Nifty slides below 19,650; financial services shares slide.

Street Investment

The domestic barometers pared most of the losses but traded with minor cuts in mid-morning trade. The Nifty traded below the 19,650 mark. Media shares edged lower for the third consecutive trading session.

The barometer index, the S&P BSE Sensex, was down 176.85 points or 0.27% to 65,768.62. The Nifty 50 index shed 43.10 points or 0.22% to 19,621.60.

In the broader market, the S&P BSE Mid-Cap index added 0.40% while the S&P BSE Small-Cap index rose 0.42%.

The market breadth was positive. On the BSE, 1,720 shares rose and 1,678 shares fell. A total of 179 shares were unchanged.

IPO Update:

The initial public offer (IPO) of JSW Infrastructure received bids for 54.36 crore shares as against 13.62 crore shares on offer, according to stock exchange data at 11:33 IST on Wednesday (27 September 2023). The issue was subscribed 3.99 times.

The issue opened for bidding on Monday (25 September 2023) and it will close on Wednesday (27 September 2023). The price band of the IPO is fixed at Rs 113-119 per share. An investor can bid for a minimum of 126 equity shares and in multiples thereof.

The initial public offer (IPO) of Updater Services received bids for 32.99 lakh shares as against 1.19 crore shares on offer, according to stock exchange data at 11:33 IST on Wednesday (27 September 2023). The issue was subscribed 0.27 times.

The issue opened for bidding on Monday (25 September 2023) and it will close on Wednesday (27 September 2023). The price band of the IPO is fixed at Rs 280-300 per share. An investor can bid for a minimum of 50 equity shares and in multiples thereof.

Buzzing Index:

The Nifty Media index fell 0.79% to 2,237.85. The index declined 2.36% in three trading sessions.

Nazara Technologies Ltd (down 1.57%), Zee Entertainment Enterprises Ltd (down 1.37%), TV18 Broadcast Ltd (down 1.02%), Network 18 Media & Investments Ltd (down 0.78%), Hathway Cable & Datacom Ltd (down 0.74%), Sun TV Network Ltd (down 0.72%), Navneet Education Ltd (down 0.32%), PVR Inox Ltd (down 0.09%) slipped.

On the other hand, New Delhi Television Ltd (up 0.54%) ,Dish TV India Ltd (up 0.54%) edged higher.

Stocks in Spotlight:

Century Textiles & Industries added 1.69% after the company informed that Birla Estates has successfully sold out phase 1 of Birla Trimaya within 36 hours of its launch.

NTPC declined 0.54%. The state-run power major announced that it declared commercial operation at unit-1 of the Telangana Super Thermal Power Project (STPP).

Procter & Gamble Health rose 0.61%. The company said that it will discontinue the production of injections at its manufacturing plant in Goa effective from 30 September 2023.

Global Markets:

Asian stocks traded mixed ahead of China's industrial data and Australia's August inflation figures due on Wednesday.

Japan's central bank board was split over when should the Bank of Japan should start to raise interest rates, according to minutes from its monetary policy meeting in July.

US stocks saw a sell off on Tuesday after the latest home sales and consumer confidence reports stoked concern over the state of the U.S. economy,

August new home sales were down 8.7% from July, according to the Commerce Department. The Conference Board's consumer confidence index fell to 103 in September from 108.7 in August.

Street Investment

The key equity benchmarks continued to trade near the flat line with some positive bias in mid-morning trade. The Nifty traded above the 19,650 mark. Auto shares gained after declining in the past trading session.

The barometer index, the S&P BSE Sensex, was up 11.90 points or 0.02% to 66,035.59. The Nifty 50 index added 9.85 points or 0.05% to 19,684.40.

In the broader market, the S&P BSE Mid-Cap index gained 0.26% while the S&P BSE Small-Cap index rose 0.54%.

The market breadth was positive. On the BSE, 2,045 shares rose and 1,398 shares fell. A total of 154 shares were unchanged.

IPO Update:

The initial public offer (IPO) of Manoj Vaibhav Gems N Jewellers received bids for 79.52 lakh shares as against 91.20 lakh shares on offer, according to stock exchange data at 11:27 IST on Tuesday (26 September 2023). The issue was subscribed 0.87 times.

