Market Outlook. Market Cues. Result Preview and Review. Investor s Ready Reckoner. Top Picks. Key Upcoming Events. July 27, 2017

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1 Market Cues Indian markets are likely to open flat tracking global indices and SGX Nifty. U.S. markets mostly higher on the back of strong earnings and following the Federal Reserve's decision to keep interest rates unchanged. The Fed was widely expected to keep monetary policy steady. The central bank, however, laid the groundwork for winding down its massive stimulus program in September. The European markets posted gains in early trade Wednesday, before settling into a sideways pattern. Solid U.K. GDP data and a number of positive corporate financial reports helped the markets to log modest gains. Energy stocks also benefitted from the continued rise in crude oil prices. A surge in late-session buying on the back of positive global cues helped India's benchmark indexes Sensex and the Nifty end at fresh record highs on Wednesday. The BSE Sensex rose 154 points or 0.5% to 32,382 while the broader Nifty index finished up 56 points or 0.6% at 10,021, closing above 10,000 for the first time ever. Result Preview and Review Preview: Dr. Reddy s Labs & HCL Tech Review: Yes Bank Detailed analysis is on Pg2 Investor s Ready Reckoner Key Domestic & Global Indicators 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 FinanceFinancials Buy Mahindra Lifespace Real Estate Buy Navkar Corporation Others Buy KEI Industries Capital Goods Accumulate More Top Picks on Pg5 Key Upcoming Events Date Region Event Description Previous Reading Consensus Expectations Jul 27, 2017 US FOMC rate decision Jul 28, 2017 Euro Zone Euro-Zone Consumer Confidence (1.70) (1.70) Jul 28, 2017 Germany PMI Manufacturing Jul 31, 2017 US GDP Qoq (Annualised) Aug 01, 2017 China PMI Manufacturing More Events on Pg7 Domestic Indices Chg (Pts) (Close) BSE Sensex ,422 32,382 Nifty ,021 9,136 Mid Cap ,485 15,340 Small Cap ,128 16,099 Bankex (0.5) 0.7 (131) ,444 27,962 Global Indices Chg (Pts) (Close) Dow Jones ,579 21,711 Nasdaq ,917 6,423 FTSE ,119 7,452 Nikkei (0.0) (2) 18,430 20,050 Hang Seng ,057 26,941 Shanghai Com ,172 3,248 Advances / Declines BSE NSE Advances 1,849 1,329 1, Declines 1,039 1, Unchanged Volumes (` Cr) BSE 4,029 4,053 NSE 25,391 29,075 #Net Inflows (` Cr) Net Net Mtd Ytd FII (565) 321 (2,249) 1,471 41,972 57,379 MFs 1, ,895 6,239 14,333 45,385 Top Gainers Price (`) Chg Indiacem Get&D Jktyre Sparc Gsfc Jindalstel Sobha Jpassociat Jetairways Mmtc Top Losers Price (`) Chg Irb Renuka (5.0) (6.5) Yesbank Lakshvilas 1, (3.8) (6.0) Icicibank Sreinfra (2.9) (3.6) Polaris Federalbnk (2.5) (3.6) Concor Orientbank 1, (2.5) (3.4) #As #as on 26 April July, 20, 2017

