Market Outlook. Market Cues. Result Review. Investor s Ready Reckoner. Top Picks. Key Upcoming Events. May 04, 2017

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1 Market Cues Indian markets are likely to remain flat tracking the SGX Nifty & global cues. After spending much of the day in negative territory, the major US markets ended Wednesdays trading mixed following the Federal Reserves monetary policy announcement. While the Dow managed to creep into positive territory, the Nasdaq pulled back off yesterdays record closing high. The mixed close by the major averages came following the Federal Reserves widely expected decision to leave interest rates unchanged. The European markets ended Wednesdays session with mixed results. Investors remained cautious ahead of policy decision from the Federal Reserve. The Fed is widely expected to leave rates unchanged, but investors kept an eye out for clues regarding future rate hikes. Traders are also looking forward to the release of the U.S. jobs report for April on Friday. Indian markets ended a lackluster session largely unchanged on Wednesday as investors awaited a televised debate between France's presidential rivals and the U.S. Federal Reserves rate decision. Result Review Alembic Pharma 4QFY17 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 Accumulate Dewan Housing Fin. Financials Buy Mahindra Lifespace Real Estate Accumulate Navkar Corporation Others Buy KEI Industries Capital Goods Accumulate More Top Picks on Pg4 Key Upcoming Events Date Region Event Description Previous Reading Consensus Expectations Euro Zone Euro-Zone GDP s.a. (QoQ) Germany PMI Services May 05, 2017 China Exports YoY% May 05, 2017 US Change in Nonfarm payrolls May 08, 2017 US Unnemployment rate May 10, 2017 China Consumer Price Index (YoY) More Events on Pg5 Domestic Indices Chg (%) (Pts) (Close) BSE Sensex (0.1) 0.3 (26) 86 29,422 29,895 Nifty (0.0) (2) 9,136 9,312 Mid Cap (0.3) 0.7 (45) 95 14,485 14,810 Small Cap ,128 15,431 Bankex (0.5) (0.4) (131) (95) 24,444 25,246 Global Indices Chg (%) (Pts) (Close) Dow Jones ,579 20,958 Nasdaq (0.4) 0.9 (23) 54 5,917 6,073 FTSE (0.2) 0.1 (16) 4 7,119 7,235 Nikkei (0.0) (2) 18,430 19,446 Hang Seng ,057 24,696 Shanghai Com (0.3) 0.0 (8) 1 3,172 3,135 Advances / Declines BSE NSE Advances 1,849 1,322 1, Declines 1,039 1, Unchanged Volumes (` Cr) BSE 4,029 4,236 NSE 25,391 25,272 #Net Inflows (` Cr) Net Net Mtd Ytd FII (565) (333) (2,249) (333) 41,972 41,679 MFs ,895 9,918 14,333 19,355 Top Gainers Price (`) Chg (%) Indiacem Intellect Jktyre Sreinfra Gsfc Raymond Sobha Godrejprop Jetairways Ptc Top Losers Price (`) Chg (%) Irb Biocon 1, (5.0) Yesbank Adanipower 1, (3.8) (4.8) Icicibank Suntv (2.9) (4.6) Polaris Amtekauto (2.5) (4.4) Concor Ipcalab 1, (2.5) (4.3) #As on April May 03, 20, 2017

2 News Analysis Alembic Pharmaceuticals (CMP: `619 / TP: `689 / Upside: 11.3%) The company posted 4QFY2017 results marginally lower than expected. In rupee terms, revenues grew by 17.8% yoy to `737cr V/s `770cr expected V/s `626cr in 4QFY2016. In sales term, the company posted growth of back of the international formulations, which grew by 44% yoy, while the Indian domestic formulations, grew by 6.0% yoy. API business on the other hand posted a yoy growth of 9.0%. In domestic formulation specialty business, which formulated around 58% of the domestic sales grew by 13.0% yoy, while acute segment which constituted around 33% of domestic formulations, dipped by 8%. The Veterinary segment which constituted around 9% of domestic formulations, posted a yoy growth of 13.0%. In International formulation business, US formulation business grew by 54% yoy. On the operating front, EBITDA margin came in at 18.2% V/s 19.9% expected V/s 22.7% in 4QFY2016, a dip of 460ps qoq. The dip was mainly on back of lower gross margins, which came in at 72.8% V/s 80.2% in 4QFY2016. Thus, PAT came in at `93.04cr V/s `101.0cr expected V/s `91.2cr in 4QFY2016, up 2.1% yoy Given the valuations, we maintain accumulate rating with target price of `689. Economic and Political News Cabinet clears ordinance to amend Banking Act to tackle NPAs Cabinet clears new steel policy, envisages investments of `10 lakh cr. US votes to extend anti-dumping duty on Indian shrimps for 5 years Black money routed into gold market, shell cos after note ban: I-T sleuths Sri Lanka to go ahead with strategic oil facility deal with India Corporate News L&T Technology Services to buy Silicon Valley-based firm for `180cr Mahindra pulls the plug on electric car sales in UK Godrej Properties sells 1,000 apartments across 3 new projects

