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Market Outlook July 23, 2015

Dealer’s Diary Indian markets are expected to open flat tracking SGX Nifty.

US markets fell on the trifecta of disappointing technology sector earnings, led by Apple. Tech heavy Nasdaq was hit the most, down 0.7%. Apple, Microsoft and Yahoo all reported their quarterly earnings, which were disappointing.

European markets also fell, pulling back their recent gains. U.K. stocks dropped on Wednesday, tracking European and Asian equity markets, as investors fret over corporate earnings and the continued weakness in commodity prices.

Recouping previous 2 trading session losses, broader Indian indices witnessed strong performance on Wednesday. Pull back across Banking and Oil & Gas stocks led to such strong performance.

News & Result Analysis Result Review: Ceat Result Preview: Wipro, Lupin Refer detailed news & result analysis on the following page

Markets Today The trend deciding level for the day is 28,374 / 8,592 levels. If NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 28,677 – 28,850 / 8,685 – 8,737 levels. However, if NIFTY trades below 28,374 / 8,592 levels for the first half-an-hour of trade then it may correct towards 28,202 – 27,899 / 8,540 – 8,447 levels.

Indices S2 S1 PIVOT R1 R2

SENSEX 27,899 28,202 28,374 28,677 28,850

NIFTY 8,447 8,540 8,592 8,685 8,737

Net Inflows (July 21, 2015) ` cr Purch Sales Net MTD YTD

FII 4,408 4,567 (159) 6,983 142,363

MFs 600 809 (209) 1,510 55,119

FII Derivatives (July 22, 2015) ` cr Purch Sales Net Open Interest

Index Futures 1,809 2,104 (295) 21,331

Stock Futures 2,870 3,133 (263) 51,200

Gainers / Losers Gainer Loser

Company Price (`) chg (%) Company Price (`) chg (%)

SREINFRA 41 15.3 KAILASH 8 (20.0)

IBREALEST 56 8.2 TV18BRDCST 37 (12.3)

JUBILANT 213 7.9 TTKPRESTIG 4,070 (5.0)

IBULHSGFIN 716 7.8 RTNPOWER 7 (4.8)

ARVIND 308 6.2 SKFINDIA 1,386 (4.6)

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

BSE Sensex 1.1 323 28,505

Nifty 1.2 104 8,634

MID CAP 1.3 144 11,235

SMALL CAP 0.9 99 11,676

BSE HC 0.9 158 17,002

BSE PSU 1.3 98 7,806

BANKEX 1.4 311 21,789

AUTO 1.1 208 19,076

METAL 1.0 84 8,932

OIL & GAS 2.4 235 10,194

BSE IT (0.4) (45) 11,142

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

Dow Jones (0.4) (68) 17,851

NASDAQ (0.7) (36) 5,172

FTSE (1.5) (102) 6,667

Nikkei (1.2) (248) 20,594

Hang Sang (1.0) (254) 25,283

Straits Times (0.4) (12) 3,359

Shanghai Com 0.2 8 4,026

Indian ADR Chg (%) (Pts) (Close)

INFY 1.2 0.2 $17.3

WIT 2.4 0.3 $12.8

IBN 1.1 0.1 $10.2

HDB 1.0 0.6 $62.4

Advances / Declines BSE NSE

Advances 1,774 1,027

Declines 1,063 485

Unchanged 119 64

Volumes (` cr)

BSE 2,926

NSE 15,945



Result Review

Ceat (CMP: `779/ TP: -/Upside:)

Ceat Ltd 1QFY2016 results were way ahead of our as well as consensus estimates. Revenues were flat at `1,466cr. Subdued OEM and export sales led to sluggish topline during the quarter. (Revenues were in line with our estimates of `1,490 cr). However, Ceat surprised positively on the operating front reporting a record margin of 15.3%. The margins improved sharply 600 bp yoy and were significantly ahead of our estimates of 11.1%. Softness in raw material prices (both rubber and crude based) coupled with decrease in other expenditure (possibly lower advertising and brand promotion expenses) boosted profitability. EBIDTA at `224cr beat our estimates of `166cr. Given the strong operating performance, Net Profit at `121cr more than doubled yoy and was way beyond our estimates of `78cr. Currently, we have Neutral view on the stock but would review our estimates post interaction with the management.

Y/E Sales OPM PAT EPS ROE P/E P/BV EV/EBITDA EV/Sales

Mar (` cr) (%) (` cr) (`) (%) (x) (x) (x) (x)

FY2016E 6,041 12.4 332 82.0 16.5 9.5 1.6 5.3 0.7

FY2017E 6,770 12.0 366 90.4 15.7 8.6 1.3 4.9 0.6

Result Preview

Wipro (CMP: `577/ TP: `753/Upside: 30.5%)

Wipro is expected to announce its 1QFY2016 results today. The company is expected to post a 0.3% qoq dip in USD IT Services revenues to US$1,770mn V/s US$1,775mn in 4QFY2015. The guidance for the 1QFY2016 was US$1,765-1,793mn, a (0.5)-1% qoq growth. In rupee terms, the revenues are expected to come in at `12,207cr V/s `12,142cr in 4QFY2015.

The EBDITA is expected to come in at 23.0% and EBIT is expected to be around 20.0%, both almost flat. Consequently the PAT is expected to come in at `2,261cr V/s `2,272cr in 4QFY2015 a dip of 0.5% qoq.

The key factors to watch out 1) Outlook on Energy vertical, 2) Commentary on large deal wins and 3) Outlook for 2QFY2016.We maintain our buy rating on the stock with a target price of `753. Y/E Sales OPM PAT EPS ROE P/E P/BV EV/EBITDA EV/Sales

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

FY2016E 54,050 23.7 9,737 39.4 19.9 14.9 3.0 9.6 2.2

FY2017E 61,617 23.8 10,901 44.1 18.8 13.3 2.7 7.8 1.8



Lupin (CMP: `1,824/ TP: /Upside: )

For 1QFY2016, we expect the company to post a 9.6% yoy growth on sales front to end the period at `3,600cr. On the operating front, the gross margins are expected to come in at 65.5% V/s 67.9% in corresponding period. EBITDA margins are expected to come in at 27.0% V/s 32.2% in 1QFY2015. Consequently the PAT is expected to come in at `749cr V/s `624cr expected a yoy growth of 20.0%. We maintain our neutral rating on the stock.

