Concord Biotech Limited IPO

Listen to our Podcast: Grow your wealth and keep it secure.

0:00 / 0:00
India ranks top globally in terms of new Initial Public Offerings (IPOs) launched as of July 2023. As the broader market continues to show bullish sentiments in Q2 2023, another new IPO- Concord Biotech Limited IPO, an Ahmedabad-based pharmaceutical company, is set to launch.
concord biotech limited ipo

If you find the DRHP tough to read and are a new investor, we have got you covered. Keep reading to know the essential facts about Concord Biotech IPO to make an informed decision.

IPO details

Concord Biotech Public Limited will launch its IPO on August 4, Friday with its closing date on August 8, Tuesday. The company has set an IPO price band of Rs. 705 to Rs. 741 per equity share. The face value of each share is fixed at Rs. 1. The lot size of their shares is 20 equity shares per lot.

Furthermore, the allocation of IPO shares of Concord Biotech to anchor investors is going to take place on 3 August 2023, Thursday. The upper band of the issue offer price is Rs. 1550 crore while the worth of the company is Rs. 7752 crore.

Keep reading for a detailed overview of Concord Biotech to decide on your investment strategy.

IPO Details

IPO Open Date August 4, 2023 
IPO Close Date August 8, 2023 
Face Value Rs. 1 per share  
Price Band Rs. 705 to Rs. 741 per share  
Lot Size 20 shares  
Total Issue Size Aggregates up to Rs. 1,551 crores  
Fresh Issue Aggregates up to Rs. 0 crore  
Offer for Sale Aggregates up to Rs. 1,551 crores  
Employee Discount Rs. 70 per share  
Issue Type Book Built Issue IPO  
Listing at NSE and BSE  

Apply for the Concord Biotech Limited IPO via Bajaj Broking.

About the company

Concord was established in the year 2000 by Sudhir Vaid as a single company. It is an India-based biopharmaceutical company that specialises in the research and development and manufacturing of active pharmaceutical ingredients (APIs).

Today, Concord Biotech Limited has a diverse range of products; over 30 in its niche product line segment. It is also the first company in India and the second in the world to generate the anti-immuno suppressant Tacrolimus which is approved by FDA.

In 2016, Quadria Capital acquired 20% of Concord’s stakes while Rakesh Jhunjhunwala’s Rare Enterprise held 24% of their stakes. According to F&S Report, Concord is an Ahmedabad-based Biotechnology that ranks among the top producers and developers of fermentation-based APIs.

IPO tentative timetable

The IPO Subscription for Concord Biotech Limited opens on Friday, 4 August 2023 and closes on Tuesday, 8 August 2023. The company will allocate IPO shares to anchor investors on a day before its opening date to retail investors. This will happen on Thursday, 3 August 2023.

The tentative date for allotment of shares is set on Friday, 11 August 2023. Following this, the company plans to start the refunding process on 14 August 2023. After allotment, you will receive the IPO shares in your Demat account on Thursday, 17 August 2023. Finally, Concord Biotech Limited will list these IPO shares on NSE and BSE on 18 August 2023.

IPO lot size

To buy IPO shares of Concord Biotech Limited, you would have to pay at least Rs. 14,820 as the price for a single lot of 20 shares. Other relevant details of the IPO lot sizes are given below. 

ApplicationLotsSharesAmount
Retail (min)120Rs. 14,820
Retail (max)13260Rs. 1.92,660
S-HNI (min)14280Rs. 2,07,480
S-HNI (max)671340Rs. 9,92,940
B-HNI(min)681370Rs. 10,07,760

Company financials

The table below lists the important financial details about Concord Biotech Limited that you must know before investing in Concord Biotech Limited’s IPO. The values in the following table are given in Rs. millions.

Financials as of31st March 202231st March 202131st March 2020
Total AssetsRs. 13,127.97Rs. 11,825.46Rs. 9,405.15
Total LiabilitiesRs. 13,127.95Rs. 11,825.46Rs. 9,405.15
Total RevenueRs. 7,363.49Rs. 6,307.50Rs. 5435.91
Total ExpenseRs. 4951.93Rs. 3175.81Rs. 3301.03
Profit after TaxRs. 1749.29Rs. 2348.87Rs. 1691.12
EBITDARs. 2696.36Rs. 3271.02Rs. 2043.20

Strength

The points below highlight the strengths of Concord Biotech Limited that make it a distinguished company among its competitors. These strengths will give you an idea about the company’s future and make an informed investment.

