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Religare Morning Digest
May 23, 2018
Nifty Outlook
VWAP (Expiry till date) Max OI (Call) Max OI (Put)
NIFTY 10700 10800 10500
In yet another volatile trading session the Indian market opened on a flat note on back of mixed Asian clues. The Nifty Index ended marginally in the green to close at 10,537 levels or 0.2% higher. The broader market indices outperformed, with BSE Smallcap & Midcap closing with gains of 0.7% each. The sectoral indices exhibited mixed trend. Auto, Capital Goods, Metals and Healthcare were outperformers, up in range of 0.7-1.7%. However Oil & Gas, FMCG and Energy ended with losses. Amongst the global markets, both Asian and European markets traded on mixed note.
After a sharp fall over the last few sessions, the Indian markets have registered a marginal recovery. While the gains could extend further in the coming sessions, we continue to maintain a cautious stance in the near term with lack of any major positive triggers. Market participants would keep close watch on rupee-dollar movement, crude oil prices and last leg of corporate earnings season. Volatility in the Indian markets is likely to remain high and hence we advise traders to hedge their leveraged position while investors to buy fundamentally sound stocks on dips.
Sectors to watch
Sector Name Outlook
AUTO STABLE
IT STABLE
FMCG STABLE
News Religare Super Ideas**
FII & DII Cash Segment (Rs. in Cr.)
Category Amt. MTD FYTD
FII** -496 -6421 -17047
DII** 1191 8576 17699
Derivative Ideas **
Jamna Auto Industries reported a jump in its revenue growth by 55.9% at Rs 596.7 cr in Q4FY18. Its EBIDTA was up 49.6% at Rs 89.4 cr and margin at 15%. Its net profit grew by 33.5%.
Pharma major Dr. Reddy's Laboratories reported profit at Rs 302 cr and revenue at Rs 3,535 cr for Q4FY18. Its operating profit stood at Rs 577.7 cr with margin of 16.3%.
SBI posted Q4FY18 numbers with loss of Rs 7,718 cr, primarily due to a surge in provisions. However it reported a rise of 18.6% in its consolidated net income to Rs 68,436.1 cr. On the assets front, SBI’s gross NPAs (non-performing assets) surged to 10.91% while its net NPA escalated to 5.73% in Q4FY18 versus 3.7% as on Q4FY17.
**Provisional data as on 21st May 2018
Scrip Buy/Sell CMP Initiation
Range SL* Target
SRTRANSFIN BUY 1447.25 1430-1440 1390 1510
TATACOMM SELL
FUTS 616.05 625-630 645 595
Instrument B/S Lot INITIATION
RANGE SL
TAR-GET
NMDC SELL FUTS
6000 115.30-115.80
117.80
110
**Please note that the given technical and derivative recommendations are
"valid for taking position" only on recommended date and in the given range.
*Please note - Stoploss is on closing basis for delivery recommendation and
intraday basis for futures recommendation.
Trade Stats
NO OF CON-
TRACTS
TURNOVER IN CR
IDXFUTS 182858 16303
IDXOPT 5991698 566813
STKFUTS 929912 59182
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Religare Morning Digest
May 23, 2018
Investment Pick - Navneet Education Ltd.
Navneet Education Ltd. (NEL) delivered subdued set of numbers for Q4FY18 in which Revenue grew by 3.5% yoy. The EBITDA de-grew by 18.1%, as EBITDA margin shrunk to 11.2% in Q4FY18. Net profit for the quarter de-grew by 10.7%.
Nonetheless, We maintain buy on the stock as syllabus change in Maharashtra and Gujarat in FY19 and introduction of new workbooks (Indiannica) augur well for NEL’s publication revenue growth. Further, continuous branding effort and higher exports will drive growth in the stationery segment.
Scrip CMP Target Duration Recommendation Price
Navneet Education Ltd. 134.5 188 9-12 Months 139
NMDC is trading bearish on charts and is near its resistance zone 115-115.50. Current chart pattern
also indicates further decline in its price. We suggest selling NMDC Futs as per below levels.
Strategy: Sell NMDC Futs between 115.30-115.80, SL-117.80, TGT – 110 for 4-6 trading sessions.
