Market Outlook. Market Cues. News Analysis. Investor s Ready Reckoner. Top Picks. Key Upcoming Events. April 3, 2017

Transcription

1 April 3, 2017 Market Cues Indian markets are likely to open flat tracking the SGX Nifty & Asian markets. The Dow Jones Industrial Average declined 0.3%, to finish at 20,663, led lower by shares of Exxon Mobil Corp. and DuPont. The S&P 500 index closed down 0.2%, at 2,363, with financial and telecom stocks weighing on the index. The UK markets dropped for a second session on Friday, weighed by declining miners on the back of a slump in metals prices and political uncertainty in South Africa. The FTSE 100 index ended down 0.6% at 7,323, turning 0.2% lower for the week. In India, benchmark index Sensex slipped 27 points on Friday to end at 29,621 on the last trading day of , but scored a gain of over 16% for the full fiscal. The broader 50-share index Nifty, ended flat at 9,174 points. The Sensex gained 16.88%, while the Nifty soared 18.55% in FY17. News Analysis CL Educate: IPO update Indian PV market grows fastest in 7 years 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 Amara Raja Batteries Auto & Auto AncillaryAccumulate 889 1, HCL Tech IT Accumulate 873 1, Power Grid Corp. Power Accumulate Navkar Corp. Others Buy KEI Industries Others Accumulate More Top Picks on Pg3 Key Upcoming Events Date Region Event Description Previous Reading Consensus Expectations Apr 03, 2017 Germany PMI Manufacturing Apr 03, 2017 UK PMI Manufacturing Apr 05, 2017 US Initial Jobless claims Apr 06, 2017 Germany PMI Services Apr 06, 2017 India RBI Reverse Repo rate Apr 06, 2017 UK Industrial Production (YoY) More Events on Pg4 Domestic Indices Chg (Pts) (Close) BSE Sensex (0.1) (27) 29,621 Nifty 0.0-9,174 Mid Cap ,097 Small Cap ,434 Bankex (0.7) (180) 24,421 Global Indices Chg (Pts) (Close) Dow Jones (0.3) (65) 20,663 Nasdaq (0.0) (3) 5,912 FTSE (0.6) (47) 7,323 Nikkei (0.8) (154) 18,909 Hang Seng (0.8) (189) 24,112 Shanghai Com ,223 Advances / Declines BSE NSE Advances 1, Declines 1, Unchanged Volumes (` Cr) BSE 4,954 NSE 26,359 Net Inflows (` Cr) Net Mtd Ytd FII ,292 40,731 MFs 1,860 2,368 9,438 Top Gainers Price (`) Chg Rtnpower Indianb Southbank Kec Get&D Top Losers Price (`) Chg Sobha 342 (3.2) Dishman 290 (3.1) Justdial 528 (2.9) Bajajelec 313 (2.4) Gppl 165 (2.2) As on March 31, 2017

2 April 3, 2017 News Analysis CL Educate: IPO update CL Educate made a weak debut on the bourses with the stock declining by 17% at closing on the listing day. The stock declined to as low as `398 but recovered to `417 by end of day making a weak debut. At `417, the stock trades at 19.3x of annualized 1HFY17 earnings which we believe is expensive to its peers like MT Educare. While the valuation still looks expensive, its ROE profile of CLEL does not appear to be attractive. Indian PV market grows fastest in 7 years Indian PV manufacturers have seen the fastest pace of expansion in seven years, i.e. more than 9% in FY17. The momentum is expected gain strength in FY18 too with lower interest rates and strong consumption trends. While demonetisaiton, impacted the consumer sentiment for short term, with remonetisation, the sentiment is back. This can also been seen by the success of the automakers in clearing off their BS-III inventory by end of March The government is investing heavily in infrastructure and economic activity is showing pick-up which bodes well for growth of the automobile sector. Maruti Suzuki reported its March sales rose by 8.1% to 1,39,763 units while Tata Motors March sales grew by 8% at 57,145 units. Economic and Political News Indian economy expected to grow at 7.2 per cent in 2017, 7.7 per cent in 2018: Arun Jaitley Special funds may help Centre meet PSUs' holding cap China's Manufacturing Sector Growth Eases Slightly Japan Manufacturing PMI Slips To 52.4 In March - Nikkei Corporate News NR Narayana Murthy slams Infosys COO pay hike Extension of Reliance Jio sops may shave off rivals earnings Indian passenger vehicle market scales new peak of 3 million, grows fastest in 7 years CIL eyes supply contracts with power plants to increase sales

