MARKET Diary

Institutional Services
16-May-17

Nifty Intraday Chart Market

KEY LEVELS Market Value % Change
Support 1 : 9372 Morning Traded Market
Support 2 : 9316
SGX NIFTY 9,475.00 0.14%
Resistance 1: 9460 NIKKIE 19961.3 0.46%
HANG SENG 25,339.73 -0.13%
Yesterday Closing Market
Sensex 30,322.12 0.44%
Nifty 9,445.40 0.47%
Market Outlook DOW 20,981.94 0.41%
Event Today After opening on a positive note, Nifty continuously NASDAQ 6,149.67 0.46%
rose to make an intraday high of 9449.05 on the
Result CAC 5,417.40 0.22%
first day of the week and closed the day with a net
ANDHRABANK , BIRLACABLE gain of 0.47 percent over the previous trading days DAX 12,807.04 0.29%
CARERATING , DHANBANK close. The broader market was in favor of bulls as FTSE 7,454.37 0.25%
the small cap and mid cap indices outshined the
DISHMAN , EMAMIPAP benchmark index and closed the day after gaining EW ALL SHARE 17,481.36 0.67%
INDIAGLYCO , JKPAPER 0.4%-0.9%. % Change in 1 day
MAHSCOOTER , NOIDATOLL Most of the sectors closed in green. Metal, Banking Commodity Price ( Yesterday Closing )
and Pharmaceuticals stocks were on the buyers
OFSS , ORIENTPPR Commodity/Currencies Value % Change
radar. On the other hand Information Technology
PIIND , PNB, PSB index closed in red. The breadth of the market was GOLD 27992.00 -0.05%
QUESS , SHREECEM positive and about three shares advanced for two SILVER 38502.00 0.91%
SOBHA, SYMPHONY shares declined at NSE.
CRUDEOIL 52.06 0.54%
On the option front, maximum put open interest of
TATASTEEL , WHIRLPOOL NATURALGAS 215.00 -2.14%
75.47 lakh contracts was witnessed at strike price
9300 and followed by 52.49 lakh contracts at strike DOLLAR/RS. 64.06 -0.39%
Concall price 9200 while the maximum call open interest of EURO/RS. 70.28 0.48%
South IndBk : 10:30 AM 69.13 lakh contracts was built at strike price 9500. 0.24%
POUND/RS. 82.84
The option data suggests that Nifty to move in the
Atul Auto : 10:30 AM % Change in 1 day
range of 9300 and 9500 at least in the May expiry.
Pokarna : 11:30 Institutional Turnover
Market continue to trade sluggish with positive
Gabriel India : 2:30 pm bias. Broad range for Nifty for May series remains FII
Indo Count Inds : 3:00 PM 9300-9500. Volume was higher on a positive trading Investor Buy(Cr.) Sale(Cr.) Net(Cr.)
Huhtamaki PPL: 3:30 PM days after 12 trading session. Yesterday rally has 15-May-17 4614 4378 235
also brought Nifty close to the upper band of the
Symphony : 4:00 PM rising trend line of flag pattern. May-17 47636 47224 412
JK Cements : 4:00 PM 2017 471097 443718 27379
In terms of macro, May 18th & 19th should prove
Lumax Auto Tech : 5:30 PM important dates for the market particularly for
small and macro cap stocks. Item-wise GST rate is DII
Final Dividend expected to be announced post next set of Investor Buy(Cr.) Sale(Cr.) Net(Cr.)
FUTSOL : Rs 0.50/- meetings of GST council on 19th May. 15-May-17 2187 2253 (66)
( Exdate : 16.5.2017) May-17 26973 26212 761
2017 267315 256018 11297
Interim Dividend
GODREJCP : Rs 12/-
( Exdate : 16.5. 2017) Quote of the Day : "The risk among any group of investors is that they only pay attention to what they
already agree with. That's limiting in our opinion, and dangerous. " Michael Mauboussin

Narnolia Securities Ltd

IEA Snapshot

NESTLE "BUY" 16th May 2017

After Maggie fiasco, companys new management has become more aggressive in launching new products. The company has launched
more than 25 products in last few quarters. Going forward, it has plans to launch more new products from its parents global product
portfolio. New product launches will improve companys volume going ahead. Secondly, NESTLE has strong pricing power so we expect
strong pricing led growth for NESTLE going ahead. As companys most of the sales come from urban areas, approx. 75%, hence any
recovery in urban demand will be huge positive for the company. Presently, Maggies market share has reached to 60% versus peak market
share of 75% which is commendable. Our buy recommendation on NESTLE is based on Maggies market share gain, new product launches
and expectation of urban demand recovery going forward. We have positive view on this stock and maintain `BUY with a target price of Rs
7920.

