Market Outlook. Market Cues. News Analysis. Investor s Ready Reckoner. Top Picks. Key Upcoming Events. July 01, 2016
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1 6.( Market Outlook Market Cues Indian markets are expected to open on a Flat note tracing SGX Nifty and Global cues. U.S. stocks rallied for third consecutive session on Thursday, as investor s anxiety about Britain's vote last week to leave the European Union eased. Markets also reacted positively to speech by Bank of England Governor Mark Carney hinting at providing further monetary stimulus. European shares rose for a third straight session yesterday as investors widely expect central banks to cut interest rates and ramp up bond buying in order to ease fears over Britain's vote to exit EU. Indian shares closed higher for a fourth consecutive session, bouncing back to its pre-brexit levels on Thursday. The recovery is believed to be on the back of improving prospects of domestic economy, hopes of good monsoon and clearance of the GST bill in next parliament session. News Analysis April-May fiscal deficit at 43% of Budget estimates NTPC power generation up 10% at 64.6 BUs in Q1 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 Buy 869 1, HCL Tech IT Buy 731 1, LIC Housing Financials Buy Bharat Electronics Capital Goods Accumulate 1,267 1, Navkar Corporation Others Buy More Top Picks on Pg3 Key Upcoming Events Date Region Event Description Previous Reading Consensus Expectations July 01 UK Industrial Production (YoY) July 01 UK GDP (YoY) July 01 Germany PMI Manufacturing July 05 China PMI Manufacturing More Events on Pg4 Domestic Indices Chg (Pts) (Close) BSE Sensex ,000 Nifty ,288 Mid Cap ,717 Small Cap ,801 Bankex ,531 Global Indices Chg (Pts) (Close) Dow Jones ,930 Nasdaq ,843 FTSE ,504 Nikkei ,576 Hang Seng ,794 Shanghai Com (0.1) (2) 2,930 Advances / Declines BSE NSE Advances 1,599 1,040 Declines 1, Unchanged Volumes (` Cr) BSE 3,109 NSE 26,626 Net Inflows (` Cr) Net Mtd Ytd FII 146 3,693 18,062 MFs ,696 Top Gainers Price (`) Chg Jpassociat Sadbhav Atul 2, Sintex Cub Top Losers Price (`) Chg Sparc 333 (2.8) Godrejind 397 (2.6) Indhotel 127 (2.1) Sunasian 8 (2.0) Hindcopper 53 (1.8) As on June 30, 2016
2 Market Outlook April-May fiscal deficit at 43% of Budget estimates Fiscal deficit in the first two months of the current fiscal was `2.28 lakh crore, or 42.9% of Budget estimates for The fiscal deficit situation during April- May of was 37.5% of the Budget estimates. As per the Controller General of Accounts, the gap between expenditure and revenue for the entire current fiscal has been pegged at `5.33 lakh crore. Tax revenue during the period was `49,690 crore or 4.7% of the estimate. Total receipts from revenue and non-debt capital during the two months was `69,060 crore or 4.8% of the estimates for the current year. It was 4.4% of the estimates for Total expenditure of the government during April-May was `2.98 lakh crore or 15.1% of the entire year estimates. Of the total expenditure, plan spending was `90,570 crore and non-plan was over `207,476 crore. The revenue deficit during the two month was over `1.99 lakh crore or 56.2% of the estimates, CGA data showed. Revenue deficit refers to shortfall in total government revenue realization from the targeted figure. For the year, the government aims to restrict fiscal deficit to `5.33 lakh crore or 3.5% of the GDP. NTPC power generation up 10% at 64.6 BUs in Q1 NTPC Ltd has announces that it has recorded a 10% yoy