MOSt Market Roundup
21st August 2017
EQUITY Market
Cash Volumes (INR in Crores)
Exchange
Today
BSE (Cash)
N.A.
BSE (Derivatives)
0.30
NSE (Cash)
24,708.24
NSE(Derivatives) 504,350.08
Total
529,058.62
Pev. Day
3,863.53
0.31
28,953.20
461058.12
490011.63
Sensex
31258.85
265.83
Nifty
9754.35
83.05
Dealer's Diary
Nifty declined nearly 1% (83 points) to close at 9748 and Sensex slipped
266 points to close at 31259. Nifty declined over 1.5% in the last two
consecutive days. Resignation of Infosys' CEO and weak global cues
have a negative sentiment in the market. Infosys market cap declined
nearly $6bn in the last two trading sessions after the resignation of
Infosys' CEO owing to 'continuous stream of distractions in recent
quarters' is a big dent to the company's investment attractiveness.
Global markets like Europan and US Future dropped amid growing
unease about persistent low inflation and geo-political tension.
However, the dollar, gold and yen all gained. Nifty 500 stocks advance
decline ratioat 1:4 implies that all round selling is in the market like
Banking, Auto, Pharma, Realty, Metal, Tech etc. Infosys declined 5% to
close 3-year low at Rs873. It has declined over 12% in the two
consecutive days. Company announced share buy-back at Rs1150 a share
of 4.92% of equity worth Rs130bn. Manappuram Finance climbed up
over 10% to close at Rs95. Rating agency CARE has upgraded the long-
term credit rating of Manappuram Finance to CARE AA (stable) from
CARE AA- (stable).
Advance / Decline
Group
Advance
Decline
Unchanged
NIFTY 50
9
41
1
BSE 201
31
170
0
Top Index Gainers
Scrip
AXISBANK
TECHM
M&M
EICHERMOT
ITC
LTP
494.7
431.5
1,378.55
31,600.00
282.45
% Change
0.88
0.62
0.62
0.28
0.21
Technical Outlook
Nifty index failed to hold above its crucial hurdle of 9880 and corrected
sharply after breaking its immediate support of 9775 mark. During the
day it fell down towards 9740 and finally closed the session with the
loss of around 83 points. It formed a bearish candle on the daily chart
and closed below to its 50 DEMA which has a negative implication if
follow up selling continues. It is just few points away from the major
support trend line by connecting the lows of 9088, 9448, 9685 and 9720.
If this trend line is broken decisively then short term trend may continue
its pace of selling pressure towards 9600 zones while on the upside
resistances are shifting lower to 9820 and 9850 marks.
Nifty Futures
9764.20
90.20
Premium
9.85
Nifty Future closed negative with the loss of 0.90% at 9765. On the option
front, maximum Put OI is intact at 9800 followed by 9500 strike while maximum
Call OI is at 10000 followed by 10100 strike. We have seen significant Call
writing at 9900 strike which is going to emerge as a big hurdle from its earlier
supply zone of 10000 and 10100 levels. Put unwinding was seen at 9800 and
9900 strike which is also giving the scope for further declines. India VIX moved
up by 1.68% at 14.81 and volatility has been slowly rising from last three
sessions. Built up of long position were seen in M&M, Axis Bank, Ambujacem,
Techm, etc. while shorts were seen in Amar Raja Battery, Cadila, Oil India,
CEAT Ltd, Infy, PNB, Glenmark, Orient Bank, Can Bank, ZEEL, Hexaware, Amar
Raja Battery, BHEL, ONGC, Cipla, etc.
Top Index Losers
Scrip
INFY
BANKBARODA
IOC
ADANIPORTS
DRREDDY
LTP
870.15
142
413.7
375
1,934.50
% Change
-5.75
-3.53
-3.19
-2.9
-2.4
DERIVATIVE MARKET
Derivative Volumes (INR in Crores)
Exchange
Index Futures
Stock Futures
Index Options
Stock Options
F&O Total
-
No. of
Contracts
204798
671544
4711987
613873
6202202
Turn
Over
16,731.75
46,374.17
399117.09
42,023.98
504246.99
Most Active Stock Future
Stock
Futures
INFY
AXISBANK
YESBANK
ICICIBANK
Price
INR
870.2
494.7
1714.0
293.4
No. of Contract
Vol
OI
89378
15309
12091
12067
83975
29220
25674
33440
Most Active Nifty Calls
Index
Option
9,900
10,000
9,800
10,100
Price
INR
28.8
11.7
65.0
5.0
No. of Contract
Vol
OI
310597
248690
178300
133021
61977
78822
57818
65510
Most Active Nifty Puts
Index
Option
9,800
9,700
9,600
9,900
Price
INR
100.5
60.5
36.0
159.0
No. of Contract
Vol
OI
307136
232731
148290
143179
73788
62764
52041
33702
Motilal Oswal Securities Ltd., Motilal Oswal Tower, Level 2, Sayani Road, Prabhadevi, Mumbai 400 025
1