  • Cost efficient

Concord Biotech Limited offers a low-cost price structure to generic players in the market. This would bring Concord to the limelight wherein there is a rising demand from pharmaceuticals to lower drug prices.

  • Manufactures complex products

Producing new drugs involves complex procedures within a short time and is expensive. However, Concord Biotech Limited dominates the industry with the power and efficiency to handle the manufacturing of complex products and distribute them across geography.

  • Market leader across complicated fermentation supply chain

Since 2001, Concord Biotech Limited has established its name in manufacturing complex products owing to its technical expertise in the fermentation process. This process is quite challenging as it involves working with microbial strain and culture. One needs to be very careful while conducting the fermentation procedure as a small change can cause a huge variance in the final formula.

As of 31 March 2022, Concord Biotech has manufactured 22 APIs based on fermentation across various fields. This includes oncology, anti-bacterial, anti-fungal, immunosuppressant and many others. Adding to this fermentation capability, the company also integrated semi-synthetic APIs with in-house fermentation-based APIs.

  • Growing infrastructure, consistent track record and strong R&D

Concord Biotech Limited has three manufacturing units in Gujarat and 41 manufacturing blocks where different classes of APIs are generated. This provides flexible plant configuration. These are present in Dholka and Limbasi.

Overseas regulators inspect these manufacturing units periodically. The manufacturing facility of Dholka received its first inspection by USFDA in 2005 whereas the one in Valthera received its first inspection in 2017. The production unit in Valthera can generate 522.64 million units annually.

  • Global supplier

According to the F&S report, Concord Biotech Limited holds a market share of 20% by volume in 2022.  The company delivers these products to 70 countries which include regulated markets in the USA, Japan, India and some other European countries.

They are also trying to penetrate and grow their business in countries like Paraguay, Singapore, Nepal, Mexico, Thailand, Ecuador, Kenya, and Indonesia.

  • Rapid financial growth  with substantial cash flow and good returns from shareholders

For the previous three financial years, the total earning of Concord Biotech Limited from operations alone has been reported to be  Rs.5,123.29 million for 2020, Rs.6,169.43 million for 2021 and Rs. 7,129.33 million for 2022. This represents a CAGR of 17.96%.

This reflects an evident growth in the company which is a good sign for investors to consider investing in the upcoming IPO of Concord Biotech Limited.

Risk involved

Besides the above strengths, you must also know about the risks and challenges that this company faces. This will help you stay neutral and make an informed decision based on facts over emotions.

  • Delay in the supply of raw materials

To receive the raw materials, Concord Biotech Limited depends on third-party suppliers. For FY 2020, 2021 and 2022, they have bought raw materials for Rs. 840.59 million, Rs. 710.33 million and Rs. 893.60 million from three prime suppliers.

Various factors from third parties and perpetual delays in production can disrupt the supply of raw materials. For instance, the export and the global economy faced a crisis owing to the geopolitical conflict between Russia and Ukraine. This led to European Union, UK and US governments’ sanctions on certain products coming from Russia. Situations like these can negatively impact trade between countries and also the regional and global financial markets.

  • Slowdown or shutdown of the R&D and manufacturing sector can adversely affect the production

All units of Concord Biotech Limited are situated in Gujarat, India. Any failure of equipment, accident or shortage of electricity or water supply that happens locally can disrupt production. Unavoidable circumstances like political instability or the spreading of communicable diseases among employees can also negatively impact production.

Major manufacturing facilities are located within units in Dholka, some of which the company is trying to shift to the Limbasi facility. This helps in maintaining a backup in case one of the facilities slows down.

Similarly, any slowdown of work in the research and development section can also negatively impact production. This may result in the company’s inability to get their hands on the required materials in a smooth and timely manner.

  • Limited clientele who are their key customers

Concord Biotech Limited has a limited number of significant customers who help them generate good revenue. Till 31 March 2022, the company enrolled 200 customers across 70 nations. The revenues for the financial years 2020, 2021, and 2022 from the top 10 customers have been 60.20%, 48.24% and 47.65%, respectively.

This dependence on a small clientele exposes this company to risks of declining demand in the long run. This can arise due to several unpredictable reasons like unfavourable market conditions, disputes regarding quality or timeliness of delivery or price negotiations.

