The drag was led by a fall in banks, while pharmaceuticals and FMCG stocks were in the green.
11:29 am Management Speak: The movie business has been weathering storms in recent months in the form of demonetisation and the Goods and Services Tax (GST), but leading cinema-exhibition company PVR has its eyes firmly set on attracting more audiences.
The company recently launched 10 more screens in Pune as part of its expansion plans, taking its screen count in Maharashtra to 160 screens across 38 properties. After Pune, cities such as Mysore, Hyderabad, Chennai and Ghaziabad will see the launch of around two to three screens each in the next few months.
The company recently launched 10 more screens in Pune as part of its expansion plans, taking its screen count in Maharashtra to 160 screens across 38 properties. After Pune, cities such as Mysore, Hyderabad, Chennai and Ghaziabad will see the launch of around two to three screens each in the next few months.
In all, the company currently has nearly 600 screens in India and adds about 70-75 screens every year, Chief Executive Officer Gautam Dutta told Moneycontrol. The capital expenditure for each new screen is around Rs 2.5 crore on average.
Cinema's classification in the highest GST tax slab of 28 percent, however, is being considered by industry experts to be a stumbling block. Ajay Bijli, PVR's Chairman and Managing Director, has previously said that had it not been for the high GST rate, the company would have been scaling up opportunities for the domestic box office.
Dutta said that while no negative effects of GST have been felt so far, he expects the government to take the entertainment business seriously.
11:07 am Market Check: Benchmark indices were trading off the day’s low points, with the Nifty hovering 9800-mark.
At 11:01 hrs, the Sensex was up 45.85 points at 31494.88, while the Nifty traded higher by 10.85 points at 9805.00. The market breadth continued to be narrow as 1,341 shares advanced against a decline of 753 shares, while 88 shares were unchanged.
Midcaps are back in the green, while pharma, metals, IT and FMCG too gained. Banks were a laggard.
10:55 am Buzzing Stock: Jubilant Foodworks, the operator of Domino’s Pizza and Dunkin’ Donuts, gained around 6 percent intraday on Wednesday as investors cheered a target price hike by CLSA.
The global research firm increased the target price on the stock from Rs 1,600 to Rs 1,900, implying an upside of over 18 percent. Further, CLSA also raised the target PE multiple from 55 times to 60 times as well.
Affirming its positive stance is also the increase in same store sales growth (SSSG) and FY19-20 earnings per share (EPS) forecasts by 6-12 percent as well.
Here's a look at the stock's three-month chart.
Cinema's classification in the highest GST tax slab of 28 percent, however, is being considered by industry experts to be a stumbling block. Ajay Bijli, PVR's Chairman and Managing Director, has previously said that had it not been for the high GST rate, the company would have been scaling up opportunities for the domestic box office.
Dutta said that while no negative effects of GST have been felt so far, he expects the government to take the entertainment business seriously.
11:07 am Market Check: Benchmark indices were trading off the day’s low points, with the Nifty hovering 9800-mark.
At 11:01 hrs, the Sensex was up 45.85 points at 31494.88, while the Nifty traded higher by 10.85 points at 9805.00. The market breadth continued to be narrow as 1,341 shares advanced against a decline of 753 shares, while 88 shares were unchanged.
Midcaps are back in the green, while pharma, metals, IT and FMCG too gained. Banks were a laggard.
10:55 am Buzzing Stock: Jubilant Foodworks, the operator of Domino’s Pizza and Dunkin’ Donuts, gained around 6 percent intraday on Wednesday as investors cheered a target price hike by CLSA.
The global research firm increased the target price on the stock from Rs 1,600 to Rs 1,900, implying an upside of over 18 percent. Further, CLSA also raised the target PE multiple from 55 times to 60 times as well.
Affirming its positive stance is also the increase in same store sales growth (SSSG) and FY19-20 earnings per share (EPS) forecasts by 6-12 percent as well.
Here's a look at the stock's three-month chart.
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