Derivative Ideas Religare Super Ideas Religare Super Ideas Religare Super Ideas
Shriram Transport Finance Company Limited (SRTRANSFIN)
Tata Communications Limited (TATACOMM)
After a decent correction from its record high, SRTRANSFIN has rebounded strongly today i.e. on
May 22 and has a formed a fresh buying pivot on chart. Further, it has settled near day’s high,
indicating buying strength. We advise traders to initiate fresh long positions as per the mentioned
levels.
TATACOMM has been trading closer to the lower band of its four months long distribution phase
and likely to witness breakdown from the same in near future. We advise using any intraday bounce
to initiate fresh short positions in the given range.
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Religare Morning Digest
May 23, 2018
Religare Investment Calls
Name of the Company Reco Date Reco Price Target Price Upside % Previous day Closing Price
CRISIL 01-Aug-17 1,858 2,419 30.2% 1,630.9
LIC Housing Finance 09-Aug-17 681 748 9.8% 481.3
The Byke Hospitality 17-Aug-17 195 242 24.1% 172.4
Tata Communications 18-Sept-17 708 822 16.1% 613.2
Force Motors 25-Jan-18 3,250 4,197 29.1% 2,716.6
Swaraj Engines Ltd 25-Jan-18 1,989 2,426 22.0% 1,973.8
Nilkamal Ltd. 30-Jan-18 1,837 2,231 21.5% 1,668.2
APL Apollo Tubes 31-Jan-18 2,255 2,559 13.5% 1,908.1
Symphony Ltd. 31-Jan-18 1,815 2,160 19.0% 1,460.3
Manpasand Beverages 1-Feb-18 378 483 27.8% 448.2
Bharat Electronics Ltd. 7-Feb-18 149 217 45.6% 117.1
Kajaria Ceramics Ltd. 7-Feb-18 589 775 31.5% 550.2
Mold-Tek Packaging 8-Feb-18 346 379 9.5% 326.3
Srikalahasthi Pipes Ltd 8-Feb-18 354 429 21.2% 304.9
Castrol India Ltd 12-Feb-18 199 238 19.6% 167.4
Eicher Motors Ltd 12-Feb-18 27,748 34,600 24.7% 29,929.6
Avanti Feeds 12-Feb-18 2,504 2,980 19.0% 1,981.7
Talwalkars Better Value Fitness 12-Feb-18 304 350 15.1% 50.8
NRB Bearings 14-Feb-18 165 198 20.0% 159.7
S Chand & Company 14-Feb-18 472 640 35.6% 362.8
Sutlej Textiles 15-Feb-18 84 105 25.2% 56.1
Minda Corporation 15-Feb-18 203 231 13.8% 171.0
Wonderla Holidays 16-Feb-18 386 411 6.5% 365.6
Garware Wall Ropes Ltd 16-Feb-18 950 1,074 13.1% 930.6
Fiem Industries 19-Feb-18 899 1,315 46.3% 850.8
SML Isuzu 22-Feb-18 795 1,114 40.1% 770.5
Asian Granito India Ltd. 22-Feb-18 498 642 28.9% 436.9
Time Technoplast 23-Feb-18 185 249 34.6% 136.4
Century Plyboards 27-Feb-18 326 368 12.9% 270.9
Supreme Industries Ltd. 03-Apr-18 1,195 1,473 23.3% 1,281.2
Prabhat Dairy Ltd. 02-May-18 179 230 28.8% 177.7
Navneet Education 17-May-18 139 188 35.3% 134.5
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Religare Morning Digest
May 23, 2018
Corporate Action Calendar — May 2018 (Cash Dividend)
Sun Mon Tue Wed Thu Fri Sat
20 21
Merck Ltd/India
Mold-Tek Technologies
Ltd
Mold-Tek Packaging Ltd
22
Raymond Ltd
R Systems International Ltd
23
GHCL Ltd
Gateway Distriparks Ltd
24
DCB Bank Ltd
Trident Ltd/India
Ingersoll Rand India Ltd
25
ITC Ltd
26
Economic Calendar — May 2018
Sun Mon Tue Wed Thu Fri Sat
20 21
22
23
24
25
Eight Infrastructure Industries
26
Corporate Action Calendar — May 2018 (Acquisition)
Date Target Company Acquirer Company
5/24/2018
5/25/2018
Zandu Realty Ltd
Envair Electrodyne Ltd
Emami Infrastructure Ltd
Private Investor
Corporate Action Calendar — May 2018 (Stock Split)
Sun Mon Tue Wed Thu Fri Sat
20 21 22 23 24 25 26
Corporate Action Calendar — May 2018 (Stock Dividend)
Sun Mon Tue Wed Thu Fri Sat
20 21
GM Breweries Ltd
22
23
Coastal Corp Ltd
24
25
26
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Religare Morning Digest
May 23, 2018
Result Calendar — May 2018
Su Mon Tue Wed Thu Fri Sat
20 21
63 Moons Technologies Ltd
ABans Enterprises Ltd
ACTION CONSTRUCTION
EQUIPMENT LTD.
