Market Outlook 13-04-2016

Market Outlook
April 13, 2016
Market Cues
Domestic Indices
Chg (%)
(Pts)
(Close)
Indian markets are expected to open on a Positive note tracking the SGX Nifty and
Global Markets.
BSE Sensex
0.5
123
25,146
Nifty
0.5
38
7,709
US stocks posted solid gains yesterday after initially showing a lack of direction. The
strength in the markets was primarily led by energy stocks which gained on reports
of Saudi Arabia and Russia working toward an agreement to cut oil production.
Mid Cap
1.0
108
10,817
Small Cap
0.9
96
10,828
Bankex
0.5
90
18,080
Chg (%)
(Pts)
(Close)
Dow Jones
0.9
165
17,721
Nasdaq
0.8
39
4,872
FTSE
0.7
42
6,242
Nikkei
1.1
178
15,929
Hang Seng
0.3
64
20,504
(0.3)
(10)
3,024
European stocks rose and closed mostly higher on Tuesday at the end of a choppy
session, helped by gains in Energy and Mining stocks owing to rising commodity
prices.
The Indian markets ended on a strong note for a second consecutive session on
Tuesday, led by companies with higher rural exposure, which gained after the
private forecaster Skymet forecasted an "above average" monsoon this year.
News & Result Analysis
Three Cheers for Indian economy. Low Inflation and positive IIP and above
normal monsoon
Global Indices
Shanghai Com
Detailed analysis on Pg2
Advances / Declines
BSE
NSE
Advances
1,536
960
Key Domestic & Global Indicators
Declines
1,098
604
Stock Watch: Latest investment recommendations on 150+ stocks
Unchanged
122
76
Investors Ready Reckoner
Refer Pg6 onwards

Volumes (` Cr)
Top Picks
Rating
CMP
(`)
Target
(`)
Upside
(%)
Auto & Auto Ancillary
Buy
895
1,040
16.3
HCL Tech
IT
Buy
839
1,038
23.7
LIC Housing
Financials
Buy
479
592
23.6
Bharat Electronics
Capital Goods
Buy
1,184
1,414
19.5
Buy
182
265
45.8
Company
Sector
Amara Raja
Navkar Corporation Others
BSE
2,466
NSE
15,911
Net Inflows (` Cr)
Net
Mtd
Ytd
FII
156
(917) (13,775)
MFs
291
(755)
63,263
More Top Picks on Pg4
Previous
Reading
Consensus
Expectations
(0.6)
Exports YoY%
(25.40)
10.00
US
Initial Jobless claims
267.00
270.00
US
Consumer price index (mom)
(0.20)
0.20
Date
Region
Event Description
Apr 13
US
Producer Price Index (mom)
Apr 13
China
Apr 14
Apr 14
Price (`)
Chg (%)
Escorts
169
10.5
Pvr
798
7.4
1,029
6.3
Jisljaleqs
63
6.1
Petronet
258
5.8
Price (`)
Chg (%)
64
(5.8)
104
(3.8)
Aloktext
(3.0)
Gmdcltd
65
(2.5)
779
(2.4)
Top Gainers
Key Upcoming Events
Wockpharma
6.(
6.(
More Events on Pg5

Top Losers
Mrpl
Balramchin
Naukri
As on April 12, 2016
www.angelbroking.com
Market Outlook
April 13, 2016
Three Cheers for Indian economy. Low Inflation and positive IIP
and above normal monsoon:
The IIP numbers have given a positive surprise with a growth of 2% for the month
of February 2016. After three months of drop the rise in the Industrial output
certainly speaks a positive word for the economy. The rise in IIP has got a boost
from 9% growth in electricity generation and a 5% growth in mining output. The IIP
numbers had seen a decline of 0.5% in the month of Januray, 2016. If we
consider the cumulative data than the IIP numbers from April to February 2016 the
growth is at 2.6%, little lower than the 2.8% reported in the same period previous
years.
What comes as another surprise is a further drop in the retail inflation. The CPI
inflation for March, 2016 has fallen to 4.83% from 5.26% a month ago. Though
there were already expectations of falling inflation and hence the RBI had offered
25 bps rate cut in the recent policy meet this paves way for further easing of rates
during the rest of the year. We expect the RBI has room for another 25 bps rate cut
in the months to come. However, that would be possible only after further
reduction in lending rates by the Banks.
The third and very encouraging set of news has been the expectations of an above
normal monsoon for the India this year. After two consecutive years of below
normal rainfall the IMD has expects monsoon for the years to be 106% of normal
with a model error of 5%. We think all the things are falling in place for the Indian
economy and see better days ahead.
Quarterly Bloomberg Brokers Consensus Estimate

Infosys Ltd Consol - April 15, 2016
Particulars (` cr)
Net sales
EBITDA
EBITDA margin (%)
Net profit
4QFY16E
4QFY15
y-o-y (%)
3QFY16
q-o-q (%)
16,566
13,411
23.5
15,902
4.2
4,572
3,732
22.5
4,328
5.6
27.6
27.8
3,521
3,097
27.2
13.7
3,465
1.6
LIC Housing Finance Ltd - April 18, 2016

Particulars (` cr)
PAT
4QFY16E
4QFY15
y-o-y (%)
3QFY16
q-o-q (%)
461
378
22.0
419
10.2
Tata Consultancy Services Ltd Consol - April 18, 2016

Particulars (` cr)
Net sales
EBITDA
EBITDA margin (%)
Net profit
4QFY16E
4QFY15
y-o-y (%)
3QFY16
q-o-q (%)
28,368
24,220
17.1
27,364
3.7
8,178
4,281
91.1
7,747
5.6
28.8
17.7
6,284
5,906
6.4
6,083
3.3
4QFY16E
4QFY15
y-o-y (%)
3QFY16
q-o-q (%)
13,467
12,142
10.9
12,861
4.7
2,911
2,753
5.7
2,673
8.9
3.9
2,234
28.3
Wipro Ltd Consol - April 20, 2016

