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Market Outlook

April 11, 2016

Market Cues

Domestic Indices

Chg (%)

(Pts)

(Close)

(0.0)

(12)

24,674

Indian markets are expected to open on a Flat to marginally Negative note tracking
the SGX Nifty and most Asian Markets.

BSE Sensex
Nifty

0.1

7,555

After its early highs, the U.S. markets witnessed a pullback throughout the lackluster
trading session on Friday. The markets however managed to close moderately
higher. The choppy trading came as investor kept an eye on developments in the
currency market.

Mid Cap

0.6

68

10,594

Small Cap

0.6

67

10,664

Bankex

0.2

38

17,695

European equities rose in early trading and ended Fridays trading session in the
positive zone as firmer prices of metals and crude oil boosted resource-related
stocks. Better than expected German export data also added to the positive
sentiment.

Global Indices

Chg (%)

(Pts)

(Close)

Dow Jones

0.2

35

17,577

Nasdaq

0.0

4,851

FTSE

1.1

68

6,204

Nikkei

0.5

72

15,822

Hang Seng

0.5

104

20,370

(0.8)

(23)

2,985

Indian markets closed little changed on Friday as traders took a pause before
quarterly results which will be coming in this week.
News & Result Analysis

Shanghai Com

Sun Pharma gets USFDA nod for eye inflammation drug

Society of Indian Auto Manufacturers (SIAM), projects 6-8% growth for FY17

Advances / Declines

Detailed analysis on Pg2

Investors Ready Reckoner


Key Domestic & Global Indicators

BSE

NSE

Advances

1,494

954

Declines

1,041

590

167

73

Unchanged

Stock Watch: Latest investment recommendations on 150+ stocks


Refer Pg5 onwards

Volumes (` Cr)

Top Picks

BSE

1,957

NSE

12,950

Rating

CMP
(`)

Target
(`)

Upside
(%)

Auto & Auto Ancillary

Buy

863

1,040

20.5

HCL Tech

IT

Buy

832

1,038

24.8

LIC Housing

Financials

Buy

477

592

24.1

Bharat Electronics

Capital Goods

Buy

1,168

1,414

21.1

Buy

179

265

48.0

Company

Sector

Amara Raja

Navkar Corporation Others

Net Inflows (` Cr)

FII

(515)

MFs

(233)

Key Upcoming Events


Previous
Reading

Consensus
Expectations

Consumer Price Index (YoY)

2.30

2.40

UK

CPI (YoY)

0.30

Apr 12

India

Industrial Production (YoY)

(1.50)

Apr 13

US

Producer Price Index (mom)

(0.6)

Date

Region

Event Description

Apr 11

China

Apr 12

6.(
6.(

More Events on Pg4

Mtd

Ytd

(1,040) (13,550)
(444)

64,251

Price (`)

Chg (%)

Jindalstel

67

10.6

Welcorp

105

6.4

Manappuram

38

6.0

Indiacem

92

5.8

193

5.3

Price (`)

Chg (%)

Ipcalab

499

(10.6)

Sobha

267

(3.5)

Beml

887

(3.3)

37

(3.3)

(2.9)

Top Gainers

More Top Picks on Pg4

Net

Polaris

Top Losers

Tv18Brdcst
Jpassociat

As on April 08, 2016

www.angelbroking.com

Market Outlook
April 11, 2016

Sun Pharma gets USFDA nod for eye inflammation drug


As per exchange notification, company has announced that its wholly owned
subsidiaries has received approval from USFDA for its New Drug Application
(NDA) related to BromSite (bromfenac ophthalmic solution) 0.075% for the
treatment of postoperative inflammation and prevention of ocular pain in patients
undergoing cataract surgery. BromSite is developed by InSite Vision, which Sun
Pharma acquired in November 2015 and is likely to commercialize BromSite
through its newly formed, US-based division, Sun Ophthalmics, in the second half
of 2016.
Sun Ophthalmics targets to provide eye care practitioners products that enhance
their practice patterns and treatment options. With BromSites approval and
additional late-stage candidates in its pipeline, Sun Ophthalmics is strongly
positioned to offer a range of beneficial products and establish itself as a
respected and trusted partner. We maintain our Buy rating on the stock.

