Domestic Equity Outlook - Bulls get defensive

April 30, 2013 EQUITY INDICES Index Absolute Change Percent Change Domestic Last Trade Change 1-D 1-Mth YTD BSE Sensex 19,387.5 100.8 0.52% 2.93% -0.20% CNX Nifty 5,904.1 32.7 0.55% 3.90% -0.02% S&P CNX 500 4,620.9 29.3 0.63% 4.11% -2.58% CNX IT INDEX 6,015.5 42.8 0.71% -16.67% -0.16% International Last Trade Change Percent Change DJIA 14,818.8 106.2 0.72% 1.65% 13.08% NASDAQ 3,307.0 27.8 0.84% 1.21% 9.52% NIKKEI 13,822.8 (61.3) -0.44% 11.49% 32.97% HANGSENG 22,804.4 223.6 0.98% 2.26% 0.65% KOSPI 1,959.3 18.6 0.95% -2.27% -1.89% COMMODITY MARKETS Key Commodities Last Trade Change 1-D 1-Mth YTD WTI Crude ($/bl) 94.40 1.55 1.67% -2.86% 22.33% Brent Crude ($/bl) 103.07 0.75 0.73% -5.88% -6.83% Silver ($/Oz) 24.39 (0.17) -0.70% -14.30% -19.62% MCX Silver 45,644.00 294.00 0.65% -14.81% -19.55% Gold ($/Oz) 1,472.04 (3.80) -0.26% -7.97% -12.14% MCX Gold 27,386.00 39.00 0.14% -7.37% -10.05% Copper LME ($/MT) 7,120.50 122.50 1.75% -5.18% -9.95% MCX Copper 381.15 0.00 0.00% -7.49% -12.19% Aluminium LME ($/MT) 1,860.75 15.75 0.85% -0.77% -8.83% MCX Aluminium 100.20 (2.40) -2.34% -2.05% -10.34% CURRENCY RATES Exchg Rates Last trade Prev 1-D 1-Mth YTD Spot Exchange Rates USD/INR 54.25 54.38-0.24% -0.06% -1.36% EUR/INR 70.96 70.70 0.37% 2.11% -2.18% GBP/INR 84.21 84.07 0.17% 2.05% -5.31% EUR/USD 1.31 1.31-0.05% 1.90% -0.76% USD/JPY 98.04 97.76 0.29% 5.16% 13.01% GBP/USD 1.55 1.55-0.12% 1.66% -4.76% RATES Exchg Rates Last trade Prev Chg (bps) 1-Mth YTD Libor -1 Mth 0.1982 0.1982 0.00% -2.70% -5.03% Call Rates 7.55 7.00 7.86% -11.18% -16.11% NSE Overnight MIBOR 7.60 7.61-0.13% -15.37% -7.65% T-Bill - 91 D 7.56 7.57-0.16% -5.75% -7.21% INVESTMENT ACTIVITY (Rs. Cr) Category BUY SELL NET Prev FII 2,855.4 2,235.02 620.38 - DII 1,014.58 1,380.78-366.2 - EXCHANGE TURNOVER Exchange Rs. Crore BSE Equity 2,358.59 NSE Equity 9,598.04 NSE Derivatives 69,157.55 Domestic Equity Outlook - Bulls get defensive Yesterday, the Indian equity markets opened marginally positive mirroring firm cues from Asian indices however soon underwent ranged trading. Positive global risk sentiment amidst expectations of continued policy support by US Fed and ECB ahead of their meetings this week combined with reports that there has been some progress in Parliamentary proceedings and the Finance Bill is likely to be passed further aided the sentiments. However major move came only post HUL numbers as the FMCG major led the gains with company emerging as the top gainer amongst NIFTY-50 after reporting a stellar set of numbers, surging more than 7% while another FMCG major - ITC scaled a record high closing the day with gain of 1.9%. This helped indices to close the day on a positive note with NIFTY advancing about 33 points closing the day at 5,904 mark after remaining ranged for most part of the session. Mixed trend was observed amongst sectoral indices with CNX Metal emerging as