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.

A Personal Invitation From The CEO of Equitymaster

"Get Lifetime Access to
4 Of Our Most Popular Services
For Just Rs 950 A Year!"

Yes! Act Now and you also get a Rs 5,000
"bonus" for signing up...

 Offer valid until 31st March 2013 only!  


Dear Reader,

I'll get straight to the point...

I'm writing to you now about our 4 premium research services -- StockSelect, MidcapSelect, Hidden Treasure and ResearchPro.

You might know that StockSelect, MidcapSelect and Hidden Treasure cost Rs 5,000 a year each. And ResearchPro costs Rs 10,000 per year.

But if you give me 10 minutes of your time, I'll show you a way to get all 4 of them together for just Rs 950 a year... for life!

And as an icing on the cake, we'll also give a bonus of Rs 5,000 for joining this elite club right away.

What's more, you can also pass on your membership to a family member or any one person of your choice as your inheritance. So it can indeed benefit you and your family for many years to come!

But why are we doing all this now?

Because we sincerely believe that when you join this elite club of investors, you'll get many more stock opportunities to profit and also enjoy a plethora of other benefits... while paying only a fraction of what you'd normally pay for them.

Let me explain...

Why we decided to give you
such a big bonus now. . .

Hi, my name is Rahul Goel and I'm the CEO of Equitymaster -- a more than 17-year old stock research firm and the first financial entity in India to go online.

We started this company with the aim of helping Indian investors make more educated and well-informed investing decisions.

And since then, we have consistently launched new services to cater to our subscribers' needs.

We first launched StockSelect in 2002 to provide our subscribers with safe, long-term blue-chip recommendations.

This was followed by the launch of our ongoing research service, ResearchPro, in 2004 to monitor a group of companies continuously and uncover opportunities which would normally go unnoticed.

Then, we launched our midcap recommendation service, MidcapSelect in 2005... and our small cap recommendation service, Hidden Treasure in 2008.

And even today, we are still constantly thinking about new ways and new services that we can come up with to help our subscribers make more money in the stock market.

But I feel our biggest breakthrough came in 2010 with the launch of our lifetime membership service, Equitymaster's Wealth Alliance.

Why?

Because it enabled our subscribers to get the research from all of these 4 services... for life... by paying only a fraction of what they would normally pay for the services.

And the Rs 5,000 bonus is to help you decide to join the Equitymaster's Wealth Alliance.

Here's more on it...

Imagine paying only Rs 950 a year
for services that normally cost Rs 25,000!

Equitymaster's Wealth Alliance is a membership designed keeping the interests of our serious, long-term subscribers in mind.

People who want to profit from the high-potential, relatively safe opportunities that we uncover... for many years to come.

In fact, it was a long-time subscriber who gave us the idea for this service when he insisted on getting a better deal for subscribing to all the services.

And the result? He got what he wanted, plus a LoT more!

Yes! Instead of Rs 25,000 a year, people like him and you now just have to pay Rs 950 a year for all the 4 services combined.

And in return, you get every single recommendation from these four services, and so much more, for as long as you like. All this thanks to Equitymaster's Wealth Alliance!

There's no doubt whatsoever in my mind that you have the opportunity to not just save a lot of money... but also make a lot of money, should you decide to join Equitymaster's Wealth Alliance today.

Now I assume that being a loyal reader of Equitymaster, you already have a fairly good idea of these 4 services.

But still, let me give you an overview of them once again without getting into the details too much...

Make Triple-digit Returns
From 'Not-so-profitable' Blue-chips

A lot of investors actually believe that blue-chips are mostly "buy-and-hold" investments... and if it is returns that you're after, you have to look somewhere else.

But I can assure you that is far from the truth.

Blue-chips can not only offer you safety and consistent dividends, they could also make you triple-digit returns... often in a period of just 2-3 years, without much risk.

For example, here are some of the returns our subscribers have made...

✓  120% on Dr Reddy's in 3 years 7 months and not a SELL yet
✓  86% on Tata Steel in 4 years 2 months and not a SELL yet
✓  251% on Bharat Forge in 1 year 8 months
✓  302% on GSK Consumer in 2 years 10 months
✓  221% on Castrol India in 2 years 2 months

And the secret to such returns - grabbing good blue-chip companies with strong future prospects, when they are selling for less than their real value.

