Stocks To Watch: Adani Power, Vedanta, Nestle India, ONGC, Ugro Capital, Bharat Electronics

Asian markets were set to open higher after the U.S. shares climbed and Treasuries sold off as investors weighed fresh data that indicated further Federal Reserve tightening ahead.

The S&P 500 climbed 0.3% to close at its session high while the Nasdaq 100 ended the day 0.8% higher.

The yield on 10-year Treasuries advanced to 3.81%. Crude prices were trading around $85-mark, while Bitcoin trading above 24,000-level.

At 5:50 a.m., the Singapore-traded SGX Nifty, an early indicator of India's benchmark Nifty 50, was up 0.22% at 18,059.5.

MSCI said it’ll postpone implementation of any update on Foreign Inclusion Factors of specific securities associated with the Adani Group to May 2023 Index Review.

Meanwhile, S&P Global Ratings placed Adani Transmission Ltd. ESG evaluation under review on potential governance Issues.

Domestic benchmark indices recovered from the day's low and closed higher as tech and IT stocks provided support.

Rupee continued to depreciate against the U.S. dollar as the greenback grew stronger on inflation data and speculations of higher Fed rates for longer periods of time.

Overseas investors in Indian equities remained net buyers for the fourth day in a row on Wednesday. Foreign portfolio investors mopped up equities worth Rs 432.15 crore, while the domestic institutional investors remained net buyers for the third day in a row and bought stocks worth Rs 516.64 crore. They previously snapped a 13-day buying streak on Feb. 9.

• Vedanta: The company was declared the preferred bidder for Sijimali Bauxite Block, located in Rayagada and Kalahandi districts of Odisha, under the mineral block auction conducted by the Odisha government. The block has estimated reserves of 311 million tonnes of bauxite.

• Adani Power: The long stop date under the MoU dated Aug. 18, 2022, to acquire 100% stake in DB Power has expired.

• ONGC: ONGC clarified that ONGC Videsh, a wholly owned subsidiary of the company, signed an MoU with Argentina's state oil company YPF for co-operation in the hydrocarbon sector.

• Bharat Electronics: The company signed an MoU with Goa Shipyard for co-operation for supply of products such as autonomous boats, and other systems based on artifical intellegence for naval platforms.

• Patel Engineering: The company, along with its joint venture partners, has been chosen for projects worth Rs 1,567 crore in Madhya Pradesh and Maharashtra, to be completed within 36 months.

• Ugro Capital: The board will meet on Feb. 20, to consider and approve raising funds via non-convertible debentures through private placement basis.

• Dalmia Bharat/Jaiprakash Associates: The Competition Commission of India approved the acquisition of clinker, cement and power plants belonging to Jaiprakash Associates and its associate.

• PTC Industries: The company signed an MoU with Hindustan Aeronautics-SED for cooperation and business development for indigenisation of aviation grade raw materials, components, sub-systems, and systems of aero-engines of Russian origin aircraft.

• Bharat Dynamics: The company signed ten MoUs with Thales, UAE-based Al Tariq, Bulgaria’s Bultexpro, Indian Institute of Technology-Madras and Tamil Nadu Industrial Development Corporation at the Aero India event. It also launched several products at the event.

• Shalby: Shalby Global Technologies Pte. Ltd, Singapore, a step-down subsidiary of the company, s received a regulatory approval to market and sell knee implants, hip systems, knee and hip instruments, etc. by Ministry of Health, Indonesia.

Nestle India, Schaeffler India

Ugro Capital: Vardhaman Patni bought 4.40 lakh shares (0.62%), Shurti Arihant Patni bought 5 lakh shares (0.71%), and DBZ (Cyprus) sold 25 lakh shares (3.54%) at Rs 152 apiece.

Bajaj Finserv: Shekhar Holdings bought 1.42 lakh shares (0.01%), Rupa Equities bought 2.48 lakh shares (0.02%), Rishab Family Trust sold 4.64 lakh shares (0.04%) at Rs 1,414 apiece.

Meghmani Finechem: Promoter Maulik Jayantibhai Patel bought 2,760 shares on Feb. 14.

• Emami: Promoter group Diwakar Finvest created a pledge of 6.93 lakh shares, Suraj Finvest created a pledge of 2.88 lakh shares between Feb.10-13.

• Jindal Steel & Power: Promoter group Jargo Investment released a pledge of 74.30 lakh shares on Feb. 07.

• Ex-Date Interim Dividend: Chambal Fertilisers & Chemicals, Shree Cement

• Record Date Interim Dividend: Chambal Fertilisers & Chemicals, Shree Cement

• Ex-Date Income Distribution: National Highways Infra Trust

• Record Date Income Distribution: National Highways Infra Trust

• BLS International Services: To meet investors and analysts on Feb. 17 and 28.

• Timex Group: To meet investors and analysts on Feb. 27.

• UltraTech Cement: To meet investors and analysts on Feb. 16.

• Nifty February futures ended at 18,040 a premium of 94.85 points.

• Nifty February futures rose 0.08% and 158 shares in Open Interest.

• Nifty Bank February futures ended at 41,836.90, a premium of 134.45 points.

• Nifty Bank February futures rose 0.71% and 635 shares in Open Interest.

• Securities added to the ban period: Ambuja Cements, Indiabulls Housing Finance, Bharat Heavy Electricals, Punjab National Bank

• Securities removed from the ban period: Nil

Disclaimer: Adani Enterprises is in the process of acquiring a 49% stake in Quintillion Business Media Ltd., the owner of BQ Prime.