Research Analyst Disclosures & Disclaimers

Market Pulse Securities Private Limited ("MPSPL", "Punch", or "Research Entity") is a SEBI-registered Research Analyst (Registration No. INH000024824) and is also licensed to carry on the business of broking, depository services, and related activities.

This report is prepared strictly for informational and assistance purposes and does not constitute an offer, solicitation, or invitation to purchase or sell any financial instrument. The information contained herein is based on publicly available data believed to be reliable; however, MPSPL makes no representation or warranty, express or implied, regarding the accuracy, completeness, or reliability of such data. Information, opinions, and estimates reflect a judgment as of the original date of publication and are subject to change without notice.

The views provided are general in nature and do not consider the specific risk appetite, financial position, or investment objectives of any particular investor. We strongly recommend that investors seek independent professional advice before investing. Past performance should not be taken as an indication or guarantee of future performance. The price and value of securities mentioned may fluctuate, positively or adversely, due to exchange rates or market conditions. Investors should not solely rely on this report for making investment decisions. (Note: Daily closing price charts of securities are available at NSE India and BSE India and Punch).

We offer our research services to clients as well as our prospects. Though this report is disseminated to all the customers simultaneously, not all customers may receive this report at the same time. We will not treat recipients as clients by virtue of their receiving this report. This should not be construed as invitation or solicitation to do business with MPSPL.

No material disciplinary action has been taken on MPSPL by any regulatory authority impacting Research Analysis activities.

MPSPL, its associates, group companies, directors, employees, or agents shall not be liable for any direct, indirect, special, or consequential damages, including lost profits or revenue, arising out of or in connection with the use of the information contained in this report.

The information, layout, design, and intellectual property contained in this report remain the copyright of MPSPL. This report may not be reproduced, copied, redistributed, or published, in whole or in part, without the express written permission of MPSPL. This report is not intended for distribution or use by any person or entity in any jurisdiction (especially the United States of America) where such distribution would be contrary to local law or regulation, or subject MPSPL to licensing requirements.

MPSPL utilizes Artificial Intelligence to source, analyze, and consolidate publicly available information to assist in constructing this Research Report. However, all reports are thoroughly vetted, edited, and approved by a registered Research Analyst prior to distribution. The final opinions and recommendations expressed herein belong exclusively to the Research Analyst.

The Research Analyst(s) authorising this report hereby certify that all views expressed, accurately reflect their personal views about the subject company/companies and its/their securities and that the analyst(s) have no known conflict of interest and no part of their compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed in this report.

• The Research Analyst, MPSPL, or its associates/relatives do not have any financial interest in the subject company. They may however have trading positions/holding in securities mentioned in this report, from time to time.
• The Research Analyst, MPSPL, or its associates/relatives does not have actual/beneficial ownership of 1% or more securities in the subject company at the end of the month immediately preceding the report.
• The Research Analyst, MPSPL, or its associates/relatives does not have any other material conflict of interest at the time of publication
• The Research Analyst and MPSPL or its associates have not received compensation/benefits from the subject company or third party in connection with the research report in the past twelve months (for brokerage, investment banking, merchant banking, or other services)
• The Research Analyst and MPSPL has not managed or co-managed public offering of securities for the subject company in the past twelve months
• The Research Analyst has not served as an officer, director, or employee of the subject company
• The Research Analyst or MPSPL are not engaged in market-making activity for the subject company.
• The subject company is not currently, and has not been in the past 12 months, a client of the Research Analyst or MPSPL for any services.

SEBI Research Analyst Registration No. INH000024824 | BSE RA Enlistment No. 6924 | Designated Research Analyst: Arshad Fahoum | Compliance Officer: Hiral Jain | Registered Office - 4th Floor, Agnelo House, SV Road, Khar West, Mumbai - 400052 | CIN U67190MH2021PTC356067

Registration granted by SEBI, membership of a SEBI recognized supervisory body, and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. Investment in securities market are subject to market risks. Read all the related documents carefully before investing. The securities quoted are for illustration only and are not recommendatory.

SEBI Stock broking Registration No. INZ000300936 | SEBI Depository Participant Registration No. IN-DP-686-2022 Depository Participant ID: CDSL 12095300 | Trading and Clearing Member of NSE (90253, M70035) and BSE (6845) | Contact No: +91 22 48972681 Email id: writetous@punch.trade