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.

Oct 07, 2019 08:10 IST India Infoline News Service

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Top 10 trending Stock Market news you must know
  • Yes Bank:  Yes Bank has filed a complaint with Mumbai Police and cyber cell against circulation of fake news and spreading of rumors about the bank’s financial credibility, the bank said in an exchange filing on Sunday. The bank has requested the authorities to form a multi-disciplinary team of experts for detecting the origin of the fake news and assess the short-sell positions, held either directly or indirectly by such accused persons. In the week gone by, a series of reports of promoters selling stakes and lenders to the bank revoking shares pledged with them, hammered the stock, destroying a lot of its value.
  • Dr Reddy’s Laboratories: The US Food and Drug Administration has issued an establishment inspection report (EIR) to Dr Reddy’s Laboratories Ltd’s bulk drug manufacturing plant 2 at Bollaram near Hyderabad, indicating closure of the audit done in July, the company said in an exchange filing on Sunday. The US Food and Drug Administration (USFDA) classified inspection of Bollaram facility as Voluntary Action Initiated (VAI), which means the health regulator found objectionable conditions, but these issues are not considered to be of regulatory significance. The USFDA had completed an audit of API manufacturing plant 2 on July 12 this year and issued a Form 483 with five observations.
  • Zee Entertainment Enterprises: In an investor call on October 5, Punit Goenka, Managing Director (MD) and Chief Executive Officer (CEO) of Zee Entertainment Enterprises disclosed details about the company’s shareholding. Out of the 22% promoters’ shareholding in Zee Entertainment, over 90% of promoter stake has been pledged to raise debt. The call follows a stock exchange filing made by Zee Entertainment on Oct. 4, disclosing a 2017 loan agreement with Russia's VTB Capital. Essel Media Ventures Ltd., an entity owned by Subhash Chandra's Essel Group, the promoter of Zee Entertainment, had raised an as yet undisclosed amount from VTB Capital against 10.2cr shares (10.71%) of the broadcaster.
  • Ashok Leyland: On Friday the company said that it had decided to suspend production at its plants at various locations for up to fifteen days. The Chennai-based commercial vehicle manufacturer resorted to the unscheduled production cut to correct the mismatch between production and sales. The company's plants at various locations will be observing non-working days ranging from 2-15 days, during the month of October 2019, Ashok Leyland said in the filing.
  • Bharat Petroleum Corporation: The government has quietly repealed the legislation that had nationalised the company, ahead of a proposed move to fully privatise state-owned fuel retailer Bharat Petroleum Corp Ltd (BPCL), doing away with the need to seek Parliament nod before selling it off to private and foreign firms. The Repealing and Amending Act of 2016 had annulled "187 obsolete and redundant laws lying unnecessarily on the Statue-Book" including the Act of 1976 that had nationalised erstwhile Burmah Shell. The Supreme Court had in September 2003 ruled that BPCL, as well as Hindustan Petroleum Corporation Ltd (HPCL), can be privatised only after Parliament amends a law it had previously passed to nationalise the two firms. Since the Act has been repealed, there is no need for a Parliament approval for strategic sale of BPCL.
  • Bosch: The automotive company has, yet again, announced that the company will observe no production days ranging upto 10 days per month per plant belonging to its powertrain solutions division during Q3FY2020. The decision was taken in order to align production with sales requirements, the company said in a filing to the stock exchange post market hours on Friday. On August 14, Bosch Ltd had announced a similar shutdown per month per plant belonging to the powertrain solutions division during Q2FY20 citing the same reason.
  • Lupin: Drugmaker Lupin said it has launched generic immunosuppressant Mycophenolate Mofetil capsules in the US. The company has launched Mycophenolate Mofetil capsules USP in the strength of 250 mg. Its alliance partner Concord Biotech had earlier received an approval from the United States Food and Drug Administration (USFDA) for the product. The product is a generic version of Roche's CellCept capsules, it added. As per IQVIA MAT August 2019 data, Mycophenolate Mofetil capsules USP, 250 mg, had annual sales of around $53mn in the US, Lupin said.
  • NHPC: In a first instance of a state-run company acquiring a stressed asset under the insolvency and bankruptcy code, NHPC on Friday signed an agreement to take over and implement the 500-MW Teesta-6 hydroelectric project in Sikkim. The project was being developed by Lanco Energy but progress had stalled since April, 2014 due to funds constraints with the company. According to the resolution plan approved by the Hyderabad National Company Law Tribunal (NCLT) bench, NHPC would pay Rs897.5cr to the project’s financial creditors. Including the bid amount, the total estimated cost of the project, expected to be completed in five years, is seen to be Rs5,748cr.
  • Tata motors: Tata Motors has bagged a contract for 300 e-buses from Ahmedabad Janmarg Ltd. (AJL). This mandate makes Tata Motors the only Indian OEM to bag the biggest order supporting the government’s e-mobility drive in the country. Tata Motors would supply Urban 9/9 electric model buses which will run in Ahmedabad’s BRTS corridor. These buses will be deployed under the OPEX model and Tata Motors will be setting up the required infrastructure including fast charging and support system as well.
  • Wipro: Bengaluru-based IT services company Wipro Ltd has completed the acquisition of US-based International TechneGroup Inc (ITI). In June this year, Wipro signed a definitive agreement to acquire ITI for $45mn. ITI, a digital engineering and manufacturing solutions company, is said to be a leader in Computer Aided Design (CAD) and Product Lifecycle Management (PLM) interoperability software services. ITI’s offerings and solutions will be consolidated as a part of Wipro’s Industrial and Engineering services business and will function as a wholly-owned US subsidiary of the company. Wipro had said that the acquisition would allow the software company to offer end-to-end solutions in digital engineering and manufacturing.
Let us look at the developments which took place on the global front:
The US benchmark index reversed early losses to end higher as the latest US jobs report calmed investors’ fears of a looming recession. The Dow Jones Industrial Average climbed 372 points, or 1.4% to close at 26,573.75. The S&P 500 advanced 41.38 points or 1.4% to 2,952.01. The Nasdaq Composite rose 110.21 points or 1.4% to close at 7,982.47. 

The Labor Department said 114,000 private sector jobs were added in September and 136,000 overall, thanks a boost from census workers. Economists expected the addition of 145,000 jobs. Additionally, the August private payroll number was revised higher to 122,000. The unemployment rate fell to 3.5%, the lowest reading in almost 50 years.

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