Market Outlook

July19, 2017

Market Cues

Domestic Indices

Chg (%)

(Pts)

(Close)

Indian markets are likely to open in green and may remain flat tracking SGX Nifty

BSE Sensex

(1.1)

(364)

31,711

and Asian indices.

Nifty

(0.9)

(89)

9,827

After ending the previous session roughly flat, US stocks market continued to turn in

Mid Cap

(0.6)

(91)

15,107

a lackluster performance during trading on Tuesday. The choppy trading on Wall

Small Cap

(0.6)

(92)

15,818

Street came as traders expressed uncertainty about the near-term outlook for the

Bankex

(0.0)

(12)

27,203

markets after the Dow and S&P 500 reached record highs.

The European markets ended Tuesdays session firmly in negative territory. Mixed

Global Indices

Chg (%)

(Pts)

(Close)

corporate earnings results weighed on investor sentiment, as well as the

strengthening of the Euro.

Dow Jones

(0.3)

(55)

21,575

Nasdaq

0.5

6,344

Indian share market tumbled on Tuesday amid heavy selling in consumer stable

stocks after the GST council increased compensation cess on cigarettes.

FTSE

(0.2)

(14)

7,390

Nikkei

(0.6)

(119)

20,000

Hang Seng

0.2

254

26,525

News Analysis

Shanghai Com

0.3

3,188

 UltraTech to set 3.5 mn tonne plant in Madhya Pradesh for `2,600Cr

Detailed analysis is on Pg2

Advances / Declines

BSE

NSE

Investor’s Ready Reckoner

Advances

1,978

1,601

Key Domestic & Global Indicators

Declines

1,734

1,106

Unchanged

138

Stock Watch: Latest investment recommendations on 150+ stocks

Refer Pg6 onwards

Volumes (` Cr)

Top Picks

BSE

3,854

CMP

Target

Upside

Company

Sector

Rating

(`)

(%)

NSE

28,777

Blue Star

Capital Goods

Buy

652

760

16.5

Dewan Housing FinanceFinancials

Buy

459

520

13.2

#Net Inflows (` Cr)

Net

Mtd

Ytd

Mahindra Lifespace

Real Estate

Buy

436

522

19.6

Navkar Corporation

Others

Buy

201

265

31.8

FII

(56376

(2,2(46)

55,863

KEI Industries

Capital Goods

Accumulate

234

258

10.0

MFs

8163

4,608

43,754

More Top Picks on Pg3

Key Upcoming Events

Top Gainers

Price (`)

Chg (%)

Consensus

Date

Region

Event Description

Hcl-Insys

156

18.7

Reading

Expectations

Jul 19, 2017

Housing Starts

1,092.00

1,160.00

Fconsumer

7.9

Jul19, 2017

Initial Jobless claims

247.00

245.00

Infibeam

1,186

5.4

Jul 20, 2017

Building permits

1,168.00

1,200.00

Sintex

4.4

Jul 20, 2017

Euro Zone Euro-Zone Consumer Confidence

(1.30)

(1.20)

Jublfood

1,326

4.1

Jul 20, 2017

Germany PMI Manufacturing

59.60

More Events on Pg4

Top Losers

Price (`)

Chg (%)

Itc

285

(12.6)

Network18

(9.1)

Tv18Brdcst

(6.2)

Godfryphlp

1,158

(5.7)

Kpit

130

(4.9)

#as on 18^t July, 2017

www.angelbroking.com

Market Outlook

July19, 2017

News Analysis

UltraTech to set 3.5 mn tonne plant in Madhya Pradesh for `2,600Cr

Markets leader UltraTech Cement on Tuesday announced a

`2,600Cr new

integrated cement plant in Madhya Pradesh with a capacity of 3.5 million tonne

per annum, which will increase its capacity to 96.5 mt by FY19.

This will further enhance UltraTech's presence in Central India furthermore

company has also commissioned cement grinding units in Nagpur in Maharashtra

and at Patliputra in Bihar during the year gone-by. The acquisition of the cement

business of Jaypee Group (Jaiprakash Associates and Jaypee Cement

Corporation) and those in the overseas operations in the UAE will propel

UltraTech's capacity to 96.5 mt

Company also has an additional capex plan of about `2,200Cr for the current

fiscal, which will mainly be utilised for capacity de-bottlenecking projects,

regulatory requirements, plant infrastructure and routine maintenance. The

company has in-principal approval to rise `9,000Cr debt but has no plans to raise

equity, offer rights issue or splitting the share value as the company has a very

strong balance sheet and robust cash flows

Economic and Political News

 Cabinet may decide on HPCL 51% stake sale to ONGC tomorrow



5-star hotels with tariff under `7,500 to attract 18% GST



250,000 gram panchayats to be digitally connected by mid-2018: Prasad

 Chhattisgarh completes kharif sowing in 60% of targeted acreage

 7th Pay Commission: Govt extends deadline to receive, dispose of anomalies

Corporate News

 Crisil Q2 net profit up 9.3% at `67.25Cr

 Bata India eyes 35% revenue contribution from women's footwear

 Sundaram Finance June qtr net up 30% to `117Cr, revenue rises 11%

 AI's net loss narrows to `3,643Cr; operating up rises in 2016-17

 Apollo Hospitals to add over 2,000 beds in next three-year expansion plan

www.angelbroking.com

Market Outlook

July19, 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

20,756

1,736

2,161

24.5

more products in USA, which bodes for its international

business.

