Indian Markets

Index Last Trade Daily MTD YTD

Nifty 5,511 1.1% 3% -10%

Sensex 18,359 1.1% 3% -10%

CNX Bank 10,958 2.2% 5% -7%

CNX IT 6,733 0.7% 1% -10%

Global Markets

Index Last Trade Daily MTD YTD

S&P 500 1,282 -1.1% -3% 2%

Nikkei 9,094 5.7% -14% -11%

Dow Jones 11,855 -1.1% -3% 2%

Hang Seng 22,701 0.1% -3% -1%

KOSPI 1,958 1.8% 1% -5%

CAC 3,755 -0.7% -9% -1%

DAX 6,658 0.2% -8% -4%

FTSE 5,666 -0.5% -5% -4%

Commodities

Last Trade Daily MTD YTD

Crude Oil 98 1.3% 2% 6%

Brent 113 1.9% 1% 21%

Gold 1,397 0.1% -1% -2%

Silver 34 -0.3% 1% 10%

Copper 423 2.1% -6% -5%

Aluminium 2,461 -2.5% -4% 0%

CRY Index 338 -3.6% -4% 2%

Sugar 26 1.9% -11% -11%

Currencies

Last Trade Month Back Year Back

$ - Re 45.14 45.27 44.71

$ - ¥ 80.67 81.78 81.12

$ - € 0.72 0.72 0.75

$ - £ 0.62 0.62 0.64

Dollar Index Spot 76.51 76.89 79.03

Asian Dollar Index 116.09 116.23 116.46

Turnovers (Rs. Mn)

16-Mar % ch

Cash * 147,597 -11%

F&O (NSE ) 1,645,075 -41%

* Data from NSE website

Open Interest (Rs. Mn)

16-Mar 15-Mar

Index Futures 179,345 178,820

Index Options 899,391 878,752

Stock Futures 319,536 312,074

Stock Options 899,391 878,752

Total 2,297,663 2,248,399

Investment Activity (Rs. Mn)

Gross Buy Gross Sell Net

FII - Cash 22,337 23,683 (1,346)

FII - Derivatives 86,398 75,292 11,106

DII - Cash 11,530 8,263 3,267

* Cash figures are provisional in nature

Rates

Last Trade Month Back Year Back

Mibor 7.12% 6.99% 6.72%

12 m T Bill 7.43% 7.60% 7.30%

10 yr G Sec 7.95% 8.02% 7.92%

LIBOR 0.25% 0.26% 0.26%

US 10 Yr Yields 3.29% 3.43% 3.29%

*At 15:47 IST

Global outlook – global markets fall sharply on Japan, US housing concerns

A sell-off in US stocks accelerated yesterday, with the markets ending at their lowest levels of 2011. Trading was extremely choppy as investors tried to sort out disappointing US housing data against the backdrop of developments in Japan. It didn't help that European Union Energy Commissioner Günther Oettinger sounded a warning bell about increased risks related to Japan's crippled nuclear reactors at a meeting in Brussels. Stunned by the devastation in Japan, investors have been reducing their exposure to risky assets and flocking to investments that are considered safe, including US Treasuries. Global concerns also pushed the dollar below ¥80 briefly, hitting ¥79.75, matching the record low hit in April 1995. Wall Street's most widely cited measure of volatility, the VIX, surged more than 20% to 29.40. Earlier, it climbed above 30 for the first time since July. We would advise investors to stay on the sidelines until the picture of the nuclear threat in Japan becomes clearer. The government said new home construction fell 22.5% in February, more than economists were expecting, while the number of permits for future housing construction fell 8.2% to all all-time low.

Domestic equity outlook – Indian markets bounce back as corporate outlook improves; oil concerns persist

The Indian market rose sharply yesterday following heavy losses a day earlier, as oil prices traded below US$100/bbl for the second straight day and bargain hunting lifted the Asian markets modestly. The improved sentiment due to Nikkei’s recovery in Japan helped overlook the escalating violence in Bahrain. Reports of strong quarterly advance tax payments indicated corporate earnings were on track and data showing fresh investments from overseas investors offset concerns about a further rise in interest rates. In its mid-quarter review tomorrow, RBI is widely expected to raise its key policy rates by a quarter percentage point. Realty, Banking, consumer and auto stocks were among the day’s prominent gainers. With oil prices still not showing any signs of cooling off significantly, we believe any further upsides will be capped, and any rallies should be used as an oppurtunity to reduce positions or even go short. We would suggest investors to trade light and only in large caps for now, where earnings visibility is high.

Stock outlook

Based on delivery analysis, accumulation was observed in ICICI Bank, SBI, Canara Bank, L&T and Tata Steel. Distribution was seen in Hindustan Unilever and Glaxosmithkline Pharma.

