Narayana Business School (NBS) Ahmedabad Admission 2027: Fees, Cutoff, Courses, Placements, Ranking, Eligibility & Review
NBS Ahmedabad 2027 PGDM/MBA admission review covering Sanathal campus, AIU & NBA status, fees (₹10.2L), CAT/CMAT/NBSAT cutoffs, ₹8.4L avg package, & ROI.
ClassLab Team · · 16 min read

Narayana Business School (NBS Ahmedabad) is one of Western India’s premier corporate-integrated management institutions, situated along Sarkhej-Bavla Road near Sanathal Circle, Ahmedabad, Gujarat. Established in 2001 under the visionary leadership of Dr. Manan Choksi and Dr. Purvi Choksi with over 25 years of educational distinction, NBS operates as an elite autonomous postgraduate business school approved by the All India Council for Technical Education (AICTE), accredited by the National Board of Accreditation (NBA), granted MBA Equivalence by the Association of Indian Universities (AIU), and affiliated with Gujarat Technological University (GTU) for its university MBA degree.
Delivering an intensive, 2-year full-time Post Graduate Diploma in Management (PGDM Dual Specialization), PGDM in Data Science & Business Analytics, and PGDM in Quantitative Finance curricula, NBS Ahmedabad combines industry-integrated academic modules with immediate proximity to Ahmedabad's industrial and financial hubs—SG Highway, the Sanand automotive corridor, and GIFT City. Backed by an active corporate network of over 670+ recruitment partners, consistent 100% placement support with average starting salary packages of ₹8.40 to ₹9.20 LPA, and top offers reaching up to ₹20.00 LPA, NBS provides high return on investment (ROI) for aspirants appearing in CAT 2026, XAT 2027, CMAT 2027, MAT, ATMA, and NBSAT (NBS Aptitude Test).
Quick College Information
| Metric | Details |
|---|---|
| College Name | Narayana Business School (NBS Ahmedabad) |
| Founding Body / Founder | Founded 2001 by Dr. Manan Choksi & Dr. Purvi Choksi (25+ Years Heritage) |
| Location | Sarkhej-Bavla Road, Nr. Sanathal Circle, Sanathal, Ahmedabad, Gujarat - 382210 |
| Established | 2001 |
| College Type | Private, Autonomous & University-Affiliated Management Institution |
| Accreditation & Approvals | AICTE Approved, NBA Accredited, AIU MBA Equivalence, GTU Affiliated |
| Flagship Courses | PGDM (Dual Specialization) & PGDM (Data Science & Analytics) |
| Entrance Exams Accepted | CAT 2026, XAT 2027, CMAT 2027, MAT, ATMA, GMAT, NMAT, NBSAT |
| Estimated Cutoff (2027 Admission) | CAT/XAT: 60–65 percentile; CMAT/MAT/ATMA: 70–75 percentile; NBSAT: 65+ Score |
| Average Package (Recent Batches) | ₹8.40 LPA – ₹9.20 LPA (Top 25% Average: ₹12.50 LPA) |
| Highest Package | ₹18.00 LPA – ₹20.00 LPA |
| Total Fees | ₹9,85,000 – ₹10,85,000 (Estimated 2-year total for 2027–29 PGDM batch) |
| Official Website | https://nbs.edu.in |
1. College Overview
NBS operates from its expansive 10-acre green campus located near Sanathal Circle in southwest Ahmedabad, situated strategically between SG Highway, the Sanand automotive manufacturing corridor, and the Prahlad Nagar corporate commercial hub. Founded to deliver future-ready, technology-enabled business education that aligns with real corporate workflows, NBS has produced over 9,500+ successful professionals holding executive positions across India and overseas.
Accredited by NBA and granted AIU MBA equivalence, NBS’s 2-year full-time PGDM operates on an autonomous six-trimester curriculum model. The business school offers dual specialization choices across Marketing Management, Financial Management, Human Resource Management, Data Science & Business Analytics, Operations & Supply Chain Management, and Quantitative Finance, supplemented by corporate certifications in Microsoft Power BI, Advanced Excel for Financial Modeling, Python for Analytics, and Digital Marketing platforms.
2. Latest Updates
- 2027 Admissions Application Cycle: Applications for the PGDM and MBA batch 2027–29 open in late 2026 for candidates appearing in CAT 2026, XAT 2027, CMAT 2027, MAT, NMAT, and NBSAT.