the top loser, down 1.3%, while on other hand, CNX MNC emerged as the top gainers advancing close to 2.6%. Market breadth remained in favor of Bulls with 724 stocks advancing as against 554 stocks declining with both mid-cap and small-cap indices closing the day on a positive note. As for the global market, U.S. stocks rallied ahead, positioning the S&P 500 for a record close, as investor embraced corporate earnings and outlooks. S&P's positive finish for April would represent a sixth straight month of gains, its longest run since a seven-month winning stretch that ended in September 2009. European markets too closed the day on a positive note up anywhere between 0.5%- 1.6%. For the domestic market, Equity market may witness a stock specific action ahead of holiday tomorrow. Market participants may also chose to remain on side line ahead of important policy meet scheduled on 3rd of next month and the PMI numbers that are due tomorrow. The key results today include stocks like Bharati Infratel, Chambal Fert, Dabur, Godrej Cons, Marico, Petronet LNG and TVS Motor. Corporate News: In what has finally brought to a close the nine-month long negotiations between the management and the workers at Hero MotoCorp's Gurgaon unit, the company has hiked wages by around 25% for the 1,200-odd permanent workers at the facility. The Delhi High Court asked Bharti Airtel to respond to a plea of stateowned BSNL seeking to implead itself as a party to a plea filed by the private telecom major against imposition of penalty of Rs 350 crore for offering 3G services in areas where it lacked licenses. Shree Cement Jan-Mar net profit up 26% to Rs 274 cr Source: BSE, NSE, BS, ET, FE, HBL Recommendation summary (Please see inside for details) Call Company Rating Initiate At (Rs) PT (Rs) Stop Loss (Rs) POSITIONAL COAL INDIA SELL 320-325 300-290 333 INTRADAY MCLEOD RUSSEL SELL 325-328 315-310 330 INTRADAY ACC SELL 1260-1270 1230-1215 1275 Positional picks are based on one week horizon

The sharp up move in FMCG major - HUL (on back of stellar performance) and the ITC helped indices to close the day yet on another positive note. The stock of HUL finished the day with a gain of more than 7% while the ITC touched a record high helping the FMCG index gaining close to 2.3%. By end of the trade, NSE's benchmark index NIFTY finished the session with positive gain of 33 points at 5,904 mark. Both mid-cap and small-cap indices closed the session on a positive note. Sectorally, CNX MNC emerged as top gainer up close to 2.6% followed by CNX FMCG that closed with positive gain of 2.3%. On other hand CNX Metal emerged as top loser down 1.3%. NIFTY May Futures closed with premium of around 11 points at 5,915 mark. Sectoral Activity: Amongst sectoral index CNX Metal added fresh short position. Stock Activity: HUL witnessed built up in long position while IOB and Jindal Steel and Power witnessed built up in short position. TOP 