Market Outlook. Market Cues. News Analysis. Investor s Ready Reckoner. Top Picks. Key Upcoming Events. July 24, 2017

Transcription

1 Market Cues Indian markets are likely to open flat tracking global indices and SGX Nifty. US markets had a subdued session with the broad indices falling slightly lower at the end of Friday s session. The markets reacted negatively to the earnings announcments of market heavyweights such as GE and Microsoft. GE fell by 2.9 percent after beating earnings expectations for the second quarter, but gave lower guidance for its full-year profits. The Philadelphia Oil Service Index dropped by 2.3 percent on lower oil prices. The UK markets fell lower as the pound fell to its lowest level since October 2016 due to apparently hawkish comments from the ECB President. In addition, Britain's budget deficit came in wider than the market s expectations for June 2017, putting further pressure on the currency. Shares of Vodafone Group climbed 0.49 percent after the company beat analyst expectations in Q1. Indian markets rose on Friday s session as earnings results from Reliance Industries and Wipro Ltd were better than expected. Reliance Industries went up 3.6 percent after reporting a 28 percent increase in consolidated quarterly net profit, beating analysts' estimates. The stock also rose in price on the announcement that Reliance Jio will launch Jiophone, a cheap 4G phone. Telecom companies like Bharti Airtel, Tata Teleservices and Idea Cellular fell by 2-4 percent due to this announcement. News Analysis Quess Corp Q1FY18 profits up 34% YoY to `33cr, to raise funds for both organic and inorganic growth 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 Finance Financials 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 24, 2017 Germany PMI Services Jul24, 2017 Germany PMI Manufacturing Jul 24, 2017 US Consumer Confidence Jul 25, 2017 US Existing home sales Jul 26, 2017 UK GDP (YoY) More Events on Pg7 Domestic Indices Chg (%) (Pts) (Close) BSE Sensex ,422 32,029 Nifty ,136 9,915 Mid Cap ,485 15,186 Small Cap (0.0) (7) 15,128 15,993 Bankex (0.5) 0.3 (131) 69 24,444 27,496 Global Indices Chg (%) (Pts) (Close) Dow Jones (0.1) (32) 20,579 21,580 Nasdaq (0.0) (2) 5,917 6,388 FTSE (0.5) 0.1 (35) 4 7,119 7,453 Nikkei (0.0) (0.2) (45) (2) 18,430 20,100 Hang Seng (0.1) (34) 24,057 26,706 Shanghai Com (0.2) 0.0 (7) 1 3,172 3,238 Advances / Declines BSE NSE Advances 1,849 1,266 1, Declines 1,039 1, Unchanged Volumes (` Cr) BSE 4,029 4,838 NSE 25,391 29,346 #Net Inflows (` Cr) Net Net Mtd Ytd FII (565) 175 (2,249) 1,522 41,972 57,430 MFs ,895 4,990 14,333 44,136 Top Gainers Price (`) Chg (%) Indiacem Renuka Jktyre Jpassociat Gsfc Fretail Sobha Strtech Jetairways Adanipower Top Losers Price (`) Chg (%) Irb Dishtv (5.0) (5.9) Yesbank Dhfl 1, (3.8) Icicibank Atul 2, (2.9) (3.8) Polaris Jublfood 1, (2.5) (3.5) Concor Dlf 1, (2.5) (3.2) #As #as on 21 April July, 20, 2017

2 News Analysis Quess Corp Q1FY18 profits up 34% YoY to `33cr, to raise funds for both organic and inorganic growth Integrated service provider Quess Corp reported its first quarter profits at `33cr a growth of 34 per cent, while the company s revenue grew by 20 percent to `1,188cr as clients increased sourcing of security services and facilities management. This is part of a larger shift as organisations are shifting their dependence from the informal workforce to organised players. Quess Corp had seen profits of `25cr on revenue of `991cr in Q1FY17. The company has increased its workforce by 57 per cent over the corresponding quarter to 195,000. Quess Board and Shareholders have approved a fund raising program by divesting up to 10 per cent of shareholding through an institutional placement program (IPP). The funds will be predominantly used for strategic mergers & acquisitions, as well as funding organic growth. The company is awaiting regulatory approvals for the acquisition of speciality facility management business of Manipal Integrated Services and a 25 per cent stake in Terrier Security Services. Economic and Political News Indian trade with African countries likely to touch $117 billion by MF grow by over 93 lakh to an all time high of 5.82 cr at the end of June 2017 Mining companies demand that the reservation for captive consumption to not exceed 25 per cent in any state for a particular mineral Corporate News Ashok Leyland reaches its highest market share ever in Q1 at 34.7% ONGC to not make an open offer to HPCL shareholders post acquisition Coromandel International receives environmental clearance for raising production capacity of its facility at Vishakhapatnam Avenue Supermarts Q1 net results up 48% YoY at `174.77cr

