DAILY MORNING NOTE

9 February 2018 Current % % Indices Value 1 D YTD India January Steel Output increases 5.7% to 9.5mn tons Sensex 34413 0.97 1.05 Asian markets are trading lower tracking weak cues from Wall Street Nifty 10577 0.96 0.44 BSE – Mid Cap 16649 1.82 (6.58) overnight. Nikkei is trading lower by 3.22%, Hangseng is trading lower BSE – Sml Cap 18131 2.25 (5.72) by 4.30% while Shanghai is trading lower by 5.60%. Indian indices are SGX Nifty Fut 10343 (2.06) (2.04) Sectors –Performance (BSE) expected to open in the red. Sgx Nifty is trading lower by 2.08%. Healthcare 14345 2.91 (3.07) U S markets ended sharply lower as concerns over rise in bond yields Realty 2461 2.51 (5.64) Capital Goods 19382 1.44 1.30 outweighed strong earnings and economic data. On the data front weekly

Oil & Gas 15654 (0.25) (3.86) jobless claims hit a 45-year low, at 221,000, declining from 230,000 in the Power 2224 0.31 (6.64) FMCG 10571 0.36 (1.16) previous week. The Dow Jones lost 1033 points or 4.15% to close at 23,860 while Nasdaq lost 275 points or 3.90 % to close at 6,777. Index FY17E FY18E FY19E SensexEPS 1427 1598 1927 What to watch P/E 24.12 21.54 17.86  Results Today: BPCL, HPCL, M&M, ONGC, SBI, , Bank of NiftyEPS 455 509 611 P/E 23.25 20.78 17.31 Baroda, Bata India, Central , Dredging Corporation, India Cements, Mahanagar Gas, , Max Financial, MOIL, FII Trading activities in Cash Date Net MTD CYTD National Aluminium, , Sobha, Sun TV, Syndicate Bank. FII 08/02 (2297) (4859) 4709  CCI Fines Google 1.36b Rupees for Anti-Trust Infringement DII 08/02 2374 4831 5230 Figs. in Rs Cr., Source: Bloomberg.  India January Steel Output Climbs 5.7% to 9.5M Tons Y/y

 Government imposes Stockpile Limits on Sugar Mills for Feb., March Current % % Global Indices Value 1 D YTD Corporate Dow Jones 23860 (4.15) (3.47) Nasdaq 6777 (3.90) (1.83)  Vedanta to close all mining operations in Goa from March 16 DAX 12260 (2.62) (5.09) following the Supreme Court judgement to cancel the second renewal Nikkei 225 21186 (3.22) (6.94) of 88 iron ore mining leases in the state. FTSE 100 7171 (1.49) (6.73) Hang Seng 29283 (3.84) (2.13)  : Malvinder Singh and Shivinder Singh have Shanghai A Sha 3116 (4.47) (5.77) tendered their resignation from the directorship of the company. Bovespa 81533 (1.49) 6.72 Strait Times 3354 (1.82) (1.45)  has received authorization letter from the PNGRB Source: Bloomberg; As on 8.30 am IST for development of city gas distribution (CGD) network in Karnal.

 SQS India BFSI plans to shut down Australian branch office. Forex Rate  SJVN plans buyback of 20.68 crore shares at up to Rs 38.75 per share. INR/USD 64.26 (0.01) (0.60) INR/EUR 78.69 0.86 (2.75)  Eros International has divested its entire 51 % stake in wholly owned INR/GBP 89.37 (0.19) (3.46) subsidiary Ayngaran International. INR/YEN (100) 58.59 0.56 (3.11)  to raise up to Rs 1,000 cr via QIP, rights, preferential

issue of shares

9 February 2018 For private circulation only

Trading Insights

Insight from trading volumes

% Chg in Qty Traded Qty Traded Scrip Delivery % CMP* (OverAvg 30 days) (‘000s) Ipca Labs Ltd 664 2003 73 593

