market outlook 05-04-2016

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Market Outlook

April 5, 2016

Market Cues

Indian markets are expected to open on a negative note tracking the SGX Nifty and

Asian markets.

U.S. markets fell Monday amid mounting speculation the Federal Reserve will raise

interest rates before summer.

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.

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 bi-

monthly 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.

News & Result Analysis

L&T Hydrocarbon Engineering bags ` 650cr contract

NTPC JV takes over Patratu power plant

Detailed analysis on Pg2

Investor’s Ready Reckoner

Key Domestic & Global Indicators

Stock Watch: Latest investment recommendations on 150+ stocks

Refer Pg5 onwards

Top Picks

Company Sector Rating

CMP

)

Target

)

Upside

( )

Amara Raja 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

Navkar Corporation Others Buy 185 265 43.6

More Top Picks on Pg3

Key Upcoming EventsDate Region Event Description

Previous

Reading

Consensus

Expectations

Apr 5 India RBI Repo Rate% 6.75 6.50

Apr 7 US Initial Jobless claims 276.00 270.00

Apr 8 India Import (yoy %) 5.00 -

Apr 8 India Export (yoy %) 5.66 -6.(6.(

More Events on Pg4

Domestic Indices

Chg ( )

Pts) Close)

BSE Sensex 0.5 130 25,400

Nifty 0.6 46 7,759

Mid Cap 0.2 26 10,668

Small Cap 0.5 55 10,695

Bankex 0.0 5 18,450

Global Indices

Chg ( ) Pts) Close)

Dow Jones (0.3) (56) 17,737

Nasdaq (0.5) (23) 4,892

FTSE 0.3 19 6,165

Nikkei (0.3) (41) 16,123

Hang Seng (1.3) (278) 20,499

Shanghai Com 0.2 6 3,010

Advances / Declines BSE NSE

Advances 1,638 990

Declines 983 572

Unchanged 137 63

Volumes Cr)

BSE 2,060

NSE 14,032

Net Inflows Cr)

Net Mtd Ytd

FII 4,509 27,358 (12,082)

MFs (92) (8,054) 66,893

Top Gainers

Price ( ) Chg ( )

Idea 113 6.0

Gppl 184 5.9

Adanient 80 5.9

Gsfc 70 5.8

Dbcorp 327 5.8

Top Losers Price (

) Chg ( )

Hexaware 253 (6.6)

Den 93 (5.7)

Federalbnk 45 (3.9)

Mphasis 454 (2.8)

Bayercrop 3,675 (2.5)

As on April 04, 2016

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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, pre-

commissioning 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

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Top Picks ★★★★★

Large Cap

Company

Market Cap

Cr)

CMP

)

Target

)

Upside

( )

Rationale

Amara Raja Batteries 15,433 904 1,040 15.1To outpace battery industry growth due to better technological

products leading to market share gains in both the automotiveOEM and replacement segments.

Bharat Electronics 28,942 1,206 1,414 17.3Uptick in defense capex by government when coupled withBELs strong market positioning, indicate that good times areahead for BEL.

HCL Tech 1,18,444 840 1,038 23.6The stock is trading at attractive valuations and is factoring allthe bad news.

HDFC Bank 2,70,339 1,069 1,262 18.0Strong 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 2,86,569 1,244 1,347 8.3Back on the growth trend, expect a long term growth of 14%to be a US$20bn in FY2020.

LIC Housing Finance 24,564 487 592 21.6

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 11,456 955 1,089 14.1Huge bid pipeline of re-development works at Delhi and otherState Governments and opportunity from Smart City, positionsNBCC to report strong growth, going forward.

Source: Company, Angel Research

Mid Cap

Company

Market Cap

Cr)

CMP

)

Target

)

Upside

( )

Rationale

Blue Star 3,544 394 439 11.4

Favorable outlook for the AC industry to augur well for

Cooling products business which is out pacing the marketgrowth. EMPPAC division's profitability to improve onceoperating environment turns around.

IL&FS Transport 2,477 75 93 23.5Commencement of new projects, downtrend in the interest ratecycle, to lead to stock re-rating

Jagran Prakashan 5,188 159 189 19.1

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

Mahindra Lifespace 1,768 431 554 28.6Speedier execution and speedier sales, strong revenue visibiltyin short-to-long run, attractive valuations

Navkar Corporation 2,631 185 265 43.6Massive capacity expansion along with rail advantage at ICDas well CFS augurs well for the company

Radico Khaitan 1,294 97 156 60.4 Earnings boost on back of stable material prices andfavourable pricing environment. Valuation discount to peersprovides additional comfort

Siyaram Silk Mills 943 1,006 1,354 34.6Strong brands and distribution network would boost growthgoing ahead. Stock currently trades at an inexpensivevaluation.

