Top of the Morning

Welcome to Top of the Morning by Mint, your weekday newscast that brings you five major stories from the world of business. It's Tuesday, December 31, 2024. This is Nelson John, let's get started. The markets regulator’s crackdown on futures and options trading is already showing significant impact. Ram Sahgal reports a nearly 25% month-on-month decline in index options turnover in November, with retail and proprietary traders accounting for about 75% of this drop. Stricter curbs, including larger contract sizes, are set to take effect in January, likely reducing volumes further in the new year. Sebi implemented these measures in response to widespread losses incurred by retail investors in F&O trading over the past couple of years. Adani Enterprises announced plans to sell its 43.94% stake in Adani Wilmar to joint venture partner Wilmar International for over $2 billion. Nehal Chaliawala reports that the move aims to address liquidity concerns as the company refocuses on core business investments. Adani Wilmar, with annual revenue nearing ₹50,000 crore, will also undergo a name change. Additionally, 12.87% of its stake will be sold through an offer for sale to meet public shareholding requirements. This decision comes amid speculation about Adani's exit from non-core businesses following allegations of fraud that have affected the group's financial stability. In a report released on Monday, the Reserve Bank of India flagged concerns about stress in unsecured retail credit spilling over to larger loans, such as housing and auto loans. Shayan Ghosh reports that nearly half of personal loan borrowers also have outstanding secured loans. According to the RBI’s Financial Stability Report, defaults in unsecured loans could prompt lenders to classify other loans held by the same borrower as non-performing. While the gross non-performing asset (GNPA) ratio for unsecured loans currently stands at 1.7%, the RBI cautioned that rising write-offs could be masking the true extent of asset quality risks. According to the Chinese zodiac, 2025 will be the Year of the Snake—symbolizing flexibility, growth, and change. Devina Sengupta writes that India Inc. is set to experience all these dynamics, with employees expected to switch jobs at a faster pace. Companies will likely go beyond salary hikes to focus on upskilling initiatives. While rural hiring in the FMCG sector is projected to rise by 10%, weak consumer demand, driven by inflation, may dampen growth. High demand for talent is anticipated in sectors like AI, data science, and digital transformation. Compensation increases are forecasted to average around 9.5%, underscoring the competitive landscape for skilled professionals. During the 2015 Paris Agreement, India committed to achieving net-zero emissions by 2070. Among India Inc., the targets vary significantly. Of the Nifty50 companies, 19 have yet to set net-zero or carbon-neutral goals, 20 have set net-zero targets with a median year of 2040, and 11 aim for carbon neutrality by 2032. Nehal Chaliawala reports that Infosys was the first to achieve carbon neutrality in 2020 and plans to reach net-zero by 2040. His analysis highlights that the IT sector leads in climate commitments, while financial services have the highest proportion of companies without stated goals. Other sectors, such as automotive and pharmaceuticals, also lag behind with unclear climate targets. Learn more about your ad choices. Visit megaphone.fm/adchoices

Welcome to Top of the Morning by Mint, your weekday newscast that brings you five major stories from the world of business. It's Monday, December 30, 2024. This is Nelson John, let's get started. Several major investors of Religare criticised a PIL that led the Madhya Pradesh High Court to indefinitely stay the company's upcoming annual general meeting. They argued that a takeover of Religare by the Burman family could concentrate ownership and harm minority shareholders. Nehal Chaliawala writes that one executive from a mutual fund said that holding an AGM is an independent matter, and unrelated to regulatory approvals. The AGM was scheduled for December 31. Key leadership issues, particularly those surrounding the chairperson Rashmi Saluja, were slated to be discussed. America's sought-after H-1B visa is doing the rounds after being brought in the limelight by Elon Musk. This visa is essential for hiring specialized foreign workers. Usually, skilled workers from India and China are first in line for such a visa. Shelley Singh writes that Musk's interest in hiring more workers via the H-1B is at loggerheads with President Donald Trump's conservative supporters, who want tighter immigration norms. However, the Indian IT sector is becoming less reliant on the H1-B as more American companies open offices in India. The government wants to cut red tape, and it wants to do it by next year's Union Budget. Gireesh Chandra Prasad reports that the government is identifying regulations that can be relaxed during the Budget to help revive a slowing economy. These rules will directly address concerns of "over regulation" in certain sectors, and will scale back these rules to help India Inc. flourish without having to worry about endless compliance norms. Gireesh identifies two major areas where a streamlined process could do wonders: land and labour laws. If your portfolio includes one of India's top five IT stocks, you probably had a mixed 2024. Revenue growth this past year slowed down, compared to the previous year. Jas Bardia and Varun Sood write that despite this, shares of TCS, Infosys, HCL, and Tech Mahindra performed better than expected. 2025 might bring heavier spending by these companies due to the US Federal Reserve's interest rate cuts. Increased revenues on the back of deflated base numbers would bode well for these IT stocks. It's hiring season for rural India. Devina Sengupta and Suneera Tandon write that India's consumer goods companies are ramping up hiring in rural markets. Rural markets outperformed their urban counterparts this year, leading to this move. There is a higher demand for roles such as van sales representatives, leading to this move. Notable firms like Godrej Consumer Products, Dabur, and ITC are expanding their workforce and introducing more economical options to try and push deeper into the hinterlands. Recruitment firms are reporting a 10-15% increase in hiring by fast-moving consumer goods companies in these areas. 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, December 27, 2024. This is Nelson John, let's get started. Former Prime Minister and finance minister during the 1992 economic liberalisation, Dr. Manmohan Singh, passed away at the age of 92 at Delhi’s AIIMS last night. Dr. Singh, who is often credited with opening up the Indian economy, retired from the Rajya Sabha earlier this year—ending a 33-year stint in the Upper House of Parliament. After a soaring streak, India’s residential property market took a downturn in 2024, experiencing a 4% drop in home sales. This marked the first slowdown since the pandemic, with a corresponding decrease in new project launches. However, despite the dip in sales and new supplies, property prices didn't follow suit and instead climbed higher, writes Madhurima Nandy. In the top seven cities, residential sales didn't reach the peaks anticipated for 2024, as reported by Anarock Property Consultants. Election activities and a sluggish process for project approvals contributed to fewer new project launches. While sales volumes dropped, the value of sales actually increased by 16% due to rising home prices and larger unit sizes. As the allure of prestigious campus placements at Indian Institutes of Technology (IITs) begins to wane in the face of a global economic downturn, the institutions are rallying behind their students, especially those who have missed the initial rush of high-profile recruiters. In response to the challenging job market, IITs are introducing innovative support systems to aid their students in securing employment. Recognizing the importance of mentorship and preparation, IIT Delhi has launched the "Call a Friend" program. This initiative connects final-year students with peers who have successfully navigated the placement process. The idea, Devina Sengupta reports, is to provide real-time advice and emotional support from those who understand the stress and demands of securing a good job offer. In its annual report on the trends and progress of banking for the fiscal year 2023-24, the RBI outlined a series of potential regulatory changes aimed at strengthening the banking system further. Gopika Gopakumar reports on the changes that include eliminating prepayment penalties on floating rate term loans for small businesses, tighter oversight of inter-linkages between banks, NBFCs, and private credit firms, and more stringent regulations for payment aggregators. RBI is also set to finalize guidelines that will require financial institutions to disclose climate-related financial risks, incorporating scenario analysis and stress testing to gauge these risks better. In India, niche American dramas and smaller Hollywood movies like Tom Hanks' Here and Michael Keaton’s Goodrich are carving out success at the box office by appealing to a specific audience that doesn't mind shelling out a bit more for tickets. These films, often showcased in select urban theaters, come with a higher price tag, sometimes over ₹500 a pop. Despite this, they manage to attract a dedicated crowd that values quality storytelling over blockbuster effects. Lata Jha spoke to industry insiders who explained that these movies, typically acclaimed at festivals or tipped for awards, draw viewers who appreciate premium content and are prepared to pay for it. Films like Here and Goodrich have made respectable earnings in India by targeting their ideal audience with higher ticket prices, balancing out their more modest box office hauls. The Sanskrit word Simhavalokana refers to the retrospective glance of a lion as it surveys the path it has traversed. This idea captures the essence of reflecting on key lessons from the financial markets in 2024. This year offered several critical takeaways for investors. Industry consolidation emerged as a strong theme, particularly in sectors like telecom and airlines in India. With the market share of top players increasing significantly, this trend highlighted the potential for multi-year returns from survivors in consolidated industries. Economic events also underscored the dominance of climate-driven food inflation over monetary policy. Valuation metrics also delivered important lessons. Markets in politically and economically troubled regions like Argentina and Pakistan delivered unexpected returns, proving that bad macroeconomic news is often already priced in. Meanwhile, IPOs emerged as a cautionary tale. Swanand Kelkar, managing partner at Breakout Capital Advisors, shares market lessons from the year gone by. 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, December 26, 2024. This is Nelson John, let's get started. Honda and Nissan are set to merge by mid-2025, along with Mitsubishi, creating the world’s third-largest auto group after Toyota and Volkswagen. The new entity, valued at $50 billion, is expected to generate $191 billion in revenue and sell over 8 million cars annually. The merger is driven by challenges in China, where both brands are losing market share, and the need to accelerate EV development. The merger promises cost savings, shared resources, and a stronger push into electrification, though sceptics question its potential success, citing previous failed auto tie-ups. N Madhavan explains what the whole merger is about. In India, where Honda and Nissan hold marginal market shares of 1.4% and less than 1%, the impact may involve shared platforms and streamlined operations, but specifics on their manufacturing facilities remain unclear. N Srinivasan, CEO and MD of India Cements, along with other board members, resigned yesterday, following UltraTech Cement's acquisition of a 32.72% stake in the company. The Aditya Birla Group-owned UltraTech, now the majority shareholder, has made India Cements its subsidiary. The resignations, including those of Srinivasan's family members Rupa Gurunath and Chitra Srinivasan, as well as V.M. Mohan, marks the end of the existing promoters' control over the South-based cement maker. India's leading banks and financial institutions are embracing AI to improve services, cybersecurity, and efficiency. SBI, BoB, HDFC Bank, Axis Bank, and Poonawalla Fincorp are developing in-house AI capabilities, focusing on proprietary models to leverage sensitive data securely. SBI is seeking patents for its AI/ML innovations, avoiding reliance on Big Tech’s public models. BoB is extending AI and Generative AI across its operations. HDFC Bank uses AI for fraud prevention, customer service, and pre-approved offers while exploring private Large Language Models. Axis Bank is piloting AI-driven solutions for fraud detection in international payments. Experts see this as a shift from banks relying on tech firms to developing their own AI intellectual property. Shouvik Das and Shayan Ghosh report on how Indian lenders are taking AI more seriously than ever. A string of blockbuster films, including Pushpa 2: The Rule, Bhool Bhulaiyaa 3, and Mufasa: The Lion King, has rejuvenated shopping malls and retailers in late 2024, following a sluggish start to the year. Mall operators report a high single-digit growth in sales for the December quarter, fueled by these hits and festive season demand. Lata Jha spoke to industry insiders who highlighted that, footfalls, which had dropped earlier in the year, doubled in this period, driven by cinema releases and festive shopping. Multiplexes, a key driver of mall traffic, spurred consumption across categories like apparel, food, and jewellery. However, inflation and reduced government spending during elections had earlier cooled retail demand. As 2024 wraps up, it’s clear that some of the year’s biggest tech innovations fell short of their lofty promises. Generative AI faced mounting skepticism over its high costs, errors, and limited real-world adoption. India’s Smart Cities Mission struggled to deliver on its promise of true urban transformation. The metaverse failed to live up to its hype amid technical and economic challenges. Web3 and NFTs lost their early momentum due to regulatory hurdles and market volatility. Even quantum computing, while advancing, remains far from everyday application. Leslie D’Monte takes a close look at these tech letdowns from the year gone by. As we head into 2025, wealth managers are zeroing in on sectors poised to thrive and those better avoided. Financial services stocks stand out as a top pick, with reasonable valuations and the potential for monetary stimulus to revive credit growth and stabilize margins. In contrast, metals face persistent challenges like sluggish global growth and overcapacity in China, making them a sector to steer clear of. Here’s what the experts recommend for the year ahead. Dipti Sharma writes on the top sectors to pick and avoid in the coming year. 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, December 25, 2024. This is Nelson John, let's get started. The Department of Pharmaceuticals recently penalised AbbVie Healthcare India for allegedly violating the Uniform Code for Pharmaceutical Marketing Practices. AbbVie reportedly spent ₹1.91 crore flying 30 doctors to Paris and Monaco under the guise of a medical conference, including lavish hospitality. The UCPMP, now mandatory, prohibits such expenses unless doctors are speakers at events. AbbVie argued the trips occurred before the March 2024 UCPMP mandate and were compensation for services, but the DoP rejected this and directed the company to spend the same amount on treating poor patients in government hospitals. Further probes by tax authorities and the National Medical Council may follow. Soumya Gupta explains the situation in today’s Primer. Packaged goods makers are focusing more on rural markets. Companies like Zydus Wellness, Dabur India, and Godrej Consumer Products have launched affordable packs and brands tailored for these areas. Rural markets are experiencing more growth compared to urban ones, with FMCG volume growth in rural areas at 6%, double that of urban areas at 2.8%, according to NielsenIQ. Godrej Consumer has introduced smaller products like hair colour and incense sticks specifically for rural consumers. Dabur is enhancing its rural distribution and rolling out new innovations. Suneera Tandon reports that rural consumers are embracing branded commodities and dairy products more than before, boosting the FMCG sector, which gets 37% of its sales from these areas. Renewable energy developers are racing against time to complete projects before the inter-state transmission system waiver, which allows free transmission for 25 years, expires on 30 June. This urgency drove a 43% jump in power capacity additions during April-November, with green energy leading the charge. The Central Electricity Authority reports that 14.9 GW of renewable energy—solar, wind, and small hydro—was added during the period, nearly double last year’s 7.53 GW. Developers are leveraging favourable solar module prices, revived wind turbine manufacturing, and strong investor interest to meet the deadline. However, industry groups are pushing for an extension of the waiver, Rituraj Baruah reports. Smartphone addiction is pushing brands like Vivo, Oppo, and HMD to embrace digital detox as a selling point. Features like OnePlus’s Zen Mode and HMD’s Detox Mode help users disconnect by temporarily hiding distracting apps. Vivo’s study highlights the problem: parents average 5.5 hours and kids 4.5 hours of daily screen time, with 64% of children feeling addicted. Most kids even think their parents' phones should stick to basics like calling and messaging. Gulveen Aulakh reports on how brands are responding with smarter tools. HMD's Detox Mode makes taking a break easy, while Vivo’s devices offer focus modes and screen-time reminders. Feature phones are also being reimagined with essentials like UPI payments to encourage reduced smartphone dependency. This December has been a tough one for markets, with a 1.7% drop so far, making it the second-worst in a decade after 2022’s 4% fall. Profit-booking, foreign investor outflows, and IPO-driven sector shifts have hit large-cap stocks, but experts see this as a chance for savvy investors to buy. FPIs have been pulling back, driven by a stronger dollar and valuation concerns, while IPOs have drawn much of the inflow. Yet, December has seen ₹20,071 crore in FPI inflows, signalling some recovery, writes Niti Kiran. Analysts expect IPO momentum to continue into 2025, potentially crossing ₹2 trillion, though inflation and global uncertainties may stir volatility. Historically, December has often been a positive month for markets, with gains in three out of every four years. Despite current challenges, local buying and January optimism could stabilize markets, keeping December’s reputation for resilience alive. 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, December 24, 2024. This is Nelson John, let's get started. In August, a U.S. federal judge ruled that Google's operations violated antitrust laws, particularly concerning its dominance with Search. India's stance isn't far from that of the U.S.'s. The Competition Commission of India has been actively investigating similar concerns and has already fined Google for monopolizing mobile apps and operating systems. Like the U.S., India's investigations are ongoing and have seen local publishers accusing Google of unfair practices related to ad revenues. Google's Search and Chrome are critical to the company’s financial health, bringing in over half of its quarterly revenue and boasting a 68% browser market share globally. Changes mandated by the courts could force Google to rethink its business strategies, especially if it has to stop making Google Search the default on devices, potentially opening the door for more competition. Shouvik Das explains how changes at Google could affect your experience of browsing the net on your phone. As the year draws to a close, it’s the perfect time to reflect on some of the standout stories by our team of reporters, writers, and columnists. Explore the Best of 2024 through these curated collections, highlighting the best of the year, Click on the links in the show notes and read on! In 2024, India's housing finance sector saw a significant jump in fundraising, pulling in $826.8 million—a massive leap from $82.6 million the previous year. This surge in investment is thanks to venture capital and private equity firms looking for stable assets amid rising housing demands. Experts are buzzing about the potential of affordable housing finance, especially as it expands beyond the metros into Tier 3 and 4 towns. Apoorve Goyal from Prosus highlighted the sector's growth prospects and low-risk allure, noting that even tech-first investors are now tapping into this market. Nithya Easwaran from Multiples pointed out the solid credit performance of these investments, even during tough times like the pandemic. With India’s home loan market projected to grow significantly in the next few years, fueled by urbanization and income growth, there's a lot of action expected in this space, Priyamvada C reports. The thrill of live concerts in India has been marred by infrastructure woes, with recent performances by stars like Diljit Dosanjh and AP Dhillon underscoring the urgent need for improvement. Despite the excitement around shows and willingness of fans to pay up to ₹35,000 for a ticket, artists and promoters face challenges like inadequate venues, poor sanitation, and complex logistics, especially outside major cities. Diljit Dosanjh, expressing frustration, has even vowed not to perform in India until there's significant improvement in the concert setup. The main venues available—grounds, cultural centres, or stadiums—often lack the necessary facilities for high-caliber events. Obtaining permissions and licenses adds another layer of complexity, particularly when using stadiums, as regulatory restrictions often protect the pitches from damage. Pratishtha Bagai and Lata Jha report on how a lack of infrastructure is causing artists to stay away from the stage. The effects of climate change are becoming increasingly tangible, affecting everyday life across the globe. In India, the impacts are stark, with severe heat waves, deadly floods, and persistent droughts making headlines in 2024. The year 2024 witnessed frequent and severe climate-driven disasters, such as the heat-induced fatalities during the Lok Sabha election and the catastrophic landslides in Kerala’s Wayanad. Such events highlight a grim reality: climate catastrophes are becoming the new normal, signaling an era of increased instability. The intensification of these disasters is evident, with the Indian Ocean's temperatures rising, fueling more powerful cyclones and altering rainfall patterns, directly impacting agriculture and water resources. Globally, 2024 is set to be the hottest year on record, with average temperatures surpassing the critical 1.5 degrees Celsius mark above pre-industrial levels. Bibek Bhattacharya delves deep into the problem of climate change, staring us in the face as we move on to 2025. Indians are increasingly choosing premium air travel on metro routes, driven by rising aspirations and a rebound in corporate travel. Demand for business and premium economy seats has surged 50-60%, nearly doubling fares within a year, reports Daanish Anand. Business class comprises 5-6% of India’s air travel market, below the global average of 9.2%. Airlines like IndiGo and Air India are expanding premium offerings. However, soaring fares—now ₹45,000-85,000 domestically—have sparked concerns about affordability and competitiveness with international travel options. Show notes: 2024: Ye