MOSt Market Roundup
21st August 2017
EQUITY Market
Global Indices
Indices
Dow Fut
Nasdaq Fut
FTSE
Hang Seng
Closing Price
21660
5788.75
7311.65
27154.68
Change(%)
-0.09
-0.22
-0.17
0.40
News:
3
Currency
V/S INR
Dollar
Euro
Pound
Yen
Closing Price
64.10
75.25
82.53
0.59
Change(%)
0.08
0.13
0.13
-0.02
3
3
3
3
Commodity
Indices
Brent Crude
Gold
Silver
Closing Price
52.51
1287.81
17.03
Change(%)
-0.40
0.29
0.37
3
3
3
Note - *Data as of today, 5P.M.
CARE Ratings has upgraded the long-term credit rating of
Manappuram Finance Ltd (MAFIL) to CARE AA (double A) stable
from CARE AA- (double A minus) stable. The revised credit
rating applies to the ?5,680-crore long-term bank facilities of
the company and its NCD issues aggregating to ?580 crore -
Business Line
Essar group completes sale of 98.26% stake in Essar oil.
Rosnseft and Trafigura-UCP consortium to buy 49.13% each,
Essar group reduced debt by more than $11nbn
Cadila, Torrent Pharma are said to mull merger - ET Now
Blue Star wins MEP order valued at more than Rs5bn
Suven Life secures a product patent in Japan - company re-
ported winning one product patent for New Chemical Entities
to treat disorders associated with Neurodegenerative diseases.
Bayer Cropscience buyback offer to open Sept 4, close Sept.
15
Axis Bank has 23mn shares or 1% equity change hands in 2
blocks deal
Tata Motors has made an investment commitment of Rs 25b
for future passenger vehicle programs,CEO Guenter Butschek
says in Mumbai. Proposed alliance with Volkswagen didn't
materialize due to issues related to technical feasibility. Prod-
uct plan ready until FY22 for passenger vehicles. The com-
pany has developed a comprehensive strategy for commercial
vehicles; more than 15b rupees investment planned across
segments in CV this year and annually going forward.
Chicago Fed Nat Activity Index - Bloomberg Survey 0.10 (Prior
0.13)
Company Meetings on 22nd Aug 17
Board Meetings -
care Ratings, GATI, NIIT Ltd
AGM -
Eclerx, Hindustan Copper, L&T, MCX,
Reliance Defense, Tata Motor, Tata Motor DVR
EGM -
L&T
Results
- CARE Ratings and GATI
US Data:
3
Commodity:
3
Oil traded near the highest closing level in a week as OPEC
member Libya halted its biggest oilfield and as drilling by U.S.
companies slowed the most since January.
Corporate Action on 22nd Aug17
Dividends -ENIL,
Manappuram Finance, Pfizer'
Global Market:
Asian equities opened the week mixed as investors favored
growth markets in Hong Kong and Shanghai, while Australia
and Japan declined. The Philippines is closed for a holiday.
.
3
European stocks extended declines at the start of a week set
to be dominated by the gathering of central bankers at Jack-
son Hole, amid growing unease about persistent low infla-
tion. The dollar, gold and yen all gained.. FTSE, CAC and DAX
declined half percent.
3
Events on 22nd Aug 17
N.A.
Motilal Oswal Securities Ltd., Motilal Oswal Tower, Level 2, Sayani Road, Prabhadevi, Mumbai 400 025
2

