Market Outlook. Market Cues. News Analysis & Result Review. Investor s Ready Reckoner. Top Picks. Key Upcoming Events.

Transcription

1 6.( Market Cues Indian markets are likely to open in flat tracking SGX Nifty and Global markets.. After seeing strong gains on Friday, the US markets remained lackluster on Tuesday and ended the day flat. Lack of new economic data and triggers kept traders and investors away for the day. The European markets gained on Tuesday led by energy stocks. The OPEC is likely to hold talks in September in an effort to limit productions and this seems to have played a positive role. The Indian markets remained under of pressure on Tuesday as market participants wanted to know the outcome of RBI s monetary policy outcome. While a good monsoon had led to some expectations of lowering of interest rates by RBI, increasing trend of CPI inflation which still remains a concern and hence RBI left the key policy rates unchanged. As a result the markets saw some selling and ended the day in red. News Analysis & Result Review Results Review: Lupin Detailed analysis on Pg2 Investor s Ready Reckoner Key Domestic & Global Indicators Stock Watch: Latest investment recommendations on 150+ stocks Refer Pg6 onwards Top Picks Company Sector Rating CMP (`) Target (`) Upside Amara Raja Auto/Auto Ancillary Buy 919 1, HCL Tech IT Buy 817 1, LIC Housing Financials Accumulate Bharat Electronics Capital Goods Accumulate 1,242 1, Navkar Corporation Others Buy More Top Picks on Pg4 Key Upcoming Events Date Region Event Description Previous Reading Consensus Expectations Aug 10 US Initial Jobless claims Aug 10 India Imports YoY % (7.3) -- Aug 11 India Exports YoY % Aug 12 Euro Zone Euro Zone GDP s.a (QoQ) Aug 12 India Industrial Production YoY More Events on Pg5 Domestic Indices Chg (Pts) (Close) BSE Sensex (0.3) (97) 28,085 Nifty (0.4) (33) 8,678 Mid Cap (0.3) (44) 12,780 Small Cap (0.4) (56) 12,338 Bankex (0.0) (3) 21,654 Global Indices Chg (Pts) (Close) Dow Jones ,533 Nasdaq FTSE Nikkei ,765 Hang Seng (0.1) (29) 22,466 Shanghai Com ,026 Advances / Declines BSE NSE Advances 1, Declines 1, Unchanged Volumes (` Cr) BSE 3,532 NSE 22,299 Net Inflows (` Cr) Net Mtd Ytd FII 1,172 3,742 34,624 MFs ,327 Top Gainers Price (`) Chg Deltacorp J&Kbank Ttkprestig 5, Jisljaleqs Jubilant Top Losers Price (`) Chg Balramchin 119 (7.5) Idea 97 (5.8) Jetairways 554 (5.5) Muthootfin 379 (5.1) Lupin 1,608 (5.0) As on August 9, 2016

2 Result Review: Lupin (CMP: `1,608 / TP: `1,809 /Upside: 12.5% ) For 1QFY2017, the company posted results better than expected numbers. Sales, came in at `4316cr V/s `4,150cr expected V/s `3,074cr, a yoy growth of 40.4%. The sales growth came in on back of USA (`2188.6cr) which posted a yoy growth of 82.3%. the growth in other geographies- India(`931.3cr, yoy growth of 5.2%), APAC (`541.6cr, a yoy growth of 32.9%), EMEA (`219.4cr, a yoy growth of 20.6%), LATAM (`108.9cr, a yoy growth of 76.8%) and ROW (`36.9cr, a yoy growth of 117.1%). API sales (`286.9cr) a yoy dip of 12.4%. On the operating profit front, the EBITDA margins came in at 27.4% V/s 29.3% expected and V/s 24.1% in 1QFY2016. The expansion in the margins, came lower than expected on back of employee cost, a yoy growth of 45.2%. and R&D expenses which grew by 104.8% ( 11.6% of sales in 1QFY2017 V/s 7.9% of sales 1QFY2016). Expansion in OPM along with low taxations and higher other income aided the Adj. net profit came in at `882cr V/s `777cr expected V/s `525cr in 1QFY2016, a yoy growth of 68.0%. We maintain our accumulate rating. Y/E Sales OPM PAT EPS ROE P/E P/BV EV/EBITDA EV/Sales Mar (`cr) (`cr) (`) (x) (x) (x) (x) FY2017E 15, , FY2018E 18, , Economic and Political News Tax collections up 28% in April-July Ford cuts Aspire and Figo prices upto `91,000 Bill to reform motor vehicle law introduced Corporate News PFC s 1QFY17 PAT up 9% at `1713cr UCO Bank posts net loss of `440cr for 1QFY17 IOB Posts 1QFY17 net loss of `1,451cr Manapuram Finance s 1QFY17 PAT jumps to `160cr IL&FS Engineering plans to raise upto `500cr

