Economy / Market Snapshot – November, 2018

General News

• Assembly elections: Chhattisgarh recorded 72% voter turnout in the last phase; Madhya Pradesh,
  Mizoram recorded 75% voter turnout.
• J&K Governor Satya Pal Malik dissolves assembly; PDP-NC-Congress alliance and PC’s Sajad Lone with
  BJP support stake claims to form govt.
• India, Australia ink 5 pacts as President Ram Nath Kovind meets PM Morrison.
• Vice-President Naidu embarked on 6-day visit to Botswana, Zimbabwe, Malawi.
• PM attends East Asia Summit in Singapore; meets US Vice President Mike Pence, discusses Indo-US ties.
• PM Modi attend swearing-in of new Maldives President Ibrahim Mohamed Solih.
• South Korean First Lady Kim Jung-sook meets PM Modi as official representative of S Korea.
• Sushma Swaraj meets Laotian counterpart, holds talks on IT, defence and trade & investment.
• NSA Ajit Doval and Chinese Foreign Minister Wang Yi hold the 21st round of border talks in China.
• AP CM Chandrababu Naidu proposes anti-BJP front to ‘Save Democracy’; meets Sharad Pawar, Farooq
  Abdullah, Kumaraswamy, HD Deve Gowda, DMK chief MK Stalin, Mamata Banerjee.
• Vice President Venkaiah Naidu lays foundation stone of Kartarpur corridor in Punjab.
• Union Ministers Harsimrat Kaur Badal and Hardeep Singh Puri, Navjot Singh Sidhu attend the Kartarpur
  corridor ceremony in Pakistan inaugurated by PM Imram Khan.
• PM Modi inaugurates Kundli-Manesar-Palwal expressway and Delhi Metro line in Haryana.
• First multi-modal terminal constructed on river Ganga inaugurated by PM.
• PM Modi flags off City Gas Distribution (CGD) projects implementation across 122 districts.
• Cyclone Gaja wreaks havoc in Tamil Nadu, claims 45 lives; CM seeks ₹15,000 crore aide from Centre.
• Shutting down Tamil Nadu’s Sterlite plant unjustified: National Green Tribunal.
• Karnataka bypoll results: Congress-JD(S) combine scores 4-1 victory.
• UP cabinet approves renaming of Faizabad as Ayodhya, Allahabad as Prayagraj.
• Rajasthan: Congress fields BJP veteran Jaswant Singh’s son Manvendra Singh against CM Vasundhara
  Raje; Ashok Gehlot, Sachin Pilot to contest elections.
• Madhya Pradesh: Congress’ Arun Yadav to take on CM Shivraj Singh Chouhan.
• Telangana assembly polls: Sonia Gandhi holds first-ever rally in state.
• Tribal farmers call off protest as Maharashtra govt vows to fulfil demands.
• Farmers across India on protest in Delhi demanding loan waivers and better prices for their produce.
• Supreme Court agrees to review Sabarimala temple verdict in Open Court on January 22.
• Devaswom board moves SC seeking more time to implement verdict.
• Northeastern states agree to implement Real Estate Regulation Act (RERA).
• Odisha House passes resolution proposing 33% reservation for women in Parliament, state assemblies.
• CBI vs Govt: Citing breach of confidentiality, furious SC adjourns Alok Verma hearing.
• SC declines early hearing of pleas in Ram Janmabhoomi Babri Masjid title dispute case.
