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Market Outlook August 30, 2016

Market Cues

Indian markets are likely to open flat with positive bias tracking SGX Nifty.

US stock markets climbed on Monday in the wake of comments by top Fed officials that bolstered expectations for an interest rate hike by U.S. central bank this year. Advance in U.S. stock markets was led by financials, which stand to gain the most in an environment of higher interest rates. S&P 500 financial index .SPSY ended 1% higher; Wells Fargo gained 2.2% and JPMorgan rose more than 1%. Advances helped Wall Street snap a 3-day losing streak. Report from U.S. Commerce Dept. showed consumer spending, which a/c’s for over 2/3 of U.S. economic activity, rose for 4th month in July. That reinforced bets of rate rise soon, even as other data showed U.S. inflation remained subdued.

European stocks on Monday finished in negative territory, kicking off week lower as rising expectations the U.S. Fed will lift interest rates later this year poked the air out of a recent rally. Stoxx Europe 600 index SXXP, lost 0.2%, pulling back after 1.1% climb last week. London markets were closed on account of a holiday.

After 2-day correction amid consolidation, Indian indices gained strength in last hour of trade on Monday with Nifty closing above 8,600 on short covering despite weak global cues. Reliance Industries, ICICI Bank and Tata Motors contributed more than 80% to index gains. Hopes of further monetary easing by Bank of Japan also aided sentiment.

News Analysis MEP Infra gets NHAI toll collection contract in Jharkhand 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 (%)

Amara Raja Auto/Auto Ancillary Buy 920 1,076 16.9

HCL Tech IT Buy 757 1,000 32.2

HDFC Bank Financials Accumulate 1,238 1,350 9.0

Bharat Electronics Capital Goods Buy 1,215 1,414 16.4

Equitas Holdings Financials Buy 177 235 32.5

Navkar Corporation Others Buy 201 265 32.0

More Top Picks on Pg4

Key Upcoming Events Date Region

Event Description

PreviousReading

Consensus Expectations

Aug 30 US Consumer Confidence (97.3) 97.0

Aug 30 Euro Zone Euro-Zone Consumer Confidence (8.5) (8.5)

Aug 31 US Initial Jobless claims 261.0 265.0

Sep 01 Germany PMI Manufacturing 53.60

Sep 01 UK PMI Manufacturing 48.206.(

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

BSE Sensex 0.4 120 27,903

Nifty 0.4 35 8,607

Mid Cap 0.5 64 13,064

Small Cap 0.1 12 12,499

Bankex 0.2 53 22,059

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

Dow Jones 0.6 108 18,503

Nasdaq 0.3 13 5,232

FTSE 0.3 21 6,838

Nikkei 2.3 377 16,737

Hang Seng (0.4) (88) 22,821

Shanghai Com (0.0) (0) 3,070

Advances / Declines BSE NSE

Advances 1,228 711

Declines 1,482 889

Unchanged 196 80

Volumes (` Cr)

BSE 2,921

NSE 16,276

Net Inflows (` Cr) Net Mtd Ytd

FII (305) 7,613 38,495

MFs 60 812 9,600

Top Gainers Price (`) Chg (%)

Deltacorp 157 8.2

Balkrisind 833 6.6

Centralbk 107 6.5

Jktyre 130 6.1

Laxmimach 4,094 6.1

Top Losers Price (`) Chg (%)

Hexaware 198 (5.0)

Gvkpil 6 (4.4)

Gati 143 (3.4)

Gruh 334 (3.4)

Persistent 610 (3.3) As on August 29, 2016



News Analysis

MEP Infra gets NHAI toll collection contract in Jharkhand

MEP Infrastructure Developers Ltd (MEP) has won its 3rd short term toll collection project in Jharkhand for 1-year. MEP has bagged this project with an annual remittance of `87.30cr, payable on weekly basis over the tenure of the project. MEP has received the letter of acceptance for toll collection rights at Sau Kala toll plaza on the Aurangabad-Barachatti section of NH-2 in Jharkhand. Operations would commence from September 14, 2016.

This is the 3rd project of MEP in Jharkhand and now has total of 10 short term toll projects awarded by NHAI with Authority remittance of `659.61cr/ year.

MEP is an operate-maintain-transfer (OMT) player in the road infrastructure sector having forayed into engineering, procurement and construction space with 6 hybrid annuity projects in Maharashtra and Gujarat.

Quarterly highlights - Standalone Particulars (` cr) Stake (%) Lane kms State Bid cost (` cr) NPV (` cr)

Aravali-Kante 74 157 Maharashtra 592 556

Nagpur-Package I 74 134 Maharashtra 531 463

Nagpur-Package II 74 112 Maharashtra 639 587

Kante-Wakad 74 204 Maharashtra 826 805

Talaja-Mahuva 60 182 Gujarat 643 624

Mahuva-Kagavadar 60 40 Gujarat 605 585

Source: Company, Angel Research

MEP currently has 18 operational projects, 14 toll collection projects (25 toll plazas) in 8 states, 3 OMT projects- covering 1,361.32 lane kms and 9 toll plazas- and 1 build-operate-transfer project- covering 42 lane km and 5 toll plazas.

Consol. Debt of MEP at FY16-end stands at `2,907cr (reflecting D/E ratio of 28.7x). With Order book of `3,837cr, post the 6 Hybrid project order wins, we expect more pressure to be seen on MEP’s balance sheet. Till the time the company pursues the Infrastructure Investment Trust (InvIT), we expect the MEP stock to remain under pressure, owing to cash flow mismatches.

We continue to maintain our Neutral rating on the stock.

Economic and Political News New process to check, finance central schemes from FY18

Centre revises quantity of red sanders wood exports by Andhra

Jaitley seeks funding for NIIF from US, UK

RBI balance sheet expands 12.25% in FY16

Corporate News

Monsanto approaches Delhi HC against CCI decision

Zee Entertainment in talks to sell its sports bouquet

Airtel cuts data price by 33% as Jio trial offer hurts data growth

Shree Renuka Sugars to exit Brazil partially to reduce debt



Quarterly Bloomberg Brokers Consensus Estimate

Bharat Petroleum Corp Ltd – Sep 1, 2016 Particulars (` cr) 1QFY17E 1QFY16 y-o-y (%) 4QFY16 q-o-q (%)

Net sales 49,977 51,917 (3.7) 44,146 13.2

EBITDA 3,485 3,818 (8.7) 3,490 (0.1)

EBITDA margin (%) 7.0 7.4 7.9

Net profit 2,172 2,376 (8.6) 2,549 (14.8)



Top Picks ★★★★★ Large Cap Company

Market Cap (` Cr)

CMP (`)

Target (`)

Upside (%)

Rationale

Amara Raja Batteries 15,718 920 1,076 16.9To outpace battery industry growth due to better technological products leading to market share gains in both the automotive OEM and replacement segments.

