market outlook - angel...
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Market Outlook
January 03, 2018
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Market Cues
Indian markets are likely to open positive tracking global indices and SGX Nifty.
US stocks have moved mostly higher on the first trading day of the New Year,
adding to the strong gains posted in 2017. The major averages have all moved to
the upside, with the tech-heavy Nasdaq showing a particularly strong upward move.
The Dow Jones is up 0.4% to close at 24,824and the Nasdaq Composite or 1.5%,
to 7,007.
U.K. shares fell on profit despite positive manufacturing data from China and
ebbing tensions on the Korean Peninsula. The FTSE 100 is down by 0.5% to close at
7,648.
On domestic front, Indian shares may open slightly higher as the dollar remains in
the doldrums. Positive global cues may also offer a helping hand while higher levels
may trigger some profit taking ahead of corporate results and amid soaring global
crude prices. The Sensex ended on a flat note at 33,812.The Nifty ended at 10,442,
having a slightly upside of 0.1%.
News Analysis
Neelkamal Ltd. – Buy- CMP: 1880 TP: 2178 Upside : 16%
Detailed analysis on Pg2
Investor’s Ready Reckoner
Key Domestic & Global Indicators
Stock Watch: Latest investment recommendations on 150+ stocks
Refer Pg5 onwards
Top Picks
Company Sector Rating CMP
(`)
Target
(`)
Upside
(%)
Blue Star Capital Goods Accumulate 818 867 6.0
Dewan Housing Finance Financials Buy 583 712 22.0
Asian Granito Other Accumulate 569 639 12.4
Navkar Corporation Other Buy 189 265 40.1
KEI Industries Capital Goods Buy 373 436 16.9
More Top Picks on Pg4
Key Upcoming Events
Date Region Event Description Previous
Reading
Consensus
Expectations
Jan03 US Initial Jobless claims 245.00 247.50
Jan04 Germany Unemployment change (000's) (18.00) (13.00)
Jan04 Germany PMI Services 55.80 55.80
Jan05 Euro Zone Euro-Zone Consumer Confidence 0.50
Jan05 US Change in Nonfarm payrolls 228.00 188.00
More Events on Pg7
Domestic Indices Chg (%) (Pts) (Close)
BSE Sensex (0.0) (0) 33,812
Nifty 0.1 7 10,442
Mid Cap (0.6) (110) 17,725
Small Cap (0.6) (122) 19,158
Bankex (0.2) (50) 28,589
Global Indices Chg (%) (Pts) (Close)
Dow Jones 0.4 105 24,824
Nasdaq 1.5 104 7,007
FTSE (0.5) (40) 7,648
Nikkei (0.1) (19) 22,765
Hang Seng 0.5 144 30,659
Shanghai Com 0.7 24 3,372
Advances / Declines BSE NSE
Advances 1,131 647
Declines 1,736 1,164
Unchanged 108 44
Volumes (` Cr)
BSE 5,009
NSE 31,951
Net Inflows (` Cr) Net Mtd Ytd
FII (11) (11) -11
*MFs 1,012 6,114 1,16,352
Top Gainers Price (`) Chg (%)
Advenzymes 311 11.5
Nmdc 149 5.6
Videoind 22 4.9
Redington 185 4.4
Dishtv 85 4.3
Top Losers Price (`) Chg (%)
Rcom 32 (8.6)
Rnaval 60 (8.4)
Rpower 57 (6.0)
Unitech 11 (5.3)
Ifci 29 (5.1)
As on January 02 2018
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Market Outlook
January 03, 2018
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News Analysis
Neelkamal Ltd. – Buy- CMP: 1880 TP: 2178 Upside: 16%
About Company: Nilkamal Ltd is engaged in the manufacturing of plastic products
and retail sales. The company has three divisions, viz plastics, lifestyle furniture,
and furnishings & accessories.Nilkamal’s manufacturing plants are located at
Barjora in West Bengal, Hosur in Tamil Nadu, Jammu, Kharadapada and Vasona
in Dadra & Nagar Haveli, Noida in UP, Sinnor and Nashik in Maharashtra and in
Pudducherry.
Outlook and Valuation: We forecast Nilkamal to report healthy top-line CAGR of
~9% to `2,635cr over FY17-20E on the back of healthy demand growth in plastic
division. On the bottom-line front (reported PAT), we estimate ~10% CAGR to
`162cr owing to healthy improvement in volume. Further, healthy margin and
lower interest cost to aid the profitabitly. We initiate coverage on Nilkamal with a
Buy recommendation and target price of `2,178 (20x FY2020E EPS), indicating an
upside of ~16% from the current levels.
Y/E March (` cr) FY2016 FY2017 FY2018E FY2019E FY2020E
Net Sales 1,926 2,024 2,097 2,333 2,635
% chg 1.7 5.1 3.6 11.3 12.9
Net Profit 114 123 123 141 162
% chg 126.0 7.4 0.7 14.6 15.0
OPM (%) 11.9 11.4 11.3 11.3 11.2
EPS (Rs) 76.4 82.1 82.7 94.7 108.9
P/E (x) 24.6 22.9 22.7 19.8 17.3
P/BV (x) 4.5 3.8 3.3 2.8 2.4
RoE (%) 18.2 16.5 14.4 14.2 14.1
RoCE (%) 23.9 22.0 19.2 19.6 19.7
EV/Sales (x) 1.5 1.4 1.3 1.2 1.0
EV/EBITDA (x) 12.4 12.2 11.9 10.6 9.3
Economic and Political News
Finance Ministry to relaunch GoI bonds with 7.75% rate
Budget 2018: Education sector to get a boost by up to 14%
India's GDP growth at 6.5% in FY18, will accelerate to 7.6% in FY20
Corporate News
Mahindra tractor sales up 30% in December at 18,288 units
Airtel counters Jio with updated Rs 799 pack offering 3.5 GB data per day
Tata Motors total sales jump 52% to 54,627 units in December
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Market Outlook
January 03, 2018
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Top Picks HHHHH
Company Market Cap
(` Cr)
CMP
(`)
Target
(`)
Upside
(%) Rationale
Alkem Laboratories 26,305 2,200 2,341 6.4
Strong growth in domestic business due to its leade`hip
in acute therapeutic segment. Alkem expects to launch
more products in USA, which bodes for its international
business.
