Bajaj Holdings & Investment Limited

NSE: BAJAJHLDNGFinancial ServicesLot size: 75

Bajaj Holdings & Investment Limited Share Price & Analysis

₹11162.00Updated 4 Sept 2026, 03:30 pm IST
LTP
₹11162.00
Open
₹11102.00
High
₹11355.00
Low
₹11100.00
Close
₹11165.00
52W High
₹13880.00
52W Low
₹8588.00
Volume
37K
Lot Size
75
Sector
Financial Services
Market Cap
₹1.2L Cr
Face Value
₹10
Large CapNIFTY 100NIFTY 200NIFTY 500NEXT 50

Price Chart

Candle
Range

Fundamentals

P/E
14.00
Sector P/E
37.50
P/B
1.70
EPS
₹795.79
ROE
11.90%
ROCE
11.00%
D/E Ratio
0.00
Div Yield
1.30%
Book Value
₹6573.00

Strengths

  • Attractively valued vs sector (P/E 14x vs industry 37.5x)
  • Virtually debt-free

Concerns

    AI AnalysisGenerated daily after market close · AI-powered

    Today's Price Action

    The stock closed at ₹11,162, unchanged from the previous session. Trading volume was 37,106 shares, exactly matching the 20‑day average, indicating that market participation is in line with the recent norm and there is no immediate surge in buying or selling pressure.

    Valuation Snapshot

    The current P/E of 14.2 is the only valuation multiple available, as the sector average P/E is reported as 0, making direct peer comparison unavailable. A ROE of 11.9 % suggests a moderate return on equity, which is respectable for a financial‑services firm of this size.

    Key Levels to Watch

    The share is positioned nearer the upper end of its 52‑week range, trading at ₹11,162 against a high of ₹13,880 and a low of ₹8,588. While open‑interest data is not supplied, the proximity to the 52‑week high may act as a psychological resistance point for short‑term traders.

    Chart Pattern

    In the last ten trading days, the daily chart displayed a Bullish Engulfing pattern five sessions ago and a Bearish Harami pattern nine sessions ago. These candlesticks formed on the daily timeframe and reflect a short‑term shift in momentum within the broader price structure.

    Data Summary

    Key metrics for the company include a market capitalisation reported as ₹0 Cr, a P/B of 0, and a PE of 14.2. The stock’s price range over the past year spans ₹8,588 to ₹13,880, with the current level situated close to the upper bound of that interval.

    Peer Comparison

    CompanyCMPMkt CapP/EP/BROE %ROCE %D/E
    HDFCBANK
    HDFC Bank Limited
    712
    ₹11.0L Cr13.91.8313.67.02
    ICICIBANK
    ICICI Bank Limited
    1,423
    ₹10.2L Cr18.22.715.97.18
    SBIN
    State Bank of India
    1,016
    ₹9.4L Cr11.21.5115.46.13
    BAJFINANCE
    Bajaj Finance Limited
    1,061
    ₹6.6L Cr32.25.818.210.9
    LICI
    Life Insurance Corporation Of India
    415
    ₹5.3L Cr8.7537.835.10
    KOTAKBANK
    Kotak Mahindra Bank Limited
    425
    ₹4.2L Cr21.12.3311.46.98
    AXISBANK
    Axis Bank Limited
    1,273
    ₹4.0L Cr14.31.7913.16.24

    Showing 7 peers in the same sector · Sorted by market cap

    Shareholding Pattern

    BAJAJHLDNG · as of Mar 2026

    Promoters51.46%
    FII10.56%0.09pp
    DII7.30%0.18pp
    Public30.69%0.06pp
    CategoryDec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
    Promoters51.46%51.46%51.46%51.46%51.46%51.46%
    FII11.57%11.53%11.21%10.89%10.65%10.56%
    DII5.95%6.09%6.42%6.80%7.12%7.30%
    Public31.01%30.90%30.92%30.82%30.75%30.69%

    Corporate Events

    Bajaj Holdings & Investment Ltd has informed that the meeting of the Board of Directors of the Company is scheduled on 31/07/2026, inter alia, to consider and approve unaudited standalone and consolidated financial results for the quarter ended 30 June 20

    Results30 Jul 2026

    Dividend - Rs 130 Per Share

    Dividend29 Jun 2026

    Dividend - Rs 80 Per Share & Special Dividend Rs 50 Per Share

    Dividend29 Jun 2026

    Board Meeting Intimation for Considering and Approving the Standalone and Consolidated Audited Financial Results for Quarter and Financial Year ended 31 March 2026 and recommendation of Dividend, If Any.

