Market Outlook
November 22, 2018
Domestic Indices
Chg (%)
(Pts)
(Close)
Market Cues
BSE Sensex
(0.8)
(275)
35,199
Indian markets are likely to open flat tracking global indices and SGX Nifty.
Nifty
(0.5)
(56)
10,600
Mid Cap
0.6
95
14,991
U.S. stocks maintained a positive bias for much of the trading session on
Wednesday but gave back ground going into the close. The major averages pulled
Small Cap
0.1
8
14,414
back well off their highs of the session, with the Dow ending the day nearly flat. The
Bankex
0.6
162
29,534
Dow was flat at 24,465 while Nasdaq revived by 0.9 percent to 6,972.
U.K. shares opened lower on Wednesday despite losses on Wall Street overnight
Global Indices
Chg (%)
(Pts)
(Close)
and Asia. However, investor sentiment improved somewhat after newspaper La
Dow Jones
0
(1)
24,465
Stampa reported that Italian Deputy Premier Matteo Salvini might be open to budget
Nasdaq
0.9
63
6,972
revisions. The benchmark FTSE 100 rose by a sharp 1.5% to 7,050.
FTSE
1.5
102
7,050
On domestic front, Indian shares closed lower on Wednesday, with a renewed sell-
Nikkei
0.4
76
21,507
off on Wall Street overnight and a rebound in crude prices keeping investors
Hang Seng
0.5
131
25,971
nervous. The BSE Sensex fell by 0.8% to 35,199.
Shanghai Com
0.2
6
2,651
News Analysis
Advances / Declines
BSE
NSE
Indirect tax evasion of Rs 291 billion detected between April and Oct: Govt
Advances
1.268
880
Detailed analysis on Pg2
Declines
1,314
831
Investor’s Ready Reckoner
Unchanged
143
350
Key Domestic & Global Indicators
Volumes (` Cr)
Stock Watch: Latest investment recommendations on 150+ stocks
Refer Pg5 onwards
BSE
1,820
NSE
853
Top Picks
CMP
Target
Upside
Company
Sector
Rating
(`)
(`)
(%)
Net Inflows (` Cr)
Net
Mtd
Ytd
Blue Star
Capital Goods
Buy
624
867
38.9
FII
1,054
5,238
(38,449)
Dewan Housing Finance
Financials
Buy
235
473
101.3
*MFs
65
61
110,439
Parag Milk Foods
Others
Buy
246
330
34.1
Bata India
Others
Buy
978
1,243
27.1
KEI Industries
Capital Goods
Buy
346
486
40.5
Top Gainers
Price (`)
Chg (%)
More Top Picks on Pg4
JPASSOCIAT
7
6.9
DRREDDY
2595
5.9
Key Upcoming Events
Previous
Consensus
IEX
164
5.7
Date
Region
Event Description
ReadingExpectations
DALMIABHA
2380
5.6
Nov 22, 2018 NZ
ANZ Business Confidence
(38.30)
--
SPICEJET
83
5.6
Nov 22, 2018 UK
GfK Consumer Confidence
(9.00)
(10.00)
Nov 22,2018 UK
Lloyds Business Barometer
29.00
--
Top Losers
Price (`)
Chg (%)
Nov 22,2018 UK
BRC Shop Price Index YoY
0.00
--
Nov 22,2018 AU
CPI QoQ
0.00
0.01
DCMSHRIRAM
370
-4.3
More Events on Pg7
HCC
12
-4.2
LTI
1521
-4.0
WELCORP
156
-3.9
REDINGTON
88
-3.7
As on Nov 21, 2018
Market Outlook
November 22, 2018
News Analysis
Indirect tax evasion of Rs 291 billion detected between April and Oct:
Govt
The investigation arm of the Finance Ministry has detected tax evasion worth Rs
290.88 billion in 1,835 cases during the April-October period of the current
financial year, a senior official said on Wednesday.
