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Gabriel India Schedules Q3 FY26 Earnings Call for February 03, 2026
Gabriel India Limited has announced its earnings conference call to discuss the operational and financial performance for the third quarter of FY 2025-26. The call is scheduled for Tuesday, February 03, 2026, at 5:00 PM IST. Key management personnel, including the Group CEO, Managing Director, and CFO, will be present to interact with shareholders and analysts. This routine disclosure is made in compliance with SEBI Listing Obligations and Disclosure Requirements.
Key Highlights
Earnings call for Q3 FY 2025-26 scheduled for February 03, 2026, at 17:00 IST
Management participants include Group CEO Mahendra Goyal and MD Atul Jaggi
Primary dial-in numbers for the call are +91 22 6280 1309 and +91 22 7115 8210
International toll-free numbers provided for USA, UK, Singapore, and Hong Kong
๐ผ Action for Investors
Investors should attend or review the transcript of the call to understand management's outlook on the auto component industry and margin sustainability. Focus on commentary regarding new order wins and EV segment progress.
BlackBuck Short-Term Credit Rating Upgraded to [ICRA]A2+ on Strong Financial Profile
ICRA has upgraded BlackBuck Limited's short-term rating to [ICRA]A2+ from [ICRA]A3+, reflecting a significant improvement in its financial risk profile following its November 2024 IPO and the hive-off of its low-margin corporate freight business. The company demonstrated strong profitability in H1 FY2026 with a PAT of Rs. 62.9 crore and maintains a robust liquidity position with cash reserves of Rs. 1,025.3 crore. The transition to an asset-light, technology-focused model has resulted in high operating margins of 27.5% and a very low gearing ratio of 0.04 times.
Key Highlights
Short-term credit rating upgraded to [ICRA]A2+ from [ICRA]A3+ for Rs. 43 crore bank facilities.
Reported H1 FY2026 revenue of Rs. 289.6 crore and PAT of Rs. 62.9 crore.
Maintains strong liquidity with cash and liquid investments totaling Rs. 1,025.3 crore as of September 2025.
Debt-to-equity ratio (gearing) improved significantly to 0.04x with an interest coverage ratio of 30.9x.
Average monthly transacting truck operators grew at a 28% CAGR to 7.87 lakh over FY2022-H1 FY2026.
๐ผ Action for Investors
The rating upgrade validates BlackBuck's successful pivot to a high-margin digital platform model; investors should maintain a positive outlook while monitoring the asset quality of its NBFC subsidiary.
Cineline India Opens 3-Screen MovieMax Multiplex in Bareilly; Total Screen Count Reaches 80
Cineline India Limited has announced the opening of a new 3-screen multiplex under the MovieMax brand at City Centre LA Mall in Bareilly, Uttar Pradesh. This new facility adds 564 seats to the company's capacity and features advanced 2K Laser projectors and Dolby 7.1 Surround Sound technology. With this launch, the company's regional presence in Uttar Pradesh has grown to 23 screens. Nationally, Cineline now operates 80 screens across 20 properties in 14 cities, marking a significant milestone in its nationwide expansion strategy.
Key Highlights
Opened a new 3-screen multiplex in Bareilly, Uttar Pradesh, with a total seating capacity of 564.
Equipped with advanced 2K Laser projectors and Dolby 7.1 Surround Sound technology.
Increased regional screen count in Uttar Pradesh to 23 screens.
Total nationwide operations expanded to 80 screens across 20 properties in 14 cities.
Strengthens the MovieMax brand's position as a leading player in the Indian cinema exhibition industry.
๐ผ Action for Investors
Investors should view this as a positive growth indicator and monitor the company's ability to maintain occupancy levels and improve margins as it scales its screen count. Watch for upcoming quarterly results to see the revenue contribution from these new capacity additions.
GAIL Board to Consider Interim Dividend on Jan 31; Record Date Set for Feb 5, 2026
GAIL (India) Limited has announced a Board meeting on January 31, 2026, to consider the payment of an interim dividend for the financial year 2025-26. The company has established February 5, 2026, as the record date for determining eligibility, should the dividend be approved. The announcement also provides comprehensive guidelines on Tax Deducted at Source (TDS), highlighting a revised threshold of Rs. 10,000 for resident individuals before tax is applicable. Shareholders are required to update their PAN and bank details to ensure seamless electronic payment and appropriate tax treatment.
