Market Outlook 08-04-2016

Market Outlook
April 8, 2016
Market Cues
Domestic Indices
Chg (%)
(Pts)
(Close)
Indian markets are expected to open weak tracking the SGX Nifty and negative
global cues.
BSE Sensex
(0.9)
(215)
24,685
Nifty
(0.9)
(68)
7,546
U.S. markets moved sharply lower over the course of the trading day on Thursday,
more than offsetting the strength seen in the previous session. The sell-off on Wall
Street was mainly due to concerns the outlook for global economic growth, which
came amid a jump in the value of the Japanese yen versus the U.S. dollar.
Mid Cap
(0.4)
(47)
10,527
Small Cap
(0.4)
(44)
10,597
Bankex
(0.7)
(122)
17,658
European stock markets slid in Thursday's trade, with initial optimism over rising oil
prices overshadowed by concerns about global growth.
Global Indices
Chg (%)
(Pts)
(Close)
Dow Jones
(1.0)
(174)
17,542
Indian markets fell sharply on Thursday, tracking mixed cues from Asia and Europe
as oil surrendered initial gains.
Nasdaq
(1.5)
(72)
4,848
FTSE
(0.4)
(25)
6,137
News & Result Analysis
Nikkei
0.2
34
15,750
Hang Seng
0.3
59
20,266
(1.4)
(42)
3,008
AC maker Blue Star feels 30% sales to come from e-commerce
Detailed analysis on Pg2
Shanghai Com
Investors Ready Reckoner

Advances / Declines
Key Domestic & Global Indicators

Stock Watch: Latest investment recommendations on 150+ stocks
Refer Pg5 onwards
BSE
NSE
Advances
1,138
617
Declines
1,443
922
120
75
Unchanged
Top Picks
Rating
CMP
(`)
Target
(`)
Upside
(%)
Auto & Auto Ancillary
Buy
866
1,040
20.1
BSE
2,956
HCL Tech
IT
Buy
829
1,038
25.3
NSE
15,019
LIC Housing
Financials
Buy
464
592
27.4
Bharat Electronics
Capital Goods
Buy
1,152
1,414
22.7
Buy
177
265
49.5
Company
Sector
Amara Raja
Navkar Corporation Others

More Top Picks on Pg3
Volumes (` Cr)
Net Inflows (` Cr)
Net
FII
(515)
MFs
(233)
Mtd
Ytd
(1,040) (13,550)
(444)
64,251
Key Upcoming Events

Previous
Reading
Consensus
Expectations
Industrial Production (YoY)
0.20
China
Consumer Price Index (YoY)
2.30
2.40
Apr 12
UK
CPI (YoY)
0.30
Apr 12
India
Industrial Production (YoY)
(1.50)
Date
Region
Event Description
Apr 8
UK
Apr 11
Price (`)
Chg (%)
80
7.3
Bhel
119
4.7
M&Mfin
243
4.5
Crisil
1,907
4.1
Nestleind
5,916
3.6
Price (`)
Chg (%)
Balramchin
106
(4.9)
Tatapower
64
(3.8)
Rajeshexpo
602
(3.7)
Sadbhav
266
(3.7)
569
(3.5)
Top Gainers
Deltacorp
6.(
6.(
More Events on Pg4
Top Losers
Aplltd
As on April 07, 2016
www.angelbroking.com
Market Outlook
April 8, 2016
AC maker Blue Star feels 30% sales to come from e-commerce

Air conditioning and commercial refrigeration major Blue Star feels more than
30% of all air conditioners in the country would be sold through the online channel
in the next three to four years.
According to management, currently 5% of all room air conditioners (ACs) are
sold on the e-commerce format. The companies share is slightly higher than the
industry average at 6%. But in the next three to four years, the share of the ecommerce channel to total room AC sales can cross 30%.
Blue Star aims to expand its room AC sales by 25% in this fiscal and grab 12% of
the market share. Presently, the company owns 10.5% share in the room AC
market and trails leading brands like Voltas, LG, Samsung and Hitachi.
The company has lined up an investment of `30cr on new product development as
well as its research and design initiatives in this fiscal. Also, it will spend `40cr on
brand promotion through a series of television commercials, advertisements in
mainstream dailies and hoardings. Blue Star would enhance its digital presence on
the social media as well since most of its buyers are from the highest socio
economic category and actively surf the internet.
With commercial air-conditioning segment decelerating, Blue Star would focus on
the room AC segment and expand its capacity. In the commercial air conditioning
segment, Blue Star is still the market leader with 28% share. But this segment is
witnessing a terrible de-growth. Office space consumption is not growing and
malls across the country are not doing well. There is also lack of growth in metro
rail and airports. The only bright spots are educational and healthcare institutions.
Blue Star is setting up two new facilities at Jammu and Sri City (Andhra Pradesh) at
a cost of `215cr. The two new manufacturing units are expected to be ready in 18
months. In room ACs, Blue Star has a capacity of 0.4 million units. With the
commissioning of two new facilities, the capacity can go up to 1.1 million units per
year.
Economic and Political News
Govt expands CNG sales network to lure motorists, curb pollution
Jewellers strike against excise duty continues
Domestic air traffic grew 24.6%, says IATA
Corporate News
BHEL's FY16 provisional loss at `877cr
Bodal Chemicals receives environmental clearance for expansion of dyes

