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

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

Welcome to Top of the Morning by Mint, your weekday newscast that brings you five major stories from the world of business. It's Tuesday, April 16, 2024. My name is Nelson John. Let's get started: Indian stock markets fell by over one per cent for the second consecutive day on Monday, weighed down by rising tensions in the Middle East and resulting negative investor sentiment. India is in for some good news, especially for our farmers. After a tough year with less-than-ideal rain and the ongoing scorching summer, it looks like India is on track for a better-than-average monsoon season this year. The India Meteorological Department (IMD) anticipates that the fading El Niño – a weather phenomenon – will transition to neutral by June and possibly to La Niña conditions by late summer, promising higher rainfall. This could bump up our monsoon rainfall to 106% of the long-term average of 87 cm, which is above normal. This forecast is a relief considering the dry spell last year linked to El Niño, which reduced rainfall by 6% and nudged up inflation. Historically, when La Niña follows El Niño, India tends to see more rain. However, this could also result in uneven distribution of rainfall, meaning floods in some places. Mint’s Puja Das and Arshdeep Kaur report on the latest IMD forecasts. Tata Electronics has sealed a deal with Elon Musk’s EV manufacturer Tesla to produce crucial components for the car company. This partnership marks a significant boost for Tata in the electronics manufacturing space. The Tata Group company is also gearing up to set up a new facility dedicated to crafting essential parts like printed circuit board assemblies for Tesla vehicles. Interestingly, Tesla decided to go with Tata Electronics over its usual global partners like Foxconn and Jabil Inc. This choice seems to hinge on a couple of key factors: Tata’s aggressive expansion in semiconductor fabrication and its strong stance in securing government incentives in India. This strategy is a win for Tesla too, as it aligns with Indian policies that lower import duties for EV makers ramping up local production. These policies require that EVs achieve 50% local sourcing within five years to enjoy these benefits. Mint’s autos correspondent Alisha Sachdev reports on a development crucial for India’s EV and manufacturing landscape. Once the most valued Indian startup, Byju’s is going through its most turbulent phase yet. Now, another exit has shook the edtech company. Arjun Mohan stepped down as CEO of Byju's India after just seven months, handing the reins back to the company's founder, Byju Raveendran. Initially brought in to cut costs and reorganise operations, Mohan leaves behind a business that's noticeably scaled back. It's been a rough patch for Byju's, especially during the January-March quarter, which usually sees the bulk of its sales. However, this period turned out to be one of its worst, company insiders told Mint’s startup correspondents Priyamvada C and Sneha Shah. Debt has been a major issue. Reports suggest that Byju's debt has climbed to more than 200 million dollars in India and another 200-250 million dollars in the U.S. The company is also supposed to pay 40 million dollars quarterly to bondholders—a commitment that has sparked a legal battle as Byju's disputes these claims. However, an executive close to Raveendran told Priyamvada and Sneha that the debts are much lower and that the recent fundraising efforts should cover most of what they owe. The geopolitical situation in West Asia is volatile again. After Iran’s drone attack on Israel, the region is on the brink of a war. And when West Asia - a part of the Middle East - sneezes, economies around the world become prone to catching a cold. That is because of the fossil fuel reserves the area sits on. Rising tensions in the region could spell trouble for the Indian economy, with analysts warning that geopolitical uncertainties might drive up energy and commodity prices. This could fuel inflation and increase the government's spending on fertiliser subsidies, which could force the government to rethink some of its budget plans after the elections. In the budget laid out in February, Finance Minister Nirmala Sitharaman planned for a 13 per cent cut in fertiliser subsidies and a 5 per cent increase in excise duty collections from the petroleum sector. But with oil prices creeping up towards 90 dollars a barrel—and possibly hitting the 100 dollar mark soon—those numbers might need a second look. Higher oil prices mean India's import bill could balloon, given it imports about 85 per cent of its energy needs. Mint’s senior editor Gireesh Chandra Prasad and energy correspondent Rituraj Baruah explore the consequences of the ongoing conflict in West Asia, for the Indian economy and for the government’s promises in its interim budget. In the early 1960s, India was in search of its national bird. Renowned ornithologist, the late Salim Ali, championed the Great Indian Bustard, a to

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

Welcome to Top of the Morning by Mint, your weekday newscast that brings you five major stories from the world of business. It's Friday, April 12, 2024. My name is Nelson John. Let's get started: Indian markets ended Thursday on a robust note with the benchmark indices Nifty and Sensex both ending the day in the green. Touching an all time high of 22,775 points, Nifty closed just 22 points below it, up 0.49 per cent from its previous close. Sensex too closed on a higher note, up 0.47 per cent from its previous close. Equity trading at record levels, which has been going on for some months now, may soon hit its peak. Fresh data from the National Stock Exchange shows that retail investors as well as high net-worth investors have turned bearish on index futures amid rising geopolitical tensions in the Middle East. This group of investors became net sellers of more than 16,000 Nifty and Bank Nifty futures contracts, after the NSE index hit a fresh high on Thursday. Mint’s markets correspondent Ram Sahgal reports on the significant shift in sentiment from this group of investors. This comes after 84 days of bullish stance from the group of investors referred to as ‘Client’ by the NSE. Historically, the positioning of clients in index futures has been a reliable indicator of market tops or bottoms. When these positions turn light or negative, it often signals a market peak, while a substantial increase in bets typically indicates a market bottom. Generative AI - buzzword of the decade - is still a concept people are trying hard to grasp. It is important that people understand what generative artificial intelligence is. But it is even more crucial for lawmakers of the world to have a good understanding of the concept because laws around Gen AI will shape the technology’s future. One such law that could prove to be crucial for AI’s future has been tabled in the US Congress. The proposed “Generative AI Copyright Disclosure Act, 2024”, introduced by US Congressman Adam Schiff, addresses growing concerns over the fair use of copyrighted materials in the development of AI models. So what does the bill propose to do? This bill mandates that tech firms like OpenAI, Microsoft, Google, and Meta, which have developed large AI models trained on vast amounts of data, disclose the use of any copyrighted data in their training datasets. So what does the bill mean for innovation in AI? If passed, will it set a precedent? Will AI models be able to train themselves on copyrighted work? Mint’s Shouvik Das tackles these questions in today’s Primer. It hasn't been smooth sailing lately for Tata Group’s Vistara. The airline has been seeing some turbulence after it had to ground 30 to 50 flights a day with pilots calling in sick as a protest against an imminent cut in their salaries. The carrier even blamed botched up rostering for the delays and cancellations. Now the airline’s CEO, Vinod Kannan, has addressed the airline's recent operational challenges in a reassuring message to employees. Kannan emphasised that the difficult period marked by flight cancellations and scheduling disruptions is now in the past. The troubles, as Kannan explains, were a mix of things out of their control like air traffic delays, some unexpected bird encounters, and maintenance that just had to be done. These hiccups threw a wrench into their finely tuned schedules and, with pilot rosters already maxed out, it was tough to keep everything running smoothly. Mint’s aviation correspondent Anu Sharma reports on the latest development surrounding Vistara’s struggle to keep its flights on time and running smoothly. In the run-up to the Lok Sabha elections, India’s political landscape is buzzing. Leaders of all political parties are out there campaigning, electioneering and asking for people’s support. The election, which is planned to be conducted over seven phases, will kick off in exactly a week’s time. Uttarakhand happens to be one of the key states going to polls in the first phase on April 19. Amidst the ongoing Game of Thrones for 7 Lok Kalyan Marg, its incumbent, the ruling party’s star campaigner for over a decade and the nation’s Prime Minister Narendra Modi sat down for an interview with Hindi Hindustan’s editor-in-chief Shashi Shekhar. The prime minister seemed confident about returning for a third term. He listed out his government’s achievements during the course of the interview, with special focus on Uttarakhand, which is one of the states voting in the first phase. Modi talked about issues ranging from his government’s approach towards corruption to its stance on renewable energy. Perhaps unsurprisingly, the prime minister refuted any claims of an anti-incumbency wave in the country. He said his party has robust on-ground support. Last week, Thierry Delaporte stepped down as the CEO of Bengaluru-based IT giant Wipro. To fill in his shoes, Srinivas Pallia was chosen. But Pallia isn't just any new CEO on the block; he's a seasoned Wipro veteran wh

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

Welcome to Top of the Morning by Mint, your weekday newscast that brings you five major stories from the world of business. It's Wednesday, April 10, 2024. My name is Nelson John. Let's get started: Having opened at record highs on the back of bolstered expectations of a strong showing by companies during the last quarter of FY24, Indian benchmark indices pared most of their gains to close in the red on Tuesday. BSE’s Sensex closed 0.8 per cent down from its previous close, while Nifty dipped marginally by 0.1 per cent below its Monday close. The last fiscal year was full of ups and downs for the Indian markets, but for one section of companies, FY24 proved to be the best one yet. Small and medium enterprises or SMEs took the Indian stock market by storm in the fiscal year ended March. A remarkable 204 SMEs launched their initial public offerings, raising close to 6,000 crore rupees. This marked a massive 167 per cent jump from previous years. Larger companies on the other hand, could only increase their IPO mop-up by a modest 20 per cent. Mint’s market correspondent Mayur Bhalerao writes about the surge which highlights the rising investor confidence in SMEs. Experts Mayur spoke to point at the rising interest for SMEs among high net worth individuals and retail investors .March 2024 alone saw 27 SMEs raise 862 crore rupees, setting a record for the highest number of SME IPOs since September 2023. We are only in the second month of summer and the country is already struggling with severe heat waves. With heat waves comes scarcity of water. While water shortage in metros like Bengaluru makes a lot of noise in the public sphere, what goes under the radar are the depleting sources of water used by farmers. At a time when the government is trying to reign in food inflation, dwindling water reserves across the country are only going to make it worse for a number of crops. Experts are now predicting an increase in the prices of crucial winter crops like gram, paddy, and maize, due to drying up reservoirs. Water levels in India's 150 major reservoirs, as of last week, stood at 35 per cent capacity. This figure, as reported by the Central Water Commission, not only marks a 17 per cent decrease compared to the previous year but also falls 2 per cent below the decade's average. These agricultural hurdles are compounded by above-normal temperatures and diseases, particularly affecting states such as Karnataka, Andhra Pradesh, Telangana, and Tamil Nadu. Puja Das, who writes on agriculture and climate change for Mint, spoke to experts about the anticipated rise in the price of some key winter crops. Not all is grim though, experts predict that prices of other key winter crops such as wheat and mustard are expected to remain stable. With over 960 million eligible voters and spanning seven phases over 45 days, the upcoming Lok Sabha elections are poised to be the largest democratic event in history. In an unprecedented move, to bolster participation in the elections, India Inc is taking it upon itself to encourage voters. Companies are taking innovative steps to ensure their workforce can exercise their voting rights. Leading the charge, firms like TCS, Amazon, KPMG, and Quess Corp are making it easier for employees to vote, even if it means travelling to their registered constituencies. KPMG India, for instance, is offering special leave to employees needing to travel for voting. Tata Sons is providing a day off for Mumbai-based employees to cast their votes. The IT sector - arguably one with a large number of migrant employees - is not behind in this, with HCL and TCS announcing leave policies around the polling schedule. TCS is even planning to let its employees travel to their constituency for voting. Mint’s HR and workplace correspondent Devina Sengupta reports on the widespread initiative, covering companies of all sizes and underscoring the commitment of India Inc to democratic participation. Amid rising global crude oil prices, now surpassing 90 dollars per barrel due to fresh geopolitical tensions, India's domestic petrol and diesel prices are a focal point of speculation, especially with the election season upon us. The surge in Brent crude prices, coupled with the Indian crude basket's price increase of over 10% since the year's start, raises questions about potential impacts on India's oil marketing companies. So what’s causing this price hike? The backdrop of these price hikes includes an attack on Iran’s embassy in Syria, escalating tensions in the Middle East, and ongoing conflicts between Israel-Palestine and in Ukraine, which threaten to further disrupt global oil supplies. However, despite these international pressures, it appears unlikely that India will see an adjustment in fuel prices before the election concludes. Mint’s autos correspondent Sumant Banerji explains what the global rise in crude oil prices means for India, in today’s Mint Primer. In 2017, a peculiar concern was raised in Vistara's boa

Welcome to Top of the Morning by Mint, your weekday newscast that brings you five major stories from the world of business. It's Tuesday, April 9, 2024. My name is Nelson John. Let's get started: Indian equity markets surged on Monday. Nifty and Sensex increased by around 0.6 percent each, hitting fresh record highs. The Bombay Stock Exchange's total market cap crossed the 400 trillion rupee mark for the first time during yesterday's trading session, as global crude oil prices dropped further. Chennai-based Veritas Finance, a private lender to small businesses, , is heading for the public markets soon. Mint's new economy reporters Ranjani Raghavan and Sneha Shah report that Veritas is looking to raise 2,000 crore rupees. It has appointed four entities: Kotak Mahindra, HDFC Securities, ICICI Securities, and Jeffries, to help with the share issue. Last year, the company raised 1,200 crore rupees from a clutch of private equity investors. Veritas specialises in offering loans to small and medium enterprises in semi-urban and rural areas, with an average ticket size of 5 lakh rupees. These days, banks are offering relatively high interest rates even for a simple savings account. It's a simple supply-and-demand equation: they want more money as deposits, so they can offer more loans to applicants. According to the latest data released by the Reserve Bank of India, 80% of deposits in banks are now being doled out as loans. This number is called the credit-deposit ratio, and is at its highest mark since the RBI started recording this data in 2005. Mint's banking correspondent Shayan Ghosh analyses this data, which is buoyed by the merger between the blockbuster HDFC merger. Some analysts expect the credit-deposit ratio to remain high, while others think it'll moderate soon, writes Shayan. Speaking of blockbuster mergers, let's talk about the one between Disney and Reliance. In February, Disney agreed to merge its India business with Reliance Industries at a cost of just over 3 billion dollars. This raised some eyebrows in the media and entertainment industry: reports stated that Disney had acquired Star earlier at around four to five times that number just five years ago, in a bid to consolidate its position in India. Mint's consumer bureau editor Gaurav Laghate analysed the transaction document to find the cause for this steep haircut. Gaurav reports that despite it being labelled as a merger, Reliance will essentially take control of the joint venture moving forward. The reports also revealed that Viacom18, Reliance's media arm, is sitting on a cash pile of over 1.9 billion dollars at the moment. That, combined with the lack of potential suitors, meant that Reliance had the upper hand throughout the negotiations. The final step? An approval from the Competition Commission of India, as the new entity will have more than a 40% market share in many media segments. Insiders told Gaurav that they are confident of an approval. Enterprise technology companies like to bundle their offerings. This ensures that they secure more revenue from their clients. A user may want just a single feature, but has to subscribe to the whole package. This process is called bundling – it’s like eating at a buffet. However, you may soon be able to pick the service of your choice, a la carte. After a probe by the European Union, Microsoft unbundled MS Teams from its popular MS Office package. The EU ruled that Microsoft was abusing its market powers by forcing users to pay for the whole bundle that included MS Teams. India has powers to do this too: the India Competition Act of 2002 was supposed to act in the interest of the consumer. Mint's tech correspondent Shouvik Das explains that while such a move in India would provide more choices — especially for businesses, it will make cross-sharing of data very difficult. While privacy is generally a good thing, this could turn out to be a pain: imagine every single calendar invite needing approvals from multiple apps. If you're not a fan of MS Teams but use Outlook, you might be happy to read this Primer by Shouvik. Losing weight is usually a tough, long process. But drugs like Wegovy and Ozempic have changed that. a series of injections, and you shed kilos rapidly. But this magic drug hasn't reached the Indian shores yet: a patent is holding off Indian pharma companies from manufacturing liraglutide, which is the technical name of the drug. But Bloomberg reports that this patent only lasts till November. And India may have a willing maker already: Biocon, founded by Kiran Mazumdar-Shaw, has won approval from a regulator in the UK to sell the drug in India. Other companies are likely to bring their weight-loss drugs to the Indian market only in 2026. We'd love to hear your feedback on this podcast. Let us know by writing to us at [email protected]. You may send us feedback, tips or anything that you feel we should be covering from your vantage point in the world of business and finance. Sh

