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Market Outlook

April 7, 2016

Market Cues

Indian market is expected to open on a flat note tracking the SGX Nifty and Asian

markets.

U.S. markets posted solid gains on Wednesday, aided by a climb in oil prices and a

surge in healthcare stocks.

European markets ended Wednesday's choppy trading session with modest gains.

The markets received a boost from rising crude oil prices and the strong Chinese

service sector report.

Indian markets ended Wednesday's listless session on a flat note as gains in metal

shares were offset by losses in banking and IT stocks.

News Result Analysis

Tata Motors to resize diesel engines to skirt New Delhi ban

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 876 1,040 18.8

HCL Tech IT Buy 840 1,038 23.5

LIC Housing Financials Buy 468 592 26.4

Bharat Electronics Capital Goods Buy 1,172 1,414 20.7

Navkar Corporation Others Buy 176 265 50.5

More Top Picks on Pg3

Key Upcoming Events

Date Region Event Description

Previous

Reading

Consensus

Expectations

Apr 7 US Initial Jobless claims 276.00 270.00

Apr 8 India Import (yoy %) 5.00 - Apr 8 India Export (yoy %) 5.66 -

Apr 8 UK Industrial Production (YoY) 0.20 -6.(6.(

More Events on Pg4

Domestic Indices

Chg ( )

(Pts) (Close)

BSE Sensex 0.1 17 24,901

Nifty 0.1 11 7,614

Mid Cap 0.6 63 10,574

Small Cap 0.9 96 10,642

Bankex (0.4) (78) 17,780

Global Indices

Chg ( ) (Pts) (Close)

Dow Jones 0.6 113 17,716

Nasdaq 1.6 77 4,921

FTSE 1.2 70 6,162

Nikkei (0.1) (17) 15,715

Hang Seng 0.1 30 20,207

Shanghai Com (0.1) (2) 3,051

Advances / Declines BSE NSE

Advances 1,659 1,077

Declines 912 472

Unchanged 129 63

Volumes ( Cr)

BSE 2,208

NSE 14,644

Net Inflows ( Cr)

Net Mtd Ytd

FII 405 405 (11,409)

MFs (233) (444) 64,251

Top Gainers

Price ( ) Chg ( )

Sreinfra 61 11.1

Centurytex 580 9.4

Hcc 21 8.2

Aloktext 5 7.6

Jpassociat 8 7.5

Top Losers Price (

) Chg ( )

Bharatforg 790 (4.8)

J&Kbank 58 (3.8)

Beml 942 (3.2)

Boschltd 19,221 (2.9)

Ucobank 38 (2.6)

As on April 06, 2016

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Market Outlook April 7, 2016

Tata Motors to resize diesel engines to skirt New Delhi ban

Tata Motors is reducing the size of its diesel engines to skirt a temporary ban on

the sale of large diesel-powered cars in New Delhi as the government seeks to

reduce toxic smog in the capital city. The New Delhi ban on the sale of cars with

diesel engine capacity higher than 2 litres was imposed in December and has hurtcarmakers such as Tata Motors, Mahindra & Mahindra and Toyota Motor Corp.

The ban, initially imposed until March 31, has been extended by the Supreme

Court, which has also indicated that it could levy an additional tax on the sale of

diesel cars. The next hearing is later this month. A lack of clarity on when the ban

might be lifted and carmakers' fears that it could be a precursor to a nationwide

ban has prompted companies to consider ways around the ban.

Now, Tata Motors is re-engineering its existing engines to bring them below 2

litres. The re-engineered engines are only for Tata vehicles and not those made by

its luxury carmaker Jaguar Land Rover.

Mahindra & Mahindra in January launched 1.99 litre diesel engines to counter the

ban and is working on developing petrol engines for most of its vehicles.

Earlier on Wednesday Tata Motors, India's top automaker by revenue, launched its

Tiago hatchback. The car was originally slated to be called the Zica, short for

Zippy Car, but was renamed after the outbreak of the similar-sounding Zika virus.

The car's starting price of 320,000 rupees ($4,800) undercuts similar vehicles by

rivals such as Maruti Suzuki India and Hyundai Motor and is equipped with

features such as an touchscreen infotainment system and rear parking sensors in

an effort to revive sluggish domestic sales.

