HIGH BROW MARKET RESEARCH INVESTMENT ADVISOR PVT. LTD.

Monday, March 5, 2018

 MCX Market Wrap-up
Previous Change in Change in OI Change in
Commodity Contract Open High Low Close
Close Price (in %) (in %) Volume (in %)
Aluminum 30-Mar-18 139.85 139.80 141.25 138.40 140.35 0.36% -30.08% -4.29%
Copper 30-Apr-18 464.25 464.50 466.85 449.20 452.80 -2.47% -35.70% 525.10%
Crude Oil 19-Mar-18 4125 4130 4172 3933 3995 -3.15% -13.94% -11.02%
Gold 5-Apr-18 30509 30526 30644 30119 30448 -0.20% 9.65% -14.34%
Lead 30-Mar-18 165.60 166.05 168.35 158.95 160.40 -3.14% 40.35% 564.01%
Natural Gas 26-Mar-18 174.20 176.00 179.00 173.30 177.40 1.84% -18.77% -19.86%
Nickel 30-Mar-18 892.60 895.10 909.80 870.00 879.90 -1.42% 2.87% 628.66%
Silver 4-May-18 38941 39130 39283 38289 38848 -0.24% -2.62% 570.43%
Zinc 30-Mar-18 228.65 229.40 231.00 219.55 220.15 -3.72% -35.07% 368.51%

NCDEX Market Wrap-up

Previous Change in Change in Change in
Commodity Contract Open High Low Close
Close Price (in %) OI (in %) Volume (in %)
Castor Seed 20-Mar-18 4205.00 4223.00 4223.00 4046.00 4098.00 -2.54% 0.80% -59.16%
Chana 20-Mar-18 3890.00 3860.00 3860.00 3644.00 3689.00 -5.17% 2.68% -47.44%
Dhaniya 20-Apr-18 5587.00 5510.00 5579.00 5420.00 5499.00 -1.58% 2.55% -28.07%
Cottonseed Oil
20-Mar-18 1557.00 1560.00 1566.00 1516.00 1542.00 -0.96% 4.60% -53.43%
Cake
Guargum5 20-Mar-18 9295.00 9275.00 9310.00 8992.00 9208.00 -0.94% 0.37% -55.96%
Guarseed10 20-Mar-18 4298.00 4475.00 4524.00 4298.00 4298.00 0.00% -6.78% -52.55%
Jeera 20-Mar-18 15300.00 15000.00 15240.00 14360.00 14425.00 -5.72% 3.90% 10.29%
Kapas 30-Apr-18 930.50 938.00 948.00 928.50 936.50 0.64% -0.32% -40.38%
RMseed 20-Apr-18 4150.00 4161.00 4161.00 4063.00 4108.00 -1.01% 440.96% -33.48%
Ref Soya Oil 20-Mar-18 753.75 755.45 756.60 750.70 755.35 0.21% 6.83% -53.93%
Soyabean 20-Mar-18 3668.00 3695.00 3838.00 3633.00 3781.00 3.08% 2.40% -27.79%
Turmeric 20-Apr-18 6898.00 6874.00 6874.00 6506.00 6530.00 -5.33% 10.74% -25.27%
Mentha Oil 28-Mar-18 1289.60 1312.00 1357.00 1268.50 1295.40 0.45% 0.57% -24.48%

Currency Market Wrap-up

Change in Price
Currency Pair Contract Previous Close Open High Low Close
(in %)

USDINR 64.9575 64.9075 65.5000 64.8725 63.3750 -2.44% 64.9575

GBPINR 90.6700 90.9550 91.4800 89.8625 89.9150 -0.83% 90.6700
EURINR 60.8175 60.9325 61.3275 60.7950 61.2650 0.74% 60.8175
JPYINR 79.9900 80.0300 80.5850 79.7125 79.7675 -0.28% 79.9900

