The information and views presented here are prepared by Karvy Capital Ltd. The
information contained herein is based on our analysis and upon sources that we consider
reliable. We, however, do not vouch for the accuracy or the completeness thereof.
This material is for personal information and we are not responsible for any loss
incurred based upon it. This document is solely for the personal information of
the recipient, and must not be singularly used as the basis of any investment decision.
Nothing in this document should be construed as investment or financial advice.
The investments discussed or recommended here may not be suitable for all investors.
Investors must make their own investment decisions based on their specific investment
objectives and financial position and using such independent advice, as they believe
necessary. While acting upon any information or analysis mentioned here, investors
may please note that neither Karvy Capital Ltd nor any person connected with any
associated companies of Karvy Capital Ltd accepts any liability arising from the
use of this information and views mentioned here. Each recipient of this document
should make such investigations as they deem necessary to arrive at an independent
evaluation of an investment in the securities of the companies referred to in this
document (including the merits and risks involved), and should consult their own
advisors to determine the merits and risks of such an investment.
Karvy Capital Ltd, its affiliates, directors, its proprietary trading and investment
businesses (hereinafter referred to as Karvy) may, from time to time, make investment
decisions that are inconsistent with or contradictory to the recommendations expressed
herein. The views contained in this document are those of the analyst, and the company
may or may not subscribe to all the views expressed within. Reports based on technical
and derivative analysis center on studying charts of a stock's price movement, outstanding
positions and trading volume, as opposed to focusing on a company's fundamentals
and, as such, may not match with a report on a company's fundamentals. The information
in this document has been printed on the basis of publicly available information,
internal data and other reliable sources believed to be true, but we do not represent
that it is accurate or complete and it should not be relied on as such, as this
document is for general guidance only.
The author, directors and other employees of Karvy and its affiliates may hold long
or short positions in the above-mentioned assets from time to time. Every employee
of Karvy and its associated companies are required to disclose their individual
stock holdings and details of trades, if any, that they undertake. The team rendering
corporate analysis and investment recommendations are restricted in purchasing/selling
of shares or other securities till such a time this recommendation has either been
displayed or has been forwarded to clients of Karvy. All employees are further restricted
to place orders only through Karvy Stock Broking Ltd and Karvy Comtrade Ltd.
Any information given in this document on tax are for guidance only, and should
not be construed as tax advice. Investors are advised to consult their respective
tax advisers to understand the specific tax incidence applicable to them. We also
expect significant changes in the tax laws once the new Direct Tax Code is in force
- this could change the applicability and incidence of tax on equity investments.
Karvy Capital Ltd Operates from within India and is subject to Indian regulations.
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