Economy / Market Snapshot – APRIL, 2023

General News

• Budget session ends amid protests; 34% productivity recorded in Lok Sabha, 24.4% in Rajya Sabha.
• Cabinet approves Indian Space Policy 2023 to enhance role of Dept of Space, boost ISRO’s activities.
• Rajnath Singh chairs SCO defence ministers’ meeting; Pakistan defence minister participates virtually.
• India records defence exports worth ₹15,920 crore in 2022-23.
• India, Canada agree to work on making defence an important pillar of bilateral relationship.
• India rejects China’s move to assign invented names of several places in Arunachal Pradesh.
• India, China agree to maintain security and stability in eastern Ladakh after 18th round of talks.
• 5 Jawans dead after Army vehicle catches fire in J&K’s Poonch; Indian Army confirms terror attack.
• President Droupadi Murmu takes maiden sortie in fighter jet in Assam’s Tezpur.
• India launches Operation Kaveri to evacuate its nationals from Sudan.
• PM Modi holds talks with Bhutanese King Jigme Khesar Namgyel Wangchuck; focus on bilateral ties.
• External Affairs Minister S. Jaishankar embarks on visit to Uganda and Mozambique.
• Ukrainian Minister Emine Dzhaparova visits India amid Russia-Ukraine War.
• Russian Deputy PM Denis Manturov arrives in India for two-day visit.
• India’s population surpasses China’s, shifting the World’s ‘Center of Gravity’.
• Rozgar Mela: PM Modi distributes appointment letters to 71,000 new govt recruits.
• PM Modi inaugurates Northeast’s first AIIMS in Guwahati.
• PM Modi inaugurates, lays foundation stones of various projects worth over ₹11,000 crore in Telangana.
• PM Modi flags off Vande Bharat train, inaugurates water metro project in Kerala.
• Tamil Nadu assembly passes resolution seeking time frame for governors to approve bills.
• Second phase of caste-based census survey begins in Bihar.
• Assam, Arunachal Pradesh ink MoU ending decades-long border dispute in presence of Amit Shah.
• Health Minister Mansukh Mandaviya holds COVID-19 review meeting with health ministers of States/UTs.
• Nationwide mock drill conducted across all hospitals to review preparedness of COVID management.
• President Droupadi Murmu conferred Padma awards for 2023 at the second Civil Investiture Ceremony.
• Nitish Kumar meets Mallikarjun Kharge, Rahul Gandhi; hold talks with Mamata Banerjee, Akhilesh Yadav.
• ISRO successfully conducts ‘Reusable Launch Vehicle’ test from Karnataka.
• ISRO’s PSLV-C55/TeLEOS-2 with two Singaporean satellites lifts off from Sriharikota.
• EC grants national party status to AAP; withdraws national tag of Trinamool Congress, CPI, NCP.
• AAP’s Shelly Oberoi wins Delhi Mayoral election unopposed after BJP withdraws from contest.
• Former Andhra CM Kiran Kumar Reddy, Veteran Congress leader AK Antony’s son Anil Antony join BJP.
• Former Karnataka CM Jagadish Shettar joins Congress.
• Mann ki Baat completes 100 episodes, thousands tune in to celebrate milestone.
• Shiromani Akali Dal patriarch and five-time Punjab CM Parkash Singh Badal, dies at 95.
• Supreme Court junks plea filed by 14 parties over ‘misuse of central probe agencies’.
• SC directs states, UTs to register cases against those making hate speeches even in absence of complaint.
• SC calls Karnataka govt’s move to scrap 4% Muslim quota ‘flawed’.
• Surat court rejects Rahul Gandhi’s plea for stay on conviction in criminal defamation case.
• Govt publishes report on India’s first-ever census of water bodies; 97% of total waterbodies in rural areas.
• Countries rush to evacuate their citizens from Sudan as clashes between army, paramilitary intensifies.
• Russia takes over the presidency of the UN Security Council.
• Finland joins NATO as Russian war prompts shift.
• NATO chief Jens Stoltenberg visits Kyiv for first time since Russian invasion.
• France’s Macron meets China’s Xi as EU leaders begin Beijing talks.
• China vows not to sell arms to any party in Ukraine war.
• China backs Putin’s new foreign policy; says ready to boost ties with Russia, India.
• US, South Korea announce agreement to deter N Korea, including deploying nuclear-armed submarine.
• China, Russia sign memorandum of understanding on maritime law enforcement.
• France’s Macron signs pension reform into law despite protests.
• UK Deputy PM Dominic Raab resigns over probe into bullying allegations.
• Japan and China hold maritime talks as Beijing simulates attack on Taiwan.
• South Korea, U.S., Japan hold anti-North Korea submarine drill.
• Sri Lanka’s local body polls formally postponed indefinitely due to non-availability of funds.
• Finland PM Sanna Marin defeated as party pushed to 3rd place, Conservatives win by thin margin.
• Sports ministry asks IOA to form ad-hoc panel to run WFI, scraps May 7 polls.
• SC notice to Delhi Police on wrestlers’ plea seeking FIR against WFI ex-chief.
• IPL 2023: Gujarat Titans tops the table followed by Lucknow Super Giants and Rajasthan Royals.
• MS Dhoni becomes 1st wicket-keeper to complete 200 dismissals in IPL history.
• Australia announces 17 members squad for World Test Championship final.
• Gates named after Sachin Tendulkar, Brian Lara unveiled at Sydney Cricket Ground.
• PV Sindhu finishes runner-up at Madrid Spain Masters.

