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February 2026 is not just another month for Dalal Street. It is the intersection of domestic policy, global trade realignment, and monetary strategy. Investors are processing four large events at once: the Union Budget, upcoming RBI policy direction, fresh GDP estimates, and the landmark India–US trade agreement.
Unlike routine market phases, this period is shaping the economic narrative for the next few years. Every portfolio decision must now be seen through a wider lens rather than short-term index movement.
The initial reaction to the Budget was emotional. Higher taxation on derivatives and changes in buyback rules hit sentiment. Yet the same document delivered the largest ever capital expenditure plan focused on infrastructure, defence, railways, and semiconductors.
For long-term investors, this signals a shift from consumption-led growth to investment-led growth. Companies connected to roads, power, logistics, and domestic manufacturing are likely to see multi-year order visibility. The Budget also maintained fiscal discipline, keeping India attractive in the eyes of global rating agencies.
Markets now look toward the Reserve Bank of India. Inflation has moderated but food prices and imported energy remain sticky. The RBI faces a delicate balance between supporting growth and protecting the rupee.
Any signal on rate cuts or liquidity easing could directly influence housing finance, banks, and rate-sensitive sectors. A stable monetary stance will also encourage foreign funds to return to Indian bonds and equities.
Early estimates suggest India continues to be the fastest-growing large economy. Manufacturing revival, digital adoption, and formalisation are supporting tax collections. Rural demand is recovering after a better monsoon cycle.
However, urban consumption shows selective fatigue, and job creation must accelerate to sustain high GDP momentum. Investors should prefer businesses aligned with domestic capex and export competitiveness rather than pure discretionary stories.
The reduction in tariffs has changed the conversation around Indian exports. Textile hubs, auto component clusters, speciality chemical makers, and engineering goods now have better access to the US market.
This deal also carries geopolitical meaning. It positions India as a reliable supply chain partner at a time when global companies want alternatives to overdependence on China.
Energy prices remain the biggest external variable. The Russia–China partnership influences crude flows, logistics costs, and currency movements. Any escalation can quickly impact Indian inflation and the RBI stance.
Investors should therefore keep exposure to quality energy consumers, avoid excessive leverage, and maintain diversification across sectors.
Foreign investors reduced positions earlier due to a strong dollar and valuation concerns. Domestic institutions filled the gap through steady SIP inflows. This new structure has made Indian markets more resilient than in previous cycles.
The message is clear. Long-term money is overpowering short-term speculation, and corrections are becoming opportunities rather than disasters.
Beneficiaries of government spending with visible order books and healthier margins.
Textiles, chemicals, pharma, and auto ancillaries gain from the trade deal and China-plus-one strategy.
Banks and NBFCs benefit from credit growth, while policy direction from RBI will be decisive.
Sensitive to Russia–China developments and global demand trends.
Choosing a credible intermediary with strong research and compliance matters more than ever. Swastika Investmart, a SEBI-registered platform, combines technology-driven investing with human advisory, regular education, and transparent risk management to help investors navigate complex markets.
How will the Budget shape markets in 2026?
The Budget supports investment-led growth. Short-term volatility may continue, but infrastructure and manufacturing should gain over the medium term.
Can RBI policy trigger a fresh rally?
Yes, any hint of rate easing or improved liquidity could boost banks, real estate, and consumption-oriented sectors.
What does the India–US trade deal mean for investors?
It improves revenue visibility for exporters and reduces geopolitical uncertainty, supporting valuations.
Are Russia–China developments relevant to Indian stocks?
They affect crude prices, inflation, and currency, which directly influence RBI decisions and corporate margins.
Is this a good time to start investing?
For long-term goals, disciplined investing during volatile phases has historically delivered better outcomes than waiting for perfect clarity.
February 2026 stands as a defining chapter for Indian markets where Budget reforms, RBI strategy, GDP momentum, and global trade are converging. Volatility is the price investors pay for opportunity. With informed decisions and a trusted partner, this phase can lay the foundation for long-term wealth creation.
