Market Outlook. October 17, Market Cues. Result Review. Investor s Ready Reckoner. Top Picks. Key Upcoming Events

Transcription

1 Market Cues Indian markets are likely to open flat tracking global indices and SGX Nifty. The US indices moved modestly higher over the course of the trading session on Monday, adding to the gains posted last week. With the continued upward move, the major averages once again climbed to new record closing highs. The major averages all finished the day in positive territory. The Dow advanced 0.4 percent to 22,957, the Nasdaq climbed 0.3 percent to 6,624 and the S&P 500 rose 0.2 percent to 2,558. U.K. stocks swung between small gains and losses on Monday, but ended slightly lower with medical firm ConvaTec leading decliners after wiping out a quarter of its market value. The FTSE 100 index closed 0.1% lower at 7,527, after a session where it traded within a range of roughly 30 points. In India, Market sentiment was buoyant in a truncated trading week ahead of Diwali and encouraging Q2 earnings from Reliance Industries. BSE Sensex rose 201 points to close at an all-time high of 32,634 as investor optimism climbed following International Monitory Fund (IMF) head Christine Lagarde said that said the Indian economy is on a very solid track in the mid-term. The broader NSE Nifty ended at a fresh life-time high at 10,231 points, showing gains of 0.6%, in its record setting spree for the second session. Result Review Godrej Agrovet IPO review Detailed analysis is on Pg2 Investor s Ready Reckoner Key Domestic & Global Indicator 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 Asian Granito Other Buy Navkar Corporation Other Buy KEI Industries Capital Goods Buy More Top Picks on Pg5 Key Upcoming Events Date Region Event Description Previous Reading Consensus Expectations Oct17, 2017 US Industrial Production (0.90) 0.20 Oct17, 2017 Euro Zone Euro-Zone CPI (YoY) Oct17, 2017 UK CPI (YoY) Oct18, 2017 UK Jobless claims change (2.80) Oct18, 2017 US Housing Starts 1, , More Events on Pg7 Domestic Indices Chg (Pts) (Close) BSE Sensex ,422 32,634 Nifty ,231 9,136 Mid Cap ,485 16,050 Small Cap ,128 16,976 Bankex (0.5) 0.0 (131) 2 24,444 27,748 Global Indices Chg (Pts) (Close) Dow Jones ,957 20,579 Nasdaq ,624 5,917 FTSE (0.1) (8) 4 7,527 7,119 Nikkei (0.0) (2) (5) 21,251 18,430 Hang Seng ,716 24,057 Shanghai Com (0.3) 0.0 (12) 1 3,367 3,172 Advances / Declines BSE NSE Advances 1,296 1,849 1, Declines 1,435 1, Unchanged Volumes (` Cr) BSE 3,458 4,029 NSE 29,905 25,391 #Net Inflows (` Cr) Net Net Mtd Ytd FII (565) (297) (2,249) (2,852) 41,972 33,67 MFs ,895 5,182 14,333 91,52 Top Gaine` Gainer Price (`) Chg Indiacem Jmfinancil Jktyre Oberoirlty Gsfc Federalbnk Sobha Gujgas Jetairways Idea Top Lose` Loser Price (`) Chg Irb Sparc (5.0) (4.1) Yesbank Bomdyeing 1, (3.8) (3.9) Icicibank Unitech (2.9) (3.5) Polaris Bajfinance 1, (2.5) (3.4) Concor Rnaval 1, (2.5) (3.3) #As #as on on 16April th Oct, 20,

2 Result Review Godrej Agrovet IPO review Shares of Godrej Agrovet surged 37% on its debut yesterday and ended the day with 29% gains at `595 on BSE vs. the IPO price of `460 per share. GAPL had touched a high of `630 implying 37% returns on IPO price. Godrej Agrovet Limited (GAVL) is a leading Agri-business company operating across five different business verticals i.e. Animal Feed, Crop Protection, Oil Palm, Dairy and Poultry & Processed Foods. GAVL is the largest crude palm producer in India. Company is the 4th largest animal feed producer in Bangladesh through its 50:50 JV ACI Godrej. We had a subscribe rating on GAPL given its diversified business, good ROE profile and favorable business mix that is likely to bring more upside in margins. The stock at the CMP of `595 is trading at 25.0x of its FY19E EPS. We believe that the stock is still reasonably valued and that there is more upside in the stock, we advice to hold the stock for long term. Economic and Political News WPI inflation falls to 2.60% in September Govt plans mega Rs 1.2L cr social security scheme before 2019 polls India's infra fund to get $1 bn boost from Abu Dhabi New Sebi panel to review stock exchange norms Air India privatization: Govt said to prefer an Indian buyer Corporate News Bharat Financial shares hit 7-year high as analysts cheer IndusInd Bank merger After stents and knee implants, govt plans to put a price cap on non-essential drugs Cadila, Aurobindo to lead Q2 growth in pharma space Coal shortage shuts 40% thermal power capacity in Rajasthan, Maharashtra Fund managers take value calls on pharma TeamLease to acquire staffing company Evolve Technologies

