Welcome to Top of the Morning by Mint, your weekday newscast that brings you five major stories from the world of business. It's Monday, June 17, 2024. My name is Nelson John. Let's get started:Hyundai, the South Korean carmaker, has announced plans to list its Indian unit. The company, which began its Indian journey 25 years ago with the Santro hatchback, aims to raise between $2.5 billion and $3 billion by offering 142.2 million equity shares, representing 17.5% of Hyundai Motor India Ltd.’s post-offer paid-up equity share capital, valuing the subsidiary at $25-30 billion. This proposed IPO could surpass the record set by the Life Insurance Corp of India’s $2.46 billion issue in May 2022, making it the largest in the country’s history. The IPO also aims to address the traditional undervaluation that Korean companies face due to the dominant, often opaque, chaebol structure—a term for large family-controlled business conglomerates. Hyundai's IPO would make it the fourth major passenger vehicle manufacturer in India to be publicly listed, joining Maruti Suzuki, Tata Motors, and Mahindra & Mahindra, as reported by Mint’s autos correspondent Alisha Sachdev. The timing of this public offering is crucial as it coincides with Hyundai’s rival, Tata Motors, making significant strides towards EVs and SUVs, efforts that have helped close the market share gap with Hyundai.Following the recent Lok Sabha election results, which resulted in the formation of a coalition government, bank stocks took a hit due to the perceived political uncertainty. Public sector banks saw sharper declines than the broader market on the results day. While the Nifty 50 index fell 5.9%, the Nifty PSU Bank index dropped about 15%. Although these indices have since recovered, the plunge and subsequent rebound highlight the transformative changes public sector banks have undergone in recent years, thanks primarily due to government decisions. These initiatives have dramatically improved the profitability of these banks. In fiscal year 2023-24, the net profit of the 12 PSU banks exceeded ₹1.4 trillion, a 35% increase from the previous year and a fourfold increase from 2020-21. Our partners at howindialives.com have explained how these PSU banks - the stock prices of which are heavily dependent on policy and regulation - are on an upward trend again. Click on the link in the show notes to check out the charts prepared by howindialives.com. Since the recent election results, foreign investors have been rapidly cutting down their bearish bets on Indian stock indexes, helping the Nifty and Bank Nifty reach new highs. Initially, these investors held a significant number of short positions—essentially betting that stocks would fall. By June 14, they had dramatically reduced these positions, suggesting a potential shift towards betting on stocks to rise, reports Mint’s markets correspondent Ram Sahgal. This substantial change is largely due to increased political stability with Prime Minister Narendra Modi's government continuing. Interestingly, retail and high net worth investors seized this opportunity to cash in by selling their long positions—where they bet on stocks going up—to these foreign investors.Your seafood is in danger, and climate change is to blame. People across the country—from Goa to Kolkata—are finding it increasingly difficult to source fresh fish due to marine heatwaves. Rising temperatures are severely impacting marine life, especially in inland water bodies. Trivesh Mahekar, a fisheries scientist at the Indian Council of Agricultural Research’s Central Coastal Agricultural Research Institute in Goa, told Mint’s Puja Das that an alarming 2-5% of fish populations in lakes and ponds may have perished. Warmer water temperatures reduce dissolved oxygen levels, leading to a decline in fish populations. Fish consumption in India varies widely by region, with the highest intake in states like Karnataka, Maharashtra, and Kerala. While per capita consumption has more than doubled over the past two years, prices have increased exponentially. This deep dive by Puja Das explores the perils facing the fisheries industry and the effects climate change is having on our dietary habits.To address the sharp rise in pulse prices, the Indian government has mandated that major retail chains and online grocers report their pulse stock levels twice a week. These retailers include D-Mart, Reliance Retail, BigBasket, Amazon, and Flipkart. This move aims to improve transparency and prevent price manipulation. Recent inspections by government officials at ports and industry hubs revealed that some major retailers had been neglecting to disclose their stocks as required. In response, the Department of Consumer Affairs updated its stock disclosure portal mid-April to more closely monitor these retailers' stock levels, report Mint’s Puja Das and Dhirendra Kumar. This regulatory step comes at a time when the prices of common pulses such as chana dal, tur or arhar, urad, masur, and moong have seen significant increases, ranging from 0.6% to 25% year-over-year.We'd love to hear your feedback on this podcast. Let us know by writing to us at [email protected]. You may send us feedback, tips or anything that you feel we should be covering from your vantage point in the world of business and finance. Show notes:Hyundai Motor India IPO set to help parent drive past ‘Korea discount’Why PSU banks are on a roll, explained in chartsFPIs cut bearish bets ahead of budget sessionDead in the water: How heatwaves are killing fishRetail chains face pulses stock rule

Welcome to Top of the Morning by Mint, your weekday newscast that brings you five major stories from the world of business. It's Friday, June 14, 2024. My name is Nelson John. Let's get started:Equity markets rose on Thursday, with the Nifty up by 0.33 percent and the Sensex edging up by 0.27 percent.After a brief period of volatility, the markets seem to have settled down. Experts told Mayur  Bhalerao that the formation of a government and a clear policy directive following the election results have soothed investors. The surge in investor confidence is making stocks more expensive, with 18 percent of the stocks listed on the BSE trading at a premium of at least 25 to 50 percent, compared to their five-year median price-to-earnings ratios. After a brief acid reflux, investors are saying cheers to the markets yet again.The elections demonstrated that the Indian markets can be a real roller coaster ride. Exit poll results buoyed the hopes of investors and propelled the markets to new highs. However, when these polls turned out to be wrong, the markets crashed as results were announced. Typically, the average investor would consider some fundamentals of a stock before investing: the price-to-earnings ratio, quarterly and annual financial results, and sometimes the CEOs of the companies. Vivek Kaul writes that investors should now account for politics in their stock picks as well. While mixing politics and investing ethos isn't the ideal approach, June 4 showed us that some investors still resort to that line of thinking.The Life Insurance Corporation, better known as LIC, which provides life insurance to around 250 million people in India, holds a commanding market share of 61.5 percent. This dominance leaves only five other private health insurers operating in the country. However, LIC isn't content with maintaining its position; it is aiming for an even bigger slice of the pie. To achieve this, it is open to acquiring a private insurance company. Anirudh Laskar reports that LIC is seeking a composite licence, which would allow it to sell both life and non-life policies. If successful in obtaining this licence, LIC plans to buy out one of its competitors, potentially leading to considerable consolidation in the health insurance market, Anirudh notes in his story.With a new government at the helm, you might see more Indian airlines flying international routes. However, this is a two-way street: if a deal is struck with a foreign country to allow a route to India, that country's airlines must also be permitted to operate on the same route. In the past, this has proven tricky. Anu Sharma writes that international airlines have invariably made better use of these routes, and Indian flyers often prefer foreign airlines over Indian ones.Despite these challenges, opening up more bilateral routes will likely reduce airfares, ultimately benefiting customers. However, Indian companies might not gain as much from this increased competition.This year's NEET exam was highly contentious, marred by allegations of arbitrary grace marks and paper leaks that overshadowed the announcement of the results. A record 67 candidates secured the top rank in this year's exam, an unprecedented occurrence in the history of the National Testing Agency, which conducts the exam. The issue reached the Supreme Court, prompting the government to propose a solution: either accept the grace marks or scrap them and conduct a re-test. Krishna Yadav and Devina Sengupta report that students are understandably stressed and coaching classes have voiced the strongest objections to this announcement. These coaching classes, which train millions of kids for competitive exams like NEET, have raised valid concerns about the way this year's exam was conducted.We'd love to hear your feedback on this podcast. Let us know by writing to us at [email protected]. You may send us feedback, tips or anything that you feel we should be covering from your vantage point in the world of business and finance. Show notes:Markets say ‘cheers’ again after a cocktail of emotions in past week Dear retail investor, here is how to account for politics in your investing LIC looks to buy a standalone private health insurer More rights for foreign airlines: who will fly high? Unease at coaching centres as NEET lands in SC; govt scraps grace marks

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, June 13, 2024. My name is Nelson John. Let's get started: Indian equity benchmark indices, Sensex and Nifty, surged on Wednesday to hit fresh highs, driven by heavyweights RIL, HCL Tech, and HDFC Bank. However, by the end of the session, the indices came off their day's highs and closed with mild gains. N. Chandrababu Naidu was sworn in as the 18th chief minister of Andhra Pradesh yesterday. Naidu’s term begins under challenging conditions, as he inherits a financially strained state that has been largely overlooked industrially. His Telugu Desam Party (TDP), along with its National Democratic Alliance (NDA) partners, secured a sweeping victory, capturing 164 out of 175 seats in the state assembly. During his campaign, Naidu promised to enhance governance and kickstart economic development, aiming to revive industrial activity and generate two million jobs. However, the financial reality of Andhra Pradesh could complicate these plans. The state is grappling with a high debt level—44% of its GDP—and its finances are stretched thin, primarily going towards revenue expenditures rather than building productive assets. This fiscal strain makes the ambitious welfare promises and the revival of the Amaravati capital project, initially estimated to cost ₹50,000 crore, particularly challenging. Mint’s senior editor N. Madhavan explains the challenges Naidu faces as he takes over from Jagan Mohan Reddy as the CM of Andhra Pradesh.  During the recent Lok Sabha elections, many voters, especially in urban areas, seemed reluctant to visit their polling booths. The Election Commission highlighted this trend, noting that urban voters were particularly hesitant. Ultimately, only about 65.8% of eligible voters cast their ballots, down from 67.2% in 2019. In some regions like Nagaland and Manipur, turnout significantly decreased, while Jammu and Kashmir saw an increase. Why does this matter? Niti Kiran from Mint’s data team explains through charts and maps. Lower turnouts can sometimes indicate voter satisfaction with the current government, which appeared to be the case in this election. The National Democratic Alliance held more seats in areas with lower voter turnout. However, it's not just about the numbers—it's about who shows up, or rather, who doesn’t. Metros saw a sharper decline in turnout compared to rural regions. Despite this, the overall gender gap in voting was virtually non-existent, similar to the previous election. Women turned out in higher numbers than men in nearly 20 states. The reasons behind voter participation or apathy can vary widely from state to state, influencing everything from local policy to national politics. India is on the verge of significant changes to its organ transplant policies, aiming to address the massive shortfall between the supply and demand of organs. The Union government is considering allowing organ exchanges between unrelated individuals to bridge the gap when blood groups within families do not match, potentially shortening the long wait times endured by patients. Currently, India sees a stark contrast between the need and the actual transplants performed annually, with only 6,000 kidney transplants against a requirement of about 200,000, and even fewer heart transplants, with only 10 to 15 done yearly. One significant move under consideration is the introduction of "swap" donations, where families could exchange organs with one another if they are compatible, a practice currently not allowed for non-relatives. Additionally, the government is in talks with the insurance regulator to extend health insurance coverage to organ donors, who are presently excluded from most health insurance plans. Mint’s Priyanka Sharma reports. India’s economy is showing signs of resilience in the early part of fiscal year 2025, with industrial activity picking up and retail inflation slightly easing. Mint’s Rhik Kundu reports that inflation dipped to 4.75% in May, the lowest in a year, aided by slower increases in food prices. Despite this, food inflation has consistently stayed above 8% since November, largely the result of uneven and below-normal monsoon rains in 2023, which hit India’s crop production. The Reserve Bank of India has maintained the repo rate at 6.5% since last February, cautiously waiting for inflation to stabilize closer to its 4% target before considering any rate changes. On the industrial front, output rose by 5% in April, supported by growth across the manufacturing, mining, and electricity sectors. Consumer durables saw a particular surge, likely boosted by rural spending and seasonal purchases.  Boeing, the US aerospace giant, is on a mission to regain trust following several unsettling incidents involving its planes. Recent problems, such as the uncontrolled decompression on an Alaska Airlines flight and stuck rudder pedals on a United Airlines flight, have intensified scrutiny on the company. Top executives from airlines like United and Emirates are closely monitoring the situation. They believe Boeing needs to return to its roots—prioritizing solid engineering and quality over financials. They remain hopeful but cautious, expecting Boeing to improve its performance. Mint’s aviation correspondent Anu Sharma reports on the company’s plan to enhance its safety and quality standards, including increased workforce training and streamlined processes to prevent future issues. We'd love to hear your feedback on this podcast. Let us know by writing to us at [email protected]. You may send us feedback, tips or anything that you feel we should be covering from your vantage point in the world of business and finance. Show notes: Mint Primer | Why Naidu faces a daunting task in Andhra PradeshLok Sabha poll: The mystery of the absent Indian voter in 2024, in chartsRetail inflation eases, factory output ticks higher in May, boosting Indian economySwap organ donation for other than near relatives, health cover for organ donorsAirlines ready to trust Boeing again, but want quality and safety in place

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, June 12, 2024. My name is Nelson John. Let's get started: The equity markets remained flat on Tuesday, with no major gains or losses across any market indices during the trading session. The financial year 2023-2024 was largely forgettable for information technology (IT) stocks. Revenues were low across the board, leading to muted stock prices for companies such as TCS, Infosys, and HCL Tech. Mint correspondent Harsha Jethmalani notes that the situation isn't expected to improve in the current financial year. The revenue guidance for these companies is bleak, with growth expectations of just 1 to 3 percent. If you hold IT stocks, Harsha's detailed analysis is a must-read. Now that the portfolios have been allocated, the real work begins. The new government must reconstitute the parliamentary committees that are the backbone of India's policymaking process. Subhash Narayan, Manas Pimpalkhare, and Rituraj Baruah report that major parliamentary panels, such as finance, IT, and defence, are likely to retain their current heads to maintain policy continuity and ensure a quick rollout of reforms. Each ministry has a parliamentary committee that plays an advisory role in policymaking. Those concerned about big-ticket reforms slowing down due to a coalition government might find reassurance in this story.  Early last year, there was much celebration as scientists discovered high reserves of lithium in Kashmir. The Geological Survey of India found about 5.9 million tonnes of the precious metal. Lithium is crucial for many sectors, including infrastructure and electric vehicle batteries. However, the initial excitement has since died down. Sumant Banerji notes that one concern is the location of these reserves — just 50 kilometres from the Pakistan border. Additionally, such discoveries take a long time to realize, potentially decades before mining can begin. Despite this, lithium is the future, and corporate India remains eager to win bids for these mines. While the response is currently lukewarm, Sumant writes that interest will increase as the mines become more viable for exploration. Online shopping has become an integral part of our lives, leading to many malls shuttering and others struggling to survive. However, real estate developers remain optimistic about brick-and-mortar stores. Madhurima Nandy reports that the organized retail space is poised for a significant upsurge, with around 45 million square feet set to be added by 2028. Despite the closure of smaller malls, larger ones are thriving with better occupancy rates and increased footfall. If you live in the National Capital Region, Hyderabad, or Chennai, expect to see more retail stores popping up near you. Here are some movie names for you: All We Imagine As Light, All That Breathes, Agra, and Kennedy. What's common between them? They're all international film festival-winning movies from India. You know what else is common? You probably haven't seen them. The Indian cinema industry has made it difficult for these movies to get a theatrical release in the country. Lata Jha writes that such movies need to spend at least 3 to 4 crore rupees on marketing — a budget they can't afford. Even if they receive international acclaim, some might make it to theatres but only in major metro cities. It's an unfortunate development, as the industry has shifted to a model focused on maximizing profits, leaving indie movies out of the ecosystem. We'd love to hear your feedback on this podcast. Let us know by writing to us at [email protected]. You may send us feedback, tips or anything that you feel we should be covering from your vantage point in the world of business and finance. Show notes: IT companies' revenue revival seen delayed to FY26  After government formation, focus now on parliamentary committees No white gold rush: Why interest in Kashmir’s lithium reserves is lukewarmWhy developers are shopping for offline retail Festival favourites struggle for screen time in Indian cinemas 

Welcome to Top of the Morning by Mint, your weekday newscast that brings you five major stories from the world of business. It's Tuesday, June 11, 2024. My name is Nelson John. Let's get started:Indian benchmark indices closed in the red on Monday, ending a three-session streak of gains. The Nifty fell by 0.13%, while the Sensex dropped by 0.27%.India's IT giants, Tata Consultancy Services (TCS) and Infosys, have seen a significant decline in their younger workforce over the past couple of years. According to an analysis by Mint’s IT correspondent Jas Bardia, the share of employees under 30 at TCS has decreased from 59% in FY22 to 50.3% in FY24. Similarly, Infosys has seen a drop from 60% to 55% during the same period. This trend is not due to AI replacing jobs but rather the IT sector's slowdown in hiring following a period of subdued growth. Analysts note that both companies, along with others like Cognizant and Wipro, have a substantial portion of their workforce based in India. TCS and Infosys are particularly transparent about their younger employee demographics.Just last week, Nvidia briefly surpassed Apple to become the world's second most-valuable company, reaching a market capitalization of $3.01 trillion. This milestone left Nvidia's CEO and shareholders in high spirits but also raised concerns among analysts about the company's future trajectory. What's behind Nvidia's meteoric rise? According to Mint’s Shouvik Das, it's all about AI. As AI technology like OpenAI's ChatGPT gained prominence, Nvidia's GPUs, for long a favourite among gamers, became essential for major companies globally. This surge in demand has placed Nvidia in a favourable position—its chips are now on a years-long waitlist, allowing the company to set premium prices.India is on the brink of a significant boost in international air travel. The government is considering greenlighting more international flights due to a surge in demand, sparking a mix of reactions within the aviation industry. Akasa Air and several foreign airlines are in favour of increasing flight rights, but Air India is strongly opposed. Discussions, which began pre-election, are focusing on potential increases to destinations where flights are already at capacity, such as Dubai and Qatar. This could lead to more air traffic and more options for travellers. However, the impact on Indian carriers is a major concern. While newer airlines like Akasa are eager for the expansion, fearing that limiting flights will lead to skyrocketing airfares, Air India worries that it might hinder their growth and plans to become a major global hub. Airlines like Emirates and Saudia are also pushing for more access, arguing that the current caps no longer reflect the growth in air travel demand, especially from the booming Indian diaspora. Mint’s aviation correspondents Anu Sharma and Mihir Mishra report on the evolving landscape of Indian aviation.Maniraj Pattamsetti, a mechanical engineering graduate from Bengaluru, hoped Simplilearn Solutions' job guarantee programme would be his gateway to a new career in data science. Despite investing over ₹2 lakh and completing a six-month course, Pattamsetti found himself working a customer support role in a BPO, earning far less than promised, without any job offers in his field of study. Simplilearn, valued at $600 million and backed by Blackstone, had assured Pattamsetti and others a job with a minimum salary of ₹5 lakh per year post-completion, with a full refund if they failed to secure employment. However, two years later, only 271 out of 900 enrollees landed jobs through the programme. Many, like Pattamsetti, feel cheated, having invested significant amounts into an education that didn't pay off as expected. Mint’s startup correspondent Samiksha Goel reports on the situation, which has led to numerous complaints, with some students considering legal action against Simplilearn. The company, however, has stopped the programme and moved on, leaving many students grappling with debt and disappointment. This scenario underscores the challenges within the edtech sector, where aggressive sales tactics and over-promising can lead to significant consumer dissatisfaction.As Xiaomi marks a decade in India next month, the tech giant remains undaunted by the Indian government's cautious stance towards Chinese companies. In an interview with Mint’s tech correspondent Shouvik Das, Xiaomi India's President, Muralikrishnan B, outlined the company’s ambitious three-year strategy to solidify its brand presence and enhance local manufacturing efforts.Despite past market dominance, a recent sales dip has spurred Xiaomi to implement a robust recovery strategy. This includes revamping its image in the premium segment, enhancing its ecosystem of devices, and balancing sales across online and offline platforms. In an industry where local sourcing and manufacturing are increasingly crucial, Xiaomi claims that nearly half of its non-semiconductor components, including key elements like camera modules, are procured locally. This effort aligns with ongoing discussions to encourage more of Xiaomi’s supply chain partners to establish operations in India, further deepening its local integration.We'd love to hear your feedback on this podcast. Let us know by writing to us at [email protected]. You may send us feedback, tips or anything that you feel we should be covering from your vantage point in the world of business and finance. Show notes:TCS, Infosys witness dip in younger employeesMint Primer | Intelligent bet: Can Nvidia keep up its swift rise?Modi 3.0 may increase quota for foreign flightsHard lesson: The dark reality of Simplilearn’s job guarantee planXiaomi India eyes increased localization, Apple-like ecosystem

Welcome to Top of the Morning by Mint, your weekday newscast that brings you five major stories from the world of business. It's Monday, June 10, 2024. My name is Nelson John. Let's get started:The markets are still recuperating from the bloodbath from election results day. However, it wasn't so bad for all of them: Ram Sahgal writes that retail investors, who buy and sell shares directly, outsmarted the broader market. Instead of buying while the markets were rising prior to the results, retail investors sold heavily. These stocks were bought by foreign portfolio investors, as well as mutual funds. When the market tanked by nearly 6 percent the following day, retail investors were fairly safe, while the other sets of investors were left holding the losses. This was a rare case of the average investor outsmarting larger, institutional investors, Ram writes.Public sector utility stocks have continued to fare poorly since the election results were announced. The formation of the coalition government has exposed these PSUs to certain risks. As Manish Joshi points out, the coalition members would have opinions about sensitive issues such as the price of fuel and electricity. These decisions may be taken to placate the political partners — but might not be fundamentally sound for the businesses. Subsidised rates in electricity, in particular, are concerning. Investors might steer clear of these stocks until the new government is established and takes some policy decisions.Corporate India always waits to see which sectors get a boost after a new government is formed. This time around, consumer goods companies might have some reason to cheer: a post-election analysis by brokerage firms says that the new government is likely to roll out "pro-consumption initiatives". Suneera Tandon writes that this could provide a boost for FMCG stocks. The central weather department has predicted that India will see a normal monsoon this year — another positive sign for these consumer goods companies. FMCGs have had a rough couple of years, owing to increasing prices due to inflation. On their part, FMCGs are investing heavily in improving their distribution networks to improve their revenue, notes Suneera.In India, the heart of the jewellery market is the wedding market. In its early days, Tanishq didn't exactly understand that: much of its marketing was aimed at a different target market. The jewellery business in India is worth some 50,000 crore rupees — but Tanishq was only pulling in a revenue of about 500 crore rupees. CK Venkatraman, ex-COO of Tanishq, details how the company went from this feeble income to the behemoth it is today. Venkatraman writes it in his own words in his book titled "The Tanishq Story", an excerpt of which we have published.Movie ticket prices have slowly been creeping up. Once in a while, you'll notice that tickets are available for a flick you want to watch — but they cost an arm and a leg! That's because movie theatres in India are increasingly turning premium. Multiplex chains insist on creating fancy infrastructure for movie theatres, while theatres in tier 2 and 3 cities have been dying for a few years. This contrasting trajectory means that the common man is being priced out of going for movies. Lata Jha takes a deep dive into the cinema industry, and writes about its developments — both the good and bad.We'd love to hear your feedback on this podcast. Let us know by writing to us at [email protected]. You may send us feedback, tips or anything that you feel we should be covering from your vantage point in the world of business and finance. Show notes:Retail investors outplay FIIs, MFs on 4 JuneWill PSUs lose their thunder in Modi 3.0?Brokerages see likely gain in FMCG stock with BJP’s return to powerHow Tanishq broke into the bridal jewellery market in India Luxury-format cinemas: Where tickets cost an arm, and popcorn, a leg

