Market Outlook

November 01, 2016

Market Cues

Domestic Indices

Chg (%)

(Pts)

(Close)

Indian markets are likely to open positive tracking global cues and SGX Nifty.

BSE Sensex

(0.0)

(11)

27,930

Nifty

(0.1)

(12)

8,626

U.S. stocks closed lower on Monday as the probability of December rate hike

Mid Cap

0.5

13,473

increased with new data release as well as election uncertainty weighed on the

Small Cap

1.0

129

13,583

minds of investors. The S&P 500 index slipped 0.26 points to close at 2,126, with

five of the 11 main sectors finishing lower. The Dow Jones Industrial Average

Bankex

(0.1)

(16)

22,368

declined 0.1%, to close at 18,142. Economic data released on Monday (consumer

spending and inflation) is consistent with previous releases suggesting that Fed is

Global Indices

Chg (%)

(Pts)

(Close)

likely to raise interest rates in December.

Dow Jones

(0.1)

(19)

18,142

FTSE 100 shares closed 0.6% lower at 6,954 on Monday as the mood on the bourse

Nasdaq

(0.0)

(1)

5,189

was downbeat. WPP, UK's advertising behemoth, was the biggest riser on the FTSE

FTSE

(0.6)

(42)

6,954

100 said that its UK sales showed slower growth, which could be "the first signs of

Nikkei

(0.2)

(32)

17,394

Brexit anxiety".

Hang Seng

1.1

257

23,192

Markets ended the customary 'Muhurat' trading session to usher in the new year

Shanghai Com

0.1

3,104

Samvat 2073 on a negative bias with the broader markets outperforming the

benchmark indices. The S&P BSE Sensex ended down 11 points at 27,930 and the

Advances / Declines

BSE

NSE

50-share Nifty settled 12 points lower at 8,626. In the broader markets, the BSE

Midcap index gained 0.5% and the Small-cap index gained nearly 1% to hit 52-

Advances

2,005

982

week high in intra-day trade

Declines

469

656

Unchanged

205

Result Review

 Sundaram Finance Q2 profit rises 13.2% to `128cr

Volumes (` Cr)

 Nestle India’s Q2 profit more than doubles to `269cr

BSE

862

Detailed analysis on Pg2

NSE

3,462

Investor’s Ready Reckoner

Key Domestic & Global Indicators

Net Inflows (` Cr)

Net

Mtd

Ytd

Stock Watch: Latest investment recommendations on 150+ stocks

FII

(1,109)

(4,122)

45,882

Refer Pg6 onwards

MFs

729

6,016

19,963

Top Picks

Top Gainers

Price (`)

Chg (%)

CMP

Target

Upside

Company

Sector

Rating

(`)

(%)

Star

1,046

11.3

Amara Raja Batteries Auto & Auto Ancill.

Buy

1,014

1,218

20.1

Iifl

332

7.8

HCL Tech

Buy

764

1,000

30.8

Shriramcit

2,499

7.2

Bharat Electronics

Capital Goods

Accumulate

1,301

1,414

8.7

Equitas Holdings

Financials

Buy

179

235

31.6

Nationalum

7.1

Navkar Corporation Others

Buy

199

265

32.9

Cadilahc

423

7.1

More Top Picks on Pg5

Top Losers

Price (`)

Chg (%)

Key Upcoming Events

Consensus

Vrllog

289

(6.3)

Date

Region

Event Description

Reading

Expectations

Bajfinance

1,073

(2.9)

Nov 01 Euro Zone

Euro Zone GDP s.a. (QoQ)

0.3

Nov 01 China

PMI Manufacturing

50.4

50.3

Persistent

645

(2.6)

Nov 02 US

FOMC rate decision

0.5

Sjvn

(2.5)

Nov 02 Germany

PMI Manufacturing

55.1

Icicibank

277

(2.4)

Nov 02 Germany

Unemployment change (000’s)

1.0

(1.0)

As on October 28, 2016

More Events on Pg6

www.angelbroking.com

Market Outlook

November 01, 2016

Result Review

Sundaram Finance Q2 profit rises 13.2% to `128cr

Sundaram Finance’s profit rose by 13.2% to `128cr for Q2FY17. The non-banking

financial company’s results included one-time income of `40.6cr on account of

sale of shares in BNP Paribas Sundaram Global Securities. The reported profit was

ahead of consensus of `122.6cr.

Loan disbursements for the quarter rose 6% to `3,177cr while the gross non-

performing assets (NPA) stood at 2.18%. Its net NPA stood at 1% for the quarter.

Its total assets under management, grow to `19,348cr from `17,140cr in the year-

ago period.

Nestle India’s Q2 profit more than doubles to `269cr

Nestle India’s net profit for September 2017 quarter more than doubled signaling

that it has overcome the setback it suffered from a ban on its popular Maggi

noodles last year. Net profit rose to `269.4cr from `124.2cr in the year-ago

quarter. Net sales rose by 35.1% yoy to `2,346.2cr.

The results for the quarter however are not entirely comparable with the results of

the corresponding periods due to the Maggi noodles issue in 2015. In the same

quarter last year, Nestle India could not sell Maggi noodles after the Food Safety

and Standards Authority of India (FSSAI) ordered the company to withdraw the

snack item, which accounted for about 30% of the company’s revenue. The FSSAI

order, which was overturned by the Bombay high court in August 2015, was based

on allegations that Maggi noodles contained monosodium glutamate, and lead in

excess of prescribed limits. In the quarter just gone by, Nestle India’s domestic

market grew 37.9% and exports increased by 5.1%.

The growth was broad-based across categories aided by a spate of innovations

and renovation of over 25 new products launched in the recent past. Company in

a statement said that it is in the leadership position in the instant noodles category,

vindicating consumer confidence and trust in Brand Maggi. It also said that the

newly launched Maggi Hot Heads range has accelerated its growth in the value-

added segment.

Maggi noodles now has a 57% share of the instant noodles market in India vs.

80.2% in March 2015, according to Nestle India. In November, when the

company relaunched Maggi, it had a 10.9% share of the market.