Zydus Wellness 548 136 47 1147

Brigade Enterprises 526 564 91 300

Rane Holdings 498 86 94 2565

Cipla Ltd 456 8866 20 613

Heidelbergcement 401 3000 17 161

Hikal Ltd 354 502 49 230

Insight from delivery

Scrip Delivery % Total Volume (‘000s) 30 days avg Delivery % CMP*

Mindtree Ltd 41 1470 28 733

Tata Consultancy 67 2649 47 2974

Alembic Pharmaceuticals 94 404 66 542

Indian Hotels Co 70 2204 55 137

Cholamandalam In 70 164 55 1305

Aarti Indus Ltd 83 31 67 1137

Castrol India 62 4904 51 195

*CMP-Closing Market Price

9 February 2018 2

Investment Picks

Target % Target % Company CMP Company CMP Price Upside Price Upside ABB 1598 1690 6 LIC Housing 515 705 37 Alkem Labs 2177 2500 15 Mahindra CIE 216 282 30 1133 1453 28 Mahindra Holidays 305 390 28 3152 3905 24 Manappuram Fin 109 118 8 Can Fin Homes 461 580 26 9027 10427 16 Canara Bank 323 440 36 Minda Corp 196 246 26 Capital First 690 1000 45 Minda Inds 1118 1177 5 CARE Ratings 1337 1750 31 Motherson Sumi 364 403 11 Cholamandalam Invst 1311 1550 18 872 920 5 339 395 16 Narayana Hrudayalaya 302 348 15 Dalmia Bharat 2795 3474 24 827 1150 39 Dilip Buildcon 914 1227 34 ONGC 189 215 14 Divi's Lab 1029 1260 22 Persistent Systems 794 915 15 Endurance Technologies 1186 1550 31 PI Industries 820 980 20 Equitas Holdings 143 185 30 Power Finance 110 160 45 Essel Propack 275 304 10 PPAP Automotive Ltd 582 700 20 95 139 47 Quess Corp 965 1250 30 Future Retail 519 680 31 Ramco Cement 727 872 20 Gateway Distriparks 219 300 37 RBL Bank 484 650 34 Glenmark Pharma 578 765 32 Reliance Inds 904 1125 25 589 648 10 Repco Home Finance 592 800 35 Gulf Oil Lubricants 1009 1075 7 Salzer Electronics 203 256 26 HDFC 1812 2200 21 SBI 301 380 26 HDFC Bank 1880 2400 28 SBI Life 711 850 20 Hero MotoCorp 3585 4333 21 Shopper's Stop 529 610 15 Himadri Specialty Shriram City Union Fin 1975 2600 32 162 238 47 Chemical Shriram Transport 1335 1640 23 Hindalco Inds 246 319 30 Strides Arcolab 714 940 32 1332 1525 14 Suprajit Engg 287 315 10 ICICI Bank 335 405 21 375 520 39 IGPetrochemicals 699 860 23 85 95 12 Indian Oil 386 480 24 Tata Steel 671 978 46 IndusInd Bank 1670 2060 23 608 760 25 Tech 1135 1345 19 Thomas Cook 238 290 22 InterGlobe Aviation 1255 1481 18 Trident Ltd 74 94 27 IPCA 595 690 16 Ujjivan Financial 366 400 9 ITC 274 330 21 Vedanta 314 380 21 ITD Cemenration 185 202 9 Zee Ent 584 670 15 J Kumar Infra 308 368 19

Jagran Prakashan 169 195 15

JK Cement 1039 1357 31

JSW Steel 305 361 18

Karnataka Bank 137 195 43 L&T Finance Holdings 163 210 29

9 February 2018 3

Technical View (Equity)

Daily call Index CMP % up/dn S2 S1 P R1 R2 Nifty 10,476.70 -0.21% 10345 10410 10510 10580 10680 Sensex 34082.71 -0.33% 33595 33840 34250 34495 34910

Nifty Daily Chart

Comments: Nifty opened with an upward gap but witnessed selling from the opening tick to end near the day's low. Nifty closed at 10477 with a loss of 22 points.

On the daily chart index has formed a bearish candle however it manage to maintain higher High-low compare to previous session indicating positive bias. The index is moving in a lower Top and lower Bottom formation on the hourly chart indicating short term down trend. The chart pattern suggests that if Nifty crosses and sustains above 10530 levels it would witness buying which would lead the index towards 10600-10630 levels. Important Supports for the day is around 10430 However if index sustains below 10430 then it may witness profit booking which would take the index towards 10380-10320 levels.. Nifty is trading below 20 and 50 day SMA's which are important short term moving averages, indicating negative bias in the short to medium term. Nifty continues to remain in an uptrend in the short and medium term, so buying on dips continues to be our preferred strategy.

