Market Outlook. Market Cues. News Analysis. Investor s Ready Reckoner. Top Picks. Key Upcoming Events. June 20, 2017

Transcription

1 Market Cues Indian markets are likely to open flat tracking the SGX Nifty and Asian markets. US markets reacted positively to the French election. However, participation was low due to a lack of economic data. Biotechnology stocks rallied during the session, with the NYSE Arca Biotechnology Index rising by 2.2 percent. The other significant gainer for the session was the Philadelphia Semiconductor Index, which closed up 1.9 percent. UK stocks had a positive session as higher iron ore prices helped lift mining stocks.the positive results in the French general elections were a positive for European stocks as well. Mining stocks Antofagasta, Glencore, Rio Tinto Plc and Anglo American climbed between 1 and 2 percent. Rolls-Royce rose 1.8 percent after the company said that all businesses performing in line with expectations. Indian markets closed positive for the session as steel stocks rallied strongly after the Union Steel minister conveyed his commitment to the existing anti-dumping policy on steel products. The steel index closed up 1.89 percent. The banking index also had a strong session posting gains of 0.96 percent. The losing index for the session was the Healthcare index, which closed down 0.48 percent. News Analysis SpiceJet and Boeing sign MoU for MAX planes for $4.7 bln Detailed analysis on Pg2 Domestic Indices Chg (Pts) (Close) BSE Sensex ,422 31,312 Nifty ,136 9,658 Mid Cap ,485 14,818 Small Cap (0.1) (13) 15,128 15,654 Bankex (0.5) 1.0 (131) ,444 26,845 Global Indices Chg (Pts) (Close) Dow Jones ,579 21,529 Nasdaq ,917 6,239 FTSE ,119 7,524 Nikkei (0.0) (2) 18,430 20,068 Hang Seng ,057 25,925 Shanghai Com ,172 3,144 Advances / Declines BSE NSE Advances 1,849 1,225 1, Declines 1,039 1, Unchanged 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 Accumulate Dewan Housing Fin. Financials Accumulate Mahindra Lifespace Real Estate Buy Navkar Corporation Others Buy KEI Industries Capital Goods Accumulate More Top Picks on Pg3 Key Upcoming Events Date Region Event Description Previous Reading Consensus Expectations Jun 21, 2017 US Existing home sales Jun 22, 2017 US Initial Jobless claims Jun 22, 2017 Germany PMI Services Jun 23, 2017 Euro Zone Euro-Zone Consumer Confidence (3.30) (0) Jun 23, 2017 Germany PMI Manufacturing Jun 23, 2017 US GDP Qoq (Annualised) More Events on Pg4 Volumes (` Cr) BSE 4,029 3,032 NSE 25,391 20,037 #Net Inflows (` Cr) Net Net Mtd Ytd FII (565) (694) (2,249) 2,197 41,972 54,165 MFs ,895 3,636 14,333 33,675 Top Gainers Price (`) Chg Indiacem Hathway Jktyre Tataelxsi 1, Gsfc J&Kbank Sobha Balkrisind 1, Jetairways Fsl Top Losers Price (`) Chg Irb Amtekauto (20.0) (5.0) Yesbank Wockpharma 1, (3.8) (6.8) Icicibank Videoind (2.9) (5.0) Polaris Vakrangee (2.5) (4.1) Concor Voltas 1, (2.5) (3.1) #As #as on 19 April June, 20, 2017

2 News Analysis SpiceJet and Boeing sign MoU for MAX planes for $4.7 bln Budget carrier SpiceJet signed an initial pact with the US aircraft maker Boeing Co for MAX planes. A Memorandum of Understanding (MoU), valued at $4.7 billion at current list prices, was signed at the Paris Air Show. The agreement is split evenly between 20 new orders for the 737 MAX 10 and conversions of MAX 8 airplanes from the airline's existing order to 737 MAX 10s. According to the management, these new purchases would help the company to maximise revenue on their dense routes while having a lower unit seat cost. Spice Jet had announced earlier this year that it would be purchasing up to 205 new aircraft (including 55 from the 2014 order) from Boeing with the order valued at $22 billion. SpiceJet currently has a fleet of 55 planes, comprising 35 Boeing B 737s and 20 Bombardier Q400s. SpiceJet is scheduled to take the delivery of its first 737 MAX in The carrier plans to grow its operational fleet to 200 planes by the end of 2020 and looks to expand regionally with the acquisition of the new 737 MAX family of aircraft. Economic and Political News Punjab CM announces crop loan waiver for lakh farmers Domestic airlines passengers grow 17.63% in January-May YoY India plans SAARC meet for startups to promote interaction: Corporate News Moody's revises Adani Ports outlook from negative to stable Tata Motors says it has no plans to list JLR IHH Healthcare to buy 26% stake in Fortis

