1. No category

3QFY2015 Result Update | Banking
January 21, 2015
Federal Bank
NEUTRAL
Performance Highlights
CMP
Target Price
Particulars (` cr)
NII
Pre-prov. profit
PAT
3QFY15
587
397
265
2QFY15
606
410
240
% chg (qoq)
(3.1)
(3.0)
10.1
3QFY14
546
356
230
% chg (yoy)
7.6
11.6
15.0
Source: Company, Angel Research
Federal Bank reported a moderate set of numbers for 3QFY2015, with NII
growth at 7.6% yoy and pre-provisioning profit growth at 11.6% yoy. A provisioning
write back of `0.8cr aided the bank to report an earnings growth of 15%.
`145
-
Investment Period
-
Stock Info
Banking
Sector
Market Cap (` cr)
12,409
Beta
1.4
52 Week High / Low
153.6/72.45
Avg. Daily Volume
Advances growth remains healthy; NIM fell qoq
During 3QFY2015, the bank witnessed a healthy loan growth of 15.3% yoy,
while deposits grew by 13.5% yoy. Growth in advances was led by the Agri and
SME books, which grew by 26.8% and 17.7% yoy, respectively. The Management
has guided at a loan growth of around 18% for FY2015 with traction in Retail
and SME segments. CASA deposits increased by 14% yoy with CASA ratio
improving by 13bp yoy to 30.5%. The Reported NIM fell by 15bp qoq to 3.2%.
However, had interest on income tax refund of `27cr in 2QFY2015 been
adjusted, the NIM would have been stable on a qoq basis. During the quarter,
the bank registered a moderate growth of 3.0% yoy on the non-interest income
(excluding treasury) front. Trading gains during the quarter came in at `77.5cr as
against `18cr in 3QFY2014. Cost to income increased by 148bp yoy to 50% for
the quarter. Employee expenses increased by 33% yoy, mainly due to higher
provision for retirement related expenses.
On the asset quality front, the annualized slippage ratio was higher at 2.2% as
compared to 1.6% in 2QFY2015 and 1.3% in 3QFY2014. During the quarter,
the bank witnessed slippages of `234cr, out of which slippages from the retail
segment amounted to `30cr, SME segment slippage came in at `63cr and
slippage from the corporate account stood at `125cr. Recoveries and upgrades
were lower at `198cr during the quarter resulting in increase in absolute Gross
NPA levels by 3.5% qoq to `1,067cr. Higher slippages led to a marginal increase
in the Gross NPA ratio by 9bp qoq to 2.19%. Net NPA was flat qoq at 0.7%. The
bank has restructured advances worth `40.7cr as against `68cr in 2QFY2015,
with the outstanding restructured book at `2,427cr.
4,06,457
Face Value (`)
2
BSE Sensex
28,785
Nifty
8,695
Reuters Code
FED.BO
FB@IN
Bloomberg Code
Shareholding Pattern (%)
Promoters
0.0
MF / Banks / Indian Fls
28.2
FII / NRIs / OCBs
38.9
Indian Public / Others
32.9
Abs. (%)
3m
1yr
3yr
Sensex
8.9
35.7
69.8
FB
4.7
75.4
89.9
Outlook and valuation: After having witnessed severe pressure in the last few
years, the bank’s asset quality has been showing improvement over the past few
quarters (on lower slippages and better recoveries/upgrades). While we remain
watchful of the bank’s near term performance on the asset quality front, the
stock’s current valuation at 1.5x its FY2016E P/ABV offers limited scope of upside
from here on. Hence, we recommend a Neutral rating on the stock.
