Commodity Research Report 04 September 2018 Ways2Capital

Page 1

HIGH BROW MARKET RESEARCH INVESTMENT ADVISOR PVT. LTD.


Market Wrap-Up MCX Market Wrap-Up Commodity

Contract

Previous Close

Open

High

Low

Close

% Change in Price

% Change in Open Interest

% Change in Volume

Aluminium

28-Sep-18

145.65

145.90

153.55

145.35

150.10

3.06%

33.32%

33.71%

Copper

30-Nov-18

423.70

426.35

432.80

423.25

423.80

0.02%

69.26%

-10.81%

Crude Oil

19-Sep-18

4,804

4,818

5,013

4,796

4,959

3.23%

7.29%

32.23%

Gold

05-Oct-18

29903

29910

30359

29883

30129

0.76%

7.15%

17.99%

Lead

28-Sep-18

145.55

146.2

149.55

145.85

147.55

1.37%

4.80%

7.78%

Natural Gas

28-Aug-18

204.5

204

208

199.6

206.9

1.17%

-16.61%

8.28%

Nickel

28-Sep-18

938.8

938.5

960.5

908

909.3

-3.14%

46.26%

93.27%

Silver

05-Sep-18

37004

37020

37525

36656

36701

-0.82%

77.82%

-7.10%

Zinc

28-Sep-18

178.15

178.45

180.75

174.40

176.10

-1.15%

-4.49%

-6.24%

NCDEX Market Wrap-Up Contract

Previous Close

Open

High

Low

Close

% Change in Price

% Change in Open Interest

% Change in Volume

Castor Seed

19-Sep-18

4676.00

4670.00

4700.00

4700.00

4659.00

-0.36%

-1.43%

-0.09%

Chana

19-Sep-18

4101.00

4102.00

4142.00

3754.00

3865.00

-5.75%

-15.68%

0.73%

Dhaniya

19-Sep-18

4774.00

4799.00

4824.00

4507.00

4676.00

-2.05%

-43.39%

1.97%

COCUDAKL

19-Sep-18

1746.50

1744.00

1747.00

1610.00

1667.50

-4.52%

29.34%

-29.34%

Guargum5

16-Oct-18

9201.00

9292.00

9546.00

8780.00

9535.00

3.63%

-7.44%

-2.77%

Guarseed10

16-Oct-18

4309.50

4346.00

4423.00

4074.00

4408.50

2.30%

-3.78%

7.80%

Jeera

19-Sep-18

19330.00 19290.00

19500.00 18880.00 19220.00

-0.57%

-65.34%

-3.53%

RMseed

19-Sep-18

4078.00

4074.00

4074.00

3921.00

3990.00

-2.16%

-34.13%

-23.28%

Ref Soya Oil

19-Sep-18

733.60

732.90

737.00

725.20

735.75

0.29%

133.44%

13.36%

Soyabean

16-Oct-18

3249.00

3379.00

3388.00

3236.00

3249.00

0.00%

-36.39%

15.82%

Turmeric

19-Sep-18

6868.00

6862.00

6942.00

6702.00

6814.00

-0.79%

-10.60%

-3.10%

Mentha Oil

28-Sep-18

1721.70

1759.90

1832.00

1740.90

1812.40

5.27%

13.67%

12.51%

Commodity

Currency Market Wrap-Up Contract

Previous Close

Open

High

Low

Close

Change in Price (in%)

USDINR

26-Sep-18

70.1925

70.0100

71.2500

69.9700

71.1875

1.42%

GBPINR

26-Sep-18

90.2950

90.1000

92.7500

90.0675

92.5525

2.50%

JPYINR

26-Sep-18

63.1375

63.1100

64.3325

63.0800

64.2800

1.81%

EURINR

26-Sep-18

81.4350

81.5575

83.2700

81.5125

83.0550

1.99%

Currency Pair

Continued…….

