Top of the Morning

To get your dose of daily business news, tune into Mint Top of the Morning on Mint Podcasts available on all audio streaming platforms. https://open.spotify.com/show/7x8Nv1RlOKyMV5IftIJwP1?si=bf5ecbaedd8f4ddc This is Nelson John, and I'll bring you the top business and tech stories, let's get started. India’s Market Position Slips, Brazil Takes the Lead India fell three spots to sixth place in Mint’s Emerging Markets Tracker, as a stock market downturn, currency depreciation, and an 11% export decline overshadowed strong GDP growth. Meanwhile, Brazil surged to the top, driven by a 4.5% currency appreciation and stock market gains. China moved up to second, while Thailand secured third place due to export growth. Despite slower depreciation, the rupee remained one of the worst-performing currencies. Tamil Nadu’s Footwear Revolution Tamil Nadu is pivoting from leather to non-leather footwear manufacturing, attracting global brands like Nike, Puma, and Adidas. The state has secured ₹17,550 crore in investments, promising 2.3 lakh jobs. Companies like JR One Kothari have already produced 2 million Crocs, while a ₹5,000 crore Adidas facility is set to create 50,000 jobs. Rising labor costs in China, Vietnam, and Indonesia are making India a viable alternative, but challenges remain—localizing raw material supply is a priority. IPO Market Gears Up for 2025 Major firms like NSE, NSDL, Tata Capital, boAt, JSW Cement, and PhonePe are preparing for IPOs in 2025. Market volatility, investor sentiment, and US policies remain key factors. Analysts say the new wave of IPOs emphasizes financial discipline, AI integration, and ESG compliance. Among key listings, Tata Capital plans a ₹15,000 crore IPO, boAt eyes ₹2,000 crore, and JSW Cement is set for ₹4,000 crore. With market confidence rising, the IPO scene is heating up. Senior Housing, Co-Living Gain Traction India’s real estate market is shifting, with senior housing and co-living emerging as promising yet complex segments. Urbanization is driving demand for mixed-use senior living communities that blend healthcare and family housing. Meanwhile, co-living is rebounding, driven by young professionals seeking affordable housing. However, low yields and operational hurdles make investors cautious. Additionally, luxury branded residences, linked to global hospitality brands, are gaining traction among HNWIs. Indian IT Firms Lead H-1B Approvals Amid Policy Shifts Indian IT companies secured one-fifth of all H-1B visas in 2024. Infosys led Indian firms with 8,140 approvals, trailing Amazon’s 9,265. India remains the dominant H-1B recipient, but policy changes under the Trump administration could impact hiring. The selection process is shifting to prevent multiple filings, fees have increased, and records older than five years are being deleted. While Indian IT firms remain strong, new rules could create hurdles for skilled workers. India’s economic landscape is evolving—can it navigate global headwinds and capitalize on emerging opportunities? Learn more about your ad choices. Visit megaphone.fm/adchoices

To get your dose of daily business news, tune into Mint Top of the Morning on Mint Podcasts available on all audio streaming platforms. https://open.spotify.com/show/7x8Nv1RlOKyMV5IftIJwP1?si=bf5ecbaedd8f4ddc This is Nelson John, and I'll bring you the top business and tech stories, let's get started. IndiGo Soars to New Highs but Faces Valuation Concerns IndiGo’s stock hit a 52-week high of ₹5,190, fueled by strong management commentary and rising air travel demand from the Mahakumbh gathering and an extended wedding season. Passenger traffic surged 17% YoY, lifting revenue per seat. Since January, the stock has gained 25%, delivering a 58% annual return—far outpacing the Nifty 50. However, its valuation of 9.5x earnings exceeds global airline peers like Air China (8.8x) and the industry average (5.5x). IndiGo plans to expand international capacity from 28% to 40% by 2030, adding one aircraft per week and cutting grounded planes. Despite strong fundamentals, analysts warn the upside is limited, with Motilal Oswal and Nuvama setting target prices below its current ₹5,097 level. Eli Lilly Brings Mounjaro to India Eli Lilly has launched Mounjaro, its diabetes and weight-loss drug, in India after securing regulatory approval. With over 101 million diabetes cases and rising obesity, India is a key market for the pharma giant. Already sold in the UK and Europe under the same name and as Zepbound in the U.S., Mounjaro is expected to tap into a global obesity drug market projected to reach $150 billion annually by the 2030s. CEO David Ricks had hinted at a 2025 India launch, and now it’s a reality. Accenture’s Warning Spells Trouble for IT Sector Accenture flagged macroeconomic uncertainty in the U.S., citing weaker earnings and federal contract delays under the Trump administration. The IT giant’s Q2 revenue fell 5.8% sequentially to $16.66 billion but grew 5.4% YoY. Its Q3 revenue outlook remains between $16.9 billion and $17.5 billion, with full-year growth guidance capped at 7%. For Indian IT majors like TCS, Infosys, and Wipro, this signals headwinds, as analysts predict slower growth for India’s $283-billion IT sector in FY26 due to high interest rates and geopolitical risks. However, AI offers a bright spot—Accenture secured $1.4 billion in Gen AI bookings last quarter, with total AI-related orders hitting $5.6 billion since September 2023. The Corporate Rebranding Wave: More Than Just a Name Change? Following Zomato’s shift to Eternal, CK Birla Group’s HIL Ltd has rebranded as BirlaNu Ltd, while Hindalco has also refreshed its identity. Experts say rebranding reflects strategic shifts, next-gen leadership, and market differentiation. Over 1,100 Indian companies have changed names in the past two decades, with BFSI, real estate, and IT leading the trend. A third of newly listed companies rebrand within five years of their IPO, highlighting competitive pressures. But does it impact stock prices? Not necessarily—PwC’s Raghav Narsalay notes that unless tied to a major business shift, investor reactions remain muted. India Approves ₹54,000 Crore Defence Boost India has cleared a massive military upgrade, approving key acquisitions for the Army, Navy, and Air Force. Highlights include: • Air Force: Airborne Early Warning & Control (AEW&C) aircraft to enhance aerial surveillance. • Army: Upgraded 1,350-HP engines for T-90 tanks, improving mobility in high-altitude regions. • Navy: Indigenously developed Varunastra torpedoes for anti-submarine warfare. The Defence Acquisition Council (DAC), led by Defence Minister Rajnath Singh, also announced measures to speed up procurement as part of the government’s “Year of Reforms” initiative. These moves reinforce India’s focus on military modernization and operational readiness. Learn more about your ad choices. Visit megaphone.fm/adchoices

It's Thursday, March 20th, 2025. This is Nelson John, let's get started. Market Rally Continues, Mid- & Small-Caps Shine Indian markets extended their winning streak for the third straight session, with the Sensex closing 148 points higher at 75,449 and Nifty 50 reclaiming 22,900. However, the real momentum was in mid- and small-cap stocks, which surged over 2%, adding nearly ₹5 lakh crore in investor wealth. “The market’s positive momentum is backed by valuations,” said Vinod Nair of Geojit Financial Services, though global uncertainties persist. While Shriram Finance and HDFC Life led the gains, ITC and Tech Mahindra lagged. Analysts expect rangebound movement, with support at 22,600 and resistance at 23,100. Trump Organization Enters India’s Commercial Realty Market After four luxury residential projects, the Trump Organization is launching its first commercial venture in India—Trump World Center Pune. Partnering with Tribeca Developers and Kundan Spaces, the ₹1,700 crore office complex will span 1.6 million sq. ft. with a premium retail boulevard. “There’s a dearth of premium office spaces in India,” said Tribeca’s Kalpesh Mehta. With record-high leasing in Pune’s commercial market, experts believe Trump’s entry will reshape the city’s office landscape. Prologis Bets Big on India’s Warehousing Boom Global warehouse giant Prologis is investing $500 million in India by 2026 to develop large warehousing parks. “The market is underserved, and there’s massive potential,” said Prologis CIO Joseph Ghazal. With major clients like Amazon, the firm is expanding in Delhi, Mumbai, Pune, Bangalore, and Chennai. It has already secured 270 acres for projects in Chennai and Bengaluru. As India’s Grade A warehousing sector grows, Prologis may eventually expand into data centers. RBI’s Balancing Act on the Rupee With the rupee depreciating 2.1% in 70 days under Governor Sanjay Malhotra, the RBI faces a tough choice—intervene or let markets decide. “The uncertainty around Trump’s policies is a key factor,” said economist Madan Sabnavis. India’s $654 billion forex reserves provide a cushion, but too much intervention could distort market dynamics. Former RBI Governor Duvvuri Subbarao cautioned, “Excessive intervention could make markets reliant on the RBI.” India Builds Tur Buffer to Curb Inflation To stabilize tur (pigeon pea) prices, the government is targeting a 1-million-tonne buffer for FY26. With production up 3% to 3.5 million tonnes, procurement has reached 200,000 tonnes so far. Despite an MSP of ₹7,550 per 100 kg, market prices fluctuate between ₹7,000-7,600. Imports from Mozambique and Myanmar help bridge the demand gap. The government has allocated ₹4,019 crore under the Price Stabilization Fund to maintain supply and control food inflation. Learn more about your ad choices. Visit megaphone.fm/adchoices

It's Wednesday, March 19th, 2025. This is Nelson John, let's get started. ECI to Link Voter IDs with Aadhaar Amid Concerns The Election Commission of India (ECI) will consult UIDAI to link voter IDs (EPIC) with Aadhaar for those who voluntarily provided it. This move aims to eliminate duplicate registrations while adhering to legal provisions. With 66.23 crore voters already sharing Aadhaar details, the plan faces opposition, particularly from the Trinamool Congress, over concerns of duplicate EPIC numbers. The ECI admitted to some errors in assigning codes but clarified that demographic and polling details remain unique. With 99.2 crore registered voters, upcoming discussions will determine how Aadhaar integration can enhance electoral roll accuracy while maintaining privacy and voluntary participation. Trent’s Stock Stumbles as Zudio Growth Slows Trent Ltd., which saw a 935% stock surge post-pandemic, is now the worst-performing Nifty 50 stock in 2025, down 26%. The slowdown is tied to Zudio’s lagging expansion, as store additions fall below expectations. Growing competition in budget fashion and slower Westside expansion—due to a shift toward larger stores—are also weighing on growth. Analysts, however, remain optimistic about Trent’s long-term prospects, citing its strong private labels and diversification into beauty and lab-grown diamonds. But for now, Zudio’s future will dictate Trent’s stock movement. Bajaj Group to Buy Allianz’s Stake for ₹24,180 Crore Bajaj Group is set to acquire Allianz SE’s 26% stake in Bajaj Allianz General and Bajaj Allianz Life Insurance, valuing both businesses at ₹93,000 crore. While Bajaj gains full control, analysts predict a future public listing of the insurance arms. Despite high solvency ratios—300% for general insurance and 369% for life insurance—the deal’s valuation raises questions. The general insurance acquisition came at a 16% discount compared to ICICI Lombard, but the life insurance buyout appears costly, with weaker profitability. Investors remain cautious as Bajaj’s exposure to lending via Bajaj Finance and Bajaj Housing Finance could impact sentiment. The real challenge lies in delivering future earnings growth. Sebi’s Settlement Process Under Fire for Delays & High Costs Sebi’s settlement mechanism, meant to fast-track securities law violations, is under scrutiny for delays and steep penalties. In FY25, settlements collected ₹851 crore—nearly seven times the ₹125 crore from FY23. Even excluding a ₹643-crore NSE case, the jump is substantial. Yet, efficiency is lagging, with pending settlement cases doubling from 137 in FY23 to 289 in FY24. Critics argue that Sebi arbitrarily inflates settlement amounts and imposes strict non-monetary penalties like voluntary debarments. While Sebi is working on standard operating procedures, legal experts say companies facing delays have little recourse beyond filing writ petitions—though courts rarely intervene. India’s Motorcycle Parts Exports Surge, Imports Decline India’s motorcycle parts exports have jumped 27% over three years, from $558 million in FY22 to $709 million in FY25, driven by the Production-Linked Incentive (PLI) scheme. Imports, meanwhile, dropped from $408 million to $371 million, reflecting growing self-reliance. The sector is benefiting from deeper integration into global supply chains, with strong demand from Latin America, Africa, and Southeast Asia. In FY24, exports hit $741 million, reversing a dip in FY23. Imports have fallen over 30% in two years, highlighting India’s shift toward domestic production. With key buyers like the US, Turkey, and Mexico, India is cementing its place as a global manufacturing hub. Learn more about your ad choices. Visit megaphone.fm/adchoices

It's Tuesday, March 18th, 2025. This is Nelson John, let's get started. India’s Solar Growth Faces Execution Challenges Despite crossing 200 GW in renewable capacity, India’s solar energy adoption remains slow, contributing under 10% to its electricity mix. While solar capacity surged from 3.7 GW in 2015 to over 100 GW, issues like weak transmission infrastructure, land acquisition delays, and hesitant power distributors persist. Moreover, the US SEC is probing Adani Green and Azure Power over alleged bribery in solar contracts. Experts suggest grid modernization, better state-Centre coordination, and rooftop solar expansion as key solutions to achieve the 500 GW renewables target by 2030. ABD Bets on Premium Liquor Amid Market Slowdown With India’s liquor market cooling, Allied Blenders and Distillers (ABD) is focusing on premiumization. The maker of Officer’s Choice aims to raise its “prestige-and-above” segment share from 42% to 50% and launch two to three brands next fiscal. Managing Director Alok Gupta sees macroeconomic headwinds but remains bullish on high-end spirits like gin brand Zoya and single malt Arthaus. ABD is also expanding production and partnering with Ranveer Singh to drive brand growth, targeting double-digit value gains. India Braces for US Tariff Impact, Eyes Trade Diversification India’s exports to the US may dip 3-3.5% if Washington enforces reciprocal tariffs in April. With a $35.3 billion trade surplus, India is under scrutiny as the US targets nations with higher import duties. However, India’s FTAs and diversification into global supply chains could soften the impact. The US’s 25% tariff on steel and aluminum imports might even benefit India by easing competition. As US economic growth slows, India must prioritize value-added exports and alternative trade routes via West Asia. UNO Minda’s EV Expansion Faces Market Realities India’s auto industry grew 7% YoY in Q3FY25, but weak passenger and commercial vehicle sales weighed on momentum. EV registrations jumped 37%, boosting component maker UNO Minda, whose stock initially soared 60% on its EV push. However, with EVs contributing under 6% to revenue, shares corrected 30%. Minda continues investing in high-voltage powertrain components and expanding in Indonesia. While rising costs and debt pose challenges, rural two-wheeler demand and operational efficiencies could aid long-term growth. Meta Battles CCI Over WhatsApp Data Sharing Meta is challenging a Competition Commission of India (CCI) order banning WhatsApp from sharing user data with Facebook and Instagram, along with a ₹213 crore fine. The National Company Law Appellate Tribunal (NCLAT) will decide on May 13 whether to hear Meta’s appeal before or after India’s new digital data protection rules take effect. Meta argues that the forthcoming framework makes the CCI’s ruling redundant, but regulators insist the case should proceed now. If NCLAT delays proceedings, it would mark a legal win for Meta. However, with India tightening data laws, Big Tech’s data dominance remains under scrutiny. Learn more about your ad choices. Visit megaphone.fm/adchoices

It's Monday, March 16th, 2025. This is Nelson John, let's get started. BIS Cracks Down on Non-Certified E-Commerce Products India’s Bureau of Indian Standards (BIS) has intensified its crackdown on non-certified products sold via Amazon and Flipkart. Recent raids in Lucknow, Gurugram, and Delhi led to the seizure of thousands of uncertified goods, including toys, hand blenders, and gas stoves. Investigators traced the source to Techvision International Pvt Ltd, resulting in further seizures of over 11,000 appliances. Legal action is underway under the BIS Act, 2016, with potential fines and jail time. As non-compliant products flood online marketplaces, BIS urges consumers to verify certifications via its BIS Care app while ramping up surveillance to ensure product safety. Berkshire Hathaway’s Buyback Pause Continues Warren Buffett’s Berkshire Hathaway has halted stock buybacks since May 2024—the longest pause since Buffett gained expanded repurchase authority in 2018. A recent proxy filing confirmed no buybacks between Feb. 10 and March 5, signaling Buffett doesn’t see Berkshire’s stock as undervalued. Despite this, the company’s stock has surged, with Class A shares reaching $771,250—up 13% in 2024, outperforming the S&P 500. Investors remain optimistic due to Berkshire’s $300 billion cash reserves and strong insurance sector performance. With the stock trading at 1.7 times book value and 25 times projected earnings, analysts suggest buybacks may remain scarce unless prices drop. India-New Zealand Resume Free Trade Talks India and New Zealand have reopened negotiations for a Free Trade Agreement (FTA) to deepen economic ties, following talks between Commerce Minister Piyush Goyal and New Zealand’s Trade Minister Todd McClay. Talks, originally launched in 2010, stalled in 2015 due to disputes over dairy access and market entry. New Zealand seeks broader agricultural exports, while India is pushing for better IT and services market access. With bilateral trade at just $1.54 billion in FY24, both nations see untapped potential. The renewed talks align with India’s broader FTA strategy, following deals with Australia and EFTA, as negotiators now focus on tariff reductions and investment facilitation. BWH Hotels Expands Aggressively in India BWH Hotels, operator of Best Western and SureStay, is expanding in India with 21 newly built hotels over the next two years. Speaking at HOPE 2025, CEO Larry Cuculic emphasized a shift from conversions to fresh builds to maintain quality. BWH currently operates 32 hotels across India, Bangladesh, and Sri Lanka, with plans to expand into secondary markets, driven by infrastructure growth and rising demand for business and wedding travel. The company has signed 54 properties, aiming for 100 hotels in 5-7 years. India’s hospitality sector is attracting global chains like Marriott and Wyndham, with BWH focusing on managed full-service offerings tailored to local preferences. India’s Sugar Production Drops 16%, Raising Supply Concerns India’s sugar output has fallen 16.13% to 23.71 million tonnes in the 2024-25 season, causing concern among policymakers. The National Federation of Cooperative Sugar Factories (NFCSF) highlighted “ambiguity” in production data, warning of potential impacts on domestic supply and exports. The crushing season, nearing its end, has seen lower-than-expected yields, possibly due to erratic weather. This decline may lead the government to reassess export policies and stock management, balancing farmer support with stable sugar prices. The industry awaits potential policy adjustments as the government monitors supply dynamics. Learn more about your ad choices. Visit megaphone.fm/adchoices

It's Friday, March 14th, 2025. This is Nelson John, let's get started. LG Electronics India’s ₹15,000 Crore IPO Gets SEBI Nod LG Electronics India has received SEBI approval for its ₹15,000 crore IPO, following Hyundai Motors as the second South Korean company to list in India. The 100% offer-for-sale (OFS) will see the parent company offload a 15% stake, with proceeds not going to LG India. With ₹64,087 crore revenue in FY24, the consumer electronics giant is gearing up for listing amid rising demand for premium appliances. Tata Motors Faces Headwinds as Auto Rally Cools India’s booming auto industry is slowing down. The Nifty Auto Index, up 36% post-pandemic, has dipped 25% since September, with Tata Motors losing 33% of its value. The slowdown in Jaguar Land Rover (JLR) sales, tightening EU emission norms, and China’s EV shift have hit Tata hard. Its EV market share in India has dropped from 73% to 53% due to rising competition. Despite these challenges, Tata remains bullish on JLR’s cash flow, but investors await signs of a rebound. Reliance FMCG Expansion Will Take Time Reliance Consumer Products Ltd (RCPL) is scaling up its FMCG business, aiming for nationwide reach in 3-4 years. With brands like Campa Cola and Independence, RCPL has already taken 10% of the sparkling beverage market in key states. However, success hinges on building a strong general trade network—critical for India’s mom-and-pop-driven market. With a target of 5-6 million retail outlets and ₹1,000 crore turnover expected for FY25, Reliance is playing the long game. CG Power’s Big Bets on Railways and Semiconductors CG Power is capitalizing on India’s infrastructure push, securing a ₹450 crore contract for Vande Bharat trainsets. It’s also making a ₹7,600 crore bet on semiconductors, launching a chip assembly plant in Gujarat with government backing. A ₹9,706 crore order book (up 70% YoY) signals growth ahead. Brokerages are bullish—Nomura projects a 33% upside. With India prioritizing infrastructure and high-tech industries, CG Power is positioning itself as an industrial powerhouse. Sun Pharma Expands Oncology Play with $355M Checkpoint Buy Sun Pharma is strengthening its oncology pipeline with the $355 million acquisition of US-based Checkpoint Therapeutics. This gives it access to Unloxcyt, an FDA-approved skin cancer drug with a $500M peak sales potential. Though Checkpoint has been loss-making, Sun sees long-term value in high-margin specialty drugs, which now contribute 18% of revenue. However, with the stock down 11% in 2025, the success of Unloxcyt’s launch will be critical for investor confidence. Learn more about your ad choices. Visit megaphone.fm/adchoices

