The Indian equity markets ended the week on a mixed note, with the Sensex declining 0.89% while the Nifty closed 0.80% lower. Several companies such as Everest Industries, Emami, Gati, Visaka Industries, Equitas Holdings and Shoppers Stop have their concall scheduled for today. The markets will continue to watch out for developments around the French elections and movement in US bond yields.

1. MARKET Diary
Value % Change
SGX NIFTY 9,350.58 0.36%
19764.79 1.61%
HANG SENG 24,503.00 0.11%
Sensex 29,858.80 -0.89%
Nifty 9,285.30 -0.80%
DOW 21,006.94 0.26%
Event Today NASDAQ 6,100.76 0.42%
CAC 5,432.40 1.10%
Result DAX 12,716.89 0.54%
ABB , CANBK, DIGJAMLTD FTSE 7,297.43 0.68%
HESTERBIO , INFRATEL EW ALL SHARE 17,116.84 -0.95%
DIGJAMLTD , JAYSHREETEA ,
MANGALAM , NOCIL
REPRO, UNIONBANK Value % Change
WELCORP 28072.00 0.00%
38018.00 -0.09%
Concall 49.72 0.59%
Everest Inds : 11:00 AM 210.20 2.89%
Emami : 11:00 AM 64.34 0.26%
Gati : 11:00 AM 70.82 0.54%
Visaka Inds : 4:00 PM 83.50 0.56%
Equitas Holdings : 4:30 PM
Shoppers Stop : 4:30 PM
Union Bank : 6:15 PM
Investor Buy(Cr.) Sale(Cr.) Net(Cr.)
IPO 05-May-17 4839 5203 (364)
HUDCO May-17 76435 77484 (1049)
Price band: 56-60 2017 76435 77484 (1049)
Opens: 8th May 2017
Closes: 11th May 2017
Investor Buy(Cr.) Sale(Cr.) Net(Cr.)
05-May-17 2967 2669 298
May-17 49775 45264 4511
2017 49775 45264 4511
Quote of the Day : " The extravagance of any corporate office is directly proportional to management's
reluctance to reward the shareholders. " Peter Lynch
After starting with a subdued session Nifty rose to
make a weekly high of 9377.10. However some
selling pressure was witnessed towards afternoon
session on Friday and Nifty corrected to 9272. At
the end of the week the index closed at 9285.30. It
had a net gain of 0.20% over the previous week’s
close. The midcap and small cap indices also moved
in line with the benchmark index and closed the
week in red.
On the sectoral front, some buying interest was
witnessed in Banking, Realty and Information
Technology stocks while Metal and Pharmaceuticals
stocks lead to a decline.
Two important patterns emerged on Friday 5th
May. Nifty post hitting its flag pattern target of
9370 twice, has now have formed a double top.
Along with this Hanging Man pattern was also
confirmed on daily charts. Both these formations
indicate that Bulls are losing control. On the
downside important level to be watched is 9265. A
break below this level will mean that Bull Chanel
which is in operation since December 2016 will be
violated. If Nifty breaks 9265 it can easily go to
9225 which is 20 DMA on daily charts. France
election results has come in-line with opinion polls
and so should not make any major impact.
Otherwise too last week the difference between 10
Year bond yield of France and Germany had already
narrowed, suggesting absence of bearish position
that need to be covered post this positive outcome.
Only hope for revival for bulls is high open interest
at 9300 PE and this need to be closely monitored,
any large unwinding here will confirm correction
ahead. Price wise on the upside Nifty need to close
above 9327 for the hope of uptrend resumption
DOLLAR/RS.
EURO/RS.
Commodity/Currencies
SILVER
Market
NIKKIE
FII
DII
Morning Traded Market
Nifty Intraday Chart Market
Institutional Turnover
Yesterday Closing Market
POUND/RS.
Market Outlook
CRUDEOIL
Commodity Price ( Yesterday Closing )
GOLD
NATURALGAS
% Change in 1 day
% Change in 1 day
8-May-17
KEY LEVELS
Support 1 : 9230
Resistance 1: 9327
Narnolia Securities Ltd

2. IEA Snapshot
"SUBSCRIBE"
"HOLD"
Top News
• Strides Shasun said that its active pharmaceutical
ingredients (API) plant in Puducherry was recently inspected
by US drug regulator and the approval was renewed with
‘Zero 483’ status.