The company cannot promise to increase revenue from such customers; however, they are looking out for ways to grow their customer base. This would help them diversify their risks of losing key customers.

Summary

Concord Biotech Limited’s impressive portfolio ranks it as one of the best companies in the pharmaceutical sector. Keeping in mind their strength, weaknesses, opportunities and threats, the company seeks to establish its business to new heights.

As an investor, you should consider analysing the company’s goals, strengths and weaknesses to make an informed decision. This will let you know whether the company’s plans align with your financial goals and let you decide whether to invest in the upcoming Concord Biotech IPO.

Share this article: 

Read More Blogs

blogimage

5 Key Factors to Trigger Stock Market Performance in the Next Few Months in India

We try to identify the crucial parameters that will drive the Indian Equities market during the next few months, in this article. These would be GDP growth, interest rates, corporate earnings, and market sentiment. We will try to understand how to ride the trend and make the right investment decisions.

11 Jul, 2024 | 7 Min. read
blogimage

How is Trading of Private Equities Done in the Equity Market?

Corporate bonds are issued by the company to help to raise funds through public money. Here’s a look at things to consider to make successful bond investments.

07 Jul, 2024 | 6 Min. read
blogimage

How to Invest in the Best Gold Funds & ETFs

Investing in a gold ETF or gold funds has become quite popular in the past few years. There are many benefits that digital gold provides and this is why investors need to know how to invest in gold ETFs to gain higher returns.

07 Jul, 2024 | 6 Min. read
blogimage

What is Quick Ratio and its Meaning?

Learn the meaning of quick ratio and the importance of quick ratio. Understand how to use it while trading.

07 Jul, 2024 | 7 Min. read
blogimage

How to Dematerialize Your Physical Share Certificates?

Explore the process and benefits of dematerializing physical share certificates effortlessly. Learn how to digitize your holdings for a more streamlined and modernized approach to managing your investments.

05 Jul, 2024 | 5 Min. read
blogimage

New Credit Card Bill Payment Rules: HDFC Bank, Axis Bank, and Others

From July 1, 2024, credit card holders from major banks like HDFC and Axis Bank can no longer use third-party apps such as CRED, PhonePe, and Paytm for bill payments. Learn about the new rules and alternative payment methods.

04 Jul, 2024 | 3 Min. read
blogimage

How Do Currency Exchange Rates Affect Investments

Among the many things that determine the value of an investment, currency exchange rates play a huge role. Here’s a look at how exchange rates affect investments in India

02 Jul, 2024 | 4 Min. read
blogimage

Guidelines for the Transfer and Dematerialisation of Re-lodged Physical Shares

SEBI’s mandate to transfer and dematerialise physical shares might have brought a state of confusion. Read on to find the process and steps to be followed.

30 Jun, 2024 | 7 Min. read
blogimage

What is the Bullish Engulfing Pattern? - Meaning, Importance and Examples

Bullish engulfing candlestick pattern opens lower than the previous day’s finish and closes higher than the previous day’s opening. Learn more about engulfing patterns at BajajBroking.

29 Jun, 2024 | 4 Min. read
blogimage

What are Growth Stocks - Features & Benefits

Growth stocks can significantly improve your portfolio and prove to be potentially lucrative investments as companies evolve and investors potentially make profits due to this.

28 Jun, 2024 | 2 Min. read

Our Secure Trading Platforms

Level up your stock market experience: Download the Bajaj Broking App for effortless investing and trading

Bajaj Broking App Download

7.5 Lacs+ Users

icon-with-text

4.3+ App Rating

icon-with-text

4 Languages

icon-with-text

₹4300 Cr MTF Book

icon-with-text
Open Demat Account

TRENDING CALCULATORS AND STOCKS ON BAJAJ BROKING

ATTENTION INVESTORS:

“Investments in securities market are subject to market risk, read all the scheme related documents carefully before investing."

"Prevent Unauthorized transactions in your Trading/Demat Account. Update your mobile numbers/email IDs with your stock brokers/Depository Participant. Receive alerts/information of your transaction/all debit and other important transactions in your Trading/ Demat Account directly from Exchange/CDSL/NSDL at the end of the day. Issued in the interest of investors."

