Market Outlook. Market Cues. News Analysis. Investor s Ready Reckoner. Top Picks. Key Upcoming Events. October 14, 2016

Transcription

1 6.( Market Outlook Market Cues Indian markets are likely to open flat tracking SGX Nifty. After falling sharply early in the trading session on Thursday, stocks gained some ground as the day progressed but still closed mostly lower. Concerns over the global economy contributed to the early weakness in the market. The European markets also closed sharply on negative note on weak Chinese data. The disappointing data sparked concerns among traders over the health of the global economy. Indian markets remained under pressure from opening and more selling pressure was observed as the day progressed. There was broad based selling witnessed in the markets. Global volatility led to the fall in Indian markets and volatility could remain high for few trading session. However, softening CPI inflation data might support the Indian markets today. News Analysis Result preview: Infosys Result Review: TCS 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 Batteries Auto & Auto Ancill. Accumulate 1,037 1, HCL Tech IT Buy 803 1, Bharat Electronics Capital Goods Accumulate 1,244 1, Equitas Holdings Financials Buy Navkar Corporation Others Buy More Top Picks on Pg4 Key Upcoming Events Date Region Event Description Previous Reading Consensus Expectations Oct 14 US Producer Price Index (MoM) (0.3) -- Oct 14 India Monthly Wholesale Prices YoY% Oct 14 Euro Zone Euro Zone CPI (YoY) Oct 17 China Consumer Price Index (YoY) Oct 17 US Industrial Production (0.4) 0.2 Oct 18 US Consumer Price Index (MoM) Oct 18 UK CPI (YoY) More Events on Pg5 Domestic Indices Chg (%) (Pts) (Close) BSE Sensex (1.6) (439) 27,643 Nifty (1.6) (135) 8,573 Mid Cap (1.5) (203) 13,312 Small Cap (1.4) (188) 13,068 Bankex (2.2) (484) 21,638 Global Indices Chg (%) (Pts) (Close) Dow Jones (0.3) (45) 18,098 Nasdaq (0.5) (25) 5,213 FTSE (0.7) (47) 6,977 Nikkei (0.4) (66) 16,774 Hang Seng (1.6) (376) 23,031 Shanghai Com ,061 Advances / Declines BSE NSE Advances Declines 1, Unchanged Volumes (` Cr) BSE 3,946 NSE 23,575 Net Inflows (` Cr) Net Mtd Ytd FII 65 1,694 51,698 MFs 926 1,682 15,629 Top Gainers Price (`) Chg (%) Cyient Justdial Jktyre Petronet Bayercrop 4, Top Losers Price (`) Chg (%) J&Kbank 75 (14.1) Jswenergy 70 (5.4) Tv18Brdcst 47 (5.4) Dishtv 93 (5.2) Eidparry 259 (5.2) As on October 13, 2016

