Market Outlook

July 22, 2016

Market Cues

Domestic Indices

Chg (%)

(Pts)

(Close)

Indian markets are expected to open flat tracking SGX Nifty.

BSE Sensex

(0.7)

(205)

27,711

Nifty

(0.7)

(56)

8,510

After showing a lack of direction early in the session, stocks moved to the downside

over the course of the trading day on Thursday. With the pullback on the day, the

Mid Cap

(0.2)

(23)

12,158

Dow closed lower for the first time in ten sessions. The weakness that emerged on

Small Cap

(0.1)

(17)

12,010

Wall Street was due to profit taking following the upward trend seen over the past

Bankex

(1.7)

(370)

21,357

few weeks.

The European markets ended Thursday's session with mixed results, after fluctuating

Global Indices

Chg (%)

(Pts)

(Close)

between small gains and losses over the course of the day in choppy trade. Travel

Dow Jones

(0.4)

(78)

18,517

stocks were under pressure after some disappointing news from both easyJet and

Nasdaq

(0.3)

(16)

5,074

Deutsche Lufthansa.

FTSE

(0.4)

(29)

6,700

Indian markets fell notably on Thursday as investors awaited the European Central

Nikkei

0.8

128

16,810

Bank meeting later in the day and looked for progress on the GST Bill.

Hang Seng

0.5

118

22,000

News Analysis

Shanghai Com

0.4

3,039

 Review: HDFC Bank

Detailed analysis on Pg2

Advances / Declines

BSE

NSE

Investor’s Ready Reckoner

Advances

1,046

585

Key Domestic & Global Indicators

Declines

1,655

1,018

Unchanged

183

Stock Watch: Latest investment recommendations on 150+ stocks

Refer Pg5 onwards

Volumes (` Cr)

Top Picks

BSE

3,388

CMP

Target

Upside

Company

Sector

Rating

(`)

(%)

NSE

21,468

Amara Raja

Auto/Auto Ancillary

Buy

877

1,076

22.8

HCL Tech

Buy

725

1,000

37.9

Net Inflows (` Cr)

Net

Mtd

Ytd

LIC Housing

Financials

Buy

503

592

17.7

FII

711

5,680

25,223

Bharat Electronics

Capital Goods

Accumulate

1,238

1,414

14.3

MFs

(439)

8,906

Navkar Corporation Others

Buy

212

265

25.3

More Top Picks on Pg3

Top Gainers

Price (`)

Chg (%)

Key Upcoming Events

Enginersin

222

7.2

Consensus

Date

Region

Event Description

Reading

Expectations

Iifl

240

6.5

July 22 Germany

PMI Services

53.70

53.20

Neyvelilig

5.6

July 22 Germany

PMI Manufacturing

54.50

53.40

Welcorp

5.0

July 22 UK

PMI Manufacturing

52.10

47.50

Jpassociat

4.4

July 26 US

Consumer Confidence

98.00

95.25

6.(

More Events on Pg4

Top Losers

Price (`)

Chg (%)

Jswenergy

(4.9)

Wockpharma

991

(4.5)

Pnb

124

(4.4)

Unionbank

131

(4.2)

Kscl

399

(4.1)

As on July 21, 2016

www.angelbroking.com

Market Outlook

July 22, 2016

Result Review

HDFC Bank - BUY CMP -`1,228 TP-`1262

HDFC Bank’s business growth during the quarter remained strong with loan

growth of ~23%, this led to 22% growth in net interest income. Other income saw

some moderation growing by only 14%. While top line growth was more or less in

line with expectations, there was a 19% YoY jump in provisions which resulted in

PAT growth of 20%. NIM for the quarter improved by 10 bps QoQ to 4.4% backed

by lower cost of funds. The 23% growth in loan was backed by a strong 33% growth

in Home Loans, while personal loans another area of strength of the bank grew by a

staggering 41%. During the same period credit card business grew by 26%.

After maintaining very stable set of asset quality, for many quarters there was

some visible sign of pressure in asset quality during the quarter as GNPAs went up

to 1.04% from 0.95% yoy. Nearly 40% of the incremental slippages have come

from the SME segment there was no chunky accounts and hence overall the stress

on the loan book seems limited. While the NPA levels seems to have gone up a

bit, it remains much better than other large pvt players and doesn’t to be a cause

of concern. The rise in provisions during the quarter is partly due to the slippages

from the SME and also one time provisions of `120 cr towards the loan given to

Punjab Government for food procurement. HDFC bank had been out top pick in

the banking space, and we believe it will be able to deliver 20% CAGR earnings

growth going ahead. HDFC Bank has always traded at premium valuations and

likely to continue so, backed by high return ratios and capital adequacy. At the

current level the stock trades at

3.1x its FY18 Adj BV, We maintain our

ACCUMULATE rating on the stock.

Economic and Political News

 OIPL's Rs 29k-cr power project gets stage-I green nod

 Proposal to train 10 lakh youth in engineering skills by 2019



42 lakh more LED bulbs to be distributed in Andhra Pradesh

Corporate News

 Cairn India's first quarter net profit drops 28%

 ITC Q1 net profit up 10% to ` 2,385cr

 PVR plans to raise up to `250cr via NCDs

Quarterly Bloomberg Brokers Consensus Estimate

Axis Bank Ltd - July 22, 2016

Particulars (` cr)

1QFY17E

1QFY16

y-o-y (%)

4QFY16 q-o-q (%)

Net profit

1,998

1,978

1.0

2,154

(7.2)

Federal Bank Ltd - July 22, 2016

Particulars (` cr)

1QFY17E

1QFY16

y-o-y (%)

4QFY16 q-o-q (%)

Net profit

159

141

12.3

1,448.2

Mahindra & Mahindra Financial Services Ltd - July 22, 2016

Particulars (` cr)

1QFY17E

1QFY16

y-o-y (%)

4QFY16 q-o-q (%)

Net profit

128

44.3

370

(65.3)

www.angelbroking.com

Market Outlook

July 22, 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

14,973

877

1,076

22.8

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

29,701

1,238

1,414

14.3

strong market positioning, indicate good times ahead for BEL.