ALCHEMIST LTD.
AMALGAMATED ELECTRICITY
CO.LTD.
ALCHEMIST REALTY LTD.
ASHIANA AGRO INDUSTRIES
LTD.
ASIAN VEGPRO INDUSTRIES
LTD.
Aster DM Healthcare Ltd
ASTRAZENECA PHARMA INDIA
LTD.
ATV PROJECTS INDIA LTD.
AYM Syntex Ltd
BOMBAY BURMAH TRADING
CORP.LTD.
BHAGIRADHA CHEMICALS &
INDUSTRIES LTD.
Bigbloc Construction Ltd
BALMER LAWRIE INVEST-
MENTS LTD.
B & A LTD.
BOMBAY WIRE ROPES LTD.
CCL PRODUCTS (INDIA) LTD.
CIGNITI TECHNOLOGIES LTD.
COLGATE-PALMOLIVE (INDIA)
LTD.
22
Aditya Consumer Market-
ing Ltd
ALLCARGO LOGISTICS
LTD.
ANDHRA BANK
APL APOLLO TUBES LTD.
ANDHRA PRADESH TAN-
NERIES LTD.
Aditya Vision Ltd
AXTEL INDUSTRIES LTD.
BALLARPUR INDUSTRIES
LTD.
BATA INDIA LTD.
BATLIBOI LTD.-$
BEMCO HYDRAULICS LTD.
BHARAT FORGE LTD.
BLS International Services
Ltd
BOSCH LTD.
CAPITAL TRUST LTD.
CARE Ratings Ltd
CIL SECURITIES LTD.
CIPLA LTD.
CRESTCHEM LTD.
DHANUKA AGRITECH
LTD.
DR.REDDY'S LABORATO-
RIES LTD.
ELEGANT MARBLES &
23
ADC India Communications
Limited
AMRIT CORP.LTD.
Apollo Pipes Ltd.
ARCHIES LTD.
ARIES AGRO LTD.
ASIT C.MEHTA FINANCIAL
SERVICES LTD.
Arihant Superstructures Lim-
ited
ASTRAL POLY TECHNIK LTD.
ATLAS CYCLES (HARYANA)
LTD.
BAJAJ ELECTRICALS LTD.
BAYER CROPSCIENCE LTD.
BIRLA COTSYN (INDIA) LTD.
BLACK ROSE INDUSTRIES
LTD.
BPL LTD.
Blue Pearl Texspin Limited
CESC LTD.
CHEVIOT CO.LTD.
CHAMBAL BREWERIES &
DISTILLERIES LTD.
CL Educate Ltd.
CORAL LABORATORIES LTD.
COSMO FILMS LTD.
CUBICAL FINANCIAL SER-
VICES LTD.
24
20 MICRONS LTD.
AARVEE DENIMS & EXPORTS
LTD.
Atlas Jewellery India Limited
AJMERA REALTY & INFRA
INDIA LTD.
ALLSEC TECHNOLOGIES LTD.
Alstone Textiles (India) Ltd.
AMFORGE INDUSTRIES LTD.
Amrapali Fincap Ltd.
AMRUTANJAN HEALTH CARE
LTD.
ANAR INDUSTRIES LTD.
ANDHRA PETROCHEMICALS
LTD.
ARC Finance Ltd.
ASHISH POLYPLAST LTD.
ASHOK ALCO-CHEM LTD.
ASM TECHNOLOGIES LTD.
ASIAN STAR CO.LTD.
Birla Cable Ltd.
CAMLIN FINE SCIENCES LTD.
CISTRO TELELINK LTD.
Cochin Shipyard Ltd
CITY UNION BANK LTD.
CUMMINS INDIA LTD.
LT FOODS LTD.
Delta Industrial Resources
25
SAVEN TECHNOLOGIES LTD.
