Economy / Market Snapshot – July, 2019

General News

• Chandrayaan-2 successfully launched a week after the first attempt was cancelled at the last minute.
• Rajya Sabha passes triple talaq, Aadhar and RTI amendment bills.
• HD Kumaraswamy resigns as CM after losing trust vote; Speaker disqualifies 14 more rebel MLAs.
• BS Yediyurappa takes oath as CM for 4th time, wins floor test; Speaker Ramesh Kumar resigns.
• President Ram Nath Kovind visits Benin; Rajnath Singh visits Mozambique.
• India’s Tiger population improves 33% from 2,226 in 2014 to 2,967 in 2018; forest cover grows by over 15,000 sq kms in the last 5 years.
• Congress splits in Goa, 10 out of 15 MLAs join ruling BJP; 3 join cabinet.
• Fresh spree of resignations in Congress as Jyotiraditya Scindia, Milind Deora step down.
• Yediyurappa govt cancels Tipu Jayanthi celebrations in Karnataka, calls it ‘controversial and communal’.
• Chennai water crisis: Train carrying 50,000 litres of water in each wagon from Vellore reaches the city.
• Bihar: Encephalitis death toll rises to 140 in Muzaffarpur, state reports 57% vacancy in doctor’s posts.
• World Bank and Asian Infrastructure Investment Bank pull out of Amaravati Capital City project.
• Death toll in Assam, Bihar floods reaches 197; around 1.24 crore people affected. 80% of Kaziranga submerged underwater.
• ICJ suspends slams Kulbhushan Jadhav’s death sentence; slams Pakistan for violating rights.
• Babri Masjid demolition case: SC sets trial deadline of 9 months, extends tenure of Special Judge.
• Rahul Gandhi granted bail in defamation cases.
• Lalu Prasad Yadav granted bail in fodder scam case.
• Rajiv Gandhi assassination convict Nalini Sriharan gets 30-day parole from Madras High Court.
• Bombay High Court dismisses Vijay Mallya’s plea seeking stay on attachment of his properties.
• Acharya Devvrat, Lalji Tandon, Anandiben Patel appointed Governors of Gujarat, MP and UP respectively.
• D Raja appointed new General Secretary of the CPI.
• Navjot Singh Sidhu resigns as Punjab Cabinet minister.
• M Nageswar Rao dropped as CBI Additional Director, appointed as DG Fire services.
• India successfully test fires 3 anti-tank guided Nag missiles in Pokhran range.
• India, Russia sign ₹1,500 crore deal for air-to-air missiles to be used by Su-30.
• IAF to buy additional Sukhoi Su-30 MKIs and MiG-29 fighters from Russia.
• Gaganyaan: ISRO teams up with Russian company to train Indian astronauts.
• Kartarpur corridor: Pakistan agrees to visa-free travel for 5,000 pilgrims a day.
• Centre declares entire Nagaland as ‘disturbed area’ for six more months under AFSPA.
• Congress leaders Sheila Dikshit and S Jaipal Reddy passed away.
• Boris Johnson wins Tory contest to become UK PM.
• US Senate fails to override Trump vetoes of bills stopping Saudi weapons sales.
• US Supreme Court allows Donald Trump to use $2.5 billion in defence funds for border wall.
• Pakistan PM Imran Khan meets US President Trump.
• Mike Pompeo meets Imran Khan, discusses Pakistan’s role in Afghan peace process and counterterrorism.
• Mumbai terror attack mastermind Hafiz Saeed arrested in Pakistan.
• Former Pakistan Prime Minister Shahid Khaqan Abbasi arrested on corruption charges.
• EU renews sanctions on North Korea over nuclear programmes.
• Kim Darroch resigns as UK Ambassador to US after leaked Trump criticism.
• Iran seizes Stena Impero, British-flagged oil tanker.
• Iran announces breach of 2015 nuclear deal, raises uranium enrichment limit beyond agreed levels.
• Hong Kong leader Carrie Lam says Extradition Bill is ‘dead’ as unrest continues.
• Japan resumes commercial whaling for first time in 30 years amid global backlash.
• Sri Lanka includes India, China in free visa-on-arrival scheme.
• North Korea fires two short-range missiles into sea as talks with US stall.
• World Bank grants $300 million to DR Congo to contain the 10th Ebola outbreak.
• ICC World Cup: England win the title in Super Over drama to end 44-year wait.
• Hima Das clinches five gold medals in Europe over the month of July.
• Dutee Chand, 1st Indian woman track and field athlete to clinch a gold medal in the World Universiade.
• Mary Kom, six other Indians clinch Gold Medal in 23rd President’s Cup in Indonesia.
• India tour of West Indies: Dhoni, Bumrah rested; Saha, Rohit back in Test squad, Dhawan returns to ODI.
• ICC Hall of Fame: Sachin Tendulkar 6th Indian to be inducted alongside Allan Donald, Cathryn Fitzpatrick.
• Lt Col MS Dhoni joins Indian Army battalion in Bengaluru, begins training with Parachute Regiment.
• Sunil Chhetri beats Lionel Messi to become the second highest international goal scorer.
• Byju’s replaces Oppo on Team India jersey starting September.
• Ambati Rayudu announces his retirement from all forms of cricket.
• Shoaib Malik, Imran Tahir, JP Duminy announce retirement from ODIs.
• Wimbledon: Novak Djokovic wins fifth title and Simona Halep her first.

