Economy Market Snapshot October 2024

General News

• Assembly polls: Maharashtra votes on Nov 20, Jharkhand in 2 phases on Nov 13, 20; results on Nov 23.
• Wayanad by-election 2024: Voting on November 13, results on November 23.
• Nayab Singh Saini takes oath as Haryana Chief Minister as BJP secures historic third term.
• Centre revokes President’s rule in J & K; Omar Abdullah takes oath as J&K Chief Minister.
• Omar Abdullah meets PM Modi, seeks early restoration of J&K statehood.
• NDA finalises seat-sharing deal for Jharkhand Assembly polls; BJP gets 68 seats, AJSU 10.
• PM Modi holds bilateral meetings with Canada’s Trudeau and other ASEAN Leaders at East Asia Summit.
• Maldives President Muizzu in India on first state visit to repair ties.
• President Droupadi Murmu embarked on 3-nation visit to Algeria, Mauritania and Malawi.
• India, Australia hold 2+2 Secretary level talks, discuss political and defence issues.
• BRICS Summit adopts Kazan Declaration, recognising reforms for the UN and multilateral institutions.
• Indian govt agents targeting Khalistanis using Bishnoi Group, alleges Canadian Police.
• India recalls diplomats from Canada, citing Trudeau govt’s failure to ensure their safety.
• PM Modi holds delegation level talks with Spanish PM Pedro Sanchez at Vadodara’s Laxmi Vilas Palace.
• India Pakistan extends Kartarpur Corridor agreement till 2029.
• India, China reach agreement on patrolling along LAC in eastern Ladakh.
• Jaishankar meets Sri Lankan President Dissanayake and PM Amarasuriya, discusses ways to deepen ties.
• DefConnect 4.0: Rajnath Singh launches ADITI 2.0, calls to innovate distinctive technology.
• Rajnath Singh and Telangana CM Revanth Reddy Lay Foundation for Strategic VLF Radar Station.
• DRDO successfully flight-tests 4th Generation Very Short Range Air Defence System.
• Cabinet clears defence deals worth ₹80,000 crore for Predator drones, nuclear submarines.
• Ayushman Bharat Scheme to provide health coverage for all senior citizens aged 70 and above.
• Jaishankar, Mandaviya launch e-Migrate portal and mobile app for the benefit of Indian migrants.
• DigiLocker partners with UMANG app for seamless access to govt services.
• PM Modi distribute 51,000 appointment letters to youth at Rozgar Mela via video conferencing.
• CJI Chandrachud names Justice Sanjiv Khanna as successor.
• Supreme Court unveils new justice statute without blindfold, holds Constitution in place of sword.
• Cabinet approves classical language status to 5 languages – Marathi, Bengali, Assamese, Pali and Prakrit.
• Vinesh Phogat, Bajrang Punia join Congress at AICC headquarters.
• Prashant Kishor launches Jan Suraaj Party in Bihar, vows to end liquor ban.
• ISRO chief reveals new launch timelines: Gaganyaan in 2026, Chandrayaan-4 in 2028, NISAR in 2025.
• Ladakh gets world’s highest MACE Observatory, largest imaging Cherenkov telescope in Asia.
• Cyclone Dana makes landfall in Odisha; trees uprooted, roads blocked amid severe storm, rainfall.
• SC orders SIT to investigate into allegations of adulterated ghee in Tirumala Tirupati prasadam.
• Junior doctors continue indefinite hunger strike in Kolkata demanding justice, workplace safety.
• Ayodhya sets Guinness World Records with 25 lakh diyas lit, 1,121 people performing aarti together.
• 70th National Film Awards: Mithun Chakraborty honoured with Dadasaheb Phalke Award.
• President Droupadi Murmu confers 5th National Water Awards; Odisha wins first prize.
• Veteran industrialist and Tata Group’s chairman emeritus Ratan Tata passed away at 86.
• Senior NCP leader Baba Siddique shot dead in Mumbai, two held.
• World marks Oct. 7 attack on Israel with solemn vigils, pro-Palestinian protests.
• Israel passes laws to restrict the work of a UN agency that is a lifeline for Gaza.
• Israel confirms killing Hezbollah successor Hashem Safieddine in Beirut airstrikes.
• Hezbollah claims war with Israel enters new phase, introduces new weaponry.
• US Election 2024: Biden casts early ballot for Harris as election day nears.
• Rishi Sunak bowed out as UK Opposition Leader in Parliament.
• North Korea announces complete separation from South Korea.
• Japan PM dissolves parliament ahead of Oct 27 elections.
• Nobel Peace Prize 2024 awarded to Japanese NGO Nihon Hidankyo.
• Bangladesh court issues arrest warrant for Sheikh Hasina, sets Nov deadline.
• IOC suspends payments to IOA amid governance crisis.
• Gymnast Dipa Karmakar, former Indian women’s hockey skipper Rani Rampal announce retirement.
• Rafael Nadal announces retirement at end of 2024 season.
• India vs Bangladesh T20: India won the 3-match series 3-0.
• New Zealand clinch historic Test series win in India.
• New Zealand wins cricket’s Women’s T20 World Cup for first time with 32-run victory over South Africa.
• IND-W vs NZ-W, ODI: India win three-match series 2-1.
• Smriti Mandhana breaks Mithali Raj’s massive record with her 8th ODI hundred.
• VVS Laxman to fill in for Gautam Gambhir as India’s head coach in South Africa.
• Sanath Jayasuriya appointed as full-time head coach of Sri Lanka till 2026 T20 World Cup.
• Spain’s Rodri and Bonmatí win Ballon d’Or award for best men’s and women’s players in world soccer.
• Wimbledon replaces line judges with electronic system in break with tradition.

