ASHIKA GR OU P

D A I L Y M O R N ING R E P OR T T u e sd a y , M a r c h 5 , 2 0 2 4

TECHNICAL
• Bearish candle with increase in volume

• Buy crossover in oscillators

BUILDUP
• Lower band of Bollinger exist at 21596

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

OUTLOOK OF are at 22037 and 21810

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

20110

World Daily Daily

LTP
Indices Ch (Pts) Ch (%)
Dow Jones 38989 -97 -0.25
Indian Equity Market Performance:
Indian Equity market ended a choppy session little changed on Nasdaq 16207 -67 -0.41
Monday as investors braced for key global events this week,
S&P 500 5130 -6 -0.12
including the release of the U.S. jobs report, ECB rate decision,
FTSE 100 7640 -42 -0.55
China's top annual political gathering and Fed Chair J erome Powell's
congressional testimony. DAX 17716 -18 -0.11

Hang Seng 16193 -402 -2.43

Nikkei 39976 -111 -0.28

Sectoral Front Performance:
On the sectoral front banks, energy, infra, and pharma rose while Sensex 73872 66 0.09
information technology, metals, FMCG, and automobile remaine d Nifty 22405 27 0.12
under pressure.
Commodity Daily Daily
LTP
/ Forex Ch (Pts) Ch (%)

Technical Analysis: Gold ($/Oz) 2120.80 -5.50 -0.26

On the technical front, Nifty formed Doji candlestick pattern at the Silver ($/Oz) 23.92 -0.07 -0.30
top indicating the possibility of consolidation in the coming sessions.
Brent Crude ($/bl) 82.73 -0.07 -0.08
As the index is trading at all-time high levels, all the moving averages
and momentum indicators are sugges ting strong bullish momentum Dollar Index 103.81 0.03 0.03

in index. Going ahead, the index is likely to continue its northward USD/INR 82.89 -0.01 -0.02
journey for the coming week. On the upside, it is likely to test the
USD/YEN 150.49 -0.04 -0.03
level of 22640 , followed by 22750 on the upside in the short term .
While, on the downside, previous Swing high zone of 22125-22140 is EUR/USD 1.0850 -0.0006 -0.06

likely to act as an immediate support followed by the 20-day EMA

zone of 22040 level. Strong support base is at 21800-21700 range as it Support/Resistance levels for Indian Equity Indices
is confluence of 50 retracement of current up move off January low
S2 S1 CMP R1 R2
of 21137 is placed at 21789 followed by Lower band of rising channel
Sensex 73360 73640 73872 74025 74185

Nifty 22250 22335 22405 22450 22500

Option Activity:
Nifty (Fut) 22342 22430 22497 22545 22595
On the option front, maximum Put OI is at 22200 followed by 22000
strike, while maximum Call OI is at 23000 followed by 22800 strike.
Pivot Level
Call writing was seen at 22400 s trike, followed by 22900 strike while
Put writing was seen at 22400 strike, followed by 21800 strike. Sensex 73869

Nifty 22401

1008, RAHEJA CENTRE, 214, NARIMAN POINT, MUMBAI-400 021, PH- 022 – 6611 1700, EXTN. - 704
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ASHIKA GROUP
DAILY MORNING RE PORT March 5, 20 24

ECONOMY
NEWS

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

rice to Tanzania and 80,000 tonne of broken rice to Djibouti and Guinea
Bissau. (BS)

The government has permitted exports of 64,400 tonnes of onion to the UAE
and Bangladesh through the Na t i o n a l Cooperative Exports Ltd (NCEL),
according to notifications of the commerce ministry. (BS)

Global rating agency Moody's on Monday raised India's growth forecast for
2024 calendar year to 6.8 per cent, from 6.1 per cent estimated earlier, on the
back of 'stronger-than-expected' economic data of 2023 and fading global
economic headwinds. (BS)

Some members of oil cartel Opec, led by Saudi Arabia, and allied producers
like Russia are again deepening their voluntary crude supply cuts.
Announcements from several Opec+ countries extend reductions of some 2.2
million barrels a day, the secretariat for the multinational organisation noted
Sunday. (BS)