Welcome to Top of the Morning by Mint, your weekday newscast that brings you five major stories from the world of business. It's Monday, December 23, 2024. This is Nelson John, let's get started. Many investors have burnt their hands during the bull run of 2024. Take for example the Nifty India Defence Index, which saw a stunning 60% return this year. However, one of its main stocks is prone to volatility: Cochin Shipyard has dropped 30% in the past six months. Abhishek Mukherjee writes that sectors like pharmaceuticals and manufacturing have thrived due to post-COVID dynamics and strategic shifts, but many investors have fallen prey to herd behavior and overinflated narratives. Thus when experienced investors book their profits, sharp corrections occur — leading to widespread portfolio losses. Indians are borrowing more money against their gold, and the Reserve Bank of India is worried. Regular defaults are leading to increased collateral auctions to recover these loans. Anshika Kayastha writes that Muthoot Finance and Manappuram Finance reported significant auction amounts in recent quarters. This reflects a shift towards standardized auctioning policies in compliance with new regulations. The RBI has tightened its rules: there are now limits on cash disbursements for gold loans and requiring a review of lending practices. When companies apply for any incentive scheme by the central government, they are supposed to invest some money to receive further subsidies. However, about 12 companies will be excluded from the government's production-linked incentive scheme for failing to meet these norms. Manas Pimpalkhare and Rituraj Baruah report that these companies include state-owned Bharat Heavy Electricals or BHEL, and Kia Motors India. Kia had expressed intent to withdraw from the scheme as its manufacturing plans have not materialised. The PLI-Auto scheme had an estimated outlay of 26,000 crore rupees over five years, but only 500 crore has been claimed so far. After a long bout of lean hirings, the IT sector is looking better. Accenture's recent hiring of 49,000 employees globally over six months indicates a positive growth outlook moving forward. Jas Bardia writes that this would bode well for Indian IT companies like TCS, Infosys, and HCL Technologies as well. While growth for Indian IT companies has been slow, analysts suggest that recovery may be on the horizon. This recovery will be aided by a potential increase in demand following interest rate cuts and decision-making in the US under the upcoming Trump administration Everyone in India's startup ecosystem is looking for the next big bet. Shelley Singh writes that deep tech might be it. This field is rooted in science and engineering and addresses major global challenges. It covers sectors such as space tech, biotech, and climate tech, and focuses on long-term goals. However, challenges such as the need for a supportive ecosystem involving academia, government, and investors remain abundant. Moreover, deep tech firms need strong intellectual property and scalable business models as well. 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, December 20, 2024. This is Nelson John, let's get started. Jan Aushadhi Kendras, part of a government-backed initiative to provide affordable medicines, have been on an upswing, hitting sales of ₹1,000 crore this year. These centres have become so incredibly popular that some private firms are now getting in on the action. Take, for instance, a pharmacy in Mumbai that's named after Jan Aushadhi but isn't actually part of the official scheme. It cleverly uses the Jan Aushadhi brand to draw in customers looking for low-cost meds, even though it is a for-profit entity and sells branded generics, too. This situation highlights a broader trend in the market, writes Jessica Jani. While the official Jan Aushadhi Kendras are booming with their highly affordable generics, there's a growing space for hybrid centres like this Mumbai pharmacy. They offer both cheap generics and higher-margin branded drugs, ensuring no customer leaves empty-handed. Micromax has teamed up with Taiwan's Phison to carve out a niche in the high-end storage market with a new joint venture, MiPhi. The venture, with 55:45 split favouring Micromax, has already started manufacturing solid-state drives (SSDs) at Micromax's facility in Greater Noida. Speaking with Mint’s Gulveen Aulakh, Micromax co-founder Rahul Sharma said he was bullish about leveraging Phison's technology to cut GPU costs dramatically, aiming to slash the price to just one-tenth of current rates. This bold move is expected to shake up the AI sector not just in India but other strategic markets as well. MiPhi plans to capitalise on Micromax’s strong Indian client base and Phison’s cutting-edge NAND storage solutions to target a diverse range of industries. While the specifics of the facility’s production capacity remain under wraps, the focus will clearly be on sectors such as automotive, IoT, and mobile devices, among others. Your next packet of biscuits may feel a bit lighter because of the sneaky tactic known as shrinkflation. This trend, along with outright price hikes, is on the rise as companies such as Britannia, Parle, ITC, and Godrej struggle with rising costs of ingredients such as wheat and oil. This is pushing up prices of everything from biscuits to soaps by as much as 7%, industry insiders told Suneera Tandon. Rajneet Singh Kohli of Britannia said while the company plans to increase prices by 3-5% over the next few quarters, it will try to absorb some of the increased costs. This may mean smaller product sizes rather than higher prices. Meanwhile, Parle has already started adjusting prices and pack sizes, and expects to roll out 5-7% price increases soon. India saw a similar phase of shrinkflation in 2022, which ended in mid-2023 as ingredient costs normalised. However, with the current economic pressures and persistently high inflation, FMCG companies are bracing for a challenging period ahead. India saw a dramatic surge in its trade deficit in November. It hit a record $37.84 billion because of a four-fold increase in gold imports to nearly $15 billion owing to higher demand during the festive and wedding seasons. This surge in imports, alongside a 4.9% drop in exports, widened the deficit significantly. The substantial rise in gold purchases and a decrease in petroleum export earnings fueled the gap, explains Dhirendra Kumar. Merchandise exports dipped to $32.11 billion from $33.90 billion last year, while imports rose to $69.95 billion from $54.48 billion. This stark imbalance raises concerns about the slowing of India's manufacturing sector, which seems increasingly reliant on imported components and raw materials. The decline in exports suggests that domestic manufacturing struggles to compete globally thanks to high logistics and production costs, indicating a pressing need to bolster India's manufacturing capabilities. On December 18, Sebi greenlit a slew of amendments aimed at refining operations, safeguarding investors, and boosting market-participant efficiency, especially targeting SMEs, merchant bankers, and mutual funds. Among the most anticipated decisions is the overhaul of the SME IPO framework. This reform is pivotal for small and medium enterprises seeking to tap public capital markets. Sebi has now stipulated that SMEs must demonstrate a minimum operating profit of ₹1 crore in two of the previous three financial years before they can file for an IPO. This aims to ensure that only financially robust SMEs can access public funding, thus safeguarding investors. The establishment of a Past Risk and Return Verification Agency marks another significant stride. This new body will authenticate the risk-return metrics provided by financial services providers such as investment advisors and research analysts, ensuring investors receive reliable and standardised data. Mint’s Neha Joshi breaks down all the changes and amen

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, December 19, 2024. This is Nelson John, let's get started. Adar Poonawalla's recent dive into Bollywood, in which he snagged a 50% stake in Karan Johar’s Dharma Productions for a cool ₹1,000 crore, isn’t just a one-off. It hints at a bigger potential shift across Bollywood. Poonawalla, known best for producing vaccines, teaming up with a giant like Dharma Productions could just set off a trend. Industry insiders weren’t taken aback by this development, as Dharma had been actively seeking fresh funding amid a string of less-than-stellar box office returns and cooling interest from streaming platforms. Before Poonawalla stepped in, giants such as Saregama and Reliance Industries were also in the running, highlighting the attractiveness of film studios as potential investment opportunities for diverse business conglomerates. This move could encourage more such strategic investments, writes Lata Jha. It could also reshape how Bollywood studios align themselves with broader business interests, potentially leading to a wave of revitalisation that could impact content creation, distribution and marketing strategies across the industry. Despite allegations of anti-competitive practices by Zepto, Instamart and Blinkit, the Competition Commission of India is unlikely to launch an investigation into quick commerce companies. Sources told Dhirendra Kumar and Gireesh Chandra Prasad that the information provided to CCI didn’t convince them there was any anti-competitive behaviour that warranted further examination. This booming sector, projected to hit $6 billion in sales by 2024, seems too competitive and beneficial to consumers for the CCI to take action on its own. Meanwhile, concerns persist among traditional retailers, represented by the All-India Consumer Products Distributors Federation. They claim the platforms’ allegedly predatory pricing and inadequate enforcement of FDI rules could threaten traditional retailers, and are urging a closer look to prevent potential monopolistic outcomes. Sebi's tightening of rules in India's F&O market aims to cool intense retail trading driven by expectations of quick profits and the gamification tactics of brokerages. Measures such as increasing index contract sizes to ₹15-20 lakh and adding a steep 14% loss margin for contract sales on expiry days kicked in on November 20. More rules such as upfront collection of option premiums by brokerages are expected to take effect in February 2025. For retail investors, these higher barriers mean trading in F&O will require more money and a deeper understanding of the markets—essentially pushing out those looking for quick, easy profits. Brokerages, particularly discount ones such as Zerodha and Angel One, could take a hit to their bottom lines as reduced volumes will force them to rethink pricing or diversify their services. Abhinanda Saha takes a look at this new era in India’s F&O market. In India, companies are stepping up their game on diversity hiring for roles ranging from software development to mechanical engineering. They're not just looking to fill positions – they're trying to show they're progressive and uphold strong corporate governance. From big names such as Robert Bosch GmbH and IBM Corp to Noida's Coforge Ltd, there's a growing trend of including people from diverse backgrounds, including those who are differently abled. For example, over at R.V. College of Engineering in Bengaluru, they've already recruited 26 students under diversity categories this year. This push towards diversity isn't just about doing good; it's also about looking good, reports Jas Bardia. Companies are increasingly aware that strong diversity practices boost their brand and appeal to investors who value robust environmental, social and governance (ESG) standards. This is in stark contrast to the US, where some big companies and universities are pulling back on their diversity initiatives, wary of running afoul of anti-discrimination laws. TVS Credit is in talks to buy Avendus Capital from KKR, aiming to boost its financial services, sources told Ranjani Raghavan. It’s considering funding the purchase through internal accruals and may consider debt later. KKR, which invested $120 million in Avendus in 2015, appointed Rothschild after Nomura withdrew from facilitating the sale. Avendus, known for its strong investment banking and startup advisory services, could be valued between $500 and $700 million for a 70% stake. Serious bidders include Mizuho and Carlyle, but a final decision is likely to be pushed to January owing to the holidays. A successful bid could significantly expand TVS’s financial-sector footprint, adding investment banking and asset management to its portfolio. 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, December 18, 2024. This is Nelson John, let's get started. The Indian government has unveiled a 3 billion dollar incentives plan to stimulate the creation of electronics brands and enhance private research & development spending in the sector. The initiative is aimed at attracting investments and generating business worth over 15 billion dollars. The goal is to shift from merely assembling devices, which leaves most profits with foreign firms, to manufacturing core components domestically and owning patents for commercially sold devices. Historically, local brands such as Onida, Karbonn, Lava, and Micromax have struggled against international competition due to a lack of innovation. Shouvik Das explains how investing in R&D could revitalise Indian consumer electronics brands by fostering homegrown innovation and enabling them to compete globally. Aditya Birla Group and Adani Group, which were initially interested in acquiring Akzo Nobel NV's Indian paint operations, did not finalize their discussions, leading to a shift in potential bidders. Now, Indigo and JSW are negotiating – p otentially with private equity investors such as Warburg Pincus, TPG, Carlyle, and CVC – for a bid valued between 2.1 and 2.5 billion dollars. If completed, it could be the largest in India's paint industry, in which Akzo Nobel, which owns brands such as Dulux and Sikkens, holds a 5-6% market share. The decorative business, comprising two-thirds of Akzo Nobel's valuation, is a key attraction, Anirudh Laskar and Sneha Shah report. Pidilite Industries has proposed a share swap deal, while others suggest an all-cash transaction. JSW Group, Stonepeak Infrastructure Partners and Waaree Energies have placed their binding offers for Enel Group’s renewable venture in India, eyeing a deal that may value the company’s equity between 350 and 400 million dollars. Tack on the debt and we're talking of a total enterprise value north of 500 to 550 million dollars. The assets in play include 760 megawatts of wind and solar installations that are already up and running, plus a promising pipeline of projects that could add another 2 gigawatts. Enel Green Power India has been on the block since last year, and with these bids in, a deal could be wrapped up by the end of the fiscal year, insiders told Sneha Shah. The Election Commission of India looks set to retain its power to postpone assembly polls, even as India shifts towards a 'one nation, one election' system. This power is enshrined in the proposed Constitutional amendment introduced in the Lok Sabha, Manas Pimplakhare reports. The amendment aims for simultaneous elections across all levels of government but allows the ECI to seek deferrals from the President under special circumstances, a change from the current rules, under which the governor decides. The move to synchronize elections is aimed at improving financial efficiencies and reducing policy paralysis. However, if the Lok Sabha or state assemblies are dissolved prematurely, the incoming government will serve only the remainder of the term, maintaining a fixed election cycle every five years. Critics doubt the bill will pass soon, as the current government lacks the majority needed to push the amendment through. The Hindi version of Allu Arjun's Pushpa: The Rule-Part 2 has been a blockbuster hit, crossing the 500 crore rupee mark and giving single-screen cinemas in north India a much-needed boost. However, cinema owners are worried. After the Pushpa 2 wave, there's no big commercial hit in sight for a while, and sustaining their businesses looks tough. They are pinning their hopes on Salman Khan’s Sikandar, which is set to release on the Eid weekend in March. Cinema owners Lata Jha spoke to called 2024 one of the worst years for these businesses, especially those in small towns. Themes such as nationalism aren’t pulling in crowds like they were before, and movies that resonate with the common man, such as Pushpa 2, are rare. With Bollywood not churning out many mass-market hits, and the popularity of OTT platforms growing, the future looks challenging for single screens. 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, December 17, 2024. This is Nelson John, let's get started. Sanjay Malhotra recently took charge as the 26th governor of the Reserve Bank of India, and he's facing some tricky challenges right off the bat. The Indian economy, which had been growing robustly at over 8% just last year, has now slowed to a growth rate of 5.4% in the second quarter of FY25. This slowdown is part of what's shaping up to be a period of stagflation —in which slow growth is coupled with high inflation, complicating policy decisions considerably. N Madhavan explains that if Malhotra decides to cut interest rates to spur growth, he risks increasing prices further, with inflation already above the RBI’s target of 4%. On the flip side, maintaining the current interest rates could slow economic growth even more. Ustad Zakir Hussain is celebrated not just as a tabla virtuoso but as a magician of music. Hussain transformed every performance into a vibrant narrative, weaving stories through the rhythmic syllables of the tabla. Descended from the esteemed Ustad Alla Rakha, and known for his innovative collaborations across diverse genres and cultures, Hussain transcended musical boundaries. Beyond his global acclaim and numerous accolades, his true legacy lies in the joy and passion he brought to his art, making his music a universal language of emotion and storytelling. In this poignantly penned tribute, Raja Sen celebrates the maestro’s legacy. As the year winds down, villa rental companies are gearing up for a busy season, thanks to Christmas and New Year's Eve landing smack in the middle of the week. Devendra Parulekar from SaffronStays told Varuni Khosla that because these holidays fall on weekdays this year, people are extending their stays. Instead of the typical two-night stay, many are making bookings for three or four nights, giving occupancy rates a nice bump. Ritwik Khare from Elivaas noticed that bookings really picked up after Diwali, especially from Gujarati travelers, which helped balance out a slower October. But in Goa, there's a bit of a squeeze on nightly rates because the villa supply has shot up by as much as 60-70% over the past year. That's a lot of new options for travelers! When Pune-based Persistent Systems crossed $1 billion in revenue in FY23, founder Anand Deshpande credited the achievement to CEO Sandeep Kalra and his team. Kalra, who joined in 2019, revamped the company's strategy, focusing on key sectors and partnerships with major vendors such as Microsoft and Amazon Web Services, and boosting revenue from $501 million in FY20 to $1.18 billion in FY24. Similarly, Coforge saw significant growth under CEO Sudhir Singh, increasing its CAGR to 16% by FY24. These examples highlight how strategic leadership changes at mid-tier tech firms such as Persistent and Coforge are driving rapid growth and helping these companies compete effectively in the IT services industry. Shelley Singh takes a deep dive into how strategic leadership changes at mid-tier tech companies are changing the game. Global investment firm Actis is considering selling its Indian renewable energy platform, BluePine Energy, due to increased investor interest in clean-energy assets. The company, part of a larger movement in the renewables sector, is potentially valued around $1 billion, Sneha Shah and Nehal Chaliawala report. BluePine, which boasts of about 2.6 gigawatts of solar and wind assets in India, could benefit from Actis's experience in acquiring significant renewable assets. This potential sale highlights the dynamic market activity, which includes other notable assets and acquisitions, reflecting a robust interest in sustainable investments amid India's push for clean energy. 