This does not constitute investment advice. Returns mentioned herein are in no way a guarantee or promise of future returns.
Stock market investments are subject to market risks.
"5 Stocks You Should
Throw Out Right Now!"

Many investors are buying these stocks even today
expecting to earn big returns

Are YOU making the same mistake too?

Dear Reader,

My research team has just forwarded to me a long list of stocks that could crash over the next 2 years...

And of these, 5 stocks are almost certain to be the worst hit!

Which 5? How do we know?

Just keep reading...

Look, every time the stock market crashes, millions of investors lose their hard earned money.

People will tell you these things are unavoidable. They will tell you that losing money is a part and parcel of investing in stocks.

But that's just what THEY think!

Now imagine there was a service that would warn you of impending dangers in advance.

A service that would tell you which stocks have the possibility of crashing beforehand so that you can get rid of them quickly and avoid courting huge losses.

Believe it or not, such a service really does exist.

And what you read up to now is only a small sample of what this service can actually do for you.

Here's more on it . . .

You see, without a doubt, identifying good stocks to invest in is the relatively easier part. It is at recognizing bad stocks early that most investors go wrong.

However, this is not the investors' fault either.

Almost all stock brokers and research firms out there boast of being really good at picking high-return stocks.

But when it comes down to helping their clients protect their stock investments, well that's a totally different story.

Just think back to what happened in early 2008 when most of these firms were churning out one "buy" report after another.

These firms completely missed the warning signals.

In fact, I personally know of one retired gentleman who lost Rs 8 lakhs in the January 2008 crash because his stock broker was adamant that he hold on to the stocks for a few more months.

And the result? When the market had done crashing, his portfolio value had fallen by 70%!

This is where we're different...

We at Equitymaster believe that it's our responsibility to help our subscribers make money and also avoid losses.

That's why we don't just recommend stocks and forget about them. We constantly monitor stocks we recommend and inform our subscribers if it's time to pull out from a stock.

But here's the kicker...

During all these years of helping investors make and save money, we've devised a process that helps us identify not just money-making opportunities but also risky scenarios with great accuracy.

And now, we want to put this process to work for YOU... and help you avoid huge losses in the stock market.

Here's the full story. . .

Back in 2002 we had conducted an informal survey.

This survey revealed to us the need for a new kind of service...

See, most stock brokers and research outfits out there peddle stocks which are in the news from time to time, and then shift coverage to those stocks which take their place.

Once a certain stock falls out of favor with investors, they stop tracking it and stop publishing information on it.

So there was literally no way for an investor to stay updated with the progress of a company he was interested in THROUGHOUT THE YEAR.

That's what led to the launching of a new service called 'ResearchPro'.

ResearchPro does what no other service does -- it shortlists a group of leading Indian companies and provides ongoing and continuous research on them throughout the year.

And, it monitors and publishes research on them regardless of how well or how bad these companies are doing!

Now why would anybody need this kind of information?

There are actually 3 reasons for that...
  • If the stock market was to crash again - and it does crash frequently - you'd want to know... with as much certainty as possible... which stocks to keep and which to sell away immediately.

  • By tracking good companies continuously, you will know when the prices of their shares drop... making it possible for you to grab them at discount prices.

  • Finally, if some important event is going to take place in the company that could result in a surge in its stock price, you'll know about it early and get a chance to make full use of that also.
But wait, this is where it gets even better...

So ResearchPro was started as a service that would provide ongoing research on certain leading companies instead of one-time stock recommendations.

However we soon found that ResearchPro could actually help investors in more ways than we first thought...

Yes, just by following companies closely, ResearchPro could tell its subscribers if a stock was going to crash.


You see, ResearchPro is all about 'Common sense backed by exhaustive research'.

Our intention here is not to find something that nobody else knows, but to take a whole lot of known facts and compile all of them to uncover the MOST PROBABLE OUTCOME in advance.

So we basically just watch these companies with a hawk-eye all through the year... and try to see things that other people don't...

