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Derivatives Market Update — Axis Direct

Derivatives Market Update

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Derivatives Market Update — Axis Direct

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  1. WEEKLY DERIVATIVE REPORT 16 Sept 2019 Nifty Futures View Nifty Active Futures Volatility FII Activity 11105.55 India VIX Index 14.12 INDEX FUTURES 300 12.45 Nifty Active Futures OI 16778250 Nifty ATM Call IV INDEX OPTIONS 1180 12.56 Change in OI -377325 Nifty ATM Put IV STOCK FUTURES 127 Premium / Discount 29.65 PCR Index Options 1.34 STOCK OPTIONS 4 Inference Short Covering PCR F&O Total 1.02 FII Net Activity 1612 HIGHLIGHTS: Nifty futures closed at 11105.55 on a positive note with 2.20% decrease in open interest indicating Short Covering. Futures closed at a premium of 30 points compared to previous day premium of 14 points. FII's were Buyers in Index Futures to the tune of 300 crores and were Buyers in Index Options to the tune of 1180 crores, Stock Futures were Buyers to the tune of 127 crores. FII's were Net Buyers in derivative segment to the tune of 1612 crores. India VIX index is at 14.12, Nifty ATM call option IV is currently at 12.45 whereas Nifty ATM put option IV is quoting at 12.56. Index options PCR is at 1.34 and F&O Total PCR is at 1.02. N Ni if ft ty y O Op pt ti io on ns s O OI I D Di is st tr ri ib bu ut ti io on n 350 Call_oi Put_oi x 10000 300 250 200 150 100 50 0 10800 10700 10900 11000 11100 11200 11300 11400 11500 11600 N Ni if ft ty y O Op pt ti io on ns s - -C Ch ha an ng ge e i in n O OI I Among stock futures BPCL, TORNTPHARMA, CONCOR & ACC have witnessed long build up and may show strength in coming session. 80 Call_chg Put_chg x 10000 60 40 Stock which witnessed short build up are RAYMOND, PEL, CHOLAFIN & IDFCFIRSTB and may remain weak in coming session. 20 0 Nifty Put options OI distribution shows that 10800 has highest OI concentration followed by 11000 & 10600 which may act as support for current expiry. 10700 10800 10900 11000 11100 11200 11300 11400 11500 11600 -20 -40 Nifty Call strike 11200 followed by 11300 witnessed significant OI concentration which may act as resistance for current expiry. -60 S SE EC CU UR RI IT TI IE ES S I IN N B BA AN N P PE ER RI IO OD D: : N NI IL L _ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ _ S St to oc ck k F Fu ut tu ur re es s - - L Lo on ng g B Bu ui il ld d _ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ __ _ S St to oc ck k F Fu ut tu ur re es s - - S Sh ho or rt t B Bu ui il ld d U Up p Fut Price Open Interest Fut Price Symbol % Chg % Chg Symbol % Chg Open Interest % Chg RAYMOND 587.65 -1.16% 1579200.00 19.64% BPCL 409.65 6.31% 17557200.00 22.63% CHOLAFIN 275.55 -0.67% 3640000.00 9.39% TORNTPHARM 1728.80 0.88% 329500.00 12.65% PEL 1910.25 -3.06% 3943818.00 6.47% CONCOR 531.95 2.16% 3165075.00 10.29% IDFCFIRSTB 42.15 -1.98% 188892000.00 6.29% ACC 1532.15 3.20% 2511200.00 9.99% 16 September 2019 For private circulation only

