Blog posts of '2024' 'April'

Most of you are likely familiar with Elon Musk, a prominent figure in business and investment. With his various ventures, he ranks among the top 3 wealthiest individuals globally. Musk oversees companies such as Tesla, SpaceX, and Neuralink. As the CEO of Tesla, he leads the groundbreaking electric vehicle (EV) manufacturer. Tesla currently holds a leading position worldwide in both market value and second in the sales volume.

Starlink, a satellite-based internet service developed by SpaceX, has made significant progress, establishing a subsidiary in India in 2021 and undergoing the process of regulatory approval to launch its services. It is now on the brink of receiving official approval, with reports suggesting Elon Musk's planned visit to India in April 2024. Musk is scheduled to arrive on April 21 and is expected to meet with Prime Minister Modi on April 22. During this time, significant announcements regarding Starlink's operations and Tesla's entry into the Indian market are anticipated.

According to a government official cited by MoneyControl, the announcements are likely to be of a general nature regarding Tesla's entry into India, rather than specifying particular locations. This is because Tesla typically requires board approval for site-specific announcements, which may occur at a later stage.

Elon Musk has been trying to enter the Indian market for a long time. However high import taxes have eluded him the proper opportunity. In March, Centre announced a revised EV policy slashing import taxes to 15 per cent from 100 per cent on some models if a manufacturer invests at least $500 million and sets up a factory in the country too. With this favourable policy Musk may be more inclined to enter the Indian Market. Recently, Tesla have joined hands with Tata Electronics for the procurement of semiconductor chips for the US-based company’s operations as it eyes local sourcing of components, according to a report by the Economic Times. The firm is in talks with various state governments in India for a manufacturing plant ahead of billionaire Elon Musk’s meeting with Prime Minister Narendra Modi.

The arrival of Tesla could prove advantageous for both the company and India. While Tesla has faced challenges in its endeavours in China, where it was initially attracted by incentives, the rise of strong domestic competitors has posed obstacles to its dominance in the market. As a result, the company is now shifting its focus to India's rapidly expanding electric vehicle sector, enticed by the promising growth opportunities it offers and the Indian government's unwavering commitment to sustainability.

Similarly, India has been striving to bolster its manufacturing ecosystem, lagging behind smaller nations like Bangladesh and Vietnam in market capture. With manufacturing accounting for approximately 13 percent of GDP in 2022, far below China's 28 percent, the government aims to shift focus from agriculture to manufacturing. Nearly 30 percent of India's manufacturing output is attributed to the automotive sector, with hopes that Tesla will revolutionize electric vehicles as Maruti did with internal combustion engines. Additionally, concerns persist over AI's potential threat to jobs, particularly in the BPO sector of India. This necessitates urgent action to cultivate alternative job ecosystems and drive growth. Entry of global companies like Tesla can be a possible alternative solution.

Regarding the impact on domestic EV manufacturers, an expert suggests that the current slowdown in the EV market requires a push, which Tesla could provide. Tesla's entry into India is expected to generate significant attention, giving a boost to the Indian electric car market. The arrival of more players will enhance confidence among both companies and buyers. Tesla is likely to introduce innovations not yet seen in the market, with its entry-level model priced between Rs 25 lakh to Rs 30 lakh. While it may compete with high-end models from Tata Motors and Mahindra, overall, it is expected to benefit the Indian market. Despite the growth in the EV sector, it has not yet reached the levels targeted by the government for 2030. The EV drive is mainly dominated by the two and three-wheelers and e-rickshaws. Challenges such as charging infrastructure and new models have hindered progress in the four-wheeler segment. However, Tesla's entry could enhance choices and stimulate growth.

Given these developments, it is worthwhile to observe how Musk's visit to India unfolds, the nature of the announcements made, and the resulting impact on India's economy and its various stakeholders.

Stock name: Sonata Software Ltd.

Pattern: Head and shoulders pattern

Time frame: Daily

Observation:

Following the COVID-19 pandemic, the stock displayed a notable uptrend. The stock consolidated and formed a head and shoulders pattern on its daily chart from December 2023 to April 2024. On April 15, 2024, the stock broke out of this pattern, backed by a bearish MACD indicator. The RSI of the stock are also currently at a low level indicating a bearish sentiment. Technical analysis suggests that if this downward trajectory continues, the stock may further decline.