Particulars (` cr)
Net sales
EBITDA
EBITDA margin (%)
Net profit
21.6
22.7
2,361
2,272
20.8
5.7
Market Outlook
April 13, 2016
Economic and Political News
Govt initiates anti-dumping probe into imports of hot-rolled coils, plates
At 106% rainfall, IMD predicts above-normal monsoon in 2016
Iron ore imports tank 63% in FY16 to 5.6 mt
Corporate News
Axis Bank lowers lending rate by 15 bps to 8.95%
RIL invite bids to develop deep sea fields, may end arbitration row with
government
ITC goes online for lifestyle business growth
TVS Infotech acquires majority stake in Blisslogix Technology
Market Outlook
April 13, 2016
Top Picks
Large Cap
Market Cap
(` Cr)
CMP
(`)
Target
(`)
Upside
(%)
Amara Raja Batteries
15,281
895
1,040
16.3
Bharat Electronics
28,406
1,184
1,414
19.5
HCL Tech
1,18,310
839
1,038
23.7
HDFC Bank
2,68,999
1,064
1,262
18.6
Infosys
2,72,455
1,182
1,347
13.9
LIC Housing Finance
24,151
479
592
23.6
NBCC
11,829
986
1,089
10.5
CMP
(`)
Target
(`)
Company
Rationale
To outpace battery industry growth due to better technological
products leading to market share gains in both the automotive
OEM and replacement segments.
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.
Strong visibility for a robust 20% earnings trajectory, coupled
with high quality of earnings on account of high quality retail
business and strategic focus on highly rated corporates.
Back on the growth trend, expect a long term growth of 14%
to be a US$20bn in FY2020.
LICHF continues to grow its retail loan book at a healthy pace
with improvement in asset quality. We expect the company to
post a healthy loan book which is likely to reflect in a strong
earnings growth.
Huge bid pipeline of re-development works at Delhi and other
State Governments and opportunity from Smart City, positions
NBCC to report strong growth, going forward.
Source: Company, Angel Research
Mid Cap
Company
Market Cap
(` Cr)
Upside
(%)
Blue Star
3,592
399
458
14.7
Dewan Housing
5,613
192
270
40.4
IL&FS Transport
2,558
78
93
19.6
Jagran Prakashan
5,155
158
189
19.8
Mahindra Lifespace
1,790
436
554
27.0
Navkar Corporation
2,592
182
265
45.8
Radico Khaitan
1,163
87
156
78.4
947
1,010
1,354
34.1
Siyaram Silk Mills

Source: Company, Angel Research
Rationale
Favorable 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.
Commencement of new projects, downtrend in the interest
rate cycle, to lead to stock re-rating
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
Massive capacity expansion along with rail advantage at ICD
as well CFS augurs well for the company
Earnings boost on back of stable material prices and
favourable pricing environment. Valuation discount to peers
provides additional comfort
Strong brands and distribution network would boost growth
going ahead. Stock currently trades at an inexpensive
valuation.
Market Outlook
April 13, 2016
Key Upcoming Events

Result Calendar
Date
Company
Apr 15, 2016
Infosys
Apr 18, 2016
LIC Housing Fin., TCS, Mindtree
Apr 20, 2016
Wipro
Apr 21, 2016
IndusInd Bank, Infotech Enterprises
Apr 22, 2016
HDFC Bank, Cairn India
Apr 24, 2016
Persistent
Apr 26, 2016
Maruti, Axis Bank
Apr 27, 2016
Exide Industries, FAG Bearings, Elecon Engineering
Apr 28, 2016
Ambuja Cements, Dabur India
Apr 29, 2016
ICICI Bank, Aventis
May 2, 2016
HDFC
May 3, 2016
Godrej Consumer
May 4, 2016
Vesuvius India
Source: Bloomberg, Angel Research
Global economic events release calendar

Date
Time
Country
Event Description
Unit
Period
Bloomberg Data
Last Reported Estimated
Apr 13, 2016
US
Producer Price Index (mom)
% Change
Mar
(0.60)
--
China
Exports YoY%
% Change
Mar
(25.40)
10.00
Apr 14, 2016 6:00 PM
US
Initial Jobless claims
Thousands
Apr 9
267.00
270.00
6:00 PM
US
Consumer price index (mom)
% Change
Mar
(0.20)
0.20
2:30 PM
Euro Zone
Euro-Zone CPI (YoY)
Mar F
(0.10)
(0.10)
4:30 PM
UK
BOE Announces rates
% Ratio
Apr 14
0.50
0.50
India
Imports YoY%
% Change
Mar
(5.00)
--
India
Exports YoY%
% Change
Mar
(5.66)
--
6:45 PM
US
Industrial Production
Mar
(0.52)
(0.10)
7:30 AM
China
Industrial Production (YoY)
% Change
Mar
5.90
5.90
7:30 AM
China
Real GDP (YoY)
% Change
1Q
6.80
6.70
Apr 18, 2016 2:00 PM
India
Monthly Wholesale Prices YoY%
% Change
Mar
(0.91)
(0.74)
Apr 19, 2016 6:00 PM
US
Housing Starts
Thousands
Mar
1,178.00
1,160.00
6:00 PM
US
Building permits
Thousands
Mar
1,177.00
1,208.00
Apr 20, 2016 7:30 PM
US
Existing home sales
Million
Mar
5.08
5.29
2:00 PM
% Change
Mar
(18.00)
--
Value
Apr A
(9.70)
--
Apr 15, 2016
UK
Jobless claims change
Apr 21, 2016 7:30 PM
Euro Zone
Euro-Zone Consumer Confidence
5:15 PM
Euro Zone
ECB announces interest rates
Apr 21
--
--
Apr 22, 2016 1:00 PM
Germany
PMI Services
Value
Apr P
55.10
--
1:00 PM
Germany
PMI Manufacturing
Value
Apr P
50.70
--
Apr 25, 2016 7:30 PM
US
New home sales
Apr 26, 2016 7:30 PM
US
Consumer Confidence
Apr 27, 2016 2:00 PM
UK
GDP (YoY)
1:30 PM
US
FOMC rate decision
Germany
Unemployment change (000's)
Apr 28, 2016 1:25 PM

6:00 PM
Thousands
Mar
512.00
--
S.A./ 1985=100
Apr
96.20
--
% Change
1Q A
2.10
--
Apr 27
0.50
0.50
Thousands
Apr
--
--
US
GDP Qoq (Annualised)
% Change
1Q A
1.40
--
Apr 29, 2016 2:30 PM
Euro Zone
Euro-Zone GDP s.a. (QoQ)
% Change
1Q A
0.30
--
May 1,, 2016 6:30 AM
China
PMI Manufacturing
Value
Apr
50.20
--
Market Outlook
h
April 13, 2016
Macro watch
Exhibit 1: Quarterly GDP trends
(%)
9.0
6.7
6.6
6.4
7.7
7.3
6.7
8.0
6.3
3.0
4.0
4.2
4.3
3.7
2.5
2.0
2.0
4.5
(2.0)
(1.2)
(4.0)
Exhibit 3: Monthly CPI inflation trends

(%)
4.9
5.0
5.4
5.0
5.4
3.7
Feb-16
Nov-15
Oct-15
Sep-15
Aug-15
Jul-15
Jun-15
May-15
Exhibit 4: Manufacturing and services PMI