3 April 3, 2017 Top Picks Large Cap Company Market Cap (` Cr) CMP (`) Target (`) Upside Amara Raja Batteries 15, , HCL Tech 1,23, , Infosys 2,34,472 1,021 1, Larsen & Tourbo 1,47,185 1,578 1, Lupin 65,244 1,445 1, Power Grid Corporation 1,03, Rationale To outpace battery industry growth due to better technological products leading to market share gains in both the automotive OEM and replacement segments. The stock is trading at attractive valuations and is factoring all the bad news. Back on the growth trend, expect a long term growth of 14% to be a US$20bn in FY2020. Strong order backlog and improvement in execution would trigger the growth for the L&T. One of the largest pharma companies with strong international presence. It has a rich pipeline of ANDAs which is also one of the largest among the generic companies. Going forward, we expect the company to report strong topline CAGR of ~16% and bottom-line CAGR of ~19% over FY16-18 on back of strong capitalization guidance Source: Company, AngelResearch Mid Cap Company Market Cap (` Cr) CMP (`) Target (`) Upside Asian Granito 1, Bajaj Electricals 3, Blue Star 6, Equitas Holdings 5, Jagran Prakashan 6, KEI Industries 1, Mahindra Lifespace 1, Mirza International 1, Navkar Corporation 2, Siyaram Silk Mills 1,592 1,698 1, TV Today Network 1, Source: Company, Angel Research Rationale We expect the company would report strong profitability owing to better product mix, higher B2C sales and amalgamation synergy. 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. 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. 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 Higher growth in domestic branded sales and healthy export to boost the profitability. 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.

4 April 3, 2017 Key Upcoming Events Global economic events release calendar Bloomberg Data Date Time Country Event Description Unit Period Last Reported Estimated Apr 03, :25 PM Germany PMI Manufacturing Value Mar F :00 PM UK PMI Manufacturing Value Mar Apr 05, :00 PM US Initial Jobless claims Thousands Apr Apr 06, :25 PM Germany PMI Services Value Mar F :30 PM India RBI Reverse Repo rate % Apr :00 PM UK Industrial Production (YoY) % Change Feb :30 PM India RBI Repo rate % Apr Apr 07, :30 PM India RBI Cash Reserve ratio % Apr :00 PM US Change in Nonfarm payrolls Thousands Mar :00 PM US Unemployment rate % Mar Apr 10, 2017 India Imports YoY% % Change Mar India Exports YoY% % Change Mar Apr 11, :00 PM UK CPI (YoY) % Change Mar 2.30 Apr 12, :00 PM UK Jobless claims change % Change Mar :30 PM India Industrial Production YoY % Change Feb :00 AM China Consumer Price Index (YoY) % Change Mar April 13, 2017 US Producer Price Index (mom) % Change Mar :00 PM US Consumer price index (mom) % Change Mar Apr 14, 2017 China Exports YoY% % Change Mar Apr 17, :00 PM India Monthly Wholesale Prices YoY% % Change Mar :30 AM China Industrial Production (YoY) % Change Mar :30 AM China Real GDP (YoY) % Change 1Q 6.80 Apr 18, :00 PM US Housing Starts Thousands Mar 1, :00 PM US Building permits Thousands Mar 1, :45 PM US Industrial Production % Mar Source: Bloomberg, Angel Research

