ET
Energy Transfer LP Common Units
stockNYSE

Hey, r/fidelityinvestments​ With the Anthropic IPO approaching, we wanted to answer frequently asked questions about the process. This post covers the Fidelity IPO process from beginning to end and will be updated as needed. Please keep all discussion in this thread, and leave a comment if you have any questions.​ *Sections include: How to participate, the confirmation period, share allocation, trading on the secondary market, and other FAQs.​* # How can I participate?​​ **Am I eligible?​** You’ll need a retail brokerage account (e.g., nonretirement account, Roth IRA, traditional IRA, rollover IRA). [We recently reduced the requirements to participate to $25,000 in retail assets](https://go.fidelity.com/cf6a1e). You can see specific IPO eligibility requirements [here](https://www.fidelity.com/learning-center/trading-investing/IPO?ccmedia=reddit&ccchannel=social_organic&cccampaign=brokerage&ccdate=20261110&cccreative=Ipo_anthro&ccformat=text).​ 1. Find the IPO on the [offering calendar](https://digital.fidelity.com/prgw/digital/offerings/ipocalendar?ccmedia=reddit&ccchannel=social_organic&cccampaign=brokerage&ccdate=20261110&cccreative=ipo_cal_anthro&ccformat=text).​​ 2. Download and review its prospectus. Then select “Participate.​”​ 3. Choose the account you’d like to enter as your indication of interest.​​ 4. Answer the FINRA Rule 5130/5131 qualification questions.​​ 5. Enter a quantity of shares. You may increase or decrease your quantity up until the offering period has closed.​​ # The confirmation period (Don’t skip this important step!)​ You MUST re-confirm your interest once the IPO has been priced.​ If you’ve indicated that you want to participate in an IPO from our [offering calendar](https://digital.fidelity.com/prgw/digital/offerings/ipocalendar?ccmedia=reddit&ccchannel=social_organic&cccampaign=brokerage&ccdate=20261110&cccreative=ipo_cal_anthro&ccformat=text), you’ll receive an alert/email from Fidelity the night it’s officially been priced (usually around 7:00 p.m. ET). ​ After that, you’ll need to confirm the number of shares you entered or reduce it. You can do that by going to the offering calendar and selecting the “Open indications of interest” tab. There you’ll be able to update, delete, or confirm your desired shares.​ **You must confirm your participation by midnight ET. If you don’t, you won’t be eligible to receive shares,** but you can still trade on the secondary market once it starts trading. ​ Shares are allocated the following day.​ # When are shares allocated to my account?​ The process is usually completed before 9:30 a.m. ET on the day after pricing. An alert will be sent out afterward, and you can check your account to determine whether you were allocated any shares. Your account will be debited for the purchase.​ Note that shares aren’t guaranteed; it’s possible you might receive less than you requested or none at all. We’ll try to allocate them to everyone who confirms their indication of interest, but demand could be higher than the number of shares we receive in the offering. Fidelity’s allocation methodology evaluates customers based on their relationship with Fidelity as defined by their Social Security number (SSN) or taxpayer identification number (TIN). Each customer who participates in an IPO offering is evaluated and ranked based on the assets and revenue they have in accounts under their SSN.​ **Please Note:** If you are entering indications of interest in multiple accounts, Fidelity will look at the account with the smallest IOI quantity first. If all IOI quantities are the same, Fidelity will begin with the account whose IOI was entered first.​ # When do shares begin trading?​ Typically, the day following pricing is the first day the new security will trade on the secondary market (e.g., Nasdaq). Please be aware that IPOs begin trading after market open.​ # How do I trade an IPO the first day it’s public?​ During a company’s first day on the stock market, you might want to trade it, but there are a few things to consider first.​ You won’t necessarily buy the security at the IPO price; the security can open higher or lower when it begins trading. ​ **Only buy limit orders can be entered before trading begins.** Generally, you can start entering them as early as 7:00 a.m. ET on the day a security is launched. ​ Note: A limit price can be entered up to 390% above or 50% below the final public offer price. Please keep in mind that a limit order will require 100% of the cash or non-margin buying power required for the purchase to be fully available in your account.​ Even though the market opens at 9:30 a.m. ET, a security whose IPO priced the night before will not trade until later in the day. It’s important to monitor the markets to know when the security begins trading. ​ Once the security does start trading, you may enter any order type, including market and limit orders. Be aware that some securities may experience volatility during the first day of trading.​ # Other FAQs​ **Do I need cash before allocation?​** No, you do not need to pay for shares prior to being allocated shares. However, shares must be paid for by the time the trade is settled, which is generally the day after the trade date. Shares not paid in full may be removed from your account.​ **What is Fidelity’s flipping policy?​** Flipping is the practice of selling shares allocated in an IPO within a specified time frame. Fidelity tracks each offering for flipping activity for a minimum of 15 calendar days. Clients are free to sell shares acquired in an IPO at any time. However, you may be prevented from participating in future IPOs if you violate this policy.​ **Are IPOs marginable?​** IPOs are not margin eligible during the public offering period. Clients must use cash or cash available to borrow to pay for 100% of the purchase price. New issue equity offerings are not margin eligible for at least 30 calendar days.​ ^(A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This communication shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.​) ^(No offer to buy the securities can be accepted and no part of the purchase price can be received until the registration statement has become effective, and any such offer may be withdrawn or revoked, without obligation or commitment of any kind, at any time prior to notice of its acceptance given after the effective date. An indication of interest in response to this communication will involve no obligation or commitment of any kind.​)

Wow so spy pumps after robinhood sells of my contracts at 3:45 ET fml. Today is such a shitty day man. It’s been a shitty week so far lmao

Hello there. I can point you in the right direction. If you haven't already, please reach out to our Workplace Planning and Advice (WPA) team. Associates are available Monday through Friday from 8:30 a.m. to 8:00 p.m. ET to review your account and provide any updates we may have. Just say "WPA" when prompted by the automated assistant to be connected. [Contact Us ](https://www.fidelity.com/customer-service/contact-us) Please let us know if there is anything else we can help you with.