08th May 2017HUDDCO
In continuation with our previously "BUY" recommendation report dated 30th March 2017 ,we have our "HOLD" rating on the stock, with
earlier target price of 490/-. We believe the recently taken up project of BOPET with a capacity of 36000 MT per annum will boost
company's sales growth and protifability to new heights. This new BOPET line will start adding revenues to the topline from Q3FY19
onwards. Change of estimates in sales and earnings to this effect, will be updated in Q4FY17 & full FY17 earning review report, soon after
announcement of quarterly earning by the company. We recommend "HOLD" on this stock.
COSMOFILMS
*For details, refer to our daily report- India Equity Analytics
HUDCO is a wholly-owned Government company with more than 46 years of experience in providing loans for housing and urban
infrastructure projects in India. HUDCO‘s AUM stands at ~Rs 36800Cr out of which 89% is to state government and their agencies. The loan
book of the company has till date been growing at 7.5% CAGR for last 4 years which appears low considering other listed housing finance
company. GNPA of the company stands at 6.80% while NNPA at 1.51% which is again higher than its listed peers. However the company is
expected to benefit hugely from Pradhan Mantri Awas Yojna under Housing for All by 2022. As the CAR is high at 63.9%, risk of any equity
dilution in the near term gets eliminated.
The company is attractively priced at 1.4 times BV with Return on Equity at 7.6%
We recommend SUBSCRIBE
08th May 2017
• EICHERMOT concall update:
The company has robust order book for classic 350 models
Valam vadagal facility will start from August 2017 and the
total capcity will reach to 825000 units per annum.
Capex Rs.800 crore in FY18
Waiting period around 3 months for classic 350
Management's focus is to keep RE brand premium.
Majority of customers are upgraders from 100 cc bikes
First time buyers share is increasing.
Exports: RE sales is higher in developed markets than
developing market. (UK, Germany, Italy and France has on
around 40-60 dealers in each countries)
The company has 1 store in Bangkok, 1 in Jakarta and 4 in
Columbia.
22 new exclusive stores will be added in the international
market in FY18.
• RAIN INDUSTRIES LTD : Concall update 1QCY17
Decline in Chemicals Trading is due to the Company’s decision to reduce
low margin trading operations.
>>Lower volumes and marginal decline in realisation contributed for fall in
Cement revenues.
">>Cement demand will increase due to increased projects from the
Government relating to infrastructure and implementing rural housing
schemes"
">>All unamortised deferred financing cost, including redemption
premium of US$ 5.4 million aggregating to US$ 10 million (INR 670
million) have been expensed during the quarter ended March 31, 2017
and disclosed as exceptional item."
>>Expansions completed over past two years started contributing fully.
>> Industry fundamentals enabling higher volumes in Carbon and
Chemical products, partly off-set with fall in Cement Business.
>>Functional integration across all three Geographies is contributing to
generate higher revenues and to optimise costs.
Completed Capital Projects : All Expansion Projects have now fully
stabilized.
>>300,000 Tons per annum Coal Tar Pitch Facility in Russia during Feb.’16
>>Flue Gas Desulfurization Plant in Chalmette, Louisiana, U.S.A. during
Dec.’15
">>1,000,000 Tons per annum Calcined Petroleum Coke Blending Facility
in Vizag,
• ATFL Q4FY17 concall Key Highlights:
Overall volume grew by 3% in Q4FY17 and for year grew by 1%.
Ad&P will remain in the range of 6-7%.
The company will be debt free in 1HFY18.
ATFL is reducing cost and expanding distribution reach.
Food business is 22% of business and mgt. expects to reach to 24-25% in
FY18.
• Hindustan Petroleum Corporation Ltd (HPCL) and its
partner Lakshmi N Mittal will invest about USD 3 billion in
setting up a petrochemical complex at their Bhatinda refinery
in Punjab.
• PTC India ties up pacts for 1,050 mw wind power supply .
The agreements were exchanged between PTC and discoms in
presence of Power Minister Piyush Goyal at a conference of
power, new and renewable energy and mines ministers of
states and UTs held here yesterday
Narnolia Securities Ltd

3. Scrip Reco Initiation Price Target 2 Stop Loss
MINDTREE Buy 495.95 528 479
Tata Motors May
410 PE
Long
(1 Lot
=1500)
7.35 17 3
F&O OPEN INTEREST ( Number of Contracts )
Individual Foreign Institutions
MARKET MOVERS (1 MONTH CHANGE)
Nifty Movers NSE Sectoral Indices Performance
12
Continuous selling pressure was witnessed
in the stock throughout Friday. It has also
broken its short term crucial support of Rs
420. Some fresh sell-off is very likely at the
current level.