5 April 3, 2017 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) (2.0) (3.0) 0.3 Mar-16 (1.3) Apr May Jun-16 (2.5) Jul-16 (0.7) Aug Sep-16 (1.9) Oct Nov-16 (0.1) Dec Jan-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 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-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 Exports yoy growth Imports yoy growth D Repo rate Reverse Repo rate CRR 0.0 (10.0) (20.0) (30.0) Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb May-16 Jun-16 Jul-16 Jul-16 Aug-16 Sep-16 Sep-16 Oct-16 Nov-16 Nov-16 Dec-16 Jan-17 Jan-17 Feb-17 Mar-17 Source: Bloomberg, Angel Research Source: RBI, Angel Research

6 April 3, 2017 Global watch Exhibit 1: Latest quarterly GDP Growth (%, yoy) across select developing and developed countries (2.0) (4.0) Brazil (2.5) 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 (0.5) 0.5 Brazil 1.1 Russia 7.6 India 6.2 China 0.8 South Africa 5.3 Indonesia 4.6 Malaysia 3.3 Thailand 1.1 UK 2.2 USA Germany France 0.6 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 April 3, 2017 Exhibit 4: Relative performance of indices across globe Returns Country Name of index Closing price 1M 3M 1YR Brazil Bovespa 64,984 (3.0) Russia Micex 1,996 (2.0) (8.6) 6.9 India Nifty 9, China Shanghai Composite 3,223 (0.8) South Africa Top 40 45, (2.1) Mexico Mexbol 48, Indonesia LQ Malaysia KLCI 1, Thailand SET USA Dow Jones 20,663 (2.1) UK FTSE 7,323 (0.8) Japan Nikkei 18,909 (1.1) (2.5) 11.2 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 6, ,907.0 Agri / Agri Chemical Rallis Neutral 261-5,078 1,937 2, United Phosphorus Neutral ,804 15,176 17, Auto & Auto Ancillary Ashok Leyland Buy ,062 20,021 21, Bajaj Auto Neutral 2,808-81,240 25,093 27, Bharat Forge Neutral 1,041-24,232 7,726 8, Eicher Motors Neutral 25,588-69,624 16,583 20, Gabriel India Accumulate ,747 1,544 1, Hero Motocorp Accumulate 3,224 3,446 64,379 28,083 30, Jamna Auto Industries Neutral 213-1,694 1,486 1, L G Balakrishnan & Bros Neutral ,302 1, Mahindra and Mahindra Neutral 1,285-79,792 46,534 53, Maruti Accumulate 6,024 6, ,982 67,822 83, Minda Industries Neutral 444-3,525 2,728 3, Motherson Sumi Neutral ,319 45,896 53, Rane Brake Lining Neutral 1, Setco Automotive Neutral Tata Motors Neutral , , , TVS Motor Neutral ,505 13,390 15, Amara Raja Batteries Accumulate 889 1,009 15,185 5,305 6, Exide Industries Neutral ,036 7,439 8, Apollo Tyres Accumulate ,621 12,877 14, Ceat Accumulate 1,324 1,450 5,356 7,524 8, JK Tyres Neutral 131-2,980 7,455 8, Swaraj Engines Neutral 1,484-1, Subros Neutral 212-1,273 1,488 1, Indag Rubber Neutral Capital Goods ACE Neutral