I confirmed with my broker that 9:30-4 ET will still be regular hours and everything else will be considered extended hours and stop limit orders can only be used during regular hours. So the people downvoting my comment are the ones who are wrong.

**BanBet Created** ▲ | Ticker | Target | Entry | Move | Expires | |:---:|:---:|:---:|:---:|:---:| | **CRWV** | $52.39 (above) | $47.63 | +10.0% | Thu 1:47 PM ET |

Thank you for reaching out to us on the subreddit. To determine whether there is a workaround for the troubleshooting steps provided, I recommend contacting our Technical Support team, who will assist you in resolving the issue. Our associates are available from Monday to Friday, between 8:30 a.m. and 9:00 p.m. ET. When prompted by the automated system, please say "technical support" to be directed to the appropriate group. [Contact us](https://www.fidelity.com/customer-service/contact-us ) Please let us know if you have other questions or concerns.

| Ticker | Target | Entry | Current | Move | Expires | |:---:|:---:|:---:|:---:|:---:|:---:| | **BABA** ▼ | $100.00 (below) | $109.35 | $103.01 | -8.6% | Mon, Nov 30, 3:15 AM ET |

ETH slid under $2,100 today and was around $2,015 by 11:41am ET, down about 5% in 24 hours. What happened \- US spot ETH ETFs lost a net $184.51M on Monday (SoSoValue). BlackRock's ETHA was most of it at -$119.28M. Morgan Stanley's fund was one of the few green ones (+$1.60M). \- That's after about $365M left the week before. \- October CPI came in hot: +0.4% for the month vs 0.3% expected, core +0.3% vs 0.2%. Around $178M to $200M in crypto longs got liquidated in the hour after. \- BitMine still bought 9,587 ETH last week. It now holds 6,070,092 ETH, about 4.97% of the supply, and has 5,227,037 of it staked. Why BitMine didn't stop the drop 9,587 ETH is roughly $20M at today's price. Monday's ETF outflow alone was over 9x that. One buyer can't soak up that much selling. ETH is now about 59% below its \~$4,950 high from August 2025. $2,000 is the next round number people are watching. Not financial advice. Do you think the ETF outflows or the CPI number matter more here?

I understand your frustration and appreciate you letting us know what you are experiencing. It is also helpful to know which troubleshooting steps you have already taken; thanks for including those details. Could you also try uninstalling and reinstalling the app on your device to see if that helps with your alerts? I will get your feedback to the right teams for further review. If the troubleshooting I included doesn’t help, I recommend reaching out to our tech support for further assistance. Use the following link, and if prompted when you call, please say “Tech support” to be transferred to the right team. They are available Monday–Friday, 8:30 a.m. – 9:00 p.m. ET. [Contact us]( https://www.fidelity.com/customer-service/contact-us) I hope to see you around the sub again soon.

38% profit and only used less than $900. I was expecting to have a crappy phone call at 10.00 ET and I was a bit bored with life in general 🤷🏻‍♂️ I broke some of my rules and entered early. I know it will drop but should have waited instead of having to sit in the trade for 51 min and being in the phone call. You can see in the TastyTrade screenshot. I am at a point where most of time when I do trade, I can be distracted by other things and not feel too much pressure. Why? Because I am intelligent 😅 and also I know it is profit I am day trading with, follwing my plan/strategy with the numbers. I follow my plan, follow yours and do take a small profit, consistent, get used to the Christmas spirit. Let got of greed, boredom and hurryness. If you are a beginner, market will still be here tomorrow, no need to throw all your money. If you lost some money this month, you can see my previous post and get inspired by my pitiful small profits 😬 and know that if you keep consistency, it may be in your favour. Don't put more money, practice and wait for next month. Give yourself time. Total $1,455 |Day|Little Profit $| |:-|:-| |12|334| |11|122| |10|110| |9|200| |8|100| |7|125| |6|120| |5|70| |4|82| |3|52| |2|60| |1|80| I can trade SPY, QQQ but I am not doing it as IWM fit my current Christmas trading strategy/plan, the premiums are more expensive these days. If you are unsure, sit on your hands. I need money for Christmas gifts. No one is going to give me for free, I am not so beautiful. I started with a $250 account, aiming to reach $5k profit in 50 day/trades. You saw on many of my previous post I was growing another small account. Hope you get inspired. Life is short. I will try post the trades. Simple options strategy, no wheel, iron condors etc. Using simple EMAs, VWAP etc to see the trends, levels calculations. Trade: 12 contracts = $878 total profit. Total options cost = $334 38 % profit Time in Trade : 51min. Not a morning glory at all 😰 $10 per contract per day, it makes a huge difference with time. Don't be greedy every time. My trading plan and strategy is trading one trade a day, 2-5 times a week depending on availability. If you are learning by yourself, give it 2-3 months to see how you are progressing. If you believe I am lucky every day with the trades and posts 🤷🏻‍♂️ so be it. I believe I have no choice, I put in the effort and keep doing, any loss is my loss as it is me executing my own trades and money. I only day trade options on ETFs like SPY, QQQ, IWM etc. Timestamp on the broker is UK time. So, entry time of 2.54 is 9.54 ET. I trade on my phone, screenshot is from TastyTrade. EMA 200 and VWAP on the screenshot for TradingView

| Ticker | Target | Entry | Current | Move | Expires | |:---:|:---:|:---:|:---:|:---:|:---:| | **SPY** ▼ | $740.00 (below) | $747.76 | $748.49 | -1.0% | Fri 9:12 AM ET | | **Record** | 1W - 0L | 100% | - | - | - |

