Economy / Market Snapshot – May, 2017

General News

• Babri case: LK Advani, Murli Manohar Joshi and Uma Bharati charged for criminal conspiracy.
• Monsoon rains arrive at southern Kerala coast, Northeast simultaneously.
• SC concludes hearings on Triple Talaq, reserves verdict.
• PM Modi embarks on a four-nation tour to Germany, Spain, Russia and France.
• Turkish President Recep Tayyip Erdogan visits India; India and Turkey decide to increase their bilateral
  trade from $6.4 billion to $10 billion by 2020.
• Mauritius PM Pravind Jugnauth on his visit agree to cooperate with India to step up vigil against
  threats in Indian Ocean; India announces $500 million credit assistance to Mauritius.
• PM Modi visits Sri Lanka, assures support amid China concerns; announces direct AI flight between
  Varanasi and Colombo.
• CBI raids properties of P Chidambaram, Karti over INX Media; ED files money laundering case against
  Karti Chidambaram, Mukerjeas.
• IT conducts raids in Delhi, Gurgaon in benami land deal case linked to Lalu.
• EC demonstrates successful functioning of voting machines, VVPATs; announces EVM hackathon from
  June 3.
• Mutilation of 2 Indian soldiers by Pakistan causes tension across LoC.
• Air Force’s Sukhoi-30 Jet with 2 pilots on board missing; wreckage were found near China border.
• ISRO successfully launches South Asian satellite, GSAT-9.
• WannaCry virus, a cyberattack hits 200,000 victims in 150 countries; experts question North Korea role
  in the cyberattack.
• PM Modi inaugurates India’s longest bridge in Assam, names it after Singer Bhupen Hazarika.
• Sonia Gandhi hosts 17 Opposition leaders for lunch, Nitish Kumar skips the meeting and later meets
  PM Modi.
• Govt issues new cattle slaughter rule; several state governments raise their opposition.
• India, Pakistan knock the doors of ICJ on Kulbhushan Jadhav sentence, ICJ orders Pakistan to stay
  Jadhav execution.
• SC orders six-month jail for Justice Karnan in contempt case; Justice Karnan still elusive petitions SC
  against punishment.
• SC holds Vijay Mallya guilty of contempt, orders him to appear on July 10.
• CBI registers a series of cases against Air India, aviation ministry.
• Nirbhaya case: SC upholds death sentence of 4 convicts.
• Swachh Bharat Rankings: Indore cleanest in India, Mysuru slips to fifth place from first rank.
• Presidential polls: 17 Opposition parties gang up against NDA regime.
• Environment Minister Anil Dave passes away, Harsh Vardhan gets additional charge of the Ministry.
• Tejas Express, India’s newest train, makes its first trip on Monday from Mumbai to Goa.
• EC bribery case: Money laundering case registered against AIADMK’s TTV Dinakaran.
• Rajnikanth announces entry into politics.
• EC cancels Anantnag Lok Sabha bypoll citing poor law and order situation.
• Sacked AAP minister Kapil Mishra lists out allegations against AAP and Arvind Kejriwal.
• Donald Trump visits Saudi Arabia, Israel, Vatican in his first foreign trip.
• US House passes Obamacare replacement bill; downshifts Michelle Obama’s healthy school food
  scheme.
• Trump fires FBI Chief James Comey.
• Hillary Clinton launches new political action group, Onward Together.
• Emmanuel Macron takes office as France’s youngest ever President.
• Iran’s Hassan Rouhani wins second term as President.
• Nepal PM Prachanda resigns to pave way for Nepali Congress Chief Sher Bahadur Deuba.
• Kabul bomb blast: More than 80 dead, scores injured after explosion near embassies in Afghan capital.
• North Korea stages 3rd missile test in 3 weeks.
• Manchester Arena attack: At least 22 dead, 50 injured in suicide bomb attack in UK. ISIS claims
  responsibility.
• Prince Philip steps down from carrying out royal engagements; Former UK PM Tony Blair announces
  return to politics to fight against Brexit.
• Wrestler Bajrang Punia wins gold at Asian Championships.
• Arjun Maini becomes first Indian to win GP3 race.
• Indian fencer CA Bhavani Devi strikes gold in tournament in Iceland.
• IPL 2017: Mumbai Indians nudge Rising Pune Supergiant to clinch third IPL title.
• Champions Trophy: Defending champions India hopes to retain the trophy.
• Pakistan win Test series in West Indies for first time.

