Market Outlook. Market Cues. Investor s Ready Reckoner. Top Picks. Key Upcoming Events. May 4, 2016

Transcription

1 6.( May 4, 2016 Market Cues Indian markets are expected to open on a negative note tracking the SGX Nifty and weak global cues. US markets ended in red amid global economic jitters. Disappointing manufacturing data from China and a surprise rate cut in Australia led investors to take limited risk by moving out of stocks. Falling crude oil prices led to decline in energy stocks, but Apple shares rose to snap a prolonged losing skid. The European markets ended in the red. Weaker than expected manufacturing data from China weighed heavily on mining and resource stocks. Financial stocks were also under pressure after disappointing earnings from banks like UBS and Commerzbank. Indian stocks reversed early gains to end sharply lower, tracking weak European cues and lackluster movements in the rupee. The early rally faded soon as European markets fell sharply to hit a three-week low amid sluggish bank earnings, continued strength of yen, a firmer euro and disappointing manufacturing data from China. News & Result Analysis Liberty House submits bid for Tata Steel UK assets JSW Energy to buy JSPL s Chhattisgarh power project 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 Amara Raja Auto & Auto Ancillary Accumulate 956 1, HCL Tech IT Buy 729 1, LIC Housing Financials Buy Bharat Electronics Capital Goods Buy 1,176 1, Navkar Corporation Others Buy More Top Picks on Pg4 Key Upcoming Events Date Region Event Description Previous Reading Consensus Expectations May 6 US Change in Nonfarm payrolls (thousands) May 8 China Exports YoY% May 10 India Exports YoY% (5.47) -- May 10 India Imports YoY% (21.56) -- More Events on Pg5 Domestic Indices Chg (Pts) (Close) BSE Sensex (0.8) (207) 25,230 Nifty (0.8) (59) 7,747 Mid Cap (0.9) (95) 11,069 Small Cap (0.3) (31) 11,033 Bankex (1.0) (194) 18,665 Global Indices Chg (Pts) (Close) Dow Jones (0.8) (140) 17,751 Nasdaq (1.1) (54) 4,763 FTSE (0.9) (56) 6,186 Nikkei (3.1) (519) 16,147 Hang Seng (1.9) (390) 20,677 Shanghai Com ,993 Advances / Declines BSE NSE Advances 1, Declines 1, Unchanged Volumes (` Cr) BSE 2,737 NSE 18,410 Net Inflows (` Cr) Net Mtd Ytd FII ,139 MFs ,611 Top Gainers Price (`) Chg Atul 1, Gdl Auropharma Unitdspr 2, Ramcocem Top Losers Price (`) Chg Tvsmotor 288 (9.7) Marico 255 (4.5) Centurytex 612 (4.2) Amtekauto 37 (4.2) Srtransfin 1,043 (3.7) As on May 03, 2016

2 May 4, 2016 Liberty House submits bid for Tata Steel UK assets The UK-based commodity-trading firm Liberty House Group has formally submitted the first bid for some of Tata Steel Ltd s UK assets, in a move that could potentially save thousands of jobs. Tata Steel Europe Ltd is a subsidiary of Tata Steel part of the $108 billion Tata Group. The bid is based on Liberty House s green steel business model and would involve a transition from steelmaking in blast furnaces to recycling steel in electric arc furnaces while ensuring the company continues to meet key customers quality requirements. The green steel model refers to steelmaking would be ultimately powered by renewable energy sources. We maintain our neutral view on the stock. JSW Energy to buy JSPL s Chhattisgarh power project JSW Energy Ltd will buy 100% of Jindal Steel and Power Ltd s (JSPL) 1,000 megawatt (MW) thermal power plant in Chhattisgarh at an enterprise value of `4,000cr. If the power plant is completely secured of fuel and manages to enter into long-term power purchase agreements (PPAs), then the enterprise value of the deal could be increased to `6,500cr. The sale of the 1,000 MW power plant in Chhattisgarh, owned by JSPL unit s Jindal Power Ltd, will help the former meet interest payment obligations and pare overall debt. Jindal Power has a total capacity of 3,400 MW. Post the acquisition, JSW Energy will have total installed power generation capacity of 5,531 MW. Economic and Political News GST, land reforms key to boost India's economic growth: IMF IMF retains India's growth forecast at 7.5% for 2016, 2017 NSE to launch new exchange for MSMEs Corporate News Parag Milk raises `343 cr from anchor investors Top 50 defaulters of PSBs had exposure of `1.21 lakh crore Public sector banks face `66,190cr in wilful defaults, SBI tops list

