Budget 2018 – LTCG Tax and Investor Updates

Date: 2nd Feb, 2018 

Taxation on Indian Equities

There are Tax rates in place for LTCG (Long Term Capital Gain) and STCG (Short Term). A long-term capital gain is a gain from selling a share held for longer than 1 year. Gains are aggregated across all an investor’s LTCG transactions for the FY. So far, LTCG was zero tax in India, while STCG rate was 15%.

The LTCG Tax proposals in the Union Budget for FY18-19?

In Budget 2018, the Govt. has proposed a 10% LTCG tax for equity and equity MFs with 2 conditions:

  1. The LTCG tax of 10% would be levied only on the LTCG in excess of Rs 1 lakh in one fiscal.
  2. The gains up to 31st Jan, 2018 will be grandfathered. This will protect our LTCG gains so far.

Let us understand this with an example the FM used while presenting the budget. If an equity share is purchased 6 months before 31st Jan 2018 at Rs. 100/- and the share price trades at Rs. 120/- on 31st Jan 2018 than in respect of this, there will be no tax on the gain of Rs. 20/- if this share is sold after 1 year from the date of purchase. However, any gain in excess of Rs. 20 earned after 31st Jan 2018 will be taxed at 10% if this share is sold after 31st July, 2018. To put it simply,

  • Any LTCG accrued until 31st Jan 2018 wouldn’t be taxed.
  • Any incremental LTCG above this would then be taxed at 10% (If you hold it at least for 1 year)
  • If you sold in less than 1 year, the existing 15% STCG would be applicable as earlier.

Background to LTCG and impact for investors?

It was in 2004 that tax on LTCG was removed and Securities Transaction Tax (STT) was introduced. STT levies a small tax on every transaction – buy or sale, done through stock exchanges. For FY18 the govt. may earn Rs. 7,769 cr. of revenue from STT. So now we see both STT and (LTCG – STCG) taxes in place.  As per projections, the govt. may collect Rs. 20,000 cr. through LTCG tax.

Tax Planning:

  1. If your portfolio gains have been 20% for LTCG so far, we can estimate that this may fall to 18% incrementally for fresh investments. Investors should continue to make Buy and Sell decisions based on portfolio growth objectives.
  2. Investors can Set Off the LTCG against any Long Term Capital Losses in the year for Tax planning.
  3. For investors with a direct equity and Equity MF portfolio of less than Rs 10 lakhs, they may like to plan the sales so that the ‘less than 1 Lakh LTCG rule’ applies for that financial year.
  4. Where the portfolio is larger, this additional tax will be inevitable.

So what might be the market mood now?

  1. The grandfathering concept will protect the Investors for past LTCG gains.
  2. Equity as an asset class has been enjoying good returns for the last few years. We feel it will continue to outperform other asset classes like gold, real estate, FDs etc.
  3. Investors need to bake in the LTCG tax impact. The markets may see a small correction or negativity for a few days before recovering.

Disclaimer 

This document has been prepared by JainMatrix Investments Bangalore (JM), and is meant for use by the recipient only as information and is not for circulation. This document is not to be reported or copied or made available to others without prior permission of JM. It should not be considered or taken as an offer to sell or a solicitation to buy or sell any security. The information contained in this report has been obtained from sources that are considered to be reliable. Neither JM nor any of its affiliates, its directors or its employees accepts any responsibility of whatsoever nature for the information, statements and opinion given, made available or expressed herein or for any omission therein. Recipients of this report should be aware that past performance is not necessarily a guide to future performance and value of investments can go down as well. The suitability or otherwise of any investments will depend upon the recipient’s particular circumstances and, in case of doubt, advice should be sought from an Investment Advisor or Chartered Accountant. Punit Jain is a registered Research Analyst under SEBI (Research Analysts) Regulations, 2014. JM has been publishing equity research reports since Nov 2012. Any questions should be directed to the director of JainMatrix Investments at punit.jain@jainmatrix.com.

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Vikas Ecotech – Get ‘Vikas’ for your Investments

  • Date: 22nd Jan 2018
  • CMP: Rs. 40.7

Today we have published an update report on Vikas Ecotech.

  1. To remind you, on 24th Apr 2017, at a CMP: Rs. 21.25, we had published this report on this website.
  2. We had set a Target price of Rs. 52.7 by May 2019, a growth of 143% from then CMP, over 25 months.
  3. The entire report is available on VIKAS ECOTECH – Get ‘VIKAS’ for your Investments
  4. We are happy to note that our Apr 2017 report has given 92% gains in 9 months. 
  5. However, this update report is restricted to our valued subscribers only.

