Market Outlook. Market Cues. News Analysis. Investor s Ready Reckoner. Top Picks. Key Upcoming Events. July 4, 2017

Transcription

1 July 4, 2017 Market Cues Indian markets are likely to open on a flat note tracking SGX Nifty and global indices. US stock markets turned in a mixed performance on Monday, with the major averages closing on opposite sides of the unchanged line for the second straight session. While the Nasdaq slid 0.5 percent to 6,110, the Dow climbed 0.6 percent to 21,479 and the S&P 500 rose 0.2 percent to 2,429. The mixed performance on Wall Street came following the release of a report from the Institute for Supply Management showing acceleration in the rate of growth in the U.S. manufacturing sector. The U.K. markets rose on Monday as oil prices rose for an eighth day after upbeat manufacturing data from China and banks surged higher on expectations they would benefit from higher interest rates going forward. The benchmark FTSE 100 closed up 0.88 percent at 7,377 after declining half a percent on Friday. Indian shares ended with substantial gains on Monday after the GST kicked in on July 1, raising expectations that the biggest tax reform in independent India will support higher government revenue generation through improved tax compliance and administration. The benchmark BSE Sensex soared 0.97 percent to 31,222 while the broader Nifty index ended up 0.99 percent at 9,615. News Analysis June auto sales volume analysis (Maruti Suzuki, Hero MotoCorp, Ashok Leyland) Detailed analysis on Pg2 Investor s Ready Reckoner Key Domestic & Global Indicators Stock Watch: Latest investment recommendations on 150+ stocks Refer Pg6 onwards Top Picks Company Sector Rating CMP (`) Target (`) Upside Blue Star Capital Goods Buy Dewan Housing FinanceFinancials Buy Mahindra Lifespace Real Estate Buy Navkar Corporation Others Buy KEI Industries Capital Goods Accumulate More Top Picks on Pg5 Key Upcoming Events Date Region Event Description Previous Reading Consensus Expectations Jul 5, 2017 US Initial Jobless claims Jul 6, 2017 Germany PMI Services Jul 7, 2017 UK Industrial Production (YoY) (0.80) 0.20 Jul 7, 2017 India Imports YoY% Jul 7, 2017 US Change in Nonfarm payrolls More Events on Pg5 Domestic Indices Chg (Pts) (Close) BSE Sensex ,422 31,222 Nifty ,136 9,615 Mid Cap ,485 14,809 Small Cap ,128 15,573 Bankex (0.5) 0.2 (131) 65 24,444 26,343 Global Indices Chg (Pts) (Close) Dow Jones ,579 21,479 Nasdaq (0.5) 0.9 (30) 54 5,917 6,110 FTSE ,119 7,377 Nikkei (0.0) (2) 18,430 20,056 Hang Seng ,057 25,784 Shanghai Com ,172 3,196 Advances / Declines BSE NSE Advances 1,849 1,808 1,130 1,193 Declines 1, Unchanged Volumes (` Cr) BSE 3,190 4,029 NSE 21,682 25,391 #Net Inflows (` Cr) Net Net Mtd Ytd FII (565) (732) (2,249) 2,485 41,972 54,454 MFs ,895 6,954 14,333 36,994 Top Gainers Price (`) Chg Indiacem Laxmimach 5, Jktyre Rtnpower Gsfc Ashokley Sobha Gsfc Jetairways Infratel Top Losers Price (`) Chg Irb Jpassociat (5.0) (5.1) Yesbank Sci 1, (3.8) (2.8) Icicibank Dcbbank (2.9) (2.6) Polaris Gati (2.5) (2.6) Concor Sreinfra 1, (2.5) #As #as on 3April t July, 20, 2017

