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Disclosures: Research Report is published by PCS Securities Limited (hereinafter
referred to as “PCS”) for private circulation. PCS is a registered Stock Broker
with National Stock Exchange of India Limited, BSE Limited and Metropolitan Stock
Exchange of India Limited in cash, derivatives and currency derivatives segments.
It is also having registration as a Depository Participant with CDSL & Portfolio
Manager. PCS has registered as Research Analyst under SEBI (Research Analyst) Regulations,
2014 having registration No. INH200000196.
PCS has other business divisions with independent research teams separated by Chinese
walls, and therefore may, at times, have different or contrary views on stocks and
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authority for accessing / dealing in securities Market. PCS or analyst or his relatives
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