GLENMARK "NEUTRAL" 15th May 2017

Due to drug price regulation by US government, US business of company is severely impacted in Q4FY17. Drug price corrected by 15% and
it is expected to correct more going forward considering US government drug price regulation policies. Mgt. has indicated Zetia sales
improvement going forward but we expect that it would not be easy considering current scenario. Management has guided for new
products launch in the US market in FY18E but we need to wait to get clear visibility on it. We expect ROE to maintain at the level of 22% in
FY18E. Currently, the stock is trading at 4x FY19E P/BV. Considering the near-term un-certainties, we maintain Neutral rating in this stock
while revising our previous target price to Rs. 830

*For details, refer to our daily report- India Equity Analytics

Top News
Blue Dart Express Mgt Guideline : Company said the impact
of demonetisation continued in Q4 but now it is over and they
are seeing a recover. The margins in FY17 saw a one-off
impact due to consultancy fees . Company said that for the
last five years, the CAGR has been in double-digits and that is
expected to continue in the current year as well . The the
margins for the company would also trend in the historic
range of 11-12 percent.
Arvind Mgt Guideline : Company's raw material prices have
already started softening and as far as the macros are
concerned, the medium-term outlook for cotton should be
bearish . Company is concerned we are sitting on very small
working capital as far as cotton is concerned . The the
margins on the textile front should come back to the original
EBITDA level very soon.
Asian Paints said that Indias decorative business
registered low double-digit growth in Q4, but it saw strong
performance in markets such as Nepal, Fiji, Oman, Bahrain
and Jamaica. It also saw good demand conditions in auto OEM
and general industrial business . Asian Paints said the low
double-digit volume growth is likely to be sustainable if the
economy grows in a similar manner. Company would likely
improve due to the two price hikes, which were to the tune of
5.7 percent, but it would also depend on how the rupee plays
out and the raw material prices trend . The Mysuru Plant of
300,000 KL per annum should come on stream by October
2018.
South Indian Bank expects FY18 loan growth at 20%, driven by retail
portfolio . Banks credit cost will be lower but relatively higher provisioning
will continue for two more quarters.
KAJARIACER gave nod to the acquisition of 1.90 lakh equity shares of Rs
100 each of Floera Ceramics Pvt Ltd, a subsidiary company, at a
consideration aggregating to Rs 3.61 crore.
>>The company said the board also approved expansion of manufacturing
capacity at its Gailpur plant in Rajasthan by 3.50 msm per annum, taking
the total ceramic tile capacity to 22.40 msm per annum from 18.90 msm
per annum.
>>The expansion is expected to be completed by September, 2017.
Talbros Automotive Components has received order from German
luxury car manufacturer. The order spans over a period of 7 years and the
expected total revenue from the same is about Rs 175 crore . The supplies
are expected to begin from June-July 2017
Dr Lal PathLabs saw volume growth of 8 percent in Q4 versus 5
percent in Q3, said Bidani. For FY17, they saw volume growth of 10.5
percent and going forward, the company should only improve its volume
performance
Vinati Organics Mgt Guideline : The addition of new products led to an
increase in revenues but the cost of new product additions impacted
margins. the company has been successful in passing on the price
revisions of raw materials to customers. The company will be adding two
new products in personal care segment. They also plan to start a co-
generation plant for captive use which will aid bottomline going forward.

Narnolia Securities Ltd

 F&O OPEN INTEREST ( Number of Contracts )
Individual Foreign Institutions

MARKET MOVERS (1 MONTH CHANGE)

Nifty Movers NSE Sectoral Indices Performance

TRADING IDEAS

Scrip Reco Initiation Price Target 1 Target 2 Stop Loss Rational

The stock found a strong support near 200
DMA and thereafter gave a smart pullback
rally yesterday. A positive divergence was
BIOCON Buy 1011.5 1044 1077 969
also formed in stochastic on daily chart.
Therefore some pullback is expected from
the current level.