The issue opened for bidding on Friday (22 September 2023) and it will close on Tuesday (26 September 2023). The price band of the IPO is fixed at Rs 204-215 per share. An investor can bid for a minimum of 69 equity shares and in multiples thereof.

The initial public offer (IPO) of JSW Infrastructure received bids for 10.28 crore shares as against 13.62 crore shares on offer, according to stock exchange data at 11:27 IST on Tuesday (26 September 2023). The issue was subscribed 0.75 times.

The initial public offer (IPO) of Updater Services received bids for 5.68 lakh shares as against 1.19 crore shares on offer, according to stock exchange data at 11:30 IST on Tuesday (26 September 2023). The issue was subscribed 0.09 times.

Buzzing Index:

The Nifty Auto index rose 0.55% to 16,311. The index had declined 0.08% in the past trading session

Eicher Motors Ltd (up 2.9%), Sona BLW Precision Forgings Ltd (up 2.02%), TVS Motor Company Ltd (up 1.64%), Bajaj Auto Ltd (up 1.37%), Hero MotoCorp Ltd (up 1.25%), Tata Motors Ltd (up 0.82%), Samvardhana Motherson International Ltd (up 0.72%), Mahindra & Mahindra Ltd (up 0.14%), Bharat Forge Ltd (up 0.1%) advanced.

On the other hand, Ashok Leyland Ltd (down 1.34%), Tube Investments of India Ltd (down 0.41%) and Maruti Suzuki India Ltd (down 0.36%) edged lower.

Stocks in Spotlight:

Welspun Corp added 2.08% after the company's wholly owned subsidiary, Sintex BAPL has entered into Memorandum of Understanding (MoU) with the Telangana government to set up a manufacturing unit with upto Rs 350 crore investment.

Wipro rose 0.02%. The company sold a 14.02-acre land parcel and building in Chennai to Casagrand Bizpark for Rs 266.38 crore.

HDFC Asset Management Company (HDFC AMC) advanced 1.28%. The company will invest Rs 25 crore in unit HDFC AMC International to help it meet the net worth requirements prescribed for Registered Fund Management Entity (Retail) under IFSC rules.

Global Markets:

Most of the Asian stocks declined on Tuesday due to concerns over higher U.S. interest rates, particularly impacting the technology sector. Investors remained cautious about regional markets due to ongoing worries about a slowdown in the Chinese economy.

The US Federal Reserve's hawkish signals, indicating potential further rate hikes this year and a prolonged period of higher rates, added to the negative sentiment.

Despite this, U.S. stocks managed to make modest gains on Monday, supported by a rise in tech stocks driven by Amazon and an increase in energy stocks. The S&P 500, Dow Jones Industrial Average, and Nasdaq all saw slight increases. However, worries about a potential U.S. government shutdown grew as Congress has yet to pass necessary spending bills to fund the government beyond 1st October.

Street Investment

The key equity indices traded with minor losses in morning trade. The Nifty slipped below the 19,650 mark. IT stocks declined for the fifth consecutive trading session.

The barometer index, the S&P BSE Sensex, was down 174.53 points or 0.26% to 65,834.62. The Nifty 50 index shed 50.60 points or 0.26% to 19,623.65.

In the broader market, the S&P BSE Mid-Cap index lost 0.47% while the S&P BSE Small-Cap index rose 0.08%.

The market breadth was positive. On the BSE, 1,765 shares rose and 1,628 shares fell. A total of 213 shares were unchanged.

Buzzing Index:

The Nifty PSU Bank index fell 0.78% to 5,174.25. The index rose 3.51% in the past trading session.

Central Bank of India (down 2.95%), UCO Bank (down 2.67%), Bank of Maharashtra (down 2.67%), Punjab & Sind Bank (down 2.27%), Canara Bank (down 2.17%), Indian Overseas Bank (down 2.17%), Bank of India (down 1.47%), Punjab National Bank (down 1.1%), State Bank of India (down 1.06%) and Union Bank of India (down 0.93%) declined.

Buzzing Index:

The Nifty IT index fell 0.94% to 32,595.70. The index declined 2.28% in five trading sessions.

