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.
Stop wasting so much time and energy trying to find 'that' perfect stock, and instead discover...

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Stock-Picking Strategy


Stocks picked using this strategy have
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one investor's wealth a whopping 4,905 times!

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Dear Reader,

Sometimes life just doesn't seem fair.

Some people have so much money that they don't have to worry about it. They are free to choose how they spend their entire lifetime, even if their investments crash.

Maybe you are one of them, too.

But if you're not quite there yet, mark our words - we are about to show you a way to 'safely' create tremendous wealth over the next few years so that you will never ever have to worry about money.

In fact, over the next few minutes, we are going to unravel in front of you a simple, yet foolproof investment strategy that has made millionaires out of several small investors.

The strategy we are going to tell you about could easily be called the World's Most Profitable Stock-Picking Strategy!

After all, it has helped one investor multiply his wealth a whopping 4,905 times over a 46-year period!

In other words, this simple investment approach would have turned an investment of Rs 10,000 in 1964 to a whopping Rs 4.9 crore at the end of 2010.

Or for that matter...
  • Rs 20,000 into almost Rs 10 crore, or...

  • Rs 50,000 into Rs 24.5 crore, or then...

  • Rs 700,000 into Rs 343 crore!
If you are wondering what this money could have bought you...
  • Rs 10 crore could've bought a fleet of 15 Mercedes S-class for you to have started a luxury car rental business!

  • Rs 24.5 crore could've bought you a plush 3-bedroom apartment in South Mumbai!

  • And then... Rs 343 crore could've bought you a private luxury jet today!
I think it's getting interesting here!

So, let us introduce...

The Easiest Way To Invest Like Buffett
The Greatest Investor Of All Time

Let's face it. There are literally thousands of people out there in the world and in India trying to invest just like Warren Buffett. But only a few are actually getting Buffett-like results.

And it's no wonder why so many people want to emulate Buffett.

After all, this legendary investor is, without doubt, the greatest stock market investor of all-time and has consistently generated stupendous returns for a very long period of time...

... like multiplying his investment in stocks such as -
  • Washington Post - 73 times in 38 years, or...

  • Coca-Cola - 20 times in 23 years, or for that matter...

  • Gillette - 8 times in 16 years
Yes, these returns are real! In fact, we will soon show you how Buffett achieved them.

But before that, let us offer you...

An Invitation To Be A Part Of ValuePro,
Our Portfolio Recommendation Service
Based On Warren Buffett's Principles!

In short, our mission through ValuePro is to identify 12-15 stocks over a 2 year period by following Warren Buffett's time-tested investing principles.

Through ValuePro, we will help you identify companies which could see their stock prices multiply 4 to 6 times over the next 5 to 10 years.

As Buffett has done, ValuePro will enable you to achieve amazing returns by identifying businesses...
  • With strong fundamentals: Simple and understandable businesses, having consistent operating history and favourable long-term prospects.

  • With strong management teams at the helm: Rational, candid with shareholders, resisting the compulsion to act just to prove a point.

  • With stable financial history: Stability in high profit margins and return on equity, sustained growth in earnings, less capital requirements on an incremental basis, low or nil debt on the books.

  • Selling at attractive valuations: Keeping a strong margin of safety, available at a significant discount to their intrinsic values.
These are some of the critical parameters that Buffett gives weight to while identifying his stocks... and our process through ValuePro is not going to be any different.
In a nutshell, we will be identifying companies that are doing simple businesses that can be easily understood, have consistent earnings history and sustainable growth path, are managed by honest and competent people, and whose stocks are available at attractive prices with an adequate margin of safety.
After all, Buffett has made his entire fortune - US$ 50bn at last count - following these very principles of investing.

And he's achieved tremendous success with not one, not two, but several stocks that have multiplied several times over a number of years.

Like his investment in Coca-Cola, where every 100 dollars he invested in 1988 now stands at nearly 2000 dollars...

Or simply put, an investment that has multiplied 20 times in around 23 years!

See this...

