Market Outlook. Market Cues. News Analysis. Investor s Ready Reckoner. Top Picks. Key Upcoming Events. October 31, 2017

Transcription

1 Market Cues Indian markets are likely to open negative tracking global indices and SGX Nifty. U.S. markets closed lower Monday as a report that the House of Representatives is considering phasing in a cut to corporate taxes rather than enacting them immediately weighed on investors confidence. The European markets remained stuck in a narrow trading range throughout Monday's session. The markets ended the day with mixed results, but remained little changed overall. Indian markets eked out modest gains to close at fresh record highs on Monday, with positive earnings updates and expectations that the RBI will cut interest rates in December supporting underlying sentiment. News Analysis Result Review: Lupin, UPL Domestic Indices Chg (Pts) (Close) BSE Sensex ,266 Nifty ,364 Mid Cap ,565 Small Cap ,520 Bankex ,214 Global Indices Chg (Pts) (Close) Dow Jones (0.4) (85) 23,349 Nasdaq (0.0) (2) 6,699 FTSE (0.2) (17) 7,488 Nikkei ,012 Hang Seng (0.4) (103) 28,336 Shanghai Com (0.8) (26) 3,390 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 Blue Star Capital Goods Accumulate Dewan Housing Finance Financials Accumulate Asian Granito Other Buy Navkar Corporation Other Buy KEI Industries Capital Goods Accumulate More Top Picks on Pg4 Key Upcoming Events Date Region Event Description Previous Reading Consensus Expectations Oct 31 China PMI Manufacturing Oct 31 Euro Zone Euro-Zone GDP s.a. (QoQ) Oct 31 US Consumer Confidence Nov01 UK PMI Manufacturing Nov01 Germany PMI Manufacturing More Events on Pg7 Advances / Declines BSE NSE Advances 1,711 1,150 Declines 1, Unchanged Volumes (` Cr) BSE 4,282 NSE 32,976 Net Inflows (` Cr) Net Mtd Ytd FII 193 1,922 38,451 MFs 308 8,621 94,964 Top Gainers Price (`) Chg Sparc Piind Jetairways Syndibank Oil Top Losers Price (`) Chg Adanitrans 218 (5.0) Religare 38 (3.2) Kscl 570 (2.8) Idfc 62 (2.7) Network18 49 (2.6) As on October,

2 News Analysis Lupin (CMP: `1,028 / TP: `1,467 /Upside: 42.7%) The company posted lower than expected sales, while EBDITA and net profit came in higher than expected. In rupee terms, revenues came in at `30,541cr V/s `3,874.2cr, down 8.0% yoy. In terms of geography, USA (North America posted 31.9% dip yoy on back of pricing pressures, India another key market posted a 16.4% yoy growth. Other markets, like APAC, EMEA, LATAM, posted a yoy growth of 15.2%, 17.1% and 41.5% respectively. ROW posted a dip of 4.5% yoy. On the operating front the EBITDA margin, came in at 20.0% V/s 19.6% expected, on back of much lower than expected other expenses, which dipped by 24% yoy. Consequently, PAT came in at `456cr V/s `421cr expected, a dip of 31.3% yoy. We maintain our buy rating on the stock, with a price target of `1,467. Y/E Sales OPM PAT EPS ROE P/E P/BV EV/EBITDA EV/Sales March (` cr) (` cr) (`) (x) (x) (x) (x) FY2017E 18, , FY2018E 21, , UPL (CMP: `823 / TP: /Upside :) In rupee terms, revenues came in at `3,770cr V/s `3,541cr, up 6.5% yoy. On the operating front the EBITDA margin, came in at 18.0% V/s 15.5% in 2QFY2017, on back of better expected Gross margins (56.1% v/s 53.4% in 2QFY2017). Consequently, PAT came in at `237cr V/s `165cr expected, a growth of 43.6% yoy. 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) FY2017E 18, , FY2018E 21, , Economic and Political News Mineral production up by 9.4 % Wind bidding guidelines soon, 1000 MW may be commissioned this year Railways will invest `3,500cr in Jharkhand in FY18: Piyush Goyal Corporate News Marico Q2 consolidated net up over 2% to `185cr led by volume growth Reliance Home Finance Q2 net jumps 105% to `41cr Lupin Q2 profit down 31% at `455cr, but slightly above consensus

