July 3, 2023 by BizWhiz Admin in Economy Snapshot 0 comments 146

General News

  • PM Modi embarks on a three-day state visit to the US; both countries sign many vital agreements.
  • PM Modi, Egyptian President El-Sisi sign deal to elevate bilateral relationship to a “Strategic Partnership“.
  • NSA Ajit Doval holds talks with US NSA Jake Sullivan on bilateral, regional & international issues.
  • Eastern Ladakh border row: India, China hold in-person diplomatic talks.
  • India, Nepal agree to tackle boundary dispute amicably; ink raft of pacts to broad-base ties.
  • India, Bangladesh agree to initiate 5 joint development projects for border population.
  • Jaishankar, Brazilian counterpart hold talks on advancing cooperation in BRICS, IBSA, G20 blocs.
  • PM Modi writes to G20 members, proposes full membership for African Union.
  • US Defence Secretary Austin arrives in India, holds talks with Rajnath Singh.
  • PM Modi and Saudi Crown Prince discuss ways to bolster relations in connectivity, energy & defence.
  • President Murmu holds talks with Suriname President; 3 MoUs signed in Agriculture and Health sectors.
  • NITI Aayog, UN sign GoI-UN Sustainable Development Cooperation Framework 2023-27.
  • Guinness world record created at PM Modi’s Yoga event in US for most nationalities.
  • PM Modi flags off 5 Vande Bharat trains in poll-bound Madhya Pradesh.
  • Agriculture ministry launches PM Kisan Mobile App with face recognition.
  • PM Modi distributes about 70,000 appointment letters to newly inducted recruits under Rozgar mela.
  • Centre announces 3 schemes worth over ₹8,000 crore for disaster management in country.
  • Centre reviews health preparedness in 7 states as heatwave death toll up.
  • India signs global Artemis accord with US, to share data resources over Moon mission.
  • Govt clears deal, India to buy US Predator drones that target enemy with pinpoint accuracy.
  • Defence Ministry signs ₹500 crore contract to strengthen Indian Army’s communication system.
  • Navy carries out successful test of Made in India heavyweight Torpedo to destroy underwater target.
  • Union Minister Jitendra Singh launches mRNA-based Covid Booster Vaccine – GEMCOVAC-OM.
  • Fresh violence erupts in Manipur; Rahul Gandhi visits relief camps.
  • Telangana CM KCR inaugurates Asia’s largest govt-funded housing complex at Kollur.
  • NCP’s Sharad Pawar appoints Praful Patel, Supriya Sule as new working presidents.
  • Congress appoints TS Singh Deo as Chhattisgarh’s Deputy CM ahead of polls.
  • Tamil Nadu minister Senthil Balaji arrested after ED raids.
  • Odisha’s triple train crash: 291 dead, over 900 injured in India’s worst train accident in over two decades.
  • At 13 days and 3 hours, Biparjoy longest duration cyclone since 1977 makes landfall in coastal Gujarat.
  • Chhattisgarh IPS officer Ravi Sinha appointed new chief of Research and Analysis Wing.
  • Protesting wrestlers meet Amit Shah, Anurag Thakur, demand Brij Bhushan’s arrest.
  • BIS makes license mandatory for 24 footwear products; orders quality control on firemen’s boots, jackets.
  • Nehru Memorial Museum and Library renamed Prime Ministers’ Museum and Library Society.
  • Yoga event in Surat with over 1 lakh participants sets Guinness World Record.
  • Opposition meet in Patna: 15 parties agree to contest 2024 elections together.
  • Centre gives nod to National Research Foundation Bill, 2023.
  • CAG to probe ‘irregularities’ in Delhi CM house revamp.
  • Antony Blinken meets Chinese President Xi Jinping in bid to ease soaring US-China tensions.
  • Ukraine, India discuss implementation of Zelenskyy-PM Modi’s agreements.
  • Pentagon announces $2 billion Ukraine air defence package.
  • Belarus starts receiving tactical nuclear weapons from Russia.
  • African leaders meet with Russian, Ukrainian leaders to broker peace between Kyiv and Moscow.
  • Russia’s private militia Wagner turns rebel, later agree to Belarus mediated deal to defuse tensions.
  • EU approves 11th sanctions package against Russia over Ukraine.
  • Former Vice President Mike Pence files paperwork launching 2024 Presidential bid.
  • Donald Trump surrenders in court, released, pleads not guilty in secret documents case.
  • UAE President Mohammed bin Zayed Al Nahyan meets with Putin, calls for dialogue to end Ukraine war.
  • Boris Johnson quits as MP after being told he will be sanctioned for misleading Parliament.
  • Iran unveils ‘hypersonic missile’, claims it can beat air defenses.
  • Canada launches open work-permit stream for 10,000 American H-1B Visa holders.
  • China inks deal with Pakistan to set up a nuclear power plant in Punjab province.
  • Former Pakistan leaders Nawaz Sharif, Asif Zardari meet in UAE over election, seat sharing.
  • Erdogan sworn in as President of Turkiye for third time.
  • United Nations adopt first-ever treaty to protect marine life in high seas.
  • China, Pakistan, Iran discuss regional security challenges, Taliban at counter-terrorism meet.
  • Sri Lanka’s Cabinet of Ministers gives its approval for Sri Lanka’s domestic debt restructuring program.
  • 2023 ODI World Cup: Tournament to begin on Oct 5, India to start campaign on Oct 8 against Australia.
  • WTC final 2023: Australia crushes India by 209 runs to win World Test Championship title.
  • Australia beat England by two wickets to win first Ashes Test.
  • Satwiksairaj Rankireddy-Chirag Shetty win Indonesia Open Men’s Doubles title.
  • Novak Djokovic wins French Open to claim men’s singles record 23rd Grand Slam title.
  • WFI’s special general meeting notice issued, election & results on July 6.
  • Bhavani Devi bags bronze, becomes first Indian fencer to win medal in Asian Championships.