The National Pe n s i o n System ( NP S ) added 21.5 per cent fewer fresh

subscribers under the corporate segment in 2023 compared to the preceding
year. Government officials and experts attribute it to the higher exemption
limit of income tax of Rs 7 lakh announced in the FY24 Budget that no more
r e q u i r e s e m p l o y e e s u n d e r t h i s i n c o m e b r a c k e t t o o p t f o r N PS f o r t a x - s a v i n g
purposes. (BS)

T h e G o o d s a n d S e r v i c e s Ta x ( G S T ) c o l l e c t i o n i n P u n j a b j u m p e d 1 5 . 6 9 p e r c e n t
to Rs 19,222 crore in the current financial year so far, while the state's excise
r e ve n u e r o s e 1 1 . 7 1 p e r c e n t t o R s 8 , 0 9 3 . 5 9 c r o r e. ( B S )

Consumption of paan, tobacco and other intoxicants has increased with

people spending a bigger portion of their income on such products in the
last 10 years, according to a survey. (BS)

1008, RAHEJA CENTRE, 214, NARIMAN POINT, MUMBAI-400 021, PH- 022 – 6611 1700, EXTN. - 704
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ASHIKA GROUP
DAILY MORNING RE PORT March 5, 20 24

CORPORATE
NEWS

Tata Motors said its board of directors has given the approval for its
d e m e r g e r i n t o t w o s e p a r a t e l i s t e d c o m p a n i e s - t h e c o m m e r c i a l ve h i c l e s
business and its related investments in one entity, and the passenger
v e h i c l e s b u s i n e s s , i n c l u d i n g E V s a n d JL R , a n d i t s r e l a t e d i n v e s t m e n t s i n
another entity. The demerger will be implemented through an NCLT scheme
of arrangement.

Mahindra & Mahindra is set to receive another round of incentives as they

t a k e t h e l e a d i n g e t t i n g b e n e f i t s u n d e r t h e g o v e r n m e n t ’ s PL I p r o g r a m m e .

N T P C G r e e n E n e r g y , a w h o l l y o w n e d s u b s i d i a r y o f N T PC , h a s s i g n e d a J o i n t
V e n t u r e A g r e e m e n t w i t h U t t a r Pr a d e s h R a j y a V i d y u t U t p a d a n Ni g a m f o r t h e
d e ve l o p m e n t o f r e n e w a b l e p o w e r p a r k s a n d p r o j e c t s i n Ut t a r Pr a d e s h .

T h e D e p a r t m e n t o f Te l e c o m m u n i c a t i o n s , G o v e r n m e n t o f I n d i a , h a s g r a n t e d
Tata Communications an additional authorization for providing M2M services
in the national area under the company’s existing unified license agreement.

F o s f o r , a p r o d u c t d i v i s i o n o f L T I M i n d t r e e, l a u n c h e d t h e F o s f o r D e c i s i o n C l o u d
(FDC). The FDC is a connected fabric that helps companies organise data to
build automated and harness the power of AI to make better business
decisions faster.

The Reserve Bank of India (RBI) has directed IIFL Finance to cease and
desist, with immediate effect, from sanctioning or disbursing gold loans or
assigning, securitising, or selling any of its gold loans.

E a s y T r i p Pl a n n e r s h a s p a r t n e r e d w i t h p u b l i c s e c t o r l e n d e r Pu n j a b Na t i o n a l
B a n k ( PN B ) t o l a u n c h t h e P N B E M T C r e d i t C a r d .

Cyient announced its membership with the Massachusetts Medical Device

I n d u s t r y C o u n c i l , t h e l a r g e s t r e g i o n a l M e d Te c h a s s o c i a t i o n i n t h e U S .

Brigade Enterprises has launched the Dioro project at Brigade El Dorado.

The project size is around 6.1 million square feet, with a potential revenue
va l u e o f R s 38 0 c r o r e .

H S C C ( I n d i a ) , a w h o l l y o w n e d s u b s i d i a r y o f NB C C , h a s r e c e i v e d a w o r k o r d e r
worth Rs 92 crore from the Post Graduate Institute of Medical Education and
R e s e a r c h ( PG I M E R ) , C h a n d i g a r h .

