Economy / Market Snapshot – January, 2022

General News

• Assembly elections 2022: EC announces 7-phase election in 5 states from Feb 10, counting on March 10.
• UP to vote in 7 phases; Manipur in 2 phases; Punjab, Uttarakhand, Goa in single phase.
• CM Adityanath to contest from Gorakhpur, Akhilesh Yadav to contest from home turf Karhal.
• AAP names Bhagwant Mann as Punjab’s CM candidate, Amit Palekar as Goa CM candidate.
• India displays its military might, cultural diversity, socio economic progress at 73rd Republic Day parade.
• President approves 384 Gallantry Awards, other decorations to Armed Forces; Padma awards announced.
• Vaccination for 15-18 age group, booster dose to senior citizens, healthcare and frontline workers begins.
• India’s total COVID caseload touches 4.14 crore; cumulative vaccination crosses 166.7 crore.
• Focus on localised curbs to contain COVID, minimise damage to livelihood: PM Modi to Chief Ministers.
• No one can be forced to get vaccinated against their wishes: Centre tells SC.
• PM Modi launches India-assisted projects with Mauritius counterpart Pravin Kumar Jugnauth.
• PM Modi reviews strategic partnership with new German Chancellor Olaf Scholz .
• India, 5 Central Asian countries decide to establish joint working group on Afghanistan.
• PM lays foundation stone of 22 developmental projects worth over ₹4,800 crore in Imphal.
• PM Modi virtually inaugurates 11 medical colleges in Tamil Nadu.
• Assam, Nagaland CMs discuss on issues of ‘mutual interest, status quo along interstate border for now.
• Centre withdraws SSG security cover to 4 ex-J&K CMs – Abdullahs, Mehbooba Mufti & Ghulam Nabi Azad.
• SC appoints panel headed by ex-judge Indu Malhotra to probe breach in PM’s security in Ferozepur.
• SIT files chargesheet in Lakhimpur Kheri violence case, names MoS Ajay Misra`s son as prime accused.
• Amar Jawan Jyoti at India Gate merged with National War Memorial Flame.
• Indian Army unveils new digital combat uniform at Army Day parade.
• India, China hold 14th round of military talks to resolve eastern Ladakh standoff.
• Lt Gen Manoj Pande appointed as next Army Vice Chief.
• India bags contract from Philippines for BrahMos missiles worth $374 million.
• India successfully test-fires new version of BrahMos supersonic cruise missile off Odisha coast.
• CDS General Bipin Rawat’s chopper crashed due to inclement weather, ‘entry into clouds’: IAF.
• Rocket scientist S Somnath to be new ISRO chief for three years, replaces K Sivan.
• Global COVID caseload tops 375 million, deaths surge to more than 5.68 million.
• COVAX program delivers 1 billion doses to 144 poor countries: WHO.
• EU ends omicron travel ban on flights from southern Africa.
• UN launches nearly $5 billion aid appeal for Afghanistan; US announces $308 million in aid.
• US suspends all commercial flights to China ahead of Beijing Winter Olympics.
• Leaders of US, Russia, Britain, France, and China adopt joint statement on preventing nuclear war.
• Ukraine’s President Zelenskyy urges calm as world leaders work to avert Russian invasion.
• Australia, Japan sign ‘historic’ defence pact amid China concerns.
• US and Japan strengthen defence ties by signing 2 new defence deals.
• South Korea inks deal with UAE to sell mid-range surface-to-air missiles.
• North Korea launches 7th missile test in 1 month.
• Iran blacklists 51 Americans over assassination of former military commander Qasem Soleimani.
• Myanmar’s ousted leader Aung San Suu Kyi jailed for 4 more years for possessing walkie-talkies.
• Indonesia passes Law to move capital from Jakarta to remote Borneo.
• Justice Ayesha Malik takes oath as first woman judge of Pakistan’s Supreme Court.
• Malta’s Roberta Metsola becomes youngest person elected European Parliament president.
• Massive underwater volcanic eruption in Tonga triggers tsunami; Magnitude 6.2 earthquake hits again.
• China successfully tests ‘Artificial Sun’ to harness clean energy by 2040, 5 times powerful than real Sun.
• Virat Kohli steps down as India’s Test captain after 7 years in role.
• South Africa beat India by 4 runs in a thriller to complete 3-0 series sweep.
• South Africa secure 2-1 Test series victory over India.
• ICC Awards 2021: Babar Azam, Lizelle Lee named ODI Cricketers of the year; Mohammad Rizwan and Tammy Beaumont named ICC T20 Cricketers of the Year.
• Smriti Mandhana, Shaheen Afridi named ICC Cricketers of the Year.
• Babar Azam named Captain of the ODI and ICC T20I Team of the year.
• T20 World Cup 2022 to start from Oct 16; India to begin campaign against Pakistan on October 23.
• FIFA Awards: Robert Lewandowski, Alexia Putellas named Best Players; Cristiano Ronaldo honoured.
• Shuttler Tasnim Mir becomes first Indian to claim World No. 1 status in U-19 girls singles.
• India Open 2022: Lakshya Sen wins men’s singles crown; Satwik-Chirag pair claims maiden title.
• Australia bars Novak Djokovic, cancels entry visa over vaccination status.
• Australian Open: Rafael Nadal secures 21st Grand Slam; World No.1 Ash Barty claims her maiden title.
• France’s Kristina Mladenovic, Croatian Ivan Dodig win Australian Open mixed doubles title.

