Economy / Market Snapshot – JULY, 2023

General News

• Monsoon session: Both Houses of Parliament face continuous disruptions over Manipur issue.
• Jagdeep Dhankhar reconstitutes Rajya Sabha panel of vice-chairpersons; half of them women.
• Jaishankar, Derek O’Brien among 11 elected to Rajya Sabha from 3 states.
• Lok Sabha Speaker accepts the no-confidence motion moved by the opposition against the Modi govt.
• PM Modi, President Macron participate in Bastille Day celebrations in Paris;
• PM conferred with France’s highest award ‘Grand Cross of Legion of Honour’.
• PM Modi arrives in UAE for bilateral talks; Energy, defence and food security part of agenda.
• PM Modi holds talks with Sri Lankan President Ranil Wickremesinghe.
• PM Modi chairs 23rd SCO Summit virtually; China’s Jinping, Russia’s Putin, Pakistan’s Shehbaz Sharif joins.
• Ajit Doval meets Chinese diplomat Wang Yi, highlights need to restore peace in border areas.
• EAM S Jaishankar meets Myanmar counterpart; discusses India-Myanmar-Thailand trilateral highway.
• Congress appoints Kanhaiya Kumar as AICC in-charge of National Students’ Union of India.
• 28 opposition parties meet in Bengaluru for 2-day unity meeting to discuss strategies ahead of 2024 polls.
• UPA renamed as Indian National Democratic Inclusive Alliance(INDIA) ahead of the 2024 Lok Sabha polls.
• 39 NDA allies vow to contest 2024 LS polls under Modi’s leadership in resolution.
• Electoral bonds 2023: Sale of 27th tranche begins; SBI authorised bank to issue electoral bonds.
• ECI approves Edappadi K Palaniswami as general secretary of AIADMK.
• Chirag Paswan joins NDA after meeting with JP Nadda and Amit Shah.
• Rajnath Singh inaugurates HAL’s regional office in Kuala Lumpur.
• Ajit Pawar swears in as second Deputy CM of Maharashtra; stakes claim to NCP and party symbol.
• Naveen Patnaik beats Jyoti Basu as 2nd longest-serving CM after Pawan Chamling.
• Karnataka CM Siddaramaiah presents ₹3.27 lakh crore budget; announces new education policy.
• Congress government in Chhattisgarh survives no-trust motion moved by BJP.
• Bengal panchayat poll: TMC bags 34,560 gram panchayat seats, BJP wins 9,621 seats.
• Chandrayaan-3: India’s historic Moon mission lifts off successfully, expected to land on 23 August 2023.
• ISRO successfully launches 7 Singaporean satellites on board PSLV-C56 rocket from Sriharikota.
• Centre eases covid norms, drops random RT-PCR tests for international passengers.
• Monsoon covers entire country six days early: IMD.
• Water level in Yamuna River in Delhi rises due to heavy rainfall in northern part of India.
• MoD, FSSAI sign MoU to promote use of millets, healthy eating practices among armed forces personnel.
• Supreme Court extends Enforcement Directorate chief’s tenure.
• CBI takes over probe, files FIR in Manipur video case.
• Rahul Gandhi moves Supreme Court against Gujarat HC order in ‘Modi surname remark’ case.
• Land for jobs scam: CBI files fresh charge sheet against Lalu, Rabri; names Tejashwi for first time.
• Allahabad High Court extends stay on ASI survey till August 3.
• India’s first ‘Tele-MANAS’ chat-bot to ensure 24X7 services launched in J&K.
• First-ever IIT campus outside India to be set up at Zanzibar in Tanzania.
• Oommen Chandy, former Kerala chief minister and Congress veteran, passes away at 79.
• Russia halts wartime deal that allows Ukraine to ship grain.
• NATO chief says no timetable set for Ukraine’s membership; Volodymyr Zelenskyy calls it ‘absurd’.
• US flies nuclear-capable bombers in a fresh show of force against North Korea.
• US rejoins UNESCO, reversing Trump withdrawal.
• British Parliament passes controversial illegal migration bill, UN says it is against international law.
• Bulgaria agrees to send heavy military equipment to Ukraine for the first time since the invasion.
• French President Macron holds discussions with Wickremesinghe during historic Sri Lanka visit.
• Israel launches biggest military operation in West Bank in 20 years.
• Ex-Lankan President Sirisena pays Rs 15 million in compensation to victims of 2019 Easter bombings.
• Pakistan’s major ruling coalition partners agree to dissolve National Assembly.
• Egypt, Turkey upgrade diplomatic relations by announcing new ambassadors after a decade.
• Record heatwaves sweep the world from US to Japan via Europe.
• South Korean President Yoon Suk Yeol pledges $150 million aid to Ukraine after talks with Zelenskiy.
• North Korean leader Kim Jong Un met with Russian Defence Minister Sergei Shoigu.
• China sends warships and fighter jets near Taiwan during Yellen’s Beijing visit.
• WFI ad-hoc panel hands direct Asian Games entries to Bajrang Punia, Vinesh Phogat.
• Satwiksairaj Rankireddy & Chirag Shetty win Korea Open 2023 men’s doubles title.
• Canada Open 2023: Lakshya Sen beats Lo Shi Feng in the final to clinch the title.
• Dipika Pallikal-Harinderpal Sandhu triumph at Asian Mixed Doubles Squash Championship.
• Lausanne Diamond League 2023: Neeraj Chopra wins javelin event with 87.66m throw.
• India clinch eighth Asian Kabaddi Championship title with thrilling victory over Iran in final.
• India lifts SAFF Football Championships trophy for ninth time
• Satwiksairaj Rankireddy ‘smashes’ Guinness world record with fastest badminton hits.
• ICC announces equal prize money for men’s and women’s teams at ICC events.
• IND vs WI: India win Test series 1-0, ODI series levelled at 1-1.
• IND W vs BAN W T20I: India wins the series 2-1.
• England vs Australi, Ashes: Series tied at 2-2.
• BCCI appoints Ajit Agarkar as chairman of senior men’s selection committee.
• Australia’s Victoria pulls out of hosting 2026 Commonwealth Games.
• Wimbledon 2023: Carlos Alcaraz beats Djokovic to win maiden Wimbledon and second Grand Slam title.
• Czech’s Marketa Vondrousova becomes first unseeded women’s Wimbledon champion.

