Economy / Market Snapshot – November 2024

General News

• Winter Session of Parliament commenced on 25th November, to be held through 20th December.
• Both houses faces adjournments amid uproar over Adani, Sambhal issues; Lok Sabha meets for less than an hour in first week.
• 75th Anniversary of India’s Constitution: President Murmu releases commemorative coin and stamp along with copies of the Constitution in Sanskrit and Maithili.
• Lok Sabha extends tenure of joint parliamentary panel on Waqf bill.
• Maharashtra Election Results: Ruling Mahayuti secures a landslide victory.
• By-election results: Congress wins in Wayanad, Palakkad; wins all three seats in Karnataka.
• BJP edges past SP in UP, TMC consolidates position in West Bengal.
• Priyanka Gandhi takes oath as Lok Sabha MP after big win from Wayanad.
• Hemant Soren takes oath as Jharkhand’s 14th Chief Minister.
• Cabinet approves ₹10,700 crore equity infusion in Food Corporation of India.
• Government doubles penalties for stubble burning under new 2024 Amendment Rules.
• Cabinet approves national mission on natural farming, railway projects, and one nation one subscription for research.
• BRICS Summit adopts Kazan Declaration, recognising reforms for the UN and multilateral institutions.
• Cabinet approves PM Vidyalaxmi scheme for affordable education loans.
• Russia’s first deputy Prime Minster calls on PM Modi; discusses trade, energy.
• Jaishankar holds bilateral meet with Saudi counterpart Al Saud.
• PM Modi holds delegation level talks with Spanish PM Pedro Sanchez at Vadodara’s Laxmi Vilas Palace.
• NSA Ajit Doval and US NSA Jake Sullivan discuss regional security and stability in Indo-Pacific.
• Jaishankar meets with Chinese counterpart Wang Yi, discusses border disengagement.
• India and China resume patrolling at friction points along LAC after 4.5 years.
• Nepal, India agree to better coordinate border security.
• PM Modi embarks on 5-day visit to Nigeria, Brazil & Guyana.
• India and Nigeria discuss and identify specific areas of cooperation in fight against terrorism.
• Rajnath Singh embarks on three-day visit to Laos for ASEAN Defence Ministers’ Meeting.
• J&K holds first Assembly session in over six years; NC’s Abdul Rahim Rather elected speaker.
• Jammu And Kashmir passes resolution seeking dialogue with Centre on restoring Article 370.
• Security beefed up in Manipur after surge in violence.
• Conrad Sangma’s NPP withdraws support from BJP-led Manipur govt as violence grows.
• CM Chandrababu Naidu launches ₹860 crore mission to make AP pothole free by Sankranti.
• Delhi air pollution: AQI ‘severe’, visibility low in NCR; GRAP-III restrictions in place.
• DRDO successfully conducts maiden flight test of long range land attack cruise missile.
• India successfully conducts flight test of first long range hypersonic missile off the coast of Odisha.
• K Sanjay Murthy succeeds Girish Chandra Murmu as CAG of India.
• CJI Dr D.Y. Chandrachud retires; Justice Sanjiv Khanna takes oath as 51st Chief Justice of India.
