@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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