Market Outlook. Market Cues. Investor s Ready Reckoner. Top Picks. Key Upcoming Events. May 9, 2016

Transcription

1 6. ( Market Outlook May 9, 2016 Market Cues Indian markets are expected to open on a positive note tracking the SGX Nifty. US Stocks closed higher Friday, rebounding after an earlier decline, as investors grappled with a disappointing job reports and its impact on the further monetary policy. Friday s labor department missed expectations, showing that companies scaled back hiring in April, adding only 1,60,000 new jobs compared with an average forecast of 2,03,000. The weaker than expected jobs number sparked speculation that the Fed likely to stay its hand at raising interest rates over coming months. The European markets were in negative territory of much of Friday s session. They slipped to their lowest level of the session immediately following the release of the weaker than expected US employment report for April. However, subsequently the market rallied and entered positive territory. Indian shares remained during Friday and closed marginally low with Sensex closing down by 34 points. Weak Asian Markets and lack positive news flows from the results front kept buyers away. Key economic data like IIP and CPI inflation for April will be keenly watched next week. News & Result Analysis Result Review: Inox Wind Ltd & Greaves Cotton Ltd Detailed analysis on Pg2 Investor s Ready Reckoner Key Domestic & Global Indicators Stock Watch: Latest investment recommendations on 150+ stocks Refer Pg6 onwards Top Picks Company Sector Rating CMP (`) Target (`) Upside Amara Raja Auto & Auto Ancillary Accumulate 941 1, HCL Tech IT Buy 725 1, LIC Housing Financials Buy Bharat Electronics Capital Goods Buy 1,142 1, Navkar Corporation Others Buy More Top Picks on Pg4 Key Upcoming Events Date Region Event Description Previous Reading Consensus Expectations May 10 India Exports YoY% (5.47) -- May 10 India Imports YoY% (21.56) -- May 10 China Consumer Price Index (YoY) More Events on Pg6 Domestic Indices Chg (Pts) (Close) BSE Sensex (0.1) (34) 25,229 Nifty (0.0) (2) 7,733 Mid Cap ,965 Small Cap (0.2) (21) 10,899 Bankex ,540 Global Indices Chg (Pts) (Close) Dow Jones ,741 Nasdaq ,736 FTSE ,126 Nikkei (0.3) (41) 16,107 Hang Seng (1.7) (340) 20,110 Shanghai Com (2.8) (85) 2,913 Advances / Declines BSE NSE Advances 1, Declines 1, Unchanged Volumes (` Cr) BSE 1,991 NSE 13,537 Net Inflows (` Cr) Net Mtd Ytd FII (328) (758) 11,033 MFs ,837 Top Gainers Price (`) Chg IDFC Indiabulls Real Estate Emami Karnataka Bank Voltas Top Losers Price (`) Chg HEXAWARE 217 (4.5) WOCKPHARMA 937 (3.6) JPINFRATEC 7 (3.4) PGHH 6199 (3.2) ALOKTEXT 4 (3.0) As on May 9, 2016

