CGPOWER

CG Power and Industrial Solutions Limited · NSE · INE067A01029 · F&O · lot 850 · 272 sessions on record

₹879.00▲ +24.80 · +2.9%from ₹854.20 the session before · 1 Oct 2026 close · NSE end of day

Open: ₹861.00
High: ₹889.90
Low: ₹859.60
Day's range: ₹303.5% of the previous close
VWAP: ₹878.28close +0.08% from it
Volume, shares: 46 L1.98× the 20-session average
Turnover, ₹ crore: 410
Trades: 80,00058 shares per trade
Previous close: ₹854.20+24.80 to the close
Price band, next session: ₹791.10 – ₹966.9010% either side of the close · dynamic, widened in 5% steps when hit

Day range64% of the way up

₹859.60₹889.90

52-week range78% of the way up

₹525.50 27 Jan₹980.90 2 Jul

−10% from the high · +67% from the low

The desk read · 1 Octexpiry 27 Oct · 26 days

short covering

futures read

price +2.9% · OI −1.0%

+3.75

futures premium, ₹

+0.4% to spot ₹879.00

0.67

puts per call, by OI

by volume 0.43

880

max pain

+0.11% from the close

▼ −1.0%

futures OI on the day

−210 lots · 21,000 open

Short covering into a 26-day expiry: futures OI −1.0% on a +2.9% day, the most call OI sits at 900, the most put OI at 900, max pain 880.

Futures and options

1 Oct close · lot 850 · NSE end of day

CGPOWER futures closed at ₹882.75, +0.4% to spot, with 98% of open interest in the 27 Oct contract, and the 880 straddle prices a move of about ±6.6% by expiry.

Futures by expiryall 3 contracts NSE lists on the stock · basis against the spot close ₹879.00

Futures by expiry, basis against the spot close ₹879.00
Expiry	Close ₹	Basis ₹ · %	Annualised %	OI lots · on the day	Share of OI %	Contracts traded
27 Oct26 days	₹882.75	+3.75+0.4%	+6.0%	20,000▼ −1.0% · −210 lots	98	4,600
23 Nov53 days	₹886.75	+7.75+0.9%	+6.1%	330▼ −2.7% · −9.0 lots	1.6	160
29 Dec89 days	₹887.30	+8.30+0.9%	+3.9%	5.0▲ +66.7% · +2.0 lots	0.02	5.0

1.6% of futures OI sits beyond the 27 Oct contract · 34 of 50 listed contracts traded · 25,000 option contracts changed hands

Options27 Oct expiry · 26 days

The 880 straddle closed at ₹58.35 (call 30.70 + put 27.65), pricing a move of about ±6.6% by the 27 Oct expiry. In the last 253 windows of 19 sessions, CGPOWER moved more than that 107 times.

Call OI, lots: 3,50030 L shares
Put OI, lots: 2,30020 L shares
Puts per call, by OI: 0.67by volume 0.43
Max pain: 880+0.11% from the close
Contracts traded: 34 of 50listed for this expiry

Open interest by strike, lotstop three strikes each side

Calls

Strike

Puts

440

1,000

760

900

460

340

880

840

260

800

310

Open interest added on the day, lotsthree largest additions each side

Calls

Strike

Puts

+68

1,000

+120

890

+76

870

+140

850

+91

800

+85

Close ₹ · Nifty 50 rebased to the first close · futures open interest by the day's build-up126 sessions to 1 Oct · axis fixed at 4 × ATR-14 around the last close · hover or tap a session and the read beside the chart follows it

272 sessions on file · from 28 Aug

CGPOWER close
Nifty 50, rebased
long build-up · price up, OI up
short build-up · price down, OI up
short covering · price up, OI down
long unwinding · price down, OI down

Session read · latest close: 1 Oct 2026
Close ₹ · day %: ₹879.00▲ +2.9% on the previous close
Against Nifty 50: Nifty −0.9%+3.8 pp difference on the day
Futures OI, lots: 21,000−210 lots · −1.0% on the day
The day's build-up: short coveringprice +2.9% · OI −1.0%
Against the averages: below 20 · below 5020-session ₹887.69 (−0.98%) · 50-session ₹880.28 (−0.15%)
Volume: 1.98×the previous 20 sessions · 46 L shares
Extremes on the day: none

The market after the news

close against the last close before each bulletin · Nifty 50 over the same sessions

After the last 8 bulletins, CGPOWER closed higher five sessions later in 2 of 7.

