ASHIKA GR OU P

D A I L Y M O R N ING R E P OR T W e d n esd a y , M a r c h 6 , 2 0 2 4

TECHNICAL
• Bearish candle with increase in volume

• Buy crossover in oscillators

BUILDUP
• Lower band of Bollinger exist at 21598

• Cru cial m o vin g a vera ge o f 2 0/5 0 S M A

OUTLOOK OF are at 22059 and 21828

THE DAY • 200 S M A tren d de c idi ng le vel exi st at

20131

World Daily Daily

LTP
Indices Ch (Pts) Ch (%)
Dow Jones 38585 -404 -1.04
Indian Equity Market Performance:
Nasdaq 15939 -267 -1.65
Indian Equity market ended slightly lower on Tuesday after hitting
new record highs for three consecutive sessions. A cautious S&P 500 5078 -52 -1.02

undertone prevailed as investor focus shifted to the upcoming ECB FTSE 100 7646 5 0.08
rate decision and Federal Reserve Chair Jerome Powell's
DAX 17698 -17 -0.10
congressional testimony.
Hang Seng 16359 196 1.21

Nikkei 39977 -120 -0.30

Sectoral Front Performance:
Sensex 73677 -195 -0.26
On the sectoral front mixed trend was seen, with auto index up 1. 3
percent, PSU Bank index up 2.5 percent and oil & gas, power an d Nifty 22356 -49 -0.22

realty up 0.5 percent each, while IT and FMCG indices shed 1 percent
Commodity Daily Daily
each. LTP
/ Forex Ch (Pts) Ch (%)
Gold ($/Oz) 2133.90 -8.00 -0.37

Silver ($/Oz) 23.83 -0.16 -0.66

Technical Analysis:
On the technical front, Nifty formed small bearish candlestick Brent Crude ($/bl) 81.90 -0.14 -0.17
pattern with upper and lower shadows, on the daily charts with lower
Dollar Index 103.81 0.07 0.06
high, lower low formation, indicating the possibility of some
USD/INR 82.89 0.0038 0.00
weakness in the near term. However presently the support base has
shifted higher towards 21,860 levels, which is the 40-DEMA followed USD/YEN 149.96 -0.09 -0.06
by 50 retracements of current up move off January low of 21137. On
EUR/USD 1.0849 -0.0008 -0.07
the upside, resistance is seen at 22,500, followed by 22,700. Overall
the near-term trend is likely to be choppy and rangebound action is
Support/Resistance levels for Indian Equity Indices
likely to continue for the next session as well.
S2 S1 CMP R1 R2

Sensex 73060 73410 73677 73890 74105

Option Activity:
Nifty 22170 22275 22356 22420 22485
On the option front, maximum Put OI is at 22200 followed by 22000
strike, while maximum Call OI is at 23000 followed by 22400 strike. Nifty (Fut) 22250 22350 22433 22500 22565

Call writing was seen at 22600 s trike, followed by 22700 strike while
Put writing was seen at 21700 strike, followed by 22800 strike. Pivot Level

Sensex 73668

Nifty 22347

1008, RAHEJA CENTRE, 214, NARIMAN POINT, MUMBAI-400 021, PH- 022 – 6611 1700, EXTN. - 704
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DAILY MORNING RE PORT March 6, 20 24

ECONOMY
NEWS

I n d i a ' s s e r vi c e s e c t o r c o n t i n u e d t o g r o w d u r i n g F e b r u a r y a s p o s i t i ve d e ma n d
trends supported sales and business activity. Growth rates slowed since
J a n u a r y , t h o u g h r e m a i n e d h i s t o r i c a l l y s u b s t a n t i a l . Th e l a t e s t H S B C P M I a l s o
showed the second-weakest cost pressures in the sector since August 2020
and the softest increase in selling charges for two years. (BS)

