Economy / Market Snapshot August, 2022

General News

• Jagdeep Dhankhar elected 14th vice president of India; highest poll-victory margin since 1997.
• Monsoon session: Parliament adjourned sine die 4 days ahead of schedule, 5 Bills passed by both Houses.
• Productivity of Lok Sabha was approximately 48% and that of Rajya Sabha was approximately 44%.
• Justice Uday Umesh Lalit took oath as the 49th Chief Justice of India.
• Government launches ‘Har Ghar Tiranga’ campaign amidst celebrations of 75th Independence day.
• Made-in-India gun used for 1st time for ceremonial salute at Red Fort on Independence Day.
• 107 Gallantry awards announced for Armed Forces and CAPF personnel.
• PM Modi, French President Macron discuss Ukraine conflict and its destabilizing consequences for world.
• Ajit Doval meets Russian counterpart Nikolai Patrushev; discuss bilateral, regional and global issues.
• India, Thailand review defence, trade ties as Jaishankar visits Bangkok.
• Maldives President Ibrahim Solih reaffirms ‘India-First’ policy during his visit, signs 6 agreements.
• S Jaishankar meets US Secretary of State Antony Blinken on sidelines of ASEAN Ministerial Conference.
• S Jaishankar embarks on a 3-nation visit to South America.
• Rajnath Singh attends SCO Defence Ministers’ meeting at Tashkent, Uzbekistan.
• Army Chief meets Bhutan King in Thimphu; focus on further boosting enduring strategic ties.
• Dharmendra Pradhan on 4-day visit to Australia to strengthen Indo-Australian ties.
• BJP rejigs Parliamentary board: B S Yediyurappa included, drops Nitin Gadkari, Shivraj Singh Chouhan.
• Ghulam Nabi Azad quits from Congress party positions, including primary membership.
• Rajnath Singh hands over multiple indigenous weapons to the Army to boost combat capability in Ladakh.
• India holds talks with China over airspace breach along LAC in Ladakh.
• India, Bangladesh hold defence talks in New Delhi; agree to elevate military engagements.
• Government allows defence forces to buy emergency weapons through Make in India route.
• DRDO and Indian Navy test fire indigenous Vertical Launch Short Range surface-to-air missile.
• IAF terminate services of three IAF Officers for accidentally firing of BrahMos missile into Pakistan.
• Goa 1st state to become ‘Har Ghar Jal’ certified; Dadra & Nagar Haveli and Daman & Diu 1st UT.
• Maharashtra Cabinet expansion: CM Eknath Shinde gets 18 new ministers; 9 from BJP receive berths.
• Nitish Kumar sworn in as Bihar CM for 8th time, Tejashwi his deputy after JD(U)’s ends alliance with BJP.
• Delhi CM Arvind Kejriwal launches ‘India’s first virtual school’ for students from across the country.
• Assam, Meghalaya agree to set up 3 regional committees to resolve border disputes in 6 sites.
• Panel probing Jayalalithaa’s death submits report to Tamil Nadu government.
• Jammu and Kashmir parties oppose allowing non-locals to vote in Assembly polls.
• Shiv Sena MP Sanjay Raut arrested by ED in Patra Chawl scam case.
• CBI lists Delhi Deputy CM Sisodia among 15 accused in FIR on alleged liquor excise scam.
• West Bengal SSC scam case: Custody of Partha Chatterjee, Arpita Mukherjee extended till August 31.
• India successfully test fires laser-guided anti-tank guided missiles in Maharashtra’s Ahmednagar.
• India’s total COVID – 19 cases at 4.44 crore; 69.2% of population fully vaccinated.
• Govt panel recommends Corbevax as booster for adults vaccinated with Covishield, Covaxin.
• Lumpy skin disease in cattle spreads to over 9 states and UTs; 35,000 animals dead so far.
• China relaxes visa ban for stranded Indian students after over two years delay.
• World’s highest railway bridge ‘Golden joint’ launched on Chenab in J&K.
• Monsoon triggers flashfloods in most states; northern and eastern parts of the country worst affected.
• First grain shipment leaves Ukraine after months of Russian blockade.
• Russia, Ukraine accuse each other of shelling at Zaporizhzhia nuclear plant.
• Western countries pledge $1.55 billion in military aid to Ukraine.
• Turkey’s Erdogan and the UN Chief met in Ukraine with President Zelenskyy in a bid to halt the conflict.
• US gives $3 billion in military aid as Ukraine; announces $775 million arms package.
• Ukraine’s Zelensky hosts forum of world leaders to rally support for the return of the Crimean Peninsula.
• Nancy Pelosi meets Taiwan’s President Tsai Ing-wen; meets leaders in South Korea.
• US, South Korea, Japan hold missile defense exercise with eye on North Korea, China.
• Taiwan unveils record defence budget of more than $19 billion amid tensions with China.
• US kills al Qaeda leader Ayman al-Zawahiri in drone strike in Afghanistan.
• Anti-govt protests that led to ouster of Rajapaksa family in Sri Lanka end after 123 days.
• Sri Lankan President present interim budget with major relief measures, talks with IMF in final stage.
• Lanka’s Supreme Court extends overseas travel ban on Mahinda and Basil Rajapaksa till Sept 5.
• Last Soviet leader Mikhail Gorbachev, who ended Cold War, dies aged 91.
• Myanmar military extends emergency rule until 2023.
• Monkeypox infections rise to over 49,900 cases, 15 deaths: WHO.
• Commonwealth Games 2022: India finish 4th with 61 medals comprising 22 gold, 16 silver and 23 bronze.
• 44th Chess Olympiad 2022: India ‘B’ team wins bronze in Open section; India ‘A’ women also finish third.
• R Praggnanandhaa beats World no.1 Magnus Carlsen again but loses top prize in FTX Crypto Cup.
• India win 5-match T20I series against West Indies by 4-1; clinches 3-match ODI series against Zimbabwe
• Asia Cup 2022: Afghanistan and India qualify for Super 4.
• ICC Men’s ODI Rankings: New Zealand top the chart while India remain on Third, Pakistan at Fourth.
• Virat Kohli becomes 1st Indian to play 100 Matches in each format.
• FIFA lifts ban on AIFF, India all set to host U-17 Women’s World Cup in October.
• Manisha Kalyan becomes first Indian footballer to play in UEFA Champions League.