We expect the company would report strong profitability

Asian Granito

1,269

422

480

13.8

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

6,246

652

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

14,401

459

520

13.2

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

8,119

134

160

19.1

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

1,824

234

258

10.0

sales and higher exports to boost the revenues and

profitability

Speedier execution and speedier sales, strong revenue

Mahindra Lifespace

2,239

436

522

19.6

visibilty in short-to-long run, attractive valuations

Massive capacity expansion along with rail advantage at

Navkar Corporation

2,868

201

265

31.8

ICD as well CFS augurs well for the company

Strong brands and distribution network would boost

Siyaram Silk Mills

2,310

2,464

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

1,508

253

344

36.0

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

2,28,235

7,555

8,495

12.4

plant will also enable higher operating leverage which

will be margin accretive.

Source: Company, Angel Research,

www.angelbroking.com

Market Outlook

July19, 2017

Quarterly Bloomberg Brokers Consensus Estimate

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 19, 2017

Key Upcoming Events

Global economic events release calendar

Bloomberg Data

Date

Time

Country

Event Description

Unit

Period

Last Reported

Estimated

Jul 19, 2017

6:00 PMUS

Housing Starts

Thousands

Jun

1,092.00

1,160.00

6:00 PMUS

Initial Jobless claims

Thousands

Jul 15

247.00

245.00

Jul 20, 2017

6:00 PMUS

Building permits

Thousands

Jun

1,168.00

1,200.00

7:30 PMEuro Zone

Euro-Zone Consumer Confidence

Value

Jul A

(1.30)

(1.20)

1:00 PMGermany

PMI Manufacturing

Value

Jul P

59.60

Jul 24, 2017

5:15 PMEuro Zone

ECB announces interest rates

Jul 20

1:00 PMGermany

PMI Services

Value

Jul P

54.00

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

116.00

Jul 26, 2017

2:00 PMUK

GDP (YoY)

% Change

2Q A

2.00

7:30 PMUS

New home sales

Thousands

Jun

610.00

615.50

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

Aug 01, 2017

1:25 PMGermany

Unemployment change (000's)

Thousands

Jul

7.00

2:00 PMUK

PMI Manufacturing

Value

Jul

54.30

2:30 PMIndia

RBI Reverse Repo rate

Aug 2

6.00

Aug 02, 2017

2:30 PMEuro Zone

Euro-Zone GDP s.a. (QoQ)

% Change

2Q A

0.60

2:30 PMIndia

RBI Repo rate

Aug 2

6.25

2:30 PMIndia

RBI Cash Reserve ratio

Aug 2

4.00

Aug 03, 2017

4:30 PMUK

BOE Announces rates

% Ratio

Aug 3

0.25

Source: Bloomberg, Angel Research

www.angelbroking.com

Market Outlook

July 19, 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 19, 2017

Exhibit 4: Relative performance of indices across globe

Returns (%)

Country

Name of index

Closing price

1YR

Brazil

Bovespa

65,338

6.0

4.0

17.8

Russia

Micex

1,948

6.8

0.2

1.7

India

Nifty

9,827

2.6

7.5

15.3

China

Shanghai Composite

3,188

1.7

(0.7)

6.0

South Africa

Top 40

46,928

5.4

0.4

1.4

Mexico

Mexbol

51,100

3.8

4.8

8.6

Indonesia

LQ45

976

2.5

4.7

16.9

Malaysia

KLCI

1,755

(2.1)

0.6

6.1

Thailand

SET 50

996

0.7

(1.3)

7.6

USA

Dow Jones

21,575

1.0

4.5

16.2

FTSE

7,390

(1.0)

0.9

9.8

Japan

Nikkei

20,000

0.8

8.5

32.4

Germany

DAX

12,430

(2.5)

2.7

22.5

France

CAC

5,173

(1.7)

