market outlook - angel...

www.angelbroking.com

Market Outlook July 04, 2016

Market Cues

Indian markets are expected to open with positive bias tracing SGX Nifty.

U.S. stocks gained for 4th straight daily gain on Friday, with Dow and S&P reporting their best week this year as stocks clawed back some of the losses scored in the wake of tumult that followed U.K.’s decision last week to sever ties with EU. Markets gained as ECB says it is weighing changes to its bond-buying program, BoE Governor saying his organization would loosen policy within months to deal with fallout of Brexit vote.

European shares gained on Friday, lifted by expectations that ECB would take action to support markets in order to ease worries about fallout from UK's vote to leave EU.

Indian shares closed higher for 5th consecutive session on account of good monsoon progress, cabinet’s approval for 7th pay commission recommendations, government reforms to boost private sector and positive global mood.

News Analysis Coal India (CIL) hits 99% of June output target

India's biggest Oil refinery to cost `2lakh cr Detailed analysis on Pg2

Investor’s Ready Reckoner Key Domestic & Global Indicators

Stock Watch: Latest investment recommendations on 150+ stocks

Refer Pg6 onwards

Top Picks Company Sector Rating CMP

(`) Target

(`) Upside

(%)

Amara Raja Auto/Auto Ancillary Buy 862 1,076 24.8

HCL Tech IT Buy 731 1,000 36.7

LIC Housing Financials Buy 499 592 18.7

Bharat Electronics Capital Goods Accumulate 1,272 1,414 11.2

Navkar Corporation Others Buy 213 265 24.3 More Top Picks on Pg3

Key Upcoming Events Date Region Event Description Previous

Reading Consensus

Expectations

July 05 Germany PMI Services 53.2 53.2

July 07 US Intial Jobless claims 268.0 267.0

July 08 UK Industrial Production(YoY) 1.6 0.5

July 10 India Imports YoY % -13.2 -- 6.(

More Events on Pg4

Domestic Indices Chg (%) (Pts) (Close)

BSE Sensex 0.5 145 27,145

Nifty 0.5 41 8,328

Mid Cap 1.2 140 11,858

Small Cap 0.7 84 11,885

Bankex 0.4 87 20,619

Global Indices Chg (%) (Pts) (Close)

Dow Jones 0.1 19 17,949

Nasdaq 0.4 20 4,863

FTSE 1.1 73 6,578

Nikkei 0.7 107 15,682

Hang Seng 1.8 358 20,794

Shanghai Com 0.1 3 2,932

Advances / Declines BSE NSE

Advances 1,578 890

Declines 1,149 703

Unchanged 142 64

Volumes (` Cr)

BSE 3,337

NSE 19,138

Net Inflows (` Cr) Net Mtd Ytd

FII 1,482 5,175 19,544

MFs 130 265 9,696

Top Gainers Price (`) Chg (%)

Il&Fstrans 81 9.9

Mcleodruss 212 9.3

Ioc 473 7.4

M&Mfin 355 6.3

Sparc 351 5.4

Top Losers Price (`) Chg (%)

Kpit 158 (14.4)

Jpassociat 9 (3.2)

Sadbhav 283 (3.1)

Gspl 138 (3.0)

Unitech 6 (2.8) As on July 01, 2016



Coal India (CIL) hits 99% of June output target

Coal India has produced 42.72mntn for the month of Jun-16 in comparison to the monthly target of 43.31mntn. This reflects 99% achievement of the monthly target. In 1QFY2017, CIL recorded provisional coal production of 125.65mntn as against target of 132.43mntn (reflecting 95% achievement of the target). Off-take in June-16 is at 44.96mntn, lower than the targeted 47.52mntn for the month. Whereas, for 1QFY2017 off-take was at 133.19mntn (v/s 149.88mntn expected).

Govt. of India has set FY2017 production target of 598mntn for CIL. In FY2016, CIL production grew 8.5% to 536mntn, missing the then target of 550mntn.

Despite the production target miss for 1QFY2017, CIL reported 3.6% yoy increase in production numbers. On the back of initiatives announced by the Centre, we expect CIL to further ramp-up its operations, going forward. We maintain BUY rating on CIL with price target of `380.

India's biggest Oil refinery to cost `2lakh cr

Upcoming oil refinery on the West coast, to be set-up by IOC, BPCL, HPCL and EIL is expected to cost `2lakh cr ($30bn). This 60mntn/year refinery and mega petrochemical complex is expected to be set up in 2 phases. Phase-1 will be 40mntn together with aromatic complex, naphtha cracker and polymer complex and will cost `1.2-1.5lakh cr and will come up in 5-6 years from the date of land acquisition. Entire refinery will include 3 crude units of 20 mntn each- first of these will be part of Phase-1. This mega complex will require 12,000-15,000 acres of land and 2-3 sites on coast of Maharashtra are being explored. The second phase is expected to cost `50,000-60,000cr.

IOC has been looking at west coast for a refinery as catering to customers in the West and South has been difficult, given that its refineries are mostly based in the North. HPCL and BPCL are also looking at bigger refinery because of constraints they face at their Mumbai units. This Refinery will produce petrol, diesel, LPG, ATF and feedstock for petrochemical plants in plastic, chemical and textile industries in Maharashtra. Being on the west coast will provide the unit a natural advantage of easily sourcing crude oil from Middle-East, Africa and South America. East coast is not being considered as shipping crude oil to east coast will add at least USD 1/ barrel to cost. Also, moving products to consumption heartland from west will not be difficult.

IOC has 6 refineries with total capacity of 54.20mntn. It also has subsidiary refinery with 11.50mntn capacity. Paradip has taken its refining capacity to 80.7 mntn. We maintain ACCUMULATE rating on IOCL with price target of `455.

Economic and Political News Pulses Imports may rise to 5mntn in Apr-Dec: Industry

Govt cuts prices of key fertilizers by up to `4,000/tn

Soybean output declines to lowest in 11 years

Corporate News SBI secures $625mn from World Bank for solar Programme

MOIL set to infuse `1,600cr in 5 years

Bosch board approves share buyback for over `2,000cr

Equitas gets final license from RBI, to launch bank soon



Top Picks ★★★★★

Large Cap Company

Market Cap (` Cr)

CMP (`)

Target (`)

Upside (%)

Rationale

Amara Raja Batteries 14,723 862 1,076 24.8To outpace battery industry growth due to better technologicalproducts leading to market share gains in both the automotive OEM and replacement segments.

Bharat Electronics 30,522 1,272 1,414 11.2Uptick in defense capex by government, coupled with BELsstrong market positioning, indicate good times ahead for BEL.

HCL Tech 1,03,183 731 1,000 36.7 Stock is trading at attractive valuations & factors all bad news.