" We collect, retain, and use your contact information for legitimate business purposes only, to contact you and to provide you information & latest updates regarding our products & services."  

"KYC is one time exercise while dealing in securities markets - once KYC is done through a SEBI registered intermediary (broker, DP, Mutual Fund etc.), you need not undergo the same process again when you approach another intermediary."

"We understand that certain investment advisors may be approaching members of the public including our clients, representing that they are our partners, or representing that their investment advice is based on our research. Please note that we have not engaged any third parties to render any investment advisory services on our behalf nor are we providing any stock recommendations/tips/research report/advisory. Persons making investments on the basis of such advice may lose all or a part of their investments along with the fee paid to such unscrupulous persons. Please be cautious about any phone call that you may receive from persons representing to be such investment advisors, or a part of research firm offering advice on securities. Do not make payments through e-mail links, WhatsApp or SMS. Please do not share your personal or financial information with any person without proper verification. Always trade through a registered broker."

Bajaj Financial Securities Limited is a subsidiary of Bajaj Finance Limited and is a corporate trading and clearing member of Bombay Stock Exchange Ltd. (BSE)  and National Stock Exchange of India Ltd. (NSEIL), and also a Depository participant with National Securities Depository Ltd (“NSDL”) and Central Depository Services Ltd. (“CDSL”).

Bajaj Financial Securities Limited is engaged in the business of Stock Broking and as a Depository Participant.Bajaj Financial Securities Limited does not provide any advisory services to its clients. Bajaj Financial Securities Limited may share updates from time to time (through various electronic communication modes) which are sourced from public domain and the same are NOT to be construed as any advice or recommendation from Bajaj Financial Securities Limited. Client is requested to independently evaluate and/or consult their professional advisors before arriving at any conclusion to make any investment. The decision to invest shall be the sole responsibility of the Client and shall not hold Bajaj Financial Securities Limited, its employees and associates responsible for any losses, damages of any type whatsoever.

The Stock Exchange, Mumbai is not in any manner answerable, responsible or liable to any person or persons for any acts of omission or commission, errors, mistakes and/or violation, actual or perceived, by us or our partners, agents, associates etc., of any of the Rules, Regulations, Bye-laws of the Stock Exchange, Mumbai, SEBI Act or any other laws in force from time to time.

The Stock Exchange, Mumbai is not answerable, responsible or liable for any information on this Website or for any services rendered by our employees, our servants, and us.

Personal Loan, Fixed Deposit, EMI Card are provided by Bajaj Finance Limited. Bajaj Financial Securities Limited is only a distributor. These are not exchange traded products and all disputes with respect to the distribution activity, would not have access to exchange investor redressal forum or Arbitration mechanism.

No need to issue cheques by investors while subscribing to IPO. Just write the bank account number and sign in the application form to authorise your bank to make payment in case of allotment. No worries for refund as the money remains in investor's account.

Please Note:

  1. Stock Brokers can accept securities as margin from clients only by way of pledge in the depository system w.e.f. September 1, 2020

  2. Update your mobile number & email ID with your stock broker/depository participant and receive OTP directly from depository on your email id and/or mobile number to create pledge.

  3. Pay 20% upfront margin of the transaction value to trade in cash market segment.

  4. Investors may please refer to the Exchange's Frequently Asked Questions (FAQs) issued vide circular reference NSE/INSP/45191 dated July 31, 2020 and NSE/INSP/45534 and BSE vide notice no. 20200731-7 dated July 31, 2020 and 20200831-45 dated August 31, 2020 and other guidelines issued from time to time in this regard.

  5. Check your Securities /MF/ Bonds in the consolidated account statement issued by NSDL/CDSL every month.

Client Registration Documents (Rights & Obligations, Risk Disclosure Document, Do's & Don'ts) in Vernacular Language: BSE | NSE

If the client wishes to revoke /cancel the EDIS mandate placed by them, they can write on email to connect@bajajfinserv.in  or call on the toll free number.

Advisory for Investors : NSE | BSE

ADVISORY - KYC COMPLIANCE

ADVISORY – PRECAUTIONS FOR CLIENTS DEALING IN OPTIONS

We also do pro-account trading in Equity & Derivatives Segment.

Filling complaints on SCORES - Easy & Quick

A.  Register on SCORES portal B. Mandatory details for filling complaints on SCORES (i) Name, PAN, Address, Mobile Number, E-mail ID C. Benefits: (i) Effective Communication (ii) Speedy redressal of the grievances.