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 BEML Neutral 1,361-5,667 3,451 4, Bharat Electronics Neutral ,012 8,137 9, Voltas Neutral ,637 6,511 7, BGR Energy Neutral ,567 33, BHEL Neutral ,920 28,797 34, Blue Star Accumulate ,621 4,283 5, CG Power and Industrial Neutral 78-4,867 5,777 6, Solutions Greaves Cotton Neutral 175-4,265 1,755 1, Inox Wind Neutral 170-3,783 5,605 6, KEC International Neutral 208-5,345 9,294 10, KEI Industries Accumulate ,421 2,682 3, Thermax Neutral ,537 5,421 5, VATech Wabag Neutral 681-3,718 3,136 3, Cement ACC Neutral 1,446-27,157 11,225 13, Ambuja Cements Neutral ,139 9,350 10, India Cements Neutral 163-4,993 4,364 4, JK Cement Neutral 935-6,538 4,398 5, J K Lakshmi Cement Neutral 462-5,440 2,913 3, Orient Cement Neutral 131-2,692 2,114 2, UltraTech Cement Neutral 3, ,525 25,768 30, Construction ITNL Neutral 109-3,599 8,946 10, KNR Constructions Neutral 194-2,721 1,385 1, Larsen & Toubro Accumulate 1,578 1, , , , Gujarat Pipavav Port Neutral 165-7, Nagarjuna Const. Neutral 82-4,548 8,842 9, PNC Infratech Buy ,018 2,350 2, Simplex Infra Neutral 311-1,538 6,829 7, Power Mech Projects Neutral ,801 2, Sadbhav Engineering Neutral 305-5,236 3,598 4,

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 NBCC Neutral ,485 7,428 9, MEP Infra Neutral ,877 1, SIPL Neutral 96-3,364 1,036 1, (8.4) (5.6) (22.8) (15.9) Engineers India Neutral 144-9,700 1,725 1, Financials Axis Bank Buy ,507 46,932 53, Bank of Baroda Neutral ,850 19,980 23, Canara Bank Neutral ,453 15,225 16, Can Fin Homes Neutral 2,121-5, Cholamandalam Inv. & Buy Fin. Co ,230 15,082 2,012 2, Dewan Housing Finance Neutral ,497 2,225 2, Equitas Holdings Buy , , Federal Bank Neutral 91-15,740 8,259 8, HDFC Neutral 1, ,626 11,475 13, HDFC Bank Neutral 1, ,596 46,097 55, ICICI Bank Accumulate ,395 42,800 44, Lakshmi Vilas Bank Neutral 166-3,186 3,339 3, LIC Housing Finance Neutral ,070 3,712 4, Punjab Natl.Bank Neutral ,068 23,532 23, RBL Bank Neutral ,289 1,783 2, Repco Home Finance Buy , South Ind.Bank Neutral 21-2,894 6,435 7, St Bk of India Neutral ,305 88,650 98, Union Bank Neutral ,721 13,450 14, Yes Bank Neutral 1,549-65,647 8,978 11, FMCG Akzo Nobel India Neutral 1,912-9,170 2,955 3, Asian Paints Neutral 1, ,749 17,128 18, Britannia Accumulate 3,383 3,626 40,595 9,594 11, Colgate Neutral ,154 4,605 5, Dabur India Accumulate ,821 8,315 9,

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 GlaxoSmith Con* Neutral 5,160-21,700 4,350 4, Godrej Consumer Neutral 1,670-56,880 10,235 11, HUL Neutral ,902 35,252 38, ITC Neutral ,673 40,059 44, Marico Neutral ,982 6,430 7, Nestle* Neutral 6,681-64,417 10,073 11, Tata Global Neutral 151-9,502 8,675 9, Procter & Gamble Hygiene Neutral 7,592-24,645 2,939 3, IT HCL Tech^ Accumulate 873 1, ,207 49,242 57, Infosys Buy 1,021 1, ,472 68,350 77, TCS Accumulate 2,431 2, , , , Tech Mahindra Buy ,769 29,673 32, Wipro Accumulate ,276 55,440 60, Media D B Corp Neutral 379-6,977 2,297 2, HT Media Neutral 83-1,927 2,693 2, Jagran Prakashan Buy ,247 2,355 2, Sun TV Network Neutral ,507 2,850 3, Hindustan Media Ventures Neutral 284-2,083 1,016 1, TV Today Network Buy , Metals & Mining Coal India Neutral ,753 84,638 94, Hind. Zinc Neutral ,048 14,252 18, Hindalco Neutral , , , JSW Steel Neutral ,347 53,201 58, NMDC Neutral ,111 6,643 7, SAIL Neutral 61-25,276 47,528 53,738 (0.7) 2.1 (1.9) (1.6) Vedanta Neutral ,514 71,744 81, Tata Steel Neutral , , , Oil & Gas Cairn India Neutral ,280 9,127 10, GAIL Neutral ,669 56,220 65,

