TECHNICAL BUILDUP OUTLOOK OF THE DAY

• Indian Equity market reached fresh record highs on Tuesdaybefore giving up all gains to end in the red on the back of mixedglobal cues.

• On the sectoral front, losses in auto, metal, FMCG and PSUbanking shares pulled the market lower, though gains in IT stockslimited the downside.

• On the technical front, Nifty formed a bearish engulfing candlefollowing small negative candle resembling a 'Spinning Top' typecandle associated with top reversals are the first signs of markettopping out and of an upcoming corrective wave structure in themarking. Hence cautiousness need to be maintained and properhedge strategy need to be maintained to protect ones portfolioagainst downside risk. The expected weakness could be a buy indips opportunity for the near term while a sustainable moveabove 18,650 is likely to nullify this negative indication.Immediate support for the market comes from the risingtrendline adjoining low of 16376, 17452 which comes around17900-18000 which further coincides with the 20EMA at around17838. On the downside it can be expected that the correctivephase to get anchored around 17500 as it happens to be the longterm 1.5 year old rising trendline marking low of Mar’20. Inabilityto hold the said support levels would witness around bout ofprofit booking towards 17150.

• On the option front, maximum Put OI is at 18500 followed by18000 strike, while maximum Call OI is at 18500 followed by19000 strike. Call writing was seen at 18600 strike, followed by18400 strike while Put writing was seen at 18400 strike, followedby 18300 strike.

ASHIKA GROUP

TECHNICAL BUILDUP

• Bearish engulfing candle with decrease

in volume

• Buy crossover in oscillators

• Lower band of Bollinger exist at 17322

• Crucial moving average of 20/50 SMA

are at 17871 and 17294

• 200 SMA trend deciding level exist at

15612OUTLOOK OF THE DAY

1008, RAHEJA CENTRE, 214, NARIMAN POINT, MUMBAI-400 021, PH- 022 – 6611 1700, EXTN. - 704

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WorldIndices

LTPDaily

Ch (Pts)Daily

Ch (%)

Dow Jones 35457 198 0.56

Nasdaq 15129 107 0.71

S&P 500 4519 33 0.74

FTSE 100 7217 13 0.19

DAX 15515 41 0.27

Hang Seng 25925 137 0.53

Nikkei 29397 181 0.62

Sensex 18418 -58 -0.32

Nifty 61716 -49 -0.08

Commodity/ Forex

LTPDaily

Ch (Pts)Daily

Ch (%)

Gold ($/Oz) 1767.90 -2.60 -0.15

Silver ($/Oz) 23.63 -0.25 -1.06

Brent Crude ($/bl) 85.06 -0.02 -0.02

Dollar Index 93.83 0.04 0.04

USD/INR 75.34 0.08 0.12

USD/YEN 114.68 0.30 0.26

EUR/USD 1.1630 -0.0003 -0.03

Support/Resistance levels for Indian Equity Indices

S2 S1 CMP R1 R2

Sensex 61125 61425 61716 61985 62320

Nifty 18240 18330 18418 18500 18600

Nifty (Fut) 18255 18345 18432 1815 18615

Pivot Level

Sensex 61851

Nifty 18466

Ris ing global commodity prices, led by crude, coal and metals , wil l shave a

lot off the current account leading to higher imports and a rise in current

account defic it , which is l ikely to print at 1 .3 per cent of the GDP or USD 40

bil l ion, up from 0.9% surplus last f iscal , according to a brokerage report . (BS)

India's a luminium producers are drawing expensive power from the national

grid and adding to pressure on util it ies with low coal stock, the Aluminium

Associat ion of India (AAI ) told Reuters on Tuesday, as state-run Coal India

has curbed supplies . (BS)

The impact of the Covid-19 pandemic pain is l ikely to push the stressed

assets — bad loans plus restructured credit — in the micro, smal l enterprise

(MSME) pool to 17-18 per cent by March 2022, from 14 per cent in March 2021 ,

according to CRISIL . (BS)

India is ranked at 71st posit ion in the Global Food Security (GFS) Index 2021

of 113 countr ies, but the country lags behind its neighbours Pakistan and Sri

Lanka in terms food affordabil ity , according to a report . (BS)