Which in turn helps you exit stocks early and save money in the case of any adversity.

Don't believe me?
Here's an example. . .

In July last year we did a review of all stocks from the Banking sector.

We discovered that quite a lot of them presented a HUGE profit potential for investors.

And so we advised our subscribers about the same...

On July 8th, 2010 we sent out a special message to our subscribers discussing Banking companies that were looking very attractive during that quarter.

Plus, we also gave them a list of Banking stocks that could generate good returns for them.

And today... just a few months later... 4 Banking stocks that we had recommended then have generated pretty good returns for subscribers who took us up on our suggestion and bought those stocks.

Following are the details of the stocks and returns generated so far:
IDBI Bank: 33.9%
Bank of Baroda: 24.9%
Corporation Bank: 20.9%
HDFC Bank: 20.8%

In the same way, if we find that investing in stocks belonging to a certain sector can be risky, we also warn our subscribers about that.

For instance, recently we advised our subscribers to be cautious about a certain sector (sorry, details only to subscribers). And we also gave them a list of stocks from that sector that could fall soon.

So, you see, we really help you do both:
        1) Grow rich by investing in good stocks
        2) Minimize the chances of investing in bad stocks

This is the kind of information most investors lack . . .
And that's what Equitymaster wants to provide you now

The problem basically is that while the facts are there for everybody to see, not many investors know how to decipher all that data and convert it into actionable information.

This is where Equitymaster comes in.

We're a Stock Research & Recommendation Company that has been around for more than 10 years now.

So we understand what kind of impact a certain development could produce on a company's stock.

Plus, we've got the required manpower and resources to keep monitoring these companies all round the year.

So we're now giving you an opportunity to get UNRESTRICTED and FULL access to our monitoring reports (ongoing research reports), produced by a team of honest and competent analysts, on more than 100 leading companies in India.

You can now obtain ownership rights to our entire research team... and whatever research we produce on these 100 plus companies, we will send it to you right away - Without holding anything back!

Notification of risks is undoubtedly a big benefit of subscribing to a service like this, but there are many more advantages too:
  • Unbiased research view - as we are not stock brokers and we don't gain anything even if you buy the stocks we recommend

  • Access to managements - we have access to managements which gives a better understanding of the companies under coverage

  • 24X7 Easy Access, anywhere, anytime - the entire ResearchPro service is accessible over the internet, in a password protected section on

  • Exclusive source of research on the companies under coverage - you save time as you no longer have to hunt for information and then analyze it

  • Notification of profitable opportunities - If there is something you could benefit from, we will alert you of any developments with regards to that company right away

  • Effectively own a research team - We go out and meet companies, and get accurate information for YOU. You just have to put it to good use
And probably the biggest advantage of ResearchPro...

No more waiting for weekly, bi-weekly
or monthly reports . . .

We will track these companies throughout the year... and whenever there's some important news about a company which we feel could affect your investment in it, we will inform you about it RIGHT AWAY.

If we find out something bad about a company, you will hear about that instantly.

If we hear something good about a company... like maybe an opportunity to make big returns in quick time... we will notify you about it right away too.

And like I said before, there's also no work involved on your end. All you need to do is take a few minutes and read what has been compiled for you.

Our senior analysts by themselves are very experienced and qualified, with a cumulative experience of almost 50 years.

And now you can have not just them, but the ENTIRE TEAM go out and produce up-to-date research for YOU, on more than 100 companies!

Keep reading for full details...

How various companies are shortlisted
For inclusion into ResearchPro . . .

Through ResearchPro, you get on-going research on more than 100 of India's leading companies...about 89 large cap and 19 mid cap stocks, covering 24 different sectors.

Introducing a company as part of ResearchPro is based on several criteria. Some of them include:
  • Company's leadership position in the industry

  • Company's strong past performance and expectations of bright future growth

  • Broader positive outlook on the sector

  • Stock's rising weight in a particular index
Simply put...