Y/E Sales OPM PAT EPS ROE P/E P/BV EV/EBITDA EV/Sales

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

FY2016E 15,175 26.9 2,852 63.4 27.9 28.8 7.1 19.4 5.2

FY2017E 17,614 26.9 3,267 72.7 24.9 25.1 5.6 16.2 4.4

Quarterly Bloomberg Brokers Consensus Estimate

Bajaj Auto Ltd- July 23, 2015 Particulars (` cr) 1QFY16E 1QFY15 y-o-y (%) 4QFY15 q-o-q (%)

Net sales 6,078 5,133 18.4 4,624 31.5

EBITDA 1,223 925 32.1 838 45.9

EBITDA margin (%) 20.1 18.0 18.1

Net profit 948 740 28.1 622 52.5

Wipro Ltd (Consol)- July 23, 2015 Particulars (` cr) 1QFY16E 1QFY15 y-o-y (%) 4QFY15 q-o-q (%)

Net sales 12,152 11,136 9.1 12,142 0.1

EBITDA 2,701 2,551 5.9 2,753 (1.9)

EBITDA margin (%) 22.2 22.9 22.7

Net profit 2,203 2,103 4.7 2,272 (3.1)

GAIL India Ltd- July 23, 2015 Particulars (` cr) 1QFY16E 1QFY15 y-o-y (%) 4QFY15 q-o-q (%)

Net sales 14,690 13,337 10.1 14,235 3.2

EBITDA 1,194 1,045 14.2 643 85.5

EBITDA margin (%) 8.1 7.8 4.5

Net profit 659 621 6.1 511 29.1

Lupin Ltd (Consol)- July 23, 2015 Particulars (` cr) 1QFY16E 1QFY15 y-o-y (%) 4QFY15 q-o-q (%)

Net sales 3,328 3,284 1.3 3,054 9.0

EBITDA 896 1,115 (19.6) 789 13.5

EBITDA margin (%) 26.9 33.9 25.8

Net profit 574 625 (8.1) 547 5.0

United Spirits Ltd- July 23, 2015 Particulars (` cr) 1QFY16E 1QFY15 y-o-y (%) 4QFY15 q-o-q (%)

Net sales 2,029 1,909 6.3 2,020 0.4

EBITDA 191 145 31.7 25 661.6


Net profit 50 (56) 0.0 (1,799) 0.0



ABB India Ltd- July 24, 2015 Particulars (` cr) 2QFY16E 2QFY15 y-o-y (%) 1QFY15 q-o-q (%)

Net sales 1,940 1,794 8.1 1,785 8.7

EBITDA 147 126 16.7 144 2.2


Net profit 63 48 32.2 54 16.1

Crompton Greaves Ltd (Consol)- July 24, 2015 Particulars (` cr) 1QFY16E 1QFY15 y-o-y (%) 4QFY15 q-o-q (%)

Net sales 3,476 3,442 1.0 3,808 (8.7)

EBITDA 176 173 2.1 147 20.0


Net profit 72 64 12.4 (199) 0.0

Axis Bank Ltd- July 24, 2015 Particulars (` cr) 1QFY16E 1QFY15 y-o-y (%) 4QFY15 q-o-q (%)

PAT 1,963 1,667 17.8 2,181 (10.0)

Reliance Industries Ltd- July 24, 2015 Particulars (` cr) 1QFY16E 1QFY15 y-o-y (%) 4QFY15 q-o-q (%)

Net sales 67,939 96,351 (29.5) 56,043 21.2

EBITDA 8,963 7,530 19.0 8,629 3.9

EBITDA margin (%) 13.2 7.8 15.4

Net profit 6,250 5,649 10.6 6,243 0.1

Economic and Political News Rajya Sabha panel for standard GST rate up to 20% Odisha notifies mineral exploration policy Realty players fear grant of TDR based on road width will halt redevelopment

in Mumbai Govt gets `1-lakh-cr spend cushion for FY16 Corporate News TV Today files `100cr defamation suit against Radio City Adani port raises $650mn via dollar bond



Top Picks Large Cap

Company Sector Market Cap

(` Mn) Rating CMP

(`)Target

(`)Upside

(%)

Axis Bank Financials 1,40,101 Buy 590 716 21.4

ICICI Bank Financials 1,83,998 Buy 317 392 23.7

Infosys IT 2,53,261 Buy 1,103 1,306 18.4

LIC Housing Fin. Financials 24,552 Buy 487 553 13.7

MRF Others 15,438 Buy 36,400 43,439 19.3

Power Grid Power 74,498 Buy 142 170 19.4

TCS IT 4,95,186 Buy 2,528 3,168 25.3

Tech Mahindra IT 49,102 Buy 511 646 26.5

Yes Bank Financials 34,425 Buy 823 1,006 22.2

Ashok Leyland Auto 23,165 Accumulate 81 88 8.1

Source: Angel Research, Bloomberg

Mid Cap

Company Sector Market

Cap (` Mn) Rating

CMP (`)

Target(`)

Upside (%)

Action Const. Equip. Capital Goods 424 Buy 43 54 26.0

Bajaj Electricals Others 2,744 Buy 272 341 25.3

Hindustan Media Ven. Media 1,819 Buy 248 292 17.8

JK Tyre Auto Ancillary 2,192 Buy 97 127 31.4

MBL Infrastructures Construction 1,160 Buy 560 789 41.0

Mangalam Cements Cement 721 Buy 270 349 29.2

MT Educare Others 464 Buy 117 141 21.0

Radico Khaitan Others 1,147 Buy 86 112 29.9

Setco Automotive Auto Ancillary 613 Buy 229 286 24.7

Source: Angel Research, Bloomberg

Date Company

July 23, 2015 Rallis, Bajaj Auto, Areva, Indian Bank, Wipro, GAIL, Lupin

July 24, 2015 TVS Motor, ABB, Crompton Greaves, Axis Bank, Reliance Industries, Hitachi

