Commodity research report 24 april 2018 ways2capital by Ways2Capital

HIGH BROW MARKET RESEARCH INVESTMENT ADVISOR PVT. LTD.

Market Wrap-Up MCX Market Wrap-Up Contract

Previous Close

Open

High

Low

% Change in Price

% Change in Open Interest

% Change in Volume

Aluminium

30-Apr-18

149.75

150.20

178.20

150.20

165.90

10.78%

-5.41%

-3.41%

Copper

30-Apr-18

442.75

464.00

442.00

458.75

3.61%

1.49%

8.27%

Crude Oil

21-May-18

4408

4379

4589

4320

4531

2.79%

-23.84%

-18.47%

Gold

05-Jun-18

31118

31200

31620

31155

31432

1.01%

0.85%

-44.36%

Lead

30-Apr-18

150.25

151.70

158.90

151.05

154.90

3.09%

-26.75%

-19.14%

Natural Gas

25-May-18

181.90

182.60

186.00

179.20

184.30

1.32%

-22.65%

-71.57%

Nickel

30-Apr-18

904.90

907.30

1095.20

907.30

980.90

8.40%

10.12%

95.70%

Silver

04-May-18

38927

39039

40769

38855

40479

3.99%

-10.58%

-6.75%

Zinc

30-Apr-18

202.70

203.80

216.50

202.30

214.65

5.90%

-12.19%

-15.82%

Commodity

NCDEX Market Wrap-Up Contract

Previous Close

Open

High

Low

% Change in Price

% Change in Open Interest

% Change in Volume

Castor Seed

18-May-18

4147

41200

4164

4052

4142

-0.12%

3.62%

84.35%

Chana

18-May-18

3675

3698

3605

3673

-0.05%

2.08%

4.07%

Dhaniya

18-May-18

5184

5188

5210

5015

5101

-1.60%

0.24%

6.95%

Cottonseed Oil Cake

18-May-18

1408.50

-4.54%

21.30%

130.60%

Guargum5

18-May-18

8937

2.27%

1.53%

19.20%

Guarseed10

18-May-18

4111.50

2.09%

4.63%

24.40%

Jeera

18-May-18

15655

15685

16380

15685

16060

2.59%

-24.97%

-45.21%

Kapas

30-Apr-18

916.00

915.00

935.50

885.50

891.00

-2.73%

-48.63%

-45.04%

RMseed

18-May-18

3927

3930

3934

3872

3925

-0.05%

5.22%

10.43%

Ref Soya Oil

18-May-18

774.50

772.10

785.00

765.00

776.65

0.28%

-8.46%

36.37%

Soyabean

18-May-18

3852

3849

3733

3760

-2.39%

-4.83%

-14.53%

Turmeric

18-May-18

6750

6788

6968

6712

6882

1.96%

4.06%

113.38%

Mentha Oil

30-Apr-18

1407.80

-0.94%

-4.64%

-71.85%

Commodity

1405.00 1416.00 1338.00 1344.50 8926

9200

8760

9140

4119.00 4219.00 4042.00 4197.50

1401.50 1464.50 1387.20 1394.50

Currency Market Wrap-Up Contract

Previous Close

Open

High

Low

Change in Price (in%)

USDINR

25-Apr-18

65.2900

65.4000

66.1350

65.3700

66.0850

1.22%

GBPINR

25-Apr-18

93.1525

93.2500

94.4375

92.6925

92.9575

-0.21%

JPYINR

25-Apr-18

60.6600

60.8600

61.4800

60.8600

61.9350

2.10%

EURINR

25-Apr-18

80.4625

80.5500

81.5675

80.5500

81.3275

1.08%

Currency Pair

Continued…….

24/04/2018

Market Wrap-Up International Market Wrap-up Exchange

Previous Close

Open

High

Low

% Change in Price

LME

2281.00

2276.25

2715.75

2276.00

2473.25

8.43%

Copper

COMEX

3.067

3.068

3.164

3.068

3.131

2.09%

Crude Oil

NYMEX

67.39

67.24

69.56

65.56

68.38

1.47%

Gold

COMEX

1347.90

1349.80

1359.00

1337.00

1338.30

-0.71%

Lead

LME

2302.75

2301.25

2413.00

2289.25

2336.00

1.44%

NYMEX

2.735

2.790

2.658

2.739

0.15%

Nickel

LME

13902.50

13947.50

16687.50

13860.00

14850.00

6.82%

Silver

COMEX

16.628

16.825

17.200

16.825

17.147

3.12%

Zinc

LME

3110.00

3102.75

3300.25

3071.00

3241.25

4.22%

Commodity Aluminium

Natural Gas

24/04/2018

Inventory Updates LME Inventory Closing In Tonnes (As on 20th April 2018)

Closing In Tonnes (As on 13th April 2018)

% Change in Price

Copper

355150

362700

-2.08%

Nickel

314328

314946

-0.20%

Lead

129500

129325

0.14%

Zinc

186825

196475

-4.91%

Aluminium

1404350

1345225

4.40%

Commodity

Continued…….

