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Market Outlook January 22, 2016

Market Cues

Indian markets are expected to open in the green tracking the SGX Nifty and Asian markets.

US markets recovered from their steep losses from the day before. U.S. Energy stocks climbed as oil prices bounced back from their worst trading session in the last four months and strong earnings from Verizon lifted the Telecom stocks. Blue chip stocks did better than the rest of the market.

Rebound in oil prices and positive commentary by ECB president Mario Draghi that ECB could do more to stimulate the Eurozone economy, helped European markets to end the trading session up 2%. Notably, FTSE 350 mining index, bounced back from its 12-year lows, as Copper prices made modest gains.

Sell-off in the Indian equity markets continued for the second consecutive session, with Sensex closing below the psychological 24,000 mark for the first time since May 2014. Weak Asian cues and decline in the crude oil prices dampened the sentiment but recovery in the European markets helped Indian equities trim some of its losses in the later part of trading session.

News & Result Analysis L&T to divest its Nabha Power plant for `3,000cr Result Review: Alembic Pharmaceuticals Detailed analysis on Pg2

Investor’s Ready Reckoner

Key Domestic & Global Indicators

Stock Watch: Latest investment recommendations on 150+ stocks

Refer P5 onwards

Top Picks Company Sector Rating

CMP (`)

Target(`)

Upside (%)

Amara Raja Batteries Auto & Auto Ancillary Buy 805 1,040 29.1

HCL Tech IT Buy 839 1,132 35.0

Larsen & Toubro Construction Buy 1,102 1,646 49.3

LIC Housing Finance Financials Buy 467 592 26.7

Navkar Corporation Others Buy 196 265 35.4

More Top Picks on Pg4

Key Upcoming Events Date

Region

Event Description

Previous Reading

Consensus Expectations

Jan 22 USA

Existing Home Sales 4.76 5.20

Germany

PMI Services 56.00 55.50

Germany

PMI Manufacturing 53.20 53.00

Jan 26 USA Consumer Confidence 96.50 97.00(

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

BSE Sensex (0.4) (100) 23,962

Nifty (0.4) (33) 7,277

Mid Cap (0.3) (30) 10,003

Small Cap 0.1 54 10,366

Bankex 1.3 226 17,143

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

Dow Jones 0.7 116 15,883

Nasdaq 0.0 0 4,472

FTSE 1.8 100 5,774

Nikkei (2.4) (399) 16,017

Hang Seng (1.8) (344) 18,542

Shanghai Com (3.2) (96) 2,880

Advances / Declines BSE NSE

Advances 1,329 224

Declines 1,281 1,352

Unchanged 173 34

Volumes (` Cr)

BSE 3,089

NSE 18,045

Net Inflows (` Cr) Net Mtd Ytd

FII (761) (8,251) 7,459

MFs 810 2,764 71,592

Top Gainers Price (`) Chg (%)

Niittech 494 11.2

Appltd 626 6.5

Jswenergy 73 5.4

Axisbank 409 5.2

Torntpower 217 5.2

Top Losers Price (`) Chg (%)

Gati 104 (13.0)

Glenmark 740 (5.9)

Hathway 37 (5.9)

M&Mfin 208 (5.4)

NMDC 77 (5.1) As on January 21, 2015



L&T to divest its Nabha Power plant for `3,000cr

As per media reports, L&T is at advanced stages of selling its 700*2 MW Nabha Power plant to Adani Group. Currently, the due diligence process is going on.

L&T has 2 coal fired units of 700 MW each at Raipura, Punjab. This plant turned fully operational in FY2015. This power plant has been built on the super critical technology of the Japanese company, Mitsubishi. L&T has signed 25 years power sale agreement, wherein it would sell its entire power produced with Punjab State Power Corporation. Further, L&T has tied-up with South Eastern Coalfields under a 20-year fuel supply agreement.

For FY2015, Nabha Power plant reported sales of `3,174cr and a PAT of `190cr. For sale value of `3,000cr (as highlighted by the Media article), the transaction would at 0.9x of the Book Value, which is at slight discount given the operational status of power plant and fuel sourcing visibility.

This sale is in line with management’s strategy to divest its non-core assets and clean its balance sheet. In FY2015 L&T has already done some non-core asset divestments, which include (1) stake sale in Chandigarh Commercial Real Estate project to raise `1,800cr, (2) stake sale in L&T Finance to raise `600cr, and (3) stake sale in Salzer Electronics to raise `54cr. Also L&T plans to list its subsidiary L&T Infotech where it intends to raise `2,600cr by selling its 15% stake in the company. We expect all these initiatives to be in the right direction, as the funds raised could be used to clean balance sheet as well as fund the upcoming projects in its portfolio.

L&T stock in last 3 months has corrected by 27% owing to concerns over weak order inflow numbers reported and concerns over Middle East Hydro-Carbon projects (accounts for ~5% of Order book only). Based on YTD Order Inflows announced, we now expect a possible miss on the Order Inflow growth guidance for FY2016. However, on looking at Defense, Railways, Nuclear, Metros, Roads award pipeline from the government side, we are optimistic that FY2017E would see strong rebound in the Order inflow numbers.

Ascribing separate values to parent business (on P/E basis) and investments in subsidiaries (using P/E, P/BV and M-cap basis), we arrive at FY2017E based Target price of `1,646. At the current market price of `1,102, standalone entity is trading at implied P/E multiple of 10x (FY2017E), which is attractive. We are of the view that L&T is a proxy play for investors wanting to ride on Indian infrastructure growth story. We recommend a Buy on the stock with target price of `1,646.

Result Review

Alembic Pharmaceuticals (CMP: `626 / TP: Neutral / Upside: )

During 3QFY2016, the company posted results better than expected. On sales the company posted an 81.8% yoy growth in `921cr V/s `507cr in 3QFY2015 (` 700cr expected). The sales growth was mainly driven by the International business, which posted a 248% yoy growth, while the Indian branded formulation business posted a 15% yoy growth. However the Indian generic business posted a 40% yoy dip in the sales. Overall formulations accounted for 86% of sales V/s 78% in 3QFY2015. API, on other hand posted a yoy growth of 24%.



