Monthly Markets Newsletter
February 2018
In This Issue
Market Outlook for the month
Investment Ideas
• Equity Market Outlook
• Derivatives & Commodities Market Outlook
• Model Advisory Portfolios
• Long term Capital Gain
Key Highlights
Rising Bond yields spooks global equities
Balanced Budget except LTCG
Q3’18 corporate earnings in-line
Dear Investor,
Market in January 2018 :
Indian Equity market started CY18
on a positive note. Nifty gained 4.7% in January after
delivering stellar 29% returns in CY17. India's share in the
world market cap is at 2.8%, up by 35bp YoY. India' improving
Global Market
31-Jan 18
MoM (%)
Hang Sang
micros (earnings recovery), coupled with continued liquidity
inflow, have driven a strong market performance - despite this,
the three-year (CY15-17) CAGR returns for the Nifty stand at just 8.5%. In January,
FIIs turned net buyers (USD 2.0bn) while DII flows were the lowest in 10 months
(USD 0.1bn). Midcaps (-1.6% in January) underperformed Nifty after five months
of continued outperformance, as muted DII flows and realignment of MF portfolios
took the centre stage. Midcap still command a rich premium of 66% v/s large caps.
The FY19 Union Budget, delivered a blend of pragmatic economics and electoral
optimism, and placed primacy on Rural and Agricultural India without deviating much
from the path of fiscal consolidation. The Indian government was expected to push
Economic Pulse
Key Indicators Current Mth
Pre. Mth
10 Year Yield
Crude ($)
Gold (10 gms)
its fiscal deficit target of 3% by one year, but it has actually been pushed forward
by two years (to 2020-21). The much-speculated Long Term Capital Gains tax has
been re-introduced, but with grandfathering provisions till 31st January 2018,
providing a relief to equity investors. Overall, while we are enthused with the
government's focus on rural income (and, in turn, consumption), education and
health, we believe the quality of fiscal spending could have been better as capital
spending is estimated to fall to 1.6% of GDP.
The key trigger that was missing for last three years in an otherwise solid and strong
India macro story was earnings growth. We expect that to change in 2HFY18, even
as the macro environment has relatively deteriorated of late. Early 3QFY18 reporting
trends indicate what has begun well could also end well, marking the 'End of a long
drought' in earnings
Global markets have started to react to sharp increase in bond yields. Indian
bond yields too have hardened in the last few months. With the major event - Budget
- behind us, the market would start looking at fundamentals again. Early trends from
Q3 earnings have shown green shoots of recovery. Hence, any correction would be
a good opportunity to accumulate stocks with sound fundamentals.
Siddhartha Khemka
Vice President- Head - Retail Research
Thought for the month
 Motilal Oswal Financial Services
On This Page
Monthly Markets Newsletter
Large Cap Investment Ideas,
Mid Cap Investment Ideas
Must Act
February 2018
Investment Ideas
Larsen and Toubro (LT) is India's largest E&C company. Apart from core construction
activity, LT has made significant in-roads into a diverse range of products and services.
Its 3QFY18 revenue increased 10% YoY to INR288b, EBITDA rose 26% YoY to INR31.4b,
with the margin at 10.9% & PAT of INR15b (+55% YoY).
Larsen and Toubro
INR 1,416
INR 1,650
E&C sales grew 11%YoY, with growth in the domestic E&C segment at 14% YoY and in
the overseas segment at 5% YoY. Order book grew 5% YoY toINR2.7t: slow moving
orders of INR40-50b were removed.
We have a BUY rating with TP INR1650 (E&C business at 25x FY20E EPS).
RBL Bank has adopted a unique business model whereby a) the bank has adopted a
linkages based approach to agricultural lending, b) has used large corporate accounts as
an entry strategy to gain access to their supply chain ecosystem, and c) has strategically
acquired business banking clients in the emerging sectors
RBL has a potential to generate significant returns in the next three years led by (1) pedi-
greed leadership team, (2) niche business model, (3)improvement in core income.
We expect RBL to report industry- leading loan CAGR of ~35% over FY17-20E. Strong
balance sheet growth is expected to drive operating leverage. We value the company at
3.4x Mar'20E P/BV to arrive at TP of INR680.
RBL Bank
INR 503
INR 680
Emami Limited (HMN) has focused on expanding its portfolio in the Healthcare and
Emami Limited
INR 1,125
INR 1,505
Personal Care space.
