Consumption theme continues to be strong: Birla Sun Life

What is your sense with FMCG stocks right now when you are seeing some sort of interest come in the mid tier FMCG names drifting a bit away from Hindustan Unilever and ITC, what is your call there?

Deven Sangoi: Basically the FMCG sector if you look at as a whole I think you seen the consumption was pretty strong and you have seen spate of salary hikes across the board in whichever industry you talked about whether be IT so there is a skill shortage. There is a good demand which is a result for the good skill so you are seeing employment growth being pretty good.

The salary hikes have been pretty good at the same time you have seen on the rural side schemes like NREGA is giving lot of hands in the rural population with strong farm prices and definitely land prices and gold being up which is very well owned by the Indians. I think consumption theme continues to be pretty strong and we feel that it will sustain with good monsoon coming and you are going to see that sector continue to do well.