NCC Share Price Gains 1.74% After Hitting ₹203.20 Low on Friday

NCC Limited has been in focus on Monday. On February 10, 2025, NCC share price opened at ₹209.50, up from its previous close of ₹207.30. At 10:09 AM, the share price of NCC was trading at ₹210.90, up by 1.74% on the NSE.

On Friday, February 07, 2025, the stock price touched its day’s low at ₹203.20, after opening at ₹221.90. This was after the company announced its Q3 FY 2025 financial results post-market hours on February 6.

Q3 FY 2025 Financial Highlights

The company’s order book stood at ₹55,548 crore, reflecting a 3% year-on-year decline. Revenue for the period was ₹5,383 crore, marking a 2% year-on-year growth, while EBITDA came in at ₹441 crore, constituting 8.3% of the revenue. The Profit After Tax (PAT) amounted to ₹193 crore, representing 3.6% of the revenue, with earnings per share reported at ₹3.08. The company’s net debt stood at ₹2,284 crore.

For the nine months ended December 31, 2024, the company reported a revenue of ₹16,166 crore compared to ₹14,441 crore in the same period last year. EBITDA stood at ₹1,362 crore, up from ₹1,218 crore, while Profit After Tax (PAT) came in at ₹566 crore, higher than ₹472 crore recorded in the previous year.

About NCC Limited

NCC Limited has expanded its presence across various sectors of construction and infrastructure development. The company’s projects span nationwide and include diverse areas such as buildings, transportation, water and environment, electrical transmission and distribution, irrigation, mining, and railways.

 

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.

LIC Reports 8.27% PAT Growth for 9M FY25

Life Insurance Corporation of India (LIC) has announced its financial results for the nine months ending December 31, 2024.

Q3 FY 2025 Highlights

The Profit After Tax (PAT) for this period stood at ₹29,138 crore, reflecting an 8.27% growth compared to ₹26,913 crore during the corresponding period in 2023.

The company stated that it maintained its position as the market leader in the Indian life insurance industry, achieving an overall market share of 57.42% in terms of First Year Premium Income (FYPI), as per the Insurance Regulatory and Development Authority of India (IRDAI). However, this was slightly lower than the 58.90% market share recorded during the same period in 2023. In the individual segment, LIC had a market share of 37.21%, while in the group business, it commanded a dominant 71.70%.

Total premium income for the nine months reached ₹3,40,563 crore, a 5.51% increase from ₹3,22,776 crore in the previous year. Despite this growth, the individual segment saw a decline in policy sales, with 1,17,10,505 policies sold, down by 6.73% compared to 1,25,56,046 policies sold during the same period last year.

Assets Under Management (AUM) witnessed a robust year-on-year growth of 10.29%, rising to ₹54,77,651 crore as of December 31, 2024, from ₹49,66,371 crore as of December 31, 2023.

Management Commentary 

The CEO and MD of LIC Shri Siddhartha Mohanty, said, “Our focus and strategy remain consistent towards changing our product and channel mix to serve the needs of our customers, in a dynamic environment. For the nine months period ended December 31st 2024, the Non Par share within the individual business increased to 27.68%, on an APE basis, as compared to 14.04% for the same period last year. Further, the VNB margin has also improved to 17.1% for the nine months period ended December 31st 2024, as compared to 16.6% for the same period last year.”

He further added, “LIC continues to be committed to serving society through higher insurance coverage in the country. LIC’s Bima Sakhi Yojana, for the empowerment of women by offering them a career in insurance sales as an agent, was launched by the Hon’ble Prime Minister on 9th December 2024. Till date more than 1.25 lakh women have been registered and more than 70,000 have been appointed as Bima Sakhis. In the coming months, the outcomes of our digital transformation initiatives will be visible. We remain thankful to all our stakeholders for their support as we adapt, reimagine and realign our business to a fast-changing industry scenario.”

On February 10, 2025, LIC share price opened at ₹814.00, touching the day’s high at ₹824.80, as of 9:54 AM on the NSE.

 

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.

Mahindra & Mahindra Reports 20% PAT Growth in Q3 FY25

Mahindra & Mahindra Ltd (M&M) announced financial results for the quarter and nine months ended December 31, 2024.

Q3 FY 2025 Highlights

The company reported a consolidated revenue of ₹41,470 crore, up 17% YoY, and consolidated PAT at ₹3,181 crore, marking a 20% increase. The company showcased strong growth across its core businesses, cementing its leadership in multiple segments.

