The markets are firm in afternoon trade. The Nifty 50 is cruising comfortably above 25,800 while the BSE Sensex garnered close to a 500-point gain in afternoon trade.
The Index gains look steady on the surface, but the big action sat firmly in individual counters, where earnings, balance-sheet strength, promoter moves and policy-linked developments drove sharp, sometimes uncomfortable price swings.
Here are the top movers and shakers at this hour:
State Bank of India
State Bank of India share price jumped 6.7% by midday, extending gains after the lender delivered a better-than-expected December quarter. The stock touched a fresh lifetime high during the session, backed by heavy volumes and broad-based buying across PSU banks. The rally in SBI spilled over into the wider public-sector banking space, with the PSU Bank index rising more than 3.4%, and all constituents trading in the green. The market response was direct and unsentimental. Strong numbers were rewarded, scale was valued, and SBI sat right at the centre of that trade.
Shipping Corporation of India
Shipping Corporation of India surged nearly 15.8%, marking its strongest single-session move in almost four years. The sharp rally followed a decisive improvement in the December-quarter performance, where net profit rose more than five times to Rs 405 crore. Revenue grew 23% to Rs 1,612 crore, while tighter cost control stood out, with total expenses down 2% and finance costs lower by 24%. The stock reaction was aggressive, fuelled by the sudden clarity that earnings momentum had returned faster than expected.
Vodafone Idea
Vodafone Idea gained about 4% by midday, with volumes swelling through the session. The stock moved after promoter Kumar Mangalam Birla bought an additional 4.09 crore equity shares via the open market. That single action carried weight. It did not change the company’s structural challenges, but it did send a message on commitment, and the market responded in its own blunt way, pushing the stock higher even as the broader telecom space stayed mixed.
Kalyan Jewellers
Kalyan Jewellers India rallied over 12%, reacting sharply to a strong December-quarter performance. Consolidated net profit jumped 90.4% to Rs 416.29 crore, while revenue from operations rose 42.1% to Rs 10,343.41 crore. International operations also delivered, with revenue up 38% to Rs 1,164 crore. The numbers left little room for ambiguity, and the stock price adjusted quickly, without hesitation.
Suzlon Energy
Suzlon Energy was marginally lower, down about 0.04%, after an early uptick faded. The company reported a nearly 15% rise in December-quarter net profit to Rs 445 crore, supported by revenue growth to Rs 4,228 crore and a record order book of 6.4 GW. Despite that, profit booking set in after recent gains, and the stock slipped back toward flat territory. The reaction was restrained, not dismissive, but clearly cautious.
REC
REC shares declined 2.4% by midday, even as the stock remained in focus following developments around the proposed PFC–REC merger flagged in the Union Budget. The plan, which would see REC merged into PFC with a swap ratio of 8 PFC shares for every 9 REC shares, aims to create a lending entity with a combined loan book of about Rs 11.5 trillion. The market response, however, leaned defensive in the short term, reflecting uncertainty around valuation, structure and execution rather than outright rejection of the proposal.