Welcome to Top of the Morning by Mint, your weekday newscast that brings you five major stories from the world of business. It's Monday, April 8, 2024. My name is Nelson John. Let's get started: Just as India’s 245 billion dollar IT industry prepares for its earnings season, a high level exit has shook the industry. Bengaluru-based Wipro’s CEO and managing director Thierry Delaporte put down his papers late on Saturday. People aware of the matter told Mint’s Varun Sood that the real reason behind the Frenchman’s exit was a phone call from Wipro chairman Rishad Premji. Despite expectations of a stagnant performance for April to October, Delaporte expressed optimism for the latter half of FY25 to company chairman Rishad Premji. However, internal projections remain undisclosed as Wipro, India's fourth-largest IT firm, braces for a potential revenue dip in its upcoming April 19 earnings report. Delaporte was expected to complete his five-year term in July next year. However, to his surprise, the Wipro chairman declined to offer him a second term. On Saturday evening at 7:13 PM, Wipro announced a significant leadership change, appointing Srini Pallia as its new CEO, making him the company's eighth CEO since 2000. Thierry Delaporte’s departure from Wipro’s C-suite follows a larger trend of expat CEOs finding it difficult to work in Indian IT boardrooms. Beyond the straightforward management of profit and loss, these leaders often grapple with cultural disparities that can significantly impact their effectiveness. Some of the Indian IT firms have ventured to appoint expat CEOs over the past few years. Notable names include Vishal Sikka - a US citizen - at Infosys, Brian Humphries at Cognizant, and Delaporte at Wipro, all of whom eventually parted ways with their respective companies under less than ideal circumstances. Mint’s Shelley Singh takes a look at the reasons behind the quick exits and temporary tenures of expat CEOs in Indian IT companies. Shelley writes that the primary issue lies in cultural integration. Expat CEOs often find it challenging to bridge the gap between Indian employees and a diverse client base, leading to a disconnect that adversely affects business operations. Last month Prime Minister Narendra Modi along with information and technology minister Ashwini Vaishnaw presented the first national creators awards. Winners included popular YouTubers, Instagram influencers and other social media celebrities. The move came right before elections, underscoring the government’s attempt to woo young voters between the age of 18 and 29 - the generation of ‘digital natives’, which will have a significant role to play in the upcoming elections. Turns out the ruling party isn't the only one trying to cash in on the popularity of internet influencers. With the 2024 Lok Sabha elections just around the corner, parties are aggressively adopting digital strategies to captivate the young, tech-savvy electorate. They are embracing artificial intelligence, podcasts, social media influencers, and even virtual reality. This election marks a significant departure from traditional campaigning methods, aiming to resonate with young Millennial and GenZ voters. Mint’s media correspondent Lata Jha spoke to several industry insiders who shed light on the shift in how political parties are electioneering. While billboards and outdoor advertising remain in play, particularly in tier-II and tier-III cities, the digital realm is where the battle for attention is most intense. According to Rajni Daswani of SoCheers, digital advertising is saturating tier-I cities, with political leaders engaging with key influencers. Meanwhile, traditional media maintains its grip on smaller cities, tailored to local narratives. The use of AI stands out, with innovative applications like AI-generated speeches of late leaders to appeal to voters, and translation services breaking language barriers to reach a broader audience. In September 2019, Sunil D’Souza, then managing director of Whirlpool India, was approached by Egon Zehnder for the CEO position at Tata Global Beverages, the beverage division of the Tata Group. Despite initial hesitations due to the conglomerate's scattered FMCG presence, a vision laid out by Natarajan Chandrasekaran, chairman of the Tata Group, convinced him to take on the challenge of streamlining and expanding the group's consumer goods sector. In December 2019, D’Souza was appointed managing director and CEO, transitioning the company into Tata Consumer Products Ltd (TCPL) by February 2020. Under his leadership, TCPL has seen significant growth, with revenue climbing to 13,783 crores rupees in 2022-23, an 11 per cent increase from the previous year, and profits soaring by 30 per cent to 1,320 crore rupees. The company's share price has also seen a remarkable surge, increasing by over three and a half times since December 2019. D’Souza's strategic moves have diversified TCPL's portfolio beyond beverages to include a

Welcome to Top of the Morning by Mint, your weekday newscast that brings you five major stories from the world of business. It's Friday, April 5, 2024. My name is Nelson John. Let's get started: Indian equity markets surged on Thursday. Nifty and Sensex increased by around 0.4 percent each. IT companies had a tepid financial year. A lukewarm ending in the fourth and final quarter has resulted in decline in revenue and mediocre profit margins. Mint's tech writer Shovik Das and IT correspondent Jas Bardia took a deep dive into the results of six of India's top IT companies: TCL, HCL, Infosys, Wipro, Tech Mahindra, and LTI Mindtree. Analyst estimates and projections don't paint a pretty picture, as the financials are likely to remain flat or go down in some instances. Recovery is also likely to be slow, Shouvik and Jas write. While we won't know this for sure till these companies release their quarterly and annual reports, the expectations are low from India's IT sector. https://blankpaper.htdigital.in/dash/story/11712234575918 The central government decides how much money every state will receive — a process called financial devolution. Well, the states in southern India aren't happy with their share. That’s because Karnataka, Kerala and Tamil Nadu receive far less from the divisible pool of taxes than UP or Bihar. In the last couple few months, leaders from Kerala, Tamil Nadu, and Karnataka have publicly protested against this new fissure that’s emerged in India’s federal structure. It has also become the biggest campaigning point for regional parties, as the general elections draw closer. Mint's longform writer N. Madhavan examines if constitutional federalism is alive in 2024, and speaks to bureaucrats and economists to offer a possible solution for this conundrum. https://www.livemint.com/politics/tax-divide-why-are-southern-states-upset-11712235311609.html Land and property taxes are a huge revenue stream for most states. In 2023, a boom in the sale of houses also led to widespread buying of land. Top developers are buying land at record prices after being bankrolled by the public markets and healthy cash flow. An acre of land now costs around 16.5 crore rupees on average in India, reports Mint's Madhurima Nandy. Growing demand for homes will ultimately result in national and regional builders buying up more land, Madhurima explains. If you've taken a Vistara flight this week you may have achieved a rare feat. Vistara flights have been getting cancelled en masse: every day, at least 50 of them have been cancelled due to unavailability of pilots. These pilots have been calling in sick as a form of protest against the Air India-Vistara merger. Under the transition, Vistara pilots will get a fixed salary only for 40 hours of flying a month, instead of the 70 hours they had earlier. Two major pilot unions, including one that only has pilots from Air India, wrote to the Tata Group chairman N. Chandrasekaran about the merger, as well as other systemic issues. These pilots want further conversations to smoothen their deal with the airline, reports Mint’s aviation correspondent Anu Sharma. With fewer Vistaras flying in the air, any further delay in returning to full scale operations might shoot up ticket prices for consumers. Hiring can be a delicate and complex process, especially for organisations that are driven by strong work culture. But for senior level hiring across corporate India, it's more difficult than ever. Companies and candidates are now taking longer to make a decision — turning any hire into a 6-month process or longer. Until last year, this process usually took up to 3 months on average. Devina Sengupta, Mint's HR and workplaces reporter, speaks to executive search firms to find that there’s friction on both sides of the equation . Moreover, companies aren't doling out huge raises for potential hires to jump ship, and are taking a longer time to vet their candidates. With both sides in a standoff, this process is now longer than ever, headhunters told Devina. We'd love to hear your feedback on this podcast. Let us know by writing to us at [email protected]. You may send us feedback, tips or anything that you feel we should be covering from your vantage point in the world of business and finance. We'll be back next week with a fresh episode of Top of the Morning. Have a nice weekend! Show notes: The one bright star in a bleak year for IT Tax divide: Why are southern states upset? Land ahoy: Will the buying craze continue in FY25? Air India pilots write to Tata chairman, say Vistara crisis ‘systemic’ Wary firms, candidates on fence slow top-level hiring Learn more about your ad choices. Visit megaphone.fm/adchoices

Indian markets largely remained flat on Wednesday. For a second consecutive day, benchmark indices closed in the red with both Nifty and Sensex ending the day less than 0.1 per cent below their previous close. In 2020 the central government production linked incentive or PLI scheme. Hailed by the commerce ministry, with an outlay of almost 2 trillion rupees, the scheme aimed at supporting manufacturing growth in 14 different sectors spanning industries such as electronics, pharma and textile among others. The government is now set to tweak the flagship scheme by periodically reviewing its performance across different sectors and making necessary adjustments. This move aims to revitalise sectors lagging in progress and potentially eliminate the scheme in areas lacking investor interest and advancement. While the scheme has seen varying degrees of success across sectors, with electronics and pharmaceuticals among the beneficiaries, others like IT hardware and textiles have shown slower progress. Mint’s senior assistant editor Rhik Kundu reports on the government's proactive approach, which includes restructuring the scheme for underperforming sectors, enhancing efficiency, and positioning Indian manufacturers on the global stage. Moody’s, Fitch, Standards and Poor. If you follow business or economy news you have probably heard these names a lot. These are sovereign debt rating agencies which rate countries based on their creditworthiness. These rating agencies grade countries based on several factors such as economic conditions, political climate and their ability to pay back a loan. The grade stretch from AAA for a country with a good credit score to D for countries that are unlikely to pay back the loan. Now an Indian player is set to jump into the sovereign debt rating game. Care Ratings Ltd, is set to debut in sovereign debt ratings, beginning with Asia and Africa and eventually targeting Europe. To facilitate this expansion, the company is establishing CareEdge Global IFSC Ltd in GIFT City, focusing initially on countries like Nepal, Mauritius, and South Africa where it has a footprint. Speaking to Mint’s senior editors Shayan Ghosh and Satish John, Mehul Pandya, the managing director and CEO of CareEdge, talked about the strategic move towards rating foreign currency denominated debt through the GIFT City subsidiary. March saw a surge in the sales of electric two wheelers across the country. More than 1.3 lakh electric scooters and bikes were sold in March. The reason? Consumers rushed to capitalise on the soon-to-be-reduced government subsidies, which were cut by more than half. But it is not all rosy for the electric two wheeler makers, in fact if the numbers tell a completely different story. FY24 recorded the slowest EV adoption rate since FY21, primarily affected by a significant subsidy reduction last June. This reduction slashed the subsidy from covering 40% of the ex-factory price to just 15%. This marked a stark contrast to the almost six-fold rise in e-scooter sales witnessed in FY21 after the FAME-2 subsidy was tweaked. Mint’s autos correspondents Alisha Sachdev and Manjul Paul report on the dwindling numbers of e-scooter sales which follows a slash in government subsidies. It was 24 September 2007, a regular Monday for the rest of the world. But that day in South Africa’s Johannesburg, something happened that would change India’s sporting landscape forever. When Pakistan’s Misbah ul Haq scooped Indian pacer Joginder Sharma’s delivery towards short fine leg, he was caught by Sreeshanth. With that catch, India did not only beat Pakistan at the finals of the T20 world cup, but also started a domino effect that would bring forth one of the biggest sporting leagues in the world. After India beat its arch rival and won the world cup, this new format became all the rage. Capitalising on better watchability of this three-hour long format of the gentleman’s game, BCCI launched its very own Cricket league - the Indian Premier League. Cricket hasn't looked back since then in India. Since its inception in 2008, the IPL has emerged as a financial powerhouse, significantly influencing the sports sponsorship, endorsement, and advertising landscape in India. A report by GroupM highlights that investments in these areas have escalated from 2,423 crore rupees to 15,766 crore rupees in 2023. IPL commanded an astonishing 87% share of last year's total spend. This dominance is underscored by a Brand Finance report showing the IPL's brand valuation surged by 433% in 2023, crossing the 10 billion dollar milestone. The IPL's unparalleled popularity and financial success, driven by a massive 430 million TV audience, contrast sharply with other sports leagues. Despite their efforts, these leagues struggle to match the IPL's appeal, with even the Pro Kabaddi League, the second most popular, reaching only 226 million viewers. The disparity in financial and viewer support highlights the challenging landscape for other s

Welcome to Top of the Morning by Mint, your weekday newscast that brings you five major stories from the world of business. It's Wednesday, April 3, 2024. My name is Nelson John. Let's get started: Indian equity markets remained largely flat on Wednesday. Both Sensex and Nifty fell marginally around 0.1 percent each. Director Anurag Kashyap's Gangs of Wasseypur became a cult classic because of its realistic depiction of 1980s gang wars in eastern India’s coal belt. However, reality is stranger than fiction – an adage that journalists strive to prove. We invited Romita Datta, a West Bengal-based journalist, to write about Sheikh Shahjahan, a revolver-toting goon who came to rule over the village of Sandeshkhali. As his power and popularity grew, Shahjahan aligned himself with the various political forces in West Bengal, including the Left, CPI (M), and the Trinamool Congress. But before becoming an elected official, Shahjahan got caught up in allegations of extortion, land grabbing, sexual abuse and money laundering. He was finally arrested in February. Romita's exhilarating story of this powerful shrimp-farming thug captures his rise to prominence and how he then ended up behind bars. The pandemic, social distancing, inflation and unseasonal rains all got in the way of the alco-bev industry’s success over the last few years. But an unusual Indian Summer seems to be just what it needs for a revival of its spirits. In this weather, a cold beer can turn around a hot, sweaty day. Beer makers hope so too: they are gearing up for increased sales in 2024. Last year, sales dropped 10 percent as unseasonal rains dented demand. However, officials from these companies expect some uncertainty stemming from election dates. A long election cycle will result in sporadic dry days, lowering sales, writes Mint's lifestyle and hospitality correspondent Varuni Khosla, in this seasonal industry forecast. The devil works hard, but political parties in India work harder. After the Supreme Court struck down Electoral Bonds as "unconstitutional", the Ministry of Finance is now working towards a new scheme for campaign financing or the funding of political parties. Mint's economy reporter Gireesh Chandra Prasad reports that the new scheme will directly address the apex court's concerns around transparency and extent of financing. This scheme, however, is only likely to come into place once the general elections are over, Gireesh adds. For years now, electric two-wheelers have enjoyed generous subsidies by the central government. The government recently introduced another subsidy, but this is capped at 10,000 rupees per vehicle. Mint's national editor and auto expert Sumant Banerji writes that this move will hike prices by anywhere between 5 to 10,000 rupees per scooter — an increase of about 7 to 10% for automakers. The industry, for its part, hasn't passed on this hike to the consumer yet. With electric scooters already more expensive than their petrol counterparts, any further increase in prices might put potential customers off, writes Sumant. Last week, some Axis Bank customers got a huge shock when they received messages of money being randomly deducted from their account. To make matters worse, the money was deducted in a foreign currency. A series of international fraudulent transactions hit dozens of Axis Bank customers across India. Some others received OTPs to carry out the same transaction. Axis reversed these transactions in a few days, but the damage was done. Mint Money's Shipra Singh spoke to some victims of this scam. Some of these customers had already blocked their cards and requested a new one — only to find these fraudulent transactions taking place in the new card as well. Axis hasn't provided an explanation to its customers as to why this happened. Shipra also provides a helpful list of actions one should take if they are affected by this scam or know someone who is. We'd love to hear your feedback on this podcast. Let us know by writing to us at [email protected]. You may send us feedback, tips or anything that you feel we should be covering from your vantage point in the world of business and finance. Guns n’ prawns: The strongman who ruled Sandeshkhali’s blue economy As India braces for a hot summer, beer makers have much to cheer From the ashes of electoral bonds, a new scheme is rising Electric two-wheelers weigh the cost of subsidy cuts How some Axis Bank credit cards became fraud targets Learn more about your ad choices. Visit megaphone.fm/adchoices

