KARVY WEALTH MAXIMIZER - OCTOBER 2018
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Disclaimer
Analyst certification: The following analyst(s), Vivek Ranjan Misra who is (are) primarily responsible for this report and whose name(s)
is/are mentioned therein, certify (ies) that the views expressed herein accurately reflect his (their) personal view(s) about the subject security
(ies) and issuer(s) and that no part of his (their) compensation was, is or will be directly or indirectly related to the specific recommendation(s)
or views contained in this research report.
Disclaimer: Karvy Stock Broking Limited [KSBL] is registered as a research analyst with SEBI (Registration No INH200003265). KSBL is
also a SEBI registered Stock Broker, Depository Participant, Portfolio Manager and also distributes financial products. The subsidiaries and
group companies including associates of KSBL provide services as Registrars and Share Transfer Agents, Commodity Broker, Currency
and forex broker, merchant banker and underwriter, Investment Advisory services, insurance repository services, financial consultancy and
advisory services, realty services, data management, data analytics, market research, solar power, film distribution and production, profiling
and related services. Therefore associates of KSBL are likely to have business relations with most of the companies whose securities are
traded on the exchange platform. The information and views presented in this report are prepared by Karvy Stock Broking Limited and
are subject to change without any notice. This report is based on information obtained from public sources , the respective corporate
under coverage and sources believed to be reliable, but no independent verification has been made nor is its accuracy or completeness
guaranteed. The report and information contained herein is strictly confidential and meant solely for the selected recipient and may not be
altered in any way, transmitted to, copied or distributed, in part or in whole, to any other person or to the media or reproduced in any form,
without prior written consent of KSBL. While we would endeavor to update the information herein on a reasonable basis, KSBL is under no
obligation to update or keep the information current. Also, there may be regulatory, compliance or other reasons that may prevent KSBL
from doing so. The value and return on investment may vary because of changes in interest rates, foreign exchange rates or any other
reason. This report and information herein is solely for informational purpose and shall not be used or considered as an offer document
or solicitation of offer to buy or sell or subscribe for securities or other financial instruments. Though disseminated to all the customers
simultaneously, not all customers may receive this report at the same time. KSBL will not treat recipients as customers by virtue of their
receiving this report. Nothing in this report constitutes investment, legal, accounting and tax advice or a representation that any investment
or strategy is suitable or appropriate to your specific circumstances. This material is for personal information and we are not responsible for
any loss incurred based upon it. The investments discussed or recommended in this report may not be suitable for all investors. Investors
must make their own investment decisions based on their specific investment objectives and financial position and using such independent
advice, as they believe necessary. While acting upon any information or analysis mentioned in this report, investors may please note that
neither KSBL nor any associate companies of KSBL accepts any liability arising from the use of information and views mentioned in this
report. Investors are advised to see Risk Disclosure Document to understand the risks associated before investing in the securities markets.
Past performance is not necessarily a guide to future performance. Forward-looking statements are not predictions and may be subject to
change without notice. Actual results may differ materially from those set forth in projections.
Associates of KSBL might have managed or co-managed public offering of securities for the subject company or might have been mandated
by the subject company for any other assignment in the past twelve months.
Associates of KSBL might have received compensation from the subject company mentioned in the report during the period preceding
twelve months from the date of this report for investment banking or merchant banking or brokerage services from the subject company
in the past twelve months or for services rendered as Registrar and Share Transfer Agent, Commodity Broker, Currency and forex broker,
merchant banker and underwriter, Investment Advisory services, insurance repository services, consultancy and advisory services, realty
services, data processing, profiling and related services or in any other capacity.
KSBL encourages independence in research report preparation and strives to minimize conflict in preparation of research report.
Compensation of KSBL’s Research Analyst(s) is not based on any specific merchant banking, investment banking or brokerage service
transactions.
KSBL generally prohibits its analysts, persons reporting to analysts and their relatives from maintaining a financial interest in the securities or
derivatives of any companies that the analysts cover.
KSBL or its associates collectively or Research Analysts do not own 1% or more of the equity securities of the Company mentioned in the
report as of the last day of the month preceding the publication of the research report.
KSBL or its analysts did not receive any compensation or other benefits from the companies mentioned in the report or third party in
connection with preparation of the research report and have no financial interest in the subject company mentioned in this report.
Accordingly, neither KSBL nor Research Analysts have any material conflict of interest at the time of publication of this report.
It is confirmed that KSBL and Research Analysts, primarily responsible for this report and whose name(s) is/ are mentioned therein of this
report have not received any compensation from the subject company mentioned in the report in the preceding twelve months.
It is confirmed that Vivek Ranjan Misra, Research Analyst did not serve as an officer, director or employee of the companies mentioned
in the report.
KSBL may have issued other reports that are inconsistent with and reach different conclusion from the information presented in this report.
Neither the Research Analysts nor KSBL have been engaged in market making activity for the companies mentioned in the report.
We submit that no material disciplinary action has been taken on KSBL by any Regulatory Authority impacting Equity Research Analyst
activities.