2 Result Preview Dr Reddy s Lab (CMP: `2,705 / TP: /Upside :) Dr Reddy s Labs, is expected to put the up sales of `3,636cr in 1QFY2018 V/s `3,235cr, a yoy growth of 12.4%. On operating front, the EBDITA is expected to come in at 16.1% in 1QFY2018 V/s 11.7% in 1QFY2017. Consequently, the PAT is expected to come at `321cr in 1QFY2018 V/s `126cr in 1QFY2017, a yoy growth of 154.5%. We maintain our neutral rating on the stock. Y/E Sales OPM PAT EPS ROE P/E P/BV EV/EBITDA EV/Sales March (` cr) (` cr) (`) (x) (x) (x) (x) FY2018E 15, , FY2019E 18, , HCL Tech (CMP: `889 / TP: `1014/Upside: 14.1%) HCL Tech for 1QFY2018 is expected to announce good set of numbers. The sales is expected to come in at US$1,891mn V/s US$1,817mn in 4QFY2017, a qoq growth of 4.1% qoq. In Rupee terms, the sales are expected to be come in at `12,208cr V/s `12,053cr in 4QFY2017, a qoq growth of 1.3%. On the operating profit front the EBIT came in at 19.5% V/s 20.0% in 4QFY2017, a qoq dip of 55bps. The PAT is expected to come in at `2,101cr V/s `2,325cr in 4QFY2017, a qoq dip of 9.6%. We maintain our buy rating on the stock. Y/E Sales OPM PAT EPS ROE P/E P/BV EV/EBITDA EV/Sales March (` cr) (` cr) (`) (x) (x) (x) (x) FY2018E 52, , FY2019E 57, , Result Review Strong operating performance and improving asset quality to ensure healthy bottom-line growth for Yes Bank going ahead: Yes Bank s Q1FY18 results have been in line with expectations. For five consecutive quarters the bank has been delivering loan growth above 30%, with growth in Q1FY18 coming in at 32%. Deposit growth also remained strong at 22.6%. Yes Bank has been aggressively expanding its CASA base and now the CASA ratio has gone up to 36.5% a gain of 690 bps over last year. One of the large cement accounts was recognised as NPAs during Q4FY17 and hence the asset quality has seen deterioration with GNPAs going up to 1.50% in Q4FY17 vs 0.85% in Q3FY17.

3 However, during that time the management was fairly confident that the account will get regularised and accordingly there has been recovery from that account. This has resulted in GNPAs has come down by `654 cr in absolute terms and 55 bps QoQ to 0.97%. With asset quality concerns easing and core operations remaining strong the earnings visibility of the bank has improved. The stock is trading at 2.7x its FY19E Book Value. We upgrade the stock to ACCUMULATE. Economic and Political News No plans to take up delayed residential projects of private builders: Govt GST impact: CNG price hiked by `1.1 a kg in Delhi, still cheaper than NCR Continued decline in telcos revenue to impact govt collections: Manoj Sinha Corporate News Maruti Suzuki launches first Nexa service centre, eyes 300 outlets by 2020 PVR Q1 net rises 4% at `44cr Indiabulls Housing Finance Q1 net rises 25% to `788cr

4 Top Picks Company Market Cap (` Cr) CMP (`) Target (`) Upside Alkem Laboratories 22,045 1,844 2, Asian Granito 1, Blue Star 6, Dewan Housing Finance 14, Karur Vysya Bank 8, KEI Industries 1, Mahindra Lifespace 2, Navkar Corporation 2, Siyaram Silk Mills 2,170 2,315 2,500 TV Today Network 1, Maruti 2,28,915 7,578 8, Rationale Strong growth in domestic business due to its leadership 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. 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. 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 bottomline 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 Speedier execution and speedier sales, strong revenue visibilty in short-to-long run, attractive valuations 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. 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. Source: Company, Angel Research,

5 Key Upcoming Events Global economic events release calendar Bloomberg Data Date Time Country Event Description Unit Period Last Reported Estimated Jul 26, :00 PM UK GDP (YoY) % Change 2Q A :30 PM US FOMC rate decision % Jul :30 PM US New home sales Thousands Jun Jul 27, :00 PM US Initial Jobless claims Thousands Jul Jul 28, :30 AM China PMI Manufacturing Value Jul :30 PM Euro Zone Euro-Zone Consumer Confidence Value Jul F (1.70) (1.70) Jul 31, :00 PM US GDP Qoq (Annualised) % Change 2Q A Aug 01, :25 PM Germany PMI Manufacturing Value Jul F :25 PM Germany Unemployment change (000's) Thousands Jul :00 PM UK PMI Manufacturing Value Jul :30 PM Euro Zone Euro-Zone GDP s.a. (QoQ) % Change 2Q A 0.60 Aug 02, :30 PM India RBI Reverse Repo rate % Aug :30 PM India RBI Repo rate % Aug :30 PM India RBI Cash Reserve ratio % Aug Aug 03, :25 PM Germany PMI Services Value Jul F :30 PM UK BOE Announces rates % Ratio Aug Aug 04, :00 PM US Unnemployment rate % Jul :00 PM US Change in Nonfarm payrolls Thousands Jul Aug 08, 2017 China Exports YoY% % Change Jul Aug 09, :00 AM China Consumer Price Index (YoY) % Change Jul 1.50 Aug 10, 2017 India Imports YoY% % Change Jul Source: Bloomberg, Angel Research

