STAFF SELLING SAGA CONTINUES IN SKS MICRO

K V RAO, Exe. V P of SKS Micro has sold 4025 shares of the company valued at Rs14.11 lacs on 28 -06 -11as per the data filed with the exchanges.

 Ashis Damani, V P, has sold 6900 shares on 22/6 and 23/6/11.

This is a clear indication of what future holds for the company.

JUBILIANT FOOD WORKS - UNREALISTIC VALUATION, CMP RS 949 - SELL

The company reported an EPS of Rs 11.20 for FY11. Assuming that the EPS for the year FY12 would be around Rs 20, the shares are trading around 46 times to its forward earnings and at 86 PE on its FY 11 earnings.

This valuation is unrealistic and not sustainable. The company has very limited history of profitability with no dividend track record. The market cap of the company is 9 times its FY11 revenue. Even the RIL, the number 1 company in profitability and market cap does not have this kind of valuation. As against 33lacs shares traded today (NSE), the delivery percentage is less than 7%. The company's name regularly appears in the unwarranted bulk deals that take place in the exchanges. Since the public float is very less ( 58 lacs shares), it appears share price are being manipulated.

INVESTORS ARE ADVISED TO STAY AWAY FROM THE STOCK, AND EXIT THE COUNTER IF THEY HAVE ANY POSITION.

FIIs NET BUY RS 1591CR ON 30-06-11.

TIMBOR SINKS 20%, CIRCUIT FILTER REDUCED TO 10% FROM 01-07-11.

The newly listed Timbor Home which was quoting above the issue price because of un warranted bulk deals and circular trading was down 20 % on the day where the Sensex was up more than 150 points.

NIFTY UP 47 POITNS, RIL, TATAPOWER, L&T AND FMCG STOCKS LEAD THE RALLY

FORTHCOMING IPOS - PCH RETAIL, ASIAN LOGISTICS

NAME OF THE  COMPANY	PCH Retail Limited
PROMOTERS	SARDAR BALVINDER SINGH AND MRS. BALJIT KAUR
ISSUE SIZE	PUBLIC ISSUE OF 1,68,27,000 EQUITY SHARES.
BRLM	BOB Capital Markets Limited
REGISTRAR	Bigshare Services Pvt. Ltd.

NAME OF THE  COMPANY	ASIAN LOGISTICS LIMITED
PROMOTERS	Yusufbhai Shaikh and Mr. Arif Shaikh
ISSUE SIZE	PUBLIC ISSUE OF 30,61,000 EQUITY SHARES
BRLM	ALMONDZ GLOBAL SECURITIES LIMITED
REGISTRAR	LINK INTIME INDIA PRIVATE LIMITED

1000 POINTS RALLY IN SENSEX IN THE LAST 4 TRADING SESSIONS.

In the last 4 trading sessions, from last Friday till today, the Sensex has moved almost 1000 points.The FIIs have purcahsed select stocks, in the Metal, IT and Banking segment. Tomorrow being the expiry day, there could be unwinding of some positions, which may drag the Sensex down.

NSE TO INTRODUCE S&P500 AND DOW JONES FUTURES.

• Lagarde is IMF chief.
• India can achieve 9% growth, says Montek.
• Cairn-Vedanta deal is on today's CCEA agenda.
• Readymade Steel IPO closes today.Avoid subscription.
• PM to meet editors of top news papers and TV channel heads, today.
• Gold above $1500/oz.
• Global cues, market to open in the positive.

IBM INDIA TOP DOMESTIC SOFT WARE DEVELOPER WITH 31% MARKET SHARE

• Foreign investors can invest upto $ 10 billion in Indian equities through Mutual Funds.
• Alchemy shuts institutional brokerage business.
• Toyota launches Liva, price tag Rs 3.99lacs.
• Vedanta to buy 10% more stake in Indian arm of  Cairn Energy.
• Schneider to  spread wings - to open 4000 retail out lets in India.
• OBC to open 20 more branches today.
• FDI in proprietary trading cleared by ministry of finance.
• Facebook website, second only to Google in UK, over takes Microsoft.
• Lagarde set become next IMF chief.
• Greece blues - commodities at 5 months low.
• Nilekanis donate Rs50cr to Indian Institute for Human Settlements School of Environment and Sustainability.
• Positive opening expected, NIFTY may test resistance at 5600 level

SIMPLE TRUTH IN INVESTING IN STOCKS

                    

1.      Not all can make money in stock market. Some will make, most will lose.

2.      Stock market requires continuous supply of naive investors, otherwise it will collapse.

3.      Share prices of most companies, in one way or the other, are manipulated.

4.   In most cases, value is created only for Promoters and their group and not for minority investors.

5.      It's always the retail investors who are hard hit since neither they have staying power nor privy to any privileged information. By the time they buy the ticket, the train would have already left the station.

