Indian equity benchmarks fluctuated in the open as gains in Reliance Industries Ltd. and ITC Ltd. offset losses in Infosys Ltd. and HDFC Ltd. The S&P BSE Sensex and the NSE Nifty 50 Index traded flat at 36,147.77 and 10,841.45, respectively, as of 10:30 a.m. Asian stocks, too, traded mixed as investors awaited fresh developments on U.S.-China trade talks.

The market breadth was tilted in favour of sellers. About 798 stocks declined and 741 advanced on the National Stock Exchange. Six out of the 11 sectoral gauges fell, led by the NSE Nifty Metal Index’s 0.57 percent decline. The NSE Nifty Realty Index was the top gainer, up 2.48 percent.

Here Are The Stocks Moving The Market This Morning

Bharti Infratel Swings After Q3 Results

Shares of Bharti Infratel fluctuated between gains and losses to trade 2.4 percent lower at Rs 270.35 apiece.

The company’s net profit rose 8 percent on a sequential basis to Rs 648 crore during the three months ended December, according to its stock exchange filing.

Key Earnings Highlights (Q3, QoQ)

• Revenue down 0.2 percent at Rs 3,640 crore.
• Ebitda up 0.5 percent at Rs 1,513 crore.
• Margin stood at 41.2 percent versus 41.6 percent.

Here’s what analysts had to say about Bharti Infratel’s quarterly results:

CLSA

• Maintains ‘Outperform’ with a price target of Rs 315.
• December quarter results were ahead of estimates; cost controls support margin.
• Rise in rent per operator led to revenue surprise.
• Expects tenancy growth to return.

UBS

• Maintains ‘Buy’ with a price target of Rs 355.
• December quarter beat estimates aided by better rental realisation and exit charges.
• Ebitda growth driven both by higher revenues and lower opex.
• Shares are attractively valued.

Ambit

• Maintains ‘Buy’ with a price target of Rs 352.
• Results were ahead of our and consensus’ muted expectations.
• Discussion on exit penalties to dominate in the conference call.
• Change of ownership and increased rollout by incumbents is key catalyst.

Mahindra & Mahindra Trades Near 13-Month Low

Shares of the Anand Mahindra-led company fell for the fourth session and are set for their longest losing streak in over a month. The stock fell as much as 1.4 percent to Rs 686.05, its lowest levels since December 2017.

The scrip declined 6 percent in the past five days and declined 12 percent in the past 30 days. It traded at 14 times its estimated earnings per share for the coming year, according to Bloomberg data.

Info Edge Hits A Record

Shares of Info Edge extended gains for the third session. The stock rose as much as 3.5 percent to hit a new all-time high at Rs 1,790 apiece.

The trading volume was 5.3 times its 30-day average, Bloomberg data showed. The stock advanced 27 percent so far this year compared to a 0.9 percent gain in the Sensex.

Vodafone Idea Gains After Approves Fundraise

Shares of India’s largest telecom operator rose as much as 3.83 percent, the most in over a month, to Rs 35.20 apiece.

The company’s board approved the proposal to raise close to Rs 25,000 crore via rights issue. Vodafone Group Plc will contribute Rs 11,000 crore, while Aditya Birla Group will invest Rs 7,250 crore, according to its exchange filing. The infusion is expected to be completed by March, it said. (Read the full story here)

Other Stocks Reacting To Earnings Announcement

InterGlobe Aviation (Q3, YoY)

Pidilite Industries (Q3, YoY)

United Spirits (Q3, YoY)

Hathway Cable & Datacom (Q3, YoY)

Navin Fluorine (Q3, YoY)

Ujjivan Financial Services (Q3, YoY)

Thirumalai Chemicals (Q3, YoY)

JM Financial (Q3, YoY)

Reliance Communications (Q3, QoQ)

Sintex Plastics Technology (Q3, YoY)

Everest Industries (Q3, YoY)