**MRF** Just Declared Its Famous ₹3 Interim Dividend on a ₹1.25 Lakh Stock. I Did a 17-Year Fundamental X-Ray of Its Balance Sheet, Cash Flows, and Annual Reports to Trace Where the Crores Actually Go. MRF’s viral ₹3 dividend is a ritualistic token interim payout (30% of its ₹10 face value) declared every November and February since 2002 ahead of a much larger May final dividend (₹229/share in FY25 and FY26, totaling ₹235/share or 2,350% of face value), yet even that translates to a tiny \~0.19% yield and a 4% payout ratio ([Screener.in](https://www.screener.in/company/MRF/consolidated/)). Rather than distributing cash or splitting its 42.41 lakh shares, management retains 90%–98% of annual profits—compounding Consolidated Reserves 12.4x from ₹1,686 Crore in FY10 to ₹20,970 Crore in FY26 and plowing ₹24,994 Crore of operating cash flows since FY14 into a ₹25,270 Crore gross manufacturing block (plus a new ₹5,300 Crore Tamil Nadu plant) while keeping standalone Debt-to-Equity at 0.02% # From "Kya Kijiyega Itni Dhanrashi Ka?" to the Balance Sheet Earlier today (November 10, 2026), MRF Limited announced its Q2 FY27 results and declared an interim dividend of **₹3.00 per equity share** (Record Date: November 17, 2026) on a stock trading around **₹1,25,105**. Naturally, I posted the obligatory [r/IndianStocks meme](https://www.reddit.com/r/IndianStocks/comments/1xsiwii/mrf_dividend_declared_rs_3/) (and [r/IndianStreetBets thread](https://www.reddit.com/r/IndianStreetBets/comments/1xsjh54/mrf_dividend_declared_rs_3/)) asking Amitabh Bachchan's timeless KBC question—*"Kya kijiyega itni dhanrashi ka?"*—and whether I should hire a private wealth manager or diversify my ₹3 windfall into packets of *Pass Pass*. Jokes aside, every November and February, retail investors look at MRF's ₹3 dividend headline and assume one of two things: either management is trolling retail shareholders, or MRF only pays ₹3 for the entire year. Both assumptions miss the real corporate finance story. Here is the complete **Fundamental X-Ray** of MRF’s dividend mechanics, management’s official capital-allocation policy, the 17-year payout history, and the ₹28,895 Crore cash-flow trail. https://preview.redd.it/i15k837y1t0i1.png?width=3200&format=png&auto=webp&s=60e14f8410386569392b5cf0db0000c56a987036 # 1. Deep Dive: Why Does a ₹1.25 Lakh Stock Pay a ₹3 Dividend? (And Why You Will Never Find an MRF Concall) To understand why MRF declares ₹3 every November and February, you have to separate **three distinct layers** of financial mechanics: # Layer A: The "Two ₹3 Interims + One Big Final Dividend" Structure (Dating Back to 2002!) Contrary to social media memes, MRF does **not** pay just ₹3 per year. Going all the way back to **FY2002-03** (over 24 years ago, even before 2010!), MRF’s Board has followed an ironclad ritual of declaring **two token interim dividends of ₹3.00 per share each** during the year, followed by a much larger **Final Dividend** alongside its full-year audited results ([Trendlyne](https://trendlyne.com/equity/Dividend/MRF/883/mrf-ltd-dividend/)): * **First Interim Dividend (Q2 Results — November):** **₹3.00 per share** (30% of ₹10 Face Value). * **Second Interim Dividend (Q3 Results — February):** **₹3.00 per share** (30% of ₹10 Face Value). * **Final Dividend (Q4 / Audited Full-Year Results — May, paid in Jul/Aug after AGM):** Scaled up over the last decade from **₹19/share** (FY10–FY12) to **₹54/share** (FY17–FY19), **₹94/share** (FY20), **₹144/share** (FY21–FY22), **₹169/share** (FY23), **₹194/share** (FY24), and **₹229/share** in both **FY25** and **FY26**. * **Total Annual Dividend (FY25 & FY26):** 3+3+229=235 per share. # Layer B: The Face Value Optical Illusion (₹10 Face Value & Zero Splits/Bonuses Since 1975) Under the Companies Act, 2013, Indian companies declare dividends as a percentage of **Face Value (Par Value)**, not market price. * MRF’s Face Value is **₹10.00 per share** * Unlike peers that regularly split their shares or issue bonuses to keep their share price in the ₹500–₹3,500 range, **MRF has never split its stock in its history** and has **not issued a bonus share since 1975** (1:2 bonus in 1975; 3:10 bonus in 1970) * Because of zero dilution for over half a century, MRF’s total paid-up equity share capital is frozen at just **₹4.24 Crore** (**42,41,143 shares** across 66,347 shareholders) ([MRF 65th Annual Report 2025-26, p. 53](https://www.mrftyres.com/downloads/Annual%20Report%20-%20Final%2013.7.2026.pdf), [Screener.in](https://www.screener.in/company/MRF/consolidated/)). * Therefore, on paper, MRF’s ₹3 interim dividend is a **30% dividend on Face Value**, and its ₹235 full-year dividend is a massive **2,350% dividend on Face Value**! However, because the denominator in the market is a **₹1,25,105 share price**, ₹235/share works out to a tiny **0.19% Dividend Yield**, and the ₹3 interim works out to **0.0024%**. # Layer C: The "Con call" Reality Check & Verbatim Management Commentary If anyone claims to quote an "MRF quarterly earnings concall transcript," they haven't read MRF's filings. **MRF is famously one of the only large-cap companies in India that conducts ZERO quarterly earnings conference calls and makes ZERO institutional analyst presentations.** Look at the verbatim disclosure under **Section 11 (*****Means of Communication*****, Page 52)** of the Corporate Governance Report in MRF's [65th Annual Report 2025-26](https://www.mrftyres.com/downloads/Annual%20Report%20-%20Final%2013.7.2026.pdf) (signed by Chairman & Managing Director K.M. Mammen on May 7, 2026): >"Quarterly/half yearly results are disclosed to Stock Exchanges and also published in daily newspapers viz., Business Standard (all over India) and Makkal Kural (Vernacular). As per the requirements of Regulation 46 of the Listing Regulations, the quarterly/half yearly results and the press release issued quarterly/annually are displayed on the Company's website [www.mrftyres.com](http://www.mrftyres.com). The Company provides information to the Stock Exchanges as per the requirements of the Listing Regulations. **No presentations were made to institutional investors / analysts.