Employees sit in ball chairs as they work on laptop computers in Bengaluru, India. (Photographer: Dhiraj Singh/Bloomberg)

Stocks Radar: Britannia, IndiGo, ICICI Bank, Hexaware, TVS Motor

Indian equity benchmarks pared opening gains following most of its Asian peers as U.S.-China trade negotiations produced no breakthrough. The S&P BSE Sensex and the NSE Nifty 50 Index traded at 38,303 and 11,571, respectively, as of 11:05 a.m.

The market breadth was tilted in favour of sellers. Seven of the 11 sectoral gauges declined, led by a 0.86 percent fall in the NSE Nifty Pharma Index. On the other hand, the NSE Nifty Metal Index bucked the trend with a 0.71 percent gain.

Here Are The Stocks Moving The Market This Morning

Britannia Falls After Stock Split Announcement

Shares of the biscuit maker fell as much as 1.16 percent to Rs 6,820 apiece.

The FMCG company said it will split shares of face value of Rs 2 into two equity shares of Re 1 each. The move is aimed at making the stock more affordable for small retail investors and improve liquidity. After the split, the authorised capital will double to 50 crore shares.

The stock’s trading volume is 1.6 times the 20-day average, Bloomberg data showed.

Also read: Britannia Promises A Feast Of New Cakes To Biscuits This Year

IndiGo Slips As Engine Woes Remain

Shares of Interglobe Aviation, parent of low-cost carrier IndiGo, declined nearly 1.90 percent to Rs 1,047 apiece.

The nation’s largest airline continues to face troubles with new A320 neo aircraft as it grounded a few flights due to non-availability of spare engines from engine maker Pratt & Whitney. The carrier had earlier grounded five flights.

The stock is 1.7 percent above the Bloomberg consensus one-year target price.

Also read: IndiGo To Gain From Jet Airways’ Financial Woes, Says Morgan Stanley  

TVS Motor Rides On Motorcycle Launch

Shares of the two-wheeler maker gained as much as 1.4 percent to Rs 553 apiece after it launched its 110 cc motorcycle TVS Radeon.

The company boasts of the motorcycle having a “segment-first” synchronised braking technology. The two-wheeler is launched six years after it was first introduced as a concept at 2012 Auto Expo.

The stock trades at 40 times trailing 12-month earnings per share, Bloomberg data showed.

The TVS Radeon motorcycle. (Photo: Company website)

ICICI Bank Falls As It Awaits Report On Chanda Kochhar

Shares of the banking service provider fell as much as 1.55 percent to Rs 332.10 apiece.

ICICI Bank Chairman GC Chaturvedi said Chanda Kocchar’s continuation as managing director and CEO at the bank depends on the final report of the Justice BN Srikrishna-led panel, which was set up to look into allegations of conflict of interest in the dealings of Kochhar. The committee is expected to submit its report in two-and-a-half months.

Meanwhile, the bank allotted 314,961 equity shares of face value Rs 2 each on Aug. 23 under the Employees Stock Option Scheme, 2000, according to an exchange filing.

The stock trades at 27.8 times trailing 12-month earnings per share, Bloomberg data showed.

Also read: ICICI Securities AGM: To Vote Or Not To Vote For Chanda Kochhar

Mahanagar Gas Gains After Bulk Deal

Shares of the gas provider and supplier gained nearly 1.3 percent to Rs 851.50 apiece on bulk deals.

BG Asia Pacific Holdings Ltd. sold 1.38 crore shares, or 14 percent equity between Rs 851.9-855 per share yesterday. The shares were then acquired by Blackrock Emerging Frontiers Master Fund Ltd., L&T Emerging Businesses Fund and Schroder International Selection Fund Emerging Asia.

The stock trades at 19.6 times trailing 12-month earnings per share, and 21 percent below the Bloomberg consensus one-year target price.

Hexaware Falls To Three-Year Low After Block Deals

Shares of the IT company tumbled as much as 19.25 percent, its three-year low, to Rs 401.10 after 2.33 crore shares changed hands on the National Stock Exchange.

In one of the large block deals, 7.8 percent equity changed hands, according to Bloomberg data. Hexaware Technologies promoters were expected to raise Rs 1,120 crore by selling 2.5 crore shares at a floor price of Rs 447.5 apiece, according to Bloomberg News.

The stock’s trading volume is 90.8 times the 20-day average, Bloomberg data showed.