Samco Securities and its affiliates are a discount brokerage group. Samco Securities is a Stock Broker and a Depository Participant registered with Securities and Exchange Board of India Limited (SEBI) having Reg. No asINZ000002535 and is regulated by SEBI. Samco Securities is registered as a Research Entity under the SEBI (Research Analysts) Regulations, 2014. SEBI Reg.No.- INH000005847.
Samco Securities makes best endeavour to ensure that the research analyst(s) use current, reliable, comprehensive information and obtain such information from sources which the analyst(s) believes to be reliable. However, such information has not been independently verified by Samco Securities and/or the analyst(s) and no representation or warranty, express or implied, is made as to the accuracy or completeness of any information obtained from third parties. The information, opinions, views expressed in the Research Reports will be those of the research analyst as at the date of publishing the Research Reports which are subject to change with passage of time or when new material is available and they do not represent to be an authority on the subject. Samco Securities may or may not subscribe to any and/ or all the views expressed herein.
This information is strictly confidential and is being furnished to you solely for your information. This information should not be reproduced or redistributed or passed on directly or indirectly in any form to any other person or published, copied, in whole or in part, for any purpose. This report is not directed 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, regulation or which would subject Samco Securities and associates / group companies to any registration or licensing requirements within such jurisdiction. The distribution of this report in certain jurisdictions may be restricted by law, and persons in whose possession this report comes, should observe, any such restrictions. The information given in this report is as of the date of this report and there can be no assurance that future results or events will be consistent with this information. This information is subject to change without any prior notice. Samco Securities reserves the right to make modifications and alterations to this statement as may be required from time to time. Samco Securities or any of its associates / group companies shall not be in any way responsible for any loss or damage that may arise to any person from any inadvertent error in the information contained in this report. Neither Samco Securities nor any of its associates, group companies, directors, employees, agents or representatives shall be liable for any damages whether direct, indirect, special or consequential including loss of revenue or lost profits that may arise from or in connection with the use of the information. Our proprietary trading and investment businesses may make investment decisions that are inconsistent with the recommendations expressed herein. Past performance is not necessarily a guide to future performance .The disclosures of interest statements incorporated in this report are provided solely to enhance the transparency and should not be treated as endorsem*nt of the views expressed in the report. The information provided in these reports remains, unless otherwise stated, the copyright of Samco Securities. All layout, design, original artwork, concepts and other Intellectual Properties, remains the property and copyright of Samco Securities and may not be used in any form or for any purpose whatsoever by any party without the express written permission of the copyright holders.
Samco Securities and its associates, officer, directors, and employees, research analyst (including relatives) may: (a) from time to time, have long or short positions in, and buy or sell the Securities, mentioned herein or (b) be engaged in any other transaction involving such Securities and earn brokerage or other compensation or act as a market maker in the financial instruments of the subject company/company(ies) discussed herein or act as advisor or lender/borrower to such company(ies) or have other potential/material conflict of interest with respect to any recommendation and related information and opinions at the time of publication of research report or at the time of public appearance. Samco Securities may have proprietary long/short position in the above mentioned scrip(s) and therefore should be considered as interested. The views provided herein are general in nature and do not consider risk appetite or investment objective of any particular investor; readers are requested to take independent professional advice before investing. This should not be construed as invitation or solicitation to do business with Samco Securities. Samco Securities or its associates may have received compensation from the subject company in the past 12 months. Samco Securities or its associates may have managed or co-managed public offering of securities for the subject company in the past 12 months. Samco Securities or its associates may have received compensation for investment banking or merchant banking or brokerage services from the subject company in the past 12 months. Samco Securities or its associates may have received any compensation for products or services other than investment banking or merchant banking or brokerage services from the subject company in the past 12 months. Samco Securities or its associates have not received any compensation or other benefits from the Subject Company or third party in connection with the research report. Research analyst or his/her relative or Samco Securities’s associates may have financial interest in the subject company. Samco Securities and/or its Group Companies, their Directors, affiliates and/or employees may have interests/ positions, financial or otherwise in the Securities/Currencies and other investment products mentioned in this report. Samco Securities, its associates, research analyst and his/her relative may have other potential/material conflict of interest with respect to any recommendation and related information and opinions at the time of publication of research report or at the time of public appearance.
Research analyst has served as an officer, director or employee of subject Company: No
Samco Securities has financial interest in the subject companies: No
Samco Securities’s 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. Disclosure No
Research analyst or his/her relative has 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: No
Samco Securities has 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: No
Subject company may have been client during twelve months preceding the date of distribution of the research report.
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.
Samco Securities Limited is Mutual Fund Distributor registered with AMFI (ARN -120121).