Economic and Political News

 GST-rates-impasse-Centre-states-trust-deficit-widens

 MFs invest Rs 8,000 cr in equities in September

 Highway contracts hit a rough patch in first half of FY17

 Core sector rises 5% in September

Corporate News

 Escorts: ordeal with non-tractor businesses continues

 SBI to allot shares to govt on preferential basis for capital infusion of Rs5,681

crore

 Bajaj Auto Q2 profit rises 7% to `1,122cr on other income boost

www.angelbroking.com

Market Outlook

November 01, 2016

Top Picks

Large Cap

Market Cap

CMP

Target

Upside

Company

Rationale

(` Cr)

(`)

(%)

To outpace battery industry growth due to better technological

Amara Raja Batteries

17,323

1,014

1,218

20.1

products leading to market share gains in both the

automotive OEM and replacement segments.

Healthy pace of branch expansion, backed by distribution

Axis Bank

1,16,140

487

630

29.5

network, will be the driving force for the bank’s retail business

and overall earnings.

Uptick in defense capex by government when coupled with

Bharat Electronics

31,229

1,301

1,414

8.7

BELs strong market positioning, indicate that good times are

ahead for BEL.

The stock is trading at attractive valuations and is factoring all

HCL Tech

1,07,817

764

1,000

30.8

the bad news.

Back on the growth trend, expect a long term growth of 14%

Infosys

2,29,109

997

1,249

25.2

to be a US$20bn in FY2020.

Source: Company, Angel Research

Mid Cap

Market Cap

CMP

Target

Upside

Company

Rationale

(` Cr)

(`)

(%)

We expect the company would report strong profitability

Asian Granito

819

272

351

29.0

owing to better product mix, higher B2C sales and

amalgamation synergy.

Among the top 4 players in the consumer durables segment.

Bajaj Electricals

2,624

260

306

17.9

Improved profitability backed by turn around in E&P segment.

Strong order book lends earnings visibility.

Favourable outlook for the AC industry to augur well for

Cooling products business which is out pacing the market

Blue Star

5,275

553

634

14.6

growth. EMPPAC division's profitability to improve once

operating environment turns around.

With a focus on the low and medium income (LMI) consumer

Dewan Housing Finance

10,270

328

350

6.7

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

Equitas Holdings

5,990

179

235

31.6

adequate CAR. ROE & ROA likely to remain decent as risk of

dilution remains low. Attractive valuations considering growth.

Economic recovery to have favourable impact on advertising

& circulation revenue growth. Further, the acquisition of a

Jagran Prakashan

6,362

195

225

15.6

radio business (Radio City) would also boost the company's

revenue growth.

Speedier execution and speedier sales, strong revenue visibilty

Mahindra Lifespace

1,747

426

522

22.6

in short-to-long run, attractive valuations

We expect the company to report strong growth on back of

healthy growth in domestic branded sales (owing to

Mirza International

1,121

113

21.3

aggressive ad spend and addition in the number of EBOs &

multi-brand outlets [MBOs]) and healthy export revenues.

Massive capacity expansion along with rail advantage at ICD

Navkar Corporation

2,843

199

265

32.9

as well CFS augurs well for the company.

Strong brands and distribution network would boost growth

Siyaram Silk Mills

1,509

1,609

1,714

6.5

going ahead. Stock currently trades at an inexpensive

valuation.

Market leadership in Hindi news genre and no. 2 viewership

ranking in English news genre, exit from the radio business,

TV Today Network

1,982

332

363

9.3

and anticipated growth in ad spends by corporates to benefit

the stock.

Source: Company, Angel Research

www.angelbroking.com

Market Outlook

November 01, 2016

Key Upcoming Events

Result Calendar

Date

Company

Nov 1, 2016

Hindustan Media Ventures

Nov 2, 2016

HT Media

Nov 3, 2016

Ambuja Cements, Mphasis, MM Forging

Nov 4, 2016

Union Bank, Allahabad Bank, Central Bank, Competent Automobiles, Transport Corporation of India, Radico Khaitan

Amara Raja Batteries, Automotive Axle, Mangalam Cement, Punjab Natl.Bank, Dena Bank, Bank of Maharashtra,

Nov 5, 2016

Relaxo, Sterling Tools

Nov 7, 2016

CEAT, ICICI Bank, Godrej Consumer, GlaxoSmith Con, Britannia, Cravatex, Aventis

Nov 8, 2016

Bharat Forge, Ashok Leyland, BHEL, Vesuvius India, UFO Moviez

Nov 9, 2016

Apollo Tyres, Ramco Cements, Rural Elec.Corp., BPCL, ITD Cementation, Lupin

Motherson Sumi, Thermax, Blue Star, Page Industries, Bajaj Electrical, Finolex Cables, Elecon Engineering, Sun

Nov 10, 2016

Pharma, Team Lease Serv.

Source: Bloomberg, Angel Research

Global economic events release calendar

Date

Time

Country

Event Description

Unit

Period

Bloomberg Data

Last Reported Estimated

Nov 1, 2016

3:30PM Euro Zone

Euro-Zone GDP s.a. (QoQ)

% Change

3Q A

0.30

6:30AM China

PMI Manufacturing

Value

Oct

50.40

50.30

Nov 2, 2016 11:30PM US

FOMC rate decision

Nov 2

0.50

2:25PM Germany

PMI Manufacturing

Value

Oct F

55.10

2:25PM Germany

Unemployment change (000's)

Thousands

Oct

1.00

(1.00)

Nov 3, 2016

6:00PM US

Initial Jobless claims

Thousands

Oct 29

258.00

5:30PM UK

BOE Announces rates

% Ratio

Nov 3

0.25

Nov 4, 2016

2:25PM Germany

PMI Services

Value

Oct F

54.10

6:00PM US

Change in Nonfarm payrolls

Thousands

Oct

156.00

173.00

6:00PM US

Unnemployment rate

Oct

5.00

4.90

Nov 8, 2016

China

Exports YoY%

% Change

Oct

(10.00)

(6.00)

3:00PM UK

Industrial Production (YoY)

% Change

Sep

0.70

Nov 9, 2016

7:00AM China

Consumer Price Index (YoY)

% Change

Oct

1.90

2.00

Nov 10, 2016

India

Imports YoY%

% Change

Oct

(2.50)

