Economy Market Snapshot September 2024

General News

• J&K polls: Phase 1 sees 61.38% voter turnout and phase 2 records 57.31%; Phase 3 underway.
• Parliament’s standing committees constituted: BJP’s Mahtab to head Finance, Shashi Tharoor given External Affairs.
• Cabinet clears Kovind-led report on ‘One Nation, One Election’, bill to be introduced in Winter Session.
• Government approves proposals worth ₹1,45,000 crore to enhance country’s defence preparedness.
• Cabinet Committee on Security approves procurement of 240 aero-engines for IAF’s Su-30 MKI aircraft.
• Air Marshal Amar Preet Singh appointed as next Chief of the Air Staff.
• President Droupadi Murmu visits Siachen Base Camp; interacts with soldiers and officers.
• Rajnath Singh inaugurates IDAX-24 Expo, anti-drone gun, pseudo satellite, latest defence tech on display.
• India successfully carries out launch of Agni-4 ballistic missile from Integrated Test Range at Chandipur.
• Government sanctions ₹31,000 crore to fence Myanmar border.
• BrahMos fixes reservations for Agniveers, 15% in technical, 50% in admin and security roles.
• Odisha Cabinet approves 10% reservation for ex-Agniveers in State’s uniform services.
• Cabinet approves expansion of Chandrayaan 4 Mission, allotting ₹2,104 crore with a 36-month timeline.
• India, China, Russia to jointly build massive nuclear power plant on moon to establish a future human lunar colony.
• Centre releases the “Biotechnology for Economy, Environment, and Employment (BioE3) Policy 2024”.
• PM Modi inaugurates and lays foundation stone of ₹11,200 crore projects in Maharashtra.
• PM Modi visits Brunei and Singapore; India, Brunei agree to enhance defence, space cooperation.
• UAE and India sign MoU to strengthen public sector audit cooperation.
• Jaishankar attends first India-Gulf Cooperation Council foreign ministers’ meet in Riyadh.
• PM Modi attends 6th quad summit hosted by US President Joe Biden.
• Jaishankar meets UN chief Guterres, UNGA president Yang; discusses multilateral reforms, global issues.
• SC grants bail to Kejriwal in liquor policy case, upholds legality of his arrest.
• President Murmu appoints Atishi as Delhi CM, accepts Kejriwal’s resignation
• Tamil Nadu Cabinet reshuffled: MK Stalin’s son Udhayanidhi becomes deputy CM.
• CM Mamata Banerjee meets striking doctors’ demands; police commissioner Vineet Goyal to be removed.
• Centre asks States and UTs for screening and testing of all suspect cases of Mpox.
• Veteran CPI(M) leader Sitaram Yechury passes away; Prakash Karat appointed as interim party coordinator.
• Vinesh Phogat, Bajrang Punia join Congress at AICC headquarters.
• President Droupadi Murmu unveils new flag and insignia of the Supreme Court of India.
• Tirupati laddu row: FSSAI issues show cause notice to AR Dairy for substandard ghee supply.
• SC questions evidence of contaminated ghee in Tirupati row; suggests shifting probe to independent agency.
• Bombay HC formally strikes down amended IT Rules on fake news, calls them ‘unconstitutional’.
• FIR filed against Karnataka CM Siddaramaiah in MUDA scam probe.
• CBI arrests Sandip Ghosh and Abhijit Mondal in connection with Kolkata murder case.
• Andhra, Telangana reel under rain fury; 31 dead, lakhs affected.
• Port Blair gets renamed as ‘Sri Vijaya Puram’ to shed colonial legacy.
• Kiran Rao’s ‘Laapataa Ladies’ Picked as India’s Official Entry for Oscars 2025.
• Israel intensifies military operations against Hezbollah in Lebanon; rejects proposal for ceasefire.
• Hassan Nasrallah, Hezbollah chief killed in Israel strike on Lebanon.
• Europeans, Arab, Muslim nations launch new initiative for independent Palestinian State.
• Pagers, walkie talkies, other electronic devices explode across Lebanon and Syria in deadly attack.
• UN General Assembly passes resolution urging Israel to withdraw from Palestinian territories, India abstains.
• Zelensky reshuffles Ukraine cabinet as Russian missile strike targets Lviv.
• PM Modi meets Ukraine President Zelensky in New York, reaffirms support for peaceful resolution.
• Putin issues nuclear warning to the West over strikes on Russia from Ukraine.
• US presidential debate: Harris, Trump clash over key issues.
• Donald Trump survives another assassination attempt at Florida golf club.
• Joe Biden signs Stopgap Bill to avert shutdown, boost secret service funding.
• Iraq, US agree on phased coalition troop pullout.
• Anura Kumara Dissanayake sworn in as 9th president of Sri Lanka; Harini Amarasuriya new PM.
• Macron names EU’s Brexit negotiator Michel Barnier as France’s new Prime Minister.
• Former Defence Minister Shigeru Ishiba wins party leadership contest, set to become Japan’s next PM.
• Justin Trudeau survives vote of confidence in Canadian parliament.
• India clinch historic double gold medals in Chess Olympiad.
• India concludes its historic Paralympics campaign with a record 29 medals, marking its best-ever performance.
• Preethi Pal made history by becoming the first Indian woman track and field athlete to secure two Paralympic medals.
• India beats Bangladesh by 280 runs to lead 2 Test series 1-0.
• ICC announces equal prize money for men and women in World Cups.
• IPL 2025 Auction rules: Franchises can retain up to 6 players, RTM option brought back.
• Sri Lanka’s Kamindu Mendis becomes fastest Asian to record 1000 Test runs.
• Bravo retires from all forms of cricket, joins KKR as mentor.
• Ricky Ponting joins Punjab Kings as head coach on four-year contract.
• US Open: Aryna Sabalenka wins maiden title; Jannik Sinner wins second Grand Slam title.
• Ronaldo becomes 1st player to reach 900 career goals.

