Category Archives: Economy Snapshot

General News

• SC declares Aadhaar as constitutionally valid; needed for PAN, but not mandatory for bank accounts, mobile services, schools.
• SC to hold hearing on Ayodhya case from 29th Oct ‘18 by a 3-member bench.
• SC lifts ban on entry of women of all ages into Sabrimala Temple.
• Defence Minister Nirmala Sitharaman and Foreign Minister Sushma Swaraj host their counterparts Jim Mattis and Sushma Swaraj for the India-US 2+2 dialogue.
• India, US ink Communications Compatibility and Security Agreement; discuss cross-border terrorism and H-1B visa issue.
• National Security Advisor Ajit Doval meets top officials of the Trump Administration in Washington.
• President Ram Nath Kovind embarked on a 3-nation tour to Cyprus, Bulgaria and the Czech Republic.
• Vice President M Venkaiah Naidu was on 8-day visit to Serbia, Malta, Romania.
• Sushma Swaraj, Russia’s Deputy PM Yuri Borisov review progress in bilateral cooperation in Moscow.
• Afghan President Ghani holds talks with PM Modi on ways to further boost bilateral cooperation.
• Defence Ministry approves procurement of military equipment and weapons worth ₹9,100 crores.
• Govt releases ₹400 crore to 10 states having International Borders for developing forward areas.
• Bharat Bandh called by Congress and Left parties against spiralling fuel prices evokes mixed response.
• Poll panel removes NOTA option from Rajya Sabha elections.
• Justice Ranjan Gogoi to succeed Justice Dipak Misra as Chief Justice of India.
• Cabinet approves ordinance making triple talaq punishable offence.
• Arvind Kejriwal launches door step delivery of 40 public services in Delhi.
• Telangana CM K Chandrashekar Rao dissolves assembly, calls for early polls.
• Goa cabinet rejig: Manohar Parrikar to continue as CM, two ailing ministers dropped.
• SC allows live streaming, video recording of court proceedings, directs for framing of rules.
• SC asks states to comply with its order to deal with cow vigilantism, mob lynching.
• Supreme Court scraps 158-year-old adultery law.
• UK court to deliver its verdict on Vijay Mallya’s extradition case on December 10.
• ISRO spy case: All accused in the case acquitted of all charges, scientist awarded ₹50 lakh for wrongful arrest; probe ordered against the cops.
• Bhima Koregaon arrests: SC extends house arrest order for activists.
• ISRO successfully launches 2 earth observation satellites for UK.
• Sikkim gets its first airport and the country its 100th at Pakyong.
• PM Modi launches ‘Swachhata hi seva movement’ as part of Swachh Bharat mission.
• Cabinet approves remuneration hike of Accredited Social Health Activist scheme, Anganwadi workers.
• Venkaiah Naidu, Mohan Bhagwat attend Swami Vivekananda’s 125th Chicago speech anniversary.
• Hardik Patel ends his indefinite fast over reservation after 19 days.
• Poll strategist Prashant Kishor joins Bihar Chief Minister Nitish Kumar’s Janata Dal (United).
• Over 1,400 lives lost due to rains, floods so far this monsoon: Home Ministry.
• Trump inks his administration’s first trade deal with South Korea on the sidelines of the UN meet.
• Iranian President Rouhani slams US for ‘authoritarian’ foreign policy, calls on Trump to return to talks.
• Canada not making concessions needed for a NAFTA deal: US.
• Expect India to cut oil imports from Iran to zero by November: US.
• US to start deportation process of foreigners with expired visa from Oct 1.
• North Korea celebrates its 70th anniversary as a nation with military parade.
• Leaders of North and South Korea meet in Pyongyang for 3rd summit.
• Turkey, Russia agree on demilitarized zone in Syria’s Idlib.
• Japan conducts first submarine drill in disputed South China Sea.
• Chinese President Xi Jinping promotes ‘Belt and Road’ as Africa growth tool.
• Japan’s PM Shinzo Abe wins ruling party leadership vote, heads for an extended 3-year term.
• No-deal Brexit preferable to EU offer: Theresa May.
• US cancels $300 million in aid to Pakistan over lack of action against Taliban.
• Arif Alvi sworn in as Pakistan’s 13th President.
• Islamabad Court suspends Nawaz Sharif, Maryam Nawaz’s jail term in Panama papers case.
• Maldives Opposition leader Ibrahim Mohamed Solih wins presidential election with 58.3% vote.
• Indonesia calls for international help to deal with quake-tsunami that killed at least 832 people.
• Nearly 40 dead in Carolinas as Florence brings ‘epic’ floods.
• Typhoon Jebi: Japan hit by strongest storm in 25 years, prompting evacuations.
• Asian Games 2018: India finishes 8th with 69 medals – 15 gold, 24 silver and 30 bronze.
• Virat Kohli, Mirabai Chanu conferred with Rajiv Gandhi Khel Ratna Award. 20 athletes conferred with the Arjuna Award including javelin thrower Neeraj Chopra, sprinter Jinson Johnson and Hima Das.
• ISSF World Championships: Hriday Hazarika, junior women’s team strike twin golds in 10m air rifle events; Ankur Mittal wins double trap gold.
• India vs England: England clinch five-match series 4-1.
• Asia Cup: India pip Bangladesh in another last-ball thriller to win title for 7th time.
• Virat Kohli surpasses MS Dhoni, becomes first Indian to score 4000 runs as Test captain.
• India continues to be at the No.1 position, England grabs fourth spot in the ICC Test team rankings.
• England’s highest Test run-scorer Alastair Cook retires from international cricket.
• James Anderson claims 564th wicket to become 4th highest wicket-taker in Test cricket.
• US Open 2018: Japan’s Naomi Osaka stuns Serena Williams to clinch maiden Grand Slam title; Novak Djokovic beats Juan Martin Del Potro to win his 3rd US Open title.
• Kenyan Eliud Kipchoge sets new marathon world record in Berlin.
• Croatia’s Luka Modric beats Ronaldo & Salah to win FIFA best Player of the year award.

