4 September 2013
MARKETS TODAY WORLD INDICES & INDIAN ADRs (US$) 3-Sep-13
Mrkts expected to open positive amid global cues. IT stocks may gain on Latest Points % Chg. positive economic data in the US. Metal stocks may edge higher as economic NIKKEI 225 * 13872.3 (106.1) (0.8) data in China Realty and bank stocks will be in focus after the RBI said on HANG SENG * 22236.2 (158.4) (0.7) Tues housing loans from banks to individuals should be closely linked to the DOWJONES 14834.0 23.7 0.2 stages of construction. Resistance is seen at 5360 levels & support is seen at NASDAQ 3612.6 22.7 0.6 5254 levels. Stock to watch: Strides Arcolab, Jet Airways, Fresenius Kabi, SKS SGX NIFTY FUT* 5336.0 15.0 0.3 Microfinance, Spicejet, Wipro. INFY 45.5 (0.9) (2.0) HDFC BANK 42.7 13.7 47.2 KEY OVERNIGHT DEVELOPMENTS ICICI BANK 27.6 1.6 6.0 Wall street rose on Tues but were far off session highs after top Republicans TATA MOTORS 27.5 5.2 23.1 voiced support for US President Barack Obama's call for military strikes WIPRO 8.9 (0.1) (1.4) against Syria. The market found support also from stronger-than-expected DR REDDY 32.5 (0.8) (2.5) data on US mfg and construction spending that hinted the world's biggest * At 08:20 a.m. IST on 4-Sep-13 economy was gaining traction. Meanwhile, Asian markets slipped in early trade today. MUST KNOW…. ITC hikes prices of select cigarette brands EQUITY 3-Sep-13 Latest 1 Day P/E* P/B* Aksh Optifibre closes IPTV Services in Delhi and Mumbai SENSEX 18,234.7 (3.4) 15.7 2.4 Godawari Power's 1.2 MTPA iron ore pelletisation plant starts commercial NIFTY 5,341.5 (3.8) 14.3 2.2 CNXMIDCAP 6,545.7 (2.3) 13.5 1.3 production *Source: Bloomberg Lodha's Worli launch gets bookings worth Rs2.5k cr on day 1 COMMODITIES Zenith Birla approves preferential issue of warrants Latest Points % Chg. GOLD 1412.4 21.1 1.5 Speciality Restaurants closes two franchise restaurants CRUDE OIL 108.5 0.9 0.8 Religare to acquire Macquarie stake in wealth management joint venture
FII ACTIVITIES IN DERIVATIVES 3-Sep-13 Kingfisher seeks $236 mn in damages from engine-maker FII Net Buy (Rs. Open Ch. in Open Crs) Interest Int. (DOD) 2G case: SC rejects plea, hearings at trial court only Index Futures (1850.9) 10734.2 4.4 Bharti announces revision of select postpaid rates Index Options 1005.5 48628.5 1.1 Stock Futures 224.2 25831.7 (1.1) General Motors India recalls 4,000 units of Sail model Stock Options 19.0 917.6 14.4 Zensar Technologies launches insourcing services division
NET INFLOWS (Rs. Crs.) 2-Sep-13 Gammon Infra terminates shareholders agreement with Simplex Infra NET MTD YTD Hindustan Motors: Updates on production and sales of Aug, 2013 FII 501.8 501.8 58882.3 MF (204.0) (203.6) (13197.7) Zensar Technologies clarifies on news item *YTD From January till date Energy Development successfully synchronises its karikkayam hydro EXCHANGE RATE 3-Sep-13 electric project with grid Closing % Chg. Rs. / $ 66.0 0.47 Speciality Restaurants opens new restaurant at Bengaluru Rs. / EURO 87.3 0.17 Rs. / UK Sterling 102.8 0.94 Power Grid to divest 20% stake via FPO
Radico Khaitan clarifies on news item G.SEC. YIELD 3-Sep-13 Rate Yield (%) DNB selects TCS as its IT transformation partner GS CG2023 7.16% 90.8 8.6 Infotech Enterprises sets branch office in Taiwan
Please refer to important disclosures at the end of the report For private Circulation Only. Sushil Financial Services Private Limited Member BSE1 : SEBI Regn.No. INB/F010982338 | NSE : SEBI Regn.No.INB/F230607435. Regd. Office : 12, Homji Street, Fort, Mumbai 400 001. Phone: +91 22 40936000 Fax: +91 22 22665758 Email : [email protected]
Corporate Announcements ITC hikes prices of select cigarette brands
