Economy / Market Snapshot – NOVEMBER, 2023

General News

• Assembly Elections: Mizoram records voter turnout of 78.4%, while Chhattisgarh records 68.15%.
• Rajasthan sees 74.13% voter turnout in assembly polls; Madhya Pradesh sees 77.15%.
• Telangana Assembly Elections: 63.94% voting recorded; Results for all states will be out on December 3.
• Winter session of Parliament will be held from 4-22 December.
• Pradhan Mantri Garib Kalyan Anna Yojana will be extended for next five years.
• Cabinet approves ₹24,104 crore outlay for development mission for particularly vulnerable tribal groups.
• India successfully test-fires ‘Pralay’ missile off Odisha coast.
• Russia to supply, license production of Igla anti-aircraft missiles to India
• Indian Navy, DRDO test indigenously developed naval anti-ship missile.
• PM Modi, Sheikh Hasina jointly inaugurate rail, power sector projects between India, Bangladesh.
• Jaishankar hosts Ambassadors of G20 member countries, guest countries & international organisations.
• Fifth India-US 22 Ministerial Dialogue begins in New Delhi.
• India and Australia exchange views on deepening multifaceted ties in several areas in 2+2 dialogue.
• India, UAE ink MoU to strengthen educational cooperation for students, faculty.
• Sonia Gandhi launches book on Mallikarjun Kharge’s political journey.
• Governor can’t sit on bills on withholding assent, must return them, rules Supreme Court.
• Andhra Pradesh Cabinet gives nod to caste-based census; exercise likely to start after 20 November.
• Bihar Assembly unanimously passes bills to hike caste quotas to 65%, surpassing SC’s 50% cap.
• Former bureaucrat and CM Naveen Patnaik’s trusted aide VK Pandian joins BJD.
• BS Yediyurappa’s son Vijayendra is new Karnataka BJP chief.
• Uttarkashi: 41 rescued workers emerge dazed, smiling after 17 days trapped in collapsed road tunnel.
• ED attaches properties worth ₹751 crore in National Herald probe.
• Govt closely monitoring outbreak of H9N2, clusters of respiratory illness in children in China.
• Kozhikode and Gwalior declared Creative Cities of Literature And Music by UNESCO.
• First woman judge of SC, former TN Governor Justice Fathima Beevi dead.
• Ayodhya Deepotsav sets world record by lighting over 22 lakh Diyas.
• India resumes E-Visa services for Canadians after two months.
• Israeli military reveals underground bunker of Hamas militants under Gaza’s Shifa hospital.
• EU nations jointly condemn Hamas for ‘use of hospitals and civilians as human shields.
• Israel and Hamas agree to temporary ceasefire deal.
• Putin signs law revoking Russia’s ratification of nuclear test ban treaty.
• COP28 Summit calls for accelerated action and higher ambition against escalating climate crisis.
• Xi Jinping arrives in US ; Biden, Xi agree to restart high-level military talks.
• US, South Korea revise deterrence strategy, boost drills over North Korea threat.
• North Korea claims its third attempt to put a spy satellite into orbit was successful.
• South Korea partially suspends 2018 inter-Korean agreement.
• Biden signs temporary spending bill averting government shutdown, pushing budget fight into new year.
• Republican presidential candidate Tim Scott drops out of 2024 race.
• UK interior minister Suella Braverman sacked amid reshuffle.
• David Cameron returns to UK government as foreign secretary.
• Pakistan poll body, President agree on 8 Feb next year as general elections date.
• Former Pakistan PM Imran Khan arrested in additional graft cases while already in Jail.
• Maldivian President asks India to withdraw military personnel, agrees to discuss ‘workable solutions’.
• Christopher Luxon sworn in as New Zealand Prime Minister.
• Sri Lanka SC holds Rajapaksa brothers and top officials responsible for worst economic crisis.
• Philippines announces exit from China’s Belt & Road initiatives.
• Anurag Singh Thakur launches mascot, logo, jersey & theme song for Khelo India Para Games.
• SC sets aside stay imposed by Punjab and Haryana HC on Wrestling Federation of India elections.
• Australia beats India by 6 wickets to win their sixth ICC Cricket World Cup.
• Sachin Tendulkar’s statue gets unveiled in Wankhede stadium.
• Rohit Sharma becomes first batsman to hit 50 sixes in World Cup, breaks Chris Gayle’s record.
• Virat Kohli hits 50th ODI century to beat Sachin Tendulkar’s record.
• Rahul Dravid to remain India head coach, BCCI extends contracts of entire support staff.
• ICC Hall of Fame: Virender Sehwag, Diana Edulji and Sri Lankan de Silva become latest inductees.
• ICC suspends Sri Lanka Cricket with immediate effect, cites government interference.
• IND vs AUS, T20: India leads 5 match series 2-1.
• IPL 2024: Shubman Gill named as Gujarat Titans captain after Hardik Pandya’s move to Mumbai Indians.
• Novak Djokovic clinches year-end No. 1 ranking for record-extending eighth time.
• ATP Finals 2023: Novak Djokovic beats Janik Sinner to win record 7th title.

