Natural Capsules bulk deals and insider trading
NSE: NATCAPSUQBSE: 524654Pharmaceuticals & BiotechnologySmall Cap
Last close ₹142.82down ₹7.51 (5.00%)BSE ₹154.45
Share price at the NSE close on 23 Oct 2026. Previous close ₹150.33.
52-week range of traded prices to 23 Oct 2026
₹136.36Low, 27 Mar 2026₹234.00High, 4 Sep 2026
- Delivery only: shares bought must be paid for in full, with no selling on the same day.
- Market capMarket capitalisation. Share price times the number of shares: what the whole company is worth at the day's price. The rank is by average market value over the six months to Jun 2026, among listed companies.
- ₹149 Cr2,533rd largest listed
- P/EPrice to earnings, trailing. Market cap divided by the profit of the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly) that belongs to the company's own shareholders, after the share of the other owners of its subsidiaries: what investors pay for each rupee of a year's profit.
- Lossover the last 12 months
- P/BPrice to book. Market cap divided by the net worth that belongs to the company's own shareholders, its assets less everything it owes and less the other owners' share of its subsidiaries, on its latest balance sheet. The filing of 27 May 2026
- 0.7
- Dividend yieldDividend yield. Dividends paid per share in the twelve months to the day, as a percentage of the day's share price.
- Nonein the last 12 months
- ROEReturn on equity. Profit over the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly) that belongs to the company's own shareholders, as a percentage of their net worth, the money they have in the business. Net worth is the average of the latest balance sheet and the one a year before it. The filing of 12 Aug 2026
- −9.5%
- ROCEReturn on capital employed. Operating profit after depreciation (revenue less operating expenses and depreciation, without other income and one-off items) as a percentage of all the money the business runs on: the whole group's net worth, the other owners of its subsidiaries included, plus borrowings. Lease liabilities are not counted: the results filings do not state them. The profit is over the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly); net worth and borrowings are on the latest balance sheet. The filing of 12 Aug 2026
- −5.2%
- Debt to equityDebt to equity. Borrowings divided by the whole group's net worth, the other owners of its subsidiaries included: rupees borrowed for each rupee of equity in the business. Lease liabilities are not counted: the results filings do not state them. From the balance sheet at the end of Mar 2026. The filing of 27 May 2026
- 0.49
- Volume, NSEVolume. Shares traded on the last trading day.
- 9,907
Promoter and insider buying and selling
Trades made since 23 Oct 2025.Natural Capsules promoter holding
No promoter, director, key manager or employee bought or sold on the market.
- Promoters and promoter group: no market trade
- Others: no market trade · 2 off-market moves
Bought and sold count trades on the market only. A pledge is shares given to a lender as security for a loan; a lender invokes it by selling them.
Natural Capsules insider trading
All 58 disclosures on record.Insider trading, all companies
Sep 2026
- NARAYANAN KUTTY MV₹0.09 Cr5,209 sharesSold or invoked · Designated Person · 21 Sep 2026 · disclosed 5 Oct
- NARAYANAN KUTTY MV₹0.12 Cr6,588 sharesSold or invoked · Designated Person · 15 Sep 2026 · disclosed 1 Oct
- NARAYANAN KUTTY MV₹0.09 Cr4,140 sharesSold or invoked · Designated Person · 4 Sep 2026 · disclosed 30 Sep
- NARAYANAN KUTTY MV₹0.10 Cr4,706 sharesSold or invoked · Designated Person · 2 Sep 2026 · disclosed 30 Sep