MOSt Market Roundup
21st August 2017
Technical Commentary
Nifty index failed to hold above its crucial hurdle of 9880 and corrected sharply after breaking its immediate support of
9775 mark. During the day it fell down towards 9740 and finally closed the session with the loss of around 83 points. It
formed a bearish candle on the daily chart and closed below to its 50 DEMA which has a negative implication if follow
up selling continues. It is just few points away from the major support trend line by connecting the lows of 9088, 9448,
9685 and 9720. If this trend line is broken decisively then short term trend may continue its pace of selling pressure
towards 9600 zones while on the upside resistances are shifting lower to 9820 and 9850 marks.
Follow up - Open Recommendations
Date
TRADING CALL
21-Aug
21-Aug
21-Aug
18-Aug
11-Aug
11-Aug
Scrip
MARUTIFUT
BANKNIFTYFUT
TATAMOTORSFUT
RELIANCEFUT
NIFTY9600PE
NIFTY9700PE
Reco
SELL
SELL
SELL
BUY
SELL
BUY
Price
7438.82
23976.5
374.18
1577
68.85
98.17
Lot*
41
13
802
191
75
75
Close
7442.9
23953
375.5
1565
36
60.05
Target
7347.05
23790
367.5
1621
-
-
Stop Loss
7481
24060
377.25
1555
-
-
MTM +/-
-167
306
-1059
-2292
2464
-2859
* 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

MOSt Market Roundup
21st August 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
VEDL
SBIN
SUNP
TCS
TTMT
TPWR
TATA
UTCEM
WPRO
Close
9,754
31,259
1,789
275
1,138
495
2,760
142
124
499
420
561
239
181
1,935
375
1,112
872
1,742
3,959
225
1,193
1,736
293
54
1,612
870
282
22
131
968
1,126
920
1,379
7,504
121
172
157
221
138
1,564
294
275
460
2,513
375
80
621
4,019
288
Low
9,740.10
31,221
1,785
273
1,129
492
2,760
141
124
495
418
555
238
179
1,921
372
1,097
870
1,738
3,950
224
1,182
1,730
292
54
1,612
870
281
22
131
968
1,125
920
1,370
7,490
121
172
156
220
137
1,560
292
273
459
2,494
371
80
619
4,000
287
S2
9,649
30,952
1,768
270
1,123
485
2,720
136
120
482
413
547
230
176
1,872
363
1,080
861
1,726
3,894
216
1,169
1,722
288
53
1,592
834
279
20
125
952
1,115
904
1,358
7,383
117
169
151
216
132
1,546
283
269
449
2,464
365
80
607
3,968
285
S1
9,702
31,106
1,779
273
1,130
490
2,740
139
122
491
416
554
235
178
1,903
369
1,096
866
1,734
3,927
220
1,181
1,729
290
53
1,602
852
281
21
128
960
1,120
912
1,368
7,443
119
171
154
219
135
1,555
288
272
455
2,489
370
80
614
3,993
286
PP
9,793
31,374
1,796
275
1,136
497
2,780
144
126
503
421
562
242
182
1,952
378
1,113
876
1,746
3,982
228
1,194
1,737
295
55
1,622
888
283
22
134
976
1,130
928
1,381
7,551
123
173
159
222
139
1,570
297
276
465
2,519
376
80
626
4,026
289
R1
9,846
31,527
1,807
278
1,143
501
2,800
147
129
511
425
569
247
184
1,983
384
1,129
881
1,755
4,015
233
1,206
1,744
298
56
1,632
906
285
23
137
984
1,136
936
1,391
7,611
125
174
162
224
142
1,579
303
279
471
2,543
382
81
634
4,051
290
R2
9,937
31,795
1,824
280
1,149
508
2,840
153
133
524
429
577
254
187
2,032
392
1,146
890
1,767
4,071
241
1,220
1,753
303
57
1,652
942
287
24
143
1,000
1,146
952
1,403
7,719
128
176
168
227
147
1,593
312
283
481
2,574
388
81
646
4,084
293
High
9,884
31,642
1,813
278
1,142
503
2,820
150
131
516
426
570
249
185
2,001
386
1,130
885
1,759
4,038
237
1,208
1,745
300
56
1,642
924
285
23
139
992
1,140
944
1,393
7,658
126
175
165
225
144
1,584
306
281
475
2,549
383
81
639
4,058
291
Motilal Oswal Securities Ltd., Motilal Oswal Tower, Level 2, Sayani Road, Prabhadevi, Mumbai 400 025
4

