Market Outlook

August 09, 2017

Market Cues

Domestic Indices

Chg (%)

(Pts)

(Close)

Indian markets are likely to open weak and remain so during the day, largely due to

BSE Sensex

(0.8)

(259)

32,014

yesterdays selling pressure and global markets.

Nifty

(0.8)

(79)

9,979

The US markets traded in a narrow range during the day finally ending marginally

Mid Cap

(1.2)

(187)

15,413

lower. The Dow & Nasdaq closed by 33 and 13 points each. The drop came in after

Small Cap

(1.3)

(205)

15,904

remarks by President Trump that, further threats from North Korea would be met

Bankex

(1.3)

(376)

27,786

with fire, fury, after North Korea test fired another ICBM.

The European markets ended on subdued note after mixed set of data across

Global Indices

Chg (%)

(Pts)

(Close)

countries came in. Data from China, Germany and France remained weak which

impacted the sentiment. Further Euro gained strength against the dollar despite a

Dow Jones

(0.2)

(33)

22,085

lacklustre trade.

Nasdaq

(0.2)

(13)

6,370

FTSE

0.1

7,543

Indian markets opened flat however, there was knee jerk reaction as soon as SEBI

Nikkei

(0.3)

(60)

19,996

came out with names of 331 suspected shell companies as identified by the ministry

of corporate affairs. Though markets witnessed some recovery during the day, again

Hang Seng

0.6

165

27,855

selling pressure intensified and Overall markets breadth remained weak with 342

Shanghai Com

0.1

3,282

advances against 1351 advances.

Advances / Declines

BSE

NSE

News Analysis

Advances

574

342

 Axis Bank cuts interest rates by 50 bps for SB deposits below `50 lakh

Declines

2,026

1351

Detailed analysis is on Pg2

Unchanged

123

Investor’s Ready Reckoner

Key Domestic & Global Indicators

Volumes (` Cr)

Stock Watch: Latest investment recommendations on 150+ stocks

BSE

7,319

Refer Pg7 onwards

NSE

28,332

Top Picks

CMP

Target

Upside

#Net Inflows (` Cr)

Net

Mtd

Ytd

Company

Sector

Rating

(`)

(%)

FII

1539

374

58,770

Blue Star

Capital Goods

Accumulate

683

760

11.2

MFs

798

2424

53,370

Dewan Housing FinanceFinancials

Buy

449

550

22.5

Mahindra Lifespace

Real Estate

Buy

421

522

24.0

Navkar Corporation

Others

Buy

188

265

40.7

Top Gainers

Price (`)

Chg (%)

KEI Industries

Capital Goods

Accumulate

225

258

14.7

Pcjeweller

291

7.5

More Top Picks on Pg5

Dbl

578

7.4

Key Upcoming Events

Jublfood

1,333

5.4

Consensus

Date

Region

Event Description

Reading

Expectations

Mrpl

139

5.3

Aug 09, 2017 China

Consumer Price Index (YoY)

1.50

Centurytex

1,283

4.8

Aug 10, 2017 India

Imports YoY%

19.00

Aug 10, 2017 US

Initial Jobless claims

240.00

Top Losers

Price (`)

Chg (%)

Aug 10, 2017 India

Exports YoY%

4.40

Hdil

(18.8)

Aug 10, 2017 US

Consumer price index (mom)

0.20

More Events on Pg7

Sintex

(12.2)

Jpassociat

(9.8)

Unitech

(8.9)

Dlf

179

(6.8)

#as on 8^rd Aug, 2017

www.angelbroking.com

Market Outlook

August 09, 2017

News Analysis

Axis Bank cuts interest rates by 50 bps to 3.5% on deposits up to

`50 lakhs

After SBI went ahead and cut interest on saving deposits by 50 bps on deposits

below `1 cr, it was expected that other banks will also follow suit. Accordingly Axis

Bank has reduced the deposits rates by 50 bps on saving deposits by 50 bps for

deposits below `50 lakhs to 3.5%. However, the bank has clarified that it will

continue to pay 4% interest on deposits above `50 lakhs. Axis bank has been

under earnings pressure due to higher slippages and resultant provisions. The

bank had reported a 16% fall in its Q1FY18 PAT to `1305 cr. Though the bank

reported lower PAT , on the asset quality front it witnessed some respite as the

GNPAs remained flat in % basis. The watch list of the bank has also got reduced

from its peak. While it is too early to say all the asset quality issues are over, it can

fairly be said that the bank has largely recognized the troubled assets and hence

material deterioration from here onwards is not likely. We have an ACCUMULATE

rating on the stock.

Economic and Political News

 Justice Dipak Misra to be next Chief Justice of India

 North korea test fires its second ICBM

Corporate News

 Bajaj Auto partners with Triumph to take on Royal Enfield

 Titan taps Amazon to enter US market

 Britannia to build `1000 cr plant in Maharastra

 Airtel gets `2570 cr from Infratel stake sale

 Tata Chemical reports 53% drop in PAT for Q1FY18

www.angelbroking.com

Market Outlook

August 09, 2017

Quarterly Bloomberg Brokers Consensus Estimate

Tata Motors Ltd - Aug 9, 2017

Particulars ( `cr)

1QFY18E

1QFY17

y-o-y (%)

4QFY17

q-o-q (%)

Net sales

59,171

64,940

(8.9)

77,217

(23.4)

EBITDA

7,013

7,613

(7.9)

10,801

(35.1)

EBITDA margin (%)

11.9

11.7

14.0

Net profit

1,259

1,921

(34.5)

4,239

(70.3)

Aurobindo Pharma - Aug 9, 2017

Particulars ( `cr)

1QFY18E

1QFY17

y-o-y (%)

4QFY17

q-o-q (%)

Net sales

3,853

3,664

5.2

3,582

7.6

EBITDA

864

889

(2.8)

721

19.8

EBITDA margin (%)

22.4

24.3

20.1

Net profit

564

585

(3.6)

532

5.9

Eicher Motors - Aug 9, 2017

Particulars ( `cr)

1QFY18E

1QFY17

y-o-y (%)

4QFY17

q-o-q (%)