HDFC Bank 2,97,201 1,174 1,262 7.5 Strong visibility for a robust 20% earnings trajectory, coupledwith high quality of earnings on account of high quality retailbusiness and strategic focus on highly rated corporates.

Infosys 2,69,225 1,172 1,374 17.2Back on the growth trend, expect a long term growth of 14% tobe a US$20bn in FY2020.

LIC Housing Finance 25,162 499 592 18.7Continues to grow its retail loan book at healthy pace withimprovement in asset quality. Expect LICHF to post a healthyloan book which is likely to reflect in a strong earnings growth.

NBCC 11,565 193 220 14.1Huge bid pipeline of re-development works at Delhi and otherState Governments and opportunity from Smart City, positionsNBCC to report strong growth, going forward.

Voltas 10,514 318 407 28.1 Strong market positioning within the domestic AC markets tocontinue, EMP business set to revive

Source: Company, Angel Research

Mid Cap Company

Market Cap(` Cr)

CMP (`)

Target (`)

Upside (%)

Rationale

Bajaj Electricals 2,476 245 268 9.4 Among the top 4 players in the consumer durables segment.Improved profitability backed by turn around in E&P segment.Strong order book lends earnings visibility.

Blue Star 3,927 437 495 13.4Favourable outlook for AC industry to augur well for Coolingproducts business. EMPPAC division's profitability to improveonce operating environment turns around.

Dewan Housing 6,068 208 270 29.8With a focus on the low and medium income (LMI) consumersegment, the company has increased its presence in tier-II & III cities where the growth opportunity is immense.

Equitas Holdings 6,163 184 235 27.9Strong loan growth backed by diversified loan portfolio andadequate CAR. ROE & ROA likely to remain decent as risk ofdilution remains low. Attractive valuations considering growth.

IL&FS Transport 2,651 81 93 15.4 Commencement of new projects, downtrend in the interest ratecycle, to lead to stock re-rating

Jagran Prakashan 5,860 179 205 14.4

Economic recovery to have favourable impact on advertising &circulation revenue growth. Further, the acquisition of a radiobusiness (Radio City) would also boost the company's revenuegrowth.

Mahindra Lifespace 1,915 467 554 18.7 Speedier execution and speedier sales, strong revenue visibility in short-to-long run, attractive valuations

Navkar Corporation 3,041 213 265 24.3Massive capacity expansion along with rail advantage at ICDas well CFS augurs well for the company

Radico Khaitan 1,234 93 125 34.8Earnings boost on back of stable material prices andfavourable pricing environment. Valuation discount to peersprovides additional comfort

Siyaram Silk Mills 1,052 1,122 1,347 20.1Strong brands and distribution network would boost growthgoing ahead. Stock currently trades at an inexpensivevaluation.

Source: Company, Angel Research

h

1

Market Outlook

July 4, 2016

www.angelbroking.com www.angelbroking.com

Key Upcoming Events

Global economic events release calendar

Date Time Country Event Description Unit Period Bloomberg Data

Last Reported Estimated

Jul 05, 2016 1:25 PM Germany PMI Services Value Jun F 53.20 53.20

Jul 07, 2016 6:00 PM US Initial Jobless claims Thousands Jul 2 268.00 267.00

6:00 PM US Change in Nonfarm payrolls Thousands Jun 38.00 175.00

Jul 08, 2016 2:00 PM UK Industrial Production (YoY) % Change May 1.60 0.50

6:00 PM US Unnemployment rate % Jun 4.70 4.80

Jul 10, 2016

India Imports YoY% % Change Jun -13.20

July 12, 2016 7:00 AM China Consumer Price Index (YoY) % Change Jun 2.00 9:36 PM

July 13, 2016 5:30 PM India Industrial Production YoY % Change May -0.80

India Exports YoY% % Change Jun -0.80

China Exports YoY% % Change Jun -4.10 (4.00)

Jul 14, 2016 4:30 PM UK BOE Announces rates % Ratio Jul 14 0.50

US Producer Price Index (mom) % Change Jun 0.50

12:00 PM India Monthly Wholesale Prices YoY% % Change Jun 0.79

Jul 15, 2016 2:30 PM Euro Zone Euro-Zone CPI (YoY) % Jun F 0.10

6:00 PM US Consumer price index (mom) % Change Jun 0.20 0.30

6:45 PM US Industrial Production % Jun (0.42) 0.10

7:30 AM China Industrial Production (YoY) % Change Jun 6.00

6:00 PM US Housing Starts Thousands Jun 1,164.00

Jul 19, 2016 7:30 AM China Real GDP (YoY) % Change 2Q 6.70

Source: Bloomberg, Angel Research

h

1

Market Outlook

July 04, 2016


Macro watch

Exhibit 1: Quarterly GDP trends

Source: CSO, Angel Research

Exhibit 2: IIP trends

Source: MOSPI, Angel Research

Exhibit 3: Monthly CPI inflation trends

Source: MOSPI, Angel Research

Exhibit 4: Manufacturing and services PMI

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

Exhibit 5: Exports and imports growth trends


Exhibit 6: Key policy rates

Source: RBI, Angel Research

6.7

7.8

6.4

5.8

7.5

8.3

6.6 6.7

7.6 7.7 7.2

7.9

3.0

4.0

5.0

6.0

7.0

8.0

9.0

1Q

FY14

2Q

FY14

3Q

FY14

4Q

FY14

1Q

FY15

2Q

FY15

3Q

FY15

4Q

FY15

1Q

FY16

2Q

FY16

3Q

FY16

4Q

FY16

(%)

4.2 4.3

6.3

3.7

9.9

(3.4)

(0.9)(1.6)

2.0

0.3

(0.8)

(6.0)

(4.0)

(2.0)

-

2.0

4.0

6.0

8.0

10.0

12.0

Jun-1

5

Jul-15

Aug-1

5

Sep-1

5

Oct

-15

Nov-

15

Dec-

15

Jan-1

6

Feb-1

6

Mar-

16

Apr-

16

(%)

5.4

3.7 3.7

4.4 5.0

5.4 5.6 5.7 5.3

4.8 5.5

5.8

-

1.0

2.0

3.0

4.0

5.0

6.0

7.0

Jun-1

5

Jul-15

Aug-1

5

Sep-1

5

Oct

-15

Nov-

15

Dec-

15

Jan-1

6

Feb-1

6

Mar-

16

Apr-

16

May-

16

(%)

44.0

46.0

48.0

50.0

52.0

54.0

56.0

Apr-

15

May-

15

Jun-1

5

Jul-15

Aug-1

5

Sep-1

5

Oct

-15

Nov-

15

Dec-

15

Jan-1

6

Feb-1

6

Mar-

16

Apr-

16

May-

16

Mfg. PMI Services PMI

(35.0)

(30.0)

(25.0)

(20.0)

