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📊 Last 7 days — analysed filings by sentiment
Note: These are AI-generated, educational summaries of public NSE
filings — grounded in each document, but not investment advice and possibly incomplete.
Verify against the original filing and consult a SEBI-registered adviser before acting.
65 announcements match the current filters (relevance ≥ 5).
IEX February 2026 Power Volume Surges 30.4% YoY to 12,550 MU
IEX reported a robust 30.4% YoY growth in total electricity traded volume for February 2026, reaching 12,550 MU. The growth was primarily driven by the Real-Time Market (RTM), which saw a 51.7% surge, and the Day-Ahead Market (DAM), which grew by 22.7%. Despite a modest 1.9% increase in national energy consumption, exchange prices fell by over 18% YoY due to improved supply liquidity. This price reduction encouraged Discoms and industrial consumers to shift towards exchange-based procurement.
Key Highlights
Total monthly electricity traded volume reached 12,550 MU, a 30.4% YoY increase
Real-Time Market (RTM) volume grew significantly by 51.7% YoY to 4,379 MU
Average market clearing prices for DAM and RTM dropped by approximately 18% YoY to ~Rs 3.58/unit
Green Market segments saw a 46.3% YoY volume growth to 808 MU
Renewable Energy Certificate (REC) trading volume increased by 15.2% YoY with 18.86 lakh certificates traded
👀 What to Watch
Investors should view the strong volume growth as a positive sign of IEX's dominant market position and the increasing shift toward short-term power markets. Monitor if the lower clearing prices continue to drive higher volumes from Discoms in the coming months.
APTEL Dismisses IEX Appeal Against Market Coupling; Shares Fall 4%
The Appellate Tribunal for Electricity (APTEL) has dismissed Indian Energy Exchange's (IEX) appeal against the CERC's July 2025 order regarding market coupling implementation. While the tribunal disposed of the appeal, it clarified that IEX is not currently aggrieved as specific regulations for implementation are yet to be framed by the CERC. This news led to a 4% decline in IEX share prices as market coupling remains a significant threat to the company's dominant market share. IEX retains the right to challenge future regulations once they are formally notified.
Key Highlights
APTEL dismissed IEX's challenge to the CERC Suo-Motu Order dated July 23, 2025, regarding market coupling.
IEX shares fell 4% following the announcement as the market perceives coupling as a threat to IEX's monopoly.
The tribunal noted that coupling can only be implemented after separate regulations are framed by the CERC.
IEX has been granted liberty to challenge any future implementation regulations before the appropriate forum.
👀 What to Watch
Investors should exercise caution as market coupling could erode IEX's competitive advantage by equalizing price discovery across all exchanges. Monitor the CERC's timeline for framing final implementation regulations, which will be the next major trigger for the stock.
APTEL Disposes IEX Appeal; Market Coupling Implementation Awaits New CERC Regulations
The Appellate Tribunal for Electricity (APTEL) has disposed of IEX's appeal against the CERC's order to implement market coupling in the Day-Ahead Market. The tribunal clarified that market coupling cannot be implemented until the CERC frames specific new regulations, meaning there is no immediate threat to IEX's current market structure. Importantly, the court has granted IEX the liberty to challenge any future regulations when they are eventually notified. This provides a temporary regulatory reprieve for the exchange, which currently dominates the Indian power trading market.
Key Highlights
APTEL disposed of Appeal No. 298 of 2025, stating IEX is not 'aggrieved at this stage' as implementation is pending.
The tribunal ruled that market coupling requires the framing of separate, specific Regulations by the CERC before execution.
IEX retains the right to challenge any future market coupling regulations and the grounds raised in the present appeal.
The appeal challenged the CERC Suo Motu Order dated July 23, 2025, which sought to redistribute market share among exchanges.
Shadow pilot data from Dec 2024 to March 2025 was cited in the proceedings regarding the efficacy of coupling.
👀 What to Watch
Investors should see this as a short-term positive as it prevents immediate disruption to IEX's business model, though the long-term threat of market coupling remains. Monitor CERC's next steps regarding the drafting of formal Market Coupling Regulations.