HCL Tech

1,02,273

725

1,000

37.9

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

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

Infosys

2,48,150

1,080

1,374

27.2

be a US$20bn in FY2020.

Continues to grow its retail loan book at healthy pace with

LIC Housing Fin.

25,364

503

592

17.7

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

11,073

335

407

21.6

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

2,449

242

268

10.6

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

Strong order book lends earnings visibility.

Favourable outlook for AC industry to augur well for Cooling

Blue Star

4,361

457

495

8.2

products business. EMPPAC division's profitability to improve

once operating environment turns around.

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

Dewan Housing

6,358

218

270

23.9

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

5,824

174

235

35.3

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

1,212

525

631

20.1

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

2,602

17.6

cycle, to lead to stock re-rating

Economic recovery to have favourable impact on advertising &

Jagran Prakashan

5,865

179

205

14.3

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

1,877

457

554

21.1

in short-to-long run, attractive valuations

Massive capacity expansion along with rail advantage at ICD

Navkar Corporation

3,017

212

265

25.3

as well CFS augurs well for the company

Earnings boost on back of stable material prices and

Radico Khaitan

1,213

125

37.1

favourable pricing environment. Valuation discount to peers

provides additional comfort

Strong brands and distribution network would boost growth

Siyaram Silk Mills

972

1,037

1,347

29.9

going ahead. Stock currently trades at an inexpensive

valuation.

Source: Company, Angel Research

www.angelbroking.com

Market Outlook

July 22, 2016

Key Upcoming Events

Result Calendar

Date

Company

July 22, 2016

Axis Bank

July 23, 2016

Mphasis, Persistent

July 26, 2016

IDFC, L G Balakrishnan & Bros

July 27, 2016

Asian Paints

July 28, 2016

GSK Pharma

July 29, 2016

Sesa Goa

August 05, 2016

LMW

Colgate

August 08, 2016

Source: Bloomberg, Angel Research

Global economic events release calendar

Bloomberg Data

Date

Time

Country Event Description

Unit

Period

Last Reported Estimated

July 22, 2016

1:00 PM Germany

PMI Services

Value Jul P

53.70

53.20

1:00 PM Germany

PMI Manufacturing

Value Jul P

54.50

53.40

2:00 PM

PMI Manufacturing

Value Jul P

52.10

47.50

Jul 26, 2016

7:30 PM

Consumer ConfidenceS.A./ 1985=100

Jul

98.00

95.25

7:30 PM

New home sales

Thousands Jun

551.00

560.00

Jul 27, 2016

2:00 PM

GDP (YoY)

% Change 2Q A

2.00

11:30 PM

FOMC rate decision

% Jul 27

0.50

Jul 28, 2016

1:25 PM Germany Unemployment change (000's)

Thousands

Jul

(6.00)

Jul 29, 2016

6:00 PM

GDP Qoq (Annualised)

% Change 2Q A

1.10

2.50

6:30 AM

China

PMI Manufacturing

Value

Jul

50.00

Source: Bloomberg, Angel Research

www.angelbroking.com

Market Outlook

July 22, 2016

Macro watch

Exhibit 1: Quarterly GDP trends

Exhibit 2: IIP trends

(%)

9.0

12.0

8.3

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

(10.0)

6.00

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

July 22, 2016

Global watch

Exhibit 1: Latest quarterly GDP Growth (%, yoy) across select developing and developed countries

(%)

8.0

6.7

6.0

5.3

4.9

4.2

4.0

3.2

2.1

2.0

1.3

0.1

(2.0)

(4.0)

(1.2)

(6.0)

(0.2)

(5.4)

(8.0)

Source: Bloomberg, Angel Research

Exhibit 2: 2016 GDP Growth projection by IMF (%, yoy) across select developing and developed countries

(%)

10.0

7.5

8.0

6.5

6.0

4.9

4.4

4.0

3.0

2.4

1.9

1.5

2.0

1.1

0.6

0.5

(3.8)

(1.8)

(2.0)

(4.0)

(6.0)

Source: IMF, Angel Research

Exhibit 3: One year forward P-E ratio across select developing and developed countries

(x)

20.0

18.0

16.0

14.0

12.0

10.0

8.0

6.0

4.0

2.0

Source: IMF, Angel Research

www.angelbroking.com

Market Outlook

July 22, 2016

Exhibit 4: Relative performance of indices across globe

Returns (%)

Country

Name of index

Closing price

1YR

Brazil

Bovespa

56,641

11.4

5.6

6.7

Russia

Micex

1,928

1.2

1.9

17.9

India

Nifty

8,510

3.3

7.6

(0.2)

China

Shanghai Composite

3,039

4.3

1.9

(22.8)

South Africa

Top 40

46,273

(1.4)

(1.6)

(2.1)

Mexico

Mexbol

47,365

3.6

3.8

5.6

Indonesia

LQ45

899

9.0

7.5

6.5

Malaysia

KLCI

1,658

2.6

(3.5)

(3.4)

Thailand

SET 50

954

6.8

9.6

(1.4)

USA

Dow Jones

18,517

4.0

2.3

4.4

FTSE

6,700

7.6

4.5

1.8

Japan

Nikkei

16,810

5.3

(0.2)

(15.0)

Germany

DAX

10,156

1.4

(2.7)

(8.1)

France

CAC

4,376

0.2

(4.2)

(13.3)

Source: Bloomberg, Angel Research

www.angelbroking.com

Stock Watch

July 22, 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 )

