Market Outlook. Market Cues. News Analysis. Investor s Ready Reckoner. Top Picks. Key Upcoming Events. January 09, 2017

Transcription

1 Market Cues Indian markets are likely to open flat with a positive bias tracking SGX Nifty. U.S. markets closed higher after hitting all-time highs on Friday as the technology sector led, while investors parsed through key employment data. U.S. The European markets ended Friday's session with mixed results, but the majority finished with slight gains. The markets were locked in a narrow trading range throughout the day and did not stray too far away from the flat line in either direction. Indian Market fell slightly on Friday as IT stocks continued to come under selling pressure ahead of quarterly results beginning next week. Profit booking after Thursday's rally, weakness in the rupee in the evening trade and sluggish cues from European markets also dented investor sentiment. News Analysis RBI imposes `3cr penalty on Lakshmi Vilas Bank 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 928 1, Alkem Laboratories Pharmaceuticals Buy 1,660 1, HCL Tech IT Buy 814 1, Power Grid Corp. Power Buy Navkar Corp. Others Buy More Top Picks on Pg3 Key Upcoming Events Date Region Event Description Previous Reading Consensus Expectations Jan 10 China Consumer Price Index (YoY) Jan 11 UK Industrial Production (YoY) (1.10) 0.60 Jan 12 India Industrial Production YoY (1.90) (2.20) Jan 12 US Initial Jobless claims Jan 13 India Imports YoY% More Events on Pg4 Domestic Indices Chg (Pts) (Close) BSE Sensex (0.4) (119) 26,759 Nifty (0.4) (30) 8,244 Mid Cap (0.3) (34) 12,322 Small Cap (0.4) (53) 12,440 Bankex ,901 Global Indices Chg (Pts) (Close) Dow Jones ,964 Nasdaq ,521 FTSE ,210 Nikkei (0.3) (66) 19,454 Hang Seng ,503 Shanghai Com (0.4) (11) 3,154 Advances / Declines BSE NSE Advances 1, Declines 1,587 1,011 Unchanged Volumes (` Cr) BSE 3,334 NSE 18,343 Net Inflows (` Cr) Net Mtd Ytd FII (43) (1,626) (1,626) MFs Top Gainers Price (`) Chg Jswenergy Wockpharma Natcopharm Fortis Cadilahc Top Losers Price (`) Chg Justdial 376 (4.6) Mindtree 501 (4.4) Hcc 42 (3.8) Techm 470 (3.8) Hexaware 201 (3.7) As on January 06, 2017

2 News Analysis RBI imposes `3cr penalty on Lakshmi Vilas Bank The Reserve Bank on Friday said it has imposed a penalty of `3cr on Lakshmi Vilas. The penalty has been imposed for contravention of instructions relating to opening and operation of current accounts, extending bill discounting facilities to non-constituents and walk-in customers and non-adherence to KYC norms. However, The RBI added that the action on the bank is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank and its customers. The Reserve Bank of India had received a complaint regarding irregularities in bill discounting/purchasing at one of the bank s branches. RBI carried out an detailed examination of the irregularities. After conducting detailed examination of irregularities and considering banks response, the Reserve Bank of India came to the conclusion that these violations were substantiated and warranted imposition of monetary penalty. The penalty is not serious in nature and we have Buy recommendation, with a target price of `174/- (1.50x FY2018E BV). Economic and Political News New H1B visa rules in US: Minimum wage hike may have little impact on firms double to 18MW this year India's per capita income to cross `1 lakh in FY17 Delhi cabinet nod to phase-iv of Delhi Metro Corporate News Govt clears 26% strategic sale in Bharat Earth Movers Natco receives US FDA approval for cancer drug bendamustine Coal India's output target likely to be set at 660 MT for FY18

3 Top Picks Large Cap Company Market Cap (` Cr) CMP (`) Target (`) Upside Amara Raja Batteries 15, , Alkem Laboratories 19,847 1,660 1, HCL Tech 1,14, , Infosys 2,23, , Larsen & Toubro 1,29,749 1,391 1, Lupin 68,271 1,512 1, Power Grid Corporation 98, Rationale To outpace battery industry growth due to better technological products leading to market share gains in both the automotive OEM and replacement segments. 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. 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. Strong order backlog and improvement in execution would trigger the growth for the L&T One of the largest pharma companies with strong international presence. It has a rich pipeline of ANDAs which is also one of the largest among the generic companies. Going forward, we expect the company to report strong topline CAGR of ~16% and bottom-line CAGR of ~19% over FY16-18 on back of strong capitalization guidance Source: Company, Angel Research Mid Cap Company Market Cap (` Cr) CMP (`) Target (`) Upside Asian Granito Bajaj Electricals 2, Blue Star 4, Dewan Housing Finance 7, Equitas Holdings 4, Jagran Prakashan 5, KEI Industries 1, Mahindra Lifespace 1, Mirza International 1, Navkar Corporation 2, Siyaram Silk Mills 1,288 1,374 1, TV Today Network 1, Rationale We expect the company would report strong profitability owing to better product mix, higher B2C sales and amalgamation synergy. 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. 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 Higher growth in domestic branded sales and healthy export to boost the profitability. 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

