Market Outlook
July 30, 2019
Market Cues
Domestic Indices
Chg (%)
(Pts)
(Close)
Indian markets are likely to open positive tracking global indices and SGX Nifty.
BSE Sensex
-0.5
-196
37,686
Nifty
-0.8
-95
11,189
The US stocks turned in a relatively lackluster performance yesterday as traders stuck
Mid Cap
-0.7
-93
13,763
to the sidelines ahead of the Federal Reserve's highly anticipated monetary policy
announcement on Wednesday. The major averages eventually ended the session
Small Cap
-1
-135
12,926
mixe. While the Dow inched up 0.1 percent to 27,221 the Nasdaq fell by 0.4
Bankex
0.3
81
33,200
percent to 8,293.
U.K. stocks rose sharply on Monday, thanks to a weaker pound after the
Global Indices
Chg (%)
(Pts)
(Close)
government ramped up its preparations for a no-deal Brexit in October.
The British
Dow Jones
0.1
28
27,221
pound slid to a two-year low against the dollar after Chancellor Sajid Javid said he
Nasdaq
(0.4)
(34)
8,293
would announce an urgent spending blitz to prepare for a no-deal departure on
FTSE
1.1
83
7,632
Oct.31. The FTSE 100 was up by 1.1 percent at 7,632.
Nikkei
(0.5)
(99)
21,658
On domestic front, Indian shares fell again yesterday after snapping a six-day losing
Hang Seng
(0.7)
(197)
28,397
streak in the previous session. Tepid global cues weighed on sentiment as caution
Shanghai Com
0.2
7
2,944
crept in ahead of a highly-anticipated U.S. Federal Reserve meeting and the latest
round of trade talks between top U.S. and Chinese officials scheduled to take place
in Shanghai beginning on Tuesday. The benchmark BSE Sensex fell by 0.5 percent
Advances / Declines
BSE
NSE
to 37,686.
Advances
803
504
Declines
1,662
1,274
News Analysis
Unchanged
132
332
Coal crunch shuts down three units of NTPC's Kaniha plant
Detailed analysis on Pg2
Volumes (` Cr)
BSE
2,104
Investor’s Ready Reckoner
NSE
31,390
Key Domestic & Global Indicators
Stock Watch: Latest investment recommendations on 150+ stocks
Net Inflows (` Cr)
Net
Mtd
Ytd
Refer Pg5 onwards
FII
(1,447)
(9,533)
72.029
Top Picks
*MFs
1,559
8,196
16,291
CMP
Target
Upside
Company
Sector
Rating
(`)
(`)
(%)
Blue Star
Capital Goods
Buy
867
22.2
Top Gainers
Price (`)
Chg (%)
709
NAVKARCORP
22
7.6
ICICI Bank
Financials
Accumulate
490
14.1
429
KANSAINER
432
6.9
Parag Milk Foods
Others
Buy
330
40.8
234
GRANULES
91
6.7
Bata India
Others
Buy
1,643
26.1
1,303
CHENNPETRO
205
5.5
KEI Industries
Capital Goods
Buy
612
30.9
VAKRANGEE
36
5.3
467
More Top Picks on Pg4
Top Losers
Price (`)
Chg (%)
IDEA
7
-26.8
IBULHSGFIN
559
-10.4
LAKSHVILAS
55
-9.8
GRASIM
795
-9.1
ARVIND
54
-9.0
As on July 29, 2019
Market Outlook
July 30, 2019
News Analysis
Coal crunch shuts down three units of NTPC's Kaniha plant
State-owned NTPC Ltd has shut down three 500 Mw units of the 3000 Mw (6x500)
super thermal power station at Kaniha near Talcher after a workers strike at
Mahanadi Coalfields Ltd (MCL) snapped supply of the fuel.
NTPC's Kaniha station has not got coal since July 25. Power production at the
plant has dwindled to 1000 Mw against its capacity of 3000 Mw. NTPC Kaniha
has been historically running its plant at a Plant Load Factor (PLF) exceeding 90
per cent. A statement by NTPC said the rest three units of the plant are running at
'technical minimum' with generation totaling to 900-1000 Mw.
To run all the six units (500 Mw each) at their peak rated capacity, NTPC Kaniha
needs 55,000 tonnes of coal supplies each day. Bogged down by the coal crisis,
NTPC's units are running on partial load.
Workers at MCL's Talcher coalfields have gone on a strike since July 24 evening,
protesting the incident at Bharatpur open pit coal mining project. Due to alleged
negligence by the concerned manager, there was a strata failure at the mines,
leading to landslide. While three bodies were extricated from the debris, around
10 injured were rushed to the hospital for expedient treatment.