2 Market Outlook News Analysis Result Preview: Infosys (CMP: `1,052 / TP: `1,370 /Upside: 30.2%) Infosys is slated to announce its 2QFY2017 results today. We expect the company to post 2.4% sequential growth in USD revenues to US$2,561mn. In rupee terms, revenues are expected to come in at `17,133cr, up 2.1% qoq. EBIT margin is expected to show an expansion of ~35bp qoq to end the period at 24.5% on account of strong growth. Consequently, PAT is expected to be at `3,546cr, a rise of 3.2% qoq. We maintain our buy rating on the stock with a target price of `1,370. Y/E Sales OPM PAT EPS ROE P/E P/BV EV/EBITDA EV/Sales March (` cr) (%) (` cr) (`) (%) (x) (x) (x) (x) FY2017E 69, , FY2018E 79, , Result Review: TCS (CMP: `2,329 / TP: /Upside: Under Review) TCS announced its 2QFY2017 results, which came in below expectations, while the EBIT margins and net profit came in much higher than expected. The company posted 0.3% sequential growth in USD revenues to US$4,374mn V/s US $4,441mn expected. In rupee terms, revenues came in at `29,284cr V/s `29,707cr, down by 0.1% QoQ. The constant currency growth (CC) came in at 1.0% QoQ, while volume growth of QoQ of 1.3%. The key geographies like USA QoQ grew by 1.4% on CC terms, while Latin America posted a dip of 0.2% QoQ on CC terms. In Europe, the UK posted a dip of 0.1% QoQ on CC terms, while Continental Europe posted a 3.7% QoQ growth on CC terms. India posted a QoQ dip of 7.6%, while Asia Pacific posted a QoQ growth of 3.5% and MEA posted a QoQ growth of 2.2% ( all on CC terms). In terms of domain, the BSFI (40.4% of sales), posted a CC QoQ growth of 1.2%, Retail & CPG (13.4% of sales) posted a CC QoQ de-growth of 3.1%. Communication & Media (11.4% of sales) posted a CC QoQ growth of 2.0%, Manufacturing (10.7% of sales) posted a CC QoQ growth of 3.1%, while Healthcare posted a CC QoQ growth of 4.7%. On operating front, the EBIT margins came in at 26.2% V/s 25.2% expected an expansion of 93bps. Consequently, PAT came in at `6,586cr V/s `6,377cr, a rise of 4.3% QoQ. In terms of the client additions the US$50+mn client addition was one, US$ 20mn+ was 6. The attrition rate was 11.9% in the IT services. Given the underperformance by the company this quarter, we would soon revise our numbers and target price. We maintain our Buy. Y/E Sales OPM PAT EPS ROE P/E P/BV EV/EBITDA EV/Sales March (` cr) (%) (` cr) (`) (%) (x) (x) (x) (x) FY2017E 1,21, , FY2018E 1,36, ,

3 Market Outlook Economic and Political News CPI inflation for the month of September fell to 4.31% CCEA decides to cut ethanol prices for petrol blending from Dec. 1 India sees taxation levels cooperation among BRICS countries Corporate News CERA sanitary posts 40.6% rise in PAT for Q2FY17. Cox & Kings-owned Meininger Hotels has signed an agreement with Beni Stabili SIIQ to set up a 491-bed hotel in Milan, Italy. German drug giant Boehringer Ingelheim has entered into an agreement with Mumbai-based Lupin to co-market empagliflozin, a novel drug for the treatment of Type-II diabetes in adults. Quarterly Bloomberg Brokers Consensus Estimate Infosys Ltd Consol - Particulars ( ` cr) 2QFY17E 2QFY16 y-o-y (%) 1QFY17 q-o-q (%) Net sales 17,049 15, , EBITDA 4,457 4, , EBITDA margin (%) Net profit 3,429 3, ,436 (0.2) Ultratech Cement Ltd - Oct 17, 2016 Particulars ( ` cr) 2QFY17E 2QFY16 y-o-y (%) 1QFY17 q-o-q (%) Net sales 6,375 5, , EBITDA 1, ,423 (3.4) EBITDA margin (%) Net profit (6.8) LIC Housing Finance Ltd - October 20, 2016 Particulars ( ` cr) 2QFY17E 2QFY16 y-o-y (%) 1QFY17 q-o-q (%) Net profit

4 Market Outlook Top Picks Large Cap Company Market Cap (` Cr) CMP (`) Target (`) Upside (%) Amara Raja Batteries 17,706 1,037 1, Bharat Electronics 29,858 1,244 1, HCL Tech 1,13, , Infosys 2,41,650 1,052 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. Back on the growth trend, expect a long term growth of 14% to be a US$20bn in FY2020. Mid Cap Company Market Cap (` Cr) CMP (`) Target (`) Upside (%) Bajaj Electricals 2, Dewan Housing Finance 8, Equitas Holdings 5, Jagran Prakashan 6, Mahindra Lifespace 1, Navkar Corporation 2, TV Today Network 1, Source: Company, Angel Research Rationale 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. 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. 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 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.

