15.9) 11.9 9.9
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 Engineers India Neutral 266-8,964 1,725 1,935 16.0 19.1 11.4 13.9 23.3 19.1 3.2 3.1 13.4 15.3 4.1 3.7 Financials Axis Bank Buy 539 630 128,599 46,932 53,575 3.5 3.4 32.4 44.6 16.7 12.1 2.1 1.9 13.6 16.5 - - Bank of Baroda Neutral 158-36,325 19,980 23,178 1.8 1.8 11.5 17.3 13.7 9.1 1.6 1.3 8.3 10.1 - - Canara Bank Neutral 322-17,468 15,225 16,836 1.8 1.8 14.5 28.0 22.2 11.5 1.5 1.2 5.8 8.5 - - Dewan Housing Finance Accumulate 330 350 9,632 2,225 2,688 2.9 2.9 29.7 34.6 11.1 9.5 1.8 1.5 16.1 16.8 - - Equitas Holdings Buy 183 235 6,121 939 1,281 11.7 11.5 5.8 8.2 31.5 22.3 2.7 2.4 10.9 11.5 - - Federal Bank Neutral 73-12,586 9,353 10,623 2.9 2.9 4.4 5.8 16.7 12.6 1.6 1.4 9.5 11.0 - - HDFC Neutral 1,359-214,861 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 1,255 1,350 317,822 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 278-161,420 39,029 45,903 3.3 3.3 16.7 16.3 16.6 17.0 2.1 1.9 10.1 12.4 - - LIC Housing Finance Neutral 609-30,737 3,712 4,293 2.6 2.5 39.0 46.0 15.6 13.2 2.9 2.5 19.9 20.1 - - Punjab Natl.Bank Neutral 145-30,941 23,532 23,595 2.3 2.4 6.8 12.6 21.4 11.5 3.3 2.4 3.3 6.5 - - RBL Bank Accumulate 328 365 12,132 1,783 2,309 2.6 2.6 12.7 16.4 25.8 20.0 2.8 2.5 12.8 13.3 - - South Ind.Bank Neutral 24-3,227 6,435 7,578 2.5 2.5 2.7 3.1 8.9 7.7 1.1 1.0 10.1 11.2 - - St Bk of India Neutral 260-201,793 88,650 98,335 2.6 2.6 13.5 18.8 19.3 13.8 1.8 1.6 7.0 8.5 - - Union Bank Neutral 148-10,178 13,450 14,925 2.3 2.3 25.5 34.5 5.8 4.3 0.9 0.7 7.5 10.2 - - Yes Bank Neutral 1,309-55,100 8,978 11,281 3.3 3.4 74.0 90.0 17.7 14.5 3.4 2.9 17.0 17.2 - - FMCG Asian Paints Neutral 1,167-111,958 17,128 18,978 16.8 16.4 19.1 20.7 61.1 56.4 21.3 20.1 34.8 35.5 6.5 5.8 Britannia Accumulate 3,308 3,626 39,692 9,795 11,040 14.6 14.9 80.3 94.0 41.2 35.2 16.9 13.1 41.2-3.9 3.4 Colgate Accumulate 943 995 25,643 4,605 5,149 23.4 23.4 23.8 26.9 39.6 35.1 21.9 17.1 64.8 66.8 5.5 4.9 Dabur India Accumulate 280 304 49,256 8,315 9,405 19.8 20.7 8.1 9.2 34.6 30.4 9.6 8.0 31.6 31.0 5.6 4.9 GlaxoSmith Con* Neutral 6,190-26,030 4,350 4,823 21.2 21.4 179.2 196.5 34.5 31.5 9.2 7.8 27.1 26.8 5.4 4.8 Godrej Consumer Neutral 1,587-54,034 10,235 11,428 18.4 18.6 41.1 44.2 38.6 35.9 8.6 7.2 24.9 24.8 5.4 4.7 HUL Neutral 841-181,916 35,252 38,495 17.6 17.4 20.4 21.9 41.2 