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This Report is published by SSJ Finance & Securities Pvt. Limited (hereinafter referred to as “SSJ”) for private circulation. SSJ is a registered Stock Broker with National Stock Exchange of India Limited, BSE Limited and Metropolitan Stock Exchange of India Limited in cash, derivatives and currency derivatives segments. It is also having registration as a Depository Participant with CDSL. SSJ has applied for registration as Research Analyst under SEBI (Research Analyst) Regulations, 2014.

SSJ has other business divisions with independent research teams separated by Chinese walls, and therefore may, at times, have different or contrary views on stocks and markets.

SSJ or its associates has not been debarred / suspended by SEBI or any other regulatory authority for accessing / dealing in securities Market. SSJ or analyst or his relatives do not hold any financial interest in the subject company. Associates may have such interest in its ordinary course of business as a distinct and independent body. SSJ or its associates or Analyst do not have any conflict or material conflict of interest at the time of publication of the research report with the company covered by Analyst. SSJ or its associates or Analyst or his relatives do not hold beneficial ownership of 1% or more in the subject company at the end of the month immediately preceding the date of publication of this research report.

SSJ or its associates / analyst has not received any compensation / managed or co-managed public offering of securities of the company covered by Analyst during the past twelve months. SSJ or its associates has not received any compensation or other benefits from the company covered by Analyst or third party in connection with the research report. Analyst has not served as an officer, director or employee of subject company and SSJ / analyst has not been engaged in market making activity of the subject company.

This document has been prepared by SSJ Finance & Securities Private Limited (SSJF). SSJF and its group/associate is/are a full service integrated broking house.

This document is provided for assistance only and is not intended to be and must not alone be taken as the basis for an investment decision. The investment discussed or views expressed may not be suitable for all investors. This document does not constitute an offer or solicitation for the purchase or sale of any financial instrument or as an official confirmation of any transaction. All market prices, net assets values, units, quantities, loads, brokerages, service taxes and other levies are subject to change without notice. The investments in financial products could be illiquid for long period of time and the markets for these products may disappear and the price discovery may not exist. Also the value, income, appreciation, returns, yield of any of the securities or financial instruments mentioned in this statement are based on current market conditions and subject to change. The levels and bases of, and relief from, taxation can change. SSJF acts merely as a broker cum distributor and is not a custodian of these securities or financial instruments. Please note, however, that some data has been derived from sources that we believe to be reliable but is not guaranteed. Please review this information for accuracy as SSJF cannot be responsible for omitted or misstated data. This report is not directed or intended for distribution to, or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction, where such distribution, publication, availability or use would be contrary to law, regulation or which would subject SSJF and affiliates/ group companies to any registration or licensing requirements within such jurisdiction. The distribution of this document in certain jurisdictions may be restricted by law, and persons in whose possession this document comes, should inform themselves about and observe, any such restrictions. This information is subject to change without any prior notice. SSJF reserves the right to make modifications and alterations to this statement as may be required from time to time. However, SSJF is under no obligation to update or keep the information current. Nevertheless, SSJF is committed to providing independent and transparent recommendation to its client and would be happy to provide any information in response to specific client queries. Neither SSJF nor any of its affiliates, group companies, directors, employees, agents or representatives shall be liable for any damages whether direct, indirect, special or consequential including lost revenue or lost profits that may arise from or in connection with the use of the information. The information given in this document is as of the date of this report and there can be no assurance that future results or events will be consistent with this information. Please note that past performance of Capital / Debt Market / Financial Products / Instruments does not necessarily indicate the future prospects and performance thereof. SSJF may have included statements / opinions / recommendations in this document which may contain words or phrases such as “will”, “expect”, “should” and similar expressions or variations of such expressions, that could be “forward looking statements”.

Actual results may differ materially from those suggested by the forward looking statements due to risks or uncertainties associated with our expectations with respect to, but not limited to, exposure to market risks, general economic and political conditions in India and other countries globally, which have an impact on our services and/or investments, the monetary and interest policies of India, inflation, deflation, unanticipated turbulence in interest rates, foreign exchange rates, equity prices or rates or prices, the performance of the financial markets in India and globally, changes in domestic and foreign laws, regulations and taxes and changes in competition in the industry. By their nature, certain market risk disclosures are only estimates and could be materially different from what actually occurs in the future. As a result, actual future gains or losses could materially differ from those that have been estimated. SSJF generally prohibits its analysts, persons reporting to analysts and their dependents from maintaining a financial interest in the securities or derivatives of any companies that the analysts cover. The disclosures of interest statements if any, incorporated in this document are provided solely to enhance the transparency and should not be treated as endorsement of the views expressed in the report. The analyst for this report certifies that all of the views expressed in this report accurately reflect his or her personal views about the subject company or companies and its or their securities, and no part of his or her compensation was, is or will be, directly or indirectly related to specific recommendations or views expressed in this report. SSJF is not liable for any delay in the receipt of this statement. SSJF and affiliates, group companies, officers, directors and employees may: (a) from time to time, have long or short positions in, and buy or sell the securities thereof, of company (ies) mentioned herein or (b) be engaged in any other transaction involving such securities and earn brokerage or other compensation or act as advisor or lender/borrower to such company (ies) or have other potential conflict of interest with respect to any recommendation and related information and opinions. The said persons may have acted upon and/or in a manner contradictory with the information contained here. This document is intended to be used only by resident Indians, non-resident Indians, persons of Indian origin, subject to the applicable laws and regulations of any Indian or foreign regulatory authority. The information contained in this document is strictly confidential and is intended for the use by recipient only. Receipt and review of this document constitutes your agreement not to circulate, redistribute, retransmit or disclose to others the contents, opinions, conclusion, or information contained herein, in whole or in part, or in any form or manner, without the express written consent of SSJF. In the preparation of the material contained in this document, SSJF has used information that is publicly available, including information developed in-house Information gathered & material used in this document is believed to be from reliable sources and is given in good faith. SSJF however does not warrant the accuracy, reasonableness and/or completeness of any information. Investments in Capital / Debt Market / Financial Products / Instruments are subject to market risks and yields and may fluctuate depending on various factors affecting capital/debt markets.
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