Market Outlook
October 15, 2015
Market Cues
Domestic Indices
Chg (%)
(Pts)
(Close)
Indian markets are expected to open positively tracking the SGX Nifty and its Asian
BSE Sensex
(0.2)
(67)
26,780
peers.
Nifty
(0.3)
(24)
8,108
US stocks closed in the red led by a report from the Federal Reserve which pointed
Mid Cap
(0.3)
(37)
10,920
to a stalled growth in the economy. Further, decline in retail major Walmart’s stock
Small Cap
0.4
40
11,436
after it gave a gloomy forecast also put pressure on the indices.
Bankex
(0.1)
(16)
20,020
European indices closed in the red as slowdown in China continued to weigh on the
investor sentiments. The decline was broadbased with most of the sectors in the pan
European STOXX 600 closing negatively.
Global Indices
Chg (%)
(Pts)
(Close)
Dow Jones
(0.9)
(157)
16,925
Indian markets declined for the third consecutive trading session. Decline in
heavyweights TCS and HUL post the results announcement dragged the overall
Nasdaq
(0.3)
(14)
4,783
indices.
FTSE
(1.2)
(73)
6,270
Nikkei
(1.9)
(344)
17,891
News & Result Analysis
Hang Seng
(0.7)
(161)
22,440
Maruti Suzuki’s new hatchback “Baleno” to be exclusively manufactured in India
Shanghai Com
(0.9)
(31)
3,262
JLR September 2015 sales grow 3% at 47,634 units
Detailed analysis on Pg2
Advances / Declines
Bse
Nse
Investor’s Ready Reckoner
Advances
1,491
1,019
Key Domestic & Global Indicators
Declines
1,291
482
Stock Watch: Latest investment recommendations on 150+ stocks
Unchanged
126
68
Refer Pg4 onwards
Top Picks
Volumes (` Cr)
CMP
Target
Upside
Company
Sector
Rating
BSE
2,779
(`)
(`)
(%)
Axis Bank
Financials
Buy
495
701
41.6
NSE
14,436
ICICI Bank
Financials
Buy
283
370
30.8
Power Grid
Power
Buy
133
170
28.2
Net Inflows (` Cr)
Net
Mtd
Ytd
TCS
IT
Buy
2,483
3,168
27.6
FII
488
1,873
119,938
Aurobindo Pharma Pharmaceuticals Accumulate
806
872
8.2
MFs
136
743
79,748
More Top Picks on Pg3
Top Gainers
Price (`)
Chg (%)
Key Upcoming Events
Previous
Consensus
Ttkprestig
4,280
12.0
Date
Region
Event Description
Reading
Expectations
Syndibank
124
7.2
Oct 15
India
Imports
(9.95)
Aloktext
7
7.1
Oct 15
India
Exports
(20.66)
Deltacorp
86
5.1
Oct 15
US
Initial jobless claims
263.00
270.00
Pmcfin
1
5.0
Oct 16
US
Industrial production
(0.38)
(0.2)
Oct 16
Euro
CPI
(0.1)
(0.1)
Top Losers
Price (`)
Chg (%)
Dcbbank
107
(20.0)
Bharatforg
890
(4.6)
Tcs
2,483
(4.4)
Zeel
386
(3.9)
Balramchin
62
(3.7)
As on October 14, 2015
www.angelbroking.com
Market Outlook
October 15, 2015
Maruti new hatchback “Baleno” to be exclusively manufactured
in India
More than three decades after it started operations, Maruti is all set to export a
`Made in India' vehicle to Japan, which will be sold by its parent Suzuki. Japan's
Suzuki which controls 56% stake in Maruti, has decided to make India a global
manufacturing hub for its upcoming premium compact car `Baleno', which will be
exported to over 100 countries, including the Western European nations. This will
be the first instance of Maruti - which contributes 40% to Suzuki's global sales
volume and one third to its revenues -supplying a car to its parent for and
manufacturing teams of the company see this as a "big achievement". Apart from
Japan, other countries where the Baleno will be sold include, Italy , France,
Germany , Netherlands, Belgium, Denmark and Spain. In South America, it will be
sold in Chile, Paraguay and Colombia.
Baleno will be Maruti Suzuki's first attempt in the premium compact segment (it will
be positioned above the `Swift' hatchback) and will make a debut in India on
October 26. It was unveiled at the Frankfurt Motor Show in September. Baleno will
compete mainly with Hyundai's Elite i20 and Honda's Jazz and will have a 1.2litre
petrol engine (manual and automatic variants) and 1.3-litre diesel engine. Baleno
has been developed for the global markets and India will be the exclusive
manufacturing hub for the car.
After S-Cross, Baleno will be the second car to be sold through Maruti's premium
retail network `Nexa'. Baleno will be manufactured on a new platform by Suzuki's
engineers and Maruti's engineering and R&D teams have been involved in the
model's development. As per the company, Nexa retail network has been shaping
up strongly , and the company will have 80 showrooms under the new format by
the time the Baleno drives in. We currently have Accumulate rating on the stock.
JLR September 2015 sales grow 3% at 47,634 units
Tata Motors-owned Jaguar Land Rover (JLR) sold
47,634 units globally in
September, up 3% compared to the same month last year. Jaguar sold 10,394
vehicles, up 22% from the same period previous year. Land Rover retailed 37,240
in the month, down 1% compared to a very strong September in 2014.
The sales were led by the all-new Jaguar XE and the all-new Discovery Sport which
retailed more than 13,000 vehicles in total. As per the company, sales in the
developed economies such as UK, Europe and North America have shown
impressive growth year-to-date despite a challenging macro-economic
environment, particularly in China. For the second quarter ended September 30,
the company retailed 1,10,200 vehicles, 1% down from the same period previous
fiscal.
