Market Outlook

July18, 2017

Market Cues

Domestic Indices

Chg (%)

(Pts)

(Close)

Indian markets are likely to open in red and remain in negative zone tracking SGX

BSE Sensex

0.2

32,075

Nifty and Asian indices.

Nifty

0.3

9,916

US stocks markets have shown a lack of direction over the course of the trading

Mid Cap

0.1

15,197

session on Monday, with the major averages spending much of the day hugging the

Small Cap

0.0

172

15,910

unchanged line. The choppy trading on Wall Street comes as traders seem reluctant

Bankex

0.3

27,216

to make significant moves ahead of the release of earnings news from a number of

big-name companies.

Global Indices

Chg (%)

(Pts)

(Close)

The European markets ended the first session of the new trading week with mixed

results. After enduring a choppy trading session, the markets finished little changed

Dow Jones

(0.0)0.9

(8)74

21,630

overall. Mining stocks were among the best performers following the release of the

Nasdaq

0.0

0.9

6,3147

better than expected Chinese GDP report.

FTSE

0.3

0.1

7,4049

Indian markets logged modest gains on Monday to hit fresh record closing highs as

Nikkei

(00.1

20,119

weak U.S. inflation and retail sales data dimmed prospects of more Fed rate hikes

Hang Seng

0.3

281

26,471

this year and Chinese GDP figures topped forecasts.

Shanghai Com

(1.4)

(46)

3,176

News Analysis

Advances / Declines

BSE

NSE

 Book Profit in CDSL

Advances

1,328

1,829

 Higher sales volume boosts cement giant ACC's Q1 numbers by 33%

Declines

1,397

874

Unchanged

146

Detailed analysis is on Pg2

Investor’s Ready Reckoner

Volumes (` Cr)

Key Domestic & Global Indicators

BSE

3,550

Stock Watch: Latest investment recommendations on 150+ stocks

NSE

24,302

Refer Pg6 onwards

#Net Inflows (` Cr)

Net

Mtd

Ytd

Top Picks

CMP

Target

Upside

FII

(56536

(2(422)

55,487

Company

Sector

Rating

(`)

(%)

MFs

8513

4,444

43,590

Blue Star

Capital Goods

Buy

653

760

16.5

Dewan Housing FinanceFinancials

Buy

456

520

14.0

Mahindra Lifespace

Real Estate

Buy

437

522

19.3

Top Gainers

Price (`)

Chg (%)

Navkar Corporation

Others

Buy

204

265

30.1

Unitech

199

14.3

KEI Industries

Capital Goods

Accumulate

236

258

9.4

More Top Picks on Pg3

Sreinfra

126

10.6

Jublfood

1,275

9.3

Key Upcoming Events

Jpassociat

7.5

Consensus

Date

Region

Event Description

Reading

Expectations

Ibrealest

205

3.9

Jul 18, 2017

Euro Zone Euro-Zone CPI (YoY)

1.40

1.30

Jul19, 2017

Housing Starts

1,092.00

1,160.00

Top Losers

Price (`)

Chg (%)

Jul 19, 2017

Euro Zone Euro-Zone Consumer Confidence

(1.30)

(1.10)

Fortis

149

(8.7)

Jul 20, 2017

Building permits

1,168.00

1,201.00

Jul 20, 2017

Initial Jobless claims

247.00

245.00

Videoind

(4.9)

More Events on Pg4

Ktkbank

158

(4.4)

Religare

112

(4.1)

Prestige

256

(3.5)

#as on 17^t July, 2017

www.angelbroking.com

Market Outlook

July18, 2017

News Analysis

Book Profit in CDSL

The IPO of CDSL witnessed huge interest among investor community and the

listing was equally strong for the company. Though CDSL was a late entrant in the

depository business, it has been able to grow and on an incremental market share

basis it has been ahead of its competitor NSDL. The depository business in India

has been duopoly in nature and CDSL along with NSDL are likely to remain the

two large players in the future as well.

At the closing price of Rs 381 the stock is trading at 46.4x its FY17 EPS of Rs

8.2.While we acknowledge the fact that the business model of the company is

strong with high entry barriers, the valuations look expensive at the current levels

and hence we recommend booking profit in the stock.

Higher sales volume boosts cement giant ACC's Q1 numbers by 33%

Cement producer ACC Ltd reported an about

33% rise in June-quarter

consolidated profit, boosted by higher cement sales volume. The company, a unit

of the world's No.1 cement maker, LafargeHolcim Ltd, said consolidated profit

rose to `326Cr ($50.65 million) in the quarter ended June 30, from 2.46 billion

rupees a year earlier. The company's cement sales volume rose 10.1 percent to

6.74 million tons in the quarter.

Economic and Political News

 Kerala may advance market borrowings to offset GST transition impact

 GST Council may go for more rate revisions, tobacco likely to be targeted

 Australia eyes 300,000 Indian tourists in 2017 with new online visa system

 BS-IV, GST led to fall in Q1 commercial vehicle sales, says Icra

Corporate News

 NHPC board to consider raising `5,000Cr via corporate bonds

 BPCL expects green nod for `2lakh Cr mega refinery in Konkan belt

 PremjiInvest buys 3.26% stake in Biyani's Future Lifestyle for `196Cr

 Bharti Airtel invests `30,000Cr on infrastructure in 2 years

www.angelbroking.com

Market Outlook

July18, 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

20,932

1,751

2,161

23.4

more products in USA, which bodes for its international

business.

