Monthly Update | August 2013

September 3, 2013 Yaresh Kothari

+91 22 39357800 Ext: 6844 yareshb.kothari@angelbroking.com

Automobile Sector
Eyeing the festival season
Automobile manufacturers continued reporting poor sales as the demand environment remains extremely weak due to the slowdown in economic activity and increasing fuel prices which have dampened consumer sentiments. The slowdown is now prominent across all the segments (ex. tractors) which has resulted in a sharp fall in volumes across the commercial vehicle (CV), passenger vehicle (PV) and two-wheeler (2W) segments. However, the tractor segment continued to grow led by better monsoon although at a rate lower than that registered in 1QFY2014. Among the stocks in our coverage universe, only Maruti Suzuki recorded a better-than-expected sales performance which was driven by a strong growth in exports. Moving into the festival season, we expect a relatively better performance in September and October as 2W and PV manufacturers would build-up inventory in anticipation of the festival demand. We however expect CV sales to continue reporting subdued performance. Tata Motors (TTMT) continued its poor sales performance as the commercial (CV) and passenger vehicle (PV) volumes maintained the downward trajectory following weak consumer demand and slowdown in industrial activity. Total volumes posted a significant decline of 30.9% yoy (3.6% mom) with the CV and PV segments registering a fall of 24% (7.3% mom) and 45.5% yoy (up 9.2% mom) respectively. Ashok Leyland (AL) witnessed a steep decline of 18.3% mom in its total sales, led by the weak demand environment amidst slowdown in economic activity. While MHCV sales posted a decline of 21.1% mom; Dost sales too declined by 11.3% mom during the month. Maruti Suzuki (MSIL) registered a better-than-expected volume growth of 4.8% mom driven by a strong 38.6% mom growth in exports. Domestic volumes though grew modestly by 1.2% mom and were led by a strong 25.4% mom growth in the compact segment. On a yoy basis, total sales registered a growth of 61.2%, primarily due to the low base of last year. The companys sales in August 2012 were adversely impacted due to labor problems at the Manesar plant which had led to temporary shutdown in production. Mahindra & Mahindra (MM) continued reporting weak sales due to poor performance of the automotive segment. The performance has been impacted by demand slowdown, rising competition and also due to increase in excise duty, which has affected the company's PV models the most. Total volumes declined sharply by 11.9% yoy (6.3% mom) as the automotive segment fell by a significant 17.3% yoy (up 2.2% mom). The tractor sales too came in lower-than-expected, down 23.3% mom as domestic sales declined by 23.8% mom during the month. Two-wheelers and three-wheelers: Two-wheeler sales continued to remain weak; however Hero MotoCorp (HMCL) and TVS Motor (TVSL) posted a growth during the month mainly due to the low base of last year. Bajaj Auto (BJAUT) recorded an in-line volume growth of 11% mom led by a 12.9% mom growth in motorcycle sales primarily driven by exports. Total exports surged sharply by 31% mom during the month. The company intends to launch new variants of the Discover around the festival season to boost sales. HMCL registered lower-than-expected sales (down 5.7% mom, but up 3.6% yoy) as volumes continue to be impacted by slowdown in motorcycle demand and higher competition from Honda. TVSL posted an in-line performance with total sales posting a growth of 1.2% mom (flat yoy) led by a strong growth in the motorcycle and three wheeler segments. Exports too continued its strong momentum during the month.
Please refer to important disclosures at the end of this report

Auto Sector Update | August 2013

Tata Motors
Sales continue to remain weak across the CV and PV segments led by weak demand

Tata Motors continued its poor sales performance as the commercial (CV) and passenger vehicle (PV) volumes maintained the downward trajectory following weak consumer demand and slowdown in industrial activity. Total volumes posted a significant decline of 30.9% yoy (3.6% mom) to 49,611 units with CV and PV segments registering a fall of 24% (7.3% mom) and 45.5% yoy (up 9.2% mom) respectively. Within the CV space, MHCV and LCV segments witnessed a decline of 40.1% and 16.5% yoy respectively. In the PV segment, UV and PC sales witnessed a decline of 35.9% and 48% yoy respectively. Exports however posted a growth of 11.9% yoy (14.4% mom) during the month.

