This e-mail /message may contain confidential, proprietary or legally privileged information. It should not be used by anyone who is not the original intended recipient. If you have erroneously received this message, please delete it immediately and notify the sender. The recipient acknowledges that Motilal Oswal Securities Limited [MOSt], Motilal Oswal Financial Services Ltd (MOFSL) and or its affiliate companies (hereinafter referred to as Motilal Oswal Group), as the case may be, are unable to exercise control or ensure or guarantee the integrity of/over the contents of the information contained in e-mail or its attachment, and further acknowledges that any views expressed in this message are those of the individual sender and no binding nature of the message shall be implied or assumed unless the sender does so expressly with due authority of Motilal Oswal Group, as applicable. Information mentioned in the email or in its attachment is for personal information of the intended recipient and does not construe to be any investment advice, legal or taxation advice to you. The above information does not constitute an offer, invitation or inducement to invest in securities or other investments and Motilal Oswal Group is not soliciting any action based upon it. Information in the email or its attachment is not for public distribution and has been furnished to you solely for your purpose and should not be reproduced or redistributed to any other person in any form.

Unauthorized disclosure, use, dissemination or copying (either whole or partial) of this information, is prohibited. The person accessing this information specifically agrees to exempt Motilal Oswal Group or employees from, any and all responsibility/liability arising from such misuse and agrees not to hold Motilal Oswal Group or employees responsible for any such misuse and further agrees to hold Motilal Oswal Group or employees free and harmless from all losses, costs, damages, expenses that may be suffered by the person accessing this information due to any errors and delays.

The information contained herein is based on publicly available data or other sources believed to be reliable. All efforts will be made to update the information herein on reasonable basis, Motilal Oswal Group / employees are under no obligation to update the information. Also there may be regulatory, compliance, or other reasons that may prevent Motilal Oswal Group / employees from doing so. Motilal Oswal Group or employees shall not be in any way responsible and liable for any loss or damage that may arise to any person from any inadvertent error in the information contained in this email. Motilal Oswal Group or employees do not provide, at any time, any express or implied warranty of any kind, regarding any matter pertaining to this report, including without limitation the implied warranties of merchantability, fitness for a particular purpose, and non-infringement. The recipients of this report should rely on their own investigations.

The information above may be distributed to institutional investors or to recipients who are not institutional investors, Motilal Oswal Group does not conduct a suitability analysis prior to dissemination of such information, Each recipient, should therefore seek advice of their independent financial advisor prior to taking any investment decision based on information given above or for any necessary explanation of its contents.

Motilal Oswal Group and/or employees/ analyst may have interests/positions, financial or otherwise in securities mentioned herein above

Motilal Oswal Group is a full-service, investment banking, investment management, brokerage and financing group. We and our affiliates have investment banking and other business relationships and may deal in the securities mentioned herein as a broker or for any other transaction as a Market Maker, Investment Advisor, etc. to the issuer company or its connected persons. In addition, Motilal Oswal Group has other business units with independent research teams separated by 'Chinese walls' catering to different sets of customers having varying objectives, risk profiles, investment horizon, etc and therefore, may at times have, different and contrary views on stocks, sectors and markets.

Motilal Oswal Group generally prohibits its analysts, persons reporting to analysts, and members of their households from maintaining a financial interest in the securities or derivatives of any companies that the analysts cover. Additionally, Motilal Oswal Group generally prohibits its analysts and persons reporting to analysts from serving as an officer, director, or advisory board member of any companies that the analysts cover. Our salespeople, traders, and other professionals may provide oral or written market commentary or trading strategies to our clients that reflect opinions that are contrary to the opinions expressed herein, and our proprietary trading and investing businesses may make investment decisions that are inconsistent with the recommendations expressed herein. In reviewing these materials, you should be aware that any or all of the foregoing, among other things, may give rise to real or potential conflicts of interest.

Third Party Links


Motilal Oswal Group suggests that you always verify the information obtained from linked sites before acting upon this information. Motilal Oswal Group is not an agent for linked third parties nor do we endorse or guarantee their performance. The information or advice offered by linked third parties may not be products of Motilal Oswal Group. Also, please be aware that the security and privacy policies on linked sites may be different from our policies, so please read third party privacy and security policies closely. If you have any questions or concerns about the products and services offered on linked third party sites, please contact the third party directly.

Regional Disclosures (outside India):

This report is not directed or intended for distribution to or use by any person or entity resident in a state, country or any jurisdiction, where such distribution, publication, availability or use would be contrary to law, regulation or which would subject Motilal Oswal Group or employees to registration or licensing requirements within such jurisdictions.

For U.K.

This report is intended for distribution only to persons having professional experience in matters relating to investments as described in Article 19 of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (referred to as "investment professionals"). This document must not be acted on or relied on by persons who are not investment professionals. Any investment or investment activity to which this document relates is only available to investment professionals and will be engaged in only with such persons.

For U.S.

Motilal Oswal Securities Limited (MOSL) is not a registered broker - dealer under the U.S. Securities Exchange Act of 1934, as amended (the"1934 act") and under applicable state laws in the United States. In addition MOSL is not a registered investment adviser under the U.S. Investment Advisers Act of 1940, as amended (the "Advisers Act" and together with the 1934 Act, the "Acts), and under applicable state laws in the United States. Accordingly, in the absence of specific exemption under the Acts, any brokerage and investment services provided by MOSL, including the products and services described herein are not available to or intended for U.S. persons.

This report is intended for distribution only to "Major Institutional Investors" as defined by Rule 15a-6(b)(4) of the Exchange Act and interpretations thereof by SEC (henceforth referred to as "major institutional investors"). This document must not be acted on or relied on by persons who are not major institutional investors. Any investment or investment activity to which this document relates is only available to major institutional investors and will be engaged in only with major institutional investors. In reliance on the exemption from registration provided by Rule 15a-6 of the U.S. Securities Exchange Act of 1934, as amended (the "Exchange Act") and interpretations thereof by the U.S. Securities and Exchange Commission ("SEC") in order to conduct business with Institutional Investors based in the U.S., MOSL has entered into a chaperoning agreement with a U.S. registered broker-dealer, Motilal Oswal Securities International Private Limited. ("MOSIPL"). Any business interaction pursuant to this report will have to be executed within the provisions of this chaperoning agreement.

The Research Analysts contributing to the report may not be registered /qualified as research analyst with FINRA. Such research analyst may not be associated persons of the U.S. registered broker-dealer, MOSIPL, and therefore, may not be subject to NASD rule 2711 and NYSE Rule 472 restrictions on communication with a subject company, public appearances and trading securities held by a research analyst account.

For Singapore

Motilal Oswal Capital Markets Singapore Pte Limited is acting as an exempt financial advisor under section 23(1)(f) of the Financial Advisers Act(FAA) read with regulation 17(1)(d) of the Financial Advisors Regulations and is a subsidiary of Motilal Oswal Securities Limited in India. This research is distributed in Singapore by Motilal Oswal Capital Markets Singapore Pte Limited and it is only directed in Singapore to accredited investors, as defined in the Financial Advisers Regulations and the Securities and Futures Act (Chapter 289), as amended from time to time.

In respect of any matter arising from or in connection with the research you could contact the following representatives of Motilal Oswal Capital Markets Singapore Pte Limited:

Anosh Koppikar

Kadambari Balachandran

Email: [email protected]

Email: [email protected]

Contact: (+65)68189232

Contact: (+65) 68189233 / 65249115