Market Outlook. Market Cues. News Analysis. Investor s Ready Reckoner. Top Picks. Key Upcoming Events. June 22, 2016

Transcription

1 6.( Market Outlook Market Cues Indian markets are expected to open in red tracking SGX Nifty and Asian markets. U.S. Markets rose Tuesday as investors were relieved to hear Federal Reserve Chair Janet Yellen say the Fed would remain cautious in raising interest rates. The European markets rose further on Tuesday, with traders expecting Britain to vote to stay in the European Union despite polls putting the race neck and neck. Indian markets fell slightly on Tuesday, as weakness in the rupee for the second day running amid fresh FII selling and mixed global cues ahead of Fed Chair Janet Yellen's semi-annual Congressional testimony on Tuesday and Wednesday as well as Thursday's all-important Brexit vote, kept investors on edge. News Analysis Maruti to ramp up Baleno production, cut waiting period 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 861 1, HCL Tech IT Buy 769 1, LIC Housing Financials Buy Domestic Indices Chg (Pts) (Close) BSE Sensex (0.2) (54) 26,813 Nifty (0.2) (19) 8,220 Mid Cap ,418 Small Cap ,520 Bankex (0.6) (132) 20,154 Global Indices Chg (Pts) (Close) Dow Jones ,830 Nasdaq ,844 FTSE ,227 Nikkei ,169 Hang Seng ,668 Shanghai Com (0.4) (10) 2,879 Advances / Declines BSE NSE Advances 1, Declines 1, Unchanged Volumes (` Cr) BSE 2,509 NSE 15,139 Bharat Electronics Capital Goods Accumulate 1,284 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 Net Inflows (` Cr) Net Mtd Ytd FII 53 4,320 18,689 MFs 373 (5) 9,426 Top Gainers Price (`) Chg Gati Aloktext Manappuram Welcorp Raymond Top Losers Price (`) Chg Feldvr 18 (3.9) Rtnpower 11 (3.7) Ajantpharm 1,469 (3.0) Fincables 351 (2.9) Fel 24 (2.8) As on June 21, 2016

2 Market Outlook Maruti to ramp up Baleno production, cut waiting period Country's largest car maker Maruti Suzuki India (MSIL) is ramping up production of premium hatchback Baleno to meet the current demand and reduce waiting period. The company is expected to start pilot production at the Gujarat plant in the January-March quarter next year. The company has wonderful product portfolio like Baleno, S-cross, Vitara and Brezza, which are doing very well in the market. MSIL has over 45,000 outstanding bookings of Baleno and Brezza each. Baleno, launched in last October, has a waiting period of 6-8 months depending on the variant. MSIL has gradually doubled production of Baleno to around 12,000 a month in the past few months to meet domestic and export requirement. It is not only Maruti Suzuki alone. There are close to 250 (company) vendors in the supply chain. They also need to ramp up their production, investments and capacities. Maruti has started exporting Baleno to Japan from January this year. Currently total number of 'Nexa' outlets would also go up to 250 by the end of the current financial year, from 127 in April. The Gujarat plant will supply vehicles and components exclusively to MSIL, which has a capacity to make 2,50,000 vehicles annually in the first phase. MSIL expects that the auto industry may grow at 6-8% in the current financial year, while the company is expected to retain its market leader position with double digit growth. Economic and Political News India's FDI inflows may cross $60 billion this year Odisha clears investment proposals of `1,002cr UP wants 100% coal linkage for thermal power plants Corporate News SBI's ATM revenue jumps 47% to `310cr in FY16 Tata Power's arm acquires 30 MW solar project in Maharashtra Muthoot Finance completes acquisition of insurance broking arm