- GIFT City & Sanand Corporate Interface: Direct corporate integration with financial firms in Gujarat International Finance Tec-City (GIFT City) and multinational manufacturing conglomerates in Sanand.
- Curriculum Modernization: Embedded practical electives in Generative AI for Business Decision Making, FinTech Strategies, Supply Chain Analytics, and MarTech Automation.
3. Important Dates
The timeline below reflects the expected admission schedule for the 2027–29 PGDM batch.
| Event | Tentative Date / Window | Status |
|---|---|---|
| NBS Online Application Window Opens | October 2026 | Expected |
| CAT 2026 Exam Date | November 29, 2026 | Confirmed Calendar Window |
| NBSAT 2027 Session 1 Window | December 2026 / January 2027 | Scheduled |
| XAT 2027 Exam Date | January 2027 | Tentative |
| MAT / CMAT 2027 Exam Sessions | December 2026 – May 2027 | Tentative |
| GD-PI & Selection Process (Rolling Phases) | January – June 2027 | Scheduled |
| Merit List & Admission Confirmation | March – July 2027 | Tentative |
| Commencement of Orientation & Classes | July / August 2027 | Tentative |
4. Courses Offered
Narayana Business School offers AICTE-approved and NBA-accredited postgraduate management programs structured over six trimesters:
| Course Name | Duration | Approved Intake | Key Highlights |
|---|---|---|---|
| Post Graduate Diploma in Management (PGDM) | 2 Years | 240 Seats | AIU MBA Equivalent; Dual specializations across Marketing, Finance, HR, Operations |
| PGDM in Data Science & Business Analytics | 2 Years | 60 Seats | Advanced predictive modeling, Python, R, Tableau, and big data architecture |
| PGDM in Quantitative Finance | 2 Years | 60 Seats | Algorithmic trading, equity derivatives, portfolio risk analysis, wealth tech |
| Master of Business Administration (MBA - GTU) | 2 Years | 120 Seats | Gujarat Technological University Degree; 4 Semesters; State quota options |
5. Fees Structure
The fee structure covers tuition fees, academic study materials, corporate training modules, laptop, and value-added certifications:
| Fee Component | Amount (INR) | Notes / Details |
|---|---|---|
| Admission / Registration Fee | ₹50,000 | Payable upon seat confirmation |
| Year 1 Academic & Tuition Fee | ₹4,70,000 – ₹5,20,000 | Payable in scheduled term installments |
| Year 2 Academic & Tuition Fee | ₹4,65,000 – ₹5,15,000 | Payable before commencement of Year 2 |
| Total Program Fee (PGDM) | ₹9,85,000 – ₹10,85,000 | Estimated total for 2027–29 batch |
| Total Program Fee (MBA GTU) | ~₹6,50,000 – ₹7,20,000 | Regulated university fee for 2-year MBA program |
| Hostel & Living Expenses (Annual) | ₹1,10,000 – ₹1,45,000 | Dedicated on-campus residential hostels with dining |
6. Eligibility Criteria
- Bachelor's Degree: Minimum 3-year bachelor's degree in any discipline (Arts, Science, Commerce, Engineering, BBA) from a recognized university.
- Minimum Marks: At least 50% aggregate marks (45% for reserved category candidates) in graduation.
- Final Year Candidates: Eligible to apply provisionally, provided graduation marks are submitted within the verification window.
- Entrance Examination: Valid score in CAT 2026, XAT 2027, CMAT 2027, MAT, ATMA, GMAT, NMAT, or NBSAT.
7. Admission Process
Admission to Narayana Business School operates through a profile-based selection mechanism:
- Online Application: Candidates submit the online application form on the official portal (nbs.edu.in) with entrance exam scores and academic transcripts.
- Profile Screening: Applicants are shortlisted based on national/state entrance test percentiles, undergraduate academic performance, and analytical aptitude.
- Assessment Round: Shortlisted candidates participate in Group Discussion (GD) or Case Analysis, followed by a Personal Interview (PI).
- Personal Interview (PI): A comprehensive personal interview conducted by a panel of senior faculty, industry veterans, and corporate leaders.
- Offer & Enrollment: Composite scores are calculated, and offer letters are issued to selected candidates to confirm admission upon fee deposit.