Net sales

1,965

1,550

26.8

1,877

4.7

EBITDA

619

470

31.6

585

5.8

EBITDA margin (%)

31.5

30.3

31.2

Net profit

461

376

22.4

459

0.3

NMDC - Aug 9, 2017

Particulars ( `cr)

1QFY18E

1QFY17

y-o-y (%)

4QFY17

q-o-q (%)

Net sales

2,655

1,721

54.3

2,871

(7.5)

EBITDA

1,161

816

42.2

932

24.6

EBITDA margin (%)

43.7

47.4

32.5

Net profit

826

711

16.1

371

122.6

www.angelbroking.com

Market Outlook

August 09, 2017

Top Picks HHHHH

Market Cap

CMP

Target

Upside

Company

Rationale

(` Cr)

(`)

(%)

Strong growth in domestic business due to its leadership

in acute therapeutic segment. Alkem expects to launch

Alkem Laboratories

22,000

1,840

2,161

17.4

more products in USA, which bodes for its international

business.

We expect the company would report strong profitability

Asian Granito

1,230

409

480

17.4

owing to better product mix, higher B2C sales and

amalgamation synergy.

Favourable outlook for the AC industry to augur well for

Cooling products business which is out pacing the

Blue Star

6,544

683

760

11.2

market growth. EMPPAC division's profitability to improve

once operating environment turns around.

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

consumer segment, the company has increased its

Dewan Housing Finance

14,074

449

550

22.5

presence in tier-II & III cities where the growth

opportunity is immense.

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

Karur Vysya Bank

8,264

137

160

17.0

Lower credit cost will help in strong bottomline growth.

Increasing share of CASA will help in NIM improvement.

High order book execution in EPC segment, rising B2C

KEI Industries

1,750

225

258

14.7

sales and higher exports to boost the revenues and

profitability

Speedier execution and speedier sales, strong revenue

Mahindra Lifespace

2,160

421

522

24.0

visibilty in short-to-long run, attractive valuations

Massive capacity expansion along with rail advantage at

Navkar Corporation

2,685

188

265

40.7

ICD as well CFS augurs well for the company

Strong brands and distribution network would boost

Siyaram Silk Mills

1,897

2,024

2,500

23.5

growth going ahead. Stock currently trades at an

inexpensive valuation.

Market leadership in Hindi news genre and no.

viewership ranking in English news genre, exit from the

TV Today Network

1,400

235

344

46.5

radio business, and anticipated growth in ad spends by

corporates to benefit the stock.

After GST, the company is expected to see higher

volumes along with improving product mix. The Gujarat

Maruti

2,34,307

7,756

8,495

9.5

plant will also enable higher operating leverage which

will be margin accretive.

Source: Company, Angel Research,

www.angelbroking.com

Market Outlook

August 09, 2017

Key Upcoming Events

Result Calendar

Date

Company

Tata Motors, NMDC, Nalco, Finolex Cables, Goodyear, Styrolution, ITD Cementation, Aurobindo Pharma, Indoco

August 09, 2017

Remedies, NHPC

August 10, 2017

Motherson Sumi, Bharat Forge, Subros, BHEL, Power Fin.Corpn., Union Bank, IOB, MOIL, GAIL, Petronet LNG, Page

Source: Bloomberg, Angel Research

Global economic events release calendar

Bloomberg Data

Date

Time

Country

Event Description

Unit

Period

Last Reported

Estimated

Aug 09, 2017

7:00 AMChina

Consumer Price Index (YoY)

% Change

Jul

1.50

Aug 10, 2017

India

Imports YoY%

% Change

Jul

19.00

6:00 PMUS

Initial Jobless claims

Thousands

Aug 5

240.00

India

Exports YoY%

% Change

Jul

4.40

6:00 PMUS

Consumer price index (mom)

% Change

Jul

0.20

Producer Price Index (mom)

% Change

Jul

0.20

Aug 11, 2017

2:00 PMUK

Industrial Production (YoY)

% Change

Jun

(0.20)

(0.10)

5:30 PMIndia

Industrial Production YoY

% Change

Jun

1.70

0.20

Aug 14, 2017

7:30 AMChina

Industrial Production (YoY)

% Change

Jul

7.60

7.10

12:00 PMIndia

Monthly Wholesale Prices YoY%

% Change

Jul

0.90

1.35

Aug 15, 2017

2:00 PMUK

CPI (YoY)

% Change

Jul

2.60

11:30 AMGermany GDP nsa (YoY)

% Change

2Q P

2.90

Aug 16, 2017

2:30 PMEuro Zone Euro-Zone GDP s.a. (QoQ)

% Change

2Q P

0.60

6:00 PMUS

Housing Starts

Thousands

Jul

1,215.00

1,222.00

6:00 PMUS

Building permits

Thousands

Jul

1,275.00

1,245.00

Source: Bloomberg, Angel Research

www.angelbroking.com

Market Outlook

August 09, 2017

Macro watch

Exhibit 1: Quarterly GDP trends

Exhibit 2: IIP trends

(%)

5.7

10.0

6.0

9.1

5.2

8.8

9.0

4.9

7.9

8.0

7.9

5.0

7.6

7.5

8.0

7.3

7.2

3.8

7.0

4.0

7.0

3.0

6.1

2.8

3.0

2.6

6.0

1.9

1.7

5.0

2.0

4.0

1.0

3.0

Source: CSO, Angel Research

Source: MOSPI, Angel Research

Exhibit 3: Monthly CPI inflation trends

Exhibit 4: Manufacturing and services PMI

56.0

Mfg. PMI

Services PMI

(%)

7.0

54.0

6.1

6.0

52.0

5.1

5.0

4.3

50.0

4.2

3.9

3.6

3.7

4.0

3.4

48.0

3.2

3.0

46.0

2.2

2.0

1.5

44.0

1.0

42.0

40.0

Source: Market, Angel Research; Note: Level above 50 indicates expansion

Source: MOSPI, Angel Research

Exhibit 5: Exports and imports growth trends

Exhibit 6: Key policy rates

(%)

Exports yoy growth

Imports yoy growth

(%)

Repo rate

Reverse Repo rate

CRR

60.0

7.00

50.0

6.50

40.0

6.00

30.0

5.50

20.0

5.00

10.0

4.50

0.0

(10.0)

