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| Public issue of IDBI Flexibonds from today Excelsior Correspondent JAMMU, Nov 30: The public issue of IDBI Flexibonds 19 (series 2004A), for raising an amount of Rs 300 crore with an.........more Inflation
increases NEW DELHI, Nov 30: Triggered by a rise in the price of textiles, minerals, electricity and edibles, the annual rate of....more Stocks
seen marching MUMBAI, Nov 30: Share prices are expected to swing further up during the week as the smooth rolling over of November.....more Employees
up in NEW DELHI, Nov 30: The employees of the National Building Construction Corporation (NBCC) are up in arms against......more |
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DCM investment helped awaken shareholders: Paul LONDON, Nov 30: NRI industrialist Lord Swraj Paul has said his controversial investment in DCM and escorts during the....more Ambani
pledges KOLKATA, Nov 30: Billionaire Indian entrepreneur Mukesh Ambani has announced a donation of two million dollars to.....more Bonanza
offers, rebates: CHENNAI, Nov 30: Industry players and consumer activists have locked horns over bonanza offers, discount sale and.......more SEBI
corporate governance NEW DELHI, Nov 30: The final report of the N R Narayana Murthy committee on corporate governance constituted by Securities and Exchange Board on India (SEBI) will be submitted on.......more |
Public issue of IDBI Flexibonds from today Excelsior Correspondent JAMMU, Nov 30: The public issue of IDBI Flexibonds 19 (series 2004A), for raising an amount of Rs 300 crore with an option to retain over subscription up to Rs 300 crore, will open for subscription from December 1 to 17. Four instruments, with attractive coupon rates, on offer are; IDBI Infrastructure (Tax Saving ) Bond, IDBI Money Multiplier Bond, IDBI Retirement Bond and IDBI Regular Income Bond. The minimum amount of investment has been kept at Rs 5000 per bond in the case of IDBI Infrastructure (Tax saving )Bond and IDBI Money Multiplier Bond; Rs 30000 for six bonds in the case of investment in IDBI Retirement Bond; Rs 10000 ( 2 bonds) in the case of IDBI Regular Income Bond ( option A, C and E). Under option B and D of IDBI Regular Income Bond, the minimum amount of investment is Rs 30,000 (6 bonds). In Jammu and Kashmir, the appointed bank centres for collection are Union Bank of India (Raghunath Bazar), Jammu, United Commercial Bank (Budshah Chowk), Srinagar and United Commercial Bank (Main Bazar), Udhampur as also local office of IDBI in Jammu (Grid Bhawan, Rail Head Complex). For more details, the investors may refer to principal terms of bonds and offer documents. All the prior issues of flexibonds of IDBI were oversubscribed, reflecting the sustained confidence and trust of the investors in IDBI bonds. |
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Inflation increases to 5.12 pc NEW DELHI, Nov 30: Triggered by a rise in the price of textiles, minerals, electricity and edibles, the annual rate of inflation rose to 5.12 per cent for the week ended November 15 compared to 4.88 per cent for the previous week. It was 3.39 per cent during the same period last year. The rate is higher than the prediction made by the Reserve Bank of India in its mid-term credit policy. The Central Bank has predicted the rate to be between 4-4.5 per cent this fiscal. The Wholesale Price Index (base 1993-94) rose by 0.2 per cent to 176.5 from its previous week’s level of 176.1 per cent. The indices for manufactured products and fuel, power, light and lubricants rose to 156.8 and 253.6, respectively. The index for food products group rose by 0.4 per cent to 165.1 due to higher prices of oil cakes and coconut oil (2 per cent each) and rape and mustard oil and imported edible oil (1 per cent each). However, the prices of gur (7 per cent), and groundnut oil and ghee (1 per cent each) declined. The index for textile group rose by 1.4 per cent to 133.7 from 131.9 due to higher prices of woollen yarn (8 per cent), cotton yarn-hanks (6 per cent), and polyester staple fibre (2 per cent). Due to increase in the prices of enamelled copper wires (4 per cent), the index for machinery and machine tools group rose by 0.1 per cent to 133. Higher prices of acids and hair oil (5 per cent each), liquid chlorine (3 per cent) and caustic soda (1 per cent) resulted in a marginal increase in the index for chemicals and chemical products group to 176.6. The index for non-metallic mineral products group rose by one per cent to 147.9 due to higher prices building bricks and cement (2 per cent each). Higher prices of other aluminium material and brass sheets and strips (4 per cent each), aluminium bars and rods (3 per cent), zinc (2 per cent) and aluminium ingots and aluminium sheets and strips (1 per cent each) resulted in 0.1 per cent increase in index for basic metal alloys and metal products to 171.2. The index for primary articles was up by 0.1 per cent to 183.7 as the index for food articles remained intact at its previous week’s level of 186. However, the items for which the index showed variations during the week included