We expect the company would report strong profitability

Asian Granito

1,314

437

480

9.9

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

6,242

653

760

16.5

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

14,303

456

520

14.0

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

8,306

137

160

16.4

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

1,834

236

258

9.4

sales and higher exports to boost the revenues and

profitability

Speedier execution and speedier sales, strong revenue

Mahindra Lifespace

2,245

437

522

19.3

visibilty in short-to-long run, attractive valuations

Massive capacity expansion along with rail advantage at

Navkar Corporation

2,904

204

265

30.1

ICD as well CFS augurs well for the company

Strong brands and distribution network would boost

Siyaram Silk Mills

2,276

2,428

2,500

3.0

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

1,517

254

344

35.3

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

2,27,332

7,526

8,495

12.9

plant will also enable higher operating leverage which

will be margin accretive.

Source: Company, Angel Research,

www.angelbroking.com

Market Outlook

July18, 2017

Quarterly Bloomberg Brokers Consensus Estimate

Ultratech Cement Ltd - July 18, 2017

Particulars ( ` cr)

1QFY18E

1QFY17

y-o-y (%)

4QFY17

q-o-q (%)

Net sales

6,784

6,182

9.7

6,595

2.9

EBITDA

1,453

1,423

2.1

1,278

13.7

EBITDA margin (%)

21.4

23.0

19.4

Net profit

785

775

1.2

688

14.0

Havells - July 19, 2017

Particulars ( ` cr)

1QFY18E

1QFY17

y-o-y (%)

4QFY17

q-o-q (%)

Net sales

2,011

1466

37.2

1,710

17.6

EBITDA

237

201

17.9

153

54.9

EBITDA margin (%)

11.7

13.7

8.9

Net profit

171

146

17.1

80.0

Canara Bank - July 19, 2017

Particulars ( ` cr)

1QFY18E

1QFY17

y-o-y (%)

4QFY17

q-o-q (%)

Net profit

383

229

67.5

214

79.0

Bajaj Finance - July 19, 2017

Particulars ( Rs cr)

1QFY18E

1QFY17

y-o-y (%)

4QFY17

q-o-q (%)

Net profit

551

424

29.95

449

22.7

Reliance Industries - July 20, 2017

Particulars ( ` cr)

1QFY18E

1QFY17

y-o-y (%)

4QFY17

q-o-q (%)

Net sales

61,526

53,496

15.0

67,146

(8.4)

EBITDA

11,230

10,817

3.8

11,280

(0.4)

EBITDA margin (%)

18.3

20.2

16.8

Net profit

8,075

7,548

7.0

8,151

(0.9)

www.angelbroking.com

Market Outlook

July 18, 2017

Key Upcoming Events

Global economic events release calendar

Bloomberg Data

Date

Time

Country

Event Description

Unit

Period

Last Reported

Estimated

Jul 18, 2017

2:30 PMEuro Zone

Euro-Zone CPI (YoY)

Jun F

1.40

1.30

Jul 19, 2017

6:00 PMUS

Housing Starts

Thousands

Jun

1,092.00

1,160.00

7:30 PMEuro Zone

Euro-Zone Consumer Confidence

Value

Jul A

(1.30)

(1.10)

Jul 20, 2017

6:00 PMUS

Building permits

Thousands

Jun

1,168.00

1,201.00

6:00 PMUS

Initial Jobless claims

Thousands

Jul 15

247.00

245.00

5:15 PMEuro Zone

ECB announces interest rates

Jul 20

Jul 24, 2017

1:00 PMGermany

PMI Services

Value

Jul P

54.00

1:00 PMGermany

PMI Manufacturing

Value

Jul P

59.60

7:30 PMUS

Existing home sales

Million

Jun

5.62

5.57

Jul 25, 2017

7:30 PMUS

Consumer Confidence

S.A./ 1985=100

Jul

118.90

117.50

Jul 26, 2017

2:00 PMUK

GDP (YoY)

% Change

2Q A

2.00

7:30 PMUS

New home sales

Thousands

Jun

610.00

11:30 PMUS

FOMC rate decision

Jul 26

1.25

Jul 28, 2017

6:00 PMUS

GDP Qoq (Annualised)

% Change

2Q A

1.40

2.60

Jul 31, 2017

6:30 AMChina

PMI Manufacturing

Value

Jul

51.70

1:25 PMGermany

Unemployment change (000's)

Thousands

Jul

7.00

Aug 01, 2017

2:00 PMUK

PMI Manufacturing

Value

Jul

54.30

2:30 PMEuro Zone

Euro-Zone GDP s.a. (QoQ)

% Change

2Q A

0.60

Aug 02, 2017

2:30 PMIndia

RBI Reverse Repo rate

Aug 2

6.00

2:30 PMIndia

RBI Repo rate

Aug 2

6.25

2:30 PMIndia

RBI Cash Reserve ratio

Aug 2

4.00

Source: Bloomberg, Angel Research

www.angelbroking.com

Market Outlook

July 18, 2017

Macro watch

Exhibit 1: Quarterly GDP trends

Exhibit 2: IIP trends

(%)

5.7

10.0

6.0

9.1

5.2

8.8

4.9

9.0

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

2.6

3.0

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

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

1.5

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

www.angelbroking.com

Market Outlook

July 18, 2017

Exhibit 4: Relative performance of indices across globe

Returns (%)

