These Stocks to Be in Focus Amid Growing Pharma Industry in India

As per a report released by India Ratings and Research (Ind-Ra), the Indian pharmaceutical market is projected to grow at an 8-9% annual rate in FY26. The report stated that the sector’s growth for FY25 is expected to be in the range of 7.5-8.0 % year-on-year. This follows a growth rate of 6.5 % year-on-year in FY24 and a 9.9 % YoY increase in FY23.

Revenue Growth in Pharmaceutical Industry 

In February 2025, the pharmaceutical market saw a 7.5 % YoY revenue growth. This increase was primarily driven by price growth (5.2 % YoY) and new product launches (2.4 % YoY), while volume growth remained sluggish, showing a slight decline of 0.2 % YoY, according to the report.

The sector has experienced an average year-to-date (YTD) growth of 7.3 % in FY25, driven by price growth (5.5 %), new product launches (2.7 %), and volume growth.

Additionally, the moving annual total (MAT), which tracks the 12-month rolling sales of all pharmaceutical products, saw an 8.1 % increase in February. Cardiac therapies led the market with a 10.8 % growth in MAT, along with a 13.7 % rise in their monthly market share. Other sectors such as gastroenterology, neurology/Central Nervous System, and dermatology also showed strong growth.

Conversely, therapies related to anti-infectives, respiratory, and gynaecology showed weaker growth in February 2025, the report mentioned. With a focus on expanding its capabilities in APIs and biotechnology, the sector has grown at twice the global average rate of 8 % CAGR. India has also become the world’s largest supplier of generic medicines, with its pharma exports growing at 9 %, nearly double the global average.

Top Pharmaceutical Stocks Based on 5Y CAGR

Name Market Cap (₹ Crore) 5Y CAGR (%)
Laurus Labs Ltd 30,144.21 47.41
Caplin Point Laboratories Ltd 14,500.37 45.93
J B Chemicals and Pharmaceuticals Ltd 24,764.86 42.02
Glenmark Pharmaceuticals Ltd 39,593.82 39.46
Sun Pharmaceutical Industries Ltd 3,86,652.83 32.58

Conclusion

The Indian pharmaceutical market is poised for steady growth, with projections of 8-9% annual growth in FY26, driven by a combination of price increases, new product launches, and steady demand across key therapeutic areas. Despite some challenges in volume growth, the sector’s overall performance remains strong, supported by its leadership in the global generic medicines market and robust export growth.

 

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.

From PM-KISAN to MISS: 5 Government Schemes For Farmers’ Welfare

The Indian government has introduced various welfare programs to ensure the financial stability of farmers and foster agricultural growth throughout the country. In 2025, farmers are set to receive support from the government to purchase and utilise advanced agricultural equipment such as harvester machines, rice planting machines, potato planters, combined harvesters, and more. In this read, we will explore the 5 top farmer welfare schemes in India:

Pradhan Mantri Kisan Samman Nidhi (PM-KISAN)

Launched on Feb 29, 2019, PM-KISAN is a central sector scheme which supplements the financial needs of land-holding farmers, subject to exclusions. Under the scheme, the government provides financial support of ₹6,000 per year. The amount is transferred in 3 equal four-monthly instalments into the bank accounts of eligible farmers’ families across the country, via Direct Benefit Transfer (DBT) mode.

Recently on Feb 24, 2025, Prime Minister Narendra Modi transferred PM-KISAN 19th installment into farmers’ accounts.

Pradhan Mantri Kisan Maandhan Yojna (PMKMY) 

Launched on September 12, 2019, PMKMY is a central sector scheme designed to provide social security to the most vulnerable farming families. It is a contributory scheme where small and marginal farmers (SMFs), subject to certain exclusion criteria, can join by paying a monthly subscription to the Pension Fund. The Central Government also contributes to the fund.

Pradhan Mantri Fasal Bima Yojana (PMFBY)

Introduced in 2016, PMFBY offers an affordable and simple crop insurance product, providing farmers with comprehensive risk coverage against unavoidable natural disasters from pre-sowing to post-harvest. The scheme ensures adequate claim amounts and is demand-driven, making it available to all farmers.

Modified Interest Subvention Scheme (MISS)

The Interest Subvention Scheme (ISS) provides concessional short-term agricultural loans to farmers engaged in crop husbandry and allied activities such as animal husbandry, dairying, and fisheries. Farmers can avail of short-term crop loans up to ₹3.00 lakh at an interest rate of 7% per annum for one year. An additional 3% subvention is granted for timely loan repayment, reducing the effective interest rate to 4% per annum.

