Force Motors Declines 5% as Weak Sales Data Weigh, NHPC Drops 4% Amid Government Stake Sale

Market Activity Driven by Corporate Developments and Regulatory Triggers

The stock market on June 2 saw several key players in focus as corporate developments, earnings announcements, and regulatory triggers continued to drive market activity. Among these, Force Motors shares fell 5 percent following the company's report of a 15.35 percent year-on-year decline in total sales for May at 2,614 units compared to 3,088 units in the same period last year.

Domestic sales dropped 14.72 percent to 2,560 units from 3,002 units, while exports declined 37.21 percent to 54 units from 86 units. In contrast, NMDC share price jumped more than 4 percent after the state-run miner reported a 19.9 percent increase in iron ore production to 5.31 million tonnes in May from 4.43 million tonnes a year ago. However, iron ore sales declined 6.9 percent year-on-year to 4.04 million tonnes from 4.34 million tonnes.

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Ola Electric Mobility shares fell 2 percent after the company launched its qualified institutional placement (QIP) on June 1 and fixed the floor price at Rs 37.74 per share. Wipro shares, however, up marginally after its step-down subsidiary, Wipro IT Services, announced plans to acquire an additional 20 percent stake in Aggne Global Inc. The transaction is expected to be completed by June 5.

PNC Infratech share price gained 2 percent after the company received a Letter of Acceptance worth Rs 194.4 crore from the Lucknow Development Authority for the construction of a four-lane flyover, along with two loops and two ramps, at the Shaheed Path intersection on the right bank of the Gomti River in Lucknow on an EPC basis. Shares of Equitas Small Finance Bank added 1 percent after the Reserve Bank of India approved Mirae Asset Mutual Fund's proposal to acquire an aggregate holding of up to 9.5 percent of the bank's paid-up share capital or voting rights.

NHPC shares, however, slipped nearly 4 percent after the government announced plans to divest up to a 6 percent stake in the company through an offer-for-sale (OFS), including a greenshoe option of 3 percent. The floor price has been set at Rs 71 per share. The OFS opened for non-retail investors on June 2 and will open for retail investors on June 3.

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Market participants noted that news flow remains a key driver in the current market environment, with investors closely monitoring corporate announcements and sector-specific developments. As the earnings season progresses, company-specific updates are expected to continue driving stock-specific volatility.