Aayush Food and Herbs Ltd.
Abhijit Trading Company Ltd.
Ace Men Engg Works Ltd.
Advik Capital Ltd.
Advitiya Trade India Ltd.
AGI Infra Ltd.
AGIO PAPER & INDUSTRIES
LTD.
Apex Home Finance Ltd
AIMCO PESTICIDES LTD.
ALMONDZ GLOBAL SECURI-
TIES LTD.
Amber Enterprises India Ltd
AMBIKA COTTON MILLS LTD.
AMD INDUSTRIES LTD.
ANSAL PROPERTIES & INFRA-
STRUCTURE LTD.
ANUH PHARMA LTD.
ANJANI PORTLAND CEMENT
LTD.
ARMAN FINANCIAL SERVICES
LTD.
Asahi Industries Limited
ASHIRWAD CAPITAL LTD.
Atishay Ltd.
ATN INTERNATIONAL LTD.
AVANTEL LTD.
26
3P Land Holdings Ltd
Amrapali Capital and
Finance Services Ltd
Acme Resources Ltd
ALPA LABORATO-
RIES LTD.
AMJ Land Holdings
Ltd
ASI Industries Ltd
AVANTI FEEDS LTD.-
$
BHAGWATI AUTO-
CAST LTD.
Bhagyanagar Proper-
ties Ltd
BHAGYANAGAR IN-
DIA LTD.
BNK CAPITAL MAR-
KETS LTD.
Capri Global Capital
Limited
CHOKSI IMAGING
LTD.
CORPORATION
BANK
DAMODAR INDUS-
TRIES LTD.
DB
(INTERNATIONAL)
STOCK BROKERS
LTD.
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Religare Morning Digest
May 23, 2018
Result Calendar — May 2018
S Mon Tue Wed Thu Fri Sat
20 21
CONTINENTAL CHEMICALS LTD.
DATASOFT APPLICATION SOFT-
WARE (INDIA) LTD.
Dhunseri Tea & Industries Ltd
DLF LTD.
Dhunseri Petrochem Limited-$
Future Retail Ltd
GALLANTT METAL LTD.
GALLANTT ISPAT LTD.
Garv Industries Ltd
GLOBUS SPIRITS LTD.
Gaurav Mercantiles Ltd
GOKUL REFOILS & SOLVENT LTD.
GUJARAT STATE PETRONET LTD.
HARYANA LEATHER CHEMICALS
LTD.
HATSUN AGRO PRODUCT LTD.
HIMALCHULI FOOD PRODUCTS LTD.
The Hi-Tech Gears Ltd
HPL Electric & Power Ltd
IL&FS Transportation Networks Ltd
INDIAN METALS & FERRO ALLOYS
LTD.
INVICTA MEDITEK LTD.
I-POWER SOLUTIONS INDIA LTD.
JINDAL WORLDWIDE LTD.
22
EURO ASIA EXPORTS LTD.
EURO MULTIVISION LTD.
EVERLON SYNTHETICS
LTD.
FAZE THREE LTD.
Future Consumer Ltd
FERRO ALLOYS CORPO-
RATION LTD.
Genus Paper & Boards Ltd
GE Power India Ltd
GUJARAT TOOLROOM
LTD.
GULSHAN POLYOLS LTD.
HAZOOR MULTI PRO-
JECTS LTD.
HealthCare Global Enter-
prises Ltd.
HCKK Ventures Ltd.
HERCULES HOISTS LTD.
HINDUSTAN PETROLEUM
CORPORATION LTD.
HISAR SPINNING MILLS
LTD.
INDIAN BRIGHT STEEL
CO.LTD.
IGARASHI MOTORS INDIA
LTD.
INDO CREDIT CAPITAL
LTD.
23
DECCAN GOLD MINES LTD.
DECO-MICA LTD.
Dhanlaxmi Bank Limited
ECLERX SERVICES LTD.
ENTERTAINMENT NETWORK
(INDIA) LTD.
EROS INTERNATIONAL MEDIA
LTD.
FGP LTD.
FINOLEX INDUSTRIES LTD.
Franklin Leasing and Finance Ltd
GeeCee Ventures Limited
GE T&D India Ltd.
GODREJ INDUSTRIES LTD.
GOLDEN GOENKA FINCORP
LIMITED
GRASIM INDUSTRIES LTD.