July 25, 2015 Andhra Bank, IOB, Persistent, Sarda Energy, Relaxo

July 26, 2015

July 27, 2015 Subros, KEC International, Ambuja Cements, Tech Mahindra, Jagran Prakashan, MRF

July 28, 2015Maruti, Thermax, Blue Star, HDFC, Punjab Natl.Bank, Bank of India, Union Bank, IDBI Bank, Syndicate Bank, Tide Water Oil India

July 29, 2015United Phosphorus, Yes Bank, Allahabad Bank, Nestle, Dabur India, Godrej Consumer, Mphasis, Sesa Goa, JSW Steel , NHPC

July 30, 2015Exide Industries, Kotak Mah. Bank, Bank of Baroda, IDFC, Oriental Bank, ITC, Colgate, Electrosteel Castings, Petronet LNG, Jyothy Laboratories, L G Balakrishnan & Bros, Dr Reddy's, Glenmark Pharma., Ipca labs, Indoco Remedies, NTPC

July 31, 2015 ICICI Bank, GSK Pharma, Alembic Pharma, CESC

August 1, 2015 Transport Corporation of India

Source: Bloomberg, Angel Research

Result Calendar

Global economic events release calendar

Date Time Country Event Description Unit Period Bloomberg Data

Last Reported Estimated

July 23, 2015 7:30PM Euro Zone Euro-Zone Consumer Confidence Value Jul A (5.60) (5.80)

July 24, 2015 1:00PM Germany PMI Services Value Jul P 53.80 54.00

1:00PM Germany PMI Manufacturing Value Jul P 51.90 51.90

7:30PM US New home sales Thousands Jun 546.00 548.00

July 28, 2015 2:00PM UK GDP (YoY) % Change 2Q A 2.90 --

7:30PM US Consumer Confidence S.A./ 1985=100 Jul 101.40 99.50

July 29, 2015 11:30PM US FOMC rate decision % Jul 29 0.25 0.25

July 30, 2015 1:25PM Germany Unemployment change (000's) Thousands Jul (1.00) --

6:00PM US GDP Qoq (Annualised) % Change 2Q A (0.20) 2.50

August 1, 2015 6:30AM China PMI Manufacturing Value Jul 50.20 --

August 3, 2015 2:00PM UK PMI Manufacturing Value Jul 51.40 --

August 4, 2015 11:00AM India RBI Reverse Repo rate % Aug 4 6.25 --

11:00AM India RBI Repo rate % Aug 4 7.25 --

11:00AM India RBI Cash Reserve ratio % Aug 4 4.00 --

August 6, 2015 4:30PM UK BOE Announces rates % Ratio Aug 6 0.50 0.50

2:00PM UK Industrial Production (YoY) % Change Jun 2.10 --

August 7, 2015 6:00PM US Change in Nonfarm payrolls Thousands Jul 223.00 --

6:00PM US Unnemployment rate % Jul 5.30 --

August 8, 2015 China Exports YoY% % Change Jul 2.80 --

August 9, 2015 7:00AM China Consumer Price Index (YoY) % Change Jul 1.40 --

August 10, 2015 India Imports YoY% % Change Jul (13.40) --

India Exports YoY% % Change Jul (15.80) --

August 12, 2015 2:00PM UK Jobless claims change % Change Jul 7.00 --

11:00AM China Industrial Production (YoY) % Change Jul 6.80 --

5:30PM India Industrial Production YoY % Change Jun 2.70 --


July 23, 2015

Market Outlook

h

1

Market Outlook

July 23, 2015

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Macro watch

Exhibit 1: Quarterly GDP trends

Source: CSO, Angel Research

Exhibit 2: IIP trends

Source: MOSPI, Angel Research

Exhibit 3: Monthly CPI inflation trends

Source: MOSPI, Angel Research

Exhibit 4: Manufacturing and services PMI

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

Exhibit 5: Exports and imports growth trends


Exhibit 6: Key policy rates

Source: RBI, Angel Research

4.5

6.3

5.0 4.7

7.0 7.5

6.4 6.7 6.7

8.4

6.6

7.5

3.0

4.0

5.0

6.0

7.0

8.0

9.0

1Q

FY13

2Q

FY13

3Q

FY13

4Q

FY13

1Q

FY14

2Q

FY14

3Q

FY14

4Q

FY14

1Q

FY15

2Q

FY15

3Q

FY15

4Q

FY15

(%)

0.9 0.5

2.6

(2.7)

5.2

3.6 2.8

4.8

2.5 3.4

2.7

(4.0)

(3.0)

(2.0)

(1.0)

-

1.0

2.0

3.0

4.0

5.0

6.0

Jul-14

Aug-1

4

Sep-1

4

Oct

-14

Nov-

14

Dec-

14

Jan-1

5

Feb-1

5

Mar-

15

Apr-

15

May-

15

(%)

6.8 7.4

7.0

5.6

4.6

3.3

4.3

5.2 5.4 5.3 4.9 5.0

-

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

Jun-1

4

Jul-14

Aug-1

4

Sep-1

4

Oct

-14

Nov-

14

Dec-

14

Jan-1

5

Feb-1

5

Mar-

15

Apr-

15

May-

15

(%)

48.0

49.0

50.0

51.0

52.0

53.0

54.0

55.0 M

ay-

14

Jun-1

4

Jul-14

Aug-1

4

Sep-1

4

Oct

-14

Nov-

14

Dec-

14

Jan-1

5

Feb-1

5

Mar-

15

Apr-

15

May-

15

Jun-1

5

Mfg. PMI Services PMI

(30.0)

(20.0)

(10.0)

