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.

August 19, 2019 8:44 IST | India Infoline News Service
Analysis Finance Market
Top 10 trending Stock Market news you must know:
  • Coffee Day Enterprises Ltd: The Coffee Day Group, which owns the Café Coffe Day chain, issued a clarification on their debt position. The group said debt as on July 31 stood at Rs4,970cr, which is excluding that of Sical Logistics & Magnasoft's. The debt of the two companies combined added upto Rs3,472cr. Post-sale of Global Village Tech Park, Group debt to reduce by Rs 2,400 crore. Group had approved the sale of Global Village Tech Park to Blackstone last week.
  • Reliance Industries Ltd: Global ratings agency Fitch Ratings on Friday raised the outlook on Reliance Industries (RIL) to positive from stable due to the company's potential to further deleverage following its announcement to eliminate its net debt by March 2021. The agency has revised the outlook on RIL’s long-term local-currency Issuer Default Rating (IDR) to positive from stable and has also affirmed the rating as 'BBB'. Fitch Ratings also affirmed the company's long-term foreign-currency IDR at 'BBB-' with a stable outlook.
  • Sun Pharmaceuticals Ltd: A wholly-owned subsidiary of Sun Pharmaceutical Industries Ltd. (Sun Pharma) has granted an exclusive license to an arm of China Medical System Holdings Ltd. (CMS) to develop and commercialize seven generic products in mainland China. The collaboration with CMS now covers eight generic products including the seven products referred above. The total addressable market size for all these eight products is about $1bn in mainland China. The initial term of the agreement shall be 20 years from the first commercial sale of the respective products in Mainland China.
  • Sundaram Clayton Ltd: TVS Group company Sundaram Clayton (SCL) has said two days beginning Friday have been declared as non-working days for its factory in Padi, near Chennai, in view of the prevailing business slowdown in the automotive industry. SCL, a manufacturer and supplier of aluminium die cast products to domestic and global automotive Original Equipment Manufacturer (OEMs), said it has declared August 16 and 17, 2019, as non-working days for its Padi factory.
  • DHFL: Dewan Housing Finance Corporation Ltd. (DHFL), which is facing liquidity crunch, has decided to delay earnings announcement for the second straight quarter. DHFL told the exchanges that it could not announce the Q1FY19 quarter results within the stipulated time as the accounts and finance team was engaged in various non-routine audits and due diligence by various parties. The firm said the financial statements for the first quarter would be finalised by September 14.
  • Mahindra & Mahindra:  Mahindra & Mahindra (M&M) inaugurated its Sri Lankan automotive assembly plant at Welipenna near Colombo on Saturday. Mahindra Ideal Lanka Private Limited, is a 65:35 joint venture between M&M and Ideal Motors, Sri Lanka. It has been is set up at a cost of Rs80-81cr. This JV will assemble the KUV 100 compact SUV and will have a production capacity of 5,000 vehicles per annum. In other news, M&M has said that about 15-20% of its original capex plan would be deferred to cope with the sharp slowdown in demand in the domestic industry. In May, M&M had announced its plan to invest Rs18,000cr over the next three years.
  • Spandana Sphoorty: Shares of micro-financer Spandana Sphoorty are set to debut on the exchanges on Monday, 19th August 2019. The IPO consisted of a fresh issue as well as an offer for sale, totaling to Rs 1,200cr. The Hyderabad-based firm had set a price band of Rs853-856 per share for its public offer. At the upper end of the price band, the issue is valued at a price-to-adjusted book value (P/ABV) of 2.4x.
  • DCM Ltd: DCM announced that CRISIL has downgraded its ratings on the bank facilities of DCM to 'D' from ' BB+/ Watch Negative'. The downgrade reflects delays by DCM in repaying the interest and principal obligation on the term loan.
  • Tech Mahindra Ltd: The software arm of the M&M group announced the divestment of 73.38% stake in its subsidiary FixStream Networks Inc to US-based Resolve Systems LLC for an amount of $2mn (approx Rs14.22cr). The company said consideration received from this divestment is $2mn for the equity held by the company, subject to necessary adjustments. The transaction is expected to be completed by November 15, 2019 subject to receipt of all statutory approvals.
  • Earnings to watch out for: CG Power and Industrial Solutions, Kwality, Opto Circuits, Dhruv Wellness, Glance Finance, Industrial Investment Trust, IITL Projects, Real Growth Commercial, Trident Tools.
Let us look at the developments which took place on the global front:
The Dow Jones Industrial Average ended up 300 points on Friday, as fears of a looming recession eased. The Dow Jones Industrial Average gained 306.62 points, or 1.20%, to close at 25,886.01. The S&P 500 increased 41.08 points, or 1.44%, to finish at 2,888.68, and the Nasdaq Composite rose 129.38 points, or 1.67%, to close at 7,895.99. Last Wednesday, The Dow lost 800 points or 3% after the yield on the benchmark 10-year Treasury note briefly broke below the 2-year rate. This occurrence is known as the yield curve inversion which is considered to be a recession indicator. The yield fell as much as 11 basis points to 1.47% on concerns about the rising risk of recession around the world amid deteriorating relations between U.S. and China. The rush to buy haven assets drove the yield on the US 30-year bond, the longest-maturity Treasury security, to a record low below 2% earlier in the session. However, the bond yields recovered on Friday. The 30-year yield settled at 2.001% Friday, up from Thursday’s close at 1.985%.

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