Market Outlook. Market Cues. News Analysis. Investor s Ready Reckoner. Top Picks. Key Upcoming Events. December 4, 2017

Transcription

1 Market Outlook December 4, 2017 Market Cues Indian markets are likely to open positive tracking global indices and SGX Nifty. After falling sharply in late morning trading, US markets climbed well off their worst levels of the day but still ended the day modestly lower. The Dow and the S&P 500 pulled back off the record closing highs set in the previous session. The Dow slipped 0.2% to 24,232, the Nasdaq fell 0.4% to 6,848 and the S&P 500 dipped 0.2% to 2,642. The UK's benchmark FTSE 100 index ended points lower at 7,300. The pound broke through the $1.35 level on Thursday amid hopes of a settlement on the socalled Brexit divorce bill and the Irish border issue. BSE Sensex and NSE Nifty closed about 1% lower on Friday as GDP data failed to cheer the markets. India s 2QFY18 GDP growth came at 6.3%, up from a three-year low of 5.7% in 1QFY18. While the data shows strong recovery in the domestic economy, it was still not enough to lift up the mood of the investors who had expected growth of 6.4% in the quarter. News Analysis November automobile sales analysis Detailed analysis on Pg2 Investor s Ready Reckoner Domestic Indices Chg (Pts) (Close) BSE Sensex (1.0) (316) 32,833 Nifty (1.0) (105) 10,122 Mid Cap (0.9) (160) 16,757 Small Cap (1.2) (211) 18,017 Bankex (0.7) (195) 28,436 Global Indices Chg (Pts) (Close) Dow Jones (0.2) (41) 24,232 Nasdaq (0.4) (26) 6,848 FTSE (0.4) (26) 7,300 Nikkei ,819 Hang Seng (0.4) (103) 29,074 Shanghai Com ,318 Advances / Declines BSE NSE Advances 1, Declines 1,713 1,151 Unchanged 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 Dec05 UK PMI Manufacturing Dec05 Euro Zone Euro-Zone GDP s.a. (QoQ) 0.60 Dec06 India RBI Reverse Repo rate Dec06 India RBI Repo rate Dec06 India RBI Cash Reserve ratio More Events on Pg7 Volumes (` Cr) BSE 4,430 NSE 28,450 Net Inflows (` Cr) Net Mtd Ytd FII (622) 19,783 58,235 MFs , ,079 Top Gainers Price (`) Chg Ltts 1, Jubilant Videoind Advenzymes Tifhl Top Losers Price (`) Chg Mcleodruss 220 (6.4) Kpit 161 (6.0) Hathway 41 (5.4) Sobha 590 (5.3) Syndibank 88 (5.2) As on December

2 Market Outlook December 4, 2017 News Analysis November Automobile sales analysis Maruti Suzuki in line with expectations - Maruti Suzuki reported total 14.1% growth in its total vehicles. Domestic PV volumes grew by 14.3% yoy while exports grew by 0.8% yoy. Its LCV, Super Carry has also reported more than 1,000 volumes for the second month in row. The utility vehicle volumes grew by 34%, fastest in the last four months. While entry level, Mini segment reported 1.8% yoy drop in the volumes, compact range vehicles reported 32.4% yoy growth fuelled by Baleno and Ignis. Overall, the numbers are along our expectations and we believe that with the robust order book and new launches, company is expected to report healthy volume growth going ahead. Bajaj Auto Exports continue to shine, 3Ws put a robust shown - Aided by strong show in the 3Ws, Bajaj auto has reported 20.9% yoy growth in the November volumes. The domestic 2W sales were flat on yoy basis as company sold over 2 lakh vehicles in the earlier three months. Also with the scooterization continued, motorbikes have continued to lose market share in the 2W space to the scooters. Domestic scooter volumes grew by 157% yoy to units. This was helped by lower base created by demonetization in November-2016 and better monsoon. On the exports front, company has shown 24.5% yoy growth in 2W exports and 41.1% growth in 3W exports. Expansion in the new countries has clearly helped the company to report good set of numbers on the exports front. Ashok Leyland shows strong growth in CV numbers - Ashok Leyland s November volumes have surprised positively. With total volumes growing by 51% yoy, November has signed that volume growth will remain solid going ahead. MHCV volumes were up 54% yoy while LCV volumes were up 44%. The recovery in the industries and public capex is expected to boost the CV volumes further and we believe, Ashok Leyland, due to its pure play CV business is expected to gain market share. Economic and Political News U.S. Senate passes tax-cut bill in milestone move Govt expects Rs 75Kcr from 34 mine auctions in FY18 GST rate cut boosts Nov manufacturing PMI to 52.6, fastest since Oct 2016 Corporate News Infosys appoints Salil Parekh as MD and CEO Dr. Reddy s Labs gets EIR from U.S. FDA for CPS facility at Telangana Mukesh Ambani to look at agriculture, education, healthcare Steel Strips Wheels extends rally on export order for 6000 truck wheels Biocon, Mylan get U.S. FDA approval for biosimilar to Roche s cancer drug

