Economy / Market Snapshot – February, 2023

General News

• Part 1 of Budget session concludes, Parliament to meet again on 13th March.
• Assembly elections 2023: Tripura records 87.63% voter turnout; Megahalaya 76.27%, Nagaland 84.08%.
• NSA Ajit Doval meets US Secretary of State Antony Blinken, discusses India-US strategic ties.
• US, India elevate strategic partnership under iCET, launch initiatives to expand technology partnership.
• Ajit Doval holds wide-ranging discussions with Russian President Putin in Moscow.
• India and Spain agree to collaborate on digital infrastructure, climate action and sustainable development.
• India, France, UAE agree for trilateral cooperation initiative, in fields including energy, defence, economy.
• India’s National Security Advisor Ajit Doval meets his UK counterpart Tim Barrow in London.
• German Chancellor Olaf Scholz arrives in India for 2-day visit; hold wide-ranging talks with PM Modi.
• Cabinet approves projects worth ₹6,600 crore to strengthen India’s borders.
• Centre drops mandate to upload Air Suvidha form for travellers from China, Japan, other 4 countries.
• 14th edition of Asia’s largest aero show, Aero India 2023 kicks off in Bengaluru.
• Rajnath Singh holds bilateral meeting with defence heads of 7 nations on the sidelines of the show.
• EAM Jaishankar, Fiji President Wiliame Katonivere inaugurate 12th World Hindi Conference in Nadi.
• Indian Army changes Agniveer induction process, entrance test for candidates introduced.
• President appoints new governors for Andhra, Maharashtra, Sikkim, Jharkhand, Himachal and Assam.
• President Murmu confers Sangeet Natak Akademi Fellowships and Awards for 2019, 2020 and 2021.
• ISRO joins hands with Indian Navy to conduct recovery trials for Gaganyaan Mission.
• ISRO successfully launches SSLV’s 2nd developmental flight with three satellites from Sriharikota.
• Dr APJ Abdul Kalam Mission 2023: Rocket carrying student-built satellites launched from Tamil Nadu.
• Telangana state budget pegs ₹2.90 lakh crore expenditure in FY24, allocates ₹26,831 crore for agriculture.
• Karnataka CM Bommai present revenue surplus budget; raises loan term limits, agricultural subsidies.
• Uttarakhand Cabinet approves compensation, rehabilitation policy for affected people in Joshimath.
• Brigadier (Retd) BD Mishra takes oath as second Lt Governor of Ladakh.
• AAP councillor Shelly Oberoi elected as Delhi’s new mayor.
• EC recognises Eknath Shinde faction as real Shiv Sena, allots it ‘bow and arrow’ symbol.
• Congress’ 85th plenary session: Party outlines seat-sharing strategy, organizational changes for 2024 polls.
• Delhi liquor scam: Manish Sisodia arrested by CBI after 8-hour questioning.
• Morbi bridge tragedy: SIT report shows 22 corroded wires, welded suspenders reasons behind collapse.
• Yuva Sangam portal launched to connect youth from Northeast to other states.
• Powerful 7.8 earthquake in Turkey and Syria kills at least 50,000 people.
• U.N. General Assembly votes to demand Russia withdraw from Ukraine; India, China abstain.
• EU, Ukraine hold first summit in Kyiv since Russian invasion.
• US President Biden makes surprise visit to Ukraine for first time since full-scale war began.
• EU hits Russia with 10th package of sanctions one year after Ukraine invasion.
• Financial Action Task Force (FATF) suspends Russia’s membership over Ukraine war.
• U.S. fighter jet shoots down suspected Chinese spy balloon with missile.
• US’s Blinken meets China’s Wang Yi; warns Beijing against helping Russia, condemns its spy balloon.
• UK, EU conclude new post-Brexit trade arrangement for Northern Ireland.
• Russia, China and S Africa hold naval drills off Indian Ocean coast.
• North Korea showcases nuclear attack capability in largest ever ICBM parade.
• China imposes mandatory Covid-19 tests for arrivals from South Korea.
• Former Pakistan President Pervez Musharraf passes away after prolonged illness in Dubai.
• China plans to triple nuclear warheads to 900 by 2035 amid tensions with US.
• North Korea fires more ballistic missiles, warns action over US-South Korea drills.
• South Korea to offer $130 million in additional humanitarian aid to Ukraine.
• Indian-Americans Nikki Haley, Vivek Ramaswamy announce 2024 presidential bid.
• Chinese President Xi holds talks with Iranian president Raisi, eyeing new progress in ties.
• New Zealand declares national emergency as Cyclone Gabrielle wreaks havoc.
• Sri Lanka’s ex-President Sirisena apologises for 2019 Easter Sunday bombings.
• Shahabuddin Chuppu elected unopposed as Bangladesh’s 22nd President.
• Scottish leader Nicola Sturgeon leaves post after 8 years.
• Johar Khiladi: Country’s first digital portal for sports, sportspersons launched in Jharkhand.
• IND vs AUS, 2nd Test: India beat Australia in second Test to take 2-0 lead in 4-match series.
• BCCI sacks KL Rahul, no vice-captain named for last two Test matches against Australia.
• Virat Kohli edges Tendulkar, Ponting to become fastest to complete 25,000 International runs.
• Women’s T20I Tri-series: South Africa beats India by 5 wickets to clinch Women’s T20 Tri-series title
• Women’s T20 WC: Australia win record-extending sixth Women’s T20 World Cup title.
• Women’s T20 league: Smriti Mandhana tops auction with Rs 3.4 crore, named RCB captain.
• IPL 2023 to begin on March 31; Gujarat Titans to face Chennai Super Kings in season opener.
• Gymnast Dipa Karmakar handed 21-month ban after failing dope test.
• Novak Djokovic sets all-time record with 378th week as world tennis no. 1, overtaking Steffi Graf.
• FIFA Awards: Lionel Messi wins record 7th award; Alexia Putellas claims award for 2nd straight year.