You may add this to your watch list to understand further price action.

Disclaimer: This analysis is purely for educational purpose and does not contain any recommendation. Please consult your financial advisor before taking any financial decision.

Stock name: Nippon Life India Asset Management Ltd.

Pattern: Cup and handle pattern

Time frame: Weekly

Observation:

Between October 2021 and April 2024, the stock underwent a cup and handle formation on its weekly chart, culminating in a breakout at the start of April 2024. The breakout was supported by significant trading volume. Presently, the stock exhibits bullish signals on the MACD indicator. According to technical analysis, sustaining this breakout momentum may move the stock further in the upward direction.

You may add this to your watch list to understand further price action.

Disclaimer: This analysis is purely for educational purpose and does not contain any recommendation. Please consult your financial advisor before taking any financial decision.

News for the day:

• Elon Musk's Starlink inches closer to approval in India after nearly three-and-a-half years of review, pending final clearance from the Home Ministry. The Telecom Ministry's nod precedes Musk's visit, with strict mandates ensuring data sovereignty and customer privacy. Musk's visit also hints at potential investments in India's electric vehicle sector, with preparations underway for Tesla's entry.
  
  
• Fairfax's Odyssey Reinsurance injects Rs 500 crore debt into IIFL Finance for gold loans, offering secured bonds at 9.5% interest. The move comes amid RBI's ban on IIFL Finance for gold loans due to lending irregularities. However, there are no responses or official statements from IIFL Finance and Fairfax as they have remained unavailable.
  
  
• Vedanta secures 11-year Rs 3,900 crore loan from PFC to expand its power business, aiming for a 4.8 GW capacity by FY27. The loan will primarily support acquisitions like Meenakshi Energy and Athena Power, reflecting Vedanta's focus on energy growth amidst ongoing demerger plans. Major investors like BlackRock and ADIA show confidence in Vedanta's strategy, which includes expanding renewable energy projects and mining operations.

Stock name: Blue Dart Express Ltd.

Pattern: Head and shoulders pattern and retest

Time frame: Weekly

Observation:

Since August 2020, the stock experienced a remarkable upward trend, but it has consolidated and formed a head and shoulders pattern on its weekly chart. March 2024 witnessed a breakout from this pattern, followed swiftly by a substantial retest of the breakout closing above the neckline. Presently, the stock has concluded its retest and is once again trending downward. Additionally, the stock's RSI levels indicate significant weakness but the stock is still above the breakout line. According to technical analysis, if this downward momentum persists, further declines may be expected.

You may add this to your watch list to understand further price action.

Disclaimer: This analysis is purely for educational purpose and does not contain any recommendation. Please consult your financial advisor before taking any financial decision.

Stock name: Kajaria Ceramics Ltd.

Pattern: Double top pattern and retest

Time frame: Weekly

Observation:

Since May 2020, the stock has been on an upward trajectory. Between July 2023 and March 2024, it underwent consolidation, forming a double top pattern on its weekly chart. March 2024 saw a breakout from this pattern, followed by an immediate retest leading to stock closing above the breakout line. Currently, the stock has completed its retest and resumed its downward trend. Moreover, its RSI levels suggest notable weakness. As per technical analysis, if the stock continues with the current momentum it may see further decline.

You may add this to your watch list to understand further price action.

Disclaimer: This analysis is purely for educational purpose and does not contain any recommendation. Please consult your financial advisor before taking any financial decision.

News for the day:

• Hindustan Zinc Ltd (HZL) partners with VEXL Environ Projects to establish a pilot project converting waste into resources. The Memorandum of Understanding (MoU) aims for sustainable solutions by utilizing waste products like jarosite and jarofix from zinc extraction. CEO Arun Misra emphasizes the partnership's potential in unlocking value from waste streams for a greener future.
  
  
• The Adani Group, via Ambuja Cements and ACC Ltd, aims for a 20% share in India's cement market by FY28, leveraging internal funds to remain debt-free. They plan aggressive capacity expansion to reach 140 million tonnes per annum by FY2028. Ambuja emphasizes debt-free status and growth supported by group synergies amidst India's growing cement demand.
  
