Prefer Glenmark, Alembic Pharma, Alkem Labs: Mehraboon Irani

Mehraboon Irani of Nirmal Bang Securities told CNBC-TV18, "We were negative on the pharmaceutical space for about a year and I felt the valuations were very steep and also mentioned that regulatory problems is something that the market is refusing to accept. Now the market has accepted it and quite a few of them had come to levels below which they may not fall much. This was a space which was the most over-owned space, people were calling it the best defensive bet in the market, the pharmaceutical space." "At the present level, my preference would be for Glenmark Pharma at number one, Alembic Pharma at number two and Alkem Laboratories at number three. I would go with these three stocks right now. The positive which is happening for the space is the valuation to which quite a few stocks have come down to from the lofty valuations which they were at maybe a year ago. So, there would be interesting opportunities in the space," he said.