increase in power generation to 64.6 billion units (BUs) in 1QFY2017. NTPC group achieved generation increase of 11.65% during the same period. The company stated that electricity tariff billed by NTPC to power distribution companies reduced significantly despite increase in fuel prices. The company said that its efforts under UDAY (Ujwal DISCOM Assurance Yojna) have led to reduction in energy charges of coal stations benefiting the Discoms and the consumers. NTPC has a total installed capacity of 47,178 MW through its 18 coal-based, seven gas-based, nine solar PV, one Hydro and eight Subsidiaries / Joint Venture power stations. The company has a capacity of over 24,000 MW under different phases of construction. Economic and Political News Odisha Govt commits 10% equity participation in rail corridor to transport thermal coal AP govt inks 6 pacts with Chinese firms for different projects India's infrastructure output growth hits 5-month low in May Corporate News Aluminium makers worried by China's plans to raise output Airtel expands footprint in Arunachal Pradesh Tata group-owned TCIL to consolidate domestic business in HDFC, SBI Life take 18.5% stake in IDFC Infra Debt Fund
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 30,410 1,267 1, Uptick in defense capex by government, coupled with BELs strong market positioning, indicate good times ahead for BEL. HCL Tech 1,03, , Stock is trading at attractive valuations & factors all bad news. HDFC Bank 2,97,707 1,176 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 2,68,915 1,171 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 3, Radico Khaitan 1, Siyaram Silk Mills 1,053 1,124 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 July 1, 2016 h Key Upcoming Events Global economic events release calendar Bloomberg Data Date Time Country Event Description Unit Period Last Reported Estimated Jul 01, :00 PM UK GDP (YoY) % Change 1Q F :00 PM UK PMI Manufacturing Value Jun :00 PM UK Industrial Production (YoY) % Change May 1.60 Jul 05, :30 AM China PMI Manufacturing Value Jun Jul 07, :25 PM Germany PMI Services Value Jun F Jul 08, 2016 India Imports YoY% % Change Jun India Exports YoY% % Change Jun :00 PM US Change in Nonfarm payrolls Thousands Jun :00 PM US Unnemployment rate % Jun :12 PM Jul 10, :00 AM China Consumer Price Index (YoY) % Change Jun Jul 12, :30 PM India Industrial Production YoY % Change May Jul 13, 2016 China Exports YoY% % Change Jun (4.10) (4.00) Jul 14, :30 PM UK BOE Announces rates % Ratio Jul US Producer Price Index (mom) % Change Jun :30 PM Euro Zone Euro-Zone CPI (YoY) % Jun F 0.10 Jul 15, :00 PM India Monthly Wholesale Prices YoY% % Change Jun :00 PM US Consumer price index (mom) % Change Jun :45 PM US Industrial Production % Jun (0.42) 7:30 AM China Industrial Production (YoY) % Change Jun 6.00 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) (6.0) Brazil (5.4) Russia (1.2) India China South Africa (0.2) Indonesia Malaysia Thailand UK USA Germany France Japan (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 51, (4.3) Russia Micex 1,891 (2.3) India Nifty 8, (1.3) China Shanghai Composite 2, (35.8) South Africa Top 40 45,974 (5.1) 0.3 (0.4) Mexico Mexbol 45, (0.2) 1.8 Indonesia LQ Malaysia KLCI 1, (3.7) (4.5) Thailand SET (0.1) 0.9 (8.0) USA Dow Jones 17, UK FTSE 6, (1.2) Japan Nikkei 15,576 (9.6) (9.1) (23.8) Germany DAX 9,680 (5.7) (2.9) (11.1) France CAC 4,237 (6.0) (2.0) (10.9) 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 221-4,294 1,612 