5 Market Outlook Key Upcoming Events Result Calendar Date Oct 14, 2016 Oct 17, 2016 Oct 19, 2016 Oct 20, 2016 Oct 21, 2016 Oct 22, 2016 Oct 24, 2016 Oct 25, 2016 Oct 26, 2016 Company Infosys UltraTech Cement KPIT Cummins, NIIT, Hind. Zinc LIC Housing Fin. ACC, Wipro, Mindtree, Cairn India, Kirloskar Engines India Ltd Persistent, L G Balakrishnan & Bros Axis Bank HDFC Bank, Kotak Mah. Bank, Asian Paints, Dr Reddy's Exide Industries, LMW, HDFC, Dabur India, Cadila Healthcare, Indoco Remedies Source: Bloomberg, Angel Research Global economic events release calendar Date Time Country Event Description Unit Period Bloomberg Data Last Reported Estimated Oct 14, 2016 US Producer Price Index (mom) % Change Sep (0.30) -- 2:30PM Euro Zone Euro-Zone CPI (YoY) % Sep F :00PM India Monthly Wholesale Prices YoY% % Change Sep Oct 17, :00AM China Consumer Price Index (YoY) % Change Sep :45PM US Industrial Production % Sep (0.43) 0.20 Oct 18, :00PM US Consumer price index (mom) % Change Sep :00PM UK CPI (YoY) % Change Sep Oct 19, :00PM US Housing Starts Thousands Sep 1, , :00PM US Building permits Thousands Sep 1, , :00PM UK Jobless claims change % Change Sep :30AM China Industrial Production (YoY) % Change Sep :30AM China Real GDP (YoY) % Change 3Q Oct 20, :30PM US Existing home sales Million Sep :30PM Euro Zone Euro-Zone Consumer Confidence Value Oct A (8.20) -- Oct 21, :15PM Euro Zone ECB announces interest rates % Oct Oct 24, :00PM Germany PMI Services Value Oct P :00PM Germany PMI Manufacturing Value Oct P Oct 25, :30PM US Consumer Confidence S.A./ 1985=100 Oct Oct 26, :30PM US New home sales Thousands Sep Oct 27, :00PM UK GDP (YoY) % Change 3Q A Oct 28, :00PM US GDP Qoq (Annualised) % Change 3Q A Oct 31, :30PM Euro Zone Euro-Zone GDP s.a. (QoQ) % Change 3Q A Source: Bloomberg, Angel Research

6 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 227-4,408 1,937 2, United Phosphorus Neutral ,890 15,176 17, Auto & Auto Ancillary Ashok Leyland Buy ,568 22,407 26, Bajaj Auto Neutral 2,824-81,710 25,093 27, Bharat Forge Neutral ,341 7,726 8, Eicher Motors Neutral 25,888-70,315 16,583 20, Gabriel India Neutral 119-1,702 1,544 1, Hero Motocorp Neutral 3,494-69,761 31,253 35, Jamna Auto Industries Neutral 216-1,723 1,486 1, L G Balakrishnan & Bros Neutral ,302 1, Mahindra and Mahindra Neutral 1,369-85,034 46,534 53, Maruti Neutral 5, ,917 69,186 82, Minda Industries Neutral 340-2,695 2,728 3, Motherson Sumi Neutral ,175 45,896 53, Rane Brake Lining Neutral 1, Setco Automotive Neutral Tata Motors Neutral , , , TVS Motor Neutral ,250 13,390 15, Amara Raja Batteries Accumulate 1,037 1,174 17,706 5,429 6, Exide Industries Neutral ,959 7,439 8, Apollo Tyres Neutral ,379 12,877 14, Ceat Neutral 1,388-5,615 7,524 8, JK Tyres Neutral 158-3,577 7,455 8, Swaraj Engines Neutral 1,340-1, Subros Neutral ,488 1, Indag Rubber Neutral Capital Goods ACE Neutral BEML Buy 911 1,157 3,793 3,451 4, Bharat Electronics Accumulate 1,244 1,414 29,858 8,137 9,

