What Does CRISIL’s Research Note Say About US Tariffs?

A CRISIL research note has indicated that US tariffs will negatively impact profitability for Indian companies. This was shared widely on social media channels. As per its information, US tariffs will especially affect micro, small, and medium enterprises in India.

Role of MSMEs in India’s Economic Growth

Micro, small, and medium-sized enterprises (MSMEs) are crucial to the Indian economy. They make a significant contribution to employment, exports, and overall economic growth. They account for over 30% of India’s GDP. They contribute over 40% of India’s exports and providing employment to millions.

What Does CRISIL say?

CRISIL’s analysis indicates a negative outlook for the gems and jewellery sector, and a slightly negative outlook for chemicals, aluminium, and auto components.

The note indicates a neutral outlook for pharmaceuticals, solar PV modules, and steel producers.

However, it is slightly more positive for manufacturers of agricultural products, textiles, apparel, and smartphones.

These sectors collectively account for over 60% of India’s non-petroleum merchandise exports to the US.

Here is a breakdown of the sectoral impact of US tariffs on Indian industries:

Industry India’s Exports as a % of Domestic Output Exports to the US Old tariff structure Additional duties New Tariffs Potential Impact
Textiles and apparel 28.00% 37.00% 11.00% 26 37.00% Marginally favourable
Steel 5.00% 1.00% 0.00% 25 25.00% Neutral
Smartphones 30.00% 37.00% 0.00% 26 26.00% Marginally favourable
Photovoltaics 26.00% 97.00% 0.00% 0.00% Neutral
Pharmaceuticals 32.00% 53.00% 1.30% Exempt 1.30% Neutral
Gems and jewellery 26.00% 37.00% 7.00% 26 33.00% Unfavourable
Chemicals 40.00% 13.00% 3.70% 26 29.70% Marginally unfavourable
Auto components 15.00% 28.00% 2.00% 25 25.00% Marginally unfavourable
Aluminium 47.00% 6.00% 2.60% 25 25.00% Marginally unfavourable
Agriculture NA 11.00% 0.00% 26 26.00% Marginally favourable

Conclusion

US tariffs are expected to negatively impact Indian companies, particularly MSMEs. While gems and jewellery face the most significant challenges, sectors like chemicals, aluminium, and auto components also see a negative outlook. However, textiles, apparel, and smartphones might benefit slightly.

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.

LTIMindtree Share Price in Focus in Anticipation of Dividend Declaration

LTIMindtree share price was down 1.61% and was trading at ₹4,108.45 at 11.35 AM on Wednesday. The IT giant is scheduled to announce its results on April 23. The market’s attention is not only on the financial figures but also on the possibility of another significant dividend payout this year.

LTIMindtree’s Board Meeting on April 23

LTIMindtree, a key player under Larsen & Toubro (L&T) and a constituent of the BSE 100 index, has announced its board meeting for Wednesday, April 23. During this meeting, the company will review and approve its audited financial statements.

In line with standard corporate governance practices, LTIMindtree has also imposed a trading window closure from April 1 to April 25. This measure restricts insiders from trading in the company’s shares during this period to prevent any potential misuse of unpublished sensitive price information.

Impact on LTIMindtree Share Price

LTIMindtree share price is in focus due to speculation regarding its upcoming dividend policy. Investors are keen to see if the company will maintain, increase, or decrease its previously high dividend payout.

In the last instance, LTIMindtree declared an interim dividend of 2000%, which translates to ₹20 per equity share, given the face value of ₹1.

This time, the board will also consider recommending a final dividend for the financial year 2025, alongside the announcement of its Q4 results. While the actual dividend size remains undisclosed, the company stated in an exchange filing that the Board of Directors will consider the proposal to recommend a final dividend on the equity shares, if any.

Earnings Conference Call on April 23

To provide further clarity on its financial performance and outlook, LTIMindtree will also host its earnings conference call on the same day, April 23, at 6:00 pm Indian Standard Time (IST). The specific details for joining the call will be shared in due course.

LTIMindtree’s Share Price Performance

On the trading day prior to this news, LTIMindtree’s share price closed nearly 3% higher at ₹4,173 per share, indicating some positive momentum.

However, looking at a shorter timeframe, the stock has slipped by approximately 6% in the last 5 trading sessions. Over the past month, it has seen a decline of 11%. The fall has been even more pronounced over a 6-month period, with a decrease of 35%.

On a year-on-year basis, the stock is down by 15%.

So far in the calendar year 2025, LTIMindtree’s shares have already experienced a significant dip of 26%.