Key financials
Y/E March (` cr)
NII
% chg
Net profit
% chg
NIM (%)
EPS (`)
P/E (x)
P/ABV (x)
RoA (%)
RoE (%)
FY2013
1,953
11.8
777
32.3
3.6
9.1
14.8
2.0
1.4
14.4
FY2014
2,229
12.9
839
0.1
3.2
9.8
14.8
1.8
1.2
12.6
FY2015E
2,384
7.0
999
19.1
3.2
11.7
12.4
1.6
1.3
13.6
Source: Company, Angel Research; Note: CMP as of January 20, 2015
Please refer to important disclosures at the end of this report
FY2016E
2,714
13.8
1,045
4.6
3.2
12.2
11.9
1.5
1.2
12.9
Vaibhav Agrawal
022 – 3935 7800 Ext: 6808
[email protected]
Umesh Matkar
022 – 3935 7800 Ext: 6839
[email protected]
1
Federal Bank | 3QFY2015 Result Update
Exhibit 1: 3QFY2015 performance
Particulars (` cr)
3QFY15
2QFY15
% chg (qoq)
3QFY14
% chg (yoy)
FY2014
FY2013
% chg
Interest earned
1,870
1,870
0.0
1,740
7.5
6,946
6,168
12.6
- on Advances / Bills
1,399
1,363
2.6
1,266
10.5
5,011
4,636
8.1
449
453
(0.8)
461
(2.6)
1,777
1,465
21.3
21
23
(11.5)
11
95.4
52
56
(7.1)
- on investments
- on balance with RBI & others
- on others
1
31
(95.2)
2
(14.6)
106
11
12.5
1,283
1,264
1.5
1,194
7.4
4,717
4,193
12.5
Net Interest Income
587
606
(3.1)
546
7.6
2,229
1,975
12.9
Other income
220
196
12.3
156
40.7
694
664
4.4
- Other income excl. treasury
142
154
(7.4)
138
3.0
540
459
17.7
Interest Expended
- Treasury Income
77
42
84.4
18
330.3
154
206
(25.2)
Operating income
807
802
0.7
702
15.0
2,922
2,639
10.7
Operating expenses
410
392
4.5
346
18.4
1,392
1,185
17.5
- Employee expenses
235
204
15.3
177
33.0
722
631
14.3
- Other Opex
175
188
(7.2)
169
3.2
671
553
21.2
Pre-provision Profit
397
410
(3.0)
356
11.6
1,530
1,455
5.2
(1)
46
(101.8)
7
(111.2)
318
261
22.1
Provisions & Contingencies
- Provisions for NPAs
56
66
(15.8)
11
428.9
228
224
1.8
(59)
8
(860.9)
50
(217.2)
112
(37)
(403.8)
2
(28)
(107.8)
(53)
(104.1)
(35)
78
(144.9)
PBT
398
364
9.4
349
14.2
1,212
1,194
1.5
Provision for Tax
133
124
7.9
118
12.7
373
356
4.9
- Provisions for Investments
- Other Provisions
PAT
265
240
10.1
230
15.0
839
838
0.1
Effective Tax Rate (%)
33.5
34.0
(47)bp
34.0
(46)bp
30.8
29.8
100bp
Source: Company, Angel Research
January 21, 2015
2
Federal Bank | 3QFY2015 Result Update
Exhibit 2: 3QFY2015 performance
Particulars
3QFY15
2QFY15
% chg (qoq)
3QFY14
% chg (yoy)
Advances (`cr)
48,026
48,466
(0.9)
41,640
15.3
Deposits (` cr)
65,550
64,564
1.5
57,737
13.5
73.3
75.1
(180)bp
72.1
115bp
Balance sheet
Credit-to-Deposit Ratio (%)
Current deposits (` cr)
3,194
3,304
(3.3)
2,886
10.7
Saving deposits (` cr)
16,791
16,428
2.2
14,640
14.7
CASA deposits (` cr)
19,985
19,732
1.3
17,526
14.0
CASA ratio (%)
30.5
30.6
(7)bp
30.35
13bp
CAR (%)
14.5
14.5
6bp
14.8
(29)bp
3.2
3.4
(15)bp
3.2
(4)bp
50.8
48.9
188bp
49.3
148bp
1,067
1,031
3.5
1,201
(11.2)
Profitability Ratios (%)
Reported NIM
Cost-to-income ratio
Asset quality
Gross NPAs (` cr)
Gross NPAs (%)
2.19
2.1
9bp
2.8
(64)bp
Net NPAs (` cr)
333
319
4.5
356
(6.5)
Net NPAs (%)
Provision Coverage Ratio (%)
Slippage ratio (%)
0.7
0.7
3bp
0.9
(17)bp
85.0
85.1
(17)bp
83.3
167bp
2.2
1.6
53bp
1.3
84bp
Source: Company, Angel Research, Note: *Basel III
Balance sheet growth moderate; NIM fell qoq
During 3QFY2015, the bank witnessed a moderate growth in balance sheet of
8% yoy, as its advances grew by 15.3% yoy, while deposits grew by 13.5% yoy.
