Subscriber Update - May 2024

Too Much Optimism; Bumpy Road Ahead!

Dear Subscriber,

Welcome to the May 2024 issue of Equity Midas Capital’s Subscriber Update.

We have entered in the fourth year of operations with as much enthusiasm we had when we started our advisory. The support and encouragement from all of you has been over-whelming and helps us push even harder to improve our products.

This year was very positive for our recommendations. Markets have been very kind. On an average our recommendations (FEAST) delivered 47% returns for the year. We are quite happy with the performance and this was also inline with our expectations (read here).

As we review where we stand today, looks like we are back in the same situation as 2021 (when we had just started our advisory). The year before we kicked-off (2020-21) was a stupendous year for equities and so has been 2023-24. Today, it seems like every alternate stock has generated 50+% returns over the last year, just like 2020-21. This could not sustain then (markets had a below average returns year in 2021-22) and we expect it will not sustain this year as well for the overall markets. Note that the start of 2021-22 recommendations performance was also very encouraging as is the current performance of our recommendations.

Let’s focus on the good things first! FEAST and FOCUS both outperformed their benchmark indices by a decent margin. As expected, FEAST outperformed FOCUS in 2023-24 but we expect a tight match between the two this year.

Here is the snapshot of last year’s performance:

FOCUS (LARGE & MID CAP)639.270.8040.07Nifty 20030.27
FEAST (ALL CAP)1246.840.6247.47NIFTY 50033.16

Why the bumpy road ahead?

We are worried because there seems to be no reason to worry at all.

There seems to be too much optimism in the markets. Most of it also seems to be for valid reasons. We have a stable government despite it being a coalition government. The new government has made all the right noises so far and the structural reforms should go on as planned.

Inflation is under control and interest rates should start a downward journey soon. Lower cost of capital is good for equities.

Consumption is actually picking up, demand, especially rural demand, which was subdued is on the rise. India is a growing country; we need higher consumption to sustain this growth.

FIIs have been selling but this has been matched well by the retail participation. If FIIs do initiate some buying, markets will further improve. Retail money, especially thru Mutual Funds, has been the most consistent fund-inflow in the market in the recent times. This flow continues to be stronger than ever.

Corporate performance, though not great, did not show any signs of stress. Infact bank’s performance has been better than expected.

So then, why are we worried? Again, as we said, we are worried because there seems to be no reason to worry at all. It’s all too good to be true. When we cannot pin-point to any reason for a correction, market will fall due to its own weight.

Markets will continue to rise since there is no reason to correct. At the same time, they may correct big at the slightest opportunity. The reasons may not be very visible but that is the point. Essentially every move will be magnified, both the rise & corrections as well (when they occur). Higher retail participation will add fuel. We anticipate a bumpy ride in 2024-25 especially due to these reasons.

Some events that may trigger corrections can be: issues in the governing coalition, delayed or excessive monsoon, average/bad corporate results, unexpected announcements in the budget, delays in policy easing by central banks and change in government priorities.

Many of the above events may occur in July-August timeframe, if they happen at all. July-August, hence, is a critical timeframe for the markets.

For the year, we expect a average year for the market assuming operating performance of the companies keeps pace.

Do note that these are just our views, our analysis that is just one of the many possibilities that the future holds. Our recommendations are released irrespective of our views/analysis about the market. We do believe our recommendations will survive the market better than the rest.

Stock Performance Analysis

A hypothetical equal-weighted portfolio of our recommendations is used to calculate returns for the investment period. All our BUY recommendations released last year (31-May-2023) were updated to SELL on 31-May-2024. The returns showed in the table above are as on end of the day, 31st May 2024.

As on end of May 2024, an equal-weighted portfolio of our 2023-24 FEAST recommendations (in other words the average returns for our FEAST recommendations) have yielded 46.8% capital returns i.e. without dividends. FOCUS recommendations have yielded 39.3% capital returns in this period.

Both the portfolios have performed better than their benchmark indices. The overall returns are within the expected range considering the buoyancy in the markets and underlying company performances.