SAMHI Hotels Limited is a branded hotel ownership and asset management platform in India. SAMHI Hotels has a portfolio of 4,801 keys across 31 operating hotels in 14 of India's key urban consumption centers, including Bengaluru, Hyderabad, National Capital Region (NCR), Pune, Chennai and Ahmedabad, as of March 31, 2023. The company also has 2 hotels under development with a total of 461 keys in Kolkata and Navi Mumbai.
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Chairman, Managing Director and Chief Executive Officer of the Company. He has been a member of the Board since December 28, 2010. He has experience in the field of hotel operations, design, consulting and investment
Executive Vice President and Head of Investments of the company. He joined the Company on February 8, 2011.
Previously, he was associated with Inter Globe Hotels Private Limited.
Senior Director - Corporate Affairs, Company Secretary and Compliance Officer of the Company. He is a member of the Institute of Company Secretaries of India and a member of the Institute of Cost and Works Accountants of India.
Chief Financial Officer of the Company. He joined our Company on December 11, 2012. Previously, he was associated with Religare Corporate Services Limited as an executive vice president finance change management
General Counsel of the Company. She joined the Company on May 2, 2017. Previously, she was associated with Phoenix Legal, Vaish Associates Advocates and Unitech Limited
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SAMHI Hotels Limited is a branded hotel ownership and asset management platform in India. The company has a track record of successfully renovating or rebranding hotels to improve performance, and it actively pursues growth prospects through tactical mergers, acquisitions and programmatic capital investment.
SHL, is currently a loss-making hospitality company. The company's financial performance has been poor for the last three years, but it is making progress on cutting losses. But business is subject to seasonal and cyclical variations that could result in fluctuations in the results of operations.
The company is loss-making, so we do not have a P/E ratio. However, its sales multiple is 3.7X, which is below when compared to the industry average. However, as the company is in financial trouble, we won't apply for this IPO.
The information contained herein are strictly confidential and are meant solely for the information of the recipient and shall not be altered in any way, transmitted to, copied or distributed, in part or in whole, to any other person or to the media or reproduced in any form, without prior written permission of Swastika Investmart Ltd. (“SIL”). The contents of this document are for information purpose only. This document is not an investment advice and must not alone be taken as the basis for an investment decision. Before taking any decision to invest, the recipient of this document must read carefully the Red Herring Prospectus (“RHP”) issued to know the details of IPO and various risks and uncertainties associated with the investment in the IPO of the Company. All recipients of this document must before acting on the given information/details, make their own investigation and apply independent judgment based on their specific investment objectives and financial position. They can also seek appropriate professional advice from their own legal and tax consultants, advisors, etc. to understand the risks and investment considerations arising from such investment. The investor should possess appropriate resources to analyze such investment and the suitability of such investment to such investor’s particular circumstances before making any decisions on the investment. The Investor shall be solely responsible for any action taken based on this document. SIL shall not be liable for any direct or indirect losses arising from the use of the information contained in this document and accept no responsibility for statements made otherwise issued or any other source of information received by the investor and the investor would be doing so at his/her/its own risk. The information contained in this document should not be construed as forecast or promise or guarantee or assurance of any kind. The investors are not being offered any assurance or guaranteed or fixed returns on their investments. The users of this document must bear in mind that past performances if any, are not indicative of future results. The actual returns on investment may be materially different than the past. Investments in Securities market products and instruments including in the IPO of the Company are highly risky and they are generally not an appropriate avenue for someone with limited resources/ limited investment and low risk tolerance. Such Investments are subject to market risks including, without limitation, price, volatility and liquidity and capital risks. Therefore, the users of this document must carefully consider all the information given in the RHP including the risks factors before making any investment in the Equity Shares of the Company.
Swastika Investmart Ltd or its analysts did not receive any compensation or other benefits from the companies mentioned in the report or third party in connection with preparation of the research report. Accordingly, neither Swastika Investmart Ltd nor Research Analysts have any material conflict of interest at the time of publication of this report. Compensation of our Research Analysts is not based on any specific merchant banking, investment banking or brokerage service transactions. Swastika Investment Ltd may have issued other reports that are inconsistent with and reach different conclusion from the information presented in this report. Research entity has not been engaged in market making activity for the subject company. Research analyst has not served as an officer, director or employee of the subject company. We have not received any compensation/benefits from the Subject Company or third party in connection with the Research Report.