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 30,808 1,284 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 2,95,087 1,166 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 2,76,989 1,206 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 5, IL&FS Transport 2, Jagran Prakashan 5, Mahindra Lifespace 1, Navkar Corporation 2, Radico Khaitan 1, Siyaram Silk Mills 982 1,048 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 Market Outlook h Exhibit 4: Relative performance of indices across globe Returns Country Name of index Closing price 1M 3M 1YR Brazil Bovespa 50, (4.3) Russia Micex 1, India Nifty 8, China Shanghai Composite 2, (2.8) (43.9) South Africa Top 40 46, Mexico Mexbol 45, Indonesia LQ (2.3) (1.4) Malaysia KLCI 1, (5.0) (4.9) Thailand SET (9.2) USA Dow Jones 17, (1.7) UK FTSE 6, (9.0) Japan Nikkei 16,169 (3.4) (4.7) (20.7) Germany DAX 10, (12.7) France CAC 4, (1.4) (8.8) 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 216-4,195 1,612 1, United Phosphorus Buy ,100 13,083 15, Auto & Auto Ancillary Ashok Leyland Accumulate ,071 17,995 21, Bajaj Auto Neutral 2,625-75,965 22,709 25, Bharat Forge Buy ,595 7,351 8, Eicher Motors Accumulate 18,688 20,044 50,759 15,556 16, Gabriel India Accumulate ,352 1,415 1, Hero Motocorp Neutral 3,049-60,880 28,244 30, Jamna Auto Industries Neutral 169-1,352 1,281 1, L G Balakrishnan & Bros Neutral ,254 1, Mahindra and Mahindra Neutral 1,363-84,667 38,416 42, Maruti Neutral 4, ,602 57,865 68, Minda Industries Neutral 1,170-1,856 2,523 2, Motherson Sumi Neutral ,854 39,343 45, Rane Brake Lining Buy Setco Automotive Neutral Tata Motors Neutral , , , TVS Motor Accumulate ,070 11,263 13, Amara Raja Batteries Buy 861 1,076 14,707 4,690 5, Exide Industries Neutral ,813 6,950 7, Apollo Tyres Buy ,574 12,056 12, Ceat Buy 831 1,119 3,360 6,041 6, JK Tyres Neutral 89-2,007 7,446 7, Swaraj Engines Neutral 1,107-1, Subros Neutral ,293 1, Indag Rubber Neutral Capital Goods ACE Neutral BEML Buy 858 1,157 3,574 3,277 4, Bharat Electronics Accumulate 1,284 1,414 30,808 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 ,679 5,857 6, BGR Energy Neutral ,615 3, BHEL Neutral ,824 33,722 35, Blue Star Buy ,813 3,770 4, Crompton Greaves Neutral 72-4,538 13,484 14, Greaves Cotton Neutral 138-3,358 1,655 1, Inox Wind Buy ,173 4,406 5, KEC International Neutral 137-3,522 8,791 9, Thermax Neutral 807-9,612 6,413 7, VATech Wabag Buy ,158 2,722 3, Cement ACC Neutral 1,556-29,224 13,151 14, Ambuja Cements Neutral ,284 11,564 12, HeidelbergCement Neutral 105-2,379 1,772 1, India Cements Neutral 104-3,185 4,216 4, JK Cement Neutral 647-4,521 3,661 4, J K Lakshmi Cement Neutral 390-4,594 2,947 3, Mangalam Cements Neutral ,053 1, Orient Cement Neutral 163-3,338 1,854 2, Ramco Cements Neutral ,209 4,036 4, Shree Cement^ Neutral 13,864-48,297 7,150 8, UltraTech Cement Neutral 3,352-91,996 24,669 29, Construction ITNL Buy ,466 7,360 8, KNR Constructions Accumulate , , Larsen & Toubro Accumulate 1,495 1, ,307 58,870 65, Gujarat Pipavav Port Neutral 160-7, MBL Infrastructures Buy ,313 2, Nagarjuna Const. Neutral 75-4,181 7,892 8, PNC Infratech Buy ,868 1,873 2, Simplex Infra Neutral 273-1,351 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 Neutral 288-4,944 3,186 3, NBCC Buy ,121 5,838 7, MEP Infra Neutral ,956 1, SIPL Neutral 99-3, , Engineers India Neutral 201-6,771 1,667 1, Financials Allahabad Bank Neutral 60-4,367 8,569 9, Axis Bank Neutral ,485 26,204 29, Bank of Baroda Neutral ,551 18,802 21, (7.4) (4.2) Bank of India Neutral 96-8,981 15,972 17, Canara Bank Neutral ,522 15,441 16, Dena Bank Neutral 36-2,421 3,440 3, Dewan Housing Finance Buy ,948 1,828 2, Equitas Holdings Buy , , Federal Bank Neutral 57-9,742 3,279 3, HDFC Neutral 1, ,684 10,358 11, HDFC Bank Accumulate 1,166 1, ,087 38,606 47, ICICI Bank Neutral ,559 34,279 39, IDBI Bank Neutral 71-14,566 9,625 10, Indian Bank Neutral 141-6,772 6,160 6, LIC Housing Finance Buy ,469 3,179 3, Oriental Bank Neutral 101-3,479 7,643 8, Punjab Natl.Bank Neutral 97-19,076 23,122 26, South