2 Market Outlook May 9, 2016 Result Review Inox Wind (CMP: `242; Target Price: 286, Upside: 18.3%) Inox Wind reported below than expected set of revenue and bottom-line numbers. Inox reported a top-line of `1,828cr, below our expectations. Inox reported 96.9% yoy top-line increase, reflecting strong sales across their Turnkey business segment. Inox reported adj. EBITDA margins of 16.4%, which were almost the same as in the previous year. Despite flattish adj. EBITDA margins, higher other income helped Inox report Adj. PAT margins of 11.5% in 4QFY2016, reflecting a 57bps yoy expansion. Given the nature of Inox s business model, which is major during 4Q (accounted for 41.4% of yearly sales), working capital cycle got stretched. Management in the concall highlighted that the working capital cycle in next few months should see improvement. Post the recent correction in the stock price, the valuation look attractive, we continue to maintain our BUY rating on the stock with price target of `286. Greaves Cotton (CMP: `132) Greaves Cotton reported good set of numbers, with top-line and bottom-line being ahead of our expectations. Greaves reported top-line of `404cr, below our expectation of `449cr, mainly led by miss on Engines segment s yoy growth. Greaves report an EBITDA of `63cr, below our expectation of `69cr. Reported EBITDA margins of the company were at 15.6% for 4QFY2016, reporting a sharp 411bps yoy improvement. If we look at segment-level EBIT margins, then Engines business margins improved 257bps yoy to 17.9% in 4QFY2016. During the quarter, Greaves reported exceptional item of `7cr. On adjusting for exceptional item of `7cr, the adj. PAT of the company stood at `45cr, better than our expectations. Adj. PAT margins of the company improved 258bps yoy to 11.1%. In addition to the strong operating performance Greaves also benefitted from good other income numbers (of `13cr). Despite good set of numbers, given the current valuations, we continue to maintain NEUTRAL on the stock. Economic and Political News RBI to make a list of wilful defaulters Revenue department taking steps to boost growth & jobs `7000 cr from Namami Ganga project will be spent in U.P Corporate News Marico Plans `10,000 cr annual turnover in 4 years SAIL plans to curtail man power, re-introduce VRS Grasim Posts 40% jump in PAT in Q4FY16. Essel Propack,s Q4FY16 PAT up 23% Andhra Bank s Q4FY16 declines by 72% to `51.6 cr

3 Market Outlook May 9, 2016 Quarterly Bloomberg Brokers Consensus Estimate Hindustan Unilever Ltd. - May 9, 2016 Particulars (` cr) 4QFY16E 4QFY15 y-o-y 3QFY16 q-o-q Net sales 7,977 7, EBITDA 1,425 1, ,491 (4.4) EBITDA margin Net profit 1,010 1,018 (0.8) Asian Paints Ltd. Consol - May 11, 2016 Particulars (` cr) 4QFY16E 4QFY15 y-o-y 3QFY16 q-o-q Net sales 3,860 3, ,103 (5.9) EBITDA (13.7) EBITDA margin Net profit (15.5) Kotak Mahindra Bank Ltd. - May 11, 2016 Particulars (` cr) 4QFY16E 4QFY15 y-o-y 3QFY15 q-o-q Net profit (29.1) Dr. Reddy s Laboratories Ltd. Consol - May 12, 2016 Particulars (` cr) 4QFY16E 4QFY15 y-o-y 3QFY16 q-o-q Net sales 3,981 3, , EBITDA EBITDA margin Net profit (0.5) Nestle India Ltd. Consol - May 12, 2016 Particulars (` cr) 1QCY16E 1QCY15 y-o-y 4QCY15 q-o-q Net sales 2,161 2,507 (13.8) 1, EBITDA (25.6) EBITDA margin Net profit (19.4)

4 Market Outlook May 9, 2016 Top Picks Large Cap Company Market Cap (` Cr) CMP (`) Target (`) Upside Amara Raja Batteries 16, , Bharat Electronics 27,412 1,142 1, HCL Tech 1,02, , HDFC Bank 2,83,439 1,121 1, Infosys 2,72,259 1,181 1, LIC Housing Finance 22, NBCC 11, , Source: Company, Angel Research Rationale To outpace battery industry growth due to better technological products leading to market share gains in both the automotive OEM and replacement segments. Uptick in defense capex by government when coupled with BELs strong market positioning, indicate that good times are ahead for BEL. The stock is trading at attractive valuations and is factoring all the bad news. 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. Back on the growth trend, expect a long term growth of 14% to be a US$20bn in FY2020. LICHF continues to grow its retail loan book at a healthy pace with improvement in asset quality. We expect the company to post a healthy loan book which is likely to reflect in a strong earnings growth. 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. Mid Cap Company Market Cap (` Cr) CMP (`) Target (`) Upside Blue Star 3, Dewan Housing 5, IL&FS Transport 2, Jagran Prakashan 5, Mahindra Lifespace 1, Navkar Corporation 2, Radico Khaitan 1, Siyaram Silk Mills 993 1,060 1, Source: Company, Angel Research Rationale 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. 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 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 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.

