Economy / Market Snapshot – July, 2017

General News

• Ram Nath Kovind elected as the 14th President of India; envisions India as an economic and moral
  leader.
• NDA’s Vice-Presidential nominee Venkaiah Naidu and opposition’s pick Gopalkrishna Gandhi file their
  nominations.
• BSP Chief Mayawati resigns from Rajya Sabha.
• India and China involve in a stand-off along part of their 3,500kms shared border.
• PM Modi visits Israel; India, Israel sign agreements on science, agriculture and technology.
• 2 countries agree to create a bilateral technology innovation fund worth $40 million.
• Army gets special powers to buy ammunitions, spares in emergency situations.
• India successfully test-fires short range missile along Odisha coast.
• Bihar political crisis escalated as ED, CBI register cases against Lalu Prasad’s family.
• Nitish Kumar resigns as CM and reassumes power with the support of BJP.
• Nagaland Governor appoints TR Zeliang as new Chief Minister.
• G20 summit: US isolated as India, other G20 nations back irreversible Paris climate pact.
• UP: Yogi govt presents its first budget, provides Rs 36,000 crore for farm loan waiver.
• Terrorists kill 7 Amarnath pilgrims, injure 19 as they struck at a bus in Kashmir’s Anantnag district.
• TN farmers resume their agitation for loan waiver and drought-relief package.
• Tamil Nadu doubles MLAs’ monthly salary to more than Rs 1 lakh amid farmer protest.
• Gorkhaland agitation escalates as GJM, other parties take out rallies, criticise Centre.
• PM Modi inaugurates former President A.P.J. Abdul Kalam’s memorial in Rameswaram.
• UNESCO declares Ahmedabad a World Heritage City, 1st of its kind in India.
• Mother Teresa’s iconic white and blue sari now an Intellectual Property of Missionaries of Charity.
• NGT declares 100 metre from edge of Ganga river as no-development zone.
• SC stays Uttarakhand HC’s order declaring river Ganga, Yamuna as living entity.
• SC stays Madras HC order directing Tamil Nadu Government to waive all crop loans.
• Nine-judge Supreme Court bench begins hearing Aadhar case on right to privacy.
• Ram Jethmalani sends Rs 2 crore bill to Arvind Kejriwal, quits as Delhi CM’s counsel.
• DG Prisons denies reports by DIG Roopa over special treatment to VK Sasikala in Bengaluru jail.
• Karnataka transfers the 2 jail officials for involving in public spat over allegations.
• Monsoon 2017: Heavy rains continue to lash several parts of India; Assam, Odisha, Gujarat flooded.
• Gujarat leader Shankersinh Vaghela quits Congress, not to join BJP or any other political party.
• Achal Kumar Joti takes over as new Chief Election Commissioner.
• US Senate blocks proposal to repeal and replace ObamaCare.
• Pakistan SC concludes Panama case hearing; Nawaz Sharif disqualified from office.
• Shahbaz Sharif tapped as successor to Nawaz Sharif, Shahid Khaqan Abbasi as interim PM.
• North Korea says successfully tests 2 Inter-Continental ballistic missile.
• Qatar changes anti-terror legislation amid Gulf row.
• BCCI names Ravi Shastri as Team India Coach till 2019 World Cup, Bharat Arun as bowling coach,
  Sanjay Bangar as assistant coach and R Sridhar as fielding coach.
• Windies vs India series: India clinch the series by 3-2.
• Women’s World Cup 2017 Final: England beat India by nine runs to clinch title.
• Sri Lanka vs India 1st Test: India wins 1st test by 304 runs.
• Chennai Super Kings announces return to IPL after a gap of two years.
• Wimbledon 2017: Roger Federer claims historic 8th Wimbledon title and Garbine Muguruza wins her
  first Women’s singles title.
• US Open Grand Prix Gold: HS Prannoy beats P Kashyap to claim maiden title.

