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.

Aug 05, 2019 08:08 IST India Infoline News Service

Business News
Top 10 trending Stock Market news you must know:
  • ITC Ltd Q1FY20: FMCG major ITC on late evening Friday reported 12.6% YoY growth in its standalone net profit at Rs3,173.94cr for the first quarter ended June 30, 2019. Revenue from operations for the June quarter grew by 5.7% from the year-ago period to touch Rs11,502.82cr, according to the company’s filings to the stock exchange. While the cigarettes business of ITC grew by 6% to Rs5,433.40cr, earnings before interest and taxes (EBIT) for the cigarettes business was up 8%. Segmental revenue from the company’s FMCG-others business, which includes packaged food and personal care products, grew 6.6% to Rs3,060cr; the segment’s EBIT grew 55% to Rs78.02cr.
  • Nestle India Q2CY19: The maker of Maggi noodles reported an increase of 10.83% in net profit to Rs437.84cr for the second quarter ended June 2019, led by sales and volume growth. Net sales during the quarter under review were up 11.35% at Rs2,982.83 crore as against Rs2,678.57 crore in the year-ago period, Nestle said in a BSE filing post market hours Friday. The company added that it plans set up a new plant in Gujarat — its ninth factory in India — for instant noodle brand Maggi with an initial investment of Rs700 crore. Maggi is currently manufactured at three plants. Fresh investments will pan out over two years.
  • Reliance Industries Ltd: The firm’s subsidiary Reliance Industrial Investments and Holdings entered into an agreement for the acquisition of equity shares of Shopsense Retail Technologies Pvt. Ltd, the software technology company, for a cash consideration not exceeding Rs295.25cr
  • Reserve Bank of India penalizes banks: RBI has fined banks like State Bank of India, Punjab National Bank, Bank of Baroda, Corporation among others for delay in reporting fraud. Apart from this, the regulator has slapped an additional monetary penalty ranging from Rs1cr-Rs2cr on several banks like Allahabad Bank, Indian overseas Bank, Oriental Bank of Commerce, Bank of Maharashtra , among others.
  • Coffee Day enterprises: In a filing to the BSE, the company said that due to certain unavoidable circumstances, the board of directors shall not consider the financial results on a standalone and consolidated basis along with the limited review report of the company and its subsidiaries for the quarter ended June 30, 2019 in the meeting to be held on August 8, 2019.The company also said that its independent director Sulakshana Raghavan has resigned from her job. In the notification to BSE, Coffee Day said Raghavan has resigned citing personal reasons.
  • Dewan Housing Finance Ltd: The financer has defaulted on NCD interest payment of Rs49.3cr on August 3 and Rs42.8cr on August 2. Media reports suggest that the company’s auditor Deloitte has resigned.
  • Bata India Ltd: The footwear company’ s Net profit rose 23% to Rs100.9cr in the quarter ended June 2019 as against Rs82.41cr during the previous quarter ended June 2018. Sales rose 11% to Rs882.76cr in the quarter ended June 2019 as against Rs798crore during the same period a year ago. Retail channel continued to grow at a steady pace, while e-commerce registered double-digit growth.
  • Jet Airways: The company has extended the deadline for initial bids for the bankrupt airline to August 10 from August 3. The air carrier in a statement to the stock exchanges on  Saturday said that the bid submission deadline has been extended at the request of some prospective bidders.
  • MRPL Q1FY20:  Mangalore Refinery and Petrochemicals Limited (MRPL) has recorded a loss of Rs500cr in the first quarter of 2019-20 as against a net profit of Rs361.96cr in the corresponding period of previous fiscal. The gross refining margin (GRM) of the company stood at $(-)0.42 a barrel during the June quarter of FY20 as against $8.28 a barrel in the corresponding period of FY19. MRPL Managing Director M Venkatesh attributed the loss to acute water scarcity which has disrupted the plant’s operations for a record 45 days. The USA’s sanctions against Iran also had an impact on its revenue, he added.
  • Earnings to watch out for on Aug 5: Entertainment Network (India)Ltd, Dwarikesh Sugar Industries, Action Construction Equipment, Usha Martin Education, Kamat Hotels, KEI Industries, Mangalam Cement, Orient Green Power Company, Venky's (India), Bombay Dyeing, SRF, Jindal Stainless, Agri-Tech (India), Berger Paints , Indian Hotels Company, Arvind SmartSpaces, Hindustan Oil Exploration Company, Nesco, Simplex Projects, Asian Hotels (East), Majesco, GP Petroleums, Standard Industries, Sundaram Finance Holdings, CL Educate, Dilip Buildcon, PNB Gilts, Cosmo Films, Indian Bank, Monte Carlo Fashions, Techindia Nirman, Torrent Power, Piramal Phytocare, Hinduja Global Solutions, Khandwala Securities, Seya Industries.

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