3 Quarterly Bloomberg Brokers Consensus Estimate Dr. Reddy Ltd - Oct 31, 2017 Particulars ( ` cr) 2QFY18E 2QFY17 y-o-y 1QFY18 q-o-q Sales 3,714 3, , EBIDTA (4.2) % PAT (7.5) Bharti Airtel Ltd - Oct 31, 2017 Particulars ( ` cr) 2QFY18E 2QFY17 y-o-y 1QFY18 q-o-q Sales 21,754 24,671 (11.8) 21,958 (0.9) EBIDTA 7,554 9,453 (20.1) 7,708 (1.9) % PAT 351 1,460 (75.9) 617 (43.1) JSW Steel Ltd - Oct 31, 2017 Particulars ( ` cr) 2QFY18E 2QFY17 y-o-y 1QFY18 q-o-q Sales 15,953 12, , EBIDTA 3,239 2, , % PAT 1, Dabur Ltd - Oct 31, 2017 Particulars ( ` cr) 2QFY18E 2QFY17 y-o-y 1QFY18 q-o-q Sales 2,032 1, , EBIDTA % PAT

4 Top Picks HHHHH Company Market Cap (` Cr) CMP (`) Target (`) Upside Alkem Laboratories 22,164 1,854 2, Asian Granito 1, Blue Star 7, Dewan Housing Finance 20, Karur Vysya Bank 7, KEI Industries 2, Music Broadcast 2, Navkar Corporation 2, Siyaram Silk Mills 2, TV Today Network 2, Maruti Suzuki 2,47,511 8,194 8, GIC Housing 2, Rationale Strong growth in domestic business due to its leade`hip 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. Favorable 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 bottom-line 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 Expected to benefit from the lower capex requirement and 15 year long radio broadcast licensing. Massive capacity expansion along with rail advantage at ICD as well CFS augur 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 corporate 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. We expect loan book to grow at 24.3% over next two year; change in borrowing mix will help in NIM improvement.. Source: Company, Angel Research

5 Key Upcoming Events Result Calendar Date November 01, 2017 Company Blue Star, IDBI Bank, Syndicate Bank, Dabur India, KPIT Cummins, D B Corp, JSW Steel, L G Balakrishnan & Bros Hero Motocorp, TVS Motor, Apollo Tyres, Subros, Shriram Trans., Godrej Consumer, Tech Mahindra, Hexaware Source: Bloomberg, Angel Research Global economic events release calendar Date Time Country Event Description Unit Period Bloomberg Data Last Reported Estimated Oct 31, :30 AMChina PMI Manufacturing Value Oct :30 PMEuro Zone Euro-Zone GDP s.a. (QoQ) % Change 3Q A :30 PMUS Consumer Confidence S.A./ 1985=100 Oct Nov 01, :00 PMUK PMI Manufacturing Value Oct :25 PMGermany PMI Manufacturing Value Oct F Nov 02, : 30 PMUS FOMC rate decision % Nov :00 PMUS Initial Jobless claims Thousands Oct :25 PMGermany Unemployment change (000's) Thousands Oct (22.00) (10.00) 5:30 PMUK BOE Announces rates % Ratio Nov Nov 03, :00 PMUS Change in N onfarm payrolls Thousands Oct (33.00) :00 PMUS Unnemployment rate % Oct Nov 06, :25 PMGermany PMI Services Value Oct F Nov 08, 2017 China Exports YoY% % Change Oct 8.10 Nov 09, :00 AMChina Consumer Price Index (YoY) % Change Oct :00 PMUK Industrial Production (YoY) % Change Sep 1.60 Source: Bloomberg, Angel Research ngelbr oki ng.c o m