TCI Express Q3 FY26: Revenue Up 6% YoY to ₹314 Cr, Declares ₹7 Interim Dividend
TCI Express reported a stable Q3 FY26 with revenue growing 6% YoY to ₹314 crore and EBITDA margins at 11.6%. The company demonstrated strong growth in its non-surface segments, with Rail Express and International Air growing by 24% and 28% respectively. Management announced an interim dividend of ₹7 per share and revised its 5-year Capex guidance downwards to ₹400 crore. Despite a mixed industrial environment, the company remains debt-free with a healthy cash position of ₹146 crore.
Key Highlights
Revenue for Q3 FY26 grew 6% YoY to ₹314 crore, while 9M FY26 revenue stood at ₹909 crore.
EBITDA for the quarter rose to ₹37 crore with an 11.6% margin; PAT reached ₹23 crore.
Strong performance in specialized segments: Rail Express (+24% YoY), International Air (+28% YoY), and C2C Express (+32% YoY).
Revised 5-year Capex plan to ₹400 crore from ₹500 crore, with ₹150 crore planned for the next 1.5 years.
Maintained a debt-free balance sheet with a net cash position of ₹146 crore and a 21-day working capital cycle.
👀 What to Watch
Investors should view the steady growth in high-margin non-surface segments and the dividend payout as positive signs of operational efficiency. Monitor the impact of revised pricing on future yields and the execution of the downsized Capex plan.
IEX Q3 FY'26 PAT Rises 11% to ₹119 Cr; Declares ₹1.5 Interim Dividend
Indian Energy Exchange (IEX) reported a steady Q3 FY'26 with a 14% YoY revenue growth to ₹183.1 crores and an 11% increase in PAT to ₹119.1 crores. Electricity trading volumes grew 12% YoY to 34.1 billion units, driven significantly by the Real-Time Market (RTM) segment which surged 36% YoY. The company declared an interim dividend of ₹1.5 per share (150% of face value). Despite flat national electricity demand during the quarter, improved fuel supply led to a 13.2% drop in Day-Ahead Market prices, enhancing exchange competitiveness for Discoms.
Key Highlights
Total electricity volume grew 12% YoY to 34.1 BU, with RTM volumes surging 36% to 13 BU.
Revenue from operations increased 14% YoY to ₹183.1 crores; PAT rose 11% to ₹119.1 crores.
Average Day-Ahead Market (DAM) prices fell 13.2% YoY to ₹3.22 per unit due to a 44% increase in sell bids.
IGX gas volumes grew 8% YoY to 17.5 million MMBtu, now representing 20% of India's spot gas market.
Board of Directors declared an interim dividend of ₹1.5 per equity share.
👀 What to Watch
Investors should monitor the upcoming APTEL order on market coupling, which is a critical regulatory milestone. The strong volume growth in RTM and green markets suggests robust underlying demand for exchange-based power procurement.
IEX Achieves Record Monthly Volume of 13,050 MU in Jan 2026, Up 19.6% YoY
IEX reported its highest-ever monthly electricity traded volume of 13,050 MU in January 2026, marking a 19.6% YoY increase. The Real-Time Market (RTM) was a standout performer, growing 52.8% YoY to 4,638 MU. Average market prices for Day-Ahead and Real-Time segments declined by 12.9% and 15.9% respectively, driven by improved supply from hydro, solar, and coal sources. This price cooling facilitated higher procurement by Discoms and industrial consumers, offsetting a 37.1% decline in REC traded volumes.
Key Highlights
Total electricity traded volume reached a record 13,050 MU, up 19.6% YoY
Real-Time Market (RTM) volume surged 52.8% YoY to 4,638 MU
Average Day-Ahead Market (DAM) price fell 12.9% YoY to Rs 3.86 per unit
Green Market volume increased 10.7% YoY to 832 MU
REC traded volume decreased by 37.1% YoY with 23.91 lakh certificates traded
👀 What to Watch
The record-breaking volumes and strong growth in the Real-Time Market segment reinforce IEX's dominant market position. Investors should monitor if this volume momentum continues to offset the impact of lower clearing prices on transaction revenues.
TCI Express Q3 FY26: Strong Growth in C2C (32%+) and International Air (28%) Segments
TCI Express reported robust growth across its specialized service verticals for Q3 FY26, with the C2C Express segment leading at 32%+ YoY growth. The International Air Express and Rail Express segments also showed strong momentum, growing by 28% and 24%+ respectively. The company is successfully leveraging its automated sorting centers in Taj Nagar and Chakan, which have improved sorting efficiency by 40%. Strategic expansions include the commencement of USA operations in January 2026 and the addition of 5 new branches to its 970+ branch network.
