Most Market Roundup BLACK FOX An… · Most Market Roundup March 14th,2017 BLACK FOX EQUITY Market...

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Most Market Roundup March 14th,2017 BLACK FOX EQUITY Market Sensex 29442.63 (+1.71) Nifty 9087.00 (+1.71) BLACK FOX FINANCIAL PVT LTD. Office no - 601, 6th Floor,58 Sahyog Building, Nehru Place, Delhi 110019 Closing Bell: The Nifty50 rose as much as 2% to a record high of 9,122 points surpassing its previous peak of 9,119 hit on March 4, 2015. The S&P BSE Sensex, meanwhile, gained 615 points to 29562 in intraday trade, 463 points shy of its lifetime high of 30,025 mark. The market is trading at a price-to-earnings ratio of 19.85 over the next 12 months, compared with their five-year historic average of 17.8, according to Thomson Reuters data. Meanwhile, inflation based on wholesale prices shot up to 39-month high of 6.55% in February because of costlier food and fuel items, The Wholesale Price Index based inflation, reflecting the annual rate of price rise, in January was at 5.25%, According to the official data released today, food prices witnessed a sharp rise by 2.69% in February as compared to a deceleration by 0.56% in the previous month. Adani Enterprises gained 4% to Rs 98 after the company applied for financing from an Australian infrastructure fund to build a rail line that is part of a $16 billion coal project in the state of Queensland. NBCC (India) rallied nearly 5% to Rs 178 after the state-owned company said it has secured a contract worth about Rs 250 crore in Mauritius. Among losers, Alkem Laboratories fell over 2% to Rs 1,922 after the company said the US health regulator has inspected its Baddi plant and issued three observations on account of violation of good manufacturing norms. Shares of Housing finance companies trading higher. Indiabulls Housing Finance Ltd rose 7.1%, Dewan Housing Finance Ltd 5.2%, Housing Development Finance Corp Ltd rose 3.4%, LIC Housing Finance Ltd rose 2.6%, Repco Home Finance Ltd rose 2.1%, GIC Housing Finance Ltd 3.8%, Can Fin Homes Ltd 2.4%. Golden Tobacco Ltd shares rise 11% to Rs 77.30 after the Income Tax Tribunal quashed orders related to a tax demand of Rs 33.14 crore related to the previous tax assessment years. Ramco Systems Ltd shares rise 3.1% to Rs 359.65 after the company said it won order from New Zealand-based Ravensdown Aerowork to automate and unify the maintenance. IL&FS Transportation Network Ltd shares rise 2.4% to Rs 102.75 after the company sold stake in Andhra Pradesh Expressway Ltd. for Rs 140.37 cr. Diamond Power Infrastructure Ltd rose 5% to Rs 42.40 after the company said in a notice to BSE that its lenders have approved Rs 1200 crore fund infusion plant by CKP Group. Oil marketing companies trading higher after international crude oil fell . Bharat Petroleum Corp Ltd rose 1.4%, Hindustan Petroleum Corp 1%, Indian Oil Corp Ltd 0.5%. The 10-year bond yield was trading at 6.889% compared to its Friday’s close of 6.904%. Asian currencies were trading marginally lower. The Federal Open Market Committee is set to raise rates at the conclusion of its two-day meeting on Wednesday. Traders also looking for clues on how quickly the U.S. central bank is planning to tighten monetary policy. South Korean won was down 0.29%, China Offshore 0.11%, Philippines peso 0.06%, Singapore dollar 0.05%. However, Japanese yen was up 0.05%.The rupee opened at 66.21 a dollar and touched a high of 66.18 -- a level last seen on 20 April 2016. Exchange Toady Pre. Day BSE (CASH) NA 7509 BSE(Derivative) 13.64 0.44 NSE (Cash) 27816 17336 NSE(Derivativ) 455730 260424 Exchange Today Pev. Day Total 300348 899497 Group NIFTY IND BSE INDEX Advance 44 167 Decline 07 034 Unchanged 00 00 Symbol LTP % ICICIBANK 286.70 +5.97 HINDUNILVR 913.00 +4.32 LT 1551.95 +4.05 ULTRACEMCO 3997.45 +3.76 HDFC 1421.95 +3.50 Symbol LTP % Change BOSCHLTD 22281.10 -2.11 IDEA 102.80 -1.39 AXISBANK 511.00 -0.95 COALINDIA 295.25 -0.77 BHARTIARTL 362.25 -0.73 Exchange No. of Contract s Tu rn Ov Index Futures 292061 21288.60 Stock Futures 669698 48374.03 Index Options 4778333 355600.78 Stock Options 413888 30466.61 F&O Total 6153980 455730.02 CASH VOLUME (Rs In Cr.) ADVANCED / DECLINE TOP INDEX GAINERS TOP INDEX LOSERS DERIVATIVE VOLUME In Cr. Stock future Price Rs. Vol OI Contract SUNPHARMA 706.6 43108 40981 ICICIBANK 286.7 29792 28448 RELIANCE 1288.3 20961 40850 LT 1552.0 16958 17599 ACTIVE STOCK IN FUTURE