Business News

• Centre approves draft notification to mandate installation of air-conditioning in truck cabins.
• Cabinet approves amendments to Mines and Minerals Act, allows mining of lithium and other minerals.
• Rajasthan government tables country’s first gig workers bill.
• Centre increases windfall tax on crude oil to ₹1,600 per tonne from zero, effective from July 15.
• Bharat Dal brand: Piyush Goyal launches sale of subsidised chana dal at ₹60 per kg.
• Govt brings down subsidised rate of tomato to ₹80/kg from ₹90/kg.
• 50th GST council meeting: Council okays 28% tax on online gaming, casinos and horse racing
• Council reduces tax on food served in theatres to 5%; MUVs to attract 22% compensation cess.
• India and Tanzania start trade settlements in local currencies.
• RBI, CBUAE sign pacts to promote use of rupee, UAE dirham for cross-border transactions.
• India and Sri Lanka sign network-to-network agreements for the UPI acceptance.
• RBI asks banks to provide options for customers to select card networks.
• GIFT Nifty replaces SGX Nifty; LTIMindtree replaces HDFC in Nifty 50.
• BSE board approves share buyback up to ₹374.80 crore at ₹816 per share via tender offer.
• Piramal Enterprises announces first-ever share buyback worth ₹1,750 crore.
• HMA Agro Industries, ideaForge Technology, Cyient DLM, Senco Gold make their market debuts.
• Reliance demerger: Jio Financial shares valued at ₹261.85 apiece.
• HDFC Ergo becomes subsidiary of HDFC Ltd, sells 36,42,290 equity shares.
• Jio Financial Services partners with BlackRock to launch asset management firm.
• US Fed hikes benchmark lending rate to highest level since 2001 to tackle above-target inflation.
• ECB raises rates to 23-year high; keeps options open for September.
• UK Inflation dips below expectations, reaches 15-month low of 7.9%.
• Saudi Arabia invests $10 billion to build Pakistan’s largest oil refinery in Gwadar .
• Gautam Adani meets Bangladesh PM Hasina, commissions India’s first transnational power project.
• Defence ministry signs contract with HAL for Dornier Aircraft worth ₹458 crore.
• TCS bags multi-year deal from the BBC to transform its finance and payroll functions.
• RIL joins hands with Brookfield Infrastructure and Digital Realty to develop data centres in India.
• Tata Sons announces global battery cell gigafactory in the UK.
• Nissan to invest up to 600 million euro in Renault EV unit as part of new pact.
• Tesla rolls out its first electric pickup, the Cybertruck.
• AirAsia India gets approval to operate flights under Air India Express brand.
• Newest airline FLY91 gets routes under UDAN scheme.
• Go First gets green light from DGCA to resume operations, but with riders.
• SpiceJet repays entire ₹100 crore loan to City Union Bank, settles obligations with Nordic Aviation Capital.
• Tata group set to finalise deal to acquire Wistron factory, become first Indian iPhone maker.
• Meta officially launches Twitter rival Threads, more than 30 million users signed up.
• Foxconn withdraws from India’s semiconductor joint venture with Vedanta.
• Microsoft and Meta expand their AI partnership with Llama 2 on Azure and Windows.
• China Unveils Its Own Open-Source Operating System for Computers to Rival Windows, MacOS.
• Wipro launches ai360; to invest US$1 billion in AI.
• Amazon, Google, Meta, Microsoft and other tech firms agree to AI safeguards set by the White House.
• Maharashtra govt accords final nod for Adani Properties’ Dharavi redevelopment project.
• ITC board gives in-principle approval to demerge hotels business.
• OYO enters premium resorts, hotels category, launches Palette brand.
• Elon Musk rebrands Twitter to ‘X’ in brand overhaul.
• BYJU’S holds EGM, proposes formation of board advisory committee to provide CEO strategic guidance.
• PhonePe sets foot in Point-of-sale device market to raise heat on rival Paytm.
• Walmart buys out $1.4 billion Tiger Global stake in India’s Flipkart.
• Hollywood witnesses first big shutdown in 63 years, actors and writers go on strike.