3.7

17.7

Source: Bloomberg, Angel Research, #Data as on 18^th July

www.angelbroking.com

Stock Watch

July 19, 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

4,659

1,937

2,164

13.3

14.3

9.0

11.0

26.6

21.8

4.6

4.1

18.4

19.8

2.5

2.2

United Phosphorus

Neutral

857

43,518

15,176

17,604

18.5

37.4

44.6

22.9

19.2

4.5

3.7

21.4

21.2

3.0

2.5

Auto & Auto Ancillary

Ashok Leyland

Accumulate

106

116

30,904

20,019

22,789

11.1

11.7

4.3

5.5

24.6

19.3

4.8

4.3

19.4

22.0

1.5

1.3

Bajaj Auto

Neutral

2,824

81,719

25,093

27,891

19.5

19.2

143.9

162.5

19.6

17.4

5.5

4.7

30.3

29.4

3.0

2.6

Bharat Forge

Neutral

1,143

26,608

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

28,599

77,851

16,583

20,447

17.5

18.0

598.0

745.2

47.8

38.4

16.3

12.4

41.2

38.3

4.5

3.6

Gabriel India

Neutral

148

2,128

1,544

1,715

9.0

9.3

5.4

6.3

27.4

23.5

5.2

4.6

18.9

19.5

1.3

1.2

Hero Motocorp

Neutral

3,786

75,595

28,120

30,753

15.2

15.6

169.1

189.2

22.4

20.0

7.7

6.5

30.8

28.2

2.5

2.3

Jamna Auto Industries Neutral

255

2,035

1,486

1,620

9.8

9.9

15.0

17.2

17.0

14.9

3.7

3.2

21.8

21.3

1.4

1.3

L G Balakrishnan & Bros Neutral

787

1,235

1,302

1,432

11.6

11.9

43.7

53.0

18.0

14.9

2.5

2.3

13.8

14.2

1.0

0.9

Mahindra and Mahindra Neutral

1,380

85,739

46,534

53,077

11.6

11.7

67.3

78.1

20.5

17.7

3.3

2.9

15.4

15.8

1.8

1.6

Maruti

Accumulate

7,555

8,495

228,235

67,822

83,717

15.2

15.0

243.0

291.5

31.1

25.9

7.1

5.8

22.9

22.4

3.0

2.4

Minda Industries

Neutral

668

5,772

2,728

3,042

9.0

9.1

68.2

86.2

9.8

7.8

2.2

1.8

23.8

24.3

2.2

1.9

Motherson Sumi

Neutral

317

66,797

45,896

53,687

7.8

8.3

13.0

16.1

24.3

19.7

7.8

6.3

34.7

35.4

1.5

1.3

Rane Brake Lining

Neutral

1,358

1,075

511

562

11.3

11.5

28.1

30.9

48.3

44.0

7.4

6.7

15.3

15.0

2.2

2.1

Setco Automotive

Neutral

578

741

837

13.0

15.2

17.0

2.9

2.5

0.5

0.4

15.8

16.3

1.2

1.1

Tata Motors

Neutral

456

131,678

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

27,151

13,390

15,948

6.9

7.1

12.8

16.5

44.8

34.5

11.1

8.8

26.3

27.2

2.1

1.7

Amara Raja Batteries

Accumulate

844

962

14,411

5,339

6,220

15.9

15.3

28.0

32.3

30.1

26.1

5.7

4.8

19.1

18.5

2.7

2.3

Exide Industries

Neutral

221

18,802

7,439

8,307

15.0

8.1

9.3

27.3

23.8

3.8

3.4

14.3

16.7

2.1

1.9

Apollo Tyres

Neutral

253

12,863

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

1,859

7,520

7,524

8,624

13.0

12.7

131.1

144.3

14.2

12.9

2.6

2.2

19.8

18.6

1.1

0.9

JK Tyres

Neutral

165

3,747

7,455

8,056

15.0

21.8

24.5

7.6

6.7

1.6

1.3

22.8

21.3

0.6

0.5

Swaraj Engines

Neutral

2,160

2,683

660

810

15.2

16.4

54.5

72.8

39.6

29.7

12.4

11.2

31.5

39.2

3.9

3.1

Subros

Neutral

247

1,480

1,488

1,681

11.7

11.9

6.4

7.2

38.6

34.4

4.1

3.7

10.8

11.4

1.2

1.1

Indag Rubber

Neutral

200

524

286

326

19.8

16.8

11.7

13.3

17.1

15.0

2.9

2.7

17.8

17.1

1.5

1.3

Capital Goods

ACE

Neutral

695

709

814

4.1

4.6

1.4

2.1

50.2

33.5

2.1

2.0

4.4

6.0

1.1

1.0

BEML

Neutral

1,525

6,351

3,451

4,055

6.3

9.2

31.4

57.9

48.6

26.3

2.9

2.7

6.3

10.9

2.0

1.7

Bharat Electronics

Neutral

174

38,798

8,137

9,169

16.8

17.2

58.7

62.5

3.0

2.8

0.5

0.4

44.6

46.3

3.7

3.4

www.angelbroking.com

Stock Watch

July 19, 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

485

16,031

6,511

7,514

7.9

8.7

12.9

16.3

37.6

29.7

6.8

5.9

16.7

18.5

2.2

1.9

BGR Energy

Neutral

150

1,081

16,567

33,848

6.0

5.6

7.8

5.9

19.2

25.4

1.1

4.7

4.2

0.2

