Market Outlook. Market Cues. News Analysis. Investor s Ready Reckoner. Top Picks. Key Upcoming Events. September 20, 2016

Transcription

1 6.( Market Outlook Market Cues Indian markets are likely to open on a negative note considering global cues. US markets closed slightly lower on Friday after giving up intraday gains. Investors were reluctant to build positions ahead of the FOMC meeting and the expected interest rate hike. Steel stocks were major gainers, continuing the commodity stocks rally which began in Europe. European markets rallied strongly as higher crude prices pushed oil stocks higher during the session. Crude futures rallied 2% ahead of potential deal between OPEC and non-opec oil producers to stabilize oil prices. Energy stocks Tullow Oil, BP Plc and Royal Dutch Shell climbed around 2 percent each. Mining stocks Anglo American, BHP Billiton, Glencore and Rio Tinto jumped around 3-4 percent, reversing Friday s losses. Indian markets closed higher for a fourth consecutive session on Monday with modest gains. Most sectoral indices closed higher at the end of the session, with the metal index reversing its losses over the last session to close up 1.4%. Market sentiment remains cautious ahead of a possible rate hike by the US Fed as well as other crucial economic indicators. News Analysis Motherson Sumi plans acquisition and capex of `2,000cr CCI approves JSW Energy s purchase of 500 MW plant 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 Batteries Auto & Auto Ancillary Buy 1,005 1, HCL Tech IT Buy 787 1, Bharat Electronics Capital Goods Accumulate 1,236 1, Equitas Holdings Financials Buy Navkar Corporation Others Buy More Top Picks on Pg3 Key Upcoming Events Date Region Event Description Previous Reading Consensus Expectations Sep 20 US Housing Starts 1, , Sep 20 US Building permits 1, , Sep 21 US Initial Jobless claims Sep 22 US FOMC rate decision Sep 22 Euro Zone Euro-Zone Consumer Confidence (8.50) (8.20) Sep 22 Germany PMI Manufacturing Sep 23 US Existing home sales Sep 23 Germany PMI Services More Events on Pg4 Domestic Indices Chg (Pts) (Close) BSE Sensex ,635 Nifty ,808 Mid Cap ,132 Small Cap ,831 Bankex ,810 Global Indices Chg (Pts) (Close) Dow Jones (0.0) (4) 18,120 Nasdaq (0.2) (10) 5,235 FTSE ,814 Nikkei ,519 Hang Seng ,550 Shanghai Com ,026 Advances / Declines BSE NSE Advances 1, Declines 1, Unchanged Volumes (` Cr) BSE 3,616 NSE 19,226 Net Inflows (` Cr) Net Mtd Ytd FII 541 1,740 42,409 MFs 145 (440) 9,669 Top Gainers Price (`) Chg Il&Fstrans Raymond Gvkpil Ibrealest Mrf 43, Top Losers Price (`) Chg Castrolind 422 (4.5) Jublfood 1,005 (3.5) Rtnpower 9 (3.4) Mfsl 570 (3.3) Shriramcit 2,148 (2.9) As on September 19, 2016

2 Market Outlook News Analysis Motherson Sumi plans acquisition and capex of `2,000cr Motherson Sumi successfully closed its QIP raising over `1,900cr. The total amount raised is aorund `2,600cr along with preference issue to Sumitomo. The company is seeing a lot of opportunities and plans to do an acquisition by year-end. The company also has capex plans of about `2,000cr funded by internal accruals. The company has also given a revenue growth forecast of $18 billion by Of this, percent is planned to come from organic growth. CCI approves JSW Energy s purchase of 500 MW plant The Competition Commission of India (CCI) approved JSW Energy's purchase of the 500-mw Bina thermal power plant from Jaiprakash Power Ventures. Under the deal, announced in July, JSW Energy will buy 100 per cent stake in the special purpose vehicle (SPV) -- Bina Power Supply Ltd (BPSL) -- to which the 500 mw power plant is to be transferred. The plant, which has two units of 250 mw generation capacity each, is located at Bina in Madhya Pradesh. In July, JSW Energy informed BSE that it had agreed to acquire 500 mw (2X250 MW) thermal power plant located at Bina. The consideration to be received from JSW is linked to a base enterprise value as on September 1, 2015, of `2,700cr for sale of 100 per cent of BPSL, subject to mutually agreed adjustments. JSW Energy is into power generation, trading and transmission, among others. Jaiprakash Power Ventures is part of the diversified Jaypee Group. Economic and Political News Centre to get majority stake in GST Network, a company created to manage IT infrastructure for GST Indian healthcare obtains $397 mn in funding deals for 2016 YTD Cauvery supervisory orders the release of 3,000 cusecs of water per day to Tamil Nadu Finance ministry invites applications for post of chairman of SEBI Corporate News Jubilant FoodWorks CEO Ajay Kaul steps down Spicejet to increase flights from Kolkata to domestic and international destinations Glenmark Pharma enters into agreement with Particle Sciences to develop generic cancer drug

