India’s financial sector is evolving at a breakneck pace — with legacy players scaling up and nimble new entrants adding to the competition. 

In this ever-expanding universe, one name has consistently stood out: Bajaj Finance.

A pioneer in retail lending and consumer finance, Bajaj Finance has built a solid reputation for aggressive growth, innovation, and consistent value creation for shareholders. 

Over the last decade, it has transformed from a traditional lender to a digital-first NBFC powerhouse — and, in the process, created immense wealth for long-term investors.

However, even the best-performing stocks aren’t immune to market reactions.

Today, Bajaj Finance shares slipped nearly 5% post Q1 results, driven by concerns around asset quality pressures in select segments and a cautious management outlook.

Bajaj Finance Slips After Q1 Results

So, is it just a short-term reaction — or a signal to reassess expectations?

Let’s decode what the results mean for Bajaj Finance and what could come next.

Bajaj Finance Q1 Result Analysis

For the quarter ended June 2025, Bajaj Finance reported decent results:

• Net Interest Income (NII) grew by 22% YoY.
  
• The company disbursed 13.5 million new loans during the quarter — a 23% increase compared to last year, driven by strong demand in the retail, MSME, and mortgage segments.
  
• Assets Under Management (AUM) grew by 25% YoY, supported by strong performance in mortgages, urban B2C loans, and MSME lending. However, two- and three-wheeler loans declined 20% YoY.
  
• For the first time, the company reported a ₹1,556 crore microfinance loan book this quarter.
  

While NII growth was strong, it fell short of historical performance benchmarks.

The management also flagged concerns around rising consumer leverage, and said it is actively reducing exposure to customers with multiple loans. This could impact yields in upcoming quarters.

On the asset quality front:

• Gross and Net NPAs rose slightly, mainly due to:
  
  • Stress in unsecured and small-ticket retail loans (an industry-wide trend)
    
  • The impact of stricter RBI regulations
    
• Loan loss provisions rose 26% YoY, reflecting the company’s cautious risk management stance.
  

Importantly, the company noted that in FY26, it will intentionally keep AUM growth muted in the two-wheeler, three-wheeler, and MSME segments — as credit costs in these segments remain elevated.

Bajaj Finance Outlook After Q1 Results

Bajaj Finance reported healthy growth in NII, AUM, and profit, largely driven by volume expansion across its core lending businesses.

However, the rise in NPAs and provisions suggests that the company is now operating in a more cautious mode, especially given the evolving asset quality trends in segments like unsecured retail and auto finance.

That said, the overall business outlook remains strong, supported by its digital initiatives and granular lending strategy.

Still, it will be important to closely monitor credit quality trends over the coming quarters

Bajaj Finance Succession Plan

A few days ago, the company’s CEO and MD Anup Kumar Saha resigned. Post Saha’s exit, Rajeev Jain, the former CEO of Bajaj Finance re-entered the company in an active operational role and was assigned the additional responsibility and re-designated as vice chairman and MD of the company till March 31, 2028.

While announcing results, Rajeev Jain on July 24 said the company will submit detailed succession planning process in six months to the board and nomination and remuneration committee (NRC).

In March, Rajeev Jain was appointed by Bajaj Finserv as additional director in a non-executive position and also as the vice chairman of Bajaj Finance effective April 1 2025.

Some Businesses to Grow Slow in FY26

On the surface, Bajaj Finance’s numbers for Q1 look solid. But investors were concerned when Rajeev Jain said that its 2 & 3 wheeler and MSME businesses could grow slow in FY26, as the company is going slow on these businesses amid stress.

The company’s two & three-wheeler finance AUM declined by 20% YoY. However, MSME lending of the company increased by 29% YoY.

On the asset quality, stage 2 assets increased by Rs 324 crore primarily on account of these MSME customers.

Conclusion

As India’s economy expands, rising disposable incomes and a growing middle class are set to fuel demand for credit and financial services.

This structural shift places companies with strong foundations in a favourable position — and Bajaj Finance is right at the center of this opportunity.

Backed by its diversified product portfolio, deep customer reach, and aggressive digital push, Bajaj Finance is not just adapting to change — it’s helping shape the future of financial services in India.

For long-term investors, this makes it a stock worth watching — not just for short-term market reactions, but for the broader growth story it represents.

