Power Grid Corporation of India reported a 4.1% drop in net profit for the October-December quarter (Q3FY25), falling to ₹3,861.6 crore from ₹4,028.3 crore in the same period last year. Revenue from operations also fell 3% to ₹11,233 crore, compared to ₹11,579.8 crore a year ago.

Key Financial Metrics

• Total income decreased to ₹11,743.06 crore from ₹11,819.70 crore in Q3FY24.
• Total expenses were reduced to ₹6,828.65 crore, down from ₹7,076.49 crore in the previous year.
• Power Grid’s shares fell 2.09%, closing at ₹283.90 on the BSE.

Dividend Announcement

The company’s board approved a second interim dividend of ₹3.25 per share (32.50% of paid-up equity capital) for FY25. The dividend will be paid on February 28, 2025, with the record date set for February 7, 2025.

New Investment Plan

Power Grid’s board also approved a ₹370.02 crore investment to implement a LILO (Line-In Line-Out) of 400kV Vindhyachal PS-Sasan D/C line at Hindalco Switchyard. The project is expected to be completed within 30 months from December 2026.

About Power Grid Corporation of India Limited

Power Grid Corporation of India is a government-owned company under the Ministry of Power, Government of India. It primarily focuses on transmitting large amounts of electricity across various states in India and is based in Gurugram.

Power Grid share price is currently priced at ₹279.40, showing a decline of ₹4.40 (1.55%) as of 10:35 AM IST on February 4. The stock opened at ₹281.00, reached a high of ₹282.75, and a low of ₹272.10 during the trading session. Over the past 52 weeks, the stock has hit a high of ₹366.25 and a low of ₹257.65.

 

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions.

Investments in the securities market are subject to market risks, read all the related documents carefully before investing.

 

Engine oil maker Castrol India reported a 12% increase in profit for the October-December quarter, driven by strong demand for its lubricants. The company’s profit after tax rose to ₹271 crore, compared to ₹242 crore in the same period last year.

Revenue Growth on Higher Sales

Revenue for the quarter grew by 7.1% to ₹1,354 crore, supported by higher sales of lubricants for two-wheelers and commercial vehicles. Industry data showed that two-wheeler sales in India grew by 3%, while commercial vehicle sales increased by 1.2% during the quarter.

Competitive Market Strategy

Castrol India competes with state-run oil refiners like Bharat Petroleum and global players such as Shell. The company aims to expand its market share in India’s competitive lubricants industry.

Plans for Expansion in 2025

The company is focusing on making its products more accessible and affordable. Managing Director Kedar Lele said that Castrol plans to scale up its strategy in 2025, launching both premium and budget-friendly lubricants to attract more customers, especially with the growing demand for SUVs.

About Castrol India Ltd

Castrol India Ltd mainly makes and sells lubricants for automobiles and industries. It also provides related services. The company produces and sells different types of oils and fluids used in cars, motorcycles, commercial vehicles, industries, the energy sector, marine applications, and IT cooling for data centres.

Castrol India share price is currently trading at ₹187.68, marking an increase of ₹11.21 (6.35%) as of 10:24 AM IST on February 4. The stock opened at ₹189.20, reached a high of ₹193.69, and a low of ₹186.21 during the trading session. Over the past 52 weeks, the stock has reached a high of ₹284.40 and a low of ₹162.60.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions.

 

Investments in the securities market are subject to market risks, read all the related documents carefully before investing.

SRF Ltd, KPIT Technologies Ltd, and Emami will trade ex-dividend today, February 4, 2025. Investors needed to buy shares before this date to be eligible for the interim dividend as per the T+1 settlement rule.

SRF Dividend Details

The Board of Directors declared a 2nd interim dividend of ₹3.60 per share (36%) on January 29, 2025. The record date is February 4, 2025, and the payment will be made on or before February 27, 2025. Dividends will be credited to shareholders whose names appear in the NSDL and CDSL records as of the record date.

