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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 in projections.
·
Associates 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.
·
Associates 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 other capacity.
·
KSBL encourages independence in research
report preparation and strives to minimize conflict in preparation of
research report.
·
Compensation of KSBL’s Research Analyst(s)
is not based on any specific merchant banking, investment banking or
brokerage service transactions.
·
KSBL 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.
·
KSBL 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.
·
KSBL 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.
·
Accordingly, neither KSBL nor Research
Analysts have any material conflict of interest at the time of publication
of this report.
·
It 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.
·
It is confirmed that JK Jain, Research
Analyst did not serve as an officer, director or employee of the companies
mentioned in the report.
·
KSBL may have issued other reports that are
inconsistent with and reach different conclusion from the information
presented in this report.
·
Neither the Research Analysts nor KSBL have
been engaged in market making activity for the companies mentioned in the
report.
·
We submit that no material disciplinary
action has been taken on KSBL by any Regulatory Authority impacting Equity
Research Analyst activities.
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