may 30, 2016web.angelbackoffice.com/...outlook_30_05_2016.pdf · key upcoming events date region...

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Market Outlook May 30, 2016

Market Cues

Indian Markets are expected to open in the green tracking the SGX Nifty and Global cues.

The benchmark US stock indexes gained on Friday, with the Nasdaq Composite and the Standard & Poor’s 500 at their highest levels since March after Federal Reserve Chair Janet Yellen hinted at the likelihood of interest-rate hike in coming months. Investors shrugged off concerns about higher borrowing cost as the possibility of rate hike in near future indicated that the US economy is improving.

European shares were steady on Friday, fluctuating between modest gains and losses. Investors were reluctant on making major moves ahead of Janet Yellen’s remarks. Swiss stocks extended their winning streak while Pharma stocks were up after drug maker Roche gained on announcing positive results for one of its drugs.

Indian markets rose by more than 1% on Friday, registering their fourth consecutive session of gains. The markets gained on solid earnings posted by companies like BPCL and SBIN.

News Analysis Sun Pharma gets US subpoena over pricing of generic drugs

Result Review: Indoco Remedies, Surya Roshni, Navkar Corp

Result Preview: Aurobindo Pharma 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 24.9

HCL Tech IT Buy 755 1,000 32.5

LIC Housing Financials Buy 462 592 28.1

Bharat Electronics Capital Goods Buy 1,183 1,414 19.5

Navkar Corporation Others Buy 191 265 39.0

More Top Picks on Pg5

Key Upcoming Events Date Region

Event Description

PreviousReading

Consensus Expectations

May 30 Euro Zone Euro Zone Consumer Confidence (7.0) (7.0)

May 31 US Consumer Confidence 94.0 96.0

June 01 US Initial Jobless claims 268.0 --

June 01 UK PMI Manifacturing 49.2 49.6 6.(

More Events on Pg6

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

BSE Sensex 1.1 287 26,654

Nifty 1.1 87 8,157

Mid Cap 1.4 156 11,347

Small Cap 0.6 63 11,111

Bankex 1.1 226 19,951

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

Dow Jones 0.3 45 17,873

Nasdaq 0.6 32 4,934

FTSE 0.1 5 6,271

Nikkei 0.4 62 16,835

Hang Seng 0.9 180 20,577

Shanghai Com (0.0) (1) 2,821

Advances / Declines BSE NSE

Advances 1,405 919

Declines 1,183 630

Unchanged 196 79

Volumes (` Cr)

BSE 3,371

NSE 21,169

Net Inflows (` Cr) Net Mtd Ytd

FII 720 1,511 13,302

MFs 873 4,646 7,242

Top Gainers Price (`) Chg (%)

Hindpetro 931 9.8

Fincables 334 9.4

Bpcl 1,011 9.1

Prestige 185 8.8

Rpower 52 7.5

Top Losers Price (`) Chg (%)

Feldvr 16 (7.5)

Fortis 164 (5.6)

Jublfood 1,112 (3.5)

Canbk 193 (2.9)

Adanipower 30 (2.9) As on May 27, 2016

Sun Pharma gets US subpoena over pricing of generic drugs

As per company announcement, one of the company’s US subsidiaries Sun Pharmaceuticals Industries Inc (SPII) has received a grand jury subpoena from the United States Department of Justice (DOJ) seeking documents from SPII and its affiliates relating to generic pharmaceutical products and pricing, communication with competitors and other related matters. The company has informed that SPII is currently responding to the subpoena but it has not disclosed the product over which it has been asked to provide the information. As per the company, the outcome of the enquiry is unlikely to have any material adverse impact on the consolidated performance of the company. We currently have a BUY rating on the stock.

Indoco Remedies (CMP: `293 / TP: -/ Upside: -)

For 4QFY2016, Indoco Remedies, posted results much below expectations. It posted sales of `255cr V/s `300cr expected a yoy growth of 20.5%. The growth was mainly driven by exports ( `117.8cr), a yoy growth of 43.8%, while domestic sales ( `136.3cr), posted a yoy growth of 5.6%. The domestic formulation sales (`130.8cr) a yoy growth of 6.4%. Exports sales was driven by the Formulation exports ( `110.5cr), a yoy growth of 47.3%.On operating front, the gross margins came in at 67.7% V/s 67.6% during the last corresponding period, while EBDITA came in at 12.7% V/s 18.4% during the last corresponding period. The margins came under pressure on back of the R&D expenditure, which rose by 153.7% yoy. The reported net profit thus came in at `20cr V/s `18.8cr during the last corresponding period, a yoy growth of 6.7%. We remain NEUTRAL on the stock.

Y/E Sales OPM PAT EPS ROE P/E P/BV EV/EBITDA EV/SalesMarch (` cr) (%) (` cr) (`) (%) (x) (x) (x) (x)FY2016E 2,870 20.0 504 59.5 28.5 57.6 17.0 47.5 9.5FY2017E 3,158 22.1 579 68.3 34.3 50.1 17.4 39.4 8.7

Surya Roshni (CMP: `158/ TP: `201/ Upside: 27%)

Surya Roshni posted a good set of numbers for 4QFY2016. The top-line grew by 7.6% yoy to `845cr which is higher than our estimate of `807cr. The better performance was on account of 20.7% yoy increase in lighting products revenue to `405cr while steel products business posted revenue growth of 2.2% yoy to `518cr.

On operational front, employee and other expenses were mostly flat while the raw material cost declined by 170bp yoy to 70.3% of sales. As a result, the EBITDA margin expanded by 102bp yoy to 7.8% which is marginally lower than our estimate of 8.0% while the EBITDA grew by 23.7% yoy to `66cr, which is in-line with our estimate of `64cr. The EBIT margin for the lighting business was stable on yoy basis while margins for steel business improved by 66bp yoy to 2.7%.

The lighting business of the company has been the main reason behind company’s ability to post a revenue growth of ~7% for FY2016 in an environment where its steel business was hurt on account of poor realizations and volumes. Going forward, we expect the company to leverage on its vast dealer network to grow its lighting business while the steel business slowly recovers. The company has also

announced that it is considering amalgamating its associate company Surya Global Steel Tubes with itself. This is particularly positive as the associate has better profitability than its standalone steel business and the company will benefit from operational synergies. We maintain our BUY recommendation on the stock.