5 PRICE GAINER Stock Name: LTP: % Price Chg: % Vol Chg: %OI Support Pivot Resistance RELIANCE COMMUNICATIONS L 100.35 7.85% 79.56% 21.39% 94 98 104 HINDUSTAN UNILEVER LTD. 497.35 6.95% 395.46% 49.42% 470 485 512 SIEMENS LTD 533.90 6.14% -29.91% 1.47% 510 526 550 UNION BANK OF INDIA 245.60 5.14% 85.12% 22.41% 236 242 251 APOLLO TYRES LTD 95.15 4.50% 121.12% 20.07% 92 94 97 TOP 5 PRICE LOSER Stock Name: LTP: % Price Chg: % Vol Chg: %OI Support Pivot Resistance INDIAN OVERSEAS BANK 63.60-5.29% 350.03% 35.09% 61 65 67 JINDAL STEEL & POWER LTD 301.30-4.33% 19.14% 25.30% 292 304 313 EXIDE INDUSTRIES LTD 134.95-2.91% 249.63% 8.10% 131 136 140 FEDERAL BANK LTD 448.55-2.81% 112.01% 4.14% 438 445 455 NMDC LTD. 123.55-2.37% 216.90% 4.86% 122 125 127 TOP 5 OI GAINER Stock Name: LTP: % Price Chg: % Vol Chg: %OI Support Pivot Resistance HINDUSTAN UNILEVER LTD. 497.35 6.95% 395.46% 49.42% 470 485 512 INDIAN OVERSEAS BANK 63.60-5.29% 350.03% 35.09% 61 65 67 INDRAPRASTHA GAS LTD 311.45 2.28% 200.39% 27.13% 307 312 317 JINDAL STEEL & POWER LTD 301.30-4.33% 19.14% 25.30% 292 304 313 UNION BANK OF INDIA 245.60 5.14% 85.12% 22.41% 236 242 251 TOP 5 OI LOSER Stock Name: LTP: % Price Chg: % Vol Chg: %OI Support Pivot Resistance SUN TV NETWORK LIMITED 422.95 0.48% -14.21% -7.97% 417 422 428 LIC HOUSING FINANCE LTD 252.10 1.71% -36.85% -5.92% 249 253 256 THE INDIA CEMENTS LIMITED 83.05 2.22% -42.35% -3.98% 82 82 84 HERO HONDA MOTORS LTD 1648.80 3.25% 65.87% -3.26% 1627 1655 1677 CAIRN INDIA LIMITED 307.10 2.35% -13.17% -3.25% 302 305 310

Delivery Action: Based on delivery analysis, accumulation was observed in Indus Ind Bank and the Indian Hotel. TOP 5 "RISE IN % DEL CHG : Stock Name: LTP: % Price Chg: % Vol Chg: %DEL chg Support Pivot Resistance TATA MOTORS LIMITED 296.15-0.05% -37.33% 564.02% 293 296 299 NMDC LTD. 123.55-2.37% 216.90% 312.53% 122 125 127 INDUSIND BANK LIMITED 477.70 4.27% 20.43% 298.51% 456 470 492 THE INDIAN HOTELS CO. LTD 58.40 4.01% 231.85% 297.05% 57 58 59 HEXAWARE TECHNOLOGIES LTD 82.55-0.36% 262.17% 242.25% 80 83 85 Sector Total OI Average of OI Average of Price Total VOL Average of Volume TOP 5 "DECLINE IN % DEL CHG : Change % Change % Change % Stock Name: LTP: % Price Chg: % Vol Chg: %DEL chg Support Pivot Resistance UNITED PHOSPHORUS LIMITED 138.40-0.25% -67.46% -94.19% 137 139 140 CONTAINER CORP OF IND LTD 1129.55-1.29% -93.92% -93.79% 1121 1135 1144 ADITYA BIRLA NUVO LIMITED 1027.45 0.03% -82.92% -88.31% 1020 1029 1036 GRASIM INDUSTRIES LTD 2981.15 2.21% -64.54% -78.69% 2938 2963 3006 HINDALCO INDUSTRIES LTD 98.85-0.15% -52.19% -76.21% 98 99 100 SECTORAL ACTIVITY Sector Total OI Average of OI Average of Price Total VOL Average of Volume Change % Change % Change % Consumer Discretionary 59023375 2.87% 0.88% 16489064 38.53% Consumer Staples 115174500 10.73% 1.71% 24844936 36.27% Energy 49180750 2.28% 0.97% 11752028 11.69% Financials 395815750 5.43% 1.06% 105269853 8.61% Health Care 33570000 2.93% 0.42% 5091230-4.55% Industrials 236822250 2.09% 1.21% 45194451-25.85% Information Technology 29585375 5.89% 1.54% 11327680 50.91% Materials 185845000 4.38% 0.20% 30842121-7.33% Telecommunication Services 84616000 8.47% 2.23% 58256916 0.67% Utilities 202286500 5.80% 0.86% 31386436 7.86% Grand Total 1391919500 4.74% 0.97% 340454715 7.68%