Continued……

2
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 International Market Wrap-up
Previous Change in Price
Commodity Exchange Open High Low Close
Close (in %)
Aluminum LME 2148.75 2155 2169.25 2118.25 2151 0.10%
Copper COMEX 3.207 3.231 3.256 3.099 3.134 -2.28%
Crude Oil NYMEX 63.58 63.62 64.22 60.16 61.47 -3.32%
Gold COMEX 1330.5 1330.3 1342.8 1303.6 1323.7 -0.51%
Lead LME 2537.5 2543.5 2595.75 2423 2454.25 -3.28%
Natural Gas NYMEX 2.63 2.677 2.729 2.635 2.712 3.12%
Nickel LME 13735 13810 14060 13305 13492.5 -1.77%
Silver COMEX 16.49 16.45 16.72 16.09 16.52 0.18%
Zinc LME 3509.5 3516.75 3549.5 3350.5 3366.75 -4.07%

3
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 LME Inventory Update

nd rd
Commodity Closing (As on 2 Feb 18) in Tonnes Closing (As on 23 Feb 18) in Tonnes % Change

Copper 328000 334675 -1.99%

Nickel 335508 337008 -0.45%
Lead 125225 115300 8.61%
Zinc 133475 143750 -7.15%
Aluminium 1322150 1314225 0.60%

Continued…….

4
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 5
Copyright © 2018 Ways2Capital. All rights reserved
 Upcoming Economic Events Calendar
Time Currency Event Forecast Previous
Monday, March 5, 2018
15:00 GBP Services PMI (Feb) 53.3 53
20:15 USD Market Composite PMI (Feb) 55.9 55.9
20:30 USD ISM Non-Manufacturing Employment (Feb) 61.6
20:30 USD ISM Non-Manufacturing PMI (Feb) 59 59.9
Tuesday, March 6, 2018
5:31 GBP BRC Retail Sales Monitor (YoY) (Feb) - 0.60%
18:00 USD FOMC Member Dudley Speaks -
20:30 USD Factory Orders (MoM) (Jan) -1.30% 1.70%
Wednesday, March 7, 2018
14:00 GBP Halifax House Price Index (MoM) (Feb) 0.30% -0.60%
18:00 GBP Annual Budget Release -
18:45 USD ADP Nonfarm Employment Change (Feb) 193K 234K
19:00 USD Nonfarm Productivity (QoQ) (Q4) -0.10% -0.10%
19:00 USD Trade Balance (Jan) -55.00B -53.10B
19:00 USD Unit Labor Costs (QoQ) (Q4) 2.10% 2.00%
21:00 USD Crude Oil Inventories - 3.019M
Thursday, March 8, 2018
8:30 CNY Exports (YoY) (Feb) 13.90% 11.10%
8:30 CNY Imports (YoY) (Feb) 9.70% 36.80%
8:30 CNY Trade Balance (USD) (Feb) -5.30B 20.35B
19:00 USD Initial Jobless Claims 220K 210K
Friday, March 9, 2018
15:00 GBP Industrial Production (MoM) (Jan) 1.10% -1.30%
15:00 GBP Manufacturing Production (MoM) (Jan) 0.20% 0.30%
19:00 USD Average Hourly Earnings (MoM) (Feb) 0.20% 0.30%
19:00 USD Nonfarm Payrolls (Feb) 200K 200K
19:00 USD Private Nonfarm Payrolls (Feb) 195K 196K
19:00 USD Unemployment Rate (Feb) 4.00% 4.10%

Currency Weekly Pivots

Currency Pair Contract R3 R2 R1 PP S1 S2 S3
USDINR 18-Mar-18 65.8500 65.2500 64.3500 64.6000 63.7000 63.9500 63.3500
GBPINR 18-Mar-18 93.6500 92.0000 90.9500 90.4000 89.3000 88.8000 87.1500
EURINR 18-Mar-18 62.2000 61.7000 61.5000 61.1500 60.9500 60.6000 60.1000
JPYINR 18-Mar-18 81.7500 80.8500 80.3000 80.0000 79.4000 79.1500 78.2500