Disclaimer Note: The securities quoted, if any, are for illustration only and are not recommendatory. This article is for education purposes only and shall not be considered as a recommendation or investment advice by Equentis – Research & Ranking. We will not be liable for any losses that may occur. Investments in the securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI, membership of BASL & the certification from NISM in no way guarantee the performance of the intermediary or provide any assurance of returns to investors.

The drone industry in India once soared on optimism. Touted as a promising sector with applications in defense, agriculture, logistics, and infrastructure, the momentum behind unmanned aerial vehicles (UAVs) was hard to ignore. 

As regulatory reforms kicked in and indigenous tech gained traction, startups like ideaForge Technology quickly rose to prominence as symbols of India’s deep-tech ambitions.

However, the shine seems to have dulled in July 2025. On July 23, ideaForge Technology’s stock price fell sharply, slipping 8.25% to an intraday low of ₹500 on the NSE compared to its previous closing of ₹544.95. 

This drop followed a disappointing Q1 FY26 earnings report, with the company reporting an 85% decline in year-on-year revenue and a net loss of ₹25.9 crore. 

The sudden reversal in fortunes has triggered a reality check for ideaForge and India’s drone sector as a whole.

Source: NSE

Revenue and Profit Take a Hit in Q1

ideaForge’s Q1 FY26 numbers paint a grim picture. Revenue dropped to ₹12.7 crore, compared to ₹86.1 crore in Q1 FY25, a staggering 85.2% year-on-year decline. The company also slipped into the red, posting a net loss of ₹25.9 crore, versus a ₹1.1 crore profit a year ago. On the operating front, the company reported an EBITDA loss of ₹15.14 crore.

The company saw a 9.3% quarter-on-quarter decline in net profit and faced significant margin pressure. Operating margins fell to 19%, down from 27% the previous year. A key factor behind this was the sharp rise in expenses, notably employee benefit costs, which doubled year-on-year.

While some might see these numbers as part of a post-IPO course correction, the extent of the revenue collapse and cost escalation has raised eyebrows.

Source: Business Today

What Went Wrong?

The lacklustre Q1 performance seems to be the result of a combination of internal and external factors.

1. Order Book Lull: Drone procurement, especially from government clients, often follows irregular cycles. Despite long-term demand prospects, quarterly revenue can fluctuate significantly depending on contract timing. This appears to be the case for ideaForge in Q1 FY26.
   
2. High Fixed Costs: ideaForge’s employee benefit expenses doubling year-on-year signals a growing cost base, possibly driven by scale-up efforts post-listing. However, when revenues don’t match the rise in costs, profitability takes a hit.
   
3. Operational Challenges: The shift from small-scale R&D to large-scale production and delivery often comes with teething issues. Delays in deployment, logistics, or regulatory approvals could have compounded execution risk in the quarter.
   

Long-Term Vision Over Short-Term Pain

Despite the weak numbers, ideaForge remains optimistic. The company maintains that Q1FY2026 marked a positive start and reinforced its resilience in technology and business. ideaForge emphasizes the ₹137 crore order secured under the Government’s 5th cycle of Emergency Procurement after rigorous technical evaluations and country-of-origin checks. 

The company also points out its involvement in Operation Sindoor, where ideaForge drones were deployed in active battlefield scenarios, demonstrating the utility of indigenous UAVs in high-risk operations. It underscores this as a validation of ideaForge’s product strength and strategic value to the Indian armed forces.

Looking ahead, multiple tailwinds were highlighted:

• ₹40,000 crore allocation for the 6th cycle of Emergency Procurement.
  
• A ₹1 lakh crore Research, Development and Innovation (RDI) Fund, aimed at boosting innovation.
  
• The next phase of the Production-Linked Incentive (PLI) scheme for drone manufacturers.
  

These policy-level developments suggest that ideaForge could see a rebound in revenue in the coming quarters, especially if defense-related orders materialize at scale.

Source: Business Standard

Industry Outlook: Tailwinds Remain, But the Skies Are Cloudy

ideaForge’s story is closely tied to the larger trajectory of India’s drone industry. Initially bolstered by reforms like the liberalised Drone Rules (2021) and the Drone Shakti initiative, the sector witnessed a spurt in startups, investments, and media buzz. Government tenders and pilot projects made headlines, especially in defence and agriculture.

