Market Outlook. Market Cues. News Analysis. Investor s Ready Reckoner. Top Picks. Key Upcoming Events. December 1, 2017

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1 December 1, 2017 Market Cues Indian markets are likely to open flat tracking global indices and SGX Nifty. The US stocks moved mostly higher during trading on Thursday following the mixed performance seen in the previous session. With the upward move on the day, the Dow and the S&P 500 reached new record closing highs. The major averages finished the day firmly in positive territory but off their highs of the session. The Dow surged up 1.4% to 24,272, the Nasdaq climbed 0.7% to 6,874 and the S&P 500 advanced 0.8% to 2,648. The UK shares fell for a second consecutive session on Thursday as the pound continued to surge amid further signs of progress on the EU's key Brexit issues, including the Irish border. The benchmark FTSE 100 was down 0.9 percent at 7,327 by close of the day. BSE Sensex and NSE Nifty closed over 1% lower on Thursday after India s fiscal deficit at the end of October hit 96.1% of the budget estimate for the fiscal year ending in March It was their biggest single-day fall in two months as investors also cut down on their bets ahead of the September quarter GDP data. The 30- share Sensex shut the shop down over 450 points, or 1.35%, at 33,149, while the 50-share NSE Nifty index settled with loss of nearly 135 points, or 1.30 %, at 10,226. News Analysis 2Q GDP indicates growth rebounding in the economy Endurance Technologies CMP 1265 Target Price 1,285, Book profit 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 Nov30 Germany PMI Services Consensus Expectations Nov30 Germany PMI Manufacturing Nov30 UK PMI Manufacturing Dec01 Euro Zone Euro-Zone GDP s.a. (QoQ) 0.60 Dec01 India RBI Reverse Repo rate More Events on Pg7 Domestic Indices Chg (Pts) (Close) BSE Sensex (1.3) (453) 33,149 Nifty (1.3) (135) 10,227 Mid Cap (0.5) (93) 16,917 Small Cap ,229 Bankex (1.9) (549) 28,631 Global Indices Chg (Pts) (Close) Dow Jones ,272 Nasdaq ,874 FTSE (0.9) (67) 7,327 Nikkei ,725 Hang Seng (1.5) (446) 29,177 Shanghai Com (0.6) (21) 3,317 Advances / Declines BSE NSE Advances 1, Declines 1,494 1,032 Unchanged Volumes (` Cr) BSE 4,369 NSE 49,597 Net Inflows (` Cr) Net Mtd Ytd FII ,405 58,858 MFs , ,079 Top Gainers Price (`) Chg Rtnpower Mcleodruss Den Sobha Bomdyeing Top Losers Price (`) Chg Sreinfra 102 (6.2) Suzlon 14 (3.8) Adanitrans 183 (3.7) Apollotyre 251 (3.1) Gppl 143 (3.1) As on November,

2 December 1, 2017 News Analysis 2Q GDP indicates growth rebounding in the economy India s 2QFY18 GDP growth at 6.3% (vs. consensus 6.4% ) has shown a that economy is coming back to the growth path. In 1QFY18, GDP growth was 5.7% so at 6.3%, we believe that the economy has clearly shown its trajectory which is the most important thing at the moment. The recovery is also reflected in GVA numbers which grew by 6.1% in the 2QFY18 vs. 5.6% in 1QFY18. The rebound is seen in the electricity, manufacturing, construction and mining sectors whereas services sector is yet to recover. The numbers clearly indicate that economy is slowly coming out of the impact of the demonetization and GST. With the lower base of third and fourth quarter and with ongoing recovery, we believe that second half GDP numbers are likely to be far better than first half and we believe that FY18 GDP growth is likely to be around 7%. Endurance Technologies CMP `1,265 Target Price `1,285, book profit Endurance Technologies, the largest domestic 2W auto ancillary put a robust show in the 2QFY18. Consolidated sales grew 12% while bottom-line grew by 11.6% due to the higher tax rate in the quarter. The EBITDA margin was at 14.5% vs. 14.1% in 1QFY18 and 13.9% in 2QFY17. Domestic business grew 10.4% while European business grew by 16% yoy. The European business saw ~200bps margin expansion while domestic business margins expanded by ~20bps. Company continues to maintain ~8-10% growth guidance and has indicated that it is in position to start ABS supplies from 1QFY20. While we like the company, recent price run up has left no room for upgrade the rating. While we raise our price target to `1,285, we downgrade the stock to neutral. One should book profit in the scrip at the CMP. Economic and Political News IMF to update India growth rate forecast in January RBI given ammunition to hold rates as economy recovers Manufacturing shrugs off GST, demonetisation blues OPEC agrees extended oil supply cut for full 2018 Economy scripts a turnaround, expands 6.3% in Q2 Corporate News MCX completes first settlement cycle in options contract on gold futures. Laurus Labs receives tentative approval from USFDA for Tenofovir Disoproxil Fumarate. Reliance Power executes a pact for 750 MW in Bangladesh. LIC to pare stake in Bank of Baroda to 5.2 percent from 7.2 percent

