Market Outlook. Market Cues. News Analysis. Investor s Ready Reckoner. Top Picks. Key Upcoming Events. June 08, 2016

Transcription

1 6.( Market Outlook Market Cues Indian Markets are expected to open in green tracking SGX Nifty & Global Markets. The US markets ended flat to positive after gaining strength in the last few trading session. On Mon day Federal chairperson Yellen struck a generally positive tone to the US economy, warning markets against overreacting to the disappointing US non farm pay rolls numbers on Friday. Euorpean stocks posted strong gains yesterday as a rise in oil price and latest comments Fed Chairperson Janet Yellen, boosted investor sentiment. The FTSe closed 0.2% higher while France s CAC went up by 1.2% and Germany s DAX pushed up further ahead gaining by 1.65% at day end. The Indian market opened with flat to positive not yesterday but picked up momentum after the RBI s second bimonthly policy review. The RBI kept the key policy rates unchanged and said there is an upside risk to the inflation target. However it has retained its inflation target at 5% for Jan, Banking stocks posted strong gain led by ICICI Bank and SBI as the RBI said it is in the process of setting up a stressed asset equity fund to help banks overcome the NPA issues. The apex Bank has also retained its FY17 GDP growth projections at 7.6%, and this seems to have played a positive sentiment for the market participants. News Analysis Alstom-Bharatforge JV signs $ 219 Mn deal Detailed analysis on Pg2 Investor s Ready Reckoner Key Domestic & Global Indicators Stock Watch: Latest investment recommendations on 150+ stocks Domestic Indices Chg (Pts) (Close) BSE Sensex ,010 Nifty ,266 Mid Cap ,417 Small Cap ,281 Bankex ,536 Global Indices Chg (Pts) (Close) Dow Jones ,938 Nasdaq (0.1) (7) 4,962 FTSE ,285 Nikkei (0.3) (55) 16,620 Hang Seng (0.4) (88) 21,241 Shanghai Com (0.7) (21) 2,915 Advances / Declines BSE NSE Advances 1, Declines 1, Unchanged Volumes (` Cr) BSE 2,726 NSE 19,024 Refer Pg4 onwards Top Picks Company Sector Rating CMP (`) Target (`) Upside Amara Raja Auto/Auto Ancillary Buy 835 1, HCL Tech IT Buy 727 1, LIC Housing Financials Buy Bharat Electronics Capital Goods Buy 1,217 1, Navkar Corporation Others Buy More Top Picks on Pg3 Key Upcoming Events Date Region Event Description Previous Reading Consensus Expectations June 08 UK Industrial Production (YoY) (0.20) (0.40) June 08 China Consumer price Index (YoY) June 09 US Initial Jobless claims June 09 India Industrial Production YoY 0.10 (0.60) More Events on Pg4 Net Inflows (` Cr) Net Mtd Ytd FII 1,612 2,558 16,927 MFs (154) (342) 9,089 Top Gainers Price (`) Chg J&Kbank Fsl Edelweiss Aban Ipcalab Top Losers Price (`) Chg Aloktext 3 (7.6) Dbcorp 373 (3.9) Cox&Kings 153 (2.6) Glenmark 764 (2.3) Jetairways 552 (2.3) As on June 7, 2016

2 Market Outlook Alstom Bharat Forge JV to Supply Steam Generators worth $219Mn to NTPC in Telenagana: Alstom Bharat Forge Power Private Ltd, the JV between GE and Bharat Forge Ltd, have signed a contract worth $219Mn (`1495 cr) with NTPC Ltd. The JV will supply two units of 800 MW ultra super critical steam turbine generator islands on EPC basis, along with related civil work for the Telangana Super Thermal Power Project Phase I in Telangana. The total power demand from the southern region is 34,000 MW. The 800 MW Steam Turbine Generator Islands for the power plant will be the first with ultra super critical parameters and will help in meeting the ever increasing power demand of southern states in India by adding a much needed 1600 MW to electricity grid. The equipment for the project will be manufactured majorly at the JV s state of the art facility at Sanand, Gujarat. Alstom Bharat Forge Power Pvt Ltd is a joint venture between GE and Bharat Forge Ltd, created to participate in the Indian market of turbines Islands (steam turbines and generators, heat exchangers and all associated equipments. The JV Company has set the cornerstone of its new manufacturing facility in India. The JV manufacturers MW subcritical and super critical equipment with an annual capacity of 4000 MW. Economic and Political News Work to begin on `4,000 cr Metrino project in 2 months. Amazon to invest $3 bn more in India Ministry plans phase II of solar parks targets 40,000 MW US backs India s NSG membership Mamata Banerjee asks Amit Mitra to iron out differences on GST Corporate News RCom Aircel Merger on track, may conclude in July, 2016 GMR Infra Led Consortium bags `2280 cr order.

