Economy Market Snapshot July 2024

General News

• Monsson session of Parliament begins, to go on till August 12.
• Lok Sabha Speaker amends rules to bar MPs from chanting slogans while taking oath..
• Centre constitutes Cabinet Committees on security, economic and political affairs.
• BBJP announces in-charges for 24 states including poll-bound Jharkhand, Haryana.
• Assembly by-polls: Congress, TMC win 4 seats each, BJP bags 2, AAP and DMK get 1 seat each..
• President Murmu appoints 6 new governors; Gulab Chand Kataria replaces Banwarilal Purohit in Punjab..
• President Murmu confers 10 Kirti Chakras, 26 Shaurya Chakras.
• PM Modi holds talks with President Putin at the Kremlin in Russia
• PM Modi receives Russia’s prestigious civilian honour – the Order of St Andrew the Apostle.
• Jaishankar, Wang Yi agree to expedite resolution of border disputes to stabilize relations.
• Jaishankar and Blinken discuss regional and global issues on the sidelines of Quad foreign ministers’
  meeting in Tokyo
• Jaishankar inaugurates India’s first overseas Jan Aushadi Kendra in Mauritius./li>
• Former ambassador to China, Vikram Misri, assumes charge as Foreign Secretary.
• Jal Jeevan Mission achieves historic milestone of 15 crore rural tap water connections across country..
• Three new criminal laws come into force; no more IPC, CrPC, Evidence Act.
• Central Armed Police Forces, seven BJP-led states announce job quotas for Agniveers.
• Delhi Excise Policy Case: CBI files chargesheet against Delhi CM Arvind Kejriwal.
• IAF commemorates 25 years of Kargil victory with ‘Kargil Vijay Diwas Rajat Jayanti’.
• India successfully flight-tests Phase-II ballistic missile defence system.
• ISRO, NASA partner to send Indian ‘Gaganyaatri’ to ISS after August.
• Centre lifts ban on government employees taking part in RSS activities.
• Centre gives more powers to J&K Lt Governor on matters related to police, all-India service officers.
• Hemant Soren takes oath as 13th Chief Minister of Jharkhand.
• Telangana and Andhra Pradesh form high-level committees for post-bifurcation issues.
• Karnataka pauses private jobs quota-for-locals bill after huge backlash.
• Over 250 killed, hundreds missing after 3 landslides hit Wayanad district in four hours amid heavy rain.
• Nearly 23 lakh people affected in 28 districts as floods batter Assam.
• Puri Jagannath Temple’s Ratna Bhandar reopens after 40 years for inventory evaluation
• Prashant Kishor’s Jan Suraaj to become political party, contest Bihar Assembly polls next year.
• Bangladesh Navy signs contract for ‘Made In India’ 800 tons ocean going tug with India’s GRSE.
• National Testing Agency announces centre and city-wise results of NEET-UG.
• SC refuses to cancel NEET-UG 2024 examination & order re-test; counselling to begin on August 14.
• Donald Trump narrowly escaped an assassination attempt during a campaign rally in Butler, Pennsylvania.
• Trump and Vance formally nominated for 2024 presidential election at Republican National Convention.
• US President Biden withdraws from presidential race; endorses Kamala Harris as party’s new nominee.
• Quad members pledge to work towards free, peaceful Indo-Pacific region.
• Ursula von der Leyen re-elected to a second 5-year term as European Commission president.
• Keir Starmer becomes U.K. prime minister after his Labour Party wins huge majority in general election.
• Hamas accepts US proposal on talks to free Israeli hostages
• Venezuela’s President Nicolas Maduro won reelection to a third six-year term.
• Bangladesh, China sign 21 agreements, MoU as PM Hasina meets President Xi.
• Bangladesh top court scraps job quotas that caused deadly unrest.
• KP Sharma Oli appointed as Nepal’s Prime Minister after Prachanda loses confidence vote.
• S Korea & NATO sign agreement on mutual recognition process for military airworthiness certification.
• Presidential Elections in Sri Lanka to be held on 21st of September.
• Pakistan lets 1.45 million Afghans can stay for another year following UN refugee chief’s visit.
• PV Sindhu, Sharath Kamal lead India in parade of nations in Paris Olympics opening ceremony.
• Manu Bhaker bags bronze, becomes first Indian woman shooter to win Olympic medal.
• Manu Bhaker-Sarabjot Singh win bronze, India bag second medal.
• Abhinav Bindra awarded prestigious Olympic order by IOC; becomes first Indian to receive award.
• Gautam Gambhir appointed India men’s cricket head coach.
• India Clinch 5 match T20 Series against Zimbabwe 4-1.
• India wins the 3-match T20 International cricket series over Sri Lanka 3-0.
• Asia Cup Women’s T20 2024: Sri Lanka clinch maiden title with comprehensive win over India.
• Sanath Jayasuriya to replace Chris Silverwood as Sri Lanka coach for white-ball series against India.
• Wimbledon: Barbora Krejcikova wins her second Grand Slam; Novak Djokovic wins second straight title.
• Leander Paes and Vijay Amritraj became the first Asians to be inducted into Tennis Hall Of Fame.
• Spain beat England to be crowned Euro 2024 champions; Spain’s Rodri named Best Player of Euro 2024.
• Argentina defeat Colombia 1-0 to win record 16th Copa America.

