Market Outlook

August 10, 2016

Market Cues

Domestic Indices

Chg (%)

(Pts)

(Close)

Indian markets are likely to open in flat tracking SGX Nifty and Global markets..

BSE Sensex

(0.3)

(97)

28,085

After seeing strong gains on Friday, the US markets remained lackluster on Tuesday

Nifty

(0.4)

(33)

8,678

and ended the day flat. Lack of new economic data and triggers kept traders and

Mid Cap

(0.3)

(44)

12,780

investors away for the day.

Small Cap

(0.4)

(56)

12,338

The European markets gained on Tuesday led by energy stocks. The OPEC is likely

Bankex

(0.0)

(3)

21,654

to hold talks in September in an effort to limit productions and this seems to have

played a positive role.

Global Indices

Chg (%)

(Pts)

(Close)

The Indian markets remained under of pressure on Tuesday as market participants

Dow Jones

0.0

18,533

wanted to know the outcome of RBI’s monetary policy outcome. While a good

Nasdaq

0.2

5225

monsoon had led to some expectations of lowering of interest rates by RBI,

FTSE

0.6

6851

increasing trend of CPI inflation which still remains a concern and hence RBI left the

key policy rates unchanged. As a result the markets saw some selling and ended the

Nikkei

0.7

114

16,765

day in red.

Hang Seng

(0.1)

(29)

22,466

Shanghai Com

0.7

3,026

News Analysis & Result Review

 Results Review: Lupin

Advances / Declines

BSE

NSE

Detailed analysis on Pg2

Advances

1,177

611

Investor’s Ready Reckoner

Declines

1,591

987

Key Domestic & Global Indicators

Unchanged

136

Stock Watch: Latest investment recommendations on 150+ stocks

Refer Pg6 onwards

Volumes (` Cr)

BSE

3,532

Top Picks

CMP

Target

Upside

NSE

22,299

Company

Sector

Rating

(`)

(%)

Amara Raja

Auto/Auto Ancillary

Buy

919

1,076

17.1

Net Inflows (` Cr)

Net

Mtd

Ytd

HCL Tech

Buy

817

1,000

22.3

LIC Housing

Financials

Accumulate

521

582

11.7

FII

1,172

3,742

34,624

Bharat Electronics

Capital Goods

Accumulate

1,242

1,414

13.9

MFs

400

539

9,327

Navkar Corporation Others

Buy

203

265

30.8

More Top Picks on Pg4

Top Gainers

Price (`)

Chg (%)

Deltacorp

127

5.6

Key Upcoming Events

Consensus

J&Kbank

5.4

Date

Region

Event Description

Reading

Expectations

Ttkprestig

5,000

4.9

Aug 10

Initial Jobless claims

269.0

265.0

Jisljaleqs

3.8

Aug 10

India

Imports YoY %

(7.3)

Jubilant

342

3.6

Aug 11

India

Exports YoY %

1.3

Aug 12 Euro Zone

Euro Zone GDP s.a (QoQ)

0.3

Top Losers

Price (`)

Chg (%)

Aug 12

India

Industrial Production YoY

1.2

1.5

6.(

More Events on Pg5

Balramchin

119

(7.5)

Idea

(5.8)

Jetairways

554

(5.5)

Muthootfin

379

(5.1)

Lupin

1,608

(5.0)

As on August 9, 2016

www.angelbroking.com

Market Outlook

August 10, 2016

Result Review:

Lupin (CMP: `1,608 / TP: `1,809 /Upside: 12.5% )

For 1QFY2017, the company posted results better than expected numbers. Sales,

came in at `4316cr V/s `4,150cr expected V/s `3,074cr, a yoy growth of 40.4%.

The sales growth came in on back of USA (`2188.6cr) which posted a yoy growth

of 82.3%. the growth in other geographies- India(`931.3cr, yoy growth of 5.2%),

APAC (`541.6cr, a yoy growth of 32.9%), EMEA (`219.4cr, a yoy growth of

20.6%), LATAM (`108.9cr, a yoy growth of 76.8%) and ROW (`36.9cr, a yoy

growth of 117.1%). API sales (`286.9cr) a yoy dip of 12.4%.

On the operating profit front, the EBITDA margins came in at 27.4% V/s 29.3%

expected and V/s 24.1% in 1QFY2016. The expansion in the margins, came lower

than expected on back of employee cost, a yoy growth of 45.2%. and R&D

expenses which grew by 104.8% ( 11.6% of sales in 1QFY2017 V/s 7.9% of sales

1QFY2016). Expansion in OPM along with low taxations and higher other income

aided the Adj. net profit came in at `882cr V/s `777cr expected V/s `525cr in

1QFY2016, a yoy growth of 68.0%. We maintain our accumulate rating.

Y/E

Sales OPM

PAT

EPS ROE P/E P/BV EV/EBITDA EV/Sales

Mar

(`cr)

(%)

(`cr)

(`)

(%)

(x)

FY2017E

15,912

26.4

2,611

58.1

21.4

27.7

5.4

17.2

4.5

FY2018E

18,644

26.7

3,117

69.3

20.9

23.2

4.4

14.0

3.7

Economic and Political News

 Tax collections up 28% in April-July

 Ford cuts Aspire and Figo prices upto `91,000

 Bill to reform motor vehicle law introduced

Corporate News

 PFC’s 1QFY17 PAT up 9% at `1713cr

 UCO Bank posts net loss of `440cr for 1QFY17

 IOB Posts 1QFY17 net loss of `1,451cr

 Manapuram Finance’s 1QFY17 PAT jumps to `160cr

 IL&FS Engineering plans to raise upto `500cr

www.angelbroking.com

Market Outlook

August 10, 2016

Quarterly Bloomberg Brokers Consensus Estimate

Mahindra & Mahindra Ltd - Aug 10, 2016

Particulars (` cr)

1QFY17E

1QFY16

y-o-y (%)

4QFY16

q-o-q (%)

Net sales

11,195

9,708

15.3

10,666

5.0

EBITDA

1,477

1,252

18.0

1,049

40.8

EBITDA margin (%)

13.2

12.9

9.8

Net profit

898

852

5.3

584

53.8

Motherson Sumi Systems Ltd - Aug 10, 2016

Particulars (` cr)