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 ONGC Neutral , , , Indian Oil Corp Neutral , , , Reliance Industries Neutral 1, , , , Pharmaceuticals Alembic Pharma Accumulate ,757 3,483 4, Alkem Laboratories Ltd Neutral 2,205-26,363 6,065 7, Aurobindo Pharma Buy ,555 15,720 18, Aventis* Neutral 4,715-10,860 2,277 2, Cadila Healthcare Neutral ,377 10,429 12, Cipla Sell ,651 15,378 18, Dr Reddy's Neutral 2,633-43,614 16,043 18, Dishman Pharma Sell ,680 1,718 1, GSK Pharma* Neutral 2,735-23,168 2,800 3, Indoco Remedies Neutral 250-2,303 1,112 1, Ipca labs Neutral 623-7,865 3,258 3, Lupin Buy 1,445 1,809 65,244 15,912 18, Sun Pharma Buy ,995 31,129 35, Power Tata Power Neutral 90-24,438 36,916 39, NTPC Neutral ,833 86,605 95, Power Grid Accumulate ,167 25,315 29, Real Estate Prestige Estate Neutral 217-8,123 4,707 5, MLIFE Buy ,589 1,152 1, Telecom Bharti Airtel Neutral , , , Idea Cellular Neutral 86-30,898 40,133 43, zothers Abbott India Neutral 4,639-9,857 3,153 3, Asian Granito Accumulate ,108 1,060 1, Bajaj Electricals Accumulate ,168 4,801 5, Banco Products (India) Neutral 223-1,594 1,353 1, Coffee Day Enterprises Ltd Neutral 232-4,787 2,964 3, Competent Automobiles Neutral ,137 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 Elecon Engineering Neutral ,482 1, Finolex Cables Neutral 517-7,901 2,883 3, Garware Wall Ropes Neutral 710-1, Goodyear India* Neutral 845-1,949 1,598 1, Hitachi Neutral 1,811-4,925 2,081 2, HSIL Neutral 350-2,534 2,384 2, Interglobe Aviation Neutral 1,051-38,005 21,122 26, Jyothy Laboratories Neutral 357-6,492 1,440 2, Kirloskar Engines India Ltd Neutral 388-5,617 2,554 2, Linc Pen & Plastics Neutral M M Forgings Neutral Manpasand Bever. Neutral 705-4, , Mirza International Buy , , MT Educare Neutral Narayana Hrudaya Neutral 314-6,414 1,873 2, Navkar Corporation Buy , Navneet Education Neutral 162-3,794 1,062 1, Nilkamal Neutral 1,952-2,913 1,995 2, Page Industries Neutral 14,640-16,329 2,450 3, Parag Milk Foods Neutral 228-1,918 1,919 2, Quick Heal Neutral 236-1, Radico Khaitan Accumulate ,833 1,667 1, Relaxo Footwears Neutral 497-5,969 2,085 2, S H Kelkar & Co. Neutral 296-4,287 1,036 1, Siyaram Silk Mills Accumulate 1,698 1,872 1,592 1,652 1, Styrolution ABS India* Neutral 687-1,208 1,440 1, Surya Roshni Neutral ,342 3, Team Lease Serv. Neutral 972-1,662 3,229 4, The Byke Hospitality Neutral

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 Transport Corporation of Neutral 233-1,788 2,671 2, India TVS Srichakra Neutral 3,490-2,672 2,304 2, UFO Moviez Neutral 428-1, Visaka Industries Neutral ,051 1, VRL Logistics Neutral 312-2,849 1,902 2, VIP Industries Neutral 198-2,797 1,270 1, Navin Fluorine Buy 3,043 3,650 2, Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on March 31, 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.