Yes! When you grab good companies cheap, making big returns from them becomes all the more easy.

That's what our blue-chip recommendation service, *StockSelect*, helps you do.

Our team is on the constant lookout for good blue-chips selling cheap, and when we come across such companies we recommend them to our subscribers right away.

And did you know that on an average, 80.9% of all our "Buy/Hold" StockSelect recommendations have met their targets during their investment tenure?

In other words, 8 out of every 10 StockSelect recommendations have hit their target.

Through StockSelect, we will send you one Buy/Sell/Hold blue-chip recommendation every week. So 52 recommendations in all in a year.
  • Normal price of StockSelect = Rs 5,000 per year

  • But as an Equitymaster's Wealth Alliance member, you get it for just Rs 950 a year along with 3 more premium services!

  • Plus you also get our new special report titled, "Equitymaster's Top 5 for 2015" for free
We released a special report titled "Equitymaster's Top 5 for 2015" only for our premium subscribers, which we'll be giving you for free now.

You see, we know from experience that the money-making potential of investing with at least 2-3 years perspective far overrides the short term trading strategy.

With exactly this in mind, we have identified 5 stocks which we strongly believe could turn out to be the Star Performers of Your Portfolio by 2015. And provided the full details in this special report.

So you'll get this report for FREE when you subscribe to this offer now. And you can keep it if you cancel your subscription also.

Here's what one subscriber says about StockSelect...

"I have been following and investing in the markets for 9 years. I would follow all the hot "tips" coming out of the horse’s mouth only to see my capital erode. Ever since i have bought Equitymaster products, I BELIEVE I HAVE BOUGHT PEACE TO MYSELF. Trust me these days, I feel more happier when the stock market crashes, as i know i am buying into companies that are researched as "Fundamentally & Technically Strong".

To summarise "Sleeping pills are cheap.. but they come with a habit...
whereas meditation is difficult but it develops a positive attitude"....
Equitymaster thou next name is Meditation"

-- Eisen Philip, a StockSelect Subscriber since 2010

Cash in from Midcaps
as they turn big

I'm sure you've heard of investors who got rich quickly when a company they invested in got very big in a few years.

At the same time, I'm sure you've also heard of people who lost all their money when a company they thought would be "the next big thing" got wiped out all of a sudden.

Both of these scenarios are very common among midcap companies.

The thing is while there are many good midcap companies waiting to break out of their shell and become big, there are also many others that will vanish without a trace just after a few years.

Our midcap recommendation service, *MidcapSelect*, helps you find the reliable midcap companies without falling prey to bad ones.

Plus, the most important thing - we talk face to face with managements of companies, and also take into consideration factors like long-term track record of the management and its capital allocation skills before recommending them to you.

So that reduces the chances of ending up with Satyam-like companies indulging in frauds, which are dime a dozen among midcaps.

Here's how some of our midcap recommendations have fared of late...

✓  155% on Kansai Nerolac in 1 year 1 month
✓  137% on Rallis India in 10 months
✓  105% on Kajaria Ceramics in 1 year 9 months
✓  108% on Cadila Healthcare in 7 months
✓  650% on VST Industries in 4 Years and not a SELL yet

And just like in the case of blue-chips, in this case also on an average 67.3% of our Buy/Hold midcap recommendations have hit their target prices either much before or on the date of the stipulated time period.

So nearly 7 out of every 10 midcap recommendations have hit their target!

Through MidcapSelect, we will send you a Buy/Sell/Hold midcap recommendation every alternate week. So 26 midcap recommendations in all in a year.
  • Normal price of MidcapSelect = Rs 5,000 per year

  • But as an Equitymaster's Wealth Alliance member, you get it for just Rs 950 a year along with 3 more premium services!
"I love your MidCapSelect service which is analytical and rich in information and also prompt with respect to timing."

-- Vasant Mallya, a MidcapSelect Subscriber since 2007

Invest In High-Potential Small Caps
Before Others Catch A Scent Of Them

You probably know Blue-Star today as a company that's involved in a lot of things.

