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Market Outlook June 27, 2016

Market Cues

Indian markets are expected to open on a Negative note tracing Global cues.

US markets closed Friday’s trading session on a negative note as shockwaves from the U.K.'s s surprise vote to leave the European Union (BREXIT) swept across global markets.

European shares plunged on Friday on account of Britain’s exit from the EU as the traders swiftly moved towards safe havens. Participants were expecting Britain to remain as an EU member and the vote came as a major surprise.

Indian markets were first to witness the negative reaction of BREXIT as the vote tally, which was in its last stages, indicated that BREXIT was inevitable. The markets recovered from its lows after the Finance Minister and the RBI Governor addressed that India’s sound fundamentals and reforms would enable the country to deal with any fallout from the BREXIT.

News Analysis BREXIT’s Impact on UK and EU 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 849 1,076 26.7

HCL Tech IT Buy 742 1,000 34.8

LIC Housing Financials Buy 478 592 23.9

Bharat Electronics Capital Goods Accumulate 1,248 1,414 13.3

Navkar Corporation Others Buy 203 265 30.5

More Top Picks on Pg4

Key Upcoming Events Date Region Event Description Previous

Reading Consensus

Expectations

June 28 US Cosumer Confidence 92.6 93.1

June 28 US GDP QoQ (Annualised) 0.8 1.0

June 29 US Initial Jobless claims 259.0 --

June 30 UK PMI Manufacturing 50.1 -- 6.(

More Events on Pg5

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

BSE Sensex (2.2) (605) 26,398

Nifty (2.2) (182) 8,089

Mid Cap (1.1) (123) 11,313

Small Cap (1.5) (168) 11,279

Bankex (2.7) (549) 19,911

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

Dow Jones (3.4) (610) 17,401

Nasdaq (4.1) (202) 4,708

FTSE (3.1) (199) 6,139

Nikkei (7.9) (1,286) 14,952

Hang Seng (2.9) (609) 20,259

Shanghai Com (1.3) (38) 2,854

Advances / Declines BSE NSE

Advances 665 337

Declines 1,874 1,241

Unchanged 157 52

Volumes (` Cr)

BSE 3,968

NSE 24,652

Net Inflows (` Cr) Net Mtd Ytd

FII 228 4,410 18,778

MFs 298 633 10,064

Top Gainers Price (`) Chg (%)

Mfsl 535 5.4

Natcopharm 575 4.5

Muthootfin 282 4.3

Manappuram 66 3.9

Kajariacer 1,195 3.9

Top Losers Price (`) Chg (%)

Mothersumi 276 (8.5)

Tatamotors 449 (8.0)

Jpassociat 7 (7.6)

Vedl 118 (6.8)

Ibrealest 86 (6.6) As on June 24, 2016



BREXIT’s Impact on UK and EU

People of UK have voiced their opinion and voted for exit from the European Union. This move comes despite of warning shots fired by various organizations like the IMF and OECD about the repercussions of such move. Needless to say, the move leaves UK, European and the Global economy in a vulnerable position and will have a significant impact. In its earlier outlook for Britain, the IMF had cut its forecast for economic growth this year from 2.2% to 1.9%. OECD too had lowered its forecast for UK GDP to 1.75% in 2016 from 2.1% and indicated that the growth would lower to 1.5% in case the result of the referendum is a vote to leave.

How does it Impact UK and Europe?

Trade: EU membership provides an open access to the single market in the Europe. By exiting the EU, Britain has two year period to negotiate trade terms with EU members as well as other European countries and the countries that have an existing trading relations with the EU. The move means that UK will lose its exports to the EU which currently account to ~45% of its total Exports. Although the BREXITTERs feel that they have an upper hand in negotiating trading terms, this move will make it easier said than done. The negotiations are estimated to last longer than the two year period as the EU would like to send a message to other Member nations to deter such moves in the future.

The exit will bring in tariffs that will make the cost of goods more expensive for its citizens in the UK and also make goods ands and services from UK uncompetitive. Higher tariffs by EU will result in tit for tat move by UK which will impact EU exports to the UK. Even if UK were to be able to negotiate trade terms that are similar to that of Norway and Switzerland, as per analysis by the Centre for Economic Performance, the sum of the static and dynamic trade losses would be almost 2.2% of GDP for UK. The Center had estimated that in an pessimistic scenario, there would be income falls of 6.3% to 9.5% of GDP.

Employment: UK was seen as a gateway to the EU and has housed several MNC headquarters which created jobs in the country. As per media sources, nearly 3mn jobs in the UK are linked to trade with the EU and many financial institutions and manufacturing companies will likely move their offices from London to EU as a result of barriers. This will cause an increase in unemployment in UK to some extend as it will be able to add some jobs back owing to higher spends arising from savings from contribution to the EU budget.

How does it Impact India?

Though India’s trade with UK is only limited to ~3.4% of exports and ~5.2% of imports, EU is a significant trade partner for Indian and accounted for ~13.5% of the exports and ~11.6% of the imports. The UK and EU economy which was already under pressure might see further slowdown in trading activities which will impact the Indian exporters. In FY16 Indian exports to UK stood at $8.83bn while imports were to the tune of $5.19bn. Textiles and Auto components have increased their exports to the EU in the last few years and slow down in the EU zone including UK might result in no fresh capex by the companies back home.



Sector wise Impact

Pharmaceuticals: The Brexit will have some short term impact on the currency markets more profoundly and hence will be reflected in the financials of the pharmaceuticals companies. Besides currency market, the impact of UK removing from EU, should not have major impact on the financials, as UK standalone is not a very big market for the Indian Pharma Industry. UK Pharma Industry is estimated to reach US$ 27-37bn market by 2018, a 4-7% CAGR growth of 2014-18. The company’s exposure to the EU under our overage is lower except for Aurobindo Pharmaceuticals and IPCA Labs (where it’s around 25% of sales). Thus these companies are more exposed to volatility arising out of the development, both in currency terms and possible some impact on the approvals in the region (especially UK), though fundamentally the UK pharmaceutical market should not see major change. Currently we are not changing our estimates and maintain our buy on Aurobindo Pharma, IPCA Labs, Sun Pharma and Lupin.

IT Services: The BREXIT, will have some short term impact on the currency markets more profoundly and hence will be reflected in the financials of the IT Service companies. Besides currency market, the impact of UK removing from EU, should not have major impact on the financials, as UK standalone is not a very big market for the Indian IT Industry. Moreover on a macro view, about 3.5% of India’s exports are to the UK, and 1.5% of total imports are from the UK; thus, Brexit is not likely to have a significant impact on India’s trade. Thus, while many IT companies have around 20% of their sales to the EU region, we believe the move will unlikely to impact the business prospects of the Industry and the only near term impact could be on back of the currency movements. The EU currency exposure of our IT coverage is Wipro (~ 8%), Tech Mahindra (11.3%), Infosys (9%), and TCS (8%). Currently we are not factoring any changes in our estimates and hence our Top picks remain TCS, Infosys and HCL Tech.

