Emami Limited
Web: emamiltd.in NSE: EMAMILTD BSE: 531162 SECTOR: Fast Moving Consumer Goods - Personal Products | Add Note | View Notes
365 4(-1%)
Near 52W Low of 361
Volume
10L as on 03, Sep
Open
590
High
598
Low
590
Close
368
VWAP
368
52 Week High
618
52 Week Low
361
Quality Score
23/100
Growth Score
17/100
Valuation Score
50/100
Momentum Score
0/100
Analyst Recommendations
BUY/SELL
|
|
Analyst Price Target
-
Market Cap (cr)
15,915
No. of Shares
P/E
36.96
P/B
10.54
Face Value
1
Div. Yield
-
Book Value (TTM)
-
CASH
-
DEBT
-
EPS (TTM)
-
ROE
28.51
ROCE
-
Profit Growth
-
Listing Date
03-Aug-06
Promoter Holding
54.84%
FII Holding
8.57%
DII Holding
26.91%
Price Chart
Price Performance
1 Week5%
1 Month9%
3 Months6%
6 Months20%
1 Year40%
YTD30%
Moving Average
5 Day SMA371
10 Day SMA386
20 Day SMA395
30 Day SMA398
50 Day SMA404
61 Day SMA403
80 Day SMA404
200 Day SMA449
PIVOT LEVEL
| Standard | Camarilla | Fibonacci | Woodie's | |
|---|---|---|---|---|
| Resistance 3 | 384 | 371 | 380 | 388 |
| Resistance 2 | 380 | 370 | 376 | 382 |
| Resistance 1 | 374 | 369 | 374 | 378 |
| Pivot Point | 370 | 368 | 370 | 372 |
| Support 1 | 364 | 367 | 366 | 368 |
| Support 2 | 360 | 366 | 364 | 362 |
| Support 3 | 354 | 365 | 360 | 358 |
Competitors/Peers
| # | Symbol | MCAP | LTP | 1W | 1M | 6M | 1Y | P/E | Ind PE | Debt/Eq | NP Qtr Rs.Cr. |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 1 | HINDUNILVR | 4,65,572 | 1973 | 2% | 8% | 15% | 26% | 47 | 49.6 | 0.03 | 15059 |
| 2 | ITC | 3,31,606 | 264 | 2% | 8% | 16% | 37% | 17 | 49.6 | 0.03 | 21018 |
| 3 | NESTLEIND | 2,71,603 | 1410 | 2% | 7% | 11% | 17% | 77 | 49.6 | 0.09 | 3499 |
| 4 | VBL | 1,38,613 | 410 | 3% | 9% | 9% | 17% | 55 | 49.6 | 0.13 | 3062 |
| 5 | BRITANNIA | 1,23,626 | 5132 | 3% | 7% | 14% | 16% | 56 | 49.6 | 0.27 | 2537 |
| 6 | UNITDSPR | 1,07,095 | 1472 | 2% | 3% | 9% | 13% | 0 | 49.6 | 0.05 | 1838 |
| 7 | MARICO | 1,06,416 | 820 | 1% | 6% | 6% | 12% | 0 | 49.6 | 0.13 | 1813 |
| 8 | TATACONSUM | 1,00,256 | 1010 | 2% | 8% | 9% | 5% | 67 | 49.6 | 0.13 | 1547 |
| 9 | GODREJCP | 89,913 | 879 | 5% | 19% | 25% | 29% | 57 | 49.6 | 0.35 | 1861 |
| 10 | DABUR | 67,889 | 382 | 1% | 11% | 25% | 31% | 53 | 49.6 | 0.11 | 1869 |
| Load More | |||||||||||
Quarterly Results
| Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 | Jun 2024 | Mar 2024 | Dec 2023 | Sep 2023 | Jun 2023 | Mar 2023 | Dec 2022 | Sep 2022 | Jun 2022 | Mar 2022 | Dec 2021 | Sep 2021 | Jun 2021 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 925 | 1152 | 799 | 904 | 963 | 1049 | 891 | 906 | 891 | 996 | 865 | 826 | 836 | 983 | 814 | 773 | 770 | 971 | 787 | 661 |