3 Quarterly Bloomberg Brokers Consensus Estimate Mahindra & Mahindra Ltd Aug 10, 2016 Particulars (` cr) 1QFY17E 1QFY16 y-o-y 4QFY16 q-o-q Net sales 11,195 9, , EBITDA 1,477 1, , EBITDA margin Net profit Motherson Sumi Systems Ltd Aug 10, 2016 Particulars (` cr) 1QFY17E 1QFY16 y-o-y 4QFY16 q-o-q Net sales , , EBITDA 1, , EBITDA margin Net profit (14.7) Bank Of Baroda Ltd Aug 11, 2016 Particulars (` cr) 1QFY17E 1QFY16 y-o-y 4QFY16 q-o-q Net profit (49.8) (3230) 83.7

4 Top Picks Large Cap Company Market Cap (` Cr) CMP (`) Target (`) Upside Amara Raja Batteries 15, , Bharat Electronics 29,800 1,242 1, Rationale To outpace battery industry growth due to better technological products leading to market share gains in both the automotive OEM and replacement segments. Uptick in defense capex by government, coupled with BELs strong market positioning, indicate good times ahead for BEL. HCL Tech 1,15, , Stock is trading at attractive valuations & factors all bad news. HDFC Bank 3,15,771 1,247 1, Infosys 2,48,415 1,082 1, LIC Housing Fin. 26, Voltas 11, Strong visibility for a robust 20% earnings trajectory, coupled with high quality of earnings on account of high quality retail business and strategic focus on highly rated corporates. Back on the growth trend, expect a long term growth of 14% to be a US$20bn in FY2020. Continues to grow its retail loan book at healthy pace with improvement in asset quality. Expect LICHF to post a healthy loan book which is likely to reflect in a strong earnings growth. Strong market positioning within the domestic AC markets to continue, EMP business set to revive Source: Company, Angel Research Mid Cap Company Market Cap (` Cr) CMP (`) Target (`) Upside Bajaj Electricals 2, Blue Star 4, Dewan Housing 7, Equitas Holdings 6, Goodyear India 1, IL&FS Transport 2, Jagran Prakashan 5, Mahindra Lifespace 1, Navkar Corporation 2, Radico Khaitan 1, Siyaram Silk Mills 994 1,060 1, TV Today Network 1, Rationale Among the top 4 players in the consumer durables segment. Improved profitability backed by turn around in E&P segment. Strong order book lends earnings visibility. 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. Strong loan growth backed by diversified loan portfolio and adequate CAR. ROE & ROA likely to remain decent as risk of dilution remains low. Attractive valuations considering growth. Expectations of above average monsoon augurs well for Goodyear India as it derives ~50% of its turnover from farm tyre segment. Commencement of new projects, downtrend in the interest rate cycle, to lead to stock re-rating 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. Speedier execution and speedier sales, strong revenue visibility in short-to-long run, attractive valuations Massive capacity expansion along with rail advantage at ICD as well CFS augurs well for the company Earnings boost on back of stable material prices and favourable pricing environment. Valuation discount to peers provides additional comfort 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

