Commodity Research Report 01 May 2018 Ways2Capital by Ways2Capital

HIGH BROW MARKET RESEARCH INVESTMENT ADVISOR PVT. LTD.

Market Wrap-Up MCX Market Wrap-Up Commodity

Contract

Previous Close

Open

High

Low

% Change in Price

% Change in Open Interest

% Change in Volume

Aluminium

31-May-18

166.40

168.00

169.60

146.40

149.10

-10.40%

-51.35%

-32.27%

Copper

29-Jun-18

464.15

467.35

417.10

452.30

454.00

-2.19%

9.45%

69.45%

Crude Oil

21-May-18

4531

4543

4617

4468

4547

0.35%

4.88%

-15.42%

Gold

05-Jun-18

31432

31370

31430

31126

31211

-0.70%

-7.76%

-16.02%

Lead

31-May-18

155.85

156.25

157.50

153.50

157.00

0.74%

-6.80%

4.96%

Natural Gas

25-May-18

184.30

183.90

191.00

183.00

186.00

0.92%

-22.67%

155.53%

Nickel

31-May-18

984.10

987.10

922.20

925.90

-5.91%

-12.43%

-38.02%

Silver

04-May-18

40479

40287

40345

38975

39004

-3.64%

5.39%

30.01%

Zinc

31-May-18

215.35

216.30

217.30

206.45

209.75

-2.60%

-2.47%

15.73%

NCDEX Market Wrap-Up Contract

Previous Close

Open

High

Low

Castor Seed

18-May-18

4142

4149

4000

Chana

18-May-18

3673

3683

3688

Dhaniya

18-May-18

5101

5100

5118

COCUDAKL

18-May-18

1344.50

Guargum5

18-May-18

9140

Guarseed10

18-May-18

4197.50

Jeera

18-May-18

16060

16050

16080

15555

Kapas

30-Apr-18

891.00

875.00

891.50

RMseed

18-May-18

3925

3937

Ref Soya Oil

18-May-18

776.65

Soyabean

18-May-18

Turmeric Mentha Oil

Commodity

% Change in Price

% Change in Open Interest

% Change in Volume

4010

-3.19%

11.10%

59.85%

3490

3510

-4.44%

7.87%

68.43%

4768

4795

-6.00%

6.82%

46.86%

-11.86%

6.57%

73.85%

-4.56%

-0.32%

111.73%

-5.66%

5.48%

56.16%

15670

-2.43%

3.83%

80.81%

854.00

861.50

-3.31%

-62.67%

-69.04%

3945

3731

3925

0.00%

9.63%

102.02%

774.80

776.50

761.10

762.50

-1.82%

8.47%

9.63%

3760

3765

3591

3622

-3.67%

-3.00%

161.90%

18-May-18

6882

6948

7106

6710

6926

0.64%

3.81%

113.38%

31-May-18

1220.10

4.29%

-10.26%

-5.42%

1334.00 1336.50 9166

1182.00 1185.00

9180

4202.00 4225.00

1240.30 1289.00

8723

3960.00 3960.00

1231.00 1272.40

Currency Market Wrap-Up Contract

Previous Close

Open

High

Low

Change in Price (in%)

USDINR

29-May-18

66.3575

66.4675

67.1850

66.4200

66.8950

0.81%

GBPINR

29-May-18

93.4350

93.3800

93.8400

92.1900

92.2475

-1.27%

JPYINR

29-May-18

61.7450

61.7000

61.8550

61.2300

61.2750

-0.76%

EURINR

29-May-18

81.7975

81.7150

82.1125

80.9750

81.0150

-0.96%

Currency Pair

Continued…….

01/05/2018

Market Wrap-Up International Market Wrap-up Exchange

Previous Close

Open

High

Low

% Change in Price

LME

2473.25

2481.25

2534.25

2186.50

2228.25

-9.91%

Copper

COMEX

3.131

3.137

3.167

3.029

3.051

-2.56%

Crude Oil

NYMEX

68.38

68.21

69.36

67.11

68.02

-0.53%

Gold

COMEX

1338.30

1337.60

1316.30

1324.40

-1.04%

Lead

LME

2336.00

2350.50

2359.25

2276.00

2347.00

0.47%

NYMEX

2.739

2.768

2.843

2.740

2.771

1.17%

Nickel

LME

14850.00

14857.50

14875.00

13807.50

13865.00

-6.63%

Silver

COMEX

17.147

17.115

17.135

16.385

16.470

-3.95%

Zinc

LME

3241.25

3233.25

3270.50

3084.25

3132.50

-3.36%

Commodity Aluminium

Natural Gas

01/05/2018

Inventory Updates LME Inventory Closing In Tonnes (As on 27th April 2018)

Closing In Tonnes (As on 20th April 2018)

% Change in Price

Copper

342250

355150

-3.63%

Nickel

309594

314328

-1.51%

Lead

129800

129500

0.23%

Zinc

228150

186825

22.12%

Aluminium

1362750

1404350

-2.96%

Commodity

Continued…….

