Economy / Market Snapshot – January, 2019

General News

• India celebrates 70th Republic Day in presence of South African President Ramaphosa.
• Winter session: 16 bills were introduced and three were passed during the session by both the Houses.
• Bill for 10% reservation to economically weak upper castes cleared by President.
• Lok Sabha passes Citizenship Bill, seeks to give citizenship to non-Muslims from 3 countries.
• Triple talaq: Centre promulgates ordinance again after failing to get Rajya Sabha’s approval.
• Session witnessed disruptions and adjournments over issues including Rafale deal, CBI , RBI.
• PM Modi-led panel removes Alok Verma as CBI Chief, 48 hrs after reinstatement by SC; Nageswara Rao
  takes charge.
• Three SC judges rescue themselves from hearing interim CBI chief’s case.
• PM Modi lays foundation stone for AIIMS at Madurai in Tamil Nadu; inaugurates ₹16,504 crore worth BPCL
  refinery expansion complex in Kochi, Kerala.
• PM Modi inaugurates key development projects in Manipur and irrigation projects in Jharkhand.
• Nitin Gadkari inaugurate 1st inter-state bridge, Keediyan-Gandiyal bridge in J&K.
• PM Modi and Norwegian PM Erna Solberg hold talks, vow to give direction to ties.
• Sushma Swaraj holds talks with Iranian Foreign Minister Javad Zarif on key bilateral, regional issues.
• Rahul Gandhi holds talks with Vice President and PM of the UAE in his maiden visit Dubai and Abu Dhabi.
• Rahul Gandhi recently announced basic income for the country’s poor if Congress voted to power.
• Around 23 opposition parties attend “United India Rally” organised by TMC chief Mamata Banerjee.
• Delhi CM Arvind Kejriwal launches election campaign; AAP to contest all 13 Lok Sabha seats in Punjab.
• Priyanka Gandhi Vadra joins active politics, appointed as Congress general secretary for UP East.
• SP, BSP announce tie-up for Lok Sabha polls, to contest 38 seats each in UP.
• Central trade unions and farmers were on a 2-day, nationwide strike to protest the govt’s labour policies.
• Government sanctions ₹7,214 crores to 6 states, 1 UT as relief for calamity damage.
• Kerala: Pro-Hindutva outfits call for state-wide bandh after 2 women enter Sabarimala Temple.
• 2 independent MLAs withdraw support, Congress says Karnataka govt stable.
• Nagaland Cabinet rejects citizenship bill, Manipur to oppose Bill if clause to protect natives not included.
• Meghalaya Mine: Operation to retrieve bodies of 15 miners continue.
• Nirmala Sitharaman inaugurates Tamil Nadu Defence Industrial Corridor in the Tiruchirappalli.
• World’s largest religious and cultural human congregation Kumbh Mela begins in UP.
• George Fernandes, Former Defence Minister, dies at 88 after long illness.
• Shivakumara Swamiji of Siddaganga mutt passes away at 111; 3-day mourning declared in Karnataka.
• HRD starts 70-point grading index to assess state school education.
• Donald Trump ends shutdown, signs bill to reopen government.
• NASA’s newest planet-hunting spacecraft confirms a third world outside our Solar System.
• ISRO puts world’s lightest satellite The Kalamsat-V2 into orbit, made by Indian students.
• PM May wins in Brexit Plan B vote after House rejects Plan A; EU rejects fresh Brexit negotiations.
• May wins no confidence vote after Brexit deal defeat.
• North Korea Leader Kim Jong Un visits China for summit with Xi Jinping.
• Second Trump –Kim meeting to happen in the late February.
• Senator Kamala Harris launches her 2020 US presidential bid; raises over $1 million within first 24 hours.
• Venezuelan opposition leader Juan Guaido claims Presidency; President Maduro cuts relations with US.
• Macedonia approves constitutional changes to rename itself North Macedonia.
• Iron Waste Dam Collapses in Brazil; death toll nears 100.
• UNESCO names Rio de Janeiro as the ‘World Capital of Architecture’ for 2020.
• On first day of 2019 around 395,000 babies born worldwide, most in India: UNICEF.
• Indonesia Masters 2019: Saina Nehwal wins title as Carolina Marin forced to retire.
• Australian Open 2019: Novak Djokovic wins his 7th men’s singles title, Naomi Osaka wins women’s title.
• Tamil Nadu’s D Gukesh becomes India’s youngest and the world’s second youngest Grandmaster.
• Virat Kohli named ICC’s captain of Test, ODI team and Cricketer of the Year 2018, creates history.
• Asian Cup football: Qatar to clash with Japan in the final. India crashed out in quarters.
• IND vs AUS: India wins first-ever 4 match Test series in Australia, clinches ODI series by 2-1.
• India vs New Zealand: India takes an unassailable 3-1 lead in the five match series.
• India vs New Zealand Women: India won the series by 2-0, with 1 more match to play.