  
• Amid Iran-Israel tensions, Sensex and Nifty slid on April 15, 2024, with Sensex dropping 610.17 points to 73,634.73 and Nifty by 181.60 points to 22,337.80 (at the time of writing this blog). Experts and analysists have warned of volatility due to the conflict and Iran's cargo ship seizure, impacting global equity markets and crude oil prices. They have highlighted geopolitical tensions affecting bond yields and leading to outflows from emerging markets like India.

Most of us strive for better living standards, better facilities etc for which we work tirelessly and earn money. This can be through various sources like salary, rent, business, interest, dividend etc. However, in order to determine the taxability of the same, the income tax department has categorized these into five distinct heads. So, today lets dive into understanding these heads of income:

1. Income from Salary

As the name suggests, income from salary includes any wages, salary, compensation, or allowances received by an individual as a part of their employment. Moreover, this head also includes retirement benefits like gratuity, commission, bonus, and pension.

For the income to be qualified under this head, there must be an employer-employee relationship between the employer and employee. If a taxpayer receives arrears of salary or pension after termination or retirement from employment, those amounts will also be included under this head.

Nowadays, ESOP’s (Employee stock option plan) are commonly issued by companies (In an ESOP plan, the employee gets the company’s stock at a low cost. These are perks provided in order to retain employees). The taxation on ESOP normally happens twice. The first time is when they are issued/ exercised by the employees and the second time is when they are sold in the open market. Normally ESOPs are issued to the employees at a lesser price than the market price of the shares of the concerned company. The difference between the market price and the exercise price is considered to be a perquisite, which is taxed as salary in the hands of the recipient,

Additionally, under this head, certain exemptions are also provided such as standard deduction, house rent allowance (HRA), conveyance allowance, etc.

2. Income from House Property

Under this category, income generated from rentals earned from properties or land which they have rented is assessed. The taxpayers have the option to claim the deduction of the interest amounts paid on a home loan for self-occupied property as well as let out property under the head income from house property.

Here, some people may wonder that what if I have a commercial premise and I have rented it out?

To answer their queries, income generated from renting out a shop falls under this category itself.

3. Income from Capital Gains

Under this head, income generated on selling of assets is assessed, these assets could be capital asset such as land, buildings, shares, jewellery, bonds, mutual funds, and others.

Moreover, this category comprises two subcategories: short-term capital gains and long-term capital gains. The duration of ownership determines whether the gains are classified as short-term or long-term and, on this basis, there are various exemptions available.

The ESOPs which we discussed in the Salary head, when sold by the employees are taxed under this head.

4. Income from Business and Profession

The income from business and profession includes profits or losses generated from any business or profession. Business comprises trade, commerce, manufacturing, and other similar activities. On the other hand, the term profession refers to specialized knowledge gained after undergoing formal education and examination in a specific field.

Under this head, there are three different sub-categories for business income:

• Speculative Business Income (Intraday is taxed as Speculative Business Income)
• Non-Speculative Business Income (F&O is taxed as Speculative Business Income)
• Specified Business Income (Some specified businesses like cold chain facility, warehousing facility etc.)

If a person has income under this head, the income tax provides him with an option to report their incomes under the presumptive scheme where the taxpayers are allowed to declare their profits at reduced rates and subsequently pay taxes based on this declaration.

5. Income from Other Sources

Any income that does not fall under any of the above-mentioned categories will be reported under the head income from other sources. A few examples of income from other sources are interest from savings banks or deposits, dividends from shares or units of mutual funds, winnings from lotteries or games, gifts received, etc.      

To understand more about such interesting concepts along with further interesting examples, check out my course on Mastering Money Management.

Until next time !!!

Stock name: Vedanta Ltd.

Pattern: Double bottom pattern

Time frame: Weekly

Observation:

Since April 2022, the stock experienced a swift decline, followed by the formation of a double bottom pattern on its weekly chart. Over the past two weeks, it has exhibited a notable upward trend, culminating in a breakout during April 2024 with substantial trading volume. Presently, the stock's RSI indicates it's deeply in the overbought zone. According to technical analysis, sustaining the breakout momentum may propel the stock further upwards.

You may add this to your watch list to understand further price action.

Disclaimer: This analysis is purely for educational purpose and does not contain any recommendation. Please consult your financial advisor before taking any financial decision.

Stock name: Aegis Logistics Ltd.