01/05/2018

Inventory Updates

01/05/2018

Market Next Week Economic Events Calendar Time

Curreny

Event

Forecast

All Day

CNY

Monday, April 30, 2018 Holiday China - Labour Day

6:30

CNY

Manufacturing PMI (Apr)

51.3

51.5

6:30

CNY

Non-Manufacturing PMI (Apr)

54.6

18:00

USD

Core PCE Price Index (YoY) (Mar)

1.90%

1.60%

19:15

USD

Chicago PMI (Apr)

57.90

57.40

19:30

USD

Pending Home Sales (MoM) (Mar)

0.90%

3.10%

Tuesday, May 1, 2018 All Day

CNY

China - Labour Day

14:00

GBP

Manufacturing PMI (Apr)

54.80

55.10

19:30

USD

ISM Manufacturing PMI (Apr)

58.4

59.3

Wednesday, May 2, 2018 7:15

CNY

Caixin Manufacturing PMI (Apr)

50.8

17:45

USD

ADP Nonfarm Employment Change (Apr)

203K

241K

20:00

USD

Crude Oil Inventories

2.170M

23:30

USD

FOMC Statement

23:30

USD

Fed Interest Rate Decision

1.75%

53.5

51.7

Thursday, May 3, 2018 14:00

GBP

Services PMI (Apr)

18:00

USD

Initial Jobless Claims

225K

209K

18:00

USD

Nonfarm Productivity (QoQ) (Q1)

0.90%

2.70%

18:00

USD

Trade Balance (Mar)

-50.00B

-57.60B

19:15

USD

Services PMI (Apr)

54.4

19:30

USD

Durable Goods Orders (MoM)

2.60%

19:30

USD

ISM Non-Manufacturing Employment (Apr)

56.6

19:30

USD

ISM Non-Manufacturing PMI (Apr)

58.2

58.8

18:00

USD

Average Hourly Earnings (MoM) (Apr)

0.20%

0.30%

18:00

USD

Nonfarm Payrolls (Apr)

195K

103K

18:00

USD

Private Nonfarm Payrolls (Apr)

195K

102K

18:00

USD

Unemployment Rate (Apr)

4.00%

4.10%

Friday, May 4, 2018

Friday, May 4, 2018 18:00

USD

Average Hourly Earnings (MoM) (Apr)

0.20%

0.30%

18:00

USD

Nonfarm Payrolls (Apr)

195K

103K

18:00

USD

Private Nonfarm Payrolls (Apr)

195K

102K

18:00

USD

Unemployment Rate (Apr)

