Welcome to Top of the Morning by Mint, your weekday newscast that brings you five major stories from the world of business. It's Thursday, August 1, 2024. My name is Nelson John. Let's get started:

Slowing revenues and weak projections have prompted India's top IT companies to hit a pause on pay hikes. Tata Consultancy Services is the only company proceeding with salary increases, while HCL Tech, Wipro, Tech Mahindra, and LTI Mindtree have delayed their disbursements. Mint’s Jas Bardia notes that this delay in pay hikes could lead to more disgruntled employees, and comes at a time of falling headcounts at most tech companies.

Ola wants its electric scooters division to be the new favourite of the stock market, debuting on Dalal Street today. With a price band of 72 to 76 rupees per share, the company is targeting a valuation of $4 billion. Mayur Bhalerao breaks down the IPO, helping you decide if investing in Ola Electric is a smart move.

The Byju's saga has a new chapter: Riju Raveendran, the younger brother of the struggling edtech company's founder Byju Raveendran, has raised Rs 158 crore to pay the Board of Control for Cricket in India (BCCI), one of the company’s operational creditors. Once India’s most celebrated startup, Byju’s, which had signed on as a sponsor for the Indian cricket team, told the appeals court that it has paid 50 crore rupees to the BCCI, with the remaining payments to be made in two instalments. However, the company still owes its employees their salaries.

Licious, a pioneer in the online meat ordering business in India, has realized it can't rely solely on its online presence. Mint’s Samiksha Goel reports that the company is now venturing into offline stores to compete with local meat sellers. The meat industry in India is valued at an estimated $31 billion, with online ordering accounting for just $500 million of that market. But offline stores are tricky, Samiksha notes. Previous players have faced significant overhead costs, leading to business closures. Will Licious turn out any different?

There have been global calls for "de-dollarisation," urging a reduction in the world economy's reliance on the US dollar. India, naturally, is keen to see other countries trade using the rupee. The Union Budget included provisions to encourage the adoption of the rupee as a global currency. However, achieving this is not straightforward, writes Nandita Venkatesan. It requires transforming the Indian rupee into a "hard currency," meaning it must be seen as politically and economically stable. Nandita outlines the challenges and the measures the Indian government must take to reach this goal. She also includes informative charts to help better understand the situation.

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Show notes:

Indian IT companies delay wage hikes again, irk employees

Ola Electric’s IPO: charging ahead or running on empty?

Riju Raveendran has raised ₹158 crore to repay BCCI, Byju’s tells appeals tribunal

Why did Licious cross the road?

India steps up push to make rupee a power player, but the road is long