4.00

(20.0)

3.50

(30.0)

3.00

Source: Bloomberg, Angel Research

Source: RBI, Angel Research

www.angelbroking.com

Market Outlook

August 09, 2017

Exhibit 4: Relative performance of indices across globe

Returns (%)

Country

Name of index

Closing price

1YR

Brazil

Bovespa

67,940

8.8

3.7

19.0

Russia

Micex

1,970

3.7

(0.9)

2.1

India

Nifty

10,057

3.2

7.1

16.8

China

Shanghai Composite

3,279

2.0

6.6

9.7

South Africa

Top 40

49,764

8.7

4.4

9.4

Mexico

Mexbol

51,389

2.7

2.9

8.5

Indonesia

LQ45

955

(1.0)

1.8

7.5

Malaysia

KLCI

1,778

0.4

0.3

7.5

Thailand

SET 50

1,000

0.6

0.5

6.0

USA

Dow Jones

22,118

3.7

5.3

19.4

FTSE

7,532

2.7

3.2

9.9

Japan

Nikkei

20,056

(0.1)

0.8

21.0

Germany

DAX

12,257

(1.0)

(3.8)

14.5

France

CAC

5,208

1.3

(3.5)

16.8

Source: Bloomberg, Angel Research

www.angelbroking.com

Stock Watch

August 09, 2017

Company Name

Reco

CMP

Target

Mkt Cap

Sales ( Čcr )

OPM(%)

EPS (Č)

PER(x)

P/BV(x)

RoE(%)

EV/Sales(x)

(Č)

Price ( Č)

( Č cr )