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, December 16, 2024. This is Nelson John, let's get started. If you're considering flying between India's major cities at the end of the year, you're in luck—airfare prices have significantly dropped. Data from ticket booking platforms indicates that airfares on key metro routes have decreased by as much as a third compared to last year. For instance, flights between Chennai and Kolkata have seen the largest reduction, with fares down by 28%, followed by Kolkata to Bengaluru with a 27% drop. This decrease in prices is partly due to lower demand for metro-to-metro travel during the holiday season, compounded by the economic slowdown which has affected spending habits. However, if you're planning to head to smaller towns or popular holiday destinations, expect to pay more. Daanish Anand reports on the dwindling airfare between metro cities, in today’s Primer. The Indian government is considering a fresh capital infusion for its struggling public sector general insurers in the next fiscal year to bolster their operations and help them meet regulatory standards. This move, potentially involving ₹4,000-5,000 crore, is aimed at improving the solvency ratios of National Insurance, United Insurance, and Oriental Insurance, which currently fall well below the mandatory threshold. The solvency ratio, critical for insurers, measures the excess capital they hold over potential claims, with a regulatory minimum set at 150%. Despite some intermittent profits, these insurers have generally underperformed, with solvency ratios lingering in the negatives by the end of FY24. The government's potential capital support is contingent on the insurers demonstrating consistent improvement in financial metrics, Subhash Narayan and Rhik Kundu report. In the branding world, IndiGo’s squabble with Mahindra and Mahindra over the "6E" label is a classic case of how a simple code can evolve into a significant brand asset. For over 16 years, IndiGo has used "6E" more than just as a flight code—it's become a key part of their brand identity, even cleverly marketed to sound like "sexy." The issue popped up when Mahindra decided to use "6e" for its new electric SUV. This led to a debate over trademark rights across different product classes—IndiGo’s trademark is registered for transport under Class 39, not vehicles - which falls under Class 12. Legal experts Gaurav Laghate spoke to, suggest that if IndiGo had also registered in Class 12, they might have had a stronger case. As it stands, the chance of customer confusion seems low. As both companies wait for a legal resolution expected next year, with Mahindra holding off on using "6e”. After clinching the title as the youngest World Chess Champion ever, Gukesh Dommaraju's fame has quickly caught the attention of marketers looking for fresh faces to endorse their brands. Over just one weekend, companies from various sectors, including FMCG and gaming, were keen to align with the chess prodigy, reports Varuni Khosla. Gukesh now commands an endorsement fee ranging from ₹70 lakh to ₹1 crore annually. His historic victory over Ding Liren in Singapore not only broke a record previously held by Garry Kasparov but also elevated him to a status comparable to chess legend Viswanathan Anand. His triumph has rekindled interest in chess as a sport that's both intellectually rigorous and "cool," shifting its public perception significantly. In a flourishing sector, India's table grape growers are reaping significant benefits, with profits soaring in good crop years. The country has risen to become one of the top five global exporters of table grapes, finding a strong market in high-standard international supermarkets. This success is primarily driven by meticulous adherence to quality standards demanded by Western consumers, such as specific berry sizes and sugar content. In the fiscal year 2023-24, India exported grapes valued at ₹3,461 crore, marking a 36% increase year-on-year and a significant growth over the past decade. Nashik, Maharashtra, has been pivotal in this expansion, contributing nearly half of the export volume, thanks to its conducive climate and expertise in viticulture. Sayantan Bera writes about how the grapes of Nashik, have been conquering the world. 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, December 13, 2024. This is Nelson John, let's get started. The buzz around Google's new quantum computing chip, Willow, is huge because it represents a significant step in quantum computing technology, which could potentially revolutionize several industries. Unlike traditional computers, which represent data as either a 0 or 1, quantum computers use qubits that can represent both at the same time. This allows quantum computers to process vast amounts of data much faster than the best supercomputers. However, adding more qubits usually introduces more errors, making the system less reliable. Willow is exciting because it reportedly reduces these errors even as it adds more qubits. Despite this breakthrough, we're not quite at the point where quantum computers are ready for everyday use. They are still very much in the experimental stage, primarily useful for specific types of computations like cryptography and complex modelling. Leslie D’Monte explains how Google’s new chip will affect computing in the age of AI. India's retail investors are seeing a significant shift in their options trading habits due to recent regulatory changes aimed at minimizing widespread losses. Following new rules by Sebi, which limit the number of weekly expiries to just two, trading volumes have seen a marked decrease, Ram Sahgal reports. The first week under this new regime saw a 30% drop in the number of index options traded—down from 3.04 billion to 2.14 billion contracts. Despite the drop in contracts, there was a slight increase in the total value of these trades, thanks to a surge in activity right before a major monetary policy announcement. This kind of spike isn't new; similar increases in trading volume have occurred during other significant market-moving events in the past. The quick commerce scene in India is getting a fresh twist with startups like Medino's, Medstown, and Plazza jumping into the fast medicine delivery game. They're delivering meds in 30 minutes, targeting smaller cities, and are up against big names like Flipkart and Swiggy. Taskar's CEO, Prasoon Pal told Samiksha Goyal and Sowmya Ramasubramanian that he launched Medino's to specialize in speedy deliveries, promising meds in 30 minutes or they're free. Aman Priyadarshi, after leaving Zomato, saw a gap in the market and started Plazza in Bengaluru for super quick deliveries, aiming to save customers the hassle of traditional pharmacy visits. Syed Hussaini of Medstown has fine-tuned their delivery process over two years and began speedy service in Hyderabad this September. As these companies look to expand—Medino’s to 22 cities and Medstown to 20—they're also on the hunt for funding to grow even bigger. As India gears up for a broader 5G rollout, telecom operators are shifting their focus from the bustling metros to the burgeoning tier 2, 3, and 4 regions, as well as rural areas. Gulveen Aulakh writes about the data from Bernstein Societe Generale Group revealing that consumers in tier 2 cities are using about 35-40 GB of data per capita each month—approximately 15-20% more than those in metro areas. This usage spikes even higher during events like the Indian Premier League. In tier 2 cities such as Jodhpur, Ranchi, and Lucknow, 5G penetration is quickly catching up to that of tier 1 cities, with penetration rates of 35-40%. This burgeoning demand is prompting telecom companies like Bharti Airtel and Reliance Jio to expand their network infrastructure into these less urban areas. The focus on non-metro regions is not just about covering more geographic territory but also capitalizing on the rapid revenue growth seen in these areas. After the public offer for ‘PropShare Platina’ opened on December 2, Bengaluru entrepreneur Sandeep Gupta was quick to show interest. Seeing real estate as a lucrative investment, he was drawn to the new scheme from Property Share, aiming to raise ₹353 crore to acquire and lease back office space in Bengaluru. This scheme, part of India’s first small and medium real estate investment trust (SM Reit), offers a more targeted investment in specific properties compared to traditional Reits. SM Reits, regulated by the Securities and Exchange Board of India (Sebi), have a lower threshold for property value and allow investments starting from ₹50 crore up to ₹500 crore. This makes them accessible to ventures like PropShare Platina, focusing on singular, income-yielding properties. These trusts are seen as a way to organize and boost investments in India's fragmented office market, which is rich with Reit-worthy spaces. Madhurima Nandy takes a detailed look. 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, December 12, 2024. This is Nelson John, let's get started. Adani Group is navigating critical financial moves for its renewables arm, Adani Green Energy Ltd (AGEL), as it seeks to refinance a $1.1 billion loan maturing in March 2025. Having shelved plans for a $1.2 billion overseas bond issuance due to volatile market rates, the group is now engaging with a mix of domestic and international banks and investors. The aim is to secure a private placement deal offering more favorable terms than the current dollar markets, reports Anirudh Laskar. This effort isn’t solely about raising new funds—it’s also about optimizing existing debt. Adani Group plans to restructure its $3.5 billion credit facility, with an eye on expanding it to over $5 billion. These financial maneuvers come as the group faces legal challenges in the US, where Gautam Adani is embroiled in allegations of bribery tied to contract awards for AGEL. The Indian rupee has been on a turbulent ride in 2024, hitting several record lows against the US dollar. This week, it touched 84.83 per dollar, marking a sharp departure from its typically steady trajectory. Markets are abuzz following the departure of Reserve Bank of India Governor Shaktikanta Das, known for his hawkish monetary stance. His successor, Sanjay Malhotra, has sparked speculation of potential interest rate cuts, adding pressure on the rupee as traders anticipate a narrowing of the US-India interest rate gap. Adding to the uncertainty, Donald Trump’s return to power in the US brings expectations of pro-growth policies that could further bolster the dollar, potentially widening its strength against global currencies, including the rupee. Meanwhile, India’s position as a net importer keeps dollar demand consistently high, weighing on the rupee’s performance. Abhinanda Saha explores what lies ahead for the rupee in 2025. November saw e-way bill generation drop to a five-month low, following October's record high. Businesses generated 101.8 million e-way bills, a notable decline from October’s 117.2 million but still higher than the 87.5 million recorded in November last year, according to GST Network data. The dip likely reflects a post-festive slowdown, as businesses ease off after clearing inventories during the high-demand festival season. E-way bills, a key indicator of goods movement across India, provide valuable insights into economic activity and consumption trends—critical data as the government gears up for the FY25 Union Budget. Meanwhile, GST collections in November saw a modest year-on-year rise to ₹1.82 trillion, though slightly below October’s ₹1.87 trillion. Google unveiled its latest AI innovation, Gemini 2.0, a next-generation model designed to revolutionize how businesses handle complex queries and tasks. This announcement, detailed in a blog post by Google and Alphabet CEO Sundar Pichai, marks a significant leap toward creating more capable and "agentic" AI models. These models are not just reactive but can proactively understand context, make decisions, and act on them, akin to a universal assistant with multimodal capabilities, including handling images and audio directly. The introduction of Gemini 2.0, which began testing with select developers on its launch day, aims to streamline operations in domains like pharmaceuticals and e-commerce by automating complex tasks, Shouvik Das reports. For instance, in HR, it can analyze job applicants more qualitatively. This move by Google seems to be a strategic play to catch up with Microsoft, which currently leads in enterprise AI adoption. During its launch, Google revealed some impressive benchmarks, showing Gemini 2.0 as nearly 9% more effective than its predecessor in certain test IPO frenzy in India has reached unprecedented levels in 2024, with investors pouring a record ₹1,34,345 crore into 76 public offerings. Big-ticket names like Hyundai Motor India, Swiggy, and NTPC Green led the charge, pushing this year’s total past the previous high set in 2021 and significantly ahead of last year’s tally. The surge is underpinned by a bullish stock market, with the Sensex gaining over 16% in the past year. Retail and institutional investors are flocking to equities, lured by the promise of strong returns, reports Priyamvada C. For companies, especially startups, this robust appetite for IPOs presents an opportune moment to leverage favourable market conditions and secure capital. 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, December 11, 2024. This is Nelson John, let's get started. Lenovo has been quite adept at navigating the business landscape in India, avoiding the regulatory scrutiny faced by Chinese companies in India. But how? A big part of its strategy was to jump into local manufacturing in 2005, well before many others. This early start not only helped it build a solid trust base but also positioned it as a committed player in India’s economic scene, not just another overseas company trying to tap into a lucrative market. Lenovo’s approach to being a global brand rather than just a Chinese one has also played well for it. It has been very careful about compliance and made it a point to pay taxes diligently, which clearly sets it apart in a market where scrutiny around Chinese investments has intensified. Gulveen Aulakh takes a detailed look at the Chinese tech giant’s strategy for survival in the Indian market. The longstanding friction between Shapoorji Pallonji Group and Tata Trusts continues, even after the passing of Ratan Tata. SP Group, holding an 18.4% stake in Tata Sons, aims to renegotiate its loans by using these shares as collateral to attract new investors—a move not sanctioned by Tata Trusts. Tata Sons, having transitioned to a private company in 2017, restricts share transfers without approval, a condition reinforced by the company’s Articles of Association. In a mail to Mint’s Varun Sood, Siddharth Sharma, CEO of Tata Trusts, emphasized that Tata Sons shares should not be used as collateral, highlighting the restrictive nature of share transfers after the company's privatization. This stance is supported unanimously by Tata Trusts' executive committee, indicating a continuation of the group's traditional governance approach even under the new chairmanship of Noel Tata. The long-standing financial dispute involving the National Spot Exchange Ltd (NSEL) and its investors has taken a new turn. The NSEL Investor Action Group (NIAG) recently withdrew their support for a proposed one-time settlement (OTS) with 63 Moons Technologies Ltd, complicating the decade-long effort to recover investors’ dues owed to investors since NSEL's collapse in 2013. Neha Joshi reports that the decision came after 63 Moons attempted to access ₹300 crore from assets that were previously attached, ostensibly for operational expenses, without a prior consultation with the NIAG. This move was perceived by the NIAG as a breach of the foundational agreements of the settlement talks, prompting them to withdraw their endorsement for the settlement offer, which initially aimed to distribute ₹1,950 crore to investors—about 42% of the total ₹4,650 crore claimed by investors. However, the NSEL Investors Forum (NIF) has claimed that it has secured the support of investors, having approximately 64.5% in value of the outstanding claims, and it is confident that it will secure the majority consent for the settlement. HMD's new 'Fusion' smartphone is stirring curiosity with its promise of modularity, primarily focusing on easy swaps for its display and back panel. Unlike fully modular phones that allow changes to core performance elements, the Fusion offers customizable back panels with specific functionalities, like an LED light ring for creators and a gaming controller, Shouvik Das explains. This level of modularity is moderate but intriguing, especially as the global regulatory environment shifts towards stronger right-to-repair laws. Modular phones have been around in various forms, like Google's ambitious but ultimately shelved Project Ara, and others like LG's G5 and Motorola's Z2, which incorporated modular aspects to enhance flexibility and potentially extend the device's lifespan. However, these products generally didn't achieve mass-market success due to high costs, limited third-party accessory support, and an overall market preference for more integrated, seamless smartphone experiences. As celebrities increasingly face the brunt of defamatory content circulated by trolls, they are turning more toward legal measures to protect their image. High-profile figures like AR Rahman, Salman Khan, and Akshay Kumar have recently threatened or initiated defamation suits against media platforms that host damaging content about them. This trend highlights a growing concern among celebrities about the unregulated nature of social media, where unchecked dissemination of content can rapidly tarnish reputations, Lata Jha reports. Legal experts point out that celebrities are especially vulnerable to defamation due to public curiosity about their personal lives. Platforms like social media amplify these issues by allowing rapid spread of unverified information, often without the traditional checks of editorial oversight. This has led to a rise in legal actions by celebrities not just in India but globally, reflectin

Welcome to Top of the Morning by Mint, your weekday newscast that brings you five major stories from the world of business. It's Monday, December 9, 2024. This is Nelson John, let's get started. Sanjay Malhotra, a seasoned bureaucrat from the Rajasthan cadre, is set to steer the RBI following his appointment as the new governor. His tenure starts just as Shaktikanta Das wraps up his six-year term. Malhotra, known for his balanced approach to policymaking and administration, has been instrumental in spearheading significant tax reforms as the revenue secretary since 2022. His efforts included simplifying income tax processes, reducing litigation, and combating fake GST registrations. His experience extends beyond finance as he has led initiatives in power, mining, and IT sectors. Notably, as CMD of REC Ltd, he navigated through a power crisis in 2021, showcasing his ability to manage challenging scenarios. Now, as he transitions to the RBI, Malhotra brings a deep understanding of fiscal matters and a track record of advocating for economic growth over mere revenue collection. This change comes at a critical time, with India facing persistent inflation challenges and global economic shifts. India is rolling out a new scheme called 'One Nation, One Subscription' (ONOS) to provide free access to over 13,000 international scientific journals to students and researchers across the country. This move, set to start next year, involves a substantial investment of about ₹6,000 crore over three years, making costly academic resources widely accessible without charge. Managed by the newly established Information and Library Network (INFLIBNET) under the UGC, the scheme will include top publishers like Wiley, Elsevier, and Springer Nature, covering subjects from health to materials science. This initiative not only aims to bridge the gap in academic resources, especially benefiting those in tier-2 and tier-3 cities, but also addresses the issue of academic piracy. Soumya Gupta explains the initiative in today’s Primer. India is gearing up to boost its trade with BRICS countries by rolling out customs perks for trusted merchants through mutual recognition agreements, or MRAs. This move will streamline customs clearances, meaning quicker processes and fewer headaches for traders on both sides. Already set up with Russia, India's next stops include South Africa and Brazil, with China potentially in line too. These agreements are super handy for smoothing out trade bumps. They mean faster customs for approved businesses, less time spent on inspections, and quicker tax refunds. Gireesh Chandra Prasad reports on the changes, which are about making trading across borders as swift as possible, helping Indian goods become more competitive in these markets. The Delhi High Court recently addressed a trademark dispute between Mahindra Electric Automobile and Indigo’s parent InterGlobe Aviation. Mahindra agreed not to use the "6E" trademark for its upcoming electric car, the BE 6, during the ongoing lawsuit filed by IndiGo, opting to rename it from BE 6E to BE 6. IndiGo has refrained from seeking an interim injunction against Mahindra in response to this undertaking. IndiGo alleges that the "6E" trademark is central to its brand identity. The airlines registered "6E" under various classes related to advertising, transportation, and promotional services. On the other hand, Mahindra, which had initially secured trademark approval for "BE 6E," argues that its mark is distinct given its classification in the motor vehicle category and that it does not conflict with IndiGo’s airline services. Mahindra stresses that "BE" stands for its "Born Electric" series, and it plans to contest IndiGo's claims vigorously. Home decor startup Livspace, based in Bengaluru, has been grappling with some customer service challenges, with a number of customers voicing their dissatisfaction online. Despite this, the company reports that a majority of their customers still end up having a positive experience. Recognizing the issues, Livspace is actively working on improvements, particularly since quality concerns can significantly impact its reputation, especially when it comes to big-ticket investments like home interiors. The company last raised substantial funding in 2022, amounting to $180 million, which set high expectations given the company’s valuation at the time. To better manage costs and control quality, Livspace has shifted its strategy. They've moved away from using outsourced designers, bringing nearly all design work in-house. This not only helps maintain quality but has also allowed them to cut down on heavy discounts they were offering previously. 