Research Report
|
[Not
wholly copied from anywhere. Informations gathered and compiled from various
business related magazines & publications, stock research websites,
business newspapers, report from brokerage houses]
Logic
in Investing Pharma Sector; and in
Company like Torrent Pharmaceutical Ltd.
Global
Pharmaceutical Market
Global Pharmaceutical market registered a
modest growth in 2014-15 and key growth drivers continue to shift towards use
of generic medicines accompanied by patent expiries mainly in the regulated
market ( US, Japan, Germany, Italy etc) and higher growth in phrmaging markets
(India, Brazil, Philippines ).
A
brief snapshot about global market in geographically is depicted below:
United
States : US Market is the largest
pharmaceuticals market and it is estimated to be approximately us$ 365 billion.
The market is expected to grow at a compounded annual growth rate (CAGR) of 5 –
8% through 2018 due to some patent expiries and launches of more innovative medicines.
As 2014 was also a landmark year in the implementation of Affordable Care Act
(ACA) which will cause rapid change in US healthcare market both directly from
legislation and through market-based changes. With the largest generic
substitution of 80% (in volume terms), it again becomes the single largest
generic market. Expected patent expiry in the industry in next 4 years will be
majorly driven by US, in which drugs worth USD 50 billion are expected to go
off patent.
Japan:
Japan is the second largest pharmaceuticals
market in the world with sales of over USD 115 billion. Generic medicines
account for 49% of total pharmaceutical volumes in Japan. The Japanese
Government has a target of 80% generic penetration by 2020 which translates
into an additional 35 – 40% of overall pharmaceutical volumes going generic.
Mexico:
Mexico is one of the fastest growing
pharmaceutical markets valued at over USD 13.5 billion growing at 9 – 10%
annually.
Brazil: Brazil
is the largest pharmaceutical market in Latin America and the 6th
largest in the world. The pharma market in Brazil is estimated to be in range
of USD 30-33 billion which is expected to grow at CAGR of 14% till 2018 with
increase in share of Generics and Branded Generics.
South
Africa & Philippines: Both the market had
shown a decent growth in 2014-15, whereas in South Africa generic grew at 9% by
value and 4% by volumes during FY 2015.
Europe:
European market is estimated to be
approximately US$ 2016 Billion registering a growth of 3.3% in 2014-15. Across
the major markets in Europe, economic austerity- let efforts to constrain
growth in healthcare spending, and especially medicines, have resulted in
spending declines or very low growth, which will continue through 2018.
Indian
Pharmaceutical Market
In
India pharmaceutical business model is witnessing a paradigm shift, moving
toward a future where companies use a wide range of outsourcing, partnership
initiatives and other contractual and relationship arrangements to create
networks of collaboration and discovery. Companies that will be most successful
in doing business in India will be those that are most adept at managing and
mixing a range of contractual relationships and partnership strategies.
Indian
pharmaceuticals industry currently tops the chart amongst India’s science base
industries with varied ranging capabilities in the complex
field of drug manufacture and technology.
Indian
pharma market remains one of the fastest growing pharma markets in the world
and is dominated majorly by branded generics constituting merely 70% to 80% of
market. The market is estimated to be among the top 10 by 2016(source IMS).
The
growth in the Indian domestic market will be on the back of increasing consumer
spending, rapid urbanization and raising healthcare insurance. In 2015-16
Growth allows individuals more legroom to spend on healthcare.
Lifestyle
segments such as cardiovascular, diabetes, central nervous system (CNS),
Oncology will continue to be fast-growing owing to increased urbanization and
changes in lifestyle pattern.
Logic
in investing pharma sector
The
fact is that domestic business is a huge opportunity for every Indian Pharma
Companies, but it is not the sole reason for investing in Indian Pharma
Companies. It is because of their positioning in global scenarios which excite
me the most. So, would like to list down few of the important factors that will
illuminate the logic of investing in pharma companies:
Ø Demographic
trends will act as a significant driver of global demand for pharmaceuticals
during the next five years. The global population aged 65 and over will grow
faster than any other age segment and will account for almost 30% of overall
population growth in the next five years.
Ø The
prevalence of non – communicable diseases (NCDs) such as cancer,
cardiovascular, metabolic and respiratory diseases is increasing day by day
worldwide. NCDs are often associated with aging populations and lifestyle
choices, diet and lack of exercise and many of these require long-term
management.
