Market Outlook. Market Cues. News Analysis. Investor s Ready Reckoner. Top Picks. Key Upcoming Events. October 24, 2017

Transcription

1 Market Cues Indian markets are likely to open flat tracking global indices and SGX Nifty. The S&P 500 and the Dow snapped a six-day winning streak on Monday as investors weighed prospects for tax cuts while parsing the latest corporate earnings for clues on where stocks are headed in the near term. The S&P 500 index SPX, dropped 0.4%, to close at 2,565. The Dow Jones Industrial Average DJIA, -shed 0.2%, to 23,274. U.K. stocks ended a choppy session marginally higher on Monday, with traders opting to err on the side of caution ahead of a busy week of economic data and earnings. The FTSE 100 index UKX, 0.02% to close at 7,524, leaving it within touching distance of its record close of 7,556 hit earlier in October. Indian shares rose on Monday, with telecom stocks as well as heavyweight Reliance Industries leading the surge after Jio raised effective prices of most 4G tariff. On Monday BSE Sensex closed up 0.4% to 32,507, while the Nifty 50 edged up 0.4% to close at a new peak, 10,185. News Analysis Infosys 2QFY18 result update Detailed analysis on Pg2 Investor s Ready Reckoner Domestic Indices Chg (%) (Pts) (Close) BSE Sensex ,507 Nifty ,185 Mid Cap ,148 Small Cap ,097 Bankex ,887 Global Indices Chg (%) (Pts) (Close) Dow Jones (0.2) (55) 23,274 Nasdaq (0.6) (42) 6,587 FTSE ,524 Nikkei ,724 Hang Seng ,309 Shanghai Com ,387 Advances / Declines BSE NSE Advances 1, Declines 1, 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 Accumulate Dewan Housing Finance Financials Accumulate Asian Granito Other Accumulate Navkar Corporation Other Buy KEI Industries Capital Goods Buy More Top Picks on Pg4 Key Upcoming Events Date Region Event Description Previous Reading Consensus Expectations Oct 24 Germany PMI Manufacturing Oct 24 UK GDP (YoY) Oct 25 Germany PMI Services Oct 25 US New home sales Oct 26 US GDP Qoq (Annualised) More Events on Pg7 Volumes (` Cr) BSE 3,905 NSE 29,180 Net Inflows (` Cr) Net Mtd Ytd FII (1,120) (5,606) 30,924 MFs 947 6,413 92,756 Top Gainers Price (`) Chg (%) Gmdcltd Torntpower Sobha Gnfc Gmrinfra Top Losers Price (`) Chg (%) Denabank 27 (4.9) Pcjeweller 346 (4.3) Religare 45 (4.0) Ghcl 251 (3.9) Bomdyeing 204 (3.8) As on October,

2 News Analysis Infosys 2QFY18 result update Infosys is slated to announce its 2QFY2018 results today. We expect the company to post 3.1% sequential growth in USD revenues to US$2,755mn. In rupee terms, revenues are expected to come in at `17,604cr, up 3.1% qoq. EBIT margin is expected to show an dip of ~48bp qoq to end the period at 23.6%. Consequently, PAT is expected to be at `3,590cr, a rise of 1.6% qoq. We maintain our buy rating on the stock with a target price of `1,179. Y/E Sales OPM PAT EPS ROE P/E P/BV EV/EBITDA EV/Sales March (` cr) (%) (` cr) (`) (%) (x) (x) (x) (x) FY2018E 73, , FY2019E 80, , Economic and Political News ` 7 lakh crore highway plan set to get Cabinet s nod on today RBI forms task force on public credit registry. Jan Dhan accounts see surge in cash inflows in past 3 months Corporate News IVRCL Infra lenders decide to exit from corporate debt restructuring Cochin Shipyard forms a joint venture with Hooghly Dock & Port Engineers Reliance Communications to merge wireless business of Sistema Shyam with itself. IndiaBulls housing finance net profit up 25.8% to `861cr.

