Ajanta Pharma Ltd

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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 recommendation(s) or view(s) expressed in this report.

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Opulent had no direct holding or position in the subject company as of the date of publication of this report. However, there may be indirect holdings in the subject company through a portfolio management services (PMS) account, of which Opulent is not aware as on date of this report.

Other disclosures by Opulent Investment Adviser Private Limited and its Research Analyst with reference to the subject company(s) covered in this report-:

Research Analysts or his/her relative's or Opulent or its associates does not have any financial interest in the subject company. Also Research Analysts or his/her relative's or Opulent or its associates may have beneficial ownership of 1% or more in the subject company at the end of the month immediately preceding the date of publication of the research report. Research Analysts or his/her relative's or Opulent or its associates do not have any material conflict of interest in the subject company. Research Analysts have not served as officer, director, or employee in the subject company. Opulent or its Research Analysts has not been engaged in market making activity for the subject company.

Opulent or its associates in the last twelve month has not:

• received any compensation from the subject company;
• managed or co-managed public offering of the securities for the subject company; and
• received compensation for investment banking or merchant banking or stock broking services or for any product or other services from the subject company

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Opulent holding in the subject company: Nil

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The report is based on the facts, figures and information that are considered true, correct, reliable and accurate. The source of the data is from ACE Equity. The information is obtained from publicly available media, Company website www.lumaxworld.in or other sources believed to be reliable. Such information has not been independently verified and no guaranty, representation of warranty, express or implied, is made as to its accuracy, completeness or correctness. All such information and opinions are subject to change without notice. The report is prepared solely for informational purpose and does not constitute an offer document or solicitation of offer to buy or sell or subscribe for securities or other financial instruments for the clients. Though disseminated to all the customers simultaneously, not all customers may receive this report at the same time. Opulent will not treat recipients as customers by virtue of their receiving this report.

DISCLAIMER

Explanation of Investment Ratings
Expected return (over 12-month)

• BUY: >=10%
• HOLD: <-10%to +10%
• SELL: <10%

A graph of daily closing prices of securities is available at www.nseindia.com, www.bseindia.com.

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General Risk Factors
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1. Equity and Equity related Risks: Equity instruments carry both companies specific and market risks and hence no assurance of returns can be made for these investments.
2. Price/Volatility Risk: Equity Markets can show large fluctuations in price, even in short periods of time. Investors should be aware of this and only invest in equity or equity-related products if their investment horizon is long enough to support these important price movements.
3. Clients are not being offered any guaranteed/assured returns.
4. The value of the asset may increase or decrease depending upon various market forces affecting the capital markets such as de-listing of Securities, market closure, etc. Consequently, we make no assurance of any guaranteed returns.
5. Our past performance does not guarantee the future performance of the same.
6. Investment decisions made by the Investment Adviser may not always be profitable
7. Not following the recommendation or allocation may impact the profitability of the Portfolio.
8. System / Network Congestion: Recommendation communicated via electronic modes i.e. Email exists a possibility of delivery failure, which may be beyond our control.

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