Ø US
spends 20% of their GDP in healthcare. Because of steep cost of medicinal usage
in USA, there is a big time discourse going on for affordable healthcare.
Ø Ample
of block-buster drugs are going to off-patent and are expected to be
going off-patent in impending years. This shall effect Indian Companies in the
following ways:
>> Indian generic players will gent
opportunity to sell generics in US and other developed market and get
benefitted.
>> US giant pharma companies like
Pfizer, Abbott etc. will feel pressure of reduced margin and profitability. As a
result a forced transition will work towards pharma outsourcing, and or
shifting R&D/Manufacturing Facility to cheaper places like India.
Ø The
scope of moving value chain will emerge. Eventually some of Indian Companies
will move up in the value chain and start competing with global pharma giants
in finding new molecules and patenting them.
Ø Our
Country has excellent chemistry skills. The fact is being ignored over the time
that Indian Pharma Companies can do cheap R&D, manufacturing, maintaining
required quality.
In
summary investing in Indian Pharma Companies is a play on investing in a
non-cyclic theme (one do not have to bother where the Index is heading), cheap
but still maintaining quality business. Further companies will continue to get
benefitted by exporting as the dollar will show upward momentum against rupee
in coming days also.
Torrent
Pharmaceuticals Ltd.
Torrent
Pharma is the flagship co of Torrent Group based in Ahmadabad, it was promoted
by U.N. Mehta initially named as Trinity Laboratories Ltd was later renamed as
Torrent Pharmaceuticals Ltd. Now it operates more than 50 countries and has
several product registrations globally. It has 17 subsidiary companies and one
associate company over countries like Germany, Russia, Brazil, USA,
Philippines, Mexico, Australia, Thailand, Romania, Malaysia, France, and United
Kingdom.
The
Company’s key areas of operations are formulations, Active Pharmaceutical
Ingredients (API), Drug Discovery, marketing and sales of Drugs. It has
manufacturing capacity at (i) Village Indrad, Dist. Mehsana, Gujarat,
(ii)Baddi, Dist. Solan, Himachal Pradesh, (iii) Gangtok, Sikkim and (iv) Dahej
SEZ Phaze II, Dist. Bharuch, Gujarat [This facility is expected to
commercialize during the next year].
Why
Torrent?
Torrent is one of the front runners in the
Indian Pharmaceuticals Industry having presence in India as well as
International Markets. The company’s revenues are mainly from manufacture and
sale of branded as well as unbranded generic pharmaceuticals products.
The Segmentation of
business can be depicted as under:
Branded Generics Generics
(Semi-Regulated
Markets) (Regulated Markets)
India Business Brazil, USA Germany, UK and Others
Philippines
& Others
Segment
Revenue (`
in Crore)
|
2014-15
|
2013-14
|
Growth
|
||
Amount
|
Share
|
Amount
|
Share
|
(%)
|
|
India
|
1,609
|
35%
|
1,161
|
28%
|
39%
|
Other Branded Markets
|
927
|
20%
|
838
|
20%
|
11%
|
USA
|
832
|
18%
|
776
|
19%
|
7%
|
Other Generic Market
|
990
|
21%
|
1,016
|
24%
|
-3%
|
Others/CRAMs
|
295
|
6%
|
393
|
9%
|
-25%
|
TOTAL
|
4,653
|
100%
|
4,185
|
100%
|
11%
|
Torrent
Pharmaceuticals Ltd – Core Competencies
With
Torrent’s Core competencies in Branded markets ever since 1970, - Branded
Markets remain a key priority for Torrent. Moreover, such markets offer
significantly higher visibility and sustainability to the business. Going
Forward, the strategic priorities includes the following:
1> Branded Markets
-
India Business: Continuous
focus on specialities and new products.
-
Scaling up in Key markets
in Branded Generics with stronger presence in (Cardiovascular) CVD & (Central
Nervous System) CNS markets (in markets like Brazil).
-
Harmonizing marketing
model and New Product Pipeline across Branded Generics markets.
2> Generics
Strengthening New Product
Pipeline through innovation and complex products for markets like USA and Europe.
Novel
Drug Delivery System (NDDS) & Pipeline Augmentation
## What is NDDS?
It is a method by which a
drug is delivered can have a significant effect on its efficacy. Some drugs
have an optimum concentration within which maximum benefit is derived and
concentration above or below this range can be toxic or produce no therapeutic
benefit at all.