5:30PM India

Industrial Production YoY

% Change

Sep

(0.70)

Nov 11, 2016

India

Exports YoY%

% Change

Oct

4.60

Nov 14, 2016 7:30AM China

Industrial Production (YoY)

% Change

Oct

6.10

12:00PM India

Monthly Wholesale Prices YoY%

% Change

Oct

3.57

Nov 15, 2016 3:00PM UK

CPI (YoY)

% Change

Oct

1.00

12:30PM Germany

GDP nsa (YoY)

% Change

3Q P

3.10

Nov 16, 2016 3:00PM UK

Jobless claims change

% Change

Oct

0.70

7:45PM US

Industrial Production

Oct

0.06

Producer Price Index (mom)

% Change

Oct

0.80

Source: Bloomberg, Angel Research

Market Outlook

November 01, 2016

Macro watch

Exhibit 1: Quarterly GDP trends

Exhibit 2: IIP trends

(%)

9.0

12.0

8.3

9.9

7.8

7.9

10.0

8.0

7.5

7.6

7.2

7.1

8.0

6.6

6.7

7.0

6.4

6.0

5.8

6.0

4.0

1.9

2.0

1.3

2.0

0.3

5.0

4.0

(2.0)

(0.7)

(0.9)

(1.3)

(1.6)

(4.0)

(2.5)

3.0

(3.4)

(6.0)

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

(%)

55.0

7.0

6.1

54.0

5.6

5.7

5.8

6.0

5.4

5.5

5.0

5.3

5.1

53.0

4.8

5.0

4.3

52.0

4.0

51.0

50.0

3.0

49.0

2.0

48.0

1.0

47.0

46.0

Source: Market, Angel Research; Note: Level above 50 indicates expansion

Source: MOSPI, Angel Research

Exhibit 5: Exports and imports growth trends

Exhibit 6: Key policy rates

(%)

Exports yoy growth

Imports yoy growth

(%)

Repo rate

Reverse Repo rate

CRR

10.0

7.00

5.0

6.50

0.0

6.00

(5.0)

5.50

(10.0)

5.00

(15.0)

4.50

(20.0)

4.00

(25.0)

(30.0)

3.50

(35.0)

3.00

Source: Bloomberg, Angel Research

Source: RBI, Angel Research

www.angelbroking.com

Market Outlook

November 01, 2016

Exhibit 4: Relative performance of indices across globe

Returns (%)

Country

Name of index

Closing price

1YR

Brazil

Bovespa

64,925

9.4

13.3

37.5

Russia

Micex

1,990

(0.3)

4.0

16.4

India

Nifty

8,626

(0.9)

0.4

4.5

China

Shanghai Composite

3,100

2.3

2.9

(7.9)

South Africa

Top 40

44,019

(4.5)

(4.1)

(8.2)

Mexico

Mexbol

48,009

0.7

2.6

5.9

Indonesia

LQ45

927

0.8

0.3

17.7

Malaysia

KLCI

1,672

0.5

(1.9)

Thailand

SET 50

937

(0.5)

(2.9)

2.2

USA

Dow Jones

18,142

(0.0)

(1.4)

1.8

FTSE

6,954

0.5

3.9

8.9

Japan

Nikkei

17,425

5.8

4.6

(6.1)

Germany

DAX

10,665

2.2

3.2

(2.6)

France

CAC

4,509

1.5

4.2

(8.2)

Source: Bloomberg, Angel Research

www.angelbroking.com

Stock Watch

November 01, 2016

Company Name

Reco

CMP

Target

Mkt Cap

Sales ( Čcr )

OPM(%)

EPS (Č)

PER(x)

P/BV(x)

RoE(%)

EV/Sales(x)

(Č)

Price ( Č)

( Č cr )

