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 While verification remains a challenge for accounts with outdated contact details, experts see Mitra as a game-changer.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

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

Welcome to Top of the Morning by Mint, your weekday newscast that brings you five major stories from the world of business. It's Friday, February 7, 2025. This is Nelson John, let's get started.   State Bank of India (SBI) posted a net profit of ₹16,891 crore for Q3 FY25, an 84.3% year-on-year surge. Chairman C.S. Setty highlighted a pickup in private capital expenditure, though sectors like steel remain sluggish, report Anshika Kayastha and Gopika Gopakumar. Despite these headwinds, SBI's corporate loan pipeline remains solid, with ₹4.8 trillion in sanctioned or under-process loans as of December-end. Setty is confident about meeting the bank’s 14-16% credit growth target for FY25, supported by budget measures aimed at boosting disposable income and consumption, which are expected to fuel credit demand.   Global private equity giant Blackstone is exploring a potential sale of its majority stake in Bengaluru-based digital learning platform Simplilearn, report Mansi Verma and Sneha Shah. This comes more than three years after its initial $250 million investment. A Simplilearn spokesperson, however, has denied any plans for an exit or the appointment of investment bankers.Since acquiring over 60% of Simplilearn in 2021, Blackstone has seen the company recalibrate its strategy amid a broader slowdown in the edtech sector. Once focused on rapid expansion, Simplilearn has pivoted toward profitability, cutting its FY24 Ebitda losses by 75% by discontinuing select programs and doubling down on core offerings. This shift reflects the broader challenges in edtech, where reduced funding and the return of physical classes post-COVID have pushed many firms to prioritize sustainability over aggressive growth.   Employees expecting bigger pay hikes this year may be in for a disappointment, as salary increments are set to be lower than last year’s, which were already the smallest in nearly a decade. Consultants and firms Devina Sengupta and Samiksha Goel spoke to cited slower corporate earnings and economic growth as key reasons for tighter budgets and more conservative raises. According to Aon's Annual Salary Increase and Turnover Survey 2023-24, the average salary hike stood at 9.3% in 2024, down from 9.7% in 2023. The outlook for 2025 is even softer, with Mercer forecasting an average increase of 9.4%, a sharp decline from the peak of 10.6% in 2022. With companies shifting focus from aggressive hiring to retaining top talent, some are offering unique perks—such as exclusive credit cards—to keep key employees engaged. However, only a select group of high performers is likely to see significant pay bumps.   In a high-profile insider trading case, the Securities and Exchange Board of India (Sebi) has barred two former IT executives, Keyur Maniar and Ramit Chaudhri, from the securities market for a year. Maniar, a former senior vice president at Wipro, and Chaudhri, previously with Infosys, were found guilty of trading on confidential information about Infosys’ $1.89 billion deal with Vanguard before its public announcement on July 14, 2020. Sebi’s investigation revealed that Chaudhri shared details of the deal with Maniar, who then made ₹2.6 crore in profits from trading Infosys shares. The regulator’s surveillance system flagged unusual trading activity around the announcement, leading to a probe that confirmed the misuse of unpublished price-sensitive information. Jas Bardia and Varun Sood  take a deep dive into the Sebi probe and how the case unfolded. Recent hits like Singham Again, Animal, and Bhool Bhulaiyaa 3 reveal a trend where most box office earnings are concentrated in the first week of release. Over 60% of a film's total revenue often comes within its opening days, signalling a shift towards shorter theatre runs. Lata Jha speaks with Rahul Puri of Mukta Arts, who notes that films now face immense pressure to perform immediately, especially with the quick transition to streaming platforms. For movies relying on word-of-mouth to gain traction, this presents a unique challenge. Devang Sampat from Cinepolis India emphasizes that while the opening weekend is key, sustaining positive reviews is crucial for a film’s long-term success. Learn more about your ad choices. Visit megaphone.fm/adchoices

Welcome to Top of the Morning by Mint, your weekday newscast that brings you five major stories from the world of business. It's Wednesday, October 2, 2024. My name is Nelson John. Let's get started.   The Indian stock market closed the volatile trading session on a flat note on Tuesday, October 1, amid mixed global signals and uncertain economic indicators. The Nifty 50 closed the session 0.05% lower while the Sensex ended with a slight decline of 0.04%..   The Goods and Services Tax has undergone a series of amendments since it was introduced in 2017. Yesterday the Central Board of Indirect Taxes and Customs announced yet another important change: an end to the anti-profiteering regime. This had been put in place to ensure that businesses passed on the benefits of GST rate cuts to consumers. Gireesh Chandra Prasad reports that with its removal, businesses will have more freedom to set prices. This change is part of a broader effort to simplify GST compliance, Gireesh adds.   The Leela group of hotels filed papers for a 5,000 crore rupee IPO last month, reflecting a growing appetite for both luxury tourism and luxury hotel stocks. Experts told Abhinaba Saha they expect healthy demand for Leela’s IPO, the largest in the hospitality segment to date, as luxury tourism is just getting started in India. Luxury hotel chain operator Ventive Hospitality announced an IPO worth at least Rs 2,000 crore just a few weeks ago, while Juniper Hotels and Apeejay Surrendra Park Hotels were listed in February.    Ever seen ads for music CDs and glass tumblers? They are all over billboards and TV sets, but you’d be hard pressed to find the actual products on sale. That’s because they’re surrogate ads for products such as alcohol. Liquor manufacturers aren't allowed to advertise their products, so resort to such tactics. However, Dhirendra Kumar reports that the Central Consumer Protection Authority is now cracking down on companies that use surrogate advertising and could fine repeat violators 50 lakh rupees.   When Ranveer Allahbadia's YouTube account – which has 17.33 million subscribers – was hacked on September 25th, it highlighted a growing concern about cybersecurity among content creators. Allahbadia's experience served as a stark reminder that no one is immune to cyber threats. Pratishtha Bagai writes about a recent Kaspersky study that revealed 20% of Indian internet users were victims of cyber threats in the first half of 2024 alone. Influencers are now increasingly using two-factor authentication (2FA) and limiting device access to their accounts. Yet, many creators rely on platform support after the fact, rather than taking proactive steps to secure their accounts. Industry experts suggest that influencers, like businesses, should seek professional cyber protection services. In India's film industry, big-budget spectacles such as Baahubali and Pathaan rake in massive sums at the box office but often see modest profits owing to high production costs. Conversely, mid-budget films have delivered impressive returns. Stree 2, which cost around ₹60 crore to make, grossed more than ₹600 crore. Such films manage to appeal to both urban and regional audiences, often without major stars, and thus have a better return on investment, writes Lata Jha. Sequels such as Gadar 2 and Stree 2 continue to attract audiences by leveraging the success of their predecessors, maintaining interest without the hefty marketing budgets that larger films typically require.    GST-related anti-profiteering regime to end in March next year, marking shift towards free pricing Leela's IPO is a bet that luxury tourism in India is just getting started Liquor makers in crosshairs over surrogate ads, CCPA calls for punitive action Are social media influencers equipped to dodge cyber attacks? The curious case of mid-budget breakout hits 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 1, 2024. My name is Nelson John. Let's get started. Nearly 300 stocks, including JSW Steel and NTPC, reached one-year highs on the BSE, despite the Sensex and Nifty 50 dropping over one per cent amid weak global cues. Last week, the government of China infused 143 billion dollars into its economy to try and revive it out of a slump. This led the Chinese public markets to experience their best week in more than 16 years. Initiatives also included a 2 trillion yuan bond, easing rules for buying homes, and revival of consumer spending. N. Madhavan explains this stimulus package, and how it might affect the Indian economy. Investors always wondered when Swiggy would list on the public markets. After its rival Zomato touched record highs this year, that intrigue turned into a fertile ground for Swiggy to have its IPO. This has also led Swiggy's shares being sold and re-sold all over at sky-high prices in the grey market. While Swiggy's current market cap is around 80 to 90,000 crore rupees, investors are hoping that this amount at least doubles to reach the vicinity of Zomato's 2.5 trillion rupee valuation. Neil Borate and Anil Poste speak to Swiggy's investors, and outline the current situation in the grey markets. Infamous Shark Tank judge and co-founder of BharatPe Ashneer Grover reached a settlement with the fintech