Jan 12, 2017 03:50 PM IST | Source: CNBC-TV18

Anish Damania positive on Sun Pharmaceutical Industries

Anish Damania of IDFC Securities is positive on Sun Pharmaceutical Industries.

Anish Damania of IDFC Securities told CNBC-TV18, "I am extremely positive on Sun Pharmaceutical Industries. My two picks would be Sun Pharma and Motherson Sumi. So, on Sun Pharma what we feel is that the stock has virtually halved from its peak. There is a lot of negative news flow which has come over the last nine months for this stock. Maybe we are seeing the tail end of this negative news flows. The froth in the valuations has corrected and now probably to that extent it has built an over pessimism into this stock."

"These are the kind of situations which I would like because there is maximum negativity reflect in the stock price. So, if the negativity still continue so plan for another three months, we don’t see too much of a downside in the stock. However, if let us say the negativity were to come down and which we would expect that over next three to six months this should taper off completely, we would see once again this stock to give about 30 percent return to just go back to its mean PE levels," he added.

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