Let’s see how we got here:

Key Observations

  • Just like last year, both the portfolios closed near to their peak returns for the year. FEAST reached a high of over 50% during the year.
  • Large caps saw a strong finish to the year. FOCUS gained 27% in the last three months from March to May.
  • Both FOCUS & FEAST demonstrated much higher volatility as compared to the benchmarks.
  • This year we had 2 stocks that delivered over 100% returns, 3 stocks that delivered over 50% returns & 2 stocks that delivered over 25% returns. Three stocks closed in the negative.
  • Performance is largely in-line with back-test results. In years when markets are buoyant, EVM returns are typically very good.

Operating Performance Analysis - EVM View

Please refer to the EVM Guidelines for Operating Performance Classification to understand how we group the companies based on their annual operational performance.

Based on the guidelines above here is how this year has ended:
20NA>80 & <90
3548.67%>90 & <100

The data clearly shows that underperforming companies have also delivered similar returns as the companies which have delivered on their expectations. Isn’t this the actual definition of a BULL MARKET? We have been lucky, no doubt about it. The reason why the returns are more than 15-20% above the expectations is this bull market. We benefitted because we held on till we identified the next set of stocks with more potential.
Here is the detailed data of the company performance:
1LARGE/MID CAPSRF Ltd.54.84-12.24
1SMALL/MICRO CAPIon Exchange (India) Ltd.61.3733.69
1SMALL/MICRO CAPGujarat Themis Biosyn Ltd.70.7151.28
1LARGE/MID CAPFinolex Cables Ltd.73.2279.21
1LARGE/MID CAPITC Ltd.76.56-4.28
3SMALL/MICRO CAPStylam Industries Ltd.93.1-1.1
3LARGE/MID CAPCummins India Ltd.93.11101.79
3SMALL/MICRO CAPJTL Industries Ltd93.5327.12
3SMALL/MICRO CAPRatnamani Metals & Tubes Ltd.95.2247.17
3SMALL/MICRO CAPJB Chemicals & Pharmaceuticals Ltd.96.8368.39
4LARGE/MID CAPCholamandalam Investment and Finance Company Ltd.105.6618.1
4LARGE/MID CAPUNO Minda Ltd.107.3353.01

Subscriber Queries

Q1. If this year is similar to 2021-22, then will it be prudent to exit early. In 2021-22, the recommendations lost most of their gains in April & May.

Ans: Early exit or catching the peak is the holy grail. Except 2021-22, our exits were close to the peak returns they achieved during the year.
A similar question was raised last year as well and this seems be a recurring question in our subscriber’s mind.

Early exit is not something we have tested. Our recommendations need to be based on a strategy that is tested on past data. In this case it would be making a prediction of a peak on the markets or on the returns of the recommendations. We have not been able to identify any such indicators which will help us do this yet.

This does remain a focus area for us.

Q2. Do you invest in equity mutual funds? If yes, how do you choose them?

 We do not invest in mutual funds. We believe we can do better than the mutual funds with our own recommendations.

Having said that, Mutual Funds are ideal for Wealth building. While we do not want to comment on specific mutual funds, here is how we look at mutual fund selection:
Selecting an equity mutual funds is harder than it looks. As on date, there are over 2500 equity mutual funds in India.
It is hence critical to decide a investing strategy that one wants to deploy in the markets and then select a mutual fund that matches the strategy. There are three widely respected strategies to invest in equity market: 1) Value Investing 2) Growth Investing 3) Momentum Investing.

A combination of these three strategies can provide a good structure for investing.

Second step is to identify the right mutual funds and the mutual fund manager who invest using these strategies. The past history of the mutual fund trades can be used to confirm whether the fund and the manager actually follows what they market.

Finally, a historical check on the returns should be made to verify if it matches to the investors expectations.

Any mutual fund typically has over 50-60 companies in their portfolio. With the three strategies, overlap between three mutual funds adopting these three strategies should be minimal. Essentially a bouquet of just three mutual funds will provide diversification of over100-120 companies in one’s portfolio.

Do note that this is not an advice, but an approach that you may consider while selecting mutual funds.

Thank you for your support!