CORPORATE & ADMINISTRATIVE OFFICE - 48, Jaora Compound, M.Y.H. Road, Indore - 452 001 | Phone 0731 - 6644000
Compliance Officer: Ms. Sheetal Duraphe Email: compliance@swastika.co.inPhone: (0731) 6644 241
Swastika Investmart Limited, SEBI Reg. No. : NSE/BSE/MSEI: INZ000192732 Merchant Banking: INM000012102 Investment Adviser: INA000009843 MCX/NCDEX: INZ000072532 CDSL/NSDL: IN-DP-115-2015 RBI Reg. No.: B-03-00174 IRDA Reg. No.: 713.
पिछले सप्ताह फेडरल रिजर्व की एक रिपोर्ट से स्पष्ट हुआ है कि जुलाई और अगस्त में श्रम बाजार में सुस्ती और धीमी मुद्रास्फीति के दबाव के बीच अमेरिकी आर्थिक विकास मामूली रहा है, जिससे उम्मीदों को बल मिला कि केंद्रीय बैंक ने ब्याज दरों में बढ़ोतरी या तो कर दी है, या इसके अंत के करीब है। फेड की बीइंग बुक के मुताबिक जुलाई-अगस्त में आर्थिक विकास माध्यम रहा है। टूरिस्म खर्चो में बढ़ोतरी हुई है, जबकि रिटेल स्पेंडिंग में लगातार गिरावट देखने को मिल रही है। मूल्य वृद्धि धीमी हुई है, लेकिन फेड सर्वे के अधिकतर जिलों ने संकेत दिया कि इनपुट कॉस्ट वृद्धि बिक्री मूल्य से कम धीमी है, क्योकि कम होती मांग के कारण व्यापार बढ़ी हुई लागत को बिक्री मूल्य में शामिल करने में असमर्थ है। लेकिन, कच्चे तेल की कीमतों में बढ़ोतरी से मुद्रास्फीति फिर से बढ़ने की सम्भावना है जिससे यह अनुमान है की फेड सितम्बर में होने वाली बैठक में अपना रुख हॉकिश रखेगा। हालांकि, अमेरिका के आर्थिक आंकड़े यह दर्शाते है की अर्थव्यवस्था की स्तिथि अभी बेहतर बनी हुई है और उम्मीद है की आर्थिक मंदी इस साल के लिए टल जाएगी जिससे सुरक्षित आश्रय की मांग कम हुई है। उधर, चीन की अर्थव्यवस्था में सुस्ती, इसके आर्थिक आकड़ो में देखि जा सकती है जिससे अमेरिकी डॉलर के विरुद्ध चीन की मुद्रा में गिरावट देखि जा रही जिससे एशिया की अन्य अर्थव्यवस्थाओं की मुद्रा भी गिरावट की चपेट में आ गई है। यूरोपियन यूनियन की मुद्रा यूरो में डॉलर की तुलना में गिरावट बनी हुई है जिससे छः प्रमुख मुद्राओ का मापक अमेरिकी डॉलर इंडेक्स, में तेज़ी देखने को मिल रही है और कीमती धातुओं के भाव में दबाव बना हुआ है। इस सप्ताह अमेरिका मुद्रास्फीति, रिटेल सेल्स, कंस्यूमर सेंटीमेंट और यूरोपियन सेंट्रल बैंक की मॉनेटरी पॉलिसी, कीमती धातुओं के भाव के लिए महत्वपूर्ण रहेंगी।
इस सप्ताह कीमती धातुओं के भाव सीमित दायरे में रहने की सम्भावना है। एमसीएक्स अक्टूबर वायदा सोने में सपोर्ट 58000 रुपये पर है और रेजिस्टेंस 60000 रुपये पर है। दिसंबर वायदा चांदी में सपोर्ट 68000 रुपये पर है और रेजिस्टेंस 75000 रुपये पर है।
R R Kabel Limited is one of the leading companies in the Indian consumer electrical industry (comprising wires and cables and fast- moving electrical goods (“FMEG”)), with an operating history of over 20 years in India. They sell products across two broad segments - (i) wires and cables including house wires, industrial wires, power cables, and special cables; and (ii) FMEG including fans, lighting, switches, and appliances.
