MOSt Market Roundup
7th September 2018
EQUITY Market
Cash Volumes (INR in Crores)
Exchange
BSE (Cash)
NSE (Cash)
NSE(Derivatives)
Today
-
36,962
6,78,182
Pev. Day
3,769
34,986
21,87,006
Sensex
38389.82
147.01
Nifty
11589.10
52.20
Dealer's Diary
Nifty gained nearly half percent (52 points) to close at 11589. Nifty
recovered over 1% from the intra-day low of 11484. Mid-cap and small
Cap Indices surged over 1% each. Metal, Pharma, Reliance, Bharti Airtel
and Auto stocks lifted market. Fall in USDINR and 10-Year G-Sec Yield
boosted the market sentiment. There was short covering in Banking
and NBFC stocks in the later part of the day. Both Asian and European
markets exhibiting mixed bag. There was concern of trade war and
global currency volatility overhang on the market. Aurobindo Pharma
surged 5% to close at Rs800 after it acquired Sandoz's generic and
dermatology portfolio in the US from Novartis. It has gained 14% in the
two trading sessions. Other Pharma stocks like Lupin Labs and Dr Reddy
gained 4% and 2% respectively. However, Sun Pharma slipped 2% to
close at Rs663 after the news that the company gets 6 observations
from U.S. FDA for Halol plant. Metal stocks like JSW Steel, Jindal Steel
and Tata Steel gained 2-4% each. Auto stocks like Bajaj Auto surged 5%
to close at Rs2925 after the news that the company is planning to expand
three-wheeler capacity. M&M gained 4% to close at Rs972. Mahindra
expects to add 8,000-9,000 units in monthly sales after launching two
SUVs and a premium car .
Advance / Decline
Group
Advance
Decline
Unchanged
NIFTY 50
32
18
0
BSE 200
144
55
2
Top Nifty - 50 Index Gainers
Scrip
HEROMOTOCO
BAJAJ-AUTO
LUPIN
BHARTIARTL
M&M
LTP
3,339
2,926
961
389
974
% Change
5.5
5.1
4.7
4.6
4.1
Technical Outlook
Top Nifty - 50 Index Losers
Scrip
YESBANK
ADANIPORTS
POWERGRID
SUNPHARMA
SBIN
LTP
324
377
196
665
291
% Change
-4.6
-2.1
-1.9
-1.9
-1.8
Nifty index drifted lower in opening session but managed to attract
buying interest and witnessed strong momentum in last hour of the
session to head towards 11600 levels. It has been forming Hammer
candles from last three sessions which indicates that decline is being
bought in the market. It started to form higher high - higher lows after
the weakness of first 2 session of the week. Now it has to continue to
hold above 11550 zones to extend it's bounce towards 11620 then 11666
zones while on the downside supports are seen at 11500 then 11450
zones.
Nifty Futures
11634.00
66.85
Premium 44.90
DERIVATIVE MARKET
Derivative Volumes (INR in Crores)
Exchange
Index Futures
Stock Futures
Index Options
Stock Options
F&O Total
No. of
Contracts
2,16,741
9,52,652
50,97,612
8,03,196
70,70,201
Turn
Over
20,805
68,756
5,27,229
61,307
6,78,098
Nifty future closed positive with the gains of 0.58% at 11634. On option
front, maximum Put OI is at 11500 followed by 11400 strike while
maximum Call OI is at 11800 then 11600 and 12000 strikes. We have
seen Call unwinding at immediate strike price while Put writing is
seen at 11500 followed by 11400 strike. India VIX moved up by 1.24% at
13.89. Built up of Long position were seen in Torrent Power, Wipro,
Hindalco, Auropharma, JSPL and TVS motor whereas shorts were seen
in Yes Bank, Adani Port, SBIN, AL Bank, Orient Bank, Can Bank and REC
Ltd.