Asian Granito 1,710 569 639 12.4
We expect the company would report strong profitability
owing to better product mix, higher B2C sales and
amalgamation synergy.
Blue Star 7,844 818 867 6.0
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.
Dewan Housing Finance 18,296 583 712 22.0
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.
Karur Vysya Bank 8,775 122 180 48.0
Loan growth is likely to pick up after a sluggish FY17.
Lower credit cost will help in strong bottom-line growth.
Increasing share of CASA will help in NIM
improvement.
KEI Industries 2,922 373 436 16.9
High order book execution in EPC segment, rising B2C
sales and higher exports to boost the revenues and
profitability
Music Broadcast 2,178 382 434 13.7 Expected to benefit from the lower capex requirement
and 15 year long radio broadcast licensing.
Navkar Corporation 2,846 189 265 40.1 Massive capacity expansion along with rail advantage
at ICD as well CFS augur well for the company
Siyaram Silk Mills 3,373 720 813 13.0
Strong brands and distribution network would boost
growth going ahead. Stock currently trades at an
inexpensive valuation.
TV Today Network 2,556 429 500 16.7
Market leadership in Hindi news genre and no. 2
viewership ranking in English news genre, exit from the
radio business, and anticipated growth in ad spends by
corporate to benefit the stock.
Maruti Suzuki 2,88,340 9,545 10,619 11.3
After GST, the company is expected to see higher
volumes along with improving product mix. The Gujarat
plant will also enable higher operating leverage which
will be margin accretive.
GIC Housing
2,456 456 655 43.6
We expect loan book to grow at 24.3% over next two
year; change in borrowing mix will help in NIM
improvement
Century Plyboards India 7,528 339 400 18.0
We expect CPIL to report net Revenue/PAT CAGR of
~17%/16% over FY2017-20E mainly due to healthy
growth in plywood & lamination business, forayed into
MDF & Particle boards on back of strong brand &
distribution network.
LT Foods 2,899 91 102 12.5
We expect sales/PAT to grow at 13.5%/20% over next
two years on the back of strong distribution network &
addition of new products in portfolio.
Ruchira Papers
449 200 244 22.0
We expect sales/PAT to grow at 13%/16% over next two
years on the back of strong healthy demand in writing
& printing paper and Kraft paper. Further, China had
banned making paper from waste pulp which would
benefit Indian paper companies.
Source: Company, Angel Research
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Market Outlook
January 03, 2018
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Key Upcoming Events
Global economic events release calendar
Date Time Country Event Description Unit Period
Bloomberg Data
Last Reported Estimated
Jan 03, 2018 7:00 PM US Initial Jobless claims Thousands Dec 30 245.00 247.50
Jan 04, 2018 2:25 PM Germany Unemployment change (000's) Thousands Dec (18.00) (13.00)
2:25 PM Germany PMI Services Value Dec F 55.80 55.80
Jan 05, 2018 3:30 PM Euro Zone Euro-Zone Consumer Confidence Value Dec F 0.50
7:00 PM US Change in Nonfarm payrolls Thousands Dec 228.00 188.00
Jan 08, 2018 7:00 PM US Unnemployment rate % Dec 4.10 4.10
Jan 10, 2018 3:00 PM UK Industrial Production (YoY) % Change Nov 3.60
India Imports YoY% % Change Dec 19.60
India Exports YoY% % Change Dec 30.60
7:00 AM China Consumer Price Index (YoY) % Change Dec 1.70 1.90
Jan 11, 2018
US Producer Price Index (mom) % Change Dec 1.40
Jan 12, 2018
China Exports YoY% % Change Dec 12.30 10.00
7:00 PM US Consumer price index (mom) % Change Dec 0.40 0.20
Jan 15, 2018 12:00 PM India Monthly Wholesale Prices YoY% % Change Dec 3.93
Jan 16, 2018 3:00 PM UK CPI (YoY) % Change Dec 3.10