Bharat Electronics 29,158 1,215 1,414 16.4Uptick in defense capex by government, coupled with BELs strong market positioning, indicate good times ahead for BEL.

HCL Tech 1,06,731 757 1,000 32.2 Stock is trading at attractive valuations & factors all bad news.

HDFC Bank 3,13,518 1,238 1,350 9.0Strong visibility for a robust 20% earnings trajectory, coupled with high quality of earnings on account of high quality retail business and strategic focus on highly rated corporates.

Infosys 2,34,805 1,022 1,370 34.0Back on the growth trend, expect a long term growth of 14% to be a US$20bn in FY2020.

Voltas 12,923 391 407 4.2Strong market positioning within the domestic AC markets to continue, EMP business set to revive


Mid Cap Company

Market Cap(` Cr)

CMP (`)

Target(`)

Upside (%)

Rationale

Bajaj Electricals 2,629 260 277 6.5 Among the top 4 players in the consumer durables segment. Improved profitability backed by turn around in E&P segment. Strong order book lends earnings visibility.

Blue Star 4,719 495 527 6.5

Favourable 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.

Equitas Holdings 5,950 177 235 32.5Strong loan growth backed by diversified loan portfolio and adequate CAR. ROE & ROA likely to remain decent as risk of dilution remains low. Attractive valuations considering growth.

Goodyear India 1,261 547 631 15.4Expectations of above average monsoon augurs well for Goodyear India as it derives ~50% of its turnover from farm tyre segment.

IL&FS Transport 2,339 71 93 30.8 Commencement of new projects, downtrend in the interest rate cycle, to lead to stock re-rating

Jagran Prakashan 6,202 190 205 8.1 Economic recovery to have favourable impact on advertising & circulation revenue growth. Further, the acquisition of a radio business (Radio City) would also boost the company`s revenue growth.

Mahindra Lifespace 1,763 430 522 21.5Speedier execution and speedier sales, strong revenue visibility in short-to-long run, attractive valuations

Navkar Corporation 2,864 201 265 32.0 Massive capacity expansion along with rail advantage at ICD as well CFS augurs well for the company

Radico Khaitan 1,284 97 125 29.5Earnings boost on back of stable material prices and favourable pricing environment. Valuation discount to peers provides additional comfort

Siyaram Silk Mills 1,209 1,290 1,347 4.5 Strong brands and distribution network would boost growth going ahead. Stock currently trades at an inexpensive valuation.

TV Today Network 1,790 300 363 21.0Market leadership in Hindi news genre and no. 2 viewership ranking in English news genre, exit from the radio business, and anticipated growth in ad spends by corporates to benefit the stock.


Date Company

Sep 1, 2016 BPCL

Sep 5, 2016 Petronet LNG

Sep 7, 2016 BHEL

Sep 8, 2016 SAIL

Result Calendar

Source: Bloomberg, Angel Research

Global economic events release calendar

Date Time Country Event Description Unit Period Bloomberg Data

Last Reported Estimated

Aug 30, 2016 2:30PM Euro Zone Euro-Zone Consumer Confidence Value Aug F (8.50) (8.50)

7:30PM US Consumer Confidence S.A./ 1985=100 Aug 97.30 97.00

Aug 31, 2016 6:00PM US Initial Jobless claims Thousands Aug 27 261.00 265.00

Sep 1, 2016 1:25PM Germany Unemployment change (000's) Thousands Aug (7.00) (4.00)

1:25PM Germany PMI Manufacturing Value Aug F 53.60 53.60

6:00PM US Change in Nonfarm payrolls Thousands Aug 255.00 180.00

2:00PM UK PMI Manufacturing Value Aug 48.20 49.00

Sep 2, 2016 6:30AM China PMI Manufacturing Value Aug 49.90 49.80

6:00PM US Unnemployment rate % Aug 4.90 4.80

Sep 5, 2016 1:25PM Germany PMI Services Value Aug F 53.30 --

Sep 6, 2016 2:30PM Euro Zone Euro-Zone GDP s.a. (QoQ) % Change 2Q F 0.30 --

Sep 7, 2016 2:00PM UK Industrial Production (YoY) % Change Jul 1.60 --

Sep 8, 2016 China Exports YoY% % Change Aug (4.40) --

5:15PM Euro Zone ECB announces interest rates % Sep 8 -- --

Sep 9, 2016 India Imports YoY% % Change Aug (19.03) --

India Exports YoY% % Change Aug (6.84) --

7:00AM China Consumer Price Index (YoY) % Change Aug 1.80 --

Sep 12, 2016 2:00PM UK CPI (YoY) % Change Aug 0.60 --

Sep 13, 2016 5:30PM India Industrial Production YoY % Change Jul 2.10 --

7:30AM China Industrial Production (YoY) % Change Aug 6.00 --

Sep 14, 2016 2:00PM UK Jobless claims change % Change Aug (8.60) --

12:00PM India Monthly Wholesale Prices YoY% % Change Aug 3.55 --

Sep 15, 2016 2:30PM Euro Zone Euro-Zone CPI (YoY) % Aug F 0.20 --

6:45PM US Industrial Production % Aug 0.74 --

US Producer Price Index (mom) % Change Aug (0.50) --

4:30PM UK BOE Announces rates % Ratio Sep 15 0.25 --


August 30, 2016

Market Outlook

Key Upcoming Events

h

1

Market Outlook

August 30, 2016

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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