Business News

• Nirmala Sitharaman presents Modi 2.0’s first budget; sets divestment target of ₹1.05 lakh crore for FY20.
• Economy Survey tabled in Parliament, pegs FY20 growth at 7%, retains FY19 fiscal deficit at 3.4%.
• ₹70,000 crore allocated for PSU bank recapitalisation.
• Surcharges of 3% for those having taxable income of ₹2 crore – ₹5 crore; 7% in the ₹5 crore & more slab.
• Cess on petrol, diesel hiked by ₹1/litre; customs duty on gold increased to 12.5% to 10%.
• Aadhaar can be used for cash transactions beyond ₹50,000 in place of PAN: Revenue Secretary.
• GST council decides to reduce rate on EVs to 5% from 12% and EV chargers rate slashed to 5% from 18%.
• GST collection slips below ₹1 lakh crores for the 1st time since February to ₹99,939 crores in June.
• Govt makes anti-money laundering law stricter by widening definition of ‘proceeds of crime’.
• Insolvency and Bankruptcy Board sets one-year timeline for liquidation process of insolvent companies.
• Government approves construction of 1.4 lakh more houses under PMAY-Urban.
• ₹459-crore IPO of mobile marketing firm Affle India subscribed over 86 times.
• CPSE ETF FFO subscribed 5 times, govt exercises green shoe option to raise ₹11,500 crore.
• RBI places restrictions on borrowing, repatriation made in foreign currency.
• Jalan panel finalises report on RBI capital; recommends surplus transfer to govt in 3-5 years.
• Andhra HC stays state govt’s plan to review PPAs signed during Chandrababu Naidu regime.
• 75% reservation for locals in all industries in Andhra Pradesh.
• Digital Communications Commission accepts TRAI’s quantum of penalty on telecom companies.
• NITI Aayog partners with WhatsApp to promote women entrepreneurs.
• Government tells Air India to freeze all appointments, promotions.
• SEBI starts investigation into governance issues at InterGlobe Aviation.
• New routes under UDAN become functional, taking the total number of operational routes to 194.
• SC cancels registration, lease of Amrapali Group.
• India and UK set up three new bilateral trade working groups.
• India – US trade talks end without major progress.
• Pakistan receives $6 billion loan from IMF and $500 million from Qatar as first part of promised $3 billion.
• China’s GDP growth slows to 6.2% in Q2, weakest in 27 years.
• France approves digital tax on American tech giants, defying US trade threat.
• Microsoft invests $1 billion in OpenAI to build Azure AI supercomputing technologies.
• IBM closes $34 billion deal to buy Red Hat to boost cloud business.
• Apple acquires Intel’s smartphone modem business for $1 billion.
• Auto industry asks refiners for BSVI fuel 45 days ahead of the deadline – 1 April 2020.
• Hyundai Kona electric launched in India at ₹25.30 lakh, buyers to get 2 chargers.
• TVS launches India’s first ethanol-powered motorcycle Apache RTR 200 Fi E100, priced at ₹1.20 lakh.
• Suzuki, Mazda, Subaru join Toyota-Softbank self-drive venture.
• Tesla smashes global delivery record with over 95,000 electric cars in Q2.
• Govt proposes ₹74,000 crore bailout for BSNL, MTNL.
• BSNL begins land monetisation, fair valuation at ₹20,000 crores.
• US approves merger of wireless operators T-Mobile, Sprint.
• US trade commission sues Cambridge Analytica for duping Facebook users.
• Facebook fined with $5 billion over privacy issues in the US.
• Ola Electric becomes India’s newest unicorn, as SoftBank pumps in $250 million.
• Byju’s raises $150 million investment from Qatar Investment Authority.
• Flipkart co-branded credit card launched in partnership with Axis Bank, Mastercard.
• Paytm’s Japan venture Paypay touches 8 million users.
• MakeMyTrip partners with Archaeological Survey of India to boost bookings for heritage monuments.
• ADB cuts India’s FY20 GDP growth forecast to 7% on the back of fiscal shortfall concerns.
• India’s current account balance deficit grew to $68 billion in 2018-19: IMF.
• Cafe Coffee Day founder VG Siddhartha found dead, body recovered from Mangaluru river.
• RBI names BP Kanungo to run monetary policy after Viral Acharya quits.
• SBI’s Anshula Kant appointed MD and CFO of World Bank.
• Christine Lagarde resigns as IMF chief following her nomination to serve as the next ECB chief.
• Germany’s Ursula von der Leyen elected first female European Commission President.
• L&T’s A M Naik appointed non-executive chairman of Mindtree.
• Outgoing Economic Affairs Secretary Subhash Chandra Garg seeks early retirement.