Business News

• Finance Minister Nirmala Sitharaman tables Economic Survey 2024, presents Budget 2024-25.
• Economic Survey 2023-2024 lays a six-pronged strategy for India’s Amrit Kaal and Viksit Bharat @ 2047.
• Budget provides ₹1.48 lakh crore for education, employment, skill. fiscal deficit for FY25 reduced to 4.9%
  of GDP.
• Capital gains exemption limit hiked to ₹1.25 lakh; STCG tax rate hiked to 20%, LTCG hiked to 12.5% on
  certain assets.
• ₹15,000 crore financial support announced for Andhra to build Amaravati and boost other development
  activities.
• New tax regime slabs revised, standard deduction hiked to ₹75,000.
• Customs duties on gold, silver and platinum slashed; 15% cut in custom duty for mobile phones, PCBA,
  mobile chargers.
• Central Govt. revises the composition of NITI Aayog.
• Govt implements uniform IGST rate of 5% on all aircraft & aircraft engine parts.
• Ports, Shipping and Waterways Ministry approves ₹46.47 lakh dredged sediment reuse project.
• Union housing and urban affairs ministry extends deadline for Smart Cities Mission till March 2025.
• Govt hikes windfall tax on crude oil to ₹7,000 per tonne from ₹6,000.
• Oil marketing companies slash commercial LPG cylinder prices by ₹30.
• Adani Group’s Vizhinjam Port receives first mothership, San Fernando; puts India in world league.
• Govt sanctions roads for Assam, Tripura to improve connectivity in northeast.
• Four PSU banks pay ₹6,481 crore dividend to govt for FY23-24.
• NABARD arm launches ₹750 crore agri fund to finance startups, rural enterprises.
• SEBI proposes stricter derivatives regulations to enhance market stability.
• Market capitalisation of BSE-listed companies crosses $5.5 trillion for first time.
• Jio Financial Services gets RBI nod to become core investment company.
• IMF reaches agreement with Pakistan for $7 billion extended fund facility.
• CBI court issues NBW against Vijay Mallya in loan default case linked to Indian Overseas Bank.
• NCLT admits Byju’s to insolvency resolution process; NCLAT stays Claim Settlement to BCCI.
• Microsoft – Crowdstrike outage hits users worldwide; airlines, banks, stock exchanges affected.
• HCLTech, IBM join hands for GenAI centre to provide tailored AI solutions.
• Tata Power Renewable Energy, NHPC Renewable join hands for installation of rooftop solar projects.
• IndianOil launches high-speed car racing fuel STORM-X.
• TVS Mobility arm acquires Italy-based automotive components supplier, Roberto Nuti Group.
• Mitsubishi Motors joins Honda-Nissan alliance amidst major auto industry shift.
• Suzuki Motor unveils ₹340 crore fund to support social impact startups.
• Rapido enters unicorn club with $120 million round led by WestBridge.
• Bajaj Auto launches world’s first CNG bike, Freedom 125.
• Bounce Infinity to assemble, sell UK’s Zapp i300 electric two-wheelers in India.
• Tata Communications enhances AI Power with first batch of Nvidia AI Chips.
• Vi allots ₹615 crore of shares to Nokia, Ericsson via preferential issue.
• Google to export India-made Pixel smartphones to Europe, US; trial production begins.
• Acer ties up with Indkal Technologies to enter Indian phone market.
• OPPO and Ericsson sign agreement for global 5G patent cross-licensing, business collaborations.
• Germany to phase out Huawei, ZTE components from its 5G core network.
• Cyient sets up a new subsidiary for its semiconductor business.
• OpenAI enters Google-dominated search engine market with SearchGPT.
• Russia hikes import tariffs for consumer goods from ‘unfriendly countries’.
• China central bank cuts two key rates to support economy.
• India launches UPI in Galeries Lafayette’s flagship Paris store, targets Olympics 2024 boost.
• Meghalaya government launches its own OTT platform Hello Meghalaya.
• Paytm gets government panel nod to invest in payments arm.
• Flipkart partners with American MNC Admiral to launch its home appliances and electronics in India.
• Ola Cabs exits Google Maps, saves ₹100 crore by transitioning to Ola Maps.
• Crypto exchange WazirX offers $23 mn bounty to help recover stolen assets.
• Rising freight costs, container shortages paralyse global trade recovery.
• Aditya Birla Group launches ₹5,000 crore jewellery business brand ‘Indriya’.

