Ashika Weekly report
Transcript of Ashika Weekly report
• Global markets have been concerned with rising inf lation in the US and
the chances of a retreat of monetary stimulus and tightening of rates
could spook emerging markets , as funds flows out to the developed
ones. Economic data set have also been strong from US, Eurozone to
Japan.
• Although, global economic recovery could just stop from being broad-
based because of r is ing covid-19 cases in many parts of the world.
• Despite the risks of second wave derail ing the economic growth, markets
haven’t factored anything adverse.
• This could be because of the fact that majority of the pol icymakers are
stil l on a wait and watch mode. Even the Q4FY21 corporate earnings
season has been a strong one and management have opined that the
ground reality is less severe than last year because of the better
preparedness and proactive approach to deal with contingencies .
• In fact the industrial production figures have depicted growth from last
year and retail inf lation has soothed.
• However , global rise in commodity prices would eventually be reflected
and so far managements have dealt with them through marginal price
hikes and cost optimization measures and hoping for the commodity
price inf lation to subside in next s ix months.
• Needless to say, the lockdowns in majority of states have resulted in
downgrades of FY22 GDP estimates, although earnings estimates haven’t
been revised lower .
• Among the major results declared this week, Godrej Consumer Products,
BASF, Granules India , Siemens, Apollo Tyres , Asian Paints, Pidil ite
Industries, UPL Ltd, Voltas, IEX, PolyCab India , Vedanta, Escorts,
Macrotech Developers , L&T posted decent or strong set of results while
Lupin, Cipla, Dr . Reddys, Indigo Paints are the ones which disappointed.
• While majority of management have outlined 2nd wave as a major risk
together with commodity inflation, they are hopeful of things looking up
in second half of the year .
ASHIKA GROUP
• Berger Paints: Tgt- 815• Chambal Fertilisers: Tgt- 304
1008, RAHEJA CENTRE, 214, NARIMAN POINT, MUMBAI-400 021, PH- 022 – 6611 1700, EXTN. - 704
WWW.ASHIKAGROUP.COM
ASHIKA GROUP
• Berger Paints is the second largest paint companies
in India with presence both in decorative and
industrial paint. The decorative paints contribute
80% to the annual topline. Berger paints commands
17% market share in the organized decorative
market paints category. With ~ 6 lakhs metric tonnes
of annual manufacturing capacity, Berger has
presence across all categories of Premium, Budget
and Economy products.
• It is believed that despite pandemic related
challenges, the long term growth story of decorative
paint remains intact with key growth drivers such as
shortening repainting cycle, rising aspirations and
urbanization level suggests a structural growth
story. Unlike industry leader, Berger Paints has high
revenue exposure from non-metros. Hence, it is
better positioned to cater to increased demand in
tier II , tier III cities where unorganized players have
had a significant hit due to supply issues.
Since Jan’21 the stock has witnessing
rangebound price action with prices taking
support around 700 levels for multiple
number of times. In the process the stock has
resulted in to form a bullish Symmetrical
Triangle formation. Hence the stock can be
bought with a price target of 815
CMP: Rs 749Target : Rs. 815 (+ 8.8%)
1008, RAHEJA CENTRE, 214, NARIMAN POINT, MUMBAI-400 021, PH- 022 – 6611 1700, EXTN. - 704
WWW.ASHIKAGROUP.COM
• Chambal Ferti l isers & Chemicals Ltd is India‟s largest
private sector Urea manufacturer. Its three hi -tech
nitrogenous fertil izer plants are located at Gadepan,
District Kota, Rajasthan, with an instal led capacity of
~3.3 mtpa , sold under „Uttam Veer‟ brand, primarily in
North and West India. It also trades in complex
ferti l izers l ike DAP, MOP, NPK ferti l izers, crop protection
chemicals ( insecticides, fungicides & herbicides), seeds,
sulphur, micro-nutrients, complex fertil isers and city
compost etc.
• Chambal is India‟s largest private Urea manufacturer
with robust distribution network and has set -up a new
Urea plant to bridge structural demand supply gap.
