HINDALCO

Hindalco Industries Limited · NSE · INE038A01020 · F&O · lot 700 · 272 sessions on record

₹941.85▲ +0.05 · 0.0%from ₹941.80 the session before · 1 Oct 2026 close · NSE end of day

Open: ₹935.00
High: ₹946.65
Low: ₹923.50
Day's range: ₹232.5% of the previous close
VWAP: ₹936.59close +0.56% from it
Volume, shares: 59 L1.67× the 20-session average
Turnover, ₹ crore: 550
Trades: 1.1 L55 shares per trade
Previous close: ₹941.80+0.05 to the close
Price band, next session: ₹847.65 – ₹1,036.0510% either side of the close · dynamic, widened in 5% steps when hit

Day range79% of the way up

₹923.50₹946.65

52-week range44% of the way up

₹754.45 14 Oct₹1,176.00 29 May

−20% from the high · +25% from the low

The desk read · 1 Octexpiry 27 Oct · 26 days

short covering

futures read

price 0.0% · OI −0.7%

+0.45

futures premium, ₹

+0.1% to spot ₹941.85

0.95

puts per call, by OI

by volume 0.80

970

max pain

+3.0% from the close

▼ −0.7%

futures OI on the day

−530 lots · 71,000 open

Short covering into a 26-day expiry: futures OI −0.7% on a 0.0% day, the most call OI sits at 1,000, the most put OI at 960, max pain 970.

Futures and options

1 Oct close · lot 700 · NSE end of day

HINDALCO futures closed at ₹942.30, +0.1% to spot, with 94% of open interest in the 27 Oct contract, and the 940 straddle prices a move of about ±5.3% by expiry.

Futures by expiryall 3 contracts NSE lists on the stock · basis against the spot close ₹941.85

Futures by expiry, basis against the spot close ₹941.85
Expiry	Close ₹	Basis ₹ · %	Annualised %	OI lots · on the day	Share of OI %	Contracts traded
27 Oct26 days	₹942.30	+0.45+0.1%	+0.67%	67,000▼ −0.8% · −560 lots	94	9,600
23 Nov53 days	₹947.25	+5.40+0.6%	+4.0%	4,200▲ +0.1% · +2.0 lots	5.9	110
29 Dec89 days	₹951.10	+9.25+1.0%	+4.0%	42▲ +320.0% · +32 lots	0.06	50

6.0% of futures OI sits beyond the 27 Oct contract · 46 of 61 listed contracts traded · 46,000 option contracts changed hands

Options27 Oct expiry · 26 days

The 940 straddle closed at ₹50.15 (call 26.25 + put 23.90), pricing a move of about ±5.3% by the 27 Oct expiry. In the last 253 windows of 19 sessions, HINDALCO moved more than that 133 times.

Call OI, lots: 13,00089 L shares
Put OI, lots: 12,00085 L shares
Puts per call, by OI: 0.95by volume 0.80
Max pain: 970+3.0% from the close
Contracts traded: 46 of 61listed for this expiry

Open interest by strike, lotstop three strikes each side

Calls

Strike

Puts

1,800

1,000

1,300

1,600

980

1,700

960

2,400

930

1,200

Open interest added on the day, lotsthree largest additions each side

Calls

Strike

Puts

+180

1,040

+1,100

1,010

+1,000

970

+1,000

930

+1,100

900

+99

Close ₹ · Nifty 50 rebased to the first close · futures open interest by the day's build-up126 sessions to 1 Oct · axis fixed at 4 × ATR-14 around the last close · hover or tap a session and the read beside the chart follows it

272 sessions on file · from 28 Aug

HINDALCO close
Nifty 50, rebased
long build-up · price up, OI up
short build-up · price down, OI up
short covering · price up, OI down
long unwinding · price down, OI down

Session read · latest close: 1 Oct 2026
Close ₹ · day %: ₹941.850.0% on the previous close
Against Nifty 50: Nifty −0.9%+0.9 pp difference on the day
Futures OI, lots: 71,000−530 lots · −0.7% on the day
The day's build-up: short coveringprice 0.0% · OI −0.7%
Against the averages: below 20 · below 5020-session ₹983.43 (−4.2%) · 50-session ₹1,004.25 (−6.2%)
Volume: 1.67×the previous 20 sessions · 59 L shares
Extremes on the day: none

The market after the news

close against the last close before each bulletin · Nifty 50 over the same sessions

After the last 8 bulletins, HINDALCO closed higher five sessions later in 4 of 8.