Country

Name of index

Closing price

1YR

Brazil

Bovespa

65,212

5.3

2.1

19.4

Russia

Micex

1,959

7.8

0.6

2.3

India

Nifty

9,916

3.1

8.4

16.4

China

Shanghai Composite

3,176

1.8

(2.1)

5.3

South Africa

Top 40

47,500

5.4

1.6

2.6

Mexico

Mexbol

51,332

4.5

4.7

9.3

Indonesia

LQ45

980

2.0

5.9

18.6

Malaysia

KLCI

1,755

(1.6)

1.1

6.7

Thailand

SET 50

997

0.4

(0.6)

8.8

USA

Dow Jones

21,630

1.2

5.8

16.7

FTSE

7,404

(0.2)

0.8

10.6

Japan

Nikkei

20,119

1.2

8.4

31.7

Germany

DAX

12,587

(0.8)

3.6

23.9

France

CAC

5,230

0.3

3.1

19.2

Source: Bloomberg, Angel Research, #Data as on 17^th July

www.angelbroking.com

Stock Watch

July 18, 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

240

209

4,669

1,937

2,164

13.3

14.3

9.0

11.0

26.7

21.8

4.6

4.1

18.4

19.8

2.5

2.2

United Phosphorus

Neutral

864

43,914

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

Accumulate

108

116

31,680

20,019

22,789

11.1

11.7

4.3

5.5

25.2

19.8

4.9

4.4

19.4

22.0

1.5

1.3

Bajaj Auto

Neutral

2,812

81,369

25,093

27,891

19.5

19.2

143.9

162.5

19.5

17.3

5.5

4.7

30.3

29.4

3.0

2.6

Bharat Forge

Neutral

1,145

26,655

7,726

8,713

20.5

21.2

35.3

42.7

32.4

26.8

6.0

5.4

18.9

20.1

3.5

3.1

Eicher Motors

Neutral

28,060

76,384

16,583

20,447

17.5

18.0

598.0

745.2

46.9

37.7

16.0

12.2

41.2

38.3

4.4

3.5

Gabriel India

Neutral

149

2,144

1,544

1,715

9.0

9.3

5.4

6.3

27.6

23.7

5.2

4.6

18.9

19.5

1.3

1.2

Hero Motocorp

Neutral

3,764

75,161

28,120

30,753

15.2

15.6

169.1

189.2

22.3

19.9

7.7

6.4

30.8

28.2

2.5

2.2

Jamna Auto Industries Neutral

259

2,066

1,486

1,620

9.8

9.9

15.0

17.2

17.3

15.1

3.8

3.2

21.8

21.3

1.5

1.3

L G Balakrishnan & Bros Neutral

784

1,231

1,302

1,432

11.6

11.9

43.7

53.0

18.0

14.8

2.5

2.3

13.8

14.2

1.0

0.9

Mahindra and Mahindra Neutral

1,383

85,916

46,534

53,077

11.6

11.7

67.3

78.1

20.6

17.7

3.3

2.9

15.4

15.8

1.8

1.6

Maruti

Accumulate

7,526

8,495

227,332

67,822

83,717

15.2

15.0

243.0

291.5

31.0

25.8

7.1

5.8

22.9

22.4

3.0

2.4

Minda Industries

Neutral

684

5,915

2,728

3,042

9.0

9.1

68.2

86.2

10.0

7.9

2.3

1.8

23.8

24.3

2.2

2.0

Motherson Sumi

Neutral

318

66,963

45,896

53,687

7.8

8.3

13.0

16.1

24.4

19.8

7.9

6.3

34.7

35.4

1.5

1.3

Rane Brake Lining

Neutral

1,364

1,080

511

562

11.3

11.5

28.1

30.9

48.6

44.1

7.4

6.7

15.3

15.0

2.3

2.1

Setco Automotive

Neutral

558

741

837

13.0

15.2

17.0

2.8

2.5

0.5

0.4

15.8

16.3

1.1

1.0

Tata Motors

Neutral

454

131,172

300,209

338,549

8.9

8.4

42.7

54.3

10.7

8.4

1.7

1.4

15.6

17.2

0.6

0.5

TVS Motor

Neutral

572

27,180

13,390

15,948

6.9

7.1

12.8

16.5

44.8

34.6

11.2

8.8

26.3

27.2

2.1

1.7

Amara Raja Batteries

Accumulate

841

962

14,370

5,339

6,220

15.9

15.3

28.0

32.3

30.0

26.0

5.7

4.8

19.1

18.5

2.7

2.3

Exide Industries

Neutral

222

18,845

7,439

8,307

15.0

8.1

9.3

27.4

23.8

3.8

3.4

14.3

16.7

2.2

1.9

Apollo Tyres

Neutral

254

12,906

12,877

14,504

14.3

13.9

21.4

23.0

11.8

11.0

1.8

1.6

16.4

15.2

1.2

1.1

Ceat

Neutral

1,893

7,659

7,524

8,624

13.0

12.7

131.1

144.3

14.4

13.1

2.7

2.3

19.8

18.6

1.1

1.0

JK Tyres

Neutral

168

3,804

