www.angelbroking.com
Market Outlook
March 08, 2021
Market Cues
Indian markets are likely to open Positive tracking global indices and SGX
Nifty.
Stocks went on a roller-coaster ride during the trading session on Friday before
ending the day sharply higher. With the strong upward move on the day, the
major averages partly offset the steep drop seen over the three previous
sessions. For the first week of March, the major averages turned in a starkly
mixed performance. The Dow jumped 1.9 percent to 31,496 and the Nasdaq
also shown upward movement by 1.5 percent to 12,920.
The Switzerland stock market ended weak on Friday, in line with the trend
seen across Europe, as rising U.S. bond yields and concerns about inflation
and higher interest rates weighed on sentiment. The benchmark FTSE 100
dropped 0.3 percent to 6,630.
Indian shares fell sharply on Friday amid a global sell-off, concerns around
both a spike in inflation and a sustained rise in interest rates. Climbing oil prices
also weighed on markets. Hindalco, UPL, Tata Motors, Wipro and IndusInd
Bank fell 3-4 percent in the Nifty pack, while Hero MotoCorp, Kotak Mahindra
Bank, Maruti Suzuki, GAIL and ONGC rose 1-2 percent. The benchmark BSE
Sensex down 0.87 percent, at 50,405.
News Analysis
Heranba Industries lists at 44% premium over issue price of Rs 627
Detailed analysis on Pg2
Investor’s Ready Reckoner
Key Domestic & Global Indicators
Stock Watch: Latest investment recommendations on 150+ stocks
Refer Pg7 onwards
Top Picks
Company
Sector
Rating
Target
(`)
Upside
(%)
IDFC First Bank
Bank
Buy
77
15.3
JK Lakshmi Cement
Cement
Accumula
te
470
9.8
Galaxy Surfactants
Chemicals
Accumula
te
2,569
8.8
NRB Bearing
Industrial
Machinery
Buy
150
28.5
More Top Picks on Pg3
Domestic
Indices
Chg (%)
(Pts)
(Close)
BSE Sensex
-0.9
-441.
50,405
Nifty
-1.0
-143
14,938
Mid Cap
-1.9
-396
20,588
Small Cap
-1.5
-318
20,936
Bankex
-1.6
-574
35,228
Global Indices
Chg (%)
(Pts)
(Close)
Dow Jones
1.8
572
31,496
Nasdaq
1.5
197
12,920
FTSE
-0.3
-20
6,630
Nikkei
-0.2
-66
28,864
Hang Seng
-0.5
-139
29,098
Shang Com
0.0
-2
3,502
Advances / Declines
BSE
NSE
Advances
1,010
533
Declines
1975
1421
Unchanged
144
74
Volumes (` Cr)
BSE
5,463
NSE
77,275
Net Inflows (`
Cr)
Net
Mtd
Ytd
FII
3,307
22,020
36,837
*MFs
-1,118
-5,678
-18,659
Top Gainers
Price ()
Chg (%)
USHAMART
35.35
19.02
CSBBANK
259.4
9.59
BALAJITELE
65.75
8.95
TV18BRDCST
34.05
7.41
MOTILALOFS
657.15
5.97
Top Losers
Price (`)
Chg (%)
IAEGISLOG
312.7
-6.21
SAIL
72.15
-5.62
RAIN
154.6
-5.56
THOMASCOOK
53.55
-6.13
APOLLOTYRE
242.55
-6.37
As on Mar 05, 2021
3
www.angelbroking.com
Market Outlook
March 08, 2021
News Analysis
Heranba Industries lists at 44% premium over issue price of
Rs 627
Shares of Heranba Industries made a strong debut on the bourses on
Friday with the stock listing at Rs 900, a 43.5 per cent premium over its
issue price of Rs 627 per share on the BSE. The stock extended its gains
and traded as high as Rs 944.95 in intra-day deals. The initial public offer
of the Gujarat-based firm was subscribed 83 times. The institutional
investor portion was subscribed 67 times. The wealthy investor portion by
271 times, and retail investors subscribed 11 times the portion reserved
for them. The issue comprised Rs 60 crore of fresh fundraise and Rs 565
crore of offer for sale. The funds raised through the IPO will be utilised to
finance the company's working capital requirements and general
corporate purposes. Heranba is a crop protection chemical
manufacturer, exporter and marketing company. It recorded revenues
of Rs 967.90 crore and a profit after tax of Rs 97.75 crore in FY20. The
company has three manufacturing plants and has over 9,400 dealers. It
also exports to more than 60 countries.
Economic News
Global bond selloff hits RBI's sixth sovereign auction
PLI scheme to boost India's manufacturing output by $520 bn in 5yrs: PM
Rupee falls by 19 paise to close at 73.02 against US dollar
Corporate News
CSB Bank surges till 16%, closed at 9 % in a weak market, hits fresh 52-
week high
SEBI makes voting on resolutions floated by invested firms a must for MFs
Coal India board approves second interim dividend of Rs 5 per share
3
www.angelbroking.com
Market Outlook
March 08, 2021
Top Picks
Company
Market Cap
(` Cr)
CMP
(`)
Target
(`)
Upside
(%)
Rationale
IDFC First Bank
37899
67
77
15.3
We believe efforts to built liability franchise,
fresh capital infusion and provision taken on
wholesale book will help to tide over this
difficult time. The IDFC First Bank is trading ( 0.7
x FY22ABV) at a significant discount to
historical average valuations.
JK Lakshmi Cement
5039
428
470
9.8
JK Lakshmi is predominantly a north India
cement company with capacity of
13.3 Mn Mt. Currently, north India
is favorable location for the cement industry as
it is consolidated to a large extent as well as
demand and supply outlook is better
compared to other locations. It is also trading
at a significant discount compared to other
north based cement companies
Galaxy Surfactants
8368
2360
2,569
8.8
Galaxy Surfactants is a market leader in
oleochemical-based surfactants, which is used
in personal and home care products. The
company has been increasing its share of high
margin specialty care products in it’s portfolio
which now accounts for ~ 40% of it’s revenues
while the balance is accounted for by the
performance surfactant business. The
company has a very strong relationship with
MNC clients like Unilever, P&G, Henkel,
Colgate-Palmolive and supplies raw materials
to them not only in India but also in US, EU and
MENA region.
