A man looks at an electronic board displaying stock information at the Australian Securities Exchange, operated by ASX Ltd., in Sydney, Australia. (Photographer: Lisa Maree Williams/Bloomberg)

Stocks Radar: M&M Financial Services, NBCC, Strides Pharma, Tata Motors

Indian equity benchmarks edged higher in the opening trade led by gains in Infosys Ltd. and Housing Development Finance Corporation Ltd. The S&P BSE Sensex Index rose as much as 0.58 percent to 38,353.87 and the NSE Nifty 50 Index traded 0.56 percent higher at 11,508.95, as of 10:10 a.m.

The market breadth was tilted in favour of buyers. Nine out of the 11 sectoral gauges compiled by the National Stock Exchange were trading higher led by the Nifty Realty Index’s 1.96 percent gain. On the other hand, the Nifty Metal Index was the top loser, down 0.16 percent.

Here Are The Stocks Moving In Today’s Trade:

Strides Pharma Swings After Shareholders’ Nod To Divest Unit

Shares of the Bengaluru-based drugmaker fluctuated between gains and losses to trade at Rs 459 apiece.

The company’s shareholders approved a resolution seeking divestment of the company’s Australia business, according to an exchange filing. Also, a resolution was passed allowing transactions of up to Rs 500 crore with Solara Active Pharma Sciences Ltd., commencing from financial year 2019, the filing said.

The stock trades at 42 times its estimated earnings per share, according to Bloomberg data.

Tata Motors Falls After S&P Rating Downgrade

Shares of the Jaguar Land Rover-parent declined for the second trading session after falling as much as 1.4 percent to a one-month low of Rs 167 per share.

Tata Motors’ long-term rating was downgraded to ‘B+’ from ‘BB-’ by S&P. The ratings remain on “watch negative” and the agency expects cash flow to remain negative at least for the next 12-18 months before the Chinese operations stabilise and cost cuts restore its financial health, reported Bloomberg.

The shares traded 25 percent below the Bloomberg one-year consensus target price.

NBCC Gains After Bagging Orders Worth Over Rs 1,003 Crore

Shares of the state-owned property developer snapped their one-day blip and rose 2.8 percent to Rs 65.45 per share.

NBCC (India) Ltd. received infrastructure orders worth Rs 1,003 crore for five development projects across the country including building a permanent campus for IIM Visakhapatnam, according to an exchange filing.

The shares declined 32 percent in the past 12 months compared with a 16 percent gain in the Sensex Index.

Shree Renuka Sugars Gains After Refuting Media Reports On NPAs

Shares of the Wilmar-owned company rose nearly 2 percent to Rs 10.45 per share.

In a notification to the bourses, Shree Renuka Sugars Ltd. clarified that reports of lenders taking the company to the courts due to non-performing assets are false and misleading.

The shares declined 33 percent in the past 12 months compared with a 16 percent gain in the Sensex Index.

M&M Financial Services Gains On Stake Acquisition

Shares of Mahindra & Mahindra Financial Services Ltd. rose as much as 1.6 percent to Rs 432.95.

The company increased its stake in Mahindra Rural Housing Finance Ltd. to 98.43 percent from 88.75 percent for Rs 286.78 crore, according to its stock exchange filing.

Trading volume was almost triple its 20-day average, Bloomberg data showed. The stock traded at 14.2 times its estimated forward earnings compared to its historical two-year average of 16.6 times.

Gruh Finance Falls 3.5%; Volumes Surge

Shares of the housing finance company declined as much as 3.5 percent to Rs 259.60 per share.

The trading volume was nearly 130 times the 20-day average for this time of the day, according to Bloomberg data. Private lender Bandhan Bank Ltd. was slated takeover Gruh Finance Ltd. through a merger announced in January this year. However, the merger is pending as Reserve Bank of India didn’t allow Gruh’s current majority shareholder HDFC to own more than the regulatory limit in Bandhan Bank.