Market closing: Sensex and Nifty broke a bearish spell to regain much of lost ground on Tuesday, helped by buying across sectors and stocks. Metal stocks powered the markets today, along with power and pharma
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Benchmark indices opened lower but remained largely range-bound for most of the forenoon session. A rally began around noon, pushing indices higher. Sensex ended the day nearly 200 points up, while Nifty reclaimed the 17,500-mark.
23 Nov 2021, 03:42:26 PM IST
Markets recover; Sensex ends at 58.6k, Nifty at 17.5k
Sensex closed at 58,664.33, up 198.44, or 0.34 on Tuesday. Nifty settled at 17,503.35, up 86.80 points, or 0.5%. Indian indices had opened deep in the red, in line with peers in Asia and elsewhere.
Trade was largely rangebound till noon. A rally began soon after and continued, helping markets pare the day's losses. Metal stocks, which were strong at open, continued the good show and consolidated their position throughout.
Twenty stocks on the Sensex ended higher on Tuesday. Consumer durables, metals and utilities and most other sectors ended the session in the green.
On the Nifty, IndusInd bank, Asian Paints, Infosys and Hindustan Unilever were the among the worst hit, while JSW Steel, Coal India, Powergrid, Sun Pharma, and Tata Steel gained.
23 Nov 2021, 03:29:03 PM IST
Nifty sectoral indices
23 Nov 2021, 03:24:16 PM IST
Sebi comes out with disclosure obligations of listed entities on related party transactions
Capital markets regulator Sebi came out with disclosure requirements to be placed by listed entities before the audit committee and shareholders for consideration of related party transactions (RPTs). A listed entity will have to justify as to why the RPT is in its interest, besides, a copy of the valuation or other external party report will have to be submitted to the audit committee as well as shareholders for approval, Sebi said in a circular.
In addition, a listed entity will have to place information on the percentage of the counter-party's annual consolidated turnover that is represented by the value of the proposed RPT voluntarily to the audit committee and shareholders.
23 Nov 2021, 03:21:02 PM IST
Amazon-Future case: SC irked over parties filing voluminous records, seeks small common compilation
Irked over “truckload" of bulky documents filed by parties in a batch of petitions arising out of the Amazon-Future Retail case, the Supreme Court Tuesday asked whether the purpose was just to drag on or “harass the judges" and sought a common small compilation of documents. A bench comprising Chief Justice N V Ramana and Justice A S Bopanna and Hima Kohli asked the counsel for parties to file small volume of documents so that the matter can be disposed of, and fixed the case for hearing on December 8.
23 Nov 2021, 03:11:54 PM IST
Electric Vehicle: TVS Motor to invest ₹1,200 crore in Tamil Nadu
TVS Motor Company, one of the largest manufacturers of two wheelers and three-wheelers in the world, today announced that they have signed a Memorandum of Understanding (MOU) with the Government of Tamil Nadu for investment in Future Technologies and Electric Vehicle. The MOU was signed in the presence of the Honourable Chief Minister of Tamil Nadu, M.K. Stalin and Venu Srinivasan, Chairman TVS Motor Company at the Tamil Nadu Investment Conclave 2021 in Coimbatore.
Tech Mahindra signs utility transformation deal with TANESCO
Tech Mahindra Ltd on Tuesday said it has partnered with Tanzania Electric Supply Company Ltd. (TANESCO) for one of the biggest utility transformations deals. The financial details of the deal were not disclosed. The deal is aimed at enabling digital transformation of TANESCO to support future-ready applications, including geo information system, IT infrastructure/network, while improving agility and returns on investment through technology-led transformation.
23 Nov 2021, 02:58:07 PM IST
Europe’s recovery at risk from Covid wave, inflation pressure
Euro-area business activity unexpectedly quickened, though the region’s recovery faces headwinds from a fresh wave of Covid-19 infections and “record inflationary pressures." IHS Markit’s composite Purchasing Managers’ Index rose to 55.8 in November from 54.2 in October, according to a survey of purchasing managers by IHS Markit published Tuesday. While that defies the median estimate in a survey of analysts that forecast the measure would retreat, it still points to weaker economic growth in the closing quarter of 2021, the report said.
