Market Outlook

July 24, 2017

Market Cues

Domestic Indices

Chg (%)

(Pts)

(Close)

Indian markets are likely to open flat tracking global indices and SGX Nifty.

BSE Sensex

0.4

124

32,029

US markets had a subdued session with the broad indices falling slightly lower at the

Nifty

0.4

9,915

end of Friday’s session. The markets reacted negatively to the earnings

Mid Cap

0.0

15,186

announcments of market heavyweights such as GE and Microsoft. GE fell by 2.9

Small Cap

(0.0)

1(7)

15,993

percent after beating earnings expectations for the second quarter, but gave lower

Bankex

0.3

27,496

guidance for its full-year profits. The Philadelphia Oil Service Index dropped by 2.3

percent on lower oil prices.

Global Indices

Chg (%)

(Pts)

(Close)

The UK markets fell lower as the pound fell to its lowest level since October 2016

due to apparently hawkish comments from the ECB President. In addition, Britain's

Dow Jones

(0.1)

(32)

21,580

budget deficit came in wider than the market’s expectations for June 2017, putting

Nasdaq

(0.0)

(2)

6,388

further pressure on the currency. Shares of Vodafone Group climbed 0.49 percent

FTSE

(0.5)

(35)

7,453

after the company beat analyst expectations in Q1.

Nikkei

(0.2)

(45)

20,100

Indian markets rose on Friday’s session as earnings results from Reliance Industries

Hang Seng

(0.1)

(34)

26,706

and Wipro Ltd were better than expected. Reliance Industries went up 3.6 percent

Shanghai Com

(0.2)

(7)

3,238

after reporting a 28 percent increase in consolidated quarterly net profit, beating

analysts' estimates. The stock also rose in price on the announcement that Reliance

Advances / Declines

BSE

NSE

Jio will launch Jiophone, a cheap 4G phone. Telecom companies like Bharti Airtel,

Tata Teleservices and Idea Cellular fell by 2-4 percent due to this announcement.

Advances

1,266

1,750

Declines

1,435

920

News Analysis

Unchanged

134

 Quess Corp Q1FY18 profits up 34% YoY to `33cr, to raise funds for both

organic and inorganic growth

Volumes (` Cr)

Detailed analysis is on Pg2

BSE

4,838

Investor’s Ready Reckoner

NSE

29,346

Key Domestic & Global Indicators

#Net Inflows (` Cr)

Net

Mtd

Ytd

Stock Watch: Latest investment recommendations on 150+ stocks

Refer Pg7 onwards

FII

(56175

(21,522

57,430

MFs

80498

4,990

44,136

Top Picks

CMP

Target

Upside

Company

Sector

Rating

(`)

(%)

Top Gainers

Price (`)

Chg (%)

Blue Star

Capital Goods

Accumulate

675

760

12.7

Renuka

119

16.8

Dewan Housing FinanceFinancials

Accumulate

459

520

13.4

Jpassociat

15.4

Mahindra Lifespace

Real Estate

Buy

437

522

19.4

Fretail

436

10.8

Navkar Corporation

Others

Buy

203

265

30.8

KEI Industries

Capital Goods

Accumulate

240

258

7.6

Strtech

222

7.5

More Top Picks on Pg5

Adanipower

7.0

Key Upcoming Events

Consensus

Date

Region

Event Description

Top Losers

Price (`)

Chg (%)

Reading

Expectations

Dishtv

278

(5.9)

Jul 24, 2017

Germany PMI Services

54.00

54.30

Jul24, 2017

Germany PMI Manufacturing

59.60

59.20

Dhfl

458

(3.8)

Jul 24, 2017

Consumer Confidence

118.90

116.00

Atul

2,299

(3.8)

Jul 25, 2017

Existing home sales

5.62

5.56

Jublfood

1,253

(3.5)

Jul 26, 2017

GDP (YoY)

2.00

1.70

Dlf

196

(3.2)

More Events on Pg7

#As on April 20, 2017

www.angelbroking.com

Market Outlook

July 24, 2017

News Analysis

Quess Corp Q1FY18 profits up 34% YoY to `33cr, to raise funds

for both organic and inorganic growth

Integrated service provider Quess Corp reported its first quarter profits at `33cr a

growth of 34 per cent, while the company’s revenue grew by 20 percent to

`1,188cr as clients increased sourcing of security services and facilities

management. This is part of a larger shift as organisations are shifting their

dependence from the informal workforce to organised players. Quess Corp had

seen profits of `25cr on revenue of `991cr in Q1FY17.

The company has increased its workforce by 57 per cent over the corresponding

quarter to 195,000.

Quess’ Board and Shareholders have approved a fund raising program by

divesting up to 10 per cent of shareholding through an institutional placement

program (IPP). The funds will be predominantly used for strategic mergers &

acquisitions, as well as funding organic growth.

The company is awaiting regulatory approvals for the acquisition of speciality

facility management business of Manipal Integrated Services and a 25 per cent

stake in Terrier Security Services.

Economic and Political News

 Indian trade with African countries likely to touch $117 billion by 2020-21

 MF grow by over 93 lakh to an all time high of 5.82 cr at the end of June

2017

 Mining companies demand that the reservation for captive consumption to not

exceed 25 per cent in any state for a particular mineral

Corporate News

 Ashok Leyland reaches its highest market share ever in Q1 at 34.7%

 ONGC to not make an open offer to HPCL shareholders post acquisition

 Coromandel International receives environmental clearance for raising

production capacity of its facility at Vishakhapatnam

 Avenue Supermarts Q1 net results up 48% YoY at `174.77cr

www.angelbroking.com

Market Outlook

July 24, 2017

Quarterly Bloomberg Brokers Consensus Estimate

Mahindra & Mahindra Financial Ltd - July 24, 2017

Particulars ( ` cr)

1QFY18E

1QFY17

y-o-y (%)

4QFY17 q-o-q (%)

Net profit

143

64.4

234

(38.9)

