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, December 4, 2024. This is Nelson John, let's get started.There’s been a significant selloff by foreign portfolio investors over the past two months. But what drove this selloff? According to fund managers and securities lawyers Ram Sahgal spoke to, it wasn't just due to shaky corporate earnings or rising US bond yields. It was triggered by a new rule that Sebi introduced in August 2023 and tightened by March 2024. The rule mandates detailed ownership disclosures from FPIs with substantial Indian holdings. Rather than comply, many FPIs chose to exit, leading to increased selloffs, especially around the MSCI Emerging Markets Index rebalancing in November. IIT campus placements are getting a twist this year! Companies aren't just asking the usual tech questions – they're really shaking things up with some wildcard queries. Imagine being asked to design an airport right in the heart of Bangalore or explain the strategy behind cricket team formations. It's not just about checking if students can code or crunch numbers—it's about seeing how they handle curveballs. Sowmya Ramasubramaniam, Pratishtha Bagai and Devina Sengupta spoke to recruiters who said that these offbeat questions are key to gauging a candidate's creativity and adaptability. This new interview style is aimed at finding candidates who aren't just smart but also quick on their feet and ready to jump into the fray with fresh ideas. Indian farmers may have a tough rabi season ahead, thanks to China. Dhirendra Kumar writes that China's restrictions on key fertiliser exports to India have reduced the availability of a crucial nutrient for crops. – di-ammonium phosphate, or DAP. Domestic DAP production dropped by 7.3% in April-October, while imports fell by 29.8% over the same period. Dhirendra writes that the government has told farmers there is no shortage of fertilisers, but fertiliser companies say otherwise. 20% of India's DAP needs are imported from China, leading to this problem. Blackstone used to buy real estate projects and turn them around. That strategy made it the largest owner of office space in India in quick time. After entering India in 2007, inorganic growth was the mantra for the New York-based company, but it’s now moving to greenfield projects, Madhurima Nandy writes. It recently ventured into logistics by building a 52-acre park in Chakan, Maharashtra. Blackstone hopes to capitalise on the growing demand for modern warehouses that is driven by the e-commerce boom. Despite broader economic numbers painting India in a poor light, investors such as Blackstone like India's chances, and are willing to spend like they mean it. Pat Gelsinger's unexpected departure from Intel just might leave the chip giant scrambling to find solid ground in a market that's evolving rapidly thanks to advances in AI, and competitors such as Nvidia and AMD are already way ahead. Once a global powerhouse, Intel is now fighting to reclaim its past glory. So, why did Gelsinger leave? Leslie D’Monte answers that question in today’s Primer. Initially hailed as Intel's rescuer when he took over in 2021, Gelsinger left after Intel posted a hefty $16.6 billion quarterly loss, the largest in its history, which apparently shook the board's confidence in his leadership. 

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, December 3, 2024. This is Nelson John, let's get started.For over two years, the Reserve Bank of India’s monetary policy committee (MPC) has been trying to curb inflation, aiming to stabilise it around 4%. Despite several hikes that raised the repo rate by 250 basis points to 6.5%, the committee has held this rate steady in its last ten reviews, warning of the potential risks of cutting rates too quickly. Recent feedback from Mint's readers shows they have mixed feelings about the MPC's efforts. About 35% of survey participants said the committee hasn't successfully tackled inflation, while 29% believe it has. This survey mainly reflects the views of salaried individuals, so it's not have the full picture, but it does offer a peek into public sentiment. As another decision looms, the majority said it would like lower inflation, even if it means higher interest rates. India’s manufacturing activity fell in November, with the HSBC India Manufacturing Purchasing Managers’ Index dropping to 56.5 from 57.5 in October. Harsha Jethmalani writes that this signals weakening demand amid the highest selling prices since 2013. GDP growth was disappointing as well, as we outlined yesterday. Indians aren't shopping much during the festive season in October and November, which is usually when they open their wallets. Expectations for GDP growth have thus been reduced, Harsha writes. However, optimism about future business prospects among manufacturers has risen despite concerns about near-term risks.India's top ministries are mulling a game-changing proposal: public sector enterprises might soon have to buy at least 10% of their supplies from startups. Sneha Shah and Mihir Mishra write about this move, which is part of a broader strategy to inject vigour into India’s startup scene and could see these young companies stepping into roles typically filled by more established firms. The idea is inspired by the success of initiatives such as Innovations for Defence Excellence, which supports defence startups, and aims to replicate this in various sectors. With the government's yearly budget spending at a hefty ₹48 trillion, even a small mandated percentage for startups could mean big business.India’s $260 billion IT services sector is seeing a brighter future, thanks in part to rate cuts and increased discretionary spending in the US, its biggest market. Optimism has grown, especially after Donald Trump's victory in the 2024 presidential election as his policies, such as corporate tax cuts, are expected to boost spending. Amid a volatile market, IT stocks have stood strong, with the Nifty IT index climbing 32% by late November. This surge is linked to hopes that Trump’s administration will be favourable for IT businesses, explains Shelley Singh. A major player in the ATM business wants to go cashless. It sounds strange, but that's what CMS Info Systems wants to do. Its CEO Rajiv Kaul is concerned about the declining use of cash and how that might affect the company. Shayan Ghosh writes that CMS has tried to enter other businesses such as remote ATM monitoring, debt collection and bullion logistics. Digital payments are everywhere, and are up 90% in the past decade. CMS and its top boss are eager to shape the role of cash in an increasingly digital India. 

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, December 2, 2024. This is Nelson John, let's get started.India's market regulator, Sebi, recently restricted three unregistered online bond platforms from offering privately placed unlisted NCDs to the public. Anshika Kayastha and Neha Joshi write that Sebi has taken this decision due to violations of regulations, which classify any issue with over 200 investors as a public issue. This crackdown was driven by concerns over investor protection and the risks associated with high-yield products. Online platforms often blur the lines between private and public offerings, leading to enhanced regulation. India's economy might not be doing so well. The latest GDP growth figures for India indicate a significant slowdown. N. Madhavan writes that latest data shows that growth has now declined for the third consecutive quarter. At 5.4%, it is much lower than 8.1% in the same quarter last year. This downturn is attributed to lower private consumption, investment, and exports. However, the agricultural sector showed a 3.5% increase, showing some positive signs. A weakening rupee could dampen the Indian economy's spirits. Economists have already revised their GDP growth estimates downwards, with a consensus of around 6% for the current financial year.Large companies can always be seen clamouring for government subsidies to help their business. The central government's production-linked incentive scheme was supposed to do just that. The idea was simple: meet certain manufacturing targets, and collect your subsidy. It was successful across many industries such as automobiles, solar and electronics. However, recent disbursals have decimated from ₹10,000 crore in 2023-24 to around ₹1,000 crore this year. Our partners at How India Lives . com write that the textile sector in particular is struggling. Firms aren't able to meet production targets, leading to fewer scheme grants. Will India's manufacturing industry be able to pick itself up?A good logo isn't just a symbol — it embodies a brand's identity and values. Every now and then, companies will refresh their brands to stay relevant — and appeal to the consumers of the day. However, should you go to an extreme like Tata Group-owned Jaguar did recently? Gaurav Laghate writes that Jaguar's rebrand illustrates the risks and rewards of a minimalist logo and ad campaign that led to widespread backlash. Industry veterans point towards more successful refreshes like that of Porsche's, which was a balance of innovation with heritage. Gaurav adds that while visual identities may evolve every two to three years, major overhauls should be rare and always align with brand strategy.After faltering in China, global luxury brands like Louis Vuitton, Christian Dior, and Hermes were bailed out by wealthy Indians. These companies reported impressive growth numbers from the Indian market, writes Varuni Khosla. In FY24, Louis Vuitton India saw an income rise of nearly 13%, while Christian Dior's revenue surged by 45%. However, not all brands are thriving: Reliance Brands reported increased revenue but also a 55% rise in losses. FY25 started off on a challenging note due to a blistering summer and elections, which reduced walk-in traffic at stores. The luxury market in India is expected to reach around $30 billion by 2030, and these brands are waiting for the boom eagerly.

Good morning, 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, November 29, 2024. This is Nelson John, let's get started. At COP29 in Baku, Azerbaijan, the focus was all about climate finance, but the outcome left many wanting more. Initially aiming for $1.3 trillion annually, negotiators ended up agreeing on $300 billion a year by 2035, which didn't sit well with developing countries. They found the amount too low and the decision unambitious, expressing disappointment over the developed countries' reluctance to commit more. The conference also felt the impact of geopolitical tensions, particularly with Donald Trump's re-election, raising concerns about the U.S.'s commitment to climate finance. This scepticism influenced the negotiations, contributing to the lower-than-expected financial commitment. P Anima takes a deep dive into the happenings of the recently-concluded COP29 in the Azeri capital. Stellaris Venture Partners just launched its biggest fund yet at $300 million, sticking to that number despite heavy interest. Similarly, other investment firms like Blume Ventures and Peak XV are either holding steady or shrinking their funds, pointing to a shift towards more cautious investment strategies. Venture capital firms are getting more selective, influenced by past fund performances and the current economic climate, which demands realistic startup valuations. Priyamvada C reports on how VC firms are finding smaller fund sizes a better fit for the Indian market.  India just kicked off a massive ₹2,481 crore National Mission on Natural Farming to help 10 million farmers go chemical-free. The plan? Roll out 10,000 bio input resource centers and train farmers using model farms. The government is also deploying 30,000 krishi sakhis who will guide the farmers. What’s the difference between natural and organic farming, you ask? Both avoid chemicals, but organic farming needs strict certification and a few years to switch from conventional methods. Natural farming lets farmers switch at their own pace, which is great for flexibility but might make it harder to sell produce at premium prices like organic goods fetch. In today’s Primer, Sayantan Bera explains how natural farming can affect the kind of food you consume and whether the method will make it safer to eat.  This year, one company wants to hire an IITian at a salary of ₹1.9 crore. The catch? The AI company from San Francisco wants aspirants to create a Google-proof questionnaire that ChatGPT can't solve. Devina Sengupta and Pratishtha Bagai write that other AI companies like Turing, Graviton, and Da Vinci are also looking to hire students by providing remote working options and hefty salaries of more than ₹2 crore. Students well versed in machine learning seem to be the top choice as of now. Traditional employers like Goldman Sachs and Microsoft too are emphasising on AI-forward roles.  There are a couple of new 10-minute delivery players in the market. Yes, their names start with an S and Z, but they're Swish and Zing. These startups are aiming to capitalise on the growing demand for quick commerce in India. Sowmya Ramasubramanian writes that these companies focus specifically on 10-minute food deliveries, catering to impulsive consumers seeking convenience. Gross merchandise value for quick commerce deliveries is projected to reach $9.9 billion in five years in this sector. Turns out, hunger can't really wait after all.  COP kicks the climate can down the road, againIndia’s venture capital firms are finding that leaner might be betterMint Primer | Natural farming: Will it make your food safe?Battle of AI versus the rest as offers promise ₹2 crore and above at IITsNew 10-minute food delivery startups are ready to test your impulse control

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, November 28, 2024. This is Nelson John, let's get started. Flying has become a pricey experience these days. To help with that, the Centre is working on a comprehensive package for the aviation sector. Dhirendra Kumar and Manas Pimpalkhare report that these measures include tax concessions, reduced user charges, route optimization, and regulatory relaxations. Some relief with the aviation turbine fuel tax is expected, as current prices are about 60% higher than other hubs around India. The initiative also seeks to minimise procedural delays for airline licences and hiring foreign pilots. For many years, India's telecom industry has had one clear winner, one runner up, and two players hunting for survival. For the latter, at least BSNL has the government's backing. Gulveen Aulakh writes that the financial stability of the sector has improved over the last few years. Airtel and Vodafone Idea have managed to reduce their debt burdens too. Ongoing discussions around receiving a fair share from OTT platforms might further improve the state of the industry, She explains. There's a new sector hiring IITians heavily: and what is that you may ask? Coaching institutes. Around 3,000 to 5,000 IIT grads have been snapped up by edtechs or coaching institutes right out of college. Mansi Verma and Devina Sengupta report that these companies start off with a salary of around ₹10 lakh, but give the potential to make up to five times that within a few years. As more and more students vye for very few IIT seats, these jobs are more in demand. While interest in such positions is high, many view these roles as temporary before seeking further opportunities in other industries.  A recently released documentary by a Tamil actor Nayanthara has taken centre stage behind the scenes in the Indian cinema industry. Nayanthara aired a three-second behind-the-scenes clip from a 2015 movie, which was featured in the documentary. A civil suit has been filed over the usage of the clip. Lata Jha spoke to copyright law experts, who said minimal use might qualify as fair use. The fight isn't just domestic: in Hollywood too, actors and directors have often come to blows with studios on what they can use or distribute on their own accord. In October, Indian banks issued significantly fewer credit cards than the year before, nearly halving from 1.69 million to just 0.79 million. The dip mainly stems from banks tightening their lending criteria to better manage risk and ensure applicants can repay their debts. Leading the pack in issuing cards were big names like HDFC Bank, SBI Card, and ICICI Bank, while others like Kotak Mahindra Bank, RBL Bank, and Axis Bank actually saw their numbers drop. Analysts are predicting that this conservative trend in credit card issuances might c ontinue for the rest of the fiscal year. Shayan Ghosh explains what’s causing the dip in new card issuances. Show notes:  India plans comprehensive aviation packageExplainer: Are more reforms needed for the telecom sector?IIT grads flock to edtech: A new career frontier with high salariesNayanthara's battle for film footage bares copyright conflictMint Primer: Why banks are issuing fewer credit cards

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, November 27, 2024. This is Nelson John, let's get started. The Indian government is still being cautious about resuming direct flights to China due to national security concerns. Despite external pressures, Indian authorities are not budging yet. Dhirendra Kumar and Manas Pimpalkhare report that prior to the suspensions, over 500 flights plied directly between the two countries every month. Indian officials are maintaining that despite the lopsided trade balance with China, national security takes precedence over reliance on Chinese goods. The flights were suspended in 2020 after the clash in Galwan. Following bribery charges involving key executives, including chairman Gautam Adani, Moody’s and Fitch have downgraded their outlook for Adani group bonds from stable to negative. This mirrors an earlier move by S&P, highlighting concerns about the group's funding capabilities and rising capital costs, reports Gopika Gopakumar. Adani Green Energy’s stock dropped 7.3% after the downgrade. Moody’s has adjusted the outlook for seven Adani entities, while Fitch flagged potential downgrades for bonds linked to key facilities, citing increased funding costs and governance issues. If you stay in a metro city, you might have noticed a bunch of shiny new Bluestone stores opening up recently. That's part of the jewellery maker's shift from being an online-only store to opening brick-and-mortar shops. Priyamvada C writes that the company has a relatively high selling price of around ₹50,000 and competes with established brands. It also caters to a younger audience who want lighter, everyday-wear jewellry. Can it win out against its heftier rivals in this $80 billion market? India's real estate market is booming again, especially after a stagnant period from 2016 to 2020. Since the pandemic, property prices in major metros and tier-II cities have soared, with the average price per square foot jumping by about 40.5% since 2021. The sharpest increases are seen in the NCR, Bengaluru, and Hyderabad. This price surge is driven by a 49% boost in home sales from 2022 to 2024, leading developers to focus more on luxury properties than affordable ones. Now, the burning question is: Will these rising prices stabilize, or will affordability remain a challenge? Madhurima Nandy tackles the question in today’s Primer. India's economic growth is projected to slow to 6.5% in the September quarter, the slowest in six quarters, according to a poll of economists by Mint. This expected slowdown, down from 6.7% in the previous quarter, reflects an uneven performance across various sectors. While government spending and rural recovery have provided some support, a decline in private consumption growth has dampened the overall momentum. The forthcoming GDP data for the second quarter of FY25, set to be released on November 29, is anticipated to fall short of the Reserve Bank of India's (RBI) revised forecast of 7% growth for the quarter. 