TRADING IDEAS
Target 1 Rational
514
After getting a strong support near Rs 480,
the stock has given a good pullback rally on
Friday. It was also able to maintain above its
immediate crucial resistance of Rs 493.
Another 4-6% upside is expected from here.
Narnolia Securities Ltd

4. BSE Code Company Name Date BSE Code Company Name Date
500002 ABB 08-May-17 505890 KENNAMET 09-May-17
505036 ACGL 08-May-17 532686 KERNEX 09-May-17
540146 ACML 08-May-17 505283 KIRLPNU 09-May-17
530431 ADORFO 08-May-17 526947 LAOPALA 09-May-17
509438 BENARAS 08-May-17 590078 MAITHANALL 09-May-17
504648 BOMBWIR 08-May-17 539289 MJCO 09-May-17
526731 BRIGHTBR 08-May-17 504112 NELCO 09-May-17
532483 CANBK 08-May-17 506532 NITTAGELA 09-May-17
590031 DENORA 08-May-17 503031 PENINLAND 09-May-17
539979 DIGJAMLTD 08-May-17 532522 PETRONET 09-May-17
524669 HESTERBIO 08-May-17 530331 PREMCO 09-May-17
534816 INFRATEL 08-May-17 526801 PSL 09-May-17
509715 JAYSHREETEA 08-May-17 534618 SAL 09-May-17
532637 MANGALAM 08-May-17 538685 SHEMAROO 09-May-17
539594 MISHTANN 08-May-17 530593 SIRHIND 09-May-17
519494 NKIND 08-May-17 523756 SREINFRA 09-May-17
500730 NOCIL 08-May-17 532276 SYNDIBANK 09-May-17
531157 ORGCOAT 08-May-17 539871 THYROCARE 09-May-17
532486 POKARNA 08-May-17 521064 TRIDENT 09-May-17
523539 PRECWIRE 08-May-17 505978 TRITONV 09-May-17
522257 RAJOOENG 08-May-17 532401 VIJAYABANK 09-May-17
532687 REPRO 08-May-17 517498 WEBELSOLAR 09-May-17
513151 STINDIA 08-May-17 512245 ZNIVITRD 09-May-17
532477 UNIONBANK 08-May-17 512161 8KMILES 10-May-17
511333 VLSFINANCE 08-May-17 531866 AAGAMCAP 10-May-17
532144 WELCORP 08-May-17 512437 APOLLOFI 10-May-17
533252 WELINV 08-May-17 532938 CAPF 10-May-17
523120 ADORMUL 09-May-17 524742 CAPPL 10-May-17
517041 ADORWELD 09-May-17 500280 CENTENKA 10-May-17
506235 ALEMBICLTD 09-May-17 523100 COSMOFE 10-May-17
506820 ASTRAZEN 09-May-17 511413 CREST 10-May-17
530803 BHAGIL 09-May-17 532173 CYBERTECH 10-May-17
532454 BHARTIARTL 09-May-17 533309 DALMIABHA 10-May-17
500067 BLUESTARCO 09-May-17 500123 ELANTAS 10-May-17
513375 CARBORUNIV 09-May-17 540153 ENDURANCE 10-May-17
532121 DENABANK 09-May-17 530389 GEEFC 10-May-17
522074 ELGIEQUIP 09-May-17 530263 GLOBALCA 10-May-17
526227 FILATEX 09-May-17 531111 GOTHIPL 10-May-17
540064 FRETAIL 09-May-17 506879 GUJTHEM 10-May-17
535917 GCMCOMM 09-May-17 500182 HEROMOTOCO 10-May-17
535431 GCMSECU 09-May-17 524735 HIKAL 10-May-17
505250 GGDANDE 09-May-17 500184 HSCL 10-May-17
532181 GMDCLTD 09-May-17 539449 IGC 10-May-17
532424 GODREJCP 09-May-17 504092 INDOKEM 10-May-17
509895 HINDMILL 09-May-17 538422 JACKSON 10-May-17
526217 HITECHPLAS 09-May-17 502901 JAMSHRI 10-May-17
539448 INDIGO 09-May-17 536493 JK AGRI 10-May-17
507942 JOGENG 09-May-17 517569 KEI 10-May-17
Result Calendar Q4FY17

5. 535730 KHOOBSURAT 10-May-17 509496 ITDCEM 11-May-17
533293 KIRLOSENG 10-May-17 538794 JETINFRA 11-May-17
517415 LEENEE 10-May-17 538092 JOONKTOLL 11-May-17
530441 MAHAN 10-May-17 500243 KIRLOSIND 11-May-17
500248 MAVIIND 10-May-17 526423 KRITIIND 11-May-17
