Economy / Market Snapshot – September 2016

General News

• India carried out surgical strikes on terror launchpads across the LoC of POK.
• Rajnath Singh takes stock of country’s security, asks forces to be on alert.
• Militants attack Army’s HQ in Uri, 18 army soldiers were killed, all four terrorists eliminated.
• US lawmakers introduce bill to designate Pakistan a terrorist state.
• PM to review the Most Favoured Nation (MFN) status to Pakistan.
• SAARC summit postponed after 5 nations pulls out including India.
• President Pranab Mukherjee signs the GST bill after 16 states ratify it.
• GST council met to finalize the rules of conduct and business for the council.
• Govt plans Rs 4,000-crores overhaul of 80 check posts for GST; an app to link Centre and state
  governments check posts in the works.
• Cabinet Committee on Economic Affairs(CCEA) clears Rs 2,256 crores project for Central Board of
  Excise and Customs(CBEC)’s GST integration.
• Exemption threshold fixed at Rs 10 lakhs for NE states and Rs 20 lakhs for other states.
• Assessees below Rs 1.5 crores to come under State, while above Rs 1.5 crores either under Centre or
  State. Govt appoints Arun Goyal as Additional Secretary of GST council.
• Centre, states agree on timetable for April 1 roll out.
• Cabinet approves merging Railway Budget with the General Budget.
• India, France sign $8.9-billion Rafale deal for 36 fighter jets.
• ISRO: GSLV-F05 carrying advanced Weather Satellite INSAT-3DR and PSLV-C35 with 8 satellites were
  launched successfully.
• India successfully test fires surface-to-air missile Barak-8.
• Government integrates DigiLocker with driving licence and vehicle registration certificates.
• PM Modi chairs meeting to review Indus Water Treaty.
• Afghanistan President Ashraf Ghani’s was on a 2-day visit to India; India extends $ 1 billion
• Govt announces 3rd Smart Cities list, made 27 new additions to the Smart Cities Mission.
• Mormugao, Indian Navy’s most advanced guided missile destroyer, launched in Mumbai.
• Centre approves the renaming of Gurgaon as “Gurugram”.
• Bharat Bandh called by 10 trade unions on September 2 which evoked a mixed response.
• AIR resumes Balochi broadcast; launches website and app of its radio service.
• Mother Teresa was formally canonized by Pope Francis at Vatican City; IndiaPost releases postage
  stamp on Mother Teresa.
• Protests erupt and normal life hit in Karnataka over SC’s order to release water to TN.
• Retailers across Tamil Nadu and Puducherry shut shop in protest against Karnataka violence.
• Karnataka legislative assembly passes resolution against releasing water to TN.
• Uma Bharti convenes meeting with Karnataka, TN govts.
• Arunachal CM Pema Khandu along with 43 Congress MLAs join the People’s Party of Arunachal
  Pradesh (PPA).
• Shivpal Yadav replaces Akhilesh Yadav as new SP UP chief.
• Amar Singh named as Samajwadi Party National General Secretary.
• Patna High Court imposes ban on Bihar’s anti-liquor law.
• WB returns land ownership to 9117 farmers in Singur and cheques to 800 farmers who have not taken
  money, following the SC verdict.
• Centre announces financial package for Andhra Pradesh that includes full funding of Pollavaram
  irrigation project, tax concessions and a special assistance.
• Heavy rain triggers flood-like situation in Andhra pradesh.
• Rahul Gandhi granted relief in criminal defamation case filed against him by a RSS functionary.
• Navjot Singh Sidhu launches his own party, Awaaz-e-Punjab.
• Directorate General of Civil Aviation (DGCA) and more airlines banned passengers from carrying
  Samsung Galaxy 7 in switch on mode on flights.
• Supreme Court cancels Shahabuddin’s bail, who was out of jail after 11 years, sends him back to jail.
• The UN Charter translated into Sanskrit.
• The 1st of the 3 presidential debates between Donald Trump and Hillary Clinton drew more than 84
  million viewers.
• World leaders adopt the ‘New York Declaration for Refugees and Migrants’ at the United Nations.
• Congress overrides Barack Obama’s veto of 9/11 bill that allows family members of 9/11victims to
  sue Saudi Arabia.
• Permanent arrest warrant issued against Pervez Musharraf in murder case of Lal Masjid deputy cleric.
• North Korea conducts fifth and largest nuclear test; fires three ballistic missiles off east coast.
• Malaysia confirms debris found in Tanzania in June is from MH370.
• BCCI invites all former India captains for ‘500th Test’ which was played against New Zealand in
  Kanpur from September 22.
• BCCI names Ajay Shirke as the Secretary, MSK Prasad as head of selection committee, Venkatesh
  Prasad as chairman of the junior selection committee.
• SC slams BCCI for non-adherence of Justice Lodha reforms; BCCI misses 1st deadline to implement
  Lodha reforms as it adjourns its Special General Meeting on technical grounds.
• India wins their 500th Test match by 197 runs, take 1-0 lead against NZ.
• R Ashwin breaks Waqar Younis’ record, becomes second fastest to take 200 Test wickets in his 37th
  game.
• Paralympics: Mariyappan Thangavelu (high jump) and Devendra Jhajharia (javelin throw) had won
  gold, with the veteran javelin thrower setting a new world record.
• Deepa Malik (shot put) and Varun Singh Bhati (high jump) bagged silver and bronze respectively.
• Switzerland’s Stan Wawrinka and Germany’s Angelique Kerber claim their first US Open title in men’s
  and women’s singles respectively.
• Sania Mirza and Czech’s Barbora Strycova win the women’s doubles titles at Toray Pan Pacific Open.
• Sania Mirza tops the latest WTA women’s doubles ranking following her win.

