Market Outlook. Market Cues. News Analysis. Investor s Ready Reckoner. Top Picks. Key Upcoming Events. December 22, 2017

Transcription

1 Market Cues Indian markets are likely to open flat tracking global indices and SGX Nifty. Following the lackluster performance seen in the previous session, US markets saw modest strength on Thursday. The major averages all moved to the upside, although buying interest was somewhat subdued. The major averages closed in positive territory but well off their highs of the session. The Dow climbed 0.2 percent to 24,782, the Nasdaq edged up 0.1 percent to 6,965 and the S&P 500 rose 0.2 percent to 2,685. The U.K. stocks leapt to a record close Thursday, with gains for multinationals helping the blue-chips benchmark overcome a sluggish start marked by gloomy updates about British consumer confidence and private consumption. The FTSE 100 index jumped 1% to settle at record close of 7,602. Indian benchmark indices ended flat on Thursday after a choppy session following muted reaction of the Asian markets to the passage of US tax cuts. Meanwhile bonds were spooked by the blowout in government debt needed to fund the giveaways. The 10-year bond yield on Thursday hit fresh 17-month high after the RBI minutes showed that all members of rate setting committee were worried due inflation and an uncertain growth. BSE Sensex closed lower 0.1%, to 33,756, while the Nifty 50 declined 0.15%, to close at 10,429. News Analysis Maruti commissions an EV feasibility study Detailed analysis on Pg2 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 Finance Financials Buy Asian Granito Other Accumulate Navkar Corporation Other Buy KEI Industries Capital Goods Buy More Top Picks on Pg4 Key Upcoming Events Date Region Event Description Previous Reading Consensus Expectations Dec22 US GDP Qoq (Annualised) Dec22 US New home sales Dec27 Germany PMI Manufacturing Dec31 US Consumer Confidence Jan02 China PMI Manufacturing More Events on Pg7 Domestic Indices Chg (Pts) (Close) BSE Sensex (0.1) (21) 33,756 Nifty (0.0) (4) 10,440 Mid Cap ,554 Small Cap ,881 Bankex (0.3) (75) 28,881 Global Indices Chg (Pts) (Close) Dow Jones ,782 Nasdaq ,965 FTSE ,604 Nikkei (0.1) (26) 22,866 Hang Seng ,367 Shanghai Com ,300 Advances / Declines BSE NSE Advances 1,695 1,118 Declines 1, Unchanged Volumes (` Cr) BSE 6,147 NSE 32,518 Net Inflows (` Cr) Net Mtd Ytd FII (1,446) (5,389) 52,243 *MFs (885) 4, ,687 Top Gainers Price (`) Chg Ifci Manappuram Unitech Wockpharma Adanitrans Top Losers Price (`) Chg M&M 742 (3.7) Den 110 (3.5) Castrolind 203 (3.3) Balkrisind 1,212 (3.2) Mothersumi 373 (3.1) As on December

2 News Analysis Maruti commissions an EV feasibility study Maruti Suzuki has commissioned a study to gauge the requirements of potential consumers to bring an affordable electric vehicles by The study is likely to be completed by the end of February paving the way for the introduction of the MSIL's first EV, likely in Though the company, with its strong brand and strong connect with the customers is expected to be key beneficiary even in the EVs, the challenge remains in making a small and affordable electrical vehicle at the moment. Company has said that localisation will play a crucial role in reducing costs and increasing affordability hence its EV will have more local content than the imported content. Company also expects some amount of government intervention to promote widespread use of EV among consumers. In November, Suzuki Motor Corporation (SMC) finalised an agreement with Toyota Motor Corporation (TMC) to introduce EVs in India. Under the agreement, Toyota will provide technical support while Suzuki will manufacture EV for the Indian market and will also supply some vehicles to Toyota. Both the companies will also undertake a study of activities like setting up of charging infrastructure, personnel training, etc. for widespread acceptance and use of EVs in India. MSIL expects about 40% of new personal vehicles sold in the local market could be pure electric by Going by the MSIL s expectations, we believe about 8-10mn vehicles would be sold by 2030 and Maruti, with its current track record will be holding 40-50% market share within that. This looks an interesting opportunity for MSIL, however we still do not factor in the EV in MSIL s price. Economic and Political News 2G scam verdict : Special CBI court finds A. Raja not guilty RBI s monetary policy committee wary of fresh risks to inflation, minutes show 2G verdict puts Modi and BJP's planning for 2019 in a very awkward spot Corporate News Adani Transmission signs agreement to buy Reliance Infra s Mumbai biz Gujarat Industries Power revokes merger with GIPCL Project ABB India gets order worth Rs134 crore for Indian Railway Suven Life Sciences gets product patents from Canada, India