Business News

• Govt proposes merger of Bank of Baroda, Dena and Vijaya Bank.
• Finance Ministry gives in-principle nod for share buyback in 13 PSUs.
• Indian rupee recovers after continuous fall against US Dollar and crashing below the 72-mark.
• Finance ministry announces a series of measures to boost capital inflows and to curb the rupee fall.
• Depreciating rupee and expensive crude oil pushes fuel prices to record high.
• Andhra Pradesh, Rajasthan, West Bengal and Karnataka cut petrol and diesel prices.
• Govt approves ₹4,500-crore package to sugar industry; to provide transport subsidy to mills for export.
• Cabinet clears new telecom policy to attract $100 billion investments, create 4 million jobs by 2022.
• Govt raises import duties on 19 major items to curtail widening current account deficit.
• Finance Ministry relaxes norms for import of exported electronic goods for repairs.
• Government raises ethanol price for blending in petrol by 25%.
• RBI eases cash requirement rules for banks, assures of liquidity support.
• SEBI defers Oct 1 deadline for extension of trading hours; caps Mutual Fund expense ratio at 2%.
• NSE ties up with London stock exchange for dual listing of masala, foreign currency bonds.
• Over-optimistic bankers, growth slowdown responsible for NPAs: Former RBI Guv Raghuram Rajanx.
• Council forms 7-member panel to find model for funding disaster relief.
• RBI cuts short Rana Kapoor’s term as Yes Bank CEO & MD to Jan 2019, stock price sinks 40% in a week.
• Bank of India invites bids for stake sale in 3 associate companies.
• Govt begins consolidation of regional rural banks, to bring down tally to 36.
• IndusInd Bank gets all regulatory approvals to acquire IL&FS Securities Services.
• India Post Payments Bank enters bancassurance tie-up with Bajaj Allianz Life Insurance.
• Kerala floods: Cochin airport files insurance claims worth ₹3.4 billion.
• Paytm Money enters mutual funds domain with SIPs starting at ₹100 with 8,50,000 users.
• Debt mutual funds see redemptions of ₹6,800 crores in August on weak rupee, rise in oil prices.
• RBI begins special audit of IL&FS after delay in repayment of inter-corporate deposits.
• TCS becomes 2nd firm to hit ₹8 lakh crore market capitalisation mark.
• Amazon becomes second US company to hit $1 trillion in market cap.
• Cisco signs pact with BSNL and Niti Aayog to boost technology.
• GDP growth accelerates to over 2-year high of 8.2% in Q1.
• India Manufacturing Purchasing Managers’ Index slows down to 51.7 in August from 52.3 in July.
• August WPI eases to 4-month low at 4.53% from 5.09% in July and 3.24% in August’17.
• India’s exports grew by 19.21% to $27.84 billion, imports up by 25.41% in August; trade deficit at $17.4 billion.
• Iraq replaces Saudi Arabia as India’s top oil supplier in August.
• US Federal Reserve raises interest rates by 25 bps, sees at least three more years of growth.
• US – China trade war escalates with tariff impositions from both sides.
• WTO cuts world merchandise trade forecasts for 2018 to 3.9% from 4.4% and 2019 to 3.7% from 4%.
• China’s August trade surplus with US widens to record $31 billion.
• Passenger sales decline 2.46% in August, car sales down 1%, commercial vehicles up 29.56%: SIAM.
• Traders launched 90-day rath yatra protesting retail FDI and Walmart-Flipkart deal.
• Infosys directed to pay Rajiv Bansal an outstanding severance of ₹12.17 crores plus interest.
• Wipro bags over $1.5 billion deal from US-based Alight Solutions.
• BSNL signs deal with Softbank, NTT to roll out 5G, IoT service.
• Reliance Jio adds more than 1 crore users, Airtel 3.1 lakh subscribers while Idea sees a big decline.
• Suzuki exits China after dissolving tie-up with Changan Automobile.
• Renault Nissan Mitsubishi Alliance signs in-car tech deal with Google.
• Air India gets ₹2100 crore govt guaranteed borrowing.
• Reliance Infra wins ₹200-crores arbitration against NHAI.
• Tata Steel signs a definitive agreement to acquire Usha Martin.
• Netflix partners Hathway Broadband in India; Tata Elxsi extends pact with Airtel Digital TV.
• Aurobindo Pharma buys parts of Sandoz US from Novartis for $900 million.
• Manipal Group, TTK Group to jointly hold 51% stake in CignaTTK Health Insurance.
• Life Healthcare sells entire 49.7% stake in Max Healthcare for $293 million.
• Godrej Consumer Products Ltd sells its UK business to JZ International for over ₹310 crores.
• Facebook’s Sheryl Sandberg, Twitter’s Jack Dorsey testify before US Congress.
• Ola founders seek CCI nod for hiking stake in cab aggregator.
• Zomato delists hundreds of FSSAI non-compliant restaurants.
• Visa, Mastercard reach $6.2 billion settlement over card-swipe fees.
• Samsung opens its biggest store worldwide in Bengaluru.
• Apple unveils iPhone XS, iPhone XS Max, iPhone XR ; discontinues iPhone – SE, 6s, 6s Plus, and X.
• E-commerce firms to collect 1% tax at source from October 1.
• Oyo raises a $1 billion from Softbank to fuel expansion plans, firm now valued at $5 billion.
• Anshula Kant appointed as MD of SBI; Prashant Kumar appointed as Deputy MD as CFO.
• Amitabh Chaudhry appointed CEO & MD of Axis Bank; HDFC LIFE appoints Vibha Padalkar as MD, CEO.
• Padmaja Chunduru assumes charge as Indian Bank’s managing director and CEO.
• Alibaba Group’s CEO Daniel Zhang to succeed Jack Ma as Chairman next year.
• WhatsApp appoints grievance officer for India.
• Elon Musk out as Tesla chair, remains CEO in $40 million SEC settlement.

General News

• Former Prime Minister of India, Atal Bihari Vajpayee dies at 93.
• DMK Chief and former Tamil Nadu CM M Karunanidhi dies at the age of 94. Madras HC allows burial
  site for Karunanidhi at Marina beach after TN govt rejects request.
• President Kovind gives assent to the Criminal Law (Amendment) Act and to Bill deterring economic
  offenders to flee the country.
• Cabinet approves provision of bail in instant triple talaq bill.
• Monsoon session: A total of 20 bills, including six financial bills, were passed in session this year.
• NDA candidate Harivansh Narayan Singh (JDU) elected as the deputy Chairperson of the Rajya Sabha.
• Indian will take national flag to space on board ‘Gaganyaan’ by 2022: PM in Independence Day speech.
• PM Modi attends the BIMSTEC Summit in Nepal.
• Sushma Swaraj was on 3-nations visit to Kazakhstan, Kyrgyzstan, and Uzbekistan; embarks on four-day
  visit to Vietnam, Cambodia.
• Nirmala Sitharaman holds delegation level talks with Japan Defence Minister Itsunori Onodera.
• India, China agree to draft new defence MoU, better military communication to avoid standoffs.
• Kerala floods: Centre releases ₹ 600 crores, CM seeks ₹2,600 crore special package; death toll at 445.
• UAE denies Rs 700 crore offer, BJP and Left trade charges.
• SC asks Tamil Nadu to keep Mullaperiyar dam water level at 139 ft till Aug 31 in view of Kerala floods.
• Karnataka floods: CM seeks ₹2000 crore assistance from Centre as 12 killed and over 5,000 displaced.
• MK Stalin elected DMK President unopposed at the party’s general council meeting held in Chennai.
• People not on the Assam NRC draft list can vote if they are on electoral rolls: EC.
• Article 35A: SC adjourns hearing to January 2019 as Centre, Jammu & Kashmir warn of unrest.
• CM Arvind Kejriwal, deputy Manish Sisodia, 11 AAP legislators charged for assault on Chief Secretary.
• Violence hits parts of Maharashtra on anniversary of Maratha quota agitation.
• Uttar Pradesh govt sanctions ₹150 crores for developing pilgrim centres.
• Haryana gets first civil airport at Hisar as Independence Day gift.
• Somnath Chatterjee, former Lok Sabha Speaker, dies at the age of 89. Former Rajya Sabha MP
  Nandamuri Harikrishna, dies in a road accident in Telangana’s Nalgonda.
• Aadhar challenge: Hackers deposit ₹1 in TRAI chairman R S Sharma’s bank account.
• UIDAI makes face recognition feature mandatory for Aadhaar authentication.
• Rahul Gandhi forms 6-member task force to ‘expose’ Rafale deal ahead of 2019 general elections.
• Rafale deal row: Anil Ambani files ₹5,000 crore defamation case against National Herald.
• No income generated from Young Indian-National Herald transaction: Sonia Gandhi to HC.
• Govt clears elevation of Justice KM Joseph to SC.
• 5 rights activists arrested for alleged maoist links to be kept under house arrest till next hearing: SC
• India formally hands over extradition request to authorities in Antigua and Barbuda for Mehul Choksi.
• CBI sends extradition request for Nirav Modi after UK confirms his presence.
• Vijay Mallya extradition case: CBI submits video footage of Mumbai’s Arthur Road jail to UK court.
• Defence Acquisition Council approves procurement of defence platforms worth ₹46,000 crores, gives
  approval for buying 111 Helicopters for Navy at ₹21,000 crores.
• Govt sets up two task force for making aircraft, Unmanned Aerial Vehicles.
• Centre spends over ₹72.7 crore for indigenous defence products in 2017-18.
• NASA’s Parker Solar Probe blasts off on epic journey to ‘Touch the Sun’.
• Sunita Williams among 9 astronauts named by NASA for its first human spaceflight.
• US Congress passes bill to slash Pakistan’s defence aid to $150 million.
• US waives sanctions against India for buying Russian arms.
• NAFTA: Trump announces US-Mexico trade deal; US and Canada aim to finalise trilateral deal.
• Donald Trump cancels Mike Pompeo’s North Korea trip, citing lack of progress.
• John McCain, US Senator and former Presidential candidate, dies at 81.
• Imran Khan sworn in as Pakistan’s 22nd Prime Minister.
• Scott Morrison replaces Malcolm Turnbull as Australia’s new Prime Minister.
• Emmerson Mnangagwa former ally of Mugabe narrowly wins Zimbabwe Presidential poll.
• Kofi Annan, former Secretary-General of the UN, dies at 80.
• Italy bridge collapse: Genoa death toll rises to 43, govt declares year-long state of emergency.
• Asian Games 2018: India at 8th position with a total of 65 medals — 13 gold, 23 silver and 29 bronze.
• India vs England: India trails the 5-Test match series 2-1.
• SC modifies ‘one state, one vote’ policy of BCCI; approves cricket board draft constitution.
• Former Indian cricket team captain and coach Ajit Wadekar dies aged 77.
• Cincinnati Open: Djokovic beats 7-time winner Federer; Kiki Bertens stuns Simona Halep to win title.