Steel prices are set to go up further due to the expected coal or power

shortage and rising raw material prices in China that wil l potential ly weigh

on the earl ier-anticipated price correction, according to a report . (BS)

The government is looking at roll ing out a f ive-year strategic perspective

plan to make India a signif icant tech player , Minister of State for Electronics

and IT Rajeev Chandrasekhar said on Tuesday. (BS)

Hir ing demand has increased one per cent sequential ly in September , led by

printing and packaging on account of r is ing onl ine sales, fol lowed by BPO

and ITeS, as well as import and export , according to a report . (BS)

State-owned CIL said the supply of coal was prior it ised temporari ly to power

producers to replenish their dwindling stock of the dry fuel . (BS)

India is forming a group that brings together state-run and private ref iners to

seek better crude import deals , oi l secretary Tarun Kapoor said on Tuesday,

as the country grapples with soaring oil pr ices. (BS)

ASHIKA GROUP

ECONOMY

NEWS


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The retail arm of Reliance Industr ies, Retail Ventures Ltd (RRVL) has

acquired a 52 per cent stake in veteran couturier Ritu Kumar's f irm Rit ika

Pvt Ltd for an undisclosed amount .

Dr Reddy announced the final approval of its ANDA for Lenalidomide

Capsules . With this approval , Dr . Reddy’s i s el igible for 180 days of generic

drug exclusivity for Lenalidomide Capsules .

TCS has partnered with Heritage Life Insurance, a US-based provider of

insurance and reinsurance services, to transform the customer experience

for policy holders in the closed book of business it recently acquired.

HCL Technologies and Innovaccer Inc (a health cloud company) partnered to

help healthcare and life sciences organizations drive digital health

transformation .

MPS would consider the proposal for buyback of equity shares of the

company on October 27.

Bajaj Finserve incorporated an asset management company called Bajaj

Finserv Asset Management on October 18 . It wil l manage various mutual

fund plans.

Aurionpro announces signing of an agreement for the acquisit ion of further

stake in its subsidiary SC Soft Pte Ltd.

Jindal Saw has won contract for repair and maintenance of manufacturing

facil it ies of Sathavahana Ispat .

Astral has decided to enter into the business of Faucets & Sanitaryware .

Deepak Fert i l izers launched a quali f ied inst itutional placement issue on

October 19 and approved the floor price for the same at Rs 422 .48 per equity

share.

North Eastern Carrying Corporation approved the proposal to raise Rs 49.50

crore through rights issue.

ASHIKA GROUP

CORPORATE

NEWS


WWW.ASHIKAGROUP.COM

Hindustan Unilever Ltd. : Net Revenue at Rs . 13046.0 crore, +7% QoQ,and+11 .7% YoY. EBITDA at Rs . 3226 .0 crore, +10 .3% YoY and +10 .4% QoQ.EBITDA Margin at 24 .7%, -31 bps YoY and +77 bps QoQ. Net Profit at Rs . 2182 .0crore, +10.5% YoY and +3.9% QoQ.

Nestle India Ltd . : Net Revenue at Rs . 3882 .6 crore, +1 1 .7% QoQ, and+9.6% YoY.EBITDA at Rs . 948 .0 crore, +7 .3% YoY and +11 .8% QoQ. EBITDA Margin at24.4%, -53 bps YoY and +3 bps QoQ. Net Profit at Rs . 617 .4 crore, +5 .2% YoYand +14.6% QoQ. Ashika

ICICI Prudential Life Insurance Company Ltd. : Total Income at Rs . 23129.4crore, +37 .4% YoY and +38.3% QoQ. Net Prof it at Rs . 445 .6 crore, +47.3% YoYand Rs. -185.3 crore QoQ.

