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.
Limited Period Invitation

Equitymaster's Secrets The Biggest Lessons From Our
Entire 20-Year Investing Journey. . .

Revealed In A 220-Page, Hardbound, Limited Edition Book
Claim Your Copy Today!

Dear Reader,

Hi, I am Rahul Goel and I am the CEO of Equitymaster.

I have some great news for you today!

Recently, Equitymaster completed 20 years of guiding its readers towards making smarter, and more profitable investment decisions.

And as we celebrated this milestone, we had a special gift for all our valued readers, like you...

Equitymaster's Secrets: A 220-page book, exclusively published to commemorate this milestone in our journey, that reveals the complete Equitymaster Way of Investing.

Through this exclusive book, you will have full access to the complete stock-picking strategy behind all our Multibagger a lot more!

And most importantly, you will not find this book in any bookstore or even on those websites...

We've published it Exclusively for our valued readers, like you...

And we would like to send a hardbound copy to your home absolutely free! (except a small unavoidable charge of Rs 199 to cover the postage and handling)

Now, I am sure you must've seen millions of books on investing in the market.

However, I am confident that this book is unlike anything you might've seen or read till now...

And the reason I say that is because this book is not about theoretical financial can get that from any other investing book!

These 220 pages contain some of the biggest investing lessons we've learned over the past 20 years.

We've revealed the complete process that goes behind our recommendations.

Recommendations which previously delivered returns like 3,309% in 7 years 5 months, 302% in 2 years 8 months, 2,740% in 7 years 2 months and 1,821% in 6 years 7 months amongst many more...

Yes, we're only sharing practical knowledge here.

In fact, some of these secrets are so easy to implement, that you'll be surprised why no one told you about them earlier.

In this book, you will find out...

- How should you evaluate a business model to ensure that it is worth your investment? (Find out the answer on Page 9)
- What are the factors you could look at to judge if a business can actually deliver profits over long-term? (Find out on Page 23)
- What are some of the most critical numbers (really easy to calculate!) you should look at to find out the health of a business. (Revealed on Page 69)
- Learn on how to read between the lines and find out the red flags you should avoid when picking your next investment (...On Page 91)
- How do you calculate the real value of a business? (Find out the answer on Page 141)
- What are the critical criteria Benjamin Graham (Father of value investing) evaluated a business on? (Revealed on Page 183)
- How does Warren Buffett find good investments? What are the factors he looks for in a business before investing in it? (Get the answer on Page 187) a lot more.

And as promised, I will send a hard copy of this Exclusive book, right to your doorstep, anywhere in India, Absolutely Free (except the small postage & handling charge of Rs 199).

In fact, reserve your copy right away...

And I'll make sure that your book is dispatched tomorrow itself!

So, you could have your personal copy of Equitymaster's Secrets, in your hands, within a week.

So, you can start reading and benefitting from all the knowledge we've shared in the a matter of days.

But for me to do that, you need to claim your copy before 11:59 PM tonight.


I Need Two Things From You. . .

The first is a small amount of Rs 199 for packing and mailing it to you.

Yes, that's all that you need to pay.

That's less than what you pay for a movie ticket...or even a cup of coffee...

And for that small an amount, you will get your own hard copy of one of the most comprehensive and actionable investing books.

In fact, you should not even compare it to any other book out there.

Because this book is not about theoretical financial knowledge.

These are stock-picking strategies that we've developed ourselves over the past 20 years...explained in an extremely easy to understand language...with real life examples.

And you'll get it, Absolutely free!

All you have to pay is a small amount of Rs 199, before 11:59 PM tonight, and I'll make sure that your book is dispatched tomorrow itself.

But you also need to meet the second crucial condition...

I need an Indian postal address.

The address where I can send your copy of Equitymaster's Secrets - The Biggest Lessons From Our Entire 20-Year Investing Journey.

Yes, I am afraid I cannot courier this book out of India.

But just in case you do not have an Indian address, you can give us the address of a friend or family who can receive the book on your behalf. And then, could relay it across to you.

And you can trust me when I say that...

This Book Could Change
The Way You Invest. . .

If you've been following just your broker's advice or if you've been depending on your friends to find out the next Multibagger...