Economic and Political News

SC raps govt for not giving MGNREGA funds in drought-hit areas

Cabinet okays ` 1,621 cr project for four-laning of NH-63 in Karnataka

Steel imports surge in March after four months of falls

Corporate News

PNB Housing raises ` 500cr from IFC to finance Green Projects

Jio soft launch expected by April end; Nationwide by Dec end

Indian Oil Corporation to spend ` 20,000cr in expansion of its Gujaratrefinery

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Global economic events release calendar

Date Time Country Event Description Unit Period Bloomberg Data

Last Reported Estimated

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

Apr 8, 2016 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) 9.70

Apr 14, 2016 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 India Imports YoY% % Change Mar (5.00) --

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

6:45PM US Industrial Production % Mar (0.52) (0.10)

7:30AM China Industrial Production (YoY) % Change Mar 5.90 6.00

7:30AM China Real GDP (YoY) % Change 1Q 6.80 6.70

Apr 18, 2016 12:00PM India Monthly Wholesale Prices YoY% % Change Mar (0.91) --

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 Services Value Apr P 55.10 --

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 07, 2016

Market Outlook

Key Upcoming Events

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h

Market Outlook

April 7, 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

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

M a r - 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

- 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

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

A u g - 1 5

S e p - 1 5

O c t - 1 5

O c t - 1 5

N o v - 1 5

D e c - 1 5

D e c - 1 5

J a n - 1 6

F e b - 1 6

M a - 1 6

M a - 1 6

Repo rate Reverse Repo rate CRR(%)

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Market Outlook

April 7, 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)

(3.8)

5.3

6.8

0.6

5.04.5

2.82.1 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 2 . 8

6 . 4

1 7 . 0

1 1 . 0

1 7 . 1

1 6 . 5

1 5 . 3

1 3 . 1

1 2 . 7

1 5 . 7

1 1 . 8

1 3 . 5

1 1 . 4

-

2.0

4.0

6.0

8.0

10.0

12.0

14.0

16.0

18.0

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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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 48,096 (2.0) 10.9 (4.0)

Russia Micex 1,860 (1.0) 5.6 9.4

India Nifty 7,614 3.3 (4.4) (10.3)

China Shanghai Composite 3,051 6.1 (14.4) (17.4)

South Africa Top 40 45,084 (0.4) 1.4 (2.1)

Mexico Mexbol 45,282 1.5 5.4 0.7

Indonesia LQ45 846 (0.4) 8.2 (9.9)

Malaysia KLCI 1,717 1.1 1.4 (6.2)

Thailand SET 50 874 (1.8) 11.2 (12.0)

USA Dow Jones 17,716 4.2 3.3 (1.0)

UK FTSE 6,162 0.5 0.4 (12.2)

Japan Nikkei 15,715 (7.6) (14.8) (18.5)

Germany DAX 9,625 (1.3) (6.6) (20.9)

France CAC 4,285 (3.0) (5.6) (17.9)


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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 172 - 3,351 2,097 2,415 14.4 14.4 9.5 11.0 18.1 15.7 3.6 3.1 21.1 21.3 1.6 1.4

United Phosphorus Neutral 458 - 19,643 12,500 14,375 18.3 18.3 29.8 35.9 15.4 12.8 2.8 2.4 20.0 20.3 1.7 1.4

Auto & Auto Ancillary

Ashok Leyland Neutral 108 - 30,664 17,995 21,544 11.4 11.6 3.4 4.7 31.7 22.9 5.6 5.1 17.7 22.2 1.7 1.4

Bajaj Auto Accumulate 2,397 2,585 69,354 22,709 25,860 20.9 20.1 129.0 143.6 18.6 16.7 5.7 4.9 30.7 29.4 2.6 2.2

Bharat Forge Accumulate 790 875 18,383 7,351 8,318 19.9 19.7 31.2 36.5 25.3 21.6 4.5 3.8 19.3 19.2 2.6 2.3

Eicher Motors Neutral 19,180 - 52,095 15,556 16,747 15.5 17.3 464.8 597.5 41.3 32.1 15.1 11.1 36.2 34.3 3.3 3.0

Gabriel India Accumulate 91 101 1,300 1,415 1,544 8.7 9.0 4.6 5.4 19.7 16.8 3.6 3.2 18.1 18.9 0.9 0.8

Hero Motocorp Neutral 2,984 - 59,578 28,244 30,532 15.5 15.9 156.7 168.5 19.0 17.7 7.6 6.5 39.9 36.4 1.9 1.8

Jamna Auto Industries Accumulate 147 160 1,171 1,281 1,473 11.2 11.5 7.6 9.2 19.3 15.9 4.9 4.0 25.4 25.2 1.0 0.8

L G Balakrishnan & Bros Neutral 465 - 730 1,254 1,394 11.6 11.8 35.9 41.7 13.0 11.2 1.8 1.6 13.5 13.8 0.7 0.6

Mahindra and MahindraAccumulate 1,221 1,364 75,857 38,416 42,904 13.7 13.9 54.8 63.4 22.3 19.3 3.4 3.1 15.4 15.8 1.6 1.4

Maruti Neutral 3,572 - 107,892 57,865 68,104 16.4 16.7 176.3 225.5 20.3 15.8 3.9 3.4 19.4 21.2 1.6 1.3

Minda Industries Neutral 1,012 - 1,606 2,523 2,890 8.7 9.0 55.0 65.4 18.4 15.5 3.6 2.9 19.3 18.7 0.7 0.6