Key Highlights
C2C Express segment recorded the highest growth of 32%+ YoY in Q3 FY26.
International Air Express grew by 28% YoY, with USA operations starting in Jan 2026.
Rail Express and Domestic Air Express segments grew by 24%+ and 14% YoY respectively.
Automation at Taj Nagar and Chakan sorting centers handles 15,000 and 11,000 packages per hour respectively.
Network expanded to 970+ company-owned branches covering 60,000+ locations.
👀 What to Watch
Investors should focus on the company's successful diversification into high-margin segments like Rail and International Air, which are outperforming the core surface business. The continued shift toward automation and an asset-light model provides a strong competitive moat for long-term margin expansion.
TCI Express Q3 Net Profit Rises to ₹22 Cr; Declares ₹7.00 Interim Dividend
TCI Express reported a consolidated total income of ₹317.54 crore for Q3 FY26, a growth from ₹299.04 crore in the same quarter last year. Net profit for the quarter stood at ₹22.03 crore, up from ₹18.61 crore YoY, though it saw a slight sequential decline from ₹23.36 crore in Q2. The company declared a substantial interim dividend of ₹7.00 per share (350%). Investors should be aware of a persistent legal risk involving a ₹51.36 crore GST demand, for which a recent appeal was rejected.
Key Highlights
Consolidated Total Income grew to ₹317.54 crore in Q3 FY26 from ₹299.04 crore in Q3 FY25.
Net Profit for the quarter increased to ₹22.03 crore compared to ₹18.61 crore in the corresponding previous year period.
Declared an interim dividend of ₹7.00 per equity share (350%) with a record date of February 07, 2026.
A ₹51.36 crore GST demand appeal was rejected on December 30, 2025; the company plans further legal action.
Basic EPS for the quarter stood at ₹5.74 compared to ₹4.85 in the same quarter last year.
👀 What to Watch
Investors should monitor the outcome of the GST litigation as the ₹51.36 crore demand is significant compared to annual profits. While the dividend payout is attractive, the sequential dip in profit suggests a need to watch operating margins closely.
TCI Express Declares 1st Interim Dividend of Rs 7.00 Per Share; Record Date Feb 07
TCI Express Limited has announced its first interim dividend for the financial year 2025-26 at a rate of 350%. This results in a payout of Rs. 7.00 per equity share with a face value of Rs. 2.00. The company has designated February 07, 2026, as the record date for identifying eligible shareholders. The dividend will be paid within the statutory timeline to all registered members as of the record date.
Key Highlights
Interim dividend of 350% amounting to Rs. 7.00 per equity share.
Record date for dividend eligibility fixed as February 07, 2026.
Dividend applies to equity shares with a face value of Rs. 2.00 each.
The announcement follows the Board Meeting held on February 03, 2026.
👀 What to Watch
Investors seeking to benefit from this dividend must ensure they hold the shares in their demat account before the ex-dividend date. This payout demonstrates the company's consistent policy of sharing profits with shareholders.
TCI Express Declares 1st Interim Dividend of Rs 7 Per Share for FY 2025-26
TCI Express Limited has announced its first interim dividend for the financial year 2025-26. The Board of Directors approved a dividend of Rs 7.00 per equity share, representing a 350% payout on the face value of Rs 2. The company has fixed February 07, 2026, as the record date to determine eligible shareholders. This move demonstrates the company's consistent policy of sharing profits with its investors.
Key Highlights
Interim dividend of Rs 7.00 per equity share declared for FY 2025-26
Dividend payout represents 350% of the face value of Rs 2 per share
Record date for dividend eligibility is set for February 07, 2026
Payment to be completed within the statutory time limit to registered members
👀 What to Watch
Investors interested in the dividend must hold the stock before the record date of February 07, 2026. The high payout ratio reflects strong cash flow generation and a shareholder-friendly management approach.
TCI Express Q3 Net Profit at ₹22.88 Cr; Declares ₹7.00 Interim Dividend
TCI Express reported a standalone net profit of ₹22.88 crore for Q3 FY26, a slight increase from ₹22.54 crore in the same quarter last year. Total income rose to ₹317.54 crore, up from ₹298.89 crore YoY, reflecting steady operational growth. The company declared a significant interim dividend of ₹7.00 per share (350% of face value). However, a legal overhang persists as a ₹51.36 crore GST demand appeal was recently rejected by the Commissioner (Appeals), which the company plans to contest further.