The Indian formulation markets for the 9months, the acute segment constituted around 40% of domestic sales while the chronic segment was the remaining. The international generic segment posted growth mainly on back of gAbilify. Consequently, on operating front, the EBITDA margins came in at 41.7% V/s 20.1% in 3QFY2015 (27.5% expected), aided by the gross margins of 77.6% V/s 65.6% in 3QFY2015. The R&D expenditure during the quarter was 7.6% of sales V/s 6.0% in 3QFY2015. Thus, the PAT came in at `270cr V/s `71cr in 3QFY2015 (`160cr expected), a yoy growth of 280%. We maintain our neutral rating on back of the valuations. Y/E Sales OPM PAT EPS ROE P/E P/BV EV/EBITDA EV/Sales

March (` cr) (%) (` cr) (`) (%) (x) (x) (x) (x)

FY2016E 2,658 24.1 463 24.6 42.5 25.5 9.1 18.2 4.4

FY2017E 3,112 20.2 451 23.9 30.2 26.2 7.0 18.3 3.7

Quarterly Bloomberg Brokers Consensus Estimate

Cairn India Ltd (Consol) - January 22, 2016 Particulars (` cr) 2QFY16E 2QFY15 y-o-y (%) 1QFY16 q-o-q (%)

Net sales 2,017 3,504 (42.4) 2,242 (10.0)

EBITDA 706 2,027 (65.2) 910 (22.4)

EBITDA margin (%) 35.0 57.8 40.6

Net profit 207 1,349 (84.7) 672 (69.2)

ITC Ltd - January 22, 2016 Particulars (` cr) 2QFY16E 2QFY15 y-o-y (%) 1QFY16 q-o-q (%)

Net sales 9,451 8,800 7.4 8,804 7.3

EBITDA 3,724 3,464 7.5 3,560 4.6

EBITDA margin (%) 39.4 39.4 40.4

Net profit 2,756 2,635 4.6 2,431 13.4

Reliance Comm. (Consol) - January 22, 2016 Particulars (` cr) 2QFY16E 2QFY15 y-o-y (%) 1QFY16 q-o-q (%)

Net sales 5,484 5,359 2.3 5,260 4.3

EBITDA 1,835 1,818 0.9 1,751 4.8

EBITDA margin (%) 33.5 33.9 33.3

Net profit 161 201 (19.9) 156 3.2

Economic and Political News SC refuses to advance BS VI norms deadline to April '20

Govt notifies new mining rules for minor minerals

DPP-2016 to be released next month: Parrikar

FDI of Insurance companies with Pension plan under CCEA lens

Corporate News RIL to begin CBM production by FY16-end

Banks to get commission for unlocking household gold: RBI



Top Picks ★★★★★ Large Cap

Company Market Cap

(` Cr) CMP

(`)Target

(`) Upside

(%) Rationale

Amara Raja Batteries 13,756 805 1,040 29.1 To outpace battery industry growth due to better technological products leading to market share gains in both the automotiveOEM and replacement segments.

Ashok Leyland 23,792 84 111 32.8 Earnings to grow strongly given the MHCV cyclical upturn. Focus on exports and LCV's provides additional growth avenue.

HCL Tech 118,206 839 1,132 35.0 The stock is trading at attractive valuations and is factoring all the bad news.

HDFC Bank 258,468 1,024 1,262 23.3 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.

Infosys 261,048 1,137 1,347 18.5 Back on the growth trend, expect a long term growth of 14% to be a US$20bn in FY2020.

Larsen & Toubro 102,648 1,102 1,646 49.3

Well positioned to benefit from such expected gradual recovery in the overall domestic capex cycle, given its presence across various infrastructure segments, its execution capabilities, and its strong balance sheet.

LIC Housing Finance 23,575 467 592 26.7

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.

Source: Company, Angel Research

Mid Cap

Company Market Cap

(` Cr) CMP

(`) Target

(`)Upside

(%) Rationale

Blue Star 3,115 346 439 26.7

Favourable 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.

Garware Wall Ropes 774 354 473 33.7 Change in business focus towards high-margin chronic & lifestyle segments and increasing penetration in Europe and US

Jagran Prakashan 5,388 165 189 14.7

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.

Navkar Corporation 2,791 196 265 35.4 Massive capacity expansion along with rail advantage at ICDas well CFS augurs well for the company

Radico Khaitan 1,455 109 156 42.6 Earnings boost on back of stable material prices and favourable pricing environment. Valuation discount to peers provides additional comfort

Siyaram Silk Mills 945 1,009 1,354 34.3 Strong brands and distribution network would boost growth going ahead. Stock currently trades at an inexpensive valuation.

Surya Roshni 602 137 201 46.3 Structural shift in the Lighting industry towards LED lighting will drive growth.

Source: Company, Angel Research

Date Company

Jan 22, 2016 ITC, D B Corp, Cairn India

Jan 23, 2016 Persistent, Siyaram Silk Mills

Jan 24, 2016

Jan 25, 2016 Subros, HDFC Bank, Hindustan Media Ventures, MRF, Nilkamal

Jan 26, 2016

Jan 27, 2016 Colgate, Godrej Consumer, HT Media, Kirloskar Engines India Ltd, L G Balakrishnan & Bros, Power Grid Corpn

Jan 28, 2016Maruti, ICICI Bank, Syndicate Bank, Dabur India, Sesa Goa, Jyothy Laboratories, Tide Water Oil India, Glenmark Pharma.