Business News

• Nirmala Sitharaman presents Union Budget 2022-23; expects economic growth at 9.2% in the current fiscal.
• RBI to issue India’s first digital currency in FY22-23 using Blockchain.
• Cryptocurrency income to be taxed at 30%, no change in income tax slabs.
• 400 new Vande Bharat trains to be introduced, National Highway network will be expanded by 25,000 kms.
• Economic Survey forecasts FY23 real GDP growth at 8-8.5%.
• Govt approves ₹12,000 crore green energy corridor phase-II to modernise transmission.
• Centre approves ₹1,500 crore infusion in IREDA to boost renewable energy financing.
• Govt clears 20 strategic projects worth ₹30 crores under National Technical Textiles Mission.
• Finance ministry relaxes expenditure cap for Jan-March quarter within revised estimates.
• J&K inks 6 deals with global investors at Dubai Expo 2020.
• Assam govt partners with NDDB to set up ₹2,000 crore dairy joint venture.
• Govt completes formal handover of Air India to Tata Group.
• Tatas gets loan commitment from SBI-led consortium for Air India.
• DGCA extends suspension of commercial passenger flights to and from India till Feb 28.
• Number of handbags per passenger reduced to 1 to reduce congestion and security threat.
• PM Modi propagates “Pro-Planet People” approach at WEF Davos Agenda 2022.
• India, South Korea agree to fast-track trade talks, set $50 billion bilateral trade target before 2030.
• India allows imports of US pork, pork products for the first time.
• World Bank projects India’s growth at 8.3% for FY 2021-22; 8.7% in FY 2022-23.
• India grants $900 million loan to Sri Lanka to build forex reserve; extends $500 million LoC for fuel import.
• Sri Lanka inflation hits record 14%; govt announces $1.2 billion economic relief package.
• China cuts interest on 1-year medium-term loans for first time since April 2020.
• Bank of Japan revises inflation projection for first time since 2014, no policy change.
• UK-EU resume talks on Brexit trade spat.
• Supreme Court upholds winding up of Devas Multimedia.
• Cairn withdraws all lawsuits against India, to get ₹7,900 crore tax refund.
• UK court orders eviction of Vijay Mallya from his London home over UBS’ unpaid loan.
• Covishield, Covaxin get conditional market nod.
• Aurobindo Pharma launches Molnaflu, its brand of Molnupiravir, an Oral COVID pill in India.
• Lupin launches antiviral medication Molnulup for COVID-19 treatment in India.
• Govt proposes mandatory 6 airbags in all new cars carrying up to 8 people from October 2022.
• Delhi government directs cab aggregators and delivery service providers to add 50% EVs by 2023.
• Toyota dethrones GM to become America’s top-selling automaker in 2021.
• Renault, Geely to jointly design and produce electric hybrid and gasoline-fueled vehicles in South Korea.
• Hero Future Energies ties up with Ohmium to set up 1GW green hydrogen facilities in India, UK, Europe.
• M&M partners with Hero Electric, to manufacture electric bikes Optima & NYX.
• TVS Motor acquires Switzerland’s e-bike firm SEMG for $100 million.
• Verizon, AT&T delay 5G rollout around some airports after stark warnings from US airlines.
• Voda Idea, Tata Teleservices opt for conversion of AGR dues into equity; Airtel opts for interest payment.
• Reliance Jio pre-pays ₹30,791 crore clearing all spectrum liabilities.
• Nokia, Tech Mahindra partner for 5G-based solutions for enterprises.
• Bharti’s OneWeb, Hughes partner to provide satellite broadband services in India.
• Google invests $1 billion in Airtel for shaping India’s digital ecosystem, takes 1.28% stake for $700 million.
• Airtel Payments Bank gets permission to function as scheduled bank from RBI.
• TCS wins second phase of Passport Seva Programme valued at about ₹6,000 crore.
• Tech Mahindra partners with US’ Pyze; acquires European firm Com Tec Co IT for  ₹2,620  crore.
• HCL Tech acquires Hungary’s Starschema for $42.5 million.
• Dixon, boAt form 50:50 JV to manufacture Bluetooth enabled audio devices.
• IMF urges El Salvador to dissolve the $150 million Bitcoin trust fund, scale back its Bitcoin push.
• UAE-based LuLu Group’s ₹200 crore MoU for J&K food processing hub.
• Google Cloud ties up with CryptoWire to develop blockchain, crypto ecosystem.
• Future Enterprises sells 25% stake in general insurance JV to partner Generali for ₹1,253 Crore.
• Reliance arm RIHL acquires 73.37% stake in New York’s Mandarin Oriental hotel for $98.15 million.
• Timex Group gets manufacturing, distribution rights for Guess & Gc branded watches in India.
• Facebook parent Meta builds powerful AI Supercomputer to support Metaverse.
• Jubilant FoodWorks launches American restaurant chain Popeyes in India.
• Swiggy turns decacorn; closes $700 million round led by Invesco at $10.7 billion valuation.
• Apple becomes first company to reach $3 trillion market value.
• Govt appoints V Anantha Nageswaran as Chief Economic Advisor.
• Pierre-Olivier Gourinchas replaces Gita Gopinath as IMF chief economist.
• Former RBI Governor Urjit Patel appointed Vice President of AIIB.
• OPEC picks Kuwait’s Haitham Al Ghais as next Secretary-General.
• Senior IAS officer Vikram Dev Dutt appointed new Chairman and MD of Air India.
• Starlink India Head Sanjay Bhargava resigns as it offers refunds for pre-orders.