6.     Rating warnings are provided, in most cases, after the disaster has taken place, leaving no opportunity for investors to safe guard their investments.  

7.      Stock brokers are always bullish on market, for obvious reasons.

8.      Stock recommendations, research reports some time are given with malafide intentions.

9.     GREED is THE underlying factor for irrational IPO pricing. Still most brokers recommend all IPOs for investment.

10.  Whether the investors make money or not, the promoters and all market intermediaries make money. That includes Stock Exchanges, Brokers community, Registrars, Custodians, Rating agencies, Regulators and the Media – both print and electronic.

FIIs NET BUY RS 1447CR AGAINST DIIs NET SALES OF RS 766CR.

In the last three trading sessions, FIIs have cumulatively purchased stocks worth Rs 2566cr in cash market, as against the net sales of Rs 1011cr by DIIs in the same period. This clearly indicates FIIs have turned bullish on India after cooling down of oil prices in the international market. Expect more fire works before the expiry of Future and Options contract of June series.

NIFTY MAY MOVE TOWARDS 5570 LEVEL.

• FIIs sees Petro product hike as a positive development. More buying expected in select sector.
• Maharashtra may cut tax on LPG, Diesel.
• LANCO says the claims by Perdaman is baseless.
• Nokia maintains top position in India, in handset sales, with revenue of Rs 12930cr for FY11.
• Metals, Banks and IT stocks to lead NIFTY to higher level in the short term.
• GTL appoints SBI caps for restructuring.
• China is experiencing housing boom in rural areas.

GTL INFRA EXCLUDED FROM FUTURES AND OPTION CONTRACTS.

FIIs NET BUY RS 890CR ON 24-06-11.

NIFTY UP150 POINTS, BIG TICKET BUYING SEEN IN METALS, IT AND BANK STOCKS.

COMING SOON ELECTRIC 'BEAT' FROM GENERAL MOTORS.

• SEBI directs Sahara group to refund RS 4850cr OFCD money with 15% interest.
• RIL clarifys CAG remarks over D6 Capex spending.
• NIFTY moving towards 5500 level.
• Less than Rs 5lac earnings, no need to file IT returns.
• Loss due to strike is insignificant says Maruti.
• Oracle quarterly sales crosses $10billion, on account of pairing of software and hardware, a new strategy  adopted by its CEO Larry Ellison.
• Crude oil declines by 5%, after IEA directs its members to release crude from strategic reserves, good news for emerging economies.
• Coal India seeks government permission to acquire unlisted firms over seas.

FORTHCOMING IPOS

NAME OF THE  COMPANY	MT EDUCARE LIMITED
PROMOTERS	Mahesh R. Shetty
ISSUE SIZE	RS 35CR + OFFER FOR SALE OF 80,00,000 SHARES.
BRLM	ENAM SECURITIES
REGISTRAR	LINK INTIME INDIA

NAME OF THE  COMPANY	HEMANI INDUSTRIES LIMITED
PROMOTERS	MOHAN DAMA AND MR. PREMJI HEMANI
ISSUE SIZE	PUBLIC ISSUE OF 40,00,000 EQUITY SHARES
BRLM	Indbank Merchant Banking Services Limited
REGISTRAR	Sharepro Services (India) Private Limited.

FIIs NET BUY RS 229CR AND DIIs NET BUY RS 242CR ON 23-06-11.

IPO SUBSCRIPTION - FINAL TALLY - BIRLA PACIFIC 1.18 TIMES AND RUSHIL DECOR 2.62 TIMES.

RIL FINDS FRESH GAS IN D-9 OF KG BASIN.