FY17E FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

Agri / Agri Chemical

Rallis

Neutral

220

4,284

1,937

2,164

13.3

14.3

9.0

11.0

24.5

20.0

4.3

3.7

18.4

19.8

2.3

2.0

United Phosphorus

Neutral

698

35,375

15,176

17,604

18.5

37.4

44.6

18.7

15.7

3.7

3.0

21.4

21.2

2.4

2.1

Auto & Auto Ancillary

Ashok Leyland

Buy

111

25,684

22,407

26,022

10.6

5.2

6.4

17.3

14.1

3.9

3.3

23.6

24.7

1.2

1.0

Bajaj Auto

Neutral

2,835

82,025

25,093

27,891

19.5

19.2

143.9

162.5

19.7

17.5

5.5

4.8

30.3

29.4

3.0

2.6

Bharat Forge

Neutral

885

20,594

7,726

8,713

20.5

21.2

35.3

42.7

25.1

20.7

4.6

4.2

18.9

20.1

2.7

2.4

Eicher Motors

Neutral

24,020

65,241

16,583

20,447

17.5

18.0

598.0

745.2

40.2

32.2

13.7

10.5

41.2

38.3

3.8

3.0

Gabriel India

Neutral

127

1,823

1,544

1,715

9.0

9.3

5.4

6.3

23.5

20.1

4.4

3.9

18.9

19.5

1.1

1.0

Hero Motocorp

Accumulate

3,348

3,541

66,848

30,958

34,139

15.7

193.6

208.3

17.3

16.1

6.8

5.6

34.2

30.5

2.0

1.8

Jamna Auto Industries Neutral

226

1,802

1,486

1,620

9.8

9.9

15.0

17.2

15.0

13.1

3.3

2.8

21.8

21.3

1.3

1.2

L G Balakrishnan & Bros Neutral

687

1,078

1,302

1,432

11.6

11.9

43.7

53.0

15.7

13.0

2.2

2.0

13.8

14.2

0.9

0.8

Mahindra and Mahindra Neutral

1,311

81,410

46,534

53,077

11.6

11.7

67.3

78.1

19.5

16.8

3.2

2.8

15.4

15.8

1.7

1.5

Maruti

Neutral

5,875

177,481

69,186

82,217

14.7

14.4

198.5

241.4

29.6

24.3

5.8

4.7

20.2

20.0

2.3

1.8

Minda Industries

Neutral

366

2,899

2,728

3,042

9.0

9.1

68.2

86.2

5.4

4.2

1.2

1.0

23.8

24.3

1.1

1.0

Motherson Sumi

Neutral

331

46,466

45,896

53,687

7.8

8.3

13.0

16.1

25.4

20.6

8.2

6.5

34.7

35.4

1.1

0.9

Rane Brake Lining

Neutral

1,162

919

511

562

11.3

11.5

28.1

30.9

41.3

37.6

6.3

5.7

15.3

15.0

1.9

1.8

Setco Automotive

Neutral

558

741

837

13.0

15.2

17.0

2.8

2.5

0.5

0.4

15.8

16.3

1.1

1.0

Tata Motors

Neutral

536

154,711

300,209

338,549

8.9

8.4

42.7

54.3

12.6

9.9

2.0

1.7

15.6

17.2

0.6

0.5

TVS Motor

Neutral

405

19,224

13,390

15,948

6.9

7.1

12.8

16.5

31.7

24.5

7.9

6.3

26.3

27.2

1.5

1.2

Amara Raja Batteries

Buy

1,014

1,218

17,323

5,429

6,471

17.5

17.6

35.3

43.5

28.7

23.3

6.6

5.3

25.3

24.8

3.1

2.5

Exide Industries

Neutral

196

16,626

7,439

8,307

15.0

8.1

9.3

24.2

21.0

3.4

3.0

14.3

16.7

1.9

1.7

Apollo Tyres

Buy

202

235

10,280

12,877

14,504

14.3

13.9

21.4

23.0

9.4

8.8

1.5

1.3

16.4

15.2

1.0

0.9

Ceat

Buy

1,214

1,450

4,910

7,524

8,624

13.0

12.7

131.1

144.3

9.3

8.4

1.7

1.4

19.8

18.6

0.7

0.6

JK Tyres

Neutral

141

3,192

7,455

8,056

15.0

21.8

24.5

6.5

5.7

1.4

1.1

22.8

21.3

0.6

0.5

Swaraj Engines

Neutral

1,340

1,664

660

810

15.2

16.4

54.5

72.8

24.6

18.4

7.7

7.0

31.5

39.2

2.3

1.9

Subros

Neutral

166

996

1,488

1,681

11.7

11.9

6.4

7.2

25.9

23.2

2.7

2.5

10.8

11.4

0.9

0.8

Indag Rubber

Neutral

192

504

286

326

19.8

16.8

11.7

13.3

16.4

14.4

2.8

2.6

17.8

17.1

1.4

1.2

Capital Goods

ACE

Neutral

452

709

814

4.1

4.6

1.4

2.1

32.6

21.8

1.3

4.4

6.0

0.8

0.7

BEML

Neutral

941

3,918

3,451

4,055

6.3

9.2

31.4

57.9

30.0

16.3

1.8

1.6

6.3

10.9

1.3

1.1

Bharat Electronics

Accumulate

1,301

1,414

31,229

8,137

9,169

16.8

17.2

58.7

62.5

22.2

20.8

3.4

3.1

44.6

46.3

2.8

2.5

www.angelbroking.com

Stock Watch

November 01, 2016

Company Name

Reco

CMP

Target

Mkt Cap

Sales ( Čcr )

OPM(%)

EPS (Č)

PER(x)

P/BV(x)

RoE(%)

EV/Sales(x)

(Č)

Price ( Č)

( Č cr )

