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ASSO ALCOHOLS & BREW LTD Share Price Update

As of the latest trading session, ASSO ALCOHOLS & BREW LTD is trading at ₹816, up by ₹12.90 or 1.60% from its previous close. The stock has moved between ₹793.05 and ₹820.00 today. Over the past year, the stock has delivered a return of -27.43%. In the last month, it has returned -9.22%.

ASSO ALCOHOLS & BREW LTD performance

Today’s low Today’s high
₹ 793.05 ₹ 820.00
₹ 817.80
52 week low 52 week high
₹ 660.65 ₹ 1277.00
₹ 817.80
Open Price ₹ 804.00
Prev. Close ₹ 803.10
Volume (Shares) 24441.00
Total traded value ₹ 199.87
Upper Circuit ₹ 963.70
Lower Circuit ₹ 642.50
info

Investment Returns

Over 1 Month -9.22% Over 3 Months -7.23% Over 6 Months -16.43% Over 1 Year -27.43%
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ASSO ALCOHOLS & BREW LTD fundamentals


  • Market cap (Cr) 1,642.10
  • P/E Ratio (TTM) 18.23
  • Beta 1.13
  • Book Value / share 345.97
  • Return on equity 17.27%
  • EPS (TTM) 44.07
  • Dividend yield 0.25%
  • Net profit/quarter (Cr) 23.51
info icon alternate text
  • Market cap (Cr) 1,638.50
  • P/E Ratio (TTM) 18.23
  • Beta 1.07
  • Book Value / share 345.97
  • Return on equity 17.27%
  • EPS (TTM) 44.07
  • Dividend yield 0.25%
  • Net profit/quarter (Cr) 23.51
info icon alternate text