7,455

8,056

15.0

21.8

24.5

7.7

6.8

1.6

1.3

22.8

21.3

0.6

0.5

Swaraj Engines

Neutral

2,138

2,656

660

810

15.2

16.4

54.5

72.8

39.2

29.4

12.2

11.1

31.5

39.2

3.8

3.1

Subros

Neutral

246

1,475

1,488

1,681

11.7

11.9

6.4

7.2

38.4

34.3

4.1

3.7

10.8

11.4

1.2

1.1

Indag Rubber

Neutral

203

532

286

326

19.8

16.8

11.7

13.3

17.3

15.2

2.9

2.7

17.8

17.1

1.5

1.3

Capital Goods

ACE

Neutral

700

709

814

4.1

4.6

1.4

2.1

50.5

33.7

2.1

2.0

4.4

6.0

1.1

1.0

BEML

Neutral

1,538

6,406

3,451

4,055

6.3

9.2

31.4

57.9

49.0

26.6

2.9

2.7

6.3

10.9

2.0

1.7

Bharat Electronics

Neutral

175

39,066

8,137

9,169

16.8

17.2

58.7

62.5

3.0

2.8

0.5

0.4

44.6

46.3

3.8

3.4

www.angelbroking.com

Stock Watch

July 18, 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

484

16,002

6,511

7,514

7.9

8.7

12.9

16.3

37.5

29.7

6.7

5.9

16.7

18.5

2.2

1.9

BGR Energy

Neutral

152

1,099

16,567

33,848

6.0

5.6

7.8

5.9

19.5

25.8

1.1

4.7

4.2

0.2

0.1

BHEL

Neutral

141

34,487

28,797

34,742

2.8

2.3

6.9

61.3

20.4

1.0

1.3

4.8

0.9

0.6

Blue Star

Buy

653

760

6,242

4,283

5,077

5.9

7.3

14.9

22.1

43.8

29.5

8.5

7.2

20.4

26.4

1.5

1.3

CG Power and Industrial

Neutral

5,334

5,777

6,120

5.9

7.0

3.3

4.5

25.8

18.9

1.1

4.4

5.9

0.9

0.8

Solutions

Greaves Cotton

Neutral

165

4,039

1,755

1,881

16.8

16.9

7.8

8.5

21.2

19.5

4.2

3.9

20.6

20.9

2.0

1.8

Inox Wind

Neutral

150

3,331

5,605

6,267

15.7

16.4

24.8

30.0

6.1

5.0

1.7

1.2

25.9

24.4

0.6

0.5

KEC International

Neutral

301

7,727

9,294

10,186

7.9

8.1

9.9

11.9

30.4

25.3

4.5

3.9

15.6

16.3

1.1

1.0

KEI Industries

Accumulate

236

258

1,834

2,633

3,001

10.4

10.0

12.7

13.0

18.5

18.1

4.0

3.3

21.4

18.2

0.9

0.8

Thermax

Neutral

901

10,740

5,421

5,940

7.3

25.7

30.2

35.1

29.9

4.2

3.9

12.2

13.1

1.9

1.7

VATech Wabag

Neutral

670

3,659

3,136

3,845

8.9

9.1

26.0

35.9

25.8

18.7

3.2

2.8

13.4

15.9

1.1

0.9

Cement

ACC

Neutral

1,751

32,886

11,225

13,172

13.2

16.9

44.5

75.5

39.4

23.2

3.7

3.4

11.2

14.2

2.9

2.5

Ambuja Cements

Neutral

266

52,808

9,350

10,979

18.2

22.5

5.8

9.5

45.9

28.0

3.9

3.5

10.2

12.5

5.7

4.8

India Cements

Neutral

210

6,465

4,364

4,997

18.5

19.2

7.9

11.3

26.6

18.6

1.9

8.0

8.5

2.2

2.0

JK Cement

Neutral

970

6,783

4,398

5,173

15.5

17.5

31.2

55.5

31.1

17.5

3.7

3.2

12.0

15.5

2.1

1.7

J K Lakshmi Cement

Neutral

468

5,510

2,913

3,412

14.5

19.5

7.5

22.5

62.4

20.8

3.8

3.2

12.5

18.0

2.5

2.1

Orient Cement

Neutral

155

3,169

2,114

2,558

18.5

20.5

8.1

11.3

19.1

13.7

2.8

2.4

9.0

14.0

2.1

1.7

UltraTech Cement

Neutral

4,347

119,347

25,768

30,385

21.0

23.5

111.0

160.0

39.2

27.2

5.0

4.4

13.5

15.8

4.7

3.9

Construction

ITNL

Neutral

3,176

8,946

10,017

31.0

31.6

8.1

9.1

11.9

10.6

0.4

4.2

5.0

3.7

3.4

KNR Constructions

Neutral

212

2,982

1,385

1,673

14.7

14.0

41.2

48.5

5.2

4.4

1.0

0.8

14.9

15.2

2.2

1.8

Larsen & Toubro

Buy

1,171

1,700

163,906

111,017

124,908

11.0

61.1

66.7

19.2

17.5

2.3

2.1

13.1

12.9

2.5

2.3

Gujarat Pipavav Port

Neutral

144

6,962

705

788

52.2

51.7

5.0

5.6

28.8

25.7

2.8

2.6

11.2

9.5

8.0

Nagarjuna Const.