3 Top Picks Company Market Cap (` Cr) CMP (`) Target (`) Upside Alkem Laboratories 22,216 1,858 2, Asian Granito 1, Blue Star 6, Dewan Housing Finance 14, Karur Vysya Bank 9, Jagran Prakashan 6, KEI Industries 1, Mahindra Lifespace 2, Navkar Corporation 3, Siyaram Silk Mills 2,068 2,206 2, 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 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. Source: Company, Angel Research

4 Key Upcoming Events Global economic events release calendar Bloomberg Data Date Time Country Event Description Unit Period Last Reported Estimated Jun 21, :30 PM US Existing home sales Million May Jun 22, :00 PM US Initial Jobless claims Thousands Jun :00 PM Germany PMI Services Value Jun P Jun 23, :30 PM Euro Zone Euro-Zone Consumer Confidence Value Jun A (3.30) (0) 1:00 PM Germany PMI Manufacturing Value Jun P :00 PM US GDP Qoq (Annualised) % Change 1Q T Jun 27, :30 PM US New home sales Thousands May Jun 29, :30 PM US Consumer Confidence S.A./ 1985=100 Jun Jun 30, :25 PM Germany Unemployment change (000's) Thousands Jun (9.00) 6:30 AM China PMI Manufacturing Value Jun :00 PM UK GDP (YoY) % Change 1Q F 2.00 Jul 03, :00 PM UK PMI Manufacturing Value Jun Jul 07, :00 PM UK Industrial Production (YoY) % Change May (0.80) 6:00 PM US Change in Nonfarm payrolls Thousands Jun :00 PM US Unnemployment rate % Jun 4.30 Jul 10, 2017 India Imports YoY% % Change Jun India Exports YoY% % Change Jun :00 PM UK Jobless claims change % Change Jun 7.30 Jul 12, :00 AM China Consumer Price Index (YoY) % Change Jun :30 PM India Industrial Production YoY % Change May 3.10 Jul 13, 2017 US Producer Price Index (mom) % Change Jun (0.70) China Exports YoY% % Change Jun 8.70 Source: Bloomberg, Angel Research

5 Macro watch Exhibit 1: Quarterly GDP trends Exhibit 2: IIP trends QFY QFY QFY QFY QFY QFY QFY QFY QFY QFY QFY QFY Jun Jul Aug Sep Oct Nov Dec-16 Jan Feb Mar Apr-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 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-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 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Aug-16 Aug-16 Sep-16 Oct-16 Oct-16 Nov-16 Dec-16 Dec-16 Jan-17 Feb-17 Mar-17 Mar-17 Apr-17 May-17 May-17 Jun-17 Source: Bloomberg, Angel Research Source: RBI, Angel Research

