Market Outlook 05-04-2016

Market Outlook
April 5, 2016
Market Cues
Domestic Indices
Chg (%)
(Pts)
(Close)
Indian markets are expected to open on a negative note tracking the SGX Nifty and
Asian markets.
BSE Sensex
0.5
130
25,400
Nifty
0.6
46
7,759
U.S. markets fell Monday amid mounting speculation the Federal Reserve will raise
interest rates before summer.
Mid Cap
0.2
26
10,668
Small Cap
0.5
55
10,695
European stock markets bounced back yesterday as positive eurozone data and
expectations of low US interest rates for some time helped offset renewed concerns
over a weak Japanese economy.
Bankex
0.0
18,450
Chg (%)
(Pts)
(Close)
Indian markets posted modest gains on Monday on the back of positive global cues
and renewed capital inflows from foreign investors. RBI is set to announce its first bimonthly monetary policy statement today at 11am. RBI is widely expected to cut
interest rates by at least a quarter of a percentage point on the back of the Union
Budget's fiscal prudence measures and low inflation.
Dow Jones
(0.3)
(56)
17,737
Nasdaq
(0.5)
(23)
4,892
0.3
19
6,165
Nikkei
(0.3)
(41)
16,123
Hang Seng
(1.3)
(278)
20,499
0.2
3,010
News & Result Analysis
L&T Hydrocarbon Engineering bags `650cr contract
NTPC JV takes over Patratu power plant
Global Indices
FTSE
Shanghai Com
Advances / Declines
Detailed analysis on Pg2
BSE
NSE
1,638
990
Declines
983
572
Unchanged
137
63
Advances
Investors Ready Reckoner

Key Domestic & Global Indicators
Stock Watch: Latest investment recommendations on 150+ stocks
Refer Pg5 onwards
Volumes (` Cr)
Top Picks
BSE
2,060
NSE
14,032
Rating
CMP
(`)
Target
(`)
Upside
(%)
Auto & Auto Ancillary
Buy
904
1,040
15.1
HCL Tech
IT
Buy
840
1,038
23.6
LIC Housing
Financials
Buy
487
592
21.6
Bharat Electronics
Capital Goods
Buy
1,206
1,414
17.3
Buy
185
265
43.6
Company
Sector
Amara Raja
Navkar Corporation Others
Net Inflows (` Cr)
FII
MFs
Key Upcoming Events

Previous
Reading
Consensus
Expectations
6.75
6.50
276.00
270.00
Import (yoy %)
5.00
Export (yoy %)
5.66
Date
Region
Event Description
Apr 5
India
RBI Repo Rate%
Apr 7
US
Initial Jobless claims
Apr 8
India
Apr 8
India
6.(
6.(
More Events on Pg4
(92)
Ytd
27,358 (12,082)
(8,054)
66,893
Chg (%)
Idea
113
6.0
Gppl
184
5.9
Adanient
80
5.9
Gsfc
70
5.8
327
5.8
Top Losers
Price (`)
Chg (%)
Hexaware
253
(6.6)
Den
93
(5.7)
Federalbnk
45
(3.9)
454
(2.8)
3,675
(2.5)
Dbcorp
Mphasis
Bayercrop
As on April 04, 2016
www.angelbroking.com
4,509
Mtd
Price (`)
Top Gainers
More Top Picks on Pg3
Net
Market Outlook
April 5, 2016
L&T Hydrocarbon Engineering bags `650cr contract

L&T Hydrocarbon Engineering (LTHE), a subsidiary of Larsen & Toubro, has
bagged an onshore EPC contract of over `650cr from Gujarat State Fertilisers and
Chemicals (GSFC).
The contract is for setting up 40,000-mtpa Melamine Plant at Fertiliser Nagar,
Vadodara. Under the contract, LTHE will carry out extended-basis engineering,
detailed engineering, procurement, supply, transportation, storage, fabrication,
inspection, construction, installation, testing, mechanical completion, precommissioning and commissioning of the unit. GSFC has appointed Casale SA as
technology licensor, who is providing the process technology for the plant.
NTPC JV takes over Patratu power plant

Jharkhand handed over assets of Patratu Thermal Power Station (PTPS) to a joint
venture company of NTPCBSE and the state government.
Terming it a big step in the direction of power generation in Jharkhand to attain
self sufficiency, Jharkhand Bijli Vitran Nigam MD Rahul Purwar said the resources,
including the PTPS plant, were handed over to the JV for setting up 8,000 MW new
thermal power unit in two phases.
NTPC in October last incorporated Patratu Vidyut Utpadan Nigam in a joint
venture with Jharkhand Bijli Vitran Nigam Ltd for operating the PTPS plant in the
state. NTPC holds 74% stake in the JV while the rest is with the state government.
The JV will renovate and modernise the performing existing units and further
capacity expansion of PTPS Jharkhand would get 85% power from the JV as per
the MoU. Patratu plant at present has a power generation capacity of 800 MW.
Economic and Political News
GDP growth to remain flat at 7.4% in FY17: HSBC
Telecom Min to approach Cabinet for reducing spectrum charges
FM Arun Jaitley wants focus on irrigation projects for immediate results
Corporate News
Fitch Ratings downgrades Sajjan Jindal-led JSW Steel
Cox & Kings sells 2 entities to Malvern; will hold 49% in it
ICICI Bank tweaks corporate lending norms to trim NPAs
Market Outlook
April 5, 2016
Top Picks
Large Cap
Market Cap
(` Cr)
CMP
(`)
Target
(`)
Upside
(%)
Amara Raja Batteries
15,433
904
1,040
15.1
Bharat Electronics
28,942
1,206
1,414
17.3
HCL Tech
1,18,444
840
1,038
23.6
HDFC Bank
2,70,339
1,069
1,262
18.0
Infosys
2,86,569
1,244
1,347
8.3
LIC Housing Finance
24,564
487
592
21.6
NBCC
11,456
955
1,089
14.1
CMP
(`)
Target
(`)
Upside
(%)
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)
Blue Star
3,544
394
439
11.4
IL&FS Transport
2,477
75
93
23.5
Jagran Prakashan
5,188
159
189
19.1
Mahindra Lifespace
1,768
431
554
28.6
Navkar Corporation
2,631
185
265
43.6
Radico Khaitan
1,294
97
156
60.4
943
1,006
1,354
34.6
Siyaram Silk Mills