5.6
5.7
Mfg. PMI
56.0
5.3
4.4
4.0
(6.0)
Source: MOSPI, Angel Research
Source: CSO, Angel Research
6.0
(1.5)
(3.4)
Apr-15
3QFY16
2QFY16
1QFY16
4QFY15
3QFY15
2QFY15
1QFY15
4QFY14
3QFY14
2QFY14
1QFY14
4QFY13
3.0
Dec-15
4.0
4.8
Services PMI
54.0
52.0
3.7
Mar-16
Feb-16
Jan-16
Dec-15
Nov-15
Oct-15
Sep-15
Aug-15
Jul-15
Jun-15
May-15
Feb-15
Mar-16
Feb-16
Jan-16
Dec-15
Nov-15
Oct-15
Sep-15
44.0
Aug-15
Jul-15
46.0
Jun-15
1.0
May-15
48.0
Apr-15
2.0
Apr-15
50.0
3.0
Mar-15
5.0
9.9
10.0
6.0
5.8
6.0
5.0
7.6
7.5
Jan-16
7.0
(%)
12.0
8.3
7.8
8.0
Exhibit 2: IIP trends
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
Exports yoy growth
(%)
0.0
Imports yoy growth
Repo rate
(%)
8.00
(5.0)
Reverse Repo rate
CRR
7.00
(10.0)
(15.0)
6.00
(20.0)
5.00
(25.0)
4.00
(30.0)
Mar-16
Mar-16
Feb-16
Jan-16
Jan-16
Dec-15
Nov-15
Oct-15
Oct-15
Sep-15
Aug-15
Aug-15
Jul-15
Jun-15
Jun-15
Feb-16
Jan-16
Dec-15
Nov-15
Oct-15
Sep-15
Aug-15
Jul-15
Jun-15
May-15
Apr-15
Mar-15
May-15
3.00
(35.0)
Source: RBI, Angel Research
Market Outlook
h
April 13, 2016
Global watch
Exhibit 1: Latest quarterly GDP Growth (%, yoy) across select developing and developed countries
(%)
8.0
6.8
5.3
6.0
5.0
4.5
4.0
2.8
2.0
2.1
2.1
2.0
1.4
0.6
0.7
(6.0)
Japan
France
Germany
USA
UK
Thailand
Malaysia
Indonesia
China
India
(3.8)
South Africa
(4.0)
Russia
(2.0)
Brazil
(5.9)
(8.0)
Exhibit 2: 2015 GDP Growth projection by IMF (%, yoy) across select developing and developed countries
6.8
4.7
4.7
4.0
2.5
2.5
2.6
1.5
(3.8)
USA
UK
Thailand
Malaysia
Indonesia
(3.0)
China
(4.0)
India
(2.0)
Brazil
Russia
2.0
South Africa
1.4
1.2
0.6
Japan
6.0
France
7.3
Germany
(%)
8.0
(6.0)
Source: IMF, Angel Research
17.6
16.5
15.4
13.8
15.6
15.8
12.0
South
Africa
Indonesia
Malaysia
Thailand
UK
USA
Germany
12.1
11.2
China
Japan
17.3
India
13.9
6.9
Russia
France
14.0
(x)
20.0
18.0
16.0
14.0
12.0
10.0
8.0
6.0
4.0
2.0
-
Brazil
Exhibit 3: One year forward P-E ratio across select developing and developed countries
Source: IMF, Angel Research
Market Outlook
h
April 13, 2016
Exhibit 4: Relative performance of indices across globe

Returns (%)
Country
Name of index
Closing price
1M
3M
1YR
Brazil
Bovespa
52,002
4.9
27.8
(2.1)
Russia
Micex
1,899
1.2
12.9
14.6
India
Nifty
7,709
2.4
1.9
(11.5)
China
Shanghai Composite
3,024
8.9
(9.0)
(20.8)
South Africa
Top 40
45,751
(1.0)
5.8
(2.9)
Mexico
Mexbol
45,091
1.3
10.9
0.2
Indonesia
LQ45
836
0.3
8.8
(11.6)
Malaysia
KLCI
1,715
1.1
3.6
(6.9)
Thailand
SET 50
880
(0.9)
14.3
(12.9)
USA
Dow Jones
17,721
4.3
8.4
(1.7)
UK
FTSE
6,242
1.6
6.3
(12.0)
Japan
Nikkei
15,929
(5.5)
(10.0)
(17.5)
Germany
DAX
9,761
0.4
(0.6)
(20.2)
France
CAC
4,346
(1.8)
0.8
(16.2)
Stock Watch
April 13, 2016
Company Name
Reco
CMP
Target
Mkt Cap
( )
Price ( )
( cr )
Sales ( cr )
FY16E
OPM(%)
EPS ( )
FY17E
FY16E
FY17E
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
Agri / Agri Chemical

Rallis
Neutral
183
3,558
2,097
2,415
14.4
14.4
9.5
11.0
19.3
16.6
3.8
3.3
21.1
21.3
1.7
1.5
United Phosphorus
Neutral
494
21,182
12,500
14,375
18.3
18.3
29.8
35.9
16.6
13.8
3.1
2.6
20.0
20.3
1.8
1.5
Auto & Auto Ancillary