ASSO ALCOHOLS & BREW LTD Financials

  • Key Results
  • Key Ratios
  • Balance sheet
  • Cash Flow
  • Competition
info-icon
Revenue
Net income
Particulars MAR 2026 (Values in Cr)
Revenue 238.50
Operating Expense 207.44
Net Profit 23.51
Net Profit Margin (%) 9.85
Earnings Per Share (EPS) 12.34
EBITDA 41.68
Effective Tax Rate (%) 27.52
Particulars DEC 2025 (Values in Cr)
Revenue 260.38
Operating Expense 226.57
Net Profit 27.30
Net Profit Margin (%) 10.48
Earnings Per Share (EPS) 14.38
EBITDA 43.33
Effective Tax Rate (%) 23.40
Particulars SEP 2025 (Values in Cr)
Revenue 253.84
Operating Expense 236.44
Net Profit 14.01
Net Profit Margin (%) 5.51
Earnings Per Share (EPS) 7.69
EBITDA 25.06
Effective Tax Rate (%) 24.02
Particulars JUN 2025 (Values in Cr)
Revenue 266.69
Operating Expense 236.73
Net Profit 23.66
Net Profit Margin (%) 8.87
Earnings Per Share (EPS) 13.09
EBITDA 38.94
Effective Tax Rate (%) 25.55
Particulars MAR 2025 (Values in Cr)
Revenue 242.48
Operating Expense 213.48
Net Profit 22.33
Net Profit Margin (%) 9.20
Earnings Per Share (EPS) 12.23
EBITDA 36.31
Effective Tax Rate (%) 25.08
Particulars MAR 2026 (Values in Cr)
Revenue 1019.40
Operating Expense 907.17
Net Profit 88.48
Net Profit Margin (%) 8.67
Earnings Per Share (EPS) 47.43
EBITDA 149.00
Effective Tax Rate (%) 25.20
Particulars MAR 2025 (Values in Cr)
Revenue 1075.90
Operating Expense 970.95
Net Profit 81.46
Net Profit Margin (%) 7.57
Earnings Per Share (EPS) 45.06
EBITDA 132.79
Effective Tax Rate (%) 25.70
Particulars MAR 2024 (Values in Cr)
Revenue 759.80
Operating Expense 701.15
Net Profit 50.62
Net Profit Margin (%) 6.66
Earnings Per Share (EPS) 28.00
EBITDA 86.36
Effective Tax Rate (%) 25.86
Particulars MAR 2023 (Values in Cr)
Revenue 700.77
Operating Expense 654.19
Net Profit 41.56
Net Profit Margin (%) 5.93
Earnings Per Share (EPS) 22.99
EBITDA 71.28
Effective Tax Rate (%) 25.10
Particulars MAR 2022 (Values in Cr)
Revenue 512.59
Operating Expense 445.58
Net Profit 60.81
Net Profit Margin (%) 11.86
Earnings Per Share (EPS) 33.63
EBITDA 96.37
Effective Tax Rate (%) 25.08
Particulars MAR 2025 (Values in Cr)
Book Value / Share 271.50
ROE % 15.65
ROCE % 18.49
Total Debt to Total Equity 0.20
EBITDA Margin 12.11
Particulars MAR 2015 (Values in Cr)
Book Value / Share 74.88
ROE % 17.47
ROCE % 17.20
Total Debt to Total Equity 1.09
EBITDA Margin 11.02
Particulars MAR 2014 (Values in Cr)
Book Value / Share 63.18
ROE % 10.78
ROCE % 12.41
Total Debt to Total Equity 1.43
EBITDA Margin 10.97
Particulars MAR 2013 (Values in Cr)
Book Value / Share 56.72
ROE % 6.46
ROCE % 7.99
Total Debt to Total Equity 1.24
EBITDA Margin 9.21
Particulars MAR 2007 (Values in Cr)
Book Value / Share 45.24
ROE % 2.34
ROCE % 4.53
Total Debt to Total Equity 1.23
EBITDA Margin 6.98
Particulars MAR 2025 (Values in Cr)
Book Value / Share 271.52
ROE % 17.27
ROCE % 19.95
Total Debt to Total Equity 0.22
EBITDA Margin 12.11
Particulars MAR 2024 (Values in Cr)
Book Value / Share 227.90
ROE % 12.88
ROCE % 14.42
Total Debt to Total Equity 0.26
EBITDA Margin 11.30
Particulars MAR 2023 (Values in Cr)
Book Value / Share 201.01
ROE % 12.29
ROCE % 14.50
Total Debt to Total Equity 0.16
EBITDA Margin 10.14
Particulars MAR 2022 (Values in Cr)
Book Value / Share 173.04
ROE % 21.54
ROCE % 28.09
Total Debt to Total Equity 0.03
EBITDA Margin 18.74
Particulars MAR 2021 (Values in Cr)
Book Value / Share 139.29
ROE % 25.93
ROCE % 33.82
Total Debt to Total Equity 0.05
EBITDA Margin 20.74
Particulars MAR 2025 (Values in Cr)
Cash & Short Term Investments 15.33
Total Assets 717.65
Total Liabilities 717.65
Total Equity 520.24
Share Outstanding 1
Price to Book Ratio 5.13
Return on Assets (%) 11.34
Return on Capital (%) 13.17
Particulars MAR 2015 (Values in Cr)
Cash & Short Term Investments 12.27
Total Assets 170.46
Total Liabilities 170.46
Total Equity 68.42
Share Outstanding 0
Price to Book Ratio 1.24
Return on Assets (%) 7.23