FY16E FY17E

FY16E

FY17E

FY16E

FY17E

FY16E

FY17E

FY16E

FY17E

FY16E

FY17E

FY16E

FY17E

Agri / Agri Chemical

Rallis

Neutral

211

4,098

1,612

1,911

13.3

7.4

9.5

28.5

22.2

4.6

4.1

16.7

18.4

2.6

2.2

United Phosphorus

Buy

559

684

23,955

13,083

15,176

18.5

31.5

37.4

17.7

14.9

3.5

2.9

21.4

2.0

1.7

Auto & Auto Ancillary

Ashok Leyland

Buy

111

27,562

17,995

21,544

11.4

11.6

3.4

4.7

28.5

20.6

5.0

4.6

17.7

22.2

1.4

1.1

Bajaj Auto

Neutral

2,765

80,007

22,709

25,860

20.9

20.1

129.0

143.6

21.4

19.3

6.6

5.7

30.7

29.4

3.0

2.6

Bharat Forge

Buy

728

875

16,944

7,351

8,318

19.9

19.7

31.2

36.5

23.3

19.9

4.2

3.5

19.3

19.2

2.4

2.1

Eicher Motors

Neutral

19,700

53,508

15,556

16,747

15.5

17.3

464.8

597.5

42.4

33.0

15.5

11.4

36.2

34.3

3.4

3.1

Gabriel India

Neutral

101

1,455

1,415

1,544

8.7

9.0

4.6

5.4

22.0

18.8

4.0

3.5

18.1

18.9

1.0

0.9

Hero Motocorp

Neutral

3,266

65,211

28,244

30,532

15.5

15.9

156.7

168.5

20.8

19.4

8.3

7.1

39.9

36.4

2.1

1.9

Jamna Auto Industries Neutral

172

1,371

1,281

1,473

11.2

11.5

7.6

9.2

22.6

18.7

5.7

4.7

25.4

25.2

1.1

1.0

L G Balakrishnan & Bros Neutral

495

777

1,254

1,394

11.6

11.8

35.9

41.7

13.8

11.9

1.9

1.6

13.5

13.8

0.7

Mahindra and Mahindra Neutral

1,435

89,111

38,416

42,904

13.7

13.9

54.8

63.4

26.2

22.6

4.0

3.6

15.4

15.8

2.0

1.8

Maruti

Neutral

4,416

133,399

57,865

68,104

16.4

16.7

176.3

225.5

25.1

19.6

4.9

4.1

19.4

21.2

2.1

1.7

Minda Industries

Neutral

1,165

1,848

2,523

2,890

8.7

9.0

55.0

65.4

21.2

17.8

4.1

3.3

19.3

18.7

0.8

0.7

Motherson Sumi

Neutral

308

40,701

39,343

45,100

8.8

9.1

10.1

12.5

30.5

24.6

9.7

7.6

35.3

34.4

1.1

1.0

Rane Brake Lining

Neutral

571

452

454

511

11.5

12.0

25.2

31.0

22.7

18.4

3.4

3.1

14.9

16.6

0.9

0.8

Setco Automotive

Neutral

633

594

741

12.7

13.7

1.7

3.2

27.9

14.8

2.9

2.5

10.4

16.9

1.5

1.2

Tata Motors

Neutral

491

141,661

259,686

273,957

13.0

13.4

25.9

29.5

18.9

16.6

2.5

2.2

8.0

9.0

0.7

TVS Motor

Accumulate

300

330

14,264

11,263

13,122

6.9

8.5

9.2

15.0

32.6

20.0

7.5

5.9

22.7

29.6

1.3

1.1

Amara Raja Batteries

Buy

877

1,076

14,973

4,690

5,429

17.5

28.5

35.3

30.8

24.8

7.1

5.9

23.1

25.9

3.2

2.7

Exide Industries

Neutral

175

14,841

6,950

7,784

14.4

14.8

6.6

7.3

26.5

23.9

3.3

3.0

12.6

12.8

1.9

1.7

Apollo Tyres

Buy

157

183

8,007

12,056

12,714

17.2

16.4

23.0

20.3

6.8

7.8

1.2

1.1

17.7

13.6

0.7

Ceat

Buy

878

1,119

3,553

6,041

6,597

14.1

13.7

99.5

111.9

8.8

7.9

1.7

1.5

19.6

18.5

0.7

0.6

JK Tyres

Neutral

2,028

7,446

7,669

15.2

14.0

19.6

18.4

4.6

4.9

1.2

1.0

25.2

19.5

0.7

0.6

Swaraj Engines

Neutral

1,142

1,418

552

630

14.2

14.7

44.6

54.1

25.6

21.1

6.0

5.4

23.2

25.6

2.4

2.1

Subros

Neutral

557

1,293

1,527

11.8

11.9

4.2

6.7

22.1

13.9

1.7

1.5

7.7

11.5

0.7

0.6

Indag Rubber

Neutral

185

487

283

329

17.0

17.2

13.0

15.4

14.3

12.0

3.1

2.6

21.8

21.6

1.5

1.2

Capital Goods

ACE

Neutral

440

660

839

4.7

8.2

1.0

3.9

44.5

11.4

1.4

1.2

3.2

11.3

0.8

0.6

BEML

Buy

957

1,157

3,985

3,277

4,006

6.0

8.9

36.2

64.3

26.4

14.9

1.8

1.7

5.7

11.7

1.3

1.0

Bharat Electronics

Accumulate

1,238

1,414

29,701

7,295

8,137

20.0

16.8

56.5

58.7

21.9

21.1

3.3

2.9

42.1

44.6

3.3

2.8

www.angelbroking.com

Stock Watch

July 22, 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 )

