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Disclosure / Disclaimer


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We confirm that no material disciplinary action has been taken against Suraj Wealth Management by any regulatory authority in relation to its research or advisory activities. Suraj Wealth Management provides online and offline trading and investment services to retail, HNI, institutional, and corporate clients through its branches, authorised persons, and customer support channels.

This report (“Report”) is intended solely for the personal information of the authorised recipient and is not intended for public distribution. This Report may not be reproduced, copied, or redistributed in any form, in whole or in part. The information contained herein has been obtained from publicly available sources believed to be reliable; however, Suraj Wealth Management does not warrant or guarantee the accuracy, adequacy, or completeness of such information. Past performance is not indicative of future results. Opinions expressed are as of the date of publication and are subject to change without notice.

This Report is provided for informational purposes only and does not constitute investment, legal, tax, or accounting advice, nor does it represent a solicitation or recommendation to buy or sell any securities. Investors are advised to independently evaluate all risks and consult their financial, legal, or tax advisors before making any investment decisions, considering their individual financial objectives and risk profile.

Suraj Wealth Management and/or its associates may have business or financial interests in the companies referred to in this Report. However, robust internal controls and Chinese walls are maintained to ensure independence in research preparation. Neither Suraj Wealth Management nor its research analysts have received any compensation from the subject companies in connection with this Report. The analysts and their relatives do not hold 1% or more ownership in any of the subject companies.

Suraj Wealth Management, its directors, employees, or representatives shall not be liable for any direct or indirect losses arising from the use of this Report. Investments in securities and derivatives involve significant risk. Investors should carefully evaluate all risk factors before investing, particularly in leveraged or derivative instruments.

Fundamental Recommendation Definitions

  • BUY – Expected return of more than 10% above the average debt-instrument return over one year.
  • SELL – Expected return of more than 10% below the average debt-instrument return over one year.
  • ADD – Expected return of 0–10% above the average debt-instrument return.
  • REDUCE – Expected return of 0–10% below the average debt-instrument return.

Price Target & Valuation Methodology

Unless stated otherwise, price targets are derived using discounted cash flow (DCF) valuation, relative valuation, or a combination of methodologies, adjusted for prevailing market sentiment. Achievement of target prices is subject to various risks, including changes in economic conditions, regulatory and taxation policies, competitive environment, currency fluctuations, and global developments. Target prices may not be achieved within the anticipated time horizon.

Trading Recommendation Disclaimer

Trading recommendations, if any, are based on quantitative parameters such as price action, momentum, volatility, and technical indicators, and may differ from fundamental recommendations.

SEBI F&O Study (25 January 2023)

  • 9 out of 10 retail F&O traders incur net losses.
  • Average loss per trader is approximately ₹50,000.
  • Loss-making traders incur an additional ~28% as transaction costs.
  • Even profitable traders spend 15–50% of their profits on transaction costs.

General Market Risk Disclosures

  • Investments in securities are subject to market risks.
  • Mutual fund investments are subject to market risks; please read scheme-related documents carefully.
  • SEBI registration, BASL membership, or NISM certification does not guarantee returns.

Investments in securities markets are subject to market risks. PMS, trading, and F&O involve significant risk, including the potential loss of capital. Past performance is not indicative of future results. Please read all related documents carefully before investing.