Ambuja Cement Ltd. - July24, 2017

Particulars ( ` cr)

1QFY18E

1QFY17

y-o-y (%)

4QFY17 q-o-q (%)

Net sales

2,740

2,541

7.8

2,533

8.1

EBITDA

550

601

(8.4)

394

39.6

EBITDA margin (%)

20.1

23.6

15.6

Net profit

347

400

(13.3)

247

40.5

HDFC Bank - July24, 2017

Particulars ( ` cr)

1QFY18E

1QFY17

y-o-y (%)

4QFY17 q-o-q (%)

Net profit

3,904

3,239

20.5

3990

(2.15)

Indiabulls Housing Finance Controls - July24, 2017

Particulars ( ` cr)

1QFY18E

1QFY17

y-o-y (%)

4QFY17 q-o-q (%)

Net profit

800

630

27.0

841

(4.8)

www.angelbroking.com

Market Outlook

July 24, 2017

Top Picks

Market Cap

CMP

Target

Upside

Company

Rationale

(` Cr)

(`)

(%)

Strong growth in domestic business due to its leadership

in acute therapeutic segment. Alkem expects to launch

Alkem Laboratories

21,227

1,775

2,161

21.7

more products in USA, which bodes for its international

business.

We expect the company would report strong profitability

Asian Granito

1,287

428

480

12.2

owing to better product mix, higher B2C sales and

amalgamation synergy.

Favourable outlook for the AC industry to augur well for

Cooling products business which is out pacing the

Blue Star

6,461

675

760

12.7

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

14,384

459

520

13.4

presence in tier-II & III cities where the growth

opportunity is immense.

Loan growth is likely to pick up after a sluggish FY17.

Karur Vysya Bank

8,569

142

160

12.8

Lower credit cost will help in strong bottomline growth.

Increasing share of CASA will help in NIM improvement.

High order book execution in EPC segment, rising B2C

KEI Industries

1,865

240

258

7.6

sales and higher exports to boost the revenues and

profitability

Speedier execution and speedier sales, strong revenue

Mahindra Lifespace

2,243

437

522

19.4

visibilty in short-to-long run, attractive valuations

Massive capacity expansion along with rail advantage at

Navkar Corporation

2,889

203

265

30.8

ICD as well CFS augurs well for the company

Strong brands and distribution network would boost

Siyaram Silk Mills

2,236

2,385

2,500

3.0

growth going ahead. Stock currently trades at an

inexpensive valuation.

Market leadership in Hindi news genre and no.

viewership ranking in English news genre, exit from the

TV Today Network

1,496

251

344

37.2

radio business, and anticipated growth in ad spends by

corporates to benefit the stock.

After GST, the company is expected to see higher

volumes along with improving product mix. The Gujarat

Maruti

2,27,394

7,528

8,495

12.9

plant will also enable higher operating leverage which

will be margin accretive.

Source: Company, Angel Research,

www.angelbroking.com

Market Outlook

July 24, 2017

Key Upcoming Events

Global economic events release calendar

Bloomberg Data

Date

Time

Country

Event Description

Unit

Period

Last Reported

Estimated

Jul 24, 2017

1:00 PMGermany

PMI Services

Value

Jul P

54.00

54.30

1:00 PMGermany

PMI Manufacturing

Value

Jul P

59.60

59.20

7:30 PMUS

Consumer Confidence

S.A./ 1985=100

Jul

118.90

116.00

Jul 25, 2017

7:30 PMUS

Existing home sales

Million

Jun

5.62

5.56

Jul 26, 2017

2:00 PMUK

GDP (YoY)

% Change

2Q A

2.00

1.70

6:00 PMUS

Initial Jobless claims

Thousands

Jul 22

233.00

7:30 PMUS

New home sales

Thousands

Jun

610.00

615.00

Jul 27, 2017

11:30 PMUS

FOMC rate decision

Jul 26

1.25

Jul 28, 2017

2:30 PMEuro Zone

Euro-Zone Consumer Confidence

Value

Jul F

(1.70)

6:00 PMUS

GDP Qoq (Annualised)

% Change

2Q A

1.40

2.50

Jul 31, 2017

6:30 AMChina

PMI Manufacturing

Value

Jul

51.70

51.40

Aug 01, 2017

1:25 PMGermany

Unemployment change (000's)

Thousands

Jul

7.00

2:00 PMUK

PMI Manufacturing

Value

Jul

54.30

2:30 PMEuro Zone

Euro-Zone GDP s.a. (QoQ)

% Change

2Q A

0.60

Aug 02, 2017

2:30 PMIndia

RBI Reverse Repo rate

Aug 2

6.00

2:30 PMIndia

RBI Repo rate

Aug 2

6.25

2:30 PMIndia

RBI Cash Reserve ratio

Aug 2

4.00

Aug 03, 2017

6:00 PMUS

Change in Nonfarm payrolls

Thousands

Jul

222.00

175.00

Aug 04, 2017

4:30 PMUK

BOE Announces rates

% Ratio

Aug 3

0.25

6:00 PMUS

Unnemployment rate

Jul

4.40

4.30

Aug 08, 2017

China

Exports YoY%

% Change

Jul

11.30

Source: Bloomberg, Angel Research

www.angelbroking.com

Market Outlook

July 24, 2017

Macro watch

Exhibit 1: Quarterly GDP trends

Exhibit 2: IIP trends

(%)

5.7

10.0

6.0

9.1

5.2

8.8

4.9

9.0

7.9

8.0

7.9

5.0

7.6

7.5

8.0

7.3

7.2

3.8

7.0

4.0

7.0

3.0

6.1

2.8

2.6

3.0

6.0

1.9

1.7

5.0

2.0

4.0

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

(%)

7.0

54.0

6.1

6.0

5.1

52.0

5.0

4.3

4.2

3.9

50.0

3.6

3.7

4.0

3.4

3.2

3.0

48.0

3.0

2.2

1.5

46.0

2.0

1.0

44.0

42.0

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

(%)

