Navin Fluorine and Chemours Partner on Liquid Cooling Product Manufacturing

Navin Fluorine International Limited has taken a pivotal step in expanding its technological and industrial capabilities by entering the advanced materials sector. Through a strategic partnership with The Chemours Company, a global leader in performance chemicals, Navin Fluorine will manufacture a revolutionary cooling solution designed specifically for data centres. This initiative not only diversifies the company’s portfolio but also enhances India’s participation in high-value global supply chains.

Forging Innovation: Partnership with Chemours

The core of this collaboration is the production of Opteon™ two-phase immersion cooling fluid, a next-generation thermal management solution developed by Chemours. This advanced fluid supports the efficient and sustainable cooling of data centres, which is a growing necessity in the era of artificial intelligence and high-performance computing.

Navin Fluorine will construct a dedicated manufacturing facility at its Surat plant, investing approximately $14 million, with Chemours contributing $5 million to the total. The facility is projected to be operational in the first quarter of FY27. This venture reflects the company’s capability to commercialise and scale up complex technologies with precision and global compliance. It also supports Chemours’ expanding global footprint in environmentally responsible and energy-efficient cooling solutions.

Local Expertise, Global Vision: Aligning with National Priorities

This project exemplifies the ‘Local for Global’ philosophy promoted by India’s industrial development agenda. By manufacturing cutting-edge cooling technologies domestically, Navin Fluorine is not only contributing to India’s self-reliance in high-tech manufacturing but also serving international markets with advanced solutions.

Gujarat’s robust industrial ecosystem and India’s favourable policy landscape have further enabled this strategic move. For Navin Fluorine, this venture signals a shift towards high-performance products and sustainable innovations. It aligns with its broader vision of becoming a leader in niche speciality chemicals and advanced materials, while also supporting environmental goals through energy-efficient solutions.

 

Read More: Trump’s Reciprocal Tariffs: SRF, Navin Fluorine & Other Chemical Stocks Fall Over 4% on US Trade Fears

Navin Fluorine Share Performance 

As of May 07, 2025, at 12:30 PM, Navin Fluorine share price is trading at ₹4,626.30 per share, reflecting a surge of 0.05% from the previous closing price. Over the past month, the stock has surged by 19.25%.

Conclusion

Navin Fluorine’s collaboration with Chemours marks a landmark development in its corporate journey. By entering the advanced materials sector with a focus on sustainable data centre solutions, the company strengthens its innovation-driven growth strategy. This initiative reflects both industrial foresight and a commitment to global excellence, reinforcing India’s role in shaping the future of environmentally conscious manufacturing.

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.

 

Tata Motors Share Price Surges 4 % on Shareholder Approval for Demerger

Tata Motors has received approval from its shareholders to divide the company into two separate listed firms. This decision was supported by 99.9995% of the votes.

Plan to Separate Business Units

The company will now separate its passenger vehicle (PV) business from its commercial vehicle (CV) division. The PV business includes popular models and the luxury brand Jaguar Land Rover (JLR), while the CV unit deals with trucks, buses and other heavy vehicles.

Under the approved plan, existing shareholders will get equal ownership in both the newly formed companies after the split.

Purpose Behind the Demerger

The main goal of the demerger is to let each business grow on its own. By working independently, both the passenger and commercial vehicle units can focus better on their strategies and future growth.

About Tata Motors 

Tata Motors is a leading Indian automobile company known for manufacturing a wide range of vehicles, including cars, SUVs, trucks and buses. It operates both in the domestic and international markets and owns the luxury brand Jaguar Land Rover. The company plays a major role in India’s automotive sector and is recognised for its innovation and sustainability efforts.

Read More: Tata Motors Share Price Fell ~2% Ahead of Demerger Vote Meeting

Share Performance 

As of May 07, 2025, at 12:25 PM, Tata Motors Limited share price is trading at ₹675.30 per share, reflecting a surge of 4.18% from the previous day’s closing price. Over the past month, the stock has surged by 16.48%. The stock’s 52-week high stands at ₹1,179.00 per share, while its low is ₹535.75 per share.

Conclusion

The approval of this restructuring marks a major shift in Tata Motors’ strategy. By splitting into two separate companies, the firm hopes to unlock more value and provide clearer growth paths for its passenger and commercial vehicle businesses.

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.

