MOSt Market Roundup
18th July 2017
EQUITY Market
Cash Volumes (INR in Crores)
Exchange
BSE (Cash)
BSE (Derivatives)
NSE (Cash)
NSE(Derivatives)
Total
Today
NA
6.76
28739
575787
604533
Pev. Day
3550
19.68
24453
373814
401837
Sensex
31710.99
363.79
Nifty
9827.15
88.80
Dealer's Diary
There was profit booking pulled down the market sharply. Nifty
declined nearly 1% (89 points) to close at 9827 and Sensex declined 363
points to close at 31711. Heavyweight ITC witnessed biggest one day
loss in last 25 years. Stock lost by 12per cent to close at Rs285 after the
government surprised by rising cess on tobacco products. Moreover,
weak global cues have a negative sentiment in the markets. Realty, Oil
& Gas, select Auto stocks witnessed profit booking. However, select
PSU Banking stocks gained. UltraTech Cement declined marginally to
close at Rs4330 while it has touched a day's high of Rs4454. Company
reported good set of quarterly number. Reliance declined 2% to close
at Rs1520 after the media news that the government has ordered
Reliance Industries , Shell and ONGC to pay a combined $3 billion in
penalty following an arbitration award in the Panna Mukta Tapti (PMT)
oil field dispute that went in favour of the government. Jubliant Food
surged 4% to close at Rs1325. Company reported better than expected
Q1 result. Auto stocks like Ashok Leyland declined 3% to close at Rs105
on account of profit booking. However, Eicher Motor gained 2% to close
at Rs28598. PSU Banking stocks like Bank of India gained 3% to close at
Rs153.
Advance / Decline
Group
Advance
Decline
Unchanged
NIFTY 50
29
22
0
BSE 201
69
130
2
Top Index Gainers
Scrip
EICHERMOT
ASIANPAINT
SUNPHARMA
HCLTECH
AXISBANK
LTP
28,615.00
1,146.50
579.80
880.25
516.30
% Change
1.98
1.87
1.46
1.40
1.14
Technical Outlook
Nifty index opened negative and corrected by around 100 points
towards 9800 mark led by selling pressure in market heavyweight ITC.
However it formed a Doji Candle on the Daily chart as it closed near to
its opening levels but broken its trend line support by connecting the
swing lows of 9448, 9646 and 9850. Now it has to cross and hold above
9850 zone to again get in to the comfort zone to retest recent high of
9928 then 10000 mark while on the downside major supports are seen
at 9800 and 9710 mark.
Nifty Futures
9852.50
80.65
Premium
25.35
Top Index Losers
Scrip
ITC
GAIL
RELIANCE
AUROPHARMA
TATAPOWER
LTP
284.70
378.00
1520.50
738.80
82.20
% Change
-12.44
-2.11
-2.01
-1.70
-1.44
DERIVATIVE MARKET
Derivative Volumes (INR in Crores)
Exchange
Index Futures
Stock Futures
Index Options
Stock Options
F&O Total
No. of
Contracts
239614
781691
5343132
635018
6999455
Turn
Over
19457
57033
451356
47941
575787
Most Active Stock Future
Stock
Futures
ITC
JUBLFOOD
RELIANCE
AXISBANK
Price
INR
284.7
1322.0
1520.5
516.3
No. of Contract
Vol
OI
66159
22130
20455
18673
29655
6727
24148
31818
Nifty Future closed with the loss of 0.81% at 9852. On the option front,
maximum Put OI is at 9800 followed by 9700 while maximum Call OI is at
10000 followed by 9900 strike. We have seen significant Call writing at 10000
and 9900 strike while Put unwinding was seen at 9900 and lower strikes. Fresh
Call writing at 9900 and 10000 strikes is now putting pressure and restricting
its upside momentum but maximum Put OI at 9800 strike which might support
the market on a small declines. India VIX marginally moved up by 0.26% at
11.49. Built up of long position were seen in Sintex, Axis Bank, Can Bank,
Hindunilvr, Jublfood, BHEL and Bata India while shorts were seen in ITC, Havells,
CEAT, Mindtree, Ashokley, SRF, M&M Finance, KPIT, Srtansfin, etc.