| Sales Growth % (YoY) | -3.9% | 9.8% | -10.3% | -0.2% | 8.1% | 5.3% | 3% | 9.7% | 6.6% | 1.4% | 6.3% | 6.8% | 8.5% | 1.2% | 3.4% | 17% | 5.4% | 4% | 7.1% | 37.3% |
| Sales Growth % (QoQ) | -19.7% | 44.2% | -11.6% | -6.1% | -8.2% | 17.7% | -1.7% | 1.7% | -10.5% | 15.1% | 4.7% | -1.2% | -15% | 20.8% | 5.3% | 0.4% | -20.7% | 23.4% | 19.1% | - |
| Expenses | 739 | 768 | 622 | 692 | 744 | 715 | 645 | 692 | 682 | 682 | 632 | 636 | 636 | 689 | 621 | 604 | 612 | 633 | 514 | 493 |
| Operating Profit | 186 | 384 | 177 | 212 | 219 | 334 | 246 | 214 | 209 | 314 | 233 | 190 | 199 | 294 | 193 | 169 | 158 | 338 | 273 | 168 |
| OPM % | 20 | 33 | 22 | 23 | 23 | 32 | 28 | 24 | 24 | 32 | 27 | 23 | 24 | 30 | 24 | 22 | 21 | 35 | 35 | 25 |
| Other Income | 23 | 9 | 21 | 22 | 21 | 15 | 22 | 10 | 11 | 11 | 11 | 8 | 14 | 7 | 42 | 6 | 25 | 17 | 38 | 11 |
| Interest | 3 | 3 | 3 | 2 | 3 | 2 | 2 | 2 | 3 | 3 | 2 | 2 | 1 | 2 | 2 | 2 | 2 | 2 | 1 | 1 |
| Depreciation | 42 | 45 | 45 | 44 | 44 | 46 | 45 | 44 | 48 | 46 | 46 | 46 | 64 | 47 | 48 | 88 | 83 | 84 | 84 | 83 |
| Profit before tax | 164 | 345 | 150 | 187 | 194 | 301 | 220 | 178 | 169 | 276 | 196 | 150 | 148 | 251 | 186 | 85 | 98 | 269 | 226 | 95 |
| Tax % | 13 | 7 | 1 | 12 | 16 | 7 | 4 | 16 | 13 | 6 | 8 | 9 | 4 | 7 | 3 | 14 | -262 | 18 | 18 | 18 |
| Net Profit | 143 | 319 | 148 | 164 | 162 | 279 | 211 | 151 | 147 | 261 | 180 | 137 | 142 | 233 | 180 | 73 | 354 | 220 | 185 | 78 |
| Net Profit Growth % (QoQ) | -55.2% | 115.5% | -9.8% | 1.2% | -41.9% | 32.2% | 39.7% | 2.7% | -43.7% | 45% | 31.4% | -3.5% | -39.1% | 29.4% | 146.6% | -79.4% | 60.9% | 18.9% | 137.2% | - |
| Net Profit Growth % (YoY) | -11.7% | 14.3% | -29.9% | 8.6% | 10.2% | 6.9% | 17.2% | 10.2% | 3.5% | 12% | - | 87.7% | -59.9% | 5.9% | -2.7% | -6.4% | - | - | - | - |
| TTM Net Profit | 774 | 793 | 753 | 816 | 803 | 788 | 770 | 739 | 725 | 720 | 692 | 692 | 628 | 840 | 827 | 832 | 837 | 483 | 263 | 0 |
| EPS in Rs | 3.28 | 7.32 | 3.4 | 3.76 | 3.72 | 6.39 | 4.87 | 3.5 | 3.41 | 5.92 | 4.09 | 3.14 | 3.27 | 5.38 | 4.17 | 1.67 | 8.07 | 4.95 | 4.17 | 1.75 |
Profit and Loss
| Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 | Mar 2020 | Mar 2019 | Mar 2018 | Mar 2017 | Mar 2016 | Mar 2015 | Mar 2014 | Mar 2013 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 3780 | 3809 | 3578 | 3406 | 3192 | 2881 | 2655 | 2695 | 2531 | 2488 | 2358 | 2076 | 1700 | 1595 |
| Sales Growth % | -0.8% | 6.5% | 5.1% | 6.7% | 10.8% | 8.5% | -1.5% | 6.5% | 1.7% | 5.5% | 13.6% | 22.1% | 6.6% | 16.4% |
| Expenses | 2820 | 2796 | 2632 | 2550 | 2254 | 2000 | 1970 | 1970 | 1812 | 1729 | 1670 | 1536 | 1255 | 1252 |
| Operating Profit | 960 | 1014 | 946 | 855 | 938 | 880 | 685 | 725 | 719 | 759 | 688 | 541 | 445 | 343 |
