Stocks to watch out for: JP Associates, UltraTech, M&M, Biocon

UltraTech-JP Associates: The boards of Jaiprakash Associates and UltraTech Cement approved an amendment to the draft sale agreement the companies had signed in March outlining the sale of JP's cement business to the latter.

The companies today said UltraTech would buy JP's operating cement units across five states having aggregate capacity of 17.2  million tonnes per annum (MTPA) along with a grinding unit of 4 mtpa currently under implementation.

The total size of the deal would come to Rs 16,189 crore, plus an additional Rs 470 crore on completion of the grinding unit. The deal price is slightly higher than the previously-agreed price of Rs 15,900 crore between the companies.Mahindra & Mahindra: Motilal Oswal Upgrades to Buy. Target price of Rs 1,724; Upside of 18 percent. After 4-year gap, both UVs & tractors to deliver double-digit volume growth. Expect 14 percent volume growth over FY16-18. Government's target to double farm income in 5 years to help tractor volumes. Addressed product gap issues in UVs with successful launches like KUV100. Biocon: CLSA marginal upside even in a blue-sky scenario. Recent run-up on co filing 4 biosimilars in regulated markets in FY17. Biosimilar is a large opportunity, but full of uncertainty. In a Blue Sky scenario, total value comes to Rs 780. Maintain Sell, Target raised to Rs 480 versus Rs 440 earlier.IndusInd Bank: Sources say IndusInd Bank likely block deal of 25 lakh shares. Block deal expected at 2 percent discount to CMP.IFCI: Infrastructure lender IFCI has sold about 0.5 percent stake in NSE for Rs 89 crore at a time when the bourse is firming up plans for listing.

IFCI sold 2.25 lakh shares, or a 0.5 percent stake, in the stock exchange at a price of Rs 3,950 apiece, IFCI said in a regulatory filing.