6 Macro watch Exhibit 1: Quarterly GDP trends Exhibit 2: IIP trends QFY15 2QFY15 3QFY15 4QFY15 1QFY16 2QFY16 3QFY16 4QFY16 1QFY17 2QFY17 3QFY17 4QFY Jul-16 Aug- 16 Sep-16 Oct-16 Nov- 16 Dec-16 Jan-17 Feb-17 Mar- 17 Apr-17 May- 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 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-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 (10.0) (20.0) (30.0) Exports yoy growth Imports yoy growth Repo rate Reverse Repo rate CRR Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Sep-16 Sep-16 Oct-16 Nov-16 Nov-16 Dec-16 Jan-17 Jan-17 Feb-17 Mar-17 Apr-17 Apr-17 May-17 Jun-17 Jun-17 Jul-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 (1.0) (0.4) Brazil 0.5 Russia India China South Africa Indonesia Malaysia 3.3 Thailand 1.7 UK 2.1 USA 2.9 Germany France Japan Source: Bloomberg, Angel Research Exhibit 2: 2016 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 France Japan Source: IMF, 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 Agri / Agri Chemical Rallis Reduce ,698 1,937 2, United Phosphorus Neutral ,356 15,176 17, Auto & Auto Ancillary Ashok Leyland Accumulate ,065 20,019 22, Bajaj Auto Neutral 2,838-82,124 25,093 27, Bharat Forge Neutral 1,138-26,500 7,726 8, Eicher Motors Neutral 29,002-78,951 16,583 20, Gabriel India Neutral 149-2,140 1,544 1, Hero Motocorp Neutral 3,718-74,242 28,120 30, Jamna Auto Industries Neutral 257-2,050 1,486 1, L G Balakrishnan & Bros Neutral 763-1,198 1,302 1, Mahindra and Mahindra Neutral 1,413-87,763 46,534 53, Maruti Accumulate 7,578 8, ,915 67,822 83, Minda Industries Neutral 777-6,712 2,728 3, Motherson Sumi Neutral ,871 45,896 53, Rane Brake Lining Neutral 1,334-1, Setco Automotive Neutral Tata Motors Neutral , , , TVS Motor Neutral ,123 13,390 15, Amara Raja Batteries Accumulate ,474 5,339 6, Exide Industries Neutral ,437 7,439 8, Apollo Tyres Neutral ,550 12,877 14, Ceat Neutral 1,873-7,577 7,524 8, JK Tyres Neutral 167-3,790 7,455 8, Swaraj Engines Neutral 2,122-2, Subros Neutral 245-1,469 1,488 1, Indag Rubber Neutral Capital Goods ACE Neutral BEML Neutral 1,656-6,897 3,451 4, Bharat Electronics Neutral ,200 8,137 9,