Jan 29, 2016United Phosphorus, TVS Motor, Siemens, Thermax, Blue Star, Yes Bank, Jagran Prakashan, JSW Steel , Banco, Elecon Engineering, Indoco Remedies, NTPC

Jan 30, 2016 IDFC, Shriram Trans., Electrosteel Castings, Relaxo

Jan 31, 2016

Feb 1, 2016 Tech Mahindra, Transport Corporation of India

Feb 2, 2016 Amara Raja Batteries, Cummins India, Crompton Greaves

Feb 3, 2016 Mangalam Cement, Hexaware, IOC

Feb 4, 2016 Bajaj Auto, ABB, J K Lakshmi Cements, Mphasis, Tata Steel, Aventis

Feb 5, 2016 Lupin, Cadila Healthcare, Tata Power Co., PTC India

Result Calendar

Source: Bloomberg, Angel Research

Global economic events release calendar

Date Time Country Event Description Unit Period Bloomberg Data

Last Reported Estimated

Jan 22, 2016 2:00PM Germany PMI Services Value Jan P 56.00 55.50

2:00PM Germany PMI Manufacturing Value Jan P 53.20 53.00

8:30PM US Existing home sales Million Dec 4.76 5.20

Jan 26, 2016 8:30PM US Consumer Confidence S.A./ 1985=100 Jan 96.50 97.00

Jan 27, 2016 8:30PM US New home sales Thousands Dec 490.00 500.00

Jan 28, 2016 3:00PM UK GDP (YoY) % Change 4Q A 2.10 1.90

12:30AM US FOMC rate decision % Jan 27 0.50 0.50

Jan 29, 2016 7:00PM US GDP Qoq (Annualised) % Change 4Q A 2.00 0.90

Feb 1, 2016 3:00PM UK PMI Manufacturing Value Jan 51.90 --

6:30AM China PMI Manufacturing Value Jan 49.70 --

Feb 2, 2016 2:25PM Germany Unemployment change (000's) Thousands Jan (14.00) --

11:00AM India RBI Reverse Repo rate % Feb 2 5.75 --

11:00AM India RBI Repo rate % Feb 2 6.75 --

11:00AM India RBI Cash Reserve ratio % Feb 2 4.00 --

Feb 4, 2016 5:30PM UK BOE Announces rates % Ratio Feb 4 0.50 0.50


January 22, 2016

Market Outlook

Key Upcoming Events

h

1

Market Outlook

January 22, 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

5.0 4.7

7.0

7.5

6.4 6.7 6.7

8.4

6.6

7.5

7.0

7.4

3.0

4.0

5.0

6.0

7.0

8.0

9.0

3Q

FY13

4Q

FY13

1Q

FY14

2Q

FY14

3Q

FY14

4Q

FY14

1Q

FY15

2Q

FY15

3Q

FY15

4Q

FY15

1Q

FY16

2Q

FY16

(%)

2.8

4.8

2.5 3.0

2.5

4.2 4.3

6.3

3.8

9.9

(3.2)(4.0)

(2.0)

-

2.0

4.0

6.0

8.0

10.0

12.0

Jan-15

Feb-15

Mar-15

Apr-15

May-15

Jun-15

Jul-15

Aug-15

Sep-15

Oct-15

Nov-15

(%)

5.2 5.4 5.3

4.9 5.0

5.4

3.7 3.7

4.4

5.0

5.4 5.6

-

1.0

2.0

3.0

4.0

5.0

6.0

Jan-15

Feb-15

Mar-15

Apr-15

May-15

Jun-15

Jul-15

Aug-15

Sep-15

Oct-15

Nov-15

Dec-15

(%)

44.0

46.0

48.0

50.0

52.0

54.0

56.0

Nov-14

Dec-14

Jan-15

Feb-15

Mar-15

Apr-15

May-15

Jun-15

Jul-15

Aug-15

Sep-15

Oct-15

Nov-15

Dec-15

Mfg. PMI Services PMI

(35.0)

(30.0)

(25.0)

(20.0)

(15.0)

(10.0)

(5.0)

0.0

Jan-15

Feb-15

Mar-15

Apr-15

May-15

Jun-15

Jul-15

Aug-15

Sep-15

Oct-15

Nov-15

Dec-15

Exports yoy growth Imports yoy growth(%)

3.00

3.50

4.00

4.50

5.00

5.50

6.00

6.50

7.00

7.50

8.00

Jan-15

Feb-15

Mar-15

Apr-15

Apr-15

May-15

Jun-15

Jun-15

Jul-15

Aug-15

Aug-15

Sep-15

Oct-15

Oct-15

Nov-15

Dec-15

Jan-16

Repo rate Reverse Repo rate CRR (%)

h

2

Market Outlook

January 22, 2016


Global watch

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


Exhibit 2: 2015 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

(4.5)(4.1)

5.3

6.9

1.0

4.7 4.7

2.9

2.1 2.1 1.8

1.1 1.6

(6.0)

(4.0)

(2.0)

-

2.0

4.0

6.0

8.0

Brazil

Russia

India

China

South A

frica

Indonesia

Malaysia

Thailand

UK

USA

Germ

any

France

Japan

(%)

(3.0)

(3.8)

7.3 6.8

1.4

4.7 4.7

2.5 2.5 2.6

1.5 1.2

0.6

(6.0)

(4.0)

(2.0)

-

2.0

4.0

6.0

8.0

Brazil

Russia

India

China

South A

frica

Indonesia

Malaysia

Thailand

UK

USA

Germ

any

France

Japan

(%)

8.7

4.6

15

.6

11

.3

16

.0

14

.5

14

.6

11

.6

14

.3

13

.9

11

.5

13

.7

12

.4

-

2.0

4.0

6.0

8.0

10.0

12.0

14.0

16.0

18.0

Brazil

Russia

India

China

South

Africa

Indonesia

Malaysia

Thailand

UK

USA

Germ

any

France

Japan

(x)

h

3

Market Outlook

January 22, 2016


Exhibit 4: Relative performance of indices across globe

Returns (%)

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

Brazil Bovespa 37,717 (16.1) (19.4) (21.6)

Russia Micex 1,677 (6.4) (5.9) 3.4

India Nifty 7,277 (5.8) (11.3) (13.9)

China Shanghai Composite 2,880 (19.4) (12.9) (9.3)

South Africa Top 40 41,544 (7.4) (12.8) (3.4)

Mexico Mexbol 41,167 (6.1) (7.9) (2.2)

Indonesia LQ45 768 1.7 (0.1) (14.4)

Malaysia KLCI 1,601 (3.4) (6.8) (8.1)

Thailand SET 50 775 (7.3) (16.0) (23.8)

USA Dow Jones 15,883 (11.2) (8.4) (10.2)

UK FTSE 5,774 (5.4) (9.0) (15.5)

Japan Nikkei 16,017 (15.9) (11.5) (6.3)

Germany DAX 9,574 (10.1) (7.1) (10.0)

France CAC 4,206 (11.8) (11.7) (10.8)