Ashok Leyland
Neutral
Bajaj Auto
Accumulate
Bharat Forge
Accumulate
Eicher Motors
Neutral
Gabriel India
Accumulate
Hero Motocorp
Neutral
Jamna Auto Industries
Accumulate
L G Balakrishnan & Bros Neutral
112
31,746
17,995
21,544
11.4
11.6
3.4
4.7
32.8
23.7
5.8
5.3
17.7
22.2
1.7
1.4
2,459
2,585
71,158
22,709
25,860
20.9
20.1
129.0
143.6
19.1
17.1
5.8
5.0
30.7
29.4
2.7
2.3
805
875
18,736
7,351
8,318
19.9
19.7
31.2
36.5
25.8
22.1
4.6
3.9
19.3
19.2
2.7
2.3
19,558
53,121
15,556
16,747
15.5
17.3
464.8
597.5
42.1
32.7
15.4
11.3
36.2
34.3
3.3
3.1
94
101
1,355
1,415
1,544
8.7
9.0
4.6
5.4
20.5
17.5
3.7
3.3
18.1
18.9
0.9
0.8
3,050
60,904
28,244
30,532
15.5
15.9
156.7
168.5
19.5
18.1
7.8
6.6
39.9
36.4
2.0
1.8
147
160
1,175
1,281
1,473
11.2
11.5
7.6
9.2
19.4
16.0
4.9
4.0
25.4
25.2
1.0
0.8
467
733
1,254
1,394
11.6
11.8
35.9
41.7
13.0
11.2
1.8
1.6
13.5
13.8
0.7
0.6
Mahindra and Mahindra Accumulate
1,241
1,364
77,062
38,416
42,904
13.7
13.9
54.8
63.4
22.6
19.6
3.5
3.1
15.4
15.8
1.7
1.4
Maruti
Neutral
3,577
108,043
57,865
68,104
16.4
16.7
176.3
225.5
20.3
15.9
3.9
3.4
19.4
21.2
1.6
1.3
Minda Industries
Neutral
1,018
1,615
2,523
2,890
8.7
9.0
55.0
65.4
18.5
15.6
3.6
2.9
19.3
18.7
0.7
0.6
Motherson Sumi
Buy
251
313
33,194
39,343
45,100
8.8
9.1
10.1
12.5
24.9
20.1
7.9
6.2
35.3
34.4
0.9
0.8
Rane Brake Lining
Buy
378
465
299
454
511
11.5
12.0
25.2
31.0
15.0
12.2
2.2
2.0
14.9
16.6
0.8
0.7
Setco Automotive
Neutral
31
412
594
741
12.7
13.7
1.7
3.2
18.2
9.6
1.9
1.7
10.4
16.9
1.1
0.9
Tata Motors
Neutral
395
114,073 259,686 273,957
13.0
13.4
25.9
29.5
15.3
13.4
2.0
1.7
8.0
9.0
0.6
0.6
TVS Motor
Neutral
319
15,139
11,263
13,122
6.9
8.5
9.2
15.0
34.6
21.2
7.9
6.3
22.7
29.6
1.3
1.1
Amara Raja Batteries
Buy
895
1,040
15,281
4,892
5,871
17.4
17.6
28.8
37.1
31.1
24.1
7.3
5.8
23.4
24.1
3.1
2.5
Exide Industries
Buy
136
162
11,530
6,950
7,784
14.4
14.8
6.6
7.3
20.6
18.6
2.6
2.4
12.6
12.8
1.4
1.2
Apollo Tyres
Accumulate
168
183
8,572
12,056
12,714
17.2
16.4
23.0
20.3
7.3
8.3
1.3
1.1
17.7
13.6
0.8
0.8
Ceat
Neutral
1,124
4,547
6,041
6,597
14.1
13.7
99.5
111.9
11.3
10.1
2.2
1.9
19.6
18.5
0.9
0.8
JK Tyres
Neutral
84
1,915
7,446
7,669
15.2
14.0
19.6
18.4
4.3
4.6
1.1
0.9
25.2
19.5
0.7
0.6
Swaraj Engines
Neutral
995
1,236
552
630
14.2
14.7
44.6
54.1
22.3
18.4
5.2
4.7
23.2
25.6
2.1
1.8
Subros
Neutral
90
538
1,293
1,527
11.8
11.9
4.2
6.7
21.4
13.4
1.6
1.5
7.7
11.5
0.7
0.6
Indag Rubber
Neutral
188
492
283
329
17.0
17.2
13.0
15.4
14.5
12.2
3.2
2.6
21.8
21.6
1.5
1.2
ACE
Neutral
41
406
660
839
4.7
8.2
1.0
3.9
41.1
10.5
1.3
1.1
3.2
11.3
0.8
0.6
BEML
Buy
905
1,157
3,768
3,277
4,006
6.0
8.9
36.2
64.3
25.0
14.1
1.7
1.6
5.7
11.7
1.2
1.0
Bharat Electronics
Buy
1,184
1,414
28,406
7,737
8,634
16.8
17.2
54.0
61.5
21.9
19.3
3.1
2.8
39.3
45.6
2.8
2.4
Capital Goods
Stock Watch
April 13, 2016
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
Voltas
Buy
278
353
9,189
5,363
5,963
8.0
9.1
11.0
13.8
25.3
20.1
3.9
3.4
16.2
17.9
1.7
1.5
BGR Energy
Neutral
109
785
3,615
3,181
9.5
9.4
16.7
12.4
6.5
8.8
0.6
0.6
10.0
7.0
0.6
0.8
BHEL
Neutral
127
31,121
33,722
35,272
10.8
11.7
10.5
14.2
12.1
9.0
0.9
0.8
7.0
9.0
1.0
1.0
Blue Star
Accumulate
399
458
3,592
3,548
3,977
6.3
6.9
13.7
17.2
29.2
23.3
7.3
4.8
26.1
25.4
1.1
0.9
Crompton Greaves
Neutral
53
3,319
13,484
14,687
4.9
6.2
4.5
7.1
11.8
7.5
0.8
0.8
7.2
10.8
0.4
0.3
Greaves Cotton
Neutral
131
3,208
1,655
1,755
16.6
16.8
7.4
7.8
17.8
16.8
3.6
3.4
21.1
20.6
1.9
1.8
Inox Wind
Buy
253
458
5,613
4,980
5,943
17.0
17.5
26.6
31.6
9.5
8.0
2.8
2.1
35.0
30.0
1.3
1.0
KEC International
Neutral
131
3,364
8,791
9,716
6.1
6.8
5.4
8.2
24.2
16.0
2.4
2.2
10.0
14.0
0.6