FY17E FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

Agri / Agri Chemical

Rallis

Reduce

239

209

4,651

1,937

2,164

13.3

14.3

9.0

11.0

26.6

21.7

4.6

4.0

18.4

19.8

2.4

2.1

United Phosphorus

Neutral

864

43,897

15,176

17,604

18.5

37.4

44.6

23.1

19.4

4.5

3.8

21.4

21.2

3.0

2.5

Auto & Auto Ancillary

Ashok Leyland

Neutral

112

32,792

20,019

22,789

11.1

11.7

4.3

5.5

26.1

20.5

5.1

4.5

19.4

22.0

1.6

1.4

Bajaj Auto

Neutral

2,914

84,316

25,093

27,891

19.5

19.2

143.9

162.5

20.3

17.9

5.7

4.9

30.3

29.4

3.1

2.7

Bharat Forge

Neutral

1,187

27,643

7,726

8,713

20.5

21.2

35.3

42.7

33.6

27.8

6.2

5.6

18.9

20.1

3.6

3.2

Eicher Motors

Neutral

32,121

87,440

16,583

20,447

17.5

18.0

598.0

745.2

53.7

43.1

18.4

14.0

41.2

38.3

5.1

4.1

Gabriel India

Neutral

164

2,362

1,544

1,715

9.0

9.3

5.4

6.3

30.5

26.1

5.8

5.1

18.9

19.5

1.5

1.3

Hero Motocorp

Neutral

3,913

78,135

28,120

30,753

15.2

15.6

169.1

189.2

23.1

20.7

8.0

6.7

30.8

28.2

2.6

2.3

Jamna Auto Industries Neutral

284

2,264

1,486

1,620

9.8

9.9

15.0

17.2

18.9

16.5

4.1

3.5

21.8

21.3

1.6

1.5

L G Balakrishnan & Bros Neutral

739

1,159

1,302

1,432

11.6

11.9

43.7

53.0

16.9

13.9

2.4

2.2

13.8

14.2

1.0

0.9

Mahindra and Mahindra Neutral

1,396

86,717

46,534

53,077

11.6

11.7

67.3

78.1

20.7

17.9

3.4

2.9

15.4

15.8

1.8

1.6

Maruti

Accumulate

7,756

8,495

234,307

67,822

83,717

15.2

15.0

243.0

291.5

31.9

26.6

7.3

6.0

22.9

22.4

3.1

2.5

Minda Industries

Neutral

775

6,694

2,728

3,042

9.0

9.1

68.2

86.2

11.4

9.0

2.6

2.0

23.8

24.3

2.5

2.2

Motherson Sumi

Neutral

336

70,660

45,896

53,687

7.8

8.3

13.0

16.1

25.7

20.9

8.3

6.6

34.7

35.4

1.6

1.4

Rane Brake Lining

Neutral

1,275

1,009

511

562

11.3

11.5

28.1

30.9

45.4

41.3

6.9

6.3

15.3

15.0

2.1

1.9

Setco Automotive

Neutral

512

741

837

13.0

15.2

17.0

2.5

2.3

0.4

15.8

16.3

1.1

1.0

Tata Motors

Neutral

430

124,271

300,209

338,549

8.9

8.4

42.7

54.3

10.1

7.9

1.6

1.4

15.6

17.2

0.5

TVS Motor

Neutral

596

28,291

13,390

15,948

6.9

7.1

12.8

16.5

46.7

36.0

11.6

9.2

26.3

27.2

2.2

1.8

Amara Raja Batteries

Buy

801

962

13,686

5,339

6,220

15.9

15.3

28.0

32.3

28.6

24.8

5.5

4.6

19.1

18.5

2.6

2.2

Exide Industries

Neutral

214

18,216

7,439

8,307

15.0

8.1

9.3

26.5

23.0

3.7

3.3

14.3

16.7

2.1

1.8

Apollo Tyres

Neutral

280

14,237

12,877

14,504

14.3

13.9

21.4

23.0

13.1

12.2

2.0

1.8

16.4

15.2

1.3

1.2

Ceat

Neutral

1,766

7,144

7,524

8,624

13.0

12.7

131.1

144.3

13.5

12.2

2.5

2.1

19.8

18.6

1.0

0.9

JK Tyres

Neutral

161

3,655

7,455

8,056

15.0

21.8

24.5

7.4

6.6

1.5

1.3

22.8

21.3

0.6

0.5

Swaraj Engines

Neutral

1,989

2,470

660

810

15.2

16.4

54.5

72.8

36.5

27.3

11.4

10.3

31.5

39.2

3.6

2.9

Subros

Neutral

239

1,434

1,488

1,681

11.7

11.9

6.4

7.2

37.4

33.4

3.9

3.6

10.8

11.4

1.2

1.0

Indag Rubber

Neutral

185

485

286

326

19.8

16.8

11.7

13.3

15.8

13.9

2.7

2.5

17.8

17.1

1.4

1.2

Capital Goods

ACE

Neutral

648

709

814

4.1

4.6

1.4

2.1

46.8

31.2

1.9

1.8

4.4

6.0

1.1

0.9

BEML

Neutral

1,695

7,059

3,451

4,055

6.3

9.2

31.4

57.9

54.0

29.3

3.2

2.9

6.3

10.9

2.2

1.8

Bharat Electronics

Neutral

182

40,641

8,137

9,169

16.8

17.2

58.7

62.5

3.1

2.9

0.5

0.4

44.6

46.3

4.0

3.6

www.angelbroking.com

Stock Watch

August 09, 2017

Company Name

Reco

CMP

Target

Mkt Cap

Sales ( Čcr )

OPM(%)

EPS (Č)

PER(x)

P/BV(x)

RoE(%)

EV/Sales(x)

(Č)

Price ( Č)

( Č cr )

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

Capital Goods

Voltas

Neutral

536

17,737

6,511

7,514

7.9

8.7

12.9

16.3

41.6

32.9

7.5

6.6

16.7

18.5

2.5

2.1

BGR Energy

Neutral

140

1,012

16,567

33,848

6.0

5.6

7.8

5.9

18.0

23.8

1.0

4.7

4.2

0.2

0.1

BHEL

Neutral

135

32,994

28,797

34,742

2.8

2.3

6.9

58.6

19.5

1.0

1.3

4.8

0.8

0.6

Blue Star

Accumulate

683

760

6,544

4,283

5,077

5.9

7.3

14.9

22.1

45.9

30.9

8.9

7.5

20.4

26.4

1.6

1.3

CG Power and Industrial

Neutral

4,857

5,777

6,120

5.9

7.0

3.3

4.5

23.5

17.2

1.0

4.4

5.9

0.8

0.7

Solutions

Greaves Cotton

Neutral

157

3,832

1,755

1,881

16.8

16.9

7.8

8.5

20.1

18.5

4.0

3.7

20.6

20.9

1.9

1.7

Inox Wind

Neutral

135

3,000

5,605

6,267

15.7

16.4

24.8

30.0

5.5

4.5

1.5

1.1

25.9

24.4

0.6

0.5

KEC International

Neutral

296

7,612

9,294

10,186

7.9

8.1

9.9

11.9

29.9

24.9

4.4

3.8

15.6

16.3

1.1

1.0

KEI Industries

Accumulate

225

258

1,750

2,633

3,001

10.4

10.0

12.7

13.0

17.7

17.3

3.8

3.1

21.4

18.2

0.9

0.8

Thermax

Neutral

901

10,736

5,421

5,940

7.3

25.7

30.2

35.1

29.8

4.2

3.9

12.2

13.1

1.9

1.7

VATech Wabag

Accumulate

641

681

3,500

3,136

3,845

8.9

9.1

26.0

35.9

24.7

17.9

3.1

2.6

13.4

15.9

1.0

0.8

Cement

ACC

Neutral

1,808

33,954

11,225

13,172

13.2

16.9

44.5

75.5

40.6

24.0

3.9

3.6

11.2

14.2

3.0

2.6

Ambuja Cements

Neutral

275

54,605

9,350

10,979

18.2

22.5

5.8

9.5

47.4

29.0

4.0

3.6

10.2

12.5

5.8

5.0

India Cements

Neutral

194

5,964

4,364

4,997

18.5

19.2

7.9

11.3

24.5

17.1

1.8

1.7

8.0

8.5

2.1

1.9

JK Cement

Neutral

1,033

7,220

4,398

5,173

15.5

17.5

31.2

55.5

33.1

18.6

4.0

3.4

12.0

15.5

2.2

1.8

J K Lakshmi Cement

Neutral

440

5,176

2,913

3,412

14.5

19.5

7.5

22.5

58.7

19.6

3.6

3.0

12.5

18.0

2.4

2.0

Orient Cement

Neutral

155

3,179

2,114

2,558

18.5

20.5

8.1

11.3

19.2

13.7

2.8

2.4

9.0

14.0

2.1

1.7

UltraTech Cement

Neutral

4,051

111,211

25,768

30,385

21.0

23.5

111.0

160.0

36.5

25.3

4.7

4.1

13.5

15.8

4.4

3.7

Construction

ITNL

Neutral

2,852

8,946

10,017

31.0

31.6

8.1

9.1

10.7

9.5

0.4

4.2

5.0

3.7

3.4

KNR Constructions

Neutral

208

2,928

1,385

1,673

14.7

14.0

41.2

48.5

5.1

4.3

0.9

0.8

14.9

15.2

2.2

1.8

Larsen & Toubro

Buy

1,171

1,700

163,946

111,017

124,908

11.0

61.1

66.7

19.2

17.6

2.3

2.1

13.1

12.9

2.5

2.3

Gujarat Pipavav Port

Neutral

141

6,821

705

788

52.2

51.7

5.0

5.6

28.2

25.2

2.8

2.5

11.2

9.3

7.9

Nagarjuna Const.