FY16E

FY17E

FY16E

FY17E

FY16E

FY17E

FY16E

FY17E

FY16E

FY17E

FY16E

FY17E

FY16E

FY17E

Capital Goods

Voltas

Buy

335

407

11,073

5,857

6,511

7.5

7.9

11.7

12.9

28.6

25.9

4.7

4.1

17.1

16.7

1.9

1.7

BGR Energy

Neutral

119

857

3,615

3,181

9.5

9.4

16.7

12.4

7.1

9.6

0.7

10.0

7.0

0.7

0.8

BHEL

Neutral

140

34,230

33,722

35,272

10.8

11.7

10.5

14.2

13.3

9.9

1.0

0.9

7.0

9.0

1.1

Blue Star

Accumulate

457

495

4,361

3,770

4,351

5.7

6.4

11.4

17.2

40.0

26.6

6.2

5.8

18.4

23.1

1.1

1.0

Crompton Greaves

Neutral

4,525

13,484

14,687

4.9

6.2

4.5

7.1

16.0

10.2

1.1

7.2

10.8

0.5

0.4

Greaves Cotton

Neutral

144

3,517

1,655

1,755

16.6

16.8

7.4

7.8

19.5

18.5

3.9

3.7

21.1

20.6

2.0

1.9

Inox Wind

Buy

228

286

5,056

5,605

6,267

15.7

16.4

24.8

30.0

9.2

7.6

2.6

1.9

25.9

24.4

1.0

0.9

KEC International

Neutral

140

3,602

8,791

9,716

6.1

6.8

5.4

8.2

25.9

17.1

2.6

2.4

10.0

14.0

0.6

Thermax

Neutral

906

10,791

6,413

7,525

7.4

8.5

30.5

39.3

29.7

23.0

4.6

4.0

15.0

17.0

1.7

1.4

VATech Wabag

Accumulate

588

681

3,204

3,136

3,845

8.9

9.1

26.0

35.9

22.6

16.4

2.8

2.4

13.4

15.9

1.0

0.8

Cement

ACC

Neutral

1,701

31,941

13,151

14,757

16.4

18.3

63.9

83.4

26.6

20.4

3.4

3.1

13.3

16.1

2.1

1.8

Ambuja Cements

Neutral

266

41,288

11,564

12,556

19.4

20.7

8.9

10.1

29.9

26.3

3.7

3.6

12.8

13.8

3.1

2.9

HeidelbergCement

Neutral

128

2,889

1,772

1,926

13.3

15.4

1.0

3.0

127.5

42.5

3.2

3.0

2.6

7.9

2.1

1.8

India Cements

Neutral

115

3,522

4,216

4,840

18.0

19.5

4.0

9.9

28.7

11.6

1.1

4.0

9.5

1.2

0.9

JK Cement

Neutral

705

4,931

3,661

4,742

10.1

15.8

7.5

28.5

94.0

24.7

2.8

2.5

7.5

22.9

1.8

1.4

J K Lakshmi Cement

Neutral

419

4,935

2,947

3,616

16.7

19.9

11.5

27.2

36.5

15.4

3.5

3.0

9.8

20.8

2.0

1.6

Mangalam Cements

Neutral

303

808

1,053

1,347

10.5

13.3

8.4

26.0

36.0

11.6

1.5

1.4

4.3

12.5

1.2

0.9

Orient Cement

Neutral

171

3,495

1,854

2,524

21.2

22.2

7.7

11.1

22.2

15.4

3.2

2.7

13.3

15.7

2.7

1.9

Ramco Cements

Neutral

566

13,463

4,036

4,545

20.8

21.3

15.1

18.8

37.5

30.1

4.6

4.1

12.9

14.3

3.8

3.3

Shree Cement^

Neutral

16,342

56,931

7,150

8,742

26.7

28.6

228.0

345.5

71.7

47.3

10.6

8.9

15.7

20.3

7.4

6.0

UltraTech Cement

Neutral

3,637

99,820

24,669

29,265

18.2

20.6

82.0

120.0

44.4

30.3

4.8

4.2

11.3

14.7

4.0

3.4

Construction

ITNL

Accumulate

2,602

7,360

8,682

34.0

32.2

7.0

8.6

11.3

9.2

0.4

3.2

2.5

3.7

3.6

KNR Constructions

Accumulate

571

603

1,605

937

1,470

14.3

14.0

44.2

38.6

12.9

14.8

2.6

2.2

15.4

1.8

1.2

Larsen & Toubro

Accumulate

1,556

1,700

145,044

58,870

65,708

8.3

10.3

42.0

53.0

37.1

29.4

2.6

2.3

8.8

11.2

2.7

2.5

Gujarat Pipavav Port

Neutral

177

8,535

629

684

51.0

52.2

6.4

5.9

27.6

29.9

3.6

3.3

15.9

12.7

13.5

12.2

MBL Infrastructures

Buy

137

285

568

2,313

2,797

12.2

14.6

19.0

20.0

7.2

6.9

0.8

0.7

11.3

10.6

1.0

0.9

Nagarjuna Const.