Diversified business group ITC Ltd said it has increased prices of select cigarette brands, Gold Flake and Classic by over 10%, the second hike in as many months. The price of 'Gold Flake Kings' pack consisting of 10 cigarettes will now cost Rs.75, up from Rs.68 earlier. A pack of 'Gold Flake Lights' consisting of 20 cigarettes will cost Rs.75 compared to Rs.68 earlier. Likewise, the 'Classic' pack consisting of 20 cigarettes will now cost Rs.150 from Rs.136 earlier. When contacted, a company spokesperson confirmed the hike in prices. The packs with new prices are already in the market.The company, which had hiked prices of its Gold Flake cigarette brand by over 7% in Jul, had earlier said that steep hike in excise duty on cigarettes impacted sales. ITC, which is the market leader in cigarettes in India, sells various brands including India Kings, Classic Gold Flake and Navy Cut among others. The company's cigarettes business grew by 7.05% to Rs.3,537.39 crore during the first quarter ended Jun 30, 2013. It produces cigarettes at plants located in Bengaluru, Munger (Bihar), Saharanpur (UP), Kolkata and Pune. Besides FMCG, ITC has interests in hotels, paperboards and packaging, tobacco products and information technology.
Aksh Optifibre closes IPTV Services in Delhi and Mumbai
Aksh Optifibre Ltd has informed BSE that the Company has closed IPTV Services in Delhi and Mumbai, upon completion of 7 years term, as per terms of agreement with Mahanagar Telephone Nigam Ltd. (MTNL).
Godawari Power's 1.2 MTPA iron ore pelletisation plant starts commercial production
With reference to the earlier announcement dated Jul 06, 2013, Godawari Power and Ispat Ltd has now informed BSE that the Company’s 1.2 MTPA Iron Ore Pelletisation Plant has been commissioned at Siltara Industrial Complex, Raipur, Chhattisgarh and started commercial production with effect from Sept 01, 2013.
Lodha's Worli launch gets bookings worth Rs2.5k cr on day 1
Lodha Group’s recently launched masterplanned neighbourhood in Worli (Mumbai), The Park, witnessed unprecedented interest with over 450 bookings worth over Rs.2500 crores being received on the first day of the applications being accepted. Lodha had launched The Park with Mrs. Aishwarya Rai Bachchan as the brand ambassador at a widely publicized press event a few days ago. This has been followed by a global launch in 7 cities Mumbai, Dubai, Delhi, Kolkata, Pune, Ahmedabad and Surat. Applications to purchase units have been received from across the country, along with strong interest from NRI’s in the UAE and USA. Amidst all the gloom about the Indian economy, the successful launch of this development has surprised market watchers. However, according to a leading South Mumbai based broker, "There has been a tremendous interest across India and from overseas customers as well. This is largely on account of the excellent location, world class design and amenities, and Lodha's brand and credibility in the market. Also the success of their pre-launch of this property under Codename Bluemoon where they received over USD 1 bn of applications in Jan 2013 and the good returns that buyers in that pre-launch have enjoyed, has given lot of confidence to new buyers that this is by far the best development to buy into from a quality and returns perspective." It is understood that these bookings are for the first residences around the Park and prices range from Rs.3.6 crores to Rs.10 crores for 2, 3 and 4 BHK residences, created by some of the finest brands and designers across the globe. The Park is a 17 acre master-plan district, located at Worli, on
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the property purchased by Lodha in 2012 for Rs.2727 crores from DLF. The Lodha Group plans to develop a variety of different projects around this park, ranging from high rises, town houses, luxury retail and even a few select bungalows. A part of the 17 acre property has been exclusively designed as a tribute to nature with 7 acres of world class landscapes set on top of a 70 feet tall 'hill' at Worli, South Mumbai. Inspired by the great urban parks around the world, The Park offers an ideal urban lifestyle, one that is currently not possible in Mumbai. With over 7-acres of space, which is equivalent to 6 football fields put together, or about 1.5 times the size of the world's largest cricket ground, The Park is a tapestry of experiences, pulsating with vibrant life and activity.
Zenith Birla approves preferential issue of warrants
Zenith Birla (India) Ltd has informed BSE that the Board of Directors has approved proposal of preferential issue of warrants to promoters and promoters' group.