Aug 2026
- NARAYANAN KUTTY MV₹0.06 Cr2,840 sharesSold or invoked · Designated Person · 28 Aug 2026 · disclosed 30 Sep
- NARAYANAN KUTTY MV₹0.15 Cr8,152 sharesSold or invoked · Designated Person · 25 Aug 2026 · disclosed 30 Sep
- NARAYANAN KUTTY MV₹0.11 Cr7,089 sharesSold or invoked · Designated Person · 18 Aug 2026 · disclosed 30 Sep
- SUNIL LAXMINARAYANA MUNDRA₹8.83 Cr6,02,290 sharesSold or invoked · Promoter And Designated Person · 18 Aug 2026 · disclosed 30 Sep
- SUNIL LAXMINARAYANA MUNDRA₹8.83 Cr6,02,290 sharesBought · Promoter And Designated Person · 18 Aug 2026 · disclosed 30 Sep
Jun 2026
- NARAYANAN KUTTY MV₹0.13 Cr7,925 sharesSold or invoked · Designated Person · 23 Jun 2026 · disclosed 30 Jun
- NARAYANAN KUTTY MV₹0.09 Cr6,005 sharesSold or invoked · Designated Person · 18 Jun 2026 · disclosed 25 Jun
- NARAYANAN KUTTY MV₹0.38 Cr25,000 sharesBought · Designated Person · 17 Jun 2026 · disclosed 22 Jun
- NARAYANAN KUTTY MV₹0.03 Cr1,958 sharesSold or invoked · Designated Person · 17 Jun 2026 · disclosed 22 Jun
- M V Narayanan Kutty₹0.03 Cr25,000 sharesReceived · Designated Person · 16 Jun 2026 · disclosed 25 Jun · ESOP · held 41,827 before, holds 66,827 after
- NARAYANAN KUTTY MV₹0.12 Cr7,417 sharesSold or invoked · Designated Person · 1 Jun 2026 · disclosed 20 Jun
Mar 2026
- NARAYANAN KUTTY MV₹0.01 Cr659 sharesSold or invoked · Designated Person · 6 Mar 2026 · disclosed 7 Apr
Feb 2026
- NARAYANAN KUTTY MV₹0.69 Cr45,000 sharesBought · Designated Person · 26 Feb 2026 · disclosed 7 Apr
- M V Narayanan Kutty₹0.05 Cr45,000 sharesReceived · Designated Person · 13 Feb 2026 · disclosed 14 Feb · ESOP · held 1 before, holds 45,001 after, stake 0.43% after
Mar 2025
- Sunil Laxminarayana Mundra₹0.10 Cr5,500 sharesBought · Promoters · 28 Mar 2025 · stake 5.80% before, 5.80% after
- Pramod Kasat HUF₹0.12 Cr6,137 sharesGave · Immediate relative · 27 Mar 2025 · Inter-se-Transfer · held 6,137 before
- Pramod Kasat₹0.12 Cr6,137 sharesReceived · Director · 27 Mar 2025 · Inter-se-Transfer · holds 6,137 after, stake 0.06% after
- M V NARAYANAN KUTTY₹0.09 Cr4,850 sharesSold · Employees/Designated Employees · 27 Mar 2025 · held 4,870 before, holds 20 after
- Sunil L Mundra₹0.14 Cr7,786 sharesBought · Promoters · 27 Mar 2025 · stake 5.70% before, 5.80% after
- M V Narayanan Kutty₹0.09 Cr4,850 sharesSold · Employee · 17 Mar 2025 · disclosed 27 Mar · held 4,870 before, holds 20 after
- M V Narayanan Kutty₹0.09 Cr4,365 sharesSold · Employee · 13 Mar 2025 · disclosed 17 Mar · stake 0.09% before, 0.05% after
Earlier, Nov 2020 to Feb 2025Hide earlier
Feb 2025
- Surya Prakash₹0.18 Cr9,295 sharesSold · 19 Feb 2025 · disclosed 2 Apr · stake 0.41% before, 0.32% after
- Surya Prakash₹0.10 Cr5,196 sharesSold · Employee · 19 Feb 2025 · disclosed 2 Apr · stake 0.46% before, 0.41% after
- Surya Prakash₹0.10 Cr5,196 sharesSold · 18 Feb 2025 · disclosed 2 Apr · stake 0.46% before, 0.41% after
- Surya Prakash₹0.18 Cr9,295 sharesSold · Employee · 18 Feb 2025 · disclosed 2 Apr · stake 0.41% before, 0.32% after
- Surya Prakash12,196sharesGave · 17 Feb 2025 · disclosed 2 Apr · Gift · stake 0.58% before, 0.46% after
Dec 2024
- M V Narayanan Kutty₹0.02 Cr1,141 sharesSold · Employee · 31 Dec 2024 · disclosed 17 Mar 2025 · stake 0.10% before, 0.09% after
- M V NARAYANAN KUTTY₹0.11 Cr5,506 sharesSold · Employees/Designated Employees · 31 Dec 2024 · disclosed 17 Mar 2025 · stake 0.10% before, 0.05% after
- M V Narayanan Kutty₹0.14 Cr5,211 sharesSold · Employee · 27 Dec 2024 · disclosed 30 Dec · stake 0.15% before, 0.10% after
