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The securities quoted are exemplary and are not recommendatory

Broking services offered by Bonanza Portfolio Limited under SEBI Registration No.: INZ00021237 (Member of NSE, BSE, MCX and NCDEX). BPL CIN: U65991DL1993PLC052280. Research services offered by Bonanza Portfolio Limited. under SEBI Registration No. INZ00021237. Depository Participant SEBI Registration No. DP: IN-DP-62-2015 with NSDL having DP ID: IN301477 and with CDSL having DP ID: 12033500. Investor grievance resolution team: Email ID: support@bigul.co (for trading related) and grievances@bigul.co (for demat related). Name of the Compliance Officer for Trading & DP – Mr. Manoj Kumar Goel Email IDs: grievances@bonanzaonline.com/ dpgrievance@bonanzaonline.com Corporate Office: Bonanza House Plot No. M-2 Cama Industrial Estate Walbhat road Behind The Hub Goregaon (East) Mumbai 400063 Ph.: +91-22-68363700,62735500.

Bonanza Portfolio Limited acts in the capacity of distributor for Products such as OFS, Mutual Funds and NCD etc. Mutual Fund Investments are subject to market risks and all disputes with respect to the distribution activity, would not have access to Exchange investor redressal forum or Arbitration mechanism. Please read all scheme related documents carefully before investing. Investment in the securities involves risks, investor should consult his own advisors to determine the merits and risks of investment.

Investment in securities market are subject to market risks, read all the related documents carefully before investing.

Disclosures under the provisions of SEBI (Research Analysts) Regulations 2014 (Regulations):

Bonanza Portfolio Limited (“BPL" or "Research Entity") is regulated by the Securities and Exchange Board of India ("SEBI") and is licensed to carry on the business of broking, depository services and related activities. The business of BPL and its associates are organized around Commodities & Financial Market Products like Equities, Currency Derivatives and Mutual Funds. There were no instances of non-compliance by BPL on any matter related to the capital markets, resulting in significant and material disciplinary action during the last three years. This research report has been prepared and distributed by Bonanza Portfolio Limited ("Bonanza") in the capacity of a Research Analyst as per Regulation 22(1) of SEBI (Research Analysts) Regulations 2014 having SEBI Registration No. INH100001666

Disclaimer:

This document is provided for assistance only and is not intended to be and must not alone be taken as the basis for an investment decision. The user assumes the entire risk of any use made of this information. Each recipient of this document should make such investigation as it deems necessary to arrive at an independent evaluation of an investment in the securities of companies referred to in this document (including the merits and risks involved), and should consult his own advisors to determine the merits and risks of such investment. The investment discussed or views expressed may not be suitable for all investors. The information contained herein is from publicly available data or other sources believed to be reliable, but we do not represent that it is accurate or complete and it should not be relied on as such. Bonanza web service LTD (Bonanza) or any of its affiliates/ group companies shall not be in any way responsible for any loss or damage that may arise to any person from any inadvertent error in the information. We and our affiliates, group companies, officers, directors, and employees may have long or short positions in the securities of company(ies) mentioned herein or have other potential conflict of interest with respect to any recommendation and related information and opinions. The views expressed in this document / article / interview reflect the personal views of the author and not that of Bonanza. Past performance is not necessarily a guide to future performance.

The data contained in this document is only indicative / illustrative.

Margin trading facility is offered subject to the provisions of SEBI Circular CIR/MRD/DP/54/2017 dated June 13, 2017 and the terms and conditions mentioned in rights and obligations issued by Bonanza Portfolio Limited

This information is subject to change without any prior notice. Bonanza reserves the right to make modifications and alterations to this statement as may be required from time to time. However, Bonanza is under no obligation to update or keep the information current.

Investors should note that investment in securities involves a high degree of risk and for details relating to the same, see section titled Risk Factors of the Red Herring Prospectus. Before opening any attachments please check them for viruses and defects.

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Disclaimer for U.S. Persons:

Bonanza Portfolio Limited.(BPL) and Bonanza are not a registered broker – dealer under the U.S. Securities Exchange Act of 1934, as amended (the“1934 act”) and under applicable state laws in the United States. In addition BPL and Bonanza are not registered investment adviser under the U.S. Investment Advisers Act of 1940, as amended (the "Advisers Act" and together with the 1934 Act, the "Acts), and under applicable state laws in the United States. Accordingly, in the absence of specific exemption under the Acts, any brokerage and investment services provided by BPL and Bonanza, including the products and services described herein are not available to or intended for U.S. persons. This document does not constitute an offer or invitation to purchase or subscribe for any securities or solicitation of any investments or investment services and/or shall not be considered as an advertisement tool. "U.S. Persons" are generally defined as a natural person, residing in the United States or any entity organized or incorporated under the laws of the United States. US Citizens living abroad may also be deemed "US Persons" under certain rules.

Disclaimer for U.K. Persons:

The contents of this document have not been approved by an authorised person within the meaning of the Financial Services and Markets Act 2000 ("FSMA").

In the United Kingdom, this document is being distributed only to and is directed only at (a) persons who have professional experience in matters relating to investments falling within Article 19(5) of the FSMA (Financial Promotion) Order 2005 (the “Order”); (b) persons falling within Article 49(2)(a) to (d) of the Order (including high net worth companies and unincorporated associations); and (c) any other persons to whom it may otherwise lawfully be communicated (all such persons together being referred to as “relevant persons”).

This document must not be acted on or relied on by persons who are not relevant persons. Any investment or investment activity to which this document relates is available only to relevant persons and will be engaged in only with relevant persons. Any person who is not a relevant person should not act or rely on neither this document nor any of its contents. This document must not be distributed, published, reproduced or disclosed (in whole or in part) by recipients to any other person.

Disclaimer for Canadian Persons:

Bonanza Portfolio Limited.(BPL) and Bonanza are not a registered adviser or dealer under applicable Canadian securities laws nor has it obtained an exemption from the adviser and/or dealer registration requirements under such law. Accordingly, any brokerage and investment services provided by BPL and Bonanza, including the products and services described herein are not available to or intended for Canadian persons.