THURSDAY ROLLOVER REPORT JUNE’19 Expiry

Sector Wise Rollover Percentage Change Rollover Highlights for Nifty, Banknifty and Marketwide:
Strong Weak  The Nifty June expiry rollover is at 80.35% on
Sector % Rolls % Chg* Sector % Rolls % Chg* Thursday compared to 71.93% on same day of
Telecom 83.27 2.58 Fertilisers 66.30 (27.68) previous expiry.
Oil_Gas 84.76 2.58 Power 70.15 (20.48)  The Banknifty June expiry rollover is at 80.94% on
Automobile 94.17 2.14 Cement 76.52 (17.85) Thursday compared to 82.99% on same day of
previous expiry.
Pharma 92.57 1.45 Finance 79.08 (13.91)
 The Market wide June expiry rollover is at 86.25%
Infrastructure 96.38 1.00 Realty 85.98 (6.62) on Thursday as compared to 87.41% on same day of
* % Rollover change compared to same day of previous expiry previous expiry.
 The Nifty June rollover is higher than its Three
Stock Wise Rollover Percentage Change months average of 73.35% and its six months
Strong Weak average of 69.4%.
Sector % Chg* RCost % Sector % Chg* RCost%
 The Banknifty June rollover is higher than its Three
GAIL 27.62 0.77 BHARATFIN (46.95) 0.08
months average of 76.38% and its six months
INDUSINDBK 25.19 0.17 NIITTECH (32.07) -1.08 average of 74.31%.
PEL 14.05 -0.72 APOLLOTYRE (26.03) -1.82  The market wide rollover is lower than its three
HINDPETRO 13.94 0.74 FEDERALBNK (15.47) -0.88 months average of 87.08% and its six months
JINDALSTEL 13.75 0.78 BANKBARODA (15.02) 0.74
average of 86.97%.
Sector-wise all scrip info

Sector Highlights:
* % Rollover change compared to same day of previous expiry, Rcost = Roll cost  Telecom, Oil_Gas, Automobile, Pharma and
Source: Seediff, NSE, nirmalbang.com Research Infrastructure sectors witnessed higher rollovers
compared to same day of previous expiry.
Sector Wise Rollovers  Fertilisers, Power, Cement, Finance and Realty
Strong Rollovers Weak Rollovers sectors witnessed lower rollovers compared to same
day of previous expiry.
Sector Rollover % Sector Rollover %
Infrastructure 96.38 Fertilisers 66.30
 Highest rollover in current expiry: Infrastructure,
Metals, Automobile, Pharma and Capital_Goods.
Metals 94.24 Power 70.15
Automobile 94.17 Cement 76.52
 Lowest rollover in current expiry: Fertilisers, Power,
Cement, Finance and Telecom.
Pharma 92.57 Finance 79.08
Capital_Goods 91.16 Telecom 83.27 Stock Highlights:
Total Rollovers  GAIL, INDUSINDBK, PEL, HINDPETRO and JINDALSTEL
saw higher rollovers compared to same day of
Stock Wise Rollovers previous expiry.
Strong Rollovers Weak Rollovers  MGL, NIITTECH, APOLLOTYRE, FEDERALBNK and
BANKBARODA saw lower rollovers compared to
Stock Rollover % Stock Rollover %
same day of previous expiry.
MGL 99.24 BHARATFIN 44.66
 Higher percentage rollover in current expiry: MGL,
MCX 99.20 NIITTECH 63.64
MCX, UBL, MFSL and SIEMENS.
UBL 99.09 TATAGLOBAL 68.40
 Lower percentage rollover in current expiry:
MFSL 99.09 APOLLOTYRE 72.06
BHARATFIN, NIITTECH, TATAGLOBAL, APOLLOTYRE
SIEMENS 98.96 NTPC 74.18 and NTPC.
Total Rollovers
Source: Seediff, NSE, nirmalbang.com Research