- M V Narayanan Kutty₹0.15 Cr5,596 sharesSold · Employee · 23 Dec 2024 · disclosed 27 Dec · stake 0.20% before, 0.15% after
- M V Narayanan Kutty₹0.11 Cr3,793 sharesSold · Employee · 16 Dec 2024 · disclosed 21 Dec · stake 0.24% before, 0.20% after
- M V Narayanan Kutty₹0.14 Cr5,024 sharesSold · Employee · 2 Dec 2024 · disclosed 14 Dec · stake 0.29% before, 0.24% after
Nov 2024
- M V Narayanan Kutty₹0.03 Cr30,000 sharesReceived · Employee · 12 Nov 2024 · disclosed 14 Nov · ESOP · held none before, holds 30,000 after, stake 0.29% after
Oct 2024
- Surya Prakash₹0.06 Cr62,500 sharesReceived · Employee · 21 Oct 2024 · disclosed 22 Oct · ESOP · held none before, holds 62,500 after, stake 0.61% after
Sep 2024
- PRAMOD KASAT HUF₹0.14 Cr3,863 sharesSold · Directors Immediate Relative · 3 Sep 2024 · disclosed 5 Sep · stake 0.11% before, 0.06% after
Mar 2024
- PRAMOD KASAT HUF₹0.08 Cr2,676 sharesSold · Directors Immediate Relative · 26 Mar 2024 · stake 0.14% before, 0.11% after
- PRAMOD KASAT HUF₹325595 sharesSold · Directors Immediate Relative · 22 Mar 2024 · disclosed 25 Mar · stake 0.14% before, 0.14% after
- PRAMOD KASAT HUF₹32568 sharesSold · Directors Immediate Relative · 22 Mar 2024 · disclosed 23 Mar · stake 0.14% before, 0.14% after
- PRAMOD KASAT HUF₹22,10068 sharesSold · Directors Immediate Relative · 21 Mar 2024 · disclosed 23 Mar · stake 0.14% before, 0.14% after
- PRAMOD KASAT HUF₹0.01 Cr426 sharesSold · Directors Immediate Relative · 18 Mar 2024 · disclosed 19 Mar · stake 0.14% before, 0.14% after
Dec 2023
- PRAMOD KASAT HUF₹0.31 Cr8,520 sharesSold · Directors Immediate Relative · 28 Dec 2023 · disclosed 29 Dec · stake 0.24% before, 0.14% after
Jun 2023
- PRAMOD KASAT HUF₹0.03 Cr756 sharesSold · Directors Immediate Relative · 28 Jun 2023 · disclosed 6 Jul · stake 0.25% before, 0.24% after
- PRAMOD KASAT HUF₹0.03 Cr800 sharesSold · Directors Immediate Relative · 27 Jun 2023 · disclosed 28 Jun · stake 0.26% before, 0.25% after
- PRAMOD KASAT HUF₹0.13 Cr3,067 sharesSold · Directors Immediate Relative · 22 Jun 2023 · disclosed 28 Jun · stake 0.29% before, 0.26% after
- PRAMOD KASAT HUF₹0.10 Cr2,406 sharesSold · Directors Immediate Relative · 21 Jun 2023 · disclosed 28 Jun · stake 0.31% before, 0.29% after
Mar 2023
- PRAMOD KASAT HUF₹0.01 Cr3,497 sharesSold · Directors Immediate Relative · 31 Mar 2023 · stake 0.35% before, 0.31% after
- PRAMOD KASAT HUF₹0.02 Cr599 sharesSold · Directors Immediate Relative · 29 Mar 2023 · disclosed 31 Mar · stake 0.36% before, 0.35% after
- PRAMOD KASAT HUF₹17,77645 sharesSold · Directors Immediate Relative · 28 Mar 2023 · disclosed 31 Mar · stake 0.36% before, 0.36% after
- PRAMOD KASAT HUF₹0.06 Cr1,390 sharesSold · Directors Immediate Relative · 24 Mar 2023 · disclosed 31 Mar · stake 0.37% before, 0.36% after
- PRAMOD KASAT HUF₹65,249155 sharesSold · Directors Immediate Relative · 23 Mar 2023 · disclosed 31 Mar · stake 0.37% before, 0.37% after
Nov 2020
- SUSHIL KUMAR MUNDRA₹0.36 Cr44,612 sharesBought · Promoter and Director · 13 Nov 2020 · disclosed 14 Nov · stake 4.72% before, 5.44% after
- SHARDA MUNDRA₹0.38 Cr47,277 sharesBought · Promoter · 13 Nov 2020 · disclosed 14 Nov · stake 2.08% before, 2.84% after
- INDRA MUNDRA₹0.36 Cr45,000 sharesBought · Promoter · 13 Nov 2020 · disclosed 14 Nov · stake 3.47% before, 4.19% after
- SHARDHA MUNDRA₹0.38 Cr47,277 sharesBought · Promoter · 13 Nov 2020 · disclosed 14 Nov · stake 2.08% before, 2.83% after
Trades by the company's promoters, directors, key managers, employees and their relatives, as each disclosed them. Value is what the filer stated; the mode is shown where the shares moved off the market.
