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NORTHARC

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NORTHERN ARC CAPITAL LTD Share Price Update

As of the latest trading session, NORTHERN ARC CAPITAL LTD is trading at ₹258.61, down by ₹-2.70 or -1.03% from its previous close. The stock has moved between ₹256.50 and ₹262.77 today. Over the past year, the stock has delivered a return of 22.73%. In the last month, it has returned 26.32%.

NORTHERN ARC CAPITAL LTD performance

Today’s low Today’s high
₹ 256.50 ₹ 262.77
₹ 257.81
52 week low 52 week high
₹ 192.07 ₹ 290.00
₹ 257.81
Open Price ₹ 261.50
Prev. Close ₹ 261.31
Volume (Shares) 305759.00
Total traded value ₹ 788.27
Upper Circuit ₹ 313.57
Lower Circuit ₹ 209.05
info

Investment Returns

Over 1 Month 26.32% Over 3 Months -2.71% Over 6 Months -1.33% Over 1 Year 22.73%
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NORTHERN ARC CAPITAL LTD fundamentals


  • Market cap (Cr) 4,165.50
  • P/E Ratio (TTM) 12.48
  • Beta 1.10
  • Book Value / share 226.72
  • Return on equity 12.29%
  • EPS (TTM) 20.87
  • Dividend yield 0.00%
  • Net profit/quarter (Cr) 92.17
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  • Market cap (Cr) 4,187.10
  • P/E Ratio (TTM) 12.48
  • Beta 1.02
  • Book Value / share 226.72
  • Return on equity 12.29%
  • EPS (TTM) 20.87
  • Dividend yield 0.00%
  • Net profit/quarter (Cr) 92.17
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NORTHERN ARC CAPITAL LTD Financials

