Block deals today: Avalon Tech founders to sell stake, Rs 450 crore worth Gland Pharma shares may change hands

Shares of Avalon Technologies Ltd and Gland Pharma Ltd are in focus on Wednesday morning as the two counters are likely to see block deals today. 
In the case of Avalon Technologies, founders including Bhaskar Srinivasan may off load up to 50 lakh shares, accounting for 6 per cent of the equity outstanding, via block deals. As per the term sheet, the indicative price band is set at Rs 2,150-2,302 against Tuesday's closing price of Rs 2,302. The offer size stands at Rs 860-920 crore, with Nomura Financial Advisory and Securities India managing the deal.

Meanwhile, a report suggests Gland Pharma may see 15 lakh shares changing hands today. The size of the block deal is pegged at Rs 450 crore while floor price is seen at Rs 2,990 per share, CNBC Awaaz reported.

Target prices
Avalon Tech has nine 'Buy', three 'Hold' and seven 'Sell' calls. The stock received 'Sell' from Kotak Securities on September 28, with a target of Rs 1,740. It received 'Underperform' from JPMorgan on September 24, with a target of Rs 1,650. The 12-month Bloomberg consensus target on the stock at Rs 1,962 per share suggests 14.80 per cent potential downside ahead.

Gland Pharma, on the other hand, has 11 'Buy' calls, three 'Hold' and four 'Sell' calls. Its 12-month Bloomberg consensus target stands at Rs 2,867.88 implying 4 per cent potential downside. Amit Capital has 'Sell' on the stock with a target of Rs 1,940. 360 One Capital has 'Buy' on the stock with a target of Rs 3,050.