Economy / Market Snapshot – October, 2017

General News

• Assembly elections 2017: Gujarat polls on December 9 and 14; result on December 18. Himachal polls
  to be held on November 9, counting on December 18.
• PM Modi launches Ro-Ro Ferry from Ghogha to Dahej and lays foundation stones for a number of
  projects in Gujarat.
• Rahul Gandhi visits poll-bound Gujarat; Hardik Patel, who was reported to have met Rahul Gandhi
  amid speculations, extends his support to beat the BJP.
• India and USA are natural allies, US to provide India its best military technologies: US Secretary of
  State Rex Tillerson in India.
• Afghan President Ashraf Ghani reviews bilateral ties with India during New Delhi visit.
• French defence minister Florence Parley was in India to boost defence and security ties.
• Sushma Swaraj opens India’s new chancery complex of the Indian High Commission in Dhaka;
  inaugurates 15 development projects funded by India.
• Amit Shah launched BJP’s 15-day ‘jan raksha yatra’ in Kerala, UP CM Yogi Adityanath participated.
• Indian Navy inducts newest anti-submarine warfare (ASW) corvette, INS Kiltan.
• Over 100 ceasefire violations by Pakistan in Jammu region this year: BSF.
• Banwarilal Purohit, Satya Pal Malik and B.D. Mishra swear in as Governors of Tamil Nadu, Bihar and
  Arunachal Pradesh respectively.
• Govt appoints former IB Director Dineshwar Sharma as special interlocutor on Kashmir.
• SC slams Mamata government on Aadhaar plea, says state can’t challenge law passed by Centre.
• Truckers staged two day strike demanding GST, fuel prices.
• SC bans sale of firecrackers in Delhi-NCR till November 1.
• Rajasthan govt defends ordinance shielding judges and public servants from probe.
• Tamil star Vijay’s movie ‘Mersal’ created controversy after BJP objected to GST references in the movie.
• UP CM Yogi Adityanath visits Taj Mahal amid controversies.
• UP govt proposes Lord Rama statue on Saryu River.
• Honeypreet Insan arrested by Haryana Police in Punjab; confesses to inciting Panchkula violence.
• SC says no need to stand when National Anthem plays in theatres to prove patriotism.
• Doklam, Rohingya issue to be examined by parliamentary panel headed by Shashi Tharoor.
• SC appoints amicus curiae in petition seeking reinvestigation of Mahatma Gandhi’s assassination.
• AgustaWestland VVIP helicopter scam: Court issues summons to ex-IAF chief Tyagi.
• Vice-President Venkaiah Naidu released a book ‘Those Eventful Days’ written by Vidyasagar Rao.
• China opens 409-km long highway in Tibet close to Arunachal Pradesh border.
• Chinese President Xi Jinping begins second term by ordering army to ‘be combat ready’.
• Obama, Bush, Clinton didn’t confront North Korea for 25 years, I will: US President Donald Trump.
• Trump releases some John F Kennedy assassination files, blocks other under CIA and FBI pressure.
• Trump says ‘total termination’ of Iran deal possible.
• California wildfires extended to 100 miles wide as death toll reaches 40.
• UK and EU formally inform WTO of post-Brexit tariff quota plan.
• Spain dissolves Catalan parliament and calls fresh elections.
• Earthquake hits North Korea near nuclear test site.
• Japanese Premier Shinzo Abe sweeps the snap elections.
• Nawaz Sharif re-elected as head of ruling Pakistan Muslim League-Nawaz Party.
• Afghan suicide mosque attacks kill scores of worshippers, IS claims responsibility.
• Mogadishu car bombing death toll rises to 358.
• Man Booker Prize 2017: George Saunders wins for Lincoln in the Bardo.
• UK author Kazuo Ishiguro wins Nobel Prize for Literature and American economist Richard H. Thaler
  for Economics.
• India vs New Zealand: India win the ODI series 2-1.
• India vs Australia: India win the ODI series 4-1, levels the T20 series after 3rd match was called off.
• Kidambi Srikanth lifts French Open, wins fourth Super Series title of 2017.
• ICC gives nod to nine-team Test Championship, 13-team ODI League.
• FIFA Under-17 World Cup: England outclasses Spain in Final, Brazil finishes third.
• Cristiano Ronaldo voted FIFA player of the year, joins Lionel Messi as five-time winner.