On the outlook for the rest of the fiscal JLR is positive of recovery in 2HFY16 as it
continues to build on the successful launches of the Land Rover Discovery Sport,
the Jaguar XE and the new Jaguar XF.The company's plans to launch the new
Range Rover Evoque and Jaguar XJ, followed by the recently unveiled Jaguar
F-Pace in late Q4 FY16. We currently have Accumulate rating on the stock.
www.angelbroking.com
Market Outlook
October 15, 2015
Economic and Political News
Govt may hike import duty on wheat to 25% to check imports
Govt to infuse one-time funds to revive stalled highway projects
Assocham urges govt to resolve issues of auctioned coal mines
Corporate News
Govt approves performance related pay for Coal India officers
Lupin, Boehringer Ingelheim to co-market linagliptin in India
Videocon loan conversion enabling resolution passed at EGM
www.angelbroking.com
Market Outlook
October 15, 2015
Top Picks ★★★★★
Large Cap
Market Cap
CMP
Target
Upside
Company
Rationale
(` Cr)
(`)
(`)
(%)
Robust US sales along with the acquisations, will aid the growth
Aurobindo
47,053
806
872
8.2
and stable margins.
Healthy pace of branch expansion, backed by distribution
Axis Bank
117,751
495
701
41.6
network.
Robust franchise and capital adequacy position will help the
ICICI Bank
164,270
283
370
30.8
bank to outperform the industry average.
Back on the growth trend; expect a long term growth of 14% to
Infosys
252,078
1,097
1,306
19.0
be a US$20bn in FY2020.
Government thrust on Renewable sector and strong order book
Inox Wind
8,451
381
505
32.6
would drive future growth.
LICHF continues to grow its retail loan book at a healthy pace
LIC HFL
24,320
482
570
18.3
with improvement in asset quality.
Direct beneficiary of the huge investments lined up in the power
Power Grid
69,397
133
170
28.2
transmission sector.
Growth to pick up from 2HFY2017, attractive given the risk-
TCS
489,336
2,483
3,168
27.6
reward.
Tech Mahindra
52,806
549
646
17.7
Acquisitions, to drive growth, normalised valuations attractive.
An improving liability franchise, capital adequacy well above
Yes Bank
30,926
739
953
29.0
Basel III requirements and lowest NPA ratio in the industry.
Source: Company, Angel Research
Mid Cap
Market Cap
CMP
Target
Upside
Company
Rationale
(` Cr)
(`)
(`)
(%)
Bajaj Electricals
2,488
247
341
38.3
Visible turnaround in E&P business to drive the earnings.
Garware Wall Ropes
764
349
390
11.7
Higher exports & easing material prices to drive profitability.
Comfortable balance sheet to support strong growth; this
MBL Infrastructures
987
238
360
51.3
coupled with attractive valuation to lead to rerating.
New product introductions and increased sourcing by clients to
Minda Industries
822
518
652
25.9
enable outpace industry growth.
Strong brand & quality teaching with innovative technologies &
MT Educare
534
134
169
26.0
higher government educational spending to boost growth.
Earnings boost on back of stable material prices and favorable
Radico Khaitan
1,174
88
112
26.9
pricing environment. Valuation discount to peers provides
additional comfort.
Structural shift in the Lighting industry towards LED lighting will
Surya Roshni
622
142
183
29.1
drive growth.
Tree House
1,268
300
449
49.8
Robust expansion plan for pre-schools to drive growth.
Source: Company, Angel Research
www.angelbroking.com
Market Outlook
October 15, 2015
Quarterly Bloomberg Brokers Consensus Estimate
LIC Housing Finance Ltd - October 15, 2015
Particulars (` cr)
2QFY16E
2QFY15
y-o-y (%)
1QFY16
q-o-q (%)
405
341
18.6
382
6.0
PAT
Reliance Industries Ltd - October 16, 2015
Particulars (` cr)
2QFY16E
2QFY15
y-o-y (%)
1QFY16
q-o-q (%)
Net sales
61,486
96,486
(36.3)
65,817
(6.6)
EBITDA
8,580
8,235
4.2
9,307
(7.8)
EBITDA margin (%)
14.0
8.5
14.1
Net profit
5,920
5,742
3.1
6,318
(6.3)
Ultratech Cement Ltd - October 19, 2015
Particulars (` cr)
2QFY16E
2QFY15
y-o-y (%)
1QFY16
q-o-q (%)
Net sales
5,550
5,382
3.1
6,038
(8.1)
EBITDA
949
877
8.2
1,152
(17.6)
EBITDA margin (%)
17.1
16.3
19.1
Net profit
424
410
3.3
591
(28.3)