Y/E Sales OPM PAT EPS ROE P/E P/BV EV/EBITDA EV/Sales March (` cr) (%) (` cr) (`) (%) (x) (x) (x) (x) FY2017E 3,342 7.8 76 17.3 10.5 8.8 0.9 5.8 0.5 FY2018E 3,625 7.5 87 19.8 10.8 7.7 0.8 5.4 0.4

Navkar Corp (CMP: `191/TP: `265/ Upside: 39%)

For 4QFY2016, Navkar has reported a good set of numbers. The Consolidated top-line during the quarter grew by 8.5% to ~`91cr on account of possible improvement in EXIM volumes. On the operating margin front, the company has reported a margin expansion of 904bp YoY to 41.9% on account of sharp decline in other operating expenses. As a result EBITDA grew by 38.4% yoy to ~`38cr for the quarter. On account of better operating performance and higher other income, net profit grew by ~107% to ~`26cr.

Going forward, we expect NCL’s utilizations to increase; we expect NCL to be able to garner a good chunk of business over the next three to four years due to its rail advantage at both JNPT and Vapi. Moreover, the capacity addition at JNPT port serves as an additional long-term trigger for the stock. Hence, we maintain POSITIVE stance on the stock.

Result Preview

Aurobindo Pharma (CMP: `764 /TP: `856/ Upside: 12.0%)

For 4QFY2016, Aurobindo Pharma, is expected to post sales of `3,700cr V/s `3,144cr in 4QFY2015 a yoy growth of 17.7%. On operating front, the gross margins is expected to come at 54.4% V/s 56.3% during the last corresponding period, while EBDITA is expected to come in at 20.8% V/s 20.3% during the last corresponding period. The reported net profit thus is expected to come n at `551cr V/s `404cr during the last corresponding period, a yoy growth of 36.5%. We recommend ACCUMULATE on the stock.

Y/E Sales OPM PAT EPS ROE P/E P/BV EV/EBITDA EV/SalesMarch (` cr) (%) (` cr) (`) (%) (x) (x) (x) (x)FY2016E 14,923 22.0 2,084 35.7 34.0 21.4 6.3 15.3 3.4FY2017E 17,162 23.0 2,498 42.8 30.2 17.9 4.7 12.5 2.9

Economic and Political News Good monsoon could boost farm profitability by 12%: Report Arunachal CM asks Centre to build rail corridor in state

Domestic indicators point to nascent recovery: Deutsche Bank

Corporate News Wipro to take hyper automation drive across all projects in FY17

Jet to take back 6 Boeing planes from Etihad for use in its core routes

United Spirits to reduce debt by up to `2,000cr in 2 yrs

Quarterly Bloomberg Brokers Consensus Estimate

Tata Motors Ltd. Consol - May 30, 2016 Particulars (` cr) 4QFY16E 4QFY15 y-o-y (%) 3QFY16 q-o-q (%)

Net sales 72,720 67,298 8.1 71,686 1.4

EBITDA 10,023 8,438 18.8 9,380 6.9

EBITDA margin (%) 13.8 12.5 13.1

Net profit 3,436 1,717 100.2 3,508 (2.0)

Sun Pharmaceuticals Industries Ltd. Consol - May 30, 2016 Particulars (` cr) 4QFY16E 4QFY15 y-o-y (%) 3QFY16 q-o-q (%)

Net sales 7,681 6,145 25.0 7,047 9.0

EBITDA 2,747 1,098 150.1 2,169 26.6

EBITDA margin (%) 35.8 17.9 30.8

Net profit 1,838 888 106.9 1,417 29.7

Mahindra and Mahindra Ltd. - May 30, 2016 Particulars (` cr) 4QFY16E 4QFY15 y-o-y (%) 3QFY16 q-o-q (%)

Net sales 10,458 9,412 11.1 10,466 (0.1)

EBITDA 1,091 1,145 (4.7) 1,243 (12.2)

EBITDA margin (%) 10.4 12.2 11.9

Net profit 673 551 22.3 821 (18.0)

NTPC Ltd. - May 30, 2016 Particulars (` cr) 4QFY16E 4QFY15 y-o-y (%) 3QFY16 q-o-q (%)

Net sales 18,288 19,230 (4.9) 17,318 5.6

EBITDA 4,801 4,649 3.3 4,585 4.7

EBITDA margin (%) 26.3 24.2 26.5

Net profit 2,455 2,944 (16.6) 2,493 (1.5)

Steel Authority of India Ltd. - May 30, 2016 Particulars (` cr) 4QFY16E 4QFY15 y-o-y (%) 3QFY16 q-o-q (%)

Net sales 10,926 11,469 (4.7) 8,805 24.1

EBITDA (336) 930 0.0 (1,381) 75.6

EBITDA margin (%) (3.1) 8.1 (15.7)

Net profit (858) 334 0.0 (1,529) 43.9

Aurobindo Pharma Ltd. Consol - May 30, 2016 Particulars (` cr) 4QFY16E 4QFY15 y-o-y (%) 3QFY16 q-o-q (%)

Net sales 3,712 3,144 18.1 3,432 8.2

EBITDA 894 656 36.3 822 8.8

EBITDA margin (%) 24.1 20.9 24.0

Net profit 564 403 40.0 535 5.4

Top Picks ★★★★★

Large Cap

Company Market Cap

(` Cr) CMP

(`)Target

(`) Upside

(%) Rationale

Amara Raja Batteries 14,716 862 1,076 24.9 To outpace battery industry growth due to better technological products leading to market share gains in both the automotiveOEM and replacement segments.

Bharat Electronics 28,393 1,183 1,414 19.5 Uptick in defense capex by government when coupled withBELs strong market positioning, indicate that good times areahead for BEL.

HCL Tech 1,06,448 755 1,000 32.5 The stock is trading at attractive valuations and is factoring all the bad news.

HDFC Bank 3,00,309 1,187 1,262 6.3 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 2,86,291 1,246 1,374 10.2 Back on the growth trend, expect a long term growth of 14%to be a US$20bn in FY2020.

LIC Housing Finance 23,308 462 592 28.1

LICHF continues to grow its retail loan book at a healthy pace with improvement in asset quality. We expect the company topost a healthy loan book which is likely to reflect in a strongearnings growth.

NBCC 11,423 952 1,098 15.3 Huge bid pipeline of re-development works at Delhi and otherState Governments and opportunity from Smart City, positionsNBCC to report strong growth, going forward.

Source: Company, Angel Research

Mid Cap

Company Market Cap

(` Cr) CMP

(`)Target

(`)Upside

(%) Rationale

Blue Star 3,900 434 481 10.9

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 5,763 198 270 36.7 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.

