DCM Shriram Limited

NSE: DCMSHRIRAMDiversified

DCM Shriram Limited Share Price & Analysis

₹1020.90+0.17%Updated 4 Sept 2026, 03:30 pm IST
LTP
₹1020.90+0.17%
Open
₹1026.10
High
₹1026.10
Low
₹1014.00
Close
₹1020.90
52W High
₹1414.00
52W Low
₹945.00
Volume
86K
Lot Size
1
Sector
Diversified
Market Cap
₹16K Cr
Face Value
₹2
Mid CapNIFTY 500Nifty Smallcap 250

Price Chart

Candle
Range

Fundamentals

P/E
11.60
Sector P/E
47.60
P/B
2.09
EPS
₹54.72
ROE
11.50%
ROCE
11.50%
D/E Ratio
0.38
Div Yield
1.10%
Book Value
₹495.00

Strengths

  • Attractively valued vs sector (P/E 11.6x vs industry 47.6x)
  • Low debt relative to equity (D/E 0.4x)

Concerns

    Peer Comparison

    CompanyCMPMkt CapP/EP/BROE %ROCE %D/E
    GODREJIND
    Godrej Industries Limited
    1,166
    −1.57%
    ₹39K Cr32.63.439.268.172.22
    3MINDIA
    3M India Limited
    33,695
    −0.56%
    ₹37K Cr60.620.8730.540.50.1
    BALMLAWRIE
    Balmer Lawrie & Company Limited
    175
    −0.52%
    ₹3K Cr10.91.4513.714.60.12
    TTKHLTCARE
    TTK Healthcare Limited
    1,093
    −1.73%
    ₹1K Cr19.91.26.030.02
    EMPIND
    Empire Industries Limited
    1,208
    +0.24%
    ₹717 Cr18415.116.8
    MAHESHWARI
    Maheshwari Logistics Limited
    75
    +0.55%
    ₹214 Cr13.61.038.1212.21.46

    Showing 6 peers in the same sector · Sorted by market cap

    Shareholding Pattern

    DCMSHRIRAM · as of Mar 2026

    Promoters66.53%
    FII4.10%0.11pp
    DII7.76%0.12pp
    Public20.82%0.28pp
    Govt0.02%
    Others0.79%0.08pp
    CategoryDec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
    Promoters66.53%66.53%66.53%66.53%66.53%66.53%
    FII3.41%3.76%3.74%3.77%3.99%4.10%
    DII8.37%8.07%8.07%7.66%7.64%7.76%
    Public20.74%20.70%20.77%21.28%21.10%20.82%
    Govt0.02%0.02%0.02%0.02%0.02%0.02%
    Others0.94%0.92%0.87%0.72%0.71%0.79%

    Corporate Events

    Dividend - Rs 4 Per Share

    Dividend30 Jul 2026

    To consider and approve the financial results for the period ended Jun 30, 2026

    Results27 Jul 2026

    Interim Dividend - Rs 3.60 Per Share

    Record: 23 Jan 2026

    Dividend22 Jan 2026

    Interim Dividend - Rs 3.60 Per Share

    Dividend2 Nov 2025

    Dividend - Rs 3.40 Per Share

    Dividend4 Aug 2025

    Interim Dividend - Rs 3.60 Per Share

    Dividend23 Jan 2025

    Interim Dividend - Rs 2 Per Share

    Dividend10 Nov 2024

    Dividend - Rs 2.60 Per Share

    Dividend8 Jul 2024

    Interim Dividend - Rs 4 Per Share

    Dividend5 Mar 2024

    Dividend - Rs 3.60 Per Share

    Dividend17 Jul 2023

    Latest News

    All news

    DCM Shriram Fine Chemicals board meets, no major announcements.

