Stock Holding Disclosure list as on September 30, 2014
01/10/2014 Disclosure
The list includes the stock position of Angel Broking and its Affiliates and/or its Analysts as on September 30, 2014. The stock holding position is pertaining to companies under the coverage of Analysts employed by Angel Broking and its Affiliates.
   Bi-monthly Monetary Policy Statement FY2015
30/09/2014 Others
The Reserve Bank of India (RBI) in its bi-monthly Monetary Policy Statement kept the policy repo rate unchanged at 8.0%, in line with our and market expectations. Consequently, the reverse repo remains unchanged at 7.0% and the Marginal Standing Facility (MSF) at 9.0%. The Cash Reserve Ratio (CRR) too has remained unchanged at 4.0% of banking system’s net demand and time liability (NDTL). The RBI remains focused towards bringing headline CPI inflation to 6.0% by January 2016. Going forward too, the RBI will continue its fight against inflation. Policy is likely to remain data-dependent and in case inflation decelerates faster than expected, interest rates could get reduced.
   Mangalam Cement Ltd
25/09/2014 Initiating Coverage
Mangalam Cement (MCL), a BK Birla group company having its plant in Rajasthan, has expanded its cement capacity by 1.25mtpa (increase of 63%) to 3.25mtpa (as of end-FY2014). We expect MCL to report a healthy 21.8% volume CAGR over FY2014-16E on the back of improved outlook for cement demand (also MCLs production in FY2014 was lower due to plant shut down for a few months for up-gradation, leading to lower base). At the current market price of Rs246, the stock is trading at trailing EV/tonne of $49 (on its 3.25mtpa installed capacity), which is at a large discount to its midcap peers (The peers like India cement, JK cement, JK lakshmi and Ramco Cement are trading at EV/tonne of $70, $75, $120 (including expanded capacity $104) and $121 respectively). The stock is trading at 12.6x and 7.9x its FY2015E and FY2016E EPS and 7.5x and 4.8x its FY2015E and FY2016E EV/EBITDA, respectively. We initiate coverage on Mangalam Cement with a Buy recommendation and target price of Rs337 based on EV/tonne of $60 and implying 6.5x FY2016E EV/EBIDTA. The EV/EBITDA target multiple is at a 10% discount to the companys other midcap peers in the cement space.
   Tyre Sector
16/09/2014 Sector Updates
The tyre industry is poised to grow in double digits over the next two years. Recovery in the OEM segment (contributing about 30% of the demand) due to positive consumer sentiment, and better replacement sales due to improved economic scenario and fleet utilization levels are likely to boost demand. Further the radialisation levels in the commercial vehicle space are likely to double and reach 50% levels over the next four years. We initiate coverage on JK Tyre with a Buy recommendation and target price of Rs461 (based on 6x FY2016 EPS). We have an Accumulate rating on Apollo Tyres with a target price of Rs240 (based on 10x FY2016 earnings).
   Stock Holding Disclosure list as on September 15, 2014
16/09/2014 Disclosure
The list includes the stock position of Angel Broking and its Affiliates and/or its Analysts as on September 15, 2014. The stock holding position is pertaining to companies under the coverage of Analysts employed by Angel Broking and its Affiliates.
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