Business News

• 29th GST Meet: Council forms Group of Ministers headed by MoS Finance to look into MSME issues;
  cashback incentives for digital payments to be rolled out on a pilot basis.
• Parliament passes Insolvency & Bankruptcy Code (Second Amendment) Bill,2018.
• Govt, EESL, World Bank sign $300 million pact to boost energy efficiency programme in India.
• Centre approves Digilocker; soft copies of Driving license, Registration now legal.
• Govt earmarks ₹1,000 crores for MSME sector in Northeast.
• Cabinet approves 2% hike in DA for central govt employees.
• RBI raises repo rate by 25 bps to 6.5%, reverse repo rate rises to 6.25%, holds neutral stance.
• Fed leaves interest rate unchanged, says economy growing at strong pace.
• RBI unveils UPI 2.0 version, allow customers to use overdraft limit for making payments to merchants.
• Processing of old 500, 1000 rupees notes complete, 99.3% notes returned: RBI Annual report.
• Rupee breaches 71/$ mark for the first time ever from rising crude oil price.
• Oil rises on Iran sanctions, lower US fuel inventories.
• NCLAT declines stay on Tata Sons’ conversion to pvt co; says Cyrus Mistry can’t be forced to sell stake.
• Cabinet approves purchase of 51% stake in IDBI by LIC.
• No ATM to be replenished with cash after 9 pm from next year: Home Ministry.
• NSE unveils new logo to mark its entry into 25th year of existence.
• BSE market cap hits record high as Sensex scales new peak; RIL hits market cap of ₹8 lakh crores.
• HDFC AMC, CreditAccess Grameen, Amaravati Bonds 2018 listed in the exchanges.
• China dethroned by Japan as world’s second-biggest stock market amid trade war with US.
• PNB case: Govt sacks ex MD Usha Ananthasubramanian, allows prosecution; granted bail by CBI Court.
• RBI cancels licences of 368 NBFCs in first half of 2018.
• Bad loans of listed domestic banks dipped by ₹220 billion in Q1.
• Bharti AXA, Airtel Payments Bank team up to offer Pradhan Mantri Jeevan Jyoti Bima Yojana.
• Infosys opens new technology and innovation hub in North Carolina, hires 4,700 in the US.
• Tech Mahindra inks pact with Telangana for ‘Blockchain district’.
• DoT blacklists bank guarantees issued by Standard Chartered Bank.
• RComm and Ericsson reach $80 million settlement.
• RComm sells media convergence nodes for ₹2,000 crores and fiber assets for ₹3,000 crores to RJio.
• Australia bans China’s Huawei, ZTE from mobile network build over security fears.
• Ashok Leyland bags tender for defence tracked combat vehicles; makes foray into niche segment.
• Tesla to remain public, Elon Musk says, ending go-private effort.
• Passenger vehicle sales dip 2.71% to 2,90,960 units in July, car sales decline marginally: SIAM.
• Air India board meets; to receive ₹980 crore capital from govt for interest payments on NCDs.
• Jet Airways gets $300 million as lease incentives & debt from banks.
• SpiceJet flies India’s first biofuel flight, from Dehradun to Delhi.
• L&T Board approves share buyback of ₹ 9,000 crore at ₹1,500 apiece.
• RIL wins arbitration case against govt’s claim of illegal gas production; govt to move HC.
• Adani wins gas licences for 21 cities; BPCL bags 11 cities.
• Govt allows pet coke import for use as feedstock in cement & gasification industries.
• Saudi Arabia calls off both the domestic and international stock listing of state oil giant Aramco.
• CCI gives nod to Adani Wilmar’s acquisition of Ruchi Soya.
• PVR completes acquisition of 71.6% stake of South India based SPI Cinemas.
• Samsung partners with PVR to launch India’s first Onyx Cinema LED theatre.
• US tariffs on $16 billion worth of Chinese imports took effect, Beijing retaliates.
• Russian ruble drops to 21-month low as US imposes fresh sanctions on Moscow.
• Turkish lira hits new lows; govt drafts economic action plan; Qatar, Turkey ink currency swap deal.
• Saudi Arabia freezes Canada trade ties for urging activists’ release.
• Greece exits bailout programme after eight years.
• IKEA opens its first in India with a 4 lakh sqft showroom in Hyderabad.
• Walmart completes acquisition of Flipkart, pumps in $2 billion.
• Warren Buffett’s Berkshire Hathaway picks up ₹2,500 crore stake in Paytm.
• Ola launches its UK operations with ride-sharing offerings in South Wales, Greater Manchester.
• WhatsApp limits ‘forwards’ to 5 users to contain rumours; rejects India’s demand for message traceability.
• Exports rise 14% to $25.77 billion in July, trade deficit soared to a near 5 year high of $18.02 billion.
• Indian smartphone market grows 20% in Q2 2018, Xiaomi leads tally: International Data Corporation.
• Kumar Mangalam Birla, Y.C. Deveshwar appointed non-official directors in Air India.
• Govt appoints S Gurumurthy, Satish Marathe as part-time directors on RBI board.
• PNB MD Sunil Mehta becomes Indian Banking Association Chairman.
• Chanda Kochhar back on ICICI Securities’ board after Bank votes in her favour.
• Rana Kapoor to serve as Yes Bank MD & CEO till further notice from RBI.
• Cabinet approves appointment of RS Sharma as TRAI Chairman till September 2020.
• Indra K. Nooyi to end tenure as PepsiCo CEO; President Ramon Laguarta to take over.
• Infosys CFO MD Ranganatha resigns to pursue professional aspirations.
• Anil Ambani resigns as Director of Reliance Naval and Engineering.

Q1 Results

• SBI reports loss of ₹4,875.85 crores in Q1 as provisions double to ₹19,228 crores.
• IDBI bank reports Q1 net loss of ₹2,410 crores, provisions spiked over 157% to ₹5,236 crores.
• PNB reports Q1 net loss of ₹940 crores, GNPA reduced to 18.26%, NNPA fell to 10.58%.
• M&M Q1 profit grew 67% YoY to ₹1,257 crores, revenue rose 23% YoY to ₹13,551 crores.
• Sun Pharma Q1 profit stood at ₹983 crores, revenues rose 16.7% YoY to ₹7,423.9 crores.
• Lupin net profit slumps 43% to ₹202.8 crores in Q1, total income rose 3.6% to ₹4,040 crores.
• IOC Q1 profit jumps 50% to ₹6,831 crores on inventory gains, revenue rose to ₹1,49,747 crores.
• Coal India Q1 net profit surges 61% to ₹3,786 crores, revenue rose 17.96% to ₹24,260.87 crores.
• Jet Airways posts Q1 loss at ₹1,323 crores, total revenue up 5.2% to ₹6,257 crores, fuel expense up 53%.
• Britannia Q1 profit rises 19.4% YoY to ₹258.10 crores, revenue rises 12.4% to ₹2,544 crores.