HCL Technologies Ltd Consol - October 19, 2015
Particulars (` cr)
2QFY16E
2QFY15
y-o-y (%)
1QFY16
q-o-q (%)
Net sales
10,103
8,735
15.7
9,777
3.3
EBITDA
2,120
2,192
(3.3)
2,100
1.0
EBITDA margin (%)
21.0
25.1
21.5
Net profit
1,769
1,873
(5.5)
1,783
(0.8)
Hindustan Zinc Ltd - October 19, 2015
Particulars (` cr)
2QFY16E
2QFY15
y-o-y (%)
1QFY16
q-o-q (%)
Net sales
3,693
3,749
(1.5)
3,596
2.7
EBITDA
1,874
2,000
(6.3)
1,660
12.8
EBITDA margin (%)
50.7
53.3
46.2
Net profit
1,980
2,184
(9.3)
1,921
3.1
www.angelbroking.com
Market Outlook
October 15, 2015
Key Upcoming Events
Result Calendar
Date
Company
Oct 15, 2015
LIC Housing Fin., Mindtree, Infotech Enterprises, D B Corp
Oct 16, 2015
Reliance Industries
Oct 17, 2015
South Ind.Bank
Oct 18, 2015
Oct 19, 2015
UltraTech Cement, HCL Tech, Hind. Zinc, Petronet LNG, Heritage Foods
Oct 20, 2015
Hero Motocorp, ACC, Federal Bank, Mphasis, Jyothy Laboratories, Aventis
Oct 21, 2015
M&M, Bajaj Auto, HDFC Bank, Wipro, KPIT Cummins, NIIT, JSW Steel , Cairn India
Oct 22, 2015
Cadila Healthcare
Oct 23, 2015
Asian Paints
Oct 24, 2015
Godrej Consumer, Persistent
Oct 25, 2015
Oct 26, 2015
Blue Star, HDFC, Hindustan Media Ventures, Hitachi
Oct 27, 2015
TVS Motor, Thermax, Axis Bank, Sesa Goa, Lupin, Alembic Pharma
Oct 28, 2015
Amara Raja Batteries, Ambuja Cements, Dabur India, HT Media, Kirloskar Engines India Ltd, Elecon Engineering
Oct 29, 2015
Bharat Forge, Nestle, Colgate, MRF, L G Balakrishnan & Bros, Dr Reddy's, Dishman Pharma
Oct 30, 2015
Apollo Tyres, Subros, ICICI Bank, Kotak Mah. Bank, Indoco Remedies
Oct 31, 2015
IDFC, GSK Pharma
Source: Bloomberg, Angel Research
Global economic events release calendar
Date
Time
Country
Event Description
Unit
Period
Bloomberg Data
Last Reported Estimated
Oct 15, 2015
India
Imports YoY%
% Change
Sep
(9.95)
--
India
Exports YoY%
% Change
Sep
(20.66)
--
6:00PM US
Initial Jobless claims
Thousands
Oct 10
263.00
270.00
6:00PM US
Consumer price index (mom)
% Change
Sep
(0.10)
(0.20)
Oct 16, 2015 6:45PM US
Industrial Production
%
Sep
(0.38)
(0.20)
2:30PM Euro Zone
Euro-Zone CPI (YoY)
%
Sep F
(0.10)
(0.10)
Oct 19, 2015 7:30AM China
Industrial Production (YoY)
% Change
Sep
6.10
6.00
7:30AM China
Real GDP (YoY)
% Change
3Q
7.00
6.80
Oct 20, 2015 6:00PM US
Housing Starts
Thousands
Sep
1,126.00
1,146.00
6:00PM US
Building permits
Thousands
Sep
1,170.00
1,158.00
Oct 22, 2015 7:30PM Euro Zone
Euro-Zone Consumer Confidence
Value
Oct A
(7.10)
--
7:30PM US
Existing home sales
Million
Sep
5.31
5.37
5:15PM Euro Zone
ECB announces interest rates
%
Oct 22
0.05
--
Oct 23, 2015 1:00PM Germany
PMI Services
Value
Oct P
54.10
--
1:00PM Germany
PMI Manufacturing
Value
Oct P
52.30
--
Oct 26, 2015 7:30PM US
New home sales
Thousands
Sep
552.00
--
Oct 27, 2015 3:00PM UK
GDP (YoY)
% Change
3Q A
2.40
--
7:30PM US
Consumer Confidence
S.A./ 1985=100
Oct
103.04
--
Oct 28, 2015 11:30PM US
FOMC rate decision
%
Oct 28
0.25
0.25
Oct 29, 2015 2:25PM Germany
Unemployment change (000's)
Thousands
Oct
2.00
--
6:00PM US
GDP Qoq (Annualised)
% Change
3Q A
3.90
--
Source: Bloomberg, Angel Research
Market Outlook
October 15, 2015
Macro watch
Exhibit 1: Quarterly GDP trends
Exhibit 2: IIP trends
(%)
(%)
9.0
8.4
6.0
5.2
4.8
5.0
4.4
4.2
8.0
7.5
7.5
3.6
4.0
3.0
7.0
7.0
2.8
6.7
6.7
2.6
2.5
2.5
6.6
3.0
7.0
6.3
6.4
2.0
6.0
1.0
5.0
4.7
-
5.0
(1.0)
4.0
(2.0)
(3.0)
3.0
(2.7)
(4.0)
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
5.6
6.0
5.4
5.4
5.2
5.3
4.9
5.0
54.0
5.0
4.6
4.3
52.0
3.7
3.7
4.0
3.3
50.0
3.0
48.0
2.0
46.0
1.0
44.0
-
Source: Market, Angel Research; Note: Level above 50 indicates expansion
Source: MOSPI, Angel Research
Exhibit 5: Exports and imports growth trends
Exhibit 6: Key policy rates
(%)
Exports yoy growth
Imports yoy growth
(%)
Repo rate
Reverse Repo rate
CRR
30.0
9.00
20.0
8.00
10.0
7.00
0.0
6.00
(10.0)
5.00
4.00
(20.0)
3.00
(30.0)
Source: Bloomberg, Angel Research
Source: RBI, Angel Research
Market Outlook
October 15, 2015
Global watch
Exhibit 1: Latest quarterly GDP Growth (%, yoy) across select developing and developed countries
(%)
8.0
7.0
6.0
