Economy / Market Snapshot – October 2022

General News

• Elections 2022: Himachal Pradesh elections to be held in a single-phase on Nov 12, counting on Dec 8.
• EC announces by- elections for seven assembly seats in six states on November 3.
• PM Modi, UN Chief Guterres launch Mission LiFE for climate-friendly behaviour.
• President Murmu flags off two train services in Northeast; launches various development projects.
• PM Modi launches Rozgar Mela, hands over 75,000 appointment letters.
• Rajnath Singh unveils several digital initiatives of Defence Accounts Department.
• India hosts SCO joint anti-terror drill to enhance operational capabilities.
• India’s Indigenous nuclear-powered submarine INS Arihant carries successful launch of ballistic missile.
• Prachand, indigenously-developed Light Combat Helicopter inducted into Indian Air Force.
• India, China agree to continue talks through diplomatic, military channels to resolve border issues.
• India-Nepal agree to prevent misuse of their territories, illegal border crossing by third nation citizens.
• India to contribute $500,000 for UN Trust Fund for Counter-Terrorism.
• India joins global anti-crime network, can access worldwide database of criminals.
• Health Ministry to stop procuring fresh COVID vaccines, surrenders ₹4,237 crore from vaccination budget.
• India’s first case of Omicron BQ.1 reported in Pune; state govt warns of COVID surge amid festive season.
• Union Health Minister Mansukh Mandaviya reviews COVID situation; mask mandate should continue.
• ISRO launches 36 OneWeb satellites in first commercial launch for LMV-3.
• India Mars orbiter dies after 6-month mission lasts eight years.
• Mallikarjun Kharge wins Congress Presidential polls, becomes first non-Gandhi head of party in 24 years.
• EC assigns flaming torch symbol to Thackeray’s Shiv Sena, allots ‘two swords, shield’ symbol to Shinde’s.
• Telangana CM KCR turns TRS into national party – Bharat Rashtra Samithi.
• Mulayam Singh Yadav, Samajwadi Party supremo, dies at 82.
• CJI Lalit recommends Justice Chandrachud’s name as his successor.
• Karnataka hijab ban: SC delivers split verdict, refers matter to CJI for `appropriate direction`.
• Jayalalithaa’s death: Enquiry commission finds Sasikala and 3 others at fault; advises probe.
• National Mission for Clean Ganga approves 14 projects worth ₹1,145 crore
• Amit Shah launches India’s first Hindi version of MBBS course books, in Bhopal.
• Bharat Jodo Yatra: Rahul Gandhi covers over 2,200 km in 4 states out of targeted 3,500 km journey.
• 68th National Film Awards: Veteran actress Asha Parekh receives Dada Saheb Phalke award.
• Modhera in Gujatarat declared as India’s first 24X7 solar-powered village.
• Swachh Survekshan 2022: Indore bags cleanest city award for sixth year, MP ranks first among States.
• Aramane Giridhar to be new Defence Secretary; Sanjay Malhotra named Revenue Secretary.
• India’s total COVID cases at 4.46 crore; worldwide cases at 62.99 crore.
• US Defence Secretary Lloyd Austin vows to help Taiwan defend itself from China.
• China blocks India-US move at UN to blacklist Pakistan based LeT terrorist Shahid Mahmood.
• EU adopts 8th package of sanctions for restrictive measures against Russia.
• India abstains, Russia vetoes UNSC resolution on Moscow’s illegal referenda’ on Ukraine.
• Ukraine accelerates NATO bid as Russia annexes seized areas; G7, EU rejects Russia’s ‘illegal annexation’
• Russia conducts first nuclear weapons drill since its invasion of Ukraine.
• Japan, Australia ink `landmark` security pact to counter China’s military build-up in Indo-Pacific.
• China imposes lockdowns as COVID surges; launches inhalable COVID vaccine in an apparent world first.
• UK PM Liz Truss resigns after 6 weeks in office; King Charles appoints Rishi Sunak as UK’s 57th PM.
• Malaysian PM Ismail Yaakob dissolves Parliament, calls for early elections.
• Chinese President Xi Jinping creates history, wins record third term in power.
• Iraqi parliament elects Abdul Latif Rashid as new President.
• Human rights champions in Belarus, Russia, Ukraine win Nobel Peace Prize.
• 36th National Games: Services Sports Control Board topped the medals tally with 61 gold medals
• Roger Binny replaces Sourav Ganguly as BCCI President.
• BCCI announces equal match fee for its men and women cricketers.
• T20 World Cup: Super 12s got underway, final will be played at the Melbourne Cricket Ground on Nov 13.
• IND vs SA: India wins ODI series against South Africa 2-1.
• PAK vs ENG T20: England clinch the series 4-3.
• Women’s Asia Cup 2022: India wins the title for 7th time.
• French Open badminton 2022: Satwiksairaj Rankireddy and Chirag Shetty clinch men’s doubles crown.
• 16-year-old Donnarumma Gukesh becomes the youngest to beat world champion Magnus Carlsen.
• Cristiano Ronaldo reaches record 700 club career goals