facility
Hindustan Unilever completes acquistion of Indulekha brand for `330cr
Market Outlook
April 8, 2016
Top Picks
Large Cap
Market Cap
(` Cr)
CMP
(`)
Target
(`)
Upside
(%)
Amara Raja Batteries
14,787
866
1,040
20.1
Bharat Electronics
27,656
1,152
1,414
22.7
HCL Tech
1,16,871
829
1,038
25.3
HDFC Bank
2,66,888
1,056
1,262
19.6
Infosys
2,72,305
1,182
1,347
14.0
LIC Housing Finance
23,432
464
592
27.4
NBCC
11,309
942
1,089
15.5
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
3,535
393
458
16.6
Dewan Housing
5,470
187
270
44.0
IL&FS Transport
2,540
77
93
20.5
Jagran Prakashan
5,119
157
189
20.7
Mahindra Lifespace
1,821
444
554
24.8
Navkar Corporation
2,528
177
265
49.5
Radico Khaitan
1,256
94
156
65.3
932
994
1,354
36.2
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 8, 2016
Macro watch
Exhibit 1: Quarterly GDP trends
(%)
9.0
(%)
12.0
10.0
8.3
7.8
8.0
6.7
7.6
7.5
6.6
6.4
7.7
7.3
6.7
6.3
2.5
4.3
4.2
3.0
3.7
2.5
2.0
(2.0)
(4.0)
Exhibit 3: Monthly CPI inflation trends
4.9
5.0
Nov-15
Oct-15
Sep-15
Aug-15
Jul-15
Jun-15
May-15
Apr-15
Exhibit 4: Manufacturing and services PMI
(%)
5.3
(6.0)
Source: MOSPI, Angel Research
Source: CSO, Angel Research
5.0
(1.2) (1.5)
(3.4)
Mar-15
3QFY16
2QFY16
1QFY16
4QFY15
3QFY15
2QFY15
1QFY15
4QFY14
3QFY14
2QFY14
1QFY14
4QFY13
3.0
Jan-16
4.5
4.0
5.4
5.0
5.4
5.6
Mfg. PMI
56.0
5.7
5.2
Services PMI
54.0
4.4
3.7
4.0
52.0
3.7
Source: MOSPI, Angel Research
Mar-16
Feb-16
Jan-16
Dec-15
Nov-15
Oct-15
Sep-15
Aug-15
Jul-15
Jun-15
May-15
Source: Market, Angel Research; Note: Level above 50 indicates expansion
Exhibit 5: Exports and imports growth trends

Exports yoy growth
(%)
0.0
Feb-15
Feb-16
Jan-16
Dec-15
Nov-15
Oct-15
Sep-15
Aug-15
44.0
Jul-15
Jun-15
46.0
May-15
1.0
Apr-15
48.0
Mar-15
2.0
Apr-15
50.0
3.0
Mar-15
6.0
8.0
6.0
4.0
5.8
6.0
9.9
Dec-15
7.0
5.0
Exhibit 2: IIP trends
Exhibit 6: Key policy rates
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
Dec-15
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
Source: Bloomberg, Angel Research
May-15
3.00
(35.0)
Source: RBI, Angel Research
Market Outlook
April 8, 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
Exhibit 3: One year forward P-E ratio across select developing and developed countries
(x)
18.0
16.0
14.0
12.0
10.0
8.0
15.3
13.1
12.7
15.7
11.8
Malaysia
Thailand
UK
USA
Germany
11.4
16.5
Indonesia
Japan
17.1
South
Africa
13.5
11.0
China
France
17.0
India
2.0
12.8
4.0
6.4
6.0
Russia
Brazil
Source: IMF, Angel Research
Market Outlook
April 8, 2016
Exhibit 4: Relative performance of indices across globe