But in reality, the sector still faces multiple headwinds:

• Slow commercial adoption: Despite hype, mainstream industries like mining, construction, and delivery have been slow in deploying UAVs at scale.
  
• Procurement delays: Large government orders are critical but often subject to delays and compliance hurdles.
  
• Dependence on subsidies: Many firms, including ideaForge, remain vulnerable to shifts in government policy support or PLI disbursements.
  
• Cost management: Scaling deep-tech manufacturing in India while maintaining profitability is a fine balancing act.
  

The weak Q1 numbers serve as a reminder that the sector’s growth will not be linear. Strategic wins must be matched with consistent execution, cost control, and diversified demand.

ideaForge at a Glance

Despite current headwinds, ideaForge remains a formidable player in the Indian UAV ecosystem. The company is:

• India’s leading indigenous drone manufacturer, with the largest deployment of unmanned aerial systems across the country.
  
• Backed by marquee investors including Qualcomm Ventures, Infosys, and Florintree Advisors.
  
• Ranked 3rd globally among dual-use drone makers by Drone Industry Insights in 2024.
  
• Operates across both civil and defence sectors, with drones taking off once every three minutes in India.
  
• Completed over 700,000 successful flights across customer applications.
  

Source: Business Standard

Investor Sentiment: Short-Term Pain, But Is the Long Game Intact?

The market reaction to ideaForge’s Q1 numbers has been swift and sharp. But it also raises a question: how should investors approach new-age defence-tech firms in India?

Unlike software or consumer tech, deep-tech hardware businesses, especially those working in regulated or government-linked sectors, move slowly. Cash flows and results can fluctuate. But the long-term payoff, especially in an import-substitution-driven ecosystem, can be significant.

For now, ideaForge’s stock price correction reflects investor concerns over revenue visibility and margin stability. But its strong order pipeline, government alignment, and operational track record offer some confidence for those with a long-term view.

Conclusion

ideaForge’s Q1 results may have let the market down, but they show the early struggles of an industry still growing. As India seeks to build a self-reliant drone ecosystem, the burden of execution will lie heavily on companies like ideaForge. While it navigates this period of correction, the broader drone sector must also evolve beyond subsidy dependence, towards scalable, diversified, and commercially viable use cases.

Disclaimer Note: The securities quoted, if any, are for illustration only and are not recommendatory. This article is for education purposes only and shall not be considered as a recommendation or investment advice by Equentis – Research & Ranking. We will not be liable for any losses that may occur. Investments in the securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI, membership of BASL & the certification from NISM in no way guarantee the performance of the intermediary or provide any assurance of returns to investors.

Picture this: It’s late. You’re hungry. The fridge is empty.

But fear not, your hero doesn’t wear a cape. It buzzes from your phone.

Enter: Zomato, Swiggy, and their lightning-fast sidekicks Blinkit, Zepto, and Instamart.

These aren’t just apps anymore. They’re your go-to rescue squad for food, groceries, and last-minute essentials.

From midnight cravings to missed meals, they’ve got your back, faster than you can say “extra cheese.”

And now, the spotlight is back on their leader: Zomato.

Fresh off a blockbuster Q1, the stock has surged over 20% in just two sessions.

Zomato Share Price

But the big question remains – is this a flash-in-the-pan rally? Or are we looking at a full-course comeback?

Let’s dig in.

Eternal Q1FY26 Results: Quick Commerce Takes the Lead

Following Eternal’s Q1FY26 results, the stock surged over 13% intraday today, hitting a fresh all-time high.

The primary driver of this rally? Stellar growth in the company’s quick commerce segment, which for the first time surpassed food delivery in order value.

Adding fuel to the rally, management stated that margins have bottomed out in both food delivery and quick commerce segments, and are expected to improve from here on — a statement that significantly boosted investor sentiment.

About Eternal

Eternal is a leading name in India’s internet economy with four core business verticals:

• Food Delivery: Run under the Zomato brand, enabling customers to order food from restaurants online.

• Quick Commerce: Operated via Blinkit, offering ultra-fast delivery of groceries and daily essentials.

• Going-Out: Powered by the District app, helping users discover restaurants and book event tickets.

• Hyperpure: Eternal’s B2B vertical supplying fresh ingredients to restaurants.