Neutral

5,220

8,842

9,775

9.1

8.8

5.3

6.4

17.7

14.7

1.4

1.3

8.2

9.1

0.8

0.7

PNC Infratech

Neutral

147

3,765

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

523

2,588

6,829

7,954

10.5

31.4

37.4

16.7

14.0

1.7

1.6

9.9

13.4

0.8

0.7

Power Mech Projects

Neutral

596

876

1,801

2,219

12.7

14.6

72.1

113.9

8.3

5.2

1.5

1.3

16.8

11.9

0.5

0.4

Sadbhav Engineering

Neutral

288

4,945

3,598

4,140

10.3

10.6

9.0

11.9

32.0

24.2

3.4

2.9

9.9

11.9

1.7

1.4

NBCC

Neutral

211

19,017

7,428

9,549

7.9

8.6

8.2

11.0

25.8

19.2

1.3

1.0

28.2

28.7

2.3

1.7

MEP Infra

Neutral

127

2,064

1,877

1,943

30.6

29.8

3.0

4.2

42.3

30.2

20.5

13.8

0.6

2.5

2.3

www.angelbroking.com

Stock Watch

July 18, 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

105

3,705

1,036

1,252

65.5

66.2

(8.4)

(5.6)

3.9

4.5

(22.8)

(15.9)

11.8

9.8

Engineers India

Neutral

157

10,563

1,725

1,935

16.0

19.1

11.4

13.9

13.8

11.3

1.9

1.8

13.4

15.3

5.1

4.5

Financials

Axis Bank

Accumulate

511

580

122,483

46,932

53,575

3.5

3.4

32.4

44.6

15.8

11.5

2.0

1.8

13.6

16.5

Bank of Baroda

Neutral

164

37,857

19,980

23,178

1.8

11.5

17.3

14.3

9.5

1.6

1.4

8.3

10.1

Canara Bank

Neutral

369

22,016

15,225

16,836

1.8

14.5

28.0

25.4

13.2

1.8

1.4

5.8

8.5

Can Fin Homes

Neutral

3,195

8,505

420

526

3.5

86.5

107.8

36.9

29.6

8.0

6.5

23.6

24.1

Cholamandalam Inv. &

Accumulate

1,145

1,230

17,896

2,012

2,317

6.3

42.7

53.6

26.8

21.4

4.2

3.6

16.9

18.3

Fin. Co.