Society of Indian Auto Manufacturers (SIAM), projects 6-8%


growth for FY17
SIAM has reduced its FY17 target for growth in the industry from 11% to 6-8%. The
substantial reduction in the growth expectations comes after taking the consensus
view of the industry players. A slew of new launches and discounts helped the
auto industry growing by 7.24% in FY14. However, an unfavorable environment
around diesel vehicles and higher taxation in the form of infrastructure cess
ranging from 1-4%, can result in lower than expected growth in the passenger
vehicle sales in FY17 said the industry body. SIAM said the earlier projections were
based on the host of new models launched by the players.
In budget FY17 the Government introduced the infrastructure cess of 1-4%,
depending on types of the vehicles. Further the uncertainty relating to the ban of
diesel vehicles above 2000 CC in the National Capital Region was also a big
concern. Additional tax is not only likely to result in negative sentiment for buyers,
but even fresh capacity expansions by the industry can also take a hit. Some OEMs
have also expressed their concern over the frequent change in tax structure in the
industry and believe automobile has become one of the highest taxed
manufactured products in the country.
However, we believe expectations of normal monsoon and reduction in the interest
rates will attract rural buyers in FY17 and that is expected to compensate the
slowdown in the urban area to some extent. Further the huge budgetary allocation
towards the rural economy will help tractors sales improving in FY17. Hence we
believe given all the above conditions Mahindra & Mahindra could emerge as a
major beneficiary. At the CMP of `1,233 the stock is trading at 22.5 x and 19.5x
its FY16 and FY17E EPS respectively. We have an Accumulate rating on the stock.
Additionally, tyre Company with significant presence in the farm segment like
Goodyear India also can benefit from expectation of better monsoons, and
positive outlook on tractor sales. At CMP of `491, the stock trades at 8.4x and
9.3x its FY16 and FY17E earnings respectively. We maintain our Buy rating on the
stock.

www.angelbroking.com

Market Outlook
April 11, 2016

Economic and Political News

Major ports add record 94mn tonne capacity: Gadkari

India's foreign exchange reserves surge to record high of $360bn

Piyush Goyal promises electricity to all UP households by 2019

Centre releases `12,230cr for MGNREGA

Corporate News

www.angelbroking.com

Airtel to buy Aircel's airwaves in eight circles for `3,500cr

JSPL wins court case over iron ore mine

NMDC sales, production down in FY16

Market Outlook
April 11, 2016

Top Picks
Large Cap
Market Cap
(` Cr)

CMP
(`)

Target
(`)

Upside
(%)

Amara Raja Batteries

14,741

863

1,040

20.5

Bharat Electronics

28,024

1,168

1,414

21.1

HCL Tech

1,17,301

832

1,038

24.8

HDFC Bank

2,67,684

1,059

1,262

19.2

Infosys

2,69,009

1,167

1,347

15.4

LIC Housing Finance

24,057

477

592

24.1

NBCC

11,430

953

1,089

14.3

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

3,569

397

458

15.4

Dewan Housing

5,506

189

270

43.1

IL&FS Transport

2,605

79

93

17.4

Jagran Prakashan

5,129

157

189

20.5

Mahindra Lifespace

1,826

445

554

24.5

Navkar Corporation

2,553

179

265

48.0

Radico Khaitan

1,261

95

156

64.6

939

1,002

1,354

35.2

Siyaram Silk Mills


Source: Company, Angel Research

www.angelbroking.com

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 11, 2016

Macro watch
Exhibit 1: Quarterly GDP trends
(%)
9.0

(%)

6.7

7.6

7.5
6.6

6.4

7.7

7.3

6.7

6.3
2.5

4.0

4.3

4.2

3.0

3.7

2.5

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

5.6

5.7

3.7

Nov-15

Oct-15

Sep-15

Aug-15

Jul-15

Jun-15

May-15

Mfg. PMI

56.0
5.2

4.4

4.0

Apr-15

Exhibit 4: Manufacturing and services PMI

(%)
5.3

(6.0)

Source: MOSPI, Angel Research

Source: CSO, Angel Research

5.0

(1.5)

(3.4)

Mar-15

3QFY16

2QFY16

1QFY16

4QFY15

3QFY15

2QFY15

1QFY15

4QFY14

3QFY14

2QFY14

1QFY14

4QFY13

3.0

Dec-15

4.0

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

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

5.8

6.0

9.9

10.0

Jan-16

7.0

12.0

8.3

7.8

8.0

5.0

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

Jan-16

Feb-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

www.angelbroking.com
www.angelbroking.com

Market Outlook
April 11, 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)
Source: Bloomberg, Angel Research

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

17.2

16.4

15.3

13.2

13.0

15.6

11.7

South
Africa

Indonesia

Malaysia

Thailand

UK

USA

Germany

11.5

10.7
China

Japan

16.9
India

13.7

7.4
Russia

France

12.9

(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

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www.angelbroking.com

Market Outlook
April 11, 2016

Exhibit 4: Relative performance of indices across globe


Returns (%)
Country

Name of index

Closing price

1M

3M

1YR

Brazil

Bovespa

50,293

2.4

18.6

(1.7)

Russia

Micex

1,877

(0.3)

7.0

11.5

India

Nifty

7,555

0.9

(2.9)

(12.8)

