Economy / Market Snapshot – AUGUST, 2023

General News

• India becomes first nation to reach South Pole of Moon as Chandrayaan-3 makes a perfect touchdown.
• Chandrayaan-3 landing spot to be called ‘Shiva Shakti Point’; August 23 declared as National Space Day.
• Chandrayaan-3 Lander records 60°C temperatures at moon’s ‘icy’ south pole.
• Pragyan rover finds sulphur on Moon`s south pole region, hunt on for hydrogen.
• ISRO to launch Aditya-L1, the first space-based observatory to study Sun on September 2.
• Monsoon session: Both houses adjourned sine die; Lok Sabha records 45% productivity , Rajya Sabha 63%.
• President Murmu signs 7 new laws into effect, including Delhi ordinance Bill, Data Protection Bill.
• No-confidence motion against Modi government defeated amid Opposition walkout.
• Rahul Gandhi back as MP as Lok Sabha Speaker Om Birla reinstates his membership.
• PM Modi hoists National Flag and addresses nation on 77th Independence day.
• President approves four Kirti Chakras, 11 Shaurya Chakras for armed forces and CAPF personnel.
• Govt to launch Vishwakarma Scheme for traditional skill workers next month.
• PM Modi conferred Lokmanya Tilak National Award for contributions towards progress of country.
• ECI publishes final delimitation order for Assam; gets President’s nod.
• EC signs up Sachin Tendulkar as ‘icon’ to pitch for higher turnout in 2024 polls.
• Congress appoints Ajay Rai as UP Chief, Randeep Surjewala in charge of MP.
• Rozgar Mela 2023: PM Modi virtually distributes around 51,000 appointment letters.
• PM Modi attends 15th BRICS Summit in Johannesburg; meets with South Africa President Ramaphosa.
• PM Modi arrives in Athens after BRICS; first prime ministerial visit in 40 years.
• India, China agree to resolve remaining issues along LAC in eastern Ladakh.
• First batch of Agniveers graduate from Sikh and Ladakh Regimental centres, 61 Calavry.
• Defence Council approves armed forces’ proposals worth ₹7,800 crore.
• India, Kenya agree for deeper cooperation in maritime security of Indian Ocean region.
• Indian Army orders ₹7,300 crore emergency buy from desi companies to counter China.
• Indian Coast Guard signs MoU with Philippine Coast Guard to enhance maritime cooperation.
• CBI academy joins INTERPOL global network through virtual signing ceremony.
• Kerala Assembly unanimously adopts resolution urging Centre to rename state as Keralam.
• Tamil Nadu CM Stalin launches second phase of breakfast scheme in government schools.
• Andhra CM releases ₹216 crore for 2.62 lakh people left out of welfare schemes.
• Karnataka launches ‘Gruha Lakshmi’ scheme, 1.1 crore women heads of families to get ₹2,000 per month.
• Karnataka begins releasing Cauvery water to Tamil Nadu following CWMA order.
• Patna high court gives clearance to a caste-based survey in Bihar.
• Polls in Jammu and Kashmir can be held at any time, decision to be taken by EC: Centre to SC.
• Mandaviya, WHO Chief Tedros launch ‘Global Initiative on Digital Health’ to support healthcare.
• ASI begins survey of Gyanvapi mosque complex amid tight security.
• Congress’s Jagdish Tytler charged with murder by CBI in 1984 anti-Sikh riots case.
• Karnataka government scraps National Education Policy, 2020; State to formulate their own policy.
• BRICS invites Saudi Arabia, 5 other nation to join bloc.
• Putin tells BRICS summit Russia’s invasion of Ukraine was a defensive move.
• Wagner chief Yevgeny Prigozhin, who rebelled against Putin, is presumed dead in plane crash.
• Netherlands, Denmark agree to supply Ukraine with F-16s.
• Japan starts releasing treated radioactive water from Fukushima nuclear disaster into Pacific.
• China, Bhutan hold first meeting on ‘delimitation of boundary’, agree to speed up border resolution.
• Russia’s Luna-25 craft, 1st moon mission in 50 years , spins out of control and crashes into moon.
• Former US President Donald Trump released on bond after surrendering in election subversion case.
• Imran Khan to remain in jail as judicial remand extended till Sept 13 in cipher case.
• Iran boosts navy with missiles, drones as US offers guards for Gulf ships.
• Pakistan President approves dissolution of assembly, Senator Anwaar-ul-Haq Kakar to be Caretaker PM.
• Former Pakistan PM Imran Khan convicted in Toshakhana corruption case, sentenced to 3 years in jail.
• Myanmar Junta extends state of emergency for 6 more months, Aung San Suu Kyi pardoned in 5 cases.
• Chess World Cup Final 2023: Magnus Carlsen wins the title after beating R Praggnanandhaa in tiebreaks.
• Neeraj Chopra wins historic World Athletics Championships gold with incredible 88.17 throw.
• Indian men’s 4x400m relay team breaks Asian record, qualifies for World Championships final for 1t time.
• Asian Champions Trophy: India beat Malaysia 4-3 to win title for fourth time.
• UWW suspends WFI for delaying elections, Indian wrestlers won’t play under India flag at Worlds.
• India vs West Indies: India win 3 match ODI series 2-1, 5 match T20 series 4-1.
• England vs Australia Ashes 5 Test series tied 2-2.

