Stocks to watch, June 4: GMR Airports, Rajesh Exports, IT stocks, NHPC, Lenskart, BHEL, IEX

On Wall Street, Broadcom reported weaker-than-expected revenue in its fiscal second-quarter earnings report. The stock slid in extended trading and fell further on disappointment that CEO Hock Tan didn’t raise the company’s full-year target of $100 billion in artificial intelligence chip sales.

The regulator also directed the company to make true and fair disclosures of its financial statements, related party transactions, and other disclosures under the Listing Obligations and Disclosure Requirements (LODR) regulations.

In a 109-page interim order, SEBI said its investigation revealed misrepresentation in financial statements as well as instances of routing and layering of funds through personal accounts and related entities without adequate disclosures or supporting documentation.

Against the OFS size of 60.27 crore shares, cumulative bids of 151.33 crore came in, as per the data available on the BSE.

The government on Monday announced it would sell up to a 6% stake in NHPC via OFS at a floor price of ₹71 per share.

The OFS includes a base offer of 3% of the government's equity in NHPC, with a 3% green shoe option.

The floor price of ₹71 per share is at an 8% discount over Monday's closing price of ₹77.19 on the BSE. On Monday, the stock ended 2.07% lower than Friday's close.

During the meeting at the Secretariat, Singh briefed the chief minister on ONGC's operations. They also discussed the company's efforts to strengthen the energy sector in Andhra Pradesh and its expansion plans in the state, an official release said.

"Singh met Naidu and briefed him on the (ONGS's) company's ongoing operations in Andhra Pradesh, including natural gas and crude oil exploration activities in the Krishna-Godavari Delta Basin, besides outlining future expansion plans in the state," the release said.

Naidu reviewed the revenue generated by ONGC projects, the employment opportunities they created, and their impact on the local economy.

The CM stressed the need for closer coordination between the state government and ONGC to facilitate the speedy implementation of projects.

SoftBank, through its affiliate SVF II Lightbulb (Cayman) Ltd, offloaded 5,65,00,000 shares, representing a 3.25% stake in Lenskart Solutions, according to the block deal data available on the National Stock Exchange (NSE).

The shares were disposed of at an average price of ₹508.55 apiece, taking the deal value to ₹2,873.30 crore.

Following the stake sale, Softbank's holding in Lenskart through its arm dropped to 9.88% from 13.13%.

A clutch of investors, including domestic institutional and foreign investors, participated in the transaction.

Rajiv Jain-backed GQG Partners, through its affiliate GQG Partners Emerging Markets Equity Fund, offloaded 19.50 crore shares representing a 1.85% stake in GMR Airports, according to block deal data available on the NSE.

The shares were disposed of at an average price of ₹97.75 apiece, taking the transaction value to ₹1,906.12 crore.

Meanwhile, Fidelity International, through its affiliate Fidelity Investment Trust Fidelity International Small Cap Fund, acquired the same number of shares, as per the data on the National Stock Exchange (NSE).

The Pune-headquartered company will be foraying into businesses including battery storage and also start an integrated co-development platform converting renewable potential into execution-ready sites at scale, which it has christened 'RE DevCo', a company statement said.

Officials said the DevCo arm alone will witness investments of ₹500 crore in FY27 and added that other parts of the business will see a capital expenditure of an additional ₹600-₹700 crore in the fiscal year.

The company also disclosed its five-year ambitions on Wednesday, which include expanding annual renewable energy sales fourfold to 10 GW and growing its order book to 15 GW by 2031.

The contract agreement was signed with Nigeria’s Dangote Petroleum Refinery & Petrochemicals Free Zone Enterprise on June 2, according to a regulatory filing.

The order pertains to the design, manufacturing, supply, and supervision of the erection and commissioning of eight gas turbine generator packages for the petroleum refinery and polypropylene plant in the Dangote Industries Free Zone, Nigeria, the company informed the stock exchanges.

The contract will be executed within 26 months from the start date or the effective date of the agreement.