Market Outlook
June 14, 2017
Market Cues
Domestic Indices
Chg (%)
(Pts)
(Close)
Indian markets are likely to open flat and may remain range bound tracking the
BSE Sensex
0.0
88
31,103
SGX Nifty and Asian markets.
Nifty
(0.1)
(10)
9,607
US markets moved to the upside early in the session and remained firmly positive
Mid Cap
0.0
92
14,798
throughout the trading day on Tuesday. With the upward move, the Dow and the
Small Cap
0.4
164
15,518
S&P 500 both climbed to new record closing highs. The strength on Wall Street was
partly due to bargain hunting, with traders picking up stocks at relatively reduced
Bankex
(0.0)
(4)
26,543
levels.
Global Indices
Chg (%)
(Pts)
(Close)
The majority of the European markets ended Tuesday's session with small gains,
following yesterday's weak performance. Investors stepped in to buy technology
Dow Jones
0.4
193
21,328
stocks following Monday's drop.
Nasdaq
0.7
45
6,220
FTSE
(0.2)
(11)
7,500
Indian markets erased early gains to end largely unchanged on Tuesday amid
selling in IT, banking, FMCG and auto stocks. Markets rose in early trade as tepid
Nikkei
(0.0)
(10)
19,899
inflation and industrial output data helped spur hopes that the RBI will cut interest
Hang Seng
0.6
144
25,852
rates at its next policy review in August.
Shanghai Com
0.4
14
3,154
News Analysis
Advances / Declines
BSE
NSE
Berger Paints plans to enter non-paint home decor business
Detailed analysis on Pg2
Advances
1,343
1,849
Declines
1,354
834
Investor’s Ready Reckoner
Unchanged
184
79
Key Domestic & Global Indicators
Stock Watch: Latest investment recommendations on 150+ stocks
Volumes (` Cr)
Refer Pg5 onwards
BSE
3,442
Top Picks
NSE
20,504
CMP
Target
Upside
Company
Sector
Rating
(`)
(`)
(%)
Blue Star
Capital Goods
Buy
646
760
17.7
#Net Inflows (` Cr)
Net
Mtd
Ytd
Dewan Housing Fin. Financials
Buy
440
520
18.2
FII
(565(5)
(1,495)
50,474
Mahindra Lifespace Real Estate
Buy
456
522
14.4
MFs
804(9)
2,412
32,451
Navkar Corporation Others
Buy
215
265
23.0
KEI Industries
Capital Goods
Buy
214
258
20.6
Top Gainers
Price (`)
Chg (%)
More Top Picks on Pg3
Sciiacem
178
8.5
Key Upcoming Events
Jpassociat
13
8.0
Previous
Consensus
Date
Region
Event Description
Reading
Expectations
Network18
52
7.9
Jun 14, 2017 China
Industrial Production (YoY)
6.50
6.40
Repcohome
908
7.2
Jun 14, 2017 UK
Jobless claims change
19.40
Cox&Kings
256
6.7
Jun 14, 2017 US
Consumer price index (mom)
0.20
-
Jun 14, 2017 India
Imports YoY%
49.10
Top Losers
Price (`)
Chg (%)
Jun 14, 2017 India
Monthly Wholesale Prices YoY%
3.85
2.90
Jun 15, 2017 US
FOMC rate decision
1.00
1.25
Videoind
226
(5.0)
More Events on Pg4
Pcjeweller
512
(3.0)
Justdial
405
(2.8)
Vedl
239
(2.6)
Bharatfin
677
(2.5)
#as on 13th June, 2017
Market Outlook
June 14, 2017
News Analysis
Berger Paints plans to enter non-paint home decor business
Berger Paints, the country's second-largest paint company, is planning to foray into
the home decor business vertical and launch a basket of products other than
paints which has so far been its sole focus area since the company's inception in
India.
In a notice to BSE, the company said it is "considering the business opportunities
available in various areas relating to the home decor and construction industry as
well as adhesives and other related materials".
Under consideration is the entry into segments such as sealants, adhesives, doors,
windows, wooden floor and laminates, tiles, decorative items made of brass and
copper, industrial flooring and various items made of wood, board, aluminium
and other materials.
Economic and Political News
Modi govt has approved `4 lakh cr to improve urban infra: Venkaiah Naidu
EPFO enrols 8.2 million under Employees' Enrolment Campaign 2017
RBI examining relaxing NPA classification limit beyond 90 days
`2-lakh-crore road projects to take off in UP under Yogi Adityanath govt
Corporate News
With 50 Mw plant in UP, Adani Group's solar capacity rises to 838 Mw
Engineering solutions firm Pennar Industries wins contracts worth `255cr
IDBI Bank to establish vertical for recovering `45,000cr NPAs
Cochin Shipyard Limited won't be privatised, Minister assures trade union
Market Outlook
June 14, 2017
Top Picks ★★★★★
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
22,430
1,876
2,161
15.2
more products in USA, which bodes for its international
business.
We expect the company would report strong profitability
Asian Granito
1,187
395
447
13.3
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 market
Blue Star
6,176
646
760
17.7
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
13,786
440
520
18.2
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
8,095
134
160
19.4
Lower credit cost will help in strong bottomline growth.
Increasing share of CASA will help in NIM improvement.
Economic recovery to have favourable impact on
advertising & circulation revenue growth. Further, the
Jagran Prakashan
5,953
182
225
23.5
acquisition of a radio business (Radio City) would also
boost the company's revenue growth.