Close after each bulletin on the day, one session later and five sessions later, with Nifty 50 and futures open interest
Bulletin	Day of the news	1 session later	5 sessions later	Futures OI on the day
1 OctJefferies identifies top defence and power stocks amid capex boom	▲ +2.9%Nifty −0.9% · +3.8 pp	—not reached	—not reached	▼ −1.0%short covering
17 SeptPower capex stocks decline amid AI development caution	▲ +3.3%Nifty +0.2% · +3.1 pp	▲ +4.8%Nifty +0.6% · +4.2 pp	▲ +4.1%Nifty −0.7% · +4.8 pp	▼ −0.7%short covering
16 SeptPower capex stocks drop up to 16% amid AI slowdown fears	▲ +3.3%Nifty +0.2% · +3.1 pp	▲ +4.8%Nifty +0.6% · +4.2 pp	▲ +4.1%Nifty −0.7% · +4.8 pp	▼ −0.7%short covering
25 JulCG Power reports strong Q1 growth and capacity expansion	▲ +1.1%Nifty +1.0% · +0.1 pp	▼ −2.7%Nifty +0.9% · −3.6 pp	▼ −4.8%Nifty +4.2% · −9.0 pp	▼ −2.2%short covering
24 JulCG Power reports strong Q1 growth with capacity expansion	▲ +1.1%Nifty +1.0% · +0.1 pp	▼ −2.7%Nifty +0.9% · −3.6 pp	▼ −4.8%Nifty +4.2% · −9.0 pp	▼ −2.2%short covering
14 JulJefferies identifies top defence and power stocks amid capex boom	▲ +1.7%Nifty +0.1% · +1.6 pp	▲ +0.9%Nifty +0.1% · +0.8 pp	▼ −0.1%Nifty −0.2% · +0.1 pp	▲ +1.0%long build-up
1 JulJefferies identifies top defence and power stocks amid capex boom	▼ −1.8%Nifty +0.7% · −2.5 pp	▼ −8.6%Nifty +1.1% · −9.7 pp	▼ −6.7%Nifty −0.2% · −6.5 pp	▲ +2.1%short build-up
27 JunJefferies identifies top defence and power stocks amid capex boom	▲ +1.5%Nifty −0.5% · +2.0 pp	▲ +1.1%Nifty −0.8% · +1.9 pp	▼ −1.8%Nifty +1.6% · −3.4 pp	▼ −3.5%short covering

8 of 15 bulletins

Quarterly results

consolidated · latest filed 25 Jul, 09:05 am IST · NSE filings

Revenue ₹3,281 cr, +14% on a year earlier; profit ₹308 cr, +16% in the Jun 2026 quarter, consolidated.

Last 8 quarters, consolidated₹ crore as filed · year on year against the same quarter a year earlier · market: close on the first session after the filing against the last close before it, Nifty 50 over the same session

Quarterly results of CGPOWER on the consolidated basis with the market's move on the first session after each filing
Quarter	Revenue ₹ cr	Revenue YoY	Profit ₹ cr	Profit YoY	EPS ₹	Market on the day
Jun 2026filed 25 Jul	₹3,281 cr	▲ +14%	₹308 cr	▲ +16%	1.99	▲ +1.1%Nifty +1.0% · +0.1 pp
Mar 2026filed 6 May · audited	₹12,418 cr	▲ +25%	₹1,199 cr	▲ +23%	7.71	▲ +3.6%Nifty 0.0% · +3.7 pp
Dec 2025filed 27 Jan	₹3,175 cr	▲ +26%	₹284 cr	▲ +19%	1.81	▲ +9.7%Nifty +0.7% · +9.0 pp
Sept 2025filed 29 Oct	₹5,801 cr	▲ +140%	₹551 cr	▲ +150%	3.58	▼ −1.9%Nifty −0.7% · −1.2 pp
Jun 2025filed 24 Jul	₹2,878 cr	▲ +29%	₹267 cr	▲ +11%	1.76	▼ −2.6%Nifty −0.9% · −1.7 pp
Mar 2025filed 6 May · audited	₹9,909 cr	▲ +350%	₹973 cr	▲ +320%	6.37	▲ +1.8%Nifty +0.1% · +1.7 pp
Dec 2024filed 29 Jan	₹2,516 cr	▲ +27%	₹238 cr	▼ −68%	1.57	▲ +8.8%Nifty +0.9% · +7.9 pp
Sept 2024filed 21 Oct	₹2,413 cr	▲ +21%	₹220 cr	▼ −9.3%	1.44	▼ −2.6%Nifty −1.3% · −1.4 pp

