Market Outlook. Market Cues. Result update. Investor s Ready Reckoner. Top Picks. Key Upcoming Events. July 26, 2017

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1 Market Cues Indian markets are likely to open flat tracking global indices and SGX Nifty. US markets closed higher on Tuesday after a slew of major companies reported better-than-expected quarterly results. The S&P 500 rose 0.3% to hit intraday and closing records, with financials, materials and energy rising more than 1% to lead advancers. The index closed at 2,477. The Dow Jones industrial average rose points to close at 21,613, with Caterpillar and McDonald's contributing the most gains. The Nasdaq composite rose just 0.02% but managed intraday and closing records. The index finished the session at 6,412. The European markets ended Tuesday's session in the green, putting an end to a three session losing streak. Investors were encouraged by the stronger than expected business confidence data from Germany and by the progress that is being made in Greece. Indian markets ended a choppy session on a flat note on Tuesday ahead of the twoday policy meeting of the Federal Reserve starting later today. The Fed is widely expected to leave interest rates unchanged but investors will be looking for clues on whether the U.S. central bank will raise interest rates again this year. Result update Review: Axis Bank Detailed analysis is on Pg2 Investor s Ready Reckoner Key Domestic & Global Indicators 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 FinanceFinancials Accumulate Mahindra Lifespace Real Estate Buy Navkar Corporation Others Buy KEI Industries Capital Goods Accumulate More Top Picks on Pg5 Key Upcoming Events Date Region Event Description Previous Reading Consensus Expectations Jul 26, 2017 UK GDP (YoY) Jul 26, 2017 US FOMC rate decision Jul 26, 2017 US New home sales Jul 27, 2017 US Initial Jobless claims Jul 28, 2017 China PMI Manufacturing More Events on Pg7 Domestic Indices Chg (%) (Pts) (Close) BSE Sensex (0.1) 0.3 (18) 86 29,422 32,228 Nifty (0.0) (2) 9,136 9,965 Mid Cap ,485 15,313 Small Cap ,128 16,054 Bankex (0.5) 0.4 (131) ,444 27,757 Global Indices Chg (%) (Pts) (Close) Dow Jones ,579 21,613 Nasdaq ,917 6,412 FTSE ,119 7,435 Nikkei (0.0) (0.1) (20) (2) 18,430 19,955 Hang Seng ,057 26,852 Shanghai Com (0.2) 0.0 (7) 1 3,172 3,244 Advances / Declines BSE NSE Advances 1,849 1,210 1, Declines 1,039 1, Unchanged Volumes (` Cr) BSE 4,029 4,090 NSE 25,391 25,651 #Net Inflows (` Cr) Net Net Mtd Ytd FII (565) (102) (2,249) 1,420 41,972 57,328 MFs ,895 4,990 14,333 44,136 Top Gainers Price (`) Chg (%) Indiacem Renuka Jktyre M&Mfin Gsfc Unitech Sobha Idea Jetairways Network Top Losers Price (`) Chg (%) Irb Strtech (5.0) (6.8) Yesbank Fconsumer 1, (3.8) (5.0) Icicibank Videoind (2.9) (4.8) Polaris Sreinfra (2.5) (3.1) Concor Jpassociat 1, (2.5) (3.1) #As #as on 25 April July, 20, 2017

2 Result Review Slippages from non watch list goes up, but core operations remains fairly decent for Axis Bank Axis Bank s headline numbers remained in line with expectations. As expected retail loans continued to drive the growth during the quarter as well, up 22.4%. Growth in Corporate loans continued to be muted up by only 2.6% YoY. Asset quality of the bank remained largely stable due to lower slippages at Rs 3519 cr vs Rs 4811 cr. Slippages from the non watch list portfolio has gone up during the quarter. However, part of incremental retail slippages came from the agri related portfolio, which can be considered one off and hence we don t expect material change in the credit cost. Though slippages outside watch list can be a cause of concern the management has re-iterated its stand that credit cost will not exceed 225 bps for FY18 and that gives a confidence that large part of the trouble for Axis Bank might be behind now. The core operations of the bank remain fairly decent and hence we have an ACCMULATE rating on the stock. Economic and Political News Rupee sheds 4 paise, ends at as on heavy dollar buying ahead of FOMC RBI may cut repo rate by 25 bps in August policy review: ICRA Govt needs `7 lakh cr investment in 5 yrs for highway development Corporate News Geojit Fin Services Q1 net up 35% at `16cr on robust capital markets Mahindra Lifespaces Q1 net dips to `14cr on regulatory changes ICICI Prudential Life Q1 net profit flat at `406cr

