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Investments in Securities Markets are subject to market risks, read all the related documents carefully before investing.
The Securities are quoted as an example and not as a recommendation.
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Mutual Fund Investments are subject to market risks, read all scheme related documents carefully.
3. Research Disclaimer & Disclosure
Disclosure
Integrated confirms that all material information regarding its business activities, disciplinary history, terms and conditions of its research services, details of its associates, and other relevant details necessary for investors to make informed investment decisions have been disclosed. Integrated or its associates have not been debarred or suspended by SEBI or any other regulatory authority from accessing or dealing in the securities market. The Research Analyst confirms that this report has been prepared independently, without influence or pressure from the subject company or any external party. Neither IEIL, its associates, the Research Analyst, nor their relatives have any financial interest in the subject company. Further, none of the above hold 1% or more of the equity securities (actual or beneficial) of the subject company as of the end of the month preceding this publication.
There are no material conflicts of interest at the time of issuance of this report. IEIL and the Research Analyst confirm that: IEIL has not managed or co-managed any public offerings of the subject company in the past 12 months. No investment banking, merchant banking, or brokerage compensation has been received from the subject company in the past 12 months. No compensation has been received from the subject company for any products, services, or public appearances in the past 12 months. No compensation has been received from any third party related to this research report.
Research Analysts are functionally and operationally independent from employees involved in sales and trading activities. While Research Analysts may receive general market feedback, such communication does not influence or compromise the integrity, independence, or accuracy of research opinions. The Research Analyst has never served as an employee, officer, or director of the subject company. Neither IEIL nor the Research Analyst engages in market-making activities for the subject company. No AI tools have been used for the preparation of this research report. This structure ensures that all research issued by IEIL remains unbiased, objective, and compliant with SEBI requirements.
No additional disclosures are applicable under any other SEBI circular or regulation at this time. Analyst Certification: The Research Analyst certifies that the facts stated in this report are accurate and based on reliable, publicly available information. The views and opinions expressed herein reflect the Research Analyst’s personal and independent analysis of the securities, issuers, sectors, or themes discussed. The compensation of the Research Analyst is not, directly or indirectly, linked to specific recommendations or views expressed in this report. All recommendation terminology—including methodology, time horizon, and benchmarks—has been clearly defined and consistently applied. All conclusions and recommendations are supported by relevant data forming a reasonable and documented basis.
IEIL has not managed or co-managed any public offerings of the subject company in the past 12 months. No investment banking, merchant banking, or brokerage compensation has been received from the subject company in the past 12 months. No compensation has been received from the subject company for any products, services, or public appearances in the past 12 months. No compensation has been received from any third party related to this research report.
Research Analysts are functionally and operationally independent from employees involved in sales and trading activities. While Research Analysts may receive general market feedback, such communication does not influence or compromise the integrity, independence, or accuracy of research opinions. The Research Analyst has never served as an employee, officer, or director of the subject company. Neither IEIL nor the Research Analyst engages in market-making activities for the subject company. No AI tools have been used for the preparation of this research report. This structure ensures that all research issued by IEIL remains unbiased, objective, and compliant with SEBI requirements. No additional disclosures are applicable under any other SEBI circular or regulation at this time. Analyst Certification: The Research Analyst certifies that the facts stated in this report are accurate and based on reliable, publicly available information. The views and opinions expressed herein reflect the Research Analyst’s personal and independent analysis of the securities, issuers, sectors, or themes discussed. The compensation of the Research Analyst is not, directly or indirectly, linked to specific recommendations or views expressed in this report. All recommendation terminology—including methodology, time horizon, and benchmarks—has been clearly defined and consistently applied. All conclusions and recommendations are supported by relevant data forming a reasonable and documented basis.
Disclaimer
Investments in the securities market are subject to market risks. Read all related documents carefully before investing. Past performance of securities or markets is not indicative of future results. Integrated does not guarantee any returns or financial outcomes based on its research or recommendations. This report must not be used as the sole basis for any investment decision. The research reports and investment recommendations provided by Integrated are for informational and educational purposes only. The information is based on publicly available data, analysis, and proprietary research methodology. While the sources used are considered reliable, their accuracy, completeness, or correctness cannot be guaranteed. This research report is intended solely for the personal use of the authorized recipient and does not constitute investment, legal, taxation, or financial advice. Integrated is not soliciting any action based on this material. Nothing in this report should be construed as a solicitation to buy or sell any security or financial product or to engage in, or refrain from engaging in, any transaction.
In preparing this report, Integrated has not considered the specific investment objectives, financial situation, risk profile, or particular needs of any individual investor. This report has been prepared for general circulation among clients of Integrated and must not be copied, reproduced, redistributed, or disseminated, in whole or in part, to any other person or entity in any form. If you are not the intended recipient, you are strictly prohibited from using or disclosing the information contained herein. Although disseminated to all clients simultaneously, some clients may receive this report later than others. Receipt of this report does not, by itself, create a client relationship with Integrated. This report is not intended for distribution to, or use by, any person or entity in any jurisdiction where such distribution or use would be contrary to law or regulation or would require registration or licensing of Integrated or its affiliates. Integrated assumes no obligation to update, correct, or revise the information or opinions contained in this report. Integrated and its affiliates, directors, and employees shall not be liable for any loss or damage arising from any inadvertent error or omission in this report. No express or implied warranty is made regarding its contents, including, without limitation, warranties of merchantability, fitness for a particular purpose, or non-infringement. Recipients should rely on their own independent research or consult their financial adviser before making any investment decision. This information is subject to change without notice. Integrated reserves the right, at its absolute discretion, to modify or withdraw this report at any time. However, Integrated remains committed to providing independent and transparent research to its clients and will provide additional clarification if requested.
Neither the company nor its directors, employees, agents, or representatives shall be liable for any direct, indirect, incidental, consequential, or special damages — including, but not limited to, loss of revenue or profits — arising from or related to the use of this report. Securities prices are subject to fluctuations, and any specific security may even become valueless. International investors should consider additional risks associated with global investing, including but not limited to currency fluctuations, geopolitical developments, and foreign market volatility. Registration granted by SEBI and certification by NISM do not guarantee the performance of Integrated or assure returns to investors. This document is the exclusive property of Integrated Enterprises (India) Private Limited. Research reports are also available on our website: www.integratedindia.in.
Research Entity Name: Integrated Enterprises (India) Private Limited | SEBI Research Analyst Registration No. - INH200006530 | Registered Office No. - 5A, 5th Floor, Kences Towers, No. 1 Ramakrishna Street, North Usman Road, T. Nagar, Chennai – 600 017