Jan 17, 2018 7:45 PM US Industrial Production % Dec 0.20
3:30 PM Euro Zone Euro-Zone CPI (YoY) % Dec F 1.50
Jan 18, 2018 7:00 PM US Housing Starts Thousands Dec 1,297.00
7:00 PM US Building permits Thousands Dec 1,303.00
7:30 AM China Industrial Production (YoY) % Change Dec 6.10
7:30 AM China Real GDP (YoY) % Change 4Q 6.80
Jan 24, 2018 8:30 PM US Existing home sales Million Dec 5.81
3:00 PM UK Jobless claims change % Change Dec 5.90
Jan 25, 2018 8:30 PM US New home sales Thousands Dec 733.00
Source: Bloomberg, Angel Research
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Market Outlook
January 03, 2018
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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
Source: Bloomberg, Angel Research
Exhibit 6: Key policy rates
Source: RBI, Angel Research
6.1
7.3 7.6
8.0
7.2
9.1
7.9
7.5
7.0
6.1
5.7
6.3
3.0
4.0
5.0
6.0
7.0
8.0
9.0
10.0
3Q
FY15
4Q
FY15
1Q
FY16
2Q
FY16
3Q
FY16
4Q
FY16
1Q
FY17
2Q
FY17
3Q
FY17
4Q
FY17
1Q
FY18
2Q
FY18
(%)
2.4
3.5
1.2
4.4
3.2
2.9
(0.3)
1.0
4.5
4.1
2.2
(1.0)
-
1.0
2.0
3.0
4.0
5.0
Dec-16
Jan-17
Feb-17
Mar-17
Apr-17
May-17
Jun-17
Jul-17
Aug-17
Sep-17
Oct-17
(%)
3.4 3.2
3.7 3.9
3.0
2.2
1.5
2.4
3.3 3.3
3.6
4.9
-
1.0
2.0
3.0
4.0
5.0
6.0
Dec-16
Jan-17
Feb-17
Mar-17
Apr-17
May-17
Jun-17
Jul-17
Aug-17
Sep-17
Oct-17
Nov-17
(%)
40.0
42.0
44.0
46.0
48.0
50.0
52.0
54.0
56.0 N
ov-16
Dec-16
Jan-17
Feb-17
Mar-17
Apr-17
May-17
Jun-17
Jul-17
Aug-17
Sep-17
Oct-17
Nov-17
Dec-17
Mfg. PMI Services PMI
(10.0)
0.0
10.0
20.0
30.0
40.0
50.0
60.0
Dec-16
Jan-17
Feb-17
Mar-17
Apr-17
May-17
Jun-17
Jul-17
Aug-17
Sep-17
Oct-17
Nov-17
Exports yoy growth Imports yoy growth(%)
3.00
3.50
4.00
4.50
5.00
5.50
6.00
6.50
No
v-1
6
Dec-1
6
Jan-17
Jan-17
Feb-1
7
Mar-17
Mar-17
Apr-17
May-17
May-17
Jun-1
7
Jul-1
7
Aug-17
Aug-17
Sep-1
7
Oct-1
7
Repo rate Reverse Repo rate CRR(%)
4
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Market Outlook
January 03, 2018
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Global watch
Exhibit 1: Latest quarterly GDP Growth (%, yoy) across select developing and developed countries
Source: Bloomberg, Angel Research
Exhibit 2: 2017 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
0.3
2.5
5.3
6.9
1.1
5.0
5.8
3.7
1.5
2.2
0.8
1.8
1.4
-
1.0
2.0
3.0
4.0
5.0
6.0
7.0
8.0
Bra
zil
Russia
Ind
ia
Ch
ina
South
Africa
Ind
onesia
Ma
laysia
Tha
ilan
d
UK
USA
Germ
any
France
Ja
pa
n
(%)
0.7
1.8
6.7 6.8
0.7
5.2 5.4
3.7
1.7
2.2 2.0
1.6 1.5
-
1.0
2.0
3.0
4.0
5.0
6.0
7.0
8.0
Brazil
Russia
India
China
South A
frica
Indonesia
Malaysia
Thailand
UK
USA
Germ
any
France
Japan
(%)
12
.8
4.5
18
.7
13
.0
16
.4
18
.4
15
.8
17
.0
14
.7
18
.1
13
.3
14
.5
15
.5
-
2.0
4.0
6.0
8.0
10.0
12.0
14.0
16.0
18.0
20.0
Brazil
Russia
India
China
South
Africa
Indonesia
Malaysia
Thailand
UK
USA
Germ
any
France
Japan
(x)
5
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Market Outlook
January 03, 2018
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Exhibit 4: Relative performance of indices across globe
Returns (%)
Country Name of index Closing price 1M 3M 1YR
Brazil Bovespa 77,891 5.1 4.6 34.4
Russia Micex 2,110 (0.7) 1.6 (7.7)
India Nifty 10,442 2.1 6.7 28.9
China Shanghai Composite 3,348 1.6 0.8 8.4
South Africa Top 40 52,824 (1.5) 7.0 20.1
Mexico Mexbol 50,034 5.9 (0.3) 9.5
Indonesia LQ45 1,076 4.4 9.2 21.1
Malaysia KLCI 1,783 4.0 1.4 9.4
Thailand SET 50 1,135 4.7 6.3 20.7
USA Dow Jones 24,824 3.7 10.8 24.9
UK FTSE 7,648 2.5 3.7 6.4
Japan Nikkei 22,765 0.7 12.3 17.4
Germany DAX 12,871 (1.4) 1.7 11.1
France CAC 5,289 (1.9) (0.8) 7.7
Source: Bloomberg, Angel Research p68in4
Company Name Reco CMP Target Mkt Cap Sales ( ₹cr ) OPM(%) EPS (₹) PER(x) P/BV(x) RoE(%) EV/Sales(x)