6.7

7.8

6.4

5.8

7.5

8.3

6.6 6.7

7.6 7.7 7.2

7.9

3.0

4.0

5.0

6.0

7.0

8.0

9.0

1Q

FY14

2Q

FY14

3Q

FY14

4Q

FY14

1Q

FY15

2Q

FY15

3Q

FY15

4Q

FY15

1Q

FY16

2Q

FY16

3Q

FY16

4Q

FY16

(%)

6.3

3.7

9.9

(3.4)

(0.9)(1.6)

1.9 0.3

(1.3)

1.1 2.1

(6.0)

(4.0)

(2.0)

-

2.0

4.0

6.0

8.0

10.0

12.0

Aug-1

5

Sep-1

5

Oct

-15

Nov-

15

Dec-

15

Jan-1

6

Feb-1

6

Mar-

16

Apr-

16

May-

16

Jun-1

6

(%)

3.7

4.4 5.0

5.4 5.6 5.7 5.3

4.8 5.5

5.8 5.8 6.1

-

1.0

2.0

3.0

4.0

5.0

6.0

7.0

Aug-1

5

Sep-1

5

Oct

-15

Nov-

15

Dec-

15

Jan-1

6

Feb-1

6

Mar-

16

Apr-

16

May-

16

Jun-1

6

Jul-16

(%)

44.0

46.0

48.0

50.0

52.0

54.0

56.0

Jun-1

5

Jul-15

Aug-1

5

Sep-1

5

Oct

-15

Nov-

15

Dec-

15

Jan-1

6

Feb-1

6

Mar-

16

Apr-

16

May-

16

Jun-1

6

Jul-16

Mfg. PMI Services PMI

(35.0)

(30.0)

(25.0)

(20.0)

(15.0)

(10.0)

(5.0)

0.0

5.0

Aug-1

5

Sep-1

5

Oct

-15

Nov-

15

Dec-

15

Jan-1

6

Feb-1

6

Mar-

16

Apr-

16

May-

16

Jun-1

6

Jul-16

Exports yoy growth Imports yoy growth(%)

3.00

3.50

4.00

4.50

5.00

5.50

6.00

6.50

7.00

7.50

Sep-1

5

Oct

-15

Nov-

15

Nov-

15

Dec-

15

Jan-1

6

Feb-1

6

Feb-1

6

Mar-

16

Apr-

16

Apr-

16

May-

16

Jun-1

6

Jun-1

6

Jul-16

Aug-1

6

Repo rate Reverse Repo rate CRR (%)

h

2

Market Outlook

August 30, 2016


Global watch

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


Exhibit 2: 2016 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

(5.4)

(0.6)

5.3

6.7

(0.2)

5.2

4.0 3.5

2.2 1.2

3.1

1.4 0.6

(8.0)

(6.0)

(4.0)

(2.0)

-

2.0

4.0

6.0

8.0

Bra

zil

Russ

ia

India

Chin

a

South

Afr

ica

Indonesi

a

Mala

ysia

Thailand

UK

USA

Germ

any

Fra

nce

Japan

(%)

(3.8) (1.8)

7.5 6.5

0.6

4.9 4.4

3.0 1.9

2.4 1.5 1.1

0.5

(6.0)

(4.0)

(2.0)

-

2.0

4.0

6.0

8.0

10.0

Bra

zil

Russ

ia

India

Chin

a

South

Afr

ica

Indonesi

a

Mala

ysia

Thailand

UK

USA

Germ

any

Fra

nce

Japan

(%)

13.9

7.5

18.0

13.4

17.9

18.8

16.4

12.1

17.5

16.1

12.9

14.2

12.0

-

2.0

4.0

6.0

8.0

10.0

12.0

14.0

16.0

18.0

20.0

Bra

zil

Russia

Ind

ia

Ch

ina

So

uth

A

fric

a

Ind

onesi

a

Mala

ysia

Th

ailand

UK

US

A

Germ

an

y

Fra

nce

Jap

an

(x)

h

3

Market Outlook

August 30, 2016


Exhibit 4: Relative performance of indices across globe

Returns (%)

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

Brazil Bovespa 58,610 3.4 20.9 32.2

Russia Micex 1,987 1.7 2.6 17.2

India Nifty 8,607 (0.1) 5.5 2.8

China Shanghai Composite 3,070 3.1 8.9 (16.2)

South Africa Top 40 46,912 0.3 (1.9) 9.5

Mexico Mexbol 47,599 1.6 4.7 8.9

Indonesia LQ45 924 1.0 14.4 22.0

Malaysia KLCI 1,682 1.4 3.1 6.6

Thailand SET 50 983 2.3 10.2 9.9

USA Dow Jones 18,503 0.3 3.5 11.9

UK FTSE 6,838 1.3 9.0 12.9

Japan Nikkei 16,737 0.4 (0.6) (18.6)

Germany DAX 10,544 2.6 2.7 4.9

France CAC 4,424 0.1 (1.8) (2.8)


Company Name Reco CMP Target Mkt Cap Sales ( ₹cr ) OPM(%) EPS (₹) PER(x) P/BV(x) RoE(%) EV/Sales(x)

( ₹ ) Price ( ₹) ( ₹ cr ) FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E

Agri / Agri Chemical

Rallis Neutral 227 - 4,409 1,937 2,164 13.3 14.3 9.0 11.0 25.2 20.6 4.4 3.8 18.4 19.8 2.3 2.1

United Phosphorus Accumulate 637 684 27,300 15,176 17,604 18.5 18.5 37.4 44.6 17.0 14.3 3.3 2.8 21.4 21.2 1.9 1.6

Auto & Auto Ancillary

Ashok Leyland Buy 88 111 25,001 22,407 26,022 10.6 10.6 5.2 6.4 16.8 13.7 3.8 3.2 23.6 24.7 1.2 1.0

Bajaj Auto Neutral 2,884 - 83,462 25,093 27,891 19.5 19.2 143.9 162.5 20.0 17.8 5.6 4.8 30.3 29.4 3.0 2.7

Bharat Forge Neutral 854 - 19,879 7,726 8,713 20.5 21.2 35.3 42.7 24.2 20.0 4.5 4.0 18.9 20.1 2.6 2.3

Eicher Motors Neutral 22,308 - 60,591 16,583 20,447 17.5 18.0 598.0 745.2 37.3 29.9 12.8 9.7 41.2 38.3 3.4 2.7