3 Market Outlook December 4, 2017 Top Picks Company Market Cap (` Cr) CMP (`) Target (`) Upside Alkem Laboratories 23,615 1,975 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 260,017 8,608 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 December 4, 2017 Key Upcoming Events Global economic events release calendar Bloomberg Data Date Time Country Event Description Unit Period Last Reported Estimated Dec 05, :00 PM UK PMI Manufacturing Value Nov :30 PM Euro Zone Euro-Zone GDP s.a. (QoQ) % Change 3Q F 0.60 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 Nonfarm 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 Source: Bloomberg, Angel Research

5 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 Sep-16 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 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 December 4, 2017 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

6 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 December 4, 2017 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

7 Market Outlook December 4, 2017 Exhibit 4: Relative performance of indices across globe Returns Country Name of index Closing price 1M 3M 1YR Brazil Bovespa 72,264 (4.9) Russia Micex 2, (2.4) India Nifty 10,122 (3.1) China Shanghai Composite 3,318 (2.3) (1.3) 2.4 South Africa Top 40 52,888 (0.3) Mexico Mexbol 47,265 (3.3) (7.7) 5.2 Indonesia LQ (0.0) Malaysia KLCI 1,718 (1.7) (2.9) 5.4 Thailand SET 50 1, USA Dow Jones 24, UK FTSE 7,300 (2.2) (1.5) 8.9 Japan Nikkei 22, Germany DAX 12,861 (4.5) France CAC 5,317 (3.6) Source: Bloomberg, Angel Research p68in4

8 Stock Watch December 04, 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 ,668 1,873 2, United Phosphorus Accumulate ,092 18,922 21, Auto & Auto Ancillary Ashok Leyland Accumulate ,125 23,339 27, Bajaj Auto Neutral 3,213-92,963 23,936 27, Bharat Forge Buy ,897 7,637 8, Eicher Motors Neutral 29,281-79,710 19,043 22, , Gabriel India Neutral 186-2,672 1,782 2, Hero Motocorp Accumulate 3,607 4,129 72,033 32,239 36, Jamna Auto Industries Neutral 63-2,514 1,441 1, Mahindra and Mahindra Neutral 1,409-87,598 46,971 53, Maruti Accumulate 8,608 9, ,017 79,470 95, Minda Industries Neutral 1,247-10,780 4,328 5, Motherson Sumi Neutral ,365 55,937 64, Tata Motors Neutral , , , TVS Motor Neutral ,418 13,992 16, Amara Raja Batteries Accumulate ,228 6,140 7, Exide Industries Neutral ,425 8,689 9, Apollo Tyres Neutral ,952 15,739 17, Ceat Neutral 1,744-7,053 6,661 7, JK Tyres Neutral 142-3,217 8,318 9, Swaraj Engines Neutral 1,948-2, Subros Neutral 255-1,529 1,855 2, Capital Goods BEML Neutral 1,642-6,836 4,286 5, Bharat Electronics Neutral ,331 10,258 12, Voltas Neutral ,401 6,778 8, BHEL Neutral 91-33,355 33,200 39, Blue Star Buy ,145 5,220 6, CG Power and Industrial Neutral 84-5,265 6,555 7, , Solutions Greaves Cotton Neutral 118-2,890 1,778 1,