The daily strength indicator RSI is moving downwards and is quoting below its reference line indicating negative bias. However momentum oscillator Stochastic has turned positive from the oversold zone indicating a possible consolidation or a up-move in the near term

The trend deciding level for the day is 10510. If NIFTY trades above this level then we may witness a further rally up to 10580-10680-10745 levels. However, if NIFTY trades below 10510 levels then we may see some profit booking initiating in the market, which may correct up to 10410-10345-10245 levels

Stocks to focus for intraday Long Jubliant, Rain, Hpcl, Tataglobal, Ashokley

Stocks to focus for intraday Short Ubl, Hexaware, Vedl,

9 February 2018 4

Technical View (Currency)

Daily call Index CMP % up/dn S2 S1 P R1 R2 USD/INR 64.4 -0.08% 64.13 64.26 64.42 64.55 64.71 (Future)

USDINR (Feb. Future) Daily chart

Comments:

USDINR (Feb. Future) CMP: 64.40 USDINR opened with an upward gap but witnessed selling from the opening tick to end negative. USDINR closed at 64.4 with a loss of 0.08 %.

On the daily chart USDINR has formed a long bearish candle with either side long shadows indicating extreme volatility at higher levels. Since past three weeks USDINR is consolidating within 64.50-63.60 levels indicating short term consolidation. Currently USDINR is sustaining above its 20 and 50 day SMA which support bullish sentiments in near term.

The chart pattern suggests that if USDINR crosses and sustains above 64.50 level it would witness buying which would lead USDINR towards 64.60-64.80 levels. However if index breaks below 64.30 level it would witness selling which would take USDINR towards 64.20-64.10.

The daily strength indicator RSI is moving upwards and above its reference line indicating positive bias. However momentum oscillator Stochastic has turned negative from the overbought zone indicating a possible consolidation or a down move in the near term.

9 February 2018 5

Daily Support/ Resistance of Nifty Companies

Company Pivot Point R1 R2 S1 S2 RSI-9D AMBUJACEM 251 255 262 244 240 49 ADANIPORTS 409 413 419 403 398 33 ASIANPAINT 1118 1129 1136 1110 1099 38 AUROPHARMA 613 624 632 605 595 34 AXISBANK 563 571 582 552 545 42 BAJFINANCE 1650 1679 1716 1613 1583 46 BHARTIARTL 436 444 458 422 413 27 INFRATEL 343 350 361 332 325 49 BAJAJ-AUTO 3153 3181 3226 3108 3080 38 BOSCHLTD 19389 19612 19980 19021 18798 48 BPCL 476 482 488 469 463 47 568 581 593 556 542 60 COALINDIA 296 301 305 292 287 58 DRREDDY 2118 2140 2169 2089 2067 36 EICHERMOT 27847 28574 29138 27283 26556 57 GAIL 459 467 473 453 445 41 HCLTECH 940 958 977 921 903 40 HDFC 1786 1806 1826 1766 1747 42 HDFCBANK 1881 1899 1925 1854 1836 35 HEROMOTOCO 3576 3610 3654 3533 3499 43 HINDALCO 248 251 257 242 239 32 HINDPETRO 396 409 422 383 370 53 HINDUNILVR 1317 1326 1340 1303 1294 38 ICICIBANK 333 336 339 330 326 44 IBULHSGFIN 1286 1315 1355 1245 1216 50 INDUSINDBK 1679 1700 1738 1641 1621 40 INFY 1112 1121 1134 1100 1091 52 IOC 406 409 412 402 400 36 ITC 276 278 281 273 271 51 KOTAKBANK 1039 1047 1058 1028 1020 46 LUPIN 800 819 832 787 769 25 LT 1345 1359 1385 1319 1305 42 M&M 754 765 782 737 726 45 MARUTI 8988 9104 9285 8807 8691 39 NTPC 164 168 171 161 156 20 ONGC 190 192 194 188 185 37 POWERGRID 195 197 199 194 192 40 RELIANCE 897 903 912 888 881 38 SBIN 294 297 301 289 286 47 SUNPHARMA 550 557 565 542 535 59 TATASTEEL 667 677 692 652 642 36 TCS 2978 3008 3061 2925 2894 45 TECHM 606 615 626 594 585 62 TATAMOTORS 379 384 390 374 369 28 UPL 706 711 722 695 690 37 ULTRACEMCO 4100 4149 4217 4032 3983 39 VEDL 320 327 338 309 301 28 WIPRO 292 296 302 286 282 22 YESBANK 336 341 349 328 322 38 ZEEL 580 587 593 574 567 46

Source: Axis Direct.