 

NSE Q4 Profit Surges 47% to ₹12,188 Crore, Announces ₹35 Dividend

The National Stock Exchange (NSE), India’s largest bourse, has posted a strong financial performance for the fiscal year ending March 31, 2025. Despite a sequential decline in earnings during the final quarter, the exchange reported significant year-on-year (YoY) growth in both consolidated and standalone net profit. The board has also recommended a substantial final dividend, including a one-time special payout, further reflecting the exchange’s solid financial health.

Full-Year Growth Bolstered by Income and EBITDA Expansion

The NSE on Tuesday (May 6) reported a 47% YoY increase in consolidated net profit at ₹12,188 crore for FY25. Consolidated total income rose 17% YoY to ₹19,177 crore, while consolidated operating EBITDA grew 28% to ₹12,647 crore.

On a standalone basis, net profit surged 69% YoY to ₹11,246 crore, driven by a 33% rise in standalone total income to ₹19,823 crore. Standalone operating EBITDA also rose 33% to ₹10,243 crore compared to the previous year.

Reflecting this strong financial performance, the exchange’s board has recommended a final dividend of ₹35 per equity share (3,500%), which includes a special one-time payout of ₹11.46 per share. This recommendation is subject to shareholder approval.

Q4 Witnesses Profit Decline and Lower Trading Activity

Despite the strong annual showing, the fourth quarter of FY25 revealed a slowdown. Q4FY25 net profit fell 31% quarter-on-quarter (QoQ) to ₹2,650 crore, down from ₹3,834 crore in Q3FY25. Consolidated revenue from transaction charges declined 15% QoQ to ₹2,939 crore, reflecting reduced trading volumes across both the cash and derivatives segments.

Operating EBITDA dropped 18% sequentially to ₹2,799 crore. Earnings per share for Q4 stood at ₹10.71, compared to ₹15.49 in the preceding quarter.

 

Average daily traded value (ADTV) in the cash segment fell 8% QoQ to ₹95,488 crore, while equity futures and options ADTVs declined 6% and 17%, respectively, over Q3FY25.

The NSE’s fiscal contribution to the government remained substantial. For FY25, it contributed ₹59,798 crore to the exchequer through STT/CTT, stamp duty, SEBI fees, income tax, and GST. Of this, STT/CTT accounted for ₹48,439 crore, with 58% originating from the cash segment and 42% from derivatives.

Read More: NSE IPO: Regulatory Hurdles and Ongoing Discussions with SEBI

Conclusion

NSE’s FY25 performance underscores its resilience and strong operational fundamentals, with impressive annual growth in profits and income. While the fourth quarter posed challenges due to reduced market activity, the overall outlook remains positive, supported by healthy earnings, high tax contributions, and shareholder-focused returns.

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. 

FADA: EV Sales Drop 17.6% in April, Reaching 167,455 Units

India’s electric vehicle (EV) market, which has shown remarkable year-on-year growth, faced a notable slowdown in April 2025. A sharp 17.6% decline in monthly sales was recorded, attributed primarily to a significant reduction in government subsidies for electric two-wheelers (e2w). Despite the monthly drop, overall EV sales were substantially higher than in April 2024, showing the underlying strength of consumer interest and industry expansion.

Subsidy Cuts Trigger Decline in Total EV Sales

Electric vehicle sales fell to 167,455 units in April, as per data from the Federation of Automobile Dealers Association (FADA). The drop impacted nearly every segment except electric three-wheelers (e3w). Compared to the same period last year, total EV sales were up 44.4%.

The fall follows the government’s decision to halve subsidies on e2ws to ₹5,000 per unit starting 1 April. As per the PM E-drive scheme, this amount will further decrease in FY26, capping at ₹5,000 per vehicle, down from ₹10,000 in FY25.

E2W: Sharp Monthly Decline After Subsidy Slash

The e2w category, typically dominant due to affordability and convenience in urban settings, saw sales fall nearly 30% m-o-m to 91,791 units. However, this figure still reflects a 40% Y-o-Y increase.

TVS Motor and Ola Electric led the e2w segment with 39,445 units against 53,912 units in March. Bajaj Auto, Ather Energy, and Hero reported double-digit declines in monthly sales, while Kinetic Green Energy and Power Solutions stood out with a 55.1% increase.

With reduced central incentives, future growth in this segment is expected to hinge on local manufacturing, cost efficiencies, and supplementary state-level benefits.