Business News

• Centre extends PMGKAY scheme for another five years from Jan 1, 2024 till 2029.
• Cabinet approves Terms of Reference for the Sixteenth Finance Commission.
• Centre launches first part of critical minerals auction worth $5.4 billion.
• PM Modi releases 15th instalment of PM-KISAN of ₹18,000 crore.
• Amit Shah launches ‘Bharat Organics’ brand of new cooperative body National Cooperative Organics Ltd.
• Bharat Atta sale kicks off ahead of Diwali; wheat flour to be sold at subsidized rate of ₹27.50 per kg.
• Vaishnaw announces around ₹3,000 crore to be invested in IT hardware sector under (PLI) Scheme 2.0.
• Govt cracks down on deepfakes, issues notices to social media giants.
• Centre suspends 70 lakh mobile numbers due to suspicious activity.
• Amazon, Inland Waterways Authority of India sign MoU to promote cargo movement.
• Asian Development Bank unleashes $170 million wave to transform Kochi’s water landscape.
• Centre blocks Mahadev app, 21 other illegal betting platforms on ED request.
• Madras High Court strikes down Tamil Nadu’s ban on online money games for the second time.
• Maharashtra cabinet approves state’s first export promotion policy designed to boost exports.
• Bengal Global Business Summit: Govt receives ₹3.76 lakh crore investments proposals.
• Karnataka govt approves 62 investment projects worth ₹3,607 crore, to create over 10,000 jobs.
• Centre hikes commercial LPG prices by over ₹100; ATF prices cut nearly 6% after 4 consecutive hikes.
• Govt slashes windfall tax on crude petroleum, diesel exports.
• Govt announces mandatory biogas blending in CNG, PNG.
• Centre receives ₹3,636 crore dividend from Indian Oil Corporation.
• UCO Bank receives RBI approval to join Central Bank Digital Currency initiative.
• NSE and BSE grant approval to ICICI Bank for delisting ICICI Securities shares.
• BSE-listed companies’ market cap hits $4 trillion mark for 1st time.
• Cello World, Mamaearth, ESAF Small Finance Bank, Protean eGov Technologies, ASK Automotive, IREDA,
• Gandhar Oil Refinery, Tata Technologies, Fedbank Financial Services make their market debut.
• TCS’s ₹17,000 crore share buyback program will open on December 1 and close on December 7.
• Fed holds rates at 22-year high, signals concern on yield rise.
• World Bank approves $150 million for Sri Lanka’s banking sector stabilisation.
• US invests $553 million in Gautam Adani’s Sri Lanka port to counter China’s influence.
• REC signs pact with RailTel; to finance infra projects in telecom, IT and railway signalling.
• Gajraj Suraksha’: Railway develops system to prevent trains from colliding with elephants.
• Tata Motors partners up with JLR for development of TaMo’s premium pure electric series Avinya.
• TVS Motor joins hands with Emil Frey group to foray into European market.
• Maruti gets nod from shareholders to fully acquire Suzuki Motor Gujarat.
• Toyota Kirloskar Motor to invest ₹3,300 crore to set up 3rd plant in Karnataka.
• Tata Motors launches registered vehicle scrapping facility in Punjab.
• Airbus signs contracts with Mahindra Aerospace, 3 others for manufacturing of aircraft components.
• HAL, Airbus ink deal to set up repair facility at Nashik .
• HAL, GE to produce jet engines for LCA Mark2, AMCA fighter jets in India.
• Ashok Leyland to invest ₹1,200 crore in its EV arm, Switch Mobility.
• Sweden’s Saab becomes the first foreign company to secure 100% FDI in India’s defence projects.
• UAE inaugurates world’s largest single-site solar power plant ahead of COP28.
• Tata Electronics buys 100% stake in Wistron India, becomes 1st Indian company to make Apple iPhones.
• Apple supplier Luxshare shifts $330 million investment from India to Vietnam amid political tension.
• At UK’s AI Summit developers and govts agree on testing to help manage risks.
• Govt grants approvals to 27 firms including Dell, Foxconn under new IT hardware PLI scheme.
• Intel partners with 8 Indian manufacturers for ‘Make in India’ laptops.
• HCLTech, Cisco team up to drive collaborative environment for hybrid workplaces.
• Meta faces Europe-wide data privacy restrictions for flouting norms with targeted ads.
• Samsung takes on OpenAI’s ChatGPT, unveils its own generative AI bot called Gauss.
• Microsoft unveils its first custom-designed AI, Cloud Chips.
• Vedanta’s arm sets up new unit in Saudi Arabia for copper business.
• India-Australia match: Disney+ Hotstar sees record 59 million concurrent viewers.
• Incentive limit on foreign film production hiked to ₹30 crore.
• Google to pay $74 million annually to Canadian news industry.
• Sam Bankman-Fried found guilty of defrauding FTX customers out of billions.
• India’s October auto sales rise 12.5% on month; Navratri sees record-breaking sales.
• Sahara Group founder Subrata Roy dies in Mumbai hospital after prolonged illness.
• Ashok Vaswani appointed CEO of Kotak Mahindra Bank for three years, effective January 2024.
• HDFC Bank appoints former NABARD chairman Bhanwala as director.
• RBI nod to appointment of Isha Ambani, 2 others as directors of Jio Financial Services.
• RBI approves Hinduja Group directors on board of bankrupt Reliance Capital.
• OpenAI Co-founder and President Greg Brockman quits after CEO Sam Altman was fired over video call.
• Sam Altman returns to OpenAI as CEO amid board overhaul.

