{"id":370477,"date":"2024-01-04T11:17:27","date_gmt":"2024-01-04T05:47:27","guid":{"rendered":"https:\/\/zerodha.com\/z-connect\/?p=370477"},"modified":"2024-02-29T14:42:48","modified_gmt":"2024-02-29T09:12:48","slug":"how-equity-analysts-rate-a-stock","status":"publish","type":"post","link":"https:\/\/zerodha.com\/z-connect\/varsity\/how-equity-analysts-rate-a-stock","title":{"rendered":"How equity analysts rate a stock?"},"content":{"rendered":"

Hey folks,<\/p>\n

Check out the following snip!<\/p>\n

\"\"<\/a><\/p>\n

Have you seen these kinds of phrases in the news before?<\/p>\n

If you are someone who has pressed the remote button to switch to CNBC News or clicked your mouse to a MoneyControl article, I am sure you are no stranger to it!<\/p>\n

The keyword I want you to look at above is\u00a0\u201cinitiate.\u201d<\/b><\/p>\n

Millions of shares trigger the market moves over an undefined period, just based on the\u00a0solid reasoning of an analyst put behind this word!<\/p>\n

Just like a top-tier spy\/thrill movie keeps its audience bound until the end for its climax plot, the opportunity to reveal the climax for us, sell-side analysts, comes at the very start of the movie! Because the initial few minutes of the investors we borrow while pitching a stock idea entails revealing the entire plot there itself!<\/p>\n

Bang on!<\/p>\n

A bit confusing?<\/p>\n

Let me be utterly simple and direct, unlike some company\u2019s management commentary.\u00a0\"\ud83d\ude42\"<\/p>\n

Among many day-to-day tasks that an equity research analyst carries out on the sell side,\u00a0one of the most crucial tasks is to expand the existing coverage of a sector\u2019s stocks!<\/p>\n

For example, say,\u00a0under the consumer durables sector, which I currently also cover, we cover stocks\u00a0like Havells, Voltas, Crompton Greaves, etc. So, to expand the universe, we have\u00a0ample more names in the universe like Symphony, Orient Electric, etc., which we\u00a0shall decide to cover fully!\u00a0Here comes the role of\u00a0an IC or Initiating Coverage Report!\u00a0<\/b><\/p>\n

Why do we need IC?<\/h3>\n

Firstly, it\u2019s needed to fulfill the clients\u2019 demand and respect the investors\u2019 interest in and attraction to\u00a0that particular stock.\u00a0Secondly, an analyst initiating new stocks\/sectors to garner more votes from the buy-side\u00a0fund managers and build overall reputational value (a topic for some other blog!).<\/p>\n

Ways to bring a\u00a0new stock?<\/h3>\n
    \n
  1. An individual initiating reports on any stock<\/li>\n
  2. An Anchor report, wherein 3-5 stocks are usually initiated together to bring coverage for an entirely new sector! Say, if you wish to initiate the QSR Industry, you can release a report together on Sapphire Foods, Devyani International, Westlife, etc.<\/li>\n<\/ol>\n

    \"\"<\/a><\/p>\n

    \n
    \n
    \n

    How is the research\u00a0conducted, and how does it lead to the final Target Price (TP) of the stock?<\/h3>\n

    Let\u2019s do it for one of our recent companies that we initiated in the Consumer Durables space,\u00a0Eureka Forbes!<\/b><\/p>\n

    Drink filtered water at your home from \u2018Aquaguard?\u2019\u00a0This is the company that owns this brand name!\u00a0GO and fetch yourself some water because here we begin\"\ud83d\ude0a\"<\/p>\n

    1.<\/strong>\u00a0At the junior analyst level, your lead analyst discusses with you the initiation plans as per\u00a0the client\u2019s request\/interests, i.e., the deadline for initiation, company know-how, etc.<\/p>\n

    2.<\/strong>\u00a0We, here, use external software to build our reports, so the initial base format for the report is already set; one has to punch in the text, upload the chart, tables, images, etc., inside the report using the software\u2019s functions<\/p>\n