Transcript of Most Market Roundup BLACK FOX An… · Most Market Roundup March 14th,2017 BLACK FOX EQUITY Market...

Page 1: Most Market Roundup BLACK FOX An… · Most Market Roundup March 14th,2017 BLACK FOX EQUITY Market Sensex 29442.63 (+1.71) Nifty 9087.00 (+1.71) BLACK FOX FINANCIAL PVT LTD. Office

Most Market Roundup March 14th,2017

BLACK FOX

EQUITY Market Sensex 29442.63 (+1.71) Nifty 9087.00 (+1.71)

BLACK FOX FINANCIAL PVT LTD. Office no - 601, 6th Floor,58 Sahyog Building, Nehru Place, Delhi 110019 61, 6th Floor, Mittal Chambers

228 Nariman Point

Closing Bell: The Nifty50 rose as much as 2% to a record high of 9,122 points surpassing its previous peak of 9,119 hit on March 4, 2015. The S&P BSE Sensex, meanwhile, gained 615 points to 29562 in intraday trade, 463 points shy of its lifetime high of 30,025 mark. The market is trading at a price-to-earnings ratio of 19.85 over the next 12 months, compared with their five-year historic average of 17.8, according to Thomson Reuters data. Meanwhile, inflation based on wholesale prices shot up to 39-month high of 6.55% in February because of costlier food and fuel items, The Wholesale Price Index based inflation, reflecting the annual rate of price rise, in January was at 5.25%, According to the official data released today, food prices witnessed a sharp rise by 2.69% in February as compared to a deceleration by 0.56% in the previous month. Adani Enterprises gained 4% to Rs 98 after the company applied for financing from an Australian infrastructure fund to build a rail line that is part of a $16 billion coal project in the state of Queensland. NBCC (India) rallied nearly 5% to Rs 178 after the state-owned company said it has secured a contract worth about Rs 250 crore in Mauritius. Among losers, Alkem Laboratories fell over 2% to Rs 1,922 after the company said the US health regulator has inspected its Baddi plant and issued three observations on account of violation of good manufacturing norms. Shares of Housing finance companies trading higher. Indiabulls Housing Finance Ltd rose 7.1%, Dewan Housing Finance Ltd 5.2%, Housing Development Finance Corp Ltd rose 3.4%, LIC Housing Finance Ltd rose 2.6%, Repco Home Finance Ltd rose 2.1%, GIC Housing Finance Ltd 3.8%, Can Fin Homes Ltd 2.4%. Golden Tobacco Ltd shares rise 11% to Rs 77.30 after the Income Tax Tribunal quashed orders related to a tax demand of Rs 33.14 crore related to the previous tax assessment years. Ramco Systems Ltd shares rise 3.1% to Rs 359.65 after the company said it won order from New Zealand-based Ravensdown Aerowork to automate and unify the maintenance. IL&FS Transportation Network Ltd shares rise 2.4% to Rs 102.75 after the company sold stake in Andhra Pradesh Expressway Ltd. for Rs 140.37 cr. Diamond Power Infrastructure Ltd rose 5% to Rs 42.40 after the company said in a notice to BSE that its lenders have approved Rs 1200 crore fund infusion plant by CKP Group. Oil marketing companies trading higher after international crude oil fell. Bharat Petroleum Corp Ltd rose 1.4%, Hindustan Petroleum Corp 1%, Indian Oil Corp Ltd 0.5%. The 10-year bond yield was trading at 6.889% compared to its Friday’s close of 6.904%. Asian currencies were trading marginally lower. The Federal Open Market Committee is set to raise rates at the conclusion of its two-day meeting on Wednesday. Traders also looking for clues on how quickly the U.S. central bank is planning to tighten monetary policy. South Korean won was down 0.29%, China Offshore 0.11%, Philippines peso 0.06%, Singapore dollar 0.05%. However, Japanese yen was up 0.05%.The rupee opened at 66.21 a dollar and touched a high of 66.18 -- a level last seen on 20 April 2016.