Neutral

4,397

7,892

8,842

8.8

9.1

3.0

5.3

26.4

14.9

1.3

1.2

5.0

8.5

0.8

0.7

PNC Infratech

Accumulate

566

647

2,901

1,873

2,288

13.2

13.5

24.0

32.0

23.6

17.7

2.3

2.0

12.1

12.3

1.7

1.4

Simplex Infra

Neutral

301

1,489

5,955

6,829

10.3

10.5

16.0

31.0

18.8

9.7

1.0

0.9

5.3

9.9

0.8

0.6

www.angelbroking.com

Stock Watch

July 22, 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 )

FY16E

FY17E

FY16E

FY17E

FY16E

FY17E

FY16E

FY17E

FY16E

FY17E

FY16E

FY17E

FY16E

FY17E

Construction

Power Mech Projects

Neutral

546

803

1,539

1,801

12.8

12.7

59.0

72.1

9.3

7.6

1.4

1.2

18.6

16.8

0.5

Sadbhav Engineering

Neutral

293

5,023

3,186

3,598

10.2

10.3

8.0

9.0

36.6

32.5

3.4

3.0

9.4

9.9

1.9

1.7

NBCC

Neutral

249

14,946

5,838

7,428

6.0

7.9

5.2

8.2

47.9

30.4

1.5

1.2

21.9

28.2

2.3

1.7

MEP Infra

Neutral

720

1,956

1,876

28.1

30.5

1.3

3.0

34.1

14.8

7.2

4.8

21.2

32.8

1.8

SIPL

Neutral

100

3,505

675

1,042

62.4

64.7

3.7

4.3

16.9

11.4

Engineers India

Neutral

222

7,495

1,667

1,725

13.5

16.0

9.7

11.4

22.9

19.5

2.7

2.6

11.7

13.4

3.0

Financials

Allahabad Bank

Neutral

5,379

8,569

9,392

2.8

2.9

16.3

27.5

4.6

2.7

0.4

0.3

7.6

11.9

Axis Bank

Neutral

538

128,467

26,204

29,738

3.6

3.5

34.5

35.4

15.6

15.2

2.5

2.2

16.8

14.9

Bank of Baroda

Neutral

152

35,081

18,802

21,088

2.0

2.2

(7.4)

13.0

11.7

1.2

1.0

(4.2)

7.3

Bank of India

Neutral

107

10,022

15,972

17,271

1.9

2.0

15.3

33.4

7.0

3.2

0.3

3.6

7.6

Canara Bank

Neutral

252

13,656

15,441

16,945

2.0

2.1

46.6

70.4

5.4

3.6

0.5

0.4

8.0

11.2

Dena Bank

Neutral

2,624

3,440

3,840

2.1

2.3

7.3

10.0

5.4

3.9

0.4

0.3

6.1

7.9

Dewan Housing Finance Buy

218

270

6,358

1,828

2,225

2.9

3.0

24.9

29.7

8.8

7.4

1.4

1.2

15.1

16.1

Equitas Holdings

Buy

174

235

5,824

679

1,076

12.4

11.7

6.2

6.7

28.0

25.9

3.5

2.5

13.3

12.5

Federal Bank

Neutral

10,481

3,279

3,787

2.8

2.9

3.9

5.5

15.5

11.0

1.3

1.2

8.4

10.8

HDFC

Neutral

1,332

210,585

10,358

11,852

3.3

41.1

47.0

32.4

28.3

6.2

5.6

24.7

24.9

HDFC Bank

Neutral

1,228

311,012

38,606

47,696

4.4

4.5

48.8

61.4

25.2

20.0

4.3

3.7

18.7

20.0

ICICI Bank

Neutral

262

152,345

34,279

39,262

3.3

21.0

24.4

12.5

10.8

2.1

1.8

14.4

14.7

IDBI Bank

Neutral

14,782

9,625

10,455

1.8

8.5

14.2

8.4

5.1

0.5

5.9

9.3

Indian Bank

Neutral

148

7,116

6,160

6,858

2.5

24.5

29.8

6.1

5.0

0.5

0.4

7.7

8.6

LIC Housing Finance

Accumulate

503

592

25,364

3,179

3,758

2.6

32.9

40.6

15.3

12.4

2.8

2.4

19.6

20.7

Oriental Bank

Neutral

112

3,887

7,643

8,373

2.4

37.2

45.4

3.0

2.5

0.3

0.2

8.2

9.4

Punjab Natl.Bank

Neutral

124

24,290

23,122

26,022

2.8

7.0

21.6

17.7

5.7

0.9

0.8

3.4

10.0

South Ind.Bank

Neutral

2,890

1,965

2,185

2.5

3.3

8.6

6.5

0.9

0.8

9.5

11.7

St Bk of India

Neutral

226

175,128

79,958

86,061

2.6

13.4

20.7

16.9

10.9

1.4

1.3

11.5

12.8

Union Bank

Neutral

131

8,999

12,646

14,129

2.3

2.4

31.0

39.1

4.2

3.4

0.5

0.4

9.8

11.4

Vijaya Bank

Neutral

4,150

3,536

3,827

1.9

5.5

6.7

7.5

6.2

0.6

7.8

8.8

Yes Bank

Neutral

1,155

48,604

7,190

9,011

3.2

3.3

58.2

69.7

19.8

16.6

3.5

3.0

19.2

19.6

FMCG

Asian Paints

Neutral

1,040

99,781

15,534

17,445

17.7

16.8

18.4

19.6

56.6

53.1

20.0

18.9

34.6

35.6

6.2

5.5

www.angelbroking.com

Stock Watch

July 22, 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 )