0.0

10.0

20.0

30.0

Jun-1

4

Jul-14

Aug-1

4

Sep-1

4

Oct

-14

Nov-

14

Dec-

14

Jan-1

5

Feb-1

5

Mar-

15

Apr-

15

May-

15

Exports yoy growth Imports yoy growth(%)

3.00

4.00

5.00

6.00

7.00

8.00

9.00

Jul-14

Aug-1

4

Sep-1

4

Oct

-14

Nov-

14

Dec-

14

Jan-1

5

Feb-1

5

Mar-

15

Apr-

15

May-

15

Jun-1

5

Jul-15

Repo rate Reverse Repo rate CRR (%)

h

2

Market Outlook

July 23, 2015


Global watch

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


Exhibit 2: 2015 GDP Growth projection by IMF (%, yoy) across select developing and developed countries

Source: IMF, Angel Research

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


(1.6) (1.9)

5.3

7.0

2.1

4.7

5.6

3.0 2.4 2.7

1.1 0.7

(0.9)

(3.0)

(2.0)

(1.0)

-

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

Bra

zil

Russ

ia

India

Chin

a

South

Afr

ica

Indonesi

a

Mala

ysia

Thailand

UK

USA

Germ

any

Fra

nce

Japan

(%)

(1.0) (3.8)

7.5 6.8

2.0

5.2 4.8 3.7

2.7 3.1

1.6 1.2 1.0

(6.0)

(4.0)

(2.0)

-

2.0

4.0

6.0

8.0

10.0

Bra

zil

Russ

ia

India

Chin

a

South

Afr

ica

Indonesi

a

Mala

ysia

Thailand

UK

USA

Germ

any

Fra

nce

Japan

(%)

h

3

Market Outlook

July 23, 2015


Exhibit 4: Relative performance of indices across globe

Returns (%)

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

Brazil Bovespa 50,916 (5.3) (5.6) (10.7)

Russia Micex 1,636 (2.2) (1.3) 18.1

India Nifty 8,634 3.4 2.4 15.7

China Shanghai Composite 4,026 (12.1) (8.6) 94.2

South Africa Top 40 46,371 (0.5) (2.5) (0.9)

Mexico Mexbol 44,670 (1.2) (1.2) 0.9

Indonesia LQ45 843 1.0 (10.4) (3.8)

Malaysia KLCI 1,730 (0.4) (7.3) (8.5)

Thailand SET 50 953 (2.6) (8.7) (5.9)

USA Dow Jones 17,851 (0.9) (0.5) 4.5

UK FTSE 6,667 (2.3) (5.6) (2.3)

Japan Nikkei 20,594 1.1 5.1 35.1

Germany DAX 11,521 0.5 (3.5) 18.4

France CAC 5,083 1.7 (2.5) 17.0


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 255 - 4,967 2,075 2,394 14.4 14.4 9.5 11.0 26.9 23.2 5.3 4.6 21.1 21.3 2.4 2.1

United Phosphorus Neutral 546 - 23,410 13,698 15,752 17.6 17.6 32.1 38.5 17.0 14.2 3.3 2.8 21.4 21.3 1.8 1.5

Auto & Auto Ancillary

Ashok Leyland Accumulate 81 88 23,165 17,094 19,726 9.5 10.7 2.7 4.2 30.2 19.4 4.1 3.8 13.9 19.8 1.3 1.1

Bajaj Auto Neutral 2,619 - 75,788 25,664 29,609 18.8 18.6 134.2 150.3 19.5 17.4 6.0 5.2 30.7 29.6 2.5 2.2

Eicher Motors Neutral 21,110 - 57,297 11,872 15,783 15.5 17.8 399.4 642.0 52.9 32.9 17.2 12.5 32.3 37.7 4.7 3.5

Hero Motocorp Neutral 2,708 - 54,069 29,771 34,219 13.0 13.5 142.3 165.2 19.0 16.4 6.9 5.9 36.3 35.8 1.7 1.4

L G Balakrishnan & Bros Accumulate 506 541 794 1,254 1,394 11.6 11.8 35.9 41.7 14.1 12.2 1.9 1.7 13.5 13.8 0.7 0.7

Mahindra and Mahindra Neutral 1,342 - 83,323 41,078 46,473 11.5 12.0 51.4 62.7 26.1 21.4 3.8 3.4 14.7 15.9 1.8 1.5

Maruti Accumulate 4,189 4,399 126,546 57,615 68,166 15.6 15.5 180.2 220.0 23.3 19.0 4.6 3.9 19.7 20.6 2.0 1.6

Minda Industries Buy 545 652 865 2,500 2,889 7.6 8.3 39.4 54.3 13.8 10.0 2.0 1.6 14.1 16.3 0.5 0.4

Rane Brake Lining Accumulate 346 366 274 454 511 11.1 11.4 23.8 28.1 14.6 12.3 2.1 1.9 14.2 15.3 0.7 0.7

Setco Automotive Buy 229 286 613 718 862 13.3 14.3 13.4 19.0 17.1 12.1 2.7 2.2 15.4 18.5 1.1 1.0

Tata Motors Buy 389 489 112,384 260,543 278,575 13.3 13.7 31.7 38.0 12.3 10.2 1.4 1.3 12.2 13.0 0.6 0.6

TVS Motor Neutral 264 - 12,542 11,813 14,001 7.0 8.1 11.0 16.4 24.0 16.1 6.2 4.9 25.9 30.2 1.0 0.8

Amara Raja Batteries Neutral 869 - 14,844 5,355 6,641 17.4 17.8 31.8 40.9 27.3 21.3 6.9 5.4 25.2 25.5 2.7 2.2

Exide Industries Accumulate 153 164 12,997 7,919 9,028 13.9 14.4 7.3 8.6 21.0 17.8 2.9 2.6 13.8 14.4 1.4 1.2

Apollo Tyres Neutral 193 - 9,837 12,866 13,892 15.7 15.4 20.1 19.9 9.6 9.7 1.5 1.3 15.8 13.6 0.8 0.8

Ceat Neutral 779 - 3,150 6,047 6,776 12.4 12.0 82.0 90.4 9.5 8.6 1.6 1.4 16.5 15.7 0.7 0.6