Key Highlights
Board meeting scheduled for January 31, 2026, to consider interim dividend for FY 2025-26.
Record date for the proposed interim dividend is fixed as February 5, 2026.
No TDS for resident individuals if total dividend paid in FY 2025-26 is less than Rs. 10,000.
Standard TDS rate of 10% for resident shareholders with valid PAN; 20% for those with invalid or no PAN.
Tax document submission window is open from January 27, 2026, to February 6, 2026.
๐ผ Action for Investors
Investors should ensure their PAN and bank account details are updated with their Depository Participant before the February 5 record date to avoid a 20% tax deduction. Eligible shareholders seeking lower or nil tax deduction should submit the required forms (15G/15H) via email by February 6, 2026.
Hindalco Announces โน21,000-Cr Smelter Expansion and Commissions New Odisha Facilities
Hindalco has announced a massive โน21,000-crore expansion of its aluminium smelter in Odisha, adding 3.6 lakh tonnes per annum to its capacity. Simultaneously, the company commissioned a โน4,500-crore facility for Flat Rolled Products (FRP) and India's first battery-grade aluminium foil, specifically targeting the EV and energy storage sectors. These projects are part of a larger โน37,000-crore investment plan in Odisha and a total growth capex of โน55,000 crore across India. The expansion aims to reduce India's dependence on imported flat-rolled aluminium by nearly 50% while supporting up to 100 GWh of lithium-ion cell manufacturing.
Key Highlights
โน21,000-crore investment for a 3.6 lakh-tonne-per-annum smelter expansion at the Aditya Aluminium complex.
Commissioned a 1.7 lakh-tonne-per-annum FRP and battery-grade foil facility with a โน4,500-crore investment.
Total planned capex of โน37,000 crore in Odisha and โน55,000 crore across India for growth initiatives.
Battery foil facility designed to support 100 GWh of lithium-ion cell manufacturing capacity.
Expansion expected to halve India's current 40% import dependence on flat-rolled aluminium products.
๐ผ Action for Investors
This is a significant long-term positive as Hindalco pivots towards high-margin downstream products for the EV ecosystem. Investors should maintain a positive outlook given the company's integrated strategy and focus on import substitution.
Raymond Realty Q3FY26: Total Income Surges 56% YoY to โน766 Cr; Pre-sales Hit โน743 Cr
Raymond Realty reported a robust 56% YoY increase in total income for Q3FY26, reaching โน766 Cr, while 9MFY26 income grew 18% to โน1,864 Cr. Quarterly pre-sales were strong at โน743 Cr, driven by the launch of the 'Invictus by GS' project in BKC which received an overwhelming response. Despite the revenue jump, EBITDA margins contracted to 13% from 21% YoY, resulting in a slight 4% decline in Net Profit to โน67 Cr. The company maintains a massive revenue potential of โน40,000 Cr across its Thane land bank and expanding JDA portfolio in Mumbai.
Key Highlights
Total Income for Q3FY26 grew 56% YoY to โน766 Cr, with 9MFY26 income at โน1,864 Cr.
Achieved quarterly pre-sales of โน743 Cr and customer collections of โน427 Cr.
Launched new JDA project 'Invictus by GS' in BKC during Dec 2025, with 17% already sold.
Total potential revenue pipeline estimated at โน40,000 Cr, including โน25,000 Cr from Thane land.
Net debt remains low at โน230 Cr with an estimated surplus cash flow of โน4,135 Cr from launched projects.
๐ผ Action for Investors
Investors should monitor the successful execution of the JDA-led expansion strategy, which aims to contribute 50% of pre-sales by FY28. While revenue growth is strong, the focus should remain on margin recovery as high-value Mumbai projects reach advanced construction stages.
Orient Bell Q3FY26 PAT Surges 245% YoY to โน3.4 Cr; EBITDA Margins Expand to 6.4%
Orient Bell Limited reported a steady 3.6% YoY growth in Q3FY26 revenue to โน168.8 crore, while Net Profit (PAT) jumped 245.5% to โน3.4 crore. The company achieved significant margin expansion, with EBITDA margins rising 150 bps YoY to 6.4%, driven by a 4.5% reduction in production costs. OBL maintains a robust balance sheet with near-zero net debt (โน0.1 crore) and a healthy cash conversion cycle of 31 days. Product premiumization is evident as vitrified tiles now contribute 61% of total sales.
