Men ride on an escalator past an electronic screen and ticker board displaying stock figures at the Singapore Exchange Ltd. (SGX) headquarters in Singapore. (Photographer: Ore Huiying/Bloomberg)

Stocks Radar: Jindal Steel, HCL Tech, Fortis Healthcare

Indian equity benchmarks erased early gains after losses in ITC Ltd. and ICICI Bank offset gains in Reliance Industries Ltd. and HDFC Bank Ltd. The S&P BSE Sensex Index, which hit a fresh record today, traded 0.1 percent higher at 36,584 as of 11:15 a.m. The NSE Nifty 50 Index reversed gains and traded 0.1 percent lower at 11,017.

The market breadth was tilted in favour of buyers. Nine of the 11 sectoral gauges compiled by the National Stock Exchange traded in red, led by a 2.27 percent decline in the NIFTY PSU Bank Index.

Here Are The Stocks Moving The Market This Morning

L&T Gains After Winning Orders

Shares of the engineering firm gained as much as 1.48 percent today at Rs 1,304.30 apiece after the company’s buildings and factories business won orders valued at $30 billion.

The stock trades at 25.1 times trailing 12-months earnings per share, according to Bloomberg data.

JSPL Falls Amid Additional Bribery Charges Against Chairman

Shares of the steel maker fell the most since Feb. 6 to trade at nearly their seven-month low at Rs 203.15 apiece.

Chairman Naveen Jindal has been slapped with an additional charge for abetment of bribery in the coal scam case, news agency PTI reported. The framing of additional charge has come up on the directions of a Delhi court.

The stock, which declined as much as 9 percent today, trades at 20 times its estimated earnings per share for the coming year, according to Bloomberg data.

Fortis Healthcare Gains On Rs 4,000-Crore Buyout Bid

Shares of the healthcare services provider gained as much as 4.01 percent today at Rs 146.95 apiece after the hospital chain accepted Malaysia-based IHH Healthcare’s buyout bid.

According to the approved bid, Fortis Healthcare will issue 23.5 crore shares to IHH Healthcare at Rs 170 a share, its exchange filing said.

The trading volume was 14.3 times the 20-day average, according to Bloomberg data. The stock is valued 17 percent below the Bloomberg consensus one-year target price.

HCL Tech Falls After Approving A Buyback Plan

The software company slipped as much as 2.50 percent today despite announcing a buyback of over 3.6 crore shares.

The shares traded at Rs 991 apiece, while the volume was 3.5 times the 20-day average. The stock was one of the worst performing on the NSE Nifty 50 Index.

HCL Technology trades 15.9 times trailing 12-months earnings per share, Bloomberg data show.

Vakrangee Gains After Reliance Mutual Fund Agreement

Vankrangee Ltd. snapped its two-day decline and gained as much as 4.20 percent to Rs 52.75 apiece.

Vakrangee entered into an alliance with Reliance Nippon Life Asset Management Ltd. for a pan-India distribution of mutual fund products, according to an exchange filing

The stock trades at 0.7 times trailing 12-month earnings per share, Bloomberg data show.

SpiceJet Gains On American Partnership

Shares of the budget carrier jumped as much as 3.13 percent today after Chairman Ajay Singh signed a deal for cargo and courier operations with two U.S. companies.

The trading volume quadrupled, with shares valued at Rs 114.50 apiece. The stock is 26 percent below the Bloomberg consensus.

Jamna Auto Climbs On Positive Rating

Shares of the automobile suspension springs manufacturer gained as much as 6.52 percent today at Rs 91.90 apiece on a positive rating from IDBI Capital Market Services Ltd.

The stock trades at 29.2 times trailing 12-month earnings per share, with trading volume at 5.6 times the 20-day average, according to Bloomberg data.

Tata Motors Continues To Decline

Stock of the automobile major fell for the third straight session at Rs 265 apiece.

Rating agency Moody’s lowered its rating on Tata Motors-owned Jaguar Land Rover, citing weakening credit profile.

The Tata Motors stock, which fell as much as 0.8 percent today, trades at 11.8 times trailing 12-month earnings per share, according to Bloomberg data.

Manpasand Beverages’ Slide Show Continues

Shares of the fruit juice maker were down for the fourth straight session at Rs 129.50 apiece.

The beverage company trades at 20.4 times trailing 12-month earnings per share. The stock, which fell as much as 5 percent today, offered a negative return of 70 percent so far this year, according to Bloomberg data.