2

Copyright © 2018 Ways2Capital. All rights reserved

03/09/2018


Market Wrap-Up International Market Wrap-up Exchange

Previous Close

Open

High

Low

Close

% Change in Price

LME

2093.00

2086.50

2177.00

2086.00

2119.75

1.28%

Copper

COMEX

2.691

2.740

2.743

2.642

2.663

-1.04%

Crude Oil

NYMEX

68.54

68.57

70.50

68.21

69.91

2.00%

Gold

COMEX

1212.30

1210.30

1217.00

1196.00

1206.90

-0.45%

Lead

LME

2078.75

2085.00

2108.25

2051.75

2088.25

0.46%

NYMEX

2.912

2.908

2.931

2.841

2.921

0.31%

Nickel

LME

13430.00

13417.50

13675.00

12780.00

12815.00

-4.58%

Silver

COMEX

14.785

14.820

14.820

14.425

14.575

-1.42%

Zinc

LME

2532.75

2526.00

2561.25

2434.25

2461.50

-2.81%

Commodity Aluminium

Natural Gas

3

Copyright © 2018 Ways2Capital. All rights reserved

03/09/2018


Inventory Updates LME Inventory Closing (As on 31 th Aug18) In tones

Closing (As on 24 th Aug18) in tones

% Change in Price

Aluminium

1073050

1099975

-2.45%

Copper

266450

266950

-0.19%

Lead

126225

126550

-0.26%

Nickel

240678

243552

-1.18%

Zinc

243825

248575

-1.91%

Commodity

Continued…….

4

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03/09/2018


Inventory Updates

5

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03/09/2018


Market Next Week Upcoming Economic Events Calender Time

Currency

Event

Forecast

Previous

53.8

54

Monday, September 3, 2018 All Day

USD

United States - Labor Day USA

14:00

GBP

Manufacturing PMI (Aug)

Tentative

USD

OPEC Meeting Tuesday, September 4, 2018

14:00

GBP

Construction PMI (Aug)

54.9

55.8

19:15

USD

Manufacturing PMI (Aug)

54.5

54.5

19:30

USD

ISM Manufacturing PMI (Aug)

57.7

58.1

53.8

53.5

Wednesday, September 5, 2018 14:00

GBP

Services PMI (Aug)

18:00

USD

Exports

18:00

USD

Initial Jobless Claims

18:00

USD

Trade Balance (Jul)

213.81B -50.00B

-46.30B

Thursday, September 6, 2018 17:45

USD

ADP Nonfarm Employment Change (Aug)

190K

219K

18:00

USD

Initial Jobless Claims

215K

213K

18:00

USD

Nonfarm Productivity (QoQ) (Q2)

3.00%

2.90%

18:00

USD

Unit Labor Costs (QoQ) (Q2)

-0.90%

-0.90%

19:15

USD

Markit Composite PMI (Aug)

55

55

19:15

USD

Services PMI (Aug)

55.2

55.2

19:30

USD

Cap Goods Ship Non Defense Ex Air (MoM)

-1.70%

-1.70%

19:30

USD

Durable Goods Orders (MoM)

19:30

USD

Factory Orders (MoM) (Jul)

19:30

USD

ISM Non-Manufacturing Employment (Aug)

19:30

USD

ISM Non-Manufacturing PMI (Aug)

20:30

USD

Crude Oil Inventories

-1.70% -0.70%

0.70% 56.1

56.5

55.7 -2.566M

Friday, September 7, 2018 Tentative

CNY

Trade Balance (USD) (Aug)

39.33B

28.05B

18:00

USD

Average Hourly Earnings (YoY) (YoY) (Aug)

2.70%

2.70%

18:00

USD

FOMC Member Rosengren Speaks

18:00

USD

Nonfarm Payrolls (Aug)

190K

157K

18:00

USD

Participation Rate (Aug)

18:00

USD

Private Nonfarm Payrolls (Aug)

190K

170K

18:00

USD

Unemployment Rate (Aug)