0.6
Thermax
Neutral
747
8,906
6,413
7,525
7.4
8.5
30.5
39.3
24.5
19.0
3.8
3.3
15.0
17.0
1.4
1.1
VATech Wabag
Neutral
565
3,077
2,722
3,336
7.9
8.1
19.5
24.6
29.0
23.0
3.0
2.7
11.1
12.4
1.2
1.0
ACC
Neutral
1,447
27,162
13,151
14,757
16.4
18.3
63.9
83.4
22.6
17.4
2.9
2.7
13.3
16.1
1.9
1.6
Ambuja Cements
Neutral
224
34,708
11,564
12,556
19.4
20.7
8.9
10.1
25.1
22.1
3.2
3.0
12.8
13.8
2.6
2.4
HeidelbergCement
Neutral
97
2,197
1,772
1,926
13.3
15.4
1.0
3.0
97.0
32.3
2.5
2.3
2.6
7.9
1.8
1.6
India Cements
Neutral
93
2,861
4,216
4,840
18.0
19.5
4.0
9.9
23.3
9.4
0.9
0.9
4.0
9.5
1.0
0.8
JK Cement
Neutral
661
4,625
3,661
4,742
10.1
15.8
7.5
28.5
88.2
23.2
2.7
2.4
7.5
22.9
1.7
1.3
J K Lakshmi Cement
Neutral
343
4,038
2,947
3,616
16.7
19.9
11.5
27.2
29.8
12.6
2.8
2.4
9.8
20.8
1.8
1.4
Mangalam Cements
Neutral
241
644
1,053
1,347
10.5
13.3
8.4
26.0
28.7
9.3
1.2
1.1
4.3
12.5
1.0
0.7
Orient Cement
Neutral
155
3,169
1,854
2,524
21.2
22.2
7.7
11.1
20.1
13.9
2.9
2.5
13.3
15.7
2.4
1.7
Ramco Cements
Neutral
430
10,235
4,036
4,545
20.8
21.3
15.1
18.8
28.5
22.9
3.5
3.1
12.9
14.3
3.0
2.6
Shree Cement^
Neutral
12,503
43,555
7,150
8,742
26.7
28.6
228.0
345.5
54.8
36.2
8.1
6.8
15.7
20.3
5.8
4.7
UltraTech Cement
Neutral
3,165
86,855
24,669
29,265
18.2
20.6
82.0
120.0
38.6
26.4
4.2
3.6
11.3
14.7
3.6
3.0
Cement
Construction
ITNL
Buy
78
93
2,558
7,360
8,825
34.0
35.9
7.0
9.0
11.1
8.6
0.4
0.4
3.2
3.7
3.7
3.6
KNR Constructions
Buy
522
603
1,467
937
1,470
14.3
14.0
44.2
38.6
11.8
13.5
2.4
2.0
15.4
15.4
1.6
1.1
Larsen & Toubro
Accumulate
1,223
1,310
113,878
58,870
65,708
8.3
10.3
42.0
53.0
29.1
23.1
2.0
1.8
8.8
11.2
2.2
1.9
Gujarat Pipavav Port
Neutral
177
8,562
629
684
51.0
52.2
6.4
5.9
27.7
30.0
3.6
3.4
15.9
12.7
13.3
12.0
MBL Infrastructures
Buy
155
285
641
2,313
2,797
12.2
14.6
19.0
20.0
8.1
7.7
0.9
0.8
11.3
10.6
1.0
0.9
Nagarjuna Const.
Neutral
73
4,056
7,892
8,842
8.8
9.1
3.0
5.3
24.3
13.8
1.2
1.1
5.0
8.5
0.8
0.6
PNC Infratech
Accumulate
529
558
2,714
1,873
2,288
13.2
13.5
24.0
32.0
22.0
16.5
2.1
1.9
12.1
12.3
1.6
1.3
Simplex Infra
Neutral
248
1,227
5,955
6,829
10.3
10.5
16.0
31.0
15.5
8.0
0.8
0.8
5.3
9.9
0.7
0.6
Stock Watch
April 13, 2016
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
OPM(%)
EPS ( )
PER(x)
( )
Price ( )
( cr )
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
P/BV(x)
RoE(%)
EV/Sales(x)
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
Construction
Power Mech Projects
Neutral
590
868
1,539
1,801
12.8
12.7
59.0
72.1
10.0
8.2
1.5
1.3
18.6
16.8
0.6
0.5
Sadbhav Engineering
Neutral
276
4,736
3,481
4,219
10.7
10.8
8.2
11.7
33.7
23.6
3.2
2.8
10.3
13.5
1.6
1.4
NBCC
Accumulate
986
1,089
11,829
5,816
7,382
6.9
7.7
29.6
39.8
33.3
24.8
6.0
4.7
24.1
26.7
1.8
1.4
MEP Infra
Neutral
42
681
1,956
1,876
28.1
30.5
1.3
3.0
32.2
14.0
6.8
4.6
21.2
32.8
1.8
1.7
SIPL
Neutral
102
3,600
675
1,042
62.4
64.7
3.8
4.4
17.0
11.5
Engineers India
Neutral
170
5,716
1,667
1,725
13.5
16.0
9.7
11.4
14.9
2.1
2.0
11.7
13.4
2.2
2.2
17.5
Financials
Allahabad Bank
Neutral
56
3,410
8,569
9,392
2.8
2.9
16.3
27.5
3.4
2.0
0.3
0.3
7.6
11.9
Axis Bank
Accumulate
433
494
103,284
26,473
31,527
3.5
3.6
35.7
43.5
12.1
10.0
2.0
1.8
17.9
18.9
Bank of Baroda
Neutral
149
34,355
18,485
21,025
1.9
2.0
13.5
21.1
11.1
7.1
0.9
0.8
7.3
10.6
Bank of India
Neutral
94
7,663
15,972
17,271
1.9
2.0
15.3
33.4
6.1
2.8
0.3
0.2
3.6
7.6
Canara Bank
Neutral
190
10,325
15,441
16,945
2.0
2.1
46.6
70.4
4.1
2.7
0.4
0.3
8.0
11.2
Dena Bank
Neutral
29
1,894
3,440
3,840
2.1
2.3
7.3
10.0
4.1
2.9
0.3
0.3
6.1
7.9
192
270
5,613
1,892
2,277
2.9
2.9
25.9
30.8
7.4
6.3
1.1
1.0
15.3
15.9
Dewan Housing Finance Buy