Motherson Sumi Buy 248 313 32,744 39,343 45,100 8.8 9.1 10.1 12.5 24.5 19.8 7.8 6.1 35.3 34.4 0.9 0.8

Rane Brake Lining Buy 378 465 299 454 511 11.5 12.0 25.2 31.0 15.0 12.2 2.2 2.0 14.9 16.6 0.8 0.7

Setco Automotive Neutral 31 - 408 594 741 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 377 - 108,905 259,686 273,957 13.0 13.4 25.9 29.5 14.6 12.8 1.9 1.7 8.0 9.0 0.6 0.6

TVS Motor Neutral 317 - 15,041 11,263 13,122 6.9 8.5 9.2 15.0 34.4 21.1 7.9 6.2 22.7 29.6 1.3 1.1

Amara Raja Batteries Buy 876 1,040 14,958 4,892 5,871 17.4 17.6 28.8 37.1 30.4 23.6 7.1 5.7 23.4 24.1 3.0 2.5

Exide Industries Buy 135 162 11,501 6,950 7,784 14.4 14.8 6.6 7.3 20.5 18.5 2.6 2.4 12.6 12.8 1.4 1.2

Apollo Tyres Accumulate 173 183 8,788 12,056 12,714 17.2 16.4 23.0 20.3 7.5 8.5 1.3 1.2 17.7 13.6 0.8 0.8

Ceat Neutral 1,074 - 4,345 6,041 6,597 14.1 13.7 99.5 111.9 10.8 9.6 2.1 1.8 19.6 18.5 0.9 0.7

JK Tyres Neutral 84 - 1,903 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 909 - 1,129 552 630 14.2 14.7 44.6 54.1 20.4 16.8 4.7 4.3 23.2 25.6 1.9 1.6

Subros Neutral 87 - 524 1,293 1,527 11.8 11.9 4.2 6.7 20.8 13.0 1.6 1.4 7.7 11.5 0.7 0.6

Indag Rubber Neutral 174 - 456 283 329 17.0 17.2 13.0 15.4 13.4 11.3 2.9 2.4 21.8 21.6 1.3 1.1

Capital Goods

ACE Neutral 38 - 375 660 839 4.7 8.2 1.0 3.9 37.9 9.7 1.2 1.1 3.2 11.3 0.7 0.6

BEML Buy 942 1,157 3,922 3,277 4,006 6.0 8.9 36.2 64.3 26.0 14.7 1.8 1.6 5.7 11.7 1.3 1.0

Bharat Electronics Buy 1,172 1,414 28,118 7,737 8 ,634 16.8 17.2 54.0 61.5 21.7 19.1 3.1 2.8 39.3 45.6 2.7 2.3


April 07, 2016

Stock Watch

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Capital Goods

Voltas Buy 278 353 9,187 5,363 5,963 8.0 9.1 11.0 13.8 25.2 20.1 3.9 3.4 16.2 17.9 1.7 1.5

BGR Energy Neutral 104 - 750 3,615 3,181 9.5 9.4 16.7 12.4 6.2 8.4 0.6 0.6 10.0 7.0 0.6 0.8

BHEL Neutral 114 - 27,903 33,722 35,272 10.8 11.7 10.5 14.2 10.9 8.0 0.8 0.8 7.0 9.0 0.9 0.9

Blue Star Buy 394 458 3,547 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 - 3,134 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 130 - 3,176 1,655 1,755 16.6 16.8 7.4 7.8 17.6 16.7 3.5 3.3 21.1 20.6 1.9 1.8

Inox Wind Buy 248 458 5,494 4,980 5,943 17.0 17.5 26.6 31.6 9.3 7.8 2.8 2.1 35.0 30.0 1.3 1.0

KEC International Neutral 126 - 3,235 8,791 9,716 6.1 6.8 5.4 8.2 23.3 15.4 2.3 2.1 10.0 14.0 0.6 0.5Thermax Neutral 746 - 8,888 6,413 7,525 7.4 8.5 30.5 39.3 24.5 19.0 3.8 3.3 15.0 17.0 1.4 1.1

VATech Wabag Neutral 519 - 2,829 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 1,428 - 26,805 13,151 14,757 16.4 18.3 63.9 83.4 22.3 17.1 2.9 2.6 13.3 16.1 1.9 1.6

Ambuja Cements Neutral 229 - 35,515 11,564 12,556 19.4 20.7 8.9 10.1 25.7 22.7 3.2 3.1 12.8 13.8 2.7 2.5

HeidelbergCement Neutral 92 - 2,091 1,772 1,926 13.3 15.4 1.0 3.0 92.3 30.8 2.3 2.2 2.6 7.9 1.8 1.5

