Market Outlook
July 17, 2018
Market Cues
Domestic Indices
Chg (%)
(Pts)
(Close)
Indian markets are likely to open flat tracking global indices and SGX Nifty.
BSE Sensex
(0.6)
(218)
36,324
U.S. stocks turned in a lackluster performance during trading on Monday. The major
Nifty
(0.7)
(82)
10,937
averages showed a lack of direction, spending the day bouncing back and forth
Mid Cap
(2.4)
(378)
15,054
across the unchanged line. The Dow Jones inched up by 0.2% to 25,064 and the
Small Cap
(2.5)
(406)
15,790
Nasdaq was dropped down by 0.3% to 7,805.
Bankex
(1.0)
(291)
29,497
U.K. stocks were modestly lower during the last trading day as trade worries
lingered and a raft of Chinese data proved to be a mixed bag. The benchmark FTSE
Global Indices
Chg (%)
(Pts)
(Close)
100 was down by 0.2% to 7,647.
Dow Jones
0.2
45
25,064
On domestic front, Indian shares fell notably with pharma stocks coming under
Nasdaq
(0.3)
(21)
7,805
heavy selling pressure, after a U.S. district court granted a preliminary injunction
FTSE
(0.2)
(14)
7,647
against Dr. Reddy's Laboratories on generic (buprenorphine and naloxone)
sublingual film. The BSE Sensex was dropped down by 0.6% to 36,324.
Nikkei
1.8
409
22,597
Hang Seng
0.0
14
28,540
News Analysis
Shanghai Com
(0.6)
(17)
2,814
Aurobindo acquires Apotex Inc's business in 5 European countries for €74mn
Dr Reddy's Laboratories- preliminary injuction blocking Suboxone
Advances / Declines
BSE
NSE
Advances
503
459
Detailed analysis on Pg2
Declines
2,136
1,344
Investor’s Ready Reckoner
Unchanged
152
81
Key Domestic & Global Indicators
Stock Watch: Latest investment recommendations on 150+ stocks
Volumes (` Cr)
Refer Pg5 onwards
BSE
2,607
NSE
27,765
Top Picks
CMP
Target
Upside
Company
Sector
Rating
(`)
(`)
(%)
Net Inflows (` Cr)
Net
Mtd
Ytd
Blue Star
Capital Goods
Buy
660
867
31.4
FII
(41)
(1,227)
-6,067
Dewan Housing Finance
Financials
Buy
589
720
22.3
Parag Milk Foods
Others
Buy
291
410
40.8
*MFs
14
1,395
69,998
Bata India
Others
Buy
819
948
15.8
KEI Industries
Capital Goods
Buy
393
589
49.8
Top Gainers
Price (`)
Chg (%)
More Top Picks on Pg4
IGL
263
3.9
Key Upcoming Events
LTTS
1323
2.8
Previous
Consensus
Date
Region
Event Description
TECHM
656
2.4
ReadingExpectations
Jul 17, 2018
China
Industrial Production (YoY)
6.80
6.50
NTPC
156
2.0
Jul 17, 2018
US
Industrial Production
(0.09)
0.50
INFY
1333
1.8
Jul 17, 2018
India
Monthly Wholesale Prices YoY%
4.43
5.23
Jul 18, 2018
China
Real GDP (YoY)
6.80
6.70
Top Losers
Price (`)
Chg (%)
Jul 18, 2018
UK
Jobless claims change
(7.70)
More Events on Pg7
PCJEWELLER
89
-25.9
DEN
49
-13.5
TATASTEELPP
114
-10.0
DCBBANK
162
-10.0
NCC
80
-9.9
As on July 16, 2018
Market Outlook
July 17, 2018
News Analysis
Aurobindo acquires Apotex Inc's business in 5 European countries
for €74mn
B V (Netherlands), signed a definitive agreement to acquire Canadian
pharmaceuticals company Apotex International Inc's commercial operations and
certain supporting infrastructure in five European countries for €74mn in an all-
cash deal. The company expects to close the deal in 3-6 months. The acquisition is
in line with Aurobindo's strategy to strengthen and expand in Eastern Europe. The
acquisition includes a portfolio of over 200 prescription drugs and 88 OTC
products & an additional pipeline of over 20 products, which are expected to be
launched over the next two years. There is also a manufacturing facility in Leiden
in the Netherlands, with capabilities across manufacturing and packaging and a
capacity of
1.8bn tablets per annum. With the acquisition of Apotex Inc's
commercial operations in the Netherlands, Poland, Spain, Czech Republic and