China

Shanghai Composite

2,985

5.7

(8.2)

(20.6)

South Africa

Top 40

45,252

(2.1)

2.5

(3.0)

Mexico

Mexbol

44,859

0.0

6.7

(0.1)

Indonesia

LQ45

840

(0.3)

4.7

(10.4)

Malaysia

KLCI

1,718

1.9

3.2

(6.2)

Thailand

SET 50

871

(2.0)

14.3

(12.4)

USA

Dow Jones

17,577

3.6

4.0

(2.7)

UK

FTSE

6,204

0.4

4.2

(12.2)

Japan

Nikkei

15,822

(5.7)

(13.0)

(17.6)

Germany

DAX

9,622

(1.6)

(3.6)

(22.0)

France

CAC

4,303

(3.1)

(2.3)

(17.6)

Source: Bloomberg, Angel Research

www.angelbroking.com
www.angelbroking.com

Stock Watch
April 11, 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

3,311

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

460

19,733

12,500

14,375

18.3

18.3

29.8

35.9

15.5

12.8

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

1.3

2,391

2,585

69,178

22,709

25,860

20.9

20.1

129.0

143.6

18.5

16.7

5.7

4.9

30.7

29.4

2.6

2.2

771

875

17,957

7,351

8,318

19.9

19.7

31.2

36.5

24.7

21.1

4.4

3.7

19.3

19.2

2.6

2.2

19,181

52,098

15,556

16,747

15.5

17.3

464.8

597.5

41.3

32.1

15.1

11.1

36.2

34.3

3.3

3.0

90

101

1,297

1,415

1,544

8.7

9.0

4.6

5.4

19.6

16.7

3.6

3.2

18.1

18.9

0.9

0.8

2,920

58,315

28,244

30,532

15.5

15.9

156.7

168.5

18.6

17.3

7.4

6.3

39.9

36.4

1.9

1.7

146

160

1,167

1,281

1,473

11.2

11.5

7.6

9.2

19.2

15.9

4.9

4.0

25.4

25.2

1.0

0.8

464

728

1,254

1,394

11.6

11.8

35.9

41.7

12.9

11.1

1.8

1.5

13.5

13.8

0.7

0.6

Mahindra and Mahindra Accumulate

1,233

1,364

76,587

38,416

42,904

13.7

13.9

54.8

63.4

22.5

19.5

3.5

3.1

15.4

15.8

1.6

1.4

Maruti

Neutral

3,429

103,579

57,865

68,104

16.4

16.7

176.3

225.5

19.5

15.2

3.8

3.2

19.4

21.2

1.6

1.3

Minda Industries

Neutral

1,009

1,600

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

32,248

39,343

45,100

8.8

9.1

10.1

12.5

24.1

19.5

7.6

6.0

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

415

594

741

12.7

13.7

1.7

3.2

18.3

9.7

1.9

1.7

10.4

16.9

1.1

0.9

Tata Motors

Neutral

372

107,462 259,686 273,957

13.0

13.4

25.9

29.5

14.4

12.6

1.9

1.6

8.0

9.0

0.6

0.6

TVS Motor

Accumulate

313

330

14,877

11,263

13,122

6.9

8.5

9.2

15.0

34.0

20.9

7.8

6.2

22.7

29.6

1.3

1.1

Amara Raja Batteries

Buy

863

1,040

14,741

4,892

5,871

17.4

17.6

28.8

37.1

30.0

23.3

7.0

5.6

23.4

24.1

3.0

2.4

Exide Industries

Buy

134

162

11,428

6,950

7,784

14.4

14.8

6.6

7.3

20.4

18.4

2.6

2.3

12.6

12.8

1.4

1.2

Apollo Tyres

Accumulate

168

183

8,549

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

1,081

4,372

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

0.8

JK Tyres

Neutral

83

1,871

7,446

7,669

15.2

14.0

19.6

18.4

4.2

4.5

1.1

0.9

25.2

19.5

0.6

0.6

Swaraj Engines

Neutral

900

1,118

552

630

14.2

14.7

44.6

54.1

20.2

16.6

4.7

4.3

23.2

25.6

1.9

1.6

Subros

Neutral

88

525

1,293

1,527

11.8

11.9

4.2

6.7

20.8

13.1

1.6

1.4

7.7

11.5

0.7

0.6

Indag Rubber

Neutral

172

450

283

329

17.0

17.2

13.0

15.4

13.3

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

887

1,157

3,695

3,277

4,006