Most Active Nifty Calls
Index
Option
11,600
11,700
11,800
-
Price
INR
142.8
90.3
53.8
-
No. of Contract
Vol
OI
1,60,644
1,36,999
1,10,214
-
40,002
35,938
54,413
-
Most Active Nifty Puts
Index
Option
11,500
11,400
11,600
-
Price
INR
No. of Contract
Vol
OI
63,945
63,715
45,480
-
82.2 1,67,486
59.0 1,21,043
116.5
87,568
-
-
1
Motilal Oswal Securities Ltd., Motilal Oswal Tower, Level 2, Sayani Road, Prabhadevi, Mumbai 400 025
 Motilal Oswal Financial Services
MOSt Market Roundup
EQUITY Market
Global Indices
Indices
Dow Fut
Nasdaq Fut
FTSE Fut
Nikkei fut
Closing Price
25967
7436.5
7275
22340
Change(%)
-0.22
-0.28
-0.57
-0.18
News:
Motherson Sumi announces bonus issue of 1 shares for 2 held
Japans's Suzuki Motor Corp will start testing prototypes of elec-
tric vehicles in India by October, its chairman said on Friday. "We
will start road-running tests using a fleet of 50 EV prototype ve-
hicles in India.
Sun Pharma : Gets 6 observations from U.S. FDA for Halol plant -
The U.S. drug regulator issued Sun Pharmaceutical six observa-
tions to its Halol plant for inspections done during Aug. 27-31.
Infosys. Temasek announce joint venture in Singapore, Infosys to
hold 60% stake in JV, Temasek to own rest
Caplin Point says no form 483 observation issued for plant
Fortis - RHT Health Trust manager sold 1.5mn RHT Health Trust
Suzuki to start test with 50EV prototypes for India conditions,
Suzuki making Lithium-ion batteries in Gujarat plant.
A two-judge panel of India's National Company Law Appellate
Tribunal says that Essar Steel's lenders should consider VTB Capi-
tal-led Numetal's second bid of March 29 as it removed a person
connected with Essar founders to become eligible for the bidding
process.
Care Rating agency downgraded to BB- from A+ on IL&FS Energy
bank facilities. Kwality bond, bank loan cut to D from BBB. Up-
grades rating on JK Paper LT issuer rating raised to A+ from A at
Inda-Rating
ICRA upgraded Fortis Rs2.5bn NCD rating to B+ from C and also
upgraded Fortis CP (Commercial Paper) rating to A4
V/S INR
Dollar
Euro
Pound
Yen
Closing Price
71.82
83.53
93.10
0.65
Change(%)
0.24
0.20
0.01
-0.39
Commodity
Indices
Brent Crude
Gold
Silver
Closing Price
76.49
1200.58
14.14
Change(%)
-0.01
0.05
-0.10
Corporate Action on 10th Sep 18
Dividends -
Indian Energy Exchange, Power Grid
and Prestige Estates
Company Meetings on 10th Sep 18
Board Meetings -
Alembic Pharma
AGM -
Divi's Lab, TV Today and Triveni Turbine
Commodity :
Oil is poised for the biggest weekly decline since mid-July as a
rout in emerging markets raises contagion fears while govern-
ment data showing growing inventories at a key U.S. storage hub
also weighed on prices.
US Data :
Change in private pay roll - Survey 23k (Prior 37k)
Global market :
Asian equities are poised for the worst weekly drop in almost six
months as concerns over contagion risks on emerging markets
wreaked havoc on investors confidence.
European equities were little changed at the open, set for the
biggest weekly decline in more than five months, as tremors across
emerging markets spurred concern about growth.
2
Motilal Oswal Securities Ltd., Motilal Oswal Tower, Level 2, Sayani Road, Prabhadevi, Mumbai 400 025
 Motilal Oswal Financial Services
MOSt Market Roundup
Technical Commentary
Nifty index drifted lower in opening session but managed to attract buying interest and witnessed strong momentum
in last hour of the session to head towards 11600 levels. It has been forming Hammer candles from last three sessions
which indicates that decline is being bought in the market. It started to form higher high - higher lows after the
weakness of first 2 session of the week. Now it has to continue to hold above 11550 zones to extend it's bounce towards
11620 then 11666 zones while on the downside supports are seen at 11500 then 11450 zones.