As of Q1FY26, Food Delivery and Blinkit together contribute the largest share to Eternal’s B2C Net Order Value (NOV).

Eternal Q1FY26 Performance Highlights

Eternal posted a strong Q1FY26, largely led by Blinkit’s robust performance.

Operating profits improved quarter-on-quarter, with the company reiterating that profit margins have bottomed out at the segment level.

Q1FY26 marked a major turning point for Eternal as quick commerce outpaced food delivery in Net Order Value for the first time.

Adjusted revenue from quick commerce jumped nearly 155% YoY, driven by growth in MTUs and order values.

Despite adding 243 new dark stores and facing intense competition, adjusted EBITDA losses narrowed, and margins improved.

Management believes margins have bottomed out and expects further improvement as newer stores mature — assuming competitive pressures remain manageable.

Food Delivery Stable Despite Seasonal Headwinds

Food delivery saw ~18% YoY adjusted revenue growth, led by a steady rise in monthly transacting users (MTUs).

Operating profits improved sequentially, though margins declined slightly — impacted by seasonal challenges affecting delivery partner availability.

Management remains confident that demand will pick up going forward.

Outlook for Eternal

Eternal’s Q1FY26 results make one thing clear — Blinkit has emerged as the company’s primary growth engine.

The management has ambitious plans to scale Blinkit to 2,000 stores by December 2025, taking the total store count to over 3,500. This expansion is expected to significantly boost both reach and operational scale.

In the coming quarters, the company plans to transition Blinkit from a marketplace to an inventory-led model, which is likely to improve margins by approximately 1%, while also offering better control over inventory.

Importantly, Blinkit is already profitable in several cities. Over the long term, the company is aiming to achieve 5–6% adjusted EBITDA margins in the segment.

Meanwhile, in the food delivery business, the demand slowdown appears to have bottomed out. Management highlighted early signs of recovery — a trend that could support both growth and margin revival in the quarters ahead.

Disclaimer Note: The securities quoted, if any, are for illustration only and are not recommendatory. This article is for education purposes only and shall not be considered as a recommendation or investment advice by Equentis – Research & Ranking. We will not be liable for any losses that may occur. Investments in the securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI, membership of BASL & the certification from NISM in no way guarantee the performance of the intermediary or provide any assurance of returns to investors.

Tata group company Titan is acquiring a 67% stake in UAE-based Damas Jewellery for nearly ₹2,438 crore aiming to expand its presence in the Gulf Cooperation Council (GCC) region through a well-established luxury jewellery retailer.

Reacting to the same, Titan share price gained over 1% in early trade.

Titan Share Price

So, what does this move mean for the company and how will it play out for existing shareholders? Let’s decode.

Overview Of Titan Company

Titan Company was established in 1984 as a joint venture between the Tata Group and the Tamil Nadu Industrial Development Corporation (TIDCO). It has grown into one of India’s leading lifestyle companies. The company’s portfolio spans watches, jewellery, eyewear, wearables, fragrances, fashion accessories, and ethnic dress wear. Plus, its flagship brands, Tanishq, Titan, Fastrack, Mia, CaratLane, and Titan Eye+, serve a broad consumer base through a retail network of over 2,000 stores.

Jewellery remains the company’s largest business, contributing approximately 85% of revenue in FY25, led by brands such as Tanishq, Mia, Zoya, and CaratLane. The watches and wearables division accounted for 8%, with Titan holding a significant share of India’s analog watch market. The eyewear business contributed around 1%, with Titan Eye+ being the largest optical retail chain in the country. Emerging businesses, including fragrances, Indian dress wear (Taneria), and fashion accessories, made up the remaining 2% of revenue.

Titan Revenue Break-up – FY25 Revenue Rs 60,456 Cr.

In addition to its domestic presence, Titan is expanding internationally with jewellery and eyewear stores across the Gulf, North America, and Southeast Asia. Its global ambitions are also supported by strategic moves such as the recent deal with the Damas Jewellery in the UAE, aimed at strengthening its Middle East footprint and scaling international growth.

Details Of Damas Jewellery’s 67% Acquisition

Titan Company, through its wholly owned subsidiary Titan Holdings International FZCO, has announced the acquisition of a 67% stake in Dubai-based Damas Jewellery LLC, marking its largest global acquisition to date. 