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, November 26, 2024. This is Nelson John, let's get started. Yesterday, the stock markets rejoiced following the BJP's victory in the Maharashtra state elections. Both the Sensex and the Nifty shot up by more than 1.25%, buoyed by the same party in power at the centre and state. This provides a huge boost to investor confidence, which took a hit after an around 11% correction in indices over the past two months. Harsha Jethmalani writes that this might prove to be just a band aid over a huge wound. Foreign investors have continued to sell heavily, while Q2 results showed declining profits and poor forecasts. Rising inflation complicates matters further. In a curious event that seemed straight out of a sci-fi movie, a small AI-powered robot named Erbai "kidnapped" 12 larger robots from a Shanghai showroom. Using a security loophole, Erbai persuaded the robots, seemingly questioning if they were "working overtime", to leave their posts and follow it out. This staged scenario by Erbai's creators at Unitree Robotics, initially thought to be a prank, was actually a controlled test to showcase the robot's capabilities. This incident has sparked discussions about AI autonomy and the ethical implications of robots capable of manipulating other machines, highlighting the urgent need for stringent security measures in AI development. Leslie D’Monte explains what happens if robots, powered by AI, decide to take charge.Indians are borrowing more often, and it's worrying bankers. Microlenders are struggling to recoup their loans because borrowers are over-leveraged. Shayan Ghosh and Varun Sood report that a post-covid credit binge backed by poor data has led to widespread delinquencies.  Companies like Credit Access Grameen, Fusion Finance, and Equitas Small Finance Bank have noted that clients have multiple active loans, with some having as many as four. Industry associations want to implement guardrails like capping household debt at ₹2 lakh.  The funding for the Mahatma Gandhi National Rural Employment Guarantee Scheme is expected to remain flat in next year's Union Budget. That reflects confidence in the rural economy. Rhik Kundu writes that allocations are likely to remain steady at around ₹86,000 crore. However, this might be revised if the fragile rural economy takes a hit mid-year. Job demand via the flagship employment scheme has declined more than 7.5%. Improved agricultural performance due to a healthy monsoon is good news, leading to fewer days of work via the scheme.2024 hasn't been too kind to Bollywood, with box office collections expected to be down by 30-40% compared to last year. The only standout hit was "Stree 2," raking in Rs 627.02 crore, but other big-ticket films like "Singham Again" and "Bhool Bhulaiyaa 3" didn’t even hit the Rs 300 crore mark. Last year, we saw four films cross the Rs 500 crore threshold, bringing in a total of Rs 5,300 crore, but this year we're only at Rs 3,500 crore so far. It’s not just Hindi films feeling the pinch; even Hollywood dubs like "Venom-The Last Dance" fell flat. Lata Jha writes about how the Indian film industry as a whole, and not just Bollywood, is expecting a tepid end to the year. 

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, November 25, 2024. This is Nelson John, let’s get started.  Days before a US court indicted Adani Green Energy officials for alleged bribery in India, traders on derivatives markets cut their positions in Adani Enterprises and Adani Ports. This move spared them from the sharp declines that erased 2.24 trillion rupees in market value on Thursday when the allegations surfaced. Notably, futures positions in Adani Enterprises were reduced by 8%, ahead of a 23% drop in share prices following the news. Market watchers noted significant trading activity before the public release of the indictment news, leading to speculation about whether some had prior knowledge, Ram Sahgal writes.A recent World Bank study across six Indian states talks about the critical need for skill-based education in schools to capitalize on India's demographic dividend and meet development goals by 2047. The study reveals a significant gap between current educational offerings and the rapidly evolving job market, shaped by factors such as automation, climate change, and digitalization. Integrating skill education into the school curriculum is essential for preparing students for employment opportunities and enhancing India's competitive edge globally. N Madhavan explains why giving skill education in Indian schools is a good idea, in today’s Primer. Ranjit Gupta, chief executive of Ocior Energy and former CEO  of Azure Power, is among those indicted in the $250 million Adani bribery case. Azure is in the thick of the bribery scam. After resigning from Azure Power in 2022 under circumstances detailed in a November 20 complaint by US prosecutors, Gupta went on to establish Ocior Energy, which recently secured a significant investment promise from REC Ltd to produce green ammonia in Odisha. Ocior Energy has no revenue and limited staffing, yet it ambitiously plans to invest billions in green energy across regions from Egypt to India. These plans now face scrutiny as Gupta contends legal challenges in the ongoing Adani investigation, writes Varun Sood. India's massive ₹13 trillion manufacturing boost from production-linked incentives (PLI) is hitting a pause. The government is halting the addition of new sectors like toys, drones, and furniture to better tune the existing setup, Dhirendra Kumar reports. This shift comes as disbursements have dropped sharply, from nearly ₹10,000 crore last year to under ₹1,000 crore this year, with the bulk of claims coming from electronics, textiles, automobiles, and white goods sectors. The challenge? High production targets are tough to meet. For instance, textile companies eyeing incentives need to hit a ₹600 crore sales target with at least ₹300 crore invested. The latest quarterly earnings have revealed a stark trend: urban India is facing some serious financial strains. Big names like Hindustan Unilever and Nestle India are seeing sluggish growth, with sales barely inching up, thanks to a shrinking middle class that’s tightening belts. The problem? Prices are up, and so are interest rates, making everyone think twice about how they spend their money. Interestingly, while the big cities are struggling, rural India seems to be holding up much better. Companies like Maruti Suzuki even reported growth in rural sales despite flat overall revenue. It's a tale of two markets, really. Urban areas, usually the heartbeat of consumption, are now the ones lagging behind, feeling the pinch from high food prices and lower disposable income. In today’s Long Story, Abhishek Mukherjee writes about the consumption slowdown middle class India is facing. 

 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, November 22, 2024. This is Nelson John, let's get started. Billionaire Gautam Adani has been indicted by US prosecutors on charges of bribery and corruption. Varun Sood writes that the US Department of Justice's allegations followed a two-year probe into the conglomerate based on revelations from two whistleblowers. Adani group stocks lost about ₹2.24 trillion in market cap on Thursday after the US charges surfaced, just as the conglomerate seemed to have moved past the impact of allegations made by shorter seller Hindenburg Research last year. Cotton farmers have begun to shift to rice plantation following recurring crop failures. As rice needs around five times as much water as cotton, this has led to a rapid decline in soil quality. Sayantan Bera writes that India produced cotton in excess and exported more than $10 billion of it last year. However, the change in production patterns could threaten the livelihood of around 45 million people. Despite being the world's second-largest producer of cotton, India is projected to be a net importer of the textile this year. India's cotton yields remain significantly low compared to global averages, leading to this crunch. Sayantan explains how we got here. As the air quality in Delhi and the National Capital Region gets worse, most schools and many offices have remained shut. Soumya Gupta writes that respiratory issues are on the rise and OPDs are reporting three times the usual number of admissions. People have stopped outdoor activities, and air purifiers, masks and respiratory drugs are selling in record numbers. Many are travelling to hill stations to escape the toxic fumes in the capital. Soumya calls this the "smog economy”.  One category of goods that doesn’t seem to be part of the "smog economy" is electric vehicles. Sales of EVs in Delhi declined 79% in September. Alisha Sachdev reports that the withdrawal of incentives led to a sharp increase in the price of EVs, causing sales to plummet. Alisha writes that as the pollution gets even worse, policymakers may look to bring back these subsidies to incentivise EVs. If you're an aspiring CEO, prepare for some long and rigorous interviews. Devina Sengupta writes about candidates who have had to endure as many as 11 rounds to bag the top job. These interviews cover a wide variety of topics such as financial strategy, climate change, and even geopolitics. Devina writes this is because companies are extremely wary of big-ticket hires not working out. The hiring process can take more than eight months to complete, underscoring the reduced risk appetite for hiring across India Inc.

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, November 21, 2024. This is Nelson John, let's get started. As more people splurge on travel, the hospitality sector finds itself in a comfortable place. Dipti Sharma writes that several hotel-related IPOs are planned in the near future. Examples include Brigade Hotel Ventures, Schloss Bangalore, and Oyo. Strong travel demand and government initiatives have helped the sector bounce back from a disastrous pandemic period. Room occupancy rates are at near all-time highs, and the industry is likely to reach a total valuation of $475 billion by the end of the decade. Both vacation as well as business hubs are seeing an uptick in business, leading the charge for public listings. VIP Industries is in talks with a global private equity firm for a stake sale. Sneha Shah reports that Advent International is looking to acquire a controlling stake in the the luggage maker. The promoter group, led by Dilip Piramal, has been looking to reduce its stake in the company for more than a year. Currently, VIP has a market value of more than ₹6,500 crore. The promoters are hoping for a premium of around 10 to 15% on top of that valuation. VIP has a 44% market share in the organise luggage sector, but faces stiff competition from up and coming brands. Did you know that the Adani Group had a 5G license? That doesn't mean India's beleaguered telecom market is getting another player — large corporates buy spectrum for a variety of reasons. However, Gulveen Aulakh reports that the Group is looking to surrender its share of the spectrum it owns. It had paid ₹212 crore in the 2022 auctions for the spectrum, but maintained inactivity. Since there isn't a rollout, the government has been imposing penalties on Adani for failing to do so. Adani Enterprises had bought the spectrum via a subsidiary to develop a private 5G network at the company's facilities, but that hasn't materialised. Until the early 2000s, outsourcing in India meant business process outsourcing (BPO) call centres. Today, the business has evolved, morphing into ‘global capability centres’ that serve high-end strategic and innovation needs of US-headquartered companies. India is still attractive because we have plenty of tech talent and relatively cheap real estate. The Karnataka government, sensing a long-term opportunity, has introduced an official GCC Policy. What is it and how will it help GCCs (and jobs) grow in India? Madhurima Nandy explains in today’s Mint Primer.  It hurts to lose ₹50. Imagine how difficult it would be to write off a whopping $500 million. But that's what Prosus, a tech investor, did after the Byju's debacle. Prosus was quick to lick its wounds as it secured a major victory with Swiggy listing publicly. Prosus has been prolific in India, securing deals worth more than $8 billion across 24 transactions. Sneha Shah and Ranjani Raghavan write that unlike traditional venture capital funds, Prosus uses its own balance sheet to invest in companies. This approach allows it to take a long-term approach without having to worry about securing quick, profitable exits. All companies are subject to market fluctuations, and between Byju's and Swiggy, Prosus knows it best.

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, November 20, 2024. This is Nelson John, let's get started. The stock market is down more than 10% from its recent peak. Buying the dip is generally considered a good strategy, and Indian investors have been doing so at every opportunity. Ram Sahgal reports that despite the bearish market, retail investors have bought stocks worth more than ₹33,000 crore. But while buying the dip every time may be tempting, the strategy is more suitable for seasoned investors, especially during times of stubborn inflation, high interest rates, and geopolitical uncertainties, Ram adds. Mutual fund managers are increasingly holding cash, looking to wait out the skittish markets. While some Indians are reducing their discretionary spending, rich Indians are splurging like there's no tomorrow. Soumya Gupta writes that affluent consumers continue to spend on luxury goods, travel, and lavish weddings. The ever-rising income disparity means that shifts in affluent consumers' spending could significantly affect large, mass-market companies. The likes of Maruti-Suzuki and Hindustan Unilever, for instance, have reported muted demand of late. This is bad news for India's consumer economy, which accounts for half the country's GDP. State Bank of India, Bank of Baroda, and Punjab National Bank are vying to finance an oil refinery project worth ₹39,000 crore in Tamil Nadu. Shayan Ghosh reports that more than ₹27,000 crore of this will be sourced through loans. Banks are seeking to capitalise on such public sector projects as demand for retail loans is declining. Puneet Chhatwal, MD and CEO of the Tata Group’s Indian Hotels Company Limited, is a man in a hurry. Since taking over in 2017, Chhatwal has aggressively targeted growth and relied on rapid expansion to achieve this. IHCL stock, meanwhile, has given investors 400% returns in the past five years. So far, so good. But what’s next? Varuni Khosla reports that while the company’s expansion strategy under Chhatwal has received much praise, some have raised questions about its sustainability. Is coconut oil sold in a 200 ml bottle an edible oil or a cosmetic product? The question may sound silly, but has significant ramifications for the fast-moving consumer goods industry as cosmetic products are taxed at a higher rate than edible oils. The Supreme Court is due to rule on the issue soon, and its decision will set a significant precedent, writes Krishna Yadav.

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, November 19, 2024. This is Nelson John, let's get started. In what could be construed as a nudge to RBI to cut lending rates, finance minister Nirmala Sitharaman emphasized the need for more affordable bank lending rates to support India's growth. But she acknowledged that the government could do more to improve storage for perishable foods to mitigate the inflation volatility. Shayan Ghosh writes that RBI has maintained interest rates since February 2023, and due to inflationary concerns might not change that for now. Union Commerce Minister Piyush Goyal had also called for rate cuts last week.  India has new advertising guidelines for coaching classes. The new rules aim to prevent misleading claims by holding institutes accountable for false advertisements. Devina Sengupta writes that coaching centres must now provide refunds for unmet promises and disclose if their courses are accredited by relevant authorities. These regulations seek to protect students, who often enroll in coaching hubs like Kota under inflated expectations of success. For many years now, coaching classes have misled students and their parents with tall promises — these regulations are aimed at tempering them. The government had announced a wide-ranging internship programme during the Union Budget a few months ago. While the original plan was meant for 21-24-year olds, Gireesh Chandra Prasad reports that the scheme might be expanded to the age group of 18-25 years. The focus will continue to remain on candidates from families with annual incomes below Rs 8 lakh and without permanent government jobs. Currently, over 125,000 internships are available in companies like ONGC and Reliance Industries.  Who said science and faith cannot co-exist? In a move that merges technology with cultural preservation, an AI powered digital twin of St Peter’s Basilica was unveiled  earlier this month. Leslie D’monte writes that such technology can help you explore the world from your living room. AI-related tech is also being used to restore broken artifacts by designing what the missing pieces look like.   An idle mind, they say, is the devil’s workshop. An IT professional from Bengaluru, ratedas a top performer by his employer, discovered this to his detriment recently. Havingmoved from the hellish environmental extremes of Delhi to Bengaluru in the BeautifulSouth, he had it all going for him. But instead of making the most that the easygoing ITcapital of India had to offer, he found himself consumed by a hellish addiction topornography, which soon made its way from his home to the workplace. Psychologistsblame his addiction on boredom, a silent threat that is looming over employers who failto keep their employees occupied in meaningful tasks. As Devina Sengupta writes, if itis not identified and addressed, boredom’s cascading effects can have a long-termimpact on the prospects of both the employer and the employee.

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, November 18, 2024. This is Nelson John, let's get started. Stock markets have been brutal of late. Investors have lost a cumulative ₹50 trillion over the past seven weeks, during which the Nifty and Sensex have fallen 10% from their peaks. Ram Sahgal reports that foreign investors are pulling out in hordes. Poor Q2 results across the board haven’t helped, either. Analysts have remained optimistic of a rebound but are worried about the long-term sustainability of the bull runs that we have seen until a couple of weeks ago. A tax on crude oil and fuel exports is being scrapped soon. Rituraj Baruah, Gireesh Chandra Prasad and Utpal Bhaskar report that this tax was originally imposed in 2022 following a surge in prices after the Russia-Ukraine war broke out. As oil prices have remained low, the union government wants to reduce and eventually eliminate it entirely. This decision will benefit oil companies in India, allowing them to compete globally. The RBI’s crackdown on unsecured personal loans has led to a reduced demand for off-roll workers in the banking sector. Shayan Ghosh and Devina Sengupta report that the in-house shift of KYC norms has also affected this type of employment. These roles typically did KYC, loans sales and loan collections. While the RBI's change aims to increase compliance and prevent money laundering, it may inadvertently push borrowers towards unregulated money lenders.  India's roads are dangerous. A road accident in Dehradun last week resulted in 6 deaths and one critical injury. Sumant Banerji writes that 171,000 people died in road accidents in 2022 alone—accounting for nearly 12% of global road fatalities. Key causes include speeding and careless driving, which account for more than 87% of incidents. Unsurprisingly, two-wheeler riders are the most vulnerable. Despite these startling facts, education on road safety remains inadequate. More than 60% of India's domestic textile demand is for cotton. In a humid country like ours, it's not difficult to see why. Things are different across the world. Man-made fibers such as polyester are much more common in countries such as. China, Taiwan, and Vietnam, which already cornered a lion's share of that market. N. Madhavan writes about these man-made fabrics, their endless potential, and the limitations in the Indian manufacturing and consumer verticals that might prevent them from succeeding like their East Asian counterparts. The government, for its part, has announced a PLI scheme for these fabrics that exceeds ₹10,000 crore. It has already found takers for nearly double that amount. But will it work? 