L&T Technology Services Ltd. : Net Revenue at Rs . 1607 .7 crore, +5 .9% QoQ,and+22.4% YoY. EBITDA at Rs . 349 .3 crore, +50% YoY and +9.9% QoQ. EBITDAMargin at 21 .7%, +401 bps YoY and +80 bps QoQ. Net Profit at Rs . 230 .8 crore,+38.8% YoY and +6.4% QoQ. Ashika

ACC Ltd. : Net Revenue at Rs . 3749 .0 crore, -3 .5% QoQ, and+6% YoY. EBITDA atRs . 712 .3 crore, +6 . 1% YoY and -18 . 1% QoQ. EBITDA Margin at 19%, +2 bps YoYand -338 bps QoQ. Net Profit at Rs. 450.2 crore, +23.7% YoY and -20.9% QoQ.

ICICI Securit ies Ltd . : Net Revenue at Rs . 856.4 crore, +14 .9% QoQ, and+25.8%YoY. EBITDA at Rs . 543 .6 crore, +31 .3% YoY and +15 .5% QoQ. EBITDA Margin at63.5%, +264 bps YoY and +35 bps QoQ. Net Profit at Rs . 351 .2 crore, +26 .3%YoY and +13% QoQ. Ashika

Navin Fluorine International Ltd . : Net Revenue at Rs . 339 .0 crore, +3 .8% QoQ,and+6.3% YoY. EBITDA at Rs . 84 .2 crore, -7 .2% YoY and +8.2% QoQ. EBITDAMargin at 24 .8%, -361 bps YoY and +101 bps QoQ. Net Profit at Rs . 63 .2 crore, -6.8% YoY and +13.1% QoQ.

DCM Shriram Ltd. : Net Revenue at Rs . 2177 .5 crore, +8 .5% QoQ, and+6.4% YoY.EBITDA at Rs . 290.2 crore, +30 .8% YoY and +2 .5% QoQ. EBITDA Margin at13 .3%, +249 bps YoY and -77 bps QoQ. Net Profit at Rs . 158 .5 crore, +33 .2% YoYand +0.4% QoQ. Ashika

Sonata Software Ltd . : Net Revenue at Rs . 963.2 crore, -24 .1% QoQ, and+19 .8%YoY. EBITDA at Rs . 123 .1 crore, +41% YoY and +21 .9% QoQ. EBITDA Margin at12 .8%, +192 bps YoY and +482 bps QoQ. Net Profit at Rs . 91 .2 crore, +59 .4% YoYand +5.1% QoQ.

ASHIKA GROUP


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Q2FY22 RESULT

HIGHLIGHTS

ASHIKA GROUP


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• *Bajaj Hindustan Sugar Ltd : Ramlal Kanwarlal Jain Sell 11500000Shares @ Rs. 14.2

BULK DEAL

INSIDER TRADE

*AGRIMA GUATAM MAKHARIA Promoter Acquisition 72660

shares of Shree Pushkar Chemicals & Fertilisers Ltd on 12-

Oct-21

*MICRO LOGISTICS INDIA PRIVATE LIMITED Promoter

Disposal 876977 shares of Integra Telecommunication &

Software Ltd

*ARADHANA GAUTAM MAKHARIA Promoter Disposal 72660

shares of Shree Pushkar Chemicals & Fertilisers Ltd

*Promoter & Director Group Disposal 565966 shares of

Gandhi Special Tubes Ltd.

ACQUISITION

DISPOSAL

ASHIKA GROUP


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NIFTY

FII/FPI & DII TRADING ACTIVITY

19/10/2021 18/10/2021 14/10/2021 13/10/2021 12/10/2021 11/10/2021

FII 512.44 1681.6 937.31 -278.32 -1303.22

DII -1703.87 -1750.59 -431.72 -741.22 -373.28

LTI 6895.0 16.7% IRCTC 4996.1 -15.0%

TTKPRESTIG 9939.0 12.7% JUBLINGREA 698.0 -13.8%

MAHINDCIE 287.1 8.7% TATAPOWER 225.7 -12.3%

TCNSBRANDS 725.3 8.0% ALOKINDS 23.8 -11.0%

LTTS 5191.4 7.0% TATAMTRDVR 242.8 -10.0%

SONATSOFTW 990.0 7.0% IDBI 54.9 -8.0%

GMMPFAUDLR 4960.0 6.5% INFIBEAM 47.4 -7.9%

IEX 846.5 6.2% WELCORP 137.9 -7.7%

MPHASIS 3553.0 5.8% MMTC 47.4 -7.4%

NAZARA 2944.0 5.0% IBREALEST 162.1 -7.1%

ASHIKA GROUP


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DERIVATIVE

REPORT

• Nifty declined by 0.32% with Nifty futureadded 1.46 lakh shares in open interest andstock future shaded 523.7 Lakh shares inopen interest .