LTIMindtree (down 1.18%), Infosys (down 1.09%), Persistent Systems (down 0.89%), Wipro (down 0.87%), HCL Technologies (down 0.84%), Tata Consultancy Services (down 0.72%), Coforge (down 0.37%) and Tech Mahindra (down 0.03%) edged lower.

On the other hand, L&T Technology Services (up 0.69%), Mphasis (up 0.34%) advanced.

Stocks in Spotlight:

Life Insurance Corporation of India declined 0.38%. The state-run life insurer announced that it has received an order from Bihar Additional Commissioner State Tax demanding Rs 290 crore in goods and service tax (GST), along with interest and penalty. The life insurer said that it will file an appeal before the GST Appellate Tribunal and against the order within prescribed timelines.

Religare Enterprises fell 4.59% after the the Burman family, which holds a controlling stake in Dabur, on Monday (25 September) announced an open offer for a 26% stake in Religare Enterprises for upto Rs 2,116 crore.

Strides Pharma Science rallied 5.99% after the company's wholly owned subsidiary, Strides Pharma Global, Singapore has received US Food and Drug Administration (USFDA) approval for Icosapent Ethyl Capsules 0.5 gram and 1 gram.

KFin Technologies added 1.19% after the company announced that a meeting of its board is scheduled to be held on Wednesday, September 27, 2023, to consider and approve buyback of non-convertible redeemable preference shares of the company.

Karnataka Bank rose 2.61% after the bank announced that its board has approved raising capital up to Rs 1,500 crore, in one or more tranches by way to preferential issue / rights issue / QIP or any other permissible mode.

Sterling and Wilson Renewable Energy declined 0.06%. The company announced that its board will meet on Wednesday, 27 September 2023 to consider raising of funds via non-convertible debt instruments or equity shares.

Vaibhav Global rose 2.01% after the company's wholly owned subsidiary, Shop TJC (UK) has executed an asset sale agreement with Ideal World to acquire its assets.

Global Markets:

Asian stocks were trading mixed as investors look toward inflation data from across the region this week. Singapore and Australia are expected to report inflation figures for August this week, while Japan will release inflation data for the Tokyo region.

US stocks ended lower on Friday as investors continued to grapple with signals from the Federal Reserve that it intended to keep interest rates higher for longer.

Street Investment

Indian equity indices were trading with minor gains in early trade. The Nifty traded above the 19,750 mark. PSU bank, bank and realty stocks were in demand while pharma, healthcare and IT shares declined.

The barometer index, the S&P BSE Sensex, was up 97.59 points or 0.15% to 66,327.83 . The Nifty 50 index added 13.35 points or 0.07% to 19,755.70.

In the broader market, the S&P BSE Mid-Cap index rose 0.16 % while the S&P BSE Small-Cap index gained 0.17%.

The market breadth was strong. On the BSE, 1,772 shares rose and 741 shares fell. A total of 112 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 3,007.36 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,158.14 crore in the Indian equity market on 21 September, provisional data showed.

Stocks in Spotlight:

Infosys declined 0.58%. Infosys Finacle, part of EdgeVerve Systems, a wholly-owned subsidiary of Infosys and Nigeria's Guaranty Trust Bank (GTBank), the banking subsidiary of Guaranty Trust Holding Company Plc, announced that Guaranty Trust Bank has selected the Finacle Digital Banking Suite for its multi-country digital transformation program.

Vedanta shed 0.09%. The company approved for raising on a private placement basis upto 2,50,000 nos. Secured, Unrated, Unlisted, Redeemable, Non-Convertible Debentures ('NCDs') of face value Rs 1,00,000/- each aggregating upto Rs 2,500 crores in one or more tranche(s).

Glenmark Pharmaceuticals fell 1.54%. The pharmaceutical company has entered into a definitive agreement with Nirma to divest 75% stake in its subsidiary, Glenmark Life Sciences Limited (GLS), at a price of Rs 615 per share for an aggregate consideration of Rs 5651.5 crore. Glenmark Pharma will own 7.84% in GLS after the divestment.

NBCC (India) added 0.24%. The company was awarded order for construction of various development work at township and mines of Bhilai steel plant, from SAIL. The value of the order is Rs 100 crore.

Numbers to track:

The yield on India's 10-year benchmark federal paper fell 0.55% to 7.097 from previous close of 7.136.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 82.93, compared with its close of 83.13 during the previous trading session.

