Buy Aurobindo Pharma on declines, says PN Vijay

Buy Aurobindo Pharma on declines, says PN Vijay, Portfolio Manager.

Vijay told CNBC-TV18, "Aurobindo Pharma has had a huge run. I remember it made a low in the middle of May last year of something like Rs 110 or so and see where it is now. On the other hand Rs 110 was a very steep fall from double that amount.”

He further added, “One has to remember we are talking about a very volatile animal here. The news is good. The business model is good. I think there are a couple of corporate governance issues, which one needs to sort of mildly worry about when it comes to the stock. But I think the slumber sometimes happens especially in a stock which has been going all over the place in the last 24 months if you see the stock charts. So I would probably buy this on a decline. I think it is now into a very long-term uptrend."