Coca-Cola
Data Source: Yahoo Finance
Among other reasons, the key factor that prompted Buffett to buy Coca-Cola (as he later clarified) was that he believed in the simplicity and sustainability of its business.

See, it's not so easy identifying simple and sustainable businesses like Coca-Cola, but then this is what we will be striving to do for you through ValuePro. After all, we have done this in the past as we'll soon show you.

And this isn't a one-off case either...

Washington Post, the newspaper company that he started acquiring in 1973, has till date multiplied his money a whopping 73 times! And this is keeping out the significant dividends that the company has paid out over these years.


Data Source: Yahoo Finance
As per the reasoning he later offered, Buffett bought Washington Post simply because the company, apart from doing good business, was selling at a much lower price than its true business value.

ValuePro will emulate Buffett's mantra of buying stocks when they are selling cheap as compared to their true worth.

Yet another of Buffett's investments that turned extremely successful was 'Gillette', the shaving products major.

And Buffett's simple reasoning to buy Gillette can be summed up in his own words, 'It's pleasant to go to bed every night knowing there are 2.5 billion males in the world who have to shave in the morning.'

Not to mention that Buffett multiplied his investment in Gillette almost 8 times in 16 years.
So How Can YOU Use Buffett's Teachings To Build Your
Money-Multiplying Portfolio?

See, these examples of Coca-Cola, Washington Post, and Gillette validate the basic tenet of Buffett's strategy -

Invest in companies you believe will provide long-term investment value, rather than investing in fads or 'hot' themes that may be profitable in the short run, but are likely to run out of steam in the long run.

These stocks could belong to any category. I mean they could be blue-chips, or midcaps, or something else.

In a very similar way, the core of ValuePro will be to identify a portfolio of a few 'such' stocks for you that will multiply your money several times over the next ten years.

Let us make it even clearer...
"Success in investing doesn't correlate with I.Q. once you're above the level of 25. Once you have ordinary intelligence, what you need is the temperament to control the urges that get other people into trouble in investing." - Warren Buffett

"There seems to be some perverse human characteristic that likes to make easy things difficult." - Warren Buffett


To help you make your investment decision, wouldn't you want to see it through the eyes of Buffett?

Now, you obviously can't call him up to get his advice. But you can be a part of the ValuePro.

No second-guessing, no listening to vague advice, and no more worrying about whether you're making the right decision.

In short, ValuePro will be the 'next best thing' to asking Buffett himself if you are making a good investment decision.

Yes, it will be really that simple!

With ValuePro on your side, YOU WILL NEVER HAVE TO...

  • Wonder 'which' is the right stock to buy for the long term and 'when' the right time to buy it is - We will do it for you.

  • Dissect financial statements of endless number of companies - We will do it for you.

  • Read endless annual reports - We will do it for you.

  • Listen to the contradicting stock gurus on TV - With Buffett on your side, you can switch off these other 'gurus'.

  • Sweat over the slightest price moves your stock undergoes - Now that will come with your practice of this process.
ValuePro will take all the guesswork out of investing.

But how could this be? How could something so simple produce such phenomenal results?

See, we fully agree to what you must be thinking right now.

Believing and following any principle, even if it is proven and simple, calls for absolute faith in it. And we do not expect you to believe us without getting fully convinced about our claims.

In fact, you must be itching to ask us many questions.

Like...

Your Question # 1. "How will you identify those above-average stocks?"

Answer:
Simply put, if the company is doing well and is managed by smart, honest and visionary people, eventually its stock price will reflect its inherent value. As you will come to know over the next few months, we will devote most of our attention not in tracking share prices, but in analyzing the economics of businesses, while also assessing their managements.

See, our answer is not plucked out of thin air. In fact, in the past, we have identified profitable stock ideas for our subscribers ... and that is what brings us the greatest happiness.

By recommending the 'right' kind of stocks, following the 'right' kind of investment principles, we have seen our subscribers multiply their money several times over the past few years.