General News

• Monsoon session: Govt comfortably wins against the no-confidence motion moved by TDP.
• Congress moves privilege motion against PM Modi, Nirmala Sitharaman on Rafale deal.
• Piyush Goyal moves the Insolvency and Bankruptcy Code (Second Amendment) bill in Lok Sabha.
• Samsung’s Noida plant: PM Modi, S Korean President Moon Jae launch world’s largest mobile factory.
• India, South Korea sign 11 agreements during President Moon Jae-in’s visit.
• PM Modi embarks on tour to Rwanda, Uganda and South Africa.
• BRICS summit: PM Modi reaffirms India’s commitment to multilateralism and international trade.
• Sushma Swaraj co-chairs joint commission meet with her Bahrain counterpart in Bahrain, sign MoUs.
• India, US to hold 2+2 dialogue on September 6 in New Delhi.
• India, Japan hold maritime affairs dialogue, discuss Indo-Pacific region and maritime security.
• Nirmala Sitharaman hands over “Made in India” high-power multi-fuel engines to Indian Army.
• Assam NRC final draft published with 2.9 crore names out of the total 3.29 crore applicants.
• Truckers call off their strike demanding reduction in diesel prices and toll fees after govt’s assurance.
• Doctors call nationwide 12-hour strike against new medical bill.
• Govt approves hike in MSP for 14 Kharif crops.
• Govt asks states to issue instructions to conduct inspection of all Missionaries of Charity homes.
• Srikrishna panel submits Draft Data Privacy Bill to government.
• 100 militants killed in six months, govt tells Rajya Sabha.
• Terror violence has dipped in J&K under Governor’s rule: Home Ministry Data.
• PDP vice-president, office-bearers submit resignations to Mehbooba Mufti.
• Delhi CM Arvind Kejriwal okays doorstep ration delivery, orders implementation.
• Tamil Nadu CM E Palaniswami releases water from Mettur dam; claims victory in Cauvery dispute.
• UP govt issues order to ban plastic cups, glass, polythene from July 15.
• Goa to impose heavy fine for drinking alcohol in public from August 15: CM Manohar Parrikar.
• India successfully test-fires BrahMos supersonic cruise missile in Odisha.
• ISRO passes first test to qualify for manned space mission.
• 537 dead in monsoon rains, floods in 6 states so far.
• Won’t revise ‘One Rank-One Pension’ Formula: Centre to SC.
• Can’t sell 2 & 4-wheelers from Sept 1 without mandatory 3rd party insurance for 2 and 5 years respectively: SC.
• SC slams Centre for ‘lethargy’ in protecting Taj Mahal. UP Govt files draft vision document before SC.
• BSNL telephone exchange case: Madras HC orders framing of charges against Maran brothers.
• India asks Antigua to detain Mehul Choksi after info of his presence on island.
• Vijay Mallya granted bail by UK Court in the extradition case.
• EC launches mobile app “cVIGIL” to enable citizens to report on violation of election code of Conduct.
• Public Affairs Index: Kerala tops in governance; Tamil Nadu, Telangana, Karnataka and Gujarat follows.
• WhatsApp limits message forwarding to five chats in India to counter mob lynching.
• IAF spent ₹29.41 crores to ferry currency notes post demonetisation: RTI reply.
• Trump holds his first summit meeting with Russian President Vladimir Putin in Helsinki, Finland.
• Russia did interfere in US election: Trump admits he misspoke when he failed to blame Russia.
• Trump administration misses deadline to reunite immigrant families with young children.
• US govt announces $12 billion in aid to farmers hurt by Trump’s trade war.
• N Korea hands over 55 cases of remains thought to be US war dead.
• Ex- Pakistan PM Nawaz Sharif, daughter Maryam sentenced to prison in the Avenfield properties case.
• Pakistan elections: Imran Khan wins 115 of the 269 seats, to take oath as Prime Minister on August 11.
• US President Trump visits UK amid mass protests; hails ties with UK despite Brexit criticism.
• Brexit secretary David Davis and Foreign Secretary Boris Johnson resign.
• Chinese President Xi Jinping discuss strengthening strategic bilateral ties with UAE leaders.
• Iran lodges complaint with ICJ against US over renewed sanctions.
• Thai cave rescue: All 12 boys and coach successfully rescued after being trapped for 18 days.
• Fierce heatwave hits Japan following historic floods.
• Recep Tayyip Erdogan sworn in as Turkey’s President with vast new powers.
• Former Malaysian PM Najib Razak arrested over his alleged role in Malaysia’s 1MDB scandal.
• Former South Korean President Park Geun-hye sentenced to 8 more years in jail for misusing funds.
• NASA prepares “Parker Solar Probe” to fly into Sun’s scorching atmosphere.
• Under-20 World Athletics: Hima Das scripts history, wins gold in 400m final.
• Dipa Karmakar grabs the gold medal in the vault event of FIG Artistic Gymnastics World Challenge Cup.
• India’s star javelin thrower Neeraj Chopra wins gold at Sotteville Athletics meet in France.
• Indian Olympic Association announces 524-member contingent for 2018 Asian Games.
• FIFA 2018: France ends 20-year itch, lifts second World Cup after defeating Croatia 4-2.
• Wimbledon 2018: Novak Djokovic wins fourth tittle, Angelique Kerber her maiden title.
• India vs England: India clinch T20I series 2-1 while England clinch the 3-match ODI series 2-1.
• Virat Kohli becomes fastest player to score 2000 T20I runs.

Business News

• GST Council’s 28th meet: Govt slashes GST on 100 mass use items.
• Income Tax refunds worth ₹70,000 crores issued, 99% claims processed as on June end: CBDT.
• PAN-Aadhaar linking deadline extended till March 31, 2019.
• Govt increases load carrying capacity of trucks.
• RBI to issue new ₹100 notes, earlier series to continue to be legal tender.
• Govt hikes threshold limit for tax department appeals in Tribunals, Courts.
• NSE signs post-trade technology and strategic partnership agreement with Nasdaq.
• Reliance Industries crosses the $100-billion market cap, joining the TCS in the elite club.
• SME IPOs garner ₹825 crores in April-June quarter.
• RBI issues licence to Bank of China to operate in India.
• Banks must to comply with 16 SWIFT security principles by December to avoid RBI action.
• SBI lays out action against Mallya, says recovered around ₹950 crore for the entire banking sector.
• ICICI Bank commissions external probe into whistleblower’s complaint about 31 loan accounts.
• SBI, PNB, Canara Bank and other PSBs to shut one-third of foreign branches.
• Federal Bank gets RBI nod to enter Bahrain, Kuwait, Singapore.
• LIC board approves acquisition of up to 51% stake in IDBI Bank.
• US – China trade war escalates as both countries exchange tariffs.
• US and EU agree to work towards lower trade barriers.
• Import of oil from Iran from November 4 will be sanctionable activity: Mike Pompeo.
• India reduces duties on 3142 imports from China, Asia Pacific nations.
• June total vehicle exports rises 32.6% to 3.94 lakh units YoY, car sales up by 34%: SIAM.
• Passenger vehicles export from India dips 7.37% to 1,67,161 units in Q1.
• Pharma companies pledge to freeze planned price hikes for rest of 2018 after meeting with Trump.
• Fortis accepts $584 million stake deal from Malaysia’s IHH Healthcare.
• BSNL starts first internet telephony service in India.
• Reliance launches Jio GigaFiber, Jiophone 2 among other services at AGM.
• Centre clears Vodafone-Idea merger to create India’s largest telecom firm.
• Google faces record $5-billion penalty by EU over Android antitrust violations.
• Facebook fined over ₹4 crores in UK for its role in Cambridge Analytica scandal.
• Big Twitter accounts see follower numbers drop after fake-user purge.
• Yahoo Messenger shuts down after 20 years, users redirected to Squirrel group chat app.
• Nearly 10 lakh traders hold nationwide protest Flipkart-Walmart deal.
• Paytm partners with SoftBank-Yahoo’s PayPay to enter Japan’s digital payments market.
• Paytm launches Forex services; offers 20 international currencies.
• Plastic ban impact: Coke, Pepsi, Bisleri start printing buyback value on PET bottles.
• Godrej exits baby care space, sells Snuggy to Nobel Hygiene.
• Johnson & Johnson to pay $4.7 billion damages in talc cancer case.
• NCLT dismisses Cyrus Mistry’s plea challenging his dismissal as Chairman of the Tata Sons.
• Vijay Mallya, Nirav Modi, Mehul Choksi summoned by PMLA court under new Fugitive Ordinance.
• UK court lets Indian banks search, seize Vijay Mallya’s properties.
• Ex-Spicejet owner Kalanithi Maran loses ₹1,323-crore arbitration against Spicejet.
• Arijit Basu takes charge as Managing Director of SBI.
• FPI outflow hits 10-year high at ₹48,000 crores in H1 2018.
• India beat France to become world’s 6th largest economy: World Bank report.
• Ease of doing business rankings: Andhra Pradesh retains top spot, Telangana slips to 2nd spot.