23 Nov 2021, 02:51:05 PM IST
Reliance, Airtel, SBI bring up Sensex
23 Nov 2021, 02:43:24 PM IST
Welspun One to build 6 warehousing projects in Tamil Nadu
Welspun Group, on Tuesday, said it has signed an agreement with Guidance - the Tamil Nadu government’s nodal agency - for investment promotion and single-window facilitation to set up warehousing facilities. The projects will be executed by Welspun One and will bring direct investments of about ₹2500 crore to the southern state. Six projects have been proposed in warehousing markets such as Hosur, Sriperumbudur and Thiruvallur, with a development potential of 8 million sq ft to be built over five years.
23 Nov 2021, 02:38:17 PM IST
27 of 30 Sensex stocks in the green
23 Nov 2021, 02:29:17 PM IST
India to release crude oil from strategic reserves to cool prices
India plans to release about 5 million barrels of crude oil from its emergency stockpile in tandem with the US, Japan and other major economies to cool prices, a top government official said on Tuesday. India stores about 38 million barrels of crude oil in underground caverns at three locations on the east and west coast.
23 Nov 2021, 02:21:15 PM IST
European stock markets drop at open
European equities slid in opening deals on Tuesday, hit by unease over the region's latest Covid restrictions alongside fears of higher US interest rates. In initial trade, London's benchmark FTSE 100 index reversed 0.2 percent to 7,239.40 points. In the eurozone, Frankfurt's DAX shed 0.8 percent to 15,986.81 points and the Paris CAC 40 lost 0.7 percent to 7,055.17.
23 Nov 2021, 02:11:47 PM IST
Equitas Bank ties up with HDFC Bank to offer co-branded credit cards
India’s largest private sector bank HDFC Bank and Equitas Small Finance Bank Limited today announced their partnership to launch its new co-branded credit cards. The credit cards will be available for customers of Equitas Small Finance Bank. The new co-branded credit cards aim to provide the Equitas Small Finance Bank customers a better banking ecosystem. This strategic partnership draws on HDFC Bank's strengths as India’s leading issuer of credit cards and superior customer engagement to extend best-in-class services to Equitas’ customer base.
23 Nov 2021, 02:02:00 PM IST
Paytm up 8%
23 Nov 2021, 01:54:13 PM IST
Raymond to rejig businesses and put professional boards in place
The Raymond Group, with interests in textiles, apparel and realty, is working toward reorganising its businesses into five core revenue streams, deploying professional boards to raise growth capital in the future, the Economic Times said.
23 Nov 2021, 01:44:17 PM IST
SpiceJet to induct 50 Boeing 737Max planes by 2022-23
No-frill carrier SpiceJet Ltd. will induct 50 Boeing 737Max planes by 2022-23 as the airline hopes to phase out its older Boeing 737-800 NG and replace them with fuel-efficient Max planes, the airline's chairman and managing director Ajay Singh said on Tuesday.
TCS extends partnership with Swiss Re to develop futuristic workplace
Tata Consultancy Services (TCS) has expanded its 18-year-long strategic partnership with Swiss Re, a Switzerland-based reinsurance company, to help the latter build a more social and open digital workspace leveraging the Cloud to drive greater collaboration and innovation.
23 Nov 2021, 01:03:38 PM IST
Ajanta Soya share hits 20% upper circuit
Ajanta Soya shares became the latest entrant into Dolly Khanna portfolio on 22nd November 2021, when BSE exchange shared details of the bulk deal of the company. In this bulk deal, it was informed that Dolly Khanna bought 1.40 lakh Ajanta Soya shares paying ₹147.72 apiece. The deal was executed on 22nd November 2021 and hence strong response from the market was expected today. As expected, this multibagger stock today opened with an upside gap of ₹21.85 per shares and went on to hit 20 per cent upper circuit at ₹183.75 levels.
23 Nov 2021, 12:49:11 PM IST
Tata Power extends NPCI's ClickPay service to its customers
National Payments Corp. of India (NPCI) on Tuesday announced tie-up of its subsidiary NPCI Bharat BillPay with power utility company Tata Power to provide the latter’s customers the facility of ClickPay. Tata Power claims to be the first power company to go live on NPCI's ClickPay. It will enable Tata Power customers to pay electricity bills with ease, NPCI said in its official statement.
