Synopsis
Every sector goes through a phase when managements become over-optimistic, taking decisions that should have been avoided. But then, with time, either due to macro factors or some other reason, the rosy projections and assumptions are put to test and reality dawns on many. Indian pharma firms, especially the mid-caps, have gone through a similar cycle. A number of them have more realistic managements now. Capital allocation has become better and, in some cases, the capex done in the last few years is close to showing impact.
While looking for stocks that will create wealth for you, there are a couple of things that need to be considered. One: As a country, India should have some edge in that sector. And two: There has to be growing global demand. Only with these two factors will mid-sized companies be able to grow. There is enough evidence to show that this has worked in the past. Just to put this in perspective, ask yourself this question: Why did the Indian IT
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