RBI MONETARY POLICY: NEITHER SHAKEN NOR STIRRED

Mr Mark Carney, Governor, Bank Of England would definitely be envious of our RBI Chief. With slowest growth among G7 members, looming brexit divorce and 3% inflation, Bank Of England is in a delirious position. As a result, rates were raised 0.25 basis points by Bank Of England in its recent monetary policy. It’s former spouse, European Central Bank has reduced its monthly purchases to 30 billion euros and the US FED is expected to raise rates as a goodbye Christmas gift by Madame Yellen in her last December policy. Global economy is limping back to growth still backed by stimulus which is being withdrawn leisurely at the behest of central bank chiefs hoping to bring about some sensibility to the current volatile political & economic scenario.  Indian Central Bank on the other hand is in a relatively propitious situation with rising GDP & inflation still in control.

REFORM & RECAP FOR PSU BANKS

 It may sound extremely clichéd, but our monetary policy was on expected lines. Though there were no surprises with respect to policy rates, PSU banks dived even when everybody else had their protective gear on. They were definitely not expecting relative grading of their capitalization woes and hoped equal treatment irrespective of their fiscal temperament and indolent attitude towards asset quality mess. RBI gave a stern message underlining performance based recapitalization of PSU banks highlighting that the consecutive boom & bust syndrome through previous government bailouts was a thing of the past.  This dose of stick & carrot is definitely required for the Indian PSU Banks largely responsible for garnering the second highest Non Performing Assets in the world after Italy.

STATUS QUO MAINTAINED

As our monetary policy was being elucidated by the Monetary Policy Committee (MPC), the rupee weakened 13 paise, stock markets dived 200 points and the bonds gave a measured reaction treating it as a non event. Repo rate at 6%, Reverse Repo rate at 5.75%, Marginal Standing Facility and Bank Rate at 6.25% with a neutral stance was decided by the MPC in the ratio of 5:1. Mr Dholakia was the lone member favoring a rate cut. Though RBI was largely expected to maintain its status quo with October inflation at 3.58%, GDP growth at 6.3% and credit growth up 8.6% v/s 7.5% YOY justified the stagnant policy rates. In addition to that, rising crude prices and fear of fiscal slippages through state farm loan waivers, rollback of excise duty & VAT of petroleum products and lesser government revenue due to lower GST rates made it mandatory for the central bank to remain frugal.

  

THE TINKERING

Boosting digitalization, RBI rationalized Merchant Discount Rates (MDR) on debit cards by categorizing merchants on the basis of turnover. Overseas branches and subsidiaries of Indian banks are now allowed by the RBI to refinance External Commercial Borrowings (ECBs) of AAA rated public sector and private sector companies reducing their borrowing costs and enhancing overseas credit market. Lastly, the Bank acknowledged government effort with respect to improvement in Ease of Doing Business and maintained growth forecast at 6.7% for 2017-18.

PAUSE BEFORE STEPPING ON THE GAS

Analysts are expecting the Indian Central Bank to be on an extended pause the whole of 2018 as it expects inflation to follow an upward trajectory fuelled by oil prices and probable fiscal slippages. But, what if the GDP growth is maintained around 6% and inflation shoots up beyond 5% as expected in December. In such a scenario, a rate hike is not over-ruled and we might just end up in the elite club of FED & Bank Of England for valid reasons by February 2018. If that happens India may be in a ‘GOLDILOCKS’ situation with rising asset prices, lower inflation and rising GDP.  Really! Then what about the crude prices which have risen about 40% this year. Well, they are expected to remain within $62- $65 for 2018 as predicted by some optimistic financial pundits. That suits us fine, if GDP maintains its upward trajectory in the coming quarters, GOLDILOCKS might or might not be a certainty, but definitely an envious position to be in.