8. Cutoff — Previous + Expected
Expected cutoffs for the 2027 admission cycle:
| Entrance Exam | Course | Expected Cutoff (2027 Admission) | Safe Target Percentile (2027 Admission) |
|---|---|---|---|
| CAT 2026 | PGDM | 60–65 Percentile | 70+ Percentile |
| XAT 2027 | PGDM | 60–65 Percentile | 70+ Percentile |
| CMAT 2027 | PGDM | 70–75 Percentile | 80+ Percentile |
| MAT (2026–2027) | PGDM | 70–75 Percentile | 80+ Composite / Percentile |
| NBSAT 2027 | PGDM | 65+ Score | 75+ Score |
9. Selection Criteria & Weightage
Composite selection weights utilized for PGDM admissions:
| Evaluation Component | Weightage | Remarks |
|---|---|---|
| Entrance Exam Score (CAT/XAT/CMAT/MAT/NBSAT) | 35% | Scaled and normalized test percentile |
| Personal Interview (PI) | 25% | Assessment of communication, domain awareness, and leadership traits |
| Past Academic Record (10th, 12th, Degree) | 20% | Academic consistency across previous education |
| Group Discussion (GD) / WAT | 10% | Structured thinking, teamwork, and reasoning clarity |
| Work Experience & Diversity | 10% | Value-add for prior corporate exposure |
10. Placements
Placements at Narayana Business School are managed through the Central Corporate Interface Team. Benefiting from Gujarat's booming industrial expansion and corporate linkages across GIFT City, NBS attracts top management consulting firms, global banking institutions, consumer conglomerates, and technology heavyweights.
- Highest CTC (Recent Batches): ₹18.00 LPA – ₹20.00 LPA
- Average CTC (Recent Batches): ₹8.40 LPA – ₹9.20 LPA (Top 25% Average: ₹12.50 LPA)
- Median CTC: ₹7.80 LPA – ₹8.40 LPA
- Placement Assistance: 100% placement track record for eligible registered candidates across 670+ recruiters.
- Summer Internships: Mandatory corporate summer internships with stipends ranging up to ₹40,000 per month.
11. Placement Trends
Placement metrics over recent institutional cycles:
| Placement Metric | 2022–2024 Batch | 2023–2025 Batch | 2024–2026 Batch (Projected) |
|---|---|---|---|
| Highest CTC | ₹16.00 LPA | ₹18.00 LPA | ₹20.00 LPA |
| Average CTC | ₹7.60 LPA | ₹8.40 LPA | ₹8.80 LPA – ₹9.20 LPA |
| Median CTC | ₹7.20 LPA | ₹7.80 LPA | ₹8.40 LPA |
| Participating Recruiters | 550+ Companies | 620+ Companies | 670+ Companies |
| Top Sector | BFSI & IT/Consulting (48%) | BFSI & Retail (50%) | BFSI, FinTech, Analytics |
12. Top Recruiters
Leading corporate partners regularly recruiting from NBS Ahmedabad:
- Global Financial Giants & Big 4: Deloitte, PwC, KPMG, EY, Grant Thornton, BNY Mellon, Morgan Stanley.
- Conglomerates & Manufacturing: Adani Group, Torrent Group, Reliance Industries, Tata Motors, Asian Paints, Berger Paints.
- Banking & Financial Services (BFSI): ICICI Bank, HDFC Bank, Axis Bank, Federal Bank, Kotak Mahindra Bank, Tata Capital, Muthoot Finance.
- Consulting, IT & Services: Infosys, Tech Mahindra, Genpact, Wipro, Capgemini, Cognizant, Accenture, Amazon, Flipkart.
13. Roles Offered
Graduating PGDM students enter diverse managerial tracks:
- Marketing & Sales: Management Trainee (MT), Area Sales Manager, Product Marketing Specialist, Digital Marketing Manager, Corporate Account Executive.
- Finance & Banking: Financial Analyst, Risk Advisory Associate, Credit Underwriter, Equity Research Associate, Wealth Manager.
- Operations & Supply Chain: Business Analyst Trainee, Supply Chain Coordinator, Logistics Specialist.
- Human Resources & Analytics: HR Business Partner Trainee, Talent Acquisition Specialist, Business Analytics Associate.
