Market Outlook
September 27, 2018
Market Cues
Domestic Indices
Chg (%)
(Pts)
(Cl ose)
Indian markets are likely to open positive tracking global indices and SGX Nifty.
BSE Sensex
(0.3)
(109)
36,542
U.S. stocks came under pressure going into the close of trading yesterday after
Nifty
(0.1)
(13)
11,053
initially responding positively to the Federal Reserve's monetary policy
Mid Cap
0.4
65
15,341
announcement. The Dow fell 0.4 percent to 26,385 and the Nasdaq slid by 0.2
Small Cap
0.1
18.5
15,239
percent to 7,990.
Bankex
0.4
10.2
28,423
UK stocks were little changed in lackluster trade on Wednesday as investors
monitored currency moves and braced themselves for a 25 bps rate hike by the
Global Indices
Chg (%)
(Pts)
(Cl ose)
Federal Reserve later today. The FTSE 100 was up by 0.7 percent at 7,508.
Dow Jones
(0.4)
(107)
26,385
On domestic front, Indian stocks finished modestly lower on Wednesday as investors
Nasdaq
(0.2)
(17)
7,990
eagerly awaited the latest monetary policy update by the Federal Reserve. With a 25
FTSE
0.7
33
7,508
bps rate hike fully priced in, investors looked ahead for clues over the next rate hike
Nikkei
0.4
93
24,033
move in December. The BSE Sensex dipped by 0.3% to 36,542.
Hang Seng
1.2
317
27,817
Shanghai Com
0.9
25
2,806
News Analysis
Cabinet clears another Rs 55-bn bailout package for sugar mills
A dvances / Declines
BSE
NSE
Advances
1305
844
Detailed analysis on Pg2
Declines
1325
903
Investor’s Ready Reckoner
Unchanged
182
312
Key Domestic & Global Indicators
Volumes (` Cr)
Stock Watch: Latest investment recommendations on 150+ stocks
Refer Pg5 onwards
BSE
1,820
NSE
853
Top Picks
C MP
Target
U psi de
C ompany
Sector
R ating
(`)
(`)
(%)
Net Inflows (` Cr)
Ne t
Mtd
Ytd
Blue Star
Capital Goods
Buy
605
867
43.3
FII
(1,077)
(1,418)
(6,857)
Dewan Housi ng Finance
Financials
Buy
305
555
82.0
*MFs
1,125
3,967
80,584
Parag Milk F oods
Others
Buy
252
410
62.7
Bata India
Others
Buy
954
1,243
30.3
KEI Industrie s
Capital Goods
Buy
332
589
77.4
Top Gainers
Price (`)
Chg (%)
More Top Picks on Pg4
RCOM
13
11.7
Key Upcoming Events
BEL
84
10.7
Previous
C onsensus
D ate
Region
Event Description
CENTRUM
40
7.1
ReadingExpectations
Sep 27, 2018 US
FOMC rate decision
2.00
2.25
997
6.9
Sep 28, 2018 Germany Unemployment change (000's)
(8.00)
12
6.9
Sep 28, 2018 UK
GDP (YoY)
1.30
Sep 30, 2018 China
PMI Manufacturing
51.30
Top Losers
Price (`)
Chg (%)
Oct 01, 2018 UK
PMI Manufacturing
52.80
More Events on Pg7
247
-7.3
325
-6.8
77
-5.6
1003
-5.2
15
-4.8
As on Sept 26, 2018
Market Outlook
September 27, 2018
News Analysis
Cabinet clears another Rs 55-bn bailout package for sugar mills
With sugarcane arrears stubbornly remaining around Rs 130 billion ahead of the
new crushing season that begins next month, the central government on
Wednesday approved a fresh Rs 55.38-billion package for the sugar industry of
which almost 75 per cent will be directly paid to growers provided mills export 5
million tonnes of the sweetener.
To facilitate the exports, a transport subsidy amounting to Rs 13.75 billion was
also approved as part of the relief package.
