Angel Broking Limited (hereinafter referred to as “Angel”) is a registered Member of National Stock Exchange of India Limited,
Bombay Stock Exchange Limited and Metropolitan Stock Exchange Limited. It is also registered as a Depository Participant
with CDSL and Portfolio Manager and investment advisor with SEBI. It also has registration with AMFI as a Mutual Fund
Distributor. Angel Broking Limited is a registered entity with SEBI for Research Analyst in terms of SEBI (Research Analyst)
Regulations, 2014 vide registration number INH000000164. Angel or its associates has not been debarred/ suspended by SEBI
or any other regulatory authority for accessing /dealing in securities Market.
This document is solely for the personal information of the recipient, and must not be singularly used as the basis of any
investment decision. Nothing in this document should be construed as investment or financial advice. Each recipient of this
document should make such investigations as they deem necessary to arrive at an independent evaluation of an investment
in the securities of the companies referred to in this document (including the merits and risks involved), and should consult
their own advisors to determine the merits and risks of such an investment.
Angel or its associates or research analyst or his relative may have actual/beneficial ownership of 1% or more in the securities
of the subject company at the end of the month immediately preceding the date of publication of the research report.
Neither Angel or its associates nor Research Analysts or his relative has any material conflict of interest at the time of
publication of research report.
Angel or its associates might have received any compensation from the companies mentioned in the report during the period
preceding twelve months from the date of this report for services in respect of managing or co-managing public offerings,
corporate finance, investment banking or merchant banking, brokerage services or other advisory service in a merger or
specific transaction in the normal course of business. Angel or its associates did not receive any compensation or other
benefits from the companies mentioned in the report or third party in connection with the research report. Neither Angel nor
its research analyst entity has been engaged in market making activity for the subject company.
Reports based on technical and derivative analysis center on studying charts of a stock's price movement, outstanding
positions 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. Investors are advised to refer the Fundamental and Technical Research Reports
available on our website to evaluate the contrary view, if any.
The information in this document has been printed on the basis of publicly available information, internal data and other
reliable sources believed to be true, but we do not represent that it is accurate or complete and it should not be relied on as
such, as this document is for general guidance only. Angel Broking Limited or any of its affiliates/ group companies shall not
be in any way responsible for any loss or damage that may arise to any person from any inadvertent error in the information
contained in this report. Angel Broking Limited has not independently verified all the information contained within this
document. Accordingly, we cannot testify, nor make any representation or warranty, express or implied, to the accuracy,
contents or data contained within this document. While Angel Broking Limited endeavors to update on a reasonable basis
the information discussed in this material, there may be regulatory, compliance, or other reasons that prevent us from doing
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Neither Angel Broking Limited, nor its directors, employees or affiliates shall be liable for any loss or damage that may arise
from or in connection with the use of this information. Angel or its associates or Research Analyst or his relative might have
financial interest in the subject company. Research analyst has not served as an officer, director or employee of the subject