(15.0)

(10.0)

(5.0)

0.0

Jun-1

5

Jul-15

Aug-1

5

Sep-1

5

Oct

-15

Nov-

15

Dec-

15

Jan-1

6

Feb-1

6

Mar-

16

Apr-

16

May-

16

Exports yoy growth Imports yoy growth(%)

3.00

3.50

4.00

4.50

5.00

5.50

6.00

6.50

7.00

7.50

Jul-15

Jul-15

Aug-1

5

Sep-1

5

Sep-1

5

Oct

-15

Nov-

15

Nov-

15

Dec-

15

Jan-1

6

Feb-1

6

Feb-1

6

Mar-

16

Apr-

16

Apr-

16

May-

16

Repo rate Reverse Repo rate CRR (%)

h

2

Market Outlook

July 04, 2016


Global watch

Exhibit 1: Latest quarterly GDP Growth (%, yoy) across select developing and developed countries


Exhibit 2: 2016 GDP Growth projection by IMF (%, yoy) across select developing and developed countries

Source: IMF, Angel Research

Exhibit 3: One year forward P-E ratio across select developing and developed countries

Source: IMF, Angel Research

(5.4)

(1.2)

5.3

6.7

(0.2)

4.9 4.2

3.2

2.1 2.0 1.3 1.3

0.1

(8.0)

(6.0)

(4.0)

(2.0)

-

2.0

4.0

6.0

8.0

Bra

zil

Russ

ia

India

Chin

a

South

Afr

ica

Indonesi

a

Mala

ysia

Thailand

UK

USA

Germ

any

Fra

nce

Japan

(%)

(3.8) (1.8)

7.5 6.5

0.6

4.9 4.4

3.0 1.9

2.4 1.5 1.1

0.5

(6.0)

(4.0)

(2.0)

-

2.0

4.0

6.0

8.0

10.0

Bra

zil

Russ

ia

India

Chin

a

South

Afr

ica

Indonesi

a

Mala

ysia

Thailand

UK

USA

Germ

any

Fra

nce

Japan

(%)

13.0

7.3

18.0

12.6

16.5

17.4

15.6

14.4

16.6

15.7

12.0

13.7

11.4

-

2.0

4.0

6.0

8.0

10.0

12.0

14.0

16.0

18.0

20.0

Bra

zil

Russia

Ind

ia

Ch

ina

So

uth

A

fric

a

Ind

onesi

a

Mala

ysia

Th

ailand

UK

US

A

Germ

an

y

Fra

nce

Jap

an

(x)

h

3

Market Outlook

July 04, 2016


Exhibit 4: Relative performance of indices across globe

Returns (%)

Country Name of index Closing price 1M 3M 1YR

Brazil Bovespa 52,233 6.6 4.4 (1.8)

Russia Micex 1,897 (0.1) 2.8 15.7

India Nifty 8,328 1.8 7.7 (0.6)

China Shanghai Composite 2,932 3.9 0.4 (35.9)

South Africa Top 40 46,016 (4.1) (0.9) (0.6)

Mexico Mexbol 46,213 1.4 1.2 2.5

Indonesia LQ45 851 2.5 1.2 0.5

Malaysia KLCI 1,646 1.2 (4.2) (4.1)

Thailand SET 50 911 (0.1) 0.9 (8.0)

USA Dow Jones 17,949 0.9 0.9 1.5

UK FTSE 6,578 6.2 6.5 0.6

Japan Nikkei 15,682 (7.5) (8.3) (24.6)

Germany DAX 9,776 (4.2) (0.2) (8.4)

France CAC 4,274 (4.5) (1.6) (12.8)


Company Name Reco CMP Target Mkt Cap Sales ( ₹cr ) OPM(%) EPS (₹) PER(x) P/BV(x) RoE(%) EV/Sales(x)

( ₹ ) Price ( ₹) ( ₹ cr ) FY16E FY17E FY16E FY17E FY16E FY17E FY16E FY17E FY16E FY17E FY16E FY17E FY16E FY17E

Agri / Agri Chemical

Rallis Neutral 221 - 4,294 1,612 1,911 13.3 13.3 7.4 9.5 29.8 23.2 4.8 4.3 16.7 18.4 2.6 2.2

United Phosphorus Accumulate 561 684 24,025 13,083 15,176 18.5 18.5 31.5 37.4 17.8 15.0 3.5 2.9 21.4 21.4 2.2 1.8

Auto & Auto Ancillary

Ashok Leyland Neutral 99 - 28,302 17,995 21,544 11.4 11.6 3.4 4.7 29.3 21.2 5.1 4.7 17.7 22.2 1.6 1.3

Bajaj Auto Neutral 2,669 - 77,229 22,709 25,860 20.9 20.1 129.0 143.6 20.7 18.6 6.3 5.5 30.7 29.4 2.9 2.5

Bharat Forge Buy 774 875 18,008 7,351 8,318 19.9 19.7 31.2 36.5 24.8 21.2 4.4 3.8 19.3 19.2 2.5 2.2

Eicher Motors Accumulate 19,155 20,044 52,028 15,556 16,747 15.5 17.3 464.8 597.5 41.2 32.1 15.1 11.1 36.2 34.3 3.2 2.9

Gabriel India Accumulate 93 101 1,334 1,415 1,544 8.7 9.0 4.6 5.4 20.2 17.2 3.7 3.3 18.1 18.9 0.9 0.8

Hero Motocorp Neutral 3,177 - 63,434 28,244 30,532 15.5 15.9 156.7 168.5 20.3 18.9 8.1 6.9 39.9 36.4 2.1 1.9

Jamna Auto Industries Neutral 174 - 1,388 1,281 1,473 11.2 11.5 7.6 9.2 22.9 18.9 5.8 4.7 25.4 25.2 1.1 0.9

L G Balakrishnan & Bros Neutral 470 - 737 1,254 1,394 11.6 11.8 35.9 41.7 13.1 11.3 1.8 1.6 13.5 13.8 0.7 0.6

Mahindra and Mahindra Neutral 1,461 - 90,723 38,416 42,904 13.7 13.9 54.8 63.4 26.7 23.0 4.1 3.7 15.4 15.8 1.8 1.6

Maruti Neutral 4,166 - 125,841 57,865 68,104 16.4 16.7 176.3 225.5 23.6 18.5 4.6 3.9 19.4 21.2 2.0 1.6

Minda Industries Neutral 1,159 - 1,839 2,523 2,890 8.7 9.0 55.0 65.4 21.1 17.7 4.1 3.3 19.3 18.7 0.8 0.7

Motherson Sumi Accumulate 287 313 38,016 39,343 45,100 8.8 9.1 10.1 12.5 28.5 23.0 9.0 7.1 35.3 34.4 1.0 0.9