( ₹ ) Price ( ₹) ( ₹ cr ) FY18E FY19E FY18E FY19E FY18E FY19E FY18E FY19E FY18E FY19E FY18E FY19E FY18E FY19E
Agri / Agri Chemical
Rallis Sell 266 209 5,166 1,873 2,099 15.0 15.0 9.5 10.5 28.0 25.3 4.2 3.8 15.8 16.0 2.7 2.4
United Phosphorus Accumulate 772 820 39,253 18,922 21,949 18.0 18.5 36.2 45.6 21.3 16.9 4.5 3.7 22.7 23.8 2.2 1.9
Auto & Auto Ancillary
Ashok Leyland Neutral 123 - 36,091 23,339 27,240 10.1 10.8 4.7 6.2 26.5 19.8 5.3 4.7 20.0 23.6 1.5 1.3
Bajaj Auto Neutral 3,294 - 95,322 23,936 27,955 19.5 20.1 142.7 167.3 23.1 19.7 5.0 4.5 21.8 22.8 3.6 3.0
Bharat Forge Buy 727 875 33,832 7,637 8,755 21.7 23.2 36.1 47.3 20.1 15.4 3.6 3.1 18.5 20.8 4.3 3.7
Eicher Motors Neutral 28,697 - 78,162 19,043 22,837 19.5 19.9 835.4 1,019.0 34.4 28.2 12.8 9.9 40.9 37.8 4.0 3.3
Gabriel India Neutral 200 - 2,866 1,782 2,033 9.7 10.2 7.1 8.9 28.1 22.5 5.7 4.8 21.0 22.2 1.6 1.3
Hero Motocorp Accumulate 3,747 4,129 74,839 32,239 36,878 16.0 15.6 184.4 206.5 20.3 18.2 6.4 5.6 31.3 30.7 2.1 1.8
Jamna Auto Industries Neutral 82 - 3,251 1,441 1,662 14.4 14.8 13.9 17.6 5.9 4.6 1.6 1.3 30.0 31.0 2.3 1.9
Mahindra and Mahindra Neutral 753 - 93,550 46,971 53,816 13.6 14.0 67.7 79.8 11.1 9.4 1.6 1.4 15.0 15.9 1.9 1.6
Maruti Accumulate 9,545 10,619 288,340 79,470 95,208 15.9 17.2 281.7 363.8 33.9 26.2 7.4 6.0 21.7 22.8 3.3 2.7
Minda Industries Neutral 1,276 - 11,029 4,328 5,084 11.0 11.9 27.3 36.4 46.8 35.1 9.9 7.8 23.1 25.6 2.6 2.2
Motherson Sumi Neutral 379 - 79,712 55,937 64,445 10.8 11.4 16.9 21.1 22.4 18.0 5.0 5.1 25.2 25.4 1.5 1.2
Tata Motors Neutral 439 - 126,711 303,167 343,649 11.8 13.8 33.1 54.7 13.3 8.0 2.2 1.7 16.9 23.0 0.5 0.4
TVS Motor Neutral 776 - 36,848 13,992 16,216 9.0 9.4 17.1 20.3 45.5 38.2 12.1 9.3 29.7 27.7 2.6 2.2
Amara Raja Batteries Neutral 830 - 14,169 6,140 7,122 14.3 15.6 29.3 39.0 28.3 21.3 4.8 4.1 17.1 19.0 2.3 2.0
Exide Industries Neutral 221 - 18,781 8,689 9,854 15.1 15.2 9.7 11.0 22.9 20.1 4.1 3.6 15.7 16.1 1.9 1.7
Apollo Tyres Neutral 268 - 15,302 15,739 17,326 13.3 14.6 20.4 26.7 13.1 10.0 1.6 1.4 20.4 26.7 1.2 1.1
Ceat Neutral 1,919 - 7,763 6,661 7,717 11.1 14.2 116.2 178.2 16.5 10.8 2.9 2.4 15.2 21.3 1.3 1.1
JK Tyres Neutral 145 - 3,291 8,318 9,239 16.2 16.4 21.0 27.5 6.9 5.3 1.3 1.1 19.1 20.4 0.8 0.7
Swaraj Engines Neutral 2,092 - 2,598 788 889 16.4 16.5 71.6 81.0 29.2 25.8 8.4 7.8 29.6 31.0 3.0 2.6
Subros Neutral 303 - 1,820 1,855 2,135 11.6 11.8 10.3 14.7 29.6 20.7 4.5 3.9 15.8 19.1 1.2 1.0
Capital Goods
BEML Neutral 1,577 - 6,565 4,286 5,194 7.1 8.2 42.9 58.1 36.8 27.1 3.0 2.7 7.6 8.7 1.6 1.3
Bharat Electronics Neutral 182 - 44,631 10,258 12,470 19.6 19.5 7.3 8.6 24.9 21.1 0.5 0.4 20.4 21.9 3.8 3.1
Voltas Neutral 647 - 21,420 6,778 8,004 9.6 11.0 17.1 22.4 37.9 28.9 9.0 7.9 17.7 19.8 2.9 2.4
BHEL Neutral 98 - 35,980 33,200 39,167 6.8 9.5 6.2 11.2 15.8 8.8 0.7 0.7 4.6 8.0 0.7 0.5
Blue Star Accumulate 818 867 7,844 5,220 6,207 6.3 6.6 16.8 22.3 48.7 36.7 9.7 8.5 19.9 23.3 1.5 1.2CG Power and Industrial Solutions Neutral 91 - 5,675 6,555 7,292 7.5 7.5 - 0.8 9,055.0 113.2 1.4 1.4 0.1 1.2 1.0 0.9
Greaves Cotton Neutral 139 - 3,405 1,778 1,993 14.7 15.1 8.1 9.1 17.2 15.3 3.9 3.6 21.8 23.6 1.7 1.5
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Stock WatchJanuary 03, 2018
Company Name Reco CMP Target Mkt Cap Sales ( ₹cr ) OPM(%) EPS (₹) PER(x) P/BV(x) RoE(%) EV/Sales(x)
( ₹ ) Price ( ₹) ( ₹ cr ) FY18E FY19E FY18E FY19E FY18E FY19E FY18E FY19E FY18E FY19E FY18E FY19E FY18E FY19E
Capital Goods
KEC International Neutral 381 - 9,802 9,779 11,113 9.4 9.8 14.2 18.2 26.9 21.0 5.1 4.2 21.1 22.1 1.3 1.1
KEI Industries Buy 374 436 2,928 3,001 3,391 10.0 10.0 13.0 16.1 28.7 23.2 5.2 4.3 18.2 18.7 1.2 1.0