It's Thursday, March 13th, 2025. This is Nelson John, let's get started. 1. Saudi’s Riyadh Air Eyes India for Expansion Riyadh Air, Saudi Arabia’s new airline, sees India as a key market, with CEO Tony Douglas calling it “super important.” Set to begin operations this year, the airline is in early talks with Air India and IndiGo for potential partnerships. Riyadh Air plans to connect Saudi Arabia to over 100 destinations by 2030 and has already partnered with Singapore Airlines, Turkish Airlines, Virgin Atlantic, and Delta. With a fleet of Boeing 787-9 Dreamliners and Airbus A321 neos, the airline is tapping into India’s booming aviation market, where Indians form the second-largest expat group in Saudi Arabia. Notably, 16% of Riyadh Air’s staff are Indian. 2. Estée Lauder, DPIIT to Boost India’s Beauty Startups India’s beauty and personal care startups are set for a major push as the Department for Promotion of Industry and Internal Trade (DPIIT) partners with US cosmetics giant Estée Lauder. Through its BEAUTY&YOU India initiative, the collaboration will offer funding, mentorship, and global industry access, with a special focus on women-led startups. India’s beauty market is expected to grow from $7.43 billion in 2025 to $9.69 billion by 2034. “This is a first-of-its-kind initiative,” said Sanjiv, Joint Secretary, DPIIT. With India boasting the world’s third-largest startup ecosystem, this partnership could drive innovation and scaling opportunities for beauty entrepreneurs. 3. India’s IT Stocks Plunge Amid Growth Concerns India’s top IT firms—TCS, Infosys, HCL Tech, Wipro, and Tech Mahindra—saw their stocks fall up to 4.28%, erasing ₹75,414 crore in market value. Brokerages Morgan Stanley, Kotak Institutional Equities, and Motilal Oswal flagged concerns over sluggish IT spending recovery in FY26-27. High interest rates, geopolitical tensions, and vendor consolidation are slowing discretionary tech spending. “We see a transition phase where IT spending is reprioritized, moderating growth,” noted Morgan Stanley analysts. Despite these headwinds, Nasscom projects the IT industry to cross $300 billion by March 2026, implying 6.2% annual growth, though analysts remain skeptical. 4. Gold’s Surge Raises India’s Sovereign Gold Bond Liabilities As gold prices soar and equities struggle, the Indian government faces rising liabilities on its Sovereign Gold Bond (SGB) scheme, which ties payouts to gold’s market price. Gold has outperformed equities since 2015, rising 3.46 times its value, while Nifty 50 has declined. ₹2.39 trillion has already been paid under gold-related schemes since 2017, with another ₹1.4 trillion budgeted for 2024-26. With 132,000 kg of gold equivalent set for payout between 2025 and 2032, a prolonged gold rally could strain government finances, making this a key issue for policymakers and investors. 5. Wendy’s, Rebel Foods to Open 500 Locations in India by 2028 Rebel Foods will invest ₹100-150 crore to expand Wendy’s footprint in India, targeting 500 locations by 2028. The expansion leans heavily on cloud kitchens, which will account for 70% of new openings. Currently, Wendy’s operates in 200 locations, with 185 cloud kitchens and 15 offline stores. India’s quick-service restaurant (QSR) market is growing at a 23% CAGR, but profitability remains challenging due to inflation and competition. Rebel Foods CEO Ankush Grover expects the IPL season to boost sales. Rebel Foods, which runs over 450 cloud kitchens across India, the Middle East, and the UK, recently raised $210 million from Temasek to fuel expansion. Learn more about your ad choices. Visit megaphone.fm/adchoices

It's Wednesday, March 12th, 2025. This is Nelson John, let's get started. Govt Plans LIC Stake Sale The Indian government may sell a 2-3% stake in LIC in FY26, subject to market conditions, as part of SEBI’s mandate to reduce its stake to 90% by 2027. Instead of a single offering, the sale might be in tranches to maximize value. With a 96.5% holding, the Centre’s stake sale could fetch ₹9,500-14,500 crore at current prices. However, with weak market sentiment, analysts believe the government will wait for a recovery. Temasek’s ₹8,500 Crore Bet on Haldiram’s Singapore’s Temasek has acquired a 10% stake in Haldiram Snacks Food Pvt. Ltd. for ₹8,500 crore, valuing the snack giant at ₹85,000 crore ($10 billion). The deal follows a restructuring merging Haldiram’s Delhi and Nagpur operations under one entity. The family may sell another 5% stake to Blackstone or Alphawave Global. With ₹14,000 crore revenue in FY24 and a 40% market share, Haldiram’s is eyeing an IPO in 24-36 months, signaling strong investor interest in India’s growing food sector. Zydus Expands into Medical Devices with €256.8M French Acquisition Zydus Lifesciences is set to acquire an 85.6% stake in French firm Amplitude Surgical for €256.8 million, with plans for a full €300 million buyout. This move marks Zydus’ entry into global medtech, focusing on orthopaedics, cardiology, and nephrology. “We aim to build a sizable medtech business in 5-7 years,” said MD Sharvil Patel. With India still importing 80-85% of medical devices, Zydus sees a major opportunity in local manufacturing and global expansion. Fewer Promotions, Modest Salary Hikes in 2025 Employees may see career growth slow in 2025, with promotions projected to drop 25%, per Deloitte. Economic uncertainty, slower revenue growth (4.4% in Q3FY25 vs. 9.1% two quarters ago), and cost-cutting measures are driving this trend. US President Trump’s proposed tariffs could further impact key Indian industries. Companies are tightening performance evaluations, and salary hikes are expected to average 9.2% in 2025, slightly lower than last year. Some IT firms may offer promotions without pay raises to retain staff, while Vedanta Group remains an outlier, maintaining promotion levels. IndusInd Bank’s ₹19,000 Crore Stock Meltdown IndusInd Bank’s stock crashed over 25% after revealing discrepancies in its derivatives portfolio spanning 5-7 years, impacting net worth by 2.35% (~₹1,600 crore). An external audit is underway, but the disclosure has raised concerns over internal controls. The RBI recently granted CEO Sumant Kathpalia just a one-year extension, possibly due to this issue. With a 50% stock decline in six months and stress in its microfinance portfolio, IndusInd faces a tough road ahead to rebuild investor trust. Learn more about your ad choices. Visit megaphone.fm/adchoices

It's Tuesday, March 11th, 2025. This is Nelson John, let's get started. 🚨 Ola Electric Faces Regulatory Scrutiny Ola Electric’s rapid expansion—4,000 stores in two years—has run into legal trouble. A Bloomberg report claims 95% of its showrooms lack trade certificates needed to display or sell unregistered vehicles, triggering raids, shutdowns, and vehicle seizures across states. Ola dismissed the allegations as “misplaced and prejudiced,” but internal documents suggest it only sought certification after facing scrutiny. Meanwhile, its stock fell 4% on March 10, adding to a 60% decline since its IPO. Alongside regulatory woes, Ola is battling layoffs, launch delays, and shrinking market share as Bajaj and TVS gain ground. A major red flag? Ola reported 25,000 vehicle sales in February, but only 8,600 were officially registered. CEO Bhavish Aggarwal remains optimistic about a turnaround, but challenges continue to mount. 🎵 Spotify’s India Strategy Pays Off, But Can It Make Money? When Spotify entered India in 2019, competition was fierce. Yet, six years later, it has emerged as a dominant player, with 91 million unique visitors and 46% YoY growth in listening hours. Its success lies in hyper-local strategies—curated regional playlists, flexible pricing, and an artist-centric approach. “India was our 79th market, and we were here for the long game,” says Amarjit Batra, MD of Spotify India. Over 70% of streams now come from local artists. However, monetization remains a challenge—subscription prices in India are much lower than in Western markets, and artist payouts remain a pain point. Spotify has changed India’s music habits, but whether it can turn free listeners into paying subscribers remains the billion-dollar question. 📉 Inflation Cools, Strengthening Case for Rate Cuts India’s retail inflation likely eased to 3.9% in February from 4.3% in January, marking four straight months of cooling prices, according to a Mint poll of 25 economists. The key driver? Falling food prices, especially vegetables, which saw inflation drop from 40% last year to 11.4% now. With inflation undershooting RBI forecasts, economists believe this could pave the way for a rate cut in April. “A moderation in CPI inflation below 4% should provide space for the MPC to lower rates by another 25 basis points,” says Annubhuti Sahay of Standard Chartered Bank. However, with GDP growth at 6.2%, the RBI will need to balance inflation control with economic stimulus. The official inflation report, due March 12, will be a key indicator of the central bank’s next move. 🏸 Gopichand Warns Parents: ‘Don’t Push Kids Into Sports Without Money’ Former Olympian and badminton coach Pullela Gopichand has sparked debate by cautioning parents against pushing kids into professional sports unless they are financially secure. His concern? The exorbitant cost of training and the lack of stable career opportunities. Tennis player Tishya Khandelwal’s family, for example, spends ₹45 lakh annually on her training in Australia. Chess prodigy Vedant Panesar shells out ₹3-3.5 lakh per European tournament, with little financial support until players reach the elite level. While cricket and football offer lucrative leagues, most other sports struggle to provide financial security. Even for top players, post-retirement options are limited. As one parent bluntly puts it, “Only the top 100 in pro tennis break even. Everyone else loses money.” Passion alone isn’t enough—deep pockets are almost a prerequisite. Learn more about your ad choices. Visit megaphone.fm/adchoices

It's Monday, March 10th, 2025. This is Nelson John, let's get started. 🚀 Gensol’s Debt Crisis: Can It Survive? Gensol Engineering, once a rising star in solar and EVs, is now in deep financial trouble. Chairman Anmol Singh Jaggi pledged 85.5% of his stake to fund expansion, but missed loan repayments triggered a credit downgrade. As its stock plummeted 37% in a week, investors asked: Where did the money go? In a bid to stay afloat, Gensol is selling assets worth ₹315 crore, including its US solar tracking unit. If the deals go through, survival is possible—if not, lenders may take over. Jaggi remains optimistic, but can Gensol escape its own debt trap? ⚡ Ultraviolette’s Big Bet on EVs Ultraviolette Automotive, backed by TVS, Qualcomm, and Zoho, aims to redefine high-performance EVs. With only 1,000 motorcycles on the road, it just unveiled two new models—the Tesseract EV scooter and the Shockwave enduro bike—hoping for mass adoption and profitability within 18 months. But analysts are skeptical, citing price-sensitive buyers and Ola Electric’s recent struggles. Still, Ultraviolette is expanding across India and Europe while slashing early-bird prices to attract customers. CEO Narayan Subramaniam insists, “We are prioritizing access.” The question is—will buyers respond? 🛍️ Online vs. Offline Retail: A New Balance E-commerce revolutionized shopping, but physical stores aren’t dying just yet. A PwC survey found that 34% of Indian shoppers still prefer offline stores, compared to 21% who shop exclusively online. The reason? Trust, touch, and personalized service. While quick commerce thrives, local retailers are adapting—blending digital tools with in-store experiences. As India’s retail market heads toward a $1.89 trillion future, the key to success isn’t choosing one model over the other but mastering both. 🎶 AI vs. Music Labels: The Copyright Battle Indian music giants like Saregama, T-Series, and Sony are suing OpenAI, accusing it of training AI models on copyrighted music without permission. Their fear? AI could generate music in an artist’s style, undermining licensing revenues and creative identity. “Labels risk losing control over their assets,” warns IndusLaw’s Bharadwaj Jaishankar. Globally, AI-generated content is sparking legal debates—Drake even faced backlash for using AI to mimic Tupac. As technology challenges traditional copyright laws, the music industry faces a critical question: How do we protect human artistry in an AI-driven world? 🏨 BWH Hotels’ India Expansion BWH Hotels (Best Western, SureStay) is betting big on India, with plans for 21 new hotels in two years—all newly built, signaling a shift from conversions. CEO Larry Cuculic sees secondary markets as key, thanks to better infrastructure and demand for events like weddings. With 28 hotels currently and 54 more signed, BWH aims for 100 properties within seven years. As India’s hotel demand outpaces supply, global players like Marriott and Wyndham are also expanding. With 100,000 branded rooms expected by 2029, Cuculic calls India a “tremendous growth opportunity.” Learn more about your ad choices. Visit megaphone.fm/adchoices

It's Friday, March 7th, 2025. This is Nelson John, let's get started. India’s Market Turmoil & Potential Rebound The Nifty 50 has plunged 14% from its September peak, making it one of 2025’s worst-performing global indices. However, India’s steep valuations have cooled, with MSCI India’s forward P/E ratio dropping to 17.93x. Analysts suggest the correction may be nearing its end, as similar past downturns have led to rebounds. While Jefferies India sees potential for outperformance, uncertainty remains due to delayed tax cuts, RBI policy shifts, and global trade tensions. Investors are closely watching upcoming inflation data (March 12), RBI’s April rate decision, and the U.S. Fed’s March 18-19 meeting for liquidity signals. The road ahead remains volatile, but history hints at a turnaround. Razorpay Expands to Singapore Fintech giant Razorpay is entering Singapore, its second Southeast Asian market after Malaysia, aiming to simplify payments and cut cross-border transaction fees by up to 40%. “Singapore is the ideal market for our next phase of growth,” said co-founder Shashank Kumar. With digital payments projected to hit $180 billion by 2029 and near-total cashless adoption, the expansion is strategic. Razorpay’s payment gateway Curlec, which launched in Malaysia, is already seeing 30% month-on-month growth. Backed by investors like Tiger Global and Peak XV, Razorpay reported ₹2,501 crore in FY24 revenue, with net profits at ₹34 crore. While expanding globally, the India-born firm is also preparing for a domestic listing. Mudra Yojana’s Impact on Small Businesses For years, small business owners in India struggled to access credit due to collateral requirements and complex banking norms. In 2015, the government launched the Pradhan Mantri Mudra Yojana (PMMY) to provide collateral-free loans. Since then, ₹31.85 trillion has been disbursed, with Tamil Nadu, Uttar Pradesh, and Karnataka receiving the highest amounts. Over 516 million loans have been sanctioned, fueling entrepreneurship, job creation, and financial inclusion. Q3 FY25 saw a record ₹3.39 trillion disbursed, reflecting strong demand. In response, the government raised the loan limit to ₹20 lakh, effective October 2024. Meanwhile, non-performing assets (NPAs) under the scheme have improved, dropping to 3.4% in FY24. The U.S.-China Quantum Computing Race Quantum computing, a technology capable of solving problems in minutes that would take today’s supercomputers billions of years, has sparked a fierce U.S.-China rivalry. In Hefei, a Chinese startup displayed a rare quantum machine, while American giants like Google and IBM pushed the field’s limits. China’s state-backed model has advanced quantum communications, sensing, and cooling technology, while America’s private-sector-led innovation faces investor pressure. The U.S. imposed strict export controls, fearing China’s rapid progress. With China leading in ultra-secure quantum communications and America holding a wide lead in quantum computing, the race for dominance remains heated, with global power at stake. Nestlé’s Nespresso Bets Big on India’s Coffee Boom India has long been a tea-drinking nation, but a new wave of young, affluent consumers is driving a coffee boom—one Nespresso wants to tap into. The brand launched its first boutique in Delhi’s Nexus CityWalk mall, catering to consumers eager to recreate café-quality coffee at home. “Young consumers are exposed to coffee trends through social media and cafés. Now, they want that experience at home,” says Nespresso CEO Philipp Navratil. With machines starting at ₹16,500 and coffee pods at ₹95 each, Nespresso is targeting the premium market. The company is also eyeing India’s growing hospitality sector, supplying five-star hotels, offices, and corporate lounges. With the café market growing at 8.1% annually, Nestlé is making a long-term play to redefine India’s coffee culture. Learn more about your ad choices. Visit megaphone.fm/adchoices

It's Thursday, March 6th, 2025. This is Nelson John, let's get started. ITC Hotels’ Rough Debut January 29 was supposed to be a landmark day for ITC Hotels as it began trading independently. However, shares debuted nearly 30% below the implied price, dampening initial enthusiasm. Despite this, analysts remain bullish, valuing the company between ₹42,500-₹62,000 crore. ITC Hotels aims to expand to 200 hotels with 18,000 rooms in five years, relying on managed properties. However, investors worry about its limited owned-hotel pipeline. As competitors like IHCL and Marriott ramp up expansion, ITC Hotels must carve out its niche in a booming industry. Coforge’s Record-Breaking Deal Coforge Ltd soared 8% after securing a record 13-year, $1.56 billion deal with US travel tech giant Sabre Corp. This long-term contract ensures strong revenue visibility for FY26, even as tech budgets shrink. Coforge also acquired Rythmos Inc. for $48.7 million and TMLabs for $12.5 million, further expanding its portfolio. A 1:5 stock split was announced to boost liquidity. However, Sabre’s $5.1 billion debt raises cash collection concerns. Despite this, Coforge has outperformed peers, with its December order book reaching $1.4 billion—up 40% YoY. Tesla, Tariffs & Trump India’s sky-high auto tariffs—up to 110%—have kept foreign automakers like Tesla out, despite Elon Musk’s repeated attempts to enter the market. Now, US President Donald Trump has joined the fight, slamming India’s “unfair” tariffs and threatening retaliatory action. As trade negotiations intensify, India has begun cutting duties on luxury vehicles—a possible opening for Tesla. With Trade Minister Piyush Goyal in the US for talks, the world watches to see if India will open its doors to global carmakers or protect its domestic industry. Cancer Drug Prices Set to Fall Cancer treatment in India is notoriously expensive, with some drugs costing up to ₹2 lakh per month. That’s changing, thanks to domestic production under the government’s PLI scheme. Leading pharma firms like Sun Pharma, Cipla, and Biocon are now manufacturing key cancer drugs, significantly cutting prices. For example, Trastuzumab, once ₹70,000 per month, now costs ₹12,000. More price reductions are expected as local production scales up. The initiative not only benefits Indian patients but also strengthens India’s role as the “pharmacy of the world,” with exports to South America and Africa. Rupee Rises Amid Market Rally The rupee strengthened by 19 paise to close at 87.00 against the US dollar, supported by a rally in domestic equities, a weaker dollar, and falling crude oil prices. Volatility remained high, with the currency fluctuating between 86.93 and 87.20. Meanwhile, the dollar index slipped 0.79% amid Trump’s escalating tariff moves. Brent crude also declined 0.75% to $70.51 per barrel. Markets responded positively, with the Sensex surging 740 points to 73,730 and the Nifty rising 255 points to 22,337. However, FII outflows and ongoing trade uncertainties could limit further rupee gains. Learn more about your ad choices. Visit megaphone.fm/adchoices

