Economy / Market Snapshot – April, 2021

General News

• India COVID tally crosses 19.1 million with over 2 million deaths; recovery rate stands at 81.84%.
• Global Coronavirus caseload tops 152 million; US leads the global tally with 33 million cases.
• 15.22 crore vaccine doses administered; more than 1.28 crore doses administered Tika Utsav.
• States to set up Containment & micro Containment Zones; to ramp up tests to break transmission chain.
• Centre says national directives for COVID-19 management will continue throughout country till 31st May.
• Several states impose lockdown, night curfew to curb Covid surge.
• All Centrally protected monuments, sites & museums under ASI closed till May 15.
• Centre imports 20 cryogenic tankers, allocates them to states to address shortage of oxygen tankers.
• India to import 4.50 lakh vials of Remdesivir; first consignment to arrive today.
• Oxygen Expresses delivers cumulative 510 metric tonnes of oxygen to UP, Maharashtra, Delhi and MP.
• Over 40 countries offered assistance to India to fight COVID-19.
• Assembly elections: West Bengal records 81.76% voter turnout; 72.81% in Tamil Nadu; 81.88% in Puducherry, 74.57% in Kerala, 82.04% in Assam.
• Election Commissioner Sushil Chandra set to become the next CEC.
• PM Modi, Seychelles President Ramkalawan jointly inaugurate several Indian projects in Seychelles.
• India, France and Australia hold trilateral talks.
• UK PM Boris Johnson cancels delayed visit to India; Britain adds India to COVID-19 travel ‘red list’.
• S Jaishankar holds delegation-level talks with his Russian and UAE counterparts.
• India urges G20 members to ensure equitable access, widespread distribution of vaccines.
• World Banks approves $32 million project to improve health services in Mizoram.
• IAF Chief RKS Bhadauria flags off four Rafale aircraft for India in France.
• India, China agree to maintain stability on ground; avoid new incidents in eastern Ladakh.
• DRDO develops advanced technology to safeguard Indian Navy ships from enemy missiles.
• ISRO, French space agency to share expertise on human spaceflight.
• Education Minister Ramesh Pokhriyal Nishank launches SARTHAQ initiative for implementation of NEP.
• Govt releases ₹4,000 crore for Post Matric Scholarship Scheme for Scheduled Castes.
• CBSE, ICSE Class 10 board exams cancelled, Class 12 Board exams postponed.
• JEE Main April 2021 postponed, revised dates to be announced later.
• Monsoon rains in India to remain ‘normal’ for third year: IMD.
• Government simplifies process for re-issuance of Overseas Citizen of India (OCI) cards.
• Justice NV Ramana formally appointed as next CJI, to assume charge on April 24.
• President Biden unveils $2 trillion package to overhaul American physical infrastructure.
• US announces all US and NATO troops to leave Afghanistan by September 11; begins withdrawal.
• US Presidential Elections: US imposes sanctions on Russia; Moscow vows retaliation.
• US issues Level 4 health alert, asks its citizens to leave India in view of the escalating COVID-19 pandemic.
• China, U.S. agree to tackle climate crisis with urgency.
• Biden, Japan’s Suga commit to work together to meet China challenge.
• Boris Johnson gives go-ahead to next stage of England’s lockdown easing from April 12.
• Twice weekly rapid COVID-19 tests to be rolled out for all in England.
• Japan to expand emergency measures as needed amid fears of new COVID strains.
• Russia’s Putin signs law that could keep him in power until 2036.
• Chinese defence minister calls on Sri Lankan President Gotabaya Rajapaksa; discusses steps to boost bilateral ties.
• Blackout hits Natanz Atomic site, Iran describes it as nuclear terrorism.
• Prince Philip, husband of Britain’s Queen Elizabeth II, dies at 99.
• Myanmar unity government says it must be part of any ASEAN bid to end crisis.
• Lloyd Austin makes first Israel visit by Joe Biden official, Iran on the agenda.
• Pakistan govt bans Tehreek-e-Labbaik Pakistan (TLP) amid violent anti-France protests.
• French embassy asks all its nationals, companies to leave Pakistan amid security threats.
• NASA’s Mars helicopter takes flight, first powered flight on another planet.
• IPL 2021: Chennai Super Kings (CSK) strengthened their position at the top spot in points table.
• Pakistan’s Babar Azam dethrones Kohli after over 3-Year-long reign on Top of ODI Rankings for batsmen.
• French Open postponed to May 30 amid COVID-19 crisis.
• Tokyo Olympics: IOC push ahead with plans to open Tokyo Olympics during state of emergency.
• Asian Wrestling Championships 2021: India finishes 3rd with 14 medals including 5 Gold, 3 silver, 6 bronze.