  2. WEEKLY DERIVATIVE REPORT Week ended 16 SEP 2019 N NI IF FT TY Y H HI IG GH HL LI IG GH HT TS S: : Nifty Futures has increased by 1.20% to close at 11,105 from previous week close of 10,974. Nifty annualized volatility index India Vix has decreased to 14.12% from 16.27% down by 13.24%. The total open interest (OI) in the Nifty stood at Rs 13,218cr.Where as stock futures OI is at 43,850cr. The open interest position of FII in Index Futures is at Rs 16,720Cr and in Stock futures is at Rs 90,223Cr. Nifty PCR OI Call OI Put OI PCR OI has come down from high of 1.41 making low of 1.27 and closed on weekly basis at 1.34 levels. 6.50 1.80 6.00 PCR OI currently is at 1.34 levels which is well above the median line indicating that we will see Nifty continue its ongoing momentum with cautiousness. 1.60 PUT CALL RATIO 5.50 OI in cr. 5.00 1.40 4.50 1.20 4.00 1.00 3.50 3.00 0.80 11-Sep 12-Sep 13-Sep Aug Aug 4-Sep 6-Sep 9-Sep 3-Sep 5-Sep 29- 30- O Op pe en n I In nt te er re es st t A An na al ly ys si is s Open Interest Put OI Call OI Options Built up Shows that for now nifty has strong support at 11,000 followed by 10,800 and resistance at 11,200 levels followed by 11,300. 3,500,000 3,000,000 2,500,000 11,200 & 11,300 strike call and 11,000 put followed by 10,800 put has highest open interest concentration which suggests that Nifty is likely to remain &trade between this levels. 2,000,000 Open Interest 1,500,000 1,000,000 500,000 0 10500 10600 10700 11000 11100 11200 11300 11400 11500 11700 10800 10900 11600 C Ch ha an ng ge e i in n O Op pe en n I In nt te er re es st t Change in Open Interest Call OI Put OI This week major addition was seen on the Put front with 10,900 and 11,000 strikes adding 5.13 and 9.45 lakh in OI respectively. 1,500,000 1,000,000 On the Call front we have seen addition at 11,100 strike with increase in OI of 6.06 lakh shares, while addition of 7.90 lakh shares was witnessed in 11,300 strike. 500,000 Open Interest 0 -500,000 -1,000,000 10500 10700 10800 10900 11000 11100 11200 11400 11500 11700 10600 11300 11600 16 September 2019 For private circulation only

  3. WEEKLY DERIVATIVE REPORT V Vo ol la at ti il li it ty y A An na al ly ys si is s Implied volatility(IV) Iv Put IV Call Historic volatility IV differential between call and put has significantly increased from last week level, which implies that nifty, will be cautious may trade with negative bias. 22.00 20.00 18.00 Call IV’s currently at 11.70%, while Put IV’s are at 13.93%. 16.00 14.00 Implied Volatility of option for the current series is at 12.83% and have descended from higher level in this week. 12.00 10.00 11-Sep- 12-Sep- 13-Sep- Aug-19 Aug-19 3-Sep- 5-Sep- 6-Sep- 9-Sep- 4-Sep- 19 19 19 19 19 29- 30- 19 19 19 W We ee ek kl ly y P Pa ar rt ti ic ci ip pa an nt t W Wi is se e O Op pe en n I In nt te er re es st t FUT IDX Long (contracts) 184,836 -2,687 FUT IDX Short (contracts) 150,090 FUT STK Long (contracts) FUT STK Short (contracts) Net Chg Participant Net Chg Net Chg Participant Net Chg Client -14,411 Client 801,023 -6,809 221,700 9,485 DII DII 61,088 -11,215 4,996 -4,162 21,106 10,276 1,047,182 2,739 FII 56,567 21,934 158,696 29,499 FII 943,198 -747 562,316 -3,001 Pro 34,074 3,425 22,783 531 Pro 169,955 14,960 104,084 8,457 F FI II I I In nd de ex x F Fu ut tu ur re es s 06-Sep 09-Sep 11-Sep 12-Sep 13-Sep FII activity in the index futures had been mostly on the mixed side during this week. 400 250,000 225,000 200 FII have been net sellers in Index future to the tune of 135 crore during this week. 200,000 0 In Crores 175,000 -200 150,000 -400 125,000 100,000 -600 75,000 -800 50,000 -1,000 25,000 -1,200 0 NET AMT OI IN CONTRACT F FI II I S St to oc ck k F Fu ut tu ur re es s FII activity in Stock futures had been mostly on the mixed side during last week. 06-Sep 09-Sep 11-Sep 12-Sep 13-Sep 600 1,515,000 This week FII have been net sellers in stock future segment to the tune of 3 crore. 500 400 300 In Crores 1,500,000 200 100 0 -100 1,485,000 -200 -300 -400 -500 1,470,000 NET AMT OI IN CONTRACT 16 September 2019 For private circulation only