General News

• PM Modi meets Chinese President Xi Jinping on sidelines of SCO summit; Jinping accepts PM Modi’s invitation for informal summit in India in 2019.
• India Seychelles agree to work together on Assumption Island Project.
• Sushma Swaraj calls for joint action against money laundering, terrorist-financing at BRICS Foreign Ministers’ meeting.
• President Ram Nath Kovind embarks on 3-nation tour to Greece, Suriname and Cuba.
• Sushma Swaraj meets the top leadership of the European Union during her 4-nation Europe tour.
• US envoy to UN Nikki Haley visits India.
• Soul of India is pluralism, tolerance: Pranab Mukherjee at the valedictory function of RSS’s 3rd year officers’ training camp in Nagpur.
• PM Modi launches BJP’s 2019 Lok Sabha election campaign in Maghar, UP.
• Centre forms Cauvery Water Management authority to address water dispute.
• Govt to hire graduates aged 40 or more as joint secretary, issues public notice.
• J&K: Editor of Rising Kashmir, Shujaat Bukhari shot dead by unidentified men; Army jawan Aurangzeb abducted by terrorists killed.
• Centre announces end to Ramzan ceasefire in Jammu & Kashmir.
• Mehbooba Mufti resigns as J&K CM after BJP breaks alliance; President approves Governor’s rule.
• First-ever UN human rights report on Kashmir calls for international inquiry into multiple violations.
• Arvind Kejriwal goes on nine-day sit-in protest at LG’s office over IAS officers’ strike and approval of the ‘doorstep delivery ‘of ration.
• Delhi Vidhan Sabha accepts the resolution on full statehood to Delhi.
• Kumaraswamy inducts 15 Congress, 9 JD(S) members in Karnataka cabinet.
• Monsoon has been good, TN to get Cauvery water: HD Kumaraswamy; calls for all party meeting.
• Maharashtra plastic ban comes into effect; Tamil Nadu bans manufacture, use of plastic starting 2019.
• Chennai-Salem highway row: Aggressive land acquisition by TN govt snowballs into major controversy as protests escalate.
• International Yoga Day: Rajasthan sets world record with more than 1.05 lakh people performing.
• Amarnath yatra kicks off amid tight security but suspended owing to weather conditions.
• Farmers from 172 organisations went on a 10-day nation-wide strike.
• HRD Ministry’s move to scrap UGC evokes mixed response.
• India successfully test fires 5000 km range nuke capable Agni-V off Odisha coast.
• Supreme Court allows govt to provide reservation in promoting SC/ST employees.
• INX Media case: CBI moves SC against Karti Chidambaram’s bail; HC grants P Chidambaram protection from arrest till July 3.
• Vijay Mallya diverted over ₹3,700 crore bank loan funds to F1, IPL and private jet: ED chargesheet.
• Sushma Swaraj introduces Passport Seva App; downloaded a million times in two days.
• 8 states, 4 UTs sign MoUs with health ministry to implement Ayushman Bharat mission.
• Japan’s Shinzo Abe and Donald Trump meet ahead of the historic US-North Korea summit.
• Donald Trump meets with N Korea’s Kim Jong Un at Capella Hotel in Singapore’s Sentosa Island.
• Kim agrees with Trump to complete denuclearization in exchange for security guarantees.
• Sanctions on North Korea to remain till complete denuclearisation: Mike Pompeo.
• Trump withdraws endorsement of G7 joint statement; calls for Russia to be readmitted to the group.
• Putin meets Xi Jinping, says Russia’s cooperation with China has reached ‘unprecedented level’.
• Xi Jinping, Kim Jong Un hold talks; agrees to safeguard, consolidate and develop China-Korea relations.
• US Defense Secretary meets with Chinese President Xi Jinping in Beijing, amid tensions.
• Donald Trump to meet with Russian President Vladimir Putin in Helsinki, Finland, on July 16.
• Trump administration allows families to be detained together at the border; asks Pentagon to prepare 20,000 beds for immigrant children on military bases.
• US Supreme Court upholds Trump’s travel ban from certain countries.
• Britain’s upper house of Parliament rejects PM Theresa May’s Brexit Laws.
• Turkey’s Recep Tayyip Erdogan claims victory in Presidential election.
• Retd Justice Nasirul Mulk takes oath as Pakistan’s caretaker PM ahead of the July assembly elections.
• Saudi Arabia’s ban on women driving officially ends.
• FIFA 2018: Holder Germany eliminated from the tournament, last 16 teams to play for the Quarters.
• Afghanistan vs India: Afghanistan makes its Test debut; loses by an innings and 262 runs.
• Women’s Asia Cup T20 2018: Bangladesh creates history, defeat India in a last-ball thriller.
• India vs Ireland: Clinical India humiliate Ireland by 143 runs for biggest T20 win.
• ICC adds Nepal, Netherlands, Scotland and UAE to ODI Team Rankings.
• French Open 2018: Rafael Nadal wins the 11th title; Romanian Simona Halep wins Women’s singles.
• Novak Djokovic records 800th match win of his career at Fever-Tree Championships.
• Intercontinental Cup: India beat Kenya 2-0 to win title.

Business News

• • GST collection for May comes at ₹94,016 crores against average monthly collection of ₹89,885 crores.
  • Tax department clears ₹7,000 crore GST refunds of exporters.
  • President promulgates Insolvency and Bankruptcy Code (Amendment) Ordinance, 2018; Home-buyers recognized as financial creditors.
  • Government kicks off its divestment drive for FY19 with the RITES IPO.
  • NITI Aayog releases National Strategy on AI; to focus on healthcare, agriculture, education, smart cities and infrastructure, smart mobility and transportation.
  • Centre constitutes group headed by Bharat Forge’s Baba Kalyani to study the SEZ policy.
  • PM Awas Yojana: Govt approves 33% increase in carpet area of houses under subsidy scheme.
  • Govt puts off Air India stake sale for now, to focus on improving operational efficiency.
  • Cabinet approves ₹8,000 crore package for sugar sector. • UP Cabinet clears Patanjali’s Rs 6,000-crore food park project in Noida.
  • AIIB clears $200 million infusion into National Infrastructure Investment Fund to aid infra growth.
  • Fiscal deficit for April-May reaches 55.3% of the budgeted target of FY19.
  • RBI hikes Repo Rate by 25 bps to 6.25%, reverse repo rate at 6.50%; projects inflation at 4.8 – 4.9% in H1 2018-19 and 4.7% in H2 2018-19.
  • US Federal Reserve raises key interest rate to 1.75-2%; China leaves rates unchanged.
  • Bank NPA ratio to hit 12%, may reach highest level since 2000: RBI report.
  • Punjab National Bank, Union Bank of India and Syndicate Bank to be put under RBI’s PCA.
  • 7 banks, including SBI, ICICI and IDBI, in process of selling NPAs worth ₹28,000 crores.
  • IDFC Bank, Capital First get RBI nod for merger.
  • Bharat Financial gets stock exchanges’ nod for merger with IndusInd Bank.
  • Mid-sized British bank CYBG acquires Virgin Money for $2.3 billion.
  • SEBI reduces time for announcement of IPO price band to 2 days; rewrites share buyback regulation.
  • Bharat-22 ETF’s second tranche subscribed 2.6 times, investors put in bids worth ₹15,436 crores.
  • NSE introduces additional surveillance measures on 60 firms undergoing insolvency process.
  • Rupee hits an all-time low, breaching the 69/$ mark for the 1st time.
  • Money stashed by Indians in Swiss banks swells by 50%; Piyush Goyal promises action. TCS board clears ₹16,000 crores share buyback at ₹2,100, 14% premium to current price.
  • Nokia signs 5-year global IT infrastructure deal with HCL Technologies.
  • DoT seeks ₹2,100 crores bank guarantee from Idea to clear Vodafone merger deal.
  • Airtel partners with telecom department to boost rural broadband penetration.
  • India, Europe Telecom regulators sign memorandum on preserving, promoting net neutrality rules.
  • Reliance Jio crosses 200 million user mark in less than 2 years.
  • Energy Efficiency Services ltd (EESL), Telangana partners to adopt E-mobility programme.
  • Suzuki India crosses 20 million cars production milestone since its inception in 1983.
  • Nissan stops development of future diesel powerplants globally.
  • Harley-Davidson shifts some manufacturing unit out of US to escape EU tariffs.
  • India, China aviation officials discuss increasing air connectivity.
  • Andhra Pradesh inks pacts with Singapore consortium to develop Amaravati.
  • Govt to restructure the National Pharmaceutical Pricing Authority to revamp drug price regulation.
  • OPEC agrees on output hike of 1 million barrels per day.
  • Abu Dhabi National Oil Company joins Saudi Aramco to take stake in $44 billion Ratanagiri refinery.
  • US imposes import duty on large diameter welded pipes from India & China; raises tariffs on steel and aluminium imports from key allies in Europe and North America.
  • Canada fires back at US with $12.6 billion counter tariffs on essentials.
  • US imposes 25% tariff on Chinese goods, China retaliates with additional tariffs on $50 billion worth of US goods.
  • India increases import duty on 30 US products. • China’s yuan hits fresh 5-month low as trade fight with U.S. intensifies.
  • Solar installations in India rises 34% to 3,269 mw in the first quarter of 2018.
  • AT&T completes acquisition of Time Warner after US govt allows it to close deal.
  • Yahoo Messenger to shut down on July 17, redirects users to group messaging app Squirrel.
  • Confederation of All India Traders files complaint with ED against Flipkart, alleges FDI norms violation.
  • Truecaller acquires Chillr, to roll out credit and financial services to Indian users.
  • Cleartrip announces acquisition of Saudi Arabia-based online travel aggregator ‘Flyin’.
  • BookMyShow forays into international event ticketing.
  • South Korea’s cryptocurrency exchange Bithumb loses $32 million in digital money heist.
  • Australia, New Zealand central banks shun “volatile“ digital currencies.
  • Bitcoin skids below $6,000, hits lowest level since November 2017.
  • General Electric dropped from Dow Index; replaced with Walgreens Boots Alliance.
  • Argentina gets first $15 billion from IMF to stabilise economy.
  • Bank of Maharashtra CEO, Executive Director held for role in ₹3,000 crore DSK Group default case.
  • CBI files chargesheet against A C Muthiah, others for ₹1.02 billion loss to Syndicate Bank.
  • India’s trade deficit widened to 4 month high of $14.62 billion in May as imports surged nearly 15%.
  • Indo-Thai bilateral trade to touch $11 billion in 2018; Thailand companies to invest around $3 billion by 2020.
  • PSB losses eat up Centre’s $13 billion infusion in FY18: Fitch Ratings.
  • Violence costs India’s GDP over $1 trillion on PPP basis, per person cost at ₹40,000: Report.
  • Mahesh Kumar Jain, MD & CEO of IDBI Bank, appointed as Dy Governor of RBI for a term of 3 years.
  • ICICI Bank’s Board names Sandeep Bakhshi as COO; Chanda Kochhar to go on indefinite leave; appoints former petroleum secretary GC Chaturvedi as non-executive part-time Chairman.
  • ICICI Prudential Life’s board appoints NS Kannan as MD and CEO.
  • YES Bank shareholders reappoint Rana Kapoor as Managing Director, CEO for 3 years.
  • General Motors names Dhivya Suryadevara as CFO.