IL&FS Transport 2,304 70 93 32.8 Commencement of new projects, downtrend in the interest rate cycle, to lead to stock re-rating

Jagran Prakashan 5,678 174 205 18.0

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.

Mahindra Lifespace 1,807 440 554 25.8 Speedier execution and speedier sales, strong revenue visibilty in short-to-long run, attractive valuations

Navkar Corporation 2,720 191 265 39.0 Massive capacity expansion along with rail advantage at ICD as well CFS augurs well for the company

Radico Khaitan 1,129 85 125 47.3 Earnings boost on back of stable material prices and favourable pricing environment. Valuation discount to peers provides additional comfort

Siyaram Silk Mills 983 1,048 1,354 29.1 Strong brands and distribution network would boost growth going ahead. Stock currently trades at an inexpensive valuation.

Source: Company, Angel Research

Date Company

May 30, 2016Tata Motors, M&M, BGR Energy , Blue Star, SAIL, Bhushan Steel, Bajaj Electrical, Hitachi, Tide Water Oil India, Sun Pharma, Aurobindo Pharma, Ipca labs, NTPC, Unitech, Competent Automobiles, Transport Corporation of India

Result Calendar

Source: Bloomberg, Angel Research

Global economic events release calendar

Date Time Country Event Description Unit Period Bloomberg Data

Last Reported Estimated

May 30, 2016 2:30PM Euro Zone Euro-Zone Consumer Confidence Value May F (7.00) (7.00)

May 31, 2016 7:30PM US Consumer Confidence S.A./ 1985=100 May 94.20 96.00

1:25PM Germany Unemployment change (000's) Thousands May (16.00) (5.00)

Jun 1, 2016 1:25PM Germany PMI Manufacturing Value May F 52.40 52.40

6:00PM US Initial Jobless claims Thousands May 28 268.00 --

2:00PM UK PMI Manufacturing Value May 49.20 49.60

Jun 2, 2016 6:30AM China PMI Manufacturing Value May 50.10 50.00

5:15PM Euro Zone ECB announces interest rates % Jun 2 -- --

Jun 3, 2016 1:25PM Germany PMI Services Value May F 55.20 55.20

6:00PM US Change in Nonfarm payrolls Thousands May 160.00 160.00

6:00PM US Unnemployment rate % May 5.00 4.90

Jun 7, 2016 2:30PM Euro Zone Euro-Zone GDP s.a. (QoQ) % Change 1Q F 0.50 --

11:00AM India RBI Reverse Repo rate % Jun 7 6.00 --

11:00AM India RBI Repo rate % Jun 7 6.50 --

11:00AM India RBI Cash Reserve ratio % Jun 7 4.00 --

Jun 8, 2016 2:00PM UK Industrial Production (YoY) % Change Apr (0.20) --

7:00AM China Consumer Price Index (YoY) % Change May 2.30 --

Jun 9, 2016 China Exports YoY% % Change May (1.80) --

Jun 10, 2016 India Imports YoY% % Change May (23.10) --

India Exports YoY% % Change May (6.70) --

5:30PM India Industrial Production YoY % Change Apr 0.10 --

Jun 12, 2016 11:00AM China Industrial Production (YoY) % Change May 6.00 --

Jun 14, 2016 12:00PM India Monthly Wholesale Prices YoY% % Change May 0.34 --

2:00PM UK CPI (YoY) % Change May 0.30 --

May 30, 2016

Market Outlook

Key Upcoming Events

Market Outlook

May 30, 2016

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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

Exhibit 6: Key policy rates

Source: RBI, Angel Research

6.6 6.7

7.6 7.7

4.2 4.3

(0.9) (1.5)

5.0 5.4

3.7 3.7

5.0 5.4 5.6 5.7

5.3 4.8

Mfg . PMI Services PMI

(35.0)

(30.0)

(25.0)

(20.0)

(15.0)

(10.0)

May-15

Jun-15

Jul-15

Aug-15

Sep-15

Oct-15

Nov-15

Dec-15

Jan-16

Feb-16

Mar-16

Apr-16

Exports yoy growth Imports yoy growth(%)

Repo rate Reverse Repo rate CRR (%)

Market Outlook

May 30, 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

2.0 2.0

1.3 1.3

Brazil

Russia

South A

Indonesia

Malaysia

Thailand

France

(3.8) (1.8)

4.9 4.4

1.9 2.4

1.5 1.1

Brazil

Russia

South A

Indonesia

Malaysia

Thailand

France

Brazil

Russia

Africa

Indonesia

Malaysia

Thailand

France

Market Outlook

May 30, 2016

Exhibit 4: Relative performance of indices across globe

Returns (%)

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

Brazil Bovespa 49,051 (7.6) 16.6 (10.7)

Russia Micex 1,928 (2.0) 5.8 16.1

India Nifty 8,157 2.2 13.1 (3.6)

China Shanghai Composite 2,821 (5.0) 1.4 (38.1)

South Africa Top 40 48,070 3.2 10.0 2.5

Mexico Mexbol 46,124 0.4 6.8 3.2

Indonesia LQ45 826 (0.4) 2.0 (9.6)

Malaysia KLCI 1,637 (3.3) (1.6) (8.4)

Thailand SET 50 903 (0.7) 10.9 (9.8)

USA Dow Jones 17,873 (0.9) 7.4 (0.9)

UK FTSE 6,271 (0.2) 6.9 (9.5)

Japan Nikkei 16,835 (3.0) 4.5 (15.9)

Germany DAX 10,286 0.3 12.2 (9.2)

France CAC 4,515 (1.0) 6.3 (8.3)

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 205 - 3,994 1,612 1,911 13.3 13.3 7.4 9.5 27.8 21.6 4.5 4.0 16.7 18.4 2.5 2.1

United Phosphorus Accumulate 595 684 25,498 13,083 15,176 18.5 18.5 31.5 37.4 18.9 15.9 3.8 3.1 21.4 21.4 2.1 1.8

Auto & Auto Ancillary

Ashok Leyland Neutral 107 - 30,380 17,995 21,544 11.4 11.6 3.4 4.7 31.4 22.7 5.5 5.1 17.7 22.2 1.6 1.3

Bajaj Auto Neutral 2,567 - 74,294 22,709 25,860 20.9 20.1 129.0 143.6 19.9 17.9 6.1 5.3 30.7 29.4 2.8 2.4

Bharat Forge Buy 747 875 17,383 7,351 8,318 19.9 19.7 31.2 36.5 23.9 20.5 4.3 3.6 19.3 19.2 2.5 2.2