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

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

Agri / Agri Chemical

Rallis Neutral 144 - 2,801 2,097 2,415 14.4 14.4 9.5 11.0 15.2 13.1 3.0 2.6 21.1 21.3 1.6 1.4

United Phosphorus Buy 378 510 16,195 13,698 15,752 17.6 17.6 32.1 38.5 11.8 9.8 2.3 1.9 21.4 21.3 1.4 1.2

Auto & Auto Ancillary

Ashok Leyland Buy 84 111 23,792 17,995 21,544 11.4 11.6 3.4 4.7 24.6 17.8 4.3 4.0 17.7 22.2 1.4 1.1

Bajaj Auto Accumulate 2,274 2,728 65,802 23,695 27,298 21.3 20.4 134.6 151.5 16.9 15.0 5.4 4.6 31.8 30.6 2.5 2.1

Bharat Forge Accumulate 779 943 18,139 7,867 8,881 20.0 20.3 34.4 41.0 22.7 19.0 4.4 3.6 21.1 20.9 2.6 2.2

Eicher Motors Accumulate 15,552 19,036 42,231 15,379 16,498 15.6 16.6 473.2 574.8 32.9 27.1 12.2 9.0 36.7 33.2 3.0 2.7

Gabriel India Accumulate 80 101 1,156 1,415 1,544 8.7 9.0 4.6 5.4 17.5 14.9 3.2 2.8 18.1 18.9 0.9 0.8

Hero Motocorp Accumulate 2,474 2,774 49,393 28,561 31,559 14.7 14.7 151.1 163.2 16.4 15.2 6.3 5.4 38.7 35.6 1.6 1.4

Jamna Auto Industries Neutral 135 - 1,079 1,292 1,486 9.3 9.8 6.0 7.5 22.5 18.0 4.7 3.9 20.7 21.8 1.0 0.8

L G Balakrishnan & Bros Neutral 462 - 724 1,254 1,394 11.6 11.8 35.9 41.7 12.9 11.1 1.7 1.5 13.5 13.8 0.7 0.6

Mahindra and Mahindra Buy 1,140 1,449 70,823 39,031 44,440 13.8 13.9 57.9 67.6 19.7 16.9 3.2 2.8 16.1 16.6 1.6 1.3

Maruti Neutral 3,892 - 117,573 57,865 68,104 16.4 16.7 176.3 225.5 22.1 17.3 4.3 3.7 19.4 21.2 2.0 1.6

Minda Industries Neutral 761 - 1,207 2,567 2,965 8.0 8.3 46.1 57.8 16.5 13.2 2.8 2.3 16.7 17.3 0.7 0.5

Motherson Sumi Buy 248 313 32,810 39,343 45,100 8.8 9.1 10.1 12.5 24.6 19.8 7.8 6.1 35.3 34.4 1.0 0.9

Rane Brake Lining Accumulate 296 366 234 454 511 11.1 11.4 23.8 28.1 12.4 10.5 1.8 1.6 14.2 15.3 0.7 0.7

Setco Automotive Neutral 35 - 462 594 741 12.7 13.7 1.7 3.2 20.4 10.8 2.1 1.9 10.4 16.9 1.3 1.1

Tata Motors Buy 329 409 95,105 266,022 312,667 12.8 13.1 26.3 38.3 12.5 8.6 1.7 1.4 8.4 12.1 0.6 0.5

TVS Motor Buy 274 338 13,027 11,569 13,648 7.3 8.7 10.3 16.1 26.6 17.0 6.6 5.2 24.8 30.5 1.2 1.0

Amara Raja Batteries Buy 805 1,040 13,756 4,892 5,871 17.4 17.6 28.8 37.1 28.0 21.7 6.5 5.2 23.4 24.1 2.9 2.4

Exide Industries Accumulate 120 162 10,179 6,950 7,784 14.4 14.8 6.6 7.3 18.1 16.4 2.3 2.1 12.6 12.8 1.5 1.3

Apollo Tyres Accumulate 135 171 6,895 12,146 12,689 16.8 16.0 21.2 19.0 6.4 7.1 1.1 0.9 16.5 13.0 0.7 0.7

Ceat Accumulate 893 1,119 3,611 6,041 6,597 14.1 13.7 99.5 111.9 9.0 8.0 1.8 1.5 19.6 18.5 0.8 0.7

JK Tyres Neutral 85 - 1,917 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 887 - 1,101 552 630 14.2 14.7 44.6 54.1 19.9 16.4 4.6 4.2 23.2 25.6 2.0 1.7

Subros Neutral 84 - 502 1,268 1,488 11.6 11.9 3.7 6.6 22.6 12.7 1.5 1.4 6.8 11.4 0.8 0.6

Indag Rubber Neutral 179 - 469 283 329 17.0 17.2 13.0 15.4 13.8 11.6 3.0 2.5 21.8 21.6 1.6 1.4

Capital Goods

ACE Neutral 37 - 371 660 839 4.7 8.2 1.0 3.9 37.5 9.6 1.2 1.0 3.2 11.3 0.8 0.7

BEML Neutral 1,075 - 4,478 3,277 4,006 6.0 8.9 29.2 64.3 36.8 16.7 2.1 1.9 5.7 11.7 1.6 1.3

Bharat Electronics Accumulate 1,172 1,414 28,129 7,737 8,634 16.8 17.2 54.0 61.0 21.7 19.2 3.1 2.8 39.3 45.6 3.1 2.7


January 22, 2016

Stock Watch



Capital Goods

Voltas Buy 275 353 9,103 5,363 5,963 8.0 9.1 11.0 13.8 25.0 19.9 3.8 3.4 16.2 17.9 1.8 1.6

BGR Energy Neutral 106 - 765 3,615 3,181 9.5 9.4 16.7 12.4 6.4 8.6 0.6 0.6 10.0 7.0 0.7 0.8

BHEL Neutral 143 - 35,062 33,722 35,272 10.8 11.7 10.5 14.2 13.6 10.1 1.0 1.0 7.0 9.0 1.2 1.1

Blue Star Buy 346 439 3,115 3,548 3,977 6.3 6.9 13.7 17.2 25.3 20.2 6.4 4.1 26.1 25.4 1.0 0.9