Dewan Housing Finance Accumulate

456

520

14,303

2,225

2,688

2.9

29.7

34.6

15.4

13.2

2.5

1.6

16.1

14.8

Equitas Holdings

Buy

168

235

5,698

939

1,281

11.7

11.5

5.8

8.2

29.0

20.5

2.5

2.2

10.9

11.5

Federal Bank

Accumulate

114

125

22,180

8,259

8,995

3.0

4.3

5.6

26.6

20.4

2.2

2.1

8.5

10.1

HDFC

Neutral

1,652

263,114

11,475

13,450

3.4

45.3

52.5

36.5

31.5

7.0

6.2

20.2

20.5

HDFC Bank

Neutral

1,683

433,133

46,097

55,433

4.5

58.4

68.0

28.8

24.8

5.1

4.2

18.8

18.6

ICICI Bank

Neutral

303

194,341

42,800

44,686

3.1

3.3

18.0

21.9

16.8

13.8

2.3

2.1

11.1

12.3

Karur Vysya Bank

Buy

137

160

8,306

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

201

3,856

3,339

3,799

2.7

2.8

11.0

14.0

18.3

14.4

1.9

1.7

11.2

12.7

LIC Housing Finance

Neutral

745

37,590

3,712

4,293

2.6

2.5

39.0

46.0

19.1

16.2

3.6

3.1

19.9

20.1

Punjab Natl.Bank

Neutral

153

32,537

23,532

23,595

2.3

2.4

6.8

12.6

22.5

12.1

3.5

2.5

3.3

6.5

RBL Bank

Neutral

531

19,997

1,783

2,309

2.6

12.7

16.4

41.8

32.4

4.6

4.1

12.8

13.3

Repco Home Finance

Accumulate

781

825

4,885

388

457

4.5

4.2

30.0

38.0

26.0

20.6

4.3

3.6

18.0

19.2

South Ind.Bank

Neutral

5,149

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

Neutral

293

252,746

88,650

98,335

2.6

13.5

18.8

21.7

15.6

2.1

1.8

7.0

8.5

Union Bank

Neutral

156

10,690

13,450

14,925

2.3

25.5

34.5

6.1

4.5

0.9

0.8

7.5

10.2

Yes Bank

Neutral

1,547

70,778

8,978

11,281

3.3

3.4

74.0

90.0

20.9

17.2

4.0

3.4

17.0

17.2

FMCG

Akzo Nobel India

Neutral

1,803

8,647

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

1,126

107,958

17,128

18,978

16.8

16.4

19.1

20.7

58.9

54.4

20.5

19.3

34.8

35.5

6.2

5.6

Britannia

Neutral

3,697

44,385

9,594

11,011

14.6

14.9

80.3

94.0

46.0

39.3

18.9

14.6

41.2

4.5

3.9

Colgate

Neutral

1,070

29,109

4,605

5,149

23.4

23.8

26.9

45.0

39.8

24.9

19.5

64.8

66.8

6.2

5.6

Dabur India

Neutral

303

53,304

8,315

9,405

19.8

20.7

8.1

9.2

37.4

32.9

10.4

8.6

31.6

31.0

6.1

5.3

GlaxoSmith Con*

Neutral

5,502

23,139

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

July 18, 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

966

65,835

10,235

11,428

18.4

18.6

41.1

44.2

23.5

21.9

5.2

4.4

24.9

24.8

6.5

5.8

HUL

Neutral

1,153

249,519

35,252

38,495

17.8

20.7

22.4

55.8

51.5

53.4

45.8

95.6

88.9

6.9

6.3

ITC

Neutral

326

395,857

40,059

44,439

38.3

39.2

9.0

10.1

36.3

32.1

10.1

8.8

27.8

27.5

9.4

8.4

Marico

Neutral

327

42,173

6,430

7,349

18.8

19.5

6.4

7.7

51.1

42.4

15.4

13.0

33.2

32.5

6.4

5.5

Nestle*

Neutral

6,862

66,158

10,073

11,807

20.7

21.5

124.8

154.2

55.0

44.5

22.6

20.3

34.8

36.7

6.4

5.4

Tata Global

Neutral

177

11,171

8,675

9,088

9.8

7.4

8.2

23.9

21.6

1.9

1.8

7.9

8.1

1.2

1.1

Procter & Gamble

Neutral

8,040

26,098

2,939

3,342

23.2

23.0

146.2

163.7

55.0

49.1

13.9

11.6

25.3

23.5

8.4

7.3

Hygiene

HCL Tech^

Buy

867

1,014

123,698

46,723

52,342

22.1

20.9

60.0

62.8

14.5

13.8

3.7

3.1

25.3

22.4

2.4

2.0

Infosys

Buy

985

1,179

226,329

68,484

73,963

26.0

63.0

64.0

15.6

15.4

3.3

3.0

20.8

19.7

3.0

2.6

TCS

Accumulate

2,396

2,651

472,055

117,966

127,403

27.5

27.6

134.3

144.5

17.8

16.6

5.3

4.9

29.8

29.7

3.7

3.4

Tech Mahindra

Buy

392

533

38,213

29,141

31,051

14.4

15.0

32.3

35.6

12.1

11.0

2.1

1.9

17.1

17.0

1.2

1.0

Wipro

Neutral

268

130,218

55,421

58,536

20.3

35.1

36.5

7.6

7.3

1.3

1.1

19.2

14.6

1.8

1.5

Media

D B Corp

Neutral

373

6,865

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

1,934

2,693

2,991

12.6

12.9

7.9

9.0

10.5

9.2

0.9

0.8

7.8

8.3

0.3

0.2

Jagran Prakashan

Buy

174

225

5,680

2,283

2,555

28.0

10.6

12.3

16.3

14.2

3.5

3.0

21.4

2.5

2.2

Sun TV Network

Neutral

833

32,825

2,850

3,265

70.1

71.0

26.2

30.4

31.8

27.4

8.1

7.2

24.3

25.6

11.1

9.6

Hindustan Media

Neutral

277

2,032

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

254

344

1,517

608

667

21.5

22.3

15.7

19.2

16.2

13.2

2.5

2.1

16.1

16.0

2.1

1.8

Metals & Mining

Coal India

Neutral

247

153,447

84,638

94,297

21.4

22.3

24.5

27.1

10.1

9.1

4.2

4.0

42.6

46.0

1.3

1.2

Hind. Zinc

Neutral

279

117,739

14,252

18,465

55.9

48.3

15.8

21.5

17.6

13.0

2.9

2.5

17.0

20.7

8.3

6.4

Hindalco

Neutral

209

46,889

107,899

112,095

7.4

8.2

9.2

13.0

22.7

16.1

1.1

1.0

4.8

6.6

1.0

0.9

JSW Steel

Neutral

217

52,550

53,201

58,779

16.1

16.2

130.6

153.7

1.7

1.4

0.2

14.0

14.4

1.7

1.5

NMDC

Neutral

120

37,967

6,643

7,284

44.4

47.7

7.1

7.7

16.9

15.6

1.5

1.4

8.8

9.2

3.5

3.1

SAIL

Neutral

25,483

47,528

53,738

(0.7)

2.1

(1.9)

2.6

23.7

0.7

0.6

(1.6)