High order book execution in EPC segment, rising B2C
KEI Industries
1,664
214
258
20.6
sales and higher exports to boost the revenues and
profitability
Speedier execution and speedier sales, strong revenue
Mahindra Lifespace
2,341
456
522
14.4
visibilty in short-to-long run, attractive valuations
Massive capacity expansion along with rail advantage at
Navkar Corporation
3,072
215
265
23.0
ICD as well CFS augurs well for the company
Strong brands and distribution network would boost
Siyaram Silk Mills
2,175
2,320
2,500
7.8
growth going ahead. Stock currently trades at an
inexpensive valuation.
Market leadership in Hindi news genre and no.
2
viewership ranking in English news genre, exit from the
TV Today Network
1,554
261
344
32.1
radio business, and anticipated growth in ad spends by
corporates to benefit the stock.
Source: Company, Angel Research
Market Outlook
June 14, 2017
Key Upcoming Events
Global economic events release calendar
Bloomberg Data
Date
Time
Country
Event Description
Unit
Period
Last Reported
Estimated
Jun 14, 2017
7:30 AMChina
Industrial Production (YoY)
% Change
May
6.50
6.40
2:00 PMUK
Jobless claims change
% Change
May
19.40
6:00 PMUS
Consumer price index (mom)
% Change
May
0.20
-
India
Imports YoY%
% Change
May
49.10
12:00 PMIndia
Monthly Wholesale Prices YoY%
% Change
May
3.85
2.90
Jun 15, 2017
11:30 PMUS
FOMC rate decision
%
Jun 14
1.00
1.25
India
Exports YoY%
% Change
May
19.80
6:00 PMUS
Initial Jobless claims
Thousands
Jun 10
245.00
241.00
6:45 PMUS
Industrial Production
%
May
0.98
0.20
4:30 PMUK
BOE Announces rates
% Ratio
Jun 15
0.25
0.25
Jun 16, 2017
2:30 PMEuro Zone Euro-Zone CPI (YoY)
%
May F
1.40
1.40
6:00 PMUS
Housing Starts
Thousands
May
1,172.00
1,220.00
6:00 PMUS
Building permits
Thousands
May
1,228.00
1,250.00
Jun 21, 2017
7:30 PMUS
Existing home sales
Million
May
5.57
5.55
Jun 22, 2017
7:30 PMEuro Zone Euro-Zone Consumer Confidence
Value
Jun A
(3.30)
Jun 23, 2017
1:00 PMGermany PMI Manufacturing
Value
Jun P
59.50
1:00 PMGermany PMI Services
Value
Jun P
55.40
7:30 PMUS
New home sales
Thousands
May
569.00
600.00
Jun 27, 2017
7:30 PMUS
Consumer Confidence
S.A./ 1985=100 Jun
117.90
Jun 29, 2017
6:00 PMUS
GDP Qoq (Annualised)
% Change
1Q T
1.20
Jun 30, 2017
1:25 PMGermany Unemployment change (000's)
Thousands
Jun
(9.00)
6:30 AMChina
PMI Manufacturing
Value
Jun
51.20
Source: Bloomberg, Angel Research
Market Outlook
June 14, 2017
Macro watch
Exhibit 1: Quarterly GDP trends
Exhibit 2: IIP trends
(%)
(%)
10.0
10.0
9.1
8.9
8.8
9.0
9.0
7.9
8.0
7.9
8.0
7.6
7.5
8.0
7.3
7.2
7.0
7.0
5.7
5.7
7.0
6.0
5.2
6.1
6.1
4.9
4.9
5.0
6.0
3.8
4.0
3.0
3.1
5.0
2.6
3.0
1.9
4.0
2.0
1.0
3.0
-
Source: CSO, Angel Research
Source: MOSPI, Angel Research
Exhibit 3: Monthly CPI inflation trends
Exhibit 4: Manufacturing and services PMI
56.0
Mfg. PMI
Services PMI
(%)
7.0
54.0
6.1
5.8
6.0
5.1
52.0
5.0
4.3
4.2
3.9
50.0
3.6
3.7
4.0
3.4
3.2
3.0
48.0
3.0
2.2
46.0
2.0
1.0
44.0
-
42.0
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
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
4.00
(10.0)
(20.0)
3.50
(30.0)
3.00
Source: Bloomberg, Angel Research
Source: RBI, Angel Research
Market Outlook
June 14, 2017
Global watch
Exhibit 1: Latest quarterly GDP Growth (%, yoy) across select developing and developed countries
(%)
8.0
6.9
7.0
6.0
5.6
5.3
5.0
5.0
1.0
4.0
3.3
2.9
3.0
2.0
2.0
2.0
0.5
1.3
1.0
1.0
-
(1.0)
(0.4)
Source: Bloomberg, Angel Research
Exhibit 2: 2016 GDP Growth projection by IMF (%, yoy) across select developing and developed countries
(%)
7.2
6.6
7.0
6.0
5.1
5.0
4.5
4.0
3.0
3.0
2.3
2.0
1.4
1.6
2.0
1.4
1.2
0.2
0.8
1.0
-
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
Market Outlook
June 14, 2017
Exhibit 4: Relative performance of indices across globe