Source: Company, Angel Research
Rationale
Favorable outlook for the AC industry to augur well for
Cooling products business which is out pacing the market
growth. EMPPAC division's profitability to improve once
operating environment turns around.
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 05, 2016
Key Upcoming Events

Global economic events release calendar
Date
Time
Country
Event Description
Unit
Period
Apr 5, 2016
1:25PM
Germany
PMI Services
Value
Mar F
55.50
55.50
11:00AM
India
RBI Reverse Repo rate
Apr 5
5.75
5.50
11:00AM
India
RBI Repo rate
Apr 5
6.75
6.50
11:00AM
India
RBI Cash Reserve ratio
Apr 5
4.00
4.00
6:00PM
US
Initial Jobless claims
Thousands
Apr 2
276.00
270.00
India
Imports YoY%
% Change
Mar
(5.00)
--
India
Exports YoY%
% Change
Mar
(5.66)
--
UK
Industrial Production (YoY)
% Change
Feb
0.20
--
Apr 11, 2016 7:00AM
China
Consumer Price Index (YoY)
% Change
Mar
2.30
2.50
Apr 12, 2016 2:00PM
UK
CPI (YoY)
% Change
Mar
0.30
--
India
Industrial Production YoY
% Change
Feb
(1.50)
--
US
Producer Price Index (mom)
% Change
Mar
(0.60)
--
China
Exports YoY%
% Change
Mar
(25.40)
3.30
India
Monthly Wholesale Prices YoY%
% Change
Mar
(0.91)
--
6:00PM
US
Consumer price index (mom)
% Change
Mar
(0.20)
0.20
2:30PM
Euro Zone
Euro-Zone CPI (YoY)
Mar F
(0.10)
--
4:30PM
UK
BOE Announces rates
% Ratio
Apr 14
0.50
0.50
Apr 15, 2016 6:45PM
Apr 7, 2016
Apr 8, 2016
2:00PM
5:30PM
Apr 13, 2016
Apr 14, 2016 12:00PM
Bloomberg Data
Last Reported Estimated
US
Industrial Production
Mar
(0.52)
(0.05)
7:30AM
China
Industrial Production (YoY)
% Change
Mar
5.90
--
7:30AM
China
Real GDP (YoY)
% Change
1Q
6.80
--
Apr 19, 2016 6:00PM
US
Housing Starts
Thousands
Mar
1,178.00
--
6:00PM
US
Building permits
Thousands
Mar
1,177.00
--
Apr 20, 2016 7:30PM
US
Existing home sales
2:00PM
UK
Jobless claims change
Apr 21, 2016 7:30PM
Euro Zone
Euro-Zone Consumer Confidence
5:15PM
Euro Zone
ECB announces interest rates
Apr 22, 2016 1:00PM
Germany
PMI Manufacturing
Apr 25, 2016 7:30PM
US
New home sales
Apr 26, 2016 7:30PM
US
Consumer Confidence
Apr 27, 2016 2:00PM
UK
GDP (YoY)
11:30PM
US
FOMC rate decision
Source: Bloomberg, Angel Research
Million
Mar
5.08
--
% Change
Mar
(18.00)
--
Value
Apr A
(9.70)
--
Apr 21
--
--
Value
Apr P
50.70
--
Thousands
Mar
512.00
--
S.A./ 1985=100
Apr
96.20
--
% Change
1Q A
2.10
--
Apr 27
0.50
0.50
Market Outlook
April 5, 2016
Macro watch
Exhibit 1: Quarterly GDP trends
(%)
9.0
(%)
12.0
10.0
8.3
7.8
8.0
6.7
7.6
7.5
6.6
6.4
7.7
7.3
6.7
6.3
2.5
3.0
4.2
4.3
3.7
2.5
2.0
(2.0)
(4.0)
Exhibit 3: Monthly CPI inflation trends
4.9
5.0
Jan-16
Oct-15
Sep-15
Aug-15
Jul-15
Jun-15
May-15
Apr-15
Exhibit 4: Manufacturing and services PMI
(%)
5.3
(6.0)
Source: MOSPI, Angel Research
Source: CSO, Angel Research
5.0
(1.2) (1.5)
(3.4)
Mar-15
3QFY16
2QFY16
1QFY16
4QFY15
3QFY15
2QFY15
1QFY15
4QFY14
3QFY14
2QFY14
1QFY14
4QFY13
3.0
Dec-15
4.5
4.0
5.4
5.0
5.4
5.6
Mfg. PMI
56.0
5.7
5.2
Services PMI
54.0
4.4
3.7
4.0
52.0
3.7
Source: MOSPI, Angel Research
Feb-16
Jan-16
Dec-15
Nov-15
Oct-15
Sep-15
Aug-15
Jul-15
Jun-15
May-15
Apr-15
Source: Market, Angel Research; Note: Level above 50 indicates expansion
Exhibit 5: Exports and imports growth trends

Exports yoy growth
(%)
0.0
Jan-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
Mar-15
50.0
3.0
Feb-15
6.0
8.0
6.0
4.0
5.8
6.0
9.9
Nov-15
7.0
5.0
Exhibit 2: IIP trends
Exhibit 6: Key policy rates
Imports yoy growth
Repo rate
(%)
8.00
(5.0)
Reverse Repo rate
CRR
7.00
(10.0)
(15.0)
6.00
(20.0)
5.00
(25.0)
4.00
(30.0)
Mar-16
Feb-16
Jan-16
Jan-16
Dec-15
Nov-15
Nov-15
Oct-15
Sep-15
Sep-15
Aug-15
Jul-15
Jun-15
Jun-15
Apr-15
Feb-16
Jan-16
Dec-15
Nov-15
Oct-15
Sep-15
Aug-15
Jul-15
Jun-15
May-15
Apr-15
Mar-15
May-15
3.00
(35.0)
Source: RBI, Angel Research
Market Outlook
April 5, 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
2.1
2.0
1.9
2.0
1.4
0.6
0.7
(4.1)
(6.0)
Japan
France
Germany
USA
UK
Thailand
Malaysia
Indonesia
(4.0)
South Africa
China
India
Russia
(2.0)
Brazil
(5.9)
(8.0)
Exhibit 2: 2015 GDP Growth projection by IMF (%, yoy) across select developing and developed countries
6.8
4.7
4.7
4.0
2.5
2.5
2.6
1.5
(3.8)
USA
UK
Thailand
Malaysia
Indonesia
China
(3.0)
India
(4.0)
Russia
(2.0)
Brazil
South Africa
1.4
2.0
1.2
0.6
Japan
6.0
France
7.3
Germany
(%)
8.0
(6.0)
Source: IMF, Angel Research
15.6
14.1
15.2
16.2
12.2
Malaysia
Thailand
UK
USA
Germany
13.3
17.1
Indonesia
Japan
11.0
South
Africa
13.3
12.7
China
France
18.3
India
6.5
Russia
Brazil
(x)
20.0
18.0
16.0
14.0
12.0
10.0
8.0
6.0
4.0
2.0
-
14.1
Exhibit 3: One year forward P-E ratio across select developing and developed countries
Source: IMF, Angel Research
Market Outlook
April 5, 2016
Exhibit 4: Relative performance of indices across globe