**" Instead of quarterly analyst calls, MRF’s management states its capital-allocation philosophy directly in two statutory documents: 1. **Board’s Report in the** [**65th Annual Report 2025-26 (Page 16, dated May 7, 2026)**](https://www.mrftyres.com/downloads/Annual%20Report%20-%20Final%2013.7.2026.pdf) — explicitly showing how almost the entire post-tax profit is swept into General Reserves after paying the ₹235/share dividend: 2. **MRF’s Official** [**Dividend Distribution Policy (Pages 2–3)**](https://www.mrftyres.com/downloads/Dividend-Distribution-Policy.pdf) (formulated under Regulation 43A of the SEBI LODR Regulations, approved February 3, 2017 and amended June 7, 2021): # 17-Year Dividend, Share Price, Payout Ratio & Yield Tracker (FY2010–FY2027 Q2) *Note on Fiscal Calendar:* Up to FY2014, MRF followed an October–September financial year. In 2014–16, it transitioned via an 18-month fiscal period (Oct 2014 – Mar 2016) to the standard April–March financial year, Data below is compiled from [Digrin](https://www.digrin.com/stocks/detail/MRF.NS/), [Trendlyne](https://trendlyne.com/equity/Dividend/MRF/883/mrf-ltd-dividend/),[Screener.in](https://www.screener.in/company/MRF/consolidated/) |Fiscal Period|Interim Dividends (₹/sh)|Final / Special Dividend (₹/sh)|Total Annual DPS (₹)|Dividend % of Face Value (₹10)|Net Profit (PAT ₹ Cr)|Dividend Payout Ratio (%)|Approx. Year-End Share Price (₹)|Annual Dividend Yield (%)| |:-|:-|:-|:-|:-|:-|:-|:-|:-| |**FY2010** (Oct'09–Sep'10)|₹3 + ₹3|₹19 + ₹25 (Spl)\*|**₹50**|500%|₹353.98|6.0%|₹9,241|**0.54%**| |**FY2011** (Oct'10–Sep'11)|₹3 + ₹3|₹19|**₹25**|250%|₹619.42|1.7%|₹6,738|**0.37%**| |**FY2012** (Oct'11–Sep'12)|₹3 + ₹3|₹19|**₹25**|250%|₹572.36|1.9%|₹10,283|**0.24%**| |**FY2013** (Oct'12–Sep'13)|₹3 + ₹3|₹24|**₹30**|300%|₹802.21|1.6%|₹16,646|**0.18%**| |**FY2014** (Oct'13–Sep'14)|₹3 + ₹3|₹44|**₹50**|500%|₹908.00|2.3%|₹32,245|**0.16%**| |**FY2016** (18M ended Mar'16)|₹3 + ₹3 + ₹3|₹94|**₹103**|1,030%|₹2,509.00|1.7%|₹38,103|**0.27%**| |**FY2017** (Apr'16–Mar'17)|₹3 + ₹3|₹54|**₹60**|600%|₹1,486.00|1.7%|₹60,800|**0.10%**| |**FY2018** (Apr'17–Mar'18)|₹3 + ₹3|₹54|**₹60**|600%|₹1,132.00|2.2%|₹72,500|**0.08%**| |**FY2019** (Apr'18–Mar'19)|₹3 + ₹3|₹54|**₹60**|600%|₹1,131.00|2.2%|₹58,000|**0.10%**| |**FY2020** (Apr'19–Mar'20)|₹3 + ₹3|₹94|**₹100**|1,000%|₹1,423.00|3.0%|₹58,520|**0.17%**| |**FY2021** (Apr'20–Mar'21)|₹3 + ₹3|₹94 + ₹50 (Spl)\*|**₹150**|1,500%|₹1,277.00|5.0%|₹82,200|**0.18%**| |**FY2022** (Apr'21–Mar'22)|₹3 + ₹3|₹144|**₹150**|1,500%|₹669.00|9.5%|₹65,616|**0.23%**| |**FY2023** (Apr'22–Mar'23)|₹3 + ₹3|₹169|**₹175**|1,750%|₹769.00|9.7%|₹84,000|**0.21%**| |**FY2024** (Apr'23–Mar'24)|₹3 + ₹3|₹194|**₹200**|2,000%|₹2,081.00|4.1%|₹1,33,200|**0.15%**| |**FY2025** (Apr'24–Mar'25)|₹3 + ₹3|₹229|**₹235**|2,350%|₹1,873.00|5.3%|₹1,12,500|**0.21%**| |**FY2026** (Apr'25–Mar'26)|₹3 + ₹3|₹229|**₹235**|2,350%|₹2,426.00|4.1%|₹1,29,430|**0.18%**| |**FY2027** (Q2 Declared Nov'26)|₹3 (Q2)\*|*TBD in May'27*|**₹3 (YTD)**|30% (Q2)|₹882 (H1)\*|—|₹1,25,105|**0.19% (TTM)**| *\*Notes: In FY2010, MRF paid a ₹19 final dividend plus a ₹25 special dividend (*[*MRF AR 2009-10*](https://www.scribd.com/document/87428706/AnnualReport-09-10-MRF-TYRE)*,* [*Digrin*](https://www.digrin.com/stocks/detail/MRF.NS/)*). In FY2021, MRF paid a ₹94 final dividend plus a ₹50 special Platinum Jubilee dividend totaling ₹150/share. For FY2027, H1 consolidated PAT is ₹495.35 Cr (Q1) + ₹386.99 Cr (Q2) = ₹882.34 Cr (*[*Screener.in*](https://www.screener.in/company/MRF/consolidated/)*).* https://preview.redd.it/k1n210uo4t0i1.png?width=3200&format=png&auto=webp&s=9a43471f622fed322116d1ac18cb1c72cb732782 # 2. Corporate Dividend Policies Explained: Which One Does MRF Actually Follow? In corporate finance, companies choose from six primary dividend frameworks. Here is how each works and where MRF sits: |Dividend Policy Type|Core Mechanism|Does MRF Follow This?| |:-|:-|:-| |**1. Constant Dividend Per Share (Constant DPS)**|Pays a fixed rupee amount per share every year regardless of earnings volatility.|**Partially (For Interims Only):** MRF has kept its two interim dividends fixed at exactly **₹3 + ₹3** every year since 2002 ([Digrin](https://www.digrin.com/stocks/detail/MRF.NS/)).| |**2. Constant Payout Ratio**|Distributes a fixed percentage of Net Profit (e.g., 30% or 50% of PAT) every year, meaning dividends fluctuate with profits.|**No:** MRF’s payout ratio stays ultra-low (2%–5% in normal years, only touching \~10% in FY22–FY23 when PAT dipped while DPS stayed sticky) ([Screener.in](https://www.screener.in/company/MRF/consolidated/)).| |**3. Low Regular Dividend + Extra**|Pays a very small, predictable base dividend every quarter/half-year so shareholders never see a dividend cut, topped up by a larger year-end "extra/final" payout.|**Yes (Surface Structure):** The **₹3 + ₹3 interims** act as the token "low regular" floor, while the **₹229 final dividend** acts as the year-end step-up.| |**4. Residual Dividend Policy**|Treats internal cash flows primarily as a funding source for positive-NPV Capex and working capital; dividends are paid out of whatever "residual" cash is left after Capex.|**Yes (Core Capital Allocation Engine):** MRF retains **90%–98% of PAT** to self-fund ₹2,000–₹3,500 Cr of annual Capex without taking on net debt ([Dividend Distribution Policy](https://www.mrftyres.com/downloads/Dividend-Distribution-Policy.pdf)).