Business News

• RBI hikes repo rate by 25 bps to 6.5%, projects GDP growth at 6.4% for 2023-24.
• RBI cuts inflation projection for FY23 to 6.5% from 6.7%, core inflation remains a concern.
• RBI proposes to launch QR code based coin vending machine in 12 cities.
• 49th GST Council meet: All GST compensation dues to be cleared since June 2022.
• PM inaugurates India Energy Week 2023 in Bengaluru.
• India, US agree to constitute task force to boost cooperation in semiconductor industry.
• I2U2 business forum held in UAE to address energy crisis, food insecurity.
• PM Modi inaugurates 14th edition of Aero India 2023 at Air Force Station, Yelahanka in Bengaluru.
• HAL’s helicopter manufacturing factory inaugurated by PM Modi in Karnataka’s Tumakuru.
• Govt approves scheme for revival 100 unserved Airports, Helipad and Water Aerodromes by 2024.
• IAF releases 119 ‘conditional’ air routes for commercial flight operations.
• Government cuts windfall tax on crude petroleum, diesel and ATF.
• Govt approves ₹30.40 crore ‘Sensor-based Smart Agriculture’ project for J-K farmers.
• Andhra Pradesh hosts investment drive in Mumbai to attract businesses and Investors to GIS 2023.
• Rajasthan amends combined excise policy, hiked prices for Indian made liquor and Rajasthan made liquor.
• RBI grants approval to 32 firms to act as online payment aggregators.
• India, Singapore launch real-time payment systems linkage between UPI and PayNow.
• SEBI directs AMCs to include GST & transaction cost in total expense ratio.
• Hindenburg Research firm alleges Adani group had engaged in stock manipulation and accounting fraud.
• Adani Group calls off ₹20,000 crore FPO due to market volatility; loses over 12 lakh crore in market cap.
• Adani group prepays loans worth $1.11 billion, releases pledged shares in 3 firms.
• Reliance Retail becomes first retailer to begin accepting Central Bank Digital Currency (CBDC) for sales.
• PSBs profit jumps 65% to ₹29,175 crore in Q3; Bank of Maharashtra tops chart.
• Edelweiss General Insurance rebranded as Zuno General Insurance.
• TCS signs expansion deal with American tech company Keysight Technologies.
• Income Tax Department conducts survey at BBC offices in Delhi, Mumbai.
• Sri Lanka gives nod to $442-million wind project of Adani Group.
• Bank of England raises interest rates by 0.5 bps to 4%, 10th straight increase.
• Pakistan’s inflation soars to 27.55%, highest in 48 years; approves new tax on power.
• Sri Lanka’s power regulator approves hike in power tariff to the tune of 66%.
• France’s TotalEnergies pauses green hydrogen project with Adani.
• Govt agrees to convert ₹16,133 crore interest dues of Vodafone Idea into equity.
• Centre gets 33.44% stake in Vodafone Idea post equity allocation.
• Honda to start producing new hydrogen fuel cell system co-developed with General Motors.
• Renault, Nissan agree on landmark deal to reshape alliance.
• EU formally bans gas, diesel car sales from 2035 to boost EV transition.
• Tata Motors signs an MoU with Uber India for 25,000 XPRES-T EVs for its premium category.