9 February 2018 6

Commodity snapshot

9 February 2018 7

DAILY DERIVATIVES 09 February 2018

Nifty Futures View Volatility FII Activity Nifty Active Futures 10572.25 India VIX Index 17.77 INDEX FUTURES 244 Nifty Active Futures OI 24693900 Nifty ATM Call IV 13.25 INDEX OPTIONS 2022 Change in OI 364875 Nifty ATM Put IV 18.67 STOCK FUTURES 1302 Premium / Discount -4.60 PCR Index Options 0.80 STOCK OPTIONS 105 Inference Short Build up PCR F&O Total 0.79 FII Net Activity 3674

Nifty Options OI Distribution HIGHLIGHTS: Nifty Futures closed at 10572.25 increased by 1.02% with 1.48% increased in open interest indicates long buildup. Nifty futures closed with 5 points discount compared to pevious day discount of 11 point.

Nifty Futures closed at FII's were buyers in Index Futures to the tune of 244 crores and were buyers in Index Options to the tune of 2022 crores, Stock Futures were 10572.25 increased by 1.02% bought to the tune of 1302 crores. FII's were net buyers in derivative with 1.48% increased in open segment to the tune of 3674 crores. interest indicates long India VIX index is at 17.77 . Nifty ATM call option IV is currently at buildup. Nifty futures closed 13.25 whereas Nifty ATM put option IV is quoting at 18.67. Index options PCR is at 0.80 and F&O Total PCR is at 0.79. with 5 points discount Nicftyom Optionspared -Changeto pevio inus OIday Among stock futures GODREJIND, CEATLTD, BATAINDIA and TATASTEEL have witnessed long build up and may show strength in discount of 11 point. coming session.

Stocks which witnessed short build up are RAMCOCEM, ADANIPORTS, ICICIPRULI and NTPC may remain weak in coming FII's were buyers in Index session.

Futures to the tune of 244 Nifty put options OI distribution shows that 10400 has highest OI crores and were buyers in concentration followed by 10300 and may act as good support for current expiry. Index Options to the tune of Nifty call strike 10800 followed by 11000 witnessed significant OI 2022 crores, Stock Futures concentration and may act as resistance for current expiry. were bought to the tune of

SECURITIES1302 cror esIN .BANFII' sPERIOD were net Market Indsite: FORTIS,bu yGMRINFRAers in d, erHDILiv,a JISLtivJALEe sQSegment

Stockto th Future tunese -o Longf 36 7Build4 cr oUpres . Market Indsite: Stock Futures - Short Build Up

Symbol Fut Price % Chg Open Interest % Chg Symbol Fut Price % Chg Open Interest % Chg

GInODdREJiaIN DVIX ind5ex53.9 5is at1 1.075 .77 . 1990500 16.61 RAMCOCEM 721.75 -0.28 707200 15.56

CNEAiTLftTDy ATM c1a53l0l. 6o5 ptio0n.5 4IV is 1450050 10.45 ADANIPORTS 406.65 -0.27 11417500 10.00

BcAuTArINrDenIA tly at71133.9.525 w2h.17ereas2 717000 9.88 ICICIPRULI 420.75 -0.66 4824000 7.91 Nifty ATM put option IV is TATASTEEL 674 1.88 21472518 6.71 NTPC 163.55 -0.94 28380000 5.88 quoting at 18.67.

Source: NSE,SeeDiff,AXISDIRECT Research Index options PCR is at 0.80 and F&O Total PCR is at 0.79.

Among stock futures GODREJIND, CEATLTD, BATAINDIA and TATASTEEL have witnessed long build up and may show strength in

Disclosures

Disclosures:

The following Disclosures are being made in compliance with the SEBI Research Analyst Regulations 2014 (herein after referred to as the Regulations).

