Buy Sun Pharma Advanced: Mehraboon Irani

Mehraboon Irani of Nirmal Bang Securities told CNBC-TV18, "In the name of defensives people just trying to make money every passing day things going up one way, they are great companies. The fact is that you don’t buy anything and everything at any level, you have a level to buy. A little late in the day the stock prices are reacting. I don’t see many of them possible outperforming the broader indices over the next one full year so, I would certainly be more comfortable to see them reacting a little bit more. Even at the present levels despite the correction which we have seen in most of the names especially the pharma segment including the names like Sun Pharma and Lupin, the great companies otherwise, I don’t see too much money being made. So incremental money going into the stocks at this present level would be stupid."

"You would just think that you are going to make money because they are great companies but when they fall off it makes you feel more stupid. Like if you are seeing Aurobindo fall by 6 percent. The fact is you can’t even explain the sharp rise in the valuation of the stocks but you like it because you are making money some where and you go on putting in more money and then you feel oh I bought it in haste," he said.

"Personally I feel at this present level also I won’t be surprised if they correct a little bit more and I am not in a hurry to recommend anything in the pharma space right now beside Sun Pharma Advanced Research which I still feel is a great concept stock to buy," he added.