6.0

8.9

36.2

64.3

24.5

13.8

1.7

1.5

5.7

11.7

1.2

0.9

Bharat Electronics

Buy

1,168

1,414

28,024

7,737

8,634

16.8

17.2

54.0

61.5

21.6

19.0

3.1

2.7

39.3

45.6

2.7

2.3

Capital Goods

www.angelbroking.com

Stock Watch
April 11, 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

272

353

9,000

5,363

5,963

8.0

9.1

11.0

13.8

24.7

19.7

3.8

3.3

16.2

17.9

1.6

1.4

BGR Energy

Neutral

105

758

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

122

29,971

33,722

35,272

10.8

11.7

10.5

14.2

11.7

8.6

0.9

0.8

7.0

9.0

1.0

0.9

Blue Star

Buy

397

458

3,569

3,548

3,977

6.3

6.9

13.7

17.2

29.0

23.1

7.3

4.7

26.1

25.4

1.1

0.9

Crompton Greaves

Neutral

51

3,178

13,484

14,687

4.9

6.2

4.5

7.1

11.3

7.1

0.8

0.7

7.2

10.8

0.4

0.3

Greaves Cotton

Neutral

127

3,094

1,655

1,755

16.6

16.8

7.4

7.8

17.1

16.2

3.4

3.3

21.1

20.6

1.8

1.7

Inox Wind

Buy

245

458

5,430

4,980

5,943

17.0

17.5

26.6

31.6

9.2

7.7

2.8

2.0

35.0

30.0

1.2

1.0

KEC International

Neutral

125

3,206

8,791

9,716

6.1

6.8

5.4

8.2

23.1

15.2

2.3

2.1

10.0

14.0

0.6

0.5

Thermax

Neutral

747

8,896

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

545

2,970

2,722

3,336

7.9

8.1

19.5

24.6

27.9

22.2

2.9

2.6

11.1

12.4

1.2

1.0

ACC

Neutral

1,439

27,022

13,151

14,757

16.4

18.3

63.9

83.4

22.5

17.3

2.9

2.7

13.3

16.1

1.9

1.6

Ambuja Cements

Neutral

225

34,933

11,564

12,556

19.4

20.7

8.9

10.1

25.3

22.3

3.2

3.0

12.8

13.8

2.7

2.4

HeidelbergCement

Neutral

98

2,217

1,772

1,926

13.3

15.4

1.0

3.0

97.9

32.6

2.5

2.3

2.6

7.9

1.8

1.6

India Cements

Neutral

92

2,814

4,216

4,840

18.0

19.5

4.0

9.9

22.9

9.3

0.9

0.9

4.0

9.5

1.0

0.8

JK Cement

Neutral

664

4,644

3,661

4,742

10.1

15.8

7.5

28.5

88.5

23.3

2.7

2.4

7.5

22.9

1.7

1.3

J K Lakshmi Cement

Neutral

338

3,975

2,947

3,616

16.7

19.9

11.5

27.2

29.4

12.4

2.8

2.4

9.8

20.8

1.8

1.4

Mangalam Cements

Neutral

244

652

1,053

1,347

10.5

13.3

8.4

26.0

29.1

9.4

1.2

1.1

4.3

12.5

1.0

0.7

Orient Cement

Neutral

154

3,148

1,854

2,524

21.2

22.2

7.7

11.1

20.0

13.8

2.9

2.5

13.3

15.7

2.4

1.7

Ramco Cements

Neutral

443

10,541

4,036

4,545

20.8

21.3

15.1

18.8

29.3

23.6

3.6

3.2

12.9

14.3

3.1

2.7

Shree Cement^

Neutral

12,198

42,496

7,150

8,742

26.7

28.6

228.0

345.5

53.5

35.3

7.9

6.6

15.7

20.3

5.7

4.6

UltraTech Cement

Neutral

3,159

86,693

24,669

29,265

18.2

20.6

82.0

120.0

38.5

26.3

4.1

3.6

11.3

14.7

3.6

3.0

Cement

Construction
ITNL

Buy

79

93

2,605

7,360

8,825

34.0

35.9

7.0

9.0

11.3

8.8

0.4

0.4

3.2

3.7

3.7

3.6

KNR Constructions

Buy

520

603

1,463

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

1,191

1,310

110,907

58,870

65,708

8.3

10.3

42.0

53.0

28.4

22.5

2.0

1.8

8.8

11.2

2.1

1.9

Gujarat Pipavav Port

Neutral

177

8,567

629

684

51.0

52.2

6.4

5.9

27.7

30.0

3.7

3.4

15.9

12.7

13.3

12.0

MBL Infrastructures

Buy

156

285

645

2,313

2,797

12.2

14.6

19.0

20.0

8.2

7.8

0.9

0.8

11.3

10.6

1.0

0.9

Nagarjuna Const.