0.1

BHEL

Neutral

143

35,074

28,797

34,742

2.8

2.3

6.9

62.3

20.8

1.1

1.0

1.3

4.8

0.9

0.6

Blue Star

Buy

652

760

6,246

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

5,321

5,777

6,120

5.9

7.0

3.3

4.5

25.7

18.9

1.1

4.4

5.9

0.9

0.8

Solutions

Greaves Cotton

Neutral

163

3,983

1,755

1,881

16.8

16.9

7.8

8.5

20.9

19.2

4.2

3.9

20.6

20.9

2.0

1.8

Inox Wind

Neutral

148

3,278

5,605

6,267

15.7

16.4

24.8

30.0

6.0

4.9

1.7

1.2

25.9

24.4

0.6

0.5

KEC International

Neutral

296

7,602

9,294

10,186

7.9

8.1

9.9

11.9

29.9

24.9

4.4

3.8

15.6

16.3

1.1

1.0

KEI Industries

Accumulate

234

258

1,824

2,633

3,001

10.4

10.0

12.7

13.0

18.4

18.0

4.0

3.3

21.4

18.2

0.9

0.8

Thermax

Neutral

897

10,690

5,421

5,940

7.3

25.7

30.2

34.9

29.7

4.2

3.9

12.2

13.1

1.9

1.7

VATech Wabag

Neutral

664

3,623

3,136

3,845

8.9

9.1

26.0

35.9

25.5

18.5

3.2

2.7

13.4

15.9

1.1

0.8

Cement

ACC

Neutral

1,760

33,047

11,225

13,172

13.2

16.9

44.5

75.5

39.6

23.3

3.7

3.5

11.2

14.2

2.9

2.5

Ambuja Cements

Neutral

265

52,709

9,350

10,979

18.2

22.5

5.8

9.5

45.8

27.9

3.9

3.5

10.2

12.5

5.6

4.8

India Cements

Neutral

209

6,448

4,364

4,997

18.5

19.2

7.9

11.3

26.5

18.5

1.9

8.0

8.5

2.2

2.0

JK Cement

Neutral

976

6,820

4,398

5,173

15.5

17.5

31.2

55.5

31.3

17.6

3.8

3.3

12.0

15.5

2.1

1.7

J K Lakshmi Cement

Neutral

466

5,478

2,913

3,412

14.5

19.5

7.5

22.5

62.1

20.7

3.8

3.2

12.5

18.0

2.5

2.1

Orient Cement

Neutral

158

3,228

2,114

2,558

18.5

20.5

8.1

11.3

19.5

13.9

2.9

2.4

9.0

14.0

2.1

1.7

UltraTech Cement

Neutral

4,315

118,458

25,768

30,385

21.0

23.5

111.0

160.0

38.9

27.0

5.0

4.3

13.5

15.8

4.7

3.9

Construction

ITNL

Neutral

3,094

8,946

10,017

31.0

31.6

8.1

9.1

11.6

10.3

0.4

4.2

5.0

3.7

3.4

KNR Constructions

Neutral

215

3,023

1,385

1,673

14.7

14.0

41.2

48.5

5.2

4.4

1.0

0.8

14.9

15.2

2.3

1.9

Larsen & Toubro

Buy

1,178

1,700

164,963

111,017

124,908

11.0

61.1

66.7

19.3

17.7

2.3

2.2

13.1

12.9

2.5

2.3

Gujarat Pipavav Port

Neutral

143

6,908

705

788

52.2

51.7

5.0

5.6

28.6

25.5

2.8

2.5

11.2

9.5

8.0

Nagarjuna Const.

Neutral

5,098

8,842

9,775

9.1

8.8

5.3

6.4

17.3

14.3

1.4

1.3

8.2

9.1

0.7

0.6

PNC Infratech

Neutral

145

3,720

2,350

2,904

13.1

13.2

9.0

8.8

16.1

16.5

0.6

0.5

15.9

13.9

1.7

1.4

Simplex Infra

Neutral

511

2,526

6,829

7,954

10.5

31.4

37.4

16.3

13.7

1.7

1.5

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

Accumulate

283

298

4,849

3,598

4,140

10.3

10.6

9.0

11.9

31.4

23.8

3.3

2.9

9.9

11.9

1.6

1.4

NBCC

Neutral

209

18,851

7,428

9,549

7.9

8.6

8.2

11.0

25.5

19.0

1.3

1.0

28.2

28.7

2.3

1.7

MEP Infra

Neutral

129

2,094

1,877

1,943

30.6

29.8

3.0

4.2

42.9

30.7

20.8

14.0

0.6

2.5

2.3

www.angelbroking.com

Stock Watch

July 19, 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

106

3,734

1,036

1,252

65.5

66.2

(8.4)

(5.6)

4.0

4.5

(22.8)

(15.9)

11.8

9.8

Engineers India

Neutral

157

10,583

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

517

580

123,934

46,932

53,575

3.5

3.4

32.4

44.6

16.0

11.6

2.1

1.8

13.6

16.5

Bank of Baroda

Neutral

164

37,696

19,980

23,178

1.8

11.5

17.3

14.2

9.5

1.6

1.3

8.3

10.1

Canara Bank

Neutral

369

22,031

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

3,161

8,415

420

526

3.5

86.5

107.8

36.6

29.3

7.9

6.4

23.6

24.1

Cholamandalam Inv. &

Accumulate

1,119

1,230

17,490

2,012

2,317

6.3

42.7

53.6

26.2

20.9

4.1

3.6

16.9

18.3

Fin. Co.