Close after each bulletin on the day, one session later and five sessions later, with Nifty 50 and futures open interest
Bulletin	Day of the news	1 session later	5 sessions later	Futures OI on the day
24 SeptSensex rises 200 points on easing crude oil prices	▼ −2.2%Nifty −1.6% · −0.5 pp	▼ −2.7%Nifty −1.3% · −1.4 pp	▼ −6.2%Nifty −4.4% · −1.8 pp	▲ +0.1%short build-up
17 AugNifty PAT growth reaches 10-quarter high at 18% in Q1FY27	▼ −0.8%Nifty −0.6% · −0.2 pp	▼ −1.0%Nifty −0.9% · −0.2 pp	▲ +0.1%Nifty +0.2% · −0.1 pp	▼ −0.5%long unwinding
14 JulHindalco and Adani expand aluminium capacity amid price drop	▲ +0.8%Nifty −0.7% · +1.4 pp	▼ −1.1%Nifty −0.6% · −0.6 pp	▼ −1.6%Nifty −0.1% · −1.5 pp	▼ −0.3%short covering
12 JulAditya Birla proposes ₹12,000 crore alumina investment in Odisha	▼ −0.1%Nifty 0.0% · −0.1 pp	▲ +0.7%Nifty −0.6% · +1.4 pp	▼ −2.0%Nifty +0.1% · −2.2 pp	▲ +1.3%short build-up
12 JulAditya Birla proposes ₹12,000 crore alumina investment in Odisha	▼ −0.1%Nifty 0.0% · −0.1 pp	▲ +0.7%Nifty −0.6% · +1.4 pp	▼ −2.0%Nifty +0.1% · −2.2 pp	▲ +1.3%short build-up
26 MayHindalco and Eicher Motors in focus amid Q4 updates	▲ +0.4%Nifty −0.5% · +0.9 pp	▲ +4.6%Nifty −0.5% · +5.1 pp	▲ +3.6%Nifty −2.6% · +6.2 pp	▲ +1.8%long build-up
23 MayHindalco Q4 net profit drops 51% to ₹2,597 crore	▼ −0.9%Nifty +1.3% · −2.2 pp	▼ −0.5%Nifty +0.8% · −1.3 pp	▲ +3.3%Nifty −1.0% · +4.3 pp	▼ −0.2%long unwinding
13 MayHindalco share price rises 3% on Q4 results announcement	▲ +2.8%Nifty +1.2% · +1.6 pp	▼ −0.5%Nifty +1.0% · −1.5 pp	▲ +2.4%Nifty +1.0% · +1.4 pp	▼ −0.7%short covering

8 of 22 bulletins

Quarterly results

consolidated · latest filed 7 Aug, 05:24 pm IST · NSE filings

Revenue ₹84,825 cr, +32% on a year earlier; profit ₹7,013 cr, +75% in the Jun 2026 quarter, consolidated.

Last 8 quarters, consolidated₹ crore as filed · year on year against the same quarter a year earlier · market: close on the first session after the filing against the last close before it, Nifty 50 over the same session

Quarterly results of HINDALCO on the consolidated basis with the market's move on the first session after each filing
Quarter	Revenue ₹ cr	Revenue YoY	Profit ₹ cr	Profit YoY	EPS ₹	Market on the day
Jun 2026filed 7 Aug	₹84,825 cr	▲ +32%	₹7,013 cr	▲ +75%	31.51	▼ −0.5%Nifty +0.1% · −0.6 pp
Mar 2026filed 22 May · audited	₹78,133 cr	▲ +20%	₹2,597 cr	▼ −51%	11.67	▼ −0.9%Nifty +1.3% · −2.2 pp
Dec 2025filed 12 Feb	₹66,521 cr	▲ +14%	₹2,049 cr	▼ −45%	9.21	▼ −5.7%Nifty −1.3% · −4.4 pp
Sept 2025filed 7 Nov	₹66,058 cr	▲ +14%	₹4,741 cr	▲ +21%	21.32	▼ −0.7%Nifty +0.3% · −1.0 pp
Jun 2025filed 12 Aug	₹64,232 cr	▲ +13%	₹4,004 cr	▲ +30%	18.00	▼ −0.9%Nifty −0.4% · −0.5 pp
Mar 2025filed 20 May · audited	₹64,890 cr	▲ +16%	₹5,284 cr	▲ +66%	23.76	0.0%Nifty +0.5% · −0.5 pp
Dec 2024filed 13 Feb	₹58,390 cr	▲ +11%	₹3,735 cr	▲ +60%	16.79	▲ +0.6%Nifty −0.4% · +1.1 pp
Sept 2024filed 11 Nov	₹58,203 cr	▲ +7.5%	₹3,909 cr	▲ +78%	17.56	▼ −0.6%Nifty −1.1% · +0.5 pp