Long The stock has found a strong support near

JUBLFOOD May (1 Lot Rs 970 and then a sharp pullback rally
17 28 42 7
1040 CE =500) yesterday. some fresh buying was also
witnessed at 1040 call option yesterday.

Narnolia Securities Ltd

 Result Calendar Q4FY17
BSE Code Company Name Date BSE Code Company Name Date
523411 ADCINDIA 16-May-17 534618 SAL 16-May-17
590006 AMRUTANJAN 16-May-17 532455 SHALIWIR 16-May-17
532418 ANDHRABANK 16-May-17 500387 SHREECEM 16-May-17
511724 BALFC 16-May-17 530017 SIL 16-May-17
522004 BATLIBOI 16-May-17 532784 SOBHA 16-May-17
500060 BIRLACABLE 16-May-17 514211 SUMEETINDS 16-May-17
506197 BLISSGVS 16-May-17 517385 SYMPHONY 16-May-17
533260 CAREERP 16-May-17 519091 TASTYBIT 16-May-17
534804 CARERATING 16-May-17 500470 TATASTEEL 16-May-17
523608 CHOKGLB 16-May-17 532284 TCFCFINQ 16-May-17
523246 CHOKINT 16-May-17 532349 TCI 16-May-17
530067 CSLFINANCE 16-May-17 533393 TCIDEVELOP 16-May-17
530825 DAIKAFFI 16-May-17 523301 TCPLPACK 16-May-17
532180 DHANBANK 16-May-17 500777 TNPETRO 16-May-17
532526 DISHMAN 16-May-17 517562 TRIGYN 16-May-17
507917 EASTBUILD 16-May-17 500439 VHL 16-May-17
533208 EMAMIPAP 16-May-17 500238 WHIRLPOOL 16-May-17
513108 GANDHITUBE 16-May-17 532404 7TEC 17-May-17
539449 IGC 16-May-17 526711 ADARSHPL 17-May-17
500201 INDIAGLYCO 16-May-17 532480 ALBK 17-May-17
500211 INSILCO 16-May-17 532978 BAJAJFINSV 17-May-17
511618 JIKIND 16-May-17 500034 BAJFINANCE 17-May-17
532162 JKPAPER 16-May-17 540061 BIGBLOC 17-May-17
522263 JMCPROJECT 16-May-17 509470 BOMOXY-B1 17-May-17
524109 KABRAEXTRU 16-May-17 508814 COSMOFILMS 17-May-17
512399 KAPASHI 16-May-17 540047 DBL 17-May-17
524444 KAVITIND 16-May-17 504286 DELTAMAGNT 17-May-17
539686 KPEL 16-May-17 530959 DIANATEA 17-May-17
500266 MAHSCOOTER 16-May-17 522261 DOLPHINOFF 17-May-17
500268 MANALIPETC 16-May-17 504908 DUNCANENG 17-May-17
532539 MINDAIND 16-May-17 532922 EDELWEISS 17-May-17
530435 NOESISIND 16-May-17 530023 FORTUNEF 17-May-17
532481 NOIDATOLL 16-May-17 511128 GALAXCP 17-May-17
523670 NOIMC 16-May-17 500174 GLFL 17-May-17
531465 NOUVEAU 16-May-17 533263 GREENPOWER 17-May-17
532466 OFSS 16-May-17 524238 GUJINJEC 17-May-17
502420 ORIENTPPR 16-May-17 500696 HINDUNILVR 17-May-17
526435 PERFEPA 16-May-17 530055 HRMNYCP 17-May-17
523642 PIIND 16-May-17 507438 IFBAGRO 17-May-17
532461 PNB 16-May-17 532717 INDOTECH 17-May-17
523628 PODDAR 16-May-17 500380 JKLAKSHMI 17-May-17
533295 PSB 16-May-17 500228 JSWSTEEL 17-May-17
539978 QUESS 16-May-17 500241 KIRLOSBROS 17-May-17
517522 RAJGLOWIR 16-May-17 515093 MADHAV 17-May-17
515127 RAMMA 16-May-17 506261 MODISNME 17-May-17
507300 RAVALSUGAR 16-May-17 500109 MRPL 17-May-17
500365 RMGALLOY 16-May-17 501477 MULLER 17-May-17
Narnolia Securities Ltd
500304 NIITLTD 17-May-17 523708 EIMCOELECO 18-May-17
521105 OLYMPTX 17-May-17 524564 GAYATRIBI 18-May-17
513511 PANCHMAHQ 17-May-17 532622 GDL 18-May-17
517119 PCS 17-May-17 532764 GEECEE 18-May-17
509077 PRESSMN 17-May-17 532744 GTNTEX 18-May-17
520111 RATNAMANI 17-May-17 590043 HARITASEAT 18-May-17
503169 RUBYMILLS 17-May-17 533217 HMVL 18-May-17
530267 SABOOBR 17-May-17 500187 HSIL 18-May-17
539334 SHREEPUSHK 17-May-17 533047 IMFA 18-May-17
533014 SICAGEN 17-May-17 504741 INDIANHUME 18-May-17
532419 SMARTLINK 17-May-17 532240 INDNIPPON 18-May-17
538635 SNOWMAN 17-May-17 500207 INDORAMA 18-May-17
536799 SRSFIN 17-May-17 500306 JAYKAY 18-May-17
532390 TAJGVK 17-May-17 507987 JPTRLES 18-May-17
511730 TRCFIN 17-May-17 532926 JYOTHYLAB 18-May-17
506808 TUTIALKA 17-May-17 506528 KELENRG 18-May-17
512307 TYPHOON 17-May-17 540222 LAURUSLABS 18-May-17
532478 UBL 17-May-17 500262 MAFATLAFIN 18-May-17
539141 UFO 17-May-17 530011 MANGCHEFER 18-May-17