E3W and Passenger Vehicles: Mixed Performance

The e3w segment was the only category to report a m-o-m sales rise, increasing 5% to 62,531 units and 48.7% Y-o-Y. Mahindra Group sold 11,264 units in April, down from 13,352 in March. Bajaj Auto and TVS Motor recorded 4.1% and 63.8% m-o-m growth, respectively.

These gains come ahead of a phased reduction in e3w subsidies, which will fall from ₹10,000 per kWh under FAME II to ₹2,500 per kWh by 2026.

Passenger vehicle (PV) and commercial vehicle (CV) segments also saw slight m-o-m declines: 12,233 PVs and 900 CVs sold in April, down from 12,356 and 961 in March. Both categories saw healthy Y-o-Y growth over April 2024’s 7,798 PVs and 513 CVs. Tata Motors saw a minor decline in PV sales, while MG Motor India, Hyundai Motor India, BYD India, and BMW India posted double-digit drops.

Read More: Best EV Stocks in India for May 2025 Based on 5Y CAGR: JBM Auto, KPIT Tech, M&M and More

Conclusion

Though April witnessed a slowdown in EV sales driven by subsidy cuts and pricing pressure, the broader trend remains positive. With a projected 43% compound annual growth rate (CAGR) leading to 932,000 units by 2030, 61% of which are expected to be electric SUVs.The sector is poised for strong, long-term expansion.

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.

Shriram Finance Acquires Full Stake in SOIPL to Enter Primary Dealership Market

Shriram Finance Limited, one of India’s leading non-banking financial companies, has taken a significant step towards expanding its presence in the financial sector. Through the complete acquisition of SOIPL, a promoter group entity, the company aims to strengthen its portfolio by entering the primary dealership space, which facilitates trading in government securities.

Strategic Acquisition to Strengthen Market Position

Shriram Finance Limited has disclosed the acquisition of 31,66,500 equity shares of Shriram Overseas Investments Private Limited (SOIPL), a non-banking financial company within its promoter group. The total transaction is valued at ₹50,11,93,620, with each fully paid share priced at ₹158.28. This deal, classified as a related party transaction, has been executed at an arm’s length based on fair market valuation.

Plans for Primary Dealership Operations

According to the official filing, the acquisition is a step towards launching primary dealership operations, subject to approval by the Reserve Bank of India. Shriram Finance has confirmed that SOIPL will become a wholly owned subsidiary upon completion of the transaction. The deal was approved by the Audit and Risk Committee, and the company has confirmed compliance with SEBI (LODR) Regulations, 2015, in the transaction process.

Read More: Shriram Finance Share Price Falls 9% After Q4 Results

Shriram Finance Share Performance 

As of May 07, 2025, at 10:50 AM, Shriram Finance share price is trading at ₹621.25 per share, reflecting a decline of 0.35% from the previous closing price. Over the past month, the stock has surged by 1.18%.

Conclusion

The acquisition of SOIPL by Shriram Finance marks a strategic entry into the government securities market through primary dealership. The development reflects the company’s broader vision to diversify and deepen its presence in the financial services ecosystem.

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.

GMDC Signs 40-Year Limestone Supply Agreement with City Gold Pipes

Gujarat Mineral Development Corporation Ltd. (GMDC) has entered into a long-term supply agreement with City Gold Pipes Pvt. Ltd. for the supply of 150 million tonnes of limestone. The duration of the agreement is 40 years. The limestone will be supplied from GMDC’s upcoming Lakhpat Punrajpur Mine, located in Lakhpat Taluka, Kutch District, Gujarat.

As of 12:18 PM on May 7, 2025, shares of Gujarat Mineral Development Corporation share price were trading at ₹301.30, up ₹5.20 (1.76%) for the day, but down 18.24% over the past six months and 6.95% year to date.

Parties Involved

City Gold Pipes is a consortium formed by Goldcrest Cement Private Limited and Kailash Darshan Housing Development (Gujarat) Private Limited. The agreement was formalised on May 6, 2025, in the presence of Roopwant Singh, IAS, Managing Director of GMDC, and Sanjay Chimanlal Agrawal, the authorised representative of City Gold Pipes.

Purpose of the Agreement

The limestone supply will support the setting up of a greenfield integrated cement plant by City Gold Pipes. The planned plant is expected to be a large-capacity facility located in Kutch. The region’s logistics advantages, including proximity to the coast, are expected to facilitate transportation and market access.

Employment and Industrial Impact

According to the official statement, the collaboration is to result in both direct and indirect employment in the region. The scale of the project is likely to drive industrial activity in Kutch and contribute to economic activity within Gujarat.

