Economy / Market Snapshot – January, 2020

General News

• India celebrated its 71st Republic Day. PM Modi paid homage to the martyrs at the newly built National War Memorial; Brazilian President Jair Bolsonaro was the chief guest.
• Delhi assembly elections 2020 to be held on 8th February and counting of votes on 11th February.
• Citizenship Amendment Act 2019 comes into force as Home Ministry notifies gazette.
• Law Ministry gives conditional nod to linking of Voter ID and Aadhaar.
• PM Modi, Nepal PM Oli inaugurate border check-post through video conferencing, call for better ties.
• India, Bangladesh sign agreement to upgrade Ashuganj Akhaura road into 4-lane highway; sign MoU for
• content exchange programme between All India Radio, Bangladesh Betar.
• India, Brazil sign 15 pacts to bolster defence, trade ties.
• S Jaishankar holds discussion with Jordan, Qatar and Sri Lankan counterparts.
• NSA Ajit Doval and Sri Lankan President Rajapaksa discuss strategic cooperation between both countries.
• World leaders talk US-Iran tensions, Climate change at Raisina Dialogue.
• 10 central trade unions went on one-day nationwide strike against government policies.
• BJP launches 10-day nationwide mass contact drive and toll free number to mobilise support for CAA.
• Kerala, Punjab, Rajasthan and West Bengal pass resolution against CAA.
• Centre, Assam sign peace deal with banned National Democratic Front of Bodoland(NDFB).
• Andhra Cabinet clears proposal for three capitals, approves abolition of the state legislative council.
• Maharashtra portfolios: Ajit Pawar gets Finance, Anil Deshmukh Home, Aaditya Thackeray environment.
• Shopping malls, multiplexes, restaurants to remain open 24×7 in Mumbai from January 26.
• Envoys of 15 nations, including US, visit J&K to assess conditions since shutdown.
• Indefinite internet suspension not permissible: SC asks J&K administration to review all restrictive orders.
• A delegation of Union minister visit J&K to raise awareness on benefits of scrapping Article 370.
• Shiv Sena, AAP, TMC, DMK, SP and BSP skip Opposition meet on CAA chaired by Sonia Gandhi.
• Violence breaks out at JNU, masked mob attacks students and teachers, several injured.
• President Ram Nath Kovind confers Bal Shakti Puraskar to children for their remarkable achievements.
• Padma Awards announced; Padma Vibhushan to 7 veterans, Padma Bhushan to 16 & Padma Shri to 118.
• J P Nadda takes over from Amit Shah as BJP President, elected unopposed.
• JD(U) expels Prashant Kishor, Pavan Varma for anti-party activities.
• General Bipin Rawat takes charge as India’s first Chief of Defence Staff.
• Taranjit Singh Sandhu appointed as the next Ambassador of India to the US.
• ISRO unveils Vyommitra, half humanoid, developed for unmanned mission to outer space.
• 4 IAF personnel selected for training in Russia for Gaganyaan Mission to be launched in 2022.
• Protesters in Iraq attack US Embassy over American airstrikes targeting Iranian-backed Iraqi militia.
• Top Iranian commander Qasem Soleimani and Iraqi Commander Al-Muhandis killed in Baghdad airstrike.
• Iran fires missiles at US forces in Iraq; accidentally shoots Ukrainian passenger plane killing 176.
• US House passes resolution to limit Trump’s ability to wage war on Iran.
• EU Parliament debates anti-CAA motion, puts off vote till March.
• Trump unveils Middle East peace plan, promises to keep Jerusalem as Israel’s undivided capital.
• Donald Trump meets Iraqi President Barham Saleh in Davos, agrees US-Iraq security partnership.
• Trump again offers to ‘help’ resolve Kashmir issue, meets Pakistan PM Imran Khan in Davos.
• Senate begins the impeachment trial of President Trump.
• WHO declares China virus outbreak an international emergency as toll reaches 213 in China.
• Prince Harry, Meghan step back as senior royals; drop royal duties and HRH titles.
• Russian govt resigns as President Putin proposes changes to the country’s constitution.
• Brexit: EU waves farewell to Britain after 47 years of membership.
• New Zealand PM Ardern calls Sept 19 election, Parliament to be officially dissolved on August 12.
• ICJ directs Myanmar to take measures to prevent genocide of Rohingyas.
• Sultan Qaboos of Oman, Arab world’s longest-serving ruler, dies aged 79; India declares state mourning.
• Australian bushfires burn 5 million hectares of land, only 9000 Australian Koalas remain out of 46,000.
• India seal the Sri Lanka T20 series 2-0 and wrap up the Australia ODI series by 2-1.
• Ind Vs NZ: India clinches maiden T20I series in New Zealand.
• Rohit Sharma named ICC’s “2019 ODI Cricketer of the year”, Virat Kohli wins “Spirit of Cricket award.”
• Kris Srikkanth and Anjum Chopra receive the Col CK Nayudu and BCCI Lifetime Achievement Awards.
• Jasprit Bumrah wins Polly Umrigar Award, Poonam Yadav best international cricketer.
• Irfan Pathan announces retirement from all forms of Cricket.
• Kohli becomes the fastest to reach 1000 T20Is runs as captain in 30 innings.
• Kuldeep Yadav becomes fastest Indian spinner to get 100 ODI wickets.
• Harmanpreet Kaur to captain India in Women’s T20 World Cup.
• 3rd Khelo India: Maharashtra crowned champion.
• Australian Open: Novak Djokovic to face Dominic Thiem; Garbine Muguruza to face American Sofia Kenin.
• World Archery lifts suspension on India enabling Indian archers to represent country.