3 May 4, 2016 Quarterly Bloomberg Brokers Consensus Estimate Jindal Steel & Power Ltd Consol - May 4, 2016 Particulars (` cr) 4QFY16E 4QFY15 y-o-y 3QFY15 q-o-q Net sales 5,172 4, , EBITDA 1,006 1,048 (3.9) EBITDA margin Net profit (408) (519) 0.0 (573) 0.0 Hero Motocorp Ltd - May 5, 2016 Particulars (` cr) 4QFY16E 4QFY15 y-o-y 3QFY15 q-o-q Net sales 7,445 6, , EBITDA 1, ,224 (5.1) EBITDA margin Net profit Reliance Capital Ltd. - May 6, 2016 Particulars (` cr) 4QFY16E 4QFY15 y-o-y 3QFY15 q-o-q Net sales 1,940 2,469 (21.4) 2,315 (16.2) EBITDA 243 1,125 (78.4) 1,091 (77.7) EBITDA margin Net profit (11.5) Siemens Ltd. - May 6, 2016 Particulars (` cr) 4QFY16E 4QFY15 y-o-y 3QFY15 q-o-q Net sales 2,793 2, , EBITDA EBITDA margin Net profit , (1.6) Titan company Ltd. - May 6, 2016 Particulars (` cr) 4QFY16E 4QFY15 y-o-y 3QFY15 q-o-q Net sales 2,823 2, ,398 (16.9) EBITDA (9.2) EBITDA margin Net profit (4.5)

4 May 4, 2016 Top Picks Large Cap Company Market Cap (` Cr) CMP (`) Target (`) Upside Amara Raja Batteries 16, , Bharat Electronics 28,222 1,176 1, HCL Tech 1,02, , HDFC Bank 2,82,629 1,117 1, Infosys 2,72,097 1,181 1, LIC Housing Finance 22, NBCC 12,099 1,008 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. Strong visibility for a robust 20% earnings trajectory, coupled with high quality of earnings on account of high quality retail business and strategic focus on highly rated corporates. Back on the growth trend, expect a long term growth of 14% to be a US$20bn in FY2020. LICHF continues to grow its retail loan book at a healthy pace with improvement in asset quality. We expect the company to post a healthy loan book which is likely to reflect in a strong earnings growth. Huge bid pipeline of re-development works at Delhi and other State Governments and opportunity from Smart City, positions NBCC to report strong growth, going forward. Mid Cap Company Market Cap (` Cr) CMP (`) Target (`) Upside Blue Star 3, Dewan Housing 5, IL&FS Transport 2, Jagran Prakashan 5, Mahindra Lifespace 1, Navkar Corporation 2, Radico Khaitan 1, Siyaram Silk Mills 950 1,013 1, Source: Company, Angel Research Rationale 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. Commencement of new projects, downtrend in the interest rate cycle, to lead to stock re-rating 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.

5 Key Upcoming Events Result Calendar Date May 4, 2016 May 5, 2016 May 6, 2016 May 7, 2016 May 9, 2016 May 10, 2016 May 11, 2016 May 12, 2016 May 13, 2016 May 14, 2016 Company Mangalam Cement, Hexaware, Jindal Steel, Vesuvius India Hero Motocorp Siemens, Reliance Capital Andhra Bank HUL, MM Forging Automotive Axle, Visaka Industries, Radico Khaitan Apollo Tyres, Kotak Mah. Bank, South Ind.Bank, Asian Paints, TVS Srichakra, Quick Heal Nestle, ITD Cementation, Dr Reddy's, Glenmark Pharma. Central Bank, Cadila Healthcare Relaxo Source: Bloomberg, Angel Research Global economic events release calendar Date Time Country Event Description Unit Period Bloomberg Data Last Reported Estimated May 4,, :25PM Germany PMI Services Value Apr F May 5,, :00PM US Change in Nonfarm payrolls Thousands Apr May 6,, :00PM US Initial Jobless claims Thousands Apr :00PM US Unnemployment rate % Apr May 8,, 2016 India Exports YoY% % Change Apr (5.47) -- May 10, 2016 China Exports YoY% % Change Apr India Imports YoY% % Change Apr (21.56) -- 7:00AM China Consumer Price Index (YoY) % Change Apr May 11, :00PM UK Industrial Production (YoY) % Change Mar (0.50) -- May 12, :30PM India Industrial Production YoY % Change Mar :30PM UK BOE Announces rates % Ratio May May 13, :30PM Euro Zone Euro-Zone GDP s.a. (QoQ) % Change 1Q P US Producer Price Index (mom) % Change Apr :30AM Germany GDP nsa (YoY) % Change 1Q P May 14, :00AM China Industrial Production (YoY) % Change Apr Source: Bloomberg, Angel Research