Welcome to Top of the Morning by Mint, your weekday newscast that brings you five major stories from the world of business. It's Friday, June 7, 2024. My name is Nelson John. Let's get started:Indian benchmark indices closed higher for the second day running, buoyed by progress on the formation of a new government by Narendra Modi-led NDA alliance. Both Sensex and Nifty gained almost one per cent on Thursday. With the Bharatiya Janata Party led by Modi securing a fractured mandate, India's back to coalition politics. So, what does this mean for the big reforms we've been hearing about? Mint’s Sumant Banerji explains in today’s Primer. Well, green energy reforms like renewables and electric mobility are likely still on the menu. Modi himself has been big on green energy, talking it up in his post-election speech. We've already seen initiatives like the Production-Linked Incentive schemes boosting local manufacturing of EVs and lithium cell batteries. Expect more of these sector-specific perks to roll out, including the next phase of the Faster Adoption and Manufacturing of Electric vehicles (FAME) scheme. But what about the sticky issues of labor and land reforms? These have always been tough nuts to crack, and with a coalition, don't expect any sweeping changes soon.Speaking of reforms and policy decisions that could be put on hold as a result of a coalition government, the BJP might have to give up on its ambitions of introducing a nationwide Uniform Civil Code. Key coalition partners, including the Telugu Desam Party (TDP) and the Janata Dal (United) or JD(U), have expressed their opposition to the UCC, Mint’s Dhirendra Kumar reports. The proposed UCC aims to standardize personal laws across all religions in India, addressing marriage, divorce, and inheritance with a single legal framework. However, the nuanced victory in the elections means the BJP must rely more heavily on its allies, making contentious legislation like the UCC difficult to advance.Soon, navigating from Google search results directly to a hotel’s website or Google Maps might become a thing of the past. This change stems from the proposed digital competition bill aimed at putting a stop to anti-competitive behaviours. This proposed bill is about stopping companies from mixing personal or business user data across different services without clear user consent. It also talks about ending 'self-preferencing'—which means a platform can't push its own services in search results. Mint’s senior editor Gireesh Chandra Prasad spoke to industry experts who believe the law intends to enhance market competitiveness and benefit consumers. However, there's concern that broad prohibitions could backfire, diminishing user experience and product effectiveness. For instance, due to these restrictions, users might soon find themselves taking multiple steps to transition from a Google Search result to Google Maps.Bollywood is hitting the pause button on new projects as the industry grapples with skyrocketing star fees and unpredictable audience tastes. Despite a 20% surge in actor fees post-pandemic, the returns aren't matching up, with several high-profile films flopping at the box office. Big names like Salman Khan and Ranveer Singh are seeing projects stall or fall apart, indicating a deeper malaise in the industry. Cost concerns are forcing some ongoing projects to seek tax rebates by filming in specific locations, while others are slashing marketing budgets to keep expenses in check. A significant challenge lies in the reluctance of stars to accept revenue-sharing models, opting instead to wait out the storm with income from endorsements and social media, rather than lowering their fees. Mint’s media and entertainment correspondent Lata Jha reports on the delay the Hindi film industry is facing with new releases. On June 4, the day election results were announced, investors showed evident fear of a coalition government forming at the centre. With the Bharatiya Janata Party's decade of dominance potentially giving way to coalition politics, market jitters have surfaced, but experts argue that investor panic might be exaggerated. The term ‘coalition’ often triggers fears of fiscal irresponsibility due to the complex dynamics of coalition governance. However, it's worth noting that some of India's most significant economic reforms have emerged under coalition governments. These include the economic liberalization initiated by P.V. Narasimha Rao, the Fiscal Responsibility and Budget Management Act under Atal Bihari Vajpayee, and the Mahatma Gandhi National Rural Employment Guarantee Act during Manmohan Singh’s administration. These historical precedents suggest that coalitions can indeed facilitate substantial economic reforms. Mint’s Abhishek Mukherjee examines what a coalition government could mean for the stock market and how the third Modi government may requisite some tweaks in your portfolio.We'd love to hear your feedback on this podcast. Let us know by writing to us at [email protected]. You may send us feedback, tips or anything that you feel we should be covering from your vantage point in the world of business and finance. Show notes:

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, June 6, 2024. My name is Nelson John. Let's get started:After suffering the worst crash in four years, the Indian equity markets bounced back yesterday to recoup some losses recorded on Tuesday. Nifty and Sensex rose around 3.2% each.The last three have been a roller coaster for investors. Why have they been reactionary and jittery? Ram Sahgal has the answer: BJP being unable to secure a simple majority on its own has spooked investors. They feel that the new NDA government will have to resort to populist measures in order to effect some damage control. This could potentially delay major infrastructure projects like new airports or bullet trains, making market participants unhappy. Ram explains that future market movements will likely be based on which politician gets which ministry in the new government.Like the broader market, Tech Mahindra too rose more than two percent yesterday. But a broader look at its share price and financials would have any investor worried. The IT company's net profit crashed by more than 40%, while revenue declined too. While the overall picture for the IT sector looks grim, Tech Mahindra, in particular, seems to have borne the worst of it. Still, it's not a small company with a total revenue of more than $6 billion. But for Mohit Joshi, this situation provides an opportunity. Joshi took the reins of the company in December 2023. He wants to transform Tech Mahindra into an upper-tier IT company that competes with TCS and Infosys. As Shelley Singh outlines, this is easier said than done. Joshi has his work cut out for him, but the only way for Tech Mahindra is up.One of the main issues in this year's general elections was jobs — or the lack thereof. Creating new jobs should be a central focus of the new government. Devina Sengupta writes that two-thirds of Indian citizens are now under 35 years old. This statistic means that the ongoing job crunch will only worsen as more of India comes of working age. Analysts told Devina that the focus needs to be on higher-paying jobs and getting small and medium businesses to hire employees on a larger scale. Tier 2 and beyond cities especially have immense scope to create and localise jobs, they added. Lastly, a concerted effort needs to be made in the labour market, which is dominated by migrant workers. It's a tough task ahead that will almost immediately assume importance for the new government.If you've been in the market for earphones, it's tough to look past Boat. The electronics company, which started with audio and then moved into wearables, provides a tonne of cheap options for earphones, speakers, and smartwatches. As Sowmya Ramasubramanian and Samiksha Goel write, the company transformed the domestic market for wearables by unleashing an affordable range of products. But now, you have plenty of other options in the same segment, lowering Boat's market share. Now, the company plans to reset its focus to audio, a segment providing 80 percent of its revenue. It's going to take a step back in the wearables segment to assess its options, according to Sowmya and Samiksha's report.For the longest time, a small car in India usually meant a Maruti Suzuki. The 800, Alto, Zen, Swift, Wagon R... the list goes on. But the winds of change have reached the country's biggest carmaker. Alisha Sachdev reports that Maruti Suzuki will now shift its focus to bigger cars. There's a very good reason for this: every other car sold today in India is an SUV. Maruti wants to strengthen its presence in the SUV, EV, and hybrid segments moving forward. This will also see Maruti dip out of sedans too, a segment where it's only been selling the Ciaz and the market-leading Swift Dzire.We'd love to hear your feedback on this podcast. Let us know by writing to us at [email protected]. You may send us feedback, tips or anything that you feel we should be covering from your vantage point in the world of business and finance. Show notes:Why markets will remain volatile until the new govt is formedCan Mohit Joshi catapult Tech Mahindra into the big league of Indian IT? New government must focus on jobs, get more women to join labour force  boAt helped make smartwatches affordable for Indians. That’s now come to bite it Maruti Suzuki begins portfolio revamp strategy

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, June 5, 2024. My name is Nelson John. Let's get started: The people have spoken. Results of the 2024 General Election are here, and the Bharatiya Janata Party-led National Democratic Alliance is set to form the government at the Centre. This time, however, no single party got an absolute majority. Far from the centre’s seat of power in Delhi, Dalal Street in Mumbai saw a milestone day. The last two days have been a rollercoaster ride for the Indian markets. The markets, which were soaring a day before results - on the back of a strong comeback predicted for the BJP by pollsters - saw a day of bloodbath on Tuesday. Investors lost more than ₹31 trillion on Tuesday as benchmark indices plunged. Both Nifty and Sensex saw a fall of close to 6 per cent - the biggest since the first pandemic-induced lockdown was announced on March 23 2020. Mint’s markets correspondent Ram Sahgal reports on the biggest market crash in four years. Coalition politics is back. A decade after the BJP won a majority on its own for the first time, NDA - the coalition led by it, is seeing a comeback to power. Narendra Modi is set to become the Prime Minister for a third straight term. While the NDA’s tally of about 290 is nowhere close to the government’s call for “400 paar”, the coalition made a dent in key southern states. The BJP finally breached Kerala, winning one seat in the state. In Tamil Nadu, the BJP failed to open its account but saw its vote share rise to 11% from earlier 3.7%. The opposition INDIA bloc is likely to secure 234 seats led by the Indian National Congress, which has nearly doubled its strength in Parliament to 99 seats. The crown jewel of the BJP’s electoral victories in the past - Uttar Pradesh - favoured the opposition alliance over the BJP. The Congress and the Samajwadi Party-led INDIA bloc outnumbered the NDA by 43 to 33. Modi’s BJP also broke into new territories in the east - notably Odisha, where it not only swept the Lok Sabha election but also closed in on a majority in the state assembly. The results also imply that Modi will now have to rely on his allies - mainly TDP’s Chandrababu Naidu and JDU’s Nitish Kumar - for a stable government at the centre. Mint’s Sayantan Bera and N Madhavan report on the results of the world’s largest election. N Madhavan also explains the verdict of 2024 in today’s Mint Primer. From a setback for the BJP in the heartland states of Rajasthan and Uttar Pradesh, to the return of regional parties, the 2024 verdict was full of surprises. Despite holding 206 public meetings and rallies over the course of the last 45 days, it became evident that Modi’s magic too has its limits. The Lok Sabha will also boast of a stronger Opposition - something that was missing for a decade. Another insight from the verdict is how inaccurate exit polls can be. Most of the pollsters missed the mark massively this election.As the BJP-led NDA appears set to continue its tenure with a reduced majority, industries across India are looking forward to policy stability and the extension of current incentives. The technology sector is particularly focused on advancing India's semiconductor capabilities, enhancing AI regulation, and implementing crucial digital laws such as the Digital Personal Data Protection Act and the upcoming Digital India Bill. Meanwhile, the telecom sector anticipates the enactment of new rules under the forthcoming telecom bill, along with potential tariff revisions. The aviation industry hopes for the establishment of global aviation hubs, and a reduction in jet fuel taxes to improve operational economics. There's also a significant focus on incentives for electric vehicles and regulations affecting fuel economy and emissions, which are crucial for the road transport sector. Gulveen Aulakh takes a look at the expectations of major industrial sectors from the upcoming government at the centre. Yesterday's results had one outstanding result: that the BJP would not be able to form a government on its own. We invited Surjit Bhalla, economist and author, to opine on this historic result. Bhalla writes that no exit poll got this election right — especially the rise of the INDIA coalition. UP, West Bengal, and Maharashtra stood out for the new age coalition group. Bhalla also writes that the lower turnout could have hampered the NDA's chances at a greater majority. Lastly, he writes that this election is a victory for many stakeholders, but none bigger than the one for the average Indian voter, who has made their voice resonant.  We'd love to hear your feedback on this podcast. Let us know by writing to us at [email protected]. You may send us feedback, tips or anything that you feel we should be covering from your vantage point in the world of business and finance. Show notes: Slender win for NDA queers pitch for street, investors lose ₹31 trillionINDIA heat wilts lotus, coalition saves the dayMint Primer: The 2024 verdict in three minutesMint Explainer: What major industries expect from the next governmentFailure has many mothers: The Indian voter gets it right again

Welcome to Top of the Morning by Mint, your weekday newscast that brings you five major stories from the world of business. It's Tuesday, June 4, 2024. My name is Nelson John. Let's get started: The markets surged on Monday, after every exit poll predicted the BJP to come back to power. Nifty was up 3.25 percent, while Sensex surged by 3.39 percent. Experts told Ram Sahgal and Dipti Sharma that the markets could still zoom by 2 to 3 percent today if the BJP wins 400 or more seats. However, some of them advised caution: this sudden uptick could mostly be attributed to the election resultsn, but the highs may not last too long if investors start quickly booking their profits later in the week. While the stock market is already seeing a huge push, what about India's economy? The world's fastest growing economy needs some energy to sustain the run it is on. N. Madhavan writes that a third term with a stable government at the helm can bring about policy changes and unleash new reforms that could accelerate India's growth. While the infamous GST has finally settled into India's economic framework more than seven years after it was introduced, other areas like labour, land, and agriculture need to be relooked at by the next government. It's simple enough to say that the next government "has to fix the economy". It's a broad target, and one that is understandably difficult to achieve. Our partners at howindialives.com list out some other challenges that need fixing: joblessness, private capital expenditure, and exports to name a few. Along with these ideas, they add some charts to show the potential that India has in excelling in these fields, but there's still work to be done. In particular, this story notes that a determined government could help India and its economy reach its full potential. It's time to say good bye to Vistara: by the end of 2024, the Tata Group plans on shuttering the Vistara brand. Anu Sharma reports that the Tatas plan on starting 2025 with just two main brands: Air India, and Air India Express, its low-cost counterpart. After a lengthy process, the Tata Group won the ownership of Air India in 2022 — welcoming the airline it had first started. It had planned to integrate all three of its brands: Air India, Vistara, and Air Asia into a simplified version, which will now just have Air India and AI Express in around 8 months. Conducting the world's biggest exercise in democracy is not a simple feat. The polling, which lasted for 7 phases across 44 days, finally came to an end last week. But the preparation for these 44 days begins months in advance. Krishna Yadav presents an on-ground report on how difficult it is to organise such a humongous activity for millions of voters across the length and breadth of India. He travels from Delhi to Himachal Pradesh, and speaks to prior and current officials in charge of making sure that every India can try and cast their vote. From security to routes to the voting ink, read this story for a great overview of how difficult the entire process is. We'd love to hear your feedback on this podcast. Let us know by writing to us at [email protected]. You may send us feedback, tips or anything that you feel we should be covering from your vantage point in the world of business and finance.That’s all for today. Thank you for listening. Show notes:Market to take cues from surprises to exit poll resultsWill the poll give India’s economy another boost?The five big economic challenges before the new government Air India to operate as merged entity from 2025; no Vistara brand by year-endHow Election Commission orchestrated the ‘big fat Indian wedding’

Welcome to Top of the Morning by Mint, your weekday newscast that brings you five major stories from the world of business. It's Monday, June 3, 2024. My name is Nelson John. Let's get started:2024’s marathon seven-phase elections finally came to an end on Saturday, with voters across 57 constituencies exercising their democratic rights. In just 24 hours, elections officers across the country will start counting votes that will decide the future of India. The pollsters, however, have already spoken. Almost all of the exit polls predicted a sweeping victory for the BJP-led National Democratic Alliance , and along with a third term for Prime Minister Narendra Modi. Buoyed by the poll predictions, market experts expect Nifty to surge by 2.5-3% when markets open today. This expectation is leading to a scramble among foreign institutional investors and proprietary traders to cover short positions, anticipating the NDA securing well over the expected 300-310 seats. Exit polls predict around 350 seats for the NDA, with some forecasts even suggesting as many as 400 seats. This is likely to boost market sentiment as it solidifies expectations of continued policy and fiscal stability. Mint’s markets correspondents Ram Sahgal and Dipti Sharma report the bullish sentiment among traders on D-street on the eve of election results. Artificial intelligence systems, often compared to "black boxes," work in complex ways that are hard to explain. Like the human brain, they process information through multiple layers but, unlike humans, their decision-making paths are not easily traceable. This makes it difficult to understand why an AI makes certain choices, such as a self-driving car failing to stop for a pedestrian. To address these challenges, the field of explainable AI or XAI aims to make AI decisions more transparent and understandable. Mint’s senior editor Leslie D’monte explains the emergence of this new field, which involves developing methods to clarify AI processes, auditing these decisions, and implementing regulatory measures to ensure accountability. Companies like Google, Microsoft, and IBM, alongside research institutions and government bodies, are actively working on XAI technologies. India's external debt, at 18% of its GDP, is relatively low among G20 countries, as pointed out by Finance Minister Nirmala Sitharaman. However, to fully understand what India owes to other countries, it's better to look at the International Investment Position, which covers all foreign financial assets and liabilities. This includes the country's reserves and any domestic assets owned by foreigners, such as investments and loans. India's net international investment position is negative, meaning the country owes more to the rest of the world than it owns in foreign assets. This debt increased from 60 billion dollars in 2003 to 396 billion dollars in 2023, rising from 9.9% to 11.1% of its GDP. This status places India among countries that owe more internationally than they possess, writes Deepa Vasudevan. In India, the services sector is taking the lead when it comes to starting new businesses. Out of nearly 16,000 firms that popped up in April, 72% were in services, while manufacturing tagged along at 15%. That’s what the latest data from the Ministry of Corporate Affairs tells us. This isn't just a one-off thing; services have been dominating the new business scene for a while. As of April this year, 65% of all active companies in India were in the services sector. That's a jump from 61% back in 2015. Throughout the last financial year, the services sector consistently claimed 70-72% of all new business registrations each month, dipping slightly to 69% in April 2023. So, what kind of services are we talking about? Well, it's a broad mix—everything from schools and hospitals to fitness centers and professional associations. Mint’s senior editor Gireesh Chandra Prasad reports these numbers. India’s savings landscape is seeing a potential shift, claim  economic analysts. After years of decline, financial savings—like cash, bank deposits, and investments—might actually be on the rise. In 2011-12, these savings were 7.4% of our GDP, but by 2022-23, they dropped to 5.3%. Now, Goldman Sachs and Crisil suggest we might see these savings bump up to 6% of GDP for 2023-24. What's driving this? Even though our economy grew by 8.2% last year, it looks like households might be tightening their belts, possibly boosting their savings as private consumption cools down. But what does this mean for the economy? Normally, if folks are saving rather than spending, it's not great news for economic vibrancy. However, these savings do provide essential funds for businesses to invest and grow, so it’s not all doom and gloom.Looking at the broader picture, India’s total savings rate, which combines savings from households, businesses, and the government, dipped from about 35% of GDP in 2011-12 to 30% by 2022-23. But for the current fiscal year, it's expected to inch up slightly above 31%. The drop over the past decade is mainly due to a decline in household savings, which fell from about 24% of GDP to 18%. This Long Story by howindialives.com takes a deep dive into the rise in India’s savings, and whether it is a sustainable rise.  We'd love to hear your feedback on this podcast. Let us know by writing to us at [email protected]. You may send us feedback, tips or anything that you feel we should be covering from your vantage point in the world of business and finance. Show notes:Markets likely to open higher as exit polls signal sweep for NDAWill decoding AI ‘black boxes’ make AI models safer? India can cheer its low debt, but here’s the catchAt 72%, service sector dominates new business registrations in AprilIndians may have saved more in FY24. Is the rise sustainable?

Welcome to Top of the Morning by Mint, your weekday newscast that brings you five major stories from the world of business. It's Friday, May 31, 2024. My name is Nelson John. Let's get started:It's been a rough week for stockholders: the Indian equity markets fell slightly again on Thursday. Nifty was down by 0.95 percent, while Sensex dropped 0.83 percent. The Reserve Bank of India released its annual report yesterday. It said that despite challenges, India is set to grow faster and stronger over the next decade. RBI noted the resilience of the Indian economy in the face of multiple external factors, including geopolitical tensions and  risks due to climate change. Shayan Ghosh and Gopika Gopakumar write that another challenge that the RBI specifically pointed out was the rapid development of artificial intelligence, as opposed to being treated as an opportunity. Interestingly, a deficient monsoon meant that India had to over rely on manufacturing and services sectors to power its 7.6 percent growth last year.Thierry Delaporte's time as the CEO of Wipro was a rocky one. He was set to be at Wipro's helm for five years, but could barely eke out 14 months. Despite the short stint, he became one of the richest executives in India's IT sector. When Delaporte was asked to resign by Wipro chairman Rishad Premji, he was told he could have a hefty severance — 4.33 million dollars, or 36 crore rupees. However, public investors weren't too thrilled at such an expensive severance package: Varun Sood reports that more than 75 percent of investors voted against it. However, strong promoter holding meant that Premji could guarantee Delaporte his exit pay. It's a rare dispute between investors and the management in a company as well managed as Wipro, Varun writes.It's not been a good year for MBA students: a Deloitte report said that campus placement budgets for business graduates had fallen by 33 percent. This is the first time companies have reduced their budgets for freshers. Even top engineering colleges have failed to attract recruiters this past placement season. Devina Sengupta writes that a global economic slowdown has affected foreign companies hiring Indian graduates, while other companies are looking for hires that require minimal training. It's a dim job market out there.Chinese EV makers were hoping to expand across the globe, but the options are dwindling. First, the European Union planned to increase their import duties to around 25 to 30 percent on these vehicles. Next, the US said it would increase the taxes to 100 percent of the car's value. And now, the next most viable foreign market, India, might soon lose out too: the central government is ramping up its efforts to monitor the dumping of Chinese EVs in India. Dhirendra Kumar reports that senior government officials are worried that after being shunned from the western markets, these automakers will fill the Indian market with cheap electric cars. Officials are considering raising the import duties on electric engines, or imposing stringent quality checks to protect Indian car makers, reports Dhirendra.At one point, old age homes were the only available option for senior citizens. But today, we have independent senior living — an arrangement where retirees stay alone, with services such as meals and health checkups provided regularly. By 2050, India will be home to more than 17 percent of the world's elderly population. That provides a huge market for senior living, but at the moment, it's a luxury that only the affluent can afford. Madhurima Nandy takes a deep dive into this industry, and writes about the present situation, the opportunities, and the challenges for senior living to become a viable part of India's booming real estate market.We'd love to hear your feedback on this podcast. Let us know by writing to us at [email protected]. You may send us feedback, tips or anything that you feel we should be covering from your vantage point in the world of business and finance. Show notes:India poised for stronger growth over next decade amid AI, climate risks: RBI Wipro’s public investors baulk at ₹36-crore severance to Delaporte B-school grad? You may be paid less this yearGovt steps up vigilance against Chinese EV batteryIn Indian real estate, senior living is still in the junior league 

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, May 30, 2024. My name is Nelson John. Let's get started: Indian benchmark indices closed in the red for the fourth straight session on Wednesday. BSE’s Sensex closed 0.89 percent below its previous close, while NSE’s Nifty was down 0.8 percent. Delhi hit a blistering 52.3 degrees Celsius on Wednesday, marking its hottest day in history. The scorching summer sun has been draining the energy of Delhiites. Earth sciences minister Kiren Rijuju later said this was “not official yet” and described such a high temperature as “very unlikely” while asking the weather office to verify the report.  Unfortunately, it is not just the people of Delhi-NCR who are suffering; the entire country is grappling with a nearly violent heatwave. Moreover, heatwaves are becoming more prolonged and intense. So, what causes a heatwave? Experts attribute this to two factors:  One is El Nino, the infamous weather phenomenon frequently in the spotlight, and the second is the presence of high-pressure areas over southern peninsular India. Mint’s senior editor, N Madhavan, examines the long-drawn heatwaves and the reasons behind their increasing duration in today’s Mint Primer. In the world of stock trading, it’s crunch time, much like the final overs of a gripping cricket match. As India nears the end of its Lok Sabha elections, with the last votes being cast this Saturday and exit polls expected the same evening, investors are on the edge. Recently, there's been a notable shift in the stock market, particularly among retail and high-net-worth investors. These individuals, often referred to as the 'Client' category by the NSE, have traditionally been savvy, sometimes even outguessing foreign institutional investors (FIIs) in predicting market trends. However, in a striking move, they’ve significantly scaled back their bullish positions on Nifty and Bank Nifty futures. Conversely, foreign investors, who were net bearish in mid-May, flipped their stance to net bullish by the end of the month. This shift suggests a mix of caution and repositioning as everyone braces for the election results. Mint’s markets correspondent Ram Sahgal spoke to experts who pointed out that the market is playing between a position of optimism and caution. The 'None of the Above' (NOTA) option in Indian elections hasn't quite stirred the political pot as some might have hoped. Despite being around for a decade and touted as a tool for voter dissent, its impact has been minimal. In the last couple of Lok Sabha elections, barely 1% of voters chose NOTA. It has gained slightly more traction in places like Bihar and Odisha, particularly in tribal areas, but it’s still not causing major ripples. To break it down: in both the 2014 and 2019 elections, the majority of the 543 Lok Sabha seats saw less than 1% of voters picking NOTA. About a third of the seats saw slightly higher engagement, with 1-2% opting for it, but only a very few seats saw it cross the 4% threshold. Interestingly, its popularity dipped in 2019. Mint’s senior assistant editor Niti Kiran takes a closer look at the impact of the NOTA option on India’s elections.Chart links:https://datawrapper.dwcdn.net/SFqmT/full.pnghttps://datawrapper.dwcdn.net/ywrY2/full.pnghttps://datawrapper.dwcdn.net/sADPO/full.png The United States is preparing to discuss a preferential trade agreement with India, according to U.S. Ambassador Eric Garcetti. In an interview with Mint’s Gireesh Chandra Prasad, the former mayor of Los Angeles indicated that while Washington isn't exactly eager to sign free trade agreements, it is open to exploring trade opportunities focused on specific products or sectors.  This move aligns with the two nations' ambitious goal to double their trade to $500 billion by the end of the decade. Relations between the two countries have been improving, highlighted by the resolution of six trade disputes last June. Following this, India reduced customs duties on several U.S. goods, including apples and almonds. Last year, Amazon called off its deal to buy MX Player, a video platform owned by Times Internet. Now, after almost a year of back-and-forth, the e-commerce giant is back at the negotiating table with Times Internet, reports Mint’s Gaurav Laghate. Initially, Amazon valued MX Player at about $60 million, while Times Internet was seeking over $100 million. Fast forward to now, and MX Player's situation has worsened. Its valuation has dropped further due to financial struggles, including a substantial debt of about ₹2,500 crore (roughly $300 million). While Amazon remains interested, it has made it clear that it won't take on that debt. We'd love to hear your feedback on this podcast. Let us know by writing to us at [email protected]. You may send us feedback, tips or anything that you feel we should be covering from your vantage point in the world of business and finance. Show notes: Mint Primer | Into the 50s: Why heatwaves are hotter & longerIn a market segment with its ear to the ground, apprehension is risingAfter two big polls, Nota remains a one-percenterWashington ready to discuss preferential trade deal with India: US AmbassadorAmazon to buy MXPlayer from Times Internet