Returns (%)
Country
Name of index
Closing price
1M
3M
1YR
Brazil
Bovespa
61,829
(9.4)
(4.4)
25.1
Russia
Micex
1,861
(7.1)
(5.7)
(1.5)
India
Nifty
9,607
2.2
7.6
16.1
China
Shanghai Composite
3,154
2.6
(2.3)
7.7
South Africa
Top 40
45,265
(4.6)
2.1
(4.1)
Mexico
Mexbol
49,027
(0.8)
3.7
10.0
Indonesia
LQ45
958
1.9
6.9
15.8
Malaysia
KLCI
1,784
0.5
3.9
9.0
Thailand
SET 50
991
0.8
1.1
7.6
USA
Dow Jones
21,328
2.0
2.1
20.7
UK
FTSE
7,500
1.5
2.5
25.7
Japan
Nikkei
19,899
0.1
3.0
20.0
Germany
DAX
12,765
0.4
6.6
32.5
France
CAC
5,262
(2.7)
5.4
20.5
Source: Bloomberg, Angel Research
Stock Watch
June 14, 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
Neutral
247
-
4,808
1,937
2,164
13.3
14.3
9.0
11.0
27.5
22.5
4.8
4.2
18.4
19.8
2.5
2.2
United Phosphorus
Neutral
849
-
43,142
15,176
17,604
18.5
18.5
37.4
44.6
22.7
19.0
4.5
3.7
21.4
21.2
3.0
2.5
Auto & Auto Ancillary
Ashok Leyland
Buy
95
111
27,064
20,021
21,915
11.6
11.9
4.5
5.3
21.1
17.9
4.3
3.8
20.6
21.5
1.3
1.2
Bajaj Auto
Neutral
2,828
-
81,836
25,093
27,891
19.5
19.2
143.9
162.5
19.7
17.4
5.5
4.7
30.3
29.4
3.0
2.6
Bharat Forge
Neutral
1,166
-
27,138
7,726
8,713
20.5
21.2
35.3
42.7
33.0
27.3
6.1
5.5
18.9
20.1
3.6
3.1
Eicher Motors
Neutral
29,121
-
79,274
16,583
20,447
17.5
18.0
598.0
745.2
48.7
39.1
16.6
12.7
41.2
38.3
4.6
3.7
Gabriel India
Neutral
143
-
2,059
1,544
1,715
9.0
9.3
5.4
6.3
26.6
22.8
5.0
4.4
18.9
19.5
1.3
1.1
Hero Motocorp
Neutral
3,753
-
74,937
28,083
30,096
15.3
15.7
171.8
187.0
21.8
20.1
7.6
6.4
30.1
27.9
2.5
2.3
Jamna Auto Industries Neutral
268
-
2,136
1,486
1,620
9.8
9.9
15.0
17.2
17.9
15.6
3.9
3.3
21.8
21.3
1.5
1.4
L G Balakrishnan & Bros Neutral
749
-
1,175
1,302
1,432
11.6
11.9
43.7
53.0
17.1
14.1
2.4
2.2
13.8
14.2
1.0
0.9
Mahindra and Mahindra Neutral
1,417
-
88,031
46,534
53,077
11.6
11.7
67.3
78.1
21.1
18.2
3.4
3.0
15.4
15.8
1.9
1.6
Maruti
Neutral
7,349
-
221,997
67,822
83,288
16.0
16.4
253.8
312.4
29.0
23.5
6.7
5.4
23.0
22.9
2.9
2.3
Minda Industries
Neutral
595
-
5,145
2,728
3,042
9.0
9.1
68.2
86.2
8.7
6.9
2.0
1.6
23.8
24.3
1.9
1.7
Motherson Sumi
Neutral
477
-
66,991
45,896
53,687
7.8
8.3
13.0
16.1
36.6
29.7
11.8
9.4
34.7
35.4
1.5
1.3
Rane Brake Lining
Neutral
1,347
-
1,066
511
562
11.3
11.5
28.1
30.9
47.9
43.6
7.3
6.7
15.3
15.0
2.2
2.0
Setco Automotive
Neutral
38
-
507
741
837
13.0
13.0
15.2
17.0
2.5
2.2
0.4
0.4
15.8
16.3
1.1
1.0
Tata Motors
Neutral
450
-
129,815
300,209
338,549
8.9
8.4
42.7
54.3
10.5
8.3
1.7
1.4
15.6
17.2
0.5
0.5
TVS Motor
Neutral
556
-
26,403
13,390
15,948
6.9
7.1
12.8
16.5
43.6
33.6
10.8
8.6
26.3
27.2
2.0
1.7
Amara Raja Batteries
Buy
841
1,009
14,358
5,305
6,100
16.0
16.3
28.4
34.0
29.6
24.7
5.7
4.8
19.3
19.3
2.7
2.4
Exide Industries
Neutral
227
-
19,325
7,439
8,307
15.0
15.0
8.1
9.3
28.1
24.5
3.9
3.5
14.3
16.7
2.2
2.0
Apollo Tyres
Neutral
258
-
13,130
12,877
14,504
14.3
13.9
21.4
23.0
12.0
11.2
1.9
1.6
16.4
15.2
1.2
1.1
Ceat
Neutral
1,873
-
7,577
7,524
8,624
13.0
12.7
131.1
144.3
14.3
13.0
2.6
2.2
19.8
18.6
1.1
0.9
JK Tyres
Neutral
175
-
3,979
7,455
8,056
15.0
15.0
21.8
24.5
8.1
7.2
1.7
1.4
22.8
21.3
0.7
0.6
Swaraj Engines
Neutral
2,192
-
2,722
660
810
15.2
16.4
54.5
72.8
40.2
30.1
12.5
11.4
31.5
39.2
3.9
3.2
Subros
Neutral
260
-
1,559
1,488
1,681
11.7
11.9
6.4
7.2
40.6
36.3
4.3
3.9
10.8
11.4
1.3
1.1
Indag Rubber
Neutral
214
-
563
286
326
19.8
16.8
11.7
13.3
18.3
16.1
3.1
2.9
17.8
17.1
1.6
1.4
Capital Goods
ACE
Neutral
64
-
629
709
814
4.1
4.6
1.4
2.1
45.4
30.3
1.9
1.8
4.4
6.0
1.0
0.9
BEML
Neutral
1,311
-
5,461
3,451
4,055
6.3
9.2
31.4
57.9
41.8
22.7
2.5
2.3
6.3
10.9
1.7
1.4
Bharat Electronics
Neutral
165
-
36,866
8,137
9,169
16.8
17.2
58.7
62.5
2.8
2.6
0.4
0.4
44.6
46.3
3.5
3.1
Stock Watch
June 14, 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
