Economy / Market Snapshot July, 2022

General News

• Droupadi Murmu elected as 15th President of India; wins presidential elections with 64% votes.
• Vice President: NDA picks ex-Bengal Governor Jagdeep Dhankhar; Opposition picks Margaret Alva.
• Monsoon session of Parliament commenced on July 18 to continue till August 12.
• Union ministers Mukhtar Abbas Naqvi, RCP Singh quit as Rajya Sabha terms end.
• Smriti Irani gets additional charge of Minority Affairs; Scindia assigned Steel Ministry.
• PT Usha, Ilaiyaraaja, V Vijayendra Prasad, and Veerendra Heggade nominated to Rajya Sabha.
• Both Houses of Parliament witness frequent disruptions following Opposition uproar on different issues.
• Aerospace major Safran group to set up $150-million overhaul, repair facility in Hyderabad.
• NSA Ajit Doval meets his UK counterpart, discuss regional security, cooperation in defence sector.
• Indian Army, Navy begin recruitment under Agnipath scheme: Navy to induct around 20% women.
• India’s first Indigenous Aircraft Carrier ‘Vikrant’ handed over to Indian Navy.
• Jaishankar meets Chinese Foreign Minister Wang Yi and Russian Foreign Minister Lavrov in Bali.
• COVID Vaccination Amrit Mahotsava: Free COVID booster drive for adults aged 18-75 years launched.
• India’s total COVID – 19 cases at 4.4 crore; 68.5% of population fully vaccinated.
• Centre issues guidelines for Monkeypox patients; invites bid to develop vaccine.
• Maharashtra CM Eknath Shinde wins trust vote with 164 votes.
• Odisha govt hikes sports budget to ₹911 crore to amp up infrastructure.
• AIADMK general council expels O Panneerselvam; Palaniswami made party’s interim general secretary.
• Sonia Gandhi appears before ED for questioning in National Herald case.
• ED arrests West Bengal Minister Partha Chatterjee in teacher recruitment scam in the state.
• Assam, Arunachal Pradesh sign pact aiming to solve border dispute.
• India, UK ink pact for mutual recognition of educational degrees.
• NIRF India Rankings 2022: IIT Madras top institute in India, IISc Bengaluru top university.
• CBSE result 2022: Pass percentage recorded at 94.4% for Class 10 and 92.71% for Class 12.
• Monsoon covers entire country six days ahead of its normal schedule.
• 68th National Film Awards announced; Suriya, Ajay Devgn share Best Actor award.
• Russia moves towards complete liberation of Ukraine’s easter region of Donetsk and Luhansk.
• Ukraine and Russia sign UN-backed deal to restart grain exports to world markets.
• Ukrainian President Zelenskyy sacks top security chief and prosecutor citing treason.
• US commits approximately $8.2 billion in security assistance to Ukraine under President Joe Biden.
• Biden speaks with China’s Xi amid tensions with Taiwan; agree to hold a face-to-face summit.
• US, Israel sign joint pledge on denying nuclear weapon to Iran.
• Boris Johnson quit as Prime Minister after unprecedented exodus of ministers.
• Rishi Sunak and Liz Truss reach final two in race to become next UK Prime Minister.
• European Union approves fresh aid of €1 billion for Ukraine.
• Japan’s former PM Shinzo Abe assassinated at campaign event
• Italian PM Mario Draghi quits; Yair Lapid takes over as 14th Prime Minister.
• Saudi Arabia, US agree to strengthen cooperation in tech, science.
• Sri Lankan President Gotabaya Rajapaksa flees the country; Ranil Wickremesinghe elected new President.
• Dinesh Gunawardena takes oath as Sri Lanka’s new Prime Minister.
• Sri Lanka’s parliament extends state of emergency till August 14.
• French President Macron and UAE President Al Nahyan sign deal on energy cooperation.
• WHO Chief warns against COVID-19 infections surge; declares monkeypox a global emergency.
• Global COVID caseload rises to 57.7 crore, fatalities at 64 lakh.
• China’s Wuhan locks down 1 million residents.
• US-China top diplomats reach consensus on not seeking new ‘Cold War’ on sidelines of G20 summit.
  Economy / Market Snapshot – July 2022
• Hong Kong marks 25th handover anniversary; China’s Xi swears in John Lee as new Hong Kong leader.
• ISSF Shooting World Cup: India tops medal tally with 15 medals, including 5 gold, 6 silver and 4 bronze.
• World Athletics Championships 2022: Neeraj Chopra becomes first Indian ever to win silver.
• IND – ENG Test series drawn; Bumrah breaks Lara’s world record, smashes 35 runs in 1 over in Test cricket.
• India win T20 and ODI series 2-1 against England; India clean sweep ODI series in West Indies.
• Rohit Sharma becomes first captain to record 13 successive T20I wins.
• Harmanpreet Kaur to lead 15-member Indian women’s cricket squad in Commonwealth Games.
• ICC ODI Rankings: India remain at third place in ODI ; India slumps to fifth in Test rankings.
• India to host 2025 Women’s ODI World Cup; Lord’s to host World Test Championship Finals in 2023, 2025.
• Singapore Open : PV Sindhu beats Asian Champion Wang Zhi Yi to claim her maiden Super 500 title.
• PM Modi declares open 44th Chess Olympiad, says must encourage sporting talent.
• Commonwealth Games 2022 kicks-off in Birmingham; PV Sindhu, Manpreet Singh lead Indian contingent.
• Wimbledon: Djokovic wins 7th title & 21st Grand Slam; Kazakh’s Elena Rybakina wins women’s title.