Business News

• PM Modi launches 3 PARAM Rudra supercomputers, says tech upgradation should empower poor.
• Nirmala Sitharaman launches NPS Vatsalya, parents can open pension a/c for children.
• Railtel, SJVN, NHPC bag ‘Navratna’ status from Finance Ministry.
• Govt gets ₹2,413 crore dividend from BPCL.
• India’s fiscal deficit for April-August at ₹4.35 lakh crore, 27% of full-year target.
• India’s manufacturing PMI drops to 3-month low at 57.5 in August; service sector growth rises to a 5-month high in August.
• PM Modi launches India’s first ‘Namo Bharat Rapid Rail’ connecting Ahmedabad and Bhuj.
• Indian Railways to operate over 6,000 special trains during upcoming festive season.
• Cabinet approves 4th phase of PM Gram Sadak Yojana at a cost of ₹70,125 crore.
• Cabinet approves free health insurance for 70+ senior citizens under Ayushman Bharat.
• GST Council reduces taxes on helicopter travel to pilgrimage sites from 18% to 5%.
• GST reduced from 12% to 5% on cancer drugs, 18% to 12% on selected snacks.
• DGGI detects ₹2.01 lakh crore GST evasion in FY24, with online gaming and BFSI most affected.
• Centre hikes minimum wage rates for workers up to ₹1,035 per day.
• Karnataka CM Siddaramaiah inaugurates KWIN city to boost industry, infrastructure.
• Govt scraps windfall tax on petroleum crude as global prices cool.
• Centre advises edible oil associations not to raise prices until existing lower-duty imported stocks are used up.
• Union Cabinet approves 7 schemes to improve farmers’ lives with total outlay of ₹14,235 crore.
• Centre lifts minimum export price cap on onion, basmati rice to boost farmer income.
• NSE Index Rejig: Trent, BEL enters Nifty 50; Divi’s Labs, LTIMindtree excluded.
• Bajaj Housing Finance, Kross, Northern Arc Capital, Manba Finance make their market debuts.
• Swiggy, Hyundai Motor India get SEBI nod for their IPOs.
• Reliance Industries approves 1:1 bonus issue of shares, increase in share capital.
• Adani Enterprises announces early closure of ₹800 crore NCD issue.
• AU Small Finance Bank submits application to RBI for voluntary transition to universal bank.
• IRDAI prohibits insurers from collecting premium before policy approval.
• CCI approves Tata Motors Finance merger with Tata Capital.
• Airtel Business inks pact with Italy’s Sparkle for capacity on Blue-Raman submarine cable.
• Vodafone Idea signs $3.6 Billion deal with Nokia, Ericsson, and Samsung for network equipment supply.
• Bharti Airtel to award $1 bn in 4G network contracts to Ericsson, Nokia, Samsung.
• Ford to repurpose Chennai plant for vehicle exports, plans to add up to 3,000 new jobs.
• Tamil Nadu CM Stalin lays foundation stone for Tata Motors’ ₹9,000 crore plant in TN.
• Tata Power arm partners with Tata Motors to install 200 fast-charging stations for electric CVs.
• Revolt Motors announces first international launch of electric motorcycles in Sri Lanka.
• Mercedes-Benz expands EV lineup in India amid growing demand.
• Ola Electric e-scooter S1 X 2kWh gets PLI certification.
• India’s defence production hits record ₹1.27 lakh crore.