LAURUS LABS LTD - Q2 FY18

Laurus Labs Ltd posted stable yearly numbers with robust quarterly performance for the second quarter FY18. Consolidated Revenue was reported at Rs. 5386 Mn in the current quarter against Rs. 5254 Mn rising 3% YOY corresponding period previous year with sequential growth of 10%. Consolidated PAT was reported with 25% sequential growth though on yearly basis, numbers were almost stagnant at Rs. 488 Mn in the current September quarter. EBDITA was stable with 3% growth YOY at Rs. 1192 Mn against Rs. 1162 Mn corresponding quarter previous year. Sequentially EBDITA witnessed 15% rise in the current September quarter. Profit Before Tax jumped 6% yearly and 26% QOQ at Rs. 696 Mn in Q2 FY18. Other Income was reported at Rs. 66 Mn compared to Rs. 80 Mn same period previous year. Operating expenditure rose mildly by 2% YOY and was reported at Rs. 4260 Mn against Rs. 4172 Mn same period previous year. In the first half year FY18, the company has invested about 5% of its revenues about Rs. 493 Mn in research & development. EBDITA Margin was reported at 22.13% in Q2 FY18 compared to 22.11% corresponding quarter previous year. Sequential jump was 95 basis points. Interest expenses were lower by 21% YOY at Rs. 195 Mn against Rs. 247 Mn in Q2 FY17. Depreciation & Taxation on the other hand soared 18% & 22% YOY respectively in the current quarter. Net effect, decline in Net Interest Margin YOY by 14 basis points YOY whereas sequential expansion was 113 basis points. One basis point is equivalent to 0.01%. Net Interest Margin was reported at 9.05% against 9.19% same period previous year and 7.92% in the previous June quarter FY18.

Laurus Labs Ltd is a leading pharmaceutical company manufacturing Active Pharmaceutical Ingredients (APIs) for anti-retroviral (ARV), Hepatitis C, oncology and other therapeutic areas. The company has filed 211 patent applications and 46 patents as on 30^th September 2017. The company has leveraged its API cost advantage for forward integration into Generic FDF segment. As on date the company has filed 8 ANDAs and completed 11 validations for formulations. Laurus Labs has also developed its synthesis business through ASPEN & other global innovators. Laurus Labs has announced on 30^th November 2017, approval for Tenofovir Disoproxil Fumarate Tablets 300 mg equivalent to VIREAD tablets 300 mg of Gilead Science Ltd for treatment of HIV – 1 infection in adults and children above 2 years.

 We recommend BUY for the stock with target price of Rs. 695 for medium & long term.

The information and opinions contained in the research reports have been compiled or arrived at from sources believed reliable but no representation or warranty, express or implied, is made as to their accuracy or completeness. The research report does not constitute a personal recommendation or take into account the particular investment objectives, financial situations, or needs of individual clients. Clients should consider whether any advice or recommendation in this research is suitable for their particular circumstances and, if appropriate, seek professional advice, including but not limited to tax advice. The reports do not take into account the particular investment objectives, financial situations, risk profile or needs of individual clients. The user assumes the entire risk of any use made of this information. This report is not to be relied upon in substitution for the exercise of independent judgment.

The price and value of investments referred to in this research and the income from them may fluctuate. Past performance is not a guide to future performance, future returns are not guaranteed, and a loss of original capital may occur.

Research data and reports published/ emailed/ text messaged via Short Messaging Services, Online Messengers, WhatsApp etc/transmitted through mobile application/s, including but not limited to FLIP™, Video Widget, telephony networks, print or electronic media and or those made available/uploaded on social networking sites (e.g. Facebook, Twitter, LinkedIn etc) is for informational purposes only. The reports are provided for assistance and are not intended to be and must not alone be taken as the basis for an investment decision. The user assumes the entire risk of any use made of this information. Though disseminated to clients simultaneously, not all clients may receive the reports at the same time. We will not treat recipients as clients by virtue of their receiving this report.

The reports include projections, forecasts and other predictive statements which represent our assumptions and expectations in the light of currently available information. These projections and forecasts are based on industry trends, circumstances and factors which involve risks, variables and uncertainties. The actual performance of the companies represented in the report may vary from those projected.

The opinions expressed in the reports are subject to change but we have no obligation to tell our clients when our opinions or recommendations change. The reports are non-inclusive and do not consider all the information that the recipients may consider material to investments.

