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.
Obtain FULL Access to
Equitymaster's Small Cap
Recommendation Service
For Just Rs 499!

And also get details of 3 attractive small cap
stocks you could invest in RIGHT AWAY...

Dear Reader,

You can now get access to Hidden Treasure, our small cap recommendation service that aims to identify high potential, promising small cap stocks for Just Rs 499!

That's right!

You pay just Rs 499... and enjoy full, unrestricted access to Hidden Treasure for the next 1 month.

If you don't like it, just cancel any time before the 31st day and you won't be charged even a Rupee more.

And in addition, we'll also give you our special report titled "Steady Income Smallcaps", containing details of 3 small cap stocks you could invest in right away.

So why are we doing all this?

Because we really want to help you realize your dream of investing less and making bigger returns. And we believe Hidden Treasure is the service that could help you do just that.

I'm talking about returns such as 253% within 4 years 2 months, 250% in 2 years and 1 month, 1,041% over 4 years and 288% within 2 years and 5 months!

And we've seen many such star performers over the past few years.

Here's what two of our subscribers had to say about Hidden Treasure...

"Your Hidden Treasure is a beacon of light in these troubled times. I am happy I took the right choice."

-- P. S. Sathyamurthy, subscriber since 2008

"I have invested in large caps and small caps based on your recommendations. I made handsome gains and also had incurred losses during market crash. Moreover I had profited during market bottoms and crashes by judiciously making use of those excellent buying opportunities based on your reviews and recommendations.

Singular main benefit I have gained from your association is that I have lost less money by avoiding fad investments and investing at higher valuations. Further I am gradually learning the benefits and safety of value investment from your reviews, articles and recommendations. So I am quite satisfied with your service and fully confident of achieving my long term gains based on your recommendations."

-- Ramesh Somasundaram, subscriber since 2008

So why are small caps so popular
despite being risky?

It's simple, small caps could make you bigger returns than any other stocks.

However, the problem is that there's no other reliable source of small caps related information out there.

So people invest in every new "hot" stock somebody suggests to them or they come across on TV or in the newspapers, and lose their entire investment when the small cap company vanishes overnight.

You see, while you could make a lot of money with small caps, you could also lose a lot of money with them.

So what's the RIGHT way to get rich with small cap stocks then?

That's what I'm writing to you about now...

How to Make Big Returns
from Small Caps. . .

Have you ever wondered if there's a way in which you could invest smaller amounts, and take home substantial profits?

For instance, invest Rs 10,000... and get back Rs 20,000, Rs 30,000 or even Rs 100,000?!

Though it doesn't happen every time, such huge returns are indeed possible.

By making small investments in the RIGHT small cap stocks.

Some of our own small cap recommendations have made amazing returns such as 253%, 250%, 1,041% and 288%... in just a few years!

And there are some well-known companies today that have given UNBELIEVABLE returns over the last 10 years.

And guess what? 10 years ago, they were all small caps too.

Take a look at this table:

Change in share prices over the past 10 years
Company Dec-02 Dec-12 Change
Era Infra Engg. Ltd. 0.9 135.6 14,801%
Havells India Ltd. 7.1 637.6 8,906%
Shriram Transport Finance Co. Ltd. 11.7 757.2 6,372%
Motherson Sumi Systems Ltd. 3.1 197.8 6,362%
Opto Circuits 2.2 107.2 4,748%
NMDC Ltd 4.3 165.1 3,713%
Pantaloon Retail (India) Ltd. 8.6 257.2 2,894%
Kalpataru Power Transmission Ltd. 3.7 94.1 2,456%
Praj Industries Ltd. 2.8 48.0 1,633%
Aban Offshore Ltd. 29.7 377.8 1,174%
Source: ACE Equity
Past performance does not guarantee future results.

Before you think the above companies were also our recommendations, let me tell you I'm only giving them as examples to show what's possible with small caps in the long run.

But do you see how buying into "quality" small cap stocks early and holding them for 5 to 10 years could turn out to be EXTREMELY profitable for you?

So that is what YOU should do too.

It is in the long timeframe that you really benefit from the growth of small companies that you invest in.

And How Does Hidden Treasure Identify
Small Caps Capable of Giving Big Returns?

Before I tell you that, check out these examples first...

Company #1: eClerx Services

eClerx is basically a KPO (Knowledge Process Outsourcing) company.

It caters to the data analytics and customised process solution needs of global clients.

One of the biggest reasons for us to recommend this stock was the resilience we thought the company's business model had - to face the economic slowdown.

We believed that this resiliency to slowdown, which was on the basis of the important role it plays in its clients' overall scheme of things, gave the company a significant advantage over the long run.

