On a gloomy Monday for the Indian stock market, benchmark indices Nifty and Sensex witnessed a correction, trading lower by 0.61% and 0.60%, respectively. The sea of red engulfed various sectors, with Nifty PSU Bank and Nifty FMCG leading the descent. The broader market indices, Nifty Mid-cap and Small-cap, also experienced declines of 0.67% and 0.25%, respectively.
Amidst this market turmoil, there was one stock that stood resilient, defying the downward trend and soaring high. Basilic Fly Studio Ltd (BFS) emerged as a shining beacon, recording a remarkable jump of nearly 9%, catapulting its valuation beyond the Rs 1,000 crore mark.
Established in 2016, Basilic Fly Studio has evolved into a leading visual effects (VFX) studio headquartered in Chennai, India, with subsidiaries operating in Canada and the UK. Specializing in creating captivating visual experiences, BFS has consistently pushed the boundaries of creativity and technology, delivering exceptional VFX solutions for movies, TV shows, web series, and commercials.
Renowned for its high-quality output and commitment to adopting the latest technology, BFS has become a stalwart in the VFX industry. Its team of skilled artists has earned a reputation for excellence, serving clients from diverse sectors and countries. The company’s work spans across various platforms, ensuring meticulous craftsmanship in every detail.
From its humble beginnings in an 800 square foot workspace with only a few employees, BFS has achieved remarkable milestones. Today, it stands as a hub for the best industry talents from India and abroad. With over 10,000 completed projects and a dedicated team of around 500 members, BFS has collaborated with more than 300 clients, including 900 movies, 2,000 series, and 8,000 commercials, establishing a global presence with offices in Chennai, Pune, London, and Vancouver.
The standout performance of BFS on Monday can be attributed to a significant development in its shareholding pattern. Ace investor Ashish Kacholia, a well-known name on D-Street, made a notable entry into the list of shareholders in December 2023. Kacholia acquired 5,47,200 shares of the company, translating to a substantial 2.35% of the total shares.
The success of BFS is not only a result of its stellar performance but also a testament to the booming global VFX industry. Rapidly growing, the industry is driven by the increasing demand for high-quality content, particularly in the entertainment and media sectors. India, with the world’s second-largest entertainment market, holds significant potential in this dynamic landscape.
According to research by Boston Consulting Group (BCG) and the Confederation of Indian Industries (CII), the Indian animation and visual effects industry have the potential to capture 20 to 25% of the worldwide Animation, Visual Effects, Gaming, and Comics (AVGC) market. This growth is anticipated to generate 75,000 to 120,000 jobs by the specified year.
The Animation and VFX industry in India is not confined to the realm of entertainment. These technologies have found applications in gaming, education, branding, and marketing, contributing significantly to the industry’s expansion. As Basilic Fly Studio Ltd continues to soar, it exemplifies the broader potential and impact of the Animation and VFX sector in India.
In the face of market uncertainties, Basilic Fly Studio Ltd stands tall, not just as a stock but as a symbol of innovation, resilience, and the boundless possibilities that the visual effects industry holds in the evolving landscape of media and entertainment.
Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.
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