Gautam Chhaochharia overweight on pharma space

Gautam Chhaochharia, Head-India Research at UBS told CNBC-TV18, "Pharma is one of our key overweight sectors. In our view the biggest concern which the markets had in the sector around FDA alerts and inspection, in our view that is a backward looking, that's not forward looking. An analysis we ran earlier in the year suggested that 85-90 percent of the plants had already gone through this FDA inspection. None of the comments broadly speaking to us seemed indicating any structural concerns per se.""They all seemed little bit here and there processes etc which we would back the pharma companies in India to take care of them over time. While the valuations reacted a lot and in our view overdone and we do have a very strong visibility just based on product pipeline in a lot of these companies earnings," he said.