NRB Bearings
1132
117
150
28.5
NRB is one of the leading suppliers of bearings
to Auto companies. The company supplies
bearings to two wheelers, PV, CV, Three
wheelers and tractors OEMs and has a wide
customer base. The company has also been
focusing on exports markets in order to diversify
its revenue base.
Escorts Ltd
17775
1318
1,573
19.3
Escorts is a prominent tractor player
domestically with market share in excess of
11%. With rural India relatively less impacted
due to Covid-19, record food-grain
procurement by government agencies as well
as better than expected Kharif crop in
2020, we expect the tractor industry will
continue to outperform the larger automobile
space in FY21. The company has also reported
a strong growth of 25.7% YoY in Q3FY21 which
is expected to continue into the fourth quarter
driven by strong demand.
Federal Bank
17426
87
110
26
Federal bank is one of India’s largest old
generation private sector banks with total
assets of Rs. 1.9 lakh cr. with deposits of Rs.
1.56 lakh cr. and a loan book of Rs. 1.2 lakh cr
in F21. NPA’s have remained steady for the
bank over the past few years with GNPA
for Q3FY21 at 3.38% while NNPA ratio stood
at 1.14%. PCR at the end of Q3FY21 stood
at ~67% which we believe is adequate.
Restructuring book is expected to be at Rs.
1,500-1,600 crore out of which Rs. 1,067 crore
has already been restructured. This is against
earlier expectations of total restructuring of Rs.
3,000-3,500 crore
3
www.angelbroking.com
Market Outlook
March 08, 2021
Continued....
Company
Market Cap
(` Cr)
CMP
(`)
Target
(`)
Upside
(%)
Rationale
PNC Infratech
6886
268
340
26.7
PNC Infratech is a mid-sized road EPC player. It has
more than two decades of experience in executing
projects for marquee clients such as NHAI, UPEIDA,
MSRDC, UPPCL etc. Company has a strong and
healthy order book. On an F20 basis it has a book to
bill ratio of more than 3.5x. Its entire order book is from
the public sector, where risk of cancellation is low.
PNC has a track record of completing projects ahead
of timelines, as a result of which it is eligible for early
completion bonus from its clients.
Carborundum
Universal
9530
503
600
19.3
Carborundum Universal (CUMI) is part of the
Murugappa group and is a leading manufacturer of
abrasives, industrial ceramics, refractories, and
electro minerals in India having application across
diversified user industries. The company is expected to
benefit from improving demand scenarios across its
end user industries such as auto, auto components,
engineering, basic metals, infrastructure, and power.
While demand from the Auto sector has been robust
we expect demand from metal industry pick up given
increased economic activity.
Shriram City Union
10023
1519
1,800
18.5
Shriram City Union Finance is part of the Shriram group
and is in the high margin business of lending to small
businesses which account for 57.3% of the loan book
as of end FY20. The company posted a good set of
number s for the quarter due to positive surprise on the
asset quality front. It reported a strong 50% sequential
growth in disbursement for the quarter which led to a
3.7% qoq growth in AUM to ~ Rs. 28,500 crore. We are
positive on the company as we believe that the worst
is over in terms of asset quality which along with
positive growth momentum should lead to a rerating
for the company.
HCL Technologies
2,55,437
941
1,161
23.2
HCL Tech is amongst the top four It services
companies based out of India and provides a vast
gamut of services like ADM, Enterprise
solutions, Infrastructure management services etc.
Management has highlighted that demand and
supply related issues are now over for the company
and the deal pipeline has improved significantly since
September led by cloud related services.
Management has guided for 2.0-3.0% qoq growth in
revenue in constant currency terms for the rest of the
year providing visibility..
GNA Axles
847
395
500
26.7
GNA Axles is one of the leading suppliers of rear axles
to the Auto industry. GNA is expected to be one of the
biggest beneficiaries of strong growth outlook for
truck sales in US and Europe markets which are
witnessing strong recovery in demand. US which
accounts for almost 40% of the company's revenues
has been registering strong class 8 truck sales. At
current level the stock is trading at a P/E multiple of
9xFY23E,given inexpensive valuations we believe that
the stock offers value at current levels.
3
www.angelbroking.com
Market Outlook
March 08, 2021
PVR
8821
1,453
1,800
23.9
PVR is the largest multiplex chain in India with 800+
screens across India and multiplex screens are gaining
ground at the expense of single screen. Share prices
have corrected significantly as most of the theaters
are operating at very low-capacity utilization due to
the lack of any major releases due to the Covid-19
crisis. However, with a significant decrease in Covid-
19 cases over the past few months we believe that it’s
a matter of time before we see new releases by
production houses post April 2021 which should lead
to significant increase in business for the companies.
