What changed in Stock Market over this weekend? Top 10 trending Stock Market news you must know

Let us take a recap of the events that took place in the stock markets in the last week and over the weekend.

Jul 22, 2019 09:07 IST India Infoline News Service

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Top 10 trending Stock Market news you must know:
  • Reliance Industries Ltd's Q1FY20 consolidated net profit rises ~7%: Reliance Industries Ltd (RIL), on Friday post market hours, reported a 6.8% yoy increase in net profit for the June quarter, beating market estimates on the back of strong performances by Reliance Jio Infocomm Ltd and Reliance Retail. It also announced a major agreement with Brookfield Infrastructure Partners Lp for a Rs25,215cr investment in Tower Infrastructure Trust. RIL's consolidated net revenue grew by 22.1% to Rs172,956 cr in April-June quarter of FY20, compared to Rs141,699 cr in the corresponding quarter last year.
  • HDFC Bank's Q1 net profit jumps 21%: The country’s largest private sector lender HDFC Bank reported a robust 21% jump in its net profit for the first quarter of FY20. The lender’s net profit rose to Rs5,568.16cr for the quarter ended June 30, 2019 as against Rs4,601.44cr a year ago. Asset quality of the lender declined marginally with percentage of gross non-performing assets (NPA) increasing to 1.40% in Q1FY20 against 1.36% in the preceding quarter ended March 2019.
  • IndiGo posts highest profit since listing: Interglobe Aviation, the parent of air-carrier IndiGo, reported the highest ever quarterly profit at Rs1,203cr in Q1FY20, 43 times higher than the profit in the year-ago period. For the quarter, passenger ticket revenue was Rs8,445.10cr, an increase of 46.4% and ancillary revenue was Rs902.60cr, an increase of 32.2% compared with the same period last year. The company also said that it plans to raise its board strength to 10 members from the existing 6 directors.
  • Vodafone Idea: The company said that board has passed a resolution to shut operations of its payments bank business. Aditya Birla Idea Payments Bank (ABIPBL) will be shut down just 17 months into operations due to “unanticipated developments in the business landscape that have made the economic model unviable”.  ABIPBL will be the first payments bank to shut down operations after a set of new bank licenses were introduced and awarded by former RBI governor Raghuram Rajan.
  • Dr Reddy’s Laboratories Ltd: On Saturday, drugmaker  Dr Reddy’s, announced that it has competed sale of its US and select territory rights for two neurology products to Upsher-Smith Laboratories. Under the agreement, Dr Reddy's sold its US and select territory rights for Zembrace Symtouch (sumatriptan injection) 3 mg and Tosymra (sumatriptan nasal spray) 10 mg, which were commercialized through its wholly owned subsidiary, Promius Pharma, LLC, the company said in a statement to the stock exchanges.
  • Cipla receives 7 observations for Bengaluru facility: On Saturday, Cipla announced that the USFDA conducted a routine cGMP inspection at its API manufacturing facility in Virgonangar, Bengaluru, from July 15, 2019 to July 19, 2019. The inspection ended with 7 observations, none of which were repeat or related to data integrity.
  • Axis Bank to raise Rs18,000cr: Private sector lender Axis Bank on Saturday said its board has approved raising up to Rs18,000cr through an issue of equity shares, depository receipts or convertible securities. The Board of Directors of the bank approved the proposal in this regard in the meeting held on Saturday, without disclosing the date of the issue.
  • L&T Technology Services' Q1 net profit rises 2%:  L&T Technology Services Q1FY20 net profit rose 2% to Rs549cr vs. Rs538cr. During the quarter, its revenue rose by 15.7% to Rs3,595 cr , from Rs3,106cr in the same period a year ago.
  • Strides Pharma announces completion of USFDA inspection at Bengaluru facility: Drugmaker Strides Pharma Science announced that its formulation facility in Bengaluru underwent a USFDA inspection that ended on May 24, 2019. The inspection was completed successfully with a Voluntary Action Indicated (VAI) classification, the company said in a filing to the stock exchanges on Saturday. The Bengaluru facility is the largest manufacturing facility for the company with capabilities to produce finished dosage formulation products across multiple dosage formats including tablet, capsules, ointments, creams and liquids.
  • Earnings to watch out for on Monday: Kotak Mahindra Bank, United Spirits Ltd, Dewan Housing Finance Corporation, Can Fin Homes,TVS Motor Company, Aptech, ICICI Securities, Just Dial, GlaxoSmithKline Pharmaceuticals, Just Dial, Wendt (India), Mastek, Coromandel International, Allsec Technologies, Srikalahasthi Pipes.

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