M&M stated that it retained its #1 position in SUVs with a 23% revenue market share, an improvement of 200 basis points (bps), driven by a 20% growth in SUV volumes. It also led the light commercial vehicles (LCVs) under the 3.5T category with a 51.9% market share, up 230 bps. In the farm segment, the company continued to dominate the tractor market with a 44.2% share, a 240 bps increase and maintained its leadership in electric 3-wheelers with a 41.8% market share.

The financial services arm, Mahindra Finance, reported a 19% growth in Assets Under Management (AUM), while Gross Stage 3 (GS3) stood at 3.9%, well within the defined range. Tech Mahindra also delivered solid results, with EBIT expanding by 480 bps, supported by strong deal momentum and a focus on margin improvements.

M&M’s Auto and Farm sectors continue to drive growth and profitability, with overall profits up 16% in Q3 FY25, showcasing the company’s strong operational performance and market leadership.

Commenting on the performance, the Group Chief Financial Officer of M&M Ltd, Mr Amarjyoti Barua, said, “Our Q3 consolidated results reflect strong performance across multiple businesses despite global headwinds. Our operating businesses remain laser-focused on execution and we remain committed to disciplined capital allocation to drive long-term shareholder value creation.”

On February 10, 2025, M&M share price opened at ₹3,209.20, touching the day’s high at ₹3,270.95, as of 9:50 AM on the NSE.

 

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.

Paytm Partners with Agoda to Launch Hotel Booking Services

One 97 Communications Limited (Paytm) has partnered with Agoda, a leading digital travel platform under Booking Holdings, to enhance its travel services. This partnership enables Paytm Travel to offer hotel bookings on its platform, expanding its travel offerings, which already include flights, buses, and trains. Travelers can now access Agoda’s extensive selection of accommodations across Indian and international destinations directly through the Paytm app.

Seamless Booking and Exclusive Deals

With Agoda’s integration, Paytm Travel provides a smooth and hassle-free booking experience. Users can explore a wide range of hotels, enjoy exclusive deals, and plan their stays efficiently. This partnership not only enhances convenience but also caters to frequent travellers and businesses with cost-effective travel solutions and streamlined itinerary management.

Trusted Travel Services with Added Benefits

As an International Air Transport Association (IATA) accredited travel agent, Paytm Travel guarantees a reliable booking experience. Features like free cancellations, instant refunds, travel insurance, and access to extensive ticket inventories make travel planning simpler. Additionally, exclusive discounts through Paytm’s partnerships with leading banks add value for users.

Vikash Jalan, Chief Executive Officer of Paytm Travel said, “Our partnership with Agoda marks an important step in expanding Paytm Travel’s services to include seamless hotel booking options. This collaboration allows us to offer travellers access to a wide range of quality accommodations while ensuring convenience and affordability. With this partnership, we strengthen our position as a comprehensive travel solution, catering to diverse needs and enhancing the overall travel experience.”

Agoda Chief Commercial Officer, Damien Pfirsch said, “By joining forces with Paytm Travel, we are giving travellers even higher levels of convenience when it comes to booking their dream trip. Our combined efforts aim to simplify the booking process while making it even simpler to pay will ensure that even more Indian travellers are able to see the world for less.”

On February 10, 2025, Paytm share price opened at ₹811.00, touching the day’s low at ₹791.60, as of 9:43 AM on the NSE.

 

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.

GPT Infraprojects ₹1 Interim Dividend Record Date Today, February 10, 2025

GPT Infraprojects Limited (GPT) Board of Directors has declared and approved an interim dividend of ₹1 per equity share of face value ₹10 each.

On February 7, 2025, GPT Infraprojects share price (NSE: GPTINFRA) opened at ₹114.69 and closed at ₹115.00, up by 1.59%.

GPT Infraprojects Dividend Record Date

On February 4, 2025, the company’s Board of Directors declared a second interim dividend of 10% (Re 1.00 per share) on equity shares with a face value of ₹10 each for the financial year 2024-25. The company plans to disburse the dividend to shareholders on or before March 5, 2025. The record date for determining shareholder eligibility has been set as Monday, February 10, 2025.

Q3 FY 2025 Financial Highlights

During Q3 FY25, the consolidated total income was ₹279.9 crore, up from ₹254.4 crore in Q3 FY24, reflecting a growth of 10.0%, driven primarily by improved execution in the infrastructure business and sustained momentum in the concrete sleeper segment.