492
-
16,263
6,511
7,514
7.9
8.7
12.9
16.3
38.1
30.2
6.9
6.0
16.7
18.5
2.3
1.9
BGR Energy
Neutral
152
-
1,094
16,567
33,848
6.0
5.6
7.8
5.9
19.4
25.7
1.1
1.1
4.7
4.2
0.2
0.1
BHEL
Neutral
140
-
34,254
28,797
34,742
-
2.8
2.3
6.9
60.9
20.3
1.0
1.0
1.3
4.8
0.8
0.6
Blue Star
Buy
646
760
6,176
4,283
5,077
5.9
7.3
14.9
22.1
43.4
29.2
8.4
7.1
20.4
26.4
1.5
1.3
CG Power and Industrial
Neutral
82
-
5,158
5,777
6,120
5.9
7.0
3.3
4.5
24.9
18.3
1.1
1.0
4.4
5.9
0.9
0.7
Solutions
Greaves Cotton
Neutral
157
-
3,839
1,755
1,881
16.8
16.9
7.8
8.5
20.2
18.5
4.0
3.7
20.6
20.9
1.9
1.7
Inox Wind
Neutral
138
-
3,057
5,605
6,267
15.7
16.4
24.8
30.0
5.6
4.6
1.6
1.1
25.9
24.4
0.6
0.5
KEC International
Neutral
258
-
6,625
9,294
10,186
7.9
8.1
9.9
11.9
26.0
21.7
3.8
3.3
15.6
16.3
0.9
0.9
KEI Industries
Buy
214
258
1,664
2,633
3,001
10.4
10.0
12.7
13.0
16.8
16.4
3.6
3.0
21.4
18.2
0.8
0.7
Thermax
Neutral
952
-
11,342
5,421
5,940
7.3
7.3
25.7
30.2
37.0
31.5
4.5
4.1
12.2
13.1
2.0
1.8
VATech Wabag
Neutral
685
-
3,737
3,136
3,845
8.9
9.1
26.0
35.9
26.3
19.1
3.3
2.8
13.4
15.9
1.1
0.9
Cement
ACC
Neutral
1,611
-
30,253
11,225
13,172
13.2
16.9
44.5
75.5
36.2
21.3
3.4
3.2
11.2
14.2
2.7
2.3
Ambuja Cements
Neutral
232
-
45,988
9,350
10,979
18.2
22.5
5.8
9.5
39.9
24.4
3.4
3.0
10.2
12.5
4.9
4.2
India Cements
Neutral
209
-
6,432
4,364
4,997
18.5
19.2
7.9
11.3
26.5
18.5
1.9
1.9
8.0
8.5
2.2
2.0
JK Cement
Neutral
1,027
-
7,182
4,398
5,173
15.5
17.5
31.2
55.5
32.9
18.5
4.0
3.4
12.0
15.5
2.2
1.8
J K Lakshmi Cement
Neutral
473
-
5,562
2,913
3,412
14.5
19.5
7.5
22.5
63.0
21.0
3.9
3.3
12.5
18.0
2.5
2.1
Orient Cement
Neutral
153
-
3,129
2,114
2,558
18.5
20.5
8.1
11.3
18.9
13.5
2.8
2.4
9.0
14.0
2.1
1.6
UltraTech Cement
Neutral
4,063
-
111,529
25,768
30,385
21.0
23.5
111.0
160.0
36.6
25.4
4.7
4.1
13.5
15.8
4.4
3.7
Construction
ITNL
Neutral
99
-
3,268
8,946
10,017
31.0
31.6
8.1
9.1
12.3
10.9
0.5
0.5
4.2
5.0
3.7
3.4
KNR Constructions
Neutral
211
-
2,961
1,385
1,673
14.7
14.0
41.2
48.5
5.1
4.3
1.0
0.8
14.9
15.2
2.2
1.8
Larsen & Toubro
Neutral
1,737
-
162,139
111,017
124,908
11.0
11.0
61.1
66.7
28.4
26.0
3.4
3.2
13.1
12.9
2.5
2.3
Gujarat Pipavav Port
Neutral
137
-
6,606
705
788
52.2
51.7
5.0
5.6
27.3
24.4
2.7
2.4
11.2
11.2
9.0
7.6
Nagarjuna Const.
Neutral
91
-
5,034
8,842
9,775
9.1
8.8
5.3
6.4
17.1
14.2
1.4
1.2
8.2
9.1
0.7
0.6
PNC Infratech
Neutral
147
-
3,762
2,350
2,904
13.1
13.2
9.0
8.8
16.3
16.7
0.6
0.5
15.9
13.9
1.7
1.4
Simplex Infra
Neutral
555
-
2,746
6,829
7,954
10.5
10.5
31.4
37.4
17.7
14.8
1.8
1.7
9.9
13.4
0.8
0.7
Power Mech Projects
Neutral
587
-
863
1,801
2,219
12.7
14.6
72.1
113.9
8.1
5.2
1.5
1.3
16.8
11.9
0.5
0.4
Sadbhav Engineering
Neutral
306
-
5,252
3,598
4,140
10.3
10.6
9.0
11.9
34.0
25.7
3.6
3.1
9.9
11.9
1.7
1.5
NBCC
Neutral
199
-
17,897
7,428
9,549
7.9
8.6
8.2
11.0
24.3
18.1
1.2
1.0
28.2
28.7
2.1
1.6
MEP Infra
Neutral
94
-
1,520
1,877
1,943
30.6
29.8
3.0
4.2
31.2
22.3
15.1
10.2
0.6
0.6
2.2
2.0
Stock Watch
June 14, 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
110
-
3,874
1,036
1,252
65.5
66.2
(8.4)
(5.6)
4.1
4.7
(22.8)
(15.9)
12.0
9.9
Engineers India
Neutral
151
-
10,192
1,725
1,935
16.0
19.1
11.4
13.9
13.3
10.9
1.8
1.8
13.4
15.3
4.8
4.3
Financials
Axis Bank
Accumulate
506
580
121,348
46,932
53,575
3.5
3.4
32.4
44.6
15.7
11.3
2.0
1.8
13.6
16.5
-
-
Bank of Baroda
Neutral
170
-
39,113
19,980
23,178
1.8
1.8
11.5
17.3
14.8
9.8
1.7
1.4
8.3
10.1
-
-
Canara Bank
Neutral
349
-
20,816
15,225
16,836
1.8
1.8
14.5
28.0
24.0
12.5
1.7
1.3
5.8
8.5
-
-
Can Fin Homes
Neutral
3,055
-
8,132
420
526
3.5
3.5
86.5
107.8
35.3
28.3
7.6
6.2
23.6
24.1
-
-
Cholamandalam Inv. &
Accumulate
1,093
1,230
17,080
2,012
2,317
6.3
6.3
42.7
53.6
25.6
20.4
4.1
3.5
16.9
18.3
-
-
Fin. Co.