4.00%

4.10%

Currency Weekly Pivots Currency Pair

Contract

USDINR

29-May-18

68.4000

67.6000

67.3000

66.8500

66.5000

66.1000

65.3000

GBPINR

29-May-18

96.0500

94.4000

93.3000

92.7500

91.6500

91.1000

89.4500

JPYINR

29-May-18

62.7000

62.1000

61.6500

61.4500

61.0500

60.8500

60.2000

EURINR

29-May-18

83.6500

82.5000

81.7500

81.3500

80.6000

80.2000

79.1000 Continued…….

01/05/2018

Market Next Week MCX Weekly Pivots Commodity

Contract

Aluminium

31-May-18

201.00

178.00

164.00

155.00

141.00

132.00

109.00

Copper

29-Jun-18

371

406

430

441

465

476.00

512.00

Crude Oil

21-May-18

4842

4693

4620

4544

4471

4395

4246

Gold

05-Jun-18

31864

31560

31385

31256

31081

30952

30648

Lead

31-May-18

164.00

160.00

159.00

156.00

155.00

152.00

148.00

Natural Gas

25-May-18

203.00

195.00

190.00

187.00

182.00

179.00

171.00

Nickel

31-May-18

1075

1010

968

945

903

880

815

Silver

04-May-18

42181

40811

39908

39441

38538

38071

36701

Zinc

31-May-18

233.00

222.00

216.00

211.00

205.00

200.00

189.00

NCDEX Weekly Pivots Commodity

Contract

Castor Seed

18-May-18

4351

4202

4106

4053

3957

3904

3755

Chana

18-May-18

3959

3761

3635

3563

3437

3365

3167

Dhaniya

18-May-18

5594

5244

5019

4894

4669

4544

4194

COCUDAKL

18-May-18

1544

1389

1287

1235

1133

1080

926

Guargum5

18-May-18

9789

9332

9028

8875

8571

8418

7961

Guarseed10

18-May-18

4578

4313

4137

4048

3872

3783

3518

Jeera

18-May-18

16818

16293

15982

15768

15457

15243

14718

Kapas

30-Apr-18

944

907

884

869

847

832

794

RMseed

18-May-18

4295

4081

4003

3867

3789

3653

3439

Ref Soya Oil

18-May-18

798

782

772

767

757

751

736

Soyabean

18-May-18

4007

3833

3728

3659

3554

3485

3311

Turmeric

18-May-18

7706

7310

7118

6914

6722

6518

6122

Mentha Oil

31-May-18

1380

1322

1297

1264

1239

1206

1148

01/05/2018

MCX Fundamentals BULLION Last week, spot gold prices rose 1.4 percent to trade at $1316 per ounce while MCX gold prices declined 1 percent although rupee depreciation of around 0.9 percent cushioned sharp downfall. Spot silver prices declined around 4 percent to close at $16.5 per ounce in line with fall in gold and base metals prices while stronger dollar index also exerted downside pressure on silver. Stronger US dollar and lofty bond yields have dampened the interest in bullion for traders and investors across the globe. Growing supply of US government debt and inflationary pressures from rising oil prices have pushed the yields on the 10 year bond yields above 3 percent for the first time in four years.

BASE METALS LME Copper prices plunged 2.6 percent while MCX prices fell 2.3 percent last week as dollar surged to three and half month highs buoyed by rising bond yields above 3% for the first time since 2014. The rise in yields was a result of expectations that the Fed would raise interest rates more aggressively to combat inflation. Further downside was limited as failed negotiations at Escondida mine in Chile and Grasberg in Indonesia, world's biggest Copper mines, supported the red metal. Aluminium led the losses in base metals, down by a whopping 10 percent last week, after the US extended deadline given to American customers of Rusal to comply with the sanctions, from June to October 2018. Nickel was the second worst performer since the fears of sanction extension to Norilsk Nickel eased.

ENERGY

WTI oil prices declined by around 0.8 percent last week while MCX oil prices rose marginally by 0.2 percent in the same time frame. Risk of renewed U.S. sanctions on Iran, plunging Venezuelan output, and robust global demand shook off the effects of a strong dollar on oil prices.

01/05/2018

NCDEX Fundamentals SPICES Turmeric futures prices registered sharp gains during its trade in last week. Prices traded higher on expectations of good demand in the coming days. Further, report of strong export demand is a positive factor for turmeric futures prices. Dhaniya futures traded higher to stage recent recovery from their continuous recent fall on profit booking. However, recovery was limited tracking weaker demand side at the spot markets. Arrivals at the spot market are higher due to peak harvesting season with limited buying demand

OIL & OILSEEDS NCDEX Refined soy oil dropped 0.5% last week tracking firmness in Indian currency. Moreover, limited buying at physical market also weighed on prices last week RM Seed futures traded down on limited buying at physical market. Most active May contract of RM seed traded at NCDEX closed the day at Rs.3831/quintal, lower by 0.05% against the previous close. Soybean futures extended its gains following firmness in CBOT soybean futures. CBOT soybean futures gained substantially after President Donald Trump's confirmation in last week that he would send a high-ranking team to China to start negotiations on trade dispute with China.

