Economy / Market Snapshot – September, 2017

General News

Business News

• Cabinet reshuffle: Nirmala Sitharaman takes charge as Defence Minister.
• Piyush Goyal and Dharmendra Pradhan gets additional charge of Railways and ministry of skill
  development and entrepreneurship respectively.
• Suresh Prabhu gets Commerce ministry and Rajyavardhan Singh Rathore Sports Ministry.
• PM Modi launches Saubhagya, a Rs 16,300-crore scheme to supply electricity to all households by
  December 2018.
• Japanese PM Shinzo Abe and PM Modi lay foundation stone for India’s first Ahmedabad-Mumbai
  bullet train project.
• PM Modi was on two-day trip to Myanmar; announces gratis (no-cost) visa to Myanmarese citizens
  visiting India; India signs 8 MoUs with Myanmar.
• PM Modi took part in the 9th BRICS summit at Xiamen, China.
• Sushma Swaraj attends the UN General Assembly meet.
• President Ram Nath Kovind appoints 5 governors for the states of Bihar, Tamil Nadu, Assam,
  Meghalaya and Arunachal Pradesh.
• Tamil Nadu gets a full-time governor in Banwari Lal Purohit.
• Indian Army conducts surgical strike at Myanmar border, targets Naga insurgents camp.
• Congress removed from the chairmanship of the Parliamentary Standing Committee on Personnel,
  Public Grievances, Law and Justice.
• AIADMK general council meeting: Sasikala, Dinakaran sacked, Jayalalithaa to be ‘eternal’ party head.
• EC to begin hearing on AIADMK ‘Two Leaves’ symbol dispute from October 5.
• Delhi CM Arvind Kejriwal meets Kamal Haasan in Chennai; Rajinikanth extends his support to
  PM Modi’s Swachch Bharat.
• Retd HC Justice Arumugasamy to head the inquiry commission to probe the death of J Jayalalithaa; to
  submit report in 3 months.
• CBI books 2 IAS officers, 11 others in Puducherry medical admission scam.
• Opposition parties, students joined the wide spread protests across Tamil Nadu after student who
  fought NEET exam in SC kills self.
• PM Modi inaugurates the Sardar Sarovar Dam on the river Narmada.
• Home Minister Rajnath Singh was on a 4-day visit to J&K.
• Andhra Pradesh govt signs MoU for Hyperloop; feasibility study to start next month.
• Right-wing critic, senior journalist Gauri Lankesh shot dead in Bengaluru.
• Ryan International School student murder: CBI takes over the probe.
• GJM chief Bimal Gurung calls off 104-day strike in Darjeeling after Rajnath Singh’s appeal.
• Appointment of HC judges: Centre begins scrutiny of collegium’s recommendations.
• CBI summons Lalu Prasad Yadav, son Tejashwi in hotels for-land scam.
• ED attaches Rs 1.16 crore assets of Karti Chidambaram, and a firm allegedly linked to him.
• I-T raids former Karnataka CM SM Krishna’s son-in-law and founder of Cafe Coffee Day, VG Siddhartha.
• Antrix-Devas case: Ex-ISRO chief Madhavan Nair summoned as accused.
• Six Indian Navy officers begin their journey of circumnavigating the globe on board the INSV Tarini.
• Military Police opens lower ranks for women.
• Centre allocates funds for bullet-proof vehicles for Jammu & Kashmir police.
• Arjan Singh, only Marshal of IAF, passed away.
• ISRO’s IRNSS-1H satellite launch was unsuccessful; to re-enter atmosphere in 40-60 days.
• Govt directs airlines to create ‘No Fly list’ for unruly passengers.
• Railways cuts down sleeping hours for passengers by an hour.
• Former home secretary Rajiv Mehrishi takes over as the CAG of India.

Noted economist Rajiv Kumar takes charge as Niti Aayog vice-chairman.

• Y.C Modi named chief of the National Investigation Agency (NIA).
• Brother of Dawood Ibrahim, Iqbal Kaskar, arrested by Thane police in extortion case.
• 1993 Mumbai blasts: Abu Salem gets life term; 2 others get death sentence.
• North Korea conducts 6th nuclear test with hydrogen bomb; fires an intermediate range ballistic
  missile over Japan and into the Pacific Ocean.
• UN Security Council imposes tough sanctions on N Korea.
• India gives befitting replies to Pakistan’s accusations at the UN.
• Angela Merkel wins 4th term as chancellor of Germany.
• North Korea, Venezuela, Chad among 8 countries on new US travel ban.
• Japan’s Prime Minister Shinzo Abe calls snap election.
• Hurricanes Harvey and Irma cause up to $200 billion in damage in the US.
• IS claims responsibility for the London’s Parsons Green station train bombing.
• International community calls for peaceful end to Rohingya crisis.
• India vs Sri Lanka: India sweep series the ODI series 5-0, wins Only T20I.
• India vs Australia: India lead the 5 ODI Series, 4-1.
• Saina Nehwal resumes partnership with former coach Pullela Gopichand.
• PV Sindhu beats Nozomi Okuhara to win Korea Open Super Series.
• Mary Kom to be International Boxing Association’s (AIBA) representative for the IOC Athletes’ Forum.
• BCCI nominates MS Dhoni and Sports ministry nominates PV Sindhu for Padma Bhushan award.
• US Open: Rafael Nadal crushes Kevin Anderson for 3rd US Open title, 16th Grand Slam; Sloane
  Stephens beats Madison Keys to win her first Grand Slam.
• Paris gets official nod to host 2024 Olympics Games and Los Angeles 2028.