• States not empowered to take over all private properties for distribution to serve common good: SC.
• Supreme Court, in 4-3 verdict, overturns 1967 ruling denying minority status to AMU.
• Indian Coast Guard seizes biggest ever 5-tonne drug haul from fishing boat in Andaman waters.
• Cyclone Fengal: Heavy rains batter Tamil Nadu, Puducherry as cyclonic storm makes landfall.
• Seven Indian institutions make it to top 100 of QS World University Rankings- Asia 2025.
• Trump wins US presidential election; picks Elon Musk, Vivek Ramaswamy to lead Govt Efficiency Dept.
• G20 issues its first ministerial declaration on disaster risk reduction.
• 19th G20 Summit concludes; Brazil hands over presidency to South Africa.
• COP29 adopts establishment of global carbon market under Paris Agreement’s Article 6.
• UN COP16 nature summit creates permanent body for Indigenous peoples.
• Russia strikes Kyiv with a combined drone and missile attack, the first in months.
• North Korea ratifies defence treaty with Russia stating mutual military aid.
• Israel launches airstrike on Lebanon day after ceasefire, says Hezbollah violated truce.
• Israel ends agreement with UN agency providing aid in Gaza.
• US announces additional security assistance for Ukraine worth estimated $425 million.
• Bangladesh asks Interpol for help in arresting ousted Prime Minister Sheikh Hasina.
• Bangladesh HC refuses to ban ISKCON’s activities after govt brands a religious fundamentalist group.
• Liberal Democratic Party’s Shigeru Ishiba re-elected as Japan’s PM.
• Japan and EU announce new defence pact.
• Bangladesh court issues arrest warrant for Sheikh Hasina, sets Nov deadline.
• US approves $385 million arms sale for Taiwan.
• Germany heads for early elections as Chancellor Scholz’s coalition collapses.
• Canada denies report claiming links between killing of Nijjar and PM Modi, Jaishankar and NSA Doval.
• Australian Senate passes world’s first law that bans children under 16 from social media.
• Sri Lanka President Anura Kumara Dissanayake’s NPP wins majority in General Election 2024.
• Navin Ramgoolam set take over as Mauritius PM after Pravind Jugnauth concedes poll defeat.
• India takes first step to hosting Olympics and Paralympics, sends Letter of Intent for 2036 edition.
• Smriti Mandhana breaks Mithali Raj’s massive record with her 8th ODI hundred.
• nd vs NZ Test series: India suffer first-ever 3-0 Test series whitewash at home.
• India clinches four-match T20 series against South Africa 3-1.
• Hardik Pandya reclaims top spot as world’s no. 1 all-rounder in ICC Men’s T20I rankings.
• BCCI announces dates for next 3 IPL seasons; 2025 season will start on March 14 and end on May 25.
• Rishabh Pant becomes most expensive player in IPL auction history, joins LSG for ₹27 crore.
• R13-year-old Vaibhav Suryavanshi becomes youngest IPL pick as Rajasthan Royals secure him.
• Rafael Nadal retires after Spain ousted by Netherlands in the Davis Cup.
• Hockey: India wins Women’s Asian Champions Trophy beating China 1-0.

