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Market Outlook

June 15, 2018


Market Cues

Indian markets are likely to open negative tracking global indices and SGX Nifty.

U.S. Stocks turned in a mixed performance during trading on Thursday. While the

tech-heavy Nasdaq climbed to a new record closing high, the narrower Dow closed

lower for the third straight day. The Dow Jones was down by 0.1% to 25,175 and

the Nasdaq edged up by 0.9% to 7,761.

U.K. stocks fell notably as weaker-than-expected data from China weighed on the

mining sector and the pound spiked higher after the release of upbeat retail sales

data. The benchmark FTSE 100 was down by 0.6% at 7,656.

On domestic front, Indian shares closed lower during the last trading session to

snap a three-day winning streak after the U.S. Federal Reserve lifted interest rates for

the second time this year and signaled a more aggressive rate path for the rest of

the year. The BSE Sensex was ended down by 0.4% to 35,600.

News Analysis

ICICI Bank has filed the case against Punj Lloyd to recover dues of Rs 8.52

billion

Detailed analysis on Pg2

Investor’s Ready Reckoner

Key Domestic & Global Indicators

Stock Watch: Latest investment recommendations on 150+ stocks

Refer Pg5 onwards

Top Picks

Company Sector Rating CMP

(`) Target

(`) Upside

(%)

Blue Star Capital Goods Buy 652 867 33.0

Dewan Housing Finance Financials Buy 626 720 15.1

Parag Milk Foods Others Buy 354 410 15.8

Navkar Corporation Others Buy 142 230 62.1

KEI Industries Capital Goods Buy 430 589 37.1

More Top Picks on Pg4

Key Upcoming Events

Date Region Event Description Previous

Reading

Consensus

Expectations

Jun 15, 2018 Euro Zone Euro-Zone CPI (YoY) 1.90 1.90

Jun 15, 2018 US Industrial Production 0.72 0.20

Jun 15, 2018 India Imports YoY% 4.60

Jun 15, 2018 India Exports YoY% 5.17

Jun 19, 2018 US Housing Starts 1,287.00 1,315.00

More Events on Pg7

Domestic Indices Chg (%) (Pts) (Close)

BSE Sensex (0.4) (139) 35,600

Nifty (0.4) (49) 10,808

Mid Cap (0.1) (12) 16,065

Small Cap 0.1 11 17,040

Bankex (0.5) (143) 29,751

Global Indices Chg (%) (Pts) (Close)

Dow Jones (0.1) (26) 25,175

Nasdaq 0.9 66 7,761

FTSE (0.6) (48) 7,656

Nikkei (1.0) (228) 22,739

Hang Seng (0.9) (285) 30,440

Shanghai Com (0.2) (6) 3,044

Advances / Declines BSE NSE

Advances 1,215 856

Declines 1,429 940

Unchanged 131 81

Volumes (` Cr)

BSE 3,520

NSE 26,329

Net Inflows (` Cr) Net Mtd Ytd

FII (1,322) 257 -2,005

*MFs 98 1,953 61,325

Top Gainers Price (`) Chg (%)

MMTC 39 6.1

VAKRANGEE 43 5.0

KWALITY 30 4.9

JPASSOCIAT 15 4.5

VIPIND 457 4.4

Top Losers Price (`) Chg (%)

OBEROIRLTY 506 -4.1

MINDTREE 994 -3.5

INDIACEM 116 -3.1

RENUKA 16 -3.1

COROMANDEL 425 -2.9

As on June 14, 2018

2


Market Outlook

June 15, 2018


News Analysis

ICICI Bank has filed the case against Punj Lloyd to recover dues

of Rs 8.52 billion

ICICI Bank has filed a case against Punj Lloyd, the international engineering

procurement and Construction Company, in the National Company Law Tribunal

(NCLT), New Delhi, for insolvency and bankruptcy proceedings. The division bench

headed by Justice M M Kumar has issued a notice to Punj Lloyd, saying the lender

has moved the tribunal under the Insolvency and Bankruptcy Code (IBC). ICICI

Bank has filed the case against Punj Lloyd to recover dues of Rs 8.52 billion.

However, the petition seeking initiation of insolvency proceeding against the

corporate debtor was opposed by State Bank of India (SBI).

SBI disapproved the move on the grounds that the Reserve Bank of India’s (RBI)

February 12 circular gave corporate debtors six months time to resolve their debt

and Punj Lloyd still had time to seek an out-of-court settlement. Legal

representative of SBI told the NCLT that the company’s asset base only covered 5

per cent of its debt and there are 20 on-going projects, which are the only source

of revenue for the company. Further, the counsel for SBI said if insolvency

proceedings against the company were initiated the projects would be halted. SBI

is the leader of the lenders forum for Punj Lloyd.

