L&T-Mindtree Saga, Oil Prices, and Top Stocks in Action Today

Thu, 28 Mar Pre-Open

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On Wednesday, share markets in India witnessed most of the selling pressure during closing hours and ended marginally lower after a volatile day of trading.

The BSE Sensex closed lower by 101 points to end the day at 38,133. NTPC and Tata Motors were among the top losers.

While the broader NSE Nifty ended down by 38 points to end at 11,445.

Among BSE sectoral indices, energy stocks fell the most by 1%, followed by healthcare stocks and telecom stocks.

Top Stocks in Action Today

Lupin share price will be in focus today as the company has received approval for its Tadalafil Tablets USP, 2.5 mg, 5 mg, 10 mg, and 20 mg, from the United States Food and Drug Administration (FDA) to market a generic version of Eli Lilly and Company's Cialis Tablets.

GMR Infra share price will be in focus today as the company announced a proposed investment by Tata Group, an affiliate of GIC, Singapore's sovereign wealth fund and SSG Capital Management in its Airports Business.

A binding term sheet has been signed by GMR Infra on Wednesday, pursuant to which the investors have agreed to invest Rs 80 billion in GMR Airports.

Market participants will also track Vedanta share price.

Reportedly, the company has notified the management committee, Directorate General of Hydrocarbons and Ministry of Petroleum and Natural Gas of an oil discovery in the second exploratory well H2, located in the block KG-OSN-2009/3, Krishna-Godavari Basin, East Coast of India.

From the Commodity Space...

Oil prices declined on Wednesday, reversing earlier gains, as further disruptions to Venezuela's crude exports were offset by a report that US inventories rose last week.

Venezuela's main oil export port of Jose and its four crude upgraders were unable to resume operations following a massive power blackout on Monday, the second in a month.

Crude exports from the key OPEC member have dropped sharply since Washington in January banned US refiners from buying Venezuelan oil.

Oil prices have risen more than 25% this year, supported by supply curbs by the Organization of the Petroleum Exporting Countries and other major producers, along with US sanctions on exports from Venezuela and Iran.

Corporate Battle

Mindtree share price on Wednesday, decided to drop its buyback plan. As per an article, after its previous board meeting on March 20, the Mindtree board informed it would constitute a committee of independent directors to evaluate the open offer proposal of L&T.

Here's an excerpt from the article:

• The board has decided not to proceed with a buyback of equity shares of the company. Further, it decided to immediately constitute the Committee of Independent Directors in the interests of all stakeholders to provide their reasoned recommendation in respect of the unsolicited offer by L&T.

As per market regulator norms, a share buyback is possible only when an open offer is in place after receiving approval from 75% of the shareholders.

Meanwhile, after acquiring 20.3% from Mindtree's key shareholder V G Siddhartha, L&T on Tuesday said its open offer for Mindtree would open on May 14 at Rs 980 a share.

Reportedly, L&T will spend an additional Rs 50.3 billion in the open offer to acquire another 31% from Mindtree's shareholders to take majority control in the company.

How this offer pans out remains to be seen. Stay tuned.

Operation Mission Shakti

On Wednesday, Prime Minister Narendra Modi announced that India had demonstrated anti-satellite missile capability by shooting down a live satellite. Addressing the nation, the prime minister said India's action was not directed against any country.

As per an article in a leading financial daily, Mission Shakti, which was led by the Defence Research and Development Organization, was aimed at strengthening India's overall security.

Here's an excerpt from the article:

• Shooting down a low earth orbit satellite is a rare achievement for the country. The satellite was orbiting at an altitude of 300 km.
  
  Mission Shakti operation was a difficult target to achieve and was completed successfully within three minutes of launch. This was a test operation carried out by India and was not targeted against anyone.
  
  India joins USA, Russia and China with the capability to hit Low Earth Orbit satellite with an A-SAT missile.

As per Tanushree Banerjee, Co-head of research at Equitymaster, India is set to ride the defence wave that countries like US and China have seen in past few decades.

She has just published a premium report with details of 3 Bullet Proof Stocks that are all set to ride India's defence boom.

If you've subscribed to her premium stock recommendation service StockSelect, click here for the report.

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