    Dividend6 May 2026

    Interim Dividend - Rs 65 Per Share

    Dividend21 Sept 2025

    Dividend - Rs 28 Per Share

    Dividend26 Jun 2025

    Interim Dividend - Rs 65 Per Share

    Dividend24 Sept 2024

    Dividend - Rs 21 Per Share

    Dividend27 Jun 2024

    Interim Dividend - Rs 110 Per Share

    Record: 28 Sept 2023

    Dividend27 Sept 2023

    Dividend - Rs 13 Per Share

    Dividend29 Jun 2023

    Latest News

    All news

    Bajaj Finance reports Q1FY26 results ending June 30

    *Bajaj Finance reports Q1FY26 results ending June 30*. The company announced its financial results for the first quarter, marking a key earnings event for investors. Performance metrics including **net profit**, **AUM growth**, and **asset quality** will influence market sentiment. Traders should assess guidance and disbursement numbers for F&O positioning. 📊 *STOCKS:* BAJFINANCE | 🏢 *SECTOR:* Financial Services | #HIGHIMPACT #Earnings

    NSE Filing30 Jul
    High Impact

    Bajaj Finance Q profit up on strong loan growth

    *Bajaj Finance Q profit up on strong loan growth* reported higher quarterly net profit driven by robust loan book expansion. The NBFC's assets under management grew **18% YoY**, with disbursements rising **22%**. Net interest income improved on healthy credit demand and stable asset quality. 📊 *STOCKS:* $BAJFINANCE | 🏢 *SECTOR:* CapitalMarkets | #HIGHIMPACT #Earnings

    Yahoo Finance Singapore30 Jul
    High Impact

    Bajaj Healthcare sets dividend record date for Sept 14, 2026

    *Bajaj Healthcare sets dividend record date for Sept 14, 2026.* The company has announced **14-Sep-2026** as the record date for dividend distribution. Shareholders registered on this date will be eligible for the payout. Details on dividend amount and payment date will follow in subsequent filings. 📊 *STOCKS:* BAJAJHLDNG | 🏢 *SECTOR:* CapitalMarkets | #LOWIMPACT #Dividend

    NSE Filing3d ago
    Low Impact

    Bajaj Healthcare announces 33rd Annual General Meeting details

    *Bajaj Healthcare announces 33rd Annual General Meeting details.* The company has published notice of its upcoming AGM as per regulatory requirements. **No major financial updates or strategic announcements** were disclosed in the filing. This is a routine corporate exercise ahead of the annual meeting. 📊 *STOCKS:* $BAJAJHLDNG | 🏢 *SECTOR:* CapitalMarkets | #LOWIMPACT #AGM

    NSE Filing26 Aug
    Low Impact

    Mirae Asset recommends 11 BFSI stocks for long-term buy

    *Mirae Asset Sharekhan recommends 11 BFSI stocks for long-term accumulation.* The brokerage highlighted strong fundamentals and growth potential in the sector. **Bajaj Finance**, **HDFC Life**, and **Nippon Life India AMC** are among the preferred picks for wealth creation. \n📊 *STOCKS:* BAJFINANCE, HDFCLIFE, NAMINDIA | 🏢 *SECTOR:* CapitalMarkets | #MEDIUMIMPACT #BrokerCalls

    Livemint24 Aug
    Medium Impact

    Axis Securities picks ICICI Bank, Bajaj Finance for August

    *Axis Securities names ICICI Bank and Bajaj Finance among top 8 largecap picks for August.* The brokerage highlights strong fundamentals and growth potential in the financial sector. **ICICI Bank** and **BAJFINANCE** are recommended for their resilient performance and valuation upside. 📊 *STOCKS:* $ICICIBANK $BAJFINANCE | 🏢 *SECTOR:* Banking | #MEDIUMIMPACT #Brokerage