Read more: Star Cement Secures Boro Hundong Limestone Block in Assam; Shares Surge 3%

Revenue and Compliance Contributions

The limestone supply will generate income for the state through multiple channels. These include Royalty payments, contributions to the National Mineral Exploration Trust (NMET), District Mineral Foundation (DMF) funds, and applicable Goods and Services Tax (GST) on both limestone supply and cement production.

Company Background

GMDC is a government enterprise under the Gujarat government and is currently India’s second-largest lignite producer. The company is involved in the development and supply of various mineral resources across the state.

Conclusion

The agreement establishes a long-term supply arrangement for limestone between GMDC and City Gold Pipes, tied to a planned cement manufacturing facility in Kutch, with expected employment and revenue implications over the coming decades.

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.

 

25 IndusInd Bank Employees Named in Derivative Accounting Review by Grant Thornton

According to news reports, A forensic audit led by Grant Thornton has identified 25 employees of IndusInd Bank in connection with accounting lapses related to derivative instruments, as per the reports. The list includes individuals from the bank’s treasury department, including the former Managing Director and CEO, Sumant Kathpalia, and Deputy CEO Arun Khurana, who was also the head of global trade.

As of 12:03 PM on May 7, IndusInd Bank share price was trading at ₹826.10, down ₹5.70 (0.69%) for the day, with the stock falling 21.83% over the past six months and 43.13% over the past year.

Multiple Treasury Officials Implicated

The employees named are mostly from the treasury team, including the Treasury Head and several senior officials at various levels. The report indicates that staff across the department were involved. The lapses are tied to unhedged Japanese Yen contracts, which had previously helped reduce funding costs for the bank.

Reports suggest that some senior treasury staff had raised concerns internally before the audit. Communication trails reportedly show that the management had been made aware of the accounting treatment and its possible impact on the bank’s financials.

Retention and Department Transfers Under Consideration

While IndusInd Bank has not confirmed how many of the identified employees will be dismissed, one source suggested that around half of them may be retained and moved to other departments. The decision on each case is expected to depend on the employee’s level of involvement and whether they flagged the issue earlier.

Read more: IndusInd Bank’s ₹1,500 Crore Forex Loss: What Went Wrong?

Background of the Audit

The matter was publicly acknowledged on March 10, when former CEO Kathpalia, during an investor call, mentioned accounting lapses related to derivative instruments. The bank stated that the lapses had occurred over a seven-year period. Grant Thornton has since been working with the bank to review and address gaps in internal processes.

Conclusion

The audit is still ongoing. Additional employee exits and structural changes may follow. Emails sent to IndusInd Bank and Grant Thornton had not received responses at the time of writing. Further updates are expected as the audit progresses.

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.

 

Tera Software and ITI Ltd Consortium Gets ₹1,901 Cr BharatNet Work Order for Northeast

Tera Software Limited, along with ITI Limited, has received an Advance Work Order (AWO) for work under the BharatNet Project. The order covers the development of the Middle Mile Network for Package No. 15, which includes the states of Arunachal Pradesh, Nagaland, and Manipur.

As of 12:14 PM on May 7, 2025, Tera Software share price was trading at ₹215.98, up 2.00% for the day, with a 111.79% rise over the past six months and a 353.74% gain over the past year.

Order Value and Scope

The total value of the contract is ₹1,901.10 crore. The scope of work includes the design, supply, construction, installation, upgradation, operation, and maintenance of the middle-mile digital network in these three northeastern states.

Part of Digital Bharat Nidhi Plan

The project is part of BharatNet Phase-3 and will be executed using a Design-Build-Operate-Maintain (DBOM) model. BharatNet Phase-3 is aimed at providing broadband connectivity to 2.5 lakh Gram Panchayats across India. The initiative falls under the Digital Bharat Nidhi (DBN) scheme.

Consortium Led by ITI Limited

The consortium is led by ITI Limited, a public sector company under the Department of Telecommunications. Tera Software is part of the consortium. This order builds on earlier BharatNet-related projects secured by the same consortium.

Read More: How BharatNet is Transforming Rural Connectivity in India?

Total Orders from BSNL Now ₹7,005 Cr

With the addition of this contract, the total value of orders awarded to the Tera Software–ITI Limited consortium by Bharat Sanchar Nigam Limited (BSNL) has reached ₹7,005 crore.