38.4 33.8 29.7 82.2 77.3 5.0 4.5 ITC Buy 239 283 288,854 40,059 44,439 39.0 39.2 9.1 10.1 26.3 23.7 7.2 6.3 27.2 26.5 6.7 6.0 Marico Accumulate 285 300 36,718 6,430 7,349 18.8 19.5 6.4 7.7 44.5 37.0 13.4 11.3 33.2 32.5 5.5 4.8 Nestle* Neutral 6,835-65,904 10,073 11,807 20.7 21.5 124.8 154.2 54.8 44.3 22.5 20.2 34.8 36.7 6.4 5.4 Tata Global Neutral 152-9,615 8,675 9,088 9.8 9.8 7.4 8.2 20.6 18.6 2.3 2.2 7.9 8.1 1.0 1.0 Procter & Gamble Hygiene Neutral 7,050-22,885 2,939 3,342 23.2 23.0 146.2 163.7 48.2 43.1 108.0 103.5 25.3 23.5 7.3 6.4
Stock Watch Company Name Reco CMP Target Mkt Cap Sales ( cr ) OPM EPS ( ) PER(x) P/BV(x) RoE EV/Sales(x) IT ( ) Price ( ) ( cr ) FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E HCL Tech^ Buy 815 1,000 115,012 49,242 57,168 20.5 20.5 55.7 64.1 14.6 12.7 3.0 2.3 20.3 17.9 2.2 1.8 Infosys Buy 1,037 1,249 238,182 68,350 77,326 27.0 27.0 62.5 69.4 16.6 14.9 3.5 3.2 21.3 21.6 2.9 2.5 TCS Buy 2,400 3,004 472,873 121,684 136,286 27.3 27.3 135.0 150.1 17.8 16.0 5.9 5.4 33.2 33.9 3.7 3.2 Tech Mahindra Buy 425 700 41,240 30,347 33,685 17.0 17.0 37.5 41.3 11.3 10.3 2.5 2.1 21.8 20.7 1.1 0.9 Wipro Buy 496 680 120,443 51,631 55,822 21.7 17.9 35.9 36.9 13.8 13.4 2.9 2.7 19.0 18.1 2.0 1.8 Media D B Corp Neutral 398-7,308 2,297 2,590 27.4 28.2 21.0 23.4 18.9 17.0 4.4 3.8 23.7 23.1 3.0 2.6 HT Media Neutral 93-2,173 2,693 2,991 12.6 12.9 7.9 9.0 11.8 10.4 1.0 0.9 7.8 8.3 0.4 0.3 Jagran Prakashan Accumulate 210 225 6,849 2,355 2,635 28.0 28.0 10.8 12.5 19.4 16.8 4.2 3.6 21.7 21.7 2.9 2.6 Sun TV Network Neutral 538-21,192 2,850 3,265 70.1 71.0 26.2 30.4 20.5 17.7 5.3 4.6 24.3 25.6 7.0 6.0 Hindustan Media Ventures Neutral 301-2,210 1,016 1,138 24.3 25.2 27.3 30.1 11.0 10.0 2.1 1.9 16.2 15.8 1.5 1.3 TV Today Network Accumulate 336 363 2,004 637 743 27.5 27.5 18.4 21.4 18.3 15.7 3.2 2.7 17.4 17.2 2.8 2.3 Metals & Mining Coal India Neutral 313-197,544 84,638 94,297 21.4 22.3 24.5 27.1 12.8 11.5 5.3 5.1 42.6 46.0 1.8 1.7 Hind. Zinc Neutral 250-105,591 14,252 18,465 55.9 48.3 15.8 21.5 15.8 11.6 2.6 2.3 17.0 20.7 7.4 5.7 Hindalco Neutral 155-32,059 107,899 112,095 7.4 8.2 9.2 13.0 16.9 11.9 0.8 0.8 4.8 6.6 0.8 0.8 JSW Steel Neutral 1,741-42,078 53,201 58,779 16.1 16.2 130.6 153.7 13.3 11.3 1.8 1.6 14.0 14.4 1.6 1.3 NMDC Neutral 125-49,579 6,643 7,284 44.4 47.7 7.1 7.7 17.6 16.2 1.5 1.5 8.8 9.2 5.2 4.7 SAIL