• Air India orders 250 Airbus, 220 Boeing planes in world’s biggest ever aviation deal.
• Boeing bids farewell to an icon, delivers last 747 jumbo jet.
• BEL, GSL ink pact to address global market opportunities in Naval platforms.
• Qualcomm announces world’s first satellite-based two-way messaging solution.
• TCS bags deal to digitally transform Telefónica Germany, largest UK deal to digitize insurer’s products.
• G-7, Europe reach deal for price cap on Russian diesel.
• Vedanta shelves plan to sell its copper smelter in Tamil Nadu.
• Over 17,400 tech employees got fired in February globally to date.
• Spotify world’s 1st music streaming platform to surpass 200 million paid users.
• Ola, Rapido, Uber bike taxi services are banned in Delhi by government.
• FDA restrict imports of India-made pharma company linked to vision loss in US.
• Twitter Blue subscription launches in India at ₹650 for web, ₹900 for mobile.
• Meta launches paid Blue Badge for Facebook, Instagram at $11.99 a month.
• Alibaba exits India – sells its entire stake holding in Paytm.
• PhonePe becomes India’s first fintech platform to enable cross-border UPI payments.
• Samsung to manufacture premium Galaxy S23 smartphones at Noida facility in India.
• Nokia to expand production of optical line terminals (OLTs) at Chennai factory to growing demand.
• Surf Excel becomes first Indian home care brand to top $1 billion annual sales.
• RBI okays appointment of sitting YES Bank exec Rajan Pental as ED.
• Tata Motors VP Rajan Amba appointed as MD of Jaguar Land Rover India.
• YouTube CEO Susan Wojcicki quits after 25 years; Indian-American Neal Mohan to be new CEO.
• NITI Aayog’s CEO Parameswaran lyer appointed as Executive Director of World Bank.
• Ex-Mastercard CEO Ajay Banga nominated by US President to lead World Bank.

Q3 Results

• IRCTC Q3 Net profit rises 22% to ₹255 crore, revenue up 70% YoY to ₹918.1 crore; ₹3.5 dividend declared.
• LIC Q3 Net profit surges multi-fold to ₹6,334.19 crore, Net premium income rises 15% to ₹1.12 lakh crore.
• Ashok Leyland posts multi-fold jump in PAT to ₹361 crore on robust sales, revenue stood at ₹9,030 crore.
• M&M Q3 net profit rises 14% YoY to ₹1,528 crore, revenue rose 41% to ₹21,654 crore.
• Bharti Airtel Q3 net profit rises 91.5% to ₹1,588 crore; ARPU up at ₹193.
• Bank of Baroda reports highest-ever quarterly profit of ₹3,853 crore, NII surges 27% YoY to ₹10,818 crore.
• Cognizant Q4 net profit down 9.6% YoY to $521 million, revenue stood at $19.4 billion.
• ITC Q3 net profit rises 23% to ₹5,070 crore; revenue up 3.5% to ₹19,020.65 crore.
• IndiGo net profit soars to ₹1,422.6 crore on travel demand, total income jumped to ₹15,410.2 crore.
• Adani Enterprises reports Q3 consolidated net profit at ₹820 crore, revenue rises 42% to ₹26,612.23 crore.
• Britannia Q3 Net profit soars 151% YoY to ₹932 crore, revenue increased 16.17% to ₹4,101.49 crore.
• Nestle India Q4 PAT rises 66% YoY to ₹628 crore; announces dividend of ₹75 per share.
• Nykaa net profit falls 71% to ₹8.5 crore in Q3, revenue up 33% to ₹1,463 crore.