Stocks making the biggest moves midday: IDFC First Bank, NLC India, Panacea Biotec, Polycab India and more

Market participants continued to track the government’s disinvestment programme, corporate developments, fundraising initiatives, business updates and regulatory triggers, leading to sharp stock-specific movements during the session.

Here are the top movers and shakers at this hour:

NLC India

NLC India Ltd. share price declined nearly 5% by midday after the government announced plans to sell up to a 3% stake in the company through an offer for sale (OFS).

The government has fixed the floor price at Rs 303 per share, representing a discount of about 9.7% to the previous closing price. Under the transaction, a base offer of 2% equity will be sold, along with an additional 1% green shoe option in case of strong demand. The OFS opened for non-retail investors on June 9, while retail investors can participate on June 10.

The latest divestment follows recent stake sales in Coal India, NHPC and Central Bank of India. According to DIPAM Secretary Arunish Chawla, the government has already mobilised more than Rs 12,000 crore through PSU stake sales during the current fiscal year. Analysts believe the accelerated disinvestment activity is linked to the government’s FY27 target of raising Rs 80,000 crore through disinvestment and asset monetisation.

Panacea Biotec

Panacea Biotec Ltd. share price surged more than 15% by midday after the company announced the launch of the European Union-funded DENSTAR project aimed at advancing the development and global deployment of its dengue vaccine candidate, DengiAll.

The four-year initiative will focus on supporting regulatory approval and wider adoption of the vaccine in Sub-Saharan Africa and other global markets. Funded under the Global Health European & Developing Countries Clinical Trials Partnership programme, the project brings together ten partners from nine countries spanning Europe, Africa, India, South Korea and the United States.

Banking stocks

Banking shares, private as well as public sector, were in focus, gaining up to 4 per cent on the National Stock Exchange (NSE) in Tuesday’s intra-day trade in an otherwise range-bound market. 

IDFC First Bank, Bank of Baroda, Federal Bank, Punjab National Bank, Canara Bank and Union Bank of India from the Nifty Bank index rallied in the range of 2 per cent to 4 per cent. State Bank of India (SBI), Axis Bank and ICICI Bank were up 1 per cent each. 

Bank of India, RBL Bank, Federal Bank, Indian Bank, Karnataka Bank, Jammu & Kashmir Bank and South Indian Bank were up between 2 per cent and 5 per cent.

Polycab India

Polycab India share price is up 2% after the company announced June 19 as the record date for its proposed dividend of Rs 47 per share for FY26.

The dividend was recommended by the board in May and will be subject to shareholder approval at the company’s annual general meeting scheduled for June 30. Eligible shareholders holding the stock before the record date will qualify to receive the dividend payment.

The company continues to remain one of the strongest wealth creators within the electrical equipment space. Over the last five years, Polycab shares have delivered returns exceeding 440%, while gains over the last three years stand above 160%. The announcement of the record date kept the stock on traders’ radar during the session.

Belrise Industries

Belrise Industries Ltd. share price jumped nearly 8% by midday as investors responded positively to the company’s quarterly performance and diversification initiatives.

The automotive component manufacturer reported an 18% rise in net profit for the March quarter, while revenue from operations increased 12% year-on-year. Gross margins improved to 19.2%, reflecting stronger operational efficiency and improved product mix.

Market participants also reacted positively to the company’s efforts to expand beyond the automotive segment. Belrise disclosed that it has acquired two facilities outside India to enter aerospace and defence supply chains, including aircraft equipment manufacturing, aircraft engine components and defence-related production. The diversification strategy added to investor optimism regarding future growth opportunities.

Redington

Redington Ltd. share price advanced nearly 5% by midday after Apple’s latest announcements at its Worldwide Developers Conference generated fresh interest in companies linked to the technology ecosystem.

Apple introduced major upgrades to its software platform, including a new artificial intelligence-powered Siri and enhancements to its Apple Intelligence ecosystem. Redington, which serves as a key Apple distribution and supply-chain partner across India, the Middle East, Africa and South Asia, benefited from the positive sentiment.

Avenue Supermarts

Avenue Supermarts Ltd. share price gained around 1.5% by midday after the company announced an additional investment of Rs 149.99 crore into its subsidiary Avenue E-Commerce.

The investment will support the growth of DMart Ready, the group’s online grocery and multi-channel retail platform. Avenue E-Commerce has recorded steady growth in turnover over the last three financial years, with revenue crossing Rs 4,000 crore in FY26.

The parent company also reported healthy quarterly earnings, with net profit rising more than 19% year-on-year and EBITDA increasing nearly 27%. The latest capital infusion reinforced management’s commitment towards expanding its digital retail operations alongside its physical store network.

JSW Steel

JSW Steel Ltd. share price gained around 1% by midday after the company reported a strong rise in crude steel production for May 2026.

The steelmaker recorded consolidated crude steel production of 22.9 lakh tonnes during the month, reflecting a 15% year-on-year increase. The growth was supported by full operations at the Dolvi facility and improved output from JSW Vijayanagar Metallics.

The company also stated that capacity utilisation at Indian operations remained close to 98% after excluding the blast furnace currently undergoing capacity expansion. JSW Steel reiterated its long-term expansion roadmap, which aims to increase consolidated crude steel capacity from 37.9 MTPA to 54.8 MTPA over the next four years. Strong production growth and capacity expansion plans supported sentiment around the stock.

Bharti Airtel

Bharti Airtel Ltd. share price gained modestly by midday after the Bombay High Court quashed the central government’s 2012 decision to levy a one-time spectrum charge on spectrum held beyond 6.2 MHz.

The court also set aside recovery notices issued by the government, observing that authorities had failed to establish legal grounds for imposing the charge retrospectively. Airtel had challenged the levy along with Vodafone Idea.

Vodafone Idea

Vodafone Idea share price rose more than 1% by midday following the Bombay High Court’s decision to strike down the one-time spectrum charge imposed by the government.

The telecom operator was among the direct beneficiaries of the judgment, which invalidated retrospective recovery demands linked to spectrum holdings above the prescribed threshold. The court held that the government had exceeded the scope of licence agreements and failed to justify the retrospective levy.

The verdict provided some relief for Vodafone Idea as the company continues its efforts to strengthen operations, improve network infrastructure and address long-standing financial challenges.

IT Stocks

IT stocks traded largely in positive territory by midday, providing support to the broader market despite mixed global technology cues.

Tech Mahindra share price rose 1.44%, emerging among the top gainers within the sector. Mphasis advanced 1.02%, while Persistent Systems gained 0.51%. HCL Technologies added 0.29%, Infosys edged higher by 0.02%, and LTIMindtree traded marginally in the green.

Among mid-cap technology names, D-Link (India) climbed 3.38%, Rashi Peripherals gained 1.83%, Alldigi Tech rose 1.34%, Tata Technologies advanced 1.06%, and C.E. Info Systems added 0.87%. Hinduja Global Solutions also gained 0.51%.