In fact, even if you scroll through all those financial dailies every day and watch hours of those investment advisory channels...

This one book could potentially change the way you invest.

And the reason I say that is because these 220 pages include the culmination of our 2-decade long experience in picking out money-making opportunities.

It isn't something that many can teach...

In this book you will find how we zero in on money-making opportunities.

What all factors should you be looking at before you invest your hard-earned money into a business.

And I am confident that once you receive your copy, you will find out why I say that this is unlike any other book you might've read on investing.

And let me clarify an extremely important point...

This book is never going to be available on amazon or in any of those bookstores.

It is being published Exclusively to celebrate this milestone in our long journey ahead.

And I would like to send you an Absolutely Free copy (except the small postage & handling charge of Rs 199).

So, here are the kind of ideas you could find in Equitymaster's Secrets...

- On page 33 we reveal why WABCO India could continue to remain the market leader in its domain for a long time to come.
- On page 129 you will find out one big reason why we believe Asahi India Glass, or even Whirlpool for that matter, aren't taking decisions that are in the best interest of their minority shareholders.
- On Page 38 you will find out the one thing that keeps Bosch ahead of its competitors and what it means for its investors.
- On page 115 you will discover one major reason why Tata Steel's management could be considered more shareholder-friendly than Jindal Steel & Power Ltd.
- On page 118 you will find out some of the biggest reasons why HDFC Bank outperforms State Bank of India
- On page 120 you will find out one Red Flag that showed up on our screens for Crompton Greaves and how it added to their share price crashing by 44% in just a month
- On Page 130 you will find out Ranbaxy's one big mistake and how it led to common shareholders losing a major portion of their wealth

Now, you might ask why we're sharing such priceless wisdom through this book.

And that too, Absolutely Free of cost (except the small postage & handling charge of Rs 199).

Well, the only reason why we've decided to reveal all this to you today is because...

We Could Not Have Reached
This Milestone Without Your Support

When we launched Equitymaster in 1996, we could not have even imagined that in just few years we would emerge as one of India's most trustworthy research houses.

All we had was a vision to deliver honest and unbiased views...come what may!

And today, when we look back, we take immense pride in what we've delivered.

And how we've remained committed to delivering clear, honest and unbiased views.

In fact, when we decided that we will be celebrating this milestone, we went back to some of our earliest members and requested them to share their experience with Equitymaster.

And here's what they shared with us...

"My association with Equitymaster began in 2003 when I subscribed to StockSelect for one year. To be honest, I was a bit skeptical initially as my experience with other newsletters dealing with equity investing was not good. However, after going through the first few recommendations and reading Ajit Dayal's view, I could sense this is different! The thoughts were clear and honest.

Rest is history. Then I subscribed to MidcapSelect, Hidden Treasure and finally I am now a lifetime member. How I wish I knew about Equitymaster earlier.

I have followed Equitymaster's advice and the results have been very good. Even in these volatile times my portfolio is stable and the gains have been healthy.

My sincere thanks to Equitymaster for making investing a pleasure."

- Jayant Chakravarty, Equitymaster Reserve Subscriber - Ranchi

"I have been using the services of Equitymaster for the last 15-20 years.

They have blossomed from a small company, to a company which provides a unique and very useful service. A lot of customers find their user friendly packages extremely useful.

They provide a plethora of information including research and analysis on all types and aspects of Investments and package it to your requirements.

As for myself, I find their portfolio tracker extremely useful. I not only can track the Equity and Mutual Fund Investments of my entire family, but also determine individual and group net worth instantly.

Thank You Equitymaster."

- Dhanoo Khusrokhan
Equitymaster Wealth Alliance Subscriber - Mumbai

So, this book is our attempt to thank you for your valued readership and for joining us in our journey.

And We're Only Getting Started. . .

Now, 20 years is a long time...

But we believe that there is still a long way for us to go...

You see, at Equitymaster, we've always worked towards empowering our subscribers with the right information, right knowledge and the right tools for making safe and smart stock investments.

And we are happy to know that our readers appreciate our efforts as well.

Here's what one of our readers shared with us...

Our vision to be "investor's best friend" has guided each and every action we've partaken over the past 2 decades...