Business News

• Govt notifies procedural changes in GST rules to ease compliance burden on small players.
• GST e-invoices for B2B transactions to be mandatory for companies with over ₹5 crore annual turnover.
• 5% GST on all pre-packed, labelled food items and hospital rooms costing more over ₹5,000
• Govt cuts windfall tax on petrol, diesel exports; excise on crude oil cut to ₹17,000 per tonne.
• Govt exempts excise duty on ATF purchases by Indian carriers for overseas flights.
• Govt forms panel to make ‘more effective and transparent’ MSP.
• Government launches scheme for pharma sector to step up capacity, upgrade to global standards.
• Govt cuts base import prices of gold, silver, edible oil amid easing commodity prices.
• Exports of agricultural and processed food products rise by 14% in first three months of FY23.
• Centre relaxes FCRA rules, allows relatives living abroad to send up to ₹10 lakh without disclosing it.
• India Manufacturing PMI falls to 53.9 in June; services sector PMI hits 11-year high in June.
• Domestic LPG cylinder’s prices increased by ₹50/cylinder.
• UAE, US to invest $2.3 billion in India under the framework of I2U2.
• 5G spectrum auction opens: Jio, Airtel, Vi, Adani Data Networks in the fray.
• PM Modi inaugurates Jharkhand’s 2nd airport in Deoghar; unveils projects over ₹16,000 crore.
• Jyotiraditya Scindia announces 14 new air routes, three more airports for Jharkhand.
• DGCA orders SpiceJet to operate 50% of approved flights for 8 weeks following multiple snags.
• Defence Ministry approves HDFC, ICICI, and Axis to provide financial services in overseas procurement.
• PM Modi launches India’s first international gold exchange.
• Govt appoints 29 members in Board of Trade, to be chaired by the commerce and industry minister.
• FY22 ITR filing: Over 68 lakh returns filed till 11 pm on last day, July 31.
• RBI allows settlement in rupee to settle trade with Russia, Sri Lanka.
• RBI, Bank Indonesia sign MoU in Bali to expand cooperation in payment systems.
• Card tokenisation: RBI allows acquiring banks to store card details until January 31.
• IRDAI and NHA to develop National Health Claims Exchange to settle claims.
• Delhi Shopping Festival: CM Arvind Kejriwal announces India’s biggest shopping festival in 2023.
• Nepal exports over 3000 sacks of cement to India for first time.
• IMF reaches deal with Pakistan to revive $6 billion bailout.
• Eurozone inflation rises to 8.6%, the highest ever; Euro hits parity with US dollar for first time in 20 years.
• UK inflation hits new 40-year high of 9.4% as cost-of-living crisis deepens.
• Sri Lanka introduces fuel pass for orderly distribution.
• China, Hong Kong to launch rate ‘Swap Connect’ in boost to financial integration.
  Economy / Market Snapshot – July 2022
• UK signs its first data sharing deal post-Brexit, with South Korea.
• India, China buy Russian oil and gas worth $24 billion in 3 months.
• Russia cuts gas through Nord Stream 1 to 20% of capacity, Germany dubs a political move.
• Tata Steel and BHP ink pact to develop low carbon steelmaking technologies.
• VIL shareholders approve ₹436 crore equity allocation to its promoter Vodafone Group.
• UP govt ropes in Deloitte to make state $1 trillion economy.
• TCS launches its 5th global research and innovation centre in Toronto.
• Infosys to acquire Denmark-based BASE life science for €110 million.
• Wipro steps up investments in metaverse, web3, robotics and other emerging areas.
• Agnikul Cosmos opens India’s first private rocket engine factory in Chennai.
• Centre sends show cause notice to Ola Electric, Okinawa, others on EV fires.
• Delhi govt’s draft policy mandates all-electric fleet for cabs, food delivery firms by April 2030.
• GM calls off plan to sell India car plant to China’s Great Wall.
• Ford’s last made-in-India car White EcoSport rolls out from Chennai plant.
• BMW to co-develop high-end e-bikes with TVS Motor for global markets.
• Ola unveils India’s first indigenously made lithium ion-cell.
• Hindalco, Indian Oil and Israel’s Phinergy join hands to make aluminum-air batteries.
• Akasa Air Airlines gets Air Operator Certificate from DGCA; to offer 56 weekly flights starting Aug 7.
• SII gets govt nod to export 32.4 lakh doses of Covovax vaccine to US.
• Meta to shut down its crypto wallet Novi by September.
• Pine Labs, Razorpay, Stripe become first to bag RBI’s payment aggregator licences.
• Google, MapMyIndia announce 3D maps for Indian cities.
• Elon Musk terminates $44 billion Twitter deal; Twitter urges shareholders to approve sale to Musk .
• Parameswaran Iyer takes over as new Chief Executive Officer of NITI Aayog.
• Ashish kumar Chauhan quits as BSE chief to join NSE as MD & CEO.
• Ola Electric’s head of charging network quits; 32nd resignation since 2020.