5.3
4.9
4.7
4.0
2.8
2.7
2.4
1.6
2.0
1.2
1.1
0.8
-
(2.0)
(4.0)
(2.6)
(4.6)
(6.0)
Source: Bloomberg, Angel Research
Exhibit 2: 2015 GDP Growth projection by IMF (%, yoy) across select developing and developed countries
(%)
10.0
7.5
8.0
6.8
5.2
6.0
4.8
3.7
3.1
4.0
2.7
2.0
1.6
2.0
1.2
1.0
-
(2.0)
(4.0)
(1.0)
(3.8)
(6.0)
Source: IMF, Angel Research
Exhibit 3: One year forward P-E ratio across select developing and developed countries
(x)
20.0
18.0
16.0
14.0
12.0
10.0
8.0
6.0
4.0
2.0
-
Source: IMF, Angel Research
Market Outlook
October 15, 2015
Exhibit 4: Relative performance of indices across globe
Returns (%)
Country
Name of index
Closing price
1M
3M
1YR
Brazil
Bovespa
47,363
1.8
(10.8)
(17.5)
Russia
Micex
1,721
0.2
4.8
26.1
India
Nifty
8,132
5.8
(2.7)
3.6
China
Shanghai Composite
3,293
6.4
(12.1)
39.6
South Africa
Top 40
47,644
8.2
1.6
13.7
Mexico
Mexbol
44,318
3.3
(1.8)
2.9
Indonesia
LQ45
763
4.3
(9.1)
(9.7)
Malaysia
KLCI
1,711
6.7
0.6
(6.2)
Thailand
SET 50
916
2.1
(6.5)
(13.4)
USA
Dow Jones
17,082
3.9
(5.4)
4.7
UK
FTSE
6,342
3.7
(6.1)
2.1
Japan
Nikkei
18,235
2.1
(7.6)
13.4
Germany
DAX
10,033
(0.9)
(13.1)
13.7
France
CAC
4,643
2.1
(8.0)
15.1
Source: Bloomberg, Angel Research
Stock Watch
October 15, 2015
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 )
FY16E FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
Agri / Agri Chemical
Rallis
Neutral
214
-
4,155
2,075
2,394
14.4
14.4
9.5
11.0
22.5
19.4
4.5
3.9
21.1
21.3
2.0
1.8
United Phosphorus
Accumulate
470
510
20,140
13,698
15,752
17.6
17.6
32.1
38.5
14.6
12.2
2.9
2.4
21.4
21.3
1.6
1.3
Auto & Auto Ancillary
Ashok Leyland
Accumulate
95
102
26,979
18,763
22,357
11.1
11.2
3.6
4.8
26.3
19.8
4.9
4.5
18.7
22.6
1.4
1.1
Bajaj Auto
Neutral
2,440
-
70,594
23,544
27,245
19.8
19.8
127.0
143.4
19.2
17.0
5.8
5.0
30.3
29.4
2.6
2.2
Eicher Motors
Buy
18,180
22,859
49,345
11,681
15,550
15.3
16.9
358.5
564.3
50.7
32.2
15.2
11.3
29.8
34.9
4.1
3.1
Hero Motocorp
Accumulate
2,506
2,672
50,037
28,500
32,764
14.1
14.3
146.9
167.0
17.1
15.0
6.5
5.5
37.8
36.5
1.6
1.4
L G Balakrishnan & Bros Neutral
436
-
684
1,254
1,394
11.6
11.8
35.9
41.7
12.2
10.5
1.6
1.5
13.5
13.8
0.7
0.6
Mahindra and Mahindra Accumulate
1,286
1,357
79,869
37,986
42,660
12.8
13.2
51.6
61.9
24.9
20.8
3.7
3.3
14.6
15.6
1.8
1.5
Maruti
Buy
4,252
4,960
128,440
58,102
68,587
16.7
16.9
182.0
225.5
23.4
18.9
4.6
4.0
19.9
21.0
2.0
1.6
Minda Industries
Buy
518
652
822
2,567
2,965
7.3
8.0
38.8
54.3
13.4
9.5
1.9
1.6
14.4
16.8
0.4
0.4
Rane Brake Lining
Buy
303
366
240
454
511
11.1
11.4
23.8
28.1
12.7
10.8
1.8
1.6
14.2
15.3
0.7
0.6
Setco Automotive
Neutral
229
-
611
594
741
12.7
13.7
8.4
15.8
27.2
14.5
2.8
2.4
10.4
16.9
1.5
1.2
Tata Motors
Accumulate
352
395
101,716
264,038
297,882
13.8
13.9
34.5
38.9
10.2
9.1
1.7
1.5
17.6
16.8
0.5
0.5
TVS Motor
Neutral
242
-
11,499
11,702
13,713
6.8
7.7
10.1
14.5
24.0
16.7
5.9
4.7
24.5
28.3
1.0
0.8
Amara Raja Batteries
Neutral
995
-
17,000
5,101
6,224
17.8
17.6
31.1
39.2
32.0
25.4
7.9
6.3
24.8
24.8
3.3
2.6
Exide Industries
Accumulate
150
159
12,788
7,363
8,247
13.7
14.5
6.6
7.7
22.8
19.5
2.9
2.6
12.6
13.3
1.5
1.3
Apollo Tyres
Neutral
187
-
9,521
12,576
12,978
16.8
16.1
22.3
19.9
8.4
9.4
1.4
1.3
17.2
13.4
0.8
0.9
Ceat
Neutral
1,217
-
4,924
6,041
6,597
14.3
14.2
101.5
116.6
12.0
10.4
2.4
2.0
20.0
19.1
1.0
0.8
JK Tyres
Neutral
103
-
2,327
7,446
7,669
15.2
14.0
19.6
18.4
5.2
5.6
1.3
1.1
25.2
19.5
0.7
0.6
Swaraj Engines
Accumulate
865
912
1,074
593
677
14.5
14.8
51.2
60.8
16.9
14.2
3.9
3.5
23.3
24.8
1.7
1.4
Subros
Neutral
85
-
507
1,268
1,488
11.6
11.9
3.7
6.6
22.9
12.8
1.5
1.4
6.8
11.4
0.7
0.6
Indag Rubber
Neutral
183
-
481
283
329
17.0
17.2
13.0
15.4
14.2
11.9
3.1
2.6
21.8
21.6
1.4
1.2
Capital Goods
ACE
Neutral
41
-
405
660
839
4.7
8.2
1.0
3.9
40.9
10.5
1.3
1.1
3.2
11.3
0.8
0.6
BEML
Neutral
1,238
-
5,156
3,277
4,006
6.0
8.9
29.2
64.3
42.4
19.3
2.4
2.2
5.7
11.7
1.7
1.3
BGR Energy
Neutral
115
-
831
3,615
3,181
9.5
9.4
16.7
12.4
6.9
9.3
0.7
0.6
10.0
7.0
0.6
0.8
BHEL
Neutral
206
-
50,298
33,722
35,272
10.8
11.7
10.5
14.2
19.6
14.5
1.5
1.4
7.0
9.0
1.6