6 Global watch Exhibit 1: Latest quarterly GDP Growth (%, yoy) across select developing and developed countries (1.0) (0.4) Brazil 0.5 Russia 5.3 India 6.9 China 1.0 South Africa 5.0 Indonesia 5.6 Malaysia 3.3 Thailand UK USA 2.9 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 Exhibit 4: Relative performance of indices across globe Returns Country Name of index Closing price 1M 3M 1YR Brazil Bovespa 62,014 (8.2) (6.4) 26.8 Russia Micex 1,850 (7.2) (7.2) (2.8) India Nifty 9, China Shanghai Composite 3, () 7.1 South Africa Top 40 45,381 (4.5) 1.2 (0.0) Mexico Mexbol 49, Indonesia LQ Malaysia KLCI 1, Thailand SET USA Dow Jones 21, UK FTSE 7, Japan Nikkei 20, Germany DAX 12, France CAC 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 Reduce ,781 1,937 2, United Phosphorus Neutral ,384 15,176 17, Auto & Auto Ancillary Ashok Leyland Buy ,794 20,021 21, Bajaj Auto Neutral 2,835-82,021 25,093 27, Bharat Forge Neutral 1,182-27,515 7,726 8, Eicher Motors Neutral 28,445-77,434 16,583 20, Gabriel India Neutral 151-2,170 1,544 1, Hero Motocorp Neutral 3,826-76,405 28,083 30, Jamna Auto Industries Neutral 266-2,120 1,486 1, L G Balakrishnan & Bros Neutral 786-1,233 1,302 1, Mahindra and Mahindra Neutral 1,386-86,102 46,534 53, Maruti Neutral 7, ,106 67,822 83, Minda Industries Neutral 607-5,243 2,728 3, Motherson Sumi Neutral ,788 45,896 53, Rane Brake Lining Neutral 1,394-1, Setco Automotive Neutral Tata Motors Neutral , , , TVS Motor Neutral ,180 13,390 15, Amara Raja Batteries Buy 837 1,009 14,294 5,305 6, Exide Industries Neutral ,240 7,439 8, Apollo Tyres Neutral ,072 12,877 14, Ceat Neutral 1,851-7,489 7,524 8, JK Tyres Neutral 168-3,806 7,455 8, Swaraj Engines Neutral 2,382-2, Subros Neutral 258-1,546 1,488 1, Indag Rubber Neutral Capital Goods ACE Neutral BEML Neutral 1,441-6,002 3,451 4, Bharat Electronics Neutral ,670 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 ,677 6,511 7, BGR Energy Neutral 158-1,139 16,567 33, BHEL Neutral ,801 28,797 34, Blue Star Accumulate ,360 4,283 5, CG Power and Industrial Neutral 85-5,327 5,777 6, Solutions Greaves Cotton Neutral 164-4,003 1,755 1, Inox Wind Neutral 144-3,186 5,605 6, KEC International Neutral 252-6,477 9,294 10, KEI Industries Accumulate ,748 2,633 3, Thermax Neutral ,409 5,421 5, VATech Wabag Neutral 728-3,970 3,136 3, Cement ACC Neutral 1,641-30,809 11,225 13, Ambuja Cements Neutral ,149 9,350 10, India Cements Neutral 221-6,795 4,364 4, JK Cement Neutral 999-6,982 4,398 5, J K Lakshmi Cement Neutral 495-5,820 2,913 3, Orient Cement Neutral 149-3,061 2,114 2, UltraTech Cement Neutral 4, ,440 25,768 30, Construction ITNL Neutral 97-3,186 8,946 10, KNR Constructions Neutral 204-2,869 1,385 1, Larsen & Toubro Neutral 1, , , , Gujarat Pipavav Port Neutral 155-7, Nagarjuna Const. Neutral 91-5,081 8,842 9, PNC Infratech Neutral 144-3,692 2,350 2, Simplex Infra Neutral 529-2,617 6,829 7, Power Mech Projects Neutral ,801 2, Sadbhav Engineering Neutral 306-5,252 3,598 4, NBCC Neutral ,491 7,428 9, MEP Infra Neutral 103-1,677 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 110-3,867 1,036 1, (8.4) (5.6) (22.8) (15.9) Engineers India Neutral ,640 1,725 1, Financials Axis Bank Accumulate ,611 46,932 53, Bank of Baroda Neutral ,710 19,980 23, Canara Bank Neutral ,255 15,225 16, Can Fin Homes Neutral 3,136-8, Cholamandalam Inv. & Accumulate Fin. Co. 1,089 1,230 17,016 2,012 2, Dewan Housing Finance Accumulate ,378 2,225 2, Equitas Holdings Buy , , Federal Bank Neutral ,588 8,259 8, HDFC Neutral 1, ,834 11,475 13, HDFC Bank Neutral 1, ,477 46,097 55, ICICI Bank Neutral ,905 42,800 44, Karur Vysya Bank Accumulate ,062 5,640 6, Lakshmi Vilas Bank Neutral 197-3,783 3,339 3, LIC Housing Finance Neutral ,051 3,712 4, Punjab Natl.Bank Neutral ,366 23,532 23, RBL Bank Neutral ,174 1,783 2, Repco Home Finance Neutral 893-5, South Ind.Bank Neutral 30-5,347 6,435 7, St Bk of India Neutral ,969 88,650 98, Union