7 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 Accumulate ,585 6,511 7, BGR Energy Neutral ,567 33, BHEL Neutral ,394 28,797 34, Blue Star Neutral 569-5,424 4,351 5, Crompton Greaves Neutral 75-4,713 5,777 6, Greaves Cotton Neutral 127-3,100 1,755 1, Inox Wind Buy ,856 5,605 6, KEC International Neutral 125-3,215 9,294 10, Thermax Neutral ,638 5,421 5, VATech Wabag Buy ,082 3,136 3, Cement ACC Neutral 1,633-30,663 11,225 13, Ambuja Cements Neutral ,197 9,350 10, India Cements Neutral 154-4,743 4,364 4, JK Cement Neutral 939-6,563 4,398 5, J K Lakshmi Cement Neutral 482-5,671 2,913 3, Orient Cement Neutral 193-3,944 2,114 2, UltraTech Cement Neutral 3, ,289 25,768 30, Construction ITNL Neutral 104-3,413 8,946 10, KNR Constructions Neutral 794-2,232 1,385 1, Larsen & Toubro Buy 1,436 1, ,874 67,665 77, Gujarat Pipavav Port Neutral 175-8, Nagarjuna Const. Neutral 83-4,609 8,842 9, PNC Infratech Accumulate ,202 2,350 2, Simplex Infra Neutral 342-1,690 6,829 7, Power Mech Projects Neutral ,801 2, Sadbhav Engineering Accumulate ,708 3,598 4, NBCC Neutral ,453 7,428 9, MEP Infra Neutral ,877 1, SIPL Neutral 105-3,683 1,036 1, (8.4) (5.6) (22.8) (15.9)

8 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 Engineers India Neutral 254-8,557 1,725 1, Financials Axis Bank Buy ,813 46,932 53, Bank of Baroda Neutral ,553 19,980 23, Canara Bank Neutral ,857 15,225 16, Dewan Housing Finance Accumulate ,289 2,225 2, Equitas Holdings Buy , , Federal Bank Neutral 71-12,122 9,353 10, HDFC Neutral 1, ,604 11,475 13, HDFC Bank Accumulate 1,264 1, ,987 46,097 55, ICICI Bank Accumulate ,304 39,029 45, LIC Housing Finance Neutral ,429 3,712 4, Punjab Natl.Bank Neutral ,355 23,532 23, RBL Bank Accumulate ,325 1,783 2, South Ind.Bank Neutral 23-3,106 6,435 7, St Bk of India Neutral ,837 88,650 98, Union Bank Neutral 142-9,786 13,450 14, Yes Bank Neutral 1,255-52,835 8,978 11, FMCG Asian Paints Neutral 1, ,341 17,128 18, Britannia Neutral 3,324-39,884 9,795 11, Colgate Neutral ,454 4,605 5, Dabur India Neutral ,766 8,315 9, GlaxoSmith Con* Neutral 6,220-26,159 4,350 4, Godrej Consumer Neutral 1,568-53,391 10,235 11, HUL Neutral ,547 35,252 38, ITC Buy ,673 40,059 44, Marico Neutral ,751 6,430 7, Nestle* Neutral 6,540-63,054 10,073 11, Tata Global Neutral 148-9,331 8,675 9, Procter & Gamble Hygiene Accumulate 6,970 7,369 22,625 2,939 3,