3 Quarterly Bloomberg Brokers Consensus Estimate Mahindra & Mahindra Financial Ltd - Particulars ( ` cr) 1QFY18E 1QFY17 y-o-y (%) 4QFY17 q-o-q (%) Net profit (38.9) Ambuja Cement Ltd. July24, 2017 Particulars ( ` cr) 1QFY18E 1QFY17 y-o-y (%) 4QFY17 q-o-q (%) Net sales 2,740 2, , EBITDA (8.4) EBITDA margin (%) Net profit (13.3) HDFC Bank July24, 2017 Particulars ( ` cr) 1QFY18E 1QFY17 y-o-y (%) 4QFY17 q-o-q (%) Net profit 3,904 3, (2.15) Indiabulls Housing Finance Controls July24, 2017 Particulars ( ` cr) 1QFY18E 1QFY17 y-o-y (%) 4QFY17 q-o-q (%) Net profit (4.8)

4 Top Picks Company Market Cap (` Cr) CMP (`) Target (`) Upside (%) Alkem Laboratories 21,227 1,775 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 2,236 2,385 2, TV Today Network 1, Maruti 2,27,394 7,528 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 Global economic events release calendar Bloomberg Data Date Time Country Event Description Unit Period Last Reported Estimated Jul 24, :00 PM Germany PMI Services Value Jul P :00 PM Germany PMI Manufacturing Value Jul P :30 PM US Consumer Confidence S.A./ 1985=100 Jul Jul 25, :30 PM US Existing home sales Million Jun Jul 26, :00 PM UK GDP (YoY) % Change 2Q A :00 PM US Initial Jobless claims Thousands Jul :30 PM US New home sales Thousands Jun Jul 27, :30 PM US FOMC rate decision % Jul Jul 28, :30 PM Euro Zone Euro-Zone Consumer Confidence Value Jul F (1.70) (1.70) 6:00 PM US GDP Qoq (Annualised) % Change 2Q A Jul 31, :30 AM China PMI Manufacturing Value Jul Aug 01, :25 PM Germany Unemployment change (000's) Thousands Jul :00 PM UK PMI Manufacturing Value Jul :30 PM Euro Zone Euro-Zone GDP s.a. (QoQ) % Change 2Q A 0.60 Aug 02, :30 PM India RBI Reverse Repo rate % Aug :30 PM India RBI Repo rate % Aug :30 PM India RBI Cash Reserve ratio % Aug Aug 03, :00 PM US Change in Nonfarm payrolls Thousands Jul Aug 04, :30 PM UK BOE Announces rates % Ratio Aug :00 PM US Unnemployment rate % Jul Aug 08, 2017 China Exports YoY% % Change Jul Source: Bloomberg, Angel Research

6 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 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 1QFY15 2QFY15 3QFY15 4QFY15 1QFY16 2QFY16 3QFY16 4QFY16 1QFY17 2QFY17 3QFY17 4QFY17 Jul-16 Aug- 16 Sep-16 Oct-16 Nov- 16 Dec-16 Jan-17 Feb-17 Mar- 17 Apr-17 May- 17 Macro watch Exhibit 1: Quarterly GDP trends Exhibit 2: IIP trends (%) (%) 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 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 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 (%) (1.0) (0.4) Source: Bloomberg, Angel Research Exhibit 2: 2016 GDP Growth projection by IMF (%, yoy) across select developing and developed countries 8.0 (%) Source: IMF, Angel Research Exhibit 3: One year forward P-E ratio across select developing and developed countries (x) 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 64, Russia Micex 1, (0.3) India Nifty 9, China Shanghai Composite 3, South Africa Top 40 47, Mexico Mexbol 51, Indonesia LQ (1.2) Malaysia KLCI 1,759 (1.7) Thailand SET USA Dow Jones 21, UK FTSE 7, Japan Nikkei 20,100 (0.6) Germany DAX 12,240 (4.2) France CAC 5,118 (3.0) Source: Bloomberg, Angel Research, #Data as on 21 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 ,624 1,937 2, United Phosphorus Neutral ,808 15,176 17, Auto & Auto Ancillary Ashok Leyland Accumulate ,187 20,019 22, Bajaj Auto Neutral 2,815-81,457 25,093 27, Bharat Forge Neutral 1,135-26,427 7,726 8, Eicher Motors Neutral 28,903-78,680 16,583 20, Gabriel India Neutral 150-2,150 1,544 1, Hero Motocorp Neutral 3,680-73,481 28,120 30, Jamna Auto Industries Neutral 261-2,082 1,486 1, L G Balakrishnan & Bros Neutral 769-1,207 1,302 1, Mahindra and Mahindra Neutral 1,383-85,900 46,534 53, Maruti Accumulate 7,528 8, ,394 67,822 83, Minda Industries Neutral 743-6,418 2,728 3, Motherson Sumi Neutral ,071 45,896 53, Rane Brake Lining Neutral 1,337-1, Setco Automotive Neutral Tata Motors Neutral , , , TVS Motor Neutral ,111 13,390 15, Amara Raja Batteries Accumulate ,328 5,339 6, Exide Industries Neutral ,415 7,439 8, Apollo Tyres Neutral ,863 12,877 14, Ceat Neutral 1,848-7,475 7,524 8, JK Tyres Neutral 163-3,690 7,455 8, Swaraj Engines Neutral 2,159-2, Subros Neutral 240-1,439 1,488 1, Indag Rubber Neutral Capital Goods ACE Neutral BEML Neutral 1,586-6,604 3,451 4, Bharat Electronics Neutral ,307 8,137 9,