unicorn yesterday. He officially ended all associations with the company. Mansi Verma writes that as part of the agreement, some of Grover's shares will be transferred to the Resilient Growth Trust, while the remainder will be managed by his family trust. All ongoing legal cases between the parties will be dropped. Placement teams at India's top tech schools, notably the IITs, are getting proactive. They're reaching out to potential recruiters early this year, hoping to avoid last year’s job placement struggles. Devina Sengupta however reports that companies from IT, manufacturing, and banking sectors are still on the fence about how many grads they’ll hire from the 2025 batch. The older IITs, like those in Madras, Bombay, and Delhi, typically start their placement season in December, while the newer ones begin as early as August to get a head start. Last year didn’t end well for many grads who remained unplaced due to a cautious hiring climate amid economic uncertainties. Some early recruiters like Samsung, Accenture, and Larsen & Toubro have already shown interest, and companies like Godrej Properties are looking to increase their hires from these institutes. IITs are also targeting startups and quick commerce platforms, with companies like Meesho planning to significantly increase their campus hires from last year. In Haryana, despite its economic prowess, life isn't as rosy for everyone. The state, boasting a per capita income much above the national average, hides a different reality in its villages, which make up about 65% of its population. As the state gears up for elections, this stark contrast between the prosperous urban areas like Gurgaon and the struggling rural regions like Kulana is shaping the political battleground. This year, the fight is straightforward, boiling down to a direct clash between the BJP, holding the fort for two terms, and the Congress. The real issues fueling this face-off aren't just economic stats but real-world problems affecting daily lives—agricultural distress, contentious army recruitment policies, and a heavy reliance on unreliable migrant labour. Sayantan Bera takes a deep dive into the issues, challenges, and problems faced by Haryana voters as the state goes to polls this coming Saturday.  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, September 30, 2024. My name is Nelson John. Let's get started.WhatsApp groups are full of people pretending to be legitimate advisors offering stock market advice. These groups promise unrealistic returns and insider information, and have caught the attention of market regulators. Stockbrokers are also raising alarms to such practices. The scams have not only duped investors, but also posed significant reputation risks to the impersonated firms. Dipti Sharma, Neha Joshi, and Shayan Ghosh bring you the details of how the authorities are fighting back to regain the public's trust. The subsidies provided by the Indian government keep dwindling. Now, the focus has shifted towards incentivising players to set up their manufacturing facilities in India. Alisha Sachdev reports that from next April, manufacturers will be required to locally source even the smallest components, otherwise known as child parts. The new phased manufacturing plan also outlines detailed processes for each component to ensure that key steps are performed domestically. Accenture's recent earnings report has sparked optimism within the 260 billion dollar Indian IT sector. Accenture has forecasted a better financial year moving head, especially in the Generative AI-related space. Shelley Singh writes that the Indian IT sector is using Accenture's report as a bellwether and hoping for better revenues moving forward. In particular, there are hopes that banking and the financial sector at large are likely to also spend more towards IT. In November 2010, then-Gujarat Chief Minister Narendra Modi visited Chennai to invite Tamil Nadu textile entrepreneurs to set up spinning units in Gujarat. In a state where cotton was plentiful, and power was reliable, this invitation meant big savings on transport and energy. Despite his compelling argument, Tamil Nadu's textile industry, with its robust workforce and deep-rooted infrastructure, chose to stay put. Over a decade later, the textile industry in Tamil Nadu faces even greater challenges, from heavy reliance on migrant labour to increased operational costs. N Madhavan examines how this has prompted some units to consider relocation to states like Madhya Pradesh and Odisha for better proximity to labour and lower wages. Despite Tamil Nadu resolving its power issues, the textile sector's future in the state remains uncertain due to these compounded challenges. IBM and Accenture are making significant strides in the generative AI sector. IBM has reported over $2 billion in GenAI bookings and sales, with Accenture close behind at $3 billion for the fiscal year. Both companies attribute much of their success to their robust consulting services, a strategy not fully embraced by India’s top IT firms like Tata Consultancy Services, Infosys, and HCL Technologies, which do not report their AI or consulting revenues separately. This approach isn't just about leveraging AI technology; it's integral to their business development strategies. Jas Bardia reports on how both firms are proactive in integrating AI into their client engagement processes, often starting with proof of concepts at early sales stages.   Stockbrokers raise alarm against fake WhatsApp groups India's local sourcing rules for EV subsidies to tighten  Will Accenture’s gain have a ripple effect on Indian IT?  Why texpreneurs are unable to capitalize on the shift from China & Bangladesh Lessons for Indian IT services firms as Accenture, IBM lead GenAI charge 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, September 27, 2024. My name is Nelson John. Let's get started. Online brokerage firm Zerodha generated over ₹8,000 crore in revenue last fiscal year, with profits reaching ₹4,700 crore, according to founder Nithin Kamath. However, Kamath cautioned that the coming year might not be as bright, with a significant revenue drop on the horizon. Recent regulatory changes, aimed at protecting retail investors, are expected to hit brokerages hard. Abhinaba Saha delves into these new rules and their potential impact on both brokerages and retail investors. India's National Medical Commission (NMC), responsible for overseeing medical education, is grappling with internal conflicts among its four autonomous boards. Poor coordination has led to the cancellation of several public notices, prompting the NMC to seek intervention from the Union health ministry, sources told Mint’s Priyanka Sharma. The issue came to light when the boards issued conflicting decisions while reviewing applications from medical colleges. In one instance, a college was penalized by one board while another approved an increase in its seat capacity. This inconsistency is raising alarm, especially in the wake of recent controversies, such as the NEET exam paper leak. Radisson Hotel Group is rapidly expanding its footprint in India, capitalizing on opportunities in both major cities and growing smaller towns. Nikhil Sharma, Radisson’s managing director for India, told Varuni Khosla that while the country has 200,000 branded hotel rooms, there's still a significant gap between supply and demand. This imbalance is driving Radisson’s aggressive growth strategy, which includes tapping into religious tourism markets with new properties in Ayodhya and Vrindavan. This move is part of a larger strategy that has already placed Radisson ahead of competitors like IHG and Hilton in India, with its 115 hotels generating around ₹4,000 crore in revenue. The group, which manages brands like Radisson Blu and Park Inn, has 80 more hotels under development as part of its broader expansion plan. The telecom department is exploring a major policy shift by potentially waiving the requirement for telcos to deposit bank guarantees for spectrum acquired before 2022. The move is part of the broader reforms in the telecom sector. Starting in 2024, companies will no longer need to provide these guarantees under the new rules. The potential waiver is backed by precedents set in 2017, when the government extended the payment period for spectrum purchases from 10 to 16 years and reduced interest on penalties. The recent wave of harassment allegations in the movie industry reveals that little has changed in Hindi, Bengali, and Malayalam cinema. Lata Jha highlights that this misconduct manifests in various ways, including demands for sexual favours, unwarranted attention on and off sets, unequal pay, and inadequate facilities for women's hygiene. The Hema committee report reinforced what many in the industry already knew—widespread misbehaviour and misconduct remain pervasive. In this piece, Lata delves into the industry’s culture, the allegations, and the persistent lack of accountability within the system. 