• Union Minister Ananth Kumar dies at 59; Kannada actor and ex-union minister Ambareesh passes away.
• UP govt’s Deepotsav sets world record for lighting over three lakh diyas on banks of River Sarayu.
• SC rejects CBI’s appeal challenging Delhi HC order quashing charges against accused in the Bofors case.
• SC permits “green firecrackers”; fixes a two-hour time period for bursting them on Diwali.
• Madras HC quashes I-T Department’s criminal prosecution against Chidambaram’s family.
• India, China agree to take measured steps to strengthen military ties, enhance exchanges.
• Army inducts 3 major artillery gun systems, including American M777 Howitzers.
• ISRO launches GSAT-29, the heaviest satellite and HysIS observation satellite, 30 others with PSLV-C43.
• India’s first nuclear ballistic missile submarine INS Arihant, completed its first deterrence patrol.
• Pricing of Rafale jets can be discussed only if facts on deal come in public domain: SC.
• India sees 24% drop in malaria cases, Odisha best performer in fight against the disease: WHO.
• PM Modi and world leaders attend G-20 Summit in Argentina.
• US restores Iran sanctions lifted under Obama nuclear deal.
• US Mid-Term Polls: Democrats take control of the House of Representatives.
• US Attorney General Jeff Sessions resigns at Trump’s request.
• North Korea threatens to resume nuclear work without sanctions relief.
• Mike Pence, Shinzo Abe agree to keep sanctions on North Korea to achieve denuclearisation.
• US federal judge bars Trump govt from refusing asylum to immigrants who cross the border illegally.
• CIA didn’t ‘conclude’ that Saudi Crown Prince ordered journalist’s murder: Donald Trump.
• Deadliest fire in California history kills 42 people scorching 154,000 acres.
• UK and EU agree draft declaration for Brexit deal; UK parliament to vote on deal on December 11.
• India and 11 countries attend Afghan peace talks with Taliban hosted by Russia at ‘non-official level.
• Sri Lankan President dissolves Parliament, calls for snap polls on January 5.
• Sri Lanka’s parliament passes no-confidence vote against newly appointed PM Rajapaksa.
• Pakistan PM Imran Khan meets China’s XI Jinping; sign 16 agreements to curb poverty in Pakistan.
• South Korean’s Kim Jong Yang elected Interpol President.
• World leaders mark 100 years since end of World War I with solemn ceremonies.
• India vs Australia T20: 3-match series tied as rain plays spoilsport.
• India vs West Indies: India wins the 5 match ODI series 3-1 and sweeps 3 match T20 3-0.
• ICC Women’s World T20: India crash out in semis; Australia thrash England to lift fourth title.
• Hockey World Cup 2018: India hosts the world’s top 16 teams; hopes to end 43-year title wait.
• Rahul Dravid becomes 5th Indian player to be inducted into ICC Hall of Fame.
• Rohit Sharma sets record, becomes first batsman to score four T20I centuries; Mithali Raj becomes India’s
  highest T20I run scorer.
• World Boxing Championship 2018 Final: Mary Kom makes history, wins record 6th Gold.

