Market Outlook. Market Cues. News Analysis. Investor s Ready Reckoner. Top Picks. Key Upcoming Events. June 21, 2016

Transcription

1 6.( Market Outlook Market Cues Indian markets are expected to open in green tracking SGX Nifty and Asian markets. U.S. Markets rose sharply on Monday as investors grew more hopeful that Britain will remain in the European Union, letting go of fears that have pulled stocks down in the last two weeks. The European markets rallied sharply Monday after the results of recent polls eased concerns over a possible "Brexit." These were the first opinion polls on the EU referendum since the killing of lawmaker Jo Cox. The polls showed a shift among British voters towards the "Remain" camp. Indian markets rose on Monday, tracking a rally in global markets after polls showed support for Britain staying in the European Union regaining momentum before this week's referendum. News Analysis New FDI norms for Pharmaceuticals Zydus Cadila- Acquires two ANDA s form Teva Detailed analysis on Pg2 Investor s Ready Reckoner Key Domestic & Global Indicators Stock Watch: Latest investment recommendations on 150+ stocks Refer Pg4 onwards Top Picks Company Sector Rating CMP (`) Target (`) Upside Amara Raja Auto/Auto Ancillary Buy 858 1, HCL Tech IT Buy 769 1, LIC Housing Financials Buy Bharat Electronics Capital Goods Accumulate 1,285 1, Navkar Corporation Others Buy More Top Picks on Pg3 Key Upcoming Events Date Region Event Description Previous Reading Consensus Expectations June 22 US Existing Home sales June 22 Euro Zone Euro Zone Consumer Confidence (7.0) (7.0) June 23 US Intial Jobless claims June 23 Germany PMI Manufacturing More Events on Pg4 Domestic Indices Chg (Pts) (Close) BSE Sensex ,867 Nifty ,239 Mid Cap ,404 Small Cap ,478 Bankex ,285 Global Indices Chg (Pts) (Close) Dow Jones ,805 Nasdaq ,837 FTSE ,204 Nikkei ,965 Hang Seng ,510 Shanghai Com ,889 Advances / Declines BSE NSE Advances 1, Declines 1, Unchanged Volumes (` Cr) BSE 2,704 NSE 16,638 Net Inflows (` Cr) Net Mtd Ytd FII (537) 3,188 21,823 MFs 724 (1,917) 7,509 Top Gainers Price (`) Chg Indianb Aloktext Rdel Unitech Jetairways Top Losers Price (`) Chg Oberoirlty 279 (3.5) Bajajfinsv 2,007 (2.4) Wabag 594 (2.4) Torntpower 177 (2.2) Muthootfin 260 (2.2) As on June 20, 2016

2 Market Outlook New FDI norms for Pharmaceuticals Under the new FDI norms, 74% FDI would be allowed in pharmaceutical sector under the automatic route, which means that investors will not need government's approval to invest up to 74% in existing companies. Currently, FDI up to 100% is permitted in new projects in the pharmaceutical sector, but in Brownfield ones the existing companies the foreign investment is permitted through FIPB approval. The new norms will enable enhanced investments (in the form of M&A Activity) from the MNC companies, which believe in the growth potential of the Domestic Industry. We remain positive on the sector, maintaining our recommendations. Zydus Cadila- Acquires two ANDA s form Teva Zydus Cadila has acquired 2 ANDA s by its 100% subsidiary, Zydus Worldwide DMCC. Zydus has strengthened its US portfolio with ANDAs acquisition from Teva that are being divested by Teva as a pre-condition to its acquisition of Allergan's generic business. The estimated market size of two ANDAs put together is nearly US$200mn. The acquired portfolio comprises an ANDA which is already commercialised and one pipeline ANDA which is a transdermal patch. The transaction will be financed through the group's internal accruals. Zydus has made significant investments in the transdermal manufacturing technology and had also acquired a transdermal manufacturing facility in the US a few years ago. Given that the, products are in the transdermal segment, the competition is expected to be limited, hence would add to the overall profitability. We maintain our buy with a price target of `400. Economic and Political News Govt allows 100% FDI in trading of food products I&B sets ball rolling for e-auction of 2nd batch of FM radio World Bank retains 7.6% growth rate for India in Corporate News Mahindra's services arm aims 400 service outlets this financial year Apollo Hospitals to establish healthcare facility in China Eros to buy 50% stake in Vashu Bhagnani's Puja Films