India Cements Neutral 89 - 2,746 4,216 4,840 18.0 19.5 4.0 9.9 22.4 9.0 0.9 0.8 4.0 9.5 1.0 0.8

JK Cement Neutral 669 - 4,681 3,661 4,742 10.1 15.8 7.5 28.5 89.3 23.5 2.7 2.4 7.5 22.9 1.8 1.3

J K Lakshmi Cement Neutral 335 - 3,946 2,947 3,616 16.7 19.9 11.5 27.2 29.2 12.3 2.8 2.4 9.8 20.8 1.8 1.4

Mangalam Cements Neutral 238 - 636 1,053 1,347 10.5 13.3 8.4 26.0 28.4 9.2 1.2 1.1 4.3 12.5 1.0 0.7

Orient Cement Neutral 153 - 3,125 1,854 2,524 21.2 22.2 7.7 11.1 19.8 13.7 2.9 2.5 13.3 15.7 2.4 1.7

Ramco Cements Neutral 415 - 9,891 4,036 4,545 20.8 21.3 15.1 18.8 27.5 22.1 3.4 3.0 12.9 14.3 3.0 2.6

Shree Cement^ Neutral 12,417 - 43,256 7,150 8,742 26.7 28.6 228.0 345.5 54.5 35.9 8.0 6.7 15.7 20.3 5.8 4.7

UltraTech Cement Neutral 3,192 - 87,586 24,669 29,265 18.2 20.6 82.0 1 20.0 38.9 26.6 4.2 3.7 11.3 14.7 3.6 3.1

Construction

ITNL Buy 76 93 2,487 7,360 8,825 34.0 35.9 7.0 9.0 10.8 8.4 0.4 0.4 3.2 3.7 3.7 3.6KNR Constructions Buy 504 603 1,417 937 1,470 14.3 14.0 44.2 38.6 11.4 13.1 2.3 2.0 15.4 15.4 1.6 1.0

Larsen & Toubro Accumulate 1,210 1,310 112,667 58,870 65,708 8.3 10.3 42.0 53.0 28.8 22.8 2.0 1.8 8.8 11.2 2.1 1.9

Gujarat Pipavav Port Neutral 179 - 8,646 629 684 51.0 52.2 6.4 5.9 28.0 30.3 3.7 3.4 15.9 12.7 13.4 12.1

MBL Infrastructures Buy 156 285 648 2,313 2,797 12.2 14.6 19.0 20.0 8.2 7.8 0.9 0.8 11.3 10.6 1.0 0.9

Nagarjuna Const. Neutral 74 - 4,128 7,892 8,842 8.8 9.1 3.0 5.3 24.8 14.0 1.2 1.1 5.0 8.5 0.8 0.6

PNC Infratech Accumulate 526 558 2,700 1,873 2,288 13.2 13.5 24.0 32.0 21.9 16.5 2.1 1.9 12.1 12.3 1.5 1.3

Simplex Infra Neutral 244 - 1,205 5,955 6,829 10.3 10.5 16.0 31.0 15.2 7.9 0.8 0.7 5.3 9.9 0.7 0.6


April 07, 2016

Stock Watch

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Construction

Power Mech Projects Neutral 578 - 850 1,539 1,801 12.8 12.7 59.0 72.1 9.8 8.0 1.5 1.3 18.6 16.8 0.6 0.5

Sadbhav Engineering Accumulate 274 289 4,697 3 ,481 4 ,219 10.7 10.8 8.2 11.7 33.4 23.4 3.2 2.8 10.3 13.5 1.6 1.3

NBCC Accumulate 950 1,089 11,394 5,816 7,382 6.9 7.7 29.6 39.8 32.1 23.9 5.8 4.5 24.1 26.7 1.7 1.3

MEP Infra Neutral 39 - 641 1,956 1,876 28.1 30.5 1.3 3.0 30.3 13.1 6.4 4.3 21.2 32.8 1.7 1.7

SIPL Neutral 97 - 3,427 675 1,042 62.4 64.7 - - 3.6 4.2 - - 16.7 11.3

Engineers India Neutral 166 - 5,602 1,667 1,725 13.5 16.0 9.7 11.4 17.1 14.6 2.0 2.0 11.7 13.4 2.2 2.2

Financials

Allahabad Bank Neutral 54 - 3,237 8,569 9,392 2.8 2.9 16.3 27.5 3.3 2.0 0.3 0.2 7.6 11.9 - -

Axis Bank Buy 425 494 101,215 26,473 31,527 3.5 3.6 35.7 43.5 11.9 9.8 2.0 1.7 17.9 18.9 - -

Bank of Baroda Neutral 143 - 33,042 18,485 21,025 1.9 2.0 13.5 21.1 10.7 6.8 0.8 0.8 7.3 10.6 - -

Bank of India Neutral 93 - 7,547 15,972 17,271 1.9 2.0 15.3 33.4 6.1 2.8 0.3 0.2 3.6 7.6 - -

