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Research Disclaimer and Disclosure inter-alia as required under Securities and Exchange Board of India (Research Analysts) Regulations, 2014
Inventure Growth and Securities Limited (“IGSL”) is a registered Research Analyst Entity (hereinafter be referred as “IGSL RE”). “IGSL” is a registered stock broker or intermediary engaged in Stock Broking, Depository Participant and Mutual Fund Distributor. Registered member of National Stock Exchange of India Ltd (NSEIL), Bombay Stock Exchange Ltd (BSE), Metropolitan Stock Exchange of India Ltd (MSEI). IGSL is also a depository participant with Central Depository Services Ltd (CDSL)
This Research Report (hereinafter referred as “Report”) has been prepared by Inventure Growth & Securities Limited as a Research Entity (hereinafter referred as “IGSL RE” Limited. The Research Analysts, strategists are principally responsible for the preparation of “IGSL RE” research. The research analysts have received compensation based upon various factors, which may include quality of research, investor client feedback, stock picking, competitive factors and firm revenues etc.
Whilst IGSL has taken all reasonable steps to ensure that this information is correct, IGSL does not offer any warranty as to the accuracy or completeness of such information. Any person placing reliance on the report to undertake trading does so entirely at his or her own risk and IGSL does not accept any liability as a result. Securities and Derivatives markets may be subject to rapid and unexpected price movements and past performance is not necessarily an indication of future performance.
Analyst Certification: I/We, Mrs. Jenifer Barwaliya the research analyst Is the author of this report, hereby certify that the views expressed in this research report accurately reflects my/our personal views about the subject securities, issuers, products, sectors or industries. It is also certified that no part of the compensation of the analyst(s) was, is, or will be directly or indirectly related to the inclusion of specific recommendations or views in this research. The analyst(s) principally responsible for the preparation of this research report and has taken reasonable care to achieve and maintain independence and objectivity in making any recommendations.
General Disclaimer: This ‘Report’ is strictly meant for use by the recipient and is not for circulation. This Report does not take into account particular investment objectives, financial situations or specific needs of individual clients nor does it constitute a personal recommendation. The recommendations, if any, made herein are expression of views and/or opinions and should not be deemed or construed to be neither advice for the purpose of purchase or sale of any security, derivatives or any other security through IGSL nor any solicitation or offering of any investment /trading opportunity on behalf of the issuer(s) of the respective security (ies) referred to herein. These information / opinions / views are not meant to serve as a professional investment guide for the readers. No action is solicited based upon the information provided herein. Recipients of this “Report” should rely on information/data arising out of their own Study/investigations. It is advised to seek independent professional advice and arrive at an informed trading/investment decision before executing any trades or making any investments. This ‘Report’ has been prepared on the basis of publicly available information, internally developed data and other sources believed by IGSL to be reliable. IGSL or its directors, employees, affiliates or representatives shall not be responsible for, or warrant for the accuracy, completeness, adequacy and reliability of such information / opinions / views. Though due care has been taken to ensure that the disclosures and opinions given are fair and reasonable, none of the directors, employees, affiliates or representatives of IGSL shall be liable for any direct, indirect, special, incidental, consequential, punitive or exemplary damages, including lost profits arising in any way whatsoever from the information / opinions / views contained in this Report.
The price and value of the investments referred to in this Report and the income from them may tend to go down as well as up, and investors may incur losses on any investments. Yester performance shall not be a guide for future performance. IGSL does not provide tax advice to its clients, and all investors are strongly advised to take advice of their tax advisers regarding taxation aspects of any potential investment. Opinions are based on the current scenario as of the date appearing on this ‘Report’ only. IGSL does not undertake to advise you as to any change of our views expressed in this “Report’ may differ on account of differences in research methodology, personal judgment and difference in time horizons for which recommendations are made. User should keep this risk in mind and not hold IGSL, its employees and associates responsible for any losses, damages of any type whatsoever.
Disclaimers in respect of jurisdiction: This report is not directed to, 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 or regulation or which would subject “IGSL” to any registration or licensing requirement within such jurisdiction(s). No action has been or will be taken by “IGSL” in any jurisdiction (other than India), where any action for such purpose(s) is required. Accordingly, this ‘Report’ shall not be possessed, circulated and/or distributed in any such country or jurisdiction unless such action is in compliance with all applicable laws and regulations of such country or jurisdiction. “IGSL” requires such recipient to inform himself about and to observe any restrictions at his own expense, without any liability to “IGSL”. Any dispute arising out of this Report shall be subject to the exclusive jurisdiction of the Courts in Mumbai (India).
Statements on ownership and material conflicts of interest, compensation - IGSL and Associates reciprocates to the best of the knowledge and belief of IGSL/ its Associates/ research Analyst who is preparing this report.
Ratings (based on expected returns over 12 months investment period | Buy (>15%) |
Accumulate (5% to 15%) |
Hold (5% to -15%) |
Sell (<-15%) |
Sr.No. | Particulars | Yes/No |
1. | Whether compensation has been received from the company(ies) covered in the Research report in the past 12 months for investment banking transaction by IGSL | No |
2. | Whether Research Analyst, IGSL or its associates or relatives of the Research Analyst affiliates collectively hold more than 1% of the company(ies) covered in the Research report | No |
3. | Whether compensation has been received by IGSL or its associates from the company(ies) covered in the Research report | No |
4. | IGSL or its affiliates have managed or co-managed in the previous twelve months a private or public offering of securities for the company(ies) covered in the Research report | No |
5. | IGSL, its research analyst, his associate, or its associates have received compensation for investment banking or merchant banking or brokerage services or for any other products or services from the company(ies) covered in the Research report, in the last twelve months | No |
Research Team | Profile | Email Id |
Mrs. Jenifer Barwaliya | Head of Research Department | Jenifer.barwaliya@inventuregrowth.com |