Pattern: Cup and handle pattern and retest

Time frame: Weekly

Observation:

From July 2021 to February 2024, the stock underwent a cup and handle formation on its weekly chart. In February 2024, it broke out from this pattern with significant trading volume. Following the breakout, the stock retested the breakout level before rebounding. Presently, it is on an upward trajectory, supported by a favourable RSI level. Technical analysis suggests that if the current momentum persists, the stock might continue its upward movement.

You may add this to your watch list to understand further price action.

Disclaimer: This analysis is purely for educational purpose and does not contain any recommendation. Please consult your financial advisor before taking any financial decision.

News for the day:

• Japanese banking giant MUFG is poised to acquire a significant 20% stake in HDB Financial Services, a subsidiary of HDFC Bank, for a hefty $2 billion. This deal, set to be finalized at an upcoming HDFC Bank board meeting, reflects a valuation ranging between $9 to $10 billion. Once sealed, it will mark one of the largest transactions in India's shadow banking sector. Currently, HDFC Bank holds a majority 95% ownership in HDB Financial, with the remaining 5% distributed among its employees through ESOPs. MUFG's move strategically positions it ahead of HDB Financial's anticipated IPO.
  
  
• Tata Steel, JSPL, AM/NS, SAIL, and JSL have won Railways contracts worth ₹1,586.39 crore for Mild/Corten Steel. Bidding commenced in July 2023 and concluded recently. SAIL secures the lion's share in both tenders, providing 1.05 lakh metric tonnes of steel valued at ₹671.27 crore, while Tata Steel follows with a contract for 52,753 MT valued at ₹333.48 crore. The steel will be used in railway applications, with Indian Railways increasing its locomotive production target for fiscal 2025 by 27%.
  
  
• Uno Minda initiates construction of a Rs 542 crore passenger vehicle alloy-wheel plant in Haryana's IMT Kharkhoda. The facility, spanning 94.32 acres, will have a monthly capacity of 1.2 lakh wheels and will be developed in phases over five years, with the first phase expected by FY26 Q2. Uno Minda's expansion plan aims to establish advanced mega-factories and consolidate existing facilities for operational efficiency.

Currently the gold prices are at record high. This has pulled all the attention for the precious metals on the gold. In fact, for us Indians gold has always been the most attention grabbing out of the precious metals. Nevertheless, it's essential not to overlook other precious metals. Silver, for instance, is currently experiencing a record surge with the prices of ~85,000 per kg. In this blog let us look at the reasons as to why the prices of the silver are moving up.

Silver prices have shown consistent growth throughout 2024, reaching Rs 81,313 per kg on April 8, following a 7.19% increase in 2023. Year-to-date, silver has already gained more than 11%. Several factors contribute to this rise, including strong demand from industrial sectors such as electronics and solar, as well as its status as a safe-haven asset amid economic uncertainties. Geopolitical tensions since 2020 have added a risk premium to the market, with events like the Russia-Ukraine war, Israel-Hamas war and others boosting demand for silver as a secure investment. Additionally, robust industrial demand in areas like electronics, solar energy, and healthcare has further bolstered silver's price.

Silver's unique value lies in its ability to cater to two distinct yet interconnected markets:

Industrial Metal: Silver, an industrial metal renowned for its exceptional thermal and electrical conductivity, holds indispensable importance across various sectors. It serves as a vital component in electronics, including motherboards and electrical contacts, as well as in photovoltaics for solar panels and automobiles, encompassing batteries and electrical wiring. With rapid growth anticipated in these industries, particularly within the renewable energy sector, the demand for silver is expected to soar.

Global silver demand is forecast to reach 1.2 billion ounces in 2024, which, if achieved would be the second-highest level recorded. Stronger industrial offtake is a principal catalyst for the rising global demand for the white metal, and the sector should hit a new annual high this year. In line with the trend in recent years and the renewable energy related initiative, the photovoltaics (P.V.) (used for solar panels) and automotive industries will remain key drivers of growth this year.

Precious Metal: Silver maintains its classification as a precious metal, providing a safeguard against inflation and market instability. Amid economic turbulences, investors frequently seek refuge in precious metals such as silver to protect their assets.

India, the world's largest silver consumer, holds a pivotal position in the international silver market. Various factors contribute to the escalating domestic demand for silver:

Government Initiatives: The Indian government's emphasis on renewable energy and electric vehicles is poised to significantly bolster silver consumption in these sectors. Policies geared towards promoting solar panel installations and the adoption of electric vehicles are anticipated to fuel demand for silver as an industrial metal in the foreseeable future.