3 Quarterly Bloomberg Brokers Consensus Estimate Yes Bank Ltd - Particulars ( ` cr) 1QFY18E 1QFY17 y-o-y (%) 4QFY17 q-o-q (%) Net profit Nestle India Ltd. Particulars ( ` cr) 1QFY18E 1QFY17 y-o-y (%) 4QFY17 q-o-q (%) Net sales 2,451 2, ,476 (1.0) EBITDA (13.7) EBITDA margin (%) Net profit (4.7) HDFC Finance Housing - Particulars ( ` cr) 1QFY18E 1QFY17 y-o-y (%) 4QFY17 q-o-q (%) Net profit (4.2) 2044 (12.3)

4 Top Picks Company Market Cap (` Cr) CMP (`) Target (`) Upside (%) Alkem Laboratories 21,791 1,823 2, Asian Granito 1, Blue Star 6, Dewan Housing Finance 14, Karur Vysya Bank 8, KEI Industries 1, Mahindra Lifespace 2, Navkar Corporation 2, Siyaram Silk Mills 2,176 2,321 2, TV Today Network 1, Maruti 2,27,009 7,515 8, 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. 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 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. 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. Source: Company, Angel Research,

5 Key Upcoming Events Result Calendar Date Jul 25, 2017 Jul 26, 2017 Jul 27, 2017 Company Hero Motocorp, FAG Bearings, Areva, Axis Bank, Asian Paints, Sesa Goa, GSK Pharma HDFC, Yes Bank, Nestle, PVR, Siyaram Silk Mills, Radico Khaitan Maruti, ICICI Bank, Reliance Capital, ITC, HCL Tech, ONGC, Dr Reddy's, Glenmark Pharma. Source: Bloomberg, Angel Research Global economic events release calendar Date Time Country Event Description Unit Period Bloomberg Data Last Reported Estimated Jul 26, :00PM UK GDP (YoY) % Change 2Q A :30PM US FOMC rate decision % Jul :30PM US New home sales Thousands Jun Jul 27, :00PM US Initial Jobless claims Thousands Jul Jul 28, :30AM China PMI Manufacturing Value Jul :30PM Euro Zone Euro-Zone Consumer Confidence Value Jul F (1.70) (1.70) Jul 31, :00PM US GDP Qoq (Annualised) % Change 2Q A Aug 1, :25PM Germany PMI Manufacturing Value Jul F :25PM Germany Unemployment change (000's) Thousands Jul :00PM UK PMI Manufacturing Value Jul :30PM Euro Zone Euro-Zone GDP s.a. (QoQ) % Change 2Q A Aug 2, :30PM India RBI Reverse Repo rate % Aug :30PM India RBI Repo rate % Aug :30PM India RBI Cash Reserve ratio % Aug Aug 3, :25PM Germany PMI Services Value Jul F :30PM UK BOE Announces rates % Ratio Aug Aug 4, :00PM US Unnemployment rate % Jul :00PM US Change in Nonfarm payrolls Thousands Jul Aug 8, 2017 China Exports YoY% % Change Jul Aug 9, :00AM China Consumer Price Index (YoY) % Change Jul Aug 10, 2017 India Imports YoY% % Change Jul India Exports YoY% % Change Jul Source: Bloomberg, Angel Research