Eicher Motors Accumulate 18,742 20,044 50,906 15,556 16,747 15.5 17.3 464.8 597.5 40.3 31.4 14.7 10.8 36.2 34.3 3.2 2.9

Gabriel India Buy 86 101 1,228 1,415 1,544 8.7 9.0 4.6 5.4 18.6 15.8 3.4 3.0 18.1 18.9 0.8 0.8

Hero Motocorp Neutral 3,003 - 59,971 28,244 30,532 15.5 15.9 156.7 168.5 19.2 17.8 7.7 6.5 39.9 36.4 2.0 1.8

Jamna Auto Industries Accumulate 147 160 1,172 1,281 1,473 11.2 11.5 7.6 9.2 19.3 16.0 4.9 4.0 25.4 25.2 1.0 0.8

L G Balakrishnan & Bros Neutral 475 - 746 1,254 1,394 11.6 11.8 35.9 41.7 13.3 11.4 1.8 1.6 13.5 13.8 0.7 0.6

Mahindra and Mahindra Neutral 1,335 - 82,925 38,416 42,904 13.7 13.9 54.8 63.4 24.4 21.1 3.8 3.3 15.4 15.8 1.8 1.6

Maruti Neutral 4,141 - 125,102 57,865 68,104 16.4 16.7 176.3 225.5 23.5 18.4 4.6 3.9 19.4 21.2 1.9 1.6

Minda Industries Neutral 1,179 - 1,871 2,523 2,890 8.7 9.0 55.0 65.4 21.4 18.0 4.1 3.4 19.3 18.7 0.8 0.7

Motherson Sumi Accumulate 279 313 36,891 39,343 45,100 8.8 9.1 10.1 12.5 27.6 22.3 8.7 6.9 35.3 34.4 1.0 0.9

Rane Brake Lining Buy 379 465 300 454 511 11.5 12.0 25.2 31.0 15.0 12.2 2.3 2.0 14.9 16.6 0.8 0.7

Setco Automotive Neutral 32 - 427 594 741 12.7 13.7 1.7 3.2 18.8 10.0 2.0 1.7 10.4 16.9 1.2 1.0

Tata Motors Neutral 404 - 116,499 259,686 273,957 13.0 13.4 25.9 29.5 15.6 13.7 2.0 1.8 8.0 9.0 0.6 0.6

TVS Motor Accumulate 292 330 13,870 11,263 13,122 6.9 8.5 9.2 15.0 31.7 19.5 7.2 5.8 22.7 29.6 1.2 1.0

Amara Raja Batteries Buy 862 1,076 14,716 4,892 5,871 17.4 17.6 28.8 37.1 29.9 23.2 7.0 5.6 23.4 24.1 3.0 2.4

Exide Industries Neutral 157 - 13,358 6,950 7,784 14.4 14.8 6.6 7.3 23.8 21.5 3.0 2.7 12.6 12.8 1.6 1.5

Apollo Tyres Buy 157 183 7,982 12,056 12,714 17.2 16.4 23.0 20.3 6.8 7.7 1.2 1.1 17.7 13.6 0.7 0.7

Ceat Buy 927 1,119 3,751 6,041 6,597 14.1 13.7 99.5 111.9 9.3 8.3 1.8 1.5 19.6 18.5 0.8 0.7

JK Tyres Neutral 83 - 1,885 7,446 7,669 15.2 14.0 19.6 18.4 4.2 4.5 1.1 0.9 25.2 19.5 0.7 0.6

Swaraj Engines Neutral 1,100 - 1,366 552 630 14.2 14.7 44.6 54.1 24.7 20.3 5.7 5.2 23.2 25.6 2.3 2.0

Subros Neutral 93 - 558 1,293 1,527 11.8 11.9 4.2 6.7 22.2 13.9 1.7 1.5 7.7 11.5 0.7 0.6

Indag Rubber Neutral 192 - 505 283 329 17.0 17.2 13.0 15.4 14.9 12.5 3.2 2.7 21.8 21.6 1.5 1.2

Capital Goods

ACE Neutral 41 - 401 660 839 4.7 8.2 1.0 3.9 40.5 10.4 1.3 1.1 3.2 11.3 0.8 0.6

BEML Buy 855 1,157 3,560 3,277 4,006 6.0 8.9 36.2 64.3 23.6 13.3 1.6 1.5 5.7 11.7 1.2 0.9

Bharat Electronics Buy 1,183 1,414 28,393 7,737 8,634 16.8 17.2 54.0 61.5 21.9 19.2 3.1 2.8 39.3 45.6 2.8 2.4

May 30, 2016

Stock Watch

Capital Goods

Voltas Buy 337 407 11,141 5,363 5,963 8.0 9.1 11.0 13.8 30.6 24.4 4.7 4.1 16.2 17.9 2.0 1.8

BGR Energy Neutral 113 - 815 3,615 3,181 9.5 9.4 16.7 12.4 6.8 9.1 0.6 0.6 10.0 7.0 0.6 0.8

BHEL Neutral 128 - 31,378 33,722 35,272 10.8 11.7 10.5 14.2 12.2 9.0 0.9 0.9 7.0 9.0 1.0 1.0

Blue Star Accumulate 434 481 3,900 3,548 3,977 6.3 6.9 13.7 17.2 31.7 25.3 8.0 5.2 26.1 25.4 1.2 1.0

Crompton Greaves Neutral 60 - 3,760 13,484 14,687 4.9 6.2 4.5 7.1 13.3 8.5 0.9 0.9 7.2 10.8 0.4 0.4

Greaves Cotton Neutral 141 - 3,436 1,655 1,755 16.6 16.8 7.4 7.8 19.0 18.0 3.8 3.6 21.1 20.6 2.0 1.9

Inox Wind Buy 224 286 4,975 4,406 5,605 15.5 15.7 20.4 24.8 11.0 9.0 2.5 1.9 27.9 25.9 1.3 1.0

KEC International Neutral 140 - 3,593 8,791 9,716 6.1 6.8 5.4 8.2 25.9 17.0 2.6 2.4 10.0 14.0 0.6 0.6

Thermax Neutral 750 - 8,932 6,413 7,525 7.4 8.5 30.5 39.3 24.6 19.1 3.8 3.3 15.0 17.0 1.4 1.1

VATech Wabag Neutral 556 - 3,032 2,722 3,336 7.9 8.1 19.5 24.6 28.5 22.6 3.0 2.7 11.1 12.4 1.2 1.0