23 Nov 2021, 12:39:07 PM IST
16 of the 30 Sensex stocks trading in green
23 Nov 2021, 12:24:53 PM IST
Indian bonds, rupee weaken after Powell reappointment
Indian bond prices fell while the rupee weakened on Tuesday, as investors raised bets that the U.S. Federal Reserve would stay on course for policy tightening in the middle of 2022 after the announcement of a second term for its chairman Jerome Powell.
The partially convertible rupee was trading at 74.51/52 per dollar by 0600 GMT, after touching 74.5725, its weakest since Nov. 11, earlier in the session. It had closed at 74.3950 on Monday.
The benchmark 10-year bond yield rose as much as 3 basis points on the day to 6.38%.
23 Nov 2021, 12:15:59 PM IST
Greaves Electric Mobility inaugurates its largest EV production facility
Greaves Cotton's e-mobility arm Greaves Electric Mobility on Tuesday announced the opening of its largest EV production facility at Ranipet in Tamil Nadu. The facility was inaugurated by Tamil Nadu Chief Minister M K Stalin and the state's Minister for Industries, Thangam Thenarasu.Spread in 35 acre, the plant is located in the industrial centre of Tamil Nadu and will serve as an e-mobility hub for both domestic and export markets, the company said.
Indian payments firm MobiKwik has delayed its plans to proceed with an initial public offering (IPO) of shares this month, its CEO said on Tuesday, in an anticipated move following the dismal market debut of larger rival Paytm earlier this month.
Bajaj Finance-backed MobiKwik will go public "when we feel we are going to have a successful IPO", founder and CEO Bipin Preet Sigh told Reuters, adding his firm has a year from October, when it received regulatory approval, to launch an IPO.
23 Nov 2021, 11:55:11 AM IST
Vodafone Idea increases tariffs effective 25 November
Vodafone Idea has launched new tariff plans, which will be effective 25 November. The new plans will start the process of ARPU improvement, help address financial stress facing the industry.
The move comes a day after Bharti Airtel raised its prepaid mobile tariffs by as much as 25%, lifting investor sentiment hurt by a bruising price war with Reliance Jio Infocomm Ltd and Vodafone Idea Ltd.
Indian Metals and Ferro Alloys (IMFA) on Tuesday announced its decision to conduct a meeting with the Board of Directors of the Company to be held on November 25 to consider the proposal of issuing bonus shares.
IMFA also informed that the trading window for trading in securities of the company will remain closed for all the directors, key managerial persons, designated persons and the connected persons covered under the Securities and Exchange Board of India (prohibition of insider trading) regulations, 2015 from November 23 to November 28.
23 Nov 2021, 11:35:20 AM IST
Paytm shares rise today after suffering 40% loss post-IPO listing
After plunging to the tune of near 40 per cent in comparison to its upper price band of ₹2150, Paytm shares today showed some sharp upside swing in early morning deals. Paytm share price today opened with an upside gap of ₹0.40 per share and went on to make its intraday high of ₹1,454.30, logging around 7 per cent rise from its Monday close price on NSE. However, stock market experts maintained that the fintech stock may further go down up to ₹1,000 to ₹1,100 per share levels and that would be the ideal levels for fresh buyers.
23 Nov 2021, 11:22:03 AM IST
Nifty technicals: Sameet Chavan, Chief Analyst-Technical and Derivatives, Angel One
The SGX Nifty was indicating a pleasant start for the week in line with cheerful global bourses. However we did not open with the same positivity and in fact gave up all gains in the initial trades itself. As the day progressed, the selling augmented across the broader market to break all intermediate supports one after another. During the final hour, market managed to minimize the damage; but still ended the session with nearly a couple of percent loss.
With yesterday’s correction, Nifty marked the weakest session in last eight odd months. Throughout last week, our market was feeling the pressure and kept sliding gradually towards the key support of 17700. Technically this level was important because it coincided with the crucial neckline support of bearish ‘Head and Shoulder’ pattern which formed over the past couple of months. With reference to our recent commentary, we had anticipated formation of this pattern and yesterday finally it got confirmed as we convincingly closed below the neckline of the same. Yesterday’s massive fall finally validates our recent cautious stance on the market. Yesterday’s low precisely coincides with the daily ’89-EMA’ and generally we consider this as a sheet anchor for prices. But this time, we do not expect it to play similar kind of role for the market. We may see small rebounds since market is a bit oversold, but the possibility of extending this correction is pretty high.