Thermax Neutral 1,217 - 14,501 4,125 4,747 10.3 10.8 26.7 31.5 45.6 38.6 5.1 4.7 11.2 12.0 3.2 2.8
VATech Wabag Accumulate 623 681 3,405 3,867 4,126 9.6 10.0 34.9 39.8 17.9 15.7 3.0 2.5 17.7 17.5 0.9 0.8
Cement
ACC Neutral 1,737 - 32,611 12,255 13,350 13.5 14.3 58.0 66.2 29.9 26.2 3.5 3.3 11.5 12.2 2.6 2.4
Ambuja Cements Neutral 268 - 53,146 10,250 11,450 17.5 19.0 7.2 8.3 37.2 32.3 2.7 2.5 7.0 7.8 5.0 4.4
India Cements Neutral 180 - 5,561 6,135 6,750 14.8 15.2 8.5 11.5 21.2 15.7 1.1 1.0 4.8 6.2 1.3 1.1
JK Cement Neutral 1,117 - 7,807 4,150 4,775 19.2 20.0 49.0 63.5 22.8 17.6 3.6 3.1 17.0 18.5 2.3 2.0
J K Lakshmi Cement Neutral 442 - 5,200 3,422 3,757 15.5 17.0 13.5 23.2 32.7 19.1 3.4 2.9 10.8 15.5 1.9 1.7
Orient Cement Neutral 167 - 3,421 2,215 3,233 16.8 17.0 5.9 6.9 28.3 24.2 2.2 2.0 10.8 10.1 2.5 1.7
Prism Cement Accumulate 115 131 5,806 5,155 5,616 7.0 7.0 2.0 3.0 57.7 38.5 5.3 4.6 10.0 13.8 1.4 1.3
UltraTech Cement Neutral 4,255 - 116,823 28,250 35,150 20.2 23.5 77.5 122.2 54.9 34.8 4.6 4.2 9.6 14.8 4.6 3.7
Construction
KNR Constructions Neutral 309 - 4,343 1,846 2,203 14.5 14.5 12.1 13.7 25.5 22.6 1.4 1.2 17.5 16.7 2.4 2.0
Larsen & Toubro Neutral 1,249 - 175,003 95,787 109,476 10.2 11.6 44.5 50.8 28.1 24.6 3.5 3.2 12.9 13.1 2.4 2.1
Gujarat Pipavav Port Neutral 138 - 6,693 739 842 61.6 62.7 5.1 6.2 27.2 22.5 3.4 3.3 12.7 14.9 8.5 7.4
PNC Infratech Neutral 209 - 5,371 2,040 2,935 13.0 13.0 6.4 9.0 32.7 23.3 0.9 0.8 9.7 12.2 2.6 1.9
Simplex Infra Neutral 579 - 2,863 6,012 6,619 11.6 11.7 21.1 31.0 27.5 18.7 1.9 1.8 6.5 8.6 1.0 0.9
Sadbhav Engineering Neutral 426 - 7,311 3,823 4,426 10.7 10.8 10.3 11.8 41.4 36.1 5.0 4.4 10.1 10.5 2.2 1.9
NBCC Neutral 244 - 21,920 9,099 12,706 6.4 6.4 7.3 9.6 33.5 25.5 1.5 1.2 27.5 30.5 2.3 1.6
MEP Infra Neutral 93 - 1,505 2,403 2,910 18.3 16.8 2.4 6.1 39.4 15.2 14.9 10.1 35.2 55.8 1.8 1.5
SIPL Neutral 143 - 5,046 2,060 2,390 46.8 47.7 (5.8) (3.1) 5.4 6.1 (14.2) (2.3) 7.2 6.7
Engineers India Neutral 194 - 13,090 1,795 2,611 21.1 22.4 5.9 8.1 32.9 24.0 2.4 2.3 12.9 16.1 5.7 3.7
Financials
Axis Bank Neutral 560 - 143,500 32,558 35,843 3.5 3.2 27.8 41.0 20.1 13.6 2.2 1.9 11.4 14.9 - -
Bank of Baroda Neutral 158 - 36,383 22,533 26,079 2.4 2.4 12.0 20.9 13.1 7.6 0.9 0.8 6.6 11.0 - -
Canara Bank Neutral 352 - 21,034 17,925 20,235 2.0 2.1 18.5 36.5 19.0 9.7 0.7 0.7 3.4 6.2 - -
Can Fin Homes Neutral 474 - 6,304 586 741 3.5 3.5 107.8 141.0 4.4 3.4 1.0 0.8 24.1 25.6 - -Cholamandalam Inv. & Fin. Co. Neutral 1,293 - 20,212 2,826 3,307 6.3 6.3 53.7 64.6 24.1 20.0 4.1 3.5 18.3 18.9 - -
Dewan Housing Finance Buy 583 712 18,296 2,676 3,383 2.4 2.7 37.4 49.7 15.6 11.7 2.0 1.8 13.8 16.2 - -
Equitas Holdings Buy 146 235 4,969 1,125 1,380 9.6 9.8 1.5 6.0 97.5 24.4 2.2 2.1 2.4 8.2 - -
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Stock WatchJanuary 03, 2018
Company Name Reco CMP Target Mkt Cap Sales ( ₹cr ) OPM(%) EPS (₹) PER(x) P/BV(x) RoE(%) EV/Sales(x)
( ₹ ) Price ( ₹) ( ₹ cr ) FY18E FY19E FY18E FY19E FY18E FY19E FY18E FY19E FY18E FY19E FY18E FY19E FY18E FY19E
Financials
Federal Bank Buy 108 125 21,167 4,896 5,930 2.8 3.1 5.4 7.6 20.1 14.2 1.7 1.6 8.5 11.0 - -
GIC Housing Buy 456 655 2,456 376 477 3.6 3.7 33.0 40.0 13.8 11.4 2.5 2.1 20.0 23.0 - -
HDFC Bank Neutral 1,873 - 485,053 55,236 63,253 4.5 4.4 68.9 82.4 27.2 22.7 4.7 3.9 18.7 18.5 - -
ICICI Bank Neutral 309 - 198,602 42,361 51,378 3.6 3.9 18.4 25.7 16.8 12.0 1.8 1.8 11.3 15.0 - -
Karur Vysya Bank Buy 122 180 8,775 3,289 3,630 3.7 3.9 10.8 14.1 11.2 8.6 1.3 1.2 12.5 14.7 - -
LIC Housing Finance Accumulate 563 630 28,395 4,895 6,332 3.4 3.7 50.7 66.8 11.1 8.4 2.2 1.8 21.7 23.8 - -