The transport subsidy will be given at the rate of Rs 1,000 a tonne to mills located
within 100 km from ports, Rs 2,500 a tonne for mills located beyond 100 km from
the port in coastal states and Rs 3,000 a tonne for mills located in other than
coastal states, an official statement said.
The direct assistance of Rs 13.88 per quintal of cane crushed will be given to
farmers from the 2018-19 season, which starts from October.
However, to avail of the assistance, mills will have to mandatorily export their
share of 5 million tonnes export quota. The quantum of sugar that each mill will
export will be determined on the basis of last three years' production and the
assistance to farmers will be released once the export obligation is fulfilled.
Economic and Political News
Sebi seeks details of MFs' investment, exposure in debt-ridden IL&FS group
Cabinet approves telecom policy to draw $100 bn investment
Import duty hiked on over 19 items including ACs, refrigerators, washing
machines and footwear
Maharashtra faces Rs 22 billion revenue loss if it cuts fuel prices by Re 1
Duty on aviation turbine fuel to hit airlines; fares likely to go up
After bold estimates, coal auctions, allotments get Rs 56.84 bn in 3.5 yrs
Corporate News
Aditya Birla considers legal options to recover funds from IL&FS arms
Tata Consultancy Services completes its Rs 160-billion share buyback
Reliance, Vardhman Textiles ink pact for manufacturing fabric 'R|Elan'
5 subsidiaries wiped out all FY18 profits of IL&FS, its 200-odd other arms
Market Outlook
September 27, 2018
Top Picks
Market Cap
C MP
Target
Upside
C ompany
R ationale
(` Cr)
(`)
(`)
(%)
Favorable outlook for the AC industry to augur
well for Cooling products business which is out
Blue Star
5,826
605
867
43.3
pacing the market growth. EMPPAC division's
profitability
to
improve once oper ating
environment turns around.
With a focus on the low and medium income (LMI)
consumer se gme nt, the company has increased its
Dewan Housi ng Finance
9,570
305
555
82.0
presence in tier-II & III cities where the growth
opportunity i s immense.
Well capitalized with CAR of 18.1% which gives
sufficient room to grow asset base. Faster
ICICI Bank
201,083
312
416
33.3
resolution of NPA would reduce provision cost,
which would help to report better ROE.
High order book execution in EPC segment, rising
KEI Industrie s
2,601
332
589
77.4
B2C sales and higher exports to boost the
revenues and profitability
Expected to benefit from the lower capex
Music Broadcast Limited
1,813
318
475
49.4
requirement and 15 year long radio broadcast
licensing.
Strong brands and distribution network would
Siyaram Silk Mills
2,301
491
851
73.3
boost growth going ahe ad. Stock currently trades
at an inexpensive valuation.
GST regime and the Gujarat plant are expected to
Maruti Suzuki
236,963
7,844
10,820
37.9
improve the company’s sales volume and
margins, respectively.
We expect loan book to grow at 24.3% over next
GIC Housing
1,432
266
486
82.7
two year; change in borrowing mix will help in
NIM improvement
Third largest brand play in luggage segme nt
Increase d product offerings and improving
Safari Industries
1,732
776
1,071
38.0
distribution network i s leadi ng to strong growth i n
busine ss. Likely to post robust growth for next 3-4
years
We expect financialisation of savings and
Aditya Birla Capital
26,283
119
218
83.2
increasing penetration in Insurance & Mutual fund
would ensure steady growth.
One of the leading Indian dairy products
companie s in Indi a created strong brands in dairy
products. Rising revenue share of high-margin
Parag Milk F oods
2,120
252
410
62.7
Value Added Products and reduction in interest
cost is likely to boost margins and earnings in next
few years.
HDFC Bank maintaine d 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
534,563
1,967
2,350
19.5
aided PAT growth. The Strong liability franchise
and healthy capitalisation provi des strong earning
visibility. At the current market price, the bank is
trading at 3.2x FY20E ABV.
Source: Company, Angel Research
Market Outlook
September 27, 2018
Continued...