We also believed that after a near about 70% fall from its all time high levels, the stock presented itself as a very attractive investment proposition to investors (the stock was then trading at just around 3 times its trailing 12-months earnings).

While the company proved our 'resiliency' assumption right in growing its sales and profits by 62% and 39% in a bad year like 2008-09 (and then by 30% and 19% respectively in 2009-10), the stock rose by 247% till we recommended a sell on it. Subsequently the valuations became cheap again with the growth in the company's earnings and we recommended a Hold to the subscribers in our review dated 30th October, 2010. The stock has appreciated by another 20% since then.

So if you had invested just Rs 10,000 in it, it would have turned into Rs 34,700 eventually.

HTR Performer #1: eClerx Services
Past performance does not guarantee future results.

Company #2, Page Industries, has returned 1,041% since our recommendation in January 2009...

This company would have turned your Rs 10,000 into Rs 111,400!

HTR Performer #3: Page Industries
Past performance does not guarantee future results.

And Company #3, KPIT Cummins, gave 288% since our May 2009 recommendation till we gave a SELL on it in October 2011.

Rs 10,000 in this stock would have made you Rs 38,800.

HTR Performer #4: KPIT Cummins
Past performance does not guarantee future results.

So What Was The Speciality
In All These Stocks?

First off, all these companies were SMALL CAP companies with huge growth potential.

But the big thing...

Though not many people realized it, they were all one of the leaders in their own sub-niche or the small area of the industry they operate in.

And thus, they were much better prepared than their peers for managing explosive growth in the years to come.

It's true!
  • eClerx was one of the top KPO companies in India at the time. It was ranked by Forbes as one of the 200 'Best under a billion' Asian companies, and was the only from the KPO/analytics sector that made the list!

  • Page Industries was amongst the largest organised players in the innerwear sector in India. It was the sole licensee for the 'Jockey' brand in India, and apart from innerwear the company also manufactured casual wear and relax wear.

  • KPIT Cummins was one of the leading Indian players in the field of automotive electronics and was also into IT services at the same time. So it was rightly placed to make the most of the surge in demand for technology solutions from manufacturing and automotive companies.
And the important thing you should understand here...

Most big companies we have in India today were also once not so big.

They all started out small, established themselves as the leader in one main area where their expertise lay, and then diversified into other areas.

Just like the above companies!

So imagine how much you would make if you found out all such high-potential small companies early, and invested in them while they're still in their infancy?

Given the uncertain nature of small caps, we cannot and should not expect every small cap stock to be an out-and-out winner.

But even if just 3 out of every 5 small cap stocks manage to endure the market uncertainties and grow, you will be rich!

So how would you like to make Big returns
investing small amounts in small caps too?

Now, before we proceed...

You must have observed by now that we are repeatedly stressing that you should invest only small amounts in each small cap.

Well, there's a good reason for that...

See, small caps ideally should not make up more than 5-10% of your portfolio together as they're risky.

And this 5-10% should always be further distributed between a number of companies because...
  • Not every small cap investment you make will be a success. So this way, even if a couple go bad also, it won't hurt you much

  • Second, small caps won't make you exponential returns overnight or in a few weeks - the bigger you want your small cap returns to be, the longer you might have to wait
So when your small cap allocation is spread out, some investments will have the chance to pay out more than the others.

And you'll also be better protected against anything that might happen to these companies in the long run.

Do you understand the importance of spreading out your small cap allocation now?


Here's your invitation to be a part of Hidden Treasure

I'm sure you're familiar with Pidilite and Titan as they are household names in India today.

But 10 years ago, they were just small companies with big potential. And they grew rapidly over the last decade to become what they are today.

But there was no way you could have known that sooner... until now...

Through Hidden Treasure we're providing you opportunities like that today.

The stocks we reveal through Hidden Treasure are companies that are either under-researched or not covered by other stock brokers and research firms.

There might not be any other authentic source of LONG-TERM recommendations on such companies. And whatever else is available is biased.

I understand that small caps may not comprise a big portion of your portfolio. But that doesn't mean you don't need to think about them at all.

This small part of your portfolio does the KEY job of maximizing your returns...

That's Why You Need To Be EVEN MORE Careful
In Choosing Your Small Cap Stocks

We launched Hidden Treasure in February 2008 with a view to provide profitable Small Cap recommendations.

But "profitable" doesn't necessarily mean 250% returns in one week.

We have always said and still say that you should look at small caps from the long-term perspective.

The stocks we recommend through Hidden Treasure are strong companies and we recommend them not because we believe they will flourish in a month or two, but over a minimum period of 3 to 5 years.