    3.<\/strong>\u00a0Various sections to be included in a report are (Front Page Commentary, Industry Analysis, Market Sizing, Key Investment Risks, Company Analysis, Valuation Summary, Charts, Tables, Images, Appendix, Ratios, etc.)<\/p>\n

    4.<\/strong>\u00a0The initial model is made by the junior analyst. In my case, it was me (Putting historicals, linking statements, making quarterly and annual forecasts, building operating metrics and DCF, formulating ratios, etc.)<\/p>\n

    5.<\/strong>\u00a0The assumptions for major growth drivers (Revenue, Operating & and non-operating expenses) are left at the end to be molded by your senior analyst! For that, we keep meeting with the company management to get certain queries answered, especially regarding the plans of the company, and get a broader understanding of the company!<\/p>\n

    6.<\/strong>\u00a0The interesting part comes from the industry & competitor analysis.\u00a0Let\u2019s deep dive here-<\/p>\n

    Eureka Forbes operates in majorly three segments<\/p>\n

      \n
    • Water Purifier<\/li>\n
    • Vacuum Cleaners<\/li>\n
    • Air Purifiers<\/li>\n<\/ul>\n

      The company is a leader in water purifiers, with its most famous brand \u2018Aquaguard.\u2019.\u00a0\u00a0So, how do you go about studying the industry and competition?<\/p>\n

      Industry Analysis:-<\/strong><\/p>\n

        \n
      • Tap Water Connections (Rural & Urban)<\/li>\n
      • Methods of Treatment of Drinking Water<\/li>\n
      • Market Share by players across channels<\/li>\n
      • Stages and Methods of Filtration<\/li>\n
      • Parameters to choose the right water purifier<\/li>\n<\/ul>\n

        Competitor Analysis:-<\/strong><\/p>\n

        I did a lot of primary research by calling various dealers and salesmen from Croma, Vijay\u00a0Sales, etc, to gauge the<\/p>\n

          \n
        • Category Pricing for Kent, Aquaguard, Pureit, etc<\/li>\n
        • Key Brands under each segment<\/li>\n
        • AMC renewal charges for various categories i.e. servicing costs for your RO<\/li>\n
        • New Innovations in the market<\/li>\n
        • Qualitative and Brand appeal among consumers<\/li>\n
        • Various Model Ranges under different Brands<\/li>\n
        • Financial snapshot for competitors<\/li>\n<\/ul>\n

          7.<\/strong>\u00a0We finalized the report with a\u00a0\u201cNeutral\u201d<\/b>\u00a0rating after considering all the qualitative and quantitative factors!<\/p>\n

          8.\u00a0<\/strong>Once the entire report\u2019s first draft is finalized by the sector analysts, the report is sent to\u00a0the SA (Supervisory Analyst) for review, wherein he highlights<\/p>\n

            \n
          • Major\/minor grammatical errors<\/li>\n
          • Target Price errors, if any<\/li>\n
          • Any source confirmation, etc.<\/li>\n<\/ul>\n

            Every single equity research report needs to be approved by an SA before it\u2019s published and\u00a0disseminated to clients.<\/p>\n

            9.<\/strong>\u00a0Internal review by the senior mgt (Head of Research) to understand the rationale for the buy, neutral, and sell rating of the stock! A Q&A round is carried out after the initial presentation! Once the head flags off a green light, the report gets published in the next few days, in the nonmarket hours! \u00a0Yes, i.e., not anytime between 9:30 am and 3:30 pm, before the market hours or after the market hours as per the SEBI guidelines!<\/p>\n

            10.\u00a0<\/strong>The report gets published on the Nomura portal and individually sent to the clients, buy-side fund managers, and other institutional investors!\u00a0\u00a0The sales guys do all these tasks proficiently!<\/p>\n

            Some of you might\u00a0be wondering:<\/h3>\n

            If the notes are disseminated to clients\u2019 inboxes directly, why is there a need for salespeople? The reason: Clients have access to 30+ sell-side firms who all send research reports to them every morning. Do you think they saw your analyst\u2019s note?\u00a0Equity salespeople add value by amplifying the research reports by calling the clients\u00a0personally and pitch the stock to the best of their abilities!<\/p>\n

