Market Outlook. Market Cues. News Analysis. Investor s Ready Reckoner. Top Picks. Key Upcoming Events. June 9, 2017

Transcription

1 June 9, 2017 Market Cues Indian markets are likely to open on Positive note tracking the SGX Nifty and Global markets. U.S. markets notched meager gains Thursday, but the Nasdaq closed at a record after former FBI Director James Comey s appearance in front of the U.S. Senate Intelligence Committee concluded without any significant revelations. The European markets ended Thursday's session with mixed results, but were little changed overall. Investors were in a cautious mood ahead as they await the results of today's election in the UK. Traders were also keeping a close eye on today's testimony by former FBI Director James Comey before Congress. Indian market fell modestly on Thursday as investors braced for hectic political and economic activity globally. Traders avoided taking big positions ahead of outcome of the European Central Bank meeting, Britain's general election and former FBI Director James Comey's much-anticipated testimony before the Senate intelligence committee. News Analysis Unichem lines up `350cr capex for next two years 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 Fin. Financials Buy Mahindra Lifespace Real Estate Buy Navkar Corporation Others Buy KEI Industries Capital Goods Buy More Top Picks on Pg3 Key Upcoming Events Date Region Event Description Previous Reading Consensus Expectations Jun 09, 2017 UK Industrial Production (YoY) 1.40 (0.30) Jun 09, 2017 UK CPI (YoY) Jun 12, 2017 China Consumer Price Index (YoY) Jun 13, 2017 India Industrial Production YoY Jun 13, 2017 US Producer Price Index (mom) Jun 14, 2017 India Imports YoY% More Events on Pg4 Domestic Indices Chg (Pts) (Close) BSE Sensex (0.2) 0.3 (58) 86 29,422 31,213 Nifty (0.2) 0.4 (17) 33 9,136 9,647 Mid Cap ,485 14,834 Small Cap ,128 15,473 Bankex (0.5) (0.1) (131) (40) 24,444 26,682 Global Indices Chg (Pts) (Close) Dow Jones ,579 21,183 Nasdaq ,917 6,322 FTSE (0.4) 0.1 (29) 4 7,119 7,450 Nikkei (0.0) (0.4) (75) (2) 18,430 19,909 Hang Seng ,057 26,063 Shanghai Com ,172 3,150 Advances / Declines BSE NSE Advances 1,849 1,309 1, Declines 1,039 1, Unchanged Volumes (` Cr) BSE 4,029 7,655 NSE 25,391 22,447 #Net Inflows (` Cr) Net Net Mtd Ytd FII (565) 89 (2,249) (3,493) 41,972 48,475 MFs 804 (1) 4,895 1,114 14,333 31,154 Top Gainers Price (`) Chg Indiacem Mmtc Jktyre Niittech Gsfc Pageind 15, Sobha Hindcopper Jetairways Pvr 1, Top Losers Price (`) Chg Irb Adanitrans (5.0) Yesbank Videoind 1, (3.8) (4.9) Icicibank Hdil (2.9) (4.6) Polaris Naukri 1, (2.5) (3.9) Concor Orientbank 1, (2.5) (3.7) #As #as on 8April th June, 20, 2017

2 June 9, 2017 News Analysis Unichem lines up `350cr capex for next two years Unichem Laboratories has lined up a capex of around `350cr for the next two years as it plans to strengthen R&D activity and expand operations in the US market. The company, which focuses on various therapeutic segments like gastroenterology and cardiology, expects its US revenues to cross $100 million over the next few years. The long term aim of the company is to cross $500 million in revenues from the US operations. The company plans to reinforce its R&D so that it could file for more complex products in the US. In previous fiscal, the Mumbai-based company had invested more than 5 per cent of total sales on R&D. According to management, US operations of the company remains one of the major focus area and one of the major reasons to enhance R&D spend. Economic and Political News Anti-dumping duty extended on gypsum plaster boards for 1 year India's growth to remain unchanged at 7.1% in FY17: HSBC Monsoon to arrive in Mumbai by June 10-11: IMD Corporate News Coal India to shut 37 mines tin FY18: Sources Zee Entertainment Enterprises Ltd buys balance 49% in India Webportal for `197cr United Bank of India to cut NPAs by 10% every year