Welcome to Top of the Morning by Mint, your weekday newscast that brings you five major stories from the world of business. It's Tuesday, April 2, 2024. My name is Nelson John. Let's get started: Indian markets started the new financial year with a fresh vigour as benchmark indices closed in the green on Monday. BSE’s Sensex rose more than 350 points to close 0.49 per cent up from its previous close. NSE’s Nifty-50 also climbed more than 130 points to close 0.61 per cent above its last close. Tata Steel, Ultratech Cement and NTPC were among the top gainers on Monday. How fast is India growing? Is it really growing? Well, there are a couple of ways to find out. One can look at the constant construction happening in all major metros across the country. More and more infrastructure projects are coming up - a likely indicator of growth. Another way to track this growth is to look at GDP numbers. In FY23 India’s GDP grew at 7 per cent. For the first three quarters of the outgoing fiscal, the growth remained above a healthy 8 per cent. The government estimates the number for the full fiscal year 2024 to be at 7.6 per cent. So what’s driving the growth? While there is more than one driver, some attribute this boost in GDP numbers to the government's push for capital expenditure. But there are other engines of growth too - public consumption being one of them. Mint’s senior editor N Madhavan examines the factors behind India’s surge. What’s in a name? Not much according to William Shakespeare, but for small finance banks, it might make a world of difference. Small finance banks in India are advocating for a rebranding, seeking to drop the 'small finance' label to enhance their appeal to depositors and investors. This request was discussed in a meeting with RBI officials, people aware of the matter told Mint’s banking editor Gopika Gopakumar. The banks aim to improve customer perception and attract more current and savings account deposits with the name change. Some banks are testing the waters. Hoardings outside AU Small Finance Bank’s regional office in Mumbai’s Kurla read simply ‘AU Bank’. Websites of almost all SFBs, barring Ujjivan SFB and North East SFB, have dropped the label from their domain names. The term 'small' was initially used in the naming of small finance banks to highlight their core mission of promoting inclusive banking. Over time, these banks have achieved their goal of extending credit to small and micro businesses, demonstrating their commitment to supporting underserved segments. Now to continue inclusive growth, having more accounts and fixed deposits is necessary, which will be helpful if the word ‘small’ is dropped, a spokesperson for Unity SFB told Gopika. What’s light, has high strength, is durable and is extremely useful for the aerospace industry? It is a material called carbon fibre. Carbon Fibre is also extensively used to make sports equipment like hockey sticks, racquets, archery bows and golf clubs. Carbon fibre bicycles are popular among enthusiasts because of their light weight. The reason I am talking about it is because India is gearing up to start domestic production of carbon fibre, targeting aerospace, civil engineering, and defence sectors. The push comes as a strategic move to lessen imports and navigate around the European Union's impending carbon tax on steel and metal products. India is currently dependent on carbon fibre imports from countries like the US, France, Japan, and Germany. The EU's Carbon Border Adjustment Mechanism set for 2026 has propelled India to consider establishing its own manufacturing capabilities. The Indian government is in talks to create carbon fibre manufacturing units, with research support from leading institutions like the Indian Institute of Technology (IIT) to meet international production standards. Mint’s Dhirendra Kumar brings us this exclusive story on the development, which is a part of India’s plan to expand technical textiles export from $2.5 billion to $10 billion within five years. Over 60 years ago, American mathematician and meteorologist Edward Lorenz's minor data alteration in a weather simulation at MIT led to significantly different results, laying the foundation for chaos theory - also known as the 'butterfly effect.' This concept, illustrating how small changes can have large consequences, is now relevant across various fields, prompting reflection on the impact of larger phenomena like climate change. India's FMCG sector, heavily reliant on imported palm oil, faces potential disruptions from the European Union's proposed carbon tax and the effects of climate change on palm oil production. With India as the world's largest palm oil importer and facing stagnating supplies from major producers Indonesia and Malaysia, the sector is at a crossroads. Additionally, the cocoa industry faces similar challenges, with extreme weather conditions and diseases reducing global output. Mint’s national editor Abhishek Mukherjee takes a

Welcome to Top of the Morning by Mint, your weekday newscast that brings you five major stories from the world of business. It's Monday, April 1, 2024. My name is Nelson John. Let's get started: With the financial year wrapping up last week, a lot of data was published from the past 12 months. One crucial data set was that from the Mahatma Gandhi National Rural Employment Guarantee Act. This act provides a 100 days of guaranteed employment to every household. Most routinely, these jobs are available in the construction sector. With a poor monsoon last year, it was expected that more people would take up MNREGA (pronounced mun-rega) jobs. However, official data shows that year-on-year jobs remained largely flat. Usually, a bad monsoon would result in less agricultural work — and in turn, more MNREGA job applicants. Mint's economy reporters Gireesh Chandra Prasad and Rhik Kundu bring you the details. The big tech development from last year was the release of ChatGPT, an artificial intelligence system that generates answers based on inputs. ChatGPT's free model runs on the GPT 3.5 version, while the paid model that costs 20 dollars a month uses GPT 4. But many users are unhappy with the output, even in the paid model. ChatGPT's founder Sam Altman agrees: he admitted that it "kind of sucks". A new version is expected this year. Mint's tech editor Leslie D'Monte writes about what we can expect with GPT-5, and how ChatGPT's competition is currently performing. If you're a tech geek, you might have heard of Carl Pei. He's the original mastermind behind the wildly successful brand of OnePlus, and later started his own company, named Nothing. The China-born CEO started out by making a website at 12 years old to help people beat a Pokemon game, and never stopped tinkering with both software and hardware. The result? Helping establish OnePlus, which ended up selling millions of phones — first in China, and then the rest of the world. But Pei still felt he needed to prove something on his own, and left in 2021 to start Nothing. Mint Lounge's Nitin Sreedhar speaks to Carl Pei about his journey and work for this fantastic profile. Chances are, you haven't been to watch a Bollywood movie in the theatres so far this year. And I won't blame you: the releases have been quite lacklustre. Mint's media and entertainment reporter Lata Jha reports that the absence of major stars from released movies has caused a drop in cinema goers. But the trend doesn't stop there: a slump in prices paid by OTTs such as Netflix, Hotstar, and Amazon Prime to stream movies post-release are also hampering the movie business. You may have heard of ShareChat and Moj. These are two short-video platforms that became popular after the Indian government banned TikTok in 2020. Both ShareChat and Moj are owned by the same company, Mohalla Tech. But despite being operational for more than four years, the companies haven't yet figured out a sustainable business model. The result? Losses adding up to more than 5,000 crore rupees in the last financial year. Where does Mohalla go from here? Priyamvada C tries to answer. We'd love to hear your feedback on this podcast. Let us know by writing to us at [email protected]. You may send us feedback, tips or anything that you feel we should be covering from your vantage point in the world of business and finance. That’s all for today. Thank you for listening. We'll be back tomorrow with a fresh episode of Top of the Morning. Have a nice day! Show notes: Construction growth eases pressure on NREGA jobs amid farm slowdown Will OpenAI pull out GPT-5 from its hat next? How Nothing CEO Carl Pei is breaking barriers Film industry had a muted Jan-March, as star vehicles play truant ShareChat and Moj are floundering. Can the businesses be fixed? Learn more about your ad choices. Visit megaphone.fm/adchoices

Good morning listeners, Welcome to Top of the Morning by Mint, your weekday newscast that brings you five major stories from the world of business. It's Friday, March 29, 2024. My name is Nelson John. Let's get started: Markets continued to pick up on Thursday. Benchmark indices Nifty and Sensex increased by around 0.90 percent each. Power, auto, and metal stocks led the surge during yesterday's trading session. Despite yesterday's good news, the markets have been volatile of late. Much of this volatility can be attributed to smallcap stocks, which suffered a crash after the markets regulator warned investors of the possibility of a smallcap bubble. The BSE Smallcap index is flat for the year, and down 4.5% in March. Mint's corporate writer Varun Soo unpacks one of the reasons behind this volatility: offshore funds. After a long investigation, Varun discovered that three men at the helm who were involved in dozens of smallcap stocks. They have been accused by the Enforcement Directorate of operating a "hawala" scam and manipulating stocks. This is an excellent read if you want to understand how smallcap stocks operate. Thursday was also the last trading day of the financial year for 2024. For the last 12 months, Nifty and Sensex have increased by 31 and 27 percent respectively. Small and midcap stocks increased by more than 65%, despite the recent volatility. Mint’s markets correspondent Dipti Sharma brings you a summary of the equity markets’ performance in the past financial year. You might have made some gains on a stock, but earlier you still had to wait two working days for the proceeds to be deposited to your account. This changed to one day. Now, you can realise your gains instantly: the markets regulator Sebi has approved same-day settlement on a trial basis. This process is called the T+X system, where X is the number of days taken to process a transaction. A limited number of brokers and a set of 25 stocks are currently following the T+0 system. Sebi is going to assess the results in 3 and 6 months from now, before deciding if a universal rollout is possible. Dipti Sharma explains the T+0 model, and how it might change equity investing forever. Recently, the Reserve Bank of India asked Federal Bank and South Indian Bank to stop issuing new co-branded credit cards. Usually, these tie-ups are either with retail outlets or fintech companies. Mint's banking correspondent Gopika Gopakumar writes that these partnerships came under the RBI's scanner after it found that banks were sharing their risk assessment models with the companies they tied-up with. These assessments are supposed to be done in-house by the banks, which contain sensitive information about a user’s financial data. The RBI also wants to prevent the rapid rise in credit cards issued — about 99 million such plastic is currently in circulation in India. We'd love to hear your feedback on this podcast. Let us know by writing to us at [email protected]. You may send us feedback, tips or anything that you feel we should be covering from your vantage point in the world of business and finance. Learn more about your ad choices. Visit megaphone.fm/adchoices

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, March 27, 2024. My name is Nelson John. Let's get started: Markets enjoyed an uptick on Wednesday. Benchmark index Nifty increased by around half a percentage point, while Sensex was up by 0.73 percent by the time markets closed. India is short on directors. Not the ones that make movies — plenty of those around — but those that run companies. According to the Companies Act, every board must have a certain number of directors, depending on the size of the company. These directors should ideally be independent and impartial, and take decisions that benefit the company's future, and in turn, its shareholders. But as Mint's corporate governance writer Varun Sood reports, these directors might be shaky. Over 25 such appointed directors have called it quits before they could join boards since 2021. These directors have time and again cited personal reasons for their sudden decision to quit. As Varun writes, these often take place at companies which are undergoing a governance crisis, like Zee Entertainment, Dish TV, and other firms like Alkem Laboratories and Union Bank of India. Varun spoke to directors, investors, and governance experts to find out why this curious trend is gathering steam in India Inc. Alternative investment funds, or AIFs, are going through a rough time right now. The markets and banking regulators came down heavily on these financial instruments, issuing notices that limited their scope of investments. Private and public banks have a fair bit of exposure to AIFs, so the Reserve Bank of India wanted to protect depositors against risky or fraudulent borrowing. But after Sebi floated a consulting paper, RBI might be willing to change its course: it is exempting banks and NBFCs from liquidating or provisioning the money it had in AIFs. Provisioning is the process of setting aside an equal amount of money to protect investors and depositors. The regulators came down hard on AIFs in December after it came to light that AIFs had borrowed from the very same banks who had invested in them, leading to a potential conflict of interest. If you're a startup, it's a hard time to raise money these days. Despite that, automobile platform CarDekho is working towards a new round of funding, reports startups and new economy reporter Sneha Shah. The company is in talks to raise anywhere between a 100 to 150 million dollars that will provide exits to existing investors. The company will now be valued at 1.3 billion dollars after this round, and claims it is on its way to an IPO in the next two years. CarDekho had a revenue of more than 2,300 crore rupees in FY23, which was a 46 percent jump from the previous financial year. Maruti Suzuki had high hopes from Jimny, a model it launched last year catered towards a market that likes off-road driving. That capability should come in handy now, as the Jimny has to overcome a steep climb from the depths of car sales hell. Only about 500 units of the Jimny have been sold in January and February. Compare that to its direct rival, the Mahindra Thar — 6,000 Thars were sold in February alone. Mint's resident auto expert Sumant Banerji takes a deep dive into the misfortune of Maruti's off-roading ambitions that hit a rough patch — it's a rut the company can't seem to get out of. Who watches the watchmen? The Indian government has decided: a fact-checking unit. It wanted to constitute such a team to flag misinformation about the government — this body would have directive powers too. Press freedom advocates and activists filed an appeal against the constitution of such a body, and the Supreme Court paid heed. The SC has now stayed the creation of this unit. Mint's special correspondent Shouvik Das explains the ramifications of the government's original plan, SC's order, and how artificial intelligence plays a crucial role in the entire saga. We'd love to hear your feedback on this podcast. Let us know by writing to us at [email protected]. You may send us feedback, tips or anything that you feel we should be covering from your vantage point in the world of business and finance. Learn more about your ad choices. Visit megaphone.fm/adchoices