To receive all such reports, SIGN UP FOR – THE INVESTMENT SERVICE SUBSCRIPTION

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Disclaimer and Additional Details

This document has been prepared by JainMatrix Investments Bangalore (JM), and is meant for use by the recipient only as information and is not for circulation. This document is not to be reported or copied or made available to others without prior permission of JM. It should not be considered or taken as an offer to sell or a solicitation to buy or sell any security. The information contained in this report has been obtained from sources that are considered to be reliable. However, JM has not independently verified the accuracy or completeness of the same. Punit Jain discloses that he has been a shareholder at VET since May 2017. Other than this, Punit Jain and JM have no known financial interests in Vikas Ecotech & Co or any related firm. Neither JM nor any of its affiliates, its directors or its employees accepts any responsibility of whatsoever nature for the information, statements and opinion given, made available or expressed herein or for any omission therein. Recipients of this report should be aware that past performance is not necessarily a guide to future performance and value of investments can go down as well. Equity investments are subject to market risks. The suitability or otherwise of any investments will depend upon the recipient’s particular circumstances and, we recommend that investors looking to invest in equity should take advice from a Registered Investment Adviser. Punit Jain is certified and registered under SEBI (Research Analysts) Regulations, 2014. Any questions should be directed to the director of JainMatrix Investments at punit.jain@jainmatrix.com

Is Investing a Science or an Art – Or Both?

  • Date: 21st Dec 2017
  • Subject: Thoughts around Investing 

What is a Science?

Science as per Wikipedia is a systematic enterprise that builds and organizes knowledge in the form of testable explanations and predictions about the universe. Science is associated with consistent, independent and timeless outcomes.  A science can be studied in a textbook, and when applied in an experiment, it will always deliver an expected result under same conditions.

What is an Art?

An Art can be defined as the ‘expression or application of human creative skill and imagination’. Across painting, music and literature, people find Art as a way to express themselves and create something uniquely different, that communicates to other humans. It somehow combines both technique and emotion.

So is Investing a Science, or an Art?

When I speak of Investing, I differentiate it from Trading and refer to stock purchased for a holding period greater than 1 year, bought based on fundamentals analysis.

The Science: Investing appears to be a Science when we look at the quantitative side of things. The analysis of the balance sheet, income statements and calculation and understanding of the key ratios, as well as interpreting them seems to be a fairly scientific exercise. Companies can fairly quickly be bucketed under Poor, Average and Good using quantitative techniques, based on data about the past.

The Art: However the qualitative side of investing is not so well defined. It is also very important.

  1. Which sector is the firm from? Is this sector doing well overall and are prospects good?
  2. How good is management in this firm?
  3. Is the firm encouraging a second line of leadership and executives?
  4. How are the products of the firm? What is the USP of the firm? The moat? How does it compare with peers?
  5. What’s the future for this firm given these realities? How do we value this firm? If there is a valuation gap (mispricing) when will this gap be filled by the market?
  6. What are the risks, uncertainties and bad scenarios for this firm?
  7. What are the exit criteria for the firm?
  8. As an investor, can I control my emotions like fear, pride, regret, laziness and greed? The psychological part of investing, that which involves your emotions, your expectations, your attitudes and your habits, is a crucial part of the recipe for success. How does one react to market news and fluctuations? Can I generate and stick by my ideas long enough to find success? Or would I prefer to follow the herd?
  9. Finally with so many complex inputs, and unknowns, I feel intuition plays an important part in key decisions. This too is more Art than Science as it is more judgement and not quantifiable.
  10. In addition each investor brings to the table his own set of strengths and biases. This helps him identify successful investing ideas only in certain situations. This can be a core strength of an investor if it is well understood.

So we can see that this part of Investing certainly has a technique, involves a lot of judgments and interpretations and is quite an Art. The objective of course is to protect and grow wealth, so its an applied Art.

The Brain – 

jainmatrix investments

Conclusion:

So we can see that while the core of Investing is scientific and quantitative, this has over it a thick wrapping of human judgement, emotion and real life uncertainties.

Can a Computer Do Good Investing?

Here is a famous quote by the legendary investor Peter Lynch. “Investing in stocks is an art, not a science, and people who’ve been trained to rigidly quantify everything have a big disadvantage.”