Rane Brake Lining Buy 397 465 314 454 511 11.5 12.0 25.2 31.0 15.8 12.8 2.4 2.1 14.9 16.6 0.8 0.7

Setco Automotive Neutral 51 - 675 594 741 12.7 13.7 1.7 3.2 29.7 15.8 3.1 2.7 10.4 16.9 1.3 1.1

Tata Motors Neutral 458 - 132,205 259,686 273,957 13.0 13.4 25.9 29.5 17.7 15.5 2.3 2.0 8.0 9.0 0.7 0.7

TVS Motor Accumulate 311 330 14,754 11,263 13,122 6.9 8.5 9.2 15.0 33.8 20.7 7.7 6.1 22.7 29.6 1.2 1.0

Amara Raja Batteries Buy 862 1,076 14,723 4,690 5,429 17.5 17.5 28.5 35.3 30.3 24.4 7.0 5.8 23.1 25.9 3.0 2.6

Exide Industries Neutral 176 - 14,939 6,950 7,784 14.4 14.8 6.6 7.3 26.6 24.1 3.4 3.1 12.6 12.8 1.6 1.5

Apollo Tyres Buy 154 183 7,854 12,056 12,714 17.2 16.4 23.0 20.3 6.7 7.6 1.2 1.0 17.7 13.6 0.7 0.7

Ceat Buy 862 1,119 3,485 6,041 6,597 14.1 13.7 99.5 111.9 8.7 7.7 1.7 1.4 19.6 18.5 0.8 0.6

JK Tyres Neutral 90 - 2,041 7,446 7,669 15.2 14.0 19.6 18.4 4.6 4.9 1.2 1.0 25.2 19.5 0.7 0.6

Swaraj Engines Neutral 1,218 - 1,513 552 630 14.2 14.7 44.6 54.1 27.3 22.5 6.4 5.8 23.2 25.6 2.3 2.0

Subros Neutral 94 - 564 1,293 1,527 11.8 11.9 4.2 6.7 22.4 14.0 1.7 1.5 7.7 11.5 0.7 0.6

Indag Rubber Neutral 190 - 499 283 329 17.0 17.2 13.0 15.4 14.7 12.3 3.2 2.7 21.8 21.6 1.5 1.2

Capital Goods

ACE Neutral 45 - 449 660 839 4.7 8.2 1.0 3.9 45.4 11.6 1.4 1.3 3.2 11.3 0.8 0.6

BEML Buy 875 1,157 3,644 3,277 4,006 6.0 8.9 36.2 64.3 24.2 13.6 1.7 1.5 5.7 11.7 1.1 0.9

Bharat Electronics Buy 1,272 1,414 30,522 7,295 8,137 20.0 16.8 56.5 58.7 22.5 21.7 3.4 3.0 42.1 44.6 3.0 2.5


July 04, 2016

Stock Watch



Capital Goods

Voltas Buy 318 407 10,514 5,857 6,511 7.5 7.9 11.7 12.9 27.2 24.6 4.4 3.9 17.1 16.7 1.9 1.7

BGR Energy Neutral 118 - 850 3,615 3,181 9.5 9.4 16.7 12.4 7.1 9.5 0.7 0.7 10.0 7.0 0.6 0.8

BHEL Neutral 132 - 32,284 33,722 35,272 10.8 11.7 10.5 14.2 12.6 9.3 0.9 0.9 7.0 9.0 0.9 0.9

Blue Star Buy 437 495 3,927 3,770 4,351 5.7 6.4 11.4 17.2 38.2 25.4 5.9 5.5 18.4 23.1 1.0 0.9

Crompton Greaves Neutral 74 - 4,625 13,484 14,687 4.9 6.2 4.5 7.1 16.4 10.4 1.2 1.1 7.2 10.8 0.5 0.4

Greaves Cotton Neutral 138 - 3,371 1,655 1,755 16.6 16.8 7.4 7.8 18.7 17.7 3.7 3.5 21.1 20.6 2.0 1.9

Inox Wind Buy 238 286 5,274 4,406 5,605 15.5 15.7 20.4 24.8 11.7 9.6 2.7 2.0 27.9 25.9 1.3 1.0

KEC International Neutral 144 - 3,706 8,791 9,716 6.1 6.8 5.4 8.2 26.7 17.6 2.7 2.4 10.0 14.0 0.6 0.6

Thermax Neutral 853 - 10,161 6,413 7,525 7.4 8.5 30.5 39.3 28.0 21.7 4.3 3.7 15.0 17.0 1.4 1.1

VATech Wabag Neutral 598 - 3,260 2,722 3,336 7.9 8.1 19.5 24.6 30.7 24.3 3.2 2.9 11.1 12.4 1.3 1.1

Cement

ACC Neutral 1,615 - 30,330 13,151 14,757 16.4 18.3 63.9 83.4 25.3 19.4 3.3 3.0 13.3 16.1 2.0 1.7

Ambuja Cements Neutral 253 - 39,247 11,564 12,556 19.4 20.7 8.9 10.1 28.4 25.0 3.6 3.4 12.8 13.8 2.7 2.5

HeidelbergCement Neutral 116 - 2,623 1,772 1,926 13.3 15.4 1.0 3.0 115.8 38.6 2.9 2.7 2.6 7.9 1.9 1.7

India Cements Neutral 113 - 3,465 4,216 4,840 18.0 19.5 4.0 9.9 28.2 11.4 1.1 1.0 4.0 9.5 1.0 0.8

JK Cement Neutral 669 - 4,677 3,661 4,742 10.1 15.8 7.5 28.5 89.2 23.5 2.7 2.4 7.5 22.9 1.6 1.2

J K Lakshmi Cement Neutral 401 - 4,719 2,947 3,616 16.7 19.9 11.5 27.2 34.9 14.7 3.3 2.9 9.8 20.8 1.8 1.4

Mangalam Cements Neutral 310 - 826 1,053 1,347 10.5 13.3 8.4 26.0 36.9 11.9 1.6 1.4 4.3 12.5 1.1 0.8

Orient Cement Neutral 182 - 3,727 1,854 2,524 21.2 22.2 7.7 11.1 23.6 16.4 3.4 2.9 13.3 15.7 2.6 1.8

Ramco Cements Neutral 569 - 13,555 4,036 4,545 20.8 21.3 15.1 18.8 37.7 30.3 4.6 4.1 12.9 14.3 3.5 3.0

Shree Cement^ Neutral 14,800 - 51,559 7,150 8,742 26.7 28.6 228.0 345.5 64.9 42.8 9.6 8.0 15.7 20.3 6.4 5.1

UltraTech Cement Neutral 3,427 - 94,039 24,669 29,265 18.2 20.6 82.0 120.0 41.8 28.6 4.5 3.9 11.3 14.7 3.6 3.1