OBJECTS OF THE ISSUE
Executive Chairman of the Company. He has completed his secondary level school education from Hindi High School, Mumbai. He has extensive experience in the electrical industry. Previously, he was associated with Shramik Winding Wires Private Limited as a director. He was appointed to RR Kabel’s Board of Directors with effect from May 13, 1997.
Managing Director of the Company. He has extensive experience in the electrical industry. Previously, he was associated with the International Copper Association as the chairman of wire and cable product council and the Indian Electrical and Electronics Manufacturers’ Association as the president.
Joint Managing Director of the Company. He has extensive experience in the electrical industry. Previously, he was associated with MEW Electricals Limited as a director. He was appointed to the Board of Directors with effect from February 6, 1995.
Chief Financial Officer of the Company. He joined the Company on July 1, 2000 and is responsible for heading the financial functions of the Company including leading various initiatives in the organization of business excellence and operational efficiency of the Company.
Chief Executive Officer of the Company. He joined the Company on December 16, 2022 and is responsible for handling the domestic business administration of the Company.
Company Secretary and Compliance Officer of the Company. He joined the Company on June 1, 2013 and is responsible for secretarial and legal functions of the Company. Previously, he has worked with MEW Electricals Limited.
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OUTLOOK & VALUATION
RR Kabel is a well-established player with strong brand recall and quality products. The company has a diverse product portfolio and an extensive domestic and global distribution network, and it is working on strategies for further enhancement as well. Other than the wire and cable industries, they are also well-positioned for growth in the FMEG segment.
Financial performance has been mixed, where there is growth in revenue and net worth but pressure on its margins with declining profits. The issue size is around 1964 crore, but most of its portion belongs to the offer for sale. Finally, the IPO is coming at a P/E valuation of around 60.5x, which is looking high-priced.
Due to the high valuation and current market sentiments, we will avoid this IPO for listing benefits. However, it could be a good pick for the long term, and investors may consider it during any post-listing correction.
Ratnaveer Precision Engineering Limited is a stainless steel (“SS”) product manufacturer focused on producing finished sheets, washers, solar roofing hooks, pipes, and tubes. Their products find application across various industries and their products are used in both commercial and residential sectors and are sold within India and overseas.
Chairman, Managing Director and Chief Financial Officer of the Company. He has been associated with the Company since its incorporation. He has over two decades of experience in ferrous and nonferrous metal industries.
Whole time Director of the Company. He has over four decades of experience and has worked in different sectors such as metals, agriculture, automobile etc. He has been associated with the Company since past fifteen years and has been acting as a Director on the Board since 2011. He oversees production as well as commercial functions.
Company Secretary & Compliance Officer of the Company. She is an associate member of the Institute of Company Secretaries of India. She has over 5 years of experience in secretarial and compliance field.
Chief Operating Officer of the Company. He has been associated with the Company since 2011. He holds Diploma degree in Mechanical Engineering. He has over 50 years of experience in terms of consultant as well as employee of the various Company.
Ratnaveer Precision Engineering Limited is a manufacturer of stainless steel products with a wide range of products and multiple designs. The company has a backward-integrated business model, which gives it control over the supply chain, and a research and development (R&D) setup for new product development. It has also reported strong financial performance in the last three years.
However, the steel industry is subject to market volatility and economic conditions. Additionally, it is a highly competitive industry. The major concern for investors here is the high debt-to-equity ratio and low-margin business. However, the IPO is coming at a fair price-to-earnings (P/E) valuation of 13.49x.
Thus, after considering all the factors, we suggest applying for this IPO for listing gain.
