Disclaimer
Almondz Global Securities Limited (AGSL), our parent company, is a corporate trading member of Bombay Stock Exchange Ltd
(BSE), National Stock Exchange of India Ltd (NSE), Metropolitan Exchange of India (MSEI), AGSL is also a depository participant
with Central Depository Services (India) Ltd (CDSL).
We, Almondz Financial Services Limited (AFSL), offer research services to clients as well as our prospects. This report is prepared
and distributed as per SEBI (Research Analysts) Regulations 2014. Our SEBI Research Analyst Registration No is INH000012467.
This document is not for public distribution and has been furnished to you solely for your information and must not be reproduced or
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restrictions.
This material is for the personal information of the authorized recipient, and we are not soliciting any action based upon it. This
report is not to be construed as an offer to sell or the solicitation of an offer to buy any security in any jurisdiction where such an
offer or solicitation would be illegal. It is for general information of clients of AFSL/AGSL. It does not constitute a personal
recommendation or take into account the particular investment objectives, financial situations, or needs of individual clients.
We have reviewed the report, and in so far as it includes current or historical information, it is believed to be reliable though its
accuracy or completeness cannot be guaranteed. Neither AFSL, nor any person connected with it including its affiliates, promoter
company, or their employees, directors, etc. accepts any liability arising from the use of this document. The recipients of this
material should rely on their own investigations and take their own professional advice. Price and value of the investments referred
to in this material may go up or down.
Opinions expressed are our current opinions as of the date appearing on this material only. While we endeavor to update on a
reasonable basis the information discussed in this material, AFSL is under no obligation to update or keep the information current
also since there may exist regulatory, compliance or other reasons that prevent us from doing so. Prospective investors and others
are cautioned that any forward-looking statements are not predictions and may be subject to change without notice. Our proprietary
trading and investment business may make investment decisions that are inconsistent with the recommendations expressed
herein.
We and our affiliates/associates, promoter company, officers, directors, and employees, Research Analyst (including relatives)
worldwide may: (a) from time to time, have long or short positions in, and buy or sell the securities thereof, of company (ies)
mentioned herein or (b) be engaged in any other transaction involving such securities and earn brokerage or other compensation or
act as a market maker in the financial instruments of the subject company (ies) discussed herein or act as advisor or
lender/borrower to such company (ies) or have other potential/material conflict of interest with respect to any recommendation and
related information and opinions at the time of publication of Research Report. AFSL and our affiliates/ associates/promoter
company may have proprietary long/short position in the above mentioned scrip(s) and therefore should be considered as
interested. The research analyst responsible for the preparation of this report may interact with trading desk personnel, sales
personnel and other parties for the purpose of gathering, applying and interpreting information.
Details of subsidiary/associates are available on our website: www.almondz.com
AFSL or its associates may have managed or co-managed public offering of securities or might have been mandated by the subject
company for any other assignment for the subject company in the past twelve months.
AFSL or its associates or its promoter company may have received compensation for investment banking or merchant banking or
brokerage services or for any other products or services from the subject company in the past twelve months
AFSL or its associates/ affiliates/promoter company or its Research Analysts did not receive any compensation or other benefits
whatsoever from the subject companies mentioned in the Research Report or third party in connection with preparation of the
Research Report.
AFSL and its research analyst division have not been engaged in market making activity for the subject company.
Our associates/ affiliates / promoter company may have financial interest in the subject company.
Analyst Certification
The analyst of this report certifies that all of the views expressed in this report accurately reflect his or her personal views about the
subject company (ies) and its or their securities, and no part of his or her compensation was, is or will be, directly or indirectly
related to specific recommendations or views expressed in this report.
Research Analyst has served as an officer, director or employee of subject company: No
Research Analyst or his/her relative (s) financial interest in the subject company: No
Research Analyst or his/her relative(s) actual/beneficial ownership of 1% or more: No
Research Analyst or his/her relative (s) material conflict of interest: No
Rating definitions
BUY: We expect this stock to deliver more than 15% returns over the next 12 months.
ADD: We expect this stock to deliver 5-15% returns over the next 12 months.
REDUCE: We expect this stock to deliver -5-+5% returns over the next 12 months.
SELL: We expect this stock to deliver <-5% returns over the next 12 months.
Not Rated: We have made this report for information only
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