NIFTY Support 5870, 5840 Resistance: 5970, 6010 OUTLOOK FOR THE DAY Yesterday, NSE's NIFTY inched higher post positive biased oscillation and regained 5,900 mark on closing. NIFTY closed the session with gains of 33 points at 5,904 level and SENSEX closed the day with increase of 101 points at 19,388 level. NSE Cash segment witnessed the turnover of about Rs. 9,598 crores as compared to Rs. 11,570 crores earlier. Overall market breadth remained positive where 724 stocks advanced against 554 declining stocks. Except CNX METAL & CNX PHARMA, positive trend was witnessed amongst all sectoral indices during the day. CNX MNC & CNX FMCG emerged as a top gainer with increase of 2.6% & 2.3%, respectively while CNX METAL emerged as a top loser with decrease of 1.3%, respectively. On Monday, NIFTY traded in the range of 5,900-5,670 post flat opening for major part of the day on absence of major headlines in the market. Post consolidation, indices rose to 5,919 level amidst quick action and posted gain of 0.6% on closing. Yesterday, we have observed decline in cash segment as compared to previous trading sessions. As mentioned earlier, our near term technical view will remain positive on NIFTY with probable upward move towards 5,970 mark. On lower side, support is placed at 5,760 level on a closing basis. As for the day, support is placed at 5,870 and then at 5,840 levels. Resistance is observed at 5,970 and then 6,010 levels.

Technical Picks Positional Pick COAL INDIA (LTP: 313) SELL For today's trade, short position can be initiated only in Rs.320-325 range for target of Rs.300-290 with a closing based stop loss of Rs.333. Intraday Picks MCLEOD RUSSEL (LTP: 320) - SELL For today's trade, short position can be initiated only in Rs.325-328 range for target of Rs.315-310 with a strict stop loss of Rs.330. Traders are advised to avoid early morning whipsaw. Technical Picks ACC (LTP: 1240) - SELL For today's trade, short position can be initiated only in Rs.1260-1270 range for target of Rs.1230-1215 with a strict stop loss of Rs.1275. Traders are advised to avoid early morning whipsaw.

Name LTP Support 2 Support 1 Pivot Resistance 1 Resistance 2 CNX Nifty 5904.1 5847.3 5875.7 5897.2 5925.6 5947.0 CNX IT 6015.45 5885.5 5950.5 6001.4 6066.3 6117.2 CNX Midcap 7810.4 7683.5 7747.0 7785.0 7848.5 7886.5 AMBUJA CEMENTS LTD 185.05 181.0 183.0 185.6 187.6 190.1 ASIAN PAINTS LIMITED 4713.75 4629.3 4671.5 4719.3 4761.5 4809.3 AXIS BANK LIMITED 1475.4 1448.1 1461.8 1473.9 1487.5 1499.6 BAJAJ AUTO LIMITED 1900 1854.3 1877.1 1905.6 1928.4 