Gabriel India Neutral 116 - 1,659 1,544 1,715 9.0 9.3 5.4 6.3 21.4 18.3 4.0 3.6 18.9 19.5 1.1 0.9

Hero Motocorp Neutral 3,406 - 68,009 31,253 35,198 15.3 15.0 172.3 192.1 19.8 17.7 7.2 6.2 38.9 37.0 2.0 1.7

Jamna Auto Industries Neutral 225 - 1,798 1,486 1,620 9.8 9.9 15.0 17.2 15.0 13.1 3.3 2.8 21.8 21.3 1.2 1.1

L G Balakrishnan & Bros Neutral 466 - 731 1,302 1,432 11.6 11.9 43.7 53.0 10.7 8.8 1.5 1.4 13.8 14.2 0.6 0.6

Mahindra and Mahindra Neutral 1,422 - 88,326 46,534 53,077 11.6 11.7 67.3 78.1 21.1 18.2 3.4 3.0 15.4 15.8 1.9 1.6

Maruti Neutral 4,929 - 148,909 69,186 82,217 14.7 14.4 198.5 241.4 24.8 20.4 4.8 3.9 20.2 20.0 1.9 1.5

Minda Industries Neutral 1,242 - 1,970 2,728 3,042 9.0 9.1 68.2 86.2 18.2 14.4 4.1 3.3 23.8 24.3 0.8 0.7

Motherson Sumi Neutral 324 - 42,903 45,896 53,687 7.8 8.3 13.0 16.1 24.9 20.1 8.0 6.4 34.7 35.4 1.0 0.8

Rane Brake Lining Neutral 658 - 521 511 562 11.3 11.5 28.1 30.9 23.4 21.3 3.6 3.3 15.3 15.0 1.2 1.1

Setco Automotive Neutral 45 - 599 741 837 13.0 13.0 15.2 17.0 3.0 2.6 0.5 0.4 15.8 16.3 1.2 1.1

Tata Motors Neutral 525 - 151,492 300,209 338,549 8.9 8.4 42.7 54.3 12.3 9.7 2.0 1.7 15.6 17.2 0.6 0.5

TVS Motor Accumulate 312 330 14,808 13,390 15,948 6.9 7.1 12.8 16.5 24.4 18.8 6.1 4.8 26.3 27.2 1.1 0.9

Amara Raja Batteries Buy 920 1,076 15,718 5,717 6,733 18.7 18.9 38.4 48.9 24.0 18.8 6.0 4.9 25.3 24.8 2.5 2.0

Exide Industries Neutral 179 - 15,207 7,439 8,307 15.0 15.0 8.1 9.3 22.1 19.2 3.1 2.8 14.3 16.7 1.6 1.5

Apollo Tyres Accumulate 184 183 9,374 12,877 14,504 14.3 13.9 21.4 23.0 8.6 8.0 1.3 1.2 16.4 15.2 0.9 0.8

Ceat Buy 899 1,119 3,635 7,524 8,624 13.0 12.7 131.1 144.3 6.9 6.2 1.3 1.1 19.8 18.6 0.5 0.5

JK Tyres Neutral 130 - 2,949 7,455 8,056 15.0 15.0 21.8 24.5 6.0 5.3 1.3 1.0 22.8 21.3 0.5 0.4

Swaraj Engines Neutral 1,116 - 1,386 660 810 15.2 16.4 54.5 72.8 20.5 15.3 6.4 5.8 31.5 39.2 1.9 1.6

Subros Neutral 101 - 608 1,488 1,681 11.7 11.9 6.4 7.2 15.8 14.1 1.7 1.5 10.8 11.4 0.6 0.5

Indag Rubber Neutral 177 - 465 286 326 19.8 16.8 11.7 13.3 15.1 13.3 2.6 2.4 17.8 17.1 1.2 1.1

Capital Goods

ACE Neutral 43 - 426 709 814 4.1 4.6 1.4 2.1 30.8 20.5 1.3 1.2 4.4 6.0 0.8 0.7

BEML Accumulate 1,059 1,157 4,410 3,451 4,055 6.3 9.2 31.4 57.9 33.7 18.3 2.0 1.8 6.3 10.9 1.4 1.2

Bharat Electronics Buy 1,215 1,414 29,158 8,137 9,169 16.8 17.2 58.7 62.5 20.7 19.4 3.2 2.9 44.6 46.3 2.5 2.3


August 30, 2016

Stock Watch



Capital Goods

Voltas Accumulate 391 407 12,923 6,511 7,514 7.9 8.7 12.9 16.3 30.3 24.0 5.5 4.8 16.7 18.5 1.7 1.4

BGR Energy Neutral 114 - 820 16,567 33,848 6.0 5.6 7.8 5.9 14.6 19.3 0.8 0.8 4.7 4.2 0.2 0.1

BHEL Neutral 141 - 34,438 28,797 34,742 - 2.8 2.3 6.9 61.2 20.4 1.0 1.0 1.3 4.8 0.9 0.6

Blue Star Accumulate 495 527 4,719 4,351 5,024 6.4 7.1 17.2 20.6 28.8 24.0 18.8 15.6 23.1 24.1 1.1 1.0

Crompton Greaves Neutral 80 - 5,039 5,777 6,120 5.9 7.0 3.3 4.5 24.4 17.9 1.1 1.0 4.4 5.9 0.9 0.7

Greaves Cotton Neutral 136 - 3,320 1,755 1,881 16.8 16.9 7.8 8.5 17.4 16.0 3.5 3.2 20.6 20.9 1.6 1.4

Inox Wind Buy 185 286 4,094 5,605 6,267 15.7 16.4 24.8 30.0 7.4 6.2 2.1 1.5 25.9 24.4 0.8 0.7

KEC International Neutral 136 - 3,499 9,294 10,186 7.9 8.1 9.9 11.9 13.8 11.4 2.0 1.8 15.6 16.3 0.6 0.6

Thermax Neutral 820 - 9,771 5,421 5,940 7.3 7.3 25.7 30.2 31.9 27.2 3.9 3.5 12.2 13.1 1.7 1.6

VATech Wabag Buy 555 681 3,027 3,136 3,845 8.9 9.1 26.0 35.9 21.4 15.5 2.7 2.3 13.4 15.9 0.9 0.7

