Stock Market Today: Sensex, Nifty Gain Over 1% This Week As Wipro, M&M Jumps Nearly 11%

-The local currency strengthened by 2 paise to close at 83.02 against the U.S. Dollar.

-It closed at 83.04 on Thursday.

Source: Bloomberg

Benchmark equity indices gained more than 1% this week with shares of Mahindra & Mahindra and Wipro adding around 11%.

The indices closed higher in the fourth consecutive session today with shares of L&T, Infosys, and M&M contributing the most.

The Nifty closed at 22,032.60, up 121.85 points or 0.56% and the Sensex gained 365.84 points or 0.51% to close at 72,416.22. Intraday, the Nifty rose 0.72% and the Sensex gained 0.69%.

Shrikant Chouhan, head of equity research at Kotak Securities said, "Market confidence was firm last week, even as: (1) US CPI data came above expectations and (2) US bond yields increased in the aftermath. Meanwhile, the 3QFY24 earnings season tracked in line with expectations on an aggregate basis."

He added, "Going forward, D-street will focus on the macro trends. Markets going ahead may be dominated by global news flows and steps taken by different governments to tackle their economy."

The NSE Nifty 50 index rose 1.19% this week, while the S&P BSE Sensex gained 1.6%

Shares of Larsen & Toubro Ltd., Infosys Ltd., Mahindra & Mahindra Ltd., ICICI Bank Ltd., and HDFC Bank Ltd. contributed the most to the gains.

Meanwhile, those of Reliance Industries Ltd., Power Grid Corp Ltd., State Bank Of India, Axis Bank, and Oil & Natural Gas Corp Ltd., capped the upside.

Most sectoral indices ended with gains this week except Nifty FMCG, Nifty Media, and Nifty Metal.

The broader markets rose in line with the benchmark indices. The S&P BSE Midcap gained 0.78%, and the S&P BSE Smallcap rose 0.68%.

On BSE, 16 out of 20 sectors rose, while four declined. The S&P BSE Auto surged the most among sectoral indices.  The S&P BSE Utilities fell the most among sectoral indices.

The market breadth was skewed in favour of the buyers. About 2,198 stocks rose, 1,644 declined, and 93 remained unchanged on the BSE.

• Firmly believe GoFirst holds immense potential & can be revitalised to work with SpiceJet

• Bid for GoFirst will benefit both SpiceJet and GoFirst

• Happy to contribute for leveraging GoFirst's strengths for mutual growth and success

Source: Exchange filing

• SpiceJet to serve as operating partner for the new airline providing staff & services

• Ajay Singh has submitted the bid in his personal capacity along with Big Bee Airways

Note: Ajay Singh is the Chairman & MD of Spicejet

Source: Exchange filing

• Gets USFDA's final nod for Isosorbide Mononitrate Extended-Release, Tablets USP, 30 mg, 60 mg,120 mg

• Isosorbide Mononitrate is used to prevent chest pain in patients

Source: Exchange Filing

• Gets orders worth Rs 104.3 crore from Tata Projects, Fleet Maintenance Unit

• Gets order from Tata Projects for LT panel, to be delivered over 6 months

• Gets order from Fleet Maintenance Unit for AIAMC to be delivered over 24 months

Source: Exchange Filing

Company Bench of Bangladesh Supreme Court approves merger of arms Shun Shing Edible Oil and Bangladesh Edible Oil

Source: Exchange filing

Indian benchmark stock indices continued to advance through midday on the last session of the week as Mahindra & Mahindra Ltd. and Infosys Ltd. gained.

As of 12:06 p.m., the NSE Nifty 50 was 134.20 points, or 0.61% higher at 22,044.95, and the S&P BSE Sensex was up 371.00 points, or 0.51% at 72,421.38.

Intraday, Nifty rose 0.62% to 22,045.95, and the Sensex advanced 0.58% to 72,469.45. Nifty reclaimed the 22,000 mark for first time since Feb 8.

The index has closed in a doji candle near the higher range and a crossover of 22,000 levels will give a strong upward move in index pivot, said Vikas Jain, senior research analyst at Reliance Securities Ltd. A doji candle near the higher range indicates bullish trend.

The support levels would move higher to 21,700, with the trend moving upwards and 21,450 will be the major trend reversal levels. RSI is trending above its average line and other key technical indicators are poised for an up move, Jain said.