Exports yoy growth

Imports yoy growth

(%)

Repo rate

Reverse Repo rate

CRR

60.0

7.00

50.0

6.50

40.0

6.00

30.0

5.50

20.0

5.00

10.0

4.50

0.0

4.00

(10.0)

(20.0)

3.50

(30.0)

3.00

Source: Bloomberg, Angel Research

Source: RBI, Angel Research

www.angelbroking.com

Market Outlook

July 24, 2017

Exhibit 4: Relative performance of indices across globe

Returns (%)

Country

Name of index

Closing price

1YR

Brazil

Bovespa

64,684

6.5

2.0

14.1

Russia

Micex

1,925

4.0

0.3

(0.3)

India

Nifty

9,915

2.7

8.5

16.5

China

Shanghai Composite

3,238

3.0

2.2

6.3

South Africa

Top 40

47,802

5.7

4.4

3.4

Mexico

Mexbol

51,565

5.3

8.5

Indonesia

LQ45

963

(1.2)

1.9

13.2

Malaysia

KLCI

1,759

(1.7)

1.5

6.3

Thailand

SET 50

998

0.4

0.5

5.9

USA

Dow Jones

21,580

0.5

4.9

16.2

FTSE

7,453

0.1

4.7

11.1

Japan

Nikkei

20,100

(0.6)

9.1

23.8

Germany

DAX

12,240

(4.2)

1.8

18.6

France

CAC

5,118

(3.0)