6 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Nov-16 Dec-16 Jan-17 Jan-17 Feb-17 Mar-17 Mar-17 Apr-17 May-17 May-17 Jun-17 Jul-17 Aug-17 Aug-17 Sep-17 Oct-17 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 2QFY15 3QFY15 4QFY15 1QFY16 2QFY16 3QFY16 4QFY16 1QFY17 2QFY17 3QFY17 4QFY17 1QFY18 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Macro watch Exhibit 1: Quarterly GDP trends Exhibit 2: IIP trends (1.0) (0.2) 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 60.0 Exports yoy growth Imports yoy growth 6.50 Repo rate Reverse Repo rate CRR Source: Bloomberg, Angel Research Source: RBI, Angel Research ngelbr oki ng.c o m

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 Global watch Exhibit 1: Latest quarterly GDP Growth (%, yoy) across select developing and developed countries Source: Bloomberg, Angel Research Exhibit 2: 2017 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 (x) Source: IMF, Angel Research ngelbr oki ng.c o m

8 Exhibit 4: Relative performance of indices across globe Returns Country Name of index Closing price 1M 3M 1YR Brazil Bovespa 74, Russia Micex 2,065 (0.3) India Nifty 10, China Shanghai Composite 3, South Africa Top 40 52, Mexico Mexbol 48,855 (2.6) (4.6) 3.3 Indonesia LQ Malaysia KLCI 1,748 (0.9) (0.9) 4.9 Thailand SET 50 1, USA Dow Jones 23, UK FTSE 7, Japan Nikkei 22, Germany DAX 13, France CAC 5, Source: Bloomberg, Angel Research p68in4

9 Stock Watch Company Name Reco CMP Target Mkt Cap Sales ( cr ) OPM EPS ( ) PER(x) P/BV(x) RoE EV/Sales(x) Agri / Agri Chemical ( ) Price ( ) ( cr ) FY18E FY19E FY18E FY19E FY18E FY19E FY18E FY19E FY18E FY19E FY18E FY19E FY18E FY19E Rallis Sell ,795 1,873 2, United Phosphorus Neutral ,824 18,922 21, Auto & Auto Ancillary Ashok Leyland Neutral ,621 23,339 27, Bajaj Auto Neutral 3,275-94,760 23,936 27, Bharat Forge Buy ,410 7,637 8, Eicher Motors Neutral 32,371-88,122 19,043 22, , Gabriel India Neutral 198-2,840 1,782 2, Hero Motocorp Accumulate 3,831 4,129 76,500 32,239 36, Jamna Auto Industries Neutral 66-2,628 1,441 1, Mahindra and Mahindra Neutral 1,374-85,366 46,971 53, Maruti Accumulate 8,194 8, ,511 81, , Minda Industries Neutral 824-7,125 4,328 5, Motherson Sumi Neutral ,744 55,937 64, Tata Motors Neutral , , , TVS Motor Neutral ,335 13,992 16, Amara Raja Batteries Buy ,652 6,140 7, Exide Industries Neutral ,400 8,689 9, Apollo Tyres Neutral ,570 15,739 17, Ceat Neutral 1,691-6,839 6,661 7, JK Tyres Neutral 147-3,334 8,318 9, Swaraj Engines Neutral 2,018-2, Subros Neutral 272-1,633 1,855 2, Capital Goods BEML Neutral 1,705-7,101 4,286 5, Bharat Electronics Neutral ,120 10,258 12, Voltas Neutral ,520 6,778 8, BHEL Neutral 96-35,172 33,200 39, Blue Star Accumulate ,699 5,220 6, CG Power and Industrial Neutral 82-5,142 6,555 7, , Solutions Greaves Cotton Neutral 130-3,169 1,778 1,