Ind.Bank Neutral 20-2,734 1,965 2, St Bk of India Neutral ,046 79,958 86, Union Bank Neutral 126-8,641 12,646 14, Vijaya Bank Neutral 36-3,591 3,536 3, Yes Bank Neutral 1,070-45,053 7,190 9, FMCG Asian Paints Neutral ,093 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 2,566-30,791 8,481 9, Colgate Neutral ,010 4,136 4, Dabur India Neutral ,507 9,370 10, GlaxoSmith Con* Accumulate 5,778 6,118 24,298 4,519 5, Godrej Consumer Neutral 1,568-53,380 9,003 10, HUL Neutral ,742 33,299 35, ITC Accumulate ,533 36,837 39, Marico Neutral ,977 6,151 6, Nestle* Neutral 6,522-62,879 9,393 10, Tata Global Accumulate ,918 8,635 9, Procter & Gamble Hygiene Buy 6,271 7,369 20,356 2,588 2, IT HCL Tech^ Buy 769 1, ,452 37,061 30, Infosys Accumulate 1,206 1, ,989 62,441 70, TCS Accumulate 2,647 3, , , , Tech Mahindra Buy ,157 26,494 30, Wipro Buy ,422 50,808 56, Media D B Corp Neutral 378-6,942 2,025 2, HT Media Neutral 78-1,824 2,495 2, Jagran Prakashan Buy ,678 2,107 2, Sun TV Network Neutral ,382 2,510 2, Hindustan Media Ventures Neutral 274-2, , Metals & Mining Coal India Buy ,544 76,167 84, Hind. Zinc Neutral ,556 14,641 14, Hindalco Neutral , , , JSW Steel Neutral 1,400-33,844 42,308 45, (10.3) (1.0) NMDC Neutral 92-36,495 8,237 10, SAIL Neutral 45-18,400 45,915 53, Vedanta Neutral ,192 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 ,929 11,323 12, GAIL Neutral ,469 64,856 70, ONGC Neutral , , , Petronet LNG Neutral ,296 29,691 31, Indian Oil Corp Accumulate , , , Reliance Industries Neutral , , , Pharmaceuticals Alembic Pharma Neutral ,216 3,145 3, Aurobindo Pharma Accumulate ,252 13,651 15, Aventis* Accumulate 4,186 4,738 9,641 2,049 2, Cadila Healthcare Buy ,376 9,469 11, Cipla Neutral ,800 13,372 15, Dr Reddy's Accumulate 3,050 3,476 52,006 15,471 17, Dishman Pharma Neutral 137-2,205 1,733 1, GSK Pharma* Neutral 3,507-29,703 2,741 3, Indoco Remedies Neutral 262-2, , Ipca labs Buy ,195 2,844 3, Lupin Buy 1,450 1,809 65,349 13,702 15, Sun Pharma Buy ,121 27,744 31, Power Tata Power Neutral 73-19,825 35,923 37, NTPC Neutral ,166 87,271 99, Power Grid Accumulate ,430 20,702 23, Real Estate MLIFE Buy , , Telecom Bharti Airtel Neutral , , , Idea Cellular Neutral ,780 34,282 36, zothers Abbott India Neutral 4,495-9,552 2,715 3, Bajaj Electricals Buy ,269 4,612 5, Finolex Cables Neutral 351-5,363 2,520 2, Goodyear India* Buy ,202 1,800 1, Hitachi Neutral 1,279-3,477 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 298-5,394 1,620 1, MRF Buy 31,843 45,575 13,505 20,316 14, , , Page Industries Neutral 13,558-15,122 1,929 2, Relaxo Footwears Neutral 487-5,848 1,767 2, Siyaram Silk Mills Buy 1,048 1, ,619 1, Styrolution ABS India* Neutral 601-1,056 1,271 1, TVS Srichakra Buy 2,341 2,932 1,792 2,035 2, HSIL Buy ,860 2,123 2, Kirloskar Engines India Ltd Neutral 261-3,770 2,403 2, M M Forgings Buy Banco Products (India) Neutral 142-1,013 1,208 1, Competent Automobiles Neutral ,040 1, Nilkamal Neutral 1,152-1,719 1,871 2, Visaka Industries Accumulate ,020 1, Transport Corporation of Neutral 311-2,380 2,830 3, India Elecon Engineering Neutral ,359 1, Surya Roshni Buy ,992 3, MT Educare Neutral Radico Khaitan Buy ,172 1,543 1, Garware Wall Ropes Buy Wonderla Holidays Neutral 397-2, Linc Pen & Plastics Neutral The Byke Hospitality Neutral Interglobe Aviation Neutral 1,039-37,454 17,022 21, Coffee Day Enterprises Ltd Neutral 252-5,193 2,692 2, Navneet Education Neutral 93-2, , Navkar Corporation Buy , UFO Moviez Neutral 527-1, VRL Logistics Neutral 305-2,782 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 909-1,554 2,565 3, S H Kelkar & Co. Neutral 216-3, , Quick Heal Neutral 267-1, Narayana Hrudaya Neutral 321-6,565 1,603 1, Manpasand Bever. Neutral 540-2, Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on June 21, 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.