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

Capital Goods

Voltas

Accumulate

387

407

12,820

6,511

7,514

7.9

8.7

12.9

16.3

30.0

23.8

5.4

4.7

16.7

18.5

1.7

1.5

BGR Energy

Neutral

117

841

16,567

33,848

6.0

5.6

7.8

5.9

14.9

19.8

0.9

0.8

4.7

4.2

0.2

0.1

BHEL

Neutral

139

33,985

28,797

34,742

2.8

2.3

6.9

60.4

20.1

1.0

1.3

4.8

0.8

0.6

Blue Star

Accumulate

553

634

5,275

4,283

5,077

5.9

7.3

14.9

22.1

37.2

25.0

7.2

6.1

20.4

26.4

1.3

1.1

Crompton Greaves

Neutral

4,779

5,777

6,120

5.9

7.0

3.3

4.5

23.1

16.9

1.0

4.4

5.9

0.8

0.7

Greaves Cotton

Neutral

139

3,383

1,755

1,881

16.8

16.9

7.8

8.5

17.8

16.3

3.6

3.3

20.6

20.9

1.6

1.5

Inox Wind

Neutral

212

4,712

5,605

6,267

15.7

16.4

24.8

30.0

8.6

7.1

2.4

1.8

25.9

24.4

0.9

0.7

KEC International

Neutral

124

3,181

9,294

10,186

7.9

8.1

9.9

11.9

12.5

10.4

1.8

1.6

15.6

16.3

0.6

0.5

Thermax

Neutral

849

10,121

5,421

5,940

7.3

25.7

30.2

33.1

28.1

4.0

3.7

12.2

13.1

1.8

1.6

VATech Wabag

Buy

495

681

2,700

3,136

3,845

8.9

9.1

26.0

35.9

19.1

13.8

2.4

2.0

13.4

15.9

0.8

0.6

Cement

ACC

Neutral

1,519

28,529

11,225

13,172

13.2

16.9

44.5

75.5

34.1

20.1

3.2

3.0

11.2

14.2

2.5

2.2

Ambuja Cements

Neutral

242

48,033

9,350

10,979

18.2

22.5

5.8

9.5

41.7

25.5

3.5

3.1

10.2

12.5

5.1

4.4

India Cements

Neutral

157

4,824

4,364

4,997

18.5

19.2

7.9

11.3

19.9

13.9

1.4

8.0

8.5

1.9

1.6

JK Cement

Neutral

947

6,620

4,398

5,173

15.5

17.5

31.2

55.5

30.3

17.1

3.6

3.2

12.0

15.5

2.1

1.7

J K Lakshmi Cement

Buy

489

565

5,758

2,913

3,412

14.5

19.5

7.5

22.5

65.3

21.8

4.0

3.4

12.5

18.0

2.6

2.1

Orient Cement

Buy

175

215

3,586

2,114

2,558

18.5

20.5

8.1

11.3

21.6

15.5

3.2

2.7

9.0

14.0

2.3

1.8

UltraTech Cement

Neutral

3,972

109,014

25,768

30,385

21.0

23.5

111.0

160.0

35.8

24.8

4.6

4.0

13.5

15.8

4.3

3.6

Construction

ITNL

Neutral

111

3,666

8,946

10,017

31.0

31.6

8.1

9.1

13.8

12.3

0.5

4.2

5.0

3.7

3.5

KNR Constructions

Neutral

765

2,152

1,385

1,673

14.7

14.0

41.2

48.5

18.6

15.8

3.5

3.0

14.9

15.2

1.6

1.3

Larsen & Toubro

Buy

1,478

1,700

137,741

67,665

77,249

10.7

11.5

57.3

71.2

25.8

20.8

2.4

2.2

12.6

14.3

2.2

1.9

Gujarat Pipavav Port

Neutral

163

7,858

705

788

52.2

51.7

5.0

5.6

32.5

29.0

3.2

2.9

11.2

10.8

9.2

Nagarjuna Const.

Neutral

5,184

8,842

9,775

9.1

8.8

5.3

6.4

17.6

14.6

1.4

1.3

8.2

9.1

0.7

0.6

PNC Infratech

Buy

121

143

3,103

2,350

2,904

13.1

13.2

9.0

8.8

13.4

13.7

0.5

0.4

15.9

13.9

1.4

1.2

Simplex Infra

Neutral

326

1,610

6,829

7,954

10.5

31.4

37.4

10.4

8.7

1.1

1.0

9.9

13.4

0.7

0.6

Power Mech Projects

Neutral

509

749

1,801

2,219

12.7

14.6

72.1

113.9

7.1

4.5

1.3

1.1

16.8

11.9

0.4

0.3

Sadbhav Engineering

Accumulate

279

298

4,783

3,598

4,140

10.3

10.6

9.0

11.9

31.0

23.4

3.2

2.9

9.9

11.9

1.6

1.4

NBCC

Neutral

240

14,394

7,428

9,549

7.9

8.6

8.2

11.0

29.3

21.8

1.5

1.2

28.2

28.7

1.7

1.2

MEP Infra

Neutral

680

1,877

1,943

30.6

29.8

3.0

4.2

13.9

10.0

6.7

4.5

0.6

1.7

1.6

SIPL

Neutral

103

3,612

1,036

1,252

65.5

66.2

(8.4)

(5.6)

3.8

4.4

(22.8)

(15.9)

11.7

9.7

www.angelbroking.com

Stock Watch

November 01, 2016

Company Name

Reco

CMP

Target

Mkt Cap

Sales ( Čcr )

OPM(%)

EPS (Č)

PER(x)

P/BV(x)

RoE(%)

EV/Sales(x)

(Č)

Price ( Č)

( Č cr )