Construction

ITNL Buy 81 93 2,651 7,360 8,682 34.0 32.2 7.0 8.6 11.5 9.4 0.4 0.4 3.2 2.5 3.7 3.5

KNR Constructions Neutral 553 - 1,555 937 1,470 14.3 14.0 44.2 38.6 12.5 14.3 2.5 2.2 15.4 15.4 1.8 1.2

Larsen & Toubro Buy 1,541 1,700 143,590 58,870 65,708 8.3 10.3 42.0 53.0 36.7 29.1 2.5 2.3 8.8 11.2 2.5 2.3

Gujarat Pipavav Port Neutral 162 - 7,841 629 684 51.0 52.2 6.4 5.9 25.3 27.5 3.3 3.1 15.9 12.7 11.8 10.7

MBL Infrastructures Buy 121 285 503 2,313 2,797 12.2 14.6 19.0 20.0 6.4 6.1 0.7 0.6 11.3 10.6 0.9 0.8

Nagarjuna Const. Neutral 76 - 4,228 7,892 8,842 8.8 9.1 3.0 5.3 25.4 14.4 1.3 1.2 5.0 8.5 0.7 0.6

PNC Infratech Neutral 567 - 2,908 1,873 2,288 13.2 13.5 24.0 32.0 23.6 17.7 2.3 2.0 12.1 12.3 1.6 1.3

Simplex Infra Neutral 271 - 1,341 5,955 6,829 10.3 10.5 16.0 31.0 16.9 8.7 0.9 0.8 5.3 9.9 0.7 0.6


July 04, 2016

Stock Watch



Construction

Power Mech Projects Neutral 548 - 805 1,539 1,801 12.8 12.7 59.0 72.1 9.3 7.6 1.4 1.2 18.6 16.8 0.6 0.5

Sadbhav Engineering Accumulate 284 298 4,863 3,186 3,598 10.2 10.3 8.0 9.0 35.4 31.5 3.3 2.9 9.4 9.9 1.8 1.6

NBCC Accumulate 193 220 11,565 5,838 7,428 6.0 7.9 5.2 8.2 37.1 23.5 1.2 0.9 21.9 28.2 1.8 1.3

MEP Infra Neutral 44 - 712 1,956 1,876 28.1 30.5 1.3 3.0 33.7 14.6 7.1 4.8 21.2 32.8 1.7 1.7

SIPL Neutral 99 - 3,487 675 1,042 62.4 64.7 - - 3.7 4.2 - - 16.7 11.3

Engineers India Neutral 209 - 7,057 1,667 1,725 13.5 16.0 9.7 11.4 21.6 18.4 2.5 2.5 11.7 13.4 2.7 2.7

Financials

Allahabad Bank Neutral 69 - 5,021 8,569 9,392 2.8 2.9 16.3 27.5 4.3 2.5 0.4 0.3 7.6 11.9 - -

Axis Bank Neutral 543 - 129,553 26,204 29,738 3.6 3.5 34.5 35.4 15.7 15.3 2.5 2.2 16.8 14.9 - -

Bank of Baroda Neutral 157 - 36,072 18,802 21,088 2.0 2.2 (7.4) 13.0 12.0 1.3 1.0 (4.2) 7.3 - -

Bank of India Neutral 104 - 9,733 15,972 17,271 1.9 2.0 15.3 33.4 6.8 3.1 0.3 0.3 3.6 7.6 - -

Canara Bank Neutral 219 - 11,873 15,441 16,945 2.0 2.1 46.6 70.4 4.7 3.1 0.4 0.4 8.0 11.2 - -

Dena Bank Neutral 39 - 2,624 3,440 3,840 2.1 2.3 7.3 10.0 5.4 3.9 0.4 0.3 6.1 7.9 - -

Dewan Housing Finance Buy 208 270 6,068 1,828 2,225 2.9 3.0 24.9 29.7 8.4 7.0 1.3 1.1 15.1 16.1 - -

Equitas Holdings Buy 184 235 6,163 679 1,076 12.4 11.7 6.2 6.7 29.7 27.4 3.7 2.7 13.3 12.5 - -

Federal Bank Neutral 59 - 10,146 3,279 3,787 2.8 2.9 3.9 5.5 15.0 10.7 1.2 1.1 8.4 10.8 - -

HDFC Neutral 1,245 - 196,775 10,358 11,852 3.3 3.3 41.1 47.0 30.3 26.5 5.8 5.2 24.7 24.9 - -

HDFC Bank Accumulate 1,174 1,262 297,201 38,606 47,696 4.4 4.5 48.8 61.4 24.1 19.1 4.1 3.6 18.7 20.0 - -

ICICI Bank Neutral 240 - 139,839 34,279 39,262 3.3 3.3 21.0 24.4 11.5 9.9 1.9 1.6 14.4 14.7 - -

IDBI Bank Neutral 71 - 14,607 9,625 10,455 1.8 1.8 8.5 14.2 8.3 5.0 0.5 0.5 5.9 9.3 - -

Indian Bank Neutral 142 - 6,799 6,160 6,858 2.5 2.5 24.5 29.8 5.8 4.7 0.5 0.4 7.7 8.6 - -

LIC Housing Finance Buy 499 592 25,163 3,179 3,758 2.6 2.6 32.9 40.6 15.2 12.3 2.8 2.4 19.6 20.7 - -

Oriental Bank Neutral 111 - 3,830 7,643 8,373 2.4 2.4 37.2 45.4 3.0 2.4 0.3 0.2 8.2 9.4 - -

Punjab Natl.Bank Neutral 105 - 20,667 23,122 26,022 2.8 2.8 7.0 21.6 15.1 4.9 0.8 0.7 3.4 10.0 - -

South Ind.Bank Neutral 20 - 2,707 1,965 2,185 2.5 2.5 2.5 3.3 8.1 6.1 0.8 0.7 9.5 11.7 - -

St Bk of India Neutral 220 - 170,509 79,958 86,061 2.6 2.6 13.4 20.7 16.4 10.6 1.3 1.3 11.5 12.8 - -

Union Bank Neutral 132 - 9,060 12,646 14,129 2.3 2.4 31.0 39.1 4.3 3.4 0.5 0.4 9.8 11.4 - -

Vijaya Bank Neutral 37 - 3,716 3,536 3,827 1.9 1.9 5.5 6.7 6.7 5.6 0.6 0.5 7.8 8.8 - -

Yes Bank Neutral 1,130 - 47,569 7,190 9,011 3.2 3.3 58.2 69.7 19.4 16.2 3.5 3.0 19.2 19.6 - -

FMCG

Asian Paints Neutral 1,002 - 96,145 15,534 17,445 17.7 16.8 18.4 19.6 54.6 51.1 19.3 18.2 34.6 35.6 6.2 5.5