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, May 29, 2024. My name is Nelson John. Let's get started: The Indian equity markets fell slightly on Tuesday. Nifty was down by 0.19 percent, while the Sensex dropped by 0.29 percent.  We've got a pretty hot edition for you today: a lot of our top stories of the day have to do with the summer. Let's get into it. The summers are here — and with it, comes enormous demand for power. Temperatures are a good indicator of the demand for electricity, but that can vary a lot for a given place — and even on the same day. 2024 is shaping up to be warmer than last year , which would mean that India's power demand will peak again at some point in the next few weeks. Can India keep up with this fluctuating demand? Our partners at How India Lives . com try and answer that in five succinct charts.https://datawrapper.dwcdn.net/kbPDA/full.png The heatwave is also bad news for automakers. Fewer people are stepping out to escape the sun, and in turn, fewer prospective buyers are going to the showroom to look at cars. Sales in May are sharply down from the same period a year ago, reports Alisha Sachdev. But the heatwave isn't the only one at fault: the election cycle, as well as a lack of auspicious days are also to blame. To counter that, dealerships are offering widespread discounts and doorstep deliveries. If you're in the market for a new set of wheels, now might be the time to capitalise. Despite a record harvest, wheat prices are still rising. Lower production due to untimely rains in some states has marred the distribution for wheat. This might push the Indian government to allow the import of wheat, which is currently banned. While currently wheat prices are fine, they might steadily but surely rise as there's less wheat stock in the market. Sayantan Bera explores the current predicament and the future outlook in this Mint Primer.https://datawrapper.dwcdn.net/0B1nT/full.png For global media conglomerate Walt Disney, a particular piece of inheritance in India has turned into a white elephant. When Disney bought out 21st century Fox, it also received a 30 percent share of Tata's DTH company, Tata Play. However, sources told Gaurav Laghate that Disney wants nothing to do with this business. The Tata Group has refused to buy Disney out, and other buyers aren't interested either — further complicating the matter. The Tatas had hoped to IPO this company in at least three different instances, but decided against it. Tata Play has now become the strange DTH that nobody wants to play with.https://www.livemint.com/lm-img/img/2024/05/27/600x338/HULU-EVALUATION-DISNEY-COMCAST-1_1715095044262_1716804336688.JPG The Indian society isn't firmly patriarchal anymore: women now have various rights, and more importantly, cash in hand. Romita Datta's on-ground report from Kolkata during this election season proves that point. A host of women-centric schemes by the BJP government have made women in rural and semi-urban areas quite independent. More women are now registering as voters , and according to one research report from the State Bank of India, the 2029 national election will see more women voters than men. So, it's time for campaigns to focus on women now, as political parties see huge returns from them. The numbers make that clear too, Romita writes.https://datawrapper.dwcdn.net/SXMyh/full.pnghttps://datawrapper.dwcdn.net/7TzBH/full.png We'd love to hear your feedback on this podcast. Let us know by writing to us at [email protected]. You may send us feedback, tips or anything that you feel we should be covering from your vantage point in the world of business and finance. Show notes:Can India keep up with the ebbs and flows of power demand?  Heatwave cooks car sales in May, footfall stalls in car showrooms Our daily bread’s getting hot. Can imports help? The curious case of Disney’s 30% stake in Tata Play  Why political parties are breaking the bank to win over women voters 

Welcome to Top of the Morning by Mint, your weekday newscast that brings you five major stories from the world of business. It's Tuesday, May 28, 2024. My name is Nelson John. Let's get started:Indian benchmark equity indices touched their all-time highs intraday trading on Monday only to end the session on a muted note. The Sensex touched a new high of 76,009 points before climbing down and closing 0.03 per cent below its previous close. Similarly, the Nifty touched an all-time high of 23,110 points, only to close 0.11 per cent below its previous close. As the Lok Sabha election reaches its final stretch, with the last phase of polling scheduled for this Saturday, Mint’s Plain Facts series on the government’s schemes brings an overview of the PM Awas Yojana (Gramin) - a rural housing scheme. Originally evolving from the Congress-era Indira Awaas Yojana, PMAY-G has targeted 60% of its homes for SC/ST families, managing to reach about 11.4 million households. Launched in 2016, the scheme covers roughly 22% of India's rural SC/ST population, according to the 2011 Socio-Economic Caste Census. One standout feature of PMAY-G is the substantial ownership by women, who individually or jointly own nearly 72% of the houses constructed under the scheme—a stark contrast to the national rate of 43%. However, despite these impressive numbers, the implementation of PMAY-G has been uneven. Most houses were constructed in a concentrated period from 2019 to 2021, with recent years showing a slowdown. Moreover, the financial model supporting PMAY-G involves substantial central funding and a significant reliance on unskilled labour from the rural job guarantee scheme. Click on the link in the show notes to see the charts and interactive maps prepared by Mint’s data team and senior editor Nandita Venkatesan.Markets too are reacting to the final leg of the Lok Sabha election. Signs of restored investor confidence are emerging in the equity markets. The net value of marketwide options' open position saw a drastic reduction, from ₹4.96 trillion on May 7 to ₹91,149 crore by May 24, reflecting a shift in market sentiment. This decrease is significant as it indicates a wave of short covering. This means investors are unwinding their bets against the market. Mint’s markets correspondent Ram Sahgal spoke to market insiders and mutual fund executives who see this as an expectation of political continuity at the centre. People for years have been getting intellectual property rights protected for their own innovations. Be it technological innovations or a brand symbol - IP or intellectual property rights cover all of them. However, recently, Bollywood bigwigs Jackie Shroff and Anil Kapoor won legal protections for their iconic phrases "bhidu" and "jhakaas," stirring quite the pot about creative freedom. Essentially, they've set a legal boundary that prevents anyone from using their catchphrases, or even their images and voices, without permission. This move is part of a trend where celebs are locking down their personal brand elements to control how they're used, especially in our digital world. Experts now warn that this aggressive enforcement of personality rights could stifle creative content and legitimate freedom of expression. Mint’s legal correspondent Krishna Yadav spoke to experts who pointed out that if celebrities push too hard on these rights, we might see a serious drop in the variety of creative content online. While there’s no specific law in India for personality rights, the courts recognize them under the right to privacy. And yes, celebs can trademark their names and unique attributes. With more celebrities likely to follow suit, digital content creators are in a tight spot.India's highway building spree has hit a bit of a speed bump. Over the last decade, we've seen the construction pace shoot up from less than 12 km a day back in 2013-14 to a peak of 37 km per day in 2020-21. But now, it looks like things are slowing down. Last year, the government managed about 34 km per day, and it seems like we'll see even less this year. Estimates suggest highway building might drop to around 31 km per day. So, what's behind this slowdown? There's been some stalling with project cost approvals under the Bharatmala Pariyojana, thanks to the rising prices of raw materials and land. Plus, there's been a snag in the execution of projects awarded under the hybrid annuity model. Mint’s Sumant Banerji explains why the pace of highway construction is seeing a slowdown, in today’s Mint Primer. India's FMCG sector has been on a roll, especially in the rural areas. After some tough years marked by demonetization, financial crises, and a global pandemic, rural India is finally seeing some sun. The latest figures tell us that for the first time in over a year, rural shoppers are buying more, outpacing their urban peers with a 7.6% jump in demand. This comes after a pretty steady climb from a more modest 5.7% rise in urban areas. Now, what’s really kicked things into gear? Well, it looks like the agriculture sector's getting back on its feet. Plus, the Indian Meteorological Department has predicted a normal monsoon this year. Big names in the FMCG world are not just selling more, but also spreading out into new territories with tailored products that fit the rural wallet and lifestyle. It's about making sure that a shop in a small town gets the same goods as a supermarket in a big city, but maybe in sizes and prices that make more sense for its customers. In cities, though, it's all about going fancy. Premium products are flying off the shelves as urban consumers are willing to shell out a bit more for something special. Mint’s Abhishek Mukherjee takes a deep dive into the world of FMCG companies, riding high on robust fourth quarter results. We'd love to hear your feedback on this podcast. Let us know by writing to us at [email protected]. You may send us feedback, tips or anything that you feel we should be covering from your vantage point in the world of business and finance.

Welcome to Top of the Morning by Mint, your weekday newscast that brings you five major stories from the world of business. It's Monday, May 27, 2024. My name is Nelson John. Let's get started:The seventh and final phase of the 2024 general elections will conclude this week. Despite numerous rallies and manifesto releases, the parties' economic plans remain unclear. Puja Mehra raises a critical question to the two main blocs: how will they kick-start India's economic progress? She argues that both parties' plans have glaring loopholes. The prime minister must justify the  modest economic progress over the past decade of his party, the Bharatiya Janata Party, while the INDIA coalition must specify the source of their planned economic development. Mehra also poses open-ended questions about corporate tax policies and the relationship between public and private investment. Be sure to read this piece for thought-provoking queries about the country's future, regardless of who comes to power.While election results are yet to be announced, the central government is already planning for the next term. The Centre aims to significantly scale up its interest-free loans to states to boost capital expenditure. Rhik Kundu reports that this initiative will be part of the full budget, set to be released in July. The government has currently earmarked 75,000 crore rupees for this scheme. To qualify, states must implement several reform-oriented structural changes in sectors such as housing and vehicle scrappage.Facebook has faced widespread criticism over its content moderation policies, leading it to contract IT giant Cognizant to filter out harmful content. Cognizant directed its staff to manually review reported content to determine its suitability for posting. However, these employees, who have since left the firm, are now suing Cognizant. They allege that the reviews were extreme in nature and high in volume. The 14 plaintiffs claim the work was misrepresented to them and that they now suffer from post-traumatic stress disorder as a result. Varun Sood provides the details of the latest issue facing Cognizant.Eleven successive quarters of net profit, an EBITDA margin of around 25 percent, and a stock price increase of nearly 200 percent—any chief executive would be delighted with these numbers. But Amur Lakshminarayanan has just one question: what's next? Lakshminarayanan, the MD and CEO of Tata Communications, is now in his fifth year at the helm. The Trichy-born engineer has successfully diversified Tata Communications' revenue streams, including an exciting new venture into live streaming sports events. Right before the pandemic, Tata Communications also began modernizing its operations with artificial intelligence—a move that has paid off dividends. Arun Janardhan profiles Lakshminarayanan in this "Business of Life" piece for Mint Lounge.There are necessities, and then there are luxuries. Common Indian wisdom says it's always a good idea to buy a house. But what if you aim for a luxurious one? Generally, no financial advisor would recommend overextending yourself to buy a house beyond your means. However, Shah Rukh Khan differs in philosophy, suggesting that buying a more expensive house will motivate you to work harder to achieve it. Vivek Kaul, in his trademark writing style, explores this concept—examining whether it makes financial and common sense to follow this model. He provides answers through a narrative involving a young couple and their family's desires, making for an informative yet entertaining read.We'd love to hear your feedback on this podcast. Let us know by writing to us at [email protected]. You may send us feedback, tips or anything that you feel we should be covering from your vantage point in the world of business and finance. Show notes:Questions on India's economy that Modi and Gandhi should answer Centre's interest-free loans to states could be scaled up in the full budgetEx-Cognizant staff sue over mental health harm from Facebook workAmur Lakshminarayanan: The communicator Why SRK’s home-buying guide doesn’t apply to everyone

Welcome to Top of the Morning by Mint, your weekday newscast that brings you five major stories from the world of business. It's Friday, May 24, 2024. My name is Nelson John. Let's get started:India’s stock markets had a great Thursday, with the Nifty and Sensex benchmarks each rising more than 1.6% to close at record highs. As a result, India's stock markets are now valued at over 5 trillion dollars, writes Dipti Sharma. Banking stocks, which have largely underperformed this year, also saw significant gains. Additionally, investor sentiment was boosted by the Prime Minister's projection that the stock markets would hit record highs on 4 June if the BJP returns to power with a comfortable majority.Zomato, on the other hand, rose just about a per cent yesterday. However, its share price has surged over 50 per cent since the beginning of the year. The food delivery company distinguishes itself from its startup peers as a consistently profitable and innovative entity. However, Zomato wasn't always this way—it spent its first four years burning through investor money. TN Hari, a senior executive with multiple growth-stage startups, chronicles Zomato's journey from a struggling startup to an investor darling.Paytm, another startup, which listed around the same time as Zomato, has faced a contrasting fate. Yesterday, Paytm's shares dropped nearly 3 per cent, bringing its total decline in 2024 to over 44 per cent. When the Reserve Bank of India cancelled its banking licence, Paytm's share price cracked. That has had an impact on its employees as well, who have flooded the job market with their resumes. Shayan Ghosh and Devina Sengupta report about the fintech's challenges. While Paytm hasn't resorted to any layoffs, yet, employees are concerned about potential cuts and career stagnation. If you're hiring, expect to see resumes from Paytm employees soon.Every year, India adds to its electric power generation capacity, a necessity given the record highs in electricity consumption we hit annually. With summer officially here, the demand for electronic items to keep cool has surged. However, June might bring with it a power crisis. As N. Madhavan writes, the power deficit in June is expected to be the highest in 14 years. Night-time demand is projected to reach 235 gigawatts, while supply lags at only 221 gigawatts. In response, the government has reopened old coal plants and plans to open new ones to meet this demand. Despite these efforts, power cuts are likely this year.These days, it seems only brands text me on WhatsApp. The app, once a cheap way to communicate with friends and family, has become a platform for endless coupons and shopping offers. This shift began a few years ago when Meta, WhatsApp's parent company, integrated commercial features into the messaging app. According to our reporter Gulveen Aulakh, this trend will only become more widespread. Gulveen spoke with Sandhya Devanathan, the head of Meta India, who said that conversational commerce is set to be a priority for Meta. Users will be able to chat with bots and shop for goods directly. Meta is targeting the 350 million Indians who have already used UPI for payments, believing they will be more receptive to online shopping on WhatsApp.We'd love to hear your feedback on this podcast. Let us know by writing to us at [email protected]. You may send us feedback, tips or anything that you feel we should be covering from your vantage point in the world of business and finance. RBI largesse catapults market to fresh highProfits delivered: What Zomato’s sizzling results teach investors, VCs Paytm, its payments bank employees seek greener pastures Power crisis: Are we in for another sizzling summer?Chat-based e-commerce key priority for WhatsApp: Meta India head 

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, May 23, 2024. My name is Nelson John. Let's get started.Indian benchmark equity indices closed higher on Wednesday, driven by positive cues from global markets and strong Q4 earnings reports from major companies. The Sensex climbed 267 points, closing 0.36% higher than the previous session. The Nifty remained relatively flat, gaining a modest 22 points.For decades, the Indian Institutes of Technology (IITs) have been a beacon of hope for millions of Indians aspiring to build a stable and strong career. However, this year, IITians are struggling to get placed. The anxiety at IITs is palpable, with hundreds of students from the 2024 batch still jobless even after the second round of placements. The traditional powerhouse of engineering talent is now casting a wider net, reaching out to startups, alumni, and exploring new industry segments to secure opportunities for its students. In particular, IIT Bombay reports that out of 1,973 students registered for placements, 1,387 have secured jobs in the first and second phases. Yet, 300 to 400 students are still searching for employment. To address this, the placement teams are proactively contacting previous recruiters and broadening their search to include companies offering lower starting salaries than before. The challenge is more acute this year due to several large IT firms scaling back campus hires, a direct consequence of the economic downturn which has tightened budgets and led to job cuts across sectors. The newer IITs are feeling the pinch as well, navigating their placement season with cautious optimism. Mint’s careers correspondent Devina Sengupta, along with Pratishtha Bagai, report on a challenging placement season at the IITs.Amid a severe heatwave and unpredictable weather patterns, India is grappling with a rise in health issues such as heatstrokes and vector-borne diseases like dengue. In response, the health ministry has introduced an initiative that feels more necessary now than ever: including climate change in the medical curriculum. Medical students could soon be learning about climate change and its effects. The proposed course aims to prepare future medical professionals to better understand and tackle health challenges directly linked to climate fluctuations. Given the complexity of diagnosing conditions like heatstroke and managing emerging diseases like monkeypox, which are exacerbated by climate shifts, this educational update seems timely. Mint’s health and pharma correspondent, Somitra Ghosh, reports on the proposed inclusion, which could help our healthcare professionals deal with climate change more efficiently.The Indian state has been in existence for close to 77 years, yet a basic necessity like clean water for all remains a challenge. The Jal Jeevan Mission, launched by Prime Minister Narendra Modi on August 15, 2019, aims to provide safe and adequate drinking water through individual household tap connections to all rural households by 2024. While it has made significant strides, achieving 76.6% coverage of the estimated 193 million rural households, it still faces the challenge of ensuring these facilities are fully functional and sustainable.The initiative has seen substantial uptake, with 11 states and Union territories reaching 100% coverage. However, states like West Bengal and Rajasthan lag, with less than half of rural households connected. The discrepancy often stems from variations in local implementation and reliance on state-level schemes. In the second instalment of a new Plain Facts series by Mint’s data team, Shuja Asrar and Payal Bhattacharya examine the progress the Jal Jeevan Mission has made in rural parts of the country. Click on the link in the show notes to see the charts and interactive maps prepared by Shuja, Payal, and the data team.Indian carmakers are pushing back against new fuel efficiency standards proposed by the Bureau of Energy Efficiency (BEE). The BEE aims to align with Europe's stringent vehicle emission norms, targeting carbon emissions of about 70 grams per kilometre by 2030. Automakers argue that this target is too ambitious, given that gas-powered vehicles will likely remain dominant for the next decade despite ongoing electrification efforts. The BEE, advised by the U.S.-based International Council on Clean Transportation, is advocating for these strict standards to enhance carbon reduction efforts and accelerate the shift to electric vehicles. This would involve hefty penalties for carmakers that fail to comply. Mint’s auto correspondent, Alisha Sachdev, spoke to industry insiders who warn that such stringent rules could drastically impact sales and jobs, as EV technology in India isn't as advanced as in Europe, and the charging infrastructure is still underdeveloped.Navigating generational differences at work has always been a challenge, but the gap seems to be widening. Today, companies are increasingly cautious about how they handle younger employees, especially those belonging to Generation Z, born between 1997 and 2012. These younger workers often bring a different perspective to the work environment, leading to tensions with older managers. The generational shift reflects broader changes in workplace dynamics. Companies are finding that traditional approaches may not resonate with younger workers, who value flexibility and personal well-being over conventional workplace rewards. The challenges extend beyond daily operations to strategic considerations. Many young professionals joined the workforce during the pandemic, missing out on traditional office bonding, and thus have a different view of workplace expectations. This shift has prompted some firms to link office attendance with appraisals to encourage a return to office settings.Moreover, younger workers are not shy about voicing their needs or moving on if those needs are unmet. For instance, they might prioritize sufficient holiday time over salary increases, reflecting a shift towards valuing experiences over material gains. Mint’s Devina Sengupta takes a deep dive into the challenges and struggles associated with this generational divide in workplaces.We'd love to hear your feedback on this podcast. Let us know by writing to us at [email protected]. You may send us feedback, tips or anything that you feel we should be covering from your vantage point in the world of business and finance. IITs scramble in last leg of placements, hundreds left to be placedIndia plans a new breed of warriors to battle extreme climate impact: DoctorsMuch of rural India now has taps, but running water largely remains a pipe dreamIndian automakers resist Europe-like fuel efficiency standardsWhy senior managers walk on eggshells around Gen Z at the workplace

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, May 22, 2024. My name is Nelson John. Let's get started.Indian benchmark indices climbed off the day's high to close on a mixed note on Tuesday. Sensex fell marginally by 52 points to end the day 0.07 percent below its previous close while Nifty rose 27 points to close 0.12 per cent higher.  India's IPO market is heating up and could be on track to set a new record in FY25. The apparent surge in enthusiasm seems to defy the usual election-season jitters. Just two months into the financial year, new share offerings valued at more than Rs 50,000 crore are already in the pipeline. This figure is fast approaching the nearly Rs 62,000 crore that 76 companies raised through mainboard IPOs in FY24. Well-known companies such as Ola Electric Mobility, Swiggy, and NSDL are among those that have filed for IPOs with the Securities and Exchange Board of India, and with heavy hitters like Tata Capital and Hexaware Technologies also expected to join the fray, the buzz is undeniable. Mint’s Dipti Sharma and Ranjani Raghavan spoke to market experts who are particularly bullish on the IPO scene. They predict the number and size of IPOs in FY25 could double those of the previous year. Munish Aggarwal of Equirus echoed this optimism and suggested that barring any major volatility, issuances could top ₹1.5 trillion this year—a milestone previously achieved only in FY22. The growing IPO market isn't just about raising more funds; it's a testament to the maturing of India's primary markets.The expanding real estate market has seen a distinct shift in dynamics that has particularly affected the availability and sales of affordable housing. Over the past five years, there's been a noticeable decline in the sale of homes priced ₹40 lakh or less in top Indian cities, even as the overall property sector has seen a recovery. The share of affordable housing in total home sales dropped dramatically from 38% in 2019 to just 19% by 2023, with a slight increase to 20% in early 2024. This trend is mirrored in the supply of new budget housing projects, which plummeted from 40% to 18% over the same period. Conversely, the luxury housing segment has thrived during this period. Benefiting from the real estate upcycle post-pandemic, luxury homes have seen an increase in both supply and sales. So, is there a way the affordable housing market could see a recovery? In which cities is this trend most visible? And has the government decided to step in? Mint’s Madhurima Nandy tackles these questions in today’s Mint Primer.Just days after the world’s largest sovereign wealth fund, Norway’s Norges Bank, blacklisted its ports business, Gautam Adani's conglomerate is setting up a $3 billion fund to enhance its global ports capacity significantly. The Adani Group aims to create a strong presence in the crucial international trade corridor linking India with Europe through Central and West Asia, two company insiders told Mint’s senior editor Anirudh Laskar. The move is part of a strategic push to capitalise on the increasing export demands for commodities such as iron-ore and coal from India.The plan includes a substantial 25-30% increase in international port capacity over the next two years, primarily through acquisitions. The expansion will see Adani's current container-handling capacity increase from about 600 million metric tons a year to 800 million. Have you ever wondered how India’s polling stations have evolved since Independence? In the latest instalment of Mint’s election data series, Nandita Venkatesan looks at the math around India’s polling stations. As India’s population has grown, the number of polling stations has skyrocketed from just over 200,000 in the 1960s to one million in the 2019 Lok Sabha elections. The average number of voters per station has declined, however, from more than 1,000 per booth in the 1960s to 879 in 2019, thanks to efforts to make voting less of a hassle. But here’s where it gets interesting — not all polling stations are under the same pressure. In 2019, places in Kerala, Bihar and Rajasthan recorded the highest number of voters per station, while those in northeastern states such as Manipur, Mizoram, and Arunachal Pradesh had among the fewest voters each. Click the link in the show notes to read the full story, illustrated with charts and an interactive map prepared by Nandita and her team. E-commerce major Flipkart is feeling the heat from quick-commerce companies such as Blinkit, Swiggy Instamart, and Zepto. Having started by delivering groceries, these platforms now offer everything from electronics to personal care items, encroaching on Flipkart’s turf. They’ve mastered the art of ultra-fast delivery, delivering products in 15-20 minutes from dark stores and reshaping consumer expectations in the process. The rise of quick commerce has been nothing short of explosive. Their gross merchandise value (GMV) jumped from just $0.1 billion in 2020 to $2.8 billion by 2023. The business taps the increasing need for instant gratification — a trend that Flipkart has previously tried to capture, albeit with little success.Owned by Walmart, Flipkart pioneered online shopping in India but has stumbled in the quick-commerce race. Initiatives such as Flipkart Nearby and Flipkart Quick were bogged down by logistical snags and inventory issues that made speedy delivery impossible. Now, it seems Flipkart is gearing up for another shot at quick commerce, fearing it could lose more ground to these nimble competitors. Mint’s startup correspondent Samikdha Goel examines the company’s quick-commerce FOMO in today’s Long Story.We'd love to hear your feedback on this podcast. Let us know by writing to us at [email protected]. You may send us feedback, tips or anything that you feel we should be covering from your vantage point in the world of business and finance. Show notes:IPO rush sets up India’s equity market for another record yearMint Primer: Budget homes are in coma. Can they be revived?Adani group plans to invest $3 billion to boost international ports businessHow many polling stations does it take to conduct India's elections?Flipkart has FOMO? Zepto and Blinkit are changing the e-commerce giant