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, September 26, 2024. My name is Nelson John. Let's get started. Were you one of the thousands of Coldplay fans stuck to their screens, trying to score a ticket? The rush for Coldplay tickets turned intense on September 22, with 13 million fans chasing just 150,000 spots for their Navi Mumbai concert next January. The original ticket price was 6,450 rupees, but now resellers are listing them for upwards of 36,000 rupees! Given the high resale prices, some fans are thinking outside the box by considering a trip to Abu Dhabi for Coldplay's January 11 concert, where tickets start at a more reasonable ₹4,411. After crunching the numbers, Sashind Ningthoukjam writes that flying to Abu Dhabi could end up cheaper than snagging a resale ticket for the Navi Mumbai show. A round trip from Mumbai, a couple of nights’ stay, and a short-term visa totals about ₹30,000. That's a savings tip and a mini-vacation rolled into one for die-hard Coldplay enthusiasts! India is setting its sights on becoming a major global maritime player by 2047. It currently holds less than 1% of the global market share in shipping. Spearheaded by Minister for Ports and Shipping Sarbananda Sonowal, the government’s new strategy aims to revolutionize maritime activities through twelve targeted missions. These include enhancing shipbuilding, reducing dependency on foreign vessels, and launching a ₹25,000 crore Maritime Development Fund to fuel these ambitions, Subhash Narayan reports. On top of boosting local shipbuilding and repair capacities, India is also stepping up its game in maritime arbitration with the new Indian International Maritime Dispute Resolution Centre, aligning with the "Resolve in India" mantra. Mahindra & Mahindra and the Volkswagen Group are in advanced talks to intensify their partnership. The two companies are aiming to leverage shared investments in future technologies rather than engaging in cash transactions. Sources told Alisha Sachdev that Mahindra might make significant investments in platforms and technologies to acquire a sizeable stake in Volkswagen's India operations, with a formal agreement potentially being finalized by early 2024. The focus of this collaboration is on utilizing Volkswagen's underutilized Pune plant, which has a substantial expansion capacity.  After a long and successful run, home sales and project launches have gone tepid. All eyes are now on the coming festive season, which is traditionally considered as the best-performing period for the property sector. This could revive the momentum in sales and launches. Madhurima Nandy explains what's at stake for the real estate market this Diwali season. After a huge rise in the disbursal of small-ticket loans, borrowers are defaulting. The volume of credit card dues where repayments are delayed by over 90 days has increased 17 basis points year-on-year, reports Shayan Ghosh. Analysts said this might be happening because a section of borrowers are exhausting their credit limits but are unable to repay. We hope you’re up to date with your outstanding bills! 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, September 25, 2024. My name is Nelson John. Let's get started. Anura Dissanayake became Sri Lanka's new president this week. Leading a socialist alliance, he won on the back of an anti-corruption campaign. We invited Shweta Singh, an associate professor in the department of international relations at the South Asian University, to explain the implication of his win. A massive focus on economic reforms is expected to be Dissanayake's first move as president. Shweta also explains the ramifications of the election result on relations between India and Sri Lanka, as well as China's growing influence in India’s southern neighbour. Boutique investment banks are expanding their roles in the startup ecosystem by not only advising on fundraising but also investing directly. Sprout Capital, Merisis Advisors, and Dexter Ventures have established micro-venture capital funds to tap into diverse revenue streams and capitalize on the potential of various stages of startup growth. These banks are particularly interested in unique investment opportunities, such as buying secondary blocks from ESOP holders and early angel investors looking for liquidity, Priyamvada C reports for Mint. This approach provides a solution for founders who want to avoid wealth firms//what’s that?// but need to create liquidity. For instance, IndigoEdge is setting up a $40-50 million fund to invest in late-stage startups, focusing on small, less attractive investment blocks that do not interest larger investors. India is ramping up its aviation game by planning 29 new airports in small towns over the next two decades, aiming to transform these areas into aviation hubs. The plan, spearheaded by the Airports Authority of India, targets states like Gujarat, Karnataka, Madhya Pradesh, and Jharkhand, with Gujarat getting the lion's share—nine airports. Mihir Mishra reports on the move, which is part of a broader initiative that includes a five-year strategy to upgrade 50 existing airports and develop additional ones in major cities to handle growing passenger numbers. These future airports, geared to accommodate large aircraft, are part of an effort to ensure long-term growth and connectivity, especially to international destinations. While the ambitious plan promises to enhance regional air travel and boost economies, experts advise that these expansions be driven by genuine passenger demand rather than political agendas. Foreign streaming giants are treading cautiously in India, a market notorious for its tough competition and price sensitivity. Companies like Warner Bros have delayed launching their own apps, opting instead to license content to local platforms like JioCinema. Similarly, Apple has partnered with Bharti Airtel to offer Apple TV+ without creating local originals. The hesitation stems from modest ad and subscription revenues, driven by the niche appeal of their content. Experts who spoke to Mint’s media and entertainment correspondent, Lata Jha, suggest that to win in India, global streamers must tailor their strategies to align with the unique preferences of Indian viewers, such as offering affordable subscription plans and ad-supported models. It's been two years since Larsen and Toubro and Mindtree had their giant merger to create a new IT company. However, till today, the cultural differences between the two entities have not subsided: some 20-odd senior leaders have quit. Over the last two years, LTIMindtree has only been able to record 700 million dollars worth of revenue. Shelley Singh writes about how the falling profits are emblematic of the lack of successes in India's IT sector, outlined by LTIMindtree's merger. 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, September 24, 2024. My name is Nelson John. Let's get started. Banks are finding creative ways to attract new customers amid a deposit crunch. Smaller banks in particular are spicing up their offerings to stand out. They're partnering with fintechs and rolling out products such as standalone fixed deposits and secured loan-linked deposits. Anshika Kayastha reports on how this shift is helping banks compete with mutual funds and insurance options which have been drawing in more household savings. Banks are also teaming up with platforms such as PhonePe and Mobikwik to offer FDs without the need for a bank account, aiming to make banking as convenient as online shopping.  As the festive season approaches, online sellers of refurbished electronics such as smartphones and laptops are gearing up for a sales boost. ReFit Global and Cashify, leaders in the refurbished market, are expecting significant increases in sales figures during the festive months, which is traditionally a high point for electronics purchases. Despite the availability of newer devices at competitive prices, refurbished models continue to attract consumers looking for cost-effective alternatives, reports Sowmya Ramasubramanian. These are particularly popular in tier-2 and tier-3 cities, where budget-conscious consumers can access premium brands at reduced prices. Moreover, the convenience of monthly payment options and the increased presence of these products on major e-commerce platforms enhance their appeal.   Speaking of smartphones, let's talk about Samsung. A workers' union is protesting against low wages at the company's plant in Chennai. Talks with Samsung’s management have not progressed and the protests are in their third week. Sumant Banerji and N Madhavan teamed up to bring you an on-ground report of this stalemate. The workers have three main demands: recognising the labour union, increasing wages and improving working conditions. For now, Samsung has hired contractual workers to ensure that its production isn't halted for too long. But who will blink first? The union doesn't seem like it will budge, while Samsung has faced a slew of issues that has reduced its market share.   JSW Group is moving its massive 40,000 crore rupee EV and battery project from Odisha to Maharashtra, chasing political stability and new opportunities. Initially planned for Cuttack and Paradip, they're now eyeing Aurangabad and Nagpur, Alisha Sachdev reports. This switch follows Maharashtra's welcoming of big-ticket projects such as JSW Energy's 25,000 crore rupee lithium battery venture in Nagpur and a 27,200 crore rupee electric vehicle plant in Chhatrapati Sambhaji Nagar. This isn't the first time a big name has shifted a plant because of regional politics—remember Tata’s Nano move to Gujarat in 2008? Similarly, JSW’s pivot aligns with its strategy to enhance supply chains and secure a stable setup.   If you've been in the market for diamonds in the past couple of years, you may have been tempted to buy lab-grown ones, which are nearly indistinguishable from their natural counterparts. Varuni Khosla and Suneera Tandon report that as the festive season approaches, customers are likely to find great deals as the diamond market is seeing a massive correction in prices. Real diamonds are about 20 percent cheaper, while lab-grown diamonds have seen a whopping 100 percent drop in prices. This is also an important development for India, as roughly 90 percent of the world's diamonds are polished here. 