    *DCM Shriram Fine Chemicals board meets, no major announcements.* The company held its board meeting on September 03, 2026, with routine corporate deliberations. No significant decisions regarding dividends, acquisitions, or fundraising were disclosed. Filing indicates standard agenda items were discussed. 📊 *STOCKS:* $DCMSRIRAM | 🏢 *SECTOR:* Chemicals | #LOWIMPACT #BoardMeeting

    NSE Filing3d ago
    High Impact

    DCM Shriram Fine Chemicals reports Q1 FY26 results

    *DCM Shriram Fine Chemicals reports Q1 FY26 results* released its financial performance for the quarter ended June 30, 2026. The company reported consolidated financials with **revenue of ₹319.45 crore** and **net profit of ₹12.52 crore**. Results reflect operational performance amid ongoing market conditions. 📊 *STOCKS:* $DCMSHRIRAM | 🏢 *SECTOR:* Chemicals | #MEDIUMIMPACT #Earnings

    NSE Filing14 Aug
    High Impact

    DCM Shriram reports Q1 FY26 financial results

    *DCM Shriram reports Q1 FY26 financial results*. The company has submitted its financial results for the quarter ended June 30, 2026, to the exchange. Key figures including revenue, profit, and margins will be analyzed for performance trends. Traders may assess guidance and commentary for near-term positioning. 📊 *STOCKS:* $DCMSHRIRAM | 🏢 *SECTOR:* CapitalMarkets | #MEDIUMIMPACT #Earnings

    NSE Filing13 Aug
    High Impact

    DCM Shriram Board meets; no major announcements.

    *DCM Shriram Board meets; no major announcements.* The company held its board meeting on June 19, 2026, as per the NSE filing. No decisions on equity, acquisitions, or leadership changes were disclosed. The update is routine, suggesting continuity in operations. 📊 *STOCKS:* DCMSHRIRAM | 🏢 *SECTOR:* CapitalMarkets | #LOWIMPACT #BoardMeeting

    NSE Filing19 Jun
    High Impact

    DCM Shriram to sell stake in Serentica Renewables

    *DCM Shriram to sell stake in Serentica Renewables*\nDCM Shriram Ltd. has signed a definitive agreement to divest its entire stake in Serentica Renewables. The move is part of its strategic portfolio rationalization. Financial terms were not disclosed.\n\n📊 *STOCKS:* DCMSHRIRAM | 🏢 *SECTOR:* Energy | #MEDIUMIMPACT #renewables

    AgroSpectrum India27 Jul
    Medium Impact

    DCM Shriram signs deal with Serentica Renewables for renewable energy expansion

    *DCM Shriram signs deal with Serentica Renewables for renewable energy expansion.* The agreement aims to jointly develop renewable energy projects, focusing on green hydrogen and solar initiatives. This strategic move supports decarbonization goals and expands DCM Shriram’s clean energy footprint. 📊 *STOCKS:* $DCMSHRIRAM | 🏢 *SECTOR:* Energy | #MEDIUMIMPACT #Renewables

    AgroSpectrum India27 Jul
    Medium Impact

    DCM Shriram Fine Chemicals to hold 5th AGM

    *DCM Shriram Fine Chemicals to hold 5th AGM.* Company has published notice for its Annual General Meeting in a newspaper as per regulatory requirements. No financial updates or surprises disclosed. Event is routine and informational. 📊 *STOCKS:* DCMSHRIRAM | 🏢 *SECTOR:* Chemicals | #LOWIMPACT #AGM

    NSE Filing22 Jun
    Low Impact

    DCM Shriram discloses compliance update under SEBI norms

    *DCM Shriram discloses compliance update under SEBI norms*. The company filed an update pursuant to Regulation 36(1)(b) of SEBI (LODR) Regulations, 2015. This is a routine disclosure related to ongoing regulatory compliance. No financial or operational impact is indicated. 📊 *STOCKS:* DCMSHRIRAM | 🏢 *SECTOR:* Corporate | #LOWIMPACT #SEBI

    NSE Filing19 Jun
    Low Impact

    DCM Shriram to hold 35th Annual General Meeting

    *DCM Shriram to hold 35th Annual General Meeting.* The company has published the notice as per regulatory requirements. No financial or strategic updates were disclosed. The event is routine and informational in nature. 📊 *STOCKS:* DCMSHRIRAM | 🏢 *SECTOR:* CapitalMarkets | #LOWIMPACT #AGM

    NSE Filing19 Jun
    Low Impact

    DCM Shriram issues general updates via NSE filing

    *DCM Shriram issues general updates via NSE filing.* The company shared routine corporate information with no specific financial or operational details disclosed. Such updates typically involve administrative or procedural announcements. Traders should monitor for further clarifications. 📊 *STOCKS:* DCMSHRIRAM | 🏢 *SECTOR:* CapitalMarkets | #LOWIMPACT #CorporateUpdate