Consolidated EBITDA stood at ₹35.7 crore in Q3 FY25, compared to ₹30.2 crore in Q3 FY24, an increase of 18.2%. Net profit (post-minority) for the quarter was ₹21.4 crore, up from ₹14.9 crore in the same period last year, marking a growth of 43.6%.

About GPT Infraprojects Limited

GPT, the flagship company of the GPT Group headquartered in Kolkata, is a leading infrastructure company operating in two key segments: Infrastructure and Sleeper. Having entered the infrastructure sector in 2004, GPT has established itself as a prominent railway-focused player, specializing in executing civil and infrastructure projects, particularly large bridges and road overbridges (ROBs) for the railways. In the Sleeper segment, the company manufactures and supplies concrete sleepers for railways in both India and Africa.

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.

Stocks That Hit Circuit Limits On February 7, 2025, Godfrey Phillips India, E2E Networks & More

On February 7, 2025, BSE Sensex closed at 77,860.19 down by 0.25%, while Nifty50 dropped by 0.18% to 23,559.95. Stocks like Godfrey Phillips India and E2E Networks hit circuit limits, reflecting significant price movements. Check out the full list of stocks hitting circuits today.

Stocks That Hit Lower Circuit on February 7, 2025

Company Symbol LTP (₹) % Change Price Band % Volume (Lakhs) Value (₹ Crores)
E2E 2,302.55 -5.00 5.00 2.18 51.45
VAKRANGEE 17.58 -5.02 5.00 207.21 36.45
CARRARO 433.50 -20.00 20.00 5.38 23.60
ASHAPURMIN 495.00 -3.56 5.00 3.59 17.84
ESFL 541.55 -10.00 10.00 2.49 13.75

Stocks That Hit Upper Circuit on February 7, 2025

Company Symbol LTP (₹) % Change Price Band % Volume (Lakhs) Value (₹ Crores)
GODFRYPHLP 5,473.00 18.99 20.00 19.58 1,012.66
ALPEXSOLAR 723.00 0.21 5.00 1.39 10.23
RBMINFRA 399.60 4.99 5.00 1.97 7.67
NECLIFE 38.00 4.86 5.00 19.06 7.23
KRISHNADEF 701.05 9.99 10.00 1.02 7.15

Overview of Companies Hit Circuits Today

  • Godfrey Phillips India

Godfrey Phillips India saw a significant rise in its stock price, rising by 18.99% to close at ₹5,473. The stock opened at ₹4,725.30 and reached a high of ₹5,519.30.

  • Alpex Solar

Alpex Solar experienced a notable growth in its stock price, rising by 0.21% to close at ₹723.00. The stock opened at ₹739.80 and touched a high of ₹757.55.

  • E2E Networks

E2E Networks saw its stock price drop by 5% to close at ₹2,302.55. The stock opened at ₹2,400.00 and dropped to ₹2,302.55 as the low of the day.

  • Vakrangee

Vakrangee saw a decrease in its stock price, dropping by 5.02% to close at ₹17.58. The stock opened at ₹17.58 and dropped to a low of ₹17.58.

  • Carraro India

Carraro India experienced a drop in its stock price, dropping by 20% to close at ₹433.50. The stock opened at ₹520.00 and reached a low of ₹433.50.

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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.

Swiggy vs Zomato: Q3 FY25 Financial Highlights

Swiggy and Zomato, two of India’s largest food delivery platforms, have released their Q3 FY 2025 financial results, providing key insights into their operational and financial strategies. As these companies navigate an evolving market, their performance metrics reveal the progress they’ve made in expanding services, improving profitability, and capturing customer loyalty. In this article, check the highlights of their Q3 FY 2025 financials to understand how each company is shaping its future in the competitive food delivery industry.

Zomato Q3 FY 2025 Highlights

Zomato reported a 57% year-on-year (YoY) growth in Gross Order Value (GOV) for its business-to-consumer (B2C) segments, reaching ₹20,206 crore. Excluding the acquisition of Paytm’s entertainment ticketing business, like-for-like growth stood at 52% YoY. Breaking down the GOV growth:

  • Food Delivery: Grew 17% YoY and 2% quarter-on-quarter (QoQ).
  • Quick Commerce: Registered an impressive 120% YoY growth, with a 27% QoQ increase.
  • Going-Out Segment: Showed a 191% YoY growth (or 119% YoY excluding Paytm acquisition), with a 35% QoQ increase.