3 Market Outlook Top Picks Large Cap Company Market Cap (` Cr) CMP (`) Target (`) Upside Amara Raja Batteries 17,158 1,005 1, Bharat Electronics 29,653 1,236 1, HCL Tech 1,11, , Infosys 2,43,740 1,061 1, Source: Company, Angel Research Rationale To outpace battery industry growth due to better technological products leading to market share gains in both the automotive OEM and replacement segments. Uptick in defense capex by government when coupled with BELs strong market positioning, indicate that good times are ahead for BEL. The stock is trading at attractive valuations and is factoring all the bad news. Back on the growth trend, expect a long term growth of 14% to be a US$20bn in FY2020. Mid Cap Company Market Cap (` Cr) CMP (`) Target (`) Upside Bajaj Electricals 2, Blue Star 4, Dewan Housing Finance 8, Equitas Holdings 6, Goodyear India 1, Jagran Prakashan 6, Mahindra Lifespace 1, Navkar Corporation 2, Radico Khaitan 1, Siyaram Silk Mills 1,141 1,217 1, TV Today Network 1, Source: Company, Angel Research Rationale 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. 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. 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. Expectations of above average monsoon augurs well for Goodyear India as it derives ~50% of its turnover from farm tyre segment. 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. 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 Earnings boost on back of stable material prices and favourable pricing environment. Valuation discount to peers provides additional comfort 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.

4 Market Outlook h Key Upcoming Events Global economic events release calendar Bloomberg Data Date Time Country Event Description Unit Period Last Reported Estimated Sep 20, :00 PM US Housing Starts Thousands Aug 1, , :00 PM US Building permits Thousands Aug 1, , Sep 21, :00 PM US Initial Jobless claims Thousands Sep Sep 22, :30 PM US FOMC rate decision % Sep :30 PM Euro Zone Euro-Zone Consumer Confidence Value Sep A (8.50) (8.20) 1:00 PM Germany PMI Manufacturing Value Sep P Sep 23, :30 PM US Existing home sales Million Aug :00 PM Germany PMI Services Value Sep P Sep 26, :30 PM US New home sales Thousands Aug Sep 27, :30 PM US Consumer Confidence S.A./ 1985=100 Sep Sep 29, :25 PM Germany Unemployment change (000's) Thousands Sep (7.00) 6:00 PM US GDP Qoq (Annualised) % Change 2Q T Sep 30, :00 PM UK GDP (YoY) % Change 2Q F 2.20 Oct 01, :30 AM China PMI Manufacturing Value Sep Oct 03, :00 PM UK PMI Manufacturing Value Sep Oct 04, :00 AM India RBI Reverse Repo rate % Oct :00 AM India RBI Repo rate % Oct :00 PM UK Industrial Production (YoY) % Change Aug 2.10 Oct 07, :00 AM India RBI Cash Reserve ratio % Oct :00 PM US Change in Nonfarm payrolls Thousands Sep :00 PM US Unnemployment rate % Sep Source: Bloomberg, Angel Research

