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Marksans Pharma
Health Care in Safe Hands
Company Overview and Stock price .3
Product Overview....4
Marksans Goa Plant...7
Marksans R&D.....8
Industry Outlook10
Company Financial.....13
Balance Sheet......14
Cash Flow.....15
Key Ratios....15
Peer Comparison......16
Shareholding Pattern....... 18
Investment Rationale..............19
Disclaimer20
Buy Price: Rs 49
Page 2
Target: 70
FY16P/E: 42
EXCHANGE SYMBOL
Sector
Oncology
Gastroenterology
Antidiabetic, Antibiotics
Cardiovascular
Pain Management
Gynaecology
MARKSANS
PHARMA
53.75
1
113.90 (28-Dec15)
33.50 (01-Mar-16)
115.00 (10-Aug15)
0.87 (28-May-03)
3.25
5506566
31.7
45.77
10.79
2202.11 (Cr)
0
The company has achieved global recognition within a very short span of time
and has major global expansion plans for the near future.
4.32
15.68
27.16
1Year
%
32.27
3.47
6.25
10.43
-7.26
2.95
2.41
16.68
12.18
31.68
25.64
27.46
14.97
2.27
2.23
11.10
13.87
25.45
18.02
13.73
31.30
NIFTY PHARMA
INDEX
NIFTY MEDIA INDEX
NIFTY FINANCE
INDEX
BANK NIFTY
NIFTY ENERGY
INDEX
NIFTY REALTY INDEX
1.72
7.34
40.01
19.71
8
9
10
11
NIFTY
NIFTY METAL INDEX
NIFTY IT INDEX
NIFTY FMCG INDEX
1.60
-0.03
-0.24
-1.24
6.60
20.39
-6.30
2.41
15.11
38.63
-6.79
13.12
11.50
60.64
-12.67
12.55
3
4
5
6
Symbol
1Month%
3Months%
6Months%
Page 3
Product overview
Marksans Pharma has established world-class formulation
manufacturing facilities by leveraging state-of-the-art technology,
incorporating best practices and adhering to stringent regulatory
compliances. These are Centers of Excellence committed to
creating the highest quality products.
Marksans
has
focused
towards
formulation development and have a
strong back up in terms of R&D and
aggressive marketing plans.
The US pharmaceutical
market is one of the key
focus areas for
Marksans Pharma.
Page 4
Europe
Led by Marksans subsidiaries Bell, Sons & Co (Druggists) Ltd. and
Relonchem Ltd., Marksans Pharma Ltd. has established a strong
foothold in the European markets. They have a strong presence in the
OTC and formulations space and continue to leverage their strengths in
manufacturing and distribution.
Marksans Pharma is engaged in supply of pharmaceutical products to
clients such as Boots, Almus, Actavis, Teva, Genepharma and Mylan.
In addition, they also assist requirements such as Dossier development,
Filing and Commercial Supply to European Customers.
Marksans
Pharma
Ltd
product list contains 79
products in Europe
Africa
The African market presents extensive opportunities for Marksanss
international operations. With 40 product registrations, Marksans is
consolidating its position in the African region. The company has a
strong product portfolio for these markets are has plans for offering a
comprehensive array of products in the near future.
The company aspires to gain a strong foothold in this region by offering
high quality and value-based pharmaceutical products, which are at par
with international standards.
Page 5
Latin America
Marksans aims to penetrate the Latin American market with its high
quality products and extensive product portfolio. Strong economic
performance in this region is expected to fuel growth in the coming
years. In addition, recent regulatory developments will create further
market opportunities in the country, particularly for generic producers
in both the private and public sectors.
In Ecuador, the pharmaceutical industry is expected to perform well in
the coming years, with strong growth in production, sales, exports and
employment. Pharmaceutical companies, however, are encouraged to
act in smaller Latin American markets to maximize their full regional
sales potential.
Generics consumption in Latin America is high. Marksans Pharma is
currently operating in Central America, South America & Caribbean
Islands with 15 products registered and 70 products are submitted to
MOH (Ministry of Health).
Areas of Operations
Russia
Ukraine
Kazakhstan
Georgia
Moldova
Areas of Operations
Ecuador
Jamaica
Nicaragua
Central America
South America
Caribbean Islands
Australasia
Areas of Operations
Marksans has gained a foothold in the prestigious Australasia markets
through its acquisition of Nova Pharmaceuticals Australasia Pty Ltd. in
2005. They are now a prominent distributor to popular retail brands in
the region.