A
new era of science and technology has evolved in pharmaceutical research
focused at development of different novel drug delivery systems. The evolution
of an existing drug from its traditional form to a novel delivery system may
considerably improve its performance in aspects of efficacy, safety and patient
compliance.
The new product pipeline also includes
several first time in the world Novel Drug Delivery systems which will give
Torrent the edge over competitors with negligible competition. As Torrent moves
towards branded markets and innovation with complex generics, the pipeline is
being augmented with new complex oral solids, ointments/creams and Injectables.
Countrywise
Performance
India
Company’s
formulation segment registered growth of 39% over the previous year on the back
of improved performance of all chronic segments as well as recovery in the
acute business through re-structuring initiatives taken up in the past year.
The integration of acquired Elder Pharma’s domestic formulation business
has further aided the growth of the India Business as the synergies in Pain,
Nutraceutical and Women Healthcare therapies have begun to yield results.
The
company is now among the top 15 companies in the domestic market and has
9 brands in top 500 brands of the Indian Pharma market. The company ranks among
the top 5 in Cardiology & CNS therapies and among top 10 in
Nutraceuticals and Gastrointestinal therapies. It also is among the fastest
growing companies in therapies like Dermatology, pain/wound care and Diabetes
which are identified future growth drivers for the India Business.
The
company entered the Nephrology market through a new division launch in the year
gone by. The company also entered new into an exclusive licensing agreement
with Reliance Life Sciences for marketing three biosimilars in India –
Rituximab, Adalimumab and Cetuximab.
Most interestingly between 2016 and 2020, drugs
worth $108 billion drugs are likely to go off-patent and biosimilars and
inhalers will account for nearly half ($52billion) of the market.
## What is Biosimilars?
Biosimilars are cloned
versions of biological drugs. Biologics are made from living cells, unlike
normal medicines that are manufactured from chemical substances. Biosimilars
are relatively difficult to develop and manufacture vis-a-vis traditional
generics. Traditional generics take 1 to 4 months to develop, whereas the time
taken by biosimilars is around eight years. Their development cost is relatively
higher at $100-200 million compared with the average cost of $1 to 5 million
for traditional generic drugs.
Brazil
During
2014-15 the Brazilian operations registered revenue of `606
crores which is the growth of 14% over previous year. Among the Indian Companies,
in terms of market share, Torrent ranks No 1 with the second largest less than
half of the size of Torrent. The company has 20 products under approval out of
which 2 products are expected to be approved during the coming year. The
company has a strong pipeline (product under development + under approval) of
48 products in Cardio Vascular, Central Nervous System and Oral Anti
Diabetic/Obesity Segment to augment future growth.
USA
Torrent,
despite being a late entrant in the US pharma market is ranked No 8 amongst
the US Generic Indian Companies and has a market share of around 10% in its
covered market. Revenues from US operations were `
832crores (USD132Mn) during the financial year 2014-15 as compared to `776
crores (USD 125Mn) during the previous financial year.
Given
the future market moving towards complex products, Torrent is significantly
ramping up its popeline with products like Ointments, Injectables, Specialty
Oral solids (Oncology).
In
US the company received 6 ANDA approvals in 2014-15. The company has 53 ANDA
approvals (including 5 tentative approvals) and its pipeline consists of 19
pending approvals and 40 products under development. The US business is
expected to contribute to the growth of international business in a significant
way.
## What is ANDA?
The full form of ANDA is
Abbreviated New Drug Application. An Abbreviated New Drug is an Application for
a US generic drug Approval for an existing licence medication or approved drug.
The ANDA is submitted to FDA’s Centre for Drug Evaluation and Research office
of generic drugs, which provides for the review and ultimate approval of a
generic drug product. Once approved, an applicant may manufacture and market
the generic drug product to provide a safe, effective, low cost alternative to
the American public.
Europe
(A) Germany
Among the Generic players, Torrent holds 6th
position with a market share of 4.2% and is ranked No 1 among Indian players in
the Market. Revenues from Germany from, during 2014-15, were `620
crores with a growth of 8%.
(B) Other Markets
Dossier out licensing and product supply
business continues to be an important part of the Europe business for the
Company; with revenues of `221
crores during FY 2014-15.
Contract
Manufacturing Segment
This segment registered revenue of `276
crores during FY 2014-15, a major portion of which is from manufacture of human
insulin. The company has been a stable partner for manufacture of human insulin
for Novo Nordisk for their India market needs.