1956.9 BANK OF BARODA 698.7 689.4 694.1 699.5 704.2 709.6 BHARTI AIRTEL LIMITED 318.2 307.2 312.7 318.4 323.9 329.6 BHEL 191.6 188.3 189.9 191.2 192.8 194.1 BHARAT PETROLEUM CORP LT 414.3 408.6 411.5 414.1 417.0 419.6 CAIRN INDIA LIMITED 307.1 297.5 302.3 305.1 309.9 312.7 CIPLA LTD 407.5 400.1 403.8 408.8 412.5 417.6 COAL INDIA LTD 313.45 306.1 309.8 315.9 319.6 325.8 DLF LIMITED 241.7 232.4 237.1 240.2 244.8 247.9 DR. REDDY'S LABORATORIES 1997.35 1959.9 1978.6 1998.8 2017.5 2037.7 GAIL (INDIA) LTD 350.9 344.6 347.8 351.6 354.8 358.6 GRASIM INDUSTRIES LTD 2981.15 2895.4 2938.3 2963.3 3006.2 3031.2 HCL TECHNOLOGIES LTD 700.8 662.3 681.6 692.2 711.5 722.1 HDFC LTD 864.2 849.1 856.6 865.6 873.1 882.1 HDFC BANK LTD 695.15 682.5 688.8 692.8 699.2 703.2 HERO MOTOCORP LIMITED 1648.8 1604.5 1626.7 1655.3 1677.4 1706.0 HINDALCO INDUSTRIES LTD 98.85 96.6 97.7 98.7 99.8 100.8 HINDUSTAN UNILEVER LTD. 497.35 442.8 470.1 484.9 512.1 526.9 ICICI BANK LTD. 1153.2 1122.4 1137.8 1148.9 1164.3 1175.4 IDFC LIMITED 156.85 151.9 154.4 156.1 158.6 160.3 INDUSIND BANK LIMITED 477.7 434.7 456.2 470.2 491.7 505.7 INFOSYS LIMITED 2229.3 2158.6 2193.9 2221.4 2256.7 2284.2 ITC LTD 324.65 313.8 319.2 322.1 327.6 330.5 JINDAL STEEL & POWER LTD 301.3 283.1 292.2 304.1 313.2 325.1 JAIPRAKASH ASSOCIATES LTD 77.05 73.2 75.1 76.4 78.3 79.6 KOTAK MAHINDRA BANK LTD 709 693.9 701.5 707.5 715.1 721.1 LARSEN & TOUBRO LTD. 1529.8 1506.7 1518.3 1532.6 1544.2 1558.5 LUPIN LIMITED 686.6 675.7 681.2 689.6 695.0 703.4 MAHINDRA & MAHINDRA LTD 902.2 885.2 893.7 899.7 908.2 914.3 MARUTI SUZUKI INDIA LTD. 1683.5 1659.4 1671.5 1687.9 1700.0 1716.4 NMDC LTD. 123.55 120.0 121.8 125.1 126.9 130.2 NTPC LTD 156 154.0 155.0 156.0 157.0 158.0 OIL AND NATURAL GAS CORP. 328.85 321.2 325.0 328.8 332.6 336.4 PUNJAB NATIONAL BANK 784.8 765.5 775.2 782.6 792.2 799.6 POWER GRID CORP. LTD. 110.45 108.6 109.5 110.5 111.4 112.3 RANBAXY LABS LTD 457.75 452.2 455.0 459.0 461.7 465.7 RELIANCE INDUSTRIES LTD 792.65 782.9 787.8 793.3 798.2 803.8 RELIANCE INFRASTRUCTU LTD 382.25 356.9 369.6 377.7 390.4 398.5 STATE BANK OF INDIA 2273.55 2234.4 2254.0 2281.7 2301.3 2329.1 SESA GOA LTD 155.2 147.9 151.5 153.7 157.3 159.5 SUN PHARMACEUTICALS IND. 940.5 916.2 928.3 948.0 960.1 979.8 TATA MOTORS LIMITED 296.15 289.0 292.6 295.7 299.3 302.4 TATA POWER CO LTD 95.3 93.9 94.6 95.3 96.0 96.7 TATA STEEL LIMITED 302.45 297.8 300.1 303.4 305.7 309.0 TATA CONSULTANCY SERV LT 1370.75 1353.8 1362.3 1373.5 1382.0 1393.2 ULTRATECH CEMENT LIMITED 1918.25 1866.4 1892.3 1911.2 1937.1 1956.0