The company’s shares once reached a 52-week high of ₹6,767.95, but have since undergone a substantial correction, touching a low of ₹3,802. This represents a significant drop of over 40% from its peak value, highlighting the tumultuous journey of the stock in recent times.

Conclusion

Investors are keenly awaiting LTIMindtree’s Q4 earnings and dividend announcement on April 23. While the company’s past dividend payouts have been attractive, its recent share price volatility adds an element of uncertainty. The earnings call will provide crucial insights into the company’s performance and future strategy.

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.

What To Expect from Gold Rate Today?

Gold rates today have surged amidst rising concerns among investors regarding global economic uncertainty. This was also driven by a weaker US dollar.

Spot gold rose by 0.6% to US$3,000.13 per ounce by 0250 GMT. US gold futures jumped by 0.8% to $3,014.40 per ounce.

Weaker Dollar Supports Gold Rates Today

The value of the US dollar declined ahead of the tariff implementation. This made gold, which is priced in dollars, more attractive to buyers using other currencies. The Trump administration imposed a 104% tariff on Chinese imports. It also outlined plans for a general 10% import duty across the board.

Gold Rates Today in India

In India, the price of 24 karat gold is ₹8,972 per gram in cities like Chennai and Bangalore. 22 karat gold is priced at ₹8,224 per gram. The rate for 18 karat gold was ₹6,729 per gram, according to Goodreturns.

US Bond Yields Limit Gains

Rising US bond yields have limited some of the gains in gold prices. The 10-year Treasury yield has reached its highest level in over a week. This has reduced the appeal of gold, which does not offer a yield.

Gold rate reached a record high price of $3,167.57 on April 3.

Historical Comparison

The current rally in gold prices is similar to the surge in 1980 during the Iranian Revolution. At that time, political risk and fears of inflation gripped the markets.

Strong Investor Demand

Investor interest in gold remains strong. Gold-backed exchange-traded funds saw their largest quarterly inflows in three years during January-March 2025. This information comes from the World Gold Council.

Upcoming Economic Data

Markets are now waiting for the minutes of the US Federal Reserve’s meeting later today, April 9. This will be followed by inflation data throughout the week. The Consumer Price Index (CPI) is due on Thursday, and the Producer Price Index (PPI) will be released on Friday.

Conclusion

Gold rates today have risen due to global trade tensions and a weaker dollar. While US tariffs have enhanced gold’s appeal, rising bond yields have capped gains. As investors await key US economic data, continued market volatility can lead to a further upward movement if gold rates.

Read more on: Stocks To Watch Today on April 09, 2025: Vodafone Idea, NBCC, HDFC Bank and More

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.

Top Gainers and Losers on April 8, 2025: Jio Financial Services & Shriram Finance Shine

On April 8, 2025, the BSE Sensex was up by 1.49%, closing at 74,227.08, while the Nifty50 was up by 1.69% at 22,535.85.

Here are the top gainers and losers for the day:

Top Gainers of the Day

Symbol LTP Change (%)
JIOFIN 225.49 5.61
SHRIRAMFIN 646.00 5.21
BEL 282.15 3.69
ADANIENT 2,288.95 3.45
CIPLA 1,432.30 3.44

  • Jio Financial Services

Jio Financial Services share price opened at ₹217 and closed at ₹225.49, marking a 5.61% increase. The rise follows positive investor sentiment around its financial services expansion.

  • Shriram Finance

Shriram Finance share price opened at ₹623.7 and closed at ₹646, gaining 5.21%. The growth is driven by strong performance in its financing and loan segments.

  • Bharat Electronics Limited 

BEL share price opened at ₹282.45 and closed at ₹282.15, reflecting a 3.69% increase. The stock saw upward movement on strong demand for defense and technology products.

  • Adani Enterprises 

Adani Enterprises share price opened at ₹2,270 and closed at ₹2,288.95, showing a 3.45% increase. The rise is attributed to news of strategic investments and growth plans within its diversified sectors.

  • Cipla 

Cipla share price opened at ₹1,394.80 and closed at ₹1,432.30, marking a 3.44% increase. The stock saw gains following positive market reactions to its new pharmaceutical product launches.

Top Losers of the Day

Symbol LTP Change (%)
POWERGRID 289.15 -0.09

  • Power Grid Corporation of India 

Powergrid share price opened at ₹291.95 and closed at ₹289.15, showing a marginal decline of 0.09%. The slight drop comes amid mixed market sentiments regarding the company’s performance in the power distribution sector.

