Sensex vaults 4.75% in 6 trading sessions

Indian stocks today, 27 January 2012, played a catch up with rally in Asian stocks on Thursday, 26 January 2012, triggered by Federal Reserve's pledge at the end of a two-day policy meeting on Wednesday, 25 January 2012, to keep US interest rates at ultra-low levels until late 2014. India's stock market was closed on Thursday, 26 January 2012, on account of Republic Day. Key benchmark indices surged to attain their highest closing level in more than 11 weeks. The barometer index, BSE Sensex, jumped 156.80 points or 0.92%, up close to 125 points from the day's low and off about 25 points from the day's high. Data showing stepping up of buying of Indian stocks by foreign funds underpinned sentiment. The market breadth was strong.



The Sensex advanced for the sixth day in a row today, 27 January 2012. From a recent low of 16,451.47 on 18 January 2012, the Sensex has jumped 782.51 points or 4.75% in six trading sessions. The Sensex has jumped 1,779.06 points or 11.51% so far in this month. From a 52-week high of 19,811.14 on 6 April 2011, the Sensex has lost 2,577.16 points or 13%. From a 52-week low of 15,135.86 on 20 December 2011, the Sensex has risen 2,098.12 points or 13.86%.

Coming back to today's trade, index heavyweight Reliance Industries (RIL) rose more than 3%. Another index heavyweight L&T jumped nearly 4%. Metal stocks gained as LMEX, a gauge of six metals traded on the London Metal Exchange gained 2.36% on Thursday, 26 January 2012. Canara Bank fell after posting weak Q3 December 2011 results. Bank of India rallied as the state-run bank's 3rd quarter net profit rose. IT stocks edged higher after the Federal Reserve indicated that it would keep rates in the US at ultra-low levels until late 2014 to support US economic recovery. Two wheeler makers dropped.

The market surged to 10-1/2-week high at the onset of the trading session. The market regained strength after trimming gains after a firm opening to hit fresh intraday low in morning trade. The Sensex traded off highs in mid-morning trade. The market regained strength after hitting fresh intraday low in mid-morning trade. The market was range bound in afternoon trade. The market strengthened in mid-afternoon trade.

Foreign institutional investors (FIIs) have made heavy purchases of Indian shares this month. FIIs bought shares worth Rs 1147.01 crore on Wednesday, 25 January 2012, as per provisional data from the stock exchanges. FII inflow totaled Rs 1948.29 crore in two trading sessions on 24 and 25 January 2012, as per provisional data from the stock exchanges. FIIs have bought shares wroth a net Rs 7777.94 crore this month so far (till 25 January 2012), as per provisional data from the stock exchanges.

The BSE Sensex jumped 156.80 points or 0.92% to settle at 17,233.98, its highest closing level since 9 November 2011. The index jumped 179.79 points at the day's high of 17,258.97 in early trade. The index rose 29.39 points at the day's low of 17,106.57 in mid-morning trade.

The S&P CNX Nifty jumped 46.40 points or 0.9% to settle at 5,204.70, its highest closing level since 9 November 2011. The index hit a high of 5,217 in intraday trade. The index hit a low of 5,162.40 in intraday trade.

The BSE Mid-Cap index rose 0.66% and underperformed the Sensex. The BSE Small-Cap index gained 1.3% and outperformed the Sensex.

BSE clocked turnover of Rs 2745 crore, lower than Rs 2794.96 crore on Wednesday, 25 January 2012.

The market breadth, indicating the overall health of the market, was strong. On BSE, 1,793 shares advanced and 1,102 shares declined. A total of 116 shares were unchanged.

Among the 30-member Sensex pack, 16 gained while the rest declined.

Index heavyweight Reliance Industries (RIL) rose 3.48%, with the stock gaining for the third straight day after the company announced share buyback schedule. RIL early this week said that its share buyback programme will begin on 1 February 2012 and close on 19 January 2013. Its controlling shareholders, who own 44.7% of the equity, will not participate in the offer. RIL had said last week that it will buyback up to 12 crore shares at a maximum price of Rs 870 and payable in cash upto an aggregate amount not exceeding Rs 10440 crore from the open market through stock exchanges.

RIL's net profit fell 13.6% to Rs 4440 crore on 40.2% growth in turnover to Rs 87480 crore in Q3 December 2011 over Q3 December 2010. RIL announced the results after trading hours on Friday, 20 January 2012.