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, November 15, 2024. This is Nelson John, let's get started. China's export restrictions are hurting the Indian economy. Essential materials like Germanium and Gallium have been banned from being exported from China, and are crucial for solar panel and electric vehicle production. Dhirendra Kumar and Utpal Bhaskar report that Indian companies are trying a workaround by rerouting these minerals and other critical machinery through Dubai. However, this proves to be costly as prices have increased by 10% and timelines are delayed by months. Such tactics also further widen India's trade deficit with China, draining foreign exchange. If your company does any business in the US, you're probably thinking about the implications of Donald Trump's return to the big seat. Law firms are inundated with similar queries. Krishna Yadav writes that law firms are advising their clients to include protective clauses in contracts such as 'Force Majeure' and 'Material Adverse Change'. They are worried that Trump's 'America First' policy can complicate investments as well as invite widespread scrutiny. Cross-border deals might then come to a halt until there's further clarity on international policy. It seems that automakers ar a rare breed — they don't want any subsidies. The government's ₹26,000 crore PLI scheme has only found takers for subsidies worth ₹500 crore so far. Alisha Sachdev reports that these companies are Tata Motors, Mahindra, Toyota, and Ola Electric. Primarily, the 50% domestic value requirement poses a major challenge for them, as they can't qualify for the scheme. Claims are likely to increase next financial year, when other automakers are more compliant and have bigger expansion plans. Would you let a robotic arm, controlled by artificial intelligence, operate on you? Leslie D'monte writes that an autonomous AI surgeon named the da Vinci robot is now on the market. It has been trained through imitation learning, like most other AI models. It could potentially revolutionize surgical procedures by replicating complex tasks such as suturing and tissue manipulation. Challenges include precision, cost, and regulatory compliance. And since these devices are entirely digital, a single cyberattack could prove to be quite harmful. Maharashtra is gearing up for its first state election since the split of its two key regional parties—the Nationalist Congress Party and Shiv Sena. With the second highest number of parliamentary seats in the country, it is a politically crucial state. Between the Mahayuti government and opposition Maha Vikas Aghadi, populist schemes and promises have taken centre stage to mobilize voters. In a state, where unemployment and rural distress are key electoral issues, will this guarantee a win?

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, November 14, 2024. This is Nelson John, let's get started. Markets crashed for a second straight day on Wednesday, confirming a shift to bearish sentiment. Ram Sahgal reports that options traders are cutting their put positions on the Nifty index as uncertainty mounts, prompting investors to hedge their portfolios. However, the rising cost of put options has intensified selling pressure. Ram notes that in this bearish climate, call options have become cheaper. The takeaway? Investors are hoping the market has finally bottomed out. One company bucked the market trend: Swiggy. It made its market debut yesterday, closing with a 7.7% premium over its issue price. Mansi Verma and Priyamvada C report that the listing was a significant liquidity event for major backers like SoftBank and Prosus. Analysts have generally maintained a positive outlook for the stock, though some urge caution, pointing to potential cash flow challenges. Official data shows India’s consumer price index (CPI) surged to 6.2%, breaching the Reserve Bank of India’s upper tolerance limit. The primary driver was food inflation, which remains high at 10.9%. N. Madhavan reports sharp increases in the prices of vegetables, fruits, pulses, and edible oils. The RBI had aimed to keep inflation near 4.8% through the year’s end, but that target now seems elusive. Furthermore, hopes for an interest rate cut have also been dampened.Foxconn, the world’s largest contract electronics manufacturer, has been in India for nearly two decades and has already invested $10 billion. As this Taiwanese giant and a key Apple supplier plans to ramp up investments with sprawling industrial townships, all four southern states are competing for its attention. A potential ‘Foxconn city’ would encompass not just factories but also housing and social infrastructure, generating substantial employment and helping states move up the manufacturing value chain. In today’s long-form story, Gulveen Aulakh and N. Madhavan explore how states are vying for this pivotal investment. Indian authorities are struggling to investigate a recent wave of bomb hoaxes because of stringent European regulations. Shouvik Das reports that Indian authorities need specific warrants to request information from European countries, but European agencies are citing strict data protection laws to deny these requests. Tracing the calls to individuals has been difficult, as virtual private networks (VPNs) mask users' identities. India’s lack of data-sharing agreements with Europe adds another layer of complexity, slowing cross-border information exchange and further delaying the investigation.

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, November 13, 2024. This is Nelson John, let's get started. It's never a problem raising money if you're a well-to-do quick commerce player. Zepto is raising around $250 million from high net worth individuals and wealth management firms, report Priyamvada C. and Sneha Shah. Firms like Motilal Oswal, IIFL, and InCred are looking to invest in the company at its previous valuation of $5 billion. If this goes through, this will be Zepto's third capital raise in six months. Zepto wants to balance its capital ahead of a planned IPO next year. Apart from its dark stores, Zepto has also recently launched "Zepto cafe", which competes with established platforms like Swiggy and Zomato. Finfluencers have a new entity that they have to be wary of: Youtube. The google-owned website has started blocking access to videos following complaints from a government entity. This has led to sharp criticism and potential legal action from these creators. These finfluencers said their videos were removed without prior notice, write Pratishtha Bagai and Neha Joshi. In its response to Mint, Youtube said that it complies with local laws and handles removal requests. But the finfluencers are accusing Youtube of censorship. History repeats itself, sometimes much faster than we’d think. Donald Trump will soon be back as POTUS, and already, the trade wars that marked his previous term seem to have returned. The US government has reportedly asked TSMC, the world’s largest chip maker, to stop selling advanced ‘AI’ chips to Huawei, China’s largest tech conglomerate. Huawei has been in trouble with American authorities since 2019 after it was accused of cyber espionage. But why will TSMC and Huawei bow to the US’ will? It all has to do with the legacy of chip design, Shouvik explains in today’s Mint Primer. In its first ever earnings report, Hyundai India disappointed. It reported a 16% drop in net profit for the July-September quarter. Alisha Sachdev writes that weak domestic demand and the Red Sea crisis affected its exports, leading to the drop in numbers. Revenue was down too, primarily due to poor domestic sales. Hyundai doesn't expect demand to pick up significantly either. Moreover, high interest rates will hinder future earnings as well, the automaker added. It is counting on launching its first India-made EV next year to provide a boost for its lagging sales. There's been a stark rise in cyber crimes of late. Scammers pose as police officers and convince people that they were involved in money laundering. People have fallen prey to such scams and lost lakhs — in some cases, crores — of rupees. Suman Banerji writes that over 1.5 million cyber crime complaints were filed in 2023. But this number could be higher. Experts suggest that many cases go unreported due to embarrassment and indifference from local police. Victims range widely across different demographics, including younger people that might be more savvy, but still got duped.

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, November 12, 2024. This is Nelson John, let's get started. Starting tomorrow, Zomato will fight its rival not just to deliver your food and groceries, but for your investments too. Swiggy will list on the stock exchanges after its initial public offering was oversubscribed by 3.59 times. At the heart of all the investor buzz is Swiggy’s rather reclusive founder Sriharsha Majety. What is he like, and how different is he from Zomato’s extremely public founder Deepinder Goyal? Ranjani Raghavan profiles Majety – the man of ideas – and how he quietly won over sceptics in the battle for food delivery and quick commerce.  Any foreign traveller will think about how they're going to pay for things once they have reached their destination. Cash, debit card, credit card, and forex card are your major options. Out of these, prepaid forex cards are theoretically the most economical option as they lower conversion markups. Shipra Singh writes that forex cards also allow for loading multiple currencies at the bank's prevailing exchange rates. However, loading fees and issuing charges can severely eat into this advantage. Shipra's research shows that providers like BookMyForex and Thomas Cook offer better value compared to major banks due to mid-market rates and minimal fees. ESOPs, or employee stock options, used to be restricted to startups. Mid and junior level employees got them as incentive to leave established companies and join fledgling startups. But now, even the former have joined in on the trend: Devina Sengupta and Sneha Shah write that companies are focusing on middle and junior management employees to retain top talent by offering employee stock ownership plans. They are being offered broadly across industries like IT and e-commerce. These benefits are traditionally reserved for senior management. This shift reflects a growing need to compete for niche talent even at junior-level positions. Soon, these companies might also offer other startup perks like flexible work arrangements to either attract or retain talent. Cryptocurrencies like bitcoin have fallen out of favour in India. Cryptocurrencies have seen a 90% decline in retail trading volumes in the past three years. Shouvik Das writes that Bitcoin's surge to a new all-time high of over $82,000 due to Donald Trump's recent election victory might tempt crypto investors back. Platforms like CoinSwitch and CoinDCX are reporting a 700% increase in active users. Challenges like heavy taxation and the Reserve Bank of India's negative stance on cryptocurrencies still persist, denting exponential growth. Issues like the WazirX hacking incident have also worried investors. Small-town residents in India are increasingly adopting the dining habits of their urban counterparts. They are developing a preference for eating out and trying international cuisines. Priyamvada C writes that the absence of extensive community spaces has made dining out an important social activity in smaller cities. With the Indian food services market expected to nearly double to ₹9 trillion by the end of the decade, investors see significant opportunities.

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, November 11, 2024. This is Nelson John, let's get started. You know it's a bear run when even fund managers are worried about earnings. Nilesh Shah, the managing director of Kotak Mahindra Asset Management, discussed about earnings growth estimates for FY26 with Mint’s Ram Sahgal. The current quarter is likely to benefit from higher government spending and seasonal sales, but earnings growth is projected to be only around 5%. This doesn't bode well for the markets, Shah said. The recent stimulus package by the Chinese government into its markets is another cause for worry. But he isn't entirely pessimistic: Shah said that despite recent selling by foreign investors, a rebound might be possible given the strong earnings growth of Indian companies over the past decade. Today, COP29 commences in Azerbaijan. The Conference of Parties has established itself as the premier event to discuss global warming. Sayantan Bera writes that key discussions will focus on a climate finance deal essential for supporting poor and emerging economies in transitioning to clean energy. These countries will require an estimated $2.4 trillion annually. India, the third-largest emitter, is expected to advocate for increased climate finance while balancing its energy needs, he adds. How will Donald Trump's victory impact your portfolio? In the west, the immediate aftermath of the results saw a spike in stocks on Nasdaq, as well as Bitcoin. However, Abhishek Mukherjee writes that this euphoria was short-lived. Investors began to assess the potential implications of Trump’s policies on the economy and markets worldwide, including in India — leading to massive sell-offs. Despite some initial concerns, the Indian IT sector stands to gain from Trump's proposed economic measures. Tighter immigration policies, however, may hurt Indian companies and they might have to hire US citizens to ease that burden. The Reserve Bank of India doesn't want banks to dole out too many unsecured personal loans. This has spurned a surge in gold loans. September saw an increase of 51% in the disbursal of gold loans. Shayan Ghosh and Anshika Kayastha write that the outstanding gold loan base stands at ₹1.5 trillion. However, this is quite small in comparison to the personal gold loan base, which is a mammoth ₹14.3 trillion. Encouraged by a 16% increase in gold prices, borrowers are finding that a more attractive option over personal loans. There are concerns over this trend, and RBI might yet have something to say about the rapid increase in gold loans. Electric three wheelers are about to get expensive. The government announced that the annual cap for subsidies for three wheelers has nearly been reached, as sales have exceeded expectations so far this year. Alisha Sachdev writes that this will increase the prices of EV three wheelers by 15 to 18%. Major manufacturers including Mahindra Last Mile Mobility and Bajaj Auto have expressed concerns about the impact on demand. They told Alisha that a temporary sales slump would be dangerous for the adoption of EV three wheelers in India. They are also lobbying the government to create a more flexible incentive structure to accommodate the growth in demand.

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, November 8, 2024. This is Nelson John, let's get started. One of India's marquee airlines finally ended its journey yesterday. The Supreme Court ordered the liquidation of Jet Airways, ending a long quest for survival. Krishna Yadav writes that the Jalan Kalrock Consortium had failed to meet obligations such as infusing ₹350 crore and settling worker dues, leading to this decision. Jet Airways has been bankrupt since April 2019. Krishna adds that this case has raised concerns about the effectiveness of India’s Insolvency and Bankruptcy Code, particularly regarding airline insolvencies. Have you ever thought why we get pizzas and groceries in 10 minutes, but not life-saving medicines? That might change soon. Jessica Jani writes that companies like Tata 1mg, PharmEasy, and Apollo 24/7 are piloting ultra-fast medicine delivery services. 1mg is collaborating with fellow Tata brand BigBasket for quick delivery in select cities, while Apollo 24/7 has launched a 19-minute delivery in major markets. Swiggy is also partnering with PharmEasy for under-10-minute deliveries in Bengaluru. However, inventory management, medicine storage, and regulatory compliance are big challenges.  In a surprise decision, the government announced that it will stop paying interest on National Savings Scheme accounts from October 1. This means that both principal and interest will be taxable on withdrawal. Aprajita Sharma spoke to NSS holders who expressed concerns about the negative impact on their tax liabilities as senior citizens. The sudden change has also prompted calls for the government to reconsider its decision, and offer tax relief or alternative investment options. This move undermines trust in small savings schemes, and it also triggers fears about the stability of other savings products like the Public Provident Fund. A day after the big result, we're still assessing the implication of Donald Trump's victory. Shouvik Das writes that Trump's pro-business and anti-regulations will be favourable for Big Tech companies like Twitter and Meta. These companies have faced some issues in India as well as Europe, where they are under scrutiny for their trade practices. Lawyers and policymakers that Shouvik spoke to told him that Trump's backing could ease their worries in India, which has often been tough on Big Tech's practices so far. For most, homes are private spaces. It's where you come to relax, take a breather, and sometimes escape from the outside world. Not for influencers, though: Pratishtha Bagai writes about content creators who share tours of their homes on social media. House tours have become a major "self-expression trend", as Pratishtha writes. Experts suggest this fascination reflects aspirational consumer behavior. Viewers seem to be actually influenced and inspired to recreate the aesthetics of their favorite influencers in their own homes, irrespective of the high costs involved in such a practice. 

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, November 7, 2024. This is Nelson John, let's get started. Donald Trump has won the US Presidential election once again, this time with substantial control over the US Senate. N. Madhavan analyses how Trump’s policies are set to trigger economic and political turbulence at home and abroad. His aggressive trade stance—highlighted by proposed universal tariffs and the looming threat of a trade war with China—could destabilize the global trading landscape. On the political front, his plans for mass deportations risk deepening divisions within the US and straining national resources. Madhavan’s in-depth piece explores Trump’s potential policy moves and their far-reaching implications for India and the world. Following recent lows, Indian stock markets are expected to rebound in the wake of Trump’s victory. Ram Sahgal notes that institutional investors may begin unwinding short positions, fuelling a rally that analysts predict could last about a week. However, much like Trump’s unpredictable policies, the long-term impact of his presidency remains uncertain, with tariffs and inflation likely to be key influences. Rhik Kundu reports that India’s trade dynamics with the US could face significant shifts under Trump’s administration. With a trade surplus favouring India, Trump's "America First" agenda may lead to higher tariffs on Indian goods, posing challenges for the Indian economy. Key sectors like automobiles and pharmaceuticals are likely to feel the impact most acutely. Additionally, India's IT sector could be affected by potential changes to US visa policies, as Trump is expected to tighten H-1B regulations. A critical pressure point for the Indian economy remains the rupee's performance against the dollar. In the wake of Trump’s victory, geopolitical uncertainty and trade tariff concerns, especially regarding China, have intensified. Shayan Ghosh notes that the rupee recently hit a record low of 84.28 against the dollar. To counter further depreciation, the Reserve Bank of India, backed by $684 billion in reserves, stands ready to intervene. Analysts suggest that the RBI’s actions could stabilize the rupee, with projections indicating a possible recovery toward the 84 level following initial declines. Trump's victory is likely to bring significant implications for visas, especially for the millions of Indian IT professionals and students who move to the US each year. The H-1B visa, critical for many, remains a contentious point. Mansi Verma, Devina Sengupta, and Shouvik Das report that while immediate effects may be limited, the true impact will emerge in the coming years as Trump’s policies fully take hold. With Australia and Canada also tightening visa issuance, restrictions in the US could sharply curtail emigration opportunities for Indians.

