Bharat Forge, one of India’s leading engineering and defense manufacturing companies, has witnessed a surge in its share price after securing a landmark contract to supply indigenously developed close-quarter battle (CQB) carbines to the Indian Army. The contract, estimated at around ₹2,000 crore, is not only the largest carbine order in India since the introduction of the INSAS rifles over two decades ago but also a major milestone for the country’s ‘Make in India’ and ‘Aatmanirbhar Bharat’ initiatives. This development marks a turning point for India’s defense self-reliance and is set to have a significant impact on the nation’s military capability, the local economy, and Bharat Forge’s future growth trajectory.

Bharat Forge’s recent triumph in securing the Indian Army’s carbine contract marks a defining moment not only for the company, but for the entire Indian defense manufacturing ecosystem. The announcement has sparked optimism among investors, industry experts, and policymakers, all of whom see this as a validation of India’s growing capability to design, develop, and deliver sophisticated military hardware domestically. The contract’s sheer size and scope have set new benchmarks for indigenous defense procurement, signaling a shift away from reliance on foreign suppliers and toward homegrown innovation.

The surge in Bharat Forge’s share price reflects more than just market excitement—it indicates a broader confidence in the company’s strategic direction. For years, Bharat Forge has invested heavily in research, development, and advanced manufacturing technologies, positioning itself as a leader in the next generation of defense solutions. The company’s ability to outbid established global competitors demonstrates the maturity and competitiveness of Indian industry on the world stage.

At the heart of this success is the DRDO-Bharat Forge CQB carbine, a weapon meticulously designed to meet the unique operational requirements of the Indian Army. Unlike many previous procurements that relied on imported technology, this carbine is a product of Indian engineering, tested in diverse environments and tailored for the country’s specific security challenges. Its lightweight build, reliability, and adaptability make it especially suited for the fast-paced, close-quarters combat scenarios faced by Indian soldiers.

The contract is also expected to create a ripple effect throughout the Indian defense supply chain. Hundreds of small and medium enterprises (SMEs) that supply components, materials, and services to Bharat Forge will see increased demand, translating into new jobs and economic opportunities across multiple states. This multiplier effect is central to the government’s vision of defense-led industrialization and economic growth.

Bharat Forge’s Landmark Victory: Details of the Indian Army Carbine Contract

Bharat Forge, through its defense arm Kalyani Strategic Systems, emerged as the lowest bidder in a competitive Indian Army tender to supply over 400,000 CQB carbines. These carbines, designed by the Armament Research and Development Establishment (ARDE) of the Defence Research and Development Organisation (DRDO), are specifically crafted for urban and jungle warfare, fulfilling a long-standing need for compact, modern weapons in close combat scenarios. The Indian Army’s requirement for more than 4.25 lakh carbines underscores the scale of this procurement and its strategic importance for national security.

The CQB carbine is a 5.56×45 mm weapon, designed to be lightweight (not exceeding 3 kg without magazine and accessories), highly maneuverable, and effective at ranges of at least 200 meters. It is tailored for counter-terrorism and urban operations, with features like a bayonet and compact build to enhance infantry agility and effectiveness in close-quarter situations.

Share Price Surge and Market Impact: Bharat Forge’s Strategic Leap

The news of Bharat Forge winning the Indian Army contract has buoyed investor sentiment, resulting in the company’s share price rising even amid a generally weak broader market. This positive movement reflects the market’s confidence in Bharat Forge’s growing defense portfolio and its ability to deliver on large-scale, high-value orders. The company’s defense order book now stands at a significant value, with projections of strong order book growth for the next financial year.

While the previous fiscal was led by export orders, the coming year is expected to see major domestic defense deals, with new business secured during the last year—much of which came from the defense sector alone. This contract is a game-changer for Kalyani Strategic Systems, which has so far generated most of its revenue through exports but will now play a pivotal role in India’s defense modernization drive.

For the Indian Army, the induction of the new CQB carbines represents a long-awaited modernization of its infantry arsenal. The replacement of aging weapons with state-of-the-art carbines will enhance operational readiness, improve soldier confidence, and provide a critical edge in both conventional and asymmetric warfare scenarios. The Army’s satisfaction with the indigenous solution is likely to encourage further investments in local R&D and manufacturing.