Oil exploration stocks rose as oil traded near one-week high amid signs of economic recovery in the US, the world's biggest crude consumer. Cairn India, Oil India and ONGC rose by between 0.84% to 2.22%. Higher crude oil prices will result in higher realizations from crude sales for oil exploration firms.

Essar Oil rose 0.24% after company announced during market hours today about commencement of production of viscosity grade bitumen from its Vadinar refinery. Essar Oil has successfully produced superior performance VG grade bitumen (VG 30) by processing a judicious mix of crudes and blending components, the company said. The Vadinar refinery is equipped with a state-of-the-art laboratory, which is dedicated to developing superior grade petro products that find acceptance in both domestic and international markets, Essar Oil said.

Lalit Gupta, MD & CEO, Essar Oil, said: "Apart from transport fuels, we manufacture a range of products at our Vadinar refinery that cater to various industry segments. With the commencement of VG grade of bitumen, Essar Oil will be in a position to cater to the infrastructure sector and offer a superior performance product at competitive rates. We are also very close to starting pet coke production at the refinery that will commence soon after we complete the Phase I expansion in March 2012."

India's largest engineering and construction firm by sales, L&T, rose 3.76%, with the stock extending recent strong gains triggered by good Q3 results. The company announced during market hours on Monday, 23 January 2012, that recurring profit after tax (PAT) rose 22% to Rs 992 crore on 23% growth in gross revenue to Rs 14155 crore in Q3 December 2011 over Q3 December 2010. The company said that order inflow rose 28% to Rs 17129 crore in Q3 December 2011 over Q3 December 2010. The company's order book stood at Rs 145768 crore as on 31 December 2011.

Power equipment major Bharat Heavy Electricals (Bhel) fell 2.84%. The company announced after market hours today that net profit rose 2.09% to Rs 1432.61 crore on 19.21% growth in total income to Rs 10939.10 crore in Q3 December 2011 over Q3 December 2010.

Power generation major NTPC fell 0.54%. The company announced after market hours today that net profit fell 10.16% to Rs 2130.39 crore on 14.68% rise in total income to Rs 16245.42 crore in Q3 December 2011 over Q3 December 2010.

Tata Communications fell 1.36%. The company reported a consolidated net loss of Rs 153.06 crore in Q3 December 2011, lower than net loss of Rs 181.38 crore in Q3 December 2010. Net sales rose 19.4% to Rs 3604.10 crore in Q3 December 2011 over Q3 December 2010.

Metal stocks rose as LMEX, a gauge of six metals traded on the London Metal Exchange gained 2.36% on Thursday, 26 January 2012. Sail, Hindustan Zinc, Hindalco Industries, Sterlite Industries, NMDC, Nalco and Bhushan Steel rose by between 1.69% to 7.02%.

Tata Steel rose 3.09%. In light of weak European demand for its tube products, Tata Steel on Wednesday, 25 January 2012, proposed a recovery plan for its tubes business that may result in 200 job losses at four sites in the UK and the Netherlands. The plan will focus on efficiency improvements and cost reductions with the aim of enabling the business to withstand the current weak economic conditions and restore the division back to profitability, the company said. The company said it would seek to minimize the impact of the recovery plan on its employees. "Our goal is to secure a sustainable tubes business which will not only weather the current economic storm, but can prosper in the future," said Remco Blaauw, managing director of Tata Steel's European tube business

Sesa Goa jumped 6.85%. The company's consolidated net profit fell 35.1% to Rs 691.52 crore on 16.4% rise in net sales to Rs 2604.28 crore in Q3 December 2011 over Q3 December 2010. The company announced Q3 results after market hours on Wednesday, 25 January 2012.

Sesa Goa said expansion of pig iron capacity to 625 ktpa and the associated expansion of metallurgical coke capacity to 560 ktpa are nearing completion for commissioning in current quarter, marginally behind expected timelines on account of construction delays.

IT stocks rose after the Federal Reserve indicated that it would keep rates in the US at ultra-low levels until late 2014 to support US economic recovery. US is the biggest outsourcing market for the Indian IT firms. India's largest software services exporter by revenue TCS rose 1.1%, with the stock gaining for the third straight day. TCS, last week, reported 21.8% growth consolidated net profit to Rs 2803 crore on 13.5% growth in revenue to Rs 13204 crore in Q3 December 2011 over Q2 September 2011.