By financial yearApril to March · each year the sum of its four quarters as filed, consolidated · EPS summed across the quarters · only complete years

Financial-year results of HINDALCO on the consolidated basis, summed from the quarters filed
Year	Revenue ₹ cr	Revenue YoY	Profit ₹ cr	Profit YoY	EPS ₹
FY26to Mar 2026	₹2,74,944 cr	▲ +15%	₹13,391 cr	▼ −16%	60.20
FY25to Mar 2025	₹2,38,496 cr	▲ +10%	₹16,002 cr	▲ +58%	71.92
FY24to Mar 2024	₹2,15,962 cr	—	₹10,155 cr	—	45.66

Fundamentals

consolidated · filings to Jun 2026 · close ₹941.85 on 1 Oct

HINDALCO trades at 13 times trailing earnings against 12 for its industry, 1.6 times book value, revenue +20% over twelve months, a 1.1% dividend yield, market cap ₹2,10,000 cr.

Valuationarithmetic on filings and the close · each cell names what it rests on · — where an input is missing

Market cap: ₹2,10,000 cron 1 Oct · free float ₹1,40,000 cr
Price to earnings: 13consolidated · four quarters to Jun 2026 · industry 12
Trailing EPS: ₹73.71diluted · consolidated · four quarters to Jun 2026
Price to book: 1.6consolidated · balance sheet to Mar 2026
Book value a share: ₹607.84consolidated · balance sheet to Mar 2026 · over NSE's share count
Debt to equity: 0.71borrowings over equity · consolidated · balance sheet to Mar 2026
Return on equity: 13%trailing profit over average equity · consolidated
Dividend yield: 1.1%₹10.00 a share in 365 days
Face value: ₹1a share
Shares outstanding: 225 cron 1 Oct

Growthsums of the four quarters filed to Jun 2026 · growth against the four quarters before them · consolidated

Revenue, trailing 12 months: ₹2,95,537 crfour quarters to Jun 2026
Revenue growth, 12 months: ▲ +20%against the twelve months before
Revenue 3-year CAGR: ▲ +11%trailing twelve months against the twelve months 3 years earlier · consolidated
Profit, trailing 12 months: ₹16,400 crfour quarters to Jun 2026
Profit growth, 12 months: ▼ −3.1%against the twelve months before
Profit 3-year CAGR: ▲ +25%trailing twelve months against the twelve months 3 years earlier · consolidated

PeersBSE sub-group Aluminium · F&O stocks with filings on record · industry P/E 12, market caps over trailing profit of 2 stocks

Stocks in the BSE sub-group Aluminium with market cap, price to earnings and price to book
Stock	Market cap ₹	P/E	P/B	Close ₹
HINDALCOHindalco Industries Limited	2,10,000 cron 1 Oct	13consolidated	1.6	₹941.85
VAMLVedanta Aluminium Metal Limited	1,60,000 cron 1 Oct	—	—	₹402.75
NATIONALUMNational Aluminium Company Limited	62,000 cron 1 Oct	5.7consolidated	2.9	₹334.90
ARFINArfin India Limited	1,500 cron 1 Oct	—	8.6	₹87.25
MAANALUMaan Aluminium Limited	600 cron 1 Oct	—	2.2	₹99.35
MANAKALUCOManaksia Aluminium Company Limited	220 cron 1 Oct	—	1.6	₹33.75
HINDALUMIHind Aluminium Industries Limited	57 cron 1 Oct	—	—	₹90.75

Shareholding

quarter to 30 Jun · none pledged · NSE filings

Promoters hold 34.7%, foreign portfolio investors 31.4%, mutual funds 10.1% and insurance companies 6.8%, as filed for the quarter to 30 Jun.