Belgium, Aurobindo will be able to improve its market access, besides adding a
quarter of its existing European revenues in the form of Apotex's sales. While
Aurobindo had sales in Europe of €577mn, the net sales for the acquired business
is around €133mn in the year ending March 2018. The acquisition is cheap and
will add to overall growth in the region, with good basket of OTC and prescription
drugs. Further, it balances geographic diversity with European sales increasing
from 26% to 31% of total sales (as on FY2018). Although some of these businesses
are currently loss making, the company expects them to return to profitability when
combined with the Company’s vertically integrated platform and existing
commercial infrastructure. Company expects to achieve double-digit margins
within 3 years. With this acquisition, in Poland Aurobindo will add significant sales
based on the established brand name as well as a dedicated sales force covering
physicians and the pharmacy network. In Poland and Czech Republic, Aurobindo
will become one of top 15 generics companies in each country. In Netherlands,
the acquisition will lead to Aurobindo becoming a leading OTC company by
volume, in Spain, it will strengthen the company's position in the generics market
and in Belgium, and the acquisition will provide Aurobindo with an entry into the
retail generics space, where it will become a top five player. We maintain our buy
with a price target of `739.
Dr Reddy's Laboratories- preliminary injuction blocking Suboxone
A US court has granted Indivior a preliminary injunction blocking Dr Reddy’s
Laboratories from selling cut-price versions of the British drugmaker’s best-selling
opioid addiction treatment in the United States.
The ruling comes days after Indivior scrapped its full-year guidance citing an
“accelerated” loss in US market share to the cheaper version of star drug
Suboxone launched by the Indian firm. Dr Reddy's and the US-based Mylan NV
had received USFDA's nod last month to sell versions of Indivior's opioid addiction
treatment Suboxone Film. The product is indicated for treatment of opioid
dependence. We maintain our Neutral rating on the stock.
Market Outlook
July 17, 2018
Economic and Political News
Corporate News
Quarterly Bloomberg Brokers Consensus Estimate
Ashok Leyland Ltd - July 17, 2018
Particulars ( ` cr)
1QFY19E
1QFY18
y-o-y (%)
4QFY18
q-o-q (%)
Sales
6,349
4,237
49.8
8,772
(27.6)
EBIDTA
617
290
112.8
1,032
(40.2)
%
10
7
12
PAT
352
111
217.1
667
(47.2)
Zee Entertainment Enterprises Ltd - July 17, 2018
Particulars ( ` cr)
1QFY19E
1QFY18
y-o-y (%)
4QFY18
q-o-q (%)
Sales
1,786
1,540
15.9
1,491
19.8
EBIDTA
566
430
31.5
542
4.3
%
32
28
36
PAT
359
251
43.0
621
(42.2)
Market Outlook
July 17, 2018
Top Picks
Market Cap
CMP
Target
Upside
Company
Rationale
(` Cr)
(`)
(`)
(%)
Favorable outlook for the AC industry to augur well
for Cooling products business which is out pacing
Blue Star
6,344
660
867
31.4
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
Dewan Housing Finance
18,464
589
720
22.3
presence in tier-II & III cities where the growth
opportunity is immense.
Well capitalized with CAR of 18.1% which gives
sufficient room to grow asset base. Faster resolution
ICICI Bank
1,66,777
259
416
60.4
of NPA would reduce provision cost, which would
help to report better ROE.
High order book execution in EPC segment, rising
KEI Industries
3,081
393
589
49.8
B2C sales and higher exports to boost the revenues
and profitability
Expected to benefit from the lower capex
Music Broadcast Limited
1,683
295
475
61.0
requirement and 15 year long radio broadcast
licensing.