1QFY17E

1QFY16

y-o-y (%)

4QFY16

q-o-q (%)

Net sales

10785

9,252

16.6

10,068

7.1

EBITDA

1,070

833

28.5

1,065

0.5

EBITDA margin (%)

9.9

9.0

10.6

Net profit

353

266

32.7

414

(14.7)

Bank Of Baroda Ltd - Aug 11, 2016

Particulars (` cr)

1QFY17E

1QFY16

y-o-y (%)

4QFY16

q-o-q (%)

Net profit

528

1052

(49.8)

(3230)

83.7

www.angelbroking.com

Market Outlook

August 10, 2016

Top Picks ★★★★★

Large Cap

Market Cap

CMP

Target

Upside

Company

Rationale

(` Cr)

(`)

(%)

To outpace battery industry growth due to better technological

Amara Raja Batteries

15,702

919

1,076

17.1

products leading to market share gains in both the automotive

OEM and replacement segments.

Uptick in defense capex by government, coupled with BELs

Bharat Electronics

29,800

1,242

1,414

13.9

strong market positioning, indicate good times ahead for BEL.

HCL Tech

1,15,322

817

1,000

22.3

Stock is trading at attractive valuations & factors all bad news.

Strong visibility for a robust 20% earnings trajectory, coupled

HDFC Bank

3,15,771

1,247

1,350

8.2

with high quality of earnings on account of high quality retail

business and strategic focus on highly rated corporates.

Back on the growth trend, expect a long term growth of 14% to

Infosys

2,48,415

1,082

1,370

26.7

be a US$20bn in FY2020.

Continues to grow its retail loan book at healthy pace with

LIC Housing Fin.

26,285

521

582

11.7

improvement in asset quality. Expect LICHF to post a healthy

loan book which is likely to reflect in a strong earnings growth.

Strong market positioning within the domestic AC markets to

Voltas

11,482

347

407

17.3

continue, EMP business set to revive

Source: Company, Angel Research

Mid Cap

Market Cap

CMP

Target

Upside

Company

Rationale

(` Cr)

(`)

(%)

Among the top 4 players in the consumer durables segment.

Bajaj Electricals

2,744

272

299

10.1

Improved profitability backed by turn around in E&P segment.

Strong order book lends earnings visibility.

Favourable outlook for the AC industry to augur well for

Cooling products business which is out pacing the market

Blue Star

4,600

482

527

9.2

growth. EMPPAC division's profitability to improve once

operating environment turns around.

With a focus on the low and medium income (LMI) consumer

Dewan Housing

7,345

252

270

7.3

segment, the company has increased its presence in tier-II & III

cities where the growth opportunity is immense.

Strong loan growth backed by diversified loan portfolio and

Equitas Holdings

6,059

181

235

30.1

adequate CAR. ROE & ROA likely to remain decent as risk of

dilution remains low. Attractive valuations considering growth.

Expectations of above average monsoon augurs well for

Goodyear India

1,248

541

631

16.6

Goodyear India as it derives ~50% of its turnover from farm

tyre segment.

Commencement of new projects, downtrend in the interest rate

IL&FS Transport

2,388

28.1

cycle, to lead to stock re-rating

Economic recovery to have favourable impact on advertising &

Jagran Prakashan

5,937

182

205

12.9

circulation revenue growth. Further, the acquisition of a radio business

(Radio City) would also boost the company`s revenue growth.

Speedier execution and speedier sales, strong revenue visibility

Mahindra Lifespace

1,765

430

554

28.8

in short-to-long run, attractive valuations

Massive capacity expansion along with rail advantage at ICD as

Navkar Corporation

2,890

203

265

30.8

well CFS augurs well for the company

Earnings boost on back of stable material prices and favourable

Radico Khaitan

1,217

125

36.7

pricing environment. Valuation discount to peers provides

additional comfort

Strong brands and distribution network would boost growth

Siyaram Silk Mills

994

1,060

1,347

27.1

going ahead. Stock currently trades at an inexpensive valuation.

Market leadership in Hindi news genre and no. 2 viewership

TV Today Network

1,747

293

363

24.0

ranking in English news genre, exit from the radio business, and

anticipated growth in ad spends by corporates to benefit the stock.

Source: Company, Angel Research

www.angelbroking.com

Market Outlook

August 10, 2016

Key Upcoming Events

Result Calendar

Date

Company

Aug 10, 2016

M&M, Motherson Sumi, Thermax, Corporation Bank, ITD Cementation, MT Educare, Manpasand Bever.

J K Lakshmi Cements, Bank of Baroda, Rural Elec.Corp., Page Industries, Styrolution, MRF, Jyothy Laboratories, MM

Aug 11, 2016

Forging, Tide Water Oil India, Ipca labs, PTC India, Coffee Day Enterprises Ltd

Bosch India, Automotive Axle, St Bk of India, Oriental Bank, Central Bank, Bank of Maharashtra, Hindalco, Bajaj

Aug 12, 2016

Electrical, Cravatex, Sun Pharma, Glenmark Pharma., NHPC, Competent Automobiles

Source: Bloomberg, Angel Research

Global economic events release calendar

Date

Time

Country

Event Description

Unit

Period

Bloomberg Data

Last Reported Estimated

Aug 10, 2016 6:00PM US

Initial Jobless claims

Thousands

Aug 6

269.00

265.00

India

Imports YoY%

% Change

Jul

(7.30)

Aug 11, 2016

India

Exports YoY%

% Change

Jul

1.30

Aug 12, 2016 2:30PM Euro Zone

Euro-Zone GDP s.a. (QoQ)

% Change

2Q P

0.30

Producer Price Index (mom)

% Change

Jul

0.80

7:30AM China

Industrial Production (YoY)

% Change

Jul

6.20

5:30PM India

Industrial Production YoY

% Change

Jun

1.20

1.50

11:30AM Germany

GDP nsa (YoY)

% Change

2Q P

1.30

2.80

Aug 16, 2016 12:00PM India

Monthly Wholesale Prices YoY%

% Change

Jul

1.62

2.82

6:00PM US

Housing Starts

Thousands

Jul

1,189.00

1,178.00

6:00PM US

Building permits

Thousands

Jul

1,153.00

1,160.00

2:00PM UK

CPI (YoY)