Its 3QFY18 consol. net sales increased 6% YoY to INR7.57b. Domestic revenue, adj. for
GST/ VAT, grew by 10% YoY,while International revenue increased 16% YoY.
HMN remains a credible long-term play due to (a) healthy growth likely in existing
product categories, (b) best-of-breed R&D spend and A&P spend resulting innovative
products as well as ability to back up innovation with strong marketing and (c)much-
needed efforts on improving its direct distribution reach.
We have a Buy rating with TP of INR1,505 (42x Dec’19E EPS).
Tech Mahindra's 3QFY18 revenue grew 2.5% QoQ to USD1,209m. While Communica-
tion was flattish, Enterprise was strong with growth of 4.7% QoQ.
Growth in 3Q was driven by [1] Addition of revenue from the IP deal struck last quarter
and [2] Strong growth in BPO marking the second quarter of double-digit sequential
EBITDA margin expanded 170bp QoQ to 16.3%. PAT of INR9.4b grew 12.8% QoQ mainly
due to the profitability beat, higher other income, and lower ETR.
We continue to be encouraged by bettering trajectory of revenue growth and margins,
have a BUY rating with TP of INR700 (15x FY20E).
Tech Mahindra
INR 612
INR 700
*Data as on 31st January 2018
 Motilal Oswal Financial Services
On This Page
Monthly Markets Newsletter
Technical & Derivatives Market Outlook,
Markets & Our Recommendations
February 2018
Equity Market Outlook
Technical Outlook
Nifty index started the January 2018 on a positive note and closed with the decent
gains of around 5% but witnessed pause in positive momentum in last couple of
sessions. In the last week, Index failed to hold above 11111 zones and taken hurdle
at its upper band of the rising channel by connecting all the swing highs of 8598,
10137 and 11171 marks. It is in process to form a Bearish Engulfing pattern on
weekly scale which has negative implication, if follow up weakness could continue
in the market. It has given a negative close on weekly basis after its positive move for
eight consecutive weeks. Relative Strength Index (RSI) has turned lower and given a
short term sell signal on Daily scale so a caution and hedging activity is advised for
short term leveraged traders. Index started the recent up move after its breakout
above 10750-10800 zones on 17th January 2018. So accordingly now 10800-10750
could act as an immediate support and holding below the same could see more
weakness in coming days. Now index requires a decisive hold above immediate
resistance zone to see the next leg of rally.
Major medium term trend of the market is positive but sustained supply
is seen near to 11000-11111 zones which is restricting its upside momentum.
Index has gone into overbought scenario in weekly and daily scale so a time or
price correction could be seen before starting the next leg of rally. A hold below
10980 could continue its weakness towards 10800 then 10600-10550 zones while
a hold above 11111 could start the fresh upside and smooth ride in the market.
Nifty Weekly
Nifty Daily
Derivative Outlook
Nifty - Bear Put Spread - Feb’18 Expiry
BUY 1 LOT OF 10850 PUT @ 122
SELL 1 LOT OF 10700 PUT @ 77
It has formed a Bearish Engulfing pattern on the weekly chart
Taken hurdle at the upper band of the rising channel
Put Call Ratio is falling down with significant Call writing at higher strikes
Thus, a Hedge / Bearish strategy - Bear Put Spread is recommended
 Motilal Oswal Financial Services
On This Page
Monthly Markets Newsletter
Commodities Market Outlook
Markets & Our Recommendations
February 2018
Commodities Market Outlook
Crude Oil
Oil prices saw fifth consecutive months of gains amid a tightening physical market and inventory drawdowns. The OPEC supply cuts are having
the desired impact and high compliance rates are aiding the positive sentiment. Secondly, US inventories have been declining for nearly 2
months and the demand outlook for this year remains broadly positive. The uptrend got an additional boost from a weaker dollar and
speculative long positions in WTI and Brent are at record highs. On the flipside, US production continues to notch new records and the
narrative of higher Non-OPEC output may seep into markets sooner rather than later and keep a lid on oil prices.
The steep drawdown in US inventories over the last several weeks has underpinned strength in WTI to a large extent. US oil inventories have
declined by 41 million barrels over the last 10 weeks and are 15% lower compared to the same period last year. Inventories continue to decline
globally as well with IEA suggesting that OECD commercial stocks declined by 17.9 million barrels in November, a drawdown that was twice
the five-year average. IEA data shows that OECD stocks fell of 600,000 bpd in the last three quarters of 2017, the largest since 1984.