SEBI Registration No.: INZ000218931 | BSE Cash/CDS/F&O (Member ID: 6706) | NSE Cash/F&O/CDS (Member ID: 90177) | DP registration No : IN-DP-418-2019 | CDSL DP No.: 12088600 | NSDL DP No. IN304300 | AMFI Registration No.: ARN – 163403 Research Analyst SEBI Registration No. INH000010043

Compliance officer:

Mr. Harinatha Reddy Muthumula, TEL:  1800 833 8888; Email:  compliance_sec@bajajfinserv.in for DP related to Compliance_dp@bajajfinserv.in , for any investor grievances write to investcare@bajajfinserv.in

DISCLAIMER

STANDARD DISCLAIMER

Investments in the securities market are subject to market risk, read all related documents carefully before investing.

Reg Office: Bajaj Auto Limited Complex, Mumbai –Pune Road Akurdi Pune 411035. Corporate Office: Bajaj Financial Securities Limited, 1st Floor, Mantri IT Park, Tower B, Unit No 9 & 10, Viman Nagar, Pune, Maharashtra 411014. SEBI Registration No.: INZ000218931 | BSE Cash/F&O/CDS (Member ID:6706) | NSE Cash/F&O/CDS (Member ID: 90177) | DP registration No: IN-DP-418-2019 | CDSL DP No.: 12088600 | NSDL DP No. IN304300 | AMFI Registration No.: ARN –163403. 

Website: https://www.bajajbroking.in/

RESEARCH DISCLAIMER

Broking services offered by Bajaj Financial Securities Limited | Registered Office: Bajaj Auto Limited Complex , Mumbai –Pune Road Akurdi Pune 411035 | Corporate Office: Bajaj Financial Securities Limited, 1st Floor, Mantri IT Park, Tower B, Unit No 9 & 10, Viman Nagar, Pune, Maharashtra 411014| CIN: U67120PN2010PLC136026| Research Analyst SEBI Registration No: INH000010043.

Details of Compliance Officer: Mr. Harinatha Reddy Muthumula (For Broking/DP/Research)|Email: compliance_sec@bajajfinserv.in/Compliance_dp@bajajfinserv.in |Contact No.: 020-4857 4486 |

Investment in the securities involves risks, investor should consult his own advisors/consultant to determine the merits and risks of investment.

DISCLOSURES

Disclosures under the provisions of SEBI (Research Analysts) Regulations 2014 (Regulations) 

Bajaj Financial Securities Limited ("Bajaj Broking" or "Research Entity") is regulated by the Securities and Exchange Board of India ("SEBI") and is licensed to carry on the business of broking, depository services and related activities. There were no instances of non-compliance by Bajaj Financial Securities Limited on any matter related to the capital markets, resulting in significant and material disciplinary action during the last three years. This research report has been prepared and distributed byBajaj Financial Securities Limited in the capacity of a Research Analyst as per Regulation 22(1) of SEBI (Research Analysts) Regulations 2014 having SEBI Registration No. INH000010043. 

DISCLAIMER

This e-mail/ short message service (SMS) may contain confidential, proprietary or legally privileged information. It should not be used by anyone who is not the original intended recipient. If you have erroneously received this message, please delete it immediately and notify the sender. The recipient acknowledges thatBajaj Financial Securities Limited or its holding and/or associated companies, as the case may be, are unable to exercise control or ensure or guarantee the integrity of/over the contents of the information contained in e-mail /SMS transmissions and further acknowledges that any views expressed in this message are those of the individual sender and no binding nature of the message shall be implied or assumed unless the sender does so expressly with due authority of Bajaj Financial Securities Limited. This message is not intended as an offer or publication or solicitation for distribution for subscription of or purchase or sale of any securities or financial instrument(s) to anyone in whose jurisdiction such subscription etc. requires prior local regulatory clearance or is contrary to the local laws of the land in any manner or as an official confirmation of any transaction. Before opening any attachments, please check them for viruses and defects. 

This service / information is strictly confidential and is being furnished to you solely for your information. This information should not be reproduced or redistributed or passed on directly or indirectly in any form to any other person or published, copied, in whole or in part, for any purpose unless otherwise expressly authorised. This service / information 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 subjectBajaj Financial Securities Limited and affiliates/ group/holding companies to any registration or licensing requirements within such jurisdiction. The distribution of this document in certain jurisdictions may be restricted by law, and persons in whose possession this document comes, should inform themselves about and observe any such restrictions.  