524129 VINYLINDIA 17-May-17 538942 MERCANTILE 18-May-17
526921 21STCENMGM 18-May-17 539045 MNKALCOLTD 18-May-17
524348 AARTIDRUGS 18-May-17 533398 MUTHOOTFIN 18-May-17
500303 ABIRLANUVO 18-May-17 523630 NFL 18-May-17
539661 ACEMEN 18-May-17 509782 OSEASPR 18-May-17
500710 AKZOINDIA 18-May-17 514326 PATSPINLTD 18-May-17
531581 ALKADIA 18-May-17 513228 PENIND 18-May-17
506767 ALKYLAMINE 18-May-17 500331 PIDILITIND 18-May-17
513117 AMFORG 18-May-17 513519 PITTILAM 18-May-17
506074 ARSHIYA 18-May-17 530695 PRIMEPRO 18-May-17
524594 ASHOKALC 18-May-17 524037 RAMAPHO 18-May-17
505010 AUTOAXLES 18-May-17 523289 RAMAVISION 18-May-17
532977 BAJAJ-AUTO 18-May-17 532690 RAMSARUP 18-May-17
500490 BAJAJHLDNG 18-May-17 539346 SADBHIN 18-May-17
532134 BANKBARODA 18-May-17 532310 SHREERAMA 18-May-17
509449 BHAGWOX 18-May-17 505729 SINGER 18-May-17
512296 BHAGYNAGAR 18-May-17 512589 SITAENT 18-May-17
500069 BNKCAP 18-May-17 532531 STAR 18-May-17
538546 BRPL 18-May-17 537253 SUNLOC 18-May-17
500084 CESC 18-May-17 533298 SURANASOL 18-May-17
505230 CIMMCO 18-May-17 517530 SURANAT&P 18-May-17
512018 CNIRESLTD 18-May-17 532782 SUTLEJTEX 18-May-17
513353 COCHINM 18-May-17 532890 TAKE 18-May-17
539436 COFFEEDAY 18-May-17 533170 TAMBOLI 18-May-17
500480 CUMMINSIND 18-May-17 522229 TANAA 18-May-17
523736 DPL 18-May-17 532790 TANLA 18-May-17
532610 DWARKESH 18-May-17 532301 TATACOFFEE 18-May-17
500125 EIDPARRY 18-May-17 533553 TDPOWERSYS 18-May-17
Narnolia Securities Ltd
539658 TEAMLEASE 18-May-17 520043 MUNJALSHOW 19-May-17
509917 TECHCON 18-May-17 539843 NINSYS 19-May-17
539428 TEJNAKSH 18-May-17 516082 NRAGRINDQ 19-May-17
533158 THANGAMAYL 18-May-17 539015 ORTEL 19-May-17
506680 TRELCHE-B 18-May-17 524051 POLYPLEX 19-May-17
533655 TRITURBINE 18-May-17 500346 PUNJCOMMU 19-May-17
533171 UNITEDBNK 18-May-17 532527 RKFORGE 19-May-17
507880 VIPIND 18-May-17 500112 SBIN 19-May-17
513713 WHITEORG 18-May-17 508961 SHRICON 19-May-17
532883 ZYLOG 18-May-17 539911 SNIM 19-May-17
500488 ABBOTINDIA 19-May-17 532293 SOFTTECHGR 19-May-17
532762 ACE 19-May-17 500402 SPMLINFRA 19-May-17
505216 ALFREDHE 19-May-17 514138 SURYALA 19-May-17
531677 ARISINT 19-May-17 500400 TATAPOWER 19-May-17
526847 ASHSI 19-May-17 532966 TWL 19-May-17
513142 BALASORE 19-May-17 539798 UMIYA 19-May-17
503960 BBL 19-May-17 532953 VGUARD 19-May-17
512195 BENTCOM 19-May-17 511509 VIVOBIOT 19-May-17
533108 BTTL 19-May-17 539118 VRLLOG 19-May-17
532834 CAMLINFIN 19-May-17 590013 XPROINDIA 19-May-17
533288 CLARIS 19-May-17 512367 ZSHERAPR 19-May-17
531472 CYBELEIND 19-May-17 512291 ZSPEEDCO 19-May-17
502137 DECCANCE 19-May-17 534742 ZUARI 19-May-17
507717 DHANUKA 19-May-17 500780 ZUARIGLOB 19-May-17
505700 ELECON 19-May-17 539151 ARFIN 20-May-17
500128 ELECTCAST 19-May-17 524695 ASIANFR 20-May-17
505744 FMGOETZE 19-May-17 531268 B2BSOFT 20-May-17
500660 GLAXO 19-May-17 500085 CHAMBLFERT 20-May-17
532630 GOKEX 19-May-17 532329 DANLAW 20-May-17
500300 GRASIM 19-May-17 523732 ECOBOAR 20-May-17
505893 HINDHARD 19-May-17 521014 EUROTEXIND 20-May-17
532662 HTMEDIA 19-May-17 500171 GHCL* 20-May-17
500106 IFCI 19-May-17 517571 INDLMETER 20-May-17
535648 JUSTDIAL 19-May-17 523586 INDTONER 20-May-17
522287 KALPATPOWR 19-May-17 512329 JARITEX 20-May-17
532714 KEC 19-May-17 507598 KLRF 20-May-17
507180 KESARENT 19-May-17 535387 LAKHOTIA 20-May-17
524699 KILBURNC 19-May-17 539785 PDMJEPAPER 20-May-17
532932 MANAKSIA 19-May-17 500343 PDUMJEPULP 20-May-17
539044 MANAKSTELTD 19-May-17 530419 SUMEDHA 20-May-17
538964 MERCURYLAB 19-May-17 500412 TIRUMALCHM 20-May-17
533088 MHRIL 19-May-17 532356 TRIVENI 20-May-17
522241 MMFL 19-May-17 502281 TRIVENIGQ 20-May-17
503015 MODERN 19-May-17 522014 UNIDT 20-May-17
517334 MOTHERSUMI 19-May-17 506178 ZKHATAUE 20-May-17