www.angelbroking.com
Market Outlook
March 08, 2021
www.angelbroking.com
Macro watch
Exhibit 1: Quarterly GDP trends
Source: CSO, Angel Research
Exhibit 2: IIP trends
Source: MOSPI, Angel Research
Exhibit 3: Monthly WPI inflation trends
Source: MOSPI, Angel Research
Exhibit 4: Manufacturing and services PMI
Source: Market, Angel Research; Note: Level above 50 indicates
expansion
Exhibit 5: Exports and imports growth trends
Source: Bloomberg, Angel Research As of 05 Oct, 2020
Exhibit 6: Key policy rates
Source: RBI, Angel Research
6.0
6.8
7.7
8.1
8.0
7.0
6.6
5.8
5.2
4.4
4.1
3.1
3.0
4.0
5.0
6.0
7.0
8.0
9.0
1QFY18
2QFY18
3QFY18
4QFY18
1QFY19
2QFY19
3QFY19
4QFY19
1QFY20
2QFY20
3QFY20
4QFY20
1QFY21
(1.4)
(4.3)
(4.0)
1.8
(0.1)
2.0
4.5
(18.3)
(57.6)
(33.9)
(15.8)
(10.4)
(70.0)
(60.0)
(50.0)
(40.0)
(30.0)
(20.0)
(10.0)
-
10.0
Aug-19
Sep-19
Oct-19
Nov-19
Dec-19
Jan-20
Feb-20
Mar-20
Apr-20
May-20
Jun-20
Jul-20
(%)
2.02
1.17 1.17
0.33
0
0.58
2.59
3.1
2.3
0.42
-3.21
-1.8
-0.6
0.2
-4
-3
-2
-1
0
1
2
3
4
Jun-19
Jul-19
Aug-19
Sep-19
Oct-19
Nov-19
Dec-19
Jan-20
Feb-20
Mar-20
Apr-20
May-20
Jun-20
Jul-20
Aug-20
(%)
0
10
20
30
40
50
60
70
Jan-19
Feb-19
Mar-19
Apr-19
May-19
Jun-19
Jul-19
Aug-19
Sep-19
Oct-19
Nov-19
Dec-19
Jan-20
Feb-20
Mar-20
Apr-20
May-20
Jun-20
Jul-20
Aug-20
Sep-20
Mfg. PMI Services PMI
(70.0)
(60.0)
(50.0)
(40.0)
(30.0)
(20.0)
(10.0)
0.0
10.0
May-19
Jun-19
Jul-19
Aug-19
Sep-19
Oct-19
Nov-19
Dec-19
Jan-20
Feb-20
Mar-20
Apr-20
May-20
Jun-20
Jul-20
Aug-20
Exports yoy growth
Imports yoy growth
(%)
2
2.5
3
3.5
4
4.5
5
5.5
6
6.5
Mar-19
Apr-19
May-19
Jun-19
Jul-19
Aug-19
Sep-19
Oct-19
Nov-19
Dec-19
Jan-20
Feb-20
Mar-20
Apr-20
May-20
Jun-20
Jul-20
Aug-20
Sep-20
Repo rate Reverse Repo rate CRR
(%)
www.angelbroking.com
Market Outlook
March 08, 2021
www.angelbroking.com
Global watch
Exhibit 1: Latest quarterly GDP Growth (%, yoy) across select developing and developed countries
Source: Bloomberg, Angel Research As of 05 Oct, 2020
Exhibit 2: 2017 GDP Growth projection by IMF (%, yoy) across select developing and developed countries
Source: IMF, Angel Research As of 05 Oct, 2020
Exhibit 3: One year forward P-E ratio across select developing and developed countries
Source: IMF, Angel Research As of 05 Oct, 2020
(0.3)
1.6
5.3
(6.8)
(0.5)
3.0
0.7
(1.8)
(1.6)
0.3
(1.9)
(5.0)
(0.6)
(8.0)
(6.0)
(4.0)
(2.0)
-
2.0
4.0
6.0
Brazil
Russia
India
China
South Africa
Indonesia
Malaysia
Thailand
UK
USA
Germany
France
Japan
(%)
1.6
1.8
5.1
6.8
0.7
5.2
4.4
2.4
1.7
2.2
1.0
1.6
1.1
-
1.0
2.0
3.0
4.0
5.0
6.0
7.0
8.0
Brazil
Russia
India
China
South Africa
Indonesia
Malaysia
Thailand
UK
USA
Germany
France
Japan
(%)
52.3
7.2
26.0
16.9
17.0
21.7
13.3
20.4
18.8
33.8
21.7
25.9
36.8
20.3
-
10.0
20.0
30.0
40.0
50.0
60.0
Brazil
Russia
India
China
South
Africa
Mexico
Indone
sia
Malaysi
a
Thailan
d
UK
USA
Germa
ny
France
Japan
(x)
www.angelbroking.com
Market Outlook
March 08, 2021
www.angelbroking.com
Exhibit 4: Relative performance of indices across globe
Returns (%)
Country
Name of index
Closing price
1M
3M
1YR
Brazil
Bovespa
94603
-7.4
-4.4
-9.1
Russia
Micex
2901
-2.5
2.4
7.1
India
Nifty
11416
-1.0
6.1
0.9
China
Shanghai Composite
3218
-5.5
-3.4
10.5
South Africa
Top 40
50159
-3.6
-5.2
1.2
Mexico
Mexbol
36626
-1.4
-3.3
-15.6
Indonesia
LQ45
761
-9.7
-1.8
-19.1
Malaysia
KLCI
1496
-1.3
-2.6
-3.9
Thailand
SET 50
788
-6.6
-13.6
-26.5
USA
Dow Jones
27963
-2.4
6.4
5.2
UK
FTSE
5877
0.3
-6.5
-20.1
Japan
Nikkei
23184
-0.3
2.1
6.5
Germany
DAX
12748
-1.5
0.1
4.0
France
CAC
4830
-2.2
-4.2
-13.7
Source: Bloomberg, Angel Research As of 05 Oct, 2020
www.angelbroking.com
Market Outlook
March 08, 2021
www.angelbroking.com
Exhibit 7: Historical Angel Top Picks/Fundamental Calls
www.angelbroking.com
Market Outlook
March 08, 2021
www.angelbroking.com
Date Added
Top Picks/Fundamental
Stocks
Reco Price
Target/Revised Price
Current Status
18-02-2021
Top Picks
Federal Bank
87
110
Open
18-02-2021
Top Picks
IDFC First Bank
56
68
Open
17-02-2021
Top Picks
GNA Axles
414
500
Open
17-02-2021
Top Picks
Shriram City Union
1468
Closed(17/02/2021)
11-02-2021
Top Picks
HCL Technologies
965
1,161
Open
08-02-2021
Top Picks
Shriram City Union
1,468
1800
Open
09-02-2021
Top Picks
Carborundum Universal
528
600
Open
05-02-2021
Top Picks
Carborundum Universal
452
550
Open
08-02-2021
Top Picks
PNC Infratech
258
340
Open
04-02-2021
Top Picks
PNC Infratech
231
268
Open
03-03-2021
Top Picks
Narayana Hrudayalaya
429
Closed(03/03/2021
20-01-2021
Top Picks
Narayana Hrudayalaya
419
550
Open
20-01-2021
Top Picks
IDFC First Bank
55
61
Open
15-01-2021
Top Picks
Gujarat Gas
372
Closed(15/01/2021
24-12-2020
Top Picks
Gujarat Gas
376
450
Open
04-02-2021
Top Picks
Whirlpool of India
2465
Closed(04/02/2021)
24-12-2020
Top Picks
Whirlpool of India
2527
3027
Open
09-02-2021
Top Picks
NRB Bearings
128
150
Open
06-01-2021
Top Picks
NRB Bearings
114
135
Open
18-12-2020