The all-cash deal is valued at an enterprise value of AED 1,038 million (approximately ₹2,438 crore or $283 million), inclusive of debt. The seller in this transaction is Mannai Corporation QPSC, a Qatar-based firm that has owned Damas since 2012.

The acquisition specifically excludes Damas’s franchise business with Graff, the British luxury jeweller. By acquiring this stake, Titan gains a significant foothold in the Gulf Cooperation Council (GCC) market through a brand with deep regional roots and recognition.

To finance the deal, Titan will use a combination of internal accruals, existing cash reserves, and debt, indicating both strong liquidity and a strategic capital deployment plan. The transaction is expected to close by January 31, 2026, pending regulatory and antitrust approvals across relevant jurisdictions.

Under the agreement, Mannai Corporation will retain the remaining 33% stake for a minimum of four years, after which Titan will hold the option to acquire full ownership as of December 31, 2029. 

Strategic Rationale Behind The Deal

• The deal gives Titan direct access to a large, high-value market through a well-established jewellery brand with a strong retail footprint.
• It strengthens Titan’s presence in the GCC region, where luxury jewellery demand is steadily increasing.
• It aligns with Titan’s plan to expand its reach beyond the Indian diaspora and connect with a broader international customer base.
• Damas’s wide store network offers Titan an immediate platform for growth in a new geography, reducing the need for ground-up expansion.
• Titan plans to leverage its experience from previous acquisitions, like CaratLane, to integrate Damas, focusing on digital tools and a blended retail model.
• The company expects to benefit from combined strengths in supply chain, talent, and product development while preserving Damas’s brand identity.
• This acquisition supports Titan’s broader strategy of entering high-growth, premium segments with long-term potential.

Implications Of The Deal

The acquisition of Damas Jewellery by Titan Company Limited brings several important implications for the company’s financials, strategy, and shareholders—both in the short term and over the long haul.

1. Short-Term Financial and Operational Impact

• Titan is funding the ₹2,440 crore acquisition through a combination of internal accruals, existing cash reserves, and debt. This involves a significant outflow and will impact Titan’s immediate liquidity position.
• The completion of the deal is subject to regulatory and antitrust approvals across relevant jurisdictions. The agreement also includes the exclusion of Damas’s franchise operations with Graff, which are to be carved out before the transaction is closed.
• Initial integration will involve aligning operations, teams, and systems. These activities are expected to incur costs during the transition phase.

2. Long-Term Strategic Impact

• The acquisition adds a new international business segment to Titan’s structure through its subsidiary Titan Holdings International FZCO. Damas’s retail network and brand portfolio will operate alongside Titan’s existing jewellery businesses.
• Damas’s operations will be integrated into Titan’s broader ecosystem, which includes jewellery brands such as Tanishq, Mia, Zoya, and CaratLane. The addition increases the company’s scale in terms of retail presence and product offerings across multiple geographies.

3. Implications for Shareholders and Investment Outlook

For investors, the acquisition offers potential long-term value through market expansion, increased revenue, and broader diversification. Titan will gain a direct foothold in a high-growth luxury market, supported by rising disposable incomes, tourism growth, and cultural demand for premium jewellery in the GCC. However, despite the growth prospects, the shareholders should also watch for:

• Delays in approvals or execution
• Economic sensitivity of the GCC region to oil prices and geopolitical issues
• Challenges in blending two brands with different operating models and customer bases

Conclusion

As a shareholder or market participant, you now have clarity on Titan’s latest international acquisition and its planned execution. The transaction introduces a new business segment, expands Titan’s retail footprint in the GCC, and brings operational changes over the coming quarters. 

You can refer to regulatory filings and official disclosures to stay informed on how the deal progresses across timelines, approvals, and integration milestones. Staying updated on these developments can help you understand how such strategic moves shape the company’s evolving business structure and financials

Disclaimer Note: The securities quoted, if any, are for illustration only and are not recommendatory. This article is for education purposes only and shall not be considered as a recommendation or investment advice by Equentis – Research & Ranking. We will not be liable for any losses that may occur. Investments in the securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI, membership of BASL & the certification from NISM in no way guarantee the performance of the intermediary or provide any assurance of returns to investors.