Returns (%)
Country
Name of index
Closing price
1M
3M
1YR
Brazil
Bovespa
48,780
8.7
11.5
(5.9)
Russia
Micex
1,867
1.8
7.8
11.2
India
Nifty
7,759
11.0
(1.7)
(7.0)
China
Shanghai Composite
3,010
5.3
(14.8)
(18.2)
South Africa
Top 40
45,772
4.5
(0.3)
(0.5)
Mexico
Mexbol
45,678
4.5
5.3
3.3
Indonesia
LQ45
843
0.7
7.0
(11.0)
Malaysia
KLCI
1,725
2.2
2.4
(4.9)
Thailand
SET 50
897
0.7
12.9
(10.5)
USA
Dow Jones
17,737
5.0
0.8
(0.8)
UK
FTSE
6,165
0.2
(1.2)
(11.4)
Japan
Nikkei
16,123
(3.7)
(15.1)
(18.3)
Germany
DAX
9,822
1.1
(8.6)
(19.0)
France
CAC
4,345
(1.4)
(6.3)
(17.1)
Stock Watch
April 05, 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
168
3,258
2,097
2,415
14.4
14.4
9.5
11.0
17.6
15.2
3.5
3.0
21.1
21.3
1.6
1.4
United Phosphorus
Neutral
469
20,091
12,500
14,375
18.3
18.3
29.8
35.9
15.7
13.1
2.9
2.4
20.0
20.3
1.7
1.4
Auto & Auto Ancillary