3 Quarterly Bloomberg Brokers Consensus Estimate Exide Industries Ltd - May 4, 2017 Particulars ( ` cr) 4QFY17E 4QFY16 y-o-y (%) 3QFY17 q-o-q (%) Net sales 1,969 1, , EBITDA EBITDA margin (%) Net profit Housing Development Finance Corp - May 4, 2017 Particulars ( ` cr) 4QFY17E 4QFY16 y-o-y (%) 3QFY17 q-o-q (%) Net profit 2,020 2,607 (22.5) 1, Bharti Infratel Consol - May 8, 2017 Particulars ( ` cr) 4QFY17E 4QFY16 y-o-y (%) 3QFY17 q-o-q (%) Net sales 3,486 3, , EBITDA 1,540 1, EBITDA margin (%) Net profit ABB India Ltd - May 8, 2017 Particulars ( ` cr) 1QCY17E 1QCY16 y-o-y (%) 4QCY16 q-o-q (%) Net sales 2,224 1, ,441 (8.9) EBITDA (31.0) EBITDA margin (%) Net profit (37.3)

4 Top Picks Company Market Cap (` Cr) CMP (`) Target (`) Upside (%) Alkem Laboratories 23,800 1,991 2, Asian Granito 1, Blue Star 6, Dewan Housing Finance 13, Equitas Holdings 5, Jagran Prakashan 6, KEI Industries 1, Mahindra Lifespace 1, Navkar Corporation 3, Siyaram Silk Mills 1,590 1,696 1, 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. 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. 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

5 Key Upcoming Events Result Calendar Date May 4, 2017 May 5, 2017 May 6, 2017 Company Exide Industries, Bank of Maharashtra, MRF Apollo Tyres, Visaka Industries, Aventis L G Balakrishnan & Bros Source: Bloomberg, Angel Research Global economic events release calendar Date Time Country Event Description Unit Period Bloomberg Data Last Reported Estimated May 4,, :30PM Euro Zone Euro-Zone GDP s.a. (QoQ) % Change 1Q A :25PM Germany PMI Services Value Apr F May 5,, 2017 China Exports YoY% % Change Apr :00PM US Change in Nonfarm payrolls Thousands Apr May 8,, :00PM US Unnemployment rate % Apr May 10, :00AM China Consumer Price Index (YoY) % Change Apr India Imports YoY% % Change Apr India Exports YoY% % Change Apr May 11, 2017 US Producer Price Index (mom) % Change Apr (0.20) -- 2:00PM UK Industrial Production (YoY) % Change Mar :30PM UK BOE Announces rates % Ratio May May 12, :30PM India Industrial Production YoY % Change Mar (1.20) -- 6:00PM US Consumer price index (mom) % Change Apr (0.30) :30AM Germany GDP nsa (YoY) % Change 1Q P May 15, :30AM China Industrial Production (YoY) % Change Apr :00PM India Monthly Wholesale Prices YoY% % Change Apr May 16, :00PM US Housing Starts Thousands Apr 1, :00PM US Building permits Thousands Apr 1, :45PM US Industrial Production % Apr :00PM UK CPI (YoY) % Change Apr May 17, :30PM Euro Zone Euro-Zone CPI (YoY) % Apr F :00PM UK Jobless claims change % Change Apr May 19, :30PM Euro Zone Euro-Zone Consumer Confidence Value May A (3.60) -- May 23, :30PM US New home sales Thousands Apr May 24, :30PM US Existing home sales Million Apr :00PM UK GDP (YoY) % Change 1Q P Source: Bloomberg, Angel Research