Zomato’s B2B business, Hyperpure, also delivered a performance, with revenue growing by 95% YoY. The company’s consolidated adjusted revenue rose by 58% YoY to ₹5,746 crore, aligning with GOV growth.

On the profitability front, Zomato reported a 128% YoY growth in adjusted EBITDA to ₹285 crore, largely driven by improved food delivery margins. However, consolidated EBITDA saw a QoQ decline of 14%, attributed to increased investments in expanding its quick-commerce network.

Zomato’s quick-commerce subsidiary, Blinkit, crossed 1,000 stores a quarter ahead of schedule and is now targeting 2,000 stores by December 2025. Additionally, the launch of the District app in November 2024 marks Zomato’s effort to unify its going-out experiences, with over 6.5 million downloads recorded since its launch.

Swiggy Q3 FY 2025 Highlights

Swiggy recorded a 38% YoY growth in B2C GOV, reaching ₹12,165 crore, with its food delivery business contributing ₹7,436 crore, a 19.2% YoY increase.

The food delivery segment reported a significant improvement in adjusted EBITDA margins, rising to 2.5% of GOV, up from 0.3% a year ago. Swiggy added 2.4 million monthly transacting users (MTUs), driven by innovations like “Bolt,” a 10-minute restaurant delivery service that now accounts for 9% of food deliveries.

Swiggy Instamart, its quick-commerce arm, posted an 88% YoY growth in GOV, reaching ₹3,907 crore. The average order value increased by 14% YoY to ₹534, supported by expanded product selection and rising consumer demand.

The company added 96 new dark stores during the quarter, increasing its active dark-store area by 25% QoQ to 2.45 million sq. ft.

Despite these achievements, Swiggy’s investments in quick commerce led to a reduction in contribution margins from -1.9% in Q2 to -4.6% in Q3 FY25.

Conclusion

The Q3 FY 2025 financial results of Swiggy and Zomato highlight their dynamic approaches to growth and profitability in India’s competitive food delivery market. Zomato’s expansion across its B2C and quick-commerce segments, coupled with strategic innovations like the Blinkit network and the District app, signals its intent to capture diverse consumer needs.

Swiggy’s steady rise in food delivery volumes, innovative offerings like Bolt, and expansion of Instamart demonstrate its focus on operational efficiency and customer-centric solutions. As both platforms continue to refine their strategies, the competition will likely drive greater innovation, improved customer experiences, and a broader impact on India’s digital economy.

 

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.

Union Budget 2025: India Post to Drive Rural Economy Growth

While presenting the Union Budget 2025, Finance Minister Smt. Nirmala Sitharaman announced a transformative plan to reposition India Post as a catalyst for rural economic growth. With a network of 1.5 lakh rural post offices and 2.4 lakh Dak Sevaks, complemented by India Post Payment Bank, the initiative aims to strengthen financial inclusion and enhance rural services.

Expanded Services for Rural Communities

The Finance Minister highlighted the expansion of India Post’s services. These services will include co-location of rural community hubs, institutional account services, Direct Benefit Transfers (DBT), cash withdrawals, and EMI pickups. Credit services tailored to support micro-enterprises, insurance products, and assisted digital services will also be introduced to boost the rural economy and encourage digital adoption among rural communities.

India Post Transformation

In addition, India Post is set to transform into a significant public logistics organisation to address the growing needs of various groups, including Viswakarmas, new entrepreneurs, women, self-help groups, MSMEs, and large businesses.

The services of India Post Payment Bank will also be further expanded and deepened in rural areas, ensuring improved access to banking and financial services for underserved communities.

These initiatives are expected to strengthen the rural economy, empower small businesses, and provide vital logistical and financial support at the grassroots level. By leveraging its vast network and infrastructure, India Post is poised to play a crucial role in enabling economic development and fostering self-reliance in rural India. This strategic shift aligns with the government’s vision of inclusive growth and enhanced rural connectivity.

 

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.

Hero MotoCorp Share Price in Focus; Profit Up 12% in Q3 FY’25, Announces ₹100 Per Share Dividend

Hero MotoCorp announced financial results for the third quarter (October–December 2024) of FY 2025 along with an interim dividend.

Post the announcement, on February 7, 2025, Hero MotoCorp share price opened at ₹4,319.95, up from its previous close of ₹4,230.05. At 11:21 AM, the share price of Hero MotoCorp was trading at ₹4,258.35, up by 0.67% on the NSE. Notably, the stock price touched its 52-week low recently on January 13, 2025, at ₹3,997.50.