6 May 4, 2016 h Macro watch Exhibit 1: Quarterly GDP trends Exhibit 2: IIP trends QFY QFY QFY QFY QFY QFY QFY QFY15 4QFY QFY16 2QFY QFY (2.0) (4.0) (6.0) Apr-15 May Jun-15 Jul Aug Sep Oct-15 (3.4) Nov-15 (1.2) (1.5) Dec-15 Jan Feb-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 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-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 0.0 Exports yoy growth Imports yoy growth 8.00 Repo rate Reverse Repo rate CRR (5.0) (10.0) 7.00 (15.0) 6.00 (20.0) (25.0) (30.0) (35.0) 3.00 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Jun-15 Jun-15 Jul-15 Aug-15 Aug-15 Sep-15 Oct-15 Oct-15 Nov-15 Dec-15 Dec-15 Jan-16 Feb-16 Feb-16 Mar-16 Apr-16 Source: Bloomberg, Angel Research Source: RBI, Angel Research

7 May 4, 2016 h Global watch Exhibit 1: Relative performance of indices across globe Returns Country Name of index Closing price 1M 3M 1YR Brazil Bovespa 52, (3.8) Russia Micex 1, India Nifty 7, (5.7) China Shanghai Composite 2,993 (0.3) 1.8 (32.2) South Africa Top 40 45,549 (1.6) 6.3 (5.3) Mexico Mexbol 45,648 (0.4) Indonesia LQ (1.6) 3.4 (12.7) Malaysia KLCI 1,651 (3.9) 1.0 (11.3) Thailand SET (1.2) 11.6 (13.5) USA Dow Jones 17, (1.0) UK FTSE 6, (10.8) Japan Nikkei 16,147 (4.3) (5.2) (18.9) Germany DAX 9, (12.9) France CAC 4, (0.5) (12.1) 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 ) FY16E FY17E FY16E FY17E FY16E FY17E FY16E FY17E FY16E FY17E FY16E FY17E FY16E FY17E Agri / Agri Chemical Rallis Neutral 195-3,785 1,612 1, United Phosphorus Buy ,810 13,083 15, Auto & Auto Ancillary Ashok Leyland Accumulate ,896 17,995 21, Bajaj Auto Neutral 2,463-71,277 22,709 25, Bharat Forge Accumulate ,529 7,351 8, Eicher Motors Neutral 19,982-54,272 15,556 16, Gabriel India Accumulate ,338 1,415 1, Hero Motocorp Neutral 2,884-57,598 28,244 30, Jamna Auto Industries Accumulate ,137 1,281 1, L G Balakrishnan & Bros Neutral ,254 1, Mahindra and Mahindra Neutral 1,326-82,348 38,416 42, Maruti Neutral 3, ,301 57,865 68, Minda Industries Neutral 1,006-1,596 2,523 2, Motherson Sumi Buy ,226 39,343 45, Rane Brake Lining Buy Setco Automotive Neutral Tata Motors Neutral , , , TVS Motor Accumulate ,678 11,263 13, Amara Raja Batteries Accumulate 956 1,076 16,336 4,892 5, Exide Industries Accumulate ,253 6,950 7, Apollo Tyres Buy ,066 12,056 12, Ceat Neutral 1,097-4,437 6,041 6, JK Tyres Neutral 83-1,881 7,446 7, Swaraj Engines Neutral 1,134-1, Subros Neutral ,293 1, Indag Rubber Neutral Capital Goods ACE Neutral BEML Buy 915 1,157 3,812 3,277 4, Bharat Electronics Buy 1,176 1,414 28,222 7,737 8,

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 ) FY16E FY17E FY16E FY17E FY16E FY17E FY16E FY17E FY16E FY17E FY16E FY17E FY16E FY17E Capital Goods Voltas Buy ,831 5,363 5, BGR Energy Neutral ,615 3, BHEL Neutral ,473 33,722 35, Blue Star Accumulate ,807 3,548 3, Crompton Greaves Neutral 57-3,563 13,484 14, Greaves Cotton Neutral 134-3,264 1,655 1, Inox Wind Buy ,278 4,980 5, KEC International Neutral 129-3,306 8,791 9, Thermax Neutral 738-8,799 6,413 7, VATech Wabag Neutral 588-3,202 2,722 3, Cement ACC Neutral 1,421-26,686 13,151 14, Ambuja Cements Neutral ,948 11,564 12, HeidelbergCement Neutral 96-2,174 1,772 1, India Cements Neutral 91-2,795 4,216 4, JK Cement Neutral 591-4,131 3,661 4, J K Lakshmi Cement Neutral 348-4,097 2,947 3, Mangalam Cements Neutral ,053 1, Orient Cement Neutral 148-3,041 1,854 2, Ramco Cements Neutral ,217 4,036 4, Shree Cement^ Neutral 12,399-43,196 7,150 8, UltraTech Cement Neutral 3,214-88,208 24,669 29, Construction ITNL Buy ,497 7,360 8, KNR Constructions Accumulate , , Larsen & Toubro Neutral 1, ,559 58,870 65, Gujarat Pipavav Port Neutral 169-8, MBL Infrastructures Buy ,313 2, Nagarjuna Const. Neutral 78-4,350 7,892 8, PNC Infratech Accumulate ,701 1,873 2, Simplex Infra Neutral 261-1,293 5,955 6,