Implied volatility (IV): ATM IVs moved down by 1-2 vol points. The put-call ratio moved down to 1.21 from 1.30.

Recommendation summary (Please see inside for details)

Call Company Rating Initiate at (Rs) PT (Rs) Stop loss

(Rs)

Fundamental Usher Agro BUY 90.00 110.00 NA

Intraday HDIL SELL 155.90 149.00 157.50

Intraday Cummins SELL 650.00 638.00 657.00

Intraday Voltas BUY 160.50 163.50 158.50

Intraday Andhra Bank BUY 138.00 140.00 136.50

Positional Grasim BUY 2,330.00-2,360.00 2,500.00 2,286.00

Positional picks are based on a 3-5 day horizon

March 17, 2011

Page 2

Global

US - worries about japan continue to weigh on stocks: Stocks experienced another sell-off on Wednesday, adding to the steep losses posted in recent sessions. Concerns about the nuclear crisis in Japan contributed to the weakness once again, with some traders taking the opportunity to move out of stocks following the run-up seen over the past several months. While selling pressure was relatively subdued in early trading, stocks accelerated to the downside amid reports about troubling comments from the European Union’s energy chief on the situation in Japan.

Asia business sentiment up in 1Q, focus on Japan: Business sentiment at Asia's top companies rose in the first quarter to its highest level in eight quarters, with global economic uncertainty seen as the biggest risk to the positive outlook. Friday's devastating earthquake and tsunami in Japan has further raised concerns about the global economy, with some analysts saying Japan may now slip back into recession, at least in the short term.

Bahrain forces launch crackdown on protestors: Bahraini forces, backed by helicopters, fired tear gas in a crackdown on protesters on Wednesday, clearing hundreds from a camp that had become the symbol of an uprising by the island's Shi'ite Muslim majority.

Domestic

RBI may raise policy rates by 25bp tomorrow: Amidst high food inflation, falling industry output and uncertain crude oil prices, the Reserve Bank is likely to raise key policy rates by 25bp in its mid-quarterly review tomorrow, say experts. Despite moderation, food inflation is still high at 9.52% on account of rising prices of essential items. At the same time, factory output grew by 3.7% in January compared to 16.7% in the same month a year ago.

Losses on diesel touch record Rs15.79/litre: State-owned fuel retailers have seen losses on diesel sale touch a record Rs15.79 per litre as government continues to bar them from raising rates in line with spurt in cost of raw material. Indian Oil Corp (IOC), Hindustan Petroleum Corp (HPCL) and Bharat Petroleum Corp (BPCL) are selling diesel, domestic LPG and kerosene way below cost as the government battles to control inflation.

Corporate

I-T raid on Jindal Steel Works office: The Income Tax department today conducted searches at the business premises of steel giant Jindal Steel Works here for alleged charges of tax evasion. A team of I-T officials from the investigation and tax collection wings of the department reached the premises of the company and began scrutinising documents related to purchase orders and other financial dealings.

IVRCL bags orders worth Rs5.6 bn: IVRCL Infrastructures & Projects' power, buildings and transportation divisions have bagged orders worth Rs5.6 bn. The orders have come from an assortment of clients, mostly public sector.

Shoppers Stop plans price hike to offset excise duty raise: Retail chain Shoppers Stop today said it may increase prices of its products by 6-7% from April this year in order to offset the 10% excise duty imposed on branded apparel in the Budget 2011-12.

Educomp gets contracts from Gujarat, Assam: IT education solutions provider Educomp Solutions today said it has bagged two contracts worth Rs68.1 mn from governments of Gujarat and Assam for developing multimedia content for the state-level schools.

News to watch out

Page 3

BUY CMP Rs90

BSE code: 532765; NSE symbol: USHERAGRO

12-month price target: Rs110

Market cap: Rs3.1 bn (US$ 69.9 mn)

52-week high/low: Rs109/45

Share o/s: 34.6 mn

Fully diluted no of shares: 34.6 mn

Avg daily trading vol (3m): 602 (‘000)

Avg daily trading val (3m): Rs56 mn (US$1.2 mn)

Dividend yield 0.71%

Key personnel

VK Chaturvedi MD

Manoj Pathak Whole time Director

Vijay Ranchan Director

Auditors

Parekh Shah& Lodha

Shareholding pattern (as on December 2010)

27%

10%

18%

45%

Promoter FII DII Others

Usher: 12-month price performance

40

50

60

70

80

90

100

110

Mar

-10

Ap

r-1

0

May

-10

Jun

-10

Jul-

10

Au

g-1

0

Sep

-10

Oct

-10

No

v-1

0

De

c-1

0

Jan

-11

Feb

-11

Mar

-11

Usher

Usher Agro: banking on capacity addition

Usher agro (Usher) has one of the largest non-basmati rice milling capacity in

India. The current rice milling capacity is at 252,000 MTPA, and adding 291,600

MTPA taking total capacity to 543,600 MTPA, which is expected to come

onstream by March 2011. Wheat milling capacity is at 75,000 MTPA. Usher

currently sells its flour mill products under the Rasoi Raja brand and supplies it to

organized players like Britannia, Parle and Spinach Retail.