Speciality Restaurants closes two franchise restaurants
Speciality Restaurants Ltd has informed BSE regarding "Closure of "Mainland China & Flame & Grill" Franchise restaurants by Speciality Restaurants Limited". Speciality Restaurants has closed Mainland China and Flame and Grill, the Franchise restaurants at Ludhiana on Sept 01, 2013.
Religare to acquire Macquarie stake in wealth management joint venture
Religare Enterprises Ltd has informed BSE regarding a Press Release dated Sept 02, 2013 titled "Religare to acquire Macquarie stake in wealth management joint venture". Religare Enterprises to acquire Macquarie’s stake in its wealth management joint venture - Religare Macquarie Wealth Management Limited. The equal partnership JV was formed in 2007 to serve the fast growing Indian High Net Worth individuals (HNI) client base, leveraging Religare’ s local knowledge and Macquarie’s global expertise.
Kingfisher seeks $236 mn in damages from engine-maker
A founder group company of grounded carrier Kingfisher Airlines is seeking about USD 236 mn in damages from engine-maker International Aero Engines AG for allegedly supplying "inherently defective" engines, the airline said. United Breweries (Holdings) has filed a lawsuit against International Aero Engines AG and its shareholders in a court in Bangalore, Kingfisher said in its annual report, which was made publicly available on Mon. US-based International Aero Engines, which is part owned by United Technologies Corp's Pratt & Whitney unit, was not immediately available for a comment. The lawsuit alleges that the IAE V- 2500 A5 engines supplied to Kingfisher were "inherently defective, both in design and manufacture," Kingfisher said. Kingfisher, controlled by liquor baron Vijay Mallya, has not flown since last Oct because of a funding crunch. Its flying licences expired at the end of last year and the company has so far had little success in a bid to revive operations. Kingfisher, which had never reported a profit during its eight years of operations, is in talks with one potential investor in the airline as of Aug 14, it said in the annual report, without naming any company. A difficult operating environment as well as the engine problems "severely affected" its operations and finances during the year to Mar 2013, Kingfisher said. The carrier had grounded 14 Airbus A320 family aircraft that used the V2500 engines during the year to Mar 2011 due to technical problems relating to the engines, it had said in its annual report for that year. A Kingfisher spokesman did not comment beyond the annual report.
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2G case: SC rejects plea, hearings at trial court only
The Supreme Court on Tues rejected the plea of 2G spectrum accused to recall orders barring the high court from hearing the matters related to the scam. The apex court ruled that to avoid misuse of legal system, all 2G matters can only be heard by trial court. It added that trial courts will deliver quick orders which is in interest of 2G accused. The accused had pleaded to Supreme Court to amend its earlier order so that they are able to file appeals before the High Court. The previous Supreme Court order barred all courts from hearing 2G matters and stated that in case an accused is dissatisfied with the trial court's order, they can directly approach the Supreme Court.
Bharti announces revision of select postpaid rates
Bharti Airtel announced a revision in select postpaid mobile rates effective from Sept 8. As per the new plan, local and STD rates of 50 paise per minute to Airtel mobiles will be increased to 60 paise, while calls to landlines will go up to 90 paise per minute from 60 paise. In a message to postpaid customers registered under Advantage 199, one of its per-minute billing plans, Airtel said the "bill plan for your Airtel mobile...will change effective 8-Sep-13." An Airtel spokesperson said the tariff revision is on account of changes made earlier in some plans, which are being implemented now. "There has been no change in headline tariffs. Earlier this year, the benefits offered in some promotional plans were revised. Some customers are getting notified now as per the schedule, which is in compliance with TRAI guidelines for such revisions of promotional tariffs," the spokesperson said. Basic call rates, or headline tariffs, at present range between 90 paise and Rs.1.20 per minute.