1. Axis Securities Ltd. (ASL) is a SEBI Registered Research Analyst having registration no. INH000000297. ASL, the Research Entity (RE) as defined in the Regulations, is engaged in the business of providing Stock broking services, Depository participant services & distribution of various financial products. ASL is a subsidiary company of Ltd. Axis Bank Ltd. is a listed public company and one of India’s largest private sector bank and has its various subsidiaries engaged in businesses of Asset management, NBFC, Merchant Banking, Trusteeship, Venture Capital, Stock Broking, the details in respect of which are available on www.axisbank.com. 2. ASL is registered with the Securities & Exchange Board of India (SEBI) for its stock broking & Depository participant business activities and with the Association of Mutual Funds of India (AMFI) for distribution of financial products and also registered with IRDA as a corporate agent for insurance business activity. 3. ASL has no material adverse disciplinary history as on the date of publication of this report. 4. I/We, authors (Research team) and the name/s subscribed to this report, hereby certify that all of the views expressed in this research report accurately reflect my/our views about the subject issuer(s) or securities. I/We also certify that no part of my/our compensation was, is, or will be directly or indirectly related to the specific recommendation(s) or view(s) in this report. I/we or my/our relative or ASL does not have any financial interest in the subject company. Also I/we or my/our relative or ASL or its Associates may have beneficial ownership of 1% or more in the subject company at the end of the month immediately preceding the date of publication of the Research Report. Since associates of ASL are engaged in various financial service businesses, they might have financial interests or beneficial ownership in various companies including the subject company/companies mentioned in this report. I/we or my/our relative or ASL or its associate does not have any material conflict of interest. I/we have not served as director / officer, etc. in the subject company in the last 12-month period. Research Team Sr. No Name Designation E-mail 1 Rajesh Palviya Technical & Derivative Analyst - (Head) [email protected] 2 Vaishnavi Jagtap Technical Analyst [email protected] 3 Kruti Shah Derivative Analyst [email protected] 4 Soni Patnaik Derivative Analyst [email protected] 5 Hiren Trivedi Research Associate [email protected] 6 Kiran Gawle Associate [email protected] 5. ASL has not received any compensation from the subject company in the past twelve months. ASL has not been engaged in market making activity for the subject company.

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9 February 2018 8

Disclosures

Disclaimer: Nothing in this report constitutes investment, legal, accounting and tax advice or a representation that any investment or strategy is suitable or appropriate to the recipient’s specific circumstances. The securities and strategies discussed and opinions expressed, if any, in this report may not be suitable for all investors, who must make their own investment decisions, based on their own investment objectives, financial positions and needs of specific recipient.

This report may not be taken in substitution for the exercise of independent judgment by any recipient. Each recipient of this report should make such investigations as it deems necessary to arrive at an independent evaluation of an investment in the securities of companies referred to in this report (including the merits and risks involved), and should consult its own advisors to determine the merits and risks of such an investment. Certain transactions, including those involving futures, options and other derivatives as well as non-investment grade securities involve substantial risk and are not suitable for all investors. ASL, its directors, analysts or employees do not take any responsibility, financial or otherwise, of the losses or the damages sustained due to the investments made or any action taken on basis of this report, including but not restricted to, fluctuation in the prices of shares and bonds, changes in the currency rates, diminution in the NAVs, reduction in the dividend or income, etc. Past performance is not necessarily a guide to future performance. Investors are advise necessarily a guide to future performance. Investors are advised to see Risk Disclosure Document to understand the risks associated before investing in the securities markets. Actual results may differ materially from those set forth in projections. Forward-looking statements are not predictions and may be subject to change without notice.

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The Disclosures of Interest Statement incorporated in this document is provided solely to enhance the transparency and should not be treated as endorsement of the views expressed in the report. The Company reserves the right to make modifications and alternations to this document as may be required from time to time without any prior notice. The views expressed are those of the analyst(s) and the Company may or may not subscribe to all the views expressed therein.

Copyright in this document vests with Axis Securities Limited.