MCX Gold futures for 5 October 2023 settlement added 0.02% to Rs 58,831.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.13% to 105.50.

The United States 10-year bond yield advanced 0.52% to 4.505.

In the commodities market, Brent crude for November 2023 settlement gained 51 cents or 0.55% to $93.81a barrel.

Global Markets:

Asian stocks traded mixed ahead of the Bank of Japan's rate decision. The BOJ to hold its benchmark policy rate at -0.1%, as per reports.

Japan's headline inflation rate came in at 3.2% for August, slightly slower than the 3.3% seen in July and the 16th straight month that inflation has went above the Bank of Japan's 2% target. The core inflation rate, which strips out prices of fresh food stood at 3.1%, unchanged from the July.

US stocks notched a third straight day of losses on Thursday as Treasury yields popped to multiyear highs and investors grew worried that lawmakers would be unable to prevent a shutdown.

The Bank of England paused its hiking cycle, keeping the policy rate at 5.25%, after cooler-than-expected inflation data.

The benchmark indices extended losses and traded near the day's low in early afternoon trade. The Nifty slipped below the 19,750 level. Auto stocks declined for the second consecutive trading session.

The barometer index, the S&P BSE Sensex, was down 614.42 points or 0.92% to 66,186.42. The Nifty 50 index lost 167.25 points or 0.84% to 19,734.15.

In the broader market, the S&P BSE Mid-Cap index declined 0.63% while the S&P BSE Small-Cap index lost 0.46%.

The market breadth was positive. On the BSE, 1,451 shares rose and 2,046 shares fell. A total of 184 shares were unchanged.

After a two-day Federal Open Market Committee (FOMC) meeting, the US Federal Reserve announced its interest rate decision and kept the benchmark interest rates unchanged at 5.25% to 5.50%, while indicating that the majority of officials still anticipate one more quarter percentage point increase in interest rates before the end of the year.

The US central bank also updated its forecast for the benchmark interest rate, indicating that rates will now remain higher for longer than previously anticipated.

IPO Update:

The initial public offer (IPO) of Signatureglobal (India) received bids for 80.75 lakh shares as against 1.12 crore shares on offer, according to stock exchange data at 11:36 IST on Thursday (21 September 2023). The issue was subscribed 0.72 times.

The issue opened for bidding on Wednesday (20 September 2023) and it will close on Friday (22 September 2023). The price band of the IPO is fixed at Rs 366-385 per share. An investor can bid for a minimum of 38 equity shares and in multiples thereof.

The initial public offer (IPO) of Sai Silks (Kalamandir) received bids for 39.09 lakh shares as against 3.84 crore shares on offer, according to stock exchange data at 11:36 IST on Thursday (21 September 2023). The issue was subscribed 0.10 times.

The issue opened for bidding on Wednesday (20 September 2023) and it will close on Friday (22 September 2023). The price band of the IPO is fixed at Rs 210-222 per share. An investor can bid for a minimum of 67 equity shares and in multiples thereof.

Derivatives:

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, fell 1.10% to 11.10. The Nifty 28 September 2023 futures were trading at 19,770.45, at a premium of 36.3 points as compared with the spot at 19,734.15.

The Nifty option chain for the 28 September 2023 expiry showed maximum Call OI of 41.5 lakh contracts at the 20,000 strike price. Maximum Put OI of 50.7 lakh contracts were seen at 19,000 strike price.

Buzzing Index:

The Nifty Auto index declined 1.41% to 16,247.35. The index slipped 1.92% in two trading sessions.

Mahindra & Mahindra Ltd (down 2.63%), Hero MotoCorp Ltd (down 1.83%), Samvardhana Motherson International Ltd (down 1.67%), Tata Motors Ltd (down 1.33%), Ashok Leyland Ltd (down 1.29%), Bajaj Auto Ltd (down 1.18%), Maruti Suzuki India Ltd (down 0.89%), Balkrishna Industries Ltd (down 0.88%), Bosch Ltd (down 0.73%) and TVS Motor Company Ltd (down 0.64%) edged lower.

Stocks in Spotlight:

Kalpataru Projects International declined 0.54% after the company informed that its board is scheduled to meet on Monday, 25 September 2023 to mull the proposal for the raising of funds by way of issuance of non-convertible debentures (NCDs) on private placement basis.