3 Quarterly Bloomberg Brokers Consensus Estimate HDFC Bank - Oct 24, 2017 Particulars ( `cr) 2QFY18E 2QFY17 y-o-y (%) 1QFY18 q-o-q (%) PAT 4,171 3, , Infosys Ltd - Oct 24, 2017 Particulars ( ` cr) 2QFY18E 2QFY17 y-o-y (%) 1QFY18 q-o-q (%) Sales 17,644 17, , EBIDTA ,730 (2.8) 4, % PAT ,606 (2.1) 3, Ambuja Cement Ltd - Oct 24, 2017 Particulars ( ` cr) 2QFY18E 2QFY17 y-o-y (%) 1QFY18 q-o-q (%) Sales 2,280 2, ,861 (20.3) EBIDTA (44.1) % PAT (13.4) 392 (38.8) Radico Khaitan Ltd - Oct 24, 2017 Particulars ( ` cr) 2QFY18E 2QFY17 y-o-y (%) 1QFY18 q-o-q (%) Sales EBIDTA (1.6) % PAT (3.9) Rallis Ltd - Oct 24, 2017 Particulars ( ` cr) 2QFY18E 2QFY17 y-o-y (%) 1QFY18 q-o-q (%) Sales EBIDTA % PAT

4 Top Picks Company Market Cap (` Cr) CMP (`) Target (`) Upside (%) Alkem Laboratories 22,279 1,863 2, Asian Granito 1, Blue Star 7, Dewan Housing Finance 18, Karur Vysya Bank 7, KEI Industries 2, Music Broadcast 2, Navkar Corporation 2, Siyaram Silk Mills 2,600 2,774 2, TV Today Network 2, Maruti Suzuki 2,36,209 7,819 8, GIC Housing 2, 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 leaderhip in Hindi news genre and no. 2 viewe`hip 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. We expect loan book to grow at 24.3% over next two year; change in borrowing mix will help in NIM improvement.. 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 Oct 24, :00 PM Germany PMI Manufacturing Value Oct P :00 PM UK GDP (YoY) % Change 3Q A Oct 25, :00 PM Germany PMI Services Value Oct P :30 PM US New home sales Thousands Sep Oct 26, :00 PM US GDP Qoq (Annualised) % Change 3Q A :00 PM US Initial Jobless claims Thousands Oct Oct 27, :15 PM Euro Zone ECB announces interest rates % Oct Oct 31, :30 AM China PMI Manufacturing Value Oct :30 PM US Consumer Confidence S.A./ 1985=100 Oct :30 PM Euro Zone Euro-Zone GDP s.a. (QoQ) % Change 3Q A 0.70 Nov 01, :00 PM UK PMI Manufacturing Value Oct : 30 PM US FOMC rate decision % Nov Nov 02, :25 PM Germany Unemployment change (000's) Thousands Oct (22.00) 5:30 PM UK BOE Announces rates % Ratio Nov Nov 03, :00 PM US Change in N onfarm payrolls Thousands Oct (33.00) :00 PM US Unnemployment rate % Oct Nov 08, :00 AM China Consumer Price Index (YoY) % Change Oct 1.60 Nov 09, 2017 China Exports YoY% % Change Oct :00 PM UK Industrial Production (YoY) % Change Sep 1.60 Nov 10, 2017 India Imports YoY% % Change Oct India Exports YoY% % Change Oct :30 PM India Industrial Production YoY % Change Sep 4.30 Nov 14, :30 AM China Industrial Production (YoY) % Change Oct :00 PM UK CPI (YoY) % Change Oct 3.00 Source: Bloomberg, Angel Research ngelbr oki ng.c o m