Business News

• RBI board meet: RBI agree to set up a panel for sharing surplus and to restructure loans of SMEs.
• India does not need money from the RBI in the next six months: Finance Minister Arun Jaitley.
• RBI starts process to set up digital Public Credit Registry for capturing all details of borrowers.
• Governor Urjit Patel appears before a parliamentary panel to brief on demonetisation and NPA situation.
• PM Modi announces a 12-point package for Micro, Small and Medium Enterprises (MSMEs).
• EV infra policy soon; individual can set up charging station for commercial use: Power Minister.
• Centre decides to set up a domestic Gold Council in India.
• India’s GDP grew by 8.5% in the FY 2010-11 and not at 10.3% as previously estimated: CSO.
• Make in Odisha Conclave 2018 bags investment worth ₹4,19,574 crores.
• Govt authorises PSU bank chiefs to block wilful defaulters’ exit from India.
• NSE launches, NSE goBID, online platform for retail investors to buy G-sec.
• HCL Tech, Bajaj Finance to replace Wipro, Adani Ports in BSE Sensex from December 24.
• Indian rupee breaches 70/$ as crude oil softens.
• Fed leaves rates unchanged, says US economy strong, notes slowing in business investment.
• Trump administration imposes restrictions on technology exports to Chinese firm on security grounds.
• 50 Indian objects face warmth as US revokes duty-free privileges on import of 90 merchandise.
• US pushes ahead with Iran oil sanctions but grants waivers to 8 countries including India.
• US imports rise to record $266.6 billion despite protectionist policies.
• US-China discord dominates in Papua APEC summit; Russia warns against protectionism.
• IMF links Pakistan bailout talks to FATF gray list; demands details of its financial aid deal with China.
• Industrial and Commercial Bank of China sets up $200 million fund for investing in Indian MSMEs.
• Bitcoin sinks to new 13-month low, touches $3,900.
• Mahindra Electric Mobility opens ₹100 crore manufacturing hub in Bengaluru.
• Volvo Cars to be the first company to locally assemble plug-in hybrids in India.
• Fiat to discontinue Punto and Linea in India, focus on Jeep.
• Tesla cuts China car prices to absorb hit from trade war tariffs.
• Tata Sons says in preliminary talks with Jet Airways around a deal.
• Oil declines to 7-month low as worldwide supply anxieties ease; Brent oil drops under $60 for first time
  since April.
• Airtel, Reliance Jio, BSNL roll out alternate digital KYC process after SC verdict on Aadhaar.
• Bharti Airtel kicks off Africa IPO plan, appoints 8 global banks.
• Samsung unveils Infinity Flex, the much-awaited ‘foldable’ phone.
• IL&FS Financial Services’ exposure to group firms breaches RBI norms: Uday Kotak-led board.
• Kotak, L&T, NBCC, 2 others submit Express of Interest to take over bankrupt Jaypee Infratech.
• GAIL, GETCO move NCLT seeking rejection of ArcelorMittal bid for Essar Steel.
• Ola forays in New Zealand foray; expands further in the UK, announces rollout in South-West England.
• Amazon in advance stage talks to buy 9.5% stake in Future Retail.
• Walmart raises stake in Flipkart to 81.3%.
• Alibaba sets new Singles Day record with more than $30.8 billion in sales in 24 hours.
• Baba Ramdev-led Patanjali Ayurved enters branded apparel space, aims ₹1,000 crore business in FY20.
• Thousands of Google employees stage walkout worldwide to protest office harassment, inequality.
• Aurobindo Pharma’s US subsidiary enters into agreement with Advent Pharma.
• UIDAI CEO Ajay Bhushan Pandey to replace Hasmukh Adhia as new Revenue Secretary.
• Nissan, Mitsubishi ousts Carlos Ghosn as Chairman following his arrest over financial violations.
• Tesla taps Robyn Denholm to replace Elon Musk as board chair.
• Ashok Leyland’s MD and CEO Vinod Dasari to step down effective March 31, 2019.
• Ashok Chawla resigns as non-exec. Chairman and R Chandrasekhar as Independent Director of Yes Bank.
• Gautam Singhania steps down as Raymond Apparel chairman.
• Vikram Singh Mehta and Ranjan Mathai quit as Independent Directors from Jet Airways board.
• Nearly 50% of India’s ATMs may shut down by March 2019 : Confederation of ATM Industry.
• India jumps 23 spots to 77th rank in ‘World Bank Ease of Doing Business 2019’ rankings.
• 2019 India Skills report: AP tops the list with the highest employability followed by Rajasthan, Haryana.

Q2 Results

• SBI Q2 profit slumps 40.26% YoY to ₹944.87 crores, GNPA lower at 9.95%, NPAs improved to 4.84%.
• PNB reports a Q2 loss of ₹4,532.35 crores on massive provisions and contingencies of ₹9,757.90 crores.
• IDBI Bank posts Q2 loss at ₹3,602.49 crores, provisions surge 102% to ₹6,579.83 crores.
• Bank of India posts Q2 net loss at ₹1,156 crores, NII down 12.74% at ₹2,927 crores, GNPA at 16.36%.
• HDFC Q2 profit jumps 24.71% to ₹2,467 crores on stake sale in AMC business.
• DHFL Q2 profit rises 52.46% YoY to ₹439 crores, total revenue increased 33.78% to ₹3,515.66 crores.
• Ashok Leyland Q2 net profit rises 37% YoY to ₹459.6 crores, revenue up 25.2% at ₹7,608 crores.
• M&M Q2 net profit up 26% YoY at ₹1,778.75 crores; revenue grow 6% to ₹12,790.17 crores.
• Ford India turns profitable after nine years recorded a profit of ₹526 crores in FY18.
• Toyota profit zooms to ₹965 crore in FY18 driven by Innova, Fortuner.
• IOC Q2 profit falls 52.5% to ₹3,247 crores, revenue rose to ₹1.32 lakh crores.
• ONGC Q2 net profit rises 61% to ₹8,265 crores, income from operations rose by 47.5% to ₹27,989 crores.
• SpiceJet posts net loss of ₹389 crores for Q2 on rising fuel cost, rupee depreciation.