Key Highlights
Standalone Revenue from operations grew 6% YoY to ₹314.05 Cr in Q3 FY26.
Net Profit for the quarter stood at ₹22.88 Cr compared to ₹22.54 Cr in the previous year.
Declared an interim dividend of ₹7.00 per equity share with a record date of February 07, 2026.
GST demand of ₹51.36 Cr plus interest/penalty remains a concern after the appeal was rejected on December 30, 2025.
Basic EPS for the quarter is ₹5.97, showing marginal growth from ₹5.94 YoY.
👀 What to Watch
Investors should enjoy the healthy dividend payout but remain cautious regarding the ₹51.36 crore GST litigation. Monitor the company's next steps in the Appellate Tribunal as the rejection of the first appeal could lead to potential provisions in the future.
TCI Express Declares ₹7 Interim Dividend; Q3 Consolidated Net Profit Rises to ₹22.03 Cr
TCI Express has declared an interim dividend of ₹7 per share (350% of face value) for FY 2025-26, with the record date set for February 07, 2026. The company reported a consolidated net profit of ₹22.03 crore for Q3 FY26, showing a modest growth from ₹20.68 crore in the corresponding quarter of the previous year. Total consolidated income for the quarter rose to ₹317.54 crore compared to ₹299.04 crore YoY. However, the company is currently contesting a significant GST demand of ₹51.36 crore plus interest and penalties following a recent appeal rejection.
Key Highlights
Interim dividend of ₹7.00 per equity share declared with a record date of February 07, 2026
Consolidated Q3 FY26 Net Profit grew to ₹22.03 crore from ₹20.68 crore in Q3 FY25
Total Consolidated Income for the quarter increased to ₹317.54 crore vs ₹299.04 crore YoY
Company is contesting a GST demand of ₹51.36 crore after an appeal was rejected on December 30, 2025
9-month consolidated net profit stands at ₹65.40 crore, slightly down from ₹69.08 crore in the previous year
👀 What to Watch
Investors should note the dividend payout but remain cautious regarding the ₹51.36 crore GST litigation which could impact future cash flows if not resolved in the company's favor. The modest earnings growth indicates a stable performance, but the legal overhang is a key monitorable.
IEX Q3 FY'26: Electricity Volumes Grow 14.3% to 101.7 BU; RTM Volumes Surge 40%
IEX reported a robust 14.3% YoY growth in electricity volumes for 9M FY'26, reaching 101.7 BU, driven primarily by a 40% surge in the Real-Time Market (RTM). Market prices have softened significantly, with Day-Ahead Market (DAM) prices dropping to ₹3.85/unit from ₹5.36/unit two years ago, supported by a 43% increase in sell-side liquidity. The company is strategically positioned to benefit from the energy transition, with a focus on new products like Green RTM and longer-duration TAM contracts (up to 11 months) awaiting regulatory approval. Management highlights a strong correlation between national power demand and exchange volumes, projecting significant growth as India targets 2,300 BU demand by 2030.
Key Highlights
Total electricity volumes for 9M FY'26 reached 101.7 BU, a 14.3% increase over the previous year.
Real-Time Market (RTM) continues to be a major growth driver with ~40% YoY volume growth.
Sell-side liquidity improved by 43% YoY, leading to a decline in average DAM prices to ₹3.85 per unit.
Renewable Energy Certificates (REC) volumes grew by 4% to 115 Lakh in the 9M FY'26 period.
Strategic expansion into new segments like Green RTM and 11-month TAM contracts is pending CERC approval.
👀 What to Watch
Investors should monitor the regulatory progress of the 11-month TAM contracts and the implementation of the Carbon Credit Trading Scheme. The strong volume growth despite lower clearing prices indicates healthy market depth and long-term scalability.