» Investor Education was the idea we had when we conducted classes at the prestigious HR College, Mumbai, in 2002, to help Commerce students get the right picture about equities.
» Investor Education is what guides us in publishing our daily financial e-newsletter, The 5 Minute WrapUp, on various issues which could affect your investments.
» Investor Education was the idea when we decided to publish everything we've learned about investing in this Exclusive Book - Equitymaster's Secrets - The Biggest Lessons From Our Entire 20-Year Investing Journey.

We are not here to just make high-potential stock recommendations...

"Congratulations Equitymaster on completing 20 years. Equitymaster provides new learning and ideas not only about particular stocks but also about economic trends globally with Indian context. It brings to us ideas of investment gurus and analysts which are knowledge enhancing. Keep it up."

- Prashant Manohar
- Equitymaster Reserve Subscriber, Gujarat

To empower our readers with the right knowledge and full information to make the right investment decisions.

We strongly believe that Indian Stock Market needs to untangle itself from being swayed by, what we both know are, Self-Centered Financial Institutional Investors.

And the only way out is by empowering our subscribers, with the Right knowledge and Tools to make Profitable investment decisions.

Yes, we're here for the long run and we will not stop till we reach our goal of becoming every investor's best friend.

We believe that we still have a long way to go and there is a lot more that we can do for you.

And that's what brings me to the second gift we have for you...

Special Gift #2
30-Day, Trial Membership To Our
First Stock Recommendation Service - StockSelect

StockSelect, launched in 2002, was our first stock recommendation service.

And since its launch, the service has guided thousands of our valued members towards creating wealth from safe, solid blue chip investment opportunities.

Yes, over the years, StockSelect has proven time and time again that you do not need to take unnecessary risk to create wealth from the stock market.

All you need to do is invest in solid businesses when they are available cheap.

In fact, here are a few bluest of the blue chips and the returns that they delivered on our recommendations:

Company Details % Return
State Bank of India India's largest bank in terms of assets 1,197% in just over 8 years
Larsen & Toubro India's largest engineering and construction company. 3,309% in 7 years 4 months
Voltas India's largest air conditioning brand. 2,740% in 7 years and 2 months
Mahindra & Mahindra World's largest manufacturer of tractors 1,821% in 6 years & 7 months
Exide Industries One of Asia's largest manufacturer & exporter of batteries 1,004% in 8 years & 7 months

Past performance does not guarantee future returns

Yes, I confess that these are some of the extraordinary returns that our recommendations have delivered in the past...and not all stock picks could deliver such high returns, and some could even deliver losses.

In fact, we confess that (due to various reason) we've seen some of our own stock recommendations close at (-) 29%, (-) 31%, (-) 16%... and so on.

But each one of those helped us further improve our strategy...and you've seen the kind of returns it has delivered over the years.

In fact, the only reason I decided to disclose these multibaggers here is to highlight the kind of money-making potential that lies in 'The Equitymaster Way of Investing'.

And to show you that even the bluest of the blue chips hold the potential to deliver exceptional returns.

Yes, we've proven that theory right from the year we launched StockSelect.

StockSelect has an unparalleled accuracy rate of 77.3% for all recommendations closed between 2002-2015.

In other words, nearly 8 out of every 10 stocks we've recommended through this service have hit their target.

And this track record is what makes StockSelect one of our most-popular and best-performing services.

Here's what a few of our StockSelect subscribers had to say about their experience with the service:

"Your analysis is apt and sharp edged and with no errors, I was never an investor it just happened that I followed my friend and become investor with help of Equitymaster. I started my journey with profits so far, I would like to be part of this team as an investor, my good wishes on the superb job you are doing and you will be successful because there is no shooting in the air business you are in."

- Naveen Ranjolkar, Bangalore

"I am a subscriber of StockSelect - premium paid service. I find the research reports very extensive and helpful in analyzing my investment decisions in equity market. The reports are well presented and easy to understand. I thank, Equity master team in giving the best efforts in finding the right picture of the company by researching it thoroughly! Thanks Equitymaster for their best efforts in guiding me to make my investment decisions!"

- Atul Lalwani, Bhopal

So, as a part of this special invitation , you will also get 30-day Trial membership to StockSelect.