Bank Neutral ,435 13,450 14, Yes Bank Neutral 1,434-65,601 8,978 11, FMCG Akzo Nobel India Neutral 1,898-9,102 2,955 3, Asian Paints Neutral 1, ,658 17,128 18, Britannia Neutral 3,593-43,121 9,594 11, Colgate Neutral 1,099-29,898 4,605 5, Dabur India Accumulate ,644 8,315 9, GlaxoSmith Con* Neutral 5,354-22,517 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 1,883-64,142 10,235 11, HUL Neutral 1, ,095 35,252 38, ITC Neutral ,115 40,059 44, Marico Neutral ,979 6,430 7, Nestle* Neutral 6,744-65,020 10,073 11, Tata Global Neutral 156-9,871 8,675 9, Procter & Gamble Hygiene Neutral 7,935-25,756 2,939 3, IT HCL Tech^ Buy 842 1, ,167 46,723 52, Infosys Buy 929 1, ,490 68,484 73, TCS Accumulate 2,432 2, , , , Tech Mahindra Buy ,923 29,141 31, Wipro Accumulate ,771 55,421 58, Media D B Corp Neutral 374-6,884 2,297 2, HT Media Neutral 82-1,905 2,693 2, Jagran Prakashan Buy ,018 2,283 2, Sun TV Network Neutral ,868 2,850 3, Hindustan Media Ventures Neutral 276-2,023 1,016 1, TV Today Network Buy , Metals & Mining Coal India Neutral ,606 84,638 94, Hind. Zinc Neutral ,901 14,252 18, Hindalco Neutral , , , JSW Steel Neutral ,151 53,201 58, NMDC Neutral ,784 6,643 7, SAIL Neutral 58-23,810 47,528 53,738 (0.7) 2.1 (1.9) (1.6) Vedanta Neutral ,919 71,744 81, Tata Steel Neutral , , , Oil & Gas GAIL Neutral ,388 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 ,877 3,101 3, Alkem Laboratories Ltd Buy 1,858 2,161 22,216 5,853 6, Aurobindo Pharma Buy ,390 14,845 17, Aventis* Neutral 4,143-9,541 2,206 2, Cadila Healthcare Sell ,376 9,220 11, Cipla Reduce ,378 14,281 16, Dr Reddy's Neutral 2,657-44,030 14,081 15, Dishman Pharma Sell 143 1,718 1, GSK Pharma* Neutral 2,437-20,645 2,927 3, Indoco Remedies Sell ,750 1,067 1, Ipca labs Buy ,940 3,211 3, Lupin Buy 1,131 1,526 51,078 17,120 18, Natco Pharma Accumulate 978 1,060 17,055 2,065 1, Sun Pharma Buy ,972 30,264 32, Power Tata Power Neutral 78-21,111 36,916 39, NTPC Neutral ,422 86,605 95, Power Grid Neutral ,119 25,315 29, Real Estate Prestige Estate Neutral 266-9,983 4,707 5, MLIFE Buy ,238 1,152 1, Telecom Bharti Airtel Neutral , , , Idea Cellular Neutral 80-28,776 40,133 43, zothers Abbott India Neutral 4,272-9,077 3,153 3, Asian Granito Accumulate ,252 1,066 1, Bajaj Electricals Accumulate ,511 4,801 5, Banco Products (India) Neutral 223-1,594 1,353 1, Coffee Day Enterprises Ltd Neutral 252-5,198 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 496-7,587 2,883 3, Garware Wall Ropes Neutral 832-1, Goodyear India* Neutral 875-2,018 1,598 1, Hitachi Neutral 2,074-5,638 2,081 2, HSIL Neutral 396-2,862 2,384 2, Interglobe Aviation Neutral 1,202-43,450 21,122 26, Jyothy Laboratories Neutral 377-6,845 1,440 2, Kirloskar Engines India Ltd Neutral 384-5,553 2,554 2, Linc Pen & Plastics Neutral M M Forgings Neutral Manpasand Bever. Neutral 794-4, , Mirza International Neutral 160-1, , MT Educare Neutral Narayana Hrudaya Neutral 319-6,511 1,873 2, Navkar Corporation Buy , Navneet Education Neutral 187-4,359 1,062 1, Nilkamal Neutral 1,957-2,921 1,995 2, Page Industries Neutral 16,747-18,679 2,450 3, Parag Milk Foods Neutral 218-1,833 1,919 2, Quick Heal Neutral 211-1, Radico Khaitan Buy ,661 1,667 1, Relaxo Footwears Neutral 482-5,785 2,085 2, S H Kelkar & Co. Neutral 286-4,141 1,036 1, Siyaram Silk Mills Accumulate 2,206 2,500 2,068 1,574 1, Styrolution ABS India* Neutral 858-1,509 1,440 1, Surya Roshni Neutral 286-1,255 3,342 3, Team Lease Serv. Neutral 1,313-2,246 3,229 4, The Byke Hospitality Neutral Transport Corporation of Neutral 308-2,359 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 3,952-3,026 2,304 2, UFO Moviez Neutral 418-1, Visaka Industries Neutral ,051 1, VRL Logistics Neutral 332-3,033 1,902 2, VIP Industries Accumulate ,759 1,270 1, Navin Fluorine Buy 3,119 3,650 3, Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on June 19, 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.