  4. WEEKLY DERIVATIVE REPORT S Se ec ct to or r W Wi is se e O Op pe en n I In nt te er re es st t A An nd d P Pr ri ic ce e D Da at ta a W We ee ek kl ly y P Pr ri ic ce e C Ch ha an ng ge e W We ee ek kl ly y O OI I C Ch ha an ng ge e W We ee ek kl ly y P PC CR R C Ch ha an ng ge e Wkly OI change Wkly Roll Over change Wkly Price change Textile Textile Textile 9.02% 3.79% 0.53% Fertilisers 0.20% Fertilisers Fertilisers Oil_Gas 2.61% 0.65% 2.84% Oil_Gas Oil_Gas Cement 1.66% 2.35% 4.18% Cement Cement Capital_Good s 4.74% 0.90% 3.69% Capital_Good s Capital_Good s Media 2.93% 1.44% 2.34% FMCG Media Media 3.63% 1.17% 0.53% Pharma FMCG 3.50% FMCG 0.63% 0.93% Automobile 4.15% Pharma Pharma -0.31% 1.51% Infrastructure 8.57% Automobile Automobile 2.27% 1.12% Finance 2.14% Infrastructure 5.56% Infrastructure 2.11% Others 7.43% Finance 2.50% Finance 1.86% 0.29% Power Others 3.20% 4.37% Others Metals 1.22% 3.30% Power 0.06% Technology 1.32% Power 27.15% 4.58% Realty Metals 1.54% Metals 2.74% Banking -2.22% Technology 1.03% Technology 0.12% Telecom 7.10% Realty 1.01% Realty 5.41% Index 3.25% Banking 2.32% Banking -0.50% Telecom 3.33% Telecom 1.21% Index 1.78% Index W We ee ek kl ly y O Op pe en n I In nt te er re es st t G Ga ai in ne er r Script ID Price W We ee ek kl ly y O Op pe en n I In nt te er re es st t L Lo os se er r Script ID Price % Chg OI Futures % Chg % Chg OI Futures % Chg APOLLOHOSP 1459.25 -1.87% 2259000 65.56% MCX 948.3 9.14% 1708000 -25.63% CESC 827.4 5.32% 796000 54.74% RELINFRA 40.25 6.48% 10952000 -19.35% TATAGLOBAL 260.05 -1.51% 11739600 29.44% RELCAPITAL 36.6 3.83% 10770000 -18.22% INDIGO 1723.3 4.03% 3376200 26.53% ENGINERSIN 112.6 4.11% 5681000 -17.83% BPCL We ee ek kl ly y P Pr ri ic ce e G Ga ai in ne er r Script ID 409.65 7.65% 17557200 24.76% SHREECEM W 18864.7 5.24% 164300 -14.74% We ee ek kl ly y P Pr ri ic ce e L Lo os se er r Script ID W Price % Chg OI Futures % Chg Price % Chg OI Futures % Chg JINDALSTEL 109.4 13.66% 36988800 -1.72% GLENMARK 368.2 -5.58% 4938000 16.63% YESBANK 68.75 13.26% 144931600 2.35% ICICIPRULI 418.85 -4.36% 6547500 5.77% DHFL 50.9 12.24% 12348000 -2.19% OFSS 2947.3 -3.35% 150600 -5.73% ADANIPOWER 64.9 10.94% 94080000 -3.19% HCLTECH 1069.95 -3.23% 10863300 6.62% TATAPOWER 64.4 10.84% 37575000 -10.89% ZEEL 351.8 -3.09% 17399200 2.48% 16 September 2019 For private circulation only

  5. WEEKLY DERIVATIVE REPORT S St to oc ck k w wi is se e O Op pe en n I In nt te er re es st t D Di is st tr ri ib bu ut ti io on n i in n B Ba an nk ki in ng g S Se ec ct to or r BANKBARODA AXISBANK BANKINDIA CANBK YESBANK UNIONBANK FEDERALBNK HDFCBANK SBIN ICICIBANK PNB, 11% RBLBANK IDFCFIRSTB IDBI KOTAKBANK INDUSINDBK, 1% B Ba an nk k N Ni if ft ty y O Op pe en n I In nt te er re es st t f fo or r P PS SU U B Ba an nk ks s V V/ /s s P Pr ri iv va at te e B Ba an nk ks s Open Interest 44% 56% Psu Bank Private Bank B Ba an nk k N Ni if ft ty y S St tr ri ik ke e w wi is se e o op pe en n i in nt te er re es st t d di is st tr ri ib bu ut ti io on n Open Interest Call OI Put OI 450,000 400,000 350,000 300,000 Open Interest 250,000 200,000 150,000 100,000 50,000 0 27100 27300 27400 27600 27700 27900 28000 28200 28300 28500 28600 28800 28900 29100 27200 27500 27800 28100 28400 28700 29000 SBIN, KOTAKBANK and ICICIBANK can see some POSITIVE move in this week. Bank Nifty has a very strong support at 28,000 with 28,000 PE strike having highest OI concentration followed by 27,500 and on the call front 28,500 CE strike has highest OI concentration indicating strong resistance level followed by 29,000. 16 September 2019 For private circulation only