General News

• Karnataka Elections: HD Kumaraswamy sworn-in as Karnataka CM and Congress’ G Parameshwara as the Deputy CM after Congress offers support to JD(S).
• BS Yeddurappa steps down as Karnataka CM without facing trust vote 3 days after swearing-in.
• Cabinet reshuffle: Piyush Goyal gets finance ministry till Arun Jaitley recovers from a kidney transplant; Rajyavardhan Rathore named I&B minister, SS Ahluwalia as Minister of Electronics & IT.
• SC approves Centre’s amended draft Cauvery management scheme; asks for it to be implemented before the monsoon session of Parliament.
• Anti-Sterlite protest in Tamil Nadu’s Tuticorin turns violent on 100th day, claims 13 lives.
• Tamil Nadu govt orders permanent closure of 1st plant, cancels the land allotted for 2nd copper smelting plant in Tuticorin.
• PM Modi discusses bilateral and global issues in his first informal summit with Russian President Vladimir Putin.
• India holds bilateral talks with Myanmar, Iran.
• PM Modi embarks on tour to Indonesia, Malaysia and Singapore to boost Act East Policy.
• MoS External Affairs Gen VK Singh makes India’s first high-level visit to North Korea in 20 years.
• Bangladesh PM Sheikh Hasina seeks India’s help in urging Myanmar to take Rohingya refugees back.
• President Ram Nath Kovind gives nod to Bill amending Journalist Act.
• Oommen Chandy named Congress in-charge of Andhra Pradesh, Tarun Gogoi for West Bengal.
• Congress withdraws plea on impeachment move against Chief Justice Dipak Misra.
• Centre asks security forces not to launch operations in J&K during the month of Ramzan.
• Army finalises ₹15,000-crore ammunition production project.
• Indian Army tests Air Cavalry concept in Rajasthan’s desert terrain.
• All-women crew of INSV Tarini return to India after historic global circumnavigation.
• Former Attorney General of India Mukul Rohatgi appointed eminent jurist in Lokpal panel.
• Sunanda Pushkar death case: Shashi Tharoor charged with abetment to suicide.
• Vijay Mallya loses $1.55 billion assets case filed by the Indian banks in UK court.
• Massive dust storms, thunderstorms hit North India; More than 100 killed in Uttar Pradesh, Rajasthan.
• Nipah virus claims 15 lives in Kerala.
• Southwest monsoon arrives in Kerala three days ahead of schedule.
• NASA reveals major changes in worldwide water availability, warns of freshwater decline in India.
• Nepal’s ruling CPN-UML and CPN-Maoist Centre merge to form Nepal Communist Party.
• Donald Trump pulls US out of Iran nuclear deal; Iran sets end of May deadline to see EU measures to save nuclear deal.
• Gina Haspel sworn in as first female director of CIA.
• Vladimir Putin sworn in as President for fourth Kremlin term.
• N Korea destroys nuclear site after Donald Trump walks out of the summit with Kim Jong Un.
• US and N Korea actively prepare for the summit in Singapore.
• German Chancellor Angela Merkel holds talk on economy, trade, rule of law with Chinese Premier Li Keqiang.
• US opens embassy in Jerusalem; Guatemala and Paraguay follow suit.
• Nawaz Sharif admits Pakistan-based terrorists carried out 26/11 Mumbai attack; Govt and the army reject the allegations.
• Pakistan names Ex-Chief Justice Nasir Ul Mulk as interim PM until general elections.
• Mahathir Mohamad sworn in as Malaysia’s Prime Minister; Ousted PM Najib Razak barred from leaving country.
• 4-year search for Malaysia Airlines flight MH370 ends; search to resume if new evidence found.
• Venezuela: Nicolas Maduro wins second term as President amid outcry over vote.
• Cuba air crash: Over 100 dead after Boeing 737 crashes after taking off from Havana.
• IPL 2018 : Chennai Super Kings beat Sunrisers Hyderabad to win third IPL title.
• Roger Federer replaces Rafael Nadal as number one.
• AB de Villiers announces retirement from all forms of International Cricket.

Business News

• GST revenue collection in April 2018 comes at ₹1,03,458 crores.
• Finance Minister Piyush Goyal vows clean-up of banks after meeting heads of PSBs.
• Cabinet clears ordinance to amend Insolvency and Bankruptcy Code.
• Terms of Reference: Finance Ministers of five States submit memo to President Ram Nath Kovind.
• NITI Aayog ties up with Google to accelerate the future of AI and ML (Mission Learning) in India.
• RBI appoints NSDL’s Sudha Balakrishnan as its first CFO.
• Govt’s Bank Note Paper Mill India (BNPM) gets green nod to increase bank note paper production.
• Bank Unions call for two-day nationwide strike from May 30, to protest a nominal 2% wage hike.
• CBI files charge sheet in Nirav Modi case, names PNB ex chief, senior officials; files supplementary chargesheet against Mehul Choksi, Gitanjali Group companies.
• SEBI serves notice to ICICI Bank, CEO Chanda Kochhar.
• ICICI Bank to form independent panel to probe allegations against Chanda Kochhar.
• DSP Group buys out BlackRock’s 40% stake in joint venture.
• Dai-ichi Life buys 39.62% stake in Union Asset Management Co.
• Domestic passenger vehicle sales rose 7.5% to 2,98,504 unit in April.
• China cuts import tariffs for most vehicles to 15% from 25% w.e.f July 01.
• Toyota and Suzuki agree to discuss projects for tech and market development, vehicle production.
• Mercedes clocks production of 1 lakh cars in India.
• Railways to roll out smart coaches with black boxes, coach information and diagnostics systems.
• Centre announces ₹1 lakh crore investment to upgrade airports in next 5 years.
• CBI files case against AirAsia CEO Tony Fernandes, civil aviation ministry officials for alleged corruption.
• Oil hits multi-year high on tight supply, Iran sanctions; Petrol, diesel touch all-time highs as oil companies hike rates.
• Petronet to partner ONGC Videsh Ltd for stake in Qatar Petroleum LNG project.
• Indo-Pacific infrastructure forum launched to tap private sector in India, US, Japan.
• Biocon sells 1.88% stake in its research arm Syngene International for ₹230 crores.
• Telecom panel approves in-flight connectivity in Indian Airspace.
• Jio enters post-paid market, announces ₹199 Jio post-paid plan with “Zero-Touch” feature.
• Patanjali enters telecom domain , ties up with BSNL for Swadeshi Samriddhi SIM cards.
• RCom moves NCLAT challenging NCLT order allowing its insolvency.
• NCLAT refuses to stay Binani Cement insolvency proceedings.
• Jaypee promoters submit over ₹10,000 crore revival plan for Jaypee Infratech.
• Hero’s Munjal, Dabur’s Burman win bidding for hospital chain Fortis.
• NCLT approves Tata Steel bid for Bhushan Steel.
• India drags US to WTO over steel, aluminium duties.
• Qatar bans goods from four Arab nations – Saudi, UAE, Egypt and Bahrain.
• Cabinet okays ₹5.5 per quintal subsidy to sugarcane farmers.
• Niti Aayog inks pact with IBM to develop crop yield prediction model using Artificial Intelligence.
• L&T sells electrical & automation business to Schneider Electric for ₹14,000 crores.
• China’s Xiaomi officially files for Hong Kong IPO to raise a reported $10 billion.
• Apple pays Ireland first tranche of disputed taxes.
• US Federal court jury orders Samsung to pay Apple $533 million for copying iPhone design.
• China approves sale of $18 billion Toshiba chip unit to Bain-led consortium.
• Xerox pulls out of Fujifilm merger and teams up with activist investors Carl Icahn and Darwin Deason.
• Walmart acquires 77% stake in Flipkart for $16-billion; Flipkart Co-Founder Sachin Bansal announces exit.
• Amazon India gets fresh infusion of ₹2,600 crores from its parent company.
• Cambridge Analytica shuts down citing losses after Facebook data breach scandal.
• Facebook suspends 200 apps over data misuse probe.
• Google, Facebook face over $9 billion in fines under new EU data protection law.
• Paytm acquires Alibaba-backed TicketNew for around $40 million.
• Hackers steal up to 400 million pesos from Mexican banks in cyber-attack.
• NYSE appoints Stacey Cunningham as first female President.
• Amazon, Google lead global smart speaker market, Apple fourth: Report.
• Xiaomi tops smartphone market, Jio leads 4G handset segment in India: International Data Corporation.
• Number of electric vehicles on road reach 3 million worldwide in 2017: IEA.