We shall not be in any way responsible for any indirect, special or consequential damages that may arise to any person from any inadvertent error in the information contained in the reports nor do they take guarantee or assume liability for any omissions of the information contained therein. Information contained therein cannot be the basis for any claim, demand or cause of action. These data, reports and information do not constitute scientific publication and do not carry any evidentiary value whatsoever.

The user should consult their own advisors to determine the merits and risks of investment and also read the Risk Disclosure Documents for Capital Markets and Derivative Segments as prescribed by Securities and Exchange Board of India before investing in the Indian Markets. The securities discussed in this report may not be suitable for all investors. Investors must make their own investment decision based on their own investment objectives, goals and financial position and based on their own analysis. Prospective investors and others are cautioned that any forward-looking statements, if any, are not predictions and may be subject to change without notice.

This report may provide the addresses of, or contain hyperlinks to websites. Except to the extent to which the report refers to material we take no responsibility whatsoever for the contents therein. Such addresses or hyperlinks are provided solely for your convenience and information and the content of the linked site does not in any way form part of this report. Accessing such website or following such link through this report shall be at your own risk.

The author of this Research Report accepts no liability and will not in any way be responsible for the contents of this report or for any losses, costs, expenses, charges, including notional losses/lost opportunities incurred by a recipient as a result of acting or non-acting on any information/material contained in the report. This is not an offer to sell or a solicitation to buy any securities or an attempt to influence the opinion or behavior of investors or recipients or provide any investment/tax advice. The securities described herein may or may not be eligible for sale in all jurisdictions or to certain category of investors. Persons in whose possession this document may come are required to inform themselves of and to observe such restriction.

CEAT LTD - RESEARCH REPORT - Q2 FY18

BHARAT FORGE LTD – Q2 FY18

Bharat Forge Ltd reported spectacular growth for the second quarter FY18. All parameters reported positive momentum with double digit growth in the current quarter. Revenue or Income From Operations rose 34% YOY at Rs. 12580 Mn in the current quarter against Rs. 9359 Mn same period previous year. Export Revenue grew 56% YOY at Rs. 7039 Mn against Rs. 4515 Mn whereas Domestic revenue jumped 26% and stood at Rs. 5541 Mn compared to Rs. 4394 Mn corresponding quarter previous year. EBDITA jumped at even higher rate of 46% from Rs. 2786 Mn to Rs. 4061 Mn in the current September quarter driven by product mix and operational efficiency. Profit After Tax galloped 61% YOY at Rs. 2037 Mn against Rs. 1269 Mn corresponding quarter previous year. Operating Expenditure jumped 29% YOY from Rs. 6882 Mn in Q2 FY17 to Rs. 8886 Mn in the current September quarter. On quarterly basis, operating expenditure declined 4% leading to robust operating margins. EBDITA margin expanded 372 basis points QOQ and 251 basis points yearly at 32.28% in the current quarter. Net Profit Margin too followed suit, rising 227 basis points sequentially and 264 basis points YOY. Net Profit Margin was reported at 16.19% against 13.56% same period previous quarter. One basis point is equal to 0.01%. Though operating expenditure was reined in, Depreciation, finance/interest costs & taxation grew 8%, 14%, 70% respectively in Q2 FY18. Other Income supported the bottom-line rising 18% YOY & 41% on quarterly basis in the current quarter. Other Income was reported at Rs. 366 Mn compared to Rs. 309 Mn corresponding quarter previous year.