• Blackstone and StanChart eyes Redington stake.
• SEBI for single KYC requirement for all capital market functions.
• LIC Housing Finance company's   AGM on 20-07-11.
• IPOs of Birla Pacific Medspa and Rushil Decor closes today.  Avoid both the IPOs.
• Tata Steel receives Rs 585cr as arbitration settlement charges for its UK subsidiary.

L&T BAGS RS 4100CR ORDER

The new order is for construction / expansion of airports, hospitals and commercial / residential buildings.

IPO SUBSCRIPTION STATUS - RUSHIL DECOR AND BIRLA PACIFIC MEDSPA

On the penultimate day the IPOs received subscription to the extent of 86% and 70% respectively. Both the issues closes tomorrow.

NMDC TO ACQUIRE MAJORITY STAKE IN RUSSIAN COKING COAL ENTITY - En+ GROUP

• TACO'S RS 1100CR IPO by July end.
• Global cues - strong opening seen in Asian markets.
• SHGs to get concessional credit from banks, will have straight effect on profitability of MFI- NBFCs.
• Andhra government to start NBFC, fight to loan shark MFIs.
• TCS head count crosses 2 lac mark.
• FITCH reaffirms sovereign rating for India.
• Buy Hindalco, Sterlite and TCS at CMP.

HCL TECH, INFY AND TCS EYES MISYS'S BANKING BUSINESS.

The biggies of the country's IT sector are among the potential bidders interested in acquiring the banking software business of UK based Misys.  This company has revenues in excess of $2billion and has over $ 2.4 billion market cap. The company shares which are listed in London Sock Exchange touched a nine year high yesterday on the above news.

LISTING NEWS : TIMBOR HOME TO LIST ON 22-06-11.

IPO ANALYSIS: READYMADE STEEL INDIA - READYMADE NO , WILL GO VMS IND, SANGHVI FORGINGS AND SERVALAKSHMI WAY - AVOID

PRICE BAND RS 90-108. ANOTHER DAY LIGHT ROBBERY, SIMILAR TO GYSCOAL ALLOYS.

Readymade Steel   is basically a steel re-rolling company.  It converts steel used in construction industry into various shapes and sizes like cranked bars, stirrups, verticals, and column /beam cages as per the requirement of the customers.

 

Traditionally, in construction activity, the process of cutting and bending steel and fabrication of cages are being done on the construction site through manual process. Readymade uses the automated machines to cut and bend steel rods, prefabricated cages and other steel products. This process is faster and the output is uniform and easy to handle.

The company has installed capacity of 27000 MTPA for processing steel. The plant is located at Khopoli, Maharastra.

OBJECT OF THE IPO

The funds are intended to be used for expanding the existing capacity at Khopoli and setting up of new facilities at New Delhi and Raipur.

FINANCIALS:

For the 9 months period ended 31-12-10, the company reported a revenue of Rs 82cr and net profit of Rs 2.13cr. The figures for the year ended 31-03-10 were Rs 32cr and Rs 0.43cr respectively.

MATTERS OF CONCERN:

• IPO grade 2 by CARE.
• Listing only at BSE.
• The concept of ready-to-use steel is at a nascent stage in the country and is yet to acquire industry wide acceptance.
• Dependence on one segment. Six customer contributes 95% of the company sales.
• The apprising bank – Union Bank of India has expressed concern over the ability of the company in convincing the industry to adopt the ready to use method instead of conventional methods.

• Some of the group companies are engaged in similar activity there by causing conflict of interest.

• The Company has embarked upon a project of approximately Rs. 6121 Lacs, which compared to the present net worth / revenue is huge. There are execution risks.

• The land for setting up of units at New Delhi and Raipur are yet to be finalized.

VALUATION AND RECOMMENDATIONS:

In view of the IPO envisaged, the turn over and margins have improved many folds for the period ended 31-12-10. The concept of ready to use steel is at the nascent stage and there are some inherent disadvantages particularly transportation of fabricated steel and flexibility in usage. The company will have a post issue capital of around Rs 9.00cr. Since the margins are very thin, the company will find it difficult to service the equity.  The company shares are not worth even at Face Value. Poor quality IPO. It will go the VMS Ind, Sanghvi Forgings, Servalaksmi Papers and Future Ventures way.  Avoid subscription.

