Indian equities were trading flat with a mild negative bias around midday on March 16 even as individual stocks continued to witness sharp moves driven by corporate announcements and sector developments. The Nifty was hovering near 23,110, lower by about 0.2%, while the Sensex was around 74,470, down roughly 0.1%.
Several stocks across banking, telecom equipment, pharmaceuticals, engineering and aviation sectors saw notable action.
Here are the top movers and shakers at this hour:
Adani Total Gas
Adani Total Gas share price declined sharply by over 8% as the stock extended losses for the second consecutive session.
The stock has dropped as much as 13% over two sessions after rallying nearly 30% during the three trading sessions between March 10 and March 12. The decline came after the company announced a reduction in the price of excess natural gas supplied to certain industrial customers.
The company cut the price to Rs 82.95 per standard cubic metre from Rs 119.90 per SCM, effective March 16, following a moderation in upstream gas prices amid supply disruptions.
IDBI Bank
IDBI Bank share price plunged about 16% by midday aon buzz that the proposed strategic sale of the lender may have been scrapped.
According to media reports, the financial bids submitted by potential buyers came in below the reserve price set by the inter-ministerial group overseeing the disinvestment process.
Currently, the government holds about 45.48% in the lender while LIC owns around 49.24%. Potential bidders reportedly included Prem Watsa-led Fairfax and Emirates NBD.
IDBI Bank has responded to recent market rumors regarding the government’s strategic disinvestment in the bank. The company clarified that it has not received any communication indicating that the disinvestment process has been scrapped. It also stated that the process is being handled by the Department of Investment and Public Asset Management (DIPAM). According to the bank, these developments have no material impact on its operations or financial position.
InterGlobe Aviation (IndiGo)
InterGlobe Aviation share price gained about 2.38% by midday after the company announced a fuel surcharge on ticket prices for both domestic and international routes.
The airline informed stock exchanges that it will introduce a fuel charge effective from March 14. The surcharge will be up to Rs 425 on domestic routes and up to Rs 2,300 on international routes.
The move comes as airlines attempt to manage rising fuel costs amid volatile energy markets. Aviation turbine fuel remains one of the largest operating expenses for airlines, and pricing adjustments through surcharges are often used to offset fluctuations in fuel costs.
Data Patterns
Data Patterns shares have plunged 4%. The company secured a fresh order valued at Rs 288 crore for the supply of 32 units of Doppler weather radars.
The defence and electronics manufacturer clarified the order details after earlier stating that it had received a Rs 279 crore contract for 34 units of Doppler weather radars. The revised information confirms the order value and quantity, which adds to the company’s defence electronics and radar order pipeline.
Tejas Networks
Tejas Networks share price gained about 7.82% by midday after the company announced that it has been selected for a 4G network expansion project in South Asia.
The Tata Group company will supply 4G radio access network solutions, including multi-band 4G radios and its TJ1400 UltraFlex baseband platform, to a mobile operator in the region. The contract strengthens Tejas Networks’ international wireless business and expands its presence in global telecom infrastructure deployments.
Commenting on the development, Kumar N. Sivarajan, Chief Technology Officer of Tejas Networks, said, “By inducting Tejas as their new wireless OEM, our South Asian customer now has a trusted and proven technology partner capable of addressing diverse network requirements while benefiting from greater vendor diversity. We are fully committed to support them with innovative and well-differentiated solutions to optimally meet their network performance and user experience objectives.”
Omnitech Engineering
Omnitech Engineering share price gained about 1.98% by midday after the company reported a sharp rise in earnings for the December quarter.
The precision-engineered components manufacturer said its consolidated net profit rose 172.79% to Rs 22.26 crore in the quarter ended December 2025, compared with Rs 8.16 crore in the same period a year earlier. Revenue from operations climbed 81.57% to Rs 134.4 crore, up from Rs 74.02 crore in the corresponding quarter of the previous fiscal.
The company had made its stock market debut earlier with shares listing at Rs 202 apiece, reflecting a discount of 11.01% against the IPO issue price of Rs 227 per share. The Rs 583 crore initial public offering comprised a fresh issue of Rs 418 crore and an offer for sale worth Rs 165 crore by promoter Udaykumar Arunkumar Parekh.
According to the company, the proceeds are intended for repayment of debt, setting up two new manufacturing facilities, funding capital expenditure and other corporate purposes.
Newgen Software Technologies
Newgen Software Technologies share price rose nearly 3% by midday after the company’s subsidiary secured a contract from a bank in Kuwait.
Newgen Software Technologies L.L.C., the company’s Dubai-based subsidiary, signed an agreement with a leading Kuwaiti bank for software licensing, implementation and product support services. The contract is valued at about $2.22 million, equivalent to roughly Rs 20.54 crore, and will run for a period of two years.
Earlier this month, Newgen Software Inc., the company’s US subsidiary, signed a separate agreement with an insurance firm in the Caribbean for the implementation of the NewgenONE digital transformation platform. That contract was valued at $1.4 million and carries a duration of three years.
Despite these developments, Newgen Software shares remain significantly below their peak. The stock has fallen sharply since hitting record levels of Rs 1,790 in January 2025.
Glenmark Pharmaceuticals
Glenmark Pharmaceuticals share price slipped about 0.66% by midday after briefly rising earlier in the session.
The stock had initially gained following the announcement that Glenmark Pharmaceuticals Inc., USA, the company’s North American subsidiary, would launch Potassium Phosphates Injection USP in bulk package vials. The product launch strengthens the company’s injectable portfolio in the United States market.
Despite the minor pullback during the session, Glenmark shares have risen more than 4% over the past week and about 9% over the past month.
Bandhan Bank
Bandhan Bank share price fell about 10% by midday and hit the lower circuit after reports suggested that the promoter entity Bandhan Financial Services is exploring options to sell part of its stake or pursue an IPO.
The development has created uncertainty among investors and triggered heavy selling in the stock. Reports indicate that the promoter group has appointed investment bank Jefferies to evaluate possible strategic options, including discussions with private equity investors.
Bajel Projects
Bajel Projects share price jumped more than 14% by midday after the company secured a large infrastructure order from Maharashtra State Electricity Transmission.
The company disclosed that it received an order worth more than Rs 700 crore for establishing a 400/220 kV AIS substation in the Saswad district of Pune, Maharashtra. Under the EPC contract, Bajel Projects will design, supply, erect, test and commission the substation along with associated transmission lines.
The order is expected to be executed within about 23 months from the date of notification of allotment. The project includes installation of all related transmission infrastructure required for the substation.
