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The Research Report should not be reproduced or redistributed to any other person(s)in any form without prior written permission of the ESPS CAPITAL. The contents of this material are general and are neither comprehensive nor inclusive. Neither ESPS CAPITAL nor any of its affiliates, associates, representatives, directors or employees shall be responsible for any loss or damage that may arise to any person due to any action taken on the basis of this Research Report.

It does not constitute personal recommendations or take into account the particular investment objectives, financial situations or needs of an individual client or a corporate/s or any entity/s. All investments involve risk and past performance doesn't guarantee future results. The value of, and income from investments may vary because of the changes in the macro and micro factors given at a certain period of time. The person should use his/her own judgment while taking investment decisions.

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