Economy / Market Snapshot – MAY, 2023

General News

• PM Modi dedicates new Parliament building to the nation, ‘Sengol’ placed in Lok Sabha chamber.
• PM releases special stamp, ₹75 coin to mark inauguration of new Parliament building.
• PM Modi attends 2023 Quad Leaders’ Summit in Sydney.
• Quad leaders express deep concern over Ukraine war; mourn its terrible humanitarian consequences.
• G7 Nations urge China to press Russia to end war in Ukraine, respect Taiwan’s status, fair trade rules.
• PM Modi embarks on a six-day visit to Japan, Papua New Guinea, and Australia.
• Rajnath Singh hands over fast patrol vessel landing craft assault ship to Maldives.
• EU Indo-Pacific Ministerial Forum: Jaishankar discusses Indo-Pacific, Ukraine war with his counterparts.
• President Murmu confers 37 Gallantry Awards during Defence Investiture ceremony.
• President Droupadi Murmu inaugurates the country’s largest High Court building in Ranchi .
• PM Modi distributes about 71,000 appointment letters to newly inducted recruits under Rozgar Mela.
• All states to celebrate statehood days of other states also in order to promote Ek Bharat Shreshtha Bharat.
• Arjun Ram Meghwal appointed as Law & Justice Minister; Kiren Rijiju assigned Ministry of Earth Sciences.
• Siddaramaiah sworn in as Chief Minister of Karnataka for second term; D K Shivakumar as Deputy CM.
• Karnataka portfolios: Siddaramaiah keeps Finance, Shivakumar gets Irrigation, Bengaluru development.
• Kerala Governor signs ordinance for stringent punishment for offences against those in health services.
• Thangam Thennarasu replaces Palanivel Thiaga Rajan as Tamil Nadu Finance Minister.
• Sachin Pilot holds Jan Sangharsh Yatra against graft and paper leaks in Rajasthan.
• Ethnic clash erupts in Manipur; Centre takes charge by invoking Article 355.
• People’s Democratic Front merges with Meghalaya’s ruling National People’s Party.
• Nitish Kumar meets Kejriwal, Sharad Pawar; discuss strengthening opposition unity ahead of LS polls.
• Sharad Pawar takes back decision to resign as NCP chief
• Indian wraps up Operation Kaveri; rescues 3,862 Indians from Sudan.
• India, Australia sign migration pact; to open new consulate in Brisbane.
• Centre approves indigenisation of 928 defence items ‘to promote Aatmanirbharta’.
• India, US discuss co-producing jet engines, long-range artillery, infantry vehicles.
• ISRO successfully launches its next-generation navigational satellite – NVS-1 from Sriharikota.
• DRDO & Indian Navy conducts successful maiden test trial of Air Droppable Container -150 in Goa.
• Maiden ASEAN-India Maritime exercise starts in Singapore; ten countries participate.
• Jal Jeevan Mission achieves milestone of providing tap water supply to 12 crore rural households.
• National Medical Commission mandates registration of all medical practitioners with unique ID.
• Governor’s actions illegal but can’t reinstate Thackeray as CM as he resigned before floor test: SC.
• CAG Girish Murmu re-elected as external auditor of WHO for 4-year term.
• Karnataka DGP Praveen Sood appointed as CBI Director.
• Top wrestlers detained as protest against federation chief intensifies.
• Patna High Court puts an interim stay on state govt’s decision to conduct caste-based census.
• CBI files charge sheet against Congress leader Jagdish Tytler in 1984 anti-Sikh riots case.
• Delhi govt has control over services except public order, police and land: SC on Delhi-Centre power row.
• US court approves extradition of 26/11 Mumbai attack accused Tahawwur Rana to India.
• Russia launches ‘largest drone attack’ on Ukrainian capital on Kyiv Day.
• Russian PM Mikhail Mishustin arrives in China for business forum, talks with President Xi.
• Russia, Belarus ink document on tactical nuclear weapon deployment in Belarus.
• Germany unveils €2.7 billion weapons package for Ukraine.
• Zelenskyy meets Pope Francis at Vatican; seeks backing for Ukraine’s peace plan.
• Turkey’s Erdogan wins historic runoff election, extends his two-decade rule.
• Florida Governor Ron DeSantis launches 2024 presidential bid.
• Covid-19 no longer a global health emergency, next pandemic to be more lethal than ever: WHO Chief.
• King Charles and Princess Camilla crowned in historic Coronation celebrations.
• Arab governments vote for Syria’s return to the Arab League after 12-year absence.
• Death toll climbs to 600 as armed conflict continues in Sudan.
• Pakistan, China reiterate to continue cooperation on CPEC.
• China, Afghanistan, Pakistan pledge to enhance cooperation on security, counter-terrorism
• Bilawal Bhutto Zardari attends Shanghai Cooperation Organization meet in Goa.
• Former Pakistan PM Imran Khan arrested; SC declares arrest ‘illegal’, orders his immediate release.
• Cyclone Mocha: Super cyclone, equivalent to 4 hurricanes, hits Myanmar, Bangladesh.
• IPL 2023: Chennai Super Kings beat defending champions Gujarat Titans to clinch 5th title.
• Shubman Gill wins Orange Cap with 890 runs, Md Shami clinches Purple Cap with 28 wickets.
• World Test Championship final: Ishan Kishan replaces KL Rahul in India squad against Australia.
• Shubman Gill becomes first batter to score hundred in Test, ODIs, T20I, IPL in calendar year.
• Pakistan appoint former New Zealand all-rounder Grant Bradburn as men’s team head coach..
• Malaysia Masters 2023: Prannoy defeats Weng, wins maiden BWF World Tour Title
• Neeraj Chopra creates history, becomes world number 1 in men’s javelin throw rankings.
• Sherpa Kami Rita scales Mt Everest for 28th time, sets new world record.
• Italian Open: Kazakhstan’s Elena Rybakina clinches women’s title; Daniil Medvedev wins men’s title.

