Economy / Market Snapshot – February 2017

General News

• Assembly Elections: Polling ends for Uttarakhand, Goa and UP (5 phases out of 7).
• Akhilesh Yadav and Rahul Gandhi held joint rally; Priyanka Gandhi campaigned in Rae Bareli, while
  Sonia Gandhi reaches out to U.P. voters through letter.
• O Paneer Selvam submitted his resignation to the Governor and V K Sasikala was set to become the
  Tamil Nadu CM.
• OPS revolted against Sasikala and claimed he was forced to resign; Sasikala met the Governor claiming
  support in writing of all of 134 AIADMK legislators.
• Governor delayed his decision till the SC delivers the DA case verdict; SC convicted Sasikala & 2 others.
• Sasikala to serve 13 more months in jail, on failing to pay Rs 10 crore fine.
• Sasikala’s pick Edappadi K.Palanisamy sworn in as the CM and proved his majority in the assembly.
  Opposition DMK moved HC against vote of confidence motion and the Speaker.
• Madras HC to hear DMK’s petition challenging the validity of the trust vote in the assembly.
• Shiv Sena won the BMC elections followed closely by BJP.
• Vice President Hamid Ansari embarks on five-day visit to Rwanda, Uganda; India, Rwanda sign 3
  agreements to boost bilateral relations.
• Thousands protested in US, Europe over Trump travel ban.
• More than 100 start-ups urge President Trump to not issue any executive order on H-1B visas.
• The killing of an Indian engineer in US in an apparent hate crime incident evoked outrage.
• Last month oil spill incident along the Ennore coastline in Chennai escalated at an alarming pace,
  though the authorities initially downplayed the incident.
• J&K govt issued an advisory asking people to stay away from encounter sites following Army Chief
  Bipin Rawat’s warning of tough action against stone-pelters.
• J&K govt mandates austerity in weddings, official events; max 500 guests, ban on loudspeakers.
• Irom Sharmila’s Peoples’ Resurgence and Justice Alliance (PRJA) party crowdfunds to raise money for
  fighting polls.
• Arvind Kejriwal, AAP MP Bhagwant Mann donate to Irom Sharmila’s party in Manipur.
• Telangana CM K Chandrasekhar Rao offered Rs 5 crore gold ornaments to Lord Venkateswara at
  Tirumala and gold moustache worth Rs 75000 to Veerabhadra Swamy Temple.
• Fake Rs 2,000 notes worth Rs 96,000 seized along Indo-Bangla border in West Bengal.
• Karnataka Assembly passed the Kambala bill to allow conduct of the popular buffalo racing sport.
• ISRO scripted history by successfully launching 104 satellites in a single flight.
• However, G. Madhavan Nair, the former chairman of ISRO, said it may cause space debris.
• Supreme Court gets 5 more judges, taking the strength to 28 including the Chief Justice of India.
• British delegation meet Indian officials, Mallya’s extradition process begins.
• 2G Special court discharges all accused in Aircel Maxis deal cases lodged by CBI.
• ED moves SC against special court’s order to discharge Maran brothers.
• SC says audience need not stand when Anthem played in films.
• Uphaar tragedy: SC orders 1 year in jail for Gopal Ansal and Sushil Ansal to stay out of jail because of his age.
• Over 3% drugs in India substandard: Health Ministry survey.
• India, China account for half the world’s pollution deaths in 2015: Study.
• India slips to 143 in economic freedom index.
• Mumbai India’s richest city with $820 billion; Delhi distant second with $450 billion.
• Theresa May wins crucial vote in UK Parliament to trigger Brexit; faces delay in House of Lords.
• Syrian President Bashar Assad accuses his French Francois Hollande of sponsoring terror in Syria.
• Pakistan arrested Hafiz Saeed in larger interest of nation and claimed he posed a serious threat.
• Kuwait suspended the issuance of visas for nationals of Syria, Iraq, Pakistan, Afghanistan and Iran.
• Oscars 2017: Moonlight won the Best Picture; La La Land bagged the Oscar in 6 categories.
• India beat England by 75 runs to win the series 2-1
• India vs Bangladesh, Test only: India won by 208 runs, Kohli was adjudged as the player of the match.
• Australia thrash India by 333 runs to end record winning streak in the 1st Test.
• Kohli became the first batsman in Test history to score a double century in four consecutive series.
• R Ashwin breaks Denis Lillee’s record to become the fastest bowler to scalp 250 Test wickets.
• Pakistani cricketer Shahid Afridi announced international retirement.
• Sachin Tendulkar adopted Donja village in Osmanabad (Maharashtra) under the Sansad Adarsh Gram
  Yojna