Ashok Leyland
Neutral
Bajaj Auto
Accumulate
110
31,290
17,995
21,544
11.4
11.6
3.4
4.7
32.3
23.4
5.7
5.2
17.7
22.2
1.7
1.4
2,450
2,585
70,886
22,709
25,860
20.9
20.1
129.0
143.6
19.0
17.1
5.8
5.0
30.7
29.4
2.7
2.3
Bharat Forge
Eicher Motors
Neutral
846
19,696
7,351
8,318
19.9
19.7
31.2
36.5
27.1
23.2
4.9
4.1
19.3
19.2
2.8
2.5
Neutral
19,450
52,829
15,556
16,747
15.5
17.3
464.8
597.5
41.9
32.6
15.3
11.2
36.2
34.3
3.3
Gabriel India
Accumulate
3.0
91
101
1,314
1,415
1,544
8.7
9.0
4.6
5.4
19.9
16.9
3.6
3.2
18.1
18.9
0.9
Hero Motocorp
Neutral
0.8
2,979
59,495
28,244
30,532
15.5
15.9
156.7
168.5
19.0
17.7
7.6
6.4
39.9
36.4
1.9
Jamna Auto Industries
Accumulate
1.8
144
160
1,153
1,281
1,473
11.2
11.5
7.6
9.2
19.0
15.7
4.8
3.9
25.4
25.2
1.0
0.8
L G Balakrishnan & Bros Neutral
455
714
1,254
1,394
11.6
11.8
35.9
41.7
12.7
10.9
1.7
1.5
13.5
13.8
0.7
0.6
Mahindra and Mahindra Accumulate
1,246
1,364
77,373
38,416
42,904
13.7
13.9
54.8
63.4
22.7
19.7
3.5
3.1
15.4
15.8
1.7
1.4
Maruti
Neutral
3,681
111,205
57,865
68,104
16.4
16.7
176.3
225.5
20.9
16.3
4.1
3.5
19.4
21.2
1.7
1.4
Minda Industries
Neutral
1,009
1,601
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
261
313
34,477
39,343
45,100
8.8
9.1
10.1
12.5
25.8
20.9
8.2
6.4
35.3
34.4
1.0
0.8
Rane Brake Lining
Buy
373
465
295
454
511
11.5
12.0
25.2
31.0
14.8
12.0
2.2
2.0
14.9
16.6
0.8
0.7
Setco Automotive
Neutral
31
409
594
741
12.7
13.7
1.7
3.2
18.0
9.6
1.9
1.6
10.4
16.9
1.1
0.9
Tata Motors
Neutral
388
112,038 259,686 273,957
13.0
13.4
25.9
29.5
15.0
13.2
2.0
1.7
8.0
9.0
0.6
0.6
TVS Motor
Neutral
324
15,407
11,263
13,122
6.9
8.5
9.2
15.0
35.3
21.6
8.1
6.4
22.7
29.6
1.4
1.1
Amara Raja Batteries
Buy
904
1,040
15,433
4,892
5,871
17.4
17.6
28.8
37.1
31.4
24.4
7.3
5.9
23.4
24.1
3.1
2.5
Exide Industries
Accumulate
141
162
12,015
6,950
7,784
14.4
14.8
6.6
7.3
21.4
19.4
2.7
2.5
12.6
12.8
1.4
1.3
Apollo Tyres
Accumulate
171
183
8,717
12,056
12,714
17.2
16.4
23.0
20.3
7.5
8.4
1.3
1.1
17.7
13.6
0.8
0.8
Ceat
Accumulate
1,059
1,119
4,285
6,041
6,597
14.1
13.7
99.5
111.9
10.7
9.5
2.1
1.8
19.6
18.5
0.9
0.7
JK Tyres
Neutral
84
1,902
7,446
7,669
15.2
14.0
19.6
18.4
4.3
4.6
1.1
0.9
25.2
19.5
0.7
0.6
Swaraj Engines
Neutral
890
1,106
552
630
14.2
14.7
44.6
54.1
20.0
16.5
4.6
4.2
23.2
25.6
1.9
1.6
Subros
Neutral
90
540
1,293
1,527
11.8
11.9
4.2
6.7
21.4
13.4
1.6
1.5
7.7
11.5
0.7
0.6
Indag Rubber
Neutral
173
455
283
329
17.0
17.2
13.0
15.4
13.4
11.2
2.9
2.4
21.8
21.6
1.3
1.1
ACE
Neutral
38
379
660
839
4.7
8.2
1.0
3.9
38.4
9.8
1.2
1.1
3.2
11.3
0.7
0.6
BEML
Accumulate
1,016
1,157
4,231
3,277
4,006
6.0
8.9
36.2
64.3
28.1
15.8
1.9
1.8
5.7
11.7
1.4
1.1
Bharat Electronics
Buy
1,206
1,414
28,942
7,737
8,634
16.8
17.2
54.0
61.5
22.3
19.6
3.2
2.8
39.3
45.6
2.9
2.4
Capital Goods
Stock Watch
April 05, 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
282
353
9,339
5,363
5,963
8.0
9.1
11.0
13.8
25.7
20.5
3.9
3.5
16.2
17.9
1.7
1.5
BGR Energy
Neutral
108
781
3,615
3,181
9.5
9.4
16.7
12.4
6.5
8.7
0.6
0.6
10.0
7.0
0.6
0.8
BHEL
Neutral
117
28,661
33,722
35,272
10.8
11.7
10.5
14.2
11.2
8.3
0.8
0.8
7.0
9.0
0.9
0.9
Blue Star
Accumulate
394
439
3,544
3,548
3,977
6.3
6.9
13.7
17.2
28.8
23.0
7.2
4.7
26.1
25.4
1.1
0.9
Crompton Greaves
Neutral
50
3,124
13,484
14,687
4.9
6.2
4.5
7.1
11.1
7.0
0.8
0.7
7.2
10.8
0.4
0.3
Greaves Cotton
Neutral
128
3,120
1,655
1,755
16.6
16.8
7.4
7.8
17.3
16.4
3.5
3.3
21.1
20.6
1.8
1.7
Inox Wind
Buy
260
458
5,761
4,980
5,943
17.0
17.5
26.6
31.6
9.8
8.2
2.9
2.2
35.0
30.0
1.3
1.0
KEC International
Neutral
127
3,270
8,791
9,716
6.1
6.8
5.4
8.2
23.6
15.5
2.4
2.2
10.0
14.0
0.6
0.5
Thermax
Neutral
774
9,217
6,413
7,525
7.4
8.5
30.5
39.3
25.4
19.7
3.9
3.4
15.0
17.0
1.4
1.2
VATech Wabag
Neutral
519
2,831
2,722
3,336
7.9
8.1
19.5
24.6
26.6
21.1
2.8
2.5
11.1
12.4
1.1
0.9
ACC
Neutral
1,409
26,461
13,151
14,757
16.4
18.3
63.9
83.4
22.1
16.9
2.8
2.6
13.3
16.1
1.9
1.6
Ambuja Cements
Neutral
231
35,880
11,564
12,556
19.4
20.7
8.9
10.1
26.0