  6. WEEKLY DERIVATIVE REPORT Disclaimer: Nothing in this report constitutes investment, legal, accounting and tax advice or a representation that any investment or strategy is suitable or appropriate to the recipient’s specific circumstances. The securities and strategies discussed and opinions expressed, if any, in this report may not be suitable for all investors, who must make their own investment decisions, based on their own investment objectives, financial positions and needs of specific recipient. This report may not be taken in substitution for the exercise of independent judgment by any recipient. Each recipient of this report should make such investigations as it deems necessary to arrive at an independent evaluation of an investment in the securities of companies referred to in this report (including the merits and risks involved), and should consult its own advisors to determine the merits and risks of such an investment. Certain transactions, including those involving futures, options and other derivatives as well as non-investment grade securities involve substantial risk and are not suitable for all investors. ASL, its directors, analysts or employees do not take any responsibility, financial or otherwise, of the losses or the damages sustained due to the investments made or any action taken on basis of this report, including but not restricted to, fluctuation in the prices of shares and bonds, changes in the currency rates, diminution in the NAVs, reduction in the dividend or income, etc. Past performance is not necessarily a guide to future performance. Investors are advise necessarily a guide to future performance. Investors are advised to see Risk Disclosure Document to understand the risks associated before investing in the securities markets. Actual results may differ materially from those set forth in projections. Forward-looking statements are not predictions and may be subject to change without notice. ASL and its affiliated companies, their directors and employees may; (a) from time to time, have long or short position(s) in, and buy or sell the securities of the company(ies) mentioned herein or (b) be engaged in any other transaction involving such securities or earn brokerage or other compensation or act as a market maker in the financial instruments of the company(ies) discussed herein or act as an advisor or investment banker, lender/borrower to such company(ies) or may have any other potential conflict of interests with respect to any recommendation and other related information and opinions. Each of these entities functions as a separate, distinct and independent of each other. The recipient should take this into account before interpreting this document. ASL and / or its affiliates do and seek to do business including investment banking with companies covered in its research reports. As a result, the recipients of this report should be aware that ASL may have a potential conflict of interest that may affect the objectivity of this report. Compensation of Research Analysts is not based on any specific merchant banking, investment banking or brokerage service transactions. ASL may have issued other reports that are inconsistent with and reach different conclusion from the information presented in this report. Neither this report nor any copy of it may be taken or transmitted into the United State (to U.S. Persons), Canada, or Japan or distributed, directly or indirectly, in the United States or Canada or distributed or redistributed in Japan or to any resident thereof. If this report is inadvertently sent or has reached any individual in such country, especially, USA, the same may be ignored and brought to the attention of the sender. This report is not directed or intended for distribution to, or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction, where such distribution, publication, availability or use would be contrary to law, regulation or which would subject ASL to any registration or licensing requirement within such jurisdiction. The securities described herein may or may not be eligible for sale in all jurisdictions or to certain category of investors. The Disclosures of Interest Statement incorporated in this document is provided solely to enhance the transparency and should not be treated as endorsement of the views expressed in the report. The Company reserves the right to make modifications and alternations to this document as may be required from time to time without any prior notice. The views expressed are those of the analyst(s) and the Company may or may not subscribe to all the views expressed therein. Copyright in this document vests with Axis Securities Limited. Axis Securities Limited, SEBI Single Reg. No.- NSE, BSE & MSEI – INZ000161633, ARN No. 64610, CDSL-IN-DP-CDSL-693-2013, SEBI- Research Analyst Reg. No. INH 000000297, SEBI Portfolio Manager Reg. No.- INP000000654, Main/Dealing off.- Unit No. 2, Phoenix Market City, 15, LBS Road, Near Kamani Junction, Kurla (west), Mumbai-400070, Tel No. – 18002100808, Reg. off.- Axis House, 8th Floor, Wadia International Centre, Pandurang Budhkar Marg, Worli, Mumbai – 400 025.Compliance Officer: Anand Shaha, E-Mail ID: compliance.officer@axisdirect.in,Tel No: 022-42671582. 16 September 2019 For private circulation only