Business News

• Centre announces ₹500 crore initiative to strengthen domestic medical device industry.
• Centre releases ₹799 crore as part of MHA’s copter subsidy scheme for northeastern region.
• Govt gets ₹3,449 crore from Hindustan Zinc OFS.
• NITI Aayog launches ASSET platform to help states transition to green energy.
• Centre urges states to identify sites to set up nuclear power projects.
• Centre collects ₹1.22 lakh crore from excise duty on fuel in H1 FY25.
• Centre approves PAN 2.0 project worth ₹1,435 crore to transform taxpayer registration.
• Karnataka partners with Microsoft to fast-track approvals for industrial projects.
• SC permits LMV driving licence holders to drive transport vehicles with weight up to 7,500 kg.
• Govt restores subsidies for electric three-wheelers under PM E-Drive scheme.
• World Bank, ADB agree to grant ₹13,500 crore for Amaravati.
• Govt notifies telecom cyber security rules; sets timelines for companies to report security incidents.
• Afcons Infrastructure, Sagility India, ACME Solar Holdings, Swiggy, Niva Bupa Health Insurance Company, NTPC Green Energy debut in the markets.
• RBI and Maldives sign MoU to promote use of local currencies in cross-border transactions.
• RBI, SEBI issue framework for reclassifying FPI investments as FDI.
• India proposes merging regional rural banks to help them shore up capital.
• SEBI relaxes directions issued to Axis Capital; lifts ban and restricts operations in debt market.
• RBI nod for Central Bank of India’s insurance foray in JV with Future Generali.
• Cred rolls into insurance space via Garage platform.
• Mirae Asset completes ₹3,000 crore acquisition of Sharekhan, expanding financial footprint in India.
• India, Russia ink deal to cooperate on Pantsir air defence systems.
• US charges Gautam Adani with $250 million bribery scheme, investor fraud; Adani Group calls it ‘baseless’.
• US Fed cuts interest rates a quarter point after Trump victory.
• Bank of England cuts interest rates by 25 bps to 4.75%.
• China unveils $839 billion debt swap to rescue local governments amid Trump risks.
• HCLTech announces AI/Cloud Native Lab in Singapore in partnership with government.
• L&T Tech acquires California-based AI, software firm Intelliswift in $110 million deal.
• Hyundai inks pact with Fourth Partner Energy, to set up 2 RE plants in Tamil Nadu, invest ₹38 crore.
• Mahindra Group incorporates Steer Hybren as wholly owned subsidiary of Mahindra Susten.
• Telangana govt sanctions ₹205 crore for Warangal Airport after GMR issues no objection certificate.
• SpaceX launches ISRO’s GSAT-N2 communication satellite into orbit.
• TotalEnergies, Oil India to collaborate on methane emissions detection.
• Vedanta Aluminium signs pact with GAIL for supply of natural gas.
• Gulf Oil renews partnership with Piaggio India for co-branded lubricants till 2030.
• NTPC, ONGC green arms form 50:50 JV for renewable energy play.
• First trilateral power transaction from Nepal to Bangladesh through Indian grid inaugurated.
• Tata Power signs a MoU with the ADB for $4.25 billion to finance key clean energy power projects.
• Kenya cancels airport and energy deals with Adani group after US indictment.
• French Energy Giant TotalEnergies halts new investments in Adani Group amid bribery allegations.
• Apple Inc sets up first subsidiary in India for R&D.
• Nokia wins 4G and 5G extension deal from Bharti Airtel for India operations.
• iPhone production reaches $10 billion in India in April-Oct, creates 1.75 lakh direct jobs in 4 years.
• Dixon starts manufacturing fixed broadband devices in collaboration with Nokia.
• RIL, Viacom18 and Disney complete merger to create a ₹70,352 crore JV.
• National Public Broadcaster Prasar Bharati launches its OTT platform- WAVES.
• Sony bags Asian Cricket Council media rights for $170 million till 2031.
• Premier League has signed a 3 years media rights deal worth $65 million with JioStar.
• Nazara and ONDC launch “gCommerce” to revolutionize in-game monetization.
• FICCI, GDAI sign MoU to bolster India’s video gaming industry.
• TIPS Music inks direct partnership with TikTok.
• US Trade Commission launches antitrust probe into Microsoft over cloud, cybersecurity, AI practices.
• Crypto market valuation crosses record $3.5 trillion amid pro-crypto policies following Trump’s election.
• Bitcoin faces downward pressure after missing $100,000 milestone.
• SC sets aside NCLAT order approving Byju’s ₹158 crore settlement with BCCI.
• AO Smith Corp completes acquisition of Pureit from Hindustan Unilever.
• Wilson & Hughes PE acquires travel firm Cox & Kings assets, brands.

Q2 Results

• SBI Q2 PAT jumps 28% YoY to ₹18,331 crore, NII rose 5% YoY to ₹41,620 crore.
• Tata Motors Q2 Consolidated PAT falls 11% YoY to ₹3,343 crore.
• Mahindra & Mahindra Q2 net profit jumps 35% YoY to ₹3,171 crore on higher SUV sales.
• Hyundai India Q2 Consolidated PAT falls 16% YoY to ₹1,375 crore, revenue down 7% to ₹17,260 crore.
• Ashok Leyland net profit jumps 37% to ₹770 crore, Revenue contracted by 9% to ₹8,728 crore.
• LIC Q2 net slides 4% to ₹7,621 crore on an 11% rise in premium income to ₹1.20 lakh crore .
• Trent Q2FY25 PAT rises 44.3% to ₹338.75 crore despite headwinds.
• MRF Q2 Standalone PAT falls 20% YoY to ₹455 crore, revenue rose 11% YoY to ₹6,760 crore.
• Asian Paints Q2 Net profit declines 43% on weak demand, revenue dips 5%.