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www.angelbroking.com
Market Outlook
May 15, 2018
www.angelbr oki ng.com
Market Cues
Indian markets are likely to open flat tracking global indices and SGX Nifty.
U.S. Stocks gave back ground over the course of the trading session. The major
averages pulled back well off their best levels of the day but managed to close in
positive territory. The Dow Jones was up by 0.3% to 24,899 and the Nasdaq edged
up by 0.1% to close at 7,411.
U.K. shares were subdued during the last trading session as the pound recovered
against the dollar and oil prices pulled back from multi-year highs amid signs of a
surge in U.S. drilling activity. The benchmark FTSE 100 was ended down by 0.2% at
7,711.
On domestic front, Indian shares ended a lackluster session on a flat note Monday
as weak industrial output data disappointed investors and caution set in ahead of
Karnataka election results, which is due on Tuesday. The BSE Sensex closed higher
by 0.1% at 35,557.
News Analysis
Update in Target Price of Parag Milk Foods to '410
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 Accumulate 768 867 12.9
Dewan Housing Finance Financials Buy 625 720 15.2
Century Plyboards Forest Product Buy 306 400 30.7
Navkar Corporation Others Buy 162 265 63.9
KEI Industries Capital Goods Accumulate 422 485 14.9
More Top Picks on Pg4
Key Upcoming Events
Date Region Event Description Previous
Reading
Consensus
Expectations
May 15, 2018 Euro Zone Euro-Zone GDP s.a. (QoQ) 0.40 0.40
May 15, 2018 China Industrial Production (YoY) 6.00 6.40
May 15, 2018 UK Jobless claims change 11.60
May 15, 2018 India Imports YoY% 7.15
May 15, 2018 Euro Zone Euro-Zone CPI (YoY) 1.20 1.20
More Events on Pg7
Domestic Indices Chg (%) (Pts) (Close)
BSE Sensex 0.1 21 35,557
Nifty 0.0 0 10,807
Mid Cap (0.9) (144) 16,200
Small Cap (1.0) (178) 17,640
Bankex 0.2 50 29,739
Global Indices Chg (%) (Pts) (Close)
Dow Jones 0.3 68 24,899
Nasdaq 0.1 8 7,411
FTSE (0.2) (14) 7,711
Nikkei (0.1) (15) 22,851
Hang Seng (0.8) (258) 31,283
Shanghai Com 0.0 1 3,175
Advances / Declines BSE NSE
Advances 834 523
Declines 1,879 1,283
Unchanged 141 70
Volumes (` Cr)
BSE 3,123
NSE 27,402
Net Inflows (̀ Cr) Net Mtd Ytd
FII (305) (3,420) 3,978
*MFs 73 4,077 49,830
Top Gainers Price (` ) Chg (%)
SUNTV 964 11.5
PARAGMILK 336 9.5
PRAJIND 100 6.2
BAYERCROP 4,645 5.6
GUJGAS 886 5.2
Top Losers Price (` ) Chg (%)
PFS 22 -14.3
RNAVAL 15 -13.4
PCJEWELLER 178 -11.6
TATAGLOBAL 255 -11.1
SUZLON 9 -9.4
As on May 14, 2018
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Market Outlook
May 15, 2018
www.angelbr oki ng.com
News Analysis
Update in Target Price of Parag Milk Foods to `410
For Q4FY2018, Parag Milk Foods (PARAG) posted decent performance with
20%/18% yoy growth in revenue/ PAT and decent margin expansion. The
company is introducing many new products/ variants and improving its supply
chain management which would drive 20%+ earnings growth in next two years.
Outlook and Valuation: We have slightly upgraded our earnings estimates in view
of new products pipeline, better off take in whey protein and the revised margin
guidance from the management. We now expect PARAG to report a CAGR of
~18%/37% in revenue/ earnings over FY18-20E. The stock has given 35% return
since our initiation in April. The stock is currently trading at 17.5x its FY2020
earnings, which still looks attractive looking at its evolving FMCG story. Hence we
recommend BUY with a target price of `410 (21x FY2020E EPS).
