Stocks making biggest moves midday: IRCON, RVNL, Mazagon Dock, Reliance Industries, MRPL

Railway and defence stocks surged even as benchmark indices stayed under pressure. IRCON and RVNL rallied on merger buzz, while Mazagon Dock, Paras Defence and DCX gained on defence orders and partnerships. Meanwhile, IndiGo extended losses amid Middle East flight disruptions.

Written by Shivangini Gupta

March 6, 2026 13:33 IST

IRCON RVNL merger news drives railway stocks rally in Indian stock market

Railway and defence stocks surge after IRCON-RVNL merger buzz and defence order updates

Markets have been under pressure as geopolitical tension in the Middle East continues to weigh on investor sentiment. The Nifty hovered near 24,630, down roughly 0.5%, while the Sensex was around 79,530, lower by about 0.6%. While the benchmark indices remained subdued, several individual stocks moved sharply on stock-specific developments, policy discussions, and sectoral momentum.

Here are the top movers and shakers at this hour-

IRCON International

Ircon International share price jumped about 12% by midday after reports suggested that the Ministry of Railways has initiated a formal proposal to merge IRCON with Rail Vikas Nigam. The proposal, according to reports citing official sources, has been moved by the ministry and will undergo review by the Ministry of Finance, the Department of Public Enterprises and the Cabinet Committee on Economic Affairs.

The proposed combination is intended to bring together two major railway infrastructure companies. IRCON brings expertise in turnkey railway construction projects, while RVNL is known for project execution and management across railway expansion programmes. If approved, the merger could create a larger engineering entity with stronger execution capacity and broader international reach. Since both companies are listed, the transaction is expected to involve a share swap mechanism for shareholders.

Rail Vikas Nigam Limited (RVNL)

Rail Vikas Nigam share price rose about 7% by midday following the same merger-related reports. The stock had earlier declined amid concerns tied to geopolitical tensions affecting broader infrastructure sentiment, but buying interest returned after the proposal surfaced.

IRCON has gained more than 3% over the past week despite a 17% decline so far in 2026. The company has a market capitalisation of about Rs 13,924 crore, with the central government holding roughly 65% stake as of December-end. RVNL, meanwhile, has fallen over 7% in the past week and is down about 19% in 2026 so far. The government owns around 73% stake in RVNL.

Mazagon Dock Shipbuilders

Mazagon Dock Shipbuilders share price surged about 7.58% by midday after reports indicated that the Indian Navy is nearing finalisation of a submarine procurement deal worth nearly Rs 99,000 crore with German defence firm Thyssenkrupp Marine Systems.

Construction under the proposed project is expected to take place at Mazagon Dock’s Mumbai facility. The company confirmed in a filing that Contract Negotiation Committee discussions with the Government of India have concluded and that the proposal has now been forwarded to the competent authority for approval.

Despite the rally, the company clarified that it was not aware of any undisclosed information explaining the recent stock movement and described the material impact of media reports as “not applicable” at this stage. Mazagon Dock shares remain below their 52-week high of Rs 3,775 touched in May 2025, though the stock has rebounded from its recent low of Rs 2,125.90 recorded earlier this week.

Paras Defence and Space Technologies

Paras Defence and Space Technologies share price gained about 5.42% by midday after the company announced that it had signed a Memorandum of Understanding with Green Optics Co., Ltd., South Korea, for collaboration in optics and optical systems.

Green Optics designs and manufactures advanced optical technologies used across space and defence applications. The agreement aims to establish a framework for joint development, manufacturing, and expansion in respective markets.

The gains also came amid continued strength in defence stocks as the US-Iran conflict entered its fifth day. For the December quarter, Paras Defence reported a 21.3% year-on-year rise in net profit to Rs 18.2 crore, while revenue increased 24% to Rs 106.4 crore. EBITDA rose 19% to Rs 26.3 crore, although margins narrowed slightly to 24.7% due to higher expenses.

DCX Systems

DCX Systems share price rallied about 11.14% by midday after the company secured an order from Hindustan Aeronautics Limited. The contract, valued at Rs 68.05 crore, involves the manufacture and supply of custom-made antennas and power supplies for airborne applications.

The defence manufacturing company recently expanded its production capabilities through the addition of oversized PCB assembly capacity at its wholly owned subsidiary Raneal Advanced Systems. The expansion is intended to support complex printed circuit board requirements across high-reliability industries such as aerospace and defence.

Fractal Analytics

Fractal Analytics share price rose about 8.20% by midday after the enterprise AI company reported strong results for the December quarter.

The company posted a consolidated net profit of Rs 102.6 crore in the third quarter of FY26, up 10.56% from Rs 92.8 crore in the year-ago period. Revenue from operations climbed 20.81% to Rs 854.4 crore compared with Rs 707.2 crore a year earlier.

Growth was driven largely by strong demand from the healthcare and life sciences segment, which expanded 78% year-on-year, and the banking and financial services segment, which grew 26%. The company also reported a net revenue retention rate of 114%, with the number of clients generating over $20 million in revenue increasing to six.

Reliance Industries and Mangalore Refinery & Petrochemicals (MRPL)

Shares of refiners gained as reports suggested that China may suspend exports of diesel and gasoline.

Reliance Industries share price was up about 2.22% by midday, while Mangalore Refinery And Petrochemicals share price rose about 3.66%. Market participants reacted to the possibility that a reduction in Chinese fuel exports could tighten regional supply and improve refining margins for Asian refiners.

InterGlobe Aviation (IndiGo)

InterGlobe Aviation share price fell about 1.93% by midday, extending its recent losing streak. The stock has declined sharply after the airline suspended flight operations across parts of the Middle East.

The airline had earlier informed exchanges that more than 500 flights to the Middle East and select international destinations were cancelled between February 28 and March 3 due to airspace restrictions following military escalation between the United States, Israel and Iran. The stock recently touched a fresh 52-week low of Rs 4,293 earlier in the week.

This article was first uploaded on March six, twenty twenty-six, at thirty-three minutes past one in the afternoon.