Neutral

73

4,044

7,892

8,842

8.8

9.1

3.0

5.3

24.3

13.7

1.2

1.1

5.0

8.5

0.8

0.6

PNC Infratech

Accumulate

529

558

2,712

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

241

1,194

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

www.angelbroking.com

Stock Watch
April 11, 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

848

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

272

289

4,659

3,481

4,219

10.7

10.8

8.2

11.7

33.1

23.2

3.2

2.8

10.3

13.5

1.6

1.3

NBCC

Accumulate

953

1,089

11,430

5,816

7,382

6.9

7.7

29.6

39.8

32.2

23.9

5.8

4.6

24.1

26.7

1.7

1.3

MEP Infra

Neutral

42

686

1,956

1,876

28.1

30.5

1.3

3.0

32.5

14.1

6.8

4.6

21.2

32.8

1.8

1.7

SIPL

Neutral

103

3,617

675

1,042

62.4

64.7

3.9

4.4

17.0

11.5

Engineers India

Neutral

162

5,470

1,667

1,725

13.5

16.0

9.7

11.4

11.7

13.4

2.1

2.1

16.7

14.2

2.0

1.9

Financials
Allahabad Bank

Neutral

54

3,299

8,569

9,392

2.8

2.9

16.3

27.5

3.3

2.0

0.3

0.2

7.6

11.9

Axis Bank

Buy

422

494

100,436

26,473

31,527

3.5

3.6

35.7

43.5

11.8

9.7

2.0

1.7

17.9

18.9

Bank of Baroda

Neutral

143

32,973

18,485

21,025

1.9

2.0

13.5

21.1

10.6

6.8

0.8

0.7

7.3

10.6

Bank of India

Neutral

91

7,451

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

183

9,912

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

189

270

5,506

1,892

2,277

2.9

2.9

25.9

30.8

7.3

6.1

1.1

1.0

15.3

15.9

Dewan Housing Finance Buy


Federal Bank

Neutral

43

7,430

3,477

3,999

3.0

3.0

5.0

6.2

8.6

6.9

0.9

0.8

10.6

11.9

HDFC

Neutral

1,079

170,473

10,358

11,852

3.3

3.3

41.1

47.0

26.3

22.9

5.0

4.5

24.7

24.9

HDFC Bank

Buy

1,059

1,262

267,684

38,309

47,302

4.3

4.3

49.3

61.1

21.5

17.3

3.7

3.2

18.5

19.7

ICICI Bank

Accumulate

221

254

128,740

34,279

39,262

3.3

3.3

21.0

24.4

10.6

9.1

1.8

1.5

14.4

14.7

IDBI Bank

Neutral

67

13,825

9,625

10,455

1.8

1.8

8.5

14.2

7.9

4.7

0.5

0.4

5.9

9.3

Indian Bank

Neutral

99

4,748

6,160

6,858

2.5

2.5

24.5

29.8

4.0

3.3

0.3

0.3

7.7

8.6

LIC Housing Finance

Buy

477

592

24,057

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

87

2,604

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

82

16,013

23,638

26,557

2.8

2.8

17.9

27.2

4.6

3.0

0.5

0.4

8.5

12.0

South Ind.Bank

Neutral

17

2,350

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

183

142,136

79,958

86,061

2.6

2.6

13.4

20.7

13.7

8.9

1.1

1.0

11.5

12.8

Union Bank

Neutral

126

8,648

12,646

14,129

2.3

2.4

31.0

39.1

4.1

3.2

0.4

0.4

9.8

11.4

Vijaya Bank

Neutral

31

2,919

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

850

35,737

7,190

9,011

3.2

3.3

58.2

69.7

14.6

12.2

2.6

2.2

19.2

19.6

FMCG
Asian Paints

Neutral

852

81,748

16,553

19,160

16.0

16.2

17.7

21.5

48.2

39.6

12.8

11.5

29.4

31.2

4.8

4.1

Britannia

Neutral

2,686

32,226

8,481

9,795

14.0

14.1

65.5

78.3

41.0

34.3

19.4

15.9

38.3

41.2

3.7

3.2

www.angelbroking.com

Stock Watch
April 11, 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

819

22,287

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

Accumulate

250

267

43,935

9,370

10,265

17.1