ISSUE DETAILS

ISSUE OPEN / CLOSE	27-06-11 / 29-06-11
ISSUE SIZE / PRICE BAND	RS 41.31CR / RS 90-108
BRLM	Arihant Capital
REGISTRAR	Bigshare Services
IPO GRADE	2 by CARE
PROMOTERS	Anil Agarwal

INFOSYS'S Q1 RESULTS ON 12-07-11.

EU TO BAIL OUT GREEK WITH 12 BILLION EURO LOAN, IMF TO WALK EXTRA MILE

• Street View project of Google grounded due to objections by Bengaluru police.
• Revised FDI guidelines for multi-brand retail sector soon.
• FDI in April up by 43% to $3.12billion.
• Banks borrow Rs 1.10lac crore on advance tax out flows.
• Walmart wins sex discrimination case in  a US court.
• With Rs 1100 advance tax pay, SBI emerges as No.1 tax payer.
• Subrata Roy quits Sahara Hosingfina Corp.

DIIs NET BUY RS 350CR MORE THAN FIIs NET SALES, ON 20-06-11.

GTL MOVING TOWARDS KANYAKUMARI, DOWN 60%, WITH HUGE VOLUME, MARGIN CALL SELLING SEEN

CATAMARAN TO INVEST IN WELLSPRING HEALTHCARE

• Canara Bank bags FKCCI's export excellence award.
• Carrefour plans online shopping in India.
• Shriram Transport's Rs 1000cr, 11.35%, Debenture issue to open on 27-06-11.
• Actis may exit Sterling Hospitals.
• SBI International Banking Group is the Lead Arranger for SCI's USD 216M syndicated foreign currency loan.
• RBI wants the banks to beef up risk monitoring capabilities in the changed business scenario.
• Weakness in global economies may push gold prices beyond $1600 an ounce.
• Birla Pacific Medspa and Rushil Decor IPO opens today. Avoid both the IPOs. Detailed analysis in the blog.

PIRAMAL REALTY ARM BUYS MAFATLAL'S 7 ACRE PLOT IN BYCULLA, FOR RS 605CR.

• RIL to dig 3 wells in D6 block, on the East Coast.
• Sesa Goa to expand operations, increase capacity.
• Bank strike on July 7, to protest against policies of deregulation.
• Sanand may have another car plant, Ford in talks for land.
• RUPAY -another payment gateway makes debut, takes on MasterCard and Visa.
• Govt may clear Carin-Vedanta deal this week.
• All party meet on Janlokpal draft bill soon.
• Birla Pacific Medspa and Rushil Decor IPOs opens on 20-06-11.

REVISION IN BSE 100 INDEX

Exclusion		Inclusion
CODE	NAME	CODE	NAME		EFFECTIVE DATE
532144	Welspun Corp Ltd.	532187	IndusInd Bank Ltd.		08/AUG/2011
532696	Educomp Solutions Ltd.	500114	Titan Industries Ltd.
526881	Financial Technologies (India) Ltd.	532483	Canara Bank
530773	IVRCL Ltd.	533096	Adani Power Ltd.
500303	Aditya Birla Nuvo Ltd.	500469	Federal Bank Ltd.
500850	Indian Hotels Company Ltd.	500086	Exide Industries Ltd.
513377	MMTC Ltd.	500480	Cummins India Ltd.
532779	Torrent Power Ltd.	500096	Dabur India Ltd.

source -bse website.

CAPITAL ONE BUYS ING GROUP'S US ONLINE BANK FOR $9BILLION.

• Prada, the Italian fashion major raised $2.14 billion in the year's biggest Hong Kong IPO. Estimated market cap around $13billion.
• Google faces billion dollar law suit damages from Oracle.
• Evangelos Venizeios is the new finance minister of Greek.
• Policy guideline on FDI in multi brand retail soon.
• Demat holding of promoters shares, mandatory for all listed companies.
• Corporate Advance Tax payment jumps to 77%, indication of buoyancy and robust profitability.
• RCom, Rel Infra make ways for Coal India and Sun Pharma in the Sensex.
• India's forex reserves down by $2.4 billion, due to revaluation of foreign currency assets.

COAL INDIA, SUN PHARMA TO REPLACE RCOM AND RELINFRA FROM SENSEX

ADAG Group companies will be out of Sensex from 08-08-11. RCom and Rel Infra are being replaced by Coal India and Sun Pharma.  It is likely that Coal India will be added to Future and Options segment, in the near future.