Strong brands and distribution network would boost
Siyaram Silk Mills
2,518
537
851
58.4
growth going ahead. Stock currently trades at an
inexpensive valuation.
GST regime and the Gujarat plant are expected to
Maruti Suzuki
2,83,288
9,378
10,619
13.2
improve the company’s sales volume and margins,
respectively.
We expect loan book to grow at 24.3% over next
GIC Housing
1,839
342
655
91.8
two year; change in borrowing mix will help in NIM
improvement
Third largest brand play in luggage segment
Increased product offerings and improving
Safari Industries
1,556
698
800
12.8
distribution network is leading to strong growth in
business. Likely to post robust growth for next 3-4
years
We expect financialisation of savings and
Aditya Birla Capital
27,946
127
218
71.7
increasing penetration in Insurance & Mutual fund
would ensure steady growth.
One of the leading Indian dairy products
companies in India created strong brands in dairy
products. Rising revenue share of high-margin
Parag Milk Foods
2,450
291
410
40.8
Value Added Products and reduction in interest cost
is likely to boost margins and earnings in next few
years.
We expect MCL to report net revenue CAGR of
~15% to ~`450cr over FY2018-20E mainly due to
strong growth in online matchmaking & marriage
Matrimony.com Ltd
1,733
763
1,016
33.2
related services. On the bottom-line front, we
expect a CAGR of ~28% to `82cr over the same
period on the back margin improvement.
HDFC Bank maintained its steady growth in the
4QFY18. The bank’s net profit grew by 20.3%.
Steady growth in interest income and other income
HDFC Bank
5,64,933
2,169
2,315
6.7
aided PAT growth. The Strong liability franchise and
healthy capitalisation provides strong earning
visibility. At the current market price, the bank is
trading at 3.2x FY20E ABV.
Source: Company, Angel Research
Market Outlook
July 17, 2018
Top Picks
Market Cap
CMP
Target
Upside
Company
Rationale
(` Cr)
(`)
(`)
(%)
We expect strong PAT growth on back of healthy
growth in automobile segment (on back of new
launches and facelifts in some of the model ) and
M&M
1,12,931
900
1,050
16.6
strong growth in Tractors segment coupled by its
strong brand recall and improvement in rural
sentiment
Market leader in the room air conditioner (RAC)
outsourced manufacturing space in India with a
market share of 55.4%. It is a one-stop solutions
Amber Enterprises
3,081
956
1,230
28.9
provider for the major brands in the RAC industry
and currently serves eight out of the 10 top RAC
brands in India
BIL is the largest footwear retailer in India,
offering footwear, accessories and bags across
brands. We expect BIL to report net PAT CAGR of
Bata India
10,523
819
948
15.8
~16% to ~`3115cr over FY2018-20E mainly due
to new product launches, higher number of stores
addition and focus on women’s high growth
segment and margin improvement
SHTF is in the sweet spot with benefits from
stronger CV volumes, NIMs unaffected by rising
Shriram Transport Finance
28,443
1,212
1,764
45.5
bond yields on the back of stronger pricing power
and an enhancing ROE by 750bps over FY18-
20E, supported by decline in credit cost.
We expect JSPL’s top line to grow at 27% CAGR
over FY19-FY20 on the back of strong steel
demand and capacity addition. On the bottom
Jindal Steel & Power Limited
19,963
196
350
78.5
line front, we expect JSPL to turn in to profit by
FY19 on back of strong operating margin
improvement.
GMM Pfaudler Limited (GMM) is the Indian
market leader in glass-lined (GL) steel equipment.
GMM is expected to cross CAGR
15%+ in
GMM Pfaudler Ltd
1,213
802
1,020
27.2
revenue over the next few years mainly led by
uptick in demand from user industries and it is
also expecting to increase its share of non-GL
business to 50% by 2020.
Aurobindo Pharmaceuticals, amongst the Indian
Pharmaceutical companies, is well placed to face
the challenging generic markets, given its focus
on achieving growth through productivity.
Aurobindo Pharmaceuticals
35,324
572
780
36.7
Aurobindo will report net revenue & net profit
CAGR of ~13% & ~8% resp. during FY2018-
20E. Valuations are cheap V/s its peers and own
fair multiples of 17-18x.
