Economy / Market Snapshot – May, 2019

General News

• PM Modi begins 2nd term with 57 ministers as BJP scores a triple ton by winning 303 seats in the LS polls.
• Amit Shah gets Home, Rajnath Defence, Nirmala Sitharaman gets Finance and Corporate Affairs.
• Former Foreign Secretary S Jaishankar becomes Minister of External Affairs.
• Nitin Gadkari retains road transport and highways, Piyush Goyal Railways and given charge of Commerce.
• Ravi Shankar Prasad assigned ministry of telecom, while he retains the IT and law ministries.
• Smriti Irani gets Women and Child Development; Gajendra Singh Shekhawat gets Jal Shakti ministry.
• Assembly elections: Jagan Mohan Reddy takes oath as Andhra Pradesh CM, Prem Singh Tamang as Sikkim CM, Naveen Patnaik as CM of Odisha, Pema Khandu as Arunachal Pradesh CM.
• Cash, drugs, liquor and precious metals worth ₹3,449.12 crore seized since LS polls were announced: EC.
• EC curtails West Bengal campaigning after Kolkata violence, a day before its scheduled deadline.
• Supreme Court dismisses PIL seeking 100% matching of VVPAT slips with EVMs.
• Sushma Swaraj speaks of Pulwama, Sri Lanka attacks at SCO meeting in Kyrgyzstan.
• Chinese envoy meets Sikkim CM Pawan Kumar Chamling, discusses border trade.
• Iran’s Foreign Minister Mohammad Javad Zarif meets External Affairs Minister Sushma Swaraj.
• Cyclone Fani: At least 72 people have been killed, total damage estimated at ₹12,000 crore.
• J&K withdraws restriction on civilian highway movement between Srinagar and Baramulla.
• Lokpal Chairperson Justice Pinaki Chandra Ghose launches Lokpal website.
• Rahul Gandhi ‘unconditionally apologises’ to SC for wrongly attributing ‘chowkidar’ remark to it.
• Ayodhya land dispute case: SC extends time for mediation panel till August 15.
• Mulayam Singh, Akhilesh Yadav get CBI clean chit In Disproportionate Assets case.
• CBI withdraws application from court seeking permission for further probe in Bofors case.
• CJI Gogoi gets clean chit as complainant pulls out of inquiry, in-house panel dismisses harassment charges.
• 4 new SC judges administered oath of office by CJI Ranjan Gogoi, apex court strength reaches 31.
• Centre extends ban on LTTE for five more years, says organisation poses a grave threat to Indians.
• CBI issues lookout notice against former Kolkata police chief Rajeev Kumar from leaving country.
• UK court denies bail to Nirav Modi for third time.
• India sets up Armed Forces Special Operations Division, with commandos from Army, Navy and Air Force.
• Indian Air Force receives its first Apache Guardian attack helicopter at its production facility in Arizona, US.
• ISRO releases the dates for Chandrayaan-2; launch between 9-16 July, landing expected in September.
• DRDO conducts successful flight test of ABHYAS, a high-speed expendable aerial target (HEAT).
• Statue of Unity enters prestigious 2019 World Architecture News Awards.
• Kami Rita Sherpa climbs Mt Everest for 24th time, creates record.
• Biopic on PM Modi releases on May 24, day after election results.
• UN designates JeM’s Masood Azhar as global terrorist.
• Theresa May to step down as British PM on June 7.
• Donald Trump arrives in Japan, both countries agree to cooperate on space exploration.
• US approves nearly $6 billion in weapons sales to gulf allies, missile sales to South Korea, Japan.
• Robert Mueller denies probe cleared Trump, hands baton to Congress.
• Trump picks acting Pentagon chief and former Boeing executive Patrick Shanahan for Defence Secretary.
• Federal judge blocks Trump from using Defence funds for parts of border wall.
• FBI adds Osama bin Laden’s son to its ‘seeking more information list.
• US renews Iran sanctions waivers for civilian nuclear work.
• Sri Lankan Parliament approves committee to investigate Easter bombings.
• Chinese Vice President arrives in Pakistan; hold talks PM Imran Khan and Army Chief Qamar Javed Bajwa.
• North Korea fires two short-range missiles, US seizes North Korean ship for violating sanctions.
• Australia election: Prime Minister Scott Morrison seizes a stunning win.
• South Africa Lawmakers Re-elect Cyril Ramaphosa as President.
• TV comedian Volodymyr Zelensky sworn in as Ukraine’s sixth President.
• Indonesia election: Joko Widodo re-elected as president.
• King Maha Vajiralongkorn crowned Rama X of Thailand.
• IPL: Mumbai Indians seal 4th title by beating CSK; David Warner wins Orange cap, Imran Tahir Purple cap.
• ICC World Cup 2019: Hosts England defeat South Africa in the tournament opener by 104 runs.
• Appellate Tribunal grants interim relief to former IPL Chairman Lalit Modi and N Srinivasan in FEMA case.
• Asian Champion Gomathi Marimuthu provisionally suspended after testing positive for banned substance.
• Novak Djokovic ties Rafael Nadal’s record for Masters 1000 titles with his third Madrid Open title.
• Indian Open Boxing: Mary Kom, Sarita Devi, Amit Panghal bag Gold Medal.
• Saurav Ghosal, Joshna Chinappa win Asian Squash Championship titles.
• Apurvi Chandela becomes world No 1 in women’s 10m air rifle, Anjum claims second position.
• Croatia legend Igor Stimac appointed new coach of India’s Men Football team.
• Donald Trump awards Presidential Medal of Freedom to Golfer Tiger Woods.