6 Macro watch Exhibit 1: Quarterly GDP trends Exhibit 2: IIP trends (%) (%) QFY15 2QFY15 3QFY15 4QFY15 1QFY16 2QFY16 3QFY16 4QFY16 1QFY17 2QFY17 3QFY17 4QFY Jul-16 Aug- 16 Sep-16 Oct-16 Nov- 16 Dec-16 Jan-17 Feb-17 Mar- 17 Apr-17 May- 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 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 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 Jun-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 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Sep-16 Sep-16 Oct-16 Nov-16 Nov-16 Dec-16 Jan-17 Jan-17 Feb-17 Mar-17 Apr-17 Apr-17 May-17 Jun-17 Jun-17 Jul-17 Source: Bloomberg, Angel Research Source: RBI, Angel Research

7 Global watch Exhibit 1: Latest quarterly GDP Growth (%, yoy) across select developing and developed countries (%) (1.0) Brazil (0.4) 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 8.0 (%) 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 12.7 Russia 5.6 India China South Africa Indonesia Malaysia Thailand UK USA Germany France Japan Source: IMF, Angel Research

8 Exhibit 4: Relative performance of indices across globe Returns (%) Country Name of index Closing price 1M 3M 1YR Brazil Bovespa 65, Russia Micex 1, (0.6) (0.9) India Nifty 9, China Shanghai Composite 3, South Africa Top 40 48, Mexico Mexbol 51, Indonesia LQ Malaysia KLCI 1,762 (1.1) Thailand SET 50 1, USA Dow Jones 21, UK FTSE 7,378 (0.8) Japan Nikkei 19,976 (0.8) Germany DAX 12,209 (3.6) (1.5) 18.7 France CAC 5,128 (1.6) (1.8) 19.8 Source: Bloomberg, Angel Research, #Data as on 25 th July

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 Agri / Agri Chemical Rallis Reduce ,669 1,937 2, United Phosphorus Neutral ,913 15,176 17, Auto & Auto Ancillary Amara Raja Batteries Accumulate ,461 5,339 6, Apollo Tyres Neutral ,479 12,877 14, Ashok Leyland Accumulate ,699 20,019 22, Bajaj Auto Neutral 2,845-82,323 25,093 27, Bharat Forge Neutral 1,120-26,074 7,726 8, Ceat Neutral 1,878-7,596 7,524 8, Eicher Motors Neutral 28,407-77,331 16,583 20, Exide Industries Neutral ,411 7,439 8, Gabriel India Neutral 148-2,130 1,544 1, Hero Motocorp Neutral 3,707-74,025 28,120 30, Indag Rubber Neutral Jamna Auto Industries Neutral 264-2,103 1,486 1, JK Tyres Neutral 167-3,788 7,455 8, L G Balakrishnan & Bros Neutral 766-1,202 1,302 1, Mahindra and Mahindra Neutral 1,390-86,332 46,534 53, Maruti Accumulate 7,515 8, ,009 67,822 83, Minda Industries Neutral 818-7,067 2,728 3, Motherson Sumi Neutral ,007 45,896 53, Rane Brake Lining Neutral 1,337-1, Setco Automotive Neutral Subros Neutral 243-1,459 1,488 1, Swaraj Engines Neutral 2,151-2, Tata Motors Neutral , , , TVS Motor Neutral ,094 13,390 15, Capital Goods ACE Neutral BEML Neutral 1,649-6,867 3,451 4, BGR Energy Neutral 148-1,069 16,567 33,

