Disclaimer for reports issued by Stockstar Consultancy

Stockstar Consultancy (“stockstar”) is a SEBI Registered Research Analyst having registration no. INH200009032.

• “Registration granted by SEBI, membership of a SEBI recognized supervisory body (if any) and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.”
• “Investment in securities market are subject to market risks. Read all the related documents carefully before investing.”
• “The securities quoted are for illustration only and are not recommendatory.”

Any research report or notes prepared by Stockstar Consultancy is solely for information of the recipient only. The report must not be used as a singular basis of any investment decision. The views herein are of a general nature and do not consider the risk appetite or the particular circumstances of an individual investor; readers are requested to take professional advice before investing. Nothing in these documents should be construed as investment advice. Each recipient of these document should make such investigations as they deem necessary to arrive at an independent evaluation of an investment in securities of the companies referred to in this document (including merits and risks) and should consult their own advisors to determine merits and risks of such investment. The information and opinions contained in these notes have been compiled or arrived at, based upon information obtained in good faith from sources believed to be reliable. Such information has not been independently verified and no guarantee, 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. Descriptions of any company or companies or their securities mentioned herein are not intended to be complete. Stockstar Consultancy is not obliged to update this report for such changes. Stockstar Consultancy has the right to make changes and modifications at any time.

Any research report or notes are not directed to, or intended for display, downloading, printing, reproducing or for distribution to or use by, any person or entity who is a citizen or resident or located in any locality, state, country or other jurisdiction where such distribution, publication, reproduction, availability or use would be contrary to law or regulation or what would subject Stockstar Consultancy or its affiliates to any registration or licensing requirement within such jurisdiction.

If any of these reports is inadvertently sent or has reached any person in such country, especially, United States of America, the same should be ignored and brought to the attention of the sender. These documents may not be reproduced, distributed or published in whole or in part, directly or indirectly, for any purposes or in any manner. Foreign currencies denominated securities, wherever mentioned, are subject to exchange rate fluctuations, which could have an adverse effect on their value or price, or the income derived from them. In addition, investors in securities such as ADRs, the values of which are influenced by foreign currencies effectively assume currency risk. It should not be considered to be taken as an offer to sell or a solicitation to buy any security.

Any of research reports, notes or document is not, and should not, be construed as an offer or solicitation of an offer, to buy or sell any securities or other financial instruments. These reports should not be construed as an invitation or solicitation to do business with Stockstar Consultancy. Stockstar Consultancy may from time to time solicit from, or perform broking, or other services for, any company mentioned in this mail and/or its attachments.

Stockstar Consultancy and its affiliated company(ies), their partners and employees may; (a) from time to time, have a long or short position in, and buy or sell the securities of the company(ies) mentioned herein 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 company(ies) discussed herein or act as an advisor or lender/borrower to such company(ies) or may have any other potential conflict of interests with respect to any recommendation and other related information and opinions.

Stockstar Consultancy, its partners , analysts or employees do not take any responsibility, financial or otherwise, of the losses or the damages sustained due to the investments made or any action taken on basis of this report, including but not restricted to, fluctuation in the prices of shares and bonds, changes in the currency rates, diminution in the NAVs, reduction in the dividend or income, etc.

Stockstar Consultancy and other group companies, its directors, associates, employees may have various positions in any of the stocks, securities and financial instruments dealt in the report, or may make sell or purchase or other deals in these securities from time to time or may deal in other securities of the companies / organizations described in this report.

Stockstar Consultancy or its associates have not managed or co-managed public offering of securities for the subject company and have not been mandated by the subject company for any other assignment in the past twelve months.

Stockstar Consultancy or its associates have not received any compensation from the companies mentioned in the report during the period preceding twelve months from the date of this report for services in respect of managing or co-managing public offerings, corporate finance, investment banking or merchant banking, brokerage services or other advisory service in a merger or specific transaction in the normal course of business.

Research entity has not been engaged in market making activity for the subject company. Research analyst has not served as an officer, director or employee of the subject company. We have not received any compensation/benefits from the subject company or third party in connection with the Research Report.

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