  • Key Results
  • Key Ratios
  • Balance sheet
  • Cash Flow
  • Competition
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Revenue
Net income
Particulars DEC 2025 (Values in Cr)
Revenue 711.56
Operating Expense 821.34
Net Profit 92.17
Net Profit Margin (%) 12.95
Earnings Per Share (EPS) 5.70
EBITDA 354.96
Effective Tax Rate (%) 24.31
Particulars SEP 2025 (Values in Cr)
Revenue 606.27
Operating Expense 686.05
Net Profit 94.78
Net Profit Margin (%) 15.63
Earnings Per Share (EPS) 5.87
EBITDA 337.42
Effective Tax Rate (%) 25.49
Particulars JUN 2025 (Values in Cr)
Revenue 590.58
Operating Expense 668.59
Net Profit 103.58
Net Profit Margin (%) 17.53
Earnings Per Share (EPS) 6.42
EBITDA 355.76
Effective Tax Rate (%) 25.00
Particulars MAR 2025 (Values in Cr)
Revenue 589.68
Operating Expense 742.37
Net Profit 46.74
Net Profit Margin (%) 7.92
Earnings Per Share (EPS) 2.90
EBITDA 249.83
Effective Tax Rate (%) 2.62
Particulars DEC 2024 (Values in Cr)
Revenue 559.96
Operating Expense 641.53
Net Profit 102.27
Net Profit Margin (%) 18.26
Earnings Per Share (EPS) 6.34
EBITDA 350.21
Effective Tax Rate (%) 23.65
Particulars MAR 2025 (Values in Cr)
Revenue 2284.11
Operating Expense 2677.66
Net Profit 342.62
Net Profit Margin (%) 15.00
Earnings Per Share (EPS) 22.59
EBITDA 1279.88
Effective Tax Rate (%) 22.43
Particulars MAR 2024 (Values in Cr)
Revenue 1828.66
Operating Expense 2194.75
Net Profit 280.17
Net Profit Margin (%) 15.32
Earnings Per Share (EPS) 31.45
EBITDA 1115.95
Effective Tax Rate (%) 25.37
Particulars MAR 2023 (Values in Cr)
Revenue 1252.45
Operating Expense 1511.74
Net Profit 225.36
Net Profit Margin (%) 17.99
Earnings Per Share (EPS) 25.34
EBITDA 870.22
Effective Tax Rate (%) 25.63
Particulars MAR 2022 (Values in Cr)
Revenue 867.11
Operating Expense 1057.30
Net Profit 163.73
Net Profit Margin (%) 18.88
Earnings Per Share (EPS) 18.52
EBITDA 646.48
Effective Tax Rate (%) 27.90
Particulars MAR 2021 (Values in Cr)
Revenue 643.13
Operating Expense 892.68
Net Profit 56.05
Net Profit Margin (%) 8.71
Earnings Per Share (EPS) 6.40
EBITDA 406.04
Effective Tax Rate (%) 26.56
Particulars MAR 2025 (Values in Cr)
Book Value / Share 212.78
ROE % 10.64
ROCE % 9.88
Total Debt to Total Equity 3.29
EBITDA Margin 52.46
Particulars MAR 2024 (Values in Cr)
Book Value / Share 249.58
ROE % 15.48
ROCE % 11.30
Total Debt to Total Equity 3.77
EBITDA Margin 61.24
Particulars MAR 2023 (Values in Cr)
Book Value / Share 210.35
ROE % 13.73
ROCE % 10.53
Total Debt to Total Equity 3.52
EBITDA Margin 68.05
Particulars MAR 2022 (Values in Cr)
Book Value / Share 186.31
ROE % 11.53
ROCE % 9.97
Total Debt to Total Equity 2.99
EBITDA Margin 73.00
Particulars MAR 2021 (Values in Cr)
Book Value / Share 170.57
ROE % 5.24
ROCE % 8.53
Total Debt to Total Equity 2.22
EBITDA Margin 62.83
Particulars MAR 2025 (Values in Cr)
Book Value / Share 211.23
ROE % 12.29
ROCE % 10.34
Total Debt to Total Equity 3.33
EBITDA Margin 55.81
Particulars MAR 2024 (Values in Cr)
Book Value / Share 242.42
ROE % 13.97
ROCE % 10.89
Total Debt to Total Equity 3.85
EBITDA Margin 60.63
Particulars MAR 2023 (Values in Cr)
Book Value / Share 207.17
ROE % 12.98
ROCE % 10.34
Total Debt to Total Equity 3.58
EBITDA Margin 69.26
Particulars MAR 2022 (Values in Cr)
Book Value / Share 183.03
ROE % 10.55
ROCE % 9.68
Total Debt to Total Equity 3.03
EBITDA Margin 74.01
Particulars MAR 2021 (Values in Cr)
Book Value / Share 167.90
ROE % 3.88
ROCE % 8.06
Total Debt to Total Equity 2.25
EBITDA Margin 62.85
Particulars MAR 2025 (Values in Cr)
Cash & Short Term Investments 647.35
Total Assets 13638.07
Total Liabilities 13638.07
Total Equity 3439.56
Share Outstanding 16
Price to Book Ratio 0.79
Return on Assets (%) 2.23
Return on Capital (%) 2.29
Particulars MAR 2024 (Values in Cr)
Cash & Short Term Investments 407.74
Total Assets 11707.65
Total Liabilities 11707.65
Total Equity 2320.41
Share Outstanding 8
Price to Book Ratio 0.00
Return on Assets (%) 2.63
Return on Capital (%) 2.71
Particulars MAR 2023 (Values in Cr)
Cash & Short Term Investments 422.59
Total Assets 9371.57
Total Liabilities 9371.57
Total Equity 2067.73
Share Outstanding 8
Price to Book Ratio 0.00
Return on Assets (%) 2.45
Return on Capital (%) 2.53
