Economy / Market Snapshot – January, 2023

General News

• Budget Session of Parliament begins with President Droupadi Murmu’s address.
• Assembly polls for Tripura to be held on Feb 16, Meghalaya & Nagaland on Feb 27; counting on Mar 2.
• India celebrates 74th Republic Day with vibrant parade on Kartavya Path for the first time.
• Egyptian President Abdel Fattah El-Sisi Sisi witnesses parade as Chief Guest.
• President Murmu confers Pradhan Mantri Rashtriya Bal Puraskar 2023 to 11 children.
• PM Modi names 21 islands of Andaman Nicobar after Param Vir Chakra Awardees.
• Jaishankar holds talks with IAEA Chief on global energy situation, Ukraine conflict.
• Jaishankar meets Lankan President Ranil Wickremesinghe; holds discussion with his counterpart Sabry.
• India hosts virtual summit to flag challenges facing global South countries.
• Ministry of Defence signs up with other Ministries to award degrees to Agniveers.
• Rajnath Singh unveils crucial 28 projects along LAC in Arunachal Pradesh.
• India Navy commissions fifth Kalvari class submarine Vagir.
• EC’s demonstration of remote voting machine halted as Opposition protests.
• Jal Jeevan Mission achieves milestone of providing tap water to 11 crore rural households.
• PM Modi flags off World’s Longest River Cruise-MV Ganga Vilas from Varanasi.
• Amit Shah inaugurates projects worth ₹52 crore in Nagaland and worth ₹1,311 crore in Manipur.
• Bharat Jodo Yatra concludes at Srinagar after covering nearly 4,080 km across 75 districts of the country,
• Delhi Assembly approves ₹1,028 crore for Delhi Jal Board, cleaning of Yamuna river.
• Joshimath declared landslide and subsidence-hit zone, relief and rescue operations underway.
• Centre constitutes High Powered Committee to protect Ladakh’s unique culture, language & employment.
• Tamil Nadu Assembly unanimously adopts resolution urging Centre to continue Sethusamudram Project.
• Punjab, Haryana fail to reach consensus on Sutlej-Yamuna Link canal issue.
• Rajasthan first state to implement a policy for blindness control with the objective of ‘Right to Sight’.
• First phase of caste-based census begins in Bihar.
• Rashtrapati Bhavan’s Mughal Gardens renamed ‘Amrit Udyan’, to open for public from January 31.
• India govt criticises BBC’s Modi documentary on Modi; Several groups defy ban and hold screenings
• UIDAI enables ‘Head of Family’ based online address update in Aadhaar.
• Sharad Yadav, former Union minister and ex-JD(U) chief, dies at 75.
• Not relevant whether objective achieved or not: SC upholds demonetisation move in 4:1 majority verdict.
• Over 220 crore 30 lakh Covid vaccine doses administered so far in country.
• Golden Globes 2023: RRR’s Naatu Naatu wins Best Original Song, loses Best Non-English Language Film.
• China reopens borders in final farewell to zero-COVID policy, ends quarantine for overseas travellers.
• Japanese PM Kishida kicks off trip to Europe and U.S. to pave way for G7 summit.
• China’s population shrinks for first time in over 60 years, deaths outnumber births in 2022.
• Kevin McCarthy elected US House Speaker on 15th vote in historic run.
• Donald Trump opens 2024 US presidential run, says he’s ‘more committed’ than ever.
• US announces another $2.5 billion military aid package for Ukraine.
• Japan, United States hold ‘2 plus 2’ talks in Washington
• 10 days isolation, mandatory masks: WHO issues updated Covid-19 guidelines amid global surge.
• Pakistan-based LeT’s deputy leader Abdul Rehman Makki designated as global terrorist by UN.
• France, Germany renew alliance strained amid war in Ukraine.
• Erdogan announces Turkey’s parliamentary, presidential polls to be held on May 14.
• Biden, López Obrador and Trudeau push for stronger cooperation at Mexico summit.
• Jacinda Ardern steps down as New Zealand PM, sets October election; Chris Hipkins sworn in as 41st PM.
• Kim Jong Un orders ‘exponential’ expansion of North Korea’s nuclear arsenal.
• Nepal plane carrying 72 people crashes in Pokhara, 5 Indians among 68 killed.
• Odisha CM Patnaik inaugurates India’s biggest hockey stadium in Rourkela.
• IND NZ: India completes 3-0 whitewash in ODI series, becomes No.1 team in ODIs.
• PAK NZ: New Zealand win third ODI by 2 wickets to clinch series against Pakistan.
• AUS SA: Australia secure 2-0 Series win after Sydney Test ends in tame Draw.
• Sania Mirza announces her retirement from professional Tennis.
• Australian Open: Djokovic claims record-extending 10th title, ties Nadal for record 22 Grand Slam crowns.
• Aryna Sabalenka wins her maiden Grand Slam title; Sania-Bopanna finish runners-up.
• Men’s Hockey World Cup kicks off in Odisha, with spectacular opening ceremony.
• BCCI announces successful bidders for 5 teams in the opening edition of the Women’s Premier League.
• IOA forms 7-member panel to probe harassment charges against WFI chief Brij Bhushan Sharan Singh.
• Babar Azam named ICC Men’s ODI Player of the Year, Suryakumar wins men’s T20I Cricketer of the Year.