Ashish Arole
SEBI Registered Research Analyst (Registration Number INH000008136)
Equity Midas Capital
Scroll to Top

Let’s Connect


EVM Guidelines for Operating Performance Classification

EVM states that the market performance of any stock is closely correlated to the underlying company’s expected operating performance. Every quarter we analyse the operating performance of the recommended stocks against the expectations calculated by EVM.


We rank the recommendations based on the operating performance and group them in 4 quadrants based on expectations achieved in that quarter. Here is how we group them:



Quarter 1Quarter 2Quarter 3Quarter 4
Quadrant 1<=20<=40<=60<=80
Quadrant 2>20 & <22.5>40 & <45>60 & <67.5>80 & <90
Quadrant 3>22.5 & < 25>45 & < 50>67.5 & < 75>90 & < 100
Quadrant 4>25>50>75>100

According to EVM, the group meeting the expectations for that quarter should deliver better than market returns.






Investor Complaints Redressal

Client’s queries / complaints may arise due to lack of understanding or a deficiency of service experienced by clients. Deficiency of service may include lack of explanation, clarifications, understanding which escalates into shortfalls in the expected delivery standards, either due to inadequacy of facilities available or through the attitude of staff towards client.

1. Clients can seek clarification to their query and are further entitled to make a complaint in writing, orally or telephonically. An email may be sent to the Client Servicing Team on admin@equitymidas.com. Alternatively, the Investor may call on 98507 28257.

2. A letter may also be written with their query/complaint and posted at the below mentioned address: L-604, Balwantpuram Samrajya, Shivtirth Nagar, Paud Road, Kothrud, MAHARASHTRA, PUNE – 411038

3. Clients can write to the research analyst at ashish.arole@gmail.com if the Investor does not receive a response within 10 business days of writing to the Client Servicing Team. The client can expect a reply within 10 business days of approaching research analyst.

4. In case you are not satisfied with our response you can lodge your grievance with SEBI at https://scores.sebi.gov.in. or you may also write to any of the offices of SEBI. SCORES may be accessed thorough SCORES mobile application as well, same can be downloaded from below link: https://play.google.com/store/apps/details?id=com.ionicframework.sebi236330 (Temporarily discontinued)

Terms & Conditions

Thank you for using www.EquityMidas.com. Please read these Terms & Conditions of Use carefully, which is a legal contract between you (“User”) and EquityMidas.com. This website viz. www.EquityMidas.com domain name are owned and controlled by Ashish Arole. Ashish Arole is a SEBI registered Research Analyst (Registration Number INH000008136) registered under SEBI (Research Analysts) Regulations, 2014. By accessing or using the Website and/or any related mobile or software applications (collectively the “Sites/ Website/ EquityMidas”), accessing or using the content, information, services, features or resources available or enable through the Sites including but not limited to delivery of information through the Sites whether existing now or in the future that link to these Terms of Use (collectively with the Sites, the “Service”), however accessed or used, the User:
  1. Agrees to be bound by these terms of use (“Terms & Conditions”)
  2. Represents that the User is of a legal age in User’s jurisdiction of residence to form a binding contract.
These Terms & Conditions affect the User’s legal rights and obligations. Except as otherwise provided herein, if the User does not agree to be bound by these Terms & Conditions, the User may not access or use the Service. Please note that these Terms & Conditions are subject to amendment(s) by Ashish Arole at his sole discretion at any time without any prior intimation of the same to the User (“Updated Terms”).  


By accessing the website, you are agreeing to be bound by these terms of service (including the fee structure), all applicable laws and regulations, and agree that you are responsible for compliance with any applicable local laws. If you do not agree with any of these terms, you are prohibited from using or accessing this site. The materials contained in this website are protected by applicable copyright and trademark law.

Breach of these Terms & Conditions

Without prejudice to EquityMidas.com’s other rights under these terms and conditions, if you breach these terms and conditions in any way, EquityMidas.com may take such action as EquityMidas.com deems appropriate to deal with the breach, including suspending your access to the website, prohibiting you from accessing the website, blocking computers using your IP address from accessing the website, contacting your internet service provider to request that they block your access to the website and/or bringing court proceedings against you.

