But leaving that aside, the broader cyclical story also appears me to be to be somewhat suspect -- whether it is industrial stocks or cement stocks at these valuations. They really do not need the cash and I am looking to add pharma stocks where 80-90% of the cash is being returned effectively a dividend yield of around 6% which is close to your 10-year GSec. Coming to pharma, the growth template for the future is reasonably clear. Your coffee business has degrown. What is the reason for that because historically coffee business has usually underperformed for you.

Source: Economic Times August 14, 2017 06:01 UTC