Key Highlights
Q3FY26 EBITDA grew 34.6% YoY to โน10.8 crore with margins expanding from 4.9% to 6.4%.
Net Profit (PAT) for the quarter skyrocketed 245.5% YoY to โน3.4 crore.
Cost of production (COP) reduced by 4.5% YoY on a like-for-like basis due to operational efficiencies.
Company achieved a near-zero net debt status with a 0.0x Net Debt-Equity ratio as of Dec 31, 2025.
High-value Glazed Vitrified Tiles (GVT) now account for 44% of total sales, up from 41% in FY25.
๐ผ Action for Investors
Investors should monitor the company's ability to maintain these improved margins as they demonstrate strong operational leverage despite modest revenue growth. The focus on premiumization and a debt-free balance sheet makes it a strong player in the building materials segment.
Onward Technologies Transfers 100 Shares Under SEBI Special Window
Onward Technologies has processed the transfer of 100 equity shares (Face Value โน10) under the SEBI Special Window for re-lodgement of physical shares. The transfer was made from Akkeswara Immadisetty to Raj Kumar Sharma following a period where no objections were received. These shares and their associated dividends were previously held by the Investor Education and Protection Fund (IEPF). The transferred shares are now subject to a mandatory six-month lock-in period and will be issued in demat mode.
Key Highlights
Transfer of 100 equity shares of face value โน10 each completed under SEBI circular guidelines.
Shares were previously held by the Investor Education and Protection Fund (IEPF) Authority.
A mandatory 6-month lock-in period is applicable from the date of transfer.
The transfer follows the SEBI Circular dated July 2, 2025, regarding physical share re-lodgement.
๐ผ Action for Investors
This is a routine administrative filing involving a negligible number of shares and has no impact on the company's fundamentals. No action is required from retail investors.
CG Power Q3 PAT Jumps 42% to โน347 Cr; Order Backlog Surges 66% to โน14,859 Cr
CG Power delivered a robust Q3FY26 performance with standalone revenue growing 22% YoY to โน2,909 Cr and PAT (before exceptional items) rising 42% to โน347 Cr. The Power Systems segment was the standout performer, recording 44% revenue growth and significant margin expansion to 21.4%. While Industrial Systems faced margin pressure due to commodity inflation, the company's overall order backlog reached a record โน14,859 Cr. Additionally, the company secured its largest-ever single export order worth โน900 Cr from the USA and declared an interim dividend of โน1.30 per share.
Key Highlights
Standalone revenue grew 22% YoY to โน2,909 Cr, the highest ever quarterly revenue for the company.
Unexecuted order backlog increased by 66% YoY to โน14,859 Cr, providing multi-quarter revenue visibility.
Power Systems segment PBIT margins expanded by 378 bps to 21.4% driven by strong demand and operating leverage.
Secured a landmark โน900 Cr ($99.2M) export order for power transformers from a US-based data center project.
Board approved an interim dividend of โน1.30 per equity share (65% on face value of โน2).
๐ผ Action for Investors
Investors should focus on the massive 66% growth in order backlog and the strategic entry into the US data center market via its largest-ever export order. While commodity costs in Industrial Systems are a headwind, the strong execution in Power Systems and consistent dividend payouts make this a solid hold.
Emkay Global Q3 FY26: AUM Crosses โน5,300 Mn, Inflows Exceed โน1,400 Mn
Emkay Global Financial Services demonstrated resilient growth in Q3 FY26, with its Asset Management AUM for Capital Builder strategies surpassing โน5,300 mn. The company recorded total inflows of over โน1,400 mn during the quarter, significantly bolstered by the Emkay SMID strategy which raised โน1,300 mn. Strategic milestones included acting as Merchant Banker for an โน11,000 mn QIP and upgrading clearing memberships on NSE and BSE. Furthermore, the conversion of 2,78,300 promoter warrants into equity shares indicates strong internal confidence in the company's long-term value.
Key Highlights
Asset Management AUM for Capital Builder PMS and AIF strategies exceeded โน5,300 mn as of Dec 2025.
Total quarterly inflows reached over โน1,400 mn, with the SMIDCap strategy alone raising โน1,300 mn.