Economic and Political News

Investment proposals under M-SIPS drop to Rs 914 bn in April as firms exit

20 states sign MoU with govt to implement National Health Insurance scheme

Sugar tale of two states: Sops to benefit Maharashtra mills, UP has to wait

WPI inflation soars to 14-mth high; rises to 4.43% in May from 3.18% in Apr

Corporate News

NTPC plans to load cheaper power first, plans new despatch schedule

Vedanta Resources mulls options for iron ore workers after shutdown

Teleperformance to acquire Intelenet from Blackstone for $1 billion

Tata's TAL expects Rs 10bn revenue from robotics business over 5 yrs

https://www.business-standard.com/article/economy-policy/investment-proposals-under-m-sips-drop-to-rs-914-bn-in-april-as-firms-exit-118061401219_1.html

https://www.business-standard.com/article/economy-policy/20-states-sign-mou-with-govt-to-implement-national-health-insurance-scheme-118061500041_1.html

https://www.business-standard.com/article/economy-policy/sugar-tale-of-two-states-sops-to-benefit-maharashtra-mills-up-has-to-wait-118061400249_1.html

https://www.business-standard.com/article/economy-policy/india-s-cad-triples-to-1-9-in-q4-year-on-year-pegged-at-1-6-in-fy18-118061301228_1.html

https://www.business-standard.com/article/economy-policy/india-s-cad-triples-to-1-9-in-q4-year-on-year-pegged-at-1-6-in-fy18-118061301228_1.html

https://www.business-standard.com/article/companies/infosys-partners-rhode-island-school-to-train-1-000-designers-in-2-yrs-118061301402_1.html




https://www.business-standard.com/article/companies/french-firm-teleperformance-to-acquire-intelenet-from-blackstone-for-1-bn-118061401356_1.html

https://www.business-standard.com/article/companies/tata-s-tal-expects-rs-10-bn-revenue-from-robotics-business-over-5-yrs-118061400754_1.html

3


Market Outlook

June 15, 2018


Top Picks

Company Market Cap

(` Cr)

CMP

(`) Target

(`) Upside

(%) Rationale

Blue Star 6,270 652 867 33.0

Favorable outlook for the AC industry to augur well

for Cooling products business which is out pacing

the market growth. EMPPAC division's profitability to

improve once operating environment turns around.

Dewan Housing Finance 19,621 626 720 15.1

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

consumer segment, the company has increased its

presence in tier-II & III cities where the growth

opportunity is immense.

ICICI Bank 1,83,037 285 416 46.1

Well capitalized with CAR of 18.1% which gives

sufficient room to grow asset base. Faster resolution

of NPA would reduce provision cost, which would

help to report better ROE.

KEI Industries 3,366 430 589 37.1

High order book execution in EPC segment, rising

B2C sales and higher exports to boost the revenues

and profitability

Music Broadcast Limited 1,860 326 475 45.7

Expected to benefit from the lower capex

requirement and 15 year long radio broadcast

licensing.

Navkar Corporation 2,136 142 230 62.1

Massive capacity expansion along with rail

advantage at ICD as well CFS augur well for the

company

Siyaram Silk Mills 2,880 614 851 38.5

Strong brands and distribution network would boost

growth going ahead. Stock currently trades at an

inexpensive valuation.

Maruti 2,71,091 8,974 10,619 18.3

GST regime and the Gujarat plant are expected to

improve the company’s sales volume and margins,

respectively.

GIC Housing 2,087 388 655 69.0

We expect loan book to grow at 24.3% over next

two year; change in borrowing mix will help in NIM

improvement

LT Foods 2,231 70 128 83.5

We expect sales/PAT to grow at 13.5%/20% over

next two years on the back of strong distribution

network & addition of new products in portfolio.

Safari Industries 1,416 635 720 13.4

Third largest brand play in luggage segment

Increased product offerings and improving

distribution network is leading to strong growth in

business. Likely to post robust growth for next 3-4

years

Source: Company, Angel Research

4


Market Outlook

June 15, 2018


Top Picks

Company Market Cap

(` Cr)

CMP

(`) Target

(`) Upside

(%) Rationale

Aditya Birla Capital 30,960 141 218 55.0

We expect financialisation of savings and

increasing penetration in Insurance & Mutual fund

would ensure steady growth.

Parag Milk Foods 2,979 354 410 15.8

One of the leading Indian dairy products

companies in India created strong brands in dairy

products. Rising revenue share of high-margin

Value Added Products and reduction in interest cost

is likely to boost margins and earnings in next few

years.