Welcome to Top of the Morning by Mint, your weekday newscast that brings you five major stories from the world of business. It's Tuesday, May 21, 2024. My name is Nelson John. Let's get started.No stock market updates from us today as the markets remained shut on Monday as Mumbai went to the polls.Yesterday, Iran's interior minister confirmed that the country's leader, Ebrahim Raisi, had died in a helicopter crash that also killed the country’s foreign minister. We invited Elizabeth Roche, an associate professor at Jindal University, to write about the implications of this tragedy. Roche also answers what's next for Iran, and how this will affect India, the Middle East, and the West.A couple of weeks ago, a research paper by Banaras Hindu University sparked widespread worries among Indians. The paper said a significant number of people faced adverse side-effects after taking Covaxin, the indigenously developed covid vaccine. Bharat Biotech, which developed the vaccine, brushed off the concerns, pointing to other studies that proved the vaccine's safety record. Now, the government is stepping in to dismiss any concerns: the Indian Council of Medical Sciences said that BHU's study was poorly designed, and had no control group of unvaccinated individuals to compare with. Priyanka Sharma writes that the participants were contacted by telephone, and no physical examination was conducted. This ought to put Covaxin users at ease.The Reserve Bank of India has reprimanded a host of financial entities lately, from Paytm to Kotak Mahindra Bank and Bank of Baroda. Under governor Shaktikanta Das, the banking regulator is doing its best to whip every lender into shape. Prior to Das, Raghuram Rajan was at the helm. His goal was cleaning up banks' balance sheets, while Das wants to ensure better governance. But as Shayan Ghosh writes, the way the RBI has been going about this is interesting: it is now not afraid of taking big decisions. Earlier, the central bank relied on fines and warnings. Today, it is cancelling banking licences and preventing companies from taking on new customers — essentially hurting the core of their business. Shayan takes a deep dive into the RBI's practices, and why it's resorting to such measures to protect citizens.If you go to buy an electric vehicle, you'll realise that one big advantage EVs have over their fossil fuel-counterparts is that they don't carry any road tax. For example, in Karnataka, the road tax for petrol cars can be up to 17 percent of the car's price. This is an incentive from the government for companies and buyers to go green. But you don't have to electrify yourself fully to get discounts from the government. Take for example, ethanol-powered cars. Alisha Sachdev reports that union road minister Nitin Gadkari expressed interest in lowering the taxes on ethanol and ethanol-blend cars from anywhere between 2 and 14 percent. This would significantly lower the cost of cars that use either pure ethanol or a blend of ethanol and petrol, called flex-fuel cars. While flex-fuel cars aren't yet produced in India, Gadkari claims they pollute even less than EVs. In the battle between electric and petrol, ethanol seems to have gained the political upper hand.It's a good time to be a premium D2C company. Brands such as bespoke apparel maker Bombay Shirt Company, luggage maker Mokobara, and organic dairy startup Akshay Kalpa have raised funds from some of India's largest venture capital firms in the recent past. Sowmya Ramasubramanian speaks to investors who are bullish on this segment, as they see an increasing number of people willing to pay premium prices. Convenience plays a role, too. Sowmya writes that these products are more likely to be available on quick commerce apps than legacy brands. She also writes about the reality of affluent consumers, and how big an audience such brands can actually target.We'd love to hear your feedback on this podcast. Let us know by writing to us at [email protected]. You may send us feedback, tips or anything that you feel we should be covering from your vantage point in the world of business and finance.Show notes:India’s ties with Iran: What after Ebrahim Raisi?Govt rejects Indian study about Covaxin side-effects In EV vs hybrid battle, flex fuel vehicles win political favourNo carrot, only stick: Why the RBI has gone beyond moral suasion and fines  VCs chase a pot of gold as India's growing affluent class goes premium 

Welcome to Top of the Morning by Mint, your weekday newscast that brings you five major stories from the world of business. It's Monday, May 20, 2024. My name is Nelson John. Let's get started:What used to be the poster child of Indian startups and had a presence everywhere, from the FIFA World Cup to the Indian Cricket Team’s jersey - Byju’s - has witnessed a fall from grace over the last two years. The company, which was once a unicorn saw a 95% nosedive in its value. The Bengaluru-based company’s woes do not seem to end. Rajnish Kumar and T.V. Mohandas Pai, advisors on the panel of Byju’s parent company Think & Learn, have decided not to extend their tenure beyond June 30. This adds to the challenges faced by the company, as it navigates board exits, financial troubles, and increasing litigation. Both advisors have chosen to leave due to the company's ongoing legal entanglements, report Mint’s senior editors Gopika Gopakumar and Varun Sood. The advisory panel, established in July last year following notable resignations from the board due to governance concerns, was part of a strategy to address these corporate governance issues. Unfortunately, Byju's continued to face operational challenges, including the inability to secure additional funding, leading to layoffs and delayed salaries.In the past three years up to March 2023, a staggering revelation came from India's food safety authorities: out of 43 million food samples tested, a quarter did not meet domestic food safety laws. Alarmingly, one in six of these were found to be either 'unsafe' or 'substandard,' while the remainder failed to adhere to labelling laws, often misleading consumers with incorrect information. While India’s food safety regulator, the Food Safety and Standards Authority of India or FSSAI, did initiate litigation against these outliers, what they forgot to do was inform the citizens about them. Fssai and state agencies have not sufficiently informed the public about the specific manufacturers or brands involved, leaving consumers uninformed about potentially harmful products. The lack of transparency is evident in Fssai’s 2021-22 annual report, which notably omits any mention of product recalls or license cancellations — standard practices in many other countries to protect consumers. Mint’s Sayantan Bera and Suneera Tandon spoke to FSSAI insiders to understand why the central government agency has failed to crack the whip on companies selling substandard products, amidst global scrutiny of Indian packaged food brands. Sayantan and Suneera also break down the challenges being faced by the FSSAI including a lack of testing labs.The Financial Services Institutions Bureau, an autonomous body under the central government, is set to conduct interviews on May 21 to recommend a candidate for the chairman's post of the country's largest bank - the State Bank of India. This decision will be finalised on the same day, replacing the incumbent Dinesh Kumar Khara who is slated to retire on August 28.The candidates in consideration for the chairman's position are State Bank of India’s (SBI) three managing directors—C.S. Setty, Ashwini Kumar Tewari, and Vinay M. Tonse. Mint’s banking editor Gopika Gopakumar reports on the closely monitored selection process. C.S. Setty, the most senior among the candidates, has a background in managing the bank's stressed assets and comprehensive experience across various banking verticals. Ashwini Kumar Tewari brings a strong international and corporate banking portfolio, having managed SBI's operations in the U.S. and as the former CEO of SBI Card. Vinay M. Tonse, who oversees retail banking, has a deep understanding of the domestic market and a record of effective team-building.Last year, online gaming companies in India were hit with a significant tax demand totaling over ₹1.12 trillion from their past revenues, leading to a legal challenge currently pending in the Supreme Court. The GST Council, the central body overseeing indirect taxation, is set to deliberate on this issue, considering the industry's plea for relief from these substantial tax claims. Previously, the tax regime for online gaming was ambiguous, with companies paying an 18% GST on platform fees or commissions, which range from 5% to 20% of the deposits. However, a dramatic shift occurred on October 1, 2023, when the GST Council imposed a 28% tax on the full face value of deposits, retroactively applying this rate to past earnings. Mint’s Gireesh Chandra Prasad reports that the central and state GST officials are currently reviewing the grievances expressed by the industry regarding the notices for the period leading up to October 2023. As the summer holiday season kicks off, the limitations of the Indian passport become glaringly apparent. According to the Henley Passport Index, out of 227 possible destinations, Indians can enter 31 countries without a visa and get a visa-on-arrival in 30 countries. This totals visa-free access to just 61 countries, leaving the vast majority requiring a visa obtained through traditional, more cumbersome means. Compare that with Brazil, where folks enjoy visa-free access to a whopping 173 countries. Even Russia, despite facing international sanctions, can access 120 countries relatively freely. It’s a bit of an eye-opener, especially considering India’s status as one of the world’s fastest-growing economies. Visa-free access isn't just about economics, writes independent journalist Deepa Vasudevan. It's also influenced by a mix of factors like geography and reciprocal agreements. Take the European Union or the Asean bloc, for instance, where members enjoy hopping across each other's borders without much fuss. We'd love to hear your feedback on this podcast. Let us know by writing to us at [email protected]. You may send us feedback, tips or anything that you feel we should be covering from your vantage point in the world of business and finance. Show notes:Byju’s woes worsen: Rajnish Kumar, Mohandas Pai to step down from advisory panelIn a pickle: Why it’s time for Fssai to wake up and crack the whipAt India's biggest bank, a new chairman to be anointed this weekGST Council to hear gaming firms' plea on past tax demandsMint Primer: Beam me up, Scotty... into the boardroom

Welcome to Top of the Morning by Mint, your weekday newscast that brings you five major stories from the world of business. It's Friday, May 17, 2024. My name is Nelson John. Let's get started:After Wednesday’s fall, the Indian benchmark indices Nifty and Sensex rose by nearly one percent on Thursday. While the Sensex climbed 670 points, the Nifty surged by more than 200 points.As we edge closer to the final phase of the Lok Sabha election, there's a clear divide between domestic and foreign investors' market play, especially in their bets on Nifty derivatives. Retail and wealthy investors, usually called 'clients' on NSE, are really bullish right now. They believe the ruling NDA coalition is heading for a big win, and have ramped up their bullish positions on Nifty futures to the highest levels since November 2. On the flip side, Foreign Portfolio Investors are treading cautiously. Maybe they're sensing a potential upset because they've gone and hedged their massive $794-billion portfolio of Indian stocks by taking on a hefty amount of bearish index futures. It's their highest level of bearish bets since, well, the same date as the domestic bulls. Mint’s markets correspondent Ram Sahgal brings the latest on how the markets are reacting to the national election.The Supreme Court recently made a big decision: lawyers are now exempt from the Consumer Protection Act. This change could pave the way for doctors to get a similar exemption. So what does this mean for you when you need to complain about poor service? Mint’s senior editor N Madhavan explains in today’s Primer. On 14 May, the Supreme Court said that legal services are unique and don't fall under the Consumer Protection Act. It pointed out that the law never intended to include professionals like lawyers and doctors. Instead, these professionals are regulated by their own bodies, like the Bar Council of India or the Indian Medical Association. Here’s where it gets interesting. The Supreme Court also hinted that it might reconsider its 1996 ruling that brought doctors under the Consumer Protection Act. This could mean doctors might also be exempted soon.The biggest sovereign wealth fund in the world - Norway’s Norges Bank Investment Management pronounced Nor-ges> has blacklisted billionaire Gautam Adani’s Adani Ports and Special Economic Zone, or APSEZ. The fund, which has $1.63 trillion in assets under management, blacklisted the firm citing unacceptable risk related to “serious violations of individuals' rights in situations of war or conflict.” Adani Ports became the 16th Indian company to be on its exclusion list. The Adani Group company acquired Israel’s Haifa port in 2022. However, it is unclear whether the $1.15 billion acquisition is the reason behind the blacklisting. APSEZ, which owns 14 ports globally, handles a significant portion of India’s cargo. Norges Bank, which owns 1.5% of the world’s listed companies, had a 0.24% stake in Adani Ports as of December. Mint’s Varun Sood reports on the decision by the sovereign wealth fund, which has shares in over 300 Indian companies. Its Exclusion List now includes 192 companies, with 16 from India. The fund avoids investing in companies involved in tobacco, coal, nuclear weapons, and those violating international conduct rules. For instance, it blacklisted ITC Ltd in 2010. NTPC and Coal India Ltd have also faced exclusion. Former Wipro CEO Thierry Delaporte has recently been quite busy in the stock market. Over the past month, he's sold Wipro shares worth 34.5 crore rupees, bringing his total earnings from share sales since stepping down on 6 April to a hefty sum of 70 crore 63 lakh rupees, or about 8.5 million dollars. And that’s on top of the 36 crore rupee cash payment Wipro offered him as a parting gift. It’s not clear if Wipro allowed Delaporte to accelerate the vesting of his employee stock options or if he just cashed in on the shares he already had. Mint’s Varun Sood and Jas Bardia report on the development.The 2024 Lok Sabha election is in full swing. Politicians are leaving no stone unturned to have their voices heard by the people. And just as with everything in 2024, AI has entered the political game as well. Political parties are using AI to evoke all kinds of emotions in voters. For instance, former Tamil Nadu chief minister and AIADMK leader J. Jayalalithaa was heard critiquing both the central and state governments in a clip released on her birthday in February. However, the Dravidian leader passed away in 2016. Her voice was recreated using AI as part of the AIADMK's strategy to commemorate Jayalalithaa and galvanise support for its current leader, Edappadi Palaniswami, ahead of the election. The trend of using AI to recreate the voices and images of late politicians has been gaining traction across India. The technology allows parties to forge a personal connection with voters, especially the youth, who are new to the electoral process. Platforms like YouTube, Instagram, and Facebook are awash with such content, crafted to sway voter sentiment and solidify party loyalties. Mint invited independent journalist Sanghamitra Kar P to write about the latest election tech trend in today’s Long Story.We'd love to hear your feedback on this podcast. Let us know by writing to us at [email protected]. You may send us feedback, tips or anything that you feel we should be covering from your vantage point in the world of business and finance. Retail bulls run into wary FPIs on Street Mint Primer: Has consumer protection just got weaker? Fund giant Norges cuts off Adani Ports Wipro’s outgoing CEO adds to his resignation bounty with $4-mn share saleHow political parties are using AI to bring personalities to life

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, May 16, 2024. My name is Nelson John. Let's get started:After a couple of days of gains, the Indian stock markets fell on Wednesday. The Sensex shed 117 points, while the Nifty dropped by 0.16 percent during yesterday's trading session. Fake reviews have plagued e-commerce. But the central government might soon have a solution. The ministry of consumer affairs wants to establish a quality check order to crack down on fake reviews on e-commerce platforms. Dhirendra Kumar reports that these platforms will have to curb these dubious reviews or face action under the centre's consumer protection act. This proposal comes after there were a substantially large number of consumer grievances related to e-commerce on the national consumer helpline. In 2023, the helpline saw more than 440,000 complaints pertaining to e-commerce alone. Canada was the preferred destination for thousands of Indian students every year, but that is now changing. As Devina Sengupta writes, applications to Canadian universities have dropped by more than 40 percent this year. Canada is to blame here — the government had vowed to cut its international student number by a third last year. Moreover, a housing crisis and lack of jobs have also dissuaded Indian students from flying there. Devina spoke to higher studies consultants who told her that this dip is likely to continue till at least the end of 2025, which is when Canada is scheduled to have their next round of general elections. Health-conscious people always read the nutritional value of items when they buy any packaged foods. But what happens when the labels themselves are misleading? To help with that, the National Institute of Nutrition has issued a list of 17 do's and don'ts as dietary guidelines. This assumes importance as more than half of India's total disease are borne out of unhealthy diets. Indian diets are quite low in protein — the guide recommends you to increase your intake of proteins to improve your health. As Sayantan Bera writes, some fruit juices contain way too much sugar and not enough fruit.Getting into mutual funds can be a little daunting. There are some 140,000 mutual fund distributors in India today. These distributors cherry-pick their best-performing funds to get you to invest your money — but past history is not a certain indicator of the future. Some buy through banks because it's more convenient, but banks take a healthy cut out of your earnings. Neil Borate and Sashind Ningthoukhongjam outline some basic advice to help you choose a path through the mutual fund maze. They write about what a good distributor should have, and more importantly, how to spot a bad investment advisor. Remember: if it's too good to be true, it probably is.Hilton, Hyatt, Taj, Marriott — these are some of the most famous hotel chains across the globe. But now, real estate bigwigs want to get in on the action. Varuni Khosla writes that Prestige Group and DB Realty are among developers looking to expand their hospitality businesses. Varuni spoke with executives from the industry who hailed the next few years as the "golden era" for India's hotels sector, and everyone wants a piece of the pie. Some of these builders are co-investing with other hospitality companies to develop properties together. There's a fair amount of dealmaking that is currently underway in this business, so expect a host of luxury hotels to pop up across India very soon.We'd love to hear your feedback on this podcast. Let us know by writing to us at [email protected]. You may send us feedback, tips or anything that you feel we should be covering from your vantage point in the world of business and finance. Show notes:Govt cracks down on fake reviews, proposes QCO for e-commerce playersIndian students shy away from applying to Canada for higher studies‘Read that label’ and 16 more food commandmentsReal estate majors are coming for the hotel industry bearing a ₹10,000-cr purse Where to find reliable advice in the mutual fund maze

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, May 15, 2024. My name is Nelson John. Let's get started:Indian stock markets trended upwards on Tuesday. Sensex and Nifty gained about half a percent each in yesterday's trading session. That was welcome news for Indian equity investors, who suffered through a string of loss-making sessions last week. That's all due to Vix — no, not the cough drop. Vix is an indication of the fear in the market sentiment. If the markets are up, Vix is down, as there is less fear of volatility in the market. Last week, the markets took a turn for the worse as the results of the general elections stoked fear among investors. Vix has been at a 19-month high of late, and investors want to book their profits in case of an unexpected result on June 4. Ram Sahgal writes a detailed explainer on why the elections are causing such instability across Indian equities.When the government launched the open network for digital commerce, or ONDC for short, it was supposed to be a game changer. A year and a half later, only one segment has actually seen some noted disruption: food delivery. Mobility, especially auto-rickshaw rides, are also doing well. But the rest of the apps haven't made ONDC their home just yet. As Sowmya Ramasubramanian writes, apparel, electronics, and other e-commerce ventures haven't fared well on ONDC. Even its success story, food delivery, did roughly 10 million orders, as opposed to 100 million between Zomato and Swiggy. ONDC was once heralded as the next possible success story after UPI. That comparison pales heavily today. Will ONDC be able to pick up some momentum soon?If you had friends in the West, you probably would've gotten some spectacular pictures of the sky from them. Social media was full of colourful skies last week, delighting many. But they were the result of a solar flare on the surface of the sun. This phenomenon can hurt power infrastructure, communications, and disrupt navigation. The pretty aurora borealis can thus disrupt our lives as we know it. Shouvik Das explains this occurrence, their severity, and how we can defend ourselves from a solar flare's negative effects.Godrej Properties is a landmark in India — both in terms of its name, and its real estate business. It has a market cap of 78,400 crore rupees, but its beginnings were quite humble. When it listed publicly in December 2009, it raised just 469 crore rupees — double of its revenue. But today, Godrej Properties rakes in more than 22,000 crore rupees as annual revenue. Its shares have increased by 239 percent in the last five years. There's one man from the Godrej family who can take credit for making its real estate arm as successful as it is today: Pirojsha Godrej. Godrej now competes with DLF, Prestige, and Macrotech in the real estate market. Madhurima Nandy tries to answer a burning question: what next for Godrej Properties?We were supposed to get Teslas on the Indian roads — instead, we got Tesla in the Indian courts. Recently, Tesla filed its first lawsuit in India against a battery seller named Tesla Power India. The Elon Musk-headed Tesla made this aggressive move to protect its brand and name. Krishna Yadav explains the rationale behind this move, which is the latest in the series of international brands protecting their likeness in India. Interestingly, as Krishna notes, the court's decision could also set a precedent for future trademark-infringement cases in India's growing electric vehicles market.We'd love to hear your feedback on this podcast. Let us know by writing to us at [email protected]. You may send us feedback, tips or anything that you feel we should be covering from your vantage point in the world of business and finance. Show notes:Mint Explainer: Why the national election is making the market swing wildly ONDC's e-commerce puzzle: Food thrives but apparel and electronics lag Solar storms: How deadly can they get? How Pirojsha Godrej changed India’s real estate business Mint Explainer: How Tesla’s first India lawsuit will affect EV trademark battles