Conclusion

Today’s top gainers and losers highlight the ever-changing nature of the stock market, driven by company performance, economic indicators, and global developments. It’s crucial for investors to stay informed and closely monitor market trends to make well-informed investment choices.

Read more on : Shares That Hit Circuit Limits On April 08, 2025, Godfrey Phillips, Gensol Engineering, and More

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.

 

Can Bank Employees Expect a 5-Day Workweek From FY26?

The Union Finance Ministry has indicated that the proposed policy for a 5-day banking week will not be implemented in FY26 (2025-26), citing concerns over potential disruptions to banking operations. News reports suggest that while discussions with the Indian Banking Association (IBA) continue, the initiative is unlikely to be implemented this year.

Challenges with the 5-Day Week Policy

As per news reports, implementing a 5-day banking week could negatively impact banking services, particularly on Saturdays. Saturdays are critical for many customers to complete their banking transactions, despite the growing popularity of digital banking.

Banking Sector’s Struggles and Unions’ Demands

This decision comes amid current challenges within the banking sector, such as difficulties in acquiring and retaining deposits. The banking industry continues to rely on physical presence, including door-to-door campaigns, to maintain growth..

In December 2023, a memorandum of understanding was signed between the unions and the IBA, calling for Saturdays to be made a holiday under the Negotiable Instruments Act. The IBA recommended this change to the government, which is now awaiting approval from the Reserve Bank of India (RBI) and the Centre.

In March 2024, the All India Bank Officers’ Confederation (AIBOC) raised concerns, urging the IBA to implement this policy. Furthermore, unions representing bank employees have long advocated for the 5-day work week.

Workforce Shifts in the Banking Industry

The demand for a 5-day work week coincides with the ongoing shift in staffing patterns in the banking sector.

Over the past decade, public sector banks (PSBs) have drastically reduced their workforce. Official data shows that the number of clerks in PSBs has fallen from 398,801 in 2013 to 246,965 in 2024, a reduction of 151,836 employees. Similarly, the number of sub-staff members has dropped from 153,628 in 2013 to 94,348 in 2024.

In total, PSBs have seen a reduction of 139,811 employees during this period.

In contrast, private sector banks have significantly increased their staff numbers. From 229,124 employees in 2013, private sector banks now employ 846,530 individuals in 2024, marking an increase of 617,406 employees.

Conclusion

The proposed 5-day banking week faces delays due to potential service disruptions and concerns over staffing challenges in public sector banks. As the banking sector continues to evolve, these discussions remain critical to shaping the future of banking operations in 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.

RBI Named Most Innovative Financial Institution By Global Finance

The Reserve Bank of India (RBI) has received prestigious global recognition. Global Finance has named it the Most Innovative Financial Institution in its 2025 Innovators list. The central bank announced this achievement in a post on X, formerly known as Twitter. This makes the RBI the first central bank to win this significant award.

Recognition for Unified Lending Interface

The award specifically highlights the RBI’s Unified Lending Interface (ULI). The ULI has improved how lenders access data and provide credit support. This has led to greater efficiency and inclusivity within India’s financial system.

The RBI’s post on X stated its pride in this recognition. It emphasised that the award is for the Unified Lending Interface. The post also noted how ULI enhances data access for lenders and strengthens credit support.

Global Finance’s Annual Awards

This is the 12th year that Global Finance has conducted its annual awards program. These awards recognize organisations that consistently find new ways and create new tools in the field of finance.

Traditional banking is rapidly changing. Advances like mobile and real-time payments are key. Blockchain technology and emerging AI solutions are also significant. These innovations are making financial services more efficient, secure, and accessible. The leading innovators are driving this transformation towards the future of finance.

Selection Process

The editorial board of Global Finance made all the selections for the awards. They also took input from reporters who are experts in the areas served by these innovators.

Previous Award for RBI

Earlier in March, the RBI had also received the Digital Transformation Award 2025 from Central Banking of London. This further highlights the RBI’s commitment to innovation in the financial sector.

Conclusion

The RBI’s recognition as the Most Innovative Financial Institution globally by Global Finance is a significant achievement. It underscores the impact of initiatives like the Unified Lending Interface in modernising India’s financial ecosystem. This award, along with the recent Digital Transformation Award, positions the RBI as a leader in financial innovation worldwide.

Read more on: RBI Set to Infuse ₹4 Trillion in Banking System: Reports

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.

PM Mudra Yojana: Trends and Analysis of the Past 10 Years

The PM Mudra Yojana was launched on April 8, 2015. Various government sources suggest varying trends in average loan sizes disbursed under the scheme. The initiative aims to give micro and small businesses access to formal financing. This includes loans for income-generating activities such as manufacturing, trading, and allied agricultural sectors.