Business News

• Nirmala Sitharaman presents 2023-24 Union Budget; fixes fiscal deficit for 2023-24 at 5.9%.
• Capital investment outlay being increased by 33% to Rs 10 lakh crores, 3.3% of GDP.
• Aadhaar Pan linked to Digilocker to be used for single identification in different govt schemes.
• 50-year interest free loan to State governments extended for one more year.
• Railway gets highest ever outlay, ₹2.4 Lakh crore has been allocated to railway ministry.
• Income tax- rebate extended on income up to ₹7 lakhs in new tax regime.
• India’s economy to grow 6.5% in 2023-24 compared to 7% in current fiscal: Economic Survey.
• Centre rolls out free grain distribution to 81.35 crore National Food Security Act (NFSA) .
• Cabinet approves ₹19,744 crore for National Green Hydrogen Mission.
• Cabinet approves over ₹2,500 crore scheme for upgrading infra of DD, AIR.
• Centre, states collect around ₹1.49 lakh crore in GST in December.
• Govt proposes self-regulation for online gaming companies, gamers’ verification; forbids betting.
• India’s manufacturing sector activity hits 13-month high at 57.8 in December.
• Govt, ADB sign $1.2 billion loan agreements for infrastructure projects.
• India’s first sovereign green bond issue raises ₹8,000 crore.
• India 10-year benchmark govt bond yield at 7.4% – highest since Nov 2022.
• National Asset Reconstruction Company (NARCL) gets Centre’s blanket guarantee worth ₹15,300 crore.
• Centre earmarks ₹2,000 crore to encourage states to scrap old vehicles.
• Global Investors Summit 2023: MoUs worth ₹76,000 crore signed at Lucknow Roadshow.
• Invest Madhya Pradesh: State attracts intentions of ₹15.42 lakh crore in investment.
• World Economic Forum: Maharashtra signs agreements worth ₹45,900 crore in Davos.
• Hardeep Puri flags off, rides inland water vessel in Brahmaputra river in Guwahati.
• Anand Mahindra meets CM Yogi Adityanath, proposes EV manufacturing unit in UP.
• Paytm, Citi end tie-up for co-branded credit card ahead of Citi merger.
• NRIs from 10 countries can use UPI with domestic accounts, international phone numbers.
• Paytm Payments Bank gets final RBI nod to operate as Bharat Bill Payment Operating Unit.
• Adani Enterprises’ ₹20,000-crore FPO sails through Hindenburg report on group’s alleged malpractices.
• WEF 2023: European Union outlines plan for clean tech future boosted by subsidies.
• U.S. Treasury Secretary Yellen, China Vice Premier Liu He hold first face-to-face meeting in Zurich.
• Croatia adopts Euro, enters borderless Europe club on New Year.
• Russian VTB bank, Russia’s second largest bank, launches direct payments in rupees.
• Pakistan gets $2 billion from UAE, with $1-billion additional loan in pipeline.
• US officially hits debt limit, begins ‘extraordinary measures’ to pay bills .
• Pakistan currency plunges to 262 against dollar amid IMF aid uncertainty.
• DCGI approves market authorisation for SII’s Covid vaccine Covovax as heterologous booster dose.
• Bharat Biotech launches first Indian intranasal COVID-19 vaccine iNCOVACC.
• India surpasses Japan to become 3rd largest auto market globally.
• Maruti Suzuki crosses 2.5 crore cumulative sales mark in India.
• Auto Expo 2023 ends with some new product launches, unveils, announcements, and concepts.
• General Atomics announces partnership with Bharat Forge to manufacture aerostructures in India.
• ISRO and Microsoft collaborate to support space-tech start-ups in India
• FAA lifts ground stop following system outage that grounded thousands of flights in US.
• Air India offers around 98 crore shares to its permanent employees as part of a stock option scheme.
• Taiwan passes ‘Chips Act’, offers tax credits to local chipmakers.
• 14 Apple suppliers from China given clearance by India for domestic manufacturing.
• Apple first company to export phones worth $1 billion in a month from India.
• Japan, Netherlands to join US in restricting chip equipment exports to China.
• Tech companies and startups across the world announce major layoffs and hiring freezes.
• Amazon launches dedicated air cargo service for faster deliveries in India.
• Hitachi Payment, BharatPe get RBI nod to operate as payment aggregators.
• Zomato stops 10-minute food delivery service, to pivot to a different model.
• Airtel launches 5G services in Noida, Ghaziabad, Faridabad of NCR.
• Reliance Jio announces largest-ever launch of its True 5G services across 50 cities.
• NCLAT refuses to stay of CCI anti-trust ruling, directs Google to pay 10% of ₹1,337 crore penalty.
• Coffee Day hit with ₹ 26 crore fine by SEBI for diversion of ₹3,535 crore funds.
• Govt appoints Vikram Dev Dutt as new Director General in Directorate General of Civil Aviation.
• Govt extends RBI Deputy Governor Michael Patra’s tenure by 1 year.
• Jack Ma gives up control of China’s Ant Group in key revamp.
• Paytm bank gets RBI nod for Surinder Chawla as new CEO.
• Toyota names Lexus chief Koji Sato CEO as Akio Toyoda takes chairman role.
• Q3 Results