17.2

7.3

8.1

34.1

30.8

10.3

8.4

33.7

30.6

4.6

4.2

GlaxoSmith Con*

Neutral

5,981

25,154

4,919

5,742

17.2

17.4

168.3

191.2

35.5

31.3

10.1

8.6

28.8

28.9

4.7

4.0

Godrej Consumer

Neutral

1,374

46,781

10,168

12,886

16.1

16.1

32.1

38.4

42.8

35.8

8.7

8.0

19.7

21.0

4.7

3.7

HUL

Neutral

850

183,935

34,940

38,957

17.5

17.7

20.8

24.7

40.9

34.4

45.5

36.3

110.5

114.2

5.1

4.5

ITC

Accumulate

321

359

258,597

36,804

38,776

37.9

37.9

12.2

12.9

26.3

24.9

7.3

6.4

27.7

25.8

6.6

6.3

Marico

Neutral

252

32,538

6,551

7,766

15.7

16.0

10.4

12.5

24.3

20.2

7.1

5.9

33.2

32.4

4.9

4.1

Nestle*

Accumulate

5,962

6,646

57,486

11,291

12,847

22.2

22.3

158.9

184.6

37.5

32.3

19.6

17.6

55.0

57.3

4.9

4.3

Tata Global

Buy

118

144

7,428

8,635

9,072

9.8

9.9

6.5

7.6

18.1

15.5

1.8

1.7

6.8

7.4

0.8

0.8

IT
HCL Tech^

Buy

832

1,038

117,301

42,038

47,503

21.2

21.5

51.5

57.7

16.2

14.4

3.5

2.7

21.5

18.8

2.4

1.9

Infosys

Buy

1,167

1,347

269,009

61,850

69,981

27.5

27.5

59.4

65.7

19.7

17.8

4.2

3.6

21.2

20.1

3.6

3.1

TCS

Buy

2,429

2,854

478,558 108,487 122,590

28.3

28.5

122.8

138.4

19.8

17.6

7.5

6.8

38.0

38.9

4.0

3.5

Tech Mahindra

Buy

456

530

44,127

26,524

29,177

16.2

17.0

28.8

33.6

15.8

13.6

3.1

2.6

19.3

19.1

1.4

1.2

Wipro

Buy

547

680

135,123

50,808

56,189

23.7

23.8

37.3

40.7

14.7

13.4

2.8

2.6

19.2

17.7

2.1

1.8

D B Corp

Buy

309

356

5,678

2,241

2,495

27.8

27.9

21.8

25.6

14.2

12.1

3.7

3.3

26.7

28.5

2.5

2.2

HT Media

Neutral

76

1,769

2,495

2,603

11.2

11.2

7.3

8.6

10.4

8.8

0.8

0.7

7.4

8.1

0.2

0.2

Jagran Prakashan

Buy

157

189

5,129

2,170

2,355

27.2

26.2

8.9

9.9

17.6

15.9

3.7

3.2

20.9

20.5

2.3

2.1

Sun TV Network
Hindustan Media
Ventures
Metals & Mining

Neutral

356

14,025

2,779

3,196

70.2

70.5

22.8

27.3

15.6

13.0

3.9

3.5

26.7

28.3

4.8

4.2

Neutral

250

1,836

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

281

380

177,174

76,167

84,130

19.9

22.3

22.4

25.8

12.5

10.9

4.5

4.4

35.5

41.0

1.7

1.5

Hind. Zinc

Accumulate

160

175

67,690

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

88

18,141 104,356 111,186

8.7

9.5

6.7

11.1

13.1

7.9

0.5

0.5

3.5

5.9

0.7

0.6

JSW Steel

Neutral

1,273

30,781

42,308

45,147

16.4

20.7

(10.3)

49.5

25.7

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

43

17,615

45,915

53,954

7.2

10.5

1.5

4.4

28.3

9.7

0.4

0.4

2.3

4.1

1.0

0.9

Vedanta

Neutral

87

25,926

71,445

81,910

26.2

26.3

12.9

19.2

6.8

4.6

0.5

0.4

7.2

8.9

0.8

0.6

Tata Steel

Neutral

322

31,297 126,760 137,307

8.9

11.3

6.4

23.1

50.7

14.0

1.0

1.0

2.0

7.1

0.8

0.8

Cairn India

Neutral

149

27,917

11,323

12,490

49.4

51.0

20.7

20.7

7.2

7.2

0.5

0.4

6.4

6.1

1.5

0.9

GAIL

Neutral

348

44,156

64,856

70,933

9.1

9.6

24.0

28.9

14.5

12.1

1.2

1.2

8.8

9.6

0.9

0.8

Media

Oil & Gas

www.angelbroking.com

Stock Watch
April 11, 2016

Company Name

Reco

CMP

Target

Mkt Cap

( )

Price ( )

( cr )

Sales ( cr )
FY16E

OPM(%)

EPS ( )

PER(x)

FY17E

FY16E

FY17E

FY16E

FY17E

176,286 154,564 167,321

FY16E

P/BV(x)

RoE(%)

EV/Sales(x)