Q4 Results

• SBI posts Q4 loss of ₹7,718 crores as provisions surged 48.8% to ₹28,096 crores.
• ICICI Bank reports 49.62% drop in Q4 net profit to ₹1,020 crores, GNPA rose to 8.84%.
• PNB reports a net loss of ₹13,416.91 crores for Q4, GNPA declines to 18.38%, net NPA to 11.24%.
• IDBI Bank Q4 loss widens to ₹5,663 crores as provisions swell; gross NPAs at 27.95%.
• Canara Bank reports Q4 net loss of ₹4,859.77 crores, provisions rises over 3 times to ₹9,075.04 crores.
• IndianOil posts 40% jump in Q4 profit at ₹5,218 crores, revenue increases 12.29% to ₹1.37 lakh crores.
• HPCL Q4 net profit falls nearly 4% to ₹17.48 billion, income from operations rose 13% to ₹663.51 billion.
• HCL Tech Q4 net profit rises 7.46% to ₹2,230 crores, revenue up by 2.9% to ₹13,178 crores.
• Tech Mahindra reports 108% YoY surge in net profit at ₹1,222 crores, revenue rose 7% at ₹8,054 crores.
• Cognizant Q4 net profit declines 6.6% to $20 million, revenues rise 10.3% to $3.91 billion.
• Apple reports record 20% rise in India revenue to $61.1 billion in fiscal 1st half.
• Tata Motors Q4 consolidated profit at ₹2,176.16 crores, revenue comes at ₹91,279 crores.
• Ashok Leyland Q4 standalone profit rises 40% to ₹667 crores, net sales grew 24% to ₹8,772.5 crores.
• M&M reports 50% jump in Q4 profit at ₹1,155 crores, total income rose 24% to ₹13,355 crores.
• TVS Motor’s Q4 profit rises 31% YoY to ₹166 crores, total sales up 32% to 8.89 lakh units.
• Dr Reddy’s reports Q4 net profit at ₹302.20 crores, revenues inches lower to ₹3,534.90 crores.
• Lupin posts net loss of ₹783.5 crores in Q4 due to one-time write off on the US-based Gavis acquisition.
• SpiceJet Q4 net profit jumps 5% to ₹40.5 crores, operating revenue comes at ₹2,029.3 crores.
• HUL Q4 profit rises 14% YoY to ₹1,351 crores, revenue at ₹9,097 crores, EBITDA up 18% to ₹2,048 crores.
• ITC’s Q4 net profit up 10% YoY at ₹2,933 crores, EBITDA grew 6.9% to ₹4,144 crores.
• Dabur reports 18.9% Q4 profit growth at ₹396.20 crores, revenue rises 6.2% to ₹2,032.90 crores.
• India Cements reports 3% rise in Q4 net profit at ₹34.30 crores, revenue slips 8.2% at ₹1,398 crores.
• JSW Steel reports 3-fold rise in Q4 profit at ₹2,879 crores, (YoY) revenue jumps 16% to ₹20,817 crores.
• BHEL March quarter profit doubles at ₹457.10 crores, sales up by 3.73% to ₹9,832.82 crores.
• NTPC Q4 profit jumps 41% YoY to ₹ 2,926 crores, revenue increases 13.14% to ₹23,100.26 crores.
• L&T Q4 net profit rises 5.6% to ₹3,167 crores, revenue grew 11% to ₹40,678 crores.

Dear Colleagues

I am pleased to attach the Economy / Market Snapshot covering all the major events in April, 2018.

Financial Year 2018-2019 started with a bang for the Indian Markets. Market went up by 6% with the Sensex crossing 35,000 mark again. All sectoral indices went up last month with IT leading with 12%, FMCG 10%, Pharma and Auto 8% and Banks 5%. This is despite the fact that the FII’s pulled out Rs.5,500 crores from the Equity market and Rs.10,000 crores from the Debt market. With the Crude prices going up to $ 75 a barrel (8% up from last month) and the FII’s selling, Indian Rupee peaked to Rs.66.66 against US Dollar. Domestic Institutions had put in Rs.9,500 crores in the Equity market and 25,000 crores in the Debt market which helped the market to go up. US Markets were neutral while London shot up by 6%.

General News

• Karnataka Election 2018: EC announces single-phase polling on 12 May, counting on 15 May.
• TDP officially exits NDA over Andhra Pradesh special status row; TDP ministers in central cabinet
  P Ashok Gajapathi Raju and Y Satyanarayana Chowdary resigned.
• Rajya Sabha polls: BJP continues to be largest party with 69 seats, Congress’ number decreases to 50.
• Bypoll results: BJP lost four out of five bypolls held in Uttar Pradesh and Bihar.
• BJP-IPFT alliance ends 25-year Left rule in Tripura, Biplab Kumar Deb takes oath as Tripura CM.
• NDPP’s Neiphiu Rio sworn in as Nagaland CM; CPP’s Conrad Sangma as Meghalaya CM.
• Congress hints at readiness for tie-ups to beat BJP in 2019 at Congress 84th plenary session.
• Leaders of 19 opposition parties attend Sonia Gandhi’s dinner meet.
• Telangana CM K Chandrashekar Rao, West Bengal CM Mamata Banerjee meet for talks on third front.
• Mamata Banerjee meets Sharad Pawar, Shiv Sena and Telangana Rashtra Samithi MPs.
• Ram Nath Kovind becomes first Indian President to visit Madagascar.
• French President Emmanuel Macron visits India; India, France sign 14 deals.
• King of Jordan visits India; India, Jordan sign 12 agreements, including a MoU on defence cooperation.
• India and Vietnam ink 3 MoUs in the areas of trade, agriculture and atomic energy.
• Rahul Gandhi meets Singapore PM Lee Hsien Loong, addresses Indian-origin CEOs in Singapore.
• Data politics: BJP, Congress in spat over sharing app data without users’ consent.
• Defence Ministry clears purchase of light machine guns, carbines worth ₹9,435 crores.
• Indian Air Force lands its largest transport aircraft, C-17 Globemaster, in Arunachal’s Tuting airfield.
• BrahMos, supersonic cruise missile, successfully flight tested with an indigenous seeker from Pokhran.
• Sunjwan army camp attack mastermind, JeM terrorist Mufti Waqas gunned down in Pulwama.
• Tamil Nadu govt files contempt petition against Centre for not setting up Cauvery Management Board.
• CBSE question paper leak: Class XII Economics re-exam on April 25; decision on Class X in 15 days.
• Diu becomes first Union Territory to run 100% on solar power.
• 39 Indians kidnapped by IS in 2014 in Iraq’s Mosul were killed: Sushma Swaraj informs Parliament.
• Supreme Court allows passive euthanasia, upholds right to die with dignity.
• Foreign law firms can’t practice in India, but foreign lawyers can visit to advise clients: SC.
• INX media case: Delhi High Court grants bail to Karti Chidambaram after 23 days in custody.
• Anti-money laundering court issues non-bailable warrant against Nirav Modi, Mehul Choksi.
• Delhi High Court restores membership of 20 disqualified AAP MLAs.
• CBI court discharges Maran brothers and all other accused from illegal telephone exchange case.
• Fodder scam: Lalu Yadav gets 14-year imprisonment in Dumka treasury case, fined ₹60 lakhs.
• 2G spectrum case: Delhi HC issues notices to Raja, Kanimozhi on appeals filed by CBI and ED.
• Kejriwal tenders unconditional apology, gets acquitted in defamation cases lodged by Gadkari, Sibal.
• Kerala ‘love jihad’ case: SC annuls Kerala HC order, restores marriage of Hadiya.
• Delhi adopts BS-VI fuel; Supreme Court wants more cities to follow suit by April 1.
• Bhagwant Mann quits as AAP’s Punjab Chief over Arvind Kejriwal’s apology to Akali Dal minister.
• Anna Hazare begins indefinite hunger strike over Lokpal, ends fast after Centre’s assurance.
• Maharashtra farmers march from Nashik to Mumbai demanding proper implementation of the govt’s
  loan waiver scheme; the state govt accepts their demands.
• TTV Dinakaran launches new party – Amma Makkal Munnetra Kazhagam.
• Donald Trump accepts invitation to meet with N Korean leader Kim Jong Un by the end of May.
• March For Our Lives: Huge gun-control rallies sweep US.
• Donald Trump fires Rex Tillerson and FBI deputy director Andrew McCabe.
• North Korean leader Kim Jong-un meets Xi Jinping in China, commits to denuclearisation of N Korea.
• Kim Jong Un and South Korean envoys discuss possible inter-Korean summit.
• Vladimir Putin wins 4th Presidential term with 76.6% of vote.
• China’s parliament abolishes presidential term limits, allows President Xi Jinping to rule indefinitely.
• Angela Merkel re-elected by German parliament to fourth term.
• Nepal’s First Woman President Bidya Devi Bhandari re-elected for second term.
• Myanmar’s first democratically elected President, Htin Kyaw, resigns.
• Mauritius President Ameenah Gurib-Fakim resigns over shopping scandal.
• Sri Lankan President Sirisena lifts nationwide state of emergency following Buddhist-Muslim clash.
• Maldives President Abdulla lifts the State of Emergency after 45 days.
• Syrian forces escalate attacks in Eastern Ghouta, 1,100 people dead within 3 weeks.
• Nidahas Trophy Final: India beat Bangladesh to win the tri-nation series title.
• Steve Smith and David Warner step down following ball-tampering by Cameron Bancroft.
• ICC bans Steve Smith for one Test and fined 100% of the match fees and 75% of match fees to Bancroft.
• BCCI bars Steve Smith, David Warner from IPL 2018 following Cricket Australia’s ban.
• ICC Cricket World Cup qualifier: Nepal achieve ODI status after beating Papua New Guinea.
• England’s Stuart Broad becomes youngest pacer to enter 400 Test wicket club.