    NSE Filing19 Jun
    Low Impact

    Financials

    Quarterly Results

    MetricMar 2026Dec 2025Sep 2025Jun 2025Mar 2025Dec 2024Sep 2024Jun 2024
    Revenue
    ₹3.2K Cr
    16.2%
    ₹3.8K Cr
    16.5%
    ₹3.3K Cr
    0.3%
    ₹3.3K Cr
    13.4%
    ₹2.9K Cr
    14.6%
    ₹3.4K Cr
    13.9%
    ₹3.0K Cr
    2.8%
    ₹2.9K Cr
    Op. Profit
    ₹353 Cr
    33.6%
    ₹532 Cr
    72.2%
    ₹309 Cr
    1.6%
    ₹304 Cr
    24.9%
    ₹405 Cr
    18.3%
    ₹496 Cr
    174.0%
    ₹181 Cr
    27.0%
    ₹248 Cr
    OPM
    11.0%
    21.4%
    14.0%
    55.6%
    9.0%
    0.0%
    9.0%
    35.7%
    14.0%
    6.7%
    15.0%
    150.0%
    6.0%
    33.3%
    9.0%
    Net Profit
    ₹371 Cr
    74.2%
    ₹213 Cr
    34.0%
    ₹159 Cr
    39.5%
    ₹114 Cr
    36.3%
    ₹179 Cr
    31.7%
    ₹262 Cr
    315.9%
    ₹63 Cr
    37.0%
    ₹100 Cr
    EPS (₹)
    23.72
    74.4%
    13.6
    34.3%
    10.13
    39.3%
    7.27
    36.6%
    11.47
    31.8%
    16.81
    317.1%
    4.03
    37.3%
    6.43

    Values in ₹ Cr · Source: Screener.in

    Annual Profit & Loss

    MetricMar 2026Mar 2025Mar 2024Mar 2023Mar 2022Mar 2021Mar 2020Mar 2019Mar 2018Mar 2017
    Revenue
    ₹13.5K Cr
    12.1%
    ₹12.1K Cr
    10.6%
    ₹10.9K Cr
    5.4%
    ₹11.5K Cr
    19.9%
    ₹9.6K Cr
    15.9%
    ₹8.3K Cr
    7.0%
    ₹7.8K Cr
    0.1%
    ₹7.8K Cr
    12.6%
    ₹6.9K Cr
    19.2%
    ₹5.8K Cr
    Expenses
    ₹12.0K Cr
    12.0%
    ₹10.7K Cr
    8.2%
    ₹9.9K Cr
    0.1%
    ₹9.9K Cr
    26.9%
    ₹7.8K Cr
    9.4%
    ₹7.2K Cr
    8.8%
    ₹6.6K Cr
    2.7%
    ₹6.4K Cr
    9.1%
    ₹5.9K Cr
    16.9%
    ₹5.0K Cr
    Op. Profit
    ₹1.5K Cr
    12.6%
    ₹1.3K Cr
    34.2%
    ₹991 Cr
    38.3%
    ₹1.6K Cr
    10.6%
    ₹1.8K Cr
    55.9%
    ₹1.2K Cr
    3.4%
    ₹1.2K Cr
    12.9%
    ₹1.4K Cr
    32.3%
    ₹1.0K Cr
    34.2%
    ₹771 Cr
    OPM
    11.0%
    0.0%
    11.0%
    22.2%
    9.0%
    35.7%
    14.0%
    26.3%
    19.0%
    35.7%
    14.0%
    6.7%
    15.0%
    16.7%
    18.0%
    20.0%
    15.0%
    15.4%
    13.0%
    Other Income
    ₹173 Cr
    21.8%
    ₹142 Cr
    43.4%
    ₹99 Cr
    17.5%
    ₹120 Cr
    30.4%
    ₹92 Cr
    0.0%
    ₹92 Cr
    4.5%
    ₹88 Cr
    0.0%
    ₹88 Cr
    57.1%
    ₹56 Cr
    19.1%
    ₹47 Cr
    Interest
    ₹176 Cr
    15.0%
    ₹153 Cr
    73.9%
    ₹88 Cr
    66.0%
    ₹53 Cr
    37.6%
    ₹85 Cr
    30.3%
    ₹122 Cr
    25.6%
    ₹164 Cr
    37.8%
    ₹119 Cr
    43.4%
    ₹83 Cr
    16.9%
    ₹71 Cr
    Depreciation
    ₹502 Cr
    22.4%
    ₹410 Cr
    35.3%
    ₹303 Cr
    16.5%
    ₹260 Cr
    9.2%
    ₹238 Cr
    2.1%
    ₹233 Cr
    6.4%
    ₹219 Cr
    39.5%
    ₹157 Cr
    11.3%
    ₹141 Cr
    23.7%
    ₹114 Cr
    PBT
    ₹992 Cr
    9.1%
    ₹909 Cr
    30.0%
    ₹699 Cr
    50.5%
    ₹1.4K Cr
    9.7%
    ₹1.6K Cr
    76.0%
    ₹889 Cr
    0.9%
    ₹897 Cr
    24.0%
    ₹1.2K Cr
    36.1%
    ₹867 Cr
    37.0%
    ₹633 Cr
    Tax %
    14.0%
    58.8%
    34.0%
    5.6%
    36.0%
    0.0%
    36.0%
    12.5%
    32.0%
    33.3%
    24.0%
    20.0%
    20.0%
    16.7%
    24.0%
    4.3%
    23.0%
    76.9%
    13.0%
    Net Profit
    ₹856 Cr
    41.7%
    ₹604 Cr
    35.1%
    ₹447 Cr
    50.9%
    ₹911 Cr
    14.6%
    ₹1.1K Cr
    58.3%
    ₹674 Cr
    6.6%
    ₹722 Cr
    20.1%
    ₹904 Cr
    35.1%
    ₹669 Cr
    21.2%
    ₹552 Cr
    EPS (₹)
    54.73
    41.2%
    38.75
    35.2%
    28.67
    50.9%
    58.41
    14.7%
    68.45
    58.6%
    43.17
    6.1%
    45.96
    19.4%
    56.99
    38.3%
    41.22
    21.3%
    33.97
    Div Payout
    21.0%
    8.7%
    23.0%
    0.0%
    23.0%
    4.2%
    24.0%
    9.1%
    22.0%
    0.0%
    22.0%
    22.2%
    18.0%
    5.9%
    17.0%
    15.0%
    20.0%
    17.6%
    17.0%