It's Wednesday, March 5th, 2025. This is Nelson John, let's get started. India’s Steel Industry Faces Tariff Fallout India’s steel industry was on a growth path—until US tariffs disrupted global trade flows. With Washington slapping 25% tariffs on steel from Mexico and Canada and doubling duties on Chinese imports, China’s steel exports to the US have become unviable. This surplus steel now threatens to flood India, driving prices down and squeezing margins. “India becomes the natural target for Chinese steel at the worst possible time,” warns Karan Pahuja of ISSDA. While some see opportunity—like Abhyuday Jindal of Jindal Stainless, who notes that Indian exports to the US may gain—others worry that surplus steel from Korea and Japan could also hit domestic markets. The industry is now looking to the Indian government for protective measures. BSE Stock Tumbles Amid SEBI Proposal—But Is Panic Justified? BSE shares plunged 20% after SEBI’s February 24 consultation paper raised concerns over trading volumes. At issue is SEBI’s plan to change how open interest is calculated in index derivatives, shifting to a delta-based method to reduce systemic risks. But fears may be overblown—SEBI’s own data shows that in 89% of cases last November, the proposed limits wouldn’t have been breached. Additionally, SEBI’s move to restrict derivatives to broader indices aims to prevent manipulation, but exchanges could tweak index compositions to comply. With single-stock derivatives also facing new limits, analysts believe only low-liquidity stocks will be affected. After four days of declines, BSE shares rebounded 2%, signaling investors are reassessing the panic. SEBI’s ‘Mitra’ Helps Investors Recover Forgotten Mutual Funds Millions of old mutual fund investments remain unclaimed, particularly those opened before PAN was mandatory in 2006. SEBI’s new digital assistant, Mitra, developed by KFin Technologies and CAMS, aims to fix this. Investors can visit MFcentral.com, enter their details (beyond just PAN), and track down inactive folios. While verification remains a challenge for accounts with outdated contact details, experts see Mitra as a game-changer. “It’s a much-needed tool to consolidate scattered investments,” says Abhishek Kumar of SahajMoney. Still in beta, Mitra marks SEBI’s latest effort to safeguard investor wealth and modernize financial tracking. Adani Wilmar Expands Into Packaged Foods With ₹603 Crore Deal Adani Wilmar, known for its Fortune and Kohinoor brands, is strengthening its foothold in Indian kitchens. The company is acquiring G.D. Foods—makers of Tops ketchup and noodles—for ₹603 crore as part of its ₹1,000 crore push into packaged foods. The deal gives Adani Wilmar access to a range of processed products and a retail presence in 150,000 stores across North India. MD Angshu Mallick emphasized their commitment to scaling Tops, positioning it alongside FMCG giants like Marico, ITC, and Tata Consumer. With this acquisition, Adani Wilmar aims to turn Tops into a household staple. India’s IT Giants Face Growth Uncertainty Amid US Banking Slowdown India’s IT heavyweights—TCS, Infosys, HCLTech, Wipro, and Tech Mahindra—are entering uncertain territory. US banks, their largest clients, are pausing tech investments due to inflation worries and trade tensions. JM Financial’s Abhishek Kumar warns, “Uncertainty has crept in… Trade war seems imminent.” Banking contributes nearly a third of revenues for these IT firms, meaning any spending cuts could hit growth. Adding to concerns, Capgemini forecasts zero organic growth this year, signaling global headwinds. Kotak analysts expect FY26 to be marginally better than FY25 but still below pre-pandemic levels, with weak discretionary spending and AI-driven pricing pressures weighing on the sector. Nasscom predicts IT revenue will cross $300 billion next year, but analysts caution that achieving this won’t be easy amid economic challenges. Learn more about your ad choices. Visit megaphone.fm/adchoices

It's Tuesday, March 4th, 2025. This is Nelson John, let's get started. India’s Motor Insurance Crisis For years, third-party motor insurance in India was a predictable business, but premium rates have been frozen for nearly three years, even as claims and inflation surged. As a result, underwriting losses are mounting. While some experts call for a 20% premium hike, others argue for better provisioning. With insurers struggling and India’s “Insurance for All” vision at stake, the big question is—will regulators step in before insurers pull back? Paytm’s ₹611 Crore Regulatory Setback Once a fintech darling, Paytm now faces a regulatory storm. The Enforcement Directorate has issued a ₹611 crore FEMA violation notice, alleging improper foreign investments between 2015-2019. Paytm disputes the claims, saying it didn’t own the subsidiaries in question at the time. While its stock dipped 4%, it rebounded by close. Can Paytm navigate this crisis, or is more turbulence ahead? IDBI Bank’s $143.7 Million Legal Victory IDBI Bank won a UK court ruling over a $67 million loan default tied to former Aircel promoter C. Sivasankaran. The court deemed a “letter of comfort” legally binding, but enforcing the judgment in India could prove challenging. With potential delays from appeals and insolvency proceedings, IDBI may need to explore aggressive legal options to recover its dues. India’s Shift from Two-Wheelers to Used Cars As incomes rise, more Indians are moving from two-wheelers to cars—but many are choosing second-hand vehicles. Used car sales are booming, fueled by certified pre-owned programs and easier financing. Passenger vehicles now make up 17.7% of total vehicle sales, up from 12.9% in 2018-19. By 2028, the used car market is expected to double to $80 billion. Google & HP’s 3D Video Revolution Tired of lifeless video calls? Google and HP’s Project Starline promises hyper-realistic 3D meetings—no headsets required. Using AI, lightfield displays, and six-camera setups, it makes virtual interactions feel physical. Research shows users are more engaged and less fatigued. While scaling the tech affordably remains a challenge, Starline is redefining remote collaboration. The question is—how soon will it reach the masses? Learn more about your ad choices. Visit megaphone.fm/adchoices

Tech Leaders Push Longer Workweeks: Brin Advocates 60-Hour Grind for AI Race Google co-founder Sergey Brin is urging employees to work 60-hour weeks, believing it’s crucial for winning the race toward Artificial General Intelligence (AGI). His stance aligns with Infosys’ Narayana Murthy, who suggested 70-hour workweeks for young Indians, and L&T’s SN Subrahmanyan, who went even further with 90-hour weeks. In an internal memo, Brin stressed that with OpenAI and Microsoft closing in, Google must double down on effort. He encouraged engineers to use the company’s AI models for coding efficiency, reinforcing the message that AI’s future won’t wait. But will employees embrace this relentless work culture? Adani Eyes U.S. Expansion Amid Legal Woes Despite bribery allegations, Adani Group is reviving plans to invest in U.S. infrastructure, including nuclear power, utilities, and an East Coast port. Founder Gautam Adani faces accusations of bribing Indian officials to secure power deals, while the U.S. SEC is investigating a $265 million fraud scheme involving his nephew, Sagar Adani. The group denies the charges and is exploring legal options. Adani has pledged $10 billion toward U.S. energy security, potentially creating 15,000 jobs, banking on Trump’s pro-energy policies. This isn’t its first U.S. venture—the group previously considered Texas petrochemical investments. However, with mounting legal scrutiny, its American ambitions face uncertainty. India’s Semiconductor Push: A Slow Climb Up the Value Chain India’s $10 billion semiconductor Production-Linked Incentive (PLI) scheme, launched in 2021, signals a long-term ambition to build a Silicon Valley-like ecosystem. Semiconductor manufacturing is capital-intensive, with a single fab costing up to $20 billion. Countries like Taiwan and South Korea dominate through subsidies, tech transfers, and strategic alliances—tactics India has been slower to adopt. So far, India has focused on the assembly, testing, and packaging (ATP) segment, with actual payouts totaling just $2 billion since 2023. Meanwhile, semiconductor imports have shifted away from China, with Taiwan and South Korea now supplying nearly a third of India’s chips. With the U.S. restricting tech transfers to China, India has a unique opportunity to move up the value chain. But will global players bet big on India? That remains the billion-dollar question. Bitcoin vs. Gold: One Soars, the Other Stumbles Bitcoin and gold, often compared as stores of value, are charting very different paths. Since peaking at $109,000 in January, Bitcoin has plunged 24%, while gold has climbed nearly 8%. The reason? Market sentiment. Bitcoin behaves like a speculative asset, swayed by AI spending trends, tariffs, and Trump’s unpredictable policies, which have triggered a broader market pullback. In contrast, gold benefits from central bank purchases and geopolitical instability. Analyst Eric Wallerstein predicts gold could reach $4,000 by the decade’s end. Meanwhile, Bitcoin remains volatile—BlackRock estimates its annual price swings at 50%, far above gold’s 15%. As uncertainty looms, investors are opting for the stability of gold, leaving Bitcoin in pursuit of reliability. Learn more about your ad choices. Visit megaphone.fm/adchoices

NBFCs Get a Boost from RBI Policy Shift India’s non-banking financial companies (NBFCs) are set to benefit from RBI’s decision to lower risk-weights on bank lending to NBFCs from 125% to 100% starting April 1. This makes funding cheaper and more accessible, easing liquidity constraints that had slowed bank lending to NBFCs to 6.7% in Dec 2024 (half the previous year’s rate). Key beneficiaries include M&M Financial and Cholamandalam Investment, which rely on banks for nearly 50% of their borrowings. Meanwhile, Bajaj Finance and Shriram Finance (less dependent on banks) may see a smaller impact. However, asset quality remains a concern. M&M Financial’s bad loans rose to 2% in Q3FY25, pushing its stock down 3% over the past year, while Cholamandalam, with stronger financials (21.6% RoE), saw its stock rise 30%. Investors remain cautious—Cholamandalam trades at 3.9x FY26 book value, while M&M Financial lags at 1.6x. The big question: Will NBFCs pass on the cost benefits to customers, and will this policy shift be enough to revive growth? UltraTech Cement’s C&W Entry Rattles the Market UltraTech Cement’s ₹1,800 crore foray into the cables & wires (C&W) industry has triggered sharp stock declines in Polycab, KEI, Havells, RR Kabel, and Finolex Cables (5-20%). The move draws parallels with Grasim’s entry into paints, which eroded valuations of incumbents. Unlike paints (an oligopoly), C&W is fragmented, making market share gains difficult. UltraTech lacks a strong distribution network, adding to execution challenges. With existing players already expanding capacity, overcapacity risks loom. If UltraTech pursues aggressive pricing, margins could suffer. Analysts estimate UltraTech could capture 5-7% of the market by FY29 (projected industry size: ₹1.3 trillion). Interestingly, UltraTech’s own stock fell 5%, as investors question its capital allocation strategy—cement or diversification? Amazon Unveils First Quantum Computing Chip, Ocelot Amazon Web Services (AWS) has launched Ocelot, its first quantum computing chip, aimed at reducing error rates by 90%. This marks a key step toward practical quantum computing, a field dominated by Google, Microsoft, and Amazon. Microsoft recently claimed a breakthrough in quantum matter, while Google’s Willow chip tackled error correction in December. Amazon’s approach mirrors Google’s focus on superconducting quantum circuits, while Microsoft takes a different route. Ocelot is still a prototype, not a full system. While quantum computers promise massive computational power for applications like drug discovery and cybersecurity, commercial viability remains years—if not a decade—away. Analysts call this an advancement, not a breakthrough, but note that Amazon’s new method for error correction could help it catch up. Beyond hardware, Amazon is also expanding its quantum services, including its Braket cloud platform and business advisory programs. The road to quantum supremacy remains long, but Amazon is moving closer. Lodha Family Feud Intensifies Over Brand Name Manju Lodha, matriarch of the Lodha real estate empire, has intervened in the legal battle between brothers Abhishek and Abhinandan Lodha, stating that neither can claim rights over the other’s business. The dispute stems from a 2017 family agreement that split the empire. Abhishek leads Macrotech Developers (₹1.19 trillion market cap), while Abhinandan launched The House of Abhinandan Lodha after exiting the family business in 2015. Macrotech took legal action in January to prevent Abhinandan from using the Lodha name, citing brand confusion. With the next Bombay High Court hearing on March 21, the battle over legacy and business identity continues. Learn more about your ad choices. Visit megaphone.fm/adchoices

It's Thursday, February 27th, 2025. This is Nelson John, let's get started. India is in a fierce race to attract investments, with at least 10 states holding investor summits in the past three months. Rajasthan leads with ₹35 trillion in MoUs, followed by Odisha at ₹16.73 trillion and Karnataka at ₹10.27 trillion. Even states with weaker industrial bases, like Bihar and Kerala, secured commitments worth ₹1.81 trillion and ₹1.53 trillion, respectively. At the World Economic Forum in Davos, several states pitched for global investments, contributing to India’s reported ₹20 trillion haul. The real challenge? Converting these commitments into actual investments. Even a 50% realization rate would be a success, experts say. Some states have set up tracking committees, but concerns remain that these summits merely shift investments between states rather than drawing fresh capital. Ultimately, execution—through regulatory ease, infrastructure, and political stability—will determine the success of India’s investment push. The tobacco industry is grappling with rising leaf prices, squeezing margins for cigarette makers like ITC, which saw a 211 basis-point drop in cigarette EBITDA margin in Q3 FY25. While cigarette sales remain stable, illicit trade still holds 25% of the market. Godfrey Phillips, aided by Marlboro’s rising popularity, defied trends with a 440 basis-point increase in operating profit margin to 22.6%. However, speculation of a GST hike to 40% raises concerns of a shift back to illicit trade. With the compensation cess ending in 2026, the government may adjust taxes, keeping tobacco firms on edge. India’s small-cap mutual funds are facing liquidity risks as redemption periods stretch. SEBI stress tests reveal that top funds now need over 50 days to liquidate half their portfolios, up from just 10-15 days a year ago. Larger fund sizes and rapid inflows are forcing managers to diversify into mid- and large-cap stocks. Many funds have adopted ‘soft close’ strategies to limit new inflows. Despite concerns, investor enthusiasm remains strong, but analysts caution against overexposure to small caps due to heightened market risks. Vedanta Ltd. has secured approval for its demerger into five independent companies, aiming to unlock value for investors. The restructuring, expected by Q1 FY26, includes: • Vedanta Aluminium – A global aluminum player • Vedanta Oil & Gas – India’s top private crude oil producer • Vedanta Power – A major electricity generator • Vedanta Iron & Steel – Focused on ferrous products • Vedanta Ltd. – Retaining zinc, silver, and emerging ventures Shareholders will receive stakes in each new entity. Vedanta posted strong Q3 FY24 results, with revenue up 10% YoY to ₹385.3 billion and net profit surging 76% to ₹35.5 billion. The demerger aims to streamline operations and attract sector-focused investors. India is pushing beyond generics to become a pharma innovation hub, launching a ₹5,000 crore fund under the PRIP scheme to boost R&D in drug discovery, medtech, and stem cell therapy. Expressions of interest will open in March, with bids invited in April. The government has allocated ₹4,250 crore for industrial research, offering startups up to ₹1 crore and larger firms ₹100-125 crore per project. With India’s R&D spend at just $3 billion annually—far behind the U.S. ($50-60 billion) and China ($15-20 billion)—this initiative aims to bridge the gap. The plan includes Centres of Excellence (CoEs) across seven pharma institutes, focusing on biopharmaceuticals, biosimilars, stem cell therapies, and antimicrobial resistance. Experts say while funding is crucial, regulatory reforms and stronger public-private collaboration will be key to India’s success in pharma innovation. Learn more about your ad choices. Visit megaphone.fm/adchoices

CIE Automotive India Faces European Slowdown CIE Automotive India is struggling with weak European sales, which dragged down its Q4 FY24 EBITDA margin by 43 basis points to 14.2%. European revenue fell 22%, hit by a 37.5% drop in commercial vehicle sales and 10% decline in light vehicles. Cost-cutting measures have been implemented, but a turnaround is expected only in H2 2025. Meanwhile, India operations grew 2%, with a focus on high-margin businesses like AEL and Billforge. CIE holds a ₹1,000 crore order book, with 25% linked to EV components. However, the stock is down 16% in 2025, and analysts have trimmed earnings forecasts due to weak demand. Larisa Hotels Expands Post-Merger After merging with AM Hotel Kollection, Larisa Hotels is expanding into metro, tier-II, and religious tourism markets under three brands. Recent deals include a 90-room hotel in Tirupati and another in Vrindavan. With 26 properties and ₹100 crore revenue, Larisa is shifting to professional hotel management and eyeing international expansion. India’s branded hotel inventory is set to cross 300,000 rooms by 2029, driven by business travel and religious tourism. Nvidia’s Rollercoaster Start to 2025 Despite a $600 billion market wipeout in January, Nvidia has rebounded, down just 3% YTD. Retail investors remain bullish, pumping $5.7 billion into the stock this year. Traders are betting on a 9% post-earnings swing, with analysts expecting 59% profit growth and 72% revenue jump. Nvidia remains a key AI stock, reinforcing investor confidence. UPI Goes Global India’s UPI payments system is expanding internationally, allowing users to pay abroad seamlessly. Countries like UAE, Singapore, Sri Lanka, France, and Nepal have integrated UPI, removing the need for forex cards or conversion charges. This move benefits both Indian travelers and foreign businesses, positioning UPI as a game-changer in global payments. Bengaluru Parents Struggle with Rising School Fees Private school fees in Bengaluru are surging 10-15% annually, with some schools hiking fees by 30%. Parents are struggling with rising tuition, textbook, and transport costs, while salary increments lag at just 2-3%. Karnataka’s Education Minister admits limited control, but parents are demanding tighter regulations to curb excessive hikes. Learn more about your ad choices. Visit megaphone.fm/adchoices

Apple’s $500 Billion U.S. Investment Apple is making its largest financial commitment, pledging over $500 billion in the U.S. over four years to boost AI, silicon engineering, software, and R&D, creating 20,000 jobs. A key project is a Houston manufacturing facility assembling AI servers, set to open in 2026. Apple is also launching a Manufacturing Academy in Detroit to advance production techniques. This move follows Donald Trump’s claim that Apple planned a major U.S. investment. With a supply chain spanning 24 silicon facilities across 12 states, Apple’s investment solidifies its role in shaping American tech innovation. Mankind Pharma’s Obesity Drug Bet Mankind Pharma is set to enter the $100 billion anti-obesity drug market, eyeing Semaglutide—the key ingredient in Ozempic and Wegovy—whose patent expires in 2026. It joins Dr. Reddy’s, Natco Pharma, and Sun Pharma in the race to launch generic GLP-1 drugs. Given the complexity of development, Indian firms, including Mankind, will likely rely on third-party collaborations while leveraging strong branding. Mankind is expanding into chronic and specialty therapies, growing its chronic segment from 20.4% in FY15 to 35.5% in FY24. As competition intensifies, the company aims to carve out a space in the lucrative weight-loss segment. Infosys-Daimler AI Deal Extension Infosys is advancing discussions to extend and expand its $3 billion contract with Daimler, originally signed in 2020, adding AI tools to enhance IT services. The deal, covering network, security, SAP, and data centers, currently generates $400 million annually for Infosys. The extension, from 2028 to 2029, aligns with Infosys CEO Salil Parekh’s strategy of securing high-value, AI-driven contracts. The company’s manufacturing sector revenue has surged from $1.3 billion in FY20 to $2.8 billion in FY24. With businesses prioritizing AI, Infosys’s early renewal signals a broader shift toward AI-powered IT services. NTPC-EDF Green Energy Partnership State-run NTPC Ltd and EDF India, a subsidiary of France’s EDF, have signed a non-binding agreement for a 50:50 joint venture in pumped storage, hydro, and renewable projects across India and neighboring countries. NTPC, India’s largest power producer, is targeting 60GW renewable capacity by 2032. The company recently listed NTPC Green Energy Ltd (NGEL) to accelerate green hydrogen, methanol, and SAF investments. In January, PM Narendra Modi laid the foundation for India’s first green hydrogen hub in Andhra Pradesh, part of a ₹1.85 trillion investment plan under the National Green Hydrogen Mission. RBI Eases Withdrawal Limits for New India Cooperative Bank The RBI has allowed depositors of New India Cooperative Bank to withdraw up to ₹25,000 per account after dissolving its board over supervisory concerns. More than 50% of depositors can now withdraw their full balances, while others can access up to ₹25,000 via branches and ATMs from February 27, 2025. The bank held ₹2,436.4 crore in deposits as of March 2024, with a declining loan book and capital adequacy ratio (9.1%) below the required 10% for two years. RBI assured depositors it is closely monitoring the situation and taking necessary measures. Learn more about your ad choices. Visit megaphone.fm/adchoices