10 Stock Watch Company Name Reco CMP Target Mkt Cap Sales ( cr ) OPM EPS ( ) PER(x) P/BV(x) RoE EV/Sales(x) ( ) Price ( ) ( cr ) FY16E FY17E FY16E FY17E FY16E FY17E FY16E FY17E FY16E FY17E FY16E FY17E FY16E FY17E Construction Power Mech Projects Neutral ,539 1, Sadbhav Engineering Accumulate ,443 3,481 4, NBCC Accumulate 1,008 1,089 12,099 5,816 7, MEP Infra Neutral ,956 1, SIPL Neutral 101-3, , Engineers India Neutral 181-6,085 1,667 1, Financials Allahabad Bank Neutral 56-3,462 8,569 9, Axis Bank Accumulate ,986 26,473 31, Bank of Baroda Neutral ,231 18,485 21, Bank of India Neutral 88-7,173 15,972 17, Canara Bank Neutral ,662 15,441 16, Dena Bank Neutral 29-1,957 3,440 3, Dewan Housing Finance Buy ,953 1,892 2, Federal Bank Neutral 47-8,066 3,477 3, HDFC Neutral 1, ,703 10,358 11, HDFC Bank Accumulate 1,117 1, ,629 38,309 47, ICICI Bank Accumulate ,718 34,279 39, IDBI Bank Neutral 68-13,979 9,625 10, Indian Bank Neutral 96-4,630 6,160 6, LIC Housing Finance Buy ,955 3,101 3, Oriental Bank Neutral 87-2,796 7,643 8, Punjab Natl.Bank Neutral 83-16,268 23,638 26, South Ind.Bank Neutral 18-2,424 1,965 2, St Bk of India Neutral ,990 79,958 86, Union Bank Neutral 124-8,548 12,646 14, Vijaya Bank Neutral 31-2,919 3,536 3, Yes Bank Neutral ,214 7,190 9, FMCG Asian Paints Neutral ,599 16,553 19, Britannia Neutral 2,847-34,163 8,481 9,

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 ) FY16E FY17E FY16E FY17E FY16E FY17E FY16E FY17E FY16E FY17E FY16E FY17E FY16E FY17E Colgate Neutral ,180 4,136 4, Dabur India Neutral ,041 9,370 10, GlaxoSmith Con* Accumulate 5,822 6,118 24,485 4,519 5, Godrej Consumer Neutral 1,362-46,367 9,003 10, HUL Neutral ,043 33,299 35, ITC Accumulate ,016 36,804 38, Marico Neutral ,925 6,151 6, Nestle* Neutral 5,605-54,043 9,393 10, Tata Global Accumulate ,539 8,635 9, Procter & Gamble Hygiene Accumulate 6,438 7,369 20,898 2,588 2, IT HCL Tech^ Buy 729 1, ,872 42,038 47, Infosys Buy 1,181 1, ,097 62,441 70, TCS Buy 2,480 3, , , , Tech Mahindra Accumulate ,323 26,524 29, Wipro Buy ,296 50,808 56, Media D B Corp Accumulate ,119 2,025 2, HT Media Neutral 88-2,037 2,495 2, Jagran Prakashan Buy ,324 2,170 2, Sun TV Network Neutral ,358 2,510 2, Hindustan Media Ventures Neutral 268-1, , Metals & Mining Coal India Buy ,763 76,167 84, Hind. Zinc Neutral ,014 14,641 14, Hindalco Neutral 97-20, , , JSW Steel Neutral 1,356-32,784 42,308 45, (10.3) (1.0) NMDC Neutral 97-38,597 8,237 10, SAIL Neutral 46-19,040 45,915 53, Vedanta Neutral ,612 71,445 81, Tata Steel Neutral , , , Oil & Gas Cairn India Neutral ,261 11,323 12,

