Pravin Ratilal Share and Stock Brokers Limited (“PRSSBL”) is regulated by the Securities and Exchange Board of India (“SEBI”) and is licensed to carry on the business of broking, depository participant services, and other related capital market activities. PRSSBL and its associates conduct businesses related to broking, depository services with NSDL, and distribution of mutual funds.

There have been no instances of non-compliance by PRSSBL on any matter related to the capital markets, resulting in significant and material disciplinary action during the last three years.

This research report is prepared and distributed by PRSSBL in its capacity as a Research Analyst as per Regulation 22(1) of SEBI (Research Analysts) Regulations, 2014, with SEBI Registration No.: INZ000206732. Broking services are offered under SEBI Registration No.: INZ000206732 (Member of NSE and BSE). PRSSBL CIN: U67120GJ1994PLC022117. Depository participant with SEBI registration no: IN-DP-607-2021 (NSDL).

Office: Sakar-1, 5th Floor, East Wing, Opp. Gandhigram Railway Station, Ashram Road, Navrangpura, Ahmedabad, Gujarat 380009.
Phone: 079-2655 3700, 079-6630 2700
General Email: info@pravinratilal.com
Investor Grievance Email: ig@pravinratilal.com
Compliance Officer: Mr. Pragnesh Shah (pragnesh@pravinratilal.com, 079-26553757).

This report does not constitute an offer or solicitation for the purchase or sale of any financial instrument or an official confirmation of any transaction. The information contained herein is from publicly available sources believed to be reliable, but PRSSBL does not represent that it is accurate or complete. This report is for informational assistance only and is not to be used as the sole basis for an investment decision. The user assumes all risk of any use of this information. Recipients must independently investigate and evaluate any investment related to the securities referred to herein (including the merits and risks) and consult their own advisors.

This information is strictly confidential and for your information only. It should not be reproduced, redistributed, or passed on directly or indirectly in any form to others without PRSSBL’s prior written consent. This report is not intended for distribution to, or use by, any person or entity in any jurisdiction where such distribution or use would be contrary to law or regulation, or would subject PRSSBL and associates/group companies to any registration or licensing requirement. Persons in possession of this report should be aware of and comply with all such restrictions.

Information herein is current as of the date of the report. PRSSBL provides no assurance that future results or events will align with this information, and it may change without prior notice.

PRSSBL and its group companies accept no liability for any loss or damage resulting from any inadvertent error in this report. PRSSBL strives to provide independent, transparent recommendations. Neither PRSSBL nor any associates, group companies, directors, employees, or agents will be liable for any direct, indirect, special, or consequential damages including loss of revenue or profit resulting from use of this information. Proprietary trading or investment businesses of PRSSBL may make investment decisions that are inconsistent with recommendations here. Past performance is not a guide to future performance. Disclosures of interest are intended to enhance transparency and do not constitute endorsement.

Reports published, emailed, texted, or sent via online messengers and mobile app (1Click by PRSSB) by PRSSBL, or recommendations given during “public appearance”, are for informational purposes only. The user assumes all risk from any use of this information. Reports may be received at different times by different clients; receipt does not create a client relationship. These reports are not for public distribution and may not be reproduced or disseminated, except with written permission from PRSSBL.

PRSSBL will not be liable for any delays or interruptions in the presentation of data due to system breakdowns, network issues, or any other cause. Reports are made available to PRSSBL clients and prospects; not all may receive them timely, and receipt does not confer client status.

PRSSBL, its associates, officers, directors, employees, or research analysts (including relatives) may (a) at times have long or short positions in, and buy or sell, the securities referred to herein, or (b) be engaged in transactions involving such securities and earn brokerage or compensation, act as advisor, or lender/borrower to such companies or have other actual or potential conflicts of interest at the time of publication or public appearance.

• PRSSBL may have proprietary long/short positions in securities noted here and should be considered interested
• Views are general and may not account for individual risk appetite or objectives; independent professional advice is recommended.
• This should not be interpreted as an invitation or solicitation to do business with PRSSBL.
• Recommendations are based on a 12-month horizon unless otherwise specified. Ratings definitions:
• Buy: Upside >15%
• Accumulate: Upside 5% to 15%
• Hold: Downside/Upside -5% to +5%
• Reduce: Downside 5% to 15%
• Sell: Downside >15%

Disclosures:

• Research analysts did not serve as officer, director, or employee of subject companies.
• PRSSBL has no financial interest in subject companies.
• PRSSBL’s associates may have actual/beneficial ownership of 1% or more in subject company securities in the month immediately preceding this report.
• Research analyst or relatives do not hold 1% or more in subject companies.
• PRSSBL may own 1% or more in subject companies as of last month.
• Subject companies have not been clients during the preceding 12 months.

No significant or material disciplinary action has been taken against PRSSBL in the last three years.

A graph of daily closing prices for the securities is available at www.nseindia.com

SEBI registration and NISM certification do not guarantee compliance or returns.

Investment in securities market is subject to market risks. Read all related documents carefully before investing.