Business News

• PM Modi launches single brand ‘Bharat’ for subsidised fertilisers; 600 Kisan Samruddhi Kendras.
• PM Modi releases 12th installment worth ₹16,000 crore under PM-KISAN.
• India gets 4th set of Swiss bank account details under automatic info exchange framework.
• PM Modi lays foundation stone of ₹1,900 crore bulk drug park project in Himachal’s Una.
• Nirmala Sitharaman meets US Treasury Secretary Janet Yellen; attends IMF, World Bank annual meetings.
• Invest Rajasthan Summit: Gautam Adani announces Rs 65,000 crore investment in the state.
• Cabinet extends ₹22,000 crore as one time grant to oil PSUs to cover losses in domestic LPG.
• National Highway Authority of India to hold the officials responsible for any fatal accident.
• Govt accords infrastructure status to data centres with over 5 MW capacity.
• Record 451 MoUs worth over Rs 1.5 lakh crore inked at Defence Expo in Gandhinagar.
• PM Modi launches ₹22,000 crore project to build C-295 transport aircraft in Gujarat.
• Centre extends blanket ban sugar exports for one more year starting Oct 31.
• Government begins process to merge Amul with five cooperative societies.
• India allows exports of wheat flour processed from imported grain.
• India emerges as the world’s largest producer and second largest exporter of sugar.
• Reserve Bank of India unveils features of digital rupee, plans to launch pilot soon.
• Govt unveils new policy reforms for satellite communication services, easing processes.
• Govt issues draft guidelines for Regional Rural Banks listing; minimum net worth ₹300 crore.
• Govt invites bids for IDBI Bank privatisation; Centre, LIC to sell 60.72%.
• PM Modi launches 75 Digital Banking Units (DBU) in 75 districts across India.
• BSE launches Electronic Gold Receipts during Diwali Muhurat trading.
• NHAI’s InvIT NCDs makes debut on BSE, 25% of NCDs reserved for retail investors.
• Electronics Mart, Piramal Pharma, Tracxn Tech make their market debuts.
• IMF cuts India’s FY23 GDP forecast to 6.8% from 7.4%, flags global inflation crisis.
• India, UAE discuss mechanism for carrying out bilateral trade in national currencies.
• Japan unveils $200 billion in new spending to ease inflation pain.
• Germany’s inflation soars to 11.6%, highest in half decade.
• Pakistan taken off from FATF’s grey list after four years.
• CM Kejriwal inaugurates 11 EV charging stations, Delhi to get 89 more in two months.
• Ford executes settlement agreement with workers in Tamil Nadu plant.
• Jio-bp to set up charging network for Mahindra’s upcoming e-SUV launches.
• SpiceJet gets DGCA nod for wet leasing 5 planes; 2 aircraft operating.
• Boeing offers 737 Max Jets to Air India amid US-China trade tensions.
• Hyundai’s air taxi unit picks Honeywell as avionics supplier.
• PM Modi inaugurates 6th India Mobile Congress, experiences 5G tech by different operators.
• Govt approves ₹26,000 crore to install new 25,000 telecom towers.
• BSNL to roll out 5G in August 2023; Jio will launch 5G services across India by December 2023.
• Bharti Airtel launches 5G in eight cities, to cover entire country by March 2024.
• Reliance Jio Chairman Akash Ambani launches 5G services in Rajasthan.
• Reliance Jio Infocomm ties up with Ericsson, Nokia for 5G network.
• Vodafone and Altice launch €7 billion German broadband company.
• EMA authority approves freezing ₹5,551 crore of Chinese firm Xiaomi.
• Apple’s iPhone production to move in India, MacBook assembly to Thailand.
• Foxconn unveils its first electric vehicle concepts under the Foxtron brand.
• Electronics brand boAt raises Rs 500 crore from Warburg affiliate, Malabar Investments; calls off IPO.
• Adani Green Energy incorporates 3 new subsidiary companies for renewable energy business.
• Iran signs contract to export 40 homegrown gas turbines to Russia.
• Ola, Uber and Rapido reduce base fares in Karnataka after state govt intervenes.
• Byju’s raises $250 million from existing investors, valuation remains at $22 billion.
• Centre forms expert team to probe WHO claims on Maiden Pharma linked to 66 deaths in Gambia.
• Novavax’s COVID vaccine gets US FDA approval as booster dose for adults.
• Dabur India acquires 51% stake in Badshah Masala in ₹587.52-crore deal.
• Taiwan signals its chip firms will follow new U.S. rules on China.
• Meta unveils $1,500 VR headset, to partner with Microsoft on Office, Xbox Gaming for Quest devices.
• Meta agrees to sell GIF-sharing platform Giphy after Competition and Markets Authority (CMA) decision.
• Elon Musk takes over Twitter, fires CEO Parag Agrawal, policy chief Vijaya Gadde.
• CCI imposes fine of over ₹1,337 crore on Google for abusing its dominant position in multiple markets.
• CCI imposes ₹936 crore penalty on Google for anti-competitive Play Store policies.
• CCI slaps penalties totaling ₹392 crore on MakeMyTrip, Goibibo, OYO for unfair business practices.
• Zee-Sony to sell off Big Magic, Zee Action and Zee Classic to address CCI’s merger concerns.
• Amazon signs deal to use Hawaiian Airlines to operate 10 cargo planes.
• Dove, Nexxus, TRESemmé, and other dry shampoos recalled for cancer-causing chemical.
• Bharati Das takes charge as new Controller General of Accounts.
• RBI approves reappointment of Prashant Kumar as MD and CEO of Yes Bank for 3 yrs.
• ICICI Bank board reappoints Sandeep Bakhshi as MD and CEO for three years.
• Infosys president Ravi Kumar S quits after 20-year stint, joins as president of Cognizant Americas.
• Samsung officially names third-generation heir Lee Jae-yong as chairman.

