Market Outlook. Market Cues. News Analysis. Investor s Ready Reckoner. Top Picks. Key Upcoming Events. August 07, 2017

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1 Market Outlook Market Cues Indian markets are likely to open flat tracking global indices and SGX Nifty. U.S. markets continue their upward move reaching new highs. Better than expected job data lifted the sentiment up and selected stocks witnessed buying during the day. While most economist had expected employment to climb up by 1,89,000 and the actual outcome of 2, 09,000 jobs for July came in as a positive surprise for investors. The US $ also gained some strength post the favourable data. The favourable job data and positive move in the Dowjones helped the European market in opening positive. The German factory orders grew by 1% in June, as compared to the expectations of 0.5% and this helped in negating some mixed corporate results. Indian markets closed on modest gain on Friday, after two days of losing streak. While the markets opened on a weak note, there buying interest at lower leaves and this lifted the markets up. State run oil marketing companies witnessed strong buying interest, while healthcare companies were under selling pressure due to actions from US FDA. With large part of the quarterly results behind now, Indian markets will look forward for global cues for next move, which remain positive now. News Analysis Mahindra & Mahindra s Q1FY18 PAT falls 20% Detailed analysis is on Pg2 Domestic Indices Chg (%) (Pts) (Close) BSE Sensex ,422 32,325 Nifty ,066 9,136 Mid Cap ,485 15,437 Small Cap ,128 15,927 Bankex (0.5) 0.7 (131) ,444 28,075 Global Indices Chg (%) (Pts) (Close) Dow Jones ,579 22,093 Nasdaq ,917 6,352 FTSE ,119 7,512 Nikkei (0.0) (0.4) (77) (2) 18,430 19,952 Hang Seng ,057 27,563 Shanghai Com (0.3) 0.0 (11) 1 3,172 3,262 Advances / Declines BSE NSE Advances 1,849 1,189 1, Declines 1,039 1, Unchanged Investor s Ready Reckoner Key Domestic & Global Indicators Stock Watch: Latest investment recommendations on 150+ stocks Refer Pg7 onwards Top Picks Company Sector Rating CMP (`) Target (`) Upside (%) Blue Star Capital Goods Accumulate Dewan Housing FinanceFinancials Buy Mahindra Lifespace Real Estate Buy Navkar Corporation Others Buy KEI Industries Capital Goods Buy More Top Picks on Pg5 Key Upcoming Events Date Region Event Description Previous Reading Consensus Expectations Aug 08, 2017 China Exports YoY% Aug 09, 2017 China Consumer Price Index (YoY) Aug 10, 2017 India Imports YoY% Aug 10, 2017 US Initial Jobless claims Aug 10, 2017 India Exports YoY% 4.40 More Events on Pg7 Volumes (` Cr) BSE 4,029 3,836 NSE 25,391 27,481 #Net Inflows (` Cr) Net Net Mtd Ytd FII (565) 56 (2,249) (296) 41,972 58,100 MFs 804 (25) 4,895 1,626 14,333 52,572 Top Gainers Price (`) Chg (%) Indiacem Unitech Jktyre Titan Gsfc Hindpetro Sobha Ioc Jetairways M&Mfin Top Losers Price (`) Chg (%) Irb Hdil (5.0) (9.2) Yesbank Ceatltd 1,545 1,734 (3.8) (8.8) Icicibank Biocon (2.9) (4.8) Polaris Mrf 66, (2.5) (4.0) Concor Hcc 1, (2.5) (3.8) #As #as on 4April rd Aug, 20, 2017