Capital Goods: We expect Capital-Goods companies which either derive their business or have exposure (through subsidiaries and JV agreements) to European continent to be affected on account of the ‘BREXIT’. Companies like Crompton, VA Tech Wabag, Elecon, Thermax, Centum Electronics (derive 10-40% of the revenues from European operations), which have European subsidiaries, of JV arrangements could see slow-down in their European operations, thereby restricting their consol. entity’s growth prospects. Further, companies like ABB India, Siemens, Alstom (derive less than 10% of total revenues), which do exports to European Sub-continent could see adverse impact of ‘BREXIT’. Lastly, companies like Inox Wind which have 40% of their raw materials imported from International markets (mainly from Europe) should see impact of currency movement on their financials, going forward. On a whole, the BREXIT development is negative for the broader Capital Goods sector, as one key market could see sharp slow-down and accordingly restrict the growth prospects of some of the key Indian players. Currently we are not factoring any changes in to our estimates and hence maintain BUY rating on Wabag, Inox, Voltas and Blue Star.

Metals: Tata Steel exports ~30% of its UK’s production to the European Union and change in tariff structure could impact the sales volume going ahead. Commodity prices also are likely to be under pressure in the near term and this would put further pressure on the valuations of the assets when Tata Steel wants to exit its UK operations. Silver prices have started rising and this could be beneficial to Hindustan Zinc. However, further Zinc and Lead which has direct co relation to the



industrial and automotive industry could see pricing pressure in the near term. Overall we believe the impact on the Indian metal companies to be negative.

Auto & Auto Components: Indian Auto OEMs except Tata Motors don’t get impacted directly due to BREXIT. However, among the OEMs Tata Motors would have one of the highest negative impacts among the Indian corporate. Its UK subsidiary JLR had earlier indicated that it may lose an estimated 1 billion Pound by 2020 if Britain Exits EU. Exit from EU would result in 10% levy on exports to EU and on other hand 4% import duty on the components for manufacturing of Auto. JLR derives ~24% of its volumes from EU while sources ~35% of components imports. Bharat Forge derives ~64% of the revenues from exports with 39% of the revenues coming from EU and 23% from USA. The commercial vehicle market and High end passenger vehicle market in EU has seen some recovery in the recent quarters. But now can see pressure on growth with likely hood contagion effect of the BREXIT. We have NEUTRAL Rating on Tata Motors and BUY rating on Bharat Forge.

Banks: ICICI Bank has one of the highest exposure to Europe via UK amongst the Indian banks. The Banks overseas exposure is much higher than other pvt sector banks with ~21% of the loans book comprising of international markets. However, the bank of late has been not in an expansion mode in the overseas operations. Though early to quantify the banks UK business is likely to see some impact in the near term. Among other banks Bank of India and Bank of Baroda has meaningful overseas operations. We maintain ACCUMULATE rating on ICICI Bank and NEUTRAL on BoB and BoI.

Economic and Political News Ban on import of milk items from China extended till June 2017

GST coming in 6-8 months, J&K must participate: Arun Jaitley

SIDBI targets `1,80,000cr disbursal under Mudra ecosystem

Corporate News Vijaya Bank gets shareholders' nod to raise `900cr

Essar Group company sells entire stake in Kenya Petroleum Refineries

Brexit spells trouble for Tatas, IT giants

Suzlon commissions 4.2 MW wind project in Gujarat

Aban's subsidiary bags order worth `592cr from ONGC



Top Picks ★★★★★

Large Cap Company Market Cap

(` Cr) CMP

(`) Target

(`) Upside

(%) Rationale

Amara Raja Batteries 14,507 849 1,076 26.7 To outpace battery industry growth due to better technological products leading to market share gains in both the automotive OEM and replacement segments.

Bharat Electronics 29,957 1,248 1,414 13.3 Uptick in defense capex by government, coupled with BELs strong market positioning, indicate good times ahead for BEL.

HCL Tech 1,04,671 742 1,000 34.8 Stock is trading at attractive valuations & factors all bad news.

HDFC Bank 2,94,125 1,162 1,262 8.6 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 2,74,370 1,195 1,374 15.0 Back on the growth trend, expect a long term growth of 14% to be a US$20bn in FY2020.

LIC Housing Finance 24,108 478 592 23.9 Continues to grow its retail loan book at healthy pace with improvement in asset quality. Expect LICHF to post a healthy loan book which is likely to reflect in a strong earnings growth.

NBCC 11,151 186 220 18.4 Huge bid pipeline of re-development works at Delhi and other State Governments and opportunity from Smart City, positions NBCC to report strong growth, going forward.

Voltas 10,236 309 407 31.6 Strong market positioning within the domestic AC markets to continue, EMP business set to revive

Source: Company, Angel Research

Mid Cap Company Market Cap

(` Cr) CMP

(`) Target

(`) Upside

(%) Rationale

Bajaj Electricals 2,245 222 268 20.6 Among the top 4 players in the consumer durables segment. Improved profitability backed by turn around in E&P segment. Strong order book lends earnings visibility.

Blue Star 3,773 419 495 18.0 Favourable outlook for AC industry to augur well for Cooling products business. EMPPAC division's profitability to improve once operating environment turns around.

Dewan Housing 5,686 195 270 38.6 With a focus on the low and medium income (LMI) consumer segment, the company has increased its presence in tier-II & III cities where the growth opportunity is immense.

Equitas Holdings 5,864 175 235 34.4 Strong loan growth backed by diversified loan portfolio and adequate CAR. ROE & ROA likely to remain decent as risk of dilution remains low. Attractive valuations considering growth.

IL&FS Transport 2,395 73 93 27.7 Commencement of new projects, downtrend in the interest rate cycle, to lead to stock re-rating

Jagran Prakashan 5,523 169 205 21.3

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

Mahindra Lifespace 1,854 452 554 22.6 Speedier execution and speedier sales, strong revenue visibility in short-to-long run, attractive valuations

Navkar Corporation 2,896 203 265 30.5 Massive capacity expansion along with rail advantage at ICD as well CFS augurs well for the company

Radico Khaitan 1,199 90 125 38.7 Earnings boost on back of stable material prices and favourable pricing environment. Valuation discount to peers provides additional comfort

Siyaram Silk Mills 999 1,065 1,347 26.4 Strong brands and distribution network would boost growth going ahead. Stock currently trades at an inexpensive valuation.