TATA STEEL SELLS RIVERSDALE STAKE, GETS $ 1.11 BILLION

• RBI ups key rates by 25bps.
• GoAir plans major expansion, to buy 72 Airbus planes.
• Changes in coal distribution policy is expected, may benefit Coal India.
• ANZ re-enters Indian banking, opens branch in Mumbai.
• IMF to walk extra mile to save Europe from Lehman Moment.
• Buy RIL and Hindalco at CMP.
• Market to open in green.

STRIKE AT MARUTI'S PLANT CALLED-OFF. EXPECT THE STOCK TO REACT POSITIVELY TODAY.

Infosys Technologies Limited is now INFOSYS LIMITED.

With effect from 16-06-11, the company name has been changed from Infosys Technologies Limited to INFOSYS LIMITED.

MCX GETS 5 / 5 GRADE FROM CRISIL

MCX, promoted by FTIL, got highest grade from CRISIL.

FTIL is a software developer and a technical service provider of automated electronic solutions for foreign exchange, commodities and equities.  The proposed IPO, is offer for sale of 6.4 mn shares by the promoters and some of the investors. Subsequent to the IPO, the promoters' stake in the company will reduce to 26%. 

More than 85% of MCX’s traded turnover comprises metal and energy commodities, which are benchmarked to international prices. Globally, MCX is the largest silver exchange; the second largest gold, copper and natural gas exchange; and the third largest crude oil exchange in terms of the number of contracts traded in each of these commodities. It is also the sixth largest commodity exchange globally in terms of the total number of contracts traded. 

CRISIL IPO GRADE 4/5 FOR SPECIALTY RESTAURANTS

Specialty Restaurants is one of the leading fine-dining restaurant operators in the country. Besides its flagship brand Mainland China, the company operates a chain of restaurants under various brands like Oh! Calcutta, Machaan, Sigree, Flame & Grill and Haka. The company also operates a confectionery brand, Sweet Bengal, in Mumbai. The company operates 62 restaurants and 11 confectionaries under 11 brands in 17 Indian cities and one in Dhaka, Bangladesh. Of the 62 restaurants, 17 are under the franchise owned and company operated model and the rest is owned and operated by the company. 

CRISIL IPO GRADE – OLYMPIC CARDS

Olympic Cards, Chennai-based manufacturer and trader of wedding and greeting cards, business cards, envelopes, letterheads, calendars, notebooks and account books is planning an IPO.

  

CRISIL HAS AWARDED GRADE 1 TO THE IPO.

'SUN' RAISES AGAIN

The shares of Sun TV Networks were up by 10%, with huge volumes. The stock closed at Rs 355. The scrip was battered down couple of trading sessions ago, on the back drop of corruption and favoritism charges levelled against the union minister Dayanidhi Maran, brother of Sun group promoter Kalanidhi Maran.

SBI PAYS RS 1100CR AS ADVANCE TAX, UP 30% COMPARED TO SAME QUARTER PREVIOUS YEAR

Similarly RIL paid Rs 900cr, up 50% compared to previous year.

LIC made an advance tax payment of Rs 580 crore, against Rs 530 crore last fiscal.

Software major  TCS saw its tax bill nearly doubling to Rs 240 crore in the reporting period from Rs 128 crore in the year-ago quarter.

IPO ANALYSIS: BIRLA PACIFIC MEDSPA LIMITED – ANOTHER JUNK IPO – AVOID.

Birla  Pacific  Medspa  is  planning  to  set  up  55  health  care  centers  under  the  brand  name ‘EVOLVE’  across  the  country.  To meet  the  funding  requirements,  Birla  Pacific Medspa  Ltd. plans  to  raise approximately Rs. 65 Crores  by way of  Initial Public Offering of equity shares, in the price band of Rs 10 -11. Arihant Capital Markets are the BRLM. The IPO opens on 20-06-11 and closes on 23-06-11.

BACK GROUND

Birla Wellness & Healthcare Pvt Ltd, a Yash Birla Group company has a Joint Venture Agreement with Pacific Healthcare Holdings Ltd, a company incorporated in Singapore and Dr. Abhijit Desai, to form Birla Pacific Medspa with equal shareholding between Yash Birla Group and PHH & its associate Dr. Desai put together.  PHH is one of East Asia’s leading healthcare providers, with healthcare facilities in Singapore, Hong Kong, and China.

