Cairn buy back disappoints, markets choppy ahead of expiry, all buys for day 3 of the game

Global cues stayed fairly supportive with Nasdaq crossing 4000 for the first time since 2000.  But domestically FII’s and DII are net sellers, rollovers suggest fresh shorts and markets look choppy ahead of expiry.

Cairn announced a buy back of ~ Rs 5700 cr – an open market purchase with a maximum price of Rs 335/-.  This is a little disappointing considering that their first open offer when Vedanta bought the stake from Cairn was at Rs 355 per share.  Also when Vedanta, the UK company transferred this stake to Sesa-Sterlite was at Rs 391- per share.  Market was clearly building in a better buy back price and this is likely to create an overhang in the stock.

Coming to the stock game on ET Now once again I have all buys for the 3rd day of the game:

BHEL  tgt 153 sl 146
Indian Hotels  tgt 52  sl 48.8
Aurobindo Pharma  tgt 298 sl 289
Tata Global  tgt 149  sl 144


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