Filing Details

The update was shared with the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) on May 6, 2025, as per Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Conclusion

The ₹1,901 crore contract covers network work in Arunachal Pradesh, Nagaland, and Manipur. It adds to the ongoing projects being carried out under BharatNet to improve digital infrastructure across rural India.

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.

 

SBI Plans to Raise ₹10,000 Crore Via Infrastructure Bond Issue in June

State Bank of India (SBI) is preparing to raise up to ₹10,000 crore through infrastructure bonds in June, according to a report by NDTV Profit. The public sector bank is likely to issue bonds with a 15-year maturity. The process has already begun, and the launch is expected to take place after the Reserve Bank of India’s Monetary Policy Committee (MPC) meeting, scheduled from June 4 to 6.

As of 10:56 AM on May 7, 2025, State Bank of India share price was trading at ₹777.25, up 0.41% for the day, but down 9.58% over the past six months and 3.07% over the past year.

Bond Details

The proposed issuance may have a base size of ₹5,000 crore, with an additional ₹5,000 crore as a greenshoe option. The bonds are expected to carry interest rates in the range of 6.85% to 6.90%. However, final details regarding the issuance have not been confirmed. 

Previous Bond Issuances

In the financial year ending March 2024, SBI had raised ₹30,000 crore through three separate 15-year infrastructure bond issues. In addition, the bank raised ₹10,000 crore each through Tier-I and Tier-II bonds. These instruments are typically used by banks to fund long-term infrastructure and housing projects.

Loan and Deposit Performance

As of the quarter ended March 2024, SBI’s infrastructure loan book stood at ₹3.97 lakh crore, showing a 0.7% year-on-year increase. Gross advances for the bank rose 12.03% year-on-year to ₹42.20 lakh crore. In contrast, deposit growth was lower, at 9.48%, with total deposits reaching ₹53.82 lakh crore.

Read More: SBI or HDFC Bank: Where’s the Bigger Payout for Investors?

About Infrastructure Bonds

Infrastructure bonds are long-term debt instruments, usually with a minimum maturity of seven years. They are used by banks to finance infrastructure projects and are eligible for certain regulatory exemptions, including from statutory liquidity ratio (SLR) and cash reserve ratio (CRR) requirements. Loans for affordable housing also qualify under these bonds.

Conclusion

SBI’s planned infrastructure bond issue in June would mark another round of long-term fundraising, following multiple issuances last year. The exact timing and terms are expected to be finalised after the RBI’s upcoming policy review.

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.

Prestige Group Sells ₹3,000 Crore Worth of Homes in NCR Within a Week of Launch

Prestige Estates Projects Ltd has reported sales of over ₹3,000 crore within a week of launching its first residential project in the National Capital Region (NCR). The project, called The Prestige City, is located in Indirapuram Extension along National Highway 24. This is the developer’s entry into NCR’s residential market.

As of 11:49 AM on May 7, 2025, shares of Prestige Estates Projects share price was trading at ₹1,322.00, down 0.75% for the day, with a 19.74% decline over the past six months and a 10.11% drop over the past year.

Details of the Project

The current launch phase includes two residential clusters: Oakwood and Mulberry. Together, they offer a total of 3,421 homes across 19 towers. Out of these, 1,200 units were sold during the initial launch period. The project is spread over 62.5 acres.

An additional residential phase, named Mayflower, is planned and will add more housing options within the same township. Apart from residential units, the project also includes a retail component, a Forum Mall with a built-up area of 1.18 million square feet.

Location and Connectivity

The development is situated in Indirapuram Extension, which lies on NH-24 and is part of the Ghaziabad district in Uttar Pradesh. This area connects well to key parts of Delhi-NCR, including Noida and East Delhi.

Read more: Prestige Group Launches 14 Million Sq. Ft. of Projects in Q4 FY25, Achieves Strong Sales!

Company Background

Prestige Estates Projects Ltd is a real estate developer headquartered in Bengaluru. Over the past 38 years, it has delivered more than 300 projects across different segments, including residential, commercial, retail, hospitality, and mixed-use developments.

Following this launch, Prestige Group is planning more residential and mixed-use projects across cities like Bengaluru, Chennai, Goa, Mumbai, Hyderabad, and other parts of NCR.

Conclusion

Prestige Group’s debut in NCR with The Prestige City led to ₹3,000 crore in bookings in one week, driven by the sale of 1,200 units. The project will continue to expand with more residential phases and a retail mall as part of the larger township.

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.