Business News

• 32nd GST Meet: Council decides to increase GST registration threshold limit to ₹40 lakh from ₹20 lakh.
• GST ministerial panel favours Kerala levying 1% calamity cess for 2 years.
• E-way bill to be integrated with NHAI’s FASTag to track GST evasion from April.
• Piyush Goyal appointed interim Finance Minister; to present interim budget on February 1.
• Cabinet approves setting up of a centralised GST Appellate Authority.
• Bimal Jalan panel holds 1st meeting to examine reserve size of RBI; report likely in April.
• NPA recognition likely to get prolonged till FY20, may spike by ₹5.24 trillion: RBI.
• Centre infused ₹51,533 crores in PSU banks this FY till December 31.
• Bank of Baroda Share swap : Dena & Vijaya Bank shareholders with 1000 shares to get 110 & 402 shares.
• LIC completes the acquisition of 51% controlling stake in IDBI Bank.
• Bank Of India board approves issuing up to 10 crores new equity shares to employees at ₹80/share.
• Srikrishna panel indicts Ms Kochhar; ICICI Bank to stop unpaid retirement benefits, recover bonuses.
• HDFC MF surpasses ICICI Prudential MF to become largest AMC in India.
• Foreign reinsurers mobilised over ₹6,200 crore premium in FY18: IRDAI.
• Federal Reserve puts rate rises on hold as global economy slows.
• Govt to form inter-ministerial panel to roll out in-flight mobile services by March.
• Telecom revenue mop-up slips 22% in FY18 as earnings take a hit.
• BMW to locally assemble the X7 and X4 in India.
• Kia Motors commences trial production of new compact SUV at its Anantapur Plant in Andhra Pradesh.
• Volkswagen’s India 2.0 project kicks off with a new tech centre in Pune.
• Shell completes acquisition of Total’s 26% stake in Hazira LNG in Gujarat.
• Chevron, Total and Reliance join oil blockchain platform Vakt.
• Adani Group, BASF sign MoU for ₹16,000 crore petrochemical project.
• UDAN: Guwahati to become first city with international air connectivity to Bangkok, Dhaka.
• Etihad offers to invest in Jet Airways at ₹150/share; Ready to infuse up to ₹700 crore: Naresh Goyal.
• Apple cuts March quarter production plan for new iPhones by 10%.
• Indian pharma industry records 9.4% growth in 2018, dispels GST gloom.
• Madras HC lifts ban on online sale of drugs, medicines; until a framework is created to regulate the sale.
• DHFL denies the charges of ₹31,000 crores of fund diversion made by media outlet Cobrapost.
• FDI in e-commerce: Flipkart, Amazon seek extension of February 1 deadline from government.
• RBI announces committee led by Nandan Nilekani on digital payments.
• Over 500 small restaurateurs complain to CCI about unfair practices by food aggregators.
• Oyo expands international footprint with foray into Philippines, onboards 10 properties.
• Facebook brings stricter ads rules to India ahead of 2019 general election.
• Google fined $57 million by France for first major violation of EU’s GDPR data privacy.
• WhatsApp globally limits the number of times a user can forward a message to five.
• Tamil Nadu moves Supreme Court against NGT order allowing Vedanta to reopen Thoothukudi plants.
• Govt simplifies process for startups to seek tax exemption on angel fund investments.
• World Economic Forum 2019: Unease over Brexit and global recession dominated the summit.
• Vibrant Gujarat 2019: 28,360 MoUs signed; to generate 21 lakh jobs.
• Tamil Nadu Global Investors Meet 2019: MoUs for over ₹3-lakh crores signed.
• India cuts tax on crude, refined palm oil imports from ASEAN countries.
• China exports up 9.9% in 2018, strongest growth in 7 years despite trade war.
• Nepal’s central bank announces ban of Indian notes above ₹100.
• Nissan’s ex- Chair Carlos Ghosn on two new charges of financial misconduct; Tokyo court denies bail.
• World Bank pegs India’s GDP growth at 7.3 % in FY19.
• Mutual funds add ₹ 1.24 lakh crores to asset base in 2018 on SIP flows, strong retail participation.
• Unemployment rate at four-decade high of 6.1% in 2017-18: NSSO survey.
• Tata becomes most valued Indian brand; enters world’s Top 100.
• Reliance Retail leaps to 94th spot, climbs 95 places on Deloitte’s top global retailers’ list.
• Bloomberg 2019 Innovative Index: India bags 54th spot among 95 countries.
• Gita Gopinath joins IMF as its first female Chief Economist.
• Axis Bank MD & CEO Shikha Sharma retires; Amitabh Chaudhry takes charge.
• Yes Bank names Deutsche’s Ravneet Gill as MD & CEO effective March 1, 2019.
• TCS appoints Daniel Hughes Callahan as Independent Director.
• Carlos Ghosn resigns; Michelin’s Jean-Dominique Senard named chairman and Thierry Bollore as CEO.