3 June 9, 2017 Top Picks HHHHH Company Market Cap (` Cr) CMP (`) Target (`) Upside Alkem Laboratories 22,716 1,900 2, Asian Granito 1, Blue Star 6, Dewan Housing Finance 13, Karur Vysya Bank 7, Jagran Prakashan 6, KEI Industries 1, Mahindra Lifespace 2, Navkar Corporation 3, 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. Loan growth is likely to pick up after a sluggish FY17. Lower credit cost will help in strong bottomline growth. Increasing share of CASA will help in NIM improvement. 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 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 June 9, 2017 Key Upcoming Events Global economic events release calendar Bloomberg Data Date Time Country Event Description Unit Period Last Reported Estimated Jun 09, :00 PM UK Industrial Production (YoY) % Change Apr 1.40 (0.30) 2:00 PM UK CPI (YoY) % Change May Jun 12, :00 AM China Consumer Price Index (YoY) % Change May Jun 13, :30 PM India Industrial Production YoY % Change Apr 2.70 US Producer Price Index (mom) % Change May 0.60 Jun 14, 2017 India Imports YoY% % Change May India Exports YoY% % Change May :00 PM UK Jobless claims change % Change May :30 AM China Industrial Production (YoY) % Change May :00 PM US Consumer price index (mom) % Change May :00 PM India Monthly Wholesale Prices YoY% % Change May :30 PM US FOMC rate decision % Jun Jun 15, :45 PM US Industrial Production % May :30 PM Euro Zone Euro-Zone CPI (YoY) % May F 1.40 Jun 16, :30 PM UK BOE Announces rates % Ratio Jun :00 PM US Housing Starts Thousands May 1, , :00 PM US Building permits Thousands May 1, , Jun 21, :30 PM US Existing home sales Million May Jun 22, :30 PM Euro Zone Euro-Zone Consumer Confidence Value Jun A (3.30) Jun 23, :00 PM Germany PMI Services Value Jun P :00 PM Germany PMI Manufacturing Value Jun P :30 PM US New home sales Thousands May Source: Bloomberg, Angel Research

5 June 9, 2017 Macro watch Exhibit 1: Quarterly GDP trends Exhibit 2: IIP trends QFY QFY QFY QFY QFY QFY QFY QFY QFY QFY QFY QFY May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar- 17 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 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 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 May-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 (10.0) (20.0) (30.0) Exports yoy growth Imports yoy growth Repo rate Reverse Repo rate CRR May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 Jul-16 Aug-16 Sep-16 Sep-16 Oct-16 Nov-16 Dec-16 Dec-16 Jan-17 Feb-17 Feb-17 Mar-17 Apr-17 Apr-17 May-17 Source: Bloomberg, Angel Research Source: RBI, Angel Research

6 June 9, 2017 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 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 June 9, 2017 Exhibit 4: Relative performance of indices across globe Returns Country Name of index Closing price 1M 3M 1YR Brazil Bovespa 62,756 (5.3) (4.5) 24.3 Russia Micex 1,874 (6.4) (8.5) (1.5) India Nifty 9, China Shanghai Composite 3, (2.5) 11.7 South Africa Top 40 45,734 (3.8) 2.5 (4.4) Mexico Mexbol 49,087 (1.7) Indonesia LQ Malaysia KLCI 1, Thailand SET (0.6) USA Dow Jones 21, UK FTSE 7, Japan Nikkei 19, Germany DAX 12, France CAC 5,264 (2.5) 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 252-4,897 1,937 2, United Phosphorus Neutral ,935 15,176 17, Auto & Auto Ancillary Ashok Leyland Buy ,979 20,021 21, Bajaj Auto Neutral 2,869-83,027 25,093 27, Bharat Forge Neutral 1,185-27,587 7,726 8, Eicher Motors Neutral 29,614-80,615 16,583 20, Gabriel India Neutral 141-2,020 1,544 1, Hero Motocorp Neutral 3,785-75,576 28,083 30, Jamna Auto Industries Neutral 260-2,070 1,486 1, L G Balakrishnan & Bros Neutral 750-1,177 1,302 1, Mahindra and Mahindra Neutral 1,418-88,062 46,534 53, Maruti Neutral 7, ,517 67,822 83, Minda Industries Neutral 622-5,374 2,728 3, Motherson Sumi Neutral ,500 45,896 53, Rane Brake Lining Neutral 1,313-1, Setco Automotive Neutral Tata Motors Neutral , , , TVS Motor Neutral ,833 13,390 15, Amara Raja Batteries Buy 866 1,009 14,791 5,305 6, Exide Industries Neutral ,036 7,439 8, Apollo Tyres Neutral ,143 12,877 14, Ceat Neutral 1,892-7,652 7,524 8, JK Tyres Neutral 184-4,181 7,455 8, Swaraj Engines Neutral 1,999-2, Subros Neutral 261-1,566 1,488 1, Indag Rubber Neutral Capital Goods ACE Neutral BEML Neutral 1,281-5,333 3,451 4, Bharat Electronics Neutral ,826 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) Capital Goods ( ) Price ( ) ( cr ) FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E Voltas Neutral ,114 6,511 7, BGR Energy Neutral 155-1,117 16,567 33, BHEL Neutral ,850 28,797 34, Blue Star Buy ,055 4,283 5, CG Power and Industrial Neutral 85-5,302 5,777 6, Solutions Greaves Cotton Neutral 154-3,764 1,755 1, Inox Wind Neutral 140-3,100 5,605 6, KEC International Neutral 260-6,683 9,294 10, KEI Industries Buy ,701 2,633 3, Thermax Neutral ,424 5,421 5, VATech Wabag Neutral 672-3,669 3,136 3, Cement ACC Neutral 1,615-30,330 11,225 13, Ambuja Cements Neutral ,673 9,350 10, India Cements Neutral 209-6,428 4,364 4, JK Cement Neutral 1,043-7,289 4,398 5, J K Lakshmi Cement Neutral 484-5,701 2,913 3, Orient Cement Neutral 163-3,339 2,114 2, UltraTech Cement Neutral 4, ,096 25,768 30, Construction ITNL Neutral 98-3,225 8,946 10, KNR Constructions Neutral 213-2,994 1,385 1, Larsen & Toubro Neutral 1, , , , Gujarat Pipavav Port Neutral 144-6, Nagarjuna Const. Neutral 86-4,795 8,842 9, PNC Infratech Neutral 145-3,724 2,350 2, Simplex Infra Neutral 521-2,578 6,829 7, Power Mech Projects Neutral ,801 2, Sadbhav Engineering Neutral 310-5,315 3,598 4, NBCC Neutral ,856 7,428 9, MEP Infra Neutral 97-1,577 1,877 1,

