Market Outlook

September 14, 2016

Market Cues

Domestic Indices

Chg (%)

(Pts)

(Close)

Indian markets are likely to open negative taking global cues

BSE Sensex

(1.5)

(444)

28,354

Nifty

(1.7)

(151)

8,716

Following the recovery rally seen in the previous session, US markets showed a

significant move back to the downside during trading on Tuesday. Continued

Mid Cap

(2.9)

(393)

12,952

uncertainty about the outlook for interest rates weighed on the markets ahead of

Small Cap

(2.3)

(302)

12,560

next week's Federal Reserve meeting.

Bankex

(2.4)

(556)

22,694

European markets finished lower on Tuesday as sentiment was hit by a sharp fall in

the oil price, while investors speculated over when the U.S. Federal Reserve would

Global Indices

Chg (%)

(Pts)

(Close)

raise interest rates.

Dow Jones

(1.4)

(258)

18,067

Indian shares fell more than 1.5% on Monday, tracking broader Asian markets

Nasdaq

(1.1)

(57)

5,155

lower, on revived prospects that the U.S. Federal Reserve might raise interest rates as

FTSE

(0.5)

(35)

6,666

early as next week.

Nikkei

(1.7)

(293)

16,673

News Analysis

Hang Seng

(3.4)

(809)

23,291

 Review - Coal India, Godfrey Phillips

Shanghai Com

(1.8)

(57)

3,022

Detailed analysis on Pg2

Investor’s Ready Reckoner

Advances / Declines

BSE

NSE

Key Domestic & Global Indicators

Advances

688

249

Stock Watch: Latest investment recommendations on 150+ stocks

Declines

2,055

1,375

Refer Pg5 onwards

Unchanged

169

Top Picks

CMP

Target

Upside

Volumes (` Cr)

Company

Sector

Rating

(`)

(%)

BSE

3,429

Amara Raja Batteries Auto & Auto Ancillary

Buy

985

1,174

19.2

NSE

21,136

HCL Tech

Buy

783

1,000

27.8

Bharat Electronics

Capital Goods

Buy

1,200

1,414

17.8

Equitas Holdings

Financials

Buy

176

235

33.8

Net Inflows (` Cr)

Net

Mtd

Ytd

Navkar Corporation Others

Buy

195

265

35.6

FII

(337)

1,918

42,586

More Top Picks on Pg3

MFs

(222)

(655)

9,454

Key Upcoming Events

Consensus

Date

Region

Event Description

Top Gainers

Price (`)

Chg (%)

Reading

Expectations

Sep 14 US

Initial Jobless claims

259.0

265.0

Cyient

492

7.0

Sep 14 UK

Jobless claims change

(8.6)

1.8

Trent

242

3.1

Sep 15 India

Monthly Wholesale Prices YoY%

3.6

4.0

Fincables

432

2.5

Sep 15 Euro Zone

Euro Zone CPI (YoY)

0.2

Star

1,007

2.4

Sep 15 US

Industrial Production

0.7

(0.2)

Deltacorp

157

2.4

Sep 15 UK

BOE Announces rates

0.3

6.(

More Events on Pg4

Top Losers

Price (`)

Chg (%)

Rdel

(13.5)

Hdil

(10.9)

Hindalco

141

(9.0)

Dlf

145

(8.1)

Il&Fstrans

(7.5)

As on September 12, 2016

www.angelbroking.com

Market Outlook

September 14, 2016

News Analysis

Review

Coal India

Coal India reported ~15% fall in consolidated net profit at `3,065.28cr for the

quarter ended June 30, 2016, due to decline in sales. Coal India (CIL) had posted

a consolidated net profit of `3,596.93cr in the year-ago period. Consolidated

profit includes profit of jointly controlled entities and associates. Net sales of the

company during the quarter declined by ~6% to `17,796.05cr. Its production

during the quarter increased by ~4% to 125.67 million tonnes (MT) compared to

121.35 MT in the same quarter of previous fiscal. Coal India accounts for over

80% of domestic coal production. The government has set a production target of

598 million tonnes for CIL for the ongoing fiscal.

Godfrey Phillips

Cigarette maker Godfrey Phillips India (GPI) on Tuesday reported a ~62% decline

in its standalone net profit at `22.38cr for the first quarter ended June 30, due to

lower income from operations. The company had reported a standalone net profit

of `58.88cr in the same quarter a year ago. Godfrey Phillips' total income from

operations during the April-June quarter stood at `940.56cr as compared to

`1,069.51cr in the same period of last financial year.

Economic and Political News

 Railways to save `10,000 crore after budget merger

 August CPI falls to 5.05 % ; July IIP shrinks by 2.4 %

 Food processing sector to treble in coming years: Harsimrat Kaur Badal

Corporate News

 HCC bags `182 crore from Department of Atomic Energy

 Reliance Capital to list home finance biz; eyes `50k cr loan book

 Manappuram Finance raises `200 crore via NCDs

Quarterly Bloomberg Brokers Consensus Estimate

Reliance Communication Ltd Consol - Sept 14, 2016

Particulars (` cr)

1QFY17E

1QFY16

y-o-y (%)

4QFY16 q-o-q (%)

Net sales

5,551

5,429

2.2

5,579

(0.5)

EBITDA

1,774

1,827

(2.9)

1,657

7.0

EBITDA margin (%)

32.0

33.7

(130.7)

29.7

Net profit

177

(46.2)

177

(46.2)

GMR Infrastructure Ltd - Sept 14, 2016

Particulars (` cr)

1QFY17E

1QFY16

y-o-y (%)

4QFY16 q-o-q (%)

Net sales

2,681

2,928

(8.4)

3,708

(27.7)

EBITDA

1,082

863

25.5

1,109

(2.4)

EBITDA margin (%)

40.4

29.5

(302.0)

29.9

Net profit

(695)

(429)

0.0

(954)

0.0

www.angelbroking.com

Market Outlook

September 14, 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

16,830

985

1,174

19.2

products leading to market share gains in both the automotive

OEM and replacement segments.