IEX Q3 FY'26: Consolidated PAT Up 11% to ₹119.1 Cr, Announces ₹1.50 Interim Dividend
Indian Energy Exchange (IEX) reported a steady performance for Q3 FY'26 with consolidated Profit After Tax (PAT) rising 11% YoY to ₹119.1 crore. Total electricity volumes grew by 11.9% to 34.1 BUs, significantly outperforming the flat national electricity demand growth during the quarter. The company benefited from improved supply liquidity, which led to a 13.2% drop in Day-Ahead Market prices to ₹3.22/unit. Additionally, the board declared an interim dividend of ₹1.50 per share, reflecting strong cash generation.
Key Highlights
Consolidated PAT for Q3 FY'26 stood at ₹119.1 crore, an 11% increase from ₹107.3 crore in the previous year.
Electricity trading volumes reached 34.1 BUs, marking an 11.9% YoY growth despite flat national demand.
Consolidated Revenue for the quarter rose 14% YoY to ₹183.1 crore.
Market Clearing Price in the Day-Ahead Market (DAM) declined 13.2% YoY to ₹3.22 per unit.
Board of Directors announced an interim dividend of ₹1.50 per equity share (150% of face value).
👀 What to Watch
Investors should take note of IEX's ability to grow volumes and margins even when national demand is stagnant, aided by lower power procurement prices. The steady dividend payout and growth in subsidiary segments like IGX and ICX further strengthen the long-term investment case.
IEX Q3 PAT Rises 11.6% YoY to ₹115 Cr; Declares ₹1.50 Interim Dividend
Indian Energy Exchange (IEX) reported a solid performance for Q3 FY26, with standalone net profit rising 11.6% YoY to ₹115.09 crore. Revenue from operations grew by 9.6% YoY to ₹143.90 crore, driven by increased trading volumes. Alongside the results, the board declared an interim dividend of ₹1.50 per share (150% of face value). The company continues to maintain strong margins with a profit before tax of ₹151.20 crore for the quarter.
Key Highlights
Standalone Net Profit increased to ₹115.09 crore in Q3 FY26 from ₹103.15 crore in Q3 FY25.
Revenue from operations grew 9.6% YoY to ₹143.90 crore.
Declared an interim dividend of ₹1.50 per equity share with a record date of February 04, 2026.
Total income for the nine-month period ended December 2025 rose to ₹550.57 crore from ₹482.05 crore YoY.
Earnings Per Share (EPS) improved to ₹1.29 for the quarter compared to ₹1.16 in the previous year's corresponding quarter.
👀 What to Watch
Investors seeking dividend income should ensure they hold shares before the February 04, 2026 record date. The steady YoY growth in profit and revenue reinforces IEX's strong market position in the power exchange sector.
IEX Declares ₹1.50 Interim Dividend; Q3 Net Profit Rises 11.6% YoY to ₹115 Cr
Indian Energy Exchange (IEX) reported a steady Q3 FY26 performance with a standalone net profit of ₹115.09 crore, up 11.6% from ₹103.15 crore in the same quarter last year. Revenue from operations grew by 9.6% YoY to ₹143.90 crore, while total income reached ₹181.32 crore. The Board has declared an interim dividend of ₹1.50 per share (150% of face value) for the financial year 2025-26. The record date for the dividend payment is fixed as February 4, 2026.
Key Highlights
Declared an interim dividend of ₹1.50 per equity share (150% of face value ₹1) for FY 2025-26.
Q3 FY26 Net Profit increased to ₹115.09 crore, compared to ₹103.15 crore in Q3 FY25.
Total Revenue from operations for the quarter stood at ₹143.90 crore, up from ₹131.31 crore YoY.
Basic and Diluted EPS for the quarter improved to ₹1.29 from ₹1.16 in the previous year's corresponding quarter.
Nine-month (9M FY26) net profit reached ₹349.74 crore, reflecting strong year-to-date growth.
👀 What to Watch
Investors should ensure they hold shares by the record date of February 4, 2026, to be eligible for the dividend. The consistent growth in bottom-line and revenue suggests the company remains a stable play in the energy exchange market.
IEX Q3 FY26 Net Profit Rises 11.6% YoY to ₹115 Cr; Declares ₹1.50 Interim Dividend
Indian Energy Exchange (IEX) reported a standalone net profit of ₹115.09 crore for the quarter ended December 31, 2025, marking an 11.6% increase from ₹103.15 crore in the previous year's corresponding quarter. Total income for the quarter reached ₹181.32 crore, supported by a 9.6% year-on-year growth in revenue from operations. The company's Board has declared an interim dividend of ₹1.50 per share (150% of face value), with the record date fixed as February 4, 2026. While YoY performance is strong, profit saw a slight sequential decline of 5.4% compared to Q2 FY26.