Most Active Nifty Calls
Index
Option
9,900
10,000
9,800
10,100
Price
INR
37.9
13.8
91.6
4.8
No. of Contract
Vol
OI
395298
293736
129202
108108
83380
92750
42674
33972
Most Active Nifty Puts
Index
Option
9,800
9,900
9,700
9,600
Price
INR
40.4
82.9
19.5
11.1
No. of Contract
Vol
OI
346075
265659
223328
146641
81208
46429
68598
68050
Motilal Oswal Securities Ltd., Motilal Oswal Tower, Level 2, Sayani Road, Prabhadevi, Mumbai 400 025
1
 Motilal Oswal Financial Services
MOSt Market Roundup
18th July 2017
EQUITY Market
Global Indices
Indices
Dow Fut
Nasdaq Fut
FTSE
Hang Seng
Closing Price
21588
5858.5
7405.72
26524.94
Change(%)
0.03
0.06
0.02
0.21
News:
3
3
3
Currency
V/S INR
Dollar
Euro
Pound
Yen
Closing Price
64.33
74.34
83.93
0.57
Change(%)
0.04
-0.76
0.17
-0.21
3
3
3
3
Commodity
Indices
Brent Crude
Gold
Silver
Closing Price
48.60
1236.87
16.15
Change(%)
0.37
0.22
0.19
3
3
Hindustan Unilever Q1 net profit Rs12.8bn (up 10.2%), Q1 vol-
ume growth remain flat, EBITDA margin up by 160bps and sales
Rs93.4bn (up 12.7% YoY)
Alembic gets USFDA approval for Olmesartan Medoxomil
Amlodipine - Positive
TV 18 Broadcast Q1 loss Rs142.8mn vs loss Rs157.2mn and
Income Rs2.27bn (up 3% YoY)
HT Media Q1 net profit Rs415.5mn (up 6% YoY), plans to raise
Rs4bn via bonds and income Rs6.52bn (up 6% YoY)
MCX, Thomson Reuters to launch co-branded commodity Indi-
ces
Eicher Trucks, Buses to cut prices by up to 5% upon GST rollout
UltraTech Q1 net profit Rs8.9bn (up 15% YoY) and sales
Rs75.2bn (up 21.6% YoY)
Jubliant Life Q1 net profit Rs8.9bn (down 12% YoY) and sales
Rs75.2bn (up 9.6% YoY)
Petronet LNG sees Kochi plant utilization rising to 40% in 2019
NAHB Housing price Index - Bloomberg expectation 67 (Prior
67)
US Data:
3
Note - *Data as of today, 5P.M.
Company Meetings on 19th July 17
Board Meetings -
Bajaj Finance, Bajaj
Finserve, Canara Bank, Havell's India,
KPIT Technologies, MindTree, Oracle Fi-
nancial Services, Sanofi India and Sterlite
Technology
AGM
- Bajaj Finance, Bajaj Finserve,
Wipro and Zensar Tech
Results
- Bajaj Finance, Bajaj Finserve,
Canara Bank, Havell's India, KPIT Tech-
nologies, MindTree, Sanofi India &
Sterlite Technology
Corporate Action on 19th July 17
Splits
- Navin Fluorine International Ltd
Dividends
- Astra Micro, Cholamandalam
Investment, Exide Industries, Trent
Events on 19th July 17
Commodity:
3
Oil traded near $46 a barrel as crude production rebounded in
Libya, an OPEC member exempt from output curbs.
Global Market:
3
3
Asian shares fell Tuesday as setbacks for a health care over-
haul in the U.S. raised doubts over prospects for a range of
reforms backed by President Donald Trump.