34.7%31.4%10.1%

By category, last 5 quarterspercent of shares · beneath each figure, the change in percentage points against the previous quarter on file

Shareholding of HINDALCO by category over the last 5 quarters with the change against the previous quarter
Category	30 Jun	31 Mar	31 Dec	30 Sept	30 Jun
Promoters	34.66▲ +0.02 pp	34.640.00 pp	34.640.00 pp	34.640.00 pp	34.64
Foreign portfolio investors	31.41▲ +1.45 pp	29.96▲ +1.80 pp	28.16▲ +0.03 pp	28.13▲ +0.53 pp	27.60
Mutual funds	10.05▼ −1.32 pp	11.37▼ −1.90 pp	13.27▲ +0.37 pp	12.90▼ −0.77 pp	13.67
Insurance companies	6.82▼ −0.40 pp	7.22▼ −0.12 pp	7.34▼ −1.64 pp	8.98▲ +0.15 pp	8.83
Banks and financial institutions	3.07▲ +0.19 pp	2.88▲ +0.20 pp	2.68▲ +0.33 pp	2.35▼ −0.20 pp	2.55
Individual investors	6.02▲ +0.09 pp	5.93▼ −0.01 pp	5.94▲ +0.30 pp	5.64▼ −0.14 pp	5.78
Bodies corporate	0.99▼ −0.01 pp	1.00▲ +0.01 pp	0.99▲ +0.41 pp	0.58▲ +0.16 pp	0.42
Government	0.230.00 pp	0.230.00 pp	0.230.00 pp	0.230.00 pp	0.23
Other foreign holders	5.63▲ +0.01 pp	5.620.00 pp	5.62▲ +0.20 pp	5.42▲ +0.18 pp	5.24
Others	1.12▼ −0.03 pp	1.15▲ +0.02 pp	1.130.00 pp	1.13▲ +0.09 pp	1.04

Corporate actions

next results meeting 6 Nov · NSE and BSE records

Nothing upcoming on record; the board meets for results on 6 Nov 2026.

Actionsex-dates · upcoming first, then the last eight · dividends in rupees a share, bonus and split as ratios

Corporate actions of HINDALCO, upcoming first, then the most recent
Ex-date	Action	Amount or ratio	Record date	Source
recent
10 Jul 2026	dividend	₹5.00	10 Jul 2026	BSE
8 Aug 2025	dividend	₹5.00	8 Aug 2025	BSE
9 Aug 2024	dividend	₹3.50	—	BSE

Calendaras notified to the exchange

Next results: 6 Nov 2026Financial Results To consider and approve the Unaudited Standalone and Consolidated financial results of the Company for the quarter ending September 30, 2026
Dividends in 365 days: ₹10.00a share · ex-dates inside the year
Last dividend: ₹5.00ex-date 10 Jul 2026

Price history

272 sessions on record · to 1 Oct · NSE end of day

HINDALCO is −6.7% over 20 sessions against Nifty's −6.2%, 20% below its 52-week high, realised volatility 24% annualised.

Returns against Nifty 50longest window first · Nifty 50 over the same sessions

Returns of the stock and Nifty 50 over six windows, longest first
Window	From ₹	HINDALCO %	Nifty 50 %	Difference pp
250 sessionssince 26 Sept	₹743.84	▲ +27%	▼ −9.1%	+36
120 sessionssince 9 Apr	₹985.61	▼ −4.4%	▼ −5.7%	+1.3
60 sessionssince 8 Jul	₹971.68	▼ −3.1%	▼ −6.1%	+3.0
20 sessionssince 2 Sept	₹1,009.70	▼ −6.7%	▼ −6.2%	−0.48
5 sessionssince 24 Sept	₹982.01	▼ −4.1%	▼ −2.8%	−1.3
1 sessionsince 30 Sept	₹941.76	+0.01%	▼ −0.88%	+0.89

Averages of the closeclose against each average

5-session average: ₹954.35close −1.3% from it
20-session average: ₹983.43close −4.2% from it
50-session average: ₹1,004.25close −6.2% from it
200-session average: ₹978.36close −3.7% from it

Range and volumetrue range over 14 sessions · high to low over 20 · volume against the 20-session average