Loan Categories Under the Scheme

Under the PM Mudra Yojana, loans are provided based on this classification of businesses:

Loan Category Loan Amount Range (₹)
Shishu Up to 50,000
Kishor 50,000 – 5 lakh
Tarun 5 lakh – 10 lakh
Tarun Plus Up to 20 lakh

Changing Average Loan Sizes Under PM Mudra Yojana

The Pradhan Mantri Mudra Yojana (PMMY) scheme shows changing trends in average loan sizes. For the Kishor category, the average sanctioned amount has decreased. It was ₹1,20,111 in FY25. This is a drop from ₹2,08,037 in FY16.

However, the average loan size under the Shishu category rose to ₹37,403 in FY25. It was ₹19,411 in FY16. The Tarun category also registered a similar trend, with average loan size increasing from ₹7,67,555 in FY16 to ₹8,46,313 in FY25.

Tarun Plus Gains Traction Under PM Mudra Yojana

Lenders onboarded roughly 25,000 new beneficiaries under PMMY’s Tarun Plus category within the first 4 months of FY25. These borrowers received enhanced loans up to ₹20 lakh. Financial Services Secretary M Nagaraju reported that 24,557 new borrowers accessed ₹3,790 crore in loans under this category during this short period, highlighting the scheme’s achievements.

Top States for Loan Sanctions under PM Mudra Yojana

Here is a breakdown of the states which were granted highest amount of loans under the PM Mudra Yojana:

State Number of Loan Accounts Sanctioned (crore)
Bihar 5.95
Tamil Nadu 5.82
Uttar Pradesh 5.16
West Bengal 5.15
Karnataka 4.98

Conclusion

The Mudra Yojana has shown varying trends in loan sizes across its categories. Bihar and Tamil Nadu lead in the number of sanctioned loans. Since its inception, the scheme has significantly supported numerous entrepreneurs, especially women and those from disadvantaged communities, by providing access to formal credit.

 

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.

 

Why Gold Prices Are Falling Instead of Rising?

Normally, gold prices tend to rise when there are fears of an economic recession. This is because gold is often seen as a safe-haven asset. However, the current situation is unusual. Despite increasing fears of a global recession, triggered by the US trade war, the price of gold is falling. This is confusing investors.

Recent Drops in Gold Prices

In the last 2 trading sessions, gold prices have dropped significantly, by over 4%. More than 3% of this drop occurred on Friday, April 4.

On Monday, April 7, the spot price of gold dipped another 0.3% to $3,027.90 per ounce. This was the lowest level for gold since March 13.

The price of 24-carat gold fell to ₹90,650 per 10 grams, according to news reports.

Reasons for the Decline in Gold Prices

Over the past year, the price of gold had risen due to economic anxieties, inflation concerns, and the aggressive stance of central banks. However, the recent sell-off indicates a change in this trend.

News reports suggest that institutional investors might be selling off their gold holdings. This could be to raise cash or to cover margin calls in other asset classes that have experienced significant losses.

Different market participants perceive gold as a safe-haven asset providing some support amid the market volatility. Ongoing economic uncertainty and investors’ losses are driving the decline in gold prices. Moreover, profit-taking could be a reason for the short-term weakness in gold prices.

Global Market Turmoil

US President Donald Trump’s unexpected increase in tariffs and China’s retaliatory tariff of 34% caused panic across various asset classes, including commodities.

China also imposed export restrictions on rare earth metals. This further intensified the risk-off sentiment in the market.

Despite these factors, instead of increasing, gold prices dipped. This suggests that investors might be anticipating a broader correction across all asset classes, including those traditionally considered safe havens.

Anticipated Federal Reserve Actions

Goldman Sachs has increased its forecast for interest rate cuts by the US Federal Reserve in 2025. They now expect 130 basis points of cuts, up from their earlier prediction of 105 bps. This revision is due to the increasing economic strain from the trade war.

While Federal Reserve Chair Jerome Powell has stated that the central bank is “in no hurry” to cut interest rates, market expectations tell a different story. Traders are currently pricing in a 54% chance of a rate cut as early as May.

Conclusion

Despite recession fears, gold prices are falling due to factors like profit-taking and anticipation of broader market corrections. News reports suggest continued volatility, influenced by economic data and US Federal Reserve actions.

Read more on: Gold Loan Borrowers Face New Hurdles as Banks Tighten Repayment Rules

 

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.