% Change

Jul

0.50

6:45PM US

Industrial Production

Jul

0.60

0.20

6:00PM US

Consumer price index (mom)

% Change

Jul

0.20

Aug 17, 2016 2:00PM UK

Jobless claims change

% Change

Jul

0.40

Aug 18, 2016 2:30PM Euro Zone

Euro-Zone CPI (YoY)

Jul F

0.20

Aug 23, 2016 7:30PM Euro Zone

Euro-Zone Consumer Confidence

Value

Aug A

(7.90)

7:30PM US

New home sales

Thousands

Jul

592.00

575.00

Aug 24, 2016 1:00PM Germany

PMI Services

Value

Aug P

54.40

1:00PM Germany

PMI Manufacturing

Value

Aug P

53.80

7:30PM US

Existing home sales

Million

Jul

5.57

5.58

Aug 26, 2016 6:00PM US

GDP Qoq (Annualised)

% Change

2Q S

1.20

1.10

7:30PM US

Consumer Confidence

S.A./ 1985=100

Aug

97.30

Source: Bloomberg, Angel Research

Market Outlook

August 10, 2016

Macro watch

Exhibit 1: Quarterly GDP trends

Exhibit 2: IIP trends

(%)

9.0

8.3

12.0

9.9

7.8

7.7

7.9

10.0

8.0

7.5

7.6

7.2

8.0

6.3

6.7

6.6

6.7

7.0

6.4

6.0

4.3

3.7

5.8

4.0

6.0

1.9

1.2

2.0

0.3

5.0

4.0

(2.0)

(0.9)

(1.3)

(1.6)

(4.0)

3.0

(3.4)

(6.0)

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

5.7

5.8

5.4

5.6

5.5

6.0

5.3

5.0

4.8

52.0

5.0

4.4

3.7

4.0

50.0

3.0

48.0

2.0

46.0

1.0

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

5.0

7.50

0.0

7.00

(5.0)

6.50

6.00

(10.0)

5.50

(15.0)

5.00

(20.0)

4.50

(25.0)

4.00

(30.0)

3.50

(35.0)

3.00

Source: Bloomberg, Angel Research

Source: RBI, Angel Research

www.angelbroking.com

Market Outlook

August 10, 2016

Exhibit 4: Relative performance of indices across globe

Returns (%)

Country

Name of index

Closing price

1YR

Brazil

Bovespa

57,689

10.1

6.0

16.5

Russia

Micex

1,956

3.3

3.8

15.7

India

Nifty

8,678

4.3

10.0

1.6

China

Shanghai Composite

3,026

1.1

6.9

(17.3)

South Africa

Top 40

45,511

2.3

0.9

(3.7)

Mexico

Mexbol

47,630

4.1

4.7

7.3

Indonesia

LQ45

936

6.8

12.6

17.5

Malaysia

KLCI

1,672

1.7

1.4

(3.0)

Thailand

SET 50

986

7.9

11.2

6.4

USA

Dow Jones

18,533

2.1

4.7

6.5

FTSE

6,851

4.0

11.3

4.3

Japan

Nikkei

16,765

9.7

1.2

(18.3)

Germany

DAX

10,693

11.0

6.4

(2.9)

France

CAC

4,468

6.6

3.5

(10.1)