10 Stock Watch Company Name Reco CMP Target Mkt Cap Sales ( cr ) OPM EPS ( ) PER(x) P/BV(x) RoE EV/Sales(x) Construction ( ) Price ( ) ( cr ) FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E SIPL Neutral 113-3,975 1,036 1, (8.4) (5.6) (22.8) (15.9) Engineers India Neutral ,381 1,725 1, Financials Axis Bank Accumulate ,362 46,932 53, Bank of Baroda Neutral ,334 19,980 23, Canara Bank Neutral ,455 15,225 16, Can Fin Homes Neutral 2,900-7, Cholamandalam Inv. & Buy Fin. Co. 1,035 1,230 16,179 2,012 2, Dewan Housing Finance Buy ,612 2,225 2, Equitas Holdings Buy , , Federal Bank Accumulate ,079 8,259 8, HDFC Neutral 1, ,711 11,475 13, HDFC Bank Neutral 1, ,699 46,097 55, ICICI Bank Neutral ,581 42,800 44, Karur Vysya Bank Buy ,862 5,640 6, Lakshmi Vilas Bank Neutral 192-3,687 3,339 3, LIC Housing Finance Neutral ,398 3,712 4, Punjab Natl.Bank Neutral ,217 23,532 23, RBL Bank Neutral ,488 1,783 2, Repco Home Finance Accumulate , South Ind.Bank Neutral 28-5,059 6,435 7, St Bk of India Neutral ,213 88,650 98, Union Bank Neutral ,820 13,450 14, Yes Bank Neutral 1,479-67,592 8,978 11, FMCG Akzo Nobel India Neutral 1,780-8,537 2,955 3, Asian Paints Neutral 1, ,694 17,128 18, Britannia Neutral 3,629-43,546 9,594 11, Colgate Neutral 1,076-29,274 4,605 5, Dabur India Accumulate ,684 8,315 9, GlaxoSmith Con* Neutral 5,353-22,512 4,350 4,