| |**5. Zero Dividend Policy**|Retains 100% of earnings for reinvestment (classic Berkshire Hathaway / high-growth tech model).|**No:** MRF avoids a pure zero-dividend policy to maintain an unbroken 25+ year dividend track record for institutional mandates ([Digrin](https://www.digrin.com/stocks/detail/MRF.NS/)).| |**6. Hybrid / Progressive Step-Up Policy**|Combines a residual capex-first policy with a "ratchet" mechanism—stepping up the final dividend to a new plateau (`₹19 → ₹54 → ₹94 → ₹144 → ₹169 → ₹194 → ₹229`) and never cutting it once raised.|**MRF’s Exact Playbook:** Even when Consolidated PAT dropped 48% in FY22 (from ₹1,277 Cr to ₹669 Cr), MRF refused to cut its ₹150/share total dividend ([Screener.in](https://www.screener.in/company/MRF/consolidated/)).| **Verdict on MRF’s Policy:** MRF executes a **Hybrid "Residual + Low Regular & Progressive Step-Up" Dividend Policy**. Operationally, it behaves like a **Residual Dividend** company—retaining 95%+ of its earnings to fund massive factory expansions internally. Cosmetically, it packages its small cash distribution (`₹99.67 Crore` in FY26) into two token **₹3 interims** plus a ratcheting **₹229 final dividend** that has never been reduced in over two decades. # 3. "If They Pay Peanuts as Dividend, Where Do the Crores Flow?" — The Balance Sheet & Cash Flow X-Ray Here is the million-rupee question every investor should ask: **In FY26, MRF earned ₹2,426 Crore in Consolidated Net Profit (₹5,720.43 EPS), yet paid out only ₹99.67 Crore (**`₹235 × 42.41 lakh shares`**) in dividends. Where did the remaining \~₹2,326 Crore (and over ₹28,000+ Crore of cash flow over the last decade) go?** The answer jumps straight out of MRF’s **Balance Sheet** and **Cash Flow Statement** on [Screener.in](https://www.screener.in/company/MRF/consolidated/) and the [65th Annual Report 2025-26](https://www.mrftyres.com/downloads/Annual%20Report%20-%20Final%2013.7.2026.pdf): # Step 1: P&L Retained Earnings Flow Directly Into "Reserves & Surplus" (12.4x Growth Since FY10) Because MRF has not diluted its **₹4.24 Crore Equity Share Capital** since 1975 and retains \~95% of its annual profits, every rupee of un-distributed profit piles into **Reserves & Surplus** * **FY2014 Reserves:** **₹4,535.00 Crore** ([Screener.in Consolidated](https://www.screener.in/company/MRF/consolidated/)) * **FY2018 Reserves:** **₹9,734.00 Crore** ([Screener.in Consolidated](https://www.screener.in/company/MRF/consolidated/)) * **FY2021 Reserves:** **₹13,409.00 Crore** ([Screener.in Consolidated](https://www.screener.in/company/MRF/consolidated/)) * **FY2024 Reserves:** **₹16,699.00 Crore** ([Screener.in Consolidated](https://www.screener.in/company/MRF/consolidated/)) * **FY2025 Reserves:** **₹18,606.00 Crore** ([Screener.in Consolidated](https://www.screener.in/company/MRF/consolidated/)) * **FY2026 Reserves:** **₹20,970.00 Crore Consolidated / ₹20,447.71 Crore Standalone** ([MRF 65th Annual Report 2025-26, pp. 15 & 74](https://www.mrftyres.com/downloads/Annual%20Report%20-%20Final%2013.7.2026.pdf)) In FY26 alone, MRF transferred **₹2,256 Crore** directly from its P&L to General Reserves ([MRF 65th Annual Report 2025-26, p. 16](https://www.mrftyres.com/downloads/Annual%20Report%20-%20Final%2013.7.2026.pdf)). That 12.4x compounding of reserves on a tiny base of 42.41 lakh shares is why MRF’s **Book Value per Share is ₹49,455** ([Screener.in](https://www.screener.in/company/MRF/consolidated/)). # Step 2: Reserves Are NOT Idle Cash — They Built a ₹25,270 Crore Manufacturing Empire A common rookie mistake is thinking "₹20,970 Crore in Reserves" means ₹20,970 Crore sitting in a bank account. Reserves live on the **Liabilities & Equity** side of the Balance Sheet; to see where the money actually went, you look at the **Assets** side and the **Cash Flow Statement** ([Screener.in](https://www.screener.in/company/MRF/consolidated/), [MRF 65th Annual Report 2025-26](https://www.mrftyres.com/downloads/Annual%20Report%20-%20Final%2013.7.2026.pdf)): |Consolidated Balance Sheet & Cash Flow Metric (₹ Crores)|FY2010 (AR)|Sep 2014 (Screener)|Mar 2018 (Screener)|Mar 2021 (Screener)|Mar 2024 (Screener)|Mar 2025 (Screener)|Mar 2026 (Screener / AR)|Multi-Year Change| |:-|:-|:-|:-|:-|:-|:-|:-|:-| |**Equity Share Capital**|4.24|4.24|4.24|4.24|4.24|4.24|**4.24**|**0% Dilution**| |**Reserves & Surplus**|1,686|4,535|9,734|13,409|16,699|18,606|**20,970**|**12.4x (since FY10)**| |**Gross Fixed Assets (Gross Block)**|3,866|6,954|9,050|15,081|22,612|24,093|**25,270**|**6.5x (since FY10)**| |**Net Fixed Assets + CWIP**|—|4,064|7,171|10,443|14,431|14,392|**14,000**|**3.4x (since FY14)**| |**Financial Investments (Treasury)**|—|1,081|4,145|5,874|3,383|4,548|**3,398**|**3.1x (since FY14)**| |**Other Assets (Inventory, Receivables, Cash)**|—|4,688|5,162|6,265|9,036|10,750|**14,555**|**3.1x (since FY14)**| |**Total Assets / Total Liabilities**|—|9,833|16,478|22,582|26,849|29,689|**31,954**|**3.2x (since FY14)**| |**Cash from Operating Activity (CFO)**|—|1,699|2,413|4,325|3,303|1,865|**4,590**|**₹28,895 Cr Cum. (FY14–26)**| |**Cash from Investing Activity (Capex/Inv)**|—|\-1,791|\-2,014|\-5,087|\-2,381|\-2,077|**-3,539**|**-₹24,994 Cr Cum. (FY14–26)**| |**Free Cash Flow (FCF)**|—|454|849|3,473|1,141|569|**3,164**|**₹6,656 Cr Cum. (FY14–26)**| Look at what the **Cash Flow Statement** reveals across the 12 reported periods from **FY2014 to FY2026** ([Screener.in](https://www.screener.in/company/MRF/consolidated/)): 1. **₹28,895 Crore of Operating Cash Flow (CFO):** Between FY14 and FY26, MRF generated **₹28,895 Crore** in cash from operations (peaking at **₹4,590 Crore in FY26** with a 107% CFO/EBITDA conversion rate). 