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.

Nov 23, 2020 07:11 IST India Infoline News Service

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In the week ahead, equity markets are expected to be volatile ahead of the F&O expiry for this month of on Thursday, November 26th. Investors will also keep a close watch on the COVID situation in India and across the world.  Covid-19 cases in the capital city of Delhi has begun spiking, with the Delhi government re-imposing restrictions in some places. Let us look at stocks in news on Monday:
  1. Bharti Airtel Ltd:  The telecom company said it will acquire 5.2% stake in solar power company Avaada MHBuldhana for Rs4.55cr in an all-cash deal. Avaada MHBuldhana Private Ltd is a newly-formed company and developing a captive generating solar power plant in Maharashtra which will become operational by March 2021. The transaction is expected to close by March 31, 2021.
  2. Mishra Dhatu Nigam:  The Government of India is planning to offload up to 10% stake in specialty alloy maker Mishra Dhatu Nigam (MIDHANI) in the current fiscal, according to an official. The state-owned entity is likely to garner good response from foreign investors as the government has brought defence sector under automatic route for 74% foreign direct investment (FDI).
  3. Reliance Industries Ltd: Antitrust body Competition Commission of India (CCI) cleared conglomerate Reliance Industries' $3.4 billion (or Rs24,713cr) deal to buy Future Group's retail assets, thwarting Amazon’s efforts to block the deal. Reliance stated that Reliance Retail Ventures (RRVL), the holding company of its retail businesses, intends to enforce its rights and complete the transaction in terms of the scheme and agreement with Future group without any delay.
  4. CG Power Ltd: Lenders to CG Power and Industrial Solutions have agreed to a one-time loan restructuring to pave way for the Chennai-based Murugappa Group taking over the beleaguered equipment maker. In separate stock exchange filings, CG Power and Murugappa Group firm Tube Investments of India Ltd (TIIL), said lenders have accepted one-time settlement and restructuring of debt. In August, TIIL had agreed to invest Rs700cr in CG Power for a 56.61% stake.
  5. Punjab National Bank:  The Reserve Bank of India (RBI) has imposed a total fine of over Rs5.78cr on six entities, including PNB, Sodexo, and PhonePe, for violating regulatory guidelines. Sodexo is slapped with the highest fine of Rs2cr; PNB and QwikCilver Solutions Rs1cr each; PhonePe Rs1.39cr; Muthoot Vehicle & Asset Finance Rs34.55 lakh; and Delhi Metro Rail Corporation Rs5 lakh.
  6. Bank of Maharshtra Ltd:  The state-run lender is expecting only Rs1,000 to 1,500cr of its total advances to come up for one-time restructuring under the Reserve Bank of India's scheme before December 31, its managing director and CEO A S Rajeev said. The lender had earlier estimated around Rs3,000-4,000 crore from its moratorium book to come under one-time restructuring.
  7. Union Bank: The lender said that its board will meet next week to consider raising equity capital by way of various modes such as public or rights issue. The board of directors of the bank will meet on November 25 to consider seeking shareholders' approval for raising capital. The public sector lender, however, did not disclose the amount of capital it intends to raise.
  8. Indian Overseas Bank: The lender expects resolution of about Rs18,000cr of non-performing assets (NPAs) under the insolvency and bankruptcy process during the second half of the current fiscal, a move that will boost its bottom-line. Besides, the Chennai-based bank is hoping to come out of the prompt corrective action (PCA) framework of the Reserve Bank of India (RBI) next fiscal. On the back of resolution and pick up in advances, the bank aims to bring down the gross NPAs below 10 per cent mark by March.
  9. Sical Logistics Ltd: An integrated logistics provider and part of the Coffee Day group, has defaulted in repaying a Rs280.68cr it took from banks and financial institutions. It has also failed to pay the interest on the borrowing. In an announcement to the stock exchanges, Sical Logistics said its total outstanding short- and long-term borrowings as on September 30, 2020 stands at Rs913.87cr. Of that, the amount of default as on date stands at Rs280.68cr.
  10. Prestige Estate Projects Ltd: The realty firm said it will develop four new housing projects in Bengaluru, Goa and Hyderabad with an investment of nearly Rs2,000cr amid recovery in demand for residential properties. The Bengaluru-based company will develop nearly 3,400 housing units in these four projects over the next three and half years.
Let us look at the developments which took place on the global front: U.S. indices ended lower Friday as investors headed into the weekend struggling with disappointing fiscal stimulus news and uncertain efforts to combat a spiraling COVID-19 pandemic with vaccines. The Dow Jones Industrial Average fell 132.83 points, or 0.45%, to 29,350.4 while the S&P 500 lost 6.66 points, or 0.19%, to 3,575.21. The Nasdaq Composite added 20.16 points, or 0.17%, to 11,924.87.
 
U.S. Treasury Secretary Steven Mnuchin announced late Thursday that he would allow key pandemic-relief lending programs at the Federal Reserve to expire at the end of the year, saying the $455bn allocated last spring under the CARES act should be returned to Congress to be reallocated as grants for small companies. Record infection numbers have caused COVID hospitalizations to soar by 50% and have prompted a new round of school and businesses closures, curfews and social distancing restrictions, hobbling the economic recovery from the deepest recession since the Great Depression.

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