Economy / Market Snapshot – June 2017

General News

• EC announces dates for Presidential elections; polling on July 17, results on July 20. Vice Presidential
  elections on August 5 and results on the same day.
• Bihar Governor Ram Nath Kovind nominated as NDA presidential candidate; Opposition names Former
  Lok Sabha Speaker Meira Kumar as their candidate
• PM Modi embarked on three-nation tour of Portugal, the US and the Netherlands.
• Stop terror attacks being launched from your soil: India, US tell Pakistan.
• Donald Trump endorses India’s stand on China-Pakistan corridor; reaffirms the US support for India’s
  permanent membership on UN Security Council.
• H1B visa issue failed to find mention in the Modi-Trump talks.
• Earlier, PM Modi embarked on a four-nation tour of Germany, Spain, Russia and France.
• Russia to fund half of the Kudankulam’s 2 new units which cost Rs 50,000 crores.
• India and Pakistan became full members of the Shanghai Cooperation Organisation.
• 3rd International Yoga Day: PM Modi leads celebrations in Lucknow.
• UP announces loan waiver to farmers worth Rs 36,000 crores.
• Punjab CM announces loan waiver for 10.25 lakh farmers, writes off more than Rs 20,000 crores.
• Maharashtra Chief Minister Devendra Fadnavis announces Rs. 34,000 crore farm loan waivers.
• Karnataka to waive off loans of up to Rs 50,000 given to farmers by co-operative banks.
• MP govt okays Rs 6,000-crore loan waiver after farmers’ stir and widespread violence.
• FM Arun Jaitley on farm loan waiver: States should generate funds from own resources.
• Darjeeling stir spreads, trade unions join hands with Gorkhas.
• Sikkim CM Pawan Chamling extends his support to separate Gorkhaland state.
• Mob lynches policeman outside mosque in Srinagar; CM Mehbooba Mufti warns locals of police
  retaliation.
• Yogi Adityanath unveils booklet on achievements marking 100 days in office.
• TN: EC directs FIR against Dinakaran, Palanisamy in connection to the RK Nagar bypolls bribery.
• Puducherry assembly passed a resolution to curtail the powers of Lt Governor Kiran Bedi.
• CBI carries out searches at residence of NDTV’s Prannoy Roy; Mamata, Kejriwal express shock.
• SC issues notice to Centre on cattle ban notification, asks to respond in 2 weeks.
• SC refuses to pass interim order on notification making Aadhaar mandatory for social benefit schemes.
• Aadhaar not mandatory, but those who have it must link to PAN card for IT returns: SC.
• Babri Masjid case: Advani, MM Joshi, Uma Bharti exempted from daily appearance in court.
• Vijay Mallya granted bail in the UK court in the extradition case till December 4, next hearing on July 6.
• Lalu Yadav’s family charged for owning benami assets by tax department.
• Lalu Yadav’s family charged for owning benami assets by tax department.
• Arrested former HC judge C S Karnan sent back to Presidency jail hospital after his health condition
  improves.
• EC concludes the EVM hackathon, refuses to categorise it into a “success” or “failure”, saying that it
  was an ongoing exercise to improve the conduct of elections.
• Emergency, the darkest day for India: PM Modi recalls it on its 42nd anniversary on Mann ki baat.
• Kochi Metro inaugurated; PM Modi rides with Kerala CM Pinarayi Vijayan, ‘Metro Man’ E Sreedharan.
• New ransomware cyber-attack sweeps globe, India’s largest container port JNPT in Mumbai hit.
• Chana Dal makes the latest entry in the Oxford Dictionary.
• Govt announces 149 new post office passport kendras.
• Thiruvananthapuram, Naya Raipur, Rajkot in the new list of 30 cities under the Centre’s Smart City
  Mission.
• ISRO launches its heaviest rocket, GSLV Mk-III D1, carrying 3,1360-kg communication satellite GSAT-19.
• India’s 18th operational Communication Satellite, GSAT-17 launched.
• Border dispute: India, China each deploy 3,000 soldiers at the tri-junction.
• Donald Trump withdraws US from Paris climate accord, says India, China get advantage.
• James B. Comey, the former F.B.I. director testifies that Trump’s conduct fell within “the scope of” the
  F.B.I.’s investigation but that he was not specifically under investigation.
• Rex Tillerson says Trump mulling travel ban to North Korea after Otto Warmbier, American
  student released from North Korea, dies.
• US sets new criteria for visa applicants from six Muslim nations and all refugees.
• UK snap election ends in Hung Parliament; PM Theresa May narrowly wins confidence vote.
• London fire: Many feared dead as massive flames engulf 24-storey Grenfell Tower.
• Saudi Arabia, Bahrain, Egypt and UAE cut diplomatic ties with Qatar over the country’s support for
  Islamist groups. Turkey rejects Arab’s demand to remove Turkish troops from Qatar
• France polls: Macron’s party wins clear parliamentary majority.
• Saudi King names his son and Deputy Crown Prince Mohammed Bin Salman as heir to the throne.
• South Korea’s president vows to end reliance on nuclear power, scraps plan to build more nuclear
  power plants
• India could surpass China to be the most populous country by 2024: United Nations.
• Helmut Kohl, Germany’s reunification Chancellor, dies at 87.
• Indian-origin Leo Varadkar wins leadership race, set to be Irish PM.
• Eurozone, IMF agree Greek bailout payment.
• Pakistan beat India by 180 runs to win ICC Champions Trophy 2017 final.
• Anil Kumble steps down as India’s coach after the differences with Captain Virat Kohli.
• VIVO retains IPL title sponsorship for the next 5 years with a mammoth bid of Rs 2,199 crores.
• ICC T20I Rankings: Virat Kohli retains top spot; Jasprit Bumrah rises to second position.
• India tour of West Indies, 2017: India lead the 5 match series by 1-0.
• Kidambi Srikanth wins Indonesia Open Super Series Premier and Australian Open Super Series titles.
• Rohan Bopanna wins French Open mixed doubles title to clinch maiden Grand Slam.
• Rafael Nadal secures historic ‘La Decima’ as he wins 10th French Open title.