Economic and Political News
Farm loan waiver: Yogi government gets 1.1 million claims worth Rs 40 billion
April retail inflation jumps to 4.58%, up first time in 4 mths on oil price
CBI may file charge sheet against senior bank execs in PNB case
WPI accelerates to 3.18% in April on back of higher fuel, food prices
Corporate News
Tata Power to ramp up renewable capacity fourfold; plans $ 5bn push
Munjal-Burman deal may unravel as PEs draw support to oust Fortis directors
Beauty retailer Nykaa raises Rs 1.65 bn in series D funding
PFC working to cut NPAs by 10%, bring them down to Rs 15 bn in FY19
3
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Market Outlook
May 15, 2018
www.angelbr oki ng.com
Quarterly Bloomberg Brokers Consensus Estimate
Punjab National Bank Ltd – May 15, 2018
Particulars ( ` cr) 4QFY18E 4QFY17 y-o-y (%) 3QFY18 q-o-q (%)
PAT (3,835) 262 - 230 -
Lupin Ltd – May 15, 2018
Particulars ( ` cr) 4QFY18E 4QFY17 y-o-y (%) 3QFY18 q-o-q (%)
Sales 3,945 4,253 (7.2) 3,975 (0.8)
EBIDTA 736 781 (5.8) 688 6.9
% 19 18 17
PAT 338 380 (11.1) 222 52.5
Britannia Industries Ltd – May 15, 2018
Particulars ( ` cr) 4QFY18E 4QFY17 y-o-y (%) 3QFY18 q-o-q (%)
Sales 2,532 2,244 12.8 2,567 (1.4)
EBIDTA 395 308 28.1 398 (0.9)
% 16 14 16
PAT 260 210 23.4 263 (1.3)
Crompton Greaves Consumer Electricals Ltd – May 15, 2018
Particulars ( ` cr) 4QFY18E 4QFY17 y-o-y (%) 3QFY18 q-o-q (%)
Sales 1,187 1,076 10.3 938 26.6
EBIDTA 160 136 17.5 116 37.7
% 14 13 12
PAT 101 86 17.3 69 45.9
4
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Market Outlook
May 15, 2018
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Top Picks
Company Market Cap
(` Cr)
CMP
(`)
Target
(`)
Upside
(%) Rationale
Alkem Laboratories 23,654 1,978 2,441 23.4
Strong growth in domestic business due to its
leadership in acute therapeutic segment. Alkem
expects to launch more products in USA, which
bodes for it s international business.
Blue Star 7,371 768 867 12.9
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 19,610 625 720 15.2
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 i s immense.
ICICI Bank 1,99,259 310 416 34.2
Well capitalized with CAR of 18.1% which gives
sufficient room to grow asset base. Faster resolution
of NPA would reduce provi sion cost, which would
help to report better ROE.
KEI Industries 3,309 422 485 14.9
High order book execution in EPC segment, rising
B2C sales and higher exports to boost the revenues
and profitability
Music Broadcast Limited 2,054 360 475 31.9
Expected to benefit from the lower capex
requirement and 15 year long radio broadcast
licensing.
Navkar Corporation 2,434 162 265 63.9
Massive capacity expansion along with rail
advantage at ICD as well CFS augur well for the
company
Siyaram Silk Mills 3,061 653 851 30.3
Strong brands and di stribution network would boost
growth going ahead. Stock currently trades at an
inexpensive valuation.
TV Today Network 2,643 443 603 36.1
Market 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 corporate to benefit the stock.
Maruti 2,63,267 8,715 10,619 21.8
GST regime and the Gujarat plant are expected to
improve the company’s sales volume and margins,
respectively.
GIC Housing 2,146 398 655 64.4
We expect loan book to grow at 24.3% over next
two year; change in borrowing mix will help in NIM
improvement
Century Plyboards 6,802 306 400 30.7
We expect CPIL to report net Revenue/PAT CAGR of
~17%/16% over FY2017-20E mainly due to
healthy growth in plywood & lamination business,
forayed into MDF & Particle boards on back of
strong brand & distribution network.
LT Foods 2,763 86 128 48.1
We expect sales/PAT to grow at 13.5%/20% over
next two years on the back of strong di stribution
network & addition of new products in portfolio.
Safari Industries 1,380 620 750 20.9
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
HSIL Ltd 2,744 380 510 34.4
We expect HSIL to report PAT CAGR of ~15% over
FY2017-20E owing to better improvement in
operating margin due price hike in container glass
segment, turnaround in consumer business.