After 17250, the Nifty is likely to continue this weakness towards the psychological level of 17000; where one need to reassess the situation. On the flipside, 17500 – 17650 are now to be considered as immediate hurdles. Traders are advised to use in between recoveries to lighten up longs and don’t be in a hurry to make bottom fishing.
23 Nov 2021, 11:13:22 AM IST
Reconsider GST hike on textile and apparel, industry body asks Centre
Industry body Retailers’ Association of India (RAI) has urged the finance minister to reconsider the GST Council’s recent decision to increase taxes on several textile and apparel items from 5% to 12% effective January 2022.
A 7% hike has been proposed to address the issue of inverted duty structure in the textile industry faced by a small segment of the total textile value chain. However, such a steep increase in the GST rate will adversely impact 85% of the industry while trying to ease the problem faced by less than 15% of the industry, RAI said in its note.
23 Nov 2021, 11:03:10 AM IST
MobiKwik IPO opens for subscription soon
India’s fintech space is gaining traction in the initial public offering (IPO) market.
Recently, two fintech companies Paytm and Policybazaar raised funds worth ₹239 billion. Now another fintech company is ready to make its debut.
MobiKwik, one of India’s largest mobile wallets and Buy Now Pay Later (BNPL) players, is set for its IPO.
The total issue size of the IPO will be ₹19 billion. Of this, ₹15 billion will be a fresh issue while the remaining ₹4 billion will be an offer for sale.
23 Nov 2021, 10:53:55 AM IST
Sensex trading down by 250 points
The BSE Sensex is trading down by 250 points. Meanwhile, the NSE Nifty is trading lower by 45.95 points. Barring IT and energy stocks, all sectoral indices are trading on a positive note with stocks in the metal sector, realty sector and capital goods sector witnessing most of the buying.
23 Nov 2021, 10:46:23 AM IST
Raymond, Trident hit 52-week highs
Shares of Raymond and Trident hit their 52-week highs today.
23 Nov 2021, 10:38:37 AM IST
Nifty IT falls
23 Nov 2021, 10:29:04 AM IST
Rupee opens at ₹74.50 per dollar
Rupee slips 11 paise to 74.50 against US dollar in early trade.
23 Nov 2021, 10:21:02 AM IST
BUY CESC: ICICI Securities
Despite key systems in place, CESC aims to become more digital and flexible on the distribution front, improving its system and consumer understanding so that capex is done on just-in-time basis resulting in higher returns. Its medium term growth strategy is focused on inorganic expansion of its distribution businesses by acquiring new areas; it is betting big on distribution de-licensing and privatisation. Kolkata license area continues to be the key focus business, and while tariff order is awaited, CESC continues to optimise costs and maintain profits. It aims to expand adoption of new technologies including EV charging, BESS, microgrids, among others, and is performing well on the ESG front. Maintain BUY.
23 Nov 2021, 10:12:24 AM IST
Infosys worst hit
Infosys, the top loser in the Sensex pack, shed around 2 per cent, followed by ICICI Bank, HUL, Bajaj Auto, Reliance Industries and TCS.
On the other hand, Tata Steel, PowerGrid, Bajaj Finance and ITC were among the gainers.
Indian shares dropped on Tuesday after falling nearly 2% a day earlier, as technology, financial, and energy stocks slipped, and surging COVID-19 cases in Europe raised concerns of a hit to global economic growth.
The blue-chip NSE Nifty 50 index fell 0.96% to 17,255.40 by 0356 GMT, while the benchmark S&P BSE Sensex declined 1.08% to 57,814.18.
The Nifty IT Index fell 1.5%, dragged by Infosys Ltd and Coforge Ltd — down about 2.2% each.
The Nifty Energy Index slid 0.72%, with state-run Oil and Natural Gas Corporation and Adani Transmission being among the top losers.
23 Nov 2021, 10:00:05 AM IST
Latent View Analytics soars 160% in India market debut
Shares of Indian data analytics firm Latent View Analytics opened at a 160% premium to their offer price on Tuesday, joining a slew of domestic companies that have seen stellar market debuts in 2021.