But did you know that at one time, it was just a 3-member team engaged in the reconditioning of air conditioners and refrigerators?

It's true! Many other big companies out there today also had similar humble beginnings. They were all small companies that managed to survive and achieve enormous growth.

Now, experience tells us that only 3 out of 5 small cap stocks have a chance of succeeding. So what was the thing that set apart these companies from the other small companies that failed?

Well, apart from other things, all these companies were already leaders in the small area of the industry they operated in.

The aim of our small cap recommendation service, *Hidden Treasure*, is to find just such small companies.

Small companies that have been doing their job well in the small segment they operate in... and whose financial strength and the management's track record are also good.

Here's how some of our small cap recommendations have done:

✓  247% on eClerx Services in 5 months
✓  981% on Page Industries in 4 years 1 month and not a SELL yet
✓  288% on KPIT Cummins in 2 years 5 months
✓  261% on NIIT Technologies in 4 years 4 months and not a SELL yet
✓  104% on City Union Bank in 3 years 1 month and not a SELL yet

If you would like such BIG returns too... and don't mind taking calculated risks to achieve the same... then Hidden Treasure is the service for you.

Through Hidden Treasure, we will notify you of 1 well-researched Buy/Buy at a lower price small cap recommendation every month. Just 1 per month since good small cap companies is extremely hard to find.

So 12 small cap recommendations in all in a year!
  • Normal price of Hidden Treasure = Rs 5,000 per year

  • But as an Equitymaster's Wealth Alliance member, you get it for just Rs 950 a year along with 3 more premium services!

  • Plus, our special report consisting of 3 multibagger small caps titled "Steady Income Smallcaps" for free
Yes! Join now and you'll also get our special report "Steady Income Smallcaps" consisting of 3 small cap stocks that we believe will at least double over the next 4-5 years.

What's special about these 3 stocks is that they have also paid consistent dividends to their investors year after year.

So you can benefit from these stocks in not one, but two different ways... and you get information on them for free if you sign up for this offer now.

And we are only getting started!

Here's what yet another subscriber has to say about us...

"Equitymaster has made me more and more richer every year since my association with them. It has given me more wealth than my professional career. Convey my best wishes to all 52 members at Equity Master."

-- Dr C V Ajmera, a Hidden Treasure Subscriber since 2011

And last but not the least...

Profit from market changes
that make other investors lose money
and squander money-making opportunities

Have you ever felt compelled to buy a stock because everyone else is buying it, and to sell a stock because everyone else is selling it?

It's not your fault. That's Mr Market at work.

Every year many investors lose money... or lose an opportunity to make money... because they chose to go by market sentiment rather than by the facts.

But now, there's a way to insulate yourself from the effect of Mr Market and instead use these incidents to reap huge profits.

How, you ask?

With the help of our ongoing research service, *ResearchPro*.

Through ResearchPro, we continuously monitor more than 100 top Indian companies throughout the year. These include 90 large cap and 17 midcap stocks, spread out across 24 different sectors.

And we monitor them regardless of how good or how bad they're doing.

This gives you the opportunity to utilize the swings in market sentiment to your benefit and either grab a perfectly good stock for cheap, or cash out before a stock starts to fall.

For example, we did a review of all stocks from the Pharmaceutical sector.

We discovered that quite a lot of them presented a HUGE profit potential for investors and advised our subscribers about the same...

On September 22nd, 2011 we sent out a special message to our subscribers discussing Pharmaceutical companies that were looking very attractive during that quarter.

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

4 Pharma stocks that we had listed 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 in 17 months:

✓  71% on Sun Pharma
✓  30% on Cipla
✓  22% on Lupin
✓  55% on Glenmark

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

And we also give them a list of stocks from that sector that have the possibility of falling soon.

The fact is, there are many other benefits of this service too which are difficult to realize unless personally experienced.