Company is well -placed to reap the benefits of reforms
such as amendment in Modif ied NPS -II I , DBT of ferti l izer
subsidy and possible steps towards removing price
regulations on Urea in the long term. Company’s
leadership in urea and eff icient operational performance
with the commissioning of Gadepan 3 should support
consistent earnings growth.
ASHIKA GROUP
The stock had been grinding around the
support zone of 210-220 for the past couple
of weeks. The said support level coincides
with the upward sloping trendline since
Mar’20 onward and the previous resistance
turned support of Apr’18. Presently price has
witnessed a surge with a large volume
buildup. Hence the stock can be bought
with a price target of 304
CMP: Rs 271Target : Rs. 304 (+ 12.0%)
1008, RAHEJA CENTRE, 214, NARIMAN POINT, MUMBAI-400 021, PH- 022 – 6611 1700, EXTN. - 704
WWW.ASHIKAGROUP.COM
ASHIKA GROUP
1008, RAHEJA CENTRE, 214, NARIMAN POINT, MUMBAI-400 021, PH- 022 – 6611 1700, EXTN. - 704
WWW.ASHIKAGROUP.COM
ASHIKA GROUP
Broader trend in the
market continues to be
positive though the new
trading range for the Index
l ies within 33300-34700. On
the oscillator front it had
trading in overbought
condition for an extended
period of t ime, now with
the requisite correction
Index in well placed
maintain its elongated
rally. Immediate support
emerge from the 200dma
placed at 33375
Index had been witnessing
whipsaws for the past couple
of weeks though in technical
parlance the crucial support
level of 1300 remains
perfectly in place. However ,
breach of which might drag
the Index lower towards i ts
50DMA at 1200-1205 levels .
1008, RAHEJA CENTRE, 214, NARIMAN POINT, MUMBAI-400 021, PH- 022 – 6611 1700, EXTN. - 704
WWW.ASHIKAGROUP.COM
• Industr ial production in the U.S. increased by less than
expected in the month of Apri l by 0.7 percent after
soaring by an upwardly revised 2.4 percent in March.
• First-time claims for U.S. unemployment benefits fell by
more than expected in the week ended May 8th to
473,000, a decrease of 34,000 from the previous week's
revised level of 507,000.
• Euro area industrial production rose 10.9 percent year-on-
year after a 1.8 percent fall in the previous month, which
was revised from 1.6 percent.
• Policymakers are looking forward to review the Eurozone
economic and inflation outlook, and the duration to
continue stimulus in the monetary policy session in June,
the minutes of the latest rate-setting session of the
European Central Bank showed Friday.
• Japan's leading index which measures the future
economic activity, grew to 103.2 in March from 98.9 in
February.
• Overall consumer prices in China were up 0.9 percent on
year in Apri l , shy of expectations for 1.0 percent and up
from 0.4 percent in March.
USA
Europe
Asia
ASHIKA GROUP
1008, RAHEJA CENTRE, 214, NARIMAN POINT, MUMBAI-400 021, PH- 022 – 6611 1700, EXTN. - 704
WWW.ASHIKAGROUP.COM
On the daily time frame
consecutive bear candle
carrying lower high low
indicates of an extended
breather after past five sessions
up move (14461-14966) and it
seems that , breakout above
the upper band of
consolidation (15000) has been
delayed. However it seems that
the Index is unlikely to breach
the key support threshold of
14200 as it coincides with the
100 days EMA and the 61.8%
retracement (13596-15432)
ASHIKA GROUP
1008, RAHEJA CENTRE, 214, NARIMAN POINT, MUMBAI-400 021, PH- 022 – 6611 1700, EXTN. - 704
WWW.ASHIKAGROUP.COM
The daily price action formed
consecutive bearing candle
with a lower high low signalling
corrective bias however it can
be expected that the index to
hold above the immediate
support area of 31500-32000 as
it coincides with the 61.8% of
preceding seven sessions up
move (30405-34287).