3 Market Outlook Top Picks Large Cap Company Market Cap (` Cr) CMP (`) Target (`) Upside Rationale Amara Raja Batteries 14, , To outpace battery industry growth due to better technological products leading to market share gains in both the automotive OEM and replacement segments. Bharat Electronics 30,834 1,285 1, Uptick in defense capex by government, coupled with BELs strong market positioning, indicate good times ahead for BEL. HCL Tech 1,08, , Stock is trading at attractive valuations & factors all bad news. HDFC Bank 2,96,834 1,172 1, Strong visibility for a robust 20% earnings trajectory, coupled with high quality of earnings on account of high quality retail business and strategic focus on highly rated corporates. Infosys 2,77,609 1,209 1, Back on the growth trend, expect a long term growth of 14% to be a US$20bn in FY2020. LIC Housing Finance 24, Continues to grow its retail loan book at healthy pace with improvement in asset quality. Expect LICHF to post a healthy loan book which is likely to reflect in a strong earnings growth. NBCC 11, Huge bid pipeline of re-development works at Delhi and other State Governments and opportunity from Smart City, positions NBCC to report strong growth, going forward. Voltas 10, Strong market positioning within the domestic AC markets to continue, EMP business set to revive Source: Company, Angel Research Mid Cap Company Market Cap (` Cr) CMP (`) Target (`) Upside Bajaj Electricals 2, Blue Star 3, Dewan Housing 5, Equitas Holdings 6, IL&FS Transport 2, Jagran Prakashan 5, Mahindra Lifespace 1, Navkar Corporation 2, Radico Khaitan 1, Siyaram Silk Mills 965 1,029 1, Source: Company, Angel Research Rationale 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 AC industry to augur well for Cooling products business. 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. 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. Commencement of new projects, downtrend in the interest rate cycle, to lead to stock re-rating 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. Speedier execution and speedier sales, strong revenue visibility in short-to-long run, attractive valuations Massive capacity expansion along with rail advantage at ICD as well CFS augurs well for the company Earnings boost on back of stable material prices and favourable pricing environment. Valuation discount to peers provides additional comfort Strong brands and distribution network would boost growth going ahead. Stock currently trades at an inexpensive valuation.

4 Market Outlook Key Upcoming Events Global economic events release calendar Date Time Country Event Description Unit Period Bloomberg Data Last Reported Estimated Jun 22, :30PM Euro Zone Euro-Zone Consumer Confidence Value Jun A (7.00) (7.00) 7:30PM US Existing home sales Million May Jun 23, :00PM Germany PMI Services Value Jun P :00PM US Initial Jobless claims Thousands Jun :00PM Germany PMI Manufacturing Value Jun P :00PM US GDP Qoq (Annualised) % Change 1Q T Jun 28, :30PM US New home sales Thousands May :30PM US Consumer Confidence S.A./ 1985=100 Jun Jun 30, :25PM Germany Unemployment change (000's) Thousands Jun (11.00) -- 2:00PM UK GDP (YoY) % Change 1Q F Jul 1, :00PM UK PMI Manufacturing Value Jun :30AM China PMI Manufacturing Value Jun Jul 7, :00PM UK Industrial Production (YoY) % Change May Jul 8, 2016 India Imports YoY% % Change Jun (13.20) -- India Exports YoY% % Change Jun (0.80) -- 6:00PM US Change in Nonfarm payrolls Thousands Jun :00PM US Unnemployment rate % Jun Jul 10, :30PM India Industrial Production YoY % Change May (0.80) -- Jul 12, :00AM China Consumer Price Index (YoY) % Change Jun Jul 13, 2016 China Exports YoY% % Change Jun (4.10) -- Jul 14, :30PM UK BOE Announces rates % Ratio Jul US Producer Price Index (mom) % Change Jun :00PM India Monthly Wholesale Prices YoY% % Change Jun Jul 15, :30PM Euro Zone Euro-Zone CPI (YoY) % Jun F (0.10) -- 6:00PM US Consumer price index (mom) % Change Jun :45PM US Industrial Production % Jun (0.42) -- 7:30AM China Industrial Production (YoY) % Change Jun :00PM US Housing Starts Thousands Jun 1, Source: Bloomberg, Angel Research

