The benchmark indices were trading lower by midday on Wednesday, with the Nifty 50 hovering around the 24,521 mark and the BSE Sensex hovering near 78,392, as stock-specific action remained in focus after a series of earnings announcements, corporate developments and listing activity. 

Shares of Ola Electric, PNB Housing Finance, Nykaa parent FSN E-Commerce Ventures and newly listed Manipal Health Enterprises were among the stocks attracting attention during the session. Here are the top movers and shakers at this hour – 

Ola Electric

Ola Electric Mobility Ltd. share price jumped more than 10% by midday after the company announced a memorandum of understanding with Axis Energy to deploy up to 20 GWh of Battery Energy Storage Systems (BESS) by 2032. Axis Energy is developing more than 3,750 MW of renewable energy projects across Andhra Pradesh and Rajasthan and also has a pipeline of 3,500 MW, creating demand for large-scale battery storage. Under the agreement, Ola Electric will supply its upcoming ‘Ola Mahashakti’ BESS platform, which is scheduled to be launched on August 15. 

Chairman and Managing Director Bhavish Aggarwal said the partnership marks the company’s first large-scale commercial validation for Mahashakti and comes at a time when demand for energy storage is increasing rapidly. The company has also started using its in-house 4680 Bharat Cells in electric scooters while preparing to expand into electric motorcycles, alongside its push into the BESS business.

PNB Housing Finance

The share price of PNB Housing Finance rose nearly 5% by midday, after touching a fresh 52-week high earlier in the session, following its June quarter earnings. The housing finance company reported a 4.3% increase in standalone net profit to Rs 557 crore, while total income rose to Rs 2,265 crore. Net interest income increased 6% to Rs 803 crore, although net interest margin moderated to 3.5% from 3.74% a year earlier. 

Assets under management expanded 13% to Rs 93,021 crore, while the retail loan book grew 16%. The affordable and emerging markets segment recorded 27% growth and accounted for 41% of the retail loan portfolio. The company also recovered Rs 67 crore from written-off accounts during the quarter, resulting in a negative credit cost of 12 basis points. Brokerage Morgan Stanley said the quarterly performance was largely in line with expectations, though margins came in below estimates despite healthy loan growth.

FSN E-Commerce Ventures (Nykaa)

FSN E-Commerce Ventures share price was trading about 2% lower by midday after giving up early gains that had taken the stock to a fresh 52-week high. EBITDA climbed 69% to Rs 236 crore, while EBITDA margin improved to 8.4% from 6.5% a year ago. 

The beauty business reported gross merchandise value of Rs 4,105 crore, with net sales value growing 29%. During the quarter, the company expanded its beauty retail network to 324 stores across 105 cities and acquired a 51% stake in Aminu Wellness for Rs 32 crore. Executive Chairperson and CEO Falguni Nayar said AI-led initiatives such as Virtual Closet and AskNykaa contributed to stronger customer engagement and higher conversions.

Manipal Health Enterprises

Manipal Health Enterprises share price made a strong market debut, listing at a premium of more than 10% over its IPO price on both the NSE and BSE. The company’s Rs 9,275.22 crore public issue was subscribed 4.92 times, with qualified institutional buyers bidding 8.25 times their allotted quota, while the retail portion was subscribed 93%. The IPO consisted of a fresh issue of Rs 8,000 crore and an offer for sale of Rs 1,275.22 crore. 

From the fresh proceeds, Rs 5,378 crore has been earmarked for debt repayment at subsidiary Manipal Hospitals, while Rs 574 crore will be used to acquire the minority stake in Sahyadri Hospitals. The company had also secured Rs 4,167 crore from anchor investors ahead of the issue, including Morgan Stanley Asia, Abu Dhabi Investment Authority, Goldman Sachs Bank Europe and several domestic mutual funds.

Kalyan Jewellers

The share price of Kalyan Jewellers tanked 4% intra-day today. The company reported a strong set of June quarter earnings, with consolidated revenue rising 46% year-on-year to Rs 10,588.9 crore and profit after tax increasing 32% to Rs 348.7 crore. 

EBITDA rose 25% to Rs 632.5 crore, while EBIT increased 26% to Rs 517.5 crore. As of June-end, the company operated 354 Kalyan showrooms in India, including 234 franchise-owned, company-operated stores, along with 129 Candere outlets, 38 showrooms in the Middle East, two in the US and one in the UK. Over the last twelve months, Kalyan Jewellers reported revenue of Rs 39,063.3 crore and profit after tax of Rs 1,435 crore.