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 Voltas Neutral ,486 6,511 7, BGR Energy Neutral 150-1,082 16,567 33, BHEL Neutral ,515 28,797 34, Blue Star Accumulate ,461 4,283 5, CG Power and Industrial Neutral 86-5,368 5,777 6, Solutions Greaves Cotton Neutral 162-3,944 1,755 1, Inox Wind Neutral 137-3,041 5,605 6, KEC International Neutral 293-7,542 9,294 10, KEI Industries Accumulate ,865 2,633 3, Thermax Neutral ,043 5,421 5, VATech Wabag Accumulate ,323 3,136 3, Cement ACC Neutral 1,711-32,127 11,225 13, Ambuja Cements Neutral ,679 9,350 10, India Cements Neutral 209-6,430 4,364 4, JK Cement Neutral 983-6,869 4,398 5, J K Lakshmi Cement Neutral 464-5,461 2,913 3, Orient Cement Neutral 161-3,300 2,114 2, UltraTech Cement Neutral 4, ,717 25,768 30, Construction ITNL Neutral 96-3,143 8,946 10, KNR Constructions Neutral 213-2,995 1,385 1, Larsen & Toubro Buy 1,179 1, , , , Gujarat Pipavav Port Neutral 147-7, Nagarjuna Const. Neutral 91-5,051 8,842 9, PNC Infratech Neutral 140-3,588 2,350 2, Simplex Infra Neutral 500-2,473 6,829 7, Power Mech Projects Neutral ,801 2, Sadbhav Engineering Accumulate ,788 3,598 4, NBCC Neutral ,404 7,428 9, MEP Infra Neutral 126-2,050 1,877 1,