arhar ("4 per cent ), maize ("2 per cent), fruits and vegetables, eggs and pork ("1 per cent), tea (-5 per cent), moong and fish marine (-2 per cent each) and bajra, ragi, masur and condiments and spices (-1 per cent each). The index for non-food articles group surged by 0.3 per cent to 183 due to higher prices of gingelly seed (8 per cent), raw silk (3 per cent), linseed, castor seed, rape and mustard seed and raw jute (2 per cent each) and copra (1 per cent). However, the prices of fodder (3 per cent) and cotton seed, tobacco and safflower fell by a per cent each. The index for mineral group rose by 1 per cent to 117.4 from 116.2 for the previous week due to higher prices of chromite (19 per cent), fire clay (16 per cent) and magnesite (7 per cent). However, the prices of steatite declined by 18 per cent. Marginal increase in the prices of electricity has resulted in the index for fuel, power, light and electricity rising to 253.6 from 253.3 for the previous week. The final inflation rate for the week ended September 20 stood at 5.02 per cent against 4.72 (provisional) and the final wholesale price index during the week stood at 175.6 against 175.1 (provisional). (UNI) |
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Stocks seen marching ahead as sentiment remains bullish MUMBAI, Nov 30: Share prices are expected to swing further up during the week as the smooth rolling over of November contracts, the cease-fire between India and Pakistan as well as the strong weekend global recovery would continue to boost investor confidence, brokers said. The Bombay Stock Exchange (BSE) sensex which blasted past the psychological barrier of 5,000 mark to 5044.82 points in the previous week, may see further rallying by about 200 points during early this week, before turning to correction mood, Summet Lala, analyst at the asit C Mehta intermediaries said. Foreign fund inflows which have once again shown a positive trend after a brief net selling initially in the previous week, could also step up buying, he added. In the bygone week, equities across the board, rose sharply on sustained buying support by domestic institutional investors and local operators. Foreign funds, which were net sellers initially in the week, later resorted buying after the sentiment turned bullish following the rollover of the November contracts to the next month and the cease-fire announcement at Indo-Pak border, which strengthened the prospects of stability in the region, brokers said. The 30-share BSE sensitive sensex closed the week at 206.28 points or 4.28 per cent higher at 5,044.82 points, while the S P CNX Nifty of the National Stock Exchange (NSE) jumped 74.55 points (4.83 per cent) to end at 1,615.25. Software stocks posted sharper gains in the overall bullish market with the BSE teck jumping by 65.69 points or 6.09 per cent to 1145.16 points. The falling rupee against the US dollar and signs of recovery in the US economy which improved the domestic software companies outlook, encouraged players to buy software shares heavily. Tech stocks posted gains with Wipro rising 6.05 per cent to Rs 1,538.90, Infosys tech 5.40 per cent to Rs 4,924.50, Satyam Computer up 5.04 per cent to Rs 330.05), HCL tech 6.23 per cent to Rs 269.50 and I-flex solutions 11.53 per cent to Rs 802.20. In the old economy heavy-weights reliance, I T, Hindalco, Bajaj Auto, MTNL and Tata Steel were the major gainers, that helped the sensex’s rally. Cement, steel, auto and aluminum, stocks also posted smart gains on reports of price hike in metals, cement and auto companies. Among the major gainers of the week, I T surged up by 9.84 per cent to Rs 401.80, Gujarat Ambuja cements 2.48 per cent up at Rs 280.90, grasim 5.33 per cent up at Rs 899.50, Tata steel 4.86 per cent up at Rs 361.05, Sail 6.19 per cent up at Rs 42.05, Hindalco 5.53 per cent up at Rs 1,240.45, (UNI) |
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Employees up in arms against NBCC sell off NEW DELHI, Nov 30: The employees of the National Building Construction Corporation (NBCC) are up in arms against its proposed disinvestment and have threatened to intensify their agitation if the sell off plan is not put on hold. The NBCC employees joint fourm has sent a memorandum to Prime Minister Atal Bihari Vajpayee seeking his intervention to stall the disinvestment of the company, essentially engaged in the Government construction. Significantly, the forum has enclosed a copy of the letter written by the Ministry of Urban Development to the Disinvestment Ministry, which argued that the disinvestment of NBCC would weaken the Government’s ability to respond to emergent indents for public works. The Urban Development Ministry has proposed a moratorium of five years on the NBCC privatisation. The Government had proposed disinvesting 74 per cent stake in NBCC, retaining the balance 26 per cent. According to the forum, the present order book of NBCC is of the order of Rs 2000 crore and 60 per cent of the orders relate to the works allotted by Government. "Any private bidder may not find any such favour once NBCC is privatised. It is unlikely that the sale of 74 per cent of NBCC equity through competitive bidding will find many takers," it said. (UNI) |