Exhibit 1: Tata Motors Sales trend

Aug-13 MHCV LCV Total CV UV Passenger cars Total PV Total sales Domestic (incl. above) Exports (incl. above)
Source: Company, Angel Research

Aug-12 15,515 33,230 48,745 4,707 18,374 23,081 71,826 67,453 4,373

chg yoy (40.1) (16.5) (24.0) (35.9) (48.0) (45.5) (30.9) (33.7) 11.9

Jul-13 11,025 28,921 39,946 2,352 9,170 11,522 51,468 47,191 4,277

chg mom (15.7) (4.1) (7.3) 28.3 4.3 9.2 (3.6) (5.2) 14.4

YTD FY14 53,319 140,156 193,475 12,586 48,190 60,776 254,251 233,645 20,606

YTD FY13 66,307 155,655 221,962 21,050 91,079 112,129 334,091 311,783 22,308

% yoy (19.6) (10.0) (12.8) (40.2) (47.1) (45.8) (23.9) (25.1) (7.6)

9,297 27,735 37,032 3,018 9,561 12,579 49,611 44,717 4,894

Exhibit 2: CV segment Monthly sales trend

(units) 70,000 60,000 50,000 40,000 30,000 20,000 10,000 0 Volume(LHS) yoy growth (RHS) (%) 40.0 30.0 20.0 10.0 0.0 (10.0) (20.0) (30.0)

Exhibit 3: PV segment Monthly sales trend

(units) 40,000 35,000 30,000 25,000 20,000 15,000 10,000 5,000 0 Volume(LHS) yoy growth (RHS) (%) 100.0 80.0 60.0 40.0 20.0 0.0 (20.0) (40.0) (60.0) (80.0)

Feb-12

Dec-11

Dec-12

Feb-13

Feb-12

Aug-11

Aug-12

Aug-13

Dec-11

Dec-12

Feb-13

Jun-12

Apr-12

Oct-11

Oct-12

Apr-13

Jun-13

Aug-11

Jun-12

Aug-12

Jun-13

Source: Company, Angel Research

Source: Company, Angel Research

September 3, 2013

Aug-13

Apr-12

Oct-11

Oct-12

Apr-13

Auto Sector Update | August 2013

Ashok Leyland
Weak sales continued due to slowdown in economic activity

Ashok Leyland (AL) witnessed a steep decline of 18.3% mom in its total sales to 7,139 units due to a weak demand environment amidst slowdown in economic activity. While MHCV sales posted a decline of 21.1% mom; Dost sales too posted a decline of 11.3% mom during the month. On a yoy basis too, total sales declined by 24.3% with MHCV and Dost sales registering a decline of 25.1% and 22.4% yoy respectively.

Exhibit 4: Ashok Leyland Sales trend

Aug-13 CV (ex. Dost) Dost Total sales 4,939 2,200 7,139 Aug-12 6,596 2,836 9,432 chg yoy (25.1) (22.4) (24.3) Jul-13 6,259 2,480 8,739 chg mom (21.1) (11.3) (18.3) YTD FY14 26,095 11,504 37,599 YTD FY13 33,915 12,887 46,802 % yoy (23.1) (10.7) (19.7)

Source: Company, Angel Research

Exhibit 5: CV segment Monthly sales trend

(units) 14,000 12,000 10,000 8,000 6,000 4,000 2,000 0 Volume (LHS) yoy growth (RHS) (%) 50 40 30 20 10 0 (10) (20) (30) (40) (50)