Shares of Mahindra & Mahindra Ltd., Maruti Suzuki India Ltd., Infosys Ltd. and Larsen & Toubro Ltd. were positively contributing to changes in the Nifty.

Whereas, Axis Bank Ltd., HDFC Bank Ltd., Power Grid Corp., Oil and Natural Gas Corp., and Reliance Industries Ltd. were weighing the index.

On NSE, nine of the 12 sectors gained, while three declined. The Nifty Auto surged over 2.26%, to become the top performer among sectoral indices. Nifty Energy was the top loser.

Broader markets rose, in line with benchmark indices; the S&P BSE Midcap rose 0.58%, and S&P BSE Smallcap was 0.66% higher.

Sixteen of the 20 sectors compiled by the BSE rose, while four fell. S&P BSE Auto rose the most and S&P BSE Power declined the most.

Market breadth was skewed in the favour of buyers. Around 2,277 stocks rose, 1,402 stocks declined, and 119 remained unchanged on BSE.

The product will be manufactured at Lupin’s Pithampur facility in India.

Source: Exchange Filing

US FDA completes inspection at company's API facility in Telangana with zero observations

Source: Exchange Filing

Shares of Mahindra & Mahindra Ltd rose as much as 5.64% to Rs 1,864.65 apiece, the highest level since its listing on Jan 3, 1996 . It was trading 4.66% higher at Rs 1,845.35 apiece, as of 12:44 p.m. This compares to a 0.60% advance in the NSE Nifty 50 Index.

It has risen 35.01% in 12 months. Total traded volume so far in the day stood at 3.5 times its 30-day average. The relative strength index was at 71.68, which implied the stock is overbought.

Out of 41 analysts tracking the company, 36 maintain a 'buy' rating, five recommend a 'hold,' according to Bloomberg data. The average 12-month consensus price target implies an upside 2.8%.

In service pact with Wipro for oncall support services

Source: Exchange Filing

Launches Ultra range of heavy-duty CVs in South Africa

Source: Cogencis

Fixes March 20 as the record date for ascertaining shareholder eligible for 1:1 bonus issue

Source: Exchange Filing

• Plans to invest Rs 65,000 crore in Odisha green steel complex in multiple phases

• To work on 13.2 MTPA steel manufacturing facility

• Manufacturing complex to house integrated steel mfg unit, jetties, power plant, cement unit

Source: Exchange Filing

Natco Pharma Ltd jumped over 13% on Friday after the company raised its net profit guidance for ongoing financial year, and announced new product launches.

Natco Pharma raised PAT guidance to over Rs 1,200 crore, from earlier 1,000-1,200, the company said in a conference call on Thursday.

The pharmaceutical company also announced launches of two-three unique products in upcoming 12-18 months. It also planning to deliver five-six complex product like peptides.

Natco Pharma feels confident about its growth the U.S. on promising pipelines. the pipeline includes FTF products such as olaparib, semaglutide.

The scrip rose as much as 13.85% to Rs 1,010.00 apiece, the highest level since Aug 13, 2021. It was trading 12.79% higher at Rs 1,000 apiece, as of 11:08 a.m. This compares to a 0.60% advance in the NSE Nifty 50 Index.

It has risen 86.07% in 12 months. Total traded volume so far in the day stood at 21 times its 30-day average. The relative strength index was at 80.51, which implied the stock is overbought.

Out of 15 analysts tracking the company, eight maintain a 'buy' rating, five recommend a 'hold,' and two suggest 'sell', according to Bloomberg data. The average 12-month consensus price target implies a downside of 3.1%.

• Passenger traffic at 1.06 crore, up 13% YoY

• Aircraft movements at 66,302, up 5% YoY

Source: Exchange Filing

The shares of Bajaj Auto Ltd rose to a fresh life high on Friday after the shareholders through postal ballot approved the buyback of 1.41% equity shares for an aggregate amount of Rs 4,000 crore.

The scrip rose as much as 3.84% to hit fresh life high of 8,434.85 apiece. It recently hit life high on Feb 15. It pared gains to trade 2.36% higher at Rs 8,314.95 apiece, as of 10:39 a.m. This compares to a 0.54% advance in the NSE Nifty 50 Index.