Q3 Results

• ICICI Bank Q3 net Profit jumps 34% to ₹8,312 crore, NII up by 34.6% YoY to ₹16,465 crore.
• Kotak Mahindra Bank garners 31% YoY rise in Q3 PAT to ₹2,972 crore, NII up 50.43% to ₹5,653 crore.
• YES Bank net profit drops 81% to ₹51.5 crore, GNPA and NNPA ratios declined to 2% and 1%, respectively.
• IDBI Bank Q3FY23 net profit jumps 60% to ₹972 crore, NII improved by 23% to ₹2,925 crore.
• Axis Bank’s Q3 net profit surges 62% YoY to ₹5,853 crore, NII rises 32% to ₹11,459 crore.
• IndusInd Bank Q3 Net Profit jumps 58% at ₹1,963 crore, NII rises 18.5%.
• PNB Q3 Net profit tanks 44% YoY to ₹628.8 crore, NII up 17.6% to ₹9,179.4 crore.
• TCS net profit up 11% YoY at ₹10,846 crore, revenue rises 19% at ₹58,229 crore, dividend at ₹75/share.
• HCL Tech Q3 Profit rises 19% YoY to ₹4,096 crore, revenue up 20% to ₹26,700 crore, dividend at ₹10.
• Tech Mahindra Q3 PAT declines 5.3% YoY to ₹1,297 crore, revenue increased 20% to ₹13,735 crore.
• Infosys Q3 net profit up 13.4% YoY at ₹6,586 crore, revenue rises 20.2% to ₹38,318 crore.
• Wipro logs 2.8% rise in Q3 consolidated net profit at ₹3,053 crore, revenue jumps 14.3% to ₹23,229 crore.
• Tata Motors swings into profits after 7 quarters, earns ₹3,043 crore in Q3; revenue up 2% to ₹88,489 crore.
• Maruti Suzuki Q3 Profit doubles to ₹2,351 crore, revenue zooms 25% YoY to ₹29,044 crore.
• TVS Motor Q3 net up 28% to ₹ 304 crore; EV sales surge 80% to 29,000 units.
• HUL Q3 Profit jumps 12% YoY to ₹2,505 crore, royalty to parent hiked from 2.65% to 3.45% of turnover.
• Reliance Net profit falls 15% YoY to ₹15,792 crore; consolidated revenue rose 10% to ₹1.44 lakh crore.
• Sun Pharma Q3 profit rises 5% YoY to ₹2,166 crore, revenue up 14% to ₹11,240 crore, dividend at ₹7.50.
• L&T Q3 Net profit rises 24% YoY to ₹2,553 crore; revenue up by 17% ₹46,390 crore.