1.5
Blue Star
Accumulate
360
387
3,239
3,649
4,209
5.0
5.9
9.2
14.7
39.4
24.5
7.1
6.7
9.1
17.5
1.0
0.8
Crompton Greaves
Accumulate
178
204
11,159
13,484
14,687
4.9
6.2
4.5
7.1
39.6
25.1
2.8
2.6
7.2
10.8
1.0
0.9
Inox Wind
Buy
381
505
8,451
4,980
5,943
17.0
17.5
26.6
31.6
14.3
12.1
4.3
3.2
35.0
30.0
1.8
1.5
www.angelbroking.com
Stock Watch
October 15, 2015
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 )
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
Capital Goods
KEC International
Neutral
145
-
3,730
8,791
9,716
6.1
6.8
5.4
8.2
26.9
17.7
2.7
2.5
10.0
14.0
0.6
0.6
Thermax
Neutral
848
-
10,110
6,413
7,525
7.4
8.5
30.5
39.3
27.8
21.6
4.3
3.7
15.0
17.0
1.6
1.3
Cement
ACC
Accumulate
1,373
1,548
25,768
11,856
14,092
14.5
17.8
47.6
76.1
28.8
18.0
3.0
2.7
10.6
15.7
2.0
1.7
Ambuja Cements
Accumulate
210
233
32,590
10,569
12,022
20.7
22.2
8.7
10.7
24.1
19.6
3.1
2.9
13.0
15.2
2.7
2.4
India Cements
Buy
81
112
2,488
4,716
5,133
15.9
16.9
3.7
7.5
21.9
10.8
0.8
0.8
3.8
7.3
0.8
0.7
JK Cement
Buy
623
767
4,355
4,056
4,748
14.5
17.0
22.6
41.1
27.6
15.2
2.5
2.2
9.3
15.3
1.5
1.3
J K Lakshmi Cement
Accumulate
379
430
4,457
2,947
3,616
16.7
19.9
11.5
27.2
32.9
13.9
3.1
2.7
9.8
20.8
1.9
1.5
Mangalam Cements
Neutral
224
-
599
1,053
1,347
10.5
13.3
8.4
26.0
26.7
8.6
1.1
1.0
4.3
12.5
0.9
0.7
Orient Cement
Neutral
175
-
3,585
1,854
2,524
21.2
22.2
7.7
11.1
22.7
15.8
3.3
2.8
13.3
15.7
2.7
1.9
Ramco Cements
Neutral
334
-
7,949
4,036
4,545
20.8
21.3
15.1
18.8
22.1
17.8
2.7
2.4
12.9
14.3
2.5
2.1
Shree Cement^
Neutral
11,893
-
41,431
7,150
8,742
26.7
28.6
228.0
345.5
52.2
34.4
7.7
6.4
15.7
20.3
5.5
4.5
UltraTech Cement
Accumulate
2,910
3,282
79,849
27,562
31,548
20.4
22.3
111.9
143.3
26.0
20.3
3.7
3.2
15.2
16.8
3.0
2.5
Construction
ITNL
Neutral
95
-
3,123
7,360
8,825
34.0
35.9
1.0
5.0
95.0
19.0
0.4
0.4
0.3
1.4
3.9
3.7
KNR Constructions
Neutral
570
-
1,604
915
1,479
14.3
13.9
20.3
37.2
28.1
15.3
2.6
2.2
9.6
15.6
1.9
1.2
Larsen & Toubro
Buy
1,540
2,013
143,345
68,920
82,446
10.9
11.5
57.0
73.0
27.0
21.1
2.5
2.3
13.6
15.5
2.3
1.9
Gujarat Pipavav Port
Neutral
190
-
9,173
721
784
53.1
53.6
8.2
9.1
23.1
20.9
3.7
3.0
20.0
18.3
12.3
10.9
MBL Infrastructures
Buy
238
360
987
2,313
2,797
12.2
14.6
19.0
20.0
12.5
11.9
1.3
1.2
11.3
10.6
1.1
1.0
Nagarjuna Const.
Neutral
81
-
4,506
7,892
8,842
8.3
9.1
2.4
5.3
33.8
15.3
1.4
1.3
4.2
8.6
0.8
0.7
PNC Infratech
Neutral
519
-
2,665
1,798
2,132
13.2
13.5
22.0
30.0
23.6
17.3
2.1
1.9
11.5
11.4
1.6
1.3
Simplex Infra
Neutral
345
-
1,706
6,241
7,008
10.4
10.7
20.0
36.0
17.2
9.6
1.4
1.3
6.8
11.1
0.8
0.7
Financials
Allahabad Bank
Neutral
78
-
4,663
8,438
9,521
2.8
2.8
21.9
27.0
3.6
2.9
0.4
0.3
10.2
11.5
-
-
Axis Bank
Buy
495
701
117,751
26,941
32,298
3.5
3.6
37.4
46.4
13.2
10.7
2.7
2.3
18.7
20.0
-
-
Bank of Baroda
Neutral
174
-
39,977
19,027
21,737
1.9
2.0
16.9
24.5
10.3
7.1
0.9
0.8
9.1
12.1
-
-
Bank of India
Neutral
141
-
11,190
16,438
18,706
1.9
2.0
19.2
40.9
7.4
3.5
0.4
0.4
4.5
9.1
-
-
Canara Bank
Neutral
294
-
15,950
15,491
17,269
2.0
2.0
61.6
70.9
4.8
4.1
0.5
0.5
10.5
11.1
-
-
Dena Bank
Neutral
42
-
2,371
3,498
3,977
2.1
2.3
7.8
10.7
5.4
4.0
0.4
0.4
6.5
8.4
-
-
Federal Bank
Neutral
64
-
11,037
3,527
4,135
3.0
3.1
5.2
6.7
12.4
9.6
1.3
1.2
10.8
12.7
-
-
HDFC
Neutral
1,291
-
203,694
10,883
12,799
3.5
3.4
43.0
50.6
30.1
25.5
6.0
5.4
25.9
26.7
-
-
HDFC Bank
Buy
1,085
1,255
273,136
38,059
46,851
4.4
4.5
50.0
62.7
21.7
17.3
3.8
3.2
18.8
20.2
-
-
www.angelbroking.com
Stock Watch
October 15, 2015
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 )
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
Financials
ICICI Bank
Buy
283
370
164,270
35,810
41,871
3.4
3.5
22.0
26.2
12.9
10.8
2.3
1.9
15.0
15.6
-
-
IDBI Bank
Neutral
76
-
12,126
9,860
10,978
1.8
1.9
9.3
15.6
8.2
4.9
0.6
0.5
6.4
10.1
-
-
Indian Bank
Neutral
137
-
6,597
6,267
7,171
2.4
2.5
25.4
32.1
5.4
4.3
0.4
0.4
8.0
9.3
-
-
LIC Housing Finance
Buy
482
570
24,320
2,934
3,511
2.3
2.3
30.9
36.8
15.6
13.1
2.5
2.2
16.8
17.5
-
-
Oriental Bank
Neutral
145
-
4,340
7,730
8,595
2.4
2.5
38.8
47.4
3.7
3.1
0.3
0.3
8.6