5 Market Outlook h Macro watch Exhibit 1: Quarterly GDP trends Exhibit 2: IIP trends QFY QFY QFY QFY QFY QFY15 4QFY QFY16 2QFY QFY QFY QFY (2.0) (4.0) (6.0) 3.7 Sep Oct-15 (3.4) Nov-15 (0.9) Dec-15 (1.6) Jan Feb Mar-16 (1.3) Apr May Jun-16 (2.4) Jul-16 Source: CSO, Angel Research Source: MOSPI, Angel Research Exhibit 3: Monthly CPI inflation trends Exhibit 4: Manufacturing and services PMI Mfg. PMI Services PMI Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 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 (5.0) (10.0) (15.0) (20.0) Exports yoy growth Imports yoy growth Repo rate Reverse Repo rate CRR (25.0) 4.00 (30.0) 3.50 (35.0) 3.00 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Oct-15 Nov-15 Nov-15 Dec-15 Dec-15 Jan-16 Jan-16 Jan-16 Feb-16 Feb-16 Mar-16 Mar-16 Apr-16 Apr-16 May-16 May-16 Jun-16 Jun-16 Jul-16 Jul-16 Jul-16 Aug-16 Aug-16 Sep-16 Source: Bloomberg, Angel Research Source: RBI, Angel Research

6 Market Outlook h Global watch Exhibit 1: Latest quarterly GDP Growth (%, yoy) across select developing and developed countries (2.0) (4.0) Brazil (3.8) Russia (0.6) India China South Africa Indonesia Malaysia Thailand UK USA Germany France Japan (6.0) Source: Bloomberg, Angel Research Exhibit 2: 2016 GDP Growth projection by IMF (%, yoy) across select developing and developed countries (3.8) (1.8) (2.0) (4.0) Brazil Russia India China South Africa Indonesia Malaysia Thailand UK USA Germany France Japan (6.0) Source: IMF, Angel Research Exhibit 3: One year forward P-E ratio across select developing and developed countries (x) Brazil Russia India China South Africa Indonesia Malaysia Thailand UK USA Germany France Japan Source: IMF, Angel Research

7 Market Outlook h Exhibit 4: Relative performance of indices across globe Returns Country Name of index Closing price 1M 3M 1YR Brazil Bovespa 57,350 (3.0) Russia Micex 1, India Nifty 8, China Shanghai Composite 3,026 (2.7) 4.9 (6.7) South Africa Top 40 45,496 (1.3) (1.4) (0.3) Mexico Mexbol 45,871 (5.0) Indonesia LQ (0.4) Malaysia KLCI 1,652 (2.3) Thailand SET (3.6) USA Dow Jones 18,120 (2.3) UK FTSE 6,814 (0.7) Japan Nikkei 16,519 (1.4) 7.0 (7.5) Germany DAX 10,374 (2.3) France CAC 4,394 (1.0) 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 Neutral 217-4,225 1,937 2, United Phosphorus Accumulate ,590 15,176 17, Auto & Auto Ancillary Ashok Leyland Buy ,062 22,407 26, Bajaj Auto Neutral 2,946-85,240 25,093 27, Bharat Forge Neutral ,027 7,726 8, Eicher Motors Neutral 23,129-62,822 16,583 20, Gabriel India Neutral 119-1,708 1,544 1, Hero Motocorp Neutral 3,554-70,975 31,253 35, Jamna Auto Industries Neutral 225-1,800 1,486 1, L G Balakrishnan & Bros Neutral ,302 1, Mahindra and Mahindra Neutral 1,416-87,956 46,534 53, Maruti Neutral 5, ,649 69,186 82, Minda Industries Neutral 303-2,406 2,728 3, Motherson Sumi Neutral ,374 45,896 53, Rane Brake Lining Neutral 1,264-1, Setco Automotive Neutral Tata Motors Neutral , , , TVS Motor Neutral ,013 13,390 15, Amara Raja Batteries Buy 1,005 1,174 17,158 5,429 6, Exide Industries Neutral ,494 7,439 8, Apollo Tyres Neutral ,262 12,877 14, Ceat Accumulate 1,128 1,119 4,564 7,524 8, JK Tyres Neutral 150-3,398 7,455 8, Swaraj Engines Neutral 1,220-1, Subros Neutral ,488 1, Indag Rubber Neutral Capital Goods ACE Neutral BEML Accumulate 910 1,157 3,791 3,451 4, Bharat Electronics Buy 1,236 1,414 29,653 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) ( ) Price ( ) ( cr ) FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E Capital Goods Voltas Accumulate ,936 6,511 7, BGR Energy Neutral ,567 33, BHEL Neutral ,041 28,797 34, Blue Star Accumulate ,955 4,351 5, Crompton Greaves Neutral 82-5,149 5,777 6, Greaves Cotton Neutral 133-3,247 1,755 1, Inox Wind Buy ,410 5,605 6, KEC International Neutral 120-3,081 9,294 10, Thermax Neutral ,635 5,421 5, VATech Wabag Buy ,010 3,136 3, Cement ACC Neutral 1,648-30,951 11,225 13, Ambuja Cements Neutral ,937 9,350 10, India Cements Neutral 152-4,669 4,364 4, JK Cement Neutral 796-5,568 4,398 5, J K Lakshmi Cement Neutral 467-5,491 2,913 3, Orient Cement Neutral 201-4,120 2,114 2, UltraTech Cement Neutral 3, ,503 25,768 30, Construction ITNL Neutral 107-3,510 8,946 10, KNR Constructions Buy ,969 1,385 1, Larsen & Toubro Buy 1,480 1, ,956 67,665 77, Gujarat Pipavav Port Neutral 178-8, Nagarjuna Const. Neutral 88-4,887 8,842 9, PNC Infratech Buy ,152 2,350 2, Simplex Infra Neutral 327-1,619 6,829 7, Power Mech Projects Neutral ,801 2, Sadbhav Engineering Neutral 297-5,090 3,598 4, NBCC Neutral ,120 7,428 9, MEP Infra Neutral ,877 1, SIPL Neutral 106-3,734 1,036 1, (8.4) (5.6) (22.8) (15.9)