During these 30 days...

    -  You can go through our complete archives
    -  You can download all our Special Reports
    -  You can view our current Live open positions
    -  You will also get our latest StockSelect report delivered right in your inbox

Plus, you can also download our Special Report - Sensex 40,000: Four Stocks To Profit From The Coming Stock Market Wave...

We've just discovered a hidden underlying trend that we believe could lead to the BSE Sensex hitting the 40,000 mark over the next 3-4 years.

In this 51-page Special Report will give you all the information that you need to benefit from this potential stock market upswing.

Right from revealing the hidden underlying trend...

To giving you full information on 4 solid, safe, blue chip stocks which we believe could benefit the most from this stock market upswing.

Normally StockSelect membership is priced at Rs 5,000 per annum, but under this invitation, you don't have to pay even a rupee for this access.

All you need to do is join us today and pay a small handling and packaging charge of Rs 199 for us to send you your copy of Equitymaster's Secrets - The Biggest Lessons From Our Entire 20-Year Investing Journey.

And Then. . .There's More!

In addition to the 30 Day Trial Membership to StockSelect...

Plus, your personal hard copy of Equitymaster's Secrets - The Biggest Lessons From Our Entire 20-Year Investing Journey...

You will also get:

  1. 30 Day Trial Membership to Equitymaster's Secrets (Separately sold at Rs 5,000 per annum): This is our online e-learning course on Value Investing where we reveal the same investing secrets that we've revealed in the book. However, in this case all the content would be available in an easy-to-view audio-video recording format. And just like the book, it is written completely by our own research team and will be available to you 24X7 on our website. In fact, you can even download all the lectures and excel models to analyse businesses yourself...and more importantly you'll also have an opportunity to interact with other students on a dedicated discussion forum.

  2. An Exclusive 2-DVD Set with the Complete Equitymaster's Secrets Online Course: In addition to online access, you will also get the complete Equitymaster's Course in an Exclusive DVD-Set.

  3. Equitymaster's Research Digest (Published Exclusively for our subscribers): As you know, Research Digest is a comprehensive digest published thrice a week which not only allows you to track all the research we've published but also contains priceless investment ideas. It also educates you on what's happening in the broader markets and other assets like gold, commodities, etc. also to enable you to take advantage of the situation. And for next 30 days, you will get added updates for everything we've published under StockSelect as well.

  4. S-Features (Published Exclusively for our subscribers): These are articles and reports which are available only to our premium subscribers. We release hundreds of them every year and they include excerpts from our management meetings, extracts from conference calls, updates on the happenings in a company and our views on them, and so on. All this is 'unadulterated' information, and it will serve as a valuable input for your investment decisions.

  5. A Free Copy Of The Asset Allocation Guide (Published Exclusively for our subscribers): Creating a well-balanced stock portfolio could give one a big edge over others. And this guide is written so that one could achieve the right balance between minimizing risks and maximizing returns. And by doing this, become richer in the long run., a lot more!

As I'm sure you'll agree, this is one of the most lucrative offers we've ever designed for our StockSelect and it is ONLY for the less than 24 hours...or till stock lasts.

So, do not miss this opportunity...

Join Us Today. . .
And You'll Get All That For Just Rs 199!
(Including A Hardbound Copy Of The Book: Equitymaster's Secrets - The Biggest Lessons From Our Entire 20-Year Investing Journey.)

Now, the only reason we're doing this is because we want everyone to join us...

Yes, we want YOU to join us...

And the readers who've joined in our journey over the last 20 years.

Readers like...

"I have been using Equitymaster for more than 10 years and I believe they are an excellent source of clear information needed to invest savings safely in this time of high inflation. As they have repeatedly said investing is an art takes a lot of passion to get it right while maintaining a dispassionate view on the investments. They have superb research which is not always correct in their forecast but provide the data that helps individuals make decisions. I believe Equitymaster has not yet reached its true worth in the marketplace."

- Carl Saldanha, Mumbai

"Very good unbiased recommendations. All the reports of recommendations are in depth and very good. Overall when one see the site one can easily understand the fundamentals of investing. Very useful. The main thing is equitymaster can be trusted. Overall my experience has been very good."