Exchange Toady Pre. Day BSE (CASH) NA 7509

BSE(Derivative) 13.64 0.44

NSE (Cash) 27816 17336

NSE(Derivativ) 455730 260424

Exchange Today Pev. Day

BSE (Cash) 3480 3740

BSE(Derivative) 0.23 1.03

NSE (Cash) 24585 30617

NSE(Derivative) 272282 865138

Total 300348 899497

Group NIFTY IND BSE INDEX

Advance 44 167

Decline 07 034

Unchanged 00 00

Symbol LTP % Change ICICIBANK 286.70 +5.97

HINDUNILVR 913.00 +4.32

LT 1551.95 +4.05

ULTRACEMCO 3997.45 +3.76

HDFC 1421.95 +3.50

Symbol LTP % Change BOSCHLTD 22281.10 -2.11

IDEA 102.80 -1.39

AXISBANK 511.00 -0.95

COALINDIA 295.25 -0.77

BHARTIARTL 362.25 -0.73

Exchange No. of Contracts

Turn Over Index Futures 292061 21288.60

Stock Futures 669698 48374.03 Index Options 4778333 355600.78

Stock Options 413888 30466.61 F&O Total 6153980 455730.02

CASH VOLUME (Rs In Cr.)

ADVANCED / DECLINE

TOP INDEX GAINERS

TOP INDEX LOSERS

DERIVATIVE VOLUME In Cr.

Stock future Price Rs. Vol OI Contract

SUNPHARMA 706.6 43108 40981 ICICIBANK 286.7 29792 28448 RELIANCE 1288.3 20961 40850

LT 1552.0 16958 17599

ACTIVE STOCK IN FUTURE

Page 2: Most Market Roundup BLACK FOX An… · Most Market Roundup March 14th,2017 BLACK FOX EQUITY Market Sensex 29442.63 (+1.71) Nifty 9087.00 (+1.71) BLACK FOX FINANCIAL PVT LTD. Office

Most Market Roundup March 14th,2017

BLACK FOX

EQUITY Market Sensex 29442.63 (+1.71) Nifty 9087.00 (+1.71)

BLACK FOX FINANCIAL PVT LTD. Office no - 601, 6th Floor,58 Sahyog Building, Nehru Place, Delhi 110019 61, 6th Floor, Mittal Chambers

228 Nariman Point

News: Real estate developer RMZ Corp. has started the process of selecting

investment banks to manage its initial public offering (IPO) for its proposed real estate investment trust (REIT) which could see the developer raise more than Rs2,000 crore.

Suzuki Motor Corporation, whose arm Maruti Suzuki India commands nearly 50% of the passenger vehicle market in the country, has already started operations at its new plant in Gujarat as part of the plan to raise its total production to 2 million units by 2020.

Germany’s Volkswagen Group has signed a memorandum of understanding with Tata Motors Ltd to jointly develop product components and possibly vehicle concepts.

India’s largest drugmaker Sun Pharmaceutical Industries Ltd said on Tuesday that US regulators plan to lift a ban on its Mohali plant in Punjab, allowing the company to restart supplies from there after four years.

Fiat Chrysler CEO Sergio Marchionne at the Geneva Auto Show on Tuesday. Marchionne says merger of Peugeot maker PSA Group and GM’s Opel threatens Volkswagen the most.

The government has proposed subsidy up to Rs1 lakh for micro, small and medium enterprises (MSMEs) to encourage them to use cloud computing for information and communications technology applications.

UTI Asset Management Co. Ltd has enough shareholder backing to clear a proposal for an initial public offering (IPO), but the management wants approval from all its five shareholders, said a top executive.

India’s iron ore output surged 27% to 154.48 million tonnes during April-January of this fiscal following lifting of the mining ban. It stood at 122 mt in the same period of 2015-16.

State-owned Energy Efficiency Services Ltd. (EESL), which is on an expansion mode, has signed a €200 million loan deal with Germany’s KfW Development Bank, EESL managing director Saurabh Kumar said on Friday.

