The Indian equity benchmarks opened lower amid a mixed start of Asian stocks as investors digested U.S. President Donald Trump’s threat to escalate the trade war with China. The S&P BSE Sensex and the NSE Nifty 50 Index traded flat at 38,134.71 and 11,507.05, respectively, as of 10.50 a.m.
The market breadth was tilted in favour of sellers. Ten of the 11 sectoral gauges declined, led by a 1.27 percent fall in the Nifty FMCG Index. The Nifty IT Index was the only gainer, up 0.41 percent.
Axis Bank At Record High After Appointing New Head
Shares of the private lender soared nearly 4.3 percent to a record Rs 673.15 apiece.
Amitabh Chaudhry has received the Reserve Bank of India’s approval to be appointed as the managing director and chief executive officer at Axis Bank. He will be appointed for a period of three years, effective Jan. 1, the bank informed the bourses on Saturday.
The stock has gained 14 percent so far this year, according to Bloomberg data.
Tata Motors Skids After Jaguar Sales Decline
Shares of the automaker fell as much as 1.8 percent to Rs 272.55 apiece.
Tata Motor’s subsidiary Jaguar Land Rover’s total retail sales in August declined 4.9 percent year-on-year to 36,629 units, according to its exchange filing.
The Tata Motors stock trades at 18.6 times trailing 12-month earnings per share and 11 times its estimates for the coming year, Bloomberg data showed.
Also Read: Tata Sons Increases Stake In Tata Motors
RITES Jumps After Bagging Railway Contract
Shares of the engineering services provider rose as much as 5.4 percent to Rs 275 apiece.
The recently listed company received a railway contract worth Rs 294.7 crore from the Ministry of Railways for doubling of rail lines in South Western Railways, according to its exchange filing.
The shares rose 3.6 percent in the past one month compared to a 1 percent gain the S&P BSE Sensex. The stock is up 47.6 percent since its listing in June, according to Bloomberg data.
IL&FS Hits An All-Time Low
Shares of the highways developer fell slumped nearly 11.8 percent to hit an all-time low at Rs 26.60 apiece.
The Reserve Bank of India initiated a special audit on Infrastructure Leasing & Financial Services Ltd. after the company defaulted on repaying about Rs 250 crore worth of inter-corporate deposits to Small Industries Development Bank of India, a person directly familiar with the matter had told BloombergQuint.
The stock fell 31 percent in the past month compared with a 1 percent advance in the S&P BSE Sensex, Bloomberg data showed.
Thyrocare Technologies Surges On Buyback Approval
Shares of the diagnostic laboratories operator advanced nearly 6.7 percent, the most in a month, to Rs 684 apiece.
The company approved a buyback of 8.63 lakh shares at Rs 730 a share aggregating to Rs 66 crore, according to an exchange notification. The buyback size is 14.97 percent of the aggregate paid-up share capital and free reserves.
The stock’s trading volume is 65 times the 20-day average for this time of the day, according to Bloomberg data.
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