Cement

ACC Neutral 1,635 - 30,711 11,225 13,172 13.2 16.9 44.5 75.5 36.8 21.7 3.5 3.2 11.2 14.2 2.8 2.4

Ambuja Cements Neutral 264 - 52,451 9,350 10,979 18.2 22.5 5.8 9.5 45.5 27.8 3.8 3.4 10.2 12.5 5.6 4.8

India Cements Neutral 143 - 4,402 4,364 4,997 18.5 19.2 7.9 11.3 18.1 12.7 1.3 1.3 8.0 8.5 1.8 1.5

JK Cement Neutral 791 - 5,528 4,398 5,173 15.5 17.5 31.2 55.5 25.3 14.2 3.0 2.6 12.0 15.5 1.8 1.5

J K Lakshmi Cement Neutral 453 - 5,326 2,913 3,412 14.5 19.5 7.5 22.5 60.4 20.1 3.7 3.1 12.5 18.0 2.4 2.0

Orient Cement Neutral 182 - 3,727 2,114 2,558 18.5 20.5 8.1 11.3 22.5 16.1 3.3 2.8 9.0 14.0 2.4 1.9

UltraTech Cement Neutral 3,788 - 103,946 25,768 30,385 21.0 23.5 111.0 160.0 34.1 23.7 4.4 3.8 13.5 15.8 4.1 3.4

Construction

ITNL Buy 71 93 2,339 8,946 10,017 31.0 31.6 8.1 9.1 8.8 7.8 0.3 0.3 4.2 5.0 3.6 3.3

KNR Constructions Accumulate 699 802 1,966 1,385 1,673 14.7 14.0 41.2 48.5 17.0 14.4 3.2 2.7 14.9 15.2 1.5 1.3

Larsen & Toubro Buy 1,456 1,700 135,719 67,665 77,249 10.7 11.5 57.3 71.2 25.4 20.5 2.3 2.2 12.6 14.3 2.2 1.9

Gujarat Pipavav Port Neutral 176 - 8,484 705 788 52.2 51.7 5.0 5.6 35.1 31.3 3.5 3.1 11.2 11.2 11.4 9.7

MBL Infrastructures Buy 105 285 437 2,797 3,405 14.7 15.4 21.0 34.8 5.0 3.0 0.5 0.5 11.0 16.2 0.8 0.8

Nagarjuna Const. Neutral 82 - 4,573 8,842 9,775 9.1 8.8 5.3 6.4 15.5 12.9 1.2 1.1 8.2 9.1 0.7 0.6

PNC Infratech Accumulate 120 129 3,069 2,350 2,904 13.4 13.7 48.0 42.0 2.5 2.9 0.5 0.4 16.8 13.2 1.4 1.2

Simplex Infra Neutral 295 - 1,457 6,829 7,954 10.5 10.5 31.4 37.4 9.4 7.9 1.0 0.9 9.9 13.4 0.6 0.5

Power Mech Projects Neutral 464 - 682 1,801 2,219 12.7 14.6 72.1 113.9 6.4 4.1 1.2 1.0 16.8 11.9 0.4 0.3

Sadbhav Engineering Neutral 293 - 5,026 3,598 4,140 10.3 10.6 9.0 11.9 32.6 24.6 3.4 3.0 9.9 11.9 1.6 1.4

NBCC Neutral 237 - 14,205 7,428 9,549 7.9 8.6 8.2 11.0 28.9 21.5 1.4 1.1 28.2 28.7 1.7 1.2

MEP Infra Neutral 44 - 717 1,877 1,943 30.6 29.8 3.0 4.2 14.7 10.5 7.1 4.8 0.6 0.6 1.8 1.6


August 30, 2016

Stock Watch



Construction

SIPL Neutral 97 - 3,399 1,036 1,252 65.5 66.2 (8.4) (5.6) 3.6 4.1 (22.8) (15.9) 11.5 9.6

Engineers India Neutral 265 - 8,919 1,725 1,935 16.0 19.1 11.4 13.9 23.2 19.0 3.2 3.1 13.4 15.3 4.0 3.6

Financials

Axis Bank Neutral 589 - 140,532 58,081 66,459 3.5 3.5 32.4 44.6 18.2 13.2 2.4 2.1 13.6 16.5 - -

Bank of Baroda Neutral 160 - 36,936 19,980 23,178 1.8 1.8 11.5 17.3 13.9 9.3 1.6 1.3 8.3 10.1 - -

Canara Bank Neutral 273 - 14,810 15,225 16,836 1.8 1.8 14.5 28.0 18.8 9.7 1.3 1.1 5.8 8.5 - -

Dewan Housing Finance Neutral 280 - 8,182 2,225 2,688 2.9 2.9 29.7 34.6 9.4 8.1 1.5 1.3 16.1 16.8 - -

Equitas Holdings Buy 177 235 5,950 939 1,281 11.7 11.5 5.8 8.2 30.6 21.6 2.6 2.4 10.9 11.5 - -

Federal Bank Neutral 67 - 11,520 9,353 10,623 2.9 2.9 4.4 5.8 15.2 11.6 1.5 1.3 9.5 11.0 - -

HDFC Neutral 1,375 - 217,399 11,475 13,450 3.4 3.4 45.3 52.5 30.4 26.2 5.9 5.2 20.2 20.5 - -

HDFC Bank Accumulate 1,238 1,350 313,518 46,097 55,433 4.5 4.5 58.4 68.0 21.2 18.2 3.7 3.1 18.8 18.6 - -

ICICI Bank Neutral 250 - 145,656 39,029 45,903 3.3 3.3 16.7 16.3 15.0 15.4 1.9 1.7 10.1 12.4 - -

LIC Housing Finance Neutral 570 - 28,766 3,712 4,293 2.6 2.5 39.0 46.0 14.6 12.4 2.7 2.3 19.9 20.1 - -

Punjab Natl.Bank Neutral 123 - 24,162 23,532 23,595 2.3 2.4 6.8 12.6 18.1 9.8 2.8 2.0 3.3 6.5 - -

South Ind.Bank Neutral 22 - 2,998 6,435 7,578 2.5 2.5 2.7 3.1 8.2 7.2 1.1 0.9 10.1 11.2 - -