Crompton Greaves Accumulate 168 204 10,526 13,484 14,687 4.9 6.2 4.5 7.1 37.3 23.7 2.6 2.5 7.2 10.8 1.0 0.9

Inox Wind Buy 313 458 6,944 4,980 5,943 17.0 17.5 26.6 31.6 11.8 9.9 3.5 2.6 35.0 30.0 1.7 1.4

KEC International Neutral 117 - 3,017 8,791 9,716 6.1 6.8 5.4 8.2 21.7 14.3 2.2 2.0 10.0 14.0 0.6 0.6

Thermax Neutral 848 - 10,109 6,413 7,525 7.4 8.5 30.5 39.3 27.8 21.6 4.3 3.7 15.0 17.0 1.6 1.3

Cement

ACC Buy 1,229 1,630 23,075 13,151 14,757 16.4 18.3 63.9 83.4 19.2 14.7 2.5 2.3 13.3 16.1 1.7 1.4

Ambuja Cements Buy 192 233 29,843 11,564 12,556 19.4 20.7 8.9 10.1 21.6 19.0 2.7 2.6 12.8 13.8 2.3 2.1

HeidelbergCement Neutral 68 - 1,546 1,772 1,926 13.3 15.4 1.0 3.0 68.2 22.7 1.7 1.6 2.6 7.9 1.5 1.3

India Cements Accumulate 84 112 2,568 4,216 4,840 18.0 19.5 4.0 9.9 20.9 8.4 0.8 0.8 4.0 9.5 1.1 0.9

JK Cement Buy 456 744 3,185 3,661 4,742 10.1 15.8 18.0 61.0 25.3 7.5 1.8 1.6 7.5 22.9 1.6 1.2

J K Lakshmi Cement Buy 285 430 3,359 2,947 3,616 16.7 19.9 11.5 27.2 24.8 10.5 2.4 2.0 9.8 20.8 1.7 1.3

Mangalam Cements Neutral 173 - 462 1,053 1,347 10.5 13.3 8.4 26.0 20.6 6.7 0.9 0.8 4.3 12.5 0.9 0.6

Orient Cement Buy 137 183 2,803 1,854 2,524 21.2 22.2 7.7 11.1 17.8 12.3 2.6 2.2 13.3 15.7 2.4 1.7

Ramco Cements Neutral 374 - 8,895 4,036 4,545 20.8 21.3 15.1 18.8 24.7 19.9 3.0 2.7 12.9 14.3 2.8 2.4

Shree Cement^ Neutral 9,484 - 33,040 7,150 8,742 26.7 28.6 228.0 345.5 41.6 27.5 6.1 5.1 15.7 20.3 5.2 4.1

UltraTech Cement Buy 2,697 3,282 74,015 25,021 30,023 19.1 21.6 89.0 132.0 30.3 20.4 3.5 3.0 12.2 15.9 3.0 2.5

Construction

ITNL Neutral 71 - 2,332 7,360 8,825 34.0 35.9 7.0 9.0 10.1 7.9 0.3 0.3 3.2 3.7 3.8 3.6

KNR Constructions Buy 461 673 1,297 937 1,470 14.3 14.0 33.5 38.6 13.8 12.0 2.1 1.8 15.4 15.4 1.7 1.1

Larsen & Toubro Buy 1,102 1,646 102,648 65,065 77,009 11.5 11.7 61.5 65.6 17.9 16.8 1.8 1.7 13.4 14.0 1.9 1.6

Gujarat Pipavav Port Neutral 143 - 6,913 629 684 51.0 52.2 6.4 5.9 22.3 24.2 2.9 2.7 15.9 12.7 11.8 10.6

MBL Infrastructures Buy 167 285 692 2,313 2,797 12.2 14.6 19.0 20.0 8.8 8.4 0.9 0.8 11.3 10.6 1.1 1.0

Nagarjuna Const. Neutral 63 - 3,527 7,892 8,842 8.8 9.1 3.0 5.3 21.2 12.0 1.1 1.0 5.0 8.5 0.8 0.6

PNC Infratech Accumulate 470 558 2,413 1,873 2,288 13.2 13.5 24.0 32.0 19.6 14.7 1.9 1.7 12.1 12.3 1.6 1.3

Simplex Infra Neutral 278 - 1,377 5,955 6,829 10.3 10.5 16.0 31.0 17.4 9.0 0.9 0.8 5.3 9.9 0.8 0.7

Power Mech Projects Neutral 602 - 886 1,539 1,801 12.8 12.7 59.0 72.1 10.2 8.4 1.5 1.3 18.6 16.8 0.6 0.5

Sadbhav Engineering Neutral 296 - 5,071 3,481 4,219 10.7 10.8 8.0 12.0 37.0 24.6 3.4 3.0 10.3 13.5 1.8 1.5


January 22, 2016

Stock Watch



Construction

NBCC Accumulate 891 1,089 10,696 7,382 9,506 7.7 8.6 39.8 54.4 22.4 16.4 5.4 4.3 26.7 29.1 1.4 1.0

MEP Infra Neutral 44 - 710 1,956 1,876 28.1 30.5 1.3 3.0 33.6 14.6 7.1 4.8 21.2 32.8 1.8 1.8

SIPL Neutral 83 - 2,925 675 1,042 62.4 64.7 - - 3.1 3.6 - - 16.5 11.2

Financials

Allahabad Bank Neutral 51 - 3,075 8,569 9,392 2.8 2.9 16.3 27.5 3.1 1.9 0.3 0.2 7.6 11.9 - -

Axis Bank Buy 409 630 97,287 26,473 31,527 3.5 3.6 35.7 43.5 11.4 9.4 2.2 1.9 17.9 18.9 - -

Bank of Baroda Neutral 125 - 28,710 18,485 21,025 1.9 2.0 13.5 21.1 9.3 5.9 0.7 0.7 7.3 10.6 - -

Bank of India Neutral 95 - 7,733 15,972 17,271 1.9 2.0 15.3 33.4 6.2 2.9 0.3 0.2 3.6 7.6 - -

Canara Bank Neutral 175 - 9,500 15,441 16,945 2.0 2.1 46.6 70.4 3.8 2.5 0.3 0.3 8.0 11.2 - -

