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.

Sep 28, 2020 07:09 IST India Infoline News Service

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In the truncated week ahead, investors will focus on RBI’s monetary policy review, the pipeline of IPOs and the SC judgement on interest rate waiver. The RBI will hold its review on 1st Oct and is expected to maintain status quo in the meet. Meanwhile there are three IPOs that will be floating shares for subscription (UTI AMC, Mazagaon Dock Shipbuilders & Likhita Infrastructure). Furthermore, the SC is also expected to disclose its decision on loan moratorium and interest waiver case on 28th Sep. Markets will be shut on Friday, 2nd Oct for Gandhi Jayanti. Let’s look at companies that will be in focus on Monday:  
  1. Lakshmi Vilas Bank: The shareholders of the bank voted against the reappointment of seven directors to its board, including Managing Director and Chief Executive Officer (CEO) S Sundar. The shareholders voted against the reappointment of N Saiprasad (promoters), K R Pradeep and Raghuraj Gujjar as non-executive and non-independent directors and B K Manjunath, Gorinka Jaganmohan Rao and Y N Lakshminarayana Murthy as non-executive and independent directors. The shareholders also voted against the resolution for the appointment of branch auditors. The voting was carried out via videoconferencing at the bank's annual general meeting (AGM) on September 25.
  2. NTPC Ltd: The company said it has got shareholders' approval to raise up to Rs15,000cr through issuance of bonds. The funds are proposed to be raised on private placement basis in one or more tranches not exceeding 30. The funds would be raised for capital expenditure, working capital and general corporate purposes, in the domestic market.
  3. Vodafone Idea Ltd: Telecom Regulatory Authority of India (TRAI) decided to drop proceedings against Vodafone Idea Ltd (VIL) in priority plan matter after the telecom operator modified its offering. VIL has withdrawn the contentious claims on faster speed for premium customers. Last month, the regulator had slapped a show-cause notice on VIL over its priority mobile plan, saying the tariff offer lacked transparency and was "misleading" and not in compliance with the regulatory framework.
  4. Reliance Industries Ltd: The company said it has received Rs7,500cr from Silver Lake Partners which had recently picked up 1.75% stake in its retail arm. In a statement to the stock exchanges on Saturday, RIL said it has received "subscription amount of Rs 7,500cr from SLP Rainbow Holdings Pte Ltd (Silver Lake)”. Following the allotment of equity stake, "SLP Rainbow Holdings holds 1.75%of the fully diluted equity share capital" of RRVL, it said.
  5. Hero MotoCorp Ltd: Media reports have suggested that Harley Davidson is in advanced talks with Hero MotoCorp Ltd for sales, distribution and services in India. The deal may also include local assembly and production of select Harley models such as the Street 750 at one of Hero’s manufacturing units.
  6. Thomas Cook Ltd: The company has said that its board has approved withdrawing the buyback decision announced in February as the company’s financial profile has undergone substantial deterioration due to COVID19 and extended lockdown.
  7. Sequent Scientific Ltd: The company has he sale of investments held by the company in Strides Pharma Science to Pronomz Ventures LLP on 25th Sep 2020. The proceeds of the sale (net of taxes) will be predominantly utilized to consolidate the company’s shareholding in Provet Veteriner Urunleri San. Ve Tic. A. S., Turkey (Provet) by acquiring 40% stake held by Dr. Husein Aydin in Provet, with the balance to be used to pare the outstanding debt.
  8. Mazgon Dock Shipbuilders IPO: The PSU will open the initial public offer (IPO) of its equity shares of face value of Rs10 each on 29th Sep. The IPO will close on 1st October and the listing on BSE and NSE is expected on October 12. The IPO consists an entire offer for sale of 3.06cr equity shares by the Ministry of Defence, Government of India. The IPO price band is fixed at Rs 135-145/equity share. One can bid for a minimum of 103 equity shares and in the multiples of 103 thereafter. The book running lead managers to the issue are Yes Securities (India), Axis Capital, Edelweiss Financial Services, IDFC Securities and JM Financial. The quota for retail investors is fixed at 35% of the net offer. QIB quota is 50% while the Non-institutional investors at 15%.
  9. UTI AMC IPO: The second-largest asset management company in terms of total AUM, is set to hit the primary market on 29th Sep. The company’s existing investors put up an offer for sale of 3,89,87,081 equity shares, or 30.75% stake to raise Rs 2,152-2,160 cr. Post issue, the promoter share will reduce from 100% to 69.2%. The price band for the issue has been fixed at Rs552-554 per share. Investors can bid for a minimum of 27 equity shares and in multiples of 27 shares thereafter.
Let us look at the developments which took place on the global front

U.S. stocks rebounded to end higher on Friday shrugging off uncertainty about additional coronavirus stimulus from Washington, rising cases of coronavirus and a stall-out in some components of economic data The Dow DJIA, finished the session up by about 360 points, or 1.3%, at about 27,174, while the S&P 500 closed 1.6% higher at around 3,298. The Nasdaq Composite, however, closed up 2.3% on the session to reach 10,913.
 
The tumultuous moves during the session highlight investors’ concern over lack of further stimulus from Washington to help out-of-work Americans during the COVID-19 crisis, viewed as a key pillar to helping equities take another leg higher from the financial and public health crisis that reached a peak for the stock market in March. Rising cases of coronavirus and a looming 2020 presidential election also contributed to the turbulence.

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