Market Outlook. Market Cues. News Analysis. Investor s Ready Reckoner. Top Picks. Key Upcoming Events. December 6, 2017

Transcription

1 Market Outlook Market Cues Indian markets are likely to open negative tracking global indices and SGX Nifty. U.S. stock-market indexes closed lower Tuesday, primarily owing to losses in utilities, telecoms and industrials sectors. The lower close on Wall Street may have reflected concerns about the outlook for the Republican tax reform bill amid reports about disagreements over a corporate alternative minimum tax. The Dow fell by 0.5% to close at 24,181, the NASDAQ edged down 0.2% to end at 6,762 and the S&P 500 dipped 0.3% to finish at 2,630. The FTSE 100 index UKX, shed 0.2% to end at 7,328. The mining shares struggling in particular, as investors assessed downbeat British services data. On domestic front, indices finished marginally lower on Tuesday as investors looked ahead to the RBI monetary policy review and the first phase of Gujarat elections due this week. Another weighing sentiment was The Nikkei India Services PMI for November which signaled slowdown in demand. The benchmark BSE Sensex fell 0.20% to 32,802 while the broader Nifty index ended down 0.09% at 10,118. News Analysis LIC to slow down equity investment, after `44,000cr investment by Nov end 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 Buy Dewan Housing Finance Financials Buy Asian Granito Other Accumulate Navkar Corporation Other Buy KEI Industries Capital Goods Accumulate More Top Picks on Pg4 Key Upcoming Events Date Region Event Description Previous Reading Consensus Expectations Dec06 India RBI Reverse Repo rate Dec05 India RBI Repo rate Dec06 India RBI Cash Reserve ratio Dec08 UK Industrial Production (YoY) 2.50 Dec08 India Imports YoY% 7.60 More Events on Pg7 Domestic Indices Chg (Pts) (Close) BSE Sensex (0.2) (67) 32,802 Nifty (0.1) (9) 10,118 Mid Cap ,812 Small Cap (0.0) (6) 17,919 Bankex ,459 Global Indices Chg (Pts) (Close) Dow Jones (0.5) (109) 24,181 Nasdaq (0.2) (13) 6,762 FTSE (0.2) (11) 7,328 Nikkei (0.9) (198) 22,425 Hang Seng (0.7) (193) 28,649 Shanghai Com (0.6) (20) 3,284 Advances / Declines BSE NSE Advances 1, Declines 1,587 1,072 Unchanged Volumes (` Cr) BSE 4,187 NSE 25,495 Net Inflows (` Cr) Net Mtd Ytd FII ,636 MFs ,669 1,06,079 Top Gainers Price (`) Chg Hathway Den Srtransfin 1, Aegislog Jetairways Top Losers Price (`) Chg Advenzymes 278 (3.8) Sci 95 (3.7) Sobha 570 (3.6) Deltacorp 244 (3.5) Jswenergy 81 (3.5) As on December

2 Market Outlook News Analysis LIC to slow down equity investment, after `44,000cr investment by Nov end The state-owned life insurance behemoth said it will book profits from its equity investments whenever the opportunity arises. This, in a way, will also offset the fall in income from debt investments in the current declining interest rate scenario. LIC made equity investments amounting to 44,000cr, including in the initial public offers of GIC Re and New India Assurance, and other government disinvestment programmes in the April-November period against 29,000cr in the year-ago period. In FY2017, the life insurer had made equity investments amounting to 47,000cr. LIC has seen some dip in income from investments in debt instruments due to falling interest rate. LIC wants to invest more in government securities as it will be beneficial for policy holders and pensioners. Economic and Political News Delinquencies in commercial vehicle, home loans to stay stable in 2018: Moody's Single authority to issue GST refund for exporters: Adhia Services PMI contracts in November as GST hits foreign, domestic demand Higher export relief for labour-intensive sectors Corporate News RBI allows foreign institutions to further buy shares of Bharat Financials Lanco Infra to sell four renewable energy assets (Mint). U.S. FDA approved Ranolazine Extended Release Oral Tablet of Aurobindo Pharma:

3 Market Outlook Top Picks HHHHH Company Market Cap (` Cr) CMP (`) Target (`) Upside Alkem Laboratories 25,174 2,106 2, Asian Granito 1, Blue Star 7, Dewan Housing Finance 18, Karur Vysya Bank 8, KEI Industries 3, Music Broadcast 2, Navkar Corporation 2, Siyaram Silk Mills 3, TV Today Network 2, Maruti Suzuki 2,56,655 8,496 9, GIC Housing 2, Century Plyboards India 6, LT Foods 1, 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. Source: Company, Angel Research