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 ) FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E Bharat Electronics Neutral ,519 8,137 9, BHEL Neutral ,600 28,797 34, Blue Star Accumulate ,756 4,283 5, CG Power and Industrial Neutral 85-5,330 5,777 6, Solutions Greaves Cotton Neutral 166-4,062 1,755 1, Inox Wind Neutral 129-2,863 5,605 6, KEC International Neutral 295-7,591 9,294 10, KEI Industries Accumulate ,800 2,633 3, Thermax Neutral ,831 5,421 5, VATech Wabag Buy ,178 3,136 3, Voltas Neutral ,670 6,511 7, Cement ACC Neutral 1,725-32,396 11,225 13, Ambuja Cements Neutral ,116 9,350 10, India Cements Neutral 210-6,482 4,364 4, J K Lakshmi Cement Neutral 467-5,498 2,913 3, JK Cement Neutral 973-6,802 4,398 5, Orient Cement Neutral 161-3,293 2,114 2, UltraTech Cement Neutral 4, ,713 25,768 30, Construction Engineers India Neutral ,964 1,725 1, Gujarat Pipavav Port Neutral 149-7, ITNL Neutral 93-3,063 8,946 10, KNR Constructions Neutral 209-2,940 1,385 1, Larsen & Toubro Buy 1,171 1, , , , MEP Infra Neutral 127-2,066 1,877 1, Nagarjuna Const. Neutral 91-5,040 8,842 9, NBCC Neutral ,824 7,428 9, PNC Infratech Neutral 144-3,686 2,350 2, Power Mech Projects Neutral ,801 2, Sadbhav Engineering Accumulate ,876 3,598 4,

11 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 Simplex Infra Neutral 489-2,419 6,829 7, SIPL Neutral 105-3,707 1,036 1, (8.4) (5.6) (22.8) (15.9) Financials Axis Bank Accumulate ,562 46,932 53, Bank of Baroda Neutral ,973 19,980 23, Can Fin Homes Neutral 3,087-8, Canara Bank Neutral ,329 15,225 16, Cholamandalam Inv. & Accumulate Fin. Co. 1,157 1,230 18,090 2,012 2, Dewan Housing Finance Accumulate ,503 2,225 2, Equitas Holdings Buy , , Federal Bank Accumulate ,132 8,259 8, HDFC Neutral 1, ,008 11,475 13, HDFC Bank Accumulate 1,739 1, ,688 46,097 55, ICICI Bank Neutral ,890 42,800 44, Karur Vysya Bank Accumulate ,340 5,640 6, Lakshmi Vilas Bank Neutral 195-3,739 3,339 3, LIC Housing Finance Neutral ,929 3,712 4, Punjab Natl.Bank Neutral ,675 23,532 23, RBL Bank Neutral ,927 1,783 2, Repco Home Finance Accumulate , South Ind.Bank Neutral 30-5,338 6,435 7, St Bk of India Neutral ,725 88,650 98, Union Bank Neutral ,082 13,450 14, Yes Bank Neutral 1,614-73,846 8,978 11, FMCG Akzo Nobel India Neutral 1,790-8,585 2,955 3, Asian Paints Neutral 1, ,495 17,128 18, Britannia Neutral 3,856-46,292 9,594 11, Colgate Neutral 1,068-29,060 4,605 5, Dabur India Neutral ,061 8,315 9, GlaxoSmith Con* Neutral 5,489-23,084 4,350 4,

12 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 ,923 10,235 11, HUL Neutral 1, ,794 35,252 38, ITC Neutral ,395 40,059 44, Marico Neutral ,786 6,430 7, Nestle* Neutral 6,816-65,721 10,073 11, Procter & Gamble Hygiene Neutral 8,122-26,366 2,939 3, Tata Global Neutral ,802 8,675 9, IT HCL Tech^ Accumulate 895 1, ,644 46,723 52, Infosys Buy 994 1, ,351 68,484 73, TCS Neutral 2, , , , Tech Mahindra Buy ,175 29,141 31, Wipro Neutral ,053 55,421 58, Media D B Corp Neutral 368-6,760 2,297 2, Hindustan Media Ventures Neutral 286-2,102 1,016 1, HT Media Neutral 89-2,062 2,693 2, Jagran Prakashan Buy ,656 2,283 2, Sun TV Network Neutral ,114 2,850 3, TV Today Network Buy , Music Broadcast Limited Buy , Metals & Mining Coal India Neutral ,493 84,638 94, Hind. Zinc Neutral ,154 14,252 18, Hindalco Neutral , , , JSW Steel Neutral ,970 53,201 58, NMDC Neutral ,331 6,643 7, SAIL Neutral 64-26,247 47,528 53,738 (0.7) 2.1 (1.9) (1.6) Tata Steel Neutral , , , Vedanta Neutral ,944 71,744 81, Oil & Gas GAIL Neutral ,111 56,220 65, Indian Oil Corp Neutral , , ,