• Lockheed Martin partners with Tata to make C-130J Super Hercules aircraft in India.
• HAL partners with SAFHAL to develop ‘Aravalli’ engines for its next gen helicopters.
• SpiceJet to convert Carlyle Aviation’s dues worth $40 million into equity.
• India gears up for a new airline as Shankh Air gets aviation ministry’s nod.
• SpaceX And Polaris Dawn Crew Complete Historic First Commercial Spacewalk.
• India to get first national security semiconductor fabrication plant as part of collaboration with US.
• Cabinet approves ₹3,300 crore Kaynes ATMP chipmaking plant in Gujarat.
• Analog Devices, Tata Group in talks to make semiconductors in India.
• SEMI, IESA join hands to boost semiconductor ecosystem in India.
• Microsoft approves new $60 billion share buyback program.
• TCS partners with Google Cloud to launch AI-powered cybersecurity solutions.
• US, Britain, EU sign world’s first international artificial intelligence treaty.
• Federal Reserve slashes benchmark rate by 50 bps for first time in four years, signals further cuts in 2024.
• UK economy stalls as GDP stagnates for second month in a row.
• IMF approves $7 billion bailout for Pakistan; $1 billion tranche expected this month.
• Anil Ambani invests ₹1,100 crore in Reliance Infrastructure.
• Adani Total Gas gets $375 million financing from 5 global lenders.
• 53 drugs, including Paracetamol and Pan-D, fail Central Drugs Standards Control Organisation (CDSCO)’s quality test.
• Airtel Digital TV collaborates with Amazon Prime.
• Viacom18 gets I&B ministry approval to transfer TV channels to Star.
• Donald Trump unveils crypto platform World Liberty Financial.
• Apple unveils iPhone 16 series built for AI, Watch Series 10, AirPods 4.
• BharatPe settles with Ashneer Grover, ex co-founder will not be associated with BharatPe in any capacity.
• Byju’s faces setback as US court upholds $1.2 billion loan default ruling.
• OYO buys leading US hotel chain G6 Hospitality from Blackstone for $525 million.
• Tupperware files for bankruptcy amid long-term sales struggles.
• Federal Bank approves appointment of Krishnan Venkat Subramanian as MD & CEO.

Q1 Results

• SBI Q1 Net profit rises marginally to ₹17,035.16 crore, NII up 16.2% YoY
• Tata Motors Q1 PAT surges 74% YoY to ₹5,566 crore.
• TVS Motor Q1 net profit rises 23% YoY to ₹577 crore.
• LIC Q1 Net profit rises 9% to ₹10,544 crore, APE up 21% to ₹11,560 crore.
• Adani Enterprises Q1 Cons PAT zooms 116% YoY to ₹1,454 crore.
• IRCTC Q1 Net profit rises 33% YoY to ₹308 crore, revenue up 11.8% to ₹1,120 crore.
• LIC Housing Finance Q1 Net profit drops 2% to ₹1,300 crore, NII down 10% YoY.
• ITC Q1 Net profit down marginally to ₹5,091.59 crore, revenue rises 7.5% to ₹20,029.60 crore.
• Biocon Limited reports 30% YoY rise in consolidated revenues in Q1 FY25 at ₹4,567 crore.
• Eicher Motors Q1 Net profit rises 20% to highest ever at ₹1,101.5 crore , revenue up 10% YoY
• HAL Q1 results: Net profit jumps 77% to Rs 1,437 crore; revenue up 11% to ₹4,347.50 crore.
• Zomato Q1 Profit jumps multifold to ₹253 crore; revenue soars 74% YoY to ₹4,206 crore.