Disclaimer

(a) Brokerage will not exceed the SEBI prescribed limits.

(b) The information provided on the Company’s social-media handles are for informational and educational purpose only and are best of our knowledge and information. Such information may be based on content sourced from third parties. The Company disclaims any responsibility for your reliance upon the information given hereunder and users are advised to do the same at their own discretion. Furthermore, we state that while the Company verifies the sources of its information it does not guarantee the accuracy or correctness of such source and we encourage our users to notify us promptly should they believe that information reproduced is incorrect, inaccurate, false, misleading, etc. Lastly, PLPL reserves the right to edit or remove any content displayed by it.

(c) Registration granted by SEBI, membership of BASL (in case of IAs) and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.

(d) Research services offered by the Company are backed by proper research reports.

(e) Securities quoted, if any, are exemplary and, unless explicitly specified otherwise, are not a recommendation.

(f) The brand name and Logo ‘PL Capital’ are the registered trademarks of Prabhudas Lilladher Advisory Services Private Limited which is the holding company of Prabhudas Lilladher Group of Companies.

(g) Prabhudas Lilladher Private Limited is not associated with any unregulated platform which claims performance/return for algorithmic strategy for trading. Trading with unregulated platforms for algorithmic strategy shall be at your own risk and Prabhudas Lilladher Private Limited or its affiliates shall not be liable for the same.

Financial products and instruments are subject to market risks and yields may fluctuate depending on various factors affecting capital/ debt markets. There is no assurance or guarantee that the objectives of a portfolio will be achieved. Additionally, past performance of the financial products, instruments and any portfolio does not necessarily indicate the future prospects and performance thereof. Such past performance may or may not be sustained in future. Portfolio Manager’s investment decisions may not be always profitable, as actual market movements may be at variance with anticipated trends. We do not guarantee or assured any returns/ profits. Please refer to the relevant Disclosure Document and Client Agreement pertaining to a Portfolio scheme for portfolio specific risk factors. The Portfolio Manager and its affiliates, and any of its officers directors, personnel and employees, shall not liable for any loss, damage of any nature, including but not limited to direct, indirect, punitive, exemplary, consequential, as also any loss of profit in any way arising from the use of this material in any manner.

The views expressed in research reports prepared by Research Analysts employed by the Company accurately reflect the analyst’s views about the subject issuer(s) or securities. We also certify that no part of the analyst’s compensation was, is, or will be directly or indirectly related to the specific recommendation(s) or view(s) in the reports

For Indian Clientele

The Company is registered, among other things, as a Research Entity with the SEBI holding registration number as stated in the Company description given above. is a subsidiary of Prabhudas Lilladher Advisory Services Pvt Ltd. which has its various subsidiaries engaged in business of investment banking, financial services (margin funding) and distribution of third party financial/other products, details in respect of which are available at www.plindia.com

The Research Reports are prepared by the Research Analysts employed by the Company and are meant for use by the recipient only as information and are not for circulation. Such reports are not to be reported or copied or made available to others without prior permission of the Company and nor should these be considered or taken as an offer to sell or a solicitation to buy or sell any security. The information contained in such reports could have been obtained from sources that are considered to be reliable. However, the Company does not independently verify the accuracy or completeness of such information. Neither does the Company nor do any of its affiliates, its directors or its employees accept any responsibility of whatsoever nature for the information, statements and opinion given, made available or expressed within the research reports or for any omission therein.

Viewers should be aware that past performance is not necessarily a guide to future performance and value of investments can deteriorate depending on several factors. The suitability or otherwise of any investments will depend upon a person’s particular circumstances and, in case of doubt, advice should be sought from an independent expert/advisor.

(a) The company and/or its affiliates, its directors, its employees, its representatives, its clients and their relatives may have position(s), make market, act as principal or engage in transactions of securities of companies referred to in the reports issued by the Company and they may have used the research material prior to publication.

(b) The Company may have solicited or performed investment banking or other services for any company for which it has published a Research Report.

(c) No material disciplinary action has been taken against the Company by any Regulatory Authority impacting its Equity Research Analysis activities.

(d) the Company or the research analysts employed by it or its associates or their relatives may have financial interest in the subject company for which the Company issued research reports.

(e) the Company or the research analysts employed by it or its associates or their relatives may or may not have actual/beneficial ownership of one per cent or more securities of the subject company at the end of the month immediately preceding the date of publication of the research report.

(f) the Company or the research analysts employed by it or its associates or their relatives generally do not have any material conflict of interest at the time of publication of the research report.

(g) the Company or its associates or their relatives might have received compensation from the subject company in the past twelve months.

(h) the Company or its associates or their relatives might have managed or co-managed public offering of securities for the subject company in the past twelve months or mandated by the subject company for any other assignment in the past twelve months prior to issuance of a Research Report.

(i) the Company or its associates or their relatives might have received any compensation for investment banking or merchant banking or brokerage services from the subject company in the past twelve months.

(j) the Company or its associates or their relatives might have received any compensation for products or services other than investment banking or merchant banking or brokerage services from the subject company in the past twelve months

(k) the Company or its associates or their relatives have not received any compensation or other benefits from the subject company or third party in connection with the research report.

The Company encourages independence in research report preparation and strives to minimize conflict in preparation of research report. Additionally, the compensation of the Company’s Research Analysts is not based on any specific merchant banking, investment banking or brokerage service transactions.

The respective Research analysts certify that all of the views expressed in their reports accurately reflect their personal views about the subject company or companies and its or their securities, and no part of their compensation was, is or will be, directly or indirectly related to specific recommendations or views expressed in this report.