Business News

• FM Arun Jaitley presented the Union Budget 2017 subsumed with rail budget.
• Allocation to PM Mudra Yojana doubled to Rs 2.44 lakh crores.
• National Highways allocation stepped up to Rs 64,000 crores.
• Defence expenditure at Rs 2.74 lakh crores, excluding pensions.
• Affordable housing given infrastructure status. Integrated public sector oil major to be created.
• New law to confiscate assets of offenders who escape the country under consideration.
• FIPB to be abolished; Caps political donations from one source to Rs 2000.
• No transactions above Rs 3 lakh will be allowed in cash.
• Start-ups can avail three-year tax holiday in its first seven years of existence.
• Tax rate for small firms cut to 25% from 30%.
• Jewellery purchase in cash above Rs. 2 Lakh to attract tax from April 1.
• Govt removes restrictions as re-monetisation reaches the final stage.
• RBI kept the rates unchanged; keeps repo rate steady at 6.25%; reverse repo and bank rate stand at
  5.75% and 6.75%.
• National Pharmaceutical Pricing Authority slashed the stent prices by up to 85%.
• Cabinet approves SBI merger with its 5 associate banks.
• N. Chandrasekaran took charge as Tata Sons chairman.
• Vikram Limaye named the new MD & CEO of NSE and Ajay Tyagi as SEBI chief.
• Centre tells SC it plans to verify all mobile subscribers within a year.
• Reliance Jio ends it free services on 31st March; launches Jio Prime Membership offer for Rs 99 and
  Rs 303 per month
• Reliance Jio joins hands with Cisco to build largest all-IP services platform.
• Airtel buys Telenor’s India operations in seven circles.
• Tata Sons agrees to pay $1.17 billion to DoCoMo, withdraws case in HC.
• TCS board approves Rs 16,000 crore buyback at Rs 2,850/share; Rajesh Gopinathan takes over as CEO.
• Infosys Chairman R. Seshasayee clarifies the corporate governance lapses at the company raised by the
  co-founders.
• Sony completes the first phase of TEN Sports Network acquisition.
• NASSCOM delays the FY18 guidance.
• Sony completes the first phase of TEN Sports Network acquisition.
• NASSCOM delays the FY18 guidance.
• Microsoft launches Project Sangam powered by LinkedIn and Made for India Skype Lite app.
• Apple set to begin India manufacturing soon with iPhone SE.
• Samsung Group chief Jay Y. Lee was arrested as South Korean corruption probe deepens.
• Hindustan Motors sells Ambassador brand to Peugeot S.A; Peugeot likely to relaunch Ambassador
  with multiple variants.
• Reliance Defence signs warship repair pact with US Navy.
• Airbus signs MoU for setting up centre of excellence in Hyderabad.
• Two-day Global Investor Summit, Momentum Jharkhand, secured investment commitments worth
  over ₹3 lakh crore, with 210 MoUs signed.
• Remove India from patent violator list: Indian pharma body to US.
• Pharma industry body proposes guidelines on data reliability to help improve quality systems.
• Microsoft, Flipkart announce strategic cloud partnership.
• Snapdeal laid off 600 and founders forego salary.
• Indian economy to reach $5 trillion by 2025: Morgan Stanley.
• GST adoption could raise India’s GDP to over 8%: IMF.
• FDI inflow zooms 18% to $46 billion in 2016.
• Telecom industry lost 20% revenue due to Reliance Jio giveaways: India Ratings and Research.

Q3 Results

• SBI Q3 profit jumps 134% to Rs 2610 crores, NII up by 7.7% to Rs 14,754.54 crores with loan growth of 4.06% at Rs 14.47 lakh crores.
• IDBI Bank Q3 loss widens to Rs 2255 crores, NII falls by 45.3% to Rs 850.4 crores and net NPA jumps
  to 9.61%.
• PNB Q3 profit up 4-fold at Rs 207.2 crores, Net interest income fell 9.4% YoY to Rs 3,730.80 crores.
• Bank of Baroda posts Q3 profit at Rs 252.67 crores, NII up by 15.85% to Rs 3,134.36 crores.
• BSE reports 17% decline in net profit at Rs 63.73 Cr, while total income increases to Rs 174.72 Cr Dr
  Reddy’s Labs profit declines 16% YoY to Rs 492.3 crores, revenue slips 6.4% to Rs 3,723.2 crores due
  to weak global generics.
• Divis Labs reports 8.73% rise in net profit Rs 268.32 Cr, income from operations rises to Rs 976.48 Cr
• Abbott India Q3 net up 26.21% at Rs 85.56 Cr, income from operations also up to Rs 755.72 Cr
• Cipla’s Q3 profit grew by 43.9% YoY to Rs 375 crores from Rs 260.6 crores, driven by strong
  operational performance.
• Sun Pharma’s Q3 profit fell 4.7% YoY to Rs 1,472 crores, revenue increased 11.1% to Rs 7,912.6
  crores. Operating profit margin stood at 31%.
• Jubilant Foodworks Q3 profit falls 31.9% to Rs 20 crores, revenue increases 3.9% to Rs 659 crores.
• Tata Steel reports Q3 net income at Rs 232 crores, revenue grows by 14% to Rs 29,391.6 crores.
• Hexaware’s Q4 profit grew by 9% to Rs 121.5 crores, rupee revenue up 4.1% to Rs 941 crores and
  dollar revenue by 2.7% to $138.9 million.
• M&M posts 5.7% decline in its net profit at Rs 801 crores, total income up by 1.2% at Rs 10,587
  crores.
• Tata Motors Q3 profit tanks 96% to Rs 112 crores, revenue declines 4.3% to Rs 68,541 crores.
• Vedanta Q3 profit zooms 4.5 times to Rs 1,866 crores, revenue up 31% on consolidated basis to Rs
  19,320 crores.

Market News

• Indian markets went up by 4%; All sectors went up except Auto; Global markets up
• US markets on a bull run touching life time high
• Indian Rupee below Rs.67 against US $; Currently at 66.69;
• Gold, Silver and Crude up
• FII’s net buyers in the equity market to the extent of Rs.9,450 crores;