It has risen 112.84% in the last 12 months. Total traded volume so far in the day stood at 1.8 times its 30-day average. The relative strength index was at 85 indicating it was overbought.

Out of 45 analysts tracking the company, 21 maintain a 'buy' rating, 12 recommend a 'hold,' and 12 suggest 'sell,' according to Bloomberg data. The average 12-month consensus price target implies an upside of 119.8%.

On BSE, scrip of SpiceJet Ltd rose as much as 13.00% to Rs 71.90 apiece, the highest level since Feb 9. It was trading 11.58% higher at Rs 71.00 apiece, as of 10:44 a.m. This compares to a 0.44% advance in the S&P BSE Sensex index.

It has risen 97.50 in 12 months. Total traded volume so far in the day stood at 2.5 times its 30-day average. The relative strength index was at 60.25.

Out of four analysts tracking the company, one maintain a 'buy' rating, three recommend a 'hold,' according to Bloomberg data. The average 12-month consensus price target implies downside of 30.8%.

Adani Ports & SEZ Ltd. shares rose as much as 2.13% to Rs 1,294 apiece, to hit record high on Friday. It was trading 1.57% higher at Rs 1,286.90 apiece, as of 10:34 a.m. This compares to a 0.54% advance in the NSE Nifty 50 Index.

It has risen 122.83% in the last twelve months. The relative strength index was at 67.05

Out of 21 analysts tracking the company, 19 maintain a 'buy' rating and two recommend a 'hold,' according to Bloomberg data. The average 12-month consensus price target implies an upside of 5.4%.

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Shares of Epack Durbales Ltd rose over 8% on NSE Friday after the company posted profit in the quarter ended in December, 2023.

The home appliance manufacturer posted Rs 4.89 crore net profit in quarter three of FY24, compared to Rs 6.24 crore losses recorded in the corresponding period of the previous year.

Improvement in the operating efficiency led to a surge in the Epack Durables' Ebitda, subsequently aiding profit despite lackluster growth in revenue.

The scrip rose as much as 8.22% to Rs 201.50 apiece, the highest level since Feb 5. It was trading 6.07% higher at Rs 197.70 apiece, as of 10:14 a.m. This compares to a 0.55% advance in the NSE Nifty 50 Index.

It has declined 4.8% in 12 months. Total traded volume so far in the day stood at X.X times its 30-day average. The relative strength index was at 41.30.

• Lists at Rs 1,228.70 on NSE vs issue price of Rs 1,258

• Lists at discount of 2.3% to the issue price on NSE

• Lists at Rs 1,245 on BSE vs issue price of Rs 1258

• Lists at discount of 1.03% to the issue price on BSE

The scrip fell as much as 6.03% to 545.85 apiece, the lowest level since Feb. 14. It pared losses to trade 4.20% lower at Rs 557.50 apiece, as of 9:56 a.m. This compares to a 0.42% advance in the NSE Nifty 50 Index.

It has risen 14.85% in the last 12 months. Total traded volume so far in the day stood at 7 times its 30-day average. The relative strength index was at 49.

Out of 32 analysts tracking the company, 15 maintain a 'buy' rating, 3 recommend a 'hold,' and 14 suggest 'sell,' according to Bloomberg data. The average 12-month consensus price target implies an upside of 16%.

The scrip rose as much as 9.7% to Rs 888 apiece, the highest level since February 7. It pared gains to trade 8.19% higher at Rs 876.60 apiece, as of 10:05 a.m. This compares to a 0.43% advance in the NSE Nifty 50 Index.

It has risen 101.45% in the last twelve months. Total traded volume so far in the day stood at 11 times its 30-day average. The relative strength index was at 55.35.

Out of 15 analysts tracking the company, four maintain a 'buy' rating, eight recommend a 'hold,' and three suggest 'sell,' according to Bloomberg data. The average 12-month consensus price target implies a downside of 5.3%.

TVS Motor Co. shares surged to their highest level after the company said it has acquired stake in India Foundation for Quality Management.

The scrip rose as much as 4.22% to Rs 2,181.30 apiece, the highest level since its listing on Aug 2, 2000. It was trading 3.72% higher at Rs 2,170.90 apiece, as of 09:49 a.m. This compares to a 0.30% advance in the NSE Nifty 50 Index.