3.9

1.4

1.3

Vedanta

Neutral

269

100,160

71,744

81,944

19.2

21.7

13.4

20.1

13.4

1.7

1.6

8.4

11.3

1.8

1.4

Tata Steel

Neutral

559

54,276

121,374

121,856

7.2

8.4

18.6

34.3

30.1

16.3

1.9

1.7

6.1

10.1

1.1

Oil & Gas

GAIL

Neutral

385

65,107

56,220

65,198

9.3

10.1

27.1

33.3

14.2

11.6

1.3

1.2

9.3

10.7

1.3

1.1

ONGC

Neutral

160

205,396

137,222

152,563

15.0

21.8

19.5

24.1

8.2

6.6

0.7

8.5

10.1

1.8

1.6

Indian Oil Corp

Neutral

374

181,392

373,359

428,656

5.9

5.5

54.0

59.3

6.9

6.3

1.1

1.0

16.0

15.6

0.6

0.5

www.angelbroking.com

Stock Watch

July 18, 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

1,551

504,432

301,963

358,039

12.1

12.6

87.7

101.7

17.7

15.3

1.8

1.7

10.7

11.3

2.1

1.8

Pharmaceuticals

Alembic Pharma

Buy

545

648

10,282

3,101

3,966

19.7

20.5

21.4

25.5

21.4

5.4

4.4

23.0

22.8

3.3

2.4

Alkem Laboratories Ltd

Buy

1,751

2,161

20,932

5,853

6,901

17.1

18.4

74.6

85.0

23.5

20.6

5.0

4.2

21.1

20.2

3.5

3.0

Aurobindo Pharma

Accumulate

751

823

43,988

14,845

17,086

21.5

22.1

39.4

44.7

19.1

16.8

4.7

3.7

27.6

24.7

3.1

2.7

Aventis*

Neutral

4,170

9,604

2,206

2,508

16.6

16.8

128.9

139.9

32.4

29.8

5.5

4.3

21.6

23.5

4.1

3.4

Cadila Healthcare

Sell

538

450

55,026

9,220

11,584

18.4

20.3

14.5

18.7

37.1

28.7

7.9

6.4

23.5

24.6

6.3

4.8

Cipla

Sell

556

461

44,725

14,281

16,619

15.4

16.2

12.5

19.7

44.5

28.2

3.6

3.2

8.4

12.0

3.3

2.8

Dr Reddy's

Neutral

2,693

44,643

14,081

15,937

16.1

18.6

72.6

105.9

37.1

25.4

3.6

3.3

9.6

13.6

3.4

3.0

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

2,533

21,457

2,927

3,290

11.8

16.2

34.4

49.6

73.6

51.1

10.7

11.1

13.9

21.3

7.1

6.4

Indoco Remedies

Sell

200

153

1,842

1,067

1,154

12.1

14.9

8.4

11.3

23.8

17.7

2.8

2.5

12.6

15.0

1.9

1.8

Ipca labs

Buy

484

620

6,106

3,211

3,593

13.9

14.5

15.4

19.4

31.4

25.0

2.5

2.3

8.2

9.5

2.0

1.8

Lupin

Buy

1,148

1,526

51,840

17,120

18,657

24.1

56.9

61.1

20.2

18.8

3.8

3.2

20.7

18.6

3.3

2.7

Natco Pharma

Accumulate

985

1,060

17,173

2,065

1,988

33.1

33.7

27.9

25.7

35.3

38.3

10.3

8.8

29.2

22.9

8.4

8.5

Sun Pharma

Buy

571

712

137,069

30,264

32,899

29.0

26.9

32.7

31.6

17.5

18.1

3.8

3.2

22.2

18.7

4.3

3.8

Power

Tata Power

Neutral

22,558

36,916

39,557

17.4

27.1

5.1

6.3

16.4

13.2

1.4

1.3

9.0

10.3

1.6

1.5

NTPC

Neutral

168

138,647

86,605

95,545

17.5

20.8

11.8

13.4

14.3

12.6

1.4

10.5

11.1

2.9

Power Grid

Neutral

217

113,316

25,315

29,193

88.2

88.7

14.2

17.2

15.3

12.6

2.3

2.0

15.2

16.1

9.1

8.2

Real Estate

Prestige Estate

Neutral

256

9,613

4,707

5,105

25.2

26.0

10.3

13.0

24.9

19.7

2.0

1.9

10.3

10.2

3.2

2.9

MLIFE

Buy

437

522

2,245

1,152

1,300

22.7

24.6

29.9

35.8

14.6

12.2

1.1

1.0

7.6

8.6

2.7

2.3

Telecom

Bharti Airtel

Neutral

409

163,334

105,086

114,808

34.5

34.7

12.2

16.4

33.5

24.9

2.3

2.1

6.8

8.4

2.5

2.2

Idea Cellular

Neutral

32,058

40,133

43,731

37.2

37.1

6.4

6.5

13.9

13.7

1.2

1.1

8.2

7.6

1.8

1.6

zOthers

Abbott India

Neutral

4,502

9,566

3,153

3,583

14.1

14.4

152.2

182.7

29.6

24.6

145.2

124.0

25.6

26.1

2.7

2.4

Asian Granito

Accumulate

437

480

1,314

1,066

1,169

11.6

12.5

13.0

16.0

33.6

27.3

3.3

2.9

9.5

10.7

1.5

1.4

Bajaj Electricals

Buy

338

395

3,426

4,801

5,351

5.7

6.2

10.4

13.7

32.4

24.7

4.0

3.6

12.4

14.5

0.7

0.6

Banco Products (India)

Neutral

235

1,680

1,353

1,471

12.3

12.4

14.5

16.3

16.2

14.4

22.4

20.2

14.5

14.6

1.2

127.2

Coffee Day Enterprises

Neutral

245

5,056

2,964

3,260

20.5

21.2

4.7

8.0

30.7

2.8

2.6

5.5

8.5

2.1

1.9

Ltd

Competent Automobiles Neutral

186

119

1,137

1,256

3.1

2.7

28.0

23.6

6.6

7.9

35.7

32.3

14.3

11.5

0.1

Elecon Engineering

Neutral

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

www.angelbroking.com

Stock Watch

July 18, 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

508

7,772

2,883

3,115

12.0

12.1

14.2

18.6

35.8

27.3

19.0

16.6

15.8

14.6

2.4

2.2

Garware Wall Ropes

Neutral

936

2,049

863

928

15.1

15.2

36.4

39.4

25.7

23.8

4.7

4.0

17.5

15.9

2.3

2.1

Goodyear India*

Neutral

918

2,118

1,598

1,704

10.4

10.2

49.4

52.6

18.6

17.5

85.8

75.3

18.2

17.0

1.0

144.7

Hitachi

Neutral

2,032

5,525

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

389

2,813

2,384

2,515

15.8

16.3

15.3

19.4

25.4

20.1

25.3

21.7

7.8

9.3

1.3

1.2

Interglobe Aviation

Neutral

1,284

46,411

21,122

26,005

14.5

27.6

110.7

132.1

11.6

9.7

69.4

49.6

168.5

201.1

2.2

1.7

Jyothy Laboratories

Neutral

367

6,667

1,440

2,052

11.5

13.0

8.5

10.0

43.2

36.7

10.5

9.7

18.6

19.3

4.9

3.4

Kirloskar Engines India

Neutral

391

5,650

2,554

2,800

9.9

10.0

10.5

12.1

37.2

32.3

15.6

14.7

10.7

11.7

1.9

1.7

Ltd

Linc Pen & Plastics

Neutral

283

418

382

420

9.3

9.5

13.5

15.7

21.0

18.0

3.6

3.1

17.1

17.3

1.2

1.0

M M Forgings

Neutral

657

793

546

608

20.4

20.7

41.3

48.7

15.9

13.5

90.0

79.7

16.6

17.0

1.3

1.2

Manpasand Bever.