5 Market Outlook May 9, 2016 h Macro watch Exhibit 1: Quarterly GDP trends Exhibit 2: IIP trends QFY QFY QFY QFY QFY QFY QFY QFY15 4QFY QFY16 2QFY QFY (2.0) (4.0) (6.0) Apr-15 May Jun-15 Jul Aug Sep Oct-15 (3.4) Nov-15 (1.2) (1.5) Dec-15 Jan Feb-16 Source: CSO, Angel Research Source: MOSPI, Angel Research Exhibit 3: Monthly CPI inflation trends Exhibit 4: Manufacturing and services PMI Apr-15 May-15 Jun-15 Jul-15 Aug-15 Source: MOSPI, Angel Research 4.4 Sep Oct Nov Dec-15 Jan Feb Mar Mfg. PMI Services PMI Mar-15 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 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) Apr-15 May-15 Exports yoy growth Jun-15 Jul-15 Aug-15 Sep-15 Imports yoy growth Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar Repo rate Reverse Repo rate CRR Jun-15 Jun-15 Jul-15 Jul-15 Aug-15 Aug-15 Aug-15 Sep-15 Sep-15 Oct-15 Oct-15 Nov-15 Nov-15 Dec-15 Dec-15 Jan-16 Jan-16 Feb-16 Feb-16 Feb-16 Mar-16 Mar-16 Apr-16 Apr-16 Source: Bloomberg, Angel Research Source: RBI, Angel Research