1008, RAHEJA CENTRE, 214, NARIMAN POINT, MUMBAI-400 021, PH- 022 – 6611 1700, EXTN. - 704
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 ASHIKA GROUP
DAILY MORNING RE PORT March 5, 20 24

• *Swan Energy Limited : Leading Light Fund Vcc The Triumph Fund
BULK DEA L Sell 2518053 Shares @ Rs. 721.09
• *Cleducate : Mathew Cyriac Buy 1035000 Shares @ Rs. 88.01
• *Cressan : Nacio Multi Traders Llp Buy 3382294 Shares @ Rs. 21.01
• *Tijaria : Nav Capital Vcc - Nav Capital Emerging Star Fund Buy
241791 Shares @ Rs. 12.81

INSIDER TRADE

ACQUISITION • * Sahay Meghav Mehta Promoter Group Acquisition 22420 shares of

Deepak Nitrite Ltd.-$ on 29-Feb-24
• * H J Thakkar Property Investment LLP Promoter Group Acquisition
185000 shares of Adf Foods Ltd.-$ on 29-Feb-24
• * MAHENDRA K. DAGA HUF Promoter Group Acquisition 575 shares
of Orient Bell Limited-$ on 01-Mar-24
• * VIRTUOUS TRADECORP PRIVATE LIMITED Promoter Group
Acquisition 6325000 shares of Jindal Stainless Ltd. on 29-Feb-24

DISPOSAL • * Narayan Santhanam Promoter Group Disposal 20000 shares of

Thirumalai Chemicals Ltd. on 01-Mar-24
• * Deepak C Mehta Promoter Disposal 22420 shares of Deepak Nitrite
Ltd.-$ on 29-Feb-24
• * RAMA MINES MAURITIUS LIMITED Promoter Disposal 76532 shares
of Deccan Gold Mines Ltd. on 29-Feb-24
• * BHARATI SHIRISH MODY Promoter Group Disposal 4724 shares of
Sasken Technologies Ltd on 23-Feb-24
• * Polimetla Ravi Prasad Director Disposal 1450 shares of Ramky
Infrastructure Ltd. on 27-Feb-24

PLEDGE
• * Zuari Industries Limited Formerly Zuari Global Limited Promoter
Pledge 3475000 shares of Chambal Fertilisers & Chemicals Ltd. on
28-Feb-24
• * Watco Engineering Co. Pvt. Ltd Promoter Group Pledge 1616712
shares of Nitco Ltd. on 01-Mar-24

REVOKE • * Watco Engineering Co. Pvt. Ltd Promoter Group Revoke 1616712
shares of Nitco Ltd. on 04-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 5, 20 24

NIFTY 500
Top 10 Gainer Top 10 Loser

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

BHEL 265.1 12.4% RAINBOW 1190.0 -8.5%

TRIVENI 355.0 7.8% GLS 799.0 -5.4%

SOLARINDS 7300.0 6.6% TV18BRDCST 56.0 -5.0%

PNCINFRA 465.0 6.6% CHEMPLASTS 460.0 -5.0%

KEI 3400.0 5.8% NETWORK18 100.3 -5.0%

OIL 627.0 5.8% FLUOROCHEM 3500.0 -4.7%

DATAPATTNS 2942.0 5.2% FORTIS 385.0 -4.4%

TATAINVEST 8428.4 5.0% IIFL 596.3 -4.2%

KNRCON 283.0 4.0% APLLTD 1004.7 -4.1%

NTPC 354.4 3.7% TRITURBINE 494.0 -3.9%

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 11,963.11 8,420.24 3,542.87

FII 13,489.19 14,053.25 -564.06

Category 04/03/2024 02/03/2024 01/03/2024 29/02/2024 28/02/2024 27/02/2024

DII 3,542.87 -44.7 3,814.53 -230.21 1,827.45 2,861.56

FII -564.06 -81.9 128.94 3,568.11 -1,879.23 -1,509.16

1008, RAHEJA CENTRE, 214, NARIMAN POINT, MUMBAI-400 021, PH- 022 – 6611 1700, EXTN. - 704
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ASHIKA GROUP
DAILY MORNING RE PORT March 5, 20 24

• N i f ty g ai ned b y 0. 1 2% wi th N i f ty fu tu re ad d ed
1 .37 l ak h sh ares i n o p en i nterest and stoc k
f u tu re ad d ed 994.5 L ak h sh ares i n op en
i nterest .