1.2

15.3

Source: Bloomberg, Angel Research, #Data as on 21^th July

www.angelbroking.com

Stock Watch

July 24, 2017

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

Reduce

238

209

4,624

1,937

2,164

13.3

14.3

9.0

11.0

26.4

21.6

4.6

4.0

18.4

19.8

2.4

2.1

United Phosphorus

Neutral

862

43,808

15,176

17,604

18.5

37.4

44.6

23.1

19.3

4.5

3.7

21.4

21.2

3.0

2.5

Auto & Auto Ancillary

Ashok Leyland

Accumulate

103

116

30,187

20,019

22,789

11.1

11.7

4.3

5.5

24.0

18.9

4.7

4.2

19.4

22.0

1.5

1.3

Bajaj Auto

Neutral

2,815

81,457

25,093

27,891

19.5

19.2

143.9

162.5

19.6

17.3

5.5

4.7

30.3

29.4

3.0

2.6

Bharat Forge

Neutral

1,135

26,427

7,726

8,713

20.5

21.2

35.3

42.7

32.2

26.6

5.9

5.4

18.9

20.1

3.5

3.0

Eicher Motors

Neutral

28,903

78,680

16,583

20,447

17.5

18.0

598.0

745.2

48.3

38.8

16.5

12.6

41.2

38.3

4.6

3.6

Gabriel India

Neutral

150

2,150

1,544

1,715

9.0

9.3

5.4

6.3

27.7

23.8

5.2

4.6

18.9

19.5

1.3

1.2

Hero Motocorp

Neutral

3,680

73,481

28,120

30,753

15.2

15.6

169.1

189.2

21.8

19.5

7.5

6.3

30.8

28.2

2.4

2.2

Jamna Auto Industries Neutral

261

2,082

1,486

1,620

9.8

9.9

15.0

17.2

17.4

15.2

3.8

3.2

21.8

21.3

1.5

1.3

L G Balakrishnan & Bros Neutral

769

1,207

1,302

1,432

11.6

11.9

43.7

53.0

17.6

14.5

2.5

2.3

13.8

14.2

1.0

0.9

Mahindra and Mahindra Neutral

1,383

85,900

46,534

53,077

11.6

11.7

67.3

78.1

20.6

17.7

3.3

2.9

15.4

15.8

1.8

1.6

Maruti

Accumulate

7,528

8,495

227,394

67,822

83,717

15.2

15.0

243.0

291.5

31.0

25.8

7.1

5.8

22.9

22.4

3.0

2.4

Minda Industries

Neutral

743

6,418

2,728

3,042

9.0

9.1

68.2

86.2

10.9

8.6

2.5

2.0

23.8

24.3

2.4

2.1

Motherson Sumi

Neutral

323

68,071

45,896

53,687

7.8

8.3

13.0

16.1

24.8

20.1

8.0

6.4

34.7

35.4

1.6

1.3

Rane Brake Lining

Neutral

1,337

1,058

511

562

11.3

11.5

28.1

30.9

47.6

43.3

7.3

6.6

15.3

15.0

2.2

2.0

Setco Automotive

Neutral

564

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

465

134,146

300,209

338,549

8.9

8.4

42.7

54.3

10.9

8.6

1.7

1.5

15.6

17.2

0.6

0.5

TVS Motor

Neutral

571

27,111

13,390

15,948

6.9

7.1

12.8

16.5

44.7

34.5

11.1

8.8

26.3

27.2

2.1

1.7

Amara Raja Batteries

Accumulate

839

962

14,328

5,339

6,220

15.9

15.3

28.0

32.3

29.9

26.0

5.7

4.8

19.1

18.5

2.7

2.3

Exide Industries

Neutral

217

18,415

7,439

8,307

15.0

8.1

9.3

26.8

23.3

3.7

3.3

14.3

16.7

2.1

1.9

Apollo Tyres

Neutral

253

12,863

12,877

14,504

14.3

13.9

21.4

23.0

11.8

11.0

1.8

1.6

16.4

15.2

1.2

1.1

Ceat

Neutral

1,848

7,475

7,524

8,624

13.0

12.7

131.1

144.3

14.1

12.8

2.6

2.2

19.8

18.6

1.1

0.9

JK Tyres

Neutral

163

3,690

7,455

8,056

15.0

21.8

24.5

7.5

6.6

1.6

1.3

22.8

21.3

0.6

0.5

Swaraj Engines

Neutral

2,159

2,681

660

810

15.2

16.4

54.5

72.8

39.6

29.7

12.3

11.2

31.5

39.2

3.9

3.1

Subros

Neutral

240

1,439

1,488

1,681

11.7

11.9

6.4

7.2

37.5

33.5

4.0

3.6

10.8

11.4

1.2

1.0

Indag Rubber

Neutral

197

517

286

326

19.8

16.8

11.7

13.3

16.9

14.8

2.8

2.7

17.8

17.1

1.5

1.3

Capital Goods

ACE

Neutral

708

709

814

4.1

4.6

1.4

2.1

51.1

34.1

2.1

2.0

4.4

6.0

1.2

1.0

BEML

Neutral

1,586

6,604

3,451

4,055

6.3

9.2

31.4

57.9

50.5

27.4

3.0

2.8

6.3

10.9

2.0

1.7

Bharat Electronics

Neutral

172

38,307

8,137

9,169

16.8

17.2

58.7

62.5

2.9

2.7

0.5

0.4

44.6

46.3

3.7

3.3

www.angelbroking.com

Stock Watch

July 24, 2017

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

Neutral

498

16,486

6,511

7,514

7.9

8.7

12.9

16.3

38.6

30.6

7.0

6.1

16.7

18.5

2.3

1.9

BGR Energy

Neutral

150

1,082

16,567

33,848

6.0

5.6

7.8

5.9

19.2

25.4

1.1

4.7

4.2

0.2

0.1

BHEL

Neutral

145

35,515

28,797

34,742

2.8

2.3

6.9

63.1

21.0

1.1

1.0

1.3

4.8

0.9

0.6

Blue Star

Accumulate

675

760

6,461

4,283

5,077

5.9

7.3

14.9

22.1

45.3

30.5

8.8

7.4

20.4

26.4

1.6

1.3

CG Power and Industrial

Neutral

5,368

5,777

6,120

5.9

7.0

3.3

4.5

26.0

19.0

1.1

4.4

5.9

0.9

0.8

Solutions

Greaves Cotton

Neutral

162

3,944

1,755

1,881

16.8

16.9

7.8

8.5

20.7

19.0

4.1

3.9

20.6

20.9

1.9

1.8

Inox Wind

Neutral

137

3,041

5,605

6,267

15.7

16.4

24.8

30.0

5.5

4.6

1.5

1.1

25.9

24.4

0.6

0.5

KEC International

Neutral

293

7,542

9,294

10,186

7.9

8.1

9.9

11.9

29.6

24.7

4.3

3.8

15.6

16.3

1.0

0.9

KEI Industries

Accumulate

240

258

1,865

2,633

3,001

10.4

10.0

12.7

13.0

18.8

18.4

4.0

3.4

21.4

18.2

0.9

0.8

Thermax

Neutral

927

11,043

5,421

5,940

7.3

25.7

30.2

36.1

30.7

4.4

4.0

12.2

13.1

1.9

1.8

VATech Wabag

Accumulate

609

681

3,323

3,136

3,845

8.9

9.1

26.0

35.9

23.4

17.0

2.9

2.5

13.4

15.9

1.0

0.8

Cement

ACC

Neutral

1,711

32,127

11,225

13,172

13.2

16.9

44.5

75.5

38.4

22.7

3.6

3.4

11.2

14.2

2.9

2.4

Ambuja Cements

Neutral

265

52,679

9,350

10,979

18.2

22.5

5.8

9.5

45.7

27.9

3.8

3.5

10.2

12.5

5.6

4.8

India Cements

Neutral

209

6,430

4,364

4,997

18.5

19.2

7.9

11.3

26.4

18.5

1.9

8.0

8.5

2.2

2.0

JK Cement

Neutral

983

6,869

4,398

5,173

15.5

17.5

31.2

55.5

31.5

17.7

3.8

3.3

12.0

15.5

2.1

1.8

J K Lakshmi Cement

Neutral

464

5,461

2,913

3,412

14.5

19.5

7.5

22.5

61.9

20.6

3.8

3.2

12.5

18.0

2.5

2.1

Orient Cement

Neutral

161

3,300

2,114

2,558

18.5

20.5

8.1

11.3

19.9

14.3

2.9

2.5

9.0

14.0

2.2

1.7

UltraTech Cement

Neutral

4,179

114,717

25,768

30,385

21.0

23.5

111.0

160.0

37.7

26.1

4.8

4.2

13.5

15.8

4.6

3.8

Construction

ITNL

Neutral

3,143

8,946

10,017

31.0

31.6

8.1

9.1

11.8

10.5

0.4

4.2

5.0

3.7

3.4

KNR Constructions

Neutral

213

2,995

1,385

1,673

14.7

14.0

41.2

48.5

5.2

4.4

1.0

0.8

14.9

15.2

2.2

1.9

Larsen & Toubro

Buy

1,179

1,700

165,116

111,017

124,908

11.0

61.1

66.7

19.3

17.7

2.3

2.2

13.1

12.9

2.5

2.3

Gujarat Pipavav Port

Neutral

147

7,082

705

788

52.2

51.7

5.0

5.6

29.3

26.2

2.9

2.6

11.2

9.7

8.2

Nagarjuna Const.

