Economy / Market Snapshot – July, 2021

General News

• Monsoon session of Parliament: Both houses face repeated adjournments over Pegasus, farm laws.
• All citizens aged 18 and above to be vaccinated by December 2021: Health Ministry tells Parliament
• 36 new ministers take charge after Cabinet revamp; 7 promoted, 12 ministers dropped.
• PM Modi offers India’s Co-WIN platform to the world for adaptation to local use.
• India COVID tally touches 31.6 million, 470 million vaccine doses administered so far.
• Active cases account for 1.28% of total infections; recovery rate improves to 97.34%.
• Global Coronavirus caseload crosses 198.5 million; US cases surpass 35.7 million.
• PM Modi inaugurates, lays foundation stones of projects worth over ₹1,500 crore in Varanasi.
• Tirath Singh Rawat tenders resignation as CM of Uttarakhand; Pushkar Singh Dhami takes oath as CM.
• Union Minister Thawarchand made Karnataka Governor; 7 other States get new Governors.
• Basavaraj Bommai sworn in as the 30th Chief Minister of Karnataka.
• S Jaishankar holds delegation level talks with Iranian, Russian and Georgian couterparts.
• S Jaishankar discusses outstanding issues along the LAC in the Western Sector with China’s Wang Yi.
• US Secretary of State Blinken meets PM Modi, discusses regional challenges, cooperation on COVID.
• President Kovind visits J&K, Ladakh; pays tributes to Kargil martyrs at war memorial in Baramulla.
• Navjot Singh Sidhu named Punjab Congress Chief with 4 working Presidents.
• YS Sharmila launches her political party, named ‘YSR Telangana Party’.
• Puri takes out Lord Jagannath’s Rath Yatra without devotees amid COVID-19.
• Phones of 50,000 people targeted using Pegasus spyware; includes over 40 Indian journalists, politicians.
• Timeline for Aadhar linking with ration card extended upto Sept 30.
• Two explosive devices dropped from a suspected drone on the Indian Air Force Station in Jammu.
• US Navy hands over first two MH-60R multi role helicopters to India.
• Fresh batch of 3 Rafale fighter jets land in India after flying 7,000 km non-stop from France.
• DRDO successfully test-fires new-generation Akash surface-to-air missile.
• GAVI signs COVID-19 vaccine supply deals with Sinovac, Sinopharm for COVAX.
• UNICEF inks deal to supply of 220 million COVID vaccine doses for African Union member states.
• United Arab Emirates becomes the world’s most vaccinated nation, vaccinates 72.1% of its population.
• Brazil suspends decision to import four million doses of India-made Covaxin..
• UK achieves its July-end vaccination goal, govt says all adults offered one jab.
• Over half of Europe’s adult population ‘fully vaccinated’ against COVID-19: EU.
• 17 European countries approve Covishield for ‘Green Pass’.
• Newly-elected Nepal PM Sher Bahadur Deuba wins vote of trust in Parliament.
• President Joe Biden signs three bills to overturn Trump-era rules.
• President Biden hosts Chancellor Merkel at White House in her final visit to US as head of the state
• Joe Biden, Iraq’s PM Mustafa al-Kadhimi seal agreement to end U.S. combat mission in Iraq.
• US troops leave Afghanistan’s Bagram airfield after nearly two decades.
• Taliban delegation meets Chinese Foreign Minister, discusses current Afghan situation.
• North, South Korea agree to restore severed communication links as leaders seek to rebuild ties.
• Melbourne joins Sydney in lockdown as COVID-19 spreads in Australia.
• Unprecedented heatwave claims as many as 500 people in Western Canada.
• NASA awards $178 million Jupiter moon mission contract to Elon Musk’s SpaceX.
• Tokyo Olympics: Mary Kom, hockey captain Manpreet Singh India’s flagbearers at opening ceremony.
• Mirabai Chanu wins silver, opens India’s medal account on Day 1.
• Boxer Lovlina Borgohain assures second medal for India.
• Women’s hockey: India beat South Africa 4-3 to keep quarterfinals hopes alive.
• Kamalpreet finishes 2nd in discus qualification to make finals.
• Brisbane picked to host 2032 Olympics without a rival bid.
• India Tour of Sri Lanka: India won the ODI series 2-1 ; Sri Lanka defeats India to clinch T20I series 2-1.
• Dhawan 10th Indian to score 6000 ODI runs, completes 10,000 runs as Opener in International cricket.
• ENG-W beat IND-W England wins series 2-1.
• New Zealand’s Devon Conway and England’s Sophie Ecclestone named ICC Players of the month for June.
• ICC announces new points system for 2nd edition of WTC, Teams to be ranked on percentage of points won.
• BCCI announces schedule for remainder of VIVO IPL 2021 in UAE, MI to face CSK on September 19.
• Ashleigh Barty wins maiden Wimbledon women’s title, Novak Djokovic wins his 6th Wimbledon title.
• Argentina beat Brazil 1-0 to win Copa America, 1st major title in 28 yrs.
• Euro 2020 Final: Italy beat England 3-2 on penalties in London to win their second European Championship.