Business News

• RBI withdraws ₹2000 note from circulation, to remain legal tender; can be exchanged at banks on or before September 30, 2023.
• Digital Rupee: RBI launches expand e-Rupee pilot to include more banks.
• India achieves highest ever GST revenue collection of over ₹1,87,000 crore in April 2023.
• Government lowers threshold for GST e-invoicing to ₹5 crore.
• Manufacturing PMI hits 4-month high in April to 57.20; WPI declines for 11th straight month to -0.92%.
• PM Modi and Japan’s Kishida discuss cooperation in green hydrogen, semiconductors.
• Centre inks MoU with Japan agency to develop high-speed rail stations.
• India, EU affirm commitment to work together on common priorities for WTO-related issues.
• India and European Union agree to coordinate their policies in strategic semi-conductor sector.
• Centre to roll out pan-India mobile tracking system to aid finding lost devices.
• Govt bans import of 928 items to promote domestic defence industry.
• Defence exports surge to ₹16,000 crore in FY2022-23, from ₹686 crore in FY2013-14.
• Centre announces 60-day time limit for approval in a bid to fast-track M&As.
• Finance Ministry permits 22 finance companies to undertake Aadhaar-based verification of clients.
• Govt unveils UDAN 5.1 to enhance connectivity to remote areas through helicopters.
• Govt cuts subsidy on electric 2-wheelers to ₹10,000 per kWh from existing ₹15,000 per kWh.
• Cabinet clears fertiliser subsidy cut, PLI scheme for IT hardware.
• Centre asks states to crack down on outdoor advertisements of betting, gambling platforms.
• International debit, credit card spends of up to ₹7 lakh a year exempt from 20% TCS.
• Centre makes tests mandatory for exporting cough syrups from June 1.
• India Post signs MoU with Confederation of All India Traders and Tripta Technologies for logistics services.
• Puri – Howrah, Delhi – Dehradun, Guwahati-New Jalpaiguri Vande Bharat Express trains launched.
• Andhra CM Y.S.Jagan Mohan Reddy launches ₹5,156 crore Machilipatnam port works.
• Tamil Nadu govt signs MoUs with Japan, Singapore based firms.
• Mankind Pharma, Nexus Select Trust make their market debuts.
• Adani-Hindenburg: Supreme Court gives SEBI extension till August 14 to complete probe.
• NCLT dismisses IDBI Bank’s insolvency plea against Zee Entertainment.
• NCLAT upholds Go First bankruptcy proceedings in a setback to lessors.
• US Fed hikes interest rates by 25 basis points, signals a pause.
• House OKs debt ceiling bill to avoid default, sends Biden-McCarthy deal to Senate.
• China’s Central Bank keeps interest rates unchanged, adds more liquidity as recovery struggles.
• UK inflation falls to lowest level in over a year; CPI drops to 8.7%.
• Pakistani rupee plunges to record low of 299 against US dollar.
• Australia govt to change petroleum tax, LNG projects to pay more.
• JPMorgan to buy embattled First Republic Bank after rescue efforts fail.
• G7 calls for adoption of international technical standards for AI.