Take for example Titan, which we had recommended in July 2003. We asked ourselves - what could be a simpler business than selling watches and jewellery? And we had a difficult time answering this question. Apart from its simple business, we also believed that Titan had all the qualities to become a wonderful business over the long run. The stock was also trading cheap then, with its price being just around 0.4 times its sales per share.

Our conviction paid off... and till date, Titan has multiplied 62 times since our recommendation.

Titan
Data Source: Trend
Now consider Voltas, a stock that we first recommended in June 2003. The stock was then trading at just around 0.2 times the company's annual sales per share despite the company having all the ingredients of becoming a robust growth story in the future.

After restructuring its business, Voltas has not looked back and those who acted on our recommendation then have multiplied their money almost 28 times till we recommended a SELL on it.

Voltas
Data Source: Trend
Then look at the automaker M&M, which we had first recommended in April 2003. Now this was a company under trouble when we had recommended it. But our belief in it was based on the turnaround of the company's tractor business that had seen sales decline for the five years preceding our recommendation. We also expected tremendous value creation from the company, especially from its IT subsidiary - Mahindra-British Telecom (MBT, which later became Tech Mahindra).

Investors who acted on this recommendation then have multiplied their money almost 19 times till we recommended a SELL on it.

M&M
Data Source: Trend
See, these companies - Voltas, Titan, and M&M - were all simple businesses when we had identified them seven years back. And these stocks were then trading at very attractive valuations compared to what we had thought were their true business values.

Over the years, these stocks have generated huge returns for investors who bought them then, and have had the patience to hold on to them over the years.

There are similar other examples that we can talk about... like Tata Power, which has multiplied around 11 times since our recommendation of January 2003...


Data Source: Trend
... or for that matter, Thermax, which has risen over 16 times since our May 2003 report...


Data Source: Trend
Your Question # 2. "How many stocks in total will you identify for me?"

Answer: Over the next 2 years, we will identify a portfolio of 12-15 stocks based on the investing principles of Warren Buffett.

The important thing to understand here is that given that we will be searching for the right kind of opportunity available at the right price, there might be times when we would have nothing to recommend.

Similarly, there will be times when given the market's mood, as we saw for the whole of 2008, we will find several opportunities to recommend to you. We will then recommend stocks in a bunch.

In the months when we don't have any buy recommendations for you, we will "cover" other stocks which are not a good buy yet, but could be attractive once their price reaches the levels we expect.

Plus, we'll also give you updates on the stocks we recommend so that you're well-informed about what's happening with these stocks.

Your Question # 3. "How much allocation do I make towards each of your recommendations?"

Answer:
It will be advisable that you invest equal percentage of money in each stock that's recommended as a part of the portfolio.

Only such a concentration will enable these stocks to have a really meaningful impact on your portfolio.

Your Question # 4. "How long must I hold those stocks?"

Answer:
There will be no hard and fast rule. While selling a stock from the portfolio for taking advantage of a better opportunity is advisable, as a general rule of thumb, the idea will be to hold the stocks for somewhere between five to ten years.

Now For Your Biggest Question...
"Why Should I Do This?"

Okay, let us put it the other way - what could be the opportunity loss for you for not practicing ValuePro strategy and otherwise following the herd?

See this chart...


Data Source: Berkshire Hathaway's 2010 annual report
The above chart depicts the increase in book value per share of Buffett's company Berkshire Hathaway vis--vis the performance of S&P 500 during the period 1964 to 2010.

While the S&P 500 multiplied by around 63 times during this period, Berkshire's book value multiplied 4,905 times!

Simply put, it's a difference between turning every Rs 100 to:
  • Rs 6,362 (S&P 500), or...
  • Rs 4,90,500 (Berkshire)
See, by talking about these kinds of comparisons, we do not wish to lead you to believe that these returns can be achieved by you by following Buffett's investing style.

In fact, in this modern age, it simply isn't possible to beat the market as Buffett has done so successfully over his life.

So we do not want to promise you the moon.

And at the same time, it's very much possible that we could make a mistake once in a while too.

However, what we will promise you is that by being part of ValuePro, you could generate tremendous wealth for yourself over the next few years...