Neutral

5,051

8,842

9,775

9.1

8.8

5.3

6.4

17.1

14.2

1.4

1.2

8.2

9.1

0.7

0.6

PNC Infratech

Neutral

140

3,588

2,350

2,904

13.1

13.2

9.0

8.8

15.5

15.9

0.6

0.5

15.9

13.9

1.6

1.3

Simplex Infra

Neutral

500

2,473

6,829

7,954

10.5

31.4

37.4

15.9

13.4

1.7

1.5

9.9

13.4

0.8

0.7

Power Mech Projects

Neutral

583

857

1,801

2,219

12.7

14.6

72.1

113.9

8.1

5.1

1.5

1.3

16.8

11.9

0.5

0.4

Sadbhav Engineering

Accumulate

279

298

4,788

3,598

4,140

10.3

10.6

9.0

11.9

31.0

23.5

3.2

2.9

9.9

11.9

1.6

1.4

NBCC

Neutral

216

19,404

7,428

9,549

7.9

8.6

8.2

11.0

26.3

19.6

1.3

1.0

28.2

28.7

2.3

1.7

MEP Infra

Neutral

126

2,050

1,877

1,943

30.6

29.8

3.0

4.2

42.0

30.0

20.3

13.7

0.6

2.5

2.3

www.angelbroking.com

Stock Watch

July 24, 2017

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

SIPL

Neutral

107

3,774

1,036

1,252

65.5

66.2

(8.4)

(5.6)

4.0

4.6

(22.8)

(15.9)

11.9

9.9

Engineers India

Neutral

165

11,109

1,725

1,935

16.0

19.1

11.4

13.9

14.5

11.9

2.0

1.9

13.4

15.3

5.4

4.8

Financials

Axis Bank

Accumulate

540

580

129,496

46,932

53,575

3.5

3.4

32.4

44.6

16.7

12.1

2.2

1.9

13.6

16.5

Bank of Baroda

Neutral

162

37,258

19,980

23,178

1.8

11.5

17.3

14.1

9.4

1.6

1.3

8.3

10.1

Canara Bank

Neutral

351

20,947

15,225

16,836

1.8

14.5

28.0

24.2

12.5

1.7

1.4

5.8

8.5

Can Fin Homes

Neutral

3,145

8,372

420

526

3.5

86.5

107.8

36.4

29.2

7.8

6.4

23.6

24.1

Cholamandalam Inv. &

Accumulate

1,135

1,230

17,745

2,012

2,317

6.3

42.7

53.6

26.6

21.2

4.2

3.6

16.9

18.3

Fin. Co.