Punjab Natl.Bank Neutral 166 - 40,374 23,708 25,758 2.1 2.1 5.9 16.4 28.3 10.1 0.8 0.8 3.0 8.3 - -
RBL Bank Neutral 512 - 21,347 2,309 2,888 2.6 2.5 16.4 19.1 31.3 26.8 3.9 3.5 13.3 13.8 - -
Repco Home Finance Buy 687 825 4,300 496 597 4.4 4.2 38.5 48.7 17.9 14.1 3.2 2.7 19.6 20.6 - -
South Ind.Bank Neutral 31 - 5,598 3,195 3,567 3.0 3.1 3.0 3.8 10.3 8.1 1.0 0.9 10.5 11.9 - -
St Bk of India Neutral 303 - 261,465 105,827 121,056 2.4 2.5 16.1 25.6 18.8 11.8 1.5 1.3 6.6 9.9 - -
Union Bank Neutral 142 - 12,143 14,650 16,225 2.3 2.3 23.1 32.5 6.1 4.4 0.5 0.4 7.1 9.2 - -
Yes Bank Neutral 312 - 71,640 11,088 13,138 3.0 2.9 84.0 99.3 3.7 3.1 0.6 0.5 16.3 16.8 - -
FMCG
Akzo Nobel India Neutral 1,853 - 8,886 3,164 3,607 13.8 13.7 58.6 67.9 31.6 27.3 7.8 6.8 24.5 25.1 2.7 2.3
Asian Paints Neutral 1,143 - 109,622 17,603 20,615 18.6 18.6 2,128.9 2,543.3 0.5 0.5 11.3 9.5 28.0 28.9 6.0 5.1
Britannia Neutral 4,666 - 56,023 9,690 11,278 14.8 15.4 84.0 101.0 55.6 46.2 20.2 16.1 40.6 39.0 5.7 4.9
Colgate Neutral 1,097 - 29,849 4,420 5,074 24.9 25.3 28.6 32.8 38.4 33.5 15.1 12.2 43.8 40.5 6.5 5.6
Dabur India Neutral 350 - 61,565 8,346 9,344 19.6 19.9 7.8 9.0 44.8 38.8 9.0 8.2 25.2 24.8 7.0 6.1
GlaxoSmith Con* Neutral 6,477 - 27,239 5,072 5,760 18.2 18.4 176.3 199.2 36.7 32.5 7.8 7.1 21.2 21.7 4.7 4.1
Godrej Consumer Neutral 980 - 66,781 10,171 11,682 20.8 21.5 21.7 27.1 45.2 36.2 10.2 8.7 22.3 23.4 6.7 5.8
HUL Neutral 1,339 - 289,921 37,077 41,508 20.3 21.8 5,189.9 6,318.5 0.3 0.2 40.8 34.9 74.8 82.0 7.7 6.9
ITC Neutral 261 - 318,110 44,588 49,853 37.0 37.3 9.6 11.0 27.2 23.7 6.7 6.4 25.1 27.3 6.6 5.9
Marico Neutral 325 - 41,892 6,788 7,766 18.5 19.2 7.1 8.5 45.7 38.2 16.0 13.7 36.9 38.0 6.0 5.2
Nestle* Neutral 7,860 - 75,778 10,083 11,182 20.0 20.9 119.7 141.3 65.7 55.6 231.4 211.5 36.7 39.8 7.2 6.4
Tata Global Neutral 311 - 19,638 7,121 7,641 11.9 12.3 6.9 8.0 45.1 38.9 3.0 2.9 6.8 7.2 2.6 2.4Procter & Gamble Hygiene Neutral 9,389 - 30,477 3,034 3,579 27.1 27.7 167.7 198.8 56.0 47.2 15.0 12.9 28.8 29.5 9.5 7.9
IT
HCL Tech^ Accumulate 892 1,014 127,245 50,009 54,608 22.1 22.1 62.8 67.6 14.2 13.2 3.2 2.7 22.4 20.6 2.2 1.9
Infosys Accumulate 1,030 1,120 236,475 70,333 75,960 26.0 26.0 61.7 65.9 16.7 15.6 3.2 2.9 18.9 18.7 2.8 2.5
TCS Reduce 2,634 2,442 504,176 123,384 134,488 26.1 26.1 133.2 143.7 19.8 18.3 5.5 5.1 27.6 27.8 3.7 3.4
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Stock WatchJanuary 03, 2018
Company Name Reco CMP Target Mkt Cap Sales ( ₹cr ) OPM(%) EPS (₹) PER(x) P/BV(x) RoE(%) EV/Sales(x)
( ₹ ) Price ( ₹) ( ₹ cr ) FY18E FY19E FY18E FY19E FY18E FY19E FY18E FY19E FY18E FY19E FY18E FY19E FY18E FY19E
IT
Tech Mahindra Neutral 512 - 50,061 30,545 32,988 15.0 15.0 35.2 37.6 14.6 13.6 2.4 2.3 16.8 16.2 1.4 1.2
Wipro Neutral 319 - 155,199 54,164 56,544 22.3 22.3 18.8 19.5 17.0 16.4 2.7 2.3 15.0 13.6 2.1 1.9
Media
D B Corp Neutral 357 - 6,575 2,404 2,625 30.5 31.5 23.7 26.9 15.1 13.3 3.6 3.0 23.5 22.8 2.6 2.3
HT Media Neutral 102 - 2,383 2,589 2,830 15.1 15.4 8.3 10.9 12.3 9.4 1.0 0.9 8.4 10.4 0.5 0.3
Jagran Prakashan Buy 180 225 5,619 2,541 2,835 28.5 28.7 12.7 14.1 14.2 12.8 3.0 2.6 21.3 21.4 2.1 1.8
Sun TV Network Neutral 996 - 39,259 3,238 3,789 51.9 55.1 30.9 38.0 32.2 26.2 9.2 8.1 30.0 31.0 11.6 9.8Hindustan Media Ventures Neutral 255 - 1,874 1,002 1,074 23.3 23.5 29.2 33.8 8.8 7.6 1.4 1.2 15.6 15.4 0.9 0.6
TV Today Network Buy 429 500 2,556 667 727 27.7 27.7 18.6 20.1 23.0 21.4 3.6 3.7 15.6 17.3 3.4 3.1
Music Broadcast Limited Accumulate 382 434 2,178 271 317 91.0 109.0 6.0 10.0 63.6 38.2 4.0 3.6 6.5 9.3 7.6 6.3
Metals & Mining
Coal India Neutral 270 - 167,817 82,301 91,235 17.0 18.0 17.1 20.5 15.8 13.2 3.0 2.8 45.0 55.0 1.7 1.5