Growth in advance was led by the Agri and SME books, which grew by 26.8% and
17.7% yoy, respectively, while the corporate book growth was moderate at
8.4% yoy.
Gold loans were up 18.5% yoy but were down 3.2% qoq, as the Management has
turned cautious towards lending in this segment, given the drop in gold prices. As
of 3QFY2015, the bank’s total gold loan portfolio stands at `6,634cr (13.8% of
total loans). Going forward, the Management has guided at an overall advances
growth of 18% for FY2015 with traction in retail and SME segments.
Within deposits, the bank witnessed steady growth in CASA deposits at 14% yoy, as
savings deposits grew by 14.7% yoy, while current deposits reported an increase of
10.7% yoy. Consequently, the CASA ratio remained steady at 30.5% (as compared
to 30.6% in 2QFY2015).
January 21, 2015
3
Federal Bank | 3QFY2015 Result Update
Exhibit 3: Business growth steady in 3QFY2015
Dep. yoy chg (%)
75.1
15.0
73.3
72.8
74.0
14.8
13.7
(1.5)
(5.0)
76.0
(%)
32.0
30.4
30.8
30.8
30.6
30.5
4QFY14
1QFY15
2QFY15
3QFY15
30.0
28.0
26.0
9.1
8.5
72.1
3.7
5.0
72.7
5.4
11.9
10.0
CDR (%, RHS)
78.0
15.3
13.5
Adv. yoy chg (% )
20.0
Exhibit 4: CASA ratio steady yoy
3QFY14 4QFY2014 1QFY15
2QFY15
72.0
24.0
70.0
22.0
68.0
20.0
3QFY15
Source: Company, Angel Research
3QFY14
Source: Company, Angel Research
During the quarter, the NIM fell by 15bp to 3.2%. Yield on advances fell by 17bp
qoq to 11.61%. However, had interest on income tax refund of `27cr in
2QFY2015 been adjusted, the NIM would have remained stable qoq at 3.2%. The
Management expects NIM to be around 3.2-3.3% in FY2015.
Exhibit 5: NIM fell by 15bp qoq
(%)
3.8
3.59
3.6
3.35
3.4
3.25
3.24
3.2
3.2
3
3QFY14
4QFY14
1QFY15
2QFY15
3QFY15
Source: Company, Angel Research
Moderate performance in Non-interest income (excluding treasury)
During the quarter, the bank’s performance on the non-interest income (excluding
treasury) front was moderate, posting a growth of 3%. Trading gains during the
quarter came in at `77.5cr as against `18cr in 3QFY2014. On the back of robust
treasury income performance, the overall other income for the bank grew by
40.7% yoy.
January 21, 2015
4
Federal Bank | 3QFY2015 Result Update
Marginal increase in Gross NPA ratio qoq due to higher
slippages
The Gross NPA ratio for the bank increased by 9bp qoq to 2.19%, mainly on
account of slippage of `125cr related to one corporate account. Apart from this
account the Management remains watchful on a further `125cr of advances,
going ahead. The bank witnessed slippages of `234cr during the quarter, out of
which slippages from the retail segment amounted to `30cr and SME segment
slippages amounted to `63cr. Recoveries and upgrades, with no sale to ARC, of
`198cr in the quarter were lower than slippages. This led to a marginal increase in
the Gross NPA ratio by 9bp qoq to 2.19%, while the Net NPA ratio was flat qoq at
0.7%. The bank has restructured advances worth `40.7cr as against `68cr in
2QFY2015, with the outstanding restructured book at `2,427cr.
