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Hindenburg impact: Adani maps comeback technique after $132 bn rout
Virtually a month after a bombshell brief vendor report lopped off $132 billion in market worth from Gautam Adani’s empire, the Indian billionaire has employed top-shelf US disaster communication and authorized groups, scrapped a $850 million coal plant buy, reined in bills, repaid some debt and guarantees to repay extra. Read more
Financial exercise cools down in Jan amid slowdown fears, exports fell 6.58%
India’s financial exercise cooled off at the beginning of the yr as increased borrowing prices tempered demand at house and overseas, signaling extra ache forward as the worldwide economic system slows down. The needle on a dial measuring so-called animal spirits moved left and was again the place it was for six straight months earlier than exhibiting momentum in December. Falling exports and a slack in manufacturing and companies drove the weak point in enterprise exercise, offsetting enchancment in consumption drivers mirrored by tax collections and job progress, in accordance with eight high-frequency indicators tracked by Bloomberg. Read more
Enforcement Directorate accuses Pernod Ricard of extra coverage violations
An Indian investigating company has accused French spirits group Pernod Ricard in courtroom paperwork of illegally making income in India of $23 million by giving false value info and conspiring in an electronic mail marketing campaign to sway New Delhi metropolis’s liquor coverage. Read more
Russian oil imports surge to a report 1.4 mn barrels per day in Jan
India’s Russian oil imports climbed to a report 1.4 million barrels per day (bpd) in January, up 9.2% from December, with Moscow nonetheless the highest month-to-month oil vendor to New Delhi, adopted by Iraq and Saudi Arabia, knowledge from commerce sources confirmed. Read more
India limits wheat exports by the government route as costs rise
India has put curbs on wheat exports by the federal government route, beginning November final yr. This comes amid a surge in home costs 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 solely to Bhutan. This compares to a complete of 65,684 tonnes exported to international locations resembling Bangladesh, Indonesia and Malaysia in October. Throughout April-December, India exported 4.6 million tonnes of wheat to round 69 international locations. Read more
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