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Stocks Radar: Bank of Baroda, Tata Motors, McLeod Russel

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Indian equity benchmarks fluctuated between gains and losses in early trade with the S&P BSE Sensex and the NSE Nifty 50 Index trading flat at 37,532.05 and 11,361.10, respectively, as of 10.34 a.m.

Asian stocks were mixed, while the U.S. stock futures pared declines after the Trump administration’s latest barrage of tariffs against China.

The market breadth was tilted in favour of sellers. Nine of the 11 sector gauges declined, led by a 1.06 percent fall in the Nifty Realty Index. The Nifty Pharma Index was the top sectoral gainer, up nearly a percent.

Here Are The Stocks Moving The Market This Morning

Bank Of Baroda Slumps On Merger Proposal

Shares of the state-owned lender slumped nearly 14.2 percent, the most in more than three years, to Rs 116.10 apiece.

The government yesterday announced the merger of Bank of Baroda, Dena Bank and Vijaya Bank. The proposal will now need to be passed by the boards of individual banks and share swap ratios arrived at.

Shares of Vijaya Bank and Dena Bank, however, rose 10.1 percent and 20.1 percent, respectively, at Rs 66 and Rs 19.10 apiece.

Also Read: Bank Of Baroda, Vijaya Bank Shares May Face Pressure 

Gujarat Gas Jumps On Regulator’s Nod For Gas Distribution

Shares of the natural gas supplier rose as much as 3.7 percent to Rs 745 apiece.

Gujarat Gas received authorisation for local natural gas distribution for Narmada district in Gujarat from Petroleum and Natural Gas Regulatory Board, according to its exchange filing. The company has been granted infrastructure exclusivity till 2043 and marketing exclusivity till 2026. The proposed gas distribution network will cover a geographical area of 2,817 sq km, the filing said.

The stock trades at 34.4 times trailing 12-month earnings per share and 21 times its estimates for the coming year, Bloomberg data showed.

McLeod Russel Swings After Asset Sale

Shares of the teamaker erased early gains before falling nearly 1.1 percent to Rs 157.10 apiece.

The company concluded an agreement to sell two estates in Assam—Harchurah and Bargang—to Goodricke Group and one of its subsidiary companies, Amgoorie India, respectively, according to an exchange filing. Taken together, these two estates contributed around Rs 59 crore to the seller’s annual turnover in the previous financial year, the filing said.

The stock declined 22 percent so far this year, according to Bloomberg data.

Tata Motors Falls After Announcing JLR Production Cut

Shares of the automaker fell as much as 1.8 percent to Rs 256.60 apiece.

Tata Motors-owned Jaguar Land Rover on Monday confirmed a cut in its production schedule at the Castle Bromwich plant in the West Midlands region of England due to “continuing headwinds” impacting the British automobile industry, newswire PTI reported.

The stock is 28 percent below the Bloomberg consensus one-year target price.

Also Read: Tata Motors’ JLR Cuts Production Schedule In U.K.

Aurionpro Solutions Gains On Winning Contract

Shares of the software solutions provider advanced nearly 3.9 percent to Rs 187.50 apiece.

The Mumbai-based company has been chosen to provide its cash management platform to Sudan based Bank of Khartoum’s U.A.E. and Bahrain’s branches, according to an exchange filing.

The stock’s trading volume was 6.2 times the 20-day average for this time of the day, Bloomberg data showed.

. Read more on Markets by BloombergQuint.