Canara Bank Neutral 185 - 10,026 15,441 16,945 2.0 2.1 46.6 70.4 4.0 2.6 0.4 0.3 8.0 11.2 - -

Dena Bank Neutral 29 - 1,891 3,440 3,840 2.1 2.3 7.3 10.0 4.0 2.9 0.3 0.3 6.1 7.9 - -

Dewan Housing Finance Buy 193 270 5,630 1,892 2,277 2.9 2.9 25.9 30.8 7.4 6.3 1.1 1.0 15.3 15.9 - -

Federal Bank Neutral 44 - 7,550 3,477 3,999 3.0 3.0 5.0 6.2 8.8 7.0 0.9 0.8 10.6 11.9 - -

HDFC Neutral 1,101 - 173,956 10,358 11,852 3.3 3.3 41.1 47.0 26.8 23.4 5.1 4.6 24.7 24.9 - -

HDFC Bank Buy 1,062 1,262 268,367 38,309 47,302 4.3 4.3 49.3 61.1 21.5 17.4 3.7 3.2 18.5 19.7 - -

ICICI Bank Accumulate 223 254 129,542 34,279 39,262 3.3 3.3 21.0 24.4 10.6 9.1 1.8 1.5 14.4 14.7 - -

IDBI Bank Neutral 67 - 13,887 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 102 - 4,880 6,160 6,858 2.5 2.5 24.5 29.8 4.2 3.4 0.3 0.3 7.7 8.6 - -

LIC Housing Finance Buy 468 592 23,626 3,101 3,745 2.5 2.5 33.0 40.2 14.2 11.7 2.7 2.3 19.7 20.5 - -

Oriental Bank Neutral 88 - 2,639 7,643 8,373 2.4 2.4 37.2 45.4 2.4 1.9 0.2 0.2 8.2 9.4 - -

Punjab Natl.Bank Neutral 81 - 15,964 23,638 26,557 2.8 2.8 17.9 27.2 4.6 3.0 0.5 0.4 8.5 12.0 - -

South Ind.Bank Neutral 17 - 2,356 1,965 2,185 2.5 2.5 2.5 3.3 7.0 5.3 0.7 0.6 9.5 11.7 - -St Bk of India Neutral 184 - 142,796 79,958 86,061 2.6 2.6 13.4 20.7 13.7 8.9 1.1 1.0 11.5 12.8 - -

Union Bank Neutral 127 - 8,751 12,646 14,129 2.3 2.4 31.0 39.1 4.1 3.3 0.4 0.4 9.8 11.4 - -

Vijaya Bank Neutral 31 - 2,689 3,536 3,827 1.9 1.9 5.5 6.7 5.7 4.7 0.5 0.4 7.8 8.8 - -

Yes Bank Neutral 835 - 35,107 7,190 9,011 3.2 3.3 58.2 69.7 14.3 12.0 2.6 2.2 19.2 19.6 - -

FMCG

Asian Paints Neutral 864 - 82,913 16,553 19,160 16.0 16.2 17.7 21.5 48.9 40.2 13.0 11.7 29.4 31.2 4.8 4.2

Britannia Neutral 2,709 - 32,503 8,481 9,795 14.0 14.1 65.5 78.3 41.4 34.6 19.6 16.1 38.3 41.2 3.7 3.2


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FMCG

Colgate Neutral 829 - 22,553 4,836 5,490 19.5 19.7 48.5 53.2 17.1 15.6 12.5 10.9 99.8 97.5 4.6 4.0

Dabur India Accumulate 248 267 43,556 9,370 10,265 17.1 17.2 7.3 8.1 33.8 30.6 10.2 8.3 33.7 30.6 4.6 4.2

GlaxoSmith Con* Neutral 5,885 - 24,750 4,919 5,742 17.2 17.4 168.3 191.2 35.0 30.8 9.9 8.4 28.8 28.9 4.6 3.9

Godrej Consumer Neutral 1,362 - 46,384 10,168 12,886 16.1 16.1 32.1 38.4 42.4 35.5 8.6 8.0 19.7 21.0 4.7 3.7

HUL Neutral 872 - 188,609 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 326 359 262,419 36,804 38,776 37.9 37.9 12.2 12.9 26.7 25.3 7.4 6.5 27.7 25.8 6.7 6.4

Marico Neutral 252 - 32,480 6,551 7,766 15.7 16.0 10.4 12.5 24.3 20.1 7.0 5.9 33.2 32.4 4.9 4.1

Nestle* Buy 5,708 6,646 55,036 11,291 12,847 22.2 22.3 158.9 184.6 35.9 30.9 18.8 16.9 55.0 57.3 4.7 4.1Tata Global Buy 119 144 7,501 8,635 9,072 9.8 9.9 6.5 7.6 18.3 15.6 1.8 1.8 6.8 7.4 0.8 0.8