Dewan Housing Finance Accumulate

459

520

14,401

2,225

2,688

2.9

29.7

34.6

15.5

13.3

2.5

1.6

16.1

14.8

Equitas Holdings

Buy

167

235

5,662

939

1,281

11.7

11.5

5.8

8.2

28.8

20.4

2.5

2.2

10.9

11.5

Federal Bank

Accumulate

113

125

22,014

8,259

8,995

3.0

4.3

5.6

26.4

20.2

2.2

2.1

8.5

10.1

HDFC

Neutral

1,653

263,329

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

433,069

46,097

55,433

4.5

58.4

68.0

28.8

24.7

5.1

4.2

18.8

18.6

ICICI Bank

Neutral

303

194,055

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

134

160

8,119

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

201

3,860

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

743

37,504

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

155

32,962

23,532

23,595

2.3

2.4

6.8

12.6

22.8

12.3

3.5

2.5

3.3

6.5

RBL Bank

Neutral

522

19,641

1,783

2,309

2.6

12.7

16.4

41.1

31.8

4.5

4.0

12.8

13.3

Repco Home Finance

Neutral

799

4,996

388

457

4.5

4.2

30.0

38.0

26.6

21.0

4.4

3.7

18.0

19.2

South Ind.Bank

Neutral

5,113

6,435

7,578

2.5

2.7

3.1

10.5

9.2

1.4

1.1

10.1

11.2

St Bk of India

Neutral

290

250,718

88,650

98,335

2.6

13.5

18.8

21.5

15.5

2.1

1.8

7.0

8.5

Union Bank

Neutral

156

10,707

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

1,552

71,019

8,978

11,281

3.3

3.4

74.0

90.0

21.0

17.3

4.0

3.4

17.0

17.2

FMCG

Akzo Nobel India

Neutral

1,790

8,584

2,955

3,309

13.3

13.7

57.2

69.3

31.3

25.8

10.2

8.6

32.7

33.3

2.7

2.4

Asian Paints

Neutral

1,146

109,924

17,128

18,978

16.8

16.4

19.1

20.7

60.0

55.4

20.9

19.7

34.8

35.5

6.3

5.7

Britannia

Neutral

3,743

44,942

9,594

11,011

14.6

14.9

80.3

94.0

46.6

39.8

19.2

14.8

41.2

4.5

3.9

Colgate

Neutral

1,073

29,181

4,605

5,149

23.4

23.8

26.9

45.1

39.9

25.0

19.5

64.8

66.8

6.3

5.6

Dabur India

Neutral

301

52,969

8,315

9,405

19.8

20.7

8.1

9.2

37.1

32.7

10.3

8.6

31.6

31.0

6.0

5.3

GlaxoSmith Con*

Neutral

5,429

22,831

4,350

4,823

21.2

21.4

179.2

196.5

30.3

27.6

8.0

6.8

27.1

26.8

4.6

4.1

www.angelbroking.com

Stock Watch

July 19, 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

956

65,133

10,235

11,428

18.4

18.6

41.1

44.2

23.3

21.6

5.2

4.4

24.9

24.8

6.4

5.7

HUL

Neutral

1,158

250,688

35,252

38,495

17.8

20.7

22.4

56.1

51.7

53.6

46.0

95.6

88.9

7.0

6.4

ITC

Neutral

285

346,125

40,059

44,439

38.3

39.2

9.0

10.1

31.7

28.1

8.8

7.7

27.8

27.5

8.1

7.3

Marico

Neutral

329

42,450

6,430

7,349

18.8

19.5

6.4

7.7

51.4

42.7

15.5

13.1

33.2

32.5

6.4

5.6

