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Research reports on this website are for our clients only. By accessing this research you confirm that you are not restricted from receiving this material. This research is based on current public information that we consider reliable, but we do not represent it is accurate or complete, and it should not be relied on as such. The reports have been prepared independent of the covered companies. We seek to update our research as appropriate, but various regulations may prevent us from doing so. A large majority of reports are published at irregular intervals as appropriate in the analyst's judgment. The Kotak Mahindra Group conducts a full-service, integrated investment banking, investment management, commercial banking and brokerage business. We have investment banking and other business relationships with a substantial percentage of the companies covered by our Research Division. Our sales people, traders, and other professionals may provide oral or written market commentary or trading strategies to our clients and our proprietary trading desks that reflect opinions that are contrary to the opinions expressed in this research. Our asset management area, our proprietary trading desks and investing businesses may make investment decisions that are inconsistent with the recommendations or views expressed in this research. We and our affiliates, officers, directors, and employees, excluding equity analysts, may from time to time have long or short positions in, act as principal in, and buy or sell, the securities or derivatives thereof of covered companies referred to in this research. This research is not an offer to sell or the solicitation of an offer to buy any security. It does not constitute a personal recommendation or take into account the particular investment objectives, financial situations, or needs of individual clients. Clients should consider whether any advice or recommendation in this research is suitable for their particular circumstances and, if appropriate, seek professional advice, including tax advice. The price and value of the investments referred to in this research and the income from them may fluctuate. Past performance is not a guide to future performance, future returns are not guaranteed, and a loss of original capital may occur. Fluctuations in exchange rates could have adverse effects on the value or price of, or income derived from, certain investments. Certain transactions, including those involving futures, options, and other derivatives, give rise to substantial risk and are not suitable for all investors. No part of this material may be (i) copied, photocopied or duplicated in any form by any means or (ii) redistributed without our prior written consent.