The company's management at a post-result conference call said that out of a total of 130 discretionary projects that the company is pursuing, 50% are facing delays in decision making even as there are no project cancellations so far. The management also said that out of a total of 120 top clients surveyed, two-thirds have flat or marginally increased budgets and remaining one-thirds has reduced budgets. The company said the pipeline is intact but discretionary spend may lag ramp up in volumes in Q4 March 2012.

India's second largest software services exporter by revenue Infosys gained 2.29%, with the stock gaining for the fourth straight day. The company has given a muted guidance for Q4 March 2012. The company has projected a marginal 1.25% growth in non-annualised earnings per American Depositary Share at $0.81 in Q4 March 2012 over Q3 December 2011. The company has projected a flat to 0.22% growth in consolidated revenue in dollar terms at $1.806 billion to $1.81 billion in Q4 March 2012 over Q3 December 2011.

India's third largest software services exporter by revenues Wipro fell 0.19%. Wipro, last week, reported 12% growth in consolidated net profit to Rs 1456.40 crore on 10% growth in sales to Rs 9997.20 crore in Q3 December 2011 over Q2 September 2011. Wipro expects revenues from IT services business to grow 1% to 3% at $1.52 billion to $1.55 billion in Q4 March 2012 over Q3 December 2011.

Meanwhile, the rupee touched a two-and-a-half month high against the dollar on Friday, aided by firm local shares. A firm rupee adversely affects operating profit margins of IT firms as the sector derives a lion's share of revenue from exports.

Dr Reddy's Laboratories fell 0.23%. The company clarified during market hours today that the media reports highlighting the company's troubles with the US health authorities related to certain promotional material for Fondaparinux Sodium are misleading. The company said it had received a communication from the Division of Professional Promotion (DPP), US FDA, directing the company for changes related to certain promotional material for Fondaparinux Sodium for injection. Dr Reddy's Laboratories said it has already addressed all matters raised by the DPP, US FDA, in the letter issued on 10 January 2012. The DPP informed Dr. Reddy's Laboratories on 24 January 2012 that the matters are now considered closed.

Petronet LNG rose 0.03% after net profit surged 72.8% to Rs 295.38 crore on 74.5% growth in net sales to Rs 6330.25 crore in Q3 December 2011 over Q3 December 2010.

Sugar stocks extended recent gains on reports Prime Minister Manmohan Singh has constituted an Expert Committee under the Chairmanship of Dr. C. Rangarajan, Chairman Economic Advisory Council to the Prime Minister, to examine issues relating to the sugar sector. Shree Renuka Sugars, Bajaj Hindusthan and Balrampur Chini Mills rose by between 4.34% to 6.66%. The committee will look into all the issues relating to de-regulation of the sugar sector and it has been requested to complete its task as early as possible and give its recommendations to the Prime Minister.

Bank stocks were mostly lower on worries of rising defaults in a slowing economy. Bank of Baroda fell 3.84%, with the stock extending Wednesday's 1.24% losses as the ratio of bad loans rose. The state-run bank's ratio of net non-performing assets (NPAs) as on 31 December 2011 was at 0.51%, higher than 0.47% as on 30 September 2011 and 0.36% as on 31 December 2010. The state-run bank announced during market hours on Wednesday that net profit rose 20.67% to Rs 1289.85 crore on 39.08% increase in total income to Rs 8821.32 crore in Q3 December 2011 over Q3 December 2010. The bank's capital adequacy ratio as on 31 December 2011 was 13.45% as against 12.45% as on 31 December 2010.

Kotak Mahindra Bank fell 0.44%. Consolidated net profit rose 20.61% to Rs 462.62 crore on 16.88% increase in total income to Rs 3123.30 crore in Q3 December 2011 over Q3 December 2010. The result was announced during trading hours on Monday.

India's largest private sector bank by branch network ICICI Bank rose 1.08% in volatile trade. The bank unveils Q3 results on 31 January 2012.

India's second largest bank by net profit HDFC Bank shed 1.33%. HDFC Bank last week reported 31.4% growth in net profit to Rs 1429.70 crore on 35.6% increase in total income to Rs 8622.64 crore in Q3 December 2011 over Q3 December 2010.

