The equity market was marginally higher in midday trade. The Nifty was in green around 25,290, while the BSE Sensex was marginally green near 82,140 levels. But the calm at the index level hid a session packed with significant stock-specific moves. Here are the top movers and shakers at this hour:
ONGC
Oil And Natural Gas Corporation was firmly in control of the session, rising about 7.5% by midday and sitting among the top gainers on the Nifty Oil & Gas index. The move tracked a sharp jump in crude prices after a severe winter storm disrupted US output and exports, while tensions in the Middle East added another layer of supply anxiety. Brent crude was hovering near $68 a barrel and WTI around $63 during the session, enough to push upstream producers back into favour.
The rally was not just macro-driven. ONGC had announced shipbuilding contracts with Samsung Heavy Industries for two very large ethane carriers. These vessels, to be operated through joint ventures with MOL Japan, will transport ethane for OPaL, reinforcing ONGC’s downstream integration plans.
Oil India
Oil India matched the tone, climbing a little over 8% by midday and touching a fresh 52-week high earlier in the session. The stock has gained strongly over the past few weeks, and the crude price spike simply accelerated what was already a strong trend. Both ONGC and Oil India were clear leaders within the oil and gas space, with the sector index up more than 3%.
Shadowfax Technologies
The day’s newest listing delivered a very different story. Shadowfax Technologies made a weak debut, dropping close to 10% shortly after listing. The stock opened well below its issue price on both the NSE and BSE, signalling immediate discomfort among investors. The IPO had raised over Rs 1,900 crore, split between fresh issuance and an offer for sale, and expectations had been high. By midday, reality had set in. The company plans to use the fresh capital to expand its logistics network, but the market was in no mood to reward that narrative on listing day.
Asian Paints
The Asian Paints share price saw one of the sharpest cut in trade today, down over 4% by early afternoon after its December quarter numbers failed to meet expectations. Revenue grew modestly, but net profit declined year-on-year, weighed down by costs linked to the new labour code and impairment charges related to a subsidiary acquisition. The stock has long commanded premium valuations, and that premium came under scrutiny again. Competitive pressure, pricing stress and uneven demand have made the near-term picture uncomfortable, and the price action reflected that unease without hesitation.
Vedanta
Vedanta climbed about 4.5% and hit fresh highs after announcing plans to sell up to a 1.59% stake in Hindustan Zinc through an offer for sale. The floor price was set at a discount, but the market chose to focus on Vedanta’s ability to unlock value and raise close to Rs 4,600 crore through the transaction. The move capped an already strong run in the stock and kept metal names firmly in play.
Hindustan Zinc
Hindustan Zinc, in contrast, slipped around 0.7% by midday. The decline came even as silver prices remained elevated and despite the company’s strong recent performance. The OFS overhang was enough to temper enthusiasm, at least for the session, even though the broader structural drivers around precious metals remain intact.
Hindustan Copper
Hindustan Copper was in a different league altogether, surging more than 12% by midday and hitting fresh record highs. Volumes were heavy, conviction was obvious. The stock has increasingly become a proxy for rising copper prices and long-term demand linked to electric vehicles, renewable energy and power grids. Recent confirmation that the company emerged as the preferred bidder for a copper block in Madhya Pradesh added a tangible trigger. The rally has been relentless, and Tuesday showed no sign of fatigue.
Tata Consumer Products
Tata Consumer Products fell sharply, down about 5.4% by early afternoon, despite reporting strong earnings growth. Net profit jumped nearly 40% year-on-year and revenue rose at a healthy pace, but the stock still sold off. Margins improved, operating performance strengthened, and management commentary was steady. Yet expectations were higher, and the market chose to punish the stock for not exceeding them by a wider margin.
Vodafone Idea
Vodafone Idea was modestly higher, up around 1.4% by early afternoon, after reporting a narrower net loss for the December quarter. The improvement came from higher ARPU and customer upgrades, alongside government relief on adjusted gross revenue dues. While the balance sheet remains stretched and debt levels are still daunting, the market acknowledged the incremental progress, even if cautiously.
ABB India and Titagarh Rail Systems
ABB India jumped about 7% by midday, while Titagarh Rail Systems gained a little over 3%, after the two companies signed an agreement to develop propulsion systems and enable technology transfer for 25 kV driverless metro projects. The pact builds on an existing partnership and ties into large metro orders already secured by Titagarh Rail. The market responded positively to the long-term industrial logic behind the deal, particularly the emphasis on domestic manufacturing and advanced rail technology.