My feeling is that computers can handle the quantitative side of investing well. This is of course based on the fact that computers are powered by good programming and applications.

The Art or qualitative part of investing is very hard to program and incorporate into a computer.

However there are a bunch of newer technologies such as Machine Learning, fuzzy logic and Artificial Intelligence. It’s quite possible that some of these techniques can be adapted to help in Investing and may even become quite good.

Disclaimer

This document has been prepared by JainMatrix Investments Bangalore (JM), and is meant for use by the recipient only as information and is not for circulation. This document is not to be reported or copied or made available to others without prior permission of JM. It should not be considered or taken as an offer to sell or a solicitation to buy or sell any security. The information contained in this report has been obtained from sources that are considered to be reliable. However, JM has not independently verified the accuracy or completeness of the same. Neither JM nor any of its affiliates, its directors or its employees accepts any responsibility of whatsoever nature for the information, statements and opinion given, made available or expressed herein or for any omission therein. Recipients of this report should be aware that past performance is not necessarily a guide to future performance and value of investments can go down as well. The suitability or otherwise of any investments will depend upon the recipient’s particular circumstances and, in case of doubt, advice should be sought from an Investment Advisor. Punit Jain is a registered Research Analyst under SEBI (Research Analysts) Regulations, 2014. JM has been publishing equity research reports since Nov 2012. Any questions should be directed to the director of JainMatrix Investments at punit.jain@jainmatrix.com.

The Most Profitable Research this year from JainMatrix Investments

  • Apex Frozen Foods Ltd.
  • A 225% gain for our Subscribers for purchases from open markets in just 3 months. 
  • The IPO allottees still holding have got a 324% gain in 3 months. 

At JainMatrix Investments, we’ve done a lot of research reports in the last year. We’ve had our share of (many) successes and (a few) failures. This has been a good year for the stock markets so no surprises that our success rate has been high. Even so, lets focus on the best success we have had this year.

On 20th August 2017, we published an IPO report on Apex Frozen Foods Ltd. This was a public report, and you can see it even now at Apex Frozen Foods IPO – An Apex Buy.

jainmatrix investments, apex frozen foods

The subscription for this IPO was not impressive, it went just 6.1 times subscribed, not much by this years standards.

But at JainMatrix Investments we were very positive about it. So much so that before the firm’s listing on 4th Sept, we published a Pre-Listing Note on Apex. This was a Premium report, available only to subscribers, but the Summary is shared below:

JainMatrix Investments, Apex Frozen Foods IPO

The listing was good but not very impressive, it closed at Rs 210, a rise of 20% on first day. Thereafter, restricted by its 5% upper and lower price limit, it rose 5% every day for a few days, then actually fell by 5% for a few days too.

Our Subscribers who took our instructions got ample opportunity to buy this share below Rs 230.

And very soon, with the seafood industry doing well, and some news flow such as good results declared for the Half Year and Quarter ended Sept 2017, the share has done very well, see graphic.

jainmatrix investments, apex frozen IPO

Today we are happy to note that investors who took our recommendation to buy the share below Rs 230 have seen a 225% gain. IPO applicants still holding today have got a 324% gain on their investment in just 3 months. 

Clearly the share has by far exceeded our 1.75 year target of Rs 469, to reach Rs 742 today. This is a success beyond our imagination.

This is a marketing article. At this point we do not express any opinion of BUY, SELL or HOLD on Apex Frozen Foods. We are just happy to share with you that this is Our Most Profitable Research this year. 

Happy investing,

Punit Jain

DISCLAIMER

This document has been prepared by JainMatrix Investments Bangalore (JM), and is meant for use by the recipient only as information and is not for circulation. This document is not to be reported or copied or made available to others without prior permission of JM. It should not be considered or taken as an offer to sell or a solicitation to buy or sell any security. The information contained in this report has been obtained from sources that are considered to be reliable. However, JM has not independently verified the accuracy or completeness of the same. Punit Jain discloses that he holds Apex Frozen Foods shares since the IPO this year.  Other than this, JM has no known financial interests in Apex or any group company. Neither JM nor any of its affiliates, its directors or its employees accepts any responsibility of whatsoever nature for the information, statements and opinion given, made available or expressed herein or for any omission therein. Recipients of this report should be aware that past performance is not necessarily a guide to future performance and value of investments can go down as well. The suitability or otherwise of any investments will depend upon the recipient’s particular circumstances and, in case of doubt, advice should be sought from an Investment Advisor. Punit Jain is a registered Research Analyst under SEBI (Research Analysts) Regulations, 2014. JM has been publishing equity research reports since Nov 2012. Any questions should be directed to the director of JainMatrix Investments at punit.jain@jainmatrix.com.