            How are the bucks\u00a0earned through these time-consuming reports?<\/h3>\n
              \n
            • Whichever buy-side fund is impressed by the story after his fund\u2019s own due diligence and wishes to invest in the stock could do so through their registered broker account with Nomura.<\/li>\n
            • If the stock hits the target price, the analyst\u2019s rating and reputation flourishes in the market, and he earns more votes and gets new clientele requests on top of that!<\/li>\n<\/ul>\n

              The way the votes are distributed is a talk for some other blog!<\/p>\n

              So, Yes, I understand that was too much to grab!\u00a0In a nutshell, the work doesn\u2019t end till the price of the stock is finalized! That\u2019s honestly just half the work done.\u00a0Equity research is not an \u201cif you write it, they will read\u201d profession!\u00a0<\/b>What happens after that w.r.t report completion, review, pitching, marketing, etc., is a tedious and long process, which makes the entire process exhaustive.<\/p>\n

              That\u2019s it for now, folks!<\/p>\n

              Have a great day. Leave your comments for any kind of doubts. I would be happy to answer\"\ud83d\ude0a\"<\/p>\n

              This is a guest post by Raghav Gupta, an equity research analyst at Nomura<\/strong>.<\/em><\/p>\n<\/div>\n<\/section>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

              Millions of shares trigger the market moves over an undefined period, just based on the solid reasoning of an analyst put behind this word. This article explains the role of equity analysts and the process of initiating coverage reports for new stocks or sectors.<\/p>\n","protected":false},"author":242539,"featured_media":371659,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[477],"tags":[546,545],"class_list":["post-370477","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-varsity","tag-equity-investing","tag-opinion"],"yoast_head":"\nHow equity analysts rate a stock? – Z-Connect by Zerodha<\/title>\n<meta name=\"description\" content=\"Millions of shares trigger the market moves over an undefined period, just based on the solid reasoning of an analyst put behind this word. This article explains the role of equity analysts and the process of initiating coverage reports for new stocks or sectors.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/zerodha.com\/z-connect\/varsity\/how-equity-analysts-rate-a-stock\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How equity analysts rate a stock?\" \/>\n<meta property=\"og:description\" content=\"Millions of shares trigger the market moves over an undefined period, just based on the solid reasoning of an analyst put behind this word. This article explains the role of equity analysts and the process of initiating coverage reports for new stocks or sectors.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/zerodha.com\/z-connect\/varsity\/how-equity-analysts-rate-a-stock\" \/>\n<meta property=\"og:site_name\" content=\"Z-Connect by Zerodha\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/zerodha.social\" \/>\n<meta property=\"article:published_time\" content=\"2024-01-04T05:47:27+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-02-29T09:12:48+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/zerodha.com\/z-connect\/wp-content\/uploads\/2024\/01\/5989795-09.png\" \/>\n\t<meta property=\"og:image:width\" content=\"700\" \/>\n\t<meta property=\"og:image:height\" content=\"400\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Guest Author\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@zerodhaonline\" \/>\n<meta name=\"twitter:site\" content=\"@zerodhaonline\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Raghav Gupta\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"7 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/zerodha.com\/z-connect\/varsity\/how-equity-analysts-rate-a-stock\",\"url\":\"https:\/\/zerodha.com\/z-connect\/varsity\/how-equity-analysts-rate-a-stock\",\"name\":\"How equity analysts rate a stock? – Z-Connect by