    The Economic Times5 Aug
    Medium Impact

    Bajaj Finance publishes regulatory notice in newspaper

    Bajaj Finance has published a mandatory notice in a newspaper as part of its SEBI LODR compliance. The filing is a routine disclosure under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Such notices are standard and do not indicate any operational or financial change. No immediate market-moving information was disclosed. 📊 *STOCKS:* BAJFINANCE | 🏢 *SECTOR:* CapitalMarkets | #Regulation #Disclosure

    NSE Filing8 Jul
    Low Impact

    Bajaj Finance informs shareholders on TDS and bank details update

    *Bajaj Finance informs shareholders about TDS on final dividend and bank detail updates.* The communication clarifies tax deduction rules for dividend recipients. Shareholders must update bank details to avoid delays. No financial impact expected as it's a procedural update. 📊 *STOCKS:* BAJFINANCE | 🏢 *SECTOR:* Financial Services | #LOWIMPACT #Dividend

    NSE Filing10 Jun
    Low Impact

    Financials

    Quarterly Results

    MetricDec 2025Sep 2025Jun 2025Mar 2025Dec 2024Sep 2024Jun 2024Mar 2024
    Revenue
    ₹288 Cr
    27.5%
    ₹397 Cr
    22.2%
    ₹325 Cr
    124.1%
    ₹145 Cr
    15.1%
    ₹126 Cr
    54.8%
    ₹279 Cr
    108.2%
    ₹134 Cr
    88.9%
    ₹1.2K Cr
    Op. Profit
    ₹247 Cr
    30.0%
    ₹353 Cr
    24.3%
    ₹284 Cr
    175.7%
    ₹103 Cr
    7.3%
    ₹96 Cr
    58.8%
    ₹233 Cr
    219.2%
    ₹73 Cr
    93.8%
    ₹1.2K Cr
    OPM
    86.0%
    3.4%
    89.0%
    2.3%
    87.0%
    22.5%
    71.0%
    6.6%
    76.0%
    8.4%
    83.0%
    53.7%
    54.0%
    44.3%
    97.0%
    Net Profit
    ₹2.0K Cr
    19.4%
    ₹1.7K Cr
    51.8%
    ₹3.5K Cr
    100.1%
    ₹1.8K Cr
    0.1%
    ₹1.8K Cr
    15.9%
    ₹1.5K Cr
    6.5%
    ₹1.6K Cr
    40.5%
    ₹2.7K Cr
    EPS (₹)
    181.16
    29.3%
    140.08
    55.3%
    313.27
    102.1%
    155.04
    1.3%
    157.09
    21.7%
    129.06
    10.8%
    144.7
    40.7%
    244.05