9.8
-
-
Punjab Natl.Bank
Neutral
136
-
26,636
23,446
26,624
2.8
2.9
17.8
27.5
7.6
4.9
0.8
0.6
8.5
12.1
-
-
South Ind.Bank
Neutral
23
-
3,078
1,930
2,215
2.4
2.4
2.6
3.6
8.8
6.3
0.9
0.8
9.9
12.5
-
-
St Bk of India
Buy
244
307
189,606
83,847
96,307
2.8
2.8
20.1
25.1
12.2
9.7
1.3
1.2
11.5
13.1
-
-
Union Bank
Neutral
176
-
11,158
12,755
14,439
2.3
2.4
31.5
39.9
5.6
4.4
0.6
0.5
9.9
11.6
-
-
Vijaya Bank
Neutral
37
-
3,183
3,594
3,969
1.8
1.9
5.8
7.1
6.4
5.2
0.6
0.5
8.2
9.3
-
-
Yes Bank
Buy
739
953
30,926
7,204
9,078
3.2
3.2
57.8
69.5
12.8
10.6
2.3
1.9
19.6
22.6
-
-
FMCG
Asian Paints
Neutral
863
-
82,740
16,553
19,160
16.0
16.2
17.7
21.5
48.8
40.1
13.0
11.7
29.4
31.2
4.8
4.2
Britannia
Neutral
3,180
-
38,155
8,065
9,395
9.6
10.2
47.2
65.5
67.4
48.6
22.4
21.2
38.3
41.2
4.6
3.9
Colgate
Neutral
910
-
24,760
4,836
5,490
19.5
19.7
48.5
53.2
18.8
17.1
13.8
12.0
99.8
97.5
5.0
4.4
Dabur India
Neutral
273
-
47,891
9,370
10,265
17.1
17.2
7.3
8.1
37.2
33.7
11.2
9.1
33.7
30.6
5.0
4.6
GlaxoSmith Con*
Neutral
6,034
-
25,375
4,919
5,742
17.2
17.4
168.3
191.2
35.9
31.6
10.2
8.7
28.8
28.9
4.7
4.0
Godrej Consumer
Neutral
1,247
-
42,473
10,168
12,886
16.1
16.1
32.1
38.4
38.9
32.5
7.9
7.3
19.7
21.0
4.3
3.4
HUL
Neutral
797
-
172,547
34,940
38,957
17.5
17.7
20.8
24.7
38.3
32.3
42.6
34.1
110.5
114.2
4.7
4.2
ITC
Buy
344
409
276,392
41,068
45,068
37.8
37.4
13.9
15.9
24.7
21.7
8.3
7.3
34.1
33.8
6.4
5.8
Marico
Neutral
394
-
25,433
6,551
7,766
15.7
16.0
10.4
12.5
38.0
31.5
11.0
9.2
33.2
32.4
3.8
3.2
Nestle*
Accumulate
6,199
6,646
59,764
11,291
12,847
22.2
22.3
158.9
184.6
39.0
33.6
20.4
18.3
55.0
57.3
5.1
4.5
Tata Global
Accumulate
134
144
8,450
8,635
9,072
9.8
9.9
6.5
7.6
20.6
17.6
2.1
2.0
6.8
7.4
0.9
0.9
IT
HCL Tech^
Buy
832
1,132
117,032
42,038
47,503
23.5
23.5
56.4
62.9
14.8
13.2
3.4
2.6
23.2
19.8
2.4
1.9
Infosys
Buy
1,097
1,306
252,078
60,250
66,999
28.0
28.0
58.3
63.7
18.8
17.2
4.0
3.4
20.9
19.7
3.5
3.0
TCS
Buy
2,483
3,168
489,336
108,420
123,559
28.8
28.7
127.2
143.9
19.5
17.3
7.8
7.2
39.9
41.8
4.1
3.6
Tech Mahindra
Buy
549
646
52,806
25,566
28,890
16.0
17.0
26.3
31.9
20.9
17.2
3.8
3.2
17.9
18.6
1.8
1.6
Wipro
Buy
583
719
143,908
52,414
58,704
23.7
23.8
38.4
42.3
15.2
13.8
3.0
2.7
19.5
18.0
2.3
1.9
Media
D B Corp
Buy
308
356
5,662
2,241
2,495
27.8
27.9
21.8
25.6
14.2
12.0
3.7
3.3
26.7
28.5
2.5
2.2
HT Media
Neutral
91
-
2,119
2,495
2,603
11.2
11.2
7.3
8.6
12.5
10.6
1.0
0.9
7.4
8.1
0.4
0.3
www.angelbroking.com
Stock Watch
October 15, 2015
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 )
FY16E FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
Media
Jagran Prakashan
Accumulate
140
156
4,587
1,939
2,122
26.0
26.0
8.3
9.2
16.9
15.3
2.9
2.6
17.5
17.1
2.3
2.1
Sun TV Network
Neutral
360
-
14,187
2,779
3,196
70.2
70.5
22.8
27.3
15.8
13.2
3.9
3.5
26.7
28.3
4.9
4.2
Hindustan Media
Accumulate
264
292
1,936
920
1,031
20.0
20.0
19.2
20.9
13.7
12.6
2.3
1.9
16.4
15.3
1.6
1.4
Ventures
Metals & Mining
Coal India
Buy
335
400
211,377
72,015
78,415
21.2
21.5
21.7
25.3
15.4
13.3
5.2
5.2
33.1
39.1
2.2
2.0
Hind. Zinc
Neutral
151
-
63,929
15,258
16,495
44.2
45.6
17.6
19.2
8.6
7.9
1.3
1.2
15.9
15.3
1.9
1.4
Hindalco
Neutral
89
-
18,316
104,356
111,186
8.7
9.5
6.7
11.1
13.2
8.0
0.5
0.5
3.5
5.9
0.7
0.6
JSW Steel
Neutral
906
-
21,893
48,125
53,595
18.8
21.0
46.9
97.5
19.3
9.3
0.9
0.9
4.4
9.5
1.3
1.1
NMDC
Neutral
99
-
39,072
8,237
10,893
46.6
44.5
10.0
11.7
9.9
8.5
1.1
1.0
12.5
13.0
4.5
3.5
SAIL
Neutral
57
-
23,603
45,915
53,954
7.2
10.5
1.5
4.4
37.9
13.1
0.6
0.5
2.3
4.1
1.2
1.0
Vedanta
Neutral
108
-
31,989
71,445
81,910
26.2
26.3
12.9
19.2
8.4
5.6
0.6
0.5
7.2
8.9
0.9
0.7
Tata Steel
Neutral
248
-
24,086
136,805
149,228
11.3
11.9
26.4
36.8
9.4
6.7
0.8
0.7
6.0
8.0
0.7
0.7
Oil & Gas
Cairn India
Neutral
159
-
29,829
11,323
12,490
49.4
51.0
20.7
20.7
7.7
7.7
0.5
0.5
6.4
6.1
1.7
1.0
GAIL
Neutral
317
-
40,154
64,856
70,933
9.1
9.6
24.0
28.9
13.2
11.0
1.1
1.1
8.8
9.6
0.8
0.7
ONGC
Neutral
255
-
218,208
154,564
167,321
36.8
37.4
28.6
32.5
8.9
7.9
1.1
1.0
12.7
13.5
1.6
1.5
Petronet LNG
Accumulate
188
210
14,078
39,007
40,785