So just join Equitymaster's Wealth Alliance and see what ResearchPro can do for you.
  • Normal price of ResearchPro = Rs 10,000 per year

  • But as an Equitymaster's Wealth Alliance member, you get it for just Rs 950 a year along with 3 more premium services!
"First of all I would like to appreciate the stock selection mechanism of Equitymaster. I am a subscriber of Equitymaster since 2009. Also enjoying handsome returns since then. I made this decision of joining Equitymaster in one of the tough phases in my life and fully got paid for the right decision. I am happy investor and proud to be associated with Equitymaster. I encourage the Mid community of retail investors to join such an advisory services to be active participants in Indian Stock Markets and NOT to run after quick money."

-- Pankaj Deshkar, a ResearchPro Subscriber since 2009

However, the best part about being an
Equitymaster's Wealth Alliance member is:

The privileged treatment you'll get from us at all times!

Now I DON'T mean to say that if you don't subscribe to Equitymaster's Wealth Alliance, you will not be looked after properly.

No, that was never my intention.

I just mean that when you join Equitymaster's Wealth Alliance, as a lifetime member you'll get first priority in all our ventures.

For instance...

Did you know that Equitymaster's Wealth Alliance members get the best deals, discounts and the first go at new services we launch everytime?

Yes! Whenever we are thinking of launching a new service, we go to our lifetime members first for feedback and suggestions.

And then, when the service is launched, our lifetime members again get it at SIGNIFICANTLY lower prices than other people.

So in this way, as a lifetime member you are assured of getting privileged treatment from Equitymaster at all times.

After all, isn't that something most of us yearn for?

And there's more too...

A Lifetime Portfolio Tracker Account

The Portfolio Tracker is something that requires no introduction. You're probably using it every single day already.

But since we're talking about passing on the Equitymaster Wealth Alliance membership as a part of your inheritance, I felt that it needs a special mention here.

Just think about it...

If you're going to bequeath your portfolio to a family member...Or if you decide to retire from investing and ask him or her to take over...

Wouldn't it be great if the person could know what stocks you owned, what mutual funds you owned, the current prices of each, the current value of your entire portfolio, the stocks you were tracking, and much more... just by looking at a page?

Well that's the convenience the Portfolio Tracker can offer to whosoever you choose to inherit your portfolio.

Now with our latest additions to the Portfolio Tracker, you can also Access your Portfolio from your mobile phone, as well as import and export your data from/to Excel. And based on our learnings of how smart fund managers go about investing, you will also get Intelligent Reports that help you to track and grow your wealth, intelligently!

Normally to keep your Portfolio Tracker account alive, you'd either have to keep renewing your subscription to our premium services or to the Portfolio Tracker itself.

But now, when you join the Equitymaster's Wealth Alliance you will get unrestricted access to our "intelligent" Portfolio Tracker for your lifetime.

So no more worries about renewing your account every year... and you can use the Portfolio Tracker to track and multiply your family wealth for many years to come.

Here's what one subscriber has to say about our Portfolio Tracker...

"Cool! I liked the new Portfolio Tracker updates. Especially intelligent reports for Annualised Returns with benchmark comparison. Keep up the good work!"

-- Prashant Shanbhag, a Portfolio Tracker Subscriber since 2007

Then we have...

The Limited Edition
'Equitymaster Stock Market Yearbook'
(Be Amongst the First to Get It Everytime!)

In all likelihood you already know about the Equitymaster Yearbook also.

The Equitymaster Yearbook offers accurate, unbiased and detailed data on leading companies, sectors and economy... all in one place!

Now, the 2014 CD version of the Equitymaster Yearbook containing the very latest information on 200 leading Indian companies will be released in October, 2013.

The Yearbook costs Rs 750 to buy separately, but we will send you a CD copy of it for free when you join Equitymaster's Wealth Alliance.

And every year also, the Yearbook CD is usually a Limited Edition copy -- meant for select investors only, and given out on a first-come-first-served basis.

And if you join Equitymaster's Wealth Alliance, you can be among the first to get it.

As our Lifetime Member, you will get top priority from us. We will dispatch you the CD of the New Yearbook as soon as it's released.

Note: The Yearbook CD will only be mailed to addresses in India. So if you happen to be someone residing outside India, you can instead have the CD sent to a friend or relative's address in India and relayed to you from there.

And finally...

Free access to all Equitymaster
Webinars with investing experts. . .

From time to time, Equitymaster conducts webinars with renowned investing experts.

