Exit Orchid Chemicals on rallies: Mayuresh Joshi

Mayuresh Joshi, VP- Institution at Angel Broking told CNBC-TV18, "Orchid Chemicals and Pharmaceuticals has reacted to the corporate debt restructuring (CDR) package, which has got approved a couple of months back and the kind of debt it has got on its book of around Rs 3,500 crore, does not give comfort. Though the CDR package will give some benefit in terms of its interest in finance cost, our take is that there are much better plays into the market. So something like Dr Reddy’s Laboratories where valuations are pretty attractive even at the current juncture is something that we are liking. So one can exit the stock on rallies and possibly look at Dr Reddy’s on declines."

The share touched its 52-week high Rs 85.35 and 52-week low Rs 42.20 on 15 July, 2014 and 3 September, 2013, respectively.