14. ROI — Is the College Worth It?
Evaluating the Return on Investment (ROI) for Narayana Business School:
- Total Financial Outlay: Program Tuition (₹9.85L–₹10.85L for PGDM /
₹6.50L for MBA) + Living Expenses in Ahmedabad for 2 years (₹2.00L–₹2.60L) = Total estimated spend of ₹11.85L to ₹13.45L for PGDM (MBA candidates spend under ₹9.10 Lakhs total). - Direct Earnings: With average starting packages around ₹8.40 LPA to ₹9.20 LPA and top quartile offers reaching ₹12.50+ LPA, students achieve complete payback within 1.3 to 1.5 years of gross salary earnings.
- Gujarat Industrial Hub Advantage: Unrivaled exposure to manufacturing, commodities, and financial services in Ahmedabad, Sanand, and GIFT City delivers rapid post-MBA salary progression.
15. Batch Profile
- Academic Diversity: Commerce & Management (B.Com/BBA) comprises ~54%, Engineering graduates make up ~24%, Science & Arts graduates account for ~22%.
- Work Experience Split:
- Freshers: ~74%
- Experienced Candidates (1 to 24 months): ~26%
- Gender Ratio: Approximately 53% Male to 47% Female students.
- Geographical Distribution: Students represent Gujarat, Maharashtra, Rajasthan, Madhya Pradesh, Uttar Pradesh, Bihar, and pan-India regions.
16. Academics & Curriculum
- Trimester Framework: Six trimesters covering foundational business disciplines in Year 1 and specialized electives in Year 2.
- Dual Specialization: Flexible choice to combine concentrations (e.g., Marketing + Analytics or Finance + HR).
- Skill Enhancements: Built-in training in Microsoft Power BI, Advanced Excel for Financial Modeling, Tableau, Python, and Digital Marketing platforms.
- Pedagogy: Case study methodologies (Harvard & Ivey cases), simulation games, CXO lectures, and a mandatory 8–10 week corporate summer internship.
17. Campus Life
- 10-Acre Sanathal Green Campus: Situated near Sanathal Circle with landscaped lawns, air-conditioned amphitheater lecture halls, seminar rooms, cafeterias, and recreational student lounges.
- Management & Cultural Fests: Udaan (Annual Flagship Cultural & Management Fest) and national corporate conclaves bring together collegiate participation from across Gujarat.
- Student Clubs: Functional clubs for Marketing, Finance, HR, Operations, Analytics, Entrepreneurship (E-Cell), and Social Responsibility.
18. Infrastructure & Facilities
- Smart Classrooms: Air-conditioned, amphitheatre-style lecture halls equipped with multimedia digital projection and interactive AV systems.
- Central Library: Modern computerized library holding over 25,000+ volumes, international journals, electronic databases (EBSCO, DELNET, J-Gate), and research archives.
- Computing Labs: High-speed internet-enabled computer centers equipped with statistical software tools (SPSS, Python, R Studio).
- Sports & Cafeteria: Cricket ground, basketball courts, gymnasium, indoor games room, and multi-cuisine cafeteria.
19. Hostel & Accommodation
- Living Arrangements: Dedicated on-campus residential hostel facilities for male and female students in Sanathal.
- Amenities: Wi-Fi, 24/7 security surveillance, power backup, study desks, laundry services, and medical center.
- Hostel Fee: Approximately ₹1,10,000 to ₹1,45,000 per academic year inclusive of dining.
20. Faculty
- Academic Qualifications: Core resident faculty hold Ph.D. degrees and master's credentials from renowned institutions (IIMs, Central Universities, IITs, GTU).
- Corporate Background: Over 75% of faculty possess substantial prior corporate experience in banking, consulting, FMCG, and technology firms.
- Faculty-to-Student Ratio: Maintained around 1:15, facilitating personalized academic mentorship.
21. Student Reviews
Student insights aggregated from verified alumni:
- Pros: 25-year educational heritage in Gujarat; NBA accredited PGDM with AIU MBA equivalence; 100% placement assistance with 670+ recruitment partners; supportive faculty mentorship; consistent placements with Big 4 and conglomerates (₹8.4L avg).
- Cons: Located on the Sarkhej-Bavla highway on the outer fringe of Ahmedabad; strict academic attendance thresholds.