Bharat Forge Limited (BFL), part of Kalyani Group is the world's largest forging company with transcontinental presence across ten manufacturing locations, serving automotive, power, oil and gas, construction & mining, rail, marine and aerospace. Bharat Forge manufactures a wide range of high performance, critical & safety components for the automotive & non-automotive sector.  It is India's largest manufacturer and exporter of automotive components and leading chassis component manufacturer in the world. Broadly, the revenue basket is divided into auto & industrials which grew 24% & 80% respectively YOY. Revenue can be further bifurcated into three streams, commercial vehicles, passenger vehicles & industrials. Commercial vehicles, Industrials & Passenger vehicles stood at Rs. 5495 Mn, Rs. 5354 Mn and Rs. 1044 Mn with yearly growth 29%, 79% & 2% respectively in Q2 FY18. Industrial segment contributed 45% to total revenue with 154% rise in international revenues whereas domestic growth was 19% in the current quarter.  Commercial vehicles contributed 45% growing domestically & internationally by 37% & 24% respectively. Passenger vehicles reported negative growth of 21% internationally whereas domestic growth was robust at 41% YOY.  The company has secured new orders worth $ 40 Mn annually across geographies and applications in the first half of FY18. Auto revenues are expected to rise further as auto industry is robust both in India and globally. On the other hand, industrials are supported by improved macro fundamentals globally. 

The company has also announced setting up of a Greenfield facility in Andhra Pradesh for light-weighting technology fully integrated facility to manufacture components, sub systems of light-weight material such as aluminium, magnesium and carbon fiber, for customers across the world including the EV space. The company will invest Rs. 2000 Mn in the first phase and the facility is expected to start production within 2 years. We recommend BUY for the stock for medium & long term investment with target price of Rs. 950. 

Disclaimer                                       

                                      

The information and opinions contained in the research reports have been compiled or arrived at from sources believed reliable but no representation or warranty, express or implied, is made as to their accuracy or completeness. The research report does not constitute a personal recommendation or take into account the particular investment objectives, financial situations, or needs of individual clients. Clients should consider whether any advice or recommendation in this research is suitable for their particular circumstances and, if appropriate, seek professional advice, including but not limited to tax advice. The reports do not take into account the particular investment objectives, financial situations, risk profile or needs of individual clients. The user assumes the entire risk of any use made of this information. This report is not to be relied upon in substitution for the exercise of independent judgment.

The price and value of investments referred to in this research and the income from them may fluctuate. Past performance is not a guide to future performance, future returns are not guaranteed, and a loss of original capital may occur.

Research data and reports published/ emailed/ text messaged via Short Messaging Services, Online Messengers, WhatsApp etc/transmitted through mobile application/s, including but not limited to FLIP™, Video Widget, telephony networks, print or electronic media and or those made available/uploaded on social networking sites (e.g. Facebook, Twitter, LinkedIn etc) is for informational purposes only. The reports are provided for assistance and are not intended to be and must not alone be taken as the basis for an investment decision. The user assumes the entire risk of any use made of this information. Though disseminated to clients simultaneously, not all clients may receive the reports at the same time. We will not treat recipients as clients by virtue of their receiving this report.

The reports include projections, forecasts and other predictive statements which represent our assumptions and expectations in the light of currently available information. These projections and forecasts are based on industry trends, circumstances and factors which involve risks, variables and uncertainties. The actual performance of the companies represented in the report may vary from those projected.

The opinions expressed in the reports are subject to change but we have no obligation to tell our clients when our opinions or recommendations change. The reports are non-inclusive and do not consider all the information that the recipients may consider material to investments.

We shall not be in any way responsible for any indirect, special or consequential damages that may arise to any person from any inadvertent error in the information contained in the reports nor do they take guarantee or assume liability for any omissions of the information contained therein. Information contained therein cannot be the basis for any claim, demand or cause of action. These data, reports and information do not constitute scientific publication and do not carry any evidentiary value whatsoever.

The user should consult their own advisors to determine the merits and risks of investment and also read the Risk Disclosure Documents for Capital Markets and Derivative Segments as prescribed by Securities and Exchange Board of India before investing in the Indian Markets. The securities discussed in this report may not be suitable for all investors. Investors must make their own investment decision based on their own investment objectives, goals and financial position and based on their own analysis. Prospective investors and others are cautioned that any forward-looking statements, if any, are not predictions and may be subject to change without notice.

This report may provide the addresses of, or contain hyperlinks to websites. Except to the extent to which the report refers to material we take no responsibility whatsoever for the contents therein. Such addresses or hyperlinks are provided solely for your convenience and information and the content of the linked site does not in any way form part of this report. Accessing such website or following such link through this report shall be at your own risk.