2 Market Outlook News Analysis Mahindra & Mahindra s Q1FY18 PAT falls 20% Mahindra & Mahindra Ltd reported a lower than expected PAT at `765 cr, down 20% YoY, vs `961 cr. The company took a hit of Rs 144 cr during the quarter to compensate its dealers ahead of GST. Overall sales grew by 3.2% YoY to `12,336 cr, backed by a strong 12% growth in farm equipment segment. However, passenger vehicles sales slowed down ahead of transition to GST in July and the segment reported a decline of 3.8% in its sales. The export markets also remained under pressure during the quarter. A revival in rural demand and good monsoon on the other hand had a positive impact on the tractor segment. Total tractor sales during the quarter stood at 81,178 up 13%, while domestic passenger vehicle sales declined by 6% YoY 55,785 units. The company has been facing stiff competition from other passenger car companies off late and the management says it has lost some market share in the UV segment. The UV sales were down 5% YoY. While there could be revival in its volume with the introduction of new models and variants, still overall growth could remain muted. Economic and Political News India s forex reserves surges to record $ billion Income Tax department identifies 30,000 cases for scrutiny SEBI tells listed companies to disclose loan defaults within one day Corporate News HPCL Q1FY18 net drops 56% at `925 cr on high inventory loss ONGC buys 80% participating interest in GSPC block Vedanta sells $1 billion bonds to refinance $1.8 billion debt Arvind Ltd posts 22% fall in Q1FY18 PAT at `57 cr NCLT to decide on RCom-Aircel merger on 10 th August IOC to acquire up to 50% in Mundra LNG terminal

3 Market Outlook Quarterly Bloomberg Brokers Consensus Estimate Tata Steel Ltd - Aug 7, 2017 Particulars (` cr) 1QFY18E 1QFY17 y-o-y (%) 4QFY17 q-o-q (%) Net sales 28,408 25, ,424 (15.0) EBITDA 4,252 3, ,025 (39.5) EBITDA margin (%) Net profit 1,256 (3,207) 0.0 (1,168) 0.0 Britannia - Aug 7, 2017 Particulars (` cr) 1QFY18E 1QFY17 y-o-y (%) 4QFY17 q-o-q (%) Net sales 2,238 2, , EBITDA EBITDA margin (%) Net profit (0.2)

4 Market Outlook Top Picks HHHHH Company Market Cap (` Cr) CMP (`) Target (`) Upside (%) Alkem Laboratories 21,866 1,829 2, Asian Granito 1, Blue Star 6, Dewan Housing Finance 14, Karur Vysya Bank 8, KEI Industries 1, Mahindra Lifespace 2, Navkar Corporation 2, Siyaram Silk Mills 1,937 2,067 2, TV Today Network 1, Maruti 2,34,979 7,779 8, 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. 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. After GST, the company is expected to see higher volumes along with improving product mix. The Gujarat plant will also enable higher operating leverage which will be margin accretive. Source: Company, Angel Research,

5 Market Outlook Key Upcoming Events Result Calendar Date August 08, 2017 Company Amara Raja Batteries, LMW, Britannia, Tata Steel, Nilkamal Tata Chemicals, Thermax, Mangalam Cement, Bank of India, GlaxoSmith Con, Jagran Prakashan, Jindal Steel, Vesuvius India, L G Balakrishnan & Bros, GIPCL, Anant Raj, Team Lease Serv. Source: Bloomberg, Angel Research Global economic events release calendar Date Time Country Event Description Unit Period Bloomberg Data Last Reported Estimated Aug 08, 2017 China Exports YoY% % Change Jul Aug 09, :00 AM China Consumer Price Index (YoY) % Change Jul Aug 10, 2017 India Imports YoY% % Change Jul :00 PM US Initial Jobless claims Thousands Aug India Exports YoY% % Change Jul :00 PM US Consumer price index (mom) % Change Jul US Producer Price Index (mom) % Change Jul 0.20 Aug 11, :00 PM UK Industrial Production (YoY) % Change Jun (0.20) (0.10) 5:30 PM India Industrial Production YoY % Change Jun 1.70 Aug 14, :30 AM China Industrial Production (YoY) % Change Jul :00 PM India Monthly Wholesale Prices YoY% % Change Jul 0.90 Aug 15, :00 PM UK CPI (YoY) % Change Jul :30 AM Germany GDP nsa (YoY) % Change 2Q P 2.90 Aug 16, :30 PM Euro Zone Euro-Zone GDP s.a. (QoQ) % Change 2Q P :00 PM US Housing Starts Thousands Jul 1, , Source: Bloomberg, Angel Research