JK Tyres Buy 97 127 2,192 7,774 8,456 13.3 12.9 17.3 18.1 5.6 5.3 1.3 1.1 22.8 19.7 0.6 0.6

Swaraj Engines Neutral 868 - 1,079 604 689 14.3 14.5 51.4 60.7 16.9 14.3 4.0 3.5 23.4 24.7 1.6 1.4

Subros Accumulate 76 80 454 1,295 1,533 11.7 12.0 4.2 7.3 18.0 10.4 1.4 1.2 7.7 12.4 0.7 0.5

Indag Rubber Buy 182 247 478 283 329 17.0 17.2 13.0 15.4 14.1 11.8 3.1 2.6 21.8 21.6 1.4 1.2

Capital Goods

ACE Buy 43 54 424 660 839 4.7 8.2 1.0 3.9 42.9 11.0 1.3 1.2 3.2 11.3 0.8 0.6

BEML Accumulate 1,502 1,607 6,255 3,277 4,006 6.0 8.9 29.2 64.3 51.4 23.4 5.7 11.7 2.0 1.6

BGR Energy Neutral 123 - 890 3,615 3,181 9.5 9.4 16.7 12.4 7.4 10.0 0.7 0.7 10.0 7.0 0.7 0.8

BHEL Neutral 285 - 69,781 33,722 35,272 10.8 11.7 10.5 14.2 27.2 20.1 2.0 1.9 7.0 9.0 2.1 2.1

Blue Star Buy 334 391 3,003 3,649 4,209 4.8 5.7 8.5 14.0 39.5 23.9 6.3 5.4 16.3 24.4 0.9 0.8

Crompton Greaves Accumulate 196 220 12,275 15,252 16,870 5.4 5.6 7.9 10.7 24.8 18.3 3.0 2.7 12.0 15.0 0.9 0.8

Inox Wind Buy 436 505 9,683 4,980 5,943 17.0 17.5 26.6 31.6 16.4 13.8 35.0 30.0 2.1 1.7


July 23, 2015

Market Outlook

Stock Watch



Capital Goods

KEC International Neutral 151 - 3,888 8,791 9,716 6.1 6.8 5.4 8.2 28.0 18.5 2.8 2.6 10.0 14.0 0.7 0.6

Thermax Neutral 1,061 - 12,637 6,413 7,525 7.4 8.5 30.5 39.3 34.8 27.0 5.4 4.7 15.0 17.0 1.9 1.6

Cement

ACC Accumulate 1,435 1,548 26,945 11,856 14,092 14.5 17.8 47.6 76.2 30.2 18.8 3.1 2.9 10.6 15.7 2.1 1.7

Ambuja Cements Neutral 247 - 38,262 10,930 12,022 22.2 23.2 9.7 11.2 25.4 22.0 3.5 3.2 14.3 15.2 3.1 2.8

India Cements Buy 85 132 2,613 4,716 5,133 14.9 15.8 1.0 4.5 85.1 18.9 0.9 0.8 1.0 4.5 0.9 0.8

JK Cement Buy 603 778 4,216 4,061 4,748 16.2 17.7 24.5 42.9 24.6 14.1 2.4 2.1 10.0 15.9 1.5 1.2

J K Lakshmi Cement Buy 331 443 3,895 3,004 3,618 17.6 19.9 13.9 27.2 23.8 12.2 2.7 2.3 11.8 20.5 1.7 1.4

Mangalam Cements Buy 270 349 721 1,111 1,336 12.2 15.1 16.3 34.6 16.6 7.8 1.3 1.2 8.2 16.0 0.9 0.7

Orient Cement Neutral 184 - 3,777 2,039 2,573 22.7 24.5 9.3 13.3 19.8 13.9 3.4 2.9 18.3 22.6 2.5 1.9

Ramco Cements Neutral 354 - 8,427 4,036 4,545 20.8 21.3 15.1 18.8 23.4 18.8 2.9 2.6 12.9 14.3 2.6 2.2

Shree Cement^ Neutral 10,764 - 37,499 7,150 8,742 26.7 28.6 228.0 345.5 47.2 31.2 7.0 5.8 15.7 20.3 5.0 4.0

UltraTech Cement Neutral 3,256 - 89,340 27,562 31,548 20.3 22.0 111.0 145.0 29.3 22.5 4.1 3.6 15.1 17.0 3.3 2.8

Construction

ITNL Buy 148 211 3,660 7,589 8,021 34.0 35.9 16.0 19.0 9.3 7.8 0.6 0.5 6.5 6.7 3.6 3.8

KNR Constructions Neutral 575 - 1,616 915 1,479 14.3 13.9 20.3 37.2 28.3 15.5 2.6 2.3 9.6 15.6 1.9 1.2

Larsen & Toubro Accumulate 1,855 2,013 172,566 68,920 82,446 10.9 11.5 57.0 73.0 32.5 25.4 3.0 2.8 13.6 15.5 2.7 2.3

Gujarat Pipavav Port Neutral 228 - 11,037 793 694 53.0 50.9 9.0 8.0 25.4 28.5 5.5 4.5 25.9 18.4 13.5 15.4

MBL Infrastructures Buy 560 789 1,160 2,507 2,986 12.4 14.4 43.0 41.0 13.0 13.7 1.6 1.4 12.6 12.7 1.2 1.1

PNC Infratech Accumulate 414 445 2,124 1,719 2,003 13.0 13.5 21.0 28.0 19.7 14.8 1.7 1.5 11.0 10.9 1.3 1.1

Financials

Allahabad Bank Neutral 89 - 5,060 8,859 9,817 3.0 3.0 23.7 30.1 3.7 2.9 0.5 0.4 10.6 12.3 - -

Axis Bank Buy 590 716 140,101 26,522 31,625 3.6 3.6 36.2 45.4 16.3 13.0 3.2 2.8 18.2 19.6 - -

Bank of Baroda Neutral 153 - 33,770 18,934 21,374 2.0 2.0 13.2 15.1 11.6 10.1 0.9 0.8 7.1 7.7 - -