It has risen 92.94% in 12 months. Total traded volume so far in the day stood at 2.1 times its 30-day average. The relative strength index was at 70.97, which implied the stock is over slightly overbought.

Out of 42 analysts tracking the company, 21 maintain a 'buy' rating, 12 recommend a 'hold,' and nine suggest 'sell', according to Bloomberg data. The average 12-month consensus price target implies a downside of 5.0%.

The shares of Dilip Buildcon Ltd. rose to over two year high on Friday after its joint venture received contract for construction of Machhrewa dam worth Rs 412.92 crore.

The scrip rose as much as 7.80% to 486 apiece. It last traded around this level on Dec. 30, 2021. It pared gains to trade 3.71% higher at Rs 465.15 apiece, as of 9:40 a.m. This compares to a 0.45% advance in the NSE Nifty 50 Index.

It has risen 123.36% in the last 12 months. Total traded volume so far in the day stood at 16 times its 30-day average. The relative strength index was at 66.

Out of six analysts tracking the company, three maintain a 'buy' rating and three recommend a 'hold,' according to Bloomberg data. The average 12-month consensus price target implies an upside of 130.2%.

Bharat Petroleum Corp. has commenced a pilot project to gain experience in handling hydrogen for the automobile sector. The pilot project is undertaken at an investment of approximately Rs 25 crore, it said in an exchange filing on Thursday.

Meanwhile, Jefferies has upgraded Bharat Petroleum Corporation Ltd. to 'buy' as it trades at steepest discount to its past peak.

Shares of BPCL rose as much as 5.39% to Rs 687.34. It is trading 3.79% higher at Rs 677.50 at 9:35 a.m. This compares to a 0.34% advance in the NSE Nifty 50.

Of the 34 analysts tracking the company, 23 maintain a 'buy', 2five recommends a 'hold,' and six suggests a 'sell', according to Bloomberg data. The average 12-month analysts' consensus price target implies an downside of 17.6%

Benchmark equity indices extended their gains in the fourth consecutive session with the Nifty crossing the 22,000 mark for the first time since February 8 and Sensex hitting its highest level since then.

The gains were led by shares of IT companies and banks.

At pre-open, the S&P BSE Sensex Index was up 355.64 points or 0.49% at 72,406.02 while the NSE Nifty 50 was higher by 109.55 points or 0.50% at 22,020.30.

After a gap up opening, Nifty can find support at 21,900 followed by 21,850 and 21,800. On the higher side, 22,050 can be an immediate resistance, followed by 22,100 and 22,150, said Deven Mehata, research analyst at Choice Broking.

Shares of Infosys Ltd., ICICI Bank Ltd., HDFC Bank Ltd., Tata Consultancy Services Ltd., and Bharat Petroleum Corp Ltd., contributed the most to the gains.

Meanwhile, those of Oil and Natural Gas Corp. Ltd., Reliance Industries Ltd., Power Grid Corp Ltd., ITC Ltd., and Axis Bank Ltd., capped the upside.

All sectoral indices were higher with Nifty IT gaining the most by over 1%.

Broader markets were also higher with the BSE MidCap gaining 0.49% and the BSE SmallCap gaining 0.76%.

Three out of the 20 sectoral indices on the BSE declined while 17 advanced.

Market breadth was skewed in the favour of buyers. As many as 2,253 stocks gained, 704 declined, and 77 were unchanged.

At pre-open, the S&P BSE Sensex Index was up 355.64 points or 0.49% at 72,406.02 while the NSE Nifty 50 was higher by 109.55 points or 0.50% at 22,020.30.

Emkay Downgrades Gujarat Gas to Sell from Reduce Rating

• Price target of Rs 440, implying 24.3% downside

• Q3FY24 EBITDA misses estimates by 20% on lower volumes

• Uncertain on Morbi volume outlook and volatile margin profile

• Current Morbi volumes stood at ~3.7mmscmd vs overall potential of 8-8.5mmscmd

• Cuts FY24-26E earnings by 1-3% each

Nuvama Retains Buy Rating on Gujarat Gas

• Price target of Rs 676

• EBITDA margin fell 45% YoY to Rs 4.8/scm led by price cuts FY24

• Expect volume recovery to sustain largely due to CNG

• Expect launch of the Full DODO scheme and non-Morbi region expansion driving volumes

• Management guides FY25E EBITDA margin of INR4.5–5.5/scm on revival in I-PNG segment

• They gauge that Rs. 8,000- 9,000 crores of monthly credit card spend would be affected

• Believes RBI wants to regulate and ensure end-use liquidity float during credit period.