4 Market Outlook Key Upcoming Events Global economic events release calendar Bloomberg Data Date Time Country Event Description Unit Period Last Reported Estimated Dec 06, :30 PM India RBI Reverse Repo rate % Dec :30 PM India RBI Repo rate % Dec :30 PM India RBI Cash Reserve ratio % Dec Dec 08, :00 PM UK Industrial Production (YoY) % Change Oct 2.50 India Imports YoY% % Change Nov 7.60 India Exports YoY% % Change Nov (1.10) China Exports YoY% % Change Nov :00 PM US Change in N onfarm payrolls Thousands Nov :00 AM China Consumer Price Index (YoY) % Change Nov Dec 09, :00 PM US Unnemployment rate % Nov Dec 12, :30 PM India Industrial Production YoY % Change Oct :00 PM UK CPI (YoY) % Change Nov 3.00 US Producer Price Index (mom) % Change Nov 0.20 Dec 13, :00 PM UK Jobless claims change % Change Nov :00 PM US Consumer price index (mom) % Change Nov Dec 14, :30 AM China Industrial Production (YoY) % Change Nov : 00 PM India Monthly Wholesale Prices YoY% % Change Nov :30 PM UK BOE Announces rates % Ratio Dec :15 PM Euro Zone ECB announces interest rates % Dec 14-7:45 PM US Industrial Production % Nov 0.94 Dec 15, :30 PM Euro Zone Euro-Zone CPI (YoY) % Nov F 1.40 Dec 18, : 30 AM US FOMC rate decision % Dec Dec 19, :00 PM US Housing Starts Thousands Nov 1, :00 PM US Building permits Thousands Nov 1, Source: Bloomberg, Angel Research ngelbr oki ng.c o m

5 Market Outlook Key Upcoming Events Result Calendar Date November 14, 2017 November 15, 2017 Company Tata Global, JK Tyre, CEAT, Jyoti Structures, Bank of Baroda, Reliance Capital, Corporation Bank, MOIL Automotive Axle Source: Bloomberg, Angel Research Global economic events release calendar Date Time Country Event Description Unit Period Bloomberg Data Last Reported Estimated Dec 06, :30 PMIndia RBI Reverse Repo rate % Dec :30 PMIndia RBI Repo rate % Dec :30 PMIndia RBI Cash Reserve ratio % Dec Dec 08, :00 PMUK Industrial Production (YoY) % Change Oct 2.50 India Imports YoY% % Change Nov 7.60 India Exports YoY% % Change Nov (1.10) China Exports YoY% % Change Nov :00 PMUS Change in N onfarm payrolls Thousands Nov :00 AMChina Consumer Price Index (YoY) % Change Nov Dec 09, :00 PMUS Unnemployment rate % Nov Dec 12, :30 PMIndia Industrial Production YoY % Change Oct :00 PMUK CPI (YoY) % Change Nov 3.00 US Producer Price Index (mom) % Change Nov 0.20 Dec 13, :00 PMUK Jobless claims change % Change Nov :00 PMUS Consumer price index (mom) % Change Nov Source: Bloomberg, Angel Research ngelbr oki ng.c o m

6 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-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 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 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 3QFY15 4QFY15 1QFY16 2QFY16 3QFY16 4QFY16 1QFY17 2QFY17 3QFY17 4QFY17 1QFY18 2QFY18 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Market Outlook Macro watch Exhibit 1: Quarterly GDP trends Exhibit 2: IIP trends (1.0) (0.3) Source: CSO, Angel Research Source: MOSPI, Angel Research Exhibit 3: Monthly CPI inflation trends Exhibit 4: Manufacturing and services PMI Mfg. PMI Services PMI 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 Source: Bloomberg, Angel Research Source: RBI, Angel Research ngelbr oki ng.c o m

7 Brazil Russia India China South Africa Indonesia Malaysia Thailand UK USA Germany France Japan Brazil Russia India China South Africa Indonesia Malaysia Thailand UK USA Germany France Japan Brazil Russia India China South Africa Indonesia Malaysia Thailand UK USA Germany France Japan Market Outlook Global watch Exhibit 1: Latest quarterly GDP Growth (%, yoy) across select developing and developed countries Source: Bloomberg, Angel Research Exhibit 2: 2017 GDP Growth projection by IMF (%, yoy) across select developing and developed countries Source: IMF, Angel Research Exhibit 3: One year forward P-E ratio across select developing and developed countries (x) Source: IMF, Angel Research ngelbr oki ng.c o m

