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This Report is published by Inventure Growth & Securities Limited (hereinafter referred to as “IGSL”) for private circulation. IGSL is a registered Research Analyst under SEBI (Research Analyst) Regulations, 2014 having Registration no. INH000006129. IGSL is also a registered Stock Broker with National Stock Exchange of India Limited, BSE Limited and Metropolitan Stock Exchange of India Limited (MSE) in cash, F&O & currency derivatives segments. It is also registered as a Depository Participant with CDSL and is also registered with AMFI as a Mutual Fund Distributor. IGSL has not been debarred/ suspended by SEBI or any other regulatory authority for dealing in securities Market except by SEBI except proprietory trading. IGSL or its associates/ analyst has not received any compensation / managed or co-managed public offering of securities of the company covered by Analyst during the past twelve months.

IGSL or its associates have not received any compensation or other benefits from the company covered by Analyst or third party in connection with the research report. Analyst has not served as an officer, director or employee of Subject Company and IGSL / analyst has not been engaged in market making activity of the subject company. its associates or analyst or his relatives may or may not hold any financial interest in the subject company. IGSL or its associates or Analyst do not have any conflict or material conflict of interest at the time of publication of the research report with the subject company. IGSL or its Affiliates may or may not have been beneficial ownership of one per cent or more of the securities mentioned in this report. However, one or more of IGSL or its Affiliates may, from time to time, have a long or short position in any of the securities mentioned herein and may buy or sell those securities or options thereon, either on their own account.

Analyst Certification: I/We, 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. This document is solely for the personal information of the recipient, and must not be singularly used as the basis of any investment decision. Nothing in this document should be construed as investment or financial advice. Each recipient of this document should make such investigations as they deem necessary to arrive at an independent evaluation of an investment in the securities of the companies referred to in this document (including the merits and risks involved), and should consult their own advisors to determine the merits and risks of such an investment. This report is based on companies historical fundamental data & ratios or based on technical and derivative analysis and trading volume.

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Research Team Profile Email ID
Mr Prashant Barwaliya Head of Research Department prashant.b@inventuregrowth.com
Mr. Virat Jagad Technical Head virat.jagad@inventuregrowth.com
Ms. Jeni Rita Fundamental Analyst jeni.rita@inventuregrowth.com
Ms. Darshita Shah Fundamental Analyst darshita.shah@inventuregrowth.com


1. Financial Interest of research analyst or IGSL or his associate or his relative No
2. Ownership of 1% or more of stock by research analyst or IGSL or relatives No
3. Served as an officer, director or employee of the company under research No
4. Broking relationship with company covered under Research No