Men look at an electronic ticker board and an electronic screen that indicate stock figures at the Bombay Stock Exchange (BSE) in Mumbai, India. (Photographer: Prashanth Vishwanathan/Bloomberg)

Stocks Radar: Aurobindo Pharma, Zee Entertainment, NDMC

Indian equity benchmarks opened higher even as Asian peers fell, with a regional benchmark heading for the lowest close in a year.

The S&P BSE Sensex and the NSE Nifty 50 Index traded higher at 38,082.05 and 11,490.70 as of 10:10 a.m.

The market breadth was tilted in favour of buyers. Nine of the 11 sectoral gauges advanced, led by a 1.5 percent gain in the Nifty Pharma Index. On the flipside, the Nifty Media Index was the top loser, falling by 3.6 percent.

Here are the stocks moving the market this morning:

Aurobindo Pharma Gains After Sandoz’s Businesses Acquisition Plan

Shares of the Hyderabad-based company rose 1.6 percent to Rs 708.10 apiece.

The drugmaker’s U.S. arm will acquire dermatology and oral solids businesses from Sandoz Inc., the company said in an exchange filing. Aurobindo would become the second largest generic player in the U.S. by number of prescriptions as a result of the deal. The stock trades 7.8 percent below the Bloomberg consensus one-year target price.

Zee Entertainment Plunges After Morgan Stanley’s Downgrade

Shares of Zee Entertainment slumped 7.32 percent to Rs 447.15 per share, its lowest in 20 months.

Brokerage firm Morgan Stanley downgraded the stock to ‘Underweight’ from ‘Overweight’ and also cut the target price to to Rs 410 from Rs 610, indicating a potential downside of 15 percent from last close. The brokerage also said the company’s video on demand website Zee5 is likely to drag margins in near term.

The stock has fallen 22 percent so far this year and declined 13 percent in the last 12 months.

Kirloskar Ferrous Jumps After Winning Iron Ore Mining Bid

Shares of the miner gained 4.6 percent to a four-month high of Rs 104 per share.

Kirloskar Ferrous was declared preferred bidder in respect of e-auction of Bharath Mines and Minerals from the Karnataka government. This bid was undertaken for mining lease of iron ores in the state of Karnataka.

The trading volume was 55 times the 20-day average for this time of the day, Bloomberg data showed.

Jubilant Life Sciences Falls After Debenture Allotment

Shares of the intergrated pharma company nearly a percent to Rs 754.25 per share.

The company had issued non-convertible debentures worth Rs 350 crores through private placement, according to its filing to the bourse.

The scrip trades at 18.3 times trailing 12- month earnings per share and 13 times its estimates for the coming year.

NDMC Gains On Outlook Upgrade

Shares of the mining company rose 3.1 percent to Rs 114.9 apiece.

Brokerage firm JP Morgan raised its stock recommendation to ‘Overweight’ from ‘Underweight’. The price target was also raised to Rs 145 from Rs 130, implying a 30 percent rise from yesterday’s close.

The scrip rose 6.1 percent in the past month, as compared to 1.2 percent advance in the BSE Sensex index.