• India’s B2B payments market is expected to grow to $10-11tn in FY26

The yield on the 10-year bond opened flat at 7.09%.

Source: Bloomberg

• The local currency strengthened by 2 paise to open at 83.02 against the U.S. Dollar.

• It closed at 83.04 on Thursday.

Source: Bloomberg

• Price target increased to Rs 350 (vs Rs 340 earlier)

• Q3 consolidated revenue in-line, EBITDA margin below expectations

• Results weighed down by weak performance in Butterfly

• Believes company is making decent progress in small appliances

• Believes P/E valuations trading at 35x FY25E appear reasonable

• Believes M&M is likely to be the fastest growing PV OEM

• FY2024 exit capacity is likely to be around 49k, to support growth

• Believes rate of decline for tractors will narrow through FY2025

• Waiting period data and order backlog to support growth

• Assumes ~43k unit per month domestic UVs in F2025 (13% growth)

• Key upsides - Co meets its mid- to high-teens UV guidance in F2025

  - Successful mid-cycle refresh for XUV 300

• Key Downsides - Poor Monsoons

• -Tesla entry into India

  -Hybrid tax rationalization

• MS overweight on HDFC Bank; TP: 2,110

• Home loan book grew 3.6% QoQ in Q3FY24

• Home loan business has become both an asset as well as liability generator

• New products to be launched in the home loan business

• Cross-selling from HDFC Ltd branches started from 1st Feb 2024

• Focus on cross-sell for both existing & new customers

• Cross-selling to be at no incremental cost

• Turnaround time on home loan disbursals decreased to 1/3rd post merger

• Renewed focus on the self-employed segment

• U.S. Dollar Index at 104.36

• U.S. 10-year bond yield at 4.25%

• Brent crude down 0.17% at $82.72 per barrel

• Nymex crude flat at $78.03 per barrel

• GIFT Nifty was flat at 22,082 as of 8:07 a.m.

• Bitcoin was up 1.22% at $51,996.77

• Upgrades BPCL to 'buy' with price target of Rs 890 apiece

• Maintains 'hold' on IOCL, 'underperfrom' on HPCL

• Refining strength on Red Sea disturbances positive for OMCs

• Rangebound oil price and no intervention from govt leading to OMCs rally

• Peak-cycle multiples leave room for further upside

• Nifty February futures up by 0.45% to 22,005.5 at a premium of 94.75 points.

• Nifty February futures open interest down by 3.1%.

• Nifty Bank February futures up by 0.76% to 46,385.05 at a premium of 166.15 points.

• Nifty Bank February futures open interest down by 9.5%.

• Nifty Options Feb. 22 Expiry: Maximum Call open interest at 22,000 and Maximum Put open interest at 21,000.

• Bank Nifty Options Feb. 21 Expiry: Maximum Call Open Interest at 49,000 and Maximum Put open interest at 44,000.

• Securities in ban period: Aditya Birla Fashion, Ashok Leyland, Balrampur Chini Mills, Bandhan Bank, Biocon, Canara Bank, Delta Corp, Hindustan Copper, India Cement, Indus Tower, Sail, Zee Entertainment Enterprise.

• Price band revised from 10% to 5%: Schneider Electric Infrastructure.

• Ex/record date dividend: Banco Products

• Medplus Health Services: Promoter Lone Furrow Investments created a pledge of Rs 18.44 lakh shares on Feb. 7 and Agilemed Investments created a pledge of 2.17 lakh shares on Feb. 12.

• GHCL: Promoter group Neelabh Dalmia bought 4,000 shares on Feb. 13.

• Usha Martin: Promoter Peterhouse Investments India sold 95,000 shares on Feb. 14.

• Jindal Stainless: Promoter JSL Overseas bought 5.85 lakh shares on Feb. 12 and 13.

• Star Cement: Promoter Prem Kumar Bhajanka bought 1 lakh shares on Feb. 13.

• Yes Bank: CA Basque Investments sold 39 crore shares (1.35%), while Morgan Stanley Asia PTE bought 30.63 crore shares (1.06%) at Rs 27.1 apiece.