Uptick in defense capex by government when coupled with BELs

Bharat Electronics

28,798

1,200

1,414

17.8

strong market positioning, indicate that good times are ahead

for BEL.

The stock is trading at attractive valuations and is factoring all

HCL Tech

1,10,392

783

1,000

27.8

the bad news.

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

Infosys

2,42,098

1,054

1,370

30.0

be a US$20bn in FY2020.

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

2,735

271

306

13.1

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

Strong order book lends earnings visibility.

Favourable outlook for the AC industry to augur well for

Cooling products business which is out pacing the market

Blue Star

4,858

510

578

13.4

growth. EMPPAC division's profitability to improve once

operating environment turns around.

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

Dewan Housing Finance

8,113

278

325

16.9

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

5,889

176

235

33.8

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

1,361

590

684

15.9

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

tyre segment.

Economic recovery to have favourable impact on advertising &

circulation revenue growth. Further, the acquisition of a radio

Jagran Prakashan

6,185

189

225

18.9

business (Radio City) would also boost the company's revenue

growth.

Speedier execution and speedier sales, strong revenue visibilty

Mahindra Lifespace

1,759

429

522

21.8

in short-to-long run, attractive valuations

Massive capacity expansion along with rail advantage at ICD

Navkar Corporation

2,787

195

265

35.6

as well CFS augurs well for the company

Earnings boost on back of stable material prices and

Radico Khaitan

1,377

104

125

20.8

favourable pricing environment. Valuation discount to peers

provides additional comfort

Strong brands and distribution network would boost growth

Siyaram Silk Mills

1,158

1,235

1,469

18.9

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 radio business,

TV Today Network

1,778

298

363

21.8

and anticipated growth in ad spends by corporates to benefit

the stock.

Source: Company, Angel Research

www.angelbroking.com

Market Outlook

September 14, 2016

Key Upcoming Events

Result Calendar

Date

Company

Sep 14, 2016

Monnet Ispat, CESC, Unitech, Anant Raj

Source: Bloomberg, Angel Research

Global economic events release calendar

Date

Time

Country

Event Description

Unit

Period

Bloomberg Data

Last Reported Estimated

Sep 14, 2016

6:00PM

Initial Jobless claims

Thousands

Sep 10

259.00

265.00

2:00PM

Jobless claims change

% Change

Aug

(8.60)

1.80

Sep 15, 2016

12:00PM

India

Monthly Wholesale Prices YoY%

% Change

Aug

3.55

4.00

2:30PM

Euro Zone

Euro-Zone CPI (YoY)

Aug F

0.20

6:45PM

Industrial Production

Aug

0.74

(0.20)

Producer Price Index (mom)

% Change

Aug

(0.50)

4:30PM

BOE Announces rates

% Ratio

Sep 15

0.25

Sep 16, 2016

6:00PM

Consumer price index (mom)

% Change

Aug

0.10

Sep 20, 2016

6:00PM

Housing Starts

Thousands

Aug

1,211.00

1,193.00

6:00PM

Building permits

Thousands

Aug

1,144.00

1,177.00

Sep 21, 2016

11:30PM

FOMC rate decision

Sep 21

0.50

Sep 22, 2016

7:30PM

Euro Zone

Euro-Zone Consumer Confidence

Value

Sep A

(8.50)

1:00PM

Germany

PMI Services

Value

Sep P

51.70

Sep 23, 2016

7:30PM

Existing home sales

Million

Aug

5.39

5.45

1:00PM

Germany

PMI Manufacturing

Value

Sep P

53.60

Sep 26, 2016

7:30PM

New home sales

Thousands

Aug

654.00

580.00

Sep 27, 2016

7:30PM

Consumer Confidence

S.A./ 1985=100

Sep

101.10

98.00

Sep 29, 2016

1:25PM

Germany

Unemployment change (000's)

Thousands

Sep

(7.00)

6:00PM

GDP Qoq (Annualised)

% Change

2Q T

1.10

1.30

Sep 30, 2016

2:00PM

GDP (YoY)

% Change

2Q F

2.20

Source: Bloomberg, Angel Research

Market Outlook

September 14, 2016

Macro watch

Exhibit 1: Quarterly GDP trends

Exhibit 2: IIP trends

(%)

9.0

12.0

8.3

9.9

7.8

7.9

8.0

7.5

7.6

10.0

7.2

7.1

8.0

6.6

6.7

7.0

6.4

6.0

3.7

5.8

6.0

4.0

1.9

2.0

1.1

2.0

0.3

5.0

4.0

(2.0)

(0.9)

(1.6)

(1.3)

(4.0)

(2.4)

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

(%)

55.0

7.0

6.1

5.6

5.7

5.8

54.0

6.0

5.4

5.5

5.0

5.3

5.1

53.0

4.8

5.0

4.4

52.0

4.0

51.0

50.0

3.0

49.0

2.0

48.0

1.0

47.0

46.0

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

7.00

0.0

6.50

(5.0)

6.00

(10.0)

5.50

(15.0)

5.00

(20.0)

4.50

(25.0)

4.00

(30.0)

3.50

(35.0)

3.00

Source: Bloomberg, Angel Research

Source: RBI, Angel Research

www.angelbroking.com

Market Outlook

September 14, 2016

Global watch

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

(%)

8.0

6.7

6.0

5.3

0.6

5.2

4.0

3.5

4.0

3.1

2.2

1.4

2.0

1.2

0.8

(2.0)

(0.6)

(4.0)

(3.8)

(6.0)