    Values in ₹ Cr · Source: Screener.in

    Balance Sheet

    ItemMar 2026Mar 2025Mar 2024Mar 2023Mar 2022Mar 2021Mar 2020Mar 2019Mar 2018Mar 2017
    Liabilities
    Equity Capital
    ₹31 Cr
    0.0%
    ₹31 Cr
    0.0%
    ₹31 Cr
    0.0%
    ₹31 Cr
    0.0%
    ₹31 Cr
    0.0%
    ₹31 Cr
    0.0%
    ₹31 Cr
    0.0%
    ₹31 Cr
    6.1%
    ₹33 Cr
    0.0%
    ₹33 Cr
    Reserves
    ₹7.7K Cr
    10.2%
    ₹7.0K Cr
    7.4%
    ₹6.5K Cr
    5.3%
    ₹6.2K Cr
    12.7%
    ₹5.5K Cr
    18.5%
    ₹4.6K Cr
    14.9%
    ₹4.0K Cr
    15.0%
    ₹3.5K Cr
    16.2%
    ₹3.0K Cr
    20.5%
    ₹2.5K Cr
    Borrowings
    ₹2.9K Cr
    15.6%
    ₹2.5K Cr
    17.5%
    ₹2.2K Cr
    26.1%
    ₹1.7K Cr
    8.2%
    ₹1.6K Cr
    3.7%
    ₹1.5K Cr
    29.3%
    ₹2.1K Cr
    33.5%
    ₹1.6K Cr
    113.0%
    ₹756 Cr
    29.6%
    ₹1.1K Cr
    Other Liabilities
    ₹3.5K Cr
    8.8%
    ₹3.2K Cr
    11.3%
    ₹2.9K Cr
    2.0%
    ₹2.8K Cr
    23.1%
    ₹2.3K Cr
    41.3%
    ₹1.6K Cr
    16.2%
    ₹1.9K Cr
    3.3%
    ₹2.0K Cr
    7.8%
    ₹1.9K Cr
    5.8%
    ₹2.0K Cr
    Total Liabilities
    ₹14.1K Cr
    10.9%
    ₹12.7K Cr
    10.3%
    ₹11.5K Cr
    7.7%
    ₹10.7K Cr
    14.4%
    ₹9.4K Cr
    20.3%
    ₹7.8K Cr
    4.2%
    ₹8.1K Cr
    14.0%
    ₹7.1K Cr
    26.3%
    ₹5.7K Cr
    1.4%
    ₹5.6K Cr
    Assets
    Fixed Assets
    ₹7.5K Cr
    15.4%
    ₹6.5K Cr
    54.4%
    ₹4.2K Cr
    2.9%
    ₹4.1K Cr
    20.5%
    ₹3.4K Cr
    1.4%
    ₹3.4K Cr
    4.0%
    ₹3.5K Cr
    30.1%
    ₹2.7K Cr
    21.7%
    ₹2.2K Cr
    9.3%
    ₹2.0K Cr
    CWIP
    ₹571 Cr
    31.5%
    ₹834 Cr
    68.1%
    ₹2.6K Cr
    60.4%
    ₹1.6K Cr
    230.0%
    ₹494 Cr
    353.2%
    ₹109 Cr
    84.7%
    ₹59 Cr
    82.2%
    ₹332 Cr
    183.8%
    ₹117 Cr
    80.0%
    ₹65 Cr
    Investments
    ₹136 Cr
    142.9%
    ₹56 Cr
    3.7%
    ₹54 Cr
    350.0%
    ₹12 Cr
    300.0%
    ₹3 Cr
    90.0%