Dewan Housing Finance Buy
440
520
13,786
2,225
2,688
2.9
2.9
29.7
34.6
14.8
12.7
2.4
1.6
16.1
14.8
-
-
Equitas Holdings
Buy
153
235
5,173
939
1,281
11.7
11.5
5.8
8.2
26.4
18.7
2.3
2.0
10.9
11.5
-
-
Federal Bank
Accumulate
115
125
19,863
8,259
8,995
3.0
3.0
4.3
5.6
26.8
20.6
2.3
2.1
8.5
10.1
-
-
HDFC
Neutral
1,668
-
265,179
11,475
13,450
3.4
3.4
45.3
52.5
36.8
31.8
7.1
6.3
20.2
20.5
-
-
HDFC Bank
Neutral
1,680
-
431,472
46,097
55,433
4.5
4.5
58.4
68.0
28.8
24.7
5.0
4.2
18.8
18.6
-
-
ICICI Bank
Neutral
315
-
183,482
42,800
44,686
3.1
3.3
18.0
21.9
17.5
14.4
2.4
2.2
11.1
12.3
-
-
Karur Vysya Bank
Buy
134
160
8,095
5,640
6,030
3.3
3.2
8.9
10.0
15.1
13.4
1.6
1.5
11.2
11.4
-
-
Lakshmi Vilas Bank
Neutral
200
-
3,828
3,339
3,799
2.7
2.8
11.0
14.0
18.1
14.3
1.9
1.7
11.2
12.7
-
-
LIC Housing Finance
Neutral
782
-
39,442
3,712
4,293
2.6
2.5
39.0
46.0
20.0
17.0
3.8
3.2
19.9
20.1
-
-
Punjab Natl.Bank
Neutral
149
-
31,632
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
516
-
19,423
1,783
2,309
2.6
2.6
12.7
16.4
40.7
31.5
4.4
4.0
12.8
13.3
-
-
Repco Home Finance
Neutral
902
-
5,644
388
457
4.5
4.2
30.0
38.0
30.1
23.7
5.0
4.2
18.0
19.2
-
-
South Ind.Bank
Neutral
29
-
5,158
6,435
7,578
2.5
2.5
2.7
3.1
10.6
9.2
1.4
1.1
10.1
11.2
-
-
St Bk of India
Neutral
284
-
230,158
88,650
98,335
2.6
2.6
13.5
18.8
21.0
15.1
2.0
1.8
7.0
8.5
-
-
Union Bank
Neutral
151
-
10,377
13,450
14,925
2.3
2.3
25.5
34.5
5.9
4.4
0.9
0.7
7.5
10.2
-
-
Yes Bank
Neutral
1,494
-
68,294
8,978
11,281
3.3
3.4
74.0
90.0
20.2
16.6
3.8
3.3
17.0
17.2
-
-
FMCG
Akzo Nobel India
Neutral
1,865
-
8,945
2,955
3,309
13.3
13.7
57.2
69.3
32.6
26.9
10.7
9.0
32.7
33.3
2.8
2.5
Asian Paints
Neutral
1,150
-
110,346
17,128
18,978
16.8
16.4
19.1
20.7
60.2
55.6
21.0
19.8
34.8
35.5
6.4
5.7
Britannia
Neutral
3,626
-
43,507
9,594
11,011
14.6
14.9
80.3
94.0
45.2
38.6
18.6
14.3
41.2
-
4.4
3.8
Colgate
Neutral
1,075
-
29,243
4,605
5,149
23.4
23.4
23.8
26.9
45.2
40.0
25.0
19.6
64.8
66.8
6.3
5.6
Dabur India
Neutral
291
-
51,278
8,315
9,405
19.8
20.7
8.1
9.2
35.9
31.6
10.0
8.3
31.6
31.0
5.8
5.1
GlaxoSmith Con*
Neutral
5,344
-
22,473
4,350
4,823
21.2
21.4
179.2
196.5
29.8
27.2
7.9
6.7
27.1
26.8
4.6
4.0
Stock Watch
June 14, 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
1,879
-
64,011
10,235
11,428
18.4
18.6
41.1
44.2
45.7
42.5
10.1
8.6
24.9
24.8
6.3
5.6
HUL
Neutral
1,103
-
238,654
35,252
38,495
17.8
17.8
20.7
22.4
53.4
49.3
51.0
43.8
95.6
88.9
6.6
6.0
ITC
Neutral
305
-
370,131
40,059
44,439
38.3
39.2
9.0
10.1
33.9
30.1
9.5
8.3
27.8
27.5
8.7
7.9
Marico
Neutral
317
-
40,843
6,430
7,349
18.8
19.5
6.4
7.7
49.5
41.1
14.9
12.6
33.2
32.5
6.2
5.3
Nestle*
Neutral
6,690
-
64,497
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
156
-
9,874
8,675
9,088
9.8
9.8
7.4
8.2
21.1
19.1
1.7
1.6
7.9
8.1
1.1
1.0
Procter & Gamble
Neutral
8,000
-
25,969
2,939
3,342
23.2
23.0
146.2
163.7
54.7
48.9
13.9
11.5
25.3
23.5
8.4
7.3
Hygiene
IT
HCL Tech^
Buy
849
1,014
121,101
46,723
52,342
22.1
20.9
60.0
62.8
14.1
13.5
3.6
3.0
25.3
22.4
2.3
2.0
Infosys
Buy
958
1,179
220,093
68,484
73,963
26.0
26.0
63.0
64.0
15.2
15.0
3.2
2.9
20.8
19.7
2.9
2.5
TCS