Top Picks
NRB Bearings
100
118
Open
18-12-2020
Top Picks
Narayana Hrudalaya
419
500
Open
18-12-2020
Top Picks
Whirlpool of India
2165
2609
Open
13-01-2021
Top Picks
Bandhan Bank
387
Closed(13/01/2021)
11-12-2020
Top Picks
Bandhan Bank
429
525
Open
26-11-2020
Top Picks
Bandhan Bank
359
450
Open
25-11-2020
Top Picks
Gujarat Gas
339
397
Open
01-02-2021
Top Picks
Atul Ltd
6,470
Closed (01/02/2021)
28-10-2020
Top Picks
Atul Ltd
6,072
7,339
Open
03-11-2020
Top Picks
Hind. Aeronautics
681
Closed(03/11/2020)
03-09-2020
Top Picks
Hind. Aeronautics
926
1,125
Open
28-09-2020
Top Picks
Chalet Hotel
143
Closed(28/09/2020)
28-08-2020
Top Picks
Chalet Hotel
165
200
Open
11-02-2021
Top Picks
Metropolis Healthcare
2120
Closed(11/02/2021
06-10-2020
Top Picks
Metropolis Healthcare
1,950
2,360
Open
28-08-2020
Top Picks
Metropolis Healthcare
1,832
2,156
Open
28-08-2020
Top Picks
Inox Leisure
304
350
Open
04-02-2021
Top Picks
Hawkins Cooker
5710
Closed(04/02/2021)
24-12-2020
Top Picks
Hawkins Cooker
5647
6776
Open
17-09-2020
Top Picks
Hawkins Cooker
5,211
5,992
Open
27-08-2020
Top Picks
Hawkins Cooker
4,918
5,682
Open
17-11-2020
Top Picks
VIP Industries
311
Closed(17/11/2020)
17-09-2020
Top Picks
VIP Industries
325
375
Open
27-08-2020
Top Picks
VIP Industries
303
348
Open
04-12-2020
Top Picks
JK Lakshmi Cement
363
422
Open
17-11-2020
Top Picks
JK Lakshmi Cement
342
391
Open
05-11-2020
Top Picks
JK Lakshmi Cement
292
355
Open
24-08-2020
Top Picks
JK Lakshmi Cement
287
328
Open
01-12-2020
Top Picks
Cholamandalam Inv & Fin Comp
360
453
Open
05-10-2020
Top Picks
Cholamandalam Inv & Fin Comp
307
332
Open
www.angelbroking.com
Market Outlook
March 08, 2021
www.angelbroking.com
03-10-2020
Top Picks
Cholamandalam Inv & Fin Comp
257
290
Open
24-08-2020
Top Picks
Cholamandalam Inv & Fin Comp
232
280
Open
15-01-2021
Top Picks
Persistent Systems
1,620
Closed(15/01/2021)
24-08-2020
Top Picks
Persistent Systems
1,040
1,149
Open
02-09-2020
Top Picks
Alembic Pharma
921
Closed(02/09/2020)
04-08-2020
Top Picks
Alembic Pharma
1,017
1,400
Open
07-01-2021
Top Picks
Persistent Systems
1,514
1,776
Open
28-09-2020
Top Picks
Persistent Systems
1,270
1,531
Open
25-08-2020
Top Picks
Persistent Systems
1,090
1,276
Open
29-07-2020
Top Picks
Persistent Systems
885
1,085
Open
30-10-2020
Top Picks
Zensar Technologies
179
Closed(30/10/2020)
17-09-2020
Top Picks
Zensar Technologies
194
234
Open
29-07-2020
Top Picks
Zensar Technologies
155
204
Open
13-01-2021
Top Picks
Swaraj Engines
1,415
Closed(13/01/2021)
24-08-2020
Top Picks
Swaraj Engines
1,645
1,891
Open
08-06-2020
Top Picks
Swaraj Engines
1290
1,665
Open
19-11-2020
Top Picks
Endurance Tech
1,036
Closed(19/11/2020)
24-08-2020
Top Picks
Endurance Tech
1,039
1,297
Open
08-06-2020
Top Picks
Endurance Tech
838
1015
Open
07-01-2021
Top Picks
IDFC First Bank
46
55
Open
25-11-2020
Top Picks
IDFC First Bank
36
44
Open
11-11-2020
Top Picks
IDFC First Bank
33.2
40
Open
29-08-2020
Top Picks
IDFC First Bank
34
36
Open
08-06-2020
Top Picks
IDFC First Bank
25.6
32
Open
14-07-2020
Top Picks
Axis Bank
423
Closed(14/07/2020)
03-06-2020
Top Picks
Axis Bank
424
500
Open
21-07-2020
Top Picks
Bajaj Finance
3,255
Closed(21/07/2020)
24-06-2020
Top Picks
Bajaj Finance
3,027
3,550
Open
03-06-2020
Top Picks
Bajaj Finance
2,455
3,000
Open
13-01-2021
Top Picks
Escorts Ltd
1,387
1,573
Open
03-08-2020
Top Picks
Escorts Ltd
1,110
Closed(03/08/2020)
01-06-2020
Top Picks
Escorts Ltd
970
1,150
Open
14-08-2020
Top Picks
HDFC Ltd
1,813
Closed(14/08/2020
01-06-2020
Top Picks
HDFC Ltd
1,756
1,950
Open
20-08-2020
Top Picks
Dr. Reddy Lab
4,483
Closed(20/08/2020)
30-06-2020
Top Picks
Dr. Reddy Lab
4,516
5,000
Open
28-05-2020
Top Picks
Dr. Reddy Lab
3,877
Open
27-05-2020
Top Picks
Dhanuka Agritech
573
Closed(27/05/2020)
16-05-2020
Top Picks
Dhanuka Agritech
482
589
Open
07-05-2020
Top Picks
Dhanuka Agritech
438
520
Open
31-08-2020
Top Picks
PI Industries
1,916
Closed(31/08/2020)
07-08-2020
Top Picks
PI Industries
1,947
2,416
Open
24-04-2020
Top Picks
PI Industries
1,507
2,087
Open
04-01-2021
Top Picks
Galaxy Surfactants
2,133
2,569
Open
18-11-2020
Top Picks
Galaxy Surfactants
1,996
2,284
Open
05-11-2020
Top Picks
Galaxy Surfactants
1,773
2,075
Open
04-11-2020
Top Picks
Galaxy Surfactants
1,664
1,997
Open
13-08-2020
Top Picks
Galaxy Surfactants
1,751
Closed(13/08/2020)
07-07-2020
Top Picks
Galaxy Surfactants
1,576
1,800
Open
03-07-2020
Top Picks
Galaxy Surfactants
1,600
1,750
Open
24-04-2020
Top Picks
Galaxy Surfactants
1,394
1,610
Open
www.angelbroking.com
Market Outlook
March 08, 2021
www.angelbroking.com
13-08-2020
Top Picks
Aarti Industries
1,012
Closed(13/08/2020)
05-07-2020
Top Picks
Aarti Industries
926
1,165
Open
29-04-2020
Top Picks
Aarti Industries
1,111
1,284
Open
27-04-2020
Top Picks
Aarti Industries
1,018
1,164
Open
24-04-2020
Top Picks
Aarti Industries
929
1,084
Open
02-11-2020
Top Picks
Reliance Ind.