Revenue and Profit Growth

For Q3 FY 2025, Hero MotoCorp’s Revenue from Operations stood at ₹10,211 crore, marking the third consecutive quarter with revenue exceeding ₹10,000 crore.

The company’s EBITDA margin expanded to 14.5%, reflecting improved operational efficiencies and cost control. Hero MotoCorp’s Profit After Tax (PAT) reached ₹1,203 crore, demonstrating a healthy growth of 12% compared to the previous year.

The consolidated revenue for the quarter was ₹10,260 crore, while PAT stood at ₹1,108 crore.

Market Share and Product Growth

Hero MotoCorp gained market share in the 100cc and 125cc segments, primarily through its flagship models like the Splendor and Xtreme 125R. The company also reported its highest-ever quarterly retail sales, driven by strong festive season demand.

Furthermore, Hero MotoCorp’s growth was supported by impressive performance in both its electric vehicle (EV) and global operations. The VIDA brand saw its highest-ever monthly retail sales, expanding its market share in the EV sector. Additionally, Hero MotoCorp’s global business witnessed growth, outperforming industry trends, with Bangladesh and Colombia leading the charge.

Hero MotoCorp Dividend Record Date

Hero MotoCorp declared an interim dividend of ₹100/- per equity share, representing a remarkable 5000% payout. The record date for determining entitlement of shareholders is set for February 12, 2025, and the dividend will be paid by March 8, 2025.

Vivek Anand, Chief Financial Officer (CFO) of Hero MotoCorp, said, “The performance in this quarter and fiscal year, reflects the successful execution of our strategic priorities. Demonstrating strong year-to-date results in both top-line and bottom-line growth, we have achieved the highest-ever nine-month revenue and profits.”

He further added, “As we move into the next fiscal year, the products launched at Bharat Mobility will further strengthen our presence in the premium and scooter segments. The Union Budget 2025’s emphasis on tax relief for the middle class, along with continued investment in infrastructure and support for the agricultural sector, is expected to boost consumer confidence and drive demand growth in the auto industry.”

 

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.

Britannia Share Price in Focus; Posted 6.5% Sales Growth in Q3 FY25

Britannia Industries Limited announced its financial results for the quarter ended December 31, 2024.

On February 7, 2025, Britannia Industries share price (NSE: BRITANNIA) opened at ₹5,010.00, up from its previous close of ₹4,956.05. At 9:47 AM, the share price of Britannia Industries was trading at ₹4,983.10, up by 0.55% on the NSE.

Q3 FY 2025 Financial Highlights

The company reported consolidated sales of ₹4,463 crore for the quarter, reflecting a 6.5% year-on-year growth. Net profit for the quarter stood at ₹582 crore, up 4.8% compared to the same period last year.

For the nine-month period ended December 31, 2024, Britannia posted consolidated sales of ₹13,159 crore, marking a 5.0% year-on-year growth. The net profit for the nine months was ₹1,619 crore, showing a modest 1.3% increase from the previous year.

Management Commentary 

Commenting on the results, the Vice Chairman and Managing Director, Mr Varun Berry, said, “Despite the ongoing subdued demand across FMCG categories and increased competitive pressures, we achieved a strong performance, with both value and volume growing about 6% each on a year-on-year basis. The inflation on key input materials of Wheat, Palm Oil, Cocoa etc. remains on an upward trajectory, which we mitigated through judicious price increases, focused brand investments and fixed cost leverage, helping us sustain operating margins while maintaining competitiveness.”

Mr Varun Berry highlighted the company’s continued efforts to expand its distribution network, now directly reaching approximately 29 lakh outlets across the country. The company reported exceptional performance in its focus states, which achieved 2.6x growth during the quarter, supported by partnerships with around 31,000 rural distributors.

He further stated that the introduction of innovative products, including the Dual Flavoured Layer Cake and Triple Chocolate Croissants, contributed to enhancing consumer preferences. Additionally, existing products in the market continued to deliver robust revenue growth.

Britannia’s adjacent businesses, such as Dairy Drinks, Croissants, and Wafers, experienced double-digit growth, reinforcing the company’s ambition to evolve into a “Total Global Foods Company.”

“We will closely monitor commodity price inflation and implement targeted price increases for specific brands and categories, as needed. Our focus shall continue to be on driving market share while sustaining profitability. We reaffirm our commitment to our ESG framework of People, Growth, Governance and Resources and shall continue to focus on our initiatives to build a Sustainable and Profitable business,” said Mr Varun Berry.

 

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.