Follow up - Open Recommendations
Call Type
MOSt Smart
OVERNIGHT BUY
Short Term Positional
Short Term Positional
Short Term Positional
MOSt Smart
Short Term Positional
Date
05-Sep
07-Sep
07-Sep
07-Sep
07-Sep
07-Sep
07-Sep
Scrip
BAJFINANCE
DELTACORP
SBIN
PEL
AJANTPHARM
TATAMOTORS
AMARAJABAT
Reco
BUY
BUY
BUY
BUY
BUY
BUY
BUY
Rec Price
2704
274
293
3060
1283
276
817
Lot Size
37
1095
1025
99
234
363
368
Close Price
2744
274
293
3044
1272
277
822
Target
2855
282
299
3341
1373
293
845
Stop Loss
2619
270
289
2910
1240
267
802
MTM +/-
1476
-548
31
-1601
-2551
610
1748
* Lot Size (Cash & Fut) is calculated based on 3,00,000 Corpus.
# Please Watch for Followup Alerts provided on the Trading Screen / Call your MOSL Advisor
3
Motilal Oswal Securities Ltd., Motilal Oswal Tower, Level 2, Sayani Road, Prabhadevi, Mumbai 400 025
 Motilal Oswal Financial Services
MOSt Market Roundup
Pivot Table
Co. Name
NIFTY
SENSEX
HEROMOTOCO
BAJAJ-AUTO
LUPIN
BHARTIARTL
M&M
HINDALCO
GAIL
ULTRACEMCO
TATAMOTORS
TATASTEEL
BAJFINANCE
DRREDDY
HINDUNILVR
VEDL
UPL
ICICIBANK
INFRATEL
RELIANCE
AXISBANK
COALINDIA
INFY
BPCL
BAJAJFINSV
WIPRO
HINDPETRO
NTPC
CIPLA
HDFCBANK
ASIANPAINT
TITAN
TCS
ZEEL
LT
ITC
INDUSINDBK
IOC
IBULHSGFIN
GRASIM
EICHERMOT
MARUTI
TECHM
KOTAKBANK
HCLTECH
ONGC
HDFC
SBIN
SUNPHARMA
POWERGRID
ADANIPORTS
YESBANK
Close
11,589
38,390
3,339
2,926
961
389
974
243
377
4,275
277
616
2,745
2,625
1,632
233
715
333
275
1,277
645
287
734
357
6,592
323
253
170
665
2,059
1,317
869
2,079
471
1,347
311
1,877
153
1,209
1,026
28,705
8,715
771
1,244
1,073
172
1,923
291
665
196
377
324
Low
11,484
38,067
3,162
2,831
907
369
935
234
367
4,150
269
597
2,673
2,546
1,601
227
702
322
267
1,255
632
283
724
353
6,505
319
251
166
656
2,041
1,310
861
2,065
460
1,341
308
1,866
153
1,202
1,016
28,611
8,634
764
1,238
1,065
171
1,915
289
640
193
376
322
S2
11,440
37,939
3,099
2,795
888
361
919
229
361
4,100
265
587
2,644
2,506
1,582
224
695
317
262
1,244
626
281
720
350
6,444
314
249
164
650
2,034
1,304
854
2,057
453
1,332
306
1,856
152
1,190
1,006
28,417
8,558
759
1,226
1,053
169
1,885
286
628
188
369
310
S1
11,515
38,164
3,219
2,861
924
375
946
236
369
4,187
271
601
2,695
2,566
1,607
229
705
325
268
1,261
635
284
727
353
6,518
319
251
167
658
2,047
1,310
861
2,068
462
1,340
308
1,867
152
1,199
1,016
28,561
8,636
765
1,235
1,063
170
1,904
288
647
192
373
317
PP
11,559
38,293
3,282
2,896
943
383
962
241
374
4,237
275
612
2,723
2,605
1,626
231
712
331
274
1,271
642
286
731
356
6,579
324
253
169
664
2,053
1,317
869
2,076
469
1,348
311
1,876
153
1,212
1,026
28,755
8,713
770
1,247
1,075
173
1,934
292
658
196
379
329
R1
11,633
38,519
3,402
2,962
980
397
989
248
382
4,325
282
626
2,773
2,664
1,651
236
721
339
280
1,287
651
288
738
360
6,653
328
256
172
671
2,066
1,323
876
2,087
478
1,356
313
1,887
154
1,221
1,036
28,899
8,791
776
1,257
1,085
174