Returns (%)
Country
Name of index
Closing price
1M
3M
1YR
Brazil
Bovespa
48,513
(1.5)
15.1
(5.3)
Russia
Micex
1,859
(2.7)
7.2
9.6
India
Nifty
7,546
0.9
(3.1)
(12.1)
China
Shanghai Composite
3,008
3.0
(15.5)
(20.2)
South Africa
Top 40
45,024
(2.0)
0.8
(3.0)
Mexico
Mexbol
45,052
0.7
7.0
0.2
Indonesia
LQ45
846
(0.4)
7.1
(9.3)
Malaysia
KLCI
1,724
2.2
4.3
(5.6)
Thailand
SET 50
860
(5.0)
8.9
(13.4)
USA
Dow Jones
17,542
2.7
2.2
(2.3)
UK
FTSE
6,137
(1.0)
1.0
(13.4)
Japan
Nikkei
15,750
(6.9)
(14.3)
(18.9)
Germany
DAX
9,531
(3.0)
(6.7)
(23.0)
France
CAC
4,246
(4.7)
(5.2)
(19.2)
Stock Watch
April 08, 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
170
3,304
2,097
2,415
14.4
14.4
9.5
11.0
17.9
15.5
3.6
3.1
21.1
21.3
1.6
1.4
United Phosphorus
Neutral
463
19,842
12,500
14,375
18.3
18.3
29.8
35.9
15.5
12.9
2.9
2.4
20.0
20.3
1.7
1.4
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
107
30,451
17,995
21,544
11.4
11.6
3.4
4.7
31.5
22.8
5.5
5.1
17.7
22.2
1.7
1.4
2,375
2,585
68,719
22,709
25,860
20.9
20.1
129.0
143.6
18.4
16.5
5.6
4.9
30.7
29.4
2.6
2.2
778
875
18,107
7,351
8,318
19.9
19.7
31.2
36.5
24.9
21.3
4.5
3.8
19.3
19.2
2.6
2.3
18,884
51,291
15,556
16,747
15.5
17.3
464.8
597.5
40.6
31.6
14.8
10.9
36.2
34.3
3.3
3.0
90
101
1,299
1,415
1,544
8.7
9.0
4.6
5.4
19.7
16.8
3.6
3.2
18.1
18.9
0.9
0.8
2,968
59,273
28,244
30,532
15.5
15.9
156.7
168.5
18.9
17.6
7.6
6.4
39.9
36.4
1.9
1.8
144
160
1,153
1,281
1,473
11.2
11.5
7.6
9.2
19.0
15.7
4.8
3.9
25.4
25.2
1.0
0.8
460
722
1,254
1,394
11.6
11.8
35.9
41.7
12.8
11.0
1.7
1.5
13.5
13.8
0.7
0.6
Mahindra and Mahindra Accumulate
1,213
1,364
75,311
38,416
42,904
13.7
13.9
54.8
63.4
22.1
19.1
3.4
3.0
15.4
15.8
1.6
1.4
Maruti
Neutral
3,471
104,863
57,865
68,104
16.4
16.7
176.3
225.5
19.7
15.4
3.8
3.3
19.4
21.2
1.6
1.3
Minda Industries
Neutral
1,004
1,593
2,523
2,890
8.7
9.0
55.0
65.4
18.3
15.4
3.5
2.9
19.3
18.7
0.7
0.6
Motherson Sumi
Buy
244
313
32,288
39,343
45,100
8.8
9.1
10.1
12.5
24.2
19.5
7.7
6.0
35.3
34.4
0.9
0.8
Rane Brake Lining
Buy
377
465
298
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
32
422
594
741
12.7
13.7
1.7
3.2
18.6
9.9
2.0
1.7
10.4
16.9
1.1
0.9
Tata Motors
Neutral
375
108,299 259,686 273,957
13.0
13.4
25.9
29.5
14.5
12.7
1.9
1.7
8.0
9.0
0.6
0.6
TVS Motor
Neutral
314
14,937
11,263
13,122
6.9
8.5
9.2
15.0
34.2
21.0
7.8
6.2
22.7
29.6
1.3
1.1
Amara Raja Batteries
Buy
866
1,040
14,787
4,892
5,871
17.4
17.6
28.8
37.1
30.1
23.3
7.0
5.6
23.4
24.1
3.0
2.5
Exide Industries
Buy
134
162
11,403
6,950
7,784
14.4
14.8
6.6
7.3
20.3
18.4
2.6
2.3
12.6
12.8
1.4
1.2
Apollo Tyres
Accumulate
169
183
8,595
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
1,086
4,393
6,041
6,597
14.1
13.7
99.5
111.9
10.9
9.7
2.1
1.8
19.6
18.5
0.9
0.7
JK Tyres
Neutral
83
1,887
7,446
7,669
15.2
14.0
19.6
18.4
4.2
4.5
1.1
0.9
25.2
19.5
0.7
0.6
Swaraj Engines
Neutral
892
1,108
552
630
14.2
14.7
44.6
54.1
20.0
16.5
4.7
4.2
23.2
25.6
1.9
1.6
Subros
Neutral
86
516
1,293
1,527
11.8
11.9
4.2
6.7
20.5
12.8
1.5
1.4
7.7
11.5
0.7
0.6
Indag Rubber
Neutral
171
449
283
329
17.0
17.2
13.0
15.4
13.2
11.1
2.9
2.4
21.8
21.6
1.3
1.1
ACE
Neutral
38
373
660
839
4.7
8.2
1.0
3.9
37.7
9.7
1.2
1.1
3.2
11.3
0.7
0.6
BEML
Buy
918
1,157
3,821
3,277
4,006
6.0
8.9
36.2
64.3
25.4
14.3
1.8
1.6
5.7
11.7
1.3
1.0
Bharat Electronics
Buy
1,152
1,414
27,656
7,737
8,634
16.8
17.2
54.0
61.5
21.3
18.7
3.0
2.7
39.3
45.6
2.7
2.3
Capital Goods
Stock Watch
April 08, 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
271
353
8,969
5,363
5,963
8.0
9.1
11.0
13.8
24.6
19.6
3.8
3.3
16.2
17.9
1.7
1.5
BGR Energy
Neutral
105
756
3,615
3,181
9.5
9.4
16.7
12.4
6.3
8.5
0.6
0.6
10.0
7.0
0.6
0.8
BHEL
Neutral
119
29,200
33,722
35,272
10.8
11.7
10.5
14.2
11.4
8.4
0.8
0.8
7.0
9.0
0.9
0.9
Blue Star
Buy
393
458
3,535
3,548
3,977
6.3
6.9
13.7
17.2
28.7