Today’s trading session saw major action from three index heavyweight stocks following the release of their Q1 earnings – HDFC Bank, ICICI Bank and Reliance Industries.

While HDFC Bank and ICICI Bank shares surged over 2% in trade, taking the Bank Nifty index to record levels, Reliance slipped over 3%.

This, despite the diversified conglomerate posting the highest ever quarterly net profit for the June 2025 quarter.

Reliance Industries Share Price

About Reliance Industries

Reliance Industries is one of India’s most influential conglomerates, with a strong footprint across sectors — from energy and petrochemicals to retail, telecom, entertainment, and textiles.

Its core operations include oil and gas exploration, refining, petrochemicals, and the marketing of petroleum products.

But Reliance isn’t just about energy.

It’s also India’s largest retailer, with a nationwide presence across grocery, electronics, and fashion formats.

Through Jio, it reshaped India’s telecom landscape — bringing affordable internet to millions and accelerating the country’s digital journey.

Looking ahead, Reliance is betting big on green energy, investing heavily in solar, hydrogen, and advanced materials to build India’s most integrated new-energy ecosystem — aligned with the country’s sustainable future.

With its scale, innovation, and reach, Reliance plays a vital role in powering India’s economy and ranks among the country’s top employers.

Reliance FY25 Segmental Mix by Revenue (FY25 Revenue Rs 11,93,053 Cr)

Source: Company Reports

Reliance Industries Q1 Results

For the quarter ended June 2025, Reliance Industries’ quarterly profit beat estimates as the billionaire Mukesh Ambani-led conglomerate benefited from a massive one-time gain after divesting its stake in India’s biggest paints maker Asian Paints.

India’s largest company by market value reported a 5.5% increase in revenue while its net profit shot up by 77%.

This is largely attributed to a spike in other income which surged almost 280% to Rs 15,120 crore, with more than half coming from an “investment sale,” according to Reliance’s filing. 

Reliance Industries Q1FY26 Financial Snapshot

Source: Company

Segmental Performance

The financial boost from the sale of Asian Paints’s stake helped Reliance overcome the slight weakness in the oil-to-chemicals business where revenue slipped 2%. 

The company had partially shut units at the 663,000 barrels-a-day Jamnagar refinery in April 2025 for maintenance work.

Meanwhile, its retail and telecommunications businesses posted robust growth in revenue.

Retail business revenue came in 11% higher compared to the year ago period while Jio’s subscriber base grew 2% to 498.1 million subscribers. The average revenue per user climbed 15% YoY.

Reliance Segmental Performance

Source: Investor Presentation, Systematix Research

Management Commentary and Outlook

Reliance plans to operationalize its entire new energy ecosystem in the next four to six quarters as the company’s strategic diversification in 2021 beyond fossil fuel-linked businesses begins to fructify.

Meanwhile, the company is consolidating all its consumer goods brands into a new unit as it readies for an initial public offering of its retail business. Reliance Retail last week announced a big deal to acquire home appliances maker Kelvinator, in the latest sign of aggressive expansion in the consumer segment.

The company has guided for doubling EBITDA across the group by the end of FY30. Investor attention has now shifted to the upcoming AGM for updates on Jio’s listing.

Nevertheless, the company, which is India’s top buyer of Russian crude, may face challenges going ahead after the European Union tightening sanctions on Russia.

Conclusion

Reliance Industries has evolved into a multi-sector powerhouse, with strongholds in energy, telecom, retail, and digital services. This diversified model has significantly reduced its reliance on any one revenue stream.

Its telecom arm, Jio, has been a game-changer, revolutionising India’s digital ecosystem by making data and digital access affordable, leading to unprecedented user growth.

What sets Reliance apart is its bold, forward-looking investments, particularly in renewable energy and cutting-edge technology. 

Strategic partnerships with global giants like Facebook, Google, and BP have brought not just capital, but also global expertise and visibility.

In every move, RIL is building for the long term by scaling not just business verticals, but entire industries.

Disclaimer Note: The securities quoted, if any, are for illustration only and are not recommendatory. This article is for education purposes only and shall not be considered as a recommendation or investment advice by Equentis – Research & Ranking. We will not be liable for any losses that may occur. Investments in the securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI, membership of BASL & the certification from NISM in no way guarantee the performance of the intermediary or provide any assurance of returns to investors.