Source: Company, Angel Research
5
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Market Outlook
May 15, 2018
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Top Picks
Company Market Cap
(` Cr)
CMP
(`)
Target
(`)
Upside
(%) Rationale
Aditya Birla Capital 33,005 150 218 45.4
We expect financiali sation of savings and
increasing penetration in Insurance & Mutual fund
would ensure steady growth.
Parag Milk Foods 2,830 336 410 22.1
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 1,756 773 1,016 31.4
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 5,24,901 2,021 2,315 14.5
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 1,05,683 850 990 16.5
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
Source: Company, Angel Research
6
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Market Outlook
May 15, 2018
www.angelbr oki ng.com
Fundamental Call
Company Market Cap
(` Cr)
CMP
(`)
Target
(`)
Upside
(%) Rationale
CCL Products 3,960 298 360 20.9
CCL is likely to maintain the strong growth trajectory
over FY18-20 backed by capacity expansion and
new geographical foray
Nilkamal 2,501 1,676 2,178 30.0
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 divi sion. On the
bottom-line front, we estimate ~10% CAGR to
`162cr owing to improvement in volumes.
Elantas Beck India Ltd 1,681 2,121 2,500 17.9
Elantas Beck India i s 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 3,593 293 395 34.8
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 di stribution network
GMM Pfaudler Ltd 1,213 830 900 8.4
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 35,684 179 210 17.4
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.
2
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Market Outlook
May 15, 2018
www.angelbr oki ng.com
Key Upcoming Events
Result Calendar
Date Company
May 15, 2018 KEC International, Mangalam Cement, Punjab Natl.Bank, Syndicate Bank, Britannia, Electrosteel Castings, Lupin
May 16, 2018 J K Lakshmi Cements, ITC, NIIT, D B Corp, Tata Steel, Hindalco, JSW Steel , Jyothy Laboratories, Alembic Pharma
Source: Bloomberg, Angel Research
Global economic events release calendar
Date Time Country Event Description Unit Period
Bloomberg Data
Last Reported Estimated
May 15, 2018 2:30 PM Euro Zone Euro-Zone GDP s.a. (QoQ) % Change 1Q P 0.40 0.40
7:30 AM China Industrial Production (YoY) % Change Apr 6.00 6.40
2:00 PM UK Jobless claims change % Change Apr 11.60
India Imports YoY% % Change Apr 7.15
2:30 PM Euro Zone Euro-Zone CPI (YoY) % Apr F 1.20 1.20
India Exports YoY% % Change Apr (0.66)
May 16, 2018 11:30 AM Germany GDP nsa (YoY) % Change 1Q P 2.30 1.70
6:45 PM US Industrial Production % Apr 0.51 0.60
6:00 PM US Housing Starts Thousands Apr 1,319.00 1,310.00
6:00 PM US Building permits Thousands Apr 1,379.00 1,350.00
May 17, 2018 6:00 PM US Initial Jobless claims Thousands May 12 211.00 215.00
May 23, 2018 1:00 PM Germany PMI Services Value May P 53.00
1:00 PM Germany PMI Manufacturing Value May P 58.10
7:30 PM Euro Zone Euro-Zone Consumer Confidence Value May A 0.40
7:30 PM US New home sales Thousands Apr 694.00 675.00
Source: Bloomberg, Angel Research
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Market Outlook
May 15, 2018
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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
Source: Bloomberg, Angel Research
Exhibit 6: Key policy rates
Source: RBI, Angel Research
7.3 7.6
8.0
7.2
9.1
8.1
7.6
6.8
6.1
5.7
6.5
7.2
3.0
4.0
5.0
6.0
7.0
8.0
9.0
10.0
4Q
FY15
1Q
FY16
2Q
FY16
3Q
FY16
4Q
FY16
1Q
FY17
2Q
FY17
3Q
FY17
4Q
FY17
1Q
FY18
2Q
FY18
3Q
FY18
(%)
3.2 2.9
(0.3)
1.0
4.8
4.1
1.8
8.5
7.1 7.4
7.1
(1.0)
-
1.0
2.0
3.0
4.0
5.0
6.0
7.0
8.0
9.0
Apr-17
May-17
Jun-17
Jul-17
Aug-17
Sep-17
Oct-17
Nov-17
Dec-17
Jan-18
Feb-18
(%)
3.0
2.2
1.5
2.4
3.3 3.3