Neutral

4,956

8,842

9,775

9.1

8.8

5.3

6.4

16.8

13.9

1.3

1.2

8.2

9.1

0.7

0.6

PNC Infratech

Neutral

139

3,568

2,350

2,904

13.1

13.2

9.0

8.8

15.5

15.8

0.6

0.5

15.9

13.9

1.6

1.3

Simplex Infra

Neutral

467

2,309

6,829

7,954

10.5

31.4

37.4

14.9

12.5

1.5

1.4

9.9

13.4

0.8

0.6

Power Mech Projects

Neutral

576

847

1,801

2,219

12.7

14.6

72.1

113.9

8.0

5.1

1.5

1.2

16.8

11.9

0.5

0.4

Sadbhav Engineering

Neutral

289

4,958

3,598

4,140

10.3

10.6

9.0

11.9

32.1

24.3

3.4

3.0

9.9

11.9

1.7

1.4

NBCC

Neutral

213

19,125

7,428

9,549

7.9

8.6

8.2

11.0

25.9

19.3

1.3

1.0

28.2

28.7

2.3

1.7

MEP Infra

Neutral

119

1,931

1,877

1,943

30.6

29.8

3.0

4.2

39.6

28.3

19.2

12.9

0.6

2.4

2.2

www.angelbroking.com

Stock Watch

August 09, 2017

Company Name

Reco

CMP

Target

Mkt Cap

Sales ( Čcr )

OPM(%)

EPS (Č)

PER(x)

P/BV(x)

RoE(%)

EV/Sales(x)

(Č)

Price ( Č)

( Č cr )

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

Construction

SIPL

Neutral

102

3,579

1,036

1,252

65.5

66.2

(8.4)

(5.6)

3.8

4.3

(22.8)

(15.9)

11.7

9.7

Engineers India

Neutral

159

10,728

1,725

1,935

16.0

19.1

11.4

13.9

14.0

11.5

1.9

13.4

15.3

5.1

4.6

Financials

Axis Bank

Buy

499

580

119,691

46,932

53,575

3.5

3.4

32.4

44.6

15.4

11.2

2.0

1.7

13.6

16.5

Bank of Baroda

Neutral

157

36,083

19,980

23,178

1.8

11.5

17.3

13.6

9.1

1.6

1.3

8.3

10.1

Canara Bank

Neutral

346

20,693

15,225

16,836

1.8

14.5

28.0

23.9

12.4

1.7

1.3

5.8

8.5

Can Fin Homes

Neutral

2,922

7,777

420

526

3.5

86.5

107.8

33.8

27.1

7.3

6.0

23.6

24.1

Cholamandalam Inv. &

Neutral

1,202

18,792

2,012

2,317

6.3

42.7

53.6

28.2

22.4

4.5

3.8

16.9

18.3

Fin. Co.

Dewan Housing Finance Buy

449

550

14,074

2,225

2,688

2.9

29.7

34.6

15.1

13.0

2.4

1.6

16.1

14.8

Equitas Holdings

Buy

166

235

5,605

939

1,281

11.7

11.5

5.8

8.2

28.6

20.2

2.5

2.2

10.9

11.5

Federal Bank

Buy

112

140

21,840

8,259

8,995

3.0

4.3

5.6

26.1

20.1

2.2

2.0

8.5

10.1

HDFC

Neutral

1,721

274,073

11,475

13,450

3.4

45.3

52.5

38.0

32.8

7.3

6.5

20.2

20.5

HDFC Bank

Neutral

1,780

458,414

46,097

55,433

4.5

58.4

68.0

30.5

26.2

5.3

4.5

18.8

18.6

ICICI Bank

Accumulate

295

335

189,099

42,800

44,686

3.1

3.3

18.0

21.9

16.4

13.5

2.2

2.1

11.1

12.3

Karur Vysya Bank

Buy

137

160

8,264

5,640

6,030

3.3

3.2

8.9

10.0

15.4

13.7

1.6

1.5

11.2

11.4

Lakshmi Vilas Bank

Neutral

174

3,346

3,339

3,799

2.7

2.8

11.0

14.0

15.9

12.5

1.7

1.5

11.2

12.7

LIC Housing Finance

Neutral

680

34,322

3,712

4,293

2.6

2.5

39.0

46.0

17.4

14.8

3.3

2.8

19.9

20.1

Punjab Natl.Bank

Neutral

149

31,664

23,532

23,595

2.3

2.4

6.8

12.6

21.9

11.8

3.4

2.4

3.3

6.5

RBL Bank

Neutral

512

19,420

1,783

2,309

2.6

12.7

16.4

40.3

31.2

4.4

3.9

12.8

13.3

Repco Home Finance

Buy

691

825

4,321

388

457

4.5

4.2

30.0

38.0

23.0

18.2

3.8

3.2

18.0

19.2

South Ind.Bank

Neutral

5,140

6,435

7,578

2.5

2.7

3.1

10.6

9.2

1.4

1.1

10.1

11.2

St Bk of India

Accumulate

304

335

262,285

88,650

98,335

2.6

13.5

18.8

22.5

16.2

2.1

1.9

7.0

8.5

Union Bank

Neutral

143

9,796

13,450

14,925

2.3

25.5

34.5

5.6

4.1

0.8

0.7

7.5

10.2

Yes Bank

Neutral

1,763

80,695

8,978

11,281

3.3

3.4

74.0

90.0

23.8

19.6

4.5

3.8

17.0

17.2

FMCG

Akzo Nobel India

Neutral

1,805

8,656

2,955

3,309

13.3

13.7

57.2

69.3

31.6

26.0

10.3

8.7

32.7

33.3

2.7

2.4

Asian Paints

Neutral

1,146

109,891

17,128

18,978

16.8

16.4

19.1

20.7

60.0

55.4

20.9

19.7

34.8

35.5

6.3

5.7

Britannia

Neutral

4,071

48,875

9,594

11,011

14.6

14.9

80.3

94.0

50.7

43.3

20.8

16.1

41.2

5.0

4.3

Colgate

Neutral

1,066

28,992

4,605

5,149

23.4

23.8

26.9

44.8

39.6

24.8

19.4

64.8

66.8

6.2

5.5

Dabur India

Neutral

315

55,453

8,315

9,405

19.8

20.7

8.1

9.2

38.9

34.2

10.8

9.0

31.6

31.0

6.3

5.6

GlaxoSmith Con*

Neutral

5,505

23,153

4,350

4,823

21.2

21.4

179.2

196.5

30.7

28.0

8.2

6.9

27.1

26.8

4.7

4.2

www.angelbroking.com

Stock Watch

August 09, 2017

Company Name

Reco

CMP

Target

Mkt Cap

Sales ( Čcr )

OPM(%)

EPS (Č)

PER(x)

P/BV(x)

RoE(%)

EV/Sales(x)

(Č)

Price ( Č)

( Č cr )