Scope of Services

EquityMidas is in the business of providing research analyst services (equity advisory). We offer this service through access to our model portfolios consisting of listed equities only. Fee is charged to access individual portfolios and charged on a per year basis. We DO NOT:
  1. Provide personalized advice.
  2. Provide any distribution services (for any financial products).
  3. Help to define family goals & objectives.
  4. Assess risk profile.
  5. Develop Investment Policy Statement.
  6. Develop investment recommendations based on goals & risk profile and assist in implementing these recommendations.
  7. Provide advice with respect to the investment in insurance, commodities and other financial assets.
  8. Provide advice and recommendations in any other areas of financial planning in which Advisor or Client identifies a need.
Equity Advisory maintains an arms-length relationship between its activities as research analyst and other activities and shall ensure that this arm’s length relationship would be maintained throughout the tenure of advisory service.

Conflict of Interest

Any conflict of interest shall be disclosed to the client as and when they arise. We adhere to SEBI regulations with respect to trading in securities covered by our model portfolios. We will not deal or trade in securities that we recommend within thirty days before and five days after the publication of a research report (model portfolio). We do not derive any direct or indirect benefit out of the client’s securities/investment products.

Use of Information and Material on this Website

Permission is granted to temporarily access information on the website for personal, non-commercial transitory use only. This is the grant of a license, not a transfer of title, and under this license you may not:
  1. Attempt to decompile or reverse engineer any software contained on the website;
  2. Remove any copyright or other proprietary notations from the materials; or
  3. Share the material with another person or “mirror” the materials on any other server.
  4. Republish material from this website (including republication on another website)
  5. Sell, rent or sub-license material from the website
  6. Show any material from the website in public
  7. Reproduce, duplicate, copy or otherwise exploit material on this website for a commercial purpose
  8. Edit or otherwise modify any material on the website; or
  9. Redistribute material from this website except for content specifically and expressly made available for redistribution.
This license shall automatically terminate if you violate any of these restrictions and may be terminated by us at any time. Upon terminating your viewing of these materials or upon the termination of this license, you must destroy any downloaded materials in your possession whether in electronic or printed format. EquityMidas reserves the right to deny, in its sole discretion, any user access to this web site or any portion thereof without notice or justification. Further EquityMidas reserves the right at any time to charge fees for access to any service provided by it. EquityMidas may offer its some of its services free of charge to the user subject to such terms and conditions including the period for which it is offered free of charge, as may be decided by us. It shall put up a notice to this effect with necessary details at the relevant point of time.

Acceptable Usage

You must not use this website in any way that causes, or may cause, damage to the website or impairment of the availability or accessibility of the website; or in any way which is unlawful, illegal, fraudulent or harmful, or in connection with any unlawful, illegal, fraudulent or harmful purpose or activity. You must not use this website to copy, store, host, transmit, send, use, publish or distribute any material which consists of (or is linked to) any spyware, computer virus, Trojan horse, worm, keystroke logger, root kit or other malicious computer software. You must not conduct any systematic or automated data collection activities (including without limitation scraping, data mining, data extraction and data harvesting) on or in relation to this website without Ashish Arole’s express written consent. You must not use this website to transmit or send unsolicited commercial communications. You must not use this website for any purposes related to marketing without Ashish Arole’s express written consent.


The User of this Website declares and agrees that the User is a natural / legal person who has attained the age of Majority (18 years age and 21 years in case a guardian is appointed). Persons who cannot enter into legally binding contract in accordance with the provisions of the Indian Contract Act, 1872, including person of unsound mind and un-discharged insolvents etc. are not entitled to use the Website. If the User violates any of these Terms, or otherwise violate an agreement entered into through the medium of the Website, we may, delete User’s profile and any content or information posted by the User on the Website and/or prohibit the User from using or accessing the Website at any time in its sole discretion, with or without notice, including without limitation if it believes that you have not attained the age of Majority.