22. ClassLab Rating
| Dimension | Rating (Out of 5) | Analysis |
|---|---|---|
| Academics & Curriculum | 4.3 / 5 | NBA-accredited curriculum with 6-trimester framework & practical analytics toolkits. |
| Placements & Career ROI | 4.3 / 5 | Solid average package (₹8.4L avg) with rapid payback under 1.5 years. |
| Infrastructure & Campus | 4.3 / 5 | 10-acre green campus in Sanathal with smart computing and sports amenities. |
| Faculty & Mentorship | 4.2 / 5 | Experienced faculty pool with strong student career mentoring. |
| Industry Exposure | 4.5 / 5 | Unmatched corporate access to GIFT City, Sanand, and Ahmedabad business networks. |
| Overall ClassLab Rating | 4.32 / 5 | One of Gujarat’s top Tier-2 corporate business schools. |
23. Pros & Cons
Pros
- 25-Year Educational Legacy: Established reputation as one of Ahmedabad's leading private business schools.
- NBA Accreditation & AIU MBA Equivalence: Statutory recognition ensuring global corporate acceptance.
- Strong Placement Statistics: Consistent ₹8.40–₹9.20 LPA average packages with 670+ recruiters.
- Proximity to GIFT City & Sanand: Exceptional industrial linkages with top financial and manufacturing giants.
Cons
- Salary Ceiling: Domestic offers generally cap around ₹18L–₹20 LPA.
- Highway Location: Situated along the Sarkhej-Bavla road outside central city Ahmedabad.
24. College vs Competitors
Comparison of NBS Ahmedabad with comparable Gujarat management institutions:
| College Name | Flagship Program | Total Fees (Approx.) | Average Package (Approx.) | Key Differentiator |
|---|---|---|---|---|
| NBS Ahmedabad | PGDM | ₹9.85L – ₹10.85L | ₹8.40L – ₹9.20L | 10-acre Sanathal campus, NBA & AIU status, 25-yr legacy |
| Parul Institute Vadodara | MBA | ₹4.00L – ₹4.50L | ₹5.50L – ₹6.50L | 150-acre mega campus, NAAC 'A++', multidisciplinary |
| Amrut Mody (Ahmedabad Univ) | MBA | ₹11.00L – ₹12.00L | ₹8.50L – ₹9.50L | Central Ahmedabad campus, interdisciplinary |
| Nirma University (IMNU) | MBA | ₹12.50L – ₹13.50L | ₹11.50L – ₹12.50L | 110-acre SG Highway campus, Tier-1 status in Gujarat |
| BK School of Management | MBA | ₹80,000 – ₹1,20,000 | ₹6.50L – ₹7.20L | Gujarat University campus, low public fees |
25. Who Should Choose This College?
- Candidates with 60–75 Percentile in CAT 2026 / XAT / CMAT / MAT / NBSAT: Aspirants looking for an accredited business school with an established placement track record.
- Students Seeking Corporate Proximity to GIFT City: Candidates wanting access to Gujarat's fastest-growing international financial and tech centers.
- Graduates Seeking Western India Corporate Careers: Students aiming for immediate career placement across corporate firms in Ahmedabad, Vadodara, Surat, and Mumbai.
26. Final Verdict
Narayana Business School (NBS Ahmedabad) represents one of the most dependable and well-regarded autonomous management institutions in Western India. Backed by 25 years of educational distinction under Dr. Manan Choksi and Dr. Purvi Choksi, NBA accreditation, AIU MBA equivalence, a 10-acre green campus in Sanathal, and an accessible fee structure, NBS delivers consistent value in the ₹8.40–₹9.20 LPA salary bracket, with top quartile outcomes exceeding ₹12.50 LPA. For students aiming to build strong corporate foundations with realistic entrance percentiles, NBS provides an exceptional combination of curriculum, industry linkages, and return on investment for 2027 admissions.
27. FAQs
What is the expected cutoff for Narayana Business School Ahmedabad for 2027 admission?
For 2027 admissions, expected cutoffs for CAT 2026 and XAT are 60 to 65 percentile, while CMAT, MAT, and ATMA baseline cutoffs generally range from 70 to 75 percentile, and NBSAT requires a score of 65+ marks.
What is a safe percentile for guaranteed selection at NBS Ahmedabad?