8 Market Outlook Exhibit 4: Relative performance of indices across globe Returns Country Name of index Closing price 1M 3M 1YR Brazil Bovespa 72,546 (2.4) Russia Micex 2, (2.2) India Nifty 10,118 (3.2) China Shanghai Composite 3,304 (3.1) (2.3) 0.2 South Africa Top 40 52,413 (1.5) Mexico Mexbol 47,463 (1.8) (6.6) 4.1 Indonesia LQ45 1, Malaysia KLCI 1,725 (0.9) (2.1) 6.2 Thailand SET 50 1, USA Dow Jones 24, UK FTSE 7,328 (3.1) (0.4) 6.2 Japan Nikkei 22, Germany DAX 13,049 (3.2) France CAC 5,376 (2.6) Source: Bloomberg, Angel Research p68in4 ngelbr oki ng.c o m

9 Stock Watch December 06, 2017 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 ,681 1,873 2, United Phosphorus Buy ,509 18,922 21, Auto & Auto Ancillary Ashok Leyland Accumulate ,413 23,339 27, Bajaj Auto Neutral 3,161-91,465 23,936 27, Bharat Forge Buy ,503 7,637 8, Eicher Motors Neutral 28,929-78,752 19,043 22, , Gabriel India Neutral 189-2,714 1,782 2, Hero Motocorp Buy 3,522 4,129 70,340 32,239 36, Jamna Auto Industries Neutral 65-2,604 1,441 1, Mahindra and Mahindra Neutral 1,389-86,368 46,971 53, Maruti Accumulate 8,496 9, ,655 79,470 95, Minda Industries Neutral 1,131-9,774 4,328 5, Motherson Sumi Neutral ,123 55,937 64, Tata Motors Neutral , , , TVS Motor Neutral ,028 13,992 16, Amara Raja Batteries Accumulate ,260 6,140 7, Exide Industries Neutral ,238 8,689 9, Apollo Tyres Neutral ,712 15,739 17, Ceat Neutral 1,719-6,955 6,661 7, JK Tyres Neutral 136-3,073 8,318 9, Swaraj Engines Neutral 1,945-2, Subros Neutral 257-1,540 1,855 2, Capital Goods BEML Neutral 1,569-6,533 4,286 5, Bharat Electronics Neutral ,742 10,258 12, Voltas Neutral ,588 6,778 8, BHEL Neutral 90-33,061 33,200 39, Blue Star Buy ,173 5,220 6, CG Power and Industrial Neutral 85-5,309 6,555 7, , Solutions Greaves Cotton Neutral 118-2,889 1,778 1,

10 Stock Watch December 06, 2017 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 Accumulate ,052 9,779 11, KEI Industries Accumulate ,144 3,001 3, Thermax Neutral 1,089-12,980 4,125 4, VATech Wabag Accumulate ,282 3,867 4, Cement ACC Neutral 1,689-31,708 12,255 13, Ambuja Cements Neutral ,657 10,250 11, India Cements Neutral 168-5,165 6,135 6, JK Cement Neutral 993-6,943 4,150 4, J K Lakshmi Cement Neutral 411-4,839 3,422 3, Orient Cement Neutral 165-3,376 2,215 3, UltraTech Cement Neutral 4, ,836 28,250 35, Construction KNR Constructions Neutral 275-3,873 1,846 2, Larsen & Toubro Neutral 1, ,147 95, , Gujarat Pipavav Port Neutral 139-6, PNC Infratech Neutral 187-4,787 2,040 2, Simplex Infra Neutral 564-2,788 6,012 6, Sadbhav Engineering Neutral 372-6,382 3,823 4, NBCC Neutral ,099 9,099 12, MEP Infra Neutral 93-1,513 2,403 2, SIPL Neutral 137-4,808 2,060 2, (5.8) (3.1) (14.2) (2.3) Engineers India Neutral ,389 1,795 2, Financials Axis Bank Accumulate ,013 32,558 35, Bank of Baroda Neutral ,125 22,533 26, Canara Bank Neutral ,297 17,925 20, Can Fin Homes Neutral 464-6, Cholamandalam Inv. & Neutral Fin. Co. 1,306-20,406 2,826 3, Dewan Housing Finance Buy ,711 2,676 3, Equitas Holdings Buy ,732 1,125 1, Federal Bank Buy ,211 4,896 5,