Business News

• GST e-invoice to be mandatory for firms with turnover of ₹10 crore from October 1
• Govt releases 5th instalment of revenue deficit grant of ₹7,183 crore to 14 states.
• Centre approves continuation of Pradhan Mantri Awas Yojana-Urban up to Dec 2024.
• Govt launches 2nd phase of Grameen Udyami Project to promote entrepreneurship amongst tribal youth.
• Govt exempts excise duty on ATF purchases by Indian carriers for overseas flights.
• ITR filing AY 2022-23: No last date extension, more than 5.8 crore ITRs filed till July 31.
• Union Minister Nitin Gadkari inaugurates ₹23,000 crore road projects in MP.
• Govt imposes restrictions on wheat flour exports to ensure food security.
• PM Modi’s Economic Advisory Council releases ‘Roadmap for India@100’.
• Maharashtra Cabinet approves more than ₹10,000 crore rise in cost of Mumbai Metro Line 3.
• Odisha government approves 11 investment proposals worth ₹2,253.15 crore to create employment.
• ATF price cut by steep 12%; commercial LPG reduced by ₹36.
• Centre slashes Windfall Tax on petroleum crude, reintroduces levy on ATF, increase levy on diesel exports.
• Price cap on domestic flight tickets removed; airlines to decide fares from today.
• RBI hikes repo rates by 50 bps to 5.40%, highest since 2019; retains FY23 inflation projection at 6.7%.
• HDFC files application with NCLT for merger of HDFC Investments, HDFC Holdings with HDFC Bank.
• Uni Cards suspends existing services, cites recent RBI norms on digital lending.
• RBI lifts restrictions on American Express; permits onboarding new customers on its card network.
• Abu Dhabi Investment Authority invests ₹655 crore in Aditya Birla Health Insurance for 10% stake.
• India’s first 5G spectrum auction ends, Govt nets ₹1,50,173 lakh crore.
• Airtel inks pacts with Ericsson, Nokia, Samsung for 5G services rollout.
• Bharti Airtel pays ₹8,312.4 crore to DoT, clears 4-year instalment in advance.
• Reliance announces partnership with Qualcomm to develop digital infrastructure.
• Microsoft joins Govt’s Open Network for Digital Commerce to launch social e-commerce in Indian market.
• Govt allows retro-fitment of CNG and LPG kits in BS-VI compliant vehicles.
• India’s first Hydrogen fuel cell bus unveiled; only effluent from bus to be water
• Tata Motors electric subsidiary buys Ford’s Sanand plant for ₹725 crore.
• Mahindra unveils five electric SUVs to fast-track EV shift.
• Suzuki Motor kick starts construction of EV battery manufacturing facility in Gujarat.
• Ola debuts its first EV car on Independence Day; to have more than 500 kms range, 0 to 100 in 4 seconds.
• Switch Mobility unveils country’s first electric double-decker air-conditioned bus.
• McLaren to enter Indian market later this year, partners Infinity Cars.
• Civil Aviation Ministry lifts price caps on air fare from August 31.
• Aviation Ministry exempts Boeing 787 aircraft from GAGAN compliance till 2025.
• India’s new Akasa Air commences operations, first flight starts on Mumbai-Ahmedabad route.