1,953
295
677
200
383
336
R2
11,677
38,647
3,465
2,997
999
406
1,005
253
387
4,375
286
637
2,802
2,704
1,670
238
728
345
286
1,298
658
290
742
363
6,713
333
258
173
677
2,073
1,329
884
2,095
485
1,364
316
1,896
155
1,234
1,046
29,093
8,867
781
1,269
1,097
177
1,982
299
688
204
389
348
High
11,603
38,422
3,345
2,932
963
391
978
246
380
4,288
280
622
2,751
2,644
1,645
234
718
336
279
1,281
648
288
735
360
6,639
328
256
171
670
2,060
1,323
876
2,084
476
1,357
313
1,886
154
1,224
1,035
28,949
8,789
775
1,260
1,087
175
1,964
296
670
201
386
341
4
Motilal Oswal Securities Ltd., Motilal Oswal Tower, Level 2, Sayani Road, Prabhadevi, Mumbai 400 025
 Motilal Oswal Financial Services
MOSt Market Roundup
MOSt SmarT
MOSt SmarT
Account Summary
Cash Market
Model Corpus Value
Total Return till date
Booked Profit
Unrealised Profit
MOSt SmarT Performance- Last 3 months
INR
3,00,000
-12,292
-14,376
2,085
-4.1%
-4.8%
0.7%
Return %
Remark
No. of Calls
Strike Rate
P&L
Jul'18
7
14%
-20,023
Aug'18
7
71%
13,693
Sep'18
1
0%
-3,869
MOSt SmarT - Open Position
Scrip Name
TATAMOTORS
BAJFINANCE
Reco Date
7-Sep-18
5-Sep-18
Reco Price
276
2,704
Stop Loss
267
2,619
Target
293
2,855
CMP
277.4
2744.2
P/L (%)
0.6
1.5
MOSt SmarT- Last 10 Exit Stocks
Scrip Name
YESBANK
SBIN
LUPIN
UPL
AUROPHARMA
RELIANCE
L&TFH
HDFCLIFE
BAJAJ-AUTO
BIOCON
Reco
BUY
BUY
BUY
BUY
BUY
BUY
BUY
BUY
BUY
BUY
Reco Date
5-Sep-18
20-Aug-18
21-Aug-18
24-Aug-18
17-Aug-18
8-Aug-18
3-Aug-18
27-Jul-18
1-Aug-18
24-Jul-18
Reco Price
343
307
888
659
652
1,208
179
503
2,753
573
Exit Date
7-Sep-18
4-Sep-18
31-Aug-18
30-Aug-18
23-Aug-18
21-Aug-18
17-Aug-18
6-Aug-18
1-Aug-18
25-Jul-18
Exit Price
330
304
931
686
685
1,248
180
490
2667
554
P/L (%)
-3.9
-0.9
4.9
4.1
5.1
3.3
0.2
-2.8
-3.1
-3.3
5
Motilal Oswal Securities Ltd., Motilal Oswal Tower, Level 2, Sayani Road, Prabhadevi, Mumbai 400 025
 Motilal Oswal Financial Services
MOSt Market Roundup
High Conviction
High Conviction
Account Summary
Cash Market
Model Corpus Value
Total Return till date
Booked Profit
Unrealised Profit
INR
3,00,000
33,250
33,250
0
Return %
11.1%
11.1%
0.0%
High Conviction Trading Idea Performance - Last 5 months
Remark
No. of Calls
Strike Rate
P&L
Apr'18
4
100%
18,231
May'18
3
0%
-39,599
Jul'18
1
100%
14,404
Aug'18
3
33%
-21,567
Sep'18
1
100%
25,264
High Conviction- Last 5 Exit Stocks
Scrip Name
AUROPHARMA
GRASIM
MARUTI
GRUH
TITAN
Reco
BUY
BUY
BUY
BUY
BUY
Reco Date
6-Sep-18
29-Aug-18
14-Aug-18
03-Aug-18
18-Jul-18
Reco Price
713
1086
9132
332
848
Exit Date
7-Sep-18
3-Sep-18
28-Aug-18
17-Aug-18
27-July-18
Exit Price
773
1056
9223
315
890
P/L (%)
8.5
-2.8
1.0
-5.4
4.8
6
Motilal Oswal Securities Ltd., Motilal Oswal Tower, Level 2, Sayani Road, Prabhadevi, Mumbai 400 025
 Motilal Oswal Financial Services
MOSt Market Roundup
MOSt Multi Cap
MOSt Multi Cap- Performance
Returns
MOSt Multicap
Sensex