Source: Company, Angel Research

h

1

Market Outlook

June 27, 2016

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Key Upcoming Events

Global economic events release calendar

Date Time Country Event Description Unit Period Bloomberg Data

Last Reported Estimated

Jun 28, 2016 7:30 PM US Consumer Confidence S.A./ 1985=100 Jun 92.60 93.05

6:00 PM US GDP Qoq (Annualised) % Change 1Q T 0.80 1.00

Jun 29, 2016 6:00 PM US Initial Jobless claims Thousands Jun 25 259.00

Jun 30, 2016 2:30 PM Euro Zone Euro-Zone Consumer Confidence Value Jun F -7.30 (7.30)

1:25 PM Germany Unemployment change (000's) Thousands Jun -11.00 (5.00)

2:00 PM UK PMI Manufacturing Value Jun 50.10

July 01, 2016 2:00 PM UK GDP (YoY) % Change 1Q F 2.10

1:25 PM Germany PMI Manufacturing Value Jun F 54.40 54.40

6:30 AM China PMI Manufacturing Value Jun 50.10 12:00 AM

Jul 05, 2016 1:25 PM Germany PMI Services Value Jun F 53.20

Jul 07, 2016 2:00 PM UK Industrial Production (YoY) % Change May 1.60

Jul 08, 2016

India Imports YoY% % Change Jun (13.20)

India Exports YoY% % Change Jun (0.80)

6:00 PM US Change in Nonfarm payrolls Thousands Jun 38.00 190.00

6:00 PM US Unnemployment rate % Jun 4.70 4.70

Jul 10, 2016 7:00 AM China Consumer Price Index (YoY) % Change Jun 2.00

Jul 12, 2016 5:30 PM India Industrial Production YoY % Change May (0.80)

Jul 13, 2016 4:30 PM UK BOE Announces rates % Ratio Jul 14 0.50

Jul 14, 2016

China Exports YoY% % Change Jun (4.10)

Source: Bloomberg, Angel Research

h

1

Market Outlook

June 27, 2016


Macro watch

Exhibit 1: Quarterly GDP trends

Source: CSO, Angel Research

Exhibit 2: IIP trends

Source: MOSPI, Angel Research

Exhibit 3: Monthly CPI inflation trends

Source: MOSPI, Angel Research

Exhibit 4: Manufacturing and services PMI

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

Exhibit 5: Exports and imports growth trends


Exhibit 6: Key policy rates

Source: RBI, Angel Research

6.7

7.8

6.4

5.8

7.5

8.3

6.6 6.7

7.6 7.7

7.2

7.9

3.0

4.0

5.0

6.0

7.0

8.0

9.0

1Q

FY14

2Q

FY14

3Q

FY14

4Q

FY14

1Q

FY15

2Q

FY15

3Q

FY15

4Q

FY15

1Q

FY16

2Q

FY16

3Q

FY16

4Q

FY16

(%)

4.2 4.3

6.3

3.7

9.9

(3.4)

(0.9)(1.6)

2.0

0.3

(0.8)

(6.0)

(4.0)

(2.0)

-

2.0

4.0

6.0

8.0

10.0

12.0

Jun-15

Jul-15

Aug-15

Sep-15

Oct-15

Nov-15

Dec-15

Jan-16

Feb-16

Mar-16

Apr-16

(%)

5.4

3.7 3.7

4.4

5.0

5.4 5.6 5.7

5.3

4.8

5.5 5.8

-

1.0

2.0

3.0

4.0

5.0

6.0

7.0

Jun-15

Jul-15

Aug-15

Sep-15

Oct-15

Nov-15

Dec-15

Jan-16

Feb-16

Mar-16

Apr-16

May-16

(%)

44.0

46.0

48.0

50.0

52.0

54.0

56.0

Apr-15

May-15

Jun-15

Jul-15

Aug-15

Sep-15

Oct-15

Nov-15

Dec-15

Jan-16

Feb-16

Mar-16

Apr-16

May-16

Mfg. PMI Services PMI

(35.0)

(30.0)

(25.0)

(20.0)

(15.0)

(10.0)

(5.0)

0.0

Jun-15

Jul-15

Aug-15

Sep-15

Oct-15

Nov-15

Dec-15

Jan-16

Feb-16

Mar-16

Apr-16

May-16

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

Jul-15

Jul-15

Aug-15

Sep-15

Sep-15

Oct-15

Nov-15

Nov-15

Dec-15

Jan-16

Feb-16

Feb-16

Mar-16

Apr-16

Apr-16

May-16

Repo rate Reverse Repo rate CRR (%)

h

2

Market Outlook

June 27, 2016


Global watch

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


Exhibit 2: 2016 GDP Growth projection by IMF (%, yoy) across select developing and developed countries

Source: IMF, Angel Research

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

Source: IMF, Angel Research

(5.4)

(1.2)

5.3

6.7

(0.2)

4.9

4.2

3.2

2.1 2.0

1.3 1.3

0.1

(8.0)

(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

(%)

(3.8) (1.8)

7.5

6.5

0.6

4.9 4.4

3.0

1.9 2.4

1.5 1.1

0.5

(6.0)

(4.0)

(2.0)

-

2.0

4.0

6.0

8.0

10.0

Brazil

Russia

India

China

South A

frica

Indonesia

Malaysia

Thailand

UK

USA

Germ

any

France

Japan

(%)

12

.7

6.9

18

.0

12

.2

17

.1

17

.2

15

.2

14

.0

15

.9

15

.6

11

.6

13

.2

12

.1

-

2.0

4.0

6.0

8.0

10.0

12.0

14.0

16.0

18.0

20.0

Brazil

Russia

India

China

South

Africa

Indonesia

Malaysia

Thailand

UK

USA

Germ

any

France

Japan

(x)

h

3

Market Outlook

June 27, 2016


Exhibit 4: Relative performance of indices across globe

Returns (%)

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

Brazil Bovespa 50,105 1.5 0.8 (7.6)

Russia Micex 1,884 0.0 (1.0) 14.1

India Nifty 8,089 1.9 5.0 (1.7)

China Shanghai Composite 2,854 0.4 (4.8) (43.6)

South Africa Top 40 45,570 (3.1) (4.7) (3.5)

Mexico Mexbol 44,886 (1.8) (1.6) (1.5)

Indonesia LQ45 825 0.7 (2.3) (1.2)

Malaysia KLCI 1,634 0.5 (4.7) (4.9)

Thailand SET 50 893 0.1 1.1 (9.6)

USA Dow Jones 17,401 (1.7) (0.7) (3.0)

UK FTSE 6,139 (1.3) (0.9) (7.3)

Japan Nikkei 14,952 (10.8) (12.3) (26.2)

