Market Outlook. Market Cues. News Analysis. Investor s Ready Reckoner. Top Picks. Key Upcoming Events. November 20, 2017

Transcription

1 Market Cues Indian markets are likely to open flat tracking global indices and SGX Nifty. While selling pressure was relatively subdued, U.S. stocks saw modest weakness during trading on Friday. The major averages all moved to the downside, with the tech-heavy Nasdaq pulling back off the record closing high set in the previous session. The European markets fluctuated between small gains and losses during Friday's session, but ended the day in the red. Markets were under pressure as the Euro gained ground against the U.S. dollar following reports that Special Counsel Robert Mueller issued subpoenas to over a dozen top Trump campaign officials in mid- October, calling for documents and s related to Russia. Indian markets posted strong gains for the second day in a row on Friday, bonds rallied and the rupee strengthened sharply against the dollar after Moody's Investors Service upgraded India's sovereign rating for the first time in 14 years. Domestic Indices Chg (Pts) (Close) BSE Sensex ,343 Nifty ,284 Mid Cap ,673 Small Cap ,605 Bankex ,242 Global Indices Chg (Pts) (Close) Dow Jones (0.4) (100) 23,358 Nasdaq (0.2) (11) 6,783 FTSE (0.1) (6) 7,381 Nikkei ,397 Hang Seng ,199 Shanghai Com (0.5) (16) 3,383 News Analysis L&T Construction bags `8,650cr order to build Mumbai Trans Harbour Link 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 Buy 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 Nov16 US Initial Jobless claims Consensus Expectations Nov16 US Existing home sales Nov16 Euro Zone Euro-Zone Consumer Confidence (1.00) (1.00) Nov17 Germany PMI Manufacturing Nov17 Germany GDP nsa (YoY) More Events on Pg7 Advances / Declines BSE NSE Advances 1,623 1,109 Declines 1, Unchanged Volumes (` Cr) BSE 4,676 NSE 36,804 Net Inflows (` Cr) Net Mtd Ytd FII ,403 52,855 MFs 2,326 3,825 99,236 Top Gainers Price (`) Chg Renuka Gati Jubilant Adanient Polaris Top Losers Price (`) Chg Videoind 14 (2.7) Techm 485 (2.7) Ltts 918 (2.7) Gppl 131 (2.6) Bbtc 1,459 (2.5) As on November,

2 News Analysis L&T Construction bags `8,650cr order to build Mumbai Trans Harbour Link Larsen & Toubro announced that the heavy civil infrastructure business vertical of L&T Construction bagged an order worth `8,650cr from Mumbai Metropolitan Region Development Authority (MMRDA) for the construction of Mumbai Trans Harbour Link, Package 01 & 03. The project involves the construction of a 21.8 km bridge connecting Mumbai mainland with Navi Mumbai. The package -01 of the contract involves the construction of a multi-level interchange at Sewri and a 6-lane marine bridge from Sewri to Km into the Mumbai bay, crossing over the Sewri mudflats, Pir Pau Jetty and Thane Creek channels. The contract, secured in partnership with IHI Corporation, Japan involves the construction of an orthotropic steel deck crossing the various obligatory navigation channels which will be first of its kind in India. The package-03, won by L&T on a standalone basis, involves the construction of a 3.6 km, 6-lane land bridge at Navi Mumbai connecting National Highway-4B and State Highway-54 apart from the construction of Interchanges, Rail Over Bridges and Toll Plazas. The proposed Mumbai Trans Harbour Link will serve as an economic gateway to Navi Mumbai connecting to Nhava Sheva Port, the Mumbai Pune Expressway and the Mumbai Goa Highway. DFC Standard Life Insurance Company Ltd We had given SUBSCRIBE rating to the HDFC Life IPO, At the upper band of `290 the issue was valued at 4.2x of 2QFY2018 embedded value (EV) of `14,011cr, a bit higher than close listed player SBI Life and ICICI Pru which is trading at 3.6x and 3.3x of 2QFY2018 EV respectively. Slight premium is justified, considering, consistent growth across premium categories, improving dividend pay-out over last 4 years, strong parentage trusted brand name, highest VNB margin (22% for FY2017) and well-balanced business mix. Stock listed with an over 7% premium (`311) against its issue price of `290. At yesterday closing price of `344, it is it closed 18.71% premium to its issue price and 5x of 2QFY18 embedded Value. We recommend investor with listing gain respective can book profit. Economic and Political News Govt raises import duty on palm oil, soyoil to support farmers Foreign exchange earnings from tourism surge to `2,254cr in October India's debt-to-gdp ratio much higher than median of Baa2-rated economies Corporate News Infosys' `13,000cr buyback begins Nov 30; Nilekani, Murthy to take part IndiGo takes delivery of its first ATR aircraft Hinduja Leyland Finance sees gross income rising to `2,000 cr this fiscal