Bharat Financial Inclusion – News Based Exit from MSC Model Portfolio

  • Date: 30th Oct 2017
  • Bharat Financial Inclusion is dropped from the JainMatrix Investments – Mid and Small Cap (Multi Bagger) Model Portfolio

News Update

  • The merger of micro finance lender Bharat Financial Inclusion (BFIL) and IndusInd Bank (IIB) was announced on 14th Oct. BFIL will merge into IIB in a swap where BFIL shareholders will receive 639 shares of IIB for every 1,000 shares of BFIL. On the day of announcement, the premium on BFIL was 12.6%. It has now narrowed to 7.4%.
  • The merger offers mutual synergies on network, customers and products. IIB will grow its rural network and increase priority lending. There are synergies with cost reduction and BFIL will lower the cost of wholesale deposits. The merger is mutually beneficial.
  • The merger is expected to complete over the next 6-9 months. The timelines are as follows:

jainmatrix investments, bharat financial inclusion

Source: BFIL News Release

Record of Performance

  • BFIL had entered the MSC at Rs. 427 in Feb 2015. We had reported on BFIL (formerly SKS Microfinance) in Sept 2015, see link SKS Microfinance – A Magical Mix jainmatrix investments, bharat financial inclusion
  • We exited BFIL on 21st Oct at Rs. 995 (entry at Rs. 427 in Feb 2015). It gained 133% absolute and 37.8% CAGR in 2.5 years.
  • The MSC Model Portfolio has a good 4.5 year Track Record 

Opinion and Reasons

  • BFIL would cease to exist post the merger. Hence if investors continue to hold BFIL they will become IIB shareholders.
  • BFIL is a good mid-cap stock with appreciation potential as an independent firm.
  • IIB is 1) a large cap Bank of Rs 97,000 crores mkt cap. 2) It has been a high performance stock in the past 3) However we at JainMatrix do not track IIB 4) It will not meet the objectives of MSC Model Portfolio. So BFIL is dropped from the JainMatrix MSC Model Portfolio.
  • Subscribers may exit BFIL and enter the other BUY rated stocks of the MSC Model Portfolio.
  • They may also, at their own discretion, choose to become IIB shareholders. But JainMatrix is not covering this stock.

Disclaimer

This document has been prepared by JainMatrix Investments Bangalore (JM), and is meant for use by the recipient only as information and is not for circulation. This document is not to be reported or copied or made available to others without prior permission of JM. It should not be considered or taken as an offer to sell or a solicitation to buy or sell any security. The information contained in this report has been obtained from sources that are considered to be reliable. However, JM has not independently verified the accuracy or completeness of the same. Punit Jain has been a long term investor in BFIL since Nov 2014. Basis this note he intends to exit his positions in BFIL. Other than this, JM has no known financial interests in BFIL or any related group. Neither JM nor any of its affiliates, its directors or its employees accepts any responsibility of whatsoever nature for the information, statements and opinion given, made available or expressed herein or for any omission therein. Recipients of this report should be aware that past performance is not necessarily a guide to future performance and value of investments can go down as well. The suitability or otherwise of any investments will depend upon the recipient’s particular circumstances and, in case of doubt, advice should be sought from an Investment Advisor. Punit Jain is a registered Research Analyst under SEBI (Research Analysts) Regulations, 2014. JM has been publishing equity research reports since Nov 2012. Any questions should be directed to the director of JainMatrix Investments at punit.jain@jainmatrix.com.

A Note on Crypto-currency

Introduction

  • Cryptocurrencies (CC) are digital currencies that utilize blockchain technology to provide improved security, anonymity and decentralization. There is no central authority to manage it and no third parties are needed to facilitate transactions.
  • The most popular currencies on the market are bitcoin and ethereum, which have market caps of $44.86 B and $6.7 B respectively. Bitcoin was released as open-source software in 2009, and has nearly tripled from a price of under $1,000 a coin to nearly $2,800 since Jan 2017 while ethereum has jumped from $8 to $220 in the same timeframe.