Narnolia Securities Ltd

 Earning Estimate Q4FY17
Date NSE CODE SALES SALES YoY PAT PAT YoY
16-May-17 SHREECEM 2214 9.70 229 2.40
16-May-17 TATASTEEL 33923 15.00 1581 LP
16-May-17 PIIND 606 3.70 94 0.10
16-May-17 PNB 3987 44.00 61 LP
17-May-17 HINDUNILVR 8068 4.50 1103 (1.00)
17-May-17 UBL 1158 (4.70) 61 16.90
17-May-17 JSWSTEEL 17346 62.20 713 332.10
17-May-17 MRPL 11975 28.90 443 (67.20)
17-May-17 BAJAJFINSV 1549 39.40 455 44.40
18-May-17 BAJAJ-AUTO 4911 (8.40) 842 (11.30)
18-May-17 CUMMINSIND 1261 18.80 186 11.20
18-May-17 JYOTHYLAB 541 9.60 48 341.40
18-May-17 PIDILITIND 1241 0.00 142 (8.40)
18-May-17 GDL 282 9.50 21 (21.50)
18-May-17 CESC 1556 5.20 249 0.30
18-May-17 BANKBARODA 3445 3.40 509 LP
18-May-17 MUTHOOTFIN 807 (6.70) 325 22.60
19-May-17 GRASIM 2398 (4.30) 249 19.50
19-May-17 GLAXO 729 6.30 88 (1.90)
19-May-17 HTMEDIA 672 6.50 41 8.00
19-May-17 JUSTDIAL 193 7.50 24 (31.10)
19-May-17 SBIN 15117 (1.10) 2230 76.50