Q1 Results

• HDFC Bank Q1 net jumps 21% YoY to ₹5,568 crore; GNPA rises to 1.40%, NNPA up at 0.43%.
• ICICI Bank reports Q1 profit at ₹1,908 crores, NII rose 27%YoY to ₹7,737 crores, GNPA eases to 6.49%.
• Kotak Mahindra Bank Q1 net profit came at ₹1,360 crores, GNPA rises to 2.19% QoQ.
• Axis Bank Q1 net jumps 95% YoY to ₹ 1,370 crore, NII rose 13% YoY to ₹5,844 crore.
• YES Bank Q1 profit tanks 91% YoY to ₹114 crore, GNPA spikes to 5.01%.
• IndusInd Bank Q1 net profit jumps 38% to ₹1,433 crore, GNPA stood at 2.15%, NNPA came at 1.25%.
• PNB posts surprise ₹1,019 crore profit in Q1 as provisions plunge 65% YoY.
• Bank of India net profit jumps two-fold to ₹243 crore in Q1; GNPA improved to 16.50%, NNPA down at 6%.
• DHFL posts Q4 loss at ₹2,224 crore, GNPA increased significantly to 2.74%.
• HDFC AMC’s Q1 net profit up at ₹292 crore, total income at ₹553 crore; AUM rose 18% to ₹3,56,700 crore.
• Infosys Q1 profit rises 5% YoY to ₹3,802 crore; revenue guidance raised to 8.5%-10%.
• TCS Q2 profit grew 10.78% to ₹8,131 crores, rupee revenue grew 0.4% sequentially to ₹38,172 crores.
• Wipro reports 12.8% YoY rise in profit at ₹2,387.60 crore, net sales comes in at ₹14,716.10 crore.
• Tata Motors Q1 loss doubles to ₹3,680 crore as JLR woes continue, revenue came at ₹60,830.16 crore.
• Maruti Suzuki Q1 profit tanks 27% YoY to ₹1,436 crore on weak volumes & higher depreciation expenses.
• IOC Q1 net profit dips 41% QoQ at ₹3,596 crore, revenue up 3.9% at ₹1.50 lakh crore; GRM tanks.
• HUL Q1 profit grows 15% to ₹1,792 crore, Total consolidated income increased 6% to ₹10,509 crores.
• Dabur Q1 net profit grew by 12.6% to ₹363.1 crore, revenue rose 9.3% to ₹2,273.3 crores.
• RIL’s net profit up 6.8% YoY at ₹10,104 crore, revenues up by 22% at ₹1.72 lakh crore.
• L&T Q1 profit rises 20.5% YoY to ₹1,361 crore, revenue stood at ₹29,635.95 crore, up 9.7% YoY.
• Biocon Q1 net profit zooms 86% to ₹223 crore led by biosimilars, small molecules segments.
• Vodafone Idea Q1 loss widens to ₹4,908 crore QoQ; revenue fell 4.3% QoQ to ₹11,269.9 crores.