C L Educate on Tuesday fixed price band of Rs500-502 per share for its upcoming initial public offer (IPO) through which it aims to raise Rs239 crore, The issue comprises 47.60 lakh equity shares or about 33.61%. It consists of fresh issue of 2,180,119 shares and an offer for sale of up to 2,579,881 scrips by existing shareholders.

Higher prices of minerals and crude oil products led to a surge in wholesale inflation in February, taking it to the highest level since November 2013, The Wholesale Price Index (WPI) rose 6.55 percent in February compared to a year ago, showed data released by the government on Tuesday morning. WPI inflation has risen rapidly from 3.68 percent in December to 5.25 percent in January and over the 6 percent now.

Federal Reserve officials are widely expected to announce an interest-rate increase this week amid buoyancy in the stock market and indications the U.S. economy continues to grow steadily, without signaling they anticipate accelerating their pace of policy tightening.

Oil settles at the lowest level since November as record U.S. crude inventories and a boost in drilling activity threaten OPEC’s efforts to reduce a global glut.

Indices Closing Price Change(%)

Dow 30 20881.48

-0.10

Nasdaq 5875.78 +0.24

FTSE 100 7382.50 +0.21

DAX 11989.50 -0.00

S&P/TSX 15544.82 +0.25

CAC 40 4990.52 -0.18

Nikkei 225 19609.50 -0.12

Shanghai 3238.62 +0.05

Hang Seng 23827.95 -0.01

V/S INR Closing Price Change(%)

Dollar 65.82 -1.18

Euro 69.98 -0.71

Pound 79.83 -1.24

JPY 0.57 -1.72

Aus 49.78 -1.23

Indices Closing Price Change(%)

Crude OIL 49.59 +0.63

Gold 1205.50 +0.16

Silver 17.038 +0.39

Aluminium 1865.25 -0.70

Copper 2.626 +0.02

GLOBAL COMMODITY

GLOBAL INDICES

GLOBAL CURRENCIES

Indices Closing Price Change(%)

Crude OIL 3211.00 +0.25

Gold 28162.00 -0.32

Silver 40317.00 -0.25

Aluminium 122.50 -1.13

Copper 383.85 -0.42

Indices Closing Price Change(%)

Sensex 29442.63 +1.71

Nifty 50 9087.00 +1.71

Nifty Next 50 24425.90 +1.60

Nifty Mid 50 4201.15 +1.68

Indices Today Closing Previous Clo

FII NA 412.91

DII NA -13.91

Note - *Data as of today, 5 P.M

DOMESTIC COMMODITY

DOMESTIC INDICES

INSTITUTIONAL ACTIVITY

Page 3: Most Market Roundup BLACK FOX An… · Most Market Roundup March 14th,2017 BLACK FOX EQUITY Market Sensex 29442.63 (+1.71) Nifty 9087.00 (+1.71) BLACK FOX FINANCIAL PVT LTD. Office

Most Market Roundup March 14th,2017

BLACK FOX

EQUITY Market Sensex 29442.63 (+1.71) Nifty 9087.00 (+1.71)

BLACK FOX FINANCIAL PVT LTD. Office no - 601, 6th Floor,58 Sahyog Building, Nehru Place, Delhi 110019 61, 6th Floor, Mittal Chambers

228 Nariman Point

Page

INDEX

CLOSE POINT CHANGE %CHANGE

NIFTY BANK 21102.70 +375.15 +1.81

NIFTY IT 10879.25 +129.40 +1.20

NIFTY REALTY 203.40 +5.15 +2.60

NIFTY INFRA 3049.65 +62.30 +2.09

NIFTY ENERGY 11435.65 +84.70 +0.75

NIFTY FMCG 22743.75 +402.00 +1.80

NIFTY MNC 10860.20 +236.65 +2.23

NIFTY PHARMA 10648.05 179.70 +1.72

NIFTY PSE 3950.30 +5.90 +0.15

NIFTY PSU BANK NIFTY SERV SECTOR NIFTY MEDIA NIFTY METAL NIFTY AUTO

3308.10

11705.40

3085.80

3032.10

9910.40

+34.60

+213.85

+29.50

-2.55

+131.15

+1.06

+1.86

+0.97

-0.08

+1.34

Page 4: Most Market Roundup BLACK FOX An… · Most Market Roundup March 14th,2017 BLACK FOX EQUITY Market Sensex 29442.63 (+1.71) Nifty 9087.00 (+1.71) BLACK FOX FINANCIAL PVT LTD. Office