Q3 Results

• Kotak Mahindra Bank Q3 net profit up 23% YoY to ₹1,291 crores, GNPA eased to 2.07%, NNPA at 0.71%.
• Axis Bank Q3 profit more than doubles to ₹1,681 crores, NII rose to ₹5,604 crores, GNPA lower at 5.75%.
• ICICI Bank Q3 profit falls 3% YoY to ₹1,605 crores on higher provisions, NNPA eased to 2.58%.
• YES Bank Q3 profit falls 7% to ₹1,002 crore, exposure to IL&FS group at ₹2530 crores.
• Bank of India Q3 net loss widens to ₹4,738 crores; NPA provisions jump 2-fold to ₹9,179.48 crores.
• Federal Bank Q3 net profit up 28% YoY to ₹333.63 crore; NII up 13% at ₹1,077.29 crore.
• IndusInd Bank Q3 net profit rises 5.21% YoY to ₹985.03 crores, GNPA stood at 1.13%, NII grew 21%.
• HCL Tech Q3 profit rises 2.8% to ₹2,611 crores, revenue rises 5.6% QoQ to ₹15,699 crores.
• TVS Motor Q3 profit rises 15% YoY at ₹178.4 crores; revenue rises 26% YoY to ₹4,664 crores.
• HDFC Q3 profit plunges 60.11% YoY to ₹2,113.80 crores, revenue rose 20.41% to ₹10,450.40 crores.
• Infosys Q3 profit down 12% to ₹3609 crores, revenue up 4% to ₹20,609 crores; approves buyback.
• TCS Q3 profit jumps 24.1% YoY to ₹8,105 crores, revenue rose 20.80% YoY to ₹37,338 crores.
• Wipro reports 32% YoY jump in Q3 profit at ₹2,545 crore, announces bonus issue, dividend.
• Zee Entertainment Q3 profit jumps 50% at ₹562.7 crores; subscription revenue up by 28%.
• ITC Q3 profit grew by 4% to ₹3,209 crores, revenue up by 15% to ₹11,227.66 crores.
• HUL Q3 net profit rises 9% YoY to ₹1,444 crore; revenue up 11% at ₹9,558 crore, volume growth at 10%.
• Dabur Q3 profit grew by 10.2% YoY to ₹366 crores, revenue increased 11.8% to ₹2,199 crores.
• L&T Q3 profit grew by 37% to ₹2,042 crores, revenue rises 24.2% to ₹35,708.9 crores.
• Maruti Suzuki Q3 profit slumps 17% YoY to ₹1,489 crores, revenue grew 0.71% to ₹19,668.30 crores.
• Bajaj Auto Q3 profit up 15.7% at ₹1101.9 crores, revenue stood at ₹7,409.4 crores.
• Biocon Q3 net profit zooms over twofold to ₹217.2 crores, revenue grew 43.5% to ₹1,566.4 crores.
• UltraTech Cement Q3 profit rises 7% to ₹449 crores, revenue jumped 16.11% to ₹8,812.7 crores.
• RIL Q3 profit rises 7.7% to ₹10,251 crore, revenue up 9.1% to Rs 1.56 lakh crore; Jio net jumps 22%.
• IOC Q3 net profit falls 78% to ₹716 crores; revenue rises to ₹1.6 lakh crores.