SRF share price is currently priced at ₹2,948.40, marking a slight increase of ₹5.70 (0.19%) as of 9:33 AM IST on February 4. The stock opened at ₹2,920.00, reached a high of ₹2,964.75, and a low of ₹2,917.90 during the trading session.

KPIT Technologies Dividend Details

The company approved an interim dividend of ₹2.50 per share (25%) on January 29, 2025. The record date for the dividend is February 4, 2025.

KPIT Technologies share price is currently priced at ₹1,446.55, reflecting a gain of ₹32.95 (2.33%) as of 9:39 AM IST on February 4. The stock opened at ₹1,420.00, reached a high of ₹1,454.00, and is currently trading near its high at ₹1,448.20.

Emami Dividend Details

Emami has announced a second interim dividend of ₹4 per share (400%) on 43.65 crore equity shares. The record date for deciding eligible shareholders is February 4, 2025.

Emami share price is currently trading at ₹599.55, showing a decline of ₹14.75 (2.40%) as of 9:41 AM IST on February 4. The stock opened at ₹605.20, reached a high of ₹609.00, and a low of ₹598.00 during the trading session.

Investors eligible for these dividends will receive the payout as per the respective company’s schedule.

Ex-Dividend and Ex-Bonus Focus

In addition to the dividend stocks, Aarti Drugs, Aurionpro Solutions, Emami, KPIT Technologies, LT Foods, Orient Electric, and SRF will be in focus today as they turn ex-dividend. Meanwhile, Redtape is expected to gain attention as it turns ex-bonus today.

• Redtape Limited will issue a bonus in the ratio of 3:1, with the ex-date and record date also set for February 4, 2025.
• LT Foods Limited has announced an interim dividend of ₹0.50 per share, with both the ex-date and record date set for February 4, 2025.
• Orient Electric Limited has announced an interim dividend of ₹0.75 per share, with the ex-date and record date set for February 4, 2025.
• Sundaram Finance Holdings Limited has declared an interim dividend of ₹3.7 per share, with the ex-date and record date on February 4, 2025.
• Aurionpro Solutions Limited will issue an interim dividend of ₹1 per share, with the ex-date and record date also on February 4, 2025.
• Aarti Drugs Limited has announced an interim dividend of ₹1 per share, with the ex-date and record date on February 4, 2025.

Ex-Date and Record Date Explained

The ex-date is the day a stock begins trading without the dividend entitlement, while the record date is when the company finalises its list of shareholders eligible for the dividend. Investors must hold the stock before the ex-date to qualify for the dividend.

 

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions.

 

Investments in the securities market are subject to market risks, read all the related documents carefully before investing.

 

According to the IEA (International Energy Agency) in the India Energy Outlook 2021, India’s primary energy demand is expected to nearly double, reaching 1,123 million tonnes of oil equivalent, as the India’s GDP is projected to grow to US$ 8.6 trillion by 2040. In the past decade, India’s refining capacity has grown from 215.1 million metric tons per annum (MMTPA) to 256.8 MMTPA. This is expected to rise further to 309.5 MMTPA by 2028.

India is anticipated to be one of the largest contributors to the global growth in non-OECD petroleum consumption. The consumption of petroleum products in the country has improved from 158.4 MMT in the fiscal year 2013-14 to 234.3 MMT in 2023-24.

With India’s growing demand in the oil and gas sector, let’s explore the top oil and gas stocks to keep an eye on in January 2025.

Best Oil and Gas Stocks in February 2025 – 5yr CAGR Basis

Note: The best oil and gas stocks listed here are as of February 03, 2025. The stocks are sorted based on their 5Y CAGR. 

Overview of the Best Oil and Gas Stocks

1. Oil and Natural Gas Corporation Limited

ONGC is a government-owned company and India’s largest oil and gas explorer and producer. It contributes about 70% of the country’s crude oil production and around 84% of its natural gas output.