Latent View, whose initial public offering was oversubscribed more than 300 times, debuted at ₹512.20 in pre-open trade, compared to the offer price of ₹197 rupees, giving it a market valuation of ₹101.32 billion ($1.36 billion).
23 Nov 2021, 09:50:07 AM IST
Metal stocks gain
23 Nov 2021, 09:41:58 AM IST
Paytm IPO has scarred Mobikwik's unlisted share
Paytm’s lacklustre listing and its continued underperformance have dented investor sentiment for its smaller unlisted rival MobiKwik, said two traders who specialize in trading shares of unlisted companies.
MobiKwik’s stock was trading at a peak of ₹1,350 a share ahead of the opening of Paytm’s initial public offering (IPO) earlier this month, said one of the two traders, who did not wish to be named. The poor response to Paytm’s IPO and an even more disastrous listing moved Mobikwik shares, too, on the downward path. The shares are trading at `900, a nearly 33% plunge from their peak, the trader said.
23 Nov 2021, 09:33:35 AM IST
Top gainers/losers on Sensex at this hour
23 Nov 2021, 09:27:44 AM IST
Vedanta top gainer on Sensex
23 Nov 2021, 09:21:09 AM IST
Nifty slips below 17,300 in opening deals
23 Nov 2021, 09:16:55 AM IST
Sensex slumps around 450 points in opening deals
23 Nov 2021, 09:04:37 AM IST
Sensex below 58.1k in pre-open
23 Nov 2021, 09:03:03 AM IST
Nifty near 17,100 in pre-open
23 Nov 2021, 08:56:27 AM IST
Spinoff of key businesses not to impact credit quality of Vedanta Resources: Moody's
Mumbai-listed Vedanta Ltd's proposal to spin off key businesses into separate listed companies is unlikely to affect the credit quality of the firm's parent Vedanta Resources Ltd, Moody's Investors Service said Monday.
Vedanta Resources Ltd's (VRL) 65.2 per cent owned subsidiary Vedanta Ltd last week announced that its board of directors have formed a subcommittee to evaluate a potential spinoff of its aluminum, iron and steel, and oil and gas businesses into separate listed companies.
Tarsons Products share allotment can be announced any time today. Once the share allotment is finalized, bidders of the public issue worth ₹1,023.47 crore are advised to check Tarsons Products IPO allotment status online either at the BSE website or at the website of official registrar of the IPO. Official registrar of this public offer is KFintech Private Limited and its official website is tarsons.com.
23 Nov 2021, 08:39:34 AM IST
Dollar passes 115 yen for first time since 2017
The US dollar rose above 115 yen for the first time in more than four years on Tuesday as Jerome Powell was nominated to serve a second term as Federal Reserve boss, fuelling expectations he will look to tighten monetary policy faster.
In early trade, the dollar hit 115.10 yen, its highest level since March 2017.
The decision by Joe Biden to stick with Powell led to bets the bank will taper its massive bond-buying programme faster than previously flagged, while some analysts tipped it to hike interest rates as much as three times before the end of next year.
However, the prospect of tighter monetary policy hit US markets, with all three main indexes falling from their intra-day highs. The Dow ended slightly higher but the S&P 500 and Nasdaq lost more than one percent.
23 Nov 2021, 08:29:49 AM IST
Exports rise 18.8% to $20 bn so far in November
India's exports rose 18.8% to $20.01 billion during the three week period of this month (1 - 21 November), due to healthy growth in sectors such as petroleum products, engineering goods, chemicals and gems and jewellery, according to the preliminary data of the commerce ministry.
Imports during the period increased 45.34% to $35.11 billion as against $24.15 billion during the corresponding period last year, the data showed.
The exports are growing at a healthy rate and are expected to cross $400 billion by the end of the current fiscal.
23 Nov 2021, 08:17:58 AM IST
Bears in complete control: Angel One
The SGX Nifty was indicating a pleasant start for the week in line with cheerful global bourses. However, we did not open with the same positivity and in fact gave up all gains in the initial trades itself. As the day progressed, the selling augmented across the broader market to break all intermediate supports one after another. During the final hour, market managed to minimize the damage; but still ended the session with nearly a couple of percent loss.