- Raghunathan Srinivasan, Mumbai

"I have been with equitymaster for nearly 20 years - happy to have made a lot of money - Really investor friendly and independent analysis. Compliments to Research team."

- Dildar Singh, Thane

And today, I want you to join this valued group...

Now, as promised, for the next 30'll get the complete StockSelect experience and get a hard copy of the book - Equitymaster's Secrets - The Biggest Lessons From Our Entire 20-Year Investing Journey, as well.

But I am sure you would be asking... what happens after 30 days?


The Benefits Of This Special Invitation
Will Continue For You. . .Even After 30 Days!

During these 30 days, you will join some of our most valued members.

And, along with the numerous other benefits I shared above, you will experience one of our best performing services - StockSelect.

Now, I am confident that once you experience the service, you would want to stay on...

And that's exactly why we have designed this Exclusive invitation to keep delivering benefits even after the first 30 days.

So, once your 30 day Free-Access period is completed, and if you do not cancel your membership, we'll assume that you want to continue with us on our journey and will go ahead and automatically upgrade your membership to our Special Annual Membership Plan.

An offer that gives you everything that we've promised above for the whole year at 50% + 20% Off.

Yes, StockSelect is normally priced at Rs 5,000 per year (which in itself is highly lucrative) and we pick out 12 high-potential, safe, blue chip investment opportunities for our valued members.

But especially under this invitation, you will get a flat 50% Off PLUS Another 20% Off on the membership fee.


Normal Membership Fee For StockSelect Rs 5,000 per annum
Flat 50% Off You Pay Rs 2,500
(You Save Rs 2,500)
Another 20% Off You Pay Just Rs 1,950
(You Save Rs 3,050!)

So, after 30 days of Free Access, and if you do not cancel your membership, your credit card would be automatically charged just Rs 1,950 for full 12 months of uninterrupted access to StockSelect.

Plus, you'll also get 12 Month access to Equitymaster's Secrets... Absolutely free for you.

Plus, 12 Month access to Equitymaster's Intelligent Portfolio Tracker... Absolutely free for you.

Our 2016 Edition Stock Market Yearbook (Easy-Use PDF Version) with in-depth data on India's top 300 companies (Worth Rs 750)...Absolutely free.

...and a lot more.

In short, I can confidently say that this is one of The Best Offers we've ever designed for StockSelect.

And we're happy to do it because we really want YOU to join us in our celebrations!

So, do not miss out on this rare opportunity...

In fact, it gets even better...

Especially for people who join us through this invitation...this 50% + 20% Discount is locked-for-life.

In other words, you can continue to enjoy uninterrupted access to StockSelect for as many years as you want for the same Rs 1,950 per year...even if the membership fee for StockSelect goes up in future.

Every year, based on your standing instructions, your membership to StockSelect will be automatically renewed for another year for just Rs 1,950.

Of course, the command is always in your hand.

So, before we charge even a rupee on your credit card, we'll send you a reminder email.

If you wish to change your credit card details or even if you think that you do not want to continue...

Just let us know and we will not charge you even a rupee after that. You have our word on this.

And if you wish to continue, you do not have to do anything at all...

Sounds good?

Then why wait?

Click Here To Join Us...
And Get Your Copy of Equitymaster's Secrets
Delivered Right At Your Doorstep...Hurry!

This book will reveal the complete strategy that has gone behind almost all the recommendations we've made over the past 20 years.

Recommendations which went on to deliver returns like...

      ✓  575% in 5 years
      ✓  103% in 1 Year and 9 months
      ✓  777% in 6 years and 7 months
      ✓  550% in 6 years and 9 months
      ✓  258% in 1 year 8 months
      ✓  1,821% in 6 years 9 months
      ✓  144% in 1 year 7 months

...and many more.

In fact, it's the same strategy that has helped us recommend 4 stocks that we have revealed in Sensex 40,000: Four Stocks To Profit From The Coming Stock Market Wave as well.

And today, not only will you get Instant Access to this Special Report...

You will also get your Copy of this Exclusive Book - Equitymaster's Secrets - The Biggest Lessons From Our Entire 20-Year Investing Journey, delivered right to your doorstep.