Through Nova, Marksans now holds 30 MAs and has become one of the
biggest suppliers of generic products here. They continue to grow
rapidly and expand into key therapeutic classes. They are leveraging
this opportunity and reaching out to the New Zealand pharmaceutical
market as well.
Page 6
Analgesics
Anti allergy
Antibacterial
Antibiotic
Antiulceratives
Hypertension
Page 7
Marksans R&D
THE CONTRACT RESEARCH AND MANUFACTURING
SERVICES (CRAMS)
Marksans have completely integrated R&D, technology and engineering
capabilities that enable us to be cost effective partners on a sustainable basis.
They have built strong alliances and continuing relationships with top global
generic companies to offer R&D and formulation development services.
The Contract Manufacturing Division is being set up to address the challenges
and opportunities created due to increasing R&D costs, low R&D productivity,
impending patent expirations and at the same time, pressure to reduce
healthcare costs. This in turn has propelled global pharma majors to cut costs
and improve overall profitability. This is expected to translate into a strong
outsourcing potential for low cost manufacturing destinations like India.
STRATEGY
Page 8
Out Licencing
Marksans is committed to developing new drugs and has
embarked on forging out-licensing agreements with other global
pharmaceutical majors.
They are actively seeking out-licensing arrangements and
strategic partnerships with international specialty pharmaceutical
companies focused on the marketing of generic pharmaceuticals
to enter new segments and grow in these markets.
OUT-LICENSING IN INDIA
Page 9
Industry Outlook
REASONS TO INVEST
India is expected to rank amongst the top three pharmaceutical
markets in terms of incremental growth by 2020.
India will become the sixth largest market globally in terms of
absolute size by zero.
Indias generic drugs account for 20% of global exports in
terms of volume, making the country the largest provider of
generic medicines globally.
Indias cost of production is significantly lower than that of the
USA and almost half of that of Europe.
A skilled workforce as well as high managerial and technical
competence.
Economic prosperity is likely to improve affordability for
generic drugs in the market.
Approval time for new facilities has been drastically reduced.
STATISTICS
FDI POLICY
GROWTH DRIVERS
Between 2011 and 2016, patent drugs worth USD 255 Billion
are estimated to go off-patent leading to a huge surge in generic
product and tremendous opportunities for companies.
By 2020, it will grow to USD 11 billion - a CAGR of 18%, with
the potential to reach USD 13 billion - at an aggresive CAGR of
20%.
With increasing penetration of chemists, especially in rural
India, OTC drugs will be readily available.
Pharma companies have increased spending to tap rural markets
and develop better infrastructure. The market share of hospitals
is expected to increase from 13.1% in 2009 to 26% in 2020.
Page 10
SECTOR POLICY
The National Pharmaceutical Pricing Policy, 2012 (NPPP-2012)
has been notified on December 7, 2012.
FINANCIAL SUPPORT
KEY PROVISIONS IN THE 2O15-16 UNION BUDGET:
INVESTMENT OPPORTUNITIES
R&D BENEFITS:
FOREIGN INVESTORS
Industry/private sponsored research programmes:
Page 11
Company Financials
Jun-16
Mar-16
Dec-15
Sep-15
Jun-15
Mar-16
Quarterly
186.75
0.01
Quarterly
210.23
6.45
Quarterly
217.41
0.10
Quarterly
255.53
0.01
Quarterly
210.16
2.30
Annual
893.33
8.87
186.76
-16.50
91.32
34.97
38.26
4.82
30.44
216.68
1.59
96.40
46.78
31.11
8.36
30.04
217.51
1.99
75.20
33.89
36.54
9.76
39.30
255.54
3.03
96.70
36.58
36.53
5.48
31.33
212.46
-1.77
72.97
46.33
18.24
4.52
24.28
902.19
4.84
341.27
163.58
122.42
28.13
124.95
Total Expenditure
Operating Profit
P/L Before Int., Excpt. Items & Tax
Interest
P/L Before Exceptional Items & Tax
P/L Before Tax
Tax
P/L After Tax from Ordinary Activities
183.31
3.45
3.45
1.28
2.17
2.17
0.30
1.87
1.87
214.28
2.40
2.40
1.97
0.43
0.43
4.38
-3.95
-3.95
196.69
20.82
20.82
2.34
18.48
18.48
-0.17
18.66
18.66
209.64
45.90
45.90
2.87
43.03
43.03
7.33
35.71
35.71
164.58
47.88
47.88
2.98
44.90
44.90
12.57
32.34
32.34
785.19
117.01
117.01
10.16
106.85
106.85
24.11
82.74
82.74
-0.85
1.02
-1.81
-5.76
-0.72
17.93
-0.83
34.87
-0.87
31.47
-4.23
78.51
40.93
--0.05
40.93
400.89
---
40.93
--0.46
40.93
--0.87
40.93
--0.79
40.93
400.89
-2.02
PAT
Minority Interest
Net Profit/(Loss) For the Period
Equity Share Capital
Reserves
Equity Dividend Rate (%)
EPS (Rs.) [After Extraordinary items]
Companys revenue has fallen by 11.16% QoQ from Rs. 210.23 crs to Rs. 186.75 crs.