22.9
7.2
4.7
26.1
25.4
1.1
0.9
Crompton Greaves
Neutral
51
3,203
13,484
14,687
4.9
6.2
4.5
7.1
11.4
7.2
0.8
0.8
7.2
10.8
0.4
0.3
Greaves Cotton
Neutral
128
3,115
1,655
1,755
16.6
16.8
7.4
7.8
17.2
16.4
3.5
3.3
21.1
20.6
1.9
1.8
Inox Wind
Buy
248
458
5,498
4,980
5,943
17.0
17.5
26.6
31.6
9.3
7.8
2.8
2.1
35.0
30.0
1.3
1.0
KEC International
Neutral
125
3,217
8,791
9,716
6.1
6.8
5.4
8.2
23.2
15.3
2.3
2.1
10.0
14.0
0.6
0.5
Thermax
Neutral
758
9,027
6,413
7,525
7.4
8.5
30.5
39.3
24.8
19.3
3.8
3.3
15.0
17.0
1.4
1.1
VATech Wabag
Neutral
535
2,914
2,722
3,336
7.9
8.1
19.5
24.6
27.4
21.7
2.9
2.6
11.1
12.4
1.1
0.9
ACC
Neutral
1,417
26,605
13,151
14,757
16.4
18.3
63.9
83.4
22.2
17.0
2.9
2.6
13.3
16.1
1.9
1.6
Ambuja Cements
Neutral
226
35,096
11,564
12,556
19.4
20.7
8.9
10.1
25.4
22.4
3.2
3.0
12.8
13.8
2.7
2.5
HeidelbergCement
Neutral
93
2,097
1,772
1,926
13.3
15.4
1.0
3.0
92.6
30.9
2.3
2.2
2.6
7.9
1.8
1.5
India Cements
Neutral
87
2,660
4,216
4,840
18.0
19.5
4.0
9.9
21.7
8.8
0.9
0.8
4.0
9.5
1.0
0.8
JK Cement
Neutral
665
4,651
3,661
4,742
10.1
15.8
7.5
28.5
88.7
23.3
2.7
2.4
7.5
22.9
1.8
1.3
J K Lakshmi Cement
Neutral
327
3,845
2,947
3,616
16.7
19.9
11.5
27.2
28.4
12.0
2.7
2.3
9.8
20.8
1.8
1.4
Mangalam Cements
Neutral
233
621
1,053
1,347
10.5
13.3
8.4
26.0
27.7
9.0
1.2
1.1
4.3
12.5
1.0
0.7
Orient Cement
Neutral
152
3,109
1,854
2,524
21.2
22.2
7.7
11.1
19.7
13.7
2.8
2.4
13.3
15.7
2.4
1.7
Ramco Cements
Neutral
421
10,021
4,036
4,545
20.8
21.3
15.1
18.8
27.9
22.4
3.4
3.0
12.9
14.3
3.0
2.6
Shree Cement^
Neutral
12,329
42,951
7,150
8,742
26.7
28.6
228.0
345.5
54.1
35.7
8.0
6.7
15.7
20.3
5.8
4.7
UltraTech Cement
Neutral
3,140
86,167
24,669
29,265
18.2
20.6
82.0
120.0
38.3
26.2
4.1
3.6
11.3
14.7
3.6
3.1
Cement
Construction
ITNL
Buy
77
93
2,540
7,360
8,825
34.0
35.9
7.0
9.0
11.0
8.6
0.4
0.4
3.2
3.7
3.7
3.6
KNR Constructions
Buy
522
603
1,469
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
1.0
Larsen & Toubro
Accumulate
1,183
1,310
110,147
58,870
65,708
8.3
10.3
42.0
53.0
28.2
22.3
2.0
1.8
8.8
11.2
2.1
1.9
Gujarat Pipavav Port
Neutral
178
8,591
629
684
51.0
52.2
6.4
5.9
27.8
30.1
3.7
3.4
15.9
12.7
13.4
12.1
MBL Infrastructures
Buy
157
285
650
2,313
2,797
12.2
14.6
19.0
20.0
8.3
7.8
0.9
0.8
11.3
10.6
1.0
0.9
Nagarjuna Const.
Neutral
73
4,067
7,892
8,842
8.8
9.1
3.0
5.3
24.4
13.8
1.2
1.1
5.0
8.5
0.8
0.6
PNC Infratech
Accumulate
531
558
2,724
1,873
2,288
13.2
13.5
24.0
32.0
22.1
16.6
2.2
1.9
12.1
12.3
1.5
1.3
Simplex Infra
Neutral
242
1,197
5,955
6,829
10.3
10.5
16.0
31.0
15.1
7.8
0.8
0.7
5.3
9.9
0.7
0.6
Stock Watch
April 08, 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
576
847
1,539
1,801
12.8
12.7
59.0
72.1
9.8
8.0
1.5
1.2
18.6
16.8
0.6
0.5
Sadbhav Engineering
Accumulate
269
289
4,616
3,481
4,219
10.7
10.8
8.2
11.7
32.8
23.0
3.1
2.8
10.3
13.5
1.6
1.3
NBCC
Accumulate
942
1,089
11,309
5,816
7,382
6.9
7.7
29.6
39.8
31.8
23.7
5.7
4.5
24.1
26.7
1.7
1.3
MEP Infra
Neutral
40
657
1,956
1,876
28.1
30.5
1.3
3.0
31.1
13.5
6.5
4.4
21.2
32.8
1.7
1.7
SIPL
Neutral
103
3,640
675
1,042
62.4
64.7
3.9
4.4
16.7
11.3
Engineers India
Neutral
164
5,524
1,667
1,725
13.5
16.0
9.7
11.4
11.7
13.4
2.2
2.2
16.9
14.4
2.0
1.9
Financials
Allahabad Bank
Neutral
53
3,192
8,569
9,392
2.8
2.9
16.3
27.5
3.3
1.9
0.3
0.2
7.6
11.9
Axis Bank
Buy
426
494
101,616
26,473
31,527
3.5
3.6
35.7
43.5
11.9
9.8
2.0
1.7
17.9
18.9
Bank of Baroda
Neutral
143
33,030
18,485
21,025
1.9
2.0
13.5
21.1
10.7
6.8
0.8
0.8
7.3
10.6
Bank of India
Neutral
91
7,447
15,972
17,271
1.9
2.0
15.3
33.4
6.0
2.7
0.3
0.2
3.6
7.6
Canara Bank
Neutral
182
9,882
15,441
16,945
2.0
2.1
46.6
70.4
3.9
2.6
0.3
0.3
8.0
11.2
Dena Bank
Neutral
29
1,881
3,440
3,840
2.1
2.3
7.3
10.0
4.0
2.9
0.3
0.3
6.1
7.9
187
270
5,470
1,892
2,277
2.9
2.9
25.9
30.8
7.2
6.1
1.1
1.0
15.3
15.9
Dewan Housing Finance Buy