2 July 4, 2017 News Analysis June auto sales number analysis Maruti Suzuki Maruti Suzuki's June sales grew by 7.6% yoy to 1.06 lakh vehicles. The domestic PV sales grew by 1% yoy to 93,057 units. While the entry level segment saw a yoy decline of 8%, premium category sales grew by more than 40% each indicating that the company has kept trend of strong growth in the premium category vehicles i.e. Ciaz, Vitara Brezza, S-Cross, etc. Total exports grew by 96% yoy to 13,131 units in the month. In June, due to the run up to the GST, the customers were seen deferring the vehicle purchases hence company had slowed down the vehicle dispatches to the dealers and had also announced some discounts. With the GST implemented, company has fully passed on the GST benefit to its customers by cutting the car prices by about 3% in most categories. However the vehicle prices in hybrid vehicle categories have seen mild increase. We have an accumulate rating on the stock with price target Rs 8,067. Hero MotoCorp Hero MotoCorp, reported a yoy growth of 13.6% to 624,185 two-wheelers in June Company reported a 13% growth in the motorcycles and 22% growth in the scooters. The volume growth was strong owing to a strong wedding season. With the GST coming in the picture, company has cut the prices Rs 400 to Rs 1800 on the mass selling brands while in the premium category it has cut the prices upto Rs 4000 per unit. We have a neutral rating on the stock. Ashok Leyland Ashok Leyland reported total 11% growth in the June vehicle volumes. MHCV volumes grew by 6% while LCV volumes grew by 29%. The sales have shown a strong rebound compared to the May numbers when company had reported 8% decline in the total vehicle numbers despite 22% jump in the LCV sales as MHCV sales disappointed by 18% decline. Company has indicated of 10-15% growth in MHCV volumes in FY18 and expects LCV contribution to go up from current ~25% to ~50% in next few years with introduction of new products. We have a buy rating on the stock with a price target of Rs 116. Economic and Political News Effect of GST to be far deeper than the tax itself: Rakesh Jhunjhunwala Oil prices dip ahead of US holiday after 8 days of gains RBI restricts G-sec debt portfolio flows Corporate News FMCG companies resume stock supply post GST shift break Hero Moto won't be paying royalty to Honda anymore GST likely to pump fuel into auto sector

3 July 4, 2017 Top Picks HHHHH Company Market Cap (` Cr) CMP (`) Target (`) Upside Alkem Laboratories 22,120 1,850 2, Asian Granito 1, Blue Star 5, Dewan Housing Finance 13, Karur Vysya Bank 8, Jagran Prakashan 6, KEI Industries 1, Mahindra Lifespace 2, Navkar Corporation 2, Siyaram Silk Mills 1,934 2,064 2, TV Today Network 1, Rationale Strong growth in domestic business due to its leadership in acute therapeutic segment. Alkem expects to launch more products in USA, which bodes for its international business. We expect the company would report strong profitability owing to better product mix, higher B2C sales and amalgamation synergy. Favourable outlook for the AC industry to augur well for Cooling products business which is out pacing the market growth. EMPPAC division's profitability to improve once operating environment turns around. 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. Loan growth is likely to pick up after a sluggish FY17. Lower credit cost will help in strong bottomline growth. Increasing share of CASA will help in NIM improvement. 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. High order book execution in EPC segment, rising B2C sales and higher exports to boost the revenues and profitability Speedier execution and speedier sales, strong revenue visibilty in short-to-long run, attractive valuations Massive capacity expansion along with rail advantage at ICD as well CFS augurs well for the company Strong brands and distribution network would boost growth going ahead. Stock currently trades at an inexpensive valuation. Market leadership in Hindi news genre and no. 2 viewership ranking in English news genre, exit from the radio business, and anticipated growth in ad spends by corporates to benefit the stock. Source: Company, Angel Research,

4 July 4, 2017 Key Upcoming Events Global economic events release calendar Bloomberg Data Date Time Country Event Description Unit Period Last Reported Estimated Jul 05, :00 PMUS Initial Jobless claims Thousands Jul Jul 06, :25 PMGermany PMI Services Value Jun F Jul 07, :00 PMUK Industrial Production (YoY) % Change May (0.80) 0.20 India Imports YoY% % Change Jun :00 PMUS Change in Nonfarm payrolls Thousands Jun Jul 10, :00 PMUS Unnemployment rate % Jun India Exports YoY% % Change Jun :00 AMChina Consumer Price Index (YoY) % Change Jun Jul 12, :00 PMUK Jobless claims change % Change Jun :30 PMIndia Industrial Production YoY % Change May 3.10 Jul 13, 2017 US Producer Price Index (mom) % Change Jun (0.70) China Exports YoY% % Change Jun Jul 14, :45 PMUS Industrial Production % Jun :00 PMUS Consumer price index (mom) % Change Jun (0.10) :00 PMIndia Monthly Wholesale Prices YoY% % Change Jun 2.17 Jul 17, :30 AMChina Real GDP (YoY) % Change 2Q :30 AMChina Industrial Production (YoY) % Change Jun 6.50 Jul 18, :30 PMEuro Zone Euro-Zone CPI (YoY) % Jun F :00 PMUK CPI (YoY) % Change Jun 2.90 Jul 19, :00 PMUS Housing Starts Thousands Jun 1, , :00 PMUS Building permits Thousands Jun 1, , Source: Bloomberg, Angel Research