4 Key Upcoming Events Global economic events release calendar Bloomberg Data Date Time Country Event Description Unit Period Last Reported Estimated Jan 10, :00 AM China Consumer Price Index (YoY) % Change Dec Jan 11, :00 PM UK Industrial Production (YoY) % Change Nov (1.10) 0.60 Jan 12, :30 PM India Industrial Production YoY % Change Nov (1.90) (2.20) 7:00 PM US Initial Jobless claims Thousands Jan Jan 13, 2017 India Imports YoY% % Change Dec US Producer Price Index (mom) % Change Dec - India Exports YoY% % Change Dec 2.30 China Exports YoY% % Change Dec (1.60) (3.80) Jan 16, :00 PM India Monthly Wholesale Prices YoY% % Change Dec 3.15 Jan 17, :00 PM UK CPI (YoY) % Change Dec 1.20 Jan 18, :00 PM US Consumer price index (mom) % Change Dec :30 PM Euro Zone Euro-Zone CPI (YoY) % Dec F :00 PM UK Jobless claims change % Change Dec :45 PM US Industrial Production % Dec (0.44) 0.35 Jan 19, :00 PM US Housing Starts Thousands Dec 1, , :00 PM US Building permits Thousands Dec 1, , :15 PM Euro Zone ECB announces interest rates % Jan 19 - Jan 20, :30 AM China Real GDP (YoY) % Change 4Q :30 AM China Industrial Production (YoY) % Change Dec 6.20 Jan 23, :30 PM Euro Zone Euro-Zone Consumer Confidence Value Jan A (5.10) Jan 24, :00 PM Germany PMI Services Value Jan P :30 PM US Existing home sales Million Dec :00 PM Germany PMI Manufacturing Value Jan P Jan 26, :00 PM UK GDP (YoY) % Change 4Q A :30 PM US New home sales Thousands Dec Source: Bloomberg, Angel Research

5 Macro watch Exhibit 1: Quarterly GDP trends Exhibit 2: IIP trends QFY14 4QFY14 1QFY15 2QFY15 3QFY15 4QFY15 1QFY16 2QFY16 3QFY16 4QFY16 1QFY17 2QFY17 (1.0) (2.0) (3.0) (0.9) Dec-15 (1.6) Jan-16 Feb-16 Mar-16 (1.3) Apr-16 May-16 Jun-16 (2.5) Jul-16 (0.7) Aug-16 Sep-16 (1.9) Oct-16 Source: CSO, Angel Research Source: MOSPI, Angel Research Exhibit 3: Monthly CPI inflation trends Exhibit 4: Manufacturing and services PMI 56.0 Mfg. PMI Services PMI Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-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) (25.0) (30.0) Dec-15 Jan-16 Exports yoy growth Feb-16 Mar-16 Apr-16 May-16 Imports yoy growth Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov Feb-16 Mar-16 Apr-16 Repo rate Reverse Repo rate CRR Apr-16 May-16 Jun-16 Jun-16 Jul-16 Aug-16 Aug-16 Sep-16 Oct-16 Nov-16 Nov-16 Dec-16 Jan-17 Source: Bloomberg, Angel Research Source: RBI, Angel Research

6 Global watch Exhibit 1: Latest quarterly GDP Growth (%, yoy) across select developing and developed countries (2.0) (4.0) Brazil (2.9) Russia (0.4) 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 (3.3) (0.8) (2.0) (4.0) 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