Business News

• Economic Survey 2020 tabled in Parliament, pegs growth at 6% to 6.5% in next fiscal 2020-21.
• IMF slashes global growth forecast to 2.9% in 2019 and 3.3% in 2020; lowers India’s 2019 forecast to 4.8% and to 5.8% in 2020.
• World Bank trims 2019 global growth forecast to 2.4% and 2020 to 2.5%, expects India to decelerate to 5% in FY20 and recover to 5.8% in FY21.
• PM-Kisan scheme: PM releases ₹12,000 crore for 6 crore farmers; ₹42,000 crore transferred so far in FY20.
• PM Modi launches projects worth ₹600 crore on 150th year celebrations of Kolkata Port Trust.
• Govt to de-criminalise Income Tax Act, anti-money laundering law: Nirmala Sitharaman.
• Finance Ministry exempts mutual funds from FDI categorisation.
• Air India privatisation: Govt approves EoI, share purchase agreement for national carrier’s sale.
• Govt approves over ₹5,000 crore project for natural gas supplies in Northeast.
• Govt approves ordinance to remove end user restrictions, boost FDI in coal mining.
• Govt cuts import duty on crude to 45% and refined palm oils to 37.5% under ASEAN, IMCECA pacts.
• Niti Aayog unveils plan on takeover of district government hospitals by private players.
• RBI unveils MANI App for currency note identification by visually challenged; approves Aadhaar-based
• video authentication as alternative to e-KYC.
• RBI allows recurring payments through electronic mandates on the UPI.
• Government raises authorised capital of Indian Overseas Bank to ₹25,000 crore.
• ICICI Bank announces launch of ‘Cardless Cash Withdrawal’ facility from its ATMs.
• SEBI issues new framework for core settlement guarantee fund, non-defaulting members.
• NSE turns world’s largest exchange in derivatives trading.
• BSE signs licensing agreement with ICE Futures Europe for the use of the ICE Brent Index.
• Saudi Aramco raises IPO to record $29.4 billion by over-allotment of shares.
• Alphabet becomes 4th US company to reach $1 trillion in market value, Tesla hits $100 billion for 1st time.
• DoT orders no coercive action against telcos for non payment of AGR; Reliance Jio pays its ₹195 crore dues.
• BSNL gets ₹30,000 crore LoC from govt ahead of 4G rollout.
• Bharti Airtel gets shareholders nod to raise up to $3 billion; Govt approves raising FDI to 100% from 49%.
• Qualcomm announces first chipsets with ISRO’s NavIC GPS for Android smartphones.
• Passenger vehicle exports rise 6% in April-Dec; Hyundai, Ford lead the pack.
• Tata Nano ends 2019 with zero production, sales of 1 unit.
• Ashok Leyland partners with ABB to develop e-buses with flash-charge tech.
• Rolls-Royce clocks highest ever sales in 116 years, Cullinan SUV major contributor.
• Bajaj Auto, Triumph start manufacturing new mid capacity motorcycles in India.
• Google’s Waymo reaches 20 million miles of autonomous driving.
• Indian Railways hikes basic fare, new rates effective from Jan 1, launches integrated helpline number 139.
• UDAN scheme: TruJet starts daily operations from Belagavi to Tirupati, Mysuru, Hyderabad.
• DGCA extends deadline till May 31 for IndiGo to replace P&W engines.
• IndiGo fleet size crosses 250 planes, becomes first Indian carrier to do so.
• Hindustan Aeronautics, Wipro 3D join hands for 3D printing in aerospace.
• Airbus beats goal with 863 jet deliveries in 2019, ousts Boeing from top spot.
• SC stays NCLAT order restoring Mistry as Tata Group Executive Chairman.
• US signs 1st phase of ‘momentous’ trade deal with China; tariffs remain in place.
• Donald Trump signs United States-Mexico-Canada Agreement (USMCA), ends NAFTA.
• Vodafone quits Facebook’s Libra cryptocurrency project.
• Amazon India inks two long-term agreements with Future Retail, FCL.
• Jeff Bezos launches electric delivery rickshaws in his visit to India, offer to invest $1 billion in the country.
• Uber partners with Hyundai on electric air taxi.
• Zomato Acquires Uber Eats India Business in all-stock deal days after raising ₹353 crore from Ant financial.
• Dixon Technologies announces partnership with Samsung India Electronics for manufacturing of LED TVs.
• Carlos Ghosn proclaims innocence in Japan Nissan case in his first public appearance since escape.
• Michael Patra appointed deputy governor of RBI for a three-year term.
• PNB’s former MD and CEO, Sunil Mehta takes charge as IBA Chief Executive.
• Lakshmi Vilas Bank’s CFO S Sundar takes over interim Managing Director & CEO.
• YES Bank independent director and chairman of Audit Committee, Uttam Prakash Agarwal quits.
• Ginni Rometty to step down as CEO of IBM; Arvind Krishna, SVP, Cloud and Cognitive Software to succeed.
• Abidali Neemuchwala quits as Wipro CEO and MD.
• Facebook VP of engineering Jay Parikh steps down.

