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SMC, its affiliates, officers, directors, and employees, including persons involved in the preparation or issuance of this material;(a) from time to time, may have long or short positions in, and buy or sell the securities/commodities or derivatives thereof, mentioned here in; (b) be engaged in any other transaction involving such securities/commodities or derivatives and earn brokerage or other compensation; (c) may have any other potential conflict of interest with respect to any recommendation and related information and opinions.

SMC is a registered Member of National Stock Exchange of India Limited, Bombay Stock Exchange Limited and its associate is member of MCX stock Exchange Limited / Metropolitan Stock Exchange of India (MSEI). It is also registered as a Depository Participant with CDSL and NSDL. Its associates merchant banker and Portfolio Manager are registered with SEBI and NBFC is registered with RBI. It also has registration with AMFI as a Mutual Fund Distributor. SMC is also registered as Research Analyst under the SEBI (Research Analyst) Regulations, 2014 (“Research Analyst”). SMC or its associates has not been debarred/suspended by SEBI or any other regulatory authority for accessing /dealing in securities Market.

SMC or its associates including its relatives, employees do not hold any financial interest/beneficial ownership of more than 1% in the company covered for research. SMC or its associates and relatives do not have any material conflict of interest. SMC or its associates and employees has not received any compensation from the company covered for research during the past twelve months. The subject company has not been a client of SMC during the past twelve months. SMC or its associates has not received any compensation or other benefits from the company covered by analyst or third party in connection with the research report. The Analyst has not served as an officer, director or employee of company covered by Analyst and SMC has not been engaged in market making activity of the company covered by Analyst.

The views expressed are based solely on information available publicly available/internal data/ other reliable sources believed to be true. SMC does not represent/ provide any warranty express or implied to the accuracy, contents or views expressed herein and investors are advised to independently evaluate the market conditions/risks involved before making any investment decision.

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