We reveal reliable small companies through Hidden Treasure as and when they're available at a bargain... which gives you the opportunity to snap them up early and set yourself up for HUGE gains when these stocks soar.

But once again, please understand that...

Small Caps Are Not Just 'High Potential' Stocks,
They Are 'High Risk' Stocks Too. . .

Hence, considering the risks that small companies carry, you should realistically not expect each and every recommendation to be an out and out winner.

Plus, whenever the market crashes, small caps are the first to bear the brunt of it.

So risk taking IS required to a certain extent when investing in small caps.

And sometimes, even small cap stocks that look extremely good could turn out to be the opposite.

Like it happened in the case of MIC Electronics...

We recommended MIC Electronics in July 2009. The key reason for our belief in the company was its prominent presence in the fast growing LED lighting space, where it is a market leader in India.

The company had grown strongly in the past and its balance sheet also appeared good.

However, despite our good expectations, the company failed to capitalise on the growth opportunity. In fact, it even lost a major order from one of its key clients.

We also had some issues with the company's disclosure levels. And over that, the management's silence on the several issues facing the company was also deafening.

So given this, we recommended our subscribers to sell the stock... by which time the stock had lost 45% from our recommended price.

But what this instance has done is that it has made us even more careful now with respect to our Hidden Treasure recommendations.

So like I said initially, you can't expect every small cap stock you invest in to be a winner. But even if a few of them succeed in enduring the ups and downs and turn multi-baggers, you'll make back whatever you lost in the other stocks... plus a lot more!

Now Here's What All You Get
By Subscribing to Hidden Treasure. . .

Our Special Report with
3 Stocks You Could Buy Right Away!

Small caps have always been associated with capital growth potential.

In other words... the price of the stock could multiply over the years and generate long-term wealth for its investors.

However, we have zeroed in on 3 'Rare' small cap stocks that could not just create long-term wealth for you but will also pay you regular dividends on the way.

In fact, one of these stocks has paid dividends for more than 100 years now!

Full information on these stocks is published under a Special Report titled "Steady income Small Caps".

And you'll get this report Absolutely Free!

Here's a glimpse into these 3 rare small caps stocks:

Company #1

This company enjoys a near monopoly status in a highly niche segment. Its products find use in automobiles, mostly in diesel engines.

The company enjoys 30-40% market share in the industry and is the sole supplier in the organized market in most of the segments it operates in.

The company has a high level of technical and technological brilliance that leads to a very high degree of value addition. Being a capital intensive business with high technical and technological capabilities and low turnover, it largely remains insulated from any serious competitive threat.

What's more, it is available for dirt cheap now compared to its real value.

Besides giving high returns on capital, it also pays dividends that add to shareholder's wealth.

Company #2

Many investors may have never even heard about this small private sector bank.

What impressed us about this bank is the management's faith in its conservative business model.

The bank consciously chose to stay away from risky financial products like personal loans and credit cards...

And instead focused on its main strengths - which are rural reach and long relationships with some of the best-known business houses in the region.

This approach has helped the bank differentiate itself and also grow at the same time.

And believe it or not, this bank has issued dividends nonstop for over 100 years now!

Company #3

This company has a presence in multiple industries.

First off, this company is at the forefront of what we can call a second revolution in India's agriculture.

And then, it also leads the market in some categories in its chemical business.

In fact, some of its best-selling chemicals find key usages in the mining and pharma industries.

And like the previous two companies, this company also pays dividends consistently.

So, in all the 3 cases, you could not just make big returns but also earn steady dividends and grow your investment in two ways at the same time.

One Hidden Treasure recommendation
every month. . .

For starters, before the 15th of every month we will notify you of an exciting small cap opportunity.

The report we send will tell you why we think a particular stock is a good buy at that point in time, and it will also clearly explain the pros and cons of investing in that company.

You will get 1 Buy/ Buy At a Lower Price recommendation per month because good, reliable small companies are very scarce and it also takes a lot of time and research to find them.

Equitymaster analysts have to go through many more hoops to find the few small cap gems that exist.

And since it's OUR reputation at stake here, we also meet with the managements of different companies and organise trips to various cities to make sure we're accurate in our predictions.

All this takes time, and therefore we make one Small cap recommendation per month.

Plus, you also get:
  • Quarterly results review of all open Hidden Treasure recommendations
  • Performance review every quarter for all open Hidden Treasure recommendations
Why you can trust us . . .

We've been in this industry for a LONG time. In fact, we were the first Indian entity in the finance domain to venture onto the Internet.

And we have now completed 17 years online.

Today we have over 1,484,807 members in 71 countries worldwide who trust us!