ASHIKA GROUP
1008, RAHEJA CENTRE, 214, NARIMAN POINT, MUMBAI-400 021, PH- 022 – 6611 1700, EXTN. - 704
WWW.ASHIKAGROUP.COM
India will have to invest heavi ly in infrastructure in order to recover
from the economic havoc brought on by the coronavirus pandemic,
even if that means going in for deficit financing, according to a UN
expert . (BS)
At the beginning of 2021, when S&P Global Ratings forecast Indian
gross domestic product growth at 11% for the coming financial year,
the number looked eminently achievable. (BS)
Industr ial production was up 22.4 per cent in March on a low year-
on-year (YoY) base against a 3.4 per cent contraction in February, the
data released by the National Statistical Office showed. (BS)
A sharp rise in exports in Apri l is giving a hope that the ambitious
target of USD 400 bill ion merchandise shipments can be achieved
this year, Commerce and Industry Minister Piyush Goyal said. (BS)
Indian retai l inflat ion likely eased to a three-month low in Apri l on
softening prices for vegetables and other perishable foods, a Reuters
poll suggested, bringing the headline rate closer to the midpoint of
the Reserve Bank of India’s medium- term target . (BS)
Localised lockdowns, a semiconductor shortage, and a surge in
Covid-19 cases at factories have led to a slowdown in mobile phone
manufacturing and sales in Apri l-May, heads of several companies
told Business Standard. (BS)
ASHIKA GROUP
1008, RAHEJA CENTRE, 214, NARIMAN POINT, MUMBAI-400 021, PH- 022 – 6611 1700, EXTN. - 704
WWW.ASHIKAGROUP.COM
Tata Consultancy Services has launched a cloud-based
subscription solution to help the media and publishing industry
transform customer experience and shift to subscription-based
order-to-cash processes for physical and digital content.
Cadila Healthcare said its wholly-owned Zydus Animal Health and
Investment Limited (ZAHL) has entered into a Business Transfer
Agreement with Zenex Animal Health India Private Limited to sell
its animal healthcare business for Rs 2,921 crore.
Hindustan Construction Company said it has in joint venture with
KEC International won a Rs 1,147 crore order from Chennai Metro
Rail . The stake of HCC in the JV is 51 per cent (Rs 585 crore) .
Lumax Group is investing Rs 250 crore in capital expenditure this
fiscal to set up an electronics plant at Bawal in Haryana and
augment capacity at the Sanand plant in Gujarat .
Dr Reddy's Lab has entered into a royalty-free, non-exclusive
voluntary licensing agreement with Eli Li l ly and Company for the
manufacture and commercialisation of Baricitinib in the country
for treatment of COVID19.
NBCC is in the race to acquire Jaypee Infratech under the
insolvency resolution process, have submitted revised bids and
improved their offers for financial creditors . According to sources,
NBCC and Suraksha group submitted their revised bids
ASHIKA GROUP
1008, RAHEJA CENTRE, 214, NARIMAN POINT, MUMBAI-400 021, PH- 022 – 6611 1700, EXTN. - 704
WWW.ASHIKAGROUP.COM
• Solara : Tpg Growth Iv Sf Pte Ltd Sell 1336495 Shares @ Rs. 1557.26
• Coforge : Axis Long Term Equity Fund Buy 617284 Shares @ Rs. 3240
• Solara : Aditya Bir la Sun Life Flexi Cap Fund Buy 390000 Shares @ Rs.
1552.05; Classic Opportunit ies Fund Buy 257823 Shares @ Rs.
1552.05; Aditya Bir la Sun Life Mutual Fund Buy 194000 Shares @ Rs.