The research analysts of the reports published by the company have not served as an officer, director or employee of the subject company. The Company or its research analysts do not engage in market making activity for the subject companies on which it intends to issue research reports.

The Company’s sales personnel, traders, and other professionals or affiliates may provide oral or written market commentary or trading strategies to our clients that reflect opinions that are contrary to the opinions expressed in the Research Reports issued by the Company, and the Company’s proprietary trading and investing businesses may make investment decisions that are inconsistent with the recommendations expressed therein. In reviewing the materials, you should be aware that any or all of the foregoing, among other things, may give rise to real or potential conflicts of interest.

PL and its associates, their directors and employees may

(a) from time to time, have a long or short position in, and buy or sell the securities of the subject company or

(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 subject company or act as an advisor or lender/borrower to the subject company or may have any other potential conflict of interests with respect to any recommendation and other related information and opinions.

For US Clientele

The Research Reports published by the Company are prepared by the Research Analysts employed by it. The research analyst(s) preparing the research report are residents outside of the United States (U.S.) and are not associated persons of any U.S. regulated broker-dealer and therefore the analysts are not subject to supervision by a U.S. broker-dealer, and are not required to satisfy the regulatory licensing requirements of FINRA or required to otherwise comply with U.S. rules or regulations regarding, among other things, communications with a subject company, public appearances and trading securities held by a research analyst account. The reports are intended for distribution by the Company only to “Major Institutional Investors” as defined by Rule 15a-6(b)(4) of the U.S. Securities and Exchange Act, 1934 (the Exchange Act) and interpretations thereof by U.S. Securities and Exchange Commission (SEC) in reliance on Rule 15a 6(a)(2). If the recipient of this report is not a Major Institutional Investor as specified above, then it should not act upon this report and return the same to the sender. Further, this report may not be copied, duplicated and/or transmitted onward to any U.S. person, which is not the Major Institutional Investor. In reliance on the exemption from registration provided by Rule 15a-6 of the Exchange Act and interpretations thereof by the SEC in order to conduct certain business with Major Institutional Investors, the Company has entered into an agreement with a U.S. registered broker-dealer, Marco Polo Securities Inc. (“Marco Polo”). Transactions in securities discussed in this research report should be effected through Marco Polo or another U.S. registered broker dealer.

The Company’s sister concern, namely PL Wealth Private Limited (‘PLW’) is registered as a Corporate Agent with the Insurance Regulatory and Development Authority of India holding registration number CA0375 and shares its registered office premises with the Company. PLW is a distributor of several general insurance products and has tie-ups with various Companies who offer general insurance products. In addition to the above, PLW is a distributor of other financial products which are offered by third parties holding necessary registrations with concerned regulatory bodies. Such products may or may not be exchange traded products. Any dispute concerning products of third party will be dealt with by the respective service provider and PLW shall not in any manner compensate persons who subscribe to products offered by third parties. PLW, its directors, employees and affiliates disclaim that they do not in any manner recommend any of these products but are merely acting as introducer between the service provider and the potential client. Furthermore, PLW states that the features of such products have been reiterated to potential clients as received from their respective service provider and to ascertain whether or not such product is suitable to a person’s needs and objective is solely their own responsibility.

Opening of accounts will not guarantee allotment of shares in IPO Investors are requested to do their own due diligence before investing in any IPO.

The provisions of SEBI Circular no. CIR/MRD/DP/54/2017 dated June 13, 2017 shall be complied.

The Company’s sister concern, namely PL Wealth Private Limited (‘PLW’), is certified by Maharashtra Real Estate Regulatory Authority and holding registration number A51900008941 Property particulars, terms & conditions and other details available herein are neither an offer nor contract, nor is it an advisory effort by PLW, its employees or its associates. PLW does not have any authority to make any representations about the property or other terms and conditions and accordingly any information given is entirely without responsibility on the part of PLW. The property details, rates and other specifications presented are subject to change at the discretion of the parties involved. Except for the historical information contained herein, statements in this release which contain words or phrases such as ‘will’, ‘would’, ‘indicating’, ‘expected to’ ‘Pick of the Lot’ etc., and similar expressions or variations of such expressions may constitute ‘forward-looking statements’. These forward-looking statements involve a number of risks, uncertainties and other factors that could cause actual results to differ materially from those suggested by the forward looking statements. These risks and uncertainties include, but are not limited to the developer, all other associated parties’ and our ability to successfully implement strategy. PLW and its associates, directors and employees do not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date thereof nor is it obligated to verify the claims made by other associated parties. The details made available are for the personal information of the authorized recipient and suggest a proposition which does not guarantee any returns. PLW and its associates, directors and employees are not soliciting any action based upon it. The details made available by means of the published content are not for public distribution and has been furnished to you solely for your information and should not be reproduced or redistributed to any other person in any form. These are based upon information that we consider reliable, but we do not represent that it is accurate or complete, and it should not be relied upon as such. Furthermore, these do not purport to be all-inclusive or contain all of the information which a prospective investor may desire, it has been provided for assistance only and is not intended to be, and must not be taken as the sole basis for an investment decision. PLW and any of its officer, directors, personnel, employees and affiliates shall not be liable for any loss, damage of any nature, including but not limited to direct, indirect, punitive, special, exemplary, as also any loss of profit in any way arising from the use of this material in any manner. PLW and any of its officer, directors, personnel, employees and affiliates shall not be in any way responsible for any loss or damage that may arise to any person from any inadvertent error in the information contained in the published content PLW and any of its officer, directors, personnel, employees and affiliates do not provide, at any time, any express or implied warranty of any kind, regarding any matter pertaining to this content, including without limitation the implied warranties of merchantability, fitness for a particular purpose, and non-infringement. The recipients of this content should rely on their own investigations.