Indian equities opened the new calendar year on a cautious but stable note. At midday, the Nifty 50 hovered around 26,150 level, holding on to modest gains, while the BSE Sensex traded around 85,200, marginally in the green. The indices barely moved, but individual stocks told a far more animated story, shaped by regulatory changes, balance sheet support, and sharp sector-specific reactions.
Here are the top movers and shakers at this hour:
Vodafone Idea
Vodafone Idea Ltd. share price jumped nearly 7%. The rally followed disclosures that the company will receive around Rs 5,836 crore from Vodafone Group as part of a revised liability settlement agreement.
Under the amended pact, Vodafone Group promoters will release Rs 2,307 crore over the next 12 months. In addition, Vodafone Group has earmarked its 328 crore shares in Vodafone Idea for the benefit of the company.
Tobacco stocks
ITC, Godfrey Phillips share prices declined around 8-16% after the government notified fresh levies on tobacco products and pan masala, effective February 1. Godfrey Phillips plunged sharply, while ITC also saw a steep decline. VST Industries traded lower as well.
The new framework introduces additional excise duty on tobacco products and a fresh cess on pan masala, replacing the existing compensation cess. From February, cigarettes, pan masala, and similar products will attract a GST rate of 40 per cent, while biris will be taxed at 18 per cent. Investors reacted swiftly, pricing in the risk of higher product prices and potential volume pressure across the sector.
Voltas
Voltas share price traded in green up around 2% after revised star ratings from the Bureau of Energy Efficiency came into force from January 1. The new norms are expected to push up prices of air conditioners and refrigerators by 5 to 10 per cent.
Manufacturers are also dealing with a weaker rupee and rising copper prices, which have added to cost pressures.
Adani Total Gas
Adani Total Gas share price jumped nearly 10% backed by a surge in trading volumes. The stock saw renewed buying interest despite a weaker set of September-quarter numbers, where net profit declined due to higher input gas costs. The company has been exploring reduced allocation of lower-priced APM gas, forcing it to rely more on expensive alternatives. Even so, investors appeared to be positioning ahead of longer-term growth prospects in the city gas distribution space and the broader energy transition theme.
Reliance Industries
Reliance Industries share price edged higher, near record levels. Reliance Industries traded higher at midday, staying close to its 52-week high. The stock has gained steadily over recent sessions and remains one of the strongest performers among index heavyweights. The stock movement was supported by renewed focus on the company’s technology ambitions after Chairman Mukesh Ambani unveiled a draft AI manifesto late December.