3 December 1, 2017 Top Picks HHHHH Company Market Cap (` Cr) CMP (`) Target (`) Upside Alkem Laboratories 23,759 1,987 2, Asian Granito 1, Blue Star 7, Dewan Housing Finance 19, Karur Vysya Bank 6, KEI Industries 3, Music Broadcast 2, Navkar Corporation 2, Siyaram Silk Mills 3, TV Today Network 2, Maruti Suzuki 2,59,858 8,602 9, GIC Housing 2, Century Plyboards India LT Foods 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 December 1, 2017 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 01, :25 PMGermany PMI Services Value Nov F :25 PMGermany PMI Manufacturing Value Nov F Dec 05, :00 PMUK PMI Manufacturing Value Nov :30 PMEuro Zone Euro-Zone GDP s.a. (QoQ) % Change 3Q F 0.60 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 Nonfarm 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 3.80 Source: Bloomberg, Angel Research

5 December 1, 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) 5.1 Nov Dec Jan Feb Mar Apr May-17 (0.3) Jun Jul Aug Sep-17 Source: CSO, Angel Research Source: MOSPI, Angel Research Exhibit 3: Monthly CPI inflation trends Exhibit 4: Manufacturing and services PMI Nov Dec Jan Feb Mar Apr May Jun Jul Aug-17 Sep Oct Sep-16 Oct-16 Nov-16 Dec-16 Mfg. PMI Jan-17 Feb-17 Mar-17 Apr-17 Services PMI May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-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) Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct 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 December 1, 2017 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 Japan France Source: IMF, Angel Research

7 December 1, 2017 Exhibit 4: Relative performance of indices across globe Returns Country Name of index Closing price 1M 3M 1YR Brazil Bovespa 71,971 (5.2) Russia Micex 2, (0.4) India Nifty 10,227 (1.1) China Shanghai Composite 3,317 (2.2) (0.4) 2.1 South Africa Top 40 53, Mexico Mexbol 47,092 (2.8) (7.2) 6.1 Indonesia LQ (0.0) Malaysia KLCI 1,718 (1.7) (2.9) 5.4 Thailand SET 50 1,086 (0.8) USA Dow Jones 24, UK FTSE 7,327 (2.2) (1.5) 8.9 Japan Nikkei 22, Germany DAX 13,024 (0.5) France CAC 5,373 (1.5) Source: Bloomberg, Angel Research p68in4