6 Macro watch Exhibit 1: Quarterly GDP trends Exhibit 2: IIP trends (%) QFY QFY QFY QFY QFY QFY QFY QFY QFY QFY QFY QFY17 (%) (1.0) (2.0) (3.0) (1.3) Apr May Jun-16 (2.5) Jul-16 (0.7) Aug Sep-16 (1.9) Oct Nov-16 (0.1) Dec Jan-17 (1.2) Feb-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 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Mar-16 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 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 (%) Exports yoy growth Imports yoy growth (%) Repo rate Reverse Repo rate CRR (10.0) 4.00 (20.0) 3.50 (30.0) 3.00 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Jun-16 Jul-16 Aug-16 Aug-16 Sep-16 Oct-16 Oct-16 Nov-16 Dec-16 Dec-16 Jan-17 Feb-17 Mar-17 Mar-17 Apr-17 May-17 Source: Bloomberg, Angel Research Source: RBI, Angel Research

7 Global watch Exhibit 1: Latest quarterly GDP Growth (%, yoy) across select developing and developed countries (%) (2.0) (4.0) Brazil (2.5) Russia India China South Africa Indonesia Malaysia Thailand UK USA Germany France Japan Source: Bloomberg, Angel Research Exhibit 2: 2016 GDP Growth projection by IMF (%, yoy) across select developing and developed countries 8.0 (%) 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 Russia India China South Africa Indonesia Malaysia Thailand UK USA Germany France Japan Source: IMF, Angel Research

8 Exhibit 4: Relative performance of indices across globe Returns (%) Country Name of index Closing price 1M 3M 1YR Brazil Bovespa 66, (0.1) 22.6 Russia Micex 1,994 (0.1) (10.8) 4.8 India Nifty 9, China Shanghai Composite 3,135 (2.8) (0.7) 5.7 South Africa Top 40 46, Mexico Mexbol 49, Indonesia LQ Malaysia KLCI 1, Thailand SET (0.7) (0.5) 9.3 USA Dow Jones 20, UK FTSE 7,235 (1.9) Japan Nikkei 19, Germany DAX 12, France CAC 5, 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 Neutral 238-4,625 1,937 2, United Phosphorus Neutral ,268 15,176 17, Auto & Auto Ancillary Amara Raja Batteries Buy 874 1,009 14,927 5,305 6, Apollo Tyres Neutral ,466 12,877 14, Ashok Leyland Buy ,592 20,021 21, Bajaj Auto Neutral 2,924-84,599 25,093 27, Bharat Forge Neutral 1,149-26,742 7,726 8, Ceat Neutral 1,650-6,672 7,524 8, Eicher Motors Neutral 25,915-70,515 16,583 20, Exide Industries Neutral ,904 7,439 8, Gabriel India Neutral 124-1,780 1,544 1, Hero Motocorp Neutral 3,368-67,261 28,083 30, Indag Rubber Neutral Jamna Auto Industries Neutral 237-1,892 1,486 1, JK Tyres Neutral 179-4,053 7,455 8, L G Balakrishnan & Bros Neutral 642-1,007 1,302 1, Mahindra and Mahindra Neutral 1,347-83,680 46,534 53, Maruti Neutral 6, ,889 67,822 83, Minda Industries Neutral 497-4,296 2,728 3, Motherson Sumi Neutral ,767 45,896 53, Rane Brake Lining Neutral 1, Setco Automotive Neutral Subros Neutral 236-1,415 1,488 1, Swaraj Engines Neutral 1,829-2, Tata Motors Neutral , , , TVS Motor Neutral ,714 13,390 15, Capital Goods ACE Neutral BEML Neutral 1,370-5,706 3,451 4, BGR Energy Neutral 160-1,156 16,567 33,