... by becoming an integral part of the process that aims to emulate Buffett's investing principles and take advantage of the wealth-generating opportunities that are available here in India.

Now, You Might Ask...
"How Capable Is Equitymaster To Do
What Buffett Has Done?"

You know, many investors in the US have become wealthier by...

One, buying what Buffett buys, and/or Two, investing in the stock of Buffett's holding company Berkshire Hathaway.

Not only retail investors, there are several fund managers in the US who do exactly this.

But then copying Buffett's investments in India isn't possible for the fact that Berkshire, Buffett's company has never bought any Indian stock.

Second, you cannot easily buy a Berkshire stock sitting here in India to benefit directly from Buffett's investing philosophy.

So how do we plan to help you earn Buffett-like returns sitting here in India recommending Indian stocks? And do we have the pedigree to do that?

We appreciate your questions.

To say the least, our philosophy all these years has been to recommend stocks that pass the strict evaluation tests as practiced by the best investors in the world - from Benjamin Graham, Peter Lynch, and John Templeton, to of course Warren Buffett.

And we have done this with immense success for our subscribers... and that is what brings us the greatest happiness.

By recommending the 'right' kind of stocks, following the 'right' kind of investment principles, we have seen our subscribers multiply their money -

62 times in Titan Industries over a period of 8 years;
28 times in Voltas in almost 8 years;
26 times in M&M over a period of 8 years;
16 times in Thermax over a period of 8 years;
11 times in Tata Power in 8 years.

See, we will be fooling ourselves if we tell you that we have been 100% right in all our recommendations all these years... we have had our share of mistakes.

But most of the times, our subscribers have benefited enormously from our recommendations.

And all these years of precious experience is now what we bring to you by focusing on the learnings of Warren Buffett, one of the great investing gurus we have talked about and have followed intensely.

And so that you know we are not someone who doles out stock recommendations and watches from a safe distance, we'll be putting our money where our mouth is.

That's right!

To show you how confident we are,
we too will be investing along with you!

Yes!

We are so confident of these principles that we'd also invest some of our own money in the stocks we recommend to you through ValuePro.

Yes, you read that right. We will be investing Rs 100,000 in every stock that we recommend to you through ValuePro.

And to ensure you have the first go at them, we will be buying the stock 10 trading sessions after we recommend them.

So simply stated, we'll be on the same side as you.

ValuePro is your (and also our) chance to practice sound investing principles and generate tremendous returns over the next few years... just like Buffett has done.

ValuePro Is All You Need to Instantly Start Investing Like Buffett!

You won't believe how simple the process we follow in the ValuePro will be until you try it.

Not only will this service help you step-by-step in building a portfolio of 12-15 stocks that pass the strictest of Buffett's investing principles, you will also discover through our monthly newsletters...

»  How to identify the right kind of businesses to invest in. Apart from telling you specifically which stocks to buy, we will also reveal to you the key success mantras of a business even if we do not recommend that stock because of reasons like valuations.

»  How to know the right price you should pay for a business. We will ensure that you never again pay too much for a stock. This benefit alone is worth thousands and thousands of rupees. If you take nothing else away from ValuePro, please make sure you learn how to follow this crucial valuation method.

»  How to keep you protected from the most severe of bear markets and economic slowdowns. You will discover Buffett's secrets of making your portfolio recession-proof.

»  When to sell your investment. The decision to sell a stock shouldn't be based on vague opinions, but real hard facts. ValuePro will tell you precisely when a stock should be sold.

As we have mentioned above, you will find all these investing gems through our monthly letters, which will also talk about -

»  Exciting investment ideas we will be pursuing.

»  Excerpts of our interaction with companies' managements, suppliers, competitors, and customers.

And of course, with ValuePro on your side, you will get plenty of peaceful sleep because you will not be worrying about emotions like greed and fear getting in your way anymore.

After all, you will be following hard, time-tested rules of successful, profitable investing.

