Mar 05 2024, 07:57

Stock picks: 5 stocks with consistent score improvement and upside potential of up to 46%:

After a sharp rebound, while nifty is trading in green territory, if one looks at the overall market breadth. There are more declines than advances and that is largely due to market breadth in the mid-cap segment. This is indicative of profit booking happening at the broader market level. At this point of time, one cannot rule out more profit booking which can bring more damage to stock prices in the mid-cap segment. In such times, if one is taking fresh exposure to equity, ensure that there is some level of quality as far as the business and fundamentals are concerned. These selected stocks depict a strong upward trajectory in their overall average score which is based on five key pillars i.e. earnings, fundamentals, relative valuation, risk and price momentum. This implies that there has been a significant improvement in their market outlook in the given time frame.

 The reason is simple, what happens in nifty is not reflecting underlying development in a particular sector and companies. It is what is happening at the micro level in a sector or an industry that finally determines the trajectory of earnings of that company and hence what happens to individual stocks. If one looks at the sectoral weights on nifty and sensex, it is the IT and financial sector which dominate it. But does a move in nifty impact the bottomline of a company which has been able to launch a very successful EV model or a pharmaceutical company which has been able to kick start a new plant which has enabled its backward integration which will impact its margins substantially. 

Second thing which is equally important is that as an investor, be careful in making a distinction between narrative and real change in the working of a company. So if earnings are likely to improve then one can be bullish and to some extent buy even when valuations are high. For example, in sectors where there is regulatory policy change happening, like financial services space, there is bound to be a shake up taking place. So be cautious when buying into space. Similarly, the companies where oil or oil derivatives are an important raw material are bound to show an improvement in their performance as the prices have remained low for some time.

On the other hand, metal prices have remained subdued for some time, which means that while metal companies may not see a sharp jump in their bottomline. But at the same time now that the Chinese have given another stimulus for the economy, there is a possibility of a spike in metal prices. If there is more news emerging out of China, then metal companies may make a comeback.

We have curated a list of stocks which show an improvement in their average score in a 1-month time frame. The selected list applies different algorithms for all BSE and NSE stocks.

Further, we have checked whether these screened down stocks also have a high upside potential over the next 12 months and if these enjoy confidence from the analyst community. Also, we narrowed down the list further by selecting only those stocks with an average recommendation rating of either "Strong Buy" or "Buy" or "Hold".

Top Picks of the week

Mar 4, 2024

Company Name

Dalmia Bharat

Latest Stock Score

10

Stock Score 1W ago

9

Stock Score 1M ago

8

Reco

Buy

Analyst Count

28

* Upside Potential (%)

46.4

1Y Returns %

9.6

Inst Stake (%)

14.1

Market Cap Rs Cr

38,780

Company Name

Zomato

Latest Stock Score

9

Stock Score 1W ago

8

Stock Score 1M ago

7

source: et 

Mar 05 2024, 07:44

HDFC Bank chief Jagdishan is focused on profitable growth. Will investors buy this?

On January 17, shares of HDFC Bank crashed over 8%, on a single day, following its disappointing Q3 earnings. Amid this fall, mutual funds bought the stock. However, analysts feel investors must not go by the past track record and come with a long-term horizon as HDFC Bank pre- and post-merger are two different entities.

On January 17, 2024, the HDFC Bank stock fell 8.4% to close at INR1,537.50. It was the biggest decline since the pandemic-induced market crash in March 2020. A negative sentiment was built in the options market where the 'put-call' ratios started to go up, but some fund managers, who tilted towards the quality factor (higher ROE, high dividend-paying stocks usually having higher valuations), were happy.

"We will stay invested. Perhaps, look to buy a bit more, given that it is trading at 20-year lows on price-to-book," Saurabh Mukherjea, founder, Marcellus Investment Managers, told ET Now on the day the stock fell.

The bank has maintained its growth reputation with the December-quarter net profit growing over 33% YoY at INR16,373 crore, but the net interest margins (NIM) at 3.4% were lower than the 4%-4.4% range it operated before the merger with HDFC. Return on assets (ROA) is under pressure and the credit-deposit ratio rose is at an all-time high.

Compression in NIM is mainly on account of the merger. But clearly, the business has become tough, and the bank will not have it easy going forward, analysts said.

"Our focus is going to be on profitable growth. That is the only metric I am going to be looking at for years to come, especially during this period of transition. We will not disappoint you," said Sashidhar Jagdishan, managing director and CEO, HDFC Bank. He wants investors to be patient as the bank navigates the transition period post the merger (effective July 1). He also wants them to trust the bank's ability to garner deposits without getting into the pricing game of offering higher rates.

Jagdishan said this during a conversation with Rahul Jain, managing director, Global Investment Research at Goldman Sachs (India), at the HDFC Bank Group event hosted by Goldman Sachs on February 19.

Jagdishan's comments first since the bank's stocks went on a downhill run over a month ago its third-quarter earnings - seem to have given some breather. On February 20 (a day after the event), its shares rose the most in a day since early December.

Interestingly, a few days after this interview Goldman Sachs came out with a report on the Indian banking sector where it did not sound optimistic. Some of the industry problems are more pronounced with HDFC Bank.

According to Goldman Sachs, there are multiple headwinds to deposit growth in the banking industry as it loses its attractiveness. 

The private sector banks in India had been growing at the cost of public sector peers for the last two decades. But things have changed dramatically in the past three years. PSBs are now fighting back. There has been a huge comeback of SBI and other PSU banks that have seen massive growth in their stock prices. These banks have improved their ROAs and NIMS.

Again, there is a huge competition between private sector banks where ICICI Bank and Axis Bank are now giving a tough time to HDFC Bank. There are new banks like IDFC First Bank and a huge fintech economy that is going to eat into the overall private sector margins, say analysts.

With the recent fall in HDFC Bank share price, analysts and fund managers believe the shares offer an entry point for relatively cheaper valuations. HDFC Bank is currently trading at 2x FY25 book value for a standalone entity. This is at a discount to its 10-year average of 3.3-

source: et 

Mar 05 2024, 07:42

Stock tips to insider tricks: How Zee Business guest experts manipulated retail investors:

The mastermind of the scam used to gather recommendations from market experts before they were broadcast and took positions to profit from retail buying pressure.

On August 25, 2022, Balrampur Chini shares witnessed a peculiar shift in trading volumes. Initially averaging around 35,000 shares, the counter saw a sudden surge in activity with more than 1,44,000 shares changing hands within just 15 minutes.

Around a week later, a similar spike was noticed in IndiaMart shares. Initially hovering around 2,400 between 2 pm and 2.15 pm, volumes jumped to over 36,000 shares within the next 15 minutes.

While such activity is normal surrounding price-sensitive corporate announcements or developments, there was no apparent trigger for it in both the above cases.

Interestingly, on both the occasions, the stocks in question were recommended by some 'market experts' on Zee Business, one of India's leading business news TV channels watched by thousands of retail investors.

In its market-focused programmes, the channel invites various experts and air their stock recommendations during trading hours. Often, several retail investors act on them, leading to brisk activity in some counters. Such is their influence on the retail category that some stock experts on Zee Business decided to exploit it by orchestrating a fraudulent scheme to pocket crores of rupees in ill-gotten gains.

But it didn't escape the market regulator's watchful eyes.

In an interim order dated February 8, 2024, the Securities and Exchange Board of India (Sebi) prohibited five market experts who appeared on Zee Business and 10 other individuals and entities from participating in the stock markets for an indefinite period. The regulator also directed these entities to pay back the unlawful gains they made.

Front-running, also referred to as forward-trading or tailgating, is an unethical practice under which a broker or investor executes a trade with advance knowledge of confidential information that will influence a stock's price.

In this case, the mastermind of the scam Nirmal Kumar Soni used to gather stock recommendations before they were broadcasted on Zee Business from five stock market experts, namely Kiran Jadhav, Ashish Kelkar, Himanshu Gupta, Mudit Goyal, and Simi Bhaumik.

Soni's network of stock brokers would accumulate these stocks and would sell them at significant profits once the recommendations were aired on TV and retail investors rush to lap up shares, thereby driving up their prices. A share of the profits was shared with the market experts.

Sebi initially observed a correlation between trades of the suspect entities and recommendations made by guest experts on Zee Business. This led to an extensive investigation covering trades executed from the beginning of February 2022 till the December-end 2022.

Additionally, the market regulator conducted search-and-seizure operations at the premis of these individuals and entities after obtaining a court order. It helped Sebi gather evidence to establish connections between these individuals and entities regarding transactions, sharing of information, and distribution of profits.


source: et 

Mar 05 2024, 07:40

The pharma stock eyes a 6% run; a big bank indicates 5% upside:

The Nifty opened higher and remained in a defined range. It maintained its gains.

The markets had a short trading session on Saturday. The key indices stayed largely in a range and ended with modest gains. The Nifty 50 opened higher and remained in a defined and limited trading range throughout the short session. While achieving no directional bias, the indices maintained their gains with the headline index gaining 39.65 points (+0.18%).

Despite continued up-move, the markets are turning cautious. This midcap pharma stock is readying itself for an extension of its up-move following the formation of a bullish technical pattern.

Despite the markets forming incremental highs, the markets are seeing some evident fatigue and decelerating momentum at higher levels. Some risk-off environment is seen and in line with this, this midcap stock from a traditionally defensive pharma space is seen readying itself for an up-move.

The recent price action in LAURASLABS shows that following a peak marked in the early part of this year, the stock suffered a corrective retracement that found support at the 200-DMA. The recent past has seen the stock forming a bullish ascending triangle pattern with the stock attempting to to break out from this bullish technical pattern. The stock has rolled inside the leading quadrant of the RRG when benchmarked against the broader markets. The RSI has formed a new 14-period high which is bullish. The daily MACD stays in a continuing buy mode.

The PSAR has flashed a fresh buy signal. The OBV is rising, which serves as proof of accumulation in the stock while it stays under the current formation. If the breakout happens on the anticipated lines, the stock can go on and test Rs. 435 levels. Any close below 390 would negate this current technical setup.

After forming a base near Rs.545-555 levels, the stock price of State Bank of India (SBIN) witnessed a rebound. While moving higher, the stock price crossed above multiple moving averages of 50-day, 100-day as well as 200-day MA, indicating the underlying trend to have turned bullish.

source: et 

Mar 05 2024, 07:35

Icertis IPO plan on track, growth to accelerate in 2024: CEO Samir Bodas:

Across-the-board verticalisation in sectors including technology, pharma, life sciences, automotives, and industrials has helped Icertis achieve a milestone in annual recurring revenues. While the company is progressing on the path to profitability and has been preparing for an IPO.

Despite the predictions of a tough business environment in 2023, Icertis has achieved a major revenue milestone. Founded in 2009, the Washington-based company counts Mercedes-Benz, Accenture, and Microsoft among its clients. With USD250 million in 2023 annual recurring revenues, Icertis claims to be the only pure-play contract lifecycle management company to reach this mark.

CEO Samir Bodas talks about.
The company has achieved this with the help of four factors. The first is our Al innovations, especially as the launch partner for Microsoft on open AI. It has seen tremendous traction, and we are the only pure-play contract lifecycle management company to reach this ARR (annual recurring revenue) it's  about 3x larger than it's closest competitor.

Secondly,an enterprise-grade solution-33% of Fortune 100 companies are our customers and that's a big percentage - while 70% of Icertis customers are a billion dollars or more in revenue. So, when you focus on large enterprises, you are more recession-

Just to give you some numbers with respect to a vertical focus, eight out of the world's 10 largest pharmaceutical companies are our customers. Six of the top 10 technology companies are our clients while we also count five out of the 10 largest healthcare and life sciences companies among our customers.

You can see verticalisation across the board in sectors such as technology, pharma, life sciences, automotives, industrials, and so on has driven our growth and brought us to this fantastic milestone.

Generative AI has burst into the scene, taking over everything. When did you start working on it?

In 2022. Since we had a launch partner with Microsoft and Open AI, we got a big jump on everything because we were probably one of the earliest players to work with Microsoft and deliver value and do R&D in that area. And we launched our first copilot at the end of Q1 or early Q2 in 2023. So, we have had our products in the market for about a year now.

Clients adopting the technology?
I think 71% of 10 the deals we do now have generative Al products included in them, and so, it's very vast and across the board. Our existing customers are even more excited because the product is already implemented, and they can deploy it right away. To some extent, you can call us an Al or a gen-AI company that delivers value across the enterprise in procurement, sales, and risk and compliance.

The growth outlook:
If you look at our financial plan, we are assuming an acceleration of growth in 2024. You know, 2023 actually started off as a tough year, but we ended it on a strong note as you can see from our numbers.


As you may know, we got a new chief financial officer at the end of 2022. Rajat Bahri has taken a couple of companies public. So, our plans to get Icertis ready for an IPO are solidly on track. We believe we will be ready very soon, but there is no rush.

We have a lot of confidence in our future, and we'll see when that [the IPO] happens. But from a preparation point of view, it's going very well, and we feel confident that we'll be an enduring and consequential company in the future.

We have had bright spots on our path to profitability. The capital markets getting constrained is actually a good thing for business. Because now, we are in a world of 'or'instead of a world of 'and'. What I mean is that the world of 'and' is where capital is freely
available. In a 'world of 'or', you make the decisions, but the managerial judgment decides
whether you're successful or not.

This is real business. We are on the path to profitability. Great companies will make the right
calls, become profitable, and grow.

source: et 

Mar 04 2024, 08:14

क्या क्रॉम्पटन ग्रीव्ज़ अभी खरीदना अच्छा है?  जानिए विश्लेषक क्यों हैं उत्साहित:

 कंज्यूमर ड्यूरेबल्स उद्योग की विकास संभावनाओं से कंपनी को फायदा होने की उम्मीद है

 क्रॉम्पटन ग्रीव्स को मजबूत ब्रांड उत्कृष्टता प्राप्त है और यह उत्पादों की एक विस्तृत श्रृंखला पेश करता है जिसमें पंखे, घरेलू उपकरण और प्रकाश व्यवस्था शामिल हैं।  कंज्यूमर ड्यूरेबल्स उद्योग की विकास संभावनाओं से कंपनी को फायदा होने की उम्मीद है।  नवोन्मेषी उत्पाद, उन्नत डिजिटल पदचिह्न, डिजिटल और मास मीडिया अभियान और अनुसंधान एवं विकास निवेश कंपनी के ब्रांड मूल्य में मदद कर रहे हैं।  क्या आपको क्रॉम्पटन ग्रीव्स स्टॉक में निवेश करना चाहिए?

 क्रॉम्पटन ग्रीव्स: विद्युत उपकरण कंपनी दिसंबर 2023 तिमाही में रॉयटर्स-रिफिनिटिव द्वारा संकलित आम सहमति आय अनुमान से 14% चूक गई।  ईसीडी (इलेक्ट्रिकल कंज्यूमर ड्यूरेबल्स) सेगमेंट में मजबूत वृद्धि और साल-दर-साल 12% राजस्व वृद्धि के बावजूद, उच्च विज्ञापन और बिक्री लागत ने तिमाही के दौरान ईबीआईटीडीए मार्जिन और लाभप्रदता को प्रभावित किया।

 कंज्यूमर ड्यूरेबल्स उद्योग की विकास संभावनाओं से कंपनी को फायदा होने की उम्मीद है।  बढ़ता शहरीकरण, ऊर्जा-कुशल उत्पादों की बढ़ती मांग, आय का बढ़ता स्तर, स्मार्टफोन का व्यापक उपयोग और आवाज-नियंत्रित उपकरणों और IoT सुरक्षा उपायों के लिए बढ़ती प्राथमिकता इस क्षेत्र के विकास को गति दे रही है।  इसके अलावा, स्थिरता को बढ़ावा देने वाली सरकारी पहल, ई-कॉमर्स प्लेटफार्मों की वृद्धि, आवास और निर्माण गतिविधियों में वृद्धि और बढ़ती ग्रामीण विद्युतीकरण अतिरिक्त उद्योग विकास चालक हैं।

 नवोन्मेषी उत्पाद, उन्नत डिजिटल पदचिह्न, डिजिटल और मास मीडिया अभियान और अनुसंधान एवं विकास निवेश कंपनी के ब्रांड मूल्य में मदद कर रहे हैं।


source: et 

Mar 04 2024, 08:12

स्टॉक रडार: एस्ट्रल 8-महीने के समेकन चरण से बाहर निकलकर रिकॉर्ड ऊंचाई पर पहुंच गया:

 पूंजीगत सामान उद्योग में एस्ट्रल 7-8 महीने के समेकन से 10% से अधिक की बढ़त के साथ टूट गया।  यह एक नई रिकॉर्ड ऊंचाई पर पहुंच गया और संकेतक आगे और तेजी की संभावना का संकेत दे रहे हैं।

 एस्ट्रल, पूंजीगत सामान उद्योग का हिस्सा, साप्ताहिक चार्ट पर देखे गए 7-8 महीने लंबे समेकन से बाहर निकलने के लिए एक महीने में 10% से अधिक बढ़ गया।

 विशेषज्ञों का सुझाव है कि इस ब्रेकआउट ने अगले कुछ महीनों में स्टॉक के 2,600 के स्तर तक पहुंचने की गुंजाइश खोल दी है।

 एसएमसी ग्लोबल सिक्योरिटीज के वरिष्ठ तकनीकी विश्लेषक शितिज गांधी ने कहा, "एस्ट्रल स्टॉक ने हाल ही में दैनिक चार्ट पर अपने 200 डीईएमए के आसपास समर्थन प्राप्त किया और 1,900 के स्तर से ऊपर की चाल को पुनः प्राप्त करने के लिए तेजी से वापसी की।"

 बाजार स्टॉक रडार

 सेकेंडरी ऑसिलेटर्स पर सकारात्मक विचलन

 उन्होंने कहा, "पिछले छह से आठ महीनों से स्टॉक 1700-2000 जोन की व्यापक रेंज में मजबूत हो रहा है क्योंकि कीमतों को दैनिक चार्ट पर 200 दिनों के घातीय मूविंग औसत से ऊपर उतार-चढ़ाव देखा जा सकता है।"

 गांधी ने प्रकाश डाला, "पिछले हफ्ते, स्टॉक लंबे समय तक समेकन चरणों की एक श्रृंखला के बाद 2000 के स्तर से ऊपर एक नया ब्रेकआउट देने में कामयाब रहा।"

 मूल्य कार्रवाई के साथ-साथ द्वितीयक ऑसिलेटर्स पर सकारात्मक विचलन अगले उछाल का संकेत देते हैं क्योंकि ब्रेकआउट के बाद स्टॉक में अनुवर्ती खरीदारी की उम्मीद की जाती है।

 गांधी ने सिफारिश की, "इसलिए, अगले 5-7 सप्ताह में 2550-2600 के ऊपरी लक्ष्य के लिए मौजूदा स्तर पर स्टॉक को 1700 के स्तर से नीचे स्टॉप लॉस के साथ खरीदा जा सकता है।"


source:et 

Mar 04 2024, 07:55

Hindalco is selling part stake in cash cow Novelis. Will it benefit investors?

Hindalco is expected to raise up to USD5 billion from the sale of a part stake in Novelis. However, investors and analysts are puzzled as to how the proceeds of the sale will be utilised, especially since th reinvestment of funds in capex or acquisitions in the past has had a limited impact on stock performance.

It's been an eventful month for Kumar Mangalam Birla's Hindalco Industries. After gaining twice as much as the benchmark equity indices in the last one-year period, Hindalco shares tanked 16% to INR507 apiece in mid- February in just five trading sessions after its US subsidiary Novelis reported a significant capex overrun in one of its projects.

Last Wednesday, Hindalco's stock jumped 5% in intraday trade to hit INR536, a day after Novelis filed for an initial public offering (IPO) with the US Securities and Exchange Commission (SEC). However, the excitement about the company's listing, 17 years after it was acquired by the Indian aluminium and copper producer, was short-lived.

According to market data platform Statista, since the pandemic-triggered meltdown in 2020, global copper prices have risen by an average 38% while aluminium is up 29%.

The demand for copper in India has witnessed strong growth on account of a sharp economic recovery after the pandemic, especially in sectors such as infrastructure, construction, telecom, renewables, and electric vehicles where copper plays an important role.

Hindalco's India business comprises both upstream (mining and production) and downstream (value-added products) operations in aluminum while it has only a downstream presence in copper. As mentioned above briefly, while Novelis contributed 65% to Hindalco's consolidated FY23 Ebitda, the remaining came from its India business.

Of late, Hindalco's downstream copper business, which has delivered a record performance in terms of revenue growth in FY23 as well as the first nine months of FY24, has turned out to be a substantial growth driver for the company.

Analysts tracking Hindalco expect Novelis to be valued between USD13 billion and USD15 billion. While some forecast that Hindalco will raise around USD1 billion (INR8,288 crore) from the share sale, Mumbai-based broking firm KR Choksey Shares and Securities said in a recent note that it expects Hindalco to sell 30% stake in Novalis for USD5 billion (around INR41,441 crore).

"Something demanding such a high level of capital commitment can either be for organic growth (expansion) with an upstream element, or for an inorganic acquisition opportunity," says Amit Dixit, lead analyst - metals, logistics, and defence, ICICI Securites, adding, "There is room for backward integration in the copper business".


source: et 

Mar 04 2024, 07:53

How a lesser-known INR2,200 crore Zomato business is making Swiggy rethink its strategy:

Hyperpure, a vertical of Zomato supplying grocery to restaurants, is the third largest revenue stream for the company. And Swiggy cannot afford to leave this fast-growing segment to Deepinder Goyal

Swiggy might take a leaf out of Zomato's cookbook. Amid its preparations for a public listing, Swiggy could be exploring an entry into a domain where Zomato has made impressive strides a B2B supply service targeting the HORECA (hotels, restaurants, and cafes) segment.

Zomato's B2B platform Hyperpure, which supplies everything from cream, curd to condiments and cardboard food boxes to eateries, has emerged as a major growth driver for the Deepinder Goyal-led company. At INR2,221 crore, Hyperpure doubled its revenue in the first nine months of FY24, compared to a year ago, and accounted for a quarter of Zomato's total income at INR9,164 crore for the period.

At Swiggy, some preliminary internal discussions on experimenting with a B2B service for restaurants have already commenced. "The plan is in its infancy. A pilot project is being mooted," said one source. "Not even a VP level person has been engaged. Swiggy may or may not do this tomorrow," said another person close to the company.

Meanwhile, Zomato is doubling down on Hyperpure. It has announced setting up of a plant to process food supplies like sauces, spreads, and perishable products. This is likely to give Hyperpure better margins and drive higher engagement with restaurant partners.

However, the restaurants still had an advantage if they ordered from Hyperpure. They could use their credit balance with Zomato to place orders on Hyperpure. The opportunity in the food and beverages space has been substantial. But the supply procurement aspect remains highly fragmented. Restaurants often source various items from different vendors, leading to significant variations from one city to another.

According to industry experts, ingredients typically constitute 30%-35% of the total sales value of a restaurant.

Covid Impact on the Food Services Industry, a report by National Restaurants Association of India in October 2021, pointed out that the food-services industry in India experienced a significant decline of 53%, with its value estimated at USD27.1 billion, compared with the USD57.3 billion recorded in FY20.

Even as Zomato was building out Hyperpure, it began making strategic investments in online-grocery delivery firm Grofers (now Blinkit). By July 2021, Zomato would proceed to go public and eventually acquire Blinkit completely.

source: et 

Mar 04 2024, 07:50

Hitachi Energy misses Q3 guidance by 67%, report analysts:

Hitachi Energy is up over 900% since its listing on March 30, 2020. Its revenues have doubled and the orderbook comprises an attractive list of clients such as Delhi Metro, BHEL, OPTCL, Tata Power and L&T, However, over the last three years, its EPS is down 9% annually. But analysts believe the intrinsic value of the business will improve.

Hitachi Energy India is the priciest stock in its sector. At a PE multiple of 250x, it is expensive. But mutual funds and institutions are still its big buyers and believe that Hitachi Energy will benefit directly from India's GDP growth rate - currently at 7.3%. Reason? The company is in the business of electrification and its main growth drivers are transmissions, renewables, and railways.

Hitachi Energy, in its analyst conference call, said the country will add 30GW of capacity annually to reach 290 GW solar energy by 2030. Over the last one year, the stock is up 100% as compared to Nifty 50's 25% gains. But will the rally continue?

 N Venu, managing director and chief executive officer of Hitachi Energy India, says, "We started carving out in the middle of the pandemic, got ourselves listed. We haven't stopped investing even during the Covid-19 time. It's a reflection of investors' confidence in the energy transition as well as in Hitachi Energy India's strategy. The growth drivers are still intact with high order book and revenue potential."

The company has an annual capex of INR100 crore on new projects. It has its orderbook and clients in place.

While there is also a revenue visibility of two years, at present valuations, the stock looks costly. According to analysts, the company has missed its earnings for Q3 FY24 by 67% at INR5.42 per share but revenues were intact at INR1,300 crore.