A score of 70+ percentile in CAT 2026 / XAT or 80+ percentile in CMAT/MAT/ATMA or 75+ marks in NBSAT, paired with consistent undergraduate academic marks (60%+) and a confident performance in GD-PI, represents a safe target.
What is the total fee for the PGDM program at Narayana Business School?
The estimated total program fee for the 2027–29 batch is ₹9,85,000 to ₹10,85,000 for the two-year program. Living and residential hostel expenses in Sanathal are additional.
What is the average package at Narayana Business School Ahmedabad?
According to recent institutional placement disclosures, the average package stands between ₹8.40 LPA and ₹9.20 LPA, with the top 25% averaging ₹12.50 LPA.
What is the highest package reported by NBS Ahmedabad?
The highest package reported in recent placement cycles is approximately ₹18.00 LPA to ₹20.00 LPA.
Which entrance exams are accepted for 2027 admission?
NBS accepts scores from AICTE and state-approved examinations: CAT 2026, XAT 2027, CMAT 2027, MAT, ATMA, GMAT, NMAT, and NBSAT.
Does the PGDM program have AIU equivalence?
Yes, the PGDM program at Narayana Business School is approved by AICTE, accredited by NBA, and granted MBA equivalence by the Association of Indian Universities (AIU).
Does NBS provide residential hostel facilities?
Yes. The institute provides dedicated on-campus residential hostel accommodations for boys and girls in Sanathal with annual charges ranging between ₹1,10,000 and ₹1,45,000 inclusive of dining.
What specializations are offered at NBS Ahmedabad?
NBS offers PGDM Dual Specializations in Marketing Management, Financial Management, Human Resource Management, Data Science & Business Analytics, Operations & Supply Chain, and Quantitative Finance.
Is Narayana Business School worth joining?
Yes. NBS is a worthwhile option for students with 60–75 percentiles in CAT/XAT/CMAT/MAT seeking an accredited autonomous program in Gujarat with solid starting salaries in the ₹8.4–9.2 LPA bracket.
What is the ROI of Narayana Business School?
With an average starting package of ₹8.80L–₹9.20 LPA against a tuition fee of ₹10.35L, students achieve payback within 1.3 to 1.5 years, representing a healthy return on investment.
How difficult is it to get admission into NBS Ahmedabad?
Admission is accessible for candidates with moderate entrance percentiles (60–75%). Selection evaluates entrance exam scores, undergraduate academic performance, group discussion, and personal interview capability.
Standard Data Table
| Data Point | Value | Year | Source |
|---|---|---|---|
| CAT / XAT Baseline Cutoff | 60–65 Percentile (Expected) | 2027 Admission | Institutional Admission Guidelines |
| MAT / CMAT / ATMA Cutoff | 70–75 Percentile (Expected) | 2027 Admission | Institutional Admission Guidelines |
| NBSAT Cutoff | 65+ Score (Expected) | 2027 Admission | Institutional Admission Guidelines |
| Total Program Fees (PGDM) | ₹9,85,000 – ₹10,85,000 | 2027–29 Batch (Estimated) | Official Fee Structure |
| Highest Package | ₹18.00 LPA – ₹20.00 LPA | 2023–2024 / 2024–2025 | Institutional Placement Reports |
| Average Package | ₹8.40 LPA – ₹9.20 LPA | Recent Batches | Institutional Placement Reports |
| Median Package | ₹7.80 LPA – ₹8.40 LPA | Recent Batches | Institutional Disclosures |
| Placement Rate | 100% Placed | Recent Batches | Corporate Interface Team |
| Approved Total Intake | 480 Seats (PGDM + MBA) | 2026–2027 | AICTE Official Approval Records |
| Flagship PGDM AIU Equivalence | Yes (Equivalent to MBA) | Current Validity | AIU Official Directory |
| Accreditation | NBA Accredited / AICTE Approved | Current Cycle | NBA Official Directory |
| Founders | Dr. Manan Choksi & Dr. Purvi Choksi | Estd. 2001 (25+ Years) | School Profile |
| Campus Location | Sanathal Circle, Sarkhej-Bavla Road, Ahmedabad | 10-Acre Green Campus | Campus Directory |
| Application Window | October 2026 – June 2027 | 2027 Admission | Admission Office Schedule |
| Application Fee | ₹1,200 (Approx.) | 2027 Admission | Official Portal Estimates |