Average true range, 14: ₹222.4% of the close
Average day's range, 20: ₹181.9% of the close
Volume against 20 sessions: 1.67×59 L vs 37 L average

Volatility and co-movement with Nifty 50annualised from daily log returns · counts share one denominator per cell

Realised volatility, 20: 24%≈ ±1.5% a session · moved more than that on 6 of 20
Realised volatility, 60: 24%≈ ±1.5% a session · moved more than that on 20 of 60
Realised volatility, 250: 29%≈ ±1.8% a session · moved more than that on 74 of 250
Beta to Nifty, 60: 0.77moved with Nifty on 34 of 60 sessions
Beta to Nifty, 250: 0.83moved with Nifty on 144 of 250 sessions

Up and down sessionscloses above and below the previous close

Last 20 sessions: 9 up · 11 downof 20
Last 60 sessions: 29 up · 31 downof 60
Last 250 sessions: 141 up · 109 downof 250
Best session, 250: ▲ +4.2%27 May
Worst session, 250: ▼ −6.2%13 Mar

22 bulletins on HINDALCO

latest 24 Sept 2026

Beats in the coverage

Often mentioned with

September 2026

24 Sept Sensex rises 200 points on easing crude oil pricesIndian equity benchmarks opened higher with the BSE Sensex up 200 points to 74,729.92, supported by easing crude oil prices. Key gainers included Bajaj Finance and Hindalco, reflecting positive market sentiment.Medium

August 2026

17 Aug Nifty PAT growth reaches 10-quarter high at 18% in Q1FY27Nifty-50 companies achieved 18% YoY PAT growth in Q1FY27, the highest in 10 quarters, surpassing estimates of 10%. Key sectors like financials and metals contributed significantly to this performance, indicating strong market momentum.High

July 2026

14 Jul Hindalco and Adani expand aluminium capacity amid price dropHindalco Industries announced a ₹20,000 cr investment to triple alumina refinery capacity to 3 million tons. Adani Enterprises is launching a project to produce 2 million tons of aluminium with an investment of ₹1.08 lakh cr, amid concerns of market volatility.High 12 Jul Aditya Birla proposes ₹12,000 crore alumina investment in OdishaKumar Mangalam Birla proposed a ₹12,000 crore investment to expand the alumina refinery project in Odisha during a meeting with CM Mohan Charan Majhi. This expansion aims to increase capacity and enhance the Group's operational presence in the state.Medium 12 Jul Aditya Birla proposes ₹12,000 crore alumina investment in OdishaKumar Mangalam Birla proposed a ₹12,000 crore investment in alumina projects during a meeting with Odisha CM Mohan Charan Majhi. The investment aims to expand the greenfield alumina refinery project in Rayagada, increasing its capacity significantly.High

May 2026

26 May Hindalco and Eicher Motors in focus amid Q4 updatesHindalco and Eicher Motors are in focus as Q4 earnings approach, with investors keen on Hindalco's results for insights on aluminium prices and Novelis performance. Oil marketing companies are also expected to be affected by market dynamics.Medium 23 May Hindalco Q4 net profit drops 51% to ₹2,597 croreHindalco reported a 51% drop in Q4 net profit to ₹2,597 crore, impacted by rising expenses from a fire incident. Revenue rose 20.4% to ₹78,133 crore, reflecting strong base metal prices. The company declared a final dividend of ₹5 per share.Medium 13 May Hindalco share price rises 3% on Q4 results announcementHindalco Industries share price jumped 3.43% to ₹1,077.90 after announcing its Q4 results date for 2026 on 22 May. The stock opened at ₹1,048, reflecting positive market sentiment ahead of the earnings release.Medium

April 2026

30 Apr Sensex and Nifty rise amid oil price concernsIndian equity benchmarks rose with BSE Sensex up 0.52% to 77,289.55 and Nifty 50 up 0.53% to 24,123.55. Gains were led by sectors like automobile and IT, despite concerns over rising oil prices and tensions in the Gulf region.Medium