Business News

• PM Modi sets up economic advisory council with Bibek Debroy as chief; council includes Ratan Watal,
  Surjit Bhalla, Rathin Roy and Ashima Goyal.
• NPA a big worry, government to provide all help to banks: Finance Minister Arun Jaitley.
• Arvind Subramanian gets extension as Chief Economic Adviser (CEA) for one year.
• SBI Life Insurance, ICICI Lombard, Matrimony.

com IPOs hit the market.

• July IIP slips to 1.2%; Retail inflation jumps to 3.36% in August from 2.36% in July.
• August wholesale inflation accelerates to 4-month high at 3.24%.
• Exporters, industry bodies meet Arun Jaitley, raise GST concerns.
• US Fed keeps interest rates unchanged, approves portfolio cuts in December.
• SBI sets up a new task force to deal with insolvency resolution cases.
• Yes Bank cuts 2,500 jobs after citing redundancy, poor performance and digitisation.
• DBS Bank gets nod to operate wholly-owned subsidiary in India.
• Raghuram Rajan pens his stint at RBI in his book, ‘I Do What I Do’.
• Insurers can sell motor cover via dealers without tie-ups: IRDA.
• Manipal Group acquires TTK’s stake in Cigna TTK Health Insurance.
• Nitin Gadkari threatens to ‘bulldoze’ manufacturers if they did not quickly start rolling out electric
  cars.
• Govt to acquire 50,000 electric three-wheelers in Nov, upto 1 million over 18 months.
• Maruti Suzuki to manufacture electric cars at its factory in Gujarat for consumers in India and the
  world.
• Mahindra launches first e-rickshaw, e-Alfa Mini; showcases driverless tractor, launch in 2019.
• Lexus to operate independently from Toyota in India.
• M&M enters into strategic alliance with Ford to explore collaboration on electric vehicles.
• Force Motors ties up with Rolls-Royce Power Systems to form Indian JV.
• ONGC to borrow Rs 25,000 crores to fund HPCL buy.
• BPCL in talks to buy government stake in GAIL India for Rs 18,000-20,000 crores.
• Govt postpones 1 GW wind power auction to October 4.
• Tata Steel, Thyssenkrupp sign MoU to create Europe’s No.2 steelmaker.
• Tata Sons gets shareholders’ nod to change status to private limited company.
• NCLAT rejects Cyrus Mistry’s pleas against Tata Sons, directs case back to NCLT.
• Centre announces new public-private-partnership (PPP) policy in affordable housing sector.
• SC lifts stay on insolvency move against Jaypee infra, directs to deposit Rs 2,000 crores.
• Manoj Sinha, MoS for Communication, inaugurated the first ever India Mobile Congress.
• India overtakes Hong Kong as no. 1 for home-price gains in Asia.
• TRAI cuts interconnect charges to 6 paise per minute w.e.f 1st October.
• Testing must for telecom equipment from October 2018: DoT.
• Cabinet allows BSNL to sell tower assets.
• Bharti Airtel in talks with handset companies for Rs 2,500 4G smartphone.
• Toshiba agrees to sell microchip business to Bain group led buyers.
• Akash Ambani launches Apple iPhone 8 and 8 Plus in India.
• Google buys part of HTC’s smartphone team for $1.1billion.
• Lenovo pays $3.5 million fine to settle charges by US Federal Trade Commission.
• BSNL to team up with Lava, Micromax to launch affordable feature phones.
• HAL signs Rs 6,100 crore deal for supply of 41 Advanced Light Helicopters (ALH) to Army, Navy.
• US Trade and Development Agency (USTDA) signs MoU with AAI to develop Kolkata, Lucknow airports.
• Bank of Baroda to offer small business loans to Amazon sellers at 10.45-11.5% rates.
• Dabur India ties up with Amazon for an online Ayurveda marketplace.
• Baba Ramdev’s Patanjali Ayurved hires investment banks to raise ₹1,000 crores.
• Amazon launches its largest fulfilment centre in India, in Hyderabad; opens India’s first fashion imaging
  studio ‘Blink’ in Gurgaon.
• Arun Jaitley launches Google’s digital payments app for India, Tez.
• NCLAT denies Vikram Bakhsi’s plea to stay the franchise termination by McDonalds.
• Sahara signs pact with Dubai firm for $1.6 billion loan on Aamby Valley.
• Infosys Senior Vice President Sanjay Rajagopalan resigns.
• WhatsApp co-founder Brian Acton to leave company to start his own foundation.
• Novartis names Indian-origin Vas Narasimhan as Global CEO.
• Indian exports rise for 12th straight month, grow 10.29% in August.
• Govt pegs 2.77% fall in kharif food grain output at 134.67 million tonnes.
• Number of directors disqualified by Corporate Affairs Ministry climbs to over 300,000.
• Reliance Industries becomes world’s 3rd largest energy firm; IOC climbs to 7th position in the 2017
  ranking.
• ED starts process of confiscating Mallya’s assets in loan default cases.
• Auto industry registers positive growth in April-August 2017: SIAM report.