IT

HCL Tech^ Buy 840 1,038 118,500 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 1,201 1,347 276,787 61,850 69,981 27.5 27.5 59.4 65.7 20.2 18.3 4.3 3.7 21.2 20.1 3.8 3.2

TCS Buy 2,479 2,854 488,449 108,487 122,590 28.3 28.5 122.8 138.4 20.2 17.9 7.7 7.0 38.0 38.9 4.1 3.6

Tech Mahindra Buy 454 530 43,943 26,524 29,177 16.2 17.0 28.8 33.6 15.8 13.5 3.0 2.6 19.3 19.1 1.4 1.2

Wipro Buy 561 680 138,693 50,808 56,189 23.7 23.8 37.3 40.7 15.1 13.8 2.9 2.6 19.2 17.7 2.2 1.8

Media

D B Corp Buy 305 356 5,603 2,241 2,495 27.8 27.9 21.8 25.6 14.0 11.9 3.7 3.2 26.7 28.5 2.4 2.2

HT Media Neutral 77 - 1,792 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 5,195 2,170 2,355 27.2 26.2 8.9 9.9 17.9 16.1 3.8 3.3 20.9 20.5 2.3 2.1

Sun TV Network Neutral 359 - 14,165 2,779 3,196 70.2 70.5 22.8 27.3 15.8 13.2 3.9 3.5 26.7 28.3 4.9 4.2

Hindustan Media Ventures

Neutral 250 - 1,833 920 1,031 20.0 20.0 19.2 20.9 13.0 12.0 2.1 1.8 16.4 15.3 1.5 1.3

Metals & Mining

Coal India Buy 276 380 174,174 76,167 84,130 19.9 22.3 22.4 25.8 12.3 10.7 4.4 4.3 35.5 41.0 1.6 1.4

Hind. Zinc Accumulate 162 175 68,471 14,641 14,026 50.4 50.4 17.7 16.0 9.2 10.1 1.4 1.3 16.2 13.2 2.3 2.1

Hindalco Neutral 89 - 18,368 104,356 111,186 8.7 9.5 6.7 11.1 13.2 8.0 0.5 0.5 3.5 5.9 0.7 0.6

JSW Steel Neutral 1,292 - 31,232 42,308 45,147 16.4 20.7 (10.3) 49.5 26.1 1.4 1.4 (1.0) 5.6 1.8 1.7

NMDC Neutral 102 - 40,262 8,237 10,893 46.6 44.5 10.0 11.7 10.2 8.7 1.1 1.0 12.5 13.0 4.7 3.6

SAIL Neutral 43 - 17,842 45,915 53,954 7.2 10.5 1.5 4.4 28.7 9.9 0.4 0.4 2.3 4.1 1.0 0.9

Vedanta Neutral 88 - 25,956 71,445 81,910 26.2 26.3 12.9 19.2 6.8 4.6 0.5 0.4 7.2 8.9 0.8 0.6

Tata Steel Neutral 328 - 31,900 126,760 137,307 8.9 11.3 6.4 23.1 51.6 14.2 1.0 1.0 2.0 7.1 0.8 0.8

Oil & Gas

Cairn India Neutral 147 - 27,495 11,323 12,490 49.4 51.0 20.7 20.7 7.1 7.1 0.5 0.4 6.4 6.1 1.5 0.8

GAIL Neutral 341 - 43,274 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


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Oil & Gas

ONGC Neutral 206 - 176,072 154,564 167,321 36.8 37.4 28.6 32.5 7.2 6.3 0.9 0.8 12.7 13.5 1.3 1.3

Petronet LNG Neutral 245 - 18,353 29,691 31,188 5.8 6.2 12.8 13.4 19.1 18.2 2.9 2.5 15.8 14.8 0.7 0.7

Indian Oil Corp Accumulate 411 455 99,716 359,607 402,760 5.9 6.1 42.5 48.7 9.7 8.4 1.3 1.1 14.1 14.4 0.4 0.3

Reliance Industries Accumulate 1,031 1,150 334,228 304,775 344,392 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 589 - 11,102 3,274 3,802 26.9 19.4 35.0 28.7 16.8 20.5 7.5 5.6 55.6 31.2 3.4 2.8

Aurobindo Pharma Accumulate 746 856 43,651 14,923 17,162 22.0 23.0 35.7 42.8 20.9 17.4 6.1 4.6 34.0 30.2 3.3 2.8

Aventis* Neutral 4,248 - 9,783 2,082 2,371 17.4 20.8 118.2 151.5 35.9 28.0 5.3 4.2 19.9 25.5 4.4 3.6

Cadila Healthcare Accumulate 315 352 32,253 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 506 605 40,651 13,979 16,447 20.2 18.6 25.7 27.5 19.7 18.4 3.2 2.8 17.6 16.1 2.9 2.4