Nestle*

Neutral

6,862

66,160

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

174

10,966

8,675

9,088

9.8

7.4

8.2

23.5

21.2

1.9

1.8

7.9

8.1

1.2

1.1

Procter & Gamble

Neutral

7,985

25,920

2,939

3,342

23.2

23.0

146.2

163.7

54.6

48.8

13.8

11.5

25.3

23.5

8.4

7.3

Hygiene

HCL Tech^

Buy

881

1,014

125,725

46,723

52,342

22.1

20.9

60.0

62.8

14.7

14.0

3.7

3.2

25.3

22.4

2.4

2.1

Infosys

Buy

985

1,179

226,341

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

2,405

2,651

473,937

117,966

127,403

27.5

27.6

134.3

144.5

17.9

16.7

5.3

5.0

29.8

29.7

3.7

3.4

Tech Mahindra

Buy

391

533

38,150

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

269

130,736

55,421

58,536

20.3

35.1

36.5

7.7

7.4

1.3

1.1

19.2

14.6

1.8

1.5

Media

D B Corp

Neutral

374

6,884

2,297

2,590

27.4

28.2

21.0

23.4

17.8

16.0

4.2

3.6

23.7

23.1

2.8

2.4

HT Media

Neutral

2,071

2,693

2,991

12.6

12.9

7.9

9.0

11.3

9.9

1.0

0.9

7.8

8.3

0.4

0.2

Jagran Prakashan

Buy

172

225

5,610

2,283

2,555

28.0

10.6

12.3

16.1

14.0

3.5

3.0

21.4

2.5

2.2

Sun TV Network

Neutral

827

32,587

2,850

3,265

70.1

71.0

26.2

30.4

31.6

27.2

8.1

7.1

24.3

25.6

11.0

9.5

Hindustan Media

Neutral

276

2,027

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

253

344

1,508

608

667

21.5

22.3

15.7

19.2

16.1

13.1

2.5

2.1

16.1

16.0

2.1

1.8

Metals & Mining

Coal India

Neutral

248

154,223

84,638

94,297

21.4

22.3

24.5

27.1

10.1

9.2

4.2

4.0

42.6

46.0

1.3

1.2

Hind. Zinc

Neutral

278

117,295

14,252

18,465

55.9

48.3

15.8

21.5

17.6

12.9

2.9

2.5

17.0

20.7

8.2

6.4

Hindalco

Neutral

207

46,519

107,899

112,095

7.4

8.2

9.2

13.0

22.5

16.0

1.1

1.0

4.8

6.6

1.0

0.9

JSW Steel

Neutral

216

52,224

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

37,808

6,643

7,284

44.4

47.7

7.1

7.7

16.8

15.5

1.5

1.4

8.8

9.2

3.5

3.1

SAIL

Neutral

25,896

47,528

53,738

(0.7)

2.1

(1.9)

2.6

24.1

0.7

(1.6)

3.9

1.4

1.3

Vedanta

Neutral

268

99,751

71,744

81,944

19.2

21.7

13.4

20.1

20.0

13.4

1.7

1.5

8.4

11.3

1.8

1.4

Tata Steel

Neutral

563

54,660

121,374

121,856

7.2

8.4

18.6

34.3

30.3

16.4

1.9

1.7

6.1

10.1

1.1

Oil & Gas

GAIL

Neutral

378

63,931

56,220

65,198

9.3

10.1

27.1

33.3

14.0

11.4

1.3

1.2

9.3

10.7

1.3

1.1

ONGC

Neutral

162

207,578

137,222

152,563

15.0

21.8

19.5

24.1

8.3

6.7

0.7

8.5

10.1

1.8

1.6

Indian Oil Corp

Neutral

372

180,713

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 19, 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

