Niva Bupa Health Insurance, HFCL and Emmvee Photovoltaic Power Surge While ABB India, Urban Company and Aditya Birla Real Estate Slide

Equity indices in India saw sharp declines on May 11 due to increased fears about international energy costs and pressure on India’s forex reserves. The decline in the stock market followed the request by India’s Prime Minister Narendra Modi to citizens to conserve fuel usage, decrease imports, and not purchase gold for a year.

Nifty 50 fell by 1.16 percent to 23,894.60, and the BSE Sensex declined by 1.28 percent to 76,331.84 during morning trading. In addition, the Indian rupee saw a decline of 0.7 percent to below 95 per US dollar.

However, many Nifty 500 companies recorded significant gains despite the general decline following their impressive results in Q4FY26.

Niva Bupa Health Insurance Jumps 10% on Strong Earnings

One such company is Niva Bupa Health Insurance, a pure-play standalone health insurance company concentrating on retail health insurance products.

Its stock price gained 10% on May 11 amid good volume activity. While volumes on the NSE surged to 4 crore shares, the average for 30 days is only 9.4 lakh shares.

This was on the back of healthy Q4FY26 results. Gross Written Premium (GWP) grew by 30% year on year to ₹3,123 crore. Retail health GWP was up 40% at ₹2,170 crore.

Net profit was up 89% to ₹158 crore. Market share for retail health has also improved to 10.4%, compared to 9.4% last year.

HFCL Rises 8% After Returning to Profitability

HFCL, another leading provider of telecom equipment and optical fiber cables, too saw robust investor interest.

The share price rose up to 8%, with NSE volume touching 6.7 crore units versus the 30-day average of 5.8 crore units.

This was following a positive earnings surprise for the Q4FY26 period with an earnings turnaround. Revenue grew over two times to ₹1,824 crore from ₹801 crore last year, supported by increased cable demand.

The EBITDA margin was ₹337 crore, compared to a loss of ₹22 crore last year, while net profit was ₹184 crore, up from the net loss of ₹83 crore last year.

The order book of HFCL was ₹21,206 crore. The company also gained from strong overseas demand from hyperscalers and data centers, which boosted its export revenue to 41% of total revenue last year from 12% last year.

Emmvee Photovoltaic Power Gains 6% on Robust Q4FY26 Results

Emmvee Photovoltaic Power, which is a vertically integrated manufacturer of solar PV modules and cells, was also among the biggest gainers.

The share price gained about 6% on increased trading volume, backed by better-than-expected quarterly performance.

The revenue grew 62% year-over-year to ₹1,739 crore for Q4FY26. The EBITDA grew 58% to ₹571 crore, while the net profit grew 89% to ₹392 crore.

On a full-year basis, for FY26, the revenue jumped 116%, EBITDA jumped 140%, and the net profit grew 193%.

It is also planning to increase the production capacity of its solar cells to 8.9 GW from 2.9 GW, while that of solar modules will be increased to 16.3 GW from 10.3 GW.

ABB India Falls Over 9% on Margin Concerns

Among the top performers to suffer losses in the Nifty 500 index, ABB India, an electrification, automation, and industrial engineering company, was one of them.

The share price fell by more than 9% on poor quarterly results, which led to a fall in shares. 

The reasons for the falling trend included fears about low margins, high costs of raw materials, and exchange rate pressures.

ABB India, it should be noted, has been posting its fourth consecutive quarter of losses owing to increasing input cost pressures.

Urban Company Declines Over 8%

May 11 was not just about HDFC Bank; Urban Company, a home service platform, also faced similar pressures. The share price dropped by more than 8%, driven by negative sentiment in the tech and internet space. There were no particular reasons behind this drop related to the firm. The fall in price was mostly due to profit booking and general market conditions.

Aditya Birla Real Estate Slides 8%

However, Aditya Birla Real Estate, which operates in both real estate and paper making business segments, also faced intense selling activity. Despite the firm being profitable during the fourth quarter of FY26, the share price fell by more than 8%. This was primarily due to poor sales trends and nervousness in the real estate market segment.

Market Outlook

Market sentiments were generally bearish due to fears over higher crude oil prices, rupee devaluation, and weak foreign exchange reserves of India. But some companies like Niva Bupa Health Insurance Company Limited, HFCL Ltd., and Emmvee Photovoltaic Power Corporation stood out by showing better results.

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