 Welcome to Top of the Morning by Mint, your weekday newscast that brings you five major stories from the world of business. It's Tuesday, May 14, 2024. My name is Nelson John. Let's get started:Indian benchmark indices remained upbeat on Monday, with both Nifty and Sensex closing the session in the green. BSE’s 30-company Sensex surged 0.15 percent while NSE’s Nifty-50 saw a rise of 0.22 percent.Mini-cars have long been the gateway to four-wheeled transport for many in India, but they're facing a bit of a rough patch. Maruti Suzuki, the big player in India's car market, is hitting the pause button on sprucing up this segment. Why? Well, it boils down to costs and affordability. Right now, Maruti dominates the hatchback market, holding about 70% of it, but they're choosing to hold off on upgrades until these cars become more wallet-friendly for the average buyer. Their mainstays—the Alto, Celerio, and S-Presso—won't see significant changes for a while. Maruti's betting that once incomes go up, these entry-level cars will become popular again among first-time buyers. But here’s the kicker: the overall market for entry-level cars has really dipped, from more than 470 thousand units back in 2011 to just over 160 thousand in 2024. Customers are more inclined towards entry-level SUVs instead. Mint’s autos correspondent Alisha Sachdev writes on the shrinking market for entry-level hatchbacks.Nasdaq-listed IT firm Cognizant, which has more than 250 thousand employees in India, is getting tough with employees who are resisting returning to the office. They've warned that continued absence could lead to termination. This move, detailed in a letter from April 15, makes Cognizant one of the first major IT companies to use firing to get people back to their office cubicles. Until recently, Cognizant was flexible about office attendance, letting individual teams decide based on their project needs. But earlier this year, they changed gears and started asking their employees in India to be in the office three days a week. They even began tracking office attendance closely. Mint’s IT correspondent Jas Bardia reports on the emerging trend of IT companies using termination as a tool to get people back to office. Companies like Tata Consultancy Services and Infosys have also been tightening policies around office attendance, linking them to pay hikes and bonuses, indicating a significant shift from the more flexible remote work policies during the pandemic.The banking sector is basking in the glow of an extraordinary earnings season for the March quarter. State Bank of India, the country's largest lender, just posted a record-breaking profit of more than 20,000 crore rupees for the quarter, outshining even Reliance Industries, India's most valuable company. Punjab National Bank is another state-run lender that's making waves, with its net profit skyrocketing almost three-fold. Private players including HDFC and Axis Bank, too have reported strong numbers. However, not everything is smooth sailing. The robust post-pandemic economic recovery has led to a surge in credit growth, especially in the retail segment, which has outpaced deposit growth. This situation has pushed the loan-to-deposit ratio to a decadal high of 80%, signalling potential liquidity and credit risks. Banks are now caught in a tough spot. They need to either reduce loans, which could stifle growth, or increase deposits, which might hurt margins because higher interest rates would have to be offered to attract depositors. Mint’s Abhishek Mukherjee examines what’s behind the stellar fourth-quarter performance of banks and whether the results show the complete picture. Tata Motors experienced a standout fiscal 2024, thanks mainly to the performance of its British subsidiary, Jaguar Land Rover. JLR's margin climbed impressively to 8.5% from just 2.4% the previous year, a boost attributed to better scale, reduced costs for input materials, and strong sales of the Range Rover and Defender models. Additionally, JLR generated a whopping ₹24,000 crore in free cash flow for FY24, significantly cutting down TaMo's net automotive debt from ₹43,700 crore at the end of the previous year to ₹16,000 crore by March's end.Looking ahead, Tata Motors is potentially on track to erase its net debt by FY25, thanks to the continued cash flow from JLR. Mint’s Manish Joshi brings a snapshot of Tata Motors’ fourth-quarter performance and how the growth of its British subsidiary is on its way to a slower lane. The buzz is real! Cinema owners across India are all smiles as they gear up for a slew of blockbuster releases from the South. With big names and even bigger stories, movies like Allu Arjun’s Pushpa 2, Prabhas and Deepika Padukone’s "Kalki 2898 AD," and  Kamal Haasan’s "Indian 2," are set to hit the screens in the coming months. Experts are predicting these films could rake in a whopping ₹1,500 crore at the box office. After a bit of a slump, with few Hindi movies catching eyes since the Eid weekend in April, these multi-language, star-studded films from the South are ready to bring the magic back. They're following in the footsteps of giants like "Baahubali" and "RRR," banking on a mix of high-octane action, deep drama, and emotional hooks to pull in audiences, including those in the Hindi-speaking belt through dubbed versions.Mint’s media and entertainment correspondent Lata Jha spoke to several experts and industry insiders who are looking at the upcoming South Indian projects with anticipation, hoping to attract the mass-market audiences. Mini cars stall as some can't afford them, some want moreNot working from office might lead to job loss, Cognizant tells employeesBanks had a blockbuster quarter. But don’t let that fool youJLR drives TaMo’s FY24, but slow lane ahead?Exhibitors pin hopes on big southern films to bring cheer to box office

Welcome to Top of the Morning by Mint, your weekday newscast that brings you five major stories from the world of business. It's Monday, May 13, 2024. My name is Nelson John. Let's get started:Active investors in Indian equity markets have had a good run: in the last three years, the Sensex has increased by more than 45 percent. Often, the state of the stock markets also reflects the mood of the nation. If the country's economic output is robust, the market trends upwards. As Madan Sabnavis, chief economist at Bank of Baroda, writes, it is often assumed that a rising stock index is indicative of broad confidence in the economy and acts as a foreteller of its performance. But is this really true? Sabnavis argues that broader market trends do not reflect the true picture of Indian commerce or macroeconomic conditions. He compares India's GDP, Nifty, and Nifty companies' profits to make his point. Next time someone says the country is doing great because the stock market hit a new high, you might want to point out that the correlation isn't necessarily true.Investors opt for mutual funds when they want a more passive experience to investing. If you're bullish on one sector, you can even choose a sector-specific fund like banking, PSUs, and auto stocks. But what if you want to reap the rewards from a more risky instrument like cryptocurrencies? Since January 2020, the Bloomberg Galaxy Crypto Index, which is a collection of some of the top cryptocurrencies, has delivered 500 percent returns. That's where a fund like BitSave comes in. BitSave is a startup that operates a crypto-only fund, and isn't bound by SEBI's regulations as it operates out of Seychelles. We invited Yash Roongta, founder of Alt Investor, to write about this interesting but volatile investment option.AI this, AI that — it's impossible to escape the all-encompassing artificial intelligence. Sam Altman, CEO of OpenAI, is drumming up hype for GPT-5. Some believe that along with GPT-5, OpenAI is also set to launch a search engine that would go toe-to-toe with Google. ChatGPT has also been licensed to a variety of businesses, and makes a lot of money from it. But as Leslie D'Monte writes, companies would do well to hedge their AI bets. Despite the hype for GPT-5, it might turn out to be a dud — that's where the competitors come in.If you've made international summer vacation plans, I must commend your patience. It's incredibly difficult to get a visa to the US or Europe these days. Appointments for the Schengen visa are months away, and you're not certain to get them either. Spurned by Europe, Indians are now looking at other destinations, writes Varuni Khosla. Varuni spoke with travel agents who are curating trips for holidays to places such as South Korea and Japan. Closer home, countries like Sri Lanka, Vietnam and Thailand are attractive destinations too, especially after they started providing visa on arrival for Indians. Europe's loss is India's gain, and Indians are cashing in.India is now a chess-playing nation. Much of the credit must be given to Vishvanathan Anand, India's first, and for a long time, only chess grandmaster. India now has 84 grandmasters. The latest Indian chess star is Gukesh Dommaraju, a 17-year-old prodigy who became a grandmaster at the tender age of 12. Gukesh now enjoys fame and celebration usually reserved for India's cricket heroes. We invited Deepti Patwardhan, noted sportswriter, to take a deep dive into the history and moves that made Indians in chess a force to be reckoned with. We'd love to hear your feedback on this podcast. Let us know by writing to us at [email protected]. You may send us feedback, tips or anything that you feel we should be covering from your vantage point in the world of business and finance. Stock market indices say little about economic growth The curious case of India’s first crypto mutual fund Why buzz over search engine may help big techSpurned by Schengen, Indians are being swayed by the lure of liberal visas Gukesh D and the rise of Indian chess

Welcome to Top of the Morning by Mint, your weekday newscast that  brings you five major stories from the world of business. It's Friday, May 10, 2024, and I'm Nelson John. Let's dive in:The Indian benchmark indices ended deep in the red on Thursday, marking their third consecutive session of losses, weighed down by a raft of weak March quarter results and uncertainty surrounding the ongoing 2024 Lok Sabha elections. The Sensex, which had opened higher, tumbled more than a thousand points to close 1.45 percent lower than its previous close. The Nifty also ended in the red, down 1.55 percent.Spices and Indian masalas are an integral part of the subcontinent’s history and global identity. The spice trade in medieval times shaped India’s colonial history. However, Indian spices are now facing a crisis of confidence. It all began early last month when regulatory authorities in Hong Kong and Singapore suspended the sale of MDH and Everest spice mixes due to alleged chemical contamination. The regulators found high levels of ethylene oxide, a carcinogen, in the spice mixes. The Maldives has also banned both brands, while regulators in the US, Bangladesh, and Australia have initiated investigations. Indian spice exports are substantial, estimated at $4.25 billion in FY24, constituting 12% of the global spice trade valued at $35 billion. Mint’s senior editor, N Madhavan, explains how the regulatory action against these Indian spice companies could impact the $4 billion spice export sector.India’s largest public sector bank, the State Bank of India, announced stellar fiscal fourth-quarter results on Thursday. Profit for the quarter ended in March rose to more than Rs 20 thousand crores. Rising 24 percent year-on-year, the profit was the highest quarterly number it has ever reported. For the whole of FY24, SBI’s income stood at more than Rs 61 thousand crores, yet another record for the lender. SBI chairman Dinesh Khara expressed confidence in the bank’s growth prospects, saying that the lender aims to expand its credit book by 14-16%. Despite the positive outlook, SBI's projected deposit growth for FY25 is expected to lag its credit growth, a trend playing out across the banking industry. Khara remains optimistic, citing broad-based growth across various loan segments, including retail, corporate, small businesses, and agriculture. Mint’s banking correspondent Shayan Ghosh writes on SBI’s results and examines what the current fiscal year has in store for the bank.In 2023, Tesla chief Elon Musk conceptualized the Hyperloop—a revolution in mobility. The Hyperloop is envisioned as a low-pressure tube for high-speed transportation of cargo and passengers using magnetically levitated pod-like vehicles. Despite skepticism about its viability, Satyanarayan Chakravarthy, a faculty member at the Indian Institute of Technology Madras, believes in its potential. Speaking with Mint’s senior editor Leslie D’Monte, Chakravarthy revealed plans for Avishkar Hyperloop, a project at IIT-Madras, to demonstrate a Hyperloop stack, including a vacuum tube, at their new campus. This demonstration will take place during the 'Global Hyperloop Competition' hosted by IIT-Madras next January. Despite challenges, Chakravarthy remains optimistic, highlighting Avishkar Hyperloop's progress in developing Hyperloop technology since 2017. The initiative has garnered support from the Ministry of Railways and various research institutions.Russian companies have utilized nearly $4 billion from their rupee vostro accounts in Indian banks over the past 6-8 months. These funds have been allocated toward purchasing various items, including locally manufactured arms. This spending surge follows a period where these accounts saw a significant influx of rupees due to India's heightened purchases of Russian crude oil. But wait, let's back up a bit. What exactly are vostro accounts? A vostro account is managed by a domestic bank on behalf of a foreign bank. The foreign lender can use the account for transactions, including forex settlements, cross-border payments, and investments in the domestic market. Notably, these vostro accounts also facilitate settlements for Indian exports to Russia. This arrangement serves as a workaround for Russian banks, which face limitations in interbank payment transactions following their exclusion from the SWIFT payment system due to Western sanctions. Mint’s foreign affairs correspondent, Rhik Kundu, reports on how Russia is exploiting all its resources—including money in its vostro accounts—to fund its war in Ukraine.Until recently, West Bengal's Chief Minister and All India Trinamool Congress leader, Mamata Banerjee, was notably uncomfortable with overt displays of political Hinduism. She even expressed disdain for the politicisation of religious sentiments, evident when she dismissed the grand spectacle of the Ram Temple consecration in Ayodhya as a political manoeuvre by the BJP before the Lok Sabha polls. However, Banerjee's stance has gradually softened in response to political dynamics. For instance, she surprised many by declaring a state holiday on Ram Navami, albeit under the guise of celebrating the Maha Navami of the Chaitra Durga Puja, avoiding explicit acknowledgment of Ram's birthday. Her party leaders, meanwhile, enthusiastically embraced Ram Navami celebrations, with TMC candidates actively participating in festivities. This subtle shift in TMC's approach is part of a broader strategy to consolidate support among Hindu voters in West Bengal, a response to the BJP's growing influence in the state. The TMC has been quietly bolstering its Hindu credentials through measures such as stipends for priests, allowances for Durga Puja celebrations, and temple construction and restoration projects. By embracing a lighter shade of saffron, the TMC aims to counter the BJP's Hindutva narrative and prevent further erosion of its Hindu vote base. Mint invited West Bengal-based journalist Romita Dutta to examine the steady saffronization of TMC’s politics in the state.We'd love to hear your feedback on this podcast. Let us know by writing to us at [email protected]. You may send us feedback, tips or anything that you feel we should be covering from your vantage point in the world of business and finance. Are Indian spices facing a crisis of confidence? After stellar FY24, SBI aims at better show in next fiscalCan India leapfrog the high-speed rail story with Hyperloop?Russian exporters ramp up spending from rupee funds on defence equipment, armsHindutva-lite: Behind Didi’s new formula to boost Trinamool in Bengal

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, May 9, 2024, and I'm Nelson John. Let's dive in:Indian benchmark market indices remained largely muted for the second straight day on Wednesday. BSE’s Sensex ended in the red, falling 0.06 percent, settling below its previous close. NSE’s Nifty 50, on the other hand, closed largely flat, dropping 45 points.The biggest spectacle of Indian cricket is in full swing. The Indian Premier League started early last month and is nearing its final leg as 10 teams battle it out for the coveted trophy, which comes with a prize money of ₹20 crore. The tournament—usually the biggest TV event every year—exhibits a peculiar trend among its fan base. According to a recent study by marketing analytics firm Crisp and agency Kadence, nearly half of IPL viewers don't consistently support a specific team. However, there are some favourites. The survey, which looked into brand-recognition dynamics and involved about 20,000 people, shows that there's a strong emotional connection that goes beyond just victories. Take Chennai Super Kings, for example; a lot of their appeal comes from the 'Dhoni effect.' Despite not topping the table like they do every year, CSK has emerged as one of the fan favourites. Nearly a third of those surveyed from 13 Indian cities said they prefer the team over others. Mint’s Varuni Khosla reports on the survey, which revealed that more than 86 percent of the fans prefer one of four teams. These teams are CSK, Royal Challengers Bangalore, Mumbai Indians, and Kolkata Knight Riders. Varuni also looks at how the league’s brand value hasn't budged an inch as ad rates remain on par with the previous year.Since you are listening to this podcast, it is fair to assume that you get your information from podcasts. Now, imagine listening to a podcast run by the government. The consumer affairs ministry is taking creative steps to combat consumer fraud with the launch of a new podcast. Aimed at educating digitally literate consumers about fraudulent practices, the podcast will utilize storytelling to share real experiences of fraud victims and how their issues were resolved. Mint’s Dhirendra Kumar reports on the initiative being developed by the Central Consumer Protection Authority. The podcast is set to air episodes every Sunday across various social media platforms like Facebook, Instagram, Twitter, and YouTube.The government is mulling over a proposal to eliminate import duty on business jets, aligning it with the zero-duty policy on commercial jets. Mint’s aviation correspondent Anu Sharma, along with Gireesh Chandra Prasad, reports on the change advocated by the civil aviation ministry. The tax changes aim to stimulate growth in the private charters industry, which has stagnated over the last decade and a half with only 100-120 operators. The current tax, a modest 2.5%, has been in place for nearly fifteen years under a sunset clause, set to expire at the end of March 2024. The rationale behind this move is to level the playing field between the commercial and private aviation sectors. As of December, India had 381 aircraft and helicopters registered under non-scheduled operations, serving not just large conglomerates like Reliance and Tata but also offering more flexible travel options without fixed schedules, unlike commercial airlines. However, any decision on this duty removal will likely wait until the formation of a new government, as indicated by finance ministry officials.Demand for enterprise 5G services in India's $254-billion IT industry might be lower than expected this year. Big players like Tata Consultancy Services, Infosys, HCL Technologies, Wipro, and Tech Mahindra are bracing for slower growth, particularly from telecom clients, who contribute over 10% of their yearly revenue. In FY24, revenue from telecom clients dipped by almost 3% to $8.25 billion. Tech Mahindra took a hard hit, losing 12.1% in annual telecom revenue. Analysts predict a further 3-5% decline in telecom revenue for these firms in FY25. Mint’s IT reporter Shouvik Das reports on this downturn, which could mean a loss of over $400 million in revenue.Amid general elections, the Centre has lifted the ban on onion exports, bringing relief to farmers. Last year, onion exports were banned to stabilize retail prices amid low production. Maharashtra's farmers protested the ban, demanding a reversal. The recent lift, just before the western state goes to polls, comes with a minimum export price and a 40% duty, citing improved supplies and stable domestic prices. But can the decision be reversed? Current retail prices are 56% higher than this time last year, making exports viable. However, if prices surge due to exports or crop losses, the decision might be overturned. Hopes rest on a promising monsoon to boost local supplies. So, are export restrictions common? Does such a move have other implications as well? Mint’s Sayantan Bera tackles these questions in today’s Mint Primer.We'd love to hear your feedback on this podcast. Let us know by writing to us at [email protected]. You may send us feedback, tips or anything that you feel we should be covering from your vantage point in the world of business and finance.

 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, May 8, 2024, and I'm Nelson John. Let's dive in:India’s equity markets fell on Wednesday, with both the Sensex and Nifty declining by about half a percent. However, consumer stocks such as Marico, HUL, and Godrej performed well, defying the broader market downturn.IT stocks, meanwhile, have been on a downward spiral for a while now. However, a reversal in fortunes might be imminent, thanks to 'clouds'—and no, I'm not referring to the impending monsoon season, but to cloud computing. Microsoft Azure, Amazon Web Services, and Google Cloud have had a spectacular first three months of the year. Historically, the success of these companies has directly and positively impacted the bottomlines of IT firms in India. As Microsoft, AWS, and Google continue to pick more business, companies like TCS, Infosys, and Wipro are likely to benefit as well, writes Varun Sood. This could be some much-needed good news for the IT sector, at last.Following the potential upturn in the IT sector, attention shifts to how the general elections might influence the broader stock market. Generally, the market favours stability at the helm. And a change in leadership could introduce new policies and widespread uncertainty—conditions no investor likes. Ram Sahgal reports that investors are increasingly taking measures to protect their portfolios in case of a regime change, or in a scenario where the BJP secures a win but with a narrower margin than expected. Currently, there are nearly 1.48 million put options on the market, indicating that investors are betting on a market decline. Market experts have told Ram that the mood among investors is nervous and jittery, evidenced by a persistently high volatility index.Everyone loves Haldiram snacks — but how much are you willing to spend on them? Maybe 500 rupees? A thousand? It turns out, private equity firms are willing to shell out a lot more to acquire a majority stake in the popular snack company. Sneha Shah and Ranjani Raghavan report that Blackstone, Temasek, and Bain Capital are gearing up to buy at least 51 percent stake in the sweets-and-savouries maker. The company has been valued at 8 to 10 billion dollars. Currently, the companies are conducting due diligence on the deal. That’s one expensive snack, indeed.Every election season, voters get their fingers stained with indelible ink. This practice, started in India in 1962, has found worldwide adoption as election commissions attempt to eliminate fraudulent voting. Such voting ink is made by a single company: Mysore Paints and Varnish. Originally founded by the king of Mysore, the company is now owned by the government of Karnataka and is a listed entity. Mysore Paints comes into the limelight once every five years, as production ramps up significantly during the general elections. However, as N. Madhavan writes, it is a rather small operation, covering just seven acres. Despite its modest scale, Mysore Paints has always been a profitable and a dividend-paying stock. But what happens to the company if India moves away from using ink on its voters? Madhavan explores this.India’s consumer affairs ministry is bullish on onions. Initially, it wanted to make a sweetener out of them. This was understandable: onions usually have a sweet tinge. But now, the ministry wants to extract tea from the purple vegetable, reports Dhirendra Kumar. The idea of onion in anyone's tea might be off-putting, but the authorities believe they might have stumbled upon a unique, gut-friendly blend. We already use items like lemon, jasmine, and chamomile to make tea — why not onion? Well, I might not try that anytime soon. However, if you feel brave enough, it might be available on the market soon.We'd love to hear your feedback on this podcast. Let us know by writing to us at [email protected]. You may send us feedback, tips or anything that you feel we should be covering from your vantage point in the world of business and finance. Show notes: The cloud is building; will TCS, Infosys, Wipro get showers of joy?  Investors take cover ahead of election outcome  Blackstone, Temasek, Bain eye a big bite of Haldiram Snacks  Indelible ink maker looks to make a mark beyond the poll booth Onion tea might make you tear up, but listen to your gut 

Welcome to Top of the Morning by Mint, your weekday newscast that brings you five major stories from the world of business. It's Tuesday, May 7, 2024. My name is Nelson John. Let's get started:The public markets stayed largely flat on Tuesday. Sensex was marginally up, while Nifty fell by 0.15 percent.Linde India, an industrial gas giant, did better than the market indices yesterday: its shares were up 1 percent on the day. In the past two months, the company’s share price has surged by 50 percent as investors have anticipated a windfall from Linde's parent company announcing multiple deals to supply gas in India. As India gears up to try and become a hub for semiconductor manufacturing, there are some unanswered questions regarding Linde's India business. Linde's parent company, which is listed in the US, had announced the proposed business deals in India. Investors assumed that these businesses would be carried out by the company's India arm. However, Linde hasn't provided any clarity over this matter at all, reports Nehal Chaliawala. This is an odd case of a parent company being at odds with a regional unit, and millions of retail shareholders might get hurt as a result.A few weeks ago, Elon Musk appeared pumped to come to India. He was going to meet the prime minister, as officials provided Tesla with a slew of benefits to sell the electric vehicle in India. But at the last minute, he cancelled this trip—and ended up in China instead. Musk was able to secure an approval for Tesla's self-driving cars to be sold in China as a result of this trip. This was crucial for the company: China is the world's largest market for EVs. These are some of the reasons why Musk rebuked India for China, write our partners at how india lives . com. Click the link to the story from the show notes in your app to see the charts accompanying this story.Indians love to shop — and they want their cart to be delivered to their doorstep. While metro cities have always enjoyed widespread service, e-commerce penetration has also improved in smaller towns of India. But it's not just online marketplaces that are reaping the benefits: logistics firms are enjoying the boom too. Priyamvada C writes that companies like Ecom Express, XpressBees, ShadowFax, and Delhivery are earning a significant chunk of their revenue from tier 2 and beyond cities. Priyamvada spoke to executives from the startup ecosystem for this story, one of whom told her that around 60% of growth is likely to come from smaller towns. Who doesn't like to save on tax? In India, the personal finance industry seemingly finds loopholes in no time. Often, these are plugged by the authorities. The rules for a particular type of tax-saving insurance scheme with expensive premiums were changed. Now, any premium above 5 lakh rupees gets taxed at your income tax rate. But since the loophole was plugged, expensive life insurances have seldom found buyers. But fret not: another loophole has been found, reports Aprajita Sharma. For whole-life insurance plans, insurers are offering a complex plan: one could avail a loan against the maturity proceeds of this scheme, tax-free. It's an interesting idea for the time being, but Aprajita recommends checking with your tax advisor before entertaining this idea.Pepsi versus coca cola has been a fight the world over. In most areas, Coke wins by a comfortable margin. But in a particular segment in India, Pepsi has the upper hand: the energy drinks market. You might have seen it in any given shop with a fridge: a small, bright red coloured plastic bottle named Sting. In just 6 years, Sting now makes up 15 percent of the total bottling capacity of Varun Beverages, the main bottler for Pepsi in India. Sting is a hit across social stratas, and at a starting price of 20 rupees, is the most popular energy drink in India. Red Bull created this segment the world over, but Sting is the king in India, and in nearby countries like Pakistan and Vietnam. Sumant Banerji writes about this wildly popular product, and what kind of potential it has in the Indian market right now.We'd love to hear your feedback on this podcast. Let us know by writing to us at [email protected]. You may send us feedback, tips or anything that you feel we should be covering from your vantage point in the world of business and finance. Show notes:Will Linde India really benefit from the semiconductor business?Why Elon Musk prioritized China over India As small-town shoppers go online, it’s not only ecomm firms that are celebrating Take loan to avoid tax: a new loophole in insurance town How a re-energized PepsiCo stung Red Bull with Sting

