Cadila beat a lot of MNC competition with reports stamping their approval on PAT growth 50% yoy for the quarter boosted by on time forex profits of $45million and a revenue tick of $275 million almost twice the size of a GSK Pharma quarter of $150 million revenues, Cadilla scoring $30 million in profits at 10% NPAT and GSK Pharma at almost 10% with a $1.5 mln NPAT. The Pharma lot look surefooted and steady even as the Phase I winners wave by with pressures on Volumes, FDA disapprovals and new Excise regulations esp at Ranbaxy and Dr Reddy. The sector and its allied winners in Biotechnology are increasingly getting good vibes for taking revenues to the next level of $10 bln each from the current park of $1 - $ 4billion for the year just a tad ahead of the auto ancilliary specialists with $200 mln revenues etc. Emerging Markets should now steam roll some bigger numbers from this sector and we're hoping!

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