Economy / Market Snapshot – November 2022

General News

• Winter session of Parliament to begin on December 7 for 23 days.
• Himachal Pradesh witnessed a record voter turnout at 75.6% in the assembly elections.
• Gujarat assembly elections to be held in two-phase – December 1 and 5, results on December 8.
• Annual G20 Summit opens in Indonesia’s Bali province.
• G-20 Presidency handed over to India; next year’s Summit to be held on 9th and 10th September.
• India attends Moscow format of talks on Afghanistan to eradicate terrorism.
• India reiterates opposition to China’s Belt and Road Initiative at SCO meet.
• Vice President Jagdeep Dhankhar participates in 17th East Asia Summit in Cambodia.
• Rozgar Mela: PM Modi virtually distributes appointment letters to over 71,000 new recruits.
• PM inaugurates month-long ‘Kashi Tamil Sangamam’ in Varanasi, Uttar Pradesh.
• Indian Army approves five Make II projects providing impetus to ‘Atma Nirbhaarta’.
• DRDO conducts successful maiden flight-test of Phase-II Ballistic Missile Defence interceptor.
• Priyanka Gandhi Vadra joins Rahul Gandhi for Bharat Jodo Yatra in Madhya Pradesh.
• Vikram-S, India’s first private rocket successfully lifts off from Sriharikota.
• ISRO conducts 200th consecutive successful launch of RH200 sounding rocket.
• ISRO successfully launches Oceansat-3, eight other customer satellites on their way to different orbit.
• India invites Egyptian President Abdel Fattah El-Sisi to be Republic Day chief guest.
• Govt amends Aadhaar rules; supporting documents may be updated ‘at least once’ in 10 years.
• Govt declares census, NPR database as critical information infrastructure.
• SC upholds 10% reservation for Economically Weaker Sections with 3:2 verdict.
• Rajiv Gandhi assassination case: Centre moves SC seeking review of premature release of 6 convicts.
• Giridhar Aramane takes charge as new defence secretary.
• DY Chandrachud swears in as 50th Chief Justice of India.
• Education Ministry releases Performance Grading Index for 2020-21; Kerala tops among states.
• Uttarakhand to implement MBBS in Hindi along with English from next academic session.
• DMK, allies petition President for ‘sacking’ TN Governor, slam him for ‘communal’ remarks.
• Kerala govt sends ordinance to axe governor as chancellor to Raj Bhavan.
• Autorickshaw explosion leaves two injured in Mangaluru, state govt hands over case to NIA.
• Assam-Meghalaya lifts restrictions on vehicular movement.
• Gujarat Assembly Polls: Isudan Gadhvi becomes AAP’s CM face; Congress, NCP announce pre-poll alliance.
• Former bureaucrat C V Ananda Bose appointed Governor of West Bengal.
• Ex-bureaucrat Arun Goel assumes charge as new election commissioner.
• UN unveils $3.1 billion plan to achieve early warning systems for all against extreme, dangerous weather.
• COP27 summit agrees on climate fund for ‘loss and damage’ in landmark deal.
• Russia agrees to extend key U.N. Ukraine grain export deal by 4 months.
• Rishi Sunak announces air defence package for Ukraine on first Kyiv visit.
• US mid-term elections: Republicans take control of House of Representatives, Democrats retain Senate.
• Former President Donald Trump announces White House bid for 2024.
• Biden, Xi meet at the sidelines of G20 summit amid heightened China-U.S. tensions.
• PM Shehbaz Sharif names Lt Gen Asim Munir as new Pakistan Army chief.
• China reports rise in COVID-19 cases; eases COVID rules after wide protests of lockdowns.
• WHO renames monkeypox as mpox, citing racism concerns.
• World population hits 8 billion mark; India ‘on course’ to pip China as most populous in 2023.
• New metric prefixes voted in as Earth now weighs six ronnagrams(six followed by 27 zeroes).
• North Korea fires missiles; disrupts APEC meeting in Thailand.
• NASA’s next-generation Artemis rocket lifts off 50 years after Apollo.
• Malaysia’s king names reformist leader Anwar Ibrahim as Prime Minister.
• Benjamin Netanyahu and far-right allies secure victory in Israel election.
• PT Usha elected as first woman president of Indian Olympic Association.
• Narendra Modi Stadium gets Guinness record for highest T20 attendance.
• ICC T20 World Cup 2022: England crowned champions, beat Pakistan by 5 wickets.
• New Zealand’s Greg Barclay re-elected as ICC Chairman for 2nd two-year term.
• Women’s cricket to resume in Afghanistan post Taliban takeover as ICC strikes agreement with Govt.
• Shikhar Dhawan to replace Mayank Agarwal as Punjab Kings captain from IPL 2023.
• Kieron Pollard announces IPL retirement, appointed as batting coach for Mumbai Indians.
• AUS vs ENG: Australia clinched 3-0 series win against England in the three match ODI series.
• IND vs NZ: India’s five-series winning streak comes to end, lose first ODI series for 1st time in 10 months.
• FIFA World Cup: France, Brazil, Portugal, Netherlands, Senegal, USA, England qualify for Round of 16.
• Cristiano Ronaldo becomes first male player to score in 5 World Cups.
• Cristiano Ronaldo leaves Manchester United by mutual agreement with immediate effect.
• Spain’s Carlos Alcaraz becomes youngest year-end ATP world number 1.