• South Korea’s Hyundai to invest $2.45 billion in India.
• Tesla proposes new EV plant in India for domestic sales, exports.
• Garuda Aerospace, HAL subsidiary tie up for drone manufacture.
• China’s first domestically built passenger plane successfully makes its maiden commercial flight.
• TCS led consortium secures ₹15,000 crore order from BSNL for nationwide 4G network deployment.
• Cisco to manufacture from India in diversification move.
• Foxconn to set up $500 million manufacturing plant in Telangana; will create 25,000 jobs.
• Nvidia unveils more AI products after $184 billion rally.
• Zoom gets pan-India telecom licence to offer telephone services to enterprise customers.
• Paytm partners with NPCI to launch Paytm SBI Card on the RuPay network.
• Aurionpro Payments gets in-principle nod from RBI to operate as payment aggregator.
• PhonePe gets another $100 million from General Atlantic; total funding rises to $850 million.
• Google Pay launches RuPay credit cards support on UPI in India.
• NTPC, NPCIL sign joint venture agreement to develop nuclear power projects.
• Uber partners with GeM portal to offer taxi services to govt offices, agencies, PSUs at fixed price.
• Edtech major Byju’s raises ₹2,000 crore in fresh funding from US investment firm.
• Microsoft announces Windows Copilot, an AI personal assistant for Windows 11.
• Berkshire shareholders vote to keep Warren Buffett as chairman.
• Hinduja Group chairman S P Hinduja dies in London at 87.
• Ajay Banga Selected 14th President of the World Bank.
• L&T names S N Subrahmanyan as CMD; A M Naik to be Chairman Emeritus.
• Elon Musk announces Linda Yaccarino as new Twitter CEO.
• Paytm Payments Bank gets RBI nod to re-appoint Vijay Shekhar as part-time chair for a year.

Q4 Results

• SBI Net profit zooms 83% YoY to ₹16,695 crore, NII rises 29% to ₹40,393 crore, dividend at ₹11.30 /share.
• Punjab National Bank’s Q4FY23 profit surges six times to ₹1,741.11 crore; NII rises 30% to ₹9,499 crore.
• Karnataka Bank Q4 Net profit up 171.5% YoY at ₹353.53 crore, NII up 27.15% at ₹860.05 crore.
• HDFC net profit rises 19% YoY to ₹4,425 crore in Q4; NII climbs 16% to ₹5,321 crore.
• LIC Q4 Net profit rises five-fold to ₹13,191 crore, total income declines to ₹2,01,022 crore.
• Ashok Leyland Q4 PAT falls 17% YoY to ₹751 crore, revenue rises 33% to ₹11,626 crore.
• Tata Motors clocks profit of ₹5,408 crore in Q4; revenue jumps 35% YoY to ₹105,932 crore.
• Hero MotoCorp Q4 net up 31% at ₹811 crore; total income at ₹8,672 crore.
• TVS Motor Q4 Profit up 21% at ₹336 crore, revenue at ₹8,031 crore.
• Bharti Airtel Q4 net profit soars 50% YoY to ₹3,006 crore, revenue surges by 14% to ₹36,009 crore.
• Paytm logs ₹7,990 crore revenue in FY23, becomes India’s highest earning new-age firm.
• ITC Q4 Profit surges 23% YoY to ₹5,175 crore; revenue rises 7% to ₹19,058 crore.
• Biocon Q4 Profit grows 31% YoY to ₹313 crore, revenue surges 57% to ₹3,774 crore.