If we've added a particular company to ResearchPro, then that means you want to keep a close watch on it.

Look, we are not stock brokers. We don't have to unnecessarily make you buy or sell a stock just to earn a commission.

We have a single minded focus - to help you identify the most profitable investment opportunities out there.

Because if we can't help you do that, you will simply not subscribe to our services again. Correct?

Coming back to ResearchPro...

We provide you ongoing research coverage on these 100 plus companies even if the market sentiment for them is bad.

So with access to ResearchPro, you will no longer fall prey to the swings in sentiment. On the contrary, you'll be positioned to profit from them whenever an opportunity arises!

Why our research tends to be accurate
more often than not. . .

You see legendary investors like Benjamin Graham and Warren Buffett have always maintained that 'evaluation of risks' should be given as much importance as 'estimation of returns'.

It is in this direction that our research team has developed the Equitymaster Risk Matrix or ERM which helps quantify the risk attached to a stock. The ERM is an integral part of our stock selection process.

Look, we all know no two companies, even if they are in the same sector have exactly the same degree of risk. Even if they operate in the same sector, their business dynamics, managements and valuations are different.

That's why it is important to evaluate the risk involved in each case separately...because at the end of the day it all comes down to how much price you are willing to pay for how much risk.

And ERM is designed just for that!

The ERM is a matrix designed to evaluate the key risks attached to a business, it financial history and its management. It ranks not just the company but also the sector in which it operates based on its relative risk profile.

If you're not convinced that such an evaluation helps in improving returns from stocks, let me give you an example to prove that it indeed does...and did!

How the ERM made and saved
our subscribers money. . .

When markets were at their nervous best in late 2008, our Buy recommendations on ACC, Tata Steel, Corporation Bank and Maruti Suzuki were backed by our confidence in the low risk profile of these companies as shown by ERM.

As expected, these stocks went on to multiply our subscribers' wealth several times.

And it was THIS risk matrix that helped us by acting as one of the tools used for eliminating the bad stocks, so that we identify and recommend only the best stocks to you.

It did so

But that's not all...

Again, it is the same ERM that we rely on to quantify the risks we believe subscribers need to be cautioned about while recommending a 'Sell'.

"I would want to acknowledge the fact that Equitymaster is ACTUALLY REALLY GENUINE in it's research, SELFLESS and not giving recommendations with a HERD mentality !! Like some magazines and news channels do..."

                                          -- Nishank Mehta, a Lifetime Subscriber

Given the complex operating environment that Indian business are aspiring to be a part of, we believe the ERM can offer immense value to investors seeking to maximize their long term returns without taking on too much risk.

Here's what all you will get
As a ResearchPro subscriber. . .

On all companies under our coverage you get detailed research reports which are updated at least 4 times a year, usually post the quarterly result announcements.

For each company under coverage there are -
  • Detailed "Reasons to Buy" & "Reasons Not to Buy" notes
  • Detailed Financial Models stretching out three years into the past and three years into the future
  • Suggested Buy Price and Sell Price limits for 3 Yrs... i.e. at what price the stock is a buy (the Buy Price) and at what point it becomes a sell (the Sell Price)
In addition to these...

If there's a development in any of these companies that would have a material impact on our forecast, we update the report of that company and notify you right away.

And because we monitor each of these companies with such diligence, we are also able to alert you of 'BUY' or 'SELL' opportunities that may arise from time to time.

Here's what one or our subscribers has to say about it:

"In 2007, Equitymaster was probably the only research house which will give most of HOLD or SELL recommendations rather than BUY reports and everyone knows what happened after that. I feel to be proud subscriber of equitymaster seeing again that you still are not afraid of giving the right opinion irrespective of market moods. Great Job!!!"

                                -- Deepak Aggarwal, a Subscriber since 2007

And we're only just getting started...

The Query Module

ResearchPro comes with an advanced *Query Module* to help you select and compare stocks on various parameters of your choice...