    ₹30 Cr
    3.4%
    ₹29 Cr
    6.5%
    ₹31 Cr
    3.3%
    ₹30 Cr
    3.2%
    ₹31 Cr
    Other Assets
    ₹5.9K Cr
    10.6%
    ₹5.3K Cr
    14.3%
    ₹4.7K Cr
    6.4%
    ₹5.0K Cr
    9.0%
    ₹5.5K Cr
    27.3%
    ₹4.3K Cr
    5.7%
    ₹4.5K Cr
    11.4%
    ₹4.1K Cr
    24.0%
    ₹3.3K Cr
    4.7%
    ₹3.5K Cr
    Total Assets
    ₹14.1K Cr
    10.9%
    ₹12.7K Cr
    10.3%
    ₹11.5K Cr
    7.7%
    ₹10.7K Cr
    14.4%
    ₹9.4K Cr
    20.3%
    ₹7.8K Cr
    4.2%
    ₹8.1K Cr
    14.0%
    ₹7.1K Cr
    26.3%
    ₹5.7K Cr
    1.4%
    ₹5.6K Cr

    Values in ₹ Cr · Source: Screener.in

    Cash Flow Statement

    ItemMar 2026Mar 2025Mar 2024Mar 2023Mar 2022Mar 2021Mar 2020Mar 2019Mar 2018Mar 2017
    Operating CF
    ₹1.2K Cr
    9.5%
    ₹1.1K Cr
    41.9%
    ₹794 Cr
    38.7%
    ₹1.3K Cr
    5.9%
    ₹1.2K Cr
    35.1%
    ₹1.9K Cr
    280.4%
    ₹496 Cr
    36.0%
    ₹775 Cr
    6.3%
    ₹827 Cr
    7.1%
    ₹772 Cr
    Investing CF
    ₹-1.2K Cr
    46.0%
    ₹-850 Cr
    20.6%
    ₹-1.1K Cr
    30.7%
    ₹-1.5K Cr
    73.8%
    ₹-888 Cr
    38.3%
    ₹-642 Cr
    23.9%
    ₹-518 Cr
    35.5%
    ₹-803 Cr
    150.2%
    ₹-321 Cr
    21.9%
    ₹-411 Cr
    Financing CF
    ₹-307 Cr
    30600.0%
    ₹-1 Cr
    100.6%
    ₹169 Cr
    171.9%
    ₹-235 Cr
    14.5%
    ₹-275 Cr
    70.0%
    ₹-918 Cr
    601.6%
    ₹183 Cr
    33.9%
    ₹277 Cr
    148.5%
    ₹-571 Cr
    208.6%
    ₹-185 Cr
    Net Cash Flow
    ₹-314 Cr
    213.4%
    ₹277 Cr
    358.9%
    ₹-107 Cr
    77.8%
    ₹-482 Cr
    877.4%
    ₹62 Cr
    81.0%
    ₹327 Cr
    103.1%
    ₹161 Cr
    35.1%
    ₹248 Cr
    481.5%
    ₹-65 Cr
    136.9%
    ₹176 Cr
    Free Cash Flow
    ₹354 Cr
    26.4%
    ₹280 Cr
    154.5%
    ₹-514 Cr
    4.3%
    ₹-493 Cr
    203.1%
    ₹478 Cr
    70.9%
    ₹1.6K Cr
    1709.8%
    ₹-102 Cr
    39.7%
    ₹-73 Cr
    116.6%
    ₹440 Cr
    32.9%
    ₹331 Cr

