DOMESTIC:

Siemens bags Rs319cr order from Diesel Locomotive Works, Indian Railways

Hind Rectifiers raises funds of Rs12cr through rights issue Board of Aksh Optifibre approves scheme of amalgamation SPML Infra bags new orders worth Rs800cr BHEL commissions 500 MW thermal unit in West Bengal Cadila Healthcare settles patent litigation related to Livalo

tablets Siemens Ltd launches the most energy efficient low voltage

motors in India Cipla arm to sell stake in Four M Propack to Shriji Polymers Zydus Cadila gets USFDA nod for chemotherapy drug

RIL, Russian petrochem major SIBUR ink pact to set up rubber unit in Gujarat

Aion Capital in talks with troubled Uttam Galva Steels for takeover

Indiabulls Real Estate arm gets Rs701cr refund from DDA Tata firm to invest in Rs5,900-cr Swan LNG project L&T Hydrocarbon bags orders worth Rs1,700cr Havells venturing into electronic personal care category

ECONOMY:

Demonetisation has hit India’s growth: IMF WPI inflation rises to 3.39% in December

INDUSTRY:

Pharma industry grows 29% to Rs2.04 lakh crore in 2015-16 Pharmaceutical barons swallow FDA bitter pill

TM

Price Performance (%)

Company 1M 3M 12M

Supreme Petrochem Ltd 18.3% -8.1% 117.8%

Indian Hume Pipe Co. Ltd -1.7% -10.7% 90.3%

Shanthi Gears Ltd 7.1% -8.1% 36.9%

Hind Rectifiers Ltd 6.3% 3.4% 22.1%

KCP Limited 1.3% -25.9% 26.9%

Navneet Education Ltd 11.4% 21.4% 51.3%

Harita Seating System Ltd 4.51% 27.3% 94.9%

Camlin Fine Sciences 10.4% 4.5% 23.5%

GEE Limited 15.8% 9.5% 19.9%

Hester Biosciences Ltd 6.8% -0.4% 57.1%

West Coast Paper Mills Ltd 2.7% 10.1% 130.6%

Rallis India Ltd 6.7% -11.1% 45.4%

The Hitech Gears Ltd 4.4% -15.6% 16.6%

Bharat Bijlee Ltd 15.6% 11.3% 7.6%

Castrol India Ltd 5.9% -16.8% -3.9%

Engineers India Ltd -6.3% 10.1% 42.9%

TNPL 2.4% -7.5% 52.8%

Triveni Turbines Ltd 1.4% -6.7% 18.6%

Rajoo Engineers Ltd 1.4% -1.9% 2.3%

Siemens Ltd 5.8% -5.4% 18.0%

Hikal Ltd 9.65% 13.3% 63.7%

TRIL 24.1% 25.4% 80.6%

KEC International Ltd 4.7% 14.1% 27.8%

Aksh Optifibre Ltd -2.8% 3.9% 70.7%

GMM Pfaudler Ltd 4.9% 28.9% 122.1%

Alicon Castalloy Ltd 9.6% -6.8% 40.8%

Omkar Speciality Chemicals Ltd 0.3% -7.3% -11.5%

Premier Explosives Ltd 7.2% -5.4% -6.8%

Mukand Engineers Ltd 9.8% -1.1% 27.0%

Gulshan Polyols Ltd -2.7% -9.0% -1.7%

Gufic Biosciences Ltd 11.4% 38.1% 51.9%

Excel Industries Ltd 10.9% -12.7% 105.2%

Coverage Universe Valuations

Company Reco at CMP Tgt price Upside Mcap EV/Sales (x) EV/EBITDA (x) PE(x) Reco

(Rs) (Rs) (Rs) (%) (Rs bn) FY16E FY17E FY16E FY17E FY16E FY17E