Business News

• Centre approves ₹1 lakh crore for PM-RKVY and Krishonnati Yojana to boost sustainable agriculture and food security.
• Centre releases ₹1.78 lakh crore tax devolution to states, including advance instalment for festive season.
• Government notifies rules for ‘Ecomark’ certification to promote eco-friendly products.
• Govt rolls out PM’s internship scheme on pilot basis; aims to provide 1 crore internship over 5 years.
• Cabinet approves MSP hike for 6 Rabi crops for FY26 ahead of Diwali.
• Centre launches second phase sale of Bharat brand Chana Dal via NCCF and NAFED Vans.
• Mudra loan limit doubled to ₹20 lakh in line with Budget announcement.
• Nirmala Sitharaman embarks on two-nation visit to Mexico and USA for economic engagements.
• Centre rebukes X after bomb threats to over 100 flights, asks them to use AI solutions to block accounts.
• India and Spain sign MoUs on infra, rail transport, culture and tourism.
• India, Maldives sign currency swap agreement, to initiate talks on FTA.
• World Bank, ADB commit $1.6 billion for Andhra capital Amaravati, funds to come from Jan 2025.
• RBI keeps repo rate unchanged at 6.5%, changes stance to ‘neutral’.
• RBI bars 4 NBFCs, Asirvad Micro Finance, Arohan, Navi Finserv and DMI Finance, from granting loans.
• SEBI announces new framework to curb excessive speculation in stock market.
• Hyundai Motor India makes its market debut.
• Google, Muthoot Finance tie up to provide gold-backed loans through GPay.
• Infosys expands pact with Old National Bank to accelerate its operational, technological transformation.
• PwC India collaborates with Meta to expand open-source AI solutions.
• HCLTech enters 5-year pact with New South Wales govt’s transport agency.
• Airtel Business partners with Fortinet to launch ‘Airtel Secure Internet’ for enhanced cybersecurity.
• Voda Idea inks deal with Ericsson to buy 4G/5G gear.
• Hindustan Aeronautics Limited elevated to 14th Maharatna CPSE status.
• PM Modi inaugurates airports in Madhya Pradesh, Chhattisgarh and Uttar Pradesh.
• PM Modi, Spanish PM Sanchez inaugurate Tata’s aircraft manufacturing facility.
• Air India Express-AIX Connect merger done to form larger low-cost carrier.
• Akasa Air announces partnership with Rolls-Royce for engine leasing deal.
• Indian Railways reduces advance reservation of train to 60 days from Nov 1.
• SpaceX’s towering 400 ft Starship rocket successfully caught by mechanical arms.
• Government launches PM E-DRIVE scheme to boost electric vehicle innovation.
• Maruti Suzuki’s Manesar plant becomes fastest to hit 1 crore production milestone globally.
• BYD revenue beats Tesla for first time; Q3 sales surge 24% to 201 billion yuan.
• India extends its first-ever rupee-denominated Line of Credit under IDEAS to Mauritius.
• Maldives President introduces UPI payment service to boost economy.
• China cuts benchmark loan prime rates by 25 bps to boost economy.
• Sri Lanka records first deflation in 40 years; reaches debt-restructuring agreement with bondholders.
• Bharat Forge teams up with US defence giants for next-gen artillery systems.
• General Electric’s LM2500 marine engines to power Navy’s next gen missile vessels.
• Gensol and Matrix Gas to build India’s first hydrogen-powered steel facility.
• Qualcomm to enter sub- ₹10,000 smartphone segment with Xiaomi’s made in India 5G handset.
• Samsung India workers call off over a month long strike after amicable resolution.
• Tata Steel signs contract with Tenova for electric arc furnace at Port Talbot plant.
• JSW Steel-JFE JV to acquire Thyssenkrupp Co for ₹4,000 crore.
• Adani Group merges subsidiaries with ANIL.
• Reliance Group forays into Bhutan with new company to develop renewable energy projects.
• Kenyan court suspends $736 million Adani power line deal.
• Jio Financial arm Jio Payment Solutions receives RBI nod to operate as online payment aggregator.
• Zomato grants 12 million stock options worth ₹330 crore under ESOP.
• Poonawalla acquires a 50% stake in Dharma Productions for ₹1,000 crore.
• SC sets aside NCLAT order approving Byju’s ₹158 crore settlement with BCCI.
• Noel Tata appointed chairman of Tata Trusts.
• RBI approves appointment of Partha Sengupta as Bandhan Bank MD, CEO for 3 years.
• RBI approves third term for Axis Bank MD, CEO Amitabh Chaudhry.