Well planned strategy to grow small business
loans and cross-selling would propel fees income.
Yes Bank
86,418
379
418
11.2
We expect YES to grow its advance much higher
than industry and improvement in asset quality to
support profitability.
We believe advance to grow at a healthy CAGR of
35% over FY18-20E. Below peers level ROA (1.2%
RBL Bank
24,243
549
670
22.1
FY18) to expand led by margin expansion and
lower credit cost.
Source: Company, Angel Research
Market Outlook
July 17, 2018
Fundamental Call
Market Cap
CMP
Target
Upside
Company
Rationale
(` Cr)
(`)
(`)
(%)
CCL is likely to maintain the strong growth
CCL Products
3,608
271
360
32.7
trajectory over FY18-20 backed by capacity
expansion and new geographical foray
We forecast Nilkamal to report top-line CAGR of
~9% to `2,635cr over FY17-20E on the back of
Nilkamal
2,426
1,626
2,178
34.0
healthy demand growth in plastic division. On the
bottom-line front, we estimate
~10% CAGR to
`162cr owing to improvement in volumes.
Elantas Beck India is the Indian market leader in
liquid insulation segment used in electrical
equipments like motors, transformers etc. It derives
Elantas Beck India Ltd
1,625
2,050
2,500
22.0
demand from several industries which are expected
to register 10%+ CAGR in demand in the coming
years.
Greenply Industries Ltd (GIL) manufactures plywood
& allied products and medium density fibreboards
(MDF). GIL to report net revenue CAGR of ~14% to
Greenply Industries
2,636
215
395
83.8
~`2,478cr over FY2017-20E mainly due to healthy
growth in plywood & lamination business on the
back of strong brand and distribution network
L&T Fin’s new management is on track to achieve
L&T Finance Holding
28,280
142
210
48.2
ROE of 18% by 2020 and recent capital infusion of
`3000cr would support advance growth.
Market Outlook
July 17, 2018
Key Upcoming Events
Result Calendar
Date
Company
Tuesday
July 17, 2018
Federal Bank
Wedneday
July 18,2018
JK Tyre, UltraTech Cement, Mindtree, HT Media, Hindustan Media Ventures
Source: Bloomberg, Angel Research
Global economic events release calendar
Bloomberg Data
Date
Time
Country
Event Description
Unit
Period
Last Reported
Estimated
Jul 17, 2018
7:30 AMChina
Real GDP (YoY)
% Change
2Q
6.80
6.70
2:00 PMUK
Jobless claims change
% Change
Jun
(7.70)
Jul 18, 2018
6:00 PMUS
Housing Starts
Thousands
Jun
1,350.00
1,325.00
6:00 PMUS
Building permits
Thousands
Jun
1,301.00
1,325.00
2:30 PMEuro Zone Euro-Zone CPI (YoY)
%
Jun F
2.00
2.00
2:00 PMUK
CPI (YoY)
% Change
Jun
2.40
2.60
Jul 19, 2018
6:00 PMUS
Initial Jobless claims
Thousands
Jul 14
214.00
Jul 23, 2018
7:30 PMEuro Zone Euro-Zone Consumer Confidence
Value
Jul A
(0.50)
7:30 PMUS
Existing home sales
Million
Jun
5.43
5.42
Jul 24, 2018
1:00 PMGermany PMI Services
Value
Jul P
54.50
7:30 PMUS
New home sales
Thousands
Jun
689.00
668.00
Jul 25, 2018
1:00 PMGermany PMI Manufacturing
Value
Jul P
55.90
Source: Bloomberg, Angel Research
Market Outlook
July 17, 2018
Macro watch
Exhibit 1: Quarterly GDP trends
Exhibit 2: IIP trends
(%)
(%)
10.0
9.0
8.5
9.1
8.0
7.3
7.5
9.0
6.9
8.0
8.1
7.6
7.6
7.7
7.0
8.0
7.2
6.8
7.0
6.0
7.0
6.3
4.8
4.6
4.8
6.1
5.0
4.1
5.6
6.0
4.0
3.2
5.0
3.0
1.8
4.0
2.0
1.0
1.0
3.0
-
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
(%)