St Bk of India Neutral 249 - 193,099 88,650 98,335 2.6 2.6 13.5 18.8 18.4 13.2 1.8 1.5 7.0 8.5 - -

Union Bank Neutral 134 - 9,229 13,450 14,925 2.3 2.3 25.5 34.5 5.3 3.9 0.8 0.7 7.5 10.2 - -

Yes Bank Neutral 1,337 - 56,300 8,978 11,281 3.3 3.4 74.0 90.0 18.1 14.9 3.4 2.9 17.0 17.2 - -

FMCG

Asian Paints Neutral 1,111 - 106,586 17,128 18,978 16.8 16.4 19.1 20.7 58.2 53.7 20.2 19.1 34.8 35.5 6.1 5.5

Britannia Neutral 3,408 - 40,890 9,795 11,040 14.6 14.9 80.3 94.0 42.4 36.3 17.5 13.5 41.2 - 4.1 3.6

Colgate Neutral 937 - 25,481 4,605 5,149 23.4 23.4 23.8 26.9 39.4 34.8 21.8 17.0 64.8 66.8 5.5 4.9

Dabur India Neutral 288 - 50,707 8,315 9,405 19.8 20.7 8.1 9.2 35.6 31.3 9.9 8.2 31.6 31.0 5.8 5.1

GlaxoSmith Con* Neutral 6,296 - 26,479 4,350 4,823 21.2 21.4 179.2 196.5 35.1 32.1 9.3 7.9 27.1 26.8 5.4 4.8

Godrej Consumer Neutral 1,537 - 52,354 10,235 11,428 18.4 18.6 41.1 44.2 37.4 34.8 8.3 7.0 24.9 24.8 5.2 4.6

HUL Neutral 905 - 195,832 35,252 38,495 17.6 17.4 20.4 21.9 44.3 41.3 36.4 31.9 82.2 77.3 5.4 4.9

ITC Accumulate 253 283 305,210 40,059 44,439 39.0 39.2 9.1 10.1 27.8 25.0 7.6 6.6 27.2 26.5 7.1 6.4

Marico Neutral 285 - 36,731 6,430 7,349 18.8 19.5 6.4 7.7 44.5 37.0 13.4 11.3 33.2 32.5 5.5 4.8

Nestle* Neutral 6,778 - 65,353 10,073 11,807 20.7 21.5 124.8 154.2 54.3 44.0 22.3 20.1 34.8 36.7 6.4 5.4

Tata Global Neutral 139 - 8,773 8,675 9,088 9.8 9.8 7.4 8.2 18.8 17.0 2.1 2.0 7.9 8.1 0.9 0.9Procter & Gamble Hygiene Accumulate 6,709 7,369 21,778 2,939 3,342 23.2 23.0 146.2 163.7 45.9 41.0 102.7 98.5 25.3 23.5 7.0 6.1


August 30, 2016

Stock Watch



IT

HCL Tech^ Buy 757 1,000 106,731 49,242 57,168 20.5 20.5 55.7 64.1 13.6 11.8 2.8 2.1 20.3 17.9 2.2 1.7

Infosys Buy 1,022 1,370 234,805 69,934 79,025 27.5 27.5 64.8 72.0 15.8 14.2 3.5 3.2 22.0 22.3 2.9 2.5

TCS Buy 2,502 3,004 492,922 121,684 136,286 27.3 27.3 135.0 150.1 18.5 16.7 6.2 5.7 33.2 33.9 3.9 3.4

Tech Mahindra Buy 450 700 43,647 30,347 33,685 17.0 17.0 37.5 41.3 12.0 10.9 2.6 2.3 21.8 20.7 1.2 1.0

Wipro Buy 479 680 118,236 51,631 55,822 21.7 17.9 35.9 36.9 13.3 13.0 2.8 2.6 19.0 18.1 2.1 1.9

Media

D B Corp Neutral 408 - 7,506 2,297 2,590 27.4 28.2 21.0 23.4 19.5 17.5 4.5 3.9 23.7 23.1 3.1 2.7

HT Media Neutral 79 - 1,828 2,693 2,991 12.6 12.9 7.9 9.0 9.9 8.7 0.8 0.8 7.8 8.3 0.3 0.1

Jagran Prakashan Accumulate 190 205 6,202 2,355 2,635 28.0 28.0 9.9 10.8 19.2 17.6 3.8 3.3 21.7 21.7 2.6 2.3

Sun TV Network Neutral 467 - 18,394 2,850 3,265 70.1 71.0 26.2 30.4 17.8 15.4 4.6 4.0 24.3 25.6 6.1 5.2Hindustan Media Ventures Neutral 286 - 2,098 1,016 1,138 24.3 25.2 27.3 30.1 10.5 9.5 2.0 1.8 16.2 15.8 1.3 1.2

TV Today Network Buy 300 363 1,790 637 743 27.5 27.5 18.4 21.4 16.3 14.0 2.8 2.4 17.4 17.2 2.4 2.0

Metals & Mining

Coal India Neutral 334 - 210,872 84,638 94,297 21.4 22.3 24.5 27.1 13.6 12.3 5.7 5.4 42.6 46.0 2.0 1.8

Hind. Zinc Neutral 227 - 96,105 14,252 18,465 55.9 48.3 15.8 21.5 14.4 10.6 2.3 2.1 17.0 20.7 6.7 5.1

Hindalco Neutral 158 - 32,699 107,899 112,095 7.4 8.2 9.2 13.0 17.2 12.2 0.8 0.8 4.8 6.6 0.8 0.8

JSW Steel Neutral 1,770 - 42,781 53,201 58,779 16.1 16.2 130.6 153.7 13.6 11.5 1.8 1.6 14.0 14.4 1.6 1.3

NMDC Neutral 108 - 42,898 6,643 7,284 44.4 47.7 7.1 7.7 15.2 14.1 1.3 1.3 8.8 9.2 4.2 3.8

SAIL Neutral 48 - 19,928 47,528 53,738 (0.7) 2.1 (1.9) 2.6 18.6 0.5 0.5 (1.6) 3.9 1.3 1.2

Vedanta Neutral 173 - 51,393 71,744 81,944 19.2 21.7 13.4 20.1 12.9 8.6 1.1 1.0 8.4 11.3 1.1 0.8