The author of this Research Report accepts no liability and will not in any way be responsible for the contents of this report or for any losses, costs, expenses, charges, including notional losses/lost opportunities incurred by a recipient as a result of acting or non-acting on any information/material contained in the report. This is not an offer to sell or a solicitation to buy any securities or an attempt to influence the opinion or behavior of investors or recipients or provide any investment/tax advice. The securities described herein may or may not be eligible for sale in all jurisdictions or to certain category of investors. Persons in whose possession this document may come are required to inform themselves of and to observe such restriction.

                                                      CEAT LTD – Q2 FY18

CEAT Ltd reported robust sequential growth in September quarter FY18. After a sluggish June quarter, consolidated PAT & EBDITA rebounded to normal levels on the back of lower raw material prices and controlled expenditure. PAT stood at Rs. 729 Mn against Rs. 1065 Mn corresponding period previous year and Rs. 14 Mn previous June quarter. EBDITA was reported at Rs. 1811 Mn in the current quarter against Rs. 1890 Mn in Q2 FY17 and Rs. 650 Mn in previous June quarter. Revenue was seen at Rs. 15230 Mn falling 5% YOY, compared to Rs. 15966 Mn same quarter previous year. On sequential basis, revenue declined 6% as GST impacted in the first two months of the quarter. Other Income jumped 1.8 times and was reported at Rs. 65 Mn against Rs. 37 Mn same quarter previous year. Operating expenditure declined 4% yearly and 14% sequentially with lower raw material cost & controlled expenses especially discretionary expenditure. Other expenses have fallen by 8.6% sequentially and 2.6% on yearly basis. EBDITA Margin improved mildly by 5 basis points YOY at 11.89% whereas Net Profit Margin declined 187 basis points at 4.79% in the current September quarter. On sequential basis margins were better jumping 790 & 471 basis points for EBDITA & Net Profit Margin respectively in Q2 FY18.

CEAT Ltd with market cap of Rs. 69325 Mn is a major player in two wheeler & passenger cars with market share of about 27%. Both Nagpur & Halol plants have been commissioned and ramp-up is underway. Nagpur plant is at 50% of its peak capacity and is 120 tons per day plant.  Halol plant is at about 70% from its peak capacity. Chennai expansion is underway which is solely dedicated to passenger cars where the company has currently around 10% market share. Ceat’s capex plans involve an outflow of about Rs. 16000 Mn – Rs. 18000 Mn between FY17-FY19.

With demonetization & GST impact discarded and lower rubber prices, CEAT Ltd is expected to improve its bottom-line in the coming quarters and report healthy growth. We recommend BUY for the stock for medium & long term investment with target price of Rs. 2200.

Disclaimer                                       

                                      

The information and opinions contained in the research reports have been compiled or arrived at from sources believed reliable but no representation or warranty, express or implied, is made as to their accuracy or completeness. The research report does not constitute a personal recommendation or take into account the particular investment objectives, financial situations, or needs of individual clients. Clients should consider whether any advice or recommendation in this research is suitable for their particular circumstances and, if appropriate, seek professional advice, including but not limited to tax advice. The reports do not take into account the particular investment objectives, financial situations, risk profile or needs of individual clients. The user assumes the entire risk of any use made of this information. This report is not to be relied upon in substitution for the exercise of independent judgment.

The price and value of investments referred to in this research and the income from them may fluctuate. Past performance is not a guide to future performance, future returns are not guaranteed, and a loss of original capital may occur.

Research data and reports published/ emailed/ text messaged via Short Messaging Services, Online Messengers, WhatsApp etc/transmitted through mobile application/s, including but not limited to FLIP™, Video Widget, telephony networks, print or electronic media and or those made available/uploaded on social networking sites (e.g. Facebook, Twitter, LinkedIn etc) is for informational purposes only. The reports are provided for assistance and are not intended to be and must not alone be taken as the basis for an investment decision. The user assumes the entire risk of any use made of this information. Though disseminated to clients simultaneously, not all clients may receive the reports at the same time. We will not treat recipients as clients by virtue of their receiving this report.

