Mayur seems to be undergoing time correction currently.
the management does seem quite confident in their annual report communication.
Thanks Hitesh for sharing your wisdom 
I dont track natco so dont have any views on it.
Thanks Hitesh. The footwear business seems to be a drag. Once that revives they will have better days.
Regards,
Raj
Hi Hiteshbhai,
I was looking for HFC to invest but most seem to be fairly valued but found GIC housing finance at very cheap valuations?? Am i missing something ?? Your view will be very helpful considering you track the sector closely. Thank You!!
companies are cheap for a reason. HFCs like Dewan Housing Finance and Indiabulls Housing Finance have corporate governance issues so are going cheap. am not tracking GIC HFC. Holding Repco in core portfolio.
Hi Hitesh… Do you track Godrej Industries?.. Appreciate your view if you follow
GIC Hf is cheap compared to other HFCs but its growth has been tepid as compared to other HFCs which have been showing strong growth. And hence the disparity in valuations. Having said that downsides seem limited and thats what I had been feeling when stock price was hovering around 170 in recent corrections. Sometimes if u take care of downsides then upsides do take care of themselves. 
@bijoy, I dont track Godrej Inds.
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Hi Hitesh… If my memory serve, you had FDC in your portfolio… fdc is already a 4 bagger for me… not sure if market is stretching its valuation… What is your view on fdc now
Yes FDC seems to be approaching fair valuation now.
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Hi Hitesh,
With pharma doing so well in recent years, do you foresee a bubble forming? or are we already in a bubble? All pharma cos valuations are stretched. How far can it go?
As long as underlying business/management is good then worrying about bubble is mostly futile. For fresh buys definitely the valuations are stretched for most good pharma companies. but time to time there are good opportunities to buy them like in recent fall there were some good companies at attractive valuations.
How far it can go? - Honestly no one knows that answer.
I think the golden period for the pharma business has just now started with the most of the block buster drugs going off patent in FY16 to FY20. So there huge opportunity for all the companies to get a pie of it.
More MNC companies need minimum 4 -5 blockbuster drugs to maintain there current growth rates which is very difficult. So we will see more companies will consolidate for more takeovers in the future because they cannot match the skills and cost of Indian pharma business.
So I think we can still get 20 - 25% growth in the pharma business for atleast another minimum 5 years.
It’s a win win situation for the foreign countries where they free healthcare services, they want cheaper drugs for healthcare.
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Hitesh Bhai, what is your view on Marksans Pharma for long term? It’s foray in low competition niche Softgel segment looks attractive because it will help the company to survive in highly competitive regulated market like US. Strategic acquisition of Time CAP Lab will increase its front end presence in US because Products of Marksans will also be sold via Time-Cap channels. Now they are also is likely to strong their foothold in Germany , largest market in Europe by FY17. Management remains upbeat on revenue growth of 30% in coming few years. Valuation is the only major concern
@prabhu shankar, Regarding valuations during bubbles, one only has to look back a few years to see what kind of valuations sectoral companies in bubble phase command. e.g software before the dotcom bust or construction and real estate companies before the 2008 crash and so on. And how long it can go on also is a difficult thing to guess. But for most pharma companies esp those exposed to US markets there is a lot of tailwind with currency depreciation, patent expiry and cheap cost of production being advantageous to Indian companies. So the music might continue to keep playing.
@amitayu, I had a look at Marksans earlier but managed to give it a miss. But the overall impression and feel about the company was quite good. But with the run up, valuations need to be considered.
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hitesh ji,
what is your view on page industries now at 80 PE?
Dear @hitesh2710 Sir,
Any advise on how one should build portfolio for a small retail salaries investor. Dont have much money to buy in lumpsum but can go in a SIP route.
Thanks
Sunny
Hello Hitesh Bhai,
Found this article about bio similars and how Indian pharma companies lag behind in this field. It also talks about the shift of revenues from generics to bio similars.
https://uk.finance.yahoo.com/news/india-risks-missing-boat-biosimilars-210508796.html
Your comment would be highly appreciated.
Thanks and regards,
Nikhil
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