Business News

• GST collections in April at ₹ 1,13,865 crore, highest since roll out of the tax.
• GST Network releases prototype of new simplified return filing form; to be launched later this year.
• India Manufacturing Purchasing Managers’ Index declined from 52.6 in March to 51.8 in April.
• WPI inflation falls to 3.07% in April on cheaper fuel; food prices still high.
• Sensex crosses 40,000 for the first time, Nifty goes past 12,000 mark as PM Modi wins second term.
• Govt formally takes over National Housing Bank (NHB) from RBI.
• Bar council asks Big 4 not to offer legal services.
• Centre decides to merge statistics bodies CSO and NSSO into a National Statistical Office.
• RBI directs banks to enhance housing loan limits for eligibility under priority sector lending.
• RBI releases draft liquidity framework guidelines for ailing NBFCs.
• PSBs recovered ₹1.22 lakh crore from stressed assets, meeting over two-thirds of their target for the FY19.
• ICICI-Videocon case: Chanda Kochhar, husband Deepak appears before ED.
• BSE launches ‘BSE StAR MF’ mobile app for its mutual fund platform.
• Reliance Capital exits mutual funds business; sells stake to JV partner Nippon Life Insurance.
• L&T buys more shares of Mindtree from open market, hikes shareholding to 28.88%.
• India again postpones retaliatory tariff deadline on US products to June 16.
• India stops purchasing Iranian oil after US waivers expired.
• US hikes tariffs on $200 billion of Chinese goods, later raises tariffs on remaining imports from China.
• China hits back at US with tariffs on goods worth $60 billion.
• China’s Huawei, 70 affiliates placed on US trade blacklist.
• Pakistan reaches agreement with IMF, to get $6 billion over three years.
• US Central Bank holds rates steady; Pakistan raises key interest rate to 12.25%.
• Uber lists at lower side of price band, valued at $82 billion.
• HCL Comnet, HCL Eagle, HCL Technologies Solutions and Concept2silicon Systems to merge with HCL Tech.
• IBM-backed Project Owl creates Wi-Fi network for natural disasters.
• Voda-Idea, IBM sign $700-800 million five-year IT outsourcing deal.
• Vodafone Idea signs pact with Hyundai arm for connected car services.
• India’s passenger vehicle sales decline 17% in April, worst fall in nearly 8 years: SIAM.
• MG Motor India commences production of Hector SUV at its Halol facility.
• E-vehicle manufacturers asked to indigenise components to avail FAME 2 incentives.
• Nissan bags patent related to wireless charging technology for EVs.
• Jet Airways talks: Etihad Airways, Hinduja & AdiGro talk about operational roles and board seats.
• Spicejet adds 100th plane to fleet, 4th domestic airline to do so.
• Adani wins Queensland govt’s approval to protect endangered finch bird at coal mine site in Australia.
• Tata Chemicals and Tata Global Beverages merge consumer business.
• CCI approves GSK, Pfizer consumer healthcare JV formation.
• Zydus Wellness’ Heinz India and Zydus Nutrition merge post NCLT approval.
• PepsiCo withdraw cases filed against Gujarat farmers for allegedly infringing its patent.
• McDonald’s buys out Vikram Bakshi’s stake in Connaught Plaza Restaurants Pvt Ltd (CPRL).
• Anil Ambani to sell BIG FM for ₹1,050 crores to Jagran’s Music Broadcast.
• Flipkart launches online grocery store ‘Supermart’ in Mumbai.
• Snapdeal close to acquire rival ShopClues in all-stock deal pegged around $200-250 million.
• Paytm First Card launched in partnership with Citi, a credit card with ‘Universal Unlimited Cashback’.
• India’s longest serving corporate chairman, ITC’s YC Deveshwar dies at 72.
• Jet Airways’ Deputy CEO and CFO Amit Agarwal steps down, cites personal reasons for exit.
• Uber’s first employee, Ryan Graves, resigns from Board.
• British beverage giant Diageo wins $135 million claim against Vijay Mallya in UK Court.
• Google cuts ties with Huawei that involves the transfer or hardware, software and key technical services.
• Trump unveils new immigration plan, proposes to replace green card with Build America Visa.
• Reliance Industries buys British toy retailer Hamleys.
• Connaught Place in Delhi is fourth most expensive office market in Asia-Pacific: Knight Frank report.
• 1.37 crore formal sector jobs created in FY19: EPFO subscription data.
• UK Rich List 2019: Hinduja brothers top rankings for third time.
• India ranks 3rd among nations that lost most millionaires in 2018: Global Wealth Migration Review 2019.