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

Construction

Engineers India

Neutral

269

9,075

1,725

1,935

16.0

19.1

11.4

13.9

23.6

19.4

3.3

3.2

13.4

15.3

4.2

3.8

Financials

Axis Bank

Buy

487

630

116,140

46,932

53,575

3.5

3.4

32.4

44.6

15.0

10.9

1.9

1.7

13.6

16.5

Bank of Baroda

Neutral

156

35,910

19,980

23,178

1.8

11.5

17.3

13.6

9.0

1.6

1.3

8.3

10.1

Canara Bank

Neutral

314

17,034

15,225

16,836

1.8

14.5

28.0

21.6

11.2

1.5

1.2

5.8

8.5

Dewan Housing Finance Accumulate

328

350

10,270

2,225

2,688

2.9

29.7

34.6

11.1

9.5

1.8

1.5

16.1

16.8

Equitas Holdings

Buy

179

235

5,990

939

1,281

11.7

11.5

5.8

8.2

30.8

21.8

2.7

2.4

10.9

11.5

Federal Bank

Neutral

14,106

9,353

10,623

2.9

4.4

5.8

18.7

14.2

1.8

1.6

9.5

11.0

HDFC

Neutral

1,388

219,454

11,475

13,450

3.4

45.3

52.5

30.6

26.4

5.9

5.2

20.2

20.5

HDFC Bank

Accumulate

1,259

1,350

318,847

46,097

55,433

4.5

58.4

68.0

21.6

18.5

3.8

3.2

18.8

18.6

ICICI Bank

Neutral

277

161,249

39,029

45,903

3.3

16.7

16.3

16.6

17.0

2.1

1.9

10.1

12.4

LIC Housing Finance

Accumulate

583

630

29,399

3,712

4,293

2.6

2.5

39.0

46.0

14.9

12.7

2.8

2.4

19.9

20.1

Punjab Natl.Bank

Neutral

144

30,621

23,532

23,595

2.3

2.4

6.8

12.6

21.2

11.4

3.3

2.3

3.3

6.5

RBL Bank

Neutral

375

13,855

1,783

2,309

2.6

12.7

16.4

29.5

22.8

3.2

2.9

12.8

13.3

South Ind.Bank

Neutral

3,207

6,435

7,578

2.5

2.7

3.1

8.8

7.7

1.1

1.0

10.1

11.2

St Bk of India

Neutral

258

200,163

88,650

98,335

2.6

13.5

18.8

19.1

13.7

1.8

1.6

7.0

8.5

Union Bank

Neutral

148

10,147

13,450

14,925

2.3

25.5

34.5

5.8

4.3

0.8

0.7

7.5

10.2

Yes Bank

Neutral

1,272

53,547

8,978

11,281

3.3

3.4

74.0

90.0

17.2

14.1

3.3

2.8

17.0

17.2

FMCG

Asian Paints

Neutral

1,070

102,634

17,128

18,978

16.8

16.4

19.1

20.7

56.0

51.7

19.5

18.4

34.8

35.5

5.9

5.3

Britannia

Accumulate

3,306

3,626

39,668

9,795

11,040

14.6

14.9

80.3

94.0

41.2

35.2

16.9

13.1

41.2

3.9

3.4

Colgate

Neutral

973

26,463

4,605

5,149

23.4

23.8

26.9

40.9

36.2

22.6

17.7

64.8

66.8

5.7

5.1

Dabur India

Neutral

291

51,173

8,315

9,405

19.8

20.7

8.1

9.2

35.9

31.6

10.0

8.3

31.6

31.0

5.8

5.1

GlaxoSmith Con*

Neutral

6,051

25,449

4,350

4,823

21.2

21.4

179.2

196.5

33.8

30.8

9.0

7.6

27.1

26.8

5.2

4.6

Godrej Consumer

Neutral

1,606

54,691

10,235

11,428

18.4

18.6

41.1

44.2

39.1

36.3

8.7

7.3

24.9

24.8

5.4

4.8

HUL

Neutral

838

181,407

35,252

38,495

17.6

17.4

20.4

21.9

41.0

38.3

33.7

29.6

82.2

77.3

5.0

4.5

ITC

Buy

243

283

292,778

40,059

44,439

39.0

39.2

9.1

10.1

26.7

24.0

7.3

6.4

27.2

26.5

6.8

6.1

Marico

Accumulate

282

300

36,396

6,430

7,349

18.8

19.5

6.4

7.7

44.1

36.6

13.3

11.2

33.2

32.5

5.5

4.7

Nestle*

Neutral

6,961

67,110

10,073

11,807

20.7

21.5

124.8

154.2

55.8

45.1

22.9

20.6

34.8

36.7

6.5

5.5

Tata Global

Neutral

140

8,833

8,675

9,088

9.8

7.4

8.2

18.9

17.1

2.1

7.9

8.1

0.9

Procter & Gamble

Neutral

7,028

22,812

2,939

3,342

23.2

23.0

146.2

163.7

48.1

42.9

107.6

103.2

25.3

23.5

7.3

6.4

Hygiene

www.angelbroking.com

Stock Watch

November 01, 2016

Company Name

Reco

CMP

Target

Mkt Cap

Sales ( Čcr )

OPM(%)

EPS (Č)

PER(x)

P/BV(x)

RoE(%)

EV/Sales(x)

(Č)

Price ( Č)

( Č cr )

FY17E FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

HCL Tech^

Buy

764

1,000

107,817

49,242

57,168

20.5

55.7

64.1

13.7

11.9

2.8

2.1

20.3

17.9

2.1

1.7

Infosys

Buy

997

1,249

229,109

68,350

77,326

27.0

62.5

69.4

16.0

14.4

3.4

3.1

21.3

21.6

2.8

2.4

TCS

Accumulate

2,399

2,620

472,755

119,025

133,308

27.6

131.2

145.5

18.3

16.5

5.9

5.5

32.4

33.1

3.8

3.3

Tech Mahindra

Buy

436

700

42,283

30,347

33,685

17.0

37.5

41.3

11.6

10.6

2.5

2.2

21.8

20.7

1.1

1.0

Wipro

Buy

462

590

112,227

55,440

60,430

18.1

35.9

39.9

12.9

11.6

2.3

2.1

19.0

19.3

1.7

1.6

Media

D B Corp

Neutral

382

7,015

2,297

2,590

27.4

28.2

21.0

23.4

18.2

16.3

4.2

3.7

23.7

23.1

2.9

2.5

HT Media

Neutral

2,104

2,693

2,991

12.6

12.9

7.9

9.0

11.4

10.0

1.0

0.9

7.8

8.3

0.4

0.2

Jagran Prakashan

Buy

195

225

6,362

2,355

2,635

28.0

10.8

12.5

18.0

15.6

3.9

3.4

21.7

2.7

2.4

Sun TV Network

Neutral

546

21,505

2,850

3,265

70.1

71.0

26.2

30.4

20.8

18.0

5.3

4.7

24.3

25.6

7.1

6.1

Hindustan Media

Neutral

302

2,216

1,016

1,138

24.3

25.2

27.3

30.1

11.1

10.0

2.1

1.9

16.2

15.8

1.5

1.3

Ventures

TV Today Network

Accumulate

332

363

1,982

637

743

27.5

18.4

21.4

18.1

15.5

3.2

2.7

17.4

17.2

2.7

2.2

Metals & Mining

Coal India

Neutral

324

204,903

84,638

94,297

21.4

22.3

24.5

27.1

13.2

12.0

5.5

5.3

42.6

46.0

1.9

1.7

Hind. Zinc

Neutral

253

106,964

14,252

18,465

55.9

48.3

15.8

21.5

16.0

11.8

2.6

2.3

17.0

20.7

7.5

5.8

Hindalco

Neutral

150

30,892

107,899

112,095

7.4

8.2

9.2

13.0

16.3

11.5

0.8

0.7

4.8

6.6

0.8

0.7

JSW Steel

Neutral

1,658

40,079

53,201

58,779

16.1

16.2

130.6

153.7

12.7

10.8

1.7

1.5

14.0

14.4

1.5

1.3

NMDC

Neutral

131

52,017

6,643

7,284

44.4

47.7

7.1

7.7

18.5

17.0

1.6

8.8

9.2

5.6

5.1

SAIL

Neutral

21,497

47,528

53,738

(0.7)

2.1

(1.9)

2.6

20.0

0.6

0.5

(1.6)