The rally in prices has also been aided by the fact that output cuts by the OPEC may extend beyond 2018. The OPEC review meeting in January
suggested that output cuts in some form may remain beyond 2018 although the exact modalities need to be worked out. OPEC output
continues to be lower in y/y comparisons and compliance is improving. Estimates suggest that OPEC oil output was largely unchanged at 32.5
mbpd in January and overall compliance touched 138%. The drop in Venezuela's oil output due to its existing crisis has been the biggest
reason for the improvement in compliance. Iraq's output from its Northern region also remains affected ever since the Iraqi army took control
from Kurds and has helped Iraq's compliance to show up better. Libyan production dropped by 30,000 bpd due to pipeline damage while
Nigeria saw production increase.
Rising Non-OPEC output is likely to cap oil prices at some point. Both OPEC and IEA forecast Non-OPEC production to rise next year with US
contributing the most. The OPEC sees Non-OPEC production rising by 1.15 mbpd next year while the IEA sees a growth of 1.70 mbpd. This
could offset the OPEC production cuts to a large extent and keep oil prices capped at higher levels.
US production also continues to increase with output hitting a record 9.9 mbpd last week. The EIA forecasts that US shale oil production will
grow by 111,000 barrels a day to 6.55 million bpd in February, a new record. Total US oil output will hit 10.27 million bpd in 2018 as per EIA
projections. The IEA sees US output even higher at 10.40 mbpd in 2018. This, we believe will remain the biggest headwind to prices despite
reduced supply from the OPEC.
On the demand side, IEA kept its oil demand growth estimate for 2018 unchanged at 1.3 million bpd, down from 1.6 million bpd in 2017.
OPEC pegged demand growth at a healthier 1.5 mbpd in 2018. On the whole, stronger demand has been a basic premise in all forecasts for
2018 and any demand shock could therefore derail the price rally.
On the whole, while the medium term trend still remains positive, oil prices could see a correction given that the last leg of this rally has been
driven by dollar weakness rather than oil fundamentals. The extreme level of long positioning in the oil market also makes it vulnerable to
negative developments. Even a modest liquidation could lead to a squeeze and result in steep price correction.
 Motilal Oswal Financial Services
On This Page
Monthly Markets Newsletter
MOSt Multi Cap
For Whom :
Investment Duration :
Risk Profile :
Bajaj Auto Limited
Zee Ent.
Piramal Enterprises
Yes Bank Ltd
Can Fin Homes Ltd
Capital First
Granules India
HDFC Standard Life
PC Jeweller Limited
Nilkamal Limited
Mahindra CIE
*Data as on 31st January 2018
MOSt Multi Cap , MOSt Velocity
Build a Portfolio
February 2018
Long Term Investors
One year and above
Moderate Investors
Wtg. Sectoral Allocation
: NMDC, Mahindra CIE
We are recommending a MULTI-CAP approach with the
following characteristics:
Corpus requirement of INR 10 Lakhs
40-50% in Large-cap and 50-60% in Mid-cap
15 companies to invest at maximum, 10 minimum
Large-cap stocks are suitable for SIP investments as well
Adheres to our QGLP philosophy
Ramco Cements Ltd 762
Out : Sterling Tools, CG Consumer
MOSt Velocity
For Whom :
Investment Duration :
Risk Profile :
Tata Motors Ltd
RBL Bank Ltd
Federal Bank Ltd
Reliance Ind.