Business News

  • Centre releases ₹1.18 lakh crore as third instalment of tax devolution to states in June.
  • GST collection rises 12% to ₹1.57 lakh crore in May.
  • India’s GDP Grows 6.1% in January-March Quarter, 7.2% in FY23.
  • Govt eases policy related to export of certain types of drones, UAVs.
  • Centre approves ₹56,415 crores to 16 States for Capital Investment in current financial year.
  • RBI leaves repo rate on hold at 6.5%; flags monsoon uncertainties and impact of El Nino.
  • MPC opts for hawkish pause, focused on 4% inflation target; retains FY24 GDP growth forecast at 6.5%.
  • World Bank approves $255.5 million loan for Indian technical education.
  • US, India agree to terminate six of the seven disputes at World Trade Organization.
  • Cabinet okays ₹1 lakh crore to create grain storage capacity in cooperative sector.
  • Govt caps tur and urad dal stock to curb hoarding, rising prices.
  • Govt directs FCI to conduct e-auctions of wheat and rice to check inflationary trends in retail prices.
  • Nitin Gadkari lays foundation stone of 10 National Highway projects worth more than ₹8,415 crores in UP.
  • Sarbananda Sonowal flags off India’s First International Cruise, From Chennai To Sri Lanka – MV Empress.
  • Cabinet approves ₹2,980 crore for Exploration of Coal and Lignite scheme.
  • NLC India forms arm to undertake green energy projects.
  • National drug pricing body fixes ceiling prices of 51 drugs and 2 formulations.
  • World Bank approves $1.5 billion financing for India’s low carbon energy sector.
  • Indian stock indices touch fresh all-time highs; Sensex breaches record 64,000-mark, Nifty scales 19,000.
  • Wipro extends closing date of ₹12,000 crore buyback to June 30.
  • Amrutanjan Health Care board approves buyback plan at ₹900 per share.
  • SEBI bans Zee promoters Subhash Chandra, Punit Goenka from holding directorial, key managerial roles.
  • SEBI bars IIFL Securities from taking new clients for 2 years.
  • ICICI Bank board approves delisting of equity shares of ICICI Securities.
  • SBI presents dividend cheque of ₹5,740 crore to Finance Minister.
  • HDFC to merge into HDFC Bank effective July 1.
  • UK’s Abrdn exits India’s HDFC AMC in $432 million stake sale.
  • Equitas Holdings surrenders NBFC license to RBI.
  • LIC Mutual Fund to acquire all schemes of IDBI Mutual Fund.
  • Bajaj Finserv forays into mutual fund business.
  • India and US identify around 25 areas of technology for partnership.
  • TCS inks $1.1 billion deal with UK pension scheme Nest.
  • Infosys signs $454 million deal with Danske Bank to boost digital transformation.
  • Microsoft joins Indian govt to train 6K students, 200 educators in cybersecurity skills.
  • Bill Gates meets with Chinese President Xi Jinping in Beijing.
  • Cabinet approves $2.7 billion Micron’s chip plant; unit expected to create 5,000 jobs.
  • Cabinet approves revival package of ₹89,047 crore for BSNL.
  • Govt charts new rules for Oppo, Realme, and other Chinese mobile companies.
  • TVS Motor fully acquires Swiss E-Mobility Group after buying residual stake.
  • Stellantis, Foxconn form 50-50 JV on semiconductors for auto industry.
  • ISRO partners with Tata Elxsi to strengthen capabilities for Gaganyaan Mission.
  • Centre asks airlines to devise mechanism for reasonable pricing of air tickets.
  • IndiGo makes historic $50 billion aircraft order, securing 500 Airbus A320 family planes.
  • Air India places firm order for 470 planes from Airbus, Boeing at Paris Airshow.
  • Akasa Air orders four Boeing B737 MAX planes at Paris Air Show.
  • Go First creditors approve ₹425 crore interim fund to revive airline, await board nod.
  • General Motor to join Tesla’s EV charging network in US.
  • Tata to build India’s 1st lithium-ion cell manufacturing gigafactory in Gujarat.
  • Aether Industries signs licensing agreement with Saudi Aramco Technologies.
  • Tesla will be in India as soon as humanly possible: Elon Musk after meet with PM Modi.
  • Saudi Arabia announces to cut oil production by 1 million barrels per day in July.
  • Shell Petroleum decides to sell its shares, exit Pakistani market.
  • GE Aerospace signs pact with HAL to manufacture fighter jet engines for IAF.
  • Thyssenkrupp, India’s Mazagon Dock Shipbuilders sign submarine MoU.
  • Yamuna Expressway Authority launches data centre scheme, eyes ₹220 crore revenue.
  • Supreme Court revives ban on Uber, Rapido bike taxis in New Delhi.
  • India bans 14 fixed-dose medicines for likely posing risks to health.
  • President Biden signs debt limit bill, avoiding U.S. default.
  • Fed keeps rates unchanged for first time in 15 months but signals 2 more potential hikes this year.
  • IMF reaches staff-level agreement with Pakistan on $3 billion ‘stand-by arrangement’.
  • World Bank approves $1.5 billion loan for Ukraine’s economic recovery.
  • Pakistan govt hikes federal budget for next fiscal year.
  • New Zealand’s economy dips into recession as higher interest rates bite.
  • UK net debt passes 100% of GDP for first time since 1961.
  • World Bank to provide $500 million budget support to Sri Lanka.
  • BBC acknowledges it paid lower taxes in India.
  • Jio Cinema wins digital rights for India’s tour of West Indies 2023.
  • Lulu Group set to invest ₹10,000 crore in India; ₹3,500 crore in Telangana over next 5 years.
  • Byju’s lenders scrap talks to restructure $1.2 billion loan.
  • Deloitte resigns as statutory auditor of Byju’s and Aakash Educational.
  • CCL acquires six coffee brands from Lofbergs Group.
  • Indian American Ajay Banga takes over as World Bank President.
  • IndiGo CEO Pieter Elbers elected as next chief of IATA’s board of governors.
  • SBI MD Swaminathan Janakiraman appointed as RBI’s deputy governor.
  • Eddie Wu to succeed Daniel Zhang as Amazon CEO, Joe Tsai named group’s chairman.