• N i f ty P C R d ec reased t o 1 . 29 f ro m 1 . 3 2

• T otal Ni f ty C all s ad d ed 1 56. 8 l akh sh ares i n

o p en i nterest .

• T otal Ni f ty P uts ad d ed 176 .0 l ak h 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 sol d net Rs. 564. 06 Cr (p ro vi sio nal ) , w hi l e

D IIs so l d net Rs . 3 ,5 4 2 . 8 7 C r i n c ash m ark et .

• F II so l d net Rs. 1 8 7 2 5 . 36 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 04/03/2024 02/03/2024 01/03/2024 29/02/2024

Spot 22405.6 22378.4 22338.75 21982.8

% Change in Spot 0.12% 0.18% 1.62% 0.14%

Nifty(FUT) Mar. 22497.95 22502 22443.2 22160.5

Nifty(FUT) Mar. Vol. 75588 27698 180557 181719

Nifty(FUT) Mar. - OI 12709050 12839750 12913500 13081300

Nifty(FUT) Apr. 22639.85 22640.6 22579.2 0

Nifty(FUT) Apr. Vol. 7453 2030 12150 0

Nifty(FUT) Apr. - OI 1384700 1187000 1175300 0

T R AD E S T AT I S T I C S F OR 04 .03.2 02 4
Particulars Volume (contracts) Value (₹ Lakhs) Put Call Ratio

Stock Futures 11,02,648 1021669 -

Index Options 28,43,32,777 5262372 0.93

Stock Options 35,79,529 794611 0.41

Index Futures 2,84,253 2397444 -

NSE F&O Total Turnover 28,92,99,207 2,38,40,84,146

NSE Cash Turnover - 91,17,075.43

BSE Cash Turnover - 7,24,731.00

Total Turnover - 7114690 0.92

1008, RAHEJA CENTRE, 214, NARIMAN POINT, MUMBAI-400 021, PH- 022 – 6611 1700, EXTN. - 704
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DAILY MORNING RE PORT March 5, 20 24

F I I C OR N ER (F & O)
FII NET BUYING/SELLING & CHANGE IN OPEN INTEREST (Cr. Rupee)

04/03/2024 02/03/2024 01/03/2024

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

Index Future 1270 197 197 148 -191 1099

Index option -19683 17045 1313 13896 -13682 163301

Stock Future -325 -2049 -329 1082 5378 4612

Stock option 13 2224 -9 546 -751 10429

Total -18725 17417 1172 15672 -9246 179441

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

Contracts 04/03/2024 02/03/2024 01/03/2024 29/02/2024 28/02/2024

Index Futures 3129 177 -6239 5172 825

Index Options 1301 2506 -18419 11506 -7958

Stock Futures 330747 62738 -585180 76484 -25597

Stock Options 20828 5434 -123254 -25448 -23398

F&O Total 356006 70855 -733091.99 67714.32 -56127.94

Increase in OI with Increase in Price (Long Buildup )

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

SAIL 12,02,72,000 14,00,08,000 142.25 2.52% 16.41%

BHEL 8,92,44,750 10,45,69,500 266.7 12.20% 17.17%

BEL 12,29,77,500 13,43,54,700 211 1.56% 9.25%

NATIONALUM 7,42,05,000 7,97,25,000 168.25 0.69% 7.44%

GAIL 12,50,57,625 13,00,26,075 192.3 3.53% 3.97%

Increase in OI with Decrease in Price (Short Buildup)

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

IDEA 1,85,00,80,000 1,89,73,60,000 14.4 -1.71% 2.56%

MOTHERSON 9,45,08,100 10,00,95,800 120.6 -0.33% 5.91%

TATASTEEL 19,45,68,000 19,99,19,500 154.05 -1.44% 2.75%

INFY 2,62,42,800 2,81,81,600 1641 -1.44% 7.39%

ITC 10,43,39,200 10,59,79,200 411.8 -0.53% 1.57%

1008, RAHEJA CENTRE, 214, NARIMAN POINT, MUMBAI-400 021, PH- 022 – 6611 1700, EXTN. - 704
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DAILY MORNING RE PORT March 5, 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 22400 CE 121.85 2352468 6195300 2601200