532850 MIC 10-May-17 533210 KRITINUT 11-May-17
532440 MPSLTD 10-May-17 524000 MAGMA 11-May-17
539229 MRSS 10-May-17 506919 MAKERSL 11-May-17
526721 NICCOPAR 10-May-17 500206 MARGOFIN 11-May-17
508941 PANCARBON 10-May-17 534312 MTEDUCARE 11-May-17
532742 PAUSHAKLTD 10-May-17 530557 NCLRESE 11-May-17
531879 PIONDIST 10-May-17 523385 NILKAMAL 11-May-17
531768 POLYMED 10-May-17 539333 PENPEBS 11-May-17
530815 REFNOL 10-May-17 523648 PLASTIBLEN 11-May-17
520075 SAMKRG 10-May-17 531172 PRANAVSP 11-May-17
540203 SFL 10-May-17 526477 SAENTER 11-May-17
520086 SICAL 10-May-17 504959 STOVACQ 11-May-17
500550 SIEMENS 10-May-17 530445 SUMERUIND 11-May-17
533018 SIMPLXMIL 10-May-17 532262 TCIIND 11-May-17
533019 SIMPLXPAP 10-May-17 532026 THEWEST 11-May-17
503229 SIMPLXREA 10-May-17 520113 VESUVIUS 11-May-17
514454 SOUTLAT 10-May-17 532613 VIPCLOTHNG 11-May-17
534680 SRGHFL 10-May-17 509038 VOLLF 11-May-17
535621 SVGLOBAL 10-May-17 505533 WESTLIFE 11-May-17
507785 TAINWALCHM 10-May-17 524208 AARTIIND 12-May-17
530199 THEMISMED 10-May-17 535755 ABFRL 12-May-17
530131 UDAICEMENT 10-May-17 519183 ADFFOODS 12-May-17
524200 VINATIORGA 10-May-17 539301 ARVSMART 12-May-17
505537 ZEEL 10-May-17 532230 BENGALT 12-May-17
500101 ARVIND 11-May-17 532485 BLIL 12-May-17
539017 ASHFL 11-May-17 514045 BSL 12-May-17
500820 ASIANPAINT 11-May-17 500040 CENTURYTEX 12-May-17
539122 BODHTREE 11-May-17 501833 CHOWGULSTM 12-May-17
539131 CLLIMITED 11-May-17 533146 DLINKINDIA 12-May-17
532365 DSSL 11-May-17 500124 DRREDDY 12-May-17
530117 FAIRCHEM 11-May-17 517477 ELNET 12-May-17
500033 FORCEMOT 11-May-17 517300 GIPCL 12-May-17
538319 GCMCAPI 11-May-17 517354 HAVELLS 12-May-17
532296 GLENMARK 11-May-17 500189 HINDUJAVEN 12-May-17
533248 GPPL 11-May-17 538838 ICL 12-May-17
532482 GRANULES 11-May-17 505737 INTLCOMBQ 12-May-17
500676 GSKCONS 11-May-17 522245 IYKOTHITE 12-May-17
532281 HCLTECH 11-May-17 532508 JSL 12-May-17
504731 IBRIGST 11-May-17 531602 KOFFBREAK 12-May-17
532835 ICRA 11-May-17 539524 LALPATHLAB 12-May-17
517380 IGARASHI 11-May-17 523457 LINDEINDIA 12-May-17
526887 INDOCRED 11-May-17 522235 MINALIND 12-May-17
505358 INTEGRAEN 11-May-17 503772 MODWOOL 12-May-17

6. 532140 MOHITE 12-May-17 526941 VAICC 12-May-17
532529 NDTV 12-May-17 540180 VBL 12-May-17
500790 NESTLEIND 12-May-17 509367 APTANN 13-May-17
524558 NEULANDLAB 12-May-17 531795 ATULAUTO 13-May-17
500314 ORIENTHOT 12-May-17 532656 FACORALL 13-May-17
509820 PAPERPROD 12-May-17 500141 FERROALL 13-May-17
521080 PASARI 12-May-17 524226 GAEL 13-May-17
540173 PNBHOUSING 12-May-17 521176 GANGOTRI 13-May-17
539678 QUICKHEAL 12-May-17 532644 JKCEMENT 13-May-17
530517 RELAXO 12-May-17 519191 JOLYMER 13-May-17
505807 ROLCOEN 12-May-17 532652 KTKBANK 13-May-17
500350 RSWM 12-May-17 502157 MANGLMCEM 13-May-17
539450 SHK 12-May-17 540401 MAXIMUS 13-May-17
513498 SOUTHMG 12-May-17 526616 NATPLAS 13-May-17
513605 SRIPIPES 12-May-17 531254 OPTIFIN 13-May-17
539353 SWARAJAUTO 12-May-17 500333 PIXTRANS 13-May-17
500114 TITAN 12-May-17 522152 SOLIMAC 13-May-17