Natural Capsules bulk deals
Last 12 months, since 23 Oct 2025: 7 bulk deals, ₹10 Cr bought and ₹11 Cr sold Bought and sold in deals. Each deal's shares times its price, added up for the buyers and apart for the sellers, so a block deal, which names both, counts on each side.Today's bulk and block deals, all companies
ValueValue of a deal. The shares traded times the deal's price.Per cent of the companyPer cent of the company. The shares traded as a percentage of all the company's shares in issue on the day of the deal.
Monday 3 Aug 20261 firm · ₹0 bought · ₹1.12 Cr soldNet sold ₹1.12 Cr
- SoldTARINIKA MANAGEMENT LLPSold 70,000 at ₹160.200.67% of the company₹1.12 Cr
Friday 6 Mar 20262 firms · ₹5.53 Cr bought · ₹5.38 Cr soldNet bought ₹0.15 Cr
- BoughtTARINIKA MANAGEMENT LLPBought 3,35,400 at ₹164.753.24% of the company₹5.53 Cr
- SoldSMIT RAJESHBHAI GADHIYASold 3,26,300 at ₹164.863.16% of the company₹5.38 Cr
Thursday 5 Mar 20262 firms · ₹4.85 Cr bought · ₹4.90 Cr soldNet sold ₹0.05 Cr
- SoldTARINIKA MANAGEMENT LLPSold 3,29,471 at ₹148.803.19% of the company₹4.90 Cr
- BoughtSMIT RAJESHBHAI GADHIYABought 3,26,339 at ₹148.703.16% of the company₹4.85 Cr
Friday 26 Sep 20251 firm · ₹1.20 Cr bought · ₹1.88 Cr soldNet sold ₹0.69 Cr
- Both waysBYTES AND PIXELS FINSOFT LLP .Bought 43,675 at ₹273.78Sold 67,409 at ₹279.610.65% of the companyNet −23,734 shares₹1.20 Cr bought
Thursday 25 Sep 20251 firm · ₹2.64 Cr bought · ₹2.04 Cr soldNet bought ₹0.61 Cr
- Both waysBYTES AND PIXELS FINSOFT LLP .Bought 1,02,153 at ₹258.86Sold 78,419 at ₹259.770.99% of the companyNet +23,734 shares₹2.64 Cr bought
Wednesday 16 Feb 20221 firm · ₹2.20 Cr bought · ₹0 soldNet bought ₹2.20 Cr
- BoughtPATTABIRAMAN RBought 55,000 at ₹399.240.59% of the company₹2.20 Cr
Friday 11 Feb 20222 firms · ₹2.05 Cr bought · ₹2.50 Cr soldNet sold ₹0.45 Cr
- SoldVIVOG COMMERCIAL LIMITEDSold 72,578 at ₹345.050.78% of the company₹2.50 Cr
- BoughtPATTABIRAMAN RBought 59,615 at ₹344.640.64% of the company₹2.05 Cr
Tuesday 7 Dec 20212 firms · ₹1.02 Cr bought · ₹1.56 Cr soldNet sold ₹0.54 Cr
- SoldMAHENDRA LABS PVT LTDSold 63,904 at ₹244.301.03% of the company₹1.56 Cr
- BoughtINDIA EQUITY FUND 1Bought 41,978 at ₹243.340.67% of the company₹1.02 Cr
Monday 29 Nov 20212 firms · ₹0.90 Cr bought · ₹0.75 Cr soldNet bought ₹0.14 Cr
- BoughtINDIA EQUITY FUND 1Bought 45,000 at ₹198.990.72% of the company₹0.90 Cr
- SoldMAHENDRA LABS PVT LTDSold 37,571 at ₹200.230.60% of the company₹0.75 Cr