6 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Sep-16 Oct-16 Nov-16 Nov-16 Dec-16 Jan-17 Jan-17 Feb-17 Mar-17 Mar-17 Apr-17 May-17 Jun-17 Jun-17 Jul-17 Aug-17 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 1QFY15 2QFY15 3QFY15 4QFY15 1QFY16 2QFY16 3QFY16 4QFY16 1QFY17 2QFY17 3QFY17 4QFY17 Jul-16 Aug-16 Sep-16 Oct-16 Nov- 16 Dec-16 Jan-17 Feb-17 Mar- 17 Apr-17 May- 17 Market Outlook Macro watch Exhibit 1: Quarterly GDP trends Exhibit 2: IIP trends (%) (%) Source: CSO, Angel Research Source: MOSPI, Angel Research Exhibit 3: Monthly CPI inflation trends Exhibit 4: Manufacturing and services PMI (%) Mfg. PMI Services PMI 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 Source: Bloomberg, Angel Research Source: RBI, Angel Research

7 Brazil Russia India China South Africa Indonesia Malaysia Thailand UK USA Germany France Japan Brazil Russia India China South Africa Indonesia Malaysia Thailand UK USA Germany France Japan Brazil Russia India China South Africa Indonesia Malaysia Thailand UK USA Germany France Japan Market Outlook Global watch Exhibit 1: Latest quarterly GDP Growth (%, yoy) across select developing and developed countries (%) (1.0) (0.4) Source: Bloomberg, Angel Research Exhibit 2: 2016 GDP Growth projection by IMF (%, yoy) across select developing and developed countries 8.0 (%) Source: IMF, Angel Research Exhibit 3: One year forward P-E ratio across select developing and developed countries (x) Source: IMF, Angel Research

8 Market Outlook Exhibit 4: Relative performance of indices across globe Returns (%) Country Name of index Closing price 1M 3M 1YR Brazil Bovespa 66, Russia Micex 1, (2.0) (0.2) India Nifty 10, China Shanghai Composite 3, South Africa Top 40 49, Mexico Mexbol 51, Indonesia LQ (2.0) Malaysia KLCI 1, (0.2) 7.0 Thailand SET 50 1, USA Dow Jones 22, UK FTSE 7, Japan Nikkei 19,952 (0.4) Germany DAX 12,298 (1.3) (3.3) 15.5 France CAC 5, (3.3) 15.6 Source: Bloomberg, Angel Research

9 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 ,743 1,937 2, United Phosphorus Neutral ,034 15,176 17, Auto & Auto Ancillary Ashok Leyland Accumulate ,914 20,019 22, Bajaj Auto Neutral 2,874-83,155 25,093 27, Bharat Forge Neutral 1,155-26,895 7,726 8, Eicher Motors Neutral 31,637-86,123 16,583 20, Gabriel India Neutral 168-2,415 1,544 1, Hero Motocorp Neutral 3,959-79,053 28,120 30, Jamna Auto Industries Neutral 264-2,107 1,486 1, L G Balakrishnan & Bros Neutral 763-1,197 1,302 1, Mahindra and Mahindra Neutral 1,418-88,090 46,534 53, Maruti Accumulate 7,779 8, ,979 67,822 83, Minda Industries Neutral 771-6,661 2,728 3, Motherson Sumi Neutral ,755 45,896 53, Rane Brake Lining Neutral 1,291-1, Setco Automotive Neutral Tata Motors Neutral , , , TVS Motor Neutral ,458 13,390 15, Amara Raja Batteries Buy ,762 5,339 6, Exide Industries Neutral ,343 7,439 8, Apollo Tyres Neutral ,354 12,877 14, Ceat Neutral 1,734-7,014 7,524 8, JK Tyres Neutral 160-3,630 7,455 8, Swaraj Engines Neutral 2,028-2, Subros Neutral 239-1,433 1,488 1, Indag Rubber Neutral Capital Goods ACE Neutral BEML Neutral 1,730-7,205 3,451 4, Bharat Electronics Neutral ,971 8,137 9,