Dewan Housing Finance Accumulate

459

520

14,384

2,225

2,688

2.9

29.7

34.6

15.5

13.3

2.5

1.6

16.1

14.8

Equitas Holdings

Buy

168

235

5,686

939

1,281

11.7

11.5

5.8

8.2

29.0

20.5

2.5

2.2

10.9

11.5

Federal Bank

Accumulate

117

125

22,801

8,259

8,995

3.0

4.3

5.6

27.3

21.0

2.3

2.1

8.5

10.1

HDFC

Neutral

1,642

261,489

11,475

13,450

3.4

45.3

52.5

36.2

31.3

7.0

6.2

20.2

20.5

HDFC Bank

Accumulate

1,703

1,850

438,422

46,097

55,433

4.5

58.4

68.0

29.2

25.1

5.1

4.3

18.8

18.6

ICICI Bank

Neutral

301

193,158

42,800

44,686

3.1

3.3

18.0

21.9

16.7

13.8

2.3

2.1

11.1

12.3

Karur Vysya Bank

Accumulate

142

160

8,569

5,640

6,030

3.3

3.2

8.9

10.0

15.9

14.2

1.7

1.6

11.2

11.4

Lakshmi Vilas Bank

Neutral

204

3,907

3,339

3,799

2.7

2.8

11.0

14.0

18.5

14.6

1.9

1.8

11.2

12.7

LIC Housing Finance

Neutral

740

37,355

3,712

4,293

2.6

2.5

39.0

46.0

19.0

16.1

3.6

3.0

19.9

20.1

Punjab Natl.Bank

Neutral

158

33,654

23,532

23,595

2.3

2.4

6.8

12.6

23.3

12.6

3.6

2.6

3.3

6.5

RBL Bank

Neutral

532

20,049

1,783

2,309

2.6

12.7

16.4

41.9

32.5

4.6

4.1

12.8

13.3

Repco Home Finance

Neutral

801

5,011

388

457

4.5

4.2

30.0

38.0

26.7

21.1

4.5

3.7

18.0

19.2

South Ind.Bank

Neutral

5,158

6,435

7,578

2.5

2.7

3.1

10.6

9.2

1.4

1.1

10.1

11.2

St Bk of India

Neutral

290

250,632

88,650

98,335

2.6

13.5

18.8

21.5

15.4

2.0

1.8

7.0

8.5

Union Bank

Neutral

155

10,628

13,450

14,925

2.3

25.5

34.5

6.1

4.5

0.9

0.8

7.5

10.2

Yes Bank

Neutral

1,579

72,232

8,978

11,281

3.3

3.4

74.0

90.0

21.3

17.5

4.1

3.4

17.0

17.2

FMCG

Akzo Nobel India

Neutral

1,799

8,627

2,955

3,309

13.3

13.7

57.2

69.3

31.5

26.0

10.3

8.6

32.7

33.3

2.7

2.4

Asian Paints

Neutral

1,156

110,869

17,128

18,978

16.8

16.4

19.1

20.7

60.5

55.8

21.1

19.9

34.8

35.5

6.4

5.8

Britannia

Neutral

3,832

46,001

9,594

11,011

14.6

14.9

80.3

94.0

47.7

40.8

19.6

15.2

41.2

4.7

4.0

Colgate

Neutral

1,070

29,102

4,605

5,149

23.4

23.8

26.9

45.0

39.8

24.9

19.5

64.8

66.8

6.2

5.6

Dabur India

Neutral

303

53,321

8,315

9,405

19.8

20.7

8.1

9.2

37.4

32.9

10.4

8.6

31.6

31.0

6.1

5.3

GlaxoSmith Con*

Neutral

5,464

22,979

4,350

4,823

21.2

21.4

179.2

196.5

30.5

27.8

8.1

6.9

27.1

26.8

4.7

4.1

www.angelbroking.com

Stock Watch

July 24, 2017

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

FMCG

Godrej Consumer

Neutral

959

65,351

10,235

11,428

18.4

18.6

41.1

44.2

23.3

21.7

5.2

4.4

24.9

24.8

6.5

5.7

HUL

Neutral

1,159

250,764

35,252

38,495

17.8

20.7

22.4

56.1

51.8

53.6

46.0

95.6

88.9

7.0

6.4

ITC

Neutral

289

350,869

40,059

44,439

38.3

39.2

9.0

10.1

32.1

28.5

9.0

7.8

27.8

27.5

8.3

7.4

Marico

Neutral

329

42,489

6,430

7,349

18.8

19.5

6.4

7.7

51.5

42.8

15.5

13.1

33.2

32.5

6.4

5.6

Nestle*

Neutral

6,816

65,713

10,073

11,807

20.7

21.5

124.8

154.2

54.6

44.2

22.4

20.2

34.8

36.7

6.3

5.4

Tata Global

Neutral

172

10,868

8,675

9,088

9.8

7.4

8.2

23.3

21.0

1.8

7.9

8.1

1.2

1.1

Procter & Gamble

Neutral

8,077

26,219

2,939

3,342

23.2

23.0

146.2

163.7

55.3

49.3

14.0

11.6

25.3

23.5

8.5

7.4

Hygiene

HCL Tech^

Accumulate

905

1,014

129,100

46,723

52,342

22.1

20.9

60.0

62.8

15.1

14.4

3.8

3.2

25.3

22.4

2.5

2.1

Infosys

Buy

980

1,179

225,078

68,484

73,963

26.0

63.0

64.0

15.6

15.3

3.3

3.0

20.8

19.7

3.0

2.6

TCS

Accumulate

2,491

2,651

490,814

117,966

127,403

27.5

27.6

134.3

144.5

18.6

17.2

5.5

5.1

29.8

29.7

3.8

3.5

Tech Mahindra

Buy

395

533

38,536

29,141

31,051

14.4

15.0

32.3

35.6

12.2

11.1

2.1

1.9

17.1

17.0

1.2

1.0

Wipro

Neutral

286

139,374

55,421

58,536

20.3

35.1

36.5

8.2

7.9

1.4

1.2

19.2

14.6

1.9

1.7

Media

D B Corp

Neutral

376

6,918

2,297

2,590

27.4

28.2

21.0

23.4

17.9

16.1

4.2

3.6

23.7

23.1

2.8

2.4

HT Media

Neutral

1,977

2,693

2,991

12.6

12.9

7.9

9.0

10.8

9.4

0.9

0.8

7.8

8.3

0.3

0.2

Jagran Prakashan

Buy

175

225

5,714

2,283

2,555

28.0

10.6

12.3

16.4

14.3

3.5

3.1

21.4

2.5

2.2

Sun TV Network

Neutral

806

31,757

2,850

3,265

70.1

71.0

26.2

30.4

30.8

26.5

7.9

7.0

24.3

25.6

10.7

9.2

Hindustan Media

Neutral

281

2,065

1,016

1,138

24.3

25.2

27.3

30.1

10.3

9.4

2.0

1.8

16.2

15.8

1.4

1.2

Ventures

TV Today Network

Buy

251

344

1,496

608

667

21.5

22.3

15.7

19.2

16.0

13.0

2.4

2.1

16.1

16.0

2.1

1.8

Music Broadcast Limited Buy

366

434

2,086

271

317

91.0

109.0

6.0

10.0

60.9

36.6

3.8

3.5

6.5

9.3

7.3

6.0

Metals & Mining

Coal India

Neutral

262

162,789

84,638

94,297

21.4

22.3

24.5

27.1

10.7

9.7

4.5

4.2

42.6

46.0

1.4

1.3

Hind. Zinc

Neutral

280

118,372

14,252

18,465

55.9

48.3

15.8

21.5

17.7

13.0

2.9

2.5

17.0

20.7

8.3

6.4

Hindalco

Neutral

214

48,066

107,899

112,095

7.4

8.2

9.2

13.0

23.3

16.5

1.1

4.8

6.6

1.0

0.9

JSW Steel

Neutral

214

51,801

53,201

58,779

16.1

16.2

130.6

153.7

1.6

1.4

0.2

14.0

14.4

1.7

1.5

NMDC

Neutral

123

38,821

6,643

7,284

44.4

47.7

7.1

7.7

17.3

15.9

1.5

8.8

9.2

3.6

3.2

SAIL

Neutral

25,772

47,528

53,738

(0.7)

2.1

(1.9)

2.6

24.0

0.7

(1.6)