"It's bad to go to bed at night thinking about the price of a stock. We think about the value and company results; the stock market is there to serve you, not instruct you." - Warren Buffett

Join Us In This Journey... of Learning
And Ultimate Wealth Creation

When you subscribe to ValuePro, you will not be simply buying a service... you will participate in a journey of learning the art of value investing, disciplining yourself to be different from the herd... and creating tremendous wealth for yourself and your family.

And we must tell you one very important fact... at the end of the subscription period, you will own a treasure... in the form of the reports we send you, the discussions we have, and the portfolio of stocks we recommend to you.

We promise you that we will be candid in our reporting to you through our monthly reports.

As Buffett would have probably promised, our guideline is to tell you the facts that WE too would want to know if our positions were reversed.

ValuePro - The Single Best Investment Strategy, For All Market Conditions

We're totally convinced that this is the single best investment strategy for all market conditions. And our results are there for you to see.

Finally, be aware that you have our special guarantee of satisfaction. ValuePro, unlike other investment recommendation services, will provide you with specific and actionable recommendation on stocks.

You will know exactly what to buy, and at what price. All of the details you will need will be provided to you. And you will also receive our monthly updates.

Come, Become A ValuePro Subscriber
Through An Unbelievable offer...

Quite frankly, the price is immaterial right now.

Why?

Because through this offer, you can try ValuePro FREE for the next 30 days to see if you like it.

With our 30 day, 100% Money back guarantee, if you vote thumbs down anytime during this period, we'll return every rupee you paid, and you can keep everything you've received up until that point.

If you think this service is not for you, just notify us before the 31st day from the start of your subscription and we will simply refund your money... no questions asked!

And that's only one part of it...

Did I Tell You About
The HUGE Discount You'll Get
If You Act Right Away?

By signing through this offer, you're going to get a wonderful discount on your subscription too!

Yes! To participate in this two year journey of building the ValuePro portfolio one needs to pay a fee Rs 30,000 for 2 years. But through this offer, you can get your two-year subscription at a very special price of Rs 10,950 only.

That's a discount of 63.5% on the full price!

And there's more...
Sign Up Now
And Get a Readymade Portfolio
Absolutely FREE!

You see, we started ValuePro in November 2009. And now, our first ValuePro portfolio is complete!

We have identified a total of 13 solid, stable, profitable, Buffett-like stocks for our subscribers. It's been barely two years and yet, the entire portfolio is already up by 19%!

In fact, our first three recommendations have already given us double and triple digit returns.

Just take a look...

Recommendation # 1 UP 57%

Recommendation # 2 UP 185%

Recommendation # 3 UP 45%


And we expect to see even more gains from them and the other 10 stocks over the next 5-10 years. (Sorry! Names of the stocks available to subscribers only!)
Anyway, if you sign up now, we will give you the details of these 13 stocks completely free.
So this is your chance to get a readymade portfolio of 13 stocks entirely FREE...

Tell me - isn't this a real steal?

But that's not all too!

With a subscription to ValuePro, you will also receive for FREE...

The Bible of Value Investing
Worth Rs 895 for FREE!

Those who sign up for ValuePro through this offer will also get a copy of the Security Analysis book FREE.

Also known as the 'Bible of Value Investing', Security Analysis by Benjamin Graham and David Dodd has now completed 75 years since its first publication way back in 1934, sold over a million copies since then and helped generations of investors in the process.

Security Analysis: Sixth Edition
The sixth version now comes updated for the today's market scenario, and with additional pages of comments from some of the leading Wall Street money managers.

Here is what Warren Buffett has written in the foreword for this edition of this magnum opus --

"There are four books in my overflowing library that I particularly treasure, each of them written more than 50 years ago. All, though, would still be of enormous value to me if I were to read them today for the first time; their wisdom endures though their pages fade. Two of those books are first editions of The Wealth of Nations (1776), by Adam Smith, and The Intelligent Investor (1949), by Benjamin Graham. A third is an original copy of the book you hold in your hands, Graham and Dodd's Security Analysis...Together, the book and the men changed my life."

So this is one book every serious investor must definitely read.