Q3 Results

• HDFC Bank Q3 net profit surges 33% YoY to ₹7,416 crore, NII increased 12.69% YoY to ₹14,172.90 crore.
• ICICI Bank Q3 profit soars 158% YoY to ₹4,146 crore, provisions drop by half to ₹2 083.20 crore.
• Kotak Mahindra Bank Q3 profit grew 24% to ₹1,596 crore, NII rose 17% to ₹3,430, GNPA stood at 2.46%.
• Axis Bank Q3 net profit up 4.5% YoY at ₹1,757 crore, gross NPA at 5% and NNPA at 2.09%.
• SBI posts 41% jump in net profit to ₹5,583 crore, NII grew by 22.42%, Net NPA at 2.65%, GNPA at 6.94%.
• Indian Bank Q3 profit jumps 62% to ₹247 crore, GNPA lower at 7.2%, NNPA reduced to 3.5%.
• Bajaj Finance Q3 profit jumps 52% to ₹1,614 crore, NII rises 42% to ₹4,537 crores, AUM climbs 35%.
• HDFC reports Q3 net profit at ₹8,372.5 crore, NII comes at ₹2,957.83 crore and Provisions at ₹2,995 crore.
• TCS Q3 profit rises 0.2% YoY at ₹8,118, revenue rose 6.7% to ₹39,854 crore; announces ₹5 dividend/share.
• Infosys Q3 profit jumps 23.5% YoY to ₹4,457 crore; revenue guidance raised to 10-10.5%.
• HCL Tech Q3 net profit rises 16% to ₹3,037 crore, forecasts growth to be 16.%-17% for the year to March.
• Wipro Q3 net profit falls 3% to ₹2,463 crore, revenue grew 2.73% to ₹15,470.50 crore.
• Maruti Suzuki Q3 consolidated net profit up 5.1% at ₹1,564.8 crore; revenue rises 5.3% to ₹20,707 crore.
• Tata Motors reports ₹1,738.30 crore as consolidated profit, revenue drops 6.81% QoQ to ₹71,676.07 crore.
• Reliance Industries Q3 profit grows 13.5% YoY to ₹11,640 crore, revenue rose 2.5% to ₹1.57 lakh crores.
• HUL Q3 profit up 11.9% YoY at ₹1,616 crore, revenue up 2.6% at 9,808 crore.
• Dr Reddy’s reports net loss of ₹569.7 crore on higher expenses, revenue up 13.9% at ₹4,383.8 crore.
• Biocon reports 6.62% fall in consolidated net profit at ₹202.8 crore, revenue up 13.45% to ₹1,748.1 crore.
• Jio Q3 net profit zooms 63% to ₹1,350 crore, Average revenue per user fell to ₹128.40.