3.9

1.3

1.2

Vedanta

Neutral

203

60,065

71,744

81,944

19.2

21.7

13.4

20.1

15.1

10.1

1.3

1.2

8.4

11.3

1.2

0.9

Tata Steel

Neutral

404

39,281

121,374

121,856

7.2

8.4

18.6

34.3

21.7

11.8

1.4

1.2

6.1

10.1

1.0

0.9

Oil & Gas

Cairn India

Neutral

226

42,409

9,127

10,632

4.3

20.6

8.8

11.7

25.7

19.3

0.8

3.3

4.2

6.1

5.1

GAIL

Neutral

433

54,938

56,220

65,198

9.3

10.1

27.1

33.3

16.0

13.0

1.5

1.4

9.3

10.7

1.2

1.0

ONGC

Neutral

288

246,313

137,222

152,563

15.0

21.8

19.5

24.1

14.8

12.0

1.3

1.2

8.5

10.1

2.1

1.9

Indian Oil Corp

Neutral

324

157,089

373,359

428,656

5.9

5.5

54.0

59.3

6.0

5.5

0.9

0.8

16.0

15.6

0.6

0.5

Reliance Industries

Neutral

1,054

341,592

301,963

358,039

12.1

12.6

87.7

101.7

12.0

10.4

1.2

1.1

10.7

11.3

1.6

1.3

Pharmaceuticals

Alembic Pharma

Neutral

673

12,693

3,483

4,083

20.2

21.4

24.3

30.4

27.7

22.2

6.3

5.0

25.5

25.3

3.6

3.0

Aurobindo Pharma

Accumulate

812

877

47,539

15,720

18,078

23.7

41.4

47.3

19.6

17.2

5.1

4.0

29.6

26.1

3.2

2.8

Sanofi India*

Neutral

4,342

10,000

2,357

2,692

17.3

153.5

169.2

28.3

25.7

4.8

3.9

25.8

28.4

3.9

3.2

Cadila Healthcare

Neutral

423

43,263

11,126

13,148

22.0

17.1

20.0

24.7

21.1

6.4

5.0

28.8

26.6

3.9

3.2

Cipla

Neutral

574

46,161

15,378

18,089

17.4

18.4

21.6

27.2

26.6

21.1

3.4

3.0

13.7

15.2

3.2

2.7

www.angelbroking.com

Stock Watch

November 01, 2016

Company Name

Reco

CMP

Target

Mkt Cap

Sales ( Čcr )

OPM(%)

EPS (Č)

PER(x)

P/BV(x)

RoE(%)

EV/Sales(x)

(Č)

Price ( Č)

( Č cr )

FY17E FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

Pharmaceuticals

Dr Reddy's

Neutral

3,360

55,678

16,043

18,119

23.1

24.7

126.0

157.8

26.7

21.3

3.9

3.4

15.7

17.1

3.4

3.0

Dishman Pharma

Neutral

242

3,904

1,718

1,890

22.7

22.8

9.5

11.3

25.5

21.4

2.5

2.2

10.1

10.9

2.7

2.4

GSK Pharma*

Neutral

2,910

24,648

3,528

3,811

16.6

18.8

51.8

59.4

56.2

49.0

15.0

26.3

30.6

6.8

6.3

Indoco Remedies

Neutral

285

2,626

1,112

1,289

18.2

13.2

15.6

21.6

18.3

3.8

3.3

19.2

2.5

2.1

Ipca labs

Neutral

610

7,696

3,303

3,799

15.3

17.3

19.7

35.3

31.0

3.1

2.8

9.1

9.4

2.5

2.1

Lupin

Buy

1,490

1,809

67,189

15,912

18,644

26.4

26.7

58.1

69.3

25.7

21.5

5.0

4.1

21.4

20.9

4.3

3.5

Sun Pharma

Buy

744

944

178,998

31,129

35,258

30.0

30.9

28.0

32.8

26.6

22.7

4.1

3.4

18.7

18.9

5.3

4.5

Power

Tata Power

Neutral

21,177

36,916

39,557

17.4

27.1

5.1

6.3

15.4

12.4

1.4

1.2

9.0

10.3

1.6

1.4

NTPC

Neutral

152

125,537

86,605

95,545

17.5

20.8

11.8

13.4

12.9

11.4

1.3

1.2

10.5

11.1

2.8

Power Grid

Neutral

176

92,076

25,763

29,762

74.3

73.1

14.8

17.3

11.9

10.2

1.9

1.6

16.9

17.5

7.8

7.5

Real Estate

MLIFE

Buy

426

522

1,747

1,152

1,300

22.7

24.6

29.9

35.8

14.2

11.9

1.1

1.0

7.6

8.6

2.2

1.9

Telecom

Bharti Airtel

Neutral

319

127,377

105,086

114,808

34.5

34.7

12.2

16.4

26.1

19.4

1.8

1.7

6.8

8.4

2.1

1.8

Idea Cellular

Neutral

27,438

40,133

43,731

37.2

37.1

6.4

6.5

11.9

11.7

1.0

0.9

8.2

7.6

1.7

1.4

zOthers

Abbott India

Neutral

4,958

10,536

3,153

3,583

14.1

14.4

152.2

182.7

32.6

27.1

159.9

136.6

25.6

26.1

3.1

2.6

Bajaj Electricals

Buy

260

306

2,624

5,099

5,805

5.6

5.9

11.4

14.6

22.8

17.8

3.1

2.7

13.4

15.1

0.5

Finolex Cables

Neutral

440

6,729

2,883

3,115

12.0

12.1

14.2

18.6

31.0

23.7

16.5

14.4

15.8

14.6

2.0

1.8

Goodyear India*

Neutral

758

1,748

1,598

1,704

10.4

10.2

49.4

52.6

15.3

14.4

70.8

62.1

18.2

17.0

0.8

109.1

Hitachi

Neutral

1,488

4,046

2,081

2,433

8.8

8.9

33.4

39.9

44.6

37.3

35.9

30.0

22.1

21.4

1.9

1.6

Jyothy Laboratories

Neutral

357

6,474

1,440

2,052

11.5

13.0

8.5

10.0

42.0

35.7

10.2

9.4

18.6

19.3

4.8

3.3

Page Industries

Neutral

16,397

18,289

2,450

3,124

20.1

17.6

299.0

310.0

54.8

52.9

365.2

278.8

47.1

87.5

7.5

5.9

Relaxo Footwears

Neutral

427

5,129

2,085

2,469

9.2

8.2

7.6

8.0

56.5

53.8

21.9

18.7

17.9

18.8

2.6

2.2

Siyaram Silk Mills

Accumulate

1,609

1,714

1,509

1,799

2,040

11.6

11.7

104.9

122.4

15.3

13.1

2.5

2.2

16.4

1.0

0.9

Styrolution ABS India*

Neutral

649

1,141

1,440

1,537

9.2

9.0

40.6

42.6

16.0

15.2

40.8

37.1

12.3

11.6

0.8

0.7

TVS Srichakra

Neutral

3,686

2,822

2,304

2,614

13.7

13.8

231.1

266.6

16.0

13.8

414.1

326.1

33.9

29.3

1.2

1.1

HSIL

Neutral

348

2,516

2,384

2,515

15.8

16.3

15.3

19.4

22.8

17.9

22.6

19.5

7.8

9.3

1.2

1.1

Kirloskar Engines India

Neutral

345

4,991

2,554

2,800

9.9

10.0

10.5

12.1

32.9

28.5

13.8

13.0

10.7

11.7

1.6

1.4

Ltd

M M Forgings

Neutral

453

547

546

608

20.4

20.7

41.3

48.7

11.0

9.3

62.1

54.9

16.6

17.0

0.8

Banco Products (India)