3.80%

3.90%

62.90%

Currency Weekly Pivots Currency Pair

Contract

R3

R2

R1

PP

S1

S2

S3

USDINR

26-Sep-18

73.3500

72.1000

71.6500

70.8000

70.3500

69.5000

68.2500

GBPINR

26-Sep-18

97.1500

94.5000

93.5500

91.8000

90.8500

89.1000

86.4500

JPYINR

26-Sep-18

66.4000

65.1500

64.7000

63.9000

63.4500

62.6500

61.4000

EURINR

26-Sep-18

86.1000

84.3500

83.7000

82.6000

81.9500

80.8500

79.1000 Continued…….

6

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03/09/2018


Market Next Week MCX Weekly Pivots Commodity

Contract

R3

R2

R1

PP

S1

S2

S3

Aluminium

28-Sep-18

166.05

157.85

153.95

149.65

145.75

141.45

133.25

Copper

30-Nov-18

445.70

436.15

429.95

426.60

420.40

417.05

407.50

Crude Oil

19-Sep-18

5357

5140

5049

4923

4832

4706

4489

Gold

05-Oct-18

31076

30600

30364

30124

29888

29648

29172

Lead

28-Sep-18

155.05

151.35

149.45

147.65

145.75

143.95

140.25

Natural Gas

28-Aug-18

221.65

213.25

210.10

204.85

201.70

196.45

188.05

Nickel

28-Sep-18

1030.95

978.45

943.90

925.95

891.40

873.45

820.95

Silver

05-Sep-18

38699

37830

37265

36961

36396

36092

35223

Zinc

28-Sep-18

189.80

183.45

179.80

177.10

173.45

170.75

164.40

NCDEX Weekly Pivots Commodity

Contract

R3

R2

R1

PP

S1

S2

S3

Castor Seed

19-Sep-18

4686

4686

4673

4686

4673

4686

4686

Chana

19-Sep-18

4696

4308

4087

3920

3699

3532

3144

Dhaniya

19-Sep-18

5303

4986

4831

4669

4514

4352

4035

COCUDAKL

19-Sep-18

1948.85

1811.85

1739.70

1674.85

1602.70

1537.85

1400.85

Guargum5

16-Oct-18

10819

10053

9794

9287

9028

8521

7755

Guarseed10

16-Oct-18

4999.85

4650.85

4529.70

4301.85

4180.70

3952.85

3603.85

Jeera

19-Sep-18

20440.00

19820.00

19520.00

19200.00

18900.00

18580.00

17960.00

RMseed

19-Sep-18

4301

4148

4069

3995

3916

3842

3689

Ref Soya Oil

19-Sep-18

756.25

744.45

740.10

732.65

728.30

720.85

709.05

Soyabean

16-Oct-18

3595

3443

3346

3291

3194

3139

2987

Turmeric

19-Sep-18

7299

7059

6937

6819

6697

6579

6339

Mentha Oil

31-Aug-18

1977.3

1886.2

1849.3

1795.1

1758.2

1704.0

1612.9

7

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03/09/2018


MCX Fundamentals BULLION Gold prices inched up on Friday but remained on course to rack up their longest monthly losing streak since 2013 hit by worries over lingering U.S. Sino trade tensions. Gold would closely track moves in the dollar in which the metal is priced especially with investors bracing for the next round of the U.S. China trade conflict. Gold prices have declined about 7.7 percent so far this year amid international trade disputes and the Turkish currency crisis with investors preferring the dollar as a safe-haven. U.S.

BASE METALS

Base metals at LME during early trades on Friday were trading higher as China manufacturing PMI beats expectations for August. In the previous session all base metals complex corrected amid US-China trade tension. China reported on Friday that factory activity was higher than expected in August with the official manufacturing Purchasing Manager's Index (PMI) coming in at 51.3. The Chinese manufacturing PMI had been forecast to fall to 51.0 in August from 51.2 in July according to a poll of economists by Reuters.

ENERGY WTI crude oil prices trading flat on Friday after settling higher in the previous session on Thursday as traders continued to cheer a bullish U.S. petroleum report from a day earlier and signs of tightening global crude supplies amid falling Iranian exports. Crude oil prices remained on track to post a monthly gain as a sharp drop in U.S. The Energy Information Administration released its report on US natural gas storage, showing a build up of 48 billion cubic feet in the week ending August 17, compared to a 33 billion build up in the previous reading, while analysts expected a 47 billion increase.

8

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03/09/2018


NCDEX Fundamentals SPICES Markets bounced back from the lower levels for Jeer as demand started rising after the recent dips in prices. Moderate festive season demand on the domestic front and a rise in export demand are expected to provide support to the prices.Turmeric failed to show any strong recovery even as prices found immediate support at these levels after the recent dips from improved sowing reports. Even as technical is still not very strongly positive, there are expectations of demand on the domestic and export front picking up with harvesting still time away.

OILSEEDS Profit booking at the higher levels after the recent rise brought some dips to Mentha Oil prices. Sentiments remained positive however on rising demand in mandis amidst falling arrivals as new crop arrivals get over. Positive inputs from soy bean and lack of fresh bearish cues from global edible oil markets pushed soya oil prices higher. Soya oil had faced resistance in moving above 750 level in recent weeks although the downside has been limited up to 725-727.