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

September 14, 2016

Exhibit 4: Relative performance of indices across globe

Returns (%)

Country

Name of index

Closing price

1YR

Brazil

Bovespa

58,586

(2.5)

16.8

21.5

Russia

Micex

2,005

1.9

6.1

16.7

India

Nifty

8,716

0.4

6.2

12.9

China

Shanghai Composite

3,024

(3.6)

4.9

(5.0)

South Africa

Top 40

46,275

1.3

(1.6)

5.1

Mexico

Mexbol

46,154

(4.6)

2.5

6.7

Indonesia

LQ45

895

(5.2)

3.7

18.0

Malaysia

KLCI

1,677

0.2

1.2

4.6

Thailand

SET 50

925

(6.6)

1.2

3.1

USA

Dow Jones

18,067

(2.9)

1.9

8.8

FTSE

6,666

(3.6)

12.5

7.0

Japan

Nikkei

16,729

(1.1)

4.4

(7.6)

Germany

DAX

10,387

(3.1)

8.1

1.5

France

CAC

4,387

(2.5)

5.2

(0.9)

Source: Bloomberg, Angel Research

www.angelbroking.com

Stock Watch

September 14, 2016

Company Name

Reco

CMP

Target

Mkt Cap

Sales ( Čcr )

OPM(%)

EPS (Č)

PER(x)

P/BV(x)

RoE(%)

EV/Sales(x)

(Č)

Price ( Č)

( Č cr )