Hind. Zinc Neutral 310 - 130,943 22,108 24,555 57.0 58.0 22.1 26.3 14.0 11.8 4.5 3.7 32.0 35.0 4.9 4.1
Hindalco Neutral 272 - 61,072 102,350 105,355 13.5 14.5 21.5 24.5 12.7 11.1 1.7 1.5 15.0 15.2 1.2 1.1
JSW Steel Neutral 264 - 63,911 64,500 68,245 21.1 21.5 20.1 21.2 13.2 12.5 2.4 2.1 - - 1.7 1.6
NMDC Neutral 149 - 47,015 10,209 11,450 47.0 48.0 11.1 12.1 13.4 12.3 1.9 1.8 - - 4.1 3.7
SAIL Neutral 92 - 37,914 54,100 63,555 3.0 10.0 (10.0) 1.5 61.2 1.2 1.2 - - 1.7 1.4
Vedanta Neutral 328 - 121,831 81,206 87,345 28.0 29.0 26.5 33.5 12.4 9.8 2.8 2.4 - - 2.2 1.9
Tata Steel Neutral 729 - 70,811 121,445 126,500 16.2 17.2 65.4 81.3 11.2 9.0 1.8 1.5 - - 1.1 1.0
Oil & Gas
GAIL Neutral 494 - 83,584 53,115 52,344 14.2 15.3 30.0 31.1 16.5 15.9 2.1 1.9 - - 1.3 1.3
ONGC Neutral 197 - 252,751 83,111 84,934 44.2 44.9 16.4 16.9 12.0 11.7 1.5 1.4 - - 2.9 2.9
Indian Oil Corp Neutral 386 - 187,632 396,116 432,560 8.5 8.8 40.1 42.2 9.6 9.2 1.7 1.5 - - 0.6 0.6
Reliance Industries Neutral 911 - 592,757 257,711 267,438 17.0 18.2 89.1 89.5 10.2 10.2 1.0 0.9 - - 2.0 1.9
Pharmaceuticals
Alembic Pharma Accumulate 529 600 9,981 3,346 3,915 19.6 19.2 21.0 23.9 25.2 22.2 4.5 3.8 19.1 18.4 3.0 2.6
Alkem Laboratories Ltd Accumulate 2,200 2,341 26,306 6,320 7,341 17.5 19.8 72.7 96.6 30.3 22.8 5.4 4.5 16.7 18.7 4.1 3.5
Aurobindo Pharma Buy 672 823 39,363 17,086 19,478 22.1 22.0 44.7 51.4 15.0 13.1 3.3 2.7 24.7 22.7 2.4 2.1
Aventis* Neutral 4,694 - 10,810 2,411 2,698 18.8 18.8 151.6 163.9 31.0 28.6 4.8 3.9 25.4 27.5 4.1 3.4
Cadila Healthcare Neutral 428 - 43,837 11,365 12,926 20.0 20.0 18.4 20.5 23.3 20.9 5.1 4.2 24.3 22.2 3.9 3.4
Cipla Sell 607 462 48,848 16,163 18,711 16.6 16.9 20.7 24.3 29.3 25.0 3.5 3.1 12.6 13.1 3.2 2.7
Dr Reddy's Reduce 2,408 2,052 39,925 13,734 15,548 17.7 20.2 69.9 102.0 34.4 23.6 3.1 2.8 9.2 12.4 3.1 2.7
GSK Pharma* Sell 2,458 2,000 20,816 2,968 3,324 13.8 15.9 37.8 46.3 65.0 53.1 11.4 12.5 16.7 22.4 6.8 6.2
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Stock WatchJanuary 03, 2018
Company Name Reco CMP Target Mkt Cap Sales ( ₹cr ) OPM(%) EPS (₹) PER(x) P/BV(x) RoE(%) EV/Sales(x)
( ₹ ) Price ( ₹) ( ₹ cr ) FY18E FY19E FY18E FY19E FY18E FY19E FY18E FY19E FY18E FY19E FY18E FY19E FY18E FY19E
Pharmaceuticals
Indoco Remedies Sell 282 136 2,595 1,114 1,297 9.9 13.9 5.6 11.4 50.3 24.7 3.8 3.4 7.7 14.5 2.6 2.2
Ipca labs Neutral 588 - 7,422 3,256 3,647 14.1 17.1 16.2 25.4 36.3 23.2 2.8 2.5 8.0 11.5 2.3 2.1
Lupin Buy 876 1,091 39,584 16,240 18,562 21.3 21.7 42.5 49.6 20.6 17.7 2.6 2.3 13.3 13.7 2.5 2.1
Natco Pharma Accumulate 967 1,057 17,839 1,886 2,016 32.3 29.5 23.2 22.0 41.8 43.9 8.7 7.7 20.9 17.6 9.3 8.7
Sun Pharma Accumulate 572 630 137,117 28,312 32,153 20.7 23.1 18.5 23.3 30.9 24.5 3.5 3.2 11.5 14.6 4.5 3.8
Syngene International Neutral 560 - 11,204 1,394 1,818 33.0 36.5 15.8 21.0 35.4 26.7 6.6 5.4 18.6 20.3 8.0 6.1
Power
Tata Power Neutral 99 - 26,899 32,547 33,806 20.5 20.5 4.7 5.4 21.2 18.6 2.0 1.7 10.5 10.5 1.8 1.8
NTPC Neutral 179 - 147,388 86,070 101,246 28.3 30.7 12.9 16.2 13.9 11.0 1.4 1.3 10.6 12.4 3.1 2.8
Power Grid Accumulate 201 223 104,920 29,183 32,946 89.7 90.0 18.0 20.8 11.2 9.6 1.9 1.7 17.7 18.2 7.5 7.0
Real Estate
Prestige Estate Neutral 322 - 12,079 4,607 5,146 21.0 22.2 7.9 9.8 40.8 32.9 2.5 2.3 10.3 12.0 3.8 3.4
MLIFE Accumulate 466 522 2,389 487 590 12.3 17.8 21.0 31.2 22.2 14.9 1.2 1.1 5.2 7.4 3.6 3.0
Telecom
Bharti Airtel Neutral 516 - 206,386 97,903 105,233 36.0 36.3 9.3 11.1 55.5 46.7 2.7 2.5 5.0 5.6 3.1 2.8
Idea Cellular Neutral 101 - 36,346 35,012 37,689 27.1 27.7 (4.4) (2.7) 1.6 1.6 (6.8) (4.6) 2.3 2.1
Others