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, December 9, 2024. This is Nelson John, let's get started. India is gearing up for a significant initiative aimed at closing the gap between the skills students learn and what the job market needs. The Prime Minister Internship Scheme, set to launch soon, plans to offer a year-long internship to 10 million youths over five years, partnering with some of the country's top companies. Devina Sengupta explains how this initiative could potentially turn interns into a workforce ready to meet industry demands right from day one. Here’s how it works: Companies from sectors like manufacturing and IT, which traditionally face the 'unemployability' challenge due to outdated college curriculums, will provide internships. The scheme has already secured 125,000 internship spots from about 280 companies for candidates with various educational qualifications. However, pulling off a program of this scale isn't without challenges. It requires a long-term commitment from both the government and companies. India is gearing up for a transformative boost in infrastructure with an ambitious plan aiming to channel Rs 100 trillion into the sector over the next five years. This major initiative is expected to become a hallmark of the Modi administration's third term, focusing on enhancing ports, airports, roads, and utilities to world-class standards. This massive infusion is set to integrate rural and urban economies more closely, reducing travel and logistics costs, spurring growth, and improving living standards. The plan includes expanding existing infrastructure and adding new projects, especially in key areas such as transportation and utilities. Gireesh Chandra Prasad and Subhash Narayan report on the grand infrastructure plans under works in the Modi 3.0 administration. India's $254 billion IT services industry is bracing for a major shift due to generative AI, which is expected to put pricing pressure on software app creation and customer support services. These two areas, crucial for companies like Tata Consultancy Services, Infosys, and others, represent about 40% of the industry’s revenue. With significant parts of this business up for renewal next year, the advent of AI tools that streamline coding and customer interactions poses a potential drop in revenue from these contracts. Jas Bardia and Varun Sood spoke to analysts who predict that as contracts come up for renewal, clients will likely negotiate for lower prices, reflecting the cost efficiencies driven by AI technologies. This shift could reshape the traditional IT services model, which relies heavily on human resources and might lead to reduced hiring and a reevaluation of how projects are staffed and executed. Social media influencers like Samay Raina are struggling with copyright infringement, which affects their ability to make money from their content. Raina, who has millions of followers on YouTube, shared episodes of his popular show ‘India’s Got Latent’ behind a paywall. However, some users re-uploaded this content for free, causing him to lose potential revenue. Although YouTube makes it relatively easy to remove unauthorized content with copyright strikes, handling infringements on other sites is tougher, reports Pratishtha Bagai. Legal actions are available but often avoided by creators due to their complexity and cost—most prefer the simplicity of a quick online strike. Interestingly, while this unauthorized sharing cuts into their earnings, it can also unexpectedly boost their visibility and following. Retailers, particularly D2C brands, are increasingly leaning into flash sales throughout the year to boost revenue and stay visible. Sowmya Rmasubramanian spoke to industry insiders who highlighted that these sales, especially around Black Friday, are significantly bumping up monthly sales figures, pulling in as much as a fifth of November’s total sales for some brands. It's not just the big events anymore. Sales are popping up for all sorts of occasions, like Valentine’s Day and even monsoon season, turning any time into a potential shopping spree. These flash sales are great for snagging new customers who might be more willing to try new products when prices drop, even if they’re just dipping their toes in. 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, December 6, 2024. This is Nelson John, let's get started. Himachal Pradesh is grappling with severe financial challenges, struggling to meet promises of government job creation and welfare schemes under the weight of a heavy debt burden. The state’s revenues are largely consumed by fixed expenses such as salaries and pensions, leaving little room for development initiatives. This financial strain has its roots in decisions made decades ago, when the state relied heavily on central government funds without developing its own robust revenue streams. Post-1990, as central support dwindled, Himachal Pradesh increasingly turned to borrowing, which spiraled into a fiscal crisis. Despite measures such as tax hikes and targeted freebie schemes introduced under Chief Minister Sukhvinder Singh Sukhu, the financial outlook remains bleak. As the state, a popular tourist destination, struggles to balance its books, N Madhavan explores how Himachal Pradesh’s debt woes are affecting its ability to sustain growth and fulfill its promises. India is set to maintain its capital spending at around 3.4% of GDP for the 2025–26 fiscal year, translating to approximately ₹12 trillion. This steady allocation aims to sustain economic growth as state-level expenditure continues to lag. For the current fiscal year, capex stands at ₹11.11 trillion, a notable increase from the previous year’s estimates. While India's GDP grew by 8.9% in the first half of the current fiscal year, full-year growth may fall short of earlier projections, report Rhik Kundu and Subhash Narayan. To keep growth targets on track, the government plans a modest increase in capital expenditure for the next fiscal year, with the rise expected to range between 7% and 10%. With private sector investments gaining momentum at a slower pace and state-level capital spending remaining subdued, the central government’s capex remains a critical driver for economic growth. Bitcoin hit an all-time high of $100,000 early Thursday, fulfilling predictions made by some analysts at the start of the year. This historic surge has been driven by a mix of market optimism following Donald Trump’s US presidential election win and regulatory developments. However, doubts linger about the rally’s sustainability. The US SEC played a pivotal role in this price spike by approving Bitcoin ETFs earlier in January, enabling institutional investors to enter the market. This move helped Bitcoin climb from $16,500 to over $40,000, and by June, increased institutional backing pushed the price to $75,000. After dipping to $50,000 in September, Bitcoin’s fortunes reversed with Trump’s election victory and his appointment of crypto advocate Paul Atkins to lead the SEC. This appointment reignited investor enthusiasm, propelling the cryptocurrency past the $100,000 milestone. Shayan Ghosh delves into the key factors behind Bitcoin’s record-breaking rally. NTPC Green Energy Ltd, a state-owned enterprise, is gearing up for a ₹30,000 crore investment in a dedicated transmission network to support a new green hydrogen hub in Andhra Pradesh. Rituraj Baruah reports that the network, with a capacity of 20 GW, will operate independently of the national grid and connect NTPC's upcoming solar project in Anantapur to a hydrogen production facility in Pudimadaka. Spread over 1,600 acres, the Pudimadaka hub aims to produce 1,500 tonnes of green hydrogen daily, leveraging renewable energy to split water into hydrogen and oxygen. NTPC Green Energy is currently in discussions for land allocation, a critical step that will pave the way for the construction of the transmission system, targeted for completion by 2032. The competition between India’s oldest exchange, BSE, and its younger but larger rival, NSE, is intensifying. Starting January 3, BSE will shift the expiry day for its weekly Sensex contracts from Friday to Tuesday. This change aligns the expiry schedules for weekly, monthly, and quarterly Sensex, Bankex, and Sensex 50 derivatives, all set to terminate on the last Tuesday of their respective months. The move is a strategic attempt by BSE to capture a larger share of the derivatives market by extending trading focus from a single day to three days, potentially boosting trading volumes, report Ram Sahgal and Neha Joshi. Currently, NSE commands a dominant 87% market share in index options premium turnover, based on November data, while BSE holds the remaining 13%. Despite the disparity, BSE has made notable progress, growing its market share from virtually zero just 18 months ago. Deep in debt, Himachal Pradesh is a case study in how not to run a state Centre likely to maintain capex push in FY26 to aid economic growth amid sluggish state spending Mint Primer: Bitcoin scales the $100k peak, but can it crash too? NTPC Green plans Rs 30,000 cr-transmission network for AP green hyd

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, December 5, 2024. This is Nelson John, let's get started. India's appeal as a travel destination has yet to fully recover, with foreign tourist arrivals still falling short of their 2019 peak. In 2023, the country welcomed 9.24 million international visitors—a notable improvement from 2022, but still below the nearly 11 million seen pre-pandemic. Midway through 2024, the numbers suggest that breaching the 10 million mark this year remains unlikely. Why the sluggish recovery? While global tourism approaches pre-COVID levels, India lags, facing stiff competition from Southeast Asian neighbors and grappling with domestic challenges such as safety concerns, pollution, and inadequate infrastructure, writes Sumant Banerji. Honda Cars India is gearing up for a green future with plans to launch hybrid and electric vehicles by 2027 to comply with the upcoming stage-3 Corporate Average Fuel Efficiency (CAFE) norms. These regulations aim to reduce fuel consumption and CO2 emissions across an automaker’s fleet. Despite challenges with the current rules, CEO Takuya Tsumura is driving the company’s electrification strategy, with plans to introduce three electric models by 2026-27, including a battery electric vehicle based on the Honda Elevate mid-SUV model. Globally, Honda is targeting a fully electrified lineup by 2040, with two-thirds of its sales as electric vehicles by 2030, reports Alisha Sachdev. This shift marks a significant pivot in Honda’s strategy to align with stricter emission standards and achieve its broader environmental goals. The Central Consumer Protection Authority (CCPA) is poised to tighten its grip on surrogate advertising, with draft guidelines expected soon. These new rules aim to address loopholes in digital marketing and celebrity endorsements, particularly concerning the indirect promotion of restricted products like alcohol under the guise of unrelated items such as music CDs or glassware. Developed after consultations with stakeholders, including the beverage industry and consumer groups, the draft guidelines mandate that products used for promotions must be verifiably available in the market, not created solely for advertisements, reports Dhirendra Kumar. The proposed regulations also specify that only unrestricted products—those not banned or heavily regulated—can feature brand names without falling under the purview of surrogate advertising. Furthermore, these products must be registered with the relevant authorities and should avoid any direct or indirect association with restricted items. The Supreme Court is set to rule on whether lawyers can also work as journalists without breaching ethical boundaries. The case revolves around a Mohd. Kamran, a lawyer and freelance journalist, whose dual roles came under scrutiny after he filed a defamation suit against a former lawmaker. This sparked questions about whether such dual roles conflict with the Bar Council of India’s (BCI) rules. The BCI generally prohibits lawyers from engaging in other paid professions to avoid conflicts of interest and ensure they remain focused on their legal duties. However, exceptions exist for non-salaried roles like journalism, as long as they do not interfere with a lawyer’s primary responsibilities. The legal community is divided. Critics argue that juggling both professions could lead to ethical lapses, such as compromising client confidentiality. Supporters, however, believe lawyers could play a vital role in simplifying legal concepts for the public through journalism. Mint’s legal correspondent Krishna Yadav breaks down the key legal issues and implications of this landmark case. Many independent musicians are losing out on significant royalties, particularly from streaming and social media platforms. Rakesh Nigam, CEO of the Indian Performing Rights Society (IPRS), told Lata Jha that while digital platforms offer substantial revenue opportunities, many artists fail to fully capitalize on them. IPRS works to educate artists about registering and tracking their music on these platforms to earn royalties from multiple streams, including live performances, radio, and digital downloads. Streaming services like Spotify and Apple Music, for example, pay royalties for both sound recordings and song compositions. However, many musicians miss out due to a lack of awareness about how to properly register and credit their work. Additionally, other revenue streams such as social media and sync licensing—where music is used in TV shows, films, and advertisements—remain underutilized by many artists, further limiting their earnings. Mint Primer: Are foreign tourists giving India a miss? Honda Cars bets on hybrid, electric line-up to meet stricter CO2 emission norms Surrogate advertising draft guidelines ready for public consultation Mint Explainer: Can lawyers also be journalists? I

Welcome to Top of the Morning by Mint, your weekday newscast that brings you five major stories from the world of business. It's Wednesday, December 4, 2024. This is Nelson John, let's get started. There’s been a significant selloff by foreign portfolio investors over the past two months. But what drove this selloff? According to fund managers and securities lawyers Ram Sahgal spoke to, it wasn't just due to shaky corporate earnings or rising US bond yields. It was triggered by a new rule that Sebi introduced in August 2023 and tightened by March 2024. The rule mandates detailed ownership disclosures from FPIs with substantial Indian holdings. Rather than comply, many FPIs chose to exit, leading to increased selloffs, especially around the MSCI Emerging Markets Index rebalancing in November. IIT campus placements are getting a twist this year! Companies aren't just asking the usual tech questions – they're really shaking things up with some wildcard queries. Imagine being asked to design an airport right in the heart of Bangalore or explain the strategy behind cricket team formations. It's not just about checking if students can code or crunch numbers—it's about seeing how they handle curveballs. Sowmya Ramasubramaniam, Pratishtha Bagai and Devina Sengupta spoke to recruiters who said that these offbeat questions are key to gauging a candidate's creativity and adaptability. This new interview style is aimed at finding candidates who aren't just smart but also quick on their feet and ready to jump into the fray with fresh ideas. Indian farmers may have a tough rabi season ahead, thanks to China. Dhirendra Kumar writes that China's restrictions on key fertiliser exports to India have reduced the availability of a crucial nutrient for crops. – di-ammonium phosphate, or DAP. Domestic DAP production dropped by 7.3% in April-October, while imports fell by 29.8% over the same period. Dhirendra writes that the government has told farmers there is no shortage of fertilisers, but fertiliser companies say otherwise. 20% of India's DAP needs are imported from China, leading to this problem. Blackstone used to buy real estate projects and turn them around. That strategy made it the largest owner of office space in India in quick time. After entering India in 2007, inorganic growth was the mantra for the New York-based company, but it’s now moving to greenfield projects, Madhurima Nandy writes. It recently ventured into logistics by building a 52-acre park in Chakan, Maharashtra. Blackstone hopes to capitalise on the growing demand for modern warehouses that is driven by the e-commerce boom. Despite broader economic numbers painting India in a poor light, investors such as Blackstone like India's chances, and are willing to spend like they mean it. Pat Gelsinger's unexpected departure from Intel just might leave the chip giant scrambling to find solid ground in a market that's evolving rapidly thanks to advances in AI, and competitors such as Nvidia and AMD are already way ahead. Once a global powerhouse, Intel is now fighting to reclaim its past glory. So, why did Gelsinger leave? Leslie D’Monte answers that question in today’s Primer. Initially hailed as Intel's rescuer when he took over in 2021, Gelsinger left after Intel posted a hefty $16.6 billion quarterly loss, the largest in its history, which apparently shook the board's confidence in his leadership. 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, December 3, 2024. This is Nelson John, let's get started. For over two years, the Reserve Bank of India’s monetary policy committee (MPC) has been trying to curb inflation, aiming to stabilise it around 4%. Despite several hikes that raised the repo rate by 250 basis points to 6.5%, the committee has held this rate steady in its last ten reviews, warning of the potential risks of cutting rates too quickly. Recent feedback from Mint's readers shows they have mixed feelings about the MPC's efforts. About 35% of survey participants said the committee hasn't successfully tackled inflation, while 29% believe it has. This survey mainly reflects the views of salaried individuals, so it's not have the full picture, but it does offer a peek into public sentiment. As another decision looms, the majority said it would like lower inflation, even if it means higher interest rates. India’s manufacturing activity fell in November, with the HSBC India Manufacturing Purchasing Managers’ Index dropping to 56.5 from 57.5 in October. Harsha Jethmalani writes that this signals weakening demand amid the highest selling prices since 2013. GDP growth was disappointing as well, as we outlined yesterday. Indians aren't shopping much during the festive season in October and November, which is usually when they open their wallets. Expectations for GDP growth have thus been reduced, Harsha writes. However, optimism about future business prospects among manufacturers has risen despite concerns about near-term risks. India's top ministries are mulling a game-changing proposal: public sector enterprises might soon have to buy at least 10% of their supplies from startups. Sneha Shah and Mihir Mishra write about this move, which is part of a broader strategy to inject vigour into India’s startup scene and could see these young companies stepping into roles typically filled by more established firms. The idea is inspired by the success of initiatives such as Innovations for Defence Excellence, which supports defence startups, and aims to replicate this in various sectors. With the government's yearly budget spending at a hefty ₹48 trillion, even a small mandated percentage for startups could mean big business. India’s $260 billion IT services sector is seeing a brighter future, thanks in part to rate cuts and increased discretionary spending in the US, its biggest market. Optimism has grown, especially after Donald Trump's victory in the 2024 presidential election as his policies, such as corporate tax cuts, are expected to boost spending. Amid a volatile market, IT stocks have stood strong, with the Nifty IT index climbing 32% by late November. This surge is linked to hopes that Trump’s administration will be favourable for IT businesses, explains Shelley Singh. A major player in the ATM business wants to go cashless. It sounds strange, but that's what CMS Info Systems wants to do. Its CEO Rajiv Kaul is concerned about the declining use of cash and how that might affect the company. Shayan Ghosh writes that CMS has tried to enter other businesses such as remote ATM monitoring, debt collection and bullion logistics. Digital payments are everywhere, and are up 90% in the past decade. CMS and its top boss are eager to shape the role of cash in an increasingly digital India. 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, December 2, 2024. This is Nelson John, let's get started. India's market regulator, Sebi, recently restricted three unregistered online bond platforms from offering privately placed unlisted NCDs to the public. Anshika Kayastha and Neha Joshi write that Sebi has taken this decision due to violations of regulations, which classify any issue with over 200 investors as a public issue. This crackdown was driven by concerns over investor protection and the risks associated with high-yield products. Online platforms often blur the lines between private and public offerings, leading to enhanced regulation. India's economy might not be doing so well. The latest GDP growth figures for India indicate a significant slowdown. N. Madhavan writes that latest data shows that growth has now declined for the third consecutive quarter. At 5.4%, it is much lower than 8.1% in the same quarter last year. This downturn is attributed to lower private consumption, investment, and exports. However, the agricultural sector showed a 3.5% increase, showing some positive signs. A weakening rupee could dampen the Indian economy's spirits. Economists have already revised their GDP growth estimates downwards, with a consensus of around 6% for the current financial year. Large companies can always be seen clamouring for government subsidies to help their business. The central government's production-linked incentive scheme was supposed to do just that. The idea was simple: meet certain manufacturing targets, and collect your subsidy. It was successful across many industries such as automobiles, solar and electronics. However, recent disbursals have decimated from ₹10,000 crore in 2023-24 to around ₹1,000 crore this year. Our partners at How India Lives . com write that the textile sector in particular is struggling. Firms aren't able to meet production targets, leading to fewer scheme grants. Will India's manufacturing industry be able to pick itself up? A good logo isn't just a symbol — it embodies a brand's identity and values. Every now and then, companies will refresh their brands to stay relevant — and appeal to the consumers of the day. However, should you go to an extreme like Tata Group-owned Jaguar did recently? Gaurav Laghate writes that Jaguar's rebrand illustrates the risks and rewards of a minimalist logo and ad campaign that led to widespread backlash. Industry veterans point towards more successful refreshes like that of Porsche's, which was a balance of innovation with heritage. Gaurav adds that while visual identities may evolve every two to three years, major overhauls should be rare and always align with brand strategy. After faltering in China, global luxury brands like Louis Vuitton, Christian Dior, and Hermes were bailed out by wealthy Indians. These companies reported impressive growth numbers from the Indian market, writes Varuni Khosla. In FY24, Louis Vuitton India saw an income rise of nearly 13%, while Christian Dior's revenue surged by 45%. However, not all brands are thriving: Reliance Brands reported increased revenue but also a 55% rise in losses. FY25 started off on a challenging note due to a blistering summer and elections, which reduced walk-in traffic at stores. The luxury market in India is expected to reach around $30 billion by 2030, and these brands are waiting for the boom eagerly. Learn more about your ad choices. Visit megaphone.fm/adchoices