Business News

• India a trusted global supply chain partner: PM Modi delivers keynote address at B20 summit.
• India officially hands over B20 presidency to Brazil to host G20 Summit in 2024.
• Cabinet extends Digital India programme, approves additional outlay of ₹14,903 crore.
• PM e-bus seva: Cabinet allows governments to spend ₹57,613 crore for 10,000 new e-buses.
• Cabinet approves 7 railways projects worth ₹32,500 crore; approves ‘PM Vishwakarma’ scheme.
• PM Jan-Dhan accounts cross 50 crore mark, deposits exceed ₹2.03 lakh crore: Finance Ministry.
• Centre extends PLI scheme for automotive sector by 1 year until FY28.
• PM Modi lays foundation stone for redevelopment of 508 railway stations at ₹25,000 crore.
• Amit Shah inaugurates 3 connectivity projects costing ₹360 crore to boost coastal security in Gujarat.
• Nirmala Sitharaman meets UK Trade Secretary; discuss investment, FTA.
• Union Minister Ashwini Vaishnaw inaugurates India’s first 3D-printed post office in Bengaluru.
• Cabinet approves additional subsidy of ₹200 per cylinder under the Ujjwala scheme.
• Centre imposes 40% duty on onion exports till December 31 to control rising prices.
• Centre allocates extra 2 lakh metric tonnes of sugar to check prices during festival season.
• India expands curbs on rice exports with 20% duty on parboiled grade.
• India imposes curbs on basmati rice exports; contracts with value below $1200 a ton temporarily halted.
• Govt raises windfall tax on petroleum crude to ₹4,250/metric ton.
• Govt gives 6 months time to pharma companies with over ₹250 crore turnover to adopt GMP.
• Govt defers implementation of restrictions on imports of laptops, PCs and tablets to Nov 1.
• Centre allocates over ₹1,39, 500 crore to extend Bharat Net in 6,40,000 villages.
• Centre makes police verification mandatory for SIM card dealers, discontinues bulk connections.
• Income Tax Return Filing: Over 6.77 crore ITRs filed till July 31; 53.67 lakh first-time filers.
• Lok Sabha passes GST amendments bills; 28% tax on online gaming, casinos, horse race clubs.
• India, UAE make first crude oil trade in local currencies.
• RBI keeps interest rate unchanged at 6.5%, maintains pause for a third time.
• RBI raises transaction limit for UPI Lite to ₹500 from ₹200.
• Centre directs banks, civic bodies to work in tandem on scheme for loans to street vendors.
• Pradhan Mantri Jan Dhan Yojana accounts exceed 500 million, deposits at a whopping ₹2.03 trillion.
• SEBI reduces timeline for listing shares to T+3 from T+6; mandatory from December 1.
• Jio Financials lists at ₹262 per share on NSE and ₹265 per share on BSE.
• Yatharth Hospital, TVS Supply Chain Solutions makes market debut.
• Union Bank hands over record dividend of ₹1,712 crore to government.
• SEBI submits Adani report to Supreme Court, says probe completed.
• Deloitte quits as Adani Ports’ auditor; MSKA & Associates named new auditor.
• Adani family associates invested in its own stocks via foreign funds: Report.
• Bank of England hikes key interest rate by 25 bps to 15-year high to fight inflation.
• Pakistan inflation touches 29.8% amid rise in food, energy prices.
• China’s central bank cuts key interest rate amid concerns for economy.
• Nitin Gadkari launches Bharat New Car Assessment Programme to improve road safety.
• Maruti Suzuki Board approves acquisition of 100% stake in Suzuki Motors Gujarat.
• Hyundai inks asset purchase agreement to acquire General Motors’ Talegaon plant.
• Union Minister Nitin Gadkari unveils world’s first hundred percent Ethanol fuelled car.
• Ola Electric unveils MoveOS 4 update for S1 electric scooter on Independence Day.
• Tata Power and Zoomcar partners to promote electric vehicle adoption and EV charging infra solutions.
• Air India unveils new brand identity, outlines focus on tech, fleet.
• Air India and AccessRail sign agreement to provide access to bus & train connections in European cities.
• Delhi HC asks SpiceJet to pay former promoter Maran ₹100 crore by September 10.
• Kinetic Engineering sets up new firm to make EV motors, controllers and batteries.
• Centre picks TCS to transform e-Marketplace platform.
• Airtel launches India’s first wireless home Wi-Fi service powered by 5G Plus.
• Apple supplier Foxconn ups its investment proposal in Telangana to $550 million.
• PhonePe launches stock broking platform Share (dot) Market.
• Qatar’s QIA invests $474 million in Adani Green.
• Goldman Sachs Invests ₹2,876 crore in Adani Power.
• CarTrade Tech acquires 100% stake of OLX India’s auto business for ₹535.54 crore.
• Aditya Birla group expands hospitality business, adds four restaurant brands.
• Adani enters hospitality business; Adani Airport Holdings forms JV with Travel Food Services.
• RIL, Oberoi sign agreement to manage 3 hotels in India, UK.
• Voot, JioCinema merged; users now free to switch from one platform to other.
• Mastercard signs up as ICC sponsor for 2023 World Cup.
• Meesho becomes first horizontal e-commerce company in India to attain profitability.
• Zepto is first Indian unicorn of 2023, raises $200 million at $1.4 billion valuation.
• Govt appoints R Doraiswamy as LIC MD.
• Axis Bank’s Neelkanth Mishra appointed part-time chairman of UIDAI.
• Nita Ambani steps down from RIL board; Isha, Akash and Anant appointed as non-exec directors.
• Byju’s restructures businesses; consolidates 4 verticals into two.
• Tesla names insider Vaibhav Taneja CFO as Zachary Kirkhorn steps down.