Q1 Results

• TCS Q1 Profit up 8.7% YoY at ₹12,040 crore, ₹10 dividend per share announced
• HCL Tech Q1 Net profit rises 20% to ₹4,257 crore; firm declares ₹12 dividend.
• Infosys Q1 Net profit rises 7% YoY to ₹6,368 crore, revenue rises 4% to ₹39,315 crore
• Tech Mahindra Q1 Net profit jumps 23% to ₹851 crore.
• ICICI Bank Q1 Profit jumps 15% YoY to ₹11,059 crore, NII up 7% to ₹19,553 crore.
• Kotak Mahindra Bank Q1 Net profit rises 81% YoY to ₹6,250 crore, boosted by stake sale in subsidiary.
• HDFC Bank Q1 PAT rises 35% YoY to ₹16,174.75 crore; net NPA ratio jumped to 0.39% from 0.33%.
• Reliance Q1 Net profit declines 5.4% YoY to ₹15,138 crore, revenue up 12% to ₹2.58 lakh crore.
• YES Bank Q1 PAT rises 47% on-year to ₹502 crore.
• Maruti Suzuki reports 47% YoY increase in Q1 net profit at ₹3,650 crore, Revenue up 10% to ₹35,531 crore.
• Mahindra Q1 net profit rises 20% to ₹3,283 crore, revenue at ₹37,218 crore.
• SBI Card Q1 Net profit flat at ₹594 crore on higher impairment, asset quality declines.
• Dr Reddy’s Q1 Net profit drops 0.8% to ₹1,392 crore, revenue up 14%.
• PNB Q1 Net profit highest-ever at ₹3,251 crore, NII up 10.2% YoY.
• KFin Technologies Q1 profit jumps 57% to ₹68 crore, revenue rose 31% to ₹237.56 crore.
• Jio Financial Services Q1 Net profit down 5.72% at ₹313 crore.
• InterGlobe Aviation Q1 Profit falls 12% YoY to ₹2,729 crore, revenue jumps 17% to ₹19,571 crore.
• Bajaj Auto Q1 Net profit rises 18% YoY to ₹1,988 crore, revenue jumps 16% to ₹11,932 crore.
• Paytm Q1 Net loss widens to ₹839 crore; revenue falls 36% to ₹1,502 crore.
• IOC Q1 Net profit falls 75% to ₹3,723 crore on low refining margins.