FY17E FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FMCG

Godrej Consumer

Neutral

946

64,455

10,235

11,428

18.4

18.6

41.1

44.2

23.0

21.4

5.1

4.3

24.9

24.8

6.4

5.7

HUL

Neutral

1,186

256,760

35,252

38,495

17.8

20.7

22.4

57.5

53.0

54.9

47.1

95.6

88.9

7.1

6.5

ITC

Neutral

274

333,477

40,059

44,439

38.3

39.2

9.0

10.1

30.5

27.1

8.5

7.4

27.8

27.5

7.8

7.0

Marico

Neutral

334

43,037

6,430

7,349

18.8

19.5

6.4

7.7

52.1

43.3

15.7

13.2

33.2

32.5

6.5

5.6

Nestle*

Neutral

6,685

64,452

10,073

11,807

20.7

21.5

124.8

154.2

53.6

43.4

22.0

19.8

34.8

36.7

6.2

5.3

Tata Global

Neutral

166

10,477

8,675

9,088

9.8

7.4

8.2

22.4

20.2

1.8

1.7

7.9

8.1

1.1

Procter & Gamble

Neutral

8,075

26,212

2,939

3,342

23.2

23.0

146.2

163.7

55.2

49.3

14.0

11.6

25.3

23.5

8.5

7.4

Hygiene

HCL Tech^

Accumulate

882

1,014

125,825

46,723

52,342

22.1

20.9

60.0

62.8

14.7

14.0

3.7

3.2

25.3

22.4

2.4

2.1

Infosys

Buy

965

1,179

221,563

68,484

73,963

26.0

63.0

64.0

15.3

15.1

3.2

3.0

20.8

19.7

2.9

2.6

TCS

Accumulate

2,498

2,651

492,174

117,966

127,403

27.5

27.6

134.3

144.5

18.6

17.3

5.5

5.1

29.8

29.7

3.8

3.6

Tech Mahindra

Buy

399

533

38,886

29,141

31,051

14.4

15.0

32.3

35.6

12.3

11.2

2.1

1.9

17.1

17.0

1.2

1.0

Wipro

Neutral

287

139,885

55,421

58,536

20.3

35.1

36.5

8.2

7.9

1.4

1.2

19.2

14.6

1.9

1.7

Media

D B Corp

Neutral

374

6,885

2,297

2,590

27.4

28.2

21.0

23.4

17.8

16.0

4.2

3.6

23.7

23.1

2.8

2.4

HT Media

Neutral

2,016

2,693

2,991

12.6

12.9

7.9

9.0

11.0

9.6

0.9

7.8

8.3

0.3

0.2

Jagran Prakashan

Buy

179

225

5,857

2,283

2,555

28.0

10.6

12.3

16.9

14.6

3.6

3.1

21.4

2.6

2.3

Sun TV Network

Neutral

727

28,630

2,850

3,265

70.1

71.0

26.2

30.4

27.7

23.9

7.1

6.3

24.3

25.6

9.6

8.3

Hindustan Media

Neutral

270

1,982

1,016

1,138

24.3

25.2

27.3

30.1

9.9

9.0

1.9

1.7

16.2

15.8

1.3

1.1

Ventures

TV Today Network

Buy

235

344

1,400

608

667

21.5

22.3

15.7

19.2

15.0

12.2

2.3

2.0

16.1

16.0

1.9

1.6

Music Broadcast Limited Buy

350

434

1,997

271

317

91.0

109.0

6.0

10.0

58.3

35.0

3.6

3.3

6.5

9.3

7.0

5.7

Metals & Mining

Coal India

Neutral

245

151,833

84,638

94,297

21.4

22.3

24.5

27.1

10.0

9.0

4.2

4.0

42.6

46.0

1.3

1.2

Hind. Zinc

Neutral

285

120,253

14,252

18,465

55.9

48.3

15.8

21.5

18.0

13.2

2.9

2.6

17.0

20.7

8.4

6.5

Hindalco

Neutral

235

52,733

107,899

112,095

7.4

8.2

9.2

13.0

25.6

18.1

1.2

4.8

6.6

1.0

0.9

JSW Steel

Neutral

231

55,802

53,201

58,779

16.1

16.2

130.6

153.7

1.8

1.5

0.2

14.0

14.4

1.8

1.6

NMDC

Neutral

127

40,324

6,643

7,284

44.4

47.7

7.1

7.7

18.0

16.6

1.6

1.5

8.8

9.2

3.8

3.5

SAIL

Neutral

25,999

47,528

53,738

(0.7)

2.1

(1.9)

2.6

24.2

0.7

(1.6)

3.9

1.4

1.3

Vedanta

Neutral

298

110,661

71,744

81,944

19.2

21.7

13.4

20.1

22.2

14.8

1.9

1.7

8.4

11.3

1.9

1.6

Tata Steel

Neutral

616

59,803

121,374

121,856

7.2

8.4

18.6

34.3

33.1

18.0

2.1

1.9

6.1

10.1

1.1

Oil & Gas

GAIL

Neutral

387

65,403

56,220

65,198

9.3

10.1

27.1

33.3

14.3

11.6

1.3

1.2

9.3

10.7

1.4

1.1

ONGC

Neutral

164

210,401

137,222

152,563

15.0

21.8

19.5

24.1

8.4

6.8

0.7

8.5

10.1

1.8

1.6

www.angelbroking.com

Stock Watch

August 09, 2017

Company Name

Reco

CMP

Target

Mkt Cap

Sales ( Čcr )

OPM(%)

EPS (Č)

PER(x)

P/BV(x)

RoE(%)

EV/Sales(x)

(Č)

Price ( Č)

( Č cr )