Federal Bank
Neutral
44
7,576
3,477
3,999
3.0
3.0
5.0
6.2
8.8
7.1
0.9
0.8
10.6
11.9
HDFC
Neutral
1,090
172,139
10,358
11,852
3.3
3.3
41.1
47.0
26.5
23.2
5.1
4.6
24.7
24.9
HDFC Bank
Buy
1,064
1,262
268,999
38,309
47,302
4.3
4.3
49.3
61.1
21.6
17.4
3.7
3.2
18.5
19.7
ICICI Bank
Accumulate
229
254
132,955
34,279
39,262
3.3
3.3
21.0
24.4
10.9
9.4
1.8
1.6
14.4
14.7
IDBI Bank
Neutral
70
14,309
9,625
10,455
1.8
1.8
8.5
14.2
8.2
4.9
0.5
0.5
5.9
9.3
Indian Bank
Neutral
99
4,762
6,160
6,858
2.5
2.5
24.5
29.8
4.1
3.3
0.3
0.3
7.7
8.6
LIC Housing Finance
Buy
479
592
24,151
3,101
3,745
2.5
2.5
33.0
40.2
14.5
11.9
2.7
2.3
19.7
20.5
Oriental Bank
Neutral
90
2,685
7,643
8,373
2.4
2.4
37.2
45.4
2.4
2.0
0.2
0.2
8.2
9.4
Punjab Natl.Bank
Neutral
83
16,386
23,638
26,557
2.8
2.8
17.9
27.2
4.7
3.1
0.5
0.4
8.5
12.0
South Ind.Bank
Neutral
18
2,383
1,965
2,185
2.5
2.5
2.5
3.3
7.1
5.3
0.7
0.6
9.5
11.7
St Bk of India
Neutral
188
145,707
79,958
86,061
2.6
2.6
13.4
20.7
14.0
9.1
1.1
1.1
11.5
12.8
Union Bank
Neutral
129
8,854
12,646
14,129
2.3
2.4
31.0
39.1
4.2
3.3
0.4
0.4
9.8
11.4
Vijaya Bank
Neutral
31
2,886
3,536
3,827
1.9
1.9
5.5
6.7
5.6
4.7
0.5
0.4
7.8
8.8
Yes Bank
Neutral
859
36,143
7,190
9,011
3.2
3.3
58.2
69.7
14.8
12.3
2.6
2.2
19.2
19.6
FMCG
Asian Paints
Neutral
865
83,009
16,553
19,160
16.0
16.2
17.7
21.5
49.0
40.3
13.0
11.7
29.4
31.2
4.9
4.2
Britannia
Neutral
2,706
32,459
8,481
9,795
14.0
14.1
65.5
78.3
41.3
34.6
19.6
16.0
38.3
41.2
3.7
3.2
Stock Watch
April 13, 2016
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
( )
Price ( )
( cr )
FY16E
OPM(%)
EPS ( )
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FMCG
Colgate
Neutral
821
22,335
4,836
5,490
19.5
19.7
48.5
53.2
16.9
15.4
12.4
10.8
99.8
97.5
4.5
4.0
Dabur India
Neutral
262
46,054
9,370
10,265
17.1
17.2
7.3
8.1
35.7
32.3
10.8
8.8
33.7
30.6
4.8
4.4
GlaxoSmith Con*
Neutral
6,065
25,505
4,919
5,742
17.2
17.4
168.3
191.2
36.0
31.7
10.2
8.7
28.8
28.9
4.7
4.0
Godrej Consumer
Neutral
1,345
45,793
10,168
12,886
16.1
16.1
32.1
38.4
41.9
35.0
8.5
7.9
19.7
21.0
4.6
3.6
HUL
Neutral
871
188,414
34,940
38,957
17.5
17.7
20.8
24.7
41.9
35.3
46.6
37.2
110.5
114.2
5.2
4.6
ITC
Accumulate
323
359
259,643
36,804
38,776
37.9
37.9
12.2
12.9
26.5
25.0
7.3
6.5
27.7
25.8
6.6
6.3
Marico
Neutral
258
33,248
6,551
7,766
15.7
16.0
10.4
12.5
24.8
20.6
7.2
6.0
33.2
32.4
5.0
4.2
Nestle*
Accumulate
6,136
6,646
59,159
11,291
12,847
22.2
22.3
158.9
184.6
38.6
33.2
20.2
18.2
55.0
57.3
5.1
4.4
Tata Global
Buy
118
144
7,469
8,635
9,072
9.8
9.9
6.5
7.6
18.2
15.6
1.8
1.7
6.8
7.4
0.8
0.8
IT
HCL Tech^
Buy
839
1,038
118,310
42,038
47,503
21.2
21.5
51.5
57.7
16.3
14.5
3.5
2.7
21.5
18.8
2.4
2.0
Infosys
Accumulate
1,182
1,347
272,455
61,850
69,981
27.5
27.5
59.4
65.7
19.9
18.0
4.2
3.6
21.2
20.1
3.7
3.1
TCS
Accumulate
2,513
2,854
495,070 108,487 122,590
28.3
28.5
122.8
138.4
20.5
18.2
7.8
7.1
38.0
38.9
4.2
3.6
Tech Mahindra
Accumulate
464
530
44,931
26,524
29,177
16.2
17.0
28.8
33.6
16.1
13.8
3.1
2.6
19.3
19.1
1.5
1.3
Wipro
Buy
568
680
140,386
50,808
56,189
23.7
23.8
37.3
40.7
15.2
14.0
2.9
2.7
19.2
17.7
2.2
1.9
D B Corp
Accumulate
311
356
5,706
2,241
2,495
27.8
27.9
21.8
25.6
14.3
12.1
3.7
3.3
26.7
28.5
2.5
2.2
HT Media
Neutral
83
1,921
2,495
2,603
11.2
11.2
7.3
8.6
11.3
9.6
0.9
0.8
7.4
8.1
0.3
0.3
Jagran Prakashan
Buy
158
189
5,155
2,170
2,355
27.2
26.2
8.9
9.9
17.7
15.9
3.7
3.3
20.9
20.5
2.3
2.1
Sun TV Network
Hindustan Media
Ventures
Metals & Mining
Neutral
360
14,177
2,779
3,196
70.2
70.5
22.8
27.3
15.8
13.2
3.9
3.5
26.7
28.3
4.9
4.2
Neutral
250
1,834
920
1,031
20.0
20.0
19.2
20.9
13.0
12.0
2.1
1.8
16.4
15.3
1.5
1.3
Coal India
Buy
274
380
173,353
76,167
84,130
19.9
22.3
22.4
25.8
12.2
10.6
4.4
4.3
35.5
41.0
1.6
1.4
Hind. Zinc
Accumulate
160
175
67,478
14,641
14,026
50.4
50.4
17.7
16.0
9.1
10.0
1.4
1.3
16.2
13.2
2.2
2.1
Hindalco
Neutral
92
18,977 104,356 111,186
8.7
9.5
6.7
11.1
13.7
8.3
0.5
0.5
3.5
5.9
0.7
0.6
JSW Steel
Neutral
1,298
31,385
42,308
45,147
16.4
20.7
(10.3)
49.5
26.2
1.5
1.4
(1.0)
5.6
1.8
1.7
NMDC
Neutral
101
39,925
8,237
10,893
46.6
44.5
10.0
11.7
10.1
8.6
1.1
1.0
12.5
13.0
4.6
3.5
SAIL
Neutral
43
17,883
45,915
53,954
7.2
10.5
1.5
4.4
28.8
9.9
0.4
0.4
2.3
4.1
1.0
0.9
Vedanta
Neutral
91
26,860
71,445
81,910
26.2
26.3
12.9
19.2
7.0
4.7
0.5
0.4
7.2
8.9
0.8
0.6
Tata Steel
Neutral
324
31,482 126,760 137,307
8.9
11.3
6.4
23.1
51.0
14.1
1.0
1.0
2.0
7.1
0.8
0.8
Cairn India
Neutral
153
28,695
11,323
12,490
49.4
51.0
20.7
20.7
7.4
7.4
0.5
0.5
6.4
6.1
1.6
0.9
GAIL
Neutral
367
46,496
64,856
70,933
9.1
9.6
24.0
28.9
15.3
12.7
1.3
1.2
8.8
9.6
0.9
0.8
Media
Oil & Gas
Stock Watch
April 13, 2016
Company Name
Reco
CMP
Target
Mkt Cap
( )
Price ( )
( cr )
Sales ( cr )
FY16E
OPM(%)
EPS ( )
PER(x)
FY17E
FY16E
FY17E
FY16E
FY17E
179,922 154,564 167,321
FY16E
P/BV(x)
RoE(%)
EV/Sales(x)
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
Oil & Gas