Cement

ACC Neutral 1,522 - 28,569 13,151 14,757 16.4 18.3 63.9 83.4 23.8 18.3 3.1 2.8 13.3 16.1 2.0 1.7

Ambuja Cements Neutral 229 - 35,601 11,564 12,556 19.4 20.7 8.9 10.1 25.8 22.7 3.2 3.1 12.8 13.8 2.7 2.5

HeidelbergCement Neutral 96 - 2,186 1,772 1,926 13.3 15.4 1.0 3.0 96.5 32.2 2.4 2.3 2.6 7.9 1.8 1.6

India Cements Neutral 92 - 2,825 4,216 4,840 18.0 19.5 4.0 9.9 23.0 9.3 0.9 0.9 4.0 9.5 1.0 0.8

JK Cement Neutral 595 - 4,164 3,661 4,742 10.1 15.8 7.5 28.5 79.4 20.9 2.4 2.1 7.5 22.9 1.6 1.2

J K Lakshmi Cement Neutral 346 - 4,068 2,947 3,616 16.7 19.9 11.5 27.2 30.1 12.7 2.9 2.5 9.8 20.8 1.8 1.4

Mangalam Cements Neutral 248 - 661 1,053 1,347 10.5 13.3 8.4 26.0 29.5 9.5 1.2 1.2 4.3 12.5 1.0 0.7

Orient Cement Neutral 155 - 3,170 1,854 2,524 21.2 22.2 7.7 11.1 20.1 13.9 2.9 2.5 13.3 15.7 2.4 1.7

Ramco Cements Neutral 496 - 11,816 4,036 4,545 20.8 21.3 15.1 18.8 32.9 26.4 4.0 3.6 12.9 14.3 3.4 3.0

Shree Cement^ Neutral 13,224 - 46,070 7,150 8,742 26.7 28.6 228.0 345.5 58.0 38.3 8.5 7.2 15.7 20.3 6.2 5.0

UltraTech Cement Neutral 3,246 - 89,083 24,669 29,265 18.2 20.6 82.0 120.0 39.6 27.1 4.3 3.7 11.3 14.7 3.7 3.1

Construction

ITNL Buy 70 93 2,304 7,360 8,825 34.0 35.9 7.0 9.0 10.0 7.8 0.3 0.3 3.2 3.7 3.7 3.6

KNR Constructions Accumulate 539 603 1,515 937 1,470 14.3 14.0 44.2 38.6 12.2 14.0 2.4 2.1 15.4 15.4 1.7 1.1

Larsen & Toubro Neutral 1,475 - 137,404 58,870 65,708 8.3 10.3 42.0 53.0 35.1 27.8 2.4 2.2 8.8 11.2 2.6 2.3

Gujarat Pipavav Port Neutral 162 - 7,839 629 684 51.0 52.2 6.4 5.9 25.3 27.5 3.3 3.1 15.9 12.7 12.1 10.9

MBL Infrastructures Buy 133 285 550 2,313 2,797 12.2 14.6 19.0 20.0 7.0 6.6 0.7 0.7 11.3 10.6 0.9 0.8

Nagarjuna Const. Neutral 72 - 4,014 7,892 8,842 8.8 9.1 3.0 5.3 24.1 13.6 1.2 1.1 5.0 8.5 0.7 0.6

PNC Infratech Neutral 570 - 2,925 1,873 2,288 13.2 13.5 24.0 32.0 23.8 17.8 2.3 2.1 12.1 12.3 1.7 1.4

Simplex Infra Neutral 270 - 1,335 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

May 30, 2016

Stock Watch

Construction

Power Mech Projects Neutral 600 - 882 1,539 1,801 12.8 12.7 59.0 72.1 10.2 8.3 1.5 1.3 18.6 16.8 0.6 0.5

Sadbhav Engineering Accumulate 276 298 4,741 3,186 3,598 10.2 10.3 8.0 9.0 34.6 30.7 3.2 2.8 9.4 9.9 1.8 1.6

NBCC Buy 952 1,098 11,423 5,816 7,382 6.9 7.7 29.6 39.8 32.2 23.9 5.8 4.6 24.1 26.7 1.7 1.3

MEP Infra Neutral 41 - 667 1,956 1,876 28.1 30.5 1.3 3.0 31.6 13.7 6.6 4.5 21.2 32.8 1.8 1.7

SIPL Neutral 100 - 3,520 675 1,042 62.4 64.7 - - 3.7 4.3 - - 16.9 11.4

Engineers India Neutral 180 - 6,080 1,667 1,725 13.5 16.0 9.7 11.4 18.6 15.8 2.2 2.1 11.7 13.4 2.4 2.5

Financials

Allahabad Bank Neutral 53 - 3,235 8,569 9,392 2.8 2.9 16.3 27.5 3.2 1.9 0.3 0.2 7.6 11.9 - -

Axis Bank Neutral 513 - 122,360 26,204 29,738 3.6 3.5 34.5 35.4 14.9 14.5 2.3 2.1 16.8 14.9 - -

Bank of Baroda Neutral 139 - 31,959 18,802 21,088 2.0 2.2 (7.4) 13.0 10.7 1.1 0.9 (4.2) 7.3 - -

Bank of India Neutral 87 - 8,135 15,972 17,271 1.9 2.0 15.3 33.4 5.7 2.6 0.3 0.2 3.6 7.6 - -

Canara Bank Neutral 193 - 10,474 15,441 16,945 2.0 2.1 46.6 70.4 4.1 2.7 0.4 0.3 8.0 11.2 - -

Dena Bank Neutral 30 - 1,967 3,440 3,840 2.1 2.3 7.3 10.0 4.1 2.9 0.3 0.3 6.1 7.9 - -

Dewan Housing Finance Buy 198 270 5,763 1,828 2,225 2.9 3.0 24.9 29.7 7.9 6.7 1.2 1.1 15.1 16.1 - -

Federal Bank Neutral 53 - 9,063 3,279 3,787 2.8 2.9 3.9 5.5 13.4 9.5 1.1 1.0 8.4 10.8 - -

HDFC Neutral 1,257 - 198,633 10,358 11,852 3.3 3.3 41.1 47.0 30.6 26.7 5.8 5.3 24.7 24.9 - -

HDFC Bank Accumulate 1,187 1,262 300,309 38,606 47,696 4.4 4.5 48.8 61.4 24.3 19.4 4.1 3.6 18.7 20.0 - -

