SYNOPSIS: HFCL and NCC rallied up to 13 percent after being excluded from the F&O segment, triggering heavy cash-market buying and sharp volume spikes, despite both stocks delivering weak returns so far in 2025.
During Wednesday’s trading session, shares of HFCL surged nearly 13 percent, marking its strongest single-day gain since May. The rally was supported by exceptionally high trading volumes and the stock’s exit from the futures and options (F&O) segment.
From today onward, HFCL will trade only in the cash market. HFCL was one of four stocks, along with NCC, Titagarh Rail, and Cyient, that have been excluded from the F&O segment.
Stocks Exiting the F&O Segment
With a market cap of Rs. 10,480 crores, HFCL shares surged nearly 13 percent on BSE to hit an intraday high at Rs. 71.63, as against its previous closing price of Rs. 63.49. From Wednesday’s trading session, HFCL has moved out of the Futures & Options (F&O) segment and will now trade only in the cash market.
The shift triggered heavy trading activity, with over 5 crore shares changing hands within the first hour, far above the stock’s 20-day average volume of about 95 lakh equity shares.
That said, the broader picture remains weak. HFCL is down nearly 40 percent in 2025, making this its worst calendar-year performance since 2008, when the stock had plunged 78 percent.
Over the years, the stock has gone through multiple downturns, including three consecutive years of decline between 2011 and 2013, and further losses in 2016, 2018, 2019, and 2022.
The recent sell-off has wiped out much of the gains from the previous two years, when the stock rose 14 percent in 2023 and 33 percent in 2024. Following this year’s decline, HFCL has slipped back to price levels last seen toward the end of 2022.
The company recently completed a qualified institutional placement (QIP) of Rs. 550 crores. Currently, the stock is trading close to its QIP floor price of around Rs. 66. HFCL Limited is a diverse telecom infrastructure enabler with active interest spanning telecom infrastructure development, system integration, and manufacture and supply of high-end telecom equipment, optical fibre and optical fibre cable (OFC).
The company has developed capabilities to provide premium quality optical fibre and OFC, advanced telecom products, including 5G Radio Access Network (RAN) products, 5G Transport Products, Wi-Fi systems (Wi-Fi 6, Wi-Fi 7), high capacity backhaul radios, switches, routers and defence electronics products viz. thermal weapon sights, electronic fuzes, high-capacity radio relay and surveillance radars.
With a market cap of Rs. 10,111 crores, the stock surged nearly 6 percent on BSE to hit an intraday high at Rs. 164.30, as against its previous closing price of Rs. 155.15. The shares of NCC have delivered negative returns of around 42 percent in 2025.
NCC Limited is engaged in the infrastructure sector, primarily in the construction of industrial, institutional, hospital, hospitality and commercial buildings, airports, housing projects, transportation projects including roads, bridges, flyovers, metros and tunnels, water supply and environment projects, railway projects, electrical distribution, transmission lines and
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