Increasing Affluence: As disposable incomes rise in India, there is a notable uptick in demand for silver jewellery and utensils, which have traditionally constituted a substantial portion of silver consumption in the country. With the expansion of the middle class, the demand for silver for ornamental purposes is forecasted to escalate further.

Rising Investment Awareness: Increased awareness among investors about alternative investment avenues such as silver could drive up silver purchases for portfolio diversification. With traditional asset classes like real estate and fixed deposits offering diminished returns, the potential for silver price appreciation may attract a greater number of investors. Additionally, silver serves as a hedge against market volatility.

Multiple Investment Options: Investing in silver has become more accessible in today’s times. While the traditional method involves physically purchasing silver, it entails certain risks. To mitigate these risks, investors can opt for investment avenues like Silver ETFs and Silver Futures, which offer dematerialized formats of investment that are safer and potentially more rewarding than traditional methods. This accessibility has also bolstered domestic investment in silver, thereby increasing its demand.

Stock name: Indraprastha Gas Ltd.

Pattern: Double bottom pattern

Time frame: Daily

Observation:

Since May 2023, the stock has experienced a decline, but it subsequently stabilized and exhibited a double bottom pattern on its daily chart. On April 5, 2024, the stock broke out from this pattern with significant trading volume support, initiating an upward trend. Despite this positive movement, the stock's Relative Strength Index (RSI) indicates it is in the overbought zone. Nevertheless, according to technical analysis, if the current momentum persists, the stock may continue its upward trajectory.

You may add this to your watch list to understand further price action.

Disclaimer: This analysis is purely for educational purpose and does not contain any recommendation. Please consult your financial advisor before taking any financial decision.

Stock name: G R Infraprojects Ltd.

Pattern: Double bottom pattern and retest

Time frame: Weekly

Observation:

From October 2021, the stock has shown a consistent downward trend. It found stability and created a double bottom pattern on its weekly chart spanning from September 2022 to April 2024. In early April 2024, the stock witnessed a breakout from this pattern, supported by moderate trading volume. Currently, the stock is undergoing a retest of the breakout level. Favourable conditions are indicated by the stock's Relative Strength Index (RSI). According to technical analysis, a potential upward movement may occur if the stock successfully rebounds from this retest.

You may add this to your watch list to understand further price action.

Disclaimer: This analysis is purely for educational purpose and does not contain any recommendation. Please consult your financial advisor before taking any financial decision.

News for the day:

• Tesla is in talks with Reliance Industries for an Indian EV manufacturing joint venture. Elon Musk confirms Tesla's interest in India, with plans to export vehicles. Maharashtra and Gujarat offer land proposals, signalling Tesla's potential entry into India's EV market.
  
  
• Dixon Technologies, India's top contract manufacturer, intends to acquire a majority stake in Ismartu India, a manufacturing unit of Chinese phone maker Transsion Holdings. Initially purchasing 50.10% for Rs 238.36 crore in cash, Dixon plans to eventually hold around 55% stake, with additional acquisitions projected for FY27. The deal underscores efforts to enhance India's presence in the mobile phone ecosystem, currently dominated by Chinese brands.
• Shyam Metalics to invest Rs 650-750 crore in a new stainless-steel hot rolled coils facility in Sambalpur, Odisha. The plant aims to produce high-quality stainless-steel coils, leveraging captive raw materials like DRI, power, and ferro alloys. Expansion plans also include increasing capacities in Stainless Steel bright bars and wires divisions. The project anticipates generating around 1500 job opportunities.

Stock name: Avenue Supermarts Ltd.

Pattern: Double bottom pattern

Time frame: Weekly

Observation:

Since October 2021, the stock has experienced a downward trend, followed by consolidation and the formation of a double bottom pattern on its weekly chart from November 2022 to March 2024. In March 2024, the stock broke out from this pattern, supported by above-average trading volume and a bullish MACD indicator, resulting in an upward movement. Currently, the stock's Relative Strength Index (RSI) indicates overbought conditions. According to technical analysis, if the stock maintains its current momentum, it could continue to move upwards.

You may add this to your watch list to understand further price action.