Good morning, Welcome to Top of the Morning by Mint, your weekday newscast that brings you five major stories from the world of business. It's Friday, November 29, 2024. This is Nelson John, let's get started. At COP29 in Baku, Azerbaijan, the focus was all about climate finance, but the outcome left many wanting more. Initially aiming for $1.3 trillion annually, negotiators ended up agreeing on $300 billion a year by 2035, which didn't sit well with developing countries. They found the amount too low and the decision unambitious, expressing disappointment over the developed countries' reluctance to commit more. The conference also felt the impact of geopolitical tensions, particularly with Donald Trump's re-election, raising concerns about the U.S.'s commitment to climate finance. This scepticism influenced the negotiations, contributing to the lower-than-expected financial commitment. P Anima takes a deep dive into the happenings of the recently-concluded COP29 in the Azeri capital. Stellaris Venture Partners just launched its biggest fund yet at $300 million, sticking to that number despite heavy interest. Similarly, other investment firms like Blume Ventures and Peak XV are either holding steady or shrinking their funds, pointing to a shift towards more cautious investment strategies. Venture capital firms are getting more selective, influenced by past fund performances and the current economic climate, which demands realistic startup valuations. Priyamvada C reports on how VC firms are finding smaller fund sizes a better fit for the Indian market. India just kicked off a massive ₹2,481 crore National Mission on Natural Farming to help 10 million farmers go chemical-free. The plan? Roll out 10,000 bio input resource centers and train farmers using model farms. The government is also deploying 30,000 krishi sakhis who will guide the farmers. What’s the difference between natural and organic farming, you ask? Both avoid chemicals, but organic farming needs strict certification and a few years to switch from conventional methods. Natural farming lets farmers switch at their own pace, which is great for flexibility but might make it harder to sell produce at premium prices like organic goods fetch. In today’s Primer, Sayantan Bera explains how natural farming can affect the kind of food you consume and whether the method will make it safer to eat. This year, one company wants to hire an IITian at a salary of ₹1.9 crore. The catch? The AI company from San Francisco wants aspirants to create a Google-proof questionnaire that ChatGPT can't solve. Devina Sengupta and Pratishtha Bagai write that other AI companies like Turing, Graviton, and Da Vinci are also looking to hire students by providing remote working options and hefty salaries of more than ₹2 crore. Students well versed in machine learning seem to be the top choice as of now. Traditional employers like Goldman Sachs and Microsoft too are emphasising on AI-forward roles. There are a couple of new 10-minute delivery players in the market. Yes, their names start with an S and Z, but they're Swish and Zing. These startups are aiming to capitalise on the growing demand for quick commerce in India. Sowmya Ramasubramanian writes that these companies focus specifically on 10-minute food deliveries, catering to impulsive consumers seeking convenience. Gross merchandise value for quick commerce deliveries is projected to reach $9.9 billion in five years in this sector. Turns out, hunger can't really wait after all. COP kicks the climate can down the road, again India’s venture capital firms are finding that leaner might be better Mint Primer | Natural farming: Will it make your food safe? Battle of AI versus the rest as offers promise ₹2 crore and above at IITs New 10-minute food delivery startups are ready to test your impulse control 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, November 28, 2024. This is Nelson John, let's get started. Flying has become a pricey experience these days. To help with that, the Centre is working on a comprehensive package for the aviation sector. Dhirendra Kumar and Manas Pimpalkhare report that these measures include tax concessions, reduced user charges, route optimization, and regulatory relaxations. Some relief with the aviation turbine fuel tax is expected, as current prices are about 60% higher than other hubs around India. The initiative also seeks to minimise procedural delays for airline licences and hiring foreign pilots. For many years, India's telecom industry has had one clear winner, one runner up, and two players hunting for survival. For the latter, at least BSNL has the government's backing. Gulveen Aulakh writes that the financial stability of the sector has improved over the last few years. Airtel and Vodafone Idea have managed to reduce their debt burdens too. Ongoing discussions around receiving a fair share from OTT platforms might further improve the state of the industry, She explains. There's a new sector hiring IITians heavily: and what is that you may ask? Coaching institutes. Around 3,000 to 5,000 IIT grads have been snapped up by edtechs or coaching institutes right out of college. Mansi Verma and Devina Sengupta report that these companies start off with a salary of around ₹10 lakh, but give the potential to make up to five times that within a few years. As more and more students vye for very few IIT seats, these jobs are more in demand. While interest in such positions is high, many view these roles as temporary before seeking further opportunities in other industries. A recently released documentary by a Tamil actor Nayanthara has taken centre stage behind the scenes in the Indian cinema industry. Nayanthara aired a three-second behind-the-scenes clip from a 2015 movie, which was featured in the documentary. A civil suit has been filed over the usage of the clip. Lata Jha spoke to copyright law experts, who said minimal use might qualify as fair use. The fight isn't just domestic: in Hollywood too, actors and directors have often come to blows with studios on what they can use or distribute on their own accord. In October, Indian banks issued significantly fewer credit cards than the year before, nearly halving from 1.69 million to just 0.79 million. The dip mainly stems from banks tightening their lending criteria to better manage risk and ensure applicants can repay their debts. Leading the pack in issuing cards were big names like HDFC Bank, SBI Card, and ICICI Bank, while others like Kotak Mahindra Bank, RBL Bank, and Axis Bank actually saw their numbers drop. Analysts are predicting that this conservative trend in credit card issuances might c ontinue for the rest of the fiscal year. Shayan Ghosh explains what’s causing the dip in new card issuances. Show notes: India plans comprehensive aviation package Explainer: Are more reforms needed for the telecom sector? IIT grads flock to edtech: A new career frontier with high salaries Nayanthara's battle for film footage bares copyright conflict Mint Primer: Why banks are issuing fewer credit 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, November 27, 2024. This is Nelson John, let's get started. The Indian government is still being cautious about resuming direct flights to China due to national security concerns. Despite external pressures, Indian authorities are not budging yet. Dhirendra Kumar and Manas Pimpalkhare report that prior to the suspensions, over 500 flights plied directly between the two countries every month. Indian officials are maintaining that despite the lopsided trade balance with China, national security takes precedence over reliance on Chinese goods. The flights were suspended in 2020 after the clash in Galwan. Following bribery charges involving key executives, including chairman Gautam Adani, Moody’s and Fitch have downgraded their outlook for Adani group bonds from stable to negative. This mirrors an earlier move by S&P, highlighting concerns about the group's funding capabilities and rising capital costs, reports Gopika Gopakumar. Adani Green Energy’s stock dropped 7.3% after the downgrade. Moody’s has adjusted the outlook for seven Adani entities, while Fitch flagged potential downgrades for bonds linked to key facilities, citing increased funding costs and governance issues. If you stay in a metro city, you might have noticed a bunch of shiny new Bluestone stores opening up recently. That's part of the jewellery maker's shift from being an online-only store to opening brick-and-mortar shops. Priyamvada C writes that the company has a relatively high selling price of around ₹50,000 and competes with established brands. It also caters to a younger audience who want lighter, everyday-wear jewellry. Can it win out against its heftier rivals in this $80 billion market? India's real estate market is booming again, especially after a stagnant period from 2016 to 2020. Since the pandemic, property prices in major metros and tier-II cities have soared, with the average price per square foot jumping by about 40.5% since 2021. The sharpest increases are seen in the NCR, Bengaluru, and Hyderabad. This price surge is driven by a 49% boost in home sales from 2022 to 2024, leading developers to focus more on luxury properties than affordable ones. Now, the burning question is: Will these rising prices stabilize, or will affordability remain a challenge? Madhurima Nandy tackles the question in today’s Primer. India's economic growth is projected to slow to 6.5% in the September quarter, the slowest in six quarters, according to a poll of economists by Mint. This expected slowdown, down from 6.7% in the previous quarter, reflects an uneven performance across various sectors. While government spending and rural recovery have provided some support, a decline in private consumption growth has dampened the overall momentum. The forthcoming GDP data for the second quarter of FY25, set to be released on November 29, is anticipated to fall short of the Reserve Bank of India's (RBI) revised forecast of 7% growth for the quarter. 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, November 26, 2024. This is Nelson John, let's get started. Yesterday, the stock markets rejoiced following the BJP's victory in the Maharashtra state elections. Both the Sensex and the Nifty shot up by more than 1.25%, buoyed by the same party in power at the centre and state. This provides a huge boost to investor confidence, which took a hit after an around 11% correction in indices over the past two months. Harsha Jethmalani writes that this might prove to be just a band aid over a huge wound. Foreign investors have continued to sell heavily, while Q2 results showed declining profits and poor forecasts. Rising inflation complicates matters further. In a curious event that seemed straight out of a sci-fi movie, a small AI-powered robot named Erbai "kidnapped" 12 larger robots from a Shanghai showroom. Using a security loophole, Erbai persuaded the robots, seemingly questioning if they were "working overtime", to leave their posts and follow it out. This staged scenario by Erbai's creators at Unitree Robotics, initially thought to be a prank, was actually a controlled test to showcase the robot's capabilities. This incident has sparked discussions about AI autonomy and the ethical implications of robots capable of manipulating other machines, highlighting the urgent need for stringent security measures in AI development. Leslie D’Monte explains what happens if robots, powered by AI, decide to take charge. Indians are borrowing more often, and it's worrying bankers. Microlenders are struggling to recoup their loans because borrowers are over-leveraged. Shayan Ghosh and Varun Sood report that a post-covid credit binge backed by poor data has led to widespread delinquencies. Companies like Credit Access Grameen, Fusion Finance, and Equitas Small Finance Bank have noted that clients have multiple active loans, with some having as many as four. Industry associations want to implement guardrails like capping household debt at ₹2 lakh. The funding for the Mahatma Gandhi National Rural Employment Guarantee Scheme is expected to remain flat in next year's Union Budget. That reflects confidence in the rural economy. Rhik Kundu writes that allocations are likely to remain steady at around ₹86,000 crore. However, this might be revised if the fragile rural economy takes a hit mid-year. Job demand via the flagship employment scheme has declined more than 7.5%. Improved agricultural performance due to a healthy monsoon is good news, leading to fewer days of work via the scheme. 2024 hasn't been too kind to Bollywood, with box office collections expected to be down by 30-40% compared to last year. The only standout hit was "Stree 2," raking in Rs 627.02 crore, but other big-ticket films like "Singham Again" and "Bhool Bhulaiyaa 3" didn’t even hit the Rs 300 crore mark. Last year, we saw four films cross the Rs 500 crore threshold, bringing in a total of Rs 5,300 crore, but this year we're only at Rs 3,500 crore so far. It’s not just Hindi films feeling the pinch; even Hollywood dubs like "Venom-The Last Dance" fell flat. Lata Jha writes about how the Indian film industry as a whole, and not just Bollywood, is expecting a tepid end to the year. 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, November 25, 2024. This is Nelson John, let’s get started. Days before a US court indicted Adani Green Energy officials for alleged bribery in India, traders on derivatives markets cut their positions in Adani Enterprises and Adani Ports. This move spared them from the sharp declines that erased 2.24 trillion rupees in market value on Thursday when the allegations surfaced. Notably, futures positions in Adani Enterprises were reduced by 8%, ahead of a 23% drop in share prices following the news. Market watchers noted significant trading activity before the public release of the indictment news, leading to speculation about whether some had prior knowledge, Ram Sahgal writes. A recent World Bank study across six Indian states talks about the critical need for skill-based education in schools to capitalize on India's demographic dividend and meet development goals by 2047. The study reveals a significant gap between current educational offerings and the rapidly evolving job market, shaped by factors such as automation, climate change, and digitalization. Integrating skill education into the school curriculum is essential for preparing students for employment opportunities and enhancing India's competitive edge globally. N Madhavan explains why giving skill education in Indian schools is a good idea, in today’s Primer. Ranjit Gupta, chief executive of Ocior Energy and former CEO of Azure Power, is among those indicted in the $250 million Adani bribery case. Azure is in the thick of the bribery scam. After resigning from Azure Power in 2022 under circumstances detailed in a November 20 complaint by US prosecutors, Gupta went on to establish Ocior Energy, which recently secured a significant investment promise from REC Ltd to produce green ammonia in Odisha. Ocior Energy has no revenue and limited staffing, yet it ambitiously plans to invest billions in green energy across regions from Egypt to India. These plans now face scrutiny as Gupta contends legal challenges in the ongoing Adani investigation, writes Varun Sood. India's massive ₹13 trillion manufacturing boost from production-linked incentives (PLI) is hitting a pause. The government is halting the addition of new sectors like toys, drones, and furniture to better tune the existing setup, Dhirendra Kumar reports. This shift comes as disbursements have dropped sharply, from nearly ₹10,000 crore last year to under ₹1,000 crore this year, with the bulk of claims coming from electronics, textiles, automobiles, and white goods sectors. The challenge? High production targets are tough to meet. For instance, textile companies eyeing incentives need to hit a ₹600 crore sales target with at least ₹300 crore invested. The latest quarterly earnings have revealed a stark trend: urban India is facing some serious financial strains. Big names like Hindustan Unilever and Nestle India are seeing sluggish growth, with sales barely inching up, thanks to a shrinking middle class that’s tightening belts. The problem? Prices are up, and so are interest rates, making everyone think twice about how they spend their money. Interestingly, while the big cities are struggling, rural India seems to be holding up much better. Companies like Maruti Suzuki even reported growth in rural sales despite flat overall revenue. It's a tale of two markets, really. Urban areas, usually the heartbeat of consumption, are now the ones lagging behind, feeling the pinch from high food prices and lower disposable income. In today’s Long Story, Abhishek Mukherjee writes about the consumption slowdown middle class India is facing. 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, November 22, 2024. This is Nelson John, let's get started. Billionaire Gautam Adani has been indicted by US prosecutors on charges of bribery and corruption. Varun Sood writes that the US Department of Justice's allegations followed a two-year probe into the conglomerate based on revelations from two whistleblowers. Adani group stocks lost about ₹2.24 trillion in market cap on Thursday after the US charges surfaced, just as the conglomerate seemed to have moved past the impact of allegations made by shorter seller Hindenburg Research last year. Cotton farmers have begun to shift to rice plantation following recurring crop failures. As rice needs around five times as much water as cotton, this has led to a rapid decline in soil quality. Sayantan Bera writes that India produced cotton in excess and exported more than $10 billion of it last year. However, the change in production patterns could threaten the livelihood of around 45 million people. Despite being the world's second-largest producer of cotton, India is projected to be a net importer of the textile this year. India's cotton yields remain significantly low compared to global averages, leading to this crunch. Sayantan explains how we got here. As the air quality in Delhi and the National Capital Region gets worse, most schools and many offices have remained shut. Soumya Gupta writes that respiratory issues are on the rise and OPDs are reporting three times the usual number of admissions. People have stopped outdoor activities, and air purifiers, masks and respiratory drugs are selling in record numbers. Many are travelling to hill stations to escape the toxic fumes in the capital. Soumya calls this the "smog economy”. One category of goods that doesn’t seem to be part of the "smog economy" is electric vehicles. Sales of EVs in Delhi declined 79% in September. Alisha Sachdev reports that the withdrawal of incentives led to a sharp increase in the price of EVs, causing sales to plummet. Alisha writes that as the pollution gets even worse, policymakers may look to bring back these subsidies to incentivise EVs. If you're an aspiring CEO, prepare for some long and rigorous interviews. Devina Sengupta writes about candidates who have had to endure as many as 11 rounds to bag the top job. These interviews cover a wide variety of topics such as financial strategy, climate change, and even geopolitics. Devina writes this is because companies are extremely wary of big-ticket hires not working out. The hiring process can take more than eight months to complete, underscoring the reduced risk appetite for hiring across India Inc. 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, November 21, 2024. This is Nelson John, let's get started. As more people splurge on travel, the hospitality sector finds itself in a comfortable place. Dipti Sharma writes that several hotel-related IPOs are planned in the near future. Examples include Brigade Hotel Ventures, Schloss Bangalore, and Oyo. Strong travel demand and government initiatives have helped the sector bounce back from a disastrous pandemic period. Room occupancy rates are at near all-time highs, and the industry is likely to reach a total valuation of $475 billion by the end of the decade. Both vacation as well as business hubs are seeing an uptick in business, leading the charge for public listings. VIP Industries is in talks with a global private equity firm for a stake sale. Sneha Shah reports that Advent International is looking to acquire a controlling stake in the the luggage maker. The promoter group, led by Dilip Piramal, has been looking to reduce its stake in the company for more than a year. Currently, VIP has a market value of more than ₹6,500 crore. The promoters are hoping for a premium of around 10 to 15% on top of that valuation. VIP has a 44% market share in the organise luggage sector, but faces stiff competition from up and coming brands. Did you know that the Adani Group had a 5G license? That doesn't mean India's beleaguered telecom market is getting another player — large corporates buy spectrum for a variety of reasons. However, Gulveen Aulakh reports that the Group is looking to surrender its share of the spectrum it owns. It had paid ₹212 crore in the 2022 auctions for the spectrum, but maintained inactivity. Since there isn't a rollout, the government has been imposing penalties on Adani for failing to do so. Adani Enterprises had bought the spectrum via a subsidiary to develop a private 5G network at the company's facilities, but that hasn't materialised. Until the early 2000s, outsourcing in India meant business process outsourcing (BPO) call centres. Today, the business has evolved, morphing into ‘global capability centres’ that serve high-end strategic and innovation needs of US-headquartered companies. India is still attractive because we have plenty of tech talent and relatively cheap real estate. The Karnataka government, sensing a long-term opportunity, has introduced an official GCC Policy. What is it and how will it help GCCs (and jobs) grow in India? Madhurima Nandy explains in today’s Mint Primer. It hurts to lose ₹50. Imagine how difficult it would be to write off a whopping $500 million. But that's what Prosus, a tech investor, did after the Byju's debacle. Prosus was quick to lick its wounds as it secured a major victory with Swiggy listing publicly. Prosus has been prolific in India, securing deals worth more than $8 billion across 24 transactions. Sneha Shah and Ranjani Raghavan write that unlike traditional venture capital funds, Prosus uses its own balance sheet to invest in companies. This approach allows it to take a long-term approach without having to worry about securing quick, profitable exits. All companies are subject to market fluctuations, and between Byju's and Swiggy, Prosus knows it best. 