Promoter and Managing Director exercised 2,78,300 warrants, strengthening the equity base.
Successfully acted as Merchant Banker for Anant Raj Limited's โน11,000 mn Qualified Institutional Placement.
Upgraded clearing capabilities on NSE and BSE to provide end-to-end settlement and diversify revenue.
๐ผ Action for Investors
Investors should view the growth in AUM and the promoter warrant exercise as positive indicators of business momentum and management alignment. Monitor the impact of the new clearing services and technology upgrades on operational margins in the coming quarters.
CG Power Declares Rs 1.30 Interim Dividend; Sets Feb 1 as Record Date
CG Power and Industrial Solutions has declared an interim dividend of Rs 1.30 per equity share for FY 2025-26, representing 65% of the face value. The Board has fixed February 1, 2026, as the record date to identify eligible shareholders for this payout. Alongside this, the company approved the re-appointment of Mr. Sriram Sivaram as an Independent Director for a second five-year term. Furthermore, the board approved the re-classification of Algavista Greentech Private Limited from the promoter group to the public category as they hold zero shares.
Key Highlights
Interim dividend declared at Rs 1.30 per share (65% of face value of Rs 2)
Record date for dividend eligibility is Sunday, February 1, 2026
Dividend payment to be processed within 30 days from the declaration date
Mr. Sriram Sivaram re-appointed as Independent Director for a 5-year term until June 2031
Algavista Greentech (0.00% holding) approved for re-classification to Public category
๐ผ Action for Investors
Investors interested in the dividend must hold shares prior to the ex-dividend date. The governance changes and promoter re-classification are standard procedures and indicate stable management.
Ashok Leyland Appoints Jasmeet Bhatia as President & Head of Human Resources
Ashok Leyland has appointed Mr. Jasmeet Bhatia as the new President & Head of Human Resources, effective January 27, 2026. He succeeds Mr. Raja Radhakrishnan, who will transition to managing Special Projects within the Ashok Leyland and Hinduja Group. Mr. Bhatia brings over 25 years of experience in HR functions including leadership development and industrial relations. This transition appears to be a planned leadership rotation within the senior management team.
Key Highlights
Mr. Jasmeet Bhatia joins as President & Head โ HR effective January 27, 2026.
The new appointee possesses over 25 years of experience in Human Resources across various industries.
Outgoing HR head Mr. Raja Radhakrishnan will remain with the Hinduja Group to manage Special Projects.
Mr. Bhatia's expertise includes organizational change management and maintaining industrial relations.
๐ผ Action for Investors
This is a routine management change in a non-financial function and requires no immediate action. Investors should continue to focus on the company's monthly sales volume data and quarterly earnings.
Cyient DLM Q3 FY26: Strong Order Intake of โน387 Cr and 1.3 Book-to-Bill Ratio
Cyient DLM reported a robust order intake of โน387 crores in Q3 FY26, achieving a book-to-bill ratio of 1.3 for the quarter and 1.56 YTD. While revenue was soft due to holiday-related push-outs and tariff uncertainties, management expects these shipments to recover in Q4. The company maintained double-digit EBITDA margins, though results were impacted by one-time labor code adjustments and aborted M&A-related expenses. Strategic focus remains on high-margin Build-to-Spec (B2S) programs and expansion into European and defense markets.
Key Highlights
Reported a healthy order intake of โน387 crores with a book-to-bill ratio of 1.3 for the quarter.
Year-to-date (YTD) book-to-bill ratio stands strong at 1.56, providing high revenue visibility for coming quarters.
Added 2 new strategic logos in the medical and industrial sectors and commenced revenue from B2S programs.
EBITDA margins were impacted by one-time costs related to a new labor code and expenses from a non-materialized M&A deal.
Management noted revenue softness was temporary, driven by customer wait-and-watch modes regarding global tariff uncertainties.
๐ผ Action for Investors
Investors should monitor the execution of the โน387 crore order book in Q4 to confirm that the Q3 revenue softness was indeed temporary. The increasing mix of Build-to-Spec (B2S) and defense contracts suggests long-term margin expansion potential.
