Master Disclaimer
1. Analyst Certification
The Research Analyst and author of this report, hereby certifies that the views expressed in this research report accurately reflect his personal views about the subject securities, issuers, products, sectors and/or industries.
He/she further certifies that no part of his/her compensation was, is, or will be directly or indirectly related to the inclusion of any specific recommendation(s), target(s), stop-loss level(s), view(s), or opinion(s) expressed in this report.
The analyst(s) principally responsible for preparation of this report receives compensation based on the overall revenues of Shriram Research Private Limited (hereinafter referred to as "Shriram Research") and has taken reasonable care to maintain independence and objectivity in preparation of this research report.
It is further confirmed that the author of this report has not received any compensation from the companies mentioned in the report in the preceding twelve (12) months.
2. Regulatory / SEBI Registration Disclosure
Shriram Research Private Limited is a SEBI Registered Corporate Research Analyst (Registration Number- INH000023384)
This research report is issued in compliance with the SEBI (Research Analysts) Regulations, 2014, and other applicable circulars, guidelines, and directions issued by SEBI from time to time.
Registration granted by SEBI, enlistment with RAASB/BSE, membership of BASL (where applicable), and certification from NISM in no way guarantee the performance of the intermediary or provide any assurance of returns to investors.
3. Purpose and Nature of this Report
This research report is issued for information and educational purposes only and is intended solely for the personal use of the authorized recipient/subscriber. This report does not constitute and should not be construed as investment advice, legal advice, taxation advice, or an offer/solicitation to buy, sell or hold any securities or financial instruments.
Shriram Research is not soliciting any action based upon this report. Nothing contained herein shall be construed as a solicitation to buy or sell any security or product, or to engage in or refrain from engaging in any transaction.
4. Investment Decision and Responsibility
The recipient acknowledges that any investment decision taken based on this report shall be at the sole discretion and risk of the recipient. This report should not be treated as the sole basis for any investment decision.
Recipients are advised to independently evaluate all information, consider their financial position and risk appetite, and seek professional advice wherever required before acting on any recommendation(s), projection(s), target(s), stop-loss levels, or view(s) mentioned in this report.
Shriram Research shall not be responsible for any losses arising from decisions taken by the recipient based on this report.
5. Suitability
This report does not take into account the specific investment objectives, financial situation, risk profile, or particular needs of any individual, corporate entity or any other recipient. The securities and strategies discussed may not be suitable for all investors.
6. Risk Disclosure
Investments in securities markets are subject to market risks. The value of investments may fluctuate due to market conditions, corporate actions, economic developments, sector-specific risks, global developments and other factors.
Past performance is not indicative of future results. Target prices, projections, stop-loss levels and other estimates are based on assumptions and prevailing market conditions and are subject to change without prior notice.
There is no assurance that the investment objectives will be achieved. The recipient is advised to carefully read all relevant documents and disclosures before investing.
Investment in securities market are subject to market risks. Read all the related documents carefully before investing.
7. Derivatives / Leverage Risk Disclosure (If Applicable)
If this report contains references to derivatives (Futures & Options), margin trading, intraday strategies, or leveraged products, the recipient is advised that such instruments are inherently high-risk and may result in losses exceeding the initial investment/margin amount.
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Shriram Research does not guarantee the accuracy, completeness, timeliness or reliability of the information contained herein and does not provide any assurance or guarantee of profits, returns, or performance.
Any target price(s), stop-loss levels, projections or expected return estimates are only indicative in nature and may not be achieved due to market volatility and other risk factors.
9. Sources of Information / Accuracy
This report is based on information obtained from publicly available sources believed to be reliable. However, Shriram Research does not represent or warrant that such information is accurate, complete, adequate or up to date. The contents of this report should not be relied upon as a complete statement of facts.
Shriram Research does not undertake any obligation to update or correct any information or opinions contained herein.
10. Research Methodology
The views and recommendations expressed in this report are based on analysis using publicly available information, internal research models, fundamental and/or technical indicators, and assumptions believed to be reasonable at the time of preparation. Such assumptions may change due to market developments or new information.
11. Forward-Looking Statements
This report may contain forward-looking statements which are based on current expectations, assumptions and beliefs. Such statements are subject to significant risks and uncertainties, and actual results may differ materially due to factors including but not limited to market volatility, economic slowdown, changes in interest rates, foreign exchange movements, regulatory changes, political developments, competition, corporate events, and other unforeseen risks.
12. Conflict of Interest Disclosure
Shriram Research and/or its affiliates, directors, officers and employees (including persons involved in the preparation or issuance of this report) may, from time to time, have interests or positions (financial or otherwise) in the securities mentioned herein.
Shriram Research may have issued other reports or recommendations which may be inconsistent with the views expressed in this report.
13. Group / Associate Entity Disclosure
Shriram Research and/or its group companies may be engaged in other financial services activities such as broking, distribution, or other permitted activities. This research report is prepared independently, and the views expressed herein are based on the analyst's professional judgment.
14. Limitation of Liability
Neither Shriram Research nor its directors, employees, agents, representatives, affiliates, or any persons involved in preparation or issuance of this report shall be liable for any loss or damage arising out of the use of, reliance upon, or interpretation of this report, whether direct or indirect, incidental, special, consequential, punitive, or otherwise, including loss of profits or loss of opportunity, even if advised of the possibility of such damages.
Recipients of this report should rely on their own independent evaluation and investigations.
15. Report Date / Validity of Views
The views and opinions expressed in this report are based on information available as on the date of publication and may change without any prior notice. Shriram Research does not undertake any obligation to notify the recipient of any changes in the views, opinions, projections or recommendations.
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