So if you want to know 'The Most Expensive Stocks' in this market, you can get that information in a few clicks!

Similarly, the Query Module also helps you identify opportunities that could make you a lot of money by simply throwing up a list of 'The Most Undervalued Stocks'.

Apart from these two, there is also a list of 'Stocks You Should Throw Out / Buy Now!' I told you about, which alerts you of stocks requiring your immediate attention.

This data is available once you log into your members' area and click on the links.

And these are just 3 of the many parameters on which you can generate information you could profit from.

The Portfolio Tracker

The Portfolio Tracker is an online utility to help you track all your equity and mutual fund investments... in one place!

It's online, and is available to you 24 hours a day.

To begin with, let me tell you some of the amazing things you can do with this tool...
  • First off, the Portfolio Tracker is always up-to-date with the latest stock prices. So you just have to enter the details of stocks or mutual funds owned by you ONCE... and Portfolio Tracker will show you what your entire portfolio is worth any time you log into it

  • You can set up your account to send you automatic end-of-week and end-of-month performance updates for all your portfolios. So no more manual calculating

  • You can also set up price-based alerts for all the stocks that you own... and also the stocks that don't own but only wish to track. You simply need to set up higher and lower limits for the stocks, and the Portfolio Tracker will alert you whenever the stock goes beyond these limits

  • Plus, you can also track your SIPs and get NAV alerts for the mutual fund schemes from Portfolio Tracker now
So as you can see for yourself, the number of things you can do with Portfolio Tracker is amazing.

But wait...

Here's what makes the Portfolio Tracker
the indispensable tool that it is. . .

The intelligent reports that come along with it.

You see, we at Equitymaster have spent a considerable amount of time trying to understand how the fund managers who invest for the long-term track and review their portfolios.

And it is the relevant learnings from this exercise that we have translated into reports to give our Portfolio Tracker subscribers the edge.

In a nutshell, these reports help you answer questions like -
  • Should you be buying stocks from the automobile sector or the consumer products sector? Do you have too much of cement stocks in your portfolio?

  • Which stocks deserve your maximum attention?

  • Is the construction of your portfolio in line with what a smart fund manager would have?
These are all questions you have been asking for a long time, but never got any reliable answers.

But now, the intelligent reports you get along with Portfolio Tracker will also answer such questions for you.

Here's what one long-time user had to say about Portfolio Tracker:

"I have been using the Equitymaster Portfolio Tracker since 2002 and have found it very useful to track my investments, and also to carry out meaningful analysis.

Moreover, what is equally important, I have found the team at Equitymaster extremely responsive.

This applies both to requests for the inclusion of new Mutual Fund Schemes/Scrips as also designing new reports."

-- José Rodrigues, a Portfolio Tracker Subscriber since 2002

The Portfolio Tracker usually costs Rs 330 for a year. But by subscribing to ResearchPro, you get it absolutely FREE.

Stock Screener

While Portfolio Tracker lets you track the past performance and current value of your portfolio, the Stock Screener... a recently launched service of ours... can be used to find stocks with the maximum upside over 2-3 years.

Let me explain how this works...

You see, the Stock Screener is again a part of the Query Module which enables subscribers to compare companies on various fundamental parameters.

Some of these parameters include Sales Growth %, Profit Growth %, P/E, Return on Net Worth, and so on.

Here's what the Stock Screener module looks like basically:

 Stock Screener module

Apart from this, you can directly find out the top 10 companies among:

  • Fastest Growing Companies,
  • Most Indebted Companies, or
  • Best Dividend Yield Stocks simply clicking on their links!


These are articles and reports that are available to our premium subscribers only.

We release over 800 of them every year.

You might understand that there are a lot of factors influencing the stock price, most of which need to be monitored regularly. So from time to time, we release instant reports and updates on various companies.

These reports include excerpts of management meetings, extracts of conference calls, updates on the happenings in a company that we monitor and our personal views on it.