Source: Bloomberg, Angel Research

www.angelbroking.com

Stock Watch

August 10, 2016

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

Neutral

218

4,242

1,937

2,164

13.3

14.3

9.0

11.0

24.2

19.8

4.2

3.7

18.4

19.8

2.2

2.0

United Phosphorus

Accumulate

616

684

26,393

15,176

17,604

18.5

37.4

44.6

16.5

13.8

3.2

2.7

21.4

21.2

1.9

1.6

Auto & Auto Ancillary

Ashok Leyland

Buy

111

25,428

22,407

26,022

10.6

5.2

6.4

17.1

13.9

3.9

3.3

23.6

24.7

1.2

1.0

Bajaj Auto

Neutral

2,864

82,879

25,093

27,891

19.5

19.2

143.9

162.5

19.9

17.6

5.6

4.8

30.3

29.4

3.0

2.7

Bharat Forge

Accumulate

823

875

19,159

7,726

8,713

20.5

21.2

35.3

42.7

23.3

19.3

4.3

3.9

18.9

20.1

2.6

2.2

Eicher Motors

Neutral

22,082

59,978

16,583

20,447

17.5

18.0

598.0

745.2

36.9

29.6

12.6

9.6

41.2

38.3

3.5

2.8

Gabriel India

Neutral

106

1,520

1,544

1,715

9.0

9.3

5.4

6.3

19.6

16.8

3.7

3.3

18.9

19.5

1.0

0.9

Hero Motocorp

Neutral

3,407

68,040

31,253

35,198

15.3

15.0

172.3

192.1

19.8

17.7

7.2

6.2

38.9

37.0

2.1

1.8

Jamna Auto Industries Neutral

197

1,570

1,486

1,620

9.8

9.9

15.0

17.2

13.1

11.4

2.9

2.4

21.8

21.3

1.1

1.0

L G Balakrishnan & Bros Neutral

477

749

1,302

1,432

11.6

11.9

43.7

53.0

10.9

9.0

1.5

1.4

13.8

14.2

0.7

0.6

Mahindra and Mahindra Neutral

1,481

91,956

46,534

53,077

11.6

11.7

67.3

78.1

22.0

19.0

3.6

3.1

15.4

15.8

2.0

1.7

Maruti

Neutral

4,968

150,081

69,186

82,217

14.7

14.4

198.5

241.4

25.0

20.6

4.9

4.0

20.2

20.0

1.9

1.5

Minda Industries

Neutral

1,170

1,856

2,728

3,042

9.0

9.1

68.2

86.2

17.2

13.6

3.9

3.1

23.8

24.3

0.7

0.6

Motherson Sumi

Neutral

353

46,640

45,896

53,687

7.8

8.3

13.0

16.1

27.0

21.9

8.7

7.0

34.7

35.4

1.1

0.9

Rane Brake Lining

Neutral

688

544

511

562

11.3

11.5

28.1

30.9

24.5

22.3

3.7

3.4

15.3

15.0

1.2

1.1

Setco Automotive

Neutral

668

741

837

13.0

15.2

17.0

3.3

2.9

0.5

15.8

16.3

1.3

1.2

Tata Motors

Neutral

514

148,316

300,209

338,549

8.9

8.4

42.7

54.3

12.0

9.5

1.9

1.6

15.6

17.2

0.6

0.5

TVS Motor

Accumulate

299

330

14,200

13,390

15,948

6.9

7.1

12.8

16.5

23.4

18.1

5.8

4.6

26.3

27.2

1.1

0.9

Amara Raja Batteries

Buy

919

1,076

15,702

5,717

6,733

18.7

18.9

38.4

48.9

24.0

18.8

6.0

4.8

25.3

24.8

2.6

2.2

Exide Industries

Neutral

179

15,198

7,439

8,307

15.0

8.1

9.3

22.1

19.2

3.1

2.8

14.3

16.7

1.6

1.4

Apollo Tyres

Neutral

181

9,236

12,877

14,504

14.3

13.9

21.4

23.0

8.5

7.9

1.3

1.1

16.4

15.2

0.9

0.8

Ceat

Buy

909

1,119

3,676

7,524

8,624

13.0

12.7

131.1

144.3

6.9

6.3

1.3

1.1

19.8

18.6

0.6

0.5

JK Tyres

Neutral

105

2,384

7,455

8,056

15.0

21.8

24.5

4.8

4.3

1.0

0.8

22.8

21.3

0.5

0.4

Swaraj Engines

Neutral

1,144

1,421

660

810

15.2

16.4

54.5

72.8

21.0

15.7

6.5

5.9

31.5

39.2

1.9

1.5

Subros

Neutral

577

1,488

1,681

11.7

11.9

6.4

7.2

15.0

13.4

1.6

1.4

10.8

11.4

0.6

0.5

Indag Rubber

Neutral

181

475

286

326

19.8

16.8

11.7

13.3

15.5

13.6

2.6

2.4

17.8

17.1

1.3

1.2

Capital Goods

ACE

Neutral

487

709

814

4.1

4.6

1.4

2.1

35.2

23.5

1.5

1.4

4.4

6.0

0.8

0.7

BEML

Accumulate

1,002

1,157

4,174

3,451

4,055

6.3

9.2

31.4

57.9

31.9

17.3

1.9

1.7

6.3

10.9

1.3

1.1

Bharat Electronics

Accumulate

1,242

1,414

29,800

8,137

9,169

16.8

17.2

58.7

62.5

21.2

19.9

3.3

2.9

44.6

46.3

2.6

2.4

www.angelbroking.com

Stock Watch

August 10, 2016

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

Buy

347

407

11,482

6,511

7,514

7.9

8.7

12.9

16.3

26.9

21.3

4.8

4.2

16.7

18.5

1.5

1.3

BGR Energy

Neutral

121

870

16,567

33,848

6.0

5.6

7.8

5.9

15.5

20.4

0.9

4.7

4.2

0.2

0.1

BHEL

Neutral

140

34,181

28,797

34,742

2.8

2.3

6.9

60.7

20.2

1.0

1.3

4.8

0.8

0.6

Blue Star

Accumulate

482

527

4,600

4,351

5,024

6.4

7.1

17.2

20.6

28.1

23.4

18.3

15.2

23.1

24.1

1.1

1.0

Crompton Greaves

Neutral

5,227

5,777

6,120

5.9

7.0

3.3

4.5

25.3

18.5

1.1

4.4

5.9

0.9

0.7

Greaves Cotton

Neutral

139

3,403

1,755

1,881

16.8

16.9

7.8

8.5

17.9

16.4

3.6

3.3

20.6

20.9

1.6

1.5

Inox Wind

Buy

201

286

4,455

5,605

6,267

15.7

16.4

24.8

30.0

8.1

6.7

2.3

1.7

25.9

24.4

0.9

0.7

KEC International

Neutral

137

3,529

9,294

10,186

7.9

8.1

9.9

11.9

13.9

11.5

2.0

1.8

15.6

16.3

0.6

Thermax

Neutral

905

10,789

5,421

5,940

7.3

25.7

30.2

35.2

30.0

4.3

3.9

12.2

13.1

1.9

1.7

VATech Wabag

Buy

586

681

3,197

3,136

3,845

8.9

9.1

26.0

35.9

22.6

16.3

2.8

2.4

13.4

15.9

0.9

0.7

Cement

ACC

Neutral

1,685

31,639

11,225

13,172

13.2

16.9

44.5

75.5

37.9

22.3

3.6

3.3

11.2

14.2

2.9

2.4

Ambuja Cements

Neutral

271

41,987

9,350

10,979

18.2

22.5

5.8

9.5

46.7

28.5

3.9

3.5

10.2

12.5

4.6

3.9

India Cements

Neutral

125

3,850

4,364

4,997

18.5

19.2

7.9

11.3

15.9

11.1

1.1

8.0

8.5

1.6

1.4

JK Cement

Neutral

746

5,217

4,398

5,173

15.5

17.5

31.2

55.5

23.9

13.4

2.9

2.5

12.0

15.5

1.8

1.5

J K Lakshmi Cement

Neutral

442

5,202

2,913

3,412

14.5

19.5

7.5

22.5

59.0

19.7

3.6

3.1

12.5

18.0

2.4

2.0

Orient Cement

Neutral

165

3,374

2,114

2,558

18.5

20.5

8.1

11.3

20.3

14.6

3.0

2.5

9.0

14.0

2.2

1.7

UltraTech Cement

Neutral

3,802

104,336

25,768

30,385

21.0

23.5

111.0

160.0

34.3

23.8

4.4

3.8

13.5

15.8

4.1

3.4

Construction

ITNL

Buy

2,388

8,946

10,017

31.0

31.6

8.1

9.1

9.0

8.0

0.3

4.2

5.0

3.6

3.3

KNR Constructions

Neutral

611

1,718

1,210

1,595

15.4

16.0

33.9

52.1

18.0

11.7

2.8

2.4

13.6

18.0

1.5

1.1

Larsen & Toubro

Accumulate

1,498

1,700

139,578

67,665

77,249

10.7

11.5

57.3

71.2

26.1

21.0

2.4

2.3

12.6

14.3

2.3

2.0

Gujarat Pipavav Port

Neutral

168

8,136

705

788

52.2

51.7

5.0

5.6

33.7

30.1

3.3

3.0

11.2

11.4

9.7

MBL Infrastructures

Buy

123

285

508

2,797

3,405

14.7

15.4

21.0

34.8

5.8

3.5

0.6

0.5

11.0

16.2

0.8

Nagarjuna Const.

