Economy / Market Snapshot – February, 2022

General News

• Assembly Elections 2022: 78.94% voter turnout recorded in Goa, 62.5% in Uttarakhand, 65.50% in Punjab.
• UP Assembly Elections 2022 Phase 1: 60.17% , Phase 2: 60.44%, Phase 3: 61.02% and Phase 4: 59.77%, Phase 5: 53.98%. Manipur Phase 1: 78.03%.
• First leg of Budget Session concludes, both Houses adjourned till March 14.
• India’s energy needs to double in next 20 years: PM Modi at World Sustainable Development Summit.
• PM Modi holds India-UAE virtual summit with Abu Dhabi Crown Prince, release roadmap to boost ties.
• India France sign roadmap to enhance bilateral exchanges on blue economy and ocean governance.
• India, Maldives hold dialogue to expand defence cooperation.
• India-EU hold 2nd maritime security dialogue; both commit to inclusive, rules-based Indo-Pacific.
• US announces Indo-Pacific strategy to support India’s continued rise and regional leadership.
• Jaishankar, British counterpart Liz Truss discuss India-UK ‘Roadmap 2030’, Ukraine.
• Saudi Arabia land forces Commander calls on Army chief Naravane on first visit to India.
• Oman Defence Ministry’s Secretary General calls on Air Chief Marshal, discusses bilateral ties.
• Govt creates post of Maritime Security Advisor, Vice Admiral Ashok Kumar takes Charge.
• 40 countries take part in Indian Navy’s multilateral exercise MILAN 2022.
• Army Chief MM Naravane discusses bilateral defence cooperation with Australian counterpart.
• 3 more Rafale jets arrive in India from France, total 35 of 36 aircraft acquired.
• Defence Ministry makes induction of women fighter pilots in IAF a permanent scheme.
• ISRO successfully launches PSLV-C52 carrying ‘earth observation’ & 2 other satellites.
• PM CARES Fund corpus triples to ₹10,990 crore in FY 2020-21; disbursal rises to ₹3,976 crore.
• Centre approves ₹26,275-crore police modernisation scheme for five more years from 2021-22 to 2025-26.
• Centre approves ‘Education for all’ scheme for non-literates of 15 years above.
• Home Ministry bans 54 Chinese apps citing security concerns.
• J&K delimitation Panel proposes 17 Assembly seats in Jammu, 12 in Kashmir; gets time to redraw map.
• Telangana CM K Chandrasekhar Rao meets Sharad Pawar, Uddhav Thackeray, discusses ‘anti-BJP front’.
• PM Modi unveils giant ‘Statue of Equality’ in remembrance of Saint Ramanujacharya in Hyderabad.
• Lalu Yadav gets 5 years in jail in fodder scam case, fined ₹ 60 lakh; CBI court convicts 74 others.
• ED arrests Nawab Malik in money laundering case linked to Dawood Ibrahim.
• SC refuses to hear plea challenging Karnataka HC interim order on Hijab row.
• CBSE to conduct 2nd term board exam for classes 10, 12 in offline mode from April 26.
• India, Nepal sign MoU to construct motorable bridge across Mahakali river in Dharchula.
• Jal Jeevan Mission achieves milestone of providing tap water to 9 crore rural homes in the country.
• India’s total tally of COVID-19 cases rises to 4,29,31,045, death toll climbs to 5,14,054.
• Cumulative COVID-19 vaccine doses administered in India cross 177 crore.
• Centre asks states, UTs to end additional COVID curbs amid decline in cases.
• Govt removes ‘At Risk’ marking for countries with high Omicron caseload.
• India’s melody queen Lata Mangeshkar, Bappi Lahiri, Rahul Bajaj passed away.
• India abstains from procedural vote ahead of discussion on Ukraine at UN Security Council.
• President Putin accuses West of deliberately ignoring Russia’s security concerns over Ukraine.
• Putin recognises Ukrainian separatist regions as independent nations; EU, UK, Australia, Canada, Japan impose sanctions.
• Germany suspends Nord Stream 2 gas pipeline Project Approval for Russia.
• Russia’s Vladimir Putin announces military operation in Ukraine.
• Ukraine’s military retaliates; tens of thousands civilians flee their homes.
• Russian President Vladimir Putin orders military command to put nuclear deterrent forces on high alert.
• First round of peace talks between Ukraine & Russia end with no agreements; second round scheduled.
• India abstains from UNSC resolution against Russian aggression; Russia vetoes resolution.
• NATO bolsters arms supply to Ukraine with anti-tank weapons; US approves $350 million in military aid.
• Global COVID-19 caseload tops 437 million, fatalities at 5.97 million.
• One Ocean Summit: More than 100 nations commit to take action to save oceans from human harm.
• US approves appointment of Masood Khan as Pakistan’s envoy to Washington.
• Biden signs order to split $7 billion frozen Afghan funds to 9/11 victims, humanitarian relief.
• Pakistan allows Indian humanitarian relief passage to Afghanistan.
• Bill Gates make his first-ever visit to Pakistan, discusses health issues with PM Imran Khan.
• Pakistan PM Imran Khan to visit Russia on Wednesday, first visit by Pakistan premier in 23 years.
• Truckers end U.S. border blockade Canadian PM declares end of 10-day state of emergency.
• South Korea, US, Japan commit to close coordination against North Korean missile threats.
• Myanmar’s Ousted Leader Suu Kyi slapped with the 11th corruption charge, faces 150 years in prison.
• Queen Elizabeth marks 70 years on the throne; backs Camilla as Queen Consort.
• India vs West Indies: India sweep ODI and T20 series 3-0.
• India vs Sri Lanka: IND register historic 12th consecutive T20I win, clinch series sweep over SL.
• Rohit Sharma replaces Virat Kohli as India’s new Test captain.
• India climbs to top spot in ICC T20 rankings after series sweep over WI.
• ICC Women’s ODI Rankings: Mithali Raj climbs to second spot, Smriti Mandhana retains sixth position.
• IPL 2022 to be played across four venues in Mumbai and Pune, final on May 29.
• ICC U-19 Cricket World Cup 2022: India beat England by 4 wickets in finals to win record-extending 5th title.
• Beijing 2022 Opening Ceremony starts with spectacular ‘Beginning of Spring’ sequence.
• Arif Khan finishes 45th out of 89 competitors in giant slalom of 2022 Beijing Winter Olympics.
• Norway tops Winter Olympics medals table with 37 followed by Germany(27) and China(15).