2. **₹24,994 Crore Plowed Back into Capex & Investing (-86.5% of CFO):** Over that exact same period, MRF deployed **₹24,994 Crore** into Investing Activities—expanding its **Gross Fixed Assets from ₹3,865.62 Crore in FY10 to ₹25,270 Crore in FY26** across 10 massive manufacturing complexes in Tamil Nadu (Tiruvottiyur, Arkonam, 2 plants in Perambalur), Kerala (Kottayam), Goa (Ponda), Telangana (Medak, Ankenpally), Puducherry, and Gujarat (Dahej) ([MRF 65th Annual Report 2025-26, pp. 15 & 55](https://www.mrftyres.com/downloads/Annual%20Report%20-%20Final%2013.7.2026.pdf)). 3. **Working Capital & Treasury Buffer for Unhedged Commodity Swings:** Tyre manufacturing requires massive working capital ₹5,337.66 Crore in Standalone Inventories and ₹3,477.27 Crore in Trade Receivables as of March 31, 2026) plus a liquid treasury war chest ₹2,985.74 Crore in Current Investments, ₹361.59 Crore in Non-Current Investments, and ₹2,024.81 Crore in Cash & Bank Balances on the Standalone Balance Sheet) ([MRF 65th Annual Report 2025-26, p. 74](https://www.mrftyres.com/downloads/Annual%20Report%20-%20Final%2013.7.2026.pdf)). Why? Because as disclosed on Page 54 of the [65th Annual Report 2025-26](https://www.mrftyres.com/downloads/Annual%20Report%20-%20Final%2013.7.2026.pdf), MRF had **₹4,710.25 Crore (2,49,350 MT) of Natural Rubber exposure with 0% derivative hedging** (*"The Company's purchasing strategy does not involve hedging activities and speculative buying"*). Its cash buffer absorbs crude and rubber price shocks without relying on expensive short-term bank debt. 4. **Near-Zero Debt Fortress (0.02% Standalone Debt-to-Equity):** By funding ₹25,270 Crore of gross fixed assets through internal accruals instead of debt, MRF reduced its Standalone Debt-to-Equity ratio by **53% in FY26—from 0.04% down to 0.02%** (redeeming ₹150 Crore of NCDs and cutting standalone borrowings from ₹1,586.54 Crore to ₹850.11 Crore), maintaining its **CARE AAA; Stable / CARE A1+** rating ([MRF 65th Annual Report 2025-26, pp. 40, 57 & 74](https://www.mrftyres.com/downloads/Annual%20Report%20-%20Final%2013.7.2026.pdf)). # 4. Future Outlook: Will MRF Continue Paying "Peanuts" in Yield? (4 Reasons Why Yes) Will MRF ever switch to a 30%–40% dividend payout ratio or split its stock? Almost certainly **no**—while the nominal **Final Dividend** will continue stepping up gradually (e.g., from ₹229 toward ₹250–₹300+ as earnings grow), the **₹3 + ₹3 interim ritual** and **single-digit payout ratio (4%–6%)** will continue for four structural reasons: 1. **The Next Mega-Capex Wave Is Already Signed (₹5,300 Crore SIPCOT Sivaganga Greenfield Plant):** On **March 4, 2026**, MRF signed a non-binding Memorandum of Understanding (MoU) with the Government of Tamil Nadu’s nodal agency *Guidance* to build a brand-new greenfield manufacturing facility for automotive tyres and allied products at **SIPCOT Industrial Park in Sivaganga district, Tamil Nadu**, committing an estimated **₹5,300 Crore over 12 years** ([ET Auto](https://auto.economictimes.indiatimes.com/news/tyres/mrf-inks-mou-with-tamil-nadu-for-5300-crore-tyre-manufacturing-plant/129018863), [Business Standard](https://www.business-standard.com/companies/news/mrf-invests-5300-crore-in-tamil-nadu-sivaganga-tyre-unit-126030400765_1.html)). In addition, MRF’s **R&D Capital Expenditure jumped 12.2x in FY26**—from ₹20.79 Crore in FY25 to **₹254.77 Crore in FY26** (plus ₹228.50 Crore recurring R&D = **₹483.27 Crore total R&D spend**)—to develop EV acoustic-foam tyres, low-rolling-resistance radials for AIS 142 Phase-2 norms, and W-rated superbike radials ([MRF 65th Annual Report 2025-26, pp. 22–23 & 38](https://www.mrftyres.com/downloads/Annual%20Report%20-%20Final%2013.7.2026.pdf)). MRF will fund this ₹5,300 Crore pipeline through internal accruals, not debt or equity dilution. 2. **Margin Volatility & Geopolitical Headwinds (Already Visible in Q2 FY27):** In the **Management Discussion & Analysis** and **Chairman’s Message** of the [65th Annual Report 2025-26 (Pages 3, 38 & 39)](https://www.mrftyres.com/downloads/Annual%20Report%20-%20Final%2013.7.2026.pdf), CMD K.M. Mammen explicitly warned why cash conservation remains critical: 3. **Massive Tax Efficiency (12.5% LTCG vs. Up to 35.88% Slab Tax on Dividends):** Since the abolition of Dividend Distribution Tax (DDT) in 2020, cash dividends are taxed in the hands of shareholders at their marginal income-tax slab rate—up to **35.88%** for top-bracket promoters and HNIs (the Mammen promoter family holds **27.61%** of MRF as of September 2026 per [Screener.in](https://www.screener.in/company/MRF/consolidated/)). Leaving ₹2,256 Crore inside the company to compound Book Value faces **0% personal tax today** and only **12.5% Long-Term Capital Gains (LTCG)** tax when shares are eventually sold. 4. **The "Berkshire Hathaway of Chennai" Shareholder Filter:** By refusing to split its stock, refusing to issue bonuses since 1975, and keeping dividend yield at 0.19%, MRF filters out short-term dividend-strippers and speculative retail churn—keeping its total shareholder base remarkably small (**66,347 shareholders** as of Sep 2026, with **67.28% of all shares** held by just **55 entities** owning >10,000 shares each) # Over to You — Let’s Debate: Look at the other side of the coin on [Screener.in](https://www.screener.in/company/MRF/consolidated/): because MRF has accumulated a massive **₹20,970 Crore equity reserve base**, its **Return on Equity (ROE) has averaged 11%–12.5% over the last 3–10 years** (and ROCE is **15.7%**), while promoter executive remuneration rose 46.85% in FY26 to \~₹156.5 Crore across the five promoter Executive Directors **Do you think MRF hoarding ₹20,970 Crore in reserves (while generating a \~12.5% ROE and paying a 4% dividend payout ratio) is a masterclass in debt-free, long-term Capex compounding—or should management finally reward minority shareholders with a higher dividend payout, a tax-efficient share buyback, or a 10:1 stock split?**