Check Key Details of the New Board of Directors for Siemens Energy India

Siemens Energy India, now a separate company from Siemens Ltd, announced its new board of directors on Tuesday. Sunil Mathur will be the chairman of this board. He is the Managing Director and CEO of Siemens. The board meeting on March 25 appointed him.

Key Leadership Changes

Guilherme Mendonca has taken over as the Managing Director and CEO of Siemens Energy India. He previously headed Siemens’ energy business. Harish Shekar is now the Executive Director and Chief Financial Officer. He was previously the finance head of Siemens’ energy business.

As of 12.18 PM, Siemens share price was up 0.057 % and was trading at ₹2.814.05.

Who Are Siemens Energy’s Independent Directors?

The board also appointed 3 independent directors. Ketan Dalal, founder of Katalyst Advisors, is one of them. Subodh Kumar Jaiswal, a retired IPS Officer, is another. Swati Salgaocar, Director of Vimson Group, also joins as an independent director.

Several non-executive non-independent directors have also been appointed. These include Karl-Heinz Seibert, Tim Holt, and Juergen Wagner from Siemens AG.

Ketan Thaker, who was a non-executive non-independent director, ceased to be a director. This became effective from April 1, 2025. He had been in the role since February 2024.

Demerger and Listing

The demerger of Siemens Energy India from Siemens Ltd became effective on March 25, 2025. The listing of Siemens Energy India Limited is expected to be completed within this year.

Conclusion

Siemens Energy India has established its new leadership team and board after the demerger. With experienced leaders and independent voices, the company is set to navigate its future as a separate entity, with its stock listing anticipated this year.

Read more on: Are Stock Markets and Banks Open on 14 April, Ambedkar Jayanti?

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.

Know Why Vedanta Share Price Fell By 0.47% Despite Dividend Declaration Here!

Vedanta share price declines by nearly 0.95% in the early trading hours of April 8, 2025. This led to a drop of ₹3.55 per share. By 11.32 AM, the share price was trading at ₹372.30. This decline occurred despite the company’s offer of a 12.73% dividend yield. This yield is one of the highest in the large-cap metal sector.

Opening and Intraday Trading

The Vedanta share price opened the trading day at ₹387.45, showing initial strength. It even touched a high of ₹390.80 during the early hours.

However, selling pressure soon emerged in the market. This pressure steadily pushed the stock price down throughout the morning session. At one point, Vedanta’s stock traded near its intraday low of ₹370.20. The previous closing price of the stock was ₹374.05.

Attractive Dividend Yield of Vedanta Share Price

Despite the small price correction today, investors continue to find Vedanta appealing. The company’s high dividend yield of 12.73% is a major attraction. In the current market, where interest rates and returns from fixed-income investments are relatively low, this yield has allowed investors to earn a substantial income.

Price-to-Earnings Ratio and Valuation

The current Price-to-Earnings (P/E) ratio of Vedanta share price stands at 11.07. This suggests that the stock is fairly valued. This valuation is reasonable when compared to the company’s historical P/E ratios and those of its peers in the metal industry.

52-Week Price Range of Vedanta Share Price 

Over the past 52 weeks, Vedanta’s stock has traded between a high of ₹526.95 and a low of ₹317.10. The current price is closer to the 52-week low than the high. Some investors interpret this as a potential opportunity to buy the stock at a lower value.

Vedanta’s stock has faced some pressure in recent months. This is due to corrections in global commodity prices and some challenges specific to the sector.

Broader Market Influence on Vedanta Share Price

The decline in Vedanta share price mirrors a mixed trend in the broader market indices. The Nifty 50 and Sensex showed signs of recovery after experiencing a sharp fall on April 7. While global market signals have turned slightly positive, as seen in the upbeat performance of Asian markets, some investors are engaging in profit-booking in high-dividend-yielding stocks.

Institutional and Market Sentiment

Several institutional investors have recently increased their stake in Vedanta. Their investment decisions are likely based on the company’s stable cash flows and attractive dividend policies. However, short-term volatility remains a concern in the market. This volatility is due to regulatory uncertainties and fluctuations in commodity prices, particularly in the aluminium and zinc segments.

Investor Considerations

For long-term investors who prioritise dividend income and are looking for value buys, Vedanta remains an attractive option. However, traders and those with a short-term investment horizon should be cautious. This is due to the ongoing volatility in the market and the headwinds facing the metal sector.

Conclusion

Vedanta share price dip does not necessarily indicate a weakening of its fundamental strengths. Its strong dividend yield and reasonable valuation continue to appeal to investors seeking value. However, the stock’s short-term performance will likely be influenced by global market trends and commodity prices.

 

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.