NIFTY FIFTY : - The Indian Benchmark Index, Nifty fell 2.12% for the week ended 11 Nov 2016. Volatility was the order of the week with the panic gap down low of 8076 being made on Wednesday on 9th Nov. Morning as it suffered from the double whammy
Call Girls In Sikandarpur Gurgaon ❤️8860477959_Russian 100% Genuine Escorts I...
Equity Research Report 21 November 2016 Ways2Capital
1.
2. TECHNICAL TREND ( NIFTY - BANK NIFTY FUTURES )
NIFTY FIFTY : - The Indian Benchmark Index, Nifty fell 2.12% for the week ended 11
Nov 2016. Volatility was the order of the week with the panic gap down low of 8076
being made on Wednesday on 9th Nov. Morning as it suffered from the double whammy
when Indian Prime Minister Modi banned Rs. 500/- and Rs. 1000/- currency note to curb
corruption and black money in India which affected sentiments. On that day US President
candidate Mr. Donald Trump won the elections which shocked global financial markets.
The Nifty open in a negative trend down by 12 points or 0.14 per cent at 8284. The
benchmark Index Nifty fell by 163 points from its high of 8287 on Tuesday Trading
Session. The benchmark index is experiencing a "see saw" between the bulls and the
bears as evident from Nifty oscillating between the range of 8100 to 8600, two times in
last 5 trading sessions. This is the result of Dollar outflows from the country because of
the increased probability of a December Rate hike by US FED. The chances of December
rate hike has increased as confirmed by the upside breakout in the 3 month US treasury
yield. Similar phenomena occurred during FED's last rate hike in Nov-Dec 2015 where
Nifty fell by 500 points. September IIP data is lower than the market estimates. The
uncertainty around immediate outcomes of the demonetization introduced by the PM has
contributed in such a highly volatile markets. Nifty saw relentless selling by FIIs in last 5
trading sessions where shares worth Rs. 8632 Crore have been sold in the cash segment.
After a gap up opening , market fell and could not sustain above 8200 levels. This caused
panic and markets fell further by 50 points in the last hour of trading Session. Nifty major
support of 8076 if breached can put pressure and markets can go to the psychological
level of 7920 mad
BANK NIFTY : - The Banking Stocks Index Bank Nifty open in a Negative note on
Tuesday trading Session down by 70 points or 0.36 per cent at 19808. Banking stocks
continue to outperform their peers globally which makes 19500 a major support for Bank
Nifty and an important resistance at 20300. Broader markets were weak with Bank Nifty
selling off almost 1200 points from its recent high of 20300. With about Rs. 4 lakh crore
coming into the banking system within a week after demonetisation, Moody's Investors
Service today cautioned that banks' deposit base will witness a "sharp decline" as and
when the current restriction on cash withdrawals eases. In a major assault on black
money, counterfeit notes and terror financing. The Bank Nifty Chart showing the
Cautiousness ahead. If Bank Nifty breaks above the level of 19900 the Bank Nifty can
rally 400-600 points in near term. The support for Bank Nifty is at 19211-19166-19080-
18950-18825 and the resistance to the up move is at 19435-19490-19660-19800 levels.
Monday, 21 November 2016
4. PATTERN FORMATION ( NIFTY )
Detail of Chart - On the above given daily Chart of Nifty has Applied Bollinger Band
along with Parabolic SAR both the indicators are Leading Indicators, and gives signal of
Buying or Selling. Although the Uses of Bollinger Band differ from traders to traders
Some buy when it break the Middle Band from below side and some buy when it break
Upper Band. We assume that the Breaking the Middle Band Usually a down side is bear
Signal as we can see on the above given chart it has break the middle Band. and it was
not able to sustain the Significance Support level of 8150. and give Gap Down opening
below its Lower Band. From this ;level we may see some Panic zone in Nifty for the
Upcoming week. Nifty may witness the furthre downfall towards 7920 level. The
Significance Levels for Nifty is 8150-8180 is up side and 8050-7980 is down side.