FY17E FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

Agri / Agri Chemical

Rallis

Neutral

219

4,263

1,937

2,164

13.3

14.3

9.0

11.0

24.4

19.9

4.2

3.7

18.4

19.8

2.2

2.0

United Phosphorus

Accumulate

647

684

32,803

15,176

17,604

18.5

37.4

44.6

17.3

14.5

3.4

2.8

21.4

21.2

2.3

1.9

Auto & Auto Ancillary

Ashok Leyland

Buy

111

23,763

22,407

26,022

10.6

5.2

6.4

16.0

13.0

3.6

3.1

23.6

24.7

1.1

1.0

Bajaj Auto

Neutral

2,955

85,517

25,093

27,891

19.5

19.2

143.9

162.5

20.5

18.2

5.8

5.0

30.3

29.4

3.1

2.7

Bharat Forge

Neutral

846

19,700

7,726

8,713

20.5

21.2

35.3

42.7

24.0

19.8

4.4

4.0

18.9

20.1

2.6

2.3

Eicher Motors

Neutral

22,741

61,768

16,583

20,447

17.5

18.0

598.0

745.2

38.0

30.5

13.0

9.9

41.2

38.3

3.6

2.8

Gabriel India

Neutral

114

1,644

1,544

1,715

9.0

9.3

5.4

6.3

21.2

18.2

4.0

3.5

18.9

19.5

1.0

0.9

Hero Motocorp

Neutral

3,529

70,471

31,253

35,198

15.3

15.0

172.3

192.1

20.5

18.4

7.5

6.4

38.9

37.0

2.1

1.9

Jamna Auto Industries Neutral

212

1,691

1,486

1,620

9.8

9.9

15.0

17.2

14.1

12.3

3.1

2.6

21.8

21.3

1.2

1.1

L G Balakrishnan & Bros Neutral

521

818

1,302

1,432

11.6

11.9

43.7

53.0

11.9

9.8

1.7

1.5

13.8

14.2

0.7

Mahindra and Mahindra Neutral

1,426

88,565

46,534

53,077

11.6

11.7

67.3

78.1

21.2

18.3

3.4

3.0

15.4

15.8

1.9

1.6

Maruti

Neutral

5,329

160,969

69,186

82,217

14.7

14.4

198.5

241.4

26.8

22.1

5.2

4.2

20.2

20.0

2.0

1.6

Minda Industries

Neutral

291

2,306

2,728

3,042

9.0

9.1

68.2

86.2

4.3

3.4

1.0

0.8

23.8

24.3

0.9

0.8

Motherson Sumi

Neutral

314

41,475

45,896

53,687

7.8

8.3

13.0

16.1

24.0

19.5

7.8

6.2

34.7

35.4

1.0

0.8

Rane Brake Lining

Neutral

1,231

974

511

562

11.3

11.5

28.1

30.9

43.8

39.8

6.7

6.1

15.3

15.0

2.0

1.9

Setco Automotive

Neutral

586

741

837

13.0

15.2

17.0

2.9

2.6

0.5

0.4

15.8

16.3

1.2

1.1

Tata Motors

Neutral

554

159,994

300,209

338,549

8.9

8.4

42.7

54.3

13.0

10.2

2.1

1.8

15.6

17.2

0.6

TVS Motor

Neutral

321

15,246

13,390

15,948

6.9

7.1

12.8

16.5

25.2

19.4

6.3

5.0

26.3

27.2

1.2

1.0

Amara Raja Batteries

Buy

985

1,174

16,830

5,429

6,471

17.5

17.6

35.3

43.5

27.9

22.7

6.4

5.2

25.3

24.8

3.0

2.4

Exide Industries

Neutral

184

15,632

7,439

8,307

15.0

8.1

9.3

22.7

19.8

3.2

2.8

14.3

16.7

1.7

1.5

Apollo Tyres

Neutral

204

10,399

12,877

14,504

14.3

13.9

21.4

23.0

9.5

8.9

1.5

1.3

16.4

15.2

1.0

0.9

Ceat

Accumulate

990

1,119

4,003

7,524

8,624

13.0

12.7

131.1

144.3

7.6

6.9

1.4

1.2

19.8

18.6

0.6

0.5

JK Tyres

Neutral

136

3,073

7,455

8,056

15.0

21.8

24.5

6.2

5.5

1.3

1.1

22.8

21.3

0.5

Swaraj Engines

Neutral

1,210

1,503

660

810

15.2

16.4

54.5

72.8

22.2

16.6

6.9

6.3

31.5

39.2

2.1

1.7

Subros

Neutral

133

797

1,488

1,681

11.7

11.9

6.4

7.2

20.8

18.5

2.2

2.0

10.8

11.4

0.8

0.7

Indag Rubber

Neutral

179

470

286

326

19.8

16.8

11.7

13.3

15.3

13.4

2.6

2.4

17.8

17.1

1.3

1.1

Capital Goods

ACE

Neutral

424

709

814

4.1

4.6

1.4

2.1

30.6

20.4

1.3

1.2

4.4

6.0

0.8

0.7

BEML

Accumulate

1,048

1,157

4,364

3,451

4,055

6.3

9.2

31.4

57.9

33.4

18.1

2.0

1.8

6.3

10.9

1.4

1.2

Bharat Electronics

Buy

1,200

1,414

28,798

8,137

9,169

16.8

17.2

58.7

62.5

20.4

19.2

3.2

2.8

44.6

46.3

2.5

2.3

www.angelbroking.com

Stock Watch

September 14, 2016

Company Name

Reco

CMP

Target

Mkt Cap

Sales ( Čcr )

OPM(%)

EPS (Č)

PER(x)

P/BV(x)

RoE(%)

EV/Sales(x)

(Č)

Price ( Č)

( Č cr )

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

Capital Goods

Voltas

Accumulate

374

407

12,382

6,511

7,514

7.9

8.7

12.9

16.3

29.0

23.0

5.2

4.6

16.7

18.5

1.7

1.4

BGR Energy

Neutral

122

881

16,567

33,848

6.0

5.6

7.8

5.9

15.7

20.7

0.9

4.7

4.2

0.2

0.1

BHEL

Neutral

148

36,102

28,797

34,742

2.8

2.3

6.9

64.1

21.4

1.1

1.3

4.8

0.9

0.6

Blue Star

Accumulate

510

578

4,858

4,351

5,024

6.4

7.1

17.2

20.6

29.7

24.7

19.3

16.1

23.1

24.1

1.2

1.0

Crompton Greaves

Neutral

4,998

5,777

6,120

5.9

7.0

3.3

4.5

24.2

17.7

1.1

1.0

4.4

5.9

0.8

0.7

Greaves Cotton

Neutral

135

3,304

1,755

1,881

16.8

16.9

7.8

8.5

17.4

15.9

3.5

3.2

20.6

20.9

1.6

1.4

Inox Wind

Buy

177

286

3,936

5,605

6,267

15.7

16.4

24.8

30.0

7.2

5.9

2.0

1.5

25.9

24.4

0.7

0.6

KEC International

Neutral

127

3,271

9,294

10,186

7.9

8.1

9.9

11.9

12.9

10.7

1.9

1.6

15.6

16.3

0.6

0.5

Thermax

Neutral

822

9,795

5,421

5,940

7.3

25.7

30.2

32.0

27.2

3.9

3.5

12.2

13.1

1.7

1.6

VATech Wabag

Buy

553

681

3,013

3,136

3,845

8.9

9.1

26.0

35.9

21.3

15.4

2.7

2.3

13.4

15.9

0.9

0.7

Cement

ACC

Neutral

1,583

29,718

11,225

13,172

13.2

16.9

44.5

75.5

35.6

21.0

3.4

3.1

11.2

14.2

2.7

2.3

Ambuja Cements

Neutral

261

51,766

9,350

10,979

18.2

22.5

5.8

9.5

45.0

27.4

3.8

3.4

10.2

12.5

5.5

4.7

India Cements

Neutral

142

4,373

4,364

4,997

18.5

19.2

7.9

11.3

18.0

12.6

1.3

8.0

8.5

1.8

1.5

JK Cement

Neutral

788

5,512

4,398

5,173

15.5

17.5

31.2

55.5

25.3

14.2

3.0

2.6

12.0

15.5

1.8

1.5

J K Lakshmi Cement

Neutral

458

5,387

2,913

3,412

14.5

19.5

7.5

22.5

61.0

20.4

3.8

3.2

12.5

18.0

2.4

2.0

Orient Cement

Neutral

195

3,985

2,114

2,558

18.5

20.5

8.1

11.3

24.0

17.2

3.5

3.0

9.0

14.0

2.5

2.0

UltraTech Cement

Neutral

3,868

106,157

25,768

30,385

21.0

23.5

111.0

160.0

34.9

24.2

4.5

3.9

13.5

15.8

4.2

3.5

Construction

ITNL

Neutral

2,883

8,946

10,017

31.0

31.6

8.1

9.1

10.8

9.6

0.4

4.2

5.0

3.7

3.4

KNR Constructions

Buy

695

802

1,955

1,385

1,673

14.7

14.0

41.2

48.5

16.9

14.3

3.1

2.7

14.9

15.2

1.5

1.2

Larsen & Toubro

Buy

1,464

1,700

136,399

67,665

77,249

10.7

11.5

57.3

71.2

25.5

20.6

2.3

2.2

12.6

14.3

2.2

1.9

Gujarat Pipavav Port

Neutral

193

9,330

705

788

52.2

51.7

5.0

5.6

38.6

34.5

3.8

3.4

11.2

12.9

11.0

Nagarjuna Const.