1,520

494,231

301,963

358,039

12.1

12.6

87.7

101.7

17.3

14.9

1.8

1.6

10.7

11.3

2.1

1.8

Pharmaceuticals

Alembic Pharma

Buy

554

648

10,435

3,101

3,966

19.7

20.5

21.4

25.5

25.9

21.7

5.5

4.5

23.0

22.8

3.3

2.5

Alkem Laboratories Ltd

Buy

1,736

2,161

20,756

5,853

6,901

17.1

18.4

74.6

85.0

23.3

20.4

4.9

4.1

21.1

20.2

3.5

3.0

Aurobindo Pharma

Accumulate

734

823

42,989

14,845

17,086

21.5

22.1

39.4

44.7

18.6

16.4

4.6

3.6

27.6

24.7

3.1

2.6

Aventis*

Neutral

4,201

9,676

2,206

2,508

16.6

16.8

128.9

139.9

32.6

30.0

5.6

4.4

21.6

23.5

4.2

3.5

Cadila Healthcare

Reduce

525

450

53,741

9,220

11,584

18.4

20.3

14.5

18.7

36.2

28.1

7.7

6.3

23.5

24.6

6.2

4.7

Cipla

Sell

559

461

45,007

14,281

16,619

15.4

16.2

12.5

19.7

44.8

28.4

3.6

3.2

8.4

12.0

3.3

2.8

Dr Reddy's

Neutral

2,716

45,013

14,081

15,937

16.1

18.6

72.6

105.9

37.4

25.6

3.7

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

2,523

21,374

2,927

3,290

11.8

16.2

34.4

49.6

73.4

50.9

10.7

11.1

13.9

21.3

7.1

6.4

Indoco Remedies

Sell

205

153

1,888

1,067

1,154

12.1

14.9

8.4

11.3

24.4

18.1

2.9

2.6

12.6

15.0

2.0

1.8

Ipca labs

Buy

481

620

6,067

3,211

3,593

13.9

14.5

15.4

19.4

31.2

24.8

2.5

2.3

8.2

9.5

2.0

1.8

Lupin

Buy

1,156

1,526

52,206

17,120

18,657

24.1

56.9

61.1

20.3

18.9

3.9

3.2

20.7

18.6

3.3

2.7

Natco Pharma

Accumulate

975

1,060

16,993

2,065

1,988

33.1

33.7

27.9

25.7

35.0

37.9

10.2

8.7

29.2

22.9

8.3

8.4

Sun Pharma

Buy

578

712

138,688

30,264

32,899

29.0

26.9

32.7

31.6

17.7

18.3

3.8

3.2

22.2

18.7

4.3

3.9

Power

Tata Power

Neutral

22,301

36,916

39,557

17.4

27.1

5.1

6.3

16.2

13.1

1.4

1.3

9.0

10.3

1.6

1.5

NTPC

Neutral

167

137,740

86,605

95,545

17.5

20.8

11.8

13.4

14.2

12.5

1.4

1.3

10.5

11.1

2.9

Power Grid

Neutral

215

112,688

25,315

29,193

88.2

88.7

14.2

17.2

15.2

12.6

2.3

2.0

15.2

16.1

9.1

8.2

Real Estate

Prestige Estate

Neutral

250

9,388

4,707

5,105

25.2

26.0

10.3

13.0

24.3

19.3

2.0

1.8

10.3

10.2

3.2

2.8

MLIFE

Buy

436

522

2,239

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

2.2

Telecom

Bharti Airtel

Neutral

408

163,194

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

31,427

40,133

43,731

37.2

37.1

6.4

6.5

13.6

13.4

1.1

8.2

7.6

1.8

1.5

zOthers

Abbott India

Neutral

4,472

9,503

3,153

3,583

14.1

14.4

152.2

182.7

29.4

24.5

144.3

123.2

25.6

26.1

2.7

2.3

Asian Granito

Accumulate

422

480

1,269

1,066

1,169

11.6

12.5

13.0

16.0

32.5

26.4

3.2

2.8

9.5

10.7

1.5

1.3

Bajaj Electricals

Buy

333

395

3,379

4,801

5,351

5.7

6.2

10.4

13.7

32.0

24.4

4.0

3.5

12.4

14.5

0.7

0.6

Banco Products (India)

Neutral

234

1,670

1,353

1,471

12.3

12.4

14.5

16.3

16.1

14.3

22.2

20.0

14.5

14.6

1.2

126.4

Coffee Day Enterprises

Neutral

247

5,078

2,964

3,260

20.5

21.2

4.7

8.0

30.8

2.9

2.6

5.5

8.5

2.1

1.9

Ltd

Competent Automobiles Neutral

187

120

1,137

1,256

3.1

2.7

28.0

23.6

6.7

7.9

36.0

32.6

14.3

11.5

0.1

Elecon Engineering

Neutral

675

1,482

1,660

13.7

14.5

3.9

5.8

15.4

10.4

3.6

3.3

7.8

10.9

0.8

0.7

www.angelbroking.com

Stock Watch

July 19, 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

502

7,678

2,883

3,115

12.0

12.1

14.2

18.6

35.4

27.0

18.8

16.4

15.8

14.6

2.4

2.1

Garware Wall Ropes

Neutral

900

1,970

863

928

15.1

15.2

36.4

39.4

24.7

22.9

4.5

3.8

17.5

15.9

2.2

2.0

Goodyear India*

Neutral

906

2,089

1,598

1,704

10.4

10.2

49.4

52.6

18.3

17.2

84.6

74.2

18.2

17.0

1.0

141.9

Hitachi

Neutral

1,980

5,384

2,081

2,433

8.8

8.9

33.4

39.9

59.3

49.6

47.8

39.9

22.1

21.4

2.6

2.2

HSIL

Neutral

401

2,898

2,384

2,515

15.8

16.3

15.3

19.4

26.2

20.7

26.0

22.4

7.8

9.3

1.4

1.3

Interglobe Aviation

Neutral

1,278

46,229

21,122

26,005

14.5

27.6

110.7

132.1

11.6

9.7

69.1

49.4

168.5

201.1

2.2

1.7

Jyothy Laboratories

Neutral

369

6,709

1,440

2,052

11.5

13.0

8.5

10.0

43.4

36.9

10.5

9.7

18.6

19.3

4.9

3.4

Kirloskar Engines India

Neutral

395

5,712

2,554

2,800

9.9

10.0

10.5

12.1

37.6

32.6

15.7

14.9

10.7

11.7

1.9

1.7

Ltd

Linc Pen & Plastics

Neutral

278

411

382

420

9.3

9.5

13.5

15.7

20.6

17.7

3.5

3.1

17.1

17.3

1.1

1.0

M M Forgings

Neutral

641

774

546

608

20.4

20.7

41.3

48.7

15.5

13.2

87.8

77.7

16.6

17.0

1.3

1.1

Manpasand Bever.