Matrimony.com Ltd 1,623 714 1,016 42.3

We expect MCL to report net revenue CAGR of

~15% to ~`450cr over FY2018-20E mainly due to

strong growth in online matchmaking & marriage

related services. On the bottom-line front, we

expect a CAGR of ~28% to `82cr over the same

period on the back margin improvement.

HDFC Bank 5,30,331 2,037 2,315 13.6

HDFC Bank maintained its steady growth in the

4QFY18. The bank’s net profit grew by 20.3%.

Steady growth in interest income and other income

aided PAT growth. The Strong liability franchise

and healthy capitalisation provides strong earning

visibility. At the current market price, the bank is

trading at 3.2x FY20E ABV.

M&M 1,13,242 922 1,050 13.5

We expect strong PAT growth on back of healthy

growth in automobile segment (on back of new

launches and facelifts in some of the model ) and

strong growth in Tractors segment coupled by its

strong brand recall and improvement in rural

sentiment

Amber Enterprises 3227 1026 1230 20.0

Market leader in the room air conditioner (RAC)

outsourced manufacturing space in India with a

market share of 55.4%. It is a one-stop solutions

provider for the major brands in the RAC industry

and currently serves eight out of the 10 top RAC

brands in India


5


Market Outlook

June 15, 2018


Fundamental Call

Company Market Cap

(` Cr)

CMP

(`) Target

(`) Upside

(%) Rationale

CCL Products 3,727 280 360 28.5

CCL is likely to maintain the strong growth trajectory

over FY18-20 backed by capacity expansion and

new geographical foray

Nilkamal 2,494 1,671 2,178 30.3

We forecast Nilkamal to report top-line CAGR of

~9% to `2,635cr over FY17-20E on the back of

healthy demand growth in plastic division. On the

bottom-line front, we estimate ~10% CAGR to

`162cr owing to improvement in volumes.

Elantas Beck India Ltd 1,605 2,024 2,500 23.5

Elantas Beck India is the Indian market leader in

liquid insulation segment used in electrical

equipments like motors, transformers etc. It derives

demand from several industries which are expected

to register 10%+ CAGR in demand in the coming

years.

Greenply Industries 3,047 249 395 59.0

Greenply Industries Ltd (GIL) manufactures plywood

& allied products and medium density fibreboards

(MDF). GIL to report net revenue CAGR of ~14% to

~`2,478cr over FY2017-20E mainly due to healthy

growth in plywood & lamination business on the

back of strong brand and distribution network

GMM Pfaudler Ltd 1,261 863 920 6.6

GMM Pfaudler Limited (GMM) is the Indian market

leader in glass-lined (GL) steel equipment. GMM is

expected to cross CAGR 15%+ in revenue over the

next few years mainly led by uptick in demand from

user industries and it is also expecting to increase its

share of non-GL business to 50% by 2020.

L&T Finance Holding 33,479 168 210 25.2

L&T Fin’s new management is on track to achieve

ROE of 18% by 2020 and recent capital infusion of

`3000cr would support advance growth.

1


Market Outlook

June 15, 2018


Key Upcoming Events

Global economic events release calendar

Date Time Country Event Description Unit Period

Bloomberg Data

Last Reported Estimated

Jun 15, 2018 2:30 PM Euro Zone Euro-Zone CPI (YoY) % May F 1.90 1.90

6:45 PM US Industrial Production % May 0.72 0.20

India Imports YoY% % Change May 4.60

India Exports YoY% % Change May 5.17

Jun 19, 2018 6:00 PM US Housing Starts Thousands May 1,287.00 1,315.00

6:00 PM US Building permits Thousands May 1,364.00 1,335.00

Jun 20, 2018 7:30 PM US Existing home sales Million May 5.46 5.58

Jun 21, 2018 7:30 PM Euro Zone Euro-Zone Consumer Confidence Value Jun A 0.20

4:30 PM UK BOE Announces rates % Ratio Jun 21 0.50

Jun 22, 2018 1:00 PM Germany PMI Manufacturing Value Jun P 56.90

1:00 PM Germany PMI Services Value Jun P 52.10

Jun 25, 2018 7:30 PM US New home sales Thousands May 662.00

Jun 26, 2018 7:30 PM US Consumer Confidence S.A./ 1985=100 Jun 128.00

Jun 28, 2018 6:00 PM US GDP Qoq (Annualised) % Change 1Q T 2.20

Jun 29, 2018 1:25 PM Germany Unemployment change (000's) Thousands Jun (12.00)