GVK POWER & INFRASTRUC-
TURE LTD.
Sri Havisha Hospitality And In-
frastructure Ltd
H.G. Infra Engineering Ltd
HINDUSTAN FLUOROCARBONS
LTD.
IFCI LTD.
INDRAPRASTHA GAS LTD.
IKF TECHNOLOGIES LTD.
24
Denis Chem Lab Ltd.
Digjam Ltd.
DION GLOBAL SOLUTIONS
LTD.
DISA INDIA LTD.
DOLPHIN OFFSHORE EN-
TERPRISES (INDIA) LTD.
ELANGO INDUSTRIES LTD.
ENVAIR ELECTRODYNE LTD.
FENOPLAST LTD.
FERVENT SYNERGIES LTD.
FOODS & INNS LTD.
Fruition Venture Ltd.
GAIL (INDIA) LTD.
GUJARAT INDUSTRIES POW-
ER CO.LTD.
GLAXOSMITHKLINE PHAR-
MACEUTICALS LTD.
GOKALDAS EXPORTS LTD.
GOODRICKE GROUP LTD.
GOWRA LEASING & FINANCE
LTD.
GUJARAT ALKALIES &
CHEMICALS LTD.
Haldyn Glass Ltd.
HARYANA CAPFIN LTD.
HEIDELBERGCEMENT INDIA
LTD.
25
AXEL POLYMERS LTD.
BAGADIA COLOURCHEM
LTD.
BANNARI AMMAN SUGARS
LTD.
BANK OF BARODA
BARTRONICS INDIA LTD.
BEML LTD.
Bangalore Fort Farms Ltd
Oswal Greentech Ltd
BLUE CHIP INDIA LTD.
Beekay Niryat Ltd
BOMBAY CYCLE & MOTOR
AGENCY LTD.
BHILWARA TECHNICAL
TEXTILES LTD.
CADILA HEALTHCARE LTD.
CANTABIL RETAIL INDIA
LTD.
Captain Pipes Ltd
CARNATION INDUSTRIES
LTD.
COMMERCIAL ENGINEERS
& BODY BUILDERS CO. LTD.
Chamak Holdings Ltd
CHARMS INDUSTRIES LTD.
CHEMO PHARMA LABORA-
TORIES LTD.
26
DEEP INDUSTRIES
LTD.
DELTRON LTD.
DIVI'S LABORATO-
RIES LTD.
Dixon Technolo-
gies (India) Ltd
DYNEMIC PROD-
UCTS LTD.
EUROTEX INDUS-
TRIES & EXPORTS
LTD.
Five X Tradecom
Ltd
FLEX FOODS LTD.-
$
FRESHTROP
FRUITS LTD.
GALADA POWER &
TELECOMMUNICA-
TION LTD.
GRM OVERSEAS
LTD.
GUJARAT COTEX
LTD.
HIGH ENERGY
BATTERIES (INDIA)
LTD.
ID Info Business
Services Ltd
JAY USHIN LTD.
For complete schedule of more Company results click here.
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Religare Morning Digest
May 23, 2018
Research Product Basket
For cash market trading
Call / Product Call Frequency No. of calls Avg open call duration % funds allocated
Intraday Calls Intraday 2 - 3 < 1 day 25%
Live / RMD Calls Daily 3 - 4 3 - 4 days 30%
Master Pick Weekly 1 1 month 15%
Religare Alpha Opportunity NA 2 - 3 months 20%
Cash NA 10%
For 1L margin*
Total Per Call
25,000 8,000
30,000 4,000
15,000 5,000
20,000 As per weightage
10,000
Intraday Calls These calls are flashed live on Ms Lync and ODIN with the purpose of squaring off positions on the same day. As a policy, we restrict our
intraday cash market calls to less than 4 calls a day. Hence, funds should be allocated accordingly to have provision to trade in all calls.
Live / RMD Calls 2 super ideas are flashed in RMD daily with a view of 3-4 days. Additionally as per market opportunity, we flash live calls during the day (including BTST calls). 3-4 such calls are made on a daily basis which might be open for 3-4 days. Funds should be allocated keeping in mind that
there will be 7-8 such open calls daily.
Master Pick This is our weekly recommendation shortlisted on the basis of techno-funda analysis. 15% of funds is recommended to be allocated for Master Pick considering that there will be 3 open calls. The average open duration for this call will be 1 month.
