Prefer Sun Pharma: Mehraboon Irani

Mehraboon Irani of Nirmal Bang Securities told CNBC-TV18, "In the entire pharma space if you look at valuations; most of the stocks look extremely expensive. People are moving onto sectors like IT and pharma for one more reason because somewhere we all know that things are becoming a little bit more expensive and these stocks ultimately look good from a little longer term angle. You may define the word terms as defensive; I would say they are still companies that are going to grow. So, in this particular space after the recent developments which were happening in Sun Pharma, people are looking at it afresh."

"For Rs 1000, from the longer term I will buy but there could be at least 50 percent of the stocks again in the pharma space which could be available at the same level at which they are may be a year down the line. The other company is Sun Pharma Advanced Research Company; I have been stating it from the time it was Rs 140, a pure conviction bet and if you personally want to lock up your money for the next five years it could even be a Rs 500 or even a Rs 700," he said.

"The stock at the present level also offers a opportunity but somewhere you are playing blind folded because you really do not know what is exactly happening in this company. It is Dilip Shanghvi and ultimately one fine day it will be a great story so at Rs 425 also I am not going to advise any investor to exit from this stock and even for all you know I still continue to say this could be a Rs 700 stock in 12 months down the line."