Previous Expiry Current Expiry

100.0 Nifty Rollover Vs Marketwide Rollover 1.00 Sectorwise Rollover
120.0
90.0
0.80
89.66
89.60

88.84

88.23
87.95

100.0
87.41

80.0
87.13
87.08
87.04

86.99

86.25
85.60
85.49

0.57
84.79
84.09
83.86

81.39

80.35

0.60
96.4

70.0
95.4
94.2
94.2

94.2
75.83

93.7
93.1

92.6
92.6
92.4

92.2
92.1
91.9
91.7
74.27

91.2
91.2
73.74

90.7
90.6
90.5

80.0
89.7
72.32

71.93

88.2

88.0
87.6
71.23

87.2
86.4
86.0
84.8
68.73

68.37

83.3

82.6

60.0
66.73

81.2
79.1

0.40
64.05

76.5
62.62

62.51

61.84

60.26

0.26 60.0
70.1

50.0
66.3

40.0 0.20
40.0
30.0 0.00
20.0 20.0
-0.20
10.0 0.0
Telecom
Cement

Media

0.0 -0.40
Fertilisers

Technology

FMCG

Banking
Finance

Metals
Oil_Gas

Textile
Power

Pharma
Realty

Capital_Goods

Automobile

Infrastructure
Dec'18
Aug'18

Oct'18
Apr'18

Apr'19
Nov'18
Sep'18

Jan'19

Feb'19
May'18

May'19
Jul'18

Jun'19
Jun'18
Mar'18

Mar'19

Nifty Rollover Marketwide Rollover Roll Cost

1
 THURSDAY ROLLOVER REPORT JUNE’19 Expiry

Current Previous AVG OI Current Previous

6 Mth Avg 3 Mth Avg
SYMBOL Rollover % Rollover % Rollover% Rollover% Current OI Total OI Roll Cost% Roll Cost%
BANKNIFTY 80.94 82.99 74.3 76.4 416360 2184680 0.33 0.20
NIFTY 80.35 71.93 69.4 73.4 4704750 23946675 0.57 0.26

Current Previous AVG OI Current Previous

6 Mth Avg 3 Mth Avg
SYMBOL Rollover % Rollover % Rollover% Rollover% Current OI Total OI Roll Cost% Roll Cost%
ACC 85.56 94.33 89.58 94.33 383200 2653200 0.53 0.59
ADANIENT 98.02 98.36 95.39 98.36 596000 30108000 0.72 0.63
ADANIPORTS 75.65 85.20 85.63 85.20 5177500 21262500 0.57 0.31
ADANIPOWER 98.37 90.40 96.81 90.40 2180000 134100000 0.49 0.78
AMARAJABAT 95.29 97.45 84.31 97.45 58100 1232700 -0.51 -0.51
AMBUJACEM 87.16 93.51 84.13 93.51 2202500 17157500 0.64 0.67
APOLLOHOSP 96.31 97.17 87.37 97.17 56500 1532000 0.82 0.68
Sector-wise all scrip info

APOLLOTYRE 72.06 97.42 91.86 97.42 3273000 11715000 -1.82 0.51

ARVIND 82.52 89.32 84.43 89.32 1242000 7104000 0.45 0.77
ASHOKLEY 94.51 87.15 88.23 87.15 4044000 73650000 -2.78 0.55
ASIANPAINT 91.16 90.94 85.04 90.94 616800 6973800 0.73 0.09
AUROPHARMA 90.86 89.05 90.87 89.05 1496000 16371000 0.50 0.42
AXISBANK 91.05 92.49 83.24 92.49 3984000 44520000 0.21 0.59
BAJAJ-AUTO 84.43 87.74 83.05 87.74 389750 2503000 -1.32 0.39
BAJFINANCE 93.91 90.87 90.48 90.87 371750 6100750 0.35 0.51
BAJAJFINSV 88.40 82.19 82.63 82.19 95250 821250 0.56 0.63
BALKRISIND 98.75 97.23 89.43 97.23 23200 1860800 0.41 0.71
BANKBARODA 77.51 91.21 87.90 91.21 18040000 80221000 0.74 0.74
BANKINDIA 97.10 95.46 92.67 95.46 798000 27492000 0.62 0.72
BATAINDIA 93.06 92.09 89.06 92.09 111100 1599950 -0.22 0.55
BEL 97.34 94.33 86.20 94.33 618000 23220000 0.78 0.66
BERGEPAINT 96.41 98.09 92.53 98.09 103400 2877600 0.66 0.62
BHARATFORG 93.52 93.96 93.88 93.96 487200 7515600 0.57 0.70
BHARTIARTL 89.38 91.26 86.94 91.26 4111071 38713665 0.54 0.72
BHEL 89.61 88.58 80.10 88.58 4807500 46290000 0.67 0.77
BIOCON 90.44 81.33 87.64 81.33 1413000 14779800 0.36 0.53
BOSCHLTD 97.68 97.06 91.61 97.06 3690 158910 0.59 0.51
BPCL 83.09 79.37 67.38 79.37 1900800 11237400 0.54 0.31
BRITANNIA 84.55 90.60 84.75 90.60 439600 2845600 0.76 0.59
CADILAHC 93.89 91.33 91.40 91.33 1072000 17534400 -0.65 0.53
CANBK 95.04 97.96 91.65 97.96 508000 10244000 0.63 0.70
CASTROLIND 98.43 97.90 91.40 97.90 122400 7779200 0.63 0.64
CENTURYTEX 98.89 98.97 95.57 98.97 42000 3786000 -0.13 0.75
CESC 96.98 92.73 87.28 92.73 37950 1255550 0.78 0.76
CHOLAFIN 95.08 91.61 90.05 91.61 160000 3255000 -0.33 0.71
CIPLA 90.94 91.54 85.32 91.54 1108000 12236000 0.70 0.68
COALINDIA 78.75 72.24 70.30 72.24 7152200 33664400 0.75 0.63
COLPAL 91.51 93.33 86.53 93.33 230300 2713900 0.62 -0.01
CONCOR 90.05 90.17 67.06 90.17 229761 2308551 0.61 0.62
CUMMINSIND 91.22 93.14 85.14 93.14 149800 1705200 -1.44 0.58