Abbott India Neutral 5,433 - 11,545 3,244 3,723 14.9 16.1 167.5 209.4 32.4 26.0 7.2 6.0 23.7 24.8 3.2 2.7
Asian Granito Accumulate 568 639 1,708 1,169 1,286 12.5 12.5 16.0 19.7 35.5 28.8 3.8 3.4 10.7 11.6 1.7 1.5
Bajaj Electricals Neutral 490 - 4,995 4,646 5,301 6.7 7.6 16.1 22.3 30.5 22.0 5.0 4.2 16.4 19.2 1.1 0.9
Banco Products (India) Neutral 256 - 1,828 1,530 1,695 13.2 12.7 19.0 20.0 13.5 12.8 2.2 1.9 0.2 0.2 1.1 123.6Coffee Day Enterprises Ltd Neutral 273 - 5,757 3,494 3,913 17.4 18.0 4.8 5.7 - 47.8 2.4 2.3 - 0.1 2.1 1.9
Elecon Engineering Neutral 105 - 1,176 171 201 15.0 16.2 36.0 43.0 2.9 2.4 0.2 0.2 0.1 0.1 6.3 5.3
Garware Wall Ropes Neutral 915 - 2,002 928 1,003 15.2 15.2 39.4 43.2 23.2 21.2 3.8 3.3 16.5 15.4 2.0 1.8
Goodyear India* Neutral 1,077 - 2,484 1,717 1,866 11.8 12.3 47.9 49.8 22.5 21.6 3.5 3.0 15.6 15.7 1.2 164.1
Hitachi Neutral 2,656 - 7,221 2,355 2,715 10.3 10.8 49.0 60.9 54.2 43.6 12.7 10.0 0.2 0.2 3.1 2.7
HSIL Neutral 498 - 3,597 2,240 2,670 14.6 15.0 17.0 22.0 29.3 22.6 2.4 2.3 0.1 0.1 1.8 1.5
Interglobe Aviation Neutral 1,201 - 46,171 22,570 27,955 14.2 15.0 63.6 81.8 18.9 14.7 9.9 8.4 0.5 0.6 1.7 1.3
Jyothy Laboratories Neutral 380 - 6,899 1,781 2,044 14.1 15.0 9.4 10.5 40.6 36.1 8.6 8.1 0.2 0.2 4.1 3.5
Linc Pen & Plastics Neutral 385 - 569 420 462 9.3 9.3 15.3 17.1 25.2 22.5 4.2 4.4 16.9 19.5 1.4 1.3
M M Forgings Neutral 1,195 - 1,442 542 642 20.1 21.0 41.6 56.8 28.7 21.0 4.0 3.4 0.1 0.2 3.1 2.7
Mirza International Neutral 159 - 1,908 1,148 1,285 18.0 18.0 8.0 9.4 19.7 17.0 3.3 2.8 16.3 16.1 1.8 1.6
Navkar Corporation Buy 189 265 2,846 561 617 41.5 41.5 11.5 12.7 16.4 14.9 1.7 1.6 10.5 10.4 5.7 5.0
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Stock WatchJanuary 03, 2018
Company Name Reco CMP Target Mkt Cap Sales ( ₹cr ) OPM(%) EPS (₹) PER(x) P/BV(x) RoE(%) EV/Sales(x)
( ₹ ) Price ( ₹) ( ₹ cr ) FY18E FY19E FY18E FY19E FY18E FY19E FY18E FY19E FY18E FY19E FY18E FY19E FY18E FY19E
Others
Nilkamal Neutral 1,888 - 2,818 2,317 2,525 11.4 11.1 96.0 105.0 19.7 18.0 3.3 2.9 0.2 0.2 1.2 1.1
Parag Milk Foods Neutral 297 - 2,502 1,987 2,379 7.6 9.0 12.4 18.3 24.0 16.3 3.4 3.0 8.2 13.2 1.4 1.2
Radico Khaitan Neutral 292 - 3,894 1,811 1,992 13.2 13.2 8.1 8.8 36.1 33.2 3.6 4.0 10.1 12.0 2.5 2.3
Relaxo Footwears Neutral 671 - 8,072 1,981 2,310 13.7 14.5 12.0 15.5 55.9 43.3 10.9 8.8 0.2 0.2 4.1 3.5
Siyaram Silk Mills Accumulate 720 813 3,373 1,769 1,981 12.7 12.7 22.6 26.2 31.8 27.4 4.9 4.3 15.5 15.5 2.1 1.9
Styrolution ABS India* Neutral 1,044 - 1,836 1,800 1,980 8.0 8.1 42.0 46.2 24.9 22.6 2.8 2.5 0.1 0.1 1.1 1.0
Surya Roshni Neutral 380 - 1,664 4,870 5,320 7.7 7.8 22.8 28.1 16.7 13.5 2.2 1.9 0.1 0.1 0.6 0.5
TVS Srichakra Neutral 3,818 - 2,923 2,729 2,893 12.7 12.5 248.5 265.0 15.4 14.4 4.4 3.6 0.3 0.3 1.1 1.0
Visaka Industries Neutral 647 - 1,027 1,104 1,214 12.1 12.6 31.0 37.9 20.9 17.1 2.5 2.3 0.1 0.1 1.2 1.0
VIP Industries Buy 347 400 4,906 1,450 1,693 10.4 10.5 6.5 7.8 53.1 44.5 11.2 9.8 21.1 22.1 3.4 2.9
Navin Fluorine Neutral 810 - 3,997 945 1,154 17.5 17.9 28.7 34.8 28.2 23.3 4.7 4.0 - - 3.7 3.0
Century Plyboards India Buy 339 400 7,528 2,007 2,510 22.4 22.6 8.4 11.1 40.3 30.5 8.6 7.0 21.3 22.9 4.1 3.3
LT Foods Accumulate 91 102 2,899 3,287 3,747 11.1 11.5 4.4 5.2 20.6 17.4 3.0 2.5 17.5 17.6 1.4 1.2
Ruchira Papers Buy 200 244 449 470 532 15.6 15.6 16.5 19.0 12.1 10.5 2.4 2.0 20.0 19.2 1.1 1.0
Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on January 02, 2018
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Stock WatchJanuary 03, 2018
Research Team Tel: 022 - 39357800 E-mail: [email protected] Website: www.angelbroking.com
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Market OutlookJanuary 03, 2018