24/04/2018

Inventory Updates

24/04/2018

Market Next Week Economic Events Calendar Time

Currency

Event

Forecast

Monday, April 23, 2018 19:15

USD

Manufacturing PMI (Apr)

55.20

55.60

19:15

USD

Markit Composite PMI

55.30

54.20

19:15

USD

Services PMI (Apr)

54.30

54.00

19:30

USD

Existing Home Sales (Mar)

5.55M

5.54M

19:30

USD

Existing Home Sales (MoM) (Mar)

6.3%

6.4%

Tuesday, April 24, 2018 18:30

USD

S&P/CS HPI Composite - 20 n.s.a. (YoY) (Feb)

18:40

GBP

BoE Deputy Governor Woods Speaks

19:30

USD

CB Consumer Confidence (Apr)

126

127.7

19:30

USD

New Home Sales (Mar)

625K

618K

19:30

USD

New Home Sales (MoM) (Mar)

1.9%

-0.6%

Wednesday, April 25, 2018 2:00

USD

API Weekly Crude Oil Stock

20:00

USD

Crude Oil Inventories

-1.047M -1.429M

-1.071M

Thursday, April 26, 2018 14:00

GBP

Gross Mortgage Approvals

37.1K

38.1K

18:00

USD

Cap Goods Ship Non Defense Ex Air (MoM)

0.40%

1.40%

18:00

USD

Core Durable Goods Orders (MoM) (Mar)

0.50%

1.00%

18:00

USD

Durable Goods Orders (MoM) (Mar)

1.30%

3.00%

18:00

USD

Goods Trade Balance (Mar)

-74.80B

-75.88B

18:00

USD

Initial Jobless Claims

235K

232K

Friday, April 27, 2018 11:30

GBP

Nationwide HPI (MoM) (Apr)

0.20%

-0.20%

14:00

GBP

GDP (YoY) (Q1)

1.40%

14:00

GBP

GDP (QoQ) (Q1)

0.30%

0.40%

18:00

USD

Employment Cost Index (QoQ) (Q1)

0.70%

0.60%

18:00

USD

GDP Price Index (QoQ) (Q1)

2.20%

2.30%

19:30

GBP

BoE Gov Carney Speaks

19:30

USD

Michigan Consumer Sentiment (Apr)

