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, April 25, 2024. My name is Nelson John. Let's get started:

The Indian equity markets increased marginally on Wednesday. Benchmark indices Sensex and Nifty both rose by about 0.15 per cent. Vodafone Idea, Tata Consumer, and Sun Pharma were some of the notable names that lost a lot of shareholder value during yesterday's trading session.

The board of Tata Sons is soon headed for a revamp, with two directors set to retire over the next 15 months, reports Varun Sood. Last month, a new independent member joined. In effect, about one-third of the Tata Sons 10-member board will be going through a turnover in just over a year. The main task for the new board members will be to ensure that the Tata group becomes a debt-free company. The group currently owes over 20,000 crore rupees to its lenders. But through selling of shares in its crown jewel TCS, and other measures, Tata Sons can realistically achieve this goal by next year.

Kotak Mahindra Bank received a huge jolt yesterday when the banking regulator barred it from onboarding any new customers online. The Reserve Bank of India also barred Kotak Mahindra from issuing any fresh credit cards. RBI said that serious lapses in the bank's IT services had forced it to take such a drastic measure. Shayan Ghosh writes that existing Kotak customers shouldn't face any hurdles, but this is a huge loss of confidence for new CEO Ashok Vaswani's bank.

At Mint, we've been steadily bringing you some in-depth election coverage. For today's Long Story, we invited Ruhi Tewari to write about the election landscape in Uttar Pradesh. UP is inarguably the most pivotal state when it comes to the general election: 15% of all elected Lok Sabha members come from this state. But what issues are UP citizens voting on? The usual, writes Ruhi: electricity, roads, and water. India's most populous state will vote for the party that guarantees them these basic necessities. However, the ruling BJP is expected to win this state again—not because of the Ram temple, but because of an improved law-and-order situation in the state. Ruhi gets the on-ground pulse from Lucknow, Ayodhya, and Mathura for this deftly reported story.

If you've watched IPL this year, a host of betting apps would've tried to lure you in. But if you log in, they don't just offer bets on how much Dhoni will score or how many runs RCB will lose by this time—you can even punt on the results of the general election. Varuni Khosla writes that the advertising standards council of India has flagged brazen promotions by these illegal betting apps, but to no avail. This issue assumes importance especially as the Supreme Court forced Patanjali to apologise for its misleading advertisements, and hauled up other consumer goods companies as well.

If you've seen any betting apps on a website, chances are you have searched for some betting sites yourself. This is called a targeted ad: catering to specific users' needs, based on their search or browsing history. If you're surprised, I agree: it's quite invasive. To help with that, the ministry of corporate affairs has initiated the Digital Competition Bill. This bill is only likely to be taken up after the national election is concluded, but will help with maintaining your privacy online, reports Gireesh Chandra Prasad. However, executives from the adtech industry have said this will result in fewer monetising avenues. In this battle for privacy versus revenue, who will win? We'll only find out by the end of the year—that's when the bill is likely to be introduced in Parliament.

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Show notes:

New faces on Tata Sons board? Bhaskar Bhat, Ralph Speth near retirement

RBI bars Kotak Mahindra Bank from adding new customers via web, mobile app

Work is worship: Bijli, sadak, paani are once again the key poll issues in UP

IPL, elections are all fair game on illegal betting apps

Targeted ads become focal point of digital competition debate