Benchmark indices remained under pressure with the Nifty hovering near 23,609, down around 0.87%. The Sensex also slipped nearly 1% to trade around 75,252 amid broad-based selling across sectors. Despite the weak undertone in the market, select stocks remained active after earnings announcements, block deals, regulatory developments and large contract wins.
From JSW Energy Ltd. and Kalpataru Ltd. to Oil And Natural Gas Corporation Ltd. and Syrma SGS Technology, individual counters saw sharp moves as traders reacted quickly to fresh triggers rather than the broader market mood.
ONGC
ONGC share price advanced more than 5% by midday on May 12 after the government reduced royalty rates on crude oil and natural gas production across several categories of oilfields, including deepwater and ultra-deepwater blocks. Shares of ONGC traded around Rs 294 on the NSE, up 4.63%, while Oil India rallied over 7% to Rs 488.80.
The move is aimed at encouraging domestic exploration and improving output at a time when India continues to remain heavily dependent on imported crude oil. Lower royalty payments directly improve economics for upstream companies because it reduces the burden on production margins.
Upstream oil firms are engaged in exploration and production activities. Their business revolves around locating reserves, drilling wells and extracting crude oil and natural gas. In India, ONGC and Oil India dominate this segment. Any policy change linked to royalties, pricing or exploration norms usually has a direct impact on earnings expectations.
Tech stocks
On the other hand,tech stocks are bleeding and how. Major information technology (IT) stocks came under sharp selling pressure on Tuesday, with frontline companies such as Infosys Ltd, Tata Consultancy Services Ltd. , Coforge and Persistent Systems falling up to 4% amid growing concerns over global economic growth, rising geopolitical tensions and broader market weakness.
JSW Energy
JSW Energy Ltd. share price dropped as much as 8% during early trade on May 12 after the company’s March quarter earnings failed to support sentiment despite a sharp rise in revenue.
The pressure came after the company reported a 9% year-on-year decline in consolidated net profit for Q4FY26 at Rs 371 crore. In the same quarter last year, the company had reported a profit of Rs 408 crore. Revenue from operations during the January-March 2026 quarter rose sharply by 41% to Rs 4,498 crore from Rs 3,189 crore in Q4FY25.
The problem was elsewhere. Financing costs and fuel expenses climbed aggressively and that erased the benefit of higher revenue growth. Finance cost during Q4FY26 surged 138% year-on-year to Rs 1,608 crore compared to Rs 675 crore in the same period last year. Fuel expenses also increased 15% to Rs 1,340 crore from Rs 1,163 crore.
The numbers were not disastrous in isolation, but the street was clearly looking for profit growth after such a large jump in revenue. Instead, margins tightened and the stock paid the price. The board also recommended a dividend of Rs 2 per share for FY26. Still, during the session, traders appeared more focused on the spike in costs than the payout announcement.
Kalpataru
Kalpataru Ltd. share price slipped nearly 3% in early trade on May 12 after Bain Capital executed a block deal transaction through two of its entities during Monday’s market session.
Exchange data showed that Bain Capital participated in both buying and selling transactions involving Kalpataru shares. Block deals generally involve transactions worth at least Rs 10 crore in a single trading session. They often attract attention because they indicate institutional positioning in the stock.
Bharat Forge
Bharat Forge Ltd. share price traded in positive territory on May 12 despite the weak broader market after the company announced a long-term aerospace contract with Embraer.
The company entered Embraer’s global aerospace supply chain for forged components. It also became the first Indian supplier to secure such an engagement with the aircraft manufacturer. Under the agreement, Bharat Forge will manufacture and supply critical landing gear forgings for Embraer’s commercial as well as defence aircraft programs.
The development carries weight because aerospace contracts are not handed out casually. Certification standards remain strict and supply chains are tightly controlled. Bharat Forge has spent years building precision engineering capabilities, and this contract gives the company another foothold in a business where execution matters more than announcements.
Syrma SGS
Syrma SGS Technology share price witnessed extreme volatility on May 12 after the company reported strong Q4FY26 numbers.
The electronics manufacturing services company reported a consolidated profit of around Rs 119 crore during the January-March 2026 quarter. In the corresponding quarter last year, the company had posted a loss of Rs 71.45 crore. Revenue from operations during Q4FY26 rose 58.48% year-on-year to Rs 1,465 crore from Rs 924.36 crore reported in Q4FY25.