FY17E

FY16E

FY17E

FY16E

FY17E

FY16E

FY17E

Oil & Gas


ONGC

Neutral

206

Petronet LNG

Neutral

240

36.8

37.4

28.6

32.5

7.2

6.3

0.9

0.8

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

413

0.6

455

100,189 359,607 402,760

5.9

6.1

42.5

48.7

9.7

8.5

1.3

1.2

14.1

14.4

0.4

0.3

Reliance Industries

Accumulate

1,038

1,150

336,302 304,775 344,392

12.6

13.4

91.3

102.6

11.4

10.1

1.3

1.2

11.8

12.0

1.0

0.9

18,008

29,691

Pharmaceuticals
Alembic Pharma

Neutral

553

10,423

3,274

3,802

26.9

19.4

35.0

28.7

15.8

19.3

7.0

5.3

55.6

31.2

3.2

2.6

Aurobindo Pharma

Accumulate

757

856

44,324

14,923

17,162

22.0

23.0

35.7

42.8

21.2

17.7

6.2

4.7

34.0

30.2

3.3

2.9

Aventis*

Neutral

4,363

10,047

2,082

2,371

17.4

20.8

118.2

151.5

36.9

28.8

5.4

4.3

19.9

25.5

4.5

3.7

Cadila Healthcare

Accumulate

321

352

32,826

10,224

11,840

21.0

22.0

14.6

17.6

22.0

18.2

6.0

4.7

30.8

29.0

3.3

2.7

Cipla

Buy

506

605

40,615

13,979

16,447

20.2

18.6

25.7

27.5

19.7

18.4

3.2

2.8

17.6

16.1

2.9

2.4

Dr Reddy's

Buy

3,036

3,933

51,771

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

2,688

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

3,680

31,169

2,870

3,158

20.0

22.1

59.5

68.3

61.8

53.9

18.2

18.8

28.5

34.3

10.4

9.5

Indoco Remedies

Neutral

273

2,516

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

499

900

6,300

3,363

3,909

12.9

18.6

13.4

28.0

37.3

17.8

2.7

2.3

7.4

14.0

2.2

1.9

1,541

69,424

13,092

16,561

25.0

27.0

50.4

68.3

30.6

22.6

6.3

5.0

22.8

24.7

5.0

3.8

812

950

195,373

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

66

17,796

35,923

37,402

22.6

22.8

4.1

5.2

16.2

12.8

1.2

1.2

7.5

9.3

1.4

1.3

NTPC

Accumulate

132

146

108,469

87,271

99,297

23.5

23.5

11.8

13.3

11.2

9.9

1.3

1.2

11.5

12.2

2.3

2.0

Power Grid

Buy

141

170

73,713

20,702

23,361

86.7

86.4

12.1

13.2

11.7

10.7

1.7

1.5

15.6

15.1

8.5

7.9

Buy

445

554

1,826

697

1,011

14.9

19.3

13.8

20.1

32.3

22.1

1.2

1.2

3.8

5.3

3.9

2.7

Bharti Airtel

Neutral

334

133,633 101,748 109,191

32.1

31.7

12.0

12.5

27.9

26.7

1.9

1.8

6.9

6.7

1.9

1.8

Idea Cellular

Neutral

109

39,210

34,282

36,941

32.0

31.5

5.9

6.2

18.5

17.6

1.7

1.5

9.9

9.3

1.7

1.6

Abbott India

Neutral

4,659

9,901

2,715

3,153

14.5

14.1

134.3

152.2

34.7

30.6

8.7

7.1

27.4

25.6

3.4

2.8

Bajaj Electricals

Accumulate

214

237

2,162

4,719

5,287

5.2

5.8

8.6

12.7

25.0

16.9

2.9

2.5

11.4

14.8

0.5

0.4

Finolex Cables

Neutral

281

4,304

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*

Buy

491

582

1,133

1,800

1,600

11.7

11.5

58.7

52.9

8.4

9.3

1.9

1.6

24.6

18.7

0.4

0.4

Hitachi

Neutral

1,175

3,194

1,779

2,081

7.8

8.8

21.8

33.4

53.9

35.1

8.7

7.0

17.4

22.1

1.9

1.6

Jyothy Laboratories

Neutral

298

5,397

1,620

1,847

11.5

11.5

7.3

8.5

40.9

35.2

5.3

4.9

13.3

14.4

3.2

2.7

MRF

Buy

35,460

45,575

15,039

20,316

14,488

21.4

21.1 5,488.0 3,798.0

6.5

9.3

2.2

1.8

41.1

21.2

0.7

0.9

Real Estate
MLIFE
Telecom

zOthers

www.angelbroking.com

Stock Watch
April 11, 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

12,833

14,314

1,929

2,450

19.8

20.1

229.9

299.0

55.8

42.9

24.6

17.1

52.1

47.1

7.5

5.8

Relaxo Footwears

Neutral

471

5,651

1,767

2,152

12.3

12.5

19.3

25.1

24.5

18.8

6.0

4.6

27.7

27.8

3.3

2.6

Siyaram Silk Mills

Buy

1,002

1,354

939

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

577

1,015

1,271

1,440

8.6

9.2

32.0

41.1

18.0

14.1

1.8

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

299

2,160

2,123

2,384

16.1

16.5

15.0

18.9

19.9

15.8

1.5

1.4

8.0

9.4

1.4

1.2

236

3,406

2,403

2,554

8.6

9.9

9.2

10.5

25.6

22.5

2.5

2.4

9.7

10.7

1.1

1.0

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)