5 July 4, 2017 Macro watch Exhibit 1: Quarterly GDP trends Exhibit 2: IIP trends QFY QFY QFY QFY QFY QFY QFY QFY QFY QFY QFY QFY Jun Jul Aug Sep Oct Nov Dec-16 Jan Feb Mar Apr-17 Source: CSO, Angel Research Source: MOSPI, Angel Research Exhibit 3: Monthly CPI inflation trends Exhibit 4: Manufacturing and services PMI Mfg. PMI Services PMI Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Source: MOSPI, Angel Research Source: Market, Angel Research; Note: Level above 50 indicates expansion Exhibit 5: Exports and imports growth trends Exhibit 6: Key policy rates (10.0) (20.0) (30.0) Exports yoy growth Imports yoy growth Repo rate Reverse Repo rate CRR Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Aug-16 Aug-16 Sep-16 Oct-16 Nov-16 Nov-16 Dec-16 Jan-17 Jan-17 Feb-17 Mar-17 Mar-17 Apr-17 May-17 May-17 Jun-17 Source: Bloomberg, Angel Research Source: RBI, Angel Research

6 July 4, 2017 Global watch Exhibit 1: Latest quarterly GDP Growth (%, yoy) across select developing and developed countries (1.0) Brazil (0.4) 0.5 Russia India China South Africa Indonesia Malaysia 3.3 Thailand UK USA 2.9 Germany France Japan Source: Bloomberg, Angel Research Exhibit 2: 2016 GDP Growth projection by IMF (%, yoy) across select developing and developed countries Brazil Russia India China South Africa Indonesia Malaysia Thailand UK USA Germany France Japan Source: IMF, Angel Research Exhibit 3: One year forward P-E ratio across select developing and developed countries (x) Brazil 5.6 Russia 18.3 India 13.3 China 14.6 South Africa 17.4 Indonesia 17.2 Malaysia 14.7 Thailand 14.8 UK 17.4 USA 14.1 Germany 14.8 France 14.2 Japan Source: IMF, Angel Research

7 July 4, 2017 Exhibit 4: Relative performance of indices across globe Returns Country Name of index Closing price 1M 3M 1YR Brazil Bovespa 63,280 (1.7) (2.7) 25.8 Russia Micex 1,903 (0.7) (6.7) (0.4) India Nifty 9,615 (0.1) China Shanghai Composite 3,196 (1.8) 11.0 South Africa Top 40 45,994 (2.9) Mexico Mexbol 50, Indonesia LQ Malaysia KLCI 1, Thailand SET (0.1) 11.9 USA Dow Jones 21, UK FTSE 7,377 (2.2) Japan Nikkei 20, Germany DAX 12,475 (1.7) France CAC 5,196 (2.8) Source: Bloomberg, Angel Research,

8 Stock Watch Company Name Reco CMP Target Mkt Cap Sales ( cr ) OPM EPS ( ) PER(x) P/BV(x) RoE EV/Sales(x) ( ) Price ( ) ( cr ) FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E Agri / Agri Chemical Rallis Reduce ,758 1,937 2, United Phosphorus Neutral ,406 15,176 17, Auto & Auto Ancillary Ashok Leyland Accumulate ,339 20,021 21, Bajaj Auto Neutral 2,791-80,754 25,093 27, Bharat Forge Neutral 1,107-25,777 7,726 8, Eicher Motors Neutral 27,767-75,587 16,583 20, Gabriel India Neutral 151-2,169 1,544 1, Hero Motocorp Neutral 3,777-75,425 28,083 30, Jamna Auto Industries Neutral 254-2,025 1,486 1, L G Balakrishnan & Bros Neutral 753-1,182 1,302 1, Mahindra and Mahindra Neutral 1,364-84,714 46,534 53, Maruti Neutral 7, ,310 67,822 83, Minda Industries Neutral 655-5,660 2,728 3, Motherson Sumi Neutral ,423 45,896 53, Rane Brake Lining Neutral 1,323-1, Setco Automotive Neutral Tata Motors Neutral , , , TVS Motor Neutral ,230 13,390 15, Amara Raja Batteries Buy 843 1,009 14,399 5,305 6, Exide Industries Neutral ,998 7,439 8, Apollo Tyres Neutral ,947 12,877 14, Ceat Neutral 1,863-7,536 7,524 8, JK Tyres Neutral 169-3,839 7,455 8, Swaraj Engines Neutral 2,346-2, Subros Neutral 255-1,527 1,488 1, Indag Rubber Neutral Capital Goods ACE Neutral BEML Neutral 1,536-6,395 3,451 4, Bharat Electronics Neutral ,274 8,137 9,