1552.05
• Reliance Infrastructu Ltd : Indusind Bank Ltd Client A/C Sell 3332875
Shares @ Rs. 49.16
• Insect ic ides (India) Limi : Insect ic ides India Limited Buy 264000 Shares
@ Rs. 544.74
• Reliance Infrastructu Ltd : Indusind Bank Ltd Client A/C Sell 7240127
Shares @ Rs. 49.83
• Astec : Godrej Agrovet Ltd Buy 200000 Shares @ Rs. 1199.76
• Sakthi Sugars Ltd. : Asset Reconstruct ion Company India Limited Sell
902389 Shares @ Rs. 16.18
• Cyient : Cyient Associate Stock Option Scheme 2021 Trust Buy 600000
Shares @ Rs. 769.97
• ---
• Yaari i Dig Integr Ser Ltd : Bnp Paribas Arbitrage Buy 1000000 Shares
@ Rs. 91.2; Morgan Stanley Asia (Singapore) Pte. - Odi Buy 950000
Shares @ Rs. 90.9
• Rossell India Limited : Elara India Opportunit ies Fund Limited Sell
300000 Shares @ Rs. 126.47; Elara India Opportunit ies Fund Limited
Sell 215000 Shares @ Rs. 127.88
10.05.21
13.05.21
12.05.21
11.05.21
14.05.21
ASHIKA GROUP
1008, RAHEJA CENTRE, 214, NARIMAN POINT, MUMBAI-400 021, PH- 022 – 6611 1700, EXTN. - 704
WWW.ASHIKAGROUP.COM
Asian Paints : Net Revenue at Rs. 6651 .4 crore, +43 .5% YoY and -2.0% QoQ.
EBITDA at Rs. 1318 .3 crore, +53 .4% YoY and -26.3% QoQ. EBITDA Margin at
19.8%, +128 bps YoY -652 bps QoQ. Net Profi t at Rs. 869.9 crore . +81 .1%
YoY and -31 .3% QoQ.
Larsen & Toubro Ltd . : Net Revenue at Rs. 48087.9 crore, +8.7% YoY and
+35.1% QoQ. EBITDA at Rs. 8205.4 crore, +16.3% YoY and +35.3% QoQ.
EBITDA Margin at 17.1%, +111 bps YoY and +2 bps QoQ. Net Profi t at Rs.
3820.2 crore, +11 .4% YoY and +44.2% QoQ.
Pidi l i te Industr ies : Net Revenue at Rs. 2235.5 crore, +44.7% YoY and -2.8%
QoQ. EBITDA at Rs . 460.8 crore, +53 . 1% YoY and -28. 1% QoQ. EBITDA
Margin at 20.6%, +113 bps YoY and -726 bps QoQ. Net Profi t at Rs. 307.4
crore, +96.4% YoY and -31 .1% QoQ.
Dr . Reddys Laboratories Ltd . : Net Revenue at Rs. 4768.2 crore, +7.2% YoY
and -3.5% QoQ. EBITDA at Rs. 1053 .2 crore, +11% YoY and +95.3% QoQ.
EBITDA Margin at 22.1%, +75 bps YoY and +1118 bps QoQ. Net Profi t at Rs.
557.3 crore, -28.7% YoY and +1897.5% QoQ.
Cipla Ltd . : Net Revenue at Rs. 4606.5 crore, +5 .3% YoY and -10.9% QoQ.
EBITDA at Rs. 796.2 crore, +25.7% YoY and -35.3% QoQ. EBITDA Margin at
17.3%, +281 bps YoY and +-653 bps QoQ. Net Profit at Rs. 411 .5 crore,
+72.5% YoY and -45.2% QoQ.
Lupin: Net Revenue at Rs. 3783.1 crore , - 1 .6% YoY and -5.8% QoQ. EBITDA
at Rs. 707.6 crore, +34.7% YoY and -9.1% QoQ. EBITDA Margin at 18.7%,
+504 bps YoY and +-68 bps QoQ. Net Profit at Rs. 464.4 crore, +18.7% YoY
and +5.2% QoQ.
UPL: Net Revenue at Rs. 12796.0 crore, +14 .9% YoY and +40.2% QoQ.
EBITDA at Rs. 2651 .0 crore, +39.2% YoY and +20.4% QoQ. EBITDA Margin
at 20.7%, +363 bps YoY and +-341 bps QoQ. Net Profi t at Rs. 1361 .0 crore,
+73 .6% YoY and +44.2% QoQ.