Business News

• RBI keeps repo, reverse repo rates unchanged at 4% and 3.35%, respectively for 10th time in a row; pegs FY22 GDP growth at 9.2%.
• Centre releases revenue deficit grant of ₹9,871 crore to 17 states.
• Food Processing Ministry gives nod to 83 proposals for incentives under PLI scheme.
• Govt receives 5 proposals for semiconductor % display manufacturing under the ₹76,000 crore PLI scheme.
• Govt to develop 22 Greenfield Expressways, 23 key infrastructure projects & 35 Multi-Modal Logistics Parks.
• Govt bans import of foreign drones, lists exceptions; scraps requirement of drone pilot license.
• Karnataka approves 88 industrial projects worth ₹ 2,367.99 crore.
• Suzuki, Hyundai, Tata Motors among 20 companies selected for sops under Auto PLI scheme.
• Govt makes seatbelts mandatory for all cars carrying up to 8 passengers.
• Centre makes helmet, safety harness a must for kids riding pillion.
• Govt approves up to 20% FDI in LIC under automatic route.
• Indian government pays Cairn Energy PLC ₹7,900 crore to settle retro tax dispute.
• Adani Wilmar, Manyavar-owner Vedant Fashions make their market debut.
• TCS approves ₹18,000 crore share buyback; February 23, 2022, fixed as the record date.
• Centre places purchase order for 5 crore doses of Corbevax Covid vaccine each costing ₹145 sans tax.
• Govt approves EUA for Sputnik Light and BE’s Covid jab Corbevax for 12-18 years age group.
• DGCI gives nod to SII’s proposal to manufacture vaccine against omicron for test, analysis.
• Zydus Cadila starts supplies of its anti-COVID vaccine ZyCoV-D to government, priced at ₹265 per dose.
• Eli Lilly’s new antibody drug to fight Omicron receives US FDA authorization.
• Canada authorises Medicago’s 2-dose vaccine, first plant-based COVID-19 vaccine for adults aged 18 to 64.
• IIFL Home Finance signs $68 million loan with ADB; to boost affordable green housing in India.
• Blackstone acquires majority stake in wealth management firm ASK from Advent, others.
• Tata Teleservices withdraws plan to convert its accrued interest on deferred AGR dues into govt equity.
• Airtel joins SEA-ME-WE-6 undersea cable consortium to scale up high-speed network.
• Jio Platforms invests $200 million in internet company Glance for 17% stake.
• Jio’s subsea cable system IAX to connect Maldives to India, Singapore.
• Biden administration rolls out $5 billion funding plan to states for electric vehicle chargers.
• Jaguar Land Rover ties up with Nvidia to develop software for SUVs.
• Tesla to accept Dogecoin as payment at Supercharging station.
• IL&FS resolves ₹324 crore debt by selling stake in Warora Chandrapur Highway.
• CBI interrogates Former NSE Chief Chitra Ramkrishna, accused of sharing info with Himalayan Yogi.
• ₹18,000 crore returned to banks in cases related to Vijay Mallya, Nirav Modi & Mehul Choksi: Govt to SC.