HDFC Bank said its core CASA deposit ratio, adjusted for one-off current account balance of about Rs 4000 crore, was at 47.7% of total deposits as on 31 December 2011. The private sector bank said its asset quality remains healthy. The bank's capital adequacy ratio (CAR) remained strong at 16.3% as on 31 December 2011, against the regulatory minimum of 9%. The bank's Tier-I CAR was 11.2% as on 31 December 2011.

India's largest commercial bank by net profit and branch network State Bank of India (SBI) fell 0.68% on profit taking after recent sharp gains. SBI has received Finance Ministry's approval for a capital infusion of Rs 6000 crore to Rs 8000 crore, a television channel reported early last week, citing the bank's chairman. The capital infusion will be made by 31 March 2012, Pratip Chaudhuri was reported as saying.

Axis Bank rose 1.51%, with the stock extending recent strong gains. Net profit rose 23.66% to Rs 1102.27 crore on 44.54% increase in total income to Rs 7206.77 crore in Q3 December 2011 over Q3 December 2010. The result was announced during trading hours on 20 January 2012.

Canara Bank fell 3.23% after net profit fell 20.82% to Rs 875.56 crore on 33.31% increase in total income to Rs 8591.15 crore in Q3 December 2011 over Q3 December 2010. The result was announced during trading hours today, 27 January 2012.

Bank of India jumped 3.17% after net profit rose 9.64% to Rs 716.15 crore on 30.85% increase in total income to Rs 8002.27 crore in Q3 December 2011 over Q3 December 2010. The result was announced during trading hours today, 27 January 2012.

At its third quarter policy review on Tuesday, 24 January 2012, RBI scaled down non-food bank credit growth projection to 16% for 2011-12 from 18% earlier. RBI said that non-food bank credit growth moderated from 21.3% at end-March 2011 to 15.7% by end-December 2011. Credit deceleration was particularly sharp for public sector banks, with growth moderating from 21% to about 15% during the same period, RBI said.

FMCG stocks fell on profit taking. ITC, Hindustan Unilever and Marico fell by between 0.51% to 1.97%.

Auto shares were mixed. India's largest tractor maker by sales Mahindra & Mahindra (M&M) rose 1.68%.

India's largest truck maker by sales Tata Motors rose 4.1%, with the stock extending Wednesday's 3.78% rally. Tata Motors' global sales rose 33% to 99,853 units in December 2011 over December 2010. Its UK-based Jaguar Land Rover unit sold 30,981 vehicles in December, up 45% from a year earlier. Sales of Jaguar sedans grew 9% to 4,726 autos while those of Land Rover sport-utility vehicles surged 54% to 26,255 units. Tata Motors said it sold 48,099 trucks and buses globally in December, up 28% from a year earlier.

India's largest car maker by sales Maruti Suzuki India gained 1.88% in volatile trade. Maruti Suzuki unveiled its youngest brand A-Star in a revamped form today. The retail sales of the new refreshed A-star will begin from 27 January 2012.

Maruti Suzuki's Chairman R.C. Bhargava said recently that the steep fall in the company's Q3 December 2011 earnings represents the bottom of a period of bad news and that the company would fare better in Q4 March 2012. Maruti's net profit fell 63.6% to Rs 205.60 crore on 17.4% decline in net sales (net of excise) to Rs 7663.60 crore in Q3 December 2011 over Q3 December 2010. The company announced the results during trading hours on Monday, 23 January 2012.

Maruti Suzuki said its total vehicle sales in the domestic market declined 29.43% to 2.11 lakh units in Q3 December 2011 over Q3 December 2010. Total exports fell 11.02% to 27,725 units. Maruti said vehicle sales during the quarter were impacted by sluggish market conditions caused by higher fuel prices and interest rates. Additionally, the company lost around 40,000 units in production due to labour unrest at the Manesar plant. The company said depreciation of rupee during the quarter adversely impacted the bottomline through higher cost of imports for the company and its vendors and royalty.

Two wheeler makers dropped. India's second largest bike maker by sales Bajaj Auto fell 3.07%. Profit after tax (PAT) jumped 19% to Rs 795 crore on 21% growth in turnover to Rs 5154 crore in Q3 December 2011 over Q3 December 2010. The company said PAT before exceptional items jumped 25% to Rs 834 crore in Q3 December 2011 over Q3 December 2010. The company announced the results during trading hours on 19 January 2012.