5. PATTERN FORMATION ( BANK NIFTY )
Detail of Chart - On the Above given daily Chart of Bank Nifty has Applied the
Bollinger Band along with Parabolic SAR. Both are the leading Indicators and give
Signal on Breakout of Upper or Lower Band. On the Above given chart of Bank Nifty it
has touch the Upper band but not able to break the Resistance level of 19980. From this
level we are Expecting the Bank Nifty may go Up side further to the level of 20260 for
Next week. The Significance levels for Bank Nifty is 19920-20542 Up side and 19300-
18900 is Down Side.
8. NSE - WEEKLY NEWS LETTERS
✍ TOP NEWS OF THE WEEK
Demonetization to have temporary impact on MFIs, borrowers' - The Center's
decision to demonetize Rs. 500 and Rs. 1,000 currency notes may impact micro-finance
institutions and their borrowers on short term, with the latter likely to face high overdoes.
The Narendra Modi-led government on November 8 had announced demonetizing notes
of Rs. 500 and Rs. 1,000 in a clampdown on black money and counterfeit notes. "(Post
demonetization) we expect MFI borrowers to face cash flow mismatch, thereby
prioritizing their expenses. As a result, MFIs could witness high over-dues, indicating
lack of diversification in MFIs' borrower profiles," India Ratings and Research associate
director Jindal Haria told reporters. The rating agency today released a report on micro-
finance sector. He expects MFI borrowers to face cash flow mismatch, thereby
reprioritising their expenses which will result into over-dues for MFIs. The report said
demonetization suggests higher core capital requirements for MFIs to withstand systemic
stress. "Most MFIs have liquidity in the form of steady-state unencumbered cash and
unavailed bank lines to meet debt obligations for 30-60 days in the event of business
disruption," the report said.
FM Jaitley rules out demonetization rollback, says no plans for Rs 1,000 note at the
moment - The government tightened over-the-counter currency exchange rules for
invalid Rs. 500 and Rs. 1,000 notes, cutting the amount by more than half to ensure that
more people get cash. It also provided relief to the farm sector and households with
weddings. Finance Minister Arun Jaitley ruled out a rollback of demonetization, as
demanded by some political parties, saying the government will "stick to it". The minister
rejected calls for a joint parliamentary committee review of the decision. He also said the
Rs. 1,000 note will not be reintroduced for now. The one-time exchange facility limit has
been lowered to Rs. 2,000 from Rs. 4,500, effective Friday. The weekly cap of Rs. 24,000
on withdrawals from bank accounts remains. Farmers and mandi traders can get up to Rs.
50,000 in cash a week and families celebrating weddings can seek Rs. 2.5 lakh from their
bank accounts. This is the second revision of the exchange limit, which was set at Rs.
4,000 initially and increased to Rs. 4,500 on November 14 to facilitate the issue of new
Rs. 500 notes. "We find that many people are not able to reach the counter and the same
persons are visiting the counter multiple times and other people are not getting the
benefits," Economic Affairs Secretary Shaktikanta Das told reporters, while also
clarifying that this did not indicate a shortage of funds.
9. RBI could use proceeds to retire part of govt debt - Economists say the Reserve Bank
of India could help the government settle a part of its debt bilaterally from the mop-up
from demonetization, without going to the market entirely. Since Rs. 2-3 lakh crore of
unaccounted money would not find its way back into the system, there would be a
permanent reduction in currency notes issued by the RBI. This could lead to a decline the
value of its liabilities. In absence of concomitant reduction in value of RBI assets, it
would result in a revaluation gain for RBI mainly through 'Rupee securities' held on its
books. "This could be used by government to retire a part of its debt held on the books of
RBI," said Shubhada Rao, chief economist, Yes Bank. "We estimate on the basis of a Rs
2 lakh crore worth of decline in liabilities, the interest expenses of the government would
alone come down by Rs 16,000-17,000 crore." This is one of the options for the RBI
besides transferring the gains to its profit and loss account and re-transfers it to the
government as dividend. The legalities, however, remain uncertain in order to adjust its
balance sheet for lower liabilities.