6
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 MCX Weekly Pivots
Commodity Contract R3 R2 R1 PP S1 S2 S3
Aluminium 30-Mar-18 145.70 142.85 141.60 140.00 138.75 137.15 134.30
Copper 30-Apr-18 491.6 473.95 463.4 456.3 445.75 438.65 421.00
Crude Oil 19-Mar-18 4511 4272 4134 4033 3895 3794 3555
Gold 5-Apr-18 31454 30929 30688 30404 30163 29879 29354
Lead 30-Mar-18 181.35 171.95 166.15 162.55 156.75 153.15 143.75
Natural Gas 26-Mar-18 187.95 182.25 179.8 176.55 174.1 170.85 165.15
Nickel 30-Mar-18 966 926 903 887 863 847 807
Silver 5-Mar-18 40795 39801 39324 38807 38330 37813 36819
Zinc 30-Mar-18 246.45 235 227.55 223.55 216.1 212.10 200.65

NCDEX Weekly Pivots

Commodity Contract R3 R2 R1 PP S1 S2 S3
Castor Seed 20-Mar-18 4476 4299 4199 4122 4022 3945 3768
Chana 20-Mar-18 4163 3947 3818 3731 3602 3515 3299
Dhaniya 20-Apr-18 5817 5658 5579 5499 5420 5340 5181
Cotton Seed 20-Mar-18 1641 1591 1567 1541 1517 1491 1441
Oilcake
Guargum5 20-Mar-18 9806 9488 9348 9170 9030 8852 8534
Guarseed10 20-Feb-18 4825 4599 4449 4373 4223 4147 3921
Jeera 20-Mar-18 16435 15555 14990 14675 14110 13795 12915
Kapas 30-Apr-18 977 957 947 938 927 918 899
RMseed 20-Apr-18 4307 4209 4158 4111 4060 4013 3915
Ref Soya Oil 20-Feb-18 766 760 758 754 752 748 742
Soyabean 20-Mar-18 4161 3956 3868 3751 3663 3546 3341
Turmeric 20-Apr-18 7373 7005 6767 6637 6399 6269 5901
Mentha Oil 28-Feb-18 1484 1395 1345 1307 1257 1218 1130

7
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 BULLION

Gold futures rose over one percent in American trade away from December 29 lows
as the dollar index fell from January 18 highs for the second session following earlier
data from the US the world's largest economy. One year inflation outlook steadied at
2.7% while five year outlook steadied as well at 2.5%.Federal Reserve Chair Jerome
Powell testified on the Semiannual Monetary Policy Report before Congress in
Washington DC earlier this week where he painted a positive picture of the economy
and bolstered expectations of four rate hikes this year.

BASE METALS

Base metals traded on the Shanghai Futures Exchange were broadly weaker during
Asian morning trading on Friday March 2, with only copper and aluminium prices
managing to post slight gains. Weakness continued across the SHFE base metals
complex this morning with the relatively stronger dollar and thin liquidity restricting
the metals.

ENERGY

On Wednesday the Energy Information Administration released its report on US

crude stocks showing a buildup of 3.0 million barrels in the week ending February 23
compared to a 1.6M drop in the previous reading while analysts expected a 2.4M rise
with total stocks now reaching 423.5 million barrels remaining within the medium
range on average in this time of year.

Natural gas futures rose over one percent to February 8 highs in American trade as
the dollar index bounced off January18 highs following earlier data from the US the
world's largest energy consumer including the EIA report that showed a larger than
expected inventory draw down for the eleventh week in a row.

8
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 SPICES
Even as overall fundamentals still did not remain strong from new crop arrivals
amidst better crop expectations traders expect that incoming festival season
along with firm Dollar could support export demand and support prices. Recent
reports of apprehensions of crop damage in parts of Gujarat from climatic
fluctuations may not be strong to support prices for now as overall production is
expected to be higher this year.
Turmeric Markets talks suggest that a significant drop in sowing in regions
across Erode due to a drought like situation last year. As per trader estimates
production is expected to fall to 1-3 lakh bags from the normal 15-20 lakh bags
seen on an average.