The contract’s significance extends to the international arena as well. Bharat Forge’s success is being closely watched by defense ministries and procurement agencies around the world, many of whom are seeking to diversify their supply chains and reduce dependence on traditional arms exporters. The company’s ability to deliver at scale and on schedule could open doors to lucrative export opportunities in the coming years.

Within Bharat Forge, the win is seen as a validation of its long-term strategy to diversify beyond its traditional automotive and industrial businesses. The company’s defense division has steadily grown its portfolio, winning orders for artillery, armored vehicles, and now small arms. This diversification not only insulates the company from sector-specific downturns but also aligns it with national priorities for security and self-reliance.

The government’s role in facilitating this achievement cannot be understated. Policy reforms, streamlined procurement processes, and incentives for domestic manufacturing have created an environment where Indian companies can compete on equal footing with global giants. The ‘Buy (Indian)’ procurement category, in particular, has been instrumental in channeling investments and fostering innovation within the country.

Atmanirbhar Bharat in Action: Boost for Indigenous Defense Manufacturing

This contract is a resounding endorsement of India’s push for self-reliance in defense manufacturing. The Army’s decision to prioritize the DRDO-Bharat Forge CQB carbine over foreign alternatives signals a paradigm shift in the country’s defense acquisition strategy, reducing dependence on imports from other countries. The procurement falls under the ‘Buy (Indian)’ category, which mandates a minimum of 50% indigenous content, further strengthening the domestic defense ecosystem.

Large-scale production of the carbine will take place at Bharat Forge’s Pune facility, creating jobs and boosting the local economy. The scalable model established by this contract is expected to serve as a blueprint for future indigenous defense projects, enhancing India’s capabilities and global standing in defense technology.

Technological Excellence: Features and Significance of the DRDO-Bharat Forge CQB Carbine

The DRDO-Bharat Forge CQB carbine stands out for its advanced design and operational efficiency. Developed by ARDE, DRDO, the weapon underwent rigorous trials, outperforming other contenders in terms of reliability, accuracy, and cost-effectiveness. The carbine’s compact size, lightweight build, and effective range make it ideal for the Indian Army’s requirements in urban and jungle warfare, where agility and rapid response are critical.

The weapon’s induction will replace decades-old Sterling carbines, marking a generational leap in the Army’s small arms inventory. The CQB carbine’s indigenous design and production also align with India’s broader goals of technological sovereignty and defense innovation.

As production ramps up, Bharat Forge is expected to invest further in workforce training, quality control, and advanced manufacturing systems. The company’s Pune facility, already a hub of technological excellence, will serve as a model for future defense manufacturing clusters across India. These investments will not only ensure timely delivery of the Army’s order but also build capacity for future projects.

The carbine contract is also a testament to the collaborative spirit between India’s public and private sectors. The partnership between DRDO and Bharat Forge has combined the strengths of government-funded research with private sector efficiency and agility. This model is likely to be replicated in future defense projects, leveraging the best of both worlds to accelerate innovation and delivery.

For India’s young engineers and scientists, the project offers inspiration and tangible career opportunities. The success of the indigenous carbine is expected to boost enrollment in defense-related academic programs and encourage more startups to enter the sector. This infusion of talent and entrepreneurship will be vital for sustaining the momentum of India’s defense modernization.

Future Outlook: Bharat Forge’s Role in India’s Defense Modernization

With this contract, Bharat Forge cements its position as a cornerstone of India’s defense industrial base. The company’s investment in state-of-the-art manufacturing facilities and its collaboration with DRDO have positioned it as a key player in the modernization and indigenization of the armed forces. As the Indian Army prepares to induct over 400,000 CQB carbines, Bharat Forge’s ability to deliver high-quality systems at scale will be closely watched by both the government and industry stakeholders.

The success of this project is expected to open doors for further domestic and international defense contracts, with Bharat Forge likely to play a leading role in upcoming tenders for artillery, armored vehicles, and other advanced weapon systems. The company’s robust order book and strategic vision signal a bright future, not only for Bharat Forge but also for India’s ambitions of becoming a global defense manufacturing hub.