Neutral

750

4,291

836

1,087

19.6

19.4

16.9

23.8

44.4

31.5

5.3

4.7

12.0

14.8

4.9

3.7

Mirza International

Neutral

156

1,880

963

1,069

17.2

18.0

6.1

7.5

25.5

20.8

3.9

3.3

15.0

15.7

2.2

1.9

MT Educare

Neutral

291

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

307

6,267

1,873

2,166

11.5

11.7

2.6

4.0

115.9

77.4

7.1

6.4

6.1

8.3

3.4

3.0

Navkar Corporation

Buy

201

265

2,868

347

371

43.2

37.3

6.7

6.0

30.2

33.5

2.1

1.9

6.2

10.6

9.4

8.8

Navneet Education

Neutral

178

4,162

1,062

1,147

24.0

6.1

6.6

29.3

26.9

6.0

5.3

20.6

19.8

4.0

3.7

Nilkamal

Neutral

1,920

2,866

1,995

2,165

10.7

10.4

69.8

80.6

27.5

23.8

109.7

95.3

16.6

16.5

1.4

1.3

Page Industries

Neutral

16,825

18,767

2,450

3,124

20.1

17.6

299.0

310.0

56.3

54.3

374.7

286.1

47.1

87.5

7.7

6.1

Parag Milk Foods

Neutral

235

1,980

1,919

2,231

9.3

9.6

9.5

12.9

24.9

18.2

3.9

3.2

15.5

17.5

1.2

1.0

Quick Heal

Neutral

225

1,579

408

495

27.3

27.0

7.7

8.8

29.1

25.6

2.7

9.3

10.6

3.0

2.5

Radico Khaitan

Buy

126

147

1,672

1,667

1,824

13.0

13.2

6.7

8.2

18.9

15.4

1.7

1.6

9.0

10.2

1.4

1.2

Relaxo Footwears

Neutral

498

5,985

2,085

2,469

9.2

8.2

7.6

8.0

65.9

62.7

25.6

21.8

17.9

18.8

3.0

2.5

S H Kelkar & Co.

Neutral

261

3,781

1,036

1,160

15.1

15.0

6.1

7.2

42.8

36.4

4.6

4.2

10.7

11.5

3.5

3.1

Siyaram Silk Mills

Neutral

2,464

2,310

1,574

1,769

12.5

12.7

97.1

113.1

25.4

21.8

3.9

3.4

15.4

15.5

1.7

1.5

Styrolution ABS India*

Neutral

1,005

1,768

1,440

1,537

9.2

9.0

40.6

42.6

24.8

23.6

63.2

57.5

12.3

11.6

1.2

1.1

Surya Roshni

Neutral

278

1,220

3,342

3,625

7.8

7.5

17.3

19.8

16.1

14.1

30.6

24.5

10.5

10.8

0.6

Team Lease Serv.

Neutral

1,486

2,540

3,229

4,001

1.5

1.8

22.8

32.8

65.3

45.2

7.0

6.1

10.7

13.4

0.7

0.5

The Byke Hospitality

Neutral

188

755

287

384

20.5

7.6

10.7

24.8

17.6

5.2

4.2

20.7

23.5

2.6

2.0

Transport Corporation of

Neutral

327

2,503

2,671

2,911

8.5

8.8

13.9

15.7

23.6

20.9

3.2

2.9

13.7

13.8

1.0

India

www.angelbroking.com

Stock Watch

July 19, 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

3,768

2,885

2,304

2,614

13.7

13.8

231.1

266.6

16.3

14.1

423.4

333.4

33.9

29.3

1.3

1.1

UFO Moviez

Neutral

392

1,083

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

505

802

1,051

1,138

10.3

10.4

21.0

23.1

24.0

21.8

64.8

60.7

9.0

9.2

1.0

VRL Logistics

Neutral

319

2,906

1,902

2,119

16.7

16.6

14.6

16.8

21.9

18.9

4.8

4.2

21.9

22.2

1.6

1.4

VIP Industries

Buy

179

218

2,526

1,270

1,450

10.4

5.6

6.5

31.9

27.5

6.6

5.8

20.7

21.1

2.0

1.7

Navin Fluorine

Accumulate

3,292

3,650

3,244

789

945

21.1

22.4

120.1

143.4

27.4

23.0

4.4

3.8

17.8

18.5

4.0

3.3

Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on July 18, 2017

www.angelbroking.com

Market Outlook

July 19, 2017

Research Team Tel: 022 - 39357800

E-mail: [email protected]

Website: www.angelbroking.com

DISCLAIMER

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

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

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

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

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

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

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

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

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