Religare Alpha This is a portfolio of 8-10 stocks which are held with a view of 2-3 months. It is recommended to allocate 20% of funds for building this portfolio which will provide stability to the overall trading portfolio.
Cash 10% surplus cash in the portfolio should be kept for the purposes of allocating it to opportunities as and when they arrive.
For derivative market trading
Call / Product Call Frequency No. of calls Avg open call duration % funds allocated
Derivative Ideas Daily 1 - 2 1 - 3 days 40%
Live calls Intraday / Daily 1 - 2 3 - 4 days 50%
Cash NA 10%
For 1L margin*
Total Per Call
40,000 40,000
50,000 50,000
10,000
Derivative Ideas 1 derivative idea is shared in RMD daily. It can be a plain vanilla F&O buy/sell call or an option strategy. Funds should be allocated assuming 2
such calls will be open at any time. These calls are open for 3-4 days on an average.
Live Calls These calls are flashed on MS Lync and ODIN during live market hours. These calls can be intraday or with a view of 2-3 days. Funds should be
allocated considering 2 such calls will be open at any time. 3/4 times, these calls will be on Nifty / Bank Nifty only.
Cash It is recommended to hold 10% cash to capitalize on any opportunity that may arise in markets.
For every client, the advisor must allocate a specific proportion of funds for trading and investing depending on the risk taking ability and willingness of the client
and their investment goals.
The below mentioned product basket tries to address the way to deal with the trading portfolio (cash/derivative) for optimum effectiveness of research calls.
It is recommended to divide your trading funds for various types of calls and not invest the entire amount for 1 or 2 calls only.
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Religare Morning Digest
May 23, 2018
Hitesh Agrawal [email protected]
Ajit Mishra [email protected]
Manoj M Vayalar [email protected]
Mehernosh Khurshed Panthaki [email protected]
Nirvi Ashar [email protected]
Rohit Khatri [email protected]
Suhanee Shome [email protected]
Team Members
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Religare Morning Digest
May 23, 2018
Before you use this research report , please ensure to go through the disclosure inter-alia as required under Securities and Exchange Board of India (Research Analysts) Regulations, 2014 and Research Disclaimer at the following link : http://old.religareonline.com/research/Disclaimer/Disclaimer_RSL.html
Specific analyst(s) specific disclosure(s) inter-alia as required under Securities and Exchange Board of India (Research Analysts) Regulations, 2014 is/are as under:
Statements on ownership and material conflicts of interest , compensation– Research Analyst (RA)
[Please note that only in case of multiple RAs, if in the event answers differ inter-se between the RAs, then RA specific answer with respect to questions under F (a) to F(j) below , are given separately]
Nature of Interest ( if answer to F (a) above is Yes : ……………………………………………………………………………………………………………………
Name(s) with Signature(s) of RA(s).
[Please note that only in case of multiple RAs and if the answers differ inter-se between the RAs, then RA specific answer with respect to questions under F (a) to F(j) above , are given below]
Copyright in this document vests exclusively with RSL. This information should not be reproduced or redistributed or passed on directly or indirectly in any form to any
other person or published, copied, in whole or in part, for any purpose, without prior written permission from RSL. We do not guarantee the integrity of any emails or attached files and are not responsible for any changes made to them by any other person.
S. No. Statement Answer
Yes No
I/we or any of my/our relative has any financial interest in the subject company? [If answer is yes, nature of Interest is given below this table] No
I/we or any of my/our relatives, have actual/beneficial ownership of one per cent. or more securities of the subject company, at the end of the month immediately preceding the date of publication of the research report or date of the public appearance?
No
I/we or any of my/our relative, has any other material conflict of interest at the time of publication of the research report or at the time of public appearance?
No
I/we have received any compensation from the subject company in the past twelve months? No
I/we have managed or co-managed public offering of securities for the subject company in the past twelve months? No
I/we have received any compensation for brokerage services from the subject company in the past twelve months? No
I/we have received any compensation for products or services other than brokerage services from the subject company in the past twelve months? No
I/we have received any compensation or other benefits from the subject company or third party in connection with the research report? No
I/we have served as an officer, director or employee of the subject company? No
I/we have been engaged in market making activity for the subject company? No
SS..No. Name(s) of RA.
Signtures of RA
Serial Question of question which the signing RA needs to make a separate declaration / answer
Yes No.
