Stocks Radar: Ashok Leyland, ONGC, Rain Industries

Indian equity benchmarks declined after their longest streak of gains in at least two months as investors awaited the release of quarterly data on the nation’s economic growth.

The S&P BSE Sensex Index fell as much as 0.32 percent to 33,572.32, while the NSE Nifty 50 Index also fell as much as 0.40 percent to 10,348.

The market breadth was tilted in favour of buyers. Thirteen of the 19 sector gauges compiled by the BSE Ltd. fell led by the S&P BSE Teck Index falling 0.48 percent. On the flipside, the S&P BSE Consumer Durables Index rose 0.58 percent, making it the best performer.

Here Are The Stocks Moving The Market This Morning:

Ashok Leyland: Rises After Stake Acquisition

Shares of the Indian truck-maker extended gains for the third trading session and rose as much as 1.98 percent to Rs 120.

The company has increased its stake in Optare Plc. to 98.31 percent from 75.11 percent after the conversion of loan into equity, according to its stock exchange notification.

Ashok Leyland trades at 22.4 times the trailing 12-month earnings per share and 27 times its estimates for the coming year.

Sun Pharma: Recalls Drug

Shares of the pharmaceutical company fell more than 2 percent to Rs 538.25 apiece today as the company decided to recall of its drugs.

Sun Pharmaceutical Industries Ltd. had to recall Riomet because of microbial contamination. Riomet is used in the treatment of blood sugar levels for diabetic patients.

ONGC: Opposes Oil Field Stake Sales

Shares of the state-run oil and gas explorer rose as much as 1.6 percent to Rs 184 apiece on this news, trading as one of the top performers on both the indices this morning.

The company wrote to Prime Minister Narendra Modi saying that it opposes selling its stake in oil fields to private companies, according to CNBC-TV18 reports.

Besides, Oil traded near the highest close in more than two years ahead of OPEC’s meeting this week where they may discuss to extend supply cuts, according to Bloomberg.

Quess Corp: Declines After Stake Acquisition

Shares of the IT services company fell as much as 2.65 percent to Rs 899.95 percent as news of its potential acquisition in Trimax Smart Infraprojects surfaced.

Quess Corp Ltd. is looking to acquire 51 percent stake in Trimax Smart Infraprojects.

Rain Industries: Subsidiary To Issue Credit Facility

Shares of Rain Industries Ltd. rose as much as 3.21 percent to Rs 338 apiece in intra-day trading today.

The company's subsidiary, Rain Carbon is looking to issue new credit facility to refinance 2021 bonds.