Dena Bank Neutral 34 - 2,204 3,440 3,840 2.1 2.3 7.3 10.0 4.7 3.4 0.4 0.3 6.1 7.9 - -

Federal Bank Neutral 48 - 8,176 3,477 3,999 3.0 3.0 5.0 6.2 9.5 7.6 1.0 0.9 10.6 11.9 - -

HDFC Neutral 1,134 - 179,091 10,358 11,852 3.3 3.3 41.1 47.0 27.6 24.1 5.3 4.8 24.7 24.9 - -

HDFC Bank Buy 1,024 1,262 258,468 38,309 47,302 4.3 4.3 49.3 61.1 20.8 16.8 3.6 3.1 18.5 19.7 - -

ICICI Bank Buy 226 354 131,474 34,279 39,262 3.3 3.3 21.0 24.4 10.8 9.3 1.8 1.5 14.4 14.7 - -

IDBI Bank Neutral 58 - 10,935 9,625 10,455 1.8 1.8 8.5 14.2 6.8 4.1 0.4 0.4 5.9 9.3 - -

Indian Bank Neutral 89 - 4,277 6,160 6,858 2.5 2.5 24.5 29.8 3.6 3.0 0.3 0.3 7.7 8.6 - -

LIC Housing Finance Buy 467 592 23,575 3,101 3,745 2.5 2.5 33.0 40.2 14.2 11.6 2.6 2.3 19.7 20.5 - -

Oriental Bank Neutral 105 - 3,162 7,643 8,373 2.4 2.4 37.2 45.4 2.8 2.3 0.3 0.2 8.2 9.4 - -

Punjab Natl.Bank Neutral 89 - 17,466 23,638 26,557 2.8 2.8 17.9 27.2 5.0 3.3 0.5 0.4 8.5 12.0 - -

South Ind.Bank Neutral 18 - 2,457 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 Buy 176 283 136,508 82,520 93,299 2.7 2.8 20.0 24.5 8.8 7.2 1.0 0.9 11.5 12.8 - -

Union Bank Neutral 114 - 7,847 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 30 - 2,547 3,536 3,827 1.9 1.9 5.5 6.7 5.4 4.5 0.4 0.4 7.8 8.8 - -

Yes Bank Buy 654 921 27,433 7,190 9,011 3.2 3.3 58.2 69.7 11.2 9.4 2.0 1.7 19.2 19.6 - -

FMCG

Asian Paints Neutral 844 - 80,947 16,553 19,160 16.0 16.2 17.7 21.5 47.8 39.3 12.7 11.4 29.4 31.2 4.9 4.2

Britannia Neutral 2,622 - 31,460 8,065 9,395 9.6 10.2 47.2 65.5 55.5 40.0 18.5 17.5 38.3 41.2 4.2 3.6

Colgate Neutral 908 - 24,702 4,836 5,490 19.5 19.7 48.5 53.2 18.7 17.1 13.7 12.0 99.8 97.5 5.1 4.5

Dabur India Neutral 241 - 42,395 9,370 10,265 17.1 17.2 7.3 8.1 32.9 29.8 9.9 8.1 33.7 30.6 5.0 4.5

GlaxoSmith Con* Neutral 5,664 - 23,818 4,919 5,742 17.2 17.4 168.3 191.2 33.7 29.6 9.5 8.1 28.8 28.9 5.1 4.4

Godrej Consumer Neutral 1,132 - 38,535 10,168 12,886 16.1 16.1 32.1 38.4 35.3 29.5 7.2 6.6 19.7 21.0 4.3 3.4


January 22, 2016

Stock Watch



FMCG

HUL Neutral 777 - 168,100 34,940 38,957 17.5 17.7 20.8 24.7 37.4 31.5 41.5 33.2 110.5 114.2 4.8 4.3

ITC Buy 307 382 246,365 41,068 45,068 37.8 37.4 13.9 15.9 22.0 19.3 7.4 6.5 34.1 33.8 5.8 5.2

Marico Neutral 220 - 28,384 6,551 7,766 15.7 16.0 10.4 12.5 21.2 17.6 6.2 5.1 33.2 32.4 4.4 3.7

Nestle* Buy 5,445 6,646 52,502 11,291 12,847 22.2 22.3 158.9 184.6 34.3 29.5 17.9 16.1 55.0 57.3 4.7 4.1

Tata Global Neutral 122 - 7,684 8,635 9,072 9.8 9.9 6.5 7.6 18.7 16.0 1.9 1.8 6.8 7.4 1.0 0.9

IT

HCL Tech^ Buy 839 1,132 118,206 42,038 47,503 23.2 23.5 55.8 62.9 15.0 13.3 3.5 2.7 23.0 19.8 2.4 1.9

Infosys Buy 1,137 1,306 261,048 60,250 66,999 27.0 28.0 56.4 63.7 20.2 17.8 4.1 3.5 20.4 19.8 3.3 2.8

TCS Buy 2,261 3,165 445,553 111,274 126,852 28.4 28.7 125.4 143.9 18.0 15.7 7.1 6.6 39.9 42.2 3.9 3.3

Tech Mahindra Buy 507 646 49,057 25,566 28,890 16.0 17.0 26.3 31.9 19.3 15.9 3.5 3.0 17.9 18.6 1.7 1.5

Wipro Buy 551 719 136,049 50,808 58,713 23.7 23.8 37.3 42.3 14.8 13.0 2.8 2.5 19.0 17.9 2.3 1.8

Media

D B Corp Accumulate 302 356 5,551 2,241 2,495 27.8 27.9 21.8 25.6 13.9 11.8 3.6 3.2 26.7 28.5 2.6 2.3

HT Media Neutral 80 - 1,853 2,495 2,603 11.2 11.2 7.3 8.6 10.9 9.3 0.9 0.8 7.4 8.1 0.3 0.3

Jagran Prakashan Accumulate 165 189 5,388 2,170 2,355 27.2 26.2 8.9 9.9 18.5 16.7 3.9 3.4 20.9 20.5 2.4 2.2

Sun TV Network Neutral 347 - 13,691 2,779 3,196 70.2 70.5 22.8 27.3 15.2 12.7 3.8 3.4 26.7 28.3 5.7 5.0Hindustan Media Ventures Neutral 254 - 1,861 920 1,031 20.0 20.0 19.2 20.9 13.2 12.2 2.2 1.9 16.4 15.3 1.9 1.7