Q3 Results

• HDFC Bank Q3 profit rises 18% to ₹10,342 crore, net interest income grows to ₹18,444 crore.
• ICICI Bank Q3 net profit up 25% YoY to ₹6,194 crore; NII jumps 23% to ₹12,236 crore, NNPA ratio at 0.85%.
• Kotak Mahindra Bank Q3 net profit up 15% YoY to ₹2,131 crore, NII increases by 12% to ₹4,334 crore.
• RIL Q3 profit up 38% to ₹20,539 crore, revenue grew 54.25% to ₹1.9 lakh crore.
• Reliance Jio Q3 net profit up 9% to ₹3,615 crore, revenue grew 6% YoY to ₹20,597 crore, ARPU up at ₹152.
• TCS Q3 net profit up at ₹9,769 crore, revenue at ₹48,885 crore; announces buyback of ₹18,000 crore.
• Infosys Q3 Net profit up 12% YoY at ₹5,809 crore, revenue up 23% at ₹31,867 crore.
• Dr Reddy’s registers Q3 net profit at ₹707 crore, Consolidated revenues up by 8% YoY to ₹5,320 crore.
• Wipro Q3 net profit at ₹2,970 crore, revenue up 30% YoY at ₹20,432 crore; declares ₹1 interim dividend.
• HUL Q3 profit rises 17% YoY to ₹2,243 crore, sales rises 10% to ₹12,900 crore.
• Maruti Suzuki Q3 net profit falls 48% YoY to ₹1,011 crore, revenue stood at ₹22,187 crore.
• Bajaj Auto Q3 FY22 net profit down 17% QoQ to ₹1,430 crore, income rises marginally ₹9,369.31 crore.
• Vodafone Idea Q3 loss widens to ₹7,231 crore, revenue down 11% YoY to ₹9,717 crore; ARPU up at ₹115.