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This document does not constitute an offer or solicitation for the purchase or sale of any financial instrument or as an official confirmation of any transaction. This document is subject to changes without prior notice and is intended only for the person or entity to which it is addressed and may contain confidential and/or privileged material and is not for any type of circulation. Any review, retransmission, or any other use is prohibited.

The information contained herein is from publicly available data or other sources believed to be reliable. While we would endeavor to update the information herein on reasonable basis, Jaypee Capital Services Limited, its subsidiaries and associated companies, their directors and employees are under no obligation to update or keep the information current. Also, there may be regulatory, compliance, or other reasons that may prevent Jaypee Capital Services Limited and affiliates from doing so. We do not represent that information contained herein is accurate or complete and it should not be relied upon as such. This document is prepared for assistance only and is not intended to be and must not alone be taken as the basis for an investment decision. The user assumes the entire risk of any use made of this information. 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).

The investment discussed or views expressed may not be suitable for all investors. It does not have regard to the specific investment objectives, financial situation and the particular needs of any specific Person/ Institutions etc. who may receive this report. Investors should seek financial advice regarding the appropriateness of investing in any securities or investment strategies discussed or recommended in this report and should understand that statements regarding future prospects may not be realized and there is substantial risk of loss. Jaypee Capital Services Limited does not take responsibility thereof. This is further clarified that no kind of negligence, misconduct or default whatsoever on the part of Jaypee Capital Services Limited can be attributed by any person on the basis of this research publication or any part thereof.

Reports based on technical analysis centers on studying charts of a stock's price movement and trading volume, as opposed to focusing on a company's fundamentals and, as such, may not match with a report on a company's fundamentals. Affiliates of Jaypee Capital Services Limited may have issued other reports that are inconsistent with and reach different conclusions from, the information presented in this report.

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 Jaypee Capital Services Limited and affiliates 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 a certain category of investors. Persons in whose possession this document may come are required to inform themselves of, and to observe, such applicable restrictions. Though disseminated to all the customers simultaneously, not all customers may receive this report at the same time. Jaypee Capital Services Limited will not treat recipients as customers by virtue of their receiving this report.

We and our affiliates, officers, directors, and employees will from time to time have long or short positions in, act as principal in, and buy or sell, the securities or derivatives, if any, referred to in this research.

Our salespeople, traders, and other professionals may provide oral or written market commentary or trading strategies to our clients and our proprietary trading desks that reflect opinions that are contrary to the opinions expressed in this research. Our asset management area, our proprietary trading desks and investing businesses may make investment decisions that are inconsistent with the recommendations or views expressed in this research.

Our research personnel may participate in company events such as site visits and are generally prohibited from accepting payment by the company of associated expenses unless pre-approved by authorized members of Research Management.

Trading in securities, futures, options or other financial instruments entails significant risk and is not appropriate for all investors. Electronic trading also entails significant risk. Losses may exceed the principal invested, and the past performance of a security, industry, sector, market, or financial product does not guarantee future results or returns.

“Jaypee” refers to all of Jaypee’s worldwide branches and subsidiaries. Only Jaypee International Inc. is a member of FINRA, SIPC and NFA. Jaypee International Inc. is a US Broker-Dealer. Only Jaypee Capital Services Limited is a member of SEBI - the regulatory body in India. Jaypee Capital Services Limited is a member of NSE, BSE & USE which are regulated by SEBI - the regulatory body in India. Indian services are offered through Jaypee Capital Services Limited. Not all services are available from all Jaypee organizations or personnel. Kindly consult your local office for details.

Recommendation Structure:

A Buy recommendation implies an upside of 10% or more from the current levels.
A Sell recommendation implies a downside of 10% or more from the current levels.
A Neutral recommendation implies an upside/downside of less than 10% from the current levels.

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