GUAR COMPLEX Prospects of a normal monsoon for the third consecutive year kept pressure on the market sentiments for Guar as prices failed to hold above the 9000 mark. Firmness in crude oil prices and a firm Dollar vs Rupee kept supporting market sentiments. But good monsoon reports amidst higher stocks limited the uptrend. Strength in crude oil will keep export demand of guar gum quite stable. Consumption of drilling chemicals is increasing with rising

OTHERS The near term fundamentals for RM seed are most likely to restrict the upside movement in coming sessions. As per the charts, the May contract is now expected to find tough in sustaining above 3835- 3850. RM seed could not sustain at higher levels and settled even below 3800 support. On daily basis the May contract was down roughly 2%. The good Monsoon reports and ongoing arrival season are keeping sentiments bearish for RM seed also since it would imply better sowing prospects during its planting season of Oct -Nov. 9

01/05/2018

Calls of the Week (MCX) COPPER Copper prices retreated after early gains while losing 2.19 percent last week. On weekly chart, a bearish candle has formed after an unsuccessful attempt at breaking upside resistance of Rs.470 mark in the June series. However, counter witnessed selling pressure after reaching 12-week peak but trading above key support at Rs.452 mark that can assist prices to recover. However, a break below the same can exert pressure on prices that can lead to next support level of Rs.440 mark.

WEEKLY STRATEGY PERTICULAR Action Entry Level

DETAILS Sell Below 452.30

Target

440.30

459.30

CRUDE OIL After a strong rally for two consecutive weeks, counter paused for the week to take a breath. On weekly charts, prices traded with marginal gains of 0.35% at Rs.4547/bbl and formed a doji candlestick pattern. Pattern suggests that the bulls in current rally of uptrend are now losing steam and fresh sellers are ready to step in. RSI on daily charts is trading close to overbought zone of 73 which indicates selling pressure in the counter, which may push it to next support of Rs.4330/bbl. As of now short term trend on four hourly and hourly charts remains bearish.

WEEKLY STRATEGY PERTICULAR

Action

Entry Level

DETAILS

Sell

Belolw 4468

Target

4330.00

4537.00 01/05/2018

Calls of the Week (NCDEX) SOYREF Last week SYOREF May Futures started the week on negative note and made a low of 761.10 and closed at 762.50 with overall marginal loss of 1.82% on weekly basis. And continuously making lower highs and lower lows indicating bearish trend in upcoming session.Technically for this week, we can expect further downside movement in it due to support level breakout & formation of bearish candlestick patterns on the higher levels. For this week, if it breaks the level of 759, then it can test the level of 745 during the week. One can make sell position in it by maintaining a SL 767.30

WEEKLY STRATEGY PERTICULAR

Action Entry Level

DETAILS

Sell Below 759.00

Target

745.00

767.30

CASTORSEED NCDEX Castor Seed Apr future continued to trade in the range of 4270-4170 for the fourth consecutive trading week. Price made the low of 4160 during the week and the high of 4260 and settled at 4242. Market closed flat during the week with higher volume and open interest indicating building of long positions. We can expect market can break its resistance level of 4270 on this week.

WEEKLY STRATEGY PERTICULAR

Action

Entry Level

DETAILS

Sell

Below 3998.00

Target

3903.00

4071.00

01/05/2018

Calls of the Week (FOREX) GBPINR Last week GBPINR May Futures started the week on negative note and made a low of 92.9125. However it witnessed positive movement on Wednesday but overall closed in negative at 92.2475 with the loss of 1.24% on weekly basis. Technically for this week, we can expect further downside movement in due to formation of bearish candlestick patterns on the higher levels coupled with the oversold RSI. For this week, if it breaks the level of 92.1900, then it can test the level of 91.6025 during the week. One can make sell position in it by maintaining a SL 92.6025

WEEKLY STRATEGY PERTICULAR

DETAILS

Action

Entry Level

Sell

Below 92.1900

Target

91.6025

92.6025

EURINR Last week EURINR May Futures started the week on negative note and made a low of 81.3900. However it witnessed positive movement on Wednesday but overall closed in negative at 81.0150 with the loss of 0.96% on weekly basis. Technically for this week, we can expect further downside movement in due to trend line resistance on higher levels & formation of bearish candlestick patterns on the higher levels. For this week, if it breaks the level of 80.9300, then it can test the level of 80.3325 during the week. One can make sell position in it by maintaining a SL 81.3325