Opportunity to increase capacity: India’s total rice output is at 99 mn tonnes,

(2mn tonnes of Basmati and 97mn tonnes of non basmati). The organized non-

basmati market accounts for less than 10% and basmati is ~35% of total capacity.

Out of total organized non basmati processing, Usher will have a market share of

5-6% post expansion. This industry is highly fragmented, and, hence, provides

opportunity for the organised players like Usher to increase capacities.

Benefit from the power plant: Usher is planning to set up a 16-MW husk-based

power plant in Chhata (UP), which is expected to be operational by July 2011.

Usher will consume ~5 MW and sell the balance.

Fund raising: Recently, Usher has raised Rs1 bn (at Rs92.62 per share) through

the QIP issue. The funds will be used for modernizing the Buxar plant and

expanding the existing rice mill. The funds will also be used to build a silo

complex for grain storage at the Chhata plant and long-term working capital

requirements. Currently, Usher has debt of Rs2,145 mn on its balance sheet.

Financials: For FY10 (June end), Usher has reported sales of Rs34,20 mn, up 64%

y-y and PAT of Rs235 mn. During FY07-10, sales and PAT has grown at a CAGR of

70% and 82%, respectively, on the back of capacity addition in rice milling at

Chhatta, UP. EBITDA margin has improved from 10.3% in FY07 to 14.0% in FY10,

backed by operational efficiency. For 1H FY11, sales up 61% y-y to Rs2,512 mn

and PAT up 39% y-y to Rs171 mn.

Outlook and valuations: We expect Usher to report strong revenue and PAT

growth, backed by sizeable capacity addition. We expect sales and PAT to grow

at a CAGR of 60% and 58%, respectively, during FY10-12E. At the current price,

the stock is trading at 9.2x FY11E earnings and 5.4x FY12E earnings. We value the

stock at 6.5x FY12E earnings and recommend BUY, with a 12-month PT of Rs110,

implying potential upside of 22% from current levels.

Risk: Any delay in capacity expansion may impact sales. Any regulatory changes

by FCI may impact Usher‘s sales and PAT as FCI accounts for more than 30% of

Usher’s sales.

Investment Idea March 17, 2011

Key financials YE June EPS ROE ROCE

(Rs mn) (% growth) (Rs mn) (% growth) (Rs mn) (% growth) (Rs) % % PER EV/Sales EV/EBITDA

FY09 2,090 47.9 269 42.9 148 0.2 4.3 25.2 20.2 21.2 2.0 15.2

FY10 3,420 63.7 479 78.1 235 58.6 6.8 27.5 18.7 13.4 1.5 10.5

FY11E 5,763 68.5 807 68.6 342 45.4 9.9 27.8 22.2 9.2 0.8 5.8

FY12E 8,725 51.4 1,239 53.6 584 70.8 16.9 34.3 27.2 5.4 0.6 4.3

Net Revenue EBITDA Adjusted net income Valuations (x)

Page 4

Outlook for the day

The Nifty closed up after closing down for two trading sessions. The BSE Sensex closed 191

points in the positive or 1.05% up at 18,359, while the Nifty closed 62 points in the positive

or 1.13% up at 5,511 levels.

The Nifty jumped up and managed to remain above the day’s opening price. The market

breadth turned positive for the day. The short-term indicators turned positive, albeit on

lower volumes. Realty, banks, consumer durables and auto indices were the most prominent

gainers. On a short-term basis, the index might move further up. However, the intermediate

term remains weak.

The key resistance levels for the Nifty are at 5,540 and 5,578 while the corresponding

supports are at 5,435 and 5,475.

?

NIFTY

Support 5,475

Resistance 5,578

Technical Research

Page 5

Grasim (LTP: 2,436.20)

The stock is moving up after consolidating on its weekly charts. It is also trading above its weekly moving averages with increasing volumes, indicating buying interest in the stock. Since it is moving into the overbought zone on the daily charts, one should use dips for fine tuning the entry point.

Traders can buy the stock between Rs2,330 and Rs2,360 for a target of Rs2,500-2,550 with a stop loss of Rs2,286 on a closing basis.

Grasim (Buy)

Support 2,286.00

Resistance 2,500.00-2,550.00

Closing 2,436.20

Positional picks

Page 6

Andhra Bank (LTP: 137.25)

For the day, one can initiate long positions at Rs138 for a target of Rs140-142 with a strict stop loss of Rs136.50.