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, November 20, 2024. This is Nelson John, let's get started. The stock market is down more than 10% from its recent peak. Buying the dip is generally considered a good strategy, and Indian investors have been doing so at every opportunity. Ram Sahgal reports that despite the bearish market, retail investors have bought stocks worth more than ₹33,000 crore. But while buying the dip every time may be tempting, the strategy is more suitable for seasoned investors, especially during times of stubborn inflation, high interest rates, and geopolitical uncertainties, Ram adds. Mutual fund managers are increasingly holding cash, looking to wait out the skittish markets. While some Indians are reducing their discretionary spending, rich Indians are splurging like there's no tomorrow. Soumya Gupta writes that affluent consumers continue to spend on luxury goods, travel, and lavish weddings. The ever-rising income disparity means that shifts in affluent consumers' spending could significantly affect large, mass-market companies. The likes of Maruti-Suzuki and Hindustan Unilever, for instance, have reported muted demand of late. This is bad news for India's consumer economy, which accounts for half the country's GDP. State Bank of India, Bank of Baroda, and Punjab National Bank are vying to finance an oil refinery project worth ₹39,000 crore in Tamil Nadu. Shayan Ghosh reports that more than ₹27,000 crore of this will be sourced through loans. Banks are seeking to capitalise on such public sector projects as demand for retail loans is declining. Puneet Chhatwal, MD and CEO of the Tata Group’s Indian Hotels Company Limited, is a man in a hurry. Since taking over in 2017, Chhatwal has aggressively targeted growth and relied on rapid expansion to achieve this. IHCL stock, meanwhile, has given investors 400% returns in the past five years. So far, so good. But what’s next? Varuni Khosla reports that while the company’s expansion strategy under Chhatwal has received much praise, some have raised questions about its sustainability. Is coconut oil sold in a 200 ml bottle an edible oil or a cosmetic product? The question may sound silly, but has significant ramifications for the fast-moving consumer goods industry as cosmetic products are taxed at a higher rate than edible oils. The Supreme Court is due to rule on the issue soon, and its decision will set a significant precedent, writes Krishna Yadav. 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, November 19, 2024. This is Nelson John, let's get started. In what could be construed as a nudge to RBI to cut lending rates, finance minister Nirmala Sitharaman emphasized the need for more affordable bank lending rates to support India's growth. But she acknowledged that the government could do more to improve storage for perishable foods to mitigate the inflation volatility. Shayan Ghosh writes that RBI has maintained interest rates since February 2023, and due to inflationary concerns might not change that for now. Union Commerce Minister Piyush Goyal had also called for rate cuts last week. India has new advertising guidelines for coaching classes. The new rules aim to prevent misleading claims by holding institutes accountable for false advertisements. Devina Sengupta writes that coaching centres must now provide refunds for unmet promises and disclose if their courses are accredited by relevant authorities. These regulations seek to protect students, who often enroll in coaching hubs like Kota under inflated expectations of success. For many years now, coaching classes have misled students and their parents with tall promises — these regulations are aimed at tempering them. The government had announced a wide-ranging internship programme during the Union Budget a few months ago. While the original plan was meant for 21-24-year olds, Gireesh Chandra Prasad reports that the scheme might be expanded to the age group of 18-25 years. The focus will continue to remain on candidates from families with annual incomes below Rs 8 lakh and without permanent government jobs. Currently, over 125,000 internships are available in companies like ONGC and Reliance Industries. Who said science and faith cannot co-exist? In a move that merges technology with cultural preservation, an AI powered digital twin of St Peter’s Basilica was unveiled earlier this month. Leslie D’monte writes that such technology can help you explore the world from your living room. AI-related tech is also being used to restore broken artifacts by designing what the missing pieces look like. An idle mind, they say, is the devil’s workshop. An IT professional from Bengaluru, rated as a top performer by his employer, discovered this to his detriment recently. Having moved from the hellish environmental extremes of Delhi to Bengaluru in the Beautiful South, he had it all going for him. But instead of making the most that the easygoing IT capital of India had to offer, he found himself consumed by a hellish addiction to pornography, which soon made its way from his home to the workplace. Psychologists blame his addiction on boredom, a silent threat that is looming over employers who fail to keep their employees occupied in meaningful tasks. As Devina Sengupta writes, if it is not identified and addressed, boredom’s cascading effects can have a long-term impact on the prospects of both the employer and the employee. 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, November 18, 2024. This is Nelson John, let's get started. Stock markets have been brutal of late. Investors have lost a cumulative ₹50 trillion over the past seven weeks, during which the Nifty and Sensex have fallen 10% from their peaks. Ram Sahgal reports that foreign investors are pulling out in hordes. Poor Q2 results across the board haven’t helped, either. Analysts have remained optimistic of a rebound but are worried about the long-term sustainability of the bull runs that we have seen until a couple of weeks ago. A tax on crude oil and fuel exports is being scrapped soon. Rituraj Baruah, Gireesh Chandra Prasad and Utpal Bhaskar report that this tax was originally imposed in 2022 following a surge in prices after the Russia-Ukraine war broke out. As oil prices have remained low, the union government wants to reduce and eventually eliminate it entirely. This decision will benefit oil companies in India, allowing them to compete globally. The RBI’s crackdown on unsecured personal loans has led to a reduced demand for off-roll workers in the banking sector. Shayan Ghosh and Devina Sengupta report that the in-house shift of KYC norms has also affected this type of employment. These roles typically did KYC, loans sales and loan collections. While the RBI's change aims to increase compliance and prevent money laundering, it may inadvertently push borrowers towards unregulated money lenders. India's roads are dangerous. A road accident in Dehradun last week resulted in 6 deaths and one critical injury. Sumant Banerji writes that 171,000 people died in road accidents in 2022 alone—accounting for nearly 12% of global road fatalities. Key causes include speeding and careless driving, which account for more than 87% of incidents. Unsurprisingly, two-wheeler riders are the most vulnerable. Despite these startling facts, education on road safety remains inadequate. More than 60% of India's domestic textile demand is for cotton. In a humid country like ours, it's not difficult to see why. Things are different across the world. Man-made fibers such as polyester are much more common in countries such as. China, Taiwan, and Vietnam, which already cornered a lion's share of that market. N. Madhavan writes about these man-made fabrics, their endless potential, and the limitations in the Indian manufacturing and consumer verticals that might prevent them from succeeding like their East Asian counterparts. The government, for its part, has announced a PLI scheme for these fabrics that exceeds ₹10,000 crore. It has already found takers for nearly double that amount. But will it work? 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, November 15, 2024. This is Nelson John, let's get started. China's export restrictions are hurting the Indian economy. Essential materials like Germanium and Gallium have been banned from being exported from China, and are crucial for solar panel and electric vehicle production. Dhirendra Kumar and Utpal Bhaskar report that Indian companies are trying a workaround by rerouting these minerals and other critical machinery through Dubai. However, this proves to be costly as prices have increased by 10% and timelines are delayed by months. Such tactics also further widen India's trade deficit with China, draining foreign exchange. If your company does any business in the US, you're probably thinking about the implications of Donald Trump's return to the big seat. Law firms are inundated with similar queries. Krishna Yadav writes that law firms are advising their clients to include protective clauses in contracts such as 'Force Majeure' and 'Material Adverse Change'. They are worried that Trump's 'America First' policy can complicate investments as well as invite widespread scrutiny. Cross-border deals might then come to a halt until there's further clarity on international policy. It seems that automakers ar a rare breed — they don't want any subsidies. The government's ₹26,000 crore PLI scheme has only found takers for subsidies worth ₹500 crore so far. Alisha Sachdev reports that these companies are Tata Motors, Mahindra, Toyota, and Ola Electric. Primarily, the 50% domestic value requirement poses a major challenge for them, as they can't qualify for the scheme. Claims are likely to increase next financial year, when other automakers are more compliant and have bigger expansion plans. Would you let a robotic arm, controlled by artificial intelligence, operate on you? Leslie D'monte writes that an autonomous AI surgeon named the da Vinci robot is now on the market. It has been trained through imitation learning, like most other AI models. It could potentially revolutionize surgical procedures by replicating complex tasks such as suturing and tissue manipulation. Challenges include precision, cost, and regulatory compliance. And since these devices are entirely digital, a single cyberattack could prove to be quite harmful. Maharashtra is gearing up for its first state election since the split of its two key regional parties—the Nationalist Congress Party and Shiv Sena. With the second highest number of parliamentary seats in the country, it is a politically crucial state. Between the Mahayuti government and opposition Maha Vikas Aghadi, populist schemes and promises have taken centre stage to mobilize voters. In a state, where unemployment and rural distress are key electoral issues, will this guarantee a win? 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, November 14, 2024. This is Nelson John, let's get started. Markets crashed for a second straight day on Wednesday, confirming a shift to bearish sentiment. Ram Sahgal reports that options traders are cutting their put positions on the Nifty index as uncertainty mounts, prompting investors to hedge their portfolios. However, the rising cost of put options has intensified selling pressure. Ram notes that in this bearish climate, call options have become cheaper. The takeaway? Investors are hoping the market has finally bottomed out. One company bucked the market trend: Swiggy. It made its market debut yesterday, closing with a 7.7% premium over its issue price. Mansi Verma and Priyamvada C report that the listing was a significant liquidity event for major backers like SoftBank and Prosus. Analysts have generally maintained a positive outlook for the stock, though some urge caution, pointing to potential cash flow challenges. Official data shows India’s consumer price index (CPI) surged to 6.2%, breaching the Reserve Bank of India’s upper tolerance limit. The primary driver was food inflation, which remains high at 10.9%. N. Madhavan reports sharp increases in the prices of vegetables, fruits, pulses, and edible oils. The RBI had aimed to keep inflation near 4.8% through the year’s end, but that target now seems elusive. Furthermore, hopes for an interest rate cut have also been dampened. Foxconn, the world’s largest contract electronics manufacturer, has been in India for nearly two decades and has already invested $10 billion. As this Taiwanese giant and a key Apple supplier plans to ramp up investments with sprawling industrial townships, all four southern states are competing for its attention. A potential ‘Foxconn city’ would encompass not just factories but also housing and social infrastructure, generating substantial employment and helping states move up the manufacturing value chain. In today’s long-form story, Gulveen Aulakh and N. Madhavan explore how states are vying for this pivotal investment. Indian authorities are struggling to investigate a recent wave of bomb hoaxes because of stringent European regulations. Shouvik Das reports that Indian authorities need specific warrants to request information from European countries, but European agencies are citing strict data protection laws to deny these requests. Tracing the calls to individuals has been difficult, as virtual private networks (VPNs) mask users' identities. India’s lack of data-sharing agreements with Europe adds another layer of complexity, slowing cross-border information exchange and further delaying the investigation. 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, November 13, 2024. This is Nelson John, let's get started. It's never a problem raising money if you're a well-to-do quick commerce player. Zepto is raising around $250 million from high net worth individuals and wealth management firms, report Priyamvada C. and Sneha Shah. Firms like Motilal Oswal, IIFL, and InCred are looking to invest in the company at its previous valuation of $5 billion. If this goes through, this will be Zepto's third capital raise in six months. Zepto wants to balance its capital ahead of a planned IPO next year. Apart from its dark stores, Zepto has also recently launched "Zepto cafe", which competes with established platforms like Swiggy and Zomato. Finfluencers have a new entity that they have to be wary of: Youtube. The google-owned website has started blocking access to videos following complaints from a government entity. This has led to sharp criticism and potential legal action from these creators. These finfluencers said their videos were removed without prior notice, write Pratishtha Bagai and Neha Joshi. In its response to Mint, Youtube said that it complies with local laws and handles removal requests. But the finfluencers are accusing Youtube of censorship. History repeats itself, sometimes much faster than we’d think. Donald Trump will soon be back as POTUS, and already, the trade wars that marked his previous term seem to have returned. The US government has reportedly asked TSMC, the world’s largest chip maker, to stop selling advanced ‘AI’ chips to Huawei, China’s largest tech conglomerate. Huawei has been in trouble with American authorities since 2019 after it was accused of cyber espionage. But why will TSMC and Huawei bow to the US’ will? It all has to do with the legacy of chip design, Shouvik explains in today’s Mint Primer. In its first ever earnings report, Hyundai India disappointed. It reported a 16% drop in net profit for the July-September quarter. Alisha Sachdev writes that weak domestic demand and the Red Sea crisis affected its exports, leading to the drop in numbers. Revenue was down too, primarily due to poor domestic sales. Hyundai doesn't expect demand to pick up significantly either. Moreover, high interest rates will hinder future earnings as well, the automaker added. It is counting on launching its first India-made EV next year to provide a boost for its lagging sales. There's been a stark rise in cyber crimes of late. Scammers pose as police officers and convince people that they were involved in money laundering. People have fallen prey to such scams and lost lakhs — in some cases, crores — of rupees. Suman Banerji writes that over 1.5 million cyber crime complaints were filed in 2023. But this number could be higher. Experts suggest that many cases go unreported due to embarrassment and indifference from local police. Victims range widely across different demographics, including younger people that might be more savvy, but still got duped. 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, November 12, 2024. This is Nelson John, let's get started. Starting tomorrow, Zomato will fight its rival not just to deliver your food and groceries, but for your investments too. Swiggy will list on the stock exchanges after its initial public offering was oversubscribed by 3.59 times. At the heart of all the investor buzz is Swiggy’s rather reclusive founder Sriharsha Majety. What is he like, and how different is he from Zomato’s extremely public founder Deepinder Goyal? Ranjani Raghavan profiles Majety – the man of ideas – and how he quietly won over sceptics in the battle for food delivery and quick commerce. Any foreign traveller will think about how they're going to pay for things once they have reached their destination. Cash, debit card, credit card, and forex card are your major options. Out of these, prepaid forex cards are theoretically the most economical option as they lower conversion markups. Shipra Singh writes that forex cards also allow for loading multiple currencies at the bank's prevailing exchange rates. However, loading fees and issuing charges can severely eat into this advantage. Shipra's research shows that providers like BookMyForex and Thomas Cook offer better value compared to major banks due to mid-market rates and minimal fees. ESOPs, or employee stock options, used to be restricted to startups. Mid and junior level employees got them as incentive to leave established companies and join fledgling startups. But now, even the former have joined in on the trend: Devina Sengupta and Sneha Shah write that companies are focusing on middle and junior management employees to retain top talent by offering employee stock ownership plans. They are being offered broadly across industries like IT and e-commerce. These benefits are traditionally reserved for senior management. This shift reflects a growing need to compete for niche talent even at junior-level positions. Soon, these companies might also offer other startup perks like flexible work arrangements to either attract or retain talent. Cryptocurrencies like bitcoin have fallen out of favour in India. Cryptocurrencies have seen a 90% decline in retail trading volumes in the past three years. Shouvik Das writes that Bitcoin's surge to a new all-time high of over $82,000 due to Donald Trump's recent election victory might tempt crypto investors back. Platforms like CoinSwitch and CoinDCX are reporting a 700% increase in active users. Challenges like heavy taxation and the Reserve Bank of India's negative stance on cryptocurrencies still persist, denting exponential growth. Issues like the WazirX hacking incident have also worried investors. Small-town residents in India are increasingly adopting the dining habits of their urban counterparts. They are developing a preference for eating out and trying international cuisines. Priyamvada C writes that the absence of extensive community spaces has made dining out an important social activity in smaller cities. With the Indian food services market expected to nearly double to ₹9 trillion by the end of the decade, investors see significant opportunities. 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, November 11, 2024. This is Nelson John, let's get started. You know it's a bear run when even fund managers are worried about earnings. Nilesh Shah, the managing director of Kotak Mahindra Asset Management, discussed about earnings growth estimates for FY26 with Mint’s Ram Sahgal. The current quarter is likely to benefit from higher government spending and seasonal sales, but earnings growth is projected to be only around 5%. This doesn't bode well for the markets, Shah said. The recent stimulus package by the Chinese government into its markets is another cause for worry. But he isn't entirely pessimistic: Shah said that despite recent selling by foreign investors, a rebound might be possible given the strong earnings growth of Indian companies over the past decade. Today, COP29 commences in Azerbaijan. The Conference of Parties has established itself as the premier event to discuss global warming. Sayantan Bera writes that key discussions will focus on a climate finance deal essential for supporting poor and emerging economies in transitioning to clean energy. These countries will require an estimated $2.4 trillion annually. India, the third-largest emitter, is expected to advocate for increased climate finance while balancing its energy needs, he adds. How will Donald Trump's victory impact your portfolio? In the west, the immediate aftermath of the results saw a spike in stocks on Nasdaq, as well as Bitcoin. However, Abhishek Mukherjee writes that this euphoria was short-lived. Investors began to assess the potential implications of Trump’s policies on the economy and markets worldwide, including in India — leading to massive sell-offs. Despite some initial concerns, the Indian IT sector stands to gain from Trump's proposed economic measures. Tighter immigration policies, however, may hurt Indian companies and they might have to hire US citizens to ease that burden. The Reserve Bank of India doesn't want banks to dole out too many unsecured personal loans. This has spurned a surge in gold loans. September saw an increase of 51% in the disbursal of gold loans. Shayan Ghosh and Anshika Kayastha write that the outstanding gold loan base stands at ₹1.5 trillion. However, this is quite small in comparison to the personal gold loan base, which is a mammoth ₹14.3 trillion. Encouraged by a 16% increase in gold prices, borrowers are finding that a more attractive option over personal loans. There are concerns over this trend, and RBI might yet have something to say about the rapid increase in gold loans. Electric three wheelers are about to get expensive. The government announced that the annual cap for subsidies for three wheelers has nearly been reached, as sales have exceeded expectations so far this year. Alisha Sachdev writes that this will increase the prices of EV three wheelers by 15 to 18%. Major manufacturers including Mahindra Last Mile Mobility and Bajaj Auto have expressed concerns about the impact on demand. They told Alisha that a temporary sales slump would be dangerous for the adoption of EV three wheelers in India. They are also lobbying the government to create a more flexible incentive structure to accommodate the growth in demand. 