But it could also be an update on a sector or a company that we like but are not yet covering.

All these are made available to you via a feature called the 'S-Features'.

This is all "unadulterated" information and it will serve as a valuable input for your investment decision.

"How to Plan Your Equity Portfolio":
Our Asset Allocation Guide

Asset Allocation Guide
Our experience shows us that a majority of new investors fall into two main categories:
  • Those that primarily aim for big returns and often take unnecessarily risks to achieve the same
  • Those that are overly particular about safety and often forgo excellent money-making opportunities just because there's a slight bit of risk involved
The truth is... if you want to lead a RICH and HAPPY life with the money you make from your stock investments, you must learn to tread the middle path between the two.

Therefore our intention through this guide is to help you allocate your investments properly... so as to not just give you a chance of maximizing your stock market returns, but also keep the risk involved to a minimum.

So after reading this guide, you will FINALLY know how to distribute your investments between large, mid and small caps stock... apart from a lot of other things.

And this guide, too, will be available to you FREE when you subscribe to ResearchPro.

Weekly Investment Idea

This is another new initiative started by Equitymaster.

Every week, we send out to our ResearchPro subscribers a note on the companies that have done well and not so well during the results season...on the sector and stocks to give higher priority... or the sector and stocks to avoid and so on... while making investments during that week.

In each case, we clearly explain our reasons for coming to the conclusion we have.

So how does this help our subscribers?

Let's assume we suggested that you stay away from the manufacturing sector. Then if you come across a manufacturing stock that looks attractive, you will instantly know that you need to do some more research before investing in it.

We also notify you of high-risk stocks from the sector, so that keeps you from acting on impulse and making hasty investment decisions.

And this is not just sector-specific. For instance, if we list out companies that have the highest levels of debt, you can be on the lookout for these stocks and dig deeper before you invest in them.

We also notify you of the attractive stocks you can consider for buying in any sector, and the buy/sell limits for each.

And this initiative too is available to ResearchPro subscribers only.

Research Alerts

Finally, the research alert is an email alert that we send out to those ResearchPro users who 'opt in' to receive it.

Simply stated, it as an update on all the new research published.

It has info on the latest research that we have posted, and also tells the subscriber which research reports have been updated.

Since ResearchPro is a service that provides new information to its subscribers on a frequent basis, it can be difficult for users to keep track of what was published when and if they've seen it all or not.

That's why we're making things easy for you... by sending you frequent emails informing you of all the recent research published.

Now, this service is completely optional and customizable.

So if you don't want to receive these alerts, you can just turn them off...

Or, you can select which companies you want to receive the research alerts for so that you're not bothered about changes in the other companies.

The choice is yours!

Free subscription to
The Daily Reckoning

Are you someone who's interested in monitoring or even investing in the global markets?

Now you can read what knowledgeable investors across the globe read every single day for global market analysis and investment ideas.

Yes, we are delighted to bring you 'The Daily Reckoning', a daily financial e-column by Bill Bonner, Publisher and Editor, and three-time New York Times best-selling author.

The Daily Reckoning is published every day in 3 languages from offices in 6 countries - US, UK, Australia, France, Germany, South Africa.

Now, it's India's turn... and your turn to get it for FREE!

When you subscribe to ResearchPro, you automatically get a free subscription to the Daily Reckoning also.

So in a nutshell, here's what all you get by subscribing to ResearchPro...
  • Effectively, your very own research team

  • List of Stocks to Throw Out / Buy Now!

  • Quarterly reviews of these recommendations

  • The New Portfolio Tracker

  • Stock Screener

  • S-Features

  • "How to Plan Your Equity Portfolio": Our Asset Allocation Guide

  • Weekly Investment idea

  • Research Alerts

  • Free subscription to 'The Daily Reckoning'

But hold on, this is where the deal gets even sweeter...

Special Bonus
FREE Subscription to our large cap
Recommendation Service, StockSelect!

