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.

Oct 26, 2020 07:10 IST India Infoline News Service

The second quarter earnings, F&O expiry and pace of FII buying will keep markets busy going into this week. Kotak Mahindra Bank, Mahindra & Mahindra Financial Services, Bharti Airtel, Maruti Suzuki India, TVS Motor Company, Tata Motors, Axis Bank among others will come out with their results this week. Markets are also expected to be volatile on account of derivatives expiry for the month, which is scheduled to take place on October 29th. Let’s look at companies that will be in focus on Monday: 
  1. Future group, Reliance Industries Ltd: The arbitrator looking into the dispute between Amazon and Future group has put an interim stay on the latter's Rs25,000cr deal with Reliance Retail. The former Attorney-General of Singapore, V.K. Rajah, was the arbitrator for the case. In his order granting interim relief for Amazon, Rajah said it was prudent for an interim stay in the deal as it was “disputed”. Earlier this month, Amazon had sought intervention stating that the Rs 25,000-crore deal between Future Group and Reliance Retail violated multiple rules of the 2019 agreement and was against the interest of Future Retail’s shareholders.
  2. Kotak Mahindra Bank:  The lender is said to be exploring the option of a potential takeover of smaller rival IndusInd Bank, media reports suggested citing unnamed sources. However, as per a statement by IndusInd Bank, “The Promoter of IndusInd Bank, IndusInd International Holdings Limited (IIHL), completely denies the said rumor and considers it malicious, untrue and baseless. IIHL is promoted by the Hindujas and broad base of other successful NRIs from the overseas Indian diaspora. They reiterate their full support to the IndusInd Bank, now and always.
  3. Tata Motors Ltd: The automaker said is actively scouting for a partner for its passenger vehicle in order to be ready for growth in the next decade which would see huge investments going into new technologies, regulations, media reports suggested citing a top official. The auto major is looking for collaboration even as the process to carve out passenger vehicle (PV) business as a separate standalone unit gathers steam. Earlier this year, the auto major's board had approved to form a separate entity which would house the PV business, by transferring relevant assets, IPs and employees to the vertical for it to be fully functional on a standalone basis.
  4. Tech Mahindra Ltd: IT firm Tech Mahindra on Friday reported 9.5% sequential jump in consolidated net profit for September quarter at Rs1,064cr. The company's net profit was Rs972cr in June quarter. The company's consolidated revenue from operations rose 3% to Rs9,372cr as compared to Rs9,106cr in June quarter. Tech Mahindra’s US Dollar revenues were $1,265.4mn, up 4.8% qoq, but down 1.7% on a yearly basis. Tech Mahindra also announced the acquisition of digital enterprise technology firm Momenton and technology consulting company Tenzing.
  5. Nestle India Ltd:  The Maggie owner reported a 1.4% yoy decline in its net profit at Rs587cr for the third quarter ended September 30, compared to Rs595.3cr in year-ago period. Revenue from operations increased 10.1% to Rs 3,541.7cr from Rs3,215.8cr in the corresponding period last year. The company has announced to invest Rs 2,600cr in India over the next 3-4 years to boost its existing manufacturing capacities.
  6. Vedanta Ltd: Vedanta has approved an interim dividend of Rs9.5/share. The board of the company approved the first dividend for the financial year 2020-21 in a meeting on Saturday. The dividend payout will be Rs3,500cr, Vedanta said in a regulatory filing. The record date for payment of dividend is October 31, 2020, the company further said in its statement.
  7. Yes Bank:  The private lender on Friday reported a net profit of Rs129cr in the quarter ended September against a loss of Rs600cr a year-ago. The bank’s asset quality improved, with gross non-performing assets (NPAs) declining to 16.9% of the total advances, from 17.3% in the June quarter. Net NPAs fell to 4.7% from 4.9%. Provisions for bad loans declined 11.1% yoy to Rs1,187cr. However, it rose 9.3% quarter-on-quarter.
  8. Dewan Housing Finance Ltd:  The committee of creditors (CoC) of debt-ridden DHFL is scheduled to meet on Monday to take a call on four bids, received as part of resolution process for the beleaguered firm, media reports suggested. Earlier this month, DHFL had received four bids for either picking up stake in the company or buying out assets. The four bidders are Adani Group, Piramal Enterprises, US-based Oaktree and Hong Kong-based SC Lowy.
  9. Tata Steel Ltd: Swedish steelmaker SSAB AB is exploring a combination with Tata Steel’s European business as a back-up plan to a deal with Thyssenkrupp AG amid industry consolidation, media reports suggested citing people familiar to the matter. SSAB is holding preliminary talks with Tata Steel of India as it seeks merger options, the reports suggested.
  10. ICICI Lombard general Insurance Ltd: The insurer on Friday posted a 35% year-on-year rise in its net profit to Rs415.74cr for the second quarter of the current financial year. The non-life insurer also saw an improved combined ratio and a surge in gross direct premium income (GDPI) in the quarter under review. The company’s GDPI stood at Rs 3,189cr in Q2FY21, compared with Rs2,953cr in Q2FY20, a growth of 8
 
Let us look at the developments which took place on the global front
U.S. stock benchmarks closed mostly higher Friday, after paring earlier losses, on hopes that the Congress would pass the stimulus deal. The Dow Jones Industrial Average lost 28.09 points, or 0.1%, to close at 28,335.57. The S&P 500 rose 11.90 points, or 0.3%, to end at 3,465.39. The Nasdaq Composite Index gained 42.28 points, or 0.4%, finishing at 11,548.28.
The White House and House Speaker Nancy Pelosi remained upbeat about the prospects for another fiscal stimulus package, even as time nearly has run out for relief measures to be turned into law before the elections on Nov. 3.

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