Neutral

4,445

8,842

9,775

9.1

8.8

5.3

6.4

15.1

12.5

1.2

1.1

8.2

9.1

0.7

0.6

PNC Infratech

Accumulate

561

647

2,878

2,350

2,904

13.4

13.7

48.0

42.0

11.7

13.4

2.3

2.0

16.8

13.2

1.4

1.1

Simplex Infra

Neutral

301

1,491

6,829

7,954

10.5

31.4

37.4

9.6

8.1

1.0

0.9

9.9

13.4

0.6

0.5

Power Mech Projects

Neutral

539

793

1,801

2,219

12.7

14.6

72.1

113.9

7.5

4.7

1.4

1.2

16.8

11.9

0.4

0.3

Sadbhav Engineering

Neutral

289

4,963

3,598

4,140

10.3

10.6

9.0

11.9

32.2

24.3

3.4

3.0

9.9

11.9

1.7

1.4

NBCC

Neutral

241

14,472

7,428

9,549

7.9

8.6

8.2

11.0

29.4

21.9

1.5

1.2

28.2

28.7

1.7

1.2

MEP Infra

Neutral

693

1,877

1,943

30.6

29.8

3.0

4.2

14.2

10.2

6.9

4.6

0.6

1.8

1.6

www.angelbroking.com

Stock Watch

August 10, 2016

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

3,452

1,036

1,252

65.5

66.2

(8.4)

(5.6)

3.7

4.2

(22.8)

(15.9)