Exports up 9.59 per cent at $ 23.5 billion in October; trade deficit at $ 10 billion -
India’s merchandise exports sharply rose in October with 18 of the 30 export sectors
registering a growth in outward shipments. Showing a 9.6% rise, exports in the month
were $ 23.5 billion compared with $ 21.4 billion in the year ago period while imports rose
8.1% to $ 33.7 billion from $ 31.1 billion in the year ago period leaving a trade deficit of
$ 10.1 billion. “Overall the trade balance has improved,” said the commerce and industry
ministry in a release. Gold imports more than doubled to $ 3.5 billion from $ 1.7 billion
in the year ago period. As for services trade, data released by RBI showed exports worth
$ 13.7 billion and imports of $ 8.3 billion in September. India’s bullish exports have
come at a time when Chinese exports fell for the seventh consecutive month in October
due to weak demand.
Advance GDP estimates will be released on Jan 7 - The Central Statistics Office will
release the first advance estimates of economic growth for the current financial year on
January 7 to help the government prepare the Budget, which has been brought forward by
about a month to February 1. The advance gross domestic product numbers are needed to
arrive at estimates of the fiscal deficit and revenue for the next year, assuming a
reasonable growth rate. Previously, the data was released around February 7, almost three
weeks before the Budget. "It has been decided to release first advance estimates of GDP
on January 7 or previous working day if January 7 is a holiday, two months and 24 days
before the end of a financial year," the statistics office said. The office will now squeeze
in the second advance estimates for the current financial year along with the third-quarter
data on February 28 or on the last working day of February. Last month, chief statistician
10. TCA Anant told ET that the since the inventory of data collection is currently done for a
release to be made on February 7, a separate inventory will have to be made for an earlier
release. Moreover, to get a more accurate estimate of growth, the CSO will use of figures
from the Annual Survey of Industries instead of data from the Index of Industrial
Production for the manufacturing sector.
CPI inflation may fall below 4 per cent in Nov-Dec period: Citigroup - CPI inflation
could fall below 4 per cent in November-December period before climbing back to 4.5
per cent in March and accordingly there will be some space for further monetary policy
easing, says a Citigroup report. According to the global financial services major, there is
close to 50 bps downside to RBI's March 2017 CPI target of 5 per cent and consequently
some space for further easing. Monetary policy committee, which has three members
nominated by the government and the rest from the RBI, lowered repo rate to 6.25 per
cent from 6.50 per cent at the end of two-day deliberations on October 4. The next
meeting of the MPC is scheduled on December 6 and 7. "We maintain our rate cut view
in December policy for now, but we also acknowledge that the December policy could be
a close call," Citigroup said in a research note.
Overall inflation eases in Oct but rate cut unlikely - Consumer and wholesale inflation
eased in October on the back of cooling food prices but economists do not expect a rate
cut by the Reserve Bank of India at its policy meeting next month. India's headline
inflation rate based on the Consumer Price Index eased to 14 month low of 4.2% in
October compared with 4.39% in September and 5% a year ago, according to official data
released on Tuesday. The country's wholesale inflation softened to 3.39% in October
from 3.57% in September, data showed. Economists, however, ruled out the possibility of
the RBI cutting interest rates in December because demonetization will flush banks with
funds, which will automatically push lending rates down. RBI had cut interest rate by 25
basis points in October. One basis point is one hundredth of a percentage point. "CPI is
higher than our expectations," said Madan Sabnavis, chief economist at CARE Ratings.
"Going ahead, retail inflation will be higher because of the demonetization drive and farm
output may get stalled in some regions due to payment issues. Vegetable prices that
declined recently are already going up. The RBI may not cut interest rate in December
because banks are already flushed with funds and would reduce lending rate," he said.