By financial yearApril to March · each year the sum of its four quarters as filed, consolidated · EPS summed across the quarters · only complete years

Financial-year results of CGPOWER on the consolidated basis, summed from the quarters filed
Year	Revenue ₹ cr	Revenue YoY	Profit ₹ cr	Profit YoY	EPS ₹
FY26to Mar 2026	₹24,272 cr	▲ +42%	₹2,301 cr	▲ +38%	14.86
FY25to Mar 2025	₹17,065 cr	▲ +110%	₹1,672 cr	▲ +17%	10.96
FY24to Mar 2024	₹8,046 cr	—	₹1,428 cr	—	9.34

Fundamentals

consolidated · filings to Jun 2026 · close ₹879.00 on 1 Oct

CGPOWER trades at 58 times trailing earnings against 58 for its industry, 17 times book value, revenue +39% over twelve months, a 0.30% dividend yield, market cap ₹1,40,000 cr.

Valuationarithmetic on filings and the close · each cell names what it rests on · — where an input is missing

Market cap: ₹1,40,000 cron 1 Oct · free float ₹60,000 cr
Price to earnings: 58consolidated · four quarters to Jun 2026 · industry 58
Trailing EPS: ₹15.09diluted · consolidated · four quarters to Jun 2026
Price to book: 17consolidated · balance sheet to Mar 2026
Book value a share: ₹52.04consolidated · balance sheet to Mar 2026 · over NSE's share count
Debt to equity: 0.00borrowings over equity · consolidated · balance sheet to Mar 2026
Return on equity: 38%trailing profit over average equity · consolidated
Dividend yield: 0.30%₹2.60 a share in 365 days
Face value: ₹2a share
Shares outstanding: 158 cron 1 Oct

Growthsums of the four quarters filed to Jun 2026 · growth against the four quarters before them · consolidated

Revenue, trailing 12 months: ₹24,675 crfour quarters to Jun 2026
Revenue growth, 12 months: ▲ +39%against the twelve months before
Revenue 2-year CAGR: ▲ +71%trailing twelve months against the twelve months 2 years earlier · consolidated
Profit, trailing 12 months: ₹2,342 crfour quarters to Jun 2026
Profit growth, 12 months: ▲ +38%against the twelve months before
Profit 2-year CAGR: ▲ +26%trailing twelve months against the twelve months 2 years earlier · consolidated

PeersBSE sub-group Heavy Electrical Equipment · F&O stocks with filings on record · industry P/E 58, market caps over trailing profit of 7 stocks

