TMS Ep559: Adani Wilmar JV, Surat diamond, market, Angelo Mathews timed out

The Adani Group is reportedly exiting from its joint venture with Singapore’s Wilmar Group. And with it, the conglomerate is also bidding adieu to India’s FMCG sector -- which was once its core area of business. But why is Adani exiting the FMCG business? And what would be its likely impact on the group? 

Did you know that Gautam Adani started off as a diamond sorter in Mumbai. And he became a millionaire by 20, thanks to his diamond brokerage business. But the diamond business, which gave Adani an early leg up, is not in a good shape. Thousands of workers in Surat, which is the hub of diamond cutting and shaping industry, have left the city. Once thriving with diamond workers, artisans in the city are now struggling to make ends meet. Find out why are Surat’s diamonds losing their shine.

It’s not just the Surat’s diamond industry, but the financial markets too were recently shaken by global upheaval. But November has been good so far. The recent US Fed rate pause, the easing US yields and crude prices have led to an upbeat start to the month. The benchmarks have recovered 2% from their recent 4-month lows. But is this rebound sustainable? 

After markets, let us shift our focus to the ongoing ODI world cup. Sri Lankan batsman Angelo Mathews became the first cricketer to be given “timed out” in the history of international cricket. But how did Mathews get timed out? We explain in this episode of the podcast.