11.6

9.6

Engineers India

Neutral

226

7,622

1,725

1,935

16.0

19.1

11.4

13.9

19.8

16.3

2.7

13.4

15.3

3.4

3.1

Financials

Axis Bank

Neutral

572

136,546

58,081

66,459

3.5

32.4

44.6

17.7

12.8

2.3

2.0

13.6

16.5

Bank of Baroda

Neutral

158

36,486

19,980

23,178

1.8

11.5

17.3

13.8

9.2

1.6

1.3

8.3

10.1

Canara Bank

Neutral

261

14,183

15,225

16,836

1.8

14.5

28.0

18.0

9.3

1.2

1.0

5.8

8.5

Dewan Housing Finance Accumulate

252

270

7,345

2,225

2,688

2.9

29.7

34.6

8.5

7.3

1.4

1.2

16.1

16.8

Equitas Holdings

Buy

181

235

6,059

939

1,281

11.7

11.5

5.8

8.2

31.2

22.0

2.7

2.4

10.9

11.5

Federal Bank

Neutral

10,971

9,353

10,623

2.9

4.4

5.8

14.5

11.0

1.4

1.2

9.5

11.0

HDFC

Neutral

1,343

212,276

11,475

13,450

3.4

45.3

52.5

29.6

25.6

5.7

5.1

20.2

20.5

HDFC Bank

Accumulate

1,247

1,350

315,771

46,097

55,433

4.5

58.4

68.0

21.4

18.3

3.7

3.1

18.8

18.6

ICICI Bank

Neutral

245

142,718

39,029

45,903

3.3

16.7

16.3

14.7

15.1

1.8

1.7

10.1

12.4

LIC Housing Finance

Accumulate

521

582

26,285

3,712

4,293

2.6

2.5

39.0

46.0

13.4

11.3

2.5

2.1

19.9

20.1

Punjab Natl.Bank

Neutral

124

24,368

23,532

23,595

2.3

2.4

6.8

12.6

18.3

9.9

2.8

2.0

3.3

6.5

South Ind.Bank

Neutral

2,930

6,435

7,578

2.5

2.7

3.1

8.0

7.0

1.0

0.9

10.1

11.2

St Bk of India

Neutral

235

182,115

88,650

98,335

2.6

13.5

18.8

17.4

12.5

1.7

1.5

7.0

8.5

Union Bank

Neutral

130

8,906

13,450

14,925

2.3

25.5

34.5

5.1

3.8

0.7

0.6

7.5

10.2

Yes Bank

Neutral

1,259

53,021

8,978

11,281

3.3

3.4

74.0

90.0

17.0

14.0

3.2

2.7

17.0

17.2

FMCG

Asian Paints

Neutral

1,146

109,914

17,128

18,978

16.8

16.4

19.1

20.7

60.0

55.4

20.9

19.7

34.8

35.5

6.4

5.7

Britannia

Neutral

3,119

37,425

9,795

10,940

14.1

80.3

93.0

38.9

33.5

16.0

12.3

41.2

3.7

3.3

Colgate

Neutral

971

26,418

4,605

5,249

22.8

25.2

28.5

38.5

34.1

26.1

23.2

64.8

66.8

5.9

5.2

Dabur India

Neutral

289

50,778

9,405

10,581

18.1

18.3

8.1

9.2

35.6

31.4

9.9

8.2

31.6

31.0

5.2

4.6

GlaxoSmith Con*

Neutral

6,243

26,256

4,959

5,623

17.4

18.0

190.5

219.3

32.8

28.5

9.0

7.7

29.6

29.5

4.8

4.2

Godrej Consumer

Neutral

1,529

52,068

10,335

11,518

18.4

18.6

41.5

46.0

36.8

33.2

8.3

7.0

24.9

24.8

5.3

4.7

HUL

Neutral

933

201,924

35,252

38,495

17.6

17.4

20.4

21.9

45.7

42.6

37.6

32.9

82.2

77.3

5.5

5.0

ITC

Accumulate

249

283

300,805

40,059

44,439

39.0

39.2

9.1

10.1

27.4

24.7

7.5

6.6

27.2

26.5

7.0

6.3

Marico

Neutral

294

37,976

6,730

7,649

17.3

17.5

6.4

7.6

46.0

38.7

13.9

11.7

33.2

32.5

5.6

4.9

Nestle*

Neutral

6,870

66,234

9,393

10,507

22.2

22.3

106.8

121.8

64.3

56.4

22.6

20.3

34.8

36.7

6.8

6.1

Tata Global

Neutral

143

9,041

9,072

9,687

9.4

9.8

7.2

7.8

19.9

18.4

2.2

2.1

7.6

7.9

1.0

0.9

Procter & Gamble

Accumulate

6,866

7,369

22,288

2,939

3,342

23.2

23.0

146.2

163.7

47.0

41.9

105.2

100.8

25.3

23.5

6.9

6.0

Hygiene

www.angelbroking.com

Stock Watch

August 10, 2016

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

HCL Tech^

Buy

817

1,000

115,322

49,242

57,168

20.5

55.7

64.1

14.7

12.8

3.0

2.3

20.3

17.9

2.2

1.8

Infosys

Buy

1,082

1,370

248,415

69,934

79,025

27.5

64.8

72.0

16.7

15.0

3.7

3.4

22.0

22.3

3.0

2.6

TCS

Accumulate

2,651

3,004

522,272

121,684

136,286

27.3

135.0

150.1

19.6

17.7

6.5

6.0

33.2

33.9

4.1

3.6

Tech Mahindra

Buy

502

700

48,749

30,347

33,685

17.0

37.5

41.3

13.4

12.2

2.9

2.5

21.8

20.7

1.3

1.1

Wipro

Buy

550

680

135,988

51,631

55,822

21.7

17.9

35.9

36.9

15.3

14.9

3.2

3.0

19.0

18.1

2.3

2.1

Media

D B Corp

Neutral

407

7,482

2,187

2,329

27.4

28.2

18.9

21.0

21.5

19.4

4.5

3.9

23.7

23.1

3.2

3.0

HT Media

Neutral

1,821

2,673

2,891

13.2

13.8

7.2

8.5

10.9

9.2

0.8

7.8

8.3

0.3

0.1

Jagran Prakashan

Accumulate

182

205

5,937

2,355

2,635

28.0

9.9

10.8

18.3

16.8

3.6

3.2

21.7

2.6

2.2

Sun TV Network

Neutral

461

18,185

2,850

3,265

70.1

71.0

26.2

30.4

17.6

15.2

4.5

4.0

24.3

25.6

6.0

5.1

Hindustan Media

Neutral

275

2,016

1,016

1,138

21.5

23.3

25.8

11.8

10.7

1.9

1.7

16.2

15.8

1.3

1.1

Ventures

TV Today Network

Buy

293

363

1,747

637

743

27.5

18.4

21.4

15.9

13.7

2.8

2.4

17.4

17.2

2.4

1.9

Metals & Mining

Coal India

Neutral

337

212,830

84,638

94,297

21.4

22.3

24.5

27.1

13.8

12.4

5.7

5.5

42.6

46.0

2.0

1.8

Hind. Zinc

Neutral

220

93,020

14,252

18,465

55.9

48.3

15.8

21.5

13.9

10.2

2.3

2.0

17.0

20.7

6.5

5.0

Hindalco

Neutral

146

30,221

107,899

112,095

7.4

8.2

9.2

13.0

15.9

11.3

0.8

0.7

4.8

6.6

0.8

0.7

JSW Steel

Neutral

1,706

41,245

53,201

58,779

16.1

16.2

130.6

153.7

13.1

11.1

1.8

1.5

14.0

14.4

1.5

1.3

NMDC

Neutral

101

40,044

6,643

7,284

44.4

47.7

7.1

7.7

14.2

13.1

1.2

8.8

9.2

3.9

3.5

SAIL

Neutral

19,453

47,528

53,738

(0.7)

2.1

(1.9)

2.6

18.1

0.5

(1.6)