FY17E FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

Oil & Gas

Indian Oil Corp

Neutral

413

200,670

373,359

428,656

5.9

5.5

54.0

59.3

7.7

7.0

1.2

1.1

16.0

15.6

0.7

0.6

Reliance Industries

Neutral

1,603

521,383

301,963

358,039

12.1

12.6

87.7

101.7

18.3

15.8

1.9

1.7

10.7

11.3

2.2

1.8

Pharmaceuticals

Alembic Pharma

Accumulate

531

600

10,010

3,101

3,966

19.7

20.5

21.4

25.5

24.8

20.8

5.3

4.3

23.0

22.8

3.2

2.4

Alkem Laboratories Ltd

Buy

1,840

2,161

22,000

5,853

6,901

17.1

18.4

74.6

85.0

24.7

21.7

5.2

4.4

21.1

20.2

3.7

3.2

Aurobindo Pharma

Accumulate

727

823

42,567

14,845

17,086

21.5

22.1

39.4

44.7

18.4

16.3

4.5

3.6

27.6

24.7

3.0

2.6

Aventis*

Neutral

4,225

9,730

2,206

2,508

16.6

16.8

128.9

139.9

32.8

30.2

5.6

4.4

21.6

23.5

4.2

3.5

Cadila Healthcare

Sell

530

450

54,274

9,220

11,584

18.4

20.3

14.5

18.7

36.6

28.4

7.8

6.3

23.5

24.6

6.2

4.8

Cipla

Sell

578

461

46,530

14,281

16,619

15.4

16.2

12.5

19.7

46.3

29.4

3.7

3.3

8.4

12.0

3.4

2.9

Dr Reddy's

Neutral

2,102

34,837

14,081

15,937

16.1

18.6

72.6

105.9

29.0

19.9

2.8

2.6

9.6

13.6

2.7

2.4

Dishman Pharma

Sell

143

1,718

1,890

22.7

22.8

9.5

11.3

10.1

10.9

3.3

2.9

GSK Pharma*

Neutral

2,381

20,167

2,927

3,290

11.8

16.2

34.4

49.6

69.2

48.0

10.1

10.4

13.9

21.3

6.7

6.0

Indoco Remedies

Sell

199

153

1,831

1,067

1,154

12.1

14.9

8.4

11.3

23.7

17.6

2.8

2.5

12.6

15.0

1.9

1.8

Ipca labs

Buy

456

620

5,751

3,211

3,593

13.9

14.5

15.4

19.4

29.6

23.5

2.3

2.1

8.2

9.5

1.9

1.7

Lupin

Buy

974

1,467

44,021

17,120

18,657

24.1

56.9

61.1

17.1

16.0

3.2

2.7

20.7

18.6

2.9

2.3

Natco Pharma

Accumulate

924

1,060

16,100

2,065

1,988

33.1

33.7

27.9

25.7

33.1

35.9

9.7

8.2

29.2

22.9

7.9

8.0

Sun Pharma

Buy

500

712

120,058

30,264

32,899

29.0

26.9

32.7

31.6

15.3

15.8

3.3

2.8

22.2

18.7

3.7

3.3

Power

Tata Power

Neutral

21,165

36,916

39,557

17.4

27.1

5.1

6.3

15.3

12.4

1.4

1.2

9.0

10.3

1.6

1.4

NTPC

Neutral

171

141,327

86,605

95,545

17.5

20.8

11.8

13.4

14.5

12.8

1.5

1.4

10.5

11.1

3.0

Power Grid

Neutral

222

116,246

25,315

29,193

88.2

88.7

14.2

17.2

15.7

13.0

2.4

2.1

15.2

16.1

9.2

8.3

Real Estate

Prestige Estate

Neutral

263

9,866

4,707

5,105

25.2

26.0

10.3

13.0

25.5

20.2

2.1

1.9

10.3

10.2

3.3

2.9

MLIFE

Buy

421

522

2,160

1,152

1,300

22.7

24.6

29.9

35.8

14.1

11.8

1.0

7.6

8.6

2.6

2.2

Telecom

Bharti Airtel

Neutral

418

167,091

105,086

114,808

34.5

34.7

12.2

16.4

34.3

25.5

2.3

2.2

6.8

8.4

2.5

2.2

Idea Cellular

Neutral

33,127

40,133

43,731

37.2

37.1

6.4

6.5

14.4

14.1

1.2

1.1

8.2

7.6

1.8

1.6

zOthers

Abbott India

Neutral

4,376

9,298

3,153

3,583

14.1

14.4

152.2

182.7

28.8

24.0

141.2

120.6

25.6

26.1

2.7

2.3

Asian Granito

Buy

409

480

1,230

1,066

1,169

11.6

12.5

13.0

16.0

31.5

25.6

3.1

2.7

9.5

10.7

1.5

1.3

Bajaj Electricals

Buy

330

395

3,350

4,801

5,351

5.7

6.2

10.4

13.7

31.7

24.1

3.9

3.5

12.4

14.5

0.7

0.6

Banco Products (India)

Neutral

225

1,608

1,353

1,471

12.3

12.4

14.5

16.3

15.5

13.8

21.4

19.3

14.5

14.6

1.1

121.4

Coffee Day Enterprises

Neutral

243

5,000

2,964

3,260

20.5

21.2

4.7

8.0

30.3

2.8

2.6

5.5

8.5

2.1

1.9

Ltd

Competent Automobiles Neutral

203

130

1,137

1,256

3.1

2.7

28.0

23.6

7.3

8.6

39.1

35.4

14.3

11.5

0.1

www.angelbroking.com

Stock Watch

August 09, 2017

Company Name

Reco

CMP

Target

Mkt Cap

Sales ( Čcr )

OPM(%)

EPS (Č)

PER(x)

P/BV(x)

RoE(%)

EV/Sales(x)

(Č)

Price ( Č)

( Č cr )