Dr Reddy's Buy 3,000 3,933 51,160 16,838 19,575 25.0 23.1 167.5 178.8 17.9 16.8 3.8 3.2 23.1 20.4 3.0 2.5

Dishman Pharma Neutral 331 - 2,671 1,733 1,906 21.5 21.5 17.0 19.9 19.5 16.6 2.0 1.8 10.5 11.2 2.1 1.8

GSK Pharma* Neutral 3,721 - 31,519 2,870 3,158 20.0 22.1 59.5 68.3 62.5 54.5 18.5 19.0 28.5 34.3 10.5 9.6

Indoco Remedies Neutral 278 - 2,561 1,033 1,199 15.9 18.2 9.4 13.6 29.6 20.4 4.4 3.7 15.7 19.7 2.6 2.2

Ipca labs Buy 544 900 6,869 3,363 3,909 12.9 18.6 13.4 28.0 40.6 19.4 2.9 2.5 7.4 14.0 2.3 2.0

Lupin Accumulate 1,486 1,560 66,936 13,092 16,561 25.0 27.0 50.4 68.3 29.5 21.8 6.1 4.8 22.8 24.7 4.8 3.7

Sun Pharma Buy 810 950 194,844 28,163 32,610 25.8 30.7 17.4 26.9 46.5 30.1 4.4 3.8 13.0 16.6 6.4 5.3

Power

Tata Power Neutral 67 - 17,986 35,923 37,402 22.6 22.8 4.1 5.2 16.4 12.9 1.3 1.2 7.5 9.3 1.5 1.3

NTPC Buy 126 146 103,934 87,271 99,297 23.5 23.5 11.8 13.3 10.7 9.5 1.2 1.1 11.5 12.2 2.2 2.0

Power Grid Buy 140 170 73,085 20,702 23,361 86.7 86.4 12.1 13.2 11.6 10.6 1.7 1.5 15.6 15.1 8.5 7.9

Real Estate

MLIFE Buy 436 554 1,789 697 1,011 14.9 19.3 13.8 20.1 31.6 21.7 1.2 1.1 3.8 5.3 3.9 2.6

Telecom

Bharti Airtel Neutral 335 - 133,773 101,748 109,191 32.1 31.7 12.0 12.5 27.9 26.8 1.9 1.8 6.9 6.7 2.0 1.8

Idea Cellular Neutral 111 - 40,056 34,282 36,941 32.0 31.5 5.9 6.2 18.9 17.9 1.7 1.6 9.9 9.3 1.7 1.7

zOthers

Abbott India Neutral 4,580 - 9,733 2,715 3,153 14.5 14.1 134.3 152.2 34.1 30.1 8.5 7.0 27.4 25.6 3.3 2.8

Bajaj Electricals Accumulate 215 237 2,169 4,719 5,287 5.2 5.8 8.6 12.7 25.1 17.0 2.9 2.5 11.4 14.8 0.5 0.4

Finolex Cables Neutral 284 - 4,343 2 ,520 2 ,883 12.2 12.0 12.7 14.2 22.4 20.0 3.1 2.7 13.6 13.5 1.5 1.2

Goodyear India* Buy 487 582 1,123 1,800 1,600 11.7 11.5 58.7 52.9 8.3 9.2 1.9 1.6 24.6 18.7 0.4 0.4

Hitachi Neutral 1,167 - 3,174 1,779 2,081 7.8 8.8 21.8 33.4 53.6 34.9 8.6 7.0 17.4 22.1 1.9 1.6

Jyothy Laboratories Neutral 296 - 5,358 1,620 1,847 11.5 11.5 7.3 8.5 40.6 34.9 5.2 4.9 13.3 14.4 3.2 2.7

MRF Buy 36,083 45,575 15,303 20,316 14,488 21.4 21.1 5,488.0 3,798.0 6.6 9.5 2.2 1.8 41.1 21.2 0.7 0.9


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zOthers

Page Industries Neutral 12,261 - 13,676 1,929 2,450 19.8 20.1 229.9 299.0 53.3 41.0 23.5 16.4 52.1 47.1 7.1 5.6

Relaxo Footwears Neutral 503 - 6,033 1,767 2,152 12.3 12.5 19.3 25.1 26.1 20.1 6.4 4.9 27.7 27.8 3.5 2.8

Siyaram Silk Mills Buy 1,000 1,354 937 1,636 1,815 11.5 11.5 89.9 104.1 11.1 9.6 1.8 1.6 17.9 17.8 0.7 0.7

Styrolution ABS India* Neutral 585 - 1,029 1,271 1,440 8.6 9.2 32.0 41.1 18.3 14.3 1.9 1.7 10.7 12.4 0.8 0.7