5 Key Upcoming Events Result Calendar Date Aug 10, 2016 Aug 11, 2016 Aug 12, 2016 Company M&M, Motherson Sumi, Thermax, Corporation Bank, ITD Cementation, MT Educare, Manpasand Bever. J K Lakshmi Cements, Bank of Baroda, Rural Elec.Corp., Page Industries, Styrolution, MRF, Jyothy Laboratories, MM Forging, Tide Water Oil India, Ipca labs, PTC India, Coffee Day Enterprises Ltd Bosch India, Automotive Axle, St Bk of India, Oriental Bank, Central Bank, Bank of Maharashtra, Hindalco, Bajaj Electrical, Cravatex, Sun Pharma, Glenmark Pharma., NHPC, Competent Automobiles Source: Bloomberg, Angel Research Global economic events release calendar Date Time Country Event Description Unit Period Bloomberg Data Last Reported Estimated Aug 10, :00PM US Initial Jobless claims Thousands Aug India Imports YoY% % Change Jul (7.30) -- Aug 11, 2016 India Exports YoY% % Change Jul Aug 12, :30PM Euro Zone Euro-Zone GDP s.a. (QoQ) % Change 2Q P US Producer Price Index (mom) % Change Jul :30AM China Industrial Production (YoY) % Change Jul :30PM India Industrial Production YoY % Change Jun :30AM Germany GDP nsa (YoY) % Change 2Q P Aug 16, :00PM India Monthly Wholesale Prices YoY% % Change Jul :00PM US Housing Starts Thousands Jul 1, , :00PM US Building permits Thousands Jul 1, , :00PM UK CPI (YoY) % Change Jul :45PM US Industrial Production % Jul :00PM US Consumer price index (mom) % Change Jul Aug 17, :00PM UK Jobless claims change % Change Jul Aug 18, :30PM Euro Zone Euro-Zone CPI (YoY) % Jul F Aug 23, :30PM Euro Zone Euro-Zone Consumer Confidence Value Aug A (7.90) -- 7:30PM US New home sales Thousands Jul Aug 24, :00PM Germany PMI Services Value Aug P :00PM Germany PMI Manufacturing Value Aug P :30PM US Existing home sales Million Jul Aug 26, :00PM US GDP Qoq (Annualised) % Change 2Q S :30PM US Consumer Confidence S.A./ 1985=100 Aug Source: Bloomberg, Angel Research

6 h Macro watch Exhibit 1: Quarterly GDP trends Exhibit 2: IIP trends QFY QFY QFY QFY QFY QFY QFY15 4QFY QFY16 2QFY QFY QFY (2.0) (4.0) (6.0) 4.3 Jul Aug Sep Oct-15 (3.4) Nov-15 (0.9) Dec-15 (1.6) Jan Feb Mar-16 (1.3) Apr May-16 Source: CSO, Angel Research Source: MOSPI, Angel Research Exhibit 3: Monthly CPI inflation trends Exhibit 4: Manufacturing and services PMI Mfg. PMI Services PMI Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 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 (5.0) (10.0) (15.0) (20.0) (25.0) (30.0) (35.0) Exports yoy growth Imports yoy growth Repo rate Reverse Repo rate CRR Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Aug-15 Sep-15 Oct-15 Oct-15 Nov-15 Dec-15 Dec-15 Jan-16 Feb-16 Mar-16 Mar-16 Apr-16 May-16 May-16 Jun-16 Jul-16 Source: Bloomberg, Angel Research Source: RBI, Angel Research

7 h Global watch Exhibit 1: Latest quarterly GDP Growth (%, yoy) across select developing and developed countries (2.0) (4.0) Brazil Russia (1.2) India China South Africa Indonesia Malaysia Thailand UK USA Germany France Japan (6.0) (5.4) (0.2) (8.0) Source: Bloomberg, Angel Research Exhibit 2: 2016 GDP Growth projection by IMF (%, yoy) across select developing and developed countries (3.8) (1.8) (2.0) (4.0) Brazil Russia India China South Africa Indonesia Malaysia Thailand UK USA Germany France Japan (6.0) 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

8 h Exhibit 4: Relative performance of indices across globe Returns Country Name of index Closing price 1M 3M 1YR Brazil Bovespa 57, Russia Micex 1, India Nifty 8, China Shanghai Composite 3, (17.3) South Africa Top 40 45, (3.7) Mexico Mexbol 47, Indonesia LQ Malaysia KLCI 1, (3.0) Thailand SET USA Dow Jones 18, UK FTSE 6, Japan Nikkei 16, (18.3) Germany DAX 10, (2.9) France CAC 4, (10.1) Source: Bloomberg, Angel Research