8 Stock Watch December 01, 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 ,760 1,873 2, United Phosphorus Accumulate ,280 18,922 21, Auto & Auto Ancillary Ashok Leyland Accumulate ,525 23,339 27, Bajaj Auto Neutral 3,312-95,830 23,936 27, Bharat Forge Buy ,317 7,637 8, Eicher Motors Neutral 29,944-81,515 19,043 22, , Gabriel India Neutral 186-2,665 1,782 2, Hero Motocorp Accumulate 3,642 4,129 72,739 32,239 36, Jamna Auto Industries Neutral 63-2,520 1,441 1, Mahindra and Mahindra Neutral 1,411-87,676 46,971 53, Maruti Accumulate 8,602 9, ,858 79,470 95, Minda Industries Neutral 1,248-10,789 4,328 5, Motherson Sumi Neutral ,712 55,937 64, Tata Motors Neutral , , , TVS Motor Neutral ,149 13,992 16, Amara Raja Batteries Accumulate ,649 6,140 7, Exide Industries Neutral ,455 8,689 9, Apollo Tyres Neutral ,341 15,739 17, Ceat Neutral 1,791-7,243 6,661 7, JK Tyres Neutral 144-3,255 8,318 9, Swaraj Engines Neutral 1,963-2, Subros Neutral 262-1,570 1,855 2, Capital Goods BEML Neutral 1,666-6,940 4,286 5, Bharat Electronics Neutral ,651 10,258 12, Voltas Neutral ,067 6,778 8, BHEL Neutral 92-33,740 33,200 39, Blue Star Buy ,085 5,220 6, CG Power and Industrial Neutral 87-5,424 6,555 7, , Solutions Greaves Cotton Neutral 121-2,957 1,778 1,

9 Stock Watch December 01, 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 ,265 9,779 11, KEI Industries Accumulate ,111 3,001 3, Thermax Neutral 1,107-13,191 4,125 4, VATech Wabag Accumulate ,296 3,867 4, Cement ACC Neutral 1,667-31,295 12,255 13, Ambuja Cements Neutral ,143 10,250 11, India Cements Neutral 174-5,357 6,135 6, JK Cement Neutral 997-6,970 4,150 4, J K Lakshmi Cement Neutral 409-4,812 3,422 3, Orient Cement Neutral 163-3,335 2,215 3, UltraTech Cement Neutral 4, ,613 28,250 35, Construction KNR Constructions Neutral 275-3,868 1,846 2, Larsen & Toubro Neutral 1, ,485 95, , Gujarat Pipavav Port Neutral 144-6, PNC Infratech Neutral 193-4,951 2,040 2, Simplex Infra Neutral 564-2,788 6,012 6, Sadbhav Engineering Neutral 380-6,514 3,823 4, NBCC Neutral ,657 9,099 12, MEP Infra Neutral 99-1,613 2,403 2, SIPL Neutral 136-4,796 2,060 2, (5.8) (3.1) (14.2) (2.3) Engineers India Neutral ,642 1,795 2, Financials Axis Bank Accumulate ,549 32,558 35, Bank of Baroda Neutral ,952 22,533 26, Canara Bank Neutral ,303 17,925 20, Can Fin Homes Neutral 484-6, Cholamandalam Inv. & Neutral Fin. Co. 1,275-19,932 2,826 3, Dewan Housing Finance Buy ,346 2,676 3, Equitas Holdings Buy ,011 1,125 1, Federal Bank Accumulate ,721 4,896 5,

10 Stock Watch December 01, 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, ,950 55,236 63, ICICI Bank Neutral ,623 42,361 51, Karur Vysya Bank Buy ,883 3,289 3, LIC Housing Finance Accumulate ,493 4,895 6, Punjab Natl.Bank Neutral ,484 23,708 25, RBL Bank Neutral ,517 2,309 2, Repco Home Finance Buy , South Ind.Bank Neutral 33-5,932 3,195 3, St Bk of India Neutral , , , Union Bank Neutral ,939 14,650 16, Yes Bank Neutral ,491 11,088 13, FMCG Akzo Nobel India Neutral 1,790-8,585 3,164 3, Asian Paints Neutral 1, ,092 17,603 20, , , Britannia Neutral 4,783-57,421 9,690 11, Colgate Neutral 1,037-28,205 4,420 5, Dabur India Neutral ,090 8,346 9, GlaxoSmith Con* Neutral 6,092-25,622 5,072 5, Godrej Consumer Neutral ,506 10,171 11, HUL Neutral 1, ,701 37,077 41, , , ITC Neutral ,523 44,588 49, Marico Neutral ,459 6,788 7, Nestle* Neutral 7,650-73,758 10,083 11, Tata Global Neutral ,120 7,121 7, Procter & Gamble Hygiene Neutral 9,355-30,367 3,034 3, IT HCL Tech^ Buy 848 1, ,001 50,009 54, Infosys Accumulate 975 1, ,945 70,333 75, TCS Reduce 2,634 2, , , , Tech Mahindra Accumulate ,782 30,545 32,