Supreme Petrochem Ltd 77 220 275 25.0 21.2 29.7 20.2 0.6 0.5 14.6 10.2 BUY Indian Hume Pipe Co. Ltd 341 372 500 34.5 18.0 34.4 24.1 16.5 14.3 15.2 12.0 BUY Shanthi Gears Ltd 107 121 150 24.5 9.8 86.6 68.1 5.4 5.4 36.0 32.0 BUY Hind Rectifiers Ltd 69 94 140 49.7 1.4 77.7 17.7 1.4 1.1 27.7 11.7 BUY KCP Limited 71 85 150 77.3 10.9 27.5 19.5 2.0 1.8 11.8 10.0 BUY Navneet Education Ltd 96 124 130 5.2 29.4 19.9 17.3 2.9 2.6 11.8 10.4 BUY Harita Seating System Ltd 266 716 900 25.7 5.6 56.6 41.6 1.9 1.8 35.0 27.2 BUY Camlin Fine Sciences 111 112 140 25.4 10.7 13.7 10.5 1.9 1.6 10.1 8.2 BUY GEE Limited 33 44 70 59.1 1.0 19.1 13.7 0.7 0.7 7.1 6.3 BUY Hester Biosciences Ltd 565 758 875 15.4 6.4 46.5 38.2 6.5 5.1 22.7 18.3 BUY West Coast Paper Mills Ltd 67 138 180 30.2 9.1 26.1 7.1 0.9 0.8 5.4 4.4 BUY Rallis India Ltd 181 209 260 24.5 40.6 26.6 20.9 2.4 2.1 14.9 12.3 BUY The Hitech Gears Ltd 298 314 450 43.3 5.9 22.0 16.8 1.2 1.0 9.3 7.8 BUY Bharat Bijlee Ltd 787 892 1500 68.2 5.0 89.1 41.2 0.9 0.8 30.0 25.7 BUY Castrol India Ltd 447 393 650 65.3 194.5 29.7 27.7 4.9 4.8 19.0 17.7 BUY Engineers India Ltd 211 146 200 36.6 49.3 14.0 13.4 1.4 2.4 9.1 16.0 BUY Tamil Nadu Newsprint & Papers Ltd 224 342 450 31.7 23.7 10.9 9.4 1.8 1.7 7.1 6.1 BUY Triveni Turbines Ltd 92 118 175 48.7 38.8 38.1 32.0 0.5 0.4 2.5 2.1 BUY Rajoo Engineers Ltd 15 18 24 35.6 1.0 13.9 10.0 0.8 0.7 7.3 5.6 BUY Siemens Ltd 1128 1154 1500 30.0 410.8 43.9 37.8 3.4 3.1 25.5 21.7 BUY Hikal Ltd 143 233 325 39.5 19.2 54.7 38.6 2.8 2.6 13.8 12.1 BUY Transformers and Rectifiers (India) Ltd 300 433 450 3.9 5.7 -19.7 32.1 12.2 8.8 543.1 97.6 BUY KEC International Ltd 140 143 200 39.6 36.8 18.1 12.6 0.7 0.6 8.7 6.9 BUY Aksh Optifibre Ltd 15 24 35 44.9 3.9 11.7 7.1 0.8 0.7 4.8 3.5 BUY GMM Pfaudler Ltd 332 568 700 23.2 8.3 45.1 43.6 3.3 3.1 23.9 22.2 BUY Alicon Castalloy Ltd 288 389 600 54.2 4.8 21.4 16.9 0.8 0.8 8.1 7.3 BUY Omkar Speciality Chemicals Ltd BUY 162 163 240 47.5 3.3 10.9 7.0 1.1 0.9 5.3 4.4

Premier Explosives Ltd BUY 350 358 450 25.7 3.2 55.8 31.1 1.8 1.5 18.9 15.3

Mukand Engineers Ltd BUY 33 36 55 53.6 0.5 -6.7 14.8 0.8 0.7 -162.8 8.2

Gulshan Polyols Ltd BUY 390 76 110 45.4 3.5 11.5 11.0 0.3 0.3 2.3 2.4

Gufic Biosciences Ltd BUY 50 57 75 32.7 4.4 59.7 37.1 2.3 1.8 23.9 16.5

Excel Industries Ltd BUY 380 393 550 39.9 4.9 20.1 14.0 1.3 1.2 9.2 7.6

The week that went by: The Indian stock markets opened weak on the first day of trade tracking SGX Nifty, Asian markets and mixed global cues. The Asian markets opened weak and all emerging markets were trading in negative on concerns that the UK Prime Minister Theresa May might seek hard exit from the European Union. Reliance Industries Ltd dragged on the market over concerns about spending at its telecom unit that overshadowed better-than-expected third-quarter earnings. With more companies gearing up to report earnings, the market is expected to be range bound. With the profit booking and negative global cues, the markets continued to trade lower mid week as well. The markets opened in the red with reactions to different quarter earnings.