March 2026

24 Mar Sensex, Nifty decline over 2% amid West Asia tensionsSensex fell 1,555.62 points to 72,977.34 and Nifty declined 479.95 points to 22,634.55 as tensions in West Asia escalated. Rising crude oil prices contributed to the negative sentiment across all sectors, particularly metal and banking.High 15 Mar Hindalco halts extruded aluminium production amid gas shortagesHindalco Industries has halted production of extruded aluminium due to a gas shortage caused by the US-Israeli conflict in Iran. The company declared force majeure on 11 Mar, impacting supply for critical sectors like construction and electric vehicles.High 14 Mar Metal stocks decline over 4% amid Hormuz crisisThe Nifty Metals Index declined over 4% to 11,353.05, with NALCO down nearly 7% and Hindalco falling 5%. The sell-off is driven by rising crude prices and concerns over the Strait of Hormuz amid escalating tensions in West Asia.High 13 Mar Iran conflict triggers energy shock, impacts Indian stocksThe US-Iran conflict has pushed Brent crude prices above $100, disrupting LNG flows. Elara Securities identifies Reliance Industries and Hindalco as potential winners, while BPCL and IndiGo are seen as losers amid ongoing energy shocks.High 13 Mar Metal stocks drop over 4% amid Hormuz crisisThe Nifty Metals Index dropped over 4% to 11,353.05, with NALCO and Hindalco declining nearly 7% and 5%, respectively. The sell-off is driven by rising crude oil prices amid concerns over the Hormuz crisis.High

February 2026

21 Feb Markets recover as rupee hits February lowEquities rebounded on Friday with the Sensex up 316.57 points to 82,814.71 and the Nifty 50 rising 116.90 points to 25,571.25. However, the rupee fell to its lowest level since February, indicating cautious market sentiment.Medium 18 Feb Hindalco reports record Q3 earnings despite Novelis challengesHindalco Industries achieved record Q3FY26 earnings with consolidated EBITDA up 6% YoY to ₹8,762 crores, despite a 45% drop in profit after tax to ₹2,049 crores due to Novelis plant issues. The results reflect strong operational execution in India.Medium 13 Feb Hindalco Q3 profit declines 45% to ₹2,049 croreHindalco Industries reported a 45% decline in Q3 FY26 net profit to ₹2,049 crore, down from ₹3,735 crore YoY. Revenue increased 14% to ₹66,521 crore, despite challenges at its Oswego aluminium plant.Medium 12 Feb Hindalco reports $1.3-1.6 billion impact from Novelis fireHindalco Industries reported financial impacts of $1.3-1.6 billion from fire incidents at its Novelis Oswego plant. The fires occurred on September 16 and November 21, 2025, but all employees were safely evacuated with no injuries reported.High 12 Feb Hindalco reports $1.3-1.6 billion impact from plant firesHindalco Industries reported a financial impact of $1.3-1.6 billion due to fire incidents at its Novelis Oswego plant. The first fire occurred on 16 September 2025, followed by a second on 21 November 2025, with no injuries reported.High 4 Feb India-US trade deal maintains tariffs on metalsIndia's steel, aluminium, and copper sectors will face continued 50% US tariffs under Sec 232, despite a reduction in reciprocal tariffs to 18%. This impacts Indian exports valued at $5 billion in FY25, disadvantaging them against UK imports.Medium

December 2025

13 Dec Hindalco stock outlook amid aluminium rally and auditor changeHindalco Industries closed at ₹852.10 on 12 Dec 2025, up 3.37% with increased trading volumes. Key drivers include a new Novelis SEC filing regarding auditor rotation, stable aluminium prices, and revised analyst targets indicating diverging market sentiments.Medium

November 2025

26 Nov Nifty falls below 25,900 amid final hour sellingMedium

About Hindalco Industries Limited

exchange masters as of 18 Sept 2026 · classification by BSE

Company: Hindalco Industries Limited
Exchange: NSE · BSE 500440, group A
Listed on NSE: 8 Jan 1997
Classification: Commodities › Metals & Mining › Non - Ferrous Metals › Aluminium
Index: BSE 100
Face value: ₹1 a share
ISIN: INE038A01020
Sessions on record: 272
Price source: NSE UDiFF bhavcopy · end of day · delayed
Filings: NSE and BSE public disclosures · results, shareholding and corporate actions as filed
Computed: 1 Oct, 07:53 pm IST
Bulletins: 22 · written by the desk · not a recommendation

OI Charts is not a SEBI-registered investment adviser or research analyst. Prices, open interest, filings and the desk read are exchange data and arithmetic on it, not a basis for any investment decision.