3 Quarterly Bloomberg Brokers Consensus Estimate Bajaj Auto Ltd - Oct 17, 2017 Particulars ( ` cr) 2QFY18E 2QFY17 y-o-y 1QFY18 q-o-q Sales 6,592 5, , EBIDTA 1,232 1, ,252 (1.6) % PAT 1, , ACC Ltd - Oct 17, 2017 Particulars ( ` cr) 2QFY18E 2QFY17 y-o-y 1QFY18 q-o-q Sales 2,842 3,331 (14.7) 3,293 (13.7) EBIDTA (27.0) 478 (18.3) % PAT (39.2) 256 (28.4) Wipro Ltd - Oct 17, 2017 Particulars ( ` cr) 2QFY18E 2QFY17 y-o-y 1QFY18 q-o-q Sales 13,842 13, , EBIDTA 2,661 2, , % PAT 2,072 2, , Axis Bank - Oct 17, 2017 Particulars ( `cr) 2QFY18E 2QFY17 y-o-y 1QFY18 q-o-q PAT 1,318 1, ,626 (18.9)

4 Top Picks Company Market Cap (` Cr) CMP (`) Target (`) Upside Alkem Laboratories 22,041 1,843 2, Asian Granito 1, Blue Star 7, Dewan Housing Finance 17, Karur Vysya Bank 7, KEI Industries 2, Music Broadcast 2, Navkar Corporation 2, Siyaram Silk Mills 2,493 2,660 2, TV Today Network 2, Maruti Suzuki 2,37,057 7,848 8, 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 leaderhip in Hindi news genre and no. 2 viewe`hip 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. GIC Housing 2, We expect loan book to grow at 24.3% over next two year; change in borrowing mix will help in NIM improvement.. Source: Company, Angel Research

5 Key Upcoming Events Result Calendar Date October 18, 2017 Company Axis Bank, ACC, Bajaj Auto, Wipro Ultra Tech cement Source: Bloomberg, Angel Research Global economic events release calendar Date Time Country Event Description Unit Period Bloomberg Data Last Reported Estimated Oct 17, :45 PMUS Industrial Production % Sep (0.90) :30 PMEuro Zone Euro-Zone CPI (YoY) % Sep F :00 PMUK CPI (YoY) % Change Sep Oct 18, :00 PMUK Jobless claims change % Change Sep (2.80) 6:00 PMUS Housing Starts Thousands Sep 1, , :00 PMUS Building permits Thousands Sep 1, , Oct 19, :00 PMUS Initial Jobless claims Thousands Oct :30 AMChina Industrial Production (YoY) % Change Sep :30 AMChina Real GDP (YoY) % Change 3Q Oct 20, :30 PMUS Existing home sales Million Sep Oct 23, :30 PMEuro Zone Euro-Zone Consumer Confidence Value Oct A (1.20) Oct 24, :00 PMGermany PMI Manufacturing Value Oct P :00 PMGermany PMI Services Value Oct P Oct 25, :00 PMUK GDP (YoY) % Change 3Q A :30 PMUS New home sales Thousands Sep Source: Bloomberg, Angel Research

6 Macro watch Exhibit 1: Quarterly GDP trends Exhibit 2: IIP trends QFY QFY QFY QFY QFY QFY QFY QFY QFY QFY QFY QFY (1.0) 4.2 Oct Nov Dec Jan Feb Mar Apr May-17 (0.2) Jun Jul Aug-17 Source: CSO, Angel Research Source: MOSPI, Angel Research Exhibit 3: Monthly CPI inflation trends Exhibit 4: Manufacturing and services PMI Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug-17 Sep Aug-16 Sep-16 Oct-16 Nov-16 Mfg. PMI Dec-16 Jan-17 Feb-17 Mar-17 Services PMI Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-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) Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug 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