Oct-11

Feb-12

Oct-12

Feb-13

Jun-12

Dec-11

Aug-11

Aug-12

Dec-12

Jun-13

Source: Company, Angel Research

Maruti Suzuki
MSIL posted better-than-expected sales driven by exports

Maruti Suzuki (MSIL) registered a better-than-expected volume growth of 4.8% mom to 87,323 units driven by a strong 38.6% mom growth in exports. The domestic volumes though grew modestly by 1.2% mom and were led by a strong 25.4% mom growth in the compact segment. On a yoy basis, total sales registered a growth of 61.2% yoy primarily due to the low base of last year. The companys sales in August 2012 were impacted due to labor problems at the Manesar plant which had led to a temporary shutdown in production. The companys UV sales have slowed down considerably over the last few months due to increasing competition from Renault and Ford and also due to the slowdown in demand for diesel vehicles post the recent hike in fuel prices.

September 3, 2013

Aug-13

Apr-12

Apr-13

Auto Sector Update | August 2013

Exhibit 6: Maruti Suzuki Sales trend

Aug-13 A: Mini: M800, A-Star, Alto, WagonR A: Compact: Swift, Estilo, Ritz A: Super Compact: Dzire A: Midsize: SX4 A: Executive: Kizashi Total passenger cars B: UV - Gypsy, Vitara, Ertiga C: Vans - Omni, Versa, Eeco Total passenger vehicles - domestic Total passenger vehicles - exports Total sales (domestic + exports)
Source: Company, Angel Research

Aug-12 22,062 6,059 3,085 447 31,653 6,883 11,593 50,129 4,025 54,154

chg yoy 45.1 187.3 344.8 (22.1) 100.6 (33.7) (31.4) 51.6 180.9 61.2

Jul-13 33,587 13,882 15,249 322 63,040 4,562 7,543 75,145 8,154 83,299

chg mom (4.7) 25.4 (10.0) 8.1 0.7 0.0 5.5 1.2 38.6 4.8

YTD FY14 163,274 90,969 78,231 2,088 334,562 23,747 38,200 396,509 40,547 437,056

YTD FY13 123,811 88,745 58,371 2,126 23 273,076 26,259 34,953 334,288 43,842 378,130

% yoy 31.9 2.5 34.0 (1.8) 22.5 (9.6) 9.3 18.6 (7.5) 15.6

32,019 17,409 13,723 348 63,499 4,563 7,956 76,018 11,305 87,323

Exhibit 7: Total volumes - Monthly sales trend

(units) 140,000 120,000 100,000 80,000 60,000 40,000 20,000 0 Volume(LHS) yoy growth (RHS) (%) 100.0 80.0 60.0 40.0 20.0 0.0 (20.0) (40.0) (60.0) (80.0)

Dec-11

Aug-11

Aug-12

Dec-12

Source: Company, Angel Research

Mahindra & Mahindra

MMs automotive sales continue to witness a sharp decline due to demand slowdown and increasing competition; tractor sales too came in lower-thanexpected

Mahindra & Mahindra registered lower-than-expected sales due to the poor performance of the automotive segment, which has been impacted due to demand slowdown, rising competition and also due to increase in excise duty which has affected the company's products the most. Total volumes declined sharply by 11.9% yoy (6.3% mom) to 52,055 units as the automotive segment fell by a significant 17.3% yoy (up 2.2% mom). The automotive segment registered a weak performance across the sub-segments with PV sales (down 27.5% yoy) being the most impacted. The four-wheeler pickup and three-wheeler sales too witnessed a decline of 3.8% and 14.2% yoy respectively. Automotive exports also declined by 9% yoy during the month. Meanwhile, tractor sales came in lower-than-expected at 14,158 units, down 23.3% mom as domestic sales declined by 23.8% mom during the month. On a yoy basis though, tractor sales grew by 7% yoy led by a 9.3% yoy growth in domestic sales driven by good monsoon and improved prospects for the kharif crop.

