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.

October 22, 2019 8:13 IST | India Infoline News Service
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Top 10 trending Stock Market news you must know.
  • Infosys Ltd:  An anonymous whistleblower group called 'Ethical Employees' has alleged that the company’s current management was taking 'unethical' steps to spur short-term revenue and profits. According to the whistleblower's complaint to US Securities and Exchange Commission (SEC) and the board of Infosys, the Bengaluru-based firm's current CEO Salil Parekh was not taking necessary approvals before entering into large deals. They also claim to have the required evidence to prove their claim which they intend to submit during the course of investigation. The letter also alleges that entire visa costs were not fully recognized to improve margins. The issue was purportedly also red flagged by auditors.
  • HDFC Bank:  The Mumbai based lender reported an increase of 26.8% in net profit on an annual basis for the quarter ended September 30, 2019. The private sector lender made a net profit of Rs6,345cr during the quarter under review, as opposed to Rs5,005.73cr in the corresponding quarter last year. The bank’s provisions for the quarter jumped 48% on a yearly basis to Rs2,700cr. Of the total provisions, Rs2,038cr was for loan loss provisions, the bank said in a regulatory filing. The bank's management told analysts on Saturday that certain provisions made in the quarter were precautionary in nature. Additionally, the bank also informed that it wrote off loans worth Rs1,589cr in the September quarter.
  • Reliance Industries Ltd: RIL reported 18.37% yoy growth in consolidated net profit at Rs11,262cr for the second quarter ended September 30, 2019, helped by strong performance across all business segments. The Mukesh Ambani headed company reported gross refining margin (GRM) of $9.4/bbl during the quarter on the back of rise in global oil prices. Refining margins improved qoq, in comparison to $8.1/bbl seen during the first quarter of FY20. The conglomerate’s debt surged by Rs4,477 cr to Rs291,982cr on the back of capital expenditure of more than Rs19,095cr. The oil-to-telecom conglomerate had an outstanding debt of Rs287,505cr as on March 31, 2019, RIL said in an exchange filing.
  • DHFL: The Enforcement Directorate (ED) conducted raids at Dewan Housing Finance Limited (DHFL) premises on Saturday in connection with a loan that reached D-company in Dubai. Fourteen premises of DHFL were raided by the agency in connection with its alleged link with Dawood Ibrahim's aide Iqbal Mirchi. The NBFC had come under the ED's scanner after investigations revealed that a loan of Rs2,186cr extended by DHFL to Sunblink Real Estate Private Limited had reached D-company in Dubai. Sunblink had facilitated routing of the amount to Mirchi.
  • Ultratech Cement Ltd: The Aditya Birla Group company, on Monday reported a 72.3% yoy rise in profit after tax (PAT) at Rs639.20cr for the second quarter ended September 30, 2019. Net sales for the quarter stood at Rs9,129cr as compared to Rs 8,710cr in the previous year, registering a yoy growth of 4.81%. The consolidated sales volume of UltraTech Cement declined by 1 per cent to 18.69 metric tons during the quarter ended September 2019 from 18.88 metric tons in the last fiscal. The company logged retail sales volume growth of 5.6%. It managed to increase sales through the retail channel 2% yoy. Its premium products volume grew 30% yoy and contributed to 10% of trade sales volume.
  • Bharti Infratel Ltd: The merger of Bharti Infratel and Indus Towers has been hit by a delay due to delay in securing government approvals. A new committee will now explore alternate options. “The scheme (of merger) contemplated the closing by October 24, 2019 (long stop date), by which time a large number of processes and conditions precedent were required to be completed, which included but were not limited to all requisite government approvals and filings," Bharti Infratel said in an exchange filing on Monday. The two tower companies had in April last year agreed to merge their businesses to create the world’s largest tower company outside China. The combined entity would own more than 163,000 towers, second only to China Tower.
  • Piramal Enterprises Ltd: Ajay Piramal-led Piramal Enterprises post 15% revenue growth for the second quarter of financial year FY20. Consolidated revenues increased to Rs3,604cr from Rs3,144cr in the same quarter a year ago. Net profit for the quarter posted 15% growth at Rs555cr compared to Rs480cr in the same quarter the previous year. The large part of the spurt in revenues in Piramal came mainly from pharma contract manufacturing and knowledge management, which had been experiencing margin pressure over the past few years.
  • Sadbhav Engineering Ltd: Infrastructure focused Sadbhav group is merging its two listed entities Sadbhav Engineering Ltd, the flagship EPC services business and its listed subsidiary Sadbhav Infrastructure Projects Ltd, which builds and owns roads. This amalgamation will be carried on in consideration of equity share. The shareholders of SIPL will get 1 equity share of Sadbhav Engineering for every 3 equity share of Sadbhav Infrastructure. At present, the promoter group holds nearly 46.55% stake in the Sadbhav Engineering and post this transaction the stake will be at 38.74%. With this deal, the company expects its net worth to increase, allowing it to bid for larger projects.
  • L&T Technology Services Ltd: Larsen & Toubro Technology Services (LTTS) posted a 7.8% rise in consolidated net profit to Rs205.8cr for the second quarter ended September 30. The company had registered a net profit of Rs191cr in the corresponding quarter of the previous fiscal, it said in a regulatory filing. Its revenue grew 10.7% to Rs1,402.1cr in the said period as against Rs 1,266.1cr a year ago, it added. During the quarter, LTTS won eight multi-million dollar deals across all major industry segments, including new digital engineering programs for automotive, plant engineering and medical customers.
  • Earnings this week: Lenders including Axis Bank, Kotak Mahindra Bank, SBI, ICICI Bank will announce their second quarter earnings during the week ahead. Other key earnings lined up for the week include those of JustDial, Tata Elxsi, Asian Paints, Bajaj Finance, Bajaj Finserve, Indiamart Intermesh, Arvind Fashion, Bajaj Auto, Castrol, Havells, HCL Tech, Hero Moto, L&T, Polycab, Bandhan Bank, Interglobe Aviation, Maruti Suzuki, HDFC AMC and Tata Motors.
Let us look at the developments which took place on the global front:
The US stock markets rose in morning trades Monday after Chinese Vice Premier Liu He said both sides have made "substantial progress" in US-China trade talks. White House adviser Larry Kudlow said tariffs scheduled for December could be withdrawn if talks go well, adding to optimism after China said it will work with the United States to address each other's core concerns. The Dow Jones Industrial Average was trading at 26,801.97, up 0.12% or 32 points, while S&P 500 index was trading at 3,004.37, up 0.6% or 18 points. The Nasdaq Composite index was trading at 8,156.07, up 0.8% or 66 points.

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