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 Voltas Neutral ,463 6,511 7, BGR Energy Neutral 152-1,096 16,567 33, BHEL Neutral ,233 28,797 34, Blue Star Accumulate ,679 4,283 5, CG Power and Industrial Neutral 85-5,321 5,777 6, Solutions Greaves Cotton Neutral 165-4,027 1,755 1, Inox Wind Neutral 134-2,964 5,605 6, KEC International Neutral 302-7,773 9,294 10, KEI Industries Accumulate ,812 2,633 3, Thermax Neutral ,792 5,421 5, VATech Wabag Accumulate ,261 3,136 3, Cement ACC Neutral 1,710-32,120 11,225 13, Ambuja Cements Neutral ,570 9,350 10, India Cements Neutral 212-6,533 4,364 4, JK Cement Neutral 988-6,908 4,398 5, J K Lakshmi Cement Neutral 459-5,395 2,913 3, Orient Cement Neutral 160-3,279 2,114 2, UltraTech Cement Neutral 4, ,936 25,768 30, Construction ITNL Neutral 93-3,046 8,946 10, KNR Constructions Neutral 210-2,947 1,385 1, Larsen & Toubro Buy 1,180 1, , , , Gujarat Pipavav Port Neutral 148-7, Nagarjuna Const. Neutral 90-5,015 8,842 9, PNC Infratech Neutral 142-3,647 2,350 2, Simplex Infra Neutral 489-2,420 6,829 7, Power Mech Projects Neutral ,801 2, Sadbhav Engineering Neutral 287-4,929 3,598 4, NBCC Neutral ,963 7,428 9, MEP Infra Neutral 126-2,050 1,877 1,

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 SIPL Neutral 106-3,718 1,036 1, (8.4) (5.6) (22.8) (15.9) Engineers India Neutral ,967 1,725 1, Financials Axis Bank Accumulate ,775 46,932 53, Bank of Baroda Neutral ,604 19,980 23, Canara Bank Neutral ,335 15,225 16, Can Fin Homes Neutral 3,050-8, Cholamandalam Inv. & Accumulate Fin. Co. 1,147 1,230 17,921 2,012 2, Dewan Housing Finance Buy ,384 2,225 2, Equitas Holdings Buy , , Federal Bank Accumulate ,306 8,259 8, HDFC Neutral 1, ,159 11,475 13, HDFC Bank Accumulate 1,750 1, ,365 46,097 55, ICICI Bank Neutral ,930 42,800 44, Karur Vysya Bank Buy ,297 5,640 6, Lakshmi Vilas Bank Neutral 183-3,517 3,339 3, LIC Housing Finance Neutral ,196 3,712 4, Punjab Natl.Bank Neutral ,792 23,532 23, RBL Bank Neutral ,897 1,783 2, Repco Home Finance Accumulate , South Ind.Bank Neutral 31-5,509 6,435 7, St Bk of India Neutral ,293 88,650 98, Union Bank Neutral ,968 13,450 14, Yes Bank Accumulate 1,713 1,850 78,348 8,978 11, FMCG Akzo Nobel India Neutral 1,768-8,478 2,955 3, Asian Paints Neutral 1, ,730 17,128 18, Britannia Neutral 3,854-46,268 9,594 11, Colgate Neutral 1,066-28,984 4,605 5, Dabur India Neutral ,920 8,315 9, GlaxoSmith Con* Neutral 5,504-23,147 4,350 4,

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 Godrej Consumer Neutral 1,025-69,816 10,235 11, HUL Neutral 1, ,009 35,252 38, ITC Neutral ,828 40,059 44, Marico Neutral ,115 6,430 7, Nestle* Neutral 6,787-65,440 10,073 11, Tata Global Neutral ,868 8,675 9, Procter & Gamble Hygiene Neutral 8,039-26,096 2,939 3, IT HCL Tech^ Accumulate 891 1, ,209 46,723 52, Infosys Buy 994 1, ,259 68,484 73, TCS Neutral 2, , , , Tech Mahindra Buy ,960 29,141 31, Wipro Neutral ,101 55,421 58, Media D B Corp Neutral 377-6,929 2,297 2, HT Media Neutral 87-2,020 2,693 2, Jagran Prakashan Buy ,718 2,283 2, Sun TV Network Neutral ,724 2,850 3, Hindustan Media Ventures Neutral 281-2,063 1,016 1, TV Today Network Buy , Music Broadcast Limited Buy , Metals & Mining Coal India Neutral ,455 84,638 94, Hind. Zinc Neutral ,253 14,252 18, Hindalco Neutral , , , JSW Steel Neutral ,973 53,201 58, NMDC Neutral ,153 6,643 7, SAIL Neutral 64-26,391 47,528 53,738 (0.7) 2.1 (1.9) (1.6) Vedanta Neutral ,435 71,744 81, Tata Steel Neutral , , , Oil & Gas GAIL Neutral ,542 56,220 65, ONGC Neutral , , ,