The information contained herein are strictly confidential and are meant solely for the information of the recipient and shall not be altered in any way, transmitted to, copied or distributed, in part or in whole, to any other person or to the media or reproduced in any form, without prior written permission of Swastika Investmart Ltd. (“SIL”). The contents of this document are for information purpose only. This document is not an investment advice and must not alone be taken as the basis for an investment decision. Before taking any decision to invest, the recipient of this document must read carefully the Red Herring Prospectus (“RHP”) issued to know the details of IPO and various risks and uncertainties associated with the investment in the IPO of the Company. All recipients of this document must before acting on the given information/details, make their own investigation and apply independent judgment based on their specific investment objectives and financial position. They can also seek appropriate professional advice from their own legal and tax consultants, advisors, etc. to understand the risks and investment considerations arising from such investment. The investor should possess appropriate resources to analyze such investment and the suitability of such investment to such investor’s particular circumstances before making any decisions on the investment. The Investor shall be solely responsible for any action taken based on this document. SIL shall not be liable for any direct or indirect losses arising from the use of the information contained in this document and accept no responsibility for statements made otherwise issued or any other source of information received by the investor and the investor would be doing so at his/her/its own risk. The information contained in this document should not be construed as forecast or promise or guarantee or assurance of any kind. The investors are not being offered any assurance or guaranteed or fixed returns on their investments. The users of this document must bear in mind that past performances if any, are not indicative of future results. The actual returns on investment may be materially different than the past. Investments in Securities market products and instruments including in the IPO of the Company are highly risky and they are generally not an appropriate avenue for someone with limited resources/ limited investment and low risk tolerance. Such Investments are subject to market risks including, without limitation, price, volatility and liquidity and capital risks. Therefore, the users of this document must carefully consider all the information given in the RHP including the risks factors before making any investment in the Equity Shares of the Company.
Swastika Investmart Ltd or its analysts did not receive any compensation or other benefits from the companies mentioned in the report or third party in connection with preparation of the research report. Accordingly, neither Swastika Investmart Ltd nor Research Analysts have any material conflict of interest at the time of publication of this report. Compensation of our Research Analysts is not based on any specific merchant banking, investment banking or brokerage service transactions. Swastika Investment Ltd may have issued other reports that are inconsistent with and reach different conclusion from the information presented in this report. Research entity has not been engaged in market making activity for the subject company. Research analyst has not served as an officer, director or employee of the subject company. We have not received any compensation/benefits from the Subject Company or third party in connection with the Research Report.
CORPORATE & ADMINISTRATIVE OFFICE - 48, Jaora Compound, M.Y.H. Road, Indore - 452 001 | Phone 0731 - 6644000
Compliance Officer: Ms. Sheetal Duraphe Email: compliance@swastika.co.inPhone: (0731) 6644 241
Swastika Investmart Limited, SEBI Reg. No. : NSE/BSE/MSEI: INZ000192732 Merchant Banking: INM000012102 Investment Adviser: INA000009843 MCX/NCDEX: INZ000072532 CDSL/NSDL: IN-DP-115-2015 RBI Reg. No.: B-03-00174 IRDA Reg. No.: 713.