3.9

1.4

1.3

Vedanta

Neutral

268

99,751

71,744

81,944

19.2

21.7

13.4

20.1

20.0

13.4

1.7

1.5

8.4

11.3

1.8

1.4

Tata Steel

Neutral

553

53,669

121,374

121,856

7.2

8.4

18.6

34.3

29.7

16.1

1.9

1.7

6.1

10.1

1.1

Oil & Gas

GAIL

Neutral

377

63,787

56,220

65,198

9.3

10.1

27.1

33.3

13.9

11.3

1.3

1.2

9.3

10.7

1.3

1.1

ONGC

Neutral

165

211,171

137,222

152,563

15.0

21.8

19.5

24.1

8.4

6.8

0.7

8.5

10.1

1.8

1.6

www.angelbroking.com

Stock Watch

July 24, 2017

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

Oil & Gas

Indian Oil Corp

Neutral

381

184,961

373,359

428,656

5.9

5.5

54.0

59.3

7.1

6.4

1.1

1.0

16.0

15.6

0.6

Reliance Industries

Neutral

1,586

515,790

301,963

358,039

12.1

12.6

87.7

101.7

18.1

15.6

1.9

1.7

10.7

11.3

2.2

1.8

Pharmaceuticals

Alembic Pharma

Buy

540

648

10,184

3,101

3,966

19.7

20.5

21.4

25.5

25.2

21.2

5.4

4.4

23.0

22.8

3.2

2.4

Alkem Laboratories Ltd

Buy

1,775

2,161

21,227

5,853

6,901

17.1

18.4

74.6

85.0

23.8

20.9

5.0

4.2

21.1

20.2

3.6

3.1

Aurobindo Pharma

Accumulate

748

823

43,798

14,845

17,086

21.5

22.1

39.4

44.7

19.0

16.7

4.7

3.7

27.6

24.7

3.1

2.7

Aventis*

Neutral

4,171

9,607

2,206

2,508

16.6

16.8

128.9

139.9

32.4

29.8

5.5

4.3

21.6

23.5

4.1

3.4

Cadila Healthcare

Reduce

528

450

54,064

9,220

11,584

18.4

20.3

14.5

18.7

36.4

28.2

7.8

6.3

23.5

24.6

6.2

4.7

Cipla

Sell

566

461

45,553

14,281

16,619

15.4

16.2

12.5

19.7

45.3

28.7

3.6

3.3

8.4

12.0

3.4

2.9

Dr Reddy's

Neutral

2,760

45,744

14,081

15,937

16.1

18.6

72.6

105.9

38.0

26.1

3.7

3.4

9.6

13.6

3.5

3.1

Dishman Pharma

Sell

143

1,718

1,890

22.7

22.8

9.5

11.3

10.1

10.9

3.3

2.9

GSK Pharma*

Neutral

2,538

21,494

2,927

3,290

11.8

16.2

34.4

49.6

73.8

51.2

10.7

11.1

13.9

21.3

7.1

6.4

Indoco Remedies

Sell

201

153

1,852

1,067

1,154

12.1

14.9

8.4

11.3

23.9

17.8

2.9

2.5

12.6

15.0

1.9

1.8

Ipca labs

Buy

480

620

6,053

3,211

3,593

13.9

14.5

15.4

19.4

31.2

24.7

2.5

2.3

8.2

9.5

2.0

1.8

Lupin

Buy

1,143

1,526

51,625

17,120

18,657

24.1

56.9

61.1

20.1

18.7

3.8

3.2

20.7

18.6

3.3

2.7

Natco Pharma

Accumulate

994

1,060

17,319

2,065

1,988

33.1

33.7

27.9

25.7

35.6

38.7

10.4

8.8

29.2

22.9

8.5

8.6

Sun Pharma

Buy

577

712

138,341

30,264

32,899

29.0

26.9

32.7

31.6

17.6

18.3

3.8

3.2

22.2

18.7

4.3

3.8

Power

Tata Power

Neutral

22,544

36,916

39,557

17.4

27.1

5.1

6.3

16.3

13.2

1.4

1.3

9.0

10.3

1.6

1.5

NTPC

Neutral

164

135,514

86,605

95,545

17.5

20.8

11.8

13.4

13.9

12.3

1.4

1.3

10.5

11.1

2.9

Power Grid

Neutral

215

112,715

25,315

29,193

88.2

88.7

14.2

17.2

15.2

12.6

2.3

2.0

15.2

16.1

9.1

8.2

Real Estate

Prestige Estate

Neutral

249

9,341

4,707

5,105

25.2

26.0

10.3

13.0

24.2

19.2

1.9

1.8

10.3

10.2

3.2

2.8

MLIFE

Buy

437

522

2,243

1,152

1,300

22.7

24.6

29.9

35.8

14.6

12.2

1.1

1.0

7.6

8.6

2.7

2.3

Telecom

Bharti Airtel

Neutral

411

164,353

105,086

114,808

34.5

34.7

12.2

16.4

33.7

25.1

2.3

2.1

6.8

8.4

2.5

2.2

Idea Cellular

Neutral

33,140

40,133

43,731

37.2

37.1

6.4

6.5

14.4

14.1

1.2

1.1

8.2

7.6

1.8

1.6

zOthers

Abbott India

Neutral

4,517

9,597

3,153

3,583

14.1

14.4

152.2

182.7

29.7

24.7

145.7

124.4

25.6

26.1

2.8

2.4

Asian Granito

Accumulate

428

480

1,287

1,066

1,169

11.6

12.5

13.0

16.0

32.9

26.8

3.2

2.9

9.5

10.7

1.5

1.3

Bajaj Electricals

Buy

336

395

3,405

4,801

5,351

5.7

6.2

10.4

13.7

32.2

24.5

4.0

3.6

12.4

14.5

0.7

0.6

Banco Products (India)