Return on Capital (%) 11.55
Particulars MAR 2014 (Values in Cr)
Cash & Short Term Investments 16.98
Total Assets 191.31
Total Liabilities 191.31
Total Equity 57.84
Share Outstanding 0
Price to Book Ratio 0.27
Return on Assets (%) 3.05
Return on Capital (%) 4.09
Particulars MAR 2013 (Values in Cr)
Cash & Short Term Investments 10.78
Total Assets 164.95
Total Liabilities 164.95
Total Equity 52.00
Share Outstanding 0
Price to Book Ratio 0.32
Return on Assets (%) 2.00
Return on Capital (%) 3.05
Particulars MAR 2025 (Values in Cr)
Cash & Short Term Investments 15.28
Total Assets 717.69
Total Liabilities 717.69
Total Equity 520.29
Share Outstanding 1
Price to Book Ratio 5.13
Return on Assets (%) 11.35
Return on Capital (%) 13.17
Particulars MAR 2024 (Values in Cr)
Cash & Short Term Investments 40.86
Total Assets 618.78
Total Liabilities 618.78
Total Equity 422.85
Share Outstanding 1
Price to Book Ratio 2.07
Return on Assets (%) 8.18
Return on Capital (%) 9.61
Particulars MAR 2023 (Values in Cr)
Cash & Short Term Investments 61.79
Total Assets 537.97
Total Liabilities 537.97
Total Equity 363.40
Share Outstanding 1
Price to Book Ratio 1.61
Return on Assets (%) 7.72
Return on Capital (%) 9.07
Particulars MAR 2022 (Values in Cr)
Cash & Short Term Investments 80.99
Total Assets 400.21
Total Liabilities 400.21
Total Equity 312.84
Share Outstanding 1
Price to Book Ratio 2.75
Return on Assets (%) 15.19
Return on Capital (%) 19.16
Particulars MAR 2021 (Values in Cr)
Cash & Short Term Investments 78.32
Total Assets 329.74
Total Liabilities 329.74
Total Equity 251.82
Share Outstanding 1
Price to Book Ratio 3.03
Return on Assets (%) 17.57
Return on Capital (%) 22.18
Particulars MAR 2025 (Values in Cr)
Net Income 109.60
Cash from Operations 97.52
Cash from Investing -83.08
Cash from Financing 0.92
Net change in Cash -8.24
Free Cash Flow 183.56
Particulars MAR 2015 (Values in Cr)
Net Income 18.42
Cash from Operations 55.84
Cash from Investing -5.75
Cash from Financing -46.52
Net change in Cash -4.85
Free Cash Flow 65.22
Particulars MAR 2014 (Values in Cr)
Net Income 9.78
Cash from Operations -5.12
Cash from Investing -9.06
Cash from Financing 27.50
Net change in Cash 5.40
Free Cash Flow 4.03
Particulars MAR 2013 (Values in Cr)
Net Income 5.50
Cash from Operations 22.16
Cash from Investing -37.29
Cash from Financing 21.86
Net change in Cash 2.27
Free Cash Flow 58.75
Particulars MAR 2025 (Values in Cr)
Net Income 109.65
Cash from Operations 97.55
Cash from Investing -83.16
Cash from Financing 0.92
Net change in Cash -8.28
Free Cash Flow 183.43
Particulars MAR 2024 (Values in Cr)
Net Income 68.28
Cash from Operations 45.11
Cash from Investing -32.48
Cash from Financing 12.65
Net change in Cash 8.58
Free Cash Flow 148.85
Particulars MAR 2023 (Values in Cr)
Net Income 55.48
Cash from Operations 21.39
Cash from Investing -94.22
Cash from Financing 86.26
Net change in Cash -1.19
Free Cash Flow 114.27
Particulars MAR 2022 (Values in Cr)
Net Income 81.16
Cash from Operations 102.27
Cash from Investing -69.98
Cash from Financing -8.53
Net change in Cash 0.71
Free Cash Flow 142.01
Particulars MAR 2021 (Values in Cr)
Net Income 78.47
Cash from Operations 86.19
Cash from Investing -64.71
Cash from Financing -3.37
Net change in Cash -1.39
Free Cash Flow 98.64
Company Name Price P/E P/B Market Cap 52 Week Low 52 Week High
JAGATJIT INDUSTRIES LTD. 137.25 32.22 40.04 642.09 116.00 241.95
IFB AGRO INDUSTRIES LTD 909.05 17.82 1.30 851.78 513.50 1795.00
INDIA GLYCOLS LTD 998.50 22.81 2.28 6692.62 793.95 1222.85
RADICO KHAITAN LTD 3599.65 78.15 14.53 48210.60 2435.25 3695.00
Company Name Price P/E P/B Market Cap 52 Week Low 52 Week High
JAGATJIT INDUSTRIES LTD. 137.25 31.77 41.74 642.09 116.00 241.95
KHODAY INDIA LTD. 116.25 85.48 -43.29 391.30 0.00 0.00
IFB AGRO INDUSTRIES LTD 909.05 16.39 1.29 851.78 513.50 1795.00
INDIA GLYCOLS LTD 998.50 23.65 2.63 6692.62 793.95 1222.85