COVERAGE NEWS: Fundamental Pick of the month: Excel Industries Limited With a legacy of nearly 70 years, Excel Industries Limited (Excel) is involved in the business of chemical manufacturing as well as sale of industrial agrochemicals & pesticides intermediates and specialty chemicals. The company is a pioneer in the domain of phosphorus, its derivatives and related chemistry. Excel is the largest producer of Phosphorous based compounds like Phosphorous Trichloride (PCl3), Phosphorous Pentasulphide (P2S5) and Diethyl Thiophosphoryl Chloride (DETC) in India. Recently, the company has ventured into environmental and biotechnology sectors. Outlook and Recommendation: The business of the company relating to the specialty chemicals segment has been improving over the years, moreover the vision for future can be perceived from the segment of Pharma intermediates and that of EnviroBiotech. We initiate a BUY on the stock with a target price of Rs550 from a 12-month perspective. Omkar Speciality Chemicals Limited: Unpledging of Shares The company has intimated of release of 12,67,000 equity shares (5.16% of Paid up capital) out of 14,37,700 equity shares (6.99% of paid up capital) that were earlier pledged by Mr Pravin Herlekar.

TM

Coverage Performance Sheet

Company CLS( Rs) Appreciation (%) Target Price (Rs) Reco at (Rs)

Target 1 Target 2 Target 3 Target 4

Supreme Petrochem Ltd 220 120 150 200 186% 275 77 Indian Hume Pipe Co. Ltd 372 500 9% 341 Shanthi Gears Ltd 121 150 - - 13% - 107 Hind Rectifiers Ltd 94 110 140 - 36% - 69 KCP Limited 85 105 150 - 19% - 71 Navneet Education Ltd 124 130 - - 29% - 96 Harita Seating System Ltd 716 400 600 750 169% 900 266 Camlin Fine Sciences 112 140 - - 1% - 111 GEE Limited 44 50 70 - 33% - 33 Hester Biosciences Ltd 758 750 875 - 34% - 565 West Coast Paper Mills Ltd 138 110 150 180 106% - 67 Rallis India Ltd 209 260 - - 15% - 181 The Hitech Gears Ltd 314 450 - - 5% - 298 Bharat Bijlee Ltd 892 1100 1500 - 13% - 787 Castrol India Ltd 393 650 - - -12% - 447

Engineers India Ltd 146 200 - - -31% - 211 Tamil Nadu Newsprint & Papers Ltd 342 350 450 - 53% - 224 Triveni Turbines Ltd 118 135 175 - 28% - 92 Rajoo Engineers Ltd 18 24 - - 18% - 15 Siemens Ltd 1154 1500 - - 2.3% - 1128 Hikal Ltd 233 200 250 325 63% - 143 Transformers and Rectifiers (India) Ltd 433 450 - - 44% - 300 KEC International Ltd 143 200 - - 2% - 140 Aksh Optifibre Ltd 24 24 35 - 61% - 15 GMM Pfaudler Ltd 568 500 700 - 71% - 332 Alicon Castalloy Ltd 389 450 600 - 35% - 288 Omkar Speciality Chemicals Ltd 163 240 - - 0.5% - 162

Premier Explosives Ltd 350 358 450 - - - 2%

Mukand Engineers Ltd 33 36 55 - - - 8%

Gulshan Polyols Ltd 390 76 110 - - - -80.6%

Gufic Biosciences Ltd 50 57 75 - - - 13%

Excel Industries Ltd 380 393 550 - - - 3.4%

Fundamental Pick of the Month

Unpledging for Omkar

Siemens bags Rs319cr order from Diesel Locomotive Works Siemens Ltd announced it has won a Rs98cr order from Diesel Locomotive Works (DLW) to supply and install 48 Alternating Current (AC) Traction systems for Indian Railways. The AC Traction systems will be produced at Nashik Factory of Siemens Limited. Siemens was also awarded orders worth Rs166cr for supply of propulsion sets for Freight Locomotives and Rs55cr for supply of propulsion sets for Passenger Locomotives. Our comments: The project showcases Siemens’ partnership with the Indian Railways as it combines innovation with responsibility to bring together the combined expertise of its teams, that is committed to deliver reliable, safe and efficient technologies. We maintain our positive stance on the company.