Industrial output rises 0.7 per cent year-on-year in September - India’s industrial
growth rose 0.7% in September, after falling for two consecutive months. Woollen
carpets, ship building and ready to eat food made industrial output inch up slightly in the
month. Data released by the statistics office on Friday showed a 0.9% increase in
11. manufacturing production in September and a 3.1% fall in mining output. Manufacturing
as a sector has the highest weight in the Index of Industrial Production. The pace of
electricity generation improved 2.4%. In the first six months of 2016-17, mining output
was flat while manufacturing has contracted 0.8%. August IIP reading was revised to a
0.99% decline compared with the 0.7% decline reported earlier. Capital goods output
nosedived 21.6% in September. It has been falling for the last few months. The improved
pace of industrial activity was evident in 12 out of the 22 industry groups in the
manufacturing sector in September. Consumer goods production rose 6% in September
with the output of consumer non-durables — an indicator of rural demand – rising a mere
0.1% and that of consumer durables, a gauge of urban demand, rising 14%.
✍ TOP ECONOMY NEWS
A mega package for the powerloom sector is in the works, focused on upgrading units.
The package will include social welfare schemes, insurance cover and cluster
development of power looms. This would be the second in a series of incentives for the
textile sector, after a Rs 6,500 crore package announced for garments in June.
Corporate India’s merger and acquisition activity witnessed significant surge in October
with transactions worth $4.5 billion, taking the total deal tally to $ 32.55 billion in the
first 10 months of the year, according to Grant Thornton.
The Insurance Regulatory & Development Authority of India is open to insurers
surpassing the 15% limit on equity holdings in a company under some conditions.
Gross non-performing assets in the domestic steel sector, which accounts for 2% of
India's GDP , are around Rs 1.15 trillion.
Wholesale Price Index-based inflation eased to 3.39% in October from 3.57% in
September as food items became cheaper.
Aided by lower food articles inflation, the Consumer price index -based inflation for
October 2016 came in at 4.20%. (
Merchandise exports grew 9.6% year-on-year to USD 23.50 billion in October, while
imports expanded 8.11% year-on-year to USD 33.67 billion.
12. Petrol price was cut by Rs. 1.46/l and diesel by Rs. 1.53/l, reversing the rising trend of
the past few weeks. (BS)
Reserve Bank Deputy Governor NS Vishwanathan said the deadline for banks to clean
up their balance sheet 'stands' at March 2017, even as its governor Urjit Patel hinting at
pragmatic approach in dealing with non performing assets.
Private equity and venture capital investments declined 27% to USD1.19bn in October
due to decline in big ticket transactions.
With large amounts of cash currently being deposited in bank accounts by customers, the
RBI is witnessing a deluge of funds through its reverse repo window as banks are parking
their excess liquidity with the central bank.
India and the US have resolved more than 100 tax dispute cases involving Rs. 5000 crore
under the bilateral Mutual Agreement Procedure.
A scheme to construct 100 lakh houses in next three years has been approved by the
government with the objective of 'Housing for All by 2022'.
The Reserve Bank of India allowed foreign portfolio investors to invest in any kind of
debt instrument, provided the residual maturity of the paper is three years and the
proceeds are not used in real estate.
✍ TOP CORPORATE NEWS -
Canada's Niko Resources wants to exit its 10% stake in the KG-D6 gas block off the east
coast which it was developing in partnership with Reliance Industries at a time when the
government has made a claim of about $ 1.55 billion against the contractors.
The Future Group, India's largest retailer, is partnering British wholesaler Booker Group
to open cash and carry stores. The equal joint venture between Future Consumer and
UK’s largest wholesaler, plans to open 60-70 stores in three years to sell merchandise to
local kirana stores, hotels and catering firms.
Reliance Defence and Engineering Limited is planning to manufacture Kalashnikov
13. class of weapons for Indian armed forces in a joint venture with an Israeli arms maker,
Kalashnikov Israel Company,
Healthcare group Apollo Hospitals has plans to invest Rs. 14 billion over the next couple
of years for expansion, and the company is all set to come up with the modern Proton
therapy at its Chennai facility for the treatment of cancer patients in near future.
Goldstone Infratech Limited has announced its move to assemble electric buses in
partnership with BYD Company Limited, based in China.