Neutral 49-20,403 47,528 53,738 (0.7) 2.1 (1.9) 2.6 19.0 0.5 0.5 (1.6) 3.9 1.3 1.2 Vedanta Neutral 208-61,547 71,744 81,944 19.2 21.7 13.4 20.1 15.5 10.3 1.3 1.2 8.4 11.3 1.2 1.0 Tata Steel Neutral 428-41,612 121,374 121,856 7.2 8.4 18.6 34.3 23.0 12.5 1.4 1.3 6.1 10.1 1.0 1.0 Oil & Gas Cairn India Neutral 236-44,209 9,127 10,632 4.3 20.6 8.8 11.7 26.8 20.2 0.9 0.8 3.3 4.2 6.3 5.2 GAIL Neutral 438-55,585 56,220 65,198 9.3 10.1 27.1 33.3 16.2 13.2 1.5 1.4 9.3 10.7 1.2 1.0 ONGC Neutral 282-240,837 137,222 152,563 15.0 21.8 19.5 24.1 14.4 11.7 1.2 1.2 8.5 10.1 2.0 1.8 Indian Oil Corp Neutral 321-156,020 373,359 428,656 5.9 5.5 54.0 59.3 6.0 5.4 0.9 0.8 16.0 15.6 0.6 0.5 Reliance Industries Neutral 1,089-352,940 301,963 358,039 12.1 12.6 87.7 101.7 12.4 10.7 1.3 1.2 10.7 11.3 1.6 1.4 Pharmaceuticals Alembic Pharma Neutral 677-12,754 3,483 4,083 20.2 21.4 24.3 30.4 27.8 22.3 6.3 5.1 25.5 25.3 3.6 3.0 Aurobindo Pharma Accumulate 826 877 48,335 15,720 18,078 23.7 23.7 41.4 47.3 20.0 17.5 5.2 4.1 29.6 26.1 3.3 2.9 Sanofi India* Neutral 4,237-9,757 2,357 2,692 17.3 17.3 153.5 169.2 27.6 25.0 4.7 3.8 25.8 28.4 3.8 3.1 Cadila Healthcare Neutral 389-39,808 11,126 13,148 22.0 22.0 17.1 20.0 22.7 19.4 5.8 4.6 28.8 26.6 3.6 2.9 Cipla Sell 595 490 47,816 15,378 18,089 17.4 18.4 21.6 27.2 27.6 21.9 3.6 3.1 13.7 15.2 3.3 2.8
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 Dr Reddy's Neutral 3,076-50,963 16,043 18,119 23.1 24.7 126.0 157.8 24.4 19.5 3.6 3.1 15.7 17.1 3.1 2.7 Dishman Pharma Sell 242 45 3,899 1,718 1,890 22.7 22.8 9.5 11.3 25.4 21.4 2.5 2.2 10.1 10.9 2.7 2.4 GSK Pharma* Neutral 2,960-25,068 3,528 3,811 16.6 18.8 51.8 59.4 57.1 49.8 15.3 15.2 26.3 30.6 6.9 6.4 Indoco Remedies Sell 312 225 2,875 1,112 1,289 18.2 18.2 13.2 15.6 23.6 20.0 4.2 3.6 19.2 19.2 2.7 2.3 Ipca labs Neutral 614-7,749 3,303 3,799 15.3 15.3 17.3 19.7 35.5 31.2 3.1 2.8 9.1 9.4 2.5 2.2 Lupin Buy 1,502 1,809 67,707 15,912 18,644 26.4 26.7 58.1 69.3 25.9 21.7 5.0 4.1 21.4 20.9 4.3 3.6 Sun Pharma Buy 747 944 179,708 31,129 35,258 30.0 30.9 28.0 32.8 26.7 22.8 4.1 3.4 18.7 18.9 5.4 4.5 Power Tata Power Neutral 82-22,164 36,916 39,557 17.4 27.1 5.1 6.3 16.1 13.0 1.4 1.3 9.0 10.3 1.6 1.5 NTPC Neutral 149-122,734 86,605 95,545 17.5 20.8 11.8 13.4 12.6 11.1 1.3 1.2 10.5 11.1 2.8 2.8 Power Grid Neutral 178-93,175 25,763 29,762 74.3 73.1 14.8 17.3 12.0 10.3 