Source: Company, Angel Research

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Global economic events release calendar

Date Time Country Event Description Unit Period Bloomberg Data

Last Reported Estimated

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

Apr 7, 2016 6:00PM US Initial Jobless claims Thousands Apr 2 276.00 270.00

Apr 8, 2016 India Imports YoY% % Change Mar (5.00) --

India Exports YoY% % Change Mar (5.66) --

2:00PM 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 --

5:30PM India Industrial Production YoY % Change Feb (1.50) --

Apr 13, 2016 US Producer Price Index (mom) % Change Mar (0.60) --

China Exports YoY% % Change Mar (25.40) 3.30

Apr 14, 2016 12:00PM 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 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 Million Mar 5.08 --

2:00PM UK Jobless claims change % Change Mar (18.00) --

Apr 21, 2016 7:30PM Euro Zone Euro-Zone Consumer Confidence Value Apr A (9.70) --

5:15PM Euro Zone ECB announces interest rates % Apr 21 -- --

Apr 22, 2016 1:00PM Germany PMI Manufacturing Value Apr P 50.70 --

Apr 25, 2016 7:30PM US New home sales Thousands Mar 512.00 --

Apr 26, 2016 7:30PM US Consumer Confidence S.A./ 1985=100 Apr 96.20 --

Apr 27, 2016 2:00PM UK GDP (YoY) % Change 1Q A 2.10 --

11:30PM US FOMC rate decision % Apr 27 0.50 0.50

Source: Bloomberg, Angel Research

April 05, 2016

Market Outlook

Key Upcoming Events

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Market Outlook

April 5, 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: Manufactur ing and services PMI

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

Exhibit 5: Exports and imports growth trends


Exhibit 6: Key policy rates

Source: RBI, Angel Research

4.5

6.7

7.8

6.4

5.8

7.58.3

6.6 6.7

7.6 7.77.3

3.0

4.0

5.0

6.0

7.0

8.0

9.0

4 Q F Y 1 3

1 Q F Y 1 4

2 Q F Y 1 4

3 Q F Y 1 4

4 Q F Y 1 4

1 Q F Y 1 5

2 Q F Y 1 5

3 Q F Y 1 5

4 Q F Y 1 5

1 Q F Y 1 6

2 Q F Y 1 6

3 Q F Y 1 6

(%)

2.5 3.0 2.5

4.2 4.3

6.3

3.7

9.9

(3.4)

(1.2) (1.5)

(6.0)

(4.0)

(2.0)

-

2.0

4.0

6.0

8.0

10.0

12.0

M a - 1 5

A p r - 1 5

M a y - 1 5

J u n - 1 5

J u l - 1 5

A u g - 1 5

S e p - 1 5

O c t - 1 5

N o v - 1 5

D e c - 1 5

J a n - 1 6

(%)

5.34.9 5.0

5.4

3.7 3.7

4.4

5.05.4 5.6

5.75.2

-

1.0

2.0

3.0

4.0

5.0

6.0

M a r - 1 5

A p r - 1 5

M a y - 1 5

J u n - 1 5

J u l - 1 5

A u g - 1 5

S e p - 1 5

O c - 1 5

N o v - 1 5

D e c - 1 5

J a n - 1 6

F e b - 1 6

(%)

44.0

46.0

48.0

50.0

52.0

54.0

56.0

J a n - 1

5

F e b - 1

5

M a r - 1 5

A p r - 1 5

M a y - 1 5

J u n - 1

5

J u l - 1 5

A u g - 1

5

S e p - 1

5

O c - 1

5

N o v - 1 5

D e c - 1 5

J a n - 1

6

F e b - 1

6

Mfg. PMI Services PMI

(35.0)

(30.0)

(25.0)

(20.0)

(15.0)

(10.0)

(5.0)

0.0

M a - 1 5

A p - 1 5

M a y - 1 5

J u n - 1 5

J u l - 1 5

A u g - 1 5

S e p - 1 5

O c t - 1 5

N o v - 1 5

D e c - 1 5

J a n - 1 6

F e b - 1 6

Exports yoy growth Imports yoy growth(%)

3.00

4.00

5.00

6.00

7.00

8.00

A p r - 1 5

M a y - 1 5

J u n - 1 5

J u n - 1 5

J u l - 1 5

A u g - 1 5

S e p - 1 5

S e p - 1 5

O c t - 1 5

N o v - 1 5

N o v - 1 5

D e c - 1 5

J a n - 1 6

J a n - 1 6

F e b - 1 6

M a r - 1 6

Repo rate Reverse Repo rate CRR(%)