  7. WEEKLY DERIVATIVE REPORT Disclaimer: Nothing in this report constitutes investment, legal, accounting and tax advice or a representation that any investment or strategy is suitable or appropriate to the recipient’s specific circumstances. The securities and strategies discussed and opinions expressed, if any, in this report may not be suitable for all investors, who must make their own investment decisions, based on their own investment objectives, financial positions and needs of specific recipient. This report may not be taken in substitution for the exercise of independent judgment by any recipient. Each recipient of this report should make such investigations as it deems necessary to arrive at an independent evaluation of an investment in the securities of companies referred to in this report (including the merits and risks involved), and should consult its own advisors to determine the merits and risks of such an investment. Certain transactions, including those involving futures, options and other derivatives as well as non-investment grade securities involve substantial risk and are not suitable for all investors. ASL, its directors, analysts or employees do not take any responsibility, financial or otherwise, of the losses or the damages sustained due to the investments made or any action taken on basis of this report, including but not restricted to, fluctuation in the prices of shares and bonds, changes in the currency rates, diminution in the NAVs, reduction in the dividend or income, etc. Past performance is not necessarily a guide to future performance. Investors are advise necessarily a guide to future performance. Investors are advised to see Risk Disclosure Document to understand the risks associated before investing in the securities markets. Actual results may differ materially from those set forth in projections. Forward-looking statements are not predictions and may be subject to change without notice. ASL and its affiliated companies, their directors and employees may; (a) from time to time, have long or short position(s) in, and buy or sell the securities of the company(ies) mentioned herein or (b) be engaged in any other transaction involving such securities or earn brokerage or other compensation or act as a market maker in the financial instruments of the company(ies) discussed herein or act as an advisor or investment banker, lender/borrower to such company(ies) or may have any other potential conflict of interests with respect to any recommendation and other related information and opinions. Each of these entities functions as a separate, distinct and independent of each other. The recipient should take this into account before interpreting this document. ASL and / or its affiliates do and seek to do business including investment banking with companies covered in its research reports. As a result, the recipients of this report should be aware that ASL may have a potential conflict of interest that may affect the objectivity of this report. Compensation of Research Analysts is not based on any specific merchant banking, investment banking or brokerage service transactions. ASL may have issued other reports that are inconsistent with and reach different conclusion from the information presented in this report. Neither this report nor any copy of it may be taken or transmitted into the United State (to U.S. Persons), Canada, or Japan or distributed, directly or indirectly, in the United States or Canada or distributed or redistributed in Japan or to any resident thereof. If this report is inadvertently sent or has reached any individual in such country, especially, USA, the same may be ignored and brought to the attention of the sender. This report is not directed or intended for distribution to, or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction, where such distribution, publication, availability or use would be contrary to law, regulation or which would subject ASL to any registration or licensing requirement within such jurisdiction. The securities described herein may or may not be eligible for sale in all jurisdictions or to certain category of investors. The Disclosures of Interest Statement incorporated in this document is provided solely to enhance the transparency and should not be treated as endorsement of the views expressed in the report. The Company reserves the right to make modifications and alternations to this document as may be required from time to time without any prior notice. The views expressed are those of the analyst(s) and the Company may or may not subscribe to all the views expressed therein. Copyright in this document vests with Axis Securities Limited. Axis Securities Limited, SEBI Single Reg. No.- NSE, BSE & MSEI – INZ000161633, ARN No. 64610, CDSL-IN-DP-CDSL-693-2013, SEBI- Research Analyst Reg. No. INH 000000297, SEBI Portfolio Manager Reg. No.- INP000000654, Main/Dealing off.- Unit No. 2, Phoenix Market City, 15, LBS Road, Near Kamani Junction, Kurla (west), Mumbai-400070, Tel No. – 18002100808, Reg. off.- Axis House, 8th Floor, Wadia International Centre, Pandurang Budhkar Marg, Worli, Mumbai – 400 025.Compliance Officer: Anand Shaha, E-Mail ID: compliance.officer@axisdirect.in,Tel No: 022-42671582. 16 September 2019 For private circulation only