Metals & Mining

Coal India Buy 288 380 182,101 76,167 84,130 19.9 22.3 22.4 25.8 12.9 11.2 4.6 4.5 35.5 41.0 2.0 1.8

Hind. Zinc Buy 141 175 59,662 14,641 14,026 50.4 50.4 17.7 16.0 8.0 8.8 1.2 1.1 16.2 13.2 1.7 1.5

Hindalco Neutral 68 - 14,104 104,356 111,186 8.7 9.5 6.7 11.1 10.2 6.2 0.4 0.4 3.5 5.9 0.7 0.6

JSW Steel Neutral 1,028 - 24,857 42,308 45,147 16.4 20.7 (10.3) 49.5 20.8 1.2 1.1 (1.0) 5.6 1.6 1.5

NMDC Neutral 77 - 30,469 8,237 10,893 46.6 44.5 10.0 11.7 7.7 6.6 0.9 0.8 12.5 13.0 4.1 3.1

SAIL Neutral 41 - 17,119 45,915 53,954 7.2 10.5 1.5 4.4 27.5 9.5 0.4 0.4 2.3 4.1 1.1 1.0

Vedanta Neutral 62 - 18,500 71,445 81,910 26.2 26.3 12.9 19.2 4.8 3.3 0.3 0.3 7.2 8.9 0.8 0.6

Tata Steel Neutral 235 - 22,780 126,760 137,307 8.9 11.3 6.4 23.1 36.9 10.2 0.7 0.7 2.0 7.1 0.8 0.7

Oil & Gas

Cairn India Neutral 110 - 20,623 11,323 12,490 49.4 51.0 20.7 20.7 5.3 5.3 0.3 0.3 6.4 6.1 1.2 0.6

GAIL Neutral 340 - 43,160 64,856 70,933 9.1 9.6 24.0 28.9 14.2 11.8 1.2 1.1 8.8 9.6 0.9 0.8

ONGC Neutral 208 - 177,612 154,564 167,321 36.8 37.4 28.6 32.5 7.3 6.4 0.9 0.9 12.7 13.5 1.5 1.4

Petronet LNG Neutral 242 - 18,143 29,691 31,188 5.8 6.2 12.8 13.4 18.9 18.0 2.8 2.5 15.8 14.8 0.7 0.7

Indian Oil Corp Neutral 396 - 96,183 359,607 402,760 5.9 6.1 42.5 48.7 9.3 8.1 1.3 1.1 14.1 14.4 0.4 0.4

Reliance Industries Accumulate 985 1,150 319,049 304,775 344,392 12.6 13.4 91.3 102.6 10.8 9.6 1.2 1.1 11.8 12.0 1.0 0.8


January 22, 2016

Stock Watch



Pharmaceuticals

Alembic Pharma Neutral 626 - 11,795 2,658 3,112 24.1 20.2 24.6 23.9 25.4 26.2 9.1 7.0 42.5 30.2 4.7 4.0

Aurobindo Pharma Neutral 776 - 45,319 14,923 17,162 22.0 23.0 35.7 42.8 21.7 18.1 6.4 4.8 34.0 30.2 3.7 3.1

Aventis* Neutral 4,100 - 9,443 2,082 2,371 17.4 20.8 118.2 151.5 34.7 27.1 5.1 4.1 19.9 25.5 4.4 3.6

Cadila Healthcare Accumulate 298 352 30,477 10,224 11,840 21.0 22.0 14.6 17.6 20.4 16.9 5.6 4.4 30.8 29.0 3.2 2.7

Cipla Neutral 582 - 46,720 14,211 16,611 20.6 19.0 27.0 28.9 21.5 20.1 3.7 3.1 18.4 16.8 3.5 2.9

Dr Reddy's Buy 2,758 3,933 47,026 16,838 19,575 25.0 23.1 167.5 178.8 16.5 15.4 3.5 2.9 23.1 20.4 3.0 2.5

Dishman Pharma Neutral 307 - 2,476 1,733 1,906 21.5 21.5 17.0 19.9 18.1 15.4 1.8 1.6 10.5 11.2 2.1 1.8

GSK Pharma* Neutral 3,062 - 25,939 2,870 3,158 20.0 22.1 59.5 68.3 51.5 44.8 15.2 15.6 28.5 34.3 9.2 8.4

Indoco Remedies Neutral 299 - 2,755 1,033 1,199 15.9 18.2 9.4 13.6 31.8 22.0 4.7 4.0 15.7 19.7 2.9 2.5

Ipca labs Buy 624 900 7,879 3,363 3,909 12.9 18.6 13.4 28.0 46.6 22.3 3.3 2.9 7.4 14.0 2.8 2.4

Lupin Neutral 1,683 - 75,828 13,092 16,561 25.0 27.0 50.4 68.3 33.4 24.6 6.9 5.5 22.8 24.7 5.6 4.3

Sun Pharma Buy 773 950 186,091 28,163 32,610 25.8 30.7 17.4 26.9 44.4 28.8 4.2 3.7 13.0 16.6 6.2 5.2

Power

Tata Power Neutral 61 - 16,539 35,923 37,402 22.6 22.8 4.1 5.2 15.1 11.9 1.2 1.1 7.5 9.3 1.5 1.4

NTPC Accumulate 133 157 109,541 87,064 98,846 23.5 23.5 11.7 13.2 11.4 10.1 1.3 1.2 11.4 12.1 2.4 2.1

Power Grid Buy 132 170 69,162 20,702 23,361 86.7 86.4 12.1 13.2 10.9 10.0 1.6 1.4 15.6 15.1 8.5 7.9

Telecom

Bharti Airtel Neutral 309 - 123,680 101,748 109,191 32.1 31.7 12.0 12.5 25.8 24.8 1.8 1.7 6.9 6.7 1.9 1.7

Idea Cellular Neutral 114 - 41,008 34,282 36,941 32.0 31.5 5.9 6.2 19.3 18.4 1.8 1.6 9.9 9.3 2.0 1.9

zOthers

Abbott India Neutral 5,133 - 10,906 2,715 3,153 14.5 14.1 134.3 152.2 38.2 33.7 9.5 7.9 27.4 25.6 4.2 3.5