But at the same time, we are NOT stock brokers. We don't gain anything even if you buy the stocks we recommend.

However, almost all of our income comes from the fee we charge on our stock recommendation services. And so it's extremely important to us that the stocks we recommended make you money.

That's why...

All our recommendations are supported by thorough research - we list out the reasons to buy and also the investment concerns that we foresee. We travel far and wide to meet companies before we put out reports on them.

That's why...
  • For each stock, we clearly state the target price and also the time horizon for achieving the same.

  • And finally, because we meet various companies face to face, ask tough questions and continuously track our recommendations... we reduce the risk of a Satyam like situation emerging in stocks that we recommend.
Here's what one subscriber had to say about our research...

"It's been 5 years since I have been a subscriber to all the products of Equitymaster (EM).

EM's "power to people" approach is what made me to associate with them initially. EM's honest, independent and consistent research on stocks is worth appreciating.

In short, I must say it has been a "rewarding" experience."

-- S R Samratt, subscriber since 2005

Another reason why our research turns out to be
accurate more often than not . . .

You see, most investors take the return on stock investment to be the key yardstick while deciding whether or not to buy a stock.

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

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

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

That's why it is important to evaluate the risk involved in each case separately.

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

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

When markets were at their nervous best in late 2008 and early 2009, our Buy recommendations on eClerx, and KPIT Cummins were backed by our confidence in the low risk profile of these companies as shown by ERM.

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

And it was THIS risk matrix that helped us identify the best stocks to recommend to our subscribers when several of them were looking attractive.

It did so by acting as one of the tools used for eliminating the bad stocks, so that we recommend only the good stocks.

But that's not all...

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

"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, subscriber since 2007

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

And here's what else you get by subscribing to Hidden Treasure...

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

Now there is a very important thing you need to know while investing in stocks... And that is asset allocation.

Asset allocation is the key to having a well diversified portfolio. It is what protects your investments and ensures their growth irrespective of the changes in the market.

A well diversified portfolio is one where your stocks are properly spread out across different market caps and different sectors.

Our extremely popular asset allocation guide will help you understand the ideal mix of stocks in your portfolio, so that you can minimize your losses and maximize your small cap returns.

And you can get this guide absolutely FREE when you subscribe to Hidden Treasure now.

You will also get A Free Subscription to
Equitymaster's 'Intelligent Portfolio Tracker'

The Portfolio Tracker is an online utility that helps you track all your equity and mutual fund investments in one place! It's online, and is available to you 24 hrs a day.

You just have to enter the details of stocks or mutual funds owned by you ONCE... and Portfolio Tracker will show you what your entire portfolio is worth AT THAT MOMENT anytime you log into it.

  • You can set your account to send you automatic end-of-week and end-of-month performance updates for all your portfolios.

  • You can set up priced based alerts for the all the stocks that you own (and also the stocks that don't own but only wish to track).

  • Plus, now you can also track your SIPs and get NAV alerts for the mutual fund schemes with Portfolio Tracker
But what makes the Portfolio Tracker the indispensable tool that it is are the intelligent reports that come along with it.

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

And it is the relevant learnings from this exercise that we have translated into reports.

In addition, you can also generate customized intelligent reports for your stocks or portfolio, to understand how a certain market event could affect them.

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

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

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

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

-- Jose Rodrigues, a member since 2002

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

Free subscription to
The Daily Reckoning . . .

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

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

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

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

If you're someone who's interested in investing in or even monitoring in the global markets, you'll find the Daily Reckoning extremely useful.

But here's perhaps the biggest reason to sign up for Hidden Treasure immediately...

Act Now and Get 30 Days Access to
Hidden Treasure for Rs 499 only!

Hidden Treasure costs Rs 5,000 per year normally. But if you act now, you can try it for the next 1 month by paying just Rs 499.

During this time, you'll get our Latest Hidden Treasure recommendation... one new recommendation and access to archives of ALL the previous Hidden Treasure recommendations.

These should be enough to give you an idea of whether Hidden Treasure is for you or not.

And if you do not cancel before the 31st day, the deal gets even better!

However, before I come to that, I would like to reiterate one point...

If within this 1 month you don't think Hidden Treasure is for you, just let us know and cancel your subscription any time before the 31st day. And you'll not be charged even a Rupee more.

In addition, we'll also let you keep the special report, and any Hidden Treasure recommendation reports that you downloaded during this period as compliments from Equitymaster for trying Hidden Treasure.

Yes! But if you don't cancel your subscription within 31 days, we'll take it that you want to continue and charge your credit card just Rs 1,950 for an year of uninterrupted Hidden Treasure Subscription. Rest assured you will not lose even a single day of your subscription and your 1 year subscription will start from the day after your 1 month subscription expires.

