Market Outlook. Market Cues. Result Review. Investor s Ready Reckoner. Top Picks. Key Upcoming Events. October 13, 2017

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1 Market Cues Indian markets are likely to open flat tracking global indices and SGX Nifty. U.S. stocks closed flat due to profit booking after the recent rally over the past few sessions. Markets reacted negatively to earnings from Citigroup and JPMorgan with both stocks moving down 3.4 and 0.88 percent respectively. Producer prices rose by 0.4 percent in September. This was in line with expectations. Initial jobless claims dropped to 243,000, against expectations of a drop to 251,000. UK stocks closed mildly positive as the Pound moved slightly higher. UK Housing prices moved higher in September, according to a survey from the Royal Institution of Chartered Surveyors an increase 6.0 percent against an expectation of a gain of 4.0 percent. Gold miner Randgold Resources moved 1 percent higher as gold prices rose due to the marginally dovish stance from the U.S. Federal Reserve's September policy meeting. Indian markets posted strong gains as the 2QFY18 earnings season began. Metal stocks rallied strongly with the Metal index closing up 1.9 percent. Aluminium stocks in particular rallied strongly with Hindalco and Nalco closing up 6 and 5.6 percent respectively. The other major gainer for the session was the Healthcare index, which closed up 1.15 percent. Result Review Result Review Q2FY18: TCS Detailed analysis is on Pg2 Investor s Ready Reckoner Key Domestic & Global Indicator Stock Watch: Latest investment recommendations on 150+ stocks Refer Pg7 onwards Top Picks Company Sector Rating CMP (`) Target (`) Upside Blue Star Capital Goods Accumulate Dewan Housing Finance Financials Accumulate Asian Granito Other Buy Navkar Corporation Other Buy KEI Industries Capital Goods Accumulate More Top Picks on Pg5 Key Upcoming Events Date Region Event Description Previous Reading Consensus Expectations Oct13, 2017 India Industrial Production YoY Oct13, 2017 India Exports YoY% Oct13, 2017 India Monthly Wholesale Prices YoY% Oct13, 2017 US Consumer price index (mom) Oct16, 2017 China Exports YoY% More Events on Pg7 Domestic Indices Chg (Pts) (Close) BSE Sensex ,422 32,182 Nifty ,096 9,136 Mid Cap ,485 15,960 Small Cap ,128 16,904 Bankex (0.5) 0.9 (131) ,444 27,381 Global Indices Chg (Pts) (Close) Dow Jones (0.1) (32) 22,841 20,579 Nasdaq (0.2) 0.9 (12) 54 6,592 5,917 FTSE ,556 7,119 Nikkei (0.0) (2) 20,955 18,430 Hang Seng ,459 24,057 Shanghai Com (0.1) 0.0 (2) 1 3,386 3,172 Advances / Declines BSE NSE Advances 1,849 1,715 1,130 1,142 Declines 1, Unchanged Volumes (` Cr) BSE 4,029 3,621 NSE 25,391 27,360 #Net Inflows (` Cr) Net Net Mtd Ytd FII (565) 870 (2,249) (2,556) 41,972 33,974 MFs ,895 3,784 14,333 90,128 Top Gaine` Gainer Price (`) Chg Indiacem Nbcc Jktyre Sundrmfast Gsfc Bbtc 1, Sobha Edelweiss Jetairways Jindalstel Top Lose` Loser Price (`) Chg Irb Bomdyeing (5.0) Yesbank Aiaeng 1,545 1,387 (3.8) (2.9) Icicibank Petronet (2.9) (2.0) Polaris Gppl (2.5) (2.0) Concor Jisljaleqs 1, (2.5) (1.9) #As #as on 12 April Oct, 20, 2017