**BanBet Created** ▼ | **Record:** 9W - 7L | Ticker | Target | Entry | Move | Expires | |:---:|:---:|:---:|:---:|:---:| | **SPY** | $745.00 (below) | $751.55 | -0.9% | Wed 10:09 AM ET |

Day-trade levels for November 10, 2026 BTC and ETH use normal US market hours, 9:30 AM to 4:00 PM ET. SPY closed at 752.65 on 11/9 All listed levels: 747.33, 749.26, 751.77, 752.62, 753.79, 754.89, 756.36 Resistance above: 753.79, 754.89, 756.36 Support below: 752.62, 751.77, 749.26, 747.33 Nearest pivot: 752.62 Above 753.79 → 754.89 next Lose 752.62 → 751.77 next ES closed at 7579.50 on 11/9 All listed levels: 7571.25, 7575.25, 7580, 7582.75, 7585.75, 7588.75, 7590.75, 7598 Resistance above: 7580, 7582.75, 7585.75, 7588.75, 7590.75, 7598 Support below: 7575.25, 7571.25 Nearest pivot: 7580 Above 7580 → 7582.75 next Lose 7575.25 → 7571.25 next NVDA (NVIDIA) Nearest pivot: 177.20 Above 182.31 → 183.61 next Above 183.61 → 184.43 next Above 184.43 → 186.24 next Above 186.24 → 192.36 next Above 192.36 → 192.56 next Above 192.56 → open air Lose 177.20 → 176.78 next Lose 176.78 → 175.80 next Lose 175.80 → open air TSLA (Tesla) Nearest pivot: 379.09 Above 379.32 → 379.46 next Above 379.46 → 379.63 next Above 379.63 → 380.95 next Above 380.95 → 388.22 next Above 388.22 → 388.54 next Above 388.54 → 388.91 next Above 388.91 → open air Lose 379.09 → 378.88 next Lose 378.88 → 378.83 next Lose 378.83 → 378.23 next Lose 378.23 → 377.62 next Lose 377.62 → 377.51 next Lose 377.51 → 377.43 next Lose 377.43 → open air BTC (Bitcoin) Nearest pivot: 74789.25 Above 74789.25 → 74967.25 next Above 74967.25 → 75007 next Above 75007 → 75446.50 next Above 75446.50 → open air Lose 74735.50 → 74685.25 next Lose 74685.25 → 74479.75 next Lose 74479.75 → 72605.75 next Lose 72605.75 → open air ETH (Ethereum) Nearest pivot: 2127.10 Above 2130.85 → 2219.30 next Above 2219.30 → 2224.35 next Above 2224.35 → 2228.30 next Above 2228.30 → 2230.45 next Above 2230.45 → open air Lose 2127.10 → 2123.90 next Lose 2123.90 → 2121.15 next Lose 2121.15 → 2119.15 next Lose 2119.15 → open air GLD (SPDR Gold Shares) Nearest pivot: 379.54 Above 379.54 → 379.73 next Above 379.73 → 379.91 next Above 379.91 → open air Lose 379.39 → 379.14 next Lose 379.14 → 378.97 next Lose 378.97 → 378.18 next Lose 378.18 → 377.59 next Lose 377.59 → 377.09 next Lose 377.09 → 376.92 next Lose 376.92 → open air SLV (iShares Silver Trust) Nearest pivot: 48.26 Above 48.26 → 48.53 next Above 48.53 → open air Lose 47.97 → 47.87 next Lose 47.87 → 47.70 next Lose 47.70 → 47.54 next Lose 47.54 → 47.38 next Lose 47.38 → 47.21 next Lose 47.21 → open air

