L&T’S Acquisition of Mindtree Limited: Is It Worth Contesting?

On March 18, 2019, Larsen & Toubro (L&T) made an open offer to buy up to a 31% stake in Mindtree (MT), which was among the top 10 information technology (IT) companies in India. L&T had already purchased the 20.41% stake that V. G. Siddhartha (VGS), the largest individual investor in Mindtree, was looking to sell. Mindtree’s promoters felt that the acquisition by L&T would add no value for the shareholders of the company. They had considered the option of buying VGS’s stake and had discussions with suitors who had shown interest in the same. The latter included PE firms such as Kohlberg Kravis Roberts & Co. (KKR) and Baring PE Asia. However, in the end, L&T ended up buying the stake given the price it was willing to offer and the good relationship that its CEO, S. N. Subrahmanyan had with VGS. This led to the first hostile takeover in the Indian IT Industry.

The struggle between L&T and Mindtree’s founders left investors in a lurch. While Mindtree’s promoters released a statement stating that L&T’s offer was value-destructive for shareholders, they could not provide any better alternatives. As the founders and L&T continued to lock horns, the investor needed to decide whether L&T had offered a fair deal.

Recent trends in gas sensing via carbon nanomaterials: outlook and challenges

The presence of harmful and poisonous gases in the environment can have dangerous effects on human health, and therefore portable, flexible, and highly sensitive gas sensors are in high demand for environmental monitoring, pollution control, and medical diagnosis. Currently, the commercialized sensors are based on metal oxides, which generally operate at high temperatures. Additionally, the desorption of chemisorbed gas molecules is also challenging. Hence, due to the large surface area, high flexibility, and good electrical properties of carbon nanomaterials (CNMs) such as carbon nanotubes, graphene and their derivatives (graphene oxide, reduced graphene oxide, and graphene quantum dots), they are considered to be the most promising chemiresistive sensing materials, where their electrical resistance is affected by their interaction with the analyte. Further, to increase their selectivity, nanocomposites of CNMs with metal oxides, metallic nanoparticles, chalcogenides, and polymers have been studied, which exhibit better sensing capabilities even at room temperature. This review summarizes the state-of-the-art progress in research related to CNMs-based sensors. Moreover, to better understand the analyte adsorption on the surface of CNMs, various sensing mechanisms and dependent sensing parameters are discussed. Further, several existing challenges related to CNMs-based gas sensors are elucidated herein, which can pave the way for future research in this area.

Working capital allocations and productivity: empirical issues and role of asset utilization

Purpose

The article highlights potential mismeasurement in working capital allocations among academicians and practitioners and revisits the relationship between firms' working capital and productivity, as evident from their values.

Design/methodology/approach

The research design acknowledges the relative role of firms' working capital vis-a-vis other assets in generating revenue, thereby effectively accounting for the overall asset efficiency in influencing firm value. The authors use a multivariate framework to draw inferences from the marginal impact of working capital and its components on firm value while controlling for asset utilization.

Findings

The authors find that, after accounting for asset utilization, the marginal impact of working capital and its components on firm value is quite weak. The results are consistent with the hypothesis that firms' trade-off between short-term and long-term assets per se should not have any value implications. After controlling for their asset turnovers, the authors find that higher allocations to working capital relative to other assets are not necessarily value-destructive. The findings contrast with the past literature.

Research limitations/implications

The article, through its analytical and empirical insights, suggests that working capital allocations should be measured by managers and academicians relative to firms' other asset rather than their sales. Firm values should, therefore, be compared based on firms' overall asset utilization rather than inter-temporal allocations to short-term versus long-term assets.

Originality/value

Contrary to the existing literature so far, the article explicitly acknowledges the relative role of firms' other assets, and hence the overall asset utilization, to infer the marginal impact of working capital on firm value.

Relative changes in tocopherols, isoflavones, total phenolic content, and antioxidative activity in soybean seeds at different reproductive stages

Immature seeds of soybean are becoming increasingly popular as a snack/vegetable to harness the health benefits of soybean. They are shelled from the immature pods picked from the mother plant at different reproductive stages. Information concerning changes in antioxidant constituents and antioxidant capacity during reproductive phases of soybean seeds is scarce. The aim of the present study was to determine whether immature seeds picked at different reproductive stages differ in tocopherol, isoflavone, total phenolic contents, free radical scavenging activity, and total antioxidative capacity. Seeds shelled from the soybean pods picked at three reproductive stages (R5, R6, and R7) as well as at full maturity were subjected to high-performance liquid chromatography analyses for tocopherol and isoflavone contents. Significantly higher values (P<0.05) were observed for tocopherols and isoflavones in immature seeds picked at late reproductive stages. At the first reproductive stage, that is, R5 stage, delta-tocopherol was the predominant form of tocopherol, whereas in subsequent reproductive stages as well as at complete maturity stage, the gamma-isomer contributed maximum proportion to the total tocopherol content. Genistein was, in general, the major form of isoflavone at all reproductive stages. Reduction in free radical scavenging activity, total antioxidant capacity, and total phenolic content in late-picked seeds concomitant with increased concentration of tocopherol and isoflavone isomers was observed. The results show that bioactive constituents other than isoflavones and tocopherols may decline with the advancement of maturity.