7 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 s (x) Brazil Russia 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 76, Russia Micex 2, India Nifty 10, China Shanghai Composite 3, South Africa Top 40 51, Mexico Mexbol 49,721 (0.4) (2.6) 4.9 Indonesia LQ Malaysia KLCI 1,754 (1.8) (0.2) 5.3 Thailand SET 50 1, USA Dow Jones 22, UK FTSE 7, Japan Nikkei 21, Germany DAX 13, France CAC 5, 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 Reduce ,602 1,873 2, United Phosphorus Neutral ,265 18,922 21, Auto & Auto Ancillary Ashok Leyland Neutral ,255 23,339 27, Bajaj Auto Neutral 3,222-93,228 23,936 27, Bharat Forge Buy ,935 7,637 8, Eicher Motors Neutral 31,740-86,404 19,043 22, , Gabriel India Neutral 200-2,871 1,782 2, Hero Motocorp Accumulate 3,774 4,129 75,361 32,239 36, Jamna Auto Industries Neutral 57-2,283 1,441 1, Mahindra and Mahindra Neutral 1,367-84,922 46,971 53, Maruti Accumulate 7,848 8, ,057 81, , Minda Industries Neutral 837-7,229 4,328 5, Motherson Sumi Neutral ,628 55,937 64, Tata Motors Neutral , , , TVS Motor Neutral ,275 13,992 16, Amara Raja Batteries Buy ,631 6,140 7, Exide Industries Neutral ,412 8,689 9, Apollo Tyres Neutral ,334 15,739 17, Ceat Neutral 1,732-7,005 6,661 7, JK Tyres Neutral 150-3,391 8,318 9, Swaraj Engines Neutral 2,045-2, Subros Neutral 246-1,476 1,855 2, Capital Goods BEML Neutral 1,729-7,199 4,286 5, Bharat Electronics Neutral ,187 10,258 12, Voltas Neutral ,552 6,778 8, BHEL Neutral 84-30,858 33,200 39, Blue Star Accumulate ,578 5,220 6, CG Power and Industrial Neutral 78-4,901 6,555 7, , Solutions Greaves Cotton Neutral 132-3,220 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 Buy ,686 9,779 11, KEI Industries Buy ,564 3,001 3, Thermax Neutral ,561 4,125 4, VATech Wabag Buy ,203 3,867 4, Cement ACC Neutral 1,785-33,518 12,255 13, Ambuja Cements Neutral ,479 10,250 11, India Cements Neutral 179-5,514 6,135 6, JK Cement Neutral 951-6,651 4,150 4, J K Lakshmi Cement Neutral 392-4,609 3,422 3, Orient Cement Neutral 155-3,174 2,215 3, UltraTech Cement Neutral 4, ,929 28,250 35, Construction KNR Constructions Neutral 214-3,006 1,846 2, Larsen & Toubro Neutral 1, ,342 95, , Gujarat Pipavav Port Neutral 142-6, PNC Infratech Neutral 152-3,887 2,040 2, Simplex Infra Neutral 460-2,276 6,012 6, Sadbhav Engineering Accumulate ,792 3,823 4, NBCC Neutral ,560 9,099 12, MEP Infra Neutral 100-1,620 2,403 2, SIPL Neutral 98-3,459 2,060 2, (5.8) (3.1) (14.2) (2.3) Engineers India Neutral ,199 1,795 2, Financials Axis Bank Accumulate ,843 32,558 35, Bank of Baroda Neutral ,809 22,533 26, Canara Bank Neutral ,361 17,925 20, Can Fin Homes Buy 549 2,128 7, Cholamandalam Inv. & Accumulate Fin. Co. 1,127 1,230 17,619 2,826 3, Dewan Housing Finance Accumulate ,504 2,676 3, Equitas Holdings Buy ,184 1,125 1, Federal Bank Neutral ,321 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, ,403 55,236 63, ICICI Bank Accumulate ,834 42,361 51, Karur Vysya Bank Buy ,750 3,289 3, LIC Housing Finance Neutral ,222 4,895 6, Punjab Natl.Bank Neutral ,462 23,708 25, RBL Bank Neutral ,533 2,309 2, Repco Home Finance Buy , South Ind.Bank Neutral 32-5,846 3,195 3, St Bk of India Neutral , , , Union Bank Neutral 127-9,229 14,650 16, Yes Bank Neutral ,162 11,088 13, FMCG Akzo Nobel India Neutral 1,850-8,871 3,164 3, Asian Paints Neutral 1, ,250 17,603 20, , , Britannia Neutral 4,544-54,549 9,690 11, Colgate Neutral 1,064-28,927 4,420 5, Dabur India Neutral ,747 8,346 9, GlaxoSmith Con* Neutral 4,953-20,831 5,072 5, Godrej Consumer Neutral ,559 10,171 11, HUL Neutral 1, ,912 37,077 41, , , ITC Neutral ,823 44,588 49, Marico Neutral ,914 6,788 7, Nestle* Neutral 7,281-70,204 10,083 11, Tata Global Neutral ,228 7,121 7, Procter & Gamble Hygiene Neutral 8,670-28,143 3,034 3, IT HCL Tech^ Accumulate 923 1, ,761 52,342 57, Infosys Buy 939 1, ,754 73,963 80, TCS Neutral 2, , , , Tech Mahindra Accumulate ,277 31,015 33,