Jammu & Kashmir Bank rose 0.71% after CARE Ratings reaffirmed its rating on the Tier-II (Basel III) bonds of the bank at 'CARE A+' and revised the outlook on the same to 'positive' to 'stable'.

Apollo Tyres fell 2.64% after the Bias and OTR tyres production at its manufacturing facility in Limda, Gujarat has been stopped due to certain concerns amongst shop floor employees relating to renewal of long-term settlement agreement.

Global Markets:

Asian stocks fell across the region after the U.S. Federal Reserve held its benchmark policy rate, but said it will raise interest rates one more time this year, according to the central bank's projections. Projections showed the central bank expects to hike rates to a median of 5.6% by the end of 2023, up from the current range between 5.25% and 5.5%.

US stocks ended lower on Wednesday as investors digested the Fed's moves. The Federal Reserve left interest rates unchanged at the conclusion of its two-day meeting Wednesday. However, the central bank signaled it still expects one more hike before the end of the year and fewer cuts than previously indicated next year. The final increase, if realized, would be the last in this cycle, according to the Fed's projections.

Sensex breaches 67K, financial services under pressure.

The benchmark indices extended losses and hit the day's low in morning trade. The Nifty slipped below the 20,000 level. Financial services shares declined for the second day in a row.

The barometer index, the S&P BSE Sensex, was down 618.40 points or 0.91% to 66,978.44. The Nifty 50 index lost 174.10 points or 0.86% to 19,959.20.

In the broader market, the S&P BSE Mid-Cap index declined 0.24% while the S&P BSE Small-Cap index slipped 0.33%.

The market breadth was negative. On the BSE, 1,414 shares rose and 1,888 shares fell. A total of 184 shares were unchanged.

New Listing:

Shares of R R Kabel were currently trading at Rs 1,160.35 at 10:15 IST on the BSE, representing a premium of 12.11% as compared with the issue price of Rs 1,035.

The scrip was listed at Rs 1,179, exhibiting a premium of 13.91% to the issue price.

So far, the stock has hit a high of 1,198.05 and a low of 1,143.10. On the BSE, over 4.49 lakh shares of the company were traded in the counter so far.

Buzzing Index:

The Nifty Financial Services index declined 1.07% to 20,190.30. The index fell 1.66% in two trading sessions.

HDFC Bank (down 3.32%), ICICI Prudential Life Insurance Company (down 1.63%), Muthoot Finance (down 1.58%), HDFC Life Insurance Company (down 1.46%), Indian Energy Exchange (down 0.98%), SBI Life Insurance Company (down 0.85%), ICICI Lombard General Insurance Company (down 0.64%), Kotak Mahindra Bank (down 0.4%), Power Finance Corporation (down 0.38%) and State Bank of India (down 0.31%) edged lower.

On the other hand, HDFC Asset Management Company (up 1.98%), Axis Bank (up 1.71%) and Shriram Finance (up 0.89%) gained.

Stocks in Spotlight:

Bharat Dynamics added 0.33%. The missiles maker informed that it has signed contract with Indian Air Force (IAF) for supply of Surface to Air missiles order worth Rs 290.90 crore.

Prakash Industries jumped 5.61%. The company said that subsequent to the In-principle Stage-I approval under the Forest (Conservation) Act, 1980, the Ministry of Environment, Forest and Climate Change, Government of India has granted Environmental Clearance (EC) for its Bhaskarpara Commercial Coal Mine in Chhattisgarh.

Caplin Point Laboratories shed 0.36%. The drug maker informed that Caplin Steriles has been granted final approval from the United States Food and Drug Administration (US FDA) for its abbreviated new drug application (ANDA) Norepinephrine Bitartrate injection. The said drug is used for restoration of blood pressure in adult patients with acute hypotensive states.

Aurobindo Pharma fell 0.60%. The pharmaceutical company announced that it has received a Form 483 from the United States Food and Drug Administration (US FDA) following an inspection of Unit IV formulation manufacturing facility situated Menakuru Village in Andhra Pradesh, from 13 to 19 September 2023. The Form 483 issued to its wholly owned subsidiary, APL Healthcare lists one observation.