Formation & Promotion of New 10,000 FPOs

In 2020, the Government of India launched the Central Sector Scheme (CSS) for the “Formation and Promotion of 10,000 Farmer Producer Organizations (FPOs)” with a total budget of ₹6,865 crores. This initiative is executed through Implementing Agencies (IAs), which work with Cluster-Based Business Organizations (CBBOs) to form and provide professional support to FPOs for a period of 5 years

Conclusion

The Indian government has demonstrated a strong commitment to improving the financial stability and welfare of farmers through a range of targeted schemes. From providing direct financial support via PM-KISAN to offering social security under PMKMY, the government is addressing the varied needs of farmers, particularly small and marginal ones.

 

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.

NLC Share Price in Focus: Board Approved Fund Raise of $200 Mn Via ECBs

On March 11, 2025, NLC India share price will be in focus as the state-owned mining giant said it has received in-principle approval from its board of directors on March 10, 2025, to raise external commercial borrowings (ECB) equivalent to $200 million in Japanese Yen, with an additional green shoe option.

“We write to inform that the Board of Directors of the Company at their meeting held on Monday, 10th March 2025, has inter-alia considered and in-principally approved the borrowing of External Commercial Borrowing within the overall ceiling of Japanese Yen equivalent to USD200 Million with equivalent green shoe option,” NLC India said in a regulatory filing.

What are ECBs?

External Commercial Borrowings (ECBs) are loans utilised by eligible resident entities, raised from recognized non-resident entities. These borrowings must comply with certain criteria, such as minimum maturity period, maximum all-in-cost ceiling, and permitted and non-permitted uses. ECBs are regulated under the Foreign Exchange Management Act (FEMA).

NLC Secured LoA

NLC India Limited (NLCIL) has recently been awarded a Letter of Award (LoA) for a 200 MW Wind Power Project by SJVN Limited, at a tariff of ₹3.74 per kWh. NLCIL emerged successful in the reverse auction held by SJVN Limited on January 17, 2025. The project is expected to generate 526 MU of clean, green energy annually, helping to offset an equivalent amount of greenhouse gas emissions.

This achievement strengthens NLCIL’s growing footprint in India’s renewable energy sector and supports the company’s goal of reaching 10 GW of renewable energy capacity by 2030. It is also notable that NLCIL’s renewable energy journey began with its 51 MW wind project in 2013.

This win significantly expands NLCIL’s wind energy portfolio, bringing its total wind power capacity to over 300 MW, including ongoing projects. The newly secured project will contribute to India’s commitment to increasing non-fossil fuel-based power generation, aligning with the National Green Energy Policy and the government’s target of achieving 500 GW of non-fossil fuel capacity by 2030.

 

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.

NFO Alert: Edelweiss MF Filed SID For Edelweiss BSE Internet Economy Index Fund

Edelweiss Mutual Fund has filed the draft scheme information deed (SID) with the capital market regulator for floating a new fund offer (NFO) for Edelweiss BSE Internet Economy Index Fund. It is an open-ended index scheme replicating the BSE Internet Economy Index.

As per SID, the Scheme will offer two Plans:

  • Regular Plan
  • Direct Plan

The Direct Plan will be available exclusively to investors who purchase or subscribe to Units of the Scheme directly with the Fund and will not be offered to those who invest through a Distributor. If neither a Distributor’s Code nor “Direct” is specified in the application form, it will be considered a “Direct Plan” application.

Investment Objective

The investment objective of the Edelweiss BSE Internet Economy Index Fund is to provide returns before expenses that closely correspond to the total returns of the BSE Internet Economy Total Return Index, subject to tracking errors. Edelweiss MF further clarified that there is no guarantee that the investment objective of the Scheme will be achieved.

Investment Strategies

The fund manager of Edelweiss BSE Internet Economy Index Fund will adopt a passive investment strategy, investing in stocks in the same proportions as the BSE Internet Economy Index to achieve its investment objective.

The strategy will focus on minimising tracking error through portfolio rebalancing, taking into account changes in stock weights within the index and the impact of new inflows or redemptions from the Scheme.

A small portion of the net assets may be held in cash or invested in debt and money market instruments authorized by SEBI/RBI, including TREPS, or in alternative investments for TREPS as allowed by the RBI, to meet the Scheme’s liquidity requirements.

