Stocks Radar: Bhushan Steel, Gitanjali Gems, UCO Bank 

India’s equity benchmarks lost ground in early trade, weighed down by the likes of Tata Steel, Larsen & Toubro, and several banking stocks.

The S&P BSE Sensex Index fell as much as 0.6 percent to 33,789 points, while the NSE Nifty 50 Index fell 0.7 percent to 10,379 points.

The market breadth was firmly in favour of sellers, with as many as three losers for every gainer on the NSE. An hour after market opened, all of the 19 sector gauges on the BSE were lower, with the S&P BSE Capital Goods falling the most at 1.3 percent.

The broader markets were trading weak as well. The midcap and small cap indices on the NSE were trading with losses of 0.6 percent and 0.9 percent respectively.

Here Are The Stocks Moving This Morning.:

Tata Steel Offers Over Rs 3 Lakh Crore To Bhushan Steel

Shares of the Mumbai-based steel maker fell as much as 5.2 percent, the most in five months, to Rs 653.8, while those of Bhushan Steel Ltd. rose as much as 19.1 percent, the most in four months.

Tata Steel Ltd. emerged as the highest bidder for the assets of both Bhushan Steel and Bhushan Power and Steel. The Tata Group company submitted a bid of Rs 45,000 crore for Bhushan Steel and Rs 17,000 crore for Bhushan Power and Steel.

This is a part of the independent bidding processes conducted for both Bhushan Steel and Bhushan Power & Steel under the Insolvency and Bankruptcy Code.

So far this year, Tata Steel has lost nearly 6 percent, compared with a 0.7 percent decline in the 31-stock Sensex.

Gitanjali Gems: Slumps For Fourth Straight Session

Shares of the Mehul Choksi-backed jewellery company fell as much as 9.8 percent to Rs 33.75, the lowest in 21 months.

Mehul Choksi, along with Nirav Modi, have been named in a first information report connected with the over Rs 11,000-crore fraud at Punjab National Bank. Subsequent to this, the Enforcement Directorate conducted search and seizure operations at several Gitanjali Gems Ltd. stores across the country, and confiscated diamonds, gold, precious stones, and jewellery, according to a PTI report.

The stock has fallen by over 42 percent in the last four trading sessions.

UCO Bank: Falls On Exposure In PNB Fraud

Shares of the Kolkata-based public sector bank fell as much as 12.3 percent to Rs 25, hitting its lowest level in almost nine years.

In a notification over the weekend, the bank declared that it had an exposure of over $400 million to the fraud at Punjab National Bank, that came to light last week. UCO Bank’s Hong Kong branch gave loans based on letters of undertaking issued by Punjab National Bank, it said.

UCO Bank’s shares fell for the fourth straight session. The relative strength index of the stock is 27, indicating the stock may have been oversold.

Banking stocks apart from UCO Bank continued to remain under pressure. So far this year, the Bank Nifty has lost over 1 percent. In today’s session, 10 of the 12 banking constituents on the Nifty 50 were trading lower. Punjab National Bank was the biggest loser, falling around 4.8 percent.

(To read more stories on the PNB fraud case, click here)

Binani Industries: Rises On Bids for Cement Unit

Binani Industries Ltd. snapped a two-day losing streak and rose as much as 5.2 percent to Rs 112.

It emerged over the weekend, that Dalmia Bharat Ltd., with backing from Bain Capital, submitted the highest bid for Binani Cement Ltd. The final offer, worth more than Rs 6,300 crore, pipped an offer from UltraTech Cement Ltd worth just above Rs 6200 crore, according to a Bloomberg report.

The traded volume so far today was two times higher than the 20-day average.

Stocks Reacting To Block Deals

RPG Life:

• Shares of RPG Life Sciences Ltd. rose as much as 8.7 percent to Rs 494.1.
• 24.5 lakh shares changed hands in a single block

KEC International

• Shares of KEC International Ltd. fell as much as 2.2 percent to Rs 382.8.
• 28 lakh shares changed hands in a single block