    Values in ₹ Cr · Source: Screener.in

    Annual Profit & Loss

    MetricMar 2026Mar 2025Mar 2024Mar 2023Mar 2022Mar 2021Mar 2020Mar 2019Mar 2018Mar 2017
    Revenue
    ₹1.1K Cr
    51.7%
    ₹739 Cr
    56.6%
    ₹1.7K Cr
    226.1%
    ₹522 Cr
    7.9%
    ₹484 Cr
    5.9%
    ₹457 Cr
    5.1%
    ₹435 Cr
    0.9%
    ₹431 Cr
    2.6%
    ₹420 Cr
    50.1%
    ₹842 Cr
    Expenses
    ₹162 Cr
    10.0%
    ₹180 Cr
    28.6%
    ₹140 Cr
    1.4%
    ₹142 Cr
    21.4%
    ₹117 Cr
    10.4%
    ₹106 Cr
    20.9%
    ₹134 Cr
    57.6%
    ₹85 Cr
    30.8%
    ₹65 Cr
    69.8%
    ₹215 Cr
    Op. Profit
    ₹959 Cr
    71.6%
    ₹559 Cr
    64.2%
    ₹1.6K Cr
    311.1%
    ₹380 Cr
    3.5%
    ₹367 Cr
    4.3%
    ₹352 Cr
    16.9%
    ₹301 Cr
    13.3%
    ₹347 Cr
    2.3%
    ₹355 Cr
    43.5%
    ₹628 Cr
    OPM
    86.0%
    13.2%
    76.0%
    17.4%
    92.0%
    26.0%
    73.0%
    3.9%
    76.0%
    1.3%
    77.0%
    11.6%
    69.0%
    13.8%
    80.0%
    5.9%
    85.0%
    13.3%
    75.0%
    Other Income
    ₹9.1K Cr
    46.7%
    ₹6.2K Cr
    4.3%
    ₹6.0K Cr
    27.7%
    ₹4.7K Cr
    19.9%
    ₹3.9K Cr
    12.9%
    ₹3.5K Cr
    12.9%
    ₹3.1K Cr
    8.2%
    ₹2.8K Cr
    18.3%
    ₹2.4K Cr
    29775.0%
    ₹8 Cr
    Interest
    ₹1 Cr
    0.0%
    ₹1 Cr
    50.0%
    ₹2 Cr
    71.4%
    ₹7 Cr
    133.3%
    ₹3 Cr
    25.0%
    ₹4 Cr
    69.2%
    ₹13 Cr
    ₹0 Cr
    ₹0 Cr
    ₹0 Cr
    Depreciation
    ₹32 Cr
    5.9%
    ₹34 Cr
    0.0%
    ₹34 Cr
    0.0%
    ₹34 Cr
    0.0%
    ₹34 Cr
    0.0%
    ₹34 Cr
    3.0%
    ₹33 Cr
    725.0%
    ₹4 Cr
    20.0%
    ₹5 Cr
    0.0%
    ₹5 Cr
    PBT
    ₹10.1K Cr
    49.0%
    ₹6.7K Cr
    9.9%
    ₹7.5K Cr
    49.5%
    ₹5.0K Cr
    18.6%
    ₹4.2K Cr
    12.2%
    ₹3.8K Cr
    13.6%
    ₹3.3K Cr
    4.5%
    ₹3.2K Cr
    15.7%
    ₹2.7K Cr
    334.8%
    ₹630 Cr
    Tax %
    3.0%
    50.0%
    2.0%
    0.0%
    2.0%
    100.0%
    1.0%
    50.0%
    2.0%
    33.3%
    3.0%
    57.1%
    7.0%
    75.0%
    4.0%
    33.3%
    3.0%
    85.7%
    21.0%
    Net Profit
    ₹9.8K Cr
    47.7%
    ₹6.6K Cr
    10.0%
    ₹7.4K Cr
    48.9%
    ₹4.9K Cr
    19.9%
    ₹4.1K Cr
    12.9%
    ₹3.7K Cr
    18.6%
    ₹3.1K Cr
    1.0%
    ₹3.0K Cr
    14.8%
    ₹2.7K Cr
    7.4%
    ₹2.5K Cr
    EPS (₹)
    865.89
    47.8%
    585.9
    10.3%
    652.98
    49.8%
    435.83
    19.6%
    364.41
    11.1%
    327.95
    22.0%
    268.84
    1.8%
    273.9
    14.8%
    238.54
    7.3%
    222.22
    Div Payout
    23.0%
    43.8%
    16.0%
    20.0%
    20.0%
    28.6%
    28.0%
    12.5%
    32.0%
    166.7%
    12.0%
    20.0%
    15.0%
    25.0%
    12.0%
    29.4%
    17.0%
    13.3%
    15.0%