Zerodha\",\"isPartOf\":{\"@id\":\"https:\/\/zerodha.com\/z-connect\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/zerodha.com\/z-connect\/varsity\/how-equity-analysts-rate-a-stock#primaryimage\"},\"image\":{\"@id\":\"https:\/\/zerodha.com\/z-connect\/varsity\/how-equity-analysts-rate-a-stock#primaryimage\"},\"thumbnailUrl\":\"https:\/\/zerodha.com\/z-connect\/wp-content\/uploads\/2024\/01\/5989795-09.png\",\"datePublished\":\"2024-01-04T05:47:27+00:00\",\"dateModified\":\"2024-02-29T09:12:48+00:00\",\"author\":{\"@id\":\"https:\/\/zerodha.com\/z-connect\/#\/schema\/person\/618dfc35b2bee03eeec012d6925e0f1c\"},\"description\":\"Millions of shares trigger the market moves over an undefined period, just based on the solid reasoning of an analyst put behind this word. This article explains the role of equity analysts and the process of initiating coverage reports for new stocks or sectors.\",\"breadcrumb\":{\"@id\":\"https:\/\/zerodha.com\/z-connect\/varsity\/how-equity-analysts-rate-a-stock#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/zerodha.com\/z-connect\/varsity\/how-equity-analysts-rate-a-stock\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/zerodha.com\/z-connect\/varsity\/how-equity-analysts-rate-a-stock#primaryimage\",\"url\":\"https:\/\/zerodha.com\/z-connect\/wp-content\/uploads\/2024\/01\/5989795-09.png\",\"contentUrl\":\"https:\/\/zerodha.com\/z-connect\/wp-content\/uploads\/2024\/01\/5989795-09.png\",\"width\":700,\"height\":400},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/zerodha.com\/z-connect\/varsity\/how-equity-analysts-rate-a-stock#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/zerodha.com\/z-connect\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Varsity\",\"item\":\"https:\/\/zerodha.com\/z-connect\/category\/varsity\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"How equity analysts rate a stock?\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/zerodha.com\/z-connect\/#website\",\"url\":\"https:\/\/zerodha.com\/z-connect\/\",\"name\":\"Zerodha product and business updates\",\"description\":\"Z-Connect is Zerodha's official blog. Get the latest updates, product announcements news, and insights all in one place.\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/zerodha.com\/z-connect\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/zerodha.com\/z-connect\/#\/schema\/person\/618dfc35b2bee03eeec012d6925e0f1c\",\"name\":\"Guest Author\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/zerodha.com\/z-connect\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/dfc0ff1211c2de8ad6e041eb310c4d0e6a52c9846851b599ff4139a795b298b3?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/dfc0ff1211c2de8ad6e041eb310c4d0e6a52c9846851b599ff4139a795b298b3?s=96&d=mm&r=g\",\"caption\":\"Guest Author\"},\"url\":\"https:\/\/www.linkedin.com\/in\/raghavvguptaa\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"How equity analysts rate a stock? – Z-Connect by Zerodha","description":"Millions of shares trigger the market moves over an undefined period, just based on the solid reasoning of an analyst put behind this word. This article explains the role of equity analysts and the process of initiating coverage reports for new stocks or sectors.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/zerodha.com\/z-connect\/varsity\/how-equity-analysts-rate-a-stock","og_locale":"en_US","og_type":"article","og_title":"How equity analysts rate a stock?","og_description":"Millions of shares trigger the market moves over an undefined period, just based on the solid reasoning of an analyst put behind this word. This article explains the role of equity analysts and the process of initiating coverage reports for new stocks or sectors.","og_url":"https:\/\/zerodha.com\/z-connect\/varsity\/how-equity-analysts-rate-a-stock","og_site_name":"Z-Connect by Zerodha","article_publisher":"https:\/\/www.facebook.com\/zerodha.social","article_published_time":"2024-01-04T05:47:27+00:00","article_modified_time":"2024-02-29T09:12:48+00:00","og_image":[{"width":700,"height":400,"url":"https:\/\/zerodha.com\/z-connect\/wp-content\/uploads\/2024\/01\/5989795-09.png","type":"image\/png"}],"author":"Guest Author","twitter_card":"summary_large_image","twitter_creator":"@zerodhaonline","twitter_site":"@zerodhaonline","twitter_misc":{"Written by":"Raghav Gupta","Est. reading time":"7 