Most Market Roundup March 14th,2017

BLACK FOX

EQUITY Market Sensex 29442.63 (+1.71) Nifty 9087.00 (+1.71)

BLACK FOX FINANCIAL PVT LTD. Office no - 601, 6th Floor,58 Sahyog Building, Nehru Place, Delhi 110019 61, 6th Floor, Mittal Chambers

228 Nariman Point

BSE CLOSING BELL NSE CLOSING BELL

Page 5: Most Market Roundup BLACK FOX An… · Most Market Roundup March 14th,2017 BLACK FOX EQUITY Market Sensex 29442.63 (+1.71) Nifty 9087.00 (+1.71) BLACK FOX FINANCIAL PVT LTD. Office

Most Market Roundup March 14th,2017

BLACK FOX

EQUITY Market Sensex 29442.63 (+1.71) Nifty 9087.00 (+1.71)

BLACK FOX FINANCIAL PVT LTD. Office no - 601, 6th Floor,58 Sahyog Building, Nehru Place, Delhi 110019 61, 6th Floor, Mittal Chambers

228 Nariman Point

GODREJCP - Godrej Consumer Products Limited has informed the Exchange that the Company, through its subsidiary, has increased its stake from 51% to 100% in Weave Senegal Limited. The Company, through its subsidiary, has also reduced one layer of non-operational investment holding company in Mauritius. RAJESHEXPO - Rajesh Exports Limited has informed the Exchange regarding a media release dated March 14, 2017, titled "New Export Order worth Rs. 783 Crores". BEARDSELL - has Recommended a Interim Dividend of Rs.1.50 (15 percent) per Equity Share for the Year 2016-2017 to those share holders whose name appears in the Register of Members on March, 23, 2017 . HEXAWARE -Hexaware Technologies Limited has informed the Exchange regarding a press release dated March 14, 2017, titled "Hexaware ranks number one among the Top Service Providers in Overall Customer Satisfaction in Whitelane s IT Outsourcing Study ". SUNCLAYLTD - has declared second interim dividend, for the financial year ending March 31, 2017, at the rate of Rs.16.50 per share (330%) on 2,02,32,085 equity shares of Rs. 5/- each fully paid up, absorbing a sum of Rs.33.44 Cr. The second interim dividend declared will be paid on or after March 24, 2017. PNEUMATIC : - has declared an Interim Dividend of Rs 7.5 /- (75 %) per equity share of Rs 10/- each for the Financial Year 2016-17 and shall be paid through National Electronic Clearing Services (NECS) or vide its dividend warrant, as the case may be. b. The date of payment of the Interim Dividend will be March 27, 2017. NOTICE AND CIRCULAR :

20170310-9 Charges for not uploading the IML/BOLT TWS/BOLT PLUS Location information for the month of February 2017.

General Compliance DOSS

20170310-8 Sub: Listing of new securities of Shiva Cement Ltd Equity Company related DCS-Listing

20170310-7 Charges for trading with unregistered UCC/UCC without PAN for the month of March, 2017

General Compliance Trading Operations

20170310-6 Download of Penalty Report for modification of Client Codes of non-institutional trades (All Segments)

General Compliance Trading Operations

20170310-5 Demat Auction - 234 General Settlement/RMS Post Trade

20170310-4 Maturity/Rollover of Mutual Fund Plans of HDFC Mutual Fund.

Mutual Fund

Corporate Actions

Listing Operations

20170310-3 Suspension of Bonds. Debt Corporate Actions

Listing Operations

20170310-2 Listing of new securities of PRAKASH INDUSTRIES LTD. Equity Company related DCS-Listing

Corporate Action Calendar

Page 6: Most Market Roundup BLACK FOX An… · Most Market Roundup March 14th,2017 BLACK FOX EQUITY Market Sensex 29442.63 (+1.71) Nifty 9087.00 (+1.71) BLACK FOX FINANCIAL PVT LTD. Office

Most Market Roundup March 14th,2017

BLACK FOX

EQUITY Market Sensex 29442.63 (+1.71) Nifty 9087.00 (+1.71)

BLACK FOX FINANCIAL PVT LTD. Office no - 601, 6th Floor,58 Sahyog Building, Nehru Place, Delhi 110019 61, 6th Floor, Mittal Chambers