| OPM % | 25 | 27 | 26 | 25 | 29 | 31 | 26 | 27 | 28 | 31 | 29 | 26 | 26 | 22 |
| Other Income | 75 | 68 | 41 | 69 | 90 | 69 | 46 | 25 | 19 | 31 | 44 | 91 | 53 | 54 |
| Interest | 11 | 9 | 10 | 7 | 5 | 13 | 21 | 21 | 34 | 58 | 54 | 5 | 5 | 7 |
| Depreciation | 177 | 178 | 186 | 247 | 335 | 367 | 336 | 325 | 311 | 309 | 255 | 34 | 35 | 22 |
| Profit before tax | 846 | 894 | 791 | 670 | 688 | 569 | 374 | 403 | 393 | 424 | 423 | 592 | 457 | 369 |
| Tax % | 8 | 10 | 8 | 6 | -22 | 20 | 19 | 25 | 22 | 20 | 14 | 18 | 12 | 15 |
| Net Profit | 775 | 803 | 724 | 627 | 837 | 455 | 302 | 303 | 306 | 340 | 363 | 485 | 402 | 315 |
| Net Profit Growth % | -3.5% | 10.9% | 15.5% | -25.1% | 84% | 50.7% | -0.3% | -1% | -10% | -6.3% | -25.2% | 20.6% | 27.6% | - |
| EPS in Rs | 17.76 | 18.48 | 16.58 | 14.5 | 19.02 | 10.23 | 6.67 | 6.68 | 6.77 | 7.5 | 8 | 10.7 | 8.87 | 6.93 |
| Dividend Payout % | 34 | 54 | 48 | 55 | 42 | 78 | 60 | 60 | 52 | 47 | 44 | 33 | 39 | 38 |
Cash Flows
| Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 | Mar 2020 | Mar 2019 | Mar 2018 | Mar 2017 | Mar 2016 | Mar 2015 | Mar 2014 | Mar 2013 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity | 801 | 896 | 779 | 749 | 644 | 922 | 531 | 554 | 588 | 730 | 562 | 534 | 428 | 323 |
| Cash from Investing Activity | -181 | -345 | -210 | -122 | -234 | -224 | -231 | -26 | -276 | -306 | -1313 | -237 | -140 | -130 |
| Cash from Financing Activity | -554 | -500 | -563 | -608 | -402 | -688 | -405 | -428 | -324 | -496 | 502 | -215 | -301 | -188 |
| Net Cash Flow | 65 | 52 | 6 | 19 | 8 | 9 | -106 | 100 | -12 | -72 | -249 | 82 | -13 | 5 |
Balance Sheet
| Mar 2026 | Sep 2025 | Mar 2025 | Sep 2024 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 | Mar 2020 | Mar 2019 | Mar 2018 | Mar 2017 | Mar 2016 | Mar 2015 | Mar 2014 | Mar 2013 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 44 | 44 | 44 | 44 | 44 | 44 | 44 | 44 | 45 | 45 | 23 | 23 | 23 | 23 | 23 | 15 |
| Reserves | 2880 | 2887 | 2651 | 2585 | 2403 | 2259 | 2032 | 1718 | 1778 | 2031 | 1991 | 1732 | 1589 | 1208 | 909 | 762 |
| Borrowings | 162 | 72 | 90 | 74 | 94 | 91 | 282 | 101 | 210 | 110 | 326 | 473 | 671 | 36 | 38 | 115 |
| Other Liabilities | 751 | 668 | 741 | 891 | 728 | 703 | 692 | 656 | 644 | 633 | 458 | 376 | 409 | 410 | 333 | 324 |
| Total Liabilities | 3836 | 3671 | 3525 | 3594 | 3269 | 3096 | 3050 | 2520 | 2678 | 2819 | 2798 | 2603 | 2692 | 1676 | 1302 | 1216 |
| Fixed Assets | 887 | 917 | 984 | 1039 | 1114 | 1245 | 1344 | 1132 | 1459 | 1680 | 1802 | 1994 | 1918 | 453 | 396 | 397 |
| CWIP | 1 | 18 | 15 | 9 | 8 | 6 | 3 | 6 | 8 | 36 | 30 | 22 | 67 | 29 | 12 | 47 |