• Vedanta: Finsider International Company sold 6.55 crore shares (1.76%) at Rs 265.14 apiece.

• Sudarshan Chemical Industries: HDFC Mutual Fund bought 17.75 lakh shares (2.56%) at Rs 513.99 apiece while Ajay Balkrishna Rathi sold 14 lakh shares (2.02%) at Rs 514.18 apiece and Nisha Ajay Rathi sold 4 lakh shares (0.57%) at Rs 514 apiece.

• Mangalore Chemical and Fertilizer: Infinity Asset Advisors sold 9.45 lakh shares (0.79%) at Rs 114.72 apiece.

• Vibhor Steel Tubes: The public issue was subscribed 298.86 times on day 3. The bids were led by non-institutional investors (721.34 times), retail investors (188.17 times), and institutional investors (178.73 times) and reserved for employees (201.48 times).

• Entero Healthcare Solutions: The company's shares will debut on the stock exchanges on Friday at an issue price of Rs 1,258 apiece. The Rs 1,600 crore IPO was subscribed 1.53 times on its third and final day. Bids were led by institutional investors (2.28 times), non-institutional investors (0.22 times), and retail investors (1.33 times) and employee reserved (1.25 times).

• Axis Bank, Max Financial Services: Axis Bank clarified that there is no material impact of the allegations made regarding the Rs 5,100 crore unjust gains in Max Life Insurance share deals.

• UPL: The rating agency Fitch downgraded UPL Corp's long-term issuer default rating to 'BB+', from 'BBB-' on lower global crop protection industry demand and production overcapacity in China.

• Bharat Petroleum Corp: The company commenced a pilot project to gain experience in handling hydrogen for the automobile sector.

• TVS Motors: The company has acquired a 28.57% stake in the Indian Foundation for quality management for Rs 2.5 crore.

• Dilip Buildcon: The company, with its joint venture Vijay Kumar Mishra Construction, received a contract worth Rs 412.92 crore from the Water Resources Department, Madhya Pradesh for the construction of the Machhrewa irrigation project dam and pressurised pipe irrigation network on a turnkey basis.

• Medplus Health Services: The company’s unit received a suspension order for its drug licence for its store situated in Andheri, Mumbai.

• B.L. Kashayap and Sons: The company received an order worth Rs 208 crore from Manyata Promoters for the construction of Blocks D1 and D2 at the Embassy Manyata Business Park Campus, Bangalore.

• Schaeffler India

• Crisil

Epack Durable Q3 FY24 (Consolidated, YoY)

• Revenue up 1.24% at Rs 279.05 crore.

• Ebitda up 454.2% at Rs 23.72 crore.

• Margin up 695 bps at 8.5%.

• Net profit at Rs 4.89 crore vs loss of Rs 6.24 crore.

Stock indices in the Asia-Pacific region were trading in positive territory, boosted by overnight gains on Wall Street as U.S. retail sales data declined more than expected in January, giving some relief to investors after a hotter-than-expected inflation print.

Retail sales dropped 0.8% last month, the biggest fall since February 2023, according to a report by the U.S. Commerce Department. 

With the U.S. CPI and retail sales data erased from the list of data releases, market participants now await the U.S. Producer Price Index print for January, scheduled for release today. This data is going to be crucial for fresh cues on the Federal Reserve's monetary policy going ahead.

Brent crude was trading 0.12% lower at $82.76 a barrel. Gold was flat at $2,004.26 an ounce.

The February futures contract of the GIFT Nifty traded flat at 22,082 as of 08:07 a.m.

India's benchmark equity indices ended higher for the third consecutive day on Thursday, led by gains in HDFC Bank Ltd. and Mahindra & Mahindra Ltd.

Advances in the sectors of public sector banks, oil and gas, and energy also supported the indices to recoup intraday losses. The NSE Nifty 50 ended 70.70 points, or 0.32%, higher at 21,910.75, while the S&P BSE Sensex gained 227.55 points, or 0.32%, to end at 72,050.38.

Overseas investors remained net sellers of Indian equities for the second consecutive session on Thursday. Foreign portfolio investors offloaded stocks worth Rs 3,064.2 crore, while domestic institutional investors mopped up equities worth Rs 2,276.9 crore, the NSE data showed.

The Indian rupee closed flat at Rs 83.04 against the U.S. dollar.