Of this, the Directorate General of GST Intelligence (DGGI), which is
the enforcement agency for checking indirect tax evasion, has detected evasion of
goods and services tax (GST) worth Rs 45.62 billion in 571 cases.
However, the bulk of the evasion was detected in case of service tax. The total
number of cases where service tax was evaded stood at 1,145, involving Rs
229.73 billion.
In the case of central excise duty, the DGGI detected 119 cases where tax evaded
was worth Rs 15.53 billion. On recovery of evaded taxes, a total amount of Rs
54.27 billion was realised during the seven-month period till October. These
include recovery from previous cases and those detected during the current
financial year.
Of the total recovery, Rs 31.24 billion was from GST evaders, followed by Rs
21.74 billion in case of service tax, and Rs 1.28 billion from those who had
evaded central excise. The larger chunk of recovery during April-October in GST
can be attributed to the decision of the CBIC to tighten on evaders.
With a view to focus on checking evasion, the apex indirect tax body had in
September set up the Office of Commissioner GST (Investigation), headed by
Neeraj Prasad.
Economic and Political News
ECF panel to submit RBI reserves report by February end
Govt mulls compensation for faulty medical devices post J&J hip implant row
Private equity investments in stressed assets see jump to $828 mn in 2018
Corporate News
Sebi begins probe into DSP Mutual Fund’s sale of DHFL bonds
NCLT could lose power to approve mergers and acquisitions in reform move
UltraTech board accepts proposal to incorporate Binani Cement as subsidiary
GMR subsidiary signs agreement to develop commercial port in Andhra
Pradesh
IIFL to raise Rs 18 bn from domestic investors for affordable housing fund
Market Outlook
November 22, 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
6,010
624
867
38.9
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
7,371
235
473
101.3
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
ICICI Bank
2,29,859
357
416
16.5
resolution of NPA would reduce provision cost,
which would help to report better ROE.
High order book execution in EPC segment, rising
KEI Industries
2,733
346
486
40.5
B2C sales and higher exports to boost the revenues
and profitability
Expected to benefit from the lower capex
Music Broadcast Limited
1,896
332
475
43.1
requirement and 15 year long radio broadcast
licensing.
Strong brands and distribution network would
Siyaram Silk Mills
1,737
371
752
102.7
boost growth going ahead. Stock currently trades
at an inexpensive valuation.
GST regime and the Gujarat plant are expected to
Maruti Suzuki
2,24,017
7,416
10,820
45.9
improve the company’s sales volume and margins,
respectively.
We expect loan book to grow at 24.3% over next
GIC Housing
1,274
237
424
78.9
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
1,651
740
1,000
35.1
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
25,283
115
198
72.2
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
2,065
246
330
34.1
Value Added Products and reduction in interest cost
is likely to boost margins and earnings in next few
years.
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
5,48,867
2,020
2,350
16.3
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.
Market Outlook
November 22, 2018
Continued...
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
M&M
95,602
769
1,050
36.5
model ) and 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
Amber Enterprises
2,877
915
1,135
24.0
solutions 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
~16% to
~`3115cr over FY2018-20E
Bata India
12,570
978
1,243
27.1
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
26,916
1,186
1,764
48.7
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
16,600
172
327
90.1
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
GMM Pfaudler Ltd
1,595
1,091
1,287
18.0
15%+ in 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
Aurobindo Pharmaceuticals
46,963
802
870
8.5
productivity. 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
Yes Bank
45,761
198
365
84.3
income. 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
RBL Bank
23,590
555
690
24.3
(1.2% FY18) to expand led by margin
expansion and lower credit cost.
TTK Prestige has emerged as one of the leading
brands in kitchen appliances in India after its
successful transformation from a single product
TTK Prestige
8,016
6,880
7,500
9.0
company to offering an entire gamut of home
and kitchen appliances. We are expecting a
CAGR of 18% in revenue and 25% in PAT over
FY2018-20.
Source: Company, Angel Research
Market Outlook
November 22, 2018
Continued...