ICICI Bank Neutral 243 - 141,317 34,279 39,262 3.3 3.3 21.0 24.4 11.6 10.0 2.0 1.7 14.4 14.7 - -

IDBI Bank Neutral 68 - 13,897 9,625 10,455 1.8 1.8 8.5 14.2 7.9 4.8 0.5 0.4 5.9 9.3 - -

Indian Bank Neutral 92 - 4,435 6,160 6,858 2.5 2.5 24.5 29.8 3.8 3.1 0.3 0.3 7.7 8.6 - -

LIC Housing Finance Buy 462 592 23,308 3,179 3,758 2.6 2.6 32.9 40.6 14.0 11.4 2.6 2.2 19.6 20.7 - -

Oriental Bank Neutral 85 - 2,932 7,643 8,373 2.4 2.4 37.2 45.4 2.3 1.9 0.2 0.2 8.2 9.4 - -

Punjab Natl.Bank Neutral 77 - 15,051 23,122 26,022 2.8 2.8 7.0 21.6 11.0 3.6 0.6 0.5 3.4 10.0 - -

South Ind.Bank Neutral 19 - 2,593 1,965 2,185 2.5 2.5 2.5 3.3 7.7 5.8 0.8 0.7 9.5 11.7 - -

St Bk of India Neutral 196 - 151,801 79,958 86,061 2.6 2.6 13.4 20.7 14.6 9.5 1.2 1.1 11.5 12.8 - -

Union Bank Neutral 115 - 7,888 12,646 14,129 2.3 2.4 31.0 39.1 3.7 2.9 0.4 0.3 9.8 11.4 - -

Vijaya Bank Neutral 31 - 2,858 3,536 3,827 1.9 1.9 5.5 6.7 5.5 4.6 0.5 0.4 7.8 8.8 - -

Yes Bank Neutral 1,027 - 43,206 7,190 9,011 3.2 3.3 58.2 69.7 17.6 14.7 3.2 2.7 19.2 19.6 - -

Asian Paints Neutral 998 - 95,733 16,553 19,160 16.0 16.2 17.7 21.5 56.5 46.4 15.0 13.5 29.4 31.2 5.6 4.8

Britannia Neutral 2,719 - 32,621 8,481 9,795 14.0 14.1 65.5 78.3 41.5 34.7 19.7 16.1 38.3 41.2 3.8 3.3

May 30, 2016

Stock Watch

Colgate Neutral 841 - 22,878 4,136 4,632 22.5 23.3 22.2 25.3 37.9 33.3 23.1 20.5 68.6 67.5 5.4 4.8

Dabur India Neutral 296 - 52,071 9,370 10,265 17.6 17.3 7.3 8.1 40.4 36.5 10.5 9.6 31.7 30.6 5.4 4.9

GlaxoSmith Con* Neutral 5,898 - 24,806 4,519 5,142 19.6 19.8 164.3 191.2 35.9 30.9 9.9 8.5 30.8 29.9 4.9 4.3

Godrej Consumer Neutral 1,521 - 51,783 9,003 10,335 18.1 18.7 34.1 41.8 44.6 36.4 9.6 8.3 23.9 24.8 5.9 5.1

HUL Neutral 862 - 186,434 33,299 35,497 17.1 17.1 18.9 20.0 45.6 43.1 23.1 26.5 87.6 80.8 5.4 5.1

ITC Neutral 359 - 289,257 36,804 38,776 37.9 37.9 12.2 12.9 29.5 27.9 8.2 7.2 27.7 25.8 7.4 7.1

Marico Neutral 257 - 33,196 6,151 6,966 17.2 17.3 5.4 6.4 47.7 40.2 15.0 11.8 33.2 32.4 5.3 4.7

Nestle* Neutral 6,170 - 59,488 9,393 10,507 22.2 22.3 106.8 121.8 57.8 50.7 20.3 18.3 34.8 36.7 6.1 5.5

Tata Global Buy 117 137 7,403 8,635 9,072 9.8 9.9 5.8 7.2 20.2 16.3 1.8 1.7 6.8 7.4 0.9 0.8Procter & Gamble Hygiene Buy 6,290 7,369 20,416 2,588 2,939 23.3 23.2 130.2 146.2 48.3 43.0 96.3 92.4 27.6 25.3 7.5 6.5

HCL Tech^ Buy 755 1,000 106,448 37,061 30,781 21.5 20.5 51.4 40.0 14.7 18.9 3.8 2.8 20.1 20.3 2.6 2.8

Infosys Accumulate 1,246 1,374 286,291 62,441 70,558 27.5 27.5 59.0 65.3 21.1 19.1 4.2 3.9 22.2 22.4 4.0 3.5

TCS Buy 2,572 3,004 506,804 108,646 122,770 28.3 28.3 123.7 141.0 20.8 18.2 6.9 6.3 33.1 34.6 4.2 3.6

Tech Mahindra Neutral 536 - 51,979 26,524 29,177 16.2 17.0 28.8 33.6 18.6 15.9 3.6 3.1 19.3 19.1 1.7 1.5

Wipro Buy 546 680 134,876 50,808 56,189 23.7 23.8 37.3 40.7 14.6 13.4 2.8 2.5 19.2 17.7 2.1 1.8

D B Corp Neutral 348 - 6,397 2,025 2,187 27.4 27.4 17.4 18.9 20.0 18.5 4.5 4.1 22.9 23.7 3.1 2.9

HT Media Neutral 82 - 1,904 2,495 2,673 12.9 13.2 6.8 7.2 12.0 11.4 0.9 0.9 7.5 7.8 0.4 0.3

Jagran Prakashan Buy 174 205 5,678 2,170 2,355 27.2 26.2 8.9 9.9 19.5 17.6 4.1 3.6 20.9 20.5 2.5 2.3

Sun TV Network Neutral 382 - 15,034 2,510 2,763 71.8 71.5 21.9 24.8 17.4 15.4 4.1 3.7 22.8 24.3 5.5 4.9Hindustan Media Ventures Neutral 269 - 1,977 914 1,016 21.7 21.5 21.9 23.3 12.3 11.6 2.2 1.9 18.0 16.2 1.6 1.4

Metals & Mining

Coal India Buy 281 380 177,711 76,167 84,130 19.9 22.3 22.4 25.8 12.6 10.9 4.5 4.4 35.5 41.0 1.7 1.5

Hind. Zinc Neutral 169 - 71,239 14,641 14,026 50.4 50.4 17.7 16.0 9.6 10.5 1.5 1.3 16.2 13.2 2.5 2.3