| Investments | 834 | 858 | 676 | 624 | 442 | 293 | 303 | 255 | 156 | 187 | 314 | 128 | 104 | 501 | 296 | 163 |
| Other Assets | 2114 | 1878 | 1850 | 1922 | 1706 | 1551 | 1400 | 1126 | 1055 | 915 | 652 | 460 | 604 | 693 | 599 | 609 |
| Total Assets | 3836 | 3671 | 3525 | 3594 | 3269 | 3096 | 3050 | 2520 | 2678 | 2819 | 2798 | 2603 | 2692 | 1676 | 1302 | 1216 |
Delivery
Delivery Data: EMAMILTD
| # | Date | 361 20% 435 Value (Cr) | Q/T | 91 Del | 67 Del | 34 1 | 4-Sep | 366 | 47 | 57 | 59 | 28 | 2 | 3-Sep | 368 | 37 | 47 | 57 | 21 | 3 | 2-Sep | 368 | 44 | 52 | 67 | 29 | 4 | 1-Sep | 377 | 62 | 50 | 43 | 26 | 5 | 31-Aug | 364 | 84 | 47 | 63 | 53 | 6 | 28-Aug | 379 | 41 | 36 | 53 | 22 | 7 | 27-Aug | 388 | 51 | 35 | 50 | 25 | 8 | 26-Aug | 401 | 82 | 71 | 76 | 62 | 9 | 25-Aug | 403 | 63 | 73 | 82 | 51 | 10 | 24-Aug | 406 | 34 | 46 | 41 | 14 | 11 | 21-Aug | 403 | 18 | 34 | 51 | 9 | 12 | 20-Aug | 407 | 53 | 38 | 58 | 31 | 13 | 19-Aug | 401 | 22 | 28 | 55 | 12 | 14 | 18-Aug | 400 | 14 | 25 | 49 | 7 | 15 | 17-Aug | 404 | 16 | 27 | 55 | 9 | 16 | 14-Aug | 403 | 12 | 23 | 51 | 6 | 17 | 13-Aug | 402 | 34 | 33 | 58 | 20 | 18 | 12-Aug | 397 | 16 | 19 | 59 | 10 | 19 | 11-Aug | 402 | 13 | 16 | 61 | 8 | 20 | 10-Aug | 410 | 17 | 28 | 50 | 8 | 21 | 7-Aug | 413 | 41 | 59 | 59 | 24 | 22 | 6-Aug | 409 | 58 | 84 | 80 | 47 | 23 | 5-Aug | 402 | 48 | 30 | 59 | 28 | 24 | 4-Aug | 392 | 45 | 36 | 43 | 19 | 25 | 3-Aug | 406 | 17 | 33 | 57 | 10 | 26 | 31-Jul | 398 | 20 | 33 | 61 | 12 | 27 | 30-Jul | 403 | 16 | 25 | 55 | 9 | 28 | 29-Jul | 408 | 18 | 24 | 60 | 11 | 29 | 28-Jul | 407 | 10 | 18 | 52 | 5 | 30 | 27-Jul | 414 | 23 | 34 | 57 | 13 | 31 | 24-Jul | 408 | 28 | 36 | 67 | 19 | 32 | 23-Jul | 416 | 25 | 38 | 66 | 17 | 33 | 22-Jul | 414 | 32 | 37 | 48 | 15 | 34 | 21-Jul | 401 | 44 | 47 | 76 | 33 | 35 | 20-Jul | 405 | 12 | 22 | 59 | 7 | 36 | 17-Jul | 409 | 18 | 18 | 52 | 9 | 37 | 16-Jul | 407 | 17 | 5 | 51 | 9 | 38 | 15-Jul | 411 | 16 | 23 | 50 | 8 | 39 | 14-Jul | 421 | 54 | 176 | 92 | 50 | 40 | 13-Jul | 427 | 16 | 30 | 54 | 9 | 41 | 10-Jul | 421 | 14 | 30 | 60 | 8 | 42 | 9-Jul | 415 | 19 | 39 | 58 | 11 | 43 | 8-Jul | 407 | 23 | 44 | 67 | 16 | 44 | 7-Jul | 416 | 29 | 28 | 57 | 17 | 45 | 6-Jul | 417 | 13 | 30 | 51 | 6 | 46 | 3-Jul | 420 | 40 | 34 | 50 | 20 | 47 | 2-Jul | 417 | 28 | 36 | 61 | 17 | 48 | 1-Jul | 415 | 40 | 37 | 50 | 20 | 49 | 30-Jun | 404 | 14 | 23 | 58 | 8 | 50 | 29-Jun | 409 | 44 | 32 | 62 | 27 | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Daily Market Cap
| Date | Total Market Cap | Change | Chg % |
|---|---|---|---|
| 04-Sep | 15,915c | 179c | 1.11 |
| 03-Sep | 16,094c | 181c | 1.11 |