## What is API?
The full form of API is
Active Pharmaceutical Ingredient. The dosage form for a pharmaceutical contains
the API, which is the drug itself, and excipients, which are the substances of
the tablet or the liquid. A drug is composed of two components. The first is
the actual APIs which are the central ingredient. The second is known as an
excipient. This refers to substance inside the drug or tablet. If it is in
syrup form, then the excipients are the inactive or inert substances present
inside a drug while the API is the chemically active substance, which is meant
to produce the desired effect in body.
MANUFACTURING
The company’s state of art manufacturing
facilities for formulation and API, have significantly contributed to the
demand of high quality products and in sustaining its growth and success.
New capital investments:
The Company has set up a
state of art formulation and API manufacturing facility at Dahej SEZ in
Gujarat. It started the process of getting the formulation plant approved by
various regulatory authorities viz. USFDA, BfArM – Germany for International
markets. The facility is expected to commercialize during the next year. During
the current year, the company has initiated an expansion of its current
manufacturing facility at Sikkim. The additional capacities would be available
within next two years timeframe.
New facility for Oncology
For the sake of
diversity, the company is planning to enter critical care therapy segment for
international markets by establishing integrated manufacturing facility for
drug substances and drug products (API & formulations) in oncology. The plant
is expected to become operational within next two years time.
Oyster Shell Plant
The company has set up a
manufacturing facility for Oyster Shell powder (natural calcium source), an API
for manufacture of ‘Shelcal’ Brand.
RESEARCH AND DEVELOPMENT
Discovery Research
The Company is currently
working on several in-house New Chemical Entities (NCE) projects within the
areas of metabolic, cardiovascular and respiratory disorders.
## What is NCE?
An NCE(
New Chemical Entity is a molecule developed by the innovator Company into the
early drug discovery stage, which after undergoing clinical trials could
translate into a drug that could be a cure for some disease.
The Company has
cumulatively filed 467 patents for NCEs from these and earlier projects in all
major markets of which, 224 patents have been granted /accepted so far. The
most advanced discovery program of the Company is Advanced Glycation
End-Products (AGE) Breaker, of which the Phase II clinical trials for the
indication of diabetes associated heart failure in India and Europe is
completed. Currently the scientific and commercial aspects for further clinical
development of the NCE are being evaluated. In the financial year 2013-14, the
Company completed the Phase-I (SAD) clinical trial of its third NCE for the
indication of acute kidney injury and in the financial year 2014-15, the
molecule has progressed to multiple dose studies. Another Multiple Ascending Dose
study for a second indication of inflammatory bowel disease has also been
initiated & is expected to be completed by Q1 2016-17. The Company has
published eleven well received research papers in above mentioned therapeutic
areas, in peer reviewed international journals describing various findings of their
NCE research.
THREATS, RISKS AND
CONCERNS
and MEASURES TAKEN
FOR MITIGATION
(A) Drug Price Control:
The National Pharmaceutical
Pricing Authority (NPPA), the governing body for controlling and monitoring the
prices of pharmaceutical products in India has further announced ceiling prices
of certain non-scheduled anti-diabetic and cardiovascular products which has been
challenged by the Industry in the Hon’ble Mumbai High Court. It is
likely that the government may bring more drugs and formulations under price
control or change the mechanism of calculating the ceiling price of the Drugs
which are under the ambit of the revised policy, which in turn will affect the
net margins of the Company. The Company manages its product portfolio so as to
minimize the product weightage of drugs under price control.
(B) New Product Approvals:
The success of any
Company is dependent on the continuous launch of the new products in the market.
In highly regulated business, the requirements to obtain regulatory approval
based on a product’s safety, efficacy and quality before it can be
marketed for an
indication in a particular country, as well as to maintain and comply with
licenses and other regulations relating to its manufacture and marketing, are
particularly important. The submission of an application to regulatory
authorities (which vary, with different requirements, in each region or
country) may or may not lead to the grant of marketing approval. Regulators can
refuse to grant approval or may require additional data before approval is
given, even though the medicine may already be launched in other countries.
The Industry is also subject to strict controls on the commercialization
processes for products, including their development, manufacture, distribution
and marketing. The Company manages the risk through careful market research for
selection of new products, detailed project planning and continuous monitoring.