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DCM investment helped awaken shareholders: Paul LONDON, Nov 30: NRI industrialist Lord Swraj Paul has said his controversial investment in DCM and escorts during the pre-liberalisation era in the 1980s helped "awaken" shareholders to their rights. "My investment in DCM and escorts were probably the most controversial happening in Indian business history. The most serious move by them was to refuse to register the shares I purchased. In the end, I think the experience helped awaken the shareholders to their rights," he said in an interview to a Mumbai magazine "men’s world." The DCM takeover bid by the London-based steel Tycoon in the early 80s was among the first such incident which was widely opposed by top Indian industrialists, which subsequently came to be known as the ‘Bombay club’. In a trip down memory lane, the 72-year old chairman of the transnational Coparo group said starting in a new country, Britain, was never easy. "If you are ethnic, you have got to be 120 per cent to be counted as 100 per cent. It is a challenge to any person who is ethnic, in any country," he said. Paul, who is a member of Britain’s House of Lords and Chancellor of Wolverhampton University, said he never felt "mistreated because of my colour." "Britain gains from diversity. All three political parties have accepted this. You will always have a minority whom you can call `racist and ignorant’. I mean, I like to think they are ignorant because all these prejudices originate from ignorance," he said. Paul, who initially landed in Britain for the treatment of his daughter Ambika who subsequently died and later made it his home, attributed his success to "hard work and integrity." Describing late Prime Minister Indira Gandhi as "a friend, almost an elder sister", Paul said, "whatever shortcomings she had, she was an outstanding leader during a difficult era." He said India today had a place in the world because Indians were internationalists. "Because Indians have moved out of India, they have accomplished even more for India than for themselves. There is a better understanding of India. And I give that credit far more to Indians living abroad than people in India would like to give. But that may be because I live here." One of the richest men in Britain, Paul said he is always content. "Whether I had a penny or not, it has never bothered me. Nor have I been extravagant. I still live a very simple life. I don’t think I spend much money on myself. Nor do I have any great interests that costs me any money." As for his Epitaph, the Septuagenarian said, "here was a man who enjoyed life, who enjoyed his work and who enjoyed being with people." (PTI) |
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Ambani pledges two million dollar to Red Cross KOLKATA, Nov 30: Billionaire Indian entrepreneur Mukesh Ambani has announced a donation of two million dollars to the health programmes of the international federation of Red Cross and red crescent societies. Ambani, the Chairman of Reliance Industries Limited, made the announcement at the federation’s general assembly currently taking place in geneva, a RIL spokesperson said here today. His support was inspired by the effectiveness of the Red Cross and red crescent in their response to the Gujarat earthquake two years ago which killed over 20,000 people, Ambani, who chairs the Board of Directors for the Foundation of the International Federation of Red Cross and Red Crescent Societies, said. Urging business corporations to ‘go beyond financial equity to building social equity’, Ambani also pledged to put the six million subscriber base of his it company, Reliance Infocomm, at the service of the Red Cross in India to access millions of citizens and to mobilize their support, he said in a release. "Our target is to raise $25 million for the federation’s programmes over the next five years," Ambani was quoted as saying. Information technology, he said, offered several opportunities to raise resources, co-ordinate response efforts and alleviate human suffering. Ambani stressed that no one agency could respond to all humanitarian needs in a world where one billion people lived in chronic hunger and three billion did not have access to safe water. Against this backdrop, he said, the private sector should be encouraged to improve the lives of the vulnerable in all communities. Ambani said he saw Reliance as representing ‘the hopes of millions of Indians for economic growth and development’ through its businesses in oil and gas, petrochemicals, polyester, plastics, power, life sciences and information technology with group revenues adding up to $17 billion annually. (PTI) |