ONGC
Neutral
210
Petronet LNG
Neutral
258
36.8
37.4
28.6
32.5
7.4
6.5
0.9
0.9
12.7
13.5
1.4
1.3
31,188
5.8
6.2
12.8
13.4
20.2
19.3
3.0
2.7
15.8
14.8
0.7
Indian Oil Corp
Accumulate
415
0.7
455
100,748 359,607 402,760
5.9
6.1
42.5
48.7
9.8
8.5
1.3
1.2
14.1
14.4
0.4
0.3
Reliance Industries
Accumulate
1,047
1,150
339,316 304,775 344,392
12.6
13.4
91.3
102.6
11.5
10.2
1.3
1.2
11.8
12.0
1.0
0.9
19,384
29,691
Pharmaceuticals
Alembic Pharma
Neutral
546
10,291
3,274
3,802
26.9
19.4
35.0
28.7
15.6
19.0
6.9
5.2
55.6
31.2
3.1
2.6
Aurobindo Pharma
Accumulate
784
856
45,880
14,923
17,162
22.0
23.0
35.7
42.8
22.0
18.3
6.5
4.9
34.0
30.2
3.4
2.9
Aventis*
Neutral
4,380
10,086
2,082
2,371
17.4
20.8
118.2
151.5
37.1
28.9
5.4
4.4
19.9
25.5
4.5
3.8
Cadila Healthcare
Accumulate
318
352
32,509
10,224
11,840
21.0
22.0
14.6
17.6
21.8
18.0
6.0
4.7
30.8
29.0
3.2
2.7
Cipla
Buy
503
605
40,410
13,979
16,447
20.2
18.6
25.7
27.5
19.6
18.3
3.2
2.8
17.6
16.1
2.9
2.4
Dr Reddy's
Buy
3,083
3,933
52,573
16,838
19,575
25.0
23.1
167.5
178.8
18.4
17.2
3.9
3.2
23.1
20.4
3.1
2.6
Dishman Pharma
Neutral
349
2,816
1,733
1,906
21.5
21.5
17.0
19.9
20.5
17.5
2.1
1.9
10.5
11.2
2.1
1.8
GSK Pharma*
Neutral
3,676
31,133
2,870
3,158
20.0
22.1
59.5
68.3
61.8
53.8
18.2
18.7
28.5
34.3
10.3
9.5
Indoco Remedies
Neutral
273
2,514
1,033
1,199
15.9
18.2
9.4
13.6
29.0
20.1
4.3
3.7
15.7
19.7
2.5
2.2
Ipca labs
Buy
Lupin
Neutral
Sun Pharma
Buy
484
900
6,101
3,363
3,909
12.9
18.6
13.4
28.0
36.1
17.3
2.6
2.3
7.4
14.0
2.1
1.8
1,536
69,196
13,092
16,561
25.0
27.0
50.4
68.3
30.5
22.5
6.3
5.0
22.8
24.7
5.0
3.8
824
950
198,213
28,163
32,610
25.8
30.7
17.4
26.9
47.3
30.6
4.5
3.9
13.0
16.6
6.5
5.4
Power
Tata Power
Neutral
68
18,351
35,923
37,402
22.6
22.8
4.1
5.2
16.7
13.2
1.3
1.2
7.5
9.3
1.5
1.3
NTPC
Accumulate
136
146
111,932
87,271
99,297
23.5
23.5
11.8
13.3
11.6
10.2
1.3
1.2
11.5
12.2
2.3
2.1
Power Grid
Buy
143
170
74,812
20,702
23,361
86.7
86.4
12.1
13.2
11.8
10.8
1.7
1.6
15.6
15.1
8.5
7.9
Buy
436
554
1,790
697
1,011
14.9
19.3
13.8
20.1
31.6
21.7
1.2
1.1
3.8
5.3
3.9
2.6
Bharti Airtel
Neutral
350
139,729 101,748 109,191
32.1
31.7
12.0
12.5
29.1
28.0
2.0
1.9
6.9
6.7
2.0
1.8
Idea Cellular
Neutral
113
40,848
34,282
36,941
32.0
31.5
5.9
6.2
19.2
18.3
1.8
1.6
9.9
9.3
1.8
1.7
Abbott India
Neutral
4,786
10,170
2,715
3,153
14.5
14.1
134.3
152.2
35.7
31.4
8.9
7.3
27.4
25.6
3.5
2.9
Bajaj Electricals
Accumulate
217
237
2,190
4,719
5,287
5.2
5.8
8.6
12.7
25.4
17.1
2.9
2.5
11.4
14.8
0.5
0.4
Finolex Cables
Neutral
281
4,295
2,520
2,883
12.2
12.0
12.7
14.2
22.2
19.8
3.0
2.7
13.6
13.5
1.5
1.2
Goodyear India*
Accumulate
510
582
1,176
1,800
1,600
11.7
11.5
58.7
52.9
8.7
9.6
2.0
1.7
24.6
18.7
0.4
0.4
Hitachi
Neutral
1,195
3,249
1,779
2,081
7.8
8.8
21.8
33.4
54.8
35.7
8.9
7.2
17.4
22.1
1.9
1.6
Jyothy Laboratories
Neutral
304
5,505
1,620
1,847
11.5
11.5
7.3
8.5
41.7
35.9
5.4
5.0
13.3
14.4
3.3
2.8
MRF
Buy
36,329
45,575
15,408
20,316
14,488
21.4
21.1 5,488.0 3,798.0
6.6
9.6
2.3
1.8
41.1
21.2
0.7
0.9
Real Estate
MLIFE
Telecom
zOthers
Stock Watch
April 13, 2016
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
zOthers
Page Industries
Neutral
12,852
14,335
1,929
2,450
19.8
20.1
229.9
299.0
55.9
43.0
24.7
17.1
52.1
47.1
7.5
5.9
Relaxo Footwears
Neutral
488
5,854
1,767
2,152
12.3
12.5
19.3
25.1
25.3
19.5
6.2
4.8
27.7
27.8
3.4
2.7
Siyaram Silk Mills
Buy
1,010
1,354
947
1,636
1,815
11.5
11.5
89.9
104.1
11.2
9.7
1.9
1.6
17.9
17.8
0.7
0.7
Styrolution ABS India*
Neutral
TVS Srichakra
Buy
599
1,053
1,271
1,440
8.6
9.2
32.0
41.1
18.7
14.6
1.9
1.7
10.7
12.4
0.8
0.7
2,496
3,217
1,911
2,035
2,252
15.9
15.3
248.6
268.1
10.0
9.3
4.4
3.2
43.6
33.9
1.0
0.8
HSIL
Neutral
Kirloskar Engines India
Neutral
Ltd
M M Forgings
Buy
302
2,184
2,123
2,384
16.1
16.5
15.0
18.9
20.1
16.0
1.6
1.5
8.0
9.4
1.4
1.2
233
3,372
2,403
2,554
8.6
9.9
9.2
10.5
25.4
22.2
2.4
2.3
9.7
10.7
1.0
1.0
455
614
549
511
615
21.7
21.6
43.1
55.8
10.6
8.2
1.9
1.6
19.9
21.2
1.3
1.0
Banco Products (India)
122
873
1,208
1,353
11.0
12.3
10.8
14.5
11.3
8.4
1.3
1.2
11.9
14.5
0.7
0.6
Neutral
Competent Automobiles Neutral
150
92
1,040
1,137
3.2
3.1
25.7
28.0
5.8
5.3
0.9
0.8
15.0
14.3
0.1
0.1
Neutral
1,334
1,990
1,871
2,031
10.7
10.5
63.2
69.8
21.1
19.1
3.4
3.0
17.6
16.6
1.1
1.0
Visaka Industries
Buy
Transport Corporation of
Neutral
India
Elecon Engineering
Neutral
122
144
194
1,086
1,197
9.9
10.3
21.5
28.8
5.7
4.2
0.5
0.5
9.6
11.6
0.4
0.3
272
2,069
2,830
3,350
8.8
9.0
14.4
18.3
18.9
14.9
2.9
2.5
15.4
17.1
0.9
0.7
63
686
1,359
1,482
10.3
13.7
0.8
3.9
78.4
16.2
1.3
1.2
1.6
7.8
0.9
0.8
Surya Roshni
Buy
153
201
670
2,992
3,223
8.1
8.4
14.7
18.3
10.4
8.3
1.0
0.9
9.7
11.0
0.5
0.5
MT Educare
Neutral
175
698
286
366
18.3
17.7
7.7
9.4
22.7
18.7
4.8
4.2
20.2
21.1
2.3
1.8
Radico Khaitan
Buy
87
156
1,163
1,517
1,635
12.7
13.4
5.8
7.1
15.0
12.3
1.3
1.2
8.6
9.6
1.2
1.1
Garware Wall Ropes
Buy
340
473
744
862
974
11.2
11.2
24.9
29.6
13.7
11.5
2.1
1.8
15.1
15.4
0.9
0.7
Wonderla Holidays
Neutral
380
2,144
206
308
44.0
43.6
9.0
12.9
42.2
29.4
5.8
5.2
13.7
17.8
10.3
6.9
Linc Pen & Plastics
Neutral
188
278
340
371
8.3
8.9
10.8
13.2
17.4
14.2
2.8
2.4
16.0
17.1
0.9
0.8
The Byke Hospitality
Neutral
155
622
222
287
20.5
20.5
5.6
7.6
27.5
20.5
5.2
4.3
18.9
20.8
2.8
2.2
Interglobe Aviation
Coffee Day Enterprises
Ltd
Navneet Education
Neutral
1,004
36,182
17,022
21,122
20.7
14.5
63.9
53.7
15.7
18.7
23.6
19.3
149.9
103.2
2.2
1.7
Neutral
231
4,762
2,692
2,964
17.0
18.6
4.7
48.8
2.8
2.7
0.2
5.5
2.2
2.0
82
1,964
998
1,062
24.1
24.0
5.8
6.1
14.3
13.5
3.2
2.8
22.0
20.6
2.1
1.9
Navkar Corporation
Buy
182
265
2,592
365
436
38.3
37.5
5.6
5.9
32.2
30.9
2.0
1.9
6.3
6.1
7.9
6.8
UFO Moviez
Neutral
515
1,416
558
619
32.0
33.2
22.5
30.0
22.9
17.2
2.8
2.4
12.0
13.8
2.4
2.0
VRL Logistics
Neutral
381
3,473
1,725
1,902
16.5
16.7
12.2
14.6
31.3
26.1
6.5
5.7
20.8
21.9
2.2
1.9
Team Lease Serv.
Neutral
870
1,487
2,565
3,229
1.3
1.5
15.2
22.8
57.3
38.2
4.6
4.1
8.0
10.7
0.5
0.4
S H Kelkar & Co.
Neutral
238
3,443
928
1,036
15.3
15.1
4.9
6.1
48.2
39.0
4.5
4.2
9.4
10.7
3.6
3.2
Nilkamal
Neutral
Stock Watch
April 13, 2016
Company Name
Reco
CMP
Target
Mkt Cap
( )
Price ( )
( cr )
Sales ( cr )
FY16E
OPM(%)
EPS ( )
PER(x)
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
P/BV(x)
RoE(%)
EV/Sales(x)
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
zOthers
Quick Heal
Neutral
223
1,562
339
408
27.8
27.3
7.1
7.7
31.5
28.8
2.7
2.7
8.5
9.3
3.5
3.0
Narayana Hrudaya
Neutral
300
6,122
1,603
1,873
10.9
11.5
1.0
2.6
314.4
113.3
7.6
7.0
2.4
6.1
4.0
3.4
Manpasand Bever.
Neutral
493
2,468
540
836
19.9
19.6
10.2
16.9
48.2
29.2
3.9
3.5
8.1
12.0
4.3
2.7
Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on April 12, 2016
Market Outlook
April 13, 2016
Research Team Tel: 022 - 39357800
E-mail: research@angelbroking.com
Website: www.angelbroking.com
DISCLAIMER
Angel Broking Private Limited (hereinafter referred to as Angel) is a registered Member of National Stock Exchange of India Limited,
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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
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of more than 1% in the company covered by Analyst. Angel or its associates/analyst has not received any compensation / managed or co
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Market Outlook

