Top 10 trending Stock Market news you must know:
Reliance 42nd AGM Highlights: Reliance Industries Ltd (RIL) held its 42nd Annual General Meeting on August 12, 2019. Given below are few highlights of the meet:
RIL chairman Mukesh Ambani announced that the new Jio Fiber service, will go live from September 5. The service will start at Rs700/ month to Rs10,000/month.
Jio Fiber users will get free subscription to several OTT platforms. The list has not been announced as yet.
The CMD announced that Jio will offer connectivity and cloud computing free to startups. Startups will have to register for this on Jio.com. The service will be made available from Jan 2020.
Jio has partnered with Microsoft for cloud computing. The agreement is that Jio will set up data centres across India while Microsoft will bring its Azure cloud platform into its data centres.
The Chairman also announced that Saudi Aramco will acquire a 20% stake in RIL with an enterprise value of $75bn.
RIL announced that its joint venture with BP will invest Rs35,000cr in KG-D6.
RIL said that it plans to grow its EBITDA by 15% annually over the next 5 years.
Reliance plans to be a zero-net-debt company in the next 18 months.
Motherson Sumi Q1: Auto component manufacturer Motherson Sumi Systems Ltd (MSSL) on Monday reported 41.67% yoy decline in its consolidated net profit at Rs360.64cr for the first quarter ended June 30, 2019. The company said that its profitability was impacted by adverse ramp-up costs at Samvardhana Motherson Peguform (SMP) greenfield projects and tough market conditions. Total revenue from operations rose to Rs16,792.53cr for April-June 2019 as compared with Rs14,775.46cr in the year-ago period, MSSL said in a regulatory filing.
BHEL reports Q1 net loss: Bharat Heavy Electricals Ltd (BHEL) reported a consolidated net loss of Rs218.93cr for the first quarter of FY20 compared to a profit of Rs39.98cr in the same period a year ago. Revenue from power segment dropped to Rs3,491.54cr in the quarter from Rs4,636cr in Q1FY19.
Jet Airways: Billionaire Anil Agarwal’s family trust, Volcan Investment, has pulled out of the bid for fresh investments in the carrier. In a statement on Monday, Agarwal said that the expression of interest (EoI) was exploratory in nature. Upon further evaluation, the trust has decided to pull out of the race to buy the airline.
Natco Pharma: Natco Pharma Ltd (Natco) in a statement on Monday said that it has received Form 483 with 6 observations from the US Food and Drug Administration (USFDA). The observations where for the active pharmaceutical ingredient (API) facility of the company in Mekaguda village. FDA officials inspected the facility between August 5 and 9 the release said. Procedural and handling gaps found in settling plate management in the microbiology and lab employees engaged in the manufacturing and packaging areas require more effective training, the FDA said in its observations.
Tech Mahindra Ltd: Software company Tech Mahindra will pay $70 million to acquire 65% stake in US-based strategic design consultancy firm Mad*Pow. Mad*Pow acquisition is expected to help Tech Mahindra boost its capabilities in customer experience and digital transformation, user experience design, behavior change design, content strategy, mobile app and web development, data science and analytics, among others. The company had announced its plans to buy the US based firm on July 30, 2019.
Jaiprakash Associates Ltd: The Competition Commission of India (CCI) has imposed a penalty of nearly Rs14cr on Jaiprakash Associates for abusing its dominant market position by imposing "unfair" and "discriminatory" conditions on home buyers. The ruling came on a complaint filed by one Naveen Kataria who had booked a villa at Jaypee Greens in Greater Noida, Uttar Pradesh, in 2011.
Tata Motors Ltd: Jaguar Land Rover (JLR), a part of Tata Motors, has reported a 5% increase in total sales at 37,945 units in July as compared with year-ago period. Sales of Jaguar brand were at 11,386 units during the month, up 3.6% from the same month last year, Tata Motors said in a filing to the stock exchanges post market hours Friday.
Global rating agency S&P has reaffirmed Tata Motors' long-term issuer and issue credit ratings to "B+" and kept the outlook negative due to high cash burn at its British arm Jaguar Land Rover and geopolitical risks. The rating agency has removed the ratings from "CreditWatch", saying that geopolitical risks such as Brexit and US tariffs could take longer than expected to play out.
NDTV Ltd: The founders of the media house Pranoy Roy and Radhika Roy were prevented from flying abroad Friday evening. CBI is probing allegations of bank fraud, money laundering against Roys & NDTV.
Earnings on August 13: Glenmark Pharmaceuticals, ONGC, Sun Pharmaceutical, Coal India, Alembic, Bosch, NALCO, Bharat Forge, UFO Moviez, GMM Pfaudler, RITES, Fine Organic Industries, Dishman Carbogen Amcis, Techno Electric, Mandhana Industries, Shree Pushkar Chemicals, Reliance Home Finance, Bharat Road Network, Precision Camshafts, Hindustan Aeronautics, MEP Infrastructure Developers, Dixon Technologies, Apex Frozen Foods, Dr Lal Path Labs, A2Z Infra Engineering, Snowman Logistics, Rain Industries, Vakrangee, Venus Remedies, Blue Star, BGR Energy Systems, Vardhman Textiles, Time Technoplast, Shilpa Medicare Essel Propack, Zodiac Clothing Company, Bajaj Hindusthan Sugar, Amrutanjan Health, Talwalkars Better Value, Bodal Chemicals, Ashoka Buildcon, Manappuram Finance, Prime Focus, Redington (India), Godrej Industries, Hotel Leela Venture, Sintex Industries, Saregama India, Electrosteel Castings, Mercator, Madhucon Projects, IPCA Laboratories, Morepen Laboratories, Reliance Infrastructure, Apollo Hospitals, Opto Circuits, Kaveri Seed Company, Info Edge, Power Finance Corporation, DB Realty, Amtek Auto, Uflex, Indoco Remedies, India Nippon Electricals.
Let us look at the developments which took place on the global front:
Equities across the globe were under pressure Monday when authorities closed Hong Kong’s airport and a Chinese official said the city was at a “critical juncture.” US stocks echoed a similar sentiment, with the Dow declining over 450 points on Monday amid the ongoing US-China trade tensions. Investors feared that the strain between the two nations could lead to a full-blown trade war, which could push the global economy into a recession. The Dow Jones Industrial Average DJIA, fell 425 points, or 1.6%, to close at 25,862.92, while the S&P 500 index SPX, shed 42.7 points, or 1.4%, to 2,876.90. The Nasdaq Composite Index COMP dropped 116.12 points to 7,844.25, down 1.46%. The Stoxx Europe 600 Index dipped 0.2%. The MSCI Asia Pacific Index decreased by 0.05%.Hong Kong’s Hang Seng Index declined 0.4%.