Molten copper is poured from a smelting furnace into a mould in Roorkee, Uttarkhand, India. (Photographer: Dhiraj Singh/Bloomberg)

Stocks Radar: Hindustan Copper, IDBI Bank, Tata Motors

Indian equity benchmarks fell for a second day, led by a drop in metal and mining companies, as trade tensions between the U.S. and China flared up again and a day after the nation’s central bank flagged the prospect of global currency wars while raising policy rate.

The S&P BSE Sensex fell as much as 0.6 percent to 37,283.68 and the NSE Nifty 50 Index declined as much as 0.57 percent to 11,277.4 as of 10.15 a.m.

The market breadth was tilted in favour of sellers. Nine of the 11 sectoral gauges compiled by the National Stock Exchange were trading lower, led by a 1.54 percent drop in the Nifty Auto index. The Nifty Pharma Index was top sectoral gainer, up 1.39 percent.

Here Are The Stocks Moving The Market This Morning

Hindustan Copper Gains After Government Decides To Pare Stock

Shares of the state-owned copper producer gained as much as 2.92 percent to Rs 65.45 apiece.

The Cabinet Committee on Economic Affairs on Wednesday approved a fresh equity issue of 15 percent by Hindustan Copper which will help the company raise Rs 900.6 crore. It will issue 13.87 crore fresh equity shares, which will bring down government stake in the PSU to 66.13 percent, an official statement said. Currently, the government holds 76.05 percent stake in Hindustan Copper.

The stock trades at 75.8 times trailing 12-month earnings per share and the volume was 5.5 times the 20-day average, Bloomberg data showed.

Also read: Government To Pare Stake In Hindustan Copper To 66.13%

Tata Motors Is One Of The Worst Performers On Nifty

Shares of the automaker fell as much as 1.8 percent to Rs 262.10 apiece. Shares of Tata Motors have declined more than 40 percent year-to-date as the automaker continues to face headwinds at Jaguar Land Rover—which contributes 78 percent of its sales.

Tata Motors’ sales last month rose 21 percent to 51,896 units, it said in an exchange filing. Analysts maintained or upgraded ratings to ‘Buy’ even as the company reported a surprise loss in the April-June period.

Trading volume of the stock, one of the worst performers on the Nifty Index, was at 1.3 times the 20-day average. The scrip traded at 17.6 times trailing 12-month earnings per share, according to Bloomberg data.

Also read: What Went Wrong For Tata Motors

IDBI Bank Rises After Cabinet’s Nod For LIC Deal

Shares of the state-owned bank gained as much as 4.6 percent to Rs 62.95 apiece after the Cabinet allowed Life Insurance Corporation of India to buy 51 percent in the debt-ridden lender.

The stock’s trading volume was 2.8 times the 20-day average, according to Bloomberg data.

Also read: Cabinet Clears LIC’s Acquisition Of 51% Stake In IDBI Bank

Pidilite Falls After Earnings Fail To Meet Estimates

Shares of the adhesive maker lost as much as 4.33 percent to Rs 1,094.20 apiece.

The company’s first quarter net profit stood at Rs 239 crore, lower than the Rs 274.7 crore estimated. Revenue during the quarter increased 15.9 percent to Rs 3,528.1 crore.

The trading volume of the stock was 4.7 times the 20-day average, Bloomberg data showed.

Torrent Power Slides On Shrinking Margin

Shares of the power generator and distributor fell as much as 4.26 percent to Rs 229.45 apiece after its margins contracted 440 basis points during the April-June period.

Net profit in the June quarter rose 11.25 percent year-on-year to Rs 225.9 crore, according to its exchange filing.

The stock traded at 11.7 times trailing 12-month earnings per share and the volume was 6.4 times the 20-day average, Bloomberg data showed.

HEG Climbs To Its Highest Level In A Year

Shares of the graphite electrode maker climbed as much as 5 percent to Rs 4,412.95 apiece.

The company reported a profit of Rs 770.3 crore in the three months ended June compared with a net loss of Rs 8.4 crore a year ago, its exchange filing said.

The stock traded at 16 times trailing 12-month earnings per share and the volume was 2.6 times the 20-day average, according to Bloomberg data.

Also read: Why HEG Expects Margins To Fall From Record