The purpose of these webinars could be to take stock of any sudden change in the market scenario, to discuss how to increase your investing returns in general, or to introduce you to a new investment or investing strategy.

The benefit of having an Equitymaster's Wealth Alliance membership is that you're assured of an entry into all these webinars, even if they are for a limited number of people only.

And I don't need to tell you how priceless the inputs and insights you gain from experts during such webinars could eventually prove to be.

So to sum up...

Service Normal price
Per Year
StockSelect Rs 5,000
MidcapSelect Rs 5,000
Hidden Treasure Rs 5,000
ResearchPro Rs 10,000
Stock Market Yearbook Rs 750
Portfolio Tracker Rs 330
Total Rs 26,080
*Equitymaster's Wealth Alliance does not include ValuePro, The Lucrative Derivative Report, or any other existing or future service that may be launched

So you actually get tools and services worth Rs 26,080 per year with an Equitymaster's Wealth Alliance membership. But pay just Rs 950 a year for them!

And remember, your membership never expires. It can be passed on to a family member... or any one person of your choice.

Even if the prices of these 4 services increase in the years to come, you'll still continue to have access to them for Rs 950 a year only. So you're insured against future price increases too.

Sounds great, doesn't it?

Now to the most important part...

How you can get your Equitymaster's
Wealth Alliance membership. . .

Equitymaster's Wealth Alliance membership comes for a 'one-time' joining fee of Rs 34,950.

And like I said, this will be a one-time payment to acquire your membership.

After this, you'll just pay an annual maintenance fee of Rs 950 every year, to maintain your Equitymaster's Wealth Alliance membership.

And this too, will start only from the 2nd year...exactly one year from the date when you joined Equitymaster's Wealth Alliance.

This small maintenance fee of Rs 950 will go entirely towards meeting the expenses that we incur in servicing you. Like travelling, salaries, expenses for website maintenance, etc.

And it will enable us to maintain a healthy business that's essential for providing you with a lifetime of profitable, independent stock research.

Believe me - without this maintenance fee, we'll never be able to make you an offer like this.

And while we are on this topic, I actually want to tell you two things regarding the maintenance fee that I feel you need to know about...
  • The maintenance fee for Equitymaster's Wealth Alliance used to be Rs 1,950 per year earlier. But now, we have reduced it even more to just Rs 950 per year.
Which means you will be saving even more than before when you sign up for Equitymaster's Wealth Alliance now.
  1. Secondly, Rs 950 for 4 services comes down to about Rs 238 per service per year!
I think this is a small price to pay for services that could supply you with many profit-making opportunities in the years to come.

Even if you go and watch a movie in the multiplex these days, you have to shell out around Rs 500 per person... and that too, for just a single movie!

So comparing this to that, you'll be getting our services extremely cheap in the long run when you become a member of Equitymaster's Wealth Alliance.

Let's calculate how much
you will save in 5 years. . .

Your normal yearly expense towards the 4 research services = Rs 25,000

Plus the cost of Yearbook and Portfolio Tracker = Rs 750 + Rs 330 = Rs 1080

Normal expense at the end of 5 years = Rs 26,080 X 5 = Rs 130,400

But by signing up for Equitymaster's Wealth Alliance now, your 5-year expense = Rs 34,950 + Rs 950 X 4 = Rs 38,750

So you save Rs 91,650 in 5 years by signing up for Equitymaster's Wealth Alliance.

Similarly at the end of 10 years you save Rs 217,300.

At the end of 15 years you save Rs 342,950. . . And at the end of 20 years you save Rs 468,600!

Not to forget all the extra money you could make and save from our research.

Now coming to the Rs 5,000 bonus we promised,
here's how it will work. . .

Now like I said, Equitymaster's Wealth Alliance normally costs Rs 34,950 to join.

But we really want you to sign up for our highest level of service.

So here's what we're suggesting now...

Sign up for Equitymaster's Wealth Alliance right now through this offer, and we will give you a discount of Rs 5,000 on the total joining fee.

So instead of Rs 34,950, you'll just have to pay Rs 29,950 to join Equitymaster's Wealth Alliance now.