FY16E FY17E

FY16E

FY17E

FY16E

FY17E

FY16E

FY17E

FY16E

FY17E

FY16E

FY17E

FY16E

FY17E

FMCG

Britannia

Neutral

2,817

33,796

8,481

9,795

14.0

14.1

65.5

78.3

43.0

36.0

20.4

16.7

38.3

41.2

3.9

3.4

Colgate

Neutral

960

26,117

4,136

4,632

22.5

23.3

22.2

25.3

43.3

38.0

26.3

23.4

68.6

67.5

6.0

5.3

Dabur India

Neutral

304

53,495

9,370

10,265

17.6

17.3

7.3

8.1

41.5

37.5

10.8

9.8

31.7

30.6

5.7

5.2

GlaxoSmith Con*

Neutral

6,428

27,035

4,519

5,142

19.6

19.8

164.3

191.2

39.1

33.6

10.8

9.2

30.8

29.9

5.3

4.6

Godrej Consumer

Neutral

1,612

54,896

9,003

10,335

18.1

18.7

34.1

41.8

47.3

38.6

10.2

8.8

23.9

24.8

6.2

5.4

HUL

Neutral

910

196,979

33,299

35,497

17.1

18.9

20.0

48.2

45.5

42.2

36.8

87.6

80.8

5.9

5.5

ITC

Neutral

251

302,555

36,837

39,726

38.8

38.7

8.2

9.0

30.8

27.9

8.6

7.5

27.8

26.9

7.6

7.1

Marico

Neutral

278

35,828

6,151

6,966

17.2

17.3

5.4

6.4

51.4

43.4

16.2

12.7

33.2

32.4

5.7

5.1

Nestle*

Neutral

6,834

65,887

9,393

10,507

22.2

22.3

106.8

121.8

64.0

56.1

22.5

20.2

34.8

36.7

6.6

5.9

Tata Global

Neutral

132

8,318

8,635

9,072

9.8

9.9

5.8

7.2

22.7

18.3

2.0

1.9

6.8

7.4

1.0

0.9

Procter & Gamble

Buy

6,365

7,369

20,661

2,588

2,939

23.3

23.2

130.2

146.2

48.9

43.6

97.5

93.5

27.6

25.3

7.5

6.5

Hygiene

HCL Tech^

Buy

725

1,000

102,273

37,061

30,781

21.5

20.5

51.4

40.0

14.1

18.1

3.6

2.7

20.1

20.3

2.5

2.6

Infosys

Buy

1,080

1,374

248,150

62,441

70,558

27.5

59.0

65.3

18.3

16.5

3.7

3.3

22.2

22.4

3.4

2.9

TCS

Buy

2,501

3,004

492,853

108,646

122,770

28.3

123.7

141.0

20.2

17.7

6.7

6.1

33.1

34.6

4.0

3.4

Tech Mahindra

Buy

504

700

48,934

26,494

30,347

16.3

17.0

32.2

37.5

15.7

13.4

3.4

2.9

21.7

21.8

1.6

1.3

Wipro

Buy

542

680

133,839

50,808

56,189

23.7

23.8

37.3

40.7

14.5

13.3

2.8

2.5

19.2

17.7

2.2

1.8

Media

D B Corp

Neutral

406

7,460

2,025

2,187

27.4

17.4

18.9

23.3

21.5

5.3

4.8

22.9

23.7

3.5

3.2

HT Media

Neutral

1,833

2,495

2,673

12.9

13.2

6.8

7.2

11.6

10.9

0.9

7.5

7.8

0.3

Jagran Prakashan

Accumulate

179

205

5,865

2,107

2,355

33.5

28.0

10.1

10.8

17.9

16.6

4.2

3.6

23.3

21.7

2.9

2.5

Sun TV Network

Neutral

407

16,053

2,510

2,763

71.8

71.5

21.9

24.8

18.6

16.4

4.4

4.0

22.8

24.3

5.6

5.1

Hindustan Media

Neutral

274

2,007

914

1,016

21.7

21.5

21.9

23.3

12.5

11.8

2.3

1.9

18.0

16.2

1.6

1.4

Ventures

Metals & Mining

Coal India

Buy

333

380

210,493

76,167

84,130

19.9

22.3

22.4

25.8

14.9

12.9

5.4

5.2

35.5

41.0

2.0

1.8

Hind. Zinc

Neutral

193

81,633

14,641

14,026

50.4

17.7

16.0

11.0

12.1

1.7

1.5

16.2

13.2

3.3

3.2

Hindalco

Neutral

134

27,578

104,356

111,186

8.7

9.5

6.7

11.1

19.9

12.1

0.7

3.5

5.9

0.8

0.7

JSW Steel

Neutral

1,610

38,927

42,308

45,147

16.4

20.7

(10.3)

49.5

32.5

1.8

1.7

(1.0)

5.6

2.0

1.8

NMDC

Neutral

38,061

8,237

10,893

46.6

44.5

10.0

11.7

9.7

8.2

1.1

0.9

12.5

13.0

4.4

3.3

SAIL

Neutral

19,288

45,915

53,954

7.2

10.5

1.5

4.4

31.0

10.7

0.5

0.4

2.3

4.1

1.1

1.0

Vedanta

Neutral

157

46,575

71,445

81,910

26.2

26.3

12.9

19.2

12.2

8.2

0.9

0.8

7.2

8.9

1.1

0.9

Tata Steel

Neutral

362

35,187

126,760

137,307

8.9

11.3

6.4

23.1

56.9

15.7

1.1

2.0

7.1

0.9

0.8

www.angelbroking.com

Stock Watch

July 22, 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 )