• Nifty PCR decreased to 1 .23 from 1.40

• Total Nifty Calls added 130.1 lakh shares inopen interest .

• Total Nifty Puts added 32.4 lakh shares inopen interest .

• Maximum open interest (Nifty) in Calls forOct series is at 18500 and 17500 put.

• FII ’s bought net Rs. 512.44 Cr(provisional) ,while DIIs sold net Rs. 1703.87 Cr in cashmarket.

• FII bought net Rs. 576.55 Cr in F&O

• Securities in Ban Period:• - AMARAJABAT, BHEL, ESCORTS, IDEA,

IRCTC, NATIONALUM, PNB, SAIL, SUNTV

NIFTY TRACKER

TRADE STATISTICS FOR 19.10.2021

Particulars 19/10/2021 18/10/2021 14/10/2021 13/10/2021

Spot 18418.75 18477.05 18338.55 18161.75

% Change in Spot -0.32% 0.76% 0.97% 0.94%

Nifty(FUT) Oct 18432.45 18495.4 18355 18172.75

Nifty(FUT) Oct Vol. 200347 127741 127112 134280

Nifty(FUT) Oct - OI 12002200 12074300 12176000 12494300

Nifty(FUT) Nov 18478.6 18532.05 18385.55 18205.2

Nifty(FUT) Nov Vol. 18600 16174 11587 8422

Nifty(FUT) Nov - OI 1619550 1435000 1195400 1023850

Particulars No. of Contracts Turnover (Rs. Cr.) Put Call Ratio

NSE Index Futures 369229 35169 -

NSE Stock Futures 1316395 130601 -

NSE Index Options 59108280 5712071 -

NSE Stock Options 4387846 447903 0.38

NSE F&O Total Turnover 65181750 6,325,743 0.97

NSE Cash Turnover - 105,311.50

BSE Cash Turnover - 7,515.01

Total Turnover - 6438570 -

MARKET OPEN INTEREST

FII CORNER (F&O)

ASHIKA GROUP


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FII NET BUYING/SELLING & CHANGE IN OPEN INTEREST (Cr. Rupee)

Particulars

19/10/2021 18/10/2021 14/10/2021

Net Buying/Selling

Change InOpen interest

Net Buying/Selling


Net Buying/Selling


Index Future 1771 2335 -506 -281 1327 954

Index option 772 12896 -1402 21073 1898 -30923

Stock Future -2147 -170 -1322 3042 -54 2638

Stock option 181 172 154 2609 -244 3527

Total 577 15232 -3076 26444 2927 -23804

Index Futures 525 673 135 545 936

Index Options -5637 2692 2522 3535 -282529

Stock Futures 61582 -109418 17921 37261 37028

Stock Options 2081 4216 3939 656 5461

F&O Total 58551 -101837 24517.1 41997.29 -239103.8

PERSISTENT 270,600 369,450 4,223 2.11% 36.53%

OFSS 720,625 923,875 4,930 4.04% 28.20%

MANAPPURAM 18,204,000 22,314,000 198.7 0.33% 22.58%

PAGEIND 93,690 112,140 38,300 1.60% 19.69%

IEX 10,616,250 12,532,500 849 5.99% 18.05%

Increase in OI with Decrease in Price (Short Buildup)

Symbol Prev OI Curr OI CMP Pr.Chg (%) OI Chg (%)