September 3, 2013

Aug-13

Apr-12

Oct-11

Feb-12

Oct-12

Feb-13

Apr-13

Jun-12

Jun-13

Auto Sector Update | August 2013

Exhibit 8: Mahindra and Mahindra Sales trend

Aug-13 Passenger vehicles 4W pick-up Three-wheelers MTBL Total domestic Exports Total automotive Tractors - domestic Tractors - exports Total - tractors Total sales
Source: Company, Angel Research

Aug-12 21,831 14,267 6,004 724 42,826 3,010 45,836 12,394 840 13,234 59,070

chg yoy (27.5) (3.8) (14.2) (34.9) (17.9) (9.0) (17.3) 9.3 (26.8) 7.0 (11.9)

Jul-13 15,530 13,740 4,490 730 34,490 2,606 37,096 17,771 698 18,469 55,565

chg mom 1.9 (0.2) 14.7 (35.5) 1.9 5.1 2.2 (23.8) (11.9) (23.3) (6.3)

YTD FY14 91,576 70,481 22,006 3,800 187,863 10,115 197,978 102,704 4,500 107,204 305,182

YTD FY13 105,342 68,366 24,968 5,133 203,809 15,111 218,920 84,450 4,886 89,336 308,256

% yoy (13.1) 3.1 (11.9) (26.0) (7.8) (33.1) (9.6) 21.6 (7.9) 20.0 (1.0)

15,821 13,718 5,149 471 35,159 2,738 37,897 13,543 615 14,158 52,055

Exhibit 9: PV segment Monthly sales trend

(units) 30,000 25,000 20,000 15,000 10,000 5,000 0 Volume (LHS) yoy growth (RHS) (%) 50.0 40.0 30.0 20.0 10.0 0.0 (10.0) (20.0) (30.0) (40.0)

Exhibit 10: Tractor segment Monthly sales trend

(units) 35,000 30,000 25,000 20,000 15,000 10,000 5,000 0
Feb-12 Dec-11 Dec-12 Feb-13 Jun-12 Jun-13 Aug-11 Aug-12 Aug-13 Apr-12 Oct-11 Oct-12 Apr-13

Volume (LHS)

yoy growth (RHS)

(%) 50.0 40.0 30.0 20.0 10.0 0.0 (10.0) (20.0) (30.0)

Feb-12

Dec-11

Dec-12

Feb-13

Jun-12

Aug-11

Aug-12

Jun-13

Aug-13

Apr-12

Oct-11

Oct-12

Apr-13

Source: Company, Angel Research

Source: Company, Angel Research

Bajaj Auto
BJAUT reported poor volumes on account of weakness in the domestic motorcycle segment

Bajaj Auto recorded an in-line volume growth of 11% mom to 312,188 units led by a 12.9% mom growth in motorcycle sales primarily driven by exports. Total exports surged sharply by 31% mom during the month. Three-wheeler (3W) sales however declined 2.6% mom as they continued to be impacted due to the slowdown in Egypt. Domestic sales too declined by 1.9% mom due to weak demand for motorcycles. On a yoy basis, total sales posted a decline of 9.5% yoy following a 21.2% decline in domestic volumes. Exports however registered a growth of 9.6% yoy. The company has launched new 3Ws in an attempt to progressively replace the entire portfolio over the next 3-4 months. Further, the company also intends to launch new variants of the Discover around the festival season.

September 3, 2013

Auto Sector Update | August 2013

Exhibit 11: Bajaj Auto Sales trend

Aug-13 Motorcycles Three-wheelers Total sales Domestic (incl. above) Exports (incl. above) 278,583 33,605 312,188 168,028 144,160 Aug-12 304,352 40,554 344,906 213,344 131,562 chg yoy (8.5) (17.1) (9.5) (21.2) 9.6 Jul-13 246,828 34,499 281,327 171,304 110,023 chg mom 12.9 (2.6) 11.0 (1.9) 31.0 YTD FY14 1,385,562 187,228 1,572,790 956,044 616,746 YTD FY13 1,595,833 172,194 1,768,027 1,095,319 672,708 % yoy (13.2) 8.7 (11.0) (12.7) (8.3)