It's Monday, February 24th, 2025. This is Nelson John, let's get started. IndoBevs Bets Big on Innovation IndoBevs, the maker of Bro Code wine coolers, aims to double its revenue to ₹700 crore by FY26. The company is banking on innovation, launching a herbal liqueur, Bonga Bonga, made with 40 herbs and botanicals, along with new whisky brands. IndoBevs, which started as a distributor in 2007, now has 15 in-house brands and exports to the UAE. It’s expanding whisky offerings with Enso, a Japanese whisky bottled locally, and Wingman, a premium blended malt launching in March 2025. With India’s alcohol market growing at 3.5% annually, IndoBevs is ramping up production, eyeing 2.5 million cases in sales by FY27. Buffett’s Record Cash Pile Sparks Speculation Warren Buffett’s Berkshire Hathaway hit a record $334.2 billion in cash reserves by 2024, marking 10 straight quarters of growth. While some wonder if Buffett is struggling to find good deals, he remains patient, selling stocks like Apple amid high valuations. The firm has also paused stock buybacks, letting its cash earn billions in interest. Some see this as preparation for Greg Abel’s succession, but shareholders remain confident, hoping for a major investment. Buffett reassured investors that equities remain the firm’s priority, even as Berkshire’s publicly traded holdings dropped from $354 billion to $272 billion last year, while its private businesses gained value. Agentic AI: The Next Big Bet for Indian VCs Indian venture capitalists are betting on Agentic AI, a self-learning technology that automates tasks with minimal human input. Unlike generative AI, which needs human prompts, Agentic AI adapts independently, making it attractive for industries like healthcare and finance. Startups like Innovaccer, CoRover.ai, and Atomicwork are leading the charge, backed by investors like Accel and Peak XV. The market is projected to grow from $5.1 billion today to $47.1 billion by 2030. While concerns remain over AI errors limiting adoption, businesses are increasingly shifting budgets toward automation, making AI agents a potential game-changer in enterprise operations. Indian Bank CEO’s Bold Shift to MSMEs One month into his tenure, Indian Bank CEO Binod Kumar is refocusing the lender’s strategy—expanding MSME loans while scaling back personal lending. He aims to increase MSME loans from 17% to 20% of the bank’s ₹5.2 trillion loan book in the next 2-3 years, boosting overall yield, which stood at 8.92% in Q3. While agriculture and retail loans have traditionally dominated, MSME loan growth picked up to 8.2% in Q3 from 7% a year earlier, while personal loan growth plunged 14%. The bank is prioritizing home and auto loans, with auto lending surging 48% YoY. Analysts see this as a smart risk-management move, reflected in Indian Bank’s improved net NPA ratio of 0.21%. Kumar projects 11-13% credit growth in FY25, with a continued push toward high-yielding MSME loans. India’s Green Hydrogen Ambitions India is well-positioned to lead in green hydrogen, but high production costs remain a challenge. Sushil Purohit, CEO of Gentari, says round-the-clock renewable power is key to making hydrogen competitive. With costs currently at $5/kg, adoption has been slow, despite government incentives. However, Gentari sees massive potential, given India’s abundant renewable resources and policy support. The company is developing 200 kilotonnes per annum of green hydrogen projects and holds a stake in AM Green, which aims to produce 5 million tonnes of green ammonia annually by 2030. With 6 GW of renewable energy capacity in India, Gentari is also setting up a 650 MW round-the-clock green power project to support ammonia production. As costs drop, India’s hydrogen economy could take off, reshaping industries like steel, refining, and shipping. 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 Friday, February 21st, 2025. This is Nelson John, let's get started. Your daily cup of coffee is set to become more expensive. Global coffee prices have surged due to supply shortages in major producing countries like Brazil and Vietnam. Brazil faces its worst drought in over four decades, severely impacting coffee yields. Similarly, Vietnam has been hit by typhoons and erratic rainfall, disrupting harvests and lowering bean quality. These challenges have pushed Robusta futures to a record high of $5,849 per tonne, with Arabica prices rising about 70% in 2024. In India, coffee consumption is steadily rising, making price hikes more impactful than ever, reports Suneera Tandon. Specialty coffee chains like Blue Tokai have already increased prices and may implement further hikes. Packaged coffee brands are also feeling the squeeze, with the Indian Coffee Roasters’ Association announcing a ₹200 per kilo hike in powdered Arabica and Robusta. Major brands like Nestlé, which sells Nescafé, acknowledge the impact of skyrocketing coffee costs, with coffee prices up 75% year-on-year. While some chains strive to avoid passing the burden onto consumers, the sustained rise in global coffee prices makes it challenging to absorb the increased costs. As a result, your morning brew is likely to see a price increase in the near future. Microsoft has unveiled Majorana 1, (MayoRANA) a breakthrough quantum chip that could bring industrial-scale quantum computing within years, not decades. Built with an innovative material called a topoconductor, this chip is designed to scale up to a million qubits on a single processor—potentially transforming computing as we know it. Unlike classical computers, which process information in binary (0s and 1s), quantum computers leverage qubits, which can exist in multiple states at once. This enables them to perform complex calculations exponentially faster, with potential applications in AI, financial modeling, drug discovery, and climate research. Microsoft’s approach relies on Majorana particles, a unique type of theoretical particle that could make quantum computing more stable and scalable. While tech giants like Google and IBM have also made strides in quantum computing, Microsoft’s announcement signals that commercial quantum applications could be closer than anticipated. With this breakthrough, the race to harness quantum power is accelerating, bringing us one step closer to solving problems beyond the reach of today’s computers. When switching jobs, you probably focus on transferring or withdrawing your provident fund (PF), assuming all your savings are covered. But what if part of your money was stuck—unclaimed and inaccessible? That’s what happened to Mr. A. While he successfully withdrew his PF, his Employees’ Pension Scheme (EPS) contributions remained unmerged. Without linking past EPS accounts, his withdrawal request was denied. Unlike PF, EPS doesn’t transfer automatically—it requires an extra step that many employees overlook. Here’s the rule: Employers contribute 8.33% of your salary to EPS. If you’ve worked with both private PF trusts (exempt) and EPFO-managed (non-exempt) employers, your pension funds could be scattered. To withdraw or claim benefits, EPS must be transferred and merged. If you’ve worked for less than 10 years, you can withdraw your EPS—but only if it’s properly linked. Cross the 10-year mark, and withdrawal isn’t an option. Instead, you’ll need a pension scheme certificate to claim benefits at retirement. To avoid complications, always transfer EPS when changing jobs. Staying proactive ensures you don’t lose your hard-earned pension savings! Read Aparajita Sharma’s detailed report on this in today’s Mint Money. 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 Monday, February 10, 2025. This is Nelson John, let's get started. Air traffic is booming in India. Manufacturers are actively seeking deals at the Aero India exhibition, highlighting the country's potential. The International Air Transport Association (IATA) is set to hold its annual general meeting in June in New Delhi, a testament to India's growing market influence. According to Airbus India's Remi Maillard, “ India is now the third-largest air market globally, after the U.S. and China”. Boeing's Salil Gupte echoed this sentiment, calling India the most dynamic and exciting market. The civil aviation ministry claims a meteoric rise in the sector, with traffic growth projected over seven percent annually until 2043. Although rail travel remains popular, it's often slow and chaotic. Boeing estimates that converting just two percent of daily train users to air travel could double the air market, given the current low per capita air travel of 0.12 compared to 0.46 in China. Going by these statistics, the Indian market will need at least 2,835 new aircraft in the next 20 years, and all major players like Indigo, Airbus and Air India are gunning for the Next big leap in the airline sector. Ola Electric will need to consistently sell 50,000 units every month in order to achieve profitability, says founder and chief executive officer (CEO) Bhavish Aggarwal. To be sure, Ola Electric has faced considerable criticism due to widespread customer complaints about poor service centre experience. In September last year, Mint reported that Ola’s service centre backlogs had risen to 80,000 customer complaints per month. Speaking to an analyst, Aggarwal claimed that the company had recaptured its market leadership in terms of volumes with 25,000 units sold in January. The company has consistently been under pressure, with Ola Electric’s shares losing about 2% on Friday alone to settle at ₹70 apiece on the BSE—only 8% off its all-time low. The company has suffered a quarterly net loss of ₹564 crore in the last quarter of 2024. Aggarwal, however, claimed that the company “maintained a steady industry leadership with a market share of over 25%.” The recent deportation of 104 illegal migrants to India by the US government has sparked controversy in the Indian Parliament. In the midst of this debate, Prime Minister Narendra Modi is scheduled to visit the United States from February 12 to 13, where he will engage in discussions with President Donald Trump, as quoted by Indian Foreign Secretary Vikram Misri. Earlier, on January 27, President Trump and Prime Minister Modi held a conversation focused on immigration matters and the importance of India purchasing more American-made security equipment. The United States is India's largest trading partner, with two-way trade surpassing $118 billion in 2023/24, and India recording a trade surplus of $32 billion. As a strategic partner of the United States, India will aim to enhance trade relations, simplify access to skilled worker visas and review import tariffs on over 30 items, including luxury cars, and solar cells, potentially boosting imports from the US amid rising global trade tensions. 4) The Reserve Bank of India's monetary policy committee (MPC) on Friday cut the key policy interest rate by 25 basis points to 6.25% to support growth. At a post-policy press conference, new RBI governor Sanjay Malhotra spoke on a range of issues such as implementation of the proposed guidelines on liquidity coverage ratio (LCR), working with the government on various recommendations, geopolitical developments, and the cost of policy actions on regulated entities. It is not only about stability, the implementation of LCR norms comes at a cost. It requires a strict impact analysis and enough time to be implemented. While the Rupee depreciation puts pressure on inflation, a higher worry is how global uncertainties would pan out. 5) Religare Enterprises Ltd chairperson Rashmi Saluja informed shareholders at the company's annual general meeting (AGM) on Friday that she was not retiring as a director, a move that stumped shareholders and proxy advisory firms. However, a third of Religare's investors told Mint that they had voted against Saluja’s reappointment as director. Manendra Singh, partner at law firm Economic Laws Practice revealed that "Under the Companies Act, 2013, the chairman can regulate the manner in which voting is conducted, but cannot take away the voting rights of its members.” The Burman family, which owns a little over 25% of Religare, got approvals from all regulatory agencies and offered to buy up to 26% shares from minority investors via an open offer that opened on 27 January. Following the hearing on Gaekwad's appeal, the Supreme Court said the Burmans' open offer cannot be closed until the Sebi decides on the legality of Gaekwad's competing offer.

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, February 7, 2025. This is Nelson John, let's get started. State Bank of India (SBI) posted a net profit of ₹16,891 crore for Q3 FY25, an 84.3% year-on-year surge. Chairman C.S. Setty highlighted a pickup in private capital expenditure, though sectors like steel remain sluggish, report Anshika Kayastha and Gopika Gopakumar. Despite these headwinds, SBI's corporate loan pipeline remains solid, with ₹4.8 trillion in sanctioned or under-process loans as of December-end. Setty is confident about meeting the bank’s 14-16% credit growth target for FY25, supported by budget measures aimed at boosting disposable income and consumption, which are expected to fuel credit demand. Global private equity giant Blackstone is exploring a potential sale of its majority stake in Bengaluru-based digital learning platform Simplilearn, report Mansi Verma and Sneha Shah. This comes more than three years after its initial $250 million investment. A Simplilearn spokesperson, however, has denied any plans for an exit or the appointment of investment bankers.Since acquiring over 60% of Simplilearn in 2021, Blackstone has seen the company recalibrate its strategy amid a broader slowdown in the edtech sector. Once focused on rapid expansion, Simplilearn has pivoted toward profitability, cutting its FY24 Ebitda losses by 75% by discontinuing select programs and doubling down on core offerings. This shift reflects the broader challenges in edtech, where reduced funding and the return of physical classes post-COVID have pushed many firms to prioritize sustainability over aggressive growth. Employees expecting bigger pay hikes this year may be in for a disappointment, as salary increments are set to be lower than last year’s, which were already the smallest in nearly a decade. Consultants and firms Devina Sengupta and Samiksha Goel spoke to cited slower corporate earnings and economic growth as key reasons for tighter budgets and more conservative raises. According to Aon's Annual Salary Increase and Turnover Survey 2023-24, the average salary hike stood at 9.3% in 2024, down from 9.7% in 2023. The outlook for 2025 is even softer, with Mercer forecasting an average increase of 9.4%, a sharp decline from the peak of 10.6% in 2022. With companies shifting focus from aggressive hiring to retaining top talent, some are offering unique perks—such as exclusive credit cards—to keep key employees engaged. However, only a select group of high performers is likely to see significant pay bumps. In a high-profile insider trading case, the Securities and Exchange Board of India (Sebi) has barred two former IT executives, Keyur Maniar and Ramit Chaudhri, from the securities market for a year. Maniar, a former senior vice president at Wipro, and Chaudhri, previously with Infosys, were found guilty of trading on confidential information about Infosys’ $1.89 billion deal with Vanguard before its public announcement on July 14, 2020. Sebi’s investigation revealed that Chaudhri shared details of the deal with Maniar, who then made ₹2.6 crore in profits from trading Infosys shares. The regulator’s surveillance system flagged unusual trading activity around the announcement, leading to a probe that confirmed the misuse of unpublished price-sensitive information. Jas Bardia and Varun Sood take a deep dive into the Sebi probe and how the case unfolded. Recent hits like Singham Again, Animal, and Bhool Bhulaiyaa 3 reveal a trend where most box office earnings are concentrated in the first week of release. Over 60% of a film's total revenue often comes within its opening days, signalling a shift towards shorter theatre runs. Lata Jha speaks with Rahul Puri of Mukta Arts, who notes that films now face immense pressure to perform immediately, especially with the quick transition to streaming platforms. For movies relying on word-of-mouth to gain traction, this presents a unique challenge. Devang Sampat from Cinepolis India emphasizes that while the opening weekend is key, sustaining positive reviews is crucial for a film’s long-term success. 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 6, 2025. This is Nelson John, let's get started. In January, Prime Minister Modi introduced Mission Mausam, a significant climate forecasting initiative, receiving ₹1,329 crore in funding for FY26. But is this sufficient? Soumya Gupta explores. The mission, overseen by the Ministry of Earth Sciences, aims to enhance India's climate change predictions and track extreme weather with new technologies, including AI-enhanced models and advanced satellites. Initially funded with ₹2,000 crore, its budget includes ₹671 crore for FY25 and the remainder for FY26. India's climate strategy extends beyond Mission Mausam. The Ministry has integrated four programs into its PRITHVI scheme, focusing on climate research in critical regions like the Arctic and Himalayas, with a budget exceeding ₹2,500 crore through FY26. Overall, India plans to allocate over ₹50,000 crore in FY25 and nearly ₹62,000 crore in FY26 to combat climate change. Despite these investments, they account for just 1.2% of the total budget for FY26, far from the ₹57 trillion pledged through 2030 for comprehensive climate change measures. OpenAI CEO Sam Altman advocates a full-stack approach for India's AI development, contrasting with his 2023 stance where he deemed competing in AI training as "hopeless." He discussed this shift in an interview with Hindustan Times’ editor-in-chief R Sukumar on Wednesday before reiterating his opinion at a discussion with IT minister Ashwini Vaishnaw the same morning. Altman points to a drastic cost reduction in AI, which now surpasses the rate predicted by Moore's Law, stating costs drop tenfold annually. This change supports more expansive AI initiatives, including foundational models which underpin technologies like ChatGPT. At his discussion with Altman later, IT minister Vaishnaw emphasized India's comprehensive strategy, from chip design to application development, drawing parallels to India's cost-effective space missions. He noted promising developments from six Indian entities poised to unveil foundational AI models within the year. In discussions with tech leaders and investors, Altman remarked on the immediate potential of AI to enhance scientific research and development significantly but tempered expectations about its current capabilities, such as curing diseases. India's services sector saw its slowest growth in over two years this January, with the HSBC India Services Purchasing Managers' Index (PMI) reading dropping to 56.5 from December's 59.3, according to S&P Global. Despite this slowdown, the sector remains in expansion territory, above the 50-point mark that separates growth from contraction. Rhik Kundu reports that the dip is attributed to decreased customer numbers and a softer rise in sales and output. HSBC's chief India economist, Pranjul Bhandari, noted that both business activity and new business indices have not been this low since November 2022. However, the new export business has provided some cushion, reflecting a rebound in services exports as of December 2024. Simultaneously, India's manufacturing sector showed improvement, with the Manufacturing PMI climbing to a six-month high of 57.7 in January, driven by an increase in new export orders. India is currently experiencing two rare events: the Maha Kumbh in Prayagraj, occurring once every 144 years, and an unexpectedly cheerful middle class following the Union Budget 2025-26. This year’s budget has infused ₹1 trillion into the economy via tax rebates to middle-income earners, marking a significant shift in fiscal policy that could ripple through the economy and the equity markets. Finance Minister Nirmala Sitharaman announced substantial tax breaks that not only increase disposable income but are set to initiate a beneficial economic cycle through the Marginal Propensity to Consume. For instance, an extra ₹50,000 in a taxpayer's pocket could lead to additional spending of ₹30,000, benefiting various sectors of the economy. This increased consumption is projected to generate an economic impact of ₹2.5 trillion, based on an MPC of 0.7, indicating a significant boost to economic activity. Abhishek Mukherjee takes a deep dive into how equity investors can ride the post-budget wave in today’s Long Story. Two former SpiceJet pilots have petitioned the National Company Law Tribunal (NCLT) in Delhi to declare the airline bankrupt over ₹3 crore in unpaid dues. The pilots, Sameer Breja and Karan Gupta, claim SpiceJet didn't pay salary arrears and other dues since 2020, exacerbated by the pandemic-induced salary cuts and new payment terms tied to operational benchmarks not initially agreed upon. SpiceJet dismisses the claims as "baseless and frivolous," stating that settlements are complete pending documentation from the pilots, Dhirendra Kumar and Daanish Anand report. The NCLT suggested the plea m