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Also Read: 5 Powerful Moves: HDFC Bank’s HDB Financial Services IPO Ignites Investor Excitement Across India

Walmart has set fragrance enthusiasts abuzz by slashing the price of a classic Calvin Klein cologne—originally retailing at $100—to just $42, making it one of the most talked-about shopping deals this summer. The offer, which has rapidly gained traction among Indian consumers and global shoppers alike, is not only a testament to Walmart’s aggressive pricing strategy but also a reflection of the enduring popularity of Calvin Klein’s timeless scents. With shoppers raving that this cologne is “best for summer,” the deal is quickly becoming a must-have for those seeking to refresh their fragrance collection without breaking the bank.

The buzz around Walmart’s Calvin Klein cologne deal is not just about the price—it’s about the experience of owning a luxury fragrance that has long been a staple in the collections of scent enthusiasts worldwide. For many Indian shoppers, purchasing a designer cologne at this price point is an entry into a world of global fashion and self-expression, making the offer particularly meaningful. The accessibility of such a premium product is breaking down barriers and allowing a new generation of consumers to discover what makes Calvin Klein fragrances so iconic.

The classic Calvin Klein cologne, now available at a fraction of its original cost, is renowned for its universal appeal. Its blend of citrus, green, and musky notes creates a scent profile that is both refreshing and enduring, making it suitable for India’s diverse climates. Whether worn during the sweltering summer months or on a cool evening out, the fragrance adapts seamlessly, leaving a subtle yet memorable impression.

Walmart’s aggressive pricing strategy has also sparked conversations about the evolving landscape of retail in India. As more consumers turn to online and big-box retailers for their beauty and grooming needs, traditional brick-and-mortar perfume boutiques are feeling the pressure to innovate. This shift is prompting established fragrance sellers to reconsider their pricing models and customer engagement strategies in order to remain competitive.

The limited-time nature of Walmart’s sale has created a sense of urgency among shoppers, many of whom are buying multiple bottles to ensure they don’t miss out. Social media platforms are filled with posts and stories from satisfied customers sharing their purchases and recommending the deal to friends and family. The collective excitement is reminiscent of festive shopping seasons, with the added thrill of scoring a luxury item at a bargain price.

For those new to Calvin Klein’s fragrance line, this deal serves as a perfect introduction. The cologne’s clean, crisp scent is often described as invigorating and uplifting, making it ideal for daily wear. Its versatility means it can transition effortlessly from day to night, from work meetings to weekend outings. The minimalist bottle design also appeals to those who appreciate understated elegance in their personal care products.

Calvin Klein’s Iconic Fragrance: A Timeless Summer Staple

Calvin Klein has long been a leader in the world of designer fragrances, with its colognes consistently ranking among the best-selling and most recognizable scents worldwide. The specific cologne featured in Walmart’s promotion is celebrated for its crisp, clean, and invigorating notes—qualities that make it especially appealing during the hot summer months. Shoppers describe the scent as “fresh,” “light,” and “perfect for daily wear,” making it ideal for both casual outings and special occasions.

The fragrance’s composition typically features citrus top notes, subtle floral undertones, and a musky base, striking a balance between sophistication and approachability. Its versatility ensures it appeals to a wide demographic, from young professionals to seasoned fragrance aficionados. The bottle itself, with its minimalist design and iconic Calvin Klein branding, adds a touch of elegance to any dresser or travel kit.

Walmart’s Summer Deal: Unmatched Value and Shopper Excitement

Walmart’s decision to offer this $100 Calvin Klein cologne for just $42 has been met with overwhelming enthusiasm. The retailer’s summer sale has not only made luxury fragrance accessible to a broader audience but also sparked a surge in online reviews and social media buzz. Many shoppers have praised the deal as “unbeatable,” with some buying multiple bottles to stock up or gift to friends and family.

The promotion aligns with Walmart’s broader strategy of offering premium brands at affordable prices, a move that has helped the retailer capture market share in the competitive beauty and personal care segment. In India, where international designer fragrances are often considered a luxury, the price drop has made Calvin Klein cologne an attainable indulgence for a much wider audience.

For those new to Calvin Klein’s fragrance line, this deal serves as a perfect introduction. The cologne’s clean, crisp scent is often described as invigorating and uplifting, making it ideal for daily wear. Its versatility means it can transition effortlessly from day to night, from work meetings to weekend outings. The minimalist bottle design also appeals to those who appreciate understated elegance in their personal care products.