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Bonanza offers, rebates: More of a fraud? CHENNAI, Nov 30: Industry players and consumer activists have locked horns over bonanza offers, discount sale and promotional contests that have become the order of modern marketing strategies. All because the activists at times find these offers unethical and even liable for heavy punishments. Experts contend that gifts, rebate and the Ilk, as is being practiced in the country, defy consumer laws and are punishable, but industry players seek to justify them as being dictated by market forces. Mr Bharat Jairaj, a city-based consumer activist, notes that such mindboggling offers prompts the buyer to conclude that one is charged with exorbitant prices during off-season. "Buy one, take two free. Buy before Christmas and avail of 70 per cent discount. Bring two wrappers of our brand and win a gold coin. Do these make any business sense? How can you sell a thing at 30 per cent of the normal price and still make profit," he wonders. He finds that it is even worse when the discount is being repeatedly offered. "There are select outlets that offer sale throughout the year. Most of these breach the law. Sadly this does not really matter for the consumer." Businessmen tend to justify the act by saying that this is all about what the market demands. Anything that defies the normal economic laws will not stand long and thus necessarily invite probe, they argue. The consumer protection act terms as "unethical" the practice of offering free any commodity attached to the purchase of the product or including the price of the free good along with transaction, or a lucky draw or lottery attached with the purchase. Strictly speaking, these are cases that deserve punishments. V Pasupathy, a consumer behaviour analyst, observes that the last few years have seen the emergence of new trends regarding discount strategy. The first is about the quantum of value that the retailer is ready to sacrifice to the customer. Second is the frequency of the discount seasons. Chimes in Mr Jairaj: "It is so common to find leading brands of soap, confectionery and even groceries offering contests that fetch prices if the wrappers are brought back." He argues that these are necessarily targetted at boosting sales and hence termed as unfair trade practice that is punishable under law. Mr Pasupathy, detailing the first among the ‘twin trends’ of discount sales, says the discount of late ranges between 30 to 50 per cent, and in some cases even goes up to 70 per cent, thus changing the entire approach of the customer. "The customers have become so used to the 30-50 per cent off the stated price that a 10-15 per cent discount by any brand, which was a big draw till a few years back, goes unnoticed." As a result most of the unorganised markets, like apparels, hike the price before offering discounts, thus faking a discount and fooling the consumer in the absence of a method to locate the price escalation. About the other trend, he said the number of times these discounts were being doled out to the customers in a single year has gone up in the last two to three years. "Not even a single month would have passed when one or the other garment brand would not have put their collection on sale. In fact, a well-known garment company has been coming out with the sale ADs every 2-3 months, which means the brand is offering rebate about four to six times a year," Mr Pasupathy says, noting that this is in contrast to the age-old practice of giving discounts only during a specific sale season. "So, how real are these offers? Are the consumers receiving real value for their purchases? Off-season prices are to be kept high to compensate the offer price," he wonders. A retail behaviour consultant remarks that dropping prices has always been an attractive bait to woo the customers. "But of late it appears that the term discount is more being used apparently to deceive the customers as no real slashing of the price happens" she notes. This strategy is more prevalent in today’s competitive times where shopping malls open face to face with departmental stores, stocking a glut of brands that vie for the attention of the same customer’s limited pocket size. So, the easiest solution comes in the form of offering tempting discounts to lure these value conscious customers. Increasing competition is certainly a reason as to why these kinds of discounts are attracting the customers today. But that apart, another factor which encourages the companies to come out with such price-cut offers is that a few of them have large production capacities or a plethora of brands. Thus, they are not able to sell all their offerings to the customers at the original price. A retail shop manager here says that the firm offers discount sale approximately three to four times a year, and only on the outdated models. "Sometimes, the offer sale clicks well, sometimes it fails badly." There is a feeling that offering a brand very frequently on discount is like stripping it of its image in the market. Also, the higher the number of times a brand is put on sale, the more eroded is customer’s element of excitement. Some of the brands and retail stores make it a point to go on sale only during the end of the season period. Hence, while passing on the discounts to the customers, it is imperative for the companies to understand that the more frequently they shed their