Neutral

222

1,586

1,353

1,471

12.3

12.4

14.5

16.3

15.3

13.6

21.1

19.0

14.5

14.6

1.1

119.5

Competent Automobiles Neutral

208

128

1,137

1,256

3.1

2.7

28.0

23.6

7.4

8.8

40.0

36.1

14.3

11.5

0.1

www.angelbroking.com

Stock Watch

November 01, 2016

Company Name

Reco

CMP

Target

Mkt Cap

Sales ( Čcr )

OPM(%)

EPS (Č)

PER(x)

P/BV(x)

RoE(%)

EV/Sales(x)

(Č)

Price ( Č)

( Č cr )

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

zOthers

Nilkamal

Neutral

1,635

2,440

1,995

2,165

10.7

10.4

69.8

80.6

23.4

20.3

93.4

81.2

16.6

16.5

1.2

1.1

Visaka Industries

Neutral

224

356

1,051

1,138

10.3

10.4

21.0

23.1

10.7

9.7

28.8

26.9

9.0

9.2

0.6

Transport Corporation of

Neutral

183

1,401

2,671

2,911

8.5

8.8

13.9

15.7

13.2

11.7

1.8

1.6

13.7

13.8

0.6

India

Elecon Engineering

Neutral

724

1,482

1,660

13.7

14.5

3.9

5.8

17.1

11.5

4.0

3.7

7.8

10.9

0.8

0.7

Surya Roshni

Neutral

240

1,051

3,342

3,625

7.8

7.5

17.3

19.8

13.9

12.1

26.4

21.2

10.5

10.8

0.6

0.5

MT Educare

Neutral

138

549

366

417

17.7

18.2

9.4

10.8

14.7

12.8

3.3

2.8

22.2

22.3

1.4

1.2

Radico Khaitan

Neutral

141

1,873

1,659

1,802

13.0

13.2

6.3

7.4

22.2

19.1

1.9

1.8

8.6

9.3

1.6

1.4

Garware Wall Ropes

Neutral

552

1,208

873

938

12.9

13.1

30.9

34.9

17.9

15.8

2.8

2.4

15.7

15.2

1.3

1.2

Wonderla Holidays

Neutral

397

2,243

287

355

38.0

40.0

11.3

14.2

35.1

28.0

5.0

4.4

21.4

23.9

7.5

6.1

Linc Pen & Plastics

Neutral

260

384

382

420

9.3

9.5

13.5

15.7

19.3

16.6

3.3

2.9

17.1

17.3

1.1

1.0

The Byke Hospitality

Neutral

181

725

287

384

20.5

7.6

10.7

23.8

16.9

5.0

4.0

20.7

23.5

2.5

1.9

Interglobe Aviation

Neutral

931

33,538

21,122

26,005

14.5

27.6

110.7

132.1

8.4

7.1

50.3

35.9

168.5

201.1

1.6

1.2

Coffee Day Enterprises

Neutral

222

4,574

2,964

3,260

20.5

21.2

4.7

8.0

27.8

2.6

2.4

5.5

8.5

2.0

1.7

Ltd

Navneet Education

Neutral

109

2,594

1,062

1,147

24.0

6.1

6.6

17.9

16.4

3.7

3.3

20.6

19.8

2.5

2.3

Navkar Corporation

Buy

199

265

2,843

408

612

42.9

42.3

6.8

11.5

29.4

17.3

2.0

1.8

6.9

10.5

7.9

5.3

UFO Moviez

Neutral

464

1,282

619

685

33.2

33.4

30.0

34.9

15.5

13.3

2.1

1.9

13.8

13.9

1.8

1.4

VRL Logistics

Neutral

289

2,632

1,902

2,119

16.7

16.6

14.6

16.8

19.8

17.2

4.3

3.8

21.9

22.2

1.5

1.3

Team Lease Serv.

Neutral

1,013

1,733

3,229

4,001

1.5

1.8

22.8

32.8

44.5

30.9

4.8

4.1

10.7

13.4

0.4

0.3

S H Kelkar & Co.

Neutral

312

4,506

1,036

1,160

15.1

15.0

6.1

7.2

51.0

43.4

5.5

5.0

10.7

11.5

4.2

3.7

Quick Heal

Neutral

253

1,774

408

495

27.3

27.0

7.7

8.8

32.7

28.8

3.0

9.3

10.6

3.5

2.9

Narayana Hrudaya

Neutral

341

6,971

1,873

2,166

11.5

11.7

2.6

4.0

129.0

86.0

7.9

7.1

6.1

8.3

3.8

3.3

Manpasand Bever.

Neutral

721

4,126

836

1,087

19.6

19.4

16.9

23.8

42.7

30.3

5.1

4.5

12.0

14.8

4.7

3.5

Parag Milk Foods

Neutral

311

2,618

1,919

2,231

9.3

9.6

9.5

12.9

33.0

24.1

5.1

4.2

15.5

17.5

1.5

1.3

Mirza International

Buy

113

1,121

1,024

1,148

18.0

6.9

8.0

13.5

11.6

2.3

1.9

16.6

16.2

1.3

1.1

Asian Granito

Buy

272

351

819

1,118

1,220

11.8

12.0

13.0

16.0

20.9

17.0

2.0

1.8

9.7

10.7

1.0

0.9

Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on October 28, 2016

www.angelbroking.com

Market Outlook

November 01, 2016

Research Team Tel: 022 - 39357800

E-mail: [email protected]

Website: www.angelbroking.com

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

INH000000164. 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.