    Values in ₹ Cr · Source: Screener.in

    Balance Sheet

    ItemSep 2025Mar 2025Mar 2024Mar 2023Mar 2022Mar 2021Mar 2020Mar 2019Mar 2018Mar 2017
    Liabilities
    Equity Capital
    ₹111 Cr
    0.0%
    ₹111 Cr
    0.0%
    ₹111 Cr
    0.0%
    ₹111 Cr
    0.0%
    ₹111 Cr
    0.0%
    ₹111 Cr
    0.0%
    ₹111 Cr
    0.0%
    ₹111 Cr
    0.0%
    ₹111 Cr
    0.0%
    ₹111 Cr
    Reserves
    ₹67.7K Cr
    8.2%
    ₹62.6K Cr
    15.6%
    ₹54.1K Cr
    22.8%
    ₹44.1K Cr
    3.1%
    ₹42.7K Cr
    15.3%
    ₹37.1K Cr
    34.0%
    ₹27.7K Cr
    3.0%
    ₹26.8K Cr
    7.0%
    ₹25.1K Cr
    41.7%
    ₹17.7K Cr
    Borrowings
    ₹15 Cr
    51.6%
    ₹31 Cr
    50.8%
    ₹63 Cr
    32.3%
    ₹93 Cr
    18.4%
    ₹114 Cr
    16.2%
    ₹136 Cr
    19.0%
    ₹168 Cr
    ₹0 Cr
    ₹0 Cr
    ₹0 Cr
    Other Liabilities
    ₹14.7K Cr
    16.9%
    ₹12.5K Cr
    15.6%
    ₹10.9K Cr
    21.7%
    ₹8.9K Cr
    16.2%
    ₹10.6K Cr
    29.9%
    ₹8.2K Cr
    70.6%
    ₹4.8K Cr
    8466.1%
    ₹56 Cr
    17.6%
    ₹68 Cr
    4.2%
    ₹71 Cr
    Total Liabilities
    ₹82.5K Cr
    9.6%
    ₹75.3K Cr
    15.5%
    ₹65.2K Cr
    22.5%
    ₹53.2K Cr
    0.7%
    ₹53.6K Cr
    17.8%
    ₹45.5K Cr
    39.0%
    ₹32.7K Cr
    21.2%
    ₹27.0K Cr
    6.9%
    ₹25.3K Cr
    41.3%
    ₹17.9K Cr
    Assets
    Fixed Assets
    ₹187 Cr
    7.9%
    ₹203 Cr
    16.8%
    ₹244 Cr
    12.2%
    ₹278 Cr
    10.3%
    ₹310 Cr
    9.4%
    ₹342 Cr
    8.6%
    ₹374 Cr
    93.8%
    ₹193 Cr
    10.2%
    ₹215 Cr
    3.2%
    ₹222 Cr
    CWIP
    ₹0 Cr
    ₹0 Cr
    ₹0 Cr
    ₹0 Cr
    ₹0 Cr
    ₹0 Cr
    ₹0 Cr
    ₹0 Cr
    ₹0 Cr
    ₹0 Cr
    Investments
    ₹81.3K Cr
    10.2%
    ₹73.8K Cr
    14.1%
    ₹64.7K Cr
    23.1%
    ₹52.6K Cr
    0.8%
    ₹53.0K Cr
    17.9%
    ₹44.9K Cr
    40.1%
    ₹32.1K Cr
    22.1%
    ₹26.3K Cr
    6.8%
    ₹24.6K Cr
    41.5%
    ₹17.4K Cr
    Other Assets
    ₹1.0K Cr
    19.9%
    ₹1.3K Cr
    517.7%
    ₹203 Cr
    42.8%
    ₹355 Cr
    13.1%
    ₹314 Cr
    34.2%
    ₹234 Cr
    18.5%
    ₹287 Cr
    48.6%
    ₹558 Cr
    16.7%
    ₹478 Cr
    58.3%
    ₹302 Cr
    Total Assets
    ₹82.5K Cr
    9.6%
    ₹75.3K Cr
    15.5%
    ₹65.2K Cr
    22.5%
    ₹53.2K Cr
    0.7%
    ₹53.6K Cr
    17.8%
    ₹45.5K Cr
    39.0%
    ₹32.7K Cr
    21.2%
    ₹27.0K Cr
    6.9%
    ₹25.3K Cr
    41.3%
    ₹17.9K Cr