22.9
3.3
3.1
12.8
13.8
2.7
2.5
HeidelbergCement
Neutral
89
2,024
1,772
1,926
13.3
15.4
1.0
3.0
89.3
29.8
2.3
2.1
2.6
7.9
1.7
1.5
India Cements
Neutral
88
2,697
4,216
4,840
18.0
19.5
4.0
9.9
22.0
8.9
0.9
0.8
4.0
9.5
1.0
0.8
JK Cement
Neutral
660
4,615
3,661
4,742
10.1
15.8
7.5
28.5
88.0
23.2
2.7
2.3
7.5
22.9
1.7
1.3
J K Lakshmi Cement
Neutral
334
3,925
2,947
3,616
16.7
19.9
11.5
27.2
29.0
12.3
2.8
2.4
9.8
20.8
1.7
1.4
Mangalam Cements
Neutral
226
604
1,053
1,347
10.5
13.3
8.4
26.0
26.9
8.7
1.1
1.1
4.3
12.5
1.0
0.7
Orient Cement
Neutral
151
3,083
1,854
2,524
21.2
22.2
7.7
11.1
19.6
13.6
2.8
2.4
13.3
15.7
2.4
1.7
Ramco Cements
Neutral
407
9,698
4,036
4,545
20.8
21.3
15.1
18.8
27.0
21.7
3.3
2.9
12.9
14.3
2.9
2.5
Shree Cement^
Neutral
12,469
43,438
7,150
8,742
26.7
28.6
228.0
345.5
54.7
36.1
8.1
6.8
15.7
20.3
5.8
4.7
UltraTech Cement
Neutral
3,173
87,081
24,669
29,265
18.2
20.6
82.0
120.0
38.7
26.4
4.2
3.7
11.3
14.7
3.6
3.0
Cement
Construction
ITNL
Buy
75
93
2,477
7,360
8,825
34.0
35.9
7.0
9.0
10.8
8.4
0.4
0.3
3.2
3.7
3.7
3.6
KNR Constructions
Buy
521
603
1,465
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
1,236
1,310
115,107
58,870
65,708
8.3
10.3
42.0
53.0
29.4
23.3
2.0
1.9
8.8
11.2
2.2
2.0
Gujarat Pipavav Port
Neutral
184
8,876
629
684
51.0
52.2
6.4
5.9
28.7
31.1
3.8
3.5
15.9
12.7
13.8
12.5
MBL Infrastructures
Buy
158
285
654
2,313
2,797
12.2
14.6
19.0
20.0
8.3
7.9
0.9
0.8
11.3
10.6
1.0
0.9
Nagarjuna Const.
Neutral
75
4,158
7,892
8,842
8.8
9.1
3.0
5.3
24.9
14.1
1.3
1.2
5.0
8.5
0.8
0.6
PNC Infratech
Accumulate
518
558
2,656
1,873
2,288
13.2
13.5
24.0
32.0
21.6
16.2
2.1
1.9
12.1
12.3
1.5
1.3
Simplex Infra
Neutral
248
1,225
5,955
6,829
10.3
10.5
16.0
31.0
15.5
8.0
0.8
0.8
5.3
9.9
0.7
0.6
Stock Watch
April 05, 2016
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
OPM(%)
EPS ( )
PER(x)
( )
Price ( )
( cr )
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
P/BV(x)
RoE(%)
EV/Sales(x)
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
Construction
Power Mech Projects
Neutral
590
868
1,539
1,801
12.8
12.7
59.0
72.1
10.0
8.2
1.5
1.3
18.6
16.8
0.6
0.5
Sadbhav Engineering
Neutral
297
5,086
3,481
4,219
10.7
10.8
8.2
11.7
36.2
25.3
3.5
3.0
10.3
13.5
1.7
1.4
NBCC
Accumulate
955
1,089
11,456
5,816
7,382
6.9
7.7
29.6
39.8
32.3
24.0
5.8
4.6
24.1
26.7
1.7
1.3
MEP Infra
Neutral
39
628
1,956
1,876
28.1
30.5
1.3
3.0
29.7
12.9
6.2
4.2
21.2
32.8
1.7
1.7
SIPL
Neutral
100
3,510
675
1,042
62.4
64.7
3.7
4.3
16.9
11.4
Engineers India
Neutral
172
5,792
1,667
1,725
13.5
16.0
9.7
11.4
15.1
2.1
2.0
11.7
13.4
2.3
2.3
17.7
Financials
Allahabad Bank
Neutral
57
3,423
8,569
9,392
2.8
2.9
16.3
27.5
3.5
2.1
0.3
0.3
7.6
11.9
Axis Bank
Accumulate
445
494
106,039
26,473
31,527
3.5
3.6
35.7
43.5
12.5
10.2
2.1
1.8
17.9
18.9
Bank of Baroda
Neutral
151
34,850
18,485
21,025
1.9
2.0
13.5
21.1
11.2
7.2
0.9
0.8
7.3
10.6
Bank of India
Neutral
100
8,095
15,972
17,271
1.9
2.0
15.3
33.4
6.5
3.0
0.3
0.3
3.6
7.6
Canara Bank
Neutral
198
10,776
15,441
16,945
2.0
2.1
46.6
70.4
4.3
2.8
0.4
0.3
8.0
11.2
Dena Bank
Neutral
30
1,955
3,440
3,840
2.1
2.3
7.3
10.0
4.2
3.0
0.3
0.3
6.1
7.9
Federal Bank
Neutral
45
7,722
3,477
3,999
3.0
3.0
5.0
6.2
9.0
7.2
0.9
0.8
10.6
11.9
HDFC
Neutral
1,104
174,438
10,358
11,852
3.3
3.3
41.1
47.0
26.9
23.5
5.1
4.7
24.7
24.9
HDFC Bank
Buy
1,069
1,262
270,339
38,309
47,302
4.3
4.3
49.3
61.1
21.7
17.5
3.8
3.2
18.5
19.7
ICICI Bank
Accumulate
239
254
138,670
34,279
39,262
3.3
3.3
21.0
24.4
11.4
9.8
1.9
1.6
14.4
14.7
IDBI Bank
Neutral
71
13,528
9,625
10,455
1.8
1.8
8.5
14.2
8.4
5.0
0.5
0.5
5.9
9.3
Indian Bank
Neutral
105
5,055
6,160
6,858
2.5
2.5
24.5
29.8
4.3
3.5
0.3
0.3
7.7
8.6
LIC Housing Finance
Buy
487
592
24,564
3,101
3,745
2.5
2.5
33.0
40.2
14.8
12.1
2.8
2.3
19.7
20.5
Oriental Bank
Neutral
95
2,862
7,643
8,373
2.4
2.4
37.2
45.4
2.6
2.1
0.2
0.2
8.2
9.4
Punjab Natl.Bank
Neutral
87
17,054
23,638
26,557
2.8
2.8
17.9
27.2
4.9
3.2
0.5
0.4
8.5
12.0
South Ind.Bank
Neutral