3 Top Picks HHHHH Company Market Cap (` Cr) CMP (`) Target (`) Upside Alkem Laboratories 25,932 2,169 2, Asian Granito 1, Blue Star 7, Dewan Housing Finance 18, Karur Vysya Bank 9, KEI Industries 2, Music Broadcast 2, Navkar Corporation 2, Siyaram Silk Mills 3, TV Today Network 2, Maruti Suzuki 2,90,877 9,629 10, GIC Housing 2, Century Plyboards India 7, LT Foods 2, Ruchira Papers 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 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 corporate 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 We expect CPIL to report net Revenue/PAT CAGR of ~17%/16% over FY E mainly due to healthy growth in plywood & lamination business, forayed into MDF & Particle boards on back of strong brand & distribution network. We expect sales/pat to grow at 13.5%/20% over next two years on the back of strong distribution network & addition of new products in portfolio. We expect sales/pat to grow at 13%/16% over next two years on the back of strong healthy demand in writing & printing paper and Kraft paper. Further, China had banned making paper from waste pulp which would benefit Indian paper companies. 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 Dec 22, :00 PMUS GDP Qoq (Annualised) % Change 3Q T :30 PMUS New home sales Thousands Nov Dec 27, :25 PMGermany PMI Manufacturing Value Dec F Dec 31, :30 PMUS Consumer Confidence S.A./ 1985=100 Dec Jan 02, :30 AMChina PMI Manufacturing Value Dec :00 PMUK PMI Manufacturing Value Dec Jan 03, :25 PMGermany Unemployment change (000's) Thousands Dec (18.00) (13.00) Jan 04, :25 PMGermany PMI Services Value Dec F Jan 05, :00 PMUS Change in Nonfarm payrolls Thousands Dec :00 PMUS Unemployment rate % Dec Jan 10, :00 PMUK Industrial Production (YoY) % Change Nov 3.60 India Imports YoY% % Change Dec India Exports YoY% % Change Dec Jan 11, 2018 US Producer Price Index (mom) % Change Dec 1.40 Jan 12, :00 PMUS Consumer price index (mom) % Change Dec 0.40 China Exports YoY% % Change Dec Jan 15, :00 PMIndia Monthly Wholesale Prices YoY% % Change Dec 3.93 Jan 16, :00 PMUK CPI (YoY) % Change Dec 3.10 Jan 17, :30 PMEuro Zone Euro-Zone CPI (YoY) % Dec F :45 PMUS Industrial Production % Dec 0.20 Jan 18, :00 PMUS Housing Starts Thousands Dec 1, :00 PMUS Building permits Thousands Dec 1, Jan 24, :30 PMUS Existing home sales Million Dec :00 PMUK Jobless claims change % Change Dec 5.90 Source: Bloomberg, Angel Research

5 Macro watch Exhibit 1: Quarterly GDP trends Exhibit 2: IIP trends QFY15 4QFY15 1QFY16 2QFY16 3QFY16 4QFY16 1QFY17 2QFY17 3QFY17 4QFY17 1QFY18 2QFY18 - (1.0) Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 (0.3) Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Source: CSO, Angel Research Source: MOSPI, Angel Research Exhibit 3: Monthly CPI inflation trends Exhibit 4: Manufacturing and services PMI Mfg. PMI Services PMI Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-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 60.0 Exports yoy growth Imports yoy growth 6.50 Repo rate Reverse Repo rate CRR (10.0) 3.00 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-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 Source: Bloomberg, Angel Research Source: RBI, Angel Research

6 Global watch Exhibit 1: Latest quarterly GDP Growth (%, yoy) across select developing and developed countries Brazil Russia India China South Africa Indonesia Malaysia Thailand UK USA Germany France Japan Source: Bloomberg, Angel Research Exhibit 2: 2017 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 75,133 (0.1) (3.2) 25.6 Russia Micex 2,093 (3.1) 1.4 (3.8) India Nifty 10, China Shanghai Composite 3,300 (3.2) (1.6) 4.6 South Africa Top 40 52,082 (5.4) Mexico Mexbol 48, (3.7) 7.5 Indonesia LQ45 1, Malaysia KLCI 1, (1.4) 6.4 Thailand SET 50 1, USA Dow Jones 24, UK FTSE 7, Japan Nikkei 22, Germany DAX 13,110 (0.7) France CAC 5,386 (0.2) Source: Bloomberg, Angel Research p68in4