The six-day stir has paralysed coal production at Talcher coalfields. One of the
most prolific coal mining zones in the country, the Talcher coalfields produces
210,000 tonnes each day. It also serves as an important coal sourcing hub for
power generators within Odisha and beyond.
Economic and Political News
Corporate News
Market Outlook
July 30, 2019
Quarterly Bloomberg Brokers Consensus Estimate
Axis Bank Ltd - July 30, 2019
Particulars (` cr)
1QFY20E
1QFY19
y-o-y (%)
4QFY19
q-o-q (%)
PAT
1,855
701
164.6
1,505
23.3
Hero MotoCorp Ltd - July 30, 2019
Particulars (` cr)
1QFY20E
1QFY19
y-o-y (%)
4QFY19
q-o-q (%)
Sales
8,192
8,810
-7.0
7,885
3.9
EBIDTA
1,154
1,377
-16.2
1,069
8.0
%
14.1
15.6
13.6
PAT
783
909
-13.9
730
7.2
Tech Mahindra Ltd - July 30, 2019
Particulars (` cr)
1QFY20E
1QFY19
y-o-y (%)
4QFY19
q-o-q (%)
Sales
8,741
8,276
5.6
8,892
-1.7
EBIDTA
1,425
1,345
5.9
1,612
-11.6
%
16.3
16.3
18.1
PAT
988
898
10.0
1,127
-12.4
Market Outlook
July 30, 2019
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
6,833
709
867
22.2
the market growth. EMPPAC division's profitability
to improve once operating environment turns
around.
Well capitalized with CAR of 18.1% which gives
sufficient room to grow asset base. Faster
ICICI Bank
2,77,065
429
490
14.1
resolution of NPA would reduce provision cost,
which would help to report better ROE.
High order book execution in EPC segment, rising
KEI Industries
3,689
467
612
30.9
B2C sales and higher exports to boost the revenues
and profitability
GST regime and the Gujarat plant are expected to
Maruti Suzuki
1,67,898
5,558
8,552
53.9
improve the company’s sales volume and margins,
respectively.
Third largest brand play in luggage segment
Increased product offerings and improving
Safari Industries
1,277
572
1,000
74.8
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
18,371
83
130
55.8
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
1,972
234
330
40.8
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
6,13,734
2,245
2,660
18.5
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.
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
68,761
553
1,050
89.8
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
2,562
815
910
11.7
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
Bata India
16,745
1,303
1,643
26.1
~`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
Market Outlook
July 30, 2019
Continued...
Market Cap
CMP
Target
Upside
Company
Rationale
(` Cr)
(`)
(`)
(%)
SHTF is in the sweet spot with benefits from
stronger CV volumes, NIMs unaffected by rising
Shriram Transport Finance
21,951
968
1,470
51.9
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
13,865
136
250
83.6
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
1,800
1,231
1,570
27.5
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
32,281
551
890
61.5
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.
We believe advance to grow at a healthy CAGR
of 35% over FY18-20E. Below peers level ROA
RBL Bank
19,292
449
650
44.7
(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
7,669
5,533
7,708
39.3
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.
Maintain Hold.
Source: Company, Angel Research
Market Outlook
July 30, 2019
Fundamental Call
Market Cap
CMP
Target
Upside
Company
Rationale
(` Cr)
(`)
(`)
(%)
CCL is likely to maintain the strong growth
CCL Products
3,265
245
360
46.7
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
1,443
967
2,178
125.2
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
1,585
1,998
2,500
25.1
demand from several industries which are expected
to register 10%+ CAGR in demand in the coming
years. We can book out from the stock with 16%
profit at Rs. 2500 TP.
Greenply Industries Ltd (GIL) manufactures plywood
& allied products and medium density fibreboards
(MDF). GIL to report net revenue CAGR of ~14% to
Greenply Industries
1,525
124
256
105.8
~`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
20,225
101
210
107.7
ROE of 18% by 2020 and recent capital infusion of
`3000cr would support advance growth.
We expect loan book to grow at 24.3% over next
GIC Housing
1,294
240
424
76.4
two year; change in borrowing mix will help in NIM
improvement
Strong brands and distribution network would boost
Siyaram Silk Mills
1,261
269
549
104.1
growth going ahead. Stock currently trades at an
inexpensive valuation.
Expected to benefit from the lower capex
Music Broadcast Limited
1,303
47
95
101.7
requirement and 15 year long radio broadcast
licensing.
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 wind energy segment
Inox Winds
1,300
59
120
104.8
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 activities and no
Ashok Leyland
21,033
72
156
117.7
significant impact on industry due to recent axle
load norms, we recommend BUY on Ashok Leyland
at current valuations.