Accumulate
2,453
2,651
483,425
117,966
127,403
27.5
27.6
134.3
144.5
18.3
17.0
5.4
5.1
29.8
29.7
3.7
3.5
Tech Mahindra
Buy
393
533
38,288
29,141
31,051
14.4
15.0
32.3
35.6
12.2
11.0
2.1
1.9
17.1
17.0
1.2
1.0
Wipro
Buy
259
570
126,204
55,421
58,536
20.3
20.3
35.1
36.5
7.4
7.1
1.3
1.1
19.2
14.6
1.7
1.5
Media
D B Corp
Neutral
373
-
6,856
2,297
2,590
27.4
28.2
21.0
23.4
17.8
15.9
4.1
3.6
23.7
23.1
2.8
2.4
HT Media
Neutral
81
-
1,891
2,693
2,991
12.6
12.9
7.9
9.0
10.3
9.0
0.9
0.8
7.8
8.3
0.3
0.2
Jagran Prakashan
Buy
182
225
5,953
2,283
2,555
28.0
28.0
10.6
12.3
17.1
14.9
3.7
3.2
21.4
21.4
2.6
2.3
Sun TV Network
Neutral
813
-
32,051
2,850
3,265
70.1
71.0
26.2
30.4
31.0
26.8
7.9
7.0
24.3
25.6
10.8
9.3
Hindustan Media
Neutral
277
-
2,033
1,016
1,138
24.3
25.2
27.3
30.1
10.1
9.2
1.9
1.7
16.2
15.8
1.3
1.1
Ventures
TV Today Network
Buy
261
344
1,554
608
667
21.5
22.3
15.7
19.2
16.6
13.5
2.5
2.2
16.1
16.0
2.2
1.9
Metals & Mining
Coal India
Neutral
259
-
160,679
84,638
94,297
21.4
22.3
24.5
27.1
10.6
9.6
4.4
4.2
42.6
46.0
1.4
1.3
Hind. Zinc
Neutral
245
-
103,309
14,252
18,465
55.9
48.3
15.8
21.5
15.5
11.4
2.5
2.2
17.0
20.7
7.3
5.6
Hindalco
Neutral
201
-
44,991
107,899
112,095
7.4
8.2
9.2
13.0
21.8
15.4
1.1
1.0
4.8
6.6
0.9
0.9
JSW Steel
Neutral
198
-
47,788
53,201
58,779
16.1
16.2
130.6
153.7
1.5
1.3
0.2
0.2
14.0
14.4
1.7
1.4
NMDC
Neutral
113
-
35,752
6,643
7,284
44.4
47.7
7.1
7.7
15.9
14.7
1.4
1.3
8.8
9.2
3.2
2.8
SAIL
Neutral
56
-
23,314
47,528
53,738
(0.7)
2.1
(1.9)
2.6
21.7
0.6
0.6
(1.6)
3.9
1.3
1.2
Vedanta
Neutral
239
-
88,655
71,744
81,944
19.2
21.7
13.4
20.1
17.8
11.9
1.5
1.4
8.4
11.3
1.6
1.3
Tata Steel
Neutral
509
-
49,396
121,374
121,856
7.2
8.4
18.6
34.3
27.3
14.8
1.7
1.6
6.1
10.1
1.0
1.0
Oil & Gas
GAIL
Neutral
382
-
64,540
56,220
65,198
9.3
10.1
27.1
33.3
14.1
11.5
1.3
1.2
9.3
10.7
1.3
1.1
ONGC
Neutral
169
-
217,010
137,222
152,563
15.0
21.8
19.5
24.1
8.7
7.0
0.7
0.7
8.5
10.1
1.9
1.7
Indian Oil Corp
Neutral
419
-
203,608
373,359
428,656
5.9
5.5
54.0
59.3
7.8
7.1
1.2
1.1
16.0
15.6
0.7
0.6
Stock Watch
June 14, 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
Reliance Industries
Neutral
1,313
-
426,783
301,963
358,039
12.1
12.6
87.7
101.7
15.0
12.9
1.5
1.4
10.7
11.3
1.9
1.6
Pharmaceuticals
Alembic Pharma
Buy
547
648
10,312
3,101
3,966
19.7
20.5
21.4
25.5
25.6
21.5
5.4
4.4
23.0
22.8
3.3
2.4
Alkem Laboratories Ltd
Buy
1,876
2,161
22,430
5,853
6,901
17.1
18.4
74.6
85.0
25.1
22.1
5.3
4.5
21.1
20.2
3.8
3.2
Aurobindo Pharma
Buy
604
823
35,399
14,845
17,086
21.5
22.1
39.4
44.7
15.3
13.5
3.8
3.0
27.6
24.7
2.5
2.2
Aventis*
Neutral
4,122
-
9,493
2,206
2,508
16.6
16.8
128.9
139.9
32.0
29.5
5.5
4.3
21.6
23.5
4.1
3.4
Cadila Healthcare
Sell
542
450
55,466
9,220
11,584
18.4
20.3
14.5
18.7
37.4
29.0
8.0
6.5
23.5
24.6
6.3
4.9
Cipla
Sell
551
461
44,295
14,281
16,619
15.4
16.2
12.5
19.7
44.0
28.0
3.5
3.2
8.4
12.0
3.3
2.8
Dr Reddy's
Neutral
2,628
-
43,541
14,081
15,937
16.1
18.6
72.6
105.9
36.2
24.8
3.6
3.2
9.6
13.6
3.3
2.9
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
2,456
-
20,803
2,927
3,290
11.8
16.2
34.4
49.6
71.4
49.5
10.4
10.8
13.9
21.3
6.9
6.2
Indoco Remedies