With Monday's correction, Nifty marked the weakest session in last eight odd months. Throughout last week, our market was feeling the pressure and kept sliding gradually towards the key support of 17700. Technically this level was important because it coincided with the crucial neckline support of bearish ‘Head and Shoulder’ pattern which formed over the past couple of months. With reference to our recent commentary, we had anticipated formation of this pattern and today finally it got confirmed as we convincingly closed below the neckline of the same. Monday's massive fall finally validates our recent cautious stance on the market. Monday's low precisely coincides with the daily ’89-EMA’ and generally we consider this as a sheet anchor for prices. But this time, we do not expect it to play similar kind of role for the market. We may see small rebounds since market is a bit oversold, but the possibility of extending this correction is pretty high.
After 17250, the Nifty is likely to continue this weakness towards the psychological level of 17000; where one need to reassess the situation. On the flipside, 17500 – 17650 are now to be considered as immediate hurdles. Traders are advised to use in between recoveries to lighten up longs and don’t be in a hurry to ma
23 Nov 2021, 08:13:03 AM IST
Market view: Nagaraj Shetti, technical research analyst, HDFC Securities
"The market seems to have entered into a sharp downward correction. The overall chart pattern as per smaller and larger timeframe is weak and more weakness could be in store in the near term. Having declined sharply from the highs, the minor pullback rally from the lows can’t be ruled out in the short term, before showing another round of weakness in the market. Further lower levels to be watched at NSE Nifty are 17,000 to 16,800 in the next few weeks."
23 Nov 2021, 08:05:18 AM IST
IPOs of six companies get Sebi approval
Burgeoning activity in India's initial public offering market expected to continue in the coming months with half a dozen firms receiving approvals to their draft papers from the market regulators.
These companies are Medplus Health Services, RateGain Travel Technologies, Purnik Builders, Fusion Micro Finance, Tracxn Technologies and Prudent Corporate Advisory Services.
Latent View shares are going to hit Indian bourses today. According to stock market experts, one can expect a stellar debut of the public issue despite negative sentiments at the primary market. They went on to add that Latent View share price may open around ₹450 to ₹500 per share levels, delivering up to 150 per cent listing gain to the lucky bidders, who got Latent View shares through the allotment process.
23 Nov 2021, 07:42:26 AM IST
SGX Nifty indicates muted start for Indian indices
SGX Nifty futures traded at 17,370.50 in early deals, down 75.5 points or 0.43%, indicating a muted start for Indian benchmarks in Tuesday's trade.
23 Nov 2021, 07:36:56 AM IST
Oil slips as investors assess OPEC+ response to reserve release
Oil slipped ahead of an expected announcement by the U.S. on a coordinated release of reserves, with OPEC+ warning that it may not restore as much crude to the global market if consumers go ahead with the move.
Futures in New York fell toward $76 a barrel after rising 0.9% on Monday. The U.S. is preparing to announce the release in coordination with other nations as soon as Tuesday, according to people familiar. The move, likely in conjunction with India, Japan and South Korea, would be an unprecedented effort by consumers to tame prices. China said it’s also working to tap reserves.
OPEC+ delegates said the release of millions of barrels is unjustified under current market conditions and the group may have to reconsider plans to add more oil when they meet next week. A Covid-19 resurgence in the U.S. and Europe, meanwhile, is raising concerns about the outlook for demand.
The rift between producers and consumers threatens to set up a fight for control of the global oil market.
23 Nov 2021, 07:28:42 AM IST
Asian stocks mixed after jump in yields, dollar
Asian stocks were mixed Tuesday after Treasury yields and the dollar jumped as Jerome Powell’s renomination to head the Federal Reserve fueled bets on quicker policy tightening.
Shares rose in Australia but fell in South Korea, while Japan is closed for a holiday. U.S. equity futures fluctuated after the S&P 500 ended in the red and the Nasdaq 100 underperformed after a final-hour selloff in technology shares in the Wall Street session.
Treasuries slid, with markets pricing in a full quarter-point rate hike into the June Fed meeting and seeing a good chance of a second by September and a third by December to fight inflation. Powell and the other Fed chief candidate, Governor Lael Brainard, were seen as having broadly similar policy stances but Brainard was viewed by some as more dovish.
Cash Treasuries won’t trade in Asia due to the Japan holiday. The dollar maintained an advance to around the highest since September 2020 and bullion held a slump. Oil retreated ahead of an expected announcement by the U.S. on a coordinated release of reserves.
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