Our Intellectual Property

The content and information contained within our Website or delivered to you in connection with the use of our Website is the property of Ashish Arole and any other third party (where applicable). The trademark, trade names and logos (the “Trade Marks”) that are used and displayed on our website include our registered and unregistered Trade Marks and of third parties. Nothing contained on our Website should be construed as granting any license or right to use any Trade Marks displayed on our Website. We retain all proprietary rights on our Website. Users are prohibited from using the same without the written permission of Ashish Arole or such other third parties. The materials on this Website are protected by copyright and no part of such materials may be modified, reproduced, stored in a retrieval system, transmitted (in any form or by any means), copied, distributed, used for creating derivative works or used in any other way for commercial or public purposes without the prior written consent of Ashish Arole.


You further acknowledge that the Website may contain information which is designated confidential by us and that you shall not disclose such information without our prior written consent. Your information is regarded as confidential and, therefore, will not be divulged to any third party except as set forth in this and any other term of use applicable to our website. You will not, directly or indirectly, disclose information regarding the Services to any third party in any media or in any manner, and will hold all such information in confidence, subject to any disclosure required by law, court order, or by any government or regulatory authority. You shall not make any public announcement, press release, or communication concerning this Terms of Use without the prior express written consent of Ashish Arole.

Subscription & Control of Your Access

If you wish to receive access to the restricted editorial content of the website you will need to sign-in and subscribe (as a subscriber) with us and the following provisions of this clause will apply. You agree to: A) Provide true, accurate, correct and complete information which you are required to provide when you register or subscribe as a user of the website, whether in respect of the subscription services or the free services (“personal information”); and B) Notify us immediately of any changes to the personal information. C) Receive calls, text or emails regarding our products or services and various promotional offers for solicitation. D) You agree not to: impersonate any other person or entity or to use a false name or a name that you are not authorized to use, or disclose your password or user name to any other person, or allow your password or user name to be used by any other person to access the services. If you choose to share this information with third parties to provide you additional services, you are responsible for all actions taken with your login information and password and, therefore, should review each third party’s privacy policy. You are responsible for all actions taken with your login information and password, including fees. If you lose control of your password, you may lose substantial control over your personally identifiable information and may be subject to legally binding actions taken on your behalf. Therefore, if your password has been compromised for any reason, you should immediately change your password. You agree to notify us immediately if you suspect any consistent unauthorized use of your account or access to your password even after changing it.

Charges, Refund & Cancellation Policy

Subscription charges are subject to change without notice. The price in effect when we receive your order will be the price that is charged for subscription. We do not accept payment in cash. There is no trial offer for our services. There is no money back or refund policy in case you do not find our services useful or are dissatisfied with the services of EquityMidas. We have a strict no refund policy. Once a subscription is placed and processed, it cannot be cancelled. All the orders that are paid for are final and any dispute will be resolved at our sole discretion. By making a payment, the user acknowledges, represents and warrants that the user has read and understood our Terms of Use and Privacy policy available on the website. If you would like to evaluate the quality of our services, please check the stocks recommended to our subscribed members and the performance shown on the website before subscribing. Except as set forth in these Terms of Use or as required by law, all Payment Transactions processed through the Service are non-refundable and non-reversible by Buyer through the Service. We reserve the right to issue refunds or credits at our sole discretion. If we issue a refund or credit, we are under no obligation to issue the same or similar refund in the future. Subscription charges, offers, and promotions are subject to change. The price in effect and the terms and conditions for your specific order at the time of placing your order will be applicable to your order.

Risk Factors

Investments in securities are subject to market risks and there is no assurance or guarantee that the objective of the investments will be achieved. Past performance of the investment adviser does not indicate its future performance. The performance of the investments/products may be affected by changes in Government policies, general levels of interest rates and risks associated with trading volumes, liquidity and settlement systems in equity and debt markets. Investments in the products which the Clients have opted are subject to wide range of risks which inter alia also include but not limited to economic slowdown, volatility & illiquidity of the stocks, poor corporate performance, economic policies, changes of Government and its policies, acts of God, acts of war, civil disturbance, sovereign action and /or such other acts/ circumstance beyond the control of Investment Advisor or any of its Associates. The names of the products/nature of investments do not in any manner indicate their prospects or returns. The performance in the equity may be adversely affected by the performance of individual companies, changes in the market place and industry specific and macro-economic factors. Investments in debt instruments and other fixed income securities are subject to default risk, liquidity risk and interest rate risk. Interest rate risk results from changes in demand and supply for money and other macroeconomic factors and creates price changes in the value of the debt instruments.