8 Exhibit 4: Relative performance of indices across globe Returns Country Name of index Closing price 1M 3M 1YR Brazil Bovespa 73,367 (0.1) (3.2) 25.6 Russia Micex 2,103 (3.1) 1.4 (3.8) India Nifty 10, China Shanghai Composite 3,288 (3.2) (1.6) 4.6 South Africa Top 40 51,269 (5.4) Mexico Mexbol 48, (3.7) 7.5 Indonesia LQ45 1, Malaysia KLCI 1, (2.1) 6.4 Thailand SET 50 1, USA Dow Jones 24, UK FTSE 7, Japan Nikkei 22, Germany DAX 13,069 (0.7) France CAC 5,353 (0.2) Source: Bloomberg, Angel Research 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 Sell ,882 1,873 2, United Phosphorus Accumulate ,438 18,922 21, Auto & Auto Ancillary Ashok Leyland Accumulate ,496 23,339 27, Bajaj Auto Neutral 3,301-95,524 23,936 27, Bharat Forge Buy ,035 7,637 8, Eicher Motors Neutral 30,175-82,186 19,043 22, , Gabriel India Neutral 196-2,811 1,782 2, Hero Motocorp Accumulate 3,741 4,129 74,702 32,239 36, Jamna Auto Industries Neutral 73-2,899 1,441 1, Mahindra and Mahindra Neutral 1,542-95,838 46,971 53, Maruti Accumulate 9,738 10, ,155 79,470 95, Minda Industries Neutral 1,299-11,229 4,328 5, Motherson Sumi Neutral ,133 55,937 64, Tata Motors Neutral , , , TVS Motor Neutral ,983 13,992 16, Amara Raja Batteries Neutral ,227 6,140 7, Exide Industries Neutral ,267 8,689 9, Apollo Tyres Neutral ,870 15,739 17, Ceat Neutral 1,836-7,427 6,661 7, JK Tyres Neutral 140-3,186 8,318 9, Swaraj Engines Neutral 2,030-2, Subros Neutral 297-1,782 1,855 2, Capital Goods BEML Neutral 1,566-6,523 4,286 5, Bharat Electronics Neutral ,442 10,258 12, Voltas Neutral ,064 6,778 8, BHEL Neutral 90-33,134 33,200 39, Blue Star Accumulate ,667 5,220 6, CG Power and Industrial Neutral 88-5,512 6,555 7, , Solutions Greaves Cotton Neutral 114-2,793 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 Neutral 369-9,483 9,779 11, KEI Industries Buy ,794 3,001 3, Thermax Neutral 1,187-14,138 4,125 4, VATech Wabag Accumulate ,294 3,867 4, Cement ACC Neutral 1,725-32,392 12,255 13, Ambuja Cements Neutral ,106 10,250 11, India Cements Neutral 178-5,494 6,135 6, JK Cement Neutral 1,070-7,479 4,150 4, J K Lakshmi Cement Neutral 459-5,397 3,422 3, Orient Cement Neutral 166-3,408 2,215 3, UltraTech Cement Neutral 4, ,226 28,250 35, Construction KNR Constructions Neutral 274-3,848 1,846 2, Larsen & Toubro Neutral 1, ,348 95, , Gujarat Pipavav Port Neutral 136-6, PNC Infratech Neutral 196-5,023 2,040 2, Simplex Infra Neutral 582-2,878 6,012 6, Sadbhav Engineering Neutral 399-6,838 3,823 4, NBCC Neutral ,698 9,099 12, MEP Infra Neutral 96-1,566 2,403 2, SIPL Neutral 146-5,141 2,060 2, (5.8) (3.1) (14.2) (2.3) Engineers India Neutral ,901 1,795 2, Financials Axis Bank Accumulate ,096 32,558 35, Bank of Baroda Neutral ,387 22,533 26, Canara Bank Neutral ,825 17,925 20, Can Fin Homes Neutral 509-6, Cholamandalam Inv. & Neutral Fin. Co. 1,297-20,265 2,826 3, Dewan Housing Finance Buy ,832 2,676 3, Equitas Holdings Buy ,947 1,125 1, Federal Bank Buy ,285 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, ,968 55,236 63, ICICI Bank Neutral ,695 42,361 51, Karur Vysya Bank Buy ,010 3,289 3, LIC Housing Finance Accumulate ,728 4,895 6, Punjab Natl.Bank Neutral ,303 23,708 25, RBL Bank Neutral ,511 2,309 2, Repco Home Finance Buy , South Ind.Bank Neutral 32-5,706 3,195 3, St Bk of India Neutral , , , Union Bank Neutral ,769 14,650 16, Yes Bank Neutral ,582 11,088 13, FMCG Akzo Nobel India Neutral 1,795-8,611 3,164 3, Asian Paints Neutral 1, ,807 17,603 20, , , Britannia Neutral 4,738-56,885 9,690 11, Colgate Neutral 1,083-29,442 4,420 5, Dabur India Neutral ,979 8,346 9, GlaxoSmith Con* Neutral 6,502-27,344 5,072 5, Godrej Consumer Neutral ,097 10,171 11, HUL Neutral 1, ,661 37,077 41, , , ITC Neutral ,916 44,588 49, Marico Neutral ,027 6,788 7, Nestle* Neutral 7,951-76,659 10,083 11, Tata Global Neutral ,984 7,121 7, Procter & Gamble Hygiene Neutral 9,447-30,666 3,034 3, IT HCL Tech^ Accumulate 871 1, ,269 50,009 54, Infosys Accumulate 1,013 1, ,754 70,333 75, TCS Reduce 2,588 2, , , , Tech Mahindra Accumulate ,142 30,545 32,

