Stocks to watch, Sept 22: Waaree Energies, Hindustan Copper, Lenskart, ONGC, Pace Digitek, GRSE, Parag Milk Foods

The domestic stock market is expected to open in the green on Tuesday, September 22. The GIFT NIFTY futures suggest that the NIFTY50 index will open 53 points higher.

The new facility aims to enhance the company’s shipbuilding capacity across both the naval and commercial segments. The approval is part of GRSE’s broader capacity expansion plan announced in August.

With this expansion, the company’s conductor manufacturing capacity has increased from 24,000 Km/annum to 40,800 Km/annum.

It is worthwhile to note that the company is in the process of further enhancing its conductor capacity under phase 2 expansion, after which it will be double its original capacity.

Commenting on the development, Randeep Narang, MD & CEO, stated, “This expansion marks a significant milestone in strengthening the Company's conductor manufacturing capabilities, which enhances its execution efficiencies and capacity to cater to growing markets.”

The one-time order will be executed across FY27 and FY28. The company did not disclose the order value or the identity of the customer, but said the order is not a related-party transaction and the promoter group has no interest in the awarding entity.

Under its roadmap, the company aims to raise mining capacity from around 4 MTPA currently to 12.2 MTPA, with Malanjkhand capacity targeted to double to 5 MTPA, Khetri to 3 MTPA and Indian Copper Complex to 4.2 MTPA by FY30.

The company also plans extensive exploration, new paste-fill and concentrator plants, revival of closed mines and acquisition of new copper deposits in India and overseas.

The company bagged the Battery Energy Storage System (BESS) order from NTPC GE Power Services Private Limited (NGSL), according to a regulatory filing dated September 21.

It secured the order for “supply, delivery, testing, and supervision of erection, testing, and commissioning” of 5.015 megawatt-hour (MWh) BESS containers along with a battery management system (BMS) and energy management system (EMS), strictly as per the request for quotation (RFQ) documents issued, including a comprehensive maintenance contract (CMC), it stated.

The company said that value-added products contribute more than 90% of the company’s turnover, and Paneer is one of its flagship categories, which is growing by 28% over the last two years.

ADIA, through its affiliate Platinum Jasmine A 2018 Trust, sold 3.5 crore shares, representing a 2.01% stake in Gurugram-based Lenskart Solutions, according to the bulk deal data on the National Stock Exchange (NSE).

The shares were offloaded at an average price of ₹683.02 apiece, taking the aggregate value to ₹2,390.57 crore.

The transaction brought ADIA's holding down to 7.76% from 9.77%. After the stake sale, ADIA will remain the second-largest public shareholder in Lenskart after SoftBank.

The buyers of the shares could not be identified from the exchange data.

Lenskart's shares on Monday fell 3.10% to close at ₹685.30 apiece on the NSE.

ONGC discovered on September 18 at the MN-DW18-1-H-D well in the Mahanadi Offshore Basin, about 43 km off Konark, as part of its Samudra Manthan deepwater exploration campaign, the company said in a statement.

The well, the first drilled by ONGC in the Mahanadi Basin under the campaign, encountered gas at a depth of 1,441-1,452 metres after being drilled to a target depth of 1,623 metres.

The well has been flowing gas for the past three days, with "encouraging flow and reservoir pressure," ONGC said.

The discovery is subject to further appraisal and commercial evaluation, the company said.