Q1 Results

• TCS Q1 Net profit rises 16% to ₹11,074 crore, declares dividend of ₹9/share.
• Infosys Q1 PAT rises 11% YoY to ₹5,945 crore, revenue up by 10% to ₹37,933 crore; cuts revenue guidance.
• HCL’s Q1 net profit rises by 7% to ₹3,534 crore, revenue at ₹26,296 crore.
• Tech Mahindra Q1 Net profit down 39% YoY to ₹704 crore, revenue grows 3.5% to ₹13,159 crore.
• Wipro Q1 PAT rises 12% YoY at ₹2,870 crore; firm pegs Q2 revenue guidance at -2% to +1%.
• HDFC Bank Q1 net profit jumps 29% YoY to ₹12,370 crore, NII Jumps 21%.
• Kotak Mahindra Bank Q1 PAT jumps 67% at ₹3,452 crore, NII rises 33% to ₹6,234 crore.
• YES Bank Q1 Profit rises 10% YoY to ₹343 crore; NII up 8% at ₹1,999.6 crore.
• Axis Bank Q1 PAT jumps 40% YoY to ₹5,797 crore; NII rises 27% to ₹11,959 crore.
• Punjab National Bank Q1 net profit jumps four-fold to ₹1,255 crore, NII increased to ₹25,145 crore.
• Federal Bank Q1 Net profit rises 42% YoY to ₹854 crore; NII up 20%.
• IndusInd Bank Q1 PAT rises 33% YoY to ₹2,124 crore, income increased by 28% YoY to ₹12,939 crore.
• Ashok Leyland Q1 net profit soars 747% to ₹576 crore, revenue grew 13.39% to ₹8,151.96 crore.
• Bajaj Auto Q1 Net profit rises 42% to ₹1,665 crore; revenue up 29%.
• Tata Motors Q1 Net profit comes at ₹3,203 crore on JLR boost; revenue jumps 42% at ₹1,02,236 crore.
• L&T Q1 Net spikes 47% to ₹2,493 crore; gets board nod for ₹10,000-crore share buyback at 17% premium.
• HUL Q1 Net profit up 7.9% at ₹2,472 crore, revenue up 6.4% YoY at ₹15,333 crore.
• UltraTech Cement Q1 Net profit rises 7% to ₹1,690 crore, revenue grew 17% YoY at ₹17,737.1 crore .