Research Disclaimer

This report is purely for information purpose and is based on public information. News content is attributable to various media, unless specified otherwise. All market related statistical data pertains to the immediately preceding trading day, unless stated otherwise. Neither the information nor any opinion expressed in this report constitutes an offer, or an invitation to make an offer, to buy or sell the securities mentioned herein. Any of our directors, officers or employees shall not in any way be responsible for any loss arising from the use of this report. Investors are advised to apply their own judgment before acting on the contents of this report. The report has not been edited due to time constraints.

The information contained herein is obtained from publicly available data or other sources believed to be reliable and KEYNOTE has not independently verified the accuracy and completeness of the said data and hence it should not be relied upon as such. While we would endeavour to update the information herein on a reasonable basis, KEYNOTE, its subsidiaries and associated companies, their directors and employees (“KEYNOTE and affiliates”) are under no obligation to update or keep the information current. Also, there may be regulatory, compliance, or other reasons that may prevent KEYNOTE and affiliates from doing so. This document is prepared for assistance only and is not intended to be and must not alone be taken as the basis for an investment decision. Recipients of this report should also be aware that past performance is not necessarily a guide to future performance and value of investments can go down as well. The user assumes the entire risk of any use made of this information. Each recipient of this document should make such investigations as it deems necessary to arrive at an independent evaluation of an investment in the securities of companies referred to in this document (including the merits and risks involved), and should consult its own advisors to determine the merits and risks of such an investment. The investment discussed or views expressed may not be suitable for all investors. We do not undertake to advise you as to any change of our views. Affiliates of KEYNOTE may have issued other reports that are inconsistent with and reach different conclusions from the information presented in this report.

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