532513 TVSELECT 12-May-17 521200 SURYALAXMI 13-May-17
Date NSE CODE SALES SALES YoY PAT PAT YoY
08-May-17 ABB 2207 10.30 101 28.40
08-May-17 INFRATEL 3504 10.10 723 0.60
08-May-17 CANBK 2668 12.40 458 LP
08-May-17 UNIONBANK 2339 12.20 134 39.60
09-May-17 GODREJCP 2445 10.70 340 6.30
09-May-17 PETRONET 7736 27.50 397 65.80
09-May-17 BHARTIARTL 22237 -10.90 677 -54.70
09-May-17 INDIGO 4948 20.90 185 -68.00
10-May-17 HEROMOTOCO 6844 -8.80 779 -6.70
10-May-17 SIEMENS 2675 -3.90 255 43.80
10-May-17 DALMIABHA 1852 -1.50 61 -35.30
10-May-17 ZEEL 1533 0.10 387 48.40
11-May-17 ASIANPAINT 3818 4.00 489 17.20
11-May-17 GSKCONS 1128 -1.30 167 -1.80
11-May-17 GLENMARK 3001 38.00 615 313.70
11-May-17 GRANULES 347 -6.90 36 9.60
11-May-17 HCLTECH 12052 12.70 1971 2.40
11-May-17 ARVIND 2489 7.30 129 16.60
12-May-17 HAVELLS 1590 7.70 126 -23.40
12-May-17 NESTLEIND 2755 20.00 412 35.00
12-May-17 DRREDDY 3757 0.00 465 23.60
12-May-17 TITAN 3004 23.30 172 -9.40
12-May-17 SHK 284 7.00 30 16.60
Earning Estimate Q4FY17
Narnolia Securities Ltd

7. BSE Code NSE CODE SALES SALES YoY PAT PAT YoY
500027 ATUL 781 18 63.38 (2.49)
532809 FSL 892 5 26.70 (64.96)
504212 UNIVCABLES 251 17 5.40 (54.77)
500878 CEAT 1458 5 66.33 (32.51)
500089 DICIND 167 (1) (0.73) (110.14)
509546 GRAVISSHO 12 (20) 1.38 35.29
502937 KESORAMIND 970 (9) (74.51) (110.34)
509930 SUPREMEIND 1283 7 148.16 29.03
500254 UTTAMVALUE 745 (30) (205.64) (3.05)
507753 SREERAYALK 230 11 5.94 166.37
511072 DHFL 2375 21 2217.68 1069.29
523405 JMFINANCIL 671 59 150.85 32.63
511243 CHOLAFIN 1216 7 221.17 14.11
532893 VTMLTD 44 9 (0.34) 36.00
500160 GTL 304 (2) (170.53) 47.90
512070 UPL 5341 20 741.01 302.57
522134 ARTSONENGG 30 (14) 26.70 1367.03
500288 MOREPENLAB 143 16 7.23 161.01
523768 GUJBOROSIL 50 (8) 6.49 113.49
513403 PMTELELIN 5 66 0.07 16.67
526179 LUDLOWJUT 87 (16) 0.82 36.67
532493 ASTRAMICRO 156 26 30.26 58.35
533167 COROENGG 6 (25) (2.04) 4.62
531147 ALICON 203 5 8.91 10.41
532498 SHRIRAMCIT 1178 15 16.31 (73.33)
532900 SEINV 73 39 1.70 (42.57)
531841 INDUSFIN 1 103 (0.25) (308.33)
531642 MARICO 1315 2 170.91 25.50
532974 BIRLAMONEY 27 22 2.95 (5016.67)
532523 BIOCON 919 (2) 127.50 (61.71)
512289 SHIRPUR-G 1592 49 0.03 (98.39)
532628 3IINFOTECH 256 (6) 33.34 (111.89)
590122 ASHIKACR 1 86 (1.45) 51.04
532659 IDFC 2577 24 134.80 3.33
532456 COMPUAGE 1042 4 3.46 28.15
532775 GTLINFRA 256 11 7.61 (107.02)
533470 RUSHIL 82 14 6.45 848.53
533228 BHARATFIN 368 12 (234.92) (378.11)
500877 APOLLOTYRE 3589 21 126.80 (49.26)
526612 BLUEDART 682 8 26.94 (36.61)
500097 DALMIASUG 427 31 39.17 (30.30)
505200 EICHERMOT 2128 39 412.30 14.57
532809 FSL 892 5 26.70 (64.96)
500620 GESHIP 746 (14) (126.69) (317.68)
509162 INDAG 51 (9) 5.61 (26.57)
500264 MAFATLAIND 313 (22) (7.71) (223.56)
540376 DMART 3120 40 97.00 46.00
Result Q4FY17

8. 524084 MONSANTO 145 66 30.11 25.04
532541 NIITTECH 459 30 86.56 174.97
500459 PGHH 624 2 99.40 2.16
532872 SPARC 45 10 32.27 (436.85)
532928 TRIL 192 (22) 0.29 (97.30)
504212 UNIVCABLES 253 18 5.40 (54.77)
