What changed in the 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 03, 2020 7:34 IST | India Infoline News Service
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Top 10 trending Stock Market news you must know
In the week ahead, markets will likely be driven by Reserve Bank of India's money policy review, macro-economic data and June quarter earnings. The RBI is set to announce its monetary policy on 4th of August. Though consensus estimates forecast an unchanged repo rate, the monetary policy statement will provide some interesting cues. Apart from this companies like Godrej Properties, Lupin, Cipla, Mahindra & Mahindra, among others are set to release their results. Let us look at the stocks that will be in focus as markets open on Monday:
  1. Bandhan Bank: The lender’s promoter will sell Rs10,500cr worth of equity stake in the private sector lender through a block deal on Monday. The block deal involves selling 33.74cr shares in the lender at a floor price of Rs311/share, as per the terms sheet. The floor price is about 10% lower than Bandhan Bank's Friday closing price of Rs345.25. The bank's main shareholder Bandhan Financial Holdings Limited (BFHL or NOFHC), which currently owns 60.95% shares in the lender, is expected to offload about 20.95% stake in Bandhan Bank. The move is a part of the bank's effort to bring down promoter shareholding in the lender to meet the Reserve Bank of India (RBI) regulatory norms.
  2. Tata Motors Ltd: The automaker recorded a loss for the second straight quarter in Q1FY21 as the coronavirus lockdowns negatively hit its sales in India and overseas. The loss during the first quarter ended 30th June 30, 2020, stood at Rs8,438cr, as opposed to Rs3,698.34cr loss recorded in Q1FY20 and Rs9,863.75cr loss in Q4FY20. Total revenue from operations slumped 48% to Rs31,983.06cr during the quarter under review against Rs61,466.99cr in same period last year as lockdowns impacted sales at Jaguar Land Rover, company's luxury car unit. In the JLR segment, the company said that coronavirus pandemic resulted in temporary retailer and plant shutdowns, significantly impacting sales and profits. Retail sales of 74,067 vehicles fell 42.4% on-year.
  3. Maruti Suzuki Ltd: The company's overall domestic passenger vehicle sales in July grew by 1.3% at 97,768 units as compared to 96,478 units in July 2019. Sales of Maruti’s mini segment cars comprising Alto and S-Presso grew by 49.1% at 17,258 units as against 11,577 units in the same month last year but that of compact segment consisting of models like WagonR, Swift, Celerio, Ignis, Baleno and Dzire was down 10.4% at 51,529 units as against 57,512 units. The company believes that while vehicle sales have improved in July, the outlook for festive season will depend on how the health crisis pans out.
  4. Hero MotoCorp Ltd: The country's largest two-wheeler maker, reported a 3.97% year-on-year decline in sales at 5,14,509 units in July. The company had sold 5,35,810 units in the same month of last year. On the sequential basis, the auto major reported a growth of 14.14% as compared to 450,744 units in June 2020, despite the prevailing economic slowdown due to COVID-19 pandemic. The domestic sales stood at 5.07 lakh units as compared to 5.11 lakh in July 2019, while exports fell sharply to 7,563 as against 24,436 in the corresponding period last year. Motorcycles sales were 4.78 lakh units and scooters sales stood at 35,843 units as against 4.9 lakh and 45,752 units, respectively, in the year-ago period.
  5. Edelweiss Financial Services Ltd: The company has opted out of the process of pre-initial public offering (IPO) advisor selection of Life Insurance Corporation (LIC) on concerns related to conflict of interest, media reports suggested. Edelweiss has written to the government and voluntarily opted out of the process following concerns raised by the government on a potential conflict of interest scenario due to the firm's existing life insurance joint venture with Tokio Marine.
  6. IRB Infrastructure Developers Ltd: The company has said that it has received letter of award from National Highways Authority of India (NHAI) for executing a stretch of Vadodara-Mumbai Expressway at a cost of Rs 1,755cr. The project (Package-VII) is part of phase-I of NHAI's 'Bharatmala Pariyojana'. The company has received a Letter of Award (LoA) from the National Highways Authority of India (NHAI) for 27.5-km long GandevaEna section of the upcoming greenfield project of eight lane Vadodara-Mumbai Expressway.
  7. Ujjivan Small Finance Bank: The lender reported a 42.1% drop in its net profit for the first quarter of the fiscal at Rs54.65cr as against Rs94.48 cr recorded in the same period a year ago. The bank’s net interest income grew by 30% to Rs458cr in the quarter ended 30th June 30, 2020 as against Rs352.45 cr a year ago. Net interest margin was at 10.2% in the first quarter as against the 10.5% a year ago. Gross non-performing assets stood at 1% of gross advances and net NPAs were 0.2% of net advances as on 30th June, 2020 as against 0.8% and 0.3% respectively in June 2019.
  8. Mahindra & Mahindra Ltd: The company’s Farm Equipment Sector sold 24,463 tractors in the domestic market in the month of July, registering a growth of 28%. Domestic tractor sales stood at 19,174 units in July 2019. Total tractor sales (Domestic + Exports) during July 2020 were at 25,402 units, up 27% as against 19,992 units for the same period last year, driven good cash flows to farmers, higher Kharif sowing, a timely and normal monsoon.
  9. TVS Motor Company Ltd: The company has said that it had lined up a capital expenditure of Rs 300cr and was looking to invest Rs 75cr in TVS Credit Services in 2020-21. The company said it was planning to commercialise some of the intellectual properties (IPs) to be built by start-ups through the company’s Singapore subsidiary. TVS Motor Chairman and Managing Director Venu Srinivasan expected the second quarter to be much better, but he cautioned on how the rest of the year would pan out as more cities were closing due to growing number of Covid-19 cases.
  10. Reliance Capital Ltd: The company reported widening of its standalone net loss to Rs 387cr during the first quarter of the current fiscal. The Anil Ambani-controlled firm had posted a net loss of Rs 116cr in the same quarter of the previous financial year. RCap said it has defaulted in repayment of obligation of lenders and debenture holders and has incurred losses during the period, which indicate that material uncertainty exists that may cast a significant doubt on the company's ability to continue as a going concern.
Let us look at the developments which took place on the global front : U.S. stocks rebounded late Friday to close modestly higher after trading lower most of the day, weighed down by a mixed batch of earnings results, disappointing economic data and a lack of progress on Capitol Hill toward another coronavius aid package. The Dow Jones Industrial Average added 114.67 points, or 0.4%, to close at 26,428.32, while the S&P 500 gained 24.90 points, or 0.8%, ending the trading day at 3,271.12. The Nasdaq Composite closed at 10,745.27, up 157.46 points or 1.5%. Democrats rejected a White House proposal to temporarily extend the $600-a-week in added benefits, saying the Trump administration didn’t understand the severity of the crisis. Talks between Trump administration officials and congressional Democrats could stretch into the weekend.

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