General Motors India recalls 4,000 units of Sail model
General Motors India said it is recalling 4,000 units of the diesel variant of its Sail model to address a potential engine issue. The recall will affect 2,910 units of the sedan version of Sail and 1,090 units of compact car variant of the model. This comes close on the heels of the company recalling 1.14 lakh units of its multi-purpose vehicle Tavera in Jul this year regarding emission issues. GM India, however, said this latest issue is not related to the Tavera recall. "Our customers are at the centre of everything we do... Quality is our highest priority. However, if there is an issue, we ensure that it is corrected as soon as possible as part of our complete commitment to customer satisfaction," GM India Vice President P Balendran said. He said the recall is to rectify a problem at the crankshaft hub bolt, which has the potential to impact the performance of the 1.3-litre diesel engine. GM India has restarted production and sales of the diesel variants of Chevrolet Sail, which were stopped on Jun 3 due to the engine issue, he added. "The company is notifying customers individually how and when to bring in their vehicles for inspection. The affected vehicles will be repaired free of charge at GMI's 278 service centres across the country," Balendran added. GM India did not specify the manufacturing dates of the Sail that will be affected by the recall. While the Sail compact version was launched in Nov last year, the sedan variant was launched in Feb this year. The recall is the latest in a series made by automobile manufacturers in India since industry body SIAM announced a voluntary recall based on safety last Jul. Over 3 lakh units of automobiles have been recalled so far by various companies, including Ford, Toyota, Mahindra & Mahindra, Nisssan, Renault and Yamaha.
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Zensar Technologies launches insourcing services division
Zensar Technologies Ltd has informed BSE regarding a Press Release dated Sept 03, 2013, titled "Zensar Technologies launches Insourcing Services Division" Zensar Technologies announced its new insourcing service division to provide comprehensive services to global conglomerates to set up captive centres in India.
Gammon Infra terminates shareholders agreement with Simplex Infra
Gammon Infrastructure Projects Ltd has informed BSE regarding "Termination of Shareholders Agreement with Simplex Infrastructures Limited ('Simplex’)". Gammon Infrastructure Projects and Simplex have executed an agreement to terminate the shareholders agreement dated Apr 26, 2012 for purchasing 49% equity shares in Maa Durga Expressways promoted by Simplex.
Hindustan Motors: Updates on production and sales of Aug, 2013
Hindustan Motors Ltd has informed BSE regarding Information relating to production and sales of the Company for the month of Aug, 2013. Hindustan Motors has produced 372 units in Aug 2013 against 338 units in Aug 2012.
Zensar Technologies clarifies on news item
With reference to the news item appearing in a leading financial daily titled "Zensar eyes sub - mn acquisition in the US" Zensar Technologies Ltd has clarified to BSE that :"The Company has always followed the strategy of expansion through acquisition of companies in order to facilitate its entry into a particular segment or to focus on a particular geography. This strategy has been adequately reflected by the Company in all correspondence with the stakeholders. While the Company is exploring opportunities for acquisition of companies, as on date, there have been no concrete developments in this regard and it would therefore be premature to announce the specifics. The Company intends to keep Stock Exchanges and all concerned informed about developments as and when it materialises".
Energy Development successfully synchronises its karikkayam hydro electric project with grid
Energy Development Company Ltd has informed BSE that one of the wholly owned subsidiary of the Company, namely, Ayyappa Hydro Power Limited, has successfully synchronized with the grid on Sept 02, 2013, its Unit 3rd of 3 x 5 MW Karikkayam Hydro Electric Project situated in the State of Kerala.
Speciality Restaurants opens new restaurant at Bengaluru
Speciality Restaurants Ltd has informed BSE that the Company has opened a "Sigree Global Grill", restaurant located at 28/2, Siddapura, Whitefield Main Road, Bengaluru - 560066 on Sept 02, 2013.Accordingly, as of the date of this letter, the total number of restaurants (including franchise restaurants) and confectionaries of the Company are 86 and 14 respectively.
Power Grid to divest 20% stake via FPO
Power Grid will be selling 20% of its stake through the follow-on public offer (FPO) soon. Of this 20%, 15% is the company’s shareholding and the rest five percent is the government’s stake in the company.
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However, more divestments are on the cards. Apart from Power Grid, at this point in time among the government’s key divestment issues is the 10% stake sale in Coal India that the cabinet will take up over the next few weeks. The government has now written to the coal ministry saying that Coal India should go ahead with a 5% buyback since it is a cash rich company. Earlier the article of association was amended to allow for a buyback but the Coal India board has not given a go-ahead for the buyback. If the Coal India board gives a go ahead, then the divestment will be a buyback. If not, then the third backup is Coal India giving a special dividend to the government. Apart from this, the other big divestment issue for this fiscal would be Indian Oil. Indian Oil is looking extremely dicey at this point in time given the volatility in the market and also the fact that the rupee depreciation has caused under-recovery to spike so much. There is no clarity on how the under-recoveries are going to be handled. Thus the government at this point in time has written to the steel ministry also saying that buyback should be considered in NMDC and NHPC. Both these PSU boards are going to take up the issue of buyback in the near future because the buybacks are not dependent on how the market is doing and the government expects market instability to continue. Buybacks are the routes to meet that Rs.40,000 crore target of this investment in order to meet 4.8% fiscal deficit target.