Banking on policy continuity after the Lok Sabha polls and focus on
infrastructure development, global credit rating agency Moody’s Investors
Service on Monday revised its 2024 growth forecast for the Indian economy
t o 6 . 8 p e r c e n t , f r o m t h e 6 . 1 p e r c e n t p r o j e c t i o n i n No v e m b e r l a s t y e a r . ( B S )

Th e I n d i a n e q u i t y m a r k e t c l o c k e d r e c o r d a ve r a g e d a i l y t u r n o ve r ( A D T V ) i n
both the cash and derivatives segments in February amid a spike in volatility.
The ADTV for the cash segment for both the exchanges combined came at Rs
1.27 trillion, while the same for the derivatives or the futures and options
(F&O) segment stood at Rs 483 trillion in the previous month. (BS)

India’s unemployment rate dropped to 3.1 per cent in 2023 from 3.6 per cent
in the preceding year, reflecting continued improvement in the labour
markets, revealed the latest employment-unemployment indicators report
r e l e a s e d b y t h e N a t i o n a l S t a t i s t i c a l O f f i c e ( NS O ) o n M o n d a y . ( B S )

India is likely to grow at 10 per cent for the next 10 to 20 years and is set to
become the third-largest economy by 2027, Deloitte South Asia CEO Romal
Shetty said here on Monday, asserting that investors should grab the
opportunity presented by the nation’s rapid economic development. (BS)

Inflation may decline for two years in a row. Inflation is likely to fall to 4.3
per cent in the financial year 2024-25 from 5.4 per cent in the financial year
2023-24, according to an estimate by the Centre for Monitoring Indian
Economy (CMIE). (BS)

The government has permitted exports of 30,000 tonne of non-basmati white

r i c e t o Ta n z a n i a a n d 8 0 , 0 0 0 t o n n e o f b r o k e n r i c e t o D j i b o u t i a n d G u i n e a
B i s s a u . T h e e x p o r t i s p e r m i t t e d t h r o u g h Na t i o n a l C o o p e r a t i v e E x p o r t s L i m i t e d
( N C E L ) , t h e D i r e c t o r a t e G e n e r a l o f F o r e i g n Tr a d e ( D G F T ) h a s s a i d i n a
notification. (BS)

1008, RAHEJA CENTRE, 214, NARIMAN POINT, MUMBAI-400 021, PH- 022 – 6611 1700, EXTN. - 704
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DAILY MORNING RE PORT March 6, 20 24

CORPORATE
NEWS

Havells India is planning to expand its existing product portfolio with the
i n t r o d u c t i o n o f k i t c h e n a p p l i a n c e s s u c h a s c o o k t o p s , h o b s , c h i mn e y s , a n d
other built-in appliances. The entire range of products will be outsourced to
serve the domestic market. The expected date of launch for the category of
products is May 2024.

Wipro has acquired a 27 percent stake in SDVerse LLC to strengthen its

positioning as a leader in software-defined vehicle and cloud car
engineering services.

N H PC h a s s t a r t e d d e v e l o p i n g t h e 1 , 2 0 0 - M W Ja l a u n U l t r a R e n e w a b l e E n e r g y
Po w e r P a r k i n J a l a u n , U t t a r Pr a d e s h . Th e s o l a r p a r k w i l l b e d e v e l o p e d b y
B u n d e l k h a n d S a u r Ur j a , a s u b s i d i a r y c o m p a n y o f N H PC , w i t h a n i n ve s t me n t
of Rs 796.96 crore.

J S W E n e r g y h a s e n t e r e d i n t o a B a t t e r y E n e r g y S t o r a g e Pu r c h a s e A g r e e m e n t
( B E S PA ) w i t h S o l a r E n e r g y C o r p o r a t i o n o f I n d i a L i m i t e d ( S E C I ) f o r i t s i n i t i a l
250 MW/500 MWh standalone battery energy storage project.