Voltas (LTP: 158.95)

For today’s trade, one can initiate long positions at Rs160.50 for a target of Rs163.50-165.00 with a stop loss of Rs158.50.

Andhra Bank (Buy)

Support 136.50

Resistance 140.00-142.00

Closing 137.25

Voltas (Buy)

Support 158.50

Resistance 163.50-165.00

Closing 158.95

Intraday picks

Page 7

Cummins (LTP: 652.70)

For today’s trade, short positions can be initiated at Rs650 for a target of Rs638-641 with a strict stop loss of Rs657.

HDIL (LTP: 159.60)

For today’s trade, short positions can be initiated at Rs155.90 for a target of Rs149-152, with a stop loss of Rs157.50.

Note for traders: One can take long/short positions in case of breach above/below mentioned resistance/support

range for intraday trades, respectively. Day’s high/low can be used as strict trailing stop loss. Risk will be higher in

case of a contrarian trade.

Cummins (Sell)

Support 638.00-641.00

Resistance 657.00

Closing 652.70

HDIL (Sell)

Support 149.00-152.00

Resistance 157.50

Closing 159.60

Intraday picks

Page 8

Sr. no Name Resistance 1 Resistance 2 Close Support 1 Support 2

1 Nifty Future 5559 5594 5524 5483 5407

2 Bank Nifty Future 11067 11169 10966 10821 10575

3 CNX IT Future 6796 6839 6753 6705 6614

Sr. no Name Resistance 1 Resistance 2 Close Support 1 Support 2

1 ACC 1017 1032 1003 986 954

2 AMBUJACEM 131 133 130 126 122

3 AXISBANK 1337 1351 1323 1301 1266

4 BAJAJ-AUTO 1391 1403 1379 1367 1342

5 BHARTIARTL 325 327 322 318 311

6 BHEL 1932 1946 1919 1909 1886

7 BPCL 586 596 577 570 555

8 CAIRN 346 348 344 341 337

9 CIPLA 302 306 298 295 289

10 DLF 230 232 227 224 219

11 DRREDDY 1568 1579 1556 1545 1522

12 GAIL 463 467 458 455 447

13 HCLTECH 471 477 465 458 445

14 HDFC 672 680 664 659 645

15 HDFCBANK 2207 2221 2192 2182 2158

16 HEROHONDA 1523 1533 1513 1501 1480

17 HINDALCO 207 209 204 203 199

18 HINDUNILVR 274 277 271 268 262

19 ICICIBANK 1039 1051 1026 1009 979

20 IDFC 148 150 147 146 144

21 INFOSYSTCH 3062 3084 3040 3019 2975

22 ITC 173 173 172 171 170

23 JINDALSTEL 672 676 668 665 658

24 JPASSOCIAT 83 84 83 82 80

25 KOTAKBANK 430 433 426 421 412

26 LT 1561 1574 1548 1535 1508

27 M&M 669 675 663 654 639

28 MARUTI 1230 1237 1222 1215 1199

29 NTPC 180 181 178 176 172

30 ONGC 277 280 274 271 266

31 PNB 1100 1110 1091 1077 1053

32 POWERGRID 100 100 99 99 97

33 RANBAXY 473 476 469 464 456

34 RCOM 105 107 104 102 99

35 RELCAPITAL 585 593 576 569 554

36 RELIANCE 1056 1063 1049 1041 1027

37 RELINFRA 665 681 648 627 590

38 RPOWER 128 130 126 124 120

39 SAIL 159 160 158 157 155

40 SBIN 2669 2695 2642 2598 2527

41 SESAGOA 267 268 265 264 261

42 SIEMENS 880 884 876 872 864

43 STER 162 164 161 160 157

44 SUNPHARMA 445 451 440 432 419

45 SUZLON 47 48 46 46 45

46 TATAMOTORS 1166 1177 1156 1143 1119

47 TATAPOWER 1238 1250 1225 1214 1190

48 TATASTEEL 607 613 600 595 584

49 TCS 1137 1155 1119 1098 1059

50 WIPRO 451 453 448 444 438

(Price levels are for the current month futures in Rs)

Pivot Table

Page 9

Top OI Increase

Name OI * % ch Price % ch Volume* % ch

CENTRAL BK INDIA 3,281 39.1% 165 5% 3,869 109%

CANARA BANK 4,254 21.6% 636 4% 4,014 117%

MPHASIS LTD 3,709 18.2% 402 -3% 3,116 162%

JAIN IRRIGATION 2,615 14.0% 185 -3% 1,152 138%

TITAN INDS LTD 3,409 13.6% 3,554 3% 4,268 84%

* Contracts, # Price change of near month futures, OI refers to overall futures OI

