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Sensex, Nifty consolidate; oil stocks weak, pharma steady


The News International Team

11:50 am IPO: Hiren Gada, Wholetime Director & CFO, Shemaroo Entertainment, said the industry has been seeing a lot of changes in terms of monetisation of films. He expects growth to accelerate in digital medium. Shemaroo is one of the largest integrated film & entertainment content house, involved in aggregation, distribution, production and post-production.

The company’s current debt stands at around Rs 175 crore. Gada said the bulk of the money from IPO proceed will be used to fund the working capital. Astha Jain, Sr Reasearch Analyst at Hem Securities, recommends subscribe on the issue as it has a de-risk business model. “There are multiple platforms on which the company is distributing its content. And it is not limited to a single title,” she said.

11:30 am Interview: With lower-than-expected credit offtake and the current state of liquidity generation, interest rates or cost of money can drop from current levels, says N Sivaraman, president and wholetime director of L&T Finance Holdings . Though inflation has cooled a bit, it continues to be a worry and hence it may take another 2-3 quarters to see a drop in interest rates, he adds.

L&T Finance Holdings is seeing good demand for bond-based issuances. Sivaraman also commented on L&T Finance Holdings current state of business. He says in terms of core competencies, it is either the number 2 or the number 3 player in every segment it is present in, except the commercial vehicles space.

Don’t miss: Venus Remedies slumps 15% post Crisil downgrade

The market seems to be consolidating with negative bias. The Sensex is down 33.16 points at 26783.40 and the Nifty slips 11.90 points at 8030.10. 

About 1459 shares have advanced, 975 shares declined, and 128 shares are unchanged.

Oil & gas stocks are taking a toll on the benchark indices. The index is down 0.8 percent. ONGC, Axis Bank, Tata Motors, Sesa Strelite and Coal India are major laggards while Dr Reddy’s Labs, Sun Pharma, Bharti Airtel, Wipro and Bajaj Auto are top gainers in the Sensex.

Globally, Asian markets trade mixed as markets are cautious ahead of the FOMC meet kicking off today. Gold futures traded a shade higher at Rs 27,030 per ten gram today as speculators indulged in building up fresh positions amid a firming trend overseas before the US Federal Reserve begins a two-day policy meeting today.


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