Analyst certification: The following analyst(s), J.K JAIN
who is (are) primarily responsible for this report and whose name(s) is/are
mentioned therein, certify (ies) that the views expressed herein accurately
reflect his (their) personal view(s) about the subject security (ies) and
issuer(s) and that no part of his (their) compensation was, is or will be
directly or indirectly related to the specific recommendation(s) or views
contained in this research report.
Disclaimer: Karvy Stock Broking Limited [KSBL] is
registered as a research analyst with SEBI (Registration No INH200003265).
KSBL is also a SEBI registered Stock Broker, Depository
Participant, Portfolio Manager and also distributes financial products. The
subsidiaries and group companies including associates of KSBL provide
services as Registrars and Share Transfer Agents, Commodity Broker,
Currency and forex broker, merchant banker and underwriter, Investment
Advisory services, insurance repository services, financial consultancy and
advisory services, realty services, data management, data analytics, market
research, solar power, film distribution and production, profiling and
related services. Therefore associates of KSBL are likely to have business
relations with most of the companies whose securities are traded on the
exchange platform. The information and views presented in this report are
prepared by Karvy Stock Broking Limited and are subject to change without
any notice. This report is based on information obtained from public sources,
the respective corporate under coverage and sources believed to be
reliable, but no independent verification has been made nor is its accuracy
or completeness guaranteed. The report and information contained herein is
strictly confidential and meant solely for the selected recipient and may
not be altered in any way, transmitted to, copied or distributed, in part
or in whole, to any other person or to the media or reproduced in any form,
without prior written consent of KSBL. While we would endeavor to update
the information herein on a reasonable basis, KSBL is under no obligation
to update or keep the information current. Also, there may be regulatory,
compliance or other reasons that may prevent KSBL from doing so. The value
and return on investment may vary because of changes in interest rates,
foreign exchange rates or any other reason. This report and information
herein is solely for informational purpose and shall not be used or
considered as an offer document or solicitation of offer to buy or sell or
subscribe for securities or other financial instruments. Though
disseminated to all the customers simultaneously, not all customers may
receive this report at the same time. KSBL will not treat recipients as
customers by virtue of their receiving this report. Nothing in this report
constitutes investment, legal, accounting and tax advice or a
representation that any investment or strategy is suitable or appropriate
to your specific circumstances. This material is for personal information
and we are not responsible for any loss incurred based upon it. The
investments discussed or recommended in this report may not be suitable for
all investors. Investors must make their own investment decisions based on
their specific investment objectives and financial position and using such
independent advice, as they believe necessary. While acting upon any
information or analysis mentioned in this report, investors may please note
that neither KSBL nor any associate companies of KSBL accepts any liability
arising from the use of information and views mentioned in this report.
Investors are advised to see Risk Disclosure Document to understand the
risks associated before investing in the securities markets. Past
performance is not necessarily a guide to future performance.
Forward-looking statements are not predictions and may be subject to change
without notice. Actual results may differ materially from those set forth
of KSBL might have managed or co-managed public offering of securities for
the subject company or might have been mandated by the subject company for
any other assignment in the past twelve months.
of KSBL might have received compensation from the subject company mentioned
in the report during the period preceding twelve months from the date of
this report for investment banking or merchant banking or brokerage
services from the subject company in the past twelve months or for services
rendered as Registrar and Share Transfer Agent, Commodity Broker, Currency
and forex broker, merchant banker and underwriter, Investment Advisory
services, insurance repository services, consultancy and advisory services,
realty services, data processing, profiling and related services or in any
encourages independence in research report preparation and strives to
minimize conflict in preparation of research report.
of KSBL’s Research Analyst(s) is not based on any specific merchant
banking, investment banking or brokerage service transactions.
generally prohibits its analysts, persons reporting to analysts and their
relatives from maintaining a financial interest in the securities or
derivatives of any companies that the analysts cover.
or its associates collectively or Research Analysts do not own 1% or more
of the equity securities of the Company mentioned in the report as of the
last day of the month preceding the publication of the research report.
or its analysts did not receive any compensation or other benefits from the
companies mentioned in the report or third party in connection with
preparation of the research report and have no financial interest in the
subject company mentioned in this report.
neither KSBL nor Research Analysts have any material conflict of interest
at the time of publication of this report.
is confirmed that KSBL and Research Analysts, primarily responsible for this
report and whose name(s) is/ are mentioned therein of this report have not
received any compensation from the subject company mentioned in the report
in the preceding twelve months.
is confirmed that J.K JAIN, Research Analyst did not serve as an officer,
director or employee of the companies mentioned in the report.
may have issued other reports that are inconsistent with and reach
different conclusion from the information presented in this report.
the Research Analysts nor KSBL have been engaged in market making activity
for the companies mentioned in the report.
submit that no material disciplinary action has been taken on KSBL by any
Regulatory Authority impacting Equity Research Analyst activities.
Karvy Stock Broking Limited Plot No.31, 6th Floor, Karvy
Millennium Towers, Financial District, Nanakramguda, Hyderabad, 500 032,
91-40-2331 2454; Fax: 91-40-2331 1968
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