Links to other Websites

EquityMidas might contain links to other websites. EquityMidas is not responsible for the content, accuracy or opinions express in such websites, and such websites are not investigated, monitored or checked for accuracy or completeness by us. Inclusion of any linked website on EquityMidas does not imply approval or endorsement of the linked website by us. If you decide to leave EquityMidas and access these third-party websites, you do so at your own risk.


Your right to use EquityMidas is not transferable. Any password or right given to you to obtain information, content, document or messages (via email or SMS on mobile) is not transferable. Any violation in the same will be considered as a breach of these Terms of Use and liable to immediate account termination without any refund of the active subscription.


By using this website, it is deemed that you have consented to receiving emails, calls, autodialed and/or pre-recorded message calls, text messages (SMS, WhatsApp, Telegram, Signal or any other similar apps), from us or our vendors, at any time, on the telephone number / contact information that has been provided by you even if the contact number you have entered is on DND (Do not Disturb), for the use of this Website or our services. We may send inquiry confirmation/ intimation, subscription confirmation, cancellation, payment confirmation, schedule change or any such other information relevant for the transaction on the contact number given by the User at the time of registration / reservation. We may also contact you to clarify your inquiry, seek additional details pertaining to it, etc. Our text messages (SMS, WhatsApp, Telegram, Signal or any other similar apps), alerts will be subject to guidelines of Telecom Regulatory Authority of India (TRAI) and Department of Telecom (DoT) as well as to the terms and conditions of third-party merchants, services of whom EquityMidas might avail of. By signing up for alerts, you agree to allow us to send you alerts, even if your number is registered in the Do Not Disturb (DND) registry. We do not commit, guarantee, assure or promise any returns based on our recommendations. You act solely based on your individual risk-bearing ability and your perception of the equities market. You hereby unconditionally consent that such communications via text messages (SMS, WhatsApp, Telegram, Signal or any other similar apps) and/ or voice call is (a) upon your request and authorization, (b) ‘transactional’ and not an ‘unsolicited commercial communication’ as per the guidelines of Telecom Regulation Authority of India (TRAI) and (c) in compliance with the relevant guidelines of TRAI or such other authority in India and abroad. We may provide all recommendations via website, text messages (SMS, WhatsApp, Telegram, Signal or any other similar apps), Email & other app notification. The deliveries of the text messages (SMS, WhatsApp, Telegram, Signal or any other similar apps) on national and international numbers are solely dependent on the vendor’s infrastructure and the network of the receiver. We will not be responsible on delayed in delivery or non-delivery of the alerts/messages. You hereby agree and undertake to indemnify us against all types of losses and damages incurred by us due to any action taken by TRAI, Access Providers (as per TRAI regulations) or any other authority due to any erroneous compliant raised by you against us with respect to the intimations mentioned above or due to a wrong number or email id being provided by you for any reason whatsoever.

No Warranty

THE SERVICES AND THE SOFTWARE/MODEL/WEBSITE ARE PROVIDED “AS IS” WITHOUT ANY EXPRESS OR IMPLIED WARRANTY OF ANY KIND, INCLUDING WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE OR NON-INFRINGEMENT. THE SOFTWARE/MODEL MAY CONTAIN DEFECTS, BUGS, INOPERABLE FEATURES, ERRORS OR INCOMPLETE CODE. You assume total responsibility and risk for your use of the Service and the Software. EquityMidas does not guarantee that the Service or the Software will be uninterrupted or error free; it is provided on an “as available” basis. EquityMidas and its affiliates do not warrant the accuracy, completeness or timeliness of the news and information available through the Service. You acknowledge that any reliance upon any such news, statements or other information shall be at your sole risk. EquityMidas does not guarantee the accuracy of the information available through the Service and you agree not to rely on any information or other content available through the Service without making your own independent investigation and exercising you own business judgments. Neither EquityMidas nor any of its data or content providers shall be liable for any errors or delays in the information or other content available through the Service, or for any action taken in reliance thereon. No offer on our part with respect to the sale or purchase of any securities is intended or implied, and nothing contained herein is to be construed as a recommendation to buy or sell any securities. NRI Users must ensure that stocks recommended by us are not in RBI ban list before investing or executing the order with their trading member.