Market Cap
CMP
Target
Upside
Company
Rationale
(` Cr)
(`)
(`)
(%)
We expect Inox Wind to report exponential
growth in top-line and bottom-line over FY19-
20E. The growth would be led by changing
renewable energy industry dynamics in favor of
Inox Winds
1,832
83
127
53.0
wind energy segment viz. changes in auction
regime from Feed-In-Tariff (FIT) to reverse
auction regime and Government’s guidance for
10GW auction in FY19 and FY20 each.
Considering the strong CV demand due to
change in BS-VI emission norms (will trigger
pre-buying activities), pick up in construction
Ashok Leyland
32,379
110
156
41.8
activities and no significant impact on industry
due to recent axle load norms, we recommend
BUY on Ashok Leyland at current valuations.
Source: Company, Angel Research
Fundamental Call
Market Cap
CMP
Target
Upside
Company
Rationale
(` Cr)
(`)
(`)
(%)
CCL is likely to maintain the strong growth
CCL Products
3,606
271
360
32.8
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
2,371
1,589
2,178
37.1
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
1,395
1,760
2,500
42.0
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
1,617
132
256
93.9
~`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
27,244
136
210
54.4
ROE of 18% by 2020 and recent capital infusion of
`3000cr would support advance growth.
Market Outlook
November 22, 2018
Global economic events release calendar
Bloomberg Data
Date
Time Country
Event Description
Unit Period
Last Reported
Estimated
Nov 21, 2018
GE
CPI Rhineland-Palatinate YoY
% Change
Oct
0.02
--
Nov 21, 2018
GE
CPI Baden Wuerttemberg MoM
% Change
Oct
0.01
--
Nov 21, 2018
GE
CPI Baden Wuerttemberg YoY
% Change
Oct
0.03
--
Nov 21, 2018
12:00 AM
MX
Budget Balance YTD
% Change
Sep
-230.8b
--
Nov 21, 2018
12:00 AM
NC
Remittances Total
% Change
Sep
--
--
Nov 21, 2018
3:15 AM
NZ
Building Permits MoM
% Change
Sep
0.08
--
Nov 21, 2018
4:30 AM
SK
Industrial Production SA MoM
% Change
Sep
0.01
(0.01)
Nov 21, 2018
4:30 AM
SK
Industrial Production YoY
% Ratio
Sep
0.03
(0.07)
Nov 21, 2018
4:30 AM
SK
Cyclical Leading Index Change
% Sep
(0.40)
--
Nov 21, 2018
5:20 AM
JN
Industrial Production MoM
% Change Sep P
0.00
(0.00)
Nov 21, 2018
5:20 AM
JN
Industrial Production YoY
% Change Sep P
0.00
(0.02)
Nov 21, 2018
5:30 AM
NZ
ANZ Activity Outlook
% Oct
7.80
--
Nov 22, 2018
5:30 AM
NZ
ANZ Business Confidence
% Oct
(38.30)
--
Nov 22, 2018
5:31 AM
UK
GfK Consumer Confidence
Thousands
Oct
(9.00)
(10.00)
Nov 22, 2018
5:31 AM
UK
Lloyds Business Barometer
% Change
Oct
29.00
--
Nov 22, 2018
5:31 AM
UK
BRC Shop Price Index YoY
% Change
Oct
0.00
--
Nov 22, 2018
6:00 AM
AU
CPI QoQ
% Change
3Q
0.00
0.01
Nov 22, 2018
0-Jan-00
AU
CPI YoY
% Change
3Q
0.02
0.02
Source: Company, Angel Research
Market Outlook
November 22, 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
8.2
6.9
6.9
8.0
8.1
6.6
7.6
7.7
7.0
8.0
7.2
6.8
7.0
6.0
5.3
7.0
6.3
4.5
6.1
5.0
4.1
5.6
3.9
6.0
4.0
5.0
3.0
1.8
4.0
2.0
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
4.9
4.9
4.9
4.6
52.0
5.0
4.4
4.3
4.2
50.0
3.6
3.7
4.0
3.3
48.0
3.0
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
