MUMBAI: Shares of Cairn India Ltd on Friday climbed over 5 per cent to hit a record high of Rs 358 on the BSE amid reports that Vedanta Resources is in talks to buy a majority stake in the subsidiary of UK-based Cairn Energy.

The scrip, which was flat for most of the session, shot up in the final hour of trade on the Bombay Stock Exchange to settle with a net gain of 4.36 per cent at Rs 355.45.

Analysts said the stock zoomed on reports that Vedanta is in talks to buy a 51 per cent stake in Cairn India from its parent firm, Cairn Energy, which holds a 62.4 per cent stake. The deal size is estimated to be between USD 8-8.5 billion.

“The deal is positive for the stock, as even the lower- end of the deal ($8 billion) will value Cairn India at USD 15.7 billion compared to the current market cap of $14.4 billion,” Elara Securities analyst Alok Deshpande said.

“In the short term, we expect the stock to rally towards the deal valuation upon the official announcement, which is expected on August 16, according to media reports,” he added.

Cairn India’s parent company, Cairn Energy Plc, also zoomed nearly 2 per cent on the London Stock Exchange and was being quoted at 4.61 pounds in late afternoon trade.
In contrast, NRI billionaire Anil Agarwal-led Vedanta Resources Plc plunged by 5.5 per cent to 20.61 pounds on the LSE.In addition, Sterlite Industries, a Vedanta Group firm, sank by over 4 per cent to close at Rs 160.70 on the Bombay Stock Exchange. Sterlite was the biggest loser in the Sensex pack today.

“If the deal happens, it is obvious that Vedanta is planning to be a long-term investor. In that case, we feel the deal valuation is fair, considering our expectations of a reserve upside from other Rajasthan fields in some time in the future,” Deshpande said.

The Milwaukee Brewers made their latest move ahead of Major League Baseball’s trade deadline Saturday, sending reliever Craig Yoho and outfielder Blake Perkins to the Cleveland Guardians in exchange for catcher Bo Naylor and pitcher Codi Heuer.

Brewers President of Baseball Operations Matt Arnold completed the deal early Saturday morning, adding another transaction to Milwaukee’s busy stretch of trade deadline activity with just a few days remaining before the deadline closes. The trade came as something of a surprise given that catcher had not previously been viewed as a position the Brewers needed to address, with veteran Gary Sánchez having served as the team’s backup catcher for the entirety of the season and posting a strong 118 OPS+ in that role. Sánchez has been particularly effective against left-handed pitching, hitting .274 with an .878 OPS in matchups against lefties this season.

Naylor, by contrast, has struggled offensively at the major league level this season, hitting .143 with a .438 OPS and a 23 OPS+. The 26-year-old was optioned to the minor leagues earlier this season and had accumulated just 84 at-bats at the big-league level before the trade. Despite his struggles this year, Naylor carries more than 1,000 career major league at-bats and has hit 40 career home runs, giving him a more extensive track record than his current-season numbers alone would suggest.

Given Naylor’s offensive struggles relative to Sánchez’s production this season, the trade initially appears to represent a downgrade at the position on paper. According to Curt Hogg of the Milwaukee Journal Sentinel, the addition of Naylor could open the door for the Brewers to move Sánchez in a separate trade before the deadline passes, suggesting Saturday’s deal may be connected to broader roster maneuvering the front office has planned for the position rather than representing the full scope of Milwaukee’s catching plans for the stretch run.

The trade also included the departure of Perkins, who had clearly fallen out of favor within the organization over the course of the season. Perkins lost his spot on the major league roster on multiple occasions this year amid ongoing offensive struggles at the plate. He had retained some support from Brewers manager Pat Murphy despite those struggles, but with limited offensive production, Perkins had few remaining paths to consistent big-league playing time heading into the trade.

Perkins’s inclusion in the deal allowed the Brewers to also acquire Heuer, a journeyman relief pitcher who has posted largely mediocre results in his limited major league appearances this season, carrying a 4.66 ERA at the big-league level. Heuer has spent the majority of the current season pitching at the Triple-A level, where his performance has been notably stronger, posting a 3.46 ERA in that role.

Both Naylor and Heuer are being assigned to Triple-A Nashville upon joining the Brewers organization, meaning Milwaukee effectively traded two players who had been contributing directly to its major league roster depth in exchange for two players who will begin their tenure with the organization at the Triple-A level. That structure has left some analysts characterizing the trade as somewhat puzzling when viewed in isolation, since it does not appear likely to meaningfully upgrade Milwaukee’s current major league roster on its own. The deal is widely viewed as more likely a precursor to additional moves the Brewers front office plans to make before the trade deadline closes, rather than a standalone transaction intended to directly address an immediate roster need.

Saturday’s trade extends a busy stretch of activity for Milwaukee’s front office as the deadline approaches. The Brewers had previously acquired pitchers Lance McCullers Jr. and Colton Gordon in a trade with the Houston Astros earlier in July, adding to a series of moves aimed at bolstering the team’s roster ahead of the postseason push. Milwaukee entered the weekend with a strong 67-41 record, positioning the team among the league’s contenders as the deadline approaches.

Both Yoho and Perkins had spent time as part of Milwaukee’s major league roster depth this season, with Yoho working out of the bullpen and Perkins serving in an outfield role, before their departures as part of Saturday’s trade with Cleveland. Neither player had established themselves as a clear long-term fixture on the Brewers roster heading into the trade, a dynamic that likely factored into the front office’s willingness to include both players in the package sent to Cleveland in exchange for Naylor and Heuer.

With Milwaukee’s front office having already been active throughout the month of July and the trade deadline still several days away, additional moves from the Brewers front office remain a distinct possibility as the team continues working to reshape its roster ahead of the stretch run, particularly given the suggestion that Saturday’s acquisition of Naylor could set the stage for a separate trade involving Sánchez before the deadline period concludes.

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