A man looks at a screen across the road displaying the Sensex on the facade of the Bombay Stock Exchange (BSE) building in Mumbai.

Stocks Radar: Jet Airways, Persistent Systems, Balkrishna Industries

Indian stocks fell, with the benchmark equity gauge set for its longest string of losses in more than three months, amid sustained weakness in the local currency that may weigh on economic growth. The S&P BSE Sensex and the NSE Nifty 50 Index traded flat at 38,298.11 and 11,563.85, respectively, as of 10:40 a.m.

The market breadth was tilted in favour of sellers. Ten of the 11 sectoral gauges declined, led by a 1.46 percent fall in the Nifty Metal Index. The Nifty IT Index was the only gainer, up 2.17 percent.

Here are the stocks moving the market in early trade

Jet Airways Falls After Rating Downgrade

Shares of the low-cost carrier fell nearly 2.3 percent to Rs 279 apiece after a rating downgrade.

ICRA lowered the airline’s rating to BB from BB+, citing a significant rise in jet fuel prices and no corresponding increase in air fares which impacted its financials.

The stock trades 24 percent below the Bloomberg consensus one-year target price.

Also read: Jet Airways Vows to Cut Costs, Sell Stake in Loyalty Program

Yuken India Jumps After Announcing Record Date For Bonus

Shares of the machine tools maker rose as much as 3.2 percent to Rs 3,700 a share.

The Bengaluru-based company fixed Sept. 14 as the record date for its bonus issue, according to its exchange filing. The ratio for this issue is set at 3:1.

The stock has gained 4.9 percent so far this year, according to Bloomberg data.

Balkrishna Industries Slumps For A Fourth Session

Shares the country’s second-largest tyremaker fell 5.9 percent to Rs 1,190 apiece. The stock is down over 16 percent in four trading sessions.

At a meeting on Sept. 1, the company’s board approved a capex plan of $100 million (about Rs 700 crore) to set up a new plant in the U.S. It will also spend up to Rs 1,000 crore on its India operations.

“We find the decision to set up capacity in the U.S. a little surprising as India’s low labour cost lends Balkrishna Industries its main competitive edge over global peers, leading to the company’s higher profitability and return ratios,” Nishit Jalan, analyst at Kotak Institutional Equities, wrote in a note.

Also read: Balkrishna Industries’ Unexpected Capex Plans Spook Street

MTNL Swings On Report Of Raising Capital Limit

Shares of the public sector undertaking pared early gains before falling nearly 1.25 percent to Rs 15.80 apiece.

The company plans to seek shareholders’ approval to raise its authorised capital limit to Rs 10,000 crore from Rs 800 crore and also enhance its borrowing capacity, according to a PTI report. The corporation plans to use the funds raised to support its 4G plans.

The stock declined 36 percent so far this year compared with a 13.4 percent advance in the S&P BSE Sensex, Bloomberg data showed.

Persistent Systems Gains After Buying Foreign Company

Shares of the IT services provider gained as much as 2.5 percent to Rs 858 apiece as investors cheer the company’s buyout of Herald Technologies.

The company’s U.S. arm acquired a 100 percent stake in Herald Technologies for $5.2 million, according to an exchange filing. The acquired business is intended to strengthen the company’s intellectual property-led offerings in healthcare and create cross-selling opportunities.

The stock trades 20.3 times trailing 12-month earnings per share and 18 times its estimates for the coming year, according to Bloomberg data.

Hikal Climbs After Ace Investor Buys Stake

Shares of the contract pharmaceutical maker gained for the fifth straight session, up 1.4 percent, to Rs 187.80 apiece after investor Ashish Kacholia acquired 20 lakh shares or 1.62 percent stake in the company.

The stock’s trading volume is 38.7 times the 20-day average, Bloomberg data showed.