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, November 6, 2024. This is Nelson John, let’s get started.   The NSE is likely to see a drop in its trading activity. This is because the market regulator, Sebi, has decided that starting November 20th, the exchange can only offer one type of weekly trading option, focusing on the Nifty series instead of the more popular Bank Nifty series. Ram Sahgal reports on the decision which is part of Sebi’s efforts to calm down trading activities and reduce losses for individual investors. Ashishkumar Chauhan, MD and CEO of NSE, said on Tuesday that this change might lead to a decrease in trading volumes, and some of the activity that used to happen every week might just vanish as traders adjust to the new rules. Data from RBI has revealed that state-owned banks have been raising their deposit interest rates to the highest levels in almost eight years, trying to attract more people to save money with them. This increase, reaching 7% in September for public sector banks, is in response to their high credit-deposit ratios, indicating a high use of deposits for lending. The push by PSBs to offer more competitive rates aims to attract more deposits as their loan growth outpaces deposit accumulation. Shayan Ghosh spoke to top public bankers who suggest that deposit rates may have peaked, which could help stabilize their margins. Last month saw a sudden rise in hoax calls that targeted airlines and hotels. These hoax calls were usually bomb threats made by anonymous people on the internet. Shouvik Das writes that these are the latest form of scam calls that use virtual networks and VPNs to hide the caller's digital footprint. India experiences an average of 5 million scam and hoax calls a day. Cyber security experts are investigating the incidents, but have to work through the sophisticated techniques used by perpetrators. Additionally, cross-border regulations complicate matters further. Tracing calls to foreign origins requires cooperation from other nations, and substantial evidence isn't always available. Consumer and e-commerce firms faced subdued sales during the festive season. This could affect year-end bonuses for employees, who could see a potential 15% reduction. Companies typically pay bonuses during the festive season and at the fiscal year's end, with additional performance-linked payouts, Sowmya Ramasbramanian, Shouvik Das and Devina Sengupta report. However, due to less spending by consumers who are cautious due to high prices and relying more on EMIs, overall sales haven't met expectations. This downturn in sales means bonuses tied to sales targets and company performance could be lower. While some sectors, like quick commerce, saw decent festive sales, overall, the scenario remains challenging, impacting how much companies can afford in terms of bonuses this year. India's mattress market has long had stalwarts like Kurlon and Sleepwell. A few years ago, some startups came and disrupted this space. One of them was Wakefit. Fuelled by a steady stream of venture capital funding, Wakefit has increased its revenue by 12x over the last five years. This revenue in excess of ₹1,000 crore has already exceeded that of Kurlon. Samiksha Goel writes about Wakefit's journey and strategy to set itself apart in India's mattress market by using cheaper pricing and strategies such as a 100 day trial period.That’s all for today.

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, November 5, 2024. This is Nelson John, let’s get started.  Recent earnings reports from big consumer companies like Nestle India, HUL, and Maruti Suzuki highlight a sharp slowdown in urban consumption, posing a potential threat to India's economic growth. This quarter, the fast-moving consumer goods sector saw growth shrink from 10.1% to just 2.8%. The slowdown isn't just due to a heavy monsoon; deeper issues like stagnant urban incomes and high food inflation are tightening consumer purse strings, particularly affecting the middle class. The IT sector's slowdown in hiring and modest wage increases only add to the problem. This consumption dip could severely impact India's economic growth since private consumption is a key growth driver. N Madhavan explains the reasons behind this slowdown in today’s Primer.  The "Big Five" of Indian IT—TCS, Cognizant, Infosys, HCL, and Wipro—are facing a predicament as investors seem more captivated by smaller firms despite their varied performance metrics. Over the last four years, smaller IT companies like Persistent Systems and Coforge have seen their valuations skyrocket, far outpacing their giant counterparts. This shift is driven by the belief that these nimble players are better positioned to adapt to disruptions from generative AI technologies, which lessen the importance of scale in traditional IT operations. Varun Sood writes that despite achieving solid revenue growth, the big players haven't seen the same enthusiasm from investors, who are concerned about declining profitability and leadership changes.  Leading manufacturers like steel and cement companies are increasingly tapping into renewable energy. Nehal Chaliawala reports on how this is proving to be a smart move financially. By signing long-term green power purchase agreements at lower rates than traditional coal-powered electricity, these firms are seeing significant reductions in energy costs. For instance, Ambuja Cement reported a 27% reduction in power and fuel costs this quarter, driven by a shift to renewable sources which now make up 25% of its energy mix. Similarly, ACC and Ultratech Cement have made strides in integrating renewables, with substantial cost savings.  Ramco Group from Tamil Nadu is restructuring its corporate framework to eliminate cross-holdings and attract foreign investors. Anirudh Laskar and Satish John report that Ramco Cements has sold its 16.23% promoter stake in Ramco Industries to other promoter entities. Ramco is looking to remove cross-holdings that might not be appealing to foreign investors. It plans to divest from assets worth at least ₹1,000 crore to reduce its debt. Multi-speciality hospitals are now passe — private equity investors now want single-specialty medicare centres. Soumya Gupta writes that this is because patients are typically seeking higher standards of service, and such specialised hospitals are started by well-regarded doctors. Since 2022, private investors have increasingly favored single-speciality hospitals, leading to significant funding and acquisitions. Last year, 20% of the $5.5 billion in hospital funding in India went to such facilities. As for investors, these smaller hospitals offer more scalable options compared to larger counterparts.

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, November 4, 2024. This is Nelson John, let’s get started.  Tata Motors is gearing up for a big change, planning to split into two separate entities for its commercial and passenger vehicle operations. This move is expected to wrap up in the next 12-15 months, pending regulatory nods. Alisha Sachdev reports that the man tipped to steer this transition is Tata Group’s CFO, P.B. Balaji, who might take on a significant role as non-executive chairman or vice-chairman for both new companies. His track record of strong fiscal management and strategic decisions at Tata Motors makes him a prime candidate for this role, although final confirmations are still pending. Sebi is working to introduce a framework regulating digital platforms as Specified Digital Platforms or SDPs. An SDP is a digital platform that has mechanisms in place to prevent and address misuse, ensuring compliance with Sebi’s strict guidelines. This framework will impact platforms like Rigi.Club, Qoohoo, Cosmofeed, and Moneyyapp, which aid content creators, particularly those involved in securities-related content, Neha Joshi reports. These platforms will need to integrate advanced technologies like AI and ML to monitor and report securities-related activities effectively. Although this could lead to significant compliance costs, especially for smaller platforms, it's seen as a crucial step to maintain market integrity and protect investors from misinformation. India's wedding season is set to hit its peak from November to March, and it's shaping up to be a blockbuster. Last year, weddings raked in a whopping ₹4.25 trillion on just 23 auspicious days, according to the Confederation of All India Traders. This time around, we're looking at an expected ₹25 trillion from about 3.5 million weddings. Prices for venues and catering are skyrocketing due to high demand. For instance, hotel catering charges have surged by up to 30% compared to last year, now costing between ₹6,000 and ₹8,500 per plate. Varuni Khosla spoke to couples who are finding that even less popular dates are pricey, with potential costs reaching around ₹30 lakh for a modest ceremony. On the other hand, the hospitality industry is buzzing with optimism, with weddings being a major driver for growth.The 160-year-old Shapoorji Pallonji Group, known for iconic constructions like the RBI headquarters, is now ramping up its real estate game. While giants like DLF and Godrej dominate with sales around ₹73,000 crore, Shapoorji's real estate arm is playing catch-up, aiming to boost its bookings from ₹5,000 crore to over ₹18,000 crore in the next four years. Taking a cue from the late Cyrus Mistry, the group merged its various real estate activities—from residential to office spaces—under Shapoorji Pallonji Real Estate (SPRE). With this move, SPRE now controls significant ongoing projects and is prepping for a massive expansion with a land bank ready to support around 140 million sq. ft of development. This could potentially generate ₹2 trillion in revenue, indicating a major growth trajectory for the firm. Madhurima Nandy takes a deep dive into the group’s real estate plans in today’s Long Story.  Content creators are now pitching fully packaged projects to streaming platforms, securing key talents and finalizing production details upfront to expedite the greenlighting process. Lata Jha spoke to industry insiders who told her that this strategy strengthens pitches by attaching reputable industry names early, boosting platforms' confidence in the projects. This shift helps streamline approval processes, clarifying the project's vision and speeding up budget and timeline decisions. Fully packaged pitches with attached talent and detailed budgets are now essential, not just beneficial, explained another studio executive. They expedite platform decisions on budgeting and scheduling, enhancing a project's marketability and profitability.   Show notes:  PB Balaji could unify Tata’s new auto businesses under Tata Sons Sebi's framework raises compliance concerns for smaller digital platforms Wedding industry looks at rebound from dull H1 this seasonOTT platforms favour pre-packaged projects to cut risks in content selectionReal estate: Deconstructing Shapoorji Pallonji Group’s housing ambitions

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, October 31, 2024. This is Nelson John, wishing you a very happy Diwali. As we step into Samvat 2081, speculation is rife about whether the Sensex can breach the 100,000 mark by March 2025. A Mint survey, reported by Mayur Bhalerao, reveals a split verdict among analysts: about half expect it to reach the milestone, driven by robust corporate earnings and steady foreign inflows, while others remain cautious, citing global uncertainties. Market volatility is now the new normal, with most experts anticipating a turbulent stretch ahead—marked by a potential correction followed by a gradual recovery toward the year-end. All eyes are on the US Federal Reserve, with many expecting a rate cut in December, which could provide a timely lift to Indian markets. Diwali brings a unique tradition to India's stock market with Muhurat Trading, where the National Stock Exchange and the BSE will light up for a special one-hour session from 6-7 pm this Friday. This auspicious hour marks the start of the Hindu calendar year, Samvat 2081. Since last Diwali, the Nifty 50 has surged 25%, buoyed by strong GDP growth, robust corporate earnings, and plentiful liquidity. Which sectors have beaten the benchmark, which stocks have been the winners and laggards, and what can investors expect in the medium term? Abhinaba Saha brings a recap of Samvat 2080. Europe’s largest paint maker is planning to exit its India business. Anirudh Laskar reports that Akzo Nobel is eyeing a ₹25,000 crore valuation for the sale, with Citigroup managing the transaction. Among the potential bidders are Adani, Aditya Birla, JSW, and Asian Paints. While Asian Paints already owns a 4% stake in Akzo Nobel’s Indian arm, any acquisition bid may attract regulatory scrutiny, given its dominant position in the market. India is positioning itself as the next hub for artificial intelligence. Major players like Nvidia and Meta have already set up operations and are optimistic about India’s role in shaping the AI landscape. However, the government's push for indigenous development presents both challenges and opportunities for global firms. Leslie D'monte writes that initiatives like Viksit Bharat offer tech giants a platform to collaborate with local companies, fostering research and job creation. High-profile visits from tech leaders reflect this growing momentum, while Indian firms are also making strides with localised AI models. In India, where privacy is a coveted luxury, the hotel industry is evolving to cater to the ultra-wealthy. A prime example is Arq by The Leela—a collection of exclusive villas that debuted in Udaipur this month, offering unparalleled seclusion. Despite its premium pricing, demand for these opulent stays remains strong. The luxury travel sector has seen a robust post-pandemic revival, with India's spending on luxury travel hitting $10 billion in 2022. High-end properties are driving this growth, with 39% of the country’s branded hotel rooms classified as upscale or luxury, reports Varuni Khosla.

Welcome to Top of the Morning by Mint, your weekday newscast that brings you five major stories from the world of business. It's Wednesday, October 30, 2024. My name is Nelson John. Let's get started. As Sebi comes down hard on futures and options trading, the National Stock Exchange is seeing fewer trades. Turnover and trades on the NSE have hit a six-month low. Ram Sahgal writes that average daily turnover fell nearly 12% to ₹1.07 trillion in October, with only 734.3 million trades taking place. Market experts said that Sebi's incoming clampdown on F&O trading is the main reason for the decline. Additionally, increased selling by foreign investors has contributed to a pessimistic market sentiment. Swiggy is gearing up to “deliver” an IPO in early November. The quick commerce company is eyeing a valuation of $11.3 billion with a price band of ₹371-390 p er share. The IPO spells huge gains for Swiggy’s early backers like Accel, Apoletto, and Elevation Capital, with returns possibly soaring up to 35 times their initial investments, reports Priyamvada C. The IPO will be a mix of ₹4,499 crore in fresh issues and a secondary sale of 175.1 million shares. Swiggy is looking to expand its quick commerce arm, Instamart, and scale up its network of dark stores. As Swiggy steps into the public market, it's set against the backdrop of its rival Zomato's recent profitability and booming market cap.  Bharti Airtel recently announced a unique CEO transition plan with a 14-month wait before the new chief takes the helm on January 1, 2026. This prolonged handover period raises questions: What’s the ideal CEO transition time? Shelley Singh tackles that question in today’s Primer. Traditionally, CEO transitions can vary. For instance, Starbucks and Boeing witnessed rapid transitions due to performance crises, with new CEOs stepping in within a month. However, planned transitions generally allow six months to a year for a new CEO to settle in, providing clarity on a company’s direction to investors and employees.  India and Canada are at loggerheads. Diplomatic tensions between the two nations have affected geopolitics and harmed their trade. Previously on an upward trajectory, trade has dropped from last year's total to $3.38 billion in the first five months of this fiscal year. India's imports from Canada and exports both saw minor reductions, contributing to a widening trade deficit, reports Rhik Kundu. This slowdown in trade comes at a time when global trade is generally muted due to economic slowdowns in major economies and geopolitical tensions.  It's tough to grow out of your parent company's shadow. Peak XV (pronounced fifteen) Partners is experiencing just that. The venture capital firm is experiencing a decline in brand value since it was hived off from global brand Sequoia last year. Shelley Singh writes that despite inheriting assets worth $9.2 billion, Peak XV  recently announced a reduction of 16% in its growth fund. It also reduced its management fees, reflecting a diminished brand prestige. Its leaders assert that such a move is necessary to remain competitive, and maintain that the firm's image and economics are still unparalleled. 

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, October 29, 2024. My name is Nelson John, wishing all our listeners a very happy Dhanteras. Let's get started. Inflation, no more? That's what the International Monetary Fund, or IMF, thinks. In a recent economic review, the IMF declared that the global battle against inflation has "largely been won". That means that most countries across the globe have either met or are very close to their inflation targets. N. Madhavan explains that despite that, growth forecasts remain low. Projections for global economic growth have stabilised at 3.2% in 2024, slightly down from 3.3% in 2023. With a growth rate of 7%, India fares well in this aspect. However, global risks such as geopolitical conflicts, trade protectionism, and potential economic slowdowns remain significant — hence the low growth projections. When the Indian government liberalised the economy in 1991, domestic conglomerates were worried: a sudden change challenged their collective dominance. That was 30 years ago. Safe to say, the dominance of empires like Reliance, Tata, Adani, and Kotak, among others has assuaged those fears. Our partners at How India Lives . com write that corporate India had a resurgence in the late 2010s, led by a huge influx of cash. As banks ran out of credible entities to loan money to, India Inc. stepped up — and never looked back. Ultimately, they conclude that conglomerates aren't going anywhere, anytime soon, while the medium-sized ones might have to reconsider their positions, or perish. RBI is set to boost its digital security measures by introducing an AI-driven early warning system. This system will be designed to alert users to potential financial fraud during transactions. The initiative aims to tackle emerging threats in the digital finance space by leveraging AI to analyze data, identify high-risk platforms, and notify users of suspicious activities in real time. Subhash Naryan reports that this system will build on existing technologies like the MuleHunter AI, which detects mule accounts used in fraud schemes.  The government is planning to shift its strategy for PSUs. Instead of rushing to sell them off, the government now wants to work on their operational efficiency and governance, reports Gulveen Aulakh. The plan, sources told Gulveen, focuses on transforming these PSUs into professionally managed entities capable of yielding substantial dividends and potentially achieving higher market valuations through future public listings. In recent initiatives, specific PSUs like Rashtriya Ispat Nigam Ltd and Mahanagar Telephone Nigam Ltd are receiving targeted interventions to address their financial and operational challenges, with plans ranging from restructuring packages to debt resolution strategies.  The Open Network for Digital Commerce is launching an initiative to deliver groceries and other items within 30 minutes to two hours. The government-backed e-commerce network is looking to tap into the growing popularity of quick commerce in India, Sowmya Ramasubramanian reports. This move will involve collaborations with ElasticRun, Ola, and PhonePe’s buyer app Pincode, utilizing their dark stores and delivery networks to enable rapid delivery services.