11 Stock Watch December 06, 2017 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, ,817 55,236 63, ICICI Bank Neutral ,096 42,361 51, Karur Vysya Bank Buy ,255 3,289 3, LIC Housing Finance Accumulate ,902 4,895 6, Punjab Natl.Bank Neutral ,452 23,708 25, RBL Bank Neutral ,268 2,309 2, Repco Home Finance Buy , South Ind.Bank Neutral 32-5,697 3,195 3, St Bk of India Neutral , , , Union Bank Neutral ,703 14,650 16, Yes Bank Neutral ,893 11,088 13, FMCG Akzo Nobel India Neutral 1,781-8,542 3,164 3, Asian Paints Neutral 1, ,879 17,603 20, , , Britannia Neutral 4,764-57,192 9,690 11, Colgate Neutral 1,030-28,023 4,420 5, Dabur India Neutral ,447 8,346 9, GlaxoSmith Con* Neutral 6,083-25,583 5,072 5, Godrej Consumer Neutral ,620 10,171 11, HUL Neutral 1, ,865 37,077 41, , , ITC Neutral ,641 44,588 49, Marico Neutral ,943 6,788 7, Nestle* Neutral 7,695-74,192 10,083 11, Tata Global Neutral ,668 7,121 7, Procter & Gamble Hygiene Neutral 9,802-31,817 3,034 3, IT HCL Tech^ Buy 845 1, ,645 50,009 54, Infosys Accumulate 984 1, ,116 70,333 75, TCS Reduce 2,634 2, , , , Tech Mahindra Accumulate ,510 30,545 32,

12 Stock Watch December 06, 2017 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 ,922 54,164 56, Media D B Corp Neutral 352-6,482 2,404 2, HT Media Neutral 98-2,283 2,589 2, Jagran Prakashan Buy ,109 2,541 2, Sun TV Network Neutral ,722 3,238 3, Hindustan Media Ventures Neutral 244-1,791 1,002 1, TV Today Network Accumulate , Music Broadcast Limited Accumulate , Metals & Mining Coal India Neutral ,652 82,301 91, Hind. Zinc Neutral ,731 22,108 24, Hindalco Neutral , , , JSW Steel Neutral ,104 64,500 68, NMDC Neutral ,779 10,209 11, SAIL Neutral 78-32,318 54,100 63, (10.0) Vedanta Neutral ,222 81,206 87, Tata Steel Neutral , , , Oil & Gas GAIL Neutral ,214 53,115 52, ONGC Neutral ,945 83,111 84, Indian Oil Corp Neutral , , , Reliance Industries Neutral , , , Pharmaceuticals Alembic Pharma Buy ,726 3,346 3, Alkem Laboratories Ltd Accumulate 2,106 2,252 25,174 6,320 7, Aurobindo Pharma Buy ,237 17,086 19, Aventis* Neutral 4,385-10,099 2,411 2, Cadila Healthcare Neutral ,473 11,365 12, Cipla Sell ,004 16,163 18, Dr Reddy's Reduce 2,210 2,040 36,653 13,734 15, GSK Pharma* Sell 2,468 2,000 20,905 2,968 3, Indoco Remedies Sell ,491 1,114 1,

13 Stock Watch December 06, 2017 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 ,682 3,256 3, Lupin Buy 810 1,091 36,593 16,240 18, Natco Pharma Accumulate 946 1,057 16,509 1,886 2, Sun Pharma Buy ,637 28,312 31, Syngene International Accumulate ,004 1,394 1, Power Tata Power Neutral 89-24,045 32,547 33, NTPC Neutral ,739 86, , Power Grid Accumulate ,710 29,183 32, Real Estate Prestige Estate Neutral ,700 4,607 5, MLIFE Accumulate , Telecom Bharti Airtel Neutral ,072 97, , Idea Cellular Neutral 93-33,693 35,012 37, (4.4) (2.7) (6.8) (4.6) zothers Abbott India Neutral 5,521-11,731 3,244 3, Asian Granito Accumulate ,511 1,169 1, Bajaj Electricals Neutral 448-4,558 4,646 5, Banco Products (India) Neutral 240-1,715 1,530 1, Coffee Day Enterprises Ltd Neutral 265-5,453 3,494 3, Elecon Engineering Neutral Garware Wall Ropes Neutral 919-2, , Goodyear India* Neutral 868-2,003 1,717 1, Hitachi Neutral 2,489-6,768 2,355 2, HSIL Neutral 503-3,638 2,240 2, Interglobe Aviation Neutral 1,155-44,379 22,570 27, Jyothy Laboratories Neutral 361-6,564 1,781 2, Linc Pen & Plastics Neutral M M Forgings Neutral 938-1, Mirza International Neutral 158-1,903 1,148 1, Navkar Corporation Buy , Nilkamal Neutral 1,676-2,501 2,317 2,

14 Stock Watch December 06, 2017 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 244-2,055 1,987 2, Radico Khaitan Neutral 289-3,854 1,811 1, Relaxo Footwears Neutral 609-7,328 1,981 2, Siyaram Silk Mills Neutral 735-3,445 1,769 1, Styrolution ABS India* Neutral 1,054-1,854 1,800 1, Surya Roshni Neutral 361-1,582 4,870 5, TVS Srichakra Neutral 3,303-2,529 2,729 2, Visaka Industries Neutral ,104 1, VIP Industries Buy ,750 1,450 1, Navin Fluorine Neutral 697-3, , Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on December 05, 2017

15 Market Outlook December 06, 2017 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.