You see, our aim behind giving this Rs 5,000 bonus is that more of our readers join and benefit from our lifetime service, Equitymaster's Wealth Alliance.

And please don't think this is very easy for us to do and we don't lose anything at all, because clearly most of the money we make from Equitymaster's Wealth Alliance is from the joining fee only.

After this, you only pay Rs 950 a year, which we will use to cover the basic expenses incurred in servicing you. So we are actually losing a LOT by offering you this Rs 5,000 discount now.

I just hope you realize how significant this decision was for us.

And I doubt we will ever give such a HUGE discount for signing up to Equitymaster's Wealth Alliance again in the near future.

So if this sounds like something you'd like to try, I urge you to do it today.

The Rs 5,000 you save now could be spent on a well-deserved vacation. Or to pay off the monthly bills and EMI's. Or to buy your spouse a nice birthday gift.

But once this offer closes, you'll have to pay the FULL amount to sign up.

Finally, please understand this one thing too. . .

I hope you'll understand that it's impossible for anybody to be 100% right when it comes to stocks.

We made our share of mistakes too in recommending Asahi India and Lakshmi Machine Works among midcaps... and MIC Electronics and Bartronics India from small caps.

But the important thing here is - despite these occasional mistakes, we have managed to get a pretty good success rate like 80.9% for StockSelect.

The fact is even though we do thorough research and make all efforts to be as accurate as possible, there will always be factors and unexpected events that we can't control.

And because of this, from time to time, our predictions could go wrong.

But one thing you can be sure of when you receive a research note from us is, it will be our honest, unbiased opinion about the stock -- based on certain time-tested criteria and assumptions.

"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 StockSelect subscriber since 2007

Try Equitymaster's Wealth Alliance
without any risk for 30 days. . .

Through this offer you can join Equitymaster's Wealth Alliance, and try it for 30 days without any worries.

You can use this opportunity to sign up and check out the 4 services.

In the rare case that you don't like Equitymaster's Wealth Alliance... or if you decide that you don't want the combined package and would rather pay the full price for each service separately... just get in touch with us before the st day and we'll refund you the full Rs 29,950 you paid!

Sounds good?

Here's what one person had to say about our refunds process...

"I would like to compliment you and your team in particular for handling my case without any questions asked. The money has been refunded to my merchant bank without any hitch whatsoever.

There are very few organizations where I have cherished such kind of service.

Three Cheers to your team ...... Always keep up your service levels.

Please pass on my congratulations to your team!! Thanks & regards"

-- Neeraj Bansal

This proves that we really do refund your money if you don't like the service. So you have absolutely nothing to worry about in this regard!

But again, please remember that once this offer closes, you won't get the Rs 5,000 bonus that we're offering right now...

And you'll have to pay the full amount of Rs 34,950 from your pocket instead of just Rs 29,950.

The choice is yours...

This offer closes on 31st March 2013.

Click here to subscribe
(You Can Review Your Order Before it's Final)
 
Warm Regards,

Rahul Goel
CEO, Equitymaster

P.S.: With a membership to Equitymaster's Wealth Alliance, you'll save thousands on our research over the years. More importantly, you'll receive many more investment opportunities... far more than you'd ever get from a single service. So my suggestion is at least sign up and check it out. If you don't like it, there's always our 30-day guarantee to fall back on.

P.P.S.: We don't usually give a discount as big as Rs 5,000 for signing up for a service. But this shows how much we believe you'll benefit from the Equitymaster's Wealth Alliance.

However, this offer will be available till 31st March 2013 only. So make sure you get in before then.

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!

Join Equitymaster's Wealth Alliance Now and Claim Your Rs 5,000 bonus


*Equitymaster's Wealth Alliance includes only the 4 services StockSelect, MidcapSelect, Hidden Treasure and ResearchPro. ValuePro, The Lucrative Derivative Report or any other existing or new service we launch will not be a part of this offering.
**Performance track record for StockSelect and MidcapSelect is calculated till 2010,
***Returns have been calculated as on 28th Feb, 2013 or on the date of Sell Recommendation, whichever is applicable.
****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: info@equitymaster.com. Website: www.equitymaster.com. CIN:U74999MH2007PTC175407