Q2 Results

• SBI Q2 Net profit up 8% at ₹14,330 crore; NII grows 12.3% to ₹39,500 crore.
• Bank of Baroda Q2 profit surges 28.3% to ₹4,252.89 crore on better asset quality, higher incomes.
• Tata Motors Q2 PAT at ₹3,764 crore, revenue up 26% to ₹1.05 lakh crore.
• M&M Q2 Profit soars 67% YoY to ₹3,452 crore, revenue increased by nearly 16% to ₹24,310 crore.
• Ashok Leyland Q2 Net profit surges multi-fold to ₹561 crore, revenue up 16.6% to ₹9,638 crore.
• IRCTC Q2 Net profit rises 30.36% to ₹294.67 crore, revenue up 23.51%; declares interim dividend of 125%.
• LIC Q2 Net profit declines 50% YoY to ₹7,925 crore on lower premium income.
• ONGC Q2 Net profit rises 142% to ₹16,553 crore, revenue down 13%; dividend declared.
• Bharti Airtel Q2 Net profit falls 37% to ₹1,341 crore on one-time charge; ARPU rises to ₹203.
• Divi’s Lab Q2 Net profit down 29% to ₹348 crore, revenue came in at ₹1,909 crore up 3%.
• Mamaearth parent Honasa Consumers net profit doubles to ₹30 crore in first results post listing.
• Nykaa Q2 Profit surges 50% YoY to ₹7.8 crore; revenue jumps 22% to ₹1,507 crore.
• Zomato Q2 profitability improves further to ₹36 crore; revenue up 71% YoY to ₹2,848 crore.