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 29,216 1,217 1, Uptick in defense capex by government, coupled with BELs strong market positioning, indicate good times ahead for BEL. HCL Tech 53,852 3,158 3, Stock is trading at attractive valuations & factors all bad news. HDFC Bank 1,02, , 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 2,96,983 1,174 1, Back on the growth trend, expect a long term growth of 14% to be a US$20bn in FY2020. LIC Housing Finance 2,88,772 1,257 1, 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 23, 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 11, 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 5, IL&FS Transport 2, Jagran Prakashan 5, Mahindra Lifespace 1, Navkar Corporation 2, Radico Khaitan 1, Siyaram Silk Mills 986 1,052 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 8, :00PM UK Industrial Production (YoY) % Change Apr (0.20) (0.40) 7:00AM China Consumer Price Index (YoY) % Change May Jun 9, 2016 China Exports YoY% % Change May (1.80) (4.00) 6:00PM US Initial Jobless claims Thousands Jun Jun 10, 2016 India Imports YoY% % Change May (23.10) -- India Exports YoY% % Change May (6.70) -- 5:30PM India Industrial Production YoY % Change Apr 0.10 (0.60) Jun 12, :00AM China Industrial Production (YoY) % Change May Jun 14, :00PM India Monthly Wholesale Prices YoY% % Change May :00PM UK CPI (YoY) % Change May Jun 15, :00PM UK Jobless claims change % Change May (2.40) -- US Producer Price Index (mom) % Change May :45PM US Industrial Production % May 0.66 (0.15) 2:30PM Euro Zone Euro-Zone CPI (YoY) % May F (0.10) -- Jun 16, :30PM US FOMC rate decision % Jun :00PM US Consumer price index (mom) % Change May :30PM UK BOE Announces rates % Ratio Jun Jun 17, :00PM US Housing Starts Thousands May 1, , :00PM US Building permits Thousands May 1, , Jun 22, :30PM Euro Zone Euro-Zone Consumer Confidence Value Jun A (7.00) -- 7:30PM US Existing home sales Million May Jun 23, :00PM Germany PMI Services Value Jun P :00PM Germany PMI Manufacturing Value Jun P :30PM US Consumer Confidence S.A./ 1985=100 Jun Source: Bloomberg, Angel Research

5 Market Outlook June 07, 2016 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) 2.5 May Jun-15 Jul Aug Sep Oct-15 (3.4) Nov-15 (0.9) Dec-15 (1.5) Jan Feb Mar-16 Source: CSO, Angel Research Source: MOSPI, Angel Research Exhibit 3: Monthly CPI inflation trends Exhibit 4: Manufacturing and services PMI Mfg. PMI Services PMI May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-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 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-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 June 07, 2016 h Global watch Exhibit 1: Latest quarterly GDP Growth (%, yoy) across select developing and developed countries (2.0) (4.0) Brazil Russia (1.2) India China South Africa Indonesia Malaysia Thailand UK USA Germany France 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 7.1 Russia 18.3 India 12.7 China 17.7 South Africa 17.5 Indonesia 15.6 Malaysia 14.5 Thailand 16.2 UK 16.1 USA 12.3 Germany 14.2 France 13.3 Japan Source: IMF, Angel Research

7 Market Outlook h Exhibit 4: Relative performance of indices across globe Returns Country Name of index Closing price 1M 3M 1YR Brazil Bovespa 50,488 (4.0) 6.9 (6.6) Russia Micex 1, India Nifty 8, China Shanghai Composite 2, (36.3) South Africa Top 40 48, Mexico Mexbol 46, Indonesia LQ (0.1) (7.0) Malaysia KLCI 1, (1.6) (4.6) Thailand SET (7.1) USA Dow Jones 17, UK FTSE 6, (8.0) Japan Nikkei 16, (0.4) (18.9) Germany DAX 10, (9.2) France CAC 4, (7.5) Source: Bloomberg, 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 ) FY16E FY17E FY16E FY17E FY16E FY17E FY16E FY17E FY16E FY17E FY16E FY17E FY16E FY17E Agri / Agri Chemical Rallis Neutral 217-4,213 1,612 1, United Phosphorus Accumulate ,751 13,083 15, Auto & Auto Ancillary Ashok Leyland Neutral ,166 17,995 21, Bajaj Auto Neutral 2,642-76,458 22,709 25, Bharat Forge Buy ,430 7,351 8, Eicher Motors Accumulate 18,828 20,044 51,139 15,556 16, Gabriel India Accumulate ,300 1,415 1, Hero Motocorp Neutral 3,128-62,460 28,244 30, Jamna Auto Industries Neutral 165-1,314 1,281 1, L G Balakrishnan & Bros Neutral ,254 1, Mahindra and Mahindra Neutral 1,378-85,577 38,416 42, Maruti Neutral 4, ,158 57,865 68, Minda Industries Neutral 1,165-1,848 2,523 2, Motherson Sumi Accumulate ,963 39,343 45, Rane Brake Lining Buy Setco Automotive Neutral Tata Motors Neutral , , , TVS Motor Accumulate ,994 11,263 13, Amara Raja Batteries Buy 835 1,076 14,261 4,690 5, Exide Industries Neutral ,740 6,950 7, Apollo Tyres Buy ,783 12,056 12, Ceat Buy 904 1,119 3,655 6,041 6, JK Tyres Neutral 87-1,981 7,446 7, Swaraj Engines Neutral 1,105-1, Subros Neutral ,293 1, Indag Rubber Neutral Capital Goods ACE Neutral BEML Buy 837 1,157 3,486 3,277 4, Bharat Electronics Buy 1,217 1,414 29,216 7,295 8,