Monday 8 Nov 20211 firm · ₹0 bought · ₹0.82 Cr soldNet sold ₹0.82 Cr
- SoldNISHA DUDHERIASold 33,406 at ₹245.100.54% of the company₹0.82 Cr
Thursday 15 Jul 20211 firm · ₹0 bought · ₹0.63 Cr soldNet sold ₹0.63 Cr
- SoldNISHA DUDHERIASold 35,000 at ₹180.000.56% of the company₹0.63 Cr
Friday 26 Feb 20211 firm · ₹0 bought · ₹0.38 Cr soldNet sold ₹0.38 Cr
- SoldCHARTERED FINANCE AND LEASING LTDSold 35,065 at ₹107.810.56% of the company₹0.38 Cr
Friday 13 Nov 20205 firms · ₹1.09 Cr bought · ₹1.08 Cr soldNet bought ₹0.01 Cr
- SoldNISHA DUDHERIASold 95,000 at ₹80.001.52% of the company₹0.76 Cr
- BoughtSHARADA MUNDRABought 47,277 at ₹79.860.76% of the company₹0.38 Cr
- BoughtINDRA MUNDRABought 45,000 at ₹80.000.72% of the company₹0.36 Cr
- BoughtSUSHIL KUMAR MUNDRABought 44,612 at ₹80.000.72% of the company₹0.36 Cr
- SoldLAXMIPAT DUDHERIA HUFSold 40,000 at ₹80.000.64% of the company₹0.32 Cr
Friday 27 Mar 20202 firms · ₹0.18 Cr bought · ₹0.18 Cr soldNet nil
- BoughtCHARTERED FINANCE AND LEASING LTDBought 50,000 at ₹36.700.80% of the company₹0.18 Cr
- SoldSANJAY KOTHARISold 50,000 at ₹36.700.80% of the company₹0.18 Cr
Thursday 26 Mar 20202 firms · ₹0.41 Cr bought · ₹0.41 Cr soldNet nil
- BoughtCHARTERED FINANCE AND LEASING LTDBought 1,16,000 at ₹35.301.86% of the company₹0.41 Cr
- SoldSANJAY KOTHARISold 1,16,000 at ₹35.301.86% of the company₹0.41 Cr
Friday 23 Mar 20182 firms · ₹0.42 Cr bought · ₹0.42 Cr soldNet nil
- Both waysPRABHA MOHTABought 39,748 at ₹106.25Sold 748 at ₹107.340.64% of the companyNet +39,000 shares₹0.42 Cr bought
- SoldKISHAN GOPAL MOHTASold 38,544 at ₹106.220.62% of the company₹0.41 Cr
Wednesday 21 Mar 20182 firms · ₹0.40 Cr bought · ₹0.39 Cr soldNet bought ₹0.01 Cr
- BoughtPRABHA MOHTABought 37,000 at ₹109.000.59% of the company₹0.40 Cr
- SoldKISHAN GOPAL MOHTASold 36,058 at ₹109.050.58% of the company₹0.39 Cr
Tuesday 20 Mar 20182 firms · ₹0.39 Cr bought · ₹0.39 Cr soldNet nil
- SoldKISHAN GOPAL MOHTASold 35,000 at ₹110.490.56% of the company₹0.39 Cr
- BoughtPRABHA MOHTABought 35,000 at ₹110.490.56% of the company₹0.39 Cr
Thursday 25 Jan 20183 firms · ₹0.47 Cr bought · ₹1.14 Cr soldNet sold ₹0.67 Cr
- SoldVIVOG COMMERCIAL LTDSold 50,000 at ₹134.650.80% of the company₹0.67 Cr
- BoughtDADAL&BROACHA STOCK BROKING PVT LTDBought 35,000 at ₹134.650.56% of the company₹0.47 Cr
- SoldMAHENDRA LABS PVT LTDSold 35,000 at ₹134.650.56% of the company₹0.47 Cr
Thursday 28 Dec 20172 firms · ₹1.20 Cr bought · ₹0.40 Cr soldNet bought ₹0.80 Cr