Radico Khaitan clarifies on news item
With reference to the News items appearing in a leading financial daily titled "Radico in Talks to Sell 26% to Suntory of Japan for Rs.870 Cr." Radico Khaitan Ltd has clarified to BSE that the news item forwarded contains speculative information and it would not be appropriate for the Company to comment on such market speculation.
DNB selects TCS as its IT transformation partner
Tata Consultancy Services Ltd has informed BSE regarding a Press Release dated Sept 03, 2013, titled "Norway's largest financial group DNB selects Tata Consultancy Services as its IT Transformation Partner". Tata Consultancy Services has been selected by DNB to drive the company’s strategic transformation by leveraging Information Technology (IT). The six-year managed services contract comprises delivery of application maintenance and development services across DNB’s IT portfolio, spanning channels, core- banking and master data areas. Infotech Enterprises sets branch office in Taiwan Infotech Enterprises Ltd has informed BSE that the Company has set up a branch office in Taiwan. This office will discharge Marketing and liaison functions.
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Information of Bulk Deals – 03rd Sept 2013 on BSE Scrip name Name of Client BUY (B) / Quantity Trade Price/ SELL (S) Shares W Avg. Price Bhagwandas Met M.Prerna Jain S 106,000 9.89 Bhagwandas Met Shashi Agarwal B 55,996 9.94 Bhagwandas Met Vinod Arora X B 25,000 9.83 Bhagwandas Met X Govindprasad B 25,500 9.82 Boston Bio Arvindkumar Ambalal Patel B 68,000 2.75 Boston Bio Jayesh Shivlal Shah S 75,000 2.75 Boston Bio Nisha Arvind Patel B 67,500 2.75 Boston Bio Patel Rutuza Arvind B 67,500 2.75 Boston Bio Sharmilaben Jayeshkumar Shah S 100,000 2.75 Concurrent India Nathubhai Laljebhai Chauhan B 349,999 1.15 Cupid Trades Vipul Virendrakumar Patel B 5,750 182.85 Delta Leasing Santosh Kumar B 63,000 38.55 Delta Leasing Vaibhav Jain S 63,000 38.55 Gcmcomm Overtop Commerce Private Limited S 54,000 12.77 Indus Finance Corp Bala Venckat Kutti S 198,000 61.8 Indus Finance Corp Commendam Investments Pvt Ltd B 200,000 61.8 Jolly Plast Jurassic Finance And Consultants Limited B 38,400 261.09 Jolly Plast Nitin Gupta S 50,000 261 Jolly Plast Pankaj Agarwal S 38,900 261 Jubilant Inds Diligent Services P Ltd S 344,866 32 Jubilant Inds Jubilant Stock Holding Private Limited B 344,917 32 Kuwer Inds Vct Lease Invest Private Limited S 49,900 12.3 Olympic Cards Vasantray Chunilal Ravani S 106,033 24.65 Osian Inds Anil Babulal Vedmehta B 75,000 1.25 Osian Inds Dhaval Jayant Parekh S 100,000 1.25 Osian Inds Jain Ashok Kumar S 25,995 1.25 Osian Inds Kanta Vajwat S 29,005 1.25 Osian Inds Rose Vally Soft Ware Solution Pvt Ltd B 100,000 1.25 Rich Universe Deepak Kumar Agarwal B 40,000 41.5 Sanguine Media Adamina Traders Private Limited S 1,668,557 0.28 Sanguine Media Dhanlaxmi Cotex Ltd B 1,661,706 0.28 Sawaca Bsns Sanjay Ramchandra Prajapati S 135,000 16.48 Sks Microfinance Sequoia Capital India Growth Investments ? I S 1,500,000 132 Sks Microfinance Sks Mutual Benefit Trust Medak B 1,025,490 130.79 Sks Microfinance Vikram Akula S 906,724 132 Sungold Cap Ketan Bhikhabhai Chopada S 98,500 2.05 Surya Indl Dasak Kiritbhai Shah B 23,004 30.92 Surya Indl Rahim Umarbhai Ravkarda S 28,500 30.95 Unisys Soft G S Anith Kumar S 143,640 225.75 Vkjinfra Ashvin Verma B 234,000 24.6
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Vkjinfra Guardian Portfolio Consultants P Ltd S 120,000 24.6 Vkjinfra Naresh Kumar Aggarwal S 114,000 22.3 Vkjinfra Panchsheel Securities Pvt Ltd S 180,000 24.45 Vkjinfra Ramprakash Ramprakash B 90,000 23.68 Vkjinfra Vishal Yadav B 126,000 23.4 Yantra Natural Adamina Traders Private Limited B 10,000,000 0.04 Yantra Natural Empower India Limited S 12,000,000 0.04
Information of Bulk Deals – 03rd Sept 2013 on NSE Scrip name Name of Client BUY (B) / Quantity Trade Price/ SELL (S) Shares W Avg. Price Inox Leisure Limited Gujarat Fluorochemicals Ltd B 900000 59.12 Inox Leisure Limited Inox Benefit Trust S 900000 59.12 Mangalam Timber Pro Ltd Century Textile & Industries L B 100000 11 Mangalam Timber Pro Ltd Sanghai Commercial & Credit (P) Ltd. S 97140 11