FY16E FY17E

FY16E

FY17E

FY16E

FY17E

FY16E

FY17E

FY16E

FY17E

FY16E

FY17E

FY16E

FY17E

Oil & Gas

Cairn India

Neutral

177

33,110

11,323

12,490

49.4

51.0

20.7

8.5

8.6

0.6

0.5

6.4

6.1

1.9

1.2

GAIL

Neutral

391

49,604

64,856

70,933

9.1

9.6

24.0

28.9

16.3

13.5

1.4

1.3

8.8

9.6

1.0

0.9

ONGC

Neutral

223

190,445

154,564

145,998

36.8

37.4

20.8

22.6

10.7

9.9

1.0

10.1

9.7

1.5

1.6

Petronet LNG

Neutral

292

21,866

29,691

31,188

5.8

6.2

12.8

13.4

22.8

21.7

3.4

3.0

15.8

14.8

0.8

Indian Oil Corp

Neutral

521

126,593

359,607

402,760

5.9

6.1

42.5

48.7

12.3

10.7

1.6

1.5

14.1

14.4

0.4

Reliance Industries

Neutral

1,007

326,417

304,775

344,392

12.6

13.4

91.3

102.6

11.0

9.8

1.2

1.1

11.8

12.0

1.0

0.8

Pharmaceuticals

Alembic Pharma

Neutral

585

11,029

3,145

3,483

31.9

16.2

38.2

18.7

15.3

31.3

6.9

5.8

57.9

20.1

3.4

3.1

Aurobindo Pharma

Buy

790

880

46,228

13,651

15,702

21.7

33.9

38.4

23.3

20.6

6.5

5.1

32.5

27.7

3.5

3.1

Aventis*

Accumulate

4,514

4,738

10,397

2,049

2,375

15.4

17.3

115.4

153.5

39.1

29.4

6.4

5.0

19.3

25.8

4.8

4.0

Cadila Healthcare

Accumulate

373

400

38,145

9,469

11,246

21.2

22.0

14.9

17.1

25.0

21.8

7.1

5.6

28.8

26.6

3.9

3.3

Cipla

Neutral

515

41,416

13,372

15,378

16.4

17.4

18.8

21.6

27.4

23.9

3.5

3.1

13.3

13.7

3.1

3.0

Dr Reddy's

Neutral

3,617

61,686

15,471

17,479

24.6

138.2

152.4

26.2

23.7

4.8

4.1

19.7

18.7

3.9

3.5

Dishman Pharma

Neutral

142

2,293

1,733

1,906

21.5

10.1

10.0

14.1

14.2

1.7

1.5

10.5

11.2

1.8

1.5

GSK Pharma*

Neutral

3,383

28,657

2,741

3,528

16.5

18.9

44.2

60.1

76.5

56.3

16.9

16.8

21.2

29.9

10.3

8.1

Indoco Remedies

Neutral

304

2,803

977

1,112

14.9

18.2

9.0

13.2

33.8

23.0

4.8

4.1

15.1

19.2

2.9

2.6

Ipca labs

Buy

484

613

6,103

2,844

3,799

10.6

15.3

10.6

17.3

45.6

28.0

2.7

2.4

5.9

9.1

2.2

1.7

Lupin

Accumulate

1,685

1,809

75,982

13,702

15,912

23.7

26.4

50.5

58.1

33.4

29.0

6.9

5.6

22.9

21.4

6.0

4.8

Sun Pharma

Buy

794

944

191,079

27,744

31,129

26.0

30.0

22.0

28.0

36.1

28.4

5.2

4.3

18.3

18.7

6.5

5.6

Power

Tata Power

Neutral

19,135

35,923

37,402

22.6

22.8

4.1

5.2

17.5

13.7

1.3

7.5

9.3

1.5

1.4

NTPC

Neutral

155

127,681

87,271

99,297

23.5

11.8

13.3

13.2

11.6

1.5

1.4

11.5

12.2

2.5

2.2

Power Grid

Neutral

163

85,144

20,702

23,361

86.7

86.4

12.1

13.2

13.5

12.3

2.0

1.8

15.6

15.1

9.1

8.4

Real Estate

MLIFE

Buy

457

554

1,877

826

1,011

20.1

21.9

22.7

30.7

20.2

14.9

1.2

1.1

6.0

7.4

4.2

3.2

Telecom

Bharti Airtel

Neutral

367

146,665

101,748

109,191

32.1

31.7

12.0

12.5

30.6

29.4

2.1

2.0

6.9

6.7

2.1

1.9

Idea Cellular

Neutral

105

37,934

34,282

36,941

32.0

31.5

5.9

6.2

17.9

17.0

1.6

1.5

9.9

9.3

1.7

zOthers

Abbott India

Neutral

4,724

10,039

2,715

3,153

14.5

14.1

134.3

152.2

35.2

31.0

8.8

7.2

27.4

25.6

3.4

2.9

Bajaj Electricals

Accumulate

242

268

2,449

4,612

5,351

5.6

5.7

9.5

12.4

25.6

19.6

3.2

2.8

12.5

14.4

0.5

0.4

Finolex Cables

Neutral

377

5,773

2,520

2,883

12.2

12.0

12.7

14.2

29.8

26.6

4.1

3.6

13.6

13.5

2.0

1.7

Goodyear India*

Buy

525

631

1,212

1,750

1,598

11.3

10.4

53.7

49.4

9.8

10.6

2.1

1.8

23.0

18.2

0.5

0.4

Hitachi

Neutral

1,400

3,807

1,779

2,081

7.8

8.8

21.8

33.4

64.2

41.9

10.4

8.4

17.4

22.1

2.2

1.8

www.angelbroking.com

Stock Watch

July 22, 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 )