Global Markets:

Asian stocks were mostly trading lower as China left its one-year and five-year loan prime rates unchanged. China's one-year and five-year loan prime rates were held at 3.45% and 4.2% respectively.

On Friday, the Bank of Japan will conclude its monetary policy meeting and traders will be looking for clarity on when the BOJ will start to shift its ultra-easy monetary policy. Elsewhere, the People's Bank of China is also expected to release its loan prime rate decisions on Friday.

US stocks ended lower on Tuesday ahead of the Fed's decision. The US Federal Reserve began its two-day policy meeting on Tuesday and will announce its interest rate decision on Thursday. The central bank is widely expected to hold rates steady, but investors will be paying close attention to the summary of economic projections and the press conference of Fed chair Jerome Powell for clues about what might happen in the months ahead.

The benchmark indices traded near the flat line with small losses in mid-morning trade. The Nifty traded below the 20,200 level. Auto shares rallied for the fourth day in a row.

The barometer index, the S&P BSE Sensex, was down 55.88 points or 0.08% to 67,782.75. The Nifty 50 index lost 4.50 points or 0.02% to 20,187.85.

In the broader market, the S&P BSE Mid-Cap index shed 0.03% while the S&P BSE Small-Cap index gained 0.02%.

The market breadth was positive. On the BSE, 1,873 shares rose and 1,680 shares fell. A total of 210 shares were unchanged.

Buzzing Index:

The Nifty Auto index rose 0.90% to 16,574.05. The index rallied 3.61% in three trading sessions.

Mahindra & Mahindra (up 3.33%), Bajaj Auto (up 1.94%), Hero MotoCorp (up 1.56%), Tube Investments of India (up 0.93%), Tata Motors (up 0.87%), TVS Motor Company Ltd (up 0.83%), Samvardhana Motherson International (up 0.61%), Maruti Suzuki India (up 0.57%) advanced.

On the other hand, Sona BLW Precision Forgings (down 1.72%), Balkrishna Industries (down 0.93%) and Bharat Forge (down 0.5%) declined.

New Listing:

Shares of Jupiter Life Line Hospitals were currently trading at Rs 1,054.65 at 10:45 IST on the BSE, representing a premium of 43.49% as compared with the issue price of Rs 735.

The scrip was listed at Rs 960, exhibiting a premium of 30.61% to the issue price.

So far, the stock has hit a high of 1,063.95 and a low of 960. On the BSE, over 5.31lakh shares of the company were traded in the counter so far.

Buzzing Index:

The Nifty PSU Bank index rallied 3.08% to 5,201.75. The index jumped 9.78% in four trading sessions.

Indian Overseas Bank (up 12.41%), UCO Bank (up 8.79%), Punjab & Sind Bank (up 8.4%), Central Bank of India (up 6.16%), Bank of Maharashtra (up 5.88%), Bank of India (up 4.78%), Punjab National Bank (up 4.38%), Indian Bank (up 4.02%), Bank of Baroda (up 2.09%) and Union Bank of India (up 1.66%) edged higher.

Stocks in Spotlight:

Capacite lnfraprojects advanced 3.79% to Rs 223 after it received repeat order from Raymond for project - Codename Xception at Thane worth Rs 281 crore.

Indian Oil Corporation (IOCL) rose 1.07% to Rs 92.94 after the company's board has approved additional investment of Rs 903.52 crore in its joint venture.

VA Tech Wabag advanced 2.63% to Rs 476 after the company announced that it has entered into a Memorandum of Understanding (MoU) with Al Jomaih Energy and Water (AEW), a leading developer of energy and water projects in the Middle East.

Global Markets:

Asian stocks traded mixed on Monday as investors look ahead to a week of central bank decisions. The U.S. Federal Reserve's decision is expected early Thursday in Asia, while Australia's central bank will release its minutes for its 5 September 2023 policy meeting on Tuesday.

US stocks fell Friday as investors wrapped up a volatile week ahead of the Federal Reserve's policy meeting.

On the economic front, the University of Michigan's consumer sentiment survey showed one-year inflation expectations dropped to 3.1% in September, tied for the lowest since January 2021. Also, the five-year outlook fell to 2.7%, matching its lowest since December 2020.