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.

Sep 09, 2019 08:09 IST India Infoline News Service

Top 10 trending Stock Market news you must know
  • Mahanagar Telephone Nigam Ltd: MTNL, where a massive cash crunch has stalled salary payments for two months now, has approached the government with about Rs800cr worth of claims, including rent-related dues and reimbursement for a bond issue dating back several years, media reports suggested citing unnamed sources. The Department of Telecom (DoT) is examining the claims that have been made by the state-owned corporation.
  • Ruchi Soya Ltd: Ruchi Soya informed the exchanges that the National Company Law Tribunal (NCLT), Mumbai, in its order dated September 6 approved Patanjali's Rs4,350cr resolution plan with certain modifications that were accepted by the bidder. Ruchi Soya informed that resolution applicant Patanjali group will infuse Rs204.75cr as equity and Rs3,233.36cr as debt.
  • Punjab National Bank: Punjab National Bank, a PSB, has put up for sale nearly a dozen Non-Performing Assets (NPA) to recover dues of over Rs1,234 cr. The bank has invited bids from Asset Reconstruction Companies (ARCs)/ NBFCs/ banks/ financial institutions for 11 NPA accounts. The sale is on 100% cash basis, PNB said in a notification. The bidders can evince their interest by September 12.
  • Varun Beverages Ltd: PepsiCo India's bottling partner Varun Beverages on Saturday said it has raised Rs899.99cr through qualified institutional placement (QIP). The company said the QIP issue opened on September 3, 2019 and closed on September 6, 2019.
  • Coffee Day Enterprises Ltd:  Media reports suggest that the Coffee Day Enterprises (CDEL) has put its unit Social Logistics on sale as it seeks to pare its debt.CDEL has hired ICICI Securities as adviser for the potential transaction, which could see the group holding company raise Rs1,000-1,500cr.
  • Kwality Ltd: The company informed that Corporate Insolvency Resolution Process (CIRP) period for it has been extended by another 60 days till November 6.
  • Shilpa Medicare Ltd: Shilpa Medicare said in the press note that it has received two observations from the US health regulator for its Telangana facility. The US Food and Drug Administration (USFDA) inspected the company's finished dosage formulation facility located at Pharmaceutical Formulations SEZ, APIIC, Jadcherla (Telangana state) from August 29 to September 6, 2019, the company said in a filing on September 7. There were no repeat observations or Data Integrity (DI) related observations. The company is the confidence of addressing these observations and responding to the USFDA at the earliest, the company added.
  • Rane Holdings Ltd: The company said ICRA has given "ICRA AA-", with "stable" outlook to its Rs50cr line of credit (LOC) and "ICRA A1+" to Rs10cr commercial paper (CP) up to November 30.
  • Reliance Communications Ltd: The company has said that the 7th meeting of the Committee of Creditors of Reliance Communications is scheduled to be convened on September 9.
  • Adani Enterprises: The company incorporated Adani Lucknow International Airport on September 6.
Let us look at the developments which took place on the global front:
The Dow Jones Industrial Average rose marginally to end higher Friday as investors digested a mixed US jobs report and bet on a Federal Reserve interest rate cut this month, while China's stimulus plan helped ease some concerns around global growth. The Dow Jones (IA) rose 69 points, or 0.26%, to close at 26,797.46. The S&P 500 remained flat to finish at 2,978.71, and the Nasdaq Composite slipped 13 points, or 0.17%, to close at 8,103.07. 
On Friday, The Bureau of Labor Statistics said the US economy added 130,000 nonfarm jobs as the unemployment rate held at 3.7%, remaining near a 50-year low. Economists surveyed by Refinitv were expecting the addition of 158,000 jobs and the unemployment rate to hold at 3.7%. 
The fact that the jobs report missed expectations was seen as a sign of a more dovish monetary policy to be followed by the Federal Resere later this month when it decides how much to cut interest rates by.

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