The reports include projections, forecasts and other predictive statements which represent our assumptions and expectations in the light of currently available information. These projections and forecasts are based on industry trends, circumstances and factors which involve risks, variables and uncertainties. The actual performance of the companies represented in the report may vary from those projected.

The opinions expressed in the reports are subject to change but we have no obligation to tell our clients when our opinions or recommendations change. The reports are non-inclusive and do not consider all the information that the recipients may consider material to investments.

We shall not be in any way responsible for any indirect, special or consequential damages that may arise to any person from any inadvertent error in the information contained in the reports nor do they take guarantee or assume liability for any omissions of the information contained therein. Information contained therein cannot be the basis for any claim, demand or cause of action. These data, reports and information do not constitute scientific publication and do not carry any evidentiary value whatsoever.

The user should consult their own advisors to determine the merits and risks of investment and also read the Risk Disclosure Documents for Capital Markets and Derivative Segments as prescribed by Securities and Exchange Board of India before investing in the Indian Markets. The securities discussed in this report may not be suitable for all investors. Investors must make their own investment decision based on their own investment objectives, goals and financial position and based on their own analysis. Prospective investors and others are cautioned that any forward-looking statements, if any, are not predictions and may be subject to change without notice.

This report may provide the addresses of, or contain hyperlinks to websites. Except to the extent to which the report refers to material we take no responsibility whatsoever for the contents therein. Such addresses or hyperlinks are provided solely for your convenience and information and the content of the linked site does not in any way form part of this report. Accessing such website or following such link through this report shall be at your own risk.

The author of this Research Report accepts no liability and will not in any way be responsible for the contents of this report or for any losses, costs, expenses, charges, including notional losses/lost opportunities incurred by a recipient as a result of acting or non-acting on any information/material contained in the report. This is not an offer to sell or a solicitation to buy any securities or an attempt to influence the opinion or behavior of investors or recipients or provide any investment/tax advice. The securities described herein may or may not be eligible for sale in all jurisdictions or to certain category of investors. Persons in whose possession this document may come are required to inform themselves of and to observe such restriction.

VOLTAS LTD - RESEARCH REPORT - Q2 FY18

MEGHMANI ORGANICS LTD- Q2 FY18

Meghmani Organics Ltd reported strong growth in September quarter FY18. Revenue or Income From Operations rose 11% YOY and stood at Rs. 4607 Mn compared to Rs. 4150 Mn in the current September quarter. Revenue growth has been on the back of 25% growth in exports & 13% growth in domestic business. Profit After Tax galloped at 69% and was reported at Rs. 551 Mn against Rs. 325 Mn corresponding quarter previous year and rose 27% sequentially. EBDITA grew 40% YOY at Rs.1134 Mn compared to Rs. 809 Mn same period previous year. Sequential growth was also robust at 18% in Q2 FY18. Operating costs of the company jumped 7% YOY from Rs. 3355 Mn in Q2 FY17 to Rs. 3579 Mn in the current September quarter. On quarterly basis, there was a decline of 3% in the current quarter.  EBDITA & PAT Margin stood at 24.61% & 11.96% expanding 512 & 412 BP respectively in the current quarter FY18. On sequential basis, EBDITA & Net Profit Margin grew 256 & 385 basis points respectively in Q2 FY18. Higher margins have been reported as raw material, interest costs & depreciation expenditure have declined buttressing the company’s quarterly bottom-line. Raw material costs as a percentage of Net Sales declined from 59.30% to 54.30% in the current September quarter. Interest/finance costs fell 24% YOY from Rs. 133 Mn to Rs. 101 Mn in Q2 FY18. The company has also increased its utilization rate to 78% and production has jumped 43% YOY in the current quarter. Other Income jumped more than 7 times at Rs. 106 Mn compared to Rs. Rs. 14 Mn same period previous year.