Hind Rectifiers raises funds of Rs12cr through rights issue Hind Rectifiers' board of directors, at their meeting held on January 15, 2017, has approved the raising of funds upto Rs12cr by the way of offer and issue of equity shares to the existing shareholders of the company on a rights basis. Our comments: We maintain our conviction in the working of the company.

Board of Aksh Optifibre approves scheme of amalgamation Aksh Optifibre announced that the Board of Directors of the Company at its meeting held on 14 January 2017 has approved the scheme of amalgamation between APAksh Broadband (Transferor Company) and Aksh Optifibre (Transferee Company) and their respective shareholders and creditors. Our comments: The above is a business development of the company.

Siemens launches the most energy efficient low voltage motors in India Siemens announces the launch of its new range of energy efficient motor SIMOTICS 1LE7. The new SIMOTICS 1LE7 range of motors is the newest entrant in the existing range of motors offered by Siemens in India. These motors offer efficiency values higher than the IE3 standards which is currently the highest efficiency class as recognized by Indian Standards. Siemens SIMOTICS 1LE7 motors are capable of offering an average monetary savings of up to 8 – 20% depending on the frame size. Apart from generating savings, the SIMOTICS 1LE7 range of motors will assist customers to reduce lifecycle costs, and meet environmental regulations. Our comments: Siemens is the first company in India to launch the locally manufactured IE2 and IE3 efficiency class industrial motors. RESULT UPDATES: Hester Biosciences Limited: The company has been reporting steady growth. Total income came in at Rs285mn for the quarter ending December 2016 as against Rs241mn in the corresponding quarter last year, an increase of 18%. The company reported a Net Profit of Rs58mn as compared to Rs47mn in the corresponding quarter last year. The company has been successful in improving their margins due to constant focus on credit control, inventory management and better product mix. Ebitda margins for the quarter ending December 2016 came in at 32.9% as compared to 31.8% in the same quarter last year. EPS for the quarter stood at Rs6.82 as compared to Rs5.61 in the same quarter last year. Outlook and recommendations: Developmental activities of the company are very much in line as projected by the Management. Hester has been a consistent performer over the last few years. The long term prospects of the company are improving by every quarter. The stock is a must in a long term portfolio. We had recommended a BUY on the stock with a revised price target of Rs875 from a 12 months investment horizon and we maintain the same.

TM

Order for Siemens

Right Issue for HIRECT

New launches by Siemens

In line with expectations

Amalgamation on cards for Aksh

Rajoo Engineers Limited: The net sales came in at Rs165mn as against Rs218mn, drop of 24.3% in the same quarter last year. The Ebidta margins came in at 10.3% for the quarter under reference. The net profit came in at Rs5mn, drop of 61.2% as against Rs12.9mn in the same quarter last year. Outlook and recommendations: The company reported subdued results for the quarter. There is an impact of the demonetization move seen on the performance of the company to some extent. However, the product offerings of the company maintain the conviction in the working of the company. We maintain a BUY on the stock with a target price of Rs24 from a 12-month perspective.

ECONOMY: Demonetisation has hit India’s growth: IMF The Naredra Modi government’s demonetisation move could dampen India’s growth by one percentage point in the current fiscal year and 0.4% next year, compared to its earlier projections, the International Monetary Fund (IMF) said. The IMF now expects India to record a growth of 6.6% for the current year, and 7.2% next year. Earlier, IMF had projected 7.6% this year and next year. Our comments: The trimming is primarily due to the temporary negative consumption shock induced by cash shortages and payment disruptions associated with the recent currency note withdrawal and exchange initiative.

WPI inflation rises to 3.39% in December Wholesale inflation broke the 3-month declining trend and rose to 3.39% in December 2016, mainly due to rise in prices of manufactured items, even as food articles turned cheaper. The Wholesale Price Index-based inflation, reflecting the annual rate of price rise, in November stood at 3.15%. In December 2015, the print was (-)1.06%. The WPI inflation for October has been revised upwards at 3.79% against the provisional estimate of 3.39%. Our comments: The decline in wholesale inflation is in contrast to the fall in retail inflation, which hit a three-year low of 3.41% in December.