113

805

1,208

1,353

11.0

12.3

10.8

14.5

10.4

7.8

1.2

1.1

11.9

14.5

0.6

0.5

Neutral

Competent Automobiles Neutral

145

89

1,040

1,137

3.2

3.1

25.7

28.0

5.6

5.2

0.8

0.7

15.0

14.3

0.1

0.1

Neutral

1,275

1,903

1,871

2,031

10.7

10.5

63.2

69.8

20.2

18.3

3.3

2.8

17.6

16.6

1.1

0.9

Visaka Industries
Buy
Transport Corporation of
Neutral
India
Elecon Engineering
Neutral

115

144

183

1,086

1,197

9.9

10.3

21.5

28.8

5.4

4.0

0.5

0.5

9.6

11.6

0.4

0.3

274

2,084

2,830

3,350

8.8

9.0

14.4

18.3

19.1

15.0

2.9

2.6

15.4

17.1

0.9

0.7

62

676

1,359

1,482

10.3

13.7

0.8

3.9

77.3

15.9

1.3

1.2

1.6

7.8

0.9

0.8

Surya Roshni

Buy

143

201

628

2,992

3,223

8.1

8.4

14.7

18.3

9.8

7.8

0.9

0.8

9.7

11.0

0.5

0.5

MT Educare

Neutral

175

695

286

366

18.3

17.7

7.7

9.4

22.6

18.6

4.8

4.2

20.2

21.1

2.3

1.8

Radico Khaitan

Buy

95

156

1,261

1,517

1,635

12.7

13.4

5.8

7.1

16.3

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

376

2,123

206

308

44.0

43.6

9.0

12.9

41.8

29.1

5.7

5.2

13.7

17.8

10.2

6.8

Linc Pen & Plastics

Neutral

190

281

340

371

8.3

8.9

10.8

13.2

17.6

14.4

2.8

2.5

16.0

17.1

0.9

0.8

The Byke Hospitality

Neutral

154

618

222

287

20.5

20.5

5.6

7.6

27.3

20.4

5.2

4.2

18.9

20.8

2.8

2.2

Interglobe Aviation
Coffee Day Enterprises
Ltd
Navneet Education

Neutral

954

34,389

17,022

21,122

20.7

14.5

63.9

53.7

14.9

17.8

22.4

18.3

149.9

103.2

2.1

1.6

Neutral

235

4,834

2,692

2,964

17.0

18.6

4.7

49.5

2.9

2.7

0.2

5.5

2.2

2.0

84

2,009

998

1,062

24.1

24.0

5.8

6.1

14.7

13.9

3.2

2.9

22.0

20.6

2.1

2.0

Navkar Corporation

Buy

179

265

2,553

365

436

38.3

37.5

5.6

5.9

31.8

30.5

2.0

1.9

6.3

6.1

7.8

6.7

UFO Moviez

Neutral

470

1,292

558

619

32.0

33.2

22.5

30.0

20.9

15.7

2.5

2.2

12.0

13.8

2.2

1.8

VRL Logistics

Neutral

379

3,455

1,725

1,902

16.5

16.7

12.2

14.6

31.1

26.0

6.5

5.7

20.8

21.9

2.2

1.9

Team Lease Serv.

Neutral

881

1,506

2,565

3,229

1.3

1.5

15.2

22.8

58.0

38.7

4.6

4.1

8.0

10.7

0.5

0.4

S H Kelkar & Co.

Neutral

236

3,410

928

1,036

15.3

15.1

4.9

6.1

47.8

38.6

4.5

4.1

9.4

10.7

3.6

3.2

Nilkamal

Neutral

www.angelbroking.com

Stock Watch
April 11, 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

215

1,508

339

408

27.8

27.3

7.1

7.7

30.5

27.8

2.6

2.6

8.5

9.3

3.4

2.8

Narayana Hrudaya

Neutral

295

6,018

1,603

1,873

10.9

11.5

1.0

2.6

309.1

111.3

7.4

6.8

2.4

6.1

3.9

3.3

Manpasand Bever.

Neutral

458

2,291

540

836

19.9

19.6

10.2

16.9

44.7

27.1

3.6

3.3

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 08, 2016

www.angelbroking.com

Market Outlook
April 11, 2016

Research Team Tel: 022 - 39357800

E-mail: research@angelbroking.com

Website: www.angelbroking.com

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