6 Market Outlook May 9, 2016 h Global watch Exhibit 1: Latest quarterly GDP Growth (%, yoy) across select developing and developed countries (2.0) (4.0) (6.0) (8.0) Brazil (5.9) Russia (3.8) India China South Africa Indonesia Malaysia Thailand UK USA Germany France Japan 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 Market Outlook May 9, 2016 h Exhibit 4: Relative performance of indices across globe Returns Country Name of index Closing price 1M 3M 1YR Brazil Bovespa 51, (6.5) Russia Micex 1, India Nifty 7, (5.5) China Shanghai Composite 2,913 (4.6) 9.7 (34.9) South Africa Top 40 45,102 (1.5) 2.8 (5.5) Mexico Mexbol 45,210 (0.2) Indonesia LQ (1.4) 3.5 (12.4) Malaysia KLCI 1,649 (4.0) 1.0 (10.5) Thailand SET (1.2) 9.9 (13.5) USA Dow Jones 17, (2.5) UK FTSE 6, (12.9) Japan Nikkei 16,147 (3.9) (8.1) (20.0) Germany DAX 9, (14.0) France CAC 4, (13.9) 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 196-3,808 1,612 1, United Phosphorus Buy ,431 13,083 15, Auto & Auto Ancillary Ashok Leyland Accumulate ,583 17,995 21, Bajaj Auto Accumulate 2,436 2,585 70,485 22,709 25, Bharat Forge Accumulate ,163 7,351 8, Eicher Motors Neutral 20,216-54,909 15,556 16, Gabriel India Accumulate ,275 1,415 1, Hero Motocorp Neutral 2,885-57,611 28,244 30, Jamna Auto Industries Accumulate ,121 1,281 1, L G Balakrishnan & Bros Neutral ,254 1, Mahindra and Mahindra Neutral 1,328-82,466 38,416 42, Maruti Neutral 3, ,379 57,865 68, Minda Industries Neutral 1,001-1,588 2,523 2, Motherson Sumi Buy ,975 39,343 45, Rane Brake Lining Buy Setco Automotive Neutral Tata Motors Neutral , , , TVS Motor Accumulate ,253 11,263 13, Amara Raja Batteries Buy 941 1,076 16,070 4,892 5, Exide Industries Accumulate ,300 6,950 7, Apollo Tyres Buy ,073 12,056 12, Ceat Accumulate 1,043 1,119 4,220 6,041 6, JK Tyres Neutral 81-1,841 7,446 7, Swaraj Engines Neutral 1,107-1, Subros Neutral ,293 1, Indag Rubber Neutral Capital Goods ACE Neutral BEML Buy 873 1,157 3,634 3,277 4, Bharat Electronics Buy 1,142 1,414 27,412 7,737 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 ,110 5,363 5, BGR Energy Neutral ,615 3, BHEL Neutral ,023 33,722 35, Blue Star Buy ,719 3,548 3, Crompton Greaves Neutral 59-3,676 13,484 14, Greaves Cotton Neutral 132-3,214 1,655 1, Inox Wind Buy ,360 4,980 5, KEC International Neutral 126-3,241 8,791 9, Thermax Neutral 740-8,821 6,413 7, VATech Wabag Neutral 563-3,069 2,722 3, Cement ACC Neutral 1,426-26,773 13,151 14, Ambuja Cements Neutral ,142 11,564 12, HeidelbergCement Neutral 92-2,088 1,772 1, India Cements Neutral 89-2,720 4,216 4, JK Cement Neutral 561-3,926 3,661 4, J K Lakshmi Cement Neutral 331-3,891 2,947 3, Mangalam Cements Neutral ,053 1, Orient Cement Neutral 145-2,970 1,854 2, Ramco Cements Neutral ,250 4,036 4, Shree Cement^ Neutral 12,631-44,002 7,150 8, UltraTech Cement Neutral 3,101-85,098 24,669 29, Construction ITNL Buy ,426 7,360 8, KNR Constructions Buy , , Larsen & Toubro Neutral 1, ,416 58,870 65, Gujarat Pipavav Port Neutral 163-7, MBL Infrastructures Buy ,313 2, Nagarjuna Const. Neutral 77-4,256 7,892 8, PNC Infratech Neutral 542-2,782 1,873 2, Simplex Infra Neutral 272-1,343 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 ,357 3,481 4, NBCC Accumulate 949 1,089 11,389 5,816 7, MEP Infra Neutral ,956 1, SIPL Neutral 98-3, , Engineers India Neutral 174-5,851 1,667 1, Financials Allahabad Bank Neutral 54-3,315 8,569 9, Axis Bank Accumulate ,055 26,204 29, Bank of Baroda Neutral ,689 18,802 21, (7.4) (4.2) Bank of India Neutral 87-7,084 15,972 17, Canara Bank Neutral ,271 15,441 16, Dena Bank Neutral 29-1,954 3,440 3, Dewan Housing Finance Buy ,737 1,828 2, Federal Bank Neutral 48-8,272 3,279 3, HDFC Neutral 1, ,462 10,358 11, HDFC Bank Accumulate 1,121 1, ,439 38,606 47, ICICI Bank Accumulate ,858 34,279 39, IDBI Bank Neutral 68-13,918 9,625 10, Indian Bank Neutral 91-4,385 6,160 6, LIC Housing Finance Buy ,740 3,179 3, Oriental Bank Neutral 85-2,719 7,643 8, Punjab Natl.Bank Neutral 81-15,876 23,122 26, South Ind.Bank Neutral 18-2,431 1,965 2, St Bk of India Neutral ,146 79,958 86, Union Bank Neutral 118-8,081 12,646 14, Vijaya Bank Neutral 31-2,919 3,536 3, Yes Bank Neutral ,291 7,190 9, FMCG Asian Paints Neutral ,215 16,553 19, Britannia Neutral 2,814-33,767 8,481 9,

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 Colgate Neutral ,127 4,136 4, Dabur India Neutral ,725 9,370 10, GlaxoSmith Con* Neutral 5,868-24,678 4,519 5, Godrej Consumer Neutral 1,326-45,167 9,003 10, HUL Neutral ,573 33,299 35, ITC Accumulate ,257 36,804 38, Marico Neutral ,706 6,151 6, Nestle* Neutral 5,631-54,291 9,393 10, Tata Global Buy ,454 8,635 9, Procter & Gamble Hygiene Buy 6,244 7,369 20,267 2,588 2, IT HCL Tech^ Buy 725 1, ,209 42,038 47, Infosys Buy 1,181 1, ,259 62,441 70, TCS Buy 2,472 3, , , , Tech Mahindra Accumulate ,793 26,524 29, Wipro Buy ,590 50,808 56, Media D B Corp Accumulate ,995 2,025 2, HT Media Neutral 85-1,984 2,495 2, Jagran Prakashan Buy ,356 2,170 2, Sun TV Network Neutral ,836 2,510 2, Hindustan Media Ventures Neutral 267-1, , Metals & Mining Coal India Buy ,090 76,167 84, Hind. Zinc Neutral ,725 14,641 14, Hindalco Neutral 92-18, , , JSW Steel Neutral 1,320-31,900 42,308 45, (10.3) (1.0) NMDC Neutral 93-37,011 8,237 10, SAIL Neutral 42-17,429 45,915 53, Vedanta Neutral ,699 71,445 81, Tata Steel Neutral , , , Oil & Gas Cairn India Neutral ,032 11,323 12,