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, March 27, 2024. My name is Nelson John. Let's get started: Indian benchmark indices broke the three-day streak of higher close to end the trading session on the red on Tuesday. BSE’s benchmark index Sensex closed down 0.5 per cent, while NSE’s Nifty closed 0.42 per cent below its open. It's election season, and across the country, people are being encouraged to vote for their preferred political candidates. It's one thing to have a political party knocking on your door asking for your vote, but retail shareholders of ICICI Securities are facing a different kind of voting pressure altogether. In the run-up to a significant voting deadline, these retail shareholders reported an unusual campaign from ICICI Bank employees. ICICI employees have been urging them to vote in favour of a proposed demerger. In June, the boards of private sector lender ICICI Bank and its broking arm ICICI Securities approved the delisting of equity shares of ICICI Securities. This aggressive outreach, which includes calls and home visits confirmed by shareholders, has raised eyebrows over privacy concerns and the unwarranted access to shareholder data. Mint’s correspondents Shayan Ghosh and Nehal Chaliawala report on this peculiar method of shareholder outreach employed by ICICI. Credit card nerds are a different breed. They put in a lot of effort to carefully curate their spending — yes, curate — to maximise the benefits from any given card. Some go the lengths of opening a fixed deposit with a bank only to get a credit card. Axis Bank's offerings were too good to pass up for many. But last week, Axis devalued all of its cards: a process in which the benefits were watered down. Users who pay anywhere between 2,500 rupees to nearly 60,000 rupees as joining or renewal fees were shocked to hear of this news. Airport lounge visits, which were earlier free, are now dependent on spending at least 50,000 rupees in three months — this is over and above the fees mentioned earlier. Mint Money's Shipra Singh and Shashwat Mohanty report that some of these users are going to sue Axis Bank for this sudden devaluation, and explain the reasons for why Axis has taken this step. The rescue of struggling businesses through the insolvency and bankruptcy code or IBC is poised for a big jump this year. The expectation for this year is set around a 50 per cent increase to about 275 cases. Mint’s senior editor Gireesh Chandra Prasad spoke to insiders who credited a more efficient process at the tribunal benches for this boost. The need for quick turnarounds under the IBC is clear - it's about cleaning up the financial mess in companies and banks, paving the way for fresh investments. Since the IBC kicked off in 2016, it's chalked up approvals for 891 companies, with creditors cashing in 3.2 trillion rupees. After a period of enjoying some breathing room with expanding gross margins, fast-moving consumer goods or FMCG companies might be hitting a bit of a snag. Recent spikes in the costs of crucial raw materials like crude oil, palm oil, coffee, and cocoa threaten to put a stop to margin growth seen over the past few quarters. With cost pressure building up, companies are thinking twice before passing these price hikes onto consumers. Suneera Tandon, who writes on consumer companies for Mint, examines a recent report from BNP Paribas which seems to be waving red flags for the FMCG sector. This shift spells trouble for the sector, suggesting that the days of margin expansion might be behind us, with revenue growth also expected to slow down. From coffee to crude oil, price hikes are feeling pretty widespread. For example, coffee prices have seen a significant leap of 15.3 per cent from last year in March. And it's not just coffee feeling the heat; maize and wheat prices are on the rise too, fueled by demand and government plans related to ethanol production. Sterlite Copper, part of the Vedanta group, has had a tumultuous 22-year history in Thoothukudi, Tamil Nadu. Since its inception in 1996, it's faced multiple shutdowns over pollution norm violations, leading to a permanent closure by the Tamil Nadu government in 2018. The decision was upheld by the Madras High Court in 2020. Despite these challenges, the Supreme Court hinted at a possible revival in February this year, citing the plant's significant contribution to India's copper production. India has dropped from being a net exporter to a net importer following the closure. However, by the end of February, the Supreme Court upheld the closure, emphasising the importance of adhering to pollution norms over economic considerations. India's copper demand is surging, driven by infrastructure development, renewable energy, and electric vehicles. The closure of Sterlite Copper puts more pressure on meeting this demand, especially as domestic production relies heavily on im

Welcome to Top of the Morning by Mint, your weekday newscast that brings you five major stories from the world of business. This is Nelson John, wishing all our listeners a safe, colourful and happy Holi. It's Monday, March 25, 2024. Let's get started: What really makes us happy, and how do we measure it? While happiness can feel like a deeply personal experience, varying greatly from one person to the next, there's an attempt to quantify it on a global scale every year. And in this pursuit of measuring happiness, it turns out India hasn't scored too well. India ranked 126 out of 143 nations surveyed in the World Happiness Report 2024. A partnership between consulting and research firm Gallup, the Oxford Wellbeing Research Centre and the UN Sustainable Development Solutions Network, the report looks at six variables, including per capita gross domestic product (GDP), social support, healthy life expectancy, freedom, generosity and corruption. Mint’s national editor N Madhavan breaks down the report which deemed Finland as the happiest country in the world. India fared poorly on most parameters. The rankings are also being questioned by many for having countries stuck in deep economic crises and geopolitical conflicts getting a higher rank than India. What do you think when you think of India’s postal services? Is it just letters and parcels? Think again. India Post is making waves in an unexpected area: life insurance. The 140-year-old Postal Life Insurance scheme has seen a growth spurt of 14.5% this financial year, outperforming the entire insurance industry for the first time since FY21. Apart from the trust in a state-run insurance plan, there are other factors driving the growth in life insurance for postal services. Mint’s Dhirendra Kumar writes about how the growth is also being driven by a digital overhaul, making premium payments and claim settlements a breeze online. While the private sector and the Life Insurance Corporation are facing their own challenges, the postal department's life and rural insurance schemes are thriving, with nearly 16% growth. This growth comes in a market that's still ripe for the picking, given India's low insurance penetration compared to global averages. Starting up a business may be a dream for many, including celebrities and those in showbiz. But scaling it up and making it big - that’s where the plot thickens! Many movie stars and sports icons ventured into launching their own brands. But a few years into the business, the hand over the reins to bigger companies. Mint’s startups reporter Priyamvada C spoke to industry insiders, who see more celebrity-led brands being acquired by bigger, professionally run businesses. Big names like Alia Bhatt, Masaba Gupta, and Hrithik Roshan have already seen their brands acquired by retail giants. While celebrity involvement can add credibility and market pull, the success of these brands hinges on more than just a big name. Rising customer acquisition costs and market saturation pose challenges, and the alignment with larger entities offers a chance to expand beyond. In a bold move to draw more global investors into India's infrastructure projects, the Indian government is setting its sights on auctioning off completed road projects directly to private sector Infrastructure Investment Trusts, or InvITs, leaving traditional bidders like sovereign wealth funds on the sidelines. This strategic shift aims to funnel global investments into the country's roadways through InvITs. InvITs are entities similar to mutual funds but focused on infrastructure, offering a modern avenue to finance projects like highways. Mint’s infrastructure editor Subhash Narayan reports on the move that comes as part of a broader effort to boost investment in India's infrastructure. As the election season heats up with the 2024 Lok Sabha Elections just around the corner, an unlikely set of candidates are readying for a popular surge – FMCG companies. With political rallies and large gatherings becoming more frequent, there's a notable increase in the consumption of packaged snacks and drinks. Parle Products and the Gujarat Cooperative Milk Marketing Federation (GCMMF), known for the Amul brand, are among those preparing for this uptick. Mint’s FMCG correspondent Suneera Tandon spoke to industry executives to examine the effect of elections on demand for consumer companies. Krishnarao Buddha, senior category head at Parle, told Suneera that a rise in disposable income for people with political parties doling out money and freebies results in a positive impact for FMCG companies. To read any of the stories in today’s episode, please click the links in the show notes.You may send us feedback, tips or anything that you feel we should be covering from your vantage point in the world of business and finance. Mint Primer | Happiness report: Why it has raised eyebrows in India A 140-year-old policy puts its stamp on postal department’s life insurance biz How celebrit

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, March 22, 2024. My name is Nelson John. Let's get started: Indian benchmark indices surged on Thursday, riding the wave of optimism from global markets. This uptick came after the Federal Reserve maintained its outlook for three rate cuts within the year, sparking a rally. Both Nifty and Sensex rose more than 0.75 per cent by the end of the day’s trading on Thursday. Money x Power = ? Have you ever heard of a plutocracy? It's a scenario where the wealthiest individuals not only hold the purse strings but also the reins of governance, turning financial might into political power. A similar trend is unfolding in India. As per the World Inequality Lab's latest study, income and wealth inequality are breaking records, even outpacing countries like China and Brazil. The elite one percent in India aren't just wealthy; they're earning 23 times more than the average Indian. If left unchecked, this imbalance could lead to India's future being shaped by a plutocracy.Mint’s national writer Sayantan Bera takes a closer look at this pressing issue in today's Mint Primer. Ola Electric, steered by Bhavish Aggarwal, is on the brink of a significant move in India's electric vehicle landscape with its initial public offering drawing near. The electric scooter-maker known for its S1 series is drawing investor interest. People close to the matter told Mint’s autocorrespondent Alisha Sachdev that Singapore’s Eastspring and UK-based Pictet are lining up as anchor investors, signalling favourable market sentiment. Dominating over 40 per cent of India's electric two-wheeler market, Ola Electric's battery division, Ola Cell Technologies, is set to boost efficiency and profitability. Ola's ambitions are clear: expanding its cell factory capacity and venturing into advanced battery technologies, including bidding for lithium resources. The Indian Premier League, Indian cricket’s biggest spectacle, begins today, kicking off a summer of high octane action in the game’s shortest format. Cricket fans are excited, but the advertising scene this year tells a different story. Star Sports and Jio, the custodians of broadcast and digital rights, have seen ad rates stagnate. Major sectors like automotive, e-commerce, telecom, and fintech are yet to jump into the advertising fray. Mint’s assistant editor Varuni Khosla reports on the mood of the advertisers around this year's biggest television event. Varuni also spoke to advertising experts who noted a peculiar reluctance towards the IPL among clients this season, pointing to a broader market slowdown rather than the tournament's appeal. Seems like restaurants are in a bit of a soup. The stock market isn't serving up good news for restaurants lately. Case in point: Devyani International Limited, the company operating your local KFC and Pizza Hut outlets. Over the past year, Devyani's shares climbed just 10 per cent, a stark contrast to the Nifty Midcap index's 57 per cent surge, indicating rough weather for the sector. And it's not just Devyani feeling the heat. Westlife Foodworld, which runs McDonald's in India, also saw its stock rise by merely 10 per cent over the same period. So what's behind this industry-wide slump? Mint's national editor Abhishek Mukherjee dug into the issue. Abhishek spoke to Siddhanth Chhabaria of Mirae Assets who blamed the downturn on dwindling demand and a broader consumption slowdown. Right before Russia made its move on Ukraine in February 2022, their hackers unleashed malware on Ukrainian military comms by targeting routers connected to Viasat, a major American satellite and internet provider. Things got tense and Ukrainian leaders called out for help. Elon Musk, who owns Starlink responded and Ukraine got its internet back. Fast forward two years, and Starlink has become a lifeline, keeping Ukraine's military and civilians connected through the chaos. This satellite internet service, brought to life by SpaceX, is changing the game with thousands of satellites zooming around in low Earth orbit. Meanwhile, back in India, there's a scramble to catch up. The Indian government tweaked some rules to make it easier for satellite broadband services to set up shop without the usual auction requirements. This is a big deal for companies like Bharti Group's OneWeb, Reliance's Jio Satellite Communications, Musk's Starlink, and Amazon's Kuiper, paving the way for them to offer their services across India's vast and varied landscape. Mint’s telecom correspondent Gulveen Aulakh takes a deep dive into the emerging industry of satellite communications or SatCom in India. A subset of India’s 8.5 billion dollar space economy, the satcom industry is set to close in on 2 billion dollars by 2030. According to ratings agency Icra, by 2025, India's satcom industry could be serving up to 2 million users and raking in revenue between 5,000 to 6,000 cror

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, March 21, 2024. My name is Nelson John. Let's get started: Markets stayed largely flat on Wednesday. Benchmark indices Sensex and Nifty increased marginally by around 0.1 percent each. 2024 hasn't been very kind: Sensex and Nifty have both been flat since the start of the year. Compare that to Nvidia, the US-based tech company. Nvidia is up more than 80 percent since the turn of the calendar. Nvidia is one of the few companies that can mass-produce the hardware needed to make artificial intelligence work on computers. Shouvik Das, Mint's tech correspondent, writes from San Jose in California about a speech given by Nvidia's CEO Jensen Huang. Huang said he was bullish on India, and said that India developing AI is crucial for the global markets. The government recently approved a billion-dollar fund for this very purpose, so Huang's bullishness is understandable. Despite the generall market lull, one stock that has done well on the Indian markets has been Zomato. It's up 33% on the year, and hit its upper circuit of 5 percent yesterday. That surge could be attributed to its plan to introduce a vegetarian-only fleet. But, as Mint's startup and new economy reporter Priyamvada C explains, this could turn out to be a bad idea. She writes that while restaurants have always handled this segregation of food, Zomato wants to change that. There's also been concerns around discrimination about this decision, including a wanting to distinguish its vegetarian-only delivery personnel through green clothes. This plan was later rolled back, with Zomato's CEO Deepinder Goyal attributing it to the public backlash. Sajjan Jindal, the industrialist and conglomerate, has long wanted to enter India's robust auto sector. The increase in adoption of electric vehicles provided a quick opening for JSW to enter auto making. It has decided to do this by manufacturing electric buses and trucks. Mint's auto correspondent Alisha Sachdev reports that JSW is looking for a partner to set up a manufacturing unit in Odisha. This unit will be set up at a cost of 40,000 crore rupees. It's an interesting move by the steel and energy conglomerate to enter the commercial vehicle section as well. It was earlier reported that JSW will tie-up with MG Motors to enter the passenger vehicles segment in India. JSW isn't the only one bullish on the EV segment: the central government wants conventional automakers to transition to electric vehicles as well. To that end, the government is creating a long-term playbook to develop India as a hub for automobile manufacturing. Mint's special correspondent Rituraj Baruah reports that the Centre is working to set up this automotive mission plan that is intended for EVs only, but might include traditional petrol and diesel vehicles too. This will be aligned with the BJP government's 'Vision 2047' plan as well, sources told Rituraj.The Indian Premier League is starting soon. A huge part of its fervour actually starts a couple of months before the players even take to the pitch: the IPL auctions. Australian fast bowler Mitchell Starc became the most expensive player ever in the history of the league when the Kolkata Knight Riders bought him for a whopping 24.75 crore rupees. That was a fourth of the team's entire budget, called a salary cap. It was instituted to ensure there's no uneven spending. But the cricketing spectacle is a money-making machine: the broadcasting rights alone cost above 9,000 crore rupees a year. So compared to that revenue split amongst 10 teams, 100 crores on just player salaries seems low. Our partners at how indialives . com breakdown the IPL’s economics, comparing it with other sports leagues such as football, basketball, and baseball, which allot anywhere between 50 to 80 percent of the league's revenue players’ salaries. We'd love to hear your feedback on this podcast. Let us know by writing to us at [email protected]. You may send us feedback, tips or anything that you feel we should be covering from your vantage point in the world of business and finance. That’s all for today. Thank you for listening We'll be back tomorrow with a fresh episode of Top of the Morning. Have a nice day! Show notes: Learn more about your ad choices. Visit megaphone.fm/adchoices