FY16E

FY17E

FY16E

FY17E

FY16E

FY17E

FY16E

FY17E

FY16E

FY17E

FY16E

FY17E

FY16E

FY17E

zOthers

Jyothy Laboratories

Neutral

290

5,252

1,620

1,847

11.5

7.3

8.5

39.8

34.2

5.1

4.8

13.3

14.4

3.1

2.7

MRF

Buy

34,403

45,575

14,591

20,316

14,488

21.4

21.1

5,488.0

3,798.0

6.3

9.1

2.1

1.7

41.1

21.2

0.7

0.9

Page Industries

Neutral

13,570

15,136

1,929

2,450

19.8

20.1

229.9

299.0

59.0

45.4

26.0

18.1

52.1

47.1

7.8

6.1

Relaxo Footwears

Neutral

482

5,782

1,767

2,152

12.3

12.5

19.3

25.1

25.0

19.2

6.1

4.7

27.7

27.8

3.3

2.7

Siyaram Silk Mills

Buy

1,037

1,347

972

1,619

1,799

11.6

93.5

104.9

11.1

9.9

1.9

1.6

17.1

16.4

0.9

0.8

Styrolution ABS India* Neutral

625

1,099

1,271

1,440

8.6

9.2

32.0

41.1

19.5

15.2

2.0

1.8

10.7

12.4

0.9

0.7

TVS Srichakra

Buy

2,391

2,932

1,830

2,035

2,252

15.9

15.3

248.6

268.1

9.6

8.9

4.2

3.0

43.6

33.9

0.9

0.8

HSIL

Neutral

306

2,210

2,123

2,384

16.1

16.5

15.0

18.9

20.3

16.2

1.6

1.5

8.0

9.4

1.4

1.2

Kirloskar Engines India

Neutral

267

3,856

2,403

2,554

8.6

9.9

9.2

10.5

29.0

25.4

2.8

2.7

9.7

10.7

1.2

1.1

Ltd

M M Forgings

Buy

421

546

508

511

615

21.7

21.6

43.1

55.8

9.8

7.5

1.8

1.5

19.9

21.2

1.2

0.9

Banco Products (India) Neutral

162

1,156

1,208

1,353

11.0

12.3

10.8

14.5

15.0

11.2

1.7

1.5

11.9

14.5

0.9

0.7

Competent Automobiles Neutral

151

1,040

1,137

3.2

3.1

25.7

28.0

5.9

5.4

0.9

0.8

15.0

14.3

0.1

Nilkamal

Neutral

1,200

1,791

1,871

2,031

10.7

10.5

63.2

69.8

19.0

17.2

3.1

2.7

17.6

16.6

1.0

0.9

Visaka Industries

Neutral

156

248

1,020

1,120

8.7

9.1

13.9

20.1

11.2

7.8

0.7

6.4

8.7

0.5

0.4

Transport Corporation of

Neutral

348

2,663

2,830

3,350

8.8

9.0

14.4

18.3

24.2

19.0

3.7

3.2

15.4

17.1

1.1

1.0

India

Elecon Engineering

Neutral

674

1,359

1,482

10.3

13.7

0.8

3.9

77.1

15.9

1.3

1.2

1.6

7.8

0.9

0.8

Surya Roshni

Buy

162

201

712

2,992

3,223

8.1

8.4

14.7

18.3

11.1

8.9

1.0

0.9

9.7

11.0

0.5

MT Educare

Neutral

153

610

286

366

18.3

17.7

7.7

9.4

19.8

16.3

4.2

3.7

20.2

21.1

2.1

1.6

Radico Khaitan

Buy

125

1,213

1,543

1,659

12.6

13.0

5.8

6.3

15.8

14.4

1.3

1.2

8.5

8.6

1.3

1.2

Garware Wall Ropes

Accumulate

413

460

904

828

898

11.2

10.3

28.3

29.0

14.6

14.2

2.5

2.1

16.8

14.9

1.0

0.9

Wonderla Holidays

Neutral

402

2,271

206

308

44.0

43.6

9.0

12.9

44.7

31.2

6.1

5.5

13.7

17.8

10.7

7.1

Linc Pen & Plastics

Neutral

286

422

344

382

9.1

12.4

13.1

23.1

21.8

4.2

3.6

18.0

16.7

1.2

1.1

The Byke Hospitality

Neutral

162

648

222

287

20.5

5.6

7.6

28.6

21.4

5.4

4.4

18.9

20.8

3.0

2.3

Interglobe Aviation

Neutral

947

34,110

17,022

21,122

20.7

14.5

63.9

53.7

14.8

17.6

22.2

18.2

149.9

103.2

2.1

1.7

Coffee Day Enterprises

Neutral

244

5,026

2,692

2,964

17.0

18.6

4.7

51.5

3.0

2.8

0.2

5.5

2.2

2.1

Ltd

Navneet Education

Neutral

2,221

998

1,062

24.1

24.0

5.8

6.1

16.2

15.3

3.6

3.2

22.0

20.6

2.4

2.3

Navkar Corporation

Buy

212

265

3,017

347

408

43.2

42.9

6.7

6.8

31.7

31.2

2.3

2.2

7.3

6.9

9.2

8.3

UFO Moviez

Neutral

553

1,526

558

619

32.0

33.2

22.5

30.0

24.6

18.5

3.0

2.6

12.0

13.8

2.6

2.2

VRL Logistics

Neutral

349

3,187

1,725

1,902

16.5

16.7

12.2

14.6

28.7

24.0

6.0

5.3

20.8

21.9

1.8

1.6

www.angelbroking.com

Stock Watch

July 22, 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 )

FY16E FY17E FY16E FY17E FY16E FY17E FY16E FY17E FY16E FY17E FY16E FY17E FY16E FY17E

zOthers

Team Lease Serv.

Neutral

1,040

1,778

2,565

3,229

1.3

1.5

15.2

22.8

68.5

45.7

5.5

4.9

8.0

10.7

0.6

0.4

S H Kelkar & Co.

Neutral

234

3,387

928

1,036

15.3

15.1

4.9

6.1

47.5

38.4

4.4

4.1

9.4

10.7

3.4

3.0

Quick Heal

Neutral

259

1,814

339

408

27.8

27.3

7.1

7.7

36.6

33.5

3.1

8.5

9.3

4.6

3.9

Narayana Hrudaya

Neutral

286

5,853

1,603

1,873

10.9

11.5

1.0

2.6

300.6

108.3

7.2

6.6

2.4

6.1

3.8

3.3

Manpasand Bever.

Neutral

701

3,510

540

836

19.9

19.6

10.2

16.9

68.5

41.5

5.5

5.0

8.1

12.0

5.9

3.8

Parag Milk Foods

Neutral

334

2,809

1,645

1,919

9.0

9.3

6.7

9.5

49.7

35.4

6.5

5.5

13.1

15.5

1.9

1.6

Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on July 21, 2016

www.angelbroking.com

Market Outlook

July 22, 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

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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

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contrary view, if any.

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

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