Workers check automatic packaging of medicine tablets manufactured at Dr Reddy’s plant in Bachupally, Andra Pradesh state, India. (Photographer: Amit Bhargava/Bloomberg News)

Stocks Radar: Reliance Infrastructure, Laurus Labs, Tata Chemicals

Indian equity benchmarks swung between gains and losses in early trade amid volatility ahead of expiry of August derivative contracts later today. The S&P BSE Sensex and the Nifty 50 Index traded at 38,635.15 and 11,660.25, respectively. The Indian rupee hit a new low at 70.69 a dollar, continuing its slide against the greenback.

The market breadth was tilted in favour of buyers. Six of the 11 sectoral gauges gained, led by the NSE Nifty Metal Index’s 1.17 percent advance. The NSE PSU Bank Index was the biggest sectoral loser, down 0.72 percent.

Here Are The Stocks Moving The Market This Morning

Reliance Infra, Adani Transmission Fall After Power Deal

Shares of the Anil Ambani-owned company declined as much as 1.4 percent to Rs 433.25 apiece after the company approved sale of its power business in Mumbai to Adani Transmission Ltd.

The deal, worth Rs 18,800 crore, was approved by the company’s board, according to an exchange filing.

The stock’s trading volume is 6.2 times the 20-day average and it trades at 9.6 times trailing 12-month earnings per share, according to Bloomberg data.

Shares of Adani Transmission fell nearly 5 percent to Rs 221.75 apiece. The stock trades at 22 times trailing 12-month earnings per share, according to Bloomberg data.

Also read: Reliance Infrastructure’s Default Bares Troubles Of Mumbai’s First Metro Operator And Naval Shipbuilder

Laurus Labs Jumps To Highest Level This Year

Shares of the drugmaker rose as much as 6.62 percent, the highest this year, to Rs 445.60 apiece after the company received the U.S. FDA’s approval for a diabetes tablet.

The stock’s trading volume is 7.7 times the 20-day average and it trades at 28.3 times trailing 12-month earnings per share, according to Bloomberg data.

Aditya Birla Capital Gains On Varde Pact

Shares of the financial services provider gained as much as 4.84 percent to Rs 143.15 apiece after the company entered a joint venture with Minnesota based Varde Partners for a $1-billion investment in distressed assets in India.

Varde, and Aditya Birla Capital are expected to deploy the investment sum over three years, according to Bloomberg.

The stock trades at 33.8 times trailing 12-month earnings per share and 29 times its estimates for the coming year, Bloomberg data showed.

Tata Chemicals Loses On Share Offload

Shares of the chemicalmaker dipped as much as 2.2 percent to Rs 741 apiece after ICICI Prudential Life Insurance offloaded 52.1 lakh shares of the company.

The insurance company reduced its stake in Tata Chemicals from 5.02 percent to 2.97 percent. The shares were offloaded for Rs 216 crore. The cost at which the shares were sold was at Rs 414.21 each.

The stock’s trading volume is 1.5 times the 20-day average and it trades at 14.8 times trailing 12-month earnings per share, according to Bloomberg data.

ICICI Prudential Life , too, fell nearly 1.44 percent to Rs 377.05 apiece. The stock is 26 percent below the Bloomberg consensus one-year target price.

Also read: Q1 Results: Tata Chemicals Bets On Consumer, Food Segments To Drive Sales

Jain Irrigation Gains On Rwandan Deal

Shares of the irrigation system equipment maker gained as much as 4.2 percent to Rs 84.40 apiece after it received a contract from the Rwandan government.

The company said it had received a contract worth Rs 127 crore for developing irrigation and watershed facilities, according to an exchange filing.

The stock is 40 percent below the Bloomberg consensus one-year target price.