LafargeHolcim has increased its stake in Ambuja Cement Limited and ACC by 1.49%
and 4.19%, respectively.
The State Bank of India has cleaned up Non-Performing Assets worth Rs. 70.16 billion
from its books by writing off loans given to 63 wilful defaulters. Of the 63 accounts, 31
have been partially written off and six shown as NPAs.
Axis Bank Limited has cut marginal cost of fund-based lending rate by 0.15-0.20%.
Reliance Communications Limited, through its wholly owned subsidiary Reliance
Globalcom Services has acquired a newly incorporated firm named “Onyx NewCo LLC.
Blackstone Group and Canadian investor Brookfield have joined the race to acquire as
much as 40% in Bharti Infratel Limited, intensifying the contest to own a slice of
India’s second-largest telecom tower company.
Wipro Limited has begun offering solutions to customers from entrepreneurial projects
of its employees in segments such as corporate treasury and software defined
infrastructure.
Crompton Greaves Consumer Electricals Limited has assigned an advertising budget
of Rs. 1 billion towards building its brand and has appointed BBDO as its advertising
agency.
Apollo Tyres Limited is planning to set up a new factory in Andhra Pradesh to
manufacture tyres for two-wheelers and pickup trucks.
Religare Enterprises Limited said its subsidiary will write off a total of Rs. 7.94 billion
on account of non-receipt of dues.
14. BHEL has expanded its footprint in the international market by securing export orders
for supply of industrial motors to the African nations of Togo and Benin.
Coal India Limited sold 7 MT of coal, or 35% of the quantity on offer in an e-auction, at
a floor price that was 20% higher than listed prices for non-power users. Traders as well
as power producers with or without supply commitments from Coal India were allowed
to bid in the auction.
Welspun India Limited has initiated steps to closely monitor and control its Egyptian
cotton business, which had come under a cloud early this year over quality issues.
Hindustan Petroleum Corporation Limited will take 25% equity stake in the proposed
60 MT refinery on the west coast that the state oil companies plan to build.
Jet Airways Limited has expanded its existing code share pact with Kenya Airways
which will allow the African carrier to fly more passengers into India
Reliance Industries Limited and its partners, BP and Niko Resources, have initiated an
arbitration process against the Centre's notice imposing a penalty of USD 1.55 billion on
these companies for allegedly using migrated gas from Oil and Natural Gas Corporation's
asset in KG-D6.
L&T Infotech has been awarded a five-year contract by Hartford Steam Boiler.
Wheels India Limited has signed a technology transfer agreement with Fluitecnik of
Spain for hydraulic components used in wind turbines.
Welspun India Limited has made a one-time provision of Rs. 4.89 billion to meet
expenses and losses arising from export of home textile made of fake Egyptian cotton.
IL&FS Transportation Networks Limited said its joint venture with IL&FS
Engineering & Construction Co has bagged two road projects in Madhya Pradesh worth
Rs. 375 crore.
Lupin Limited said its US arm Gavis has received approval from the US health regulator
to market hydrocodone bitartrate and acetaminophen tablets, a pain relieving drug, in the
American market.
15. A month after suspending operations at its Bicholim iron ore mine in Goa due to labour
unrest, Vedanta Limited has 'revoked the suspension order' with immediate effect.
Federal Bank Limited has partnered with Oxigen for cash management services through
the bank’s e – collection facility.
No power producer has got in touch with Coal India Limited for supply of imported coal
for plants in the current fiscal.
CPL Biologicals Pvt Ltd, a joint-venture biotechnology company of Cadila
Pharmaceuticals Limited, India and Novavax Inc, USA, has indigenously developed
'Cadiflu-S' becoming the first Indian company to develop a vaccine to treat seasonal
influenza.