Hindalco Neutral 92 - 18,967 104,356 111,186 8.7 9.5 6.7 11.1 13.7 8.3 0.5 0.5 3.5 5.9 0.7 0.6

JSW Steel Neutral 1,372 - 33,158 42,308 45,147 16.4 20.7 (10.3) 49.5 27.7 1.5 1.5 (1.0) 5.6 1.8 1.7

NMDC Neutral 93 - 36,674 8,237 10,893 46.6 44.5 10.0 11.7 9.3 7.9 1.0 0.9 12.5 13.0 4.2 3.2

SAIL Neutral 43 - 17,615 45,915 53,954 7.2 10.5 1.5 4.4 28.3 9.7 0.4 0.4 2.3 4.1 1.0 0.9

Vedanta Neutral 103 - 30,477 71,445 81,910 26.2 26.3 12.9 19.2 8.0 5.4 0.6 0.5 7.2 8.9 0.9 0.7

Tata Steel Neutral 329 - 31,953 126,760 137,307 8.9 11.3 6.4 23.1 51.7 14.3 1.0 1.0 2.0 7.1 0.8 0.8

Oil & Gas

Cairn India Neutral 138 - 25,948 11,323 12,490 49.4 51.0 20.7 20.7 6.7 6.7 0.4 0.4 6.4 6.1 1.4 0.7

May 30, 2016

Stock Watch

Oil & Gas

GAIL Neutral 379 - 48,126 64,856 70,933 9.1 9.6 24.0 28.9 15.8 13.1 1.4 1.3 8.8 9.6 0.9 0.8

ONGC Neutral 213 - 182,360 154,564 145,998 36.8 37.4 20.8 22.6 10.3 9.4 1.0 0.9 10.1 9.7 1.4 1.5

Petronet LNG Neutral 273 - 20,438 29,691 31,188 5.8 6.2 12.8 13.4 21.3 20.3 3.2 2.8 15.8 14.8 0.8 0.7

Indian Oil Corp Accumulate 413 455 100,262 359,607 402,760 5.9 6.1 42.5 48.7 9.7 8.5 1.3 1.2 14.1 14.4 0.4 0.3

Reliance Industries Buy 973 1,150 315,264 304,775 344,392 12.6 13.4 91.3 102.6 10.7 9.5 1.2 1.1 11.8 12.0 1.0 0.8

Pharmaceuticals

Alembic Pharma Neutral 543 - 10,244 3,274 3,802 26.9 19.4 35.0 28.7 15.5 18.9 6.9 5.2 55.6 31.2 3.1 2.6

Aurobindo Pharma Accumulate 764 856 44,704 14,923 17,162 22.0 23.0 35.7 42.8 21.4 17.9 6.3 4.7 34.0 30.2 3.4 2.9

Aventis* Accumulate 4,223 4,738 9,726 2,049 2,375 15.4 17.3 115.4 153.5 36.6 27.5 6.0 4.7 19.3 25.8 4.5 3.8

Cadila Healthcare Buy 327 400 33,512 9,469 11,246 21.2 22.0 14.9 17.1 22.0 19.1 6.3 4.9 28.8 26.6 3.5 2.9

Cipla Buy 474 605 38,052 13,979 16,447 20.2 18.6 25.7 27.5 18.4 17.2 3.0 2.6 17.6 16.1 2.7 2.2

Dr Reddy's Accumulate 3,113 3,476 53,082 15,471 17,479 24.6 24.6 138.2 152.4 22.5 20.4 4.1 3.5 19.7 18.7 3.4 3.0

Dishman Pharma Neutral 154 - 2,478 1,733 1,906 21.5 21.5 10.1 10.0 15.2 15.4 1.8 1.6 10.5 11.2 1.9 1.7

GSK Pharma* Neutral 3,499 - 29,637 2,870 3,158 20.0 22.1 59.5 68.3 58.8 51.2 17.4 17.8 28.5 34.3 9.8 9.0

Indoco Remedies Neutral 290 - 2,674 1,033 1,199 15.9 18.2 9.4 13.6 30.9 21.3 4.6 3.9 15.7 19.7 2.7 2.3

Ipca labs Buy 436 750 5,500 3,363 3,909 12.9 18.6 13.4 28.0 32.5 15.6 2.3 2.0 7.4 14.0 1.9 1.7

Lupin Buy 1,481 1,809 66,735 13,702 15,912 23.7 26.4 50.5 58.1 29.3 25.5 6.1 5.0 22.9 21.4 5.3 4.2

Sun Pharma Buy 826 950 198,673 28,163 32,610 25.8 30.7 17.4 26.9 47.4 30.7 4.5 3.9 13.0 16.6 6.5 5.4

Tata Power Neutral 73 - 19,636 35,923 37,402 22.6 22.8 4.1 5.2 17.9 14.1 1.4 1.3 7.5 9.3 1.5 1.4

NTPC Neutral 140 - 115,354 87,271 99,297 23.5 23.5 11.8 13.3 11.9 10.5 1.3 1.2 11.5 12.2 2.3 2.1

Power Grid Accumulate 151 170 78,840 20,702 23,361 86.7 86.4 12.1 13.2 12.5 11.4 1.8 1.6 15.6 15.1 8.7 8.1

Real Estate

MLIFE Buy 440 554 1,807 826 1,133 20.1 21.8 22.6 30.7 19.5 14.3 1.2 1.1 6.0 7.4 4.1 2.8

Telecom

Bharti Airtel Neutral 353 - 141,108 101,748 109,191 32.1 31.7 12.0 12.5 29.4 28.2 2.0 1.9 6.9 6.7 2.0 1.8

Idea Cellular Neutral 113 - 40,776 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

zOthers

Abbott India Neutral 4,751 - 10,094 2,715 3,153 14.5 14.1 134.3 152.2 35.4 31.2 8.8 7.3 27.4 25.6 3.4 2.9

Bajaj Electricals Neutral 254 - 2,565 4,719 5,287 5.2 5.8 8.6 12.7 29.7 20.1 3.4 3.0 11.4 14.8 0.5 0.5

Finolex Cables Neutral 334 - 5,109 2,520 2,883 12.2 12.0 12.7 14.2 26.4 23.5 3.6 3.2 13.6 13.5 1.8 1.5

Goodyear India* Buy 504 582 1,163 1,800 1,600 11.7 11.5 58.7 52.9 8.6 9.5 1.9 1.7 24.6 18.7 0.4 0.4