Mint Primer | Tesla at ₹40 lakh: Will EVs now come roaring in? Modi govt’s mixed record on corporate reforms Two Raza paintings emerge from the shadows to fetch an eye popping ₹86 crore How pig butchering scam is taking a toll on investors Alakh sir, can PhysicsWallah ace the profit test? 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, March 20, 2024. My name is Nelson John. Let's get started: Tuesday saw the Indian benchmark indices take a downturn, ahead of a key interest rate announcement by the US Federal Reserve. Both Sensex and Nifty shed more than one per cent to end the trading session deep in the red on Tuesday. Bajaj Finance, Kotak Mahindra Bank and HDFC Bank were among the only few stocks to end the day in green. Are you an electric car enthusiast? Ever dreamt of driving a Tesla on Indian roads? In a surprise move Friday, a day before the model code of conduct came into force, the Indian government revised its EV policy. The new policy slashed import duty on electric cars in India to 15 per cent from the current 70-110 per cent, a massive reduction! But it comes with conditions. The reduced tariff is valid only for 8,000 cars per annum and can be availed only if companies make an investment of 4,150 crore rupees or 500 million dollars towards setting up a factory within 3 years. There is also a clause on domestic value addition. So the policy requires electric car makers like Tesla to commit to significant domestic investments. Tesla plans to develop an affordable model for emerging markets like India. And we finally may have a price point for a Tesla model. It sits somewhere close to 40 lakhs. Mint’s auto correspondent Sumant Banerji explains what the policy change could mean for global EV companies. When the Narendra Modi-led Bharatiya Janata Party came to power in 2014, one of the core ideas it championed was the ease of doing business in India. The previous regime’s ‘policy paralysis’ emerged as a strong pitch for the BJP. Now, after a decade in power, has the Modi-led government made any significant corporate reforms? Mint’s senior assistant editor Niti Kiran takes a look, using data as her tool. Niti examines the highs and lows of corporate policy making in the last 10 years. These include the Modi government’s banking reforms, led by capital infusion of more than 3 trillion rupees over five years between 2017 and 2022. Niti also takes a look at some of the not-so-successful policy decisions by the government - like 2016’s insolvency and bankruptcy code. This is the fifth part of an ongoing Plain Facts series covering the top election issues and the government’s report card after nearly 10 years in power. Niti’s story and other featured stories have been linked in the show notes. Just scroll down and click on the links to give them a read. “Money is not the criteria of art. Art or love is not a question of money. One should perceive these things at a different level”. What you just heard was a quote from the late great post-modernist painter Sayed Haider Raza. This is not an art history podcast.The reason we’re telling you about S H Raza’s art is because two of his famous paintings sold for an eye-watering sum of 86 crore rupees! Raza's 1959 painting titled "Kallisté" , which is Greek for 'most beautiful,' was auctioned off on March 19 at the renowned Sotheby's auction house for more than five and a half million dollars – that's close to 46 crore rupees. Another piece, "Paysage Agreste" (pey-saj a-grest), showcased at the Métayer-Mermoz (mee-tee-ye mer-moz) auction house in Antibes (anti-bees), France, on March 17, fetched 4.75 million euros – about 40 crore rupees. Mint’s assistant editor Varuni Khosla reports on the auctions that made Raza relevant again, nearly a decade after his death. Wake up folks! We have a new scam in town. Something called the ‘pig butchering scam’ is targeting people looking to make a quick buck, especially students who tend to have little to no experience in investing. Mint Money’s Sashind Ningthoukhongjam explains that the pig butchering scam isn't your average investment fraud. Here, scammers draw you in with slick, fake investment apps and websites, sometimes even using real app names as a front, convincing you to keep upping your investment. Just when you think you're on to a good thing, they disappear - along with your money. Brokers like Fisdom, Dhan, Fyers, and Choice Broking are sounding the alarm, issuing public notices to warn investors. And what’s with the peculiar name? In the pig butchering scam, it starts with the scammer cozying up to the victim. Once they've got your trust, that's when they hit you for money, much like how a butcher fattens up a pig before it's time for the slaughter. Investors beware! PhysicsWallah, the face of profitable edtech in India, has been struggling to cover all its bases. The company, which began as a YouTube channel in 2016, has

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, March 19, 2024. My name is Nelson John. Let's get started: On a day marked by wild gyrations of the Sensex and Nifty, the benchmark indices managed to end Tuesday on a positive note. Both Sensex and Nifty ended the trading session about 0.15 per cent above their previous close. Tata Steel, Mahindra & Mahindra, JSW Steel and Tata Motors emerged as the top gainers on Tuesday. Have you invested in a small cap fund? Or looking at the high rate of return, have you been tempted to? Market regulator Sebi put small and mid cap funds under a stress test to check if they can handle a large sum of money, especially in a space which tends to have less liquidity. But what was the need for this test? Mint Money’s Neil Borate and Jash Kriplani explain the move. Over the last two years, assets under management for small-cap mutual funds have more than doubled! This coupled with an average return value of more than 45 per cent, raised concerns with the regulator. Sebi asked small cap funds to rank companies under their management in descending order of liquidity. Days to liquidation vary from 12 days for 50 per cent liquidation for smaller funds, to 60 days for larger ones. Neil and Jash also tackle questions around the methodology of the stress test and whether you as a small-cap investor should be worried. Tata Sons, the parent entity of India's premier software services company Tata Consultancy Services, is reportedly planning to offload 23.4 million shares through block deals. The shares are to be sold at a price of 4,001 rupees each, totalling an estimated 9,300 crore rupees or about 1.1 billion dollars, as per a Bloomberg report. Tata Sons owns more than 72 per cent of TCS, which has seen its share value increase by 30 per cent over the last year. This strategic sale is speculated to be a manoeuver by the Tata Group to bypass the need for a public market listing for Tata Sons. Such a listing is a requirement set by the Reserve Bank of India for 'upper layer' non-banking financial companies to be listed on stock exchanges. The issue of electoral bonds is more layered than was initially understood. Days into SBI releasing details of donations made by corporations to political parties, the data keeps on throwing up surprises. Mint’s Varun Sood unpacks more of it in this next story. Megha Engineering and Infrastructures Ltd , a prominent player in India's infrastructure sector, finds itself at the centre of a puzzling discrepancy about its political donations made through electoral bonds. According to Megha Engineering’s last annual report, the company purchased electoral bonds worth 280 crore rupees. However, the Election Commission's data tells a different story. The commission’s data shows Megha and its subsidiary, EveyTrans, together only bought bonds totaling 199 crore rupees in FY23. This discrepancy raises serious questions about the accountability of such instruments, meant to channel money anonymously to political parties. Meanwhile, the Supreme Court, which deemed electoral bonds illegal in a landmark judgement last month, has told the State Bank of India to disclose all details. This includes the date of purchase and redemption, the name of the purchaser and recipient, denomination, and alphanumeric numbers and serial bonds. Mint’s legal correspondent Krishna Yadav reports on the Supreme Court’s strict and no nonsense approach towards electoral bonds. What’s common between Sachin Tendulkar in the early 2010s, Muhammad Ali in the 80s and Roger Federer in the late 2010s. They were all past their prime but were still going on. Now what if I told you a similar analogy can be drawn in the stock market with giants like HDFC, Hindustan Unilever (HUL), and Asian Paints. These companies were once the stalwarts of equity markets, with a widespread belief that investing in them was a surefire win. However, everything has an expiration date. In 2023, for the first time, shares of HDFC Bank, HUL, and Asian Paints all lagged behind the Nifty50's impressive 20 per cent increase. While Asian Paints saw a modest 10 per cent rise, HDFC Bank climbed by only 5 per cent, and HUL grew a mere 4 per cent. Mint’s national editor, Abhishek Mukherjee, offers an in-depth analysis of the downturn experienced by these once-iconic stocks. New Delhi-based Azure Global Power, a renewable energy firm listed on the New York Stock Exchange, is considering strategic moves including selling a stake to a partner. People familiar with the development told Mint’s policy bureau chief Utpal Bhaskar, that the company is even mulling selling the entire business. Originally listed on the NYSE in 2016 and subsequently delisted in 2023, Azure Power has significant investment from Canadian pension funds CDPQ and Ontario Municipal Employees’ Retirement System, who own 53.4 per cent and 21.4 per cent of the company, respe

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, March 18, 2024. My name is Nelson John. Let's get started: Late on Thursday, the State Bank of India released the list of donors from the Electoral Bonds list. Electoral bonds were an anonymous way to donate to political parties, which India’s Supreme Court declared unconstitutional last month. The court also ordered the previously anonymous data to be made public, which means the public can understand which party has been funded by whom since 2017. The data provided enough material for our Plain Facts team to pore over and investigate. Our partners at How India Lives . com dive deeper into the donations made by Madanlal Limited — a Kolkata-based company that bought bonds worth 186 crore rupees. Its website showed that Madanlal is part of two other companies: MKJ group and Keventers Group, both of whom also bought the same bonds. But How India Lives is investigating Madanlal because its total declared income in financial year 2022 was just 3 crore rupees. Does this seem odd? Read this story to dive deeper into how the purchase of electoral bonds worked. Over the weekend, the election commission of India also announced the dates for the upcoming general elections in India. The 2024 elections will be held in seven phases across the country. Shuja Asrar and Tanay Sukumar of our Plain Facts team bring you a retrospective view on the history of Lok Sabha elections in the country. How do women vote? Is there a divide in the number of voters between north and south India? What are the battlegrounds for the major states? Shuja and Tanay answer these crucial questions with granular data, put together using visualisations to help see India’s electoral behaviour in a new light. An average investor places their money in a mutual fund when they trust that the fund manager can make more sound decisions on their behalf. But what happens when mutual funds make seemingly unsound investing choices? Mint's corporates reporter Nehal Chaliawala and markets correspondent Ram Sahgal write about the curious trend in ICICI Securities stock. ICICI is mulling if its securities arm should de-list — a process that usually reduces the share price of a company. Despite this move, mutual funds have continued to buy the stock. What's behind this move? Nehal and Ram speak to analysts, who expect this move to fall through, which would justify their bullish position on the stock. If not, these funds are in for a heavy loss — a prospect that might not be treated kindly by investors. It's rare to find women in the mutual fund ecosystem — and even rarer to find them at the head of the table. But Radhika Gupta has defied all such boundaries. She is the CEO of Edelweiss mutual funds. Mint Money's Jash Kriplani speaks to Gupta on her current allocation mix. Here is her portfolio, in her own words: Everyone wants a quick hiring process. Multinational companies, more so. Tata Consultancy Services is going one step above to assure this: it is providing more monetary incentive to its hiring firms to hire quicker. Under an aptly-named 'quick joiner incentive plan', TCS is offering its hiring vendors 40,000 rupees extra if the potential hire joins within 30 days. IT reporter Jas Bardia and HR and workplaces correspondent Devina Sengupta team up to bring you this report on one of India's leading IT companies and its age-old problem. Devina is also a host of The Working Life, where she speaks to HR executives about problems like these. In her latest episode, Devina speaks to Arundhati Bhattacharya, CEO of Salesforce in India, about the common problems around HR and hiring in corporate India. We'd love to hear your feedback on this podcast. Let us know by writing to us at [email protected]. You may send us feedback, tips or anything that you feel we should be covering from your vantage point in the world of business and finance. Show notes: Electoral bonds: The curious case of Madanlal Ltd’s donations History of Lok Sabha polls in numbers: More women in fray, fewer independent MPs ICICI Securities wants to delist. Why are mutual funds buying its shares? How Edelweiss’s Radhika Gupta dialed up risk in her portfolio TCS' incentive to get candidates under 30 days Learn more about your ad choices. Visit megaphone.fm/adchoices

Show notes: India's crypto woes persist despite Bitcoin surge Paytm’s bank is in a state of suspended animation. So, what’s next? Foodhall is shut, but Biyani sisters are not done with gourmet food yet Why ‘regular pay’ is better for life insurance premiums Is the ice melting? Some startups defy funding slump with successive rounds 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, March 15, 2024. My name is Nelson John. Let's get started: After a disastrous Wednesday, the Indian stock market recovered on Thursday. Both Nifty and Sensex increased by just about half a percent, making some progress to undo the damage done by the mass selling in smallcap stocks. Real estate companies HUDCO and IRB both hit upper circuit, while Adani Green Energy and Ease My Trip were the other big gainers of the day. On the other hand, Tata Investment and Prestige Estates lost nearly 5 percent each. Bitcoin, the most well-known cryptocurrency, hit another record high — a single bitcoin now costs ₹60 lakh, or more than $73,000. But Indians aren't profiting along with the rest of the world. Scepticism remains high among Indian investors, while those in the West are cashing in on this bull run. Shouvik Das, Mint's tech correspondent, takes a deep dive into this fascinating world of cryptocurrency, and why the craze isn't rampant in India. Paytm has had a rough few months. After a sudden decision by the Reserve Bank of India, its payments arm was effectively dead. As a result, the company's stock price has also fallen by more than 45% so far this year. But outside of vague statements on the lack of regulatory compliances, we don't really know why this happened. That is, until now. Mint's banking editor Shayan Ghosh writes a detailed and incisive story on Paytm and its battle with the RBI, which had begun even before the bank officially opened in 2016. If you want to know the inside story of this eight-year long tussle, read this story. You may not have heard of the Future Group, but you're surely familiar with its logo: an orange bird fluttering in the corner of some stores. You definitely would have seen this logo, which was present at stores like Big Bazaar, Brand Factory, and Central malls. Future Group, founded by Kishore Biyani, has been riddled with debt. Future had decided to sell its Retail arm to Reliance, but the deal was called out. However, the Biyanis aren't done with this segment just yet. Kishore's daughters Avni and Ashni have big plans. The sisters launched a gourmet food platform named Food Stories, aimed at the premium segment, writes Mint's consumer goods reporter Suneera Tandon. The duo believes there's a demand in the market for specialised food and wellness products. But can it sustain better than the Biyani's previous attempts in retail? How often do you pay your insurance premium? Monthly, quarterly, half-yearly, or annually? While having to make that decision, you also need to decide whether the payments will be regular or limited in nature. If you take the latter option, insurers allow you to limit your payments to the first few years, in the case of very long cover periods — say 30 or 40 years. Mint Money's Aprajita Sharma does a side-by-side comparison on these two models, and concludes that the regular pay option works out better financially for a policyholder. Last year, there was a lot of talk about a funding winter. Startups were in a rut, and unable to raise funds from VC and PE firms. But it's a new year, and a new season: those days may finally be behind us. Mint's startups correspondent Priyamvada C writes about how mid-sized startups are finally in the process of raising funds this year at higher valuations. There were a host of reasons why companies were unable to raise money last year — some of these concerns have now eased, executives across investing told Priyamvada. This might not result in a flurry of high-value deals like we saw in 2021, but the funding winter has definitely thawed a bit. We'd love to hear your feedback on this podcast. Let us know by writing to us at [email protected]. You may send us feedback, tips or anything that you feel we should be covering from your vantage point in the world of business and finance. That’s all for today. Thank you for listening. We'll be back next week with a fresh episode of Top of the Morning. Have a nice day! Learn more about your ad choices. Visit megaphone.fm/adchoices