C h i n a ' s A n t G r o u p a r m , A n t f i n S i n g a p o r e H o l d i n g s Pt e , i s l i k e l y t o s e l l u p t o a
2 percent stake (17.64 crore shares) in Zomato for Rs 2,800 crore through a
b l o c k d e a l , s o u r c e s t o l d C NB C - A w a a z . T h e f l o o r p r i c e f o r t h e b l o c k d e a l h a s
been fixed at Rs 159.4 per share.

US FDA conducted the pre-approval inspection ( PA I ) at the Torrent

Ph a r m a c e u t i c a l s oral-oncology manufacturing facility in Bileshwarpura,
Gujarat. After the inspection, the USFDA issued an Establishment Inspection
Report (EIR) for the said manufacturing facility.

T h e R e s e r v e B a n k o f I n d i a ( R B I ) p r o h i b i t e d J M F i n a n c i a l Pr o d u c t s f r o m
financing against shares and debentures, including sanctioning and
disbursing loans against initial public offerings ( I PO s ) of shares and
subscriptions to debentures.

As p a r t o f strategic expansion plans in key markets, Sonata Software

announced its plan to set up a delivery center in Kraków, Poland. The
nearshore center will support the growing demands for business
transformation, modernization, and cost optimization initiatives from global
clients in Europe.

1008, RAHEJA CENTRE, 214, NARIMAN POINT, MUMBAI-400 021, PH- 022 – 6611 1700, EXTN. - 704
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DAILY MORNING RE PORT March 6, 20 24

• *Aavas Financiers Limited : Sbi Mutual Fund Buy 6300000 Shares @

BULK DEA L Rs. 1370
• *Aavas Financiers Limited : Lake District Holdings Limited Sell
5839578 Shares @ Rs. 1370.01
• *Aavas Financiers Limited : Partners Group Escl Limited Sell 2889373
Shares @ Rs. 1370
• *Aavas Financiers Limited : Partners Group Private Equity (Master
Fund) Llc Sell 1267999 Shares @ Rs. 1370.2
• *Tdpowersys : Vittoria Fund-Oc,Lp Buy 4600000 Shares @ Rs. 320.5
• *Tdpowersys : Bnp Paribas Arbitrage Sell 4600000 Shares @ Rs.
320.5

INSIDER TRADE

ACQUISITION • * DIPAK N PATEL Promoter & Director Acquisition 100 shares of

Crestchem Ltd. on 04-Mar-24
• * JTPM Metal Traders Private Limited Promoter Group Acquisition
2830000 shares of Jsw Energy Ltd
• * PRAKASH CHHAGANLAL KANUGO Promoter & Director Acquisition
10000 shares of Prakash Steelage Ltd. on 04-Mar-24
• * Promoter Group Acquisition 7000 shares of Pidilite Industries Ltd.

• * Promoter Group Disposal 1475108 shares of Usha Martin Ltd.

DISPOSAL • * Krish Bhavesh Thakkar Promoter Disposal 30000 shares of Adf
Foods Ltd.-$ on 01-Mar-24
• * Anil Haridass Director Disposal 2000000 shares of Cie Automotive
India Ltd
• * Sasikala Raghupathy Promoter & Director Disposal 3065946 shares
of Bgr Energy Systems Ltd. on 29-Feb-24
• * Harshada Harvadan Vakil Promoter Group Disposal 7000 shares of
Pidilite Industries Ltd. on 01-Mar-24
• * P Narasimha Raju Director Disposal 50000 shares of Ncl Industries
Ltd.-$ on 05-Mar-24

1008, RAHEJA CENTRE, 214, NARIMAN POINT, MUMBAI-400 021, PH- 022 – 6611 1700, EXTN. - 704
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DAILY MORNING RE PORT March 6, 20 24

NIFTY 500
Top 10 Gainer Top 10 Loser

Company Price (Rs.) Change (%) Company Price (Rs.) Change (%)