Companys total expenditure has gone down drastically from Rs. 214.28 crs to Rs. 183.31 crs almost
14.45%.
Company has lower down its interest outgo.
From loss company has posted positive result. From Rs. -5.76 crs to Rs. 1.02 this can be turnaround
for the company.
Balance sheet
Page 12
In Cr.
Mar-16
Mar-15
Mar-14
Mar-13
Mar-12
12 mths
12 mths
12 mths
12 mths
12 mths
40.93
40.93
38.53
38.53
36.78
12.5
12.5
13.5
13.5
13.5
53.43
53.43
52.03
52.03
50.28
369.27
304.75
107.89
57.95
-239.52
369.27
304.75
107.89
57.95
-239.52
1.16
422.7
358.18
159.92
109.98
-188.08
19.82
7.88
15.2
0.31
0.5
1.87
2.22
12.59
0.31
0.5
21.68
10.1
27.79
40.62
43.52
58.06
75.31
77.18
Trade Payables
31.41
44.58
40.5
29.86
29.48
0.68
39.88
73.59
75.05
294.43
38.49
40.45
22.68
9.95
5.12
111.19
168.43
194.83
190.17
406.22
534.2
527.11
376.43
310.25
245.93
Tangible Assets
90.32
77.72
49.39
50.29
48.96
Intangible Assets
7.15
12.29
17.43
22.56
27.7
97.47
90.01
66.82
72.85
76.66
231.44
67.62
67.62
67.62
23.51
1.25
0.83
1.5
1.2
3.95
330.16
158.45
135.93
141.67
104.12
43.74
51.03
55.61
51.32
40.25
133.41
124.63
112.38
91.42
74.19
3.13
167.54
33.37
0.41
17.58
23.76
25.46
39.14
25.43
9.78
204.04
368.66
240.5
168.57
141.81
534.2
527.11
376.43
310.25
245.93
CURRENT LIABILITIES
Fixed Assets
Non-Current Investments
Long Term Loans And Advances
Total Non-Current Assets
CURRENT ASSETS
Inventories
Trade Receivables
Cash And Cash Equivalents
Short Term Loans And Advances
Total Current Assets
Total Assets
Page 13
Cash Flow
Product Name
Mar-16
Mar-15
Mar-14
Mar-13
Mar-12
-29.61
22.42
23.93
107.81
74.94
74.53
-61.82
-12.79
0.00
0.00
48.34
-50.22
-18.37
0.00
0.00
62.97
-225.52
116.45
0.00
0.00
106.31
-241.51
187.12
0.00
0.00
76.26
-40.14
-11.09
0.00
0.00
-0.08
22.50
22.42
-20.26
42.76
22.50
-46.10
88.86
42.76
51.93
36.93
88.86
25.03
11.90
36.93
Ratio Analysis
Mar 16
Per Share Ratios
Basic EPS (Rs.)
Diluted EPS (Rs.)
Cash EPS (Rs.)
Book Value [ExclRevalReserve]/Share (Rs.)
Book Value [InclRevalReserve]/Share (Rs.)
Dividend / Share(Rs.)
Net Profit/Share (Rs.)