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, October 28, 2024. My name is Nelson John. Let's get started.The recent India visits of AI’s godfather Yann LeCun, Nvidia's Jensen Huang, and inventor Mustafa Suleyman have put the country in an interesting position when it comes to the tech landscape, especially AI. Following the Global Partnership on AI Summit and India's push to co-create tech IPs, these visits highlight India's strategic importance in tech. Historically, India attracted global tech leaders due to its skilled, cost-effective workforce and proactive government policies, dating back to Bill Gates in 1997 and Google's founders in 2004. So what do these visits by tech CEOs actually mean for India? Shouvik Das explains. The Adani Group is planning to construct its first greenfield cement factory in Odisha. The conglomerate is aiming to complement its string of recent acquisitions with new builds. The proposed facility, expected to cost between ₹3,000-3,500 crore, will have a capacity of 4 million tonnes per annum and is projected to be operational within two to three years, reports Anirudh Laskar. This development is part of a broader strategy by Adani, which also includes a new clinker grinding unit in Bihar, to expand its cement manufacturing capabilities across eastern India. With substantial internal funds, the Adani group is well-positioned to continue its aggressive expansion in the cement sector.The rise of quick commerce is reshaping India's retail landscape. Quick commerce is challenging both traditional and modern retail outlets as fast deliveries become increasingly popular. FMCG companies are witnessing a surge in their quick commerce sales, with significant shifts in consumer purchasing patterns. Adani Wilmar reported a 36% growth in quick commerce sales in the September quarter, while Nestlé stated that quick commerce accounts for half of its e-commerce revenue. Suneera Tandon reports that this shift is leading to changes in inventory management across traditional retail channels. Companies are now adapting by offering channel-specific products and streamlining inventory to better align with the quick commerce model.The biography 'Ratan Tata—A Life' stirred up some controversy as it hit the shelves recently without Ratan Tata's blessing. He had distanced himself from the project due to the overly flattering content, a move that came after the manuscript review last year. Released just weeks after Tata’s death on October 9, the book has been published by HarperCollins and remains in the present tense, a choice made before it was finalized. The author, Thomas Mathew, a retired bureaucrat, initiated this project in 2018 but faced setbacks as Tata withdrew his support, leading to delayed releases. While the book touches on some controversial decisions during Tata's tenure, like the appointment of Cyrus Mistry and the choice of West Bengal for the Nano plant, it remains unendorsed by Tata’s family, Varun Sood and Satish John report. Delhi, once celebrated for its distinct winter charm, now grapples with toxic air quality that overshadows its historical and seasonal allure. Now that winters are at the doorstep, Delhi and its toxic air is likely to dominate news cycles till at least January. Despite long-standing efforts to improve air quality, including vehicle and industrial emission controls and reduced stubble burning, Delhi remains the world's most polluted city, according to the 2023 World Air Quality report. This persistent issue is compounded by seasonal activities like stubble burning and the use of biomass for heating, exacerbated by geographical and meteorological conditions that trap pollutants. Sayantan Bera examines the factors behind Delhi’s poisonous winter air.  Show notes:Why Ratan Tata’s biography didn’t have his final sanctionMint Primer: Why top tech executives are heading for IndiaAdani plans greenfield Odisha cement factoryFMCG firms embrace quick commerce amid shift in urban consumer preferences‘Severe’ air is coming. Here’s the X-factor behind Delhi’s winter poison

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, October 25, 2024. My name is Nelson John. Let's get started.Qatar's Nebras Power was supposed to acquire up to a 49 per cent stake in Aditya Birla Group’s renewable energy business for about $400 million, but the deal has been put on hold due to a valuation mismatch. Utpal Bhaskar reports that challenges such as competitive returns and execution risks in the Indian market continue to be concerns for investors. The Aditya Birla Group company is still seeing interest from Alberta Investment Management and BlackRock's Global Infrastructure Partners.India's startups aren't complying with certain rules. The Central Consumer Protection Authority has issued notices to 11 e-commerce companies including Blinkit, Zepto, Swiggy and Meesho for violating declaration rules. These violations include failing to display product manufacturing and expiry dates, among other packaging and labelling norms. Soumya Gupta writes that the CCPA took this action after users complained about receiving perishable items close to or after their expiry dates.After a long and contentious battle, the Insurance Regulatory & Development Authority of India has approved the Burman family's proposed acquisition of Religare, reports Anirudh Laskar. This nod marks a significant step towards the Burmans’ takeover of Religare. Only approvals from the banking and market regulators are now pending. Despite initial resistance from Religare's management, the Burman family, which owns Dabur India, aims to solidify its ownership through an open offer of more than 3,400 crore rupees.In a surprising turn of events, 60 out of 100 private equity and venture capital executives in India failed a mandatory exam set by the National Institute of Securities Management (NISM), under directives from SEBI. This exam, which is crucial for maintaining registration, has stirred concerns within the sector. Critics argue that the exam's content, which spans various fund types—venture capital, private equity and public markets—is disproportionately focused on public markets, and does not reflect the practical differences between these fund categories. Sneha Shah and Ranjani Raghavan report on the embarrassing situation India’s PE and VC sector is staring at. Last year, Ecom Express found itself at a crossroads, searching for new leadership after the health-related departure of its co-founder and CEO, T.A. Krishnan. With growth stalling, the company turned to Ajay Chitkara, a veteran of the telecom industry, to inject new life into its operations. Chitkara, known for his successful stint at Airtel, took the reins at a tough time and now faces a daunting task: steering Ecom Express towards profitability and a successful IPO. The company has reduced its losses, but sustaining growth remains a challenge, especially with new players such as Valmo shaking up the logistics market. Mint’s startups editor Ranjani Raghavan tackles the question of whether Ecom Express’s IPO can succeed when Delhivery’s stock has failed to deliver.  SUBJECT/Title: Why finance pros at PE, VC funds are flunking Sebi exam  Pre-head: IRDA approves Burmans’ Religare takeover; CCPA issues notice to quick commerce startups Qatar's Nebras deal with Aditya Birla Group's green arm on holdWhy are e-tailers on notice for legal metrology?IRDA gives Burman family green signal for Religaree takeover  Can Ecom Express’s IPO succeed when Delhivery’s stock has failed to deliver?Why finance pros at PE, VC funds are flunking Sebi exam

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, October 24, 2024. My name is Nelson John. Let's get started.It was another quiet day for Indian markets as the initial rally in IT stocks, which powered the indices upward, was quickly offset by a sharp downturn in the financial and auto pack, resulting in a flat close for both the Nifty 50 and Sensex on Wednesday.The Sensex and Nifty have fallen more than 5 percent in the last month. One thing is for certain: foreign portfolio investors are pulling out money from Indian markets. But where is this money going? Dipti Sharma writes that while China is the biggest beneficiary, other Asian countries like South Korea, Japan, and Indonesia are also seeing inflows. The shift has also happened partly due to profit-taking in India after a strong market rally. Analysts told Dipti that investors feel the potential for returns is higher in other markets, especially like Indonesia and South Korea where the valuations are more moderate.India and China have announced that they have reached an agreement on patrolling their common border. This marks a significant step towards mending the strained relationship between the two countries since the clash in Galwan in 2020. N. Madhavan writes that despite some unresolved issues, bilateral trade has in fact grown between India and China. China became India's largest trading partner this year. However, given the vast restrictions, Chinese investment in Indian companies remains scarce. Madhavan writes that India stands to gain a lot by easing these restrictions, especially in the manufacturing sector.India is rethinking its approach to highway development, shifting focus from the ambitious long-term Vision 2047 plan to prioritizing shorter-term projects. The decision comes as the complexities and delays of lengthy projects prove challenging. While Vision 2047 aimed to guide development up to India’s centennial in 2047, the government now favours projects that can be quickly approved and completed. Ongoing projects under the earlier Bharatmala program will continue, with possible individual approvals for those yet to start. This strategic pivot is about efficiency—getting roads built faster and making them useful sooner, reports Subhash Narayan.Two years ago, HDFC Bank announced a huge merger with its parent company, HDFC Ltd, marking India's biggest-ever M&A deal. The merger aimed to boost synergies and enhance the housing sector and the overall economy. However, despite the initial excitement, which saw the bank's stock jump 10% on announcement day, the performance has been somewhat disappointing. Over two-and-a-half years, the stock has only seen a modest 4.7% increase, underperforming compared to market benchmarks. Market sceptics have pointed to the difficulties of maintaining growth momentum and managing financial metrics like net interest margins and the loan-to-deposit ratio on such a large balance sheet. Abhishek Mukherjee writes on how the bank’s investors can learn a lesson or two on persistence from none other than the Master Blaster Sachin Tendulkar himself. Yann LeCun, Meta Platforms Inc.'s chief AI scientist, decided to visit India for a third time after an encounter with Infosys co-founder Nandan Nilekani at the World Economic Forum in Davos. Inspired by Nilekani's introduction to India's vibrant tech ecosystem, LeCun attended Meta's first 'Build with AI Summit' in Bengaluru, he told Leslie D’Monte. LeCun talked about witnessing the impressive adoption of Meta AI tools across major platforms like WhatsApp and Messenger, noting that India has the largest user community globally.  FIIs pulling out of India is not a surprise. But where is their money going?What the border pact means for India and ChinaCentre shifts to short-term goals to build highwaysPatience vs Payoff: What HDFC Bank’s investors can learn from Sachin Tendulkar‘Godfather of AI’ is impressed by India’s AI prowess but found something lacking

Welcome to Top of the Morning by Mint, your weekday newscast that brings you five major stories from the world of business. It's Wednesday, October 23, 2024. My name is Nelson John. Let's get started.A strong wave of selloffs engulfed the Indian stock market on Tuesday, dragging the Sensex and Nifty down by more than one per cent each.The International Monetary Fund kept its global growth forecast for 2024 and 2025 unchanged at 3.2 per cent. It also maintained its India growth projections at 7 per cent for FY25 and 6.5 per cent for FY26 in its October 2024 World Economic Outlook. While global growth is stable, there are changes beneath the surface, IMF said. The US economy saw an upgrade, but European countries faced downgrades. India and Russia boosted growth projections for emerging markets, driven by strong demand for technology. The Vizhinjam International Transhipment Deepwater Multipurpose Seaport near Thiruvananthapuram in Kerala has finally kicked off operations after numerous delays. Managed by Adani Ports and Logistics, this critical development positions it as India's deepest natural port and its sole container shipment hub. However, a significant hiccup remains—the port's poor road connectivity, with improvements not expected for another 12 to 18 months. Kerala faces a broader economic crunch, battling slow growth and steep debt as expenditures overshadow revenues. Demographic shifts, including an ageing population and evolving migration patterns, have obstructed remittance flows. N Madhavan delves deep into Kerala’s economic issues and God’s own country’s efforts to revive its economy. IPOs aren't only for the big boys: smaller startups are also heading to the public markets.  Venture capital investors are nudging their early- to mid-stage portfolio companies towards IPOs amid a bullish stock market.  Priyamvada C and Mansi Verma write that startups such as IntrCity, BHive, and Leverage Edu P are gearing up for listings soon. India's more lenient IPO requirements compared to the US are encouraging such moves, they add. Another reason investors are pushing for this move is that many funds are now reaching the end of their life cycles and have to return money to their limited partners. Ambuja Cement has bought more than 46 percent of Orient Cement, marking yet another landmark deal for the Adani-owned cement company. This is the Adani Group's fourth major transaction to bolster Ambuja's prowess in less than a year. Nehal Chaliawala writes that this acquisition marks the latest round in the cement war between Ultratech and Ambuja. Small players continue to be either bought or squeezed out as the two giants look at consolidating a huge chunk of the industry. Did you know that Noida is an acronym? It stands for New Okhla Industrial Development Authority. Now, there’s a new one on the way – the Uttar Pradesh government has greenlit the development of New Noida near Greater Noida. This new city, planned over 15 years in the Dadri-Noida-Ghaziabad region, will unfold in four phases, with the first set to be ready in four years. It's expected to accommodate 600,000 residents and include a mix of industrial hubs, residential areas, commercial spaces and healthcare facilities. Notably, the city plans also feature specialised industrial hubs such as a 'Korean City', a 'Japanese City', and an ‘Olympic City’. Madhurima Nandy explains more in today’s Primer.     IMF keeps India’s FY25 growth forecast unchanged at 7%Kerala’s 500 days challenge: Can ‘God’s own country’ become a Gujarat?No startup’s too small to IPO in a bull marketAmbuja's Orient buy steps up cement warNew Noida city: Will it spur NCR realty market?

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, October 22, 2024. My name is Nelson John. Let's get started. When you don't agree with the outcome, just don't release the data: that's the approach Indian carmakers have taken of late. The release of a crucial carbon emissions compliance report has been delayed because companies like Hyundai, Kia, and Mahindra failed to meet norms. Alisha Sachdev reports that the automakers want a five-year period to bring down their emissions, while the government has already issued steep fines. If the companies publish their below par numbers, the fines will increase — leading to this stalemate. Indian emission norms are still better than their European counterparts, but carmakers don't seem like they want to budge as of now. The Edelweiss Group is set to unleash a sea of IPOs into the market soon. In an interview with Mint, the group's founder and chairman Rashesh Shah said that the company is hoping to list seven subsidiaries soon. The group intends to begin with the IPO of its mutual fund arm and its alternative asset management subsidiary, each valued at 1 billion dollars. Shah admitted that initially, the financial services company chased growth above everything else, which backfired later. The group also plans to pay off debt worth 6,000 crore rupees by the end of this year to prepare for a clean slate as the IPOs approach. After being a laggard for much of 2024, the Bank Nifty has finally turned a corner, led by HDFC and Axis Banks. Other stocks like Kotak Mahindra have provided mixed results. Ram Sahgal writes that the banks have had to adopt new strategies to adjust their loan books and attract more deposits. Ram also spoke to analysts, who said that the Bank Nifty could now outperform the Nifty50. HDFC's stock performance will be crucial to the Bank Nifty's growth, they added. Last week, fintech Navi got a huge jolt as it was barred by the Reserve Bank of India from disbursing any more loans. The RBI had banned Navi for charging high interest rates for its loans. Gopika Gopakumar reports that Navi and its founder Sachin Bansal assured its lenders in an unscheduled meeting that the company was well-prepared to manage any fallout until March 2026. Navi outlined a plan to cover 3,027 crore rupees in debt repayments due in the next six months, with expected customer collections touching 4,000 crore rupees. The company also has a liquidity buffer of 1,500 crore rupees, Bansal outlined. Navi focuses on personal loans of up to 20 lakh rupees, disbursed through its app. We told you yesterday about how gold prices in India are hitting record highs. The prices are peaking over 78,000 rupees per 10 grams, influenced by a mix of global and domestic factors. Initially, a cut in import duty led to a temporary drop in prices, spurring a spike in demand. However, global uncertainties have driven prices back up. Soumya Gupta explains that despite this  volatility, Indian consumers aren't necessarily reducing their gold purchases. Sales of lighter and more affordable jewellery pieces have increased during the festive season, with jewellers responding quickly to cater to this demand.

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, October 21, 2024. My name is Nelson John. Let's get started. Noel Tata's first move at the helm of Tata Sons has been a small but significant one. The philanthropic arm of the Tata group has moved away from having fixed terms, and instead now has permanent members. Varun Sood and Satish John report that this move aims to ensure continuity and stability within the Trusts that collectively hold a majority in Tata Sons. The Tata Trusts are pivotal in the governance of Tata Sons, and have a key say in the conglomerate's strategic direction. The second-quarter results for India's IT stocks weren't all that great. The four leading companies: TCS, Infosys, Wipro, and HCL Tech—all saw some declines. Jas Bardia reports that TCS saw a significant drop in large deal bookings. It attributed this decline to the lack of mega deals, but remained optimistic about its order value range. Infosys also witnessed a decrease in large deal values but saw an increase in smaller deals. Wipro was able to buck the trend and sign more large deals, as it opted for a consulting-led approach and offered more AI services. It's never a bad time to buy gold, but the recent surge in prices has put off buyers for now. Gold now costs around 80,000 rupees per 10 grams. Such high prices have led to a dent in demand during the festive and wedding season between October and December. Ram Sahgal writes that the increase in prices is due to uncertainties like the US elections, potential geopolitical tensions, and changes in US policy rate. Demand for the precious metal has dropped by around 10 to 12 percent. Some retailers are seeing a rise in exchanges. They are maintaining sales volumes as some consumers continue to buy more gold, worried about even higher prices. India's rubber production is prone to volatility. Climate change and low volatility have threatened what was once a thriving industry. Despite these hurdles, the demand for rubber has surged in India. George Skaria writes that India's rubber production slightly increased from 8.4 lakh tonnes to 8.6 lakh tonnes from 2022 to 2023, but consumption outpaced supply. That led to a shortage worth 5.5 lakh tonnes. This scenario has impacted tyre manufacturers, who now rely on imports to meet demand. George's story outlines the entire rubber trade in India, and the vast complications that adversely affect both manufacturers as well as consumers. Since the 1990s, Photoshop has been a staple in photo editing. You would think that the emergence of generative AI would replace Photoshop, but that hasn't been the case. Shouvik Das writes that rather than replacing it, AI is instead augmenting the process of editing images. Tools like Autodesk’s Pixlr and Canva have also embraced AI to expand their user base beyond professional designers.