JKCEMENT 92,750 121,275 3,331.45 -3.45% 30.75%

POLYCAB 1,078,800 1,334,400 2,368.55 -4.98% 23.69%

IRCTC 2,053,350 2,530,125 5,011.90 -15% 23.22%

BANDHANBNK 17,800,200 21,222,000 315.2 -5.27% 19.22%

TATAPOWER 88,202,250 104,814,000 225.95 -12.69% 18.83%

HIGHEST REDUCTIONS

NIFTY OPTION OPEN INTEREST STATISTICS

HIGHEST ADDITIONS

ASHIKA GROUP


WWW.ASHIKAGROUP.COM

Expiry Strike Option Type Settlement Price Volume Open Interest Change In OI

21-Oct-21 18800 CE 6.9 811099 4000150 1462200

21-Oct-21 18600 CE 34.65 1912863 4418650 1371750

21-Oct-21 18700 CE 15.95 1149783 3539100 1137350

21-Oct-21 18750 CE 10.1 566473 2168850 1110200

28-Oct-21 18400 PE 153.95 161052 1883100 886200

28-Oct-21 18300 PE 116.35 126771 2222250 746500

21-Oct-21 19000 CE 3.05 478426 4699300 714600

21-Oct-21 18650 CE 23.5 707537 2045850 651850

28-Oct-21 18500 PE 202.95 224070 2829750 434750

21-Oct-21 18400 PE 79.95 1365977 2413700 377500

Expiry Strike Option Type Settlement Price Volume Open Interest Change In OI

21-Oct-21 18500 PE 124.85 1848102 2558300 -457250

21-Oct-21 17000 PE 2 113528 2632450 -411650

21-Oct-21 15000 PE 0.4 15969 403000 -330450

21-Oct-21 18250 PE 35.85 419460 888450 -275350

21-Oct-21 17300 PE 2.75 71007 713650 -257500

28-Oct-21 17500 PE 23.2 50231 2429700 -214400

21-Oct-21 17950 PE 10.9 104988 474350 -195700

21-Oct-21 16500 PE 1.35 26266 925650 -181800

21-Oct-21 18450 PE 99.6 635014 656500 -154850

21-Oct-21 17700 PE 5.85 142555 1244900 -138400

789

500

358

700

5912

00 8

973

50

659

200 10

5520

0

4333

00 75

06

00

90

3650 11

308

00

2124

050

130

150

0

89

430

0

90

720

0

786

850

1819

80

0

510

150

5244

00

446

050

2226

00

2429

700

110

5950

1349

100 16

933

50

1210

100

2618

500

109

840

0

1736

700

2222

250

188

310

0

2829

750

1021

00

0

1373

50

643

50

1630

0

509

100

655

0

106

50

446

50

2250

0

0

500000

1000000

1500000

2000000

2500000

3000000

17

50

0

17

60

0

17

70

0

17

80

0

17

90

0

18

00

0

18

10

0

18

20

0

18

30

0

18

40

0

18

50

0

18

60

0

18

70

0

1880

0

18

90

0

19

00

0

19

10

0

19

20

0

19

30

0

19

40

0

Call -Put Options Open Interests Distributions for Oct'21 Contract

Call

Put

HIGHEST REDUCTIONS

STOCK OPTION OPEN INTEREST STATISTICS

HIGHEST ADDITIONS

ASHIKA GROUP


WWW.ASHIKAGROUP.COM

BANKBARODA 28-Oct-21 95 CE 2.3 3226 13314600 6704100

ITC 28-Oct-21 260 CE 3.35 17353 22057600 5392000

TATAPOWER 28-Oct-21 280 CE 4.8 6793 10145250 5359500

NTPC 28-Oct-21 152 CE 1.8 2891 6765900 4326300

ITC 28-Oct-21 250 CE 5.35 14873 19136000 4105600

BANKBARODA 28-Oct-21 100 CE 1.5 3285 14320800 3100500

PNB 28-Oct-21 50 CE 0.75 12057 34816000 3024000

ITC 28-Oct-21 255 CE 4.2 9023 7008000 2966400

PNB 25-Nov-21 45 PE 4.2 241 4624000 2896000

PNB 28-Oct-21 54 CE 0.4 604 2880000 2880000

IDEA 28-Oct-21 12 CE 0.1 59 90650000 -4130000

INFY 28-Oct-21 1800 CE 34.05 31664 2596200 -2791800

NATIONALUM 28-Oct-21 125 CE 2.15 144 6579000 -2448000

IDEA 28-Oct-21 10 PE 0.35 34 31500000 -2380000

IDEA 28-Oct-21 10 CE 0.45 32 13510000 -2240000

IDEA 28-Oct-21 11 CE 0.35 32 49420000 -2240000

BANKBARODA 28-Oct-21 90 CE 3.55 2027 16029000 -2129400

IDEA 28-Oct-21 13 CE 0.05 30 53270000 -2100000

IDEA 28-Oct-21 15 CE 0.05 30 42490000 -2100000

IDEA 28-Oct-21 11 PE 1.1 30 39550000 -2100000

➢ Company is making investments to build a data driven hyper personalized

ecosystem

➢ Close to 10 cr new broking accounts and MF fol ios to be opened in next

few years led by financial izat ion apart

➢ Loan distr ibution business wil l get f i l l ip from emerging account

aggregators framework

➢ Invest in technology, digital learning and talent through

➢ On the cash equity side, company has gained market share on the retail

side QoQ whereas on F&O side numbers have been flat and wil l take a few