18
2,458
1,965
2,185
2.5
2.5
2.5
3.3
7.3
5.5
0.7
0.7
9.5
11.7
St Bk of India
Neutral
195
151,374
79,958
86,061
2.6
2.6
13.4
20.7
14.6
9.4
1.2
1.1
11.5
12.8
Union Bank
Neutral
137
9,445
12,646
14,129
2.3
2.4
31.0
39.1
4.4
3.5
0.5
0.4
9.8
11.4
Vijaya Bank
Neutral
32
2,775
3,536
3,827
1.9
1.9
5.5
6.7
5.8
4.9
0.5
0.4
7.8
8.8
Yes Bank
Neutral
868
36,488
7,190
9,011
3.2
3.3
58.2
69.7
14.9
12.5
2.7
2.3
19.2
19.6
Asian Paints
Neutral
886
84,947
16,553
19,160
16.0
16.2
17.7
21.5
50.1
41.2
13.3
12.0
29.4
31.2
5.0
4.3
Britannia
Neutral
2,659
31,900
8,481
9,795
14.0
14.1
65.5
78.3
40.6
34.0
19.2
15.8
38.3
41.2
3.7
3.1
Colgate
Neutral
839
22,814
4,836
5,490
19.5
19.7
48.5
53.2
17.3
15.8
12.7
11.0
99.8
97.5
4.6
4.1
FMCG
Stock Watch
April 05, 2016
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
OPM(%)
EPS ( )
( )
Price ( )
( cr )
FY16E
FY17E
FY16E
FY17E
FY16E
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FMCG
Dabur India
Accumulate
249
267
43,794
9,370
10,265
17.1
17.2
7.3
8.1
33.9
30.7
10.2
8.3
33.7
30.6
4.6
4.2
GlaxoSmith Con*
Neutral
5,991
25,194
4,919
5,742
17.2
17.4
168.3
191.2
35.6
31.3
10.1
8.6
28.8
28.9
4.7
4.0
Godrej Consumer
Neutral
1,421
48,375
10,168
12,886
16.1
16.1
32.1
38.4
44.3
37.0
9.0
8.3
19.7
21.0
4.9
3.8
HUL
Neutral
872
188,690
34,940
38,957
17.5
17.7
20.8
24.7
41.9
35.3
46.6
37.3
110.5
114.2
5.2
4.6
ITC
Accumulate
331
359
266,322
36,804
38,776
37.9
37.9
12.2
12.9
27.1
25.7
7.5
6.6
27.7
25.8
6.8
6.5
Marico
Neutral
243
31,358
6,551
7,766
15.7
16.0
10.4
12.5
23.4
19.4
6.8
5.7
33.2
32.4
4.7
4.0
Nestle*
Buy
5,675
6,646
54,714
11,291
12,847
22.2
22.3
158.9
184.6
35.7
30.7
18.7
16.8
55.0
57.3
4.7
4.1
Tata Global
Buy
121
144
7,649
8,635
9,072
9.8
9.9
6.5
7.6
18.7
16.0
1.9
1.8
6.8
7.4
0.8
0.8
HCL Tech^
Buy
840
1,038
118,444
42,038
47,503
21.2
21.5
51.5
57.7
16.3
14.6
3.5
2.7
21.5
18.8
2.4
2.0
Infosys
Accumulate
1,244
1,347
286,569
61,850
69,981
27.5
27.5
59.4
65.7
20.9
18.9
4.4
3.8
21.2
20.1
3.9
3.3
TCS
Buy
2,471
2,854
486,834 108,487 122,590
28.3
28.5
122.8
138.4
20.1
17.9
7.7
6.9
38.0
38.9
4.1
3.6
Tech Mahindra
Accumulate
471
530
45,550
26,524
29,177
16.2
17.0
28.8
33.6
16.3
14.0
3.2
2.7
19.3
19.1
1.5
1.3
Wipro
Buy
566
680
139,852
50,808
56,189
23.7
23.8
37.3
40.7
15.2
13.9
2.9
2.6
19.2
17.7
2.2
1.9
D B Corp
Accumulate
324
356
5,955
2,241
2,495
27.8
27.9
21.8
25.6
14.9
12.7
3.9
3.4
26.7
28.5
2.6
2.3
HT Media
Neutral
77
1,797
2,495
2,603
11.2
11.2
7.3
8.6
10.6
9.0
0.8
0.8
7.4
8.1
0.2
0.2
Jagran Prakashan
Buy
159
189
5,188
2,170
2,355
27.2
26.2
8.9
9.9
17.8
16.0
3.7
3.3
20.9
20.5
2.3
2.1
Sun TV Network
Hindustan Media
Ventures
Metals & Mining
Neutral
375
14,762
2,779
3,196
70.2
70.5
22.8
27.3
16.4
13.7
4.1
3.7
26.7
28.3
5.1
4.4
Neutral
251
1,841
920
1,031
20.0
20.0
19.2
20.9
13.1
12.0
2.1
1.8
16.4
15.3
1.5
1.4
Coal India
Buy
285
380
180,269
76,167
84,130
19.9
22.3
22.4
25.8
12.7
11.1
4.6
4.5
35.5
41.0
1.7
1.5
Hind. Zinc
Neutral
188
79,542
14,641
14,026
50.4
50.4
17.7
16.0
10.7
11.8
1.6
1.5
16.2
13.2
3.1
2.9
Hindalco
Neutral
89
18,399 104,356 111,186
8.7
9.5
6.7
11.1
13.3
8.1
0.5
0.5
3.5
5.9
0.7
0.6
JSW Steel
Neutral
1,260
30,449
25.5
1.4
1.4
(1.0)
5.6
1.8
1.7
NMDC
Neutral
98
SAIL
Neutral
44
Vedanta
Neutral
91
Tata Steel
Neutral
Cairn India
GAIL
ONGC
IT
Media
42,308
45,147
16.4
20.7
(10.3)
49.5
39,013
8,237
10,893
46.6
44.5
10.0
11.7
9.9
8.4
1.1
1.0
12.5
13.0
4.5
3.5
18,049
45,915
53,954
7.2
10.5
1.5
4.4
29.0
10.0
0.4
0.4
2.3
4.1
1.0
0.9
26,875
71,445
81,910
26.2
26.3
12.9
19.2
7.0
4.7
0.5
0.4
7.2
8.9
0.8
0.6
320
31,098 126,760 137,307
8.9
11.3
6.4
23.1
50.3
13.9
1.0
1.0
2.0
7.1
0.8
0.8
Neutral
152
28,451
11,323
12,490
49.4
51.0
20.7
20.7
7.3
7.4
0.5
0.5
6.4
6.1
1.6
0.9
Neutral
348
44,143
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
Neutral
207
177,441 154,564 167,321
36.8
37.4
28.6
32.5
7.3
6.4
0.9
0.9
12.7
13.5
1.4
1.3
Oil & Gas
Stock Watch
April 05, 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
18,570
29,691
Oil & Gas