Q2 Results

• HDFC Bank Q2 PAT rises 5% YoY to ₹16,821 crore, NII rose 10% YoY to ₹30,113 crore.
• ICICI Bank Q2 net profit jumps 14% on-year to ₹11,746 crore, NII up 9.5% to ₹20,048 crore.
• Kotak Mahindra Bank Q2 Net profit rises 4.8% ₹3,344 crore, NII rose by 11% to ₹7,019.3 crore.
• Axis Bank Q2 Net profit rises 18% on year to ₹6,917.57 crore.
• Yes Bank Q2 profit surges to ₹553 crore; NII up 14.3% YoY to ₹2,200 crore.
• PNB Q2 Net profit jumps 145% to ₹4,303 crore on sharp drop in provisions; asset quality improves.
• TCS Q2 Net profit rises 5% to ₹11,909 crore, dividend declared of ₹10 per equity share.
• HCL Tech Q2 Net profit rises 10.5% YoY to ₹4,235 crore, revenue at ₹28,862 crore.
• Infosys Q2FY25 net rises 4.7% to ₹6,506 crore; revenue up 5% at ₹40,986 crore; ₹21/share dividend
• Tech Mahindra Q2 Profit zooms 153% YoY to ₹1,250 crore, revenue up 3.5% to ₹13,313 crore.
• LTIMindtree net profit rises 7.7% YoY to ₹1,251 crore.
• HDFC Life Q2 Net profit rises 15% YoY to ₹433 crore; net premium income up 12%.
• Reliance Q2 net profit declines 4.8% YoY to ₹16,563 crore, revenue remains stable at ₹235,481 crore.
• Bharti Airtel Q2 Net profit soars 168% YoY to ₹3,593 crore, ARPU rises to ₹233.
• ITC Q2 Profit rises 1.8% to ₹5,054 crore, revenue jumps 15.6% at ₹22,281.89 crore.
• HUL Q2 Net profit drops 4% to ₹2,612 crore, ₹29/share interim dividend.
• Maruti Suzuki Q2 standalone profit slides 17% YoY to ₹3,069 crore.
• TVS Motor Q2 Net rises 23% on year to ₹663 crore, revenue rises 13% to ₹9,228 crore.
• Ultratech Cement Q2 Net profit declines 36% YoY to ₹825 crore, revenue down 2% to ₹15,635 crore.
• Zomato Q2 results: PAT surges 389% YoY to ₹176 crore, with revenue jumping 68%.