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Is There a Change in View for These Three The India Letter Stocks? - Views on News from Equitymaster

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  • Jun 8, 2018 - Is There a Change in View for These Three The India Letter Stocks?

Is There a Change in View for These Three The India Letter Stocks?
Jun 8, 2018

Given the kind of volatility we have been seeing in the Indian stock markets of late, and in certain stocks in particular, we felt it only made sense to provide an update.

So here goes...

Ajanta Pharma is Trading Below Our Best Buy Price. What Next?

We had come out with a recommendation report on Ajanta Pharma in September 2017.

The company had undergone a huge transformation since FY02, prior to which it had been clearly struggling. For starters, the company did away with its legacy generic business and instead focused on specialty drugs in the Indian market. On the international front, Ajanta Pharma chose to venture into Africa and other emerging economies. It was a pretty late entrant in the US market but to counter this its strategy is to file for and launch niche and complex products.

This was reflected in the company's financials too as revenues and profits grew at a CAGR of 24% and 46% respectively in the last five years.

Accordingly, at the time of the recommendation, Ajanta Pharma's PEG ratio was the same as that of the Sensex. Thus, we had told subscribers that they could consider putting in only 25% of the sum intended to invest in the stock of Ajanta Pharma. For it to become a strong buy, a significant correction was required with the Best Buy price for the stock being Rs 950 or lower.

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