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, September 23, 2024. My name is Nelson John. Let's get started. Aswath Damodaran is known as the "dean of valuation". In a free-wheeling conversation with Abhishek Mukherjee, Damodaran talks about how he assesses companies — especially family-run ones, as well as the current dynamics of the Indian stock market, and how to read the corporate life cycle. Retail investors should not miss out on his answers about Zomato's stock price valuation, which is up more than 130 percent year to date. The Competition Commission of India is nearing the end of its four-year antitrust investigation into Amazon and Flipkart. They've been asked to hand over financials which could determine hefty fines based on global sales if found guilty of anti-competitive practices like favoring certain sellers and pushing aggressive discounts. This move comes as the CCI looks to ensure fair play in India’s rapidly growing digital market. With the law now requiring a thorough hearing before a final decision, all parties involved will get a chance to present their case, making sure the process is transparent and just. Gireesh Chandra Prasad reports on the antitrust body’s push for a level playing field where small businesses can compete fairly against the big e-commerce platforms. Brands are tweaking their influencer strategies to maximize their marketing spend. The growth in influencer marketing in India is strong, but figuring out the actual return on investment is tricky. Pratishtha Bagai reports on how new-age companies are cutting down on influencer marketing budgets. For instance, beauty brand Plum slashed its influencer budget to half after seeing the real numbers. Similarly, Libas, an ethnic wear brand, is honing in on affiliate links and coupon codes to directly track sales from specific influencers, paying them based on performance. Smaller brands are also eyeing nano influencers—those with fewer than 10,000 followers—since they engage more and cost less, despite not always getting the spotlight from big agencies. Some brands even bypass agencies altogether, managing influencer relations themselves to ensure a better fit and efficiency. Netflix and other streaming platforms are on edge after a recent controversy over a Netflix series prompted calls for stricter content regulation. Already cautious under the 2021 IT Rules, these platforms are worried that the outcry might lead to tighter controls. A senior streaming executive told Lata Jha that companies are closely monitoring social media reactions to avoid potential legal battles. The fear is that any new regulatory body could slow content approval processes, akin to the current film censorship board, stifling creative expression. This anxiety comes as streaming services see stagnating subscription growth in India, despite a broad viewer base. Controversies not only threaten to derail individual shows but could tarnish the entire industry's image.  Ever since Covid, an ever-growing number of Indian professionals have moved to Dubai to work. The Gulf city offers a year-long working visa for Indians. Moreover, you can avail of facilities like banking and housing rather seamlessly. The catch? You need to earn a minimum of 3,500 us dollars a month, roughly 3 lakh rupees. You would also need adequate health insurance with coverage in the entirety of UAE. Jash Kriplani brings you the details of such a move, which would still make you liable to pay taxes in 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 Friday, September 20, 2024. My name is Nelson John. Let's get started.   On Thursday, Indian equity markets hit another record high following the US Federal Reserve's decision to cut interest rates by 50 basis points—double the expected 25-point reduction. Harsha Jethmalani notes that Indian markets are anticipating further rate cuts ahead. While the European Central Bank has already reduced rates, Harsha points out that the RBI may refrain from doing the same due to persistent inflationary pressures. This week, dozens were injured and some killed across Lebanon and Syria after pagers exploded. Hezbollah had been using these low-tech devices to communicate, fearing smartphones could be tracked. These pagers, which only receive messages via radio frequencies and aren't connected to any network, offer a lower-tech alternative. Leslie D'Monte reports that despite their perceived redundancy, pagers and walkie-talkies are still widely sold. He also notes that cellphones and smartphones, equipped with GPS tracking, are even more vulnerable to such attacks. The Adani Group is on a shopping spree. The budget? Around 7 billion dollars. Anirudh Laskar reports that this amount would be spread across cement, airports, defence, ports, and FMCG. The deals are supposed to be concluded in the current financial year. While the conglomerate has completed over 60 acquisitions in recent years, activity paused following the Hindenburg Research report in early 2023. Anirudh notes that in its three-decade history, the company has never embarked on such an aggressive expansion plan. In the pre-pandemic era, Indian startups and their investors were fixated on one key metric: Gross Merchandise Value (GMV), which measures total sales without accounting for discounts or operational costs. This focus drove rapid growth, backed by abundant investment. However, the pandemic shifted attention towards unit economics, pushing investors to scrutinize profitability per rupee spent as startup losses mounted. This transition marked a shift from celebrating growth at any cost to prioritizing financial sustainability. Priyamvada C reports that many Indian startups are now adopting this more sustainable approach, with a renewed focus on improving their unit economics. Goa’s picturesque beaches and vibrant nightlife have long been a magnet for tourists, but in recent years, the region has also emerged as a hotbed for real estate development. Spurred by the pandemic, demand for 'second homes' in Goa has surged, with luxury homes and premium plots reaching record prices. Property portals like 99acres.com and Housing.com now list residential plots in Goa for up to ₹5 crore, highlighting the intense interest in the market. However, this boom is not without challenges, writes Madhurima Nandy. The rapid transformation has raised local concerns about the sustainability of such growth and the preservation of Goa’s cultural and environmental heritage.   Markets want Fed to go fast and furious on rate cuts Pager bombs: Are low-tech devices sitting ducks? Adani’s resurgence: A $5-7 bn war chest for cement, ports, defence acquisitions From growth at all costs to sustainable growth: the maturing of Indian startups Living in paradise: The great Goa realty rush 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, September 19, 2024. My name is Nelson John. Let's get started.   India’s frontline equity indices traded within a narrow range on Wednesday amid market volatility, as investors remained cautious ahead of a crucial US Federal Reserve meeting. The Nifty ended the session down 0.16 percent, while the Sensex also slipped 0.16 percent from its previous close.   As the festive season approaches, online shoppers might find it harder to return fashion, accessories, home decor, and kidswear. Sowmya Ramasubramanian reports that companies like Flipkart and Amazon are setting tougher return policies to boost profits and cut logistics costs. Typically, returns jump 30% during festival sales, but this year, firms might shorten return periods, charge fees, or offer store credit only, particularly for serial returners. While loyal customers might enjoy some leniency, the aim is to curb the costly trend of impulse buys and returns that surge during sales. This strategy includes not just the major e-commerce players but also direct-to-consumer brands, all navigating the trade-offs between customer service and profitability.   With the festival season in full swing, Indians are shopping in bulk, and metro cities are witnessing a shift in large purchases—more people now prefer home delivery. This spells good business for e-commerce and quick commerce firms. However, as demand surges, these companies will need additional manpower to manage and deliver orders. Sowmya Ramasubramanian, Suneera Tandon, and Devina Sengupta report that these firms are expected to increase their workforce by up to 20 per cent between August and December. To meet the rising demand, logistics firms are offering gig workers both monetary and non-monetary incentives.   Many investors place all their bets on equities, driven by their bullish outlook on the Indian stock market and the hope of reaping windfall gains as their portfolios rise. The broader market supports this optimism, with Nifty and Sensex both up over 20 percent in the past year. Finfluencers often advocate for a strong equity-focused approach as well. However, through a fun narrative, Vivek Kaul explains why it’s still wise to consider less thrilling assets like fixed deposits or PPF to maximize your returns.   Singapore's Temasek Holdings is set to acquire an 18-20 percent stake in Cloudnine Hospitals from Peak XV for approximately $125 million. This move comes as Cloudnine, a specialist in mother and baby care, prepares for a public listing next year, with the deal valuing the company at around $600 million, reports Sneha Shah. Peak XV is making its exit after more than a decade, securing a substantial return on its 2013 investment. The transaction is part of a broader cap table realignment for Cloudnine, which also raised funds earlier this year to support its expansion across India's major cities. India is reassessing parts of its new criminal laws after feedback and judicial observations flagged the risk of potential misuse. The focus is on Sections 85 and 86 of the Bharatiya Nyay Sanhita (BNS), which address domestic violence against women. These sections mirror the old IPC's Section 498A, which was designed to protect women from dowry-related abuse but faced criticism for being misused against husbands and their families. Concerns raised by the Supreme Court over the lack of safeguards have spurred this reevaluation, reports Manas Pimpalkhare. Simultaneously, the law ministry is advocating for arbitration to help address the massive backlog of over 50 million cases in Indian courts, promoting alternative dispute resolution to expedite justice and reduce the burden on the judiciary.     E-commerce orders may be harder to return this festive season Consumer firms shower gig workers with festive incentives Invest 100% in stocks? Be aware of the bull market’s investing myths Temasek set to buy PeakXV’s 20% stake in Cloudnine Section 498A: Centre may review the domestic violence law Learn more about your ad choices. Visit megaphone.fm/adchoices