Hitachi Neutral 1,356 - 3,686 1,779 2,081 7.8 8.8 21.8 33.4 62.2 40.6 10.0 8.1 17.4 22.1 2.1 1.8

Jyothy Laboratories Neutral 290 - 5,260 1,620 1,847 11.5 11.5 7.3 8.5 39.8 34.3 5.2 4.8 13.3 14.4 3.1 2.7

May 30, 2016

Stock Watch

zOthers

MRF Buy 33,586 45,575 14,244 20,316 14,488 21.4 21.1 5,488.0 3,798.0 6.1 8.8 2.1 1.7 41.1 21.2 0.7 0.9

Page Industries Neutral 13,448 - 15,000 1,929 2,450 19.8 20.1 229.9 299.0 58.5 45.0 25.8 17.9 52.1 47.1 7.8 6.1

Relaxo Footwears Neutral 445 - 5,341 1,767 2,152 12.3 12.5 19.3 25.1 23.1 17.8 5.7 4.4 27.7 27.8 3.1 2.5

Siyaram Silk Mills Buy 1,048 1,354 983 1,636 1,815 11.5 11.5 89.9 104.1 11.7 10.1 1.9 1.7 17.9 17.8 0.8 0.7

Styrolution ABS India* Neutral 599 - 1,054 1,271 1,440 8.6 9.2 32.0 41.1 18.7 14.6 1.9 1.7 10.7 12.4 0.8 0.7

TVS Srichakra Buy 2,369 2,932 1,814 2,035 2,252 15.9 15.3 248.6 268.1 9.5 8.8 4.2 3.0 43.6 33.9 0.9 0.8

HSIL Accumulate 289 310 2,089 2,123 2,384 16.1 16.5 15.0 18.9 19.2 15.3 1.5 1.4 8.0 9.4 1.3 1.2Kirloskar Engines India Ltd Neutral 239 - 3,458 2,403 2,554 8.6 9.9 9.2 10.5 26.0 22.8 2.5 2.4 9.7 10.7 1.1 1.0

M M Forgings Buy 458 546 552 511 615 21.7 21.6 43.1 55.8 10.6 8.2 1.9 1.6 19.9 21.2 1.3 1.0

Banco Products (India) Neutral 134 - 958 1,208 1,353 11.0 12.3 10.8 14.5 12.4 9.3 1.4 1.3 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 1,209 - 1,804 1,871 2,031 10.7 10.5 63.2 69.8 19.1 17.3 3.1 2.7 17.6 16.6 1.0 0.9

Visaka Industries Buy 138 162 220 1,020 1,120 8.7 9.1 13.9 20.1 9.9 6.9 0.6 0.6 6.4 8.7 0.4 0.4Transport Corporation of India Neutral 277 - 2,105 2,830 3,350 8.8 9.0 14.4 18.3 19.3 15.1 3.0 2.6 15.4 17.1 0.9 0.8

Elecon Engineering Neutral 58 - 636 1,359 1,482 10.3 13.7 0.8 3.9 72.7 15.0 1.2 1.1 1.6 7.8 0.8 0.7

Surya Roshni Buy 158 201 691 2,992 3,223 8.1 8.4 14.7 18.3 10.7 8.6 1.0 0.9 9.7 11.0 0.5 0.5

MT Educare Neutral 180 - 716 286 366 18.3 17.7 7.7 9.4 23.3 19.2 4.9 4.3 20.2 21.1 2.4 1.8

Radico Khaitan Buy 85 125 1,129 1,543 1,659 12.6 13.0 5.8 6.3 14.7 13.4 1.3 1.2 8.5 8.6 1.2 1.1

Garware Wall Ropes Buy 362 473 793 862 974 11.2 11.2 24.9 29.6 14.6 12.3 2.2 1.9 15.1 15.4 0.9 0.8

Wonderla Holidays Neutral 380 - 2,146 206 308 44.0 43.6 9.0 12.9 42.2 29.4 5.8 5.2 13.7 17.8 10.3 6.9

Linc Pen & Plastics Neutral 205 - 303 340 371 8.3 8.9 10.8 13.2 19.0 15.5 3.0 2.6 16.0 17.1 0.9 0.8

The Byke Hospitality Neutral 173 - 692 222 287 20.5 20.5 5.6 7.6 30.6 22.9 5.8 4.7 18.9 20.8 3.2 2.4

Interglobe Aviation Neutral 1,030 - 37,122 17,022 21,122 20.7 14.5 63.9 53.7 16.1 19.2 24.2 19.8 149.9 103.2 2.2 1.8Coffee Day Enterprises Ltd Neutral 254 - 5,242 2,692 2,964 17.0 18.6 - 4.7 - 53.7 3.1 2.9 0.2 5.5 2.3 2.2

Navneet Education Neutral 89 - 2,124 998 1,062 24.1 24.0 5.8 6.1 15.5 14.6 3.4 3.0 22.0 20.6 2.2 2.1

Navkar Corporation Buy 191 265 2,720 365 436 38.3 37.5 5.6 5.9 33.8 32.4 2.1 2.0 6.3 6.1 8.3 7.1

UFO Moviez Neutral 530 - 1,464 558 619 32.0 33.2 22.5 30.0 23.6 17.7 2.8 2.5 12.0 13.8 2.5 2.1

VRL Logistics Neutral 277 - 2,526 1,725 1,902 16.5 16.7 12.2 14.6 22.7 19.0 4.7 4.2 20.8 21.9 1.6 1.4

Team Lease Serv. Neutral 940 - 1,607 2,565 3,229 1.3 1.5 15.2 22.8 61.9 41.3 5.0 4.4 8.0 10.7 0.5 0.4

May 30, 2016

Stock Watch

zOthers

S H Kelkar & Co. Neutral 221 - 3,195 928 1,036 15.3 15.1 4.9 6.1 44.8 36.2 4.2 3.9 9.4 10.7 3.3 3.0

Quick Heal Neutral 233 - 1,632 339 408 27.8 27.3 7.1 7.7 33.0 30.1 2.8 2.8 8.5 9.3 3.7 3.1

Narayana Hrudaya Neutral 306 - 6,244 1,603 1,873 10.9 11.5 1.0 2.6 320.7 115.5 7.7 7.1 2.4 6.1 4.0 3.4

Manpasand Bever. Neutral 543 - 2,717 540 836 19.9 19.6 10.2 16.9 53.0 32.1 4.3 3.9 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 May 27, 2016

May 30, 2016

Stock Watch

Research Team Tel: 022 - 39357800 E-mail: research@angelbroking.com 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.

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