BALAMINES 2420.0 10.2% IIFL 477.8 -20.0%

IOB 69.5 10.0% DATAPATTNS 2710.0 -6.4%

UCOBANK 60.6 8.0% RBLBANK 256.5 -6.2%

CENTRALBK 67.5 7.2% ALLCARGO 83.0 -5.6%

WESTLIFE 787.0 6.9% AAVAS 1360.0 -5.0%

SOLARINDS 7761.0 6.5% NETWORK18 95.3 -5.0%

UNIONBANK 157.6 5.9% SUZLON_ T 40.7 -4.9%

CSBBANK 369.4 5.8% GLS 768.0 -4.9%

MOTHERSON 126.5 5.8% NH 1244.4 -4.8%

INFIBEAM 37.1 5.7% INGERRAND 3599.0 -4.4%

F I I /F P I & D I I T R AD I N G AC T I V I T Y
Category Buy Value (₹ Cr.) Sell Value (₹ Cr.) Net Value (₹ Cr.)

DII 11,888.65 10,054.04 1,834.61

FII 15,215.15 14,640.87 574.28

Category 05/03/2024 04/03/2024 02/03/2024 01/03/2024 29/02/2024 28/02/2024

DII 1,834.61 3,542.87 -44.7 3,814.53 -230.21 1,827.45

FII 574.28 -564.06 -81.9 128.94 3,568.11 -1,879.23

1008, RAHEJA CENTRE, 214, NARIMAN POINT, MUMBAI-400 021, PH- 022 – 6611 1700, EXTN. - 704
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DAILY MORNING RE PORT March 6, 20 24

• N i f ty d ecli ned by 0. 22% w ith Ni fty fu ture

ad d ed 6. 14 l akh sh ares in o p en i nterest and
stock f u tu re ad d ed 1 105 .9 L ak h sh ares i n op en
i nterest .

• N i f ty P C R d ec reased t o 1 . 22 f ro m 1 . 29

• T otal N i fty C al l s ad d ed 28 .0 l ak h sh ares in

o p en i nterest .

• T otal Ni f ty Pu ts sh ad ed 6 1. 7 l akh sh ares in

o p en i nterest .
DERIVATIVE • M ax im um o p en i nterest (N i f ty) i n C all s f or
M ar. seri es i s a t 23 000 and 21 000 p u t .

REPORT • F II’s b ou gh t net Rs. 574. 28 C r (p ro vi si onal) ,

wh il e D IIs b oug h t net Rs. 1 ,834. 61 C r in c ash
m ark et .

• F II so l d net Rs. 2 3 0 1 2. 5 8 C r i n F &O

• S ec u ri ties i n Ba n P eri o d : - Z E E L

N I F T Y T RAC KER
Particulars 05/03/2024 04/03/2024 02/03/2024 01/03/2024

Spot 22356.3 22405.6 22378.4 22338.75

% Change in Spot -0.22% 0.12% 0.18% 1.62%

Nifty(FUT) Mar. 22433.25 22497.95 22502 22443.2

Nifty(FUT) Mar. Vol. 124564 75588 27698 180557

Nifty(FUT) Mar. - OI 12201950 12709050 12839750 12913500

Nifty(FUT) Apr. 22580.95 22639.85 22640.6 22579.2

Nifty(FUT) Apr. Vol. 19464 7453 2030 12150

Nifty(FUT) Apr. - OI 1948700 1384700 1187000 1175300

T R AD E S T AT I S T I C S F OR 05 .03.2 02 4
Particulars Volume (contracts) Value (₹ Lakhs) Put Call Ratio

Stock Futures 11,73,349 10786871 -

Index Options 54,22,28,616 6575628 0.93

Stock Options 44,35,223 900611 0.41

Index Futures 3,70,520 3312903 -

NSE F&O Total Turnover 54,82,07,708 4,54,81,21,892

NSE Cash Turnover - 95,49,979.16

BSE Cash Turnover - 8,55,249.00

Total Turnover - 7114690 0.92

1008, RAHEJA CENTRE, 214, NARIMAN POINT, MUMBAI-400 021, PH- 022 – 6611 1700, EXTN. - 704
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F I I C OR N ER (F & O)
FII NET BUYING/SELLING & CHANGE IN OPEN INTEREST (Cr. Rupee)