Well planned strategy to grow small business loans
and cross-selling would propel fees income. We
Yes Bank
21,973
95
NA
NA
expect YES to grow its advance much higher than
industry and improvement in asset quality to
support profitability.
Market Outlook
July 30, 2019
Global economic events release calendar
Date
Time
Country
Event Description
Unit
Period
Bloomberg Data
Last Reported
Estimated
May 16, 2019
JN
Housing Starts YoY
% Change
Sep
0.02
(0.01)
May 17, 2019
JN
Annualized Housing Starts
% Change
Sep
0.957m
0.950m
May 17, 2019
JN
Construction Orders YoY
% Change
Sep
0.01
--
May 20, 2019
12:00 AM
ES
Industrial Production YoY
% Change
Sep
0.06
--
May 21, 2019
12:00 AM
RO
ILO Unemployment Rate
% Change
Sep
0.04
--
May 24, 2019
3:15 AM
DE
Unemployment Rate SA
% Change
Sep
0.03
--
May 25, 2019
4:30 AM
DE
Unemployment Rate Gross Rate
% Change
Sep
0.04
0.04
May 26, 2019
4:30 AM
FI
Trade Balance
% Change
Aug F
-400m
--
May 28, 2019
4:30 AM
TU
Economic Confidence
% Change
Oct
71.00
--
May 30, 2019
5:20 AM
TU
Trade Balance
% Ratio
Sep
-2.42b
-1.90b
May 30, 2019
5:20 AM
TU
Central Bank Inflation Report
%
June 02, 2019
5:30 AM
TH
Exports YoY
% Change
Sep
0.06
--
June 03, 2019
5:30 AM
TH
Exports
% Change
Sep
$22380m
--
June 04, 2019
5:31 AM
TH
Imports YoY
%
Sep
0.24
--
June 08, 2019
5:31 AM
TH
Imports
%
Sep
$21776m
--
June 09, 2019
5:31 AM
TH
Trade Balance
Thousands
Sep
$604m
--
June 10, 2019
6:00 AM
TH
BoP Current Account Balance
% Change
Sep
$753m
$1200m
June 11, 2019
0-Jan-00
AU
CPI YoY
% Change
3Q
0.02
0.02
Source: Company, Angel Research
Market Outlook
July 30, 2019
Macro watch
Exhibit 1: Quarterly GDP trends
Exhibit 2: IIP trends
(%)
(%)
10.0
8.5
8.4
9.1
9.0
8.0
7.3
7.5
9.0
7.0
7.0
8.1
8.0
7.6
7.7
7.0
6.5
8.0
6.8
7.0
7.0
6.0
7.0
6.3
6.6
4.8
6.1
4.6
4.5
4.6
5.0
5.6
3.8
6.0
4.0
2.6
5.0
3.0
1.7
4.0
2.0
1.0
0.3
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
5.2
5.07
54.0
4.9
4.9
5.0
4.4
4.6
4.3
4.2
52.0
3.7
3.7
4.0
3.4
50.0
3.0
2.6
2.3
2.1
2.0
48.0
2.0
1.0
46.0
-
44.0
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
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 15 April, 2019
Source: RBI, Angel Research
Market Outlook
July 30, 2019
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
July 30, 2019
Exhibit 4: Relative performance of indices across globe
Returns (%)
Country
Name of index
Closing price
1M
3M
1YR
Brazil
Bovespa
1,00,995
4.1
5.8
38.8
Russia
Micex
2,559
0.0
1.5
10.9
India
Nifty
11,789
-1.1
1.4
10.0
China
Shanghai Composite
2,979
2.8
-3.6
4.6
South Africa
Top 40
51,925
3.8
9.7
3.7
Mexico
Mexbol
44,686
-11.2
-15.1
-11.3
Indonesia
LQ45
1,006
-3.2
4.1
-8.5
Malaysia
KLCI
1,708
1.4
1.7
-8.0
Thailand
SET 50
1,099
0.2
0.6
-8.9
USA
Dow Jones
26,600
7.2
2.6
9.6
UK
FTSE
7,426
3.7
2.0
-2.8
Japan
Nikkei
21,276
3.3
0.3
-4.6
Germany
DAX
12,399
5.7
7.6
0.8
France
CAC
5,539
6.4
3.5
4.0
Source: Bloomberg, Angel Research As of 06 July, 2019
Market Outlook
July 30, 2019
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
30-11-2018
Top Picks
TTK Prstige
7,206
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
July 30, 2019
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
July 30, 2019
Research Team Tel: 022 - 39357800
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