Welcome to Top of the Morning by Mint, your weekday newscast that brings you five major stories from the world of business. It's Monday, May 6, 2024. My name is Nelson John. Let's get started: Summer's here and it’s vacation time in India, despite the sweltering heat waves and steep airfares. Air travel reached a daily peak in April and it looks like it's going to soar even higher through May and June. Interestingly, the extreme heat hasn't deterred travellers. Destinations traditionally known for their warmth are also attracting tourists. According to industry insiders, who spoke to Mint’s aviation correspondent Anu Sharma, this high demand has maintained elevated airfares. Aloke Bajpai, CEO of ixigo, said that there has been no decline in bookings due to the heat wave. In fact, flight searches for May have surged to record highs, with domestic and international flight searches for May and June up 20% and 70%. This uptick in travel is supported by a shift in the mindset of Indian travellers post-COVID, with more frequent travel becoming the norm, helped by the increase in airport accessibility and budget-friendly options.   Tata group’s Titan - the popular watchmaker - is gearing up to appoint a new CEO, marking only the fourth time in its 40-year history that it has done so. Currently led by C.K. Venkataraman, Titan is considering three internal candidates for his successor. Venkataraman, set to retire next October when he turns 65, took the helm on  October 1, 2019. He has been granted an extension until the end of December 2025. According to an insider who spoke with Mint’s Varun Sood, the candidates in the running are Ajoy Chawla, CEO of the jewellery division which generates 81% of Titan's revenue; Suparna Mitra, CEO of watches and wearables; and Saumen Bhaumik, who leads the eyecare segment. Chawla appears to be the front-runner due to his significant impact on revenue, although Mitra being appointed would mark the first time a woman has taken the CEO role at Titan. Titan started as a watchmaker in a joint venture between Tamil Nadu Industrial Development Corp. and the Tatas in 1984 and has grown into a diversified lifestyle company. Despite the expansion into new business areas like eyewear and perfumes, jewellery remains its core revenue driver.  Having an opinion or protesting for a cause you believe in may cost you a job, if you are a student participating in protests across US universities. Recently, campuses like Columbia University, UCLA, Yale, University of Wisconsin-Madison, and University of Arizona have been buzzing with protests over Israel's actions in Gaza. The protests have taken an occasional violent turn, necessitating police intervention. However, the problem for students seems to be a much bigger one. Recruiters are taking notice of students participating in these demonstrations. Companies are wary of recruiting them, fearing they might struggle to integrate into a workplace where individual viewpoints are often superseded by that of the group, and one must know how to keep their opinions in check. Even Google's in the mix, having let go of employees who protested against its business deals over political issues. Mint’s workplace correspondent Devina Sengupta spoke to consulting firms responsible for hiring and HR heads who said they would like to maintain their distance from anyone with political leanings. One senior executive even said that the protesters would end up with a “blotch on their resume.”  2024 has truly been a blockbuster year for TV news channels, starting strong with the Ram temple consecration ceremony in January which spiked viewership and ad rates up to four times for a 10-second spot. Now, with the ongoing elections, channels are gearing up for even bigger gains. They've lined up everything from on-the-ground reporting and expert panels to interviews with key political figures and special election shows. It's all about covering every angle of the national and regional political scenes, and media experts are expecting a 25-30% bump in viewership during the two-month election period, ending on June 4. Advertising spending is anticipated to be massive, reports Mint’s media and entertainment correspondent Lata Jha. GroupM predicts spending of ₹1,500-2,000 crore across various media, with sectors like FMCG, automobiles, and building materials leading the charge in a bid to capture audience attention. Lata also spoke with executives from major news networks—all of whom expect a steady rise in their ad revenues. When HDFC Bank introduced Eva, their AI-driven customer service chatbot, seven years ago, it was limited to answering simple queries. Today, Eva has evolved to perform complex tasks like issuing credit card statements and booking fixed deposits. As Eva learns from each interaction, the role of AI in customer service deepens, with HDFC Bank now automating a significant portion of their 30 million monthly interactions. The shift towards AI-driven solutions is evident across various sectors. For example, Voltas and Panasonic India are increasingly relying on bots for customer engagement, leading to a reduction in human-operated call centres. This transformation, fueled by advancements in AI, is reshaping the $120-130 billion global contact centre industry, projected to contract within the next few years. AI not only streamlines operations but also allows human agents to focus on more complex issues, potentially leading to considerable cost savings. However, the rapid adoption of AI poses challenges, including regulatory hurdles and the need for a human touch in certain situations. Despite the efficiency of AI, there's a growing understanding that a blended model, combining human expertise with AI efficiency, is essential. Mint’s Shelley Singh examines the rising use of bots for customer services and how their use could cut down on the outsourcing pie.  We'd love to hear your feedback on this podcast. Let us know by writing to us at [email protected]. You may send us feedback, tips or anything that you feel we should be covering from your vantage point in the world of business and finance.  Show notes: Heat or not, Indians are flying highTitan had just 3 CEOs in 40 years. Who will be the fourth?The downside of campus protest: Wary employersNews TV kicks into high gear as elections rolls onCustomer care: How the bot army will shrink the outsourcing pie

Good morning listeners,   Welcome to Top of the Morning by Mint, your weekday newscast that brings you five major stories from the world of business. It's Friday, May 3, 2024. My name is Nelson John. Let's get started: Indian markets rose slightly on Thursday. Both Nifty and Sensex were up by around 0.18 percent. Godrej Industries was the biggest loser, washing away gains made by the announcement of its plans to split.  Vedanta is another conglomerate that wants to head for a demerger. It has been preparing for this possibility for months, but the group finally has a crucial go-ahead: that of its lenders. Anirudh Laskar and Shayan Ghosh report that a consortium of lenders, led by the State Bank of India and including Bank of Baroda, ICICI Bank, Axis Bank, and Punjab National Bank, has given its go-ahead for the proposed split of Vedanta Limited into six different entities. Vedanta will now begin the process of dividing its debt worth seven billion dollars into these new companies. Freshworks now has a new person at the helm: founder and longtime CEO Gireesh Mathrubootham stepped down yesterday. The news did little to excite investors: The Freshworks stock was down more than 25 percent at the time of recording this podcast. Dennis Woodside will be replacing Mathrubootham. Woodside came into the organisation as its president 18 months ago, a period that was meant to be transitional. He has his task cut out, and investors might find him more palatable than his predecessor, writes Ranjani Raghavan. Another reason why American investors have turned bearish is the lack of interest rate cuts by the US Federal Reserve. For months now, Americans have been anticipating a rate cut. But the Federal Reserve and its chairman, Jerome Powell, have consistently maintained the status quo citing fragile macroeconomic data. Despite Powell's hawkish stance, data show inflation to be favourable. The Fed’s current interest rate is the highest in nearly 25 years, write our partners at the Wall Street Journal. A rate cut now will spur the economy, but the Fed wants to be sure of subdued inflation before confirming any cuts. It's a precarious position, and Americans aren't the only ones watching: every central banking authority throughout the world, including the RBI, looks at the US Federal Reserve for guidance on setting their own interest rates. All political parties promise some form of welfare schemes as a part of their poll promises. Over the past decade, voters seem to remember the BJP's initiatives fondly. These schemes include monetary benefits as well as construction of roads and toilets. We invited political writer Ruhi Tewari to write about how the incumbent party is faring well on these issues. Ruhi visits Assam, Uttar Pradesh, and Madhya Pradesh to speak to voters and the real effects of the BJP's welfare schemes. Turns out these initiatives haven't trickled down well enough to certain people. Ruhi gets their inputs too as the election season rages on. Speaking of raging, let's talk about forest fires. Half of Uttarakhand's districts are currently seeing global warming-induced forest fires. In India, an abundance of dry leaves and high temperatures turns out to be the perfect combination to inflame the woods. Sumant Banerjee writes about these fires—their causes, effects, and what the authorities can do to prevent or contain them. It's difficult to fight fire, but we can take measures to mitigate the damage caused by them, he explains.  We'd love to hear your feedback on this podcast. Let us know by writing to us at [email protected]. You may send us feedback, tips or anything that you feel we should be covering from your vantage point in the world of business and finance.  Show notes:Vedanta demerger: Key lenders signal green light after months of deliberationInvestors may find Dennis Woodside a better chief for Freshworks Banking on suvidha: How state welfare schemes can help BJP win a third termFed chair Jerome Powell projects optimism, but inflation data in driver’s seat Burning forests: We did start the fires that rage 

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, May 2, 2024. My name is Nelson John. Let's get started: Indian markets fell slightly on Wednesday. Nifty was down by 0.17 percent, while Sensex lowered by 0.25 percent.  Following the announcement that it would split its businesses up, Godrej Industries gained more than 6 percent during yesterday's trading session. The 127-year-old conglomerate could yield multiple opportunities, even in a field where Godrej already has a commanding presence. Till now, Godrej and Boyce owned the group's land assets, while Godrej Properties developed the same land. But as part of the demerger, the former entity plans to hold on to the lucrative business, reports Varun Sood. They will only be able to do this after 6 years and not under the Godrej brand name, as per the competition commission rules. A move like this has massive consequences for corporate India, and we're just uncovering the ramifications. The Congress and the BJP are fighting it out in the voting booths. But even prior to that, there's another platform where they are vying for your attention: social media. Both parties are using features offered by Meta and Google to target specific audiences. Meta in particular is helping these parties to micro-target their advertisements to the intended audiences, write our partners at howindialives.com. They analyse ad spends of up to 50 crore rupees, and break it down across their strategies, form factor, and spending on particular platforms.  What's common between Byju's, BharatPe, Zilingo, Housing.com, and GoMechanic? There were notable concerns around the governance practices of these startups. Unethical behaviour and mis-reporting numbers from founders led to the downfall of many of the aforementioned startups. As Tina Edwin writes, these concerns have given rise to a corporate governance charter. If a startup adheres to these norms, investors are more likely to find it attractive to invest in. While these practices aren't binding on non-listed companies, founders would do well to pay heed to help establish an open and fair work environment for their employees and investors. Good Glamm Group started out as a company that sold skincare items. It then went on an acquisition spree: first, e-commerce, and then, digital content publications. But Good Glamm's shopping cart wasn't restricted to India: they also expanded their presence in the US. But closer home, their Indian partners weren't paid their dues. A slew of top-level exits, layoffs, and a confusing focus has led Good Glamm Group to a confusing business strategy, write Ranjani Raghavan and Suneera Tandon. As an impending IPO looms, will the company be able to chart out a sustainable path moving forward? It's been terribly hot these days. No matter which part of the country you're in, this year's summer feels worse than its predecessors. Many regions are currently undergoing heatwave conditions. This also has an effect on food inflation: prices of vegetables and mangoes are already quite high. While currently, farmers aren't actively planting, the storage and transport of the previous rabi season's crops is under stress due to the hot climate. Easily perishable items like tomatoes have turned dearer by 62 percent. Dairy products too are feeling the brunt of the heat, writes N. Madhavan in today's primer.  We'd love to hear your feedback on this podcast. Let us know by writing to us at [email protected]. You may send us feedback, tips or anything that you feel we should be covering from your vantage point in the world of business and finance Show notes: Godrej group could see birth of another property developer Inside the digital ads blueprint of BJP and Congress Mint Explainer: Why good corporate-governance practices are crucial for startups The mystery of Good Glamm’s global gambit Red hot prices and other effects of the heatwave

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, May 1, 2024. My name is Nelson John. Let's get started:Indian markets broke the upward trend on Tuesday ahead of the US Federal Reserve’s policy decision today. Both Sensex and Nifty saw a slump, ending the session down 0.25 per cent and 0.17 per cent respectively.  As the wave of Generative AI  continues to swell, major global IT companies like Accenture, Cognizant, and Capgemini are stepping up, recognizing the technology as a significant business risk. This shift points to GenAI's growing impact within the tech sector, prompting a crucial conversation about the potential legal, financial, and reputational risks associated with AI deployment. These leading firms have started flagging concerns in their latest annual reports about how the rapid evolution of AI tools could negatively impact their operations. From potential legal liabilities to disruptions caused by fast-paced technological changes, the risks are mounting. Moreover, there's an underlying worry about the technology's still-developing regulatory environment and its ability to deepen social divides or amplify cyber threats like AI-generated deepfakes. Mint’s Varun Sood reports on the cautious approach of IT companies towards AI and how Indian IT majors like TCS and Infosys could follow their lead.The global pandemic changed many aspects of our lives, and one of them was the way we vacation. Covid restrictions across the world gave rise to the phenomenon of ‘staycations’ and ‘workations’. Villa rental emerged as a trend because of this. However, the way we vacation in villas has really shifted since the pandemic. There was a time when these private holiday villas were booked for about 15 days a month on average. Now, they're seeing just nine days of occupancy. What's behind this change? As more of us head back to the office, the need for extended stays has dropped. Plus, there's been a bit of a boom in the number of high-quality villas.  Mint’s senior editor Varuni Khosla spoke to industry insiders including the heads of villa rental platforms StayVista and SaffronStays, who told her that these villas are now popping up all over the country. However villa owners are hopeful for a turnaround and modelling their villas around the needs of vacationers. This push towards luxury is helping operators pump up their revenue despite an overall fall in bookings. As the luxury villa market continues to grow and evolve, it's clear that this segment of the hospitality industry is headed for some exciting times.Anant Goenka, the 40-year-old vice-chairman of the $4.4 billion RPG Group, is charting a new course for the conglomerate. Unlike his father, Harsh Goenka, and grandfather, Rama Prasad Goenka, who expanded the business through aggressive acquisitions, Anant is known for a more conservative approach. Yet, after a decade-and-a-half with RPG, he’s signalling a shift towards greater acquisition activity. Anant, who prefers to keep a low profile, has been instrumental in improving the group’s financial health while expanding into related business areas. Recently, he expressed a desire to adopt a more acquisitive strategy moving forward. This includes investing 70% of capital in core businesses, 20% in adjacent businesses, and 10% in high-risk, high-return ventures. Under his leadership, RPG has ventured into new fields like e-commerce and telematics and is making strides in the climate sector. Mint’s senior editors Ranjani Raghavan and Satish John spoke to the Goenka scion for a profile. You can scroll down to the end of the show description and read all of the stories featured in this episode.Awfis Space Solutions just got the green light for its IPO, and it's a big deal for the flexible workspace crowd. If Awfis nails its market debut, it could open the door for other co-working space providers to hit the public markets. Remember when Embassy Office Parks went public in 2019? It pretty much kicked off a trend for office and retail REITs. Awfis could be about to do the same for shared workspaces. The sector's visibility from Awfis' IPO could attract significant capital investment, drawing interest from diverse investor groups like private equity, real estate investors, and venture debt providers. This influx of capital will likely accelerate the expansion and profitability of flex workspace operators. Companies such as WeWork India, IndiQube, and Smartworks are already positioning themselves for potential IPOs, fueled by growth in revenues and expansions across multiple cities.  Mint’s senior editor Madhurima Nandy explains what Awfis’ IPO could mean for the co-working space sector, in today’s Mint Primer.Indian Railways, for years has pride itself on being the carrier of India’s common folks. If you grew up in India you are highly likely to have memories related to the Indian Railways. However, the last few years have seen Indian Railways transform for both better and worse. Better for the AC-passengers - with the advent of new trains like Vande Bharat which are heavily focused on customer service - and worse for the Non-AC passengers who are seeing cuts in the number of affordable coaches. This shift, while it may sound progressive, comes with higher costs, potentially alienating the vast majority of train travellers who rely on the railways for affordable long-distance travel. Given the financial strains—highlighted by the near-miss between operating costs and revenues in 2023-24—the future may hold even tighter spaces in non-AC carriages, as projections indicate a surge in AC passengers but a tepid increase in non-AC ones. Railways grapples with a common dilemma found in many consumer businesses: a small percentage of its customers generate a substantial portion of its income. In the fiscal year 2023-24, passengers in the AC classes—encompassing chair cars, and AC two-tier, three-tier, and first-class compartments—made up just about 11% of total ridership yet contributed over half of the railway's revenue. In stark contrast, second-class passengers, despite comprising three-quarters of total passengers, accounted for less than a quarter of revenue. Moreover, passengers travelling in non-AC sleeper classes, which represent 13% of the ridership, contributed approximately 22% of the revenue. This Long Story by howIndialives.com looks at the ongoing shift at the heart of Indian Railways.We'd love to hear your feedback on this podcast. Let us know by writing to us at [email protected]. You may send us feedback, tips or anything that you feel we should be covering from your vantage point in the world of business and finance. Show notes:Unease at Cognizant, Capgemini, Accenture over rise of AI risksFrom long retreats to short escapes: The changing face of villa holidaysRPG Group in for a do-over as a scion takes chargeIPOs by flexible workspace firms: Sharing to growIndian railways wants to ride the gravy train. But there’s a catch

Welcome to Top of the Morning by Mint, your weekday newscast that brings you five major stories from the world of business. It's Tuesday, April 30, 2024. My name is Nelson John. Let's get started:Indian stock markets kicked off the week on a high note, with benchmark indices surging over 1% driven by strong gains in large-cap banks including ICICI Bank, Axis Bank, IndusInd, and SBI. The market rally on Monday propelled the Nifty Bank index to a record high. By the close of trading, the Nifty itself had climbed a solid 223 points, ending the day at 22,643, while the Sensex posted a gain of 1.28 per cent, reaching 74,671. The big banks weren't just showing off; they were closing the valuation gap with smaller banks, which have been priced pretty high lately. Take HDFC Bank, for example. Its price to book ratio is currently at 2.55, quite a bit lower than its five-year average of 3.45, making it look like a bargain compared to some of the smaller banks. Mint’s markets correspondent Ram Sahgal reports on a stellar start to the week for Indian banks.India is gearing up to boost its thermal power capacity big time! The plan? To set up six massive thermal power generation hubs, boasting a combined capacity of 30 gigawatts. With an eye-watering estimated cost of around 2.5 trillion rupees, this is no small feat. The government’s move comes as part of an effort to meet the country's soaring energy demands. These hubs are strategically planned near coal mines to slash coal transport costs, a smart move that also taps into existing resources. It’s like setting up shop right next to the supplier—efficient, right? Coal India Ltd and other public sector giants are set to team up with power companies, pooling their resources and expertise to get these projects off the ground. Mint’s energy correspondent Rituraj Baruah reports on the government’s move to set up more coal-fired power plants even as it aspires to lean more on sustainable energy sources.Unicorns, or startups valued over a billion dollars, are finding it tough to attract investors. Nowadays, investors are leaning towards smaller startups valued under a billion dollars. This year, there's been a notable difference in investment activity. Data from Tracxn shows 318 deals in smaller companies, but only a few in the billion-dollar club. Investors are particularly wary of companies valued over 2 billion dollars. Mint’s senior assistant editor Sneha Shah spoke to several analysts, including Pankaj Naik of Avendus Capital, who notes that investors are scrutinising the potential for substantial returns, especially for companies valued over $2 billion. The dilemma for companies with larger valuations is proving their ability to triple in value within 5-6 years.In the previous fiscal year, promoters of prominent Indian companies including Adani Power, Tata Consultancy Services, and Tata Motors significantly reduced their share pledges by more than 56,000 crore rupees - that is close to 6.8 billion dollars. Data from an analysis of Nifty 500 companies, which account for 91 per cent of the total market value of all listed firms on NSE, shows a 35% reduction in the aggregate value of pledged shares, reports Mint’s Mayur Bhalerao. Of the Nifty 500 companies, promoters in 27 increased their pledges by more than 26,000 crore rupees, a 20 per cent rise. Notably, 383 companies had no pledged shares, and 38 saw no change in their holdings. In the ever-evolving landscape of India’s startup ecosystem, Udaan, the online trade platform for businesses, secured a hefty 340 million dollars in its Series E funding round in December, despite a substantial 44 per cent cut in its valuation from a high of 3.1 billion dollars in 2021. This funding round, one of the largest in India last year, reflects a strategic pivot as Udaan grappled with shrinking revenues and fierce competition in the B2B market. Despite the challenges, including a 43 per cent drop in revenue in 2022-23 and ballooning losses, the funding underscores the potential investors see in Udaan’s recalibrated business model. Founded in 2016 by ex-Flipkart executives, Udaan initially aimed to revolutionise the traditional B2B sector by connecting producers directly with retailers via an expansive digital platform. Over the years, Udaan has expanded across multiple categories, experimenting with various business models, including a foray into B2C that was later shelved. Mint’s startups correspondent Samiksha Goel takes a deep dive into the inside story of Udaan’s pivot before its IPO.We'd love to hear your feedback on this podcast. Let us know by writing to us at [email protected]. You may send us feedback, tips or anything that you feel we should be covering from your vantage point in the world of business and finance.Show notes:Top banks power market surge as valuations temptAmid govt's renewables push, coal-fired power plants hold their ownStartup investors are hunting outside unicorn zonePromoters trim nearly $7 billion in share pledges riding buoyant equity marketsGetting Udaan IPO-ready: The inside story of a pivot

Welcome to Top of the Morning by Mint, your weekday newscast that brings you five major stories from the world of business. It's Monday, April 29, 2024. My name is Nelson John. Let's get started: Over the past decade in power, the BJP and PM Narendra Modi have repeatedly promised "acche din". But reforms are easy to promise, and extremely difficult to implement. Nandita Venkatesan and Pragya Srivastava pick one initiative a year from 2014 and examine their effectiveness. From banking to housing to GST, this detailed story has it all. I'd recommend reading the story by clicking the link in the show notes on your app to also go through all the charts prepared by Nandita and Pragya. If San Francisco is known as the silicon valley, India would make its backyard. Post 1990, a host of Indian companies took the opportunity to provide cheaper, and in many cases better, services to supplant the world's digital economy. This turned India into an information technology powerhouse in its own right. Companies such as TCS, Infosys, HCL Tech, and Wipro are multibillion dollar enterprises that also championed the Indian stock markets. These companies recently announced their annual results, but the numbers aren't very exciting. Indian IT companies are losing out on large deals, and headcounts are dropping. While these large companies seem to be going through a moment of reckoning, mid-sized IT companies are enjoying healthy growth. Abhishek Mukherjee takes stock of the Indian IT sector, providing an important retrospective look and asking pertinent questions for these companies' futures. It's appraisal season. We asked more than 3,000 HR executives and employees what kind of year-on-year salary increments were expected. Nearly half of the respondents in this Mint-Shine survey said that they expect a raise in the range of 9 to 12 percent. Another 25% expect it to hover around 6 to 8 percent. Last couple of years saw widespread hiring as firms rushed to digitise their companies. But a sluggish global economy and geopolitical tensions have thawed these prospects. These numbers aren't the only way to keep employees happy though — a lot of companies will use promotions to keep their workers happy. Devina Sengupta and Tanay Sukumar team up to break down the results of this survey. Hotel companies enjoyed a fruitful FY24, with record bookings and revenues. But FY25 has gotten off to a tepid start. The crucial summer season is too hot for some to step out, resulting in fewer bookings. Additionally, the election season also dampened booking numbers. Large chains like Taj, Marriott, and Hyatt are now offering heavy discounts to lure people in these lean times. While discounts and offers are nothing new, hoteliers are gearing up for a poor summer and autumn, writes Varuni Khosla. Discounts now range anywhere between 15 t0 50 percent — if you're planning an impromptu trip, now might be a good time! Our last story this week is from Mint's weekend edition, Mint Lounge. We invited veteran sportswrite Rohit Brijnath to interview Abhinav Bindra – India's first Olympic gold medal winner. But curiously, Bindra considers himself a failure. It's been more than a decade and a half since Bindra won gold at the 10 metre air rifle shooting competition in Beijing. However, Bindra said as the years rolled on, his pursuit of excellence left him a little hollow, a little unbalanced. Rohit writes that while his obsession got him the coveted gold, he might have had a better chance at sustained success. But Abhinav Bindra in 2024 is a more composed, all-round person: he advises athletes on the Olympian mental health committee. He shares his wisdom with Adivasi athletes. He's also trying to devote more time towards forest conservation in Odisha. This is a fantastic profile of a man who once made a billion Indians proud, but somehow felt like he failed himself — and he's spending the rest of his life trying to make up for that. We'd love to hear your feedback on this podcast. Let us know by writing to us at [email protected]. You may send us feedback, tips or anything that you feel we should be covering from your vantage point in the world of business and finance Show notes: In 10 charts: Where the Modi government's biggest bets of each year stand today The good, bad and ugly: Decoding the IT pack’s Q4 show Three in 5 recruiters to offer salary hikes of 6-12% this year: Mint+Shine study‘Suite' surprise: Discounts rain at 5-star hotels for summer, autumn travel Abhinav Bindra: A champion looks back at who he was