Business News

• • RBI to infuse ₹1 lakh crores through special auction into banking system.
  • Finance Ministry rules out privatisation and merger of public sector banks for next one year.
  • Govt to consolidate 35 overseas branches of state-run banks, to examine 69 for viability.
  • PNB issued over 41,170 LoUs since 2011; FM Arun Jaitley informs Rajya Sabha.
  • Banks write off NPAs worth ₹516 crores of 38 wilful defaulters in H1 FY18.
  • Allahabad Bank gets nod from Ministry of Corporate Affairs to amalgamate subsidiary with itself.
  • UCO Bank to merge branches in Hong Kong as it realigns overseas operations.
  • ICICI Bank’s ₹3,250 crore loan to Videocon under scanner; CBI begins preliminary enquiry.
  • US Federal Reserve raises rates 0.25%; raises 2018 GDP forecast from 2.5% to 2.7%.
  • China raises a key market interest rate by 5 bps, following Fed’s move.
  • European Central Bank sets new rules on bank capital and cash.
  • India’s GDP growth rises from 6.3% to 7.2% in the third quarter of 2017.
  • WPI inflation eases to 2.48% in February.
  • India’s trade deficit for Feb came at $12 billion as exports grew at 4.5% and imports grew at 10.4%.
  • E-Way Bill to be rolled out from April 1; Time for GST return filing extended by 3 months.
  • GST collection falls for the 2nd consecutive month in February by ₹1,144 crores to ₹85,174crores.
  • SC extends Aadhar linkages deadline till Constitution bench delivers its verdict.
  • UIDAI to roll out face ID from July 1 for Aadhaar authentication.
  • Cabinet clears Ayushman Bharat -National Health Protection Mission.
  • Govt releases Draft Defence Procurement Policy (DIPP) 2018.
  • Govt makes passport mandatory for bank loans above ₹50 crores.
  • Aadhaar card should not be mandatory for withdrawing pension: Supreme Court.
  • Nirav Modi got 1,213 fraudulent guarantees in six years: Arun Jaitley.
  • ED begins process to stall bankruptcy proceedings of Nirav Modi’s Firestar Diamonds in US.
  • Axis Bank discloses ₹200 crore exposure to companies owned by Nirav Modi and Gitanjali group.
  • Union Bank disclose another direct exposure of ₹295 crores to Nirav Modi, Gitanjali firms.
  • ED attaches 41 properties, valued at over ₹1,200 crore of Mehul Choksi group.
  • ICICI Securities, Bandhan Bank Lemon Tree IPOs hits the market.
  • Mutual Fund inflows decline 60% YoY in February, 2018.
  • US President Trump imposes 25% tariff on steel imports and 10% on aluminium imports.
  • Canada, Mexico, Australia, EU and 6 other allies exempted from steel, aluminium import tariff.
  • India scraps 20% sugar export tax to boost overseas sales.
  • Air India makes history by flying to Israel via Saudi airspace.
  • Air India mopped up ₹543.03 crore from asset monetisation.
  • CCI imposes ₹54 crore penalty on Jet, SpiceJet, IndiGo for fixing fuel surcharge.
  • IndiGo, GoAir cancel 65 flights after DGCA grounds planes with faulty Pratt & Whitney (P&W) engines.
  • Tata Boeing Aerospace commissions Apache fuselage facility in Telangana.
  • Godrej Aerospace expands tie-up with Rolls-Royce, bags order of worth ₹200 crores.
  • SpiceJet inks record $12.5 billion deal with French major Safran for aircraft engines.
  • Asian Development Bank commits $120 million loan to improve Indian railways infrastructure.
  • Finance Ministry gives nod to scrap vehicles older than 15 years.
  • 16 Korean companies sign MoU with Andhra government to set up auto ancillary units.
  • BlackBerry ink pacts with Jaguar Land Rover to provide software for EVs.
  • Force Motors inks JV with Rolls-Royce’s arm to foray into the business of engines.
  • Hyundai Motor India draws up ₹6,500 crore 3-year investment plan for development of 9 new models.
  • Telecom licence fee collections shrink 4.46% to ₹3,104 crores in Q3.
  • Reliance Jio added 8.3 million users in Jan, Bharti Airtel’s market share gain modestly to 25.32%: TRAI.
  • India ranks 67th in fixed broadband speed, 109th in mobile Internet speed globally : Ookla report.
  • CEO Balesh Sharma to lead the Vodafone-Idea Merger chaired by Kumar Mangalam Birla.
  • Cognizant launches $300 million accelerated share repurchase.
  • TCS ranked as the fastest growing IT services brand in 2018.
  • US President Donald Trump signs order prohibiting Broadcom takeover of Qualcomm.
  • International Solar Alliance Summit: PM Modi lays down 10-point action plan for clean energy.
  • Asian Development Bank, International Solar Alliance sign pact to promote solar energy.
  • Tata power sells Tata Communications shares to Tata Sons for ₹2,150 crores.
  • ONGC Videsh, Oil India gets Mozambique govt nod for gas field development in the Rovuma basin.
  • IRDAI to lower third-party insurance premium on small cars from April 1.
  • Videocon exits insurance business; sells stake to DP Jindal Group, Enam Securities.
  • Edelweiss ends deal to buy Religare Enterprises securities unit as it fails to get approvals.
  • Yes Bank sells 2.17% stake in Fortis Healthcare, out of over 17% it acquired last month.
  • India imposes anti-dumping duty on import of Chinese pharma product ‘Ofloxacin’.
  • Indiabulls to sell stake in assets to Blackstone at enterprise valuation of ₹9,500 crores.
  • Apple supplier Wistron gets approval from Karnataka govt to build a new assembly facility in the state.
  • Reliance Jio buys stake in music app Saavn for its digital music service ‘JioMusic’.
  • Arvind Ltd signs a MoU with the AP govt to set up an integrated apparel and textile park in Chittoor.
  • Blue Star launches 40 new energy-efficient air conditioner models.
  • GSK buys Novartis stake in consumer healthcare venture for $13 billion.
  • Facebook, Cambridge Analytica sued in US by users over data harvesting.
  • Swiggy partners with ICICI bank to launch digital payment solutions for its delivery fleet.
  • Flipkart infuses ₹518 crore of fresh capital into payments app ‘PhonePe’.
  • Paytm gets SEBI approval to roll out its investment advisory arm, Paytm Money.
  • Ola launches operations in second Australian city, Sydney.
  • Uber halts self-driving tests after pedestrian killed in Arizona.
  • Mumbai’s Chhatrapati Shivaji International Airport ranked as the World’s Best Airport for customer
    experience.