quarters before things to improve . Company however wants to grow faster

than market

➢ As a conscious strategy company will look for wider spectrum of revenues

and would not only st ick to broking and texturized it and helps gain

market share

➢ In the equity business, there has been a migration of yie lds across business

segments and texturized it by adding products l ike f loat revenue, MTF etc

which has st icky nature vs transactional broking . There are opportunit ies

on prime fees, MTF and NEO

➢ MTF book has been growing strong combination of both products l ike

prime which also adds to brokerage . Overal l brokerage has been an aspect

of y ields, volumes and MTF is a unique proposit ion and gaining market

share there as well

➢ There are 2 ways to look at F&O volumes, vi=olume in opions have touched

new highs . Company has an eye on ever variables l ike no. of customers

MoM, open interest , no . of orders, brokerage from derivatives . These are

important factors and co. sees stabi l ity in these factors after peak margin .

Only where company has not part icipated is very low premium option

trading which economically doesn’t make much sense

➢ MTF registered growth yoy since its inception and growing strong and this

is also a product for matured customers . Relatively this is a smaller

segment but interns ARPU has been healthy and contr ibutes revenue of

the co. handsomely

ASHIKA GROUP


WWW.ASHIKAGROUP.COM

CONCALL

HIGHLIGHTS

ICICI Securit ies Ltd.

➢ Co has 20 plus f intech partnerships some at the front end and some at the

end.

➢ ~10%-11% of revenue comes from customers acquired in last 12 months

➢ MTF has been transformed now. It starts from proposit ion, attractive

brokerage, coupled with prime and pre-paid and balanced way to

communicate with customers and connected with research team. There

were 30 MTF recommendations by research team and the str ike rate was

high at ~96%. This is a contr ibution of an entire ecosystem and 3-4

contr ibutors and not an single factor be it low interest rates or good

research calls

➢ ARPU has declined in Q2FY22 because growth is yet to translate to that

levels of ARPU but total revenue pool has grown

➢ Co. has strong growth in distr ibution revenue and redoubled efforts for

non-equity revenue and that effort wil l only intensify and efforts wil l be

put in to non-equity

➢ Recent tie-up with HSBC: st i l l creating integration and client profi le wil l

better than average and hope to build better quality customers

➢ Income from loan distr ibution: Company earns 0.9-1% on the loan

disbursed and trajectory of disbursals have been strong and this quarter

disbursed Rs 690 cr , ever highest disbursal t i l l date.

➢ Digital sourcing as a group has 5 dif ferent acquisit ion channels and some

of them have zero cost and some could have advert isement led. Co. is st i l l

working on the mix and cost per acquire is going down and improving on

the payback period which is at 12-14 months per customer . Rs 25-30 cr has

been spend on customer acquisit ion in Q2FY22. On an incremental basis ,

customers opt for both prime and neo plans.

➢ 40% of overall derivat ive volumes from NEO plan . Have not seen impact of

lower contract size impact of options

➢ Company has been trying to curtail al l f ixed costs but spending on

marketing and technology and trying to optimize on per unit basis

➢ Focus has been on recurr ing income from all sources and products and

focus

ASHIKA GROUP


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CONCALL

HIGHLIGHTS

ICICI Securit ies Ltd.

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.

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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.

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