Business News

• RBI keeps repo rate unchanged at 6.5%, core inflation remains ‘sticky’.
• RBI allows UPI to be linked to credit Line pre-sanctioned by Banks.
• GST mop up soars to ₹1.6 lakh crore in March and ₹18 lakh crore in FY23.
• Centre releases new rules for online gaming; puts ban on betting.
• Cabinet clears ₹6,000 crore National Quantum Mission to boost research in quantum technology.
• Cabinet approves Cinematograph Amendment Bill 2023, aims to tackle problem of film piracy.
• MeitY proposes rules to enable Aadhaar authentication by entities other than govt.
• India and Malaysia announce trade in Indian Rupees.
• Nirmala Sitharaman, Janet Yellen discuss strengthening India-US economic and financial partnership.
• Ashwini Vaishnaw dedicates 254 4G mobile towers to Nation in Arunachal Pradesh.
• Govt extends mandatory fitness testing of heavy goods, passenger vehicles till October 2024.
• India signs deals with EU for cooperation in aviation safety, air traffic control.
• Civil Aviation Ministry launches UDAN 5.0 to further enhance connectivity to remote areas.
• Govt extends export curbs on gasoline, diesel to ensure availability.
• Centre re-introduces windfall tax on crude oil at ₹6,400, eliminates diesel export duty.
• Govt unveils plans to add 250GW renewable energy capacity in next five years.
• India, Japan and France launch common platform for Sri Lankan debt restructuring programme.
• Karnataka strikes deal with Uttar Pradesh, Rajasthan as power demand peaks.
• Udayshivakumar Infra, Avalon Technologies make their market debuts.
• NSE Indices launches India’s first REITs & InvITs index with six securities.
• TTK Healthcare to delist from BSE, NSE; floor price set at ₹1,051.31/share.
• Apple CEO Tim Cook meets PM Modi; discusses manufacturing and exports with Rajeev Chandrasekhar.
• IMF cuts FY24 India growth forecast by 20 bps to 5.9% as global banking crisis weighs.
• Andhra Pradesh, Karnataka, Kerala, Rajasthan, Telangana lead energy efficiency index 2021-22.
• HDFC Bank signs agreement with Export Import Bank of Korea for $300 million credit line.
• IRDAI designates LIC, GIC Re, and New India as Domestic Systemically Important Insurers (D-SIIs).
• CREDAI, IGBC ink pact to construct 4,000 green, sustainable realty projects by 2030.
• HAL launches new production line in move to speed up delivery of Tejas fighter.
• Indian auto industry registers best-ever car sales in FY23 – 38.89 lakh units sold, 27% increase from FY22.
• White House proposes strict new auto emission limits to boost electric vehicle sales.
• Hyundai Motors finalises $5 billion battery JV in US.
• Bajaj Auto takes over Triumph’s India sales and marketing operations.
• SpiceJet hives off cargo and logistics business into separate entity.
• Virgin Orbit files for bankruptcy protection in US after failing to find funding.
• SpaceX gets US regulatory green light for debut Starship flight to space.
• OPEC+ producers announce voluntary oil output cuts from May to end of 2023.
• Singapore’s Temasek picks up majority stake in Manipal Hospitals, now owns 59%.
• Serum Institute to double investment in Biocon’s unit to $300 million.
• China’s yuan replaces US dollar as most traded currency in Russia.
• US emerges as India’s biggest trading partner in FY23 at $128.55 billion; China at second position.
• China’s economy grew 4.5% in the first quarter, the fastest pace in a year.
• Bank of Japan keeps monetary policy unchanged.
• Pakistan government shares plan with IMF to secure additional $3 billion support.
• UK Inflation falls to 10.1% in the year to March from 10.4% in February.
• South Korea restores Japan on ‘white list’ three years after downgrading trade status.
• Tata Group takesover Wistron’s iPhone plant in Bengaluru.
• Tim Cook opens gates to India’s first Apple store at Mumbai’s BKC, welcomes customers.
• Tamil Nadu inks pact for ₹2,300 crore investment with Nike, Adidas shoes maker Pou Chen.
• PhonePe forays into e-commerce on ONDC, launches dedicated hyper-local app ‘Pincode’.
• Vodafone Idea places ₹200 crore network order with Chinese company ZTE.
• Google rolls out ChatGPT like AI tools for Gmail, Docs in public testing.
• Twitter merged with Elon Musk’s ‘Everything App’ called ‘X’.
• Twitter restores verification badges to those having over one million followers.
• Former Mahindra Group Chairman Keshub Mahindra dies at 99.
• RBI appoints Neeraj Nigam as new Executive Director.
• Uday Kotak to take non-executive role at Kotak Mahindra Bank after his CEO tenure concludes.
• Siddhartha Mohanty appointed as new LIC chairman till June 2024.
• Jet Airways CEO Designate Sanjiv Kapoor quits.