Bajaj Auto said in a challenging business environment, the company has improved its operating EBITDA margin from 20.1% in Q2 September 2011 to 21% in Q3 December 2011. The improvement in margin was primarily due to higher realization from exports. The company said its operating EBITDA margin of 21% is the best in the industry.

Bajaj Auto said sales of motorcycles during the festive season were satisfactory. However, towards the end of November 2011, the industry witnessed a slowdown, the company said. The company said the overall demand for commercial vehicles remains strong. Bajaj Auto said exports sales continue to be robust and ahead of the company's plan. Overseas markets now contribute over 35% of Bajaj Auto's vehicle sales. Bajaj Auto said it is on course to exceed its target of 1.5 million of exports for the year ending March 2012 (FY 2012).

India's largest two-wheeler maker by sales Hero MotoCorp fell 2.21%, with the stock extending Wednesday's 1.43% losses. During market hours on 19 January 2012, the company reported 42.89% growth in net profit to Rs 613.03 crore 16.85% growth in turnover to Rs 6031.45 crore in Q3 December 2011 over Q3 December 2010. Hero MotoCorp said it notched up highest ever quarterly turnover (net sales plus other operating income) in Q3 December 2011.

Realty stocks dropped. Orbit Corporation, DLF, Unitech and HDIL fell by between 1.34% to 3.69%.

Ranbaxy Laboratories slumped 6.62% after company on Thursday, 26 January 2012, announced that the consent decree with the US Food and Drug Administration (FDA) that was signed on 20 December 2011 has been filed with the United States District Court for the District of Maryland. Under the terms of the consent decree, which is subject to approval by this Court, Ranbaxy has committed to further strengthen procedures and policies to ensure data integrity and to comply with current good manufacturing practices, Ranbaxy said in a statement.

Commenting on the development, Arun Sawhney, CEO & Managing Director, Ranbaxy Laboratories said, "Today's announcement is the next step in the process of finalizing our agreement with the FDA to resolve this legacy issue. We are pleased with the progress we have made in upgrading and enhancing the quality of our business and manufacturing processes and remain committed to ensuring that all of our facilities and products meet the high standards that patients, prescribers and the public have come to expect from Ranbaxy. As one of the premier global generic pharmaceutical companies, all of our efforts are focused on continuing to provide safe, effective and affordable products to consumers around the world".

Prraneta Industries clocked highest volume of 2.98 crore shares on BSE. Cals Refineries (1.78 lakh shares), Suzlon Energy (1.07 lakh shares), GVK Power & Infrastructure (98.85 lakh shares) and Indiabulls Real Estate (52.88 lakh shares) were the other volume toppers in that order.

SBI clocked highest turnover of Rs 87.46 crore on BSE. Tata Motors (Rs 83.71 crore), RIL (Rs 81.22 crore), L&T (Rs 74.42 crore) and Tata Steel (Rs 71.13 crore) were the other turnover toppers in that order.

Investors' focus is currently on Q3 results. LIC Housing Finance, and Indian Bank unveil Q3 results on 30 January 2012. ICICI Bank, Punjab National Bank, IDBI Bank, Dabur India, TVS Motor, NMDC and Siemens unveil quarterly results on 31 January 2012.

Mahindra Satyam unveils Q3 results on 1 February 2012. ONGC, Marico, RCF and Corporation Bank announce Q3 results on 2 February 2012. Dr. Reddy's Laboratories, Power Finance Corporation, Hindustan Copper and HPCL report Q3 results on 3 February 2012. Hindustan Unilever, National Aluminium Company and India Cements announce Q3 results on 6 February 2012.

Mahindra & Mahindra and GMR Infrastructure unveil Q3 results on 7 February 2012. Power Grid Corporation of India unveils Q3 results on 8 February 2012. Hindalco, ACC and Ambuja Cements unveil quarterly results on 9 February 2012. Tata Power, BPCL, Britannia Industries and Sun TV Network unveil Q3 results on 10 February 2012. Aditya Birla Nuvo and Ashok Leyland announce Q3 results on 11 February 2012. Steel Authority of India (Sail) unveils Q3 results on 13 February 2012. Shipping Corporation of India announces Q3 results on 14 February 2012.