Federal Bank
Neutral
43
7,361
3,477
3,999
3.0
3.0
5.0
6.2
8.5
6.9
0.9
0.8
10.6
11.9
HDFC
Neutral
1,073
169,462
10,358
11,852
3.3
3.3
41.1
47.0
26.1
22.8
5.0
4.5
24.7
24.9
HDFC Bank
Buy
1,056
1,262
266,888
38,309
47,302
4.3
4.3
49.3
61.1
21.4
17.3
3.7
3.2
18.5
19.7
ICICI Bank
Accumulate
220
254
128,012
34,279
39,262
3.3
3.3
21.0
24.4
10.5
9.0
1.8
1.5
14.4
14.7
IDBI Bank
Neutral
68
13,948
9,625
10,455
1.8
1.8
8.5
14.2
8.0
4.8
0.5
0.5
5.9
9.3
Indian Bank
Neutral
99
4,769
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
464
592
23,432
3,101
3,745
2.5
2.5
33.0
40.2
14.1
11.6
2.6
2.2
19.7
20.5
Oriental Bank
Neutral
86
2,577
7,643
8,373
2.4
2.4
37.2
45.4
2.3
1.9
0.2
0.2
8.2
9.4
Punjab Natl.Bank
Neutral
81
15,886
23,638
26,557
2.8
2.8
17.9
27.2
4.5
3.0
0.5
0.4
8.5
12.0
South Ind.Bank
Neutral
17
2,343
1,965
2,185
2.5
2.5
2.5
3.3
7.0
5.3
0.7
0.6
9.5
11.7
St Bk of India
Neutral
182
141,360
79,958
86,061
2.6
2.6
13.4
20.7
13.6
8.8
1.1
1.0
11.5
12.8
Union Bank
Neutral
125
8,593
12,646
14,129
2.3
2.4
31.0
39.1
4.0
3.2
0.4
0.4
9.8
11.4
Vijaya Bank
Neutral
31
2,914
3,536
3,827
1.9
1.9
5.5
6.7
5.7
4.7
0.5
0.4
7.8
8.8
Yes Bank
Neutral
835
35,125
7,190
9,011
3.2
3.3
58.2
69.7
14.3
12.0
2.6
2.2
19.2
19.6
FMCG
Asian Paints
Neutral
857
82,198
16,553
19,160
16.0
16.2
17.7
21.5
48.5
39.9
12.9
11.6
29.4
31.2
4.8
4.2
Britannia
Neutral
2,701
32,404
8,481
9,795
14.0
14.1
65.5
78.3
41.2
34.5
19.5
16.0
38.3
41.2
3.7
3.2
Stock Watch
April 08, 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
822
22,355
4,836
5,490
19.5
19.7
48.5
53.2
17.0
15.5
12.4
10.8
99.8
97.5
4.6
4.0
Dabur India
Accumulate
248
267
43,583
9,370
10,265
17.1
17.2
7.3
8.1
33.8
30.6
10.2
8.3
33.7
30.6
4.6
4.2
GlaxoSmith Con*
Neutral
5,933
24,951
4,919
5,742
17.2
17.4
168.3
191.2
35.3
31.0
10.0
8.5
28.8
28.9
4.6
3.9
Godrej Consumer
Neutral
1,354
46,091
10,168
12,886
16.1
16.1
32.1
38.4
42.2
35.3
8.6
7.9
19.7
21.0
4.7
3.7
HUL
Neutral
861
186,228
34,940
38,957
17.5
17.7
20.8
24.7
41.4
34.8
46.0
36.8
110.5
114.2
5.2
4.6
ITC
Accumulate
320
359
257,189
36,804
38,776
37.9
37.9
12.2
12.9
26.2
24.8
7.3
6.4
27.7
25.8
6.7
6.4
Marico
Neutral
247
31,867
6,551
7,766
15.7
16.0
10.4
12.5
23.8
19.8
6.9
5.7
33.2
32.4
4.9
4.1
Nestle*
Buy
5,861
6,646
56,509
11,291
12,847
22.2
22.3
158.9
184.6
36.9
31.8
19.3
17.3
55.0
57.3
4.7
4.1
Tata Global
Buy
119
144
7,492
8,635
9,072
9.8
9.9
6.5
7.6
18.3
15.6
1.8
1.7
6.8
7.4
0.8
0.8
IT
HCL Tech^
Buy
829
1,038
116,871
42,038
47,503
21.2
21.5
51.5
57.7
16.1
14.4
3.5
2.7
21.5
18.8
2.4
2.0
Infosys
Accumulate
1,182
1,347
272,305
61,850
69,981
27.5
27.5
59.4
65.7
19.9
18.0
4.2
3.6
21.2
20.1
3.8
3.2
TCS
Buy
2,471
2,854
486,883 108,487 122,590
28.3
28.5
122.8
138.4
20.1
17.9
7.7
6.9
38.0
38.9
4.1
3.6
Tech Mahindra
Buy
445
530
43,043
26,524
29,177
16.2
17.0
28.8
33.6
15.4
13.2
3.0
2.5
19.3
19.1
1.4
1.2
Wipro
Buy
552
680
136,482
50,808
56,189
23.7
23.8
37.3
40.7
14.8
13.6
2.8
2.6
19.2
17.7
2.2
1.8
D B Corp
Buy
311
356
5,712
2,241
2,495
27.8
27.9
21.8
25.6
14.3
12.1
3.7
3.3
26.7
28.5
2.4
2.2
HT Media
Neutral
77
1,798
2,495
2,603
11.2
11.2
7.3
8.6
10.6
9.0
0.8
0.8
7.4
8.1
0.2
0.2
Jagran Prakashan
Buy
157
189
5,119
2,170
2,355
27.2
26.2
8.9
9.9
17.6
15.8
3.7
3.2
20.9
20.5
2.3
2.1
Sun TV Network
Hindustan Media
Ventures
Metals & Mining
Neutral
354
13,943
2,779
3,196
70.2
70.5
22.8
27.3
15.5
13.0
3.8
3.5
26.7
28.3
4.9
4.2
Neutral
249
1,828
920
1,031
20.0
20.0
19.2
20.9
13.0
11.9
2.1
1.8
16.4
15.3
1.5
1.3
Coal India
Buy
281
380
177,553
76,167
84,130
19.9
22.3
22.4
25.8
12.5
10.9
4.5
4.4
35.5
41.0
1.6
1.4
Hind. Zinc
Accumulate
161
175
67,880
14,641
14,026
50.4
50.4
17.7
16.0
9.1
10.0
1.4
1.3
16.2
13.2
2.3
2.1
Hindalco
Neutral
87
18,007 104,356 111,186
8.7
9.5
6.7
11.1
13.0
7.9
0.5
0.5
3.5
5.9
0.7
0.6
JSW Steel
Neutral
1,277
30,863
42,308
45,147
16.4
20.7
(10.3)
49.5
25.8
1.4
1.4
(1.0)
5.6
1.8
1.7
NMDC
Neutral
102
40,420
8,237
10,893
46.6
44.5
10.0
11.7
10.3
8.7
1.1
1.0
12.5
13.0
4.7
3.6
SAIL
Neutral
42
17,532
45,915
53,954
7.2
10.5
1.5
4.4
28.2
9.7
0.4
0.4
2.3
4.1
1.0
0.9
Vedanta
Neutral
86
25,437
71,445
81,910
26.2
26.3
12.9
19.2
6.7
4.5
0.5
0.4
7.2
8.9
0.8
0.6
Tata Steel
Neutral
324
31,463 126,760 137,307
8.9
11.3
6.4
23.1
50.9
14.0
1.0
1.0
2.0
7.1
0.8
0.8
Cairn India
Neutral
147
27,532
11,323
12,490
49.4
51.0
20.7
20.7
7.1
7.1
0.5
0.4
6.4
6.1
1.5
0.8
GAIL
Neutral
341
43,280
64,856
70,933
9.1
9.6
24.0
28.9
14.2
11.8
1.2
1.1
8.8
9.6
0.9
0.8
Media
Oil & Gas
Stock Watch
April 08, 2016
Company Name
Reco
CMP
Target
Mkt Cap
( )
Price ( )
( cr )
Sales ( cr )
FY16E
OPM(%)
EPS ( )
PER(x)
FY17E
FY16E
FY17E
FY16E
FY17E
177,783 154,564 167,321
FY16E
P/BV(x)
RoE(%)
EV/Sales(x)
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
Oil & Gas