PSP Projects Assigned ESG Rating of 66.9 (Grade B) by SES ESG Research
SES ESG Research Pvt. Ltd. has independently assigned an Environmental, Social, and Governance (ESG) rating of 66.9 to PSP Projects Limited for the year 2025. This score places the company in 'Grade B', which represents a 'Medium risk' profile. The rating was voluntary and based on publicly available data, as the company did not formally engage the agency for this assessment. Such disclosures are increasingly relevant for institutional investors who incorporate ESG metrics into their investment decision-making processes.
Key Highlights
Assigned an ESG rating of 66.9 for the year 2025.
Achieved 'Grade B' classification, indicating a 'Medium risk' profile.
Rating was conducted independently by SES ESG Research using public domain data.
Disclosure made in compliance with Regulation 30 of SEBI Listing Regulations.
๐ผ Action for Investors
Investors should note this as a positive step for corporate transparency and ESG benchmarking. No immediate action is required as the 'Medium risk' rating is standard for the construction and engineering sector.
CG Power Declares โน1.30 Interim Dividend; Approves Q3 FY26 Results
CG Power and Industrial Solutions has declared an interim dividend of โน1.30 per equity share (65% of face value) for FY 2025-26. The board has approved the unaudited financial results for the quarter ended December 31, 2025, alongside the re-appointment of Sriram Sivaram as an Independent Director for a second five-year term. Additionally, the company is proceeding with the re-classification of Algavista Greentech Private Limited from the promoter group to the public category. The dividend will be paid to eligible shareholders within 30 days of declaration.
Key Highlights
Interim dividend of โน1.30 per equity share declared on a face value of โน2
Record date for dividend eligibility set for February 1, 2026
Re-appointment of Mr. Sriram Sivaram as Independent Director for 5 years (2026-2031)
Approval for re-classification of Algavista Greentech (0% holding) to Public category
Unaudited standalone and consolidated Q3 FY26 financial results approved
๐ผ Action for Investors
Investors should note the record date of February 1, 2026, to qualify for the interim dividend payout. The re-appointment of experienced independent directors and clean-up of promoter classifications are positive signs of corporate governance.
CG Power Declares โน1.30 Interim Dividend; Re-appoints Independent Director
CG Power and Industrial Solutions has declared an interim dividend of โน1.30 per equity share for FY 2025-26, which is 65% of the face value. The board has fixed February 1, 2026, as the record date for determining shareholder eligibility. Alongside the dividend, the company approved its Q3 and nine-month financial results for the period ending December 31, 2025. Additionally, the board approved the re-appointment of Mr. Sriram Sivaram as an Independent Director and the re-classification of Algavista Greentech from the promoter group to the public category.
Key Highlights
Interim dividend declared at โน1.30 per equity share (65% of โน2 face value)
Record date for dividend eligibility set for February 1, 2026
Re-appointment of Mr. Sriram Sivaram as Independent Director for a 5-year term starting June 2026
Approval of re-classification of Algavista Greentech Private Limited to 'Public' category
Unaudited financial results for Q3 and 9M FY26 approved by the board
๐ผ Action for Investors
Investors interested in the dividend should ensure they hold shares before the ex-dividend date, typically one business day prior to the February 1st record date. The management continuity and promoter re-classification are positive signs of stable corporate governance.
NBIFIN Appoints Shree Cement Promoters to Board and Diversifies Business Objects
N. B. I. Industrial Finance (NBIFIN) has appointed Mr. Hari Mohan Bangur and Mr. Prashant Bangur, prominent leaders from Shree Cement, as Additional Directors. The company is significantly expanding its business scope via MOA amendments to include commodities trading, IT services, and data processing. The authorized share capital is established at โน10.35 crore, divided into 2.07 crore shares of โน5 each. These changes, along with the Q3 FY26 results approval, signal a potential strategic pivot for the investment firm.
Key Highlights
Appointment of Shree Cement's Hari Mohan Bangur and Prashant Bangur to the Board of Directors.
MOA amended to allow entry into IT services, e-commerce, and diverse commodity trading across India and abroad.
Authorised Share Capital defined as โน10.35 crore, consisting of 2.07 crore equity shares at โน5 each.
Resignation of Non-Executive Director Ms. Riya Puja Jain effective January 27, 2026.
Board approved Unaudited Standalone and Consolidated Financial Results for the quarter ended December 31, 2025.
๐ผ Action for Investors
The entry of top-tier leadership from Shree Cement is a major positive signal; investors should monitor the company's execution in its newly added business verticals like IT and commodities.