Source: Company, Angel Research

Exhibit 12: Motorcycle segment Monthly sales trend

(units) 400,000 350,000 300,000 250,000 200,000 150,000 100,000 50,000 0
Dec-11 Dec-12 Jun-12 Aug-11 Aug-12 Jun-13 Aug-13 Apr-12 Oct-11 Oct-12 Apr-13 Feb-12 Feb-13

Exhibit 13: 3W segment Monthly sales trend

(units) 60,000 50,000 40,000 30,000 20,000 10,000 0
Feb-12 Dec-11 Dec-12 Feb-13 Jun-12 Aug-11 Aug-12 Jun-13 Aug-13 Apr-12 Oct-11 Oct-12 Apr-13

Volume (LHS)

% yoy growth (RHS)

(%) 30.0 20.0 10.0 0.0 (10.0) (20.0) (30.0)

Volume (LHS)

% yoy growth (RHS)

(%) 60.0 40.0 20.0 0.0 (20.0) (40.0) (60.0)

Source: Company, Angel Research

Source: Company, Angel Research

Hero MotoCorp
HMCL registered lower-than-expected sales due to weak domestic demand

Hero MotoCorp (HMCL) registered lower-than-expected sales as volumes continued to be impacted by slowdown in motorcycle demand and higher competition from Honda. Its overall sales declined 5.7% mom to 459,996 units. However, on a yoy basis, sales grew by 3.6% primarily due to the base effect. On the exports front, the company has forayed into newer geographies like Guatemala, Kenya, El Salvador, Honduras and Ivory Coast. The company is also targeting to enter countries within Latin America and Africa. Going ahead, the company expects better monsoons to revive growth during the festival season.

Exhibit 14: Hero MotoCorp Sales trend

Aug-13 Total sales 459,996 Aug-12 443,801 chg yoy 3.6 Jul-13 487,545 chg mom (5.7) YTD FY14 2,506,544 YTD FY13 2,568,308 % yoy (2.4)

Source: Company, Angel Research

September 3, 2013

Auto Sector Update | August 2013

Exhibit 15: HMCL Monthly sales trend

(units) 600,000 500,000 400,000 300,000 200,000 100,000 0 Volume(LHS) yoy growth (RHS) (%) 40.0 30.0 20.0 10.0 0.0 (10.0) (20.0) (30.0)

Dec-11

Dec-12

Apr-12

Aug-11

Aug-12

Apr-13

Source: Company, Angel Research

TVS Motor
TVSL registered in-line volumes driven by 3Ws and exports

TVS Motor (TVSL) reported in-line performance with total sales posting a 1.2% mom (flat yoy) growth to 155,532 units. The performance was led by a strong growth in the motorcycle and three-wheeler segments which recorded a growth of 5.9% mom (14.2% yoy) and 0.8% mom (80.8% yoy) respectively. The exports performance too remained strong registering a growth of 4.9% mom (52.9% yoy) driven by robust two-wheeler and 3W sales. The Management expects export volumes to touch a monthly run-rate of 28,00030,000 units within the next six months. The scooter and moped segments however, continued their subdued performance led by weak demand and increasing competition. While scooter sales declined by 1.1% mom (4.5% yoy); moped sales witnessed a 2.3% mom (13.9% yoy) decline during the month.