Top OI Decline

Name OI * % ch Price % ch Volume* % ch

ACC LTD 7,955 -11.7% 1,003 3% 4,804 103%

LUPIN LTD 2,167 -5.2% 392 3% 918 -20%

TATA POWER CO 4,692 -5.0% 1,225 2% 1,189 -44%

YES BANK LTD 4,216 -5.0% 280 5% 3,911 87%

REC LIMITED 7,453 -4.6% 230 4% 4,715 12%

* Contracts, # Price change of near month futures, OI refers to overall futures OI

Sectoral Activity

Sector OI * % ch Price % ch Volume*

Banking & Finance 251,076 2.4% 2.0% 141,456

Construction 50,662 2.3% 1.4% 11,998

Metals 118,364 1.9% 1.3% 66,016

Oil & Gas 131,961 1.1% 1.3% 45,905

IT 83,723 0.9% 1.3% 27,398

Consumer 69,358 0.8% 0.9% 13,956

Pharma 42,572 0.7% 1.9% 16,002

Auto & Ancillary 96,654 0.2% 2.5% 32,010

Telecom 58,413 0.1% 1.8% 19,651

Chemicals & Fertilizer 11,156 -0.1% 1.5% 2,654

Engineering & Capital Goods 89,771 -0.9% 1.7% 27,038

Power 119,856 -1.0% 2.0% 40,744

Realty 68,632 -1.4% 2.4% 23,946

Cement 21,943 -3.9% 2.3% 7,738

* Contracts

-8%

-15%

49%

-26%

-10%

-21%

-34%

1%

-29%

-29%

% ch

-17%

-13%

-11%

-50%

Sustenance above 5,500 resulted in a squeeze of shorts which had opened yesterday. This drove the Nifty to 5,550 where the rally once again came to a halt. Nifty futures spread expanded to 15-17pt from 5pt in the morning on the back of this covering. The past few days we have been seeing bouts of shorting and then covering as the markets remain dominated by intraday traders. Repeated halt at the 5,500-5,570 range in the past few weeks makes this as an important level to watch. BSE mid and small caps repeatedly are failing at 20 DMA for past few weeks. However, on downside the Nifty has continued to show resilience below 5,400 levels where incremental selling pressure fades

Sectoral activity: Buying was seen in banking & finance, IT, auto & ancillary, oil & gas, construction, metals, telecom, power and realty

Stock activity: Fresh long buildup was seen in Central Bank, Canara Bank and Titan while short buildup was seen in Mphasis and Jain Irrigation

Derivatives snapshot

Page 10

Trade Statistics

NSE Volume NSE Delivery (%) BSE Volume BSE Delivery (%) Total Volume Total Delivery (%)

16-Mar 9,304 43% 3,397 30% 12,701 40%

5D Avg 8,860 40% 3,409 29% 12,269 37%

Chg 5% 9% 0% 4% 4% 8% Top 5: Jump in Delivery Volumes (mn)

Company Price Chg

Delivery Volume

(mn shares)

5 Day Avg Delivery

Volume (mn shares) % increase % delivery

GLAXOSMITHKLINE PHARMA LT -1.9% 0.2 0.1 300% 94%

GREAVES COTTON LTD. 1.1% 1.6 0.4 294% 97%

GUJARAT MINERAL DEV CORP 4.1% 1.2 0.4 198% 60%

AMTEK INDIA LIMITED 3.2% 2.8 1.0 192% 90%

HINDUSTAN UNILEVER LTD. -1.2% 3.9 1.4 187% 77%

Top 5: Delivery Volumes (mn)

Company Price Chg

Delivery Volume

(INR mn)

Delivery Volume

(mn shares)

5 Day Avg

Delivery Volume

(mn shares) % delivery

RELIANCE INDUSTRIES LTD 0.9% 2,672 2.6 3.6 46%

ICICI BANK LTD. 3% 2,263 2.2 1.2 47%

STATE BANK OF INDIA 3.2% 2,168 0.8 0.6 37%

INFOSYS TECHNOLOGIES LTD 0% 1,386 0.5 0.5 60%

LARSEN & TOUBRO LTD. 1.2% 1,372 0.9 0.6 55%

Block deals snapshot Date Stock Client Bght/ Sold Quantity Price (Rs) Exchange

16-Mar Assamco Link Holdings P Ltd Bght 1,600,000 17.5 BSE

16-Mar Assamco Cromwell Securities Limited Sold 1,600,000 17.5 BSE

16-Mar Bharat Gears Ltd Kbs Capital Management Ltd. Bght 45,000 53.3 NSE

16-Mar Chandni Tex Aarya Agro Bio And Herbals Pvt Ltd Bght 1,000,000 68.7 BSE

16-Mar Chandni Tex Amrapali Capital And Finance Services Limited Sold 808,271 65.6 BSE

