Lenskart, Meesho, Power Grid among key stocks to watch

Indian equities are expected to open on a subdued note on Thursday as higher crude prices and geopolitical tensions weigh on sentiment, with focus on block deals, overseas fund-raising and rate actions in stocks such as Lenskart, Meesho, Power Grid and public-sector banks.

Benchmark indices had ended mixed in the previous session, with the Sensex closing at 73,983.18 and the Nifty 50 at 23,214.95, after late profit booking erased most intraday gains.

Market overview

• Sensex closed at 73,983.18, up 64.42 points or 0.09%.
• Nifty 50 settled at 23,214.95, down 27.15 points or 0.12%.
• Profit booking in the last hour erased earlier intraday advances.
• Traders monitor crude oil spike and Middle East tensions for direction.
• Weak US and Asian cues likely to cap risk appetite at open.

Key corporate actions and deals

• Lenskart Solutions: ADIA arm Platinum Jasmine to sell 2.3% stake via block deal.
• Block size estimated at ₹1,944 crore at floor price ₹486 per share.
• Platinum Jasmine held 12.08% in Lenskart as of March 2026.
• Meesho: Fidelity vehicles sold 5.97 crore shares, a 1.31% stake, via blocks.
• Aggregate Meesho deal value around ₹988 crore at about ₹165 per share.
• FID FDI 2117 LLC sold 2.59 crore shares for ₹428.21 crore.
• FID FDI 312 LLC offloaded 3.38 crore shares for ₹559.93 crore.
• Sapphire Foods India: T. Rowe Price fund bought 24.62 lakh shares, 0.76% stake.
• Purchase value ₹44.3 crore; Government of Singapore sold 21.8 lakh shares.
• Government of Singapore stake sale 0.67%, worth ₹39.35 crore.

Banking and financials

• Central Bank of India raised FCNR(B) deposit rates by up to 253 bps.
• New FCNR(B) rates now as high as 6% for 3–5-year tenors.
• Rate move aimed at attracting more foreign currency deposits.
• Punjab National Bank revised FCNR(B) rates up to 6.10% per annum.
• PNB targets mobilisation of nearly USD 2.5 billion via revised scheme.
• State Bank of India: analysts highlight focus on retail deposit growth in FY26.
• SBI retail savings and term deposits grew 12–15% year on year.
• Corporate salary accounts at SBI rose 11% in FY26, crossing 2 crore.
• SBI improved priority sector lending compliance, reducing PSL certificate purchases.
• Rural Infrastructure Development Fund assets remained stagnant since FY24.

Power and infrastructure

• Power Grid Corporation of India board cleared SCADA system upgradation.
• SCADA and associated systems upgrade cost estimated at ₹485.04 crore.
• Power Grid approved unsecured term loan facility of JPY 80 billion from JBIC consortium.
• Venkata S V appointed as Chief Financial Officer effective 1 July.
• Vascon Engineers received LoI worth ₹347.43 crore from CPWD, Guwahati.
• Project involves demolition and redevelopment of RBI quarters in Guwahati.
• Vascon assignment to be executed on an EPC basis.

Metals, resources and overseas projects

• Deccan Gold Mines signed Earn-In and Option agreement for Logrosan Tungsten Project, Spain.
• Deccan Gold to invest €1.76 million to acquire 51% in Logrosan Minera SL by March 2027.
• Options allow Deccan Gold to raise stake to 75%, then up to 95%, on milestones.
• CMR Green Technologies: Goldman Sachs India Equity Portfolio bought 19.41 lakh shares.
• CMR stake bought equals 0.88% at ₹256.64 per share.
• Deal value in CMR Green about ₹49.81 crore.
• ONGC: analysts project 3% production CAGR from FY26 to FY29.
• ONGC earnings CAGR estimated at 14%, driven by domestic gas and overseas turnaround.
• Over two decades, ONGC paid about USD 33 billion in dividends.

Consumer, auto and ed-tech

• PPAP Automotive entered strategic partnership with Hutchinson for body sealing systems.
• Tie-up covers advanced body sealing for passenger vehicles in India.
• PPAP to access Hutchinson technology, engineering expertise and licensed know-how.
• Zee Entertainment Enterprises board approved fund-raise of at least ₹2,300 crore.
• Zee plans multiple tranches to support strategic and business expansion.
• Max Financial Services: analysts see growth from diversified distribution at Axis Max Life.
• Sector valuations impacted by regulatory headwinds, but fundamentals seen resilient.
• Physicswallah: analysts expect 24% revenue CAGR and 71% EBITDA CAGR FY26–FY28.
• Growth drivers include online category expansion and maturing offline Vidyapeeth centres.

Analyst commentary

• ONGC viewed as capable of doubling historical dividend payouts over next 20 years.
• Meesho described as scale-led value commerce platform focused on affordability and logistics.
• Physicswallah highlighted as ed-tech player scaling without heavy P&L strain.
• SBI annual report cited for operations re-engineering and new business loan variants.

FAQs

Q: Why are Lenskart and Meesho in focus today?

• Both saw large secondary block deals, with an ADIA arm selling in Lenskart and Fidelity exiting Meesho.

Q: What is driving attention to PSU banks like PNB and Central Bank?

• They sharply raised FCNR(B) deposit rates, targeting higher foreign currency inflows amid RBI measures.

Q: How is Power Grid planning to fund its capex?

• It approved a JPY 80 billion unsecured term loan from JBIC-linked lenders alongside a ₹485 crore SCADA upgrade.

Frequently Asked Questions

Why are Lenskart and Meesho in focus today?

Both saw sizeable secondary block deals, with an ADIA vehicle selling a 2.3% Lenskart stake and Fidelity funds offloading 1.31% in Meesho.

What recent steps have PSU banks taken on foreign currency deposits?

Central Bank of India and Punjab National Bank have raised FCNR(B) rates up to about 6–6.1% to attract more overseas deposits.

What are the key board decisions at Power Grid Corporation?

Power Grid approved a ₹485.04 crore SCADA upgrade, a JPY 80 billion term loan facility, and appointed Venkata S V as CFO from 1 July.