Business News

• GST launched on July 1 at a special ceremony at Parliament’s historic Central Hall, by President Pranab
  Mukherjee and PM Modi.
• 12% and 18% GST rates can converge in future: Arun Jaitley.
• Tax dept gives 6-month breather to industry on GST compliance.
• Over 12 lakh businesses applied for new GST registration.
• States set up mobile squads for monitoring inter-state movement of goods till e-way bills are rolled out.
• Govt to impose penalty on manufacturers if revised MRP rates not printed on unsold goods.
• Cabinet gives in-principle nod to the merger of ONGC and HPCL.
• Indian Oil Corporation to receive first ever US crude import in October.
• BPCL also plans to buy its first ever U.S. crude oil cargo via tender.
• Saudis to cut August oil exports to lowest level this year, to stay within its OPEC production
  commitment.
• NSE technical glitch: Cash and F&O segments were closed at 9:55 am and reopened at 12:30 pm.
• National Multi Commodity Exchange to merge with Indian Commodity Exchange, creating 3rd biggest
  commodity exchange.
• Vikram Limaye takes charge at NSE, wants to fix regulatory mess first, IPO has to wait.
• Gujarat HC turns down Essar Steel plea against RBI’s insolvency proceedings; raps RBI for giving
  directions to NCLT.
• Centre to link MNREGA wages to CPI-Rural for better hike.
• Centre hikes sugar import duty to 50% to support domestic prices.
• Govt orders LPG prices to be hiked by Rs 4 per month.
• WPI-based inflation eases to its lowest level this year to 0.9% in June from 2.17% in May.
• Railways launches India’s first solar-powered train, will start operations from Saturday.
• RBI nominates Economic Affairs Secretary Subhash Chandra Garg to board of directors.
• Axis Bank reappoints Shikha Sharma as CEO & MD for another 3 years.
• Infosys’ Executive Vice President Ritika Suri and Innovation Fund MD Yusuf Bashir resign from Infosys.
• Alphabet appoints Sundar Pichai to its board of directors.
• SBI cuts savings bank rate to 3.5% from 4% on deposits up to Rs 1 crore.
• Indian Bank files insolvency cases against 7 accounts worth Rs 1,200 crore at NCLT.
• Number of PSBs may go down to 12 as govt mulls consolidation.
• LIC picks over 3% additional stake in Bank of India for Rs 451 crores.
• Max India pulls out Max Life-HDFC Life merger deal.
• IDFC, Shriram Group set to unveil $10 billion merger; get RBI’s verbal nod.
• FIIs buy shares worth Rs 450 crores in Reliance Capital.
• Pakistan rupee drops 3.1%, most in 9 years in apparent devaluation.
• Fundraising via IPOs zooms 73% to Rs 12,000 crore in H1 2017.
• India M&A deal value touch record high of $29.2 billion in January-June.
• Banks need $2.8 billion extra provisioning for bankruptcy cases: India Ratings.
• TCS to wind up operations in Lucknow, to shift most of its projects to Noida.
• Siemens opens its first digital factory in India.
• Microsoft officially ends all support for Windows Phone.
• Lupin enters into agreement with American Academy of Ophthalmology.
• Mukesh Ambani launches Jio Phone, free with Rs 1,500 deposit, unlimited 4G data.
• RIL announces bonus issue of 1:1 at its 40th AGM.
• Six telecom companies underreported revenue by Rs 61,064.5 crores: CAG.
• Vodafone India-Idea Cellular merger deal gets CCI nod.
• Ashok Leyland to electrify trucks and buses.
• India emerge as the world’s fourth largest vehicle market, beats Germany and the UK.
• Govt mulls UDAN for less than 9-seater planes, more incentives for North-East.
• Snapdeal terminates merger talks with Flipkart.
• Future Enterprise exits from FMCG arm, sells nearly 15 crore shares in Future Consumer.
• WhatsApp gets NPCI nod for UPI payment tie-ups with banks.
• Axis Bank buys FreeCharge from Snapdeal for $60 million.
• Walmart to invest Rs 900 crores to open 15 outlets in Maharashtra.
• Amazon India’s $500 million food retail investment gets govt nod.