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 Capital Goods Voltas Buy ,138 5,857 6, BGR Energy Neutral ,615 3, BHEL Neutral ,188 33,722 35, Blue Star Accumulate ,901 3,770 4, Crompton Greaves Neutral 71-4,466 13,484 14, Greaves Cotton Neutral 139-3,401 1,655 1, Inox Wind Buy ,076 4,406 5, KEC International Neutral 137-3,511 8,791 9, Thermax Neutral 802-9,562 6,413 7, VATech Wabag Neutral 615-3,351 2,722 3, Cement ACC Neutral 1,541-28,931 13,151 14, Ambuja Cements Neutral ,369 11,564 12, HeidelbergCement Neutral 111-2,522 1,772 1, India Cements Neutral 97-2,972 4,216 4, JK Cement Neutral 625-4,371 3,661 4, J K Lakshmi Cement Neutral 345-4,054 2,947 3, Mangalam Cements Neutral ,053 1, Orient Cement Neutral 164-3,352 1,854 2, Ramco Cements Neutral ,719 4,036 4, Shree Cement^ Neutral 13,935-48,545 7,150 8, UltraTech Cement Neutral 3,332-91,436 24,669 29, Construction ITNL Buy ,331 7,360 8, KNR Constructions Accumulate , , Larsen & Toubro Accumulate 1,488 1, ,662 58,870 65, Gujarat Pipavav Port Neutral 160-7, MBL Infrastructures Buy ,313 2, Nagarjuna Const. Neutral 73-4,067 7,892 8, PNC Infratech Neutral 569-2,919 1,873 2, Simplex Infra Neutral 268-1,325 5,955 6,

10 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 Accumulate ,854 3,186 3, NBCC Accumulate ,556 5,838 7, MEP Infra Neutral ,956 1, SIPL Neutral 97-3, , Engineers India Neutral 193-6,511 1,667 1, Financials Allahabad Bank Neutral 52-3,778 8,569 9, Axis Bank Neutral ,440 26,204 29, Bank of Baroda Neutral ,468 18,802 21, (7.4) (4.2) Bank of India Neutral 86-8,014 15,972 17, Canara Bank Neutral ,632 15,441 16, Dena Bank Neutral 29-1,947 3,440 3, Dewan Housing Finance Buy ,760 1,828 2, Equitas Holdings Buy , , Federal Bank Neutral 57-9,733 3,279 3, HDFC Neutral 1, ,551 10,358 11, HDFC Bank Accumulate 1,174 1, ,983 38,606 47, ICICI Bank Neutral ,627 34,279 39, IDBI Bank Neutral 66-13,547 9,625 10, Indian Bank Neutral 97-4,649 6,160 6, LIC Housing Finance Buy ,949 3,179 3, Oriental Bank Neutral 85-2,925 7,643 8, Punjab Natl.Bank Neutral 78-15,257 23,122 26, South Ind.Bank Neutral 20-2,701 1,965 2, St Bk of India Neutral ,863 79,958 86, Union Bank Neutral 118-8,091 12,646 14, Vijaya Bank Neutral 31-3,081 3,536 3, Yes Bank Neutral 1,066-44,872 7,190 9, FMCG Asian Paints Neutral 1,032-98,984 15,534 17,

