Accumulate IPCA Labs on correction: Mayuresh Joshi

Mayuresh Joshi of Angel Broking told CNBC-TV18, "Sun Pharma is something that I look out. Any decline on that stock maybe close to that Rs 810-820 level is something I will watch out for. US business should improve FY17 onwards and whatever has happened in the AGM in terms of integration issues with Ranbaxy, resolution at Halol. Clearly cash on balance sheet, Return on Equity (RoE) improving and EBITDA margins improving is something that we like.""From the midcap universe IPCA Labs, if it corrects another 7-8 percent to say the least this is one story that can do wonders over the next two to three years. There are Food and Drug Administration (FDA) related issues but clearly we expect once those issues are resolved those normalised RoEs of 25 percent should be seen very positively on IPCA. So, any correction on IPCA to the tune of 7-8 percent will become very good accumulative opportunity," he said.