7 Exhibit 4: Relative performance of indices across globe Returns Country Name of index Closing price 1M 3M 1YR Brazil Bovespa 61, Russia Micex 2, India Nifty 8, (5.7) 3.5 China Shanghai Composite 3,154 (1.4) 5.0 (10.7) South Africa Top 40 44, (2.2) (0.5) Mexico Mexbol 46, (4.3) 13.2 Indonesia LQ (3.8) 14.2 Malaysia KLCI 1, (1.0) Thailand SET USA Dow Jones 19, UK FTSE 7, Japan Nikkei 19, Germany DAX 11, France CAC 4, 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 204-3,971 1,937 2, United Phosphorus Neutral ,436 15,176 17, Auto & Auto Ancillary Ashok Leyland Buy ,261 22,407 26, Bajaj Auto Neutral 2,708-78,372 25,093 27, Bharat Forge Neutral ,223 7,726 8, Eicher Motors Neutral 22,718-61,800 16,583 20, Gabriel India Buy ,548 1,544 1, Hero Motocorp Buy 3,069 3,541 61,277 30,958 34, Jamna Auto Industries Neutral 184-1,462 1,486 1, L G Balakrishnan & Bros Neutral ,302 1, Mahindra and Mahindra Neutral 1,220-75,786 46,534 53, Maruti Accumulate 5,613 6, ,561 68,057 82, Minda Industries Neutral 327-2,594 2,728 3, Motherson Sumi Neutral ,537 45,896 53, Rane Brake Lining Neutral Setco Automotive Neutral Tata Motors Neutral , , , TVS Motor Neutral ,310 13,390 15, Amara Raja Batteries Buy 928 1,167 15,852 5,504 6, Exide Industries Neutral ,844 7,439 8, Apollo Tyres Buy ,605 12,877 14, Ceat Buy 1,197 1,450 4,842 7,524 8, JK Tyres Neutral 117-2,648 7,455 8, Swaraj Engines Neutral 1,345-1, Subros Neutral ,488 1, Indag Rubber Neutral Capital Goods ACE Neutral BEML Neutral 993-4,137 3,451 4, Bharat Electronics Neutral 1,412-31,531 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 Buy ,124 6,511 7, BGR Energy Neutral ,567 33, BHEL Neutral ,938 28,797 34, Blue Star Buy ,699 4,283 5, Crompton Greaves Neutral 62-3,876 5,777 6, Greaves Cotton Neutral 123-2,992 1,755 1, Inox Wind Neutral 183-4,068 5,605 6, KEC International Neutral 144-3,710 9,294 10, KEI Industries Accumulate ,049 2,574 2, Thermax Neutral 802-9,553 5,421 5, VATech Wabag Buy ,618 3,136 3, Cement ACC Neutral 1,335-25,073 11,225 13, Ambuja Cements Neutral ,225 9,350 10, India Cements Neutral 125-3,852 4,364 4, JK Cement Neutral 715-4,996 4,398 5, J K Lakshmi Cement Buy ,199 2,913 3, Orient Cement Buy ,602 2,114 2, UltraTech Cement Neutral 3,331-91,412 25,768 30, Construction ITNL Neutral 112-3,676 8,946 10, KNR Constructions Neutral 168-2,358 1,385 1, Larsen & Toubro Buy 1,391 1, , , , Gujarat Pipavav Port Neutral 135-6, Nagarjuna Const. Neutral 83-4,623 8,842 9, PNC Infratech Buy ,685 2,350 2, Simplex Infra Neutral 285-1,407 6,829 7, Power Mech Projects Neutral ,801 2, Sadbhav Engineering Accumulate ,690 3,598 4, NBCC Neutral ,057 7,428 9, MEP Infra Neutral ,877 1,

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 ) FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E Construction SIPL Neutral 97-3,399 1,036 1, (8.4) (5.6) (22.8) (15.9) Engineers India Neutral ,307 1,725 1, Financials Axis Bank Buy ,780 46,932 53, Bank of Baroda Neutral ,277 19,980 23, Canara Bank Neutral ,693 15,225 16, Dewan Housing Finance Buy ,789 2,225 2, Equitas Holdings Buy , , Federal Bank Buy ,588 8,259 8, HDFC Neutral 1, ,699 11,475 13, HDFC Bank Accumulate 1,193 1, ,624 46,097 55, ICICI Bank Buy ,256 42,800 44, Lakshmi Vilas Bank Buy ,614 3,339 3, LIC Housing Finance Buy ,475 3,712 4, Punjab Natl.Bank Neutral ,355 23,532 23, RBL Bank Neutral ,184 1,783 2, South Ind.Bank Neutral 21-2,785 6,435 7, St Bk of India Neutral ,926 88,650 98, Union Bank Neutral 129-8,885 13,450 14, Yes Bank Neutral 1,247-52,748 8,978 11, FMCG Asian Paints Neutral ,985 17,128 18, Britannia Buy 2,889 3,626 34,663 9,594 11, Colgate Accumulate ,469 4,605 5, Dabur India Accumulate ,706 8,315 9, GlaxoSmith Con* Neutral 5,118-21,524 4,350 4, Godrej Consumer Neutral 1,522-51,846 10,235 11, HUL Neutral ,219 35,252 38, ITC Buy ,125 40,059 44, Marico Buy ,579 6,430 7, Nestle* Neutral 5,905-56,935 10,073 11,