05/03/2024 04/03/2024 02/03/2024

Particulars Net Buying Change In Net Buying Change In Net Buying Change In
/Selling Open interest /Selling Open interest /Selling Open interest

Index Future -1401 1198 1270 197 197 148

Index option -16270 7222 -19683 17045 1313 13896

Stock Future -4537 2252 -325 -2049 -329 1082

Stock option -804 3540 13 2224 -9 546

Total -23012 14212 -18725 17417 1172 15672

M AR KET OP EN I N T ER ES T
Addition/Reduction in Market Open Interest

Contracts 05/03/2024 04/03/2024 02/03/2024 01/03/2024 29/02/2024

Index Futures 4680 3129 177 -6239 5172

Index Options 4276 1301 2506 -18419 11506

Stock Futures 101957 330747 62738 -585180 76484

Stock Options 22928 20828 5434 -123254 -25448

F&O Total 133841 356006 70855.18 -733091.99 67714.32

Increase in OI with Increase in Price (Long Buildup )

Symbol Prev OI Curr OI CMP Pr.Chg (%) OI Chg (%)

MOTHERSON 10,00,46,100 11,56,37,700 127.3 5.69% 15.58%

MANAPPURAM 5,23,86,000 6,01,50,000 187.05 1.00% 14.82%

BEL 13,42,12,200 14,04,25,200 212 0.64% 4.63%

TATAMOTORS 6,02,66,100 6,53,63,325 1025.75 3.35% 8.46%

VEDL 12,16,14,800 12,65,64,400 289.3 3.97% 4.07%

Increase in OI with Decrease in Price (Short Buildup)

Symbol Prev OI Curr OI CMP Pr.Chg (%) OI Chg (%)

TATASTEEL 19,88,74,500 20,83,07,000 152.95 -0.71% 4.74%

RBLBANK 6,08,72,500 6,95,80,000 257.85 -6.22% 14.30%

SAIL 13,87,76,000 14,46,32,000 141.6 -0.67% 4.22%

ASHOKLEY 10,33,90,000 10,69,50,000 173.05 -0.09% 3.44%

ITC 10,33,24,800 10,66,68,800 407.95 -0.86% 3.24%

1008, RAHEJA CENTRE, 214, NARIMAN POINT, MUMBAI-400 021, PH- 022 – 6611 1700, EXTN. - 704
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DAILY MORNING RE PORT March 6, 20 24

N I F T Y O PT I O N O PE N I N T E R EST ST A T I ST I CS
H I G H E ST A D D I T I O N S
Expiry Strike Option Type Settlement Price Volume Open Interest Change In OI

7-Mar-24 21700 PE 3.15 707923 5600100 1587050

7-Mar-24 22650 CE 8.75 1243661 2795550 1401000
7-Mar-24 21850 PE 5.95 581595 2200350 936100
7-Mar-24 22600 CE 14.05 1798155 4446250 853000
7-Mar-24 22350 CE 96 2161630 2324050 836150
14-Mar-24 22200 PE 101.05 76944 1438000 736150
7-Mar-24 22700 CE 5.4 1819936 4870950 649050
7-Mar-24 21650 PE 2.45 269921 1732150 627950
7-Mar-24 22450 CE 50.45 1321783 2711550 571300
7-Mar-24 21950 PE 10.25 653232 2012850 451650

HIGHEST REDUCTIONS
Expiry Strike Option Type Settlement Price Volume Open Interest Change In OI