2
 THURSDAY ROLLOVER REPORT JUNE’19 Expiry

Current Previous AVG OI Current Previous

6 Mth Avg 3 Mth Avg
SYMBOL Rollover % Rollover % Rollover% Rollover% Current OI Total OI Roll Cost% Roll Cost%
DABUR 96.76 91.67 89.18 91.67 376250 11598750 0.51 0.59
DHFL 84.79 97.35 89.67 97.35 3301500 21701500 -9.63 -0.48
DISHTV 96.35 90.60 89.59 90.60 3352000 91804000 1.06 0.81
DIVISLAB 93.18 89.69 89.34 89.69 206000 3018400 0.44 0.66
DLF 85.98 92.07 87.07 92.07 7430800 52984000 0.11 0.74
DRREDDY 98.11 97.26 90.74 97.26 74750 3958250 -0.08 0.33
EICHERMOT 93.47 92.57 87.76 92.57 23825 364875 0.01 0.70
ENGINERSIN 98.38 96.49 86.58 96.49 118900 7317900 0.70 0.68
EXIDEIND 98.55 99.57 89.49 99.57 114000 7846800 0.46 0.70
EQUITAS 96.58 98.41 90.51 98.41 412000 12040000 0.79 0.66
ESCORTS 98.59 96.87 90.51 96.87 90200 6380000 0.17 0.11
FEDERALBNK 80.89 95.69 87.83 95.69 9289000 48601000 -0.88 0.32
GAIL 85.33 66.86 63.98 66.86 3957828 26974038 0.77 0.33
Sector-wise all scrip info