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, March 14, 2024. My name is Nelson John. Let's get started: Wednesday witnessed a crash at Dalal Street. Facing headwinds from cautious sentiment in international markets and influenced by expectation of a delayed interest rate cut by the US Federal Reserve, Indian benchmark indices followed the lead of other Asian markets, ending the day with notable losses. Sensex fell more than 900 points to close 1.23 per cent in the red. Nifty was no better, the NSE index saw a fall of more than 1.5 per cent on Wednesday. The fall in Nifty and Sensex was the biggest single day fall since January this year. The broader market wasn't spared either, as both the Nifty Small Cap 250 and Nifty Mid-Cap 150 indices underwent their steepest one-day drops in over two years. The small cap index was dragged down by more than 5 per cent, while the mid cap index plummeted by 4.2 per cent. This market correction follows a rally in midcap and smallcap stocks. The small and mid cap wave has now been tempered by a regulatory crackdown from Sebi and RBI, raising investor concerns. Mint’s senior correspondent Dipti Sharma spoke to market experts and analysts to make sense of the bloodbath Dalal Street saw on Wednesday. Experts pointed to comments from regulators about overvaluation in the market, upcoming stress-test disclosures for small and midcap funds, and lower market liquidity as factors that contributed to the crash. Smallcaps had a bad day at the bourses. It might get worse: the enforcement directorate seized the assets of several companies after it ascertained that they were party to a scam. Varun Sood and Ram Sahgal team up to investigate this scam, wherein trading entities were found to hold sizeable positions in smallcap stocks. ED has said that some of these players were involved in stock manipulation, and will charge them accordingly. Don't miss out on this fascinating story of the Mahadev betting scam. In 2011, a powerful earthquake and Tsunami struck the coast of Japan and changed the course of nuclear energy. The tsunami’s impact resulted in electric grid failure and damaged nearly all the backup energy sources of the Fukushima nuclear power plant. Though no fatalities were reported, more than 160 thousand residents were evacuated. A tragedy of this scale, second only to the Chernobyl leak, raised doubts about the safety of nuclear energy. The demand for nuclear energy went down, dragging uranium demand with it. However, uranium seems to be back in demand, and so is nuclear energy. The prices for uranium have been above 90 dollars a pound for over a few months now. So, what’s driving the sudden increase in uranium demand? Rise in energy prices following Russia’s invasion of Ukraine, and nations commiting to move away from fossil fuels are some of the reasons. Mint’s Tina Edwin explains what’s behind the renewed interest in nuclear energy. India recently signed a trade deal with the India's deal with the European Free Trade Association. The bloc comprises Iceland, Norway, Liechtenstein and Switzerland. The deal may not drastically boost bilateral trade, given modest exports and imports outside of gold. However, its significance lies in EFTA's $100 billion investment commitment and the promise of creating 1 million jobs in India over 15 years. The move also reflects India's broader strategy to foster long-term economic relationships and support its ambition to become a global manufacturing hub. With ongoing trade negotiations with the EU and over 50 countries, India's proactive trade policy aims to secure easy market access and attract investments, underscoring the crucial role of strategic trade agreements in achieving its economic goals. But, is the trade deal enough for bolstering India’s ambitions of becoming a 30 trillion dollar economy? Mint’s senior editor N Madhavan explains why India needs to punch way above its weight when it comes to trade. What comes to mind when I say the word Bengaluru? For some it's the traffic, for others startups and tech. Those on social media know the city for its weather and cherry blossom season. But for those who’ve lived here for some time it's the lovely mix of culture, the most perfect masala dosa out there, and a bustling pub culture. It's the ‘livability’ of the city that has set it apart for decades. However, all that is changing. The city is undergoing an acute water shortage. Even high-end gated communities are unable to provide its residents with drinking water. With rapid concretisation and most of its water resources getting dried up, Bengaluru is facing one of its biggest challenges. The city largely depends on water from Cauvery, which is pumped from more than 100 kilometres away. The river supplies 1,460 million litres per day which is well short of the current demand—estimated at around 2,100 million litres per day. Mint’s Madhurima Na

At long last, Jet Airways revival in sight Tweaked stock options, coming soon to a job contract near you Petrol pumps cap inventory amid hopes of fuel price cut Startups, SMEs increasingly covet so-called fractional CXOs Netflix needs another midstream change in India. Here’s why 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, March 13, 2024. My name is Nelson John. Let's get started: Indian benchmark indices Sensex and Nifty trimmed some of their gains, yet managed to end Tuesday in the green. Largely the indices remained flat with NSE’s Nifty 50 gaining a miniscule 0.01 per cent. BSE’s 30-company index Sensex too rose only 0.22 per cent. HDFC Bank, TCS, Maruti Suzuki India, Infosys, and Reliance Industries emerged as the top gainers on Tuesday. Finally, there’s been some progress in the possible revival of Jet Airways. The grounded airline got a second wind on Tuesday, after a decision by the National Company Law Appellate Tribunal. N-C-L-A-T has asked the bankrupt airline’s lender’s to handover the carrier to the Jalan-Karlock Consortium within 90 days. The National Company Law Tribunal — a lower body than the N-C-L-A-T, had approved the consortium’s resolution plan for Jet Airways back in June 2021. It had even allowed the handover in January last year. However, Jet’s lenders challenged this decision in the higher tribunal over alleging the consortium to be non-compliant with the resolution plan. Mint’s legal correspondent Krishna Yadav reports on the development, crucial for not just Jet but also the Indian aviation industry. In a bid to retain top talent amid rising attrition, companies are juggling with different kinds of stock options for employees. India Inc is experimenting with hybrid forms of stock options, as opposed to the regular ones. Some of them include stricter forms of performance based stock options, analysts told Mint’s HR and workplace correspondent Devina Sengupta. These restricted stock units or RSUs, are shares given to an employee as a reward upon fulfilling a predetermined period of service. On the other hand, performance stocks are granted only when an employee achieves particular objectives, remains with the company for a designated duration, and the company itself reaches its goals within its industry. For businesses, these stock options are considered "less dilutive." According to consultancy firm EY, the number of companies choosing alternative stock incentives for employees has increased by 25 to 30 per cent in the last few years. General elections are only a few weeks away. Freebies and price cuts usually become the main weapons against anti-incumbency for governments around this time. One such important pre-election move is cutting down the price of fuel. Anticipating a price cut, fuel stations are running low on inventory. Petrol and diesel pumps are keeping enough stock for only three days, as opposed to their regular inventory of five days. This is to save on any losses that may occur in case a price cut is announced. In case of a price cut, the new rates take effect immediately — leaving fuel retailers with losses on the stock they bought for a higher price. Mint’s energy correspondent Rituraj Baruah reports on the cautious move by fuel retailers. He explains how a 5-rupee deduction in the price of petrol and diesel could mean losses of up to 1.5 lakh rupees for retailers in rural areas. The number only goes up for petrol stations in tier-3 and tier-2 cities. Petrol pumps in metro cities usually see losses of up to 25 lakh rupees on a 5-rupee price cut. Ever thought of a life where you can be a banker by the day, and manage finances for a startup as its CFO by the night? No, I am not talking about moonlighting for another company. Fractional C-suites employees are becoming more and more common across startups and small and medium enterprises in India. What’s that you ask? These are experienced executives with deep competencies in domains like finance, marketing, and strategy who work with multiple companies at a time on a part-time basis. With the kind of flexibility a fractional CXO gig is able to offer, more senior executives are getting attracted to it. There is a demand factor to it also. Companies are increasingly looking for fractional CXOs to access good talent at affordable costs. Mint’s startup correspondent Samiksha Goel writes about this unique trend shaping boardrooms across startups. She also spoke to C-suite executives following the trend and working as a fractional CXO. Globally, there's been about a 25 per cent increase in the hiring of fractional CXOs, while India saw a 10-12 per cent uptick among startups in sectors such as legal, finance, e-commerce, and technology, according to HR consulting firm Randstad. Remember Nawazuddin Siddiqui’s iconic dialogues in Sacred Games? The Netflix original, parts of which were set in the Bombay of the 80s, became a pop cult

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, March 12, 2024. My name is Nelson John. Let's get started: The Indian stock market slid on Monday, with benchmark indices Nifty and Sensex falling by about 0.8 percent. Smallcap stocks like JM Financial, which faced disciplinary action by Sebi, and IIFL Finance were the worst losers of the day. However, if you owned shares of Godfrey Phillips — maker of Marlboro cigarettes, you had reason to cheer: the stock surged by more than 9 percent. ITC, another cigarette stock, might have an interesting week ahead: Mint's Mark to Market reporter Dipti Sharma reports that one of its biggest stakeholders might liquidate their position. British American Tobacco, which holds 29 percent of ITC, might look to sell 4 percent of its stake. Dipti writes that ICICI Prudential Mutual Fund and O3 securities are in line to buy this stake. This sale might yield the company more than 20,000 crore rupees, which would be one of the biggest block deals in the Indian stock market in the last few years. Speaking of public markets, there might be a new entity IPO-ing soon. On Monday, Aditya Birla decided to merge two of its subsidiaries. Aditya Birla Capital and Finance will now work as a single company, which allows the non-banking financial company, or NBFC, to list on the public markets. Mint's banking correspondent Shayan Ghosh writes that this move will consolidate Aditya Birla's financial arms, and lead to fewer complications when the newly-minted company decides to IPO. Lloyds, the electronic consumer goods company, claims to be the third-largest AC maker in India. But you wouldn't know it if you walked into any store: Lloyds air conditioners are rare to find in any brick-and-mortar shops. A struggling Lloyds was bought by Havells in 2017, but the investment hasn't paid off yet: while Lloyds' goods contribute 20% of the revenue posted by Havells, it dragged its profits down by 14%. Mint's national editor Sumant Banerji writes about the company and its journey so far, and why analysts feel Lloyds is harming the potential of Havells. The State Bank of India is almost synonymous with its infamous lunch breaks. But when the Supreme Court is in line, you better hurry up. On Monday, the apex court directed SBI to share the names of donors who purchased electoral bonds. SBI had argued that it needed time to collate all the data till at least June 30 — well after the general elections had concluded. The Supreme Court, led by chief justice Chandrachud, squashed this plea. Mint's legal reporter Krishan Yadav writes about this verdict that orders the names of donors to be submitted to the court by today evening, which will also be publicly disclosed by March 15. If you were to make a big purchase, you might consider pulling money from your provident fund. EPFO, or the employees' provident fund organisation, is in charge of this money. To get your hands on this money, you need to file an application with EPFO and upload some documents. Easy, right? But as Mint Money's Anil Poste and Shipra Singh found out, it really isn't. The duo spoke to four individuals who tried to get their money, but couldn't. On paper, it's an easy process. But in practice, you might have to jump through many hoops to get access to your own money. We'd love to hear your feedback on this podcast. Let us know by writing to us at [email protected]. You may send us feedback, tips or anything that you feel we should be covering from your vantage point in the world of business and finance. That’s all for today. Thank you for listening. We'll be back tomorrow with a fresh episode of Top of the Morning. Have a nice day! Show notes: ITC block deal likely in two weeks; BAT to offload 4% stake Aditya Birla Capital, subsidiary Aditya Birla Finance to merge Not cool enough: Bleeding Lloyd gives Havells a hard time SC asks SBI to disclose electoral bond details by 12 March Why withdrawal of money from your PF is fraught with challenges Learn more about your ad choices. Visit megaphone.fm/adchoices

Who will win Barbenheimer clash at Oscars? Here’s what history shows. India's chip ambitions are about to get larger Disney merger in sight, Viacom18 rejigs top roles Spotify bets on independent music to bolster presence in India NexCAR 19 cancer therapy: Conceived at IIT Bombay, delivered in Tata Memorial 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, March 11, 2024. My name is Nelson John. Let's get started: The big day for cinephiles is finally here. As you are listening to this podcast, The 96th Academy Awards are being announced at the Kodak Theatre in Los Angeles. The apex awards for the global movie industry have for long raised eyebrows with their nomination choices. Often the Academy’s picks go against the popular box office trends of the year. Take 2023’s highest grossing film Barbie for example: it received 9 nominations, but missed out on some key categories. The Greta Gerwig directorial venture was snubbed in major categories including direction and leading actress. Christopher Nolan’s Oppenheimer, on the other hand, which clashed with Barbie in an epic showdown at the box office, received 13 nominations. Mint’s Shuja Asrar breaks down the data on the Academy’s past picks and how they performed in the theatres. For the Oscars, popular doesn't always equate to being the best. This year doesn’t seem like it’ll be any different. It’s the era of semiconductors. It is difficult to imagine the world without these tiny silicon chips, and India is bullish on its prospects. In an interview with Mint’s senior assistant editor Gulveen Aulakh, union IT minister Ashwini Vaishnaw spoke about the government’s plan to boost chip sector incentives. Currently, these incentives add up to about 76,000 crore rupees. Thanks to a n increase in incentives, we can expect a boom in the number of chip fabs and testing units across the country. This interview comes as just last week the union government approved three chip sector projects with expected investments of 1.26 trillion rupees, with two of them being won by Tata. The minister expects dozens of such units to be up and running in the next five years. As the mega-merger between media giants Reliance and Disney is inching closer, preparations are underway on both sides. In one such move, Reliance-owned Viacom18 is planning to rejig its organisational structure to streamline the business. Senior executives at the company spoke to Mint’s senior editor Gaurav Laghate about the upcoming change. As per the planned restructuring Kiran Mani, who was appointed as the Chief Executive Officer of JioCinema in November last year, has now been tasked with overseeing both the digital and sports divisions. Meanwhile, the entire content division will be managed by Kevin Vaz, who assumed the role of CEO for Broadcast in July of the last year. Read Gaurav’s insightful piece to find out how Reliance is reshuffling its ranks to hit the ground running. There is a good chance that you’re listening to this podcast on Spotify, which is also at the centre of this story. Don’t worry, this isn’t another spotify ad! In a move to bolster its presence in India, the audio streaming platform is ready to bet big on independent artists. The indie music scene in India is growing at a faster pace than film music consumption, which accounts for 70 to 90 per cent of music streaming on the platform in India. In an interview with Mint’s entertainment correspondent Lata Jha, Spotify India’s managing director Amarjit Singh Batra said that the platform would like to see an equal balance of film and indie music. The Swedish-audio streaming platform has also invested in ‘Spotify for Artists’ an initiative which involves working with independent artists by sharing streaming data and consumption habits with them. The significance of this shift in strategy towards independent music is evidenced in the fact that the most streamed song from 2023 was a song by King, who is an independent artist. Batra highlighted that consumption patterns differ significantly among various languages. For instance, in Punjabi music, non-film tracks dominate, making up 90 per cent of the total consumption. In contrast, in languages such as Hindi, Tamil, or Telugu, where film music plays a more prominent role, the share of movie tracks in total music consumption ranges from 70 to 80 per cent. This next story is about a potentially groundbreaking therapy for cancer patients. It starts with a 60-year-old woman named Sheeba. Three years after discovering a growth on her tonsils, Sheeba was diagnosed with lymphoma, a cancer that attacks your lymph nodes. Traditional treatments, including naturopathy and chemotherapy, had failed her. But rather than giving in, Sheeba and her husband sought out CAR T-cell therapy, a cutting-edge procedure that modifies a patient's immune cells to combat cancer. This therapy, developed on a modest budget by a dedicated