WEEKLY STRATEGY PERTICULAR

Action

Entry Level

DETAILS

Sell

Below 80.9300

Target

80.3325

81.3325

01/05/2018

Disclaimer LEGAL DISCLAIMER ( कानूनी अस्वीकरण) : This Document has been prepared by Ways2Capital (A Division of High Brow Market Research Investment Advisor Pvt Ltd). The information, analysis and estimates contained herein are based on Ways2Capital Equity/Commodities Research assessment and have been obtained from sources believed to be reliable. This document is meant for the use of the intended recipient only. यह दस्तावेज़ Ways2Capital (हाई ब्रो माके ट अनुसध ं ान ननवेश सलाहकार प्राइवेट नलनमटेड का एक भाग) द्वारा तैयार ककया गया है | यहां पर दी गई जानकारी, नवश्लेषण और अनुमान Ways2Capital इकिटी / कमोनडटी अनुसध ं ान के मूलयांकन पर आधाररत हैं और नवश्वसनीय स्रोतों से प्राप्त की गई है | यह दस्तावेज़ के वल इनछित प्राप्तकताा के उपयोग के नलए ही है |

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All information, levels & recommendations provided above are given on the basis of technical & fundamental research done by the panel of expert of Ways2Capital but we do not accept any liability for errors of opinion. People surfing through the website have right to opt the product services of their own choices. उपरोक्त सभी सूचना, स्तर और सुझाव, Ways2Capital के नवशेषज्ञ के पैनल द्वारा ककए गए तकनीकी और मौनलक अनुसध ं ान के आधार पर दी गई हैं, लेककन हम कदए गए सुझावों की त्रुरटयों के नलए कोई दानयत्व स्वीकार नहीं करते हैं | वेबसाइट के माध्यम से सर्फिंग करने वाले लोगों को अपनी पसंद के उत्पाद सेवाओं को चुनने का अनधकार है|

Any investment in Equity/commodity market bears risk, company will not be liable for any loss done on these recommendations. These levels do not necessarily indicate future price moment. Company holds the right to alter the information without any further notice. Any browsing through website means acceptance of disclaimer. इकिटी / कमोनडटी बाजार में कोई भी ननवेश जोनखम के अधीन होता है, कं पनी इन सुझावों पर ककए गए ककसी भी नुकसान के नलए उत्तरदायी नहीं होगी | यह स्तर भनवष्य के कीमतों की गनत का संकेत नहीं देते है| वेबसाइट के माध्यम से ककसी भी ब्राउजज़ग का अथा है अस्वीकरण की स्वीकृ नत।

DISCLOSURE ( प्रकटीकरण) : High Brow Market Research Investment Advisor Pvt. Ltd. or its associates does not do business with companies covered in research report nor is associated in any manner with any issuer of products/ securities, this ensures that there is no actual or potential conflicts of interest. To ensure compliance with the regulatory body, we have resolved that the company and all its representatives will not make any trades in the market. हाई ब्रो माके ट अनुसंधान ननवेश सलाहकार प्राइवेट नलनमटेड या उसके सहयोगी कं पननयां अनुसंधान ररपोटा में शानमल कं पननयों के साथ कारोबार नहीं करती हैं और न ही ककसी भी तरह के उत्पादों / प्रनतभूनतयों के जारीकताा के साथ जुडी हैं, जो यह सुनननित करता है कक नहतों के नलए कोई वास्तनवक या संभानवत संघषा नहीं है | ननयामक ननकाय के अनुपालन को सुनननित करने के नलए हमने यह तय ककया है कक कं पनी और उसके कोई भी प्रनतनननध बाज़ार में ट्रेड नहीं करेंगे।

Clients are advised to consider information provided in the report as opinion only & make investment decision of their own. Clients are also advised to read & understand terms & conditions of services published on website. No litigations have been filed against the company since the incorporation of the company by regulatory body. ग्राहकों को यह सलाह दी जाती है कक वे ररपोटा में दी गई जानकारी को के वल राय के रूप में देखें और ननवेश के नलए स्वयं िंै सला करें | ग्राहकों को वेबसाइट पर प्रकानशत सेवाओं के ननयमों और शतों को पढ़ने और समझने की भी सलाह दी जाती है | कं पनी के ननगमन के बाद ननयामक ननकाय द्वाराकं पनी के नखलािं कोई मुकदमा (यानचका) दायर नहीं ककया गया है।