Click Here To Join Us
And Claim Your FREE Hard Copy of
'Equitymaster's Secrets'
(Limited Period Invitation...Hurry!)

This one step today, could be the beginning of a lifetime of wealth creation.

Yes, the lessons that you learn in this book cannot be taught in classrooms.

These are developed after we've tracked the market, through the ups and the downs, for 20 years now.

And hereon, I'm confident that they're going to guide you in all your future stock investments.

This book is filled with real life examples and gives a step-by-step guide on how you could zero in on a good business.

For example...

- On page 51 you will find out what we love about one PSU company that holds a solid 75% market share in its domain. And you'll be surprised when you find out that they enjoy this position...with very low debt in their books.
- On page 53 we have revealed full details of a company that meets more than 80% of the market demand for its good. In fact, it is one of the biggest players, in its industry, worldwide.
- Then, on page 54, we reveal a business that sets itself apart from its peers just by being highly cost-efficient. And it hasn't just stopped there... This business continues to implement breakthrough ideas to ensure that it retains that position.

So, as you can see, this book is not about bookish knowledge...

It's about understanding real businesses and finding out which of them could actually be further analysed to see if they're worth investing in.

In fact, on page 56 you will find out about a business that was amongst the world's largest supplier, enjoyed the first mover advantage for its industry in India, had operations in more than 25 countries worldwide...

And yet, it ended up destroying its shareholders' wealth and crashed all the way down by an unbelievable 95.4% from its all-time high.

Yes, finding out businesses you should NOT invest in is as important as finding out businesses worth buying.

And in Equitymaster's Secrets - The Biggest Lessons From Our Entire 20-Year Investing Journey, you'll find out about both these aspects.

Yes, these are the kind of lessons you learn after tracking the market for 20 years....

And these are the kind of lessons we've revealed in the book.

So, don't delay as we only have limited copies available...

Click Here To Reserve Your FREE Copy of
Equitymaster's Secrets...Last Few Copies Remain!
(All You Have To Pay Is A Small Amount of Rs 199 For Postage & Handling)
There's Absolutely Nothing To Lose
And A Book To Gain. . .So, Hurry!

As I shared above, you will get full 30 days to experience StockSelect absolutely free...

And if, for whatever reason, you feel that StockSelect is not for you, simply let me know.

I will not take a rupee in subscription fees from your account.

And you don't even have to return the book to us...

Plus, you get to keep everything you download during these 30 days as well...

Including our latest Special Report - Sensex 40,000: Four Stocks To Profit From The Coming Stock Market Wave...

All the StockSelect reports we have published till date...

And you can even download all the Equitymaster's Secrets lectures.

Yes, as I said before, this is the best offer we could create for you and it is especially for you.

And even if you cancel your membership to StockSelect, I really want you to keep the book.

Yes, I strongly believe that this book is a perfect compilation of some of the biggest investing lessons we've learned over the past 2 decades.

And I really want you to have it even if you feel that StockSelect is not for you...

I am sure these ideas will help you pick out stronger, and safer, money-making opportunities from the stock market...whenever you decide to invest.

And all that you need to pay is a small Rs 199 to cover the handling & postage charges for me to send this out to you.

So, do not miss this rare opportunity.

The only reason why we're giving away such valuable ideas for free in this book (except the small postage and handling fee) is because I really want each and every reader of Equitymaster to join us...

We could not have completed 20 years in this tough and result-oriented domain, if not for the support of our valued readers like you.

And with a promise to continue delivering the best of our services, always, I once again invite you to book your copy of Equitymaster's Secrets - The Biggest Lessons From Our Entire 20-Year Investing Journey today...

This book is not going to be available anywhere else and the clock is ticking...

In fact, we're already down to our last few copies and this invitation could expire very soon!

So, don't delay...

Click Here To Reserve Your Copy...

To your wealth, always!

Warm Regards,

Rahul Goel
CEO, Equitymaster

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!

*Returns have been calculated as on 31st December, 2015 or on the date of Sell Recommendation, whichever is applicable.
** StockSelect Track Record calculated for closed positions from 2002 to 2015.
*** Past performance has no bearing on future performance
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