ONGC
Neutral
208
Petronet LNG
Neutral
240
36.8
37.4
28.6
32.5
7.3
6.4
0.9
0.9
12.7
13.5
1.3
1.3
31,188
5.8
6.2
12.8
13.4
18.8
17.9
2.8
2.5
15.8
14.8
0.7
Indian Oil Corp
Accumulate
411
0.7
455
99,825 359,607 402,760
5.9
6.1
42.5
48.7
9.7
8.4
1.3
1.2
14.1
14.4
0.4
0.3
Reliance Industries
Accumulate
1,038
1,150
336,335 304,775 344,392
12.6
13.4
91.3
102.6
11.4
10.1
1.3
1.2
11.8
12.0
1.0
0.9
18,000
29,691
Pharmaceuticals
Alembic Pharma
Neutral
569
10,718
3,274
3,802
26.9
19.4
35.0
28.7
16.2
19.8
7.2
5.4
55.6
31.2
3.4
2.8
Aurobindo Pharma
Accumulate
753
856
44,066
14,923
17,162
22.0
23.0
35.7
42.8
21.1
17.6
6.2
4.7
34.0
30.2
3.3
2.8
Aventis*
Neutral
4,337
9,988
2,082
2,371
17.4
20.8
118.2
151.5
36.7
28.6
5.4
4.3
19.9
25.5
4.4
3.6
Cadila Healthcare
Accumulate
320
352
32,709
10,224
11,840
21.0
22.0
14.6
17.6
21.9
18.2
6.0
4.7
30.8
29.0
3.2
2.7
Cipla
Buy
508
605
40,780
13,979
16,447
20.2
18.6
25.7
27.5
19.8
18.5
3.2
2.8
17.6
16.1
2.9
2.4
Dr Reddy's
Buy
3,031
3,933
51,696
16,838
19,575
25.0
23.1
167.5
178.8
18.1
17.0
3.8
3.2
23.1
20.4
3.0
2.5
Dishman Pharma
Neutral
333
2,684
1,733
1,906
21.5
21.5
17.0
19.9
19.6
16.7
2.0
1.8
10.5
11.2
2.1
1.8
GSK Pharma*
Neutral
3,666
31,052
2,870
3,158
20.0
22.1
59.5
68.3
61.6
53.7
18.2
18.7
28.5
34.3
10.5
9.6
Indoco Remedies
Neutral
272
2,510
1,033
1,199
15.9
18.2
9.4
13.6
29.0
20.0
4.3
3.7
15.7
19.7
2.6
2.2
Ipca labs
Buy
Lupin
Accumulate
Sun Pharma
Buy
559
900
7,047
3,363
3,909
12.9
18.6
13.4
28.0
41.7
20.0
3.0
2.6
7.4
14.0
2.3
2.0
1,507
1,560
67,883
13,092
16,561
25.0
27.0
50.4
68.3
29.9
22.1
6.2
4.9
22.8
24.7
4.8
3.7
812
950
195,530
28,163
32,610
25.8
30.7
17.4
26.9
46.7
30.2
4.4
3.8
13.0
16.6
6.4
5.3
Power
Tata Power
Neutral
64
17,283
35,923
37,402
22.6
22.8
4.1
5.2
15.8
12.4
1.2
1.1
7.5
9.3
1.5
1.3
NTPC
Buy
127
146
104,346
87,271
99,297
23.5
23.5
11.8
13.3
10.8
9.5
1.2
1.1
11.5
12.2
2.2
2.0
Power Grid
Buy
140
170
73,295
20,702
23,361
86.7
86.4
12.1
13.2
11.6
10.6
1.7
1.5
15.6
15.1
8.5
7.9
Buy
444
554
1,821
697
1,011
14.9
19.3
13.8
20.1
32.2
22.1
1.2
1.2
3.8
5.3
3.9
2.6
Bharti Airtel
Neutral
332
132,594 101,748 109,191
32.1
31.7
12.0
12.5
27.6
26.5
1.9
1.8
6.9
6.7
2.0
1.8
Idea Cellular
Neutral
109
39,390
34,282
36,941
32.0
31.5
5.9
6.2
18.5
17.7
1.7
1.5
9.9
9.3
1.7
1.7
Abbott India
Neutral
4,589
9,752
2,715
3,153
14.5
14.1
134.3
152.2
34.2
30.2
8.5
7.0
27.4
25.6
3.3
2.8
Bajaj Electricals
Accumulate
218
237
2,204
4,719
5,287
5.2
5.8
8.6
12.7
25.5
17.3
2.9
2.6
11.4
14.8
0.5
0.4
Finolex Cables
Neutral
281
4,290
2,520
2,883
12.2
12.0
12.7
14.2
22.1
19.8
3.0
2.7
13.6
13.5
1.5
1.2
Goodyear India*
Buy
490
582
1,130
1,800
1,600
11.7
11.5
58.7
52.9
8.3
9.3
1.9
1.6
24.6
18.7
0.4
0.4
Hitachi
Neutral
1,171
3,185
1,779
2,081
7.8
8.8
21.8
33.4
53.7
35.0
8.7
7.0
17.4
22.1
1.9
1.6
Jyothy Laboratories
Neutral
298
5,391
1,620
1,847
11.5
11.5
7.3
8.5
40.8
35.1
5.3
4.9
13.3
14.4
3.2
2.7
MRF
Buy
35,830
45,575
15,196
20,316
14,488
21.4
21.1 5,488.0 3,798.0
6.5
9.4
2.2
1.8
41.1
21.2
0.7
0.9
Real Estate
MLIFE
Telecom
zOthers
Stock Watch
April 08, 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
12,209
13,617
1,929
2,450
19.8
20.1
229.9
299.0
53.1
40.8
23.4
16.3
52.1
47.1
7.1
5.6
Relaxo Footwears
Neutral
493
5,913
1,767
2,152
12.3
12.5
19.3
25.1
25.6
19.7
6.3
4.8
27.7
27.8
3.5
2.8
Siyaram Silk Mills