Don't be startled — you're still listening to Top of the Morning by Mint, your weekday newscast that brings you five major stories from the world of business. I'm Devina Sengupta, deputy editor at Mint. I write about careers, workplaces, and higher education. I am your host for this special episode and will be substituting for Nelson John. It's Friday, March 8, 2024. Let's get started: Markets ended flat on Thursday, as Sensex maintained its position above the 74,000 mark. The benchmark indices showed marginal gains across the board, although oil companies in particular performed poorly. Bharat Petroleum, Indian Oil, and Reliance Industries fell by more than a percentage point each. The market has maintained its bull run for a few weeks now. Retail investors have reason to be delighted, but so do multinational companies. Startups and new economy reporter Priyamvada C writes that multinational companies have been selling their stakes in Indian companies. Companies like America's Conagra Brands, British American Tobacco, and Japan's Sumitomo Wiring offloaded their holdings in Indian companies to take advantage of high share prices and pay off debt in high interest markets.. The multinationals will use these proceeds for a host of purposes, using this moment to effectively manage their treasury and investments, notes Priyamvada. One such deal took place just yesterday evening: Singapore's telecom giant Singtel sold 0.8 percent of its stake in Airtel to investment firm GQG Partners. The value of the transaction was just above 700 million us dollars, or 4,888 crore rupees. Even after this deal, Singtel remains the largest stakeholder in Airtel — even more than Airtel's promoters, the Bharti Group. Mint's telecom correspondent Gulveen Aulakh reports that Singtel hopes to equalise its stake with Bharti over time through such deals. GQG Partners, an investment firm based in the US, has steadily increased its bets in India. It bought large chunks of Adani Group companies last year. It also invested in GMR Infrastructure, IDFC First, and JSW Energy. The markets regulator Sebi barred financial services company JM Financial from acting as a lead manager for any public issue of debt securities. The order came after Sebi found some serious lapses in a case where JM Financial acted as a lead manager for a public issue.. During a routine examination, Sebi found some inconsistencies with this debt offering. Mint's legal correspondent Priyanka Gawande explains Sebi's 22-page order, which is likely to have consequences for JM Financial's share price when markets open tomorrow. If you're a woman, today is as good a day as any to learn about your rights. Mint Money's Aprajita Sharma writes about some key financial laws every woman should be aware of. Aprajita speaks to legal experts about Indian laws surrounding inheritance, insurance, and loans. They are structured differently for men and women, and differ across religions. It also points out contradictions in our system: for example, how the laws have exemptions for women to encourage them to buy properties — but how it's also more difficult for women to get loans. It's not easy being a woman in corporate India — or in India, for that matter. I teamed up with my colleagues Suneera Tandon and Madhurima Nandy to bring you stories of four women at various stages in their careers. What's been their journey so far? Why is working from office a dealbreaker? Why do you carry a swiss army knife in your purse? Special thanks to Shakshi, Rohini, Alisha, and Arudhati for sharing their stories. These are stories of determination and success. I hope you have as great of a time treading this piece as we had reporting and writing it. In addition to writing such stories, I'm also the host of The Working Life, a podcast on workplace practices. I'm currently working on season 2 of the podcast, but you can listen to any episode from season one. I'd like to think they're evergreen, and come in handy for any employee of India Inc navigating their professional life. We'd love to hear your feedback on this podcast. Let us know by writing to us at [email protected]. You may send us feedback, tips or anything that you feel we should be covering from your vantage point in the world of business and finance. That’s all for today. Thank you for listening. Nelson will be back on Monday with a fresh episode of Top of the Morning. Have a nice day! Why MNCs are on a selling spree in India Singtel sells 0.8% stake in Airtel to GQG Partners Sebi bars JM Financial from taking new mandates amid lapses in debt issue The key financial laws that every woman should know Swiss knife to Lucknow diaries: Four women executives on guilt and success Learn more about your ad choices. Visit megaphone.fm/adchoices

It's Thursday, March 7, 2024. My name is Nelson John. Let's get started: A new day, a new record high for the Indian stock market. Nifty and Sensex both surged by around half a percent each. Sensex crossed the 74,000 mark for the first time. Stocks such as ICICI Bank, SBI, and NTPC also hit lifetime highs. However, as markets correspondent Ram Sahgal notes, trading remained uneven. Midcap and smallcap stocks plunged, as investors took note of regulatory action by the markets regulator. Ram spoke to analysts to make sense of the day's trading, and whether this bull run will continue across large, mid, and small caps. After decades of fast-paced growth, China's economy looks to have run into some roadblocks. Its economy is likely to grow at 5% this year — it grew at 5.3% in 2023. But even this modest target looks difficult, given the tough position the country is in right now. The country is too debt-ridden, and demand has fallen. The markets have been ailing for a few months now. Mint's senior editor N. Madhavan explains the current predicament that China finds itself in. When you're looking for a credit card, you can choose which bank, which tier, and what the annual fees could be. But what you can't choose is the card network — either Visa or Mastercard. That comes baked into any credit card. That will change soon: the Reserve Bank of India banned exclusive tie-ups between card issuers and networks. This ruling will apply from September this year. While applying for a new card, or renewing an existing one, you can now choose between the two options. Mint's banking correspondent Shayan Ghosh writes on this decision taken by the RBI, and explains its implications for the banking framework in the country. Speaking of credit cards: have you swiped your plastic to make a big purchase? I suppose we all have. But to buy a car? That seems a little... strange? As Mint Money's Shipra Singh writes, most car dealers will let you pay by credit card — either just the down payment, or the entire value in full. You can use the points and rewards for a variety of future expenses. Shipra writes that adopting this strategy can help you save a fair bit of money, which wouldn't be possible if you paid in cash or using other forms. However, Shipra writes that some dealers might charge you an extra 2 percent for processing the payments, negating some of your benefits. Lastly, such a transaction could also lower your credit score. But there's a way to steer clear of that too, while lapping up the points! Read this story before you pay for your new wheels using a credit card. Fast-food and cheese pretty much go hand in hand. If you were to walk into a McDonalds, chances are most items might contain some element of cheese in them. Except... it's not real cheese! The Maharashtra Food and Drug Administration recently looked into claims that McDonald's doesn't serve real cheese, but rather cheese substitutes in its products. While it was being investigated, the international burger chain was forced to change the names on its menus: McCheese turned to cheddar veg delight. A back and forth ensued between the FDA and Westlife, the proprietors of McDonald's in West and South India. Mint's special correspondent Nehal Chaliawala takes a deep look to find out if McDonald's claims of serving real cheese melt under scrutiny. We'd love to hear your feedback on this podcast. Let us know by writing to us at [email protected]. You may send us feedback, tips or anything that you feel we should be covering from your vantage point in the world of business and finance. That’s all for today. Thank you for listening. Learn more about your ad choices. Visit megaphone.fm/adchoices

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, March 6, 2024. My name is Nelson John. Let's get started: Breaking a four day winning streak, Indian markets closed in the red on Tuesday. Benchmark indices Sensex and Nifty both suffered some losses during the day but closed slightly above their intraday lows. Sensex was down 0.26 per cent at the end of Tuesday’s trading. Nifty, at the closing bell, was down 0.22 per cent. Make hay while the sun shines? Sure! But 2023 seems like a poor year for India's solar projects. We only installed 7.5 gigawatts of solar capacity last year. Compare this to 13.4 gigawatts in 2022, and 10 gigawatts in 21. Why is our capacity addition going down? High taxes to forbid the entry of Chinese solar panels is one reason for this drop. Mint's national editor Sumant Banerji explains this anomaly in India's solar story — and what the outlook is for the next few years. While we are on the topic of solar power, have you ever heard of agrivoltaics ? Let’s dive in. Agrivoltaics is a unique way of melding solar power generation with agriculture. The use of solar panels on agricultural land is what makes the method unique. The integrated system aims at maximising land productivity, by harnessing solar power while simultaneously growing crops under photovoltaic solar panels. The concept, conceived in the 1980s, solves multiple problems at the same time. It’s not only a step toward renewable energy, but also tackles the problem of land scarcity. But why isn’t it more prevalent in India? And what are the challenges this system faces? P Anima, who writes on climate change, environment and agriculture, tries to get beneath these questions in today’s Long Story. Some of the challenges include the lack of a uniform model for the method in India, and an unequal power dynamic between the main stakeholders, which includes farmers and solar developers. This next story is for those following India’s debt securities market. India is set to receive inflows of 3 to 4 billion dollars from next year. The reason? Financial data provider Bloomberg announced its decision to include Indian government bonds to its emerging markets index. India’s domestic debt securities, which are accessible through the Fully Accessible Route or FAR , will now feature in Bloomberg’s Emerging Market Local Currency Government Index. The FAR is a framework introduced by the Reserve Bank of India in 2020, aimed at encouraging foreign investment in the Indian securities market by removing some of the regulatory barriers. Under the framework, non resident Indians can invest in government securities without facing any investment ceilings or restrictions that typically apply to foreign ownership. Mint’s banking correspondent Shayan Ghosh reports that global investors with passive investment strategies are likely to be candidates to put their money into Indian government bonds. t These inflows could prove crucial for the Indian bonds and debt market. As of January 31, there are 34 Indian FAR bonds, totaling 448 billion dollars, eligible to be listed on the Bloomberg index. At the end of HBO’s flagship show Game of Thrones, a long winter sets over the fictional continent of Westeros. The advent of winter in the show is a catastrophic event that supposedly lasts for decades. A similar, almost catastrophic winter fell upon the Indian funding landscape and startup ecosystem. But, latest data suggests that the funding winter may be starting to thaw.. Take MoveInSync for example. The office commute platform received a term sheet for a 15 million dollar raise within a week of announcing the deal. That is a really quick turnaround time for investors to get interested in today’s market. During the last financial year, funding for very early-stage deals continued, but growth-stage financing had slowed to a trickle. However, funding in the new economy across life stages of a business is now experiencing a revival, with deals beginning to conclude successfully. Deals worth 443 million dollars were struck in January, which nearly doubled to 835 million in February. Mint’s Sneha Shah reports on the visible greenshoots from the frozen funding landscape. On Tuesday, shares of Tata Motors surged over 3 per cent following an announcement that could redefine the automotive landscape in India. The company disclosed its ambitious plan to separate its commercial-vehicles and passenger-vehicles businesses into two distinct entities. For existing shareholders, this means a direct stake in both firms, with one share each being allocated for both the newly formed companies. By separating its entities, Tata Motors is not only sharpening its focus on each segment but is also aligning itself more closely with investor interests. Up until now, investors keen on the more stable passenger vehicles business had no choice but to also invest in the commercial segment due to their

Small investors are savvier; look what they did with small-cap stocks International airlines vie for the Indian globetrotter Tata Motors business divisions come to a fork in the road Should Nvidia employees with stock options sell or stay put? Ask me anything: Inside the race to build desi GPTs 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, March 5, 2024. My name is Nelson John. Let's get started: Concluding the day marked by range-bound trading, Indian benchmark indices ended Monday with marginal gains. The Nifty 50 reached a new all-time high of 22,440 in early trading but subsequently pared some of those gains. At the end of the session, Nifty was up 0.12 per cent while Sensex closed marginally up by 0.09 per cent. Retail investors are getting smarter day by day. With a rally in small and midcap stocks over the last three quarters of 2024, these investors who trade directly on the exchanges, had a gala time. Companies such as BSE, Birlasoft, Zensar Tech, Sonata Software, and RBL Bank saw their stock prices jump anywhere between 23 per cent to 415 per cent in the nine months through December. At the same time, retail investors cut their stake in these companies by 4 to 11 per cent. This means, these investors who typically invest only up to 2 lakh rupees, are getting in at low points and selling at mega profits. Mint’s market correspondents Ram Sahgal and Mayur Bhalerao examine how retail players are riding the small cap wave. Global airlines are looking at India with hopeful eyes. After witnessing a surge in the domestic market last year, airlines are upbeat on foreign fliers from India. The upcoming summer season is adding to the momentum. International carriers like Emirates, Singapore Airlines, Qantas, Cathay Pacific, and Etihad, among others, are expecting a significant increase in demand from India. They are adjusting their networks to accommodate this anticipated growth. According to the ratings agency ICRA, international passenger traffic for domestic airlines is projected to exceed the peak levels recorded in the fiscal year 2024. January 2024 itself saw 6.52 million passengers flying abroad, 17 per cent more than last January. Data from online travel portal ixigo attests to the growing number of outbound flights from India, reports Anu Sharma, Mint’s aviation correspondent. Ixigo saw a 2.5 times increase in searches for international travel in April and May this year, compared to 2023. Most popular destination in these searches you wonder? These are countries that have recently made travel for Indians visa free such as Kenya, Thailand, and Malaysia. One of India’s automobile behemoths is going to see a massive change in its corporate structuring. Tata Motors is going ahead with a demerger into two separate publicly traded companies. The company’s board greenlit the demerger proposal on Monday. This division will segregate the Commercial Vehicles business and its related investments from the Passenger Vehicles sector, which includes passenger vehicle, EV, and Jaguar Land Rover verticals. So if you are a shareholder in Tata Motors, how will this affect you? All shareholders of the company will retain stock worth the same value in both companies following the demerger. The demerger is a logical next step after the previous split of the passenger and electric vehicle segments in 2022. The decision is expected to boost the independence of each business unit, which will also allow them to implement strategies more efficiently. Software company Nvidia has had a stellar run on the US stock market. Since the start of the year, its share price has gained more than 70 percent. Since last year, it has surged by a whopping 240 percent. The reason? Its dominance over supply over hardware and software needed to make artificial intelligence a reality. Such a performance in the markets has created many millionaires among its staff who hold employee stock options. Mint Money's Shipra Singh speaks to some Nvidia employees from India and talks to them about their newfound wealth — and how they plan to use it. Moreover, since these are US stocks, some might be tempted to not disclose them to the taxman. Shipra writes that this isn't advisable, as it opens them up to scrutiny under the Black Money Act. LLMs or large language models are the generators behind most of the AI chatbots floating around. LLMs excel in understanding and generating human-like text in the language that they are trained in. But How do you design an LLM for a country like ours, with hundreds of languages being spoken? This is where Indian GPTs come into the picture. While OpenAI’s ChatGPT is largely trained on English, companies developing Indian language LLMs face the daunting challenge of training their systems in languages that are not extensively digitised. Indian companies have already started the uphill task of making accessible AI chatbots for all.