Q1 Results

• TCS Q1 profit jumps 5% YoY to ₹9,478 crore, revenue up 17% ₹52,758 crore, announces dividend ₹8/share.
• HCL Tech Q1 net falls 8.6% sequentially to ₹3,283 crore, declares dividend of ₹10.
• Wipro Q1 Profit falls 21% YoY to ₹2,563 crore, revenue rose 17.9% to ₹21,528 crore.
• Infosys Q1 profit up 3.2% YoY to ₹5,360 crore; revenue grew 23.6% to ₹34,470 crore.
• Tech Mahindra Q1 Profit slides 16% YoY to ₹1,132 crore; revenue up 25% to ₹12,708 crore.
• HDFC bank’s net profit up by 19% YoY at ₹9,196 crore; NII grows 14.5% to ₹19,481.4 crore.
• Kotak Mahindra Bank Q1 profit up 26% at ₹2,071 crore on lower provisions, NII grew 19% to ₹4,697 crore.
• YES Bank Q1 profit jumps 50% to ₹311 crore, NII rose 32% YoY to ₹1,850 crore.
• ICICI Bank Q1 profit rises 50% YoY to ₹6,905 crore, NII rose 21% to ₹13,210 crore.
• Axis Bank Q1 net shoots up 91% YoY to ₹4,125 crore, NII rose 21% YoY to ₹9,384 crore.
• Maruti Q1 Profit up 130% YoY at ₹1012.8 crore, revenue up 49% at ₹26,499.8 crore.
• Tata Motors Q1 loss widens to ₹5,007 crore; revenue jumps 8.32% YoY to ₹71,934.66 crore.
• Ashok Leyland posts net profit of ₹96 crore in Q1; revenue more than doubles to ₹7,223 crore.
• Bajaj Auto Q1 profit dips marginally to ₹1,163 crore, total revenue rises to ₹8,005 crore.
• TVS Motor Q1 PAT rises by 506% YoY to ₹321 crore; operating revenue up by 56% to ₹7,315.70 crore.
• HUL’s net profit at 14% YoY at ₹2,391 crore; total income up 20% at ₹14,757 crore.
• RIL Q1 profit soars 46% YoY to ₹17,955 crore; revenue jumps 54.5% to ₹2,23,113 crore.
• Sun Pharma Q1 profit surges 43% YoY to ₹2,061 crore, revenue grew 10.73% YoY to ₹10,761.76 crore.
• Biocon Q1 profit rises 71% to ₹144 crore, revenue up 23% to ₹2,217 crore.