Deal Date Scrip Code Company Client Name Deal Type* Quantity Price ** 29/04/2013 526347 ACCLAIM IND PARKES MULTI TRADE PRIVATE LIMITED S 34,875 8.65 29/04/2013 526347 ACCLAIM IND CEEPLAST TRADING COMPANY PVT LTD B 65,000 8.71 29/04/2013 526347 ACCLAIM IND MULBERRY MERCANTILE PRIVATE LIMITED S 66,000 8.71 29/04/2013 526347 ACCLAIM IND MULBERRY MERCANTILE PRIVATE LIMITED B 60,175 8.61 29/04/2013 531592 ADI Rasayan ARNAV GREEN ENERGY LIMITED B 62,000 16.05 29/04/2013 531838 AKL SOF INFO MAHESHCHANDRA CHUNILAL SHAH S 2,764,629 0.51 29/04/2013 531838 AKL SOF INFO MAHESHCHANDRA CHUNILAL SHAH B 3,141,864 0.51 29/04/2013 532919 Allied Comp PATEL YOGESHBHAI R S 696,537 0.38 29/04/2013 524760 Arvind Intl-$ RUCHIKA BAJORIA S 80,500 10 29/04/2013 511628 BRESCON CORP TECK CONSULTANCY & SERVICES PVT LTD B 43,000 175 29/04/2013 511628 BRESCON CORP TECK CONSULTANCY AND SERVICESPVT LTD B 43,000 175 29/04/2013 511628 BRESCON CORP NIRMAL KUMAR DEEPCHAND GANGWAL S 84,800 175 29/04/2013 512169 Capricorn Systems GEETA YOGENDER KHANDELIYA S 150,000 27.2 29/04/2013 512169 Capricorn Systems SURESH KUMAR AGARWAL S 69,000 27.2 29/04/2013 512169 Capricorn Systems VINOD SARAF B 100,000 27.2 29/04/2013 512169 Capricorn Systems KAVITA SARAF B 100,000 27.20 29/04/2013 531648 Croitre Inds SURESH LAXMAN MANDAVKAR S 50,000 10.65 29/04/2013 531648 Croitre Inds SURESH LAXMAN MANDAVKAR B 50,000 11.38 29/04/2013 531648 Croitre Inds DHARMENDRA HARILAL BHOJAK S 101,000 10.99 29/04/2013 531648 Croitre Inds BLUE ARCADE CONSTRUCTIONS PVT LTD B 100,000 10.63 29/04/2013 531601 GCV SERV AVICHAL SECURITIES PRIVATE LIMITED S 2,039,160 0.6 29/04/2013 531601 GCV SERV ARISTO MEDIA & ENTERTAINMENT PVT LTD B 2,039,060 0.6 29/04/2013 532857 Glory Polyfilms STREAMLINE SHIPPING COMPANY PVT LTD S 406,895 1.35 29/04/2013 590132 Jay Mahesh Infra JAYA VEERAVENKATA D PRAKASH MADDULA S 32,300 50.38 29/04/2013 590132 Jay Mahesh Infra JAYA VEERAVENKATA D PRAKASH MADDULA B 32,836 50.62 29/04/2013 531206 Kwality Cred DHARMENDRA KOTHARI S 50,000 63.3 29/04/2013 530039 Lords Chemicals ASHWIN RASIKLAL JANI B 100,000 18.6 29/04/2013 534708 RCL Retail GUINESS SECURITIES LIMITED B 190,000 11.29 29/04/2013 534708 RCL Retail R.MANISH KUMAR S 180,000 11.36 29/04/2013 511585 Regency Trust AVICHAL SECURITIES PRIVATE LIMITED S 140,000 23.4 29/04/2013 511585 Regency Trust ARISTO MEDIA & ENTERTAINMENT PVT LTD B 140,000 23.4 29/04/2013 531695 SHREYCHEM SWETA TIBREWALA B 100,000 7.65 29/04/2013 531695 SHREYCHEM GANESH BHAGOJI KHAIRE S 159,332 7.65 29/04/2013 531695 SHREYCHEM HARI KISHAN PRAHLADKA B 200,000 7.65 29/04/2013 531695 SHREYCHEM NRUPAL NARESHCHANDRA RAJA S 69,995 7.65 29/04/2013 523301 TCPL Pack-$ ANIL KUMAR GOEL B 50,300 70 29/04/2013 523301 TCPL Pack-$ BISHWANATH PRASAD AGARWAL S 50,000 70 29/04/2013 590111 VAISHNAVI MOHANARAO KARRA B 123,000 3.9 29/04/2013 590111 VAISHNAVI BADDULA RAVINDRA S 100,000 3.9 29/04/2013 506142 Vyapar Inds LIMITLESS YARN TRADERS & MANUFAC. LTD B 61,600 27.86 29/04/2013 503675 WAGEND DEVCHAND MULJI SHAH S 340,000 28.39 29/04/2013 503675 WAGEND DINESH SUNDERJI SHAH S 250,000 28.27 *B - Buy, S - Sell, ** = Weighted Average Trade Price / Trade Price *Note: 1. The above data is subject to change, based on the request of the members who have executed the deals. 2. To know more about Bulk Deals click here.