The data would be provided to the clients on an "as is" and "where-is" basis, without any warranty. Bajaj Financial Securities Limited or its subsidiaries and associated companies shall not be liable for any delay or any other interruption which may occur in providing the data due to any reason including network (Internet) reasons or snags in the system, breakdown of the system or any other equipment, server breakdown, maintenance shutdown, breakdown of communication services or inability of the Bajaj Financial Securities Limited or its subsidiaries and associated companies to provide the data. In no event shall the Bajaj Financial Securities Limited or its holding and associated companies be liable for any damages, including without limitation direct or indirect, special, incidental, or consequential damages, losses or expenses arising in connection with the data provided by the Bajaj Financial Securities Limited or its holding and associated companies.

ADDITIONAL DISCLAIMER FOR U.S. PERSONS

Bajaj Financial Securities Limited is not a registered broker-dealer under the U.S. Securities Exchange Act of 1934, as amended (the"1934 act") and under applicable state laws in the United States. In addition, Bajaj Financial Securities Limited is not a registered investment adviser under the U.S. Investment Advisers Act of 1940, as amended (the "Advisers Act" and together with the 1934 Act, the "Acts), and under applicable state laws in the United States. Accordingly, in the absence of specific exemption under the Acts, any brokerage and investment services provided by Bajaj Financial Securities Limited, including the products and services described herein are not available to or intended for U.S. persons. This email message does not constitute an offer or invitation to purchase or subscribe for any securities or solicitation of any investments or investment services and/or shall not be considered as an advertisement tool. "U.S. Persons" are generally defined as a natural person, residing in the United States or any entity organized or incorporated under the laws of the United States. US Citizens living abroad may also be deemed "US Persons" under certain rules.  

ADDITIONAL DISCLAIMER FOR CANADIAN PERSONS

Bajaj Financial Securities Limited is not a registered adviser or dealer under applicable Canadian securities laws nor has it obtained an exemption from the adviser and/or dealer registration requirements under such law. Accordingly, any brokerage and investment services provided by Bajaj Financial Securities Limited, including the products and services described herein are not available to or intended for Canadian persons.  

This mailer and its respective contents do not constitute an offer or invitation to purchase or subscribe for any securities or solicitation of any investments or investment services.  

DISCLAIMER FOR REPORT

DISCLOSURES UNDER THE PROVISIONS OF SEBI (RESEARCH ANALYSTS) REGULATIONS 2014 (REGULATIONS)

Bajaj Financial Securities Limited ("Bajaj Broking" or "Research Entity") is regulated by the Securities and Exchange Board of India ("SEBI") and is licensed to carry on the business of broking, depository services and related activities.  

This Report has been prepared by Bajaj Financial Securities Limited in the capacity of a Research Analyst having SEBI Registration No. INH000010043 and distributed as per SEBI (Research Analysts) Regulations 2014. This report does not constitute an offer or solicitation for the purchase or sale of any financial instrument or as an official confirmation of any transaction. The information contained herein is from publicly available data or other sources believed to be reliable. This report is provided for assistance only and is not intended to be and must not alone be taken as the basis for an investment decision. The user assumes the entire risk of any use made of this information. Each recipient of this report should make such investigation as it deems necessary to arrive at an independent evaluation of an investment in the securities of companies referred to in this document (including the merits and risks involved), and should consult his own advisors to determine the merits and risks of such investment. The investment discussed or views expressed may not be suitable for all investors.  