2 Result Review TCS (CMP: `2,549 / TP: /Upside: ) The company posted 3.2% sequential growth in USD revenues to US$4,739mn V/s US$4,738mn expected. On constant currency terms, the company posted a qoq growth of 1.7%, driven by volume growth of 3.2% qoq. In rupee terms, revenues came in at `30,541cr V/s `30,465cr, up 3.2% qoq. In terms of geography, USA (North America posted 1.4% qoq CC, Latin America posted 5.7% qoq CC), Europe (UK posted a 2.5% qoq CC growth, Continental Europe posted a 5.3% qoq CC growth), Asia Pacific posted a 3.0% qoq CC growth. In terms of verticals BFSI posted a 1.9% qoq CC growth, Retail & CPG posted a dip of 0.9% qoq CC, Communication & Media posted a 1.4% qoq CC growth, Manufacturing a 1.9% qoq CC growth, Life Sciences & healthcare posted a 3.6% qoq growth, Energy & utilities posted a 7.2% qoq growth, Travel & Hospitality posted a qoq CC growth of 8.0%, Digital revenue posted a qoq CC growth of 5.9%. EBIT margin, came in at 25.1% V/s 24.1% expected, a qoq expansion of 1.7%, much better than expected on back of good volume growth. In client additions, the company added clients $100M+ up by 1; $50M+, $20M+ & $10M+ each up by 6.Consequently, PAT came in at `6,466cr V/s `6,314cr expected, a rise of 8.8% qoq. We maintain our neutral rating on the stock. Y/E Sales OPM PAT EPS ROE P/E P/BV EV/EBITDA EV/Sales March (` cr) (` cr) (`) (x) (x) (x) (x) FY2017E 1,27, , FY2018E 1,38, , Economic and Political News Odisha 3rd best state at attracting investments: Assocham Banks to need `3.3 lakh cr as NPA provisioning in FY18: CRISIL Internet of Things (IOT) market likely to grow to $1.29 trillion by 2020: IDC- Aeris Corporate News Bharti Airtel acquires Tata Teleservices, to take over spectrum liability of nearly `2,000cr Piramal Enterprises to raise `7,000cr via convertible debentures and rights issue Cyient Q2FY18 profit at `109cr, up 14% YoY

3 Quarterly Bloomberg Brokers Consensus Estimate Reliance Industries Ltd - Oct 13, 2017 Particulars ( ` cr) 2QFY18E 2QFY17 y-o-y 1QFY18 q-o-q Net sales 85,785 76, , EBITDA 12,724 11, , EBITDA margin Net profit 7,988 7, ,079 (12.1)

4 Top Picks Company Market Cap (` Cr) CMP (`) Target (`) Upside Alkem Laboratories 21,906 1,832 2, Asian Granito 1, Blue Star 7, Dewan Housing Finance 16, Karur Vysya Bank 7, KEI Industries 2, Music Broadcast 2, Navkar Corporation 2, Siyaram Silk Mills 2,529 2,698 2, TV Today Network 2, Maruti Suzuki 2,38,776 7,904 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 leaderhip in Hindi news genre and no. 2 viewe`hip ranking in English news genre, exit from the radio business, and anticipated growth in ad spends by corporates 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

5 Key Upcoming Events Result Calendar Date October 16, 2017 Company Reliance Industries Bajaj Finserv, Colgate Palmolive Source: Bloomberg, Angel Research Global economic events release calendar Date Time Country Event Description Unit Period Bloomberg Data Last Reported Estimated Oct 13, :30 PM India Industrial Production YoY % Change Aug India Exports YoY% % Change Sep :00 PM India Monthly Wholesale Prices YoY% % Change Sep :00 PM US Consumer price index (mom) % Change Sep Oct 16, 2017 China Exports YoY% % Change Sep :00 AM China Consumer Price Index (YoY) % Change Sep Oct 17, :30 PM Euro Zone Euro-Zone CPI (YoY) % Sep F :45 PM US Industrial Production % Sep (0.90) :00 PM UK CPI (YoY) % Change Sep 2.90 Oct 18, :00 PM US Housing Starts Thousands Sep 1, , :00 PM US Building permits Thousands Sep 1, , :00 PM UK Jobless claims change % Change Sep (2.80) Oct 19, :30 AM China Industrial Production (YoY) % Change Sep :30 AM China Real GDP (YoY) % Change 3Q Oct 20, :30 PM Euro Zone Euro-Zone Consumer Confidence Value Oct A (1.20) Source: Bloomberg, Angel Research

6 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-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 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 2QFY15 3QFY15 4QFY15 1QFY16 2QFY16 3QFY16 4QFY16 1QFY17 2QFY17 3QFY17 4QFY17 1QFY18 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Macro watch Exhibit 1: Quarterly GDP trends Exhibit 2: IIP trends (1.0) (0.2) Source: CSO, Angel Research Source: MOSPI, Angel Research Exhibit 3: Monthly CPI inflation trends Exhibit 4: Manufacturing and services PMI Mfg. PMI Services PMI 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 Source: Bloomberg, Angel Research Source: RBI, Angel Research

7 Brazil Russia India China South Africa Indonesia Malaysia Thailand UK USA Germany France Japan Brazil Russia India China South Africa Indonesia Malaysia Thailand UK USA Germany France Japan Brazil Russia India China South Africa Indonesia Malaysia Thailand UK USA Germany France Japan Global watch Exhibit 1: Latest quarterly GDP Growth (%, yoy) across select developing and developed countries Source: Bloomberg, Angel Research Exhibit 2: 2017 GDP Growth projection by IMF (%, yoy) across select developing and developed countries Source: IMF, Angel Research Exhibit 3: One year forward P-E ratio across select developing and developed countries (x) Source: IMF, Angel Research, data as of 12 th Oct-17