In Q3 FY24, ONGC reported a revenue of ₹33,716.80 crore, slightly lower than ₹33,880.88 crore in Q2 FY24. Net profit stood at ₹8,239.92 crore, down from ₹11,984.02 crore in the previous quarter. 

Key metrics:

• Earning per Share (EPS): ₹31.03
• Return On Equity (ROE): 11.94%

2. Hindustan Petroleum Corporation Limited

Hindustan Petroleum Corporation Limited (HPCL) is an Indian government-owned company in the petroleum and natural gas sector. Headquartered in Mumbai, it operates under the Ministry of Petroleum and Natural Gas. HPCL is a subsidiary of ONGC, which is owned by the Government of India.

In Q3 FY24, Hindustan Petroleum Corporation Limited (HPCL) reported revenue of ₹1,18,936.19 crore, up from ₹1,08,216.38 crore in the previous quarter. The company’s net profit surged to ₹3,022.90 crore in December 2024, compared to ₹631.18 crore in September 2024. 

Key metrics:

• EPS: ₹32.20
• ROE: 17.04%

3. GAIL Limited

GAIL Limited is a government-owned energy company in India. It mainly focuses on the trade, transmission, and distribution of natural gas. GAIL is also involved in exploring and producing solar and wind power, as well as providing telecom, telemetry services, and electricity generation.

In December 2024, GAIL Limited reported a revenue of ₹34,957.76 crore and a net profit of ₹3,867.38 crore. For September 2024, the revenue was ₹32,930.72 crore, with a net profit of ₹2,671.93 crore.

Key metrics:

• EPS: ₹11.58
• ROE: 10.80%

4. Petronet LNG Ltd

Petronet LNG Ltd was established in 1998 as a joint venture between GAIL, Indian Oil, Bharat Petroleum, and ONGC, each holding a 12.5% stake, to build, own, and operate liquefied natural gas (LNG) import and regasification terminals in India.

In the quarter ending December 2024, Petronet LNG Ltd reported a revenue of ₹12,226.86 crore and a net profit of ₹866.99 crore. For the quarter ending September 2024, the revenue was ₹13,021.82 crore, with a net profit of ₹847.62 crore.

Key metrics:

• EPS: ₹23.96
• ROE: 19.43%

5. Bharat Petroleum Corporation Limited

Bharat Petroleum Corporation Limited is a state-owned oil and gas company based in Mumbai, India. It is the second-largest government-owned oil producer in the country, with its operations managed by the Ministry of Petroleum and Natural Gas. The company runs 3 refineries in Bina, Kochi, and Mumbai.

In the quarter ending December 2024, Bharat Petroleum Corporation reported a revenue of ₹1,27,520.50 crore and a net profit of ₹4,649.20 crore. This compares to a revenue of ₹1,17,951.69 crore and a net profit of ₹2,397.23 crore in the previous quarter.

Key metrics:

• EPS: ₹32.93
• ROE: 18.74%

 

Best Oil and Gas Stocks in India in February 2025 – Market Cap Basis

Note: The best oil and gas stocks listed here are as of February 03, 2025. The stocks are sorted based on their market cap. 

Best Oil and Gas Stocks in India in February 2025 – Net Profit Margin Basis

Note: The best oil and gas stocks listed here are as of February 03, 2025. The stocks are sorted based on their net profit margin. 

Oil and Gas Industry in India Outlook

India’s rapid economic growth is driving an increased demand for oil, especially for production and transportation. Crude oil consumption is expected to grow at a compound annual growth rate (CAGR) of 4.59%, reaching 500 million tonnes by FY40, up from 223 million tonnes in FY23. 

In terms of barrels, oil consumption in India is predicted to rise from 4.05 million barrels per day (MBPD) in FY22 to 7.2 MBPD by 2030 and 9.2 MBPD by 2050. Diesel demand in India is expected to double to 163 million tonnes by 2029-30, with diesel and petrol together making up 58% of India’s oil demand by 2045. Given strong economic growth and increasing urbanisation, demand for oil is expected to remain high.