Food inflation in India remained in negative territory in the second week of January, mainly due to base effect and seasonal factors, data released by the government showed on Friday, 27 January 2012. Food inflation shrank by 1.03% in the week ended 14 January 2012, after shrinking by 0.42% in the preceding week. Inflation in the Primary Articles group declined to 1.89% in the week under review, from 2.47% in the week ended 7 January 2012. Inflation in the Fuel & Power group stood at 14.45% in the week ended 14 January, unchanged from the previous week.

The Reserve Bank of India (RBI) took liquidity easing measures by cutting the cash reserve ratio (CRR) requirement for banks by 50 basis points to 5.5% from 6% at Third Quarter Review of Monetary Policy 2011-12 on Tuesday, 24 January 2012. The central bank said that as a result of the reduction in the CRR by 50 basis points, around Rs 32000 crore of primary liquidity will be injected into the banking system. The central bank said the large structural deficit in the system presents a strong case for injecting permanent primary liquidity into the system.

The RBI kept its key lending rate viz. the repo rate unchanged at 8.5%. RBI has cut the baseline projection of GDP growth for 2011-12 to 7% from 7.6%. The growth-inflation balance of the monetary policy stance has now shifted to support growth, while at the same time ensuring that inflationary pressures remain contained, the central bank said.

The reduction in CRR can be viewed as a reinforcement of the guidance that future rate actions will be towards lowering interest rates, RBI said. However, the timing and magnitude of future rate actions is contingent on a number of factors, RBI said. In the absence of credible fiscal consolidation, the Reserve Bank of India will be constrained from lowering the policy rate in response to decelerating private consumption and investment spending, it said. The forthcoming Union Budget must exploit the opportunity to begin this process in a credible and sustainable way, the RBI said.

The budget for 2012/13 ending March will be presented after elections scheduled in five states, Finance Minister Pranab Mukherjee said on 2 January 2012. State elections are scheduled between the end of January and early March 2012. The annual budget is usually presented on the last working day of February. The Election Commission on 24 December 2011 announced the dates for the assembly polls in Uttar Pradesh, Punjab, Uttarakhand, Manipur and Goa. Uttar Pradesh will have polling on February 4, 8, 11, 15, 19, 23 and 28, while Uttarakhand and Punjab will go to polls on January 30. Manipur will have polls on January 28 and Goa on March 3.

European stock markets edged lower Friday, as investors paused for breath following strong gains, but increasing uncertainty around reaching a Greek debt swap agreement continued to hamper sentiment. Key benchmark indices in France, and UK shed by between 0.04% to 0.11%. Germany's DAX was up 0.37%.

Asian stocks were mostly higher in volatile trade on Friday, 27 January 2012 after Japanese Prime Minister Yoshihiko Noda said he expects the central bank to take bold policy actions to address the yen's strength. Key benchmark indices in Indonesia, Singapore, Hong Kong and South Korea rose by between 0.07% to 0.75%. Japan's Nikkei Average fell 0.09%.

Japan's consumer prices fell for a third month in December while confidence among South Korean manufacturers was close to the lowest level since July 2009, according to reports released today.

The mainland Chinese markets are closed for the whole of this week. The stock market in Taiwan which has been shut since 19 January 2012 for Lunar New Year holidays remained closed for the whole of this week.

Trading in US index futures indicated that the Dow could gain 28 points at the opening bell on Friday, 27 January 2012. US stocks dropped on Thursday, following some mixed economic data, with new home sales notably weak. Conference Board reported its leading economic index rose 0.4% in December, below market estimates of a 0.7% rise, while the US Commerce Department said new home sales in December unexpectedly fell 2.2%, compared with an anticipated increase of 1.9%.

The Federal Reserve delivered Wednesday on a promise of greater transparency on its policy outlook, giving a forecast that the interest rate it controls will stay low into the year 2014. Previously, the Fed had said it would keep its short-term interest rate low through the middle of 2013. In releasing its forecast, the central bank, for the first time, divulged the individual forecasts of its policy committee members on such things as the expected direction of interest rates over the next several years. That information, the Fed hopes, will help to convey its policy intentions more accurately to investors and the public. The Fed also offered an official target for consumer price inflation -- 2% a year -- in its policy statement, a number consistent with guidelines the Fed has given in the past.