8 Exhibit 4: Relative performance of indices across globe Returns Country Name of index Closing price 1M 3M 1YR Brazil Bovespa 76, Russia Micex 2, India Nifty 10, China Shanghai Composite 3, South Africa Top 40 51, Mexico Mexbol 49,963 (1.0) (2.3) 4.7 Indonesia LQ Malaysia KLCI 1,754 (1.6) (0.2) 5.5 Thailand SET 50 1, USA Dow Jones 22, UK FTSE 7, Japan Nikkei 20, Germany DAX 12, France CAC 5, Source: Bloomberg, Angel Research, data as of 12 th Oct-17 p68in4

9 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 ,597 1,873 2, United Phosphorus Neutral ,011 18,922 21, Auto & Auto Ancillary Ashok Leyland Neutral ,684 23,339 27, Bajaj Auto Neutral 3,154-91,269 23,936 27, Bharat Forge Buy ,168 7,637 8, Eicher Motors Neutral 31,336-85,304 19,043 22, , Gabriel India Neutral 199-2,862 1,782 2, Hero Motocorp Accumulate 3,742 4,129 74,733 32,239 36, Jamna Auto Industries Neutral 60-2,399 1,441 1, Mahindra and Mahindra Neutral 1,339-83,170 46,971 53, Maruti Accumulate 7,904 8, ,776 81, , Minda Industries Neutral 816-7,053 4,328 5, Motherson Sumi Neutral ,186 55,937 64, Tata Motors Neutral , , , TVS Motor Neutral ,087 13,992 16, Amara Raja Batteries Buy ,844 6,140 7, Exide Industries Neutral ,497 8,689 9, Apollo Tyres Neutral ,308 15,739 17, Ceat Neutral 1,729-6,992 6,661 7, JK Tyres Neutral 150-3,393 8,318 9, Swaraj Engines Neutral 2,091-2, Subros Neutral 243-1,457 1,855 2, Capital Goods BEML Neutral 1,718-7,156 4,286 5, Bharat Electronics Neutral ,609 10,258 12, Voltas Neutral ,709 6,778 8, BHEL Neutral 85-31,060 33,200 39, Blue Star Accumulate ,558 5,220 6, CG Power and Industrial Neutral 79-4,945 6,555 7, , Solutions Greaves Cotton Neutral 132-3,235 1,778 1,

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 ) FY18E FY19E FY18E FY19E FY18E FY19E FY18E FY19E FY18E FY19E FY18E FY19E FY18E FY19E KEC International Buy ,814 9,779 11, KEI Industries Accumulate ,589 3,001 3, Thermax Neutral ,979 4,125 4, VATech Wabag Buy ,185 3,867 4, Cement ACC Neutral 1,742-32,706 12,255 13, Ambuja Cements Neutral ,112 10,250 11, India Cements Neutral 179-5,511 6,135 6, JK Cement Neutral 975-6,818 4,150 4, J K Lakshmi Cement Neutral 384-4,516 3,422 3, Orient Cement Neutral 153-3,132 2,215 3, UltraTech Cement Neutral 3, ,675 28,250 35, Construction KNR Constructions Neutral 208-2,923 1,846 2, Larsen & Toubro Neutral 1, ,033 95, , Gujarat Pipavav Port Neutral 139-6, PNC Infratech Neutral 146-3,745 2,040 2, Simplex Infra Neutral 487-2,410 6,012 6, Sadbhav Engineering Accumulate ,753 3,823 4, NBCC Neutral ,776 9,099 12, MEP Infra Neutral 98-1,600 2,403 2, SIPL Neutral 100-3,533 2,060 2, (5.8) (3.1) (14.2) (2.3) Engineers India Neutral ,324 1,795 2, Financials Axis Bank Accumulate ,790 32,558 35, Bank of Baroda Neutral ,947 22,533 26, Canara Bank Neutral ,176 17,925 20, Can Fin Homes Buy 526 2,128 7, Cholamandalam Inv. & Accumulate Fin. Co. 1,152 1,230 18,012 2,826 3, Dewan Housing Finance Accumulate ,681 2,676 3, Equitas Holdings Buy ,146 1,125 1, Federal Bank Accumulate ,996 4,896 5,