6 Key Upcoming Events Result Calendar Date October 25, 2017 Company Rallies, ABB, Ambuja Cement, HDFC Bank, Infosys, Radico Khaitan Exide Industries, Kotak Mahindra Bank, HUL, HCL Tech, Mindtree, NIIT, GSK PHarma Source: Bloomberg, Angel Research Global economic events release calendar Date Time Country Event Description Unit Period Bloomberg Data Last Reported Estimated Oct 24, :00 PMGermany PMI Manufacturing Value Oct P :00 PMUK GDP (YoY) % Change 3Q A Oct 25, :00 PMGermany PMI Services Value Oct P :30 PMUS New home sales Thousands Sep Oct 26, :00 PMUS GDP Qoq (Annualised) % Change 3Q A :00 PMUS Initial Jobless claims Thousands Oct Oct 27, :15 PMEuro Zone ECB announces interest rates % Oct Oct 31, :30 AMChina PMI Manufacturing Value Oct :30 PMUS Consumer Confidence S.A./ 1985=100 Oct :30 PMEuro Zone Euro-Zone GDP s.a. (QoQ) % Change 3Q A 0.70 Nov 01, :00 PMUK PMI Manufacturing Value Oct : 30 PMUS FOMC rate decision % Nov Nov 02, :25 PMGermany Unemployment change (000's) Thousands Oct (22.00) 5:30 PMUK BOE Announces rates % Ratio Nov Nov 03, :00 PMUS Change in N onfarm payrolls Thousands Oct (33.00) Source: Bloomberg, Angel Research ngelbr oki ng.c o m

7 Macro watch Exhibit 1: Quarterly GDP trends Exhibit 2: IIP trends (%) QFY QFY QFY QFY QFY QFY QFY QFY QFY QFY QFY QFY18 (%) (1.0) 4.2 Oct Nov Dec Jan Feb Mar Apr May-17 (0.2) Jun Jul Aug-17 Source: CSO, Angel Research Source: MOSPI, Angel Research Exhibit 3: Monthly CPI inflation trends Exhibit 4: Manufacturing and services PMI (%) Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug-17 Sep Aug-16 Sep-16 Oct-16 Nov-16 Mfg. PMI Dec-16 Jan-17 Feb-17 Mar-17 Services PMI Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-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 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-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 Source: Bloomberg, Angel Research Source: RBI, Angel Research ngelbr oki ng.c o m

8 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 8.0 (%) 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 14.1 Russia 5.5 India China South Africa Indonesia Malaysia Thailand UK USA Germany France Japan Source: IMF, Angel Research ngelbr oki ng.c o m

9 Exhibit 4: Relative performance of indices across globe Returns (%) Country Name of index Closing price 1M 3M 1YR Brazil Bovespa 75,413 (0.8) Russia Micex 2, India Nifty 10, China Shanghai Composite 3, South Africa Top 40 51, Mexico Mexbol 49,548 (2.0) (4.2) 3.0 Indonesia LQ Malaysia KLCI 1,741 (2.0) (0.8) 4.6 Thailand SET 50 1, USA Dow Jones 23, UK FTSE 7, Japan Nikkei 21, Germany DAX 13, France CAC 5, Source: Bloomberg, Angel Research, p68in4 ngelbr oki ng.c o m

10 Stock Watch 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 ,648 1,873 2, United Phosphorus Accumulate ,579 18,922 21, Auto & Auto Ancillary Ashok Leyland Neutral ,562 23,339 27, Bajaj Auto Neutral 3,216-93,056 23,936 27, Bharat Forge Buy ,784 7,637 8, Eicher Motors Neutral 31,141-84,773 19,043 22, , Gabriel India Neutral 202-2,894 1,782 2, Hero Motocorp Accumulate 3,790 4,129 75,693 32,239 36, Jamna Auto Industries Neutral 59-2,339 1,441 1, Mahindra and Mahindra Neutral 1,367-84,906 46,971 53, Maruti Accumulate 7,819 8, ,209 81, , Minda Industries Neutral 839-7,248 4,328 5, Motherson Sumi Neutral ,418 55,937 64, Tata Motors Neutral , , , TVS Motor Neutral ,572 13,992 16, Amara Raja Batteries Buy ,848 6,140 7, Exide Industries Neutral ,523 8,689 9, Apollo Tyres Neutral ,214 15,739 17, Ceat Neutral 1,684-6,813 6,661 7, JK Tyres Neutral 147-3,339 8,318 9, Swaraj Engines Neutral 1,982-2, Subros Neutral 264-1,581 1,855 2, Capital Goods BEML Neutral 1,722-7,172 4,286 5, Bharat Electronics Neutral ,825 10,258 12, Voltas Neutral ,967 6,778 8, BHEL Neutral 87-31,849 33,200 39, Blue Star Accumulate ,711 5,220 6, CG Power and Industrial Neutral 81-5,055 6,555 7, , Solutions Greaves Cotton Neutral 130-3,180 1,778 1,