GLENMARK 94.97 98.89 93.18 98.89 407000 8092000 0.75 0.84

GMRINFRA 97.62 95.83 91.13 95.83 4005000 168525000 1.31 0.62
GODREJCP 95.49 87.51 87.56 87.51 240000 5323200 0.76 0.58
GRASIM 94.49 93.66 91.68 93.66 729750 13242000 0.78 0.60
HAVELLS 86.75 79.55 86.23 79.55 801000 6047000 -0.04 -0.10
HCLTECH 89.83 88.10 85.28 88.10 1136800 11179000 0.55 0.40
HDFC 92.55 91.39 89.66 91.39 2119000 28458500 -0.05 0.57
HDFCBANK 88.45 88.30 76.85 88.30 2145750 18572250 0.74 -0.06
HEROMOTOCO 91.37 90.56 83.66 90.56 259800 3010600 -0.52 0.68
HEXAWARE 92.86 86.61 94.64 86.61 168000 2353500 0.07 -0.96
HINDALCO 87.81 91.83 85.28 91.83 4861500 39896500 0.75 0.58
HINDPETRO 92.67 81.33 75.11 81.33 1209600 16497600 0.74 -2.39
HINDUNILVR 92.66 90.13 89.67 90.13 900600 12264000 0.53 -0.20
HINDZINC 93.75 95.66 84.82 95.66 515200 8246400 0.45 0.74
IBULHSGFIN 98.05 97.67 84.50 97.67 346500 17804900 0.57 0.72
ICICIBANK 90.79 88.63 84.09 88.63 9330750 101299000 0.02 0.33
ICICIPRULI 80.54 76.03 82.03 76.03 1014000 5209500 0.25 0.18
IDBI 95.64 96.96 95.24 96.96 970000 22270000 -1.39 0.66
IDEA 82.76 80.29 86.65 80.29 75697080 438997080 0.81 1.13
IDFCFIRSTB 97.03 95.96 91.47 95.96 3432000 115464000 0.12 0.33
IGL 95.66 91.22 85.36 91.22 178750 4116750 0.74 0.61
INDIGO 91.77 84.54 83.94 84.54 216600 2631600 0.50 0.65
INDUSINDBK 90.01 71.90 81.18 71.90 1077300 10786100 0.17 0.54
INFY 89.20 89.23 87.67 89.23 6598800 61075200 0.74 -1.07
INFRATEL 84.58 86.10 78.02 86.10 1246000 8082000 0.78 0.28
IOC 78.96 77.56 72.85 77.56 9926000 47166000 0.77 0.71
ITC 87.13 88.97 82.23 88.97 13675200 106250400 0.77 0.64
JINDALSTEL 95.12 83.62 88.24 83.62 1435500 29387500 0.78 0.55
JSWSTEEL 96.02 96.47 87.68 96.47 2143500 53809500 -0.76 0.72
JUBLFOOD 93.50 97.78 88.93 97.78 171500 2638500 0.05 0.51
JUSTDIAL 91.62 91.64 91.77 91.64 184800 2206400 -5.37 -3.64
KAJARIACER 94.85 95.62 92.32 95.62 107900 2096900 0.82 0.72
KOTAKBANK 85.44 80.26 76.48 80.26 1405600 9655200 0.63 0.15

3
 THURSDAY ROLLOVER REPORT JUNE’19 Expiry

Current Previous AVG OI Current Previous

6 Mth Avg 3 Mth Avg

SYMBOL Rollover % Rollover % Rollover% Rollover% Current OI Total OI Roll Cost% Roll Cost%
L&TFH 87.98 91.93 88.03 91.93 4275000 35568000 -0.26 0.68
LICHSGFIN 95.26 91.48 89.72 91.48 369600 7792400 0.19 0.43
LT 87.90 87.98 75.00 87.98 1755000 14499750 -0.07 0.65
LUPIN 88.41 90.33 88.33 90.33 1076600 9291100 -0.22 0.68
M&M 92.15 91.71 89.36 91.71 1726000 21991000 -0.62 0.30
M&MFIN 97.17 88.84 88.42 88.84 305000 10796250 -1.22 0.53
MANAPPURAM 97.94 92.41 86.16 92.41 276000 13386000 0.79 0.85
MARICO 97.14 92.53 84.04 92.53 210600 7365800 0.53 0.49
MARUTI 92.39 85.97 88.09 85.97 250800 3297150 0.73 0.29
MCDOWELL-N 87.97 92.66 90.31 92.66 1323750 11007500 0.43 0.70
MCX 99.20 97.79 93.09 97.79 13300 1656900 0.65 0.93
MGL 99.24 99.35 90.69 99.35 6600 864600 -0.67 0.61
Sector-wise all scrip info