July 04, 2016

Stock Watch



FMCG

Britannia Neutral 2,804 - 33,637 8,481 9,795 14.0 14.1 65.5 78.3 42.8 35.8 20.3 16.6 38.3 41.2 3.8 3.3

Colgate Neutral 920 - 25,028 4,136 4,632 22.5 23.3 22.2 25.3 41.5 36.4 25.2 22.4 68.6 67.5 5.6 5.0

Dabur India Neutral 311 - 54,657 9,370 10,265 17.6 17.3 7.3 8.1 42.4 38.4 11.0 10.1 31.7 30.6 5.6 5.1

GlaxoSmith Con* Accumulate 6,057 6,118 25,471 4,519 5,142 19.6 19.8 164.3 191.2 36.9 31.7 10.2 8.7 30.8 29.9 4.7 4.1

Godrej Consumer Neutral 1,622 - 55,224 9,003 10,335 18.1 18.7 34.1 41.8 47.6 38.8 10.3 8.8 23.9 24.8 6.1 5.3

HUL Neutral 898 - 194,371 33,299 35,497 17.1 17.1 18.9 20.0 47.5 44.9 41.7 36.3 87.6 80.8 5.6 5.2

ITC Accumulate 252 380 304,607 36,837 39,726 38.8 38.7 12.2 13.5 20.6 18.7 5.8 5.0 27.8 26.9 7.2 6.7

Marico Neutral 267 - 34,506 6,151 6,966 17.2 17.3 5.4 6.4 49.5 41.8 15.6 12.3 33.2 32.4 5.2 4.6

Nestle* Neutral 6,507 - 62,742 9,393 10,507 22.2 22.3 106.8 121.8 60.9 53.4 21.4 19.3 34.8 36.7 6.2 5.6

Tata Global Accumulate 135 137 8,514 8,635 9,072 9.8 9.9 5.8 7.2 23.3 18.7 2.1 2.0 6.8 7.4 0.9 0.9Procter & Gamble Hygiene Buy 6,245 7,369 20,273 2,588 2,939 23.3 23.2 130.2 146.2 48.0 42.7 95.6 91.7 27.6 25.3 7.4 6.4

IT

HCL Tech^ Buy 731 1,000 103,183 37,061 30,781 21.5 20.5 51.4 40.0 14.2 18.3 3.7 2.7 20.1 20.3 2.5 2.7

Infosys Accumulate 1,172 1,374 269,225 62,441 70,558 27.5 27.5 59.0 65.3 19.9 18.0 4.0 3.6 22.2 22.4 4.1 3.5

TCS Accumulate 2,502 3,004 492,962 108,646 122,770 28.3 28.3 123.7 141.0 20.2 17.7 6.7 6.1 33.1 34.6 4.3 3.7

Tech Mahindra Buy 512 700 49,671 26,494 30,347 16.3 17.0 32.2 37.5 15.9 13.6 3.5 3.0 21.7 21.8 1.8 1.5

Wipro Buy 558 680 137,977 50,808 56,189 23.7 23.8 37.3 40.7 15.0 13.7 2.9 2.6 19.2 17.7 2.1 1.7

Media

D B Corp Neutral 379 - 6,965 2,025 2,187 27.4 27.4 17.4 18.9 21.8 20.1 4.9 4.5 22.9 23.7 3.4 3.1

HT Media Neutral 78 - 1,814 2,495 2,673 12.9 13.2 6.8 7.2 11.5 10.8 0.9 0.8 7.5 7.8 0.3 0.3

Jagran Prakashan Buy 179 205 5,860 2,107 2,355 33.5 28.0 10.1 10.8 17.8 16.6 4.2 3.6 23.3 21.7 2.7 2.4

Sun TV Network Neutral 370 - 14,585 2,510 2,763 71.8 71.5 21.9 24.8 16.9 14.9 4.0 3.6 22.8 24.3 5.2 4.7Hindustan Media Ventures Neutral 272 - 1,996 914 1,016 21.7 21.5 21.9 23.3 12.4 11.7 2.2 1.9 18.0 16.2 1.6 1.4

Metals & Mining

Coal India Buy 310 380 195,870 76,167 84,130 19.9 22.3 22.4 25.8 13.8 12.0 5.0 4.9 35.5 41.0 1.9 1.7

Hind. Zinc Neutral 177 - 74,957 14,641 14,026 50.4 50.4 17.7 16.0 10.1 11.1 1.5 1.4 16.2 13.2 2.5 2.3

Hindalco Neutral 125 - 25,771 104,356 111,186 8.7 9.5 6.7 11.1 18.6 11.3 0.7 0.6 3.5 5.9 0.7 0.7

JSW Steel Neutral 1,464 - 35,386 42,308 45,147 16.4 20.7 (10.3) 49.5 29.6 1.6 1.6 (1.0) 5.6 1.8 1.7

NMDC Neutral 94 - 37,407 8,237 10,893 46.6 44.5 10.0 11.7 9.5 8.1 1.1 0.9 12.5 13.0 4.1 3.1

SAIL Neutral 46 - 19,060 45,915 53,954 7.2 10.5 1.5 4.4 30.6 10.5 0.4 0.4 2.3 4.1 1.0 0.9

Vedanta Neutral 135 - 40,083 71,445 81,910 26.2 26.3 12.9 19.2 10.5 7.1 0.7 0.7 7.2 8.9 0.9 0.7

Tata Steel Neutral 327 - 31,793 126,760 137,307 8.9 11.3 6.4 23.1 51.5 14.2 1.0 1.0 2.0 7.1 0.8 0.8


July 04, 2016

Stock Watch



Oil & Gas

Cairn India Neutral 145 - 27,101 11,323 12,490 49.4 51.0 20.7 20.7 7.0 7.0 0.5 0.4 6.4 6.1 1.4 0.8

GAIL Neutral 395 - 50,137 64,856 70,933 9.1 9.6 24.0 28.9 16.5 13.7 1.4 1.3 8.8 9.6 0.9 0.8

ONGC Neutral 224 - 191,942 154,564 145,998 36.8 37.4 20.8 22.6 10.8 9.9 1.0 1.0 10.1 9.7 1.4 1.5

Petronet LNG Neutral 298 - 22,380 29,691 31,188 5.8 6.2 12.8 13.4 23.3 22.2 3.5 3.1 15.8 14.8 0.8 0.7

Indian Oil Corp Accumulate 474 455 115,158 359,607 402,760 5.9 6.1 42.5 48.7 11.2 9.7 1.5 1.3 14.1 14.4 0.4 0.3

Reliance Industries Buy 974 1,150 315,701 304,775 344,392 12.6 13.4 91.3 102.6 10.7 9.5 1.2 1.1 11.8 12.0 0.9 0.8