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, February 5, 2025. This is Nelson John, let's get started. Despite India's solid track record of fiscal discipline and a narrowing fiscal deficit, international rating agencies like Moody's and Fitch remain cautious about upgrading India's sovereign rating. Currently, Fitch Ratings assigns India a 'BBB-' with a stable outlook, which is the lowest investment grade, suggesting good credit quality but vulnerability to adverse conditions. Similarly, Moody's and S&P rate India at 'Baa3' and 'BBB-', respectively. This contrasts with China's 'A+' and the US's 'AA+', indicating higher credit qualities and lower default risks. The hesitation to upgrade India’s rating affects the cost of borrowing and investment attractiveness, crucial for economic growth, N Madhavan reports. Critics, including UNCTAD, argue that international rating agencies may be biased against emerging economies. Despite significant growth, robust financial systems, and strong foreign investor interest, India's rating has remained unchanged for two decades. India is set to develop its own AI chip, aiming to enhance its technological independence and global competitiveness. This initiative, led by the Ministry of Electronics and Information Technology in collaboration with the Centre for Development of Advanced Computing (C-Dac) and the National e-Governance Division, focuses on creating a chip using the open-source 'Risc-V' architecture. The goal is to support academic researchers and startups in building foundational AI models, Shouvik Das reports. High-level discussions have involved not only Indian experts but also US Big Tech firms and Taiwan's TSMC, to craft a chip fully made in India by 2027, leveraging local talents and resources. This move is part of a broader strategy under the India AI Mission, aiming to establish a domestic chip production capability that reduces reliance on foreign technology, particularly in light of recent geopolitical tensions and supply chain vulnerabilities highlighted by US restrictions. Rashmi Saluja's tenure as chairperson at Religare Enterprises may be nearing an end amid a contentious takeover battle. Despite efforts to stabilize the company post-bankruptcy, about one-third of its investors have voted against her reappointment ahead of the upcoming AGM on February 7th. The Delhi High Court has also declined Saluja any interim relief to halt the AGM proceedings. Investors, including the Burman family who owns 25.1% of Religare, have expressed a desire for new management to steer the company towards growth. With 31.85% of shareholders, including financial firms and mutual funds, voting against her, Saluja’s reappointment seems unlikely unless there is an unexpectedly high turnout in her favour from smaller shareholders. The National Medical Commission (NMC) is gearing up to elevate India's postgraduate medical education to global standards by forming Specialty Expert Committees (SEC) for each speciality. Priyanka Sharma spoke to Dr B. Srinivas, secretary at the NMC, who said that these committees will develop model curriculums, assess educational institutions, and address academic needs, aiming to standardize and improve the quality of speciality courses across the country. This initiative, highlighted in a letter to medical colleges reviewed by Mint, also involves these expert committees in handling student grievances and other speciality-specific requirements. The NMC has called for nominations of faculty members ready to join this effort, with a deadline for submissions set for within 15 days. The move comes as part of a broader effort to address the disproportionate doctor-patient ratios in India by boosting both graduate and postgraduate medical manpower. Wingify, started in 2009 in Delhi, has grown significantly, boasting a global customer base and robust revenue growth, reaching ₹288.61 crore in 2023-24. This bootstrapped startup's success caught private equity firm Everstone's eye, especially Wingify’s self-sufficient growth and strong technology base. This acquisition aligns with Everstone’s focus on technology-driven firms, following a similar investment in MediaMint, Shadma Shaikh reports. The deal not only marks a significant phase for Wingify but also stands out as a successful bootstrapped venture in the SaaS space, showcasing that startups can achieve substantial growth without external funding. This event is seen as a boost for the Indian SaaS ecosystem, reflecting a mature, profitable company making a significant impact globally. 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, February 4, 2025. This is Nelson John, let's get started. The Budget has introduced several agricultural schemes to boost crop productivity and improve credit access, particularly in 100 underperforming districts. However, its real impact may be limited, as many initiatives are underfunded and rely on existing programmes. For instance, despite growing climate risks, funding for the crucial crop insurance scheme has been slashed by ₹3,600 crore, while research funding has seen only a marginal increase. The budget’s approach could yield mixed results for farm incomes. While the government has promised to procure pulses at minimum support price, the effectiveness of this measure remains uncertain, given only a modest rise in the PM-AASHA scheme’s budget, which ensures farm-gate prices. At the same time, rising agricultural employment has put pressure on farm wages and productivity, adding to income stress. Sayantan Bera examines whether the Budget’s proposals can truly uplift rural India in today's Primer. The Indian government is considering scrapping the requirement for National Company Law Tribunal (NCLT) approval in mergers of local listed companies, aiming to streamline the process and ease the judiciary’s burden. The move, currently under discussion among multiple ministries, could significantly reshape India’s mergers and acquisitions landscape by reducing bureaucratic delays, Anirudh Laskar reports. Introduced in 2016, fast-track mergers allowed certain companies to bypass lengthy NCLT approvals, which can take up to 10 months. The proposed change would extend this streamlined approach, enabling more mergers to proceed with just regulatory and shareholder consent, eliminating the need for court intervention. While the NCLT ensures fairness in mergers, experts argue that its involvement often causes unnecessary delays, exposing companies to market volatility and potential manipulation. Removing this step could accelerate deal-making and allow the NCLT to focus on critical cases like insolvency. India is moving to initiate formal trade discussions with the United States to secure protection against potential future tariffs. While the country avoided the initial round of tariffs imposed on Canada, Mexico, and China, Indian officials are keen on negotiating a formal exemption with the US Trade Representative, Dhirendra Kumar reports. These talks will emphasize India’s role as a key trade partner, particularly in sectors like pharmaceuticals, IT services, and leather, which are integral to US supply chains. The decision to engage follows President Donald Trump’s recent tariff moves, which have heightened global trade concerns. With a $35-billion trade surplus with the US, India managed to steer clear of the first wave of tariffs, aided by its diversified export portfolio, which includes engineering goods, jewellery, and textiles. These exports are not only critical to India’s economy but also to US businesses, reinforcing the mutual benefits of their trade relationship. Small-town restaurants in India are undergoing a digital transformation as food delivery giants like Zomato and Swiggy expand their reach. To stay competitive, these eateries are adopting restaurant management software such as DotPe, UrbanPiper, and PetPooja to streamline billing, inventory, customer relations, and payroll. India’s food services market—including online orders and dining out—is poised to nearly double to $152 billion by 2030. This surge is driven by the growing popularity of food and grocery delivery platforms, which are reshaping consumption patterns in tier-II and III cities to resemble those of larger metros. Sowmya Ramasubramanian explores how the rise of food delivery services is accelerating the modernization of small-town restaurants. Delhi’s political landscape is heating up as the Bharatiya Janata Party (BJP) seeks a return to state power after 27 years. Despite its dominance in Lok Sabha elections, the BJP has struggled in state polls, where Arvind Kejriwal’s Aam Aadmi Party (AAP) remains a formidable force. Without a chief ministerial face, the BJP is relying on Narendra Modi’s appeal, framing the contest as a direct face-off between Modi and Kejriwal. For the AAP, this election is a fight for survival. Despite corruption scandals and key leaders behind bars, its voter base remains loyal, drawn to its free public services and infrastructure improvements in healthcare, education, and electricity. Meanwhile, Congress, once Delhi’s dominant force, is a distant third, attempting to revive its relevance with promises mirroring AAP’s welfare model. Ruhi Tewari explores the high-stakes political battle in poll-bound Delhi in today’s Long Story. 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 Monday, February 3, 2025. This is Nelson John, let's get started. US President Donald Trump has implemented tariffs on imports from Canada, Mexico, and China, citing a national emergency related to drug trafficking. Starting February 4, imports from Canada and Mexico will face a 25% tariff, except for Canadian oil which will see a 10% duty. Chinese imports will incur an additional 10% tariff. These tariffs are expected to increase prices in the US, potentially driving up inflation and slowing economic growth globally. In response, Canada has already slapped a 25% tariff on US imports worth Canadian $155 billion. Mexico and China have also promised retaliatory measures. The move has sparked concerns of a potential trade war, with Trump suggesting he might extend tariffs to other countries, including India. This could fundamentally alter global trade dynamics. Read N Madhavan’s primer on Trump’s latest decision to impose the tariffs and how it could affect India. Naveen Jindal, chairman of Jindal Steel and Power Ltd, is expanding his steel empire globally, setting up a network of mines and steel plants across Europe, the Middle East, and Africa. He's a contender to acquire Italy's largest steel plant, Acciaierie d’Italia, potentially adding significant capacity to his operations. His privately-owned ventures, distinct from the publicly-listed JSPL, could match the scale of his Indian operations by 2028. Jindal's strategy includes developing end-to-end operations from mining in Mozambique and Cameroon to steel production in Oman and processing in the Czech Republic. This expansion has raised corporate governance concerns regarding potential conflicts of interest with JSPL. However, Jindal has taken steps to mitigate these concerns, such as resigning from an executive role and ensuring his private companies do not transact with JSPL, Nehal Chaliawala writes. Critics still question why these expansions are not under JSPL’s umbrella, suggesting that it could protect the listed company from potential risks associated with international ventures. Foreign portfolio investors were notably absent from India's markets during the special budget session, setting the stage for what analysts anticipate could be a negative reaction in the markets. This comes amid concerns about a global trade war and ahead of a critical monetary policy announcement. Analysts Ram Sahgal spoke to, suggest that the government's focus on boosting consumption over capital expenditure and fears of an expanding global trade war might have spurred FPIs to adopt a cautious approach. FPIs have been net sellers in the Indian cash market since October, offloading shares worth ₹2.38 trillion through the end of January. They have also increased their bearish bets by shorting index futures and selling index call options—moves that reflect a heightened sense of caution and concern over India's corporate profitability and economic growth prospects amid global uncertainties. On the eve of the budget, FPIs significantly increased their short positions in Nifty and Bank Nifty call options, indicating a strong bearish stance. Recruiters are sceptical about the Union budget's plan to reduce migration by boosting job opportunities in rural areas and tier-II and -III cities. Devina Sengupta spoke to recruiters who argue that unless there's significant development in these areas, the pull towards India's 30 biggest cities will continue due to better employment opportunities and higher wages. Finance Minister Nirmala Sitharaman emphasized in her budget speech that the aim is to create enough jobs in rural areas to make migration unnecessary. However, recruiters like Aditya Narayan Mishra of CIEL HR Services point out that economic growth remains uneven across the country, with specific industries concentrated in certain states like Gujarat, Tamil Nadu, and Karnataka. This makes migration inevitable as job seekers move towards these hubs for better prospects. While the government plans to develop Global Capability Centres in smaller cities to ease the strain on major urban areas, recruiters call for more concrete plans on how these and other job creation initiatives will be implemented. Robust personal income tax revenue, showing strong buoyancy, facilitated substantial tax relief in the FY26 budget, Finance Secretary Tuhin Kanta Pandey highlighted. In a post-budget interview with Rhik Kundu and Gireesh Chandra Prasad, he explained that this would help counterbalance the effects of the recent tax cuts. The government is also pushing for mandatory deregulation reforms. These are required for states to access part of the Centre's 50-year interest-free loans for capital expenditure. Additionally, the 16th Finance Commission, led by Arvind Panagariya, is set to guide state governments on reducing their debt, aiming to lower the central governme

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, January 31, 2025. This is Nelson John, let's get started. India's affluent are reviving their investment in IPOs, evident from the significant funds they've poured into the market in 2024. High-net-worth individuals (HNIs), with assets over ₹5 crore, have shown a notable increase in IPO subscriptions, reaching a three-year high. The bullish sentiment among these investors is fueled by the substantial listing gains observed post-pandemic, enhancing their risk appetite, Dipti Sharma writes. This trend aligns with a broader surge in equity investments, reflecting heightened investor confidence and a robust appetite for high-risk, high-reward opportunities. The resurgence in IPO investments among India's wealthy is part of a broader narrative of rising affluence and entrepreneurship within the country, contributing to its dynamic economic landscape. DeepSeek, a Chinese AI lab, made headlines by developing its R1 model using less costly hardware and a fraction of the budget traditionally used by heavyweights like OpenAI and Google. This model, built for under $6 million, demonstrates that advanced AI can be achieved without immense financial outlay or extensive infrastructure, challenging the dominance of major tech giants. The controversy surrounding DeepSeek involves allegations from OpenAI, suggesting that DeepSeek might have used data or techniques from OpenAI's models without authorization, potentially breaching intellectual property rights. This issue of data 'distillation'—where a complex model's output is used to train another model—brings up serious ethical and legal implications, especially if done without proper licensing. Leslie D’Monte explains the controversy around DeepSeek and the allegations on it. India is stepping up its game in the global AI race, aiming to develop its own foundational AI models similar to prominent models like OpenAI's ChatGPT and DeepSeek's R1. The initiative, led by Electronics and Information Technology Minister Ashwini Vaishnaw, focuses on creating AI solutions that reflect India's linguistic and cultural diversity, promising more affordable and quicker development than current global standards. To facilitate this ambitious project, the government plans to launch a common compute facility equipped with 18,693 GPUs supplied by major domestic companies, Gulveen Aulakh reports. This facility will be accessible to startups, researchers, and developers through an online portal, ensuring broad participation and fostering innovation at various levels. This move is strategically positioned not just to foster technological advancement but also to accommodate geopolitical and economic considerations. The Good Glamm Group, previously welcomed into the unicorn club in 2021, is now facing significant financial distress as it prepares for a crucial restructuring. Expected to drastically lower its valuation, this restructuring is similar to Pharmeasy's experience in 2020 and involves raising new capital, likely at terms unfavourable to current shareholders. With existing investors like Prosus and Warburg Pincus unlikely to participate, this move could result in their stakes being wiped out completely from the company's cap table, Ranjani Raghavan writes. Amid this turmoil, three investor directors from prominent venture firms resigned last year, indicating deeper concerns about the firm's direction and the potential impacts on their reputations and other investments. As Finance Minister Nirmala Sitharaman finalizes her speech for the upcoming budget presentation on February 1, concerns linger over India’s economic trajectory despite its status as the world's fastest-growing large economy post-covid. After an impressive average growth of over 8% for three years, India's GDP growth slowed to 5.4% in Q2 of FY 2024-25. This deceleration, according to Sitharaman, is temporary, with expectations of recovery in upcoming quarters, although advance indicators and the RBI's revised forecast suggest a growth of just 6.6% for the year. The Modi government’s strategy has focused on public capex to stimulate growth and attract private investment, avoiding direct fiscal stimuli to prevent inflation and fiscal issues experienced post-2008 financial crisis. Yet, private investment remains sluggish, and there's debate over whether India should adjust its economic strategy. The upcoming budget may include a modest stimulus to boost consumer spending while continuing with fiscal consolidation, targeting a fiscal deficit of 4.5% by FY 2025-26. So, will the finance minister deliver a fiscal bazooka on Feb 1? N Madhavan tackles that question in today’s Long Story. 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, January 30, 2025. This is Nelson John, let's get started. Last week, Wingify, a SaaS company, was acquired by Everstone Capital for $200 million, and Minimalist, a skincare brand, was bought by Hindustan Unilever Ltd for nearly ₹3,000 crore. These significant acquisitions highlight that Indian startups can indeed generate substantial wealth, not just through IPOs but also as targets for major acquisitions. Soumya Gupta writes. Notably, Wingify's founder retained a major stake of 84%, allowing him to benefit greatly from the sale, similar to Minimalist’s founders, who owned over 61%. The common narrative in the Indian startup ecosystem often involves founders diluting their equity to raise capital from venture capitalists and private equity firms to fuel growth, leading to reduced ownership. However, these two cases illustrate that substantial ownership can lead to lucrative exits. Companies like Zoho and Zerodha showcase that bootstrapping, or growing without external capital, allows founders to maintain control and potentially lead to high profitability without the pressures from external investors. Indian companies are increasingly implementing strategies to retain junior employees for at least a year to ensure their investment in training isn't lost to high turnover rates. Instead of using the term 'bond', which has legal limitations, firms are incorporating 'commitment periods' into employment contracts. These stipulate that employees must reimburse the company for training and development costs if they leave within a year. Law firms Devina Sengupta spoke to, note that these contracts don't prevent employees from joining other companies but do require them to pay back training costs if they leave prematurely. This method is seen as a more legally tenable and employee-friendly approach than traditional bonds. Training costs, which can range from ₹1 lakh to ₹5 lakh depending on the industry, are now more frequently detailed in contracts to avoid disputes. Sectors like IT, pharmaceuticals, financial services, aviation, and telecom are observing shorter commitment periods, now typically one year instead of two, to adapt to the high churn rates among junior staff. Netweb Technologies, an AI cloud services firm based in Delhi, has been in the news lately after its stock price took a sharp 48% hit. The company quickly reached out to investors, explaining that this drop was just a temporary setback and emphasized their readiness to capitalize on the latest AI developments, especially with China’s DeepSeek shaking up the market. Their investor note, though lacking specific growth details, seemed to do the trick, reports Shouvik Das. The stock price rebounded, hitting a 10% upper circuit early in the trading session following the note’s release. The reaction from the industry has been a bit of a mixed bag. Some experts are optimistic, pointing out that while current global policy changes and market disruptions present challenges, they also open doors for Indian AI firms to innovate and grow. However, others are more cautious, noting that Indian companies are heavily dependent on technologies like Nvidia's processors. This makes them vulnerable if access to these critical technologies is restricted. 2024 turned out to be a strong year for soybean yields in India, with significant improvements in production due to favourable weather conditions. Despite this, India continues to face challenges with cooking oil shortages. The government has attempted to boost local oilseed production by increasing import duties by 22% to encourage more domestic farming and reduce dependency on imported oils, particularly palm oil, which has seen prices surge due to international market dynamics. India imports about 65% of its cooking oil needs, with palm oil making up over half of this due to its lower costs historically. However, international issues like Indonesia diverting palm oil to biodiesel production have driven up prices, impacting both consumers and industries reliant on these oils. Sayantan Bera examines India’s cooking oil woes, in today’s Long Story. The National Company Law Tribunal (NCLT) has dealt a major blow to Byju's by reinstating Glas Trust Co. Llc and Aditya Birla Finance Ltd as financial creditors, giving them significant influence over the company's insolvency proceedings. This move came after the tribunal found Byju’s interim resolution professional, Pankaj Srivastava, unfit for his role and directed the Insolvency and Bankruptcy Board of India (IBBI) to initiate disciplinary action against him. The NCLT also dismissed the newly formed Committee of Creditors (CoC) and reinstated the previous one from August 21, 2024, which will now appoint a new resolution professional. This decision stemmed from allegations of fraudulent creditor classification by Byju's lenders, US-based

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, January 29, 2025. This is Nelson John, let's get started. The Reserve Bank of India has announced a trio of measures aimed at injecting ₹1.5 trillion into the financial system, responding to increasing demands for liquidity from bankers and market participants. The RBI plans to purchase ₹60,000 crore in government securities through open market operations across three sessions, conduct a 56-day variable rate repo auction for ₹50,000 crore, and execute a dollar-rupee sell swap auction of $5 billion. These actions are intended to address a liquidity deficit that has persisted since mid-December 2024, which peaked at over ₹3 trillion. While the RBI's previous interventions have included secondary market operations and adjustments to the cash reserve ratio, these new measures are more comprehensive, offering both immediate relief and setting the stage for potential interest rate adjustments in the upcoming Monetary Policy Committee meeting in February 2025. However, despite these efforts, challenges such as persistent inflation and currency depreciation may influence the timing and nature of further rate cuts. Mint’s banking editor Gopika Gopakumar explains RBI’s recent measures. The Indian government is escalating its efforts to clear out older, more polluting vehicles by potentially implementing a ban on all vehicles meeting BS I emission standards. Even with valid fitness certificates, these vehicles could soon face mandatory scrapping unless owners take advantage of doubled incentives to upgrade to cleaner BS VI-compliant models. The Ministry of Road Transport and Highways is also deliberating over increasing incentives for BS II vehicles, primarily affecting medium and heavy vehicles, to encourage owners to voluntarily scrap these older models, Subhash Narayan reports. If these increased incentives do not prove effective, a ban on BS II vehicles may also be enacted. These stringent measures are part of India’s broader strategy to tackle vehicular pollution and enhance road safety by removing outdated vehicles from the roads. With BS I vehicles introduced before 2005, this move could affect only a small fraction of the estimated 35-40 crore vehicles in India, yet it marks a significant step towards achieving cleaner air and reducing carbon emissions across the country. Despite growing momentum in the electric vehicle (EV) sector, the government may not grant 'infrastructure industry' status to the EV charging infrastructure sector in the upcoming budget. This status would allow stakeholders to secure credit at more favourable interest rates. However, insiders told Manas Pimpalkhare that this is unlikely as the sector already benefits from substantial support under the PM E-drive scheme, launched in October 2024, which dedicates ₹2,000 crore to establishing public charging stations over two years. Additionally, public sector oil marketing companies are significantly investing in EV charging, with plans to spend ₹20,000 crore on infrastructure expansion. This rapid development aligns with India's ambitious goal to have 30% of vehicles electric by 2030, addressing the crucial issue of range anxiety among potential EV buyers. The AI sector is witnessing rapid evolution, and DeepSeek AI, a Chinese startup, is notably challenging established norms with its cost-effective, open-source AI model. This model is shaking up traditional dependencies on expensive GPUs and massive data centers, proving that efficient AI can be developed more economically. DeepSeek utilized less expensive Nvidia H800 chips for its DeepSeek-V3 model, managing to slash development costs to under $6 million. This is in stark contrast to the billions reportedly spent by OpenAI for similar capabilities. The implications for India are significant, as DeepSeek’s approach could be a game-changer for startups and research institutions that often operate under financial constraints. By adopting similar cost-effective methodologies, India could foster its own AI innovations without hefty investments, leading to sustainable developments in AI that cater to local and global standards. The shift from satellite to digital platforms has fundamentally changed film financing, making OTT partnerships essential before production begins. This shift comes as producers face heightened risks at the box office, prompting many to pause or shelve projects without secured streaming deals. Films lacking OTT partners often struggle post-theatrical release, highlighting the industry's increasing reliance on digital revenues amidst fluctuating box office returns. OTT platforms have become more cautious, backing out of deals when films underperform, leading to a more selective acquisition strategy. This caution is reflected in the changing dynamics of the OTT market, with fewer players willing to invest in high-budget Hindi films due 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 Tuesday, January 28, 2025. This is Nelson John, let's get started. Guillain-Barré Syndrome (GBS) is stirring concerns in Maharashtra, with over 100 cases reported and a suspected death. This rare autoimmune disorder attacks the nervous system, sometimes leading to paralysis and severe respiratory issues. It's not contagious but typically follows infections or surgeries. Immediate hospitalization is often necessary for those severely affected. While there's no foolproof prevention due to its unclear causes, maintaining good hygiene and a healthy lifestyle helps mitigate risks. In India, GBS has been noted before, especially as a post-COVID complication, highlighting its potential severity. To tackle the current outbreak, the Central government has sent a specialist team to assist Maharashtra. The state is ramping up efforts to educate the public on maintaining hygiene and seeking prompt medical care for symptoms like muscle weakness. This proactive response aims to control the spread and provide necessary care to those affected. Priyanka Sharma explains what the GBS is, what are its symptoms and how to prevent it, in today’s Primer. Infosys is contesting allegations from Cognizant that it stole trade secrets, arguing that the information Cognizant claims as proprietary is publicly accessible and widely known. The dispute, currently unfolding in a U.S. court, has forced Cognizant to clarify what specific trade secrets Infosys allegedly misappropriated. Infosys, in a motion filed this January, challenged Cognizant to specify its claims, highlighting that many workers in the healthcare and IT sectors are familiar with the software at issue. The conflict began when Cognizant accused Infosys of using confidential information related to its QNXT and Facets software products—acquired through its 2014 takeover of TriZetto—to enhance Infosys’s own software solutions. Infosys has responded robustly, seeking to compel Cognizant to detail the supposed trade secrets and arguing that Cognizant's claims are overly broad and not legally tenable. Jas Bardia reports on the ongoing conflict. Finance Minister Nirmala Sitharaman's approach to the annual budget speeches since 2022 has evolved to focus more on a futuristic vision rather than literary embellishments. Unlike her predecessors, Sitharaman has opted out of quoting poets like Rabindra Nath Tagore and Shakespeare, shifting instead to a clear and direct style that reflects the developmental goals of the NDA government. This year, as she prepares for her eighth budget presentation on February 1, expectations are high for a speech that underscores India's aspirations to become the world's third-largest economy while addressing immediate challenges like inflation and unemployment. Gireesh Chandra Prasad writes about how, over the years, Sitharaman has refrained from quoting historical figures in her budget speeches and how it is likely to be the case this year as well. Young adults across Indian metros are increasingly shaping their spending habits to enhance their social media presence, often at significant financial cost. Mint’s Shadma Shaikh spoke to 20 people in the 22 to 33 age group, all of whom acknowledged that their spending habits were largely aimed at raising their social media game. In cities like Mumbai, Delhi, and Bengaluru, it's becoming clear that a lot of young folks are tweaking their spending habits to boost their social media profiles. Take, for instance, a tech marketer from Bengaluru who splurged ₹19,000 on a Bryan Adams concert just for social media, even though he’s not much of a traveler or a big music buff. It’s all about crafting that perfect online image—even if it means racking up some debt. This trend isn’t just about personal choices; it’s shaping major business strategies too. A hefty slice of marketing budgets now fuels influencer campaigns that promise hefty growth, thanks to their ability to make anything from a beach vacation to the latest gadget seem essential. What’s worrying is how this is playing out financially for the younger crowd. Financial advisors are seeing a shift: more young people are swiping their credit cards not for emergencies or investments but for that next big social media splash. From music festivals to designer gadgets, the urge to splurge is often amplified by clever marketing and the fear of missing out. The Indian government has announced plans to synchronize all clocks across the nation to the Indian Standard Time (IST), using locally developed atomic clocks for millisecond to nanosecond precision. This initiative, named 'One Nation, One Time,' aims to enhance the uniformity and accuracy of timekeeping, which is crucial for various sectors such as navigation, telecommunications, power grids, and banking. Historically, many of India’s timekeeping systems have depended on U.S.-based Netwo