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 ) FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E Tata Global Neutral 125-7,867 8,675 9, Procter & Gamble Hygiene Accumulate 6,861 7,369 22,273 2,939 3, IT HCL Tech^ Buy 814 1, ,882 49,242 57, Infosys Buy 971 1, ,137 68,350 77, TCS Accumulate 2,284 2, , , , Tech Mahindra Buy ,713 29,673 32, Wipro Buy ,227 55,440 60, Media D B Corp Neutral 372-6,838 2,297 2, HT Media Neutral 75-1,755 2,693 2, Jagran Prakashan Buy ,732 2,355 2, Sun TV Network Neutral ,003 2,850 3, Hindustan Media Ventures Neutral 273-2,007 1,016 1, TV Today Network Buy , Metals & Mining Coal India Neutral ,792 84,638 94, Hind. Zinc Neutral ,696 14,252 18, Hindalco Neutral , , , JSW Steel Neutral ,362 53,201 58, NMDC Neutral ,029 6,643 7, SAIL Neutral 52-21,435 47,528 53,738 (0.7) 2.1 (1.9) (1.6) Vedanta Neutral ,366 71,744 81, Tata Steel Neutral , , , Oil & Gas Cairn India Neutral ,975 9,127 10, GAIL Neutral ,130 56,220 65, ONGC Neutral , , , Indian Oil Corp Neutral , , , Reliance Industries Neutral 1, , , , Pharmaceuticals Alembic Pharma Neutral ,433 3,483 4, Alkem Laboratories Ltd Buy 1,660 1,989 19,847 6,043 6, Aurobindo Pharma Buy ,538 15,720 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 Aventis* Neutral 4,225-9,730 2,277 2, Cadila Healthcare Accumulate ,831 10,429 12, Cipla Sell ,828 15,378 18, Dr Reddy's Neutral 3,161-52,360 16,043 18, Dishman Pharma Neutral 228-3,678 1,718 1, GSK Pharma* Neutral 2,715-23,001 3,000 3, Indoco Remedies Reduce ,507 1,112 1, Ipca labs Accumulate ,897 3,303 3, Lupin Buy 1,512 1,809 68,271 15,912 18, Sun Pharma Buy ,777 31,129 35, Power Tata Power Neutral 77-20,853 36,916 39, NTPC Neutral ,143 86,605 95, Power Grid Buy ,746 25,315 29, Real Estate Prestige Estate Buy ,467 4,707 5, MLIFE Buy ,464 1,152 1, Telecom Bharti Airtel Neutral , , , Idea Cellular Neutral 73-26,254 40,133 43, zothers Abbott India Neutral 4,599-9,773 3,153 3, Asian Granito Buy ,071 1, Bajaj Electricals Buy ,316 4,801 5, Banco Products (India) Neutral 202-1,442 1,353 1, Coffee Day Enterprises Ltd Neutral 197-4,053 2,964 3, Competent Automobiles Neutral ,137 1, Elecon Engineering Neutral ,482 1, Finolex Cables Neutral 421-6,436 2,883 3, Garware Wall Ropes Neutral 629-1, Goodyear India* Neutral 721-1,664 1,598 1, Hitachi Neutral 1,379-3,749 2,081 2, HSIL Neutral 283-2,046 2,384 2,

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 Interglobe Aviation Neutral ,392 21,122 26, Jyothy Laboratories Neutral 333-6,048 1,440 2, Kirloskar Engines India Ltd Neutral 334-4,829 2,554 2, Linc Pen & Plastics Neutral M M Forgings Neutral Manpasand Bever. Neutral 538-3, , Mirza International Buy , , MT Educare Neutral Narayana Hrudaya Neutral 340-6,941 1,873 2, Navkar Corporation Buy , Navneet Education Neutral 124-2,954 1,062 1, Nilkamal Neutral 1,401-2,090 1,995 2, Page Industries Neutral 13,700-15,281 2,450 3, Parag Milk Foods Neutral 263-2,211 1,919 2, Quick Heal Neutral 256-1, Radico Khaitan Buy ,614 1,667 1, Relaxo Footwears Neutral 402-4,829 2,085 2, S H Kelkar & Co. Neutral 318-4,593 1,036 1, Siyaram Silk Mills Accumulate 1,374 1,605 1,288 1,733 1, Styrolution ABS India* Neutral 602-1,059 1,440 1, Surya Roshni Neutral ,342 3, Team Lease Serv. Neutral 903-1,544 3,229 4, The Byke Hospitality Neutral Transport Corporation of Neutral 153-1,173 2,671 2, India TVS Srichakra Neutral 3,239-2,480 2,304 2, UFO Moviez Neutral 416-1, Visaka Industries Neutral ,051 1, VRL Logistics Neutral 271-2,476 1,902 2, Wonderla Holidays Neutral 344-1, Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on January 06, 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.