Scheme Suitable For Which Investors

Edelweiss BSE Internet Economy Index Fund is suitable for investors who are seeking

  • Long-term capital appreciation
  • Passive Investment in equity and equity-related securities replicating the composition of the BSE Internet Economy Total Returns Index, subject to tracking errors.

Ensure steady returns with systematic withdrawals! Estimate your withdrawals with our SWP Calculator and manage your finances seamlessly.

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.

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

SEBI Revealed Tighter Norms For SME IPOs

Cat: Market Updates

The capital market regulator, the Securities and Exchange Board of India (SEBI) has introduced a series of reforms to strengthen the regulatory framework for Small and Medium Enterprise (SME) IPOs. The new regulations come in response to a growing number of SME IPOs and the significant rise in investor participation in this segment.

Key Changes in the Regulatory Framework

Profitability Requirement for SMEs

One of the most significant changes is the introduction of a profitability requirement for SMEs wishing to launch an IPO. As per the new rules, SMEs must demonstrate a minimum operating profit (earnings before interest, depreciation, and tax or EBITDA) of ₹1 crore for at least two out of the three preceding financial years. This will ensure that only financially stable companies with a proven track record can access public funds.

Cap on Offer-for-Sale (OFS) Component

The regulations also impose a 20% cap on the Offer-for-Sale (OFS) component of an SME IPO. This means that only 20% of the total issue size can be offered for sale by existing shareholders. Additionally, the new rules specify that no shareholder can offload more than 50% of their existing holdings in the IPO, ensuring that the company retains a significant portion of its equity base.

Lock-in Period for Promoters

Another key provision is the introduction of a phased lock-in period for promoters’ shareholding. Any excess promoter holding over the Minimum Promoter Contribution (MPC) will be subject to a lock-in period, with 50% being released after one year and the remaining 50% after two years. This ensures that promoters retain a long-term interest in the company’s performance.

Restrictions on Use of IPO Proceeds

SEBI has also placed restrictions on how SME IPO proceeds can be used. The regulations specify that the funds raised cannot be used for repaying loans taken from promoters, promoter groups, or related parties—whether directly or indirectly. Furthermore, the allocation for general corporate purposes (GCP) in SME IPOs is capped at 15% of the total issue size or ₹10 crore, whichever is lower. This ensures that IPO funds are used primarily for the company’s growth and not to settle past debts.

Enhanced Transparency for IPO Documentation

The new rules also require SMEs to make their Draft Red Herring Prospectus (DRHP) publicly available for comments for 21 days before the IPO. Companies must publish announcements in newspapers and include a QR code for easy access to the DRHP. This ensures greater transparency and enables investors to make more informed decisions.

Conditions for Post-Issue Capital Increase

SEBI has also outlined provisions for situations where the post-issue paid-up capital exceeds ₹25 crore due to further capital issuance. In such cases, the issuer may continue to be listed on the SME exchange without migrating to the main board, provided they comply with the Listing Obligations and Disclosure Requirements (LODR) Regulations applicable to main board companies.

Compliance with Related Party Transaction Norms

In line with the requirements for main-board listed companies, SME-listed entities will now have to comply with related party transaction (RPT) norms. This ensures that any transactions between the company and its promoters or related entities are conducted with transparency and fairness.

Conclusion

These new reforms by SEBI are a step in the right direction toward strengthening the SME IPO segment in India. By introducing stricter regulations around profitability, OFS, and IPO proceeds, SEBI aims to create a more transparent and stable market environment.

 

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.

BEL Shares to Trade Ex-Date on March 11: Interim Dividend of ₹1.50

On March 11, 2025, BEL shares to trade ex-date, meaning that the shareholders registered in the company’s books will be eligible for the ₹1.50 interim dividend.

BEL Dividend History

Ex-Date Dividend Type Dividend Amount (₹)
Aug 14, 2024 Final 0.80
Mar 22, 2024 Interim 0.70
Feb 09, 2024 Interim 0.70

BEL Order Book Update

Bharat Electronics Limited (BEL), a Navratna Defence Public Sector Undertaking, has secured new orders worth ₹843 Crore since its last update on March 6, 2025. Key orders include RF seekers, vessel and air traffic management systems, electro-optic repair facilities, radar upgrades, spares, and services. With these additional orders, BEL’s total order value for the current financial year now stands at ₹14,567 Crore.

For the quarter ending December 31, 2024, Bharat Electronics Limited (BEL) reported a revenue from operations of ₹5,770.69 crore, reflecting a 38.7% growth compared to ₹4,162.16 crore in the same period the previous year. The company’s net profit for the quarter reached ₹1,311.60 crore, marking a significant increase of 52.5% from ₹860.26 crore in Q3 FY23.