MOSt Market Roundup
21st August 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
993166
1030586
-37420
99.3%
103.1%
-3.7%
Return %
Benchmark Return % Portfolio
BSE200
NIFTY
Return %
Inception
103.2%
92.7%
99.3%
36 Months 31.6%
23.2%
45.7%
24 Months 20.9%
17.4%
15.8%
12 Months 14.1%
12.5%
3.3%
6 Months
9.7%
9.2%
0.6%
3 Months
4.4%
3.9%
0.8%
Period
Relative Out Performance %
With Bse 200 With Nifty
-3.9%
6.6%
14.1%
22.5%
-5.1%
-1.7%
-10.8%
-9.1%
-9.0%
-8.6%
-3.6%
-3.1%
MOSt Velocity - Open Position
Stock Name
TATAMOTORS
RBLBANK
BHARATFIN
DHFL
FEDERALBNK
ULTRACEMCO
Cash
Total
Sector Name
AUTO
FINANCIAL
FINANCIAL
FINANCIAL
FINANCIAL
CEMENT
Cash
Reco Date
11-Apr-17
21-Jun-17
18-Aug-17
17-Jul-17
20-Jul-17
01-Aug-17
Wtg%
10.0%
10.0%
10.0%
5.0%
10.0%
10.0%
55.0%
100.0%
CMP
375
507
866
449
106
4012
High Conviction
Account Summary
Cash Market
Model Corpus Value
Total Return till date
Booked Profit
Unrealised Profit
INR
300000
68879
68879
0
Return %
23.0%
23.0%
0.0%
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
5
60%
4751
Aug’17
1
-11647
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

MOSt Market Roundup
21st August 2017
MOSt Multi Cap
MOSt Multi Cap- Performance
Returns
MOSt Multicap
Sensex
BSE 200
* Inception date: 31st Jan 2016
3mth
3.5%
8.7%
7.3%
6mth
13.9%
17.6%
18.4%
1yr
30.6%
15.9%
18.7%
Since inception*
56.6%
30.7%
37.3%
Data as on 31st July 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
Capital First
Ramco Cements Ltd
Granules India Limited
Sector Name
Automobiles
Media
Banking
Diversified
Banking
Capital Goods
Financial
Automobiles
Agriculture
Textiles
Financial
Oil & Gas
Cement
Pharmaceuticals
CMP
3972
509
1743
2617
1717
226
2794
238
751
1481
2190
707
662
449
126
Allocation (%)
10
10
10
10
10
5
5
5
5
5
5
5
5
5
5
Dewan Housing Finance Corporation Ltd Financial
Motilal Oswal Securities Ltd., Motilal Oswal Tower, Level 2, Sayani Road, Prabhadevi, Mumbai 400 025
6

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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

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