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 Indian Oil Corp Neutral , , , Reliance Industries Neutral 1, , , , Pharmaceuticals Alembic Pharma Buy ,227 3,101 3, Alkem Laboratories Ltd Buy 1,844 2,161 22,045 5,853 6, Aurobindo Pharma Accumulate ,821 14,845 17, Aventis* Neutral 4,294-9,889 2,206 2, Cadila Healthcare Sell ,065 9,220 11, Cipla Sell ,253 14,281 16, Dr Reddy's Neutral 2,711-44,928 14,081 15, Dishman Pharma Sell 143 1,718 1, GSK Pharma* Neutral 2,479-20,994 2,927 3, Indoco Remedies Sell ,851 1,067 1, Ipca labs Buy ,214 3,211 3, Lupin Buy 1,124 1,526 50,792 17,120 18, Natco Pharma Accumulate 1,001 1,060 17,455 2,065 1, Sun Pharma Buy ,784 30,264 32, Power Tata Power Neutral 83-22,328 36,916 39, NTPC Neutral ,833 86,605 95, Power Grid Neutral ,447 25,315 29, Real Estate Prestige Estate Neutral 258-9,666 4,707 5, MLIFE Buy ,197 1,152 1, Telecom Bharti Airtel Neutral , , , Idea Cellular Neutral 95-34,132 40,133 43, zothers Abbott India Neutral 4,311-9,160 3,153 3, Asian Granito Buy ,255 1,066 1, Bajaj Electricals Buy ,458 4,801 5, Banco Products (India) Neutral 238-1,702 1,353 1, Coffee Day Enterprises Ltd Neutral 245-5,056 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 490-7,498 2,883 3, Garware Wall Ropes Neutral 895-1, Goodyear India* Neutral 890-2,053 1,598 1, Hitachi Neutral 2,011-5,467 2,081 2, HSIL Neutral 381-2,754 2,384 2, Interglobe Aviation Neutral 1,235-44,645 21,122 26, Jyothy Laboratories Neutral 376-6,833 1,440 2, Kirloskar Engines India Ltd Neutral 400-5,782 2,554 2, Linc Pen & Plastics Neutral M M Forgings Neutral Manpasand Bever. Neutral 795-4, , Mirza International Neutral 161-1, , MT Educare Neutral Narayana Hrudaya Neutral 298-6,098 1,873 2, Navkar Corporation Buy , Navneet Education Neutral 170-3,962 1,062 1, Nilkamal Neutral 1,883-2,810 1,995 2, Page Industries Neutral 16,786-18,723 2,450 3, Parag Milk Foods Neutral 253-2,132 1,919 2, Quick Heal Neutral 218-1, Radico Khaitan Accumulate ,724 1,667 1, Relaxo Footwears Neutral 485-5,823 2,085 2, S H Kelkar & Co. Neutral 275-3,975 1,036 1, Siyaram Silk Mills Accumulate 2,315 2,500 2,170 1,574 1, Styrolution ABS India* Neutral 1,110-1,953 1,440 1, Surya Roshni Neutral 290-1,272 3,342 3, Team Lease Serv. Neutral 1,335-2,282 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 319-2,442 2,671 2, India TVS Srichakra Neutral 3,714-2,844 2,304 2, UFO Moviez Neutral 386-1, Visaka Industries Neutral ,051 1, VRL Logistics Neutral 321-2,933 1,902 2, VIP Industries Buy ,552 1,270 1, Navin Fluorine Accumulate , Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on July 26, 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.