3.8
4.2
9.2
11.0
20.5
17.1
2.3
2.1
11.6
12.7
0.4
0.4
Indian Oil Corp
Accumulate
400
455
97,106
359,607
402,760
5.9
6.1
42.5
48.7
9.4
8.2
1.3
1.1
14.1
14.4
0.4
0.3
Reliance Industries
Neutral
902
-
292,106
313,085
362,904
13.1
13.8
78.4
92.9
11.5
9.7
1.2
1.1
10.8
11.6
1.4
1.2
Pharmaceuticals
Alembic Pharma
Neutral
718
-
13,526
2,601
3,115
21.2
20.2
20.8
23.9
34.5
30.0
11.1
8.4
37.2
31.8
5.2
4.3
Aurobindo Pharma
Accumulate
806
872
47,053
14,923
17,162
23.0
23.0
38.2
43.6
21.1
18.5
6.5
4.9
36.0
30.2
3.5
3.0
Aventis*
Neutral
3,929
-
9,048
2,156
2,455
15.1
16.8
109.7
133.9
35.8
29.3
4.9
4.0
18.4
22.5
3.9
3.2
Cadila Healthcare
Neutral
422
-
43,248
10,224
11,840
20.0
21.0
71.0
85.6
6.0
4.9
1.6
1.3
30.1
28.5
4.3
3.6
Cipla
Neutral
678
-
54,471
14,359
16,884
21.3
19.7
28.4
30.5
23.9
22.2
4.2
3.6
19.3
17.5
3.8
3.1
Dr Reddy's
Neutral
4,196
-
71,546
18,213
21,214
22.6
22.7
163.0
192.5
25.7
21.8
5.3
4.4
22.5
20.0
3.9
3.3
Dishman Pharma
Neutral
364
-
2,937
1,716
1,888
20.2
20.2
16.3
21.6
22.3
16.9
2.1
1.9
9.7
11.7
1.9
1.6
GSK Pharma*
Neutral
3,305
-
27,996
2,870
3,158
20.0
22.1
59.5
68.3
55.6
48.4
16.4
16.8
28.5
34.3
9.3
8.5
Indoco Remedies
Neutral
325
-
2,995
1,088
1,262
18.2
18.2
13.1
15.5
24.8
21.0
4.9
4.1
21.2
21.1
2.8
2.4
Ipca labs
Accumulate
741
800
9,354
3,507
4,078
17.6
18.6
25.8
32.0
28.7
23.2
3.7
3.2
13.8
14.9
2.9
2.5
Lupin
Neutral
2,062
-
92,832
14,864
17,244
26.9
26.9
62.1
71.1
33.2
29.0
8.1
6.4
27.4
24.6
6.0
5.0
Sun Pharma
Accumulate
884
950
212,705
28,163
32,610
25.8
30.7
17.4
26.9
50.8
32.9
4.8
4.2
13.0
16.6
7.0
5.9
www.angelbroking.com
Stock Watch
October 15, 2015
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 )
FY16E FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
Power
Tata Power
Neutral
70
-
18,838
35,923
37,402
22.6
22.8
4.1
5.2
17.2
13.5
1.3
1.2
7.5
9.3
1.5
1.4
NTPC
Buy
126
157
103,728
87,064
98,846
23.5
23.5
11.7
13.2
10.8
9.5
1.2
1.1
11.4
12.1
2.2
2.0
Power Grid
Buy
133
170
69,397
20,702
23,361
86.7
86.4
12.1
13.2
11.0
10.0
1.6
1.4
15.6
15.1
8.3
7.7
Telecom
Bharti Airtel
Neutral
347
-
138,530
101,748
109,191
32.1
31.7
12.0
12.5
28.9
27.7
2.0
1.9
6.9
6.7
2.0
1.8
Idea Cellular
Neutral
151
-
54,444
34,282
36,941
32.0
31.5
5.9
6.2
25.6
24.4
2.4
2.1
9.9
9.3
2.2
2.0
zOthers
Abbott India
Neutral
5,644
-
11,992
2,715
3,153
14.5
14.1
134.3
152.2
42.0
37.1
10.5
8.6
27.4
25.6
4.1
3.5
Bajaj Electricals
Buy
247
341
2,488
4,719
5,287
5.2
5.8
8.6
12.7
28.8
19.5
3.3
2.9
11.4
14.8
0.5
0.5
Finolex Cables
Neutral
256
-
3,914
2,728
3,036
10.8
11.0
14.4
16.8
17.8
15.3
2.7
2.3
15.2
15.3
1.2
1.0
Goodyear India*
Buy
562
655
1,296
1,953
1,766
12.4
12.0
67.4
59.6
8.3
9.4
2.1
1.8
27.7
20.2
0.4
0.4
Hitachi
Neutral
1,451
-
3,946
1,806
2,112
9.0
9.2
28.6
29.1
50.7
49.9
12.6
10.2
28.1
22.6
2.3
1.9
Jyothy Laboratories
Neutral
314
-
5,687
1,620
1,847
11.5
11.5
7.3
8.5
43.1
37.1
5.6
5.2
13.3
14.4
3.4
2.9
MRF
Accumulate
41,201
43,575
17,474
20,727
14,841
19.3
18.6
4,905.8
3,351.9
8.4
12.3
2.7
2.2
37.6
19.6
0.8
1.1
Page Industries
Neutral
14,379
-
16,038
1,929
2,450
19.8
20.1
229.9
299.0
62.6
48.1
27.6
19.2
52.1
47.1
8.3
6.5
Relaxo Footwears
Neutral
539
-
6,467
1,767
2,152
12.3
12.5
19.3
25.1
28.0
21.5
6.9
5.3
27.7
27.8
3.7
3.0
Siyaram Silk Mills
Buy
981
1,221
920
1,653
1,873
11.7
12.2
99.3
122.1
9.9
8.0
1.8
1.5
19.5
20.2
0.7
0.6
Styrolution ABS India*
Neutral
810
-
1,424
1,271
1,440
8.6
9.2
32.0
41.1
25.3
19.7
2.6
2.3
10.7
12.4
1.1
0.9
Tree House
Buy
300
449
1,268
259
324
56.8
56.8
17.0
21.7
17.6
13.8
1.8
1.6
10.1
11.5
4.8
4.0
TVS Srichakra
Accumulate
3,015
3,210
2,309
2,127
2,388
15.2
14.9
237.7
267.5
12.7
11.3
5.4
3.8
51.7
39.8
1.1
1.0
HSIL
Neutral
300
-
2,169
2,182
2,404
16.3
16.5
15.8
18.9
19.0
15.9
1.5
1.4
8.4
9.4
1.3
1.2
Kirloskar Engines India
Accumulate
282
297
4,072
2,634
3,252
10.1
12.0
10.9
17.4
25.8
16.1
2.9
2.6
11.4
16.8
1.2
0.9
Ltd
M M Forgings
Buy
541
797
653
563
671
22.1
22.9
51.0
66.5
10.6
8.1
2.2
1.8
23.1
24.1
1.3
1.1
Banco Products (India)
Neutral
144
-
1,026
1,208
1,353
11.0
12.3
10.8
14.5
13.3
9.9
1.5
1.4
11.9
14.5
0.8
0.7
Competent Automobiles Neutral
145
-