Sell
192
153
1,770
1,067
1,154
12.1
14.9
8.4
11.3
22.9
17.0
2.7
2.4
12.6
15.0
1.8
1.7
Ipca labs
Buy
502
710
6,327
3,211
3,593
13.9
14.5
15.4
19.4
32.6
25.9
2.6
2.4
8.2
9.5
2.1
1.8
Lupin
Buy
1,177
1,526
53,183
17,120
18,657
24.1
24.1
56.9
61.1
20.7
19.3
3.9
3.3
20.7
18.6
3.4
2.8
Natco Pharma
Accumulate
1,002
1,060
17,465
2,065
1,988
33.1
33.7
27.9
25.7
35.9
39.0
10.5
8.9
29.2
22.9
8.6
8.6
Sun Pharma
Buy
536
712
128,707
30,264
32,899
29.0
26.9
32.7
31.6
16.4
17.0
3.5
3.0
22.2
18.7
4.0
3.6
Power
Tata Power
Neutral
78
-
21,124
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
160
-
131,927
86,605
95,545
17.5
20.8
11.8
13.4
13.6
11.9
1.4
1.3
10.5
11.1
2.9
2.9
Power Grid
Accumulate
210
223
109,863
25,315
29,193
88.2
88.7
14.2
17.2
14.8
12.2
2.3
2.0
15.2
16.1
9.0
8.1
Real Estate
Prestige Estate
Neutral
254
-
9,538
4,707
5,105
25.2
26.0
10.3
13.0
24.7
19.6
2.0
1.8
10.3
10.2
3.2
2.9
MLIFE
Accumulate
456
522
2,341
1,152
1,300
22.7
24.6
29.9
35.8
15.3
12.7
1.1
1.1
7.6
8.6
2.7
2.3
Telecom
Bharti Airtel
Neutral
364
-
145,325
105,086
114,808
34.5
34.7
12.2
16.4
29.8
22.2
2.0
1.9
6.8
8.4
2.3
2.0
Idea Cellular
Neutral
79
-
28,452
40,133
43,731
37.2
37.1
6.4
6.5
12.3
12.1
1.0
1.0
8.2
7.6
1.7
1.5
zOthers
Abbott India
Neutral
4,295
-
9,127
3,153
3,583
14.1
14.4
152.2
182.7
28.2
23.5
138.6
118.3
25.6
26.1
2.6
2.2
Asian Granito
Accumulate
395
447
1,187
1,066
1,169
11.6
12.5
13.0
16.0
30.4
24.7
3.0
2.6
9.5
10.7
1.4
1.3
Bajaj Electricals
Accumulate
344
395
3,483
4,801
5,351
5.7
6.2
10.4
13.7
33.0
25.1
4.1
3.6
12.4
14.5
0.7
0.6
Banco Products (India)
Neutral
222
-
1,591
1,353
1,471
12.3
12.4
14.5
16.3
15.3
13.6
21.2
19.1
14.5
14.6
1.1
119.9
Coffee Day Enterprises
Neutral
247
-
5,089
2,964
3,260
20.5
21.2
4.7
8.0
-
30.9
2.9
2.6
5.5
8.5
2.1
1.9
Ltd
Competent Automobiles Neutral
202
-
129
1,137
1,256
3.1
2.7
28.0
23.6
7.2
8.6
38.9
35.1
14.3
11.5
0.1
0.1
Elecon Engineering
Neutral
61
-
688
1,482
1,660
13.7
14.5
3.9
5.8
15.7
10.6
3.7
3.4
7.8
10.9
0.8
0.7
Stock Watch
June 14, 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
Finolex Cables
Neutral
506
-
7,733
2,883
3,115
12.0
12.1
14.2
18.6
35.6
27.2
18.9
16.6
15.8
14.6
2.4
2.2
Garware Wall Ropes
Neutral
812
-
1,777
863
928
15.1
15.2
36.4
39.4
22.3
20.6
4.0
3.4
17.5
15.9
2.0
1.8
Goodyear India*
Neutral
884
-
2,038
1,598
1,704
10.4
10.2
49.4
52.6
17.9
16.8
82.6
72.4
18.2
17.0
1.0
137.0
Hitachi
Neutral
2,031
-
5,522
2,081
2,433
8.8
8.9
33.4
39.9
60.8
50.9
49.1
40.9
22.1
21.4
2.6
2.2
HSIL
Neutral
383
-
2,768
2,384
2,515
15.8
16.3
15.3
19.4
25.0
19.7
24.9
21.4
7.8
9.3
1.3
1.2
Interglobe Aviation
Neutral
1,146
-
41,428
21,122
26,005
14.5
27.6
110.7
132.1
10.4
8.7
61.9
44.2
168.5
201.1
1.9
1.5
Jyothy Laboratories
Neutral
384
-
6,971
1,440
2,052
11.5
13.0
8.5
10.0
45.1
38.4
10.9
10.1
18.6
19.3
5.1
3.6
Kirloskar Engines India
Neutral
382
-
5,518
2,554
2,800
9.9
10.0
10.5
12.1
36.3
31.5
15.2
14.3
10.7
11.7
1.8
1.6
Ltd
Linc Pen & Plastics
Neutral
271
-
401
382
420
9.3
9.5
13.5
15.7
20.1
17.3
3.4
3.0
17.1
17.3
1.1
1.0
M M Forgings
Neutral
605
-
730
546
608
20.4
20.7
41.3
48.7
14.7
12.4
82.9
73.4
16.6
17.0
1.2
1.1
Manpasand Bever.