DISCLOSURE APPENDIX ( प्रकटीकरण पररनशष्ट ) : The reports are prepared by analysts who are employed by High Brow Market Research Investment Advisor Pvt. Ltd. All the views expressed in this report herein accurately reflects personal views about the subject company or companies & their securities and no part of compensation was, is or will be directly or indirectly related to the specific recommendations or views contained in this research report. ररपोटा नवश्लेषकों द्वारा तैयार की गयी है जो द्वारा हाई ब्रो माके ट अनुसंधान ननवेश सलाहकार प्राइवेट नलनमटेड द्वारा ननयुक्त हैं | इस ररपोटा में व्यक्त सभी नवचार कं पनी के बारे में व्यनक्तगत नवचारों को दशााता है और कं पननयों और उनकी प्रनतभूनतयां और क्षनतपूर्तत (मुआवजे) का कोई नहस्सा, या इस शोध ररपोटा में नननहत नवशेष सुझावों या नवचारों से प्रत्यक्ष या अप्रत्यक्ष रूप से संबंनधत नहीं होगा।

DISCLOSURE IN TERMS OF CONFLICT OF INTEREST (नहतों के संघषा के मामले में प्रकटीकरण ): (a) High Brow Market Research Pvt. Ltd. or his associate or his relative has no financial interest in the subject company and the nature of such financial interest; (अ) हाई ब्रो माके ट अनुसंधान ननवेश सलाहकार प्राइवेट नलनमटेड या उसके सहयोगी या उनके ककसी भी तत्काल ररश्तेदार की नवषय कं पनी में कोई नवत्तीय रुनच नहीं है और न ही इस तरह की नवत्तीय नहत की प्रकृ नत है| (a) High Brow Market Research Pvt. Ltd. or its associates or relatives, have no actual/beneficial ownership of one percent or more in the securities of the subject company, ( ब) हाई ब्रो माके ट अनुसंधान ननवेश सलाहकार प्राइवेट नलनमटेड या उसके सहयोगी या उनके ककसी भी तत्काल ररश्तेदार की नवषय कं पनी की प्रनतभूनतयों में एक प्रनतशत या उससे अनधक के वास्तनवक / िंायदेमदं स्वानमत्व नहीं हैं |

(a)

High Brow Market Research Pvt. Ltd. or its associate has no other material conflict of interest at the time of publication of the research report or at the time of public appearance;

( स) हाई ब्रो माके ट अनुसंधान ननवेश सलाहकार प्राइवेट नलनमटेड या उसके सहयोनगयों को अनुसंधान ररपोटा के प्रकाशन के समय या सावाजननक रूप से उपनस्थत होने के समय कोई अन्य भौनतक संघषा नहीं है|

DISCLOSURE IN TERMS OF COMPENSATION ( क्षनतपूर्तत के संदभा में प्रकटीकरण): High Brow Market Research Investment Advisor Pvt. Ltd. policy prohibits its analysts, professionals reporting to analysts from owning securities of any company in the analyst's area of coverage. Analyst compensation: Analysts are salary based permanent employees of High Brow Market Research Pvt. Ltd. हाई ब्रो माके ट अनुसंधान ननवेश सलाहकार प्राइवेट नलनमटेड की पॉनलसी अपने नवश्लेषकों, पेशेवरों को नवश्लेषक के क्षेत्र में ककसी भी कं पनी की प्रनतभूनतयों के स्वामी से नवश्लेषकों को ररपोटा करने से रोकती है। नवश्लेषक क्षनतपूर्तत : नवश्लेषक हाई ब्रो माके ट अनुसंधान ननवेश सलाहकार प्राइवेट नलनमटेड के वेतन आधाररत स्थायी कमाचारी है |

DISCLOSURE IN TERMS OF PUBLIC APPEARANCE (सावाजननक प्रकटन के मामले में प्रकटीकरण ) : (a) High Brow Market Research Pvt. Ltd. or its associates have not received any compensation from the subject company in the past twelve months; (अ) हाई ब्रो माके ट अनुसंधान ननवेश सलाहकार प्राइवेट नलनमटेड या उसके सहयोगीयों ने नपिले 12 महीनों में नवषय कं पनी से कोई मुआवजा प्राप्त नहीं ककया है |

(b)

The subject company is not now or never a client during twelve months preceding the date of distribution of the research report.

(ब) अनुसंधान ररपोटा के नवतरण की नतनथ से पूवा बारह महीनों के दौरान नवषय कं पनी अब या कभी भी ग्राहक नहीं रही है।

(c )

High Brow Market Research Pvt. Ltd. or its associates has never served as an officer, director or employee of the subject company;

(स) हाई ब्रो माके ट अनुसंधान ननवेश सलाहकार प्राइवेट नलनमटेड या उसके सहयोगीयों ने नवषय कं पनी के अनधकारी, ननदेशक या कमाचारी के रूप में कभी भी काम

01/05/2018