Exhibit 16: TVS Motor Sales trend

Aug-13 Motorcycles Scooters Mopeds Total two-wheelers Three-wheelers Total sales Domestic (incl. above) Exports (incl. above) 61,313 36,478 50,678 148,469 7,063 155,532 128,107 27,425 Aug-12 53,673 38,193 58,874 150,740 3,907 154,647 136,713 17,934 chg yoy 14.2 (4.5) (13.9) (1.5) 80.8 0.6 (6.3) 52.9 Jul-13 57,886 36,900 51,885 146,671 7,005 153,676 127,531 26,145 chg mom 5.9 (1.1) (2.3) 1.2 0.8 1.2 0.5 4.9 YTD FY14 312,669 175,501 284,169 772,339 31,363 803,702 677,978 125,724 YTD FY13 300,402 191,920 326,453 818,775 16,287 835,062 733,147 101,915 % yoy 4.1 (8.6) (13.0) (5.7) 92.6 (3.8) (7.5) 23.4

Source: Company, Angel Research

September 3, 2013

Aug-13

Oct-11

Feb-12

Oct-12

Feb-13

Jun-12

Jun-13

Auto Sector Update | August 2013

Exhibit 17: Motorcycle segment Monthly sales trend

(units) 100,000 90,000 80,000 70,000 60,000 50,000 40,000 30,000 20,000 10,000 0
Dec-11 Aug-11 Oct-11

Exhibit 18: Scooter segment Monthly sales trend

(units) 60,000 50,000 40,000 30,000 20,000 10,000 0
Dec-11 Dec-12 Jun-12 Aug-11 Aug-12 Jun-13 Aug-13 Apr-12 Oct-11 Oct-12 Feb-12 Feb-13 Apr-13

Volume (LHS)

yoy growth (RHS)

(%) 20.0 10.0 0.0 (10.0) (20.0) (30.0) (40.0)

Volume (LHS)

yoy growth (RHS)

(%) 40.0 30.0 20.0 10.0 0.0 (10.0) (20.0) (30.0) (40.0)

Dec-12

Jun-12

Aug-12

Jun-13

Source: Company, Angel Research

Aug-13

Apr-12

Oct-12

Feb-12

Feb-13

Apr-13

Source: Company, Angel Research

Outlook
While the near term environment continues to remain challenging for the automotive sector, we believe the long-term structural growth drivers for the industry such as GDP growth (leading to increasing affluence of rural and urban consumers), favorable demographics, low penetration levels, entry of global players and easy availability of finance will remain intact. We continue to prefer stocks that have strong fundamentals, high exposure to rural and export markets and command superior pricing power. We maintain our positive stance on Ashok Leyland, Maruti Suzuki, Mahindra & Mahindra and Tata Motors.

Exhibit 19: Relative valuation and recommendation

Companies AL BJAUT HMCL MSIL MM TTMT* TVSL Reco. Buy Accumulate Accumulate Buy Buy Buy Buy CMP (`) 12 TP (`) 18 Sales (` cr) FY14E 12,945 22,042 25,662 45,877 42,318 7,659 15,049 25,399 28,489 52,733 48,067 8,527 P/E (x) 71.8 15.3 17.5 14.0 13.1 8.0 6.2 8.3 13.2 13.1 12.4 11.4 7.3 5.2 P/BV (x) 1.1 5.4 6.8 1.9 2.6 2.0 1.1 1.0 4.3 5.3 1.6 2.2 1.6 0.9 RoE (%) 1.1 39.4 42.3 14.1 21.6 27.8 18.2 9.1 36.6 45.7 14.0 21.1 23.8 18.8 EV/EBITDA (x) 5.8 10.5 9.0 6.1 6.7 3.7 2.0 3.6 8.7 8.0 5.0 5.6 3.3 1.2 FY15E FY14E FY15E FY14E FY15E FY14E FY15E FY14E FY15E FY13-15E EPS CAGR (%) 56.7 15.8 20.7 15.0 10.8 11.8 16.8

1,854 2,115 2,027 2,162 1,299 1,571 767 1,011 300 31 36

355 228,329 249,096

Source: Company, C-line, Angel Research; Note: Price as on September 2, 2013; *Consolidated financials

September 3, 2013

Auto Sector Update | August 2013

Research Team Tel: 022 - 3935 7800

E-mail: research@angelbroking.com

Website: www.angelbroking.com

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Disclosure of Interest Statement

Analyst ownership of the stock Ashok Leyland Tata Motors Maruti Suzuki Mahindra & Mahindra Bajaj Auto Hero MotoCorp TVS Motor No No No No No No No Angel and its Group companies ownership of the stock No No No No No No No Angel and its Group companies' Directors ownership of the stock No No No No No No No Broking relationship with company covered No No No No No No No

Note: We have not considered any Exposure below `1 lakh for Angel, its Group companies and Directors.