This book, which also includes a CD of the classic Second edition of Security Analysis, usually costs Rs 895/-. But if you subscribe to ValuePro through this offer, you can grab it absolutely FREE.

Note: The Security Analysis book will be dispatched after the 30-day trial period... and it will be delivered to addresses in India only. So if you reside outside India, you can have the book delivered to a friend or relative's address in India, and then relayed to you from there.

Equitymaster Portfolio Tracker

During your subscription period, while ValuePro will help you identify Buffett-style stocks, you can also use our Portfolio Tracker for free to manage the portfolio so created.

Portfolio Tracker is an online utility to help you track your stock (and even mutual fund) investments!

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

It's always updated with the latest stock prices... and you can also create a number of customised reports to understand your portfolio better.

The Portfolio Tracker usually costs Rs 330/- for a year. But by subscribing to ValuePro, you will get it FREE.

In summary, when you subscribe to
ValuePro, you will receive...

  1. A 2-year ValuePro subscription for a special price of Rs 10,950 only (Usual price = Rs 30,000)

  2. A readymade portfolio of 13 high potential stocks absolutely free!

  3. Benjamin Graham's Security Analysis book worth Rs 895 for free

  4. A monthly ValuePro newsletter on the first Monday of every month

  5. Instant access to our all our existing ValuePro recommendations

  6. Free access to our Intelligent Portfolio Tracker (Normal price: Rs 330)

And all this at ZERO risk...

When you sign up to ValuePro, you'll have 30 days to test-drive this service and decide whether it's for you or not.

So you can sign up now, check out the entire ValuePro portfolio. See all the 13 stocks, download the free reports. See the returns that the stocks are making and the profits they could make for you in the future...

If you don't like ValuePro for some reason... or if you decide that you want to research and choose your stocks yourself... just let us know before the 31st day and we'll refund your FULL fee. No questions asked.

But I'd personally like you to stay on, because like I said, ValuePro is one service that helps you build a portfolio suitable for all market conditions.

The proof of this is the fact that while the S&P 500 multiplied by around 63 times between 1964-2010, Buffett's company Berkshire Hathaway's book value multiplied a whopping 4,905 times!

With ValuePro on your side, you will get plenty of peaceful sleep because you'll no longer need to worry about the ups and downs in the markets everyday.

We'll be monitoring the recommended portfolio every step of the way. So you can feel confident that your wealth is safe, relax and enjoy your life.

13 Stocks are already out
What are you still waiting for?

Okay, you have everything right in front of you now.

Like I said earlier, our first ValuePro portfolio is already complete and has already started making returns for its subscribers.

And we see a lot of potential in these 13 stocks. But, you need to buy them soon, before they run up and become unaffordable! So if you're someone who wants to become really wealthy investing in stocks... but without the ordeal of picking and monitoring the individual stocks, then I suggest you sign up for ValuePro right away.

With our 30-day, 100% money back guarantee, you've got absolutely nothing to lose.

So why delay any more?

This offer ends Today.

Act now!
Sign Up for ValuePro Today!

To your wealth always,

Warm Regards


Rahul Goel,
CEO, Equitymaster

P.S.: ValuePro comes with a 30-day, 100% money back guarantee, so if you don't like it for some reason, we'll gladly refund every rupee you paid. But please note that this being a unique service, we open it up to new subscribers only once in a while... and so if you don't get in now, you might not be able to get in for a long time again.

P.P.S.: Even if you cancel your subscription, you can still keep the entire ValuePro Portfolio as a thank-you just for trying out the service. So that's like getting an entire portfolio of 13 stocks absolutely free!

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!

Sign Up for ValuePro Now!


* Returns have been calculated as on 20th May 2011 or on the date of Sell recommendation, whichever is applicable
** Returns for ValuePro Portfolio calculated as on 21st September 2011


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Equitymaster Agora Research Private Limited
103, Regent Chambers,
Nariman Point, Mumbai - 400 021. India.
Telephone: +91-22-6143 4055


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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: info@equitymaster.com. Website: www.equitymaster.com. CIN:U74999MH2007PTC175407