TVS Srichakra Buy 2,422 3,217 1,855 2,035 2,252 15.9 15.3 248.6 268.1 9.7 9.0 4.3 3.1 43.6 33.9 1.0 0.8

HSIL Neutral 299 - 2,161 2,123 2,384 16.1 16.5 15.0 18.9 19.9 15.8 1.5 1.4 8.0 9.4 1.4 1.2

Kirloskar Engines IndiaLtd

Neutral 228 - 3,297 2,403 2,554 8.6 9.9 9.2 10.5 24.8 21.7 2.4 2.3 9.7 10.7 1.0 0.9

M M Forgings Buy 455 614 549 511 615 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 113 - 810 1,208 1,353 11.0 12.3 10.8 14.5 10.5 7.8 1.2 1.1 11.9 14.5 0.6 0.6

Competent Automobiles Neutral 141 - 87 1,040 1,137 3.2 3.1 25.7 28.0 5.5 5.0 0.8 0.7 15.0 14.3 0.1 0.1

Nilkamal Neutral 1,110 - 1,656 1,871 2,031 10.7 10.5 63.2 69.8 17.6 15.9 2.9 2.5 17.6 16.6 0.9 0.8

Visaka Industries Buy 110 144 174 1,086 1,197 9.9 10.3 21.5 28.8 5.1 3.8 0.5 0.4 9.6 11.6 0.4 0.3

Transport Corporation ofIndia

Neutral 274 - 2,083 2,830 3,350 8.8 9.0 14.4 18.3 19.1 15.0 2.9 2.6 15.4 17.1 0.9 0.7

Elecon Engineering Neutral 62 - 677 1,359 1,482 10.3 13.7 0.8 3.9 77.4 16.0 1.3 1.2 1.6 7.8 0.9 0.8

Surya Roshni Buy 145 201 634 2,992 3,223 8.1 8.4 14.7 18.3 9.8 7.9 0.9 0.8 9.7 11.0 0.5 0.5

MT Educare Neutral 164 - 652 286 366 18.3 17.7 7.7 9.4 21.2 17.5 4.5 3.9 20.2 21.1 2.2 1.7

Radico Khaitan Buy 94 156 1,253 1,517 1,635 12.7 13.4 5.8 7.1 16.2 13.2 1.4 1.3 8.6 9.6 1.3 1.2

Garware Wall Ropes Buy 332 473 726 862 974 11.2 11.2 24.9 29.6 13.4 11.2 2.0 1.7 15.1 15.4 0.8 0.7

Wonderla Holidays Neutral 376 - 2,125 206 308 44.0 43.6 9.0 12.9 41.8 29.2 5.7 5.2 13.7 17.8 10.2 6.8

Linc Pen & Plastics Neutral 197 - 292 340 371 8.3 8.9 10.8 13.2 18.3 14.9 2.9 2.6 16.0 17.1 0.9 0.8

The Byke Hospitality Neutral 157 - 629 222 287 20.5 20.5 5.6 7.6 27.8 20.8 5.3 4.3 18.9 20.8 2.9 2.2

Interglobe Aviation Neutral 994 - 35,803 17,022 21,122 20.7 14.5 63.9 53.7 15.6 18.5 23.3 19.1 149.9 103.2 2.1 1.7

Coffee Day EnterprisesLtd Neutral 230 - 4,736 2,692 2,964 17.0 18.6 - 4.7 - 48.5 2.8 2.7 0.2 5.5 2.2 2.0

Navneet Education Neutral 84 - 2,002 998 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 176 265 2,511 365 436 38.3 37.5 5.6 5.9 31.2 30.0 2.0 1.8 6.3 6.1 7.7 6.6

UFO Moviez Neutral 463 - 1,273 558 619 32.0 33.2 22.5 30.0 20.6 15.5 2.5 2.1 12.0 13.8 2.1 1.8

VRL Logistics Neutral 369 - 3,365 1,725 1,902 16.5 16.7 12.2 14.6 30.3 25.3 6.3 5.6 20.8 21.9 2.1 1.9

Team Lease Serv. Neutral 878 - 1,501 2,565 3,229 1.3 1.5 15.2 22.8 57.8 38.6 4.6 4.1 8.0 10.7 0.5 0.4

S H Kelkar & Co. Neutral 230 - 3,324 928 1,036 15.3 15.1 4.9 6.1 46.6 37.6 4.4 4.0 9.4 10.7 3.5 3.1


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zOthers

Quick Heal Neutral 218 - 1,529 339 408 27.8 27.3 7.1 7.7 30.9 28.2 2.6 2.6 8.5 9.3 3.4 2.9

Narayana Hrudaya Neutral 302 - 6,164 1,603 1,873 10.9 11.5 1.0 2.6 316.6 114.0 7.6 7.0 2.4 6.1 4.0 3.4

Manpasand Bever. Neutral 460 - 2,300 540 836 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 06, 2016


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

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