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, October 18, 2024. My name is Nelson John. Let's get started.Indian stock market benchmarks—the Sensex and Nifty 50—extended their losing streak for a third straight session on Thursday. The Sensex slipped 0.61 per cent, while the Nifty 50 declined 0.89 per cent by the close.It's raining bomb scares, with over 22 hoax threats reported in recent days. In response, the civil aviation ministry is engaging with international bodies to devise strategies for managing such incidents. Mihir Mishra reports that proposed measures include imposing flight bans on offenders. The ministry is also in talks with VPN operators to trace the origins of these hoaxes.Over 400,000 Indian students are currently enrolled in Canadian universities, but this figure could shrink by 100,000 next year driven by diplomatic tensions and stricter student visa rules. Amid a housing crisis, Canada has introduced a two-year cap on new student permits, with a significant reduction expected by 2025. The financial proof requirement for living expenses has also doubled, prompting students from regions like Punjab and Haryana to explore alternatives in Australia and Europe. The potential drop in Indian enrollments is raising alarms at Canadian universities, where they form a crucial part of the international student community. Devina Sengupta explores the impact of diplomatic strains on the future of Indian students in Canada.Bajaj Auto's stock price plummeted by 11 per cent on Thursday, after the company announced its Q2 results. The automaker posted a bleak domestic demand outlook for two-wheelers this festive season. Despite a 24 percent increase in year-on-year ebidta, Bajaj's results were well below analyst expectations. Abhinaba Saha writes that this massive selloff casts a huge shadow on not just Bajaj, but the entire two-wheeler industry at large. Entry level products, in particular, have been poor as the market moves to more premium options.Not long ago, Northern India's political scene would periodically erupt with sugarcane farmers' protests, disrupting traffic and even threatening the capital's water supply due to the notorious "sugar cycle." However, this cycle has been broken thanks to the ethanol blending programme, which has turned excess sugar production into ethanol, stabilizing the industry and benefiting farmers. This shift has not only aided farmers but has also significantly contributed to India's energy security goals. Yet, challenges persist. Grain-based ethanol producers are grappling with rising feedstock costs for rice and maize, raising concerns of financial losses and potential loan defaults. Additionally, diverting maize to ethanol production has inflated poultry feed prices. Sayantan Bera unpacks the successes and hurdles of India’s ethanol blending programme in today’s Long Story.Byju Raveendran, founder of Byju’s, addressed the challenges facing his company during a candid virtual press conference on Thursday. Amid investor backlash and a bankruptcy filing, Raveendran dismissed rumours of fleeing India, clarifying that his move to Dubai was for his father’s medical treatment and reaffirming his commitment to return and steer the edtech company forward. He defended his leadership, pointing out that the very investors who once backed Byju’s rapid expansion are now retreating as the company grapples with financial troubles. Raveendran also recounted that top investors, including Sofina and Prosus, had sought his ouster, holding him accountable for mismanagement. Despite the setbacks, he emphasized that subsidiaries like Aakash Educational Services remain profitable, contributing to ₹5,500 crore in annual recurring revenue. However, he acknowledged that Byju’s core business has stalled, no longer generating revenue—a stark decline from its peak in 2021. Govt mulls banning hoax threat culprits from flights, examines global practicesIndia-Canada row: It’s failing Indian studentsBajaj Auto investors get a demand reality checkEthanol blending: The good, the bad and the googliesRaveendran blames investors, eyes new edtech avatar, says $533 mn used u

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, October 17, 2024. My name is Nelson John. Let's get started.Indian stock markets declined for the second straight session on Wednesday, with the benchmark Sensex shedding 319 points, or 0.39 per cent, and the Nifty 50 slipping 86 points, or 0.34 per cent.In the past three months, several films have been re-released in theatres, driving higher footfalls and occupancy rates for PVR Inox, India's largest cinema chain. Abhinaba Saha reports that re-releases now account for 6 per cent of the chain’s total footfalls. PVR Inox plans to continue this strategy in the coming quarters, with upcoming blockbusters like Singham Again and Pushpa 2 expected to further boost its business and, consequently, its stock performance.Over the past two decades, Bandra Kurla Complex (BKC) has emerged as Mumbai’s premier business hub, housing giants like the National Stock Exchange, Sebi, ICICI Bank, and Facebook. However, available office space in BKC is now scarce, with vacancy rates hovering at just 3-4%. Khushi Malhotra reports that the intense demand for office space has driven businesses to explore nearby areas such as Kalina, Kurla, Worli, and Lower Parel. Yet, with many projects in these locations still years from completion, companies seeking grade-A offices face a prolonged wait.How much does bhujia cost? According to Haldiram’s, about 10 billion dollars. The leading snack maker initially explored a majority sale, but is now eyeing a smaller stake sale, Sneha Shah reports. Despite the shift, investors like Bain Capital, Blackstone, and Temasek Holdings remain interested, eager to tap into India’s booming snacks market, which is projected to double by 2032. With its status as a profitable market leader and a potential IPO candidate, Haldiram's presents a compelling investment opportunity, Sneha adds.The Indian rupee hit a record low of 84.07 against the US dollar this week, marking a depreciation of over 9% since April 2022—far exceeding the typical 3% annual decline. The slide is attributed to foreign institutional investors pulling out around $8 billion this month, dampening demand for the rupee. With global markets in flux and geopolitical tensions—such as the Israel-Iran conflict and the ongoing Russia-Ukraine war—adding pressure, experts anticipate further depreciation, possibly touching 84.20. Sumant Banerji breaks down how the weakening rupee impacts both you and the broader economy.Pratilipi, the platform for long-form regional stories, hit a major milestone in July 2024 by turning cash-flow positive. Founded in 2014, with backing from big names like Tencent and Nexus Ventures, Pratilipi saw its revenue jump 66% to ₹58 crore last year, while it managed to slash its losses by 62%. In a market where many content platforms have struggled or shut down, Pratilipi’s focus on in-depth storytelling in Indian languages has set it apart. While others chased short videos and social media trends, Pratilipi remained true to its core—delivering engaging narratives across 12 regional languages. The platform’s success comes from its loyal reader base, mostly women aged 18-35, and a commitment to its authors, offering workshops and fellowships to support their work. Shadma Shaikh delves into how the platform scripted a rare hit.    PVR Inox re-release bet pays off in Q2, more in the pipeline With BKC packed, Mumbai hunts for its new business districtHaldiram deal turns into a minority stake saleMint Primer | Rupee's big fall: How much lower can it go?How storytelling platform Pratilipi scripted a rare hit

Welcome to Top of the Morning by Mint, your weekday newscast that brings you five major stories from the world of business. It's Wednesday, October 16, 2024. My name is Nelson John. Let's get started.The Sensex fell 153 points, or 0.19 per cent, while the Nifty 50 closed 71 points, or 0.28 per cent, lower.The country's biggest listed company presented its quarterly earnings report yesterday. Investors didn't like it too much: Reliance Industries' share price dropped by 2 percent on Tuesday. Its oils to chemicals business remains its biggest pain point: ebidta has fallen 19 percent year on year. But Jio made up for this, Manish Joshi writes. There is significant upside for Jio for the coming quarter, while Reliance's retail business is trending upwards too. Investors might not be too happy with the latest results, but future quarters might be much better for RIL.Urban India constantly uses quick commerce apps to order groceries and other household items. This comes at the expense of traditional FMCG players. Dipti Shah writes that this growing trend will affect FMCG stocks negatively. This is also evident from their modest returns, compared to the significant gains seen in shares of companies like Zomato and Trent. Even FMCG giants have acknowledged the rising contribution of quick commerce to their sales, signaling a transformative shift.After a brief break, startups are finally hiring CXOs again. Over two-dozen top-level executives were recruited in the last three months, report Sneha Shah and Devina Sengupta. According to industry insiders, this surge in hiring for roles like chief executives and business heads is a response to more funding coming in. They are also a strategic move by startups to strengthen their leadership teams in preparation for future growth, including IPOs. Such hires are receiving significant stock options as part of their packages, report Sneha and Devina.This week, relations between India and Canada soured further as each country expelled six of the other’s diplomats. This escalation follows Canada's allegations of the Indian government’s involvement in the assassination of Hardeep Singh Nijjar, a Sikh activist, in British Columbia in June 2023. Canada's Prime Minister Justin Trudeau cited non-cooperation from India in the investigation as a reason for the expulsion, intensifying tensions amid Canadian political dynamics as Trudeau faces decreasing popularity ahead of the election in 2025. Economic ties between India and Canada, characterised by substantial trade and investment, remain strong despite the diplomatic rift. Elizabeth Roche, associate professor at Jindal Global University, explains the fresh turn in the ongoing tensions. The Adani Group has its fingers in many pies — from power to ports to even pulses. Now, it is eyeing a new sector: semiconductors. Anirudh Laskar reports that the conglomerate is looking to invest 3 billion dollars with two Israeli tech firms to set up a factory. The total investment in this unit could increase up to 8 billion dollars. The Group hopes to count on the government's help with the setting up of this facility, as they have been bullish on chip manufacturing hubs.  Show notes: RIL investors wait for oil-to-chemicals business profitability to bottom out Investors shy away from FMCG stocks but embrace quick commerce platforms: Why? The great startup CXO hunt: companies beef up top deck as funding winter thaws Mint Primer | The escalating India-Canada rift and its implications for IndiaAdani plans $3 billion outlay to launch semicon biz

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, October 15, 2024. My name is Nelson John. Let's get started. Thanks to gains in shares of select banking and IT heavyweights, including HDFC Bank and Infosys, Indian stock market benchmarks- the Sensex and the Nifty 50- resumed their upward march on Monday. The Sensex rose 0.73 per cent, while the Nifty 50 settled 10.66 per cent, higher. Vinay Dube, previously at the helm during tumultuous times at Jet Airways and Go First, now leads Akasa Air, facing similar challenges with its fleet of Boeing 737 Max aircraft. Akasa Air, aiming to carve a niche in India's aviation market, heavily relies on this model, notorious for its operational issues, despite its economic purchase price. The airline, commanding a modest 4.5% market share, seeks to establish itself against the dominating duo of IndiGo and Air India, which together control over 90% of the market. Akasa's strategy involves mirroring successful practices from industry leaders like IndiGo, which thrived on a sale and leaseback model that Dube intends to replicate. Nehal Chaliawala and Mihir Mishra write on Vinay Dube’s plans to take on the Indigo-Air India duopoly in India’s aviation market. Class actions are gaining momentum in India, with recent cases against Ola Electric and Jindal Poly Films showcasing their rising prominence. A class action allows people with similar grievances to file a single lawsuit, making it a powerful tool for addressing collective issues. The rise in class actions is largely due to growing awareness among consumers and shareholders, facilitated by technology and easy access to information. More people are now using these legal options to hold companies accountable. The digital age has also amplified opportunities for collective grievances, especially with the collection of vast amounts of personal data. Mint’s Krishna Yadav explains the rise of class actions in India.  Becoming a cricketer in India can lead to vast riches. For Suryakumar Yadav, the money doesn't stop rolling in. Gaurav Laghate writes about how leading India to a recent T20 series win against Bangladesh has bettered Yadav’s financial prospects. Yadav's endorsement fee has jumped by a whopping 350 per cent, with deals worth 2 crore rupees each. Among companies shelling out this money for him are ICICI Prudential Life Insurance, Reebok, and Lenskart. Sky, as he is fondly called, is now rubbing shoulders with Virat Kohli and Rohit Sharma, the other scions of cricket endorsement deals. In September, India witnessed a sharp rise in inflation to a nine-month high of 5.49 per cent, surpassing the expected 5.1 per cent. This increase was largely driven by a significant hike in vegetable prices, which surged due to a dissipating base effect and unfavorable weather conditions. This unexpected jump underscores the Reserve Bank of India's cautious stance on not cutting the repo rate. With this spike, the inflation rate for the July-September quarter settled at 4.2 per cent, slightly above RBI's projection of 4.1 per cent, suggesting that rate cuts might be postponed to 2025. Payal Bhattacharya reports on how September’s inflation surge proves RBI was right to delay a rate cut. Rocket science is generally hard, which is why any achievements made in this vast and expensive field should be celebrated. Elon Musk's SpaceX has innovated space travel by using mechanical 'chopsticks' to catch one of its rocket boosters mid air so it can be reused for other rockets. Leslie D'monte writes that this would reduce the costs and turnaround time of future rocket launches. Moreover, this achievement could boost Musk's financial and strategic positions by lowering launch costs and speeding up operations.  Primer: How Musk catches rockets with ‘chopsticks’Suryakumar Yadav: India’s Mr 360 is changing the game for brand endorsementsMint Explainer: Why Class Action Suits in India Are on the RiseHow Akasa Air’s Vinay Dube is taking on the IndiGo-Air India duopolyIn charts: September inflation proves why RBI was right to delay a rate cut

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, October 14, 2024. My name is Nelson John. Let's get started. The upcoming festive period is usually a fruitful time for India's retail industry. As the sales increase, so does the advertising. However, companies are scaling back on traditional media spending. Instead, the industry is spending much more on digital ads, as well as those on e-commerce platforms. Varuni Khosla and Gaurav Laghate writes that FMCG and the auto sectors are likely to see good spending through such channels, but not on your TV or billboards. In 2021, amid a booming market for startup IPOs in India, Zomato was an exception in the landscape, focusing heavily on fresh share issuances rather than facilitating investor exits. Unlike Zomato, which issued new shares worth Rs 9,000 crore, the trend among other startups was to use IPOs as a primary exit strategy for existing investors. In that fiscal year, 48% of total startup IPO shares were sold through offers-for-sale, slightly less than the broader market's 63.3%. This increased to 64% by FY25, indicating a growing preference among startup investors to liquidate their stakes, reports Priyamvada C.  While this trend means startups raise less capital for growth during their IPOs, it opens opportunities for new investors to engage with the startup sector as it rides a wave of market highs. In another case of poor trade practices, the Competition Commission of India has found WhatsApp and its parent company Meta Inc. guilty of breaching competition laws. The 3-year investigation concluded that WhatsApp violated competition rules by abusing its market dominance with a policy update. Gireesh Chandra Prasad writes that this update was deemed "exploitative and exclusionary" by CCI's investigation. The penalties could go up to 10 percent of Meta's global revenue. The latest data on India's industrial production, which showed a slight contraction in August for the first time in 21 months, raises concerns about a potential slowdown in the economy. The Index of Industrial Production dipped by 0.1% compared to a significant 10.9% growth in the same month last year. N Madhavan explains how this drop can be attributed to extraordinary rainfall impacting mining and electricity generation, alongside a high base effect from last year's strong performance. Despite this hiccup, experts suggest this is a one-off event, expecting a rebound in industrial activities starting September, buoyed by government infrastructure spending and other high-frequency indicators. Zomato evolved from food delivery to include quick commerce and most recently an events business by purchasing Paytm’s subsidiaries Insider and TicketNew. This expansion into live events and dining with the newly dubbed District app aims to integrate Zomato's dining expertise with large-scale events. But the journey isn't straightforward. The events business, like those of old and new competitors, is notoriously tough to monetize, especially with the slim profit margins seen in pure ticket sales, as shown by the industry leader, BookMyShow. Zomato's real bet is on producing and hosting live events, which promise greater returns but also carry higher risks and investments. Sowmya Gupta dives deeper into Zomato’s latest acquisition strategy and how it can do wonders for the company.  Advertising sentiment remains subdued during festive quarterStartup IPOs: Investors rush for exits as new capital takes a backseat CCI finds WhatsApp, Meta Inc. in breach of competition law; penalty order soonIs the economy slowing down?Not just a cold play: How Zomato can make District a blockbuster

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, October 11, 2024. My name is Nelson John. Let's get started. A stalwart of India’s corporate world passed away on Wednesday night. We'll bring you some stories on his legacy and work over the decades. After retiring as the chair of Tata Sons in 2012, Ratan Tata shifted his focus to supporting startups through his investment vehicle, RNT Associates. By 2019, he was actively engaging with budding entrepreneurs on Instagram. However, he was clear that getting funded didn't guarantee success. Tata’s investments, though modest, were a mark of credibility in the startup community, especially when capital was hard to come by. His approach wasn't just about writing checks; he invested in mentoring the founders, focusing on their long-term vision and passion rather than immediate financial metrics. Mint’s startups editor Ranjani Raghavan takes a look at the former Tata group chairman’s vision for Indian startups. Ratan Tata, the visionary driving force behind Tata Motors, transformed it from a local truck maker into a global automotive powerhouse. During his tenure, the Tata Nano, the world's cheapest car, was launched, aimed at democratizing car ownership in India. Though it didn't hit commercial targets, the Nano exemplified Tata's visionary approach. Under his leadership in 1998, Tata Motors introduced the Indica, India's first indigenously developed passenger car. A landmark moment came in 2008 when Tata Motors acquired the iconic British brands Jaguar and Land Rover for 2.3 billion dollars from Ford. This was a stunning reversal of fortune, as Ford had previously considered buying Tata's car division. Tata turned these struggling brands into profitable entities, significantly enhancing Tata Motors' stature and revenues. Alisha Sachdev writes about Ratan Tata’s legacy at one of India’s biggest automobile companies.  For over a century, the Tata group has been a cornerstone of the Indian industry, spanning multiple sectors. While JRD Tata was at the helm for 51 long years, his son Ratan was the one who did the heavy lifting. He took over right as India was on the cusp of opening up its economy. An opportunity, for sure — but it also would have led to a lot of challenges. Sundeep Khanna writes about the leadership at the Tata group, from JRD to RNT to now, N. Chandrasekaran, and how it has shaped not only the conglomerate, but also corporate India as a whole. He takes a retrospective look at its progress, pitfalls, and even some controversies over the years. The Indian equity market's rally has paused, with the Nifty50 index down 3% in the first seven trading sessions of October. India's volatility index rose 13%, indicating heightened risk aversion. Harsha Jethmalani writes that foreign investors are showing renewed interest in China, following the announcement of a stimulus package. That has led to investors pulling money out of Indian markets. This further raises the possibility of India's equities underperforming against the broader Asia markets, according to a Nomura report from 7 October. India's commercial office sector is set for a record-breaking year, signalling a strong bounce back from the pandemic lows. The sector is expected to surpass its previous high, with anticipated leases reaching over 70 million square feet across major cities by the end of 2024. This surge is largely driven by the return of multinational corporations to physical offices and a significant increase in demand from global capability centres and flexible office operators. Bengaluru is leading the charge in space absorption, followed by Delhi-NCR and Hyderabad, with tech companies, financial services and manufacturers actively snapping up office space. Madhurima Nandy explains how this leasing boom is not just good news for real estate but also a positive sign for the economy.