  8. WEEKLY DERIVATIVE REPORT Disclosures: The following Disclosures are being made in compliance with the SEBI Research Analyst Regulations 2014 (herein after referred to as the Regulations). 1. Axis Securities Ltd. (ASL) is a SEBI Registered Research Analyst having registration no. INH000000297. ASL, the Research Entity (RE) as defined in the Regulations, is engaged in the business of providing Stock broking services, Depository participant services & distribution of various financial products. ASL is a subsidiary company of Axis Bank Ltd. Axis Bank Ltd. is a listed public company and one of India’s largest private sector bank and has its various subsidiaries engaged in businesses of Asset management, NBFC, Merchant Banking, Trusteeship, Venture Capital, Stock Broking, the details in respect of which are available on www.axisbank.com. 2. ASL is registered with the Securities & Exchange Board of India (SEBI) for its stock broking & Depository participant business activities and with the Association of Mutual Funds of India (AMFI) for distribution of financial products and also registered with IRDA as a corporate agent for insurance business activity. 3. ASL has no material adverse disciplinary history as on the date of publication of this report. 4. I/We, authors (Research team) and the name/s subscribed to this report, hereby certify that all of the views expressed in this research report accurately reflect my/our views about the subject issuer(s) or securities. I/We also certify that no part of my/our compensation was, is, or will be directly or indirectly related to the specific recommendation(s) or view(s) in this report. I/we or my/our relative or ASL does not have any financial interest in the subject company. Also I/we or my/our relative or ASL or its Associates may have beneficial ownership of 1% or more in the subject company at the end of the month immediately preceding the date of publication of the Research Report. Since associates of ASL are engaged in various financial service businesses, they might have financial interests or beneficial ownership in various companies including the subject company/companies mentioned in this report. I/we or my/our relative or ASL or its associate does not have any material conflict of interest. I/we have not served as director / officer, etc. in the subject company in the last 12- month period. Research Team E-mail Sr. No Name Designation 1 Rajesh Palviya Technical & DerivativeAnalyst - (Head) Technical Analyst Derivative Analyst rajesh.palviya@axissecurities.in 2 Vaishnavi Jagtap vaishnavi.jagtap@axissecurities.in 3 Hemang Gor hemang.gor@axissecurities.in 4 Hiren Trivedi Kiran Gawle Research Associate hiren.trivedi@axissecurities.in 5 Associate kiran.gawle@axissecurities.in 5. ASL has not received any compensation from the subject company in the past twelve months. ASL has not been engaged in market making activity for the subject company. 6. In the last 12-month period ending on the last day of the month immediately preceding the date of publication of this research report, ASL or any of its associates may have: i. Received compensation for investment banking, merchant banking or stock broking services or for any other services from the subject company of this research report and / or; ii. Managed or co-managed public offering of the securities from the subject company of this research report and / or; iii. Received compensation for products or services other than investment banking, merchant banking or stock broking services from the subject company of this research report; ASL or any of its associates have not received compensation or other benefits from the subject company of this research report or any other third-party in connection with this report Term& Conditions: This report has been prepared by ASL and is meant for sole use by the recipient and not for circulation. The report and information contained herein is strictly confidential and may not be altered in any way, transmitted to, copied or distributed, in part or in whole, to any other person or to the media or reproduced in any form, without prior written consent of ASL. The report is based on the facts, figures and information that are considered true, correct, reliable and accurate. The intent of this report is not recommendatory in nature. The information is obtained from publicly available media or other sources believed to be reliable. Such information has not been independently verified and no guaranty, representation of warranty, express or implied, is made as to its accuracy, completeness or correctness. All such information and opinions are subject to change without notice. The report is prepared solely for informational purpose and does not constitute an offer document or solicitation of offer to buy or sell or subscribe for securities or other financial instruments for the clients. Though disseminated to all the customers simultaneously, not all customers may receive this report at the same time. ASL will not treat recipients as customers by virtue of their receiving this report. 16 September 2019 For private circulation only

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