3.9

1.3

1.2

Vedanta

Neutral

165

48,932

71,744

81,944

19.2

21.7

13.4

20.1

12.3

8.2

1.1

1.0

8.4

11.3

1.1

0.8

Tata Steel

Neutral

375

36,464

121,374

121,856

7.2

8.4

18.6

34.3

20.2

11.0

1.3

1.2

6.1

10.1

0.9

Oil & Gas

Cairn India

Neutral

194

36,279

9,127

10,632

4.3

20.6

8.8

11.7

22.0

16.5

0.7

3.3

4.2

5.5

4.6

GAIL

Neutral

379

48,082

56,220

65,198

9.3

10.1

27.1

33.3

14.0

11.4

1.3

1.2

9.3

10.7

1.1

0.9

ONGC

Neutral

229

195,921

137,222

152,563

15.0

21.8

19.5

24.1

11.7

9.5

1.0

8.5

10.1

1.7

1.5

Indian Oil Corp

Neutral

566

137,313

373,359

428,656

5.9

5.5

54.0

59.3

10.5

9.5

1.6

1.5

16.0

15.6

0.5

Reliance Industries

Neutral

1,030

333,923

301,963

358,039

12.1

12.6

87.7

101.7

11.7

10.1

1.2

1.1

10.7

11.3

1.6

1.3

Pharmaceuticals

Alembic Pharma

Neutral

638

12,026

3,483

4,083

20.2

21.4

24.3

30.4

26.3

21.0

6.0

4.8

25.5

25.3

3.4

2.8

Aurobindo Pharma

Accumulate

764

877

44,722

15,720

18,078

23.7

41.4

47.3

18.5

16.2

4.8

3.8

29.6

26.1

3.1

2.7

Sanofi India*

Neutral

4,449

10,247

2,357

2,692

17.3

153.5

169.2

29.0

26.3

4.9

4.0

25.8

28.4

4.1

3.3

Cadila Healthcare

Accumulate

379

400

38,764

11,126

13,148

22.0

17.1

20.0

22.1

18.9

5.7

4.5

28.8

26.6

3.4

2.8

Cipla

Neutral

533

42,802

15,378

18,089

17.4

18.4

21.6

27.2

24.7

19.6

3.2

2.8

13.7

15.2

3.0

2.5

www.angelbroking.com

Stock Watch

August 10, 2016

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

Pharmaceuticals

Dr Reddy's

Neutral

3,039

51,824

16,043

18,119

23.1

24.7

126.0

157.8

24.1

19.3

3.6

3.1

15.7

17.1

3.2

2.8

Dishman Pharma

Neutral

166

2,682

1,718

1,890

21.7

21.8

8.7

10.4

19.1

16.0

1.7

1.6

9.3

10.2

2.1

1.8

GSK Pharma*

Neutral

3,104

26,292

3,528

3,811

16.6

18.8

51.8

59.4

59.9

52.3

16.0

26.3

30.6

7.3

6.8

Indoco Remedies

Sell

321

225

2,961

1,112

1,289

18.2

13.2

15.6

24.3

20.6

4.3

3.7

19.2

2.7

2.3

Ipca labs

Buy

508

613

6,413

3,303

3,799

15.3

17.3

19.7

29.4

25.8

2.6

2.3

9.1

9.4

2.1

1.8

Lupin

Accumulate

1,608

1,809

72,477

15,912

18,644

26.4

26.7

58.1

69.3

27.7

23.2

5.4

4.4

21.4

20.9

4.9

4.0

Sun Pharma

Accumulate

829

944

199,455

31,129

35,258

30.0

30.9

28.0

32.8

29.6

25.3

4.5

3.8

18.7

18.9

6.0

5.1

Power

Tata Power

Neutral

20,393

36,916

39,557

17.4

27.1

5.1

6.3

14.8

12.0

1.3

1.2

9.0

10.3

1.5

1.4

NTPC

Neutral

160

131,763

86,605

95,545

17.5

20.8

11.8

13.4

13.5

11.9

1.4

1.3

10.5

11.1

2.9

Power Grid

Neutral

176

92,050

25,763

29,762

74.3

73.1

14.8

17.3

11.9

10.2

1.9

1.6

16.9

17.5

7.9

7.5

Real Estate

MLIFE

Buy

430

554

1,765

925

1,139

18.4

22.3

18.3

33.8

23.5

12.7

1.1

4.9

8.5

2.7

2.1

Telecom

Bharti Airtel

Neutral

349

139,449

105,086

114,808

34.5

34.7

12.2

16.4

28.6

21.3

1.9

1.8

6.8

8.4

2.2

2.0

Idea Cellular

Neutral

34,982

40,133

43,731

37.2

37.1

6.4

6.5

15.2

15.0

1.3

1.2

8.2

7.6

1.9

1.7

zOthers

Abbott India

Neutral

4,721

10,031

3,153

3,583

14.1

14.4

152.2

182.7

31.0

25.8

152.3

130.1

25.6

26.1

2.9

2.5

Bajaj Electricals

Accumulate

272

299

2,744

5,351

6,098

5.7

5.9

12.4

15.7

22.0

17.3

3.2

2.8

14.4

16.1

0.5

Finolex Cables

Neutral

391

5,987

2,883

3,115

12.0

12.1

14.2

18.6

27.6

21.1

14.7

12.8

15.8

14.6

1.8

1.6

Goodyear India*

Buy

541

631

1,248

1,598

1,704

10.4

10.2

49.4

52.6

11.0

10.3

50.6

44.4

18.2

17.0

0.5

60.3

Hitachi

Neutral

1,427

3,879

2,081

2,433

8.8

8.9

33.4

39.9

42.7

35.8

34.5

28.7

22.1

21.4

1.8

1.5

Jyothy Laboratories

Neutral

286

5,179

1,440

2,052

11.5

13.0

8.5

10.0

33.6

28.6

8.2

7.5

18.6

19.3

3.9

2.7

Page Industries

Neutral

14,059

15,681

2,450

3,124

20.1

17.6

299.0

310.0

47.0

45.4

313.1

239.0

47.1

87.5

6.5

5.1

Relaxo Footwears

Neutral

473

5,681

2,085

2,469

9.2

8.2

7.6

8.0

62.6

59.6

24.3

20.7

17.9

18.8

2.8

2.4

Siyaram Silk Mills

Buy

1,060

1,347

994

1,799

2,040

11.6

11.7

104.9

122.4

10.1

8.7

1.7

1.4

16.4

0.8

0.7

Styrolution ABS India*

Neutral

619

1,088

1,440

1,537

9.2

9.0

40.6

42.6

15.2

14.5

38.9

35.4

12.3

11.6

0.7

0.6

TVS Srichakra

Buy

2,416

2,932

1,850

2,304

2,614

13.7

13.8

231.1

266.6

10.5

9.1

271.5

213.7

33.9

29.3

0.8

0.7

HSIL

Neutral

337

2,436

2,384

2,515

15.8

16.3

15.3

19.4

22.0

17.4

21.9

18.8

7.8

9.3

1.2

1.1

Kirloskar Engines India

Neutral

281

4,064

2,554

2,800

9.9

10.0

10.5

12.1

26.8

23.2

11.2

10.6

10.7

11.7

1.3

1.1

Ltd

M M Forgings

Neutral

459

554

546

608

20.4

20.7

41.3

48.7

11.1

9.4

62.9

55.6

16.6

17.0

0.8

0.7

Banco Products (India)