Particulars MAR 2022 (Values in Cr)
Cash & Short Term Investments 802.51
Total Assets 7974.11
Total Liabilities 7974.11
Total Equity 1832.11
Share Outstanding 8
Price to Book Ratio 0.00
Return on Assets (%) 2.16
Return on Capital (%) 2.21
Particulars MAR 2021 (Values in Cr)
Cash & Short Term Investments 466.48
Total Assets 5697.16
Total Liabilities 5697.16
Total Equity 1672.91
Share Outstanding 8
Price to Book Ratio 0.00
Return on Assets (%) 1.18
Return on Capital (%) 1.2
Particulars MAR 2025 (Values in Cr)
Cash & Short Term Investments 636.02
Total Assets 13520.66
Total Liabilities 13520.66
Total Equity 3409.15
Share Outstanding 16
Price to Book Ratio 0.79
Return on Assets (%) 2.53
Return on Capital (%) 2.6
Particulars MAR 2024 (Values in Cr)
Cash & Short Term Investments 383.36
Total Assets 11619.56
Total Liabilities 11619.56
Total Equity 2250.35
Share Outstanding 8
Price to Book Ratio 0.00
Return on Assets (%) 2.41
Return on Capital (%) 2.48
Particulars MAR 2023 (Values in Cr)
Cash & Short Term Investments 387.16
Total Assets 9204.74
Total Liabilities 9204.74
Total Equity 1927.15
Share Outstanding 8
Price to Book Ratio 0.00
Return on Assets (%) 2.44
Return on Capital (%) 2.51
Particulars MAR 2022 (Values in Cr)
Cash & Short Term Investments 791.55
Total Assets 7835.20
Total Liabilities 7835.20
Total Equity 1709.91
Share Outstanding 8
Price to Book Ratio 0.00
Return on Assets (%) 2.08
Return on Capital (%) 2.13
Particulars MAR 2021 (Values in Cr)
Cash & Short Term Investments 456.28
Total Assets 5574.19
Total Liabilities 5574.19
Total Equity 1558.86
Share Outstanding 8
Price to Book Ratio 0.00
Return on Assets (%) 1.00
Return on Capital (%) 1.02
Particulars MAR 2025 (Values in Cr)
Net Income 386.08
Cash from Operations -3529.31
Cash from Investing -388.20
Cash from Financing 1585.75
Net change in Cash 150.86
Free Cash Flow -3511.23
Particulars MAR 2024 (Values in Cr)
Net Income 420.23
Cash from Operations -4173.40
Cash from Investing 36.04
Cash from Financing 2045.46
Net change in Cash -52.93
Free Cash Flow -4159.71
Particulars MAR 2023 (Values in Cr)
Net Income 321.22
Cash from Operations -2198.38
Cash from Investing -119.47
Cash from Financing 927.95
Net change in Cash -487.17
Free Cash Flow -2198.38
Particulars MAR 2022 (Values in Cr)
Net Income 248.38
Cash from Operations -1636.08
Cash from Investing -385.51
Cash from Financing 2028.11
Net change in Cash 317.09
Free Cash Flow -1623.78
Particulars MAR 2021 (Values in Cr)
Net Income 99.99
Cash from Operations -937.22
Cash from Investing -200.90
Cash from Financing 977.18
Net change in Cash 64.88
Free Cash Flow -933.42
Particulars MAR 2025 (Values in Cr)
Net Income 441.71
Cash from Operations -3544.83
Cash from Investing -397.59
Cash from Financing 1611.54
Net change in Cash 159.96
Free Cash Flow -3528.59
Particulars MAR 2024 (Values in Cr)
Net Income 375.42
Cash from Operations -4188.80
Cash from Investing 49.42
Cash from Financing 2047.92
Net change in Cash -42.78
Free Cash Flow -4178.10
Particulars MAR 2023 (Values in Cr)
Net Income 303.04
Cash from Operations -2180.49
Cash from Investing -178.37
Cash from Financing 965.79
Net change in Cash -504.53
Free Cash Flow -2168.87
Particulars MAR 2022 (Values in Cr)
Net Income 227.08
Cash from Operations -1619.70
Cash from Investing -377.03
Cash from Financing 2022.86
Net change in Cash 316.33
Free Cash Flow -1610.92
Particulars MAR 2021 (Values in Cr)
Net Income 56.04
Cash from Operations -927.19
Cash from Investing -194.16
Cash from Financing 983.66
Net change in Cash 63.05
Free Cash Flow -923.38
Company Name Price P/E P/B Market Cap 52 Week Low 52 Week High
ALFRED HERBERT (INDIA) LTD. 2765.50 6.78 0.37 212.94 1952.10 3974.00
BAJAJ HOLDINGS & INVESTMENT LT 10251.60 15.53 1.68 114090.06 8597.50 14873.20
TATA INVESTMENT CORP LTD 725.15 84.61 1.25 36689.18 538.70 1184.00
Naperol Investments Limited 1437.10 23.31 0.90 825.90 801.00 2041.00
Company Name Price P/E P/B Market Cap 52 Week Low 52 Week High
ALFRED HERBERT (INDIA) LTD. 2765.50 6.83 0.38 212.94 1952.10 3974.00
ARAVALI SECURITIES & FINANCE L 4.41 0.00 -6.56 6.68 3.45 6.54
BAJAJ HOLDINGS & INVESTMENT LT 10251.60 42.44 5.01 114090.06 8597.50 14873.20
GKW LIMITED 1600.00 134.34 2.49 955.20 1375.00 2262.00