Maruti Suzuki
Medium Term Investors
Few months horizon
Moderate Investors
Wtg. Sectoral Allocation
: Hindalco
Out : Shriram Transport, IOC, LT, ICIL,
Eicher Motors
Investment characteristics
Corpus requirement of INR 10 Lakhs
Investment Rationale based on TechnoFunda
Maximum stocks open : 10
Cash holding based on market direction call. Cash to be deployed
in case of sharp market falls
10% in a particular Stock and 30% (max) in a Sector
*Data as on 31st January 2018
 Motilal Oswal Financial Services
On This Page
Monthly Markets Newsletter
MOSt PMS - Model Portfolio
Managed Funds
February 2018
Performance since inception
LargeCap PMS:- VALUE STRATEGY- An amount of 1cr. Invested in March 2003 is worth INR 26.44 cr (compounded return of 24.64%)
MultiCap PMS:- ASK IEP STRATEGY- Amount of 1 cr. Invested in January 2010 is worth INR 3.73 cr (compounded return of 20.60%)
MidCap PMS:- NTDOP STRATEGY- Amount of 1 cr. Invested in December 2007 is worth INR 5.67 cr (compounded return of 18.80%)
Small & Midcap PMS- IOP STRATEGY- Amount of 1 cr. Invested in February 2010 is worth INR 3.71 cr (compounded return of 17.90%)
Latest Performance of all OUR PMS (Portfolio Management Services) strategies. (As on 31st Janurary, 2018)
 Motilal Oswal Financial Services
On This Page
Monthly Markets Newsletter
Investment Product
Long term Capital Gain
February 2018
Scenario of Long term Capital Gain:
The changes in taxation declared in budget change the scenario of every individual investment with implementation of LTCG and
addition taxes. Below is the key point:
Long term capital gains to be charged exceeding Rs.1 lakh at the rate of 10% without allowing the benefit of any indexation.
Rise in Health and education cess from 3% to 4%
Exemption of interest income on deposits with banks and post offices for senior citizens to be increased from Rs. 10,000 to Rs. 50,000.
Standard deduction of Rs. 40,000 for transport and medical expenses for salaried people
25% coporate tax benefit extended to MSMEs having up to Rs.250 Crore turnover
Please find below illustration of the scenario of long term capital gain and key pointers on the same
Fortunately, now one can set off Capital loss (both long term and short term) can be set off against long term capital gain. If one can't set off entire
capital loss in the same year, both Short term & Long term loss can be carried forward for 8 Assessment Years immediately following the Assessment
Year in which the loss was first computed. If capital losses have arisen from a business, such losses are allowed to be carried forward and carrying on
of this business is not compulsory.
 Motilal Oswal Financial Services
The following Disclosures are being made in compliance with the SEBI Research Analyst Regulations 2014 (herein after referred to as the Regulations).
Motilal Oswal Securities Ltd. (MOSL) is a SEBI Registered Research Analyst having registration no. INH000000412. MOSL, the Research Entity (RE) as defined in the Regulations, is engaged in the
business of providing Stock broking services, Investment Advisory Services, Depository participant services & distribution of various financial products. MOSL is a subsidiary company of Motilal Oswal
Financial Service Ltd. (MOFSL). MOFSL is a listed public company, the details in respect of which are available on MOSL is registered with the Securities & Exchange Board of
India (SEBI) and is a registered Trading Member with National Stock Exchange of India Ltd. (NSE) and Bombay Stock Exchange Limited (BSE), Metropolitan Stock Exchange Of India Ltd. (MSE) for its
stock broking activities & is Depository participant with Central Depository Services Limited (CDSL) & National Securities Depository Limited (NSDL) and is member of Association of Mutual Funds of
India (AMFI) for distribution of financial products. Details of associate entities of Motilal Oswal Securities Limited are available on the website at
Regulatory Enquiries against Motilal Oswal Securities Limited by SEBI:
SEBI pursuant to a complaint from client Shri C.R. Mohanraj alleging unauthorized trading, issued a letter dated 29th April 2014 to MOSL notifying appointment of an Adjudicating Officer as per SEBI
regulations to hold inquiry and adjudge violation of SEBI Regulations; MOSL requested SEBI to provide all documents, records, investigation report relied upon by SEBI which were referred in Show
Cause Notice. The matter is closed and MOSL had to pay Rs. 2 lakhs towards penalty for misplacement of original POA of client.
MOSL, it's associates, Research Analyst or their relative may have any financial interest in the subject company. MOSL and/or its associates and/or Research Analyst may have beneficial ownership of
1% or more securities in the subject company at the end of the month immediately preceding the date of publication of the Research Report. MOSL and its associate company(ies), their directors
and Research Analyst and their relatives may; (a) from time to time, have a long or short position in, act as principal in, and buy or sell the securities or derivatives thereof of companies mentioned
herein. (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 company(ies) discussed
herein or act as an advisor or lender/borrower to such company(ies) or may have any other potential conflict of interests with respect to any recommendation and other related information and
opinions.; however the same shall have no bearing whatsoever on the specific recommendations made by the analyst(s), as the recommendations made by the analyst(s) are completely independent
of the views of the associates of MOSL even though there might exist an inherent conflict of interest in some of the stocks mentioned in the research report. Research Analyst may have served as
director/officer, etc. in the subject company in the last 12 month period. MOSL and/or its associates may have received any compensation from the subject company in the past 12 months.