Q4 Results

• SBI reports net profit of ₹838.4 crore; GNPA declines to 7.53%, NNPA falls to 3.01%.
• ICICI Bank Q4 profit falls 5% YoY to ₹969 crore; asset quality improves net NPA down from 2.58% to 2.06%.
• PNB Q4 net loss narrows to ₹4,750 crore; GNPA drops to 15.5%, NNPA falls to 6.56%.
• IDBI Bank’s Q4 net loss widens to ₹15,013 crore on higher provisions, NII grew by 76% YoY to ₹1,609 crore.
• Bank of Baroda narrows Q4 loss to ₹991 crore, NPA provisions at over ₹5,550 crore.
• HDFC Q4 net jumps 27% to ₹2,861.60 crore, interest income rises 19%; announces ₹17.50/share dividend.
• HCL Tech Q4 profit rises 15% YoY to ₹2,568 crore; guides for 14-16% FY20 revenue growth.
• Cognizant Technology Solutions reports a 18% drop in net profit to $441 million.
• L&T Infotech profit surges 36.2% to ₹1,515.5 crore in FY19, revenue jumps 29%.
• Bharti Airtel posts 24% jump in Q4 net profit at ₹107.2 crore aided by exceptional gain of ₹2,022 crore.
• RCom reports Q4 net loss at ₹7,767 crore, total income rose to ₹1,089 crore.
• SpiceJet Q4 profit rises 21.86% YoY to ₹56.30 crore, Operating revenues stood at ₹2,531.30 crore.
• IOC Q4 profit rises 17% to ₹6,099 crore; gross refining margin falls to $5.41/barrel in FY19.
• ITC Q4 profit rises 19% YoY to ₹3,482 crore, revenue stood at ₹12,206 crore.
• Tata Motors Q4 profit slumps 47% YoY to ₹1,117 crore, revenue for the quarter fell to ₹85,676.33 crores.
• Ashok Leyland Q4 profit slips 12% at ₹653 crore, revenue falls 0.75% to ₹8,846 crore.
• M&M Q4 profit dips 16% to ₹969 crore, revenue grew by 4.7% to ₹13,808 crore.
• Bajaj Auto Q4 profit grows 21% to ₹1,306 crore; revenues from operations rose 9% to ₹7,395 crore.
• IndiGo Q4 profit jumps 5-fold to ₹589.60 crore, revenue rose 35.9% to ₹788.34 crore.
• India Cements Q4 profit up 24% at ₹43.85 crore on improved prices.
• BHEL posts 49% YoY jump in Q4 profit at ₹683 crore, other expenses falls to ₹1,081.10 crore.
• Dr Reddy’s Q4 profit jumps 44% YoY to ₹434 crore, sales for the quarter rose 14% to ₹4,016.60 crore.