1,912
Closed(02/11/2020)
11-09-2020
Top Picks
Reliance Ind.
2,319
2,543
Open
11-07-2020
Top Picks
Reliance Ind.
1,878
2,277
Open
22-06-2020
Top Picks
Reliance Ind.
1,747
1,937
Open
20-05-2020
Top Picks
Reliance Ind.
1,441
1,748
Open
28-04-2020
Top Picks
Reliance Ind.
1,430
1,626
Open
24-04-2020
Top Picks
Reliance Ind.
1,372
1,520
Open
17-04-2020
Top Picks
Reliance Ind.
1,205
1,412
Open
14-09-2020
Top Picks
Britannia Ind.
3,786
Closed(14/09/2020)
28-04-2020
Top Picks
Britannia Ind.
3,194
3,550
Open
16-04-2020
Top Picks
Britannia Ind.
2,832
3,320
Open
06-05-2020
Top Picks
Dabur India
450
Closed(06/05/2020)
16-04-2020
Top Picks
Dabur India
501
570
Open
08-06-2020
Top Picks
Infosys
708
Closed on(08/06/2020)
16-04-2020
Top Picks
Infosys
625
841
Open
13-08-2020
Top Picks
L&T Infotech
2,504
Closed(13/08/2020)
22-07-2020
Top Picks
L&T Infotech
2,338
2,611
Open
08-07-2020
Fundamental
L&T Infotech
2,054
Open
26-05-2020
Top Picks
L&T Infotech
1,787
2,038
Open
16-04-2020
Top Picks
L&T Infotech
1,493
1,803
Open
09-04-2020
Top Picks
Dr.Lal Path Labs
1,462
Closed(09/04/2020)
06-04-2020
Top Picks
Dr.Lal Path Labs
1,384
1,768
Open
12-08-2020
Top Picks
Ipca Labs
2,037
Closed(12/08/2020)
04-08-2020
Top Picks
Ipca Labs
1,987
2,400
Open
06-04-2020
Top Picks
Ipca Labs
1,332
1,900
Open
24-08-2020
Top Picks
Bharti Airtel
520
Closed(24/08/2020)
05-07-2020
Top Picks
Bharti Airtel
581
672
Open
12-05-2020
Top Picks
Bharti Airtel
560
629
Open
16-04-2020
Top Picks
Bharti Airtel
510
594
Open
09-04-2020
Top Picks
Bharti Airtel
462
543
Open
06-04-2020
Top Picks
Bharti Airtel
421
492
Open
www.angelbroking.com
Market Outlook
March 08, 2021
www.angelbroking.com
Source: Company, Angel Research
Exhibit 8: Historical Angel Top Picks/Fundamental Calls
Date Added
Top Picks/Fundamental
Stocks
Reco Price
Target/Revised Price
Current Status
08-06-2020
Top Picks
P&G Hygiene
10150
Closed on(08/06/2020)
16-04-2020
Top Picks
P&G Hygiene
11,128
12,230
Open
02-04-2020
Top Picks
P&G Hygiene
10,161
11,670
Open
08-06-2020
Top Picks
Nestle India
17,160
Closed on(08/06/2020)
09-04-2020
Top Picks
Nestle India
16,848
20,687
Open
30-03-2020
Top Picks
Nestle India
15,091
17,355
Open
08-07-2020
Top Picks
Hindustan Unilever
2,185
Closed on(08/07/2020
08-05-2020
Top Picks
Hindustan Unilever
2,088
2,364
Open
04-05-2020
Top Picks
Hindustan Unilever
2,121
Closed on(04/05/2020)
09-04-2020
Top Picks
Hindustan Unilever
2,459
3,080
Open
30-03-2020
Top Picks
Hindustan Unilever
2,140
2,461
Open
29-07-2020
Top Picks
Colgate Palmolive
1,413
Closed on(29/07/2020
28-04-2020
Top Picks
Colgate Palmolive
1,556
1,772
Open
09-04-2020
Top Picks
Colgate Palmolive
1,341
1,680
Open
06-04-2020
Top Picks
Colgate Palmolive
1,241
1,450
Open
30-03-2020
Top Picks
Colgate Palmolive
1,152
1,325
Open
13-07-2020
Top Picks
Avenue Supermart
2,232
Closed(13/07/2020)
09-04-2020
Top Picks
Avenue Supermart
2,300
2,735
Open
30-03-2020
Top Picks
Avenue Supermart
2,038
2,395
Open
07-05-2020
Top Picks
Asian Paints
1,610
Closed(07/05/2020)
28-04-2020
Top Picks
Asian Paints
1,852
2,131
Open
09-04-2020
Top Picks
Asian Paints
1,610
1,981
Open
11-03-2020
Top Picks
Asian Paints
1,864
2,118
Open
21-04-2020
Fundamental
Ultratech Cement
3,409
Closed(21/04/2020)
30-03-2020
Fundamental
Ultratech Cement
3,148
5,373
Hold
30-10-2019
Top Picks
Ultratech Cement
4,481
5,373
Open
28-07-2020
Top Picks
Larsen Toubro
914
Closed(28/07/2020)
01-06-2020
Top Picks
Larsen Toubro
951
1,093
Open
25-02-2020
Top Picks
Larsen Toubro
1,250
Closed(25/02/2020)
29-10-2019
Top Picks
Larsen Toubro
1,365
1,689
Open
22-05-2020
Top Picks
Hawkins Cooker
4,235
Closed(22/05/2020)
06-04-2020
Top Picks