97.8

Currency Weekly Pivots Currency Pair

Contract

USDINR

25-Apr-18

67.4000

66.6000

66.3500

65.8500

65.5500

65.1000

64.3000

GBPINR

25-Apr-18

96.8500

95.1000

94.0000

93.3500

92.2500

91.6000

89.8500

JPYINR

25-Apr-18

62.7000

62.0500

61.4500

61.4000

60.8500

60.2000

EURINR

25-Apr-18

83.2000

82.1500

81.7500

81.1500

80.7500

80.1500

79.1000 Continued…….

24/04/2018

Market Next Week MCX Weekly Pivots Commodity

Contract

Aluminium

30-Apr-18

220.75

192.75

179.30

164.75

151.30

136.75

108.75

Copper

30-Apr-18

498.9

476.9

467.8

454.9

445.8

432.90

410.90

Crude Oil

21-May-18

5018

4749

4640

4480

4371

4211

3942

Gold

05-Jun-18

32332

31867

31650

31402

31185

30937

30472

Lead

30-Apr-18

170.65

162.80

158.85

154.95

151.00

147.10

139.25

Natural Gas

25-May-18

196.75

189.95

187.10

183.15

180.30

176.35

169.55

Nickel

30-Apr-18

1370

1182

1082

994

894

807

619

Silver

04-May-18

43862

41948

41214

40034

39300

38120

36206

Zinc

30-Apr-18

239.55

225.35

220.00

211.15

205.80

196.95

182.75

NCDEX Weekly Pivots Commodity

Contract

Dhaniya

18-May-18

5499

5304

5202

5109

5007

4914

4719

Cottonseed Oil Cake

18-May-18

1522

1444

1394

1366

1316

1288

1210

Guargum5

18-May-18

9913

9473

9307

9033

8867

8593

8153

Guarseed10

18-May-18

4507

4330

4264

4153

4087

3976

3799

Jeera

18-May-18

17432

16737

16398

16042

15703

15347

14652

Kapas

30-Apr-18

1004

954

923

904

873

854

804

RMseed

18-May-18

4034

3972

3949

3910

3887

3848

3786

Ref Soya Oil

18-May-18

816

796

786

776

766

756

736

Soyabean

18-May-18

4013

3897

3828

3781

3712

3665

3549

Turmeric

18-May-18

7366

7110

6996

6854

6740

6598

6342

Mentha Oil

30-Apr-18

1570

1493

1444

1415

1366

1338

1261

24/04/2018

MCX Fundamentals BULLION Gold prices fell on Friday before the weekend as commodity demand falls and dollar recovers against a basket of major rivals.US treasury yields rose yesterday to one month highs, siphoning liquidity away from gold and commodities to the bond market. Higher US bond yields underpinned the dollar yesterday as well before the close weighing on dollar denominated commodity prices. Risk appetite improved this week as trade tensions faded with China proving capable of opening its local market to avoid a full fledged trade war with the US.

BASE METALS

Glencoreowned Access World has delisted 12 of its 20 London Metal Exchange registered warehouses in Vlissingen in The Netherlands amid outflows of aluminium stocks after sanctions were imposed by the United States on Russian producer UC Rusal. The accumulation of aluminum stocks into Access Worldâ&#x20AC;&#x2122;s LME warehouses in Vlissingen caused a queue to form in 2011 and to peak in 2014 with more than two years of waiting time to take delivery of material.

ENERGY US crude fell to $67.90 a barrel from the opening of $68.20, while Brent dipped to $73.25 a barrel from the opening of $73.59.US crude fell 0.9% yesterday while Brent shed 0.3%, the first loss in three days on profit taking after marking November 2014 highs. natural gas futures due on May 15 fell 1.58% to $2.675 per million British thermal units from the opening of $2.718,while the dollar index rose 0.37% to 90.48 from the opening of 90.14 marking early March highs.

24/04/2018

NCDEX Fundamentals SPICES Moderate firm trend persisted for Jeer last week as profit booking towards end of the week brought some dips to the rising prices. Rising domestic and export demand with falling arrivals are likely to support prices. Turmeric trade slight firm last week but strong resistance was seen at 7000 mark. Pick up in demand at these lower levels are likely to support prices as arrivals slow down. Normal Monsoon reports are likely to remain favorable for the crop sowing from June and that could limit the uptrend.

OIL & OILSEEDS Soya oil was able to stabilize at lower levels. Weakness in soybean kept soya oil during greater part of the day but as Malaysian palm oil made a gradually pull back and positive tone persisted in crude oil soya oil managed to stay above support levels till close of the session. Nevertheless bullish cues from the latest USDA report released last to last Tuesday are likely to shall keep soybean supported at lower levels. The US soybean ending stocks were lowered from 555 million bushels last month to 550. Analysts were expecting an increase up to 574 on this report due to the March 29 Grain Stocks.

GUAR COMPLEX

High stocks, lack of strong export demand amidst reports of good Monsoon could keep uptrend limited for now. Recovery in crude oil prices could brighten export prospects keeping long term trend bullish. Production is expected to lower versus last year while Guar gum demand remains better than previous years and likely to remain better in coming months.

OTHERS As per the charts May RM seed has a strong support at 3825-3830 for the current week In next 2-4 weeks the May contract might have to test 37503775 levels before consolidating and preparing for a reversal. For the current session, May contract is likely to show tendency to move lower after a modest price rise. Firmness in International markets amidst lower crop reports from India kept trend firm for Cotton / Kapas and are likely to support sentiments this week too. Lower US and global ending stocks as per latest USDA reports amidst crop damage reports in Indian markets are supporting prices . 9

24/04/2018

Calls of the Week (MCX) CRUDE OIL From last couple of trading weeks oil market is trading with positive. It made a high of 4589 during the week and closed at 4531 with the overall gain of 2.79% on weekly basis. Technically for this week, we can expect that market can continue its main bullish trend as on its daily and 4 hourly chart market is forming bullish flag pattern indicating the positive trend in coming sessions. For this week, if it breaks the level of 4600, then it can test the level of 4750 during the week. One can make sell position in it by maintaining a SL 4530

WEEKLY STRATEGY PERTICULAR

Action

Entry Range

DETAILS

Buy

Above 4600

Target

4750.00

4530.00

ZINC Last week Zinc Apr Futures started the week on positive note and continued the same for the entire week. It made a high of 216.50 during the week and closed at 214.65 with the overall gain of 5.90% on weekly basis. Technically for this week, we can expect correction from higher level as it sustaining on overbought zone. For this week, if it breaks the level of 214.45, then it can test the level of 212.45 during the week. One can make sell position in it by maintaining a SL 215.55

WEEKLY STRATEGY PERTICULAR

Action

Entry Range

DETAILS

Sell

Below 214.45

Target

212.45

215.55

24/04/2018

Calls of the Week (NCDEX) DHANIYA Last week DHANIYA May Futures started the week on negative note and made a low of 5015. It sustaining above the major psychological support level at 5000. Technically for this week, we can expect further downside movement in it as it sustaining near to major support level of 5000 with the negative RSI. For this week, if it breaks the level of 5050, then it can test the level of 4905 during the week. One can make sell position in it by maintaining a SL 5111.