Recent News and Events

  • The Chicago Board Options Exchange said they will launch bitcoin derivatives by end 2017 pending regulatory approval.
  • On Tuesday, the blockchain supporting Bitcoin split into two creating two competing versions of the virtual currency with the new version being BitcoinCash. With the rapid rise in Bitcoin usage over the last few months, its blockchain technology was slow in processing transactions and developers and miners disagreed with how to expand resulting in a new version being created. BitcoinCash will be able to process 56 transactions per sec. compared to 7 tps.

  • In July, digital currency trading platform BTC-e, was suspended by Dept. of Justice for involvement in criminal activities of money laundering, identity theft, and drug trafficking transactions.
  • Start-up CC firms are using Initial Coin Offerings (ICOs) in favor of VC funding. ICOs are crowdfunding events where firms release their own CC tokens. These differ from IPOs as there is no govt. regulation or required documentation for the sale. In 2017, ICOs raised $1.3B for start-up CC firms with only $358M in traditional VC funding.
  • The large run-up in price of CCs over the last few months has fueled a bubble in the blockchain world through ICOs. The lack of regulation here has enabled start-ups to gain access to funding from unsophisticated individual investors than they would normally be able to receive through venture capital.
  • Bitcoin is gaining acceptance as many ecommerce websites and producers of repute are allowing online payments.
  • The arrest of Alexander Vinnik of BTC-e, seems to indicate that blockchain analysis can connect identities to users.

Opinion and Outlook

  • The growth in transactions and value of CC seems to be driven more by traders and speculators looking to profit off the massive volatility than the fundamental use of exchanging currency for goods and services. Also due to the anonymity in transactions, criminals are attracted to them as a mechanism for money laundering.
  • While blockchain technology is an exciting innovation, we feel it has much better applications than currency in banking – to facilitate international trade and streamline processes and healthcare – to store records securely.
  • In its current form and usage, CCs may continue to grow as a unregulatable digital currency in much of the free world.
  • As investors, we feel the CC market is overheated with the introduction of ICOs, and the high volatility does not meet our standard for conservation of capital. It is not a safe asset class for the masses.

JAINMATRIX KNOWLEDGE BASE

See other useful reports:

  1. Security and Intelligence Services IPO
  2. IRB Infra Developers – In INVIT We Trust – 25 JULY
  3. Stock Market Awareness Presentation by JainMatrix – July 
  4. Equity Investment Made Easy by JainMatrix – Updates July 2017
  5. A Rural focused Stock Pick – premium – 08 July
  6. Eris Life IPO – and Pre listing note – premium – 28 June
  7. AU Small Finance Bank IPO – 26 June 
  8. The JainMatrix Investments Outlook – 22 June
  9. MSC Portfolio Review – 10.8% CAGR Alpha – premium – 21 June
  10. JainMatrix – Track Record – 31 May
  11. IndiGo Airways – Flying High, Wide and Handsome – 30 May
  12. Eicher Motors – It’s Firing on Both Engines – 16 May
  13. Hudco IPO – Sector Uncertainties, AVOID – 09 May
  14. S Chand IPO: An Educational Content Powerhouse – 27 Apr
  15. Vikas Ecotech – Get ‘Vikas’ for your Investments – 24 Apr

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  • Visit the Investment Service page to find how you can get more. Or Click LINK
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Disclaimer

This document has been prepared by JainMatrix Investments Bangalore (JM), and is meant for use by the recipient only as information and is not for circulation. This document is not to be reported or copied or made available to others without prior permission of JM. It should not be considered or taken as an offer to sell or a solicitation to buy or sell any security. The information contained in this report has been obtained from sources that are considered to be reliable. However, JM has not independently verified the accuracy or completeness of the same. Neither JM nor any of its affiliates, its directors or its employees accepts any responsibility of whatsoever nature for the information, statements and opinion given, made available or expressed herein or for any omission therein. Recipients of this report should be aware that past performance is not necessarily a guide to future performance and value of investments can go down as well. The suitability or otherwise of any investments will depend upon the recipient’s particular circumstances and, in case of doubt, advice should be sought from an Investment Advisor. Punit Jain is a registered Research Analyst under SEBI (Research Analysts) Regulations, 2014. JM has been publishing equity research reports since Nov 2012. Any questions should be directed to the director of JainMatrix Investments at punit.jain@jainmatrix.com.