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 ) FY18E FY19E FY18E FY19E FY18E FY19E FY18E FY19E FY18E FY19E FY18E FY19E FY18E FY19E KEC International Buy ,638 9,779 11, KEI Industries Accumulate ,587 3,001 3, Thermax Neutral ,822 4,125 4, VATech Wabag Buy ,213 3,867 4, Cement ACC Neutral 1,818-34,144 12,255 13, Ambuja Cements Neutral ,224 10,250 11, India Cements Neutral 193-5,957 6,135 6, JK Cement Neutral 1,007-7,041 4,150 4, J K Lakshmi Cement Neutral 441-5,192 3,422 3, Orient Cement Neutral 173-3,544 2,215 3, UltraTech Cement Neutral 4, ,693 28,250 35, Construction KNR Constructions Neutral 249-3,504 1,846 2, Larsen & Toubro Neutral 1, ,107 95, , Gujarat Pipavav Port Neutral 141-6, PNC Infratech Neutral 183-4,693 2,040 2, Simplex Infra Neutral 527-2,606 6,012 6, Sadbhav Engineering Neutral 316-5,420 3,823 4, NBCC Neutral ,918 9,099 12, MEP Infra Neutral 99-1,615 2,403 2, SIPL Neutral 115-4,042 2,060 2, (5.8) (3.1) (14.2) (2.3) Engineers India Neutral ,625 1,795 2, Financials Axis Bank Buy ,116 32,558 35, Bank of Baroda Neutral ,115 22,533 26, Canara Bank Neutral ,701 17,925 20, Can Fin Homes Buy 489 2,128 6, Cholamandalam Inv. & Accumulate Fin. Co. 1,141 1,230 17,837 2,826 3, Dewan Housing Finance Accumulate ,315 2,676 3, Equitas Holdings Buy ,916 1,125 1, Federal Bank Neutral ,756 4,896 5,

11 Stock Watch Company Name Reco CMP Target Mkt Cap Sales ( cr ) OPM EPS ( ) PER(x) P/BV(x) RoE EV/Sales(x) Financials ( ) Price ( ) ( cr ) FY18E FY19E FY18E FY19E FY18E FY19E FY18E FY19E FY18E FY19E FY18E FY19E FY18E FY19E GIC Housing Buy , HDFC Bank Neutral 1, ,711 55,236 63, ICICI Bank Neutral ,837 42,361 51, Karur Vysya Bank Buy ,669 3,289 3, LIC Housing Finance Neutral ,254 4,895 6, Punjab Natl.Bank Neutral ,400 23,708 25, RBL Bank Neutral ,692 2,309 2, Repco Home Finance Buy , South Ind.Bank Neutral 31-5,567 3,195 3, St Bk of India Neutral , , , Union Bank Neutral ,355 14,650 16, Yes Bank Neutral ,002 11,088 13, FMCG Akzo Nobel India Neutral 1,902-9,121 3,164 3, Asian Paints Neutral 1, ,492 17,603 20, , , Britannia Neutral 4,740-56,907 9,690 11, Colgate Neutral 1,065-28,979 4,420 5, Dabur India Neutral ,624 8,346 9, GlaxoSmith Con* Neutral 4,955-20,839 5,072 5, Godrej Consumer Neutral ,217 10,171 11, HUL Neutral 1, ,508 37,077 41, , , ITC Neutral ,961 44,588 49, Marico Neutral ,437 6,788 7, Nestle* Neutral 7,210-69,513 10,083 11, Tata Global Neutral ,260 7,121 7, Procter & Gamble Hygiene Neutral 8,640-28,046 3,034 3, IT HCL Tech^ Buy 836 1, ,282 50,009 54, Infosys Buy 945 1, ,985 70,333 75, TCS Neutral 2, , , , Tech Mahindra Accumulate ,380 31,015 33,

