Stock Broking Limited [KSBL] is 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 endeavour 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
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
Compensation of KSBL’s Research Analysts
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
We submit that no material disciplinary
action has been taken on KSBL by any Regulatory Authority impacting Equity
Research Analyst activities.