 

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.

Godrej Consumer Launched its First Integrated Greenfield Plant in Tamil Nadu

On March 10, 2025, Godrej Consumer Products Limited (GCPL), a leading player in the FMCG sector in emerging markets officially launched its first integrated greenfield plant in Tamil Nadu. This landmark event was marked by an inauguration ceremony attended by Thiru MK Stalin, the Honourable Chief Minister of Tamil Nadu.

The highlight of the ceremony was the activation of the production line by Chief Minister MK Stalin, who symbolically started the first production run. This marked the rollout of the inaugural Cinthol Original soap bar, a significant milestone in the plant’s journey.

A Milestone Investment in Manufacturing

In 2024, GCPL laid the foundation for its state-of-the-art manufacturing facility in Tamil Nadu, committing an investment of approximately INR 515 crore over the next 5 years. This facility is the company’s largest single investment aimed at boosting its production capabilities. Spanning 27 acres, the plant was built in an impressive timeframe of just 13 months, reflecting the company’s commitment to rapid expansion and operational excellence.

Focus on Sustainability

Aligned with GCPL’s broader sustainability goals, the facility is designed with a strong commitment to environmental responsibility. It adheres to the guidelines of the Indian Green Building Council (IGBC), ensuring that the plant’s operations are in line with the best sustainability practices. This commitment to sustainability not only enhances the plant’s operational efficiency but also contributes to the company’s larger environmental objectives.

Management Take on Significant Milestone

Commenting on the plant’s inauguration, Nadir Godrej, Chairperson of Godrej Industries Group, said, “The Chengalpattu plant stands as a testament to Godrej Consumer Products’ unwavering commitment to shaping the future of manufacturing, where innovation, sustainability, and inclusivity seamlessly converge. This cutting-edge facility not only supports our mission to deliver high-quality products to consumers but also places a strong emphasis on the well-being and diversity of our workforce. With 50% women and 5% representation from people with disabilities (PWD) and LGBTQIA+ communities, we are proud of our ongoing commitment to fostering an inclusive and equitable environment. At Godrej, we believe that the future of manufacturing lies in empowering people and protecting the planet, driving sustainable growth for all.” 

Conclusion

The inauguration of GCPL’s integrated greenfield plant in Tamil Nadu marks a significant milestone in the company’s growth story. It underscores GCPL’s commitment to enhancing production capabilities, creating meaningful employment opportunities, and fostering an inclusive and sustainable work environment. 

 

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.

Mid-Day Top Gainers and Losers on March 10, 2025: Powergrid and HUL Led Gainers

On March 10, 2025, as of 11: 55 AM, the BSE Sensex was up 0.32% at 74,569.39, while the Nifty 50 was up 0.29% at 22,617.65. The mid-day top gainers and losers for the day are:

Mid-Day Top Gainers 

Symbol Open High Low LTP %chng
POWERGRID 261.05 274.25 261.05 273.45 3.85
HINDUNILVR 2,208.00 2,261.75 2,194.65 2,260.70 2.55
HINDALCO 689.8 709.3 689 707.35 2.31
JSWSTEEL 1,011.15 1,032.75 1,010.25 1,030.15 1.88
ADANIPORTS 1,146.00 1,168.65 1,136.95 1,165.05 1.8

Powergrid 

Powergrid shares opened at ₹261.05, peaked at ₹274.25, and gained 3.85%, reflecting a solid intraday performance.

Hindustan Unilever

Hindustan Unilever shares saw a slight uptick, starting at ₹2,208.00, reaching ₹2,261.75, and gaining 2.55%.

Hindalco 

Hindalco shares opened at ₹689.80, touched ₹709.30, and rose by 2.31% during the day, showing moderate growth.

JSW Steel 

JSW Steel shares began at ₹1,011.15, hit ₹1,032.75, and ended the day with a 1.88% gain, signalling positive movement.

Adani Ports 

Adani Ports shares opened at ₹1,146.00, reached ₹1,168.65, and finished with a 1.80% gain, showing steady growth.

Mid-Day Top Losers

Symbol Open High Low LTP %chng
INDUSINDBK 895 913.35 881.1 909.75 -2.88
TRENT 4,990.00 4,997.85 4,873.00 4,883.85 -2.32
EICHERMOT 5,123.00 5,130.00 5,031.60 5,035.75 -1.27
ONGC 232.89 235 230 230.1 -1.2
HEROMOTOCO 3,653.00 3,665.75 3,610.20 3,611.05 -1.13

IndusInd Bank
IndusInd Bank shares opened at ₹895, dropped to ₹881.10, and ended the day with a 2.88% decline.