Axis Securities Limited, SEBI Single Reg. No.- NSE, BSE & MSEI – INZ000161633, ARN No. 64610, CDSL-IN-DP-CDSL-693-2013, SEBI- Research Analyst Reg. No. INH 000000297, SEBI Portfolio Manager Reg. No.- INP000000654, Main/Dealing off.- Unit No. 2, Phoenix Market City, 15, LBS Road, Near Kamani Junction, Kurla (west), -400070, Tel No. – 18002100808, Reg. off.- Axis House, 8th Floor, Wadia International Centre, Pandurang Budhkar Marg, Worli, Mumbai – 400 025.Compliance Officer: Anand Shaha, E-Mail ID: [email protected],Tel No: 022-42671582.

9 February 2018 For private circulation only

Disclaimer : The views expressed / recommendations made in this report are based on Technical Analysis techniques and could be at variance with the company's / group's views based on fundamental research. 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. This report and information herein is solely for informational purpose and may 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. 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. The securities discussed and opinions expressed in this report may not be suitable for all investors, who must make their own investment decisions, based on their own investment objectives, financial positions and needs of specific recipient. This may not be taken in substitution for the exercise of independent judgment by any recipient. Each recipient of this document should make such investigations as it deems necessary to arrive at an independent evaluation of an investment in the securities of companies referred to in this document (including the merits and risks involved), and should consult its own advisors to determine the merits and risks of such an investment. The investment discussed or views expressed may not be suitable for all investors. Certain transactions -including those involving futures, options another derivatives as well as non-investment grade securities - involve substantial risk and are not suitable for all investors. No representation or warranty, express or implied, is made as to the accuracy, completeness or fairness of the information and opinions contained in this document. The Disclosures of Interest Statement incorporated in this document is provided solely to enhance the transparency and should not be treated as endorsement of the views expressed in the report. This information is subject to change without any prior notice. The Company reserves the right to make modifications and alternations to this statement as may be required from time to time without any prior approval. Axis Securities Ltd. (ASL), its affiliates, their directors and the employees may from time to time, effect or have effected an own account transaction in, or deal as principal or agent in or for the securities mentioned in this document. They may perform or seek to perform investment banking or other services for, or solicit investment banking or other business from, any company referred to in this report. Each of these entities functions as a separate, distinct and independent of each other. The recipient should take this into account before interpreting the document. This report has been prepared on the basis of information that is already available in publicly accessible media or developed through analysis of ASL. The views expressed are those of the analyst and the Company may or may not subscribe to all the views expressed therein. This document is being supplied to you solely for your information and may not be reproduced, redistributed or passed on, directly or indirectly, to any other person or published, copied, in whole or in part, for any purpose. Neither this document nor any copy of it may be taken or transmitted into the United State (to U.S. Persons), Canada, or Japan or distributed, directly or indirectly, in the United States or Canada or distributed or redistributed in Japan or to any resident thereof. This report is not directed or intended for distribution to, or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction, where such distribution, publication, availability or use would be contrary to law, regulation or which would subject ASL to any registration or licensing requirement within such jurisdiction. The securities described herein may or may not be eligible for sale in all jurisdictions or to certain category of investors. Persons in whose possession this document may come are required to inform themselves of and to observe such restriction. Neither the Firm, not its directors, employees, agents or representatives shall be liable for any damages whether direct or indirect, incidental, special or consequential including lost revenue or lost profits that may arise from or in connection with the use of the information.

Axis Securities Limited, SEBI Reg. No.- NSE-INB/INF/INE 231481632, BSE- INB/INF 011481638,MSEI-INB/INF/INE 261481635, ARN No. 64610, CDSL-IN-DP-CDSL-693-2013, SEBI-Research Analyst Reg. No. INH 000000297, SEBI Portfolio Manager Reg. No- INP000000654, Main/Dealing off.- Unit No. 2, Phoenix Market City, 15, LBS Road, Near Kamani Junction, Kurla (west), Mumbai- 400070, Tel No. – 18002100808, Reg. off.- Axis House, 8th Floor, Wadia International Centre, Pandurang Budhkar Marg, Worli, Mumbai – 400 025.Compliance Officer: Anand Shaha, E-Mail ID: [email protected],Tel No: 022-42671582.

Mutual Funds Investments are subject to market risk. Please read the offer and scheme related documents carefully before investing.

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