Petronet LNG
Neutral
248
31,188
5.8
6.2
12.8
13.4
19.4
18.4
2.9
2.6
15.8
14.8
0.7
0.7
Indian Oil Corp
Accumulate
402
455
97,494 359,607 402,760
5.9
6.1
42.5
48.7
9.5
8.2
1.3
1.1
14.1
14.4
0.4
0.3
Reliance Industries
Accumulate
1,035
1,150
335,427 304,775 344,392
12.6
13.4
91.3
102.6
11.3
10.1
1.3
1.2
11.8
12.0
1.0
0.9
594
11,203
3,274
3,802
26.9
19.4
35.0
28.7
17.0
20.7
7.5
5.7
55.6
31.2
3.4
2.9
Pharmaceuticals
Alembic Pharma
Neutral
Aurobindo Pharma
Accumulate
Aventis*
Neutral
Cadila Healthcare
753
856
44,072
14,923
17,162
22.0
23.0
35.7
42.8
21.1
17.6
6.2
4.7
34.0
30.2
3.3
2.8
4,092
9,424
2,082
2,371
17.4
20.8
118.2
151.5
34.6
27.0
5.1
4.1
19.9
25.5
4.2
3.5
Accumulate
315
352
32,227
10,224
11,840
21.0
22.0
14.6
17.6
21.6
17.9
5.9
4.6
30.8
29.0
3.2
2.7
Cipla
Buy
514
605
41,286
13,979
16,447
20.2
18.6
25.7
27.5
20.0
18.7
3.3
2.8
17.6
16.1
2.9
2.4
Dr Reddy's
Buy
3,015
3,933
51,417
16,838
19,575
25.0
23.1
167.5
178.8
18.0
16.9
3.8
3.2
23.1
20.4
3.0
2.5
Dishman Pharma
Neutral
334
2,695
1,733
1,906
21.5
21.5
17.0
19.9
19.6
16.8
2.0
1.8
10.5
11.2
2.1
1.8
GSK Pharma*
Neutral
3,752
31,779
2,870
3,158
20.0
22.1
59.5
68.3
63.1
54.9
18.6
19.1
28.5
34.3
10.6
9.7
Indoco Remedies
Neutral
276
2,539
1,033
1,199
15.9
18.2
9.4
13.6
29.3
20.3
4.4
3.7
15.7
19.7
2.5
2.2
Ipca labs
Buy
570
900
7,190
3,363
3,909
12.9
18.6
13.4
28.0
42.5
20.4
3.0
2.7
7.4
14.0
2.4
2.1
Lupin
Accumulate
1,461
1,560
65,844
13,092
16,561
25.0
27.0
50.4
68.3
29.0
21.4
6.0
4.7
22.8
24.7
4.7
3.6
Sun Pharma
Buy
816
950
196,372
28,163
32,610
25.8
30.7
17.4
26.9
46.9
30.3
4.5
3.9
13.0
16.6
6.4
5.4
Power
Tata Power
Neutral
68
18,473
35,923
37,402
22.6
22.8
4.1
5.2
16.9
13.3
1.3
1.2
7.5
9.3
1.5
1.3
NTPC
Accumulate
131
146
108,057
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
139
170
72,510
20,702
23,361
86.7
86.4
12.1
13.2
11.5
10.5
1.7
1.5
15.6
15.1
8.4
7.8
Buy
431
554
1,768
697
1,011
14.9
19.3
13.8
20.1
31.2
21.4
1.2
1.1
3.8
5.3
3.8
2.6
Bharti Airtel
Neutral
348
139,050 101,748 109,191
32.1
31.7
12.0
12.5
29.0
27.8
2.0
1.9
6.9
6.7
2.0
1.8
Idea Cellular
Neutral
113
40,794
34,282
36,941
32.0
31.5
5.9
6.2
19.2
18.3
1.8
1.6
9.9
9.3
1.8
1.7
Abbott India
Neutral
4,587
9,748
2,715
3,153
14.5
14.1
134.3
152.2
34.2
30.1
8.5
7.0
27.4
25.6
3.3
2.8
Bajaj Electricals
Accumulate
207
237
2,090
4,719
5,287
5.2
5.8
8.6
12.7
24.2
16.4
2.8
2.4
11.4
14.8
0.4
0.4
Finolex Cables
Neutral
288
4,398
2,520
2,883
12.2
12.0
12.7
14.2
22.7
20.3
3.1
2.7
13.6
13.5
1.5
1.3
Goodyear India*
Accumulate
510
582
1,176
1,800
1,600
11.7
11.5
58.7
52.9
8.7
9.6
1.9
1.7
24.6
18.7
0.4
0.4
Hitachi
Neutral
1,211
3,294
1,779
2,081
7.8
8.8
21.8
33.4
55.6
36.2
9.0
7.3
17.4
22.1
1.9
1.6
Jyothy Laboratories
Neutral
300
5,433
1,620
1,847
11.5
11.5
7.3
8.5
41.2
35.4
5.3
4.9
13.3
14.4
3.2
2.7
MRF
Buy
36,826
45,575
15,618
20,316
14,488
21.4
21.1 5,488.0 3,798.0
6.7
9.7
2.3
1.9
41.1
21.2
0.7
1.0
Page Industries
Neutral
12,053
13,444
1,929
2,450
19.8
20.1
52.4
40.3
23.1
16.1
52.1
47.1
7.0
5.5
Real Estate
MLIFE
Telecom
zOthers
229.9
299.0
Stock Watch
April 05, 2016
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
OPM(%)
EPS ( )
( )
Price ( )
( cr )
FY16E
FY17E
FY16E
FY17E
FY16E
442
5,307
1,767
2,152
12.3
12.5
1,006
1,354
943
1,636
1,815
11.5
11.5
1,271
1,440
8.6
PER(x)
P/BV(x)
RoE(%)
EV/Sales(x)
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
19.3
25.1
23.0
17.6
5.6
4.3
27.7
27.8
3.1
2.5
89.9
104.1
11.2
9.7
1.9
1.6
17.9
17.8
0.7
0.7
9.2
32.0
41.1
10.7
12.4
zOthers
Relaxo Footwears
Neutral
Siyaram Silk Mills
Buy
Styrolution ABS India*
#VALUE!
TVS Srichakra
Buy
2,338
3,217
1,790
2,035
2,252
15.9
15.3
248.6
268.1
9.4
8.7
4.1
3.0
43.6
33.9
0.9
0.8
HSIL
Neutral
Kirloskar Engines India
Neutral
Ltd
M M Forgings
Buy
297
2,149
2,123
2,384
16.1
16.5
15.0
18.9
19.8
15.8
1.5
1.4
8.0
9.4
1.4
1.2
216
3,124
2,403
2,554
8.6
9.9
9.2
10.5
23.5
20.6
2.3
2.2
9.7
10.7
0.9
0.9
463
614
559
511
615
21.7
21.6
43.1
55.8
10.7
8.3
2.0
1.6
19.9
21.2
1.3
1.0
Banco Products (India)
Neutral
114
819
1,208
1,353
11.0
12.3
10.8
14.5
10.6
7.9
1.2
1.1
11.9
14.5
0.6
0.6
Competent Automobiles Neutral
139
85
1,040
1,137
3.2
3.1
25.7
28.0
5.4
5.0
0.8
0.7
15.0
14.3
0.1
0.1
Nilkamal
Neutral
1,113
1,660
1,871
2,031
10.7
10.5
63.2
69.8
17.6
16.0
2.9
2.5
17.6
16.6
0.9
0.8
Visaka Industries
Buy
Transport Corporation of
Neutral
India
Elecon Engineering
Neutral
111
144
177
1,086
1,197
9.9
10.3
21.5
28.8
5.2
3.9
0.5
0.5
9.6
11.6
0.4
0.3
277
2,110
2,830
3,350
8.8
9.0
14.4
18.3
19.3
15.2
3.0
2.6
15.4
17.1
0.9
0.8
58
629
1,359
1,482
10.3
13.7
0.8
3.9
71.9
14.8
1.2
1.1
1.6
7.8
0.8
0.7
Surya Roshni
Buy
148
201
647
2,992
3,223
8.1
8.4
14.7
18.3
10.1
8.1
0.9
0.9
9.7
11.0
0.5
0.5
MT Educare
Neutral
170
675
286
366
18.3
17.7
7.7
9.4
22.0
18.1
4.6
4.1
20.2
21.1
2.3
1.7
Radico Khaitan
Buy
97
156
1,294
1,517
1,635
12.7
13.4
5.8
7.1
16.7
13.7
1.4
1.3
8.6
9.6
1.3
1.2
Garware Wall Ropes
Buy
339
473
743
862
974
11.2
11.2
24.9
29.6
13.6
11.5
2.1
1.8
15.1
15.4
0.9
0.7
Wonderla Holidays
Neutral
388
2,192
206
308
44.0
43.6
9.0
12.9
43.1
30.1
5.9
5.3
13.7
17.8
10.5
7.0
Linc Pen & Plastics
Neutral
193
285
340
371
8.3
8.9
10.8
13.2
17.9
14.6
2.9
2.5
16.0
17.1
0.9
0.8
The Byke Hospitality
Neutral
156
624
222
287
20.5
20.5
5.6
7.6
27.6
20.6
5.2
4.3
18.9
20.8
2.8
2.2
Interglobe Aviation
Coffee Day Enterprises
Ltd
Navneet Education
Neutral
967
34,848
17,022
21,122
20.7
14.5
63.9
53.7
15.1
18.0
22.7
18.6
149.9
103.2
2.1
1.7
Neutral
227
4,678
2,692
2,964
17.0
18.6
4.7
47.9
2.8
2.6
0.2
5.5
2.1
2.0
84
2,006
998
1,062
24.1
24.0
5.8
6.1
14.6
13.8
3.2
2.8
22.0
20.6
2.1
2.0
Navkar Corporation
Buy
185
265
2,631
365
436
38.3
37.5
5.6
5.9
32.7
31.4
2.1
1.9
6.3
6.1
8.0
6.9
UFO Moviez
Neutral
480
1,320
558
619
32.0
33.2
22.5
30.0
21.3
16.0
2.6
2.2
12.0
13.8
2.2
1.8
VRL Logistics
Neutral
376
3,430
1,725
1,902
16.5
16.7
12.2
14.6
30.9
25.8
6.4
5.7
20.8
21.9
2.1
1.9
Team Lease Serv.
Neutral
900
1,538
2,565
3,229
1.3
1.5
15.2
22.8
59.3
39.5
4.7
4.2
8.0
10.7
0.5
0.4
S H Kelkar & Co.
Neutral
226
3,275
928
1,036
15.3
15.1
4.9
6.1
45.9
37.1
4.3
4.0
9.4
10.7
3.4
3.0
Quick Heal
Neutral
225
1,576
339
408
27.8
27.3
7.1
7.7
31.8
29.1
2.7
2.7
8.5
9.3
3.6
3.0
Neutral
Stock Watch
April 05, 2016
Company Name
Reco
CMP
Target
Mkt Cap
Sales ( cr )
OPM(%)
( )
Price ( )
( cr )
FY16E
FY17E
FY16E
FY17E
EPS ( )
FY16E
PER(x)
P/BV(x)
RoE(%)
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
EV/Sales(x)
FY17E
FY16E
FY17E
zOthers
Narayana Hrudaya
Neutral
290
5,919
1,603
1,873
10.9
11.5
1.0
2.6
304.1
109.5
7.3
6.7
2.4
6.1
3.8
3.3
Manpasand Bever.
Neutral
460
2,302
540
836
19.9
19.6
10.2
16.9
44.9
27.2
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 04, 2016
Market Outlook
April 05, 2016
Research Team Tel: 022 - 39357800
E-mail: research@angelbroking.com
Website: www.angelbroking.com
DISCLAIMER
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Market Outlook 05-04-2016