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 Bharat Electronics Neutral ,948 8,137 9, BHEL Neutral ,613 28,797 34, Blue Star Accumulate ,507 4,283 5, CG Power and Industrial Neutral 77-4,823 5,777 6, Solutions Greaves Cotton Neutral 171-4,186 1,755 1, Inox Wind Neutral 200-4,443 5,605 6, KEC International Neutral 216-5,556 9,294 10, KEI Industries Accumulate ,682 2,682 3, Thermax Neutral 1,030-12,275 5,421 5, VATech Wabag Neutral 684-3,734 3,136 3, Voltas Neutral ,755 6,511 7, Cement ACC Neutral 1,609-30,220 11,225 13, Ambuja Cements Neutral ,202 9,350 10, India Cements Neutral 211-6,486 4,364 4, J K Lakshmi Cement Neutral 469-5,522 2,913 3, JK Cement Neutral 989-6,916 4,398 5, Orient Cement Neutral 167-3,417 2,114 2, UltraTech Cement Neutral 4, ,129 25,768 30, Construction Engineers India Neutral ,452 1,725 1, Gujarat Pipavav Port Neutral 160-7, ITNL Neutral 114-3,744 8,946 10, KNR Constructions Neutral 206-2,896 1,385 1, Larsen & Toubro Neutral 1, , , , MEP Infra Neutral 69-1,116 1,877 1, Nagarjuna Const. Neutral 98-5,456 8,842 9, NBCC Neutral ,032 7,428 9, PNC Infratech Neutral 159-4,071 2,350 2, Power Mech Projects Neutral ,801 2, Sadbhav Engineering Neutral 324-5,563 3,598 4,