16-Mar Clarus Finance Jigar Praful Ghoghari Bght 100,000 100.8 BSE

16-Mar Clarus Finance Subhash B Jain Sold 194,994 100.7 BSE

16-Mar Fineotex Ch Saumil Bhavnagari Lopa Sold 145,602 152.2 BSE

16-Mar Gemstone Invest Jaydeep Ramniklal Padalia Sold 437,201 5.8 BSE

16-Mar Jk Tyre & Industries Ltd Ultima Finvest Ltd. Bght 285,000 99.1 NSE

16-Mar Nu Tek India Limited Planet Investments & Finance Pvt Ltd Bght 1,153,219 11.3 NSE

16-Mar Ramky Infra Ltd Swiss Finance Corporation (Mauritius) Limited Sold 289,545 250.1 NSE

16-Mar Setco Auto Urja H Sheth Bght 120,000 118.5 BSE

16-Mar Setco Auto Udit Harish Sheth Sold 120,000 118.5 BSE

16-Mar Sharyans Resources Ltd Superior Financial Consultancy Services Private LimitedBght 497,500 66.9 NSE

16-Mar Sharyans Resources Ltd Aatash Shares & Commodities Broking Pvt.Ltd. Sold 496,000 66.9 NSE

16-Mar Splash Media Meenakshi Mercantiles Ltd Bght 500,000 43.0 BSE

16-Mar Splash Media Novel Suppliers Pvt Ltd Bght 500,000 43.0 BSE

16-Mar Srs Real Infra Srs Housing Finance Limited Bght 2,000,000 44.7 BSE

16-Mar Srs Real Infra Srs Portfolio Ltd Sold 2,000,000 44.7 BSE

Based on delivery analysis, accumulation was observed in ICICI Bank, SBI, Canara Bank, L&T and Tata Steel

Distribution was seen in Hindustan Unilever and Glaxosmithkline Pharma

Delivery snapshot

Page 11

Disclaimer & Ratings Although Reliance Securities Limited tries to ensure that all information and materials, whether in relation to the products, services, facilities, offerings or otherwise (hereinafter

"Information") provided as part of this website is correct at the time of inclusion on the web site, it does not guarantee the accuracy of the Information. Reliance Securities makes no

representations or warranties as to the completeness or adequacy or accuracy of Information and expressly disclaims liability for any errors or omissions or delays in updating this

information.

Information is supplied upon the condition that the persons receiving the same will make their own determination as to its suitability for their purposes prior to use or in connection with

the making of any decision. No Information at this web site shall constitute an invitation to invest in any security or financial product. Any use of this website or the Information is at your

own risk

Reliance Securities along with its directors, employees, associates or other representatives and its Affiliates along with its directors, employees, associates or other representatives shall

not be liable for damages or injury arising out of or in connection with the use of the Website or its non-use including non-availability, compensatory, direct, indirect or consequential

damages, loss of data, income or profit, loss of or damage to property (including without limitation loss of profits, loss or corruption of data, loss of goodwill, work stoppage, computer

failure or malfunction, or interruption of business; under any contract, negligence, strict liability or other theory arising out of or relating in any way to the Website, site-related services,

or any products or services and claims of third parties damages or injury caused by any performance, failure of performance, error, omission, interruption, deletion, defect, delay in

operation or transmission, computer virus, communications line failure, theft or destruction or unauthorized access to, alteration of, or use of information, whether resulting, in whole or

in part, from or relating to any of the services offered or displayed by Reliance Securities on the Website.

Nothing contained herein is to be construed as a recommendation to use any product or process, in conflict with any patent, or otherwise and Reliance Securities makes no

representation or warranty, express or implied that, the use thereof will not infringe any patent, or otherwise.

The Services on the Website do not constitute an offer to sell or a solicitation to any person in any jurisdiction where it is unlawful to make such an offer or solicitation. These Service are

not intended to be any form of an investment advertisement, advice or information and has not been registered under any securities law of any foreign jurisdiction and is only for the

information of any person in any jurisdiction where it may be lawful to provide such information, otherwise the same shall not be considered an information. The distribution of this

Service or content in other jurisdictions may be restricted by law and the persons who access the Service should inform themselves about, and observe, any such restrictions.

Use of the website and its contents is at any persons, including a Customer′s, own risk. The data and information provided on the website is not advice, professional or otherwise, and

should not be relied upon as such. Neither the information, nor any opinion contained in this website constitutes a solicitation or offer by Reliance Securities to buy or sell any securities

or other financial instruments or provide any investment advice. Reliance Securities or their employees have or may have an outstanding position or holding in the securities or other

related investments of issuers and companies mentioned herein. The investments discussed or recommended in the analysis, research reports, etc. may not be suitable for all investors.