Exhibit 6: Trends in Gross and Net NPA levels
Gross NPAs (` cr)
Net NPAs (` cr)
PCR (%, RHS)
95.0
1,500
1,200
83.3
84.9
84.1
85.1
85.0
90.0
85.0
900
80.0
75.0
1,031
319
1,067
333
1,016
304
1,087
322
1,201
356
600
300
Exhibit 7: Slippages at 2.15% during 3QFY2015
2QFY15
3QFY15
3QFY14 4QFY2014 1QFY15
(%)
2.15
2.20
2.00
1.76
1.80
1.69
70.0
1.40
65.0
1.20
60.0
1.00
1.32
3QFY14
4QFY2014
1QFY15
Source: Company, Angel Research
Source: Company, Angel Research
Exhibit 8: Opex trends
Exhibit 9: Opex-to-avg. assets trend
Other opex (` cr)
188
165
183
300
51.2
49.3
169
400
48.9
CIR (%, RHS)
50.8
175
Staff exps (` cr)
500
49.0
204
235
47.0
204
201
177
47.7
2QFY15
3QFY15
-
2.03
2.00
Source: Company, Angel Research
January 21, 2015
1.90
1.96
1.90
46.0
45.0
3QFY14 4QFY2014 1QFY15
3QFY15
2.08
2.06
51.0
50.0
2QFY15
(%)
2.10
48.0
200
100
52.0
1.62
1.60
1.80
3QFY14
4QFY2014
1QFY15
2QFY15
3QFY15
Source: Company, Angel Research
5
Federal Bank | 3QFY2015 Result Update
Outlook and valuation
Over the last three years, the bank has grown its branch network at a healthy
CAGR of 15%, which has not only aided the bank to increase its low cost deposit
profile (CASA ratio has reached 30.5% as of 3QFY2015 from 28.2% as of
3QFY2012), but has also laid a platform for building a sustainable retail asset
book.
After witnessing severe asset quality pressures for the last few years, the bank’s
asset quality has shown improvement over the past few quarters (on lower
slippages and better recoveries/upgrades). While we remain watchful of the bank’s
near term performance on the asset quality front, the stock’s current valuation at
1.5x its FY2016E P/ABV offers limited scope of upside from here on. Hence, we
recommend a Neutral rating on the stock.
Exhibit 10: Recommendation summary
CMP
(`)
Tgt. price
(`)
Upside
(%)
FY2016E
P/ABV (x)
FY2016E
Tgt. P/ABV (x)
FY2016E
P/E (x)
FY2014-16E
EPS CAGR (%)
FY2016E
RoA (%)
FY2016E
RoE (%)
1,022
367
1,077
5.3
4.0
4.3
19.7
21.3
2.0
22.2
429
17.1
2.4
2.9
15.2
19.3
1.7
16.4
Buy
858
998
16.3
2.6
3.0
14.1
16.3
1.7
19.7
AxisBk
SBI*
Buy
552
643
16.6
2.6
3.0
14.9
18.4
1.9
18.4
Accumulate
318
355
11.6
1.8
1.7
13.3
28.2
0.8
13.8
FedBk
Neutral
145
-
-
1.5
-
11.9
11.6
1.2
12.9
SIB
Accumulate
29
34
14.5
1.0
1.2
8.4
(4.1)
0.7
12.6
BOB
Buy
1,087
1,267
16.6
1.1
1.3
8.0
13.8
0.8
13.8
PNB
Buy
209
267
27.6
1.0
1.3
6.7
29.6
0.9
14.1
BOI
Buy
297
373
25.5
0.7
0.9
4.9
19.7
0.6
13.0
IndBk
Buy
211
255
20.7
0.7
0.8
5.7
23.4
0.8
11.2
Vijaya Bank
Buy
50
58
16.4
0.7
0.8
5.4
38.9
0.5
12.4
UnionBk
Accumulate
240
265
10.2
0.9
1.0
5.9
23.4
0.6
13.2
CanBk
Buy
469
548
16.9
0.8
1.0
6.2
19.4
0.6
12.5
IDBI#
Accumulate
76
81
7.2
0.5
0.6
5.1
45.7
0.6
10.1
DenaBk
Buy
60
77
29.2
0.5
0.7
4.8
10.0
0.5
9.8
Company
Reco.
HDFCBk
Accumulate
ICICIBk*
Buy
YesBk
Source: Company, Angel Research; Note: *Target multiples=SOTP target price/ABV (including subsidiaries); Without adjusting for SASF
#
January 21, 2015
6
Federal Bank | 3QFY2015 Result Update
Income statement
Y/E March (` cr)
NII
- YoY growth (%)
Other income
- YoY growth (%)
Operating income
- YoY growth (%)
FY11
FY12
FY13
FY14
FY15E
FY16E
1,411
1,747
1,953
1,975
2,229
2,384
2,714
7.3
23.8
11.8
1.1
12.9
7.0
13.8
531
517
532
664
694
798
791
2.9
(2.7)
3.0
24.8
4.4
15.0
(0.8)
1,942
2,263
2,486
2,639
2,922
3,182
3,506
6.0
16.6
9.8
6.2
10.7
8.9
10.2
Operating expenses
677
836
979
1,180
1,442
1,591
1,790
- YoY growth (%)
18.5
23.5
17.1
20.5
22.3
10.4
12.5
1,265
1,427
1,506
1,460
1,480
1,591
1,715
0.4
12.8
5.6
(3.1)
1.4
7.5
7.8
Pre-prov. profit
- YoY growth (%)
Prov. & cont.