Rs 1,950 for a year equates to just about Rs 5.34 per day.

Seriously, this is way less than what you spend on all the phone calls to your broker, the money you pay to watch the noise on your television, and all the newspapers and magazines you buy hoping to find good investment opportunities.

And none of these other things can provide you unbiased and reliable small cap recommendations like Hidden Treasure.

Now, if you've been with us for long, you'd know that we usually offer a money-back guarantee on all our subscriptions.

However, for this offer, we've kept the price so low that we would not be able to make refunds.

This also ensures that only serious investors, like you, join this niche group.

And with a subscription to Hidden Treasure, you can be rest assured that whenever we come across any little known, high potential small companies, we will notify you of them right away.

But A Friendly Word Of Advice:
Hidden Treasure is not for everybody!

For instance, if you're nearing retirement or have already retired, I don't recommend putting all of your retirement money into small caps.

Small caps are for those who are ready to take some risk to make big returns.

While you could make a lot of money from small caps, you could also lose a lot of it very quickly.

Just one good small cap stock could be enough to make you very rich. But to find that one small cap stock, you might have to go through a few duds as well.

Therefore every small cap investor needs to understand this and plan his or her small cap investments wisely.

And that's what Hidden Treasure can help you with!

So to summarize, here's all you get by signing up to
Hidden Treasure now...
  • Full, unrestricted access to Hidden Treasure for 1 Full month at just Rs 499!

  • And after that, you will get 1 Year of Hidden Treasure subscription at just Rs 1,950! (More than 60% Off!)

  • Steady Income Smallcaps: Our Special Report on 3 dividend-paying small cap stocks which could double in 4-5 years

  • 12 Small Cap Buy/Buy at A Lower Price recommendations in all over the year

  • Quarterly results review of all open Hidden Treasure recommendations

  • Free Performance review every quarter

  • Our Hugely Popular Asset Allocation Guide Free

  • Free access to our "Intelligent" Portfolio Tracker worth Rs 330 per annum

  • Free Subscription to The Daily Reckoning

Let Hidden Treasure Be Your Trusted Source for
Reliable Small Cap Opportunities

Like I have shown you, investing tiny portions of your money in small cap stocks could give you substantial returns over a period of 3 to 5 years.

However, 2 things are extremely important for that to happen:
  • You should invest only in "reliable" small cap companies, so as to reduce your chances of failure and increase your chances of success

  • You should always get in early, so as to position yourself to make MAXIMUM profit
Finding out these things yourself can be a really tough task! And, there also aren't many other dependable sources of small cap information out there.

This is where Hidden Treasure comes to the rescue.

The thing with small caps is that they are either under-researched, or information on many of them doesn't exist at all.

No doubt, good small cap companies are extremely hard to find. That's why we take a whole month and do thorough research to identify each small cap gem that we will recommend to you.

Plus, since it's our reputation and our income on the line, we are always extra careful before telling you to put your hard-earned money in a stock.

So why hesitate anymore?

You've got absolutely nothing to worry about. . .

Like I already said, you can try Hidden Treasure for the next 1 month by paying just Rs 499.

If you feel Hidden Treasure is not for you, just let us know before the 31st day and we'll cancel your subscription. And you would've tried One of our Most Popular Services for just Rs 499!

And we'll let you keep the special report and anything else you download during this month as a thank-you for trying our service.

But if you stay on, you will get a Year of Hidden Treasure Subscription for less than 40% of its normal price -- just Rs 1,950 instead of the usual Rs 5,000.

You don't have to do anything if you wish to continue your subscription. After 31 days, if you do not cancel, we'll go ahead and AUTOMATICALLY charge your credit card with Rs 1,950 towards Hidden Treasure subscription for the next 12 months.

And you don't have to worry at all because we'll send you a reminder email before we charge your card with the annual subscription fee. So that just in case you wish to cancel, though we are confident you won't, you aren't charged even a Rupee more!

Sounds good?

[Click here to subscribe]


Rahul Goel
CEO, Equitymaster

P.S.: Try Hidden Treasure for a whole month by paying just Rs 499. If you don't like it, just let us know before the 31st day and we won't charge you even a Rupee more. And if you do like it and stay on, you'll be able to get Hidden Treasure for less than 40% of the usual yearly price. So either way, YOU win!

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

Click here to join us in our effort to find out
The rare High Potential Small Cap Stocks!

* Adjusted share prices have been used for Shriram Transport Finance
**Returns have been calculated as on 8th January 2013 or 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: Website: CIN:U74999MH2007PTC175407