Economy / Market Snapshot – April 2016

General

• Panama Papers leak: World figures named in massive offshore tax evasion leak; Over 500 Indians
  linked to offshore firms; I-T Dept sends notices to Indians named in expose. US has opened a criminal
  investigation into tax avoidance schemes exposed by the Panama Papers.
• Vijay Mallya case: Non-bailable warrant issued against Vijay Mallya by Mumbai Court. India writes to
  UK, seeks Vijay Mallya’s deportation. He says he is in forced exile, wish to settle debt with banks.
• Prince William, Kate Middleton visited India and Bhutan on a seven-day tour, aimed at building up
  strong bonds with the two countries.
• Gurgaon will now be called Gurugram.
• Modi’s Visit to Saudi Arabia further bolsters India’s engagement with the Kingdom.
• Agusta Westland: Government denies deal with Italian PM. Sonia rejects allegations linking her to
  bribes in Agusta Westland deal.
• India, China hold 19th round of talks to resolve border dispute.
• 2016 State Assembly Election: Heavy voting in West Bengal.
• Kollam temple fire: Atleast 114 were dead; Kerala to seek Rs 117 crores aid from centre.
• Monsoon to be above average; 94% chance of normal- excess rains: IMD.
• ISRO’s final navigation satellite IRNSS-1G blasts off from Sriharikota to give India its own GPS.
• India among 175 countries to sign historic Paris climate deal at UN.
• Mumbai-Ahmedabad bullet train to travel under the sea near Thane creek.
• Modi to visit U.S in June, likely to address Congress.
• Mehbooba Mufti becomes the first woman CM of Jammu and Kashmir.
• Modi launches ‘Stand up India’, says will empower Dalits, women.
• Nitish Kumar formally takes over as JD(U) president.
• OROP gets retrospective Cabinet nod.
• Yeddyurappa named Karnataka BJP president.
• Supreme Court orders common entrance test for MBBS, BDS and PG courses through NEET.
• PM to launch Rs. 8,000 crores scheme for free LPG connections to poor.
• Odd Even scheme: After Ola, Uber, auto aggregator Jugnoo suspends surge pricing in Delhi.
• Defamation case: Arvind Kejriwal, 5 other AAP leaders get bail.
• Lok Sabha session from April 25 to May 13.
• Uttarakhand crisis: President’s Rule in Uttarakhand to continue, rules Supreme Court.
• President Pranab Mukherjee confers Padma Awards 2016. Sri Sri Ravi Shankar, Late Dhirubhai Ambani,
  Rajinikanth, Sania, Priyanka Chopra honoured with Padma awards.
• Tamil Nadu election: AIADMK and DMK to contest 227,176 seats respectively; Congress joins hands
  with DMK, to contest 41 seats.
• China arrests 62 people in biggest telecom fraud.
• H1B visa caps met, lottery to select 85,000 petitions.
• Pathankot attack: Pakistan team wraps up its probe in India.
• India expects $500 million Asian Infrastructure Investment Bank loan for solar power projects in 2016.
• Modi, Cameron meet focused on defence, Make In India.
• Aadhaar to cross 100 crore mark, aims to boost government plans.
• Germany to give €500 million loan to Nagpur Metro.
• U.P. tops growth in enterprises, jobs; sees a 67.4 % growth in the number of establishments.
• Bihar bans liquor, becomes fourth dry state in India: Nitish Kumar.
• Bombay HC suggests BCCI to shift IPL matches out of drought-hit Maharashtra.
• National Herald case: Congress submits its balance sheet to court.
• Enforcement Directorate attaches Rs. 122 crores assets in lottery scam.
• BRICS moves to establish bank institute and rating agency; BRICS bank disburses $250 million loan for
  renewable energy project to Canara Bank.
• Earthquake kills 272 in Ecuador.
• Bombay High Court orders demolition of Adarsh Society building.
• Mary Kom named AIBA ambassador for Women’s World Championships.
• West Indies beat England to win World Twenty20
• BCCI appoints media veteran Rahul Johri as CEO.