ASSO ALCOHOLS & BREW LTD shareholding pattern

Holding
36.37%
62.35%
0.33%
0.93%
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ASSO ALCOHOLS & BREW LTD Technicals Summary

  • EMA & SMA
  • Resistance and Support
  • Delivery and Volume
  • Beta
  • Price Change Analysis
817.80 1.83 redarrow
red-green-graph indicator
15 Bearish
1 Bullish
  • 5 Days 834.50
  • 26 Days 856.20
  • 10 Days 852.10
  • 50 Days 846.90
  • 12 Days 855.80
  • 100 Days 864.50
  • 20 Days 859.00
  • 200 Days 910.60
813.52 PIVOT
First Support 783.08 First Resistance 833.53 Second Support 763.07 Second Resistance 863.97 Third Support 732.63 Third Resistance 883.98
RSI 36.47 ADX 33.20 MACD -0.38 Williams % R -92.80 Commodity Channel Index (CCI) -211.62
Date 2026-05-19 Week 12147.00 Same Day 22509.00 Month 13642.00
1 Year 1.14 3 Year 1.20
Over 1 Month
-9.22% down
Over 1 Year
-27.43% down
Over 3 Months
-7.23% down
Over 3 Years
30.17% down
Over 6 Months
-16.43% down
Over 5 Years
12.97% down

ASSO ALCOHOLS & BREW LTD Corporate Actions

Dividend date Dividend amount Dividend type Record date Instrument type
25 Jul 2025 2.0 Final 25 Jul 2025 Equity shares
26 Jul 2024 2.0 Final 27 Jul 2024 Equity shares
26 Jul 2023 1.0 Final 27 Jul 2023 Equity shares
28 Jul 2022 1.0 Final 30 Jul 2022 Equity shares
12 Aug 2021 1.0 Final 14 Aug 2021 Equity shares
27 Aug 2020 1.0 Final 30 Aug 2020 Equity shares
05 Sep 2019 1.0 Final 08 Sep 2019 Equity shares
14 Aug 2018 1.0 Final 18 Aug 2018 Equity shares
27 Jul 2017 1.0 Final 31 Jul 2017 Equity shares
02 Sep 2016 0.5 Final 07 Sep 2016 Equity shares
23 Sep 2015 0.5 Final 25 Sep 2015 Equity shares
16 Sep 2008 0.3 Final 18 Sep 2008 Equity shares
Ex-Date Ex-Bonus Ratio
11 Mar 2016 10 Mar 2016 1:1
Dividend date Dividend amount Dividend type Record date Instrument type
25 Jul 2025 2.0 Final 25 Jul 2025 Equity shares
26 Jul 2024 2.0 Final 27 Jul 2024 Equity shares
26 Jul 2023 1.0 Final 27 Jul 2023 Equity shares
28 Jul 2022 1.0 Final 30 Jul 2022 Equity shares
12 Aug 2021 1.0 Final 14 Aug 2021 Equity shares
27 Aug 2020 1.0 Final 30 Aug 2020 Equity shares
05 Sep 2019 1.0 Final 08 Sep 2019 Equity shares
14 Aug 2018 1.0 Final 18 Aug 2018 Equity shares
27 Jul 2017 1.0 Final 31 Jul 2017 Equity shares
02 Sep 2016 0.5 Final 07 Sep 2016 Equity shares
23 Sep 2015 0.5 Final 25 Sep 2015 Equity shares
16 Sep 2008 0.3 Final 18 Sep 2008 Equity shares
Ex-Date Ex-Bonus Ratio
11 Mar 2016 10 Mar 2016 1:1