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Rating Scale This is a guide to the rating system used by our Institutional Research Team. Our rating system comprises of six rating categories, with a corresponding risk rating. Risk Rating Risk Description Predictability of Earnings / Dividends; Price Volatility Low Risk High predictability/ Low volatility Medium Risk Moderate predictability / volatility High Risk Low predictability/ High volatility
Total Expected Return Matrix Rating Low Risk Medium Risk High Risk Buy Over 15 % Over 20% Over 25% Accumulate 10 % to 15 % 15% to 20% 20% to 25% Hold 0% to 10 % 0% to 15% 0% to 20% Sell Negative Returns Negative Returns Negative Returns Neutral Not Applicable Not Applicable Not Applicable Not Rated Not Applicable Not Applicable Not Applicable
Please Note Recommendations with “Neutral” Rating imply reversal of our earlier opinion (i.e. Book Profits / Losses). ** Indicates that the stock is illiquid With a view to combat the higher acquisition cost for illiquid stocks; we have enhanced our return criteria for such stocks by five percentage points. “Desk Research Call” is based on the publicly available information on the companies we find interesting and are quoting at attractive valuations. While we do not claim that we have compiled information based on our meeting with the management, we have taken enough care to ensure that the content of the report is reliable. Although we have christened the report as “Desk Research Calls” (DRC), we intend to release regular updates on the company as is done in our other rated calls.
For any information or suggestion, please contact the below mentioned… Vatsal Shah ([email protected]) Nishita Shah ([email protected]) Bhaveshkumar Jain ([email protected])
Sushil Financial Services Private Limited Member BSE: SEBI Regn.No. INB/F010982338 | Member NSE: SEBI Regn.No.INB/F230607435. Office: 12, Homji Street, Fort, Mumbai 400 001. Phone +91 22 4093 6000 Fax +91 22 2266 5758
Additional information with respect to any securities referred to herein will be available upon request. This report is prepared for the exclusive use of Sushil Group clients only and should not be reproduced, re-circulated, published in any media, website or otherwise, in any form or manner, in part or as a whole, without the express consent in writing of Sushil Financial Services Private Limited. Any unauthorized use, disclosure or public dissemination of information contained herein is prohibited. This report is to be used only by the original recipient to whom it is sent. This is for private circulation only and the said document does not constitute an offer to buy or sell any securities mentioned herein. While utmost care has been taken in preparing the above, we claim no responsibility for its accuracy. We shall not be liable for any direct or indirect losses arising from the use thereof and the investors are requested to use the information contained herein at their own risk. This report has been prepared for information purposes only and is not a solicitation, or an offer, to buy or sell any security. It does not purport to be a complete description of the securities, markets or developments referred to in the material. The information, on which the report is based, has been obtained from sources, which we believe to be reliable, but we have not independently verified such information and we do not guarantee that it is accurate or complete. All expressions of opinion are subject to change without notice. Sushil Financial Services Private Limited and its connected companies, and their respective directors, officers and employees (to be collectively known as SFSPL), may, from time to time, have a long or short position in the securities mentioned and may sell or buy such securities. SFSPL may act upon or make use of information contained herein prior to the publication thereof. 9