IL&FS Financial Services became the first Indian company to raise money through a
masala loan, a rupee-denominated loan from overseas investors, by securing the
equivalent of USD50mn from Export Development Canada (EDC). (BS)
Reliance Industries (RIL) has entered into a global partnership agreement with GE to
enter in the Industrial Internet of Things (IIOT) space by building joint applications on
the latter's Predix platform. (BS)
Tata Motors has become the first company in India to introduce liquefied natural gas-
fuelled bus in Kochi recently. (BL)
✍ TOP BANKING AND FINANCIAL NEWS OF THE WEEK
Post withdrawal of Rs. 500 and Rs. 1,000 notes, banks have disbursed nearly Rs. 30,000
crore cash in bills of lower denominations and the newly-introduced Rs. 2,000 currency
over the past three days, the apex body for lenders said today. The government on
November 8 demonetised Rs. 500 and Rs. 1,000 notes in a step to curb black money.
Following the move, banks were closed on November 9 to stock lower value notes and
exchange the defunct ones. "In the last three days of working, nearly Rs 30,000 crore cash
has been disbursed in currency notes of lower denominations and newly introduced Rs
2,000 notes. The ATMs are being recalibrated to handle new Rs 500 and Rs. 2,000 notes,"
Indian Banks' Association said in a statement.
16. State Bank of India today said that the central board today approved issuance of 13.63
crore shares to minority shareholders of its three listed subsidiaries and Government of
India, that wholly owns Bharatiya Mahila Bank, as part of consolidation exercises. The
board has "approved issuance of maximum 13,63,65,146 equity shares, of face value of
Rs. 1 each, to the shareholders of State Bank of Bikaner & Jaipur, State Bank of Mysore,
State Bank of Travancore and the Government of India for its shareholding in BMB as
on the record date at the agreed swap ratio...," SBI said in a filing to the BSE.
Largest lender State Bank of India has said it has collected around Rs. 38,677 crore in
deposits, while its branches exchanged Rs. 1,666 crore since yesterday after the
government scrapped Rs. 500 and Rs. 1,000 notes on Tuesday. On Thursday, cash
deposits were Rs. 21,150 crore while exchanges were Rs. 723 crore. Till 6 pm today, cash
deposited was Rs. 17,527 crore and exchanges stood at Rs. 943 crore," SBI Chairperson
Arundhati Bhattacharya told reporters here.
Ujjivan Small Finance Bank today said it has received final license from Reserve Bank
for small finance bank and is likely to commence banking operation in early 2017.
Ujjivan Small Finance Bank is expected to commence banking operations in the first
quarter of 2017 after receiving necessary approvals, registrations and licensing from
various departments of RBI and other integrated agencies," Ujjivan said in a statement
here today.
The government’s move to pull out Rs. 500 and Rs. 1,000 notes from circulation could
result in a windfall gain for the Reserve Bank of India as it will reduce the central bank’s
liabilities to the extent that the old notes do not come back into the system.
The money flooding into banks as people rush to deposit Rs. 500 and Rs 1,000 notes has
resulted in such a massive bonanza that it’s pulling rates down, bankers said. Thus the
longstanding complaint of the Reserve Bank of India that banks weren’t passing on rate
reductions may be addressed soon. Banks ran out of currency in the Capital and
elsewhere, although some cities reported that queues had shortened. In Parliament, the
opposition parties attacked the government over the withdrawal of Rs 500 and Rs 1,000
notes, saying it was insensitive, caused hardship to people and had unleashed “economic
anarchy”.
Yes Bank Limited has partnered with Crownit, amerchant discovery and privileges
platform, to launch digitised meal vouchers. The app based digital meal wallet can be
17. linked with a Meal Debit MasterCard which enables employees to avail unlimited food,
beverage & grocery redemption options, both online and offline.
Private lender Axis Bank Limited has cut marginal cost of fund-based lending rate by
0.15-0.20 per cent effective Friday. "Axis Bank reviews and reduces the MCLR by 15
basis points or 0.15 per cent across all tenures up to 1 year and by 20 bps for 2-year and
3-year tenure," it said in a regulatory filing. For overnight tenure, the new MCLR will be
8.65 per cent. One-month tenure will attract a rate of 8.70 per cent while those for three
and six months will be 8.90 and 9 per cent, respectively.