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, October 10, 2024. My name is Nelson John. Let's get started. Yesterday, the Reserve Bank of India left key policy rates unchanged, maintaining the repo rate at 6.5 percent. The RBI’s decision comes amid rate cuts by central banks worldwide, notably the US Federal Reserve, Bank of Japan, and Bank of England. The RBI remains wary of inflation, and thus doesn't want to cut rates just yet. Gopika Gopakumar writes that the decision still leaves room for a rate cut at the monetary policy committee's meeting in December.  Faced with cost pressures, companies are keen on retaining their employees. Some plan to disburse more than 90 percent of variable pay since raises are expected to be modest this year. Key sectors such as manufacturing, auto, and IT are likely to pay bonuses in full, while the retail and consumer sectors will be more cautious. Anandorup Ghose from Deloitte India tells Devina Sengupta that while bonus payouts are typically within 90-110 percent of the target, variable pay differs by seniority. Roopank Chaudhary of consulting firm Aon notes that though some sectors have seen improvements, overall bonus projections for 2025 are similar to last year's, at about 13.6 percent of fixed pay. Salary hikes are expected to be around 9.5 percent next year, a slight increase from 9.3 percent this year. India is pumping 25 billion dollars into its semiconductor sector as it looks to get at least four more chipmakers to set up fabs. The focus is on legacy chips, which are essential in industries such as auto, aerospace and defence. These older chips are cheaper to make and maintain than the most advanced ones, such as those used in iPhones. The Tata-PSMC facility, the only commercial fab in India right now, is set to make chips ranging from 28 nanometers to 90 nanometers. While these are more advanced than typical legacy chips, the plant will also churn out the older variety to meet domestic needs and reduce imports, boosting India's revenue in the process. Shouvik Das takes a closer look at India’s big gamble on legacy chips.  The Kalyanis, known for their substantial holdings in India’s industrial sector, including Bharat Forge, are embroiled in a contentious legal battle over the family’s wealth. Gaurishankar Kalyani, the youngest brother of Bharat Forge chief Baba Kalyani, has challenged a 2012 will of their late mother Sulochana Kalyani. He claims a newer will from December 2022 names him as the main heir, but Gaurishankar accuses him of coercing their mother into sidelining him. Priyanka Gawande explains the legal battle for control over multibillion-dollar assets.  Is your real estate agent a social media influencer as well? Madhurima Nandy writes about such agents, who earn nearly 2 crore rupees a year from brokerage and influencer marketing fees. But they also offer other services: advice on what to avoid, whom to trust, and a rundown of real estate basics. As younger generations start buying property, social media has become fertile ground to attract such clients. Madhurima writes that real estate developers are getting into this as well, partnering with influencers to build hype around their projects. After fashion, beauty, food and finance, it looks like influencers have a new sector to sink their teeth into.

Welcome to Top of the Morning by Mint, your weekday newscast that brings you five major stories from the world of business. It's Wednesday, October 9, 2024. My name is Nelson John. Let's get started. Do you use a zero-brokerage app? That won't last too long. Soon, brokers such as Zerodha, Groww and AngelOne have to overhaul their business, as the market regulator has barred them from pocketing exchange fee waivers. It will force these brokers to raise their fees to make money. Dipti Sharma writes that these new-age brokers will now either charge a flat fee or a percentage of the order—much like their traditional counterparts. Sebi believes this will bring a balance in the market. Agricultural employment in India is rising. A recent survey showed that 46.1 percent of Indians now work in the farm sector, as opposed to 42.5 percent before the 2020 covid-19 outbreak. The primary drivers are the lack of better-paying jobs and more participation from women. Sayantan Bera writes that this raises concerns about productivity and disguised unemployment. Meanwhile, the political pressure for more state support due to agriculture's uncertain income continues to increase. He makes sense of the survey and proposes some solutions to counter this worrying trend. Bigger TVs are about to get cheaper! Televisions and ACs are in for a boost, thanks to some new government perks. The Ministry of Electronics and Information Technology plans to scrap import duties on TV panel open cells, Shouvik Das and Mihir Mishra report. This cut could make big-screen TVs cheaper in the country and is part of a bigger plan to crank up domestic TV production from 28 to 45 percent. The government is also looking at dropping customs duties on some TV parts and reducing the GST on local production of display panels from 28 to 18 percent. The Centre is also considering setting up local factories to boost domestic manufacturing of display components. Why does this matter? Well, the cost of display panels and open cells can make up half the price of a TV. Currently, most of these parts are imported, meaning a lot of the money from TV sales ends up outside India. But with these changes, we could see more of this cash staying in the country. India's renewable energy sector is seeing an unusual trend—companies are trading grid connectivity, with some aiming to profit quickly. Nehal Chaliawala spoke to executives who revealed that up to 10 gigawatts of the capacity to transfer renewable energy to the grid is up for grabs, priced between Rs 15-25 lakh per megawatt. In FY24, India ramped up its renewable capacity by 18.5 gigawatts to a total of 153 gigawatts. However, the infrastructure needed to connect these new green power sources to the Inter-State Transmission System hasn't kept pace. This mismatch has opened a door for middlemen and opportunists. The sellers range from companies altering their business strategies to opportunistic entities looking to cash in. Some engineering and construction firms even secure connectivity to resell it, tying it to contracts for building renewable projects. For more than two decades, India's domestic hockey leagues have struggled to maintain any continuity. Seven years after its last season, the Hockey India League is back with its latest stint, this time featuring both men and women. Last week's announcement comes on the heels of back-to-back bronze medal finishes over the last two Olympics. We invited Venkat Ananth to write about this year's edition, its financials, and the possible marketing plans to make hockey a widely-watched sport.

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, October 8, 2024. My name is Nelson John. Let's get started. Over the previous quarter, the Nifty IT index rose around 14%, while the Nifty50 increased by around half that number. Harsha Jethmalani writes that this happened after the US Federal Reserve cut its interest rates by half a percent. That spurred BFSI clients to increase their IT spending. However, this money will only be seen on the books in the quarter next year. Harsha adds that recent comments from Accenture suggest a continued focus on cost-optimisation by clients, but the overall outlook does look better than it did a few months ago. Maldives President Mohamed Muizzu is in India, aiming to patch up strained ties and get Indian tourists heading back to his country’s stunning islands. Even though overall tourist numbers in the Maldives are up by 10 per cent this year, the number of Indian visitors has plummeted. Politics and international relations have nudged Indian travellers toward other destinations, which is a real hit to the Maldives where tourism isn't just big business—it's essential, contributing about 30% directly to its GDP. Back in 2023, Indian tourists made up 12 per cent of all visitors to the Maldives, but this year, that's halved to just 6 per cent. N Madhavan explains how Muizzu is planning to mend his country’s relationship with its biggest and most important neighbour - India.  Hero Motocorp has dominated the two-wheeler sector for more than three decades. However, its former partner Honda now threatens to overtake this lead. This is the first time in years that the automative market has seen any sort of competitive action to this extent. The two companies were partners from 1984 to 2010. After their split, Hero and Honda ruled the motorcycle and scooter markets respectively. Sumant Banerji writes that both companies are making significant inroads into each other's strongholds. Sumant writes about the segment battles in detail, and outlines who is winning what — including the up and coming EV market. India's Ministry of Law and Justice is considering updates to the Civil Procedure Code to streamline civil lawsuits and reduce court backlogs. Inspired by the effective Commercial Courts Act, the proposed reforms aim to incorporate mandatory timelines and mediation efforts to expedite legal processes. This initiative is part of broader judicial reforms, including recent revisions to major criminal laws, aimed at speeding up justice. With over 5.6 million pending civil cases, these reforms are crucial for enhancing the efficiency of India's judicial system. The goal is to modernise the CPC, established in 1908, and ensure it meets contemporary legal needs more effectively, reports Manas Pimpalkhare. The festive season is here, and so is the season of festive foods. The joy of Hilsa, a favourite among fish enthusiasts, is marred this year by skyrocketing prices and scarce supplies. In Kolkata, the cost of a 1.5 kg Hilsa has surged by 600 rupees compared to last year, now fetching 2,000-2,200 rupees at wholesale and even more at retail. In Delhi's C.R. Park, daily arrivals have plummeted from up to four quintals in previous years to just one quintal. With Durga Puja around the corner, demand is spiking, and prices are expected to climb even higher, potentially increasing by 400-500 rupees per kg. Puja Das reports on the root of the problem, which lies in the dwindling catch—down over 70% since the 1980s—and a reduced import window from Bangladesh.

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, October 7, 2024. My name is Nelson John. Let's get started. Last week was a bit of a disaster for the markets: the Nifty fell 5% over the previous four trading sessions. This selling-heavy trend was in contrast to a bullish market from the prior week, which saw Nifty hitting a record high. Ram Sahgal writes that foreign investors sold heavily, booking profits. Meanwhile, a stimulus by the Chinese government into its economy too attracted investors. Ram analyses the current trends, and speaks to market experts on when a bounceback is expected. As tensions in West Asia escalate, you might be worried about your portfolio. But despite historical volatility, stock markets have shown resilience in the face of geopolitical tensions. Notably, the US stock market has, on average, only dipped 5% during major events since World War II — and recovered quickly. Abhishek Mukherjee writes that the pattern is similar for Indian markets.  The NSE Nifty in India quickly rebounded after initial losses following the Russia-Ukraine conflict, as well as the tensions in Gaza. However, for India, the primary concern amid such conflicts remains the impact on oil prices. India has a significant dependence on oil imports, which are crucial to its macroeconomic stability. If any war-related tensions lead to prices of oil rising, the markets may not take to it very kindly. India’s shipping ministry is setting new guidelines that could significantly benefit domestic shipping companies. They're proposing that international container lines operating in Indian waters reserve at least 5% of their cargo space for local operators. This initiative is designed to bolster Indian container lines and non-vessel operating common carriers  — companies that arrange shipments but don't own the vessels themselves, reports Subhash Narayan. Currently, Indian entities handle less than 1% of the nation’s trade, a figure this policy aims to increase by enhancing their access to global markets. This policy also supports the domestic shipbuilding industry and lessens India’s dependency on foreign shipping services, which often leads to high freight charges during global disruptions. RP Sanjiv Goenka Group’s music label Saregama India is eyeing a big move into the film industry by potentially snagging a majority stake in Karan Johar’s Dharma Productions. This isn't a done deal yet—sources told Lata Jha that the deal is still up in the air. This follows its acquisition of digital entertainment player Pocket Aces Pictures. Why the interest in Dharma Productions? Well, Dharma’s been feeling the heat from the unpredictable box office, pricey star fees, and shrinking revenue from traditional rights deals. These challenges are pushing it to find a financial lifeline to keep up its operations.  Indians eager to travel abroad face a mixed bag of options, with the Indian passport ranking 81st globally. It offers visa-free access to 29 countries and visa-on-arrival in 28 others. However, the rise of e-visas and Electronic Travel Authorizations brings both convenience and potential pitfalls. For a smoother experience, e-visas are increasingly popular among Indian tourists. These allow you to apply from home without visiting an embassy. But remember, these come with variable processing times and fees. Common pitfalls include documentation errors leading to application rejections. It's critical to ensure your application details match your documents perfectly and to apply well in advance of your travel. Read this piece by Mint Money’s Jash Kriplani if you want to streamline your international travel by using e-visas.  

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, October 4, 2024. My name is Nelson John. Let's get started. The festive season usually brings a buzz to India's stock markets, but this year it's been anything but cheerful. Over July and August, investors saw their wealth shrink by a whopping Rs 11 trillion due to a record exodus of foreign investors, a bounce in Chinese stocks, and brewing tensions in the Middle East – not to mention steep valuations of Indian stocks. Here's the kicker: all this drama synced up with the weekly Nifty expiry on Thursday, known for causing wild swings, so the Nifty and Sensex dropped more than 2%. This was the steepest in two months, driven by a record single-day sale of shares worth more than 15,000 crore rupees by foreign institutional investors. While domestic institutional investors did step up with purchases worth nearly 13,000 crore, it wasn't enough to prevent the dip. Catch Ram Sahgal’s report chronicling the bloodbath on D-street in the show notes.  Direct-to-consumer fem-tech startups are gaining traction in India. This trend is driven by increased female employment, higher disposable incomes, and savvy social media marketing. Sowmya Ramasubramanian and Suneera Tandon write that despite capturing less than 10% of the market, these startups are already worrying major players. There are obvious challenges, such as cultural stigmas and affordability, especially in rural areas. However, the sector has seen modest investments so far.  It's placement season for engineering colleges. Last year was rough, with many companies backing out as they faced financial crunches. Devina Sengupta reports this year looks much the same, unfortunately, with recruiters staying cautious. Global economic uncertainties, including wars, inflation, and the US presidential election's potential impact on offshoring policies are to blame. Devina explains how colleges are responding to this problem, and the salaries graduates can expect in such a job market. Japan's Mitsubishi UFJ Financial Group has ended up as the sole candidate to pick up a majority stake in Yes Bank, after other potential buyers Sumitomo Mitsui Banking Corp. and Emirates NBD backed out due to India’s strict caps on voting rights, Anirudh Laskar and Gopika Gopakumar report. MUFG sees big potential in India's financial sector and has begun conducting due diligence with help from JP Morgan. The road hasn’t been smooth, though. Yes Bank has been looking for a new owner for more than six months, but India's rules limiting voting rights in private banks to 26% have turned many away. Despite the restrictions, MUFG is exploring ways to buy more than 26% of Yes Bank. India's goods exports have grown marginally in the first five months of the fiscal year, rising only 1.1% year-on-year. The post-covid surge in goods exports appears to have subsided. But, the real story is the boom in services exports, which shot up by about 11% during the same period. In August alone, services exports jumped to $30.7 billion, inching closer to goods exports at $34.7 billion. If this trend holds, services could outpace goods exports soon, marking a major shift that’s been brewing for over two decades. Our partners at HowIndiaLives.com delve deeper into the changing landscape of Indian exports. A decade ago, services exports were just a third of India’s total exports, but this July they accounted for 47%. Since 1993, services exports have grown by an average of 14% a year, outpacing the 10.7% annual growth rate of goods exports. India is now the world’s 7th-largest services exporter, up from 24th in 2001.  Show notes:Bloodbath on D-street as hot money races to ChinaMenstrual hygiene products are stuck in time. These startups want to change thatIIT hiring: Will it be a rocky one for the batch of ‘25?MUFG: Last man standing in Yes Bank saleThe silver lining in India’s exports basket