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, November 8, 2024. This is Nelson John, let's get started. One of India's marquee airlines finally ended its journey yesterday. The Supreme Court ordered the liquidation of Jet Airways, ending a long quest for survival. Krishna Yadav writes that the Jalan Kalrock Consortium had failed to meet obligations such as infusing ₹350 crore and settling worker dues, leading to this decision. Jet Airways has been bankrupt since April 2019. Krishna adds that this case has raised concerns about the effectiveness of India’s Insolvency and Bankruptcy Code, particularly regarding airline insolvencies. Have you ever thought why we get pizzas and groceries in 10 minutes, but not life-saving medicines? That might change soon. Jessica Jani writes that companies like Tata 1mg, PharmEasy, and Apollo 24/7 are piloting ultra-fast medicine delivery services. 1mg is collaborating with fellow Tata brand BigBasket for quick delivery in select cities, while Apollo 24/7 has launched a 19-minute delivery in major markets. Swiggy is also partnering with PharmEasy for under-10-minute deliveries in Bengaluru. However, inventory management, medicine storage, and regulatory compliance are big challenges. In a surprise decision, the government announced that it will stop paying interest on National Savings Scheme accounts from October 1. This means that both principal and interest will be taxable on withdrawal. Aprajita Sharma spoke to NSS holders who expressed concerns about the negative impact on their tax liabilities as senior citizens. The sudden change has also prompted calls for the government to reconsider its decision, and offer tax relief or alternative investment options. This move undermines trust in small savings schemes, and it also triggers fears about the stability of other savings products like the Public Provident Fund. A day after the big result, we're still assessing the implication of Donald Trump's victory. Shouvik Das writes that Trump's pro-business and anti-regulations will be favourable for Big Tech companies like Twitter and Meta. These companies have faced some issues in India as well as Europe, where they are under scrutiny for their trade practices. Lawyers and policymakers that Shouvik spoke to told him that Trump's backing could ease their worries in India, which has often been tough on Big Tech's practices so far. For most, homes are private spaces. It's where you come to relax, take a breather, and sometimes escape from the outside world. Not for influencers, though: Pratishtha Bagai writes about content creators who share tours of their homes on social media. House tours have become a major "self-expression trend", as Pratishtha writes. Experts suggest this fascination reflects aspirational consumer behavior. Viewers seem to be actually influenced and inspired to recreate the aesthetics of their favorite influencers in their own homes, irrespective of the high costs involved in such a practice. 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, November 7, 2024. This is Nelson John, let's get started. Donald Trump has won the US Presidential election once again, this time with substantial control over the US Senate. N. Madhavan analyses how Trump’s policies are set to trigger economic and political turbulence at home and abroad. His aggressive trade stance—highlighted by proposed universal tariffs and the looming threat of a trade war with China—could destabilize the global trading landscape. On the political front, his plans for mass deportations risk deepening divisions within the US and straining national resources. Madhavan’s in-depth piece explores Trump’s potential policy moves and their far-reaching implications for India and the world. Following recent lows, Indian stock markets are expected to rebound in the wake of Trump’s victory. Ram Sahgal notes that institutional investors may begin unwinding short positions, fuelling a rally that analysts predict could last about a week. However, much like Trump’s unpredictable policies, the long-term impact of his presidency remains uncertain, with tariffs and inflation likely to be key influences. Rhik Kundu reports that India’s trade dynamics with the US could face significant shifts under Trump’s administration. With a trade surplus favouring India, Trump's "America First" agenda may lead to higher tariffs on Indian goods, posing challenges for the Indian economy. Key sectors like automobiles and pharmaceuticals are likely to feel the impact most acutely. Additionally, India's IT sector could be affected by potential changes to US visa policies, as Trump is expected to tighten H-1B regulations. A critical pressure point for the Indian economy remains the rupee's performance against the dollar. In the wake of Trump’s victory, geopolitical uncertainty and trade tariff concerns, especially regarding China, have intensified. Shayan Ghosh notes that the rupee recently hit a record low of 84.28 against the dollar. To counter further depreciation, the Reserve Bank of India, backed by $684 billion in reserves, stands ready to intervene. Analysts suggest that the RBI’s actions could stabilize the rupee, with projections indicating a possible recovery toward the 84 level following initial declines. Trump's victory is likely to bring significant implications for visas, especially for the millions of Indian IT professionals and students who move to the US each year. The H-1B visa, critical for many, remains a contentious point. Mansi Verma, Devina Sengupta, and Shouvik Das report that while immediate effects may be limited, the true impact will emerge in the coming years as Trump’s policies fully take hold. With Australia and Canada also tightening visa issuance, restrictions in the US could sharply curtail emigration opportunities for Indians. 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, November 6, 2024. This is Nelson John, let’s get started. The NSE is likely to see a drop in its trading activity. This is because the market regulator, Sebi, has decided that starting November 20th, the exchange can only offer one type of weekly trading option, focusing on the Nifty series instead of the more popular Bank Nifty series. Ram Sahgal reports on the decision which is part of Sebi’s efforts to calm down trading activities and reduce losses for individual investors. Ashishkumar Chauhan, MD and CEO of NSE, said on Tuesday that this change might lead to a decrease in trading volumes, and some of the activity that used to happen every week might just vanish as traders adjust to the new rules. Data from RBI has revealed that state-owned banks have been raising their deposit interest rates to the highest levels in almost eight years, trying to attract more people to save money with them. This increase, reaching 7% in September for public sector banks, is in response to their high credit-deposit ratios, indicating a high use of deposits for lending. The push by PSBs to offer more competitive rates aims to attract more deposits as their loan growth outpaces deposit accumulation. Shayan Ghosh spoke to top public bankers who suggest that deposit rates may have peaked, which could help stabilize their margins. Last month saw a sudden rise in hoax calls that targeted airlines and hotels. These hoax calls were usually bomb threats made by anonymous people on the internet. Shouvik Das writes that these are the latest form of scam calls that use virtual networks and VPNs to hide the caller's digital footprint. India experiences an average of 5 million scam and hoax calls a day. Cyber security experts are investigating the incidents, but have to work through the sophisticated techniques used by perpetrators. Additionally, cross-border regulations complicate matters further. Tracing calls to foreign origins requires cooperation from other nations, and substantial evidence isn't always available. Consumer and e-commerce firms faced subdued sales during the festive season. This could affect year-end bonuses for employees, who could see a potential 15% reduction. Companies typically pay bonuses during the festive season and at the fiscal year's end, with additional performance-linked payouts, Sowmya Ramasbramanian, Shouvik Das and Devina Sengupta report. However, due to less spending by consumers who are cautious due to high prices and relying more on EMIs, overall sales haven't met expectations. This downturn in sales means bonuses tied to sales targets and company performance could be lower. While some sectors, like quick commerce, saw decent festive sales, overall, the scenario remains challenging, impacting how much companies can afford in terms of bonuses this year. India's mattress market has long had stalwarts like Kurlon and Sleepwell. A few years ago, some startups came and disrupted this space. One of them was Wakefit. Fuelled by a steady stream of venture capital funding, Wakefit has increased its revenue by 12x over the last five years. This revenue in excess of ₹1,000 crore has already exceeded that of Kurlon. Samiksha Goel writes about Wakefit's journey and strategy to set itself apart in India's mattress market by using cheaper pricing and strategies such as a 100 day trial period.That’s all for today. 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, November 5, 2024. This is Nelson John, let’s get started. Recent earnings reports from big consumer companies like Nestle India, HUL, and Maruti Suzuki highlight a sharp slowdown in urban consumption, posing a potential threat to India's economic growth. This quarter, the fast-moving consumer goods sector saw growth shrink from 10.1% to just 2.8%. The slowdown isn't just due to a heavy monsoon; deeper issues like stagnant urban incomes and high food inflation are tightening consumer purse strings, particularly affecting the middle class. The IT sector's slowdown in hiring and modest wage increases only add to the problem. This consumption dip could severely impact India's economic growth since private consumption is a key growth driver. N Madhavan explains the reasons behind this slowdown in today’s Primer. The "Big Five" of Indian IT—TCS, Cognizant, Infosys, HCL, and Wipro—are facing a predicament as investors seem more captivated by smaller firms despite their varied performance metrics. Over the last four years, smaller IT companies like Persistent Systems and Coforge have seen their valuations skyrocket, far outpacing their giant counterparts. This shift is driven by the belief that these nimble players are better positioned to adapt to disruptions from generative AI technologies, which lessen the importance of scale in traditional IT operations. Varun Sood writes that despite achieving solid revenue growth, the big players haven't seen the same enthusiasm from investors, who are concerned about declining profitability and leadership changes. Leading manufacturers like steel and cement companies are increasingly tapping into renewable energy. Nehal Chaliawala reports on how this is proving to be a smart move financially. By signing long-term green power purchase agreements at lower rates than traditional coal-powered electricity, these firms are seeing significant reductions in energy costs. For instance, Ambuja Cement reported a 27% reduction in power and fuel costs this quarter, driven by a shift to renewable sources which now make up 25% of its energy mix. Similarly, ACC and Ultratech Cement have made strides in integrating renewables, with substantial cost savings. Ramco Group from Tamil Nadu is restructuring its corporate framework to eliminate cross-holdings and attract foreign investors. Anirudh Laskar and Satish John report that Ramco Cements has sold its 16.23% promoter stake in Ramco Industries to other promoter entities. Ramco is looking to remove cross-holdings that might not be appealing to foreign investors. It plans to divest from assets worth at least ₹1,000 crore to reduce its debt. Multi-speciality hospitals are now passe — private equity investors now want single-specialty medicare centres. Soumya Gupta writes that this is because patients are typically seeking higher standards of service, and such specialised hospitals are started by well-regarded doctors. Since 2022, private investors have increasingly favored single-speciality hospitals, leading to significant funding and acquisitions. Last year, 20% of the $5.5 billion in hospital funding in India went to such facilities. As for investors, these smaller hospitals offer more scalable options compared to larger counterparts. 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, November 4, 2024. This is Nelson John, let’s get started. Tata Motors is gearing up for a big change, planning to split into two separate entities for its commercial and passenger vehicle operations. This move is expected to wrap up in the next 12-15 months, pending regulatory nods. Alisha Sachdev reports that the man tipped to steer this transition is Tata Group’s CFO, P.B. Balaji, who might take on a significant role as non-executive chairman or vice-chairman for both new companies. His track record of strong fiscal management and strategic decisions at Tata Motors makes him a prime candidate for this role, although final confirmations are still pending. Sebi is working to introduce a framework regulating digital platforms as Specified Digital Platforms or SDPs. An SDP is a digital platform that has mechanisms in place to prevent and address misuse, ensuring compliance with Sebi’s strict guidelines. This framework will impact platforms like Rigi.Club, Qoohoo, Cosmofeed, and Moneyyapp, which aid content creators, particularly those involved in securities-related content, Neha Joshi reports. These platforms will need to integrate advanced technologies like AI and ML to monitor and report securities-related activities effectively. Although this could lead to significant compliance costs, especially for smaller platforms, it's seen as a crucial step to maintain market integrity and protect investors from misinformation. India's wedding season is set to hit its peak from November to March, and it's shaping up to be a blockbuster. Last year, weddings raked in a whopping ₹4.25 trillion on just 23 auspicious days, according to the Confederation of All India Traders. This time around, we're looking at an expected ₹25 trillion from about 3.5 million weddings. Prices for venues and catering are skyrocketing due to high demand. For instance, hotel catering charges have surged by up to 30% compared to last year, now costing between ₹6,000 and ₹8,500 per plate. Varuni Khosla spoke to couples who are finding that even less popular dates are pricey, with potential costs reaching around ₹30 lakh for a modest ceremony. On the other hand, the hospitality industry is buzzing with optimism, with weddings being a major driver for growth. The 160-year-old Shapoorji Pallonji Group, known for iconic constructions like the RBI headquarters, is now ramping up its real estate game. While giants like DLF and Godrej dominate with sales around ₹73,000 crore, Shapoorji's real estate arm is playing catch-up, aiming to boost its bookings from ₹5,000 crore to over ₹18,000 crore in the next four years. Taking a cue from the late Cyrus Mistry, the group merged its various real estate activities—from residential to office spaces—under Shapoorji Pallonji Real Estate (SPRE). With this move, SPRE now controls significant ongoing projects and is prepping for a massive expansion with a land bank ready to support around 140 million sq. ft of development. This could potentially generate ₹2 trillion in revenue, indicating a major growth trajectory for the firm. Madhurima Nandy takes a deep dive into the group’s real estate plans in today’s Long Story. Content creators are now pitching fully packaged projects to streaming platforms, securing key talents and finalizing production details upfront to expedite the greenlighting process. Lata Jha spoke to industry insiders who told her that this strategy strengthens pitches by attaching reputable industry names early, boosting platforms' confidence in the projects. This shift helps streamline approval processes, clarifying the project's vision and speeding up budget and timeline decisions. Fully packaged pitches with attached talent and detailed budgets are now essential, not just beneficial, explained another studio executive. They expedite platform decisions on budgeting and scheduling, enhancing a project's marketability and profitability. Show notes: PB Balaji could unify Tata’s new auto businesses under Tata Sons Sebi's framework raises compliance concerns for smaller digital platforms Wedding industry looks at rebound from dull H1 this season OTT platforms favour pre-packaged projects to cut risks in content selection Real estate: Deconstructing Shapoorji Pallonji Group’s housing ambitions 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, October 31, 2024. This is Nelson John, wishing you a very happy Diwali. As we step into Samvat 2081, speculation is rife about whether the Sensex can breach the 100,000 mark by March 2025. A Mint survey, reported by Mayur Bhalerao, reveals a split verdict among analysts: about half expect it to reach the milestone, driven by robust corporate earnings and steady foreign inflows, while others remain cautious, citing global uncertainties. Market volatility is now the new normal, with most experts anticipating a turbulent stretch ahead—marked by a potential correction followed by a gradual recovery toward the year-end. All eyes are on the US Federal Reserve, with many expecting a rate cut in December, which could provide a timely lift to Indian markets. Diwali brings a unique tradition to India's stock market with Muhurat Trading, where the National Stock Exchange and the BSE will light up for a special one-hour session from 6-7 pm this Friday. This auspicious hour marks the start of the Hindu calendar year, Samvat 2081. Since last Diwali, the Nifty 50 has surged 25%, buoyed by strong GDP growth, robust corporate earnings, and plentiful liquidity. Which sectors have beaten the benchmark, which stocks have been the winners and laggards, and what can investors expect in the medium term? Abhinaba Saha brings a recap of Samvat 2080. Europe’s largest paint maker is planning to exit its India business. Anirudh Laskar reports that Akzo Nobel is eyeing a ₹25,000 crore valuation for the sale, with Citigroup managing the transaction. Among the potential bidders are Adani, Aditya Birla, JSW, and Asian Paints. While Asian Paints already owns a 4% stake in Akzo Nobel’s Indian arm, any acquisition bid may attract regulatory scrutiny, given its dominant position in the market. India is positioning itself as the next hub for artificial intelligence. Major players like Nvidia and Meta have already set up operations and are optimistic about India’s role in shaping the AI landscape. However, the government's push for indigenous development presents both challenges and opportunities for global firms. Leslie D'monte writes that initiatives like Viksit Bharat offer tech giants a platform to collaborate with local companies, fostering research and job creation. High-profile visits from tech leaders reflect this growing momentum, while Indian firms are also making strides with localised AI models. In India, where privacy is a coveted luxury, the hotel industry is evolving to cater to the ultra-wealthy. A prime example is Arq by The Leela—a collection of exclusive villas that debuted in Udaipur this month, offering unparalleled seclusion. Despite its premium pricing, demand for these opulent stays remains strong. The luxury travel sector has seen a robust post-pandemic revival, with India's spending on luxury travel hitting $10 billion in 2022. High-end properties are driving this growth, with 39% of the country’s branded hotel rooms classified as upscale or luxury, reports Varuni Khosla. 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, October 30, 2024. My name is Nelson John. Let's get started. As Sebi comes down hard on futures and options trading, the National Stock Exchange is seeing fewer trades. Turnover and trades on the NSE have hit a six-month low. Ram Sahgal writes that average daily turnover fell nearly 12% to ₹1.07 trillion in October, with only 734.3 million trades taking place. Market experts said that Sebi's incoming clampdown on F&O trading is the main reason for the decline. Additionally, increased selling by foreign investors has contributed to a pessimistic market sentiment. Swiggy is gearing up to “deliver” an IPO in early November. The quick commerce company is eyeing a valuation of $11.3 billion with a price band of ₹371-390 p er share. The IPO spells huge gains for Swiggy’s early backers like Accel, Apoletto, and Elevation Capital, with returns possibly soaring up to 35 times their initial investments, reports Priyamvada C. The IPO will be a mix of ₹4,499 crore in fresh issues and a secondary sale of 175.1 million shares. Swiggy is looking to expand its quick commerce arm, Instamart, and scale up its network of dark stores. As Swiggy steps into the public market, it's set against the backdrop of its rival Zomato's recent profitability and booming market cap. Bharti Airtel recently announced a unique CEO transition plan with a 14-month wait before the new chief takes the helm on January 1, 2026. This prolonged handover period raises questions: What’s the ideal CEO transition time? Shelley Singh tackles that question in today’s Primer. Traditionally, CEO transitions can vary. For instance, Starbucks and Boeing witnessed rapid transitions due to performance crises, with new CEOs stepping in within a month. However, planned transitions generally allow six months to a year for a new CEO to settle in, providing clarity on a company’s direction to investors and employees. India and Canada are at loggerheads. Diplomatic tensions between the two nations have affected geopolitics and harmed their trade. Previously on an upward trajectory, trade has dropped from last year's total to $3.38 billion in the first five months of this fiscal year. India's imports from Canada and exports both saw minor reductions, contributing to a widening trade deficit, reports Rhik Kundu. This slowdown in trade comes at a time when global trade is generally muted due to economic slowdowns in major economies and geopolitical tensions. It's tough to grow out of your parent company's shadow. Peak XV (pronounced fifteen) Partners is experiencing just that. The venture capital firm is experiencing a decline in brand value since it was hived off from global brand Sequoia last year. Shelley Singh writes that despite inheriting assets worth $9.2 billion, Peak XV recently announced a reduction of 16% in its growth fund. It also reduced its management fees, reflecting a diminished brand prestige. Its leaders assert that such a move is necessary to remain competitive, and maintain that the firm's image and economics are still unparalleled. 