5 Market Outlook h Macro watch Exhibit 1: Quarterly GDP trends Exhibit 2: IIP trends QFY QFY QFY QFY QFY QFY QFY15 4QFY QFY16 2QFY QFY QFY (2.0) (4.0) (6.0) Jun-15 Jul Aug Sep Oct-15 (3.4) Nov-15 (0.9) Dec-15 (1.6) Jan Feb Mar-16 (0.8) Apr-16 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 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 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 0.0 (5.0) (10.0) (15.0) (20.0) (25.0) (30.0) (35.0) Exports yoy growth Imports yoy growth Repo rate Reverse Repo rate CRR Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jul-15 Jul-15 Aug-15 Sep-15 Sep-15 Oct-15 Nov-15 Nov-15 Dec-15 Jan-16 Feb-16 Feb-16 Mar-16 Apr-16 Apr-16 May-16 Source: Bloomberg, Angel Research Source: RBI, Angel Research

6 Market Outlook h Global watch Exhibit 1: Latest quarterly GDP Growth (%, yoy) across select developing and developed countries (2.0) (4.0) Brazil Russia (1.2) 5.3 India 6.7 China (0.2) South Africa 4.9 Indonesia 4.2 Malaysia 3.2 Thailand UK USA Germany France 0.1 Japan (6.0) (5.4) (8.0) Source: Bloomberg, Angel Research Exhibit 2: 2016 GDP Growth projection by IMF (%, yoy) across select developing and developed countries (3.8) (1.8) (2.0) (4.0) Brazil Russia India China South Africa Indonesia Malaysia Thailand UK USA Germany France Japan (6.0) 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 Stock Watch Company Name Reco CMP Target Mkt Cap Sales ( cr ) OPM EPS ( ) PER(x) P/BV(x) RoE EV/Sales(x) ( ) Price ( ) ( cr ) FY16E FY17E FY16E FY17E FY16E FY17E FY16E FY17E FY16E FY17E FY16E FY17E FY16E FY17E Agri / Agri Chemical Rallis Neutral 214-4,157 1,612 1, United Phosphorus Buy ,394 13,083 15, Auto & Auto Ancillary Ashok Leyland Accumulate ,388 17,995 21, Bajaj Auto Neutral 2,612-75,584 22,709 25, Bharat Forge Buy ,571 7,351 8, Eicher Motors Accumulate 18,661 20,044 50,684 15,556 16, Gabriel India Accumulate ,350 1,415 1, Hero Motocorp Neutral 3,049-60,878 28,244 30, Jamna Auto Industries Neutral 174-1,387 1,281 1, L G Balakrishnan & Bros Neutral ,254 1, Mahindra and Mahindra Neutral 1,351-83,897 38,416 42, Maruti Neutral 4, ,884 57,865 68, Minda Industries Neutral 1,157-1,836 2,523 2, Motherson Sumi Accumulate ,219 39,343 45, Rane Brake Lining Buy Setco Automotive Neutral Tata Motors Neutral , , , TVS Motor Accumulate ,915 11,263 13, Amara Raja Batteries Buy 858 1,076 14,648 4,690 5, Exide Industries Neutral ,736 6,950 7, Apollo Tyres Buy ,638 12,056 12, Ceat Buy 839 1,119 3,394 6,041 6, JK Tyres Neutral 89-2,010 7,446 7, Swaraj Engines Neutral 1,108-1, Subros Neutral ,293 1, Indag Rubber Neutral Capital Goods ACE Neutral BEML Buy 869 1,157 3,617 3,277 4, Bharat Electronics Accumulate 1,285 1,414 30,834 7,295 8,

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 ) FY16E FY17E FY16E FY17E FY16E FY17E FY16E FY17E FY16E FY17E FY16E FY17E FY16E FY17E Capital Goods Voltas Buy ,621 5,857 6, BGR Energy Neutral ,615 3, BHEL Neutral ,338 33,722 35, Blue Star Accumulate ,810 3,770 4, Crompton Greaves Neutral 74-4,635 13,484 14, Greaves Cotton Neutral 138-3,376 1,655 1, Inox Wind Buy ,106 4,406 5, KEC International Neutral 138-3,548 8,791 9, Thermax Neutral 801-9,549 6,413 7, VATech Wabag Accumulate ,226 2,722 3, Cement ACC Neutral 1,570-29,490 13,151 14, Ambuja Cements Neutral ,455 11,564 12, HeidelbergCement Neutral 107-2,417 1,772 1, India Cements Neutral 105-3,222 4,216 4, JK Cement Neutral 653-4,563 3,661 4, J K Lakshmi Cement Neutral 391-4,598 2,947 3, Mangalam Cements Neutral ,053 1, Orient Cement Neutral 164-3,368 1,854 2, Ramco Cements Neutral ,256 4,036 4, Shree Cement^ Neutral 13,736-47,852 7,150 8, UltraTech Cement Neutral 3,363-92,303 24,669 29, Construction ITNL Buy ,482 7,360 8, KNR Constructions Accumulate , , Larsen & Toubro Buy 1,506 1, ,328 58,870 65, Gujarat Pipavav Port Neutral 154-7, MBL Infrastructures Buy ,313 2, Nagarjuna Const. Neutral 76-4,225 7,892 8, PNC Infratech Buy ,832 1,873 2, Simplex Infra Neutral 273-1,348 5,955 6,