Look, we really want to make this absolutely special for you.

So when you subscribe to ResearchPro, you will also get a year's subscription to our large cap recommendation service, StockSelect, free!

So what is StockSelect?

Simply stated...

If you're looking at building a portfolio of blue-chip stocks that will deliver steady returns over the long term, then StockSelect is the service you need to be subscribed to.

StockSelect tells you which big companies are a "must-have" for your portfolio... and more importantly, it notifies you as and when they're available at attractive valuations.

It works on a simple principle - buying great companies at bargain prices and making staggering returns on them when the company grows rapidly in a few years.

Here are some of our recent recommendations and how they've done:
Asian Paints Gained 133% before we recommended a SELL
Crompton Greaves Up 107% since recommendation
Hindalco Up 132% since recommendation
Tata Motors Up 129% since recommendation
TCS Up 94% since recommendation
Novartis Up 56% since recommendation
Power Finance Corp. Up 96% since recommendation

And the important thing to note here is that all these returns were generated in a period of less than 2 years from the date of recommendation.

Look, even though large cap companies are a dime a dozen, it's still important to know which stocks are the right stocks and what is the right price to buy these stocks.

StockSelect tells you just that!

Through StockSelect, you'll be notified of 52 blue-chip Buy/Sell opportunities AT THE RIGHT TIME.

In addition to these, we also release special reports from time to time on attractive large caps opportunities. Fast action takers will benefit from these reports also.

And the main benefit of getting ResearchPro and StockSelect together is that many of the companies we track constantly through ResearchPro are large cap. So now we not only recommend good large cap companies through StockSelect, but also help you track them through ResearchPro!

A year's subscription to StockSelect usually costs Rs 5,000. But through this offer you get it absolutely FREE!

And Finally, The Biggest Surprise Of All:
The Price

A year's subscription to ResearchPro usually costs Rs 10,000.

But if you sign up now, through this offer, you can get ResearchPro for Rs 5,450 only.

That's INSTANT SAVINGS for Rs 4,550 for you.

Plus, if we also take into account all the other things you'll be getting (free subscription to StockSelect, etc.) the real price you'll be paying is actually zero!

Not to forget all the money you could make using ResearchPro and StockSelect.

However, if you're still in two minds about signing up, let me just give you 4 perfectly good reasons to do so right away:
  • All our recommendations are supported by thorough research; we list out the reasons to buy and also the investment concerns that we foresee in an unbiased manner

  • We travel far and wide to meet companies before we put out reports on them

    For each stock, we clearly state the prices at which one should buy the stock and at which we think one should exit

  • We go to great lengths to ascertain the credibility of the management since quality of governance is an extremely vital issue (as was revealed by the recent corporate scandals)
Here's what two more subscribers had to say about Equitymaster and our services:

"I've been with Equitymaster for a long while now, and I'm happy to say that I started with StockSelect and last year ventured onto your full package - it works. That explains it all!"

-- Jose Paul Martin, a ResearchPro Subscriber since 2003

"I have been a user of Equitymaster's almost all subscription based products for a while. Being an investment analyst by profession, I must say your reports are very through, unbiased and of very high quality."

-- Mandar Vaze, a ResearchPro Subscriber since 2003

And all you pay for ResearchPro is
Rs 455 a Month . . .

Rs 5,450 per year comes down to just Rs 455 per month.

That's definitely a lot less than the money you spend on all the phone calls to your broker, the money you pay to watch the noise on your television, and all the newspapers and magazines you buy hoping to find good investment opportunities.

And none of these do any good to your stock portfolio.

But now, for all of Rs 455 a month, you can actually get honest, competent research, which will make you a lot of money.

Look, I'm certain that at least once in a while you must be going through that worrisome thought of how your stocks will turn out in the years to come.

No doubt, you must have picked all your stocks after researching them thoroughly...but both you and I know that just about anything is possible when it comes to stocks (remember Satyam?).