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 SIPL Neutral 107-3,774 1,036 1, (8.4) (5.6) (22.8) (15.9) Engineers India Neutral ,109 1,725 1, Financials Axis Bank Accumulate ,496 46,932 53, Bank of Baroda Neutral ,258 19,980 23, Canara Bank Neutral ,947 15,225 16, Can Fin Homes Neutral 3,145-8, Cholamandalam Inv. & Accumulate Fin. Co. 1,135 1,230 17,745 2,012 2, Dewan Housing Finance Accumulate ,384 2,225 2, Equitas Holdings Buy , , Federal Bank Accumulate ,801 8,259 8, HDFC Neutral 1, ,489 11,475 13, HDFC Bank Accumulate 1,703 1, ,422 46,097 55, ICICI Bank Neutral ,158 42,800 44, Karur Vysya Bank Accumulate ,569 5,640 6, Lakshmi Vilas Bank Neutral 204-3,907 3,339 3, LIC Housing Finance Neutral ,355 3,712 4, Punjab Natl.Bank Neutral ,654 23,532 23, RBL Bank Neutral ,049 1,783 2, Repco Home Finance Neutral 801-5, South Ind.Bank Neutral 29-5,158 6,435 7, St Bk of India Neutral ,632 88,650 98, Union Bank Neutral ,628 13,450 14, Yes Bank Neutral 1,579-72,232 8,978 11, FMCG Akzo Nobel India Neutral 1,799-8,627 2,955 3, Asian Paints Neutral 1, ,869 17,128 18, Britannia Neutral 3,832-46,001 9,594 11, Colgate Neutral 1,070-29,102 4,605 5, Dabur India Neutral ,321 8,315 9, GlaxoSmith Con* Neutral 5,464-22,979 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 ,351 10,235 11, HUL Neutral 1, ,764 35,252 38, ITC Neutral ,869 40,059 44, Marico Neutral ,489 6,430 7, Nestle* Neutral 6,816-65,713 10,073 11, Tata Global Neutral ,868 8,675 9, Procter & Gamble Hygiene Neutral 8,077-26,219 2,939 3, IT HCL Tech^ Accumulate 905 1, ,100 46,723 52, Infosys Buy 980 1, ,078 68,484 73, TCS Accumulate 2,491 2, , , , Tech Mahindra Buy ,536 29,141 31, Wipro Neutral ,374 55,421 58, Media D B Corp Neutral 376-6,918 2,297 2, HT Media Neutral 85-1,977 2,693 2, Jagran Prakashan Buy ,714 2,283 2, Sun TV Network Neutral ,757 2,850 3, Hindustan Media Ventures Neutral 281-2,065 1,016 1, TV Today Network Buy , Music Broadcast Limited Buy , Metals & Mining Coal India Neutral ,789 84,638 94, Hind. Zinc Neutral ,372 14,252 18, Hindalco Neutral , , , JSW Steel Neutral ,801 53,201 58, NMDC Neutral ,821 6,643 7, SAIL Neutral 62-25,772 47,528 53,738 (0.7) 2.1 (1.9) (1.6) Vedanta Neutral ,751 71,744 81, Tata Steel Neutral , , , Oil & Gas GAIL Neutral ,787 56,220 65, ONGC 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 Indian Oil Corp Neutral , , , Reliance Industries Neutral 1, , , , Pharmaceuticals Alembic Pharma Buy ,184 3,101 3, Alkem Laboratories Ltd Buy 1,775 2,161 21,227 5,853 6, Aurobindo Pharma Accumulate ,798 14,845 17, Aventis* Neutral 4,171-9,607 2,206 2, Cadila Healthcare Reduce ,064 9,220 11, Cipla Sell ,553 14,281 16, Dr Reddy's Neutral 2,760-45,744 14,081 15, Dishman Pharma Sell 143 1,718 1, GSK Pharma* Neutral 2,538-21,494 2,927 3, Indoco Remedies Sell ,852 1,067 1, Ipca labs Buy ,053 3,211 3, Lupin Buy 1,143 1,526 51,625 17,120 18, Natco Pharma Accumulate 994 1,060 17,319 2,065 1, Sun Pharma Buy ,341 30,264 32, Power Tata Power Neutral 83-22,544 36,916 39, NTPC Neutral ,514 86,605 95, Power Grid Neutral ,715 25,315 29, Real Estate Prestige Estate Neutral 249-9,341 4,707 5, MLIFE Buy ,243 1,152 1, Telecom Bharti Airtel Neutral , , , Idea Cellular Neutral 92-33,140 40,133 43, zothers Abbott India Neutral 4,517-9,597 3,153 3, Asian Granito Accumulate ,287 1,066 1, Bajaj Electricals Buy ,405 4,801 5, Banco Products (India) Neutral 234-1,676 1,353 1, Coffee Day Enterprises Ltd Neutral 245-5,051 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 495-7,577 2,883 3, Garware Wall Ropes Neutral 881-1, Goodyear India* Neutral 891-2,056 1,598 1, Hitachi Neutral 2,002-5,443 2,081 2, HSIL Neutral 396-2,865 2,384 2, Interglobe Aviation Neutral 1,243-44,959 21,122 26, Jyothy Laboratories Neutral 384-6,977 1,440 2, Kirloskar Engines India Ltd Neutral 400-5,784 2,554 2, Linc Pen & Plastics Neutral M M Forgings Neutral Manpasand Bever. Neutral 768-4, , Mirza International Neutral 170-2, , MT Educare Neutral Narayana Hrudaya Neutral 300-6,132 1,873 2, Navkar Corporation Buy , Navneet Education Neutral 172-4,018 1,062 1, Nilkamal Neutral 1,906-2,844 1,995 2, Page Industries Neutral 16,798-18,736 2,450 3, Parag Milk Foods Neutral 253-2,131 1,919 2, Quick Heal Neutral 222-1, Radico Khaitan Accumulate ,708 1,667 1, Relaxo Footwears Neutral 487-5,849 2,085 2, S H Kelkar & Co. Neutral 271-3,919 1,036 1, Siyaram Silk Mills Neutral 2,385-2,236 1,574 1, Styrolution ABS India* Neutral 1,060-1,865 1,440 1, Surya Roshni Neutral 290-1,272 3,342 3, Team Lease Serv. Neutral 1,390-2,376 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 320-2,453 2,671 2, India TVS Srichakra Neutral 3,732-2,857 2,304 2, UFO Moviez Neutral 396-1, Visaka Industries Neutral ,051 1, VRL Logistics Neutral 322-2,933 1,902 2, VIP Industries Buy ,517 1,270 1, Navin Fluorine Accumulate , Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on July 21, 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.