Neutral

4,636

8,842

9,775

9.1

8.8

5.3

6.4

15.7

13.0

1.2

1.1

8.2

9.1

0.7

0.6

PNC Infratech

Buy

122

143

3,130

2,350

2,904

13.1

13.2

9.0

8.8

13.6

13.9

0.5

0.4

15.9

13.9

1.5

1.2

Simplex Infra

Neutral

337

1,667

6,829

7,954

10.5

31.4

37.4

10.7

9.0

1.1

1.0

9.9

13.4

0.7

0.6

Power Mech Projects

Neutral

464

682

1,801

2,219

12.7

14.6

72.1

113.9

6.4

4.1

1.2

1.0

16.8

11.9

0.4

0.3

Sadbhav Engineering

Neutral

296

5,082

3,598

4,140

10.3

10.6

9.0

11.9

32.9

24.9

3.4

3.0

9.9

11.9

1.7

1.4

NBCC

Neutral

245

14,700

7,428

9,549

7.9

8.6

8.2

11.0

29.9

22.3

1.5

1.2

28.2

28.7

1.7

1.3

MEP Infra

Neutral

695

1,877

1,943

30.6

29.8

3.0

4.2

14.3

10.2

6.9

4.7

0.6

1.8

1.6

SIPL

Neutral

104

3,647

1,036

1,252

65.5

66.2

(8.4)

(5.6)

3.9

4.4

(22.8)

(15.9)

11.7

9.8

www.angelbroking.com

Stock Watch

September 14, 2016

Company Name

Reco

CMP

Target

Mkt Cap

Sales ( Čcr )

OPM(%)

EPS (Č)

PER(x)

P/BV(x)

RoE(%)

EV/Sales(x)

(Č)

Price ( Č)

( Č cr )

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

Construction

Engineers India

Neutral

253

8,514

1,725

1,935

16.0

19.1

11.4

13.9

22.2

18.2

3.1

3.0

13.4

15.3

3.9

3.5

Financials

Axis Bank

Neutral

592

141,344

58,081

66,459

3.5

32.4

44.6

18.3

13.3

2.4

2.1

13.6

16.5

Bank of Baroda

Neutral

162

37,258

19,980

23,178

1.8

11.5

17.3

14.1

9.4

1.6

1.3

8.3

10.1

Canara Bank

Neutral

297

16,121

15,225

16,836

1.8

14.5

28.0

20.5

10.6

1.4

1.1

5.8

8.5

Dewan Housing Finance Buy

278

325

8,113

2,225

2,688

2.9

29.7

34.6

9.4

8.0

1.5

1.3

16.1

16.8

Equitas Holdings

Buy

176

235

5,889

939

1,281

11.7

11.5

5.8

8.2

30.3

21.4

2.6

2.3

10.9

11.5

Federal Bank

Neutral

12,182

9,353

10,623

2.9

4.4

5.8

16.1

12.2

1.5

1.4

9.5

11.0

HDFC

Neutral

1,395

220,489

11,475

13,450

3.4

45.3

52.5

30.8

26.6

5.9

5.2

20.2

20.5

HDFC Bank

Accumulate

1,280

1,350

324,050

46,097

55,433

4.5

58.4

68.0

21.9

18.8

3.8

3.2

18.8

18.6

ICICI Bank

Neutral

269

156,330

39,029

45,903

3.3

16.7

16.3

16.1

16.5

2.0

1.8

10.1

12.4

LIC Housing Finance

Neutral

561

28,286

3,712

4,293

2.6

2.5

39.0

46.0

14.4

12.2

2.7

2.3

19.9

20.1

Punjab Natl.Bank

Neutral

137

26,941

23,532

23,595

2.3

2.4

6.8

12.6

20.2

10.9

3.1

2.2

3.3

6.5

South Ind.Bank

Neutral

3,106

6,435

7,578

2.5

2.7

3.1

8.5

7.4

1.1

0.9

10.1

11.2

St Bk of India

Neutral

253

196,165

88,650

98,335

2.6

13.5

18.8

18.7

13.4

1.8

1.6

7.0

8.5

Union Bank

Neutral

141

9,700

13,450

14,925

2.3

25.5

34.5

5.5

4.1

0.8

0.7

7.5

10.2

Yes Bank

Neutral

1,205

50,745

8,978

11,281

3.3

3.4

74.0

90.0

16.3

13.4

3.1

2.6

17.0

17.2

RBL Bank

Accumulate

297

325

10,981

1,783

2,309

2.6

12.7

16.4

23.4

18.1

2.6

2.3

12.8

13.3

FMCG

Asian Paints

Neutral

1,154

110,735

17,128

18,978

16.8

16.4

19.1

20.7

60.4

55.8

21.0

19.8

34.8

35.5

6.4

5.8

Britannia

Neutral

3,418

41,004

9,795

11,040

14.6

14.9

80.3

94.0

42.6

36.4

17.5

13.5

41.2

4.1

3.5

Colgate

Neutral

978

26,604

4,605

5,149

23.4

23.8

26.9

41.1

36.4

22.8

17.8

64.8

66.8

5.7

5.1

Dabur India

Neutral

290

51,050

8,315

9,405

19.8

20.7

8.1

9.2

35.8

31.5

10.0

8.3

31.6

31.0

5.8

5.1

GlaxoSmith Con*

Neutral

6,086

25,595

4,350

4,823

21.2

21.4

179.2

196.5

34.0

31.0

9.0

7.6

27.1

26.8

5.3

4.7

Godrej Consumer

Neutral

1,613

54,920

10,235

11,428

18.4

18.6

41.1

44.2

39.2

36.5

8.7

7.3

24.9

24.8

5.4

4.8

HUL

Neutral

918

198,743

35,252

38,495

17.6

17.4

20.4

21.9

45.0

41.9

37.0

32.4

82.2

77.3

5.5

5.0

ITC

Accumulate

252

283

304,486

40,059

44,439

39.0

39.2

9.1

10.1

27.7

25.0

7.6

6.6

27.2

26.5

7.1

6.4

Marico

Neutral

288

37,183

6,430

7,349

18.8

19.5

6.4

7.7

45.0

37.4

13.6

11.4

33.2

32.5

5.6

4.8

Nestle*

Neutral

6,435

62,046

10,073

11,807

20.7

21.5

124.8

154.2

51.6

41.7

21.2

19.0

34.8

36.7

6.0

5.1

Tata Global

Neutral

135

8,539

8,675

9,088

9.8

7.4

8.2

18.3

16.5

2.1

2.0

7.9

8.1

0.9

0.8

Procter & Gamble

Accumulate

6,664

7,369

21,631

2,939

3,342

23.2

23.0

146.2

163.7

45.6

40.7

102.1

97.9

25.3

23.5

6.9

6.0

Hygiene

www.angelbroking.com

Stock Watch

September 14, 2016

Company Name

Reco

CMP

Target

Mkt Cap

Sales ( Čcr )

