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.
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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.
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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%) |
Disclosures of Interest (Additional):
- “IGSL”, its research Analyst(s), or its associates or relatives of the Research Analyst does not have any financial interest in the company(ies) covered in this report.
- “IGSL” its research Analyst, or its associates or relatives of the research analyst affiliates collectively do not hold more than 1% of the securities of the company (ies)covered in this report as of the end of the month immediately preceding the distribution of the research report.
- “IGSL”, its research analyst, his/her associate, his/her relative, do not have any other material conflict of interest at the time of publication of this research report.
- “IGSL”, its research analyst, and its associates have not received compensation for investment banking or merchant banking or brokerage services or for any other products or services from the company(ies) covered in this report, in the past twelve months.
- “IGSL”, its research analyst, or its associates have not managed or co-managed in the previous twelve months, a private or public offering of securities for the company (ies) covered in this report.
- “IGSL, or its associates have not received compensation or other benefits from the company(ies) covered in this report or from any third party, in connection with the research report.
- IGSL research analyst has not served as an Officer, Director, or employee of the company (ies) covered in the Research report.
- “IGSL”, its research analyst has not been engaged in market making activity for the company(ies) covered in the Research report.
- The details of IGSL, its research analyst and its associates pertaining to the companies covered in the Research report are given below
| 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 |
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Investing in any non-U.S. securities or related financial instruments (including ADRs) discussed in this research report may present certain risks. The securities of non-U.S. issuers may not be registered with, or be subject to the regulations of, the U.S. Securities and Exchange Commission. Information on such non-U.S. securities or related financial instruments may be limited. Foreign companies may not be subject to audit and reporting standards and regulatory requirements comparable to those in effect within the United States. The value of any investment or income from any securities or related financial instruments discussed in this research report denominated in a currency other than U.S. dollars is subject to exchange rate fluctuations that may have a positive or adverse effect on the value of or income from such securities or related financial instruments.
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| Research Team | Profile | Email Id |
| Mrs. Jenifer Barwaliya | Head of Research Department | Jenifer.barwaliya@inventuregrowth.com |