Tata Steel Neutral 373 - 36,236 121,374 121,856 7.2 8.4 18.6 34.3 20.1 10.9 1.3 1.2 6.1 10.1 0.9 0.9

Oil & Gas

Cairn India Neutral 203 - 38,032 9,127 10,632 4.3 20.6 8.8 11.7 23.1 17.3 0.7 0.7 3.3 4.2 5.6 4.6

GAIL Neutral 378 - 47,929 56,220 65,198 9.3 10.1 27.1 33.3 13.9 11.4 1.3 1.2 9.3 10.7 1.0 0.9

ONGC Neutral 237 - 202,979 137,222 152,563 15.0 21.8 19.5 24.1 12.2 9.8 1.0 1.0 8.5 10.1 1.8 1.6

Indian Oil Corp Neutral 572 - 138,818 373,359 428,656 5.9 5.5 54.0 59.3 10.6 9.6 1.6 1.5 16.0 15.6 0.5 0.4

Reliance Industries Neutral 1,057 - 342,726 301,963 358,039 12.1 12.6 87.7 101.7 12.1 10.4 1.2 1.1 10.7 11.3 1.6 1.3

Pharmaceuticals

Alembic Pharma Neutral 631 - 11,900 3,483 4,083 20.2 21.4 24.3 30.4 26.0 20.8 5.9 4.7 25.5 25.3 3.4 2.8

Aurobindo Pharma Accumulate 785 877 45,942 15,720 18,078 23.7 23.7 41.4 47.3 19.0 16.6 4.9 3.9 29.6 26.1 3.2 2.7

Sanofi India* Neutral 4,302 - 9,908 2,357 2,692 17.3 17.3 153.5 169.2 28.0 25.4 4.8 3.8 25.8 28.4 3.9 3.2

Cadila Healthcare Neutral 380 - 38,897 11,126 13,148 22.0 22.0 17.1 20.0 22.2 19.0 5.7 4.5 28.8 26.6 3.5 2.9

Cipla Reduce 567 490 45,578 15,378 18,089 17.4 18.4 21.6 27.2 26.3 20.9 3.4 3.0 13.7 15.2 3.1 2.6


August 30, 2016

Stock Watch



Pharmaceuticals

Dr Reddy's Neutral 3,048 - 51,987 16,043 18,119 23.1 24.7 126.0 157.8 24.2 19.3 3.6 3.1 15.7 17.1 3.2 2.8

Dishman Pharma Sell 182 45 2,935 1,718 1,890 22.7 22.8 9.5 11.3 19.1 16.1 1.9 1.7 10.1 10.9 2.1 1.8

GSK Pharma* Neutral 2,980 - 25,243 3,528 3,811 16.6 18.8 51.8 59.4 57.5 50.2 15.4 15.3 26.3 30.6 7.0 6.5

Indoco Remedies Sell 315 225 2,899 1,112 1,289 18.2 18.2 13.2 15.6 23.8 20.2 4.2 3.6 19.2 19.2 2.8 2.4

Ipca labs Accumulate 548 613 6,915 3,303 3,799 15.3 15.3 17.3 19.7 31.7 27.8 2.8 2.5 9.1 9.4 2.2 1.9

Lupin Buy 1,480 1,809 66,715 15,912 18,644 26.4 26.7 58.1 69.3 25.5 21.4 5.0 4.1 21.4 20.9 4.4 3.6

Sun Pharma Buy 759 944 182,668 31,129 35,258 30.0 30.9 28.0 32.8 27.1 23.1 4.2 3.5 18.7 18.9 5.5 4.7

Power

Tata Power Neutral 76 - 20,542 36,916 39,557 17.4 27.1 5.1 6.3 14.9 12.1 1.3 1.2 9.0 10.3 1.6 1.4

NTPC Neutral 159 - 131,433 86,605 95,545 17.5 20.8 11.8 13.4 13.5 11.9 1.4 1.3 10.5 11.1 2.9 2.8

Power Grid Neutral 180 - 94,299 25,763 29,762 74.3 73.1 14.8 17.3 12.2 10.4 1.9 1.7 16.9 17.5 8.0 7.6

Real Estate

MLIFE Buy 430 522 1,763 1,152 1,300 22.7 24.6 29.9 35.8 14.4 12.0 1.1 1.0 7.6 8.6 2.3 1.9

Telecom

Bharti Airtel Neutral 342 - 136,611 105,086 114,808 34.5 34.7 12.2 16.4 28.0 20.8 1.9 1.8 6.8 8.4 2.2 1.9

Idea Cellular Neutral 94 - 34,010 40,133 43,731 37.2 37.1 6.4 6.5 14.8 14.5 1.2 1.1 8.2 7.6 1.9 1.6

zOthers

Abbott India Neutral 4,730 - 10,052 3,153 3,583 14.1 14.4 152.2 182.7 31.1 25.9 152.6 130.3 25.6 26.1 2.9 2.5

Bajaj Electricals Accumulate 260 277 2,629 5,099 5,805 5.7 5.9 11.4 14.6 22.9 17.9 3.1 2.7 13.4 15.1 0.5 0.4

Finolex Cables Neutral 430 - 6,583 2,883 3,115 12.0 12.1 14.2 18.6 30.3 23.1 16.1 14.1 15.8 14.6 2.0 1.8

Goodyear India* Buy 547 631 1,261 1,598 1,704 10.4 10.2 49.4 52.6 11.1 10.4 51.1 44.8 18.2 17.0 0.5 62.2

Hitachi Neutral 1,508 - 4,101 2,081 2,433 8.8 8.9 33.4 39.9 45.2 37.8 36.4 30.4 22.1 21.4 2.0 1.7

Jyothy Laboratories Neutral 307 - 5,559 1,440 2,052 11.5 13.0 8.5 10.0 36.1 30.7 8.8 8.1 18.6 19.3 4.0 2.8

Page Industries Neutral 14,611 - 16,297 2,450 3,124 20.1 17.6 299.0 310.0 48.9 47.1 325.4 248.4 47.1 87.5 6.5 5.2

Relaxo Footwears Neutral 457 - 5,483 2,085 2,469 9.2 8.2 7.6 8.0 60.4 57.5 23.4 20.0 17.9 18.8 2.7 2.3