- YoY growth (%)
PBT
405
525
337
266
268
100
155
(13.2)
29.6
(35.9)
(21.1)
1.0
(62.8)
55.4
860
902
1,170
1,194
1,212
1,491
1,560
- YoY growth (%)
8.4
4.9
29.7
2.1
1.5
23.0
4.6
Prov. for taxation
395
315
393
356
373
492
515
- as a % of PBT
46.0
34.9
33.6
29.8
30.8
33.0
33.0
PAT
465
587
777
838
839
999
1,045
(7.2)
26.4
32.3
7.9
0.1
19.1
4.6
- YoY growth (%)
January 21, 2015
FY10
7
Federal Bank | 3QFY2015 Result Update
Balance sheet
Y/E March (` cr)
Share Capital
Reserves & Surplus
Deposits
- Growth (%)
Borrowings
Tier 2 Capital
FY11
FY12
FY13
FY14
FY15E
FY16E
171
171
171
171
171
171
171
4,519
4,938
5,535
6,194
6,780
7,560
8,367
36,058
43,015
48,937
57,615
59,731
66,899
76,265
12.0
19.3
13.8
17.7
3.7
12.0
14.0
1,227
1,582
3,935
4,957
5,458
4,064
4,617
320
306
306
230
230
224
219
1,380
1,445
1,742
1,883
2,224
2,368
2,693
Total Liabilities
43,676
51,456
60,627
71,050
74,594
81,287
92,330
Cash Balances
2,319
2,935
2,424
2,743
3,104
3,345
3,813
Bank Balances
405
813
1,108
977
1,425
1,626
1,847
Investments
13,055
14,538
17,402
21,155
24,118
24,077
25,659
Advances
Other Liab. & Prov.
26,950
31,953
37,756
44,097
43,436
49,517
57,935
- Growth (%)
20.4
18.6
18.2
16.8
-1.5
14.0
17.0
Fixed Assets
290
290
326
397
425
449
495
Other Assets
658
927
1,610
1,681
2,086
2,273
2,582
43,676
51,456
60,627
71,050
74,594
81,287
92,330
12.4
17.8
17.8
17.2
5.0
9.0
13.6
Total Assets
- Growth (%)
January 21, 2015
FY10
8
Federal Bank | 3QFY2015 Result Update
Ratio analysis
Y/E March
FY10
FY11
FY12
FY13
FY14
FY15E
FY16E
3.5
3.8
3.6
3.1
3.2
3.2
3.2
34.9
36.9
39.4
44.7
49.3
50.0
51.1
Profitability ratios (%)
NIMs
Cost to Income Ratio
RoA
1.1
1.2
1.4
1.3
1.2
1.3
1.2
RoE
10.3
12.0
14.4
13.9
12.6
13.6
12.9
CASA Ratio
26.2
26.9
27.5
27.2
31.2
32.1
32.4
Credit/Deposit Ratio
74.7
74.3
77.2
76.5
72.7
74.0
76.0
CAR
18.4
16.8
16.6
14.7
15.3
15.8
15.5
- Tier I
16.9
15.6
15.9
14.1
14.6
15.1
14.9
Gross NPAs
3.0
3.5
3.3
3.4
2.5
1.8
1.5
Net NPAs
0.5
0.6
0.5
1.0
0.7
0.3
0.3
Slippages
3.3
3.2
2.1
2.1
1.2
1.3
1.1
Loan Loss Prov./Avg. Assets
1.0
1.0
0.4
0.3
0.3
0.2
0.2
84.3
83.4
84.7
72.2
70.4
81.1
79.1
5.4
6.9
9.1
9.8
9.8
11.7
12.2
54.8
59.7
66.7
73.8
80.6
90.3
99.8
5.0
8.5
9.0
9.0
10.0
11.0
12.0
26.7
21.1
16.0
14.8
14.8
12.4
11.9
P/ABVPS (x)
2.6
2.4
2.2
2.0
1.8
1.6
1.5
Dividend Yield
3.4
5.9
6.2
6.2
6.9
7.6
8.3
NII
3.4
3.7
3.5
3.0
3.1
3.1
3.1
(-) Prov. Exp.