INDUSTRY: Pharma industry grows 29% to Rs2.04 lakh crore in 2015-16 Indian pharmaceutical industry grew by 29% to Rs2,04,627cr in 2015-16 from Rs1,77,734cr in 2014-15, while it attracted FDI of USD2.25bn during April 2014 to March 2016. The country "is one of the largest producers of pharmaceutical products and a leading player in the global generics market, exporting nearly 50% of its production. The sector saw FDI equity inflows of USD2.25bn from April 2014 to March 2016. Our comments: The Indian pharmaceutical industry has witnessed a robust growth in recent years growing from Rs1,77,734cr in FY2014-15 to Rs2,04,627 crore in FY2015-16, registering a growth of 29% as compared to the growth of 12% from Rs1,58,671cr during FY 2013-14. Retailers seek early implementation of GST Industry body Retailers Association of India has asked for early implementation of the GST, which will be a game changer for the Indian retail sector which is pegged to grow to USD 1.3 trillion by 2020. The industry awaits the details of early GST rollout, which, is supposed to be in July. This can be a big game changer for retailers across the country. Our comments: Favourable tax rates under the proposed Goods and Services Tax would benefit the wholesale as well as real estate and infrastructure sectors, which have a direct bearing on the growth of organised retail across the country.

TM

Steady growth seen in the Pharma Industry

Rise in WPI inflation

Early GST rollout desired

Impact of demonetization

Subdued results for the quarter

COMPANY: SPML Infra bags new orders worth Rs800cr SPML Infra has received several new orders for developing power substation, rooftop solar power plant, water and wastewater treatment and municipal solid waste management projects from different states across the country. The order for solar power projects is in line with the company's efforts to develop renewable energy source to meet many challenges facing the world with benefits to the people and the environment. Our comments: The addition of orders is a positive for the working of the company.

BHEL commissions 500 MW thermal unit in West Bengal BHEL said it has commissioned another 500 MW unit of Sagardighi Thermal Power Station Phase II in West Bengal. The unit was the second 500 MW set to be commissioned at Sagardighi Thermal Power Station (TPS) Phase II project in Murshidabad district of West Bengal. BHEL's scope of work in the contract envisaged design, engineering, manufacture, supply and erection and commissioning of steam generators, steam turbine generators and auxiliaries, electrical equipment, switchyard and state-of-the-art controls and instrumentation (C&I), along with associated civil works. Our comments: BHEL has already established its engineering prowess in the past through successfully delivering higher rated units of 600 MW, 660 MW, 700 MW and 800 MW thermal sets with a high degree of indigenisation. Crompton Greaves bags USD105mn order from Indonesia's PT PLN Crompton Greaves said it has bagged a USD105mn (Rs715cr) order from Indonesia's state-owned electricity firm PT PLN to make and install power transformers. Crompton Greaves' power transformers will be installed across PT PLN's transmission network spread across multiple substations and power plants in Java, Sumatra, Kalimantan Sulawesi and the Papua Islands of the Indonesian archipelago. Our comments: The execution calibre of the company has helped it bag orders for long term. Cadila Healthcare settles patent litigation related to Livalo tablets Cadila Healthcare has settled all outstanding patent litigation related to Livalo tablets with Kowa Company, Kowa Pharmaceuticals America Inc and Nissan Chemical Industries Ltd. Under the terms of the agreement, Kowa and Nissan grant Zydus a licence to market Zydus' generic version of Livalo beginning on May 2, 2023, or earlier under certain circumstances. Livalo tablets are indicated as an adjunctive therapy to diet to reduce elevated total cholesterol, low-density lipoprotein cholesterol, apolipoprotein B, triglycerides and to increase HDL-C in adult patients with primary hyperlipidemia or mixed dyslipidemia. Our comments: Other terms of the settlement were however not disclosed. RIL, Russian petrochem major SIBUR ink pact to set up rubber unit in Gujarat Reliance Industries Ltd (RIL) announced the signing of a joint venture agreement with Russian petrochemical giant SIBUR to set up South Asia’s first butyl rubber halogenation unit at RIL’s integrated petrochemical site in Jamnagar, Gujarat. However, the investment figures were not announced for the proposed project. A statement from RIL stated that the unit will produce 60,000mt of halogenated butyl rubber annually under Reliance Sibur Elastomers Pvt Ltd (RSEPL), a joint venture in which RIL owns 74.9%, while SIBUR owns 25.1%. Our comments: With the Indian automobile trend aligning with global trends, penetration of tubeless tyres is expected to accelerate in the Indian market, resulting in an increased demand of halogenated butyl rubber.