Business News

• GST Council finalises tax rates on 80-90% goods and services, 83 services exempt; No decision on tax
  on Gold; Food grains, common-use products to get cheaper.
• Indian stock market indices and US stock market indices reach record highs.
• RBI gets powers for ‘clean banks’ with Presidential nod to NPAs ordinance; outlines action plan to
  implement ordinance on NPAs.
• ICICI Bank dedicates 100 ICICI Digital Villages to the nation, targets 500 more by 2017.
• Bank of England leaves interest rates unchanged and trims 2017 growth forecast.
• Federal Reserve keeps interest rate unchanged.
• Attorney General refuses to give opinion on HDFC Life, Max Life merger, returns file to IRDA.
• Mutual Funds’ asset base crosses Rs 19 lakh crore mark; asset base from smaller cities surge 41% in
  FY 2017.
• CSO announces new series of WPI and IIP data; base year changed to 2011-12.
• BSNL starts satellite phone service through INMARSAT.
• Reliance Jio plans to lease dark fibre laid under BharatNet initiative; in talks with govt.
• Manufacturing sector grows for 4th straight month in April: Survey.
• World food prices fall for third straight month in April.
• Overall job market sees an 11% dip in April, IT worst hit with a 24% fall.
• India’s forex reserves go up $4 billion to touch new high of $379.3 billion.
• US economy grows at tepid 1.2%; business spending softens.
• India to clock 7.1% GDP this year, 7.5% in 2018: UN report.
• India retains World’s highest FDI recipient crown ahead of China and the US: Report.
• Layoffs in Indian IT may continue for 1-2 yrs: Experts.
• IT workers forum FITE (Forum for Information Technology Employees) to register as union as layoffs
  loom large.
• India overtakes China to become the World’s largest two- wheeler market.
• Maruti sells record 144,081 cars in April, domestic volumes up 23%.
• Niti Aayog recommends limiting the registration of petrol and diesel cars via public lotteries.
• Govt planning multi-billion-dollar push for electric vehicles; NTPC to invest Rs 10,000 crores.
• Govt in talks with SoftBank for funding two lakh electric buses: Nitin Gadkari.
• BS 3 fire sale: Car & bike makers suffered a toll of Rs 500 crore on discounts in March.
• Daimler India crosses export milestone of 10,000 trucks.
• A computer failure at British Airways causes chaos for flyers.
• The Real Estate (Regulation and Development) Act, 2016 (RERA) came into effect in 13 states and
  united territories, including Maharashtra.
• OPEC sees much higher oil supply from non-member countries in 2017.
• Iraq replaces Saudi as top oil supplier to India in April: Trade flow data.
• India, Japan JV to set up LNG import terminal in Sri Lanka.
• IOC overtakes ONGC to become India’s most profitable PSU.
• India imposes anti-dumping duty on 47 steel products for 5 years.
• Steel exports jump 142% to 0.747 million tonnes in April.
• Adani reaches royalty deal for $16.5 billion Australia coal mine.
• Paytm launches Payments Bank, targets 500 million customers in 3 years.
• Nisaba Godrej to head Godrej Consumer Products; Adi Godrej to remain as Chairman Emeritus.
• Khadi industry witnesses record sales of Rs 50,000 crores for the first time in India.
• Govt tweaks Startup definition, benefits to flow for 7 years.
• Sahara’s Aamby Valley to be auctioned in June, valued at Rs43,000 crores.
• EU raises eurozone growth outlook despite high uncertainty; 1.7% in 2017 followed by 1.8% in 2018.
• IMF Chief urges eurozone to back Greece debt relief; EU ministers fail to reach deal, delaying release
  of fresh bailout cash.
• Fitch keeps India’s sovereign rating unchanged at BBB- with a stable outlook.
• Moody’s downgrades China, warns of fading financial strength as debt mounts, hints another downgrade is possible; cuts Hong Kong rating too

Q4 Results

• SBI Q4 net profit more than doubles to Rs 2,814 crores; asset quality stable.
• ICICI Bank reports a 3-fold jump in Q4 net profit at Rs 2,025 crores YoY; to issue bonus shares of 1:10.
• Punjab National Bank posts Q4 profit at Rs 262 crores, Net interest income at Rs 3,683.5 crores.
• Bank of Baroda posts profit at Rs 155 crores; expects new NPAs to reduce to Rs 3,000 crores.
• Bank of Maharashtra Q4 loss widens to Rs 455 crores as provisions up 170% at Rs 1,833.4 crores.
• Canara Bank posts Rs 214 crore profit for Q4.
• Bank of India narrows loss to Rs 1045 crores in Q4; asset quality worsens.
• HDFC Q4 profit falls 22% to Rs 2044 crores, NII soars 26%; provisions decline 73%.
• Cognizant reports 26.3% YoY in net income at $557 million, total revenue at $3.55 billion.
• HCL Tech Q4 net profit rises 12% QoQ to Rs 2,325 crores, revenues up 2% higher at Rs 12,053 crores.
• Tech Mahindra’s Q4 net falls 30% to Rs 589 crores, EBIT falls 34.4% to Rs 615 crores.
• HPCL posts 14% rise in Q4 net profit at Rs 1,819 crores, revenues at Rs 58,779 crores.
• IOC reports 85% YoY jump in Q4 net profit Rs 3,720.62 crores, total income up to Rs 1.22 lakh crores.
• Dr Reddy’s Lab Q4 net profit jumps three-fold to Rs 337.60 crores.
• M&M Q4 profit rises 26.3% YoY to Rs 873.72 crores, revenue increases 4.3% to Rs 10,612 crores.
• Patanjali reports Rs 10,561 crore turnover for FY17, eyes 2-fold rise in revenue at Rs 20,000 crores in
  FY18.
• Dabur India Q4 net profit flat at Rs 333.11 crore YoY, total income down 4% to Rs 1,979.72 crores.
• HUL’s Q4 beats Street as profit rises 6% to Rs 1,183 crores, EBITDA up 12% at Rs 1,651 crores.
• Idea posts Q4 loss of Rs 328 crores amid Reliance Jio onslaught.
• ITC Q4 net profit up 12.1% YoY to Rs 2,669 crores.
• L&T Q4 profit jumps 28% to Rs 3,180.41 crores; announces 1:2 bonus issue.