Q1 Results

• State Bank of India Q1 Net profit grows 178% to ₹16,884 crore, NII rose 24.7% to ₹38,905 crore.
• LIC Q1 Net profit rises multifold to ₹9,544 crore, net premium income flat.
• M&M Q1 Net profit up 98% at ₹2,774 crore, revenue jumps 22% YoY to ₹24,056 crore.
• Eicher Motors Q1 profit zooms 50.38% YoY to ₹918 crore, revenue rose 17.33% to ₹3,986.37 crore.
• Maruti Suzuki’s Q1 net profit more than doubles to ₹2,485 crore.
• Bharti Airtel Q1 net profit flat at ₹1,612 crore, revenue up 14% YoY at ₹37,440 crore
• ITC Q1 net profit surges 18% to ₹4,903 crore, revenue declines 9% to ₹15,828 crore; declares 10:1 share swap ratio for hotels business.
• IndiGo posts profit of ₹3,090 crore in Q1 on higher traffic, airfares.
• HPCL Q1 net profit comes in ₹6,765 crore; revenue dips marginally.
• Zomato turns profitable, Q1 PAT comes at ₹2 crore; revenue soars 71% YoY at ₹2,416 crore.
• Sun Pharma Q1 cons PAT falls 2% YoY to ₹2,023 crore, revenue up 11% to ₹11,941 crore.