Pharmaceuticals

Alembic Pharma Neutral 582 - 10,966 3,274 3,802 26.9 19.4 35.0 28.7 16.6 20.3 7.4 5.6 55.6 31.2 3.2 2.7

Aurobindo Pharma Accumulate 745 856 43,595 14,923 17,162 22.0 23.0 35.7 42.8 20.9 17.4 6.1 4.6 34.0 30.2 3.5 3.0

Aventis* Accumulate 4,654 4,738 10,719 2,049 2,375 15.4 17.3 115.4 153.5 40.3 30.3 6.6 5.1 19.3 25.8 4.6 3.9

Cadila Healthcare Buy 328 400 33,604 9,469 11,246 21.2 22.0 14.9 17.1 22.0 19.2 6.3 4.9 28.8 26.6 3.4 2.9

Cipla Buy 508 605 40,813 13,979 16,447 20.2 18.6 25.7 27.5 19.8 18.5 3.2 2.8 17.6 16.1 2.7 2.2

Dr Reddy's Accumulate 3,477 3,476 59,301 15,471 17,479 24.6 24.6 138.2 152.4 25.2 22.8 4.6 4.0 19.7 18.7 3.4 3.0

Dishman Pharma Neutral 142 - 2,293 1,733 1,906 21.5 21.5 10.1 10.0 14.1 14.2 1.7 1.5 10.5 11.2 1.9 1.7

GSK Pharma* Neutral 3,469 - 29,382 2,870 3,158 20.0 22.1 59.5 68.3 58.3 50.8 17.2 17.7 28.5 34.3 9.9 9.1

Indoco Remedies Neutral 275 - 2,534 1,033 1,199 15.9 18.2 9.4 13.6 29.3 20.2 4.3 3.7 15.7 19.7 2.6 2.3

Ipca labs Buy 488 750 6,151 3,363 3,909 12.9 18.6 13.4 28.0 36.4 17.4 2.6 2.3 7.4 14.0 1.9 1.6

Lupin Buy 1,548 1,809 69,803 13,702 15,912 23.7 26.4 50.5 58.1 30.7 26.7 6.3 5.2 22.9 21.4 5.2 4.2

Sun Pharma Buy 764 950 183,871 28,163 32,610 25.8 30.7 17.4 26.9 43.9 28.4 4.2 3.6 13.0 16.6 5.8 4.8

Power

Tata Power Neutral 74 - 20,109 35,923 37,402 22.6 22.8 4.1 5.2 18.3 14.4 1.4 1.3 7.5 9.3 1.5 1.4

NTPC Neutral 156 - 128,794 87,271 99,297 23.5 23.5 11.8 13.3 13.3 11.8 1.5 1.4 11.5 12.2 2.4 2.2

Power Grid Accumulate 165 170 86,374 20,702 23,361 86.7 86.4 12.1 13.2 13.7 12.5 2.0 1.8 15.6 15.1 8.7 8.1

Real Estate

MLIFE Buy 467 554 1,915 826 1,011 20.1 21.9 22.7 30.7 20.6 15.2 1.2 1.1 6.0 7.4 4.1 3.1

Telecom

Bharti Airtel Neutral 369 - 147,404 101,748 109,191 32.1 31.7 12.0 12.5 30.7 29.5 2.1 2.0 6.9 6.7 2.0 1.9

Idea Cellular Neutral 106 - 38,187 34,282 36,941 32.0 31.5 5.9 6.2 18.0 17.1 1.7 1.5 9.9 9.3 1.7 1.6

zOthers

Abbott India Neutral 4,711 - 10,011 2,715 3,153 14.5 14.1 134.3 152.2 35.1 31.0 8.8 7.2 27.4 25.6 3.3 2.8

Bajaj Electricals Buy 245 268 2,476 4,612 5,351 5.6 5.7 23.4 18.0 10.5 13.7 3.2 2.9 12.5 14.4 0.5 0.4

Finolex Cables Neutral 361 - 5,523 2,520 2,883 12.2 12.0 12.7 14.2 28.5 25.4 3.9 3.4 13.6 13.5 1.9 1.6

Goodyear India* Accumulate 532 582 1,227 1,800 1,600 11.7 11.5 58.7 52.9 9.1 10.1 2.0 1.8 24.6 18.7 0.4 0.4

Hitachi Neutral 1,377 - 3,744 1,779 2,081 7.8 8.8 21.8 33.4 63.2 41.2 10.2 8.3 17.4 22.1 2.0 1.7


July 04, 2016

Stock Watch



zOthers

Jyothy Laboratories Neutral 300 - 5,435 1,620 1,847 11.5 11.5 7.3 8.5 41.2 35.4 5.3 4.9 13.3 14.4 3.1 2.7

MRF Buy 33,630 45,575 14,263 20,316 14,488 21.4 21.1 5,488.0 3,798.0 6.1 8.9 2.1 1.7 41.1 21.2 0.6 0.9

Page Industries Neutral 14,060 - 15,682 1,929 2,450 19.8 20.1 229.9 299.0 61.2 47.0 27.0 18.8 52.1 47.1 8.2 6.4

Relaxo Footwears Neutral 497 - 5,966 1,767 2,152 12.3 12.5 19.3 25.1 25.8 19.8 6.3 4.9 27.7 27.8 3.0 2.5

Siyaram Silk Mills Buy 1,122 1,347 1,052 1,619 1,799 11.6 11.6 93.5 104.9 12.0 10.7 2.1 1.8 17.1 16.4 0.8 0.8

Styrolution ABS India* Neutral 641 - 1,127 1,271 1,440 8.6 9.2 32.0 41.1 20.0 15.6 2.0 1.8 10.7 12.4 0.8 0.7

TVS Srichakra Buy 2,356 2,932 1,804 2,035 2,252 15.9 15.3 248.6 268.1 9.5 8.8 4.1 3.0 43.6 33.9 0.9 0.8

HSIL Accumulate 273 310 1,977 2,123 2,384 16.1 16.5 15.0 18.9 18.2 14.5 1.4 1.3 8.0 9.4 1.3 1.1Kirloskar Engines India Ltd Neutral 268 - 3,876 2,403 2,554 8.6 9.9 9.2 10.5 29.2 25.6 2.8 2.7 9.7 10.7 1.2 1.1

M M Forgings Buy 450 546 543 511 615 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) Neutral 158 - 1,127 1,208 1,353 11.0 12.3 10.8 14.5 14.6 10.9 1.7 1.5 11.9 14.5 0.8 0.7

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

Nilkamal Neutral 1,228 - 1,832 1,871 2,031 10.7 10.5 63.2 69.8 19.4 17.6 3.2 2.7 17.6 16.6 1.0 0.9

