Economy / Market Snapshot – January 2017

General News

• Election Commission announces the poll dates for 5 states – UP, Punjab, Uttarakhand, Goa and
  Manipur.
• Uttar Pradesh to vote in 7 phases, from Feb 11 to March 8, Goa, Punjab on Feb 4, Uttarakhand on Feb
  15 and Manipur on March 4, 8.
• Counting for all states will be held on March 11.
• EC gave its nod to the centre to present the Union Budget 2017 on 1 February ahead of the assembly
  elections, but bars state-specific announcements.
• RBI removes withdrawal limit on current and overdraft accounts and from ATMs.
• Restrictions on withdrawal of Rs 24,000 a week from savings bank account to continue.
• India celebrated its 68th Republic Day and Crown Prince of Abu Dhabi Sheikh Mohammed bin Zayed
  was the Chief Guest this year.
• Donald Trump took the oath of office as the President of the United States.
• Trump signed first order on Affordable Care Act, to follow new rule: buy American and hire American.
• Trump’s executive orders on immigration policy and Mexico wall sparked protests.
• H1B visa reform bill introduced in US, minimum pay doubled to $130,000.
• UK government loses Brexit legal challenge as the Supreme Court says Government must seek parliamentary approval.
• RBI Governor Urjit Patel appeared before Parliament panel to brief on demonetisation.
• Patel told the panel that the situation in urban areas was almost normal, and efforts were on to
  improve the cash flow to rural and remote areas in the country.
• Akhilesh Yadav won the rights to use party name and symbol after a feud in the Samajwadi Party.
• SP joins hands with Congress to contest the elections.
• Jallikattu ban saw massive state-wide protests by youth in Tamil Nadu.
• TN government passed ordinance to conduct Jallikattu.
• Congress names Amarinder Singh as Punjab CM candidate.
• Mumbai: Congress and NCP tie-up for polls to 5 Maharastra Council seats next month.
• Justice Jagdish Singh Khehar sworn in as 44th Chief Justice of India.
• Delhi Police commissioner Alok Kumar Verma appointed as the director of the CBI.
• PM Modi inaugurated the 8th Vibrant Gujarat Summit in Gandhinagar.
• India successfully test fired Agni-IV ballistic missile.
• SC dismissed plea for CBI probe into Jayalalithaa’s death.
• Sahara diaries: SC rejected plea for SIT probe against PM, others.
• Haj application process goes digital, mobile app launched.
• Pakistan handed over dossier on India’s interference to the new UN Secretary General.
• Australia, Malaysia, China halt the missing Malaysian Airlines MH370 underwater search.
• Pakistan test-fires 1st nuclear-capable submarine cruise missile; Rajasthan on alert after inputs of
  possible intrusion from Pakistan.
• South Korean court formally starts Park Geun-hye’s impeachment trial.
• Barkha Dutt quits NDTV after 21 years, likely to start own venture.
• Salman Khan acquitted by Jodhpur court in illegal firearms case.
• MS Dhoni stepped down as India’s limited-overs skipper, Virat Kohli named captain.
• India vs England: India won the ODI series 2-1. India and England won 1 match each in the 3 T20I
  series.
• Australian Open: Roger Federer won the men’s singles title while Serena Williams won the women’s
  title.
• Sania Mirza and Ivan Dodig end runner-up at Australian Open mixed doubles final.
• Bangladesh vs New Zealand: NZ wins the T20I and Test series.
• Saina Nehwal wins the Malaysia Grand Prix Gold, while PV Sindhu and Sameer Verma win the Syed
  Modi GPG titles.
• SC removes Anurag Thakur as BCCI President and Ajay Shirke as Secretary.
• SC appoints Vinod Rai to head BCCI; nominates Rai, Ramachandra Guha, Vikram Limaye and Diana
  Edulji as administrators.
• Cristiano Ronaldo wins the FIFA best player award for the fourth time.
• FIFA council approves 48-team World Cup for 2026 edition.