Neutral

234

1,676

1,353

1,471

12.3

12.4

14.5

16.3

16.2

14.4

22.3

20.1

14.5

14.6

1.2

126.8

Coffee Day Enterprises

Neutral

245

5,051

2,964

3,260

20.5

21.2

4.7

8.0

30.6

2.8

2.6

5.5

8.5

2.1

1.9

Ltd

Competent Automobiles Neutral

220

141

1,137

1,256

3.1

2.7

28.0

23.6

7.8

9.3

42.2

38.2

14.3

11.5

0.1

www.angelbroking.com

Stock Watch

July 24, 2017

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

Elecon Engineering

Neutral

664

1,482

1,660

13.7

14.5

3.9

5.8

15.2

10.2

3.6

3.3

7.8

10.9

0.8

0.7

Finolex Cables

Neutral

495

7,577

2,883

3,115

12.0

12.1

14.2

18.6

34.9

26.6

18.6

16.2

15.8

14.6

2.3

2.1

Garware Wall Ropes

Neutral

881

1,928

863

928

15.1

15.2

36.4

39.4

24.2

22.4

4.4

3.7

17.5

15.9

2.1

2.0

Goodyear India*

Neutral

891

2,056

1,598

1,704

10.4

10.2

49.4

52.6

18.0

16.9

83.3

73.1

18.2

17.0

1.0

138.7

Hitachi

Neutral

2,002

5,443

2,081

2,433

8.8

8.9

33.4

39.9

59.9

50.2

48.4

40.3

22.1

21.4

2.6

2.2

HSIL

Neutral

396

2,865

2,384

2,515

15.8

16.3

15.3

19.4

25.9

20.4

25.7

22.1

7.8

9.3

1.4

1.3

Interglobe Aviation

Neutral

1,243

44,959

21,122

26,005

14.5

27.6

110.7

132.1

11.2

9.4

67.2

48.0

168.5

201.1

2.1

1.7

Jyothy Laboratories

Neutral

384

6,977

1,440

2,052

11.5

13.0

8.5

10.0

45.2

38.4

10.9

10.1

18.6

19.3

5.1

3.6

Kirloskar Engines India

Neutral

400

5,784

2,554

2,800

9.9

10.0

10.5

12.1

38.1

33.1

15.9

15.0

10.7

11.7

1.9

1.7

Ltd

Linc Pen & Plastics

Neutral

274

405

382

420

9.3

9.5

13.5

15.7

20.3

17.4

3.5

3.0

17.1

17.3

1.1

1.0

M M Forgings

Neutral

635

767

546

608

20.4

20.7

41.3

48.7

15.4

13.0

87.0

77.0

16.6

17.0

1.2

1.1

Manpasand Bever.

Neutral

768

4,392

836

1,087

19.6

19.4

16.9

23.8

45.4

32.2

5.5

4.8

12.0

14.8

5.0

3.8

Mirza International

Neutral

170

2,040

963

1,069

17.2

18.0

6.1

7.5

27.7

22.6

4.2

3.6

15.0

15.7

2.3

2.1

MT Educare

Neutral

306

366

417

17.7

18.2

9.4

10.8

8.2

7.1

1.8

1.6

22.2

22.3

0.7

0.6

Narayana Hrudaya

Neutral

300

6,132

1,873

2,166

11.5

11.7

2.6

4.0

113.4

75.7

7.0

6.3

6.1

8.3

3.4

2.9

Navkar Corporation

Buy

203

265

2,889

347

371

43.2

37.3

6.7

6.0

30.4

33.8

2.1

1.9

6.2

10.6

9.4

8.8

Navneet Education

Neutral

172

4,018

1,062

1,147

24.0

6.1

6.6

28.2

26.0

5.8

5.1

20.6

19.8

3.9

3.6

Nilkamal

Neutral

1,906

2,844

1,995

2,165

10.7

10.4

69.8

80.6

27.3

23.7

108.9

94.6

16.6

16.5

1.4

1.3

Page Industries

Neutral

16,798

18,736

2,450

3,124

20.1

17.6

299.0

310.0

56.2

54.2

374.1

285.6

47.1

87.5

7.7

6.1

Parag Milk Foods

Neutral

253

2,131

1,919

2,231

9.3

9.6

9.5

12.9

26.8

19.6

4.2

3.4

15.5

17.5

1.3

1.1

Quick Heal

Neutral

222

1,557

408

495

27.3

27.0

7.7

8.8

28.7

25.2

2.7

9.3

10.6

3.0

2.5

Radico Khaitan

Accumulate

128

147

1,708

1,667

1,824

13.0

13.2

6.7

8.2

19.3

15.7

1.7

1.6

9.0

10.2

1.4

1.3

Relaxo Footwears

Neutral

487

5,849

2,085

2,469

9.2

8.2

7.6

8.0

64.4

61.3

25.0

21.3

17.9

18.8

2.9

2.5

S H Kelkar & Co.

Neutral

271

3,919

1,036

1,160

15.1

15.0

6.1

7.2

44.4

37.8

4.7

4.4

10.7

11.5

3.7

3.2

Siyaram Silk Mills

Neutral

2,385

2,236

1,574

1,769

12.5

12.7

97.1

113.1

24.6

21.1

3.8

3.3

15.4

15.5

1.6

1.4

Styrolution ABS India*

Neutral

1,060

1,865

1,440

1,537

9.2

9.0

40.6

42.6

26.1

24.9

66.7

60.6

12.3

11.6

1.3

1.1

Surya Roshni

Neutral

290

1,272

3,342

3,625

7.8

7.5

17.3

19.8

16.8

14.7

31.9

25.6

10.5

10.8

0.6

Team Lease Serv.

Neutral

1,390

2,376

3,229

4,001

1.5

1.8

22.8

32.8

61.1

42.3

6.5

5.7

10.7

13.4

0.6

0.5

The Byke Hospitality

Neutral

191

764

287

384

20.5

7.6

10.7

25.1

17.8

5.2

4.2

20.7

23.5

2.7

2.0

www.angelbroking.com

Stock Watch

July 24, 2017

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

Transport Corporation of

Neutral

320

2,453

2,671

2,911

8.5

8.8

13.9

15.7

23.1

20.5

3.2

2.8

13.7

13.8

1.0

0.9

India

TVS Srichakra

Neutral

3,732

2,857

2,304

2,614

13.7

13.8

231.1

266.6

16.2

14.0

419.3

330.2

33.9

29.3

1.2

1.1

UFO Moviez

Neutral

396

1,094

619

685

33.2

33.4

30.0

34.9

13.2

11.4

1.8

1.6

13.8

13.9

1.5

1.2

Visaka Industries

Neutral

487

774

1,051

1,138

10.3

10.4

21.0

23.1

23.2

21.1

62.5

58.5

9.0

9.2

1.0

0.9

VRL Logistics

Neutral

322

2,933

1,902

2,119

16.7

16.6

14.6

16.8

22.1

19.1

4.8

4.3

21.9

22.2

1.7

1.5

VIP Industries

Buy

178

218

2,517

1,270

1,450

10.4

5.6

6.5

31.8

27.4

6.6

5.8

20.7

21.1

2.0

1.7

Navin Fluorine

Accumulate

667

730

3,284

789

945

21.1

22.4

24.0

28.7

27.8

23.2

4.5

3.8

17.8

18.5

4.1

3.3

Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on July 21, 2017

www.angelbroking.com

Market Outlook

July 24, 2017

Research Team Tel: 022 - 39357800

E-mail: [email protected]

Website: www.angelbroking.com

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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

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decision. Nothing in this document should be construed as investment or financial advice. Each recipient of this document should make

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