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Market Outlook

April 5, 2016


Global watch

Exhib it 1 : Latest quarter ly GDP Growth (%, yoy) across select developing and developed countries

Source: Bloomberg , Angel Research

Exhib it 2: 2015 GDP Growth projection by IMF (%, yoy) across select developing and developed countri es

Source: IMF, Angel Research

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

Source: IMF, Angel Research

(5.9)

(4.1)

5.3

6.8

0.6

5.04.5

2.81.9 2.0 2.1

1.40.7

(8.0)

(6.0)

(4.0)

(2.0)

-

2.0

4.0

6.0

8.0

B r a z i l

R u s s i a

I n d i a

C h i n a

S o u t h A f r i c a

I n d o n e s i a

M a l a y s i a

T h a i l a n d

U K

U S A

G e r m a n y

F r a n c e

J a p a n

(%)

(3.0)(3.8)

7.36.8

1.4

4.7 4.7

2.5 2.5 2.6

1.5 1.20.6

(6.0)

(4.0)

(2.0)

-

2.0

4.0

6.0

8.0

B r a z i l

R u s s i a

I n d i a

C h i n a

S o u t h A f r i c a

I n d o n e s i a

M a l a y s i a

T h a i l a n d U

K U S A

G e r m a n

F r a n c e

J a p a n

(%)

1 4 . 1 6

. 5

1 8 . 3

1 2 . 7

1 1 . 0

1 7 . 1

1 5 . 6

1 4 . 1

1 5 . 2

1 6 . 2

1 2 . 2

1 3 . 3

1 3 . 3

-

2.0

4.0

6.0

8.0

10.0

12.0

14.0

16.0

18.0

20.0

B r a z i l

R u s s i a

I n d i a

C h i n a

S o u t h

A f r i c a

I n d o n e s i a

M a l a y s i a

T h a i l a n d

U K

U S A

G e r m a n y

F r a n c e

J a p a n

(x)

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April 5, 2016


Exhib it 4 : Relative performance of i ndices across globe

Returns (%)

C ountry N a m e of index C lo sing p rice 1 M 3 M 1 YR

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)


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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 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 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

Bajaj Auto Accumulate 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 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

Eicher Motors 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 3.0

Gabriel India Accumulate 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 0.8

Hero Motocorp Neutral 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 1.8

Jamna Auto Industries Accumulate 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 MahindraAccumulate 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 0.6Swaraj 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

Capital Goods

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


April 05, 2016

Stock Watch

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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 0.5Thermax 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

Cement

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 1 20.0 38.7 26.4 4.2 3.7 11.3 14.7 3.6 3.0

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 3.6KNR 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


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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 17.7 15.1 2.1 2.0 11.7 13.4 2.3 2.3

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 - -

FMCG

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


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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 0.8IT

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

Media

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 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

Hindustan Media Ventures

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

Metals & Mining

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 42,308 45,147 16.4 20.7 (10.3) 49.5 25.5 1.4 1.4 (1.0) 5.6 1.8 1.7

NMDC Neutral 98 - 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

SAIL Neutral 44 - 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

Vedanta Neutral 91 - 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

Tata Steel Neutral 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

Oil & Gas

Cairn India 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

GAIL 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

ONGC 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


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Oil & Gas

Petronet LNG Neutral 248 - 18,570 29,691 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

Rel iance 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

Pharmaceuticals

Alembic Pharma Neutral 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

Aurobindo Pharma Accumulate 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

Aventis* Neutral 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

Cadila Healthcare 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

Real Estate

MLIFE 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

Telecom

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

zOthers

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 20.1 229.9 299.0 52.4 40.3 23.1 16.1 52.1 47.1 7.0 5.5


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zOthers

Relaxo Footwears Neutral 442 - 5,307 1,767 2,152 12.3 12.5 19.3 25.1 23.0 17.6 5.6 4.3 27.7 27.8 3.1 2.5

Siyaram Silk Mills Buy 1,006 1,354 943 1,636 1,815 11.5 11.5 89.9 104.1 11.2 9.7 1.9 1.6 17.9 17.8 0.7 0.7

Styrolution ABS India* #VALUE! 1,271 1,440 8.6 9.2 32.0 41.1 10.7 12.4

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 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

Kirloskar Engines IndiaLtd

Neutral 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

M M Forgings Buy 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 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

Transport Corporation ofIndia

Neutral 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

Elecon Engineering Neutral 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 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

Coffee Day EnterprisesLtd

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

Navneet Education Neutral 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


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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


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

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market outlook 05-04-2016

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