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 Simplex Infra Neutral 419-2,075 6,829 7, SIPL Neutral 101-3,554 1,036 1, (8.4) (5.6) (22.8) (15.9) Financials Axis Bank Buy ,956 46,932 53, Bank of Baroda Neutral ,721 19,980 23, Can Fin Homes Neutral 2,805-7, Canara Bank Neutral ,968 15,225 16, Cholamandalam Inv. & Accumulate Fin. Co. 1,093 1,230 17,085 2,012 2, Dewan Housing Finance Buy ,916 2,225 2, Equitas Holdings Buy , , Federal Bank Accumulate ,315 8,259 8, HDFC Neutral 1, ,587 11,475 13, HDFC Bank Accumulate 1,541 1, ,355 46,097 55, ICICI Bank Buy ,889 42,800 44, Karur Vysya Bank Buy ,294 5,640 6, Lakshmi Vilas Bank Neutral 180-3,451 3,339 3, LIC Housing Finance Neutral ,665 3,712 4, Punjab Natl.Bank Neutral ,080 23,532 23, RBL Bank Neutral ,105 1,783 2, Repco Home Finance Accumulate , South Ind.Bank Neutral 26-4,615 6,435 7, St Bk of India Neutral ,659 88,650 98, Union Bank Neutral ,278 13,450 14, Yes Bank Neutral 1,632-74,508 8,978 11, FMCG Akzo Nobel India Neutral 1,998-9,581 2,955 3, Asian Paints Neutral 1, ,037 17,128 18, Britannia Neutral 3,574-42,889 9,594 11, Colgate Neutral 1,034-28,118 4,605 5, Dabur India Accumulate ,583 8,315 9, GlaxoSmith Con* Neutral 5,136-21,601 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 1,806-61,519 10,235 11, HUL Neutral ,183 35,252 38, ITC Neutral ,725 40,059 44, Marico Neutral ,637 6,430 7, Nestle* Neutral 6,705-64,645 10,073 11, Procter & Gamble Hygiene Neutral 7,360-23,892 2,939 3, Tata Global Neutral 156-9,858 8,675 9, IT HCL Tech^ Buy 834 1, ,967 49,242 57, Infosys Buy 936 1, ,914 68,484 73, TCS Accumulate 2,337 2, , , , Tech Mahindra Buy ,888 29,673 32, Wipro Accumulate ,670 55,421 58, Media D B Corp Neutral 375-6,889 2,297 2, Hindustan Media Ventures Neutral 286-2,096 1,016 1, HT Media Neutral 82-1,903 2,693 2, Jagran Prakashan Accumulate ,406 2,355 2, Sun TV Network Neutral ,721 2,850 3, TV Today Network Buy , Metals & Mining Coal India Neutral ,404 84,638 94, Hind. Zinc Neutral ,908 14,252 18, Hindalco Neutral , , , JSW Steel Neutral ,725 53,201 58, NMDC Neutral ,624 6,643 7, SAIL Neutral 61-25,338 47,528 53,738 (0.7) 2.1 (1.9) (1.6) Tata Steel Neutral , , , Vedanta Neutral ,182 71,744 81, Oil & Gas Cairn India #VALUE! 9,127 10, GAIL Neutral ,117 56,220 65, Indian Oil Corp 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 ONGC Neutral , , , Reliance Industries Neutral 1, , , , Pharmaceuticals Alembic Pharma Accumulate ,419 3,483 4, Alkem Laboratories Ltd Accumulate 1,991 2,257 23,800 6,065 7, Aurobindo Pharma Buy ,230 15,720 18, Aventis* Neutral 4,226-9,732 2,277 2, Cadila Healthcare Neutral ,452 10,429 12, Cipla Sell ,594 15,378 18, Dishman Pharma Sell ,935 1,718 1, Dr Reddy's Neutral 2,594-42,973 16,043 18, GSK Pharma* Neutral 2,422-20,513 2,800 3, Indoco Remedies Accumulate ,043 1,112 1, Ipca labs Accumulate ,103 3,258 3, Lupin Buy 1,264 1,809 57,096 15,912 18, Natco Pharma Accumulate ,496 2,090 2, Sun Pharma Buy ,528 31,129 35, Power NTPC Neutral ,659 86,605 95, Power Grid Accumulate ,256 25,315 29, Tata Power Neutral 82-22,233 36,916 39, Real Estate MLIFE Accumulate ,936 1,152 1, Prestige Estate Neutral 248-9,287 4,707 5, Telecom Bharti Airtel Neutral , , , Idea Cellular Neutral 84-30,217 40,133 43, zothers Abbott India Neutral 4,121-8,758 3,153 3, Asian Granito Neutral 387-1,164 1,060 1, Bajaj Electricals Accumulate ,535 4,801 5, Banco Products (India) Neutral 232-1,661 1,353 1, Coffee Day Enterprises Ltd Neutral 256-5,270 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 529-8,090 2,883 3, Garware Wall Ropes Neutral 784-1, Goodyear India* Neutral 894-2,061 1,598 1, Hitachi Neutral 1,782-4,845 2,081 2, HSIL Neutral 345-2,497 2,384 2, Interglobe Aviation Neutral 1,116-40,342 21,122 26, Jyothy Laboratories Neutral 376-6,839 1,440 2, Kirloskar Engines India Ltd Neutral 402-5,812 2,554 2, Linc Pen & Plastics Neutral M M Forgings Neutral Manpasand Bever. Neutral 697-3, , Mirza International Neutral 116-1, , MT Educare Neutral Narayana Hrudaya Neutral 316-6,458 1,873 2, Navkar Corporation Buy , Navneet Education Neutral 169-3,944 1,062 1, Nilkamal Neutral 2,185-3,261 1,995 2, Page Industries Neutral 14,714-16,411 2,450 3, Parag Milk Foods Neutral 238-2,001 1,919 2, Quick Heal Neutral 247-1, Radico Khaitan Buy ,639 1,667 1, Relaxo Footwears Neutral 490-5,883 2,085 2, S H Kelkar & Co. Neutral 312-4,514 1,036 1, Siyaram Silk Mills Accumulate 1,696 1,872 1,590 1,652 1, Styrolution ABS India* Neutral 726-1,277 1,440 1, Surya Roshni Neutral 275-1,206 3,342 3, Team Lease Serv. Neutral 1,092-1,867 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 256-1,960 2,671 2, India TVS Srichakra Neutral 4,137-3,168 2,304 2, UFO Moviez Neutral 440-1, Visaka Industries Neutral ,051 1, VRL Logistics Neutral 339-3,093 1,902 2, Wonderla Holidays Neutral 381-2, VIP Industries Neutral 209-2,955 1,270 1, Navin Fluorine Buy 3,027 3,650 2, Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on May 03, 2017

16 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.