NBIFIN Appoints Shree Cement's Hari Mohan Bangur to Board; Proposes Major Business Expansion
N. B. I. Industrial Finance Company Limited (NBIFIN) has appointed Hari Mohan Bangur and Prashant Bangur, the top leadership of Shree Cement, as Non-Executive Directors effective January 27, 2026. The company is also seeking to significantly expand its business objects to include commodity trading, IT services, and real estate development. These strategic board changes coincide with the approval of Q3 FY26 financial results and the resignation of director Riya Puja Jain. The authorized share capital is confirmed at โน10.35 crore divided into 2.07 crore equity shares of โน5 each.
Key Highlights
Appointment of Hari Mohan Bangur (Chairman, Shree Cement) and Prashant Bangur as Non-Executive Directors.
Proposed amendment to Memorandum of Association to include trading in commodities, IT services, and real estate.
Authorized Share Capital maintained at โน10.35 Crore with a face value of โน5 per share.
Resignation of Non-Executive Director Riya Puja Jain effective January 27, 2026, due to personal reasons.
Board approval of Unaudited Standalone and Consolidated Financial Results for the quarter ended December 31, 2025.
๐ผ Action for Investors
Investors should view the entry of the Bangur family into the board as a positive signal for corporate governance and potential strategic redirection. Monitor upcoming shareholder meetings for the approval of new business lines which could diversify the company's revenue streams.
Tips Films Q3 Results: Net Loss Narrows to โน2.87 Cr; 9M Income Surges to โน156.85 Cr
Tips Films reported a net loss of โน2.87 crore for the quarter ended December 31, 2025, showing a sequential improvement from a โน14.25 crore loss in Q2. However, quarterly revenue dropped sharply to โน4.56 crore from โน56.70 crore in the previous quarter, highlighting the inherent volatility in film release cycles. While nine-month total income surged to โน156.85 crore from โน14.98 crore year-on-year, the company remains in a net loss position of โน12.38 crore for the period. The company also noted a one-time impact of โน37.37 lakhs due to the implementation of New Labour Codes.
Key Highlights
Total income for Q3 FY26 fell to โน456.29 Lacs from โน5,670.40 Lacs in the preceding quarter.
Net loss for the quarter narrowed to โน286.87 Lacs compared to a loss of โน1,425.15 Lacs in Q2 FY26.
Nine-month total income saw a massive jump to โน15,685.57 Lacs from โน1,497.86 Lacs in the previous year.
The company reported a net loss of โน1,237.61 Lacs for the nine-month period ending Dec 2025 vs a profit of โน1,269.17 Lacs YoY.
Employee benefit expenses included a โน37.37 Lakhs provision for past service costs under New Labour Codes.
๐ผ Action for Investors
The company's performance remains highly volatile and dependent on the timing of film releases, making quarterly comparisons difficult. Investors should focus on the upcoming content pipeline and the company's ability to monetize its film library to achieve sustainable profitability.
NBIFIN Appoints Shree Cement Leaders to Board; Proposes Major Business Object Expansion
N. B. I. Industrial Finance (NBIFIN) has announced the appointment of Mr. Hari Mohan Bangur and Mr. Prashant Bangur, top leaders from Shree Cement, to its board as Additional Directors. The company is also proposing extensive amendments to its Memorandum of Association to significantly broaden its business scope into IT services, e-commerce, and global commodity trading. These changes, alongside the approval of Q3 FY26 financial results, signal a potential strategic pivot for the firm. Additionally, director Ms. Riya Puja Jain has resigned from the board effective January 27, 2026.
Key Highlights
Appointment of Mr. Hari Mohan Bangur (Shree Cement Chairman) and Mr. Prashant Bangur as Non-Executive Directors.
Proposed MOA expansion to include IT services, software development, and international trading of diverse commodities.
Authorised Share Capital defined at โน10.35 Crore divided into 2.07 Crore equity shares of โน5 each.
Resignation of Ms. Riya Puja Jain as Non-Executive Director effective January 27, 2026.
Approval of standalone and consolidated financial results for the quarter ended December 31, 2025.
๐ผ Action for Investors
Investors should view the entry of high-profile leadership from the Bangur family as a strong positive signal and monitor the company's transition into new business verticals. Watch for shareholder approval of the MOA changes as it will define the company's future growth trajectory.