Market Cap
C MP
Target
Upside
C ompany
R ationale
(` Cr)
(`)
(`)
(%)
We expect strong PAT growth on back of
healthy growth in automobile segment (on
back of new launches and facelifts in some of
M&M
110,762
891
1,050
17.8
the model
) and strong growth in Tractors
segment coupled by its strong brand recall
and improveme nt 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 Enterprise s
2,924
930
1,230
32.3
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 footwe ar 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
12,267
954
1,243
30.3
mainly due to new product launches, hi gher
number of store s addition and focus on
women’s high growth se gme nt and margin
improve ment
SHTF is in the sweet spot with benefits from
stronger CV volumes, NIMs unaffected by
Shriram Transport Finance
rising bond yields on the back of stronger
27,016
1,190
1,764
48.2
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
Jindal Steel & Power Limited
22,325
230
327
42.2
bottom line front, we expect JSPL to turn in to
profit by FY19 on back of strong operating
margin improve ment.
GMM Pfaudler Limited (GMM) is the Indian
market leader in glass-lined (GL) steel
equipme nt. GMM is expected to cross CAGR
GMM Pfaulder
1,446
989
1,287
30.1
15%+ in revenue over the next few years
mainly led by uptick in de mand from user
industries and it is also expecting to increase its
share of non-GL business to 50% by 2020.
Aurobindo Pharmace uticals, amongst the
Indian Pharmaceutical companie s, is well
placed to face the challenging generic markets,
given its focus on achieving growth through
Aurobindo Pharmaceutical s
44,458
758
870
14.8
productivity. Aurobindo will report net revenue
& net profit CAGR of
~13% & ~8% re sp.
during FY2018-20E. Valuations are cheap V/ s
its peers and own fair multiples of 17-18x.
Well planne d strategy to grow small business
loans and cross-selling would propel fee s
Yes Bank
51,647
223
405
81.6
income. We expect YES to grow its advance
much higher than industry and improve ment in
asset quality to support profitability.
We believe advance to grow at a he althy
CAGR of 35% over FY18-20E. Below peers
RBL Bank
22,738
535
670
25.2
level ROA
(1.2% FY18) to expand led by
margin expansion and lower cre dit cost.
TTK Prestige has emerged as one of the
leading brands in kitchen appliances in India
after its succe ssful transformati on from a single
TTK Prestige
7,481
6,421
8,200
27.7
product 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
September 27, 2018
Continued...
Market Cap
C MP
Target
Upside
C ompany
R ationale
(` Cr)
(`)
(`)
(%)
We expect Inox Wind to report expone ntial
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
2,047
92
127
38.0
wind energy segment viz. changes in auction
regime from Feed-In-Tariff (FIT) to reverse
auction regi me 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
35,431
120
156
30.0
activities and no signi ficant 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
C MP
Target
Upside
C ompany
R ationale
(` Cr)
(`)
(`)
(%)
CCL is likely to maintain the strong growth
CCL Products
3,483
262
360
37.4
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
2,483
1,664
2,178
30.9
healthy de mand growth in pl astic divi sion. O n the
bottom-line front, we e stimate
~10% CAGR to
`162cr owing to improve ment in volumes.
Elantas Beck India is the Indian market leader in
liquid insulation segment used in electrical
equipme nts li ke motors, transformers etc. It derives
Elantas Beck India Ltd
1,587
2,002
2,500
24.9
demand from several industries w hich are expected
to register 10%+ CAGR in de mand 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
2,103
171
333
94.7
~`2,478cr over FY2017-20E mainly due to healthy
growth in plywood & lamination busine ss on the
back of strong brand and di stribution network
L&T Fin’s new manage ment is on track to achieve
L&T Finance Hol ding
26,391
132
210
59.1
ROE of 18% by 2020 and recent capital infusion of
`3000cr would support advance growth.