This information is strictly confidential and is being furnished to you solely for your information. This information should not be reproduced or redistributed or passed on directly or indirectly in any form to any other person or published, copied, in whole or in part, for any purpose. 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 Bajaj Financial Securities Limited and associates / group companies to any registration or licensing requirements within such jurisdiction. The distribution of this report in certain jurisdictions may be restricted by law, and persons in whose possession this report comes, should observe, any such restrictions. The information given in this report is as of the date of this report and there can be no assurance that future results or events will be consistent with this information. This information is subject to change without any prior notice. Bajaj Financial Securities Limited reserves the right to make modifications and alterations to this statement as may be required from time to time. Bajaj Financial Securities Limited or any of its associates / group companies shall not be in any way responsible for any loss or damage that may arise to any person from any inadvertent error in the information contained in this report. Bajaj Financial Securities Limited is committed to providing independent and transparent recommendation to its clients. Neither Bajaj Financial Securities Limited nor any of its associates, group companies, directors, employees, agents or representatives shall be liable for any damages whether direct, indirect, special or consequential including loss of revenue or lost profits that may arise from or in connection with the use of the information. Our proprietary trading and investment businesses may make investment decisions that are inconsistent with the recommendations expressed herein. Past performance is not necessarily a guide to future performance .The disclosures of interest statements incorporated in this report are provided solely to enhance the transparency and should not be treated as endorsement of the views expressed in the report. The information provided in these reports remains, unless otherwise stated, the copyright of Bajaj Financial Securities Limited. All layout, design, original artwork, concepts and other Intellectual Properties, remains the property and copyright of Bajaj Financial Securities Limited and may not be used in any form or for any purpose whatsoever by any party without the express written permission of the copyright holders.  

We offer our research services to clients as well as our prospects. Though this report is disseminated to all the customers simultaneously, not all customers may receive this report at the same time. We will not treat recipients as customers by virtue of their receiving this report.  

Bajaj Financial Securities Limited and its associates, officer, directors, and employees, research analyst (including relatives) worldwide may: (a) from time to time, have long or short positions in, and buy or sell the securities thereof, of company(ies), mentioned herein or (b) be engaged in any other transaction involving such securities and earn brokerage or other compensation or act as a market maker in the financial instruments of the subject company/company(ies) discussed herein or act as advisor or lender/borrower to such company(ies) or have other potential/material conflict of interest with respect to any recommendation and related information and opinions at the time of publication of research report or at the time of public appearance. Bajaj Financial Securities Limited may have proprietary long/short position in the above-mentioned scrip(s) and therefore should be considered as interested. The views provided herein are general in nature and do not consider risk appetite or investment objective of any particular investor; readers are requested to take independent professional advice before investing. This should not be construed as invitation or solicitation to do business with Bajaj Financial Securities Limited.  

Bajaj Financial Securities Limited or its associates may have received compensation from the subject company in the past 12 months. Bajaj Financial Securities Limited or its associates may have managed or co-managed public offering of securities for the subject company in the past 12 months. Bajaj Financial Securities Limited or its associates may have received compensation for investment banking or merchant banking or brokerage services from the subject company in the past 12 months. Bajaj Financial Securities Limited or its associates may have received any compensation for products or services other than investment banking or merchant banking or brokerage services from the subject company in the past 12 months. Bajaj Financial Securities Limited or its associates have not received any compensation or other benefits from the Subject Company or third party in connection with the research report. Research analyst or his/her relative or Bajaj Financial Securities Limited’s associates may have financial interest in the subject company. Bajaj Financial Securities Limited, its associates, research analyst and his/her relative may have other potential/material conflict of interest with respect to any recommendation and related information and opinions at the time of publication of research report or at the time of public appearance.  

Research analyst has served as an officer, director or employee of subject Company: No  

Bajaj Financial Securities Limited has financial interest in the subject companies: No  

Bajaj Financial Securities Limited’s Associates may have actual/beneficial ownership of 1% or more securities of the subject company at the end of the month immediately preceding the date of publication of research report.  

Research analyst or his/her relative has actual/beneficial ownership of 1% or more securities of the subject company at the end of the month immediately preceding the date of publication of research report: No  

Bajaj Financial Securities Limited has actual/beneficial ownership of 1% or more securities of the subject company at the end of the month immediately preceding the date of publication of research report: No  

Subject company may have been client during twelve months preceding the date of distribution of the research report.  

There were no instances of non-compliance by Bajaj Financial Securities Limited on any matter related to the capital markets, resulting in significant and material disciplinary action during the last three years. A graph of daily closing prices of the securities is also available at https://www.nseindia.com/

ANALYST CERTIFICATION

The analyst for this report certifies that all of the views expressed in this report accurately reflect his or her personal views about the subject company or companies and its or their securities, and no part of his or her compensation was, is or will be, directly or indirectly related to specific recommendations or views expressed in this report.  