Disclaimer: This analysis is purely for educational purpose and does not contain any recommendation. Please consult your financial advisor before taking any financial decision.

Stock name: Supreme Industries Ltd.

Pattern: Double bottom pattern and retest

Time frame: Daily

Observation:

Since December 2023, the stock has trended downwards, followed by consolidation and the formation of a double bottom pattern on its daily chart between February and March 2024. Towards the end of March 2024, the stock experienced a breakout from this pattern, backed by above-average trading volume. Subsequently, the stock underwent a retest of the breakout level. Presently, the stock's Relative Strength Index (RSI) indicates favourable conditions. Technical analysis suggests that if the stock rebounds from the retest, it may potentially move upwards.

You may add this to your watch list to understand further price action.

Disclaimer: This analysis is purely for educational purpose and does not contain any recommendation. Please consult your financial advisor before taking any financial decision.

News for the day:

• Gland Pharma receives USFDA approval for generic breast cancer drug Eribulin Mesylate Injection, anticipated to be the first in the market with USD 92 million sales in the US. Co-developed with Orbicular Pharmaceutical Technologies Pvt Ltd., the medication highlights Gland Pharma's focus on complex injectables. Shares of Gland Pharma surge by ~5.5% to Rs ~1850 on the BSE following the announcement.
  
  
• REC achieves a record Rs 3.59 lakh crore loan sanction in FY24, with a focus on renewable energy projects. Loan disbursements reach a record high of Rs 1.61 lakh crore, marking a significant increase from the previous fiscal year. REC's loan book grows to Rs 5.09 lakh crore by March 31, 2024, indicating a 17.13% rise from the previous year.
  
  
• Adani TotalEnergies E-Mobility partners with MG Motor India to enhance EV charging infrastructure, planning to install CC2 60 kW DC chargers at MG dealerships. This collaboration aims to promote sustainable mobility and accelerate India's energy transition. Despite a recent sales dip, MG Motor India records a 14% year-on-year sales growth in FY 2023-24, following JSW Group's 33% stake acquisition in 2023.

Stock name: Bata India Ltd.

Pattern: Head and shoulders pattern

Time frame: Monthly

Observation:

The stock trended upwards until its peak in 2021, following which it experienced a decline. From October 2020 to February 2024, a head and shoulders pattern emerged on its monthly chart. February 2024 witnessed a breakout from this pattern, with slightly above-average trading volume. Presently, the stock is on a downward trajectory, accompanied by a low RSI level. Technical analysis suggests that if this current momentum persists, the stock may continue its downward movement.

You may add this to your watch list to understand further price action.

Disclaimer: This analysis is purely for educational purpose and does not contain any recommendation. Please consult your financial advisor before taking any financial decision.

Stock name: Finolex Industries Ltd.

Pattern: Cup and handle pattern

Time frame: Weekly

Observation:

From October 2021 to April 2024, the stock's weekly chart has formed a cup and handle pattern formation. A breakout from this pattern occurred in early April 2024, backed by higher-than-average trading volume and a positive MACD indicator. Presently, the stock is undergoing a retest of the breakout level following the breakout. The Relative Strength Index (RSI) of the stock is currently at a favourable level. According to technical analysis, a successful bounce back from this retest may potentially propel the stock further upward.

You may add this to your watch list to understand further price action.

Disclaimer: This analysis is purely for educational purpose and does not contain any recommendation. Please consult your financial advisor before taking any financial decision.

News for the day:

• Hyundai and Kia team up with Exide Energy Solutions in India to localize EV battery production, focusing on lithium-iron-phosphate cells. This move supports their expansion plans for the Indian EV market and aims to pioneer domestically produced batteries. The collaboration is crucial for cost competitiveness and aligns with India's carbon neutrality goals.
  
  
• ICICI Bank extends a Rs 2,675 crore debt facility to Tata Steel for three years to repay existing debt. Tata Steel raises Rs 2,700 crore through unsecured fixed-rate bonds at 7.79%, with Niva Bupa Health Insurance investing Rs 25 crore. Both investors are set to receive a bullet payment on March 27, 2027.
  
  
• Voltas surpasses 2-million-unit sales in FY24, credited to consistent demand and robust distribution networks. This marks the first time a company in India's domestic market has achieved this milestone. Despite lower sales in the March quarter, Voltas sees a significant 72% volume growth in AC sales.