• Karnataka HC strikes down state’s prohibition on online gaming involving money.
• Gujarat-based ABG Shipyard accused of defrauding 28 banks of Rs 22,842 crore by CBI.
• Oil prices surge above $100 a barrel for first time in 8 years as Ukraine crisis escalates
• Sri Lanka imposes rolling power cuts as economic crisis worsens.
• EXIM Bank signs $500 million LoC agreement with Sri Lanka.
• China imposes sanctions on US defense giants Lockheed, Raytheon over Taiwan deal.
• India, UAE signs a free trade pact, to almost double two-way trade to $100 billion in the next five years.
• IMF approves $1 billion loan tranche for Pakistan.
• France become the first country to join China to build $1.7 billion global infra projects.
• Pakistan signs new pact with China to kick off 2nd phase of CPEC.
• Vedanta signs up with Foxconn to manufacture semiconductors in India.
• Intel agrees to $6 billion deal to buy Israel’s Tower Semiconductor Ltd.
• Former US President Donald Trump’s Truth Social app launches on Apple App Store.
• Amazon India signs MoU with Karnataka govt to turn rural women into entrepreneurs.
• Online health and fitness platform Cult.fit acquires Gold Gym fitness chain across India.
• Ravi Mital appointed head of Insolvency and Bankruptcy Board of India.
• Madhabi Puri Buch appointed as SEBI India Chairperson for a term of 3 years.
• N Chandrasekaran gets extension as Chairman of Tata Sons for 5 years.
• Former Turkish Airlines Chairman Ilker Ayci named Air India CEO.
• IndiGo appoints co-founder and promoter Rahul Bhatia as MD; Rakesh Gangwal resigns from board.
• Former Sri Lankan Airlines CEO Vipula Gunatilleka appointed as Jet Airways CFO.
• Sanjeev Sanyal inducted into Economic Advisory Council to PM.
• World Bank’s India head Junaid Ahmad appointed Vice President, Operations

Q3 Results

• SBI Q3 profit jumps 62% YoY to ₹8,432 crore on lower provisions, NII increased 6.48% to ₹30,687 crore.
• Bank of Baroda Q3 net profit doubles to ₹2,197 crore on lower provisions, NII jumps 14% to ₹8,552 crore.
• HDFC Q3 net profit rises 11% YoY to ₹3,261 crore, NII rose 5% to ₹4,284 crore.
• Tech Mahindra Q3 profit up 4.5% YoY to ₹1,369 crore, revenue up 18.7% to ₹11,451 crore.
• M&M reports 57% jump in Q3 net profit at ₹1,987 crore, revenue increased 9% to ₹23,594 crore.
• Ashok Leyland reports Q3 net profit at ₹5.7 crore, revenue rose 15% YoY to ₹5,535.2 crore.
• ONGC Q3 Profit jumps 220% YoY to ₹11,637 crore, revenue gains 45% to ₹1.46 lakh crore.
• Bharti Airtel profit drops 2.8% to ₹830 crore in Q3; revenue up 12.6% to ₹29,867 crore, ARPU falls to ₹163.
• Nykaa Q3 Profit plunges 58% to ₹29 crore; revenue up 36% ₹1,098.36 crore.
• Zomato’s Q3 loss narrows to ₹63.2 crore; revenue jumps 82% YoY to hit ₹1,112 crore.
• Nestle India Q4 profit dips 20% YoY to ₹386.66 crore, net sales up 8.9% to ₹3,739.32 crore.