Top Gainers

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Top Losers

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ASSO ALCOHOLS & BREW LTD Share Price

Incorporated at Kolkata in July, 1989, Associated Alcohols and Breweries Limited commenced business in August, 1989 and took over Associated Distilleries in April, 1990. The company was promoted by Bhagwati Kedia and Anand K Kedia, scions of the Kedia family, which entered the liquor business 4 decades ago. The Company is one of the leading and largest liquor manufacturers in Central India. The Company's principal business is manufacturing and trading of ENA, Indian Made Indian Liquor (Country Liquor), Indian Made Foreign Liquor and Hand sanitizer.

Engaged into manufacture of portable alcohol, the Company has a modern distillery in Khargone, MP. It manufactures potable liquor and blended liquor, under different brands like Royal Falcon, Gold Seal, Jamaican Magic (rum), Karapov Vodka, etc.

The company came out with a public issue in Dec.'94 to modernise and expand its production capacity for extra neutral alcohol (ENA) from 28.8 lac proof litres (pl) to 86.4 pl and that of Indian-made foreign liquor (IMFL) from 3.9 lac cases to 9.5 lac cases. It also set up a grain-based alcohol plant to reduce dependence on molasses.

It is a leading supplier of country liquor to the government of Madhya Pradesh. It exports IMFL to Russia and has recently entered into a preliminary MoU with Scottish Independent Distilleries to manufacture and market its brands.

The company has chalked out ambitious plans to expand its manufacturing capacity. It has also acquired an 87% equity stake in Kedia Breweries, which is setting up a brewery and an IMFL plant in MP.

During the year 1995-96, the company has undertaken Modernisation plan of the distillery unit by installation of 50000 LPD distillation plant alongwith utilities and effluent treatment plant. The company has also considered diversification plans towards power generation, plantation and infra-structural development.

It is setting up an integrated distillery complex in the state of Rajasthan. The cost of project is estimated at Rs 20.12 crores and proposed to be financed by way of debts funding, fresh issue of shares and internal accruals.

In 1999-00, the Rajasthan project undertaken by the company was completed and commercial production therein commenced from July 1st, 2000.

In 2005-06, the Rajasthan Unit of the Company got demerged and transferred to M/s. Jaipur Distilleries Ltd., a 100% Subsidiary of the Company as per scheme of arrangement effective 1st April 2005.

In 2008-09, the project of Turbine and High Pressure Boiler undertaken by the Company became fully operational and the same resulted into increase of operational efficiency alongwith saving of substantial power cost from captive generation. M/s. Jaipur Distilleries Limited, ceased to be a subsidiary of the Company, consequent upon disposal of shares in the Company in 2009. The modernization programme of the Distillery Unit undertaken by the Company was almost completed in 2010-11. It set up a p PET bottle manufacturing unit at the adjacent to it's distillery complex in 2011-12. The SAP ERP implementation/system development project undertaken by the Company was completed in 2015-16. The Company completed modernization cum expansion project of Distillery in September 2018.

In 2019-20, the Company got listed its equity shares at National Stock Exchange of India Limited (NSE) w.e.f. 12th February, 2020.

In 2024, Company set up a 40 MLPA grain-based Ethanol Plants along with a co-generation facility. It launched new products, including Hillfort' Blended Malt Whisky and Nicobar Gin in FY 2025. Kultur launched in Madhya Pradesh during the year 2025. A key example set the launch of United Breweries' Kingfisher Flavours-Lemon Masala and Mango Berry Twist in March 2025.