9 Stock Watch December 04, 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 ,069 9,779 11, KEI Industries Accumulate ,032 3,001 3, Thermax Neutral 1,102-13,126 4,125 4, VATech Wabag Accumulate ,248 3,867 4, Cement ACC Neutral 1,677-31,492 12,255 13, Ambuja Cements Neutral ,342 10,250 11, India Cements Neutral 168-5,191 6,135 6, JK Cement Neutral 986-6,892 4,150 4, J K Lakshmi Cement Neutral 409-4,810 3,422 3, Orient Cement Neutral 163-3,338 2,215 3, UltraTech Cement Neutral 4, ,562 28,250 35, Construction KNR Constructions Neutral 270-3,797 1,846 2, Larsen & Toubro Neutral 1, ,889 95, , Gujarat Pipavav Port Neutral 140-6, PNC Infratech Neutral 188-4,829 2,040 2, Simplex Infra Neutral 575-2,847 6,012 6, Sadbhav Engineering Neutral 379-6,502 3,823 4, NBCC Neutral ,445 9,099 12, MEP Infra Neutral 98-1,585 2,403 2, SIPL Neutral 136-4,792 2,060 2, (5.8) (3.1) (14.2) (2.3) Engineers India Neutral ,234 1,795 2, Financials Axis Bank Accumulate ,977 32,558 35, Bank of Baroda Neutral ,652 22,533 26, Canara Bank Neutral ,670 17,925 20, Can Fin Homes Neutral 467-6, Cholamandalam Inv. & Neutral Fin. Co. 1,284-20,076 2,826 3, Dewan Housing Finance Buy ,815 2,676 3, Equitas Holdings Buy ,766 1,125 1, Federal Bank Buy ,289 4,896 5,

10 Stock Watch December 04, 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, ,135 55,236 63, ICICI Bank Neutral ,999 42,361 51, Karur Vysya Bank Buy ,411 3,289 3, LIC Housing Finance Accumulate ,809 4,895 6, Punjab Natl.Bank Neutral ,463 23,708 25, RBL Bank Neutral ,693 2,309 2, Repco Home Finance Buy , South Ind.Bank Neutral 32-5,724 3,195 3, St Bk of India Neutral , , , Union Bank Neutral ,463 14,650 16, Yes Bank Neutral ,422 11,088 13, FMCG Akzo Nobel India Neutral 1,782-8,546 3,164 3, Asian Paints Neutral 1, ,974 17,603 20, , , Britannia Neutral 4,799-57,621 9,690 11, Colgate Neutral 1,030-28,001 4,420 5, Dabur India Neutral ,121 8,346 9, GlaxoSmith Con* Neutral 6,078-25,561 5,072 5, Godrej Consumer Neutral ,413 10,171 11, HUL Neutral 1, ,069 37,077 41, , , ITC Neutral ,165 44,588 49, Marico Neutral ,924 6,788 7, Nestle* Neutral 7,704-74,275 10,083 11, Tata Global Neutral ,896 7,121 7, Procter & Gamble Hygiene Neutral 9,511-30,873 3,034 3, IT HCL Tech^ Buy 830 1, ,376 50,009 54, Infosys Buy 959 1, ,167 70,333 75, TCS Reduce 2,631 2, , , , Tech Mahindra Accumulate ,174 30,545 32,