The positive sentiment surrounding the deal is further amplified by glowing customer reviews. Many shoppers have commented on the cologne’s longevity, noting that just a few sprays are enough to last throughout the day. Others have praised its subtle projection, which allows the wearer to enjoy the scent without overwhelming those around them—a particularly important consideration in shared or crowded spaces.

Walmart’s move to offer such a steep discount on a high-end fragrance is also seen as a strategic effort to build brand loyalty. By providing access to sought-after products at unbeatable prices, the retailer is fostering a sense of goodwill among customers who may return for future purchases. This approach is especially effective in a market like India, where value-driven shopping is a key driver of consumer behavior.

Shoppers’ Verdict: Why This Calvin Klein Cologne Is “Best for Summer”

Customer feedback has played a significant role in amplifying the appeal of this deal. Reviews highlight the cologne’s longevity, subtle sillage, and ability to withstand the rigors of hot, humid weather. Many users note that the scent remains “fresh and uplifting” throughout the day, making it a go-to choice for summer activities, from office commutes to evening gatherings.

Indian shoppers, in particular, have lauded the fragrance for its compatibility with the country’s climate, emphasizing that it “never feels overpowering” and “blends beautifully with both casual and formal attire.” The cologne’s gender-neutral profile also appeals to a broad spectrum of users, adding to its popularity among couples and families who share fragrances.

The deal has also highlighted the growing influence of online reviews and peer recommendations in shaping purchasing decisions. Many shoppers report being swayed by positive feedback from others who have already experienced the cologne, underscoring the power of community in the digital age. This word-of-mouth effect is helping to propel the Calvin Klein cologne to the top of summer must-have lists.

In addition to personal use, the discounted cologne is proving to be a popular gift choice. With wedding season and festive occasions on the horizon, many buyers are picking up extra bottles to present to loved ones. The universal appeal of the scent, combined with the prestige of the Calvin Klein brand, makes it a thoughtful and impressive gift for men and women alike.

The success of Walmart’s promotion is also prompting other retailers to roll out similar deals on luxury fragrances and beauty products. As competition heats up, consumers are benefiting from a wider array of choices and more attractive price points. This democratization of luxury is reshaping the Indian beauty market, making it more inclusive and dynamic than ever before.

For fragrance aficionados, the Calvin Klein cologne sale is an opportunity to revisit a classic scent or add a reliable staple to their rotation. Many seasoned collectors appreciate the timeless quality of Calvin Klein’s compositions, which have stood the test of time amid changing trends. The current deal allows both new and longtime fans to enjoy the brand’s signature style without compromise.

The Broader Impact: Luxury Fragrance Becomes Accessible

The success of Walmart’s Calvin Klein cologne promotion underscores a broader shift in consumer behavior, with shoppers increasingly seeking value without compromising on quality. The democratization of luxury goods—driven by strategic pricing, online accessibility, and positive word-of-mouth—has enabled more people to experience premium brands like Calvin Klein.

Industry analysts predict that such deals will continue to reshape the fragrance market, encouraging other retailers to follow suit and offer similar discounts on high-end products. For Indian consumers, the trend signals a new era in which international designer fragrances are no longer out of reach but are instead a realistic addition to everyday self-care routines.

The affordability of the cologne is also encouraging experimentation among younger shoppers, who may be exploring designer fragrances for the first time. The lower price point reduces the risk associated with trying a new scent, empowering consumers to broaden their olfactory horizons and discover what works best for their personal style.

Walmart’s efficient delivery network and user-friendly online platform have further contributed to the deal’s popularity. Shoppers report quick shipping times and secure packaging, ensuring that their purchases arrive in perfect condition. The convenience of online ordering is particularly appealing in today’s fast-paced world, where time and ease of access are paramount.

The Calvin Klein cologne deal is also sparking conversations about self-care and the importance of small luxuries in daily life. Many buyers view fragrance as an accessible indulgence—a way to boost confidence, enhance mood, and make a positive impression. The availability of a premium scent at an affordable price is empowering more people to embrace these rituals of self-expression.