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/zerodha.com\/z-connect\/varsity\/how-equity-analysts-rate-a-stock","url":"https:\/\/zerodha.com\/z-connect\/varsity\/how-equity-analysts-rate-a-stock","name":"How equity analysts rate a stock? – Z-Connect by Zerodha","isPartOf":{"@id":"https:\/\/zerodha.com\/z-connect\/#website"},"primaryImageOfPage":{"@id":"https:\/\/zerodha.com\/z-connect\/varsity\/how-equity-analysts-rate-a-stock#primaryimage"},"image":{"@id":"https:\/\/zerodha.com\/z-connect\/varsity\/how-equity-analysts-rate-a-stock#primaryimage"},"thumbnailUrl":"https:\/\/zerodha.com\/z-connect\/wp-content\/uploads\/2024\/01\/5989795-09.png","datePublished":"2024-01-04T05:47:27+00:00","dateModified":"2024-02-29T09:12:48+00:00","author":{"@id":"https:\/\/zerodha.com\/z-connect\/#\/schema\/person\/618dfc35b2bee03eeec012d6925e0f1c"},"description":"Millions of shares trigger the market moves over an undefined period, just based on the solid reasoning of an analyst put behind this word. This article explains the role of equity analysts and the process of initiating coverage reports for new stocks or sectors.","breadcrumb":{"@id":"https:\/\/zerodha.com\/z-connect\/varsity\/how-equity-analysts-rate-a-stock#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/zerodha.com\/z-connect\/varsity\/how-equity-analysts-rate-a-stock"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/zerodha.com\/z-connect\/varsity\/how-equity-analysts-rate-a-stock#primaryimage","url":"https:\/\/zerodha.com\/z-connect\/wp-content\/uploads\/2024\/01\/5989795-09.png","contentUrl":"https:\/\/zerodha.com\/z-connect\/wp-content\/uploads\/2024\/01\/5989795-09.png","width":700,"height":400},{"@type":"BreadcrumbList","@id":"https:\/\/zerodha.com\/z-connect\/varsity\/how-equity-analysts-rate-a-stock#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/zerodha.com\/z-connect\/"},{"@type":"ListItem","position":2,"name":"Varsity","item":"https:\/\/zerodha.com\/z-connect\/category\/varsity"},{"@type":"ListItem","position":3,"name":"How equity analysts rate a stock?"}]},{"@type":"WebSite","@id":"https:\/\/zerodha.com\/z-connect\/#website","url":"https:\/\/zerodha.com\/z-connect\/","name":"Zerodha product and business updates","description":"Z-Connect is Zerodha's official blog. Get the latest updates, product announcements news, and insights all in one place.","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/zerodha.com\/z-connect\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/zerodha.com\/z-connect\/#\/schema\/person\/618dfc35b2bee03eeec012d6925e0f1c","name":"Guest Author","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/zerodha.com\/z-connect\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/dfc0ff1211c2de8ad6e041eb310c4d0e6a52c9846851b599ff4139a795b298b3?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/dfc0ff1211c2de8ad6e041eb310c4d0e6a52c9846851b599ff4139a795b298b3?s=96&d=mm&r=g","caption":"Guest Author"},"url":"https:\/\/www.linkedin.com\/in\/raghavvguptaa\/"}]}},"jetpack_featured_media_url":"https:\/\/zerodha.com\/z-connect\/wp-content\/uploads\/2024\/01\/5989795-09.png","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/zerodha.com\/z-connect\/wp-json\/wp\/v2\/posts\/370477","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/zerodha.com\/z-connect\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/zerodha.com\/z-connect\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/zerodha.com\/z-connect\/wp-json\/wp\/v2\/users\/242539"}],"replies":[{"embeddable":true,"href":"https:\/\/zerodha.com\/z-connect\/wp-json\/wp\/v2\/comments?post=370477"}],"version-history":[{"count":3,"href":"https:\/\/zerodha.com\/z-connect\/wp-json\/wp\/v2\/posts\/370477\/revisions"}],"predecessor-version":[{"id":370484,"href":"https:\/\/zerodha.com\/z-connect\/wp-json\/wp\/v2\/posts\/370477\/revisions\/370484"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/zerodha.com\/z-connect\/wp-json\/wp\/v2\/media\/371659"}],"wp:attachment":[{"href":"https:\/\/zerodha.com\/z-connect\/wp-json\/wp\/v2\/media?parent=370477"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/zerodha.com\/z-connect\/wp-json\/wp\/v2\/categories?post=370477"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/zerodha.com\/z-connect\/wp-json\/wp\/v2\/tags?post=370477"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}