3 Top Picks HHHHH Company Market Cap (` Cr) CMP (`) Target (`) Upside Alkem Laboratories 23,553 1,970 2, Asian Granito 1, Blue Star 6, Dewan Housing Finance 19, Karur Vysya Bank 7, KEI Industries 2, Music Broadcast 2, Navkar Corporation 2, Siyaram Silk Mills 2, TV Today Network 2, Maruti Suzuki 2,51,956 8,341 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

4 Key Upcoming Events Global economic events release calendar Bloomberg Data Date Time Country Event Description Unit Period Last Reported Estimated Nov 21, :00 PM US Initial Jobless claims Thousands Nov Nov 22, :30 PM US Existing home sales Million Oct :30 PM Euro Zone Euro-Zone Consumer Confidence Value Nov A (1.00) (1.00) Nov 23, :00 PM Germany PMI Manufacturing Value Nov P : 30 PM Germany GDP nsa (YoY) % Change 3Q F :00 PM Germany PMI Services Value Nov P :00 PM UK GDP (YoY) % Change 3Q P Nov 27, :30 PM US New home sales Thousands Oct Nov 28, :30 PM US Consumer Confidence S.A./ 1985=100 Nov Nov 29, :00 PM US GDP Qoq (Annualised) % Change 3Q S Nov 30, :25 PM Germany Unemployment change (000's) Thousands Nov (11.00) 6:30 AM China PMI Manufacturing Value Nov Dec 01, :00 PM UK PMI Manufacturing Value Nov Dec 05, :30 PM Euro Zone Euro-Zone GDP s.a. (QoQ) % Change 3Q F 0.60 Dec 06, :30 PM India RBI Reverse Repo rate % Dec :30 PM India RBI Cash Reserve ratio % Dec :30 PM India RBI Repo rate % Dec Dec 08, :00 PM UK Industrial Production (YoY) % Change Oct 2.50 India Imports YoY% % Change Nov 7.60 India Exports YoY% % Change Nov (1.10) China Exports YoY% % Change Nov :00 PM US Change in N onfarm payrolls Thousands Nov :00 PM US Unnemployment rate % Nov 4.10 Dec 09, :00 AM China Consumer Price Index (YoY) % Change Nov 1.90 Source: Bloomberg, Angel Research ngelbr oki ng.c o m

5 Macro watch Exhibit 1: Quarterly GDP trends Exhibit 2: IIP trends QFY QFY QFY QFY QFY QFY QFY QFY QFY QFY QFY QFY (1.0) 5.1 Nov Dec Jan Feb Mar Apr May-17 (0.3) Jun Jul Aug Sep-17 Source: CSO, Angel Research Source: MOSPI, Angel Research Exhibit 3: Monthly CPI inflation trends Exhibit 4: Manufacturing and services PMI Nov Dec Jan Feb Mar Apr May Jun Jul Aug-17 Sep Oct Sep-16 Oct-16 Nov-16 Dec-16 Mfg. PMI Jan-17 Feb-17 Mar-17 Apr-17 Services PMI May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-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 60.0 Exports yoy growth Imports yoy growth 6.50 Repo rate Reverse Repo rate CRR (10.0) 3.00 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-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 Source: Bloomberg, Angel Research Source: RBI, Angel Research ngelbr oki ng.c o m

6 Global watch Exhibit 1: Latest quarterly GDP Growth (%, yoy) across select developing and developed countries Brazil Russia India China South Africa Indonesia Malaysia Thailand UK USA Germany France Japan Source: Bloomberg, Angel Research Exhibit 2: 2017 GDP Growth projection by IMF (%, yoy) across select developing and developed countries 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 13.1 Russia 5.3 India China South Africa Indonesia Malaysia Thailand UK USA Germany France Japan Source: IMF, Angel Research ngelbr oki ng.c o m

7 Exhibit 4: Relative performance of indices across globe Returns Country Name of index Closing price 1M 3M 1YR Brazil Bovespa 73,437 (4.5) Russia Micex 2, India Nifty 10, China Shanghai Composite 3, South Africa Top 40 53, Mexico Mexbol 47,857 (4.6) (6.3) 6.7 Indonesia LQ45 1, Malaysia KLCI 1,722 (1.6) (2.8) 4.5 Thailand SET 50 1,089 (1.5) USA Dow Jones 23, UK FTSE 7,381 (2.2) Japan Nikkei 22, Germany DAX 12,994 (0.0) France CAC 5,319 (1.2) Source: Bloomberg, Angel Research p68in4 ngelbr oki ng.c o m