OIL & OILSEEDS

Hike in import duty in November keeps prices supported and as per the
notifications import duty on crude palm oil has been raised to 30 per cent
from 15 per cent and on refined oil to 40 per cent from 20 per cent in a bid to
reduce cheaper shipments and enhance local prices for supporting farmers
and refiners.
Near term trend might be weak as long as export sales do not improve
although the medium term outlook is bullish Menthaoil considering fall in crop
size and carry forward stocks nearly halving, over last year. Prospects of
improving industrial demand and lower production has strongly supported the
market in recent months.

GUAR COMPLEX

Guarseed is facing strong resistance at 5000 as Gum trades near 10000mark.

Medium term trend remains up due to rising concerns on production front from
crop losses in Rajasthan due to adverse weather few months back. Lowering
inventories will be another bullish factor. Increased exports of guar gum during
last year have been encouraging due to increasing rig count in the US.

OTHERS
The Cotton Association of India has in its latest estimate lowered the crop size
by 8 lakh bales (of 170 kg each) to 367 lakh bales against earlier estimate of 375
lakh bales citing severe infestation of cotton with pink boll worm in
Maharashtra and Telangana.

RM seed traded with a positive bias yesterday as new arrivals stood quite low
and spot demand improved ahead of Holi festival. From a 1-2 month
perspective traders expect maximum fall of Rs.150-250/qtl.

9
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SILVER

Last week USDINR Mar Futures started the week on positive note &found enough resistance at the level of 39250 and
closed the week with negative return. It made a high of 39283 during the week and closed at 38848 with the overall lost
of -0.24% on weekly basis. Technically for this week, we can expect buy from higher level &above the level of 639070, it
can test the level of 39600 during the week. One can make buy position in it by maintaining a SL of 38850

WEEKLY STRATEGY

Particular Details

ACTION BUY

ENTRY PRICE ABOVE 39070

TARGET 39600

STOP LOSS 38850

NICKEL

Last week, Nickel prices opened flat and prices corrected sharply for most of the week till low of 870. Previously prices
have rallied negative in the last month after taking strong resistance at its short term downward trend line. Daily RSI
(14) has given a negative signal. Prices are expected to go lower from these levels towards next strong support zone
placed around 830.

WEEKLY STRATEGY

Particular Details

ACTION BUY

ENTRY PRICE ABOVE 865

TARGET 830

STOP LOSS 889

10
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Calthe Week (NCDE

DHANIYA

Dhaniya prices opened flat in the last week and thereafter consolidated for the whole week in the range of 5580-5480
levels. Market is continuously making higher highs and higher lows indicating bullish trend from short term to mid term
basis. Prices are expected to go high above the level of 5580. On the lower side immediate support is placed around
5450level.

WEEKLY STRATEGY

Particular Details

ACTION Sell

ENTRY PRICE Below 5580

TARGET 5700

STOP LOSS 5525

CASTORSEED

NCDEX Castor mar future continued to trade with negative bias for the third consecutive trading week. Price made the
low of 4046 during the week and the high of 4223 and settled at 4098. Price declined by 100 points during the week
with higher volume and open interest indicating building of short positions. We can see pressure on prices from higher
level. And we are expecting market can be traded with negative trend.

WEEKLY STRATEGY

Particular Details

ACTION Sell

ENTRY PRICE Below 4030

TARGET 3930

STOP LOSS 4085

11
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Calls of e Week (FOREX)

USDINR

Last week USDINR Mar Futures started the week on positive note & continued the same for the entire week. It made a
high of 65.5000 during the week and closed at 65.7350 with the overall gain of 0.99% on weekly basis. Technically for
this week, we can expect profit booking in it from the higher levels & below the level of 65.1000, it can test the level of
64.5125 during the week. One can make sell position in it by maintaining a SL of 65.5125.