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 GAIL Neutral ,729 64,856 70, ONGC Neutral , , , Petronet LNG Neutral ,981 29,691 31, Indian Oil Corp Accumulate , , , Reliance Industries Buy 969 1, , , , Pharmaceuticals Alembic Pharma Neutral ,192 3,274 3, Aurobindo Pharma Accumulate ,802 14,923 17, Aventis* Accumulate 4,380 4,738 10,087 2,049 2, Cadila Healthcare Accumulate ,570 10,224 11, Cipla Accumulate ,122 13,979 16, Dr Reddy's Buy 2,868 3,933 48,914 16,838 19, Dishman Pharma Neutral 153-2,476 1,733 1, GSK Pharma* Neutral 3,583-30,351 2,870 3, Indoco Remedies Neutral 262-2,417 1,033 1, Ipca labs Buy ,011 3,363 3, Lupin Neutral 1,587-71,508 13,092 16, Sun Pharma Buy ,520 28,163 32, Power Tata Power Neutral 72-19,527 35,923 37, NTPC Neutral ,478 87,271 99, Power Grid Buy ,367 20,702 23, Real Estate MLIFE Buy , , Telecom Bharti Airtel Neutral , , , Idea Cellular Neutral ,884 34,282 36, zothers Abbott India Neutral 4,673-9,929 2,715 3, Bajaj Electricals Neutral 233-2,353 4,719 5, Finolex Cables Neutral 275-4,208 2,520 2, Goodyear India* Buy ,150 1,800 1, Hitachi Neutral 1,351-3,674 1,779 2, Jyothy Laboratories Neutral 300-5,430 1,620 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 ) FY16E FY17E FY16E FY17E FY16E FY17E FY16E FY17E FY16E FY17E FY16E FY17E FY16E FY17E MRF Buy 33,760 45,575 14,318 20,316 14, , , Page Industries Neutral 13,036-14,540 1,929 2, Relaxo Footwears Neutral 492-5,910 1,767 2, Siyaram Silk Mills Buy 1,060 1, ,636 1, Styrolution ABS India* Neutral 616-1,083 1,271 1, TVS Srichakra Buy 2,352 3,217 1,801 2,035 2, HSIL Neutral 308-2,227 2,123 2, Kirloskar Engines India Ltd Neutral 235-3,392 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 Buy ,020 1, Transport Corporation of Neutral 259-1,970 2,830 3, India Elecon Engineering Neutral ,359 1, Surya Roshni Buy ,992 3, MT Educare Neutral Radico Khaitan Buy ,159 1,517 1, Garware Wall Ropes Buy Wonderla Holidays Neutral 384-2, Linc Pen & Plastics Neutral The Byke Hospitality Neutral Interglobe Aviation Neutral 1,076-38,756 17,022 21, Coffee Day Enterprises Ltd Neutral 261-5,368 2,692 2, Navneet Education Neutral 87-2, , Navkar Corporation Buy , UFO Moviez Neutral 509-1, VRL Logistics Neutral 392-3,573 1,725 1, Team Lease Serv. Neutral 900-1,538 2,565 3,

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 S H Kelkar & Co. Neutral 226-3, , Quick Heal Neutral 265-1, Narayana Hrudaya Neutral 290-5,929 1,603 1, Manpasand Bever. Neutral 537-2, Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on May 06, 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.