Neutral
758
-
4,338
836
1,087
19.6
19.4
16.9
23.8
44.9
31.8
5.4
4.7
12.0
14.8
4.9
3.7
Mirza International
Neutral
164
-
1,968
963
1,069
17.2
18.0
6.1
7.5
26.7
21.8
4.1
3.5
15.0
15.7
2.3
2.0
MT Educare
Neutral
64
-
256
366
417
17.7
18.2
9.4
10.8
6.9
6.0
1.5
1.3
22.2
22.3
0.6
0.5
Narayana Hrudaya
Neutral
337
-
6,877
1,873
2,166
11.5
11.7
2.6
4.0
127.2
84.9
7.8
7.1
6.1
8.3
3.8
3.2
Navkar Corporation
Buy
215
265
3,072
347
371
43.2
37.3
6.7
6.0
32.3
35.9
2.2
2.0
6.2
10.6
10.0
9.3
Navneet Education
Neutral
188
-
4,394
1,062
1,147
24.0
24.0
6.1
6.6
30.9
28.4
6.4
5.6
20.6
19.8
4.2
3.9
Nilkamal
Neutral
1,979
-
2,954
1,995
2,165
10.7
10.4
69.8
80.6
28.4
24.6
113.1
98.3
16.6
16.5
1.5
1.3
Page Industries
Neutral
16,039
-
17,890
2,450
3,124
20.1
17.6
299.0
310.0
53.6
51.7
357.2
272.7
47.1
87.5
7.4
5.8
Parag Milk Foods
Neutral
230
-
1,936
1,919
2,231
9.3
9.6
9.5
12.9
24.4
17.8
3.8
3.1
15.5
17.5
1.2
1.0
Quick Heal
Neutral
207
-
1,453
408
495
27.3
27.0
7.7
8.8
26.8
23.6
2.5
2.5
9.3
10.6
2.7
2.2
Radico Khaitan
Buy
127
147
1,690
1,667
1,824
13.0
13.2
6.7
8.2
19.1
15.5
1.7
1.6
9.0
10.2
1.4
1.3
Relaxo Footwears
Neutral
484
-
5,813
2,085
2,469
9.2
8.2
7.6
8.0
64.0
60.9
24.8
21.2
17.9
18.8
2.9
2.5
S H Kelkar & Co.
Neutral
286
-
4,139
1,036
1,160
15.1
15.0
6.1
7.2
46.9
39.9
5.0
4.6
10.7
11.5
3.9
3.4
Siyaram Silk Mills
Accumulate
2,320
2,500
2,175
1,574
1,769
12.5
12.7
97.1
113.1
23.9
20.5
3.7
3.2
15.4
15.5
1.6
1.4
Styrolution ABS India*
Neutral
812
-
1,429
1,440
1,537
9.2
9.0
40.6
42.6
20.0
19.1
51.1
46.5
12.3
11.6
1.0
0.8
Surya Roshni
Neutral
285
-
1,249
3,342
3,625
7.8
7.5
17.3
19.8
16.5
14.4
31.3
25.1
10.5
10.8
0.6
0.6
Team Lease Serv.
Neutral
1,325
-
2,265
3,229
4,001
1.5
1.8
22.8
32.8
58.2
40.3
6.2
5.4
10.7
13.4
0.6
0.5
The Byke Hospitality
Neutral
190
-
762
287
384
20.5
20.5
7.6
10.7
25.0
17.8
5.2
4.2
20.7
23.5
2.7
2.0
Transport Corporation of
Neutral
310
-
2,370
2,671
2,911
8.5
8.8
13.9
15.7
22.3
19.8
3.1
2.7
13.7
13.8
1.0
0.9
India
Stock Watch
June 14, 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
TVS Srichakra
Neutral
4,095
-
3,136
2,304
2,614
13.7
13.8
231.1
266.6
17.7
15.4
460.1
362.3
33.9
29.3
1.4
1.2
UFO Moviez
Neutral
405
-
1,118
619
685
33.2
33.4
30.0
34.9
13.5
11.6
1.9
1.6
13.8
13.9
1.5
1.2
Visaka Industries
Neutral
481
-
764
1,051
1,138
10.3
10.4
21.0
23.1
22.9
20.8
61.6
57.7
9.0
9.2
1.0
0.9
VRL Logistics
Neutral
322
-
2,937
1,902
2,119
16.7
16.6
14.6
16.8
22.1
19.1
4.8
4.3
21.9
22.2
1.7
1.5
VIP Industries
Accumulate
197
218
2,784
1,270
1,450
10.4
10.4
5.6
6.5
35.2
30.3
7.3
6.4
20.7
21.1
2.2
1.9
Navin Fluorine
Accumulate
3,197
3,650
3,130
789
945
21.1
22.4
120.1
143.4
26.6
22.3
4.3
3.7
17.8
18.5
3.9
3.2
Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on June 13, 2017
Market Outlook
June 14, 2017
Research Team Tel: 022 - 39357800
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.