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Also Read: 5 Powerful Moves: HDFC Bank’s HDB Financial Services IPO Ignites Investor Excitement Across India

HDB Financial Services Limited, the non-banking financial company (NBFC) arm of HDFC Bank, is set to make a historic debut on the Indian stock markets with its highly anticipated Initial Public Offering (IPO). This ₹12,500 crore public issue, opening on June 25, 2025, is poised to become India’s largest NBFC IPO, marking a pivotal moment for the financial sector and retail investors alike. The offering, combining a fresh issue and a massive offer for sale (OFS), is expected to not only strengthen HDB’s capital base but also significantly reduce HDFC Bank’s stake in its subsidiary, reshaping the group’s corporate structure and market positioning.

The announcement of HDB Financial Services’ IPO has generated a wave of anticipation among retail and institutional investors alike, with many seeing it as a rare opportunity to gain exposure to one of India’s fastest-growing NBFCs. Market experts note that HDB’s close association with HDFC Bank, its prudent risk management, and diversified lending portfolio make it an attractive bet for those seeking long-term value in the financial sector.

The IPO is also being closely watched as a barometer for investor sentiment toward the broader NBFC space, which has faced its share of challenges and regulatory scrutiny in recent years.

HDB Financial Services has carved out a niche for itself by focusing on underserved segments, particularly in semi-urban and rural markets. Its product suite, which includes personal loans, gold loans, vehicle loans, and business financing, has enabled the company to build a broad and resilient customer base. The company’s emphasis on digital transformation and customer-centric services has further strengthened its competitive position, allowing it to adapt quickly to changing market dynamics and consumer preferences.

One of the key strengths of HDB Financial Services lies in its robust risk assessment and collection mechanisms. Leveraging advanced analytics and a deep understanding of local markets, the company has maintained healthy asset quality even during periods of economic volatility. This disciplined approach to lending has helped HDB keep its non-performing asset (NPA) ratios under control, a factor that is likely to reassure prospective investors evaluating the IPO.

The IPO is also expected to provide a significant boost to HDB’s capital adequacy, enabling the company to pursue aggressive expansion plans and capture new growth opportunities. With India’s economy poised for continued expansion and credit demand rising across sectors, HDB is well-positioned to scale its operations, enter new geographies, and launch innovative financial products tailored to emerging customer needs.

HDB Financial Services IPO: Dates, Price Band, and Structure

The HDB Financial Services IPO will open for public subscription on Wednesday, June 25, 2025, and close on Friday, June 27, 2025. The allotment of shares is scheduled to be finalized by Monday, June 30, with shares expected to be credited to demat accounts by Tuesday, July 1. The company’s shares are set to list on both the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) on Wednesday, July 2, 2025.

The IPO price band has been set between ₹700 and ₹740 per equity share, with a face value of ₹10 per share. The minimum application lot size for retail investors is 20 shares, translating to an investment of ₹14,000 to ₹14,800 depending on the price selected. The issue comprises a fresh issue of 3.38 crore shares worth ₹2,500 crore and an offer for sale (OFS) of 13.51 crore shares by existing shareholders, primarily HDFC Bank, totaling ₹10,000 crore. This structure means the majority of the proceeds will go to the selling shareholders, while the fresh issue will bolster HDB’s capital base for future growth.

For HDFC Bank, the IPO represents a strategic move to unlock value from its subsidiary and streamline its balance sheet. The dilution of its stake in HDB Financial Services will not only generate substantial capital but also help the bank comply with regulatory requirements regarding ownership in non-banking subsidiaries. This development is seen as a win-win for both entities, allowing HDFC Bank to focus on its core banking business while giving HDB the autonomy and resources to chart its own growth trajectory.

The response from anchor investors and institutional buyers will be a key indicator of the IPO’s success. Early indications suggest strong interest from domestic mutual funds, insurance companies, and global private equity players, many of whom view HDB as a proxy for India’s consumption-driven growth story. The anchor book allocation, scheduled just before the IPO opens to the public, is expected to set the tone for robust overall subscription.

Retail investors, too, are gearing up for what could be one of the most sought-after IPOs of the year. The special quota for HDFC Bank shareholders has been widely welcomed, with many existing investors planning to increase their exposure to the group’s financial services ecosystem. The digital application process, with its user-friendly interface and real-time tracking, is likely to further democratize access and drive higher participation from first-time investors.