GUAR COMPLEX Price found some support for Guar after recent fall in prices due to good rains in Rajasthan. However as the bearish impact of rains gradually get over with prices on the lower side and sowing period too nearing end fall in prices may be limited from the monsoon factor.

OTHERS RM seed posted a moderate recovery yesterday. However with prices turning significantly cheaper and fresh reports of India likely to resume export of rape meal from China we now do not anticipate much fall now and prices in medium term may find strong support. Soy bean futures once again found fresh buying interest. Reserved selling mood amongst stockists and positive global cues helped soy bean in posting moderate recovery. As viewed on the charts NCDEX October soy bean in near term may rise up to 3290-3350 at least if fails to sustain below 3150 on any particular week. 9

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03/09/2018


Calls of the Week (MCX) LEAD Lead continuously trading above the support level of 140 and making higher highs and higher lows indicating positive movement in it from short term to mid term basis supported by positive RSI. Last week Lead made a high of 149.55 and closed at 147.55 with overall marginal gain of 1.37% on weekly basis. For this week, if it breaks the level of 148 on the upper side then it can test the level of 154 during the week. One can make buy position in it by maintaining a SL at 146.90.

WEEKLY STRATEGY PARTICULAR

Action

Entry Range

DETAILS

Buy

Above 148

Target

153.40

SL

146.90

GOLD From last couple of trading weeks Gold is trading with positive sentiment and we are expecting that market can continue the same trend for this week also. Last week Gold made a high of 30359 and closed at 30129 with overall marginal gain of 0.76% on weekly basis. On its daily chart Gold is forming higher highs and higher lows formation indicating positive movement in it. For this week, if it breaks the level of 30120 on the upper side then it can test the level of 30450 during the week. One can make buy position in it by maintaining a SL at 30057.

WEEKLY STRATEGY PARTICULAR

Action

Entry Range

10

Copyright Š 2018 Ways2Capital. All rights reserved

DETAILS

Buy

Above 30120

Target

30450

SL

30057

03/09/2018


Calls of the Week (NCDEX) TURMERIC From last couple of trading weeks TMC is trading with negative sentiment and we are expecting that market can continue the same trend for this week also. Last week TMC made a low of 6702 and closed at 6814 with overall marginal loss of 0.79% on weekly basis. On its daily chart TMC is forming descending triangle formation indicating selling pressure in it. For this week, if it breaks the level of 6700 on the lower side then it can test the level of 6432 during the week. One can make sell position in it by maintaining a SL at 6824.

WEEKLY STRATEGY PARTICULAR

Action

Entry Range

DETAILS

Sell

Below 6700

Target

6432

SL

6824

DHANIYA Last week Dhaniya open with negative sentiment but found enough support of important psychological level of 4500. Last week Dhaniya made a low of 4507 and closed at 4676 with overall marginal loss of 2% on weekly basis. On its daily chart Dhaniya is facing support at 4500 and forming reversal formation. For this week, if it breaks the level of 4700 on the upper side then it can test the level of 4872 during the week. One can make buy position in it by maintaining a SL at 4632.

WEEKLY STRATEGY PARTICULAR

Action

Entry Range

11

Copyright Š 2018 Ways2Capital. All rights reserved

DETAILS

Buy

Above 4700

Target

4872

SL

4632

03/09/2018


Calls of the Week (FOREX) JPYINR Last week JPYINR open with positive sentiment but found enough resistance near the level of 64.30. Last week JPYINR made a high of 64.3325 and closed at 64.2800 with overall marginal gain of 1.80% on weekly basis. On its daily chart RSI trading in overbought zone and we are expecting correcting profit booking at higher level. For this week, if it breaks the level of 63.9500 on the lower side then it can test the level of 63.4500 during the week. One can make sell position in it by maintaining a SL at 64.2525.

WEEKLY STRATEGY PARTICULAR

Action

Entry Range

DETAILS

Sell

Below 63.9500

Target

63.4500

SL

64.2525

GBPINR Last week GBPINR made a high of 92.7500 and closed at 90.0675 with overall marginal gain of 2.50% on weekly basis. On its hourly chart GBPINR trading above its support trend and we believe that we can see some profit booking in it from higher level. For this week, if it breaks the level of 91.7400 on the lower side then it can test the level of 91.2525 during the week. One can make sell position in it by maintaining a SL at 92.0325.