**BanBet Created** ▼ | **Record:** 1W - 0L | Ticker | Target | Entry | Move | Expires | |:---:|:---:|:---:|:---:|:---:| | **SPY** | $740.00 (below) | $747.76 | -1.0% | Fri 9:12 AM ET |

| Ticker | Target | Entry | Current | Move | Expires | |:---:|:---:|:---:|:---:|:---:|:---:| | **SPY** ▼ | $610.78 (below) | $735.88 | $748.15 | -17.0% | Fri, Nov 27, 4:28 PM ET |

| Ticker | Target | Entry | Current | Move | Expires | |:---:|:---:|:---:|:---:|:---:|:---:| | **QQQ** ▼ | $628.20 (below) | $661.26 | — | -5.0% | Fri 11:37 AM ET | | **Record** | 1W - 1L | 50% | - | - | - |

| Ticker | Target | Entry | Current | Move | Expires | |:---:|:---:|:---:|:---:|:---:|:---:| | **SPY** ▼ | $750.00 (below) | $754.51 | $752.69 | -0.6% | Wed 3:48 PM ET |

1:30pm ET

A simple thought-experiment that you can try, if you haven't already. Study the effects of inverting a strategy with no edge, or negative EV. The rest of my reply is AI-assisted: **The two last-hour strategies, and their "inverse"** What "MOC" means. A market-on-close order is an order to buy or sell at exactly the day's official closing price, at 4:00 PM ET. Big funds use these orders heavily because they must trade at the close: index funds, and leveraged funds like TQQQ that rebalance every day. From about 3:50 PM the exchanges publish whether more of those orders are buying or selling. That figure is called the "imbalance." What we tested. We used the S&P 500 on 523 trading days, from October 2024 to November 6, 2026. You can't trade the index itself, so you'd use SPY or S&P futures. All dollar figures below assume $10,000 traded per day, after costs. **Strategy 1: "The last 10 minutes follow the day" (the MOC idea)** The theory: on an up day, those rebalancing funds have to buy more at the close, which pushes the price up a bit further. On a down day, they push it further down. The rule: at 3:50 PM, if the market is up since yesterday's close, buy. If it's down, sell short. Get out at the close with an MOC order. One limit: the exchanges sell the real imbalance numbers, and we didn't have them. So we used the day's move so far as a stand-in. Result: it lost. It won on 42% of days and averaged −$2.27 a day, about −$1,190 over the two years. **Strategy 2: "The last half hour follows the first half hour"** Where it comes from: a 2018 research paper found this pattern in 1993–2013. The rule: at 10:00 AM, note whether the market is up or down since yesterday's close. At 3:30 PM, bet in that same direction until the close. Result: it lost. It won on 46% of days and averaged −$1.24 a day, about −$650 over two years. **The "inverse": do the opposite** Since Strategy 1 lost, the natural question is whether betting against the day's move in the last 10 minutes would have made money. **In hindsight it did, a little**: it won on 55% of days and averaged +$1.27 a day, about +$660 over two years. A typical day moved about ±$17. The best day was +$145 and the worst was −$83. **Reversing Strategy 2 made almost nothing: +$0.24 a day, and it won on 50.5% of days, a coin flip.** Why the inverse isn't "proof": It was picked after seeing the answer. Any rule that lost will look like a winner if you reverse it on the same days. It's like watching coin flips land tails 55% of the time, then "betting tails" on those same flips. It isn't strong enough to rule out luck. The average gain is small next to the daily ups and downs. Luck alone gives a result this good roughly 1 time in 12, and the bar we set in advance was stricter than that. The margin is thin. The test assumed about $0.50 of costs per $10,000. At $1, the average falls to $0.77 a day. **Why the results can be trusted** The rules and pass marks were written and locked before any results were calculated. A second program, written separately from the rules alone, got the same result on every one of the 523 days. **The short version to say out loud** "Big funds have to trade at the 4 PM close, so people think the last minutes of the day follow the day's direction. We tested that, plus a related idea from a 2018 research paper, on two years of S&P 500 data. Both lost money. Doing the opposite made about a dollar a day per $10,000, but we only found that after looking at the results, and it's small enough to be luck. It would have to work on new data before anyone should trust it."

https://preview.redd.it/jlda7klxxp0i1.png?width=1814&format=png&auto=webp&s=bba50a73aff47f1f3ce55dd13c2a5b8e53bee6a1 **📊 Key U.S. Economic Data (ET)** **8:30 AM** | Main: CPI (headline/core m/m) | Forecast: Headline 0.3%; Core 0.2% | Previous: Headline 0.6%; Core 0.3% ⚠️ For informational purposes only. Not financial advice. 📌 #CPI #Inflation

**BanBet Created** ▼ | **Record:** 0W - 1L | Ticker | Target | Entry | Move | Expires | |:---:|:---:|:---:|:---:|:---:| | **QQQ** | $646.29 (below) | $680.31 | -5.0% | Wed 11:05 PM ET |

Generally, index funds as a main holding don't provide much reinvestable income. What's the preferred alternative to bolster portfolio income: REITs, Dividend Kings or energy midstream stocks? I have the mainstay of my portfolio in index funds which have a limited choice given I'm based in Ireland. So i like to keep a small pot for dividend investing to keep things ticking over. I like REITs obviously due to higher yield, kings are reliable but expensive hence the midstream consideration although that's also limited in Ireland with the likes of EPD and ET unavailable.

**BanBet Created** ▲ | Ticker | Target | Entry | Move | Expires | |:---:|:---:|:---:|:---:|:---:| | **ASTS** | $53.51 (above) | $35.67 | +50.0% | Wed, Dec 9, 9:48 PM ET |

**BanBet Created** ▼ | **Record:** 0W - 2L | Ticker | Target | Entry | Move | Expires | |:---:|:---:|:---:|:---:|:---:| | **SPY** | $720.00 (below) | $752.69 | -4.3% | Tue 8:21 PM ET |