Welcome to Top of the Morning by Mint, your weekday newscast that brings you five major stories from the world of business. It's Friday, April 26, 2024. My name is Nelson John. Let's get started: Indian benchmark equity indices surged for a fifth straight session on Thursday with BSE’s Sensex recording its all-time high of 74,571 points. NSE’s Nifty 50 ended the day 0.75 per cent higher.  Packaged food is a convenience a lot of us rely on. From cereal for infants to readymade spice mixes, packaged food has become a crucial part of our diets. But recently, some big-name brands have found themselves in hot water over their food products. Public Eye, a Swiss watchdog group, has called out Nestle for adding too much sugar in its infant products and cereals in India. Nestle says it's been cutting down on sugar, but concerns linger. MDH and Everest, two popular spice brands, got flagged by regulators in Hong Kong and Singapore for using ethylene oxide, a cancer-causing chemical, to keep spices fresh. In response to these concerns, the Food Safety and Standards Authority of India is conducting thorough investigations, including sample testing from various production sites. Sayantan Bera, who covers food and nutrition for Mint, explains the implications of lingering regulatory action on packaged food brands.  Is Tesla on its way to India or not? That is a question a lot of Tesla fans and enthusiasts are grappling with right now. Despite India rolling out the red carpet with a new electric vehicle policy aimed at wooing automakers like Tesla, Elon Musk’s powerhouse remains on the fence. People in the know told Mint’s autos correspondent Alisha Sachdev that the Texas-based EV-maker hasn't engaged significantly with state governments or local suppliers, nor has it taken steps to set up its crucial supercharger network in India. Other automakers like Vietnamese EV-maker Vinfast, meanwhile, are making strides towards setting up their operations in India. Tesla on the other hand seems to prefer entering the market through imports to gauge potential before committing to local manufacturing. India is currently in discussions to sidestep a potential G7 mandate that requires all diamond imports to the G7 countries to be tested in Belgium. The G7 mandate is to ensure that diamonds originating from Russia do not enter its member nations. India on the other hand wants the diamonds to be tested in domestic hubs like Surat and Mumbai to avoid escalating costs for diamantaires. India, a major player in the diamond industry, processes about 91% of the world’s rough diamonds and is looking to negotiate with European authorities to prevent a disruption in its exports. Mint’s Mihir Mishra and Ram Sahgal report on India’s efforts to keep its diamond testing within its borders.  The finance ministry's latest report is buzzing with optimism, thanks to predictions of a bountiful monsoon expected to boost harvests and keep inflation in check this year. This good news comes amid a backdrop of stubborn global inflationary pressures. Mint’s economy correspondent Rhik Kundu writes about the Finance Minister’s monthly Economic Report for March, according to which India's handling of inflation has been quite effective thanks to a mix of strategic interest rate decisions, robust food supply policies, and eased import restrictions. This has brought retail inflation down to a post-pandemic low, with core inflation dipping to 3.3 per cent in March. The India Meteorological Department's prediction of a normal monsoon paints a hopeful picture of agricultural revival and falling food prices, especially after last year's erratic weather. Food inflation in India eased to 8.52 per cent in March from February's 8.66 per cent, although prices remained high in categories like meat, fish, and eggs.  Since the 90s, MTV has been a part of India’s cultural zeitgeist with not only its music but also many of its popular shows. Last month, MTV’s parent company Paramount Global decided to call it quits in India.The American media and entertainment giant sold its remaini ng stake in Viacom18 to Reliance for $517 million. Paramount is not the only international media company to leave India. Previously, NBCUniversal ended its joint venture with NDTV in 2009, Disney closed its Hindi film production division in 2016, and Universal Pictures shut its India office in 2020. Despite India being a prime market for streaming platforms and social media, traditional media companies have struggled to maintain their operations. The reason? Challenges range from the difficulty of creating content for a linguistically diverse audience to the complexities of managing local teams. Mint’s media and entertainment correspondent Lata Jha examines the reasons behind the exodus of global media companies.  We'd love to hear your feedback on this podcast. Let us know by writing to us at [email protected]. You may send us feedback, tips or anything that you feel we should be covering from your vantage point in the world of business and finance. That’s all for today. Thank you for listening. We'll be back next week with a fresh episode of Top of the Morning. Have a great weekend ahead!  Show notes: Mint Primer | Here's food for thought: How safe is your child’s dinner plate?Tesla’s India entry on ice: Musk yet to firm up plans for IndiaSurat, not Belgium: India pushes back on G7's diamond checksAbove-normal monsoon forecast to ease inflationary concerns: Finance ministryUnhappy ending: Why foreign entertainment companies are heading for the exits

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. We'd love to hear your feedback on this podcast. Let us know by writing to us at [email protected]. You may send us feedback, tips or anything that you feel we should be covering from your vantage point in the world of business and finance. 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 appWork is worship: Bijli, sadak, paani are once again the key poll issues in UPIPL, elections are all fair game on illegal betting appsTargeted ads become focal point of digital competition debate

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, April 24, 2024. My name is Nelson John. Let's get started:Indian benchmark indices continued their momentum on Tuesday to close in the green for a third straight session. BSE’s Sensex closed 0.12 per cent above its previous close while NSE’s Nifty too ended the day up 0.14 per cent.Are Indians changing the way they travel? It certainly seems so, given the surge in air travel. On April 21, a record-breaking number of over 470,000 passengers flew across India, surpassing last year's record on April 30. India, already the third-largest aviation market after the U.S. and China, has witnessed a remarkable growth in air traffic, more than doubling over the past decade. Experts suggest this boom is fueled by increasing incomes, competitive pricing of airfares, and the untapped potential of first-time flyers. Mint’s aviation correspondent Anu Sharma explores what's driving this shift, the impact on airlines, and the challenges that could temper this rising trend.The conversation around lowering the extra charges on hybrid vehicles is stuck in a bit of a limbo. People close to the development told Mint’s autos correspondent Alisha Sachdev that despite backing from the ministry of commerce and transportation, no real movement is possible without a bigger shake-up of the overall tax system. Right now, hybrids get slapped with a hefty 43 per cent tax, while electric vehicles cruise by with just a 5 per cent GST, thanks to policies aimed at cleaning up transportation. But not everyone's on board with making hybrids more attractive—major local car makers, led by Tata Motors, argue that cutting taxes on hybrids could slow down the electric vehicle revolution. Amid all this, there's a growing anxiety within the auto industry about what future tax rates might look like for electric vehicles as they become more common. Will the current low rates hold as EVs grab a larger market share?The scorching heat wave sweeping across East and South India isn't letting up anytime soon. The India Meteorological Department has issued a heads-up that we’re in for another five gruelling days of high temperatures. This heat wave is hitting just as voters in states including West Bengal, Uttar Pradesh, Karnataka, Kerala, and Bihar gear up for the second phase of the Lok Sabha election this Friday. IMD has predicted a particularly harsh summer with the possibility of extended heat wave conditions lasting anywhere from 10 to 20 days. An orange alert is out for regions like Odisha, Bihar, and Gangetic West Bengal, signalling moderate health risks, especially for the more vulnerable groups like the elderly or those with chronic health issues. Mint’s Puja Das reports on the met department’s predictions for the upcoming weeks.The Supreme Court of India has widened its lens in the Patanjali case to include all fast-moving consumer goods (FMCG) companies, particularly those peddling health products with potentially misleading ads. This expansion follows a complaint by the Indian Medical Association against Patanjali for its controversial advertising tactics. The court has now asked several key ministries to step up and monitor these companies more closely, ensuring they aren't misleading especially vulnerable groups like children and the elderly. This could potentially reshape advertising norms in India, as the industry heavily invests in advertising, with FMCG companies being the largest spenders. Mint’s consumer correspondent Suneera Tandon reports on the crucial development that could shape the future of advertising in India.One of India’s biggest conglomerates - the Adani Group - is omnipresent in sectors across the country’s industrial landscape. Now Adani Properties, a part of the conglomerate, is making strides in the country’s real estate sector. The company won the bid to redevelop Mumbai’s Dharavi, also known as Asia’s largest slum settlement. It won the redevelopment bid in November 2022 with an offer of 5,069 crore rupees. The area, in the heart of India’s financial capital, is home to about a million people. Group chairman Gautam Adani has in the past expressed deep personal commitment to the redevelopment of Dharavi. The project aims to resettle Dharavikars and transform the area into a prime real estate location, potentially elevating Adani Properties to a major player in the real estate sector. The company, which ventured into real estate under the Adani Realty brand about 14 years ago, has expanded significantly, with projects across Mumbai, Pune, Ahmedabad, and the Delhi-NCR region, totaling 200 million sq.ft. in various stages of development. Mint’s Madhurima Nandy takes a deep dive into the operations and projects of Adani Properties, and the conglomerate’s other real estate businesses, for today’s Long Story. We'd love to hear your feedback on this podcast. Let us know by writing to us at [email protected]. You may send us feedback, tips or anything that you feel we should be covering from your vantage point in the world of business and finance.Show notes:Up, up and away: the implications of India’s soaring demand for air travelHybrid cars must haul the cess load for longerSevere heat wave likely in East & South India until Saturday ahead of phase 2 pollPatanjali ads cast a long shadow over FMCG sectorFrom Shantigram to Dharavi: How the rise of Adani’s realty play threatens DLF

Welcome to Top of the Morning by Mint, your weekday newscast that brings you five major stories from the world of business. It's Tuesday, April 23, 2024. My name is Nelson John. Let's get started:The Indian equity markets bounced back on Monday. Benchmark indices Sensex and Nifty both rose by about 0.8 percent. The country's largest conglomerate, Reliance Industries, filed its earnings report yesterday. While profits were down quarter-on-quarter, overall profit increased 4 percent in FY24, as compared to the previous financial year. The oil and chemicals giant reported a dividend of 10 rupees per share. Reliance Retail and Jio also reported their earnings yesterday, recording steady growth. Since the results were declared after the market closed, RIL's stock didn't record any significant change owing to the results.Let's move to another oil conglomerate, this time from across the Arabian Sea: I'm talking about Aramco, Saudi Arabia's state-owned oil refining company. Aramco's venture capital arm is interested in the Indian startup sector, and is willing to bet on it. Sneha Shah reports that this arm, named Prosperity7 Ventures, is looking to set aside around two to three hundred million dollars to invest in early-stage Indian startups. It plans on spreading that amount across nearly two dozen companies, Sneha writes. Prosperity7 has a portfolio worth about 3 billion dollars worldwide, and wants India to be the home for its next set of investments.You can't talk about conglomerates without talking about the Adani Group. Last year, the group bought a majority stake in infrastructure behemoth Ambuja Cements, and has slowly increased its share in the company. But the plan doesn't stop there, writes Anirudh Laskar: Ambuja is planning a series of acquisitions to overtake Ultratech as the country's number 1 cement company. A capital expenditure of over 9 billion dollars is in the works, Anirudh reports. This would take Ambuja's annual production capacity to at least 180 million tonnes, from about 80 million tonnes now. But Ultratech too has plans to add to its  current capacity of 151.6 million tonnes a year. The Adani group has lots to catch up, at least in the cement sector.Metro cities are full of e-commerce deliveries constantly in action: vans, scooters, and even trucks fulfilling orders round the clock. But e-commerce hasn't penetrated as much into India's hinterlands. That is now changing, writes Priyamvada C. E-retailers like Rozana and Floryo are targeting customers in tier 2 cities and beyond, where customers are increasingly ready to pay more for products but unwilling to compromise on quality. These e-tailers are also attracting enough money from investors to become viable businesses, Priyamvada writes. She also spoke to executives from venture capital funds to assess the scope of startups that operate primarily in such markets.Election campaigns are in full flow. In most corners of the country, voters will be choosing between national or state parties. But very rarely will there be a viable independent candidate. Barmer, a desert-laden district in Rajasthan, might just have that. Sayantan Bera profiles Ravindra Singh Bhati, an independent candidate fighting for the seat of Barmer. He seems to be incredibly popular, and at 26, is one of the youngest candidates across the country. Bhati's popularity seems to be credited to his social media presence. On instagram, he has more followers than Barmer has eligible voters. Sayantan writes about how Bhati's campaign is developing, how caste politics are in play again, and asks the crucial question: will this show and dance translate to actual votes come elections?We'd love to hear your feedback on this podcast. Let us know by writing to us at [email protected]. You may send us feedback, tips or anything that you feel we should be covering from your vantage point in the world of business and finance.We'll be back tomorrow with a fresh episode of Top of the Morning. Have a nice weekend!Show notes:Oil fuels RIL’s Q4 showAramco’s VC arm in talks for India teamBattle to cement leadership hots up between Adani’s Ambuja and Birla’s UltraTechThe rise of tier-2 online shoppers: Can they change Indian e-commerce? In desert country, a 26-yr-old ‘reel neta’ rises to challenge BJP, Congress 

Welcome to Top of the Morning by Mint, your weekday newscast that brings you five major stories from the world of business. It's Monday, April 22, 2024. My name is Nelson John. Let's get started: The earnings season is in full swing for India’s 245 billion dollar IT industry. Over the last couple of weeks Indian IT giants like TCS, Infosys and Wipro announced their quarterly earnings for the last quarter of FY24. But what about the future of the industry that employs close to 5.4 million Indians? Recent deal wins and Gartner’s forecast have painted a pretty optimistic picture for the IT sector's future. For instance, Infosys just announced its highest-ever annual contract value at $17.7 billion for FY24, and it’s not just Infosys riding this wave. Wipro and TCS have also reported strong order books, with TCS raking in a whopping $13.2 billion in the last quarter alone. They’re all betting on better times post the upcoming US presidential elections, expecting a boost in client spending. Mint’s Shelley Singh takes a look at what the future could look like for the Indian IT industry amidst a rapidly declining workforce. Top three companies in the sector - TCS, Infy and Wipro saw a deduction of more than 64,000 in their workforce.  Chocolates are about to get pricier and it’s not just regular inflation at work. Cocoa prices have shot up recently, and not just by a little. Crop failures in big cocoa-producing countries like Ivory Coast and Ghana, have sent cocoa prices up by 133 per cent since last June! Behind this failure is climate change, adverse weather and a crop disease that affects the root of the cocoa tree. India too is set to feel the pinch. This story by howindialives.com breaks down the bitter truth unfolding in the chocolate industry. Even though we grew about 30,000 tonnes of cocoa in 2022-2023, it wasn't enough to keep up with our chocolate cravings. We had to import close to 1 lakh tonnes of cocoa products like beans, butter, and powder last year, and with global prices on the rise, our costs have soared as well. This price hike might cool down later this year if the crop yields improve, but it’s not just about the weather. The cocoa market has some deep-rooted issues. Most cocoa farmers are barely scraping by, earning much less than what their valuable crops should bring in.  India’s tech epicentre and the internet’s favourite city Bengaluru lately has been in the news for all the wrong reasons. Be it the soaring temperatures in a city otherwise famous for its “air conditioned” weather or the severe water crisis it’s been going through for the past couple of months. Amidst the empty tanks and drying lakes one has to ask whether the city’s companies are using its water judiciously. An analysis of Bengaluru-based top BSE-listed firms reveals an 11% spike in water usage in the last year, signalling the severity of the situation. 56 of the top 1000 listed companies on BSE are headquartered in Bengaluru. Only 45 had usable data, showing a collective water consumption increase to 33.3 million kiloliters in the fiscal year 2022-23. Notably, public sector companies saw a modest 2.2 per cent rise, while private sector firms ramped up their water usage by 21 per cent. Mint’s senior associate editor and data journalist Niti Kiran breaks down the water consumption pattern of each industry in Bengaluru Niti also takes a look at their water management practices.  Taylor Swift - the pop culture phenomenon had a terrific 2023, ending the year as the TIME magazine’s person of the year. This year too the pop juggernaut of Taylor Swift - with millions of “Swifties” behind her - doesn't seem to be slowing down. This next story, however, is not about her music. Taylor’s Eras Tour in Singapore not only dazzled fans but also showcased the innovative use of 5G technology, according to Per Narvinger, Ericsson's Senior Vice President for Cloud Software and Services. At the heart of this tech integration was Singtel's 7 dollar worth 5G Express Pass, which offered fans high-speed data priority to stream and share the event. This service highlights a burgeoning opportunity to monetize 5G technologies through network slicing, which allows for dedicated broadband bandwidth tailored to specific events and needs without additional infrastructure. Network slicing is akin to a toll highway for data, offering a premium path separate from regular traffic. This technology is not yet widespread globally, but India, with its rapidly expanding 5G infrastructure, stands to benefit significantly. Mint’s telecom correspondent Gulveen Aulakh reports on this path breaking phenomenon and how a Taylor Swift concert proved helpful in testing it out. What can 70,000 rupees get you? In some cities, it's enough for a month’s rent in a decent apartment. But if you're eyeing a night at some of India's posh resorts like AmanBagh in Rajasthan or BrijRama Palace in Varanasi, that same amount might just cover one night, especially during peak season. Yeah, the pandemic has really changed the game for hotel pricing, sending rates sky-high. The luxury hotel scene has been on a roll, with domestic tourism fuelling a surge in demand. Mint’s Varuni Khosla spoke to several hospitality industry insiders, who noted that the travel patterns have shifted, with Indians now opting for more frequent short stays rather than the occasional long vacation. This change has undoubtedly played a role in the climbing rates. Rating agencies such as Crisil and CareEdge, predict that the hotel industry is in for a few good years, with steady revenue growth thanks to robust domestic demand and a gradual uptick from international visitors. The scene is set for a continued boom, with minimal new hotels opening up, which just tightens the supply further.We'd love to hear your feedback on this podcast. Let us know by writing to us at [email protected]. You may send us feedback, tips or anything that you feel we should be covering from your vantage point in the world of business and finance. Mint Primer | Let the good times roll: IT services eye a better futureThe bitter truth unfolding in chocolates industry Bengaluru water crisis: Firms gulp more but also pledge to reduce usageSilent Symphony: Taylor Swift’s cryptic 5G taleScent of growth for Indian hotels as the good times check in

Welcome to Top of the Morning by Mint, your weekday newscast that brings you five major stories from the world of business. It's Friday, April 19, 2024. My name is Nelson John. Let's get started:Markets continued to fall for the third consecutive trading session. Benchmark indices Sensex and Nifty both fell by about 0.6 percent. Markets aren't likely to be any better tomorrow, if the annual results for Infosys are anything to go by. Infosys reported that revenue increased by only 1.4 percent over the previous financial year. FY2025 doesn't look much better either: revenue is likely to grow less than 3 percent. Analysts remain disappointed, write Shouvik Das and Jas Bardia. Marginal increase in revenue, lower profits, and poor future projections: the situation is not kind for Infosys right now Let's talk about Infy's rival, TCS. India's largest IT company is now assessing in-office attendance as part of its appraisal system. Jas Bardia reports that TCS employees who attended office regularly received much better annual pay hikes than their colleagues who chose to work from home frequently. An executive from TCS told Jas that the IT giant has been nudging its employees to come to office regularly for more than 15 months. That led to a directive in January, where everyone was asked to come to the office all five working days of the week. Those who chose to ignore that notice are now facing the consequences.In most parts of India, summer came early — and it seems, is here to stay. But the weather department's prediction of a bountiful monsoon season provides some much-needed hope. Of course, the IMD's weather predictions have often been mocked for being wrong. Sayantan Bera explains this year's prediction in his primer. A healthy monsoon would provide relief to India's sluggish farm economy and poor rural consumption. Equal distribution of rains is more important than the quantity of rainfall, Sayantan writes. That would help in reducing food inflation too.Foxtrot nuts are touted as a healthy alternative for snacks like chips. Now, they are being sold the world over, but closer to home, we might recognise them as makhana . Believe it or not, these white, fun to eat pops actually originate in muddy waters. About one lakh families from Bihar are the only ones engaged in the farming and harvesting of the foxtrot nut, writes Alisha Sachdev. But, makhana could emerge as the next big thing in India's 20 billion dollar snacking industry. Makhana goes up against millets in the health foods category, but is already bigger than the pulse in terms of sales. As more FMCG companies venture into selling makhana, industrial processing might soon propel it in everyone's kitchens as a healthy snack to have with your evening tea.Baahubali, KGF, and RRR had Indian audiences flocking to a movie theatre to watch vernacular movies. But the filmmakers of these movies chose to dub it in Hindi, English, and other languages, making it an easier sell. However, Manjummel Boys, a Malayalam movie, is now bucking that trend: it recently grossed more than 200 crore rupees. The makers of this movie chose not to dub it in any other language. Manjummel Boys is part of a slew of low-budget movies from southern India that are doing well, despite little or no dubbing, writes Lata Jha. Earlier, such movies rarely got a pan-India release unless they starred huge stars like Rajnikanth or Ram Charan. With the success of these movies, perhaps a good story wins over any language barriers.We'd love to hear your feedback on this podcast. Let us know by writing to us at [email protected]. You may send us feedback, tips or anything that you feel we should be covering from your vantage point in the world of business and finance.That’s all for today. Thank you for listening.We'll be back next week with a fresh episode of Top of the Morning. Have a nice weekend!Show notes:Infosys projects bleak market to continue this year with paltry growth guidanceNot been regular to the office? Here’s what India’s largest IT company didThe 2024 monsoon forecast has a hidden warningMade in Bihar: How superfood makhana works its magicManjummel Boys sets a new trend for southern films: mega success at home

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 18, 2024. My name is Nelson John. Let's get started:The ruling Bharatiya Janata Party released its manifesto last week. While most of the promises are pretty boilerplate for an incumbent party, the civil aviation sector gets some outsized attention. These promises include setting up of a commercial aircraft manufacturing centre, and turning India into an aviation hub. That would mean convincing foreign airlines to have layovers in India, en route to global destinations. Mint Snapview argues that some of these promises might be foolhardy and mistimed. India needs to make a lot of advancements across the board for this to happen. Economic feasibility and logistical issues are plenty in India, which prove to be detrimental to any such projects. For the BJP to make good on these promises, these challenges need to be addressed first — lest they end up like most hollow poll promises.The BJP has another, Tamil Nadu-sized challenge for the upcoming elections. Five years ago, Prime Minister Narendra Modi was viewed in the southern state as anti-Tamil. Contrast that to his campaigns in the region today, which are attended by no less than 10,000 voters. BJP is doing its best to garner support from the Dravidian heartland. They are targeting young and first-time voters, writes N. Madhavan. He writes that for the first time in decades, a national party is now a serious challenger in the electoral landscape. Madhavan writes about the history of Tamil Nadu's rich history of regional parties, the politicking, and how the BJP fits in the picture in 2024. In the last couple of months, Modi has visited the state eight times — and the campaigning is making a stark difference among voters, Madhavan reports.At 83.5, the rupee has reached a new low against the US dollar. While this makes exports more lucrative, imports now turn dearer. Geopolitical instability across Europe and the Middle East has lowered the prospect of the US Federal Reserve cutting its interest rates. Since India is a net importer of goods, a falling currency is not a good sign, writes Sumant Banerji. However, fret not: the Reserve Bank of India is likely to intervene to arrest any further sliding of the rupee, Sumant adds. In the 1960s, the space race between the US and the Soviet Union was in full flow. That led to a lot of advancements in the sector. In the present day, startups and private companies are now taking further strides towards outer space. Elon Musk's SpaceX has taken full advantage of that opportunity, making multiple efforts to launch their own rockets into space. Musk is visiting India soon, and some Indian aerospace startups have the opportunity to pick his brain about SpaceX. Shouvik Das reports that at least three Indian startups working in the space sector have been invited to meet Musk on 22 April. The meeting is not likely to provide business opportunities and is more to show Musk the strides that India has made in the sector, Shouvik writes.Does your investment portfolio include Bitcoin, ethereum, or dogecoins? Don't worry if not — these are all different types of crypto currencies. If you've heard of them and still haven't invested, it's understandable: since they are decentralised, crypto currencies are volatile by nature. Take bitcoin for example: it reached its lifetime high of 73,780 dollars last month, but has fallen 7 percent since then. Crypto, often referred to as ‘the Wild West of investing, makes for a very interesting option, and some Indians aren't afraid of dipping their toes despite the risks. Mint money's Anil Poste speaks to H-O-D-L-ers, who are holding on for dear life and investing more money into crypto, despite the roller coaster valuations, tax concerns, and regulatory uncertainties.We'd love to hear your feedback on this podcast. Let us know by writing to us at [email protected]. You may send us feedback, tips or anything that you feel we should be covering from your vantage point in the world of business and finance.That’s all for today. Thank you for listening.We'll be back tomorrow with a fresh episode of Top of the Morning. Have a nice day!Show notes:The one thing that stands out in BJP’s manifesto is aviation. Can promises fly? In Tamil Nadu, BJP’s final frontier, a high-stakes battle How the rupee’s fall can impact the economy and what RBI can do about itCan Indian space startups wow Musk with indigenous tech? What drives crypto HODLers despite volatility, uncertain regulations, high taxes