Q2 Results

• TCS Q2 Profit rises 8.4% YoY to ₹10,431 crore, declares second interim dividend of ₹8 per share.
• HCL Tech Q2 Profit rises 7% YoY to ₹3,489 crore, board approves dividend of ₹10 per share.
• Wipro Q2 Profit drops 9% YoY to ₹2,659 crore; revenue climbs 15% ₹22,539.7 crore.
• Infosys Q2 net up at ₹6,021 crore, announces buyback of ₹9,300 crore, interim dividend of ₹6,940 crore.
• HDFC Bank’s Q2 net profit rises 20% YoY to ₹10,605 crore, NII rose 18.9% to ₹21,021.2 crore.
• IDBI Bank Q2 Profit jumps 46% YoY to ₹828 crore, NII grows 48% but provisions rise sharply
• ITC profit rises 24% YoY to ₹4,670.32 crore; revenue up 25.35% to ₹18,608 crore in Q2.
• Kotak Mahindra Bank Q2 Profit jumps 27% YoY to ₹2,580 crore, NII rises 26%.
• HUL Q2 net profit rises 22.2% YoY to ₹2,670 crore; revenue up 16.4% at ₹15,253 crore.
• ICICI Bank Q2 profit surges 37% to ₹7,558 crore, NII grew 24% YoY to ₹11,765 crore.
• Maruti Suzuki Profit soars 4x YoY to ₹2,062 crore, posts highest-ever sales revenue of ₹28,545 crore in Q2.
• Flipkart’s loss widens 51% to ₹4,362 crore in FY22, records 31% YoY jump in revenues to ₹10,659 crore.
• Dr Reddy’s Q2 Profit jumps 12% YoY to ₹1,114 crore; revenue rises 9.4% to ₹6,332 crore.