NORTHERN ARC CAPITAL LTD shareholding pattern

Holding
85.37%
7.51%
7.11%
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News

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NORTHERN ARC CAPITAL LTD Technicals Summary

  • EMA & SMA
  • Resistance and Support
  • Delivery and Volume
  • Beta
  • Price Change Analysis
257.81 -1.33 redarrow
red-green-graph indicator
0 Bearish
16 Bullish
  • 5 Days 256.90
  • 26 Days 241.90
  • 10 Days 250.60
  • 50 Days 242.00
  • 12 Days 248.60
  • 100 Days 245.50
  • 20 Days 243.50
  • 200 Days 245.90
260.84 PIVOT
First Support 258.67 First Resistance 263.47 Second Support 256.04 Second Resistance 265.64 Third Support 253.87 Third Resistance 268.27
RSI 66.65 ADX 22.98 MACD 6.72 Williams % R -8.72 Commodity Channel Index (CCI) 140.12
Date 2026-04-28 Week 239942.00 Same Day 119879.00 Month 206084.00
1 Year 1.11 3 Year 1.22
Over 1 Month
26.32% down
Over 1 Year
22.73% down
Over 3 Months
-2.71% down
Over 3 Years
0.00% down
Over 6 Months
-1.33% down
Over 5 Years
0.00% down

NORTHERN ARC CAPITAL LTD Corporate Actions

Top Gainers

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Top Losers

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NORTHERN ARC CAPITAL LTD Share Price

Northern ARC Capital Limited, formerly known Highland Leasing & Finance Private Limited was incorporated on March 9, 1989 as a Private Limited Company by the Registrar of Companies, Tamil Nadu at Chennai. The name of the Company was changed to IFMR Capital Finance Private Limited' on June 19, 2009. Subsequently, it converted into a Public Company and the name was changed to IFMR Capital Finance Limited' on December 12, 2017 and again to Northern Arc Capital Limited' via fresh Certificate of Incorporation dated February 20, 2018 issued by RoC.

The Company is a diversified financial services platform set up primarily to the diverse retail credit requirements of the under-served households and businesses in India. The Company provide liquidity and develop access to debt-capital markets for institutions that impact financially excluded households and business enterprises. It operate in sectors like microfinance, MSME finance, vehicle finance (includes commercial vehicle and two-wheeler finance), consumer finance, affordable housing finance and agricultural supply chain finance. The Company provide multiple offerings to facilitate the flow of credit to the under-served households and businesses. The platform provides three primary channels, i.e., (i) Lending (ii) Placements and (iii) Fund Management.

The Company enable financing to underserved customers through their Originator Partners in multiple ways depending on their specific needs - including lending to and investing in debt securities issued by the partners for their on-lending activities. The products include Loans, NCDs, CPs, securitization and assignment of receivables (sale of assets). In addition to these, it provide partial guarantees for borrowings of the Originator Partners and third-party credit enhancements for securitization of receivables with other lenders. Through the expansion of the Markets franchise, it has access to reliable and efficient debt capital, onshore and offshore for our Originator Partners.

In 2009, Company had ventured into first microfinance securitization transaction in new asset classes such as cash loans, consumer durables and trade receivables to fund the needs of existing and new Originator Partners.

In 2010, the Company arranged and structured India's first pooled multi-originator securitization transaction (MOSEC) which enabled funding to four Originator Partners operating in the microfinance sector. It completed first placement transaction of a microfinance securitization with private individual investor, entered the MSME finance sector in 2011. In 2013, it ventured into the vehicle finance and affordable housing finance sectors and completed India's first listed securitization of microfinance loans, which enabled funding to eight Originator Partners operating in the microfinance sector.

The Company started operation in fund management business, through subsidiary Northern Arc Investment Managers Private Limited (NAIM) in 2014. In 2016, it commenced retail business, expanded platform with commencement of business with mid-market companies.

In 2018, the Company undertook first persistent securitization transaction which was India's first vehicle loan backed securitization transaction with replenishing structure. This transaction enabled funding to an Originator Partner operating in the vehicle finance sector. In 2019, the Company underwent reorganization through Scheme and became a professionally managed company, got into the consumer finance sector; completed equity raise from IIFL Funds and strategic investment by SMBC, a global bank; structured and arranged the country's first issuance of dual-recourse debentures which enabled funding operating in the vehicle finance sector.