Neutral

200

1,430

1,353

1,471

12.3

12.4

14.5

16.3

13.8

12.3

19.1

17.2

14.5

14.6

1.0

105.4

Competent Automobiles Neutral

152

1,137

1,256

3.1

2.7

28.0

23.6

5.4

6.5

29.3

26.5

14.3

11.5

0.1

www.angelbroking.com

Stock Watch

August 10, 2016

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

Nilkamal

Neutral

1,195

1,783

1,995

2,165

10.7

10.4

69.8

80.6

17.1

14.8

68.3

59.3

16.6

16.5

0.9

0.8

Visaka Industries

Neutral

156

248

1,051

1,138

10.3

10.4

21.0

23.1

7.4

6.7

20.0

18.7

9.0

9.2

0.5

Transport Corporation of

Neutral

350

2,678

2,671

2,911

8.5

8.8

13.9

15.7

25.2

22.3

3.5

3.1

13.7

13.8

1.1

1.0

India

Elecon Engineering

Accumulate

608

1,482

1,660

13.7

14.5

3.9

5.8

14.3

9.6

3.4

3.1

7.8

10.9

0.7

Surya Roshni

Buy

173

201

757

3,342

3,625

7.8

7.5

17.3

19.8

10.0

8.7

19.0

15.2

10.5

10.8

0.5

0.4

MT Educare

Neutral

145

578

366

417

17.7

18.2

9.4

10.8

15.5

13.4

3.4

3.0

22.2

22.3

1.5

1.3

Radico Khaitan

Buy

125

1,217

1,659

1,802

13.0

13.2

6.3

7.4

14.4

12.4

1.3

1.2

8.6

9.3

1.2

1.1

Garware Wall Ropes

Neutral

487

1,066

898

997

11.9

11.7

29.0

32.9

16.8

14.8

2.5

2.2

14.9

14.6

1.1

1.0

Wonderla Holidays

Neutral

403

2,274

287

355

38.0

40.0

11.3

14.2

35.6

28.4

5.1

4.5

21.4

23.9

7.6

6.2

Linc Pen & Plastics

Neutral

261

386

382

416

9.1

13.1

14.7

20.0

17.8

3.3

2.9

16.7

16.3

1.1

1.0

The Byke Hospitality

Neutral

161

647

287

384

20.5

7.6

10.7

21.2

15.1

4.4

3.6

20.7

23.5

2.3

1.7

Interglobe Aviation

Neutral

813

29,293

21,122

26,005

14.5

27.6

110.7

132.1

7.3

6.2

43.9

31.4

168.5

201.1

1.4

1.1

Coffee Day Enterprises

Neutral

241

4,968

2,964

3,260

20.5

21.2

4.7

8.0

30.1

2.8

2.6

5.5

8.5

2.1

1.9

Ltd

Navneet Education

Neutral

103

2,457

1,062

1,147

24.0

6.1

6.6

16.9

15.6

3.5

3.1

20.6

19.8

2.4

2.2

Navkar Corporation

Buy

203

265

2,890

408

612

42.9

42.3

6.8

11.5

29.9

17.6

2.1

1.9

6.9

10.5

8.1

5.4

UFO Moviez

Neutral

525

1,448

619

685

33.2

33.4

30.0

34.9

17.5

15.0

2.4

2.1

13.8

13.9

2.1

1.7

VRL Logistics

Neutral

301

2,743

1,902

2,119

16.7

16.6

14.6

16.8

20.6

17.9

4.5

4.0

21.9

22.2

1.6

1.4

Team Lease Serv.

Neutral

1,150

1,967

3,229

4,001

1.5

1.8

22.8

32.8

50.5

35.0

5.4

4.7

10.7

13.4

0.5

0.4

S H Kelkar & Co.

Neutral

262

3,796

1,036

1,160

15.1

15.0

6.1

7.2

43.0

36.6

4.6

4.2

10.7

11.5

3.5

3.1

Quick Heal

Neutral

250

1,751

408

495

27.3

27.0

7.7

8.8

32.3

28.4

3.0

9.3

10.6

3.5

2.9

Narayana Hrudaya

Neutral

320

6,548

1,873

2,166

11.5

11.7

2.6

4.0

121.1

80.8

7.4

6.7

6.1

8.3

3.6

3.1

Manpasand Bever.

Neutral

698

3,492

836

1,087

19.6

19.4

16.9

23.8

41.3

29.3

5.0

4.3

12.0

14.8

3.9

2.9

Parag Milk Foods

Neutral

325

2,835

1,919

2,231

9.3

9.6

9.5

12.9

34.4

25.1

5.3

4.4

15.5

17.5

1.6

1.3

Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on August 09, 2016

www.angelbroking.com

Market Outlook

August 10, 2016

Research Team Tel: 022 - 39357800

E-mail: [email protected]

Website: www.angelbroking.com

DISCLAIMER

Angel Broking Private Limited (hereinafter referred to as “Angel”) is a registered Member of National Stock Exchange of India

Limited,Bombay Stock Exchange Limited and Metropolitan Stock Exchange Limited. It is also registered as a Depository Participant with

CDSL and Portfolio Manager with SEBI. It also has registration with AMFI as a Mutual Fund Distributor. Angel Broking Private Limited is a

registered entity with SEBI for Research Analyst in terms of SEBI (Research Analyst) Regulations, 2014 vide registration number

INH000000164. Angel or its associates has not been debarred/ suspended by SEBI or any other regulatory authority for accessing

/dealing in securities Market. Angel or its associates/analyst has not received any compensation / managed or

co-managed public offering of securities of the company covered by Analyst during the past twelve months.

This document is solely for the personal information of the recipient, and must not be singularly used as the basis of any investment

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

such investigations as they deem necessary to arrive at an independent evaluation of an investment in the securities of the companies

referred to in this document (including the merits and risks involved), and should consult their own advisors to determine the merits and

risks of such an investment.

Reports based on technical and derivative analysis center on studying charts of a stock's price movement, outstanding positions and

trading volume, as opposed to focusing on a company's fundamentals and, as such, may not match with a report on a company's

fundamentals. Investors are advised to refer the Fundamental and Technical Research Reports available on our website to evaluate the

contrary view, if any.

The information in this document has been printed on the basis of publicly available information, internal data and other reliable

sources believed to be true, but we do not represent that it is accurate or complete and it should not be relied on as such, as this

document is for general guidance only. Angel Broking Pvt. Limited or any of its affiliates/ group companies shall not be in any way

responsible for any loss or damage that may arise to any person from any inadvertent error in the information contained in this report.

Angel Broking Pvt. Limited has not independently verified all the information contained within this document. Accordingly, we cannot

testify, nor make any representation or warranty, express or implied, to the accuracy, contents or data contained within this document.

While Angel Broking Pvt. Limited endeavors to update on a reasonable basis the information discussed in this material, there may be

regulatory, compliance, or other reasons that prevent us from doing so.

This document is being supplied to you solely for your information, and its contents, information or data may not be reproduced,

redistributed or passed on, directly or indirectly.

Neither Angel Broking Pvt. Limited, nor its directors, employees or affiliates shall be liable for any loss or damage that may arise from

or in connection with the use of this information.