Disclosure & Disclaimer Statement

This Research Report / Research Recommendation has been published by Moneycontrol Dot Com India Limited (hereinafter referred to as "MCD") which is a registered Investment Advisor under the Securities and Exchange Board of India (Investment Advisers) Regulations, 2013 with Registration No. INA000008482.

1. Ownership, Material Conflicts of Interest and Disciplinary History

• MCD, its associates, the individuals employed as research analysts, or their relatives have financial interest in the subject company. – Yes/No. If yes, nature of such financial interest
• Whether the above-mentioned parties hold 1% or more securities in the subject company as of the end of the month preceding the report's publication date. – Yes/No.
• Whether material conflicts of interest exist at the time of publishing this report. – Yes/No.
• Whether there are any pending material litigations or legal proceedings, findings of inspections or investigations for which action has been taken or initiated by any regulatory authority against MCD, its associates, or its research analyst(s). – Yes/No.

2. Details of Associate

• • MCD is a wholly owned subsidiary of Network 18 Media & Investments Ltd ("Network18"), in which Independent Media Trust (IMT) holds 56.89% stake. Reliance Industries Limited ("RIL") is the sole beneficiary of IMT. Network18 and RIL and their subsidiaries, joint ventures and associates can be considered as associates of MCD.

3. Receipt of Compensation

• Whether MCD, its associates or the research analyst(s) have received any compensation from the subject company in the last 12 months for managing or co-managing any public offering of securities for the subject company or for providing investment banking, merchant banking, or brokerage services. – Yes/No.
• Whether MCD , its associates have received compensation for products or services other than investment banking, merchant banking, or brokerage services from the subject company in the past 12 months in the normal course of their business. – Yes/No/ May have received.

4. Third-Party Compensation

• Whether MCD, its associates or the research analyst(s) have received any compensation or benefits from the subject company or any third party in connection with this research report. – Yes/No.
• MCD or its research analyst(s) were not clients of the subject company in the last 12 months / MCD or its research analyst(s) may have been clients of the subject company in the last 12 months. The nature of services received from the subject company were in the ordinary course of business and the outcome of such services does not affect the research commentary made by MCD or its research analyst(s).

5. Employment History

• Whether the research analyst(s) has served as an officer, director, or employee of the subject company – Yes/No.

6. Market-Making Activities

• Whether MCD, its associates or the research analyst(s) have engaged in market-making activities for the subject company – Yes/No.

7. Use of Artificial Intelligence

• Whether MCD, or its research analyst(s) have used artificial intelligence tools in providing the research services or making any research recommendation – Yes/No.

This report / recommendation and its disclosures comply with applicable regulations and are true and accurate to the best of our knowledge as of the publication date.

Disclaimers:

• Registration granted by SEBI, membership of BASL, and certification from NISM in no way guarantee performance of the intermediary or provide assurance of returns to investors.
• Investments in securities are subject to market risks. Please read all relevant documents carefully before investing.
• This research report / recommendation is for general informational purposes and is not tailored to individual circumstances. While every effort has been made to ensure accuracy, no assurances are made regarding the timeliness or continued accuracy of the information provided. Recipients are advised to seek independent professional advice and evaluate their specific circumstances before making investment decisions.
• This document does not constitute an offer or solicitation to buy or sell securities or financial instruments and should not be interpreted as an invitation to conduct business with MCD.
• This research report / recommendation has been published in a public media platform and MCD has not obtained any fees from the end users towards this research report / recommendation. Accordingly, end users of the public media platform are not clients of MCD. Investors are advised to read and understand the terms and conditions applicable to a research analyst under Annexure-B of SEBI Circular dated January 08, 2025 captioned "Guidelines for Research Analysts".
• Investors are strictly advised that "Any reliance placed on the research report / recommendation provided by MCD shall be as per own independent judgment and assessment of the conclusions contained in the research report. Any investment made based on the recommendations in the research report are subject to market risk. Recommendations in the research report do not provide any assurance of returns. There is no recourse to claim any losses incurred on the investments made based on the recommendations in the research report."
• Investors are requested to go through Do's and Don'ts while dealing with RA as specified in SEBI master circular no. SEBI/HO/MIR SD/MIR SD-PoD- 1/P/CIR/2024/49 dated May 21, 2024 or as may be specified by SEBI from time to time.
• While MCD takes all reasonable steps to ensure the robustness of our systems and information, MCD cannot be held responsible for errors or malfunctions arising from: third-party software or API providers, public media IT systems and any external factors beyond our control.

Contact Information:

Moneycontrol Dot Com India Limited
Address: Left Wing, 3rd Floor, Vrindavan Building,
Sriram Mill Compound, Ganpatrao Kadam Marg,
Worli, Mumbai - 400013
Ph: +91 22 69716161

For grievance redressal, contact:
Customer Care Team
Email: moneycontrolpay@nw18.com

Compliance Officer: Rajeev Ranjan
Email: Rajeev.Ranjan@nw18.com