Disclaimer: The information contained herein is subject to changes without prior notice. This information does not constitute an offer to sell or solicitation for the purchase or sale of any financial instrument or as an official confirmation of any transaction.

The information contained herein is obtained from publicly available data or other sources believed to be reliable and Sharekhan has not independently verified the accuracy and completeness of the said data and hence it should not be relied upon as such. While we would endeavor to update the information herein on reasonable basis, Sharekhan, its subsidiaries and associated companies, their directors and employees (“Sharekhan and affiliates”) are under no obligation to update or keep the information current. Also, there may be regulatory, compliance, or other reasons that may prevent Sharekhan and affiliates from doing so. This information is prepared for assistance only and is not intended to be and must not alone be taken as the basis for an investment decision. Past performance is not necessarily a guide to future performance and value of investments can go down as well. The user assumes the entire risk of any use made of this information. The user should make such investigations as he/she deems necessary to arrive at an independent evaluation of an investment in the securities referred to herein (including the merits and risks involved), and should consult his/her own advisors (including tax advisors) to determine the merits and risks of such an investment.

The investment discussed or views expressed may not be suitable for all investors and there may be better/alternate investment avenues available. We do not undertake to advise you as to any change of our views. Affiliates of Sharekhan may have issued other reports that are inconsistent with and reach different conclusions from the information presented herein. This information 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 Sharekhan and affiliates to any registration or licencing requirement within such jurisdiction. The securities described herein may or may not be eligible for sale in all jurisdictions or to certain category of investors. Persons in whose possession this information may come are required to inform themselves of and to observe such restriction.

The analyst certifies that the analyst has not dealt or traded directly or indirectly in securities of the company and that all of the views expressed in this document accurately reflect his or her personal views about the subject company or companies and its or their securities and do not necessarily reflect those of Sharekhan. The analyst further certifies that neither he/she nor his/her relatives have any direct or indirect financial interest nor have actual or beneficial ownership of 1% or more in the securities of the company nor have any material conflict of interest nor has served as officer, director or employee or engaged in market making activity of the company.

Further, the analyst has also not been a part of the team which has managed or co-managed the public offerings of the company and no part of the analyst’s compensation was, is or will be, directly or indirectly related to specific recommendations or views expressed in this document. Either Sharekhan or its affiliates may be materially interested in any of the securities or related securities referred to in herein and they may have used the information set forth herein before publication. Sharekhan may from time to time solicit from, or perform investment banking, or other services for, any company mentioned herein. Without limiting any of the foregoing, in no event shall Sharekhan, any of its affiliates or any third party involved in, or related to, computing or compiling the information have any liability for any damages of any kind. Sharekhan and/or its associates receive commission for distribution of mutual funds from various asset management companies (AMCs) and the details of the commission rates earned from various mutual fund houses is available on our website. Sharekhan or its associates may have received commission from AMCs whose funds are mentioned in the report during the period preceding twelve months from the date of this report for distribution of mutual funds. Sharekhan also provides stock broking services to institutional clients including AMCs and hence may have received brokerage for security transactions done by any of the above AMCs during the period preceding twelve months. Sharekhan may offer or distribute mutual fund schemes of BNP Paribas Asset Management India Private Limited as both entities are part of the same group BNP Paribas SA.

Compliance Officer: Joby John Meledan; Tel: 022-61150000; for any queries or grievances kindly e-mail at igc@sharekhan.com or contact: myaccount@sharekhan.com.