Hawkins Cooker
3,860
5,500
Open
28-01-2020
Top Picks
Hawkins Cooker
4,332
4,732
Open
13-01-2020
Top Picks
Hawkins Cooker
3,591
4,353
Open
24-04-2020
Fundamental
Inox Wind
27
Closed(24/04/2020)
06-06-2019
Fundamental
Inox Wind
55
Hold
10-08-2018
Top Picks
Inox Wind
107
127
Open
08-11-2019
Top Picks
TTK Prestige
6075
Closed(08/11/2019)
30-11-2018
Top Picks
TTK Prestige
7,206
8,200
Open
09-08-2018
Top Picks
TTK Prestige
6,206
7,500
Open
07-10-2019
Fundamental
Aurobindo Pharma
460
Closed(07/10/2019)
26-09-2019
Fundamental
Aurobindo Pharma
610
Hold
07-09-2019
Top Picks
Aurobindo Pharma
759
870
Open
06-07-2018
Top Picks
Aurobindo Pharma
603
780
Open
Source: Company, Angel Research
Exhibit 9: Historical Angel Top Picks/Fundamental Calls
www.angelbroking.com
Market Outlook
March 08, 2021
www.angelbroking.com
Date Added
Top Picks/Fundamental
Stocks
Reco Price
Target/Revised Price
Current Status
15-04-2020
Top Picks
RBL Bank
121
Closed(15/04/2020)
11-03-2020
Top Picks
RBL Bank
227
Hold
31-10-2019
Top Picks
RBL Bank
312
410
Open
22-07-2019
Top Picks
RBL Bank
500
650
Open
04-04-2019
Top Picks
RBL Bank
649
775
Open
30-08-2018
Top Picks
RBL Bank
626
690
Open
06-07-2018
Top Picks
RBL Bank
565
670
Open
02-12-2019
Fundamental
Yes Bank
64
Closed(02/12/2019)
18-07-2019
Fundamental
Yes Bank
98
Hold
30-04-2019
Fundamental
Yes Bank
168
Hold
25-01-2019
Top Picks
Yes Bank
214
280
Open
27-07-2019
Top Picks
Yes Bank
370
435
Open
06-07-2018
Top Picks
Yes Bank
348
418
Open
05-10-2019
Fundamental
Jindal Steel & Power
224
Closed(02/12/2019)
05-10-2019
Fundamental
Jindal Steel & Power
94
Hold
24-05-2019
Top Picks
Jindal Steel & Power
152
250
Open
07-02-2019
Top Picks
Jindal Steel & Power
135
249
Open
15-11-2018
Top Picks
Jindal Steel & Power
175
320
Open
30-06-2018
Top Picks
Jindal Steel & Power
222
350
Open
15-04-2020
Top Picks
Shriram Transport Finance Com
685
Closed(15/04/2020)
11-03-2020
Top Picks
Shriram Transport Finance Com
987
Hold
05-02-2020
Top Picks
Shriram Transport Finance Com
1,047
1410
Open
20-06-2018
Top Picks
Shriram Transport Finance Com
1,090
1,410
Open
20-06-2018
Top Picks
Shriram Transport Finance Com
1,156
1,410
Open
20-06-2018
Top Picks
Shriram Transport Finance Com
1,466
1,764
Open
26-05-2020
Top Picks
Bata India
1,265
Closed(26/05/2020)
09-04-2020
Top Picks
Bata India
1,240
1,561
Open
06-04-2020
Top Picks
Bata India
1,190
1,650
Open
12-03-2020
Top Picks
Bata India
1,411
1,800
Open
06-02-2020
Fundamental
Bata India
1,856
Closed(06/02/2020)
03-09-2019
Fundamental
Bata India
1,538
1,865
Hold
03-08-2019
Top Picks
Bata India
1,310
1,525
Open
13-02-2019
Top Picks
Bata India
1,189
1,479
Open
03-11-2018
Top Picks
Bata India
1,008
1,243
Open
30-07-2018
Top Picks
Bata India
918
1,007
Open
23-07-2018
Top Picks
Bata India
842
955
Open
01-07-2018
Top Picks
Bata India
862
948
Open
18-06-2018
Top Picks
Bata India
779
896
Open
16-04-2020
Fundamental
Amber Enterprises
1,116
Closed(16/04/2020)
30-03-2020
Fundamental
Amber Enterprises
1,221
1,830
Hold
31-01-2020
Top Picks
Amber Enterprises
1,540
1,830
Open
09-01-2020
Fundamental
Amber Enterprises
1,209
Hold
25-09-2019
Top Picks
Amber Enterprises
901
1100
Open
16-02-2019
Top Picks
Amber Enterprises
637
910
Open
08-08-2018
Top Picks
Amber Enterprises
939
1135
Open
14-06-2018
Top Picks
Amber Enterprises
1,026
1,230
Open
Source: Company, Angel Research
Exhibit 10: Historical Angel Top Picks/Fundamental Calls
www.angelbroking.com
Market Outlook
March 08, 2021
www.angelbroking.com
Date Added
Top Picks/Fundamental
Stocks
Reco Price
Target/Revised Price
Current Status
07-11-2019
Top Picks
M&M
580
Closed(07/11/2019)
09-08-2019
Top Picks