Buy
994
1,354
932
1,636
1,815
11.5
11.5
89.9
104.1
11.1
9.6
1.8
1.6
17.9
17.8
0.7
0.7
Styrolution ABS India*
Neutral
TVS Srichakra
Buy
588
1,034
1,271
1,440
8.6
9.2
32.0
41.1
18.4
14.3
1.9
1.7
10.7
12.4
0.8
0.7
2,415
3,217
1,849
2,035
2,252
15.9
15.3
248.6
268.1
9.7
9.0
4.2
3.1
43.6
33.9
1.0
0.8
HSIL
Neutral
Kirloskar Engines India
Neutral
Ltd
M M Forgings
Buy
299
2,162
2,123
2,384
16.1
16.5
15.0
18.9
19.9
15.9
1.5
1.4
8.0
9.4
1.4
1.2
225
3,254
2,403
2,554
8.6
9.9
9.2
10.5
24.5
21.5
2.4
2.2
9.7
10.7
1.0
0.9
450
614
543
511
615
21.7
21.6
43.1
55.8
10.4
8.1
1.9
1.6
19.9
21.2
1.3
1.0
Banco Products (India)
111
794
1,208
1,353
11.0
12.3
10.8
14.5
10.3
7.7
1.2
1.1
11.9
14.5
0.6
0.6
Neutral
Competent Automobiles Neutral
137
84
1,040
1,137
3.2
3.1
25.7
28.0
5.3
4.9
0.8
0.7
15.0
14.3
0.1
0.1
Neutral
1,111
1,658
1,871
2,031
10.7
10.5
63.2
69.8
17.6
15.9
2.9
2.5
17.6
16.6
0.9
0.8
Visaka Industries
Buy
Transport Corporation of
Neutral
India
Elecon Engineering
Neutral
110
144
175
1,086
1,197
9.9
10.3
21.5
28.8
5.1
3.8
0.5
0.5
9.6
11.6
0.4
0.3
272
2,068
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
61
669
1,359
1,482
10.3
13.7
0.8
3.9
76.5
15.8
1.3
1.2
1.6
7.8
0.9
0.8
Surya Roshni
Buy
142
201
621
2,992
3,223
8.1
8.4
14.7
18.3
9.7
7.7
0.9
0.8
9.7
11.0
0.5
0.5
MT Educare
Neutral
166
659
286
366
18.3
17.7
7.7
9.4
21.4
17.7
4.5
4.0
20.2
21.1
2.2
1.7
Radico Khaitan
Buy
94
156
1,256
1,517
1,635
12.7
13.4
5.8
7.1
16.2
13.3
1.4
1.3
8.6
9.6
1.3
1.2
Garware Wall Ropes
Buy
330
473
722
862
974
11.2
11.2
24.9
29.6
13.3
11.2
2.0
1.7
15.1
15.4
0.8
0.7
Wonderla Holidays
Neutral
378
2,135
206
308
44.0
43.6
9.0
12.9
42.0
29.3
5.7
5.2
13.7
17.8
10.2
6.8
Linc Pen & Plastics
Neutral
194
287
340
371
8.3
8.9
10.8
13.2
18.0
14.7
2.9
2.5
16.0
17.1
0.9
0.8
The Byke Hospitality
Neutral
155
620
222
287
20.5
20.5
5.6
7.6
27.4
20.5
5.2
4.3
18.9
20.8
2.9
2.2
Interglobe Aviation
Coffee Day Enterprises
Ltd
Navneet Education
Neutral
991
35,702
17,022
21,122
20.7
14.5
63.9
53.7
15.5
18.5
23.2
19.0
149.9
103.2
2.1
1.7
Neutral
228
4,691
2,692
2,964
17.0
18.6
4.7
48.1
2.8
2.6
0.2
5.5
2.2
2.0
85
2,025
998
1,062
24.1
24.0
5.8
6.1
14.8
14.0
3.3
2.9
22.0
20.6
2.1
2.0
Navkar Corporation
Buy
177
265
2,528
365
436
38.3
37.5
5.6
5.9
31.5
30.2
2.0
1.9
6.3
6.1
7.7
6.6
UFO Moviez
Neutral
472
1,298
558
619
32.0
33.2
22.5
30.0
21.0
15.8
2.5
2.2
12.0
13.8
2.1
1.8
VRL Logistics
Neutral
377
3,438
1,725
1,902
16.5
16.7
12.2
14.6
31.0
25.9
6.4
5.7
20.8
21.9
2.1
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
235
3,399
928
1,036
15.3
15.1
4.9
6.1
47.6
38.5
4.5
4.1
9.4
10.7
3.5
3.1
Nilkamal
Neutral
Stock Watch
April 08, 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
217
1,518
339
408
27.8
27.3
7.1
7.7
30.7
28.0
2.6
2.6
8.5
9.3
3.4
2.9
Narayana Hrudaya
Neutral
299
6,120
1,603
1,873
10.9
11.5
1.0
2.6
314.3
113.2
7.6
7.0
2.4
6.1
4.0
3.4
Manpasand Bever.
Neutral
452
2,262
540
836
19.9
19.6
10.2
16.9
44.1
26.8
3.6
3.2
8.1
12.0
3.9
2.5
Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on April 07, 2016
Market Outlook
April 08, 2016
Research Team Tel: 022 - 39357800
E-mail: research@angelbroking.com
Website: www.angelbroking.com
DISCLAIMER
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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 08-04-2016