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 Engineers India Neutral 265-8,937 1,725 1, Financials Axis Bank Neutral ,881 58,081 66, Bank of Baroda Neutral ,341 19,980 23, Canara Bank Neutral ,436 15,225 16, Dewan Housing Finance Buy ,286 2,225 2, Equitas Holdings Buy , , Federal Bank Neutral 74-12,706 9,353 10, HDFC Neutral 1, ,402 11,475 13, HDFC Bank Accumulate 1,290 1, ,595 46,097 55, ICICI Bank Neutral ,133 39,029 45, LIC Housing Finance Neutral ,942 3,712 4, Punjab Natl.Bank Neutral ,157 23,532 23, RBL Bank Accumulate ,144 1,783 2, South Ind.Bank Neutral 24-3,180 6,435 7, St Bk of India Neutral ,455 88,650 98, Union Bank Neutral 142-9,744 13,450 14, Yes Bank Neutral 1,178-49,596 8,978 11, FMCG Asian Paints Neutral 1, ,598 17,128 18, Britannia Neutral 3,412-40,932 9,795 11, Colgate Neutral ,331 4,605 5, Dabur India Neutral ,701 8,315 9, GlaxoSmith Con* Neutral 6,183-26,001 4,350 4, Godrej Consumer Neutral 1,657-56,428 10,235 11, HUL Neutral ,487 35,252 38, ITC Accumulate ,608 40,059 44, Marico Neutral ,925 6,430 7, Nestle* Neutral 6,333-61,057 10,073 11, Tata Global Neutral 139-8,792 8,675 9, Procter & Gamble Hygiene Accumulate 6,749 7,369 21,908 2,939 3,

