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.

July 29, 2019 8:25 IST | India Infoline News Service
Business News
Top 10 trending Stock Market news you must know:
  • ICICI Bank Q1FY19 results: On Saturday, ICICI Bank reported a standalone net profit of Rs1,908cr in the first quarter of FY20, against a loss of Rs120cr in the same period last year, owing to higher net interest income (NII) and lower provisions. The third largest private sector lender saw improvement in asset quality as its gross non-performing assets (NPAs) as a percentage of gross advances fell 232 bps to 6.49%, and the net NPA ratio stood at 1.77%, a decline of 242 bps from the same period last year.
  • Vodafone Idea Q1FY20 results: The telecom operator’s Q1FY20 loss narrowed to Rs4,873.9cr compared to a loss of Rs4,881.9cr a quarter ago, the company said in a statement to the stock exchanges post market hours on Friday. The company said that it is on track to deliver synergy target by Q1FY21. Revenue fell 4.3% from Rs11,775cr in the preceding quarter to Rs11,269.9cr in the June quarter. Vodafone idea said this was due to the fall in its tariffs and because of customer churn after the introduction of minimum monthly recharge plans. The consolidated financial result for the quarter ended June 30, 2019, are not comparable with previous year's figures as the merger of Vodafone India and Idea Cellular was completed on August 31, 2018.
  • Electric Vehicles: On Saturday, the Goods and Services Tax (GST) Council decided to slash tax rates on electric vehicles (EVs) and chargers in a bid to encourage the adoption of eco-friendly mobility solutions. GST Council decided to reduce GST rate on electric vehicles from 12% to 5% and electric vehicles chargers from 18% to 5%. The Council also exempted the hiring of electric buses by local authorities from the GST. The new rates will be effective from August 1.
  • KPIT Technologies Ltd: The company, through its subsidiary in the USA, has reimbursed Sparta Inc fully and the same has been accounted for during the quarter for $2.8 million (around Rs19.46cr) after settlement agreement between Sparta Inc and Copart Inc. With this outcome, the matter related to Copart is closed and there is no further exposure for the Company.
  • Havells India Ltd: The consumer electrical goods maker on Saturday reported a 16.13% drop in its consolidated net profit to Rs177.09cr for the first quarter ended June 2019 due to sluggish growth in key segments like cables, lighting and switchgears. Revenue from Lloyd Consumer, a company that Havells had acquired in 2017, was down 7.92% to Rs652cr as against Rs708.13cr a year ago.
  • PNB Housing Finance: Credit rating agency Crisil has revised its rating outlook on the long-term debt instruments, fixed deposit programme and long term bank facilities of PNB Housing Finance Ltd to ‘negative’ from ‘stable’ while reaffirming the ratings at ‘AA+/FAAA’.
  • Vedanta Ltd: Mining company Vedanta Ltd said its consolidated profit for Q1FY20 slipped 12% to Rs1,351cr due to falling commodity prices. It had posted consolidated profit of Rs1,533cr in the year-ago period. During the quarter, consolidated income dropped to Rs21,754 crore from Rs22,624 crore in the year earlier. The company’s gross debt stood at Rs59,517 crore. Additionally, the company announced that its overseas subsidiary, Cairn India Holdings Limited (CIHL), will exit its investments in Anglo American Plc. Vedanta said the investment by CIHL has delivered a net gain of over $100 million in the eight-month period it was held. Cash proceeds from the settlement of the transaction will be paid to CIHL on 13 August, 2019.
  • Future Lifestyle Fashions: The company received Rs 300cr by issuing more than 64.79 lakh shares at Rs463 per share on a preferential basis to Apollo India Private Equity IV (Mauritius) Limited. The fund is an India-focused fund jointly promoted by US private equity fund Apollo Global Management and local fund ICICI Venture Fund Managemen. It had had also invested about Rs1400 crore in Future Group's family holding companies late last year.
  • IDFC: The company said it has called off plans to sell stake in its subsidiary IDFC Financial Holding Company Ltd (IFHCL) to The Chatterjee Group (TCG). The company said that the agreement entered into between IFHCL and TCG expired on June 30, 2019.Since then, the parties have been in talks to consider a suitable extension, however the same did not fructify and accordingly the Boards of IDFC Ltd and IFHCL mutually decided on July 25, 2019 that they will no longer be proceeding with TCG as originally envisaged.
  • Earnings to watch out for today: Dr Reddy's Laboratories, Supreme Industries, DLF, General Insurance Corporation of India, Navin Fluorine International, Sanofi India, Bharat Electronics, Orient Cement, GHCL, India Grid Trust, Sun Pharma Advanced Research Company, Century Enka, JMC Projects (India), Castrol India, Dalmia Bharat Sugar, Shriram City Union Finance, Chennai Petroleum Corporation, Kansai Nerolac Paints, Rane Engine Valve, Transport Corporation of India, Alembic Pharmaceuticals, Tata Sponge Iron, Cochin Shipyard, Shalby, AYM Syntex, Strides Pharma Science, V2 Retail, Valecha Engineering, Indian Card Clothing Company, EID Parry India, KPR Mill, Muthoot Capital Services

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