Accumulate Dr Reddy's Labs on every dip, says Deven Choksey

Deven Choksey of KR Choksey Shares & Securities told CNBC-TV18, "The numbers are quite impressive as far as Dr Reddy's Laboratories is concerned and probably it has surprised the expectations of most of the analyst in the market at the same time. Certainly the stock requires accumulation in the portfolio on every dip. On valuation perspective also if one looks at FY17, it is trading premium but it is not expensive, it is trading at somewhere around 19 times price earning ratio on forward earning basis."

"The stock looks interesting on any correction or a dip on the price. Likewise other pharma companies too may register a good case to add into the portfolio and some of them are the companies like Glenmark Pharma or Cipla which we believe that holds good potential for an upmove going forward," he said.