Natural gas consumption is forecast to grow at a CAGR of 12.2%, reaching 550 million cubic meters per day (MCMPD) by 2030, up from 174 MCMPD in 2021.

Indian refiners are set to add 56 million tonnes per annum (MTPA) by 2028, bringing the total domestic capacity to 310 MTPA. India also plans to double its oil refining capacity to 450-500 million tonnes by 2030.

Factors to Consider Before Investing in Oil and Gas Stocks in India

• Market Volatility and Price Variations

Fluctuations heavily influence oil and gas stocks in global oil prices. Changes in supply and demand or geopolitical events can have a major impact on a company’s profitability. It is important to monitor oil price trends and how companies manage these fluctuations.

• Government Policies and Regulations

Policies like subsidies, taxes, and environmental rules can impact the profitability of oil and gas companies. Investors should understand how shifts in government regulations could influence a company’s operations and costs.

• Company’s Financial Health

Evaluating a company’s financial health, including revenue growth, profit margins, and debt levels, is crucial. Companies with low debt and stable earnings are better positioned to weather market volatility.

• Operational Efficiency and Infrastructure

Operational efficiency and robust infrastructure are essential for profitability. Companies with well-managed production and distribution networks, as well as a focus on technological advancements, are likely to handle costs effectively and seize growth opportunities.

Conclusion

Investing in oil and gas stocks requires careful assessment of a company’s financial stability, market standing, growth potential, and the risks associated with fluctuating energy prices and regulatory changes. Aligning these factors with an overall investment strategy helps ensure a well-informed approach to the ever-changing oil and gas industry. Make sure to seek advice from a financial expert to meet specific investment objectives and manage risk tolerance effectively.

 

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions.

Investments in the securities market are subject to market risks, read all the related documents carefully before investing.

As of February 3, 2025, Shakti Pumps (India) share price is trading at ₹924, up 1.38% for the day. The stock opened at ₹890, hit a high of ₹924, and a low of ₹865.85. The company has a market capitalisation of ₹11,090 crore, a P/E ratio of 28.12, and a dividend yield of 0.072%. 

Over the past 6 months, the stock has risen 13.75%, while in the past year, it has surged 278.10%. Over the last 5 years, Shakti Pumps has delivered an impressive return of 1,922.32%. Its 52-week high stands at ₹1,387, and the 52-week low is ₹191.50.

Reason for the Surge

The stock gained momentum after the company announced an additional tie-up for supplying DCR cell-based solar modules for FY 2025-26.

Shakti Pumps already has existing partnerships with:

• Mundra Solar PV Limited (Adani)
• Premier Energies Ltd.

Now, it has secured an additional ₹1,300 crore supply deal with ReNew Photovoltaic Private Limited. This partnership is expected to boost the company’s growth further.

Shakti Pumps Q3 FY25 Results

Water pump manufacturer Shakti Pumps (India) Ltd reported a 130.09% increase in net profit, reaching ₹104 crore in Q3 FY25, compared to ₹45.2 crore in the same period last year.

Revenue from operations rose 31% to ₹648.8 crore, up from ₹495.6 crore in Q3 FY24. EBITDA surged 117.46% to ₹154.4 crore from ₹71 crore last year. The EBITDA margin improved to 23.8%, compared to 14.3% in Q3 FY24.

About Shakti Pumps

The company also produces controllers, mechanical seals, and other key components used in various sectors like irrigation, horticulture, domestic, commercial, and industrial applications. Founded in 1982 by the Patidar family in Rau (Indore), Shakti Pumps has grown into a global brand, exporting to over 120 countries.

The company’s manufacturing facility in Pithampur, Madhya Pradesh, has an annual capacity of 5 lakh pumps and follows strict national and international quality standards.

 

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions.