9 Stock Watch Company Name Reco CMP Target Mkt Cap Sales ( cr ) OPM EPS ( ) PER(x) P/BV(x) RoE EV/Sales(x) Capital Goods ( ) Price ( ) ( cr ) FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E Voltas Neutral ,527 6,511 7, BGR Energy Neutral 144-1,038 16,567 33, BHEL Neutral ,189 28,797 34, Blue Star Buy ,771 4,283 5, CG Power and Industrial Neutral 83-5,180 5,777 6, Solutions Greaves Cotton Neutral 161-3,934 1,755 1, Inox Wind Neutral 143-3,162 5,605 6, KEC International Neutral 263-6,763 9,294 10, KEI Industries Accumulate ,840 2,633 3, Thermax Neutral ,137 5,421 5, VATech Wabag Neutral 695-3,793 3,136 3, Cement ACC Neutral 1,592-29,886 11,225 13, Ambuja Cements Neutral ,105 9,350 10, India Cements Neutral 204-6,282 4,364 4, JK Cement Neutral 950-6,639 4,398 5, J K Lakshmi Cement Neutral 481-5,656 2,913 3, Orient Cement Neutral 148-3,030 2,114 2, UltraTech Cement Neutral 3, ,647 25,768 30, Construction ITNL Neutral 98-3,219 8,946 10, KNR Constructions Neutral 208-2,919 1,385 1, Larsen & Toubro Neutral 1, , , , Gujarat Pipavav Port Neutral 150-7, Nagarjuna Const. Neutral 90-4,984 8,842 9, PNC Infratech Neutral 143-3,670 2,350 2, Simplex Infra Neutral 517-2,556 6,829 7, Power Mech Projects Neutral ,801 2, Sadbhav Engineering Neutral 309-5,300 3,598 4, NBCC Neutral ,680 7,428 9, MEP Infra Neutral 119-1,932 1,877 1,

10 Stock Watch Company Name Reco CMP Target Mkt Cap Sales ( cr ) OPM EPS ( ) PER(x) P/BV(x) RoE EV/Sales(x) Construction ( ) Price ( ) ( cr ) FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E SIPL Neutral 110-3,883 1,036 1, (8.4) (5.6) (22.8) (15.9) Engineers India Neutral ,391 1,725 1, Financials Axis Bank Accumulate ,101 46,932 53, Bank of Baroda Neutral ,281 19,980 23, Canara Bank Neutral ,785 15,225 16, Can Fin Homes Neutral 3,219-8, Cholamandalam Inv. & Accumulate Fin. Co. 1,108 1,230 17,311 2,012 2, Dewan Housing Finance Buy ,876 2,225 2, Equitas Holdings Buy , , Federal Bank Accumulate ,363 8,259 8, HDFC Neutral 1, ,399 11,475 13, HDFC Bank Neutral 1, ,814 46,097 55, ICICI Bank Accumulate ,940 42,800 44, Karur Vysya Bank Accumulate ,741 5,640 6, Lakshmi Vilas Bank Neutral 203-3,889 3,339 3, LIC Housing Finance Neutral ,918 3,712 4, Punjab Natl.Bank Neutral ,589 23,532 23, RBL Bank Neutral ,498 1,783 2, Repco Home Finance Neutral 810-5, South Ind.Bank Neutral 28-5,014 6,435 7, St Bk of India Neutral ,122 88,650 98, Union Bank Neutral ,318 13,450 14, Yes Bank Neutral 1,493-68,315 8,978 11, FMCG Akzo Nobel India Neutral 1,840-8,825 2,955 3, Asian Paints Neutral 1, ,258 17,128 18, Britannia Neutral 3,711-44,542 9,594 11, Colgate Neutral 1,128-30,669 4,605 5, Dabur India Neutral ,894 8,315 9, GlaxoSmith Con* Neutral 5,368-22,575 4,350 4,