Result Q4FY17
BSE Code NSE CODE SALES SALES YoY PAT PAT YoY
531795 ATULAUTO 103 (19.98) 6 (42.86)
532822 IDEA 8195 (13.40) (326) (156.56)
502157 MANGLMCEM 298 41.84 4 (75.18)
502219 BOROGLASS 75 17.79 9 (46.32)
500141 FERROALLOY 209 64.24 17 (702.15)
530239 SUVEN 180 6.34 40 7.85
532508 JSL 2468 25.11 161 (175.93)
532513 TVSELECT 943 860.48 6 625.00
524200 VINATIORGA 208 39.21 41 3.36
532644 JKCEMENT 1241 30.72 91 29.54
532633 ALLSEC 82 17.86 15 40.75
507525 AMRITCORP 20 107.40 4 197.60
500110 CHENNPETRO 9486 63.84 171 (34.38)
500830 COLPAL 1177 7.85 143 (2.27)
533264 ESL 803 (2.85) (293) (202.95)
505714 GABRIEL 393 8.17 22 5.45
521016 ICIL 513 1.19 49 (26.04)
500233 KAJARIACER 812 23.97 72 4.94
532796 LUMAXTECH 231 (1.49) 7 10.56
532757 VOLTAMP 228 11.90 23 17.86
517015 VINDHYATEL 372 26.49 24 15.27
500295 VEDL 24612 55.49 2060 (118.42)
Narnolia Securities Ltd
 Economic Calendar
Monday Tuesday Wednesday Thursday Friday
Country
15th May 17 16th May 17 17th May 17 18th May 17 19th May 17

Building Permits , Housing

Starts , Capacity Utilization Philly Fed Manufacturing Index ,
Empire State Rate , Industrial Unemployment Claims, CB
US Manufacturing Index Production m/m, NAHB
Crude Oil Inventories ,
Leading Index m/m , Natural
Housing Market Index, TIC Gas Storage.
Long-Term Purchases.

Flash GDP q/q , German

ZEW Economic Sentiment , Average Earnings Index 3m/y , German PPI m/m , Current
Italian Trade Balance ,
Trade Balance, ZEW Claimant Count Change , German WPI m/m , Retail Sales Account , CBI Industrial
UK/EURO ZONE German Buba Monthly
Economic Sentiment , CPI Unemployment Rate , Final m/m , Order Expectations ,
Report
y/y , PPI Input m/m , RPI Core CPI y/y. Consumer Confidence.
y/y , Core CPI y/y.

INDIA

Narnolia Securities Ltd

 N arnolia Securities Ltd
201 | 2nd Floor | Marble Arch Bu ild ing | 236B-AJC Bose
Road | Kolkata-700 020 , Ph : 033-40501500
em ail: narnolia@narnolia.com ,
w ebsite : w w w .narnolia.com

Risk Disclosure & Disclaimer: This report/message is for the personal information of
the authorized recipient and does not construe to be any investment, legal or taxation
advice to you. Narnolia Securities Ltd. (Hereinafter referred as NSL) is not soliciting any
action based upon it. This report/message is not for public distribution and has been
furnished to you solely for your information and should not be reproduced or
redistributed to any other person in any from. The report/message is based upon publicly
available information, findings of our research wing East wind & information that we
consider reliable, but we do not represent that it is accurate or complete and we do not
provide any express or implied warranty of any kind, and also these are subject to change
without notice. The recipients of this report should rely on their own investigations,
should use their own judgment for taking any investment decisions keeping in mind that
past performance is not necessarily a guide to future performance & that the the value of
any investment or income are subject to market and other risks. Further it will be safe to
assume that NSL and /or its Group or associate Companies, their Directors, affiliates
and/or employees may have interests/ positions, financial or otherwise, individually or
otherwise in the recommended/mentioned securities/mutual funds/ model funds and
other investment products which may be added or disposed including & other mentioned
in this report/message.