11 Stock Watch December 04, 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 ,866 54,164 56, Media D B Corp Neutral 361-6,650 2,404 2, HT Media Neutral 102-2,369 2,589 2, Jagran Prakashan Buy ,112 2,541 2, Sun TV Network Neutral ,712 3,238 3, Hindustan Media Ventures Neutral 246-1,805 1,002 1, TV Today Network Accumulate , Music Broadcast Limited Accumulate , Metals & Mining Coal India Neutral ,997 82,301 91, Hind. Zinc Neutral ,407 22,108 24, Hindalco Neutral , , , JSW Steel Neutral ,890 64,500 68, NMDC Neutral ,783 10,209 11, SAIL Neutral 78-32,297 54,100 63, (10.0) Vedanta Neutral ,572 81,206 87, Tata Steel Neutral , , , Oil & Gas GAIL Neutral ,166 53,115 52, ONGC Neutral ,677 83,111 84, Indian Oil Corp Neutral , , , Reliance Industries Neutral , , , Pharmaceuticals Alembic Pharma Buy ,620 3,346 3, Alkem Laboratories Ltd Accumulate 1,975 2,125 23,615 6,320 7, Aurobindo Pharma Buy ,401 17,086 19, Aventis* Neutral 4,391-10,113 2,411 2, Cadila Healthcare Neutral ,704 11,365 12, Cipla Sell ,068 16,163 18, Dr Reddy's Reduce 2,230 2,040 36,986 13,734 15, GSK Pharma* Sell 2,456 2,000 20,806 2,968 3, Indoco Remedies Sell ,416 1,114 1,

12 Stock Watch December 04, 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 ,712 3,256 3, Lupin Buy 814 1,091 36,796 16,240 18, Natco Pharma Accumulate 956 1,057 16,679 1,886 2, Sun Pharma Buy ,188 28,312 31, Syngene International Accumulate ,003 1,394 1, Power Tata Power Neutral 90-24,411 32,547 33, NTPC Neutral ,367 86, , Power Grid Accumulate ,123 29,183 32, Real Estate Prestige Estate Neutral ,411 4,607 5, MLIFE Accumulate , Telecom Bharti Airtel Neutral ,174 97, , Idea Cellular Neutral 93-33,602 35,012 37, (4.4) (2.7) (6.8) (4.6) zothers Abbott India Neutral 5,263-11,183 3,244 3, Asian Granito Accumulate ,521 1,169 1, Bajaj Electricals Neutral 450-4,578 4,646 5, Banco Products (India) Neutral 246-1,762 1,530 1, Coffee Day Enterprises Ltd Neutral 267-5,490 3,494 3, Elecon Engineering Neutral Garware Wall Ropes Neutral 913-1, , Goodyear India* Neutral 838-1,934 1,717 1, Hitachi Neutral 2,500-6,797 2,355 2, HSIL Neutral 497-3,593 2,240 2, Interglobe Aviation Neutral 1,131-43,452 22,570 27, Jyothy Laboratories Neutral 386-7,010 1,781 2, Linc Pen & Plastics Neutral M M Forgings Neutral 921-1, Mirza International Neutral 157-1,894 1,148 1, Navkar Corporation Buy , Nilkamal Neutral 1,742-2,599 2,317 2,

13 Stock Watch December 04, 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 242-2,034 1,987 2, Radico Khaitan Neutral 262-3,486 1,811 1, Relaxo Footwears Neutral 604-7,265 1,981 2, Siyaram Silk Mills Neutral 687-3,221 1,769 1, Styrolution ABS India* Neutral 1,086-1,910 1,800 1, Surya Roshni Neutral 375-1,644 4,870 5, TVS Srichakra Neutral 3,346-2,562 2,729 2, Visaka Industries Neutral 640-1,017 1,104 1, VIP Industries Accumulate ,104 1,450 1, Navin Fluorine Neutral 697-3, , Century Plyboards India #N/A 2,007 2, LT Foods #N/A 3,287 3, Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on December 02, 2017

14 Market Outlook December 04, 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.