11 Stock Watch Company Name Reco CMP Target Mkt Cap Sales ( cr ) OPM EPS ( ) PER(x) P/BV(x) RoE EV/Sales(x) FMCG ( ) Price ( ) ( cr ) FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E Godrej Consumer Neutral ,102 10,235 11, HUL Neutral 1, ,128 35,252 38, ITC Neutral ,805 40,059 44, Marico Neutral ,740 6,430 7, Nestle* Neutral 6,731-64,894 10,073 11, Tata Global Neutral 152-9,568 8,675 9, Procter & Gamble Hygiene Neutral 8,048-26,124 2,939 3, IT HCL Tech^ Buy 838 1, ,553 46,723 52, Infosys Buy 951 1, ,531 68,484 73, TCS Accumulate 2,373 2, , , , Tech Mahindra Buy ,301 29,141 31, Wipro Accumulate ,204 55,421 58, Media D B Corp Neutral 384-7,054 2,297 2, HT Media Neutral 81-1,888 2,693 2, Jagran Prakashan Buy ,012 2,283 2, Sun TV Network Neutral ,569 2,850 3, Hindustan Media Ventures Neutral 278-2,037 1,016 1, TV Today Network Buy , Metals & Mining Coal India Neutral ,533 84,638 94, Hind. Zinc Neutral ,971 14,252 18, Hindalco Neutral , , , JSW Steel Neutral ,589 53,201 58, NMDC Neutral ,799 6,643 7, SAIL Neutral 59-24,306 47,528 53,738 (0.7) 2.1 (1.9) (1.6) Vedanta Neutral ,528 71,744 81, Tata Steel Neutral , , , Oil & Gas GAIL Neutral ,927 56,220 65, ONGC Neutral , , , Indian Oil Corp Neutral , , ,

12 Stock Watch Company Name Reco CMP Target Mkt Cap Sales ( cr ) OPM EPS ( ) PER(x) P/BV(x) RoE EV/Sales(x) Oil & Gas ( ) Price ( ) ( cr ) FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E Reliance Industries Neutral 1, , , , Pharmaceuticals Alembic Pharma Buy ,705 3,101 3, Alkem Laboratories Ltd Buy 1,850 2,161 22,120 5,853 6, Aurobindo Pharma Buy ,148 14,845 17, Aventis* Neutral 4,160-9,581 2,206 2, Cadila Healthcare Reduce ,685 9,220 11, Cipla Sell ,335 14,281 16, Dr Reddy's Neutral 2,681-44,428 14,081 15, Dishman Pharma Sell 143 1,718 1, GSK Pharma* Neutral 2,537-21,492 2,927 3, Indoco Remedies Sell ,857 1,067 1, Ipca labs Buy ,196 3,211 3, Lupin Buy 1,055 1,526 47,664 17,120 18, Natco Pharma Neutral 1,018-17,741 2,065 1, Sun Pharma Buy ,318 30,264 32, Power Tata Power Neutral 80-21,733 36,916 39, NTPC Neutral ,124 86,605 95, Power Grid Accumulate ,517 25,315 29, Real Estate Prestige Estate Neutral 256-9,583 4,707 5, MLIFE Buy ,306 1,152 1, Telecom Bharti Airtel Neutral , , , Idea Cellular Neutral 86-30,850 40,133 43, zothers Abbott India Neutral 4,209-8,945 3,153 3, Asian Granito Accumulate ,368 1,066 1, Bajaj Electricals Buy ,336 4,801 5, Banco Products (India) Neutral 221-1,577 1,353 1, Coffee Day Enterprises Ltd Neutral 253-5,217 2,964 3, Competent Automobiles Neutral ,137 1, Elecon Engineering Neutral ,482 1,