By subscribing to ResearchPro you can leave the tracking part entirely to us, and obtain the peace of mind that most investors badly crave for.

If there's any problem with one of these 100 plus stocks, we will inform you right away.

If there's an opportunity to make money from any of them, we'll tell you about that also immediately!

In addition, there's also no risk . . .

This subscription to ResearchPro comes with a 30-day money back guarantee.

So you can test-drive ResearchPro (and StockSelect) for 30 days... without risking anything!

And then, if you feel that ResearchPro is not for you, just get in touch with us before the 31st day and we will refund the full fee you paid. And you get to keep the special report as a thank you from our side for trying our service.

Fair enough?

Look, we consider this a really great deal because you're getting both ResearchPro and StockSelect together, along with a lot of other stuff, for a single low price...

Whereas there are some people who are paying Rs 5,000 a year just for StockSelect.

However, this offer will be available for a few days only.

So don't delay any more...

[Click here to subscribe]


Rahul Goel
Chief Executive Officer

P.S.: The 5 Stocks to throw out are available when you log into the members' area and click on a link. There's a 30-day money back guarantee on this offer. So you've got absolutely nothing to lose by giving ResearchPro a try.

P.P.S.: By signing up for ResearchPro through this offer, you get:
  • ResearchPro at almost half-off...
  • and our large cap service, StockSelect (usually costing Rs 5,000 per year) for free
  • ... plus a lot of other stuff!
But you must sign up soon. This offer will disappear forever in just a few days.

P.P.P.S.:If you have any queries, please do not hesitate to contact us at +91-22-61434055 or Write in to us. We will be delighted to assist you!

Click here to subscribe

*Returns have been calculated as on 1st January 2011 or on the date of Sell, whichever is applicable.

Please read the Terms of Use.
Equitymaster Agora Research Private Limited
103, Regent Chambers,
Above Status Restaurant,
Nariman Point, Mumbai - 400 021. India.
Telephone: 91-22-6143 4055

Copyright © Equitymaster Agora Research Private Limited. All rights reserved.
Any act of copying, reproducing or distributing this newsletter whether wholly or in part, for any purpose without the permission of Equitymaster is strictly prohibited and shall be deemed to be copyright infringement.

LEGAL DISCLAIMER: Equitymaster Agora Research Private Limited (Research Analyst) bearing Registration No. INH000000537 (hereinafter referred as 'Equitymaster') is an independent equity research Company. Equitymaster is not an Investment Adviser. Information herein should be regarded as a resource only and should be used at one's own risk. This is not an offer to sell or solicitation to buy any securities and Equitymaster will not be liable for any losses incurred or investment(s) made or decisions taken/or not taken based on the information provided herein. Information contained herein does not constitute investment advice or a personal recommendation or take into account the particular investment objectives, financial situations, or needs of individual subscribers. Before acting on any recommendation, subscribers should consider whether it is suitable for their particular circumstances and, if necessary, seek an independent professional advice. This is not directed for access or use by anyone in a country, especially, USA, Canada or the European Union countries, where such use or access is unlawful or which may subject Equitymaster or its affiliates to any registration or licensing requirement. All content and information is provided on an 'As Is' basis by Equitymaster. Information herein is believed to be reliable but Equitymaster does not warrant its completeness or accuracy and expressly disclaims all warranties and conditions of any kind, whether express or implied. Equitymaster may hold shares in the company/ies discussed herein. As a condition to accessing Equitymaster content and website, you agree to our Terms and Conditions of Use, available here. The performance data quoted represents past performance and does not guarantee future results.

SEBI (Research Analysts) Regulations 2014, Registration No. INH000000537.

Equitymaster Agora Research Private Limited (Research Analyst)
103, Regent Chambers, Above Status Restaurant, Nariman Point, Mumbai - 400 021. India.
Telephone: +91-22-61434055. Fax: +91-22-22028550. Email: Website: CIN:U74999MH2007PTC175407