Stocks in the BSE sub-group Heavy Electrical Equipment with market cap, price to earnings and price to book
Stock	Market cap ₹	P/E	P/B	Close ₹
BHELBharat Heavy Electricals Limited	1,50,000 cron 1 Oct	60consolidated	5.6	₹421.00
ABBABB India Limited	1,50,000 cron 1 Oct	49consolidated	16	₹6,900.00
POWERINDIAHitachi Energy India Limited	1,40,000 cron 1 Oct	120standalone	27	₹31,290.00
CGPOWERCG Power and Industrial Solutions Limited	1,40,000 cron 1 Oct	58consolidated	17	₹879.00
SIEMENSSiemens Limited	1,40,000 cron 1 Oct	—	9.8	₹3,804.00
ENRINSiemens Energy India Limited	1,20,000 cron 1 Oct	—	25	₹3,334.00
GVT&DGE Vernova T&D India Limited	1,10,000 cron 1 Oct	83standalone	40	₹4,253.20
SUZLONSuzlon Energy Limited	53,000 cron 1 Oct	17consolidated	5.7	₹38.90
THERMAXThermax Limited	40,000 cron 1 Oct	—	7.2	₹3,360.60
SCHNEIDERSchneider Electric Infrastructure Limited	30,000 cron 1 Oct	—	39	₹1,275.40
TDPOWERSYSTD Power Systems Limited	25,000 cron 1 Oct	—	23	₹792.15
AZADAzad Engineering Limited	18,000 cron 1 Oct	—	12	₹2,860.90
TRITURBINETriveni Turbine Limited	17,000 cron 1 Oct	—	12	₹530.00
KARAMTARAKaramtara Engineering Limited	13,000 cron 1 Oct	—	—	₹410.95
ATLANTAELEAtlanta Electricals Limited	13,000 cron 1 Oct	—	14	₹1,716.50
QPOWERQuality Power Electrical Equipments Limited	12,000 cron 1 Oct	—	16	₹1,564.60
INOXWINDInox Wind Limited	12,000 cron 1 Oct	29consolidated	1.5	₹68.75
VOLTAMPVoltamp Transformers Limited	11,000 cron 1 Oct	—	5.9	₹10,426.00
ELECONElecon Engineering Company Limited	9,900 cron 1 Oct	—	4.3	₹440.00
TARILTransformers And Rectifiers (India) Limited	8,400 cron 1 Oct	—	5.5	₹280.80
POWERICAPowerica Limited	7,500 cron 1 Oct	—	3.7	₹589.15
KANOHARKanohar Electricals Limited	7,200 cron 1 Oct	—	—	₹906.35
TRANSRAILLTransrail Lighting Limited	6,400 cron 1 Oct	—	2.8	₹474.90
SKIPPERSkipper Limited	6,100 cron 1 Oct	—	4.1	₹541.20
SHILCTECHShilchar Technologies Limited	4,600 cron 1 Oct	—	9.4	₹4,033.00
GVPILGE Power India Limited	4,600 cron 1 Oct	—	7.8	₹679.50
INDOTECHIndo Tech Transformers Limited	3,600 cron 1 Oct	—	9.5	₹3,347.60
BBLBharat Bijlee Limited	2,300 cron 1 Oct	—	1.1	₹2,069.60
EXICOMExicom Tele-Systems Limited	2,100 cron 1 Oct	—	3.2	₹151.10
MARSONSMarsons Limited	2,000 cron 1 Oct	—	9.0	₹114.25
BAJELBajel Projects Limited	1,900 cron 1 Oct	—	2.5	₹163.65
JYOTISTRUCJyoti Structures Limited	1,100 cron 1 Oct	—	2.2	₹8.90
SWELECTESSwelect Energy Systems Limited	900 cron 1 Oct	—	0.94	₹592.90
WAAREEINDOIndosolar Limited	850 cron 1 Oct	—	3.0	₹203.40
SURANASOLSurana Solar Limited	120 cron 1 Oct	—	2.1	₹24.15
TARAPURTarapur Transformers Limited	24 cron 1 Oct	—	—	₹12.20
AARTECHAartech Solonics Limited	—	—	—	—
NEUEONNeueon Corporation Limited	—	—	—	—

Shareholding

quarter to 30 Jun · none pledged · NSE filings

Promoters hold 56.4%, foreign portfolio investors 12.0%, mutual funds 9.9% and banks and financial institutions 8.4%, as filed for the quarter to 30 Jun.

56.4%12.0%9.9%11.6%

By category, last 5 quarterspercent of shares · beneath each figure, the change in percentage points against the previous quarter on file

Shareholding of CGPOWER by category over the last 5 quarters with the change against the previous quarter
Category	30 Jun	31 Mar	31 Dec	30 Sept	4 Jul
Promoters	56.360.00 pp	56.360.00 pp	56.36▼ −0.01 pp	56.37▼ −0.01 pp	56.38
Foreign portfolio investors	11.97▼ −0.06 pp	12.03▲ +0.01 pp	12.02▼ −1.00 pp	13.02▲ +0.35 pp	12.67
Mutual funds	9.93▲ +0.48 pp	9.45▼ −0.02 pp	9.47▼ −0.34 pp	9.81▼ −0.52 pp	10.33
Banks and financial institutions	8.37▼ −0.26 pp	8.63▲ +0.54 pp	8.09▲ +1.64 pp	6.45▲ +0.45 pp	6.00
Individual investors	11.60▼ −0.15 pp	11.75▼ −0.46 pp	12.21▼ −0.20 pp	12.41▼ −0.08 pp	12.49
Bodies corporate	1.61▼ −0.01 pp	1.62▼ −0.06 pp	1.68▼ −0.10 pp	1.78▼ −0.19 pp	1.97
Others	0.160.00 pp	0.16▼ −0.01 pp	0.17▲ +0.01 pp	0.160.00 pp	0.16

Corporate actions

NSE and BSE records

Nothing upcoming on record; the last was a dividend of ₹1.30 a share, ex-date 30 Jan 2026.