Germany DAX 9,557 (6.4) (4.6) (12.7)

France CAC 4,107 (8.4) (5.1) (14.6)


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 214 - 4,154 1,612 1,911 13.3 13.3 7.4 9.5 28.9 22.5 4.6 4.1 16.7 18.4 2.6 2.2

United Phosphorus Accumulate 540 684 23,145 13,083 15,176 18.5 18.5 31.5 37.4 17.1 14.4 3.4 2.8 21.4 21.4 2.2 1.8

Auto & Auto Ancillary

Ashok Leyland Neutral 96 - 27,406 17,995 21,544 11.4 11.6 3.4 4.7 28.3 20.5 5.0 4.6 17.7 22.2 1.6 1.3

Bajaj Auto Neutral 2,679 - 77,521 22,709 25,860 20.9 20.1 129.0 143.6 20.8 18.7 6.4 5.5 30.7 29.4 2.9 2.5

Bharat Forge Buy 750 875 17,462 7,351 8,318 19.9 19.7 31.2 36.5 24.0 20.6 4.3 3.6 19.3 19.2 2.5 2.2

Eicher Motors Accumulate 18,638 20,044 50,623 15,556 16,747 15.5 17.3 464.8 597.5 40.1 31.2 14.6 10.8 36.2 34.3 3.2 2.9

Gabriel India Accumulate 90 101 1,289 1,415 1,544 8.7 9.0 4.6 5.4 19.5 16.6 3.5 3.1 18.1 18.9 0.9 0.8

Hero Motocorp Neutral 3,056 - 61,024 28,244 30,532 15.5 15.9 156.7 168.5 19.5 18.1 7.8 6.6 39.9 36.4 2.1 1.9

Jamna Auto Industries Neutral 169 - 1,350 1,281 1,473 11.2 11.5 7.6 9.2 22.2 18.4 5.6 4.6 25.4 25.2 1.1 0.9

L G Balakrishnan & Bros Neutral 445 - 698 1,254 1,394 11.6 11.8 35.9 41.7 12.4 10.7 1.7 1.5 13.5 13.8 0.7 0.6

Mahindra and Mahindra Neutral 1,390 - 86,313 38,416 42,904 13.7 13.9 54.8 63.4 25.4 21.9 3.9 3.5 15.4 15.8 1.8 1.6

Maruti Neutral 4,069 - 122,921 57,865 68,104 16.4 16.7 176.3 225.5 23.1 18.1 4.5 3.8 19.4 21.2 2.0 1.6

Minda Industries Neutral 1,160 - 1,840 2,523 2,890 8.7 9.0 55.0 65.4 21.1 17.7 4.1 3.3 19.3 18.7 0.8 0.7

Motherson Sumi Accumulate 276 313 36,541 39,343 45,100 8.8 9.1 10.1 12.5 27.4 22.1 8.7 6.8 35.3 34.4 1.0 0.9

Rane Brake Lining Buy 366 465 290 454 511 11.5 12.0 25.2 31.0 14.5 11.8 2.2 2.0 14.9 16.6 0.8 0.7

Setco Automotive Neutral 46 - 618 594 741 12.7 13.7 1.7 3.2 27.2 14.5 2.9 2.5 10.4 16.9 1.3 1.1

Tata Motors Neutral 449 - 129,635 259,686 273,957 13.0 13.4 25.9 29.5 17.3 15.2 2.3 2.0 8.0 9.0 0.7 0.7

TVS Motor Accumulate 297 330 14,120 11,263 13,122 6.9 8.5 9.2 15.0 32.3 19.8 7.4 5.9 22.7 29.6 1.2 1.0

Amara Raja Batteries Buy 849 1,076 14,507 4,690 5,429 17.5 17.5 28.5 35.3 29.9 24.0 6.9 5.7 23.1 25.9 3.0 2.6

Exide Industries Neutral 166 - 14,102 6,950 7,784 14.4 14.8 6.6 7.3 25.1 22.7 3.2 2.9 12.6 12.8 1.6 1.5

Apollo Tyres Buy 148 183 7,516 12,056 12,714 17.2 16.4 23.0 20.3 6.4 7.3 1.1 1.0 17.7 13.6 0.7 0.7

Ceat Buy 773 1,119 3,127 6,041 6,597 14.1 13.7 99.5 111.9 7.8 6.9 1.5 1.3 19.6 18.5 0.8 0.6

JK Tyres Neutral 85 - 1,925 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 1,162 - 1,444 552 630 14.2 14.7 44.6 54.1 26.1 21.5 6.1 5.5 23.2 25.6 2.3 2.0

Subros Neutral 85 - 508 1,293 1,527 11.8 11.9 4.2 6.7 20.2 12.7 1.5 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 1.5 1.2

Capital Goods

ACE Neutral 39 - 390 660 839 4.7 8.2 1.0 3.9 39.4 10.1 1.2 1.1 3.2 11.3 0.8 0.6

BEML Buy 830 1,157 3,455 3,277 4,006 6.0 8.9 36.2 64.3 22.9 12.9 1.6 1.4 5.7 11.7 1.1 0.9

Bharat Electronics Buy 1,248 1,414 29,957 7,295 8,137 20.0 16.8 56.5 58.7 22.1 21.3 3.3 2.9 42.1 44.6 3.0 2.5


June 27, 2016

Stock Watch



Capital Goods

Voltas Buy 309 407 10,236 5,857 6,511 7.5 7.9 11.7 12.9 26.4 24.0 4.3 3.8 17.1 16.7 1.9 1.7

BGR Energy Neutral 107 - 774 3,615 3,181 9.5 9.4 16.7 12.4 6.4 8.7 0.6 0.6 10.0 7.0 0.6 0.8

BHEL Neutral 118 - 28,943 33,722 35,272 10.8 11.7 10.5 14.2 11.3 8.3 0.8 0.8 7.0 9.0 0.9 0.9

Blue Star Buy 419 495 3,773 3,770 4,351 5.7 6.4 11.4 17.2 36.7 24.4 5.7 5.3 18.4 23.1 1.0 0.9

Crompton Greaves Neutral 71 - 4,466 13,484 14,687 4.9 6.2 4.5 7.1 15.8 10.0 1.1 1.0 7.2 10.8 0.5 0.4

Greaves Cotton Neutral 132 - 3,230 1,655 1,755 16.6 16.8 7.4 7.8 17.9 17.0 3.6 3.4 21.1 20.6 2.0 1.9

Inox Wind Buy 225 286 5,003 4,406 5,605 15.5 15.7 20.4 24.8 11.1 9.1 2.5 1.9 27.9 25.9 1.3 1.0