Business News

• RBI keeps repo rate, reverse repo rate unchanged at 4% and 3.35%; projects GDP growth of 10.5% for FY22.
• Paytm, wallet accounts limit raised to ₹2 lakh; opens RTGS, NEFT connectivity with payment operators.
• RBI caps bank CEO tenure at 15 years, policy to be effective Oct 1.
• RBI issues guidelines for appointment of statutory auditors of banks, NBFCs.
• PLI Scheme: Cabinet okays ₹10,900 crore for food processing, ₹6,238 crore for solar modules, white goods.
• Centre releases ₹4,608 crore to States for providing grant-in-aid to local bodies.
• Govt to inject $2 billion capital in four weakened state banks.
• Piyush Goyal launches Startup India Seed Fund Scheme to create a robust startup ecosystem in the country.
• PM Modi meets pharma leaders, urges industry to ensure seamless supply of medicines.
• Govt to provide ₹4,500 crore booster to vaccine manufacturers for ramping up capacity.
• Supreme Court allows Vedanta to produce oxygen at Sterlite plant in Tamil Nadu.
• Centre bans supply of oxygen to industries to meet demand from COVID-19 patients.
• Indian Railways runs Oxygen Express trains to transport oxygen to states facing shortage.
• Major ports waive-off all charges for ships carrying oxygen and oxygen related equipment cargo.
• Railways converts more than 4,000 train coaches as COVID care-cum-isolation facility amid virus surge.
• Centre bans export of Remdesivir & its active ingredients till COVID situation improves in country.
• SII fixes price of covid vaccine Covishield at ₹600 per dose for private hospitals and ₹300 per jab for states.
• Bharat Biotech fixes price of Covaxin at ₹400 per dose for states, ₹1,200 for private hospitals.
• India indefinitely puts on hold AstraZeneca’s vaccine shipment to Canada.
• Panacea Biotec to produce 100 million doses of Sputnik V vaccine in India.
• US govt lifts export ban on essential raw materials required for manufacturing COVID vaccine in India.
• Sputnik V gets emergency use authorisation in India; to produce 850 million doses annually.
• Govt waives off import duty on Remdesivir to provide affordable medical care to Corona patients.
• Government amends insolvency law; introduces pre-packaged resolution process for MSMEs.
• Direct tax collection up 5% in FY21 at ₹9.45 lakh crore; refunds at ₹2.61 lakh crore.
• CBDT notifies new income tax return forms for AY 2021-22.
• Govt extends deadline for making payment under Vivad Se Vishwas scheme till June 30.
• ICICI Bank, Axis Bank to co-lead New Umbrella Entity (NUE) with Amazon, Visa as partners.
• Axis Bank to sell 100% stake in UK subsidiary to OpenPayd.
• HDFC Bank provides ₹500 crore to refund interest-on-interest on moratorium loans.
• Citi group, South Africa’s second largest bank – FirstRand Bank to exit retail banking business in India.
• IRDAI asks hospitals to provide cashless treatment for COVID-19 to policyholders.
• LIC earns ₹1.84 trillion in new premium in FY21, pays ₹1.34 trillion as claims last fiscal.
• Barbeque Nation, Macrotech Developers debuts in stock market.
• UK Home Minister Priti Patel approves extradition of Nirav Modi to India.
• SC stays further proceedings in Amazon-Future-Reliance case.
• KV Kamath committee clears Future Retail, Future Enterprises debt recast plans.
• PV retail sales rise 28%, two-wheeler registrations dip 35% in March: FADA.
• Mahindra joins hands with CERO to offer vehicle scrapping services for its customers.
• Swift dethrones the Alto as India’s largest selling passenger vehicle in FY21.
• Hyundai India achieves 1-million cumulative SUV sales in domestic, export markets.
• US auto industry calls for government help as it warns of impact of chip shortage.
• Toyota acquires US-based Lyft’s autonomous car division for $550 million.
• Hero MotoCorp ties up with Taiwan’s Gogoro to develop EVs; to establish battery swapping JV.
• Air France gets EU green light for €4 billion aid.
• Airlines ground some 737 Max jets after Boeing discloses electrical problem.
• Airbus and Dassault reach tentative deal on FCAS fighter.
• OPEC and allies agree to gradually boost crude oil output from May to July.
• Saudi Aramco agrees $12.4 billion deal to sell 49% stake in pipelines to U.S’ EIG Global Energy Partners.
• Cairn Energy offers to forego $500 million if India agrees to pay principal due.
• HCL Tech signs a multi-million dollar digital transformation and hybrid cloud contract with UD Trucks.
• Microsoft makes its second biggest acquisition, buys AI speech tech company Nuance for $19.7 billion.
• Dixon, Bharti Enterprises to form JV for manufacturing telecom products.
• Agriculture Ministry signs MoU with Microsoft for a pilot project in 100 villages to raise farmers income.
• LG becomes first major smartphone brand to withdraw from market due to losses.
• China’s Ant to become financial holding firm under enforced revamp.
• Reliance Retail extends deadline to complete ₹24,713 crore deal with Future Group.
• Amazon announces $250 million-fund for small and medium businesses in India.
• Flipkart, Mahindra Logistics join hands to accelerate use of EVs in last mile delivery.
• Softbank Group to invest $450 million in Swiggy at $5.5 billion value.
• Flipkart acquires Covid-hit travel booking portal Cleartrip.
• Byju’s acquires Aakash Educational Services; raises $150 million from UBS.
• Saregama inks global music licensing deal with short video platform Triller.
• Sony Pictures, Netflix sign exclusive streaming deal.
• Tarun Bajaj made new Revenue Secretary, Ajay Seth Economic Affairs Secretary.
• Expenditure secretary T V Somanathan appointed finance secretary in place of Ajay Bhushan Pandey.
• Bajaj Auto names Rahul Bajaj as Chairman Emeritus; Niraj Bajaj to take over as Chairman.
• NASSCOM appoints Accenture’s Rekha Menon as Chairperson.