Business News

• Nirmala Sitharaman concludes pre-Budget meetings with stakeholders.
• Finance Ministry releases Revenue Deficit Grant of ₹7,183.42 crore to 14 states.
• Centre releases ₹17,000 crore GST compensation to states/UTs for April – June.
• Centre sanctions ₹60,000 crore long-term capex funds to states.
• Centre releases 2 instalments of tax devolution totaling ₹1.16 lakh crore to states.
• GST revenues cross ₹1.51 lakh crore in October, 16.6% higher than a year ago.
• India’s April-Sept fiscal deficit touches ₹6.20 lakh crore or 37.3% of annual estimates.
• PM inaugurates first greenfield airport ‘Donyi Polo Airport, Itanagar’ in Arunachal Pradesh.
• Power Ministry revises guidelines to simplify use of charging infrastructure for Electric Vehicles.
• Indian Railways completes over 82% electrification of its complete Broad Gauge network.
• India resumes sugar exports, allows 6 million tonnes till May 2023.
• Textiles ministry clears 20 strategic projects worth ₹74 crore.
• Govt revises guidelines for uplinking and downlinking of Television Channels in India.
• Govt hikes ethanol price to ₹65.60 per litre used for blending in petrol.
• Windfall profit tax on domestically produced crude oil hiked, levy on export of diesel cut.
• ONGC pays ₹5,001 crore dividend to govt; CPSEs pay ₹23,797 crore so far this fiscal.
• Govt approves continuation of interest subvention scheme for short-term crop loans.
• Centre releases draft data protection bill, proposes six types of penalties.
• Centre unveils norms to curb fake reviews on e-commerce sites.
• International passengers no longer required to submit Air Suvidha on arrival.
• RBI allows HDFC Bank, Canara Bank to open vostro account for Rupee trade with Russia.
• RBI launches pilot of digital rupee from Dec 1; 8 banks identified for participation.
• Invest Karnataka 2022: State inks MoUs worth around ₹10 lakh crore.
• India announces additional contribution of $5 million to ASEAN-India science and technology fund.
• Indian pharma exports rise by 4.22% to $14.57 billion during April-Oct in current fiscal.
• UPI processes over 7.3 billion transactions worth ₹12.11 lakh crore in Oct, record high since inception.
• Nykaa gets shareholders’ nod for bonus issue, employee stock options.
• Market Debuts: Bikaji Foods, Archean Chemical, Five Star Business Finance, Inox Green, Rustomjee.
• IRDAI approves changes in capital, ownership, solvency of insurance companies.
• UK court rejects Nirav Modi’s plea against extradition to India.
• NCLT approves the merger of Shriram Transport Finance and Shriram City Union Finance.
• CBI books pen maker Rotomac Global in ₹750 crore bank fraud case.
• Chennai Petro, Indian Oil, partners sign JV agreement for ₹31,580 crore refinery complex in Tamil Nadu.
• US Fed announces fourth straight 0.75-point rate hike taking the benchmark lending rate to 3.75%-4.0%.
• UK unveils emergency budget; increases windfall tax on profits of oil from 25% to 35%.
• China leaves lending benchmarks unchanged for 3rd straight month in Nov.
• UK inflation accelerates to 41-year peak of 11.1%.
• US regulators ban Huawei, ZTE Telecom equipment on data-security risk.
• UK PM Sunak reiterates Britain’s commitment to deliver on new FTA with India.
• Pakistan, China sign MoU for setting up yuan clearing arrangements.
• QatarEnergy signs 27-year LNG deal with China’s Sinopec.
• NDTV promoter entity transfers 99.5% of its equity capital to Adani-owned VCPL; Prannoy Roy resigns.
• CoinSwitch launches cross-exchange crypto trading platform amid down market.
• Tata Sons announces merger of Air India and Vistara; Singapore Airlines to own 25.1% in merged entity.
• Air India gets first Boeing 777-200LR to fly on international route.
• AirAsia sells remaining 16.33% stake in India operations to Air India.
• Agnikul inaugurates its first launchpad & mission control center at Satish Dhawan Space Centre.
• Ola Electric crosses ‘fastest-ever’ 1 lakh vehicle production in 10 months.
• Wipro signs agreement on European Works Council.
• Elon Musk dissolves Twitter’s board of directors, succeeds Parag Agrawal as CEO.
• Twitter to launch gold, grey checks alongside blue verified mark.
• Binance walks away from deal to acquire FTX due to ‘mishandled funds’.
• Visa terminates global debit card agreements with FTX.
• Pegatron assembles Apple iPhone 14 at Chennai facility; Foxconn to quadruple workforce at India plant.
• Twitter begins rolling out $7.99 Twitter blue Verified badge plan with verification, fewer ads.
• Amazon to shut down distribution unit in India, focus on core businesses.
• Nokia, Samsung, Tejas Networks among 42 firms approved for PLI scheme.
• Reliance Jio, Bharti Airtel roll out 5G services.
• Honda Cars India reaches 20 lakh production milestone, invested over ₹10,000 crore till date.
• BSE gets SEBI nod to appoint Sundararaman Ramamurthy as MD, CEO.
• HDFC Bank elevates Kaizad Bharucha as Deputy MD, appoints Bhavesh Zaveri as ED.
• Reliance Industries appoints veteran banker KV Kamath as independent director.
• Thierry Bollore resigns as CEO of Jaguar Land Rover.