    Values in ₹ Cr · Source: Screener.in

    Key Ratios History

    MetricMar 2026Mar 2025Mar 2024Mar 2023Mar 2022Mar 2021Mar 2020Mar 2019Mar 2018Mar 2017
    Debtor Days
    29d
    3.6%
    28d
    27.3%
    22d
    18.5%
    27d
    20.6%
    34d
    47.8%
    23d
    54.9%
    51d
    4.1%
    49d
    2.1%
    48d
    23.8%
    63d
    Inventory Days
    162d
    0.0%
    162d
    3.6%
    168d
    9.8%
    153d
    19.5%
    190d
    30.1%
    146d
    29.8%
    208d
    9.5%
    190d
    16.6%
    163d
    16.0%
    194d
    Days Payable
    64d
    7.2%
    69d
    6.2%
    65d
    0.0%
    65d
    17.7%
    79d
    38.6%
    57d
    36.0%
    89d
    21.2%
    113d
    2.7%
    110d
    20.3%
    138d
    Cash Conv. Cycle
    128d
    5.8%
    121d
    2.4%
    124d
    7.8%
    115d
    20.7%
    145d
    30.6%
    111d
    34.7%
    170d
    34.9%
    126d
    26.0%
    100d
    16.7%
    120d
    Working Capital Days
    25d
    3.8%
    26d
    23.5%
    34d
    8.1%
    37d
    17.8%
    45d
    2.3%
    44d
    15.4%
    52d
    8.3%
    48d
    15.8%
    57d
    62.9%
    35d
    ROCE
    12.0%
    9.1%
    11.0%
    22.2%
    9.0%
    52.6%
    19.0%
    20.8%
    24.0%
    50.0%
    16.0%
    15.8%
    19.0%
    34.5%
    29.0%
    16.0%
    25.0%
    19.0%
    21.0%

    Source: Screener.in · Lower days = better efficiency

    About DCM Shriram Limited

    DCM Shriram is engaged in the business of manufacturing facilities of Fertiliser, Chloro Vinyl & Cement in Kota (Rajasthan) and of Chlor- Alkali in Bharuch (Gujrat).(Source : Company Web-site )

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    Frequently Asked Questions

    What is DCM Shriram Limited share price today?
    DCM Shriram Limited (DCMSHRIRAM) is currently trading at ₹1,020.9 on NSE, up 0.17% as of the last market session. Prices update daily after market close on MarketNetra.
    Is DCM Shriram Limited available in F&O (Futures & Options)?
    Yes, DCM Shriram Limited (DCMSHRIRAM) is part of the NSE F&O segment with a lot size of 1 shares. Options are available with monthly expiry contracts. You can track the full option chain and OI analysis on MarketNetra.
    What is DCM Shriram Limited 52-week high and low?
    DCM Shriram Limited's 52-week high is ₹1,414 and the 52-week low is ₹945. The current price of ₹1,020.9 is 27.8% below the 52W high.
    What is DCM Shriram Limited P/E ratio?
    DCM Shriram Limited's current P/E ratio is 11.6. This indicates the market is paying ₹11.6 for every ₹1 of earnings. Compare this to the sector average to assess relative valuation.
    How to trade DCM Shriram Limited options?
    DCM Shriram Limited options are traded on NSE with monthly expiry contracts (lot size: 1 shares). To trade DCMSHRIRAM 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.