228 Nariman Point

Deal Date

Security Code

Security Name

Client Name Deal Type Quantity Trade Price

10/03/2017 502355 BALKRISIND VKP ENTERPRISES LLP B 3,526,489 1,310.25

10/03/2017 502355 BALKRISIND VKP ENTERPRISES LLP B 3,298,537 1,310

10/03/2017 502355 BALKRISIND VKP ENTERPRISES LLP B 3,415,871 1,309.25

10/03/2017 502355 BALKRISIND VKP ENTERPRISES LLP B 3,465,271 1,309.75

10/03/2017 502355 BALKRISIND VKP ENTERPRISES LLP B 3,540,769 1,309.5

10/03/2017 502355 BALKRISIND VKP ENTERPRISES LLP B 3,295,764 1,310.75

10/03/2017 502355 BALKRISIND VKP ENTERPRISES LLP B 148,445 1,310.5

10/03/2017 502355 BALKRISIND VKP ENTERPRISES LLP B 3,425,169 1,309

10/03/2017 502355 BALKRISIND TMP ENTERPRISES LLP S 148,445 1,310.5

10/03/2017 502355 BALKRISIND RAP ENTERPRISES LLP S 3,540,769 1,309.5

10/03/2017 502355 BALKRISIND RAP ENTERPRISES LLP S 3,465,271 1,309.75

10/03/2017 502355 BALKRISIND RAP ENTERPRISES LLP S 3,298,537 1,310

10/03/2017 502355 BALKRISIND RAP ENTERPRISES LLP S 3,526,489 1,310.25

10/03/2017 502355 BALKRISIND RAP ENTERPRISES LLP S 3,415,871 1,309.25

10/03/2017 502355 BALKRISIND RAP ENTERPRISES LLP S 3,295,764 1,310.75

10/03/2017 502355 BALKRISIND RAP ENTERPRISES LLP S 3,425,169 1,309

10/03/2017 533108 BTTL ANDERSON DEALTRADE PRIVATE LIMITED

B 500,099 10.25

10/03/2017 533108 BTTL CHANCELLOR COMMODEAL PRIVATE LIMITED

S 500,099 10.25

10/03/2017 533088 MHRIL MORGAN STANLEY DEAN WITTER MAURITIUS COMPANY LIMITED

B 380,000 410

10/03/2017 533088 MHRIL Mirae Asset Global Investments (Hong Kong) Limited

B 403,000 410

BLOCK DEAL

Page 7: Most Market Roundup BLACK FOX An… · Most Market Roundup March 14th,2017 BLACK FOX EQUITY Market Sensex 29442.63 (+1.71) Nifty 9087.00 (+1.71) BLACK FOX FINANCIAL PVT LTD. Office

Most Market Roundup March 14th,2017

BLACK FOX

EQUITY Market Sensex 29442.63 (+1.71) Nifty 9087.00 (+1.71)

BLACK FOX FINANCIAL PVT LTD. Office no - 601, 6th Floor,58 Sahyog Building, Nehru Place, Delhi 110019 61, 6th Floor, Mittal Chambers

228 Nariman Point

BLACK FOX accepts no liabilities whatsoever for any loss or damage of any kind arising out of the use of this report. Past performance is not necessarily a guide to future performance. Investors are advised to see Risk Disclosure document to understand the risk associated before investing in the securities market. Actual result may differ materially from those set forth in projection. Forward-looking statements are not prediction and may be subject to change without notice. BLACK FOX have managed or co-managed corporate finance, brokerage services or other advisory service in a merger or specific transaction. BLACK FOX encourages independence in research report preparation and strives to minimize conflict in preparation of research report. BLACK FOX or its analysts did not receive any compensation or other benefits from the companies mentioned in the report or third party in connection with preparation of the research report. Accordingly, neither BLACK FOX nor Research Analysts have any material conflict of interest at the time of publication of this report.

Analyst Certification: The views expressed in this research report accurately reflect the personal views of the analyst about the subject securities or issues, and no part of the compensation of the research analyst was, is, or will be directly or indirectly related to the specific recommendations and view expressed by research analyst in this report. The research Analyst, strategist, or research associates principally responsible for preparation of most research receive compensation based upon various factors, including quality of research, investor client feedback, stock picking, competitive factors and firm revenues.

DISCLAIMER

Disclosure of interest statement 1. Analyst ownership of the stocks mentioned above No

2.Served as an officer, director No