Profitability Ratios
PBDIT Margin (%)
PBIT Margin (%)
PBT Margin (%)
Net Profit Margin (%)
Return on Networth / Equity (%)
Return on Capital Employed (%)
Return on Assets (%)
Total Debt/Equity (X)
Asset Turnover Ratio (%)
Liquidity Ratios
Current Ratio (X)
Quick Ratio (X)
Inventory Turnover Ratio (X)
Dividend Payout Ratio (NP) (%)
Dividend Payout Ratio (CP) (%)
Valuation Ratios
Enterprise Value (Cr.)
MarketCap/Net Operating Revenue (X)
Price/BV (X)
Price/Net Operating Revenue
Earnings Yield
Page 14
Mar 15
Mar 14
Mar 13
Mar 12
1.75
1.75
2.11
10.02
10.02
0.12
1.75
1.64
1.64
1.86
8.45
8.45
0.12
1.64
1.44
1.44
1.67
3.80
3.80
0.10
1.44
1.03
1.03
1.25
2.50
2.50
0.00
1.03
-4.92
-4.70
-4.43
-5.48
-5.48
0.00
-4.92
31.43
27.31
25.58
19.96
17.42
16.89
13.38
0.10
67.04
29.29
27.07
23.83
16.54
19.41
18.70
12.73
0.13
76.94
27.66
24.91
20.08
17.64
37.94
30.59
14.75
0.53
83.66
25.19
20.66
15.39
20.58
41.02
32.96
12.75
0.86
61.98
-74.92
-86.56
-118.31
-117.12
0.00
112.96
-73.62
-0.46
62.86
1.84
1.44
8.19
8.09
6.71
2.19
1.89
7.95
8.62
7.60
1.23
0.95
5.66
8.63
7.47
0.89
0.62
3.75
0.00
0.00
0.35
0.25
3.84
0.00
0.00
1,941.02
5.28
4.61
5.28
0.04
2,411.90
6.22
7.30
6.22
0.03
980.81
2.93
6.30
2.93
0.06
246.55
0.78
1.56
0.78
0.26
148.99
0.39
-0.30
0.39
Peer Comparison
Company Name
AJANTA PHARMA
DISHMAN
GRANULES
UNICHEM
NATCO PHARMA
JB CHEMICALS
AARTI DRUGS
SYNGENE
FDC
MERCK
INDOCO REMEDIES
HIKAL
MARKSANS PHARMA
SHILPA MEDICARE
NEULAND LAB
SMS PHARMA
BLISS GVS
SUVEN
MOREPEN LAB
Last Price
52 Wk High
52 Wk Low
Net Profit
2074.90
237.75
122.80
271.80
619.75
371.95
638.65
487.70
222.60
712.00
330.30
205.35
54.85
559.40
1002.40
106.25
148.45
206.30
26.15
2091.00
228.00
164.40
334.10
702.65
396.20
647.90
523.90
274.35
818.00
362.00
216.35
113.90
612.90
1080.00
137.15
210.50
308.70
41.75
1101.05
127.95
101.40
188.50
390.00
228.00
431.60
317.45
165.00
620.00
232.90
107.05
33.50
355.00
491.00
58.80
79.05
144.30
13.35
119.55
45.51
31.87
25.77
47.43
49.86
19.94
59.80
48.97
17.90
19.79
10.96
1.87
24.14
9.71
9.15
27.44
32.58
4.01
Sales
Profit Margin
471.02
375.40
343.73
341.97
325.22
309.23
291.88
274.50
264.49
257.74
257.37
221.23
186.76
154.46
149.77
145.85
140.14
133.23
118.44
25.38%
12.12%
9.27%
7.54%
14.58%
16.12%
6.83%
21.79%
18.51%
6.94%
7.69%
4.95%
1.00%
15.63%
6.48%
6.27%
19.58%
24.45%
3.39%
INSTRUMENT
AJANTA PHARMA
BLISS GVS
DISHMAN
FDC
GRANULES
HIKAL
INDOCO REMEDIES
JB CHEMICALS
MARKSANS PHARMA
MOREPEN LAB
NATCO PHARMA
NEULAND LAB
SHILPA MEDICARE
SUVEN
SYNGENE
Price
2074.90
148.45
237.75
222.60
122.80
205.35
330.30
371.95
54.85
26.15
619.75
1002.40
559.40
206.30
487.70
Avg. Volume
157848
266067
2444623
186156
1408629
103960
139679
301048
5889339
2848590
177783
18853
44833
415372
154434
% FII Holding
18260
1531
3837
3959
2666
1688
3044
3155
2245
1176
10794
890
4313
2626
9754
9.87
4.25
13.47
0.00
7.15
3.94
12.35
4.91
0.00
0.00
12.75
2.66
13.74
2.01
4.52
Peer comparison on
Marksan has good market liquidity thus entry and exit in the stock is easy.