WEEKLY STRATEGY PERTICULAR

Action Entry Range

DETAILS

Sell Below 5050

Target

4905

5111

COTTONSEED OILCAKE The Cotton seed oil cake is in perfect down trade for short term to midterm basis supported by the 200 days moving average. The oscillator is showing sell signal for short term to mid term basis. For this week we can expect that market can continue its main bearish trend. It is having important support level at 1250 while resistance place at the level of 1425.

WEEKLY STRATEGY PERTICULAR

Action

Entry Range

DETAILS

Sell

Below 1298

Target

1203

1361 24/04/2018

Calls of the Week (FOREX) USDINR Last week USDINR Apr Futures started the week on positive note and continued the same for the entire week. It made a high of 66.4125 during the week and closed at 66.3575 with the overall gain of 1.26% on weekly basis. Technically for this week, we can expect further upside movement in it as it sustaining near to major resistance level of 66.5975 with the positive RSI. For this week, if it breaks the level of 66.5200, then it can test the level of 66.9900 during the week. One can make buy position in it by maintaining a SL 66.1900

WEEKLY STRATEGY PERTICULAR

Action Entry Range

DETAILS

Buy Above 66.5200

Target

66.9900

66.1900

GBPINR Last week GBPINR May Futures started the week on negative note and made a high of 94.8800. However till the end of the week, all of its earlier gains were erased and it closed in negative on weekly basis. Technically for this week, we can expect further downside movement in it as it sustaining near to major support level of 93.1700 with the negative RSI. For this week, if it breaks the level of 93.1700, then it can test the level of 92.5700 during the week. One can make sell position in it by maintaining a SL 93.5700

WEEKLY STRATEGY PERTICULAR

Action

Entry Range

DETAILS

Sell

Below 93.1700

Target

92.5700

93.5700

24/04/2018

Disclaimer LEGAL DISCLAIMER (कानूनी 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 अनस ं ान ननवेश सराहकाय प्राइवेट लरलभटे ड का एक बाग) द्वाया तैमाय ककमा गमा है | महां ऩय दी गई जानकायी, ववश्रेषण औय अनभ ं ान ु ध ु ान Ways2Capital इक्ववटी / कभोडडटी अनस ु ध के भल ू मांकन ऩय आधारयत हैं औय ववश्वसनीम स्रोतों से प्राप्त की गई है | मह दस्तावेज़ केवर इक्छित प्राप्तकताा 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 संफंधधत 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, त्रटु टमों मा चक ू 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 सच ं ान के आधाय ऩय दी गई हैं, रेककन हभ टदए गए सझ ू ना, स्तय औय सझ ु ाव, Ways2Capital के ववशेषऻ के ऩैनर द्वाया ककए गए तकनीकी औय भौलरक अनस ु ध ु ावों की त्रटु टमों के लरए कोई दानमत्व स्वीकाय नहीं कयते हैं | वेफसाइट के भाध्मभ से सकपिंग कयने वारे रोगों को अऩनी ऩसंद के उत्ऩाद सेवाओं को चन ु ने 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 जायीकताा 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 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. 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 दशााता है औय कंऩननमों औय उनकी प्रनतबनू तमां औय ऺनतऩनू ता (भआ ु वजे) का कोई टहस्सा, मा इस शोध रयऩोटा भें ननटहत ववशेष सझ ु ावों 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) (अ)

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; हाई ब्रो भाकेट अनस ु ंधान 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 |

(a)

(फ)

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,

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 |

(a)

(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 ( ऺनतऩूनता 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, ऩेशव े यों को ववश्रेषक के ऺेत्र भें ककसी बी कंऩनी की प्रनतबूनतमों के स्वाभी से ववश्रेषकों को रयऩोटा कयने से योकती है । ववश्रेषक ऺनतऩनू ता : 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

(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

वऩिरे 12 भहीनों भें ववषम कंऩनी से कोई भुआवजा प्राप्त नहीं ककमा है |

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

24/04/2018