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News & Result Analysis

L&T Hydrocarbon Engineering bags `650cr contract

NTPC JV takes over Patratu power plant

Detailed analysis on Pg2

Investors Ready Reckoner

Auto & Auto Ancillary

Navkar Corporation Others

Net Inflows (` Cr)

Key Upcoming Events

RBI Repo Rate%

Initial Jobless claims

More Events on Pg4

More Top Picks on Pg3

L&T Hydrocarbon Engineering bags `650cr contract

NTPC JV takes over Patratu power plant

Economic and Political News

GDP growth to remain flat at 7.4% in FY17: HSBC

Telecom Min to approach Cabinet for reducing spectrum charges

FM Arun Jaitley wants focus on irrigation projects for immediate results

Fitch Ratings downgrades Sajjan Jindal-led JSW Steel

Cox & Kings sells 2 entities to Malvern; will hold 49% in it

ICICI Bank tweaks corporate lending norms to trim NPAs

Amara Raja Batteries

LIC Housing Finance

Source: Company, Angel Research

Siyaram Silk Mills

Key Upcoming Events

RBI Reverse Repo rate

RBI Repo rate

RBI Cash Reserve ratio

Initial Jobless claims

Industrial Production (YoY)

Apr 11, 2016 7:00AM

Consumer Price Index (YoY)

Apr 12, 2016 2:00PM

Industrial Production YoY

Producer Price Index (mom)

Monthly Wholesale Prices YoY%

Consumer price index (mom)

Euro-Zone CPI (YoY)

BOE Announces rates

Apr 15, 2016 6:45PM

Industrial Production (YoY)

Real GDP (YoY)

Apr 19, 2016 6:00PM

Apr 20, 2016 7:30PM

Existing home sales

Jobless claims change

Apr 21, 2016 7:30PM

Euro-Zone Consumer Confidence

ECB announces interest rates

Apr 22, 2016 1:00PM

Apr 25, 2016 7:30PM

New home sales

Apr 26, 2016 7:30PM

Apr 27, 2016 2:00PM

FOMC rate decision

Source: Bloomberg, Angel Research

Exhibit 3: Monthly CPI inflation trends

Exhibit 4: Manufacturing and services PMI

Source: MOSPI, Angel Research

Source: CSO, Angel Research

Source: MOSPI, Angel Research