A debt default by Anil Ambani’s Reliance Infrastructure Ltd. brought into focus the poor financial health of at least two group companies: the operator of Mumbai’s first metro line and a naval shipbuilder.
India’s manufacturing activity improved at a slower pace in July on the back of moderate growth in output, new orders and employment. The activity had improved at the fastest pace in the year so far in June.
India asked private power producers that don’t have long-term fuel supply pacts to import coal as its shortage could worsen in August-end, a senior government official told BloombergQuint requesting anonymity.
That’s according to Chris Wood, chief equity strategist at CLSA. “While a further spike in oil prices to the $120-150 level would ultimately contain the seeds of its own destruction by destroying demand, it would do a lot of damage in the short to medium-term,” he said in his weekly investor note ‘Greed & Fear’.