11 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, ,639 55,236 63, ICICI Bank Buy ,664 42,361 51, Karur Vysya Bank Buy ,938 3,289 3, LIC Housing Finance Neutral ,874 4,895 6, Punjab Natl.Bank Neutral ,440 23,708 25, RBL Bank Neutral ,340 2,309 2, Repco Home Finance Buy , South Ind.Bank Neutral 31-5,657 3,195 3, St Bk of India Neutral , , , Union Bank Neutral 127-9,207 14,650 16, Yes Bank Neutral ,659 11,088 13, FMCG Akzo Nobel India Neutral 1,821-8,734 3,164 3, Asian Paints Neutral 1, ,277 17,603 20, , , Britannia Neutral 4,558-54,725 9,690 11, Colgate Neutral 1,110-30,184 4,420 5, Dabur India Neutral ,293 8,346 9, GlaxoSmith Con* Neutral 5,000-21,027 5,072 5, Godrej Consumer Neutral ,368 10,171 11, HUL Neutral 1, ,006 37,077 41, , , ITC Neutral ,214 44,588 49, Marico Neutral ,302 6,788 7, Nestle* Neutral 7,381-71,162 10,083 11, Tata Global Neutral ,370 7,121 7, Procter & Gamble Hygiene Neutral 8,596-27,903 3,034 3, IT HCL Tech^ Accumulate 913 1, ,277 52,342 57, Infosys Buy 927 1, ,963 73,963 80, TCS Neutral 2, , , , Tech Mahindra Accumulate ,253 31,015 33,

12 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 ,326 58,536 61, Media D B Corp Neutral 375-6,904 2,404 2, HT Media Neutral 95-2,217 2,589 2, Jagran Prakashan Buy ,853 2,541 2, Sun TV Network Neutral ,263 3,238 3, Hindustan Media Ventures Neutral 247-1,813 1,002 1, TV Today Network Buy , Music Broadcast Limited Accumulate , Metals & Mining Coal India Neutral ,297 82,301 91, Hind. Zinc Neutral ,013 22,108 24, Hindalco Neutral , , , JSW Steel Neutral ,857 64,500 68, NMDC Neutral ,777 10,209 11, SAIL Neutral 56-23,190 54,100 63, (10.0) Vedanta Neutral ,764 81,206 87, Tata Steel Neutral , , , Oil & Gas GAIL Neutral ,432 53,115 52, ONGC Neutral ,101 83,111 84, Indian Oil Corp Neutral , , , Reliance Industries Neutral , , , Pharmaceuticals Alembic Pharma Buy ,320 3,903 4, Alkem Laboratories Ltd Accumulate 1,832 2,079 21,906 6,320 7, Aurobindo Pharma Accumulate ,657 17,086 19, Aventis* Neutral 4,247-9,782 2,508 2, Cadila Healthcare Sell ,315 11,584 13, Cipla Sell ,480 16,619 19, Dr Reddy's Neutral 2,380-39,459 15,844 17, GSK Pharma* Neutral 2,427-20,555 3,260 3, Indoco Remedies Sell ,386 1,154 1,

13 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 Accumulate ,321 3,593 4, Lupin Buy 1,060 1,467 47,881 18,657 21, Natco Pharma Accumulate 993 1,057 17,306 1,886 2, Sun Pharma Neutral ,415 32,899 36, Syngene International Accumulate ,880 1,402 1, Power Tata Power Neutral 82-22,098 32,547 33, NTPC Neutral ,615 86, , Power Grid Accumulate ,044 29,183 32, Real Estate Prestige Estate Neutral ,731 4,607 5, MLIFE Accumulate , Telecom Bharti Airtel Neutral ,916 97, , Idea Cellular Neutral 75-26,871 35,012 37, (4.4) (2.7) (6.8) (4.6) zothers Abbott India Neutral 4,192-8,907 3,244 3, Asian Granito Buy ,478 1,169 1, Bajaj Electricals Accumulate ,805 4,646 5, Banco Products (India) Neutral 223-1,596 1,530 1, Coffee Day Enterprises Ltd Neutral 220-4,532 3,494 3, Elecon Engineering Neutral Garware Wall Ropes Neutral 905-1, , Goodyear India* Neutral 818-1,887 1,717 1, Hitachi Neutral 2,040-5,547 2,355 2, HSIL Neutral 453-3,275 2,240 2, Interglobe Aviation Neutral 1,134-41,026 22,570 27, Jyothy Laboratories Neutral 389-7,076 1,781 2, Linc Pen & Plastics Neutral M M Forgings Neutral 855-1, Mirza International Neutral 162-1,953 1,148 1, Navkar Corporation Buy , Nilkamal Neutral 1,634-2,438 2,317 2,

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 ) FY18E FY19E FY18E FY19E FY18E FY19E FY18E FY19E FY18E FY19E FY18E FY19E FY18E FY19E zothers Parag Milk Foods Neutral 269-2,259 1,987 2, Radico Khaitan Neutral 177-2,359 1,811 1, Relaxo Footwears Neutral 510-6,127 1,981 2, Siyaram Silk Mills Accumulate 2,698 2,856 2,529 1,769 1, Styrolution ABS India* Neutral 1,057-1,859 1,800 1, Surya Roshni Neutral 306-1,339 4,870 5, TVS Srichakra Neutral 3,044-2,331 2,729 2, Visaka Industries Neutral 676-1,073 1,104 1, VIP Industries Accumulate ,738 1,450 1, Navin Fluorine Neutral 720-3, , Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on October 12, 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.