Page 15
Price
% Pledged
2074.9
148.45
237.75
222.60
122.80
205.35
330.3
371.95
54.85
26.15
619.75
1002.4
559.40
206.30
487.70
5.04
0.00
0.57
0.00
26.99
0.00
0.01
0.00
0.00
0.39
0.00
4.36
0.00
0.00
0.00
0.06
0.24
0.58
0.00
0.63
1.02
0.22
0.18
0.23
0.90
0.08
0.91
0.29
0.11
0.85
Marksan Pharma has low debt to equity ratio, therefore company has good leverage
position.
Price
PAT JUN' 16
PAT MAR' 16
PAT DEC' 15
PAT JUN' 15
2074.90
148.45
237.75
222.60
122.80
205.35
330.30
371.95
54.85
26.15
619.75
1002.40
559.40
206.30
487.70
42
24
21
24
20
34
37
16
42
68
62
31
41
24
41
119.55
27.44
45.51
48.97
31.87
10.96
19.79
49.86
1.87
4.01
47.43
9.71
24.14
32.58
59.80
106.31
13.31
49.81
38.25
33.19
22.24
20.01
43.23
-3.95
2.77
60.45
6.63
38.03
32.29
66.50
111.30
21.37
46.93
28.77
27.15
12.41
20.42
49.89
18.66
7.28
36.67
6.28
24.88
17.72
58.80
83.84
19.97
37.76
43.72
27.15
1.83
20.27
34.28
32.34
2.50
27.54
7.30
15.76
20.23
43.60
Shareholding Pattern
Because of low profitabity Marksans is trading at High PE but it will get better with increasing
profitability in future
Page 16
No. of shareholder
%Holding
63.55
63.55
36.44
13.65
22.79
99.99
No. of shareholder
% Holding
Institutions
Mutual Funds
Financial Institutions/ Banks
Any Other (specify)
MONDRIAN EMERGING MARKETS SMALL CAP EQUITY FUNDL.P.
60
2
4
54
56376999
103003
532741
55741255
13.78
0.03
0.13
13.62
9324413
2.28
54
55741255
13.62
5226566
1.28
7951373
1.94
Page 17
Investment Rationale
Investment Rationale
Marksans Pharma Ltd. received an approval from the U.S. health regulator for an Abbreviated New Drug
Application (ANDA) for Loratadine Liquid Filled Capsules 10 mg on 25th Sep 2016.
Marksans R&D capabilities include dossier development, chemical synthesis, process optimization,
formulation development, analytical development and conducting stability studies.
Marksans have a team of over 50 experienced scientists specializing in formulation development and
analytical development.
The company has achieved global recognition within a very short span of time and has major global
expansion plans for the near future.
Companies key focus areas lie in the OTC & prescription drugs that have wide-ranging applications
across fields like Oncology, Gastroenterology, Antidiabetic, Antibiotics, Cardiovascular, Pain
Management, Gynaecology, among others.
Marksans Pharmas premier manufacturing and R&D facility is located at Goa, India. The formulation
plant is spread across an 18,000 square feet campus. The plant is a 100% EOU has been designed to
accommodate rapid future expansion.
Companys total expenditure has gone down drastically from Rs. 214.28 crs to Rs. 183.31 crs almost
14.45%.
Company has lower down its interest outgo.
From loss company has posted positive result. From Rs. -5.76 crs to Rs. 1.02 this can be turnaround for
the company.
Total 104 institutions hold position in Marksans with total holding of 13.65%
Marksans Pharma has fallen from Rs. 113.90 in Dec 2015 and came down to Rs. 33.50 in March 2016
after company failed to clear an inspection by the UK drug regulator. The company got a notice of
deficiency from UK MHRA. The inspection is about to over and result is expected to come positive.
Page 18
Disclaimer:
Research Disclaimer and Disclosure inter-alia as required under Securities and Exchange Board of India (Research Analysts) Regulations, 2014.