1.0
1.1
0.6
0.4
0.4
0.1
0.2
Adj. NII
2.4
2.6
2.9
2.6
2.7
2.9
2.9
Treasury
0.3
0.1
0.1
0.3
0.2
0.3
0.1
Int. Sens. Inc.
2.7
2.7
3.0
2.9
2.9
3.2
3.1
Other Inc.
1.0
1.0
0.8
0.7
0.7
0.7
0.8
Op. Inc.
3.7
3.7
3.8
3.6
3.6
4.0
3.9
Opex
1.6
1.8
1.7
1.8
2.0
2.0
2.1
PBT
2.1
1.9
2.1
1.8
1.7
1.9
1.8
Taxes
1.0
0.7
0.7
0.5
0.5
0.6
0.6
RoA
1.1
1.2
1.4
1.3
1.2
1.3
1.2
Leverage (x)
9.2
9.7
10.4
10.9
10.9
10.6
10.7
10.3
12.0
14.4
13.9
12.6
13.6
12.9
B/S ratios (%)
Asset Quality (%)
Provision Coverage
Per Share Data (`)
EPS
ABVPS
DPS
Valuation Ratios
PER (x)
DuPont Analysis (%)
RoE
January 21, 2015
9
Federal Bank | 3QFY2015 Result Update
Research Team Tel: 022 - 39357800
E-mail: [email protected]
Website: www.angelbroking.com
DISCLAIMER
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.
Angel Broking Pvt. Limited, its affiliates, directors, its proprietary trading and investment businesses may, from time to time, make
investment decisions that are inconsistent with or contradictory to the recommendations expressed herein. The views contained in this
document are those of the analyst, and the company may or may not subscribe to all the views expressed within.
Reports based on technical and derivative analysis center on studying charts of a stock's price movement, outstanding positions and
trading volume, as opposed to focusing on a company's fundamentals and, as such, may not match with a report on a company's
fundamentals.
The information in this document has been printed on the basis of publicly available information, internal data and other reliable
sources believed to be true, but we do not represent that it is accurate or complete and it should not be relied on as such, as this
document is for general guidance only. Angel Broking Pvt. Limited or any of its affiliates/ group companies shall not be in any way
responsible for any loss or damage that may arise to any person from any inadvertent error in the information contained in this report.
Angel Broking Pvt. Limited has not independently verified all the information contained within this document. Accordingly, we cannot
testify, nor make any representation or warranty, express or implied, to the accuracy, contents or data contained within this document.
While Angel Broking Pvt. Limited endeavours to update on a reasonable basis the information discussed in this material, there may be
regulatory, compliance, or other reasons that prevent us from doing so.
This document is being supplied to you solely for your information, and its contents, information or data may not be reproduced,
redistributed or passed on, directly or indirectly.
Angel Broking Pvt. Limited and its affiliates may seek to provide or have engaged in providing corporate finance, investment banking
or other advisory services in a merger or specific transaction to the companies referred to in this report, as on the date of this report or
in the past.
Neither Angel Broking Pvt. Limited, nor its directors, employees or affiliates shall be liable for any loss or damage that may arise from
or in connection with the use of this information.
Note: Please refer to the important `Stock Holding Disclosure' report on the Angel website (Research Section). Also, please refer to the
latest update on respective stocks for the disclosure status in respect of those stocks. Angel Broking Pvt. Limited and its affiliates may
have investment positions in the stocks recommended in this report.
Disclosure of Interest Statement
Federal Bank
1. Analyst ownership of the stock
No
2. Angel and its Group companies ownership of the stock
No
3. Angel and its Group companies' Directors ownership of the stock
No
4. Broking relationship with company covered
No
Note: We have not considered any Exposure below ` 1 lakh for Angel, its Group companies and Directors
Ratings (Returns):
January 21, 2015
Buy (> 15%)
Reduce (-5% to -15%)
Accumulate (5% to 15%)
Sell (< -15%)
Neutral (-5 to 5%)
10