KEC International Neutral 136 - 3,504 8,791 9,716 6.1 6.8 5.4 8.2 25.2 16.6 2.5 2.3 10.0 14.0 0.6 0.6

Thermax Neutral 802 - 9,559 6,413 7,525 7.4 8.5 30.5 39.3 26.3 20.4 4.1 3.5 15.0 17.0 1.4 1.1

VATech Wabag Neutral 553 - 3,016 2,722 3,336 7.9 8.1 19.5 24.6 28.4 22.5 3.0 2.6 11.1 12.4 1.3 1.1

Cement

ACC Neutral 1,564 - 29,371 13,151 14,757 16.4 18.3 63.9 83.4 24.5 18.8 3.2 2.9 13.3 16.1 2.0 1.7

Ambuja Cements Neutral 248 - 38,534 11,564 12,556 19.4 20.7 8.9 10.1 27.9 24.6 3.5 3.3 12.8 13.8 2.7 2.5

HeidelbergCement Neutral 104 - 2,353 1,772 1,926 13.3 15.4 1.0 3.0 103.9 34.6 2.6 2.4 2.6 7.9 1.9 1.7

India Cements Neutral 100 - 3,072 4,216 4,840 18.0 19.5 4.0 9.9 25.0 10.1 1.0 0.9 4.0 9.5 1.0 0.8

JK Cement Neutral 639 - 4,466 3,661 4,742 10.1 15.8 7.5 28.5 85.2 22.4 2.6 2.3 7.5 22.9 1.6 1.2

J K Lakshmi Cement Neutral 384 - 4,516 2,947 3,616 16.7 19.9 11.5 27.2 33.4 14.1 3.2 2.7 9.8 20.8 1.8 1.4

Mangalam Cements Neutral 281 - 750 1,053 1,347 10.5 13.3 8.4 26.0 33.5 10.8 1.4 1.3 4.3 12.5 1.1 0.8

Orient Cement Neutral 158 - 3,235 1,854 2,524 21.2 22.2 7.7 11.1 20.5 14.2 3.0 2.5 13.3 15.7 2.6 1.8

Ramco Cements Neutral 544 - 12,955 4,036 4,545 20.8 21.3 15.1 18.8 36.0 28.9 4.4 3.9 12.9 14.3 3.5 3.0

Shree Cement^ Neutral 14,228 - 49,566 7,150 8,742 26.7 28.6 228.0 345.5 62.4 41.2 9.2 7.7 15.7 20.3 6.4 5.1

UltraTech Cement Neutral 3,295 - 90,430 24,669 29,265 18.2 20.6 82.0 120.0 40.2 27.5 4.3 3.8 11.3 14.7 3.6 3.1

Construction

ITNL Buy 73 93 2,395 7,360 8,682 34.0 32.2 7.0 8.6 10.4 8.5 0.4 0.4 3.2 2.5 3.7 3.5

KNR Constructions Neutral 540 - 1,519 937 1,470 14.3 14.0 44.2 38.6 12.2 14.0 2.4 2.1 15.4 15.4 1.8 1.2

Larsen & Toubro Buy 1,434 1,700 133,613 58,870 65,708 8.3 10.3 42.0 53.0 34.1 27.1 2.4 2.2 8.8 11.2 2.5 2.3

Gujarat Pipavav Port Neutral 163 - 7,890 629 684 51.0 52.2 6.4 5.9 25.5 27.7 3.4 3.1 15.9 12.7 11.8 10.7

MBL Infrastructures Buy 110 285 454 2,313 2,797 12.2 14.6 19.0 20.0 5.8 5.5 0.6 0.6 11.3 10.6 0.9 0.8

Nagarjuna Const. Neutral 71 - 3,936 7,892 8,842 8.8 9.1 3.0 5.3 23.6 13.4 1.2 1.1 5.0 8.5 0.7 0.6

PNC Infratech Neutral 558 - 2,861 1,873 2,288 13.2 13.5 24.0 32.0 23.2 17.4 2.3 2.0 12.1 12.3 1.6 1.3

Simplex Infra Neutral 271 - 1,342 5,955 6,829 10.3 10.5 16.0 31.0 17.0 8.8 0.9 0.8 5.3 9.9 0.7 0.6


June 27, 2016

Stock Watch



Construction

Power Mech Projects Neutral 541 - 795 1,539 1,801 12.8 12.7 59.0 72.1 9.2 7.5 1.4 1.2 18.6 16.8 0.6 0.5

Sadbhav Engineering Accumulate 274 298 4,699 3,186 3,598 10.2 10.3 8.0 9.0 34.2 30.4 3.2 2.8 9.4 9.9 1.8 1.6

NBCC Accumulate 186 220 11,151 5,838 7,428 6.0 7.9 5.2 8.2 35.7 22.7 1.1 0.9 21.9 28.2 1.8 1.3

MEP Infra Neutral 36 - 589 1,956 1,876 28.1 30.5 1.3 3.0 27.9 12.1 5.9 3.9 21.2 32.8 1.7 1.7

SIPL Neutral 99 - 3,487 675 1,042 62.4 64.7 - - 3.7 4.2 - - 16.7 11.3

Engineers India Neutral 197 - 6,641 1,667 1,725 13.5 16.0 9.7 11.4 20.3 17.3 2.4 2.3 11.7 13.4 2.7 2.7

Financials

Allahabad Bank Neutral 65 - 4,707 8,569 9,392 2.8 2.9 16.3 27.5 4.0 2.4 0.4 0.3 7.6 11.9 - -

Axis Bank Neutral 510 - 121,791 26,204 29,738 3.6 3.5 34.5 35.4 14.8 14.4 2.3 2.1 16.8 14.9 - -

Bank of Baroda Neutral 147 - 33,860 18,802 21,088 2.0 2.2 (7.4) 13.0 11.3 1.2 0.9 (4.2) 7.3 - -

Bank of India Neutral 95 - 8,864 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 210 - 11,392 15,441 16,945 2.0 2.1 46.6 70.4 4.5 3.0 0.4 0.3 8.0 11.2 - -

Dena Bank Neutral 36 - 2,371 3,440 3,840 2.1 2.3 7.3 10.0 4.9 3.5 0.4 0.3 6.1 7.9 - -

Dewan Housing Finance Buy 195 270 5,686 1,828 2,225 2.9 3.0 24.9 29.7 7.8 6.6 1.2 1.1 15.1 16.1 - -

Equitas Holdings Buy 175 235 5,864 679 1,076 12.4 11.7 6.2 6.7 28.2 26.1 3.5 2.6 13.3 12.5 - -

Federal Bank Neutral 55 - 9,467 3,279 3,787 2.8 2.9 3.9 5.5 14.0 10.0 1.1 1.0 8.4 10.8 - -