Bank of India Neutral 172 - 11,440 17,402 20,003 2.0 2.1 40.3 50.7 4.3 3.4 0.4 0.4 9.0 10.4 - -

Canara Bank Neutral 285 - 14,668 15,805 17,745 2.0 2.2 64.3 73.5 4.4 3.9 0.5 0.4 10.8 11.3 - -

Dena Bank Neutral 44 - 2,480 3,580 4,040 2.1 2.2 8.4 10.9 5.3 4.1 0.5 0.4 6.8 8.4 - -

Federal Bank Neutral 71 - 12,090 3,522 4,045 3.2 3.2 12.2 14.1 5.8 5.0 0.7 0.6 12.9 13.4 - -

HDFC Neutral 1,346 - 212,110 11,198 13,321 3.5 3.5 45.1 53.7 29.9 25.1 6.2 5.5 27.2 28.2 - -

HDFC Bank Accumulate 1,114 1,255 279,864 38,629 47,500 4.5 4.7 52.6 66.4 21.2 16.8 3.9 3.3 19.6 21.2 - -

ICICI Bank Buy 317 392 183,998 36,037 41,647 3.5 3.6 22.9 26.7 13.8 11.9 2.3 2.0 15.7 15.9 - -

IDBI Bank Neutral 64 - 10,313 9,806 11,371 1.7 1.9 10.0 16.3 6.5 4.0 0.5 0.4 6.8 10.4 - -


July 23, 2015

Market Outlook

Stock Watch



Financials

Indian Bank Neutral 133 - 6,402 6,454 7,321 2.5 2.6 26.4 33.3 5.1 4.0 0.4 0.4 8.1 9.6 - -

LIC Housing Finance Accumulate 487 553 24,552 2,934 3,511 2.3 2.3 30.9 36.8 15.7 13.2 2.5 2.2 16.8 17.5 - -

Oriental Bank Neutral 175 - 5,250 7,930 8,852 2.5 2.5 51.8 57.1 3.4 3.1 0.4 0.3 9.3 9.5 - -

Punjab Natl.Bank Neutral 139 - 25,806 24,160 27,777 2.9 3.0 18.5 24.6 7.5 5.7 0.7 0.6 8.8 10.8 - -

South Ind.Bank Neutral 24 - 3,207 1,999 2,249 2.4 2.4 3.5 4.0 6.8 5.9 0.9 0.8 12.6 13.1 - -

St Bk of India Accumulate 269 297 203,266 86,900 100,550 3.1 3.1 22.1 27.7 12.2 9.7 1.5 1.3 12.7 14.3 - -

Union Bank Neutral 165 - 10,513 12,995 14,782 2.4 2.4 32.3 40.9 5.1 4.1 0.6 0.5 10.7 12.3 - -

Vijaya Bank Neutral 41 - 3,479 3,474 3,932 1.8 1.9 5.9 7.2 6.9 5.6 0.6 0.5 8.1 9.3 - -

Yes Bank Buy 823 1,006 34,425 7,006 8,825 3.1 3.3 61.4 77.1 13.4 10.7 2.5 2.1 20.1 21.3 - -

FMCG

Asian Paints Neutral 843 - 80,875 16,553 19,160 16.0 16.2 17.7 21.5 47.7 39.2 12.7 11.4 29.4 31.2 4.7 4.1

Britannia Neutral 2,856 - 34,269 8,065 9,395 9.6 10.2 47.2 65.5 60.5 43.6 20.1 19.0 38.3 41.2 4.1 3.5

Colgate Neutral 2,074 - 28,200 4,836 5,490 19.5 19.7 48.5 53.2 42.8 39.0 31.3 27.3 99.8 97.5 5.7 5.0

Dabur India Neutral 299 - 52,555 9,370 10,265 17.1 17.2 7.3 8.1 40.8 36.9 12.3 10.0 33.7 30.6 5.5 5.0

GlaxoSmith Con* Neutral 6,380 - 26,831 4,919 5,742 17.2 17.4 168.3 191.2 37.9 33.4 10.8 9.2 28.8 28.9 5.0 4.3

Godrej Consumer Neutral 1,218 - 41,474 10,168 12,886 16.1 16.1 32.1 38.4 38.0 31.7 7.7 7.1 19.7 21.0 4.2 3.3

HUL Neutral 918 - 198,714 34,940 38,957 17.5 17.7 20.8 24.7 44.2 37.2 49.1 39.3 110.5 114.2 5.5 4.9

ITC Buy 315 409 252,409 41,068 45,068 37.8 37.4 13.9 15.9 22.6 19.8 7.6 6.7 34.1 33.8 5.8 5.2

Marico Neutral 432 - 27,842 6,551 7,766 15.7 16.0 10.4 12.5 41.6 34.5 12.1 10.0 33.2 32.4 4.2 3.5

Nestle* Accumulate 5,987 6,646 57,724 11,291 12,847 22.2 22.3 158.9 184.6 37.7 32.4 19.7 17.7 55.0 57.3 5.0 4.3

Tata Global Buy 140 186 8,797 8,735 9,182 9.8 9.9 8.5 9.3 16.4 15.0 2.1 2.1 7.9 8.1 0.9 0.9

IT

HCL Tech^ Accumulate 982 1,100 138,039 41,535 46,519 24.0 23.4 56.6 61.1 17.4 16.1 3.6 2.9 20.8 17.7 3.2 2.8

Infosys Buy 1,103 1,306 253,261 60,250 66,999 28.0 28.0 58.3 63.7 18.9 17.3 4.0 3.4 20.9 19.7 3.5 3.0

TCS Buy 2,528 3,168 495,186 108,420 123,559 28.8 28.7 127.2 143.9 19.9 17.6 7.9 7.4 39.9 41.8 4.2 3.6

Tech Mahindra Buy 511 646 49,102 27,281 31,373 17.3 18.4 30.8 38.0 16.6 13.4 3.4 2.8 20.3 20.9 1.6 1.3