| 01-Sep | 16,275c | 240c | 1.50 |
| 31-Aug | 16,035c | 858c | 5.08 |
| 27-Aug | 16,893c | 910c | 5.11 |
| 26-Aug | 17,803c | 194c | 1.10 |
| 25-Aug | 17,608c | 70c | 0.40 |
| 24-Aug | 17,678c | 103c | 0.58 |
| 21-Aug | 17,576c | 109c | 0.62 |
| 19-Aug | 17,467c | 72c | 0.41 |
| 18-Aug | 17,395c | 264c | 1.50 |
| 17-Aug | 17,659c | 68c | 0.38 |
| 14-Aug | 17,591c | 284c | 1.64 |
| 13-Aug | 17,307c | 7c | 0.04 |
| 12-Aug | 17,301c | 605c | 3.38 |
| 10-Aug | 17,905c | 72c | 0.40 |
| 07-Aug | 17,833c | 105c | 0.59 |
| 06-Aug | 17,728c | 618c | 3.61 |
| 04-Aug | 17,111c | 258c | 1.48 |
| 31-Jul | 17,368c | 225c | 1.28 |
| 30-Jul | 17,593c | 210c | 1.18 |
| 29-Jul | 17,803c | 59c | 0.33 |
| 28-Jul | 17,744c | 288c | 1.60 |
| 27-Jul | 18,032c | 0 | 0 |
Stock Checklist
Price is above from 52 week high low average: 1%
Stock is trading above all short term SMAs: NO
Stock is trading above all long term SMAs: NO
Stock is Consistently Improving Long Term: NO
FII purchased in last quarter: NO
Promoters are buying the stock: NO
Mutual Fund Holdings
Held by 202 fund scheme(s) across 26 fund house(s) as of Aug26 · Total value ₹8,554 Cr · 24 increasing / 133 decreasing · View in MF Pro →
| Fund House | Schemes | Weight % | Change | Value (Cr) |
|---|---|---|---|---|
| Nippon India Mutual Fund | 12 | 0.82% | -0.09% | 2307.1 |
| DSP Mutual Fund | 20 | 0.86% | -0.11% | 1472.1 |
| HDFC Mutual Fund | 16 | 0.28% | -0.02% | 1036.4 |
| SBI Mutual Fund | 10 | 0.48% | -0.17% | 645.6 |
| Franklin Templeton Mutual Fund | 8 | 0.95% | -0.04% | 601.3 |
| UTI Mutual Fund | 20 | 0.71% | -0.09% | 586.6 |
| Bandhan Mutual Fund | 18 | 0.49% | -0.03% | 582.8 |
| Sundaram Mutual Fund | 12 | 0.85% | -0.15% | 404.1 |
| Aditya Birla Sun Life Mutual Fund | 8 | 0.38% | -0.13% | 289.2 |
| Kotak Mahindra Mutual Fund | 8 | 0.52% | -0.07% | 173.5 |
| NJ Mutual Fund | 4 | 1.23% | - | 142.6 |
| ICICI Prudential Mutual Fund | 10 | 0.42% | -0.20% | 98.2 |
| Bajaj Finserv Mutual Fund | 4 | 0.60% | +0.20% | 51.9 |
| Tata Mutual Fund | 6 | 0.62% | -0.10% | 48.9 |
| Bank of India Mutual Fund | 4 | 1.43% | -0.32% | 46.7 |
| quant Mutual Fund | 2 | 0.06% | -0.02% | 43.4 |
| Motilal Oswal Mutual Fund | 8 | 0.14% | -0.06% | 12.2 |
| Shriram Mutual Fund | 10 | 0.48% | +0.39% | 3.9 |
| Axis Mutual Fund | 4 | 0.25% | -0.05% | 2 |
| Edelweiss Mutual Fund | 2 | 0.36% | -0.10% | 1.9 |
| Jio BlackRock Mutual Fund | 1 | 0.37% | -0.08% | 1.4 |
| Groww Mutual Fund | 4 | 0.12% | -0.06% | 1.3 |
| Navi Mutual Fund | 6 | 0.38% | -0.22% | 0.6 |
| Angel One Mutual Fund | 2 | 0.03% | - | 0 |
| Mirae Asset Mutual Fund | 2 | 0.04% | - | 0 |
| Zerodha Mutual Fund | 1 | 0.20% | - | 0 |