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, 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

The small investor learns the art of booking profits FMCG firms had two good years. This one may be different Placement blues fade at IIMs as recruiters troop in Health plans: Is it wise to opt for monthly payments? Cred acquires Kuvera, enters wealth-management space Learn more about your ad choices. Visit megaphone.fm/adchoices

Govt's ₹1-trillion deep tech fund: why we need it, and is it enough? Gold loans without gold? Bizarre but true at BoB The return of the NRI homebuyer Box office popcorn for cinemas; but where are the viewers? Are branded apartments worth the premium that you pay? Learn more about your ad choices. Visit megaphone.fm/adchoices

Conventional paradigms being challenged: FM Nirmala Sitharaman RBI to keep repo rate unchanged, focus on liquidity: Mint poll Spooked Paytm Payments Bank executives rush to recruiters for jobs Reliance-Disney dalliance to stir up streaming scene Telepathy: Would you put a chip in your brain? Learn more about your ad choices. Visit megaphone.fm/adchoices

A smart chess move for the long game Lower fiscal deficit to drive bank rally Intent vs Delivery: What this govt promised, what it delivered Budget 2024: Auto PLI gets a boost, FAME scheme a cut RIL may pay $2.3 bn for 60% stake in Disney India assets Learn more about your ad choices. Visit megaphone.fm/adchoices

Top things to expect from today’s interim budget L&T: Margin woes overshadow Q3 positives Crushing curbs on Paytm Payments Bank Wipro lost its CFO to Cognizant. Then it lost a big client For Flipkart’s top execs, one more year without pay hikes Learn more about your ad choices. Visit megaphone.fm/adchoices

India's finance ministry believes that the nation's economy will be worth 7 trillion dollars by 2030. After a lull during the pandemic, commercial real estate prices have shot up How to explain the budget to an engineer Tipplers who like scotch may have a reason to rejoice Learn more about your ad choices. Visit megaphone.fm/adchoices

After Monday's steep climb, prepare for more volatility Can AI ring in a change for smartphones? What Bibek Debroy thinks of jobs, taxes, and the economy Municipal corporations and the tyranny of backdoor governance Why airlines may not offer you free accommodation for delayed flights Learn more about your ad choices. Visit megaphone.fm/adchoices

Adani puts Hindenburg behind with a $3 billion fundraising plan Zee-Sony: What next after the merger collapse? Health insurance may be about to get a new regulator Blast from the past: Can these mega funds regain their mojo? Firms look for older CXOs as covid-led startup wave ebbs Learn more about your ad choices. Visit megaphone.fm/adchoices

Can India's capex frenzy continue unabated? Six business jets on way to Adani Group Germany, Japan, or Korea? Indian students look beyond Canada Himalayas: Laid low by a winter drought Why senior citizens require deductibles in health plans Learn more about your ad choices. Visit megaphone.fm/adchoices

BlinkIt's attempts to deliver everything, the implications of the coaching institute directive https://www.livemint.com/market/stock-market-news/relief-finally-sebi-lifts-the-fpi-disclosure-overhang-on-market-11706105484691.html https://www.livemint.com/industry/gift-city-may-witness-a-jobs-boom-hint-gccs-11706105589985.html https://www.livemint.com/education/news/mint-primer-why-indias-runaway-coaching-centres-need-regulating-11706105546807.html https://www.livemint.com/money/decoding-the-rationale-of-equal-weight-investing-11706105642374.html https://www.livemint.com/companies/from-cabbage-to-caps-inside-blinkit-s-game-plan-to-deliver-anything-11706097770489.html Learn more about your ad choices. Visit megaphone.fm/adchoices

Can ChatGPT help you make a bomb? How GIFT city is luring in foreign investors Learn more about your ad choices. Visit megaphone.fm/adchoices

Coaching classes to pursue legal action, understanding fintech regulation. https://www.livemint.com/education/news/coaching-centres-may-challenge-new-guidelines-11705943434367.html https://www.livemint.com/news/why-do-we-need-regulation-for-fintech-firms-11705934023343.html https://www.livemint.com/companies/news/sony-demands-90-million-in-termination-penalty-zee-to-seek-legal-options-11705911463157.html https://www.livemint.com/industry/agriculture/the-disquiet-around-iffco-s-magic-fertilizer-11705927306350.html https://www.livemint.com/money/are-ultra-premium-credit-cards-worth-their-hefty-annual-fees-11705940833292.html Learn more about your ad choices. Visit megaphone.fm/adchoices

Understanding the Iran-Pakistan tiff, Budget's nominal GDP growth Learn more about your ad choices. Visit megaphone.fm/adchoices

Foreign investors pull back from Indian markets; How smart homes might become more mainstream in the years ahead Learn more about your ad choices. Visit megaphone.fm/adchoices

HDFC leads midweek market crash, and can an interim Budget actually have a long term plan? Learn more about your ad choices. Visit megaphone.fm/adchoices

The scale of India's wedding industry, HDFC's surprising results Learn more about your ad choices. Visit megaphone.fm/adchoices

How Goa is more expensive than Thailand, analysing the Karuvannur Cooperative Bank Scam Learn more about your ad choices. Visit megaphone.fm/adchoices

TV channels count on Ayodhya to revive fortunes, why home loan taxation needs a tweak Learn more about your ad choices. Visit megaphone.fm/adchoices

In this episode, find out about government's plans to revive privatization of state owned banks, also find out about ICICI bank reporting 35% growth in Q2 Business Term of the Day: Unsecured loan. Learn more about your ad choices. Visit megaphone.fm/adchoices