HDFC Neutral 1,224 - 193,455 10,358 11,852 3.3 3.3 41.1 47.0 29.8 26.0 5.7 5.2 24.7 24.9 - -

HDFC Bank Accumulate 1,162 1,262 294,125 38,606 47,696 4.4 4.5 48.8 61.4 23.8 18.9 4.0 3.5 18.7 20.0 - -

ICICI Bank Neutral 231 - 134,400 34,279 39,262 3.3 3.3 21.0 24.4 11.0 9.5 1.9 1.6 14.4 14.7 - -

IDBI Bank Neutral 66 - 13,609 9,625 10,455 1.8 1.8 8.5 14.2 7.8 4.7 0.5 0.4 5.9 9.3 - -

Indian Bank Neutral 134 - 6,417 6,160 6,858 2.5 2.5 24.5 29.8 5.5 4.5 0.4 0.4 7.7 8.6 - -

LIC Housing Finance Buy 478 592 24,108 3,179 3,758 2.6 2.6 32.9 40.6 14.5 11.8 2.7 2.3 19.6 20.7 - -

Oriental Bank Neutral 100 - 3,455 7,643 8,373 2.4 2.4 37.2 45.4 2.7 2.2 0.2 0.2 8.2 9.4 - -

Punjab Natl.Bank Neutral 102 - 20,058 23,122 26,022 2.8 2.8 7.0 21.6 14.6 4.7 0.7 0.7 3.4 10.0 - -

South Ind.Bank Neutral 20 - 2,653 1,965 2,185 2.5 2.5 2.5 3.3 7.9 6.0 0.8 0.7 9.5 11.7 - -

St Bk of India Neutral 211 - 163,989 79,958 86,061 2.6 2.6 13.4 20.7 15.8 10.2 1.3 1.2 11.5 12.8 - -

Union Bank Neutral 122 - 8,390 12,646 14,129 2.3 2.4 31.0 39.1 3.9 3.1 0.4 0.4 9.8 11.4 - -

Vijaya Bank Neutral 36 - 3,561 3,536 3,827 1.9 1.9 5.5 6.7 6.5 5.4 0.5 0.5 7.8 8.8 - -

Yes Bank Neutral 1,080 - 45,466 7,190 9,011 3.2 3.3 58.2 69.7 18.6 15.5 3.3 2.8 19.2 19.6 - -

FMCG

Asian Paints Neutral 989 - 94,836 15,534 17,445 17.7 16.8 18.4 19.6 53.8 50.4 19.0 17.9 34.6 35.6 6.2 5.5


June 27, 2016

Stock Watch



FMCG

Britannia Neutral 2,633 - 31,585 8,481 9,795 14.0 14.1 65.5 78.3 40.2 33.6 19.0 15.6 38.3 41.2 3.8 3.3

Colgate Neutral 883 - 24,007 4,136 4,632 22.5 23.3 22.2 25.3 39.8 34.9 24.2 21.5 68.6 67.5 5.6 5.0

Dabur India Neutral 311 - 54,709 9,370 10,265 17.6 17.3 7.3 8.1 42.4 38.4 11.0 10.1 31.7 30.6 5.6 5.1

GlaxoSmith Con* Accumulate 5,991 6,118 25,194 4,519 5,142 19.6 19.8 164.3 191.2 36.5 31.3 10.1 8.6 30.8 29.9 4.7 4.1

Godrej Consumer Neutral 1,512 - 51,494 9,003 10,335 18.1 18.7 34.1 41.8 44.4 36.2 9.6 8.2 23.9 24.8 6.1 5.3

HUL Neutral 859 - 185,907 33,299 35,497 17.1 17.1 18.9 20.0 45.5 43.0 39.8 34.7 87.6 80.8 5.6 5.2

ITC Accumulate 353 380 284,388 36,837 39,726 38.8 38.7 12.2 13.5 28.9 26.2 8.1 7.1 27.8 26.9 7.2 6.7

Marico Neutral 256 - 33,022 6,151 6,966 17.2 17.3 5.4 6.4 47.4 40.0 14.9 11.7 33.2 32.4 5.2 4.6

Nestle* Neutral 6,478 - 62,454 9,393 10,507 22.2 22.3 106.8 121.8 60.7 53.2 21.3 19.2 34.8 36.7 6.2 5.6

Tata Global Accumulate 124 137 7,842 8,635 9,072 9.8 9.9 5.8 7.2 21.4 17.3 1.9 1.8 6.8 7.4 0.9 0.9Procter & Gamble Hygiene Buy 6,211 7,369 20,161 2,588 2,939 23.3 23.2 130.2 146.2 47.7 42.5 95.1 91.2 27.6 25.3 7.4 6.4

IT

HCL Tech^ Buy 742 1,000 104,671 37,061 30,781 21.5 20.5 51.4 40.0 14.4 18.6 3.7 2.7 20.1 20.3 2.5 2.7

Infosys Accumulate 1,195 1,374 274,370 62,441 70,558 27.5 27.5 59.0 65.3 20.3 18.3 4.1 3.7 22.2 22.4 4.1 3.5

TCS Accumulate 2,571 3,004 506,538 108,646 122,770 28.3 28.3 123.7 141.0 20.8 18.2 6.9 6.3 33.1 34.6 4.3 3.7

Tech Mahindra Buy 507 700 49,205 26,494 30,347 16.3 17.0 32.2 37.5 15.7 13.5 3.4 3.0 21.7 21.8 1.8 1.5

Wipro Buy 556 680 137,359 50,808 56,189 23.7 23.8 37.3 40.7 14.9 13.7 2.8 2.6 19.2 17.7 2.1 1.7

Media

D B Corp Neutral 378 - 6,943 2,025 2,187 27.4 27.4 17.4 18.9 21.7 20.0 4.9 4.5 22.9 23.7 3.4 3.1

HT Media Neutral 77 - 1,789 2,495 2,673 12.9 13.2 6.8 7.2 11.3 10.7 0.9 0.8 7.5 7.8 0.3 0.3

Jagran Prakashan Buy 169 205 5,523 2,107 2,355 33.5 28.0 10.1 10.8 16.8 15.6 3.9 3.4 23.3 21.7 2.7 2.4

Sun TV Network Neutral 350 - 13,791 2,510 2,763 71.8 71.5 21.9 24.8 16.0 14.1 3.8 3.4 22.8 24.3 5.2 4.7Hindustan Media Ventures Neutral 270 - 1,983 914 1,016 21.7 21.5 21.9 23.3 12.3 11.6 2.2 1.9 18.0 16.2 1.6 1.4

Metals & Mining

Coal India Buy 312 380 196,849 76,167 84,130 19.9 22.3 22.4 25.8 13.9 12.1 5.0 4.9 35.5 41.0 1.9 1.7