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 ,158 58,536 61, Media D B Corp Neutral 370-6,807 2,404 2, HT Media Neutral 96-2,230 2,589 2, Jagran Prakashan Buy ,626 2,541 2, Sun TV Network Neutral ,155 3,238 3, Hindustan Media Ventures Neutral 250-1,835 1,002 1, TV Today Network Buy , Music Broadcast Limited Accumulate , Metals & Mining Coal India Neutral ,170 82,301 91, Hind. Zinc Neutral ,168 22,108 24, Hindalco Neutral , , , JSW Steel Neutral ,993 64,500 68, NMDC Neutral ,821 10,209 11, SAIL Neutral 58-24,058 54,100 63, (10.0) Vedanta Neutral ,600 81,206 87, Tata Steel Neutral , , , Oil & Gas GAIL Neutral ,062 53,115 52, ONGC Neutral ,603 83,111 84, Indian Oil Corp Neutral , , , Reliance Industries Neutral , , , Pharmaceuticals Alembic Pharma Buy ,333 3,903 4, Alkem Laboratories Ltd Accumulate 1,843 2,079 22,041 6,320 7, Aurobindo Pharma Accumulate ,386 17,086 19, Aventis* Neutral 4,222-9,724 2,508 2, Cadila Healthcare Reduce ,243 11,584 13, Cipla Sell ,800 16,619 19, Dr Reddy's Neutral 2,397-39,744 15,844 17, GSK Pharma* Neutral 2,445-20,707 3,260 3, Indoco Remedies Sell ,287 1,154 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 Accumulate ,297 3,593 4, Lupin Buy 1,070 1,467 48,333 18,657 21, Natco Pharma Accumulate 990 1,057 17,251 1,886 2, Sun Pharma Neutral ,515 32,899 36, Syngene International Accumulate ,901 1,402 1, Power Tata Power Neutral 82-22,166 32,547 33, NTPC Neutral ,667 86, , Power Grid Accumulate ,535 29,183 32, Real Estate Prestige Estate Neutral ,755 4,607 5, MLIFE Accumulate , Telecom Bharti Airtel Neutral ,082 97, , Idea Cellular Neutral 83-29,955 35,012 37, (4.4) (2.7) (6.8) (4.6) zothers Abbott India Neutral 4,307-9,151 3,244 3, Asian Granito Buy ,476 1,169 1, Bajaj Electricals Neutral 396-4,016 4,646 5, Banco Products (India) Neutral 223-1,595 1,530 1, Coffee Day Enterprises Ltd Neutral 221-4,545 3,494 3, Elecon Engineering Neutral Garware Wall Ropes Neutral 892-1, , Goodyear India* Neutral 816-1,882 1,717 1, Hitachi Neutral 2,059-5,599 2,355 2, HSIL Neutral 432-3,122 2,240 2, Interglobe Aviation Neutral 1,121-40,561 22,570 27, Jyothy Laboratories Neutral 388-7,044 1,781 2, Linc Pen & Plastics Neutral M M Forgings Neutral 835-1, Mirza International Neutral 159-1,915 1,148 1, Navkar Corporation Buy , Nilkamal Neutral 1,629-2,431 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 zothers Parag Milk Foods Neutral 272-2,289 1,987 2, Radico Khaitan Neutral 216-2,875 1,811 1, Relaxo Footwears Neutral 517-6,208 1,981 2, Siyaram Silk Mills Accumulate 2,660 2,856 2,493 1,769 1, Styrolution ABS India* Neutral 1,056-1,858 1,800 1, Surya Roshni Neutral 307-1,345 4,870 5, TVS Srichakra Neutral 3,128-2,395 2,729 2, Visaka Industries Neutral 721-1,145 1,104 1, VIP Industries Accumulate ,754 1,450 1, Navin Fluorine Neutral 710-3, , Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on October 16, 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.