13 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 ONGC Neutral , , , Reliance Industries Neutral 1, , , , Pharmaceuticals Alembic Pharma Buy ,208 3,101 3, Alkem Laboratories Ltd Buy 1,823 2,161 21,791 5,853 6, Aurobindo Pharma Accumulate ,994 14,845 17, Aventis* Neutral 4,259-9,808 2,206 2, Cadila Healthcare Sell ,722 9,220 11, Cipla Sell ,424 14,281 16, Dishman Pharma Sell ,859 1,718 1, Dr Reddy's Neutral 2,689-44,563 14,081 15, GSK Pharma* Neutral 2,510-21,261 2,927 3, Indoco Remedies Sell ,883 1,067 1, Ipca labs Buy ,058 3,211 3, Lupin Buy 1,120 1,526 50,604 17,120 18, Natco Pharma Accumulate 996 1,060 17,369 2,065 1, Sun Pharma Buy ,953 30,264 32, Power NTPC Neutral ,226 86,605 95, Power Grid Neutral ,212 25,315 29, Tata Power Neutral 83-22,396 36,916 39, Real Estate MLIFE Buy ,220 1,152 1, Prestige Estate Neutral 250-9,369 4,707 5, Telecom Bharti Airtel Neutral , , , Idea Cellular Neutral 98-35,267 40,133 43, zothers Abbott India Neutral 4,375-9,298 3,153 3, Asian Granito Accumulate ,257 1,066 1, Bajaj Electricals Buy ,408 4,801 5, Banco Products (India) Neutral 234-1,674 1,353 1, Coffee Day Enterprises Ltd Neutral 247-5,080 2,964 3, Competent Automobiles Neutral ,137 1,

14 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 Elecon Engineering Neutral ,482 1, Finolex Cables Neutral 484-7,399 2,883 3, Garware Wall Ropes Neutral 890-1, Goodyear India* Neutral 899-2,074 1,598 1, Hitachi Neutral 1,999-5,435 2,081 2, HSIL Neutral 379-2,740 2,384 2, Interglobe Aviation Neutral 1,246-45,072 21,122 26, Jyothy Laboratories Neutral 380-6,899 1,440 2, Kirloskar Engines India Ltd Neutral 400-5,785 2,554 2, Linc Pen & Plastics Neutral M M Forgings Neutral Manpasand Bever. Neutral 783-4, , Mirza International Neutral 162-1, , MT Educare Neutral Narayana Hrudaya Neutral 299-6,101 1,873 2, Navkar Corporation Buy , Navneet Education Neutral 168-3,926 1,062 1, Nilkamal Neutral 1,888-2,817 1,995 2, Page Industries Neutral 16,720-18,649 2,450 3, Parag Milk Foods Neutral 256-2,149 1,919 2, Quick Heal Neutral 219-1, Radico Khaitan Buy ,722 1,667 1, Relaxo Footwears Neutral 486-5,843 2,085 2, S H Kelkar & Co. Neutral 277-4,013 1,036 1, Siyaram Silk Mills Accumulate 2,321 2,500 2,176 1,574 1, Styrolution ABS India* Neutral 1,089-1,915 1,440 1, Surya Roshni Neutral 292-1,279 3,342 3, Team Lease Serv. Neutral 1,328-2,270 3,229 4, The Byke Hospitality Neutral

15 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 Transport Corporation of Neutral 321-2,459 2,671 2, India TVS Srichakra Neutral 3,682-2,819 2,304 2, UFO Moviez Neutral 387-1, Visaka Industries Neutral ,051 1, VRL Logistics Neutral 323-2,950 1,902 2, Wonderla Holidays Neutral 352-1, VIP Industries Buy ,515 1,270 1, Navin Fluorine Accumulate , Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on July 25, 2017

16 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.