Business News

• Economic Survey 2017 tabled in Parliament, FY18 GDP growth seen at 6.75-7.5%.
• TCS CEO N. Chandrasekaran appointed as Tata Sons chairman.
• Rajesh Gopinathan named as new TCS CEO and MD.
• RBI Governor Urjit Patel urges government to be mindful of debt levels.
• BSE’s Rs 1,230 crore IPO was oversubscribed nearly 12 times.
• SBI eyes to raise $1.5 billion capital next fiscal: Arundhati Bhattacharya.
• Government imposes anti-dumping duties on some steel products imported from China and European nations.
• Demonetisation effects in India to disappear in medium term: World Bank.
• WB CM Mamata Banerjee promised a friendly environment to industrialists at the 2-day Bengal
• Global Business Summit. R P Sanjiv Goenka Group and Bharti Enterprises announce an investment
  commitment of upto Rs 14,000 crores at the Bengal summit.
• HDFC Bank Sheds 4,500 employees in Q3, indicates that future hiring pace could slow.
• Cabinet clears insurance reforms, 5 government insurers to get listed.
• Vodafone in talks with Idea cellular for Indian merger.
• Airtel accuses TRAI of being mute spectator to extension of Jio free services.
• TRAI seeks Attorney General’s opinion on Reliance Jio’s tariff plans.
• RIL plans to invest another Rs. 30,000 crore into Jio Infocomm.
• Apple team meets inter-ministerial group for setting up a manufacturing unit in the country.
• Post Verizon deal, Yahoo to be named as Altaba and CEO Marissa Mayer to quit the board.
• Toshiba approves plan to sell 20% of core memory chip business.
• Tata Motors unveils smart buses powered by green technology.
• Ford scraps a planned Mexican car factory, adds 700 jobs in Michigan after Donald Trump’s criticism.
• Hero Cycles opens global design centre in Manchester at an investment of 2 million pounds.
• McDonald’s sells most of its China and Hong Kong businesses for $2.1 billion.
• Future Group partners with Cognizant for its FMCG arm Future Consumer Ltd (FCL).
• America’s largest department store chain, Macy’s to shut down 68 stores and lay off 10,000 employees.
• Alibaba CEO Jack Ma meets with Trump, pledges to create 1 million US jobs.
• Paytm transfers its wallet business to Payments Bank.
• IndiaPost becomes 3rd entity to receive licence to start payment bank operations.
• SEBI relaxes rules for angel funds to boost start-up funding.
• US forces India at WTO to open $1 billion solar market.
• WPI inflation rises 3.39% in December.
• India’s richest 1% hold 58% of the country’s total wealth: Oxfam report.
• India slips to 92nd rank on global talent competitiveness.
• Note ban squeezed gold demand to 650-750 tonnes, smuggling declined: World Gold Council.
• Patanjali biggest disruptive force in FMCG space: Report.
• 30 Indian-origin people feature in the 2017 edition of Forbes’ list of super achievers under age of 30.
• IMF warns Greece debt to be explosive in long term, requires a more credible debt relief plan from Europe.
• Mallya loan default case: Ex-IDBI Bank chairman among 9 held.
  BJP alleged ex PM Manmohan Singh and P Chidambaram helped Mallya get loans.
• Samsung’s Lee Jae-yong appeared for questioning in bribery probe but walks free as South Korean court dismisses arrest warrant.
• Starbucks nominates Satya Nadella and two others to its Board of Directors.
• Pakistan Finance Minister directs the State Bank of Pakistan to repay $500 million loan to China.
• A consortium led by Chinese firms acquires strategic 40% stake in Pakistani stock exchange.
• Facebook gets over 6,000 data requests from Indian government agencies in the first half of 2016.
• Snapdeal launches Cash@Home service which delivers Rs 2,000 at the doorstep.
• Pakistan lifts undeclared ban on Indian cotton imports.
• US Fed raises key interest rate by 0.25%.
• Online travel firm Yatra was listed on Nasdaq.

Q3 Results

• Kotak Mahindra Bank reports 38.6% jump in Q3 net profit at Rs 880 crores, NII up by 16.1%
• ICICI Bank’s Q3 profit falls 19% YoY to Rs 2,441.82 crores, NII declines 1.6% to Rs 5,363.35 crores.
• HDFC Bank reports 15.15% jump in Q3 profit at Rs 3,865.33 Cr, NII up 17.55% to Rs 8,309.09 Cr crores.
• Axis Bank Q3 profit tanks 73.3% YoY to Rs Rs 579.6 Cr, NII rises by 4.1% to Rs 4,333.73 Cr
• Yes Bank Q3 profit rises 30.6% to Rs 882.6 crores, NII up by 30.2% YoY to Rs 1,507 crores.
• Canara Bank Q3 profit jumps nearly 4-fold, increases 279% to Rs 322 crores, NII up by 8.4%
• HDFC reports 12% rise in standalone profit to Rs 1,701 Cr, interest earned rises to Rs 8,133.78 Cr.
• LIC Housing Finance reports 19.18 % YoY jump in Q3 net profit to Rs 499.26 crores.
• Infosys Q3 Net profit rises 2.8% QoQ to Rs 3,708 crores, rupee revenue slips 0.2% to Rs 17,273 crores.
• FY17 USD revenue guidance lowered to 7.2% – 7.6% and rupee revenue guidance to 10% – 10.4%.
• HCL Tech reports 2.3% rise in net profit at Rs 2,062.04 Cr, revenue jumps 2.56% to Rs 11,814.20 Cr TCS
• Q3 profit rises 2.9% QoQ to Rs 6,778 crores, revenue increases 1.5% to Rs 29,735 crores.
• Tech Mahindra reports consolidated net profit at Rs 845 crores, adds 12 clients during the quarter.
• Dollar revenue is up by 4.1% to $1,116.1 million and rupee revenue by 5.4% to Rs 7,557.5 crores.
• Wipro reports 1.80% QoQ rise in net profit at Rs 2,109.60 crores, rupee revenue at Rs 13,196 crores.
• Reliance Q3 profit rises 4.1% to Rs 8022 crores, Gross refining margin (GRM) at $10.80/bbl.
• HUL reports 7% YoY growth in net profit to Rs 1,038 crores, EBITDA slips 5.2% at Rs 1355.4 crores.
• ITC Q3 net profit rises 5.7% YoY to Rs 2,646.73 crore and total income by 4.6% to Rs 13,569.97 crore.
• TVS Motor Q3 profit grew 10.4% to Rs 132.67 crores, revenue increases 2.8% to Rs 3,239.55 crores.
• Maruti Suzuki posts 47.46% rise in net profit at Rs 1,744.50 Cr, Net sales up 12.4% to Rs 16,623.6 Cr
• Biocon’s Q3 consolidated net profit jumps 64.6% to Rs 171.3 Cr; total income up 29.4% at Rs 1,044 Cr
• L&T Q3 profit up 39% to Rs 972.4 crore, cuts FY17 revenue growth guidance to 10%.

Market News

• Indian markets went up by 4% last month; IT Sector hard hit; Banks, Auto and FMCG done well
• FII’s net settlers in the market while domestic institutions were buyers in the market
• Global markets up; Gold and Silver up; Crude down