11 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 ) FY18E FY19E FY18E FY19E FY18E FY19E FY18E FY19E FY18E FY19E FY18E FY19E FY18E FY19E KEC International Buy ,638 9,779 11, KEI Industries Buy ,505 3,001 3, Thermax Neutral ,637 4,125 4, VATech Wabag Accumulate ,267 3,867 4, Cement ACC Neutral 1,780-33,432 12,255 13, Ambuja Cements Neutral ,946 10,250 11, India Cements Neutral 181-5,576 6,135 6, JK Cement Neutral 954-6,671 4,150 4, J K Lakshmi Cement Neutral 409-4,810 3,422 3, Orient Cement Neutral 158-3,230 2,215 3, UltraTech Cement Neutral 4, ,553 28,250 35, Construction KNR Constructions Neutral 212-2,987 1,846 2, Larsen & Toubro Neutral 1, ,934 95, , Gujarat Pipavav Port Neutral 139-6, PNC Infratech Neutral 159-4,084 2,040 2, Simplex Infra Neutral 461-2,282 6,012 6, Sadbhav Engineering Accumulate ,754 3,823 4, NBCC Neutral ,869 9,099 12, MEP Infra Neutral 97-1,571 2,403 2, SIPL Neutral 96-3,374 2,060 2, (5.8) (3.1) (14.2) (2.3) Engineers India Neutral ,223 1,795 2, Financials Axis Bank Buy ,868 32,558 35, Bank of Baroda Neutral ,763 22,533 26, Canara Bank Neutral ,265 17,925 20, Can Fin Homes Buy 538 2,128 7, Cholamandalam Inv. & Accumulate Fin. Co. 1,142 1,230 17,843 2,826 3, Dewan Housing Finance Accumulate ,278 2,676 3, Equitas Holdings Buy ,145 1,125 1, Federal Bank Neutral ,292 4,896 5,

12 Stock Watch 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, ,823 55,236 63, ICICI Bank Buy ,456 42,361 51, Karur Vysya Bank Buy ,880 3,289 3, LIC Housing Finance Neutral ,927 4,895 6, Punjab Natl.Bank Neutral ,855 23,708 25, RBL Bank Neutral ,795 2,309 2, Repco Home Finance Buy , South Ind.Bank Neutral 32-5,756 3,195 3, St Bk of India Neutral , , , Union Bank Neutral 127-9,200 14,650 16, Yes Bank Neutral ,094 11,088 13, FMCG Akzo Nobel India Neutral 1,827-8,761 3,164 3, Asian Paints Neutral 1, ,456 17,603 20, , , Britannia Neutral 4,666-56,016 9,690 11, Colgate Neutral 1,062-28,878 4,420 5, Dabur India Neutral ,840 8,346 9, GlaxoSmith Con* Neutral 4,944-20,792 5,072 5, Godrej Consumer Neutral ,936 10,171 11, HUL Neutral 1, ,268 37,077 41, , , ITC Neutral ,910 44,588 49, Marico Neutral ,927 6,788 7, Nestle* Neutral 7,245-69,855 10,083 11, Tata Global Neutral ,818 7,121 7, Procter & Gamble Hygiene Neutral 8,610-27,949 3,034 3, IT HCL Tech^ Accumulate 935 1, ,438 52,342 57, Infosys Buy 940 1, ,837 73,963 80, TCS Neutral 2, , , , Tech Mahindra Buy ,091 31,015 33,