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, January 27, 2025. This is Nelson John, let's get started. US President Donald Trump's "Make in America" initiative aims to revitalize American manufacturing by encouraging companies to establish operations in the US or face higher tariffs on exports. Trump proposes incentives like a low 15% corporate tax rate for domestic manufacturing. This move challenges the existing global manufacturing hubs in Asia, like China and Vietnam, known for their lower costs and extensive supply chains. The impact of Trump's policy could be significant, as it encourages high-tech and sophisticated manufacturing to return to the US. For India, this is a wake-up call to enhance its manufacturing competitiveness. Key issues include outdated technology, high logistics costs, and regulatory complexities. Despite the government's efforts through policies like the productivity-linked incentive scheme, progress is slow. India's investment in R&D is also minimal compared to global standards, affecting innovation. Shelley Singh writes about how Trump’s “Make in America” approach will impact India. Indian-American businessman Digvijay Danny Gaekwad's bid to acquire a significant stake in Religare Enterprises for ₹5,000 crore might hit a regulatory snag. Anirudh Laskar reports that Gaekwad's offer, priced at ₹275 per share, is more competitive than the Burman family's offer of ₹235 per share but could violate SEBI's takeover norms due to its timing and the size of the stake sought. SEBI’s rules also require a counteroffer to involve more shares than the initial bid. Moreover, there are concerns about the conditions attached to Gaekwad’s offer and the clarity around his funding sources. The battle for control is really about Religare’s profitable health insurance arm, Care Health Insurance. Religare’s chair, Rashmi Saluja, has been resisting the Burmans' attempts to take over the company since the Dabur owners first showed interest in the financial services company in September 2023. Now, with Gaekwad's sudden move, things might get even more tangled. India plans to tighten enforcement on third-party vehicle insurance by linking it to everyday vehicle-related activities. The Union finance ministry is considering measures such as mandatory insurance checks when buying fuel, obtaining FASTags, or renewing driving licenses and pollution control certificates, Subhash Narayan reports. This push comes amid concerns that over half of the vehicles on Indian roads lack third-party insurance, despite the legal requirement under the Motor Vehicles Act, 1988, which mandates such coverage and prescribes severe penalties for non-compliance. The proposed changes, which are still being finalized, aim to ensure that more vehicles are insured by integrating insurance checks with regular vehicle-related transactions. Motilal Oswal Group is considering selling its housing finance arm, Motilal Oswal Home Finance, which began as Aspire Home Finance Corp in 2014. Currently, the group holds a 97.49% stake in the subsidiary, which has a loan book of Rs 4,098 crore. Shayan Ghosh reports that industry valuations suggest the unit could be worth between Rs 3,612 crore to Rs 5,031 crore, based on its March-end net worth of Rs 1,290 crore. Despite initial asset quality issues, with gross non-performing assets peaking at 9.2% in FY19, the situation has improved significantly, with a gross NPA ratio of 0.86% as of March 2024. The Union budget for FY26 is likely to significantly boost funding for R&D of high-yield hybrid seeds for essential crops like pulses, edible oils, and cotton, to address shortages and reduce import dependency. This move aims to develop climate-resilient seed varieties to increase productivity and improve farmers' incomes. The planned increase in budget allocation reflects a broader effort to improve agricultural outputs amid challenges such as climate change. For instance, cotton imports are expected to rise by 42% this financial year due to falling exports and domestic production issues. Currently, funding for agricultural education is set to rise by 8% in FY25, emphasizing the government's focus on enhancing agricultural capabilities through education and research. Additionally, the government has initiated the release of 109 high-yield crop varieties, expected to reach farmers in three years. 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 Friday, January 24, 2025. This is Nelson John, let's get started. Delhi's liquor policy has been marred by controversy, leading to significant disputes and changes over the years. In November 2021, the Delhi government privatized liquor sales, aiming to boost revenue. However, by August 2022 this policy was reversed following a CAG report that highlighted alleged undue advantages given to licensees, which purportedly led to losses exceeding ₹2,000 crore for the exchequer. This reversal resulted in the shutdown of more than 400 private liquor stores, returning control to four government agencies. The latest controversy, Varuni Khosla explains, arose from a meeting on 10 January involving government agencies and alcohol distributors. They discussed implementing a 'fixed-ordering' system aimed at diversifying the range of affordable liquors available, particularly whiskeys, and curbing the promotion of lesser-known brands. This initiative, which was launched despite the election code of conduct, specifically targeted certain Punjab-made whiskey brands accused of being disproportionately promoted. Since the covid-19 pandemic, there's been a big shift in India's snacking habits, with a growing focus on healthier choices. This change has sparked a surge in the popularity of products such as protein bars, makhana, quinoa puffs, oats bhujia and ragi chips, thanks to new-age companies such as Farmley, Happilo, Evolve Snacks and Open Secret. These brands are tapping a market that was once considered niche but is now going mainstream. Companies such as Happilo and Farmley are seeing impressive growth, with revenues skyrocketing as they cater to the health-conscious. This shift has even caught the attention of big FMCG players such as ITC, Marico and Tata Consumer, which are now acquiring startups in this space. However, creating snacks that are healthy, tasty and affordable remains a challenge, writes Samiksha Goel, as ingredients that boost health credentials are often more expensive. Yet, the industry is striving to balance these factors to keep these snacks appealing and affordable. Indian companies are revamping retirement benefits to address the inadequacy of traditional statutory plans such as provident funds and gratuities. More firms are now opting for the corporate National Pension System (NPS) and exploring private insurance investment options to enhance retirement benefits and retain employees longer, Priyamvada C and Devina Sengupta write. WTW's 2024 study highlights a significant shift towards corporate NPS, with over half of Indian employers planning to introduce it soon. These include major corporations such as Tata Motors, which is considering converting superannuation funds to corporate NPS to offer market-linked returns and allow employees to choose their pension fund managers. The shift to NPS, which was introduced by the government for its employees in 2004, offers tax benefits and is seen as more flexible and cost-effective. Companies such as Coca-Cola India have already adopted NPS, aligning it with their overall employee well-being strategies. India is steadfast in not granting unilateral trade concessions to the US under Trump's 'America First' policy but is open to discussions on market access for American products in exchange for no new trade barriers against Indian goods. Amid potential trade talks, India is focused on enhancing access for U.S. products in healthcare, automotive and agriculture, possibly increasing imports such as crude oil and specific agricultural goods. Despite historical trade friendliness, India is cautious about committing without reciprocal benefits, especially concerning higher U.S. tariffs on Indian exports. The country remains open to discussions that could include facilitating market access for U.S. firms in satellite communications and reducing barriers for U.S.-made electric vehicles and motorcycles. Both nations aim to balance trade interests with strategic economic cooperation. India's government is considering changing its initial plan to merge three struggling general insurers—National Insurance, United India Insurance, and Oriental India Insurance—into a single entity. Instead, it may now select one of these insurers for privatization this fiscal year while bolstering the others with additional capital to strengthen their balance sheets. The decision will be informed by an upcoming assessment of their financial performance. Previously, a merger and public listing of the three insurers had been proposed in the 2018-19 Union budget, but progress has been slow. NITI Aayog had suggested privatizing United India Insurance, but this plan has yet to materialize. As of the last quarter, the solvency ratios of the three insurers were significantly below the regulatory minimum of 1.5, indicating financial instability. However, New India Ass

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, January 23, 2025. This is Nelson John, let's get started. Geopolitics is reshaping global tech strategies, with the US’s Stargate Project a prime example. Spearheaded by President Trump, this initiative involves a consortium including OpenAI, Oracle, SoftBank, and MGX committing $500 billion to develop AI data centres across the US. This move aims to bolster America's AI infrastructure, create 100,000 jobs, and enhance its competitive edge against China in AI technologies. China, despite trailing behind the U.S. in AI, continues its rapid advancement, highlighted by innovations such as DeepSeek's new open-source AI model. This model promises to deliver high-level AI functionalities at a fraction of the cost of current leading technologies, posing a direct challenge to America’s dominance. India is also not far behind, and is aggressively expanding its AI infrastructure. New initiatives and investments, such as Microsoft's $3 billion expansion and major semiconductor projects, are set to significantly boost India's capabilities in AI and chip manufacturing, aiming to make it a pivotal player in the global tech landscape. So, will the Stargate Project help the US trump China? Leslie D’Monte explains. The division of real estate magnate Mangal Prabhat Lodha's empire aimed to prevent family conflict but has led to a legal battle between his sons Abhishek and Abhinandan Lodha. Despite an initial settlement that divided the business, including a payout to Abhinandan, disagreements over the use of the Lodha name have surfaced. Abhishek's company, Macrotech Developers, has sued to stop Abhinandan’s business from using the name, claiming it confuses customers and dilutes the brand. This dispute has become public, hampering Macrotech's stock and highlighting the complexities of family business transitions and brand management. Nehal Chaliawala and Varun Sood take a deep dive into the conflict in the Lodha family. UPI Circle, a feature on the BHIM app, allows a primary user to authorize a secondary user to handle transactions from their bank account. This setup is ideal for helping those who may struggle with digital payments, and offers both full and partial delegation options. In full delegation, secondary users can process transactions up to ₹15,000 per day without further approval. Partial delegation, however, requires the primary user’s confirmation for each transaction, adding a layer of security. The service is available through the BHIM app, and is supported by major banks such as SBI, HDFC, and ICICI, but it's not yet live on the most popular UPI platforms such as PhonePe or Google Pay. The rapid expansion of quick commerce in India has led to a surge in demand for dark store workers, vital for operations of businesses such as Zomato's Blinkit and Swiggy's Instamart. These workers are essential for picking, packing, and loading goods quickly to meet the quick-delivery promises. With Zomato planning to double its dark stores and Zepto aiming for significant growth, the sector sees high churn rates and competition for workers, pushing companies to offer better salaries and incentives. Industry specialists note that dark store workers typically earn between ₹15,000-18,000 a month, with potential bonuses that could add another ₹6,000. However, attrition rates are around 12-15% a month – much higher than in other sectors. This high turnover means companies such as Zepto and Blinkit could see their entire workforce change over the course of a year, which drives up hiring costs, Mansi Verma reports. The upcoming Union Budget for FY26 may include financial support for green hydrogen initiatives targeting major polluting industries such as steel, cement and power. This move is being considered to speed up the adoption of green technologies, which has been slower than expected because of high costs. The Ministry of New and Renewable Energy has proposed incentives for adopting green hydrogen and carbon capture, utilization, and storage, recognizing that fiscal support is crucial to meet India's energy transition goals. Currently, under the ₹19,700 crore National Green Hydrogen Mission, the government provides ₹17,490 crore for green hydrogen and electrolyzer production under the SIGHT scheme, Rituraj Baruah reports. The goal is to produce 5 million tonnes of green hydrogen by 2030, leveraging India's renewable energy capabilities to make it a significant player in the global market. 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, January 22, 2025. This is Nelson John, let's get started. The Reserve Bank of India is making strides towards making the rupee and international currency by allowing non-residents to open rupee accounts in the overseas branches of authorized Indian banks. This move, part of a broader effort to encourage cross-border transactions in the rupee, follows the RBI's consultation with the central government and builds on recommendations from a 2022 RBI committee aimed at integrating the rupee into the global financial system more effectively. Now, non-residents can manage both current and capital transactions with Indian residents through these accounts and also use them to invest in rupee assets, Gopika Gopakumar reports. For example, a non-resident Indian in the U.S. can hold rupees received from exports to India and use them for various payments, including imports back into India. This flexibility could significantly streamline the management of trade finances. However, bankers are cautiously optimistic, noting that the rupee's non-convertible nature might slow its adoption for international transactions. The Union Budget for FY26 is expected to significantly increase financial support for startups and small businesses, which are crucial to India’s economy, accounting for nearly one-third of its GDP. The government plans to bolster working capital, trade finance, and growth funding through favourable terms under various schemes managed by the Department of Promotion of Industry and Internal Trade and the Ministry of MSMEs. These sectors are particularly important as they employ over 247 million people amidst India’s ongoing job-creation challenges. Expected initiatives include more robust financial backing under existing DPIIT and MSME schemes. India's top IT firms are charting different courses in their AI journeys. Companies such as Infosys and Tech Mahindra are crafting small AI models that are perfect for specific, cost-sensitive tasks. These smaller models use less data, making them quicker and cheaper to operate. For instance, Infosys has created distinct models for industries such as banking and cybersecurity by combining their rich internal data with some carefully selected external datasets. Meanwhile, other players such as Tata Consultancy Services, Wipro, and HCL Technologies are choosing to expand on existing, broad-scope AI tools known as large language models (LLMs). Jas Bardia writes that this highlights a fundamental choice in AI development between specialisation and scalability. Smaller models offer precise solutions at lower costs, while larger models deliver extensive capabilities but come with higher operational expenses and risks. At Prayagraj's Maha Kumbh Mela, a grand spiritual gathering attracting over 400 million visitors this year, businesses are seizing the opportunity to cater to the massive influx. The festival, held once every 12 years, not only promises spiritual fulfilment but has also turned into a bustling economic hub. According to Sprout Research, the event is expected to generate financial transactions worth around $30 billion. Amidst this, social media influencers are earning significant sums by promoting everything from local businesses to spiritual activities. They look to capture the festival's essence through videos and posts, and charge up to ₹30,000 for a single post. Local tour operators are also capitalizing on the event, offering packages that include holy dips with sadhus for anywhere from ₹50,000 to ₹1 lakh. Even large corporations and banks such as the Reserve Bank of India and Bank of Baroda are using the event to promote digital privacy, cybersecurity and digital payments. Advertising has spiked, with costs for promotional spaces significantly higher than in previous years. Read Devina Sengupta’s detailed report on India’s unique mela economy from the grounds of the Mahakumbh in Prayagraj. India's bullet train network is set to expand, with the government planning to create new high-speed rail corridors across the country. According to railway minister Ashwini Vaishaw, this expansion will harness indigenous technology developed in collaboration with Japanese experts, building on the experience gained from the Mumbai-Ahmedabad project. The National High Speed Rail Corporation Ltd has already identified seven additional corridors, with detailed project reports for most of them submitted or scheduled for completion soon. This initiative aims to connect major cities via a golden quadrilateral of bullet trains, enhancing connectivity and reducing travel times significantly. The government is also focusing on increasing the indigenization of high-speed rail technology to reduce costs and promote local manufacturing. There are also plans to upgrade the domestically produced Vande Bharat trains to higher speeds to complement the

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, January 21, 2025. This is Nelson John, let's get started. As Donald Trump begins his second term as US President, there’s a lot of speculation about how his policies might unfold, especially when it comes to India. With control over both the House and the Senate, Trump is well-positioned to push through his agenda, which remains as unpredictable as ever. His priorities? Slapping hefty tariffs on imports to boost American manufacturing, cutting taxes, and taking tough measures on immigration, writes N Madhavan. Right off the bat, Trump plans to sign around 100 executive orders that could reshape U.S. policies on everything from immigration to trade. These moves could have a big ripple effect globally. For India, things look relatively positive, as ties between the two countries were pretty solid during Trump's first term, thanks to strong personal chemistry between Trump and Indian Prime Minister Narendra Modi. However, there are potential challenges. Trump's tariffs on Chinese goods could spark a trade war, slowing down the global economy and affecting Indian exports. Plus, there's the issue with H1B visas, crucial for India's tech industry, which are caught in a tug-of-war within Trump’s support base. The Competition Commission of India (CCI) recently fined Meta Platforms Inc. ₹ 213 crore for alleged abuse of dominance related to Meta-owned WhatsApp's 2021 privacy policy update. This decision has sparked discussions about the potential conflict between CCI and sectoral regulators. This is particularly relevant with the new Digital Data Protection Act of 2023, which allows data processing with informed consent. CCI's ruling stops WhatsApp from sharing user data with other Meta entities for advertising for five years. This raises concerns about alignment with future regulations from the Data Protection Board of India, which will oversee data usage based on user consent. This situation highlights the tension between protecting competition and fostering innovation and user autonomy in the digital economy, reports Gireesh Chandra Prasad. India's market regulator, SEBI, is intensifying its surveillance on penny stocks and micro-cap companies that show unusually high gains, which could indicate speculative trading. This move aims to safeguard retail investors, especially the millions of new traders who joined the market during the pandemic. The concern is that these stocks might not have earnings that justify their soaring prices, despite the Nifty Microcap Index rising by 21.7% in the past year. SEBI's strategy includes educational efforts to help investors recognize the risks associated with these investments and avoid falling for unverified tips on social media, Neha Joshi reports. India's PM Internship Scheme, initially aimed at providing 10 million internships through the top 500 corporations by CSR spending, may soon include MSMEs. This inclusion aims to enhance employment opportunities as micro, small and medium enterprises are vital to the Indian economy, employing over 216 million people. The scheme offers a 12-month internship with a stipend of Rs 5,000 per month—Rs 4,500 funded by the government and Rs 500 by the industry—plus a one-time payment of Rs 6,000 upon securing an internship. Rituraj Baruah and Manas Pimpalkhare report that discussions are ongoing about integrating MSMEs that are part of the supply chain of larger corporations into this scheme. This move is expected to be announced in the upcoming union budget. The pandemic paradoxically sparked a boom for India's PVC and steel manufacturers, with disrupted global supply chains causing a sharp increase in domestic prices. However, this high was short-lived as China's stringent covid policies in 2022 led to an influx of low-priced Chinese imports, significantly impacting Indian industries. As Donald Trump threatens to increase the tariffs on Chinese goods, there is rising concern that such a move could redirect an increased volume of Chinese products to India. This shift could exacerbate challenges for Indian manufacturers, who are already grappling with the influx of low-priced imports that undercut local production. This situation poses a significant threat to India’s industrial sectors, particularly in steel and PVC manufacturing, as these struggle to compete with cheaper, imported goods. N Madhavan writes about how India can escape a dumping flood from China. 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 Monday, January 20, 2025. This is Nelson John, let's get started. At this year's Consumer Electronics Show (CES) in Las Vegas, robotics really stole the show. Imagine robots mowing lawns, cleaning floors, and even mixing drinks—sounds like sci-fi, right? Well, it's becoming a reality. Standouts included 'Adam,' a robotic bartender from Richtech Robotics, and 'Mirumi,' a robot designed for social interactions. There was also 'Looi' by Tangible Future, a personal assistant powered by ChatGPT, and 'Mirokai,' a programmable humanoid that feels almost like talking to another person. These bots range in price from the more affordable 'Mirumi' at $70 to the hefty $60,000 for the home assistant R2D3. What's really exciting is how interactive these robots have become. Thanks to advancements in AI, they're not just functional machines anymore; they can actually interact with you in a way that feels natural. So, are these home robots ready for people to be used? Shouvik Das answers that question in today’s Primer. As Donald Trump prepares to take office as the 47th President of the United States, India’s stock market braces for potential volatility. Foreign portfolio investors (FPIs) are notably apprehensive, having net sold ₹44,396 crore worth of shares up to January 16 and significantly increasing their bearish bets on Indian futures. This cautious stance reflects concerns over Trump's unpredictable policies, which could include high tariffs and strict immigration rules, writes Ram Sahgal. Despite these worries, India's position in the global market has shifted, now trailing behind Taiwan in the MSCI Emerging Markets Index due to recent market corrections. Finance Minister, Nirmala Sitharaman, is considering offering more attractive income tax breaks in the upcoming FY26 budget to boost household spending amid economic challenges. Sources told Gireesh Chandra Prasad that the discussions are focused on increasing the standard deduction beyond ₹75,000 and raising the basic tax exemption limit from ₹3 lakh. Also, on reconfiguring the tax brackets up to ₹15 lakh to provide broader relief. These proposed changes aim to stimulate consumption by adjusting the personal income tax structure, particularly targeting those earning between ₹3 and ₹15 lakh. With economic growth expected to slow to 6.4%, these fiscal measures, alongside maintaining elevated capital expenditure, are seen as crucial steps to invigorate the economy. The government is also looking to balance these tax cuts with fiscal responsibility, aiming to keep the deficit within 4.5% of GDP next year. Bharat Heavy Electricals Ltd (BHEL) might just dodge the divestment bullet as the government mulls labelling it as a "strategic" public sector unit. That's a big nod to BHEL's role in key sectors like renewable energy and defence. Rituraj Baruah and Manas Pimpalkhare write that a parliamentary committee has also thrown its weight behind this idea. The committee recommended that BHEL be deemed strategic, which could mean no more talk of selling off government stakes in the company. BHEL's been making moves into electric mobility and renewable power, and it’s been paying off with a revival in large thermal power and railway equipment orders. With the government holding a 63.17% stake, BHEL's market value recently stood strong at close to ₹74,500 crore. So, what’s next? BHEL's packed order book, which includes everything from Vande Bharat trains to power projects, points to its crucial role in supporting India's strategic industrial ambitions. Coldplay is back in India, hitting stages in Mumbai and Ahmedabad as part of their Music of The Spheres world tour. Despite the high ticket prices, fans across generations are eager to experience their music live, spending big on tickets, travel, and accommodations. Interestingly, Coldplay’s fan base isn’t just limited to those who grew up listening to them. A lot of their younger fans weren’t even born when the band started in 1997 but are just as enthusiastic, drawn by the band's ability to blend their classic hits with modern vibes that resonate across age groups. Soumya Gupta takes a deep dive into the cultural phenomenon that is Coldplay and how a millennial band is charming Gen Z audience. Anil Makhija from BookMyShow notes the band’s broad appeal, “Their music captures the hearts of both older audiences and the younger generation, making their concerts a rich, multi-generational gathering.” This pattern isn’t just unique to India. Globally, older bands like Coldplay continue to draw crowds with their timeless music, proving that good tunes know no age. With their music finding new fans through social media and their ability to adapt to contemporary sounds, Coldplay manages to keep their legacy alive and kicking, captivating listeners across the spectrum. Whether it's the nostalgia for the older f