9 Stock Watch Company Name Reco CMP Target Mkt Cap Sales ( cr ) OPM EPS ( ) PER(x) P/BV(x) RoE EV/Sales(x) ( ) Price ( ) ( cr ) FY16E FY17E FY16E FY17E FY16E FY17E FY16E FY17E FY16E FY17E FY16E FY17E FY16E FY17E Construction Power Mech Projects Neutral ,539 1, Sadbhav Engineering Neutral 282-4,833 3,186 3, NBCC Buy ,166 5,838 7, MEP Infra Neutral ,956 1, SIPL Neutral 100-3, , Engineers India Neutral 201-6,783 1,667 1, Financials Allahabad Bank Neutral 60-4,327 8,569 9, Axis Bank Neutral ,204 26,204 29, Bank of Baroda Neutral ,000 18,802 21, (7.4) (4.2) Bank of India Neutral 97-9,032 15,972 17, Canara Bank Neutral ,338 15,441 16, Dena Bank Neutral 37-2,451 3,440 3, Dewan Housing Finance Buy ,973 1,828 2, Equitas Holdings Buy , , Federal Bank Neutral 57-9,802 3,279 3, HDFC Neutral 1, ,079 10,358 11, HDFC Bank Accumulate 1,172 1, ,834 38,606 47, ICICI Bank Neutral ,588 34,279 39, IDBI Bank Neutral 71-14,700 9,625 10, Indian Bank Neutral 141-6,770 6,160 6, LIC Housing Finance Buy ,241 3,179 3, Oriental Bank Neutral 103-3,548 7,643 8, Punjab Natl.Bank Neutral 96-18,909 23,122 26, South Ind.Bank Neutral 20-2,755 1,965 2, St Bk of India Neutral ,521 79,958 86, Union Bank Neutral 128-8,810 12,646 14, Vijaya Bank Neutral 37-3,681 3,536 3, Yes Bank Neutral 1,075-45,247 7,190 9, FMCG Asian Paints Neutral ,143 15,534 17,

10 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 ) FY16E FY17E FY16E FY17E FY16E FY17E FY16E FY17E FY16E FY17E FY16E FY17E FY16E FY17E Britannia Neutral 2,623-31,469 8,481 9, Colgate Neutral ,544 4,136 4, Dabur India Neutral ,096 9,370 10, GlaxoSmith Con* Accumulate 5,620 6,118 23,636 4,519 5, Godrej Consumer Neutral 1,557-53,031 9,003 10, HUL Neutral ,408 33,299 35, ITC Accumulate ,331 36,837 39, Marico Neutral ,796 6,151 6, Nestle* Neutral 6,518-62,846 9,393 10, Tata Global Accumulate ,962 8,635 9, Procter & Gamble Hygiene Buy 6,260 7,369 20,320 2,588 2, IT HCL Tech^ Buy 769 1, ,487 37,061 30, Infosys Buy 1,209 1, ,609 62,441 70, TCS Buy 2,656 3, , , , Tech Mahindra Buy ,885 26,494 30, Wipro Buy ,606 50,808 56, Media D B Corp Neutral 372-6,828 2,025 2, HT Media Neutral 78-1,814 2,495 2, Jagran Prakashan Buy ,602 2,107 2, Sun TV Network Neutral ,648 2,510 2, Hindustan Media Ventures Neutral 272-1, , Metals & Mining Coal India Buy ,007 76,167 84, Hind. Zinc Neutral ,429 14,641 14, Hindalco Neutral , , , JSW Steel Neutral 1,404-33,938 42,308 45, (10.3) (1.0) NMDC Neutral 93-36,674 8,237 10, SAIL Neutral 45-18,627 45,915 53, Vedanta Neutral ,096 71,445 81, Tata Steel Neutral , , ,

