Reco price/date: Rs 225/Dec 19;
Current/Target price: Rs 223/Rs 220
DLF has entered into a binding agreement to sell Aman resorts for $300 million. Proceeds of the divestment are expected to be used largely for debt reduction. This comes on the back of big-ticket Mumbai asset sale in October. The company is now closer to achieving its net debt target of Rs 185 billion by March 2013. This debt reduction, coupled with high-value NCR launches, has the potential to significantly turn around cash flow for the company. Neutral.
J P Morgan Asia Pacific Equity Research
Reco price/date: Rs 520/Dec 24;
Current/Target price: Rs 519/Rs 600
Glenmark Pharmaceuticals (Glenmark Pharma) has entered into an agreement with Forest Laboratories Inc (Forest Labs) to develop novel mPGES-1 inhibitors to treat chronic inflammatory conditions, including pain. Under the terms of agreement, Forest Labs will make a $6-million up-front payment and provide an additional $3 million to support the next phase of work. Analysts expect strong performance in branded generics business to continue. Maintain 'Buy'.