Investments in the securities market are subject to market risks, read all the related documents carefully before investing.

Kalyan Jewellers India shares continued their post-budget rally for the third straight session on Monday. The stock is gaining momentum due to the Budget proposal to reduce customs duty on jewellery from 25% to 20%.

Impact of Budget Proposal on Jewelry Sector

The finance minister announced a lower customs tax on jewellery (Item Code 7113), reducing the duty from 25% to 20%. Additionally, the customs duty on platinum findings has been significantly reduced from 25% to just 5%. This policy change is expected to benefit jewellery companies like Kalyan Jewellers.

Kalyan Jewellers Q3 FY25 Results

Kalyan Jewellers reported a 21.23% increase in net profit, reaching ₹218.68 crore for Q3 FY25, compared to ₹180.37 crore in the same period last year. Total income surged 40% to ₹7,318.19 crore in the December quarter, up from ₹5,243.20 crore last year. However, expenses also rose to ₹7,024.63 crore, compared to ₹5,004.65 crore in the previous year.

Kalyan Jewellers is set to open 30 new showrooms under the Kalyan brand and 15 Candere showrooms in India during the current quarter.

About Kalyan Jewellers India Ltd

Kalyan Jewellers India Ltd. designs, manufactures, and sells a variety of gold and studded jewellery across different price ranges. As of FY20, it was one of India’s largest jewellery retailers by revenue. The company was founded by T.S. Kalyanaraman, who is also the Chairman, Managing Director, and Promoter.

 

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions.

Investments in the securities market are subject to market risks, read all the related documents carefully before investing.

Shares of state-owned oil companies like Bharat Petroleum Corporation (BPCL) and Indian Oil Corporation (IOC) saw a sharp decline of up to 7% in Monday’s intra-day trading. This fall is due to disappointment over the 2025-2026 Budget, which failed to provide the expected boost to the sector. 

Shares Hit 52-Week Lows

• BPCL share price dropped by 5%, reaching ₹242.30.
• IOC share price fell by 3%, hitting ₹120.10.
• Hindustan Petroleum Corporation (HPCL) share price saw the largest drop, falling 7% to ₹320.15.

These declines pushed the shares of all 3 companies to their 52-week lows. Meanwhile, the BSE Sensex was down 0.7% at 76,963.

Budget Impact on OMCs

For FY25, the government revised the LPG subsidy upward to ₹14,700 crore from ₹11,925 crore in the previous budget. For FY26, the LPG subsidy allocation is even lower at ₹12,100 crore, much less than expected, which could negatively impact the profitability of OMCs.

Oil Price Surge Adds to the Pressure

Oil prices also rose on Monday after the US imposed tariffs on Canada, Mexico, and China, raising concerns over crude supply disruptions.

• US West Texas Intermediate crude jumped 1.9%, reaching $73.89 per barrel.
• Brent crude rose 0.9% to $76.34 per barrel.

LPG Under-Recoveries and Other Challenges

LPG prices are controlled by the government, with retail pricing determined by the government’s decisions. OMCs face challenges in terms of LPG under-recoveries, especially during FY25, which impact their profitability. Other factors contributing to stock underperformance include a weakening rupee and limitations on discounted Russian crude imports.

 

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions.

Investments in the securities market are subject to market risks, read all the related documents carefully before investing.

Inox Wind share price has surged by 48% over the past year, significantly outperforming the market’s 8.6% return. 

Understanding Inox Wind’s Business

Inox Wind, part of the INOXGFL Group with a history of over 9 decades, focuses on chemicals and renewable energy. With 13 years of experience in the wind energy sector, the company provides end-to-end solutions, including equipment supply and operations and maintenance (O&M) for wind projects.

Inox Wind has a manufacturing capacity of over 2.5GW across four plants in Gujarat, Madhya Pradesh, and Himachal Pradesh. Its product lineup includes 2MW and 3MW Wind Turbine Generators (WTGs), and the company holds a license for 4MW WTGs as well. Currently, Inox Wind has a strong order book of over 3.3GW and a large pipeline of future orders.