RISK DISCLOSURE ON DERIVATIVES

  • 9 out of 10 individual traders in equity Futures and Options Segment, incurred net losses.
  • On an average, loss makers registered net trading loss close to ₹ 50,000.
  • Over and above the net trading losses incurred, loss makers expended an additional 28% of net trading losses as transaction costs.
  • Those making net trading profits, incurred between 15% to 50% of such profits as transaction cost.

SEBI study dated January 25, 2023 on “Analysis of Profit and Loss of Individual Traders dealing in equity Futures and Options (F&O) Segment”, wherein Aggregate Level findings are based on annual Profit/Loss incurred by individual traders in equity F&O during FY 2021-22.

BROKERAGE DISCLAIMER

All leveraged intraday positions will be squared off on the same day. There is no restriction on the withdrawal of the unutilised margin amount. Brokerage will not exceed the SEBI prescribed limit. Visit : https://www.bajajbroking.in/pricing

MTF 

As subject to the provisions of SEBI Circular CIR/MRD/DP/54/2017 dated June 13, 2017, and the terms and conditions mentioned in the lights and obligations statement issued by the TM (if applicable).  

US INVESTING

International investment is not supervised by any regulatory body in India. Thus, any claim or dispute relating to such investment or enforcement of any agreement/contract /claim will not be under laws and regulations of the recognized stock exchanges and investor protection under Indian Securities Law. The account opening process will be carried out on Vested platform and Bajaj Financial Securities Limited will not have any role in it.  

PICKRIGHT / MARKETSMITH / GOLDENPI / SOVEREIGN GOLD BONDS

Bajaj Financial Securities Limited is only distributor of this product. These are not exchange traded products and all disputes with respect to the distribution activity, would not have access to exchange investor redressal forum or Arbitration mechanism. Bajaj Financial Securities Limited is not a registered Investment Advisory. User discretion is required before investing. Client is requested to independently evaluate and/or consult their professional advisors before arriving at any conclusion to make any investment. The decision to invest shall be the sole responsibility of the Client and shall not hold Bajaj Financial Securities Limited, its employees and associates responsible for any losses, damages of any type whatsoever. 

IPO 

This should not be construed as soliciting investment. Investors’ discretion is required. Kindly consult your financial expert before investing. No need to issue cheques by investors while subscribing to IPO. Investments in securities markets are subject to market risks, read all the related documents carefully before investing.  

IPO FINANCING

IPO Financing is done through Bajaj Finance Limited. Bajaj Finance Limited (BFL or Lender) reserves the sole right to decide participation in any IPO and financing to the client shall be subject to credit assessment done by the lender. Also, BFL shall have full rights to decide the commercial terms for IPO and final application and financing shall be subject to all requirements being met by the client in a timely manner including documentation, account setup and payment of required Interest and Margin. Bajaj Finance Limited also reserves the exclusive rights to change any of the above-mentioned terms and conditions without prior notice to clients. The scheme margin is subject to change. UPI is mandatory to bid in all IPOs through our platform. As per exchange guidelines, all the UPI mandates will only be accepted till 5:00 PM on IPO closure day. 

SCREENERS 

Screeners is not Exchange-approved products and any disputes related to the same will not be dealt on the Exchange platform. 

SECURITIES 

Securities quoted are exemplary and not recommendatory. 

IPV 

Account would be open after all procedure relating to IPV and client due diligence is completed. 

IMAGES 

The images used are only for representation purpose. Proper due diligence has been done for the images and the image is not of any artist. The same is captured from royalty free sites. 

DISCLOSURE TO CLIENTS REGARDING PAYOUT OF FUNDS

As per SEBI circular no. SEBI/HO/MIRSD/MIRSD-PoD-1/P/CIR/2023/84 dated June 08, 2023, Stockbrokers are required to upstream the entire client funds lying with them to the Clearing Corporation. Based on client’s request the funds’ release request must be placed with the Clearing Corporation. Based on the internal process and cut-off timelines of the Clearing Corporation the funds will be released to the Stock Broker. In view of this new process, as specified by the regulatory and the cut-off time of Clearing Corporation/Banks processing the funds, Bajaj Financial Securities Limited cannot commit the exact time for releasing funds payout to its client. Clients are requested to note that, Bajaj Financial Securities Limited will not be responsible for any inconvenience caused to clients due to delay in release of funds payout, including fines, delayed charges, defaults, etc.