With about Rs. 4 lakh crore coming into the banking system within a week after
demonetization, Moody's Investors Service today cautioned that banks' deposit base will
witness a "sharp decline" as and when the current restriction on cash withdrawals eases.
In a major assault on black money, counterfeit notes and terror financing, Prime Minister
Narendra Modi had on November 8 announced demonetisation of Rs 500 and Rs 1,000
notes and asked holders of such bills to deposit them in banks. Moody's said the trend of
significant inflows will continue for the next 3-4 weeks. "But, as cash availability
increases and the current restrictions on cash withdrawals are lifted, sharp declines in the
deposit base will occur in the near future," Moody's said.
18. LEGAL DISCLAIMER
This Document has been prepared by Ways2Capital (A Division of High Brow Market
Research Investment Advisor Pvt Ltd). The information, analysis and estimates contained
herein are based on Ways2Capital Equity/Commodities Research assessment and have
been obtained from sources believed to be reliable. This document is meant for the use of
the intended recipient only.
This document, at best, represents Ways2Capital Equity/Commodities Research opinion
and is meant for general information only. Ways2Capital Equity/Commodities Research,
its directors, officers or employees shall not in any way to be responsible for the contents
stated herein. Ways2Capital Equity/Commodities Research expressly disclaims any and
all liabilities that may arise from information, errors or omissions in this connection. This
document is not to be considered as an offer to sell or a solicitation to buy any securities
or commodities.
All information, levels & recommendations provided above are given on the basis of
technical & fundamental research done by the panel of expert of Ways2Capital but we do
not accept any liability for errors of opinion. People surfing through the website have
right to opt the product services of their own choices.
Any investment in commodity market bears risk, company will not be liable for any loss
done on these recommendations. These levels do not necessarily indicate future price
moment. Company holds the right to alter the information without any further notice. Any
browsing through website means acceptance of disclaimer.
DISCLOSURE
High Brow Market Research Investment Advisor Pvt. Ltd. or its associates does
not do business with companies covered in research report nor is associated in any
19. manner with any issuer of products/ securities, this ensures that there is no actual
or potential conflicts of interest. To ensure compliance with the regulatory body,
we have resolved that the company and all its representatives will not make any
trades in the market.
Clients are advised to consider information provided in the report as opinion only
& make investment decision of their own. Clients are also advised to read &
understand terms & conditions of services published on website. No litigations
have been filed against the company since the incorporation of the company.
Disclosure Appendix:
The reports are prepared by analysts who are employed by High Brow Market
Research Investment Advisor Pvt. Ltd. All the views expressed in this report
herein accurately reflects personal views about the subject company or companies
& their securities and no part of compensation was, is or will be directly or
indirectly related to the specific recommendations or views contained in this
research report.
Disclosure in terms of Conflict of Interest:
(a) High Brow Market Research Pvt. Ltd. or his associate or his relative has no
financial interest in the subject company and the nature of such financial interest;
(b) High Brow Market Research Pvt. Ltd. or its associates or relatives, have no
actual/beneficial ownership of one percent or more in the securities of the subject
company,
(c) High Brow Market Research Pvt. Ltd. or its associate has no other material
conflict of interest at the time of publication of the research report or at the time of
public appearance;
Disclosure in terms of Compensation:
High Brow Market Research Investment Advisor Pvt. Ltd. policy prohibits its
analysts, professionals reporting to analysts from owning securities of any
company in the analyst's area of coverage.
Analyst compensation: Analysts are salary based permanent employees of High
Brow Market Research Pvt. Ltd.
Disclosure in terms of Public Appearance:
(a) High Brow Market Research Pvt. Ltd. or its associates have not received any
compensation from the subject company in the past twelve months;
20. (b) The subject company is not now or never a client during twelve months
preceding the date of distribution of the research report.
(c) High Brow Market Research Pvt. Ltd. or its associates has never served as an
officer, director or employee of the subject company;
(d) High Brow Market Research Pvt. Ltd. has never been engaged in market
making activity for the subject company.