1, United Phosphorus Accumulate ,612 13,083 15, Auto & Auto Ancillary Ashok Leyland Neutral 99-28,060 17,995 21, Bajaj Auto Neutral 2,686-77,731 22,709 25, Bharat Forge Buy ,647 7,351 8, Eicher Motors Accumulate 19,222 20,044 52,210 15,556 16, Gabriel India Accumulate ,345 1,415 1, Hero Motocorp Neutral 3,181-63,518 28,244 30, Jamna Auto Industries Neutral 174-1,391 1,281 1, L G Balakrishnan & Bros Neutral ,254 1, Mahindra and Mahindra Neutral 1,429-88,751 38,416 42, Maruti Neutral 4, ,425 57,865 68, Minda Industries Neutral 1,167-1,852 2,523 2, Motherson Sumi Accumulate ,399 39,343 45, Rane Brake Lining Buy Setco Automotive Neutral Tata Motors Neutral , , , TVS Motor Accumulate ,713 11,263 13, Amara Raja Batteries Buy 869 1,076 14,837 4,690 5, Exide Industries Neutral ,420 6,950 7, Apollo Tyres Buy ,712 12,056 12, Ceat Buy 845 1,119 3,420 6,041 6, JK Tyres Neutral 90-2,032 7,446 7, Swaraj Engines Neutral 1,184-1, Subros Neutral ,293 1, Indag Rubber Neutral Capital Goods ACE Neutral BEML Buy 853 1,157 3,554 3,277 4, Bharat Electronics Buy 1,267 1,414 30,410 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 ,631 5,857 6, BGR Energy Neutral ,615 3, BHEL Neutral ,244 33,722 35, Blue Star Buy ,940 3,770 4, Crompton Greaves Neutral 74-4,622 13,484 14, Greaves Cotton Neutral 139-3,382 1,655 1, Inox Wind Buy ,276 4,406 5, KEC International Neutral 144-3,698 8,791 9, Thermax Neutral 824-9,813 6,413 7, VATech Wabag Neutral 592-3,229 2,722 3, Cement ACC Neutral 1,614-30,302 13,151 14, Ambuja Cements Neutral ,473 11,564 12, HeidelbergCement Neutral 118-2,679 1,772 1, India Cements Neutral 113-3,471 4,216 4, JK Cement Neutral 665-4,653 3,661 4, J K Lakshmi Cement Neutral 386-4,543 2,947 3, Mangalam Cements Neutral ,053 1, Orient Cement Neutral 183-3,757 1,854 2, Ramco Cements Neutral ,193 4,036 4, Shree Cement^ Neutral 14,545-50,670 7,150 8, UltraTech Cement Neutral 3,412-93,635 24,669 29, Construction ITNL Buy ,413 7,360 8, KNR Constructions Neutral 558-1, , Larsen & Toubro Buy 1,496 1, ,447 58,870 65, Gujarat Pipavav Port Neutral 162-7, MBL Infrastructures Buy ,313 2, Nagarjuna Const. Neutral 74-4,131 7,892 8, PNC Infratech Neutral 570-2,925 1,873 2, Simplex Infra Neutral 266-1,317 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 ,018 3,186 3, NBCC Accumulate ,436 5,838 7, MEP Infra Neutral ,956 1, SIPL Neutral 100-3, , Engineers India Neutral 204-6,863 1,667 1, Financials Allahabad Bank Neutral 69-4,996 8,569 9, Axis Bank Neutral ,322 26,204 29, Bank of Baroda Neutral ,484 18,802 21, (7.4) (4.2) Bank of India Neutral 101-9,443 15,972 17, Canara Bank Neutral ,862 15,441 16, Dena Bank Neutral 39-2,624 3,440 3, Dewan Housing Finance Buy ,944 1,828 2, Equitas Holdings Buy , , Federal Bank Neutral 58-9,888 3,279 3, HDFC Neutral 1, ,047 10,358 11, HDFC Bank Accumulate 1,176 1, ,707 38,606 47, ICICI Bank Neutral ,722 34,279 39, IDBI Bank Neutral 70-14,360 9,625 10, Indian Bank Neutral 141-6,779 6,160 6, LIC Housing Finance Buy ,966 3,179 3, Oriental Bank Neutral 108-3,740 7,643 8, Punjab Natl.Bank Neutral ,775 23,122 26, South Ind.Bank Neutral 20-2,653 1,965 2, St Bk of India Neutral ,733 79,958 86, Union Bank Neutral 128-8,820 12,646 14, Vijaya Bank Neutral 38-3,746 3,536 3, Yes Bank Neutral 1,107-46,583 7,190 9, FMCG Asian Paints Neutral 1,004-96,270 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 2,757-33,075 8,481 9, Colgate Neutral ,987 4,136 4, Dabur India Neutral ,217 9,370 10, GlaxoSmith Con* Accumulate 5,912 6,118 24,862 4,519 