1.9 1.7 16.9 17.5 7.9 7.5 Real Estate MLIFE Buy 442 522 1,812 1,152 1,300 22.7 24.6 29.9 35.8 14.8 12.3 1.1 1.0 7.6 8.6 2.3 1.9 Telecom Bharti Airtel Neutral 309-123,640 105,086 114,808 34.5 34.7 12.2 16.4 25.4 18.9 1.7 1.6 6.8 8.4 2.1 1.8 Idea Cellular Neutral 78-28,194 40,133 43,731 37.2 37.1 6.4 6.5 12.2 12.1 1.0 0.9 8.2 7.6 1.7 1.5 zothers Abbott India Neutral 4,748-10,089 3,153 3,583 14.1 14.4 152.2 182.7 31.2 26.0 153.2 130.8 25.6 26.1 2.9 2.5 Bajaj Electricals Buy 254 306 2,569 5,099 5,805 5.6 5.9 11.4 14.6 22.4 17.4 3.0 2.7 13.4 15.1 0.5 0.4 Finolex Cables Neutral 428-6,544 2,883 3,115 12.0 12.1 14.2 18.6 30.1 23.0 16.0 14.0 15.8 14.6 2.0 1.8 Goodyear India* Neutral 800-1,845 1,598 1,704 10.4 10.2 49.4 52.6 16.2 15.2 74.7 65.6 18.2 17.0 0.8 118.4 Hitachi Neutral 1,529-4,157 2,081 2,433 8.8 8.9 33.4 39.9 45.8 38.3 36.9 30.8 22.1 21.4 2.0 1.7 Jyothy Laboratories Neutral 352-6,391 1,440 2,052 11.5 13.0 8.5 10.0 41.4 35.2 10.0 9.3 18.6 19.3 4.7 3.3 Page Industries Neutral 16,117-17,977 2,450 3,124 20.1 17.6 299.0 310.0 53.9 52.0 359.0 274.0 47.1 87.5 7.4 5.8 Relaxo Footwears Neutral 435-5,222 2,085 2,469 9.2 8.2 7.6 8.0 57.5 54.7 22.3 19.0 17.9 18.8 2.6 2.2 Siyaram Silk Mills Accumulate 1,539 1,714 1,443 1,799 2,040 11.6 11.7 104.9 122.4 14.7 12.6 2.4 2.1 16.4 16.4 1.0 0.9 Styrolution ABS India* Neutral 620-1,090 1,440 1,537 9.2 9.0 40.6 42.6 15.3 14.5 39.0 35.4 12.3 11.6 0.7 0.6 TVS Srichakra Neutral 3,794-2,905 2,304 2,614 13.7 13.8 231.1 266.6 16.4 14.2 426.3 335.6 33.9 29.3 1.3 1.1 HSIL Neutral 351-2,536 2,384 2,515 15.8 16.3 15.3 19.4 22.9 18.1 22.8 19.6 7.8 9.3 1.2 1.1 Kirloskar Engines India Ltd Neutral 350-5,061 2,554 2,800 9.9 10.0 10.5 12.1 33.3 28.9 13.9 13.2 10.7 11.7 1.6 1.4 M M Forgings Neutral 481-581 546 608 20.4 20.7 41.3 48.7 11.7 9.9 65.9 58.3 16.6 17.0 0.9 0.8 Banco Products (India) Neutral 223-1,598 1,353 1,471 12.3 12.4 14.5 16.3 15.4 13.7 21.3 19.2 14.5 14.6 1.1 120.5 Competent Automobiles Neutral 191-118 1,137 1,256 3.1 2.7 28.0 23.6 6.8 8.1 36.8 33.2 14.3 11.5 0.1 0.1