The company proposes in India and abroad to do the business of beauty and healthcare treatments, health and fitness resorts, dieticians, yoga ashrams, saloons, hair and Skin treatments, Sanatorium centers, and to manufacture soaps consumables, oils, medicines, body sprays and scents, creams, powders, natural and artificial skin and hair conditioners. However, the company presently does not carry on the business of manufacturing of soaps, consumables. The company presently operates the healthcare centers under the brand name EVOLVE. As on date, the company operates three own EVOLVE centers in Mumbai at Walkeshwar, Bandra & Andheri and 2 centers on franchise basis at Thane and Chennai.

YASH BIRLA GROUP

Yash Birla Group is one of India’s leading industrial groups.

The group has diversified interest in industries like steel pipes, machine tools, cutting tools, tool holders, iron castings, power solution products, multipurpose engines pumps, electrical appliances, textiles, carpets, furnishing, lifestyle, InfoTech, publication, travel, electricity, property development, cotton ginning etc

.

The major companies in the group includes Zenith Birla (India) Ltd, Birla Cotsyn (India) Ltd., Birla Power Solutions Ltd, Dagger Forst Tools Ltd, Birla Precision Technologies Limited (formerly  Birla Kennametal Ltd), Birla Transasia Carpets Ltd,  Birla AccuCast Ltd, Birla Electricals Ltd, Birla Lifestyle Ltd, Birla Concepts (India) Pvt. Ltd, Birla Shloka Edutech Ltd, Melstar Information Technologies Ltd.

OBJECTS OF THE ISSUE

 

The funds are intended to meet the capital expenditure towards establishing 55 outlets of Evolve Medspa across various cities and places, meet expenses towards brand promotion and to meet the working capital requirements for running the above centers.

MATTERS OF CONCERNS

• The company has limited operational history and incurred losses in the period.

• The company has taken over Pachealth at Rs 410 lacs, for which there was no independent / out side valuation.

• The business is in preliminary stage of implementation.

• Birla Transasia Carpets is BIFR Company and Birla Bombay is in the defaulter list of RBI.

• In the last 2-3 years, the group IPOs has performed dismally in the exchanges. Birla Cotsyn (FV Rs 1) is quoting at Rs 0.65 as against the issue price of Rs 1.20 (after adjusting to split) and Birla Shloka Edutec is quoting at Rs 18 as against the issue price of Rs 50, Birla Ericssion is shifted to trade for trade category.

• The proposed centers are not doctor led but technician led, which will lose acceptability in the long term with increased awareness among consumers.

• IPO grade 2 by Brickworks -the grading  is constrained by delays  in project implementation and poor  financial performance of  the Yash Birla Group of companies  raising IPO funds in the past, Birla Pacific Medspa’s negative cash flows and losses, short history of two years  of  operations,  full  funding  from  IPO  proceeds  and  project  implementation  spread  over three years. In absence of funding or appraisal by a bank or term lending institution.

VALUATION AND RECOMMENDATIONS

The company reported a net loss of Rs 4.57cr for the 14 months period ended 30-09-09. The loss earned for the six  months period ended 31-03-10 is Rs 3.28cr and for the nine months period ended 31-12-10 is Rs 3.68cr. The accumulated loss as at 31-12-10 is Rs 11.53cr. The book value of the share is less than Rs 9/-  It will take couple of years to wipe out loss and come to dividend list. The shares of Yash Birla group are not fancied in the exchanges.   A must avoid IPO.

KNOW YOUR BRLM – KOTAK MAHINDRA CAPITAL COMPANY.

In the last one year, from 1^St June to till date Kotak has managed 11 IPOS and one FPO. Look at the performance of the issues managed by the number one merchant banker of the country.

Out of the above, only two IPOS are trading above the issue price.  Even the only ‘par’ issue that hit the market during the period is also trading below the offer price.

Name of the company	Issue price	Current price
HM MEDIA VENTURES	166	143
SKS MICRO	985	361
BAJAJ CORP	660	540
GPPL	46	67
EROS INTL	175	170
TECPRO	355	258
OBEROI REALTY	260	235
PRESTIGE ESTATES	183	135
COAL INDIA	245	393
FUTURE VENTURES	10	9
MUTHOOT	175	164
TATA STEEL –FPO	610	563