Bajaj Electricals Buy 177 290 1,789 4,719 5,287 5.2 5.8 8.6 12.7 20.7 14.0 2.4 2.1 11.4 14.8 0.4 0.4

Finolex Cables Neutral 219 - 3,352 2,520 2,883 12.2 12.0 12.7 14.2 17.3 15.4 2.4 2.1 13.6 13.5 1.3 1.1

Goodyear India* Buy 489 622 1,127 1,888 1,680 12.1 11.9 62.2 56.6 7.9 8.6 1.8 1.6 25.9 19.7 0.4 0.4

Hitachi Neutral 1,116 - 3,035 1,779 2,081 7.8 8.8 21.8 33.4 51.2 33.4 8.3 6.7 17.4 22.1 2.0 1.7

Jyothy Laboratories Neutral 268 - 4,854 1,620 1,847 11.5 11.5 7.3 8.5 36.8 31.6 4.8 4.4 13.3 14.4 3.3 2.8

MRF Buy 34,940 45,575 14,819 20,316 14,488 21.4 21.1 5,488.0 3,798.0 6.4 9.2 2.2 1.8 41.1 21.2 0.8 1.0

Page Industries Neutral 12,186 - 13,593 1,929 2,450 19.8 20.1 229.9 299.0 53.0 40.8 23.4 16.3 52.1 47.1 7.8 6.1

Relaxo Footwears Neutral 438 - 5,257 1,767 2,152 12.3 12.5 19.3 25.1 22.8 17.5 5.6 4.3 27.7 27.8 3.3 2.7

Siyaram Silk Mills Accumulate 1,009 1,354 945 1,636 1,815 11.5 11.5 89.9 104.1 11.2 9.7 1.9 1.6 17.9 17.8 0.8 0.8

Styrolution ABS India* Neutral 643 - 1,131 1,271 1,440 8.6 9.2 32.0 41.1 20.1 15.7 2.1 1.8 10.7 12.4 1.0 0.8

TVS Srichakra Buy 2,409 3,240 1,844 2,101 2,338 15.7 15.0 248.6 270.0 9.7 8.9 4.2 3.0 43.6 34.0 1.0 0.9


January 22, 2016

Stock Watch



zOthers

HSIL Neutral 268 - 1,934 2,123 2,384 16.1 16.5 15.0 18.9 17.8 14.2 1.4 1.3 8.0 9.4 1.4 1.2Kirloskar Engines India Ltd Neutral 230 - 3,329 2,471 2,826 8.8 10.4 9.1 13.3 25.2 17.3 2.4 2.2 9.7 13.4 1.1 0.9

M M Forgings Accumulate 468 614 565 511 615 21.7 21.6 43.1 55.8 10.9 8.4 2.0 1.6 19.9 21.2 1.5 1.2

Banco Products (India) Neutral 120 - 857 1,208 1,353 11.0 12.3 10.8 14.5 11.1 8.3 1.3 1.1 11.9 14.5 0.8 0.7

Competent Automobiles Neutral 137 - 84 1,040 1,137 3.2 3.1 25.7 28.0 5.3 4.9 0.8 0.7 15.0 14.3 0.1 0.1

Nilkamal Neutral 1,229 - 1,835 1,910 2,083 10.5 10.3 63.3 69.2 19.4 17.8 3.2 2.7 17.6 16.5 1.2 1.0

Visaka Industries Buy 102 144 162 1,086 1,197 9.9 10.3 21.5 28.8 4.8 3.6 0.5 0.4 9.6 11.6 0.4 0.3Transport Corporation of India Neutral 241 - 1,831 2,830 3,350 8.8 9.0 14.4 18.3 16.8 13.2 2.6 2.3 15.4 17.1 0.9 0.8

Elecon Engineering Accumulate 64 85 701 1,369 1,533 13.7 14.9 3.3 6.1 19.4 10.6 1.3 1.2 6.6 11.4 1.0 0.9

Surya Roshni Buy 137 201 602 2,992 3,223 8.1 8.4 14.7 18.3 9.4 7.5 0.9 0.8 9.7 11.0 0.5 0.5

MT Educare Neutral 154 - 614 286 366 18.3 17.7 7.7 9.4 20.0 16.5 4.2 3.7 20.2 21.1 2.4 1.9

Radico Khaitan Buy 109 156 1,455 1,565 1,687 12.2 13.0 5.7 7.1 19.2 15.4 1.6 1.5 8.3 9.6 1.5 1.3

Garware Wall Ropes Buy 354 473 774 862 974 11.2 11.2 24.9 29.6 14.2 12.0 2.1 1.8 15.1 15.4 1.0 0.9

Wonderla Holidays Neutral 380 - 2,148 206 308 44.0 43.6 9.0 12.9 42.2 29.5 5.8 5.2 13.7 17.8 10.6 7.1

Linc Pen & Plastics Neutral 208 - 308 340 371 8.3 8.9 10.8 13.2 19.3 15.8 3.1 2.7 16.0 17.1 1.1 1.0

The Byke Hospitality Neutral 150 - 603 222 287 20.5 20.5 5.6 7.6 26.7 19.9 5.0 4.1 18.9 20.8 2.8 2.2

Interglobe Aviation Neutral 1,198 - 43,165 17,022 21,122 20.7 14.5 63.9 53.7 18.7 22.3 28.1 23.0 149.9 103.2 2.7 2.2Coffee Day Enterprises Ltd Neutral 246 - 5,075 2,692 2,964 17.0 18.6 - 4.7 - 52.0 3.0 2.9 0.2 5.5 2.5 2.3

Navneet Education Neutral 84 - 1,999 998 1,062 24.1 24.0 5.8 6.1 14.6 13.8 3.2 2.8 22.0 20.6 2.3 2.2

Navkar Corporation Buy 196 265 2,791 365 436 38.3 37.5 5.6 5.9 34.7 33.3 2.2 2.0 6.3 6.1 8.8 7.5

Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on January 21, 2016


January 22, 2016

Stock Watch

Research Team Tel: 022 - 39357800 E-mail: [email protected] Website: www.angelbroking.com

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Market OutlookJanuary 22, 2016

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