Trent 

Trent shares started at ₹4,990.00, hit a low of ₹4,873.00, and saw a 2.32% loss during the day

Eicher Motors

Eicher Motors opened at ₹5,123.00, touched ₹5,031.60, and experienced a 1.27% fall in its value.

ONGC

ONGC opened at ₹232.89, dropped to ₹230.00, and saw a 1.20% decrease by the close.

Hero MotoCorp

Hero MotoCorp began at ₹3,653.00, dipped to ₹3,610.20, and recorded a 1.13% loss during the session.

 

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.

Coforge Share Price in Focus: Elevates Collaboration with ServiceNow

On March 10, 2025, Coforge Limited, a leading global digital services and solutions provider, expanded its partnership with ServiceNow, a renowned AI platform for business transformation. This collaboration aims to combine Coforge’s AI framework, Quasar, with ServiceNow’s AI Agents to launch a new GenAI Center of Excellence (CoE) in Greater Noida, India.

GenAI Center of Excellence (CoE) Launch

The new GenAI CoE will empower organizations to leverage advanced AI-driven insights, streamline operations, and improve customer experiences. This center will serve as a hub for businesses to pilot, navigate, and scale innovative solutions using ServiceNow’s AI capabilities.

Coforge brings over 12 domain-centric, industry-first solutions on the ServiceNow platform, catering to sectors like Financial Services, Insurance, Healthcare, and Travel. The CoE will support the acceleration of clients’ journeys with the ServiceNow platform, particularly in areas such as payments, fraud detection, dispute management, and digital operations resiliency.

Scope of Collaboration

As part of this enhanced collaboration, Coforge will adopt ServiceNow’s agentic AI capabilities to transform HR processes and enhance employee experiences. A dedicated global CoE has been established, where businesses can pilot, navigate, and scale AI-powered solutions tailored to specific industry needs. The CoE will focus on improving operational efficiency, reducing costs, enhancing multi-cloud strategies, accelerating AI adoption with low-code/no-code automation, and developing scalable AI use cases across key industries like financial services, insurance, healthcare, and travel.

Sudhir Singh, CEO and Executive Director, Coforge said, “ServiceNow’s market-leading AI platform combines the power of Data, AI and Workflow to enable clients to achieve transformational outcomes. With this investment in GenAI CoE for the ServiceNow platform, we will jointly accelerate clients’ adoption of the ServiceNow platform for business transformation.” He added, “By combining our industry expertise with this market-leading AI platform, we can achieve customer success which is our true north star.”

 

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.

Gensol Engineering Share Price in Focus: Stock Split, Fund Raise and More

On March 7, 2025, Gensol Engineering Limited through an exchange filing announced that it will conduct its Board Meeting on March 13, 2025, to consider and approve the stock split and fundraise via QIP.

Gensol Engineering First Ever Stock Split

The company is considering splitting its existing equity shares of the face value ₹10/- each, fully paid up, in such manner as may be determined by the Board of Directors subject to the approval of the shareholders of the Company and any regulatory/ statutory approvals, as may be required under applicable law

Fund Raise Via QIP

The board will review the proposal to raise funds by issuing equity shares or eligible securities through permissible methods, such as a Qualified Institutional Placement (QIP), preferential issue, Foreign Currency Convertible Bonds (FCCBs), or any other approved methods under the applicable regulations.

Stake Sale by Promoters

The promoters of Gensol Engineering Limited have launched a strategic initiative to strengthen the company’s financial foundation and support its long-term growth through the sale of ~2.37% of the company’s total equity, equating to 9,00,000 shares

By stake, the promoters are seeking to unlock liquidity, which will be reinvested into the business via equity infusion. This move is part of a broader strategy to reinforce the company’s balance sheet and enhance stability.

Following this transaction, the promoters will retain a significant 59.70% stake, reflecting their ongoing dedication to Gensol’s mission of delivering value to all stakeholders while advancing the clean energy transition.

Gensol Engineering Share Price Performance

Gensol Engineering share price continued its 10-day selling streak on March 10, 2025. The share price of Gensol Engineering reached a day low of ₹308.00 at 10:20 AM after opening at ₹313.30. Gensol Engineering shares have cumulatively dropped ~60% in the past 10 sessions and travelled a journey from the high of ₹584.45 to the low of ₹303.00.

 

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.