Monthly Economic Calendar Date Country Event Period Prior 25-Apr-13 UK GDP (QoQ) 1Q -0.3% 25-Apr-13 UK GDP (YoY) 1Q 0.2% 25-Apr-13 US Initial Jobless Claims Apr -- 25-30 APR India Eight Infrastructure Industrie Mar -- 26-Apr-13 US GDP QoQ (Annualized) 1Q 0.4% 26-Apr-13 US U. of Michigan Confidence Apr -- 29-Apr-13 UK Nat'wide House prices sa (MoM) Apr 0.0% 29-Apr-13 UK Nat'wide House prices nsa(yoy) Apr 0.8% 30-Apr-13 US Consumer Confidence Apr 59.7

General Disclaimers: This Research Report (hereinafter called 'Report') is prepared and distributed by Reliance Securities Limited (RSL) for information purposes only. The views herein constitute only the opinions and do not constitute any guidelines or recommendation and should not be deemed or construed to be neither advice for the purposes of purchase or sale of any security, derivatives or any other security through RSL 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 investigations. Readers are 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 RSL to be reliable. RSL or its directors, employees, affiliates or representatives do not assume any responsibility for, or warrant the accuracy, completeness, adequacy and reliability of such information / opinions / views. While 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 RSL 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. Risks: Trading and investment in securities are subject market risks. There are no assurances or guarantees that the objectives of any of trading / investment in securities will be achieved. The trades/ investments referred to herein may not be suitable to all categories of traders/investors. The names of securities mentioned herein do not in any manner indicate their prospects or returns. The value securities referred to herein may be adversely affected by the performance or otherwise of the respective issuer companies, changes in the market conditions, micro and macro factors and forces affecting capital markets like interest rate risk, credit risk, liquidity risk and reinvestment risk. Derivative products may also be affected by various risks including but not limited to counter party risk, market risk, valuation risk, liquidity risk and other risks. Besides the price of the underlying asset, volatility, tenor and interest rates may affect the pricing of derivatives. Disclaimers in respect of jurisdiction: The possession, circulation and/or distribution of this Report may be restricted or regulated in certain jurisdictions by appropriate laws. No action has been or will be taken by RSL 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. RSL requires such recipient to inform himself about and to observe any restrictions at his own expense, without any liability to RSL. Any dispute arising out of this Report shall be subject to the exclusive jurisdiction of the Courts in India. Disclosure of Interest: The research analysts who have prepared this Report hereby certify that the views /opinions expressed in this Report are their personal independent views/opinions in respect of the securities and their respective issuers. Neither RSL nor the research analysts did have any known direct /indirect conflict of interest including any long/short position(s) in any specific security on which views/opinions have been made, during the preparation of this Report. Copyright: The copyright in this Report belongs exclusively to RSL. This Report shall only be read by those persons to whom it has been delivered. No reprinting, reproduction, copying, distribution of this Report in any manner whatsoever, in whole or in part, is permitted without the prior express written consent of RSL. Important These disclaimers, risks and other disclosures must be read in conjunction with the information / opinions / views of which they form part of. Reliance Securities Limited is a Stock Broker with Bombay Stock Exchange Limited (SEBI Registration Nos. INB011234839, INF011234839 and INE011234839); with National Stock Exchange of India Limited (SEBI Registration Nos. INB231234833, I NF231234833, and INE231234833); and with MCX Stock Exchange Limited (SEBI Registration No. INE261234833)