7-Mar-24 21000 PE 0.8 343031 4546900 -2271500

7-Mar-24 22400 PE 118.05 2177030 2991950 -1992300

7-Mar-24 21550 PE 1.75 297785 976550 -1856450

7-Mar-24 21600 PE 2.1 486596 2650250 -1139650

7-Mar-24 23300 CE 0.65 227238 1402000 -761300

7-Mar-24 22200 PE 41.5 1922579 7753900 -709400

7-Mar-24 23200 CE 0.8 281391 2371150 -698050

7-Mar-24 21400 PE 1.2 350048 2330100 -603150

7-Mar-24 21200 PE 0.9 163714 1080400 -585150

7-Mar-24 22200 CE 194.25 567584 2242000 -554650

Call -Put Options Open Interests Distributions for Mar'24 Contract

4000000
3276150

Call
3500000 Put
3473050

3000000
2612950

2500000
1737800

2028800
1416100

2000000
1275300
1193850

1141000
1916250

1121350
1331850

974400

1500000
893250
803950

787000

827100
759600
765450

700200
656350

661050
552250

507400
460300

479850
447400

1000000
257250

169300
135750

105850

118800
94000

97250
57950

23000
51850

19850

500000
2400
565650

0
21400

21500

21600

21700

21800

21900

22000

22100

22200

22300

22400

22500

22600

22700

22800

22900

23000

23100

23200

23300

1008, RAHEJA CENTRE, 214, NARIMAN POINT, MUMBAI-400 021, PH- 022 – 6611 1700, EXTN. - 704
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DAILY MORNING RE PORT March 6, 20 24

ST O CK O PT I O N O PE N I N T E RE ST ST A T I ST ICS

H I G H E ST A D D I T I O N S
Symbol Expiry Strike Option Type Settl. Price Volume Open Interest Change in OI

TATAMOTORS 28-Mar-24 1100 CE 9.7 92796 14336925 12970350

IDEA 28-Mar-24 14 CE 1.35 1031 98800000 6240000

NTPC 28-Mar-24 370 CE 4.15 6719 9981000 4929000

IDEA 28-Mar-24 10 CE 4.55 60 4880000 4400000

TATASTEEL 28-Mar-24 160 CE 2.75 6708 35717000 4328500

ONGC 28-Mar-24 290 CE 5.4 9733 11261250 4319700

IDEA 28-Mar-24 13 PE 0.5 657 87840000 4000000

FEDERALBNK 28-Mar-24 160 CE 3.25 6561 14215000 3910000

TATAMOTORS 28-Mar-24 1050 CE 20.7 59223 6527925 3809025

NTPC 28-Mar-24 365 CE 5.6 3581 11997000 3732000

H I G H E ST R E D U CT I O N S
Symbol Expiry Strike Option Type Settl. Price Volume Open Int. Change in OI

IDEA 28-Mar-24 17 CE 0.4 1973 137360000 -5360000

PNB 28-Mar-24 115 PE 0.7 1109 5952000 -2752000

TATAMOTORS 28-Mar-24 1000 CE 43.5 22565 4102575 -2562150

IDEA 28-Mar-24 14 PE 0.9 924 94880000 -2560000

IDEA 28-Mar-24 18 CE 0.3 1148 154160000 -2480000

IDEA 28-Mar-24 15 CE 0.9 2194 139600000 -2240000

IDEA 28-Mar-24 20 CE 0.15 152 149040000 -2080000

PNB 28-Mar-24 140 CE 2.35 3714 18592000 -2056000

PNB 28-Mar-24 125 CE 8.3 2521 8552000 -2016000

MOTHERSON 28-Mar-24 120 CE 8.8 3221 6439700 -1838900

1008, RAHEJA CENTRE, 214, NARIMAN POINT, MUMBAI-400 021, PH- 022 – 6611 1700, EXTN. - 704
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ANALYST CERTIFICATION
The undersigned analyst hereby certifies that all the opinions presented in this report accurately reflect their personal views regarding the subject
securities, issuers, products, sectors, or industries. No part of their compensation has been, is, or will be directly or indirectly tied to specific
recommendations or views expressed in this report. The analyst assumes primary responsibility for the creation of this research report and has
diligently endeavored to establish and maintain independence and objectivity in formulating any recommendations.