3.6
4.9
5.2 5.1
4.4 4.3
-
1.0
2.0
3.0
4.0
5.0
6.0
Apr-17
May-17
Jun-17
Jul-17
Aug-17
Sep-17
Oct-17
Nov-17
Dec-17
Jan-18
Feb-18
Mar-18
(%)
40.0
42.0
44.0
46.0
48.0
50.0
52.0
54.0
56.0 M
ar-17
Apr-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
Mfg. PMI Services PMI
(10.0)
0.0
10.0
20.0
30.0
40.0
50.0
60.0
Apr-17
May-17
Jun-17
Jul-17
Aug-17
Sep-17
Oct-17
Nov-17
Dec-17
Jan-18
Feb-18
Mar-18
Exports yoy growth Imports yoy growth(%)
3.00
3.50
4.00
4.50
5.00
5.50
6.00
6.50
Jun-17
Jun-17
Jul-17
Aug-17
Aug-17
Sep-17
Oct-17
Nov-17
Nov-17
Dec-17
Jan-18
Jan-18
Feb-18
Mar-18
Mar-18
Repo rate Reverse Repo rate CRR (%)
4
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Market Outlook
May 15, 2018
www.angelbr oki ng.com
Global watch
Exhibit 1: Latest quarterly GDP Growth (%, yoy) across select developing and developed countries
Source: Bloomberg, Angel Research
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
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
(%)
12
.8
6.0
19
.4
12
.3
16
.1
15
.6
15
.7
15
.7
13
.7
16
.1
13
.4
14
.7
14
.2
-
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
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Market Outlook
May 15, 2018
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Exhibit 4: Relative performance of indices across globe
Returns (%)
Country Name of index Closing price 1M 3M 1YR
Brazil Bovespa 85,232 (0.0) 3.0 30.1
Russia Micex 4,554 1.4 7.1 11.4
India Nifty 10,807 3.7 2.9 14.9
China Shanghai Composite 3,174 (1.0) (7.9) 1.5
South Africa Top 40 52,000 3.9 4.3 9.5
Mexico Mexbol 46,519 (4.1) (5.0) (5.9)
Indonesia LQ45 962 (9.6) (14.2) 0.6
Malaysia KLCI 1,850 0.7 2.1 4.7
Thailand SET 50 1,173 1.2 0.9 17.4
USA Dow Jones 24,899 1.7 2.9 18.7
UK FTSE 7,711 6.3 7.5 2.5
Japan Nikkei 22,866 5.5 5.8 17.6
Germany DAX 12,978 5.6 5.9 1.3
France CAC 5,541 5.0 7.6 4.7
Source: Bloomberg, Angel Research 68in4
6
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Market Outlook
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Exhibit 7: Historical Angel Top Picks/Fundamental Calls
Date Added Top Picks/Fundamental Stocks Reco Price Target/Revised Price Current Status
04-05-2018 Top Picks M&M 860 990 Open
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
16-04-2018 Top Picks Parag Milk Foods Limited 249 333 Open
14-05-2018 Fundamental GMM Pfaudler Limited 818 900 Open
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
16-02-2018 Top Picks HSIL Ltd 433 510 Open
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)
28-11-2017 Top Picks Century Plyboards India 317 400 Open
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)
04-01-2017 Top Picks KEI Industries 125 485 Open
01-12-2016 Top Picks Alkem Lab 1700 2441 Open
17-10-2016 Top Picks Asian Granito 267 534 Closed (18/02/2018)
04-08-2016 Top Picks TV Today Network 297 603 Open
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, Angel Research
7
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Market Outlook
May 15, 2018
www.angelbr oki ng.com
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 accessin g
/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 sho uld
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 de termine
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 positio ns and
trading volume, as opposed to focusing on a company's fundamentals and, as such, may not match with a repo rt on a company's
fundamentals. Investors are advised to refer the Fundamental and Technical Research Reports available on our website to evalu ate the
contrary view, if any.
The information in this document has been printed on the basis of publicly availab le 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 th is 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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