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 Neutral 218-4,242 1,937 2, United Phosphorus Accumulate ,393 15,176 17, Auto & Auto Ancillary Ashok Leyland Buy ,428 22,407 26, Bajaj Auto Neutral 2,864-82,879 25,093 27, Bharat Forge Accumulate ,159 7,726 8, Eicher Motors Neutral 22,082-59,978 16,583 20, Gabriel India Neutral 106-1,520 1,544 1, Hero Motocorp Neutral 3,407-68,040 31,253 35, Jamna Auto Industries Neutral 197-1,570 1,486 1, L G Balakrishnan & Bros Neutral ,302 1, Mahindra and Mahindra Neutral 1,481-91,956 46,534 53, Maruti Neutral 4, ,081 69,186 82, Minda Industries Neutral 1,170-1,856 2,728 3, Motherson Sumi Neutral ,640 45,896 53, Rane Brake Lining Neutral Setco Automotive Neutral Tata Motors Neutral , , , TVS Motor Accumulate ,200 13,390 15, Amara Raja Batteries Buy 919 1,076 15,702 5,717 6, Exide Industries Neutral ,198 7,439 8, Apollo Tyres Neutral 181-9,236 12,877 14, Ceat Buy 909 1,119 3,676 7,524 8, JK Tyres Neutral 105-2,384 7,455 8, Swaraj Engines Neutral 1,144-1, Subros Neutral ,488 1, Indag Rubber Neutral Capital Goods ACE Neutral BEML Accumulate 1,002 1,157 4,174 3,451 4, Bharat Electronics Accumulate 1,242 1,414 29,800 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) ( ) Price ( ) ( cr ) FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E Capital Goods Voltas Buy ,482 6,511 7, BGR Energy Neutral ,567 33, BHEL Neutral ,181 28,797 34, Blue Star Accumulate ,600 4,351 5, Crompton Greaves Neutral 83-5,227 5,777 6, Greaves Cotton Neutral 139-3,403 1,755 1, Inox Wind Buy ,455 5,605 6, KEC International Neutral 137-3,529 9,294 10, Thermax Neutral ,789 5,421 5, VATech Wabag Buy ,197 3,136 3, Cement ACC Neutral 1,685-31,639 11,225 13, Ambuja Cements Neutral ,987 9,350 10, India Cements Neutral 125-3,850 4,364 4, JK Cement Neutral 746-5,217 4,398 5, J K Lakshmi Cement Neutral 442-5,202 2,913 3, Orient Cement Neutral 165-3,374 2,114 2, UltraTech Cement Neutral 3, ,336 25,768 30, Construction ITNL Buy ,388 8,946 10, KNR Constructions Neutral 611-1,718 1,210 1, Larsen & Toubro Accumulate 1,498 1, ,578 67,665 77, Gujarat Pipavav Port Neutral 168-8, MBL Infrastructures Buy ,797 3, Nagarjuna Const. Neutral 80-4,445 8,842 9, PNC Infratech Accumulate ,878 2,350 2, Simplex Infra Neutral 301-1,491 6,829 7, Power Mech Projects Neutral ,801 2, Sadbhav Engineering Neutral 289-4,963 3,598 4, NBCC Neutral ,472 7,428 9, MEP Infra Neutral ,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 98-3,452 1,036 1, (8.4) (5.6) (22.8) (15.9) Engineers India Neutral 226-7,622 1,725 1, Financials Axis Bank Neutral ,546 58,081 66, Bank of Baroda Neutral ,486 19,980 23, Canara Bank Neutral ,183 15,225 16, Dewan Housing Finance Accumulate ,345 2,225 2, Equitas Holdings Buy , , Federal Bank Neutral 64-10,971 9,353 10, HDFC Neutral 1, ,276 11,475 13, HDFC Bank Accumulate 1,247 1, ,771 46,097 55, ICICI Bank Neutral ,718 39,029 45, LIC Housing Finance Accumulate ,285 3,712 4, Punjab Natl.Bank Neutral ,368 23,532 23, South Ind.Bank Neutral 22-2,930 6,435 7, St Bk of India Neutral ,115 88,650 98, Union Bank Neutral 130-8,906 13,450 14, Yes Bank Neutral 1,259-53,021 8,978 11, FMCG Asian Paints Neutral 1, ,914 17,128 18, Britannia Neutral 3,119-37,425 9,795 10, Colgate Neutral ,418 4,605 5, Dabur India Neutral ,778 9,405 10, GlaxoSmith Con* Neutral 6,243-26,256 4,959 5, Godrej Consumer Neutral 1,529-52,068 10,335 11, HUL Neutral ,924 35,252 38, ITC Accumulate ,805 40,059 44, Marico Neutral ,976 6,730 7, Nestle* Neutral 6,870-66,234 9,393 10, Tata Global Neutral 143-9,041 9,072 9, Procter & Gamble Hygiene Accumulate 6,866 7,369 22,288 2,939 3,