You agree to indemnify, save, and hold EquityMidas, its affiliates, contractors, employees, officers, directors, agents and its third party associates, licensors, and partners harmless from any and all claims, losses, damages, and liabilities, costs and expenses, including without limitation legal fees and expenses, arising out of or related to your use or misuse of the services or of the Website, any violation by you of these Terms of Use, or any breach of the representations, warranties, and covenants made by you herein. EquityMidas reserves the right, at your expense, to assume the exclusive defence and control of any matter for which you are required to indemnify EquityMidas, including rights to settle, and you agree to cooperate with EquityMidas defense and settlement of these claims. EquityMidas will use reasonable efforts to notify you of any claim, action, or proceeding brought by a third party that is subject to the foregoing indemnification upon becoming aware of it.

Limitation of Liability

Notwithstanding anything to the contrary contained herein, neither EquityMidas nor its affiliated companies, subsidiaries, officers, directors, employees or any related party shall not have any liability to you or to any third party for any indirect, incidental, special or consequential damages or any loss of revenue or profits arising under or relating to these Terms of Use. To the maximum extent permitted by law, you waive, release, discharge and hold harmless EquityMidas its affiliated and subsidiary companies, and each of their directors, officers, employees, and agents, from any and all claims, losses, damages, liabilities, expenses and causes of action arising out of your use of the Website.

Availability and updating of the Site

EquityMidas may suspend the operation of the Site for repair or maintenance work or in order to update or upgrade its content or functionality from time to time. EquityMidas does not warrant that access to or use of the Site or of any sites or pages linked to it will be uninterrupted or error free. EquityMidas may change the format and content of the Site at its sole discretion from time to time. You should refresh your browser each time you visit the Site to ensure that you access the most up to date version of the Site. EquityMidas reserves the right to add, alter, modify, withdraw, replace, wholly or in part, any of the contents and/or columns and/or sections by any other contents and/or columns and/or sections, whether similar or not, or withdraw it altogether without any prior notice. In case of dispute with any party, our decision will be binding and final.


In the event any provision of this Terms of Use is found invalid or unenforceable pursuant to judicial decree or decision, the remainder of this Terms of Use shall remain valid and enforceable according to its terms.

Special Rights conferred to European Citizens/ Data Subjects

The Privacy policy shall supersede over the contrary terms specified in this Terms of use.

Suggestions, Complaints, And Disputes

Suggestions and complaints are to be first addressed to Customer Support at research@EquityMidas.com

Privacy Policy

Our Privacy Policy, which may change from time to time, is an integral part of this Terms of Use and shall be read along with this Terms of Use.

Applicable Laws

Your use of this Website and any Term and Conditions is subject to laws of India. In case of any disputes arising out of the use of the Website, Courts of Pune will have exclusive jurisdiction.

Risk Profiling Disclaimer

You agree that the services provided is only in the form of recommendations on the potential investment opportunities and we are not responsible for any losses that may be caused on the investment decisions taken based on our recommendations. We would recommend you to segregate your capital and investments into multiple products (time deposits, corporate bonds and equity). Investment of entire capital into equity stocks is absolutely not recommended. You would not bring any claim to EquityMidas, and/ or its group entities, or any officers, employees or our agents in respect of any or all losses, direct or indirect damages, claims, proceedings, cost and expenses suffered by you or any one for the decisions undertaken based on our recommendations. You are recommended to independently evaluate whether to make an investment or not. We would not be responsible for any losses that are caused on account of investment decisions taken by you which do not match your risk profile.
Seraphinite AcceleratorOptimized by Seraphinite Accelerator
Turns on site high speed to be attractive for people and search engines.