Buy Glenmark on declines, can touch Rs 600: PN Vijay

PN Vijay, Portfolio Manager of askpnvijay.com advised buying Glenmark Pharma on all declines. He sees the stock touching Rs 600 in the next three-four months.

Vijay told CNBC-TV18, “Glenmark is a buy on all declines. It is one of the best pharma stocks in the country. If you look at their business model it is so complete, whether it is new drug discoveries, whether its domestic delivery in the formulations market, whether it is penetrations of the US market, they haven't put a foot wrong.”
He further said, “They are also quite conservative unlike Wockhardt which is a bit adventurous in its way of doing things. Glenmark is a much stronger stock.”
“What happened in the market was that suddenly people started buying the Indian growth story again and that led to a certain lack of interest in the pharmaceutical companies. Glenmark came down all the way to about Rs 470-475. However, prior to results it moved up above Rs 510 again. If the results are good, I can see this stock touching Rs 600 in the next three-four months,” Vijay added.