Country
Monday
8th May 17
Tuesday
9th May 17
Wednesday
10th May 17
Thursday
11th May 17
Friday
12th May 17
US
Labor Market
Conditions Index m/m.
NFIB Small Business Index
, Final Wholesale
Inventories m/m ,
IBD/TIPP Economic
Optimism.
Crude Oil Inventories , 10-y
Bond Auction, Federal Budget
Balance.
PPI m/m , Unemployment
Claims , Core PPI m/m, Natural
Gas Storage , 30-y Bond
Auction.
CPI m/m , Core CPI m/m ,
Core Retail Sales m/m ,
Retail Sales m/m, Prelim
UoM Consumer Sentiment,
Business Inventories m/m ,
Prelim UoM Inflation
Expectations.
UK/EURO ZONE
German Factory Orders
m/m , BRC Retail Sales
Monitor y/y , Sentix
Investor Confidence.
German Industrial
Production m/m , German
Trade Balance, French
Final CPI m/m , French
Gov Budget Balance ,
French Industrial
Production m/m.
German 10-y Bond Auction,
RICS House Price Balance ,
NIESR GDP Estimate.
ECB Economic Bulletin ,
Manufacturing Production
m/m, Goods Trade Balance ,
BOE Inflation Report , MPC
Official Bank Rate Votes ,
Monetary Policy Summary ,
Official Bank Rate , Asset
Purchase Facility , MPC Asset
Purchase Facility Votes.
German Prelim GDP q/q ,
German Final CPI m/m ,
French Prelim Non-Farm
Payrolls q/q , Italian Prelim
GDP q/q , Industrial
Production m/m.
INDIA IIP Data
Economic Calendar
Narnolia Securities Ltd

9. Narnolia Securities Ltd
201 | 2nd Floor | Marble Arch Building | 236B-AJC Bose
Road | Kolkata-700 020 , Ph : 033-40501500
email: narnolia@narnolia.com,
website : www.narnolia.com
Risk Disclosure & Disclaimer: This report/message is for the personal information of
the authorized recipient and does not construe to be any investment, legal or taxation
advice to you. Narnolia Securities Ltd. (Hereinafter referred as NSL) is not soliciting any
action based upon it. This report/message is not for public distribution and has been
furnished to you solely for your information and should not be reproduced or
redistributed to any other person in any from. The report/message is based upon publicly
available information, findings of our research wing “East wind” & information that we
consider reliable, but we do not represent that it is accurate or complete and we do not
provide any express or implied warranty of any kind, and also these are subject to change
without notice. The recipients of this report should rely on their own investigations,
should use their own judgment for taking any investment decisions keeping in mind that
past performance is not necessarily a guide to future performance & that the the value of
any investment or income are subject to market and other risks. Further it will be safe to
assume that NSL and /or its Group or associate Companies, their Directors, affiliates
and/or employees may have interests/ positions, financial or otherwise, individually or
otherwise in the recommended/mentioned securities/mutual funds/ model funds and
other investment products which may be added or disposed including & other mentioned
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