Q4 Results

• HDFC Bank Q4 profit rises 18% to ₹8,186 crores; NII rose 12% YoY, GNPA rose 1.32%, NNPA stood at 0.40%.
• ICICI Bank Q4 profit spikes 261% YoY to ₹4,403 crore, NII grows 17%, NNPA stood at 1.1%.
• Axis Bank posts Q4 profit at ₹2,677 crore as provisions dip, NII grew 11% YOY to ₹7,555 crore.
• IndusInd Bank Q4 net profit jumps over two-fold to ₹876 crore, provisions fall 24%.
• Yes Bank Q4 net loss widens marginally to 3,788 crore.
• RIL Q4 Consolidated PAT jumps 129% YoY to Rs 14,995 crore; firm to pay ₹7 dividend.
• TCS Q4 net profit jumps 15% to ₹9,246 crore; revenue at ₹ 43,705 crore.
• Infosys net profit rises 17.5% YoY to ₹5,076 crore in Q4, announces ₹9,200 crore buyback.
• Wipro posts 27.7% YoY increase in Q4 net profit to ₹2,972 crore, revenue up at ₹16,245 crore.
• HCL Tech Q4 Net profit down 26% QoQ at ₹2,962 crore, revenue grew 1.8% to ₹19,642 crore.
• Tech Mahindra Q4 profit falls 17.4% QoQ to ₹1,081.4 crore, revenue up 0.9% at ₹9,729.9 crore.
• TVS Motor posts three-fold increase in Q4 net profit at ₹289 crore in Q4 FY21.
• Nestle India reports 14.6% jump in Q4 profit at ₹602 crore, revenue up 8.5% at ₹3610.82 crore.
• HUL Q4 profit up to ₹2,143 crore, revenue rises 35% to ₹12,132 crore; announces dividend of ₹17/ share.