Nifty
BSE 200
* Inception date: 31st Jan 2016
3mth
2.3%
9.7%
9.2%
8.9%
6mth
2.5%
13.0%
11.3%
9.8%
1yr
12.2%
21.8%
17.8%
16.3%
Since inception*
57.5%
55.4%
54.4%
58.0%
Data as on 3rd September 2018
MOSt Multi Cap- Open Positions
Scrip Name
HDFC Bank
HDFC Standard LiFe
Bajaj Auto
Future Consumer
KEI
L&T
Shriram Transport Finance
REPCOHOME
L&T Finance Holdings
Hindustan Unilever
Subros
Cash
Total
Reco Date
29-Jul-16
17-Nov-17
24-Nov-17
13-Mar-18
28-Mar-18
08-May-18
08-May-18
04-Apr-18
30-Jul-18
08-Aug-18
05-Sep-18
Allocation
10%
5%
10%
5%
5%
10%
5%
5%
5%
10%
5%
25%
100%
Reco Price
1247
327
3295
53
380
1364
1542
595
180
1748
336
CMP
2057
451
2924
53
410
1348
1213
543
168
1639
346
Gain (%)
65%
38%
-11%
1%
8%
-1%
-21%
-9%
-7%
-6%
3%
MOSt Multi Cap - Last 5 Exit Stocks
Stock Name
Mahindra CIE
Nilkamal
Yes Bank
Havells
Reliance Ind
Wtg%
5%
5%
10%
5%
10%
Reco Date
10-Jan-18
12-Dec-17
07-Jun-17
06-Dec-17
08-May-18
Reco Price
252
1781
321
511
970
Exit Date
3-Sep-18
30-Aug-18
12-Jul-18
12-Jul-18
12-Jul-18
Exit Price
292
2105
379
567
1090
P/L (%)
16.0%
18.0%
18.2%
11.0%
12.4%
7
Motilal Oswal Securities Ltd., Motilal Oswal Tower, Level 2, Sayani Road, Prabhadevi, Mumbai 400 025
 Motilal Oswal Financial Services
Siddhartha Khemka
Head - Retail Research
Chandan Taparia
Derivatives & Technical Analyst
Disclosures:
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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
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)
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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:
Disclaimer:
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
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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
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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
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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-
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Registration details of group entities.: Motilal Oswal Securities Ltd. (MOSL): INZ000158836 (BSE/NSE/MCX/NCDEX); CDSL: IN-DP-16-2015; NSDL: IN-DP-NSDL-152-2000; Research Analyst: INH000000412 . AMFI: ARN
17397. Investment Adviser: INA000007100. IRDA Corporate Agent - CA0541. 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, Insurance, 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
* MOSL has been amalgamated with Motilal Oswal Financial Services Limited (MOFSL) w.e.f August 21, 2018 pursuant to order dated July 30, 2018 issued by Hon'ble National Company Law Tribunal, Mumbai
Bench. The existing registration no(s) of MOSL would be used until receipt of new MOFSL registration numbers.
Motilal Oswal Securities Ltd., Motilal Oswal Tower, Level 2, Sayani Road, Prabhadevi, Mumbai 400 025