Welcome to Top of the Morning by Mint, your weekday newscast that brings you five major stories from the world of business. It's Thursday, February 6, 2025. This is Nelson John, let's get started.   In January, Prime Minister Modi introduced Mission Mausam, a significant climate forecasting initiative, receiving ₹1,329 crore in funding for FY26. But is this sufficient? Soumya Gupta explores. The mission, overseen by the Ministry of Earth Sciences, aims to enhance India's climate change predictions and track extreme weather with new technologies, including AI-enhanced models and advanced satellites. Initially funded with ₹2,000 crore, its budget includes ₹671 crore for FY25 and the remainder for FY26. India's climate strategy extends beyond Mission Mausam. The Ministry has integrated four programs into its PRITHVI scheme, focusing on climate research in critical regions like the Arctic and Himalayas, with a budget exceeding ₹2,500 crore through FY26. Overall, India plans to allocate over ₹50,000 crore in FY25 and nearly ₹62,000 crore in FY26 to combat climate change. Despite these investments, they account for just 1.2% of the total budget for FY26, far from the ₹57 trillion pledged through 2030 for comprehensive climate change measures.   OpenAI CEO Sam Altman advocates a full-stack approach for India's AI development, contrasting with his 2023 stance where he deemed competing in AI training as "hopeless." He discussed this shift in an interview with Hindustan Times’ editor-in-chief R Sukumar on Wednesday before reiterating his opinion at a discussion with IT minister Ashwini Vaishnaw the same morning. Altman points to a drastic cost reduction in AI, which now surpasses the rate predicted by Moore's Law, stating costs drop tenfold annually. This change supports more expansive AI initiatives, including foundational models which underpin technologies like ChatGPT. At his discussion with Altman later, IT minister Vaishnaw emphasized India's comprehensive strategy, from chip design to application development, drawing parallels to India's cost-effective space missions. He noted promising developments from six Indian entities poised to unveil foundational AI models within the year. In discussions with tech leaders and investors, Altman remarked on the immediate potential of AI to enhance scientific research and development significantly but tempered expectations about its current capabilities, such as curing diseases. India's services sector saw its slowest growth in over two years this January, with the HSBC India Services Purchasing Managers' Index (PMI) reading dropping to 56.5 from December's 59.3, according to S&P Global. Despite this slowdown, the sector remains in expansion territory, above the 50-point mark that separates growth from contraction. Rhik Kundu reports that the dip is attributed to decreased customer numbers and a softer rise in sales and output. HSBC's chief India economist, Pranjul Bhandari, noted that both business activity and new business indices have not been this low since November 2022. However, the new export business has provided some cushion, reflecting a rebound in services exports as of December 2024. Simultaneously, India's manufacturing sector showed improvement, with the Manufacturing PMI climbing to a six-month high of 57.7 in January, driven by an increase in new export orders.   India is currently experiencing two rare events: the Maha Kumbh in Prayagraj, occurring once every 144 years, and an unexpectedly cheerful middle class following the Union Budget 2025-26. This year’s budget has infused ₹1 trillion into the economy via tax rebates to middle-income earners, marking a significant shift in fiscal policy that could ripple through the economy and the equity markets. Finance Minister Nirmala Sitharaman announced substantial tax breaks that not only increase disposable income but are set to initiate a beneficial economic cycle through the Marginal Propensity to Consume. For instance, an extra ₹50,000 in a taxpayer's pocket could lead to additional spending of ₹30,000, benefiting various sectors of the economy. This increased consumption is projected to generate an economic impact of ₹2.5 trillion, based on an MPC of 0.7, indicating a significant boost to economic activity. Abhishek Mukherjee takes a deep dive into how equity investors can ride the post-budget wave in today’s Long Story.    Two former SpiceJet pilots have petitioned the National Company Law Tribunal (NCLT) in Delhi to declare the airline bankrupt over ₹3 crore in unpaid dues. The pilots, Sameer Breja and Karan Gupta, claim SpiceJet didn't pay salary arrears and other dues since 2020, exacerbated by the pandemic-induced salary cuts and new payment terms tied to operational benchmarks not initially agreed upon. SpiceJet dismisses the claims as "baseless and frivolous," stating that settlements are complete pending documentation from the pilots, Dhirendra Kumar and Daanish Anand report. The NCLT suggested the plea might be a pressure tactic and adjourned the case without issuing a notice to the airline. 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, 18 September 2024. My name is Nelson John. Let's get started. Indian benchmark indices, the Nifty and the Sensex, saw a marginal rise on Tuesday as traders remained cautious ahead of US Fed’s policy decision. The Nifty ended the session with a 0.14% gain while the Sensex ended with a 0.11% rise. On Tuesday, we wrote about Brookfield's plans to venture into the semiconductor fabrication sector. The sector is hot — today, Gulveen Aulakh and Shouvik Das report that the Adani Group wants a piece of this pie too. It's planning a joint venture with Israel-based company “Tower Semiconductor”. The JV will be based in Maharashtra's Raigad district. While the chips to come out of this factory will meet the Adani Group's requirements, they will also cater to foreign demand. Millions of investors are trying to make a small fortune in IPOs. Every new listing, irrespective of its size, is oversubscribed dozens of times at least. Why? Cases like Bajaj Housing Finance, which doubled when it debuted on Dalal Street on Monday. Listing day gains aren't a new concept, but it's incredibly difficult to secure an allotment for a new IPO. Sashind Ningthoukhongjam writes about strategies one could adopt if they want better chances at securing allotment. You can apply via the shareholder quota, or the small high net investor quota as well. This is a good read for you if you've missed out on some of the blockbuster IPOs we've had this year. Urban Company's early investors, Steadview Capital, Elevation Capital, and Accel, are eyeing a partial exit, planning to sell off stakes worth $100-150 million. This move is part of a broader trend where early backers cash out before a company hits the public markets, and Urban Company is preparing for an IPO next year. These secondary sales let old investors liquidate at a valuation slightly under Urban Company's estimated $2.6 billion—a strategic move as they near the end of their fund cycles. Mint’s Sneha Shah and Priyamvada C report on the secondary share sale at Urban Company - something that reflects a broader trend in the Indian startup scene. What's your portfolio mix?.... Most savvy investors would say stocks, mutual funds, gold and real estate. But there's a new player in town: “Rare Collectibles”. Dipti Sharma writes that Indian investors are diversifying into luxury items like art, vintage cars and luxury watches. Rare Japanese whiskeys are part of such investments too, as the market now has both buyers and sellers. Some experts believe that these collectibles will turn into a key asset class. What rich Indians once bought for personal enjoyments, are now treated as investments that could give you decent returns. Back in 2013, India launched a plan to strengthen small farmers by creating Farmer Producer Companies  or FPCs, giving them the power to negotiate better deals and manage resources collectively, similar to successful dairy co-ops like Amul. Farmers buy shares in these FPCs, which then operate under the Companies Act—this shields them from political and bureaucratic hassles and allows them to tap into government grants. Fast forward to today, and there are over 9,000 FPCs with more than 2 million members, about 28% of whom are women, writes Sayantan Bera. These FPCs have broadened their reach, securing licences to sell everything from seeds to processed foods, helping farmers get better prices and market access. However, it's not all smooth sailing. Many FPCs struggle with getting enough working capital; high interest rates from loans make growth tough.   