Religare Enterprises' health insurance arm has sold 80% of its stake to investors led by Indian private equity fund True North. The deal, which is pending regulatory approval, values Religare Health Insurance at Rs. 1,300 crore. The deal will fetch Religare approximately Rs1,040 crore. Religare management noted that the acquisition is part of Religare's effort to focus on "core business" in financial services.

The stake sale comes as the promoters of Religare, the Singh brothers, are fighting a case against Japanese firm Daiichi Sankyo, which had acquired a majority stake in Ranbaxy in 2008, and has accused the Singh brothers in court of hiding crucial information prior to the acquisition. A Singapore tribunal ordered the brothers to pay Daiichi Rs.2,562 crore in damages, which they are contesting in the Delhi High Court.

Avenue Supermarts (DMart) has gained further today, up over 6% to another record high since markets opened. Large funds are reportedly investing in the stock, driving up the share price beyond expected ceilings, giving a further bonanza to retail investors holding the stock. Based on estimated earnings of the company, the share price has crossed reasonable valuations but continues to climb. 

Stock in spotlight: Neuland Laboratories hit a new 52 week in the past week, but has received two observations from the USFDA related to quality standards after an inspection of its manufacturing facility in Hyderabad.

Photo of the day: Kites fly during the 31st International Kite Festival on Thursday. The festival is held every April. Thibault Camus/AP