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 Nilkamal Neutral 1,790-2,670 1,995 2,165 10.7 10.4 69.8 80.6 25.6 22.2 102.3 88.8 16.6 16.5 1.3 1.2 Visaka Industries Neutral 223-355 1,051 1,138 10.3 10.4 21.0 23.1 10.6 9.7 28.6 26.8 9.0 9.2 0.6 0.6 Transport Corporation of Neutral 180-1,381 2,671 2,911 8.5 8.8 13.9 15.7 13.0 11.5 1.8 1.6 13.7 13.8 0.6 0.6 India Elecon Engineering Neutral 71-768 1,482 1,660 13.7 14.5 3.9 5.8 18.1 12.2 4.3 3.9 7.8 10.9 0.8 0.7 Surya Roshni Neutral 234-1,024 3,342 3,625 7.8 7.5 17.3 19.8 13.5 11.8 25.7 20.6 10.5 10.8 0.6 0.5 MT Educare Neutral 136-542 366 417 17.7 18.2 9.4 10.8 14.5 12.6 3.2 2.8 22.2 22.3 1.4 1.2 Radico Khaitan Neutral 145-1,933 1,659 1,802 13.0 13.2 6.3 7.4 22.9 19.7 2.0 1.8 8.6 9.3 1.6 1.5 Garware Wall Ropes Neutral 537-1,174 873 938 12.9 13.1 30.9 34.9 17.4 15.4 2.7 2.3 15.7 15.2 1.2 1.1 Wonderla Holidays Neutral 402-2,274 287 355 38.0 40.0 11.3 14.2 35.6 28.3 5.1 4.5 21.4 23.9 7.6 6.2 Linc Pen & Plastics Neutral 262-387 382 420 9.3 9.5 13.5 15.7 19.4 16.7 3.3 2.9 17.1 17.3 1.1 1.0 The Byke Hospitality Neutral 185-740 287 384 20.5 20.5 7.6 10.7 24.3 17.2 5.1 4.1 20.7 23.5 2.6 1.9 Interglobe Aviation Neutral 938-33,800 21,122 26,005 14.5 27.6 110.7 132.1 8.5 7.1 50.7 36.2 168.5 201.1 1.6 1.2 Coffee Day Enterprises Ltd Neutral 227-4,686 2,964 3,260 20.5 21.2 4.7 8.0-28.4 2.6 2.4 5.5 8.5 2.0 1.8 Navneet Education Neutral 102-2,427 1,062 1,147 24.0 24.0 6.1 6.6 16.7 15.4 3.4 3.0 20.6 19.8 2.4 2.2 Navkar Corporation Buy 200 265 2,854 408 612 42.9 42.3 6.8 11.5 29.6 17.4 2.1 1.8 6.9 10.5 7.9 5.3 UFO Moviez Neutral 449-1,240 619 685 33.2 33.4 30.0 34.9 15.0 12.9 2.1 1.8 13.8 13.9 1.7 1.4 VRL Logistics Neutral 322-2,939 1,902 2,119 16.7 16.6 14.6 16.8 22.1 19.2 4.8 4.3 21.9 22.2 1.7 1.5 Team Lease Serv. Neutral 1,027-1,756 3,229 4,001 1.5 1.8 22.8 32.8 45.1 31.3 4.8 4.2 10.7 13.4 0.4 0.3 S H Kelkar & Co. Neutral 306-4,425 1,036 1,160 15.1 15.0 6.1 7.2 50.1 42.6 5.4 4.9 10.7 11.5 4.1 3.7 Quick Heal Neutral 246-1,723 408 495 27.3 27.0 7.7 8.8 31.8 28.0 3.0 3.0 9.3 10.6 3.4 2.8 Narayana Hrudaya Neutral 354-7,224 1,873 2,166 11.5 11.7 2.6 4.0 133.7 89.2 8.2 7.4 6.1 8.3 4.0 3.4 Manpasand Bever. Neutral 725-4,146 836 1,087 19.6 19.4 16.9 23.8 42.9 30.4 5.2 4.5 12.0 14.8 4.7 3.5 Parag Milk Foods Neutral 320-2,689 1,919 2,231 9.3 9.6 9.5 12.9 33.8 24.7 5.3 4.3 15.5 17.5 1.6 1.3 Mirza International Buy 94 113 1,131 1,024 1,148 18.0 18.0 6.9 8.0 13.6 11.8 2.3 1.9 16.6 16.2 1.3 1.1 Asian Granito Buy 279 351 840 1,118 1,220 11.8 12.0 13.0 16.0 21.5 17.5 2.1 1.9 9.7 10.7 1.0 0.9 Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on October 20, 2016
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