MINDTREE 93.01 81.94 84.92 81.94 118800 1699800 -6.37 0.07

MFSL 99.09 98.24 90.58 98.24 16800 1838400 0.94 0.86
MOTHERSUMI 91.01 91.41 91.08 91.41 2775900 30878700 0.62 0.55
MRF 93.80 95.57 90.74 95.57 1970 31790 0.50 0.63
MUTHOOTFIN 97.22 94.95 83.65 94.95 85500 3076500 0.61 0.76
NATIONALUM 91.80 96.62 78.60 96.62 3504000 42744000 0.50 0.30
NBCC 96.14 96.31 89.27 96.31 1080000 27991000 0.90 0.86
NESTLEIND 96.00 93.25 90.57 93.25 13400 334950 0.58 0.36
NCC 95.71 93.11 92.25 93.11 1400000 32616000 0.74 0.73
NIITTECH 63.64 93.68 94.85 93.68 435000 1196250 -1.08 -0.21
NMDC 93.60 91.28 83.12 91.28 1680000 26262000 0.75 0.58
NTPC 74.18 72.99 68.67 72.99 22156800 85800000 0.50 0.67
OFSS 98.68 99.72 92.29 99.72 3750 284100 0.26 0.27
OIL 95.42 95.00 89.85 95.00 292314 6383322 0.81 0.75
ONGC 78.08 82.21 69.72 82.21 16143750 73653750 0.79 0.56
PAGEIND 96.19 90.18 86.45 90.18 6200 162525 -0.73 -0.17
PEL 89.80 78.74 89.77 78.74 316496 3104258 -0.72 0.69
PETRONET 93.96 92.34 87.39 92.34 717000 11877000 0.38 0.80
PFC 85.74 87.51 79.86 87.51 5226600 36654400 0.77 0.73
PIDILITIND 93.54 89.74 86.98 89.74 177000 2738000 0.80 0.71
PNB 94.15 92.95 92.08 92.95 6671000 114121000 0.64 0.68
POWERGRID 86.83 81.13 65.19 81.13 4732000 35928000 0.60 0.47
PVR 93.06 94.75 95.57 94.75 44400 639600 0.69 -0.73
RAMCOCEM 97.90 98.71 94.63 98.71 22400 1065600 0.83 0.76
RAYMOND 97.21 97.99 93.06 97.99 78400 2811200 0.54 0.68
RBLBANK 87.03 91.85 84.14 91.85 730800 5632800 -0.42 0.57
RECLTD 92.10 88.89 83.33 88.89 2430000 30750000 0.86 0.73
RELCAPITAL 90.94 90.49 87.98 90.49 931500 10282500 -7.13 0.19
RELIANCE 91.44 87.94 87.17 87.94 4202500 49101000 0.74 0.45
RELINFRA 93.68 93.68 90.16 93.68 809900 12821900 -3.03 0.34

4
 THURSDAY ROLLOVER REPORT JUNE’19 Expiry

Current Previous AVG OI Current Previous

6 Mth Avg 3 Mth Avg

SYMBOL Rollover % Rollover % Rollover% Rollover% Current OI Total OI Roll Cost% Roll Cost%

SAIL 98.03 98.08 88.35 98.08 1848000 93600000 0.29 0.69

SBIN 92.23 86.09 83.09 86.09 6231000 80205000 0.37 0.61
SHREECEM 79.00 85.17 84.42 85.17 29000 138100 0.58 0.51
SIEMENS 98.96 95.05 96.08 95.05 14300 1376650 0.76 -0.07
BHARATFIN 44.66 84.18 87.90 84.18 1827500 3302500 0.08 0.76
SRF 95.08 97.06 97.26 97.06 47750 971250 0.68 0.72
SRTRANSFIN 95.83 94.82 91.25 94.82 183000 4389600 0.61 -0.17
STAR 98.36 91.95 96.99 91.95 35200 2152000 0.30 0.33
SUNPHARMA 93.89 93.10 91.20 93.10 3472700 56802900 0.73 0.50
Sector-wise all scrip info

SUNTV 87.97 92.24 92.29 92.24 731000 6076000 0.48 0.67

TATACHEM 88.85 98.01 91.22 98.01 335250 3007350 -2.52 0.74
TATAELXSI 98.44 96.82 90.40 96.82 26000 1662800 -0.74 0.36
TATAGLOBAL 68.40 63.72 80.57 63.72 3993750 12636450 -0.11 0.61
TATAMOTORS 98.46 94.94 89.76 94.94 1050000 68091000 0.60 0.46
TATAMTRDVR 97.60 98.06 90.67 98.06 741000 30819000 0.73 0.53
TATAPOWER 92.66 87.73 88.66 87.73 4221000 57528000 0.87 -1.56
TATASTEEL 90.69 92.49 91.74 92.49 3292283 35351459 -1.80 0.69
TCS 88.28 85.70 83.53 85.70 1808750 15432750 0.49 -0.22
TECHM 90.93 87.43 84.81 87.43 1483200 16357200 -1.20 0.65
TITAN 90.15 86.77 88.36 86.77 965250 9803250 0.60 0.64
TORNTPHARM 93.31 87.25 79.05 87.25 39500 590500 0.32 0.12
TORNTPOWER 84.48 83.12 94.24 83.12 738000 4755000 -2.01 -1.41
TVSMOTOR 88.12 84.59 80.83 84.59 874000 7358500 -0.26 0.55
UBL 99.09 93.48 96.97 93.48 11900 1308300 0.78 0.70
ULTRACEMCO 93.70 82.75 84.61 82.75 162800 2585200 0.49 0.57
UNIONBANK 98.38 97.17 94.99 97.17 525000 32389000 0.64 0.19
UJJIVAN 96.28 95.27 83.85 95.27 209600 5632000 -0.81 0.69
UPL 75.83 86.49 89.69 86.49 2941800 12172800 0.74 0.60
VEDL 94.83 92.15 82.60 92.15 2881900 55693900 0.79 0.70
VOLTAS 95.75 97.33 87.14 97.33 160000 3765000 -0.70 0.52
WIPRO 84.56 81.74 81.58 81.74 5622400 36406400 0.58 -1.01
YESBANK 96.24 97.34 88.30 97.34 4089750 108913150 0.53 -0.94
ZEEL 98.13 97.35 89.16 97.35 406900 21717800 -0.39 0.73