(C) Geographical expansion:
The development of the
business in new markets is a critical factor in determining future ability to
sustain or increase global product revenues. This poses various challenges
including; more volatile economic conditions; competition from companies with existing
market presence; the need to identify correctly and to leverage appropriate
opportunities for sales and marketing; the need to impose developed market
compliance standards; inadvertent breaches of local and international law; not
being able to recruit appropriately skilled and experienced personnel;
identification of the most effective sales channels and route to market; and
interventions by national governments or regulators restricting access to
market and/or introducing adverse price controls. However the Company carefully
studies the business scenarios of the new market, prepares the business plan
and undertakes various researches to reduce the risk at the minimal level.
(D) Overseas markets:
The Company has expanded
operations into select overseas markets of Latin America and European Union.
Such expansion involves substantial business set up expenses, product pipeline
development expenses and a gestation time before revenues begin to accrue. The
Company faces the risk arising out of a failed or delayed market entry which
may significantly affect the future profitability and financial position. In
the US, there is a continuing trend towards consolidation of certain
customers groups such as wholesale drug distribution and retail pharmacies, as
well as emergence of large buying groups. The consolidation may result into
these groups gaining additional purchasing leverage and consequently increasing
the product pricing pressures. The result of such developments could affect the
sales volumes and price realizations of our products on an overall basis. In
Brazil where the Company sells branded generics, the pure generic
competition could adversely affect development of branded business. Price
erosions continue in the German generic market leading to shrinking
operating margins. Likewise in other European markets, regulatory
changes could affect price realizations. The risks are sought to be mitigated
through careful market analyses, improved management bandwidth, marketing
alliances and corporate management oversight.
(E) Manufacturing& Supplying Risk:
Although a major portion
of our finished formulations are being manufactured at in- house facilities, we
also depend on third party suppliers for sourcing in some of the markets. Any
significant disruption at any of such in-house facilities or third party
manufacturing locations due to internal, third party lapses even on the short
term basis due to economic, political & social unrest may lead to impair company’s
ability to produce, procure and ship products to the market on a timely basis
and could expose us to penalty and claims from customers. Company purchases
active pharmaceutical ingredient (API) and other materials that are used in
manufacturing operations from other foreign and domestic suppliers. Although
the Company has a policy to actively develop alternate supply sources for key
products subject to economic justification, there would be certain cases where
we have listed only one supplier in our application with regulatory agencies.
An interruption in the supply from single sourced material can impact the
financial performance of the Company. In addition, company’s manufacturing
capabilities could be impacted by quality deficiencies in the products which
supplier provides leading to impact on our financial performance.
(F) Product liability risks:
The business is exposed
to potential claims for product liability. These risks are sought to be managed
by appropriate laboratory and clinical studies for each new product, compliance
with Good Manufacturing Practices and independent quality assurance system. The
Company also has an insurance cover for product liability.
(G) Discovery research:
The key risks are high
rate of failure and long gestation period of a discovery project coupled with
significant upfront costs to be incurred before results are known. The Company
today may not have resources to carry through a discovery project to final
commercial stage for global markets. These risks are sought to be mitigated by
seeking suitable alliances with partners at appropriate stage to share the
risks and rewards of the project while continuing to develop the NCE’s for
India. Insurance is obtained to cover the risks associated with testing in
human volunteers and the Company may be subject to claims that are not covered
by the policy.
(H) New product risk:
New product development
and launch involves substantial expenditure, which may not be recovered due to
several factors including development uncertainties, increased competition,
regulatory delays lower than anticipated price realizations, delay in market
launch and marketing failure. The Company manages the risk through careful
market research for selection of new products, detailed project planning and
monitoring.
(I)
Litigation risks:
The Company faces the
risk of high costs of litigation with the patent-holder in its business of
international generic products. This risk is sought to be managed by a careful
patent analysis prior to development & launch of the generic products and
strategy of settlement with the patent holders on case-to-case basis,
particularly in the US market.
(J)
New capital investments:
The Company has commenced
building a new formulation and API manufacturing facility at Dahej. The
Company faces risks arising out of delay in implementation, cost overrun and inappropriate
implementation. The capacities are built in anticipation of demand and the
Company runs the risk of underutilization of capacities resulting in high
manufacturing cost. The risks are sought to be mitigated by forming appropriate
project management team and corporate management oversight.