WEEKLY STRATEGY

PARTICULAR

Action

Entry Range

12

Copyright Š 2018 Ways2Capital. All rights reserved

DETAILS

Sell

Above 91.7400

Target

91.2425

SL

92.0325

03/09/2018


Disclaimer LEGAL DISCLAIMER (कानन ू ी अस्वीकयण) : 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.

मह दस्तावेज़ Ways2Capital (हाई ब्रो भाकेट अनुसध ं ान ननवेश सराहकाय प्राइवेट लरलभटे ड का एक बाग) द्वाया तैमाय ककमा गमा है | महां ऩय दी गई जानकायी, ववश्रेषण औय अनुभान Ways2Capital इक्ववटी / कभोडडटी अनुसध ं ान के भूलमांकन ऩय आधारयत हैं औय ववश्वसनीम स्रोतों से प्राप्त की गई है | मह दस्तावेज़ केवर इक्छित प्राप्तकता​ा के उऩमोग के लरए ही है |

This document, at best, represents Ways2Capital Equity/Commodities Research opinion and is meant for general information only. Ways2Capital Equity/Commodities Research, its directors, officers or employees shall not in any way to be responsible for the contents stated herein. Ways2Capital Equity/Commodities Research expressly disclaims any and all liabilities that may arise from information, errors or omissions in this connection. This document is not to be considered as an offer to sell or a solicitation to buy any securities or commodities. मह दस्तावेज़, सवोत्तभ रूऩ से, Ways2Capital इक्ववटी / कभोडडटीज अनुसंधान का प्रनतननधधत्व कयता है औय साभान्म जानकायी के लरए ही है | Ways2Capital इक्ववटी / कभोडडटीज अनुसंधान, इसके ननदे शकों, अधधकायी मा कभाचायी ककसी बी तयह से संफधं धत साभग्री के लरए क्जम्भेदाय नहीं है। | Ways2Capital इक्ववटी / कभोडडटीज अनुसंधान ककसी बी औय सबी उत्तयदानमत्वों को स्ऩष्ट रूऩ से अस्वीकाय कयता है जो इस संफंध भें सूचना, त्रुटटमों मा चूक से ऩैदा हो सकता है| इस दस्तावेज को ककसी बी प्रनतबूनत मा वस्तु को खयीदने के लरए फेचने मा एक आग्रह के लरए प्रस्ताव के रूऩ भें नहीं भाना जा सकता है |

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.

उऩयोवत सबी सूचना, स्तय औय सुझाव, Ways2Capital के ववशेषऻ के ऩैनर द्वाया ककए गए तकनीकी औय भौलरक अनुसध ं ान के आधाय ऩय दी गई हैं, रेककन हभ टदए गए सुझावों की त्रुटटमों के लरए कोई दानमत्व स्वीकाय नहीं कयते हैं | वेफसाइट के भाध्मभ से सकपिंग कयने वारे रोगों को अऩनी ऩसंद के उत्ऩाद सेवाओं को चुनने का अधधकाय 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.

इक्ववटी / कभोडडटी फाजाय भें कोई बी ननवेश जोखखभ के अधीन होता है, कंऩनी इन सुझावों ऩय ककए गए ककसी बी नुकसान के लरए उत्तयदामी नहीं होगी | मह स्तय बववष्म के कीभतों की गनत का संकेत नहीं दे ते है| वेफसाइट के भाध्मभ से ककसी बी ब्राउक्ज़ंग का अथा है अस्वीकयण की स्वीकृनत।

DISCLOSURE (प्रकटीकयण) : 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 भाकेट अनुसंधान ननवेश सराहकाय प्राइवेट लरलभटे ड मा उसके सहमोगी कंऩननमां अनुसंधान रयऩोटा भें शालभर कंऩननमों के साथ कायोफाय नहीं कयती हैं औय न ही ककसी बी तयह के उत्ऩादों / प्रनतबूनतमों के जायीकता​ा के साथ जुडी हैं, जो मह सुननक्श्चत कयता है कक टहतों के लरए कोई वास्तववक मा संबाववत संघषा नहीं है | ननमाभक ननकाम के अनुऩारन को सुननक्श्चत कयने के लरए हभने मह तम ककमा है कक कंऩनी औय उसके कोई बी प्रनतननधध फाज़ाय भें ट्रे ड नहीं कयें गे।