10 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 ,907 6,511 7, BGR Energy Neutral 143-1,030 16,567 33, BHEL Neutral ,679 28,797 34, Blue Star Accumulate ,465 4,283 5, CG Power and Industrial Neutral 81-5,092 5,777 6, Solutions Greaves Cotton Neutral 156-3,804 1,755 1, Inox Wind Neutral 137-3,037 5,605 6, KEC International Neutral 298-7,665 9,294 10, KEI Industries Buy ,742 2,633 3, Thermax Neutral ,747 5,421 5, VATech Wabag Accumulate ,401 3,136 3, Cement ACC Neutral 1,812-34,029 11,225 13, Ambuja Cements Neutral ,122 9,350 10, India Cements Neutral 198-6,103 4,364 4, JK Cement Neutral 1,008-7,048 4,398 5, J K Lakshmi Cement Neutral 449-5,284 2,913 3, Orient Cement Neutral 155-3,176 2,114 2, UltraTech Cement Neutral 4, ,015 25,768 30, Construction ITNL Neutral 89-2,928 8,946 10, KNR Constructions Neutral 208-2,927 1,385 1, Larsen & Toubro Buy 1,177 1, , , , Gujarat Pipavav Port Neutral 140-6, Nagarjuna Const. Neutral 87-4,842 8,842 9, PNC Infratech Neutral 141-3,610 2,350 2, Simplex Infra Neutral 455-2,249 6,829 7, Power Mech Projects Neutral ,801 2, Sadbhav Engineering Neutral 288-4,941 3,598 4, NBCC Neutral ,503 7,428 9, MEP Infra Neutral 123-1,996 1,877 1,

11 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 103-3,623 1,036 1, (8.4) (5.6) (22.8) (15.9) Engineers India Neutral ,752 1,725 1, Financials Axis Bank Accumulate ,885 46,932 53, Bank of Baroda Neutral ,625 19,980 23, Canara Bank Neutral ,992 15,225 16, Can Fin Homes Neutral 2,979-7, Cholamandalam Inv. & Neutral Fin. Co. 1,180-18,449 2,012 2, Dewan Housing Finance Buy ,320 2,225 2, Equitas Holdings Buy , , Federal Bank Buy ,150 8,259 8, HDFC Neutral 1, ,033 11,475 13, HDFC Bank Neutral 1, ,272 46,097 55, ICICI Bank Accumulate ,933 42,800 44, Karur Vysya Bank Accumulate ,503 5,640 6, Lakshmi Vilas Bank Neutral 177-3,399 3,339 3, LIC Housing Finance Neutral ,539 3,712 4, Punjab Natl.Bank Neutral ,132 23,532 23, RBL Bank Neutral ,536 1,783 2, Repco Home Finance Accumulate , South Ind.Bank Neutral 29-5,275 6,435 7, St Bk of India Accumulate ,666 88,650 98, Union Bank Neutral 145-9,978 13,450 14, Yes Bank Neutral 1,809-82,793 8,978 11, FMCG Akzo Nobel India Neutral 1,796-8,614 2,955 3, Asian Paints Neutral 1, ,960 17,128 18, Britannia Neutral 3,913-46,984 9,594 11, Colgate Neutral 1,074-29,210 4,605 5, Dabur India Neutral ,184 8,315 9, GlaxoSmith Con* Neutral 5,447-22,908 4,350 4,

12 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 ,433 10,235 11, HUL Neutral 1, ,982 35,252 38, ITC Neutral ,443 40,059 44, Marico Neutral ,953 6,430 7, Nestle* Neutral 6,697-64,568 10,073 11, Tata Global Neutral ,505 8,675 9, Procter & Gamble Hygiene Neutral 8,195-26,602 2,939 3, IT HCL Tech^ Accumulate 891 1, ,095 46,723 52, Infosys Buy 985 1, ,329 68,484 73, TCS Accumulate 2,523 2, , , , Tech Mahindra Buy ,857 29,141 31, Wipro Neutral ,785 55,421 58, Media D B Corp Neutral 379-6,978 2,297 2, HT Media Neutral 87-2,016 2,693 2, Jagran Prakashan Buy ,788 2,283 2, Sun TV Network Neutral ,989 2,850 3, Hindustan Media Ventures Neutral 270-1,981 1,016 1, TV Today Network Buy , Music Broadcast Limited Buy , Metals & Mining Coal India Neutral ,689 84,638 94, Hind. Zinc Neutral ,717 14,252 18, Hindalco Neutral , , , JSW Steel Neutral ,197 53,201 58, NMDC Neutral ,533 6,643 7, SAIL Neutral 62-25,421 47,528 53,738 (0.7) 2.1 (1.9) (1.6) Vedanta Neutral ,371 71,744 81, Tata Steel Neutral , , , Oil & Gas GAIL Neutral ,075 56,220 65, ONGC Neutral , , ,