11 Stock Watch Company Name Reco CMP Target Mkt Cap Sales ( cr ) OPM EPS ( ) PER(x) P/BV(x) RoE EV/Sales(x) ( ) Price ( ) ( cr ) FY16E FY17E FY16E FY17E FY16E FY17E FY16E FY17E FY16E FY17E FY16E FY17E FY16E FY17E Oil & Gas Cairn India Neutral ,798 11,323 12, GAIL Neutral ,849 64,856 70, ONGC Neutral , , , Petronet LNG Neutral ,529 29,691 31, Indian Oil Corp Accumulate , , , Reliance Industries Neutral , , , Pharmaceuticals Alembic Pharma Neutral 527-9,933 3,145 3, Aurobindo Pharma Accumulate ,212 13,651 15, Aventis* Accumulate 4,192 4,738 9,654 2,049 2, Cadila Healthcare Buy ,350 9,469 11, Cipla Neutral ,106 13,372 15, Dr Reddy's Buy 3,058 3,476 52,149 15,471 17, Dishman Pharma Neutral 136-2,201 1,733 1, GSK Pharma* Neutral 3,487-29,535 2,741 3, Indoco Remedies Neutral 270-2, , Ipca labs Buy ,025 2,844 3, Lupin Buy 1,461 1,809 65,865 13,702 15, Sun Pharma Buy ,107 27,744 31, Power Tata Power Neutral 75-20,298 35,923 37, NTPC Neutral ,980 87,271 99, Power Grid Accumulate ,901 20,702 23, Real Estate MLIFE Buy , , Telecom Bharti Airtel Neutral , , , Idea Cellular Neutral ,068 34,282 36, zothers Abbott India Neutral 4,421-9,394 2,715 3, Bajaj Electricals Buy ,314 4,612 5, Finolex Cables Neutral 361-5,521 2,520 2, Goodyear India* Buy ,190 1,800 1, Hitachi Neutral 1,267-3,444 1,779 2,

12 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 ) FY16E FY17E FY16E FY17E FY16E FY17E FY16E FY17E FY16E FY17E FY16E FY17E FY16E FY17E Jyothy Laboratories Neutral 297-5,381 1,620 1, MRF Buy 32,251 45,575 13,678 20,316 14, , , Page Industries Neutral 13,673-15,250 1,929 2, Relaxo Footwears Neutral 496-5,957 1,767 2, Siyaram Silk Mills Buy 1,029 1, ,619 1, Styrolution ABS India* Neutral 609-1,071 1,271 1, TVS Srichakra Buy 2,343 2,932 1,794 2,035 2, HSIL Buy ,863 2,123 2, Kirloskar Engines India Ltd Neutral 260-3,760 2,403 2, M M Forgings Buy Banco Products (India) Neutral 144-1,032 1,208 1, Competent Automobiles Neutral ,040 1, Nilkamal Neutral 1,150-1,716 1,871 2, Visaka Industries Accumulate ,020 1, Transport Corporation of Neutral 308-2,362 2,830 3, India Elecon Engineering Neutral ,359 1, Surya Roshni Buy ,992 3, MT Educare Neutral Radico Khaitan Buy ,153 1,543 1, Garware Wall Ropes Buy Wonderla Holidays Neutral 395-2, Linc Pen & Plastics Neutral The Byke Hospitality Neutral Interglobe Aviation Neutral 1,072-38,619 17,022 21, Coffee Day Enterprises Ltd Neutral 256-5,275 2,692 2, Navneet Education Neutral 94-2, , Navkar Corporation Buy , UFO Moviez Neutral 518-1, VRL Logistics Neutral 303-2,767 1,725 1,

13 Stock Watch Company Name Reco CMP Target Mkt Cap Sales ( cr ) OPM EPS ( ) PER(x) P/BV(x) RoE EV/Sales(x) ( ) Price ( ) ( cr ) FY16E FY17E FY16E FY17E FY16E FY17E FY16E FY17E FY16E FY17E FY16E FY17E FY16E FY17E zothers Team Lease Serv. Neutral 889-1,520 2,565 3, S H Kelkar & Co. Neutral 212-3, , Quick Heal Neutral 268-1, Narayana Hrudaya Neutral 322-6,585 1,603 1, Manpasand Bever. Neutral 542-2, Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on June 20, 2016

14 Market Outlook 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 Metropolitian Stock Exchange of India 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 including its relatives/analyst do not hold any financial interest/beneficial ownership of more than 1% in the company covered by Analyst. 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. Angel/analyst has not served as an officer, director or employee of company covered by Analyst and has not been engaged in market making activity of the company covered by Analyst. 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. 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. Note: Please refer to the important Stock Holding Disclosure' report on the Angel website (Research Section). Also, please refer to the latest update on respective stocks for the disclosure status in respect of those stocks. Angel Broking Pvt. Limited and its affiliates may have investment positions in the stocks recommended in this report.