Indian two thousand and five hundred rupee banknotes are arranged for a photograph in Mumbai, India. (Photographer: Dhiraj Singh/Bloomberg)

Stocks Radar: Hindustan Aeronautics, IndiGo, Dr. Reddy’s, Texmaco

The Indian equity benchmarks opened lower today, dragged by ICICI Bank Ltd., HDFC twins and Infosys Ltd. The S&P BSE Sensex and the NSE Nifty 50 Index fell 0.3 percent each to 37,370.69 and 11,281.35, respectively, as of 10.35 a.m.

The market breadth was tilted in favour of buyers. Seven of the 11 sectoral gauges compiled by the National Stock Exchange declined, led by a 0.77 percent fall in the Nifty Financial Services. The NSE Nifty Realty Index was the biggest sectoral gainer, up 1.70 percent.

Here Are The Stocks Moving The Markets This Morning

Hindustan Aeronautics Soars After Air Force Deal

Shares of the aerospace and defence firm gained as much as 9.19 percent to Rs 919.05 apiece.

India’s Junior Defense Minister Subhash Bhamre said the country will spend Rs 1,380 crore to raise the production efficiency of Hindustan Aeronautics Ltd.’s Tejas to 16 units per year. The company makes 11 light combat planes for the Air Force.

The stock’s trading volume was 23.7 times the 20-day average, Bloomberg data showed.

IndiGo Falls To Lowest Level In A Year After Results Disappoint

Shares of InterGlobe Aviation slipped as much as 11.40 percent to Rs 890.55 apiece after the company’s June quarter net profit was nearly wiped out due to higher fuel cost, lower yields, rupee depreciation and higher other expenses. Net profit plunged 97 percent from the last year to Rs 28 crore in the quarter ended June.

The stock trades at 15 times trailing 12-month earnings per share, Bloomberg data showed.

Also read: InterGlobe Aviation Slumps To 16-Month Low After Earnings Letdown Triggers Price Target Cuts

Texmaco Declines After Signing Deal With Spanish Firm

Shares of the railway coach and components maker fell as much as 10.60 percent to Rs 75.25 apiece.

The company’s subsidiary, Texmaco Transtrak, signed a pact with Spanish company CAF for manufacturing and supplying CAF’s electronic interlocking system in India, according to its exchange filing.

The company reported a net profit of Rs 6.51 crore in the June quarter compared with a net loss of Rs 8.7 crore a year ago.

The stock trades at 231.1 times trailing 12-month earnings per share, according to Bloomberg data.

Also read: Railway Minister Says India Facing Shortage Of Wagons

Dr. Reddy’s Swings After Drug Appeal Gets Rejected

Shares of the drugmaker swung between gains and losses before trading 1.3 percent higher at Rs 2,094 apiece.

Dr. Reddy’s was rejected by an appeals court in its effort to sell generic versions of Indivior Plc’s Suboxone film for opioid dependence, according to Bloomberg.

The stock is 7.2 percent below the Bloomberg consensus one-year target price and trades at 36.9 times trailing 12-month earnings per share.

Also read: Q1 Results: Dr. Reddy’s Profit Grows After Four Quarters Of Decline

Escorts Rises After Earnings Beat Estimates

Shares of the tractor maker gained as much as 3.93 percent to Rs 940.65 apiece after the company’s June quarter earnings beat estimates.

Net profit during the April-June period rose 92.7 percent from the last year to Rs 120.7 crore. Brokerage Credit Suisse maintained its ‘Buy’ rating for the stock as it expects the market share for tractors to grow.

The stock’s trading volume was 5.1 times the 20-day average, according to Bloomberg data.