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 ) FY16E FY17E FY16E FY17E FY16E FY17E FY16E FY17E FY16E FY17E FY16E FY17E FY16E FY17E Britannia Neutral 2,794-33,517 8,481 9, Colgate Neutral ,253 4,136 4, Dabur India Neutral ,909 9,370 10, GlaxoSmith Con* Accumulate 5,772 6,118 24,274 4,519 5, Godrej Consumer Neutral 1,542-52,493 9,003 10, HUL Neutral ,094 33,299 35, ITC Neutral ,953 36,837 39, Marico Neutral ,009 6,151 6, Nestle* Neutral 6,450-62,192 9,393 10, Tata Global Accumulate ,533 8,635 9, Procter & Gamble Hygiene Buy 6,175 7,369 20,045 2,588 2, IT HCL Tech^ Buy 727 1, ,520 37,061 30, Infosys Accumulate 1,257 1, ,772 62,441 70, TCS Accumulate 2,631 3, , , , Tech Mahindra Buy ,042 26,494 30, Wipro Buy ,332 50,808 56, Media D B Corp Neutral 374-6,870 2,025 2, HT Media Neutral 80-1,856 2,495 2, Jagran Prakashan Buy ,613 2,107 2, Sun TV Network Neutral ,228 2,510 2, Hindustan Media Ventures Neutral 274-2, , Metals & Mining Coal India Buy ,291 76,167 84, Hind. Zinc Neutral ,337 14,641 14, Hindalco Neutral , , , JSW Steel Neutral 1,377-33,281 42,308 45, (10.3) (1.0) NMDC Neutral 92-36,337 8,237 10, SAIL Neutral 42-17,284 45,915 53, Vedanta Neutral ,626 71,445 81, Tata Steel Neutral , , ,

12 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 ,567 11,323 12, GAIL Neutral ,498 64,856 70, ONGC Neutral , , , Petronet LNG Neutral ,438 29,691 31, Indian Oil Corp Accumulate , , , Reliance Industries Buy 955 1, , , , Pharmaceuticals Alembic Pharma Neutral ,498 3,274 3, Aurobindo Pharma Accumulate ,228 14,923 17, Aventis* Accumulate 4,300 4,738 9,903 2,049 2, Cadila Healthcare Buy ,709 9,469 11, Cipla Buy ,659 13,979 16, Dr Reddy's Accumulate 3,158 3,476 53,852 15,471 17, Dishman Pharma Neutral 152-2,455 1,733 1, GSK Pharma* Neutral 3,515-29,777 2,870 3, Indoco Remedies Neutral 282-2,597 1,033 1, Ipca labs Buy ,441 3,363 3, Lupin Buy 1,435 1,809 64,677 13,702 15, Sun Pharma Buy ,807 28,163 32, Power Tata Power Neutral 74-19,879 35,923 37, NTPC Neutral ,074 87,271 99, Power Grid Accumulate ,448 20,702 23, Real Estate MLIFE Buy , , Telecom Bharti Airtel Neutral , , , Idea Cellular Neutral ,931 34,282 36, zothers Abbott India Neutral 4,504-9,570 2,715 3, Bajaj Electricals Buy ,206 4,612 5, Finolex Cables Neutral 354-5,421 2,520 2, Goodyear India* Accumulate ,181 1,800 1, Hitachi Neutral 1,222-3,322 1,779 2,

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 ) FY16E FY17E FY16E FY17E FY16E FY17E FY16E FY17E FY16E FY17E FY16E FY17E FY16E FY17E Jyothy Laboratories Neutral 290-5,250 1,620 1, MRF Buy 33,000 45,575 13,996 20,316 14, , , Page Industries Neutral 13,970-15,582 1,929 2, Relaxo Footwears Neutral 455-5,464 1,767 2, Siyaram Silk Mills Buy 1,052 1, ,619 1, Styrolution ABS India* Neutral 592-1,040 1,271 1, TVS Srichakra Buy 2,336 2,932 1,789 2,035 2, HSIL Buy ,934 2,123 2, Kirloskar Engines India Ltd Neutral 250-3,620 2,403 2, M M Forgings Buy Banco Products (India) Neutral ,208 1, Competent Automobiles Neutral ,040 1, Nilkamal Neutral 1,203-1,795 1,871 2, Visaka Industries Accumulate ,020 1, Transport Corporation of Neutral 297-2,256 2,830 3, India Elecon Engineering Neutral ,359 1, Surya Roshni Buy ,992 3, MT Educare Neutral Radico Khaitan Buy ,239 1,543 1, Garware Wall Ropes Buy Wonderla Holidays Neutral 395-2, Linc Pen & Plastics Accumulate The Byke Hospitality Neutral Interglobe Aviation Neutral 1,007-36,290 17,022 21, Coffee Day Enterprises Ltd Neutral 259-5,326 2,692 2, Navneet Education Neutral 86-2, , Navkar Corporation Buy , UFO Moviez Neutral 535-1, VRL Logistics Neutral 282-2,575 1,725 1,

14 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 915-1,565 2,565 3, S H Kelkar & Co. Neutral 214-3, , Quick Heal Neutral 242-1, Narayana Hrudaya Neutral 310-6,339 1,603 1, Manpasand Bever. Neutral 567-2, Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on June 07, 2016

15 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.