Wipro Buy 585 753 144,551 54,050 61,617 23.7 23.8 39.4 44.1 14.9 13.3 3.0 2.7 19.9 18.8 2.3 1.8

Media

D B Corp Accumulate 320 356 5,876 2,241 2,495 27.8 27.9 21.8 25.6 14.7 12.5 3.8 3.4 26.7 28.5 2.6 2.3

HT Media Buy 92 129 2,142 2,495 2,703 13.5 13.6 9.4 10.7 9.8 8.6 1.0 0.9 10.4 10.6 0.4 0.3

Jagran Prakashan Buy 132 156 4,327 1,939 2,122 26.0 26.0 8.3 9.2 16.0 14.4 2.7 2.5 17.5 17.1 2.2 2.0

Sun TV Network Accumulate 258 275 10,181 2,779 3,196 70.2 70.5 22.8 27.3 11.3 9.5 2.8 2.5 26.7 28.3 3.4 2.9


July 23, 2015

Market Outlook

Stock Watch



Media

Hindustan Media Ventures Buy 248 292 1,819 920 1,031 20.0 20.0 19.2 20.9 12.9 11.9 2.1 1.8 16.4 15.3 1.5 1.3

Metals & Mining

Coal India Neutral 433 - 273,214 77,595 89,628 22.9 24.4 27.6 30.0 15.7 14.4 6.8 6.8 33.9 33.2 2.8 2.5

Hind. Zinc Neutral 164 - 69,422 15,546 16,821 47.5 49.0 19.7 20.3 8.3 8.1 1.4 1.2 17.2 16.6 2.2 1.7

Hindalco Neutral 108 - 22,271 112,328 119,817 7.7 7.9 16.3 20.1 6.6 5.4 0.5 0.5 8.0 8.5 0.7 0.6

JSW Steel Neutral 860 - 20,794 48,125 53,595 18.8 21.0 46.9 97.5 18.3 8.8 0.9 0.8 4.4 9.5 1.2 1.1

NMDC Neutral 114 - 45,337 12,544 13,330 59.5 59.7 16.3 16.5 7.0 6.9 1.3 1.2 5.1 9.9 2.3 2.3

SAIL Neutral 58 - 23,955 56,365 63,383 6.9 8.0 7.1 8.2 8.1 7.1 0.5 0.5 7.0 7.1 1.0 0.9

Vedanta Neutral 136 - 40,349 81,842 88,430 30.6 32.8 20.2 25.7 6.8 5.3 0.5 0.5 7.5 8.5 0.9 0.7

Tata Steel Neutral 280 - 27,228 136,805 149,228 11.3 11.9 26.4 36.8 10.6 7.6 0.8 0.8 6.0 8.0 0.7 0.7

Oil & Gas

Cairn India Neutral 167 - 31,301 12,617 14,513 33.7 40.0 25.5 27.7 6.6 6.0 0.5 0.5 7.4 7.7 1.1 0.9

GAIL Neutral 369 - 46,813 75,595 85,554 8.6 8.0 31.8 36.1 11.6 10.2 1.3 1.2 10.7 11.4 0.8 0.6

ONGC Neutral 285 - 243,789 174,773 192,517 22.7 24.8 34.6 38.2 8.2 7.5 1.2 1.1 14.2 14.9 1.5 1.3

Petronet LNG Neutral 195 - 14,621 45,759 49,386 3.7 4.0 12.6 14.9 15.5 13.1 2.4 2.1 16.1 16.7 0.4 0.3

Reliance Industries Neutral 1,050 - 340,103 339,083 384,014 7.8 9.5 75.7 94.5 13.9 11.1 1.4 1.3 10.7 12.2 1.3 1.2

Pharmaceuticals

Alembic Pharma Neutral 768 - 14,482 2,405 2,859 19.9 20.4 17.7 22.0 43.4 34.9 12.4 9.5 32.6 30.9 6.1 5.0

Aurobindo Pharma Accumulate 752 824 43,917 14,435 16,600 22.6 22.6 36.1 41.2 20.8 18.3 6.2 4.7 34.5 29.3 3.4 2.9

Aventis* Neutral 3,629 - 8,357 2,156 2,455 15.1 16.8 109.7 133.9 33.1 27.1 4.5 3.7 18.4 22.5 3.6 3.0

Cadila Healthcare Neutral 1,984 - 40,630 10,224 11,840 19.7 20.0 69.8 81.0 28.4 24.5 7.5 6.0 26.8 25.3 4.0 3.4

Cipla Neutral 675 - 54,185 14,051 16,515 18.9 18.7 25.1 28.9 26.9 23.4 4.3 3.7 17.2 16.9 3.9 3.2

Dr Reddy's Neutral 3,848 - 65,603 17,443 20,296 22.3 22.4 156.7 180.1 24.6 21.4 4.9 4.1 21.8 20.8 3.7 3.1

Dishman Pharma Buy 170 238 1,374 1,716 1,888 20.2 20.2 16.3 21.6 10.5 7.9 1.0 0.9 9.7 11.7 1.0 0.8

GSK Pharma* Neutral 3,431 - 29,065 2,818 3,044 18.9 18.9 56.2 58.6 61.1 58.6 17.3 18.7 27.1 30.7 9.8 9.2

Indoco Remedies Neutral 367 - 3,378 1,088 1,262 18.2 18.2 13.1 15.5 28.0 23.7 5.5 4.6 21.2 21.1 3.2 2.7

Ipca labs Accumulate 689 736 8,689 3,533 4,109 18.6 19.6 28.2 34.8 24.4 19.8 3.4 2.9 15.0 15.9 2.7 2.3

Lupin Neutral 1,824 - 82,061 14,864 17,244 26.9 26.9 62.1 71.1 29.4 25.7 7.1 5.7 27.4 24.6 5.3 4.4

Sun Pharma Accumulate 832 950 200,270 27,839 33,542 27.7 29.7 18.9 26.9 44.0 30.9 4.0 3.5 13.0 14.6 6.6 5.2