• Air India to allow pilots to fly till 65 years amid expansion of fleet size.
• SpiceJet enters full and final settlement with AAI, clears all outstanding principal dues.
• India buys discounted Venezuelan petcoke to replace coal
• Assam Khagorijan oil field resumes operations after nearly 15 years.
• Godrej Agrovet signs MoUs with Assam Manipur and Tripura state govts for oil palm cultivation.
• Adani steps into NDTV with 29%, to launch open offer for 26% more.
• Road, shipping, rail ministry arms sign agreement to develop Multi Modal Logistics Parks.
• Future Retail receives claims worth ₹21,000 crore from 33 financial creditors.
• Adani makes ₹31,000 crore open offer to buy 26% stake in ACC, Ambuja Cements.
• Noida Supertech towers brought down in the biggest demolition of its kind in the country.
• ICMR shortlists 29 companies for monkeypox vaccine, kits.
• Bharat Biotech completes trials for India’s first intranasal COCID vaccine.
• Dolo-650 makers spent ₹1,000 crore on doctors for prescribing drug’: SC asks Centre to file a reply.
• Corbevax approved as booster dose for adults jabbed with Covishield, Covaxin.
• India, UK end fifth round of FTA talks, deal likely to double bilateral trade to $100 billion by 2030.
• US-Taiwan trade talks kick off in long-planned counter to China.
• Hong Kong slips into recession as COVID measures weigh on economic activity in Q2.
• India extends $100 million line of credit to Maldives; Greater Male connectivity projects launched.
• China hits Taiwan with trade restrictions after Pelosi’s visit.
• At 10.1%, UK inflation hits double digits for the first time in 40 years.
• India achieves landmark milestone with over 75,000 start-ups recognised so far.
• Microsoft partners with MSDE and CBC to provide digital literacy training to 2.5 million civil servants.
• Samsung heir Lee Jae-yong granted special presidential pardon.
• Johnson & Johnson drops talcum baby-powder globally as lawsuits mount.
• PhonePe, Tally, NSDL get RBI’s in-principle nod to operate as account aggregators.
• Apple suppliers to make Apple Watch and MacBook in Vietnam.
• Amazon acquires Roomba-maker iRobot Corp for about $1.7 billion.
• Revenue Secretary Tarun Bajaj gets additional charge of Corporate Affairs Secretary.
• Paytm shareholders approve Vijay Shekhar Sharma’s reappointment as MD for five years.
• Billionaire investor and Akasa air owner Rakesh Jhunjhunwala passes away.

Q1 Results

• SBI Q1 net profit down 6.7% at ₹6,068 crore; NII rose 12.87% YoY to ₹31,196 crore.
• ITC Q1 Consolidated net profit zooms 34% to ₹4,390 crore, revenue up 39% to ₹19,831.27 crore.
• M&M Q1 net profit rises 67%, YoY to ₹1,430 crore, revenue increased by 67% to ₹19,613 crore.
• Bharti Airtel Q1 profit zooms 467% YoY to ₹1,607 crore, revenue rose 22.2% to ₹32,805 crore.
• LIC Q1 net profit climbs 232 times to ₹683 crore, net premium income jumps over 20% to ₹98,352 crore.
• Hero MotoCorp Q1 profit surges 71% YoY to ₹625 crore; revenue rises 53% to ₹8,393 crore.