12 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 ) FY18E FY19E FY18E FY19E FY18E FY19E FY18E FY19E FY18E FY19E FY18E FY19E FY18E FY19E Wipro Neutral ,691 54,164 56, Media D B Corp Neutral 369-6,780 2,404 2, HT Media Neutral 103-2,404 2,589 2, Jagran Prakashan Buy ,853 2,541 2, Sun TV Network Neutral ,780 3,238 3, Hindustan Media Ventures Neutral 238-1,743 1,002 1, TV Today Network Buy , Music Broadcast Limited Accumulate , Metals & Mining Coal India Neutral ,332 82,301 91, Hind. Zinc Neutral ,302 22,108 24, Hindalco Neutral , , , JSW Steel Neutral ,742 64,500 68, NMDC Neutral ,036 10,209 11, SAIL Neutral 80-33,041 54,100 63, (10.0) Vedanta Neutral ,738 81,206 87, Tata Steel Neutral , , , Oil & Gas GAIL Neutral ,982 53,115 52, ONGC Neutral ,532 83,111 84, Indian Oil Corp Neutral , , , Reliance Industries Neutral , , , Pharmaceuticals Alembic Pharma Buy ,666 3,903 4, Alkem Laboratories Ltd Accumulate 1,854 2,079 22,164 6,320 7, Aurobindo Pharma Accumulate ,981 17,086 19, Aventis* Neutral 4,208-9,692 2,508 2, Cadila Healthcare Reduce ,936 11,584 13, Cipla Sell ,426 16,619 19, Dr Reddy's Neutral 2,433-40,337 15,844 17, GSK Pharma* Neutral 2,552-21,613 3,260 3, Indoco Remedies Sell ,415 1,154 1,

13 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 ) FY18E FY19E FY18E FY19E FY18E FY19E FY18E FY19E FY18E FY19E FY18E FY19E FY18E FY19E Ipca labs Neutral 532-6,718 3,593 4, Lupin Buy 1,028 1,467 46,424 18,657 21, Natco Pharma Accumulate 965 1,057 16,829 1,886 2, Sun Pharma Neutral ,714 32,899 36, Syngene International Accumulate ,179 1,402 1, Power Tata Power Neutral 86-23,248 32,547 33, NTPC Neutral ,480 86, , Power Grid Neutral ,171 29,183 32, Real Estate Prestige Estate Neutral ,117 4,607 5, MLIFE Buy , Telecom Bharti Airtel Neutral ,992 97, , Idea Cellular Neutral 95-34,157 35,012 37, (4.4) (2.7) (6.8) (4.6) zothers Abbott India Neutral 4,251-9,034 3,244 3, Asian Granito Buy ,491 1,169 1, Bajaj Electricals Neutral 386-3,914 4,646 5, Banco Products (India) Neutral 216-1,546 1,530 1, Coffee Day Enterprises Ltd Neutral 225-4,630 3,494 3, Elecon Engineering Neutral Garware Wall Ropes Neutral 948-2, , Goodyear India* Neutral 816-1,882 1,717 1, Hitachi Neutral 2,421-6,583 2,355 2, HSIL Neutral 413-2,984 2,240 2, Interglobe Aviation Neutral 1,225-44,312 22,570 27, Jyothy Laboratories Neutral 397-7,212 1,781 2, Linc Pen & Plastics Neutral M M Forgings Neutral 839-1, Mirza International Neutral 163-1,964 1,148 1, Navkar Corporation Buy , Nilkamal Neutral 1,600-2,388 2,317 2,

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 ) FY18E FY19E FY18E FY19E FY18E FY19E FY18E FY19E FY18E FY19E FY18E FY19E FY18E FY19E zothers Parag Milk Foods Neutral 270-2,273 1,987 2, Radico Khaitan Neutral 215-2,859 1,811 1, Relaxo Footwears Neutral 552-6,635 1,981 2, Siyaram Silk Mills Accumulate ,785 1,769 1, Styrolution ABS India* Neutral 976-1,717 1,800 1, Surya Roshni Neutral 377-1,651 4,870 5, TVS Srichakra Neutral 3,202-2,452 2,729 2, Visaka Industries Neutral 670-1,064 1,104 1, VIP Industries Neutral 293-4,136 1,450 1, Navin Fluorine Neutral 742-3, , Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on October 30, 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.