Daily News Stock Market Snippets- 3 August 2022

Global Economy:

• The US House Speaker Nancy Pelosi has arrived in Taiwan. China believes Taiwan to be its territory and the arrival of Pelosi indicates support of the US to Taiwan; for the first time in the last 25 years.
• China took aggressive actions in the Taiwan territory with the arrival of Nancy Pelosi.
• The UK forecasts a rise in the energy bill by $4,401 for households amid the approaching winter. As per the forecast, this condition may sustain for the coming 2-3 years.

Indian Economy:

• The Trade Deficit of India expands to $31 billion in July 2022, the highest ever, majorly on account of increased crude oil prices. Gold Imports fall by 43% due to the imposition of import duty by the Government.
• The Government aims for a fiscal deficit of 4.5% for FY23.
• RBI Financial Inclusive Index reports that FY22 was a good year from financial inclusion perspective growing from 53.9 to 56.4.
• The government has raised the windfall tax on petroleum crude and slashed on the exports of diesel and aviation turbine fuel (ATF).

Company Update:

• Adani Group bids for around Rs. 212 Cr. and acquired 5G spectrum in 26GHz band.
• Adani Energy reports a rise of 30% in its Operational Wind Capacity in the last 1 year. The Net Profit declines by around 2% YoY.
• Voltas Q1 Net Profit declines 10% YoY and 40% QoQ; Revenue growth by 55% YoY.
• Credit Card spending rests above Rs. 1 trillion mark and stood at Rs. 1.09 trillion in June 2022, lower by 4% on monthly basis. HDFC Bank added the highest number of credit cards in June i.e., 3.88 lakh cards, which is being followed by Kotak Mahindra Bank i.e., 2.6 lakh cards.
• ITC has exited its lifestyle business completely.
• Reliance Industries announced that it would invest Rs. 16.7 billion to create a joint venture (JV) with the U.S.-listed Sanmina Corp for making electronic products in Asian countries. This JV got the approval of the Comptetion Commission of India (CCI).
• BFSI sector has performed well and led the growth in this Q1 due to an increase in profit and lower provisions.
• Uber Eats holds around a 7.8% stake in Zomato, likely to exit on Wednesday.
• FMCG Volumes remained flattish to decline in the April-June quarter. Value growth stood at around 8%-9%.
• In the Non-Life Insurance segment, IRDA has issued a notification to limit the expenses up to 30% of the premiums collected. The commission might rationalize.
• Indian Oil targets to produce 10% Green Hydrogen by 2030.