Hang Seng

Indices 30-Jun 31-May % 1M 02-Jan % since Jan
BSE 64,719 62,622 3.35% 61,168 5.80%
NSE 19,189 18,534 3.53% 18,197 5.45%
DOW 34,408 32,908 4.56% 33,147 3.80%
NASDAQ 13,788 12,935 6.59% 10,466 31.73%
FTSE 7,532 7,446 1.15% 7,452 1.07%
Nikkei 33,189 30,888 7.45% 26,095 27.19%
18,916 18,234 3.74% 19,781 -4.37%
Straits Times 3,206 3,159 1.49% 3,251 -1.40%
Shanghai 3,202 3,205 -0.08% 3,089 3.65%
USD 82.04 82.72 -0.83% 82.72 -0.82%
Euro 88.96 88.34 0.70% 88.30 0.75%
GBP 103.62 102.32 1.28% 99.91 3.72%
Yen/100INR 0.57 0.59 -4.14% 0.64 -11.09%
Gold 58,190 59,781 -2.66% 55,586 4.68%
Silver 69,075 71,474 -3.36% 70,579 -2.13%
Crude Brent $ 75.19 73.08 2.89% 85.50 -12.06%
Crude Nymex $ 70.45 68.47 2.89% 79.92 -11.85%
30-Jun 44,747 29,563 15,148 52,195 13,768
31-May 44,128 29,320 14,199 51,043 12,678
% 1M 1.40% 0.83% 6.68% 2.26% 8.59%
02-Jan 43,203 28,737 12,668 44,193 12,551
% since Jan 3.57% 2.87% 19.58% 18.11% 9.69%

Exports in ($ Bn) 34.98
Imports ($ Bn) 57.1
FDI 2773
Government Bond 10Y 7.11%
GDP YoY 6.10%
Inflation Rate 4.25%
Forex Reserves ($ Mn) 5,93,200
IIP % 4.20%
Equity 26,644 9,834
Debt (2,526) 16,768
Total 1 M 24,119 26,602
Total Since Jan 64,707 59,391
Equity 60,641 62,320
Debt 4,065 (2,929)

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