India’s Biggest NBFC IPO: Market Impact and Valuation

HDB Financial Services’ IPO is set to be the largest-ever public issue by an Indian NBFC, valuing the company at approximately $7.1 billion at the upper end of the price band. The scale of the issue underscores the company’s robust presence in India’s retail lending market, with a network of over 1,500 branches and a diversified portfolio spanning enterprise lending, asset finance, and consumer finance. The IPO is also significant for HDFC Bank, which currently holds a 94% stake in HDB Financial Services and will see its holding diluted post-listing.

In the unofficial grey market, HDB Financial shares have been trading at a premium, with recent reports indicating a grey market premium (GMP) of ₹47.5 to ₹83 per share, suggesting a potential listing price between ₹787.5 and ₹823—an 11.2% premium over the upper price band. However, company officials have clarified that the IPO pricing is based on business fundamentals and is not influenced by grey market activity.

Subscription Process: Shareholder Quota and Digital Innovations

A notable feature of the HDB Financial Services IPO is the reservation of shares worth ₹1,250 crore (10% of the issue size) for HDFC Bank shareholders under a special quota. This move is expected to boost retail participation and reward loyal investors of the parent bank. The application process has been streamlined through digital innovations such as HDFC Sky’s ‘One-Click IPO’ feature, enabling quick, paperless applications, real-time tracking, and effortless bid management for investors.

Anchor investor allocation is scheduled for June 24, 2025, a day before the IPO opens to the general public, indicating strong institutional interest in the offering. The final allotment will be determined through the book-building process, with allocations distributed across qualified institutional buyers (QIBs), non-institutional investors (NIIs), and retail investors.

Industry analysts caution, however, that the NBFC sector remains subject to regulatory and macroeconomic risks. Changes in interest rates, liquidity conditions, and credit cycles can all impact the profitability and growth prospects of companies like HDB. Additionally, the competitive landscape is evolving rapidly, with fintech startups and established players alike vying for market share in key lending segments. Investors are advised to balance optimism with due diligence, carefully assessing the company’s fundamentals and long-term strategy.

The listing of HDB Financial Services is also expected to have a ripple effect on the valuations of other listed NBFCs, as well as on the broader financial sector. A successful debut could trigger renewed interest in similar companies, potentially leading to a re-rating of the sector and increased capital flows into financial stocks. Conversely, any hiccups in the IPO process or post-listing performance could dampen sentiment and prompt a more cautious approach among market participants.

Looking ahead, the IPO marks the beginning of a new chapter for HDB Financial Services. As a publicly listed entity, the company will face greater scrutiny and expectations from shareholders, regulators, and the market at large. Its ability to deliver consistent growth, maintain asset quality, and innovate in a competitive landscape will be closely watched. For now, the buzz surrounding the IPO is a testament to the enduring appeal of India’s financial sector and the opportunities it presents for investors willing to take a long-term view

Business Fundamentals and Growth Outlook

Founded in 2007, HDB Financial Services has established itself as a leading NBFC, categorized as an upper-layer NBFC (NBFC-UL) by the Reserve Bank of India. The company’s business is organized across three verticals: enterprise lending, asset finance, and consumer finance. HDB also provides business process outsourcing (BPO) services to HDFC Bank, contributing a small but steady portion of its profits.

The fresh capital raised through the IPO will be used to strengthen HDB’s balance sheet, support expansion plans, and enhance its ability to compete in India’s fast-evolving financial services landscape. The company’s wide footprint, diversified product suite, and strong parentage have positioned it as a key player in retail lending, especially in semi-urban and rural markets.

Risks, Challenges, and Investor Considerations

Despite the excitement, investors should be aware of certain risks. HDB Financial Services has faced negative cash flows from operating, investing, and financing activities in recent years as it invests in expanding its distribution network. The company is also involved in various legal proceedings, and any adverse outcomes could impact its reputation and financial performance. Additionally, the offer for sale (OFS) means a large portion of the IPO proceeds will not go to the company but to existing shareholders, primarily HDFC Bank.

There is also the potential for asset-liability mismatches, which could affect liquidity and profitability, as well as the risk of conflicts of interest with HDFC Bank and other group entities offering similar products. Investors are advised to review the red herring prospectus and consider these factors before subscribing.

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