Nimbus 1.0 was launched in September 2018. The Company disbursed microfinance loans under the retail business through Nimbus; arranged and structured India's first securitization transaction involving trade receivables which enabled funding to 10 vendors in 2020; in 2021, AltiFi, a digital retail investment platform to sell down dematerialized securities held by them to eligible investors got launched.

The Company launched supply chain financing, education loan and MSME loan against property business in 2022. It acquired the identified assets and liabilities of S.M.I.L.E. Microfinance Limited and 144 branches in April, 2022.

In 2023, the Company launched the Emerging Corporate Bond Fund, the 10th fund managed by Northern Arc Investments, which focused on serving credit requirements of emerging corporates thus extending their experience of underwriting non-financial institutions corporates to the investors in the fund. NuScore got launched in January, 2023. The Company launched subscription to public issuances of bonds on Altifi. It raised funds from large banks in the country like SBI, BoB, Union Bank, Indian Bank, HDFC, Axis, Kotak, IDFC Bank, etc.

The Company came up with an Initial Public Offering of 29,597,646 Equity Shares by raising funds from public aggregating to Rs 777 Crore, comprising a Fresh Issue of 19,065,326 Equity Shares aggregating to Rs 500 Crore and 10,532,320 Equity Shares aggregating to Rs 277 Crore in September, 2024.

In 2024, the Company raised equity fund from IFC, RJ Corp Limited and Varun Jaipuria. It obtained debt funding of USD 75 million from an Entrepreneurial Development Bank.

Company launched 'Altifi', a digital platform providing retail investors, HNIs and small corporates with access to fixed-income products such as bonds, securitized assets and AIF units which were traditionally limited to institutional investors in FY25. It added 57 new branches in 2025 to accelerate D2C expansion. The Company's AUM grew by 16.4% y-o-y, rising from Rs 11710 Crore in March 2024 to Rs 13634 Crore in March 2025.

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

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P S Jayakumar Chairman & Independent Director
Kshama Fernandes Vice Chairman
Michael Jude Fernandes Nominee
Anuradha Rao Independent Director
Ashutosh Arvind Pednekar Independent Director
Vijay Nallan Chakravarthi Nominee
Sandeep Dhar Independent Director
Ashish Mehrotra Managing Director & Chief Executive Officer
Prakash Chandra Panda Company Sec. & Compli. Officer
Vidya Krishnan Additional Director
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Frequently Asked Questions

What is the Current Share Price of Northern Arc Capital Ltd?

Answer Field

Northern Arc Capital Ltd share price is for NSE ₹ 258.61 & for BSE ₹ 259.35 as on Apr 29 2026 03:29 PM.

What is the Market Cap of Northern Arc Capital Ltd Share?

Answer Field

The market cap of Northern Arc Capital Ltd for NSE ₹ 0.00 & for BSE ₹ 0.00 as on Apr 29 2026 03:29 PM.

What is the 52 Week High and Low of Northern Arc Capital Ltd?

Answer Field

The 52 Week High and Low of Northern Arc Capital Ltd for NSE is ₹ 290.00 and ₹ 192.07 and for BSE is ₹ 290.00 and ₹ 193.00.

What is 1 year return for Northern Arc Capital Ltd?

Answer Field

The 1 year returns on the stock has been 22.73%.

What is the P/E Ratio of Northern Arc Capital Ltd Share?

Answer Field

As on Apr 29 2026 03:29 PM the price-to-earnings (PE) ratio for Northern Arc Capital Ltd share is 12.48.

What is the PB ratio of Northern Arc Capital Ltd Share?

Answer Field

As on Apr 29 2026 03:29 PM, the price-to-book (PB) ratio for Northern Arc Capital Ltd share is 226.72.

How to Buy Northern Arc Capital Ltd Share?

Answer Field

You can trade in Northern Arc Capital Ltd shares with Bajaj Broking by opening a demat account.

How to Buy Northern Arc Capital Ltd Share on Bajaj Broking App?

Answer Field

To buy Northern Arc Capital Ltd shares on the Bajaj Broking app, follow these steps:

• Login to the Bajaj Broking App

• Click on the Search Icon

• Search “Northern Arc Capital 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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  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 us or call on the toll free number.

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) | 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) | 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.