Sun Pharma, IDFC, SKS Micro make it to top 10 stocks

Sun Pharmaceutical Industries Ltd is selling erstwhile Ranbaxy's two divisions in central nervous system (CNS) segment in India to Strides Arcolab for Rs 165 crore. Sun Pharma and Strides have entered into a definitive agreement related to erstwhile Ranbaxy's 'Solus' and 'Solus Care' divisions operating in the central nervous system (CNS) segment in India, the company said in a statement. The agreement involves transfer of these two marketing divisions, along with employees to Strides for a consideration of Rs 165 crore, it added.

Commenting on the development, Sun Pharma CEO-India Business Abhay Gandhi said: "The agreement with Strides is part of our strategy to firmly consolidate our CNS business in India." Post successful completion of Ranbaxy's merger, Sun had an opportunity to assess the entire portfolio of its India Business, he added.IDBI Bank may be recast on Axis Bank lines as it's not under Banking Act. IDBI currently under IDBI Act. Banks owned by agencies owned by the govt, like Axis are more efficient.Infrastructure finance firm IDFC on Saturday said it has got regulatory approval to utilise Rs 2,500 crore non-distributable reserves for provisions against bad loans as part of exercise to clean its book before venturing into universal banking. The regulator has now granted the approval to utilise non-distributable Statutory Reserves up to Rs 2,500 crore for creation of specific provisions against stressed assets, IDFC said in a BSE filing. "These additional provisions are being created after a careful examination of the stressed assets portfolio and in accordance with our philosophy of prudent risk management and transparency," it said. These provisions are far in excess of the regulatory requirement and exceptional in nature as indicated in our investor call post our quarterly results for quarter ended June 30, it said. In an earlier filing, IDFC had said that it will make an additional provision in the second quarter of this fiscal against coal and gas power assets, as it transitions into a bank by the end of the period. IDFC said with these additional provisions, its net worth will reduce by approximately Rs 1,600 crore.SKS Micro stock was down by 16 percent on Friday. Big delivery selling of Rs 200 crore. Delivery volumes of 46 lakh versus 10-day average of 7 lakh shares. Credit Suisse on SKS MICRO is that upgrade the stock to Outperform from Neutral. Target Price of Rs480/share. Not getting a bank licence is not the end of story. Potential benefits from banking licence would be visible only 5 years later. Bank licence would have led to 36 percent dilution, an immediate negative on stock. Stock price fall provides good opportunity. Company remains the fastest growing NBFC in coverage. Stock is attractive at 13.4x FY17 P/E. Hotel Leela agrees to sell Goa hotel to Malaysian firm. Company agrees to sell Goa hotel for Rs 725 crore. Management says sale in-line with strategy to restructure debt. Total debt stands at Rs 5,018 crore as of March 31. FY15 finance expense at Rs 197 crore. Goa hotel of 206 keys implies a valuation of Rs 3.5 cr/room. Goa property is the best performing hotels of company. Contributed 18 percent to total revenue in FY15. Contributed 38 percent to FY15 EBITDA. Average room rev at Rs 16,304, highest among all 8 properties.Mint reports that Ashok Leyland financing arm plans Rs 600 croreIPO at valuation of near Rs 4,000 crore. Hinduja Leyland Finance listing planned by H2FY17. PE firm Everstone Group to make partial exit. Hinduja Leyland is jointly owned by co & other entities of the Hinduja Group. Asian Paints proposes to set up a paint manufacturing plant at Mysuru, Karnataka. Plant will achieve capacity of 6 lakh kl per annum. Plant to be set up In phased manner at approximate cost of Rs 2,300 crore. Move is subject to due diligence, regulatory approvals.Credit Suisse View on Lupin none of the form 483 observations had data integrity problems. Of nine observations, a critical one was in lab control systems. Risk of adverse event is significantly reduced with 2 approvals from Goa. Among formulation facilities, Mandideep yet to be inspected. Mandideep accounts for approx 5 percent of FY16e EPS.Business Standard reports Tilaknagar Industries contours of deal with Allied Blenders' Kishore Chhabria may change. Tilaknagar Industries likely to issue preferential shares to Kishore Chhabria. Preferential allotment & mandatory open offer could see Chhabria own 45-50 percent. Buyout of Allied Blenders may cost Rs 250-400 crore. Infusion likely to bring relief to company which has a debt of Rs 800 crore.