Ratings (Returns):

Buy (> 15%) Reduce (-5% to -15%)

Accumulate (5% to 15%) Sell (< -15%)

Neutral (-5 to 5%)

September 3, 2013

Auto Sector Update | August 2013

6th Floor, Ackruti Star, Central Road, MIDC, Andheri (E), Mumbai- 400 093. Tel: (022) 39357800
Research Team Fundamental: Sarabjit Kour Nangra Vaibhav Agrawal Bhavesh Chauhan Viral Shah V Srinivasan Yaresh Kothari Ankita Somani Sourabh Taparia Bhupali Gursale Vinay Rachh Amit Patil Twinkle Gosar Tejashwini Kumari Akshay Narang Harshal Patkar Nishant Sharma Technicals: Shardul Kulkarni Sameet Chavan Sacchitanand Uttekar Derivatives: Siddarth Bhamre Institutional Sales Team: Mayuresh Joshi Meenakshi Chavan Gaurang Tisani Akshay Shah Production Team: Tejas Vahalia Dilip Patel Research Editor Production Incharge tejas.vahalia@angelbroking.com dilipm.patel@angelbroking.com VP - Institutional Sales Dealer Dealer Sr. Executive mayuresh.joshi@angelbroking.com meenakshis.chavan@angelbroking.com gaurangp.tisani@angelbroking.com akshayr.shah@angelbroking.com Head - Derivatives siddarth.bhamre@angelbroking.com Sr. Technical Analyst Technical Analyst Technical Analyst shardul.kulkarni@angelbroking.com sameet.chavan@angelbroking.com sacchitanand.uttekar@angelbroking.com VP-Research, Pharmaceutical VP-Research, Banking Sr. Analyst (Metals & Mining) Sr. Analyst (Infrastructure) Analyst (Cement, FMCG) Analyst (Automobile) Analyst (IT, Telecom) Analyst (Banking) Economist Research Associate Research Associate Research Associate Research Associate Research Associate Research Associate Research Associate sarabjit@angelbroking.com vaibhav.agrawal@angelbroking.com bhaveshu.chauhan@angelbroking.com viralk.shah@angelbroking.com v.srinivasan@angelbroking.com yareshb.kothari@angelbroking.com ankita.somani@angelbroking.com sourabh.taparia@angelbroking.com bhupali.gursale@angelbroking.com vinay.rachh@angelbroking.com amit.patil@angelbroking.com gosar.twinkle@angelbroking.com tejashwini.kumari@angelbroking.com akshay.narang@angelbroking.com harshal.patkar@angelbroking.com nishantj.sharma@angelbroking.com

CSO & Registered Office: G-1, Ackruti Trade Centre, Road No. 7, MIDC, Andheri (E), Mumbai - 93. Tel: (022) 3083 7700. Angel Broking Pvt. Ltd: BSE Cash: INB010996539 / BSE F&O: INF010996539, CDSL Regn. No.: IN - DP - CDSL - 234 2004, PMS Regn. Code: PM/INP000001546, NSE Cash: INB231279838 / NSE F&O: INF231279838 / NSE Currency: INE231279838, MCX Stock Exchange Ltd: INE261279838 / Member ID: 10500. Angel Commodities Broking (P) Ltd.: MCX Member ID: 12685 / FMC Regn. No.: MCX / TCM / CORP / 0037 NCDEX: Member ID 00220 / FMC Regn. No.: NCDEX / TCM / CORP / 0302.

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