Disclosure

Unless otherwise stated in a specific research report (or at the time of a public appearance), the following disclosures apply as on the date of publication of that research report:

The Research Analyst or research entity, including its associates and relatives, does not have any financial interest in the subject company.
The Research Analyst or research entity, including its associates and relatives, does not have actual or beneficial ownership of 1% or more securities of the subject company, as on the date of the research report or the date of the public appearance.
The Research Analyst or research entity, including its associates and relatives, does not have any other material conflict of interest at the time of publication of the research report or at the time of a public appearance.
The Research Analyst or research entity, including its associates and relatives, has not received any compensation from the subject company in the past twelve months, including for investment banking, merchant banking, brokerage services, products, or services.
The Research Analyst or research entity, including its associates and relatives, has not managed or co-managed a public offering of securities for the subject company in the past twelve months.
The Research analyst or research entity or its associates or relatives, have not received any compensation for investment banking or merchant banking or brokerage services from the subject company in past twelve months.
The Research analyst or research entity or its associates or relatives, have not received any compensation for products or services other than investment banking or merchant banking or brokerage services from the subject company in the past twelve months
The Research analyst or research entity or its associates or relatives, have not received any compensation or other benefits from the subject company or third party in connection with the research report.
The Research analyst or research entity or its associates or relatives, have not received any compensation for any public appearances for products or services, from the subject company in past twelve months.
The subject company is not, and was not, a client of the Research Analyst or research entity in the twelve months preceding the date of distribution of the research report, unless otherwise stated.
The Research analyst or research entity or its associates or relatives, shall not be required to make a disclosure as per sub-clauses (c), (d) and (e) of clause (ii) or sub-clauses (a) and (b) of clause (iii) to the extent such disclosure would reveal material non-public information regarding specific potential future investment banking or merchant banking or brokerage services transactions of the subject company.
The Research Analyst has not served as an officer, director, or employee of the subject company, unless otherwise stated.
The Research Analyst or research entity has not been engaged in market making activity for the subject company, unless otherwise stated.
All other disclosures in the research report and public appearances shall be as specified by SEBI under applicable regulations and circulars, as amended from time to time.
The Research Analyst or research entity, including its associates and relatives, has not received any compensation, incentives, or other benefits from any broker, brokerage house, intermediary, or other third party in connection with the preparation, publication, or distribution of the research report, including any signals or baskets presented in connection with the research report.
Model outputs may differ across users due to differences in user inputs and personalisation based on an individual's profile and risk appetite. The same approach or strategy may therefore lead to different outcomes for different users.
Any projections, scores, or expected outcomes are forward looking statements that are inherently uncertain, and actual outcomes may differ materially. Investments in the securities market are subject to market risks.
The digital research report may be generated or assisted using artificial intelligence and proprietary scoring and screening methodologies. Models are periodically reviewed, updated, and version controlled for governance and audit purposes.
Clients are advised to thoroughly assess all potential risks associated with the use of generative AI.

Disclosure

Unless otherwise stated in a specific research report (or at the time of a public appearance), the following disclosures apply as on the date of publication of that research report:

The Research Analyst or research entity, including its associates and relatives, does not have any financial interest in the subject company.
The Research Analyst or research entity, including its associates and relatives, does not have actual or beneficial ownership of 1% or more securities of the subject company, as on the date of the research report or the date of the public appearance.
The Research Analyst or research entity, including its associates and relatives, does not have any other material conflict of interest at the time of publication of the research report or at the time of a public appearance.
The Research Analyst or research entity, including its associates and relatives, has not received any compensation from the subject company in the past twelve months, including for investment banking, merchant banking, brokerage services, products, or services.
The Research Analyst or research entity, including its associates and relatives, has not managed or co-managed a public offering of securities for the subject company in the past twelve months.
The Research analyst or research entity or its associates or relatives, have not received any compensation for investment banking or merchant banking or brokerage services from the subject company in past twelve months.
The Research analyst or research entity or its associates or relatives, have not received any compensation for products or services other than investment banking or merchant banking or brokerage services from the subject company in the past twelve months
The Research analyst or research entity or its associates or relatives, have not received any compensation or other benefits from the subject company or third party in connection with the research report.
The Research analyst or research entity or its associates or relatives, have not received any compensation for any public appearances for products or services, from the subject company in past twelve months.
The subject company is not, and was not, a client of the Research Analyst or research entity in the twelve months preceding the date of distribution of the research report, unless otherwise stated.
The Research analyst or research entity or its associates or relatives, shall not be required to make a disclosure as per sub-clauses (c), (d) and (e) of clause (ii) or sub-clauses (a) and (b) of clause (iii) to the extent such disclosure would reveal material non-public information regarding specific potential future investment banking or merchant banking or brokerage services transactions of the subject company.
The Research Analyst has not served as an officer, director, or employee of the subject company, unless otherwise stated.
The Research Analyst or research entity has not been engaged in market making activity for the subject company, unless otherwise stated.
All other disclosures in the research report and public appearances shall be as specified by SEBI under applicable regulations and circulars, as amended from time to time.
The Research Analyst or research entity, including its associates and relatives, has not received any compensation, incentives, or other benefits from any broker, brokerage house, intermediary, or other third party in connection with the preparation, publication, or distribution of the research report, including any signals or baskets presented in connection with the research report.
Model outputs may differ across users due to differences in user inputs and personalisation based on an individual's profile and risk appetite. The same approach or strategy may therefore lead to different outcomes for different users.
Any projections, scores, or expected outcomes are forward looking statements that are inherently uncertain, and actual outcomes may differ materially. Investments in the securities market are subject to market risks.
The digital research report may be generated or assisted using artificial intelligence and proprietary scoring and screening methodologies. Models are periodically reviewed, updated, and version controlled for governance and audit purposes.
Clients are advised to thoroughly assess all potential risks associated with the use of generative AI.