7-Mar-24 22400 PE 125.8 2230568 4984250 2473450
7-Mar-24 21550 PE 4.45 236901 2833000 2000800
7-Mar-24 22200 PE 57.15 992813 8463300 1741650
7-Mar-24 22900 CE 3.95 644976 4764950 1125950
7-Mar-24 23000 CE 2.55 855133 8543100 1117550
7-Mar-24 22450 CE 96.55 1136560 2140250 1100700
7-Mar-24 22500 CE 74.25 1698195 5216800 1099250
7-Mar-24 21800 PE 10.8 473992 4912850 1065800
7-Mar-24 21900 PE 16.15 500657 4215300 1020350

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

7-Mar-24 21400 PE 2.65 388855 2933250 -1078350

7-Mar-24 23050 CE 2 289965 1792800 -959450

7-Mar-24 22300 CE 181.95 646456 2473100 -884500

7-Mar-24 20800 PE 1.45 108613 1234000 -850000

7-Mar-24 21200 PE 1.95 269943 1665550 -691450

7-Mar-24 19850 PE 0.75 110029 2699000 -429050

7-Mar-24 21000 PE 1.85 393401 6818400 -387900

7-Mar-24 21300 PE 2.2 258623 2110700 -279100

7-Mar-24 21100 PE 1.9 136079 1373300 -273700

7-Mar-24 20900 PE 1.55 79307 944200 -240800

3573100

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

3309500

4000000
Call
3500000 Put
2345950

3000000
2073200

1940250
1850600

2500000
1807800

1470100

2000000
1271100

1123300

1500000
835650
801000

794550

833700

716600
854550

599100

586550
548500

553700
556100

1237850

431800
418050

1000000
1116500
267100

845500

142600
108050

138550

163150

117650
94900

50300
676700

23100

17300

500000
2150

1550
483300

0
21500

21600

21700

21800

21900

22000

22100

22200

22300

22400

22500

22600

22700

22800

22900

23000

23100

23200

23300

23400

1008, RAHEJA CENTRE, 214, NARIMAN POINT, MUMBAI-400 021, PH- 022 – 6611 1700, EXTN. - 704
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DAILY MORNING RE PORT March 5, 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

IDEA 28-Mar-24 14 CE 1.3 886 92560000 16560000

ONGC 28-Mar-24 285 CE 6.4 7082 10895500 9759750

IDEA 28-Mar-24 15 CE 0.9 1156 141840000 8400000

TATASTEEL 28-Mar-24 160 CE 3.35 15860 31388500 8217000

NTPC 28-Mar-24 365 CE 6.15 6121 8265000 7938000

IDEA 28-Mar-24 16 CE 0.6 1933 141680000 7600000

BHEL 28-Mar-24 260 PE 10.75 11285 7696500 7581000

BHEL 28-Mar-24 250 PE 6.75 11694 6777750 6205500

TATASTEEL 28-Mar-24 170 CE 1.35 11394 12567500 6132500

BHEL 28-Mar-24 270 CE 11.4 12643 5586000 5586000

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

GMRINFRA 28-Mar-24 85 PE 3.1 849 7751250 -5366250

BHEL 28-Mar-24 240 CE 29.7 4050 2058000 -2971500

NTPC 28-Mar-24 345 CE 16.1 2937 1746000 -2208000

TATAPOWER 28-Mar-24 380 CE 21.35 4372 3354750 -2180250

GAIL 28-Mar-24 185 CE 11.15 3486 3422100 -2003850

IEX 28-Mar-24 150 CE 9.75 3135 4440000 -1773750

BHEL 28-Mar-24 235 CE 33.7 1239 1407000 -1764000

BHEL 28-Mar-24 230 CE 38.05 2313 4299750 -1711500

NTPC 28-Mar-24 340 CE 19.65 2637 2304000 -1572000

NATIONALUM 28-Mar-24 160 CE 12.55 1585 4762500 -1530000

1008, RAHEJA CENTRE, 214, NARIMAN POINT, MUMBAI-400 021, PH- 022 – 6611 1700, EXTN. - 704
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DAILY MORNING RE PORT March 5, 20 24

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: 2024.03.05
AGARWAL 08:34:29 +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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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.

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The research recommendations and information provided herein are intended solely for the personal use of the authorized recipient and should not be
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report is strictly not for public distribution or use by any individual or entity in jurisdictions where such distribution, publication, availability, or utilization
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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
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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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