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 10, 2020 7:22 IST | India Infoline News Service
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Top 10 trending Stock Market news you must know
In the week ahead, markets may cautiously watch the developments unfolding between United States and China. The US order to ban WeChat and TikTok last week has ignited tensions bubbling with China. Market participants will be observant of any retaliatory move from China. Domestically, investors will keep an eye on the results to be declared his week.  Titan, PowerGrid Eicher Motors, Hindalco and NTPC are some of the companies that are expected to come out with their results this week. India’s Covid tally will be on the radar as well. India is now reporting the largest daily caseloads in the world and is fast approaching the patient count of Brazil, the second most affected country in the world. As of Sunday morning, India had over 21 lakh cases with nearly 43,000 deaths.Let us look at the stocks that will be in focus as markets open on Monday:
  1. Axis Bank, Kotak Mahindra: The private banks have lodged complaints against travel firm Cox &Kings Ltd over fraud of Rs 1,200cr. Based on the complaint, Mumbai police's economic offences wing (EOW) has initiated the probe over the alleged fraud, media reports suggested. The banks have alleged that the travel firms were involved in manifold transactions via its subsidiaries. Kotak Bank has stated that it has extended financial facilities to the UK-based travel firm since 2012. The lender said that the outstanding amount of Cox & Kings stood at Rs 174.3cr in June 2019. Axis Bank has also submitted a complaint, alleging that some officials of the Cox & Kings had availed loan facilities to the tune of Rs 1,030cr and cheated the bank by not repaying it.
  2. Cipla Ltd: The pharma company reported a 21% rise in consolidated profit after tax at Rs 578cr in the April-June quarter as against Rs 478cr in the corresponding quarter of last fiscal. Total revenue from operations saw a 9% yoy growth at Rs 4,346cr as against Rs 3,989cr. Cipla said that its India operations saw an on-year growth of 16% in the quarter under review. The US business saw a 14% QoQ growth. The healthy growth of the generics segment at 46 per cent over last year mainly led the growth in overall sales.
  3. IndusInd Bank: The private lender said it has acquired 7.82% stake in battery maker Eveready Industries by invoking pledged shares following loan default. The bank invoked pledge on 56,83,320 shares forming 7.82% of paid-up equity share capital of Eveready Industries. The bank also informed about acquiring 7.5% in tea firm McLeod Russel India Ltd by invoking pledged shares following default by the borrower.
  4. Divi’s Labs Ltd: Drug firm Divi's Laboratories on Saturday reported 80.61% surge in consolidated net profit at Rs492.06cr for June quarter 2020 mainly on account of robust sales.  Total income stood at Rs1,747.80cr during the quarter under review as against Rs1,193.20cr in April-June 2019-20. In a statement to the stock exchanges on Saturday, the company said, it has been able to have near normal operations during the quarter and there was minimal impact due to COVID-19 pandemic.
  5. Abbott India Ltd: Drug firm Abbott India has reported a 54.22% rise in its net profit to Rs180.35cr for the quarter to June 2020. It had posted a net profit of Rs116.94 cr for the corresponding period of the previous fiscal. Revenue from operations stood at Rs1,064.27cr for the quarter under consideration. It was Rs998.89cr for the same period a year ago.
  6. Lupin Ltd: The Mumbai based drug maker is recalling 11,688 bottles of Lisinopril tablets USP, 10 mg, which is used to treat high blood pressure, as per the latest Enforcement Report by the US health regulator. U.S. FDA said the company is recalling the specific number of bottles due to the presence of foreign tablets. Lisinopril tablets USP, (20 mg) were found in a 1,000-count bottle of Lisinopril Tablets USP (10 mg), it noted. The tablets have been manufactured at Lupin's Nagpur facility and the recall has been initiated by its Baltimore-based arm -- Lupin Pharmaceuticals Inc, on 17th July.
  7. Sun Pharmaceuticals Ltd: The drug maker’s US subsidiary is recalling 3,516 bottles of antiepileptic drug, Clonazepam orally disintegrating tablets. The USFDA listed the reason for the recall as "cross contamination with other products". The U.S. FDA has classified the action as a Class-III recall, which is initiated in a situation "in which use of or exposure to a violative product is not likely to cause adverse health consequences."
  8. NBCC Ltd: All pending appeals before NCLAT with respect to Jaypee Infratech's resolution plan are to be transferred before the Supreme Court to avoid delay in the execution of the plan. Day to day functions of Jaypee Infratech to be managed by interim resolution professional till further orders.
  9. FDC Ltd: The company’s board has approved buyback of 21.63 lakh shares or 1.27% of equity at Rs450 per share. The share buyback aggregates to Rs97.4cr. The buyback price is a 34% premium to Friday's closing price. The Board also noted the intention of the promoter of the company to participate in the proposed buyback. Further, the Board has decided 21st August, 2020 as the record date for the purpose of buyback offer.
  10. REC Ltd: The company’s board approved raising Rs 85,000cr through NCDs, subject to shareholders approval. The board approved revised scheme of amalgamation of its arms REC Transmission Projects with REC Power Distribution.
 Let us look at the developments which took place on the global front: U.S. stocks ended mixed Friday on concerns over the latest non-farm payrolls data amid fears that lawmakers would not be able to agree on another fiscal stimulus bill to bolster the economy from a coronavirus-induced recession. The Dow Jones Industrial Average DJIA, closed 46.50 points, or 0.2%, higher at 27,433.48. The S&P 500 index SPX, eked out a gain of 2.12 points, or 0.1%, to close at 3,351.28. The Nasdaq Composite Index COMP, retreated 97.09 points, or 0.9%, ending at 11,010.98.
The U.S. added 1.76 mn jobs in July — just one-third of the unexpected 4.8 mn gain last month — with the unemployment rate falling to 10.2% from 11.1% in June. Consensus estimates from economists had been for an increase of 1.7 mn jobs on the month.

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