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 Godrej Consumer Neutral 1,882-64,111 10,235 11, HUL Neutral 1, ,662 35,252 38, ITC Neutral ,512 40,059 44, Marico Neutral ,172 6,430 7, Nestle* Neutral 6,680-64,401 10,073 11, Tata Global Neutral 155-9,757 8,675 9, Procter & Gamble Hygiene Neutral 7,872-25,552 2,939 3, IT HCL Tech^ Buy 867 1, ,698 46,723 52, Infosys Buy 956 1, ,657 68,484 73, TCS Accumulate 2,522 2, , , , Tech Mahindra Buy ,736 29,141 31, Wipro Neutral ,736 55,421 58, Media D B Corp Neutral 367-6,751 2,297 2, HT Media Neutral 82-1,909 2,693 2, Jagran Prakashan Buy ,179 2,283 2, Sun TV Network Neutral ,264 2,850 3, Hindustan Media Ventures Neutral 278-2,043 1,016 1, TV Today Network Buy , Metals & Mining Coal India Neutral ,069 84,638 94, Hind. Zinc Neutral ,225 14,252 18, Hindalco Neutral , , , JSW Steel Neutral ,103 53,201 58, NMDC Neutral ,416 6,643 7, SAIL Neutral 58-23,789 47,528 53,738 (0.7) 2.1 (1.9) (1.6) Vedanta Neutral ,187 71,744 81, Tata Steel Neutral , , , Oil & Gas GAIL Neutral ,741 56,220 65, ONGC Neutral , , , Indian Oil Corp Neutral , , ,

12 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 Reliance Industries Neutral 1, , , , Pharmaceuticals Alembic Pharma Buy ,427 3,101 3, Alkem Laboratories Ltd Accumulate 1,900 2,161 22,716 5,853 6, Aurobindo Pharma Buy ,420 14,845 17, Aventis* Neutral 4,051-9,330 2,206 2, Cadila Healthcare Neutral ,287 9,220 11, Cipla Sell ,166 15,378 18, Dr Reddy's Neutral 2,637-43,693 14,081 15, Dishman Pharma Sell 143 1,718 1, GSK Pharma* Neutral 2,469-20,916 2,927 3, Indoco Remedies Buy ,788 1,112 1, Ipca labs Buy ,357 3,258 3, Lupin Buy 1,169 1,809 52,790 15,912 18, Natco Pharma Neutral 1,022-17,818 2,065 1, Sun Pharma Buy ,787 31,129 35, Power Tata Power Neutral 79-21,381 36,916 39, NTPC Neutral ,278 86,605 95, Power Grid Accumulate ,189 25,315 29, Real Estate Prestige Estate Neutral 252-9,454 4,707 5, MLIFE Buy ,163 1,152 1, Telecom Bharti Airtel Neutral , , , Idea Cellular Neutral 79-28,630 40,133 43, zothers Abbott India Neutral 4,206-8,938 3,153 3, Asian Granito Accumulate ,190 1,066 1, Bajaj Electricals Accumulate ,607 4,801 5, Banco Products (India) Neutral 222-1,589 1,353 1, Coffee Day Enterprises Ltd Neutral 250-5,142 2,964 3, Competent Automobiles Neutral ,137 1, Elecon Engineering Neutral ,482 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 ) FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E Finolex Cables Neutral 508-7,771 2,883 3, Garware Wall Ropes Neutral 821-1, Goodyear India* Neutral 891-2,056 1,598 1, Hitachi Neutral 2,038-5,542 2,081 2, HSIL Neutral 356-2,575 2,384 2, Interglobe Aviation Neutral 1,144-41,374 21,122 26, Jyothy Laboratories Neutral 380-6,906 1,440 2, Kirloskar Engines India Ltd Neutral 385-5,568 2,554 2, Linc Pen & Plastics Neutral M M Forgings Neutral Manpasand Bever. Neutral 771-4, , Mirza International Neutral 145-1, , MT Educare Neutral Narayana Hrudaya Neutral 322-6,570 1,873 2, Navkar Corporation Buy , Navneet Education Neutral 185-4,329 1,062 1, Nilkamal Neutral 2,024-3,020 1,995 2, Page Industries Neutral 15,645-17,450 2,450 3, Parag Milk Foods Neutral 233-1,959 1,919 2, Quick Heal Neutral 214-1, Radico Khaitan Buy ,644 1,667 1, Relaxo Footwears Neutral 495-5,944 2,085 2, S H Kelkar & Co. Neutral 289-4,179 1,036 1, Siyaram Silk Mills Accumulate 2,332 2,500 2,186 1,574 1, Styrolution ABS India* Neutral 807-1,418 1,440 1, Surya Roshni Neutral 294-1,286 3,342 3, Team Lease Serv. Neutral 1,255-2,146 3,229 4, The Byke Hospitality Neutral Transport Corporation of Neutral 315-2,414 2,671 2, India

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 ) FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E zothers TVS Srichakra Neutral 4,119-3,154 2,304 2, UFO Moviez Neutral 380-1, Visaka Industries Neutral ,051 1, VRL Logistics Neutral 326-2,977 1,902 2, VIP Industries Accumulate ,751 1,270 1, Navin Fluorine Accumulate 3,176 3,650 3, Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on June 08, 2017

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 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.