5
 THURSDAY ROLLOVER REPORT JUNE’19 Expiry

FROM THE EQUITY DERIVATIVE DESK:

NIRAV CHHEDA AMIT BHUPTANI

SENIOR DERIVATIVES AND TECHNICAL ANALYST DERIVATIVES AND TECHNICAL ANALYST

E-Mail: nirav.chheda@nirmalbang.com E-Mail: amit.bhuptani@nirmalbang.com

Tel no: 39268199/39268000 Tel no: 39268242/39268000

DISCLOSURES

This Report is published by Nirmal Bang Securities Private Limited (hereinafter referred to as “NBSPL”) for private circulation. NBSPL is a
registered Research Analyst under SEBI (Research Analyst) Regulations, 2014 having Registration no. INH000001766. NBSPL is also a
registered Stock Broker with National Stock Exchange of India Limited and BSE Limited in cash and derivatives segments. It is also a registered
Sector-wise all scrip info

Portfolio Manager having registration no as INP000002981.

NBSPL has other business divisions with independent research teams separated by Chinese walls, and therefore may, at times, have different
or contrary views on stocks and markets.

NBSPL or its associates have not been debarred / suspended by SEBI or any other regulatory authority for accessing / dealing in securities
Market. NBSPL, its associates or analyst or his relatives do not hold any financial interest in the subject company. NBSPL or its associates or
Analyst do not have any conflict or material conflict of interest at the time of publication of the research report with the subject company. NBSPL
or its associates or Analyst or his relatives do not hold beneficial ownership of 1% or more in the subject company at the end of the month
immediately preceding the date of publication of this research report.

NBSPL or its associates / analyst has not received any compensation / managed or co-managed public offering of securities of the company
covered by Analyst during the past twelve months. NBSPL or its associates have not received any compensation or other benefits from the
company covered by Analyst or third party in connection with the research report. Analyst has not served as an officer, director or employee of
Subject Company and NBSPL / analyst has not been engaged in market making activity of the subject company.

Analyst Certification: I Nirav Chheda, the research analysts and authors of this report, hereby certify that the views expressed in this research
report accurately reflects my/our personal views about the subject securities, issuers, products, sectors or industries. It is also certified that no
part of the compensation of the analyst(s) was, is, or will be directly or indirectly related to the inclusion of specific recommendations or views in
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maintain independence and objectivity in making any recommendations.

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6
 THURSDAY ROLLOVER REPORT JUNE’19 Expiry

investigations.

This information is subject to change without any prior notice. NBSPL reserves its absolute discretion and right to make or refrain from making
modifications and alterations to this statement from time to time. Nevertheless, NBSPL is committed to providing independent and transparent
recommendations to its clients, and would be happy to provide information in response to specific client queries.

Before making an investment decision on the basis of this research, the reader needs to consider, with or without the assistance of an adviser,
whether the advice is appropriate in light of their particular investment needs, objectives and financial circumstances. There are risks involved in
securities trading. The price of securities can and does fluctuate, and an individual security may even become valueless. International investors
are reminded of the additional risks inherent in international investments, such as currency fluctuations and international stock market or
economic conditions, which may adversely affect the value of the investment. Opinions expressed are subject to change without any notice.
Neither the company nor the director or the employees of NBSPL accept any liability whatsoever for any direct, indirect, consequential or other
loss arising from any use of this research and/or further communication in relation to this research. Here it may be noted that neither NBSPL, nor
its directors, employees, agents or representatives shall be liable for any damages whether direct or indirect, incidental, special or consequential
including lost revenue or lost profit that may arise from or in connection with the use of the information contained in this report.

Copyright of this document vests exclusively with NBSPL.

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