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, January 17, 2025. This is Nelson John, let's get started. The upcoming Union budget for 2025-26 is set to focus heavily on agriculture, small businesses, boosting household spending, and creating more jobs, Dhirendra Kumar and Gireesh Chandra Prasad report. The plan is to introduce farmer incentives, support for MSMEs, and measures to increase consumer spending. Expect the budget to zoom in on promoting high-value agriculture—things like fruits, vegetables, and animal farming—to help small farmers grow their incomes. This will be backed by investments in technology and better marketing strategies. For MSMEs, the budget might offer easier credit options and ensure they get paid on time by larger companies. There could also be incentives for making industries like rice milling more energy-efficient, aligning with the nation’s renewable energy targets. This week equity markets were hit hard, with investors losing over ₹12 trillion on Monday. A strong dollar and worries about fewer US rate cuts have drained liquidity and led to massive sell-offs globally. As the dollar index has climbed 9% since October, betting on a robust US economy and sustained inflation, riskier assets like emerging market equities have lost their lustre. Higher US treasury yields suggest that fewer rate cuts might be in store for 2025, further dampening the mood. In India, the economic outlook isn’t too rosy either. Reduced government spending, cooling credit, stubborn inflation, and sluggish demand are hurting corporate profits, making it difficult for Indian stocks to justify their high valuations. Abhinaba Saha writes about what could be expected from the market in the coming weeks. This month marks a big leap for connectivity in Kashmir with the launch of the first-ever train service linking Srinagar to the rest of the country. The new Vande Bharat Sleeper train, part of the Udhampur-Srinagar-Baramulla Railway Project (USBRL), will travel over 800 kilometers from New Delhi to Srinagar. This line not only promises faster travel times but also aims to boost the local economy by enhancing sectors like tourism and agriculture. Plus, it offers a reliable alternative to the often-blocked Srinagar-Jammu National Highway. While there’s excitement about the potential for growth and better connectivity, there are also worries about the environmental impact and the economic effects on Jammu’s local businesses. Irfan Amin Malik examines how Kashmir’s first rail link with the rest of India will impact its key sectors. Hindenburg Research, the American short-seller famous for shaking up the corporate world, is closing its doors. Nathan Anderson, the founder, announced the shutdown without spilling the beans on why, only mentioning that he's ending on a high note. Hindenburg shot to fame in India after it lobbed serious fraud accusations at the Adani Group in January 2023, wiping billions from their market value overnight. Though Adani later recouped most of these losses, the impact was unforgettable. Adani’s CFO even threw a bit of shade on social media, hinting at outlasting their critics. This closure isn't just big news for Hindenburg; it’s a turning point for the world of short-sellers, who’ve been facing scrutiny and regulatory challenges across the world. Reliance Industries Ltd announced on Thursday a 7.4% increase in its net profit for the December quarter, reaching Rs 18,540 crore, up from Rs 17,265 crore during the same period last year. The earnings per share also rose to Rs 13.70 from Rs 12.76. This growth comes as the company saw a strong performance in its retail business and an increase in telecom earnings. Sequentially, the profit rose from Rs 16,563 crore in the previous quarter. Revenue from operations also increased, hitting Rs 2.43 trillion compared to Rs 2.27 trillion in the October-December 2023 quarter. 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, January 16, 2025. This is Nelson John, let's get started. A group of prominent investors, including Switzerland's Partners Group AG, Canada's Brookfield Asset Management, and KKR, are eyeing a stake in Indian internet services provider Excitel Broadband. They're part of a $200 million equity deal and have signed non-disclosure agreements as part of the process managed by Avendus Capital. Other potential investors like Macquarie Group, Apax Partners, and Actis Llp are also in the mix, reflecting strong interest in the company, which was founded in 2015 and now serves 1 million subscribers across 55 cities. Utpa Bhaskar reports on the potential acquisition of Excitel. The Indian government is considering a revision of customs duties and procedures in specific sectors for the FY26 Union budget. This initiative aims to make it more appealing for manufacturers of finished goods to also produce components or semi-finished products, thereby enhancing trade ease and export competitiveness. Particularly, the electronics and consumer goods segments, including air conditioners and washing machines, might see duty revisions to encourage domestic production of components, according to Gireesh Chandra Prasad and Dhirendra Kumar's report. This strategy follows the successful model used in the mobile phone industry, where increased customs duty on finished products spurred local component manufacturing. Travel companies are buzzing with excitement as the Maha Kumbh Mela in Prayagraj is expected to draw a staggering 400 million visitors over the next six weeks. This year's festival is extra special, marking a 144-year cycle milestone, and it's triggered a massive demand spike for travel and accommodation. Responding swiftly, Air India has launched daily flights from Delhi to meet the soaring demand, with airfare prices shooting up significantly. Hotels are also seeing a tenfold booking increase, with costs rising across nearby cities like Varanasi, reports Varuni Khosla. Travel agencies, including giants like Thomas Cook, are capitalizing on the surge, rolling out extensive packages that range from basic stays to luxury spiritual retreats. The festival's economic impact is immense, with an expected generation of Rs 2 trillion in revenue, benefiting not just the travel sector but also local businesses across a spectrum of industries. In the chilly fog of the Khanauri border between Punjab and Haryana, a renewed farmer protest simmers along National Highway 52. Thousands of farmers have braved the elements since February of last year, their resolve unshaken by winter's bite, this time demanding legal backing for Minimum Support Prices (MSP) for their crops. These protests, although less vibrant than the massive gatherings at Delhi’s borders in 2020, are deeply rooted in concerns over crop pricing. The government does set MSPs annually for 23 crops, but in reality, consistent purchases at these prices are mostly limited to wheat and rice. Farmers argue this system fails to protect them against market volatility, particularly for crops like groundnuts, soybeans, and moong, where they often receive less than the promised MSP. So, is there an end in sight to these protests? Sayantan Bera tackles that question as he takes a deep dive into the ongoing farmers' protests in today’s Long Story. The upcoming Union budget is set to show Indian Railways' operating ratio at its best in five years for FY26, thanks to higher freight revenue and increased government funding. This key efficiency metric, which indicates how much the Railways spend to earn ₹100, is expected to dip below 98% for the first time since FY21, signalling stronger financial health and more room for capital expenditure. This improvement follows a few tough years where the operating ratio often exceeded 98%, highlighting financial strains mainly due to heavy pension liabilities, writes Subhash Narayan. However, from FY23 onwards, a rebound in freight and passenger revenues has bolstered the Railways' finances, suggesting a sustainable recovery is in the cards. 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, January 15, 2025. This is Nelson John, let's get started. Telangana owes roughly ₹3,900 crore to alcohol businesses, a substantial amount of dues that has been accumulating under the administration of Telangana Beverages Corporation Ltd (TGBCL), a state-run entity controlling alcohol sales. This situation stems from TGBCL's static pricing model since 2018-19 and delayed payments, straining suppliers like United Breweries Ltd (UBL), which has even halted beer supplies due to unprofitability. TGBCL's financial woes are due to decreased non-tax revenue, which fell dramatically short of the 2024-25 projections, coupled with high expenditures from recent political commitments. This financial shortfall has led to payment delays, with outstanding dues only partially cleared post-September 2024. Varuni Khosla explains what went wrong with the alcohol industry in Telangana. The recent heavy selling by foreign portfolio investors has significantly impacted the Indian stock market, wiping out nearly ₹60 trillion in investor wealth over the last three and a half months. This sell-off, primarily fueled by FPIs withdrawing a net ₹1.85 trillion since October, has coincided with a weakening rupee and rising oil prices,reports Ram Sahgal. Market capitalization plummeted from a high of ₹473.84 trillion on September 27, when the Nifty 50 index peaked, to ₹414.23 trillion recently, marking a 12% drop in the benchmark index. Both the Nifty Smallcap 250 and Nifty Midcap 150 indices have similarly fallen by 13.5% from their late September highs. The primary drivers for this exodus include the depreciation of the rupee and escalating crude oil prices, influenced by new US sanctions on Russia and anticipated policy shifts as the US transitions from President Joe Biden to President-elect Donald Trump. India is currently in talks with several countries to establish "data embassies" on its soil, a move aimed at allowing these nations to store and control their sovereign data while enhancing India's role as a secure data hub. Particularly advanced are discussions with the UAE to set up its first data embassy in India, Shouvik Das reports. The plan involves creating special zones dedicated to housing these data embassies, similar to how consular sections of embassies operate, ensuring the home country manages all privacy and access controls. The idea, inspired by Estonia's establishment of the world’s first data embassy in Luxembourg following a cyberattack in 2007, could provide India with significant geopolitical leverage. Data embassies could serve as secure storage sites during crises or allow countries to manage data without adhering to local data laws, potentially simplifying international business operations. The national rural job guarantee scheme, MGNREGS, might see a budget boost in FY26. Although this year's funding isn't expected to change, there's talk of increasing it next year due to potential challenges in the rural economy. Despite some recent improvements in rural consumption thanks to better rainfall, the number of people seeking work under the scheme hit a four-month high in December, reaching 25.73 million. This spike shows there's still a big need for support, Dhirendra Kumar and Rhik Kundu report. A parliamentary committee has even pushed for higher wages in the scheme to keep up with inflation, which would mean more money is needed. So, while FY25's allocation might stay the same, the government is looking to ramp up funding in FY26 to keep supporting those in need. Kolkata is experiencing a renaissance in its real estate and business sectors, shaking off its old image as a less business-friendly city. Recent developments include major projects like Phoenix Mills Ltd's creation of the city's largest mall in Alipore and Ambuja Neotia Group's expansion into luxury hotels and residential projects. The city is also drawing attention from the IT sector, as highlighted by Infosys opening a major development centre in New Town, which is expected to house 4,000 employees. This move supports the state's ambition to transform the area into a 'New Silicon Valley,' potentially generating 75,000 jobs. Despite these advancements, Kolkata's growth is hampered by outdated land acquisition laws that complicate large-scale development projects, Madhurima Nandy writes. While the state government has acknowledged these issues and promised reforms, progress has been minimal. 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, January 14, 2025. This is Nelson John, let's get started. Mark Zuckerberg has announced that Meta is saying goodbye to independent fact-checking on Facebook and Instagram. Instead, they're rolling out a new system called 'community notes,' similar to what's used on Elon Musk's X. This new setup will rely on users to flag false information through a consensus mechanism. Zuckerberg's big push here is to cut down on automatic post bans and broaden the type of political content allowed, aiming to reduce what he sees as excessive control by automated systems. In India, where Meta deals with a highly complex landscape of 18 languages, they currently work with 11 fact-checking partners. Shouvik Das writes how the transition to community-driven fact-checking might struggle with accuracy, as seen with X's challenges in India, one of the world's biggest online markets. Yet, Meta might fine-tune this approach, possibly reintroducing some human oversight to strike a balance. Alivaa Hotels, a fledgling hospitality company backed by Ananta Capital, is rapidly expanding with an ambitious plan to manage 50 properties in five years using an asset-light model of leasing rather than owning properties. This trend of leasing properties is gaining traction among new-age hoteliers who see it as a way to reduce capital expenditure and increase agility in the competitive hospitality industry, reports Varuni Khosla. By renting properties and focusing on high-margin room services, companies like Alivaa can streamline operations and focus on profitability. This model is particularly appealing in tier II and III cities, where property ownership costs can be prohibitive. India is stepping up its game to improve quality standards for consumer products, taking cues from the US and EU. The government is aiming to weed out counterfeits by introducing random testing and focusing on high-risk items like electronics and toys, Dhirendra Kumar reports. This shake-up, managed by the Bureau of Indian Standards along with other bodies like the Food Safety and Standards Authority for food items, is a response to concerns about nearly a third of the market's goods being fake. With stricter checks and a focus on transparency, India hopes to boost consumer confidence and ensure safety, paving the way for a thriving market that's projected to boom and create numerous jobs by 2030. The podcast industry in India, which boomed during the COVID-19 lockdowns, is now evolving from audio-only formats to include visual content, primarily on platforms like YouTube. This shift is attracting a broader audience and making it easier to secure advertising and sponsorships. However, the increased production costs pose a challenge to profitable monetization. Amit Doshi of IVM Podcasts-Pratilipi told Lata Jha that while viewership has skyrocketed with the addition of video, the higher drop-out rates on YouTube compared to audio-only formats suggest that engagement levels may vary. Industry insights suggest a diverse range of popular genres, from horror to self-help, are thriving, particularly on Spotify. Yet, there's a concern about the passive consumption of podcasts in public spaces, which might inflate viewership figures without reflecting genuine engagement. The landscape of consumer engagement is rapidly changing with the emergence of direct-to-consumer (D2C) brands. These companies are bypassing traditional retail pathways to connect directly with consumers, addressing niche markets often overlooked by larger corporations. Whether it’s specialized hair care products or innovative mattresses, D2C brands are carving out significant spaces for themselves, writes Suneera Tandon. This shift is prompting major industry players to adapt. Giants such as Hindustan Unilever and P&G are responding by either acquiring these nimble startups or launching their own D2C initiatives to stay competitive. It's an exciting era for both consumers and marketers as this new wave of personalization and direct engagement reshapes purchasing behaviours and product offerings. 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 Monday, January 13, 2025. This is Nelson John, let's get started. Mint recently wrapped up a survey, running from late November to December, to gauge public opinion ahead of the Union Budget. We asked readers about their preferences on government planning and potential budget priorities. The results revealed a clear preference for short-term planning. Most of the 7,051 participants are leaning away from long-term goals, favouring immediate action instead. When it comes to the economy, job creation topped the list of priorities with many expressing dissatisfaction with the current income tax slabs, particularly the salaried folks who are craving more tax breaks. About 73% flagged job creation as crucial, underscoring a general unease about employment opportunities. The survey also highlighted a split opinion on populist budget measures, with about 41% in favour during slow economic times, yet higher earners largely opposed the idea. Schemes favouring women, farmers, and entrepreneurs received strong support, showing a desire for targeted assistance in these areas. India is set to reduce its fiscal deficit for 2024-25 to between 4.7% and 4.8% of GDP, a bit lower than the initially budgeted 4.9%. Sources in the government told Rhik Kundu and Subhash Narayan about the move which is a part of the government's ongoing efforts to enforce economic discipline and maintain a trajectory towards fiscal consolidation, with an end goal to bring the deficit down to below 4.5% by 2026. Despite a slowdown in GDP growth, which fell to 5.4% in the September quarter, the government’s financial health has been buoyed by robust tax collections and a significantly higher-than-expected dividend from the Reserve Bank of India. This fiscal year, RBI has contributed a whopping ₹2.11 trillion dividend, which has been a major boost. As for the numbers, the government's fiscal deficit target for FY25 is pegged at ₹16.13 trillion. Up to November, it has managed to keep the deficit at ₹8.47 trillion, which is about 52.5% of the full-year target. This careful management of the budget aims to send reassuring signals to investors, especially crucial at a time when the global economy is slowing. The PM internship scheme, currently being tested, is gearing up for some updates based on feedback from its pilot run and industry inputs. While the monthly stipend of Rs 5,000 and a one-time joining bonus of Rs 6,000 won’t see a hike, other elements are under review to better tailor the program for launch. Since its introduction in early October, the pilot has seen a 621,000 applications for about 127,000 spots, showing there's a massive interest in the initiative. Despite this enthusiastic start, the real challenge lies in scaling up, as the government aims to provide 2 million internships annually over the next five years. The plan is to integrate these internships into academic settings where they can provide real-world experience alongside classroom learning, making students more job-ready upon graduation. How a company's HR department is viewed swings depending on the job market. When talent's hard to come by, companies value HR as a strategic ally. But when there are plenty of job seekers, HR might feel like a bit of a drag—nobody likes being told what to do, especially when it doesn’t seem urgent. Peter Cappelli from University of Pennsylvania puts it plainly: HR’s seen as crucial in tough times but might just be the folks planning the office parties when the pressure's off. It's a bit of a sticky situation, really. In MBA courses, HR gets tagged as a 'soft option', so it doesn’t always attract the top talent. This sticks around, making it tough to find really strong HR leaders who get the business side of things as much as any CFO might. Devina Sengupta examines why HR is the most hated department in any organisation. For homebuyers tangled in issues like construction delays or misleading sales pitches, there's a new ally on the horizon. India’s Central Consumer Protection Authority is gearing up to join forces with the Real Estate Regulatory Authority to offer a robust support system for frustrated property buyers, Dhirendra Kumar reports. Whether it's issues with taking possession, shoddy construction, or navigating the maze of home loans, CCPA is setting sights on giving homebuyers a fair shake in a market notorious for its unpredictability. The move is timely. Despite Rera's efforts since 2017 to protect homebuyers, the authority often hits a wall when it comes to enforcing its rulings, especially when developers appeal against its decisions, dragging out disputes. CCPA, established in 2020, plans to intervene when traditional routes falter, ensuring actions like refunds from developers who don’t hold up their end of the deal. 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 Friday, January 10, 2025. This is Nelson John, let's get started. A recent report by the State Bank of India has sparked widespread debate with its claim of a significant reduction in India’s poverty levels. The report suggests rural poverty fell sharply from 25.7% in 2011-12 to just 4.86% in 2023-24, alongside a notable decline in urban poverty. It attributes this dramatic improvement to the success of government initiatives, including direct cash transfers and infrastructure development. However, as Nandita Venkatesan writes, the methodology behind these figures has come under scrutiny. Critics argue that the report’s approach—adjusting old poverty lines for inflation to measure current poverty—fails to account for shifts in consumption patterns and changes in survey methodologies over the past decade, potentially skewing the conclusions. India’s stock market is bracing for heightened volatility as foreign portfolio investors (FPIs) adopt their most cautious stance in seven months. As of January 8, FPIs’ combined net short positions on Nifty and Bank Nifty futures surged to 238,321 contracts, the highest level since June, according to data from IndiaCharts and the NSE. This sharp increase in bearish bets reflects growing concerns over both domestic and global economic uncertainties, reports Ram Sahgal. FPIs have been consistently shorting Indian markets, driven partly by India’s revised economic growth forecast of 6.4% for FY25, a four-year low and slightly below the Reserve Bank of India’s projection of 6.6%. Adding to the unease is the timing, with Donald Trump’s imminent inauguration as US President stoking fears of tariff wars and stricter immigration policies—both of which could disrupt the global economic landscape. As 2025 unfolds, identifying the Indian sectors poised to lead the charge can feel like a guessing game. To cut through the uncertainty, Mint’s Abhishek Mukherjee sought insights from three major AI chatbots: OpenAI's ChatGPT, Elon Musk's Grok, and Google's Gemini 2.0. While each emphasized the speculative nature of market predictions—shaped by dynamic factors like economic policies and global events—their perspectives offer intriguing takeaways. Read today’s Long Story to see what these AI models foresee for the markets. The Maha Kumbh Mela, returning after 144 years and expected to draw millions to Uttar Pradesh, has become a prime target for cybercriminals. Experts from Aon, mFilterIt, and Quick Heal warn of a surge in sophisticated cyberattacks aimed at stealing personal and payment information. Scammers are leveraging the event's vast digital footprint, creating fake websites and using platforms like WhatsApp to trick pilgrims into paying for fraudulent services. In response, the Uttar Pradesh government and police are stepping up cybersecurity measures, report Pratishtha Bagai and Devina Sengupta. A dedicated cyber police station has been established in Prayagraj, and authorities are closely monitoring and securing online platforms to safeguard attendees from digital threats. The sudden passing of Amit Banerji, founder of Table Space, from cardiac arrest has sent shockwaves through the startup community, highlighting the toll of intense pressure and poor work-life balance in the industry. Banerji’s death is the second such incident in a month, sparking renewed concern about the health and work habits of startup founders. Industry leaders, including Kunal Bahl of Titan Capital and Snapdeal, are urging a shift toward sustainable work practices, emphasizing that long-term business success depends on prioritizing health, reports Sneha Shah. Recent high-profile cases, such as Rohan Mirchandani of Epigamia and Ambareesh Murty of Pepperfry, who also succumbed to fatal health issues, underscore the risks of high-stress startup leadership. In response, there is a growing call for founders to adopt a healthier balance between their professional and personal lives. Some are turning to therapy, while others are being encouraged by boards and investors to take breaks, pursue hobbies, and focus on downtime to avoid burnout. 