Hind. Zinc Neutral 170 - 71,704 14,641 14,026 50.4 50.4 17.7 16.0 9.6 10.6 1.5 1.3 16.2 13.2 2.5 2.3

Hindalco Neutral 117 - 24,253 104,356 111,186 8.7 9.5 6.7 11.1 17.5 10.6 0.6 0.6 3.5 5.9 0.7 0.7

JSW Steel Neutral 1,382 - 33,410 42,308 45,147 16.4 20.7 (10.3) 49.5 27.9 1.5 1.5 (1.0) 5.6 1.8 1.7

NMDC Neutral 91 - 35,881 8,237 10,893 46.6 44.5 10.0 11.7 9.1 7.8 1.0 0.9 12.5 13.0 4.1 3.1

SAIL Neutral 42 - 17,512 45,915 53,954 7.2 10.5 1.5 4.4 28.2 9.7 0.4 0.4 2.3 4.1 1.0 0.9

Vedanta Neutral 118 - 34,939 71,445 81,910 26.2 26.3 12.9 19.2 9.2 6.1 0.6 0.6 7.2 8.9 0.9 0.7

Tata Steel Neutral 313 - 30,350 126,760 137,307 8.9 11.3 6.4 23.1 49.1 13.5 1.0 1.0 2.0 7.1 0.8 0.8


June 27, 2016

Stock Watch



Oil & Gas

Cairn India Neutral 133 - 24,945 11,323 12,490 49.4 51.0 20.7 20.7 6.4 6.4 0.4 0.4 6.4 6.1 1.4 0.8

GAIL Neutral 377 - 47,777 64,856 70,933 9.1 9.6 24.0 28.9 15.7 13.0 1.3 1.3 8.8 9.6 0.9 0.8

ONGC Neutral 210 - 179,280 154,564 145,998 36.8 37.4 20.8 22.6 10.1 9.3 0.9 0.9 10.1 9.7 1.4 1.5

Petronet LNG Neutral 290 - 21,731 29,691 31,188 5.8 6.2 12.8 13.4 22.7 21.6 3.4 3.0 15.8 14.8 0.8 0.7

Indian Oil Corp Accumulate 419 455 101,743 359,607 402,760 5.9 6.1 42.5 48.7 9.9 8.6 1.3 1.2 14.1 14.4 0.4 0.3

Reliance Industries Buy 952 1,150 308,519 304,775 344,392 12.6 13.4 91.3 102.6 10.4 9.3 1.2 1.1 11.8 12.0 0.9 0.8

Pharmaceuticals

Alembic Pharma Neutral 545 - 10,265 3,274 3,802 26.9 19.4 35.0 28.7 15.6 19.0 6.9 5.2 55.6 31.2 3.2 2.7

Aurobindo Pharma Accumulate 700 856 40,977 14,923 17,162 22.0 23.0 35.7 42.8 19.6 16.4 5.8 4.3 34.0 30.2 3.5 3.0

Aventis* Accumulate 4,141 4,738 9,538 2,049 2,375 15.4 17.3 115.4 153.5 35.9 27.0 5.9 4.6 19.3 25.8 4.6 3.9

Cadila Healthcare Buy 312 400 31,966 9,469 11,246 21.2 22.0 14.9 17.1 21.0 18.3 6.0 4.7 28.8 26.6 3.4 2.9

Cipla Buy 477 605 38,290 13,979 16,447 20.2 18.6 25.7 27.5 18.5 17.3 3.0 2.6 17.6 16.1 2.7 2.2

Dr Reddy's Accumulate 3,150 3,476 53,725 15,471 17,479 24.6 24.6 138.2 152.4 22.8 20.7 4.2 3.6 19.7 18.7 3.4 3.0

Dishman Pharma Neutral 132 - 2,132 1,733 1,906 21.5 21.5 10.1 10.0 13.1 13.2 1.5 1.4 10.5 11.2 1.9 1.7

GSK Pharma* Neutral 3,464 - 29,345 2,870 3,158 20.0 22.1 59.5 68.3 58.2 50.7 17.2 17.7 28.5 34.3 9.9 9.1

Indoco Remedies Neutral 272 - 2,508 1,033 1,199 15.9 18.2 9.4 13.6 29.0 20.0 4.3 3.7 15.7 19.7 2.6 2.3

Ipca labs Buy 460 750 5,800 3,363 3,909 12.9 18.6 13.4 28.0 34.3 16.4 2.5 2.2 7.4 14.0 1.9 1.6

Lupin Buy 1,463 1,809 65,953 13,702 15,912 23.7 26.4 50.5 58.1 29.0 25.2 6.0 4.9 22.9 21.4 5.2 4.2

Sun Pharma Buy 754 950 181,405 28,163 32,610 25.8 30.7 17.4 26.9 43.3 28.0 4.1 3.6 13.0 16.6 5.8 4.8

Power

Tata Power Neutral 73 - 19,663 35,923 37,402 22.6 22.8 4.1 5.2 17.9 14.1 1.4 1.3 7.5 9.3 1.5 1.4

NTPC Neutral 149 - 122,940 87,271 99,297 23.5 23.5 11.8 13.3 12.7 11.2 1.4 1.3 11.5 12.2 2.4 2.2

Power Grid Accumulate 156 170 81,456 20,702 23,361 86.7 86.4 12.1 13.2 12.9 11.8 1.9 1.7 15.6 15.1 8.7 8.1

Real Estate

MLIFE Buy 452 554 1,854 826 1,011 20.1 21.9 22.7 30.7 19.9 14.7 1.2 1.1 6.0 7.4 4.1 3.1

Telecom

Bharti Airtel Neutral 355 - 141,708 101,748 109,191 32.1 31.7 12.0 12.5 29.5 28.4 2.0 1.9 6.9 6.7 2.0 1.9

Idea Cellular Neutral 99 - 35,808 34,282 36,941 32.0 31.5 5.9 6.2 16.9 16.0 1.5 1.4 9.9 9.3 1.7 1.6

zOthers

Abbott India Neutral 4,492 - 9,545 2,715 3,153 14.5 14.1 134.3 152.2 33.5 29.5 8.4 6.9 27.4 25.6 3.3 2.8

Bajaj Electricals Buy 222 268 2,245 4,612 5,351 5.6 5.7 23.4 18.0 9.5 12.4 2.9 2.6 12.5 14.4 0.5 0.4

Finolex Cables Neutral 346 - 5,285 2,520 2,883 12.2 12.0 12.7 14.2 27.3 24.3 3.7 3.3 13.6 13.5 1.9 1.6

Goodyear India* Accumulate 517 582 1,193 1,800 1,600 11.7 11.5 58.7 52.9 8.8 9.8 2.0 1.7 24.6 18.7 0.4 0.4