Visaka Industries Buy 158 162 251 1,020 1,120 8.7 9.1 13.9 20.1 11.4 7.9 0.7 0.7 6.4 8.7 0.4 0.4Transport Corporation of India Neutral 316 - 2,419 2,830 3,350 8.8 9.0 14.4 18.3 22.0 17.3 3.4 3.0 15.4 17.1 0.9 0.8

Elecon Engineering Neutral 65 - 705 1,359 1,482 10.3 13.7 0.8 3.9 80.6 16.6 1.3 1.3 1.6 7.8 0.8 0.7

Surya Roshni Buy 167 201 733 2,992 3,223 8.1 8.4 14.7 18.3 11.4 9.1 1.1 1.0 9.7 11.0 0.5 0.5

MT Educare Neutral 167 - 665 286 366 18.3 17.7 7.7 9.4 21.6 17.8 4.6 4.0 20.2 21.1 2.4 1.8

Radico Khaitan Buy 93 125 1,234 1,543 1,659 12.6 13.0 5.8 6.3 16.1 14.6 1.4 1.3 8.5 8.6 1.3 1.2

Garware Wall Ropes Buy 390 460 853 828 898 11.2 10.3 28.3 29.0 13.8 13.4 2.3 2.0 16.8 14.9 0.9 0.8

Wonderla Holidays Neutral 402 - 2,274 206 308 44.0 43.6 9.0 12.9 44.7 31.2 6.1 5.5 13.7 17.8 10.4 6.9

Linc Pen & Plastics Accumulate 245 235 362 344 382 9.1 9.1 12.4 13.1 19.8 18.7 3.6 3.1 18.0 16.7 1.0 0.9

The Byke Hospitality Neutral 160 - 640 222 287 20.5 20.5 5.6 7.6 28.3 21.1 5.3 4.4 18.9 20.8 3.1 2.4

Interglobe Aviation Neutral 1,012 - 36,482 17,022 21,122 20.7 14.5 63.9 53.7 15.8 18.9 23.7 19.5 149.9 103.2 2.1 1.7Coffee Day Enterprises Ltd Neutral 260 - 5,352 2,692 2,964 17.0 18.6 - 4.7 - 54.8 3.2 3.0 0.2 5.5 2.4 2.2

Navneet Education Neutral 98 - 2,323 998 1,062 24.1 24.0 5.8 6.1 17.0 16.0 3.7 3.3 22.0 20.6 2.1 2.0

Navkar Corporation Buy 213 265 3,041 347 408 43.2 42.9 6.7 6.8 32.0 31.5 2.3 2.2 7.3 6.9 8.7 7.9

UFO Moviez Neutral 570 - 1,574 558 619 32.0 33.2 22.5 30.0 25.3 19.0 3.0 2.6 12.0 13.8 2.5 2.1

VRL Logistics Neutral 313 - 2,856 1,725 1,902 16.5 16.7 12.2 14.6 25.7 21.5 5.4 4.7 20.8 21.9 1.6 1.4


July 04, 2016

Stock Watch



zOthers

Team Lease Serv. Neutral 1,083 - 1,851 2,565 3,229 1.3 1.5 15.2 22.8 71.3 47.6 5.7 5.1 8.0 10.7 0.5 0.4

S H Kelkar & Co. Neutral 213 - 3,080 928 1,036 15.3 15.1 4.9 6.1 43.1 34.9 4.0 3.7 9.4 10.7 3.2 2.8

Quick Heal Neutral 268 - 1,878 339 408 27.8 27.3 7.1 7.7 37.9 34.6 3.2 3.2 8.5 9.3 3.8 3.2

Narayana Hrudaya Neutral 313 - 6,401 1,603 1,873 10.9 11.5 1.0 2.6 328.8 118.4 7.9 7.3 2.4 6.1 4.1 3.5

Manpasand Bever. Neutral 567 - 2,839 540 836 19.9 19.6 10.2 16.9 55.4 33.6 4.5 4.0 8.1 12.0 4.7 3.0

Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on July 02, 2016


July 04, 2016

Stock Watch

Research Team Tel: 022 - 39357800 E-mail: [email protected] 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, Bombay Stock Exchange Limited and Metropolitian Stock Exchange of India Limited. It is also registered as a Depository Participant with CDSL and Portfolio Manager with SEBI. It also has registration with AMFI as a Mutual Fund Distributor. Angel Broking Private Limited is a registered entity with SEBI for Research Analyst in terms of SEBI (Research Analyst) Regulations, 2014 vide registration number INH000000164. Angel or its associates has not been debarred/ suspended by SEBI or any other regulatory authority for accessing /dealing in securities Market. Angel or its associates including its relatives/analyst do not hold any financial interest/beneficial ownership of more than 1% in the company covered by Analyst. Angel or its associates/analyst has not received any compensation / managed or co-managed public offering of securities of the company covered by Analyst during the past twelve months. Angel/analyst has not served as an officer, director or employee of company covered by Analyst and has not been engaged in market making activity of the company covered by Analyst.

This document is solely for the personal information of the recipient, and must not be singularly used as the basis of any investment decision. Nothing in this document should be construed as investment or financial advice. Each recipient of this document should make such investigations as they deem necessary to arrive at an independent evaluation of an investment in the securities of the companies referred to in this document (including the merits and risks involved), and should consult their own advisors to determine the merits and risks of such an investment.

Reports based on technical and derivative analysis center on studying charts of a stock's price movement, outstanding positions and trading volume, as opposed to focusing on a company's fundamentals and, as such, may not match with a report on a company's fundamentals.

The information in this document has been printed on the basis of publicly available information, internal data and other reliable sources believed to be true, but we do not represent that it is accurate or complete and it should not be relied on as such, as this document is for general guidance only. Angel Broking Pvt. Limited or any of its affiliates/ group companies shall not be in any way responsible for any loss or damage that may arise to any person from any inadvertent error in the information contained in this report. Angel Broking Pvt. Limited has not independently verified all the information contained within this document. Accordingly, we cannot testify, nor make any representation or warranty, express or implied, to the accuracy, contents or data contained within this document. While Angel Broking Pvt. Limited endeavors to update on a reasonable basis the information discussed in this material, there may be regulatory, compliance, or other reasons that prevent us from doing so.

This document is being supplied to you solely for your information, and its contents, information or data may not be reproduced, redistributed or passed on, directly or indirectly.

Neither Angel Broking Pvt. Limited, nor its directors, employees or affiliates shall be liable for any loss or damage that may arise from or in connection with the use of this information.

Note: Please refer to the important ‘Stock Holding Disclosure' report on the Angel website (Research Section). Also, please refer to the latest update on respective stocks for the disclosure status in respect of those stocks. Angel Broking Pvt. Limited and its affiliates may have investment positions in the stocks recommended in this report.


Market OutlookJuly 04, 2016

market outlook - angel...

Documents