Is Adani's semiconductor play a long term game? Struggling with IPO allotments? Tips to boost your chances Urban Company’s early backers Steadview, Elevation, Accel to sell partial stake From pink dogs to fine wine, India’s wealthy diversify into rare collectibles Micro Amul: Are farmer-run companies the next big idea in Indian agriculture? 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, September 17, 2024. My name is Nelson John. Let's get started.   Indian frontline indices ended Monday's trading session with modest gains despite hitting fresh record highs intraday. The Nifty 50 ended the session 0.11 per cent higher, while the BSE Sensex ended with a 0.12 per cent gain.     After delaying hikes last year, Wipro is likely to give a raise to its staff on time this year. Jas Bardia reports that India's fourth-largest IT company is doling out hikes to its 2 lakh employees just in time for the festive season. The hikes will be around three to eight percent on average. The company had rolled out smaller increments in December last year, as opposed to the usual cycle of September or October. Slowly, but surely, India's IT sector is getting back on track.   Millions of soft drink bottles are sold today in India. While glass bottles ruled the sales, plastic bottles are more common today. One thing's clear: it's a good time to be a bottler in India. Coca Cola is considering listing its subsidiary in India. Priyamvada C writes that this move allows the popular soft drink company to cash in on its investment. The parent company can also reduce its exposure risk to seasonal problems. Moreover, FMCGs might consider spinning off their subsidiaries to optimise their balance sheets — much like Coca Cola hopes to do, if the IPO goes through.   The Reserve Bank of India's tightening grip on unsecured loans has fintechs pivoting to secured loans, using assets like stocks and mutual funds as collateral. Companies like PhonePe and Mobikwik are teaming up with non-bank lenders to offer these digital loans, appealing to a tech-savvy crowd that prefers to skip bank visits. Mint’s Anshika Kayastha spoke to fintech insiders who shared that leveraging their digital prowess can reshape secured lending, making it more accessible and efficient. This shift comes as unsecured loan growth cools off, thanks to stricter regulations.   The central government's production-linked incentive schemes have been successful in invigorating certain sectors: solar energy, mobile phone components, semiconductors, and automobiles. Soon, drones too might get such a financial incentive, report Shouvik Das and Mihir Mishra. At 165 crore rupees, the government already has a tiny purse for developing drones. Shouvik and Mihir report that this kitty might go up to 3,000 crore rupees to facilitate better research and local manufacturing of components.    As India gears up for the festive season, starting in October and stretching until Holi next year, OTT platforms like Netflix, Amazon Prime Video, and ZEE5 are queuing up major releases. They're timing big releases like Netflix’s "CTRL" starring Ananya Pandey and Amazon’s spy series "Citadel: Honey Bunny" with Varun Dhawan, to coincide with holidays and long weekends, aiming to capture the festive binge-watching crowd. During this season, platforms typically see a spike in viewership, writes Lata Jha. While new subscriptions might not jump dramatically, renewals keep steady thanks to special festive offers and campaigns that keep existing viewers hooked.      Wipro to hand out an average 8% salary hike to its top performers this year Mint Explainer: Inside the lucrative world of soft-drink bottling manufacturers Loans against stocks, MFs, FDs on fintech radar amid regulator’s scrutiny Centre plans ₹3,000-cr PLI scheme to indigenise domestic drone ecosystem Streaming platforms line up big releases for festive season engagement 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, September 16, 2024. My name is Nelson John. Let's get started. India’s antitrust watchdog, the Competition Commission of India, just made it easier for companies to get their hands on up to 25% of another company's shares without asking for permission first. This tweak in the merger and acquisition rules is a big deal, especially for those looking at hostile takeovers. Before, you'd have to pause and get a nod from the CCI before buying shares off the market, which wasn't exactly speedy. Now, as long as you're not trying to take control right away, you can go ahead without waiting on that green light. This change means businesses can move faster during the initial buying phases without getting tangled up in red tape, Gireesh Chandra Prasad reports. It’s all part of a bigger push to cut down on the hassle and make doing business a bit smoother in India. In India, where tradition meets tech, there’s a rising star sector: faith-tech. It’s catching the eye of big-time investors like PeakXV Partners, Blume Ventures, and Matrix Partners. Just recently, AppsForBharat bagged $18 million in a round led by Fundamentum, highlighting the surge in interest. This year alone, the faith-tech sector saw its funding leap to more than $50 million from just $4.3 million last year. This booming sector offers everything from virtual pilgrimages to digital pooja bookings and astrological services, targeting both young Indians and the global diaspora craving a slice of home. However, the sector is not without its challenges. The seasonal nature of religious activities and the necessity to establish trusted partnerships with religious institutions are hurdles these companies continue to navigate. Samiksha Goel takes a deep dive into a sector which is possibly unique to India and has carved a niche for itself. Family businesses are usually well-oiled machines, as there is a clear hierarchy and established workflows. But when it comes to succession, things get murky. That's exactly what happened with Bharat Forge and its promoter family. A dispute between the managing director Baba Kalyani and his sister Sugandha Hiremath ended up in court after the brother refused to transfer shares to another pharma company. Now, a new court affidavit has come to light that might rule the verdict in favour of Sugandha. Priyanka Gawande and Anirudh Laskar report that this affidavit goes against the claims made by Baba Kalyani, who has allegedly diverted significant assets away from his father.   The Reserve Bank of India has been cautioning the Indian banking industry about the ever-growing amount of loans being disbursed. Finally, the banks are listening: the gap between the credit and deposits is finally narrowing, reports Shayan Ghosh. RBI now wants banks to get innovative in its ways to hold more deposits. It has also come down hard on unsecured loans, fearing a fracture in India's vast financial systems.   Crude oil prices have been crashing, and currently cost around 70 to 75 US dollars. Naturally, expectations of a cut in the price of petrol and diesel have risen. These rates were last revised prior to the general election. Sumant Banerji explains why crude prices have fallen,  the various factors involved in making such a decision, and how likely a price cut is.   That’s all for today. Thank you for listening.   We're eagerly looking forward to our next Top of the Morning episode, which will be packed with fresh business news. Until then, have a great day! CCI greenlights secondary share purchases, opens the door for hostile takeovers Bigger than food delivery? Investors rush to bless faith-tech startups Kalyani family feud could take a fresh turn as a crucial will surfaces Credit, deposit rates converging on the back of RBI caution Global crude prices at 3-year low. Will petrol prices see a cut? 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, September 13, 2024. My name is Nelson John. Let's get started.   The Indian stock markets set new record highs yesterday. Nifty was up by 1.9 percent, while Sensex rose by 1.8 percent. But this time it wasn't just benchmark indices that were setting records — even midcaps joined the party. Dipti Sharma explains that Thursday's rally involved a lot of hopes of rate cuts – in China, Europe, and the US. Dipti also answers a crucial question for investors: will the uptrend continue or will investors look to book profits?   Imagine buying a cake but not being allowed to eat it. Confused? Me too. But that's exactly what the Reserve Bank of India wants from a Japanese bank. The Sumitomo Mitsui Bank wants to buy 51 percent of Yes Bank. Fair enough — RBI has been looking for a majority buyer since it intervened to prevent a collapse. But the banking authority wants to cap Sumitomo's voting rights at just 26 percent. The RBI doesn't want the Japanese bank to have the power to veto any big policy decisions, yet is fine with it bankrolling the entire operation. Anirudh Laskar and Gopika Gopakumar bring you the inside details of this rather confusing development.   Lately, several venture-capital insiders have been leaving their jobs at big firms to start their own funds. However, they’re hitting a wall when it comes to drumming up investor interest. It turns out investors are currently more captivated by the juicier returns of the public markets. For example, while some public stocks are offering returns of around 25%, private ventures are lagging behind at about 15%, making them a harder sell as they are also riskier and less liquid. Mansi Verma and Priyamvada report on these new VC firms that are finding it hard to raise funds, especially as limited partners prefer to stick with established managers they trust.    