    Values in ₹ Cr · Source: Screener.in

    Cash Flow Statement

    ItemMar 2025Mar 2024Mar 2023Mar 2022Mar 2021Mar 2020Mar 2019Mar 2018Mar 2017Mar 2016
    Operating CF
    ₹-2.0K Cr
    200.8%
    ₹1.9K Cr
    12.3%
    ₹1.7K Cr
    7.3%
    ₹1.6K Cr
    491.9%
    ₹272 Cr
    85.8%
    ₹1.9K Cr
    205.7%
    ₹628 Cr
    61.5%
    ₹1.6K Cr
    276.7%
    ₹-923 Cr
    180.5%
    ₹1.1K Cr
    Investing CF
    ₹3.1K Cr
    747.0%
    ₹-472 Cr
    244.5%
    ₹-137 Cr
    9.3%
    ₹-151 Cr
    51.0%
    ₹-308 Cr
    61.5%
    ₹-800 Cr
    390.8%
    ₹-163 Cr
    85.5%
    ₹-1.1K Cr
    201.9%
    ₹-372 Cr
    136.5%
    ₹1.0K Cr
    Financing CF
    ₹-1.1K Cr
    27.5%
    ₹-1.5K Cr
    8.3%
    ₹-1.6K Cr
    8.7%
    ₹-1.5K Cr
    3845.9%
    ₹-37 Cr
    96.4%
    ₹-1.0K Cr
    91.8%
    ₹-536 Cr
    23.5%
    ₹-434 Cr
    294.5%
    ₹-110 Cr
    85.5%
    ₹-761 Cr
    Net Cash Flow
    ₹43 Cr
    207.1%
    ₹14 Cr
    250.0%
    ₹4 Cr
    500.0%
    ₹-1 Cr
    98.6%
    ₹-73 Cr
    179.3%
    ₹92 Cr
    227.8%
    ₹-72 Cr
    197.3%
    ₹74 Cr
    105.3%
    ₹-1.4K Cr
    200.0%
    ₹1.4K Cr
    Free Cash Flow
    ₹-1.9K Cr
    196.1%
    ₹1.9K Cr
    12.5%
    ₹1.7K Cr
    7.3%
    ₹1.6K Cr
    493.4%
    ₹271 Cr
    85.9%
    ₹1.9K Cr
    205.1%
    ₹628 Cr
    61.5%
    ₹1.6K Cr
    276.7%
    ₹-923 Cr
    180.5%
    ₹1.1K Cr

    Values in ₹ Cr · Source: Screener.in

    Key Ratios History

    MetricMar 2025Mar 2024Mar 2023Mar 2022Mar 2021Mar 2020Mar 2019Mar 2018Mar 2017Mar 2016
    Debtor Days
    0d
    0d
    100.0%
    5d
    37.5%
    8d
    60.0%
    5d
    25.0%
    4d
    0d
    0d
    0d
    0d
    Inventory Days
    Days Payable
    Cash Conv. Cycle
    0d
    0d
    100.0%
    5d
    37.5%
    8d
    60.0%
    5d
    25.0%
    4d
    0d
    0d
    0d
    0d
    Working Capital Days
    500d
    4445.5%
    11d
    93.6%
    172d
    7.5%
    160d
    138.8%
    67d
    14.1%
    78d
    73.9%
    299d
    149.2%
    120d
    287.1%
    31d
    164.6%
    -48d
    ROCE
    10.0%
    23.1%
    13.0%
    30.0%
    10.0%
    11.1%
    9.0%
    10.0%
    10.0%
    9.1%
    11.0%
    8.3%
    12.0%
    7.7%
    13.0%
    225.0%
    4.0%
    33.3%
    3.0%

    Source: Screener.in · Lower days = better efficiency

    About Bajaj Holdings & Investment Limited

    Incorporated in 2024, Bajaj Holdings & Investment Ltd is an Investment and Credit Company[1]

    Financial ServicesFinance

    Frequently Asked Questions

    What is Bajaj Holdings & Investment Limited share price today?
    Bajaj Holdings & Investment Limited (BAJAJHLDNG) is currently trading at ₹11,162 on NSE, as of the last market session. Prices update daily after market close on MarketNetra.
    Is Bajaj Holdings & Investment Limited available in F&O (Futures & Options)?
    Yes, Bajaj Holdings & Investment Limited (BAJAJHLDNG) is part of the NSE F&O segment with a lot size of 75 shares. Options are available with monthly expiry contracts. You can track the full option chain and OI analysis on MarketNetra.
    What is Bajaj Holdings & Investment Limited 52-week high and low?
    Bajaj Holdings & Investment Limited's 52-week high is ₹13,880 and the 52-week low is ₹8,588. The current price of ₹11,162 is 19.6% below the 52W high.
    What is Bajaj Holdings & Investment Limited P/E ratio?
    Bajaj Holdings & Investment Limited's current P/E ratio is 14. This indicates the market is paying ₹14 for every ₹1 of earnings. Compare this to the sector average to assess relative valuation.
    How to trade Bajaj Holdings & Investment Limited options?
    Bajaj Holdings & Investment Limited options are traded on NSE with monthly expiry contracts (lot size: 75 shares). To trade BAJAJHLDNG options: select your expiry on the option chain page, identify key OI strikes, check the PCR and buildup type on OI analysis, and review FII/DII flows for institutional sentiment before taking a position.