In the last 12 months period ending on the last day of the month immediately preceding the date of publication of this research report, MOSL or any of its associates may have:
a) managed or co-managed public offering of securities from subject company of this research report,
b) received compensation for investment banking or merchant banking or brokerage services from subject company of this research report,
c) received compensation for products or services other than investment banking or merchant banking or brokerage services from the subject company of this research report.
d) Subject Company may have been a client of MOSL or its associates during twelve months preceding the date of distribution of the research report.
MOSL and it's associates have not received any compensation or other benefits from the subject company or third party in connection with the research report. To enhance transparency, MOSL has
incorporated a Disclosure of Interest Statement in this document. This should, however, not be treated as endorsement of the views expressed in the report. MOSL and / or its affiliates do and seek
to do business including investment banking with companies covered in its research reports. As a result, the recipients of this report should be aware that MOSL may have a potential conflict of interest
that may affect the objectivity of this report. Compensation of Research Analysts is not based on any specific merchant banking, investment banking or brokerage service transactions.
Terms & Conditions:
This report has been prepared by MOSL and is meant for sole use by the recipient and not for circulation. The report and information contained herein is strictly confidential 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 of MOSL. The report is based
on the facts, figures and information that are considered true, correct, reliable and accurate. The intent of this report is not recommendatory in nature. The information is obtained from publicly
available media or other sources believed to be reliable. Such information has not been independently verified and no guaranty, representation of warranty, express or implied, is made as to its accuracy,
completeness or correctness. All such information and opinions are subject to change without notice. The report is prepared solely for informational purpose and does not constitute an offer document
or solicitation of offer to buy or sell or subscribe for securities or other financial instruments for the clients. Though disseminated to all the customers simultaneously, not all customers may receive
this report at the same time. MOSL will not treat recipients as customers by virtue of their receiving this report.
Analyst Certification
The views expressed in this research report accurately reflect the personal views of the analyst(s) about the subject securities or issues, and no part of the compensation of the research analyst(s) was,
is, or will be directly or indirectly related to the specific recommendations and views expressed by research analyst(s) in this report.
Disclosure of Interest Statement
Analyst ownership of 1% or more securities
A graph of daily closing prices of securities is available at, Research Analyst views on Subject Company may vary based on Fundamental research and Technical
Research. Proprietary trading desk of MOSL or its associates maintains arm's length distance with Research Team as all the activities are segregated from MOSL research activity and therefore it can have
an independent view with regards to subject company for which Research Team have expressed their views.
Regional Disclosures (outside India)
This report is not directed or intended for distribution to or use by any person or entity resident in a state, country or any jurisdiction, where such distribution, publication, availability or use would
be contrary to law, regulation or which would subject MOSL & its group companies to registration or licensing requirements within such jurisdictions.
For Hong Kong:
This report is distributed in Hong Kong by Motilal Oswal capital Markets (Hong Kong) Private Limited, a licensed corporation (CE AYY-301) licensed and regulated by the Hong Kong Securities and
Futures Commission (SFC) pursuant to the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong) "SFO". As per SEBI (Research Analyst Regulations) 2014 Motilal Oswal Securities
(SEBI Reg No. INH000000412) has an agreement with Motilal Oswal capital Markets (Hong Kong) Private Limited for distribution of research report in Hong Kong. This report is intended for distribution
only to "Professional Investors" as defined in Part I of Schedule 1 to SFO. Any investment or investment activity to which this document relates is only available to professional investor and will be engaged
only with professional investors." Nothing here is an offer or solicitation of these securities, products and services in any jurisdiction where their offer or sale is not qualified or exempt from registration.
The Indian Analyst(s) who compile this report is/are not located in Hong Kong & are not conducting Research Analysis in Hong Kong.
For U.S.