ASHIKA GROUP
1008, RAHEJA CENTRE, 214, NARIMAN POINT, MUMBAI-400 021, PH- 022 – 6611 1700, EXTN. - 704
WWW.ASHIKAGROUP.COM
ASHIKA GROUP
DATE FII CASH DII NET
10-May-21
11-May-21
12-May-21
13-May-21
14-May-21
Total
MTD
YTD
1008, RAHEJA CENTRE, 214, NARIMAN POINT, MUMBAI-400 021, PH- 022 – 6611 1700, EXTN. - 704
WWW.ASHIKAGROUP.COM
ASHIKA GROUP
1008, RAHEJA CENTRE, 214, NARIMAN POINT, MUMBAI-400 021, PH- 022 – 6611 1700, EXTN. - 704
WWW.ASHIKAGROUP.COM
Indian Rupee remained
subdued this week. With
possible RBI intervention
around 73.30 levels, rupee
has been facing difficulty to
rise further. The currency is
l ikely to remain range
bound move next week as
well unless any wild swings
are seen in dollar globally.
ASHIKA GROUP
1008, RAHEJA CENTRE, 214, NARIMAN POINT, MUMBAI-400 021, PH- 022 – 6611 1700, EXTN. - 704
WWW.ASHIKAGROUP.COM
ASHIKA GROUP
1008, RAHEJA CENTRE, 214, NARIMAN POINT, MUMBAI-400 021, PH- 022 – 6611 1700, EXTN. - 704
WWW.ASHIKAGROUP.COM
ASHIKA GROUP
1008, RAHEJA CENTRE, 214, NARIMAN POINT, MUMBAI-400 021, PH- 022 – 6611 1700, EXTN. - 704
WWW.ASHIKAGROUP.COM
The Index has been on a
significant uptrend with
successive higher high
formation. Since mid
Aug’20 the Index has been
trading decisively within
the upward sloping
channel l ine. However the
elevated support for the
Index now lies around 190-
195, breach of which might
distort the existing
uptrend and corrective
decline towards the
200DMA at 175-177 can be
seen.
Prices came under pressure
during the week as a broader
surge in commodity prices,
labor shortage and much
stronger-than-expected
consumer prices data this
week have stoked inflation
concerns that could force the
U.S. Federal Reserve to raise
interest rates. Raising rates
typically boosts the U.S.
dollar , which in turn
pressures oil prices because
it makes crude more
expensive for holders of other
currencies
ASHIKA GROUP
1008, RAHEJA CENTRE, 214, NARIMAN POINT, MUMBAI-400 021, PH- 022 – 6611 1700, EXTN. - 704
WWW.ASHIKAGROUP.COM
CORPORATE ACTION
ASHIKA GROUP
1008, RAHEJA CENTRE, 214, NARIMAN POINT, MUMBAI-400 021, PH- 022 – 6611 1700, EXTN. - 704
WWW.ASHIKAGROUP.COM
OFSS 17-May-21 3694.5 200.00 5.41
CAPPL 18-May-21 591.1 1.50 0.25
COFORGE 18-May-21 3348.8 13.00 0.39
SUNDRMFAST 18-May-21 680.3 3.40 0.50
VISAKAIND 18-May-21 615.2 10.00 1.63
IRBINVIT 19-May-21 55.7 0.00
POWERINDIA 19-May-21 1709.7 2.00 0.12
MINDSPACE 20-May-21 290.0 0.00
KENNAMET 24-May-21 1163.9 20.00 1.72
WELSPUNIND 24-May-21 101.3 0.15 0.15
AVANTEL 27-May-21 427.7 4.00 0.94
CIGNITI 27-May-21 376.0 2.50 0.66
JMFINANCIL 28-May-21 79.3 0.50 0.63
TATACOFFEE 28-May-21 160.5 1.50 0.93
HDFC 31-May-21 2421.8 23.00 0.95
INFY 31-May-21 1316.8 15.00 1.14
HUHTAMAKI 9-Jun-21 269.9 3.00 1.11
RALLIS 9-Jun-21 311.7 3.00 0.96
ASIANPAINT 10-Jun-21 2773.6 14.50 0.52