Business News

• Lok Sabha passes Insolvency and Bankruptcy Code (Amendment) Bill 2021.
• Cabinet approves BharatNet implementation strategy across 16 states through PPP Model.
• Cabinet approves amendment to Limited Liability Partnership Act, 12 offences to be decriminalised.
• Government announces inclusion of Retail and Wholesale trades as MSMEs.
• Centre releases ₹75,000 crore to states and UTs, nearly half of FY22 GST compensation shortfall.
• Centre approves ₹6,322 crore PLI scheme for specialty steel; to create 5.25 lakh jobs.
• Nitin Gadkari inaugurates country’s first LNG facility plant at Nagpur.
• 8 new routes to boost regional aerial connectivity from MP to Maharashtra, Gujarat.
• 59 airports including 2 water aerodromes and 5 heliports operationalized under RCS-UDAN.
• Odisha CM inaugurates Tata Consumer Products’ ₹100 crore tea packaging plant in Gopalpur.
• CBDT extends e-filing of IT Forms 15CA,15CB till 15th August.
• RBI bars Mastercard from adding customers in India from July 22.
• India Pesticides, Zomato, Clean Science, GR Infraprojects, Tatva Chintan make their market debuts.
• Govt to procure 66 crore doses of Covishield, Covaxin at ₹205 and ₹215 per dose, respectively.
• Bharat Biotech commits to supply 500 million doses of Covaxin to Centre for immunisation programme.
• Covaxin offers 93.4% protection from severe COVID, 65.2% immunity against Delta variant.
• MSN Labs, BDR Pharma, Bajaj Healthcare get license deal with DRDO for COVID-19 drug 2-DG.
• Dr Reddy’s soft launches Sputnik V vaccine in 50 cities including Delhi and Mumbai.
• India’s Morepen manufactures first test batch of Russia’s Sputnik V vaccine.
• Govt caps trade margin for pulse oximeter, BP monitoring machine, 3 other medical devices.
• NPPA allows 50% price hike for ibuprofen, ranitidine, carbamazepine.
• Maharashtra unveils new EV policy, increases subsidies; aims 10% share in total registrations by 2025.
• Rajasthan announces subsidies for e-2W, e-3W buyers.
• Maruti Suzuki India lines up ₹18,000 crore investment for new manufacturing plant in Haryana.
• Ashok Leyland to invest up to $200 million in EVs via Switch Mobility.
• Tata Motors launches new brand ‘XPRES’ for fleet customers.
• Daimler, Volvo and Traton plan $600 million truck-charging JV.
• Alibaba Backed AutoX Achieves True Driverless Robot Taxi Service In China.
• Ola opens bookings for electric scooter at ₹499; receives 1 lakh reservations in the first 24 hours.
• Ola Electric signs $100 million long-term loan with Bank of Baroda.
• Ceat to invest about ₹1,000 crore capital expenditure for various expansion projects this fiscal year.
• OPEC+ meets to agree oil supply boost as prices rise.
• Zurich airport signs shareholder agreement with NIAL for development of Noida airport.
• Billionaire Richard Branson reaches Space, safely returns to Earth.
• Blue Origin’s first passenger Spaceflight with jeff Bezos & crew successfully complete historic space launch.
• Centre inks MoUs with Microsoft, Amazon, Patanjali for farm data project.
• HCL Technologies selected as a strategic launch partner for Microsoft cloud for Financial Services.
• IBM signs 10-year partnership with Bangalore International Airport for digital transformation.
• TCS enters pact with OTT platform SonyLIV as its technology partner.
• Vijay Mallya declared bankrupt by UK High Court for Indian bank to realise debt.
• Facebook submits compliance report as directed by new IT Law.
• WhatsApp puts privacy policy on hold till data protection bill comes into force.
• Cairn Energy secures French court order to seize 20 Indian government properties.
• Kitex group enters into ₹1,000 crore investment deal in Telangana, to set up factories in Warangal district.
• Adani Group takes over Mumbai airport management, now controls 33% of India’s air cargo traffic.
• World Bank deployed $157 billion to fight pandemic in 15 months.
• IMF approves policy reforms to support recovery of low-income nations.
• Asian Development Bank lowers India’s economic growth forecast for this fiscal to 10% from 11%.
• 130 countries agree to Biden-backed 15% global minimum tax for companies.
• G20 approves global corporate tax rate of at least 15%.
• US Senate passes bill to ban all imports from China’s Xinjiang over allegations of rights abuse.
• Pentagon cancels $10 billion Joint Enterprise Defense Infrastructure contract given to Microsoft.
• Salesforce finalizes $27.7 billion Slack acquisition.
• Verizon Business signs 5G contactless payment deal with Mastercard.
• Byju’s acquires Epic for $500 million; buys Great Learning for $600 million.
• Airtel Business, Cisco partner for connectivity solutions for enterprises.
• •OYO raises $660 million term loan funding from global institutional investors.
• Govt approves up to ₹15,000 crore FDI investment proposal from Voda Idea.
• Reliance Retail acquires majority stake of 66.95% stake in Just Dial for ₹3,497 crore.
• EU fines Volkswagen, BMW $1.036 billion in for emissions cartel.
• France fines Google $593 million over copyright row.
• India’s ranking jumps to 90.32% in 2021 in UN Global Survey on Digital and Sustainable Trade Facilitation.
• RBI clears Shyam Srinivasan’s reappointment as Federal Bank MD & CEO for 3 years.
• Shiv Nadar resigns as MD of HCL, named Chairman Emeritus; C Vijayakumar, President & CEO named MD.
• Kenneth Juster named advisor to Global Board of US India Business Council.
• Jeff Bezos to hand over the job of Amazon chief executive on July 5 to Andy Jassy.
• Aditya Ghosh to join as co-founder Rakesh Jhunjhunwala’s Akasa Airlines