Business News

• India’s forex reserves rises to $361.60 billion.
• RBI cuts repo rate by 25 bps to 6.5%; raises reverse repo, keeps CRR unchanged.
• External debt at the end of December 2015 up by $4.9 billion at $480.2 billion.
• India’s service activity accelerates in March, PMI highest since June 2014 at 54.3.
• March CPI seen easing to 5.05% MoM; Feb IIP may improve to 1.5%.
• Raguram Rajan launches the Unified Payments Interface to boost digital money transfers.
• India’s trade deficit narrowed to $5.07 billion in March.
• Government gives in to pressure, EPF interest rate increased to 8.8% from 8.7%.
• Foreign portfolio investors (FPIs) stay bullish on India, pump in $2 billion in April .
• New Income Tax Returns: taxpayers to disclose expensive assets.
• Mutual funds poorer by Rs 73,000 crores in March.
• China Q1 GDP growth seen at 6.7%, slowest since 2009.
• IMF predicts India’s GDP growth rate will be 7.5 per cent in 2016 and 2017.
• Bharti Airtel buys spectrum from Aircel for Rs. 3,500 crores.
• Vedanta Resources to buy back bonds worth up to $349 million.
• L&T expects defence orders worth Rs. 50,000 crores in 3 years.
• Huawei exceeds $60 billion revenue in 2015.
• Finance Ministry lines up 16 PSUs for disinvestment.
• Tax department issues refunds of over Rs 1.17 lakh crores.
• US judge approves $20 billion settlement for BP oil spill.
• Nita Ambani most powerful businesswoman in Asia.
• Centre to create a $1 billion equity fund for solar energy.
• Equity mutual funds add 43 lakh folios in FY’16.
• Adani’s $21.7 billion Australian Coal mine project gets approval.
• Banks stressed assets may touch Rs. 10 lakhs crores in Q4: Report.
• TCS to appeal against US jury’s $940 million notice.
• Bank deposit growth slowed to a five-decade low in FY16.
• Companies line up IPOs worth Rs. 15,000 crores.
• Government revives talks to revamp Factories Act.
• HDFC to sell 10% stake in life insurance arm via IPO.
• Intel to slash up to 12,000 jobs worldwide.
• Vodafone invites pitches from banks for India IPO.
• Mahindra & Mahindra becomes first Indian company to join EP100 campaign.
• RCom, RJio get government nod for sharing of spectrum in 9 circles.
• RIL lines up Rs 1.5 lakhs crores capital expenditure, mostly for Jio.
• Jet Airways’ shareholders approve JetLite merger.
• Volkswagen takes $18 billion hit over emissions scandal.
• Private equity deals in Jan-March jump to $2.96 billion.
• Govt plans to cut scrutiny time of tax returns to 1 year.
• Patanjali to invest Rs 1,150 crores in FY17, eyes doubling revenue .
• Telenor threatens to exit India; promises lowest tariff in 4G services
• Infosys co-founder Nandan Nilekani invests in RailYatri.
• Indra Nooyi, Satya Nadella, Bhavesh Patel among highest paid CEOs in world
• Airtel, Vodafone, Tata Teleservices seeking spectrum liberalisation.

Q4 Results

• Infosys beats market estimates; Q4 net up 16.2% at Rs 3,597 crores.
• TCS Q4 revenue growth marginally beats expectations.
• DCB Bank Q4 profit up 10%, NII jumps 30%; asset quality improves.
• LIC Housing Finance Q4 net up 20% at Rs. 1,667 crores.
• Wipro posts largely in-line quarterly numbers again, sets buyback of shares at premium.
• Reliance Q4 consolidated net rises 16% to ₹7,398 crores.
• HDFC Bank Q4 net profit jumps 20% to Rs. 3,374 crores to pay Rs. 9.50/share.
• BP first quarter earnings fall of 80 per cent, beat analyst estimates
• ACC Q1 net falls 4% at Rs 277cr, margins at 14.5%, volume up 9%.
• Vedanta reports Q4 net loss at Rs 11,181 crores.
• Bharti Airtel Q4 net up 2.8% at Rs 1,290 crores.
• HCL Tech Q3 below estimates; net up 0.3%, $ revenue up 1.3%.
• YES Bank Q4 net rises 27%; asset quality weak & provisioning up.
• Bharti Q4 net seen up 13%, Africa biz growth likely to be flat.
• ICICI Bank Q4 PAT tanks to Rs 702 crores on Rs 3,600 crores exceptional loss.
• Axis Bank Q4 net dips after 46 Quarters; net profit fell 1.22% to Rs 2,154 crores in the fiscal fourth quarter from Rs 2,180 crores a year ago.
• IndiGo’s profit zooms 53% in FY16.

Market News

• Indian markets went up by 1% last month
• Bank stocks went up by 4%, Auto and Pharma up bu 2.50% while IT went down by 1%
• Q 4 and FY 2015-2016 began with Infosys results beating expectations;
• FII’s have pumped in Rs.3600 crores in the equity market while Mutual Funds have invested Rs.35,500 crores in Debt markets
• FII’s have put in about Rs.22,500 crores in Indian Equity markets since January, 2016 despite sell off in January, 2016.
• World markets were stable – within a margin of 1% positive to 1% negative.
• Gold and Silver prices have started moving up; Gold up by 5% and Silver up by 13%
• US Dollar VS INR remained stable and ended at Rs.66.33
• Crude prices continue to rise and currently at $ 46 a barrel; Despite predictions that it will go as low as $ 5 a barrel, it shot up by 20% last month
• Private sector banks did not impress markets with their Q4 /FY results; Public sector banks will come out with their results in May which will set the direction for Banking Stocks