OPM(%)

EPS (Č)

PER(x)

P/BV(x)

RoE(%)

EV/Sales(x)

(Č)

Price ( Č)

( Č cr )

FY17E FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

HCL Tech^

Buy

783

1,000

110,392

49,242

57,168

20.5

55.7

64.1

14.1

12.2

2.9

2.2

20.3

17.9

2.1

1.7

Infosys

Buy

1,054

1,370

242,098

69,934

79,025

27.5

64.8

72.0

16.3

14.6

3.6

3.3

22.0

22.3

2.9

2.5

TCS

Buy

2,359

3,004

464,844

121,684

136,286

27.3

135.0

150.1

17.5

15.7

5.8

5.3

33.2

33.9

3.6

3.1

Tech Mahindra

Buy

464

700

45,021

30,347

33,685

17.0

37.5

41.3

12.4

11.2

2.7

2.3

21.8

20.7

1.2

1.0

Wipro

Buy

481

680

116,991

51,631

55,822

21.7

17.9

35.9

36.9

13.4

13.0

2.8

2.6

19.0

18.1

2.0

1.7

Media

D B Corp

Neutral

400

7,343

2,297

2,590

27.4

28.2

21.0

23.4

19.0

17.1

4.4

3.8

23.7

23.1

3.0

2.6

HT Media

Neutral

1,912

2,693

2,991

12.6

12.9

7.9

9.0

10.4

9.1

0.9

0.8

7.8

8.3

0.3

0.2

Jagran Prakashan

Buy

189

225

6,185

2,355

2,635

28.0

10.8

12.5

17.5

15.1

3.8

3.3

21.7

2.6

2.3

Sun TV Network

Neutral

452

17,809

2,850

3,265

70.1

71.0

26.2

30.4

17.3

14.9

4.4

3.9

24.3

25.6

5.8

5.0

Hindustan Media

Neutral

281

2,064

1,016

1,138

24.3

25.2

27.3

30.1

10.3

9.3

2.0

1.7

16.2

15.8

1.4

1.2

Ventures

TV Today Network

Buy

298

363

1,778

637

743

27.5

18.4

21.4

16.2

13.9

2.8

2.4

17.4

17.2

2.4

2.0

Metals & Mining

Coal India

Neutral

331

208,882

84,638

94,297

21.4

22.3

24.5

27.1

13.5

12.2

5.6

5.4

42.6

46.0

2.0

1.8

Hind. Zinc

Neutral

212

89,619

14,252

18,465

55.9

48.3

15.8

21.5

13.4

9.9

2.2

1.9

17.0

20.7

6.3

4.9

Hindalco

Neutral

141

29,075

107,899

112,095

7.4

8.2

9.2

13.0

15.3

10.8

0.7

4.8

6.6

0.8

0.7

JSW Steel

Neutral

1,745

42,182

53,201

58,779

16.1

16.2

130.6

153.7

13.4

11.4

1.8

1.6

14.0

14.4

1.6

1.3

NMDC

Neutral

105

41,451

6,643

7,284

44.4

47.7

7.1

7.7

14.7

13.6

1.3

1.2

8.8

9.2

4.0

3.6

SAIL

Neutral

19,783

47,528

53,738

(0.7)

2.1

(1.9)

2.6

18.4

0.5

(1.6)

3.9

1.3

1.2

Vedanta

Neutral

161

47,821

71,744

81,944

19.2

21.7

13.4

20.1

12.0

8.0

1.0

0.9

8.4

11.3

1.1

0.8

Tata Steel

Neutral

374

36,285

121,374

121,856

7.2

8.4

18.6

34.3

20.1

10.9

1.3

1.2

6.1

10.1

0.9

Oil & Gas

Cairn India

Neutral

189

35,426

9,127

10,632

4.3

20.6

8.8

11.7

21.5

16.2

0.7

3.3

4.2

5.3

4.4

GAIL

Neutral

385

48,893

56,220

65,198

9.3

10.1

27.1

33.3

14.2

11.6

1.3

1.2

9.3

10.7

1.1

0.9

ONGC

Neutral

251

214,871

137,222

152,563

15.0

21.8

19.5

24.1

12.9

10.4

1.1

1.0

8.5

10.1

1.8

1.6

Indian Oil Corp

Neutral

553

134,254

373,359

428,656

5.9

5.5

54.0

59.3

10.2

9.3

1.6

1.4

16.0

15.6

0.5

0.4

Reliance Industries

Neutral

1,047

339,354

301,963

358,039

12.1

12.6

87.7

101.7

11.9

10.3

1.2

1.1

10.7

11.3

1.6

1.3

Pharmaceuticals

Alembic Pharma

Neutral

627

11,817

3,483

4,083

20.2

21.4

24.3

30.4

25.8

20.6

5.9

4.7

25.5

25.3

3.3

2.8

Aurobindo Pharma

Accumulate

784

877

45,863

15,720

18,078

23.7

41.4

47.3

18.9

16.6

4.9

3.9

29.6

26.1

3.1

2.7

Sanofi India*

Neutral

4,300

9,904

2,357

2,692

17.3

153.5

169.2

28.0

25.4

4.8

3.8

25.8

28.4

3.9

3.2

Cadila Healthcare

Neutral

382

39,081

11,126

13,148

22.0

17.1

20.0

22.3

19.1

5.7

4.6

28.8

26.6

3.5

2.9

Cipla

Reduce

569

490

45,715

15,378

18,089

17.4

18.4

21.6

27.2

26.3

20.9

3.4

3.0

13.7

15.2

3.2

2.6

www.angelbroking.com

Stock Watch

September 14, 2016

Company Name

Reco

CMP

Target

Mkt Cap

Sales ( Čcr )