13 Stock Watch 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 ,346 58,536 61, Media D B Corp Neutral 367-6,756 2,404 2, HT Media Neutral 103-2,407 2,589 2, Jagran Prakashan Buy ,793 2,541 2, Sun TV Network Neutral ,667 3,238 3, Hindustan Media Ventures Neutral 241-1,770 1,002 1, TV Today Network Buy , Music Broadcast Limited Accumulate , Metals & Mining Coal India Neutral ,984 82,301 91, Hind. Zinc Neutral ,281 22,108 24, Hindalco Neutral , , , JSW Steel Neutral ,763 64,500 68, NMDC Neutral ,141 10,209 11, SAIL Neutral 59-24,429 54,100 63, (10.0) Vedanta Neutral ,370 81,206 87, Tata Steel Neutral , , , Oil & Gas GAIL Neutral ,479 53,115 52, ONGC Neutral ,218 83,111 84, Indian Oil Corp Neutral , , , Reliance Industries Neutral , , , Pharmaceuticals Alembic Pharma Buy ,349 3,903 4, Alkem Laboratories Ltd Accumulate 1,863 2,079 22,279 6,320 7, Aurobindo Pharma Accumulate ,970 17,086 19, Aventis* Neutral 4,222-9,723 2,508 2, Cadila Healthcare Reduce ,281 11,584 13, Cipla Sell ,774 16,619 19, Dr Reddy's Neutral 2,365-39,207 15,844 17, GSK Pharma* Neutral 2,436-20,632 3,260 3, Indoco Remedies Sell ,335 1,154 1,

14 Stock Watch 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 ,170 3,593 4, Lupin Buy 1,037 1,467 46,838 18,657 21, Natco Pharma Accumulate 988 1,057 17,221 1,886 2, Sun Pharma Neutral ,619 32,899 36, Syngene International Accumulate ,025 1,402 1, Power Tata Power Neutral 82-22,112 32,547 33, NTPC Neutral ,656 86, , Power Grid Neutral ,276 29,183 32, Real Estate Prestige Estate Neutral ,466 4,607 5, MLIFE Accumulate , Telecom Bharti Airtel Neutral ,871 97, , Idea Cellular Neutral 98-35,401 35,012 37, (4.4) (2.7) (6.8) (4.6) zothers Abbott India Neutral 4,158-8,836 3,244 3, Asian Granito Accumulate ,502 1,169 1, Bajaj Electricals Neutral 405-4,114 4,646 5, Banco Products (India) Neutral 217-1,554 1,530 1, Coffee Day Enterprises Ltd Neutral 222-4,567 3,494 3, Elecon Engineering Neutral Garware Wall Ropes Neutral 900-1, , Goodyear India* Neutral 819-1,889 1,717 1, Hitachi Neutral 2,624-7,135 2,355 2, HSIL Neutral 432-3,121 2,240 2, Interglobe Aviation Neutral 1,160-41,941 22,570 27, Jyothy Laboratories Neutral 384-6,971 1,781 2, Linc Pen & Plastics Neutral M M Forgings Neutral 874-1, Mirza International Neutral 159-1,909 1,148 1, Navkar Corporation Buy , Nilkamal Neutral 1,604-2,393 2,317 2,

15 Stock Watch 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 275-2,316 1,987 2, Radico Khaitan Neutral 225-2,993 1,811 1, Relaxo Footwears Neutral 516-6,196 1,981 2, Siyaram Silk Mills Accumulate 2,774 2,914 2,600 1,769 1, Styrolution ABS India* Neutral 1,022-1,797 1,800 1, Surya Roshni Neutral 317-1,387 4,870 5, TVS Srichakra Neutral 3,098-2,372 2,729 2, Visaka Industries Neutral 685-1,088 1,104 1, VIP Industries Accumulate ,743 1,450 1, Navin Fluorine Neutral 713-3, , Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on October 23, 2017

16 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.