Q2 Results

• SBI’s Q2 net rises 74% to ₹13,265 crore on improved interest margins, NII grew 13% YoY to ₹35,183 crore.
• HDFC Q2 PAT rises by 18% YoY to ₹4,454 crore, NII came up by 12.9% at ₹4,639 crore.
• Tata Motors Q2 net loss narrows to ₹944.6 crore, consolidated revenue jumps 29.7% YoY to ₹79,611 crore.
• Ashok Leyland Q2 net profit increases to ₹199 crore, revenues rose 85% YoY to ₹8,266 crore.
• TVS Motor Q2 net profit rises 47% YoY to ₹407 crore, operating revenue grew by 28% at ₹7,219 crore.
• Hero MotoCorp net profit falls 9% YoY to ₹682 crore, revenue rises 7% to ₹9,158 crore.
• L&T Q2 PAT jumps 26% YoY to ₹2,819 crore, consolidated revenue increased by 22.9% to ₹42,762.61 crore.
• Airtel net profit up 89% to ₹2,145 crore in Q2, revenue increased 21.9% YoY to ₹34,527 crore.
• Vodafone Idea Q2 loss widens to ₹7,595 crore on higher expenses.
• LIC Q2 PAT rises 11-fold to ₹15,952 crore; net income up 26% at ₹132,104.13 crore.
• IRCTC Q2 Net profit rises 42% YoY to ₹226 crore, revenue jumps 99% to ₹806 crore.
• ONGC net down 30% at ₹12,826 crore, revenue up 54% ₹38,321 crore; interim dividend at ₹6.75/share.