7.00
30.0
6.50
25.0
6.00
20.0
5.50
15.0
5.00
10.0
4.50
5.0
4.00
0.0
3.50
(5.0)
3.00
Source: Bloomberg, Angel Research As of 25 Sep, 2018
Source: RBI, Angel Research
Market Outlook
November 22, 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
1.5
2.0
0.7
0.7
1.0
-
Source: IMF, Angel Research
Exhibit 3: One year forward P-E ratio across select developing and developed countries
(x)
25.0
20.0
15.0
10.0
5.0
-
Source: IMF, Angel Research As of 25 Sep, 2018
Market Outlook
November 22, 2018
Exhibit 4: Relative performance of indices across globe
Returns (%)
Country
Name of index
Closing price
1M
3M
1YR
Brazil
Bovespa
87424
11.2
10.4
15.1
Russia
Micex
2352
-5.0
1.3
13.0
India
Nifty
10387
-5.6
-8.5
-0.6
China
Shanghai Composite
2603
-7.7
-9.5
-23.8
South Africa
Top 40
46141
-6.9
-10.1
-12.7
Mexico
Mexbol
42340
-11.2
-15.1
-11.3
Indonesia
LQ45
923
-2.4
-1.2
-8.3
Malaysia
KLCI
1704
-3.6
-4.4
-2.2
Thailand
SET 50
1104
-4.7
-0.5
0.8
USA
Dow Jones
25116
-5.8
-1.2
6.8
UK
FTSE
7085
-5.2
-8.0
-5.9
Japan
Nikkei
21770
-10.8
-3.8
-3.4
Germany
DAX
11448
-7.2
-10.6
-14.8
France
CAC
5093
-7.5
-7.6
-7.6
Source: Bloomberg, Angel Research As of 02 Nov, 2018
Market Outlook
November 22, 2018
Exhibit 7: Historical Angel Top Picks/Fundamental Calls
Date Added
Top Picks/Fundamental
Stocks
Reco Price
Target/Revised Price
Current Status
17-08-2018
Top Picks
Ashok Leyland
128
156
Open
10-08-2018
Top Picks
Inox Wind
107
127
Open
31-08-2018
Top Picks
TTK Prstige
7,235
8,200
Open
09-08-2018
Top Picks
TTK Prstige
6,206
7,500
06-07-2018
Top Picks
Aurobindo Pharma
603
780
Open
30-08-2018
Top Picks
RBL Bank
626
690
Open
06-07-2018
Top Picks
RBL Bank
565
670
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
30-07-2018
Top Picks
Bata India
918
1,007
Open
23-07-2018
Top Picks
Bata India
842
955
01-07-2018
Top Picks
Bata India
862
948
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
573
1016
Closed(17/08/2018)
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
27-08-2018
Top Picks
GMM Pfaudler Limited
1,170
1,287
Open
18-08-2018
Top Picks
GMM Pfaudler Limited
1,024
1,200
07-08-2018
Top Picks
GMM Pfaudler Limited
984
1,100
29-06-2018
Fundamental
GMM Pfaudler Limited
932
1,020
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
27-08-2018
Top Picks
Safari Industries
974
1,071
Open
14-08-2018
Top Picks
Safari Industries
868
1,000
07-08-2018
Top Picks
Safari Industries
788
870
16-07-2018
Top Picks
Safari Industries
693
800
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
Source: Company, Angel Research
Market Outlook
November 22, 2018
Exhibit 8: Historical Angel Top Picks/Fundamental Calls
Date Added
Top Picks/Fundamental
Stocks
Reco Price
Target/Revised Price
Current Status
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
FundamentalEndurance 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
05-06-2017
Top Picks
Karur Vysya Bank
127
100
Closed (12/03/2018)
23-05-2018
Top Picks
KEI Industries
481
589
Open
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
November 22, 2018
Research Team Tel: 022 - 39357800
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