Doha Brokerage and Financial Services Limited, together with its group companies, are engaged in services of retail broking, portfolio management, and marketing investment products, including mutual funds, IPOs of shares, and debentures, and as such, prepares and shares research data and reports periodically with clients, investors, stakeholders, and the general public in compliance with the Securities and Exchange Board of India Act, 1992, the Securities and Exchange Board of India (Research Analysts) Regulations, 2014, and/or any other applicable directives, instructions, or guidelines issued by the regulators from time to time.

A research report is a written or electronic communication that includes research analysis, research recommendation, or an opinion concerning securities or a public offer, providing a basis for investment decisions. The views expressed therein are based solely on information available publicly, internal data, or other reliable sources believed to be true. The information is provided merely as a complementary service and does not constitute an offer or solicitation for the purchase or sale of any financial instruments, inducement, promise, guarantee, warranty, or as an official confirmation of any transactions or contract of any kind.

Research data and reports published/emailed/text messaged via short messaging services, online messengers, WhatsApp, etc., transmitted through mobile application(s), telephone networks, print or electronic media, or those made available/uploaded on social networking sites, or those recommendations, offers, or opinions concerning securities or public offers that are expressed as and during the course of “public appearance” are for informational purposes only. The reports are provided for assistance and are not intended to be and must not alone be taken as the basis for an investment decision. The user assumes the entire risk of any use made of this information. Though disseminated to clients simultaneously, not all clients may receive the reports at the same time. DBFS will not treat recipients as clients by virtue of their receiving this report.

The reports include projections, forecasts, and other predictive statements that represent DBFS’ assumptions and expectations in the light of currently available information. These projections and forecasts are based on industry trends, circumstances, and factors that involve risks, variables, and uncertainties. The actual performance of the companies represented in the report may vary from those projected. The projections and forecasts described in this report should be evaluated keeping in mind the fact that these:

• are based on estimates and assumptions.
• are subject to significant uncertainties and contingencies.
• will vary from actual results, and such variations may increase over a period of time.
• are not scientifically proven to guarantee certain intended results.
• are not published as a warranty and do not carry any evidentiary value.
• are not based on certain generally accepted accounting principles.
• are not to be relied on in contractual, legal, or tax advice.

Prospective investors and others are cautioned that any forward-looking statements are not predictions and may be subject to change without notice. Reports based on technical analysis are focused on studying charts and movements of the securities’ price movement, trading volume, etc., as opposed to focusing on a company or commodity’s fundamentals and, as such, may not match with a report on such fundamentals. Though we review the research reports for any untrue statements of material facts or any false or misleading information, we do not represent that they are accurate or complete, and they should not be relied on in connection with a commitment or contract whatsoever. Because of the possibility of human, technical, or mechanical error by our sources of transmission of reports or data, we do not guarantee the accuracy, adequacy, completeness, or availability of any information and are not to be held responsible for any errors or omissions or for the results obtained from the use of such information. DBFS and/or its affiliates and its officers, directors, and employees, including the analysts and authors, shall not be in any way responsible for any indirect, special, or consequential damages that may arise to any person from any inadvertent error in the information contained in the reports, nor do they take a guarantee or assume liability for any omissions of the information contained therein. Information contained therein cannot be the basis for any claim, demand, or cause of action. These data, reports, and information do not constitute scientific publication and do not carry any evidentiary value whatsoever.

The reports are not for public distribution. Reproduction or dissemination, directly or indirectly, of research data and reports of DBFS in any form is prohibited except with the written permission of DBFS. Persons into whose possession the reports may come are required to observe these restrictions. Opinions expressed therein are our current opinion as of the date appearing on the report only. Data may be subject to update and correction without notice. While we endeavor to update on a reasonable basis the information discussed in the reports, there may be regulatory, compliance, or other reasons that prevent us from doing so.

The reports do not take into account the particular investment objectives, financial situations, risk profile, or needs of individual clients. The user assumes the entire risk of any use made of this information. Each recipient of the reports should make such investigation as deemed necessary to arrive at an independent evaluation of an investment in the securities of companies or commodities referred to in such reports (including the merits and risks involved).

Certain transactions—futures, options, and other derivatives, as well as non investment-grade securities—involve substantial risks and are not suitable for all investors. Investors may lose their entire investment under certain market conditions. Before acting on any advice or recommendation in this material, investors should consider whether it is suitable for their particular circumstances and, if necessary, seek professional advice. The price and value of investments referred to in research reports and the income from them may fluctuate. Transaction costs may be significant in option strategies calling for multiple purchases and sales of options. Foreign currency-denominated securities are subject to fluctuations in exchange rates that could have an adverse effect on the value or price of or income derived from the investment. Investors in securities such as ADRs, the value of which is influenced by foreign currencies, effectively assume currency risk.

Past performance is not a guide for future performance; future returns are not guaranteed, and investors may suffer losses that may exceed their original capital.

The user should consult their own advisors to determine the merits and risks of investment and also read the Risk Disclosure Documents for Capital Markets and Derivative Segments as prescribed by the Securities and Exchange Board of India before investing in the Indian markets.