Q4 Results

• HDFC Bank Q4 PAT rises 20% to ₹12,048 crore, NII up 24% to ₹23,352 crore; dividend at ₹19/share.
• Kotak Mahindra Bank Q4 net profit up 26% YoY at ₹3,496 crore, declares dividend of ₹1.5 per share.
• Axis Bank reports Q4 net loss of ₹5,728.42 crore, NII grew by 33.1% YoY to ₹11,742.2 crore.
• IDBI Bank Q4 net profit rises 64% YoY to ₹1,133 crore, NII up 35.3% at ₹3,279.6 crore.
• Yes Bank Q4 Net profit dips 45% to ₹202.43 crore despite 25% rise in total income at ₹7,298.51 crore.
• IndusInd Bank Q4 PAT jumps 50% YoY to ₹2,040 crore; dividend declared at ₹14/share.
• TCS Q4 Net Profit rises 15% YoY to ₹11,436 crore, revenue up 17% to ₹59,162 crore, ₹24 dividend declared.
• Infosys Q4 Revenue up 16% YoY to ₹37,441 crore, profit jumps 8% ₹6,128 crore; declares ₹17.50 dividend.
• HCLTech Q4 net profit rises 11% YoY at ₹3,983 crore, revenue increases 18% to ₹26,606 crore.
• Tech Mahindra Q4 Profit drops 26% YoY to ₹1,118 crore, revenue rose 13.2% to ₹13,718 crore.
• Wipro profit falls to ₹3,075 crore, revenue up at ₹23,190 crore, announces ₹12,000 crore share buyback.
• Maruti Suzuki Q4 Net profit rises 43% to ₹2,624 crore; firm declares ₹90 dividend.
• Bajaj Auto Q4 revenue up 12% to ₹8,905 crore; PAT dips 2% to ₹1,433 crore.
• RIL Q4 net profit jumps 19% YoY to ₹19,300 crore, revenue rose 2.12% to ₹2,16,376 crore.
• Reliance Jio Q4 net profit rises 13% to ₹4,716 crore, revenue increases 12% to ₹23,394 crore.
• Reliance Retail Q4 Net profit up 13% at ₹2,415 crore on highest ever footfalls.
• HUL Q4 net profit up 13% YoY at ₹2,601 crore, revenue rises 11% to ₹15,277 crore; dividend at ₹22/share.
• UltraTech Cement Q4 Net profit sinks 32% to ₹1,696 crore, revenue up 18.36% at ₹18,662.38 crore.