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 ) FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E HCL Tech^ Buy 817 1, ,322 49,242 57, Infosys Buy 1,082 1, ,415 69,934 79, TCS Accumulate 2,651 3, , , , Tech Mahindra Buy ,749 30,347 33, Wipro Buy ,988 51,631 55, Media D B Corp Neutral 407-7,482 2,187 2, HT Media Neutral 78-1,821 2,673 2, Jagran Prakashan Accumulate ,937 2,355 2, Sun TV Network Neutral ,185 2,850 3, Hindustan Media Ventures Neutral 275-2,016 1,016 1, TV Today Network Buy , Metals & Mining Coal India Neutral ,830 84,638 94, Hind. Zinc Neutral ,020 14,252 18, Hindalco Neutral , , , JSW Steel Neutral 1,706-41,245 53,201 58, NMDC Neutral ,044 6,643 7, SAIL Neutral 47-19,453 47,528 53,738 (0.7) 2.1 (1.9) (1.6) Vedanta Neutral ,932 71,744 81, Tata Steel Neutral , , , Oil & Gas Cairn India Neutral ,279 9,127 10, GAIL Neutral ,082 56,220 65, ONGC Neutral , , , Indian Oil Corp Neutral , , , Reliance Industries Neutral 1, , , , Pharmaceuticals Alembic Pharma Neutral ,026 3,483 4, Aurobindo Pharma Accumulate ,722 15,720 18, Sanofi India* Neutral 4,449-10,247 2,357 2, Cadila Healthcare Accumulate ,764 11,126 13, Cipla Neutral ,802 15,378 18,

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 ) FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E Dr Reddy's Neutral 3,039-51,824 16,043 18, Dishman Pharma Neutral 166-2,682 1,718 1, GSK Pharma* Neutral 3,104-26,292 3,528 3, Indoco Remedies Sell ,961 1,112 1, Ipca labs Buy ,413 3,303 3, Lupin Accumulate 1,608 1,809 72,477 15,912 18, Sun Pharma Accumulate ,455 31,129 35, Power Tata Power Neutral 75-20,393 36,916 39, NTPC Neutral ,763 86,605 95, Power Grid Neutral ,050 25,763 29, Real Estate MLIFE Buy , , Telecom Bharti Airtel Neutral , , , Idea Cellular Neutral 97-34,982 40,133 43, zothers Abbott India Neutral 4,721-10,031 3,153 3, Bajaj Electricals Accumulate ,744 5,351 6, Finolex Cables Neutral 391-5,987 2,883 3, Goodyear India* Buy ,248 1,598 1, Hitachi Neutral 1,427-3,879 2,081 2, Jyothy Laboratories Neutral 286-5,179 1,440 2, Page Industries Neutral 14,059-15,681 2,450 3, Relaxo Footwears Neutral 473-5,681 2,085 2, Siyaram Silk Mills Buy 1,060 1, ,799 2, Styrolution ABS India* Neutral 619-1,088 1,440 1, TVS Srichakra Buy 2,416 2,932 1,850 2,304 2, HSIL Neutral 337-2,436 2,384 2, Kirloskar Engines India Ltd Neutral 281-4,064 2,554 2, M M Forgings Neutral Banco Products (India) Neutral 200-1,430 1,353 1, 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 Nilkamal Neutral 1,195-1,783 1,995 2, Visaka Industries Neutral ,051 1, Transport Corporation of Neutral 350-2,678 2,671 2, India Elecon Engineering Accumulate ,482 1, Surya Roshni Buy ,342 3, MT Educare Neutral Radico Khaitan Buy ,217 1,659 1, Garware Wall Ropes Neutral 487-1, Wonderla Holidays Neutral 403-2, Linc Pen & Plastics Neutral The Byke Hospitality Neutral Interglobe Aviation Neutral ,293 21,122 26, Coffee Day Enterprises Ltd Neutral 241-4,968 2,964 3, Navneet Education Neutral 103-2,457 1,062 1, Navkar Corporation Buy , UFO Moviez Neutral 525-1, VRL Logistics Neutral 301-2,743 1,902 2, Team Lease Serv. Neutral 1,150-1,967 3,229 4, S H Kelkar & Co. Neutral 262-3,796 1,036 1, Quick Heal Neutral 250-1, Narayana Hrudaya Neutral 320-6,548 1,873 2, Manpasand Bever. Neutral 698-3, , Parag Milk Foods Neutral 325-2,835 1,919 2, Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on August 09, 2016

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.