8 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 Reduce ,473 1,873 2, United Phosphorus Accumulate ,848 18,922 21, Auto & Auto Ancillary Ashok Leyland Accumulate ,911 23,339 27, Bajaj Auto Neutral 3,212-92,946 23,936 27, Bharat Forge Buy ,442 7,637 8, Eicher Motors Neutral 30,638-83,403 19,043 22, , Gabriel India Neutral 193-2,773 1,782 2, Hero Motocorp Accumulate 3,635 4,129 72,586 32,239 36, Jamna Auto Industries Neutral 59-2,367 1,441 1, Mahindra and Mahindra Neutral 1,417-88,058 46,971 53, Maruti Accumulate 8,341 8, ,956 80,985 97, Minda Industries Neutral 1,053-9,100 4,328 5, Motherson Sumi Neutral ,828 55,937 64, Tata Motors Neutral , , , TVS Motor Neutral ,665 13,992 16, Amara Raja Batteries Accumulate ,655 6,140 7, Exide Industries Neutral ,081 8,689 9, Apollo Tyres Neutral ,518 15,739 17, Ceat Neutral 1,777-7,188 6,661 7, JK Tyres Neutral 144-3,272 8,318 9, Swaraj Engines Neutral 1,935-2, Subros Neutral 247-1,481 1,855 2, Capital Goods BEML Neutral 1,628-6,778 4,286 5, Bharat Electronics Neutral ,906 10,258 12, Voltas Neutral ,197 6,778 8, BHEL Neutral 88-32,217 33,200 39, Blue Star Buy ,659 5,220 6, CG Power and Industrial Neutral 84-5,233 6,555 7, , Solutions Greaves Cotton Neutral 122-2,983 1,778 1,

9 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 ,516 9,779 11, KEI Industries Accumulate ,659 3,001 3, Thermax Neutral 1,021-12,166 4,125 4, VATech Wabag Buy ,984 3,867 4, Cement ACC Neutral 1,766-33,162 12,255 13, Ambuja Cements Neutral ,496 10,250 11, India Cements Neutral 177-5,442 6,135 6, JK Cement Neutral 1,083-7,570 4,150 4, J K Lakshmi Cement Neutral 428-5,035 3,422 3, Orient Cement Neutral 165-3,380 2,215 3, UltraTech Cement Neutral 4, ,432 28,250 35, Construction KNR Constructions Neutral 268-3,762 1,846 2, Larsen & Toubro Neutral 1, ,042 95, , Gujarat Pipavav Port Neutral 131-6, PNC Infratech Neutral 182-4,679 2,040 2, Simplex Infra Neutral 513-2,539 6,012 6, Sadbhav Engineering Neutral 319-5,471 3,823 4, NBCC Neutral ,219 9,099 12, MEP Infra Neutral 101-1,640 2,403 2, SIPL Neutral 129-4,533 2,060 2, (5.8) (3.1) (14.2) (2.3) Engineers India Neutral ,369 1,795 2, Financials Axis Bank Accumulate ,951 32,558 35, Bank of Baroda Neutral ,293 22,533 26, Canara Bank Neutral ,202 17,925 20, Can Fin Homes Neutral 478-6, Cholamandalam Inv. & Neutral Fin. Co. 1,276-19,940 2,826 3, Dewan Housing Finance Accumulate ,930 2,676 3, Equitas Holdings Buy ,782 1,125 1, Federal Bank Accumulate ,025 4,896 5,

10 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, ,498 55,236 63, ICICI Bank Neutral ,679 42,361 51, Karur Vysya Bank Buy ,276 3,289 3, LIC Housing Finance Neutral ,522 4,895 6, Punjab Natl.Bank Neutral ,580 23,708 25, RBL Bank Neutral ,288 2,309 2, Repco Home Finance Buy , South Ind.Bank Neutral 31-5,521 3,195 3, St Bk of India Neutral , , , Union Bank Neutral ,378 14,650 16, Yes Bank Neutral ,303 11,088 13, FMCG Akzo Nobel India Neutral 1,796-8,614 3,164 3, Asian Paints Neutral 1, ,332 17,603 20, , , Britannia Neutral 4,736-56,859 9,690 11, Colgate Neutral 1,040-28,291 4,420 5, Dabur India Neutral ,302 8,346 9, GlaxoSmith Con* Neutral 6,009-25,270 5,072 5, Godrej Consumer Neutral ,331 10,171 11, HUL Neutral 1, ,750 37,077 41, , , ITC Neutral ,838 44,588 49, Marico Neutral ,549 6,788 7, Nestle* Neutral 7,689-74,135 10,083 11, Tata Global Neutral ,378 7,121 7, Procter & Gamble Hygiene Neutral 9,100-29,540 3,034 3, IT HCL Tech^ Buy 840 1, ,838 50,009 54, Infosys Buy 971 1, ,027 70,333 75, TCS Reduce 2,710 2, , , , Tech Mahindra Accumulate ,364 30,545 32,