Neutral

753

4,311

836

1,087

19.6

19.4

16.9

23.8

44.6

31.6

5.4

4.7

12.0

14.8

4.9

3.7

Mirza International

Neutral

156

1,873

963

1,069

17.2

18.0

6.1

7.5

25.4

20.7

3.9

3.3

15.0

15.7

2.2

1.9

MT Educare

Neutral

293

366

417

17.7

18.2

9.4

10.8

7.8

6.8

1.7

1.5

22.2

22.3

0.7

0.6

Narayana Hrudaya

Neutral

306

6,262

1,873

2,166

11.5

11.7

2.6

4.0

115.8

77.3

7.1

6.4

6.1

8.3

3.4

3.0

Navkar Corporation

Buy

204

265

2,904

347

371

43.2

37.3

6.7

6.0

30.5

34.0

2.1

1.9

6.2

10.6

9.5

8.9

Navneet Education

Neutral

176

4,113

1,062

1,147

24.0

6.1

6.6

28.9

26.6

5.9

5.3

20.6

19.8

4.0

3.7

Nilkamal

Neutral

1,926

2,874

1,995

2,165

10.7

10.4

69.8

80.6

27.6

23.9

110.1

95.6

16.6

16.5

1.4

1.3

Page Industries

Neutral

16,952

18,908

2,450

3,124

20.1

17.6

299.0

310.0

56.7

54.7

377.6

288.2

47.1

87.5

7.8

6.1

Parag Milk Foods

Neutral

236

1,988

1,919

2,231

9.3

9.6

9.5

12.9

25.0

18.3

3.9

3.2

15.5

17.5

1.2

1.0

Quick Heal

Neutral

223

1,562

408

495

27.3

27.0

7.7

8.8

28.7

25.3

2.7

9.3

10.6

3.0

2.5

Radico Khaitan

Accumulate

129

147

1,710

1,667

1,824

13.0

13.2

6.7

8.2

19.3

15.7

1.8

1.6

9.0

10.2

1.4

1.3

Relaxo Footwears

Neutral

508

6,100

2,085

2,469

9.2

8.2

7.6

8.0

67.2

63.9

26.0

22.2

17.9

18.8

3.0

2.6

S H Kelkar & Co.

Neutral

264

3,822

1,036

1,160

15.1

15.0

6.1

7.2

43.3

36.8

4.6

4.2

10.7

11.5

3.6

3.1

Siyaram Silk Mills

Neutral

2,428

2,276

1,574

1,769

12.5

12.7

97.1

113.1

25.0

21.5

3.8

3.3

15.4

15.5

1.7

1.5

Styrolution ABS India*

Neutral

996

1,752

1,440

1,537

9.2

9.0

40.6

42.6

24.5

23.4

62.7

57.0

12.3

11.6

1.2

1.1

Surya Roshni

Neutral

280

1,228

3,342

3,625

7.8

7.5

17.3

19.8

16.2

14.2

30.8

24.7

10.5

10.8

0.6

Team Lease Serv.

Neutral

1,505

2,573

3,229

4,001

1.5

1.8

22.8

32.8

66.1

45.8

7.1

6.1

10.7

13.4

0.7

0.5

The Byke Hospitality

Neutral

192

769

287

384

20.5

7.6

10.7

25.2

17.9

5.3

4.3

20.7

23.5

2.7

2.0

Transport Corporation of

Neutral

319

2,441

2,671

2,911

8.5

8.8

13.9

15.7

23.0

20.4

3.1

2.8

13.7

13.8

1.0

0.9

India

www.angelbroking.com

Stock Watch

July 18, 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

3,767

2,884

2,304

2,614

13.7

13.8

231.1

266.6

16.3

14.1

423.3

333.3

33.9

29.3

1.3

1.1

UFO Moviez

Neutral

392

1,081

619

685

33.2

33.4

30.0

34.9

13.1

11.2

1.8

1.6

13.8

13.9

1.5

1.1

Visaka Industries

Neutral

510

810

1,051

1,138

10.3

10.4

21.0

23.1

24.3

22.1

65.4

61.3

9.0

9.2

1.0

VRL Logistics

Neutral

322

2,936

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

Buy

182

218

2,566

1,270

1,450

10.4

5.6

6.5

32.4

27.9

6.7

5.9

20.7

21.1

2.0

1.8

Navin Fluorine

Accumulate

3,299

3,650

3,247

789

945

21.1

22.4

120.1

143.4

27.5

23.0

4.4

3.8

17.8

18.5

4.1

3.3

Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on July 17, 2017

www.angelbroking.com

Market Outlook

July 18, 2017

Research Team Tel: 022 - 39357800

E-mail: [email protected]

Website: www.angelbroking.com

DISCLAIMER

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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

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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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