13 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 Indian Oil Corp Neutral , , , Reliance Industries Neutral 1, , , , Pharmaceuticals Alembic Pharma Accumulate ,003 3,101 3, Alkem Laboratories Ltd Buy 1,829 2,161 21,866 5,853 6, Aurobindo Pharma Accumulate ,488 14,845 17, Aventis* Neutral 4,247-9,780 2,206 2, Cadila Healthcare Sell ,422 9,220 11, Cipla Sell ,629 14,281 16, Dr Reddy's Neutral 2,244-37,197 14,081 15, Dishman Pharma Sell 143 1,718 1, GSK Pharma* Neutral 2,401-20,334 2,927 3, Indoco Remedies Sell ,836 1,067 1, Ipca labs Buy ,822 3,211 3, Lupin Buy 993 1,526 44,836 17,120 18, Natco Pharma Accumulate 950 1,060 16,551 2,065 1, Sun Pharma Buy ,558 30,264 32, Power Tata Power Neutral 80-21,706 36,916 39, NTPC Neutral ,151 86,605 95, Power Grid Neutral ,632 25,315 29, Real Estate Prestige Estate Neutral ,185 4,707 5, MLIFE Buy ,154 1,152 1, Telecom Bharti Airtel Neutral , , , Idea Cellular Neutral 93-33,416 40,133 43, zothers Abbott India Neutral 4,387-9,323 3,153 3, Asian Granito Accumulate ,275 1,066 1, Bajaj Electricals Buy ,296 4,801 5, Banco Products (India) Neutral 216-1,544 1,353 1, Coffee Day Enterprises Ltd Neutral 245-5,048 2,964 3, Competent Automobiles Neutral ,137 1,

14 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 Elecon Engineering Neutral ,482 1, Finolex Cables Neutral 482-7,378 2,883 3, Garware Wall Ropes Neutral 888-1, Goodyear India* Neutral 882-2,034 1,598 1, Hitachi Neutral 2,034-5,530 2,081 2, HSIL Neutral 367-2,655 2,384 2, Interglobe Aviation Neutral 1,276-46,151 21,122 26, Jyothy Laboratories Neutral 383-6,960 1,440 2, Kirloskar Engines India Ltd Neutral 400-5,789 2,554 2, Linc Pen & Plastics Neutral M M Forgings Neutral Manpasand Bever. Neutral 778-4, , Mirza International Neutral 163-1, , MT Educare Neutral Narayana Hrudaya Neutral 300-6,128 1,873 2, Navkar Corporation Buy , Navneet Education Neutral 159-3,703 1,062 1, Nilkamal Neutral 1,786-2,665 1,995 2, Page Industries Neutral 16,368-18,256 2,450 3, Parag Milk Foods Neutral 254-2,132 1,919 2, Quick Heal Neutral 209-1, Radico Khaitan Neutral 146-1,937 1,667 1, Relaxo Footwears Neutral 454-5,454 2,085 2, S H Kelkar & Co. Neutral 265-3,831 1,036 1, Siyaram Silk Mills Buy 2,067 2,500 1,937 1,574 1, Styrolution ABS India* Neutral 1,022-1,798 1,440 1, Surya Roshni Neutral 285-1,249 3,342 3, Team Lease Serv. Neutral 1,412-2,413 3,229 4, The Byke Hospitality Neutral

15 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 Transport Corporation of Neutral 298-2,283 2,671 2, India TVS Srichakra Neutral 3,605-2,760 2,304 2, UFO Moviez Neutral 368-1, Visaka Industries Neutral ,051 1, VRL Logistics Neutral 343-3,134 1,902 2, VIP Industries Accumulate ,746 1,270 1, Navin Fluorine Neutral 738-3, Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on August 04, 2017

16 Market Outlook 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.