11 Stock Watch December 01, 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 ,010 54,164 56, Media D B Corp Neutral 361-6,642 2,404 2, HT Media Neutral 99-2,315 2,589 2, Jagran Prakashan Buy ,168 2,541 2, Sun TV Network Neutral ,281 3,238 3, Hindustan Media Ventures Neutral 247-1,813 1,002 1, TV Today Network Accumulate , Music Broadcast Limited Accumulate , Metals & Mining Coal India Neutral ,449 82,301 91, Hind. Zinc Neutral ,612 22,108 24, Hindalco Neutral , , , JSW Steel Neutral ,518 64,500 68, NMDC Neutral ,435 10,209 11, SAIL Neutral 77-31,740 54,100 63, (10.0) Vedanta Neutral ,825 81,206 87, Tata Steel Neutral , , , Oil & Gas GAIL Neutral ,271 53,115 52, ONGC Neutral ,704 83,111 84, Indian Oil Corp Neutral , , , Reliance Industries Neutral , , , Pharmaceuticals Alembic Pharma Buy ,803 3,346 3, Alkem Laboratories Ltd Accumulate 1,987 2,125 23,759 6,320 7, Aurobindo Pharma Buy ,701 17,086 19, Aventis* Neutral 4,413-10,163 2,411 2, Cadila Healthcare Neutral ,960 11,365 12, Cipla Sell ,317 16,163 18, Dr Reddy's Reduce 2,286 2,040 37,913 13,734 15, GSK Pharma* Sell 2,479 2,000 20,996 2,968 3, Indoco Remedies Sell ,546 1,114 1,

12 Stock Watch December 01, 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 ,828 3,256 3, Lupin Buy 819 1,091 37,009 16,240 18, Natco Pharma Accumulate 941 1,057 16,412 1,886 2, Sun Pharma Accumulate ,547 28,312 31, Syngene International Neutral ,080 1,394 1, Power Tata Power Neutral 95-25,614 32,547 33, NTPC Neutral ,160 86, , Power Grid Accumulate ,745 29,183 32, Real Estate Prestige Estate Neutral ,377 4,607 5, MLIFE Accumulate , Telecom Bharti Airtel Neutral ,611 97, , Idea Cellular Neutral 94-33,999 35,012 37, (4.4) (2.7) (6.8) (4.6) zothers Abbott India Neutral 5,267-11,191 3,244 3, Asian Granito Accumulate ,531 1,169 1, Bajaj Electricals Neutral 469-4,774 4,646 5, Banco Products (India) Neutral 253-1,811 1,530 1, Coffee Day Enterprises Ltd Neutral 246-5,068 3,494 3, Elecon Engineering Neutral Garware Wall Ropes Neutral 921-2, , Goodyear India* Neutral 859-1,982 1,717 1, Hitachi Neutral 2,547-6,926 2,355 2, HSIL Neutral 513-3,711 2,240 2, Interglobe Aviation Neutral 1,125-43,226 22,570 27, Jyothy Laboratories Neutral 377-6,859 1,781 2, Linc Pen & Plastics Neutral M M Forgings Neutral 927-1, Mirza International Neutral 159-1,910 1,148 1, Navkar Corporation Buy , Nilkamal Neutral 1,762-2,630 2,317 2,

13 Stock Watch December 01, 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 241-2,024 1,987 2, Radico Khaitan Neutral 284-3,776 1,811 1, Relaxo Footwears Neutral 606-7,295 1,981 2, Siyaram Silk Mills Neutral 662-3,105 1,769 1, Styrolution ABS India* Neutral 1,132-1,991 1,800 1, Surya Roshni Neutral 383-1,677 4,870 5, TVS Srichakra Neutral 3,326-2,547 2,729 2, Visaka Industries Neutral 656-1,042 1,104 1, VIP Industries Accumulate ,047 1,450 1, Navin Fluorine Accumulate , , Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on November 30, 2017

14 December 01, 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.