सोने की कीमतें तीन सप्ताह के उच्चतम स्तर के करीब पहुंच गई है, क्योंकि अमेरिका से कमजोर आर्थिक आकड़ो से अटकलें लगाईं जा रही है कि फेडरल रिजर्व के पास ब्याज दरें बढ़ाने के लिए बहुत कम गुंजाइश है। पिछले सप्ताह सोने में मजबूत बढ़त देखी गई क्योंकि कमजोर अमेरिकी जीडीपी और रोजगार आंकड़ो ने डॉलर और ट्रेजरी यील्ड को कम कर दिया। चीनी आर्थिक मंदी की बढ़ती आशंकाओं के बीच सोने की सुरक्षित निवेश मांग में भी वृद्धि देखी गई, क्योंकि एशिया की सबसे बड़ी अर्थव्यवस्था चीन के आंकड़े मंदी की और संकेत कर रहे है। चीन के आंकड़ों से पता चला है कि मैन्युफैक्चरिंग सेक्टर अगस्त में लगातार पांचवें महीने सिकुड़ गया है, जबकि नॉन-मैन्युफैक्चरिंग विकास भी धीमा हो गया है। आर्थिक आकड़ो ने चीन में निरंतर आर्थिक कमजोरी की ओर इशारा किया है, जबकि चीन ने अर्थव्यवस्था को समर्थन देने के लिए और अधिक प्रोत्साहन उपाय करना जारी रखा है। फोकस अब चीन के अधिक प्रोत्साहन उपायों पर है, खबरों से स्पष्ट होता है कि पीपुल्स बैंक ऑफ चाइना तरलता को बढ़ावा देने के लिए मॉर्गेज और युआन जमा दरों को और कम करने की योजना बना रहा है, और फॉरेक्स रिज़र्व रेक्विरेमेंट रेश्यो को पिछले सप्ताह कम कर दिया है। अमेरिकी डॉलर, जो सोने के विपरीत दिशा में चलता है, पिछले सप्ताह 1 प्रतिशत तक लुढ़क गया और बेंचमार्क अमेरिकी बांड यील्ड उच्च स्तरों से पीछे हट गई है जिससे सोने और चांदी की चमक बढ़ती दिखाई दी है। पिछले सप्ताह एमसीएक्स में ऑक्टूबर वायदा सोना और दिसंबर वायदा चांदी में 1.5 प्रतिशत बढ़ोतरी दर्ज की गई है। अमेरिका ब्याज दरें अधिक होने के बावजूद कोर पीसीई प्राइस इंडेक्स के आंकड़े स्थिर रहे जबकि पर्सनल स्पेंडिंग में बढ़ोतरी दर्ज की गई है। लेकिन ऊंची दरों के बीच अगर वैश्विक आर्थिक हालात बिगड़ते हैं तो इस साल भी सोने में कुछ मजबूती देखने को मिल सकती है। हाल के अमेरिकी जीडीपी आंकड़ों से पता चला है कि साल की पहली छमाही में आर्थिक मंदी का असर नहीं होने के बावजूद, दुनिया की सबसे बड़ी अर्थव्यवस्था अभी ठंडी पड़ी हुई है। त्यौहार सीजन के पहले कीमती धातुओं में घरेलु मांग बढ़ने के आसार है, और भारत में अलनीनो प्रभाव के चलते 122 साल में अब तक सबसे कम बारिश हुई है जिससे फ़ूड इन्फ्लेशन बढ़ने की सम्भावना भी है, जो कीमती धातुओं के भाव को सपोर्ट कर सकता है।
इस सप्ताह कीमती धातुओं के भाव में तेज़ी बनी रहने की सम्भावना है। एमसीएक्स अक्टूबर वायदा सोने में सपोर्ट 58800 रुपये पर है और रेजिस्टेंस 60500 रुपये पर है। दिसंबर वायदा चांदी में सपोर्ट 74000 रुपये पर है और रेजिस्टेंस 78000 रुपये पर है।
Rishabh Instruments Limited is a global energy efficiency solution company focused on electrical automation, metering and measurement, precision engineered products, et al. with diverse applications across industries including power, automotive and industrial sectors. The company supply a wide range of electrical measurement and process optimization equipment, and is engaged in designing, developing and manufacturing, and sale of devices significantly under their own brand across several sectors.
Chairman and Managing Director of the Company. He is the founder and Promoter of the Company. He has been associated with the Company since its incorporation and accordingly has over four decades of experience in the manufacturing and electrical industry.
Group CEO. He has been associated with Lumel since January 16, 2014. He holds a bachelor’s degree of engineering (electronics and communication) from the Karnatak University Dharwad and a master’s degree in human resources development management from Somaiya Institute of Management Studies and Research, University of Mumbai.
Head – Marketing, Business Development and Profit Centre Head of the Company. He has been associated with the Company since July 8, 2018. He holds a bachelor’s degree of engineering (electrical engineering) from the University of Mumbai. He was previously associated with ABB Limited, Siemens Limited and Schneider Electric India Pvt Limited.
Chief Financial Officer of the Company.He has been associated with the Company since July 21, 2014. He holds a master’s degree in commerce from the University of Pune. He is an associate member of the Institute of Company Secretaries of India. He was previously associated with Techno Force (I) Pvt Ltd. and ThyssenKrupp Electrical Steel India Private Limited.