2:00 PM UK GDP (YoY) % Change 1Q F 1.20

Jun 30, 2018 6:30 AM China PMI Manufacturing Value Jun 51.90

Jul 02, 2018 2:00 PM UK PMI Manufacturing Value Jun 54.40

Jul 06, 2018 6:00 PM US Change in Nonfarm payrolls Thousands Jun 223.00

2:00 PM UK Industrial Production (YoY) % Change May 1.80

Jul 10, 2018 7:00 AM China Consumer Price Index (YoY) % Change Jun 1.80

5:30 PM India Industrial Production YoY % Change May 4.90

Jul 12, 2018 0-Jan-00 US Unnemployment rate % Jun 3.80

0-Jan-00 US Consumer price index (mom) % Change Jun 0.20

Source: Bloomberg, Angel Research

3


Market Outlook

June 15, 2018


Macro watch

Exhibit 1: Quarterly GDP trends

Source: CSO, Angel Research

Exhibit 2: IIP trends

Source: MOSPI, Angel Research

Exhibit 3: Monthly CPI 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


Exhibit 6: Key policy rates

Source: RBI, Angel Research

7.6 8.0

7.2

9.1

8.1 7.6

6.8

6.1 5.6

6.3

7.0

7.7

3.0

4.0

5.0

6.0

7.0

8.0

9.0

10.0

1Q

FY

16

2Q

FY

16

3Q

FY

16

4Q

FY

16

1Q

FY

17

2Q

FY

17

3Q

FY

17

4Q

FY

17

1Q

FY

18

2Q

FY

18

3Q

FY

18

4Q

FY

18

(%)

2.9

(0.3)

1.0

4.8

4.1

1.8

8.5

7.3 7.4 7.0

4.4

(1.0)

-

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

9.0

May-17

Jun-17

Jul-17

Aug-17

Sep-17

Oct-17

Nov-17

Dec-17

Jan-18

Feb-18

Mar-18

(%)

2.2

1.5

2.4

3.3 3.3

3.6

4.9

5.2 5.1

4.4 4.3

4.6

-

1.0

2.0

3.0

4.0

5.0

6.0

May-17

Jun-17

Jul-17

Aug-17

Sep-17

Oct-17

Nov-17

Dec-17

Jan-18

Feb-18

Mar-18

Apr-18

(%)

40.0

42.0

44.0

46.0

48.0

50.0

52.0

54.0

56.0 A

pr-17

May-17

Jun-17

Jul-17

Aug-17

Sep-17

Oct-17

Nov-17

Dec-17

Jan-18

Feb-18

Mar-18

Apr-18

May-18

Mfg. PMI Services PMI

(5.0)

0.0

5.0

10.0

15.0

20.0

25.0

30.0

35.0

May-17

Jun-17

Jul-17

Aug-17

Sep-17

Oct-17

Nov-17

Dec-17

Jan-18

Feb-18

Mar-18

Apr-18

Exports yoy growth Imports yoy growth(%)

3.00

3.50

4.00

4.50

5.00

5.50

6.00

6.50

Jul-17

Aug-17

Sep-17

Sep-17

Oct-17

Nov-17

Dec-17

Dec-17

Jan-18

Feb-18

Feb-18

Mar-18

Apr-18

Apr-18

May-18

Repo rate Reverse Repo rate CRR (%)

4


Market Outlook

June 15, 2018


Global watch

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


Exhibit 2: 2017 GDP Growth projection by IMF (%, yoy) across select developing and developed countries

Source: IMF, Angel Research

Exhibit 3: One year forward P-E ratio across select developing and developed countries

Source: IMF, Angel Research As on June 14, 2018

0.3

2.5

5.3

6.9

1.1

5.0

5.8

3.7

1.5

2.2

0.8

1.8

1.4

-

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

Bra

zil

Russia

Ind

ia

Ch

ina

South

Africa

Ind

onesia

Ma

laysia

Tha

ilan

d

UK

USA

Germ

any

France

Ja

pa

n

(%)

0.7

1.8

6.7 6.8

0.7

5.2 5.4

3.7

1.7

2.2 2.0

1.6 1.5

-

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

Brazil

Russia

India

China

South A

frica

Indonesia

Malaysia

Thailand

UK

USA

Germ

any

France

Japan

(%)

10

.8

5.6

19

.5

11

.5

15

.6

15

.7

15

.7

15

.6

13

.5

16

.3

13

.1

14

.2

14

.0

-

5.0

10.0

15.0

20.0

25.0

Brazil

Russia

India

China

South

Africa

Indonesia

Malaysia

Thailand

UK

USA

Germ

any

France

Japan

(x)

5


Market Outlook

June 15, 2018


Exhibit 4: Relative performance of indices across globe

Returns (%)