OPM(%)

EPS (Č)

PER(x)

P/BV(x)

RoE(%)

EV/Sales(x)

(Č)

Price ( Č)

( Č cr )

FY17E FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

Pharmaceuticals

Dr Reddy's

Neutral

3,138

52,003

16,043

18,119

23.1

24.7

126.0

157.8

24.9

19.9

3.7

3.2

15.7

17.1

3.2

2.8

Dishman Pharma

Sell

171

2,765

1,718

1,890

22.7

22.8

9.5

11.3

18.0

15.2

1.7

1.6

10.1

10.9

2.1

1.8

GSK Pharma*

Neutral

2,981

25,248

3,528

3,811

16.6

18.8

51.8

59.4

57.5

50.2

15.4

15.3

26.3

30.6

6.9

6.5

Indoco Remedies

Sell

314

225

2,898

1,112

1,289

18.2

13.2

15.6

23.8

20.2

4.2

3.6

19.2

2.7

2.3

Ipca labs

Accumulate

573

613

7,233

3,303

3,799

15.3

17.3

19.7

33.1

29.1

2.9

2.6

9.1

9.4

2.3

2.0

Lupin

Buy

1,533

1,809

69,114

15,912

18,644

26.4

26.7

58.1

69.3

26.4

22.1

5.1

4.2

21.4

20.9

4.4

3.6

Sun Pharma

Buy

787

944

189,395

31,129

35,258

30.0

30.9

28.0

32.8

28.1

24.0

4.3

3.6

18.7

18.9

5.7

4.8

Power

Tata Power

Neutral

20,095

36,916

39,557

17.4

27.1

5.1

6.3

14.6

11.8

1.3

1.2

9.0

10.3

1.6

1.4

NTPC

Neutral

153

126,238

86,605

95,545

17.5

20.8

11.8

13.4

13.0

11.4

1.3

1.2

10.5

11.1

2.8

Power Grid

Neutral

180

94,352

25,763

29,762

74.3

73.1

14.8

17.3

12.2

10.4

1.9

1.7

16.9

17.5

7.9

7.5

Real Estate

MLIFE

Buy

429

522

1,759

1,152

1,300

22.7

24.6

29.9

35.8

14.3

12.0

1.1

1.0

7.6

8.6

2.2

1.9

Telecom

Bharti Airtel

Neutral

318

127,117

105,086

114,808

34.5

34.7

12.2

16.4

26.1

19.4

1.8

1.6

6.8

8.4

2.1

1.8

Idea Cellular

Neutral

29,815

40,133

43,731

37.2

37.1

6.4

6.5

12.9

12.7

1.1

1.0

8.2

7.6

1.8

1.5

zOthers

Abbott India

Neutral

4,594

9,762

3,153

3,583

14.1

14.4

152.2

182.7

30.2

25.2

148.2

126.6

25.6

26.1

2.8

2.4

Bajaj Electricals

Accumulate

271

306

2,735

5,099

5,805

5.6

5.9

11.4

14.6

23.8

18.6

3.2

2.8

13.4

15.1

0.5

Finolex Cables

Neutral

432

6,605

2,883

3,115

12.0

12.1

14.2

18.6

30.4

23.2

16.2

14.1

15.8

14.6

2.0

1.8

Goodyear India*

Buy

590

684

1,361

1,598

1,704

10.4

10.2

49.4

52.6

11.9

11.2

55.1

48.4

18.2

17.0

0.5

71.9

Hitachi

#VALUE!

2,081

2,433

8.8

8.9

33.4

39.9

22.1

21.4

Jyothy Laboratories

Neutral

321

5,822

1,440

2,052

11.5

13.0

8.5

10.0

37.8

32.1

9.2

8.5

18.6

19.3

4.3

3.0

Page Industries

Neutral

14,392

16,053

2,450

3,124

20.1

17.6

299.0

310.0

48.1

46.4

320.5

244.7

47.1

87.5

6.6

5.2

Relaxo Footwears

Neutral

429

5,147

2,085

2,469

9.2

8.2

7.6

8.0

56.7

54.0

22.0

18.8

17.9

18.8

2.6

2.2

Siyaram Silk Mills

Buy

1,235

1,469

1,158

1,799

2,040

11.6

11.7

104.9

122.4

11.8

10.1

1.9

1.7

16.4

0.8

0.7

Styrolution ABS India*

Neutral

563

989

1,440

1,537

9.2

9.0

40.6

42.6

13.9

13.2

35.4

32.2

12.3

11.6

0.6

TVS Srichakra

Accumulate

2,631

2,932

2,015

2,304

2,614

13.7

13.8

231.1

266.6

11.4

9.9

295.7

232.8

33.9

29.3

0.9

0.7

HSIL

Neutral

340

2,456

2,384

2,515

15.8

16.3

15.3

19.4

22.2

17.5

22.1

19.0

7.8

9.3

1.2

1.1

Kirloskar Engines India

Neutral

292

4,218

2,554

2,800

9.9

10.0

10.5

12.1

27.8

24.1

11.6

11.0

10.7

11.7

1.3

1.1

Ltd

M M Forgings

Neutral

419

506

546

608

20.4

20.7

41.3

48.7

10.2

8.6

57.5

50.8

16.6

17.0

0.8

0.7

Banco Products (India)