M&M
550
724
Open
15-02-2019
Top Picks
M&M
626
850
Open
07-06-2018
Top Picks
M&M
918
1050
Open
04-05-2018
Top Picks
M&M
860
990
Open
22-01-2020
Fundamental
HDFC Bank
1244
Closed(22/01/2020)
20-01-2020
Fundamental
HDFC Bank
1278
1390
Hold
23-10-2019
Top Picks
HDFC Bank
1241
1390
Open
23-07-2019
Top Picks
HDFC Bank
2264
2620
Open
22-01-2019
Top Picks
HDFC Bank
2145
2500
Open
24-07-2018
Top Picks
HDFC Bank
2158
2350
Open
02-05-2018
Top Picks
HDFC Bank
1944
2315
Open
04-05-2018
Top Picks
Matrimony.com Ltd
573
1016
Closed(17/08/2018)
20-04-2018
Top Picks
Matrimony.com Ltd
781
984
Open
31-01-2020
Top Picks
Parag Milk Foods Limited
138
Closed(31/01/2020)
25-10-2019
Top Picks
Parag Milk Foods Limited
149
200
Open
07-08-2019
Top Picks
Parag Milk Foods Limited
190
306
Open
12-02-2019
Top Picks
Parag Milk Foods Limited
211
359
Open
06-11-2018
Top Picks
Parag Milk Foods Limited
256
330
Open
15-05-2018
Top Picks
Parag Milk Foods Limited
310
410
Open
16-04-2018
Top Picks
Parag Milk Foods Limited
249
333
Open
26-05-2020
Fundamental
GMM Pfaudler Limited
3,732
Closed(26/05/2020)
06-04-2020
Fundamental
GMM Pfaudler Limited
2,597
3,437
Hold
29-02-2020
Top Picks
GMM Pfaudler Limited
2,528
3,437
Open
19-02-2020
Fundamental
GMM Pfaudler Limited
3,255
3,437
Hold
07-02-2020
Top Picks
GMM Pfaudler Limited
2,925
3,437
Open
04-02-2020
Fundamental
GMM Pfaudler Limited
2,979
Hold
29-01-2020
Top Picks
GMM Pfaudler Limited
2,528
2,864
Open
15-01-2020
Fundamental
GMM Pfaudler Limited
1,986
Hold
19-11-2019
Top Picks
GMM Pfaudler Limited
1688
2059
Open
23-09-2019
Top Picks
GMM Pfaudler Limited
1520
1740
Open
11-06-2019
Top Picks
GMM Pfaudler Limited
1470
1570
Open
13-03-2019
Top Picks
GMM Pfaudler Limited
1265
1400
Open
27-08-2018
Top Picks
GMM Pfaudler Limited
1,170
1,287
Open
18-08-2018
Top Picks
GMM Pfaudler Limited
1,024
1,200
Open
07-08-2018
Top Picks
GMM Pfaudler Limited
984
1,100
Open
29-06-2018
Fundamental
GMM Pfaudler Limited
932
1,020
Open
14-05-2018
Fundamental
GMM Pfaudler Limited
818
900
Open
06-04-2018
Fundamental
GMM Pfaudler Limited
712
861
Open
11-02-2021
Top Picks
Ashok Leyland
134
Closed(11/02/2021
03-01-2021
Top Picks
Ashok Leyland
132.3
150
Open
04-01-2021
Top Picks
Ashok Leyland
100.4
122
Open
06-12-2019
Fundamental
Ashok Leyland
75
Closed(06/12/2019)
06-06-2019
Fundamental
Ashok Leyland
70
Hold
17-08-2018
Top Picks
Ashok Leyland
128
156
Open
07-03-2018
Fundamental
Ashok Leyland Ltd
139
163
Closed (26/04/2018)
Source: Company, Angel Research
www.angelbroking.com
Market Outlook
March 08, 2021
www.angelbroking.com
Exhibit 11: Historical Angel Top Picks/Fundamental Calls
Date Added
Top Picks/Fundamental
Stocks
Reco Price
Target/Revised Price
Current Status
16-12-2019
Fundamental
Greenply Industries
160
Closed(16/12/2019)
31-05-2018
Fundamental
Greenply Industries
256
364
Open
03-03-2018
Fundamental
Greenply Industries
340
395
Open
16-04-2020
Fundamental
Safari Industries
402
Closed(16/04/2020)
30-03-2020
Fundamental
Safari Industries
392
492
Hold
24-03-2020
Top Picks
Safari Industries
328
492
Open
43816
Top Picks
Safari Industries
623
807
Open
27-08-2018
Top Picks
Safari Industries
974
1,071
Open
14-08-2018
Top Picks
Safari Industries
868
1,000
Open
07-08-2018
Top Picks
Safari Industries
788
870
Open
16-07-2018
Top Picks
Safari Industries
693
800
Open
16-04-2018
Top Picks
Safari Industries
651
750
Open
21-02-2018
Top Picks
Safari Industries
532
650
Open
31-05-2018
Top Picks
HSIL Ltd
348
Closed (31/05/2018)
16-02-2018
Top Picks
HSIL Ltd
433
510
Open
04-11-2019
Fundamental
Elantas Beck India Ltd.
2500
Closed(04/11/2019)
07-02-2018
Fundamental
Elantas Beck India Ltd.
