Hindenburg effect: Adani maps comeback strategy after $132 bn rout
Almost a month after a bombshell short seller report lopped off $132 billion in market value from Gautam Adani’s empire, the Indian billionaire has hired top-shelf US crisis communication and legal teams, scrapped a $850 million coal plant purchase, reined in expenses, repaid some debt and promises to repay more. Read more
Economic activity cools down in Jan amid slowdown fears, exports fell 6.58%
India’s economic activity cooled off at the start of the year as higher borrowing costs tempered demand at home and abroad, signaling more pain ahead as the global economy slows down. The needle on a dial measuring so-called animal spirits moved left and was back where it was for six straight months before showing momentum in December. Falling exports and a slack in manufacturing and services drove the weakness in business activity, offsetting improvement in consumption drivers reflected by tax collections and job growth, according to eight high-frequency indicators tracked by Bloomberg. Read more
Enforcement Directorate accuses Pernod Ricard of more policy violations
An Indian investigating agency has accused French spirits group Pernod Ricard in court documents of illegally making profits in India of $23 million by giving false price information and conspiring in an email campaign to sway New Delhi city's liquor policy. Read more
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Russian oil imports surge to a record 1.4 mn barrels per day in Jan
India's Russian oil imports climbed to a record 1.4 million barrels per day (bpd) in January, up 9.2% from December, with Moscow still the top monthly oil seller to New Delhi, followed by Iraq and Saudi Arabia, data from trade sources showed. Read more
India limits wheat exports through the govt route as prices rise
India has put curbs on wheat exports through the government route, starting November last year. This comes amid a surge in domestic prices of the cereal. In December, India exported 391 tonnes of wheat to Bangladesh and Bhutan. In November 2022, it had exported 375 tonnes of wheat only to Bhutan. This compares to a total of 65,684 tonnes exported to countries such as Bangladesh, Indonesia and Malaysia in October. During April-December, India exported 4.6 million tonnes of wheat to around 69 countries. Read more