prices, the faster their brand loses its image. Yet another issue the customers are bothered is related to the concept of ‘discount upto’. It is at times so deceiving that the rebate is limited to a small set of collections or old ones. Shrugs Jayashree, a consumer: "Anything I select, the shopkeeper says no discount on this. Advertisements conceal most of these trivial issues." In a country with poor concerns for consumer issues, there is absolute lack of moral code. Even though issues like these are punishable by law, the enforcement part has a lot of chinks. Mr Jairaj observes that the punishment to corporates are not linked with the problem. "Suppose a single customer files a suit against a player for a specific reason, the judgment gives relief to that specific customer. The punishments have never been so severe to prevent the corporate indulging into similar actions elsewhere. The law permits punitive damages that can run into several lakh of rupees. But till date the punishments have been so soft towards the corporates like calling back the advertisement or reissue of an ad tendering an apology." But the core issues on the ethic of offers and discounts have never been touched, he laments. Thus, setting up an independent monitoring authority to follow these consumer issues would help a long way. "Until the consumerism picks up in the country, there cannot be much relief. The consumers will have to remain the silent sufferers." (UNI) |
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SEBI corporate governance
committee NEW DELHI, Nov 30: The final report of the N R Narayana Murthy committee on corporate governance constituted by Securities and Exchange Board on India (SEBI) will be submitted on December 10. The committee, headed by Chief Mentor and Chairman of Board of Infosys Technologies N R Narayana Murthy, held its last meeting on November 17 to consider suggestions and representatations received on the revised clause 49 of the listing agreement dealing with pre and post listing disclosures. "We held a meeting on November 17 and report will be submitted on December 10," Mr Murthy told UNI here. The Murthy Committee had submitted its first report to SEBI in February 2003. After inviting comments, the SEBI board accepted some of the suggestions. Based on the recommendations of the committee and public comments received, certain amendments were made in clause 49 of the listing agreement by SEBI through a circular on August 26, 2003. The changes had kicked off a lot of dust with various chambers questioning whether changes can be implemented. The industry groups, after prevailing on the Government to withdraw the Companies Act Amendment bill 2003, targetted the disclosures mandated by SEBI. The regulator was compelled to clarify changes made to clause 49 of the listing rules. For clarifications the Murthy committee was recalled. (UNI) |
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Power workers threaten agitation against new policy LUCKNOW, Nov 30: Even as the Uttar Pradesh Development Council finalised a new power policy for the state, power employees’ unions have threatened an agitation alleging the policy "caters to the needs of the industrialists.". The new policy is likely to get the cabinet approval in the first week of December. This would be the third power policy after the first one introduced in 1994 and the second in 1998. According to Chief Secretary A P Singh, the new policy was adopted by the council here on Thursday night during its third meeting. "Details about the new policy would be available only after the State Cabinet approves it during its meeting slated after December 5 next", he added. He said suggestions of major power players in the country including Tata and Reliance and also FICCI had been taken care of in the new policy. The employees and engineers unions have strongly objected to the new power policy terming it as a mean to benefit private players. The State Power Engineers, who are on warpath demanding promotions and have announced a 24-hour strike on December 4, today maintained the State Government had no authority to draft a new policy. "Before that we would organise protest demonstrations on December 2 by wearing black badges," a release by the Vidyut Karmachari Sanyukt Sangharsh Samiti said. "Under the Electricity Act 2003, any new power policy of the state would be made after an approval from the Central Government, which had constituted two committees on the issue for submitting its report by April 2004," claimed Shailendra Dubey, secretary of the All India Power Engineers Federation. The statement also claimed the new policy would fail to keep the interest of 37 per cent farm sector consumers and power employees. Power department employees demanded Chief Minister Mulayam Singh Yadav consult them before taking the policy to the cabinet. (UNI) |
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India hopes to ink MoU with