2155
2500
Open
17-08-2020
Top Picks
ICICI Bank
359
Closed(17/08/2020)
01-06-2020
Top Picks
ICICI Bank
342
410
Open
05-05-2020
Fundamental
ICICI Bank
340
Closed(05/05/2020)
01-04-2020
Fundamental
ICICI Bank
311
440
Hold
02-03-2020
Top Picks
ICICI Bank
497
590
Open
27-01-2020
Fundamental
ICICI Bank
536
590
Hold
09-12-2019
Top Picks
ICICI Bank
526
590
Open
29-10-2019
Top Picks
ICICI Bank
437
532
Open
25-05-2019
Top Picks
ICICI Bank
431
490
Open
15-02-2019
Top Picks
ICICI Bank
343
460
Open
30-07-2018
Top Picks
ICICI Bank
307
411
Open
01-02-2018
Top Picks
ICICI Bank
352
416
Open
06-03-2020
Fundamental
Aditya Birla Capital
75
Closed(06/03/2020)
06-09-2019
Fundamental
Aditya Birla Capital
93
118
Open
09-08-2019
Top Picks
Aditya Birla Capital
89
118
Open
04-06-2019
Top Picks
Aditya Birla Capital
102
130
Open
01-02-2018
Top Picks
Aditya Birla Capital
167
218
Open
25-06-2020
Fundamental
CCL Products
242
Closed (25/06/2020)
04-01-2018
Fundamental
CCL Products
278
360
Open
03-01-2018
Fundamental
Nilkamal Ltd
1,449
Closed (29/01/2020)
03-01-2018
Fundamental
Nilkamal Ltd
1880
2178
Open
01-01-2018
Fundamental
Capital First Ltd
693
850
Closed (15/01/2018)
30-12-2017
Fundamental
Shreyans Industries Ltd
205
247
Closed
09-05-2018
Fundamental
Prism Cement Ltd
160
Closed (09/05/2018)
21-12-2017
Fundamental
Prism Cement Ltd
118
131
18-12-2017
Fundamental
Menon Bearings Limited
92
114
Closed (17/01/2018)
14-12-2017
Top Picks
Ruchira Papers Ltd.
188
244
Closed (09/02/2018)
17-05-2018
Top Picks
Century Plyboards India
280
Closed(17/05/2018)
28-11-2017
Top Picks
Century Plyboards India
317
400
Open
19-12-2017
Top Picks
LT Foods
85
Closed(18/06/2018)
06-11-2017
Top Picks
LT Foods
74
96
www.angelbroking.com
Market Outlook
March 08, 2021
www.angelbroking.com
Source: Company, Angel Research
Exhibit 12: Historical Angel Top Picks/Fundamental Calls
Date Added
Top Picks/Fundamental
Stocks
Reco Price
Target/Revised Price
Current Status
16-10-2017
Fundamental
Endurance Technologies Ltd
1111
1277
Closed (01/12/2017)
30-01-2020
Fundamental
GIC Housing
154
Closed (30/01/2020)
06-06-2019
Fundamental
GIC Housing
252
Hold
11-09-2017
Top Picks
GIC Housing
533
655
Open
28-01-2020
Fundamental
Music Broadcast Limited
29
Closed (28/01/2020)
06-06-2019
Fundamental
Music Broadcast Limited
58
Hold
10-10-2017
Top Picks
Music Broadcast Limited
404
475
Open
20-07-2017
Top Picks
Music Broadcast Limited
368
434
Open
13-01-2020
Top Picksl
L&T Finance Holdings Ltd
105
133
Open
30-06-2020
Fundamental
L&T Finance Holdings Ltd
65.5
Closed (30/6/2020)
03-05-2018
Fundamental
L&T Finance Holdings Ltd
171
210
Open
07-07-2017
Fundamental
L&T Finance Holdings Ltd
149
179
Closed (28/8/2017)
06-07-2017
Fundamental
Syngene International
478
564
Closed (1/3/2018)
28-01-2020
Top Picks
Maruti
7,065
Closed(28/01/2020)
30-07-2019
Top Picks
Maruti
5558
7,783
Open
29-10-2018
Top Picks
Maruti
6705
8,552
Open
27-07-2017
Top Picks
Maruti
9315
10820
Open
05-06-2017
Top Picks
Karur Vysya Bank
127
100
Closed (12/03/2018)
16-04-2020
Fundamental
KEI Industries
279
Closed (16/04/2020)
06-04-2020
Fundamental
KEI Industries
295
400
Hold
19-03-2020
Top Picks
KEI Industries
257
400
Open
21-01-2020
Top Picks
KEI Industries
517
658
Open
13-11-2019
Fundamental
KEI Industries
542
Hold
07-08-2019
Top Picks
KEI Industries
464
556
Open
12-02-2019
Top Picks
KEI Industries
349
486
Open
23-05-2018
Top Picks
KEI Industries
481
589
Open
21-05-2018
Top Picks
KEI Industries
433
508
Open
25-01-2018
Top Picks
KEI Industries
400
486
Open
04-01-2017
Top Picks
KEI Industries
167
207
Open
27-05-2020
Top Picks
Alkem Lab.
2,425
Closed (27/05/2020)
17-04-2020
Top Picks
Alkem Lab.
2,687
3,300
Open
31-05-2018
Top Picks
Alkem Lab
1978
Closed (31/05/2018)
01-12-2016
Top Picks
Alkem Lab
1700
2441
Open
17-10-2016
Top Picks
Asian Granito
267
534
Closed (18/02/2018)
17-05-2018
Top Picks
TV Today Network
460
Closed (17/05/2018)
04-08-2016
Top Picks
TV Today Network
297
603
Open
30-01-2019
Fundamental
DHFL
162
Closed(30/01/2019)
05-04-2016
Top Picks
DHFL
189
720
Open
25-06-2018
Top Picks
Navkar Corporation
207
Closed(25/06/2018)
05-01-2016
Top Picks
Navkar Corporation
207
265
Open
09-12-2019
Top Picks
Blue Star
813
Closed(09/12/2019)
08-12-2015
Top Picks
Blue Star
357
867
Open
29-01-2020
Fundamental
Siyaram Silk Mills
229
Closed(28/01/2020)
06-06-2019
Fundamental
Siyaram Silk Mills
337
Hold
30-10-2015
Top Picks
Siyaram Silk Mills
186
851
Open
Source: Company, Angel Research
www.angelbroking.com
Market Outlook
March 08, 2021
www.angelbroking.com
Research Team Tel: 022 - 39357800 E-mail: resear[email protected] Website: www.angelbroking.com
DISCLAIMER:
Angel Broking Limited (hereinafter referred to as “Angel”) is a registered Member of National Stock Exchange of India
Limited, Bombay Stock Exchange Limited, Metropolitan Stock Exchange Limited, Multi Commodity Exchange of India Ltd
and National Commodity & Derivatives Exchange Ltd It is also registered as a Depository Participant with CDSL and Portfolio
Manager and Investment Adviser with SEBI. It also has registration with AMFI as a Mutual Fund Distributor. Angel Broking
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 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 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 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 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.