Parent organization Indian Private
NSE symbol ASALCBR
Founded 1989
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Board Of Directors

Left Arrow
Prasann Kumar Kedia ED / MD / Promoter
Anshuman Kedia ED / WTD / CEO / Promoter
Tushar Bhandari Executive Director / Whole Time Director / CFO
Swaraj Puri Independent Non Exe. Director
Debashis Das Independent Non Exe. Director
Apurva Pradeep Joshi Independent Non Exe. Director
Abhinav Mathur Company Sec. & Compli. Officer
Right Arrow

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Frequently Asked Questions

What is the Current Share Price of Associated Alcohols & Breweries Ltd?

Answer Field

Associated Alcohols & Breweries Ltd share price is for NSE ₹ 816.00 & for BSE ₹ 816.00 as on May 20 2026 03:29 PM.

What is the Market Cap of Associated Alcohols & Breweries Ltd Share?

Answer Field

The market cap of Associated Alcohols & Breweries Ltd for NSE ₹ 0.00 & for BSE ₹ 0.00 as on May 20 2026 03:29 PM.

What is the 52 Week High and Low of Associated Alcohols & Breweries Ltd?

Answer Field

The 52 Week High and Low of Associated Alcohols & Breweries Ltd for NSE is ₹ 1,277.00 and ₹ 660.65 and for BSE is ₹ 1,275.45 and ₹ 663.40.

What is 1 year return for Associated Alcohols & Breweries Ltd?

Answer Field

The 1 year returns on the stock has been -27.43%.

What is the P/E Ratio of Associated Alcohols & Breweries Ltd Share?

Answer Field

As on May 20 2026 03:29 PM the price-to-earnings (PE) ratio for Associated Alcohols & Breweries Ltd share is 18.23.

What is the PB ratio of Associated Alcohols & Breweries Ltd Share?

Answer Field

As on May 20 2026 03:29 PM, the price-to-book (PB) ratio for Associated Alcohols & Breweries Ltd share is 345.97.

How to Buy Associated Alcohols & Breweries Ltd Share?

Answer Field

You can trade in Associated Alcohols & Breweries Ltd shares with Bajaj Broking by opening a demat account.

How to Buy Associated Alcohols & Breweries Ltd Share on Bajaj Broking App?

Answer Field

To buy Associated Alcohols & Breweries Ltd shares on the Bajaj Broking app, follow these steps:

• Login to the Bajaj Broking App

• Click on the Search Icon

• Search “Associated Alcohols & Breweries Ltd”

• Click on the BUY icon

• Place a buy order specifying the desired quantity of shares.

• Click BUY again to complete the purchase

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Advisory for Investors : NSE | BSE

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) | MCX Member ID: 57680 | 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. Boudhayan Ghosh 
TEL: 020-48574486
Email for any investor grievances or write to us for DP related matters.

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) | MCX Member ID: 57680 | DP registration No: IN-DP-418-2019 | CDSL DP No.: 12088600 | NSDL DP No. IN304300 | AMFI Registration No.: ARN –163403. 

Website: Bajaj Broking

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 SEB I Registration No: INH000010043.

Details of Compliance Officer: 

Mr. Boudhayan Ghosh (For Broking/DP/Research)
Email | 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 NSE

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 : 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.  

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.  

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.

THIRD PARTY PRODUCT DISCLAIMER

Bajaj Financial Securities Limited is a distributor for Non-Broking Products/Services such as Mutual Funds, Mutual Funds SIP, IPO, Bonds, Insurance, PMS, Global Investing, any other third-party products/services. These are not Exchange Traded Products, and we are only acting as distributors. All disputes with respect to the distribution activity, would not have access to SCORES/ODR, Exchange investor redressal forum or Arbitration mechanism. Please refer to the detailed disclaimer for Third-Party Products.

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.