April 13, 2016

Detailed analysis on Pg2

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Refer Pg6 onwards

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Navkar Corporation Others

Net Inflows (` Cr)

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As on April 12, 2016

Quarterly Bloomberg Brokers Consensus Estimate

LIC Housing Finance Ltd - April 18, 2016

Tata Consultancy Services Ltd Consol - April 18, 2016

Wipro Ltd Consol - April 20, 2016

Economic and Political News

Govt initiates anti-dumping probe into imports of hot-rolled coils, plates

At 106% rainfall, IMD predicts above-normal monsoon in 2016

Iron ore imports tank 63% in FY16 to 5.6 mt

Axis Bank lowers lending rate by 15 bps to 8.95%

ITC goes online for lifestyle business growth

TVS Infotech acquires majority stake in Blisslogix Technology

Amara Raja Batteries

LIC Housing Finance

Source: Company, Angel Research

Siyaram Silk Mills

Key Upcoming Events

Apr 15, 2016

Apr 18, 2016

LIC Housing Fin., TCS, Mindtree

Apr 20, 2016

Apr 21, 2016

IndusInd Bank, Infotech Enterprises

Apr 22, 2016

HDFC Bank, Cairn India

Apr 24, 2016

Apr 26, 2016

Maruti, Axis Bank

Apr 27, 2016

Exide Industries, FAG Bearings, Elecon Engineering

Apr 28, 2016

Ambuja Cements, Dabur India

Apr 29, 2016

ICICI Bank, Aventis

Source: Bloomberg, Angel Research

Global economic events release calendar

Apr 13, 2016

Producer Price Index (mom)

Apr 14, 2016 6:00 PM

Initial Jobless claims

Consumer price index (mom)

Euro-Zone CPI (YoY)

BOE Announces rates

Industrial Production (YoY)

Real GDP (YoY)

Apr 18, 2016 2:00 PM

Monthly Wholesale Prices YoY%

Apr 19, 2016 6:00 PM