6.0
54.0
5.2
5.1
5.0
4.9
4.9
52.0
5.0
4.4
4.6
4.3
50.0
4.0
3.6
3.3
3.3
48.0
3.0
2.4
46.0
2.0
44.0
1.0
42.0
40.0
-
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
35.0
6.50
30.0
6.00
25.0
5.50
20.0
5.00
15.0
4.50
10.0
4.00
5.0
0.0
3.50
(5.0)
3.00
Source: Bloomberg, Angel Research as on 16 July, 2018
Source: RBI, Angel Research
Market Outlook
July 17, 2018
Global watch
Exhibit 1: Latest quarterly GDP Growth (%, yoy) across select developing and developed countries
(%)
8.0
6.9
7.0
5.8
6.0
5.3
5.0
5.0
1.1
3.7
4.0
2.5
3.0
2.2
1.8
2.0
1.5
1.4
0.8
1.0
0.3
-
Source: Bloomberg, Angel Research
Exhibit 2: 2017 GDP Growth projection by IMF (%, yoy) across select developing and developed countries
(%)
6.7
6.8
7.0
6.0
5.4
5.2
5.0
3.7
4.0
3.0
1.8
2.2
2.0
1.7
1.6
2.0
0.7
1.5
0.7
1.0
-
Source: IMF, Angel Research
Exhibit 3: One year forward P-E ratio across select developing and developed countries
(x)
20.0
18.0
16.0
14.0
12.0
10.0
8.0
6.0
4.0
2.0
-
Source: IMF, Angel Research as on 16 July, 2018
Market Outlook
July 17, 2018
Exhibit 4: Relative performance of indices across globe
Returns (%)
Country
Name of index
Closing price
1M
3M
1YR
Brazil
Bovespa
75,010
2.0
(10.7)
17.7
Russia
Micex
4,526
1.4
7.1
11.4
India
Nifty
11,023
1.7
5.4
12.6
China
Shanghai Composite
2,838
(7.0)
(11.1)
(10.8)
South Africa
Top 40
50,672
(1.8)
3.0
9.2
Mexico
Mexbol
48,696
5.9
1.0
(2.9)
Indonesia
LQ45
930
(2.4)
(7.0)
(4.5)
Malaysia
KLCI
1,704
(4.1)
(7.2)
(3.7)
Thailand
SET 50
1,080
(4.9)
(6.8)
8.5
USA
Dow Jones
24,925
(2.4)
1.2
14.7
UK
FTSE
7,651
(0.7)
5.4
3.7
Japan
Nikkei
22,188
(3.0)
1.8
10.5
Germany
DAX
12,493
(2.7)
1.6
(1.2)
France
CAC
5,406
(1.2)
1.5
4.2
Source: Bloomberg, Angel Research as on 16 July, 2018
Market Outlook
July 17, 2018
Exhibit 7: Historical Angel Top Picks/Fundamental Calls
Date Added
Top Picks/Fundamental
Stocks
Reco Price
Target/Revised Price
Current Status
06-07-2018
Top Picks
Aurobindo Pharma
603
780
Open
06-07-2018
Top Picks
RBL Bank
565
670
Open
06-07-2018
Top Picks
Yes Bank
348
418
Open
30-06-2018
Top Picks
Jindal Steel & Power
222
350
Open
20-06-2018
Top Picks
Shriram Transport Finance Com
1,466
1,764
Open
01-07-2018
Top Picks
Bata India
862
948
Open
18-06-2018
Top Picks
Bata India
779
896
14-06-2018
Top Picks
Amber Enterprises
1,026
1,230
Open
07-06-2018
Top Picks
M&M
918
1050
Open
04-05-2018
Top Picks
M&M
860
990
03-05-2018
Fundamental
L&T Finance Holding
171
210
Open
02-05-2018
Top Picks
HDFC Bank
1944
2315
Open
04-05-2018
Top Picks
Matrimony.com Ltd
810
1016
Open
20-04-2018
Top Picks
Matrimony.com Ltd
781
984
15-05-2018
Top Picks
Parag Milk Foods Limited
310
410
Open
16-04-2018
Top Picks
Parag Milk Foods Limited
249
333
29-06-2018
Fundamental
GMM Pfaudler Limited
932
1,020
Open
14-05-2018
Fundamental
GMM Pfaudler Limited
818
900
06-04-2018
Fundamental
GMM Pfaudler Limited
712
861
07-03-2018
Fundamental
Ashok Leyland Ltd
139
163
Closed (26/04/2018)
03-03-2018
Fundamental
Greenply Industries
340
395
Open
16-07-2018
Top Picks
Safari Industries
693
800
Open
16-04-2018
Top Picks
Safari Industries
651
750
21-02-2018
Top Picks
Safari Industries
532
650
31-05-2018
Top Picks
HSIL Ltd
348
Closed (31/05/2018)
16-02-2018
Top Picks
HSIL Ltd
433
510
07-02-2018
Fundamental
Elantas Beck India Ltd.