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 मह सराह दी जाती है कक वे रयऩोटा भें दी गई जानकायी को केवर याम के रूऩ भें दे खें औय ननवेश के लरए स्वमं पैसरा कयें | ग्राहकों को वेफसाइट ऩय प्रकालशत सेवाओं के ननमभों औय शतों को ऩढ़ने औय सभझने की बी सराह दी जाती है | कंऩनी के ननगभन के फाद ननमाभक ननकाम द्वायाकंऩनी के खखराप कोई भुकदभा (माधचका) दामय नहीं ककमा गमा है।

DISCLOSURE APPENDIX (प्रकटीकयण ऩरयलशष्ट ) : The reports are prepared by analysts who are employed by High Brow Market Research Investment Advisor Pvt. Ltd. All the views expressed in this re- port 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. रयऩोटा ववश्रेषकों द्वाया तैमाय की गमी है जो द्वाया हाई ब्रो भाकेट अनुसंधान ननवेश सराहकाय प्राइवेट लरलभटे ड द्वाया ननमुवत हैं | इस रयऩोटा भें व्मवत सबी ववचाय कंऩनी के फाये भें व्मक्वतगत ववचायों को दशा​ाता है औय कंऩननमों औय उनकी प्रनतबूनतमां औय ऺनतऩूनता (भुआवजे) का कोई टहस्सा, मा इस शोध रयऩोटा भें ननटहत ववशेष सुझावों मा ववचायों से प्रत्मऺ मा अप्रत्मऺ रूऩ से संफंधधत नहीं होगा।

DISCLOSURE IN TERMS OF CONFLICT OF INTEREST (टहतों के संघषा के भाभरे भें प्रकटीकयण ): (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 भाकेट अनुसंधान ननवेश सराहकाय प्राइवेट लरलभटे ड मा उसके सहमोगी मा उनके ककसी बी तत्कार रयश्तेदाय की ववषम कंऩनी भें कोई ववत्तीम रुधच नहीं है औय न ही इस तयह की ववत्तीम टहत की प्रकृनत है|

(b) 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 भाकेट अनुसंधान ननवेश सराहकाय प्राइवेट लरलभटे ड मा उसके सहमोगी मा उनके ककसी बी तत्कार रयश्तेदाय की ववषम कंऩनी की प्रनतबूनतमों भें एक प्रनतशत मा उससे अधधक के वास्तववक / पामदे भंद

स्वालभत्व नहीं हैं |

(c) (स)

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; हाई ब्रो भाकेट अनुसंधान ननवेश सराहकाय प्राइवेट लरलभटे ड मा उसके सहमोधगमों को अनुसंधान रयऩोटा के प्रकाशन के सभम मा सावाजननक रूऩ से उऩक्स्थत होने के सभम कोई अन्म बौनतक संघषा नहीं है |

DISCLOSURE IN TERMS OF COMPENSATION ( ऺनतऩनू ता के संदबा भें प्रकटीकयण): 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 भाकेट अनुसंधान ननवेश सराहकाय प्राइवेट लरलभटे ड की ऩॉलरसी अऩने ववश्रेषकों, ऩेशेवयों को ववश्रेषक के ऺेत्र भें ककसी बी कंऩनी की प्रनतबूनतमों के स्वाभी से ववश्रेषकों को रयऩोटा कयने से योकती है। ववश्रेषक ऺनतऩूनता : ववश्रेषक हाई ब्रो भाकेट अनुसंधान ननवेश सराहकाय प्राइवेट लरलभटे ड के वेतन आधारयत स्थामी कभाचायी है |

DISCLOSURE IN TERMS OF PUBLIC APPEARANCE (सावाजननक प्रकटन के भाभरे भें प्रकटीकयण ) : (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 भाकेट अनुसंधान ननवेश सराहकाय प्राइवेट लरलभटे ड मा उसके सहमोगीमों ने

वऩिरे 12 भहीनों भें ववषम कंऩनी से कोई भुआवजा प्राप्त नहीं ककमा 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 रयऩोटा के ववतयण की नतधथ से ऩूवा फायह भहीनों के दौयान ववषम कंऩनी अफ मा कबी बी ग्राहक नहीं यही 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 भाकेट अनुसंधान ननवेश सराहकाय प्राइवेट लरलभटे ड मा उसके सहमोगीमों ने

13

ववषम कंऩनी के अधधकायी, ननदे शक मा कभाचायी के रूऩ भें कबी बी काभ

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03/09/2018


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