11 Stock Watch Company Name Reco CMP Target Mkt Cap Sales ( cr ) OPM EPS ( ) PER(x) P/BV(x) RoE EV/Sales(x) IT ( ) Price ( ) ( cr ) FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E HCL Tech^ Buy 787 1, ,048 49,242 57, Infosys Buy 1,061 1, ,740 69,934 79, TCS Buy 2,407 3, , , , Tech Mahindra Buy ,201 30,347 33, Wipro Buy ,772 51,631 55, Media D B Corp Neutral 400-7,358 2,297 2, HT Media Neutral 82-1,916 2,693 2, Jagran Prakashan Buy ,157 2,355 2, Sun TV Network Neutral ,328 2,850 3, Hindustan Media Ventures Neutral 286-2,099 1,016 1, TV Today Network Buy , Metals & Mining Coal India Neutral ,682 84,638 94, Hind. Zinc Neutral ,732 14,252 18, Hindalco Neutral , , , JSW Steel Neutral 1,769-42,764 53,201 58, NMDC Neutral ,975 6,643 7, SAIL Neutral 47-19,473 47,528 53,738 (0.7) 2.1 (1.9) (1.6) Vedanta Neutral ,829 71,744 81, Tata Steel Neutral , , , Oil & Gas Cairn India Neutral ,035 9,127 10, GAIL Neutral ,293 56,220 65, ONGC Neutral , , , Indian Oil Corp Neutral , , , Reliance Industries Neutral 1, , , , Pharmaceuticals Alembic Pharma Neutral ,182 3,483 4, Aurobindo Pharma Accumulate ,083 15,720 18, Aventis* Neutral 4,291-9,883 2,357 2, Cadila Healthcare Neutral ,629 11,126 13, Cipla Reduce ,029 15,378 18,

12 Stock Watch Company Name Reco CMP Target Mkt Cap Sales ( cr ) OPM EPS ( ) PER(x) P/BV(x) RoE EV/Sales(x) Pharmaceuticals ( ) Price ( ) ( cr ) FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E Dr Reddy's Neutral 3,157-52,304 16,043 18, Dishman Pharma Sell ,179 1,718 1, GSK Pharma* Neutral 2,840-24,057 3,528 3, Indoco Remedies Sell ,976 1,112 1, Ipca labs Accumulate ,464 3,303 3, Lupin Buy 1,543 1,809 69,556 15,912 18, Sun Pharma Buy ,504 31,129 35, Power Tata Power Neutral 77-20,785 36,916 39, NTPC Neutral ,093 86,605 95, Power Grid Neutral ,730 25,763 29, Real Estate Prestige Estate Neutral 197-7,380 4,707 5, MLIFE Buy ,845 1,152 1, Telecom Bharti Airtel Neutral , , , Idea Cellular Neutral 85-30,517 40,133 43, zothers Abbott India Neutral 4,679-9,942 3,153 3, Bajaj Electricals Accumulate ,683 5,099 5, Finolex Cables Neutral 433-6,620 2,883 3, Goodyear India* Buy ,474 1,598 1, Hitachi #N/A 1,457 3,962 Jyothy Laboratories Neutral 335-6,069 1,440 2, Page Industries Neutral 15,197-16,950 2,450 3, Relaxo Footwears Neutral 418-5,019 2,085 2, Siyaram Silk Mills Buy 1,217 1,469 1,141 1,799 2, Styrolution ABS India* Neutral 601-1,057 1,440 1, TVS Srichakra Accumulate 2,862 2,932 2,191 2,304 2, HSIL Neutral 350-2,527 2,384 2, Kirloskar Engines India Ltd Neutral 304-4,396 2,554 2, M M Forgings Neutral Banco Products (India) Neutral 220-1,576 1,353 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 Competent Automobiles Neutral ,137 1, Nilkamal Neutral 1,348-2,011 1,995 2, Visaka Industries Neutral ,051 1, Transport Corporation of Neutral 205-1,571 2,671 2, India Elecon Engineering Accumulate ,482 1, Surya Roshni Neutral ,342 3, MT Educare Neutral Radico Khaitan Buy ,428 1,659 1, Garware Wall Ropes Neutral 520-1, Wonderla Holidays Neutral 386-2, Linc Pen & Plastics Neutral The Byke Hospitality Neutral Interglobe Aviation Neutral ,167 21,122 26, Coffee Day Enterprises Ltd Neutral 234-4,825 2,964 3, Navneet Education Neutral 104-2,469 1,062 1, Navkar Corporation Buy , UFO Moviez Neutral 471-1, VRL Logistics Neutral 293-2,676 1,902 2, Team Lease Serv. Neutral 1,110-1,898 3,229 4, S H Kelkar & Co. Neutral 308-4,455 1,036 1, Quick Heal Neutral 225-1, Narayana Hrudaya Neutral 319-6,519 1,873 2, Manpasand Bever. Neutral 709-3, , Parag Milk Foods Neutral 330-2,772 1,919 2, Mirza International Buy ,077 1,024 1, Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on September 19, 2016

14 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.