2155
2500
Open
01-02-2018
Top Picks
ICICI Bank
352
416
Open
01-02-2018
Top Picks
Aditya Birla Capital
167
218
Open
04-01-2018
Fundamental
CCL Products
278
360
Open
03-01-2018
Fundamental
Nilkamal Ltd
1880
2178
Open
01-01-2018
Fundamental
Capital First Ltd
693
850
Closed (15/01/2018)
30-12-2017
Fundamental
Shreyans Industries Ltd
205
247
Closed
Fundamental
Prism Cement Ltd
160
Closed (09/05/2018)
21-12-2017
Fundamental
Prism Cement Ltd
118
131
18-12-2017
Fundamental
Menon Bearings Limited
92
114
Closed (17/01/2018)
14-12-2017
Top Picks
Ruchira Papers Ltd.
188
244
Closed (09/02/2018)
17-05-2018
Top Picks
Century Plyboards India
280
Closed(17/05/2018)
28-11-2017
Top Picks
Century Plyboards India
317
400
19-12-2017
Top Picks
LT Foods
85
Closed(18/06/2018)
06-11-2017
Top Picks
LT Foods
74
96
16-10-2017
Fundamental
Endurance Technologies Ltd
1111
1277
Closed (01/12/2017)
11-09-2017
Top Picks
GIC Housing
533
655
Open
10-10-2017
Top Picks
Music Broadcast Limited
404
475
Open
20-07-2017
Top Picks
Music Broadcast Limited
368
434
07-07-2017
Fundamental
L&T Finance Holdings Ltd
149
179
Closed (28/8/2017)
06-07-2017
Fundamental
Syngene International
478
564
Closed (1/3/2018)
05-07-2017
Top Picks
Maruti
7371
10619
Open
Market Outlook
July 17, 2018
05-06-2017
Top Picks
Karur Vysya Bank
127
100
Closed (12/03/2018)
23-05-2018
Top Picks
KEI Industries
481
589
Open
Source: Company, Angel Research
Exhibit 8: Historical Angel Top Picks/Fundamental Calls
Date Added
Top Picks/Fundamental
Stocks
Reco Price
Target/Revised Price
Current Status
04-01-2017
Top Picks
KEI Industries
125
485
31-05-2018
Top Picks
Alkem Lab
1978
Closed (31/05/2018)
01-12-2016
Top Picks
Alkem Lab
1700
2441
17-10-2016
Top Picks
Asian Granito
267
534
Closed (18/02/2018)
17-05-2018
Top Picks
TV Today Network
460
Closed (17/05/2018)
04-08-2016
Top Picks
TV Today Network
297
603
05-04-2016
Top Picks
DHFL
189
720
Open
25-06-2018
Top Picks
Navkar Corporation
207
Closed(25/06/2018)
05-01-2016
Top Picks
Navkar Corporation
207
265
Open
08-12-2015
Top Picks
Blue Star
357
867
Open
30-10-2015
Top Picks
Siyaram Silk Mills
186
851
Open
Source: Company
Market Outlook
July 17, 2018
Research Team Tel: 022 - 39357800
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.