Motilal Oswal Securities Limited (MOSL) is not a registered broker - dealer under the U.S. Securities Exchange Act of 1934, as amended (the"1934 act") and under applicable state laws in the United
States. In addition MOSL is not a registered investment adviser under the U.S. Investment Advisers Act of 1940, as amended (the "Advisers Act" and together with the 1934 Act, the "Acts), and under
applicable state laws in the United States. Accordingly, in the absence of specific exemption under the Acts, any brokerage and investment services provided by MOSL, including the products and
services described herein are not available to or intended for U.S. persons. This report is intended for distribution only to "Major Institutional Investors" as defined by Rule 15a-6(b)(4) of the Exchange
Act and interpretations thereof by SEC (henceforth referred to as "major institutional investors"). This document must not be acted on or relied on by persons who are not major institutional investors.
Any investment or investment activity to which this document relates is only available to major institutional investors and will be engaged in only with major institutional investors. In reliance on the
exemption from registration provided by Rule 15a-6 of the U.S. Securities Exchange Act of 1934, as amended (the "Exchange Act") and interpretations thereof by the U.S. Securities and Exchange
Commission ("SEC") in order to conduct business with Institutional Investors based in the U.S., MOSL has entered into a chaperoning agreement with a U.S. registered broker-dealer, Motilal Oswal
Securities International Private Limited. ("MOSIPL"). Any business interaction pursuant to this report will have to be executed within the provisions of this chaperoning agreement.
The Research Analysts contributing to the report may not be registered /qualified as research analyst with FINRA. Such research analyst may not be associated persons of the U.S. registered broker-
dealer, MOSIPL, and therefore, may not be subject to NASD rule 2711 and NYSE Rule 472 restrictions on communication with a subject company, public appearances and trading securities held by
a research analyst account.
For Singapore
Motilal Oswal Capital Markets Singapore Pte Limited is acting as an exempt financial advisor under section 23(1)(f) of the Financial Advisers Act(FAA) read with regulation 17(1)(d) of the Financial
Advisors Regulations and is a subsidiary of Motilal Oswal Securities Limited in India. This research is distributed in Singapore by Motilal Oswal Capital Markets Singapore Pte Limited and it is only directed
in Singapore to accredited investors, as defined in the Financial Advisers Regulations and the Securities and Futures Act (Chapter 289), as amended from time to time. In respect of any matter arising
from or in connection with the research you could contact the following representatives of Motilal Oswal Capital Markets Singapore Pte Limited:
This report is intended for distribution to Retail Investors.
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 derivative products 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. MOSL, its associates, 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
MOSL. 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. 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 MOSL 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. The person accessing this information specifically agrees to exempt MOSL or any of its affiliates or employees from, any and all
responsibility/liability arising from such misuse and agrees not to hold MOSL or any of its affiliates or employees responsible for any such misuse and further agrees to hold MOSL or any of its affiliates
or employees free and harmless from all losses, costs, damages, expenses that may be suffered by the person accessing this information due to any errors and delays.
Registered Office Address: Motilal Oswal Tower, Rahimtullah Sayani Road, Opposite Parel ST Depot, Prabhadevi, Mumbai-400025; Tel No.: 022-3980 4263; Correspondence
Address: Palm Spring Centre, 2nd Floor, Palm Court Complex, New Link Road, Malad (West), Mumbai- 400 064. Tel No: 022 3080 1000. Compliance Officer: Neeraj Agarwal, Email Id:, Contact No.:022-30801085.
Registration details of group entities.: Motilal Oswal Securities Ltd. (MOSL): INZ000158836 (BSE/NSE/MSE); CDSL: IN-DP-16-2015; NSDL: IN-DP-NSDL-152-2000; Research Analyst: INH000000412
. AMFI: ARN 17397. Investment Adviser: INA000007100. Motilal Oswal Asset Management Company Ltd. (MOAMC): PMS (Registration No.: INP000000670) offers PMS and Mutual Funds products.
Motilal Oswal Wealth Management Ltd. (MOWML): PMS (Registration No.: INP000004409) offers wealth management solutions. *Motilal Oswal Securities Ltd. is a distributor of Mutual Funds, PMS,
Fixed Deposit, Bond, NCDs and IPO products. * Motilal Oswal Commodities Broker Pvt. Ltd. offers Commodities Products. * Motilal Oswal Real Estate Investment Advisors II Pvt. Ltd. offers Real Estate
products. * Motilal Oswal Private Equity Investment Advisors Pvt. Ltd. offers Private Equity products