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.

Dec 07, 2020 07:12 IST India Infoline News Service

In the week ahead, markets are likely to be swayed by stimulus talks that are brewing in the United States. The discussion over second stimulus has begun for the first time after US elections in November, as fears of weakening job market and increasing economic restrictions due to fast-rising coronavirus cases have gripped citizens. Apart from this, developments on the vaccine, rising COVID-19 cases and FII inflows are likely to keep investors on their toes. Let us look at stocks in news on Monday:
  1. Marico, Dabur Ltd:  FMCG firms Dabur and Marico have approached advertising regulator ASCI over claims regarding the quality of their honey brands. On Sunday, Dabur said it was filing a complaint against Marico before the Advertising Standards Council of India (ASCI) for claiming that its Saffola Honey sample passed the NMR test. Dabur claimed Marico's Saffola honey failed the NMR (Nuclear Magnetic Resonance) test and was misleading the consumers. However, Marico was quick to confront Dabur's claims and said that Saffola Honey was also compliant with each of the quality parameters mandated by FSSAI.
  2. IndusInd Bank:  UBS Principal Capital Asia Ltd on Friday sold more than 20 lakh shares of IndusInd Bank Ltd worth Rs184cr via open market transaction. As per the data available on BSE Block deal, UBS Principal Capital Asia offloaded 20,70,000 shares of the bank at an average price of Rs891.4 apiece, valuing the transaction at Rs 184.51cr.
  3. DLF Ltd:  The realty company will invest around Rs130cr over the next 18 months to develop a data centre in Noida as it seeks to encash rising demand for data storage capacity. The data centre project will have 3.7 lakh sq ft space with proper infrastructure, including high power capacity, media reports suggested citing sources they did not name. The total investment to build this data centre is estimated at around Rs130cr, they said, adding that the centre would get completed in the next 18 months.
  4. TCPL:  Tata Consumer Products Ltd (TCPL) on Saturday said its Australia based step-down subsidiary is selling MAP Coffee Business to Buccheri Group for 1.25 million Australian dollar (Rs6.74cr). MAP Coffee was established in 2002 and supplied Australian cafes, restaurants and bars with a range of Italian and locally roasted coffee. It joined TCPL in 2014. Post completion of the transaction, Earth Rules will continue to be a step-down subsidiary of TCPL, it added.
  5. NHPC Ltd: The company on Saturday said the 2,000 MW Subansiri hydropower project, which was stalled for nearly eight years due to intense protests by many groups in Assam, will be commissioned by March 2022. Union power ministry's secretary Sanjiv Nandan Sahai, Arunachal Pradesh chief secretary Naresh Kumar and the company's chairman and managing director A K Singh visited the Subansiri Lower Hydro Electric project sites on Friday and inaugurated the restart of the power-house works.
  6. Tata Power Ltd: The company announced that it has received the Letter of Intent (LOI) for supplying electricity to the consumers of two electricity distribution companies (discoms) in Odisha—the Western Electricity Supply Company of Odisha Ltd (WESCO) and the Southern Electricity Supply Utility of Odisha Ltd (SOUTCO). While WESCO supplies electricity to consumers in the distribution circles of Rourkela, Burla, Balgarh, Bolangir and Bhawanipatna, SOUTCO serves Behrampur, Aska, Bhanjanagar, Jeypore and Rayagada.
  7. ONGC Ltd: Oil Natural Gas Corporation (ONGC) on Friday announced its overseas subsidiary struck commercial oil in one of its Colombian blocks. This is the fourth commercial find in the block by ONGC Videsh. In its statement, ONGC said ONGC Videsh (OVL) has made a significant strike of oil in its onshore block CPO-5, Colombia, in Llanos Basin. OVL is the operator in the block with a 70% stake, along with its partner Geopark, an independent oil and gas company focused in Latin America.
  8. Indian Railway Finance Corporation Ltd: IRFC initial public offering of about Rs4,600cr may hit the markets later this month, a first by a non-banking financial company (NBFC) in the public sector. The company, the dedicated financing arm of the Indian Railways, will be going for the anchor investment also. The issue is of up to 178.20cr shares, comprising a fresh issue of up to 118.80cr shares and offer for sale of up to 59.40cr shares by the government, according to the draft prospectus.
  9. KPI Global Infrastructure Ltd: The company has signed new long term power purchase agreement with Alliance Fibres, Surat for sale of 1.30 MW solar power for a period of 20 years under Independent Power Producer (IPP) business vertical.
  10. Smartlink Ltd: The board has approved the proposal to buy back up to 33.25 lakh equity shares at a price of Rs95 per share, for up to Rs31.58 crore.
 
Let us look at the developments which took place on the global front: U.S. indices rallied to new highs buoyed by hopes for another financial aid package from Congress to combat the economic impact of the coronavirus pandemic. The Dow Jones Industrial Average rose 248.74 points or 0.8% to close at 30,218.26, while the S&P 500 gained 32.40 points, or 0.9%, to end at 3,699.12. The Nasdaq Composite Index rose 87.05 points, or 0.7%, to 12,464.23.
 
The U.S. Labor Department report showed that 245,000 jobs were created in November, marking the smallest monthly gain since the economy began to emerge from lockdown in the spring, as the unemployment rate fell to 6.7% from 6.9%. Investors are watching the strength of the labor market as the COVID-19 pandemic worsens for clues as to whether lawmakers in Washington might finally pass another round of financial aid to bolster the economic recovery.

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