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Market Outlook

News & Result Analysis

AC maker Blue Star feels 30% sales to come from e-commerce

Detailed analysis on Pg2

Investors Ready Reckoner

Key Domestic & Global Indicators

Auto & Auto Ancillary

Navkar Corporation Others

Net Inflows (` Cr)

Key Upcoming Events

Industrial Production (YoY)

Consumer Price Index (YoY)

Industrial Production (YoY)

More Events on Pg4

As on April 07, 2016

AC maker Blue Star feels 30% sales to come from e-commerce

Economic and Political News

Govt expands CNG sales network to lure motorists, curb pollution

Jewellers strike against excise duty continues

Domestic air traffic grew 24.6%, says IATA

BHEL's FY16 provisional loss at `877cr

Bodal Chemicals receives environmental clearance for expansion of dyes

Hindustan Unilever completes acquistion of Indulekha brand for `330cr

Amara Raja Batteries

LIC Housing Finance

Source: Company, Angel Research

Siyaram Silk Mills

Exhibit 3: Monthly CPI inflation trends

Exhibit 4: Manufacturing and services PMI

Source: MOSPI, Angel Research

Source: CSO, Angel Research

Source: MOSPI, Angel Research

Source: Market, Angel Research; Note: Level above 50 indicates expansion

Exhibit 5: Exports and imports growth trends

Exhibit 2: IIP trends

Exhibit 6: Key policy rates

Imports yoy growth

Reverse Repo rate

Source: Bloomberg, Angel Research

Source: RBI, Angel Research

Source: IMF, Angel Research

Exhibit 4: Relative performance of indices across globe

Source: Bloomberg, Angel Research

Agri / Agri Chemical

Auto & Auto Ancillary

Jamna Auto Industries

L G Balakrishnan & Bros Neutral

Mahindra and Mahindra Accumulate

Rane Brake Lining

108,299 259,686 273,957

Amara Raja Batteries

Larsen & Toubro

Gujarat Pipavav Port

Dewan Housing Finance Buy

LIC Housing Finance

486,883 108,487 122,590

18,007 104,356 111,186

31,463 126,760 137,307

Oil & Gas

177,783 154,564 167,321

Oil & Gas

Indian Oil Corp

99,825 359,607 402,760

336,335 304,775 344,392