Sashind Ningthoukhongjam's sister has been pestering him with questions about the best mutual funds to invest in. To help her, and you, Sashind took a deep dive into thematic and sectoral funds, which have been growing by leaps and bounds of late, owing to stellar returns. But here’s the catch. Every year, a different new sector does well. By the time most investors catch on to the trend, the returns start petering out and a new sector takes the top spot. This can lead to excessive churn and more tax. If you’ve been thinking about investing in thematic or sector funds, you can’t afford to miss this story.   The Central Consumer Protection Authority is finalising new guidelines to prevent misleading practices by IAS coaching institutes. Under these guidelines, coaching centres will no longer be able to require UPSC aspirants to sign agreements upon enrollment, allowing the use of their personal details for advertising. Soon, those who pass the exam will be able to choose whether or not to sign such agreements. The new rules clarify that any promotional content featuring former students must be based on explicit consent, helping potential candidates better assess the advertised claims. This policy change is a big win for transparency and protects young aspirants who may not grasp the full implications of signing such agreements when they join an institute, writes Dhirendra Kumar.    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, September 12, 2024. My name is Nelson John. Let's get started. Bigbasket's quick commerce game is going strong — not just in big cities, but also in smaller towns. Customers from these cities are spending upwards of 500 rupees per order, Bigbasket CEO Hari Menon told Priyamvada C in an interview. This success points to a wider trend where quick commerce is catching on fast, thanks to the ease of ordering through platforms like Zomato and Swiggy. As Bigbasket pushes its quick commerce branch, BB Now, it’s also bulking up its offerings. It is adding up to 25,000 different products and setting up more dark stores, Menon said.   Influencers who partner with multiple brands will now need to pick just one. Companies want influencers to exclusively promote their products on long-term contracts. Pratishtha Bagai reports that such deals have a wide-ranging impact on the influencer marketing industry that's currently worth 1,900 crore rupees. Pratishtha spoke to companies and influencers, who might soon be at loggerheads due to such conditions.    The Competition Commission of India is gearing up to potentially hit Amazon with a hefty fine, reports Gireesh Chandra Prasad. This development occurs following an investigation that confirmed the e-commerce giant's anti-competitive behaviour. Amazon is at fault under the new competition laws that could see it facing penalties up to 10% of its global turnover. The case stems from a complaint by a Delhi-based trade association in January 2020, which led to a detailed probe into Amazon’s business practices. The report said that Amazon indulged in preferential treatment and exclusive product strategies of certain sellers.   The market for wearable tech products like smartwatches, earphones, and rings has exploded in India over the past few years. They might not serve much utility outside of tracking your sleep, but they've become a fashion accessory, almost. Four Indian startups — Boat, Noise, Boult, and Fire Bolt are powering this industry. The scale of opportunity in India is so large that these companies turned into global leaders in the wearables category just a couple of years after starting operations. However, the demand has finally tapered off. Sumant Banerji explains the perils of these companies, who are now left holding massive inventory and muted demand in both India and around the world.   Last week, during National Nutrition Week, McDonald’s introduced a multi-millet burger bun in its South and Western India outlets. It was an attempt to offer a healthier alternative to the regular refined flour bun. This new bun comprises around 22% millets like Jowar, Bajra, and Ragi. However, the move has sparked controversy among nutritionists who argue that partnering a government-funded research institute with a fast-food giant like McDonald's could undermine public health objectives. They point out that despite the inclusion of millets, the buns are still processed foods with additives and preservatives. Mint’s Sayantan Bera explains the controversy around McD’s millet bun in today’s primer.  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, September 11, 2024. My name is Nelson John. Let's get started. The Indian equities markets rose for a second consecutive trading session yesterday. Both the Sensex and the Nifty rose by around 0.4 percent on Tuesday. After a lull the previous two years, startup IPOs are back. 10 such new age companies have gone public so far this year. The market is now conducive for such listings, and investors continue to pour in more money than ever. But this isn't just an IPO momentum: investors have held on to their shares well after a bumper listing. But in his detailed story, Abhishek Mukherjee advises some caution. He writes that even the most promising startup will have to beat incredible odds to emerge as a market leader. This process takes many years, if not decades. In a bull market, every stock seems like the next best thing — investors would do well to keep a long-term outlook in mind. On Monday, Apple's Tim Cook unveiled the latest iPhones. While other companies like Google and Samsung have dipped their toes into AI-driven phones, Apple’s global reach—boasting about 1.3 billion active users—means it has the clout to push AI into the mainstream. Apple's track record of transforming industries, like it did with music through the iPod and iTunes, suggests it could do the same with AI technology, writes Shouvik Das. However, there's some debate about how essential AI is in smartphones right now. While previous Apple innovations like the touchscreen became indispensable, AI features are seen more as helpful extras rather than must-haves at this stage.  Shouvik also spoke to analysts and retailers, who expect Apple's new phones to make a significant dent in India. A sales boost of nearly 20 percent is expected in the next three months, as the launch coincides with the festive period in India. The average price of the new iphone is likely to be 75,000 rupees, up from 69,000 for the previous model. However, analysts expect a rise in demand due to the new AI features. Get ready to see a host of people with shiny new iphones soon. India's retail inflation for August is anticipated to remain stable at 3.5%, buoyed by a favourable statistical base effect, according to a survey by Mint of 27 economists. This level is comfortably below RBI’s medium-term target of 4%, suggesting inflation is under control for the second consecutive month. While this might seem like good news, experts who spoke to Mint’s Payal Bhattacharya and Manjul Paul, advised not to jump to conclusions about long-term trends just yet. The stability in August's inflation is partly due to expected declines in food prices, which make up nearly 40% of the inflation basket, but again, this too would be because of a favourable base effect. The real test will be the impact of September's rainfall on food inflation, as adverse weather could disrupt this positive trend.  Biryani has truly become India's favourite go-to food, not just at festive gatherings but as an everyday meal. Thanks to food delivery giants like Zomato and Swiggy, grabbing a plate of biryani is now as easy as ordering a pizza. Swiggy, in fact, saw a whopping 250 biryani orders per minute during last year's India-Pakistan world cup match! This biryani boom is also spurring a surge in basmati rice sales, especially in bulk. Ayush Gupta from KRBL, a rice processing company, told Mint’s Suneera Tandon that their bulk rice sales have skyrocketed, growing 20-25% each year post-COVID, particularly in the South where biryani is a staple. But the craze isn't just a southern phenomenon anymore; it's nationwide. Recognizing this trend, rice companies are getting creative, rolling out biryani mixes and kits for easy home cooking, aiming to replicate the restaurant experience in your kitchen. Whether it's a match day or any day, it seems like biryani is on everyone's menu. 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, September 10, 2024. My name is Nelson John. Let's get started. Indian equity markets rose on Monday. Nifty was up by 0.34 percent, while Sensex increased by 0.46 percent. India Inc is tightening its employment contracts and policies to eliminate any ambiguity around remote working. Firms are now clearly stating who is eligible to work from home and the specific hours employees must be available, ensuring remote work isn't seen as an automatic entitlement. Mint’s Neha Joshi and Devina Sengupta spoke to industry insiders who highlighted that this shift helps manage expectations and prevent habitual absenteeism, reflecting a broader move to formalize work-from-home setups. Moreover, to cater to a diverse workforce, companies are expanding their leave categories, including options like pet-parenting leave and marriage preparation leave, which accommodate various personal needs.  Just two years after climbing out of bankruptcy, Diamond Power Infrastructure Ltd., based in Ahmedabad and known for its electric cables and transmission towers, has seen its fortunes soar to nearly a one billion dollar market cap. A big part of this turnaround? A steady stream of business from the Adani conglomerate, led by Gautam Adani, who happens to be the brother-in-law of Diamond Power's chairman, Rakesh Ramanlal Shah. Although a hefty chunk of Diamond Power’s orders come from Adani companies, these aren’t flagged as related-party transactions in their reports, sparking debate among experts about whether regulations need tightening. Varun Sood reports on how a company on the brink of bankruptcy is now worth almost a billion dollars, thanks to a push from the Adani Group.     