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, January 9, 2025. This is Nelson John, let's get started. India's manufacturing sector is facing a slowdown, weighing heavily on economic growth. Manufacturing growth slipped to 2.2% in the second quarter of this fiscal year, a sharp decline from 7% in the first quarter. This slump dragged overall industry performance, pulling GDP growth down to 5.4%, compared to 8.1% in the same quarter last year. The primary driver of this slowdown is a significant drop in urban demand. City dwellers, burdened by stagnant wages and rising food prices, are cutting back on spending. While rural demand shows signs of recovery, it’s insufficient to offset the urban slump. Adding to the woes, exports grew at a modest 2.8%, and the heavy monsoon season disrupted power generation and mining activity. The government remains hopeful, though, viewing the slowdown as temporary and expecting a rebound in power and mining post-monsoon. In today’s Primer, N. Madhavan explains why a quick revival in consumer demand is crucial to reignite economic momentum. India faces a stark water crisis, with some regions grappling with floods while others endure severe droughts. To address this imbalance, the government is adopting a dual strategy—supplementing the traditional inter-state river-linking approach with localized intra-state projects. This aims to redistribute surplus water more effectively to arid regions. Currently, over 60% of India’s districts are categorized as high-risk for climate-related disasters such as floods and droughts, according to Puja Das. In response, the central government is encouraging states to develop their own intra-state river-linking proposals. This initiative complements the ongoing Ken-Betwa Link Project, India’s flagship inter-state river-linking venture. Noida-based Astrotalk has skillfully brought the ancient practice of astrology into the digital age, capitalizing on its deep-rooted influence in Indian daily life. The platform connects over 41,000 astrologers with more than 450,000 users. Astrotalk’s financials reflect its success, with revenues soaring to ₹651 crore and profits reaching ₹100 crore in a single fiscal year. The company’s growth has been fuelled by a $30 million venture capital injection, pushing its valuation to $300 million. However, challenges have also emerged. A recent shift in the platform’s revenue-sharing model has sparked discontent among astrologers. While earnings were initially split equally, Astrotalk now retains a larger share of revenue from the initial minutes of consultations, reports Samiksha Goel. This change has left some astrologers feeling like they’re operating in a call center, incentivized to prolong conversations to secure fair payouts. The pressure has strained relationships, with some astrologers walking away, frustrated by what they perceive as a shift from genuine astrological guidance to profit-driven dynamics. The Indian government is rolling out a strategy to transform the northern region into a manufacturing hub, aiming to boost economic growth and reduce regional disparities. Spearheaded by the Prime Minister's Office, the initiative focuses on driving significant infrastructure investment and implementing policies to promote regional manufacturing equity. At the heart of the plan is the ₹10,037 crore Uttar Poorva Transformative Industrialization Scheme (UNNATI—2024), a decade-long program designed to incentivize industries across North India. Key regions such as Kanpur, once hailed as the 'Manchester of the East,' and Jammu & Kashmir, known for its rich crafts and agricultural produce, are central to this effort. The initiative seeks to leverage the untapped potential of these regions to address the stark economic divide between northern and southern states—a disparity that has led states like Karnataka, Kerala, and Tamil Nadu to question the fairness of federal financial allocations. Major players in Indian industry, including Hindustan Unilever, Bharti Enterprises, and the Tata Group, are refocusing on their core business areas. This strategic shift aims to sharpen their competitive edge, reduce debt, and enhance shareholder value. Devarajan Nambakam of Goldman Sachs told Priyamvada C. that high-interest rates and the potential to unlock value from mature investments are key drivers of this trend. He anticipates this focus on core strengths will persist well into 2025 as companies navigate a rapidly evolving economic landscape.For example, Adani Enterprises recently divested its stake in a joint FMCG venture, and Bharti Enterprises exited its food business. Such moves allow companies to redirect resources toward their primary operations, where they foresee the greatest growth and stability. 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, January 7, 2025. This is Nelson John, let's get started. The Indian stock market tumbled on Monday, with benchmark indices Sensex and Nifty 50 both plunging over 1.5%, as widespread selling gripped the market. Investor sentiment was rattled by reports of a new virus outbreak in China, fueling fresh concerns. India's real estate sector is poised for an eventful year. While the office market shows promise, driven by demand from global capability centers and tech companies, challenges loom. A shortage of premium office spaces in key markets like Mumbai and Bengaluru could hamper growth unless new, high-quality projects come online. On the residential front, the momentum seen post-pandemic is slowing. Elevated property prices in several cities are deterring buyers, potentially prompting a shift towards affordable housing as the market undergoes a correction. Madhurima Nandy explores the key factors shaping the outlook for the real estate market this year. The Indian government is set to introduce a new policy aimed at driving sustainability in the micro, small, and medium enterprise (MSME) sector. This initiative will provide financial, technological, and regulatory support to help MSMEs adopt greener practices, aligning with India's net-zero carbon emissions target for 2070. Rituraj Baruah and Manas Pimpalkhare report that a dedicated body under the MSME ministry will oversee this transition, ensuring a smooth shift to sustainable operations. Beyond environmental goals, the policy aims to ease the financial burden on small businesses by offering a robust support system to manage the costs of these changes. India’s consumer goods companies are bracing for a tough third quarter with expected low single-digit revenue growth and margin contraction. Despite price hikes aimed at combating inflation, weak urban demand and a delayed winter have dampened the sector's performance. Suneera Tandon spoke to Nitin Gupta from Emkay Global, who told her that only a few companies like ITC, Marico, and Bikaji might report double-digit revenue growth. Marico has seen some support from rural markets and has raised prices on products like Parachute coconut oil to cope with rising costs. However, the overall urban demand is expected to remain subdued for a few more quarters, with further price hikes likely as companies grapple with high input costs affecting essentials like soaps and edible oils. After stepping down as managing director of Kotak Mahindra Bank, Uday Kotak isn’t hitting the brakes. Instead, he’s channeling his energy into USK Capital, his family office, where he’s focused on investing in businesses with long-term growth potential and mentoring the next generation of business leaders. While no longer in a full-time banking role, Kotak remains actively involved as a non-executive director on the bank’s board. In a recent conversation with Mint’s Satish John and Gopika Gopakumar, he shared insights on topics ranging from privatization and regulatory challenges to Starlink's entry into India’s telecom space. At 65, Kotak remains steadfast in his vision of witnessing India emerge as a global powerhouse within his lifetime. In 2024, while foreign institutional investors (FIIs) took a cautious stance on Indian equities, domestic institutional investors (DIIs) confidently stepped in. Notably, when FIIs recorded their largest sell-off of the year in October, DIIs countered with their highest-ever monthly purchases for the period. This marked the fourth consecutive year where DIIs outpaced FIIs in market investments, according to a report from IIFL Securities. Although FIIs showed signs of a minor comeback in December, it’s still uncertain whether this trend will persist in 2025. Experts at Bajaj Broking suggest that FII caution might continue, driven by global and local economic challenges. Looking ahead, market sentiment remains cautiously optimistic. If the upcoming budget strikes the right chord with investors, it could pave the way for a stronger FII resurgence, writes Dipti Sharma. India’s core growth fundamentals remain robust, and with favourable global conditions and strategic domestic policies, foreign interest could see a meaningful revival. 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 Monday, January 6, 2024. This is Nelson John, let's get started. China has a new virus! There is a rising concern about respiratory infections in the country, particularly with an increase in cases of Human Metapneumovirus among children under 14. This virus, part of the same family as the respiratory syncytial virus, has sparked worries due to its symptoms and transmission methods, which are reminiscent of COVID-19. Unlike COVID-19, however, there's no vaccine or specific treatment for HMPV, adding to the global health anxieties. The increase in cases, especially noted in northern China, comes during the usual flu season but has raised some eyebrows globally due to fears of a pandemic-like spread, reminiscent of the early COVID-19 days. However, health experts note that HMPV isn't new; it's been around since 2001 and pops up seasonally in places like the US and UK. Jessica Jani explains what the new virus is and how it could affect the human body, in today’s Primer. Donald Trump's second presidential term has reignited concerns over H-1B visas, critical for India's $250-billion IT services sector. Historically, these visas have been essential for employing highly skilled non-immigrants in the US. However, Indian tech companies are less vulnerable today than in the past due to a strategic shift towards hiring more Americans and reducing dependency on H-1B visas. Jas Bardia spoke to IT industry insiders who told him that IT companies are hiring more locally in the US, which decreases the reliance on H-1B visas. US firms now employ more Americans than H-1B visa holders in these roles. Data shows that major Indian IT firms, including Cognizant, Infosys, Tata Consultancy Services, and Wipro, have significantly reduced their H-1B visa applications over the last decade. 2024 marked a significant increase in ultra-luxury real estate transactions in India, with cities like Delhi-NCR, Mumbai, and Bengaluru seeing record deals for homes costing over Rs 100 crore. Speaking to Mint’s Khushi Malhotra, Ritesh Mehta of JLL highlighted the growth in this sector, noting high-value transactions on Gurgaon's Golf Course Road and South Mumbai's Malabar Hill. This surge reflects a robust confidence in ultra-luxury real estate as a stable investment. The data from PropEquity revealed 13 such transactions between January and October last year, a slight decrease from 21 in 2023. Anarock Group’s data also shows that 99 ultra-luxury residential deals worth Rs 8,069 crore were closed over the past three years. India’s new Digital Personal Data Protection Act, 2023 is causing a stir with its latest draft rules, especially around the new requirement for parents to verify their identity when their kids want to use online platforms. This proposal is sparking quite a debate about its practicality and the potential headaches it could cause for both families and companies. The draft rules suggest parents need to prove they’re really the guardians using digital IDs like the Digilocker platform, Souvik Das reports. While this is meant to keep kids safe online, it’s also raising concerns about the extra burden it places on companies that now have to manage this verification process. Ketan Parekh, once celebrated as a prime mover of India's stock market, found himself implicated in a new scandal. Decades after being banned for a major 2001 market scam, Parekh is accused of using insider information to manipulate trades, profiting ₹38.7 crore. Additionally, a Singapore-based trader linked to him earned ₹27.07 crore in commissions, leading the Securities and Exchange Board of India (Sebi) to seek a return of ₹65.77 crore from those involved. The investigation, lasting over two and a half years, involved deep dives into financial records, phone data, and digital communications across multiple platforms. Sebi’s detailed probe revealed Parekh’s use of various tactics to disguise his involvement, including using multiple mobile numbers registered under different names and employing pseudonyms. Neha Joshi takes an in-depth look at the 30-month investigation undertaken by the market regulator, which ended up with Parekh’s implication. 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 Friday, January 3, 2024. This is Nelson John, let's get started. The Indian stock market experienced significant volatility in 2024, with the Nifty 50 plunging nearly 11% from its September peak amid heavy foreign investor selling and a weakening rupee. Mayur Bhalerao notes that over 25% of stocks are trading below their peak values, presenting potential buying opportunities. However, elevated valuations, particularly in the mid-cap and small-cap segments, continue to be a concern. The government has approved a revamped crop insurance scheme with a financial outlay of ₹69,516 crore for the next financial year. Additionally, ₹825 crore has been allocated to accelerate the adoption of technology in farming. Sayantan Bera reports that part of this fund will support satellite-based crop yield assessments and a network of automatic weather stations. However, challenges remain, including delays in claim settlements and limited state participation. With 87% of India’s districts vulnerable to drought and substantial weather-related economic losses, this scheme is crucial for safeguarding farmers' livelihoods. Traditionally, angel investing—small investments in startups—was dominated by founders of established startups. However, the landscape is shifting as sports stars like MS Dhoni and PV Sindhu enter the early-stage funding scene. Mansi Verma reports that while overall angel funding fell to $213.5 million from $441.1 million and the number of funding rounds halved, over 1,000 first-time angels joined the fray last year. Government-backed incubators are also emerging as key players, creating a diverse and evolving pool of investors. Despite the growing popularity of SUVs, hatchbacks continue to hold a special place in the hearts of Indian car buyers. Maruti Suzuki India reported an impressive 29% year-on-year growth in small car sales for December. With small cars making up half of its portfolio, this uptick is a significant boost for the market leader. Manish Joshi notes that while overall sales remained flat, a 4% price hike is expected to drive profit growth. Additionally, Maruti’s valuation appears reasonable at 22 times its annual earnings, he adds. 2024 wasn't a great year for Bollywood. Established stars like Alia Bhatt, Ajay Devgn, and Akshay Kumar ventured into experimental films that did not work. Lata Jha writes that while such films can enhance an actor's versatility, they also risk alienating wider audiences. For example, Jigra had a budget over ₹80 crore but earned only ₹30.7 crore. Despite the niche focus, stars maintained their high fee structures. That ultimately resulted in costly projects that often underperformed. 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, January 2, 2024. This is Nelson John, let's get started. All said and done, Nifty 50's returns of 9% in 2024 were about average. Expectations for the new year are understandably moderate. Abhinaba Saha writes that despite these forecasts, one sector that is likely to do well is real estate. Consumer durables will also be aided by strong demand and government support. Additionally, banks that will capitalise on the upcoming credit cycle are also likely to fare well, Abhinaba writes. Diamonds might be forever, but their returns are certainly not. Anil Poste spoke to experts, who said that asset classes like diamonds can stagnate for years. Diamonds prices had plateaued for two decades, and are now falling — thanks to lab-grown diamonds. Unlike equities that tend to grow in value through innovation and profitability, diamonds lack a reliable resale market. Jewellers often only offer exchanges, instead of buying it back for cash. Experts caution you to treat diamonds as luxury purchases rather than dependable investments, unlike gold. India's overburdened legal system is the recipient of many jokes. However, the tide turned in 2024: district courts disposed of more cases than were pending. This is the first time in our country's history that the number of resolved cases exceeded pending ones. Manas Pimpalkhare writes that this is the result of enhanced efficiency driven by technological integration and virtual hearings. The central government's eCourts scheme received a lot of funding and support to improve how cases are handled, Manas writes. Indian companies are increasingly turning to qualified institutional placements (QIPs) to raise funds for capital-intensive projects, with 2024 setting a record for such fundraising. Priyamvada C reports on data from Prime Database which shows companies raised ₹1.37 trillion across 95 QIPs, significantly higher than ₹54,350 crore from 45 issues in 2023. Prominent transactions included Vedanta and Zomato, each raising ₹8,500 crore, alongside others like Adani Energy Solutions and Godrej Properties. The surge in QIPs is attributed to favorable market conditions, robust liquidity, and strong investor interest, with sectors like BFSI, real estate, and IT being particularly active. The Indian rupee's decline against the dollar in 2024 impacted the return of FPIs, despite its relative stability compared to other global currencies. While the Sensex in rupee terms returned 8.16%, its dollar equivalent, the BSE Dollex 30, only managed a 5% gain. The rupee's modest annual fall of 2.9% was cushioned by the RBI through various market interventions. The outlook remains challenging for FPIs due to potential US policy changes under the Trump administration that may keep US bond yields high, discouraging significant investments in Indian equities and bonds. FPIs invested a mere ₹427 crore in 2024, a drastic decrease from ₹1.7 trillion in 2023. In contrast, domestic institutional investors compensated with a record ₹5.26 trillion in purchases. 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, January 1, 2024. This is Nelson John, wishing you a very happy new year. Corporate India has a lot of cash on its hands. A study of Sensex 500 companies found that 66 companies collectively held ₹2.7 trillion in cash and equivalents at the end of FY24, of which ₹99,100 crore remains unallocated for any purpose.. This has prompted some calls for higher shareholder returns through dividends or buybacks. Despite these firms returning 54% of their profits back to shareholders, analysts argue there’s room for more, Nehal Chaliawala writes. Many firms like tech giants and industrial leaders are urged to establish clearer dividend policies tied to profits rather than cash reserves. The demand for larger dividends is only growing. What's the connection between Apple's iPhone and Indian stocks? Both became increasingly desirable commodities in 2024. Abhinaba Saha writes that while the upper strata of society continued to buy iPhones, those with less disposable income continued to prioritise necessities. This is called a K-shaped recovery. The Indian stock market mirrored this consumption dynamic: Nifty Realty and Nifty India Consumption indices performed strongly due to a trend toward premiumization. However, FMCG companies struggled due to declining sales. Investors too have caught on to this trend, and are focusing on established premiumization trends, Abhinaba writes. India's data centre capacity is expected to rise significantly next year. Data localisation laws are the primary cause, and thanks to rapid 5G usage, companies have more than enough data to store. Leslie D'Monte writes that current estimates forecast capacity could double to 2-2.3 gigawatts by 2027. Major players like AWS, Microsoft Azure, and Google Cloud are expanding their presence in India. An estimated investment of ₹55,000–65,000 crore is needed to fulfill these needs, Leslie adds. Generative AI is becoming a major focus for global tech spending, and is set to account for 6.5% of budgets in 2025—a significant jump from 2024, according to ISG. GenAI’s use in customer service and chatbots is growing rapidly, but opinions on its impact on India’s $254 billion IT services industry are mixed. Some analysts Jas Bardia spoke to, like Keith Bachman from BMO Capital Markets, predict GenAI will drive pricing pressure as clients demand cost savings from efficiency gains. This could challenge revenue models for IT firms, especially during contract renewals. Others, like Axis Capital, argue that GenAI will fuel growth, enabling firms to innovate and create new opportunities, as cost savings are reinvested into advanced tech solutions. The Indian Institutes of Technology (IITs) are becoming a key recruitment ground for private universities seeking to strengthen their faculty and improve in global rankings. Private institutions such as SRM Institute of Science and Technology, BML Munjal University, and Dayananda Sagar University are registering with IITs to recruit master's and PhD graduates in fields like mathematics, chemistry, and physics. These institutions offer median annual salaries of ₹12-15 lakh, comparable with those offered by top recruiters at older IITs. Universities are targeting IIT graduates to boost their research output and international reputation, report Pratishtha Bagai and Devina Sengupta. With IITs renowned for their research ecosystem and strong brand image, hiring from these institutes helps private universities attract better students and faculty. Learn more about your ad choices. Visit megaphone.fm/adchoices