Siyaram Silk Mills Accumulate 1,290 1,347 1,209 1,799 2,040 11.6 11.7 104.9 122.4 12.3 10.5 2.0 1.7 16.4 16.4 0.9 0.8

Styrolution ABS India* Neutral 574 - 1,010 1,440 1,537 9.2 9.0 40.6 42.6 14.1 13.5 36.1 32.8 12.3 11.6 0.7 0.6

TVS Srichakra Buy 2,543 2,932 1,947 2,304 2,614 13.7 13.8 231.1 266.6 11.0 9.5 285.7 225.0 33.9 29.3 0.8 0.7

HSIL Neutral 356 - 2,571 2,384 2,515 15.8 16.3 15.3 19.4 23.3 18.3 23.1 19.9 7.8 9.3 1.3 1.2Kirloskar Engines India Ltd Neutral 281 - 4,059 2,554 2,800 9.9 10.0 10.5 12.1 26.7 23.2 11.2 10.6 10.7 11.7 1.2 1.1

M M Forgings Neutral 417 - 503 546 608 20.4 20.7 41.3 48.7 10.1 8.6 57.1 50.5 16.6 17.0 0.8 0.7

Banco Products (India) Neutral 212 - 1,519 1,353 1,471 12.3 12.4 14.5 16.3 14.7 13.0 20.2 18.2 14.5 14.6 1.1 116.8

Competent Automobiles Neutral 175 - 108 1,137 1,256 3.1 2.7 28.0 23.6 6.3 7.4 33.7 30.5 14.3 11.5 0.1 0.1


August 30, 2016

Stock Watch



zOthers

Nilkamal Neutral 1,264 - 1,886 1,995 2,165 10.7 10.4 69.8 80.6 18.1 15.7 72.2 62.7 16.6 16.5 0.9 0.8

Visaka Industries Neutral 159 - 252 1,051 1,138 10.3 10.4 21.0 23.1 7.6 6.9 20.4 19.1 9.0 9.2 0.5 0.5Transport Corporation of India Neutral 189 - 1,448 2,671 2,911 8.5 8.8 13.9 15.7 13.7 12.1 1.9 1.7 13.7 13.8 1.2 1.1

Elecon Engineering Accumulate 56 63 612 1,482 1,660 13.7 14.5 3.9 5.8 14.4 9.7 3.4 3.1 7.8 10.9 0.8 0.7

Surya Roshni Accumulate 183 201 802 3,342 3,625 7.8 7.5 17.3 19.8 10.6 9.3 20.1 16.1 10.5 10.8 0.5 0.4

MT Educare Neutral 138 - 548 366 417 17.7 18.2 9.4 10.8 14.7 12.7 3.3 2.8 22.2 22.3 1.5 1.3

Radico Khaitan Buy 97 125 1,284 1,659 1,802 13.0 13.2 6.3 7.4 15.2 13.1 1.3 1.2 8.6 9.3 1.2 1.1

Garware Wall Ropes Accumulate 481 524 1,053 873 938 12.9 13.1 30.9 34.9 15.6 13.8 2.5 2.1 15.7 15.2 1.2 1.1

Wonderla Holidays Neutral 404 - 2,282 287 355 38.0 40.0 11.3 14.2 35.7 28.4 5.1 4.5 21.4 23.9 7.7 6.2

Linc Pen & Plastics Neutral 275 - 407 382 420 9.3 9.5 13.5 15.7 20.5 17.5 3.5 3.0 17.1 17.3 1.2 1.0

The Byke Hospitality Neutral 159 - 636 287 384 20.5 20.5 7.6 10.7 20.9 14.8 4.4 3.5 20.7 23.5 2.3 1.7

Interglobe Aviation Neutral 869 - 31,319 21,122 26,005 14.5 27.6 110.7 132.1 7.9 6.6 47.0 33.6 168.5 201.1 1.5 1.2Coffee Day Enterprises Ltd Neutral 244 - 5,020 2,964 3,260 20.5 21.2 4.7 8.0 - 30.5 2.8 2.6 5.5 8.5 2.2 1.9

Navneet Education Neutral 103 - 2,454 1,062 1,147 24.0 24.0 6.1 6.6 16.9 15.6 3.5 3.1 20.6 19.8 2.4 2.3

Navkar Corporation Buy 201 265 2,864 408 612 42.9 42.3 6.8 11.5 29.7 17.5 2.1 1.8 6.9 10.5 7.8 5.2

UFO Moviez Neutral 480 - 1,326 619 685 33.2 33.4 30.0 34.9 16.0 13.8 2.2 1.9 13.8 13.9 1.9 1.5

VRL Logistics Neutral 294 - 2,683 1,902 2,119 16.7 16.6 14.6 16.8 20.2 17.5 4.4 3.9 21.9 22.2 1.5 1.3

Team Lease Serv. Neutral 1,130 - 1,932 3,229 4,001 1.5 1.8 22.8 32.8 49.6 34.4 5.3 4.6 10.7 13.4 0.5 0.4

S H Kelkar & Co. Neutral 326 - 4,709 1,036 1,160 15.1 15.0 6.1 7.2 53.3 45.4 5.7 5.2 10.7 11.5 4.0 3.5

Quick Heal Neutral 235 - 1,646 408 495 27.3 27.0 7.7 8.8 30.4 26.7 2.8 2.8 9.3 10.6 3.2 2.7

Narayana Hrudaya Neutral 316 - 6,453 1,873 2,166 11.5 11.7 2.6 4.0 119.4 79.6 7.3 6.6 6.1 8.3 3.5 3.0

Manpasand Bever. Neutral 749 - 3,749 836 1,087 19.6 19.4 16.9 23.8 44.3 31.5 5.3 4.6 12.0 14.8 4.1 3.1

Parag Milk Foods Neutral 308 - 2,589 1,919 2,231 9.3 9.6 9.5 12.9 32.6 23.8 5.1 4.2 15.5 17.5 1.5 1.3

Source: Company, Angel Research; Note: *December year end; #September year end; &October year end; Price as on August 29, 2016


August 30, 2016

Stock Watch

5


Market Outlook

August 30, 2016

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

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