12 Stock Watch Company Name Reco CMP Target Mkt Cap Sales ( cr ) OPM EPS ( ) PER(x) P/BV(x) RoE EV/Sales(x) ( ) Price ( ) ( cr ) FY16E FY17E FY16E FY17E FY16E FY17E FY16E FY17E FY16E FY17E FY16E FY17E FY16E FY17E Oil & Gas GAIL Neutral ,065 64,856 70, ONGC Neutral , , , Petronet LNG Neutral ,400 29,691 31, Indian Oil Corp Accumulate , , , Reliance Industries Buy 976 1, , , , Pharmaceuticals Alembic Pharma Neutral ,269 3,274 3, Aurobindo Pharma Accumulate ,928 14,923 17, Aventis* Neutral 4,400-10,133 2,082 2, Cadila Healthcare Accumulate ,857 10,224 11, Cipla Accumulate ,086 13,979 16, Dr Reddy's Buy 2,968 3,933 50,620 16,838 19, Dishman Pharma Neutral 171-2,761 1,733 1, GSK Pharma* Neutral 3,627-30,719 2,870 3, Indoco Remedies Neutral 269-2,482 1,033 1, Ipca labs Buy ,227 3,363 3, Lupin Neutral 1,579-71,172 13,092 16, Sun Pharma Buy ,136 28,163 32, Power Tata Power Neutral 71-19,230 35,923 37, NTPC Accumulate ,674 87,271 99, Power Grid Buy ,832 20,702 23, Real Estate MLIFE Buy , , Telecom Bharti Airtel Neutral , , , Idea Cellular Neutral ,134 34,282 36, zothers Abbott India Neutral 4,663-9,910 2,715 3, Bajaj Electricals Neutral 229-2,315 4,719 5, Finolex Cables Neutral 282-4,309 2,520 2, Goodyear India* Buy ,155 1,800 1, Hitachi Neutral 1,363-3,706 1,779 2, Jyothy Laboratories Neutral 301-5,451 1,620 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 ) FY16E FY17E FY16E FY17E FY16E FY17E FY16E FY17E FY16E FY17E FY16E FY17E FY16E FY17E MRF Buy 33,450 45,575 14,187 20,316 14, , , Page Industries Neutral 12,629-14,087 1,929 2, Relaxo Footwears Neutral 496-5,954 1,767 2, Siyaram Silk Mills Buy 1,013 1, ,636 1, Styrolution ABS India* Neutral 616-1,084 1,271 1, TVS Srichakra Buy 2,362 3,217 1,808 2,035 2, HSIL Neutral 309-2,231 2,123 2, Kirloskar Engines India Ltd Neutral 234-3,384 2,403 2, M M Forgings Buy Banco Products (India) Neutral ,208 1, Competent Automobiles Neutral ,040 1, Nilkamal Neutral 1,243-1,855 1,871 2, Visaka Industries Buy ,020 1, Transport Corporation of Neutral 264-2,010 2,830 3, India Elecon Engineering Neutral ,359 1, Surya Roshni Buy ,992 3, MT Educare Neutral Radico Khaitan Buy ,191 1,517 1, Garware Wall Ropes Buy Wonderla Holidays Neutral 381-2, Linc Pen & Plastics Neutral The Byke Hospitality Neutral Interglobe Aviation Neutral 1,059-38,169 17,022 21, Coffee Day Enterprises Ltd Neutral 262-5,391 2,692 2, Navneet Education Neutral 89-2, , Navkar Corporation Buy , UFO Moviez Neutral 515-1, VRL Logistics Neutral 400-3,645 1,725 1, Team Lease Serv. Neutral 942-1,611 2,565 3,

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 ) FY16E FY17E FY16E FY17E FY16E FY17E FY16E FY17E FY16E FY17E FY16E FY17E FY16E FY17E zothers S H Kelkar & Co. Neutral 227-3, , Quick Heal Neutral 265-1, Narayana Hrudaya Neutral 297-6,060 1,603 1, Manpasand Bever. Neutral 530-2, Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on May 03, 2016

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 Metropolitian Stock Exchange of India 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 including its relatives/analyst do not hold any financial interest/beneficial ownership of more than 1% in the company covered by Analyst. 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. Angel/analyst has not served as an officer, director or employee of company covered by Analyst and has not been engaged in market making activity of the company covered by Analyst. 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. 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. Note: Please refer to the important Stock Holding Disclosure' report on the Angel website (Research Section). Also, please refer to the latest update on respective stocks for the disclosure status in respect of those stocks. Angel Broking Pvt. Limited and its affiliates may have investment positions in the stocks recommended in this report.