NAM-INDIA 10-Jun-21 341.5 5.00 1.46
TATACONSUM 10-Jun-21 645.1 4.05 0.63
VTMLTD 10-Jun-21 25.1 0.60 2.40
HINDUNILVR 14-Jun-21 2376.8 17.00 0.72
TATACHEM 14-Jun-21 702.7 10.00 1.42
LINDEINDIA 16-Jun-21 1719.5 3.00 0.17
SRTRANSFIN 16-Jun-21 1327.4 6.00 0.45
TATAINVEST 16-Jun-21 1067.8 24.00 2.25
KANSAINER 17-Jun-21 555.1 4.00 0.72
TATAPOWER 17-Jun-21 101.5 1.55 1.53
TATASTEEL 17-Jun-21 1132.1 25.00 2.21
SUPREMEIND 21-Jun-21 2122.3 17.00 0.80
BEPL 22-Jun-21 155.4 1.00 0.64
SUPPETRO 25-Jun-21 700.8 12.50 1.78
HAPPSTMNDS 29-Jun-21 728.8 3.00 0.41
HDFCLIFE 30-Jun-21 670.8 2.02 0.30
VAIBHAVGBL 30-Jun-21 855.8 1.50 0.18
ASTEC - 1257.5 1.50 0.12
ATUL - 8201.6 20.00 0.24
BAJAJ-AUTO - 3848.4 140.00 3.64
BAJAJFINSV - 10968.1 3.00 0.03
BAJAJHLDNG - 3500.4 40.00 1.14
BAJFINANCE - 5328.0 10.00 0.19
BASF - 2466.6 10.00 0.41
BLUEDART - 5241.0 15.00 0.29
CARBORUNIV - 567.6 1.50 0.26
CHOLAFIN - 526.6 0.70 0.13
CHOLAHLDNG - 565.2 0.55 0.10
COROMANDEL - 768.6 6.00 0.78
DCMSHRIRAM - 677.8 3.80 0.56
DWARKESH - 51.1 1.25 2.45
GODREJAGRO - 528.8 8.00 1.51
GRANULES - 321.7 0.75 0.23
GRINDWELL - 1209.7 9.50 0.79
HEROMOTOCO - 2811.0 35.00 1.25
HIL - 3747.2 25.00 0.67
HSIL - 199.5 4.00 2.01
ICRA - 3184.9 27.00 0.85
KAYCEEI - 2950.0 30.00 1.02
M&MFIN - 151.1 0.80 0.53
MAHEPC - 140.9 1.20 0.85
MAHLOG - 534.9 2.50 0.47
MAHSCOOTER - 3380.5 50.00 1.48
NAVINFLUOR - 3142.5 6.00 0.19
ORIENTELEC - 280.3 1.25 0.45
PONNIERODE - 192.5 5.00 2.60
SAINTGOBAIN - 75.0 1.00 1.33
SESHAPAPER - 153.7 2.50 1.63
SHRIRAMCIT - 1574.6 13.00 0.83
SKFINDIA - 2313.3 14.50 0.63
SKYIND - 91.0 1.00 1.10
SWARAJENG - 1550.4 69.00 4.45
TECHM - 952.0 30.00 3.15
VSTIND - 3172.6 114.00 3.59
WENDT - 3345.3 20.00 0.60
ZYDUSWELL - 2145.0 5.00 0.23
CORPORATE ACTION
ASHIKA GROUP
1008, RAHEJA CENTRE, 214, NARIMAN POINT, MUMBAI-400 021, PH- 022 – 6611 1700, EXTN. - 704
WWW.ASHIKAGROUP.COM
CORPORATE ACTION
ASHIKA GROUP
1008, RAHEJA CENTRE, 214, NARIMAN POINT, MUMBAI-400 021, PH- 022 – 6611 1700, EXTN. - 704
WWW.ASHIKAGROUP.COM
CORPORATE ACTION
ASHIKA GROUP
1008, RAHEJA CENTRE, 214, NARIMAN POINT, MUMBAI-400 021, PH- 022 – 6611 1700, EXTN. - 704
WWW.ASHIKAGROUP.COM
ASHIKA GROUP
1008, RAHEJA CENTRE, 214, NARIMAN POINT, MUMBAI-400 021, PH- 022 – 6611 1700, EXTN. - 704
WWW.ASHIKAGROUP.COM
ASHIKA GROUP
1008, RAHEJA CENTRE, 214, NARIMAN POINT, MUMBAI-400 021, PH- 022 – 6611 1700, EXTN. - 704
WWW.ASHIKAGROUP.COM
Ashika Stock Broking Limited (“ASBL”) started its journey in the year 1994, and is presently offering a wide
bouquet of services to its valued clients including broking services, depository services and distributorship of
financial products (Mutual funds, IPO & Bonds). It became a “Research Entity” under SEBI (Research Analyst)
Regulations 2014 in the year of 2015 (Reg No. INH000000206).