Meghmani Organics is a leading manufacturer of pigment & pesticide products in specialty chemicals industry. The company has three main segments, agrochemicals, pigments & basis chemicals contributing 41%, 30% & 26% respectively in the current quarter. Agrochemicals revenues grew 25% YOY and stood at Rs. 1950 Mn whereas Pigment & Chemicals jumped 7% & 13% at Rs. 1459 Mn & Rs. 1271 Mn respectively in current September quarter FY18. Exports have contributed around 50% of total revenues growing 25% YOY in the current quarter. Export growth was fueled by pigments up 39% & agrichemicals rising 26% YOY. Domestic business was supported by strong growth in agrochemicals & basic chemicals but was marginally offset by lower revenues from pigments. We recommend BUY for the stock for medium & long term investment with target price of Rs. 225.

Disclaimer                                       

                                      

The information and opinions contained in the research reports have been compiled or arrived at from sources believed reliable but no representation or warranty, express or implied, is made as to their accuracy or completeness. The research report does not constitute a personal recommendation or take into account the particular investment objectives, financial situations, or needs of individual clients. Clients should consider whether any advice or recommendation in this research is suitable for their particular circumstances and, if appropriate, seek professional advice, including but not limited to tax advice. The reports do not take into account the particular investment objectives, financial situations, risk profile or needs of individual clients. The user assumes the entire risk of any use made of this information. This report is not to be relied upon in substitution for the exercise of independent judgment.

The price and value of investments referred to in this research and the income from them may fluctuate. Past performance is not a guide to future performance, future returns are not guaranteed, and a loss of original capital may occur.

Research data and reports published/ emailed/ text messaged via Short Messaging Services, Online Messengers, WhatsApp etc/transmitted through mobile application/s, including but not limited to FLIP™, Video Widget, telephony networks, print or electronic media and or those made available/uploaded on social networking sites (e.g. Facebook, Twitter, LinkedIn etc) is for informational purposes only. The reports are provided for assistance and are not intended to be and must not alone be taken as the basis for an investment decision. The user assumes the entire risk of any use made of this information. Though disseminated to clients simultaneously, not all clients may receive the reports at the same time. We will not treat recipients as clients by virtue of their receiving this report.

The reports include projections, forecasts and other predictive statements which represent our assumptions and expectations in the light of currently available information. These projections and forecasts are based on industry trends, circumstances and factors which involve risks, variables and uncertainties. The actual performance of the companies represented in the report may vary from those projected.

The opinions expressed in the reports are subject to change but we have no obligation to tell our clients when our opinions or recommendations change. The reports are non-inclusive and do not consider all the information that the recipients may consider material to investments.

We shall not be in any way responsible for any indirect, special or consequential damages that may arise to any person from any inadvertent error in the information contained in the reports nor do they take guarantee or assume liability for any omissions of the information contained therein. Information contained therein cannot be the basis for any claim, demand or cause of action. These data, reports and information do not constitute scientific publication and do not carry any evidentiary value whatsoever.

The user should consult their own advisors to determine the merits and risks of investment and also read the Risk Disclosure Documents for Capital Markets and Derivative Segments as prescribed by Securities and Exchange Board of India before investing in the Indian Markets. The securities discussed in this report may not be suitable for all investors. Investors must make their own investment decision based on their own investment objectives, goals and financial position and based on their own analysis. Prospective investors and others are cautioned that any forward-looking statements, if any, are not predictions and may be subject to change without notice.

This report may provide the addresses of, or contain hyperlinks to websites. Except to the extent to which the report refers to material we take no responsibility whatsoever for the contents therein. Such addresses or hyperlinks are provided solely for your convenience and information and the content of the linked site does not in any way form part of this report. Accessing such website or following such link through this report shall be at your own risk.

The author of this Research Report accepts no liability and will not in any way be responsible for the contents of this report or for any losses, costs, expenses, charges, including notional losses/lost opportunities incurred by a recipient as a result of acting or non-acting on any information/material contained in the report. This is not an offer to sell or a solicitation to buy any securities or an attempt to influence the opinion or behavior of investors or recipients or provide any investment/tax advice. The securities described herein may or may not be eligible for sale in all jurisdictions or to certain category of investors. Persons in whose possession this document may come are required to inform themselves of and to observe such restriction.