Key Highlights
Standalone Net Profit increased 11.6% YoY to ₹115.09 crore.
Revenue from operations grew 9.6% YoY to ₹143.90 crore for the quarter.
Interim dividend of ₹1.50 per equity share declared for FY 2025-26.
Nine-month total income rose to ₹550.57 crore compared to ₹482.05 crore in the previous year.
Basic and Diluted EPS for the quarter stood at ₹1.29, up from ₹1.16 YoY.
👀 What to Watch
Investors should view the steady year-on-year growth and consistent dividend payout as positive indicators of financial health. Long-term holders should monitor regulatory developments regarding market coupling which could impact future exchange volumes.
IEX Declares ₹1.50 Interim Dividend; Q3 Standalone Net Profit Rises 11.6% YoY to ₹115 Crore
Indian Energy Exchange (IEX) has declared an interim dividend of ₹1.50 per equity share for FY 2025-26, with the record date set for February 4, 2026. The company reported a solid financial performance for the quarter ended December 31, 2025, with standalone total income increasing 13.4% YoY to ₹181.32 crore. Standalone net profit grew by 11.6% YoY to ₹115.09 crore, up from ₹103.15 crore in the same period last year. The results reflect steady operational growth and a continued commitment to shareholder returns through dividends.
Key Highlights
Declared an interim dividend of ₹1.50 per equity share (150% of face value Re. 1).
Standalone Net Profit increased 11.6% YoY to ₹115.09 crore for Q3 FY26.
Total Standalone Income rose to ₹181.32 crore, a 13.4% growth compared to ₹159.85 crore in Q3 FY25.
Record date for dividend eligibility is fixed as Wednesday, February 04, 2026.
Basic and Diluted EPS improved to ₹1.29 from ₹1.16 in the corresponding previous quarter.
👀 What to Watch
Investors seeking dividend income should ensure they hold shares before the February 4 record date. The steady double-digit profit growth reinforces IEX's dominant position in the energy exchange market.
TCI Express Completes 100% Acquisition of TCI Global (Singapore) for SGD 18,000
TCI Express Limited, through its subsidiary TCI Express Pte. Ltd., has completed the 100% acquisition of TCI Global (Singapore) Pte. Ltd. for a cash consideration of SGD 18,000. The target entity was acquired from TCI Holdings Asia Pacific Pte. Ltd., making it a step-down wholly-owned subsidiary of TCI Express. While the target company has reported nil turnover for the last three years, the acquisition is intended to provide a cost-effective and faster entry into the Singapore logistics market. This related-party transaction was executed on an arm's length basis.
Key Highlights
Acquisition of 100% equity shares of TCI Global (Singapore) Pte. Ltd. completed on January 26, 2026.
Total cash consideration for the acquisition is SGD 18,000.
Target entity has recorded zero turnover over the last three financial years.
Strategic move to expand the company's logistics and transport footprint in the Singapore region.
Transaction is a related-party deal conducted at arm's length with the promoter group.
👀 What to Watch
Investors should recognize this as a strategic, low-cost entry into a new geography rather than a major financial driver. Monitor future updates for how the company plans to operationalize this entity to generate revenue in the Singapore market.
TCI Express Receives ₹51.36 Crore GST Demand Order; To File Appeal
TCI Express has been served a GST demand order totaling ₹51.36 crore for the financial years 2017-18 through 2021-22. The order, issued under Section 74(1) of the CGST Act, includes the tax amount along with interest and penalties. While the company previously contested the demand, the latest order from the Commissioner (Appeals) maintains the original demand. TCI Express plans to file a further appeal, asserting a strong legal position and stating no current material impact on operations.
Key Highlights
GST demand of ₹51,36,02,450 confirmed for the period FY 2017-18 to FY 2021-22.
Demand issued by the Office of the Commissioner (Appeals) of CGST, Gurugram.
The company intends to file an appeal before the GST Appropriate Authority.
Management claims no immediate material impact on financial or operational activities.
👀 What to Watch
Investors should track the litigation progress as the demand amount is significant relative to the company's annual earnings. Maintain a watch on potential provisions if the appeal does not favor the company.