Dynamic Equities Pvt. Ltd. is a member of National Stock Exchange of India Ltd. (NSEIL), Bombay Stock Exchange Ltd (BSE), Multi Stock Exchange of India Ltd (MCXSX) and also a depository participant with National Securities Depository Ltd (NSDL) and Central Depository Services Ltd.(CDSL). Dynamic is engaged in the business of
Stock Broking, Depository Services, Investment Advisory Services and Portfolio Management Services.
Dynamic Equities Pvt. Ltd. is holding company of Dynamic Commodities Pvt. Ltd. , a member of Multi Commodities Exchange (MCX) & National Commodity & Derivatives
Exchange Ltd.(NCDEX).
We hereby declare that our activities were neither suspended nor we have defaulted with any stock exchange authority with whom we are registered. SEBI, Exchanges and
Depositories have conducted the routine inspection and based on their observations have issued advise letters or levied minor penalty on for certain operational deviations.
Answers to the Best of the knowledge and belief of Dynamic/ its Associates/ Research Analyst who prepared this report
DYANMIC/its Associates/ Research Analyst/ his Relative have any financial interest in the subject company? No
DYANMIC/its Associates/ Research Analyst/ his Relative have actual/beneficial ownership of one per cent or more securities of the subject company? No
DYANMIC/its Associates/ Research Analyst/ his Relative have any other material conflict of interest at the time of publication of the research report or at the time of
public appearance? No
DYANMIC/its Associates/ Research Analyst/ his Relative have received any compensation from the subject company in the past twelve months? No
DYANMIC/its Associates/ Research Analyst/ his Relative have managed or co-managed public offering of securities for the subject company in the past twelve months?
No
DYANMIC/its Associates/ Research Analyst/ his Relative have received any compensation for investment banking or merchant banking or brokerage services from the
subject company in the past twelve months? No
DYANMIC/its Associates/ Research Analyst/ his Relative have received any compensation for products or services other than investment banking or merchant banking
or brokerage services from the subject company in the past twelve months? No
DYANMIC/its Associates/ Research Analyst/ his Relative have received any compensation or other benefits from the Subject Company or third party in connection with
the research report? No
DYANMIC/its Associates/ Research Analyst/ his Relative have served as an officer, director or employee of the subject company? No
DYANMIC/its Associates/ Research Analyst/ his Relative have been engaged in market making activity for the subject company? No
General Disclaimer: - This Research Report (hereinafter called Report) is meant solely for use by the recipient and is not for circulation. This Report does not constitute
a personal recommendation or take into account the particular investment objectives, financial situations, or needs of individual clients. The recommendations, if any, made
herein are expression of views and/or opinions and should not be deemed or construed to be neither advice for the purpose of purchase or sale of any security, derivatives
or any other security through Dynamic nor any solicitation or offering of any investment /trading opportunity on behalf of the issuer(s) of the respective security (ies) referred
to herein. These information / opinions / views are not meant to serve as a professional investment guide for the readers. No action is solicited based upon the information
provided herein. Recipients of this Report should rely on information/data arising out of their own investigations. Readers are advised to seek independent professional
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investors may realize losses on any investments. Past performance is not a guide for future performance. Dynamic levels do not provide tax advice to its clients, and all
investors are strongly advised to consult with their tax advisers regarding taxation aspects of any potential investment.
Opinions expressed are our current opinions as of the date appearing on this Research only. We do not undertake to advise you as to any change of our views expressed
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Dynamic and its associates or employees may; (a) from time to time, have long or short positions in, and buy or sell the investments in/ security of company (ies)
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of the foregoing, in no event shall Dynamic and its associates or employees or any third party involved in, or related to computing or compiling the information have any
liability for any damages of any kind.
We and our affiliates/associates, officers, directors, and employees, Research Analyst(including relatives) worldwide may: (a) from time to time, have long or short positions
in, and buy or sell the securities thereof, of company (ies) mentioned herein or (b) be engaged in any other transaction involving such securities and earn brokerage or
other compensation or act as a market maker in the financial instruments of the subject company/company (ies) discussed herein or act as advisor to such company (ies)
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Dynamic may have proprietary long/short position in the above mentioned scrip(s) and therefore may be considered as interested. The views provided herein are general in
nature and does not consider risk appetite or investment objective of particular investor; readers are requested to take independent professional advice before investing.
This should not be construed as invitation or solicitation to do business with Dynamic.
Dynamic Equities Pvt. Ltd. are also engaged in Proprietary Trading apart from Client Business.
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