Stocks To Watch: L&T Tech, Adani Enterprises, Bharat Electronics, ICICI Lombard, Ultratech Cement, Nestle

Asian stocks had a mixed open on Wednesday as traders assessed a solid start to the corporate-earnings season that helped extend a rally in US markets.

Equities in Japan and Australia advanced, while South Korean stocks fluctuated. In the US, stocks rallied after earlier giving up almost all of their advance, sending the S&P 500 to back-to-back gains to start the week.

Domestic benchmarks indices closed higher for the second day in a row buoyed by by broad-based gains across sectors led by power, realty, capital goods, utilities, automobiles, telecommunications, industrials, and energy stocks, and a recovery in global equities.

Rupee closed marginally worse against the U.S. dollar. At 6:47 a.m., the Singapore-traded SGX Nifty -- an early barometer of India's benchmark Nifty 50 -- gained 0.01% to 17,496.

Stocks To Watch

• Bharat Electronics: The company signed an MoU with defence PSU Munitions India to jointly address the requirements of Indian defence and export markets in the areas of ammunition, explosives and related systems.

• Adani Enterprises: Adani Defence & Aerospace, a subsidiary of the company, signed a definitive agreement to acquire MRO company Air Works for Rs 400 crore.

• Reliance Industries/Bharti Airtel/Vodafone Idea: Reliance Jio replaced BSNL to become the largest fixed-line operator in the country, the first private player to do so, according to TRAI subscriber data for August. Reliance Jio and Bharti Airtel added new telecom subscribers, whereas Vodafone Idea lost subscribers during the month.

• Brightcom Group: The company Peshwa Acharya and Narayana Raju to consummate the final transaction closure with Daum Corporation to complete the outstanding Lycos deal after being apprised of the process followed and the final settlement terms.

• ITC: The company entered into an agreement to acquire additional 1,000 compulsorily convertible preference shares of Rs 10 each of Mother Sparsh, taking its shareholding to 22%.

• Prism Johnson: The cement division of the company has entered into supply agreements with three manufacturers to improve local availability in strategic markets.

• Polycab India: The board considered and approved the merger of subsidiary Silvan Innovation Labs with the company.

• Harsha Engineers International: The company issued a letter of intent to Clean Max Enviro Energy Solutions for setting up hybrid power project with a configuration of wind turbine generator of 2.7 MW along with 0.675 MW solar power plant at Pipaliya, Gujarat.

• The New India Assurance Company: The board ratified the appointment of Thomas Moffatt, Deputy General Manager, as the Chief Underwriting Officer of the company, with effect from Sept. 14, 2022.

• Prestige Estate Projects: The company registered sales of Rs 3,511 crore in Q2, up 66% year-on-year. Collections increased 68% to Rs 2,602.9 crore.

• Suven Life Sciences: The board approved the issue opening and closing dates—Oct. 31, 2022 and Nov. 10, 2022, respectively—for the upcoming rights issue of the company.