Market Outlook
September 27, 2018
Key Upcoming Events
Global economic events release calendar
Bl oomberg Data
D ate
Time
C ountry
Event Description
Unit
Period
L ast Reporte d
E stimate d
Sep 27, 2018
11: 30 PM US
FOMC rate decision
%
Sep 26
2.00
2.25
Sep 28, 2018
1:25 PM Germany Unempl oyment change (000's)
Thousands
Sep
(8.00)
2:00 PM UK
GDP (YoY)
% Change
2Q F
1.30
Sep 30, 2018
6:30 AM China
PMI Manufacturing
Value
Sep
51.30
Oct 01, 2018
2:00 PM UK
PMI Manufacturing
Value
Sep
52.80
Oct 05, 2018
6:00 PM US
Change in N onfarm payrolls
Thousands
Sep
201.00
6:00 PM US
Unnemployment rate
%
Sep
3.90
2:30 PM India
RBI Reverse Re po rate
%
Oct 5
6.25
2:30 PM India
RBI Repo rate
%
Oct 5
6.50
US
Producer Price Index (mom)
% Change
Sep
-
Oct 10, 2018
2:00 PM UK
Industrial Production (YoY)
% Change
Aug
0.90
6:00 PM US
Consumer price index (mom)
% Change
Sep
0.20
Oct 11, 2018
2:30 PM India
RBI Cash Reserve ratio
%
Oct 5
4.00
Oct 12, 2018
5:30 PM India
Industrial Production YoY
% Change
Aug
6.60
China
Exports YoY%
% Change
Sep
9.80
Oct 16, 2018
0-Jan-00 UK
Joble ss claims change
Thousands
Sep
8.70
0-Jan-00 China
Consumer Price Index (YoY)
% Change
Sep
2.30
Oct 19, 2018
0-Jan-00 China
Real GDP (YoY)
% Change
3Q
6.70
Oct 25, 2018
0-Jan-00 Euro Zone ECB announces interest rates
%
Oct 25
-
Source: Bloomberg, Angel Research
Market Outlook
September 27, 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
Source: RBI, Angel Research
Market Outlook
September 27, 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
Market Outlook
September 27, 2018
Exhibit 4: Relative performance of indices across globe
Returns (%)
C ountry
Name of index
Closing price
1M
3M
1YR
Brazil
Bovespa
75,429
(4.0)
5.6
2.7
Russia
Micex
4,327
1.4
7.1
11.4
India
Nifty
11,515
0.7
6.1
14.1
China
Shanghai Composite
2,682
(1.5)
(11.3)
(20.8)
South Africa
Top 40
50,441
1.7
(1.7)
1.9
Mexico
Mexbol
49,612
2.2
6.3
(1.0)
Indonesia
LQ45
937
(2.7)
(2.6)
(4.7)
Malaysia
KLCI
1,804
(0.1)
1.6
1.7
Thailand
SET 50
1,136
2.5
0.7
9.9
USA
Dow Jones
26,155
3.4
3.9
17.5
UK
FTSE
7,304
(4.0)
(4.3)
0.7
Japan
Nikkei
23,095
4.0
1.1
19.8
Germany
DAX
12,124
(0.3)
(5.5)
(3.2)
France
CAC
5,353
0.9
(1.8)
2.1
Source: Bloomberg, Angel Research As of 25 Sep, 2018
Market Outlook
September 27, 2018
Exhibit 7: Historical Angel Top Picks/Fundamental Calls
D ate Added
Top Picks/Fundamental
Stocks
Reco Price
Target/Revised Price
Curre nt 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 Enterprise s
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 Hol ding
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 F oods Limited
310
410
Open
16-04-2018
Top Picks
Parag Milk F oods 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
September 27, 2018
Exhibit 8: Historical Angel Top Picks/Fundamental Calls
D ate Added
Top Picks/Fundamental
Stocks
Reco Price
Target/Revised Price
Curre nt 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 Technologie s 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 Hol dings 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 Industrie s
481
589
Open
04-01-2017
Top Picks
KEI Industrie s
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
September 27, 2018
Research Team Tel: 022 - 39357800
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