9 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 ) FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E HCL Tech^ Buy 803 1, ,319 49,242 57, Infosys Buy 1,052 1, ,650 69,934 79, TCS Buy 2,329 3, , , , Tech Mahindra Buy ,861 30,347 33, Wipro Buy ,970 51,631 55, Media D B Corp Neutral 397-7,290 2,297 2, HT Media Neutral 86-1,992 2,693 2, Jagran Prakashan Accumulate ,517 2,355 2, Sun TV Network Neutral ,133 2,850 3, Hindustan Media Ventures Neutral 295-2,168 1,016 1, TV Today Network Accumulate , Metals & Mining Coal India Neutral ,439 84,638 94, Hind. Zinc Neutral ,760 14,252 18, Hindalco Neutral , , , JSW Steel Neutral 1,769-42,767 53,201 58, NMDC Neutral ,486 6,643 7, SAIL Neutral 48-19,948 47,528 53,738 (0.7) 2.1 (1.9) (1.6) Vedanta Neutral ,108 71,744 81, Tata Steel Neutral , , , Oil & Gas Cairn India Neutral ,941 9,127 10, GAIL Neutral ,464 56,220 65, ONGC Neutral , , , Indian Oil Corp Neutral , , , Reliance Industries Neutral 1, , , , Pharmaceuticals Alembic Pharma Neutral ,824 3,483 4, Aurobindo Pharma Accumulate ,054 15,720 18, Sanofi India* Neutral 4,211-9,699 2,357 2, Cadila Healthcare Neutral ,412 11,126 13, Cipla Sell ,756 15,378 18,

10 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 Dr Reddy's Neutral 3,050-50,531 16,043 18, Dishman Pharma Sell ,925 1,718 1, GSK Pharma* Neutral 2,925-24,776 3,528 3, Indoco Remedies Sell ,865 1,112 1, Ipca labs Neutral 614-7,750 3,303 3, Lupin Buy 1,480 1,809 66,742 15,912 18, Sun Pharma Buy ,180 31,129 35, Power Tata Power Neutral 78-21,015 36,916 39, NTPC Neutral ,023 86,605 95, Power Grid Neutral ,265 25,763 29, Real Estate MLIFE Buy ,809 1,152 1, Telecom Bharti Airtel Neutral , , , Idea Cellular Neutral 76-27,366 40,133 43, zothers Abbott India Neutral 4,747-10,088 3,153 3, Bajaj Electricals Buy ,588 5,099 5, Finolex Cables Neutral 439-6,721 2,883 3, Goodyear India* Neutral 866-1,997 1,598 1, Hitachi Neutral 1,550-4,214 2,081 2, Jyothy Laboratories Neutral 356-6,471 1,440 2, Page Industries Neutral 15,686-17,496 2,450 3, Relaxo Footwears Neutral 441-5,294 2,085 2, Siyaram Silk Mills Neutral 1,484-1,391 1,799 2, Styrolution ABS India* Neutral 613-1,079 1,440 1, TVS Srichakra Neutral 3,868-2,962 2,304 2, HSIL Neutral 345-2,497 2,384 2, Kirloskar Engines India Ltd Neutral 352-5,087 2,554 2, M M Forgings Neutral Banco Products (India) Neutral 226-1,617 1,353 1, Competent Automobiles Neutral ,137 1,

11 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 Nilkamal Neutral 1,335-1,992 1,995 2, Visaka Industries Neutral ,051 1, Transport Corporation of Neutral 177-1,356 2,671 2, India Elecon Engineering Neutral ,482 1, Surya Roshni Neutral ,342 3, MT Educare Neutral Radico Khaitan Neutral 140-1,864 1,659 1, Garware Wall Ropes Neutral 534-1, Wonderla Holidays Neutral 400-2, Linc Pen & Plastics Neutral The Byke Hospitality Neutral Interglobe Aviation Neutral ,720 21,122 26, Coffee Day Enterprises Ltd Neutral 226-4,655 2,964 3, Navneet Education Neutral 100-2,383 1,062 1, Navkar Corporation Buy , UFO Moviez Neutral 466-1, VRL Logistics Neutral 314-2,861 1,902 2, Team Lease Serv. Neutral 1,023-1,748 3,229 4, S H Kelkar & Co. Neutral 299-4,321 1,036 1, Quick Heal Neutral 229-1, Narayana Hrudaya Neutral 339-6,926 1,873 2, Manpasand Bever. Neutral 708-4, , Parag Milk Foods Neutral 295-2,480 1,919 2, Mirza International Buy ,119 1,024 1, Asian Granito Buy ,118 1, Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on October 13, 2016

12 Market Outlook 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.