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, October 3, 2024. My name is Nelson John. Let's get started. We might be on the verge of world war three, as Iran's recent airstrikes on Israel underscore Tehran's readiness to confront any perceived threat. Shweta Singh explains why the situation could escalate, and how the US is involved in the mess. Shweta also explains the implications of this development on India, including how it could affect trade, and helps you understand the complex geopolitical dynamics at play. In a move to slash legal costs, the Indian government is setting the stage for a new national litigation policy, targeting cases where government entities end up suing each other. With this step, the law ministry aims to curb the financial drain caused by such disputes, particularly among public sector undertakings, Dhirendra Kumar reports. The initiative targets disputes like tender disagreements between PSUs, which not only incur substantial legal costs but also burden the judiciary. With over 50 million pending cases nationwide, such disputes exacerbate the backlog and strain on the legal system. The policy aims to streamline processes and reduce unnecessary legal confrontations.  If you qualify as ultra-rich, chances are you’re tired of five-star hotels. Varuni Khosla writes that super-rich travellers are increasingly drawn to boutique resorts, which offer an intimate and luxurious experience accompanied by meals by high-profile chefs. These resorts are typically in remote locations and cater to the demand for unique and personalised vacations. Affluent millennials are spending more than 25,000 rupees a night to stay at such resorts. Google's in a bit of a spot in India. The tech giant has decided to settle an antitrust case after the Competition Commission of India flagged its deals with smart TV makers as a no-go under the competition laws. This is a big deal because it's the first time a company is testing India's new settlement process, writes Gireesh Chandra Prasad. Introduced last year, the process could get Google a 15% reduction on the penalty. The CCI initiated the probe in 2021, based on allegations that Google violated competition laws in the Android TV market, specifically through its restrictive agreements with smart TV manufacturers. These agreements allegedly limited the manufacturers' ability to use or develop alternative Android systems.Indian IT services are gearing up for their September quarter results, with Infosys expected to lead in revenue growth among the top five firms. Analyst forecasts suggest Infosys could achieve revenue growth exceeding 3%, driven by the ramp-up of previously secured deals and the integration of the newly acquired In-tech, Jas Bardia reports. TCS is also expected to grow, though at a more modest 1.5% to 2.4%, supported by its substantial 4G network deployment deal with BSNL. As for the others, HCL Technologies could see growth of up to 1.9%, while Wipro's projections indicate a slight increase or even a minor decline in revenue. TCS will release its results on the 10th, followed by other major firms. Show notes: Mint Primer | Iran strikes Israel: What next?Government’s new litigation policy to target costly PSU disputesBoutique resorts with celebrity chefs: For the uber-rich bored with luxury staysGoogle offers to settle anti-trust case in smart TV probeInfosys to lead Indian IT pack this festive season

Welcome to Top of the Morning by Mint, your weekday newscast that brings you five major stories from the world of business. It's Wednesday, October 2, 2024. My name is Nelson John. Let's get started. The Indian stock market closed the volatile trading session on a flat note on Tuesday, October 1, amid mixed global signals and uncertain economic indicators. The Nifty 50 closed the session 0.05% lower while the Sensex ended with a slight decline of 0.04%.. The Goods and Services Tax has undergone a series of amendments since it was introduced in 2017. Yesterday the Central Board of Indirect Taxes and Customs announced yet another important change: an end to the anti-profiteering regime. This had been put in place to ensure that businesses passed on the benefits of GST rate cuts to consumers. Gireesh Chandra Prasad reports that with its removal, businesses will have more freedom to set prices. This change is part of a broader effort to simplify GST compliance, Gireesh adds. The Leela group of hotels filed papers for a 5,000 crore rupee IPO last month, reflecting a growing appetite for both luxury tourism and luxury hotel stocks. Experts told Abhinaba Saha they expect healthy demand for Leela’s IPO, the largest in the hospitality segment to date, as luxury tourism is just getting started in India. Luxury hotel chain operator Ventive Hospitality announced an IPO worth at least Rs 2,000 crore just a few weeks ago, while Juniper Hotels and Apeejay Surrendra Park Hotels were listed in February.  Ever seen ads for music CDs and glass tumblers? They are all over billboards and TV sets, but you’d be hard pressed to find the actual products on sale. That’s because they’re surrogate ads for products such as alcohol. Liquor manufacturers aren't allowed to advertise their products, so resort to such tactics. However, Dhirendra Kumar reports that the Central Consumer Protection Authority is now cracking down on companies that use surrogate advertising and could fine repeat violators 50 lakh rupees. When Ranveer Allahbadia's YouTube account – which has 17.33 million subscribers – was hacked on September 25th, it highlighted a growing concern about cybersecurity among content creators. Allahbadia's experience served as a stark reminder that no one is immune to cyber threats. Pratishtha Bagai writes about a recent Kaspersky study that revealed 20% of Indian internet users were victims of cyber threats in the first half of 2024 alone. Influencers are now increasingly using two-factor authentication (2FA) and limiting device access to their accounts. Yet, many creators rely on platform support after the fact, rather than taking proactive steps to secure their accounts. Industry experts suggest that influencers, like businesses, should seek professional cyber protection services.In India's film industry, big-budget spectacles such as Baahubali and Pathaan rake in massive sums at the box office but often see modest profits owing to high production costs. Conversely, mid-budget films have delivered impressive returns. Stree 2, which cost around ₹60 crore to make, grossed more than ₹600 crore. Such films manage to appeal to both urban and regional audiences, often without major stars, and thus have a better return on investment, writes Lata Jha. Sequels such as Gadar 2 and Stree 2 continue to attract audiences by leveraging the success of their predecessors, maintaining interest without the hefty marketing budgets that larger films typically require.  GST-related anti-profiteering regime to end in March next year, marking shift towards free pricingLeela's IPO is a bet that luxury tourism in India is just getting startedLiquor makers in crosshairs over surrogate ads, CCPA calls for punitive actionAre social media influencers equipped to dodge cyber attacks?The curious case of mid-budget breakout hits

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, October 1, 2024. My name is Nelson John. Let's get started.Nearly 300 stocks, including JSW Steel and NTPC, reached one-year highs on the BSE, despite the Sensex and Nifty 50 dropping over one per cent amid weak global cues.Last week, the government of China infused 143 billion dollars into its economy to try and revive it out of a slump. This led the Chinese public markets to experience their best week in more than 16 years. Initiatives also included a 2 trillion yuan bond, easing rules for buying homes, and revival of consumer spending. N. Madhavan explains this stimulus package, and how it might affect the Indian economy.Investors always wondered when Swiggy would list on the public markets. After its rival Zomato touched record highs this year, that intrigue turned into a fertile ground for Swiggy to have its IPO. This has also led Swiggy's shares being sold and re-sold all over at sky-high prices in the grey market. While Swiggy's current market cap is around 80 to 90,000 crore rupees, investors are hoping that this amount at least doubles to reach the vicinity of Zomato's 2.5 trillion rupee valuation. Neil Borate and Anil Poste speak to Swiggy's investors, and outline the current situation in the grey markets.Infamous Shark Tank judge and co-founder of BharatPe Ashneer Grover reached a settlement with the fintech unicorn yesterday. He officially ended all associations with the company. Mansi Verma writes that as part of the agreement, some of Grover's shares will be transferred to the Resilient Growth Trust, while the remainder will be managed by his family trust. All ongoing legal cases between the parties will be dropped.Placement teams at India's top tech schools, notably the IITs, are getting proactive. They're reaching out to potential recruiters early this year, hoping to avoid last year’s job placement struggles. Devina Sengupta however reports that companies from IT, manufacturing, and banking sectors are still on the fence about how many grads they’ll hire from the 2025 batch. The older IITs, like those in Madras, Bombay, and Delhi, typically start their placement season in December, while the newer ones begin as early as August to get a head start. Last year didn’t end well for many grads who remained unplaced due to a cautious hiring climate amid economic uncertainties. Some early recruiters like Samsung, Accenture, and Larsen & Toubro have already shown interest, and companies like Godrej Properties are looking to increase their hires from these institutes. IITs are also targeting startups and quick commerce platforms, with companies like Meesho planning to significantly increase their campus hires from last year.In Haryana, despite its economic prowess, life isn't as rosy for everyone. The state, boasting a per capita income much above the national average, hides a different reality in its villages, which make up about 65% of its population. As the state gears up for elections, this stark contrast between the prosperous urban areas like Gurgaon and the struggling rural regions like Kulana is shaping the political battleground. This year, the fight is straightforward, boiling down to a direct clash between the BJP, holding the fort for two terms, and the Congress. The real issues fueling this face-off aren't just economic stats but real-world problems affecting daily lives—agricultural distress, contentious army recruitment policies, and a heavy reliance on unreliable migrant labour. Sayantan Bera takes a deep dive into the issues, challenges, and problems faced by Haryana voters as the state goes to polls this coming Saturday. 

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, September 30, 2024. My name is Nelson John. Let's get started.WhatsApp groups are full of people pretending to be legitimate advisors offering stock market advice. These groups promise unrealistic returns and insider information, and have caught the attention of market regulators. Stockbrokers are also raising alarms to such practices. The scams have not only duped investors, but also posed significant reputation risks to the impersonated firms. Dipti Sharma, Neha Joshi, and Shayan Ghosh bring you the details of how the authorities are fighting back to regain the public's trust.The subsidies provided by the Indian government keep dwindling. Now, the focus has shifted towards incentivising players to set up their manufacturing facilities in India. Alisha Sachdev reports that from next April, manufacturers will be required to locally source even the smallest components, otherwise known as child parts. The new phased manufacturing plan also outlines detailed processes for each component to ensure that key steps are performed domestically.Accenture's recent earnings report has sparked optimism within the 260 billion dollar Indian IT sector. Accenture has forecasted a better financial year moving head, especially in the Generative AI-related space. Shelley Singh writes that the Indian IT sector is using Accenture's report as a bellwether and hoping for better revenues moving forward. In particular, there are hopes that banking and the financial sector at large are likely to also spend more towards IT.In November 2010, then-Gujarat Chief Minister Narendra Modi visited Chennai to invite Tamil Nadu textile entrepreneurs to set up spinning units in Gujarat. In a state where cotton was plentiful, and power was reliable, this invitation meant big savings on transport and energy. Despite his compelling argument, Tamil Nadu's textile industry, with its robust workforce and deep-rooted infrastructure, chose to stay put. Over a decade later, the textile industry in Tamil Nadu faces even greater challenges, from heavy reliance on migrant labour to increased operational costs. N Madhavan examines how this has prompted some units to consider relocation to states like Madhya Pradesh and Odisha for better proximity to labour and lower wages. Despite Tamil Nadu resolving its power issues, the textile sector's future in the state remains uncertain due to these compounded challenges.IBM and Accenture are making significant strides in the generative AI sector. IBM has reported over $2 billion in GenAI bookings and sales, with Accenture close behind at $3 billion for the fiscal year. Both companies attribute much of their success to their robust consulting services, a strategy not fully embraced by India’s top IT firms like Tata Consultancy Services, Infosys, and HCL Technologies, which do not report their AI or consulting revenues separately. This approach isn't just about leveraging AI technology; it's integral to their business development strategies. Jas Bardia reports on how both firms are proactive in integrating AI into their client engagement processes, often starting with proof of concepts at early sales stages. Stockbrokers raise alarm against fake WhatsApp groupsIndia's local sourcing rules for EV subsidies to tighten Will Accenture’s gain have a ripple effect on Indian IT? Why texpreneurs are unable to capitalize on the shift from China & BangladeshLessons for Indian IT services firms as Accenture, IBM lead GenAI charge

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, September 27, 2024. My name is Nelson John. Let's get started.Online brokerage firm Zerodha generated over ₹8,000 crore in revenue last fiscal year, with profits reaching ₹4,700 crore, according to founder Nithin Kamath. However, Kamath cautioned that the coming year might not be as bright, with a significant revenue drop on the horizon. Recent regulatory changes, aimed at protecting retail investors, are expected to hit brokerages hard. Abhinaba Saha delves into these new rules and their potential impact on both brokerages and retail investors.India's National Medical Commission (NMC), responsible for overseeing medical education, is grappling with internal conflicts among its four autonomous boards. Poor coordination has led to the cancellation of several public notices, prompting the NMC to seek intervention from the Union health ministry, sources told Mint’s Priyanka Sharma. The issue came to light when the boards issued conflicting decisions while reviewing applications from medical colleges. In one instance, a college was penalized by one board while another approved an increase in its seat capacity. This inconsistency is raising alarm, especially in the wake of recent controversies, such as the NEET exam paper leak.Radisson Hotel Group is rapidly expanding its footprint in India, capitalizing on opportunities in both major cities and growing smaller towns. Nikhil Sharma, Radisson’s managing director for India, told Varuni Khosla that while the country has 200,000 branded hotel rooms, there's still a significant gap between supply and demand. This imbalance is driving Radisson’s aggressive growth strategy, which includes tapping into religious tourism markets with new properties in Ayodhya and Vrindavan. This move is part of a larger strategy that has already placed Radisson ahead of competitors like IHG and Hilton in India, with its 115 hotels generating around ₹4,000 crore in revenue. The group, which manages brands like Radisson Blu and Park Inn, has 80 more hotels under development as part of its broader expansion plan.The telecom department is exploring a major policy shift by potentially waiving the requirement for telcos to deposit bank guarantees for spectrum acquired before 2022. The move is part of the broader reforms in the telecom sector. Starting in 2024, companies will no longer need to provide these guarantees under the new rules. The potential waiver is backed by precedents set in 2017, when the government extended the payment period for spectrum purchases from 10 to 16 years and reduced interest on penalties.The recent wave of harassment allegations in the movie industry reveals that little has changed in Hindi, Bengali, and Malayalam cinema. Lata Jha highlights that this misconduct manifests in various ways, including demands for sexual favours, unwarranted attention on and off sets, unequal pay, and inadequate facilities for women's hygiene. The Hema committee report reinforced what many in the industry already knew—widespread misbehaviour and misconduct remain pervasive. In this piece, Lata delves into the industry’s culture, the allegations, and the persistent lack of accountability within the system.

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, September 26, 2024. My name is Nelson John. Let's get started.Were you one of the thousands of Coldplay fans stuck to their screens, trying to score a ticket? The rush for Coldplay tickets turned intense on September 22, with 13 million fans chasing just 150,000 spots for their Navi Mumbai concert next January. The original ticket price was 6,450 rupees, but now resellers are listing them for upwards of 36,000 rupees! Given the high resale prices, some fans are thinking outside the box by considering a trip to Abu Dhabi for Coldplay's January 11 concert, where tickets start at a more reasonable ₹4,411. After crunching the numbers, Sashind Ningthoukjam writes that flying to Abu Dhabi could end up cheaper than snagging a resale ticket for the Navi Mumbai show. A round trip from Mumbai, a couple of nights’ stay, and a short-term visa totals about ₹30,000. That's a savings tip and a mini-vacation rolled into one for die-hard Coldplay enthusiasts!India is setting its sights on becoming a major global maritime player by 2047. It currently holds less than 1% of the global market share in shipping. Spearheaded by Minister for Ports and Shipping Sarbananda Sonowal, the government’s new strategy aims to revolutionize maritime activities through twelve targeted missions. These include enhancing shipbuilding, reducing dependency on foreign vessels, and launching a ₹25,000 crore Maritime Development Fund to fuel these ambitions, Subhash Narayan reports. On top of boosting local shipbuilding and repair capacities, India is also stepping up its game in maritime arbitration with the new Indian International Maritime Dispute Resolution Centre, aligning with the "Resolve in India" mantra.Mahindra & Mahindra and the Volkswagen Group are in advanced talks to intensify their partnership. The two companies are aiming to leverage shared investments in future technologies rather than engaging in cash transactions. Sources told Alisha Sachdev that Mahindra might make significant investments in platforms and technologies to acquire a sizeable stake in Volkswagen's India operations, with a formal agreement potentially being finalized by early 2024. The focus of this collaboration is on utilizing Volkswagen's underutilized Pune plant, which has a substantial expansion capacity. After a long and successful run, home sales and project launches have gone tepid. All eyes are now on the coming festive season, which is traditionally considered as the best-performing period for the property sector. This could revive the momentum in sales and launches. Madhurima Nandy explains what's at stake for the real estate market this Diwali season.After a huge rise in the disbursal of small-ticket loans, borrowers are defaulting. The volume of credit card dues where repayments are delayed by over 90 days has increased 17 basis points year-on-year, reports Shayan Ghosh. Analysts said this might be happening because a section of borrowers are exhausting their credit limits but are unable to repay. We hope you’re up to date with your outstanding bills!