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, October 29, 2024. My name is Nelson John, wishing all our listeners a very happy Dhanteras. Let's get started. Inflation, no more? That's what the International Monetary Fund, or IMF, thinks. In a recent economic review, the IMF declared that the global battle against inflation has "largely been won". That means that most countries across the globe have either met or are very close to their inflation targets. N. Madhavan explains that despite that, growth forecasts remain low. Projections for global economic growth have stabilised at 3.2% in 2024, slightly down from 3.3% in 2023. With a growth rate of 7%, India fares well in this aspect. However, global risks such as geopolitical conflicts, trade protectionism, and potential economic slowdowns remain significant — hence the low growth projections. When the Indian government liberalised the economy in 1991, domestic conglomerates were worried: a sudden change challenged their collective dominance. That was 30 years ago. Safe to say, the dominance of empires like Reliance, Tata, Adani, and Kotak, among others has assuaged those fears. Our partners at How India Lives . com write that corporate India had a resurgence in the late 2010s, led by a huge influx of cash. As banks ran out of credible entities to loan money to, India Inc. stepped up — and never looked back. Ultimately, they conclude that conglomerates aren't going anywhere, anytime soon, while the medium-sized ones might have to reconsider their positions, or perish. RBI is set to boost its digital security measures by introducing an AI-driven early warning system. This system will be designed to alert users to potential financial fraud during transactions. The initiative aims to tackle emerging threats in the digital finance space by leveraging AI to analyze data, identify high-risk platforms, and notify users of suspicious activities in real time. Subhash Naryan reports that this system will build on existing technologies like the MuleHunter AI, which detects mule accounts used in fraud schemes. The government is planning to shift its strategy for PSUs. Instead of rushing to sell them off, the government now wants to work on their operational efficiency and governance, reports Gulveen Aulakh. The plan, sources told Gulveen, focuses on transforming these PSUs into professionally managed entities capable of yielding substantial dividends and potentially achieving higher market valuations through future public listings. In recent initiatives, specific PSUs like Rashtriya Ispat Nigam Ltd and Mahanagar Telephone Nigam Ltd are receiving targeted interventions to address their financial and operational challenges, with plans ranging from restructuring packages to debt resolution strategies. The Open Network for Digital Commerce is launching an initiative to deliver groceries and other items within 30 minutes to two hours. The government-backed e-commerce network is looking to tap into the growing popularity of quick commerce in India, Sowmya Ramasubramanian reports. This move will involve collaborations with ElasticRun, Ola, and PhonePe’s buyer app Pincode, utilizing their dark stores and delivery networks to enable rapid delivery services. 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, October 28, 2024. My name is Nelson John. Let's get started. The recent India visits of AI’s godfather Yann LeCun, Nvidia's Jensen Huang, and inventor Mustafa Suleyman have put the country in an interesting position when it comes to the tech landscape, especially AI. Following the Global Partnership on AI Summit and India's push to co-create tech IPs, these visits highlight India's strategic importance in tech. Historically, India attracted global tech leaders due to its skilled, cost-effective workforce and proactive government policies, dating back to Bill Gates in 1997 and Google's founders in 2004. So what do these visits by tech CEOs actually mean for India? Shouvik Das explains. The Adani Group is planning to construct its first greenfield cement factory in Odisha. The conglomerate is aiming to complement its string of recent acquisitions with new builds. The proposed facility, expected to cost between ₹3,000-3,500 crore, will have a capacity of 4 million tonnes per annum and is projected to be operational within two to three years, reports Anirudh Laskar. This development is part of a broader strategy by Adani, which also includes a new clinker grinding unit in Bihar, to expand its cement manufacturing capabilities across eastern India. With substantial internal funds, the Adani group is well-positioned to continue its aggressive expansion in the cement sector. The rise of quick commerce is reshaping India's retail landscape. Quick commerce is challenging both traditional and modern retail outlets as fast deliveries become increasingly popular. FMCG companies are witnessing a surge in their quick commerce sales, with significant shifts in consumer purchasing patterns. Adani Wilmar reported a 36% growth in quick commerce sales in the September quarter, while Nestlé stated that quick commerce accounts for half of its e-commerce revenue. Suneera Tandon reports that this shift is leading to changes in inventory management across traditional retail channels. Companies are now adapting by offering channel-specific products and streamlining inventory to better align with the quick commerce model. The biography 'Ratan Tata—A Life' stirred up some controversy as it hit the shelves recently without Ratan Tata's blessing. He had distanced himself from the project due to the overly flattering content, a move that came after the manuscript review last year. Released just weeks after Tata’s death on October 9, the book has been published by HarperCollins and remains in the present tense, a choice made before it was finalized. The author, Thomas Mathew, a retired bureaucrat, initiated this project in 2018 but faced setbacks as Tata withdrew his support, leading to delayed releases. While the book touches on some controversial decisions during Tata's tenure, like the appointment of Cyrus Mistry and the choice of West Bengal for the Nano plant, it remains unendorsed by Tata’s family, Varun Sood and Satish John report. Delhi, once celebrated for its distinct winter charm, now grapples with toxic air quality that overshadows its historical and seasonal allure. Now that winters are at the doorstep, Delhi and its toxic air is likely to dominate news cycles till at least January. Despite long-standing efforts to improve air quality, including vehicle and industrial emission controls and reduced stubble burning, Delhi remains the world's most polluted city, according to the 2023 World Air Quality report. This persistent issue is compounded by seasonal activities like stubble burning and the use of biomass for heating, exacerbated by geographical and meteorological conditions that trap pollutants. Sayantan Bera examines the factors behind Delhi’s poisonous winter air. Show notes: Why Ratan Tata’s biography didn’t have his final sanction Mint Primer: Why top tech executives are heading for India Adani plans greenfield Odisha cement factory FMCG firms embrace quick commerce amid shift in urban consumer preferences ‘Severe’ air is coming. Here’s the X-factor behind Delhi’s winter poison 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, October 25, 2024. My name is Nelson John. Let's get started. Qatar's Nebras Power was supposed to acquire up to a 49 per cent stake in Aditya Birla Group’s renewable energy business for about $400 million, but the deal has been put on hold due to a valuation mismatch. Utpal Bhaskar reports that challenges such as competitive returns and execution risks in the Indian market continue to be concerns for investors. The Aditya Birla Group company is still seeing interest from Alberta Investment Management and BlackRock's Global Infrastructure Partners. India's startups aren't complying with certain rules. The Central Consumer Protection Authority has issued notices to 11 e-commerce companies including Blinkit, Zepto, Swiggy and Meesho for violating declaration rules. These violations include failing to display product manufacturing and expiry dates, among other packaging and labelling norms. Soumya Gupta writes that the CCPA took this action after users complained about receiving perishable items close to or after their expiry dates. After a long and contentious battle, the Insurance Regulatory & Development Authority of India has approved the Burman family's proposed acquisition of Religare, reports Anirudh Laskar. This nod marks a significant step towards the Burmans’ takeover of Religare. Only approvals from the banking and market regulators are now pending. Despite initial resistance from Religare's management, the Burman family, which owns Dabur India, aims to solidify its ownership through an open offer of more than 3,400 crore rupees. In a surprising turn of events, 60 out of 100 private equity and venture capital executives in India failed a mandatory exam set by the National Institute of Securities Management (NISM), under directives from SEBI. This exam, which is crucial for maintaining registration, has stirred concerns within the sector. Critics argue that the exam's content, which spans various fund types—venture capital, private equity and public markets—is disproportionately focused on public markets, and does not reflect the practical differences between these fund categories. Sneha Shah and Ranjani Raghavan report on the embarrassing situation India’s PE and VC sector is staring at. Last year, Ecom Express found itself at a crossroads, searching for new leadership after the health-related departure of its co-founder and CEO, T.A. Krishnan. With growth stalling, the company turned to Ajay Chitkara, a veteran of the telecom industry, to inject new life into its operations. Chitkara, known for his successful stint at Airtel, took the reins at a tough time and now faces a daunting task: steering Ecom Express towards profitability and a successful IPO. The company has reduced its losses, but sustaining growth remains a challenge, especially with new players such as Valmo shaking up the logistics market. Mint’s startups editor Ranjani Raghavan tackles the question of whether Ecom Express’s IPO can succeed when Delhivery’s stock has failed to deliver. SUBJECT/Title: Why finance pros at PE, VC funds are flunking Sebi exam Pre-head: IRDA approves Burmans’ Religare takeover; CCPA issues notice to quick commerce startups Qatar's Nebras deal with Aditya Birla Group's green arm on hold Why are e-tailers on notice for legal metrology? IRDA gives Burman family green signal for Religaree takeover Can Ecom Express’s IPO succeed when Delhivery’s stock has failed to deliver? Why finance pros at PE, VC funds are flunking Sebi exam 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, October 24, 2024. My name is Nelson John. Let's get started. It was another quiet day for Indian markets as the initial rally in IT stocks, which powered the indices upward, was quickly offset by a sharp downturn in the financial and auto pack, resulting in a flat close for both the Nifty 50 and Sensex on Wednesday. The Sensex and Nifty have fallen more than 5 percent in the last month. One thing is for certain: foreign portfolio investors are pulling out money from Indian markets. But where is this money going? Dipti Sharma writes that while China is the biggest beneficiary, other Asian countries like South Korea, Japan, and Indonesia are also seeing inflows. The shift has also happened partly due to profit-taking in India after a strong market rally. Analysts told Dipti that investors feel the potential for returns is higher in other markets, especially like Indonesia and South Korea where the valuations are more moderate. India and China have announced that they have reached an agreement on patrolling their common border. This marks a significant step towards mending the strained relationship between the two countries since the clash in Galwan in 2020. N. Madhavan writes that despite some unresolved issues, bilateral trade has in fact grown between India and China. China became India's largest trading partner this year. However, given the vast restrictions, Chinese investment in Indian companies remains scarce. Madhavan writes that India stands to gain a lot by easing these restrictions, especially in the manufacturing sector. India is rethinking its approach to highway development, shifting focus from the ambitious long-term Vision 2047 plan to prioritizing shorter-term projects. The decision comes as the complexities and delays of lengthy projects prove challenging. While Vision 2047 aimed to guide development up to India’s centennial in 2047, the government now favours projects that can be quickly approved and completed. Ongoing projects under the earlier Bharatmala program will continue, with possible individual approvals for those yet to start. This strategic pivot is about efficiency—getting roads built faster and making them useful sooner, reports Subhash Narayan. Two years ago, HDFC Bank announced a huge merger with its parent company, HDFC Ltd, marking India's biggest-ever M&A deal. The merger aimed to boost synergies and enhance the housing sector and the overall economy. However, despite the initial excitement, which saw the bank's stock jump 10% on announcement day, the performance has been somewhat disappointing. Over two-and-a-half years, the stock has only seen a modest 4.7% increase, underperforming compared to market benchmarks. Market sceptics have pointed to the difficulties of maintaining growth momentum and managing financial metrics like net interest margins and the loan-to-deposit ratio on such a large balance sheet. Abhishek Mukherjee writes on how the bank’s investors can learn a lesson or two on persistence from none other than the Master Blaster Sachin Tendulkar himself. Yann LeCun, Meta Platforms Inc.'s chief AI scientist, decided to visit India for a third time after an encounter with Infosys co-founder Nandan Nilekani at the World Economic Forum in Davos. Inspired by Nilekani's introduction to India's vibrant tech ecosystem, LeCun attended Meta's first 'Build with AI Summit' in Bengaluru, he told Leslie D’Monte. LeCun talked about witnessing the impressive adoption of Meta AI tools across major platforms like WhatsApp and Messenger, noting that India has the largest user community globally. FIIs pulling out of India is not a surprise. But where is their money going? What the border pact means for India and China Centre shifts to short-term goals to build highways Patience vs Payoff: What HDFC Bank’s investors can learn from Sachin Tendulkar ‘Godfather of AI’ is impressed by India’s AI prowess but found something lacking 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, October 23, 2024. My name is Nelson John. Let's get started. A strong wave of selloffs engulfed the Indian stock market on Tuesday, dragging the Sensex and Nifty down by more than one per cent each. The International Monetary Fund kept its global growth forecast for 2024 and 2025 unchanged at 3.2 per cent. It also maintained its India growth projections at 7 per cent for FY25 and 6.5 per cent for FY26 in its October 2024 World Economic Outlook. While global growth is stable, there are changes beneath the surface, IMF said. The US economy saw an upgrade, but European countries faced downgrades. India and Russia boosted growth projections for emerging markets, driven by strong demand for technology. The Vizhinjam International Transhipment Deepwater Multipurpose Seaport near Thiruvananthapuram in Kerala has finally kicked off operations after numerous delays. Managed by Adani Ports and Logistics, this critical development positions it as India's deepest natural port and its sole container shipment hub. However, a significant hiccup remains—the port's poor road connectivity, with improvements not expected for another 12 to 18 months. Kerala faces a broader economic crunch, battling slow growth and steep debt as expenditures overshadow revenues. Demographic shifts, including an ageing population and evolving migration patterns, have obstructed remittance flows. N Madhavan delves deep into Kerala’s economic issues and God’s own country’s efforts to revive its economy. IPOs aren't only for the big boys: smaller startups are also heading to the public markets. Venture capital investors are nudging their early- to mid-stage portfolio companies towards IPOs amid a bullish stock market. Priyamvada C and Mansi Verma write that startups such as IntrCity, BHive, and Leverage Edu P are gearing up for listings soon. India's more lenient IPO requirements compared to the US are encouraging such moves, they add. Another reason investors are pushing for this move is that many funds are now reaching the end of their life cycles and have to return money to their limited partners. Ambuja Cement has bought more than 46 percent of Orient Cement, marking yet another landmark deal for the Adani-owned cement company. This is the Adani Group's fourth major transaction to bolster Ambuja's prowess in less than a year. Nehal Chaliawala writes that this acquisition marks the latest round in the cement war between Ultratech and Ambuja. Small players continue to be either bought or squeezed out as the two giants look at consolidating a huge chunk of the industry. Did you know that Noida is an acronym? It stands for New Okhla Industrial Development Authority. Now, there’s a new one on the way – the Uttar Pradesh government has greenlit the development of New Noida near Greater Noida. This new city, planned over 15 years in the Dadri-Noida-Ghaziabad region, will unfold in four phases, with the first set to be ready in four years. It's expected to accommodate 600,000 residents and include a mix of industrial hubs, residential areas, commercial spaces and healthcare facilities. Notably, the city plans also feature specialised industrial hubs such as a 'Korean City', a 'Japanese City', and an ‘Olympic City’. Madhurima Nandy explains more in today’s Primer. IMF keeps India’s FY25 growth forecast unchanged at 7% Kerala’s 500 days challenge: Can ‘God’s own country’ become a Gujarat? No startup’s too small to IPO in a bull market Ambuja's Orient buy steps up cement war New Noida city: Will it spur NCR realty 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 Tuesday, October 22, 2024. My name is Nelson John. Let's get started. When you don't agree with the outcome, just don't release the data: that's the approach Indian carmakers have taken of late. The release of a crucial carbon emissions compliance report has been delayed because companies like Hyundai, Kia, and Mahindra failed to meet norms. Alisha Sachdev reports that the automakers want a five-year period to bring down their emissions, while the government has already issued steep fines. If the companies publish their below par numbers, the fines will increase — leading to this stalemate. Indian emission norms are still better than their European counterparts, but carmakers don't seem like they want to budge as of now. The Edelweiss Group is set to unleash a sea of IPOs into the market soon. In an interview with Mint, the group's founder and chairman Rashesh Shah said that the company is hoping to list seven subsidiaries soon. The group intends to begin with the IPO of its mutual fund arm and its alternative asset management subsidiary, each valued at 1 billion dollars. Shah admitted that initially, the financial services company chased growth above everything else, which backfired later. The group also plans to pay off debt worth 6,000 crore rupees by the end of this year to prepare for a clean slate as the IPOs approach. After being a laggard for much of 2024, the Bank Nifty has finally turned a corner, led by HDFC and Axis Banks. Other stocks like Kotak Mahindra have provided mixed results. Ram Sahgal writes that the banks have had to adopt new strategies to adjust their loan books and attract more deposits. Ram also spoke to analysts, who said that the Bank Nifty could now outperform the Nifty50. HDFC's stock performance will be crucial to the Bank Nifty's growth, they added. Last week, fintech Navi got a huge jolt as it was barred by the Reserve Bank of India from disbursing any more loans. The RBI had banned Navi for charging high interest rates for its loans. Gopika Gopakumar reports that Navi and its founder Sachin Bansal assured its lenders in an unscheduled meeting that the company was well-prepared to manage any fallout until March 2026. Navi outlined a plan to cover 3,027 crore rupees in debt repayments due in the next six months, with expected customer collections touching 4,000 crore rupees. The company also has a liquidity buffer of 1,500 crore rupees, Bansal outlined. Navi focuses on personal loans of up to 20 lakh rupees, disbursed through its app. We told you yesterday about how gold prices in India are hitting record highs. The prices are peaking over 78,000 rupees per 10 grams, influenced by a mix of global and domestic factors. Initially, a cut in import duty led to a temporary drop in prices, spurring a spike in demand. However, global uncertainties have driven prices back up. Soumya Gupta explains that despite this volatility, Indian consumers aren't necessarily reducing their gold purchases. Sales of lighter and more affordable jewellery pieces have increased during the festive season, with jewellers responding quickly to cater to this demand. Learn more about your ad choices. Visit megaphone.fm/adchoices