5, Godrej Consumer Neutral 1,602-54,567 9,003 10, HUL Neutral ,479 33,299 35, ITC Accumulate ,218 36,837 39, Marico Neutral ,106 6,151 6, Nestle* Neutral 6,489-62,562 9,393 10, Tata Global Accumulate ,280 8,635 9, Procter & Gamble Hygiene Buy 6,263 7,369 20,331 2,588 2, IT HCL Tech^ Buy 731 1, ,063 37,061 30, Infosys Accumulate 1,171 1, ,915 62,441 70, TCS Accumulate 2,551 3, , , , Tech Mahindra Buy ,162 26,494 30, Wipro Buy ,952 50,808 56, Media D B Corp Neutral 376-6,905 2,025 2, HT Media Neutral 77-1,796 2,495 2, Jagran Prakashan Buy ,899 2,107 2, Sun TV Network Neutral ,323 2,510 2, Hindustan Media Ventures Neutral 273-2, , Metals & Mining Coal India Buy ,797 76,167 84, Hind. Zinc Neutral ,971 14,641 14, Hindalco Neutral , , , JSW Steel Neutral 1,465-35,410 42,308 45, (10.3) (1.0) NMDC Neutral 94-37,189 8,237 10, SAIL Neutral 45-18,647 45,915 53, Vedanta Neutral ,119 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 ,314 11,323 12, GAIL Neutral ,862 64,856 70, ONGC Neutral , , , Petronet LNG Neutral ,073 29,691 31, Indian Oil Corp Accumulate , , , Reliance Industries Buy 969 1, , , , Pharmaceuticals Alembic Pharma Neutral ,813 3,274 3, Aurobindo Pharma Accumulate ,502 14,923 17, Aventis* Accumulate 4,435 4,738 10,214 2,049 2, Cadila Healthcare Buy ,563 9,469 11, Cipla Buy ,295 13,979 16, Dr Reddy's Accumulate 3,384 3,476 57,702 15,471 17, Dishman Pharma Neutral 140-2,252 1,733 1, GSK Pharma* Neutral 3,474-29,426 2,870 3, Indoco Remedies Neutral 275-2,536 1,033 1, Ipca labs Buy ,147 3,363 3, Lupin Buy 1,537 1,809 69,310 13,702 15, Sun Pharma Buy ,775 28,163 32, Power Tata Power Neutral 73-19,838 35,923 37, NTPC Neutral ,959 87,271 99, Power Grid Accumulate ,249 20,702 23, Real Estate MLIFE Buy , , Telecom Bharti Airtel Neutral , , , Idea Cellular Neutral ,367 34,282 36, zothers Abbott India Neutral 4,613-9,801 2,715 3, Bajaj Electricals Buy ,399 4,612 5, Finolex Cables Neutral 363-5,547 2,520 2, Goodyear India* Accumulate ,214 1,800 1, Hitachi Neutral 1,394-3,789 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 303-5,483 1,620 1, MRF Buy 33,085 45,575 14,032 20,316 14, , , Page Industries Neutral 13,986-15,600 1,929 2, Relaxo Footwears Neutral 503-6,038 1,767 2, Siyaram Silk Mills Buy 1,124 1,347 1,053 1,619 1, Styrolution ABS India* Neutral 627-1,103 1,271 1, TVS Srichakra Buy 2,383 2,932 1,825 2,035 2, HSIL Accumulate ,996 2,123 2, Kirloskar Engines India Ltd Neutral 268-3,882 2,403 2, M M Forgings Buy Banco Products (India) Neutral 153-1,097 1,208 1, Competent Automobiles Neutral ,040 1, Nilkamal Neutral 1,262-1,883 1,871 2, Visaka Industries Buy ,020 1, Transport Corporation of Neutral 315-2,416 2,830 3, India Elecon Engineering Neutral ,359 1, Surya Roshni Buy ,992 3, MT Educare Neutral Radico Khaitan Buy ,237 1,543 1, Garware Wall Ropes Buy Wonderla Holidays Neutral 406-2, Linc Pen & Plastics Accumulate The Byke Hospitality Neutral Interglobe Aviation Neutral 1,015-36,589 17,022 21, Coffee Day Enterprises Ltd Neutral 256-5,263 2,692 2, Navneet Education Neutral 97-2, , Navkar Corporation Buy , UFO Moviez Neutral 570-1, VRL Logistics Neutral 318-2,902 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 1,089-1,861 2,565 3, S H Kelkar & Co. Neutral 213-3, , Quick Heal Neutral 270-1, Narayana Hrudaya Neutral 314-6,409 1,603 1, Manpasand Bever. Neutral 553-2, Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on June 30, 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.
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