What a scorcher: Can India sustain this torrid pace of growth? What the TCS bosses have in mind: A growth spurt in the year ahead 2024 is the year to scale up beyond pilots, advance GenAI projects: IBM's Candy Mint Explainer: Who’s winning the app war – Google or Indian startups? Struck by Byju’s, General Atlantic’s India ship is in distress. Will it survive? 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, March 4, 2024. My name is Nelson John. Let's get started: In some surprising news, India’s GDP grew at a staggering 8.4% in the third quarter of the financial year in 2024. Mining and agriculture had tepid production, so estimates were moderate. The revised estimate for GDP growth for the entire year is now at 7.6 percent. This means that India will continue to be the fastest growing large economy in the world. Mint's senior editor N. Madhavan explains these numbers. He outlines that while this is good news for our economy, these numbers are unlikely to sustain for the next quarter. IT giant TCS wants rapid growth — and it wants it soon. At a strategic retreat in Abu Dhabi, its CEO K. Krithivasan said he wanted at least double-digit growth in revenue in FY25. This would be double of its last year growth, which came in at 5.3 percent. Speaking at the same event, Tata Sons chair N. Chandrasekaran said he wanted the company to record at least 10 billion dollars worth of business from India alone. Mint's IT and corporates correspondent Varun Sood reports on the inside details from this event, including the incoming business for TCS worth billions. From one MNC to another: let's talk about IBM. Its consulting arm employs some 1.6 lakh people. Out of these, more than 20,000 employees now work solely on artificial intelligence. Mint's executive editor Leslie D'monte speaks to Matthew Candy, IBM consulting's global managing partner. Candy spoke about IBM's AI strategy, including how they are devoting their resources towards two big areas: customer care, and HR. Candy also gave advice to Indian founders who are foraying into Generative AI, and doing so responsibly. Some Indian startups received a jolt last week when Google removed them from its Play Store. Bharat Matrimony, Shaadi.com, and 99 acres were some of the apps that were removed after Google said that they didn't pay service fees. This isn't a first for the tech giant: Google has had similar tiffs in the US and Europe as well. Indian startups are crying foul, and saying that Google shouldn't have the power to unilaterally de-platform apps in such a manner. Mint's tech correspondent Shouvik Das writes a detailed explainer on this issue. Byju's is going through a tough time. The startup, once valued at 22 billion dollars, is now raising money through a rights issue for a total valuation of only 20 million. This is of course a smart accounting practice, but it does hurt previous investors. One such investor is General Atlantic. The company has pumped in 380 million dollars into the edtech so far, but refused to put in more money during the latest round. The private equity firm is running on thin ice: it's current portfolio includes fellow edtech Unacademy, real estate platform NoBroker, and payments aggregator BillDesk. None of these companies have provided the returns GA would have liked. Startups and new economy writes Ranjani Raghavan and Sneha Shah write about General Atlantic's trouble in navigating the Indian waters, and what lies ahead for the PE firm. We'd love to hear your feedback on this podcast. Let us know by writing to us at [email protected]. You may send us feedback, tips or anything that you feel we should be covering from your vantage point in the world of business and finance. Learn more about your ad choices. Visit megaphone.fm/adchoices

It’s Friday, March 1, 2024. My name is Nelson John. Let's get started: Sensex and Nifty remained flat on Thursday. Both market indices marginally increased by around 0.2 percent. Ever had a single malt named Rampur? Or a gin named Ranthambore? They're all made by a distiller named Radico Khaitan. And with a topline of close to 12 thousand crores, it's doing quite well. Radico Khaitan caters to the higher end of the alcohol market, which has found many suitors. Mint's luxury and lifestyle correspondent Varuni Khosla speaks to its managing director Abhishek Khaitan to find out about the distiller's present and future plans. Placements at IIMs usually consisted of consultancies or large corporates. But a surge in mergers and acquisitions has changed that. Investment banks and private equity firms are now lining up at IIMs to hire aggressively. Mint's startups reporter Sneha Shah and workplaces and HR correspondent Devina Sengupta team up to bring you this news from our nation's top institutions. These firms are estimating that the India growth story will need more analysts and bankers. This is good news for IIM graduates, who were anticipating a muted placement season. However, companies across consulting, FMCG or banking still prefer applicants with prior work experience. What would you prefer - an electric vehicle which runs purely on electricity or a hybrid which has both an electric motor and a conventional engine? Data suggests that Indians are leaning hard towards a car that can do it both, also called the hybrid. This is despite hybrids getting no incentives or tax concessions from the government, as opposed to EVs. Hybrid cars attract 43 per cent GST, compared to a mere 5 per cent on EVs. In 2023, more than 82 thousand hybrids were sold in India. This marked a four-fold increase in hybrid sales compared to 2022. The growth in EV sales was subdued compared to hybrids. However, the number of EVs sold in 2023 was close to that of hybrids. So what’s fuelling the growth in hybrids? It is a slew of new models. The expansion in this segment is being led by Maruti Suzuki Grand Vitara and Invicto, along with Toyota Hyryder and Innova Hycross. But what does a growth in the hybrid sector mean for EVs? EVs continue to be in demand but with a lack of charging infrastructure, range anxiety is still a deciding factor behind an EV purchase. Mint’s autos correspondent Sumant Banerji takes a look at India’s changing automotive landscape. He also takes on the hotly debated question - should hybrids be incentivized? Punjab - the land of five rivers, has historically been an area prone to conflicts. C Subramaniam, the agriculture minister behind India’s green revolution, wrote in his memoir that the area’s proximity to foreign invasions has made the people enterprising. Farming has been the main occupation for people here since centuries. And the area is yet again at the epicentre of the ongoing farmers’ protests. The state has been supplying food to the rest of the country for decades. Perpetual harvesting over the decades resulted in its soil getting ruined. With a depleting yield of paddy and wheat, and a lack of jobs elsewhere, farmers in Punjab are tied to their land. The increased dependence on rice and wheat at assured prices is also what makes the Punjab farmers edgy. Mint’s Sayantan Bera who writes on rural India, takes a deep dive into the issues plaguing the farmers of Punjab. He also explains why Punjabi farmers have been at the forefront of the ongoing protests. Is diversifying their crop a strategy that could work for the farmers of Punjab? Is there a solution to their issues? Sayantan tries to answer these questions in today’s long story. India is still growing, and it's growing well. The latest data shows that India's GDP grew at an 8.4% pace. That is double of what we saw in the corresponding quarter of the previous year. Mint's economy correspondent Subhash Narayan writes that this growth can be attributed to robust manufacturing and construction activity. However, an erratic monsoon lead to negative growth by the agriculture sector, official data showed. We'd love to hear your feedback on this podcast. Let us know by writing to us at [email protected]. You may send us feedback, tips or anything that you feel we should be covering from your vantage point in the world of business and finance. Premium push: Radico Khaitan sees sixfold rise in shareholder value in 5 years I-banks at the IIMs drop an optimistic note on India’s economy Hybrid cars are winning as range anxiety grips EVs A crisis is brewing in Punjab and farmers know it December quarter, when GDP beat every forecast Learn more about your ad choices. Visit megaphone.fm/adchoices

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, February 29, 2024. Happy Leap day to all our listeners. My name is Nelson John. Let's get started: Bears went loose on the D-street on Wednesday with benchmark indices Sensex and Nifty seeing a crash. Dragged down by the Midcap and Smallcap indices, both Sensex and Nifty were down more than one per cent at close, falling below the psychological levels of 73 thousand and 22 thousand respectively. As the February derivatives approached their expiry, the border markets corrected themselves on Wednesday amid stretched valuations. small and midcap companies bore the brunt of the crash. This is after Sebi asked mutual funds investing in these companies to disclose more information about the risks involved. A senior mutual fund executive confirmed to Mint’s market correspondent Ram Sahgal, that the fund had shared information about handling a stress situation with Sebi. The market regulator had been in discussions with mutual funds about excessive inflow of cash into smaller companies. Coinciding with this, Kotak Mutual fund has capped the lump sum inflows to its small cap fund at 2 lakh rupees per PAN per month and SIP inflows to 25,000 rupees per PAN per month. https://blankpaper.htdigital.in/dash/story/11709128654894 “If you want to be a millionaire, start with a billion dollars and launch a new airline,” if this quote by Virgin Atlantic airline’s founder Richard Branson does not tell you enough about the risks of airline business, today’s Mint Primer, definitely will. For an airline business to be revived, a lot of factors need to align, it is no easy feat. Profitable carriers rely on a mix of factors: from favourable fuel prices and suitable aircraft, to reliable maintenance contracts, extensive networks, prime airport slots, and a skilled workforce. In India especially, the action plan to get the planes back on the tarmac, requires a hawk-eye over costs and proactive management. What’s also crucial is support from vendors, engine lessors and maintenance companies. With SpiceJet’s boss Ajay Singh making a bid,, Mint’s aviation reporter Anu Sharma explains the future prospects of Go First, the bankrupt airline that was launched by the Wadias.. Interestingly, the only revival story in the aviation industry over the last three decades is that of SpiceJet, which got a second lease of life in December 2014. https://www.livemint.com/money/personal-finance/reviving-go-first-won-t-be-easy-here-s-why-11709133529363.html News from the edtech sector has been very bad lately.. But PhysicsWallah stands as an exception. The unicorn startup, which raised 100 million dollars at a valuation of more than a billion dollars from Westbridge capital in 2022, has been profitable for the last three years. In an interview to Mint’s new economy reporter Sneha Shah, Physicswallah’s cofounder Prateek Maheshwari said the company is considering making more acquisitions in the future. The company has set aside a corpus of 100 million dollars for acquisitions and other inorganic deals, of which 60 million is from its last fund raise. The company, according to Maheshwari, is a cash generating one, unlike startups which took the cash-burning route. Physicswallah’s is expected to close this fiscal with a revenue of 2000 crore rupees, a growth of 150 percent over last year.. The edtech is now in need of new growth areas. According to Maheshwari’s plan for the company, physical centres will form a significant part of its expansion strategy. The company, which started as a YouTube channel, was entirely bootstrapped before the fund infusion by Westbridge, which was also joined by GSV ventures. Interestingly the founders still hold 91 per cent of the company. https://www.livemint.com/news/we-will-raise-more-capital-if-an-interesting-acquisition-comes-up-11709128788045.html Private equity fund Kedaara Capital is on the verge of a milestone achievement in the Indian context. According to a Reuters report,Kedaara is set to raise 1.7 billion dollars for its fourth private equity fund. The new fund will see about 80 per cent coming from existing investors. New investors including the US-based Cleveland Clinic and the University of Minnesota, will infuse the rest. The upcoming fund is poised to venture into various sectors, including banking, healthcare, consumer goods, and software. Kedaara plans to unveil the fund by the end of March, with final paperwork currently in the works. While investors expressed interest in committing over 2 billion dollars, Kedaara opted to cap the fund at 1.7 billion dollars, mindful of maintaining its deployment capabilities. https://www.livemint.com/videos/companies/kedaara-close-to-raising-1-7-billion-for-indias-biggest-pe-fund-sources-say-11709134679257.html Reliance and Disney disclosed the details of their merger to create a sports and entertainment juggernaut. The newly formed medi

Hostile investors likely to skip Byju’s $200-mn rights issue Why women, once ignored, are being treasured in Krishnagiri Airtel to exit non-core biz for digital growth: Sunil Mittal GCCs face talent exodus amid rising competition Why Chaayos is adding a stronger dash of premium to its cafes Learn more about your ad choices. Visit megaphone.fm/adchoices

The crackdown on AIF abuse comes with some collateral damage Mint Primer: Could Indian identifier Svc kill Sweden’s Truecaller? Yulu to re-focus on people mobility after $80 mn expected funding push Sebi wants to nurture Indian real estate’s ₹4,000 crore baby. But why? Indian politics is becoming increasingly partisan. We have the data to prove it. Learn more about your ad choices. Visit megaphone.fm/adchoices

SBI breathing down ICICI Bank's neck in market-cap race After spurning Zee, Sony sets sights on aha FMCG companies in choppy waters, and there doesn't seem to be any respite soon The two faces of India Inc.'s Q3 growth story Urban Company is eyeing profits and an IPO. But gigsters are angry Learn more about your ad choices. Visit megaphone.fm/adchoices

Japan’s Nikkei, after 34 years, finally tops its all-time high ‘You don't need to destroy Google. All you need to destroy is their monopoly.' Why there is no end in sight to the Red Sea crisis New space FDI policy to boost private startups amid flat patch Unacademy moved fast to break things. It ended up with a fracture Learn more about your ad choices. Visit megaphone.fm/adchoices

Mint Primer: Is the market’s PSU narrative overstretched? Fast-food chains push more value meals as in-store footfall remains weak Salary hikes to be lowest in three years. But it's not all bad #5DaysBanking #SavePSB: Young bank activists are fighting a quiet battle Political leaders reach out to digital content creators, podcasters in run-up to elections Learn more about your ad choices. Visit megaphone.fm/adchoices

A decade of flip-flops on farmers’ issues despite full-majority government What you can do to get your employer to deposit PF, TDS Where to, Dara? Uber faces an off-road adventure Scrapping your old car may fetch more soon The onion peel that promises a sugar high Learn more about your ad choices. Visit megaphone.fm/adchoices

Tested organic food coming on your plate, courtesy govt Why the Ratan Tata biography is not in print yet Mint Primer: Why commercial card spending has been paused Can PPFAS lure investors with its tax-efficient ‘debt’ fund? Beating GDP growth no longer enough for Indian firms: McKinsey Learn more about your ad choices. Visit megaphone.fm/adchoices

Affluent India is fuelling the equities surge. But that story has gaps Should you invest in Mirae’s latest multi-factor small-cap fund? The news sources that Indians will trust and distrust this poll season How to develop bike-taxis (beyond issuing clarifications) Airfares have soared, but summer travellers don't care Learn more about your ad choices. Visit megaphone.fm/adchoices

Supreme Court strikes down electoral bonds scheme, associated amendments as unconstitutional Large private lenders join hands informally to stem attrition tide BSNL pan-India 4G launch pushed to Dec, employees’ union seeks Vi network usage From DLF to Lodha and Godrej, builders are testing new cities Why Kashmir’s saffron growers are feeling blue Learn more about your ad choices. Visit megaphone.fm/adchoices

Centre plans skills for loans in financial inclusion schemes What fund managers think of the current PSU rally Who profiteered the most from GST tweaks? CCI has clues Work experience more crucial than ever for new MBA graduates, India’s top B-schools say RBI swipes left on commercial credit cards Learn more about your ad choices. Visit megaphone.fm/adchoices

ED begins preliminary enquiry into Paytm Payment Bank Go Digit IPO gets Irdai go-ahead The political hot potatoes on which urban India disagrees with the BJP Myntra is selling lipstick and blush. Should Nykaa be worried? Tesla seeks Indian partner for rooftop solar panel venture Learn more about your ad choices. Visit megaphone.fm/adchoices

Decent Q3, but bumps ahead for Hero Will Tata’s Curvv ball strike out Hyundai? Should investors lap up or ignore SBI Energy Opportunities Fund? Mint Primer: From Europe to India, why are farmers angry? India eyes a ghee-for-cheese deal with UK Learn more about your ad choices. Visit megaphone.fm/adchoices

Small investors raised stakes sharply in Paytm in Q3. Then came RBI’s curbs Infosys back on campuses to hire for niche job profiles Mint Primer: Are you middle class? A housing scheme may hold clues As nurses leave in droves, Indian hospitals get a backache How AA framework is changing your financial life for the better Listen to ‘India’s Reform Story’, a Mint special podcast series. Click here to listen Learn more about your ad choices. Visit megaphone.fm/adchoices

Paytm's China link that made authorities sit up No Java, Oracle or AWS? Sorry, next student please Mint Explainer: What’s at stake in Pakistan’s general election? Mint Primer: Why rents will spiral again this year How to access assets when breadwinner is incapacitated Learn more about your ad choices. Visit megaphone.fm/adchoices

India on par with the world in AI adoption: Satya Nadella The long wait for India’s first agritech unicorn Mint Explainer: Why small vendors are wary of the law on prompt payments Middle-class housing scheme: Govt to issue specifications to determine beneficiaries Mint Primer: Why passenger cars may move into the slow lane soon Learn more about your ad choices. Visit megaphone.fm/adchoices