Business News

• Govt appoints Chetan Ghate, Pami Dua, Ravindra Dholakia-members to Monetary Policy Committee.
• US Fed keeps interest rates steady, signals one hike by end of the year.
• India likely to post its first current account surplus in 9 years in the latest quarter.
• August CPI falls to 5.05%; July IIP shrinks by 2.4%.
• World Bank President Jim Yong Kim heads for a second five-year term.
• Mukesh Ambani tops Forbes’ ‘100 richest Indians’ list followed by Sun Pharma’s Dilip Shanghvi and
  Patanjali’s Balkrishna at 48th position.
• India slipped down by 10 positions to 112th spot on World Economic Freedom Index.
• India’s foreign exchange reserves went down to $369.60 billion as on September 16 as against
  $371.27 billion as on September 9.
• SEBI allows Commodity exchanges to trade Options.
• Mukesh Ambani unleashes Reliance Jio, from September 5 to December 31, it will be free for all; aims
  for 100 million customers.
• China’s green car subsidy scandal spreads, 20 more car makers, including Nissan and Hyundai named.
• Hyundai car workers start first full strike in 12 years in South Korea.
• Mahindra to buy out Peugeot’s stake in two-wheeler joint venture.
• Indian banks moving past asset quality problems, outlook stable: Moody’s.
• Axis Bank buys 13.67% in Asset Care and Reconstruction Enterprise (ACRE) from IFCI Ltd.
• Bank Of India sells 18% stake in insurance JV to its partner Dai-ichi Life.
• Yes Bank sells United Breweries shares pledged with it by Vijay Mallya to Heineken International.
• SEBI questions the legality of equity crowdfunding platforms serving startup companies.
• FPIs infuse Rs 6,800 crores in capital markets in September.
• RBI allows 100 % foreign investment in Crompton Greaves Consumer Electricals.
• Patanjali to venture into garments and a ‘swadeshi’ jeans will be launched by next year.
• Freecharge partners with Axis Bank, launches UPI payment.
• Mahindra forays into fruits, juices retailing business under the Saboro brand.
• Alibaba market value, at the NYSE, has surpassed all other Asian listed firms, totalling over $266 B
  ABB India opens solar inverter manufacturing factory.
• Adani unveils world’s largest solar plant at Kamuthi, Tamil Nadu which is built at a cost of around Rs
  4,550 crores and will generate 648MW of electricity.
• India’s coffee exports up 18.15% in April-August.
• India’s mineral production was Rs 17,339 crores in July.
• Zee Entertainment forays into radio industry with the acquisition of UAE’s Hum 106.2 FM radio.
• DLF exits cinema business, sells 7 screens to Cinepolis for Rs 64 crores.
• US firm Liberty Media buying Formula One auto racing series.
• Anil Ambani: Reliance Communication has “virtually merged” with Reliance Jio.
• Samsung issues global recall of Galaxy Note 7.
• Vodafone India receives Rs 47,700 crores as equity infusion from its parent Vodafone Plc.
• Lupin arm gets US regulator’s tentative nod for anti-bacterial drug.
• Glenmark gets USFDA nod for Diclofenac Sodium gel used for treatment of skin lesion.
• India Jumps 19 places to 35 in World Bank’s Logistics Performance Index.
• Wipro bags 3-year IT deal from Norway’s NSB.
• HP to buy Samsung’s printer business in $1.05 billion deal.
• Indian e-commerce market could reach USD 28 billion by FY2020.
• Flipkart crosses 100 million customers after six months it touched the 75 million user mark in March
  this year.
• Wal-Mart in talks to invest up to $1 billion in Flipkart.
• Google launches ‘Allo’ messaging app for Android and IOS.
• Marriott Buys Starwood, Becoming World’s Largest Hotel Chain.

Market News

• Indian markets down by 2% due to tension on the India – Pak relations and Global weakness
• FII net buyers of Rs 9500 crores in September in the Equity market.
• FMCG down by 4%, Banks down by 2.5% and IT down by 2%; Auto up by 1.5% and Pharma neutral
• Nasdaq up; London Up, Dow neutral; Shanghai down but Hong Kong up up
• Gold up by 1.5%, Silver up by 6%; Crude up by 6%; Petrol prices increased in India
• INR to US $ at 66.61