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 ,370 54,164 56, Media D B Corp Neutral 343-6,318 2,404 2, HT Media Neutral 98-2,269 2,589 2, Jagran Prakashan Buy ,173 2,541 2, Sun TV Network Neutral ,034 3,238 3, Hindustan Media Ventures Neutral 241-1,770 1,002 1, TV Today Network Accumulate , Music Broadcast Limited Accumulate , Metals & Mining Coal India Neutral ,352 82,301 91, Hind. Zinc Neutral ,217 22,108 24, Hindalco Neutral , , , JSW Steel Neutral ,476 64,500 68, NMDC Neutral ,839 10,209 11, SAIL Neutral 85-34,920 54,100 63, (10.0) Vedanta Neutral ,928 81,206 87, Tata Steel Neutral , , , Oil & Gas GAIL Neutral ,557 53,115 52, ONGC Neutral ,137 83,111 84, Indian Oil Corp Neutral , , , Reliance Industries Neutral , , , Pharmaceuticals Alembic Pharma Accumulate ,965 3,346 3, Alkem Laboratories Ltd Accumulate 2,169 2,341 25,932 6,320 7, Aurobindo Pharma Buy ,259 17,086 19, Aventis* Neutral 4,630-10,664 2,411 2, Cadila Healthcare Neutral ,997 11,365 12, Cipla Sell ,208 16,163 18, Dr Reddy's Reduce 2,356 2,040 39,075 13,734 15, GSK Pharma* Sell 2,413 2,000 20,438 2,968 3, Indoco Remedies Sell ,649 1,114 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 Neutral 573-7,226 3,256 3, Lupin Buy 875 1,091 39,549 16,240 18, Natco Pharma Accumulate 971 1,057 17,910 1,886 2, Sun Pharma Buy ,476 28,312 31, Syngene International Accumulate ,745 1,394 1, Power Tata Power Neutral 91-24,573 32,547 33, NTPC Neutral ,223 86, , Power Grid Accumulate ,227 29,183 32, Real Estate Prestige Estate Neutral ,331 4,607 5, MLIFE Accumulate , Telecom Bharti Airtel Neutral ,303 97, , Idea Cellular Neutral 98-35,370 35,012 37, (4.4) (2.7) (6.8) (4.6) Others Abbott India Neutral 5,564-11,824 3,244 3, Asian Granito Accumulate ,623 1,169 1, Bajaj Electricals Neutral 483-4,907 4,646 5, Banco Products (India) Neutral 257-1,836 1,530 1, Coffee Day Enterprises Ltd Neutral 284-5,849 3,494 3, Elecon Engineering Neutral 111-1, Garware Wall Ropes Neutral 939-2, , Goodyear India* Neutral 943-2,175 1,717 1, Hitachi Neutral 2,615-7,110 2,355 2, HSIL Neutral 525-3,794 2,240 2, Interglobe Aviation Neutral 1,139-43,773 22,570 27, Jyothy Laboratories Neutral 385-7,003 1,781 2, Linc Pen & Plastics Neutral M M Forgings Neutral 1,104-1, Mirza International Neutral 160-1,928 1,148 1, Navkar Corporation Buy , Nilkamal Neutral 1,852-2,764 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 Others Parag Milk Foods Neutral 297-2,502 1,987 2, Radico Khaitan Neutral 279-3,720 1,811 1, Relaxo Footwears Neutral 693-8,338 1,981 2, Siyaram Silk Mills Accumulate ,556 1,769 1, Styrolution ABS India* Neutral 1,085-1,908 1,800 1, Surya Roshni Neutral 387-1,697 4,870 5, TVS Srichakra Neutral 3,345-2,562 2,729 2, Visaka Industries Neutral 631-1,003 1,104 1, VIP Industries Accumulate ,986 1,450 1, Navin Fluorine Neutral 777-3, , Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on December 21, 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.