European stocks witnessing mixed bag. FTSE 100 index erases
decline after report shows U.K. inflation was lower than ex-
pected in June, and pound tumbles. FTSE recovered margin-
ally while CAC and DAX Index declined over half percent.
NA
Motilal Oswal Securities Ltd., Motilal Oswal Tower, Level 2, Sayani Road, Prabhadevi, Mumbai 400 025
2
 Motilal Oswal Financial Services
MOSt Market Roundup
18th July 2017
Technical Commentary
Nifty index opened negative and corrected by around 100 points towards 9800 mark led by selling pressure in market
heavyweight ITC. However it formed a Doji Candle on the Daily chart as it closed near to its opening levels but broken
its trend line support by connecting the swing lows of 9448, 9646 and 9850. Now it has to cross and hold above 9850 zone
to again get in to the comfort zone to retest recent high of 9928 then 10000 mark while on the downside major supports
are seen at 9800 and 9710 mark.
Follow up - Open Recommendations
Date
TRADING CALL
18-Jul
18-Jul
18-Jul
18-Jul
17-Jul
17-Jul
17-Jul
17-Jul
14-Jul
Scrip
TATASTEELFUT
DIVISLAB
AXISBANKFUT
MARICO
HINDALCO215CE
HINDALCO210CE
KOTAKBANK
ONGCFUT
HEROMOTOCO
Reco
BUY
BUY
BUY
BUY
SELL
BUY
BUY
BUY
BUY
Price
554.03
734.9
519.27
329.13
2.45
4.42
981.55
161.13
3784.3
Lot*
542
409
578
912
3500
3500
306
1862
80
Close
553.9
735
517.55
329.1
1.6
3.1
977.1
162.45
3783.95
Target
564.15
751.95
537
337.45
-
-
1020.15
168.95
3919
Stop Loss
548.7
726
509.4
325
-
-
963
156.8
3718
MTM +/-
-70
41
-994
-27
2975
-4620
-1362
2458
-28
* Lot Size (Only Cash & Future) is calculated based on 3,00,000 Corpus.
# Please Watch for Followup Alerts provided on the Trading Screen / Call your MOSL Advisor
Motilal Oswal Securities Ltd., Motilal Oswal Tower, Level 2, Sayani Road, Prabhadevi, Mumbai 400 025
3
 Motilal Oswal Financial Services
MOSt Market Roundup
18th July 2017
Pivot Table
Co. Name
NIFTY
SENSEX
ACC
ACEM
APNT
AXSB
BJAUT
BOB
BHEL
BPCL
BHARTI
CIPLA
COAL
DLFU
DRRD
GAIL
GRASIM
HCLT
HDFCB
HMCL
HNDL
HUVR
HDFC
ICICIBC
IDFC
IIB
INFO
ITC
JPA
JSP
KMB
LT
LPC
MM
MSIL
NMDC
NTPC
ONGC
PWGR
PNB
RIL
SBIN
SUNP
TCS
TTMT
TPWR
TATA
UTCEM
VEDL
WPRO
Close
9,827
31,711
1,758
267
1,147
516
2,831
163
143
470
409
559
249
200
2,722
378
1,312
880
1,685
3,780
207
1,160
1,652
304
57
1,571
984
285
22
140
975
1,180
1,159
1,384
7,538
120
169
162
215
156
1,521
291
580
2,415
457
82
563
4,312
268
269
Low
9,792
31,626
1,747
265
1,117
508
2,818
163
141
464
406
555
246
199
2,688
375
1,280
868
1,677
3,755
206
1,147
1,649
302
55
1,565
981
276
22
139
971
1,168
1,147
1,377
7,515
119
166
159
215
152
1,511
290
569
2,396
453
82
557
4,301
267
267
S2
9,742
31,465
1,709
262
1,105
501
2,802
160
139
459
391
549
244
195
2,662
369
1,262
862
1,673
3,734
204
1,136
1,632
299
55
1,555
966
268
21
137
962
1,160
1,140
1,363
7,472
118
163
158
211
149
1,487
286
563
2,371
449
81
551
4,203
264
263
S1
9,784
31,588
1,734
264
1,126
509
2,817
162
141
464
400
554
247
197
2,692
373
1,287
871
1,679
3,757
206
1,148
1,642
302
56
1,563
975
277
21
138
969
1,170
1,150
1,373