Investors must make their own investment decisions based on their own specific investment objectives and financial position and using such independent professional advisors as they

believe necessary. Information herein is believed to be reliable but Reliance Securities does not warrant its completeness or accuracy. The content of the articles and the interpretation of

data are solely the personal views of the contributors and do not in any way reflect the views of Reliance Securities. Users are advised to use the articles and other data in the Website

only as information

THIS WEBSITE/INFORMATION IS PROVIDED TO YOU ON AN "AS IS" AND "WHERE-IS" BASIS, WITHOUT ANY WARRANTY. Reliance SECURITIES, FOR ITSELF AND ANY THIRD PARTY

PROVIDING MATERIALS, SERVICES, OR CONTENT TO THIS WEBSITE, MAKES NO REPRESENTATIONS OR WARRANTIES, EITHER EXPRESS, IMPLIED, STATUTORY OR OTHERWISE OF

MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, OR NON-INFRINGEMENT OF THIRD PARTY RIGHTS, WITH RESPECT TO THE WEBSITE, THE INFORMATION OR ANY PRODUCTS OR

SERVICES TO WHICH THE INFORMATION REFERS. Reliance SECURITIES WILL NOT BE LIABLE TO YOU OR ANY THIRD PARTY FOR ANY DAMAGES OF ANY KIND, INCLUDING BUT NOT LIMITED

TO, DIRECT, INDIRECT, INCIDENTAL, CONSEQUENTIAL OR PUNITIVE DAMAGES, ARISING FROM OR CONNECTED WITH THE SITE, INCLUDING BUT NOT LIMITED TO, YOUR USE OF THIS SITE

OR YOUR INABILITY TO USE THE SITE, EVEN IF Reliance SECURITIES HAS PREVIOUSLY BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES

"The Bombay Stock Exchange Limited, Mumbai is not any manner answerable, responsible or liable to any person or persons for any acts of omission or commiss ion, errors, mistakes and

/ or violation, actual or perceived, by us or our partners, agents, associates etc., of any of the Rules, Regulation, Bye-laws of the Bombay Stock Exchange Limited, Mumbai, SEBI Act or any

other laws in force from time to time. The Bombay Stock Exchange Limited, Mumbai is not answerable, responsible or liable for any information on this Website or for any services

rendered by us, our employees, and our servants."

This research based service ("the Service") is provided by Recognia Inc (Recognia)and can be availed on specific request or subscription by any person intending to access the service

("Users"). It is the responsibility of the User to ensure that his computer has the necessary capability and configuration to receive and/or access the Service. If you do not agree to any of

the following terms and conditions, you are requested to exit and not access or avail the Service.

The Service is for information purposes only. Reliance Securities makes no representations or warranties regarding the accuracy, completeness or reliability of any information provided.

Reliance Securities assumes no responsibility for errors or omissions in the Service. Users should conduct their own research before acting on any information received through the

Service. Reliance Securities shall not be responsible or liable for any losses, costs, expenses, charges, including notional losses/lost opportunities incurred by a User as a result of acting or

non acting on any information/material received through the Service. All information that may be provided on this Service or part thereof shall be on an "as is" basis and as provided by

Recognia from time to time.

Reliance Securities shall not be held responsible or liable for any interruption to the Service resulting from breakdown of communication network, non-availability of Service due to

technical defects, or other infrastructure related issues. Reliance Securities shall not be held responsible or liable for non-access or limited access to the Service.

All information/material provided as part of the Service shall be for personal use of the Users and not for commercial use. No User shall distribute, disseminate or part with any

information/material received from the Service to any person or entity whether in oral, written, electronic or digital form.

It is expressly agreed by the User that exclusive jurisdiction for any dispute with Reliance Securities resides in the courts at Mumbai and the User expressly consents to the exercise of

jurisdiction in the courts of Mumbai in connection with any such dispute. These terms shall be governed by and construed in accordance with the laws of India.

All investments and investment related decisions are at the sole discretion of the User.

The views, charts, trading calls and investment calls expressed/given by investment experts or analysts or persons claiming to be domain experts on the Service are their own, and not

that of Reliance Securities or its management. Reliance Securities advises Users to check with certified experts before taking any investment decision. Reliance Securities does not

Page 12

guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information or

the Service. Reliance Securities especially states that it has no financial liability whatsoever to any User on account of the use of information/material provided as part of the Service.

Users are advised to understand that the Service can fail due to failure of hardware, software, mobile and Internet connections. While Reliance Securities will endeavour that the Services

are accessible at most times, the access to the Service is the responsibility of the User or his internet service provider. Service may be delayed and/or not available to the User on certain

days, owing to technical reasons, and Reliance Securities and/or its employees, officers, and directors and/or Recognia shall not be held responsible for the same.