13 Stock Watch Company Name Reco CMP Target Mkt Cap Sales ( cr ) OPM EPS ( ) PER(x) P/BV(x) RoE EV/Sales(x) zothers ( ) Price ( ) ( cr ) FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E Finolex Cables Neutral 467-7,142 2,883 3, Garware Wall Ropes Neutral 827-1, Goodyear India* Neutral 893-2,059 1,598 1, Hitachi Neutral 1,994-5,421 2,081 2, HSIL Neutral 374-2,704 2,384 2, Interglobe Aviation Neutral 1,192-43,110 21,122 26, Jyothy Laboratories Neutral 352-6,403 1,440 2, Kirloskar Engines India Ltd Neutral 398-5,755 2,554 2, Linc Pen & Plastics Neutral M M Forgings Neutral Manpasand Bever. Neutral 777-4, , Mirza International Neutral 154-1, , MT Educare Neutral Narayana Hrudaya Neutral 315-6,439 1,873 2, Navkar Corporation Buy , Navneet Education Neutral 183-4,265 1,062 1, Nilkamal Neutral 1,899-2,834 1,995 2, Page Industries Neutral 17,425-19,435 2,450 3, Parag Milk Foods Neutral 218-1,836 1,919 2, Quick Heal Neutral 207-1, Radico Khaitan Buy ,619 1,667 1, Relaxo Footwears Neutral 479-5,754 2,085 2, S H Kelkar & Co. Neutral 263-3,801 1,036 1, Siyaram Silk Mills Buy 2,064 2,500 1,934 1,574 1, Styrolution ABS India* Neutral 891-1,568 1,440 1, Surya Roshni Neutral 286-1,252 3,342 3, Team Lease Serv. Neutral 1,375-2,351 3,229 4, The Byke Hospitality Neutral Transport Corporation of Neutral 326-2,498 2,671 2, India

14 Stock Watch Company Name Reco CMP Target Mkt Cap Sales ( cr ) OPM EPS ( ) PER(x) P/BV(x) RoE EV/Sales(x) ( ) Price ( ) ( cr ) FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E zothers TVS Srichakra Neutral 3,825-2,929 2,304 2, UFO Moviez Neutral 391-1, Visaka Industries Neutral ,051 1, VRL Logistics Neutral 331-3,019 1,902 2, VIP Industries Buy ,621 1,270 1, Navin Fluorine Buy 3,025 3,650 2, Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on July 03, 2017

15 Research Team Tel: Website: DISCLAIMER Angel Broking Private Limited (hereinafter referred to as Angel ) is a registered Member of National Stock Exchange of India Limited,Bombay Stock Exchange Limited and Metropolitan Stock Exchange Limited. It is also registered as a Depository Participant with CDSL and Portfolio Manager with SEBI. It also has registration with AMFI as a Mutual Fund Distributor. Angel Broking Private Limited is a registered entity with SEBI for Research Analyst in terms of SEBI (Research Analyst) Regulations, 2014 vide registration number INH Angel or its associates has not been debarred/ suspended by SEBI or any other regulatory authority for accessing /dealing in securities Market. Angel or its associates/analyst has not received any compensation / managed or co-managed public offering of securities of the company covered by Analyst during the past twelve months. This document is solely for the personal information of the recipient, and must not be singularly used as the basis of any investment decision. Nothing in this document should be construed as investment or financial advice. Each recipient of this document should make such investigations as they deem necessary to arrive at an independent evaluation of an investment in the securities of the companies referred to in this document (including the merits and risks involved), and should consult their own advisors to determine the merits and risks of such an investment. Reports based on technical and derivative analysis center on studying charts of a stock's price movement, outstanding positions and trading volume, as opposed to focusing on a company's fundamentals and, as such, may not match with a report on a company's fundamentals. Investors are advised to refer the Fundamental and Technical Research Reports available on our website to evaluate the contrary view, if any. The information in this document has been printed on the basis of publicly available information, internal data and other reliable sources believed to be true, but we do not represent that it is accurate or complete and it should not be relied on as such, as this document is for general guidance only. Angel Broking Pvt. Limited or any of its affiliates/ group companies shall not be in any way responsible for any loss or damage that may arise to any person from any inadvertent error in the information contained in this report. Angel Broking Pvt. Limited has not independently verified all the information contained within this document. Accordingly, we cannot testify, nor make any representation or warranty, express or implied, to the accuracy, contents or data contained within this document. While Angel Broking Pvt. Limited endeavors to update on a reasonable basis the information discussed in this material, there may be regulatory, compliance, or other reasons that prevent us from doing so. This document is being supplied to you solely for your information, and its contents, information or data may not be reproduced, redistributed or passed on, directly or indirectly. Neither Angel Broking Pvt. Limited, nor its directors, employees or affiliates shall be liable for any loss or damage that may arise from or in connection with the use of this information.