ASBL is a wholly owned subsidiary of Ashika Global Securities (P) Ltd., a RBI registered non-deposit taking
NBFC Company. ASHIKA GROUP (details enumerated on our website www.ashikagroup.com) is an integrated
financial service provider inter alia engaged in the business of Investment Banking, Corporate Lending,
Commodity Broking, Debt Syndication & Other Advisory Services.
There were no significant and material disciplinary actions against ASBL taken by any regulatory authority
during last three years except routine matters.
The research recommendations and information are solely for the personal information of the authorized recipient and does not construe
to be an offer document or any investment, legal or taxation advice or solicitation of any action based upon it. This report is not for public
distribution or use by any person or entity, where such distribution, publication, availability or use would be contrary to law, regulation or
subject to any registration or licensing requirement. We will not treat recipients as customer by virtue of their receiving this report. The
report is based upon the information obtained from public sources that we consider reliable, but we do not guarantee its accuracy or
completeness. ASBL shall not be in anyways responsible for any loss or damage that may arise to any such person from any inadvertent
error in the information contained in this report. The recipients of this report should rely on their own investigations.
Research reports are being prepared and distributed by ASBL in the sole capacity of being a Research Analyst under SEBI (Research
Analyst) Regulations 2014. The following disclosures and disclaimer are an essential part of any Research Report so being distributed.
•ASBL or its associates, its Research Analysts (including their relatives) may have financial interest in the subject company(ies). And, the
said financial interest is not limited to having an open stock market position in /acting as advisor to /having a loan transaction with the
subject company(ies) apart from registration as clients.
•ASBL or its Research Analysts (including their relatives) do not have any actual / beneficial ownership of 1% or more of securities of the
subject company(ies) at the end of the month immediately preceding the date of publication of the source research report or date of the
concerned public appearance. However, ASBL's associates may have actual / beneficial ownership of 1% or more of securities of the
subject company(ies).
•ASBL or its Research Analysts (including their relatives) do not have any other material conflict of interest at the time of publication of the
source research report or date of the concerned public appearance. However, ASBL's associates might have an actual / potential conflict of
interest (other than ownership).
•ASBL or its associates may have received compensation for investment banking, merchant banking, brokerage services and for other
products and services from the subject companies during the preceding 12 months. However, ASBL or its associates or its Research
analysts (forming part of Research Desk) have not received any compensation or other benefits from the subject companies or third
parties in connection with the research report/ research recommendation. Moreover, Research Analysts have not received any
compensation from the companies mentioned in the research report/ recommendation in the past twelve months.
•The subject companies in the research report/ recommendation may be a client of or may have been a client of ASBL during the twelve
months preceding the date of concerned public appearance for investment banking/ merchant banking / brokerage services.
•ASBL or their Research Analysts have not managed or co–managed public offering of securities for the subject company(ies) in the past
twelve months. However, ASBL's associates may have managed or co–managed public offering of securities for the subject company(ies)
in the past twelve months.
•Research Analysts have not served as an officer, director or employee of the companies mentioned in the report/ recommendation.
•Neither ASBL nor its Research Analysts have been engaged in market making activity for the companies mentioned in the report /
recommendation.
DISCLOSURE
DISCLAIMER