Investors are strongly advised to carefully consider all relevant risk factors, including their financial condition and suitability to risk-return profiles, and
to seek professional advice before making any investment decisions.

Ashika Stock Broking Limited (ASBL) commenced its operations in 1994 and is currently a trading and clearing
member of various prominent stock exchanges, including BSE Limited (BSE), National Stock Exchange of India
Limited (NSE), Metropolitan Stock Exchange of India Limited (MSEI), National Commodity and Derivative
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the distribution of financial products such as mutual funds, IPOs, and bonds.

Recognized as a "Research Entity" under SEBI (Research Analyst) Regulations 2014 since 2015 (Registration No.
INH000000206), ASBL operates as a wholly-owned subsidiary of Ashika Global Securities (P) Ltd., a non-deposit-
taking NBFC company registered with the Reserve Bank of India (RBI). The broader Ashika Group, with detailed
information available on our website (www.ashikagroup.com), serves as an integrated financial service provider
involved in diverse activities, including Investment Banking, Corporate Lending, Debt Syndication, and other
advisory services.

Over the past three years, ASBL has not faced any substantial or material disciplinary actions imposed by
KRISHNA Digitally signed by
KRISHNA KUMAR
regulatory authorities. Nonetheless, routine inspections conducted by SEBI, Exchanges, and Depositories have
KUMAR AGARWAL identified certain operational deviations. In response to these observations, advisory letters or minor penalties
Date: 2024.03.06
AGARWAL 08:41:59 +05'30' have been issued by the relevant authorities.

DISCLOSURE
ASBL prepares and distributes research reports solely in its capacity as a Research Analyst under SEBI (Research Analyst) Regulations 2014. The
disclosures and disclaimer provided herein are integral components of all research reports being disseminated.

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4) ASBL or its associates may have received compensation for investment banking, merchant banking, and brokerage services, from the subject
companies within the preceding 12 months. However, it is important to clarify that neither ASBL, its associates, nor its Research Analysts (who are part of
the Research Desk) have received any compensation or other benefits from the subject companies or third parties in relation to the specific research
report or research recommendation. Furthermore, Research Analysts have not received any compensation from the companies mentioned in the
research report or recommendation over the past twelve months.

5) The subject companies featured in the research report or recommendation may be a current client of ASBL or may have been a client within the
twelve months preceding the date of the relevant public appearance, particularly for investment banking, merchant banking, or brokerage services.

6) ASBL or its Research Analysts have not been involved in managing or co-managing public offerings of securities for the subject company(ies) within
the past twelve months. However, it is worth noting that associates of ASBL may have managed or co-managed public offerings of securities for the
subject company(ies) in the past twelve months.

7) Research Analysts have not held positions as officers, directors, or employees of the companies mentioned in the report or recommendation.

8) Neither ASBL nor its Research Analysts have been engaged in market making activity for the companies mentioned in the report / recommendation.

DISCLAIMER
The research recommendations and information provided herein are intended solely for the personal use of the authorized recipient and should not be
construed as an offer document or as investment, legal, or taxation advice, nor should it be considered a solicitation of any action based upon it. This
report is strictly not for public distribution or use by any individual or entity in jurisdictions where such distribution, publication, availability, or utilization
would contravene the law, regulation, or be subject to registration or licensing requirements.

Recipients of this report will not be treated as customers merely by virtue of receiving it. The content is derived from information obtained from public
sources deemed reliable, but we do not guarantee its accuracy or completeness. All estimates, expressions of opinion, and other subjective judgments
contained herein are as of the date of this document and are subject to change without notice.

Recipients should conduct their own investigations and due diligence. ASBL disclaims any responsibility for any loss or damage that may result from
inadvertent errors in the information contained in this report. Past performance should not be relied upon as a guide for future performance; future
returns are not guaranteed, and the possibility of loss of capital exists.

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