WEEKLY STRATEGY

Particular Details

ACTION SELL

ENTRY PRICE BELOW 65.1000

TARGET 64.5125

STOP LOSS 65.5125

GBPINR

Last week GBPINR Mar Futures started the week on positive note and made a high of 91.4800 but till the end of the
week, all of its earlier gains were erased and it closed at 89.9150 with the overall loss of 0.83% on weekly basis.
Technically for this week, we can further expect downside movement in it as sustaining below trend line breakout with
negative RSI. If it breaks the level of 89.8600 then it can test the level of 89.2625 during the week. One can make sell
position in it by maintaining a SL 90.2250.

WEEKLY STRATEGY

Particular Details

ACTION SELL

ENTRY PRICE BELOW 89.8600

TARGET 89.2625

STOP LOSS 90.2250

12
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LEGAL DISCLAIMER (कानूनी अस्वीकयण) :

This Document has been prepared by Ways2Capital (A Division of High Brow Market Research Investment Advisor Pvt Ltd). The information, analysis
and estimates contained herein are based on Ways2Capital Equity/Commodities Research assessment and have been obtained from sources believed
to be reliable. This document is meant for the use of the intended recipient only.
मह दस्तावेज़ Ways2Capital (हाई ब्रो भाकेट अनस
ु ंधान ननवेश सराहकाय प्राइवेट लरलभटे ड का एक बाग) द्वाया तैमाय ककमा गमा है | महां ऩय दी गई जानकायी, ववश्रेषण औय अनभ
ु ान

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This document, at best, represents Ways2Capital Equity/Commodities Research opinion and is meant for general information only. Ways2Capital
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Equity/Commodities Research expressly disclaims any and all liabilities that may arise from information, errors or omissions in this connection. This document is
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ु ंधान, इसके ननदे शकों, अधधकायी मा कभाचायी ककसी बी तयह से संफधं धत साभग्री के लरए क्जम्भेदाय नहीं है।| Ways2Capital इक्ववटी / कभोडडटीज अनस
ु ंधान

ककसी बी औय सबी उत्तयदानमत्वों को स्ऩष्ट रूऩ से अस्वीकाय कयता है जो इस संफध

ं भें सूचना, त्रटु टमों मा चक
ू से ऩैदा हो सकता है| इस दस्तावेज को ककसी बी प्रनतबूनत मा वस्तु

को खयीदने के लरए फेचने मा एक आग्रह के लरए प्रस्ताव के रूऩ भें नहीं भाना जा सकता है|

All information, levels & recommendations provided above are given on the basis of technical & fundamental research done by the panel of expert of
Ways2Capital but we do not accept any liability for errors of opinion. People surfing through the website have right to opt the product services of their
own choices.
उऩयोवत सबी सच
ू ना, स्तय औय सझ
ु ाव, Ways2Capital के ववशेषऻ के ऩैनर द्वाया ककए गए तकनीकी औय भौलरक अनस
ु ंधान के आधाय ऩय दी गई हैं, रेककन हभ टदए गए सझ
ु ावों

की त्रटु टमों के लरए कोई दानमत्व स्वीकाय नहीं कयते हैं | वेफसाइट के भाध्मभ से सकपिंग कयने वारे रोगों को अऩनी ऩसंद के उत्ऩाद सेवाओं को चन
ु ने का अधधकाय है|

Any investment in Equity/commodity market bears risk, company will not be liable for any loss done on these recommendations. These levels do not
necessarily indicate future price moment. Company holds the right to alter the information without any further notice. Any browsing through website
means acceptance of disclaimer.
इक्ववटी / कभोडडटी फाजाय भें कोई बी ननवेश जोखखभ के अधीन होता है, कंऩनी इन सुझावों ऩय ककए गए ककसी बी नक
ु सान के लरए उत्तयदामी नहीं होगी | मह स्तय बववष्म के

कीभतों की गनत का संकेत नहीं दे ते है| वेफसाइट के भाध्मभ से ककसी बी ब्राउक्ज़ंग का अथा है अस्वीकयण की स्वीकृनत।