Neutral

215

1,536

1,353

1,471

12.3

12.4

14.5

16.3

14.8

13.2

20.5

18.4

14.5

14.6

1.1

115.5

Competent Automobiles Neutral

200

123

1,137

1,256

3.1

2.7

28.0

23.6

7.1

8.5

38.5

34.8

14.3

11.5

0.1

www.angelbroking.com

Stock Watch

September 14, 2016

Company Name

Reco

CMP

Target

Mkt Cap

Sales ( Čcr )

OPM(%)

EPS (Č)

PER(x)

P/BV(x)

RoE(%)

EV/Sales(x)

(Č)

Price ( Č)

( Č cr )

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

FY17E

FY18E

zOthers

Nilkamal

Neutral

1,306

1,949

1,995

2,165

10.7

10.4

69.8

80.6

18.7

16.2

74.6

64.8

16.6

16.5

1.0

0.9

Visaka Industries

Neutral

192

305

1,051

1,138

10.3

10.4

21.0

23.1

9.1

8.3

24.6

23.0

9.0

9.2

0.6

0.5

Transport Corporation of

Neutral

184

1,408

2,671

2,911

8.5

8.8

13.9

15.7

13.3

11.7

1.8

1.6

13.7

13.8

0.6

India

Elecon Engineering

Accumulate

622

1,482

1,660

13.7

14.5

3.9

5.8

14.6

9.8

3.4

3.2

7.8

10.9

0.7

Surya Roshni

Neutral

192

841

3,342

3,625

7.8

7.5

17.3

19.8

11.1

9.7

21.1

16.9

10.5

10.8

0.5

MT Educare

Neutral

127

506

366

417

17.7

18.2

9.4

10.8

13.6

11.8

3.0

2.6

22.2

22.3

1.3

1.1

Radico Khaitan

Buy

104

125

1,377

1,659

1,802

13.0

13.2

6.3

7.4

16.3

14.0

1.4

1.3

8.6

9.3

1.3

1.2

Garware Wall Ropes

Neutral

501

1,096

873

938

12.9

13.1

30.9

34.9

16.2

14.4

2.5

2.2

15.7

15.2

1.2

1.1

Wonderla Holidays

Neutral

401

2,263

287

355

38.0

40.0

11.3

14.2

35.4

28.2

5.1

4.4

21.4

23.9

7.6

6.1

Linc Pen & Plastics

Neutral

281

415

382

420

9.3

9.5

13.5

15.7

20.9

17.9

3.6

3.1

17.1

17.3

1.2

1.0

The Byke Hospitality

Neutral

158

633

287

384

20.5

7.6

10.7

20.8

14.8

4.3

3.5

20.7

23.5

2.2

1.7

Interglobe Aviation

Neutral

865

31,169

21,122

26,005

14.5

27.6

110.7

132.1

7.8

6.6

46.8

33.4

168.5

201.1

1.5

1.1

Coffee Day Enterprises

Neutral

235

4,841

2,964

3,260

20.5

21.2

4.7

8.0

29.4

2.7

2.5

5.5

8.5

2.0

1.8

Ltd

Navneet Education

Neutral

104

2,466

1,062

1,147

24.0

6.1

6.6

17.0

15.6

3.5

3.1

20.6

19.8

2.4

2.2

Navkar Corporation

Buy

195

265

2,787

408

612

42.9

42.3

6.8

11.5

28.9

17.0

2.0

1.8

6.9

10.5

7.7

5.2

UFO Moviez

Neutral

426

1,176

619

685

33.2

33.4

30.0

34.9

14.2

12.2

2.0

1.7

13.8

13.9

1.6

1.3

VRL Logistics

Neutral

291

2,659

1,902

2,119

16.7

16.6

14.6

16.8

20.0

17.3

4.4

3.9

21.9

22.2

1.5

1.3

Team Lease Serv.

Neutral

1,085

1,855

3,229

4,001

1.5

1.8

22.8

32.8

47.7

33.0

5.1

4.4

10.7

13.4

0.5

0.4

S H Kelkar & Co.

Neutral

301

4,355

1,036

1,160

15.1

15.0

6.1

7.2

49.3

42.0

5.3

4.8

10.7

11.5

4.1

3.6

Quick Heal

Neutral

225

1,573

408

495

27.3

27.0

7.7

8.8

29.0

25.5

2.7

9.3

10.6

3.0

2.5

Narayana Hrudaya

Neutral

312

6,366

1,873

2,166

11.5

11.7

2.6

4.0

117.8

78.6

7.2

6.5

6.1

8.3

3.5

3.0

Manpasand Bever.

Neutral

718

3,592

836

1,087

19.6

19.4

16.9

23.8

42.5

30.1

5.1

4.5

12.0

14.8

4.0

3.0

Parag Milk Foods

Neutral

332

2,791

1,919

2,231

9.3

9.6

9.5

12.9

35.1

25.7

5.5

4.5

15.5

17.5

1.6

1.4

Mirza International

Buy

113

1,050

1,024

1,148

18.0

6.9

8.0

12.7

10.9

2.1

1.8

16.6

16.2

1.2

1.1

Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on September 12, 2016

www.angelbroking.com

Market Outlook

September 14, 2016

Research Team Tel: 022 - 39357800

E-mail: [email protected]

Website: www.angelbroking.com

DISCLAIMER

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

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

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

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

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

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

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

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

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

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

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

risks of such an investment.

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

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

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

contrary view, if any.

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

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

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

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

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

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

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

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

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

redistributed or passed on, directly or indirectly.

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

or in connection with the use of this information.