Business News

• India jumps 30 spots into top 100 in World Bank’s ease of doing business rankings for the year 2017.
• Cabinet announces Rs 2.11 lakh crore recapitalisation package for PSU Banks.
• Cabinet approves mega Rs 7-lakh crore Bharatmala project to develop 83,000 km highways in 5 years.
• Govt collects Rs 92,150 crore in GST for the month of September.
• GST rate on many daily-use items, unbranded snacks, ayurvedic medicines reduced.
• GST council announces relief for exporters: GST refunds in 2 months, no tax for 6 months.
• August’s IIP comes at 4.3%; September retail inflation at 3.28%, wholesale inflation falls to 2.6%.
• PM’s Economic Advisory Council meets; acknowledges slowdown, identifies 10 priority areas.
• Finance minister Arun Jaitley launches gold options trading on the MCX on Dhanteras.
• Govt makes Aadhaar mandatory for PPF, post office and Kisan Vikas Patra deposits.
• Govt proposes new bill to enable power supplier portability.
• India sends wheat to Afghanistan via Chabahar port bypassing Pakistan.
• General Insurance Corporation’s (GIC Re), Godrej Agrovet, Reliance Nippon Life Asset Management,
  Mahindra logistics launched their IPOs.
• Hindustan Aeronautics files for IPO papers with SEBI.
• IPOs raise record Rs 27,000 crore in April-September this year.
• Govt appoints executive directors in 9 public sector banks.
• RBI keeps Repo rate unchanged at 6%, cuts Statutory Liquidity Ratio by 50 bps to 19.5%.
• Rajnish Kumar named new SBI Chairman for 3 years.
• IDFC board calls off merger talks with Shriram group.
• Infosys announces November 1 as the record date for its Rs 13,000 crore share buyback programme.
• TRAI begins pilot testing for interoperable set-top boxes.
• Tata Teleservices merges its consumer mobile business with Bharti Airtel.
• Reliance Communications calls off merger with Aircel.
• Qualcomm files lawsuits in China to ban iPhones.
• Excise duty on petrol and diesel cut by Rs 2/litre.
• India receives first-ever shipment of 1.6 million barrel parcel of US crude oil at Paradip port in Odisha.
• IOC drops plans to merge Chennai Petroleum with itself.
• Maruti becomes No. 1 exporter of passenger vehicles from India, Hyundai 4th.
• Honda seeks roadmap on EVs before commercial launch in India.
• Tata Motors begins E-bus pilot runs in Guwahati.
• Tesla to build manufacturing plant in China.
• Air India seeks Rs 1,500 crore short term loan to meet working capitals.
• Govt finalises blueprint for modernisation of 12 major ports.
• 331 infrastructure projects see cost overrun of Rs 1.72 lakh crores (10.93% of the original).
• Foundation stone of Rs 6,500 crore Dassault-Reliance aerospace facility laid in Nagpur SEZ.
• US presses India to avoid capping medical device prices, allow withdrawals from the market.
• Lupin’s US arm takes over Symbiomix Therapeutics for Rs 980 crores.
• Tata Group to bring consolidation, simplification into play: N Chandrasekaran.
• JP Associates seeks SC nod to sell Yamuna Expressway to compensate homebuyers.
• Samsung CEO Kwon Oh-hyun announces resignation.
• India’s pension system showing steady improvement: Melbourne Mercer Global Pension Index 2017.
• World Bank reduces India GDP growth forecast to 7% for 2017-18, attributes it to demonetisation, GST.
• Mutual fund assets in North East rise 66% during August.
• Uday Kotak-led corporate governance panel submits its report.
• Future Retail acquires HyperCity for Rs 655 crore from Shoppers Stop.
• Alibaba launches $15 billion drive to build overseas research hubs.
• Amazon files patent for deploying exclusive drones in India.
• Mastercard, Andhra Pradesh govt sign MoU to digitally transform the state into a fintech valley.
• Odisha Govt, SBI signed an MOU for integration of SBI e-Pay with Cyber Treasury, Odisha.
• A Los Angeles judge tosses $417 million award against Johnson & Johnson in cancer case.