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

zOthers

Elecon Engineering

Neutral

548

1,482

1,660

13.7

14.5

3.9

5.8

12.5

8.4

2.9

2.7

7.8

10.9

0.7

0.6

Finolex Cables

Neutral

490

7,489

2,883

3,115

12.0

12.1

14.2

18.6

34.5

26.3

18.3

16.0

15.8

14.6

2.3

2.1

Garware Wall Ropes

Neutral

900

1,970

863

928

15.1

15.2

36.4

39.4

24.7

22.9

4.5

3.8

17.5

15.9

2.2

2.0

Goodyear India*

Neutral

871

2,010

1,598

1,704

10.4

10.2

49.4

52.6

17.6

16.6

81.4

71.4

18.2

17.0

0.9

134.3

Hitachi

Neutral

2,030

5,521

2,081

2,433

8.8

8.9

33.4

39.9

60.8

50.9

49.0

40.9

22.1

21.4

2.6

2.2

HSIL

Neutral

363

2,623

2,384

2,515

15.8

16.3

15.3

19.4

23.7

18.7

23.6

20.3

7.8

9.3

1.3

1.2

Interglobe Aviation

Neutral

1,296

46,856

21,122

26,005

14.5

27.6

110.7

132.1

11.7

9.8

70.0

50.0

168.5

201.1

2.2

1.7

Jyothy Laboratories

Neutral

382

6,934

1,440

2,052

11.5

13.0

8.5

10.0

44.9

38.2

10.9

10.1

18.6

19.3

5.1

3.6

Kirloskar Engines India

Neutral

395

5,712

2,554

2,800

9.9

10.0

10.5

12.1

37.6

32.6

15.7

14.9

10.7

11.7

1.9

1.7

Ltd

Linc Pen & Plastics

Neutral

259

383

382

420

9.3

9.5

13.5

15.7

19.2

16.5

3.3

2.9

17.1

17.3

1.1

1.0

M M Forgings

Neutral

595

718

546

608

20.4

20.7

41.3

48.7

14.4

12.2

81.5

72.1

16.6

17.0

1.2

1.0

Manpasand Bever.

Neutral

774

4,426

836

1,087

19.6

19.4

16.9

23.8

45.8

32.5

5.5

4.8

12.0

14.8

5.0

3.8

Mirza International

Neutral

155

1,868

963

1,069

17.2

18.0

6.1

7.5

25.3

20.7

3.9

3.3

15.0

15.7

2.2

1.9

MT Educare

Neutral

260

366

417

17.7

18.2

9.4

10.8

7.0

6.0

1.5

1.3

22.2

22.3

0.6

0.5

Narayana Hrudaya

Neutral

301

6,147

1,873

2,166

11.5

11.7

2.6

4.0

113.7

75.9

7.0

6.3

6.1

8.3

3.4

2.9

Navkar Corporation

Buy

188

265

2,685

347

371

43.2

37.3

6.7

6.0

28.2

31.4

1.9

1.7

6.2

10.6

8.9

8.3

Navneet Education

Neutral

162

3,774

1,062

1,147

24.0

6.1

6.6

26.5

24.4

5.5

4.8

20.6

19.8

3.6

3.4

Nilkamal

Neutral

1,679

2,506

1,995

2,165

10.7

10.4

69.8

80.6

24.1

20.8

96.0

83.3

16.6

16.5

1.3

1.1

Page Industries

Neutral

16,227

18,099

2,450

3,124

20.1

17.6

299.0

310.0

54.3

52.3

361.4

275.9

47.1

87.5

7.4

5.9

Parag Milk Foods

Neutral

247

2,074

1,919

2,231

9.3

9.6

9.5

12.9

26.1

19.1

4.1

3.3

15.5

17.5

1.2

1.1

Quick Heal

Neutral

209

1,465

408

495

27.3

27.0

7.7

8.8

27.0

23.7

2.5

9.3

10.6

2.7

2.3

Radico Khaitan

Neutral

148

1,965

1,667

1,824

13.0

13.2

6.7

8.2

22.2

18.0

2.0

1.8

9.0

10.2

1.6

1.4

Relaxo Footwears

Neutral

497

5,974

2,085

2,469

9.2

8.2

7.6

8.0

65.8

62.6

25.5

21.8

17.9

18.8

3.0

2.5

S H Kelkar & Co.

Neutral

260

3,754

1,036

1,160

15.1

15.0

6.1

7.2

42.5

36.2

4.5

4.2

10.7

11.5

3.5

3.1

Siyaram Silk Mills

Buy

2,024

2,500

1,897

1,574

1,769

12.5

12.7

97.1

113.1

20.8

17.9

3.2

2.8

15.4

15.5

1.4

1.3

Styrolution ABS India*

Neutral

975

1,715

1,440

1,537

9.2

9.0

40.6

42.6

24.0

22.9

61.3

55.8

12.3

11.6

1.2

1.0

Surya Roshni

Neutral

271

1,187

3,342

3,625

7.8

7.5

17.3

19.8

15.7

13.7

29.8

23.9

10.5

10.8

0.6

Team Lease Serv.

Neutral

1,423

2,432

3,229

4,001

1.5

1.8

22.8

32.8

62.5

43.3

6.7

5.8

10.7

13.4

0.7

0.5

The Byke Hospitality

Neutral

197

790

287

384

20.5

7.6

10.7

25.9

18.4

5.4

4.4

20.7

23.5

2.8

2.1

www.angelbroking.com

Stock Watch

August 09, 2017

Company Name

Reco

CMP

Target Mkt Cap

Sales ( Čcr )

OPM(%)

EPS (Č)

PER(x)

P/BV(x)

RoE(%)

EV/Sales(x)

(Č)

Price ( Č)

( Č cr )

FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E

zOthers

Transport Corporation of

Neutral

291

2,229

2,671

2,911

8.5

8.8

13.9

15.7

21.0

18.6

2.9

2.6

13.7

13.8

0.9

India

TVS Srichakra

Neutral

3,536

2,708

2,304

2,614

13.7

13.8

231.1

266.6

15.3

13.3

397.4

312.9

33.9

29.3

1.2

1.0

UFO Moviez

Neutral

363

1,002

619

685

33.2

33.4

30.0

34.9

12.1

10.4

1.7

1.5

13.8

13.9

1.3

1.0

Visaka Industries

Neutral

475

754

1,051

1,138

10.3

10.4

21.0

23.1

22.6

20.5

60.9

57.0

9.0

9.2

1.0

0.9

VRL Logistics

Neutral

344

3,135

1,902

2,119

16.7

16.6

14.6

16.8

23.6

20.4

5.2

4.5

21.9

22.2

1.8

1.6

VIP Industries

Accumulate

192

218

2,711

1,270

1,450

10.4

5.6

6.5

34.3

29.5

7.1

6.2

20.7

21.1

2.1

1.9

Navin Fluorine

Neutral

725

3,570

789

945

21.1

22.4

24.0

28.7

30.2

25.3

4.9

4.2

17.8

18.5

4.5

3.6

Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on August 08, 2017

www.angelbroking.com

Market Outlook

August 09, 2017

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

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