89
1,007
1,114
3.1
3.1
23.7
28.2
6.1
5.1
0.9
0.7
13.9
14.6
0.1
0.1
Nilkamal
Neutral
975
-
1,454
1,948
2,147
10.6
10.3
60.0
67.0
16.2
14.5
2.5
2.2
16.8
16.1
0.8
0.7
Visaka Industries
Accumulate
150
166
238
1,158
1,272
8.6
9.5
23.7
32.7
6.3
4.6
0.6
0.6
10.1
12.5
0.4
0.3
Transport Corporation of
Neutral
292
-
2,219
2,830
3,350
8.8
9.0
14.4
18.3
20.3
15.9
3.1
2.7
15.4
17.1
0.9
0.8
India
Elecon Engineering
Buy
73
87
799
1,452
1,596
14.0
14.7
4.4
6.2
16.6
11.8
1.4
1.3
8.6
11.2
0.9
0.7
Surya Roshni
Buy
142
183
622
2,992
3,223
8.3
8.5
14.7
18.3
9.6
7.8
0.9
0.8
9.8
11.0
0.5
0.5
MT Educare
Buy
134
169
534
286
366
18.3
17.7
7.7
9.4
17.4
14.3
3.7
3.2
20.2
21.1
1.8
1.3
www.angelbroking.com
Stock Watch
October 15, 2015
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 )
FY16E FY17E FY16E FY17E FY16E FY17E FY16E FY17E FY16E FY17E FY16E FY17E FY16E FY17E
zOthers
Radico Khaitan
Buy
88
112
1,174
1,565
1,687
11.9
12.4
5.4
6.6
16.3
13.4
1.3
1.2
8.0
9.0
1.3
1.2
Garware Wall Ropes
Accumulate
349
390
764
875
983
10.4
10.6
23.1
27.8
15.1
12.6
2.1
1.9
14.1
14.8
0.9
0.8
Wonderla Holidays
Accumulate
303
322
1,711
206
308
44.0
43.6
9.0
12.9
33.6
23.5
4.6
4.2
13.7
17.8
8.2
5.5
Linc Pen & Plastics
Accumulate
163
185
241
340
371
8.3
8.9
10.8
13.2
15.1
12.4
2.4
2.1
16.0
17.1
0.7
0.7
The Byke Hospitality
Accumulate
159
181
637
222
287
20.5
20.5
5.6
7.6
28.2
21.0
5.3
4.4
18.9
20.8
2.9
2.2
Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on October 14, 2015
www.angelbroking.com
Market Outlook
October 15, 2015
Research Team Tel: 022 - 39357800
E-mail: [email protected]
Website: www.angelbroking.com
DISCLAIMER
Angel Broking Private Limited (hereinafter referred to as “Angel”) is a registered Member of National Stock Exchange of India Limited,
Bombay Stock Exchange Limited and Metropolitian Stock Exchange of India 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 including its relatives/analyst do not hold any financial interest/beneficial ownership
of more than 1% in the company covered by Analyst. 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. Angel/analyst has not served as
an officer, director or employee of company covered by Analyst and has not been engaged in market making activity of the company
covered by Analyst.
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.
The information in this document has been printed on the basis of publicly available information, internal data and other reliable sources
believed to be true, but we do not represent that it is accurate or complete and it should not be relied on as such, as this document is for
general guidance only. Angel Broking Pvt. Limited or any of its affiliates/ group companies shall not be in any way responsible for any
loss or damage that may arise to any person from any inadvertent error in the information contained in this report. Angel Broking Pvt.
Limited has not independently verified all the information contained within this document. Accordingly, we cannot testify, nor make any
representation or warranty, express or implied, to the accuracy, contents or data contained within this document. While Angel Broking
Pvt. Limited endeavors to update on a reasonable basis the information discussed in this material, there may be regulatory, compliance,
or other reasons that prevent us from doing so.
This document is being supplied to you solely for your information, and its contents, information or data may not be reproduced,
redistributed or passed on, directly or indirectly.
Neither Angel Broking Pvt. Limited, nor its directors, employees or affiliates shall be liable for any loss or damage that may arise from or
in connection with the use of this information.
Note: Please refer to the important ‘Stock Holding Disclosure' report on the Angel website (Research Section). Also, please refer to the
latest update on respective stocks for the disclosure status in respect of those stocks. Angel Broking Pvt. Limited and its affiliates may have
investment positions in the stocks recommended in this report.
www.angelbroking.com