Welcome to Top of the Morning by Mint, your weekday newscast that brings you five major stories from the world of business. It's Wednesday, October 23, 2024. My name is Nelson John. Let's get started.

A strong wave of selloffs engulfed the Indian stock market on Tuesday, dragging the Sensex and Nifty down by more than one per cent each.

The International Monetary Fund kept its global growth forecast for 2024 and 2025 unchanged at 3.2 per cent. It also maintained its India growth projections at 7 per cent for FY25 and 6.5 per cent for FY26 in its October 2024 World Economic Outlook. While global growth is stable, there are changes beneath the surface, IMF said. The US economy saw an upgrade, but European countries faced downgrades. India and Russia boosted growth projections for emerging markets, driven by strong demand for technology.

The Vizhinjam International Transhipment Deepwater Multipurpose Seaport near Thiruvananthapuram in Kerala has finally kicked off operations after numerous delays. Managed by Adani Ports and Logistics, this critical development positions it as India's deepest natural port and its sole container shipment hub. However, a significant hiccup remains—the port's poor road connectivity, with improvements not expected for another 12 to 18 months. Kerala faces a broader economic crunch, battling slow growth and steep debt as expenditures overshadow revenues. Demographic shifts, including an ageing population and evolving migration patterns, have obstructed remittance flows. N Madhavan delves deep into Kerala’s economic issues and God’s own country’s efforts to revive its economy.

IPOs aren't only for the big boys: smaller startups are also heading to the public markets. Venture capital investors are nudging their early- to mid-stage portfolio companies towards IPOs amid a bullish stock market. Priyamvada C and Mansi Verma write that startups such as IntrCity, BHive, and Leverage Edu P are gearing up for listings soon. India's more lenient IPO requirements compared to the US are encouraging such moves, they add. Another reason investors are pushing for this move is that many funds are now reaching the end of their life cycles and have to return money to their limited partners.

Ambuja Cement has bought more than 46 percent of Orient Cement, marking yet another landmark deal for the Adani-owned cement company. This is the Adani Group's fourth major transaction to bolster Ambuja's prowess in less than a year. Nehal Chaliawala writes that this acquisition marks the latest round in the cement war between Ultratech and Ambuja. Small players continue to be either bought or squeezed out as the two giants look at consolidating a huge chunk of the industry.

Did you know that Noida is an acronym? It stands for New Okhla Industrial Development Authority. Now, there’s a new one on the way – the Uttar Pradesh government has greenlit the development of New Noida near Greater Noida. This new city, planned over 15 years in the Dadri-Noida-Ghaziabad region, will unfold in four phases, with the first set to be ready in four years. It's expected to accommodate 600,000 residents and include a mix of industrial hubs, residential areas, commercial spaces and healthcare facilities. Notably, the city plans also feature specialised industrial hubs such as a 'Korean City', a 'Japanese City', and an ‘Olympic City’. Madhurima Nandy explains more in today’s Primer.

IMF keeps India’s FY25 growth forecast unchanged at 7%

Kerala’s 500 days challenge: Can ‘God’s own country’ become a Gujarat?

No startup’s too small to IPO in a bull market

Ambuja's Orient buy steps up cement war

New Noida city: Will it spur NCR realty market?