Q2 Results

• HDFC Bank Q2 profit rises 20% YoY to Rs 4,151 crores, NII up 22% at Rs 9,752 crores.
• ICICI Bank Q2 Net profit falls 33.66% to Rs 2,058 crore; NII rose 9% to Rs 5,709 crores.
• Kotak Mahindra Bank Q2 profit up 22.2% at Rs 994.31 crores, GNPA fell to 2.47% and NNPA to 1.26%.
• Axis Bank Q2 profit came at Rs 432.4 crores, NII at Rs 4,540 crores, provisions up at Rs 3,140 crores.
• Yes Bank Q2 profit grows 25% YoY at Rs 1,002.7 crores, provisions up 176.5% YoY at Rs 447.1 crores.
• IDBI Bank posts net loss of Rs 197.84 crore in Q2, provision rose 57.34% QoQ to Rs 3,256.60 crores.
• IndusInd Bank posts 25% YoY surge in Q2 profit at Rs 880 crores, GNPA at 1.08%, Net NPA at 0.44%.
• Canara Bank Q2 profit slumps 28% to Rs 260 crore; GNPA stood at 10.51% while NPA at 7.02%.
• HDFC Q2 profit up 15% to Rs 2,101 crores, NII by 13.7% to Rs 2,612 crores, provisions at Rs 95 crores.
• Dr Reddys Labs Q2 profit falls 3.4% YoY to Rs 295 crores, revenue fell 1.1% to Rs 3,546 crores.
• Lupin net profit falls 31% in Q2 to Rs 455 crores, revenue drops 8% to Rs 3951.9 crores YoY.
• TCS Q2 profit rises 8.4% to Rs 6,446 crores, revenues rose 3.2% QoQ to Rs 30,541 crores.
• Infosys Q2 profit up 7% QoQ to Rs 3,726 crores, cuts revenue growth forecast to 5.5-6.5%.
• Wipro’s Q2 profit rises 5.5% to Rs 2,191.7 crores, revenue falls 1.4% to Rs 13,468.7 crores.
• HCL’s Q2 profit up 0.8% at Rs 2,188 crores, rupee revenue at Rs 12,434 crores and dollar revenue at
  $1,928 million.
• Bharti Airtel Q2 profit falls 5.1% YoY to Rs 586.1 crores, revenue slips 0.8% to Rs 21,776.9 crores.
• Maruti Suzuki Q2 net profit rises 3.4% at Rs 2,484.3 crores, revenues rose 21.8% at Rs 21,768 crores.
• Tata Sons net profit falls 73% to Rs 824 crores, revenue up 23% at Rs 9,985 crores (standalone basis).
• HUL reports 16.4% rise in net profit at Rs 1,276 crores; revenue down by 2% at Rs 8,309 crores.
• Dabur India’s Q2 net profit comes at Rs 362.7 crores, revenues at Rs 1,959 crores.
• ITC’s Q2 profit reported at Rs 2,640 crores, revenue at Rs 10,314 crores; margin dips to 36.52%.
• Reliance Ind Q2 consolidated net profit comes at Rs 8,097 crores.
• Rel Jio’s reports Q2 net loss at Rs 270 crores, revenue at Rs 6,147 crores.
• Asian Paints Q2 profit up by 20% YoY to Rs 593.66 crores, revenue up by 2.3% to Rs 4,274.2 crores.
• ONGC Q2 profit rises 3% to Rs 5,130 crores; revenue at Rs 18,964.9 crores.
• IOC Q2 Net profit falls 18.7% to Rs 3,696 crore, revenue 13.7% lower at Rs 1.1 lakh crores