7,505
119
166
160
213
152
1,504
288
572
2,393
453
81
557
4,257
266
266
PP
9,835
31,750
1,771
268
1,138
516
2,832
164
143
470
415
560
248
201
2,718
380
1,305
878
1,683
3,778
208
1,159
1,659
304
57
1,572
990
285
22
141
978
1,179
1,157
1,387
7,548
120
169
161
217
156
1,528
292
577
2,418
456
83
563
4,356
270
269
R1
9,878
31,873
1,796
270
1,159
523
2,847
166
145
475
424
566
250
204
2,748
384
1,330
887
1,689
3,801
210
1,171
1,670
306
58
1,580
999
293
22
142
984
1,189
1,167
1,398
7,581
121
172
163
219
159
1,545
295
586
2,440
460
83
569
4,410
272
272
R2
9,928
32,035
1,833
274
1,171
530
2,862
169
147
480
439
572
251
208
2,773
391
1,348
894
1,694
3,822
212
1,181
1,687
308
59
1,590
1,014
301
23
145
993
1,197
1,175
1,412
7,625
122
175
164
222
163
1,569
299
591
2,465
463
85
575
4,509
275
276
High
9,885
31,912
1,809
271
1,150
523
2,848
167
145
475
430
567
249
206
2,743
386
1,323
884
1,688
3,799
210
1,170
1,677
306
58
1,582
1,005
293
22
143
987
1,187
1,165
1,402
7,592
121
172
162
220
159
1,552
296
583
2,443
460
84
569
4,454
273
273
Motilal Oswal Securities Ltd., Motilal Oswal Tower, Level 2, Sayani Road, Prabhadevi, Mumbai 400 025
4
 Motilal Oswal Financial Services
MOSt Market Roundup
18th July 2017
MOSt Velocity / High Conviction
MOSt Velocity
Account Summary
Cash Market
Model Corpus Value
Total Return till date
Booked Profit
Unrealised Profit
Historical Performance
INR
1000000
1036616
1061917
-25301
103.7%
106.2%
-2.5%
Return %
Period
IInception
36 Months
24 Months
12 Months
6 Months
3 Months
Benchmark Return % Portfolio
BSE200
NIFTY
Return %
104.8%
94.2%
103.7%
36.6%
28.2%
55.6%
18.4%
14.1%
17.3%
18.5%
15.5%
11.7%
17.1%
16.5%
15.0%
7.2%
7.9%
3.4%
Relative Out Performance %
With Bse 200 With Nifty
-1.2%
9.4%
19.0%
27.4%
-1.1%
3.2%
-6.8%
-3.8%
-2.2%
-1.5%
-3.8%
-4.5%
MOSt Velocity - Open Position
Stock Name
AUROPHARMA
LUPIN
LUPIN
TATAMOTORS
BHARATFORG
RBLBANK
DHFL
Cash
Total
Sector Name
PHARMA
PHARMA
PHARMA
AUTO
AUTO
FINANCIAL
FINANCIAL
Cash
Reco Date
30-Jun-16
28-Feb-17
5-May-17
11-Apr-17
9-May-17
21-Jun-17
17-Jul-17
Wtg%
10.0%
10.0%
5.0%
10.0%
10.0%
10.0%
5.0%
40.0%
100.0%
CMP
734
1156
1156
45456
1143
521
460
High Conviction
Account Summary
Cash Market
Model Corpus Value
Total Return till date
Booked Profit
Unrealised Profit
INR
300000
97020
97020
0
Return %
32.3%
32.3%
0.00%
High Conviction Trading Idea Performance
Remark
Oct'16
Nov'16 Dec'16
5
60%
-2906
4
25%
-11721
Jan'17
6
67%
14962
Feb'17
4
75%
6327
Mar'17
4
100%
23855
Apr'17
5
80%
20182
May'17
6
50%
674
Jun'17
2
0%
-17365
Jul'17
3
100%
21245
No. of Calls 4
Strike Rate 50%
P&L
9328
Motilal Oswal Securities Ltd., Motilal Oswal Tower, Level 2, Sayani Road, Prabhadevi, Mumbai 400 025
5
 Motilal Oswal Financial Services
MOSt Market Roundup
18th July 2017
MOSt Multi Cap
MOSt Multi Cap- Performance
Returns
MOSt Multicap
Sensex
BSE 200
* Inception date: 31st Jan 2016
3mth
4.8%
4.4%
3.9%
6mth
20.3%
16.1%
18.2%
1yr
35.9%
14.5%
18.1%
Since inception*
53.3%
24.3%
30.0%
Data as on 30th June 2017
MOSt Multi Cap- Open Positions
