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Certifications:

The Research Analyst(s) who prepared this research report hereby certifies that the views expressed in this research report accurately reflect the research analyst’s personal views about all of the subject issuers and/or securities, that the analyst(s) have no known conflict of interest and no part of the research analyst’s compensation was, is, or will be, directly or indirectly, related to the specific views or recommendations contained in this research report.

Additional Disclosures of Interest:

• The Research Analyst, INSIGHTS, or its associates or relatives of the research analyst does not have any financial interest in the company(ies) covered in this report.
• The Research Analyst, INSIGHTS or its associates or relatives of the research analyst affiliates do not hold more than 1% of the securities of the company(ies) covered in this report as of the end of the month immediately preceding the distribution of the research report.
• The Research Analyst, his/her associate, his/her relative, and INSIGHTS, do not have any other material conflict of interest at the time of publication of this research report.
• The Research Analyst, INSIGHTS, and its associates have not received compensation for brokerage services, investment banking, merchant banking or for any other products or services from the company(ies) covered in this report, in the past twelve months.
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• The Research Analyst, INSIGHTS or its associates have not received compensation or other benefits from the company(ies) covered in this report or from any third party, in connection with the research report.
• The Research Analyst has not served as an Officer, Director, or employee of the company(ies) covered in the Research report.
• The Research Analyst and INSIGHTS has not been engaged in market making activity for the company(ies) covered in the Research report.

Suitability and Risks:

This research report is for informational purposes only and is not tailored to the specific investment objectives, financial situation or particular requirements of any individual recipient hereof. Certain securities may give rise to substantial risks and may not be suitable for certain investors. Each investor must make its own determination as to the appropriateness of any securities referred to in this research report based upon the legal, tax and accounting considerations applicable to such investors and its own investment objectives or strategy, its financial situation and its investing experience. The value of any security may be positively or adversely affected by changes in foreign exchange or interest rates, as well as by other financial, economic, or political factors.

Sources, Completeness and Accuracy:

The material herein is based upon information obtained from sources that INSIGHTS and the research analyst believe to be reliable, but neither INSIGHTS nor the research analyst represents or guarantees that the information contained herein is accurate or complete and it should not be relied upon as such. Opinions expressed herein are current opinions as of the date appearing on this material and are subject to change without notice. Furthermore, INSIGHTS is under no obligation to update or keep the information current. Without limiting any of the foregoing, in no event shall INSIGHTS, any of its affiliates/employees or any third party involved in or related to computing or compiling the information have any liability for any damages of any kind including but not limited to any direct or consequential loss or damage, however arising, from the use of this report.

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Caution:

Risk of loss in trading/investment can be substantial and even more than the amount/margin given by you. Investment in the securities market is subject to market risks, you are requested to read all the related documents carefully before investing. You should carefully consider whether trading/investment is appropriate for you in light of your experience, objectives, financial resources, and other relevant circumstances. INSIGHTS and any of its employees, directors, associates, group entities, or affiliates shall not be liable for losses, if any, incurred by you. You are further cautioned that trading/investments in financial markets are subject to market risks and are advised to seek independent third-party trading/investment advice outside INSIGHTS/group/associates/affiliates/directors/employees before and during your trading/investment. There is no guarantee/assurance as to returns or profits or capital protection or appreciation. INSIGHTS and any of its employees, directors, associates, and/or employees, directors, associates of INSIGHTS’s group entities or affiliates is not inducing you for trading/investing in the financial market(s). Trading/Investment decisions are your sole responsibility. You must also read the Risk Disclosure Document and Do’s and Don’ts before investing.

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Research Analysts:

Name	Start Date	End Date	Registration ID
Sankha Das	07/03/2024	06/03/2027	NISM-201900008005

INVESMATE INSIGHTS PRIVATE LIMITED

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