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 ) FY18E FY19E FY18E FY19E FY18E FY19E FY18E FY19E FY18E FY19E FY18E FY19E FY18E FY19E Wipro Neutral ,446 54,164 56, Media D B Corp Neutral 368-6,769 2,404 2, HT Media Neutral 96-2,240 2,589 2, Jagran Prakashan Buy ,281 2,541 2, Sun TV Network Neutral ,178 3,238 3, Hindustan Media Ventures Neutral 242-1,779 1,002 1, TV Today Network Buy , Music Broadcast Limited Buy , Metals & Mining Coal India Neutral ,369 82,301 91, Hind. Zinc Neutral ,302 22,108 24, Hindalco Neutral , , , JSW Steel Neutral ,431 64,500 68, NMDC Neutral ,422 10,209 11, SAIL Neutral 79-32,524 54,100 63, (10.0) Vedanta Neutral ,341 81,206 87, Tata Steel Neutral , , , Oil & Gas GAIL Neutral ,187 53,115 52, ONGC Neutral ,790 83,111 84, Indian Oil Corp Neutral , , , Reliance Industries Neutral , , , Pharmaceuticals Alembic Pharma Buy ,682 3,903 4, Alkem Laboratories Ltd Accumulate 1,970 2,125 23,553 6,320 7, Aurobindo Pharma Buy ,463 17,086 19, Aventis* Neutral 4,485-10,329 2,411 2, Cadila Healthcare Neutral ,695 11,584 13, Cipla Sell ,978 16,163 18, Dr Reddy's Neutral 2,325-38,555 15,844 17, GSK Pharma* Neutral 2,511-21,272 2,968 3, Indoco Remedies Sell ,465 1,154 1,

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 ) FY18E FY19E FY18E FY19E FY18E FY19E FY18E FY19E FY18E FY19E FY18E FY19E FY18E FY19E Ipca labs Neutral 529-6,679 3,593 4, Lupin Buy 829 1,091 37,482 16,240 18, Natco Pharma Buy 901 1,057 15,713 1,886 2, Sun Pharma Accumulate ,053 32,899 36, Syngene International Accumulate ,295 1,394 1, Power Tata Power Neutral 89-24,059 32,547 33, NTPC Neutral ,316 86, , Power Grid Accumulate ,105 29,183 32, Real Estate Prestige Estate Neutral ,483 4,607 5, MLIFE Buy , Telecom Bharti Airtel Neutral ,292 97, , Idea Cellular Neutral 95-34,341 35,012 37, (4.4) (2.7) (6.8) (4.6) zothers Abbott India Neutral 4,942-10,501 3,244 3, Asian Granito Buy ,473 1,169 1, Bajaj Electricals Neutral 400-4,067 4,646 5, Banco Products (India) Neutral 221-1,580 1,530 1, Coffee Day Enterprises Ltd Neutral 226-4,652 3,494 3, Elecon Engineering Neutral Garware Wall Ropes Neutral 905-1, , Goodyear India* Neutral 828-1,910 1,717 1, Hitachi Neutral 2,450-6,661 2,355 2, HSIL Neutral 463-3,345 2,240 2, Interglobe Aviation Neutral 1,165-44,754 22,570 27, Jyothy Laboratories Neutral 335-6,090 1,781 2, Linc Pen & Plastics Neutral M M Forgings Neutral 856-1, Mirza International Neutral 152-1,828 1,148 1, Navkar Corporation Buy , Nilkamal Neutral 1,587-2,368 2,317 2,

13 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 234-1,967 1,987 2, Radico Khaitan Neutral 257-3,420 1,811 1, Relaxo Footwears Neutral 574-6,895 1,981 2, Siyaram Silk Mills Accumulate ,687 1,769 1, Styrolution ABS India* Neutral 916-1,611 1,800 1, Surya Roshni Neutral 380-1,664 4,870 5, TVS Srichakra Neutral 3,301-2,527 2,729 2, Visaka Industries Neutral 642-1,020 1,104 1, VIP Industries Neutral 314-4,437 1,450 1, Navin Fluorine Accumulate , , Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on November 18, 2017

14 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.