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 26, 2019 8:51 IST | India Infoline News Service
Bombay Stock Exchange Building
Top 10 trending Stock Market news you must know:
  • FPI surcharge repealed: Finance Minister Nirmala Sitharaman on Friday announced rollback of enhanced surcharge on foreign portfolio investors levied in the Budget. The Centre also announced a raft of measures to revive growth momentum, including exempting startups from 'angel tax', a package to address distress in the auto sector and upfront infusion of Rs70,000 crore into public sector banks.
  • Automakers: In a bid to address slowdown in the auto sector, the government on Friday announced a slew of measures including lifting ban on purchase of vehicles by government departments, and allowing additional 15% depreciation on vehicles acquired from now till March 2020. It is expected to help clear the high inventory buildup at dealerships across the country today. FM Sitharaman has also deferred the proposed hike on registration fee of vehicles till June 2020. In addition, the government has also started work on a vehicle scrappage policy, a long-standing demand of the industry, but could not announce the exact scheme due to lack of scrapping infrastructure in the country today.
  • Moody’s Investors: Moody's Investors Service on Friday revised downwards India's GDP growth forecast for the current year to 6.2%, saying the economy remains sluggish due to a combination of factors such as weak hiring and distress among rural households. The same for 2020 was also lowered by a similar 0.6 percentage points to 6.7%, Moody's said in a statement. Indian economy had expanded by 6.9% in 2017 and 7.4% in 2018, according to Moody's.
  • Alkem Laboratories:  USFDA had conducted inspections at the company's manufacturing facilities located at St. Louis, Fenton Park, USA from August 16, 2019 to August, 22 2019, and Baddi, India from August 19, 2019 to August 23, 2019. At the end of the inspection, the company received a Form 483 with four observations for the facility located at St. Louis, Fenton Park, USA and no Form 483 is received for the facility located at Baddi, India. The company said that it will put together a detailed response with adequate corrective and preventive measures to address the USFDA observations for the facility located at St. Louis, Fenton Park, USA and the same is proposed to be filed within the timeline stipulated by US FDA.
  • Piramal Enterprises Ltd: The administrative committee meeting on August 28, 2019, will consider and approve the issue of secured non-conve1tible debentures (NCDs) on private placement basis worth Rs500cr.
  • Glenmark Pharmaceuticals Ltd: Pharma major Glenmark is recalling over 31,000 tubes of anti-fungal Clotrimazole and Betamethasone Dipropionate cream from the US market, as per a report by the American health regulator. The company's US-based arm is recalling the lots. According to the latest Enforcement Report by the US Food and Drug Administration (USFDA), Glenmark Pharmaceuticals Inc USA is recalling 31,224 tubes of Clotrimazole and Betamethasone Dipropionate cream USP, 1%/0.05%, 15 gram tubes, manufactured by in Himachal Pradesh.
  • Dynamatic Technologies Ltd: India Ratings and Research (Ind-Ra) has revised Dynamatic Technologies Limited’s (DTL) Outlook to Positive from Stable while affirming its Long-Term Issuer Rating at ‘IND BBB+’. The Outlook revision reflects Ind-Ra’s expectation of a continued improvement in credit metrics over FY20-22, supported by improved operational performance and the divestment of its loss-making aluminium automotive business in FY19.
  • NCL Industries Ltd: NCL Industries has signed an agreement to establish joint venture with Qingdao Xinguangzheng Steel Structure Company Ltd., China. The joint venture is formed for the manufacturing of pre-engineered steel structures in India. As per the terms of agreement, NCL and the Chinese partner will share the equity in the ratio of 70:30 in the joint venture. The estimated project cost for the venture is around Rs35cr and the equity investment of NCL in the joint venture will be in the range of Rs7.70cr.
  • West Coast Paper Mills: The Competition Commission of India on Friday approved the acquisition of shares in International Paper APPM by West Coast Paper Mills. According to a notice filed with the fair-trade regulator, the combination involves "acquisition by West Coast Paper Mills of 51-60% shares of APPM from IP Investments and IP Holdings". In May this year, West Coast Paper had entered into a share-purchase agreement to acquire 51-60% stake (based on open offer response) in NYSE-listed International Paper’s Indian unit at a price of Rs275/share.
  • HDFC Ltd: The Competition Commission of India said it has approved mortgage major HDFC's acquisition of 51.20% stake in Apollo Munich Health Insurance and subsequently merger of the latter into HDFC Ergo in a deal worth nearly Rs1,347cr. In June, HDFC agreed to acquire Apollo Hospitals Group's entire 50.8% stake in Apollo Munich Health for Rs1,336cr and also the 0.4% stake held by a few employees for Rs10.84cr.

Let us look at the developments which took place on the global front:
The Dow Jones Industrial Average slumped nearly 700 points on Friday, after a sell-off driven by President Donald Trump's response to new retaliatory tariffs from China and Fed policy. The Dow Jones (IA) sank 623 points, or 2.4%, to close at 25,628.90. The S&P 500 dropped 75.84 points, or 2.59%, to finish at 2,847.11, and the Nasdaq Composite slipped 239.62 points, or 3%, to close at 7,751.77.

On Friday , US President Trump tweeted that US manufacturers find alternatives to their operations in China. This was in retaliation to sanctions by China on certain US goods. China announced new retaliatory tariffs that will impact $75bn worth of US goods which range from 5% to 10%. The tariffs will also include US oil imports. Additionally, China will resume its 25% tariffs on US car imports.

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