Company Secretary and Compliance Officer of the Company. He has been associated with the Company since August 8, 2022. He holds a bachelor’s degree in commerce from the Rashtrasant Tukadaji Maharaj Nagpur University. He is an associate member of the ICSI. He was previously associated with Galactico Corporate Services Limited.
As mentioned in Company's RHP, there are no comparable listed companies in India or globally that engage in a business similar to that of Rishabh Instruments Limited. Accordingly, it is not possible to provide an industry comparison in relation to this Company
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Rishabh Instruments is a multinational company offering energy efficiency solutions. The company has a diverse product portfolio and a vertically integrated operation. The company is operating globally in a large, addressable market. Their brands ‘Rishabh’, ‘Lumel’, Sifam, and ‘Tinsley’ are well recognised in multiple countries. The financial position of the company is currently not very attractive, but it is stable.
However, multi-location operations and global sales raise concerns related to international exposure. Secondly, any kind of shortage in their production inputs, like semiconductors, could also impact their business. The IPO is coming at a P/E valuation of 34.34x. Though the company does not have any listed peers to compare, its valuation is looking high in general. We will recommend this IPO only for high-risk investors.
The information contained herein are strictly confidential and are meant solely for the information of the recipient and shall not be altered in any way, transmitted to, copied or distributed, in part or in whole, to any other person or to the media or reproduced in any form, without prior written permission of Swastika Investmart Ltd. (“SIL”). The contents of this document are for information purpose only. This document is not an investment advice and must not alone be taken as the basis for an investment decision. Before taking any decision to invest, the recipient of this document must read carefully the Red Herring Prospectus (“RHP”) issued to know the details of IPO and various risks and uncertainties associated with the investment in the IPO of the Company. All recipients of this document must before acting on the given information/details, make their own investigation and apply independent judgment based on their specific investment objectives and financial position. They can also seek appropriate professional advice from their own legal and tax consultants, advisors, etc. to understand the risks and investment considerations arising from such investment. The investor should possess appropriate resources to analyze such investment and the suitability of such investment to such investor’s particular circumstances before making any decisions on the investment. The Investor shall be solely responsible for any action taken based on this document. SIL shall not be liable for any direct or indirect losses arising from the use of the information contained in this document and accept no responsibility for statements made otherwise issued or any other source of information received by the investor and the investor would be doing so at his/her/its own risk. The information contained in this document should not be construed as forecast or promise or guarantee or assurance of any kind. The investors are not being offered any assurance or guaranteed or fixed returns on their investments. The users of this document must bear in mind that past performances if any, are not indicative of future results. The actual returns on investment may be materially different than the past. Investments in Securities market products and instruments including in the IPO of the Company are highly risky and they are generally not an appropriate avenue for someone with limited resources/ limited investment and low risk tolerance. Such Investments are subject to market risks including, without limitation, price, volatility and liquidity and capital risks. Therefore, the users of this document must carefully consider all the information given in the RHP including the risks factors before making any investment in the Equity Shares of the Company.
Swastika Investmart Ltd or its analysts did not receive any compensation or other benefits from the companies mentioned in the report or third party in connection with preparation of the research report. Accordingly, neither Swastika Investmart Ltd nor Research Analysts have any material conflict of interest at the time of publication of this report. Compensation of our Research Analysts is not based on any specific merchant banking, investment banking or brokerage service transactions. Swastika Investment Ltd may have issued other reports that are inconsistent with and reach different conclusion from the information presented in this report. Research entity has not been engaged in market making activity for the subject company. Research analyst has not served as an officer, director or employee of the subject company. We have not received any compensation/benefits from the Subject Company or third party in connection with the Research Report.
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Swastika Investmart Limited, SEBI Reg. No. : NSE/BSE/MSEI: INZ000192732 Merchant Banking: INM000012102 Investment Adviser: INA000009843 MCX/NCDEX: INZ000072532 CDSL/NSDL: IN-DP-115-2015 RBI Reg. No.: B-03-00174 IRDA Reg. No.: 713.
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