The JainMatrix Investments Outlook – June 2017

A short market note

  • When demonetization happened in Nov-Dec 2016, there was high uncertainty and markets fell sharply. By end Dec however, the Indices bottomed out. The cash shortage was being overcome and other fears receded. Since then, the key indices recovered smartly by about 21%. We feel that the event is behind us and even the worst affected firms are now nursing back to pre-demon health.
  • The budget in Feb and the 5 state elections after this strengthened the positivity and good feel factor. Markets appear to be resuming the broad multi-year bull-run.
  • The next major event is the imminent GST implementation which is bringing many changes, many good and some bad:
    • As GST rates are being declared, companies are reacting to them eg. Gems and Jewellery firms rose sharply on 5th June, reacting to the 3% GST on gold, which was positive.
    • Sectors like Logistics, Transportation and FMCG are beneficiaries of GST and they have appreciated in the last 6 months on GST news.
    • However, the destocking and restocking by dealers /wholesalers to deal with GST and compliance requirements and changes to systems and processes at all levels will take a quarter to settle. Incremental tax fears may see weak June orders but a strong July may cover up.
    • Unorganized sector and MSME may see a net increase in taxes as GST compliance covers all, and this may affect profits and competitiveness.
  • Round UP of other factors:
    • The INR remains stable in the Rs 63-68 zone with a strengthening bias in light of lowered inflation, good forex reserves and exports looking robust.
    • In Indian markets, liquidity flow is strong from retail and FII investors into Indian markets. This reflects in the IPO markets, which look strong with the CDSL IPO subscribed 170 times, a new record. GoI too is planning a number of disinvestments.
    • The 3rd Fed rate hike happened and it did not appear to affect Indian markets. Fear around inflation looks unfounded, and a bad monsoon in 2017 looks unlikely.
  • The risks or negatives that we see now are – 1) bank NPAs need resolution, the GoI is focused on this and there needs to be some progress here  2) along with some clarity around PSBs restructuring 3) cross border and terrorism issues 4) The Q4FY17 results were fair, and the market is in ‘above average’ valuations zones. However current levels are not excessive. Mid and small caps continue to do well.
  • Stay positive on the markets !!

Happy investing,

Punit Jain,

JainMatrix Investments

JAINMATRIX KNOWLEDGE BASE

See other useful reports:

  1. Eris Lifesciences IPO
  2. JainMatrix Investments – Track Record 
  3. IndiGo Airways – Flying High, Wide and Handsome
  4. Eicher Motors – It’s Firing on Both Engines
  5. Hudco IPO – Sector Uncertainties, AVOID
  6. S Chand IPO: An Educational Content Powerhouse
  7. Vikas Ecotech – Get ‘Vikas’ for your Investments
  8. Investment Notes – Euphoria
  9. Whats different about the Investment Service from JainMatrix? – A video
  10. Why are Indian stock markets attractive for Investments? – A video
  11. Why Stocks, and Investment Outlook – Dec 2016 – A Video
  12. Investment Outlook – Short Term Pain, Medium Term Gain
  13. Do you want to be a value investor?
  14. Announcement – SEBI approval as a Research Analyst

DO YOU FIND THIS SITE USEFUL?

  • Visit the Investment Service page to find how you can get more. Or Click LINK
  • Register Now to get our Free reports and much more, on the top right of this page, or by filling this Signup Form CLICK.

DISCLAIMER

This document has been prepared by JainMatrix Investments Bangalore (JM), and is meant for use by the recipient only as information and is not for circulation. This document is not to be reported or copied or made available to others without prior permission of JM. It should not be considered or taken as an offer to sell or a solicitation to buy or sell any security. The information contained in this report has been obtained from sources that are considered to be reliable. However, JM has not independently verified the accuracy or completeness of the same. Neither JM nor any of its affiliates, its directors or its employees accepts any responsibility of whatsoever nature for the information, statements and opinion given, made available or expressed herein or for any omission therein. Recipients of this report should be aware that past performance is not necessarily a guide to future performance and value of investments can go down as well. The suitability or otherwise of any investments will depend upon the recipient’s particular circumstances and, in case of doubt, advice should be sought from an Investment Adviser. Punit Jain is a registered Research Analyst under SEBI (Research Analysts) Regulations, 2014. JM has been publishing equity research reports since Nov 2012. Any questions should be directed to the director of JainMatrix Investments at punit.jain@jainmatrix.com.