- BoughtKISHAN GOPAL MOHTABought 1,03,527 at ₹116.221.66% of the company₹1.20 Cr
- SoldJATIN RASHIKLAL MANSATASold 34,550 at ₹116.400.55% of the company₹0.40 Cr
Wednesday 20 Dec 20172 firms · ₹0.84 Cr bought · ₹1.05 Cr soldNet sold ₹0.21 Cr
- SoldLAXMIPAT DUDHERIA HUFSold 1,25,000 at ₹84.002.01% of the company₹1.05 Cr
- BoughtJATIN RASHIKLAL MANSATABought 99,550 at ₹84.001.60% of the company₹0.84 Cr
Friday 25 Nov 20161 firm · ₹0.31 Cr bought · ₹0 soldNet bought ₹0.31 Cr
- BoughtNISHIL SURENDRABHAI MARFATIABought 31,888 at ₹97.670.51% of the company₹0.31 Cr
Wednesday 24 Sep 20141 firm · ₹0.24 Cr bought · ₹0 soldNet bought ₹0.24 Cr
- BoughtRATNABALI CAPITAL MARKETS LIMITEDBought 35,000 at ₹69.930.70% of the company₹0.24 Cr
Thursday 21 Aug 20141 firm · ₹0 bought · ₹0.14 Cr soldNet sold ₹0.14 Cr
- SoldSHRUTI MOHTASold 25,000 at ₹54.950.50% of the company₹0.14 Cr
Wednesday 13 Aug 20143 firms · ₹0.30 Cr bought · ₹0.41 Cr soldNet sold ₹0.10 Cr
- SoldREMCOM SALES SERVICES PVT LTDSold 70,000 at ₹57.901.39% of the company₹0.41 Cr
- BoughtKISHAN GOPAL MOHTABought 27,600 at ₹58.250.55% of the company₹0.16 Cr
- BoughtSHRUTI MOHTABought 25,000 at ₹57.000.50% of the company₹0.14 Cr
Tuesday 2 Apr 20132 firms · ₹1.15 Cr bought · ₹1.15 Cr soldNet nil
- SoldVISHWA P MUNDRASold 3,45,000 at ₹33.407.66% of the company₹1.15 Cr
- BoughtVIVOG COMMERCIAL LTDBought 3,45,000 at ₹33.407.66% of the company₹1.15 Cr
Monday 25 Mar 20132 firms · ₹1.15 Cr bought · ₹1.15 Cr soldNet nil
- BoughtVISHWA P MUNDRABought 3,47,320 at ₹33.207.71% of the company₹1.15 Cr
- SoldVIVOG COMMERCIAL LTDSold 3,47,320 at ₹33.207.71% of the company₹1.15 Cr
Friday 25 Mar 20111 firm · ₹0 bought · ₹0.21 Cr soldNet sold ₹0.21 Cr
- SoldMUDRA SECURITIESSold 48,031 at ₹44.141.07% of the company₹0.21 Cr
Wednesday 10 Nov 20103 firms · ₹0.87 Cr bought · ₹0.41 Cr soldNet bought ₹0.46 Cr
- BoughtREMCOM SALES SERVICES PVT LTDBought 70,000 at ₹64.671.55% of the company₹0.45 Cr
- Both waysRAHUL DOSHIBought 25,000 at ₹65.75Sold 25,000 at ₹64.910.56% of the companyNet nil₹0.16 Cr bought
- Both waysBP FINTRADE PRIVATE LIMITEDBought 38,065 at ₹65.75Sold 38,065 at ₹65.650.85% of the companyNet nil₹0.25 Cr bought
A bulk deal is one client trading half a per cent or more of the shares in a day; a block deal is a large trade in the exchange's separate block window, its buyer and its seller each on a line of their own. A firm that bought and sold the shares the same day is on one line, with its net. The latest 54 deals, on record from 4 Jan 2004.