Citigroup - India Pharma Capsule

Citigroup in their report on Indian Pharma say,

Indian pharma is best viewed as distinct sub sectors to better understand valuation opportunities. Each sub sector faces its own pressures and has unique growth and valuation drivers. Innovator CRAMS is gaining traction, while Generics are winding through an obstacle course of regulatory and pricing hurdles. Given rapid evolution in the Indian market, we see strong growth potential for MNC pharma and Hospital stocks, although valuations remain challenging.

Ranbaxy, NPIL and Glenmark are our top buys. Initiate Buys on Shasun & Dishman, upgrade Apollo (to Buy), Sun (to Hold) & downgrade Matrix (to Sell).

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