Actionsex-dates · upcoming first, then the last eight · dividends in rupees a share, bonus and split as ratios

Corporate actions of CGPOWER, upcoming first, then the most recent
Ex-date	Action	Amount or ratio	Record date	Source
recent
30 Jan 2026	dividend	₹1.30	1 Feb 2026	BSE
21 Mar 2025	dividend	₹1.30	22 Mar 2025	BSE
5 Feb 2024	dividend	₹1.30	5 Feb 2024	BSE

Calendaras notified to the exchange

Next results: —no board meeting notified yet
Dividends in 365 days: ₹2.60a share · ex-dates inside the year
Last dividend: ₹1.30ex-date 30 Jan 2026

Price history

272 sessions on record · to 1 Oct · NSE end of day

CGPOWER is +0.1% over 20 sessions against Nifty's −6.2%, 10% below its 52-week high, realised volatility 33% annualised.

Returns against Nifty 50longest window first · Nifty 50 over the same sessions

Returns of the stock and Nifty 50 over six windows, longest first
Window	From ₹	CGPOWER %	Nifty 50 %	Difference pp
250 sessionssince 26 Sept	₹739.40	▲ +19%	▼ −9.1%	+28
120 sessionssince 9 Apr	₹720.61	▲ +22%	▼ −5.7%	+28
60 sessionssince 8 Jul	₹908.06	▼ −3.2%	▼ −6.1%	+2.9
20 sessionssince 2 Sept	₹877.77	▲ +0.14%	▼ −6.2%	+6.4
5 sessionssince 24 Sept	₹886.71	▼ −0.87%	▼ −2.8%	+1.9
1 sessionsince 30 Sept	₹854.23	▲ +2.9%	▼ −0.88%	+3.8

Averages of the closeclose against each average

5-session average: ₹868.45close +1.2% from it
20-session average: ₹887.69close −0.98% from it
50-session average: ₹880.28close −0.15% from it
200-session average: ₹793.03close +11% from it

Range and volumetrue range over 14 sessions · high to low over 20 · volume against the 20-session average

Average true range, 14: ₹273.1% of the close
Average day's range, 20: ₹242.7% of the close
Volume against 20 sessions: 1.98×46 L vs 25 L average

Volatility and co-movement with Nifty 50annualised from daily log returns · counts share one denominator per cell

Realised volatility, 20: 33%≈ ±2.1% a session · moved more than that on 4 of 20
Realised volatility, 60: 33%≈ ±2.1% a session · moved more than that on 13 of 60
Realised volatility, 250: 34%≈ ±2.1% a session · moved more than that on 62 of 250
Beta to Nifty, 60: -0.08moved with Nifty on 30 of 60 sessions
Beta to Nifty, 250: 0.97moved with Nifty on 156 of 250 sessions

Up and down sessionscloses above and below the previous close

Last 20 sessions: 8 up · 12 downof 20
Last 60 sessions: 29 up · 30 downof 59
Last 250 sessions: 117 up · 132 downof 249
Best session, 250: ▲ +9.7%28 Jan
Worst session, 250: ▼ −7.0%3 Jul

15 bulletins on CGPOWER

latest 1 Oct 2026

Beats in the coverage

Often mentioned with

October 2026

1 Oct Jefferies identifies top defence and power stocks amid capex boomJefferies has identified defence and power equipment sectors as top investment themes amid India's capital expenditure boom. Target prices for KEI Industries, Thermax, Data Patterns, and CG Power were raised, highlighting strong order books and project execution.High

September 2026

17 Sept Power capex stocks decline amid AI development cautionPower capex stocks, including GE Vernova and CG Power, fell up to 16% in two days due to concerns over AI development. GE Vernova shares dropped nearly 9%, while CG Power declined 8%, following a significant rally earlier this year.Medium 16 Sept Power capex stocks drop up to 16% amid AI slowdown fearsPower capex stocks experienced significant declines, with TD Power Systems down 16% and GE Vernova nearly 9% amid concerns over an AI slowdown. CG Power and HFCL also fell by 8% and 10%, respectively, reflecting market caution.Medium

July 2026

25 Jul CG Power reports strong Q1 growth and capacity expansionCG Power reported strong Q1 FY27 results with revenue at ₹3,061.37 cr and profit at ₹363.59 cr. The board approved a ₹35.17 cr expansion to double EHV GIS capacity, supporting a robust order pipeline.High 24 Jul CG Power reports strong Q1 growth with capacity expansionCG Power & Industrial Solutions reported Q1 FY27 standalone revenue of ₹3,061.37 crore and profit after tax of ₹363.59 crore. The board approved a ₹35.17 crore expansion to double EHV GIS capacity, funded by internal accruals and equity.High 14 Jul Jefferies identifies top defence and power stocks amid capex boomJefferies has identified defence and power equipment sectors as top investment themes amid India's rising capital expenditure. The brokerage raised target prices for KEI Industries, Thermax, Data Patterns, and CG Power, citing strong order books and improving project execution.Medium 1 Jul Jefferies identifies top defence and power stocks amid capex boomJefferies has identified defence and power equipment sectors as top investment themes, raising target prices for KEI Industries, Thermax, and CG Power amid India's rising capital expenditure cycle. The brokerage remains cautious on Bharat Heavy Electricals Ltd.High

June 2026

27 Jun Jefferies identifies top defence and power stocks amid capex boomJefferies has identified defence and power equipment sectors as top investment themes, raising target prices for KEI Industries, Thermax, Data Patterns, and CG Power. The brokerage remains cautious on Bharat Heavy Electricals Ltd amid India's capital expenditure boom.Medium 25 Jun Jefferies identifies top defence and power stocks for investmentJefferies has identified defence and power equipment sectors as top investment themes amid India's rising capital expenditure. The brokerage raised target prices for KEI Industries, Thermax, Data Patterns, and CG Power, while remaining cautious on BHEL.Medium 24 Jun CG Power gains driven by margin expansion and capex completionCG Power and Industrial Solutions has gained 42% in three months, reaching all-time highs. Expectations of double-digit growth from improved capacity utilization and strategic expansion into high-value segments are driving this momentum.Medium

February 2026

1 Feb GG Tronics secures ₹433 crore Kavach order from CLWGG Tronics India secured a ₹433 crore order from Chittaranjan Locomotive Works for deploying Kavach, India's train collision avoidance system. The project includes a significant maintenance contract, impacting the railway safety sector positively.High

January 2026

31 Jan GG Tronics secures ₹433 crore order for Kavach systemGG Tronics India secured a ₹433 crore order from Chittaranjan Locomotive Works for the Kavach train collision avoidance system. The project spans one year and includes an 11-year maintenance contract starting from the fifth year.High 28 Jan CG Power Q3 results miss estimates, stock down 4%CG Power reported a net profit of ₹284 cr for Q3, missing estimates of ₹314.7 cr. Revenue also fell short at ₹3,175.4 cr, leading to a 4% drop in stock price after the earnings release.Medium 27 Jan CG Power Q3 results miss estimates, stock down 4%CG Power's Q3 net profit was ₹284 cr, missing estimates of ₹314.7 cr. Revenue also fell short at ₹3,175.4 cr, leading to a 4% decline in stock price due to market disappointment over margin pressures.Medium

December 2025

2 Dec Nomura forecasts stable public capex, private revival by 2026Medium

About CG Power and Industrial Solutions Limited

exchange masters as of 18 Sept 2026 · classification by BSE

Company: CG Power and Industrial Solutions Limited
Exchange: NSE · BSE 500093, group A
Listed on NSE: 1 Mar 1995
Classification: Industrials › Capital Goods › Electrical Equipment › Heavy Electrical Equipment
Index: BSE 100
Face value: ₹2 a share
ISIN: INE067A01029
Sessions on record: 272
Price source: NSE UDiFF bhavcopy · end of day · delayed
Filings: NSE and BSE public disclosures · results, shareholding and corporate actions as filed
Computed: 1 Oct, 09:12 pm IST
Bulletins: 15 · written by the desk · not a recommendation

OI Charts is not a SEBI-registered investment adviser or research analyst. Prices, open interest, filings and the desk read are exchange data and arithmetic on it, not a basis for any investment decision.