The company operates two subsidiaries:

• Inox Green Energy Services Ltd. – The only listed wind O&M services company in India.
• Resco Global Wind Services Pvt. Ltd. – Provides EPC services for wind projects.

Inox Wind’s Growth in FY25 and FY26

For FY25, Inox Wind is targeting the execution of nearly 800MW, marking a 113% growth over FY24. This is supported by a robust order pipeline. For FY26, the execution target is over 1,200MW, a 50% increase from FY25, with further growth expected as the company launches its 4MW WTG platform.

Financial Performance

In Q3 FY25, Inox Wind reported a revenue of ₹994 crores, a 96% increase from Q3 FY24. Net profit for Q3 FY25 stood at ₹111.6 crores. Over the last 3 years, the company has reported a compounded sales growth of 35% and a profit growth of 24%.

The National Electricity Plan indicates an addition of 80GW of wind capacity over the next 8 years, creating a market worth ₹6 lakh crores for wind Original Equipment Manufacturers (OEMs) and O&M service providers.

Return on Capital Employed (ROCE)

Inox Wind’s ROCE improved to 4% in March 2024, up from -7% in March 2023, reflecting better operational efficiency. However, compared to its peers:

• Suzlon Energy: ROCE of 25% in March 2024.
• Adani Green Energy: ROCE of 10% in March 2024.

Though improving, Inox Wind’s return on equity (ROE) has been negative over the last 10 years, standing at -28% over the last 3 years.

Valuation and Shareholding

Inox Wind is currently trading at 8.6x its book value of ₹20.5, which is lower than peers:

• Suzlon Energy: Trading at 18.3x its book value.
• Adani Green Energy: Trading at 15.5x its book value.

As of December 2024, Inox Wind’s promoters hold 48.3% of the company, while foreign institutional investors (FIIs) have increased their stake to 15.3%.

Conclusion

Inox Wind has shown strong growth recently, and its future looks promising based on its strong order book, execution targets, and the increasing demand for wind energy. However, execution speed and project completion will be crucial in determining how much the company can grow in the coming years.

 

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions.

Investments in the securities market are subject to market risks, read all the related documents carefully before investing.

The Nifty Metal index saw significant losses on Monday, dropping over 2%, with all 15 stocks in the index losing value.

Vedanta Leads the Losses

Vedanta shares emerged as the top loser in the Metal index, falling by more than 5%. National Aluminium Co. followed closely with a 5% loss.

Tariffs Hit Global Commodity Prices

The drop in metal stocks came after US President Donald Trump announced tariffs on China, Canada, and Mexico. The tariffs, aimed at addressing trade imbalances, caused concerns about a potential trade war, which could harm global economic growth.

Copper, steel, and zinc prices fell by 1% to 3% on the London Metal Exchange (LME) following the announcement.

Details of the Tariffs

Trump revealed a 10% tariff on imports from China and 25% on goods from Canada and Mexico, effective from Tuesday. This caused the US dollar to strengthen by 1.2%, making metals more expensive for other buyers.

Global Trade Impact

The US is a major importer of copper, aluminium, and zinc. In response, China’s commerce ministry promised to take countermeasures, including filing a complaint with the WTO (World Trade Organisation).

A potential global trade war could lead to inflation, higher interest rates, and slow global growth, affecting the demand for metals. Countries may also restrict exports of critical minerals.

China’s Role in the Market

China, the world’s largest consumer of metals, is still struggling to recover fully from the effects of COVID-19. However, it is expected to increase efforts to stimulate economic growth, which may impact commodity demand.

Currently, the Nifty Metal index is down 3.13%, with Vedanta, NALCO, NMDC, SAIL, and Hindustan Copper seeing losses between 4% to 6%.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions.

Investments in the securities market are subject to market risks, read all the related documents carefully before investing.