Enzymatic synthesis of isopropyl myristate using immobilized lipase from Bacillus cereus MTCC 8372

A purified alkaline thermo-tolerant bacterial lipase from Bacillus cereus MTCC 8372 was immobilized on a Poly (MAc-co-DMA-cl-MBAm) hydrogel. The hydrogel showed approximately 94% binding capacity for lipase. The immobilized lipase (2.36 IU) was used to achieve esterification ofmyristic acid and isopropanol in n-heptane at 65 degrees C under continuous shaking. The myristic acid and isopropanol when used at a concentration of 100 mM each in n-heptane resulted in formation of isopropyl myristate (66.0 +/- 0.3 mM) in 15 h. The reaction temperature below or higher than 65 degrees C markedly reduced the formation of isopropyl myristate. Addition of a molecular sieve (3 A x 1.5 mm) to the reaction mixture drastically reduced the ester formation. The hydrogel bound lipase when repetitively used to perform esterification under optimized conditions resulted in 38.0 +/- 0.2 mM isopropyl myristate after the 3rd cycle of esterification.

The release dynamics of model drugs from the psyllium and N-hydroxymethylacrylamide based hydrogels

In order to utilize the psyllium husk, a medicinally important natural polysaccharide, for developing the novel hydrogels for the controlled drug delivery device, we have prepared psyllium and N-hydroxymethylacrylamide based polymeric networks by using N,N'-methylenebisacrylamide (N,N'-MBAAm) as crosslinker. The polymeric networks thus formed were characterized with scanning electron micrography (SEM), FTIR and thermogravimetric analysis (TGA) techniques to study various structural aspects of the networks and also with the swelling response of the polymeric networks as a function of time, temperature, pH and [NaCl]. Equilibrium swelling has been observed to depend on both structural aspects of the polymers and environmental factors. Maximum P(s) 748.3 was observed at 13.0 x 10(-3)mol/L of [N,N'-MBAAm] in 0.5M NaOH solution. The release dynamics of model drugs (salicylic acid and tetracycline hydrochloride) from hydrogels has also been discussed, for the evaluation of the release mechanism and diffusion coefficients. The effect of pH on the release pattern of tetracycline has been studied by varying the pH of the release medium. In release medium of pH 7.4 buffer the release pattern of tetracycline drastically changes to the extent that mechanism of drug diffusion shifted from non-Fickian diffusion to Fickian diffusion. It has been observed that diffusion exponent "n" have 0.71, 0.67 and 0.52 values and gel characteristic constant 'k' have 1.552 x 10(-2), 2.291 x 10(-2) and 5.309 x 10(-2) values in distilled water, pH 2.2 buffer and pH 7.4 buffer, respectively, for tetracycline release. In solution of pH 7.4 buffer, the rate of polymer chain relaxation was more as compare to the rate of drug diffusion from these hydrogels and it follows Fick's law of diffusion. The value of the initial diffusion coefficient for the release of tetracycline hydrochloride was higher than the value of late time diffusion coefficient in each release medium indicating that in the start, the diffusion of drug from the polymeric matrix was fast as compare to the latter stages.

Enhancement of ethyl propionate synthesis by poly (AAc-co-HPMA-cl-MBAm)-immobilized Pseudomonas aeruginosa MTCC-4713, exposed to Hg2+ and NH4+ ions

A purified alkaline thermo-tolerant bacterial lipase from Pseudomonas aeruginosa MTCC-4713 was immobilized on a poly (AAc-co-HPMA-cl-MBAm) hydrogel. The hydrogel-bound lipase achieved 93.6% esterification of ethanol and propionic acid (300 mM: 100 mM) into ethyl propionate at temperature 65 degrees C in 3 h in the presence of a molecular sieve (3 angstroms). In contrast, hydrogel-immobilized lipase pre-exposed to 5 mM of HgCl2 orNH4Cl resulted in approximately 97% conversion of reactants in 3 h into ethyl propionate under identical conditions. The salt-exposed hydrogel was relatively more efficient in repetitive esterification than the hydrogel-bound lipase not exposed to any of the cations. Moreover, bound lipase exposed Hg2+ or NH4+ ions showed altered specificity towards p-nitrophenyl esters and was more hydrolytic towards higher C-chain p-nitrophenyl esters (p-nitrophenyl laurate and p-nitrophenyl palmitate with C 12 and C 16 chain) than the immobilized lipase not exposed to any of the salts. The later showed greater specificity towards p-nitrophenyl caprylate (C 8).

Use of apple pomace as a source of dietary fiber in cakes

Dried and powdered apple pomace was passed through 30, 50 and 60 mesh sieves to get pomace of varying particle size. Blends were prepared by mixing 5, 10 and 15 percent pomace from each of the three particle sizes with wheat flour. The blends were evaluated for cake. Batter viscosity increased with increasing pomace level and decreasing particle size. Specific gravity and pH of the batter decreased with increasing pomace levels. Cake weight, shrinkage and uniformity index increased with increasing pomace levels, whereas, cake volume and symmetry index showed a reverse trend.

Effect of extrusion processing on the nutritional quality of protein in rice-legume blends

The effect of extrusion processing using Wenger X-5 extruder on the quality of products of rice-legume (75:25) blends was investigated. The products were palatable and had a good texture. The nutritional quality of protein in the extrudates was significantly improved. The protein efficiency ratio values of rice-soybean, rice-bengal gram and rice-black gram products were: 2.25, 2.30 and 2.28 as compared to 2.10, 1.89 and 1.98 for the respective raw blends. Extrusion processing reduced the phytates in the products to the extent of 20.3 to 26.8%.