Malaysia for SINGAPORE, Nov 30: India is trying to workout an agreement with Malaysia to systematise the exchange of manpower, according to outgoing Indian High Commissioner Veena Sikri. "We are now trying to work out a Government-to-Government MoU which would systematise the exchange of manpower, whether it is it professionals, doctors, executives, engineers or even the general worker category," she said in a farewell party at the Indian High Commission in Kuala Lumpur. Ms Sikri highlighted the police raid on 186 Indian nationals, mostly it experts, in March this year and the detention of 160 Indian nationals by immigration authorities in October this year, saying the problems were a result of "increased interaction" and "active relations" between Malaysia, which has a manpower shortage, and India, which has the world’s "largest or second largest reservoir of trained manpower". She pointed out that India had a system for its people who work in west Asia and had proposed a similar arrangement for Malaysia. During her posting in Kuala Lumpur, Ms Sikri had helped in setting up links between different institutions in both the countries. The Institute of Strategic and International Studies (ISIS) Malaysia and the Indian Council of Affairs were now planning the first Malaysia-India colloquium, she said. She also expects to witness another agreement to set up a chair of contemporary Indian Studies at University Kebangsaan Malaysia and a chair of contemporary Malay studies at the University of Madras in India. "The chairs will provide an opportunity for university students to understand each other’s country, Malaysian media quoted Ms Sikri as saying in Kuala Lumpur. She also disclosed that an Indian Cultural Centre would be open at the High Commission on December 5 to provide a venue to showcase Indian arts and dances. Bilateral trade between both countries has grown to almost 2.467 billion dollars last year. Malaysian construction companies have been awarded over 1.83 billion dollars worth of current projects in India. Malaysians raised 1,451,705 dollars in cash and kind for the earthquake victims in Gujarat as well as sending a Special Malaysian Disaster Assistance and Rescue (SMART) team and volunteers from the Malaysian Medical Relief Society (mercy Malaysia), noted Ms Sikri who leaves the High Commission in December for next posting as High Commissioner to Bangladesh. Rajamani Laxmi Narayan has been appointed as the next High Commissioner to Malaysia. (UNI) |
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Railway provides link to up pilgrim centres ALLAHABAD, Nov 30: The North-Central Railway (NCR) has provided rail links for pilgrims bound to Chitrakoot, Ayodhya, Allahabad, Vindhyachal and Varanasi. The Allahabad-Banda train would now leave Allahabad at 1000 Hrs and reach Banda at 1530 Hrs via Naini, Shankargarh, Manikpur and chitrakoot. On the way back, the train would leave banda at 1620 hrs and arrive in allahabad at 2145 hrs. Chief pro ncr bagish pandey said this train would connect all the important pilgrimage centres in the state and boost tourism, besides providing facility to the devotees. (UNI) Indo-German bilateral trade to increase to 5 b euro in 2003 NEW DELHI, Nov 30: Despite shrinking turnover in Germany’s retail trade and the world economy, the Indo-German Bilateral Trade is expected to cross euro 5 billion (about Rs 26,000 crore) during 2003 as against euro 4.94 billion (Rs 23,000 crore) of 2002. According a a Indo-German Export Promotion Project (IGEP) release here today, German exports to India during this year are expected to be 2.3 billion euro, a decrease by 7 per cent, due to the increased exchange rate of euro. India is expected to have a surplus in the Indo-German bilateral trade. India total exports to Germany is expected to be 2.7 billion euro, an increase of 4 per cent as compared to year 2002. The main reason for increase in Indian exports to Germany was diversification of the export basket. India exports textiles, leather products, carpets, home furnishings, handicrafts, marine foods and tea to Germany. Efforts are on to promote exports of pharmaceuticals and chemicals from India to Germany. India imports hi-tech machinery and engineering goods from Germany. German imports have become dearer for Indian corporates due to depreciation of the rupee against the euro but exporters are benefiting from the currency movement. The net profit margin of Indian exporters, who bill their goods in euro has increased. Dr D Kebschull, IGEP , said the trade performance during 2003 is expected to continue the development which began with the opening up of the Indian economy in the early 90s. Till then, India had a permanent deficit in its trade with Germany. The first surplus India could achieve in its trade with Germany was in 1991. Since then the balance has tilted in favour of India five times till 2002. The significant growth in trade flows reflects the growing importance of Germany as gateway for Indian exporters to continental Europe, Dr Kebschull said. IGEO expects that the role of Germany will further gain importance with the enlargement of the European Union. Germany is the second largest trade partner of India in the EU, second only to the UK. (UNI) |
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