TM

Crompton Greaves bags order

Orders for SPML

BHEL commissions unit in WB

Patent litigation settled for Cadila

RIL and SIBUR pact

DISCLAIMERS AND DISCLOSURES- Progressive Share Brokers Pvt. Ltd. and its affiliates are a full-service, brokerage and financing group. Progressive Share Brokers Pvt. Ltd. (PSBPL) along with its affiliates are participants in virtually all securities trading markets in India. PSBPL started its operation on the National Stock Exchange (NSE) in 1996. PSBPL is a corporate trading member of Bombay Stock Exchange Limited (BSE), National Stock Exchange of India Limited (NSE). PSBPL along with its subsidiaries offers the most comprehensive avenues for investments and is engaged in the businesses including stock broking (Retail), commodity broking, depository participant, and financial products like mutual funds. PSBPL is under the process of seeking registration under SEBI (Research Analysts) Regulations, 2014. PSBPL hereby declares that it has not defaulted with any stock exchange nor its activities were suspended by any stock exchange with whom it is registered in last five years. PSBPL has not been debarred from doing business by any Stock Exchange / SEBI or any other authorities; nor has its certificate of registration been cancelled by SEBI at any point of time. PSBPL offers research services to clients as well as prospects. The analyst for this report certifies that all of the views expressed in this report accurately reflect his or her personal views about the subject company or companies and its or their securities, and no part of his or her compensation was, is or will be, directly or indirectly related to specific recommendations or views expressed in this report. Other disclosures by Progressive Share Brokers Pvt. Ltd. (Research Entity) and its Research Analyst under SEBI (Research Analyst) Regulations, 2014 with reference to the subject company(s) covered in this report-: PSBPL or its associates may have financial interest in the subject company. Research Analyst or his/her relative’s financial interest in the subject company. (YES/NO)-NO PSBPL or its associates and Research Analyst or his/her relative’s does not have any material conflict of interest in the subject company. The research Analyst or research entity (PSBPL) has not been engaged in market making activity for the subject company. PSBPL or its associates may have actual/beneficial ownership of 1% or more securities of the subject company at the end of the month immediately preceding the date of publication of Research Report. Research Analyst or his/her relatives have actual/beneficial ownership of 1% or more securities of the subject company at the end of the month immediately preceding the date of publication of Research Report: (YES/NO)- NO PSBPL or its associates may have received any compensation including for brokerage services from the subject company in the past 12 months. PSBPL or its associates may have received compensation for products or services other than brokerage services from the subject company in the past 12 months. PSBPL or its associates may have received any compensation or other benefits from the Subject Company or third party in connection with the research report. Subject Company may have been client of PSBPL or its associates during twelve months preceding the date of distribution of the research report and PSBPL may have co-managed public offering of securities for the subject company in the past twelve months. The research Analyst has served as officer, director or employee of the subject company : (YES/NO)-NO PSBPL and/or its affiliates may seek investment banking or other business from the company or companies that are the subject of this material. Our sales people, traders, and other professionals may provide oral or written market commentary or trading strategies to our clients that reflect opinions that are contrary to the opinions expressed herein, and our proprietary trading and investing businesses may make investment decisions that may be inconsistent with the recommendations expressed herein. In reviewing these 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 including but not limited to those stated herein. Additionally, other important information regarding our relationships with the company or companies that are the subject of this material is provided herein. 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 PSBPL or its group companies to any registration or licensing requirement within such jurisdiction. If this document is sent or has reached any individual in such country, especially, USA, the same may be ignored. Unless otherwise stated, this message should not be construed as official confirmation of any transaction. None of the material, nor its content, nor any copy of it, may be altered in any way, transmitted to, copied or distributed to any other party, without the prior express written permission of PSBPL. All trademarks, service marks and logos used in this report are trademarks or registered trademarks of PSBPL or its Group Companies. The information contained herein is not intended for publication or distribution or circulation in any manner whatsoever and any unauthorized reading, dissemination, distribution or copying of this communication is prohibited unless otherwise expressly authorized. Please ensure that you have read “Risk Disclosure Document for Capital Market and Derivatives Segments” as prescribed by Securities and Exchange Board of India before investing in Indian Securities Market. In so far as this report includes current or historic information, it is believed to be reliable, although its accuracy and completeness cannot be guaranteed.

TM