Trading in stocks, stock derivatives, commodities and commodity derivatives, and the like is inherently risky and User agrees to assume complete and full responsibility for the outcomes

of all trading decisions that User makes, including but not limited to loss of capital. None of the information made available on the Service should be construed as an offer to buy or sell

securities, commodities or derivatives or other financial instruments nor advice to do so. User should not construe any information provided through the Service to constitute investment

advice. It is purely informational in nature.

The User may use the information as a resource only to further his own research on all featured companies, stocks, commodities, sectors, markets and information received. Nothing

disseminated through the Service should be considered as investment advice.

All investments and investment products are subject to governmental, regulatory and relevant Exchange rules, regulations and guidelines and other applicable statutes.

Any contests/promotions featured as part of the Service shall be subject to their own rules, and regulations and Users shall be bound by the same.

Internet usage charges shall apply.

Mutual fund investments are subject to market risks.

Insurance is the subject matter of solicitation.

Past performance may not be an indicator of future returns.

These terms are subject to change without prior notice.

By subscribing to the Service either electronically or otherwise, the User agrees to these terms and amendments thereto.

The Service may be withdrawn or discontinued without prior notice.

By accepting these terms and/or accessing the Service, User consents to receive advertising or promotional material in electronic form or otherwise whatsoever.

Reliance Securities does not accept any responsibility or liability for any advertising or promotional material that may be received by the User as part of the Service and the same lies

specifically with the advertiser.

Reliance Securities does not accept any responsibility or liability or guarantee the performance or merchantability of any product or services offered by any party pursuant to any

advertisement or promotional material that may be received by the User as part of the Service and the same lies specifically with the advertiser.

This Service is specifically for Users in the territory of India. Although access may be available to Users outside India, though not expressly granted, Reliance Securities shall have no legal

liabilities whatsoever in any laws of any jurisdiction other than India.

The Service contains material, including text, graphics and sound, which is protected by copyright and/or other intellectual property rights. All copyright and other intellectual property

rights in this material are either owned by Reliance Securities or have been licensed to Reliance Securities by the owner(s) of those rights so that it can use this material as part of this

service or are owned by Recognia. Each party retains copyright on its own Information, including text, graphics and sound and all trademarks displayed on this service are owned by

Recognia or Reliance Securities and/or used under license by Reliance Securities affiliates.

The information set out in the report,if any made available has been prepared by the author based upon information available to him and/or made available to him and/or from

information available in the public domain. No independent verification has been made of such information or sources. This report is for information purposes only. It has not been

prepared with regard to the specific investment objectives, financial situations and/or particular needs of any specific person who may receive this report. Investors should seek advice

from Financial Advisors/Certified Financial Planners/Financial Experts before investing their funds or acting on any investment strategies that may have been discussed or recommended

in this report. No reliance may be placed for any purpose whatsoever on the information contained in this report or on its completeness. Readers should make appropriate enquiries

before investing in any product or services.

Reliance Securities Limited or any of its associate companies (collectively referred to as "Reliance Securities") do not guarantee the accuracy or correctness of the information provided in

the report made available or that any forecasts or projections made in this report will be realised. Reliance Securities does not accept any responsibility for any errors whether caused by

negligence or otherwise or for any loss or damage incurred by anyone in reliance on anything that is included in the report. The recipient/investor shall solely be responsible for losses,

damages, costs and other consequences resulting directly or indirectly from using any information made available in the report. Reliance Securities shall not be responsible for any acts of

omission or commission made by readers or investors based on reliance upon the contents of the report.

The report does not constitute nor is it intended to constitute an offer to buy or sell or a solicitation to an offer to buy or sell securities or derivatives or mutual fund units or any financial

products or an attempt to influence the opinion or behavior of investors or recipients. The views expressed herein may not necessarily be the views of Reliance Securities, its directors,

officers, or employees.

Neither this report nor Reliance Securities has been registered in any jurisdiction. The distribution of this report in certain jurisdictions may be restricted or prohibited and accordingly,

persons who come into possession of this report are required to inform themselves about, and to observe, any such restrictions. Mutual fund investments are subject to market risks.

Please read the offer documents carefully before investing.

The information in this report reflects prevailing conditions as of date of publication and is subject to change from time to time. Any facts or figures mentioned in this report are merely

indicative and readers/investors should obtain correct facts and figures before making any investment decisions.

The information contained in this report may not be transmitted to, copied or distributed, in part or in whole, to any other person or to the media or reproduced in any form, without the

prior written consent of Reliance Securities.

Note: We, Reliance Securities Ltd, along with all our group companies, subsidiaries, associates, employees and executors take no responsibility and accept no liability for any relationship

that may develop on the basis of content/reports displayed on the website.