(K) Currency fluctuation risks:
Currency risks mainly
arise out of overseas operations and financing activities. Exchange rate
fluctuations could significantly impact earnings because of invoicing in
foreign currencies, expenditures in foreign currencies, foreign currencies
borrowing and translation of financial statements of overseas subsidiaries into
Indian rupees. The Company has a defined foreign exchange risk management
framework to manage these risks, excluding translation risks.
(L) International Taxation:
Company has potential
tax exposure resulting from varying application of laws and interpretations
which include intercompany transactions with our subsidiaries in relation to
various aspects of our business. Although company’s cross border transactions
between affiliates are based on internationally accepted practices, tax
authorities in various jurisdictions may have different views or
interpretations and subsequently challenge the amount of profits taxed in their
jurisdiction resulting into increase in tax liability, including interest and
penalties causing the tax expenses to increase.
(M)
Future Acquisition proposals:
Company’s monitoring
team continuously look for opportunities in order to expand the product line
either through complimentary or strategic acquisitions of other companies,
asset acquisition, licensing agreements or any other arrangement. Any such
acquisitions, may involve significant challenges in terms of integration with
existing operations which may lead to requiring considerable amount of time,
resources and effort. This may lead to temporary disruption of ongoing
business; affect relations with the employees, customers with whom we have been
dealing.
(N) Dependence on information
technology:
In today’s world
companies are highly dependent on information technology systems and related
infrastructure. Any breakdown, destruction or interruptions of this system
could impact the day to day operations. There is also a risk of theft of
information, reputational damage resulting from infiltration of a data centre,
data leakage of confidential information either internally or otherwise. The
Company has invested appropriately in the protection of data and information
technology to reduce these risks.
FINANCIALS
Net Sales and other operating
income
Consolidated net sales
grew by 14% to ` 4,585 crores
from ` 4,036 crores in the previous year.
EBIDTA
EBIDTA during the year
stood at 27% compared to 23% in the previous showing an improvement by 4%
mainly on account of FOREX gain. The SG&A and R&D expenses during the
year have gone up 2% during the year compared to the previous year.
Net Profit after Tax (PAT)
The net profit after
taxes for the financial year 2014-15 was ` 751 crores
compared with ` 664 crores during the previous financial year,
an increase of 13%.
Net Interest Expense
Net Interest Expenses
amounted to ` 161 crores compared to ` 21 crores
during the previous financial year. The interest expenses are higher on account
of the acquisition related borrowings during the year.
Depreciation and Amortization
Depreciation and
amortization charge during the financial year 2014-15 was ` 191 crores as compared with ` 87 crores during the previous year. This
includes amortization of intangibles relating to the acquired branded
formulation business of Elder Pharmaceuticals during the year.
Income Tax
The income tax charge
for the financial year 2014-15 stood at ` 189 crores
compared to ` 180 crores in financial year 2013-14.
Debt
The net long-term
borrowing increased by ` 1,445 crores
during the year to ` 2,421 crores
at the end of FY 2014-15 from ` 921 crores
at the end of FY 2013-14. Increase in long term borrowings is mainly
attributable to acquisition of branded formulation business of Elder
Pharmaceuticals Limited.
Fixed Assets
The net investment in
fixed assets during the year was ` 2,026
crores; comprising addition in gross assets, capital advances and capital work
in progress of ` 2,251 crores
reduced by increase in accumulated depreciation of ` 166 crores.
Addition to fixed assets mainly includes intangibles related to acquisition of
domestic formulation business of Elder Pharmaceuticals Limited.
Chartered
Accountants
Deloitte Haskins & Sells is the Company’s
Chartered Accountants, having immense experience in the related field. The firm is reputed one and has many large
audit assignments in top leading listed public limited companies in India.
Share
Performance
Torrent’s share price was quoting at ` 524 at National Stock Exchange (NSE) on March 2014. It has made high
of ` 1700 plus recently. Now it is trading at range
of `
1500 marks. So, it got tripled in one and half year plus timeframe. Still it
has a potential to go long ways. So, one can add this script systematically by
seeking opportunity in dull market condition.
Conclusion
I personally hold Torrent Pharmaceutical Ltd.
in my portfolio apart from other pharma stocks. Further, I am not an investment
advisor as per SEBI guidelines. The opinions are personal. The above
discussions are only meant for educating readers. The intention is to share
knowledge to enrich potential investor and also get enriched by their feedback.
My views are not biased.