Q1 Results

• Reliance Industries Q1 Profit after tax jumps 67% YoY to ₹13,806 crore, revenue at ₹1.44 lakh crore.
• HDFC Bank Q1 profit rises 14% to ₹7,922 crore, NII rose 14% to ₹17,009 crore, GNPA up at 1.47%.
• ICICI Bank Q1 Net profit rises 78% YoY to ₹4,616 crore as provisions fall; NII rose 18% to ₹10,936 crore.
• Kotak Mahindra Bank Q1 Net profit rises 32% YoY to ₹1,642 crore, NII rose 6% to ₹3,942.
• IndusInd Bank Q1 net profit doubled to ₹1,016 crore, NII increased 8% to ₹3,564 crore.
• Maruti Suzuki Q1 net profit rose to ₹440.8 crore, revenue soars 333% to ₹17,770.7 crore.
• TCS Q1 Profit rises 29% YoY to ₹9,008 crore, revenue at ₹45,411 crore, approves ₹7/share dividend.
• Infosys Q1 Profit rises to Rs 5,195 crore, revenue climbs to Rs 27,896 crore
• Wipro Q1 net profit rises 9% QoQ to ₹3,243 crore, revenues rises 12.4% to ₹18,252 crore.
• HCL Tech Q1 PAT rises by 9% to ₹3,214 crore, revenue at ₹20,068 crore; declares ₹6/share dividend.
• Tech Mahindra Q1 profit jumps 39% YoY to ₹1,353 crore, revenue grew 11.98% YoY at ₹10,197.6 crore.
• Tata Motors Q1 Consolidated net loss narrows to ₹4,451 crore, revenue up 108% YoY at ₹66,406 crore.
• Hindustan Unilever Q1 net profit rises 9.6% to ₹2,061 crore, revenue rose 12.8% to ₹11,915 crore.
• ITC Q1 profit rises 28.6% YoY to ₹3,013.5 crore, revenue jumps 36.4% to ₹12,959 crore.