Country Name of index Closing price 1M 3M 1YR

Brazil Bovespa 72,122 (15.4) (17.0) 14.6

Russia Micex 4,344 1.4 7.1 11.4

India Nifty 10,857 0.1 3.7 12.4

China Shanghai Composite 3,050 (4.6) (8.5) (3.1)

South Africa Top 40 52,200 1.0 (0.9) 14.6

Mexico Mexbol 46,761 0.5 (3.7) (4.6)

Indonesia LQ45 951 3.3 (12.8) (0.3)

Malaysia KLCI 1,764 (4.5) (4.1) (0.1)

Thailand SET 50 1,129 (4.3) (4.3) 13.3

USA Dow Jones 25,201 1.5 0.8 17.9

UK FTSE 7,704 (0.3) 6.6 3.8

Japan Nikkei 22,966 0.4 7.0 14.9

Germany DAX 12,891 (1.0) 3.5 1.2

France CAC 5,453 (2.0) 3.8 2.8

Source: Bloomberg, Angel Research As on June 14, 2018

6


Market Outlook

June 15, 2018


Exhibit 7: Historical Angel Top Picks/Fundamental Calls

Date Added Top Picks/Fundamental Stocks Reco Price Target/Revised Price Current Status

14-06-2018 Top Picks Amber Enterprises 1,026 1,230 Open

07-06-2018 Top Picks M&M 918 1050 Open

04-05-2018 Top Picks M&M 860 990

03-05-2018 Fundamental L&T Finance Holding 171 210 Open

02-05-2018 Top Picks HDFC Bank 1944 2315 Open

04-05-2018 Top Picks Matrimony.com Ltd 810 1016 Open

20-04-2018 Top Picks Matrimony.com Ltd 781 984

15-05-2018 Top Picks Parag Milk Foods Limited 310 410 Open

16-04-2018 Top Picks Parag Milk Foods Limited 249 333

29-05-2018 Fundamental GMM Pfaudler Limited 932 1,020 Open

14-05-2018 Fundamental GMM Pfaudler Limited 818 900

06-04-2018 Fundamental GMM Pfaudler Limited 712 861

07-03-2018 Fundamental Ashok Leyland Ltd 139 163 Closed (26/04/2018)

03-03-2018 Fundamental Greenply Industries 340 395 Open

16-04-2018 Top Picks Safari Industries 651 750 Open

21-02-2018 Top Picks Safari Industries 532 650

31-05-2018 Top Picks HSIL Ltd 348

Closed (31/05/2018)

16-02-2018 Top Picks HSIL Ltd 433 510

07-02-2018 Fundamental Elantas Beck India Ltd. 2155 2500 Open

01-02-2018 Top Picks ICICI Bank 352 416 Open

01-02-2018 Top Picks Aditya Birla Capital 167 218 Open

04-01-2018 Fundamental CCL Products 278 360 Open

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

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

19-12-2017 Top Picks LT Foods 85 128 Open

06-11-2017 Top Picks LT Foods 74 96

16-10-2017 Fundamental Endurance Technologies Ltd 1111 1277 Closed (01/12/2017)

11-09-2017 Top Picks GIC Housing 533 655 Open

10-10-2017 Top Picks Music Broadcast Limited 404 475 Open

20-07-2017 Top Picks Music Broadcast Limited 368 434

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)

05-07-2017 Top Picks Maruti 7371 10619 Open

05-06-2017 Top Picks Karur Vysya Bank 127 100 Closed (12/03/2018)

23-05-2018 Top Picks KEI Industries 481 589 Open


7


Market Outlook

June 15, 2018


Exhibit 8: Historical Angel Top Picks/Fundamental Calls

Date Added Top Picks/Fundamental Stocks Reco Price Target/Revised Price Current Status

04-01-2017 Top Picks KEI Industries 125 485

31-05-2018 Top Picks Alkem Lab 1978 Closed (31/05/2018)

01-12-2016 Top Picks Alkem Lab 1700 2441

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

05-04-2016 Top Picks DHFL 189 720 Open

05-01-2016 Top Picks Navkar Corporation 207 265 Open

08-12-2015 Top Picks Blue Star 357 867 Open

30-10-2015 Top Picks Siyaram Silk Mills 186 851 Open

Source: Company

8


Market Outlook

June 15, 2018


Research Team Tel: 022 - 39357800 E-mail: [email protected] Website: www.angelbroking.com

DISCLAIMER

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

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

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

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

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

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

offering of securities of the company covered by Analyst during the past twelve months.

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

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

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

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

the merits and risks of such an investment.

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

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

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

contrary view, if any.

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

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

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

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

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

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

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

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