Q1 Results

• Infosys’s Q1 net profit comes at Rs 3,483 crores, revenue at Rs 17,078 crore; retains FY18 constant
  currency revenue growth guidance at 6.5-8.5%.
• TCS Q1 profit sinks 10.1% QoQ to Rs 5,945 crores, while revenue declined 0.2% to Rs 29,584 crores.
• Wipro’s Q1 net profit comes at Rs 2,077 crores, announces Rs 11,000 crore buyback plan.
• HCL’ Q1 profit fell 6.6% QoQ to Rs 2,171 crores, revenue up by 0.8% to Rs 12,149 crores and dollar
  revenue by 3.7% to $1,884.2 million.
• Tech Mahindra’s profit grew 36% QoQ to Rs 799 crores, revenue down 2.12% to Rs 7,336.1 crores,
  dollar revenue grew by 0.6% to $1,138.1 million.
• Mindtree Q1 net profit jumps 25% QoQ at Rs 121.7 crores; revenue at Rs 1,289.5 crores.
• ICICI Bank reports Q1 profit at Rs 2,049 crores, NII at Rs 5,589.84 crores; GNPA increased to 7.99% but
  NNPA declined to 4.86%.
• Axis Bank’s Q1 profit fell 16% YoY to Rs 1,306 crores, GNPA declined to 5.03% though net NPA up at
  2.3%.
• Kotak Mahindra Bank’s Q1 net profit comes at Rs 913 crores, NII at Rs 2,246 crores.
• HDFC Bank’s profit grew by 20.2% YoY to Rs 3,893.84 crores, NII increased 20.4% to Rs 9,370.40
  crores.
• Canara Bank Q1 net profit rises 9.89% YoY to Rs 251.6 crores, NII comes at Rs 2714 crores.
• Indian Bank’s Q1 profit up 21.2% YoY to Rs 372.4 crores, net NPA declines to 4.05% from 7.39%.
• IDFC Bank’s Q1 profit grew sharply by 65.3% YoY to Rs 437.6 crores, NII fell 22.2% to Rs 388 crores.
• HDFC Q1 net profit comes at Rs 1,556 crores, gross NPA rises to 1.12%.
• Ashok Leyland’s Q1 profit drops by 61.7% YoY to Rs 111.2 crores, revenue falls 0.4% to Rs 4,514.4
  crores.
• Bajaj Auto’s Q1 profit falls 5.6% to Rs 924 crores, incurs one-time charge of Rs 32 crores on GST
  transformation.
• Hero MotoCorp Q1 net profit up 3.5% YoY at Rs 914 crores, revenues grew 7.5% at Rs 8,744.6 crores.
• Maruti Suzuki’s Q1 profit came at Rs 1,556.4 crores and revenue at Rs 19,777.4 crores.
• Bharti Airtel’s Q1 profit came at Rs 617.7 crores, revenue reported at Rs 21,958.1 crores.
• RIL’s consolidated net profit comes at Rs 9,079 crores.
• Dr Reddy’s Labs Q1 net profit drops 57% to Rs 66.6 crores, revenues rise 3% to Rs 3333 crores.
• HUL Q1 profit jumps 8.5% to Rs 1,283 crores; reports 4.77% increase in revenue at Rs 9,222 crores.
• ACC’s consolidated revenue for the quarter comes at Rs. 3453 crores, registering 19.9% yoy increase.
• UltraTech Cement Q1 profit rises 14.9% to Rs 890.6 crores, revenue up 6% to Rs 7,520.3 crores.
• Air India’s net loss narrowed to Rs 3,643 crores and operating profit rose to Rs 300 crores in FY17.