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, April 17, 2024. My name is Nelson John. Let's get started:Indian benchmark indices fell for the third consecutive session on Tuesday, influenced by negative cues from global markets which are currently under pressure due to geopolitical tensions in the Middle East. The Sensex closed down 0.62 per cent, while the Nifty ended the session 0.56 per cent lower.Shaktikanta Das, the Reserve Bank of India - India’s highest monetary authority - has recently flagged concerns about unauthorised forex trading platforms, urging banks to keep a sharp eye on them. This has sparked a broader discussion about the need for tighter regulation in India's forex market. These platforms are where most foreign exchange transactions happen. They are primarily used by businesses like importers and exporters to manage their currency risks. These trades usually happen on Over-the-Counter platforms authorised by the RBI or through recognized exchange-traded segments of bourses. So what exactly is going on with forex trading platforms? And what has the RBI done about it? Mint’s banking editor Gopika Gopakumar tackles those questions in today’s Primer.Smartphone companies in India finally have some good news. The scramble for smartphones in the country, triggered by Covid-19 lockdowns ebbed back as the world returned to normal. However, the March quarter has ignited some hope in the hearts of smartphone manufacturers. This past March quarter, smartphone shipments rose by 5% year-over-year to somewhere between 32.5 to 35 million units, according to data from four industry analysts. It’s a refreshing change, especially considering that back in the March quarter of 2021, shipments had peaked at 38 million units. Since then, there's been a bit of a slump. Mint’s technology correspondent Shouvik Das reports on this turnaround which is especially crucial for big players like Samsung, Xiaomi, and Vivo, who together made about $38.8 billion in sales in India last year. However, despite these positive signs, industry veterans are advising caution. The broader economic pressures still loom large, affecting consumer confidence. The market has also seen a shift toward refurbished and second-hand smartphones, thanks to the growth of organised retailers in this space. India is gearing up for the third phase of its airport privatisation plan. More airports are expected to see private stakeholders after the upcoming election. Officials close to the matter told Mint’s aviation correspondent Anu Sharma of Airports Authority of India’s plans to sell off its remaining 13 per cent stake in Bangalore International Airport Ltd . But that’s not all — they're also planning to throw the doors open for private bids to manage, operate, and develop 13 other airports, including popular ones like Bhubaneswar, Trichy, Indore, Raipur, Amritsar, and Varanasi. There’s also talk of selling stakes in Hyderabad airport. The authorities are planning to bundle six profitable airports with seven smaller, not-so-profitable ones like Kushinagar, Gaya, Hubballi, Aurangabad, Jabalpur, Tirupati, and Kangra. This mix and match might just make the deal more attractive to potential investors. This push towards privatisation is part of a bigger picture - India’s National Monetisation Plan which was rolled out back in 2021. The plan is ambitious, aiming to privatise around 25 airports and offload airport authority’s shares in big metro airports like Delhi, Mumbai, Hyderabad, and Bangalore. The government is hoping to unlock 21,000 crore rupees from these sales between 2022 and 2025.Mid-budget movies, which really felt the pinch through Covid, are suddenly back in the spotlight. Judging by the impressive box office numbers of films like Crew, Shaitaan, and Article 370 it looks like affordable ticket prices and clever marketing are paying off. Let’s talk numbers. The movie Crew, featuring stars like Tabu, Kareena Kapoor Khan, and Kriti Sanon, earned 77 crore rupees since its release at the end of March. Ajay Devgn’s horror thriller Shaitaan pulled in a cool 148 crore rupees from early March, and the political drama Article 370 isn’t far behind with 82 crore rupees since late February. Andthese films have all been profitable. Even though the Hindi box office saw a 25 per cent dip year-on-year in the last quarter of FY24, small and medium-budget films are making a stronger showing than they have since the pandemic began. They’re now accounting for 30-35 per cent of box office receipts, up from just 12-15 per cent previously. Mint’s media and entertainment correspondent Lata Jha reports on the resurgence of mid-budget bollywood movies and the changing landscape of Indian cinema. As tensions in West Asia heat up, there's a real concern that crude oil prices might just hit the roof, possibly soaring past $100 per barrel if things continue to escalate. This is a big deal not just globally, but especially for India's oil marketing companies, because hiking fuel prices during an election season is not a popular move. Now, high crude prices are already an issue for state-owned oil marketing companies because it squeezes the marketing margins – which is the difference between what it costs to make petrol or diesel and what they sell it for. Right now, those margins are pretty thin, about 5 rupees per litre for petrol and barely a rupee for diesel. If crude prices shoot up, these margins could get even tighter. Mint’s energy correspondent Rituraj Baruah spoke to industry insiders and analysts to break down the ongoing problem for Indian oil marketing companies. We'd love to hear your feedback on this podcast. Let us know by writing to us at [email protected]. You may send us feedback, tips or anything that you feel we should be covering from your vantage point in the world of business and finance. Show notes:Dialling in hope: India's smartphone sales show signs of recoveryAirport privatization 3.0: Here are the 13 candidatesMint Primer: Decoding RBI’s alert on illegal forex platformsMid-budget movies punch above their weight at the box officeKeeping fuel prices steady during turmoil comes with a price

Welcome to Top of the Morning by Mint, your weekday newscast that brings you five major stories from the world of business. It's Tuesday, April 16, 2024. My name is Nelson John. Let's get started:Indian stock markets fell by over one per cent for the second consecutive day on Monday, weighed down by rising tensions in the Middle East and resulting negative investor sentiment. India is in for some good news, especially for our farmers. After a tough year with less-than-ideal rain and the ongoing scorching summer, it looks like India is on track for a better-than-average monsoon season this year. The India Meteorological Department (IMD) anticipates that the fading El Niño – a weather phenomenon – will transition to neutral by June and possibly to La Niña conditions by late summer, promising higher rainfall. This could bump up our monsoon rainfall to 106% of the long-term average of 87 cm, which is above normal. This forecast is a relief considering the dry spell last year linked to El Niño, which reduced rainfall by 6% and nudged up inflation. Historically, when La Niña follows El Niño, India tends to see more rain. However, this could also result in uneven distribution of rainfall, meaning floods in some places. Mint’s Puja Das and Arshdeep Kaur report on the latest IMD forecasts. Tata Electronics has sealed a deal with Elon Musk’s EV manufacturer Tesla to produce crucial components for the car company. This partnership marks a significant boost for Tata in the electronics manufacturing space. The Tata Group company is also gearing up to set up a new facility dedicated to crafting essential parts like printed circuit board assemblies for Tesla vehicles. Interestingly, Tesla decided to go with Tata Electronics over its usual global partners like Foxconn and Jabil Inc. This choice seems to hinge on a couple of key factors: Tata’s aggressive expansion in semiconductor fabrication and its strong stance in securing government incentives in India. This strategy is a win for Tesla too, as it aligns with Indian policies that lower import duties for EV makers ramping up local production. These policies require that EVs achieve 50% local sourcing within five years to enjoy these benefits. Mint’s autos correspondent Alisha Sachdev reports on a development crucial for India’s EV and manufacturing landscape. Once the most valued Indian startup, Byju’s is going through its most turbulent phase yet. Now, another exit has shook the edtech company. Arjun Mohan stepped down as CEO of Byju's India after just seven months, handing the reins back to the company's founder, Byju Raveendran. Initially brought in to cut costs and reorganise operations, Mohan leaves behind a business that's noticeably scaled back. It's been a rough patch for Byju's, especially during the January-March quarter, which usually sees the bulk of its sales. However, this period turned out to be one of its worst, company insiders told Mint’s startup correspondents Priyamvada C and Sneha Shah. Debt has been a major issue. Reports suggest that Byju's debt has climbed to more than 200 million dollars in India and another 200-250 million dollars in the U.S. The company is also supposed to pay 40 million dollars quarterly to bondholders—a commitment that has sparked a legal battle as Byju's disputes these claims. However, an executive close to Raveendran told Priyamvada and Sneha that the debts are much lower and that the recent fundraising efforts should cover most of what they owe. The geopolitical situation in West Asia is volatile again. After Iran’s drone attack on Israel, the region is on the brink of a war. And when West Asia - a part of the Middle East - sneezes, economies around the world become prone to catching a cold. That is because of the fossil fuel reserves the area sits on. Rising tensions in the region could spell trouble for the Indian economy, with analysts warning that geopolitical uncertainties might drive up energy and commodity prices. This could fuel inflation and increase the government's spending on fertiliser subsidies, which could force the government to rethink some of its budget plans after the elections. In the budget laid out in February, Finance Minister Nirmala Sitharaman planned for a 13 per cent cut in fertiliser subsidies and a 5 per cent increase in excise duty collections from the petroleum sector. But with oil prices creeping up towards 90 dollars a barrel—and possibly hitting the 100 dollar mark soon—those numbers might need a second look. Higher oil prices mean India's import bill could balloon, given it imports about 85 per cent of its energy needs. Mint’s senior editor Gireesh Chandra Prasad and energy correspondent Rituraj Baruah explore the consequences of the ongoing conflict in West Asia, for the Indian economy and for the government’s promises in its interim budget.In the early 1960s, India was in search of its national bird. Renowned ornithologist, the late Salim Ali, championed the Great Indian Bustard, a towering bird reminiscent of an ostrich, commonly found in the arid regions of Rajasthan and Gujarat. However, due to concerns about potential misspellings of its name, the government ultimately chose the peacock as the national bird in 1963. Fast forward nearly six decades, and the Great Indian Bustard is now facing extinction , primarily due to the expansion of India's renewable energy sector. The bird's natural desert habitat overlaps significantly with areas being used for wind and solar energy projects—energy sources that are pivotal in India's efforts to reduce its dependence on fossil fuels.In the past decade, the desert has been crisscrossed with countless kilometres of high and low tension overhead wires needed to transmit power from renewable sources. Unfortunately, these wires have become death traps for the bustard and other avian species, leading to numerous collisions. Mint’s Sumant Banerji writes about the dwindling numbers of the bustard and also talks about the ongoing legal battle to save one of India’s most iconic bird species, in today’s Long Story. Ironically, the future of these majestic birds hangs in a delicate balance against the backdrop of India's push for a diversified energy future.  We'd love to hear your feedback on this podcast. Let us know by writing to us at [email protected]. You may send us feedback, tips or anything that you feel we should be covering from your vantage point in the world of business and finance.Show notes:IMD forecasts above-normal monsoon this year as El Nino flips overMusk taps Tata Electronics to make electronics parts for India-made TeslasByju's India CEO Arjun Mohan steps down after just seven monthsWill a West Asia conflict ruin the interim budget math?100 bustards and the challenge to India’s solar flight path

Welcome to Top of the Morning by Mint, your weekday newscast that brings you five major stories from the world of business. It's Monday, April 15, 2024. My name is Nelson John. Let's get started:There's a reason why central banks and prominent investors take notice when the price of gold moves significantly in either direction: its track record as the flagbearer of wealth stretches for over 5,000 years. As of last week, gold prices have hit lifetime record highs. Rising geopolitical tensions and a possible rate cut by the US Federal Reserve keep pushing the yellow metal to new highs. But despite much of the fighting going on in the Middle East, India and China contribute to over half of the global gold demand. Traditionally, the price of gold has had an inverse relationship with the equity markets, writes Abhishek Mukherjee. But that seems to have changed in the present day, when both gold and stock market valuations are taking off. Abhishek spoke to market experts and analysts, who pointed towards an increase in the volume of trading across the board. This, combined with most central banks around the world stocking up on gold, has led to a parallel surge. Will this trend continue? Experts, as always, ask you to exercise immense caution.While geopolitical tensions have been high over the last few years, we haven't seen many direct attacks across borders. That changed on Saturday, when Iran launched missiles at Israel. This was in response to a bombing of Iran's consulate in Damascus, Syria, ostensibly by Israeli forces. If Israel chooses to respond in kind, we might be at the cusp of a global war, writes N. Madhavan. Immediately, oil prices are likely to be affected: the cost of a barrel of oil had already crossed 90 dollars last week, a six-month high. An all-out war will cause huge disruption in oil, gas, and logistical supply chains. This is especially bad news for India, where inflation is just about cooling and industrial production is ramping up.The Tata Group has a reputation of never firing any employee, unless they're found guilty of sharing sensitive information or indulging in corruption. This is even more impressive when you consider the sheer volume of people they hire every year. But that is now changing: take the group's crown jewel, Tata Consultancy Services. TCS isn't rushing to fill the roles that have turned vacant after people leave the IT giant. This resulted in TCS having a lower headcount at the end of the financial year 2024 than when it started, report Jas Bardia, Varun Sood, and Devina Sengupta. This was a first since the company listed on the public markets 20 years ago. Historically, TCS's headcount and its revenue had a proportional relationship: revenue would grow with headcount, and lower with more headcounts. Some industry executives are of the view that as artificial intelligence becomes more useful in replacing roles. However, TCS has brushed aside any concerns of AI replacing human roles at the company.When most companies announce that they have introduced AI into their workflow, it usually means that they have integrated a version of AI already available in the market and customised it slightly. That isn't true for Navi, the financial services company founded by Sachin Bansal. Bansal is also the co-founder of e-commerce behemoth Flipkart. Navi is building large language models in-house at Navi. In an interview with Leslie D'Monte, Bansal admitted that choosing this route slows down the development and shipping of new features, it allows the company unmatched flexibility. In his endeavour to create a more customer-friendly banking and financial experiment, Bansal said these steps would help simplify the process that currently ails millions of people trying to access their own funds right now. Next steps? Directing bots to drive sales, which would allow someone to take a loan simply via a WhatsApp conversation.The Indian Premier League isn't just a battle between two teams playing cricket: it's also an advertising showdown between brands vying for your attention. Varuni Khosla writes that online gaming companies and fintechs are the most prolific advertisers. By virtue of being the title sponsor of the entire league, Tata is also relentless in promoting its electric vehicles and super app named Tata Neu . The reported cost for a 10-second slot on Star Sports is 12.5 lakh rupees, while Jio Cinema charges 200 rupees per thousand impressions on its app. Advertisers are spread across 55 categories, a 65 percent increase from the previous year's edition. We'd love to hear your feedback on this podcast. Let us know by writing to us at [email protected]. You may send us feedback, tips or anything that you feel we should be covering from your vantage point in the world of business and finance. Show notes:What gold’s new playbook is telling equity investors Iran-Israel flare-up: What does it mean for India? What the vacant seats at TCS meanWhy Sachin Bansal can’t resist building tech in-house to boost Navi's fortunesBrands battle for mindspace as cricket carnival kicks off

Welcome to Top of the Morning by Mint, your weekday newscast that brings you five major stories from the world of business. It's Friday, April 12, 2024. My name is Nelson John. Let's get started:Indian markets ended Thursday on a robust note with the benchmark indices Nifty and Sensex both ending the day in the green. Touching an all time high of 22,775 points, Nifty closed just 22 points below it, up 0.49 per cent from its previous close. Sensex too closed on a higher note, up 0.47 per cent from its previous close. Equity trading at record levels, which has been going on for some months now, may soon hit its peak. Fresh data from the National Stock Exchange shows that retail investors as well as high net-worth investors have turned bearish on index futures amid rising geopolitical tensions in the Middle East. This group of investors became net sellers of more than 16,000 Nifty and Bank Nifty futures contracts, after the NSE index hit a fresh high on Thursday. Mint’s markets correspondent Ram Sahgal reports on the significant shift in sentiment from this group of investors. This comes after 84 days of bullish stance from the group of investors referred to as ‘Client’ by the NSE. Historically, the positioning of clients in index futures has been a reliable indicator of market tops or bottoms. When these positions turn light or negative, it often signals a market peak, while a substantial increase in bets typically indicates a market bottom.Generative AI - buzzword of the decade - is still a concept people are trying hard to grasp. It is important that people understand what generative artificial intelligence is. But it is even more crucial for lawmakers of the world to have a good understanding of the concept because laws around Gen AI will shape the technology’s future. One such law that could prove to be crucial for AI’s future has been tabled in the US Congress. The proposed “Generative AI Copyright Disclosure Act, 2024”, introduced by US Congressman Adam Schiff, addresses growing concerns over the fair use of copyrighted materials in the development of AI models. So what does the bill propose to do? This bill mandates that tech firms like OpenAI, Microsoft, Google, and Meta, which have developed large AI models trained on vast amounts of data, disclose the use of any copyrighted data in their training datasets. So what does the bill mean for innovation in AI? If passed, will it set a precedent? Will AI models be able to train themselves on copyrighted work? Mint’s Shouvik Das tackles these questions in today’s Primer. It hasn't been smooth sailing lately for Tata Group’s Vistara. The airline has been seeing some turbulence after it had to ground 30 to 50 flights a day with pilots calling in sick as a protest against an imminent cut in their salaries. The carrier even blamed botched up rostering for the delays and cancellations. Now the airline’s CEO, Vinod Kannan, has addressed the airline's recent operational challenges in a reassuring message to employees. Kannan emphasised that the difficult period marked by flight cancellations and scheduling disruptions is now in the past. The troubles, as Kannan explains, were a mix of things out of their control like air traffic delays, some unexpected bird encounters, and maintenance that just had to be done. These hiccups threw a wrench into their finely tuned schedules and, with pilot rosters already maxed out, it was tough to keep everything running smoothly. Mint’s aviation correspondent Anu Sharma reports on the latest development surrounding Vistara’s struggle to keep its flights on time and running smoothly.In the run-up to the Lok Sabha elections, India’s political landscape is buzzing. Leaders of all political parties are out there campaigning, electioneering and asking for people’s support. The election, which is planned to be conducted over seven phases, will kick off in exactly a week’s time. Uttarakhand happens to be one of the key states going to polls in the first phase on April 19. Amidst the ongoing Game of Thrones for 7 Lok Kalyan Marg, its incumbent, the ruling party’s star campaigner for over a decade and the nation’s Prime Minister Narendra Modi sat down for an interview with Hindi Hindustan’s editor-in-chief Shashi Shekhar. The prime minister seemed  confident about returning for a third term. He listed out his government’s achievements during the course of the interview, with special focus on Uttarakhand, which is one of the states voting in the first phase. Modi talked about issues ranging from his government’s approach towards corruption to its stance on renewable energy.  Perhaps unsurprisingly, the prime minister refuted any claims of an anti-incumbency wave in the country. He said his party has robust on-ground support. Last week, Thierry Delaporte stepped down as the CEO of Bengaluru-based IT giant Wipro. To fill in his shoes, Srinivas Pallia was chosen. But Pallia isn't just any new CEO on the block; he's a seasoned Wipro veteran who's weathered the ups and downs of the company for 32 long years. However, as Pallia steps into the limelight, it won't be an easy road ahead for him. He faces a mammoth task of steering the company back to its former glory and reclaiming its spot among India’s top 3 IT companies, a position it lost to HCL in 2022. Wipro's recent years have been anything but smooth, with the company grappling to keep pace with its peers. Mint’s Shelley Singh spoke to critics and analysts, who echo this sentiment. According to many of them apart from the pandemic boom, Wipro has mostly lagged behind its peers. Adding to the challenge is the instability at the leadership level. More than 20 senior executives left under the watch of outgoing CEO Delaporte. This leadership instability is further underscored by the sheer number of CEOs Wipro has had since the year 2000—Pallia marks the eighth. Shelley takes a deep dive into the challenges awaiting Wipro’s new chief, for today’s Long Story.We'd love to hear your feedback on this podcast. Let us know by writing to us at [email protected]. You may send us feedback, tips or anything that you feel we should be covering from your vantage point in the world of business and finance.Show notes:Futures flashing signal that market rally may be about to peakMint Primer | American AI bill: Is it a boon or bane for global innovation?Worst is behind us, says Vistara CEO to employees as airline trims networkJust 3% of ED investigations related to people in politics: PM Narendra ModiWith Delaporte gone, can legacy hand Srinivas Pallia steer Wipro through the AI

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 11, 2024. My name is Nelson John. Let's get started:Indian equity markets edged higher on Wednesday. Nifty and Sensex increased by around half a percent each, with Sensex closing at more than 75,000. The markets will remain shut today on the occasion of Eid.It's unusual for the stock market to be so bullish close to an election. Past election cycles have shown that the public markets deal with plenty of volatility and price corrections, as nervous traders choose to play safe. But market indices show that investors seem awfully calm this time around. They don't expect any large swings in the markets, and trading volumes have been robust, we argue in our special online-only premium segment, Mint SnapView. However, the current calm doesn't mean that it's going to stay this way: May and June might see some volatility, despite the bullish nature of the market at present. You might be playing the long game or short, but do continue reading Mint to understand the underlying sentiments of the markets as the runway to the general elections gets shorter.Much of India's general election coverage is focused on Uttar Pradesh, and perhaps justifiably so: the state has the most number of seats for the Lok Sabha. But with 48 seats, Maharashtra is the next biggest. Voting should be quite interesting here too: voters are spoilt for choice. Apart from the household names, a host of regional political parties — including not one, but two Shiv Senas — are contesting the ballot. Mint's national writer Sayantan Bera visited Wardha and Nagpur, two cities in the heart of Maharashtra, to bring you an on-ground pulse of the region. Sayantan writes about the hot button issues, the mass confusion among turncoat candidates and the parties they represent, and speaks to locals about how they plan on voting, and why. Life Insurance Corporation, the biggest insurer in India, has a market cap of over 6 trillion rupees. It invests a chunk of this money into other companies, often owning sizable shares of publicly traded companies. Due to its investing power, it often has a unique position among the board members. Anirudh Laskar and Niti Kiran team up to analyse these decisions, which paint an interesting picture: LIC has been an active cap table member in many of its invested companies. In the nine months ending December 2023, LIC had either outright rejected or abstained from nearly 10% of the proposals put forward to it. For more than 40% of the proposals it had rejected, LIC stated governance issues as a reason for its dissent. Most of these decisions were to do with appointment of directors, or their remuneration. The state-owned insurer is turning into a bit of an activist investor, data shows.For a long, long time, VIP was the most prominent branded luggage maker in the Indian market. But then came the Samsons and the Tourists, and VIP couldn't keep up. With margins of only 9 percent, the Piramal family considered selling their business, but decided against it last year. The lack of consistency might also cost them: VIP has seen three managing directors in the last three years. Mint's Dipti Sharma and Ranjani Raghavan speak to Neetu Kashiramka on the newest MD's three-year plan to revive the business. Kashiramka remains grounded, and wants to improve margins in her tenure before the owners contemplate a stake sale again. Can VIP shed its excess baggage to be a fitter and slimmer company? Time will tell.For fans of Bollywood, every major festival brought with itself a blockbuster movie release. The three Khans of the industry had divided release dates among themselves: Shah Rukh got Diwali, Salman got Eid, and Aamir got Christmas. But, the last few years have seen this order get jumbled. While this year's Eid is here, Salman isn't: and the film industry isn't happy. The lack of the Salman-Eid combo is likely to mute movie collections over this weekend, writes Mint's media and entertainment correspondent Lata Jha. She writes that box offices have seen around 30 percent less collection post Covid, as more people fire up OTT platforms and choose to watch movies from the comfort of their homes.We'd love to hear your feedback on this podcast. Let us know by writing to us at [email protected]. You may send us feedback, tips or anything that you feel we should be covering from your vantage point in the world of business and finance.That’s all for today. Thank you for listening.We'll be back tomorrow with a fresh episode of Top of the Morning. Have a nice weekend!Show notes:Sensex at 75k: Why the bulls are unusually calm on the eve of an election Cards, ludo and low wages: Tales from Maharashtra’s hinterland LIC votes reveal governance fault lines at India Inc. How VIP is trying to shed its baggage When bhai goes missing in action, will Eid box office be the same?