Hitachi Neutral 1,262 - 3,431 1,779 2,081 7.8 8.8 21.8 33.4 57.9 37.7 9.3 7.6 17.4 22.1 2.0 1.7


June 27, 2016

Stock Watch



zOthers

Jyothy Laboratories Neutral 296 - 5,355 1,620 1,847 11.5 11.5 7.3 8.5 40.6 34.9 5.2 4.9 13.3 14.4 3.1 2.7

MRF Buy 31,361 45,575 13,301 20,316 14,488 21.4 21.1 5,488.0 3,798.0 5.7 8.3 2.0 1.6 41.1 21.2 0.6 0.9

Page Industries Neutral 13,554 - 15,118 1,929 2,450 19.8 20.1 229.9 299.0 59.0 45.3 26.0 18.1 52.1 47.1 8.2 6.4

Relaxo Footwears Neutral 490 - 5,879 1,767 2,152 12.3 12.5 19.3 25.1 25.5 19.5 6.2 4.8 27.7 27.8 3.0 2.5

Siyaram Silk Mills Buy 1,065 1,347 999 1,619 1,799 11.6 11.6 93.5 104.9 11.4 10.2 2.0 1.7 17.1 16.4 0.8 0.8

Styrolution ABS India* Neutral 608 - 1,069 1,271 1,440 8.6 9.2 32.0 41.1 19.0 14.8 1.9 1.7 10.7 12.4 0.8 0.7

TVS Srichakra Buy 2,324 2,932 1,779 2,035 2,252 15.9 15.3 248.6 268.1 9.4 8.7 4.1 2.9 43.6 33.9 0.9 0.8

HSIL Accumulate 276 310 1,995 2,123 2,384 16.1 16.5 15.0 18.9 18.4 14.6 1.4 1.3 8.0 9.4 1.3 1.1Kirloskar Engines India Ltd Neutral 265 - 3,832 2,403 2,554 8.6 9.9 9.2 10.5 28.9 25.3 2.8 2.6 9.7 10.7 1.2 1.1

M M Forgings Buy 437 546 527 511 615 21.7 21.6 43.1 55.8 10.1 7.8 1.9 1.5 19.9 21.2 1.3 1.0

Banco Products (India) Neutral 137 - 983 1,208 1,353 11.0 12.3 10.8 14.5 12.8 9.5 1.5 1.3 11.9 14.5 0.8 0.7

Competent Automobiles Neutral 140 - 86 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 1,117 - 1,667 1,871 2,031 10.7 10.5 63.2 69.8 17.7 16.0 2.9 2.5 17.6 16.6 1.0 0.9

Visaka Industries Buy 144 162 228 1,020 1,120 8.7 9.1 13.9 20.1 10.3 7.1 0.7 0.6 6.4 8.7 0.4 0.4Transport Corporation of India Neutral 305 - 2,333 2,830 3,350 8.8 9.0 14.4 18.3 21.2 16.6 3.3 2.8 15.4 17.1 0.9 0.8

Elecon Engineering Neutral 59 - 644 1,359 1,482 10.3 13.7 0.8 3.9 73.6 15.2 1.2 1.2 1.6 7.8 0.8 0.7

Surya Roshni Buy 158 201 692 2,992 3,223 8.1 8.4 14.7 18.3 10.8 8.6 1.0 0.9 9.7 11.0 0.5 0.5

MT Educare Neutral 161 - 640 286 366 18.3 17.7 7.7 9.4 20.8 17.2 4.4 3.8 20.2 21.1 2.4 1.8

Radico Khaitan Buy 90 125 1,199 1,543 1,659 12.6 13.0 5.8 6.3 15.6 14.2 1.3 1.2 8.5 8.6 1.3 1.2

Garware Wall Ropes Buy 356 460 779 828 898 11.2 10.3 28.3 29.0 12.6 12.3 2.1 1.8 16.8 14.9 0.9 0.8

Wonderla Holidays Neutral 387 - 2,185 206 308 44.0 43.6 9.0 12.9 43.0 30.0 5.9 5.3 13.7 17.8 10.4 6.9

Linc Pen & Plastics Accumulate 230 235 340 344 382 9.1 9.1 12.4 13.1 18.6 17.6 3.3 2.9 18.0 16.7 1.0 0.9

The Byke Hospitality Neutral 153 - 615 222 287 20.5 20.5 5.6 7.6 27.2 20.3 5.1 4.2 18.9 20.8 3.1 2.4

Interglobe Aviation Neutral 1,005 - 36,198 17,022 21,122 20.7 14.5 63.9 53.7 15.7 18.7 23.6 19.3 149.9 103.2 2.1 1.7Coffee Day Enterprises Ltd Neutral 244 - 5,019 2,692 2,964 17.0 18.6 - 4.7 - 51.4 3.0 2.8 0.2 5.5 2.4 2.2

Navneet Education Neutral 91 - 2,174 998 1,062 24.1 24.0 5.8 6.1 15.9 15.0 3.5 3.1 22.0 20.6 2.1 2.0

Navkar Corporation Buy 203 265 2,896 347 408 43.2 42.9 6.7 6.8 30.5 30.0 2.2 2.1 7.3 6.9 8.7 7.9

UFO Moviez Neutral 516 - 1,424 558 619 32.0 33.2 22.5 30.0 22.9 17.2 2.8 2.4 12.0 13.8 2.5 2.1

VRL Logistics Neutral 308 - 2,810 1,725 1,902 16.5 16.7 12.2 14.6 25.3 21.1 5.3 4.6 20.8 21.9 1.6 1.4


June 27, 2016

Stock Watch



zOthers

Team Lease Serv. Neutral 908 - 1,552 2,565 3,229 1.3 1.5 15.2 22.8 59.8 39.9 4.8 4.3 8.0 10.7 0.5 0.4

S H Kelkar & Co. Neutral 214 - 3,090 928 1,036 15.3 15.1 4.9 6.1 43.3 35.0 4.1 3.7 9.4 10.7 3.2 2.8

Quick Heal Neutral 263 - 1,841 339 408 27.8 27.3 7.1 7.7 37.2 34.0 3.1 3.2 8.5 9.3 3.8 3.2

Narayana Hrudaya Neutral 314 - 6,414 1,603 1,873 10.9 11.5 1.0 2.6 329.5 118.7 7.9 7.3 2.4 6.1 4.1 3.5

Manpasand Bever. Neutral 520 - 2,603 540 836 19.9 19.6 10.2 16.9 50.8 30.8 4.1 3.7 8.1 12.0 4.7 3.0

Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on June 24, 2016


June 27, 2016

Stock Watch

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

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