Business News

• India rolls out the biggest tax-reform till date – GST with a midnight session of the House.
• GST council categorises 1211 items under 4 tax slabs.; gives relaxation of 2 months for filing of GST
  returns.
• Govt starts GST awareness drive for consumers, ropes in Amitabh Bachchan as Brand Ambassador.
• Banks not yet prepared for GST roll-out, IBA tells Parliamentary Panel.
• July 1 to be observed as GST Day: CBEC.
• RBI cuts SLR by 50 bps to 20%, keeps repo rate unchanged at 6.25%.
• Fed hikes interest rates despite declining inflation, sets plan for balance sheet reduction.
• European Central Bank (ECB) leaves its benchmark interest rate unchanged.
• Eris Lifesciences, CDSL, AU small finance bank’ IPOs hit the market this month.
• IPO fundraising crosses Rs 10,000-crore mark in first 6 months of 2017.
• RBI issues new Rs 500 notes with inset letter ‘A’; begins printing of Rs 200 notes.
• RBI lays down new Insolvency and Bankruptcy Code.
• Cabinet approves 7th Pay Commission recommendations with 34 changes, to benefit 48 lakh
  employees
• Shaktikanta Das retires as Economic Affairs Secretary; Tapan Ray to take over.
• Shashi Shekhar Vempati takes charge as Prasar Bharati CEO.
• Jeff Immelt steps down as CEO of GE; John Flannery named Chairman and CEO.
• Uber Co-founder Travis Kalanick steps down as CEO, will remain on Uber board.
• Marissa Mayer steps down after Verizon closes $4.48 billion Yahoo acquisition.
• SBI raises Rs. 15,000 crores through India’s biggest-ever QIP.
• Canara Bank, Dena Bank, Syndicate Bank and Vijaya Bank submit consolidation plans to the Finance
  Ministry.
• LIC sets record on claims front, settles 99.92% cases.
• HDFC Life, Max prepare new structure for merger.
• Mutual funds see Rs 41,000 crore outflow in May; Mutual fund exposure to bank stocks at record
  Rs 1.44 lakh crores.
• Indian IT expected to hire 1.3-1.5 lakh people in FY18: NASSCOM.
• Intel announces Rs 1100 crore investment to advance its R&D & innovation in Bengaluru.
• CCI dismisses Airtel’s complaint against RIL, Reliance Jio over free offers.
• India’s 4G speed is three times slower than global average of 17.4 Mbps.
• EU fines Google €2.42 billion for breaching EU antitrust rules.
• Tesla overtakes BMW by value to become fourth-biggest automaker.
• Toyota sells all shares in Tesla as their tie-up to develop electric vehicles ends.
• Michelin inaugurates new R&D centre in Manesar, Haryana.
• Cabinet clears privatisation of debt-ridden Air India; IndiGo expresses interest.
• Govt sells 2.5% stake in Larsen & Toubro, raises $619 million.
• Govt to soon clear Amazon’s proposed FDI in food retail: Harsimrat Kaur Badal.
• Daily revision of diesel, petrol prices started from June 16; Dealers claim Rs 400 crore loss.
• Lenders forum, led by SBI and ICICI Bank approve Rs 86,000 crore Essar Oil sale to Russia’s Rosneft.
• SBI gets mandate to take 3 steel companies-Essar Steel, Bhushan Steel and Electrosteel to bankruptcy
  court.
• India’s crude steel output up 4.5% in Apr-May FY18, World steel output jumps to 143 million tonnes
  in May
• RIL refinances $2.3 billion loans to cut interest cost.
• Natural Rubber production rises by 8.7% to 50,000 tonnes in May.
• NTPC forays into EV charging stations business.
• States’ fiscal deficit soars to Rs 4.93 trillion in FY16.
• Cairn tax dispute: I-T department orders recovery of Rs 10,247 crores.
• Delhi HC allows Singh brothers to sell Fortis stake.
• Flipkart, Snapdeal merger at risk as Azim Premji’s Premji Invest objects.
• Packaged food firms to soon disclose details of GM ingredients on labels: FSSAI.
• Raymond sets up Greenfield garment manufacturing facility in Ethiopia for export to Europe, US.
• MRP, other info of products sold online mandatory from 2018.
• Paytm launches traffic challan payment facility on its app.
• India overtakes China in ease of doing business: Study.
• World Bank projects 7.2% growth rate for India in 2017.
• IMF raises China 2017 growth forecast again to 6.7%, its third increase this year; cites policy support.
• IMF cut its forecast for 2018 US GDP growth to 2.1%, cites Trump fiscal plan uncertainty.
• India ranked top exporter of Information and Communication Technology (ICT) services: UN report.
• World food prices climb in May, import bill to rise in 2017: FAO.
• India’s sea food exports up 23% at to $5.78 billion in 2016-17.
• 114-year-old Taj Palace becomes first Indian building to get trademark.