Power

Tata Power Neutral 73 - 19,744 38,302 38,404 14.1 13.1 5.1 6.0 14.2 12.2 1.4 1.3 9.2 10.3 1.4 1.4

NTPC Neutral 137 - 113,128 89,067 98,329 15.9 16.5 12.1 13.1 11.4 10.5 1.3 1.2 11.0 11.6 2.3 2.3

Power Grid Buy 142 170 74,498 19,986 22,702 86.2 86.3 11.1 12.7 12.8 11.2 1.8 1.6 14.4 14.7 8.9 8.2


July 23, 2015

Market Outlook

Stock Watch



Telecom

Bharti Airtel Neutral 439 - 175,626 101,748 109,191 32.1 31.7 12.0 12.5 36.6 35.2 2.5 2.4 6.9 6.7 2.4 2.1

Idea Cellular Neutral 179 - 64,399 34,282 36,941 32.0 31.5 5.9 6.2 30.3 28.9 2.8 2.5 9.9 9.3 2.5 2.3

zOthers

Abbott India Neutral 4,342 - 9,227 2,713 3,141 13.7 13.5 127.8 145.7 34.0 29.8 7.9 6.5 25.9 23.9 3.1 2.6

Bajaj Electricals Buy 272 341 2,744 4,719 5,287 5.2 5.8 8.6 12.7 31.8 21.5 3.6 3.2 11.4 14.8 0.6 0.5

Finolex Cables Neutral 260 - 3,970 2,728 3,036 10.8 11.0 14.4 16.8 18.0 15.5 2.7 2.4 15.2 15.3 1.2 1.0

Goodyear India* Neutral 565 - 1,303 1,536 1,683 9.6 10.0 41.8 48.0 13.5 11.8 2.3 2.0 18.2 18.3 0.6 0.5

Hitachi Neutral 1,593 - 4,331 1,801 2,051 8.9 9.3 31.0 38.8 51.3 41.1 11.0 8.8 23.9 23.8 2.4 2.1

Jyothy Laboratories Neutral 314 - 5,676 1,620 1,847 11.5 11.5 7.3 8.5 43.0 37.0 5.6 5.2 13.3 14.4 3.4 2.9

MRF Buy 36,400 43,439 15,438 13,524 14,440 18.6 18.2 2,999.2 3,102.8 12.1 11.7 2.7 2.2 24.7 20.5 1.1 1.0

Page Industries Neutral 14,735 - 16,435 1,929 2,450 19.8 20.1 229.9 299.0 64.1 49.3 28.3 19.7 52.1 47.1 8.6 6.7

Relaxo Footwears Neutral 550 - 6,596 1,767 2,152 12.3 12.5 19.3 25.1 28.6 21.9 7.0 5.4 27.7 27.8 3.8 3.1

Siyaram Silk Mills Neutral 1,200 - 1,125 1,653 1,873 11.7 12.2 99.3 122.1 12.1 9.8 2.2 1.8 19.5 20.2 0.8 0.7

Styrolution ABS India* Neutral 729 - 1,282 1,271 1,440 8.6 9.2 32.0 41.1 22.8 17.8 2.3 2.1 10.7 12.4 1.0 0.8

Tree House Neutral 440 - 1,861 259 324 56.8 56.8 17.0 21.7 25.9 20.3 2.6 2.3 10.1 11.5 7.1 5.8

TVS Srichakra Neutral 2,238 - 1,714 2,112 2,389 11.9 12.1 168.5 202.5 13.3 11.1 4.6 3.4 39.6 35.5 0.9 0.8

HSIL Buy 345 434 2,495 2,085 2,436 18.5 18.6 21.7 28.9 15.9 11.9 1.6 1.4 10.0 12.1 1.3 1.1Kirloskar Engines India Ltd Neutral 285 - 4,122 2,779 3,314 10.3 11.9 12.0 17.5 23.8 16.3 2.9 2.6 12.5 16.7 1.1 0.9

M M Forgings Buy 676 783 816 586 671 22.3 22.9 53.4 65.2 12.7 10.4 2.7 2.2 24.1 23.5 1.5 1.3

Banco Products (India) Neutral 105 - 750 1,196 1,370 9.7 11.8 9.4 14.3 11.2 7.4 1.1 1.0 10.4 14.5 0.6 0.5

Competent Automobiles Neutral 155 - 95 1,007 1,114 3.1 3.1 23.7 28.2 6.6 5.5 0.9 0.8 13.9 14.6 0.1 0.1

Nilkamal Neutral 743 - 1,108 1,947 2,131 8.1 8.3 35.7 45.9 20.8 16.2 2.1 1.9 10.3 12.1 0.6 0.6

Visaka Industries Accumulate 145 166 230 1,158 1,272 8.6 9.5 23.7 32.7 6.1 4.4 0.6 0.6 10.1 12.5 0.4 0.3Transport Corporation of India Accumulate 269 293 2,033 2,830 3,350 8.8 9.0 14.4 18.3 18.7 14.7 2.9 2.5 15.4 17.1 0.8 0.7

Elecon Engineering Neutral 92 - 999 1,452 1,596 13.7 14.7 4.2 6.2 22.1 14.7 1.7 1.6 8.1 11.2 1.0 0.8

Surya Roshni Accumulate 135 152 591 2,992 3,223 8.4 8.7 15.2 19.3 8.9 7.0 0.9 0.8 10.1 11.5 0.5 0.5

MT Educare Buy 117 141 464 275 355 18.3 17.3 7.4 8.8 15.8 13.2 3.2 2.8 20.2 21.1 1.6 1.2

Radico Khaitan Buy 86 112 1,147 1,565 1,687 11.9 12.4 5.4 6.6 15.9 13.1 1.3 1.2 8.0 9.0 1.2 1.2

Garware Wall Ropes Accumulate 266 303 582 875 983 10.4 10.5 23.1 27.5 11.5 9.7 1.6 1.4 14.1 14.6 0.7 0.6

Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on July 22, 2015


July 23, 2015

Market Outlook

Stock Watch

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

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