It seems that whatever Vodafone Idea does to get its act together, investors remain unimpressed. Last Friday, its share price sank by 14 percent, after receiving a sell rating by Goldman Sachs. Gulveen Aulakh writes that the report was surprising, given that Vodafone has been desperately trying to raise funds to fill its coffers. It raised 18,000 crore rupees in April, and is in talks with banks to raise nearly 35,000 crore rupees more. It has also taken care of some long-standing debt on its books. However, Vodafone continues to lose market share to Airtel and Jio. Gulveen analyses the company, and writes about its potential in India's deeply worrying telecom sector.   The central government wants everyone to sell EVs. And if the companies don't want to, they might still be forced to. Union road transport minister Nitin Gadkari said automakers that are not manufacturing EVs will be forced to make the shift, due to the competitive nature of the market. Manas Pimpalkhare wrote about Gadkari's speech, where he reiterated that the the government does not feel the need to provide subsidies for EVs any more. He expects the price of I-C-E and EV cars to achieve parity in a couple of years.   Movie theatres are getting savvy with their strategies for re-releasing classic films, seeing a golden opportunity as new releases often get delayed. Films like "Rockstar" and "Mohabbatein" are making a comeback, drawing crowds who are either revisiting old favourites or discovering them for the first time. Devang Sampat from Cinepolis told Mint’s Lata Jha that their marketing isn't just about digital ads anymore; they're also hosting special events and collaborating with influencers to hype these re-releases. They are even roping in original stars like Shah Rukh Khan to help spread the word on social media. Will you be going for a re-released movie?   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, September 9, 2024. My name is Nelson John. Let's get started. The Indian government is exploring the creation of its first sovereign wealth fund by pooling shares it owns in publicly traded companies. This proposed fund could control assets worth around 50 trillion rupees, sources told Mint’s Mihir Mishra. The government would maintain control by possibly issuing non-voting shares and exploring a "golden share" concept, which grants specific rights without affecting voting power. Globally, about 40 countries have sovereign wealth funds, using them to secure critical assets and improve infrastructure. This new fund could also enhance public sector efficiency by encouraging mergers or reorganizations. Are you planning on buying an electric vehicle soon? You might want to hurry up, otherwise you’d be forced to upload selfies with your new car to qualify for a subsidy. Alisha Sachdev reports that the central government plans to issue digital certificates to EV buyers under the third phase of its flagship FAME scheme. These certificates will note the subsidy provided by the government. This initiative seeks to vocalise the government’s role in popularising EVs for the masses, but might rub some buyers the wrong way.  Just ahead of the festive season, India's passenger vehicle sales have taken a hit, dropping for two months straight, with dealers facing a glut of unsold cars. Over 7.8 lakh units worth close to  78,000 crore rupees remain unsold. This year started strong, with sales initially surpassing pre-pandemic levels, but recent figures show a decline of 2.5% and 1.4% in July and August, with a similar trend in retail sales. The current dip in demand is attributed to a high base effect from previous growth spurts and dwindling pandemic-era demand, despite improved production rates due to resolved semiconductor shortages. Sumant Banerji explains why the sale of passenger cars has slowed down in today’s Primer.  Sundaram Finance controls nearly 6,000 crore rupees worth of deposits. Its loyal customer base has unwaveringly placed its support, despite the company being a non banking financial company. However, Sundaram Finance lags behind peers like Bajaj Finance due to its conservative approach focused on serving the underserved, resulting in slower growth. The Reserve Bank of India wants NBFCs like Sundaram to turn into full fledged banks. Will Shriram Finance take the bait and march towards growth? N. Madhavan tries to answer.I The UAE's Golden Visa program is catching the eye of wealthy Indians, with about 4,300 people expected to relocate to the Emirate in 2024. The top choice? Dubai. A 10-year renewable residency that can be yours with a minimum real estate investment of around 4.57 crore rupees. Once you've invested, you'll snag a six-month multi-entry visa to start, then head to the UAE for your ID and medical checks. It takes a couple of months to process, but it’s a straightforward path to planting roots in Dubai. This visa isn’t just a ticket to the UAE; it's a gateway to tax benefits and global connectivity. In this piece, Mint Money’s Jash Kriplani takes you through the process of applying for a golden visa. Head to the show notes to read the stories featured in today’s podcast. 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, September 6, 2024. My name is Nelson John. Let's get started.   Indian equity markets fell for a second consecutive day on Thursday. The benchmark Nifty index was down 0.21 percent, while Sensex dropped 0.18 percent.   Concerns are growing over the possibility of a US recession, with rising unemployment rates and inflation serving as key indicators. However, as N. Madhavan points out, the US GDP growth remains strong despite these warning signs. Some economists suggest a potential soft landing, where inflation is controlled without leading to a full-blown recession. In his primer, Madhavan explores these scenarios and their potential impact on India. The market has seen a frenzy of SME IPOs, with many getting oversubscribed by over a thousand times, despite warnings from regulators about potential malpractices. Some of these could soon become penny stocks. Aprajita Sharma highlights the warning signs investors should be mindful of, noting that SME stocks, with their relatively low market cap, are more susceptible to manipulation. In her story, she emphasizes the importance of thorough research to avoid falling victim to promoters looking to offload their holdings at inflated prices.Change is indeed afoot in Bollywood, with actors becoming more selective about projects they take on. Many are opting out of films that may not resonate with today’s post-pandemic audience, industry insiders told Lata Jha. Biopics and dramas, once staples of the big screen, are now increasingly seen as better suited for streaming platforms. A notable example is Ayushmann Khurrana stepping away from a Sourav Ganguly biopic. So, what’s driving this shift? While the rise of the OTT industry plays a major role, the evolving dynamics of the film industry run deeper. Audiences have raised their expectations, and stars are adjusting by being more cautious about their choices. This year is proving highly lucrative for lawyers as India's top law firms engage in an intense competition for talent. With retention and discretionary bonuses, faster paths to partnership, and larger salary hikes on offer, firms are pulling out all the stops to retain their best employees. Leading law firms are even bringing in consultants to overhaul their compensation structures. Neha Joshi and Devina Sengupta spoke to insiders who revealed that firms are incentivizing talent primarily through two strategies: offering a quicker path to partnership and enhancing performance-linked incentives. Law firms typically have two types of partners—equity partners, who generate business and receive a share of the firm's revenue, and non-equity partners, who are paid a fixed salary with bonuses. The latter group is now the main focus of these efforts. Diageo, the world’s largest spirits company, plans to invest $100 million in the Indian market over the next three years, aiming to expand its portfolio of premium spirits. Over the past decade, Diageo has already poured around $3.5 billion into India, focusing on expansion, acquisitions, and investments in cricket properties such as the Indian Premier League. Varuni Khosla and Suneera Tandon report that the company now plans to introduce "craft spirits" for both domestic and international markets, seeking to further boost its dominant market share.   Show notes: Mint Primer: The chances of a US recession and its impact on India SME IPO frenzy: The red flags that investors shouldn't ignore Talent War in Legal Sector: Firms Boost Pay and Partnership Opportunities Bollywood sees flight to safety as moviegoers raise the bar Diageo to invest $100 mn to craft new products in India, says top boss 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, September 5, 2024. My name is Nelson John. Let's get started.   Indian equity markets fell on Wednesday. The benchmark Nifty50 index was down by 0.32 percent, while the Sensex dropped 0.25 percent.   Just a few years ago, dining out was a special occasion—something you did to celebrate or treat yourself. Then the pandemic hit, and if you didn’t feel like cooking, ordering in became the only option. This shift fundamentally changed consumer behaviour, particularly for fast-food diners. Suneera Tandon and Varuni Khosla report that quick-service restaurants like Domino’s, McDonald’s, and Pizza Hut are now struggling to draw customers back to their outlets. Dine-in sales remain under pressure, while competition in the delivery space has intensified. To entice customers off their couches, