Nifty 17401.65 (1.37%)
Sensex 58461.29 (1.35%)
Nifty Bank 36508.25 (0.39%)
Nifty IT 36157.85 (2.06%)
Nifty Financial Services 17982.9 (1.26%)
Adani Ports 739.10 (4.40%)
Asian Paints 3180.60 (1.35%)
Axis Bank 676.10 (-0.52%)
B P C L 378.85 (2.74%)
Bajaj Auto 3328.40 (2.43%)
Bajaj Finance 7180.50 (2.01%)
Bajaj Finserv 17758.15 (2.16%)
Bharti Airtel 732.55 (1.43%)
Britannia Inds. 3578.50 (1.22%)
Cipla 921.25 (-0.74%)
Coal India 159.30 (2.41%)
Divis Lab. 4777.30 (0.53%)
Dr Reddys Labs 4662.75 (1.22%)
Eicher Motors 2451.55 (0.54%)
Grasim Inds 1723.85 (2.63%)
H D F C 2807.80 (3.85%)
HCL Technologies 1184.70 (2.42%)
HDFC Bank 1525.75 (1.40%)
HDFC Life Insur. 705.30 (1.65%)
Hero Motocorp 2472.70 (1.00%)
Hind. Unilever 2383.30 (1.64%)
Hindalco Inds. 432.10 (1.69%)
I O C L 120.65 (2.51%)
ICICI Bank 722.40 (-0.73%)
IndusInd Bank 945.55 (1.27%)
Infosys 1748.25 (1.94%)
ITC 225.45 (1.60%)
JSW Steel 646.75 (1.50%)
Kotak Mah. Bank 1964.25 (0.56%)
Larsen & Toubro 1789.20 (0.18%)
M & M 849.55 (1.78%)
Maruti Suzuki 7324.95 (0.71%)
Nestle India 19503.20 (0.54%)
NTPC 128.70 (0.78%)
O N G C 144.00 (1.23%)
Power Grid Corpn 214.50 (3.52%)
Reliance Industr 2482.85 (0.64%)
SBI Life Insuran 1188.05 (1.99%)
Shree Cement 26289.80 (0.76%)
St Bk of India 477.00 (0.36%)
Sun Pharma.Inds. 766.25 (2.80%)
Tata Consumer 773.25 (0.06%)
Tata Motors 479.10 (0.81%)
Tata Steel 1112.40 (2.76%)
TCS 3642.90 (1.82%)
Tech Mahindra 1629.65 (2.65%)
Titan Company 2386.50 (1.11%)
UltraTech Cem. 7323.20 (0.01%)
UPL 698.20 (1.12%)
Wipro 646.80 (1.89%)

Latent View Analytics IPO Allotment - How to check the allotment status ?

Latent View Analytics IPO Allotment - How to check the allotment status
by 5paisa Research Team 15/11/2021

The Rs.600 crore IPO of Latent View Analytics, consisting of Rs.474 crore fresh issue and Rs126 crore OFS, was subscribed a whopping 326.49X overall at the close of bidding on 12th November. The basis of allotment will be finalized on 17th November and the stock will be listed on 23rd November. If you have applied for the Latent View Analytics IPO, you can check your allotment status online.

You can either check your allotment status on the BSE website or the IPO registrar, Link Intime. Here are the steps.

Checking the allotment status of Latent View Analytics on BSE website

Visit the BSE link for the IPO allotment by clicking on the link below https://www.bseindia.com/investors/appli_check.aspx

Once you reach the page, here are the steps to follow.

1) Under Issue Type – Select Equity Option.
2) Under Issue Name – Select Latent View Analytics from the drop down box.
3) Enter the Application Number exactly as in the acknowledge slip.
4) Enter the PAN (10-digit alphanumeric) number.
5) Once this is done, you need to click on the Captcha to verity that you are not a robot.
6)  Finally click on the Search Button.

The allotment status will be displayed on the screen in front of you informing about the number of shares of Latent View Analytics allotted to you.
 

Check - Latent View Analytics IPO - 7 Things to Know


Checking the allotment status of Latent View Analytics on Link Intime (IPO Registrar)

Visit the Link Intime registrar website for IPO status by clicking on the link below:
https://linkintime.co.in/MIPO/Ipoallotment.html

This dropdown will only show the active IPOs, so once the allotment status is finalized, you can select Latent View Analytics from the drop down box.

A) There are 3 options. You can either access the allotment status based on PAN, Application Number or DPID-Client ID combination.

B) Select the appropriate option you want to use and enter the details (PAN / Application Number / DPID-Client ID)

C) Finally, click on the Search button.

The IPO status with number of shares of Latent View Analytics allotted will be displayed on the screen.

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Are Peak Margin Norms Serving their Purpose?

Are Peak Margin Norms Serving their Purpose?
by Sheetal Agarwal 16/11/2021

Peak margin norms were implemented in totality with effect from September 1, 2021. Two and a half months down the line, we deep dive into the causes and effects of this move, and provide some suggestions for the future.
 

What are peak margin norms?


Aimed at curbing speculative trading and restricting leverages offered by stockbrokers to their clients, peak margin norms were first implemented in December 2020. As per these norms, traders need to give 100% margin upfront for their trades. This is in stark contrast with the earlier practice of collecting margin at the end of the day.

Peak margin is calculated on the basis of the highest margin utilized by the client during the day. The stock exchange takes four snapshots of margin utilization of client during the day and the broker has to collect the highest margin utilized from the client.

These norms have been implemented in a gradual manner starting December 2020 when 25% upfront margin was introduced. In the second and third phases, this metric was increased to 50% and 75%, respectively.

The final leg came into effect from September 1, 2021 wherein stockbrokers face a penalty (of 0.5% to 5%), if margins collected from traders is less than 100% of trade value in the case of cash market stocks and an additional SPAN + Exposure for derivatives trade.
 

Why were peak margin norms introduced?


Primary objective of peak margin norms is to curb speculative trading and restrict leverages offered by stockbrokers to their clients. Earlier, margins could reach upto 30-40 times. Simply put, a client having ₹10,000 as margin was able to place a trade worth ₹4 lakh.

This in turn had a multiplier effect, exposing clients to higher risks of losses during volatile markets and the brokers to higher future bad debts. With peak margin norms in place, clients have to pay margin money upfront for intraday trades, limiting the potential losses.
 

Check - Peak Margins Norms from 1st September
 

What has been the impact so far?


After announcement of new norms, there were widespread concerns that intra-day trade will be impacted adversely. This is because, traders are required to set aside more cash towards fulfilling margin requirements for trade. Also, trading in futures and options (F&O) could become more expensive. Has this theory played out?

Let us understand in detail. Since April 2020 till date, Nifty50, Nifty Midcap 50 and Nifty Smallcap 50 indices have given handsome returns. This upward wave also applies to the last 12 months, wherein Nifty50, Nifty Midcap 50 and Nifty Smallcap 50 rallied by about 50%, 60% and 90%, respectively.
 

image


Historically, during bull markets, most retail customers trade in cash markets staying clear of high speculations in the derivatives segment. Ideally, implementation of the peak margin norms should have curbed derivatives turnover to an extent, and should not have had impacted the cash market turnover.

However, the chart tells a different tale. Average Daily Turnover (ADTO) in the derivatives segment has headed north consistently. And despite the market being euphoric, the cash market turnover has remained volatile.

Statistically speaking, ADTO in the derivatives segment have surged 5.37 times between April 2020 and October 2021; while those in the cash segment have risen just by 1.43 times in the same time frame. 
 

What do we suggest?


Healthy volumes in cash market are a pre-requisite for markets owing to several reasons. First, cash market is less risky when it comes to intraday trade, owing to its smaller size relative to the derivatives segment. The minimum lot size in derivatives is approximately between ₹5 lakh to ₹10 lakh.

Second, intraday volumes in the cash market provide much-needed liquidity for larger delivery trades. It provides depth in the market for any institutional buying, or any other high volume buying in delivery. A low exchange volume pulls out that liquidity from the system. Lack of liquidity has a direct impact on the buying and selling of large volumes which is detrimental to growth.

If the cash market turnover remains stagnated even in a bull market, the impact could aggravate during the downturn.

While peak margin norms are a step in the right direction, they have not achieved the intended outcome. In this scenario, SEBI along with the stock exchanges should relook at the exposure being provided in the cash segment vis-à-vis that in the derivatives segment.

Regulators have several options including:

A) Reducing the margins for intraday in the cash segment and keeping a differential margin for cash and derivatives.

B) Increasing the allowed limit for trading from 1 to 1.5 or 2 times of margin in cash and keeping the derivatives at 1 time only.

Staying true to the idea of curbing speculation, above measures could still maintain liquidity in the system and keep a tab on the risks. Overall, regulators have to walk a tight rope to balance the risks without hurting growth and liquidity of the markets.

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Grey Market Premium of Go Fashion India Ltd IPO

Grey Market Premium of Go Fashion India Ltd
by 5paisa Research Team 16/11/2021

The Rs.1,014 crore IPO of Go Fashion India Ltd consists of an offer for sale of Rs.889 crore and a fresh issue of Rs.125 crore. The issue had been priced in the band of Rs.655 to Rs.690 per share and the price discovery will depend on the IPO response. The issue opens for subscription on 17-Nov and closes for subscription on 22-Nov.

Most of the shares start trading in the grey market well ahead of the IPO opening, which offers important indicators. Ahead of the issue and ahead of listing, one of the key parameters for evaluating the potential IPO is the GMP or the grey market price.

A word of caution here. The GMP is not an official price point, just a popular informal price point. However, in most cases, it has proved to be a good informal gauge of demand and supply for the IPO. Hence it does give a broad idea of how the listing is likely to be and how the post-listing performance would be.

Check - Go Fashion (India) IPO - 7 Things to Know

While the GMP is just an informal approximation, it has been generally seen to be a good mirror of the real story. More than the actual price, it is the GMP trend over time that really gives the insights about the stock being upgraded or downgraded over a period of time and which direction the wind is blowing.

One of the key factors that impacts the GMP in most cases, is the extent of oversubscription. The GMP premiums will largely predicate on the extent of oversubscription in each of the categories. That would make the GMP premiums robust in the informal trading market.

As per updates coming in on Tuesday, 16-Nov, the Go Fashions India IPO is commanding a premium of Rs.350 over the issue price in the grey market. The GMP has spiked sharply in the last couple of days from Rs.300 levels to Rs.350 levels. Of course, this GMP will keep changing once the issue opens and the subscription updates keep coming in.

The current GMP of Rs.350 for Go Fashions India IPO translates into a 50.7% premium over the upper price band of Rs.690. It also hints at a listing price of approximately Rs.1,040 when the stock lists but this would be subject to real time change.

GMP is an important informal indicator of likely listing price. However, investors must keep in mind that this is just an informal indication and has no official sanction.

Also Read:-

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Upcoming IPOs in November 2021

Go Fashion IPO - Information Note

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Go Fashion IPO - Information Note

Go Fashion IPO - Information Note
by 5paisa Research Team 16/11/2021

Go Fashion India, is little over 10 years old. It is the largest organized retailer specializing in women’s bottom-wear market and has 8% market share of branded women’s bottom-wear.

Go Fashion straddles the entire value chain extending from development, design, sourcing, market and retailing of fashion wear with focus on women’s bottom-wear.

Go Fashion offers a wide choice of women’s bottom-wear with over 50 styles and 120 different colour shades.

It has an omni-channel marketing approach, selling products through its 459 exclusive brand outlets (EBOs) as well as through the major large format stores (LFS) like Reliance Retail, Unlimited, Central, Globus, Unlimited etc.

Its back-end is supported by over 73 suppliers and 42 full-time job workers in 11 Indian states.
 

Key terms of the IPO issue of Go Fashion India
 

Key IPO Details

Particulars

Key IPO Dates

Particulars

Nature of issue

Book Building

Issue Opens on

17-Nov-2021

Face value of share

Rs.10 per share

Issue Closes on

22-Nov-2021

IPO Price Band

Rs.655 - Rs.690

Basis of Allotment date

25-Nov-2021

Market Lot

21 shares

Refund Initiation date

26-Nov-2021

Retail Investment limit

13 Lots (273 shares)

Credit to Demat

29-Nov-2021

Retail limit - Value

Rs.188,370

IPO Listing date

30-Nov-2021

Fresh Issue Size

Rs.125 crore

Pre issue promoter stake

57.47%

Offer for Sale Size

Rs.889 crore

Post issue promoters

52.78%

Total IPO Size

Rs.1,014 crore

Indicative valuation

Rs.3,727 crore

Listing on

BSE, NSE

HNI Quota

15%

QIB Quota

75%

Retail Quota

10%

 

Data Source: IPO Filings
 

Here are some of the key merits of the Go Fashion business model


1) The company has strong and established linked with the sourcing and work order points at the back end and the LFS stores in the front-end.

2) The women’s bottom-wear segment is a fast-moving and dynamic segment and its ability to adapt to changing tastes, fashions and customizing offers is a big edge.

3) Out of its total sales in Jun-21 quarter, EBOs account for 78.2%, LFS for 13.4% and online for 6.5% with the EBOs being the fastest growing touchpoint.

4) Go Fashion EBOs enjoy best in class same store growth (SSG) of 183% in Jun-21 quarter and sales per SFT at over Rs.1,440.

5) Go Fashion manages its entire inventory and logistics out of its 99,100 SFT warehouse in Tirupur, which gives them greater control over process flow

 

How is the Go Fashion IPO structured?


The Go Fashion IPO is structured as an offer for sale (OFS) cum fresh issue. Here is a gist of the IPO offer.

A) The OFS component will comprise the issue of 1,28,78,389 shares and at the peak price band of Rs.690, the OFS value works out to Rs.889 crore.

B) Out of the OFS of 128.78 lakh shares, promoters will sell under 15 lakh shares. Among early investors; Sequoia Capital will offer 74.99 lakh shares; India Advantage Fund 33.11 lakh shares and Dynamic India Fund 5.77 lakh shares.

C) Post the offer for sale and the fresh issue, the stake of the promoters will come down from 57.47% to 52.78%. Public shareholding post the IPO will stand enhanced to 47.21%.

D) The fresh issue component will entail the issue of 18,11,594 equity shares which at the upper end of the price band of Rs.690 works out to a total fresh issue size of Rs.125 crore.

 

Key Financial parameters of Go Fashion India
 

Financial Parameters

Fiscal 2020-21

Fiscal 2019-20

Fiscal 2018-19

Sales Revenues

Rs.250.67 cr

Rs.392.01 cr

Rs.285.25 cr

EBITDA

Rs.46.35 cr

Rs.126.51 cr

Rs.79.99 cr

Net Profit / (Loss)

Rs.(3.54) cr

Rs.52.63 cr

Rs.30.94 cr

Net Worth

Rs.282.94 cr

Rs.286.30 cr

Rs.228.33 cr

EBITDA Margins

18.49%

32.27%

28.04%

ROCE

3.47%

18.14%

14.36%

 

Data Source: Company RHP

The financial year 2020-21 was an exceptional year where most retail outlets had to be closed and footfalls fell drastically. That led to a sharp fall in sales as a result of which the fixed costs could not be fully absorbed.

However, if you remove the COVID effect, the numbers have been fairly strong. But for the exceptional COVID situation, Go Fashion has been a consistently profit making company.

EBITDA margins around 30% and ROCE in the range of 14% to 18% can be construed as solid numbers. As Go Fashion further increases the share of EBOs, it would be able to see higher retention margins while a focus on online selling would make the business more scalable at minimum incremental investments.
 

Check - Go Fashion (India) IPO - 7 Things to Know

 

Investment Perspective for Go Fashion India

Here is what investors must consider before investing in the Go Fashion IPO


a) The latest year losses and the Jun-21 quarter losses are an outcome of an exceptional situation created by COVID. Otherwise, financials have been robust.

b) The company is likely to benefit going ahead as it enhances the share of sales from EBOs and focuses more on online as a scalable growth model.

c) The company will be using the funds to open 120 new EBOs and that is likely to be value accretive for the stock in terms of fund usage.

d) Offers one of the widest ranges of women’s  bottom-wear with a very wide price range to suit all types of customers.

The stock would be about 45-50 times normalized earnings for FY21, so it would be cheaper in forward terms. A good participation in the fast growing retail segment.

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Tarsons Products IPO - Information Note

Tarsons Products IPO - Information Note
by 5paisa Research Team 16/11/2021

Tarsons Products Ltd, is a life sciences company that basically manufactures and markets laboratory products. These lab products are essentially supplied to the laboratories of research organizations, academic institutions, pharmaceutical companies, diagnostic and testing companies as well as contract research organizations or CROs. Tarsons has a wide portfolio of 1,700 SKUs across 300 products.

Tarsons caters to a large addressable market in the life sciences industry. Its manufacturing facilities are state of the art and equipped to handle scale. Currently, Tarsons has 5 manufacturing facilities spread across West Bengal.

In addition, it also has a strong distribution franchise of 141 distributors and its market extends across over 40 countries. Based on the upper end of the price band, Tarsons will have a listing market cap of Rs.3,522 crore.
 

Key terms of the IPO issue of Tarsons Products Ltd
 

Key IPO Details

Particulars

Key IPO Dates

Particulars

Nature of issue

Book Building

Issue Opens on

15-Nov-2021

Face value of share

Rs.2 per share

Issue Closes on

17-Nov-2021

IPO Price Band

Rs.635 - Rs.662

Basis of Allotment date

23-Nov-2021

Market Lot

22 shares

Refund Initiation date

24-Nov-2021

Retail Investment limit

13 Lots (286 shares)

Credit to Demat

25-Nov-2021

Retail limit - Value

Rs.189,332

IPO Listing date

26-Nov-2021

Fresh Issue Size

Rs.150 crore

Pre issue promoter stake

50.78%

Offer for Sale Size

Rs.874 crore

Post issue promoters

47.30%

Total IPO Size

Rs.1,024 crore

Indicative valuation

Rs.3,522 crore

Listing on

BSE, NSE

HNI Quota

15%

QIB Quota

50%

Retail Quota

35%

 

Data Source: IPO Filings
 

Here are some of the key merits of the Tarsons Products Ltd business model


1) A fairly large addressable market and growing at a rapid pace ensures that the market has scope to handle competition.

2) Laboratory costs for most research organizations are core expenses and hence this market is not too cyclical.

3) Its portfolio of 1700 SKUs across 300 products means that the products are mass customized to a large extent and cater to a wide array of lab needs.

4) Strong net margins and a solid asset turnover ratio offer the promise of robust ROE performance in the coming quarters.

5) IPO funds will be used for capacity expansion and for debt repayment, both of which are likely to be value accretive for the company.

 

How is the Tarsons Products IPO structured?


The Tarsons Products IPO will be a combination of offer for sale and fresh issue where 2 promoters and one early investor, Clear Vision Investment Fund, will look to monetize part of their holdings. Here is a gist of the IPO offer.

A) The OFS component will comprise the issue of 1,32,00,000 shares and at the upper end of the price band of Rs.662, the OFS size works out to Rs.873.84 crore.

B) Out of the above 132 lakh shares as part of the OFS, early investor Clear Vision Investment Fund, will sell 125 lakh shares while the promoters Sanjiv Sehgal and Rohan Sehgal will sell total of 7 lakh shares between them.

C) As a result of the above OFS and the expanded capital due to the fresh issue, the promoter stake in the company will reduce post issue from 50.78% to 47.30%. Correspondingly, the public shareholding will move up to 52.70%.

D) The new issue component will entail the sale of 22.66 lakhs shares which at the upper end of the price band of Rs.662, amounts to Rs.150 crore. The fresh issue will be used for repayment of debt and part funding the expansion.
 

Check - Tarsons Products IPO - 7 Things to Know
 

Key Financial parameters of Tarsons Products
 

Financial Parameters

Fiscal 2020-21

Fiscal 2019-20

Fiscal 2018-19

Total Assets

Rs.295.95 cr

Rs.248.71 cr

Rs.211.96 cr

Sales Revenues

Rs.234.29 cr

Rs.180.05 cr

Rs.184.72 cr

Net Profit / (Loss)

Rs.68.87 cr

Rs.40.53 cr

Rs.38.96 cr

Net Profit Margins

29.40%

22.51%

21.09%

Asset Turnover

0.79X

0.72X

0.87X

 

Data Source: Company RHP

There are 3 key inferences that follow from the financials. The sales growth and profit growth have been robust in the last 3 years. Secondly, the net margins have shown consistent improvement while the asset turnover has been around median of 0.8X.

Lastly, the company largely follows an asset light model, so profit boost with scale can be the real icing on the cake.
 

Investment Perspective for Tarsons Products Ltd


The IPO is a combination of an OFS and a fresh issue. Here are some takeaways.

a) The current market valuation of Rs.3,522cr and net profits of Rs.69cr imply a P/E ratio of around 50 times. That looks reasonable for the niche positioning.

b) However, if you factor consistent growth in profits and the prospects for expansion of ROE, the valuation does look attractive from a forward perspective.

c) Tarsons has built deep relationships with clients in India and abroad and that is the key in this type of business with limited entry barriers.

The company looks well positioned but the pricing may not leave too much on the table. Investors can look at Tarsons from a longer term perspective, although supply chain issues are likely to impact this business in the coming quarters. It will be higher on the risk scale.

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Tarsons Products IPO - Subscription Day 2

Tarsons Products IPO - Subscription Day 2
by 5paisa Research Team 16/11/2021

The Rs.1,023.47 crore IPO of Tarsons Products, consisting of a fresh issue of Rs.150 crore and an offer for sale (OFS) of Rs.873.47 crore, saw decent response on Day-1 of the IPO.

As per the combined bid details put out by the BSE at the close of Day-2, Tarsons Products IPO was subscribed 3.58X overall, with good demand coming from the retail segment followed by the HNI segment and the QIB segment with all the segment getting more than fully subscribed. The issue closes on 17th November.

As of close of 16th November, out of the 108.44 lakh shares on offer in the IPO, Tarsons Products saw bids for 388.08 lakh shares. This implies an overall subscription of 3.58X. The granular break-up of subscriptions was dominated by the retail investors followed by HNIs and QIBs in that order.

However, the QIB bids and NII bids are expected to gather momentum on the last day, as is the general trend in the IPO market.
 

Tarsons Products IPO Subscription Day-2
 

Category

Subscription Status

Qualified Institutional Buyers (QIB)

1.30 Times

Non Institutional Investors (NII)

3.98 Times

Retail Individuals

4.74 Times

Employees

1.08 Times

Overall

3.58 times

 

QIB Portion

Let us first talk about the pre-IPO anchor placement. On 12th November, Tarsons Products did an anchor placement of 46,21,757 shares at the upper end of the price band of Rs.662 to 32 anchor investors raising Rs.305.96 crore.

The list of QIB investors included a number of marquee global names like GIC Singapore, Monetary Authority of Singapore, First Sentier Investors, Theleme India Fund, Macquarie and Abu Dhabi Investment Authority (ADIA). Domestic anchor investors included Birla Mutual Fund, Sundaram MF, ICICI Pru MF, Kotak MF, L&T MF, Mirae MF, Reliance General Insurance; among others.

Check - Tarsons Products IPO - Subscription Day 1

The QIB portion (net of anchor allocation as explained above) has a quota of 30.81 lakh shares of which it has got bids for 40.00 lakh shares on Day-2, implying a subscription ratio of 1.30X for QIBs at the close of Day-2. QIB bids typically get bunched on the last day but the heavy demand for the anchor placement forebodes well for the Tarsons Products IPO subscription overall.

HNI / NII Portion

The HNI portion got subscribed 3.98X (getting applications for 92.02 lakh shares against the quota of 23.11 lakh shares). This is a relatively good response on Day-2 because this segment normally sees the maximum response bunched on the last day. Bulk of the funded applications and corporate applications, come in on the last day of the IPO.

Retail Individuals

The retail portion was subscribed an impressive 4.74X at the end of Day-2, showing decent retail appetite. It must be noted that retail allocation is 35% in this IPO. For retail investors; out of the 53.92 lakh shares on offer, valid bids were received for 255.42 lakh shares, which included bids for 196.00 lakh shares at the cut-off price. The IPO is priced in the band of (Rs.635-Rs.662) and will close for subscription on 17th November 2021.

Also Read:-

Tarsons Products IPO - 7 Things to Know

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