Stock Name
Hero Motocorp
Zee Entertainment Enterprises Ltd
HDFC Bank
Piramal Enterprises Limited
Yes Bank Ltd
CG Consumer Electricals ltd
Can Fin Homes Ltd
Sterling Tools Ltd
P I Industries Ltd
SRF Ltd
Shriram City Union Finance Ltd
Castrol India Ltd
Ramco Cements Ltd
Granules India Limited
Cash
Total
Sector Name
Automobiles
Media
Banking
Diversified
Banking
Capital Goods
Financial
Automobiles
Agriculture
Textiles
Financial
Oil & Gas
Cement
Pharmaceuticals
CMP
3784
531
1684
2925
1558
208
3161
257
780
1525
2305
407
698
460
139
Allocation (%)
10
10
10
5
5
5
5
5
5
5
5
5
5
5
5
10
100
Dewan Housing Finance Corporation Ltd Financial
Motilal Oswal Securities Ltd., Motilal Oswal Tower, Level 2, Sayani Road, Prabhadevi, Mumbai 400 025
6
 Motilal Oswal Financial Services
MOSt Market Roundup
18th July 2017
Upcoming Economic Events Calendar
Motilal Oswal Securities Ltd., Motilal Oswal Tower, Level 2, Sayani Road, Prabhadevi, Mumbai 400 025
7
 Motilal Oswal Financial Services
Chandan Taparia
Research Analyst
(Derivatives & Technical Analyst)
Disclosures
The following Disclosures are being made in compliance with the SEBI Research Analyst Regulations 2014 (herein after referred to as the Regulations).
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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
www.motilaloswal.com.
MOSL is registered with the Securities & Exchange Board of India (SEBI) and is a registered Trading
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are available of the website at
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Pending Regulatory Enquiries against Motilal Oswal Securities Limited by SEBI:
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to MOSL notifying appointment of an Adjudicating Officer as per SEBI regulations to hold inquiry and adjudge violation of SEBI
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Disclosure of Interest Statement
Analyst ownership of 1% or more securities
No
Served as an officer, director or employee
No
A graph of daily closing prices of securities is available at
www.nseindia.com, www.bseindia.com.
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.
Motilal Oswal Securities Ltd., Motilal Oswal Tower, Level 2, Sayani Road, Prabhadevi, Mumbai 400 025
 Motilal Oswal Financial Services
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:
Disclaimer:
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;
www.motilaloswal.com. 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:
na@motilaloswal.com,
Contact No.:022-30801085.
Registration details of group entities.: MOSL: NSE (Cash): INB231041238; NSE (F&O): INF231041238; NSE (CD): INE231041238; BSE (Cash): INB011041257;
BSE(F&O): INF011041257; BSE(CD); MSE(Cash): INB261041231; MSE(F&O): INF261041231; MSE(CD): INE261041231; 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, Insurance 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
Motilal Oswal Securities Ltd., Motilal Oswal Tower, Level 2, Sayani Road, Prabhadevi, Mumbai 400 025