DISCLOSURE (प्रकटीकयण):
High Brow Market Research Investment Advisor Pvt. Ltd. or its associates does not do business with companies covered in research report nor is
associated in any manner with any issuer of products/ securities, this ensures that there is no actual or potential conflicts of interest. To ensure
compliance with the regulatory body, we have resolved that the company and all its representatives will not make any trades in the market.
हाई ब्रो भाकेट अनस
ु ंधान ननवेश सराहकाय प्राइवेट लरलभटे ड मा उसके सहमोगी कंऩननमां अनस
ु ंधान रयऩोटा भें शालभर कंऩननमों के साथ कायोफाय नहीं कयती हैं औय न ही ककसी बी

तयह के उत्ऩादों / प्रनतबूनतमों के जायीकताा के साथ जड

ु ी हैं, जो मह सुननक्श्चत कयता है कक टहतों के लरए कोई वास्तववक मा संबाववत संघषा नहीं है | ननमाभक ननकाम के अनऩ
ु ारन

को सुननक्श्चत कयने के लरए हभने मह तम ककमा है कक कंऩनी औय उसके कोई बी प्रनतननधध फाज़ाय भें ट्रे ड नहीं कयें गे।

Clients are advised to consider information provided in the report as opinion only & make investment decision of their own. Clients are also advised to
read & understand terms & conditions of services published on website. No litigations have been filed against the company since the incorporation of
the company by regulatory body.
ग्राहकों को मह सराह दी जाती है कक वे रयऩोटा भें दी गई जानकायी को केवर याम के रूऩ भें दे खें औय ननवेश के लरए स्वमं पैसरा कयें | ग्राहकों को वेफसाइट ऩय प्रकालशत सेवाओं के

ननमभों औय शतों को ऩढ़ने औय सभझने की बी सराह दी जाती है | कंऩनी के ननगभन के फाद ननमाभक ननकाम द्वायाकंऩनी के खखराप कोई भक
ु दभा (माधचका) दामय नहीं ककमा

गमा है।

13
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DISCLOSURE APPENDIX: (प्रकटीकयण ऩरयलशष्ट ):

The reports are prepared by analysts who are employed by High Brow Market Research Investment Advisor Pvt. Ltd. All the views expressed in this re-
port herein accurately reflects personal views about the subject company or companies & their securities and no part of compensation was, is or will be
directly or indirectly related to the specific recommendations or views contained in this research report.
रयऩोटा ववश्रेषकों द्वाया तैमाय की गमी है जो द्वाया हाई ब्रो भाकेट अनस
ु ंधान ननवेश सराहकाय प्राइवेट लरलभटे ड द्वाया ननमव
ु त हैं | इस रयऩोटा भें व्मवत सबी
ववचाय कंऩनी के फाये भें व्मक्वतगत ववचायों को दशााता है औय कंऩननमों औय उनकी प्रनतबूनतमां औय ऺनतऩनू ता (भुआवजे) का कोई टहस्सा, मा इस शोध रयऩोटा भें
ननटहत ववशेष सुझावों मा ववचायों से प्रत्मऺ मा अप्रत्मऺ रूऩ से संफधं धत नहीं होगा।

DISCLOSURE IN TERMS OF CONFLICT OF INTEREST:

टहतों के संघषा के भाभरे भें प्रकटीकयण :
(a) High Brow Market Research Pvt. Ltd. or his associate or his relative has no financial interest in the subject company and the nature of such financial
interest;
(अ) हाई ब्रो भार्केट अनुसंधान ननवेश सराहर्काय प्राइवेट लरलभटे ड मा उसर्के सहमोगी मा उनर्के कर्कसी बी तत्र्कार रयश्तेदाय र्की ववषम र्कंऩनी भें र्कोई ववत्तीम रुचि
नह ं है औय न ह इस तयह र्की ववत्तीम हहत र्की प्रर्कृनत है |
(b) High Brow Market Research Pvt. Ltd. or its associates or relatives, have no actual/beneficial ownership of one percent or more in the securities of
the subject company,
(फ) हाई ब्रो भार्केट अनस
ु ंधान ननवेश सराहर्काय प्राइवेट लरलभटे ड मा उसर्के सहमोगी मा उनर्के कर्कसी बी तत्र्कार रयश्तेदाय र्की ववषम र्कंऩनी र्की प्रनतबनू तमों भें एर्क
प्रनतशत मा उससे अचधर्क र्के वास्तववर्क / पामदे भंद स्वालभत्व नह ं हैं |
(c) High Brow Market Research Pvt. Ltd. or its associate has no other material conflict of interest at the time of publication of the research report or at
the time of public appearance;
(स) हाई ब्रो भार्केट अनुसंधान ननवेश सराहर्काय प्राइवेट लरलभटे ड मा उसर्के सहमोचगमों र्को अनुसंधान रयऩोटट र्के प्रर्काशन र्के सभम मा सावटजननर्क रूऩ से उऩस्स्थत
होने र्के सभम र्कोई अन्म बौनतर्क संघषट नह ं है|
DISCLOSURE IN TERMS OF COMPENSATION:
ऺनतऩूनता के संदबा भें प्रकटीकयण:
High Brow Market Research Investment Advisor Pvt. Ltd. policy prohibits its analysts, professionals reporting to analysts from owning securities of any
company in the analyst's area of coverage.
Analyst compensation: Analysts are salary based permanent employees of High Brow Market Research Pvt. Ltd.

हाई ब्रो भाकेट अनस

ु ंधान ननवेश सराहकाय प्राइवेट लरलभटे ड की ऩॉलरसी अऩने ववश्रेषकों, ऩेशेवयों को ववश्रेषक के ऺेत्र भें ककसी बी कंऩनी की प्रनतबूनतमों के
स्वाभी से ववश्रेषकों को रयऩोटा कयने से योकती है।
ववश्रेषक ऺनतऩनू ता : ववश्रेषक हाई ब्रो भाकेट अनस
ु ंधान ननवेश सराहकाय प्राइवेट लरलभटे ड के वेतन आधारयत स्थामी कभाचायी है |

DISCLOSURE IN TERMS OF PUBLIC APPEARANCE:

सावाजननक प्रकटन के भाभरे भें प्रकटीकयण :
(a) High Brow Market Research Pvt. Ltd. or its associates have not received any compensation from the subject company in the past twelve months;

(अ) हाई ब्रो भाकेट अनस

ु ंधान ननवेश सराहकाय प्राइवेट लरलभटे ड मा उसके सहमोगीमों ने वऩिरे 12 भहीनों भें ववषम कंऩनी से कोई भुआवजा प्राप्त नहीं ककमा है |

(b) The subject company is not now or never a client during twelve months preceding the date of distribution of the research report.

(ब) अनुसंधान रयऩोटट र्के ववतयण र्की नतचथ से ऩूवट फायह भह नों र्के दौयान ववषम र्कंऩनी अफ मा र्कबी बी ग्राहर्क नह ं यह है ।

(c) High Brow Market Research Pvt. Ltd. or its associates has never served as an officer, director or employee of the subject company;

(स) हाई ब्रो भार्केट अनस

ु ंधान ननवेश सराहर्काय प्राइवेट लरलभटे ड मा उसर्के सहमोगीमों ने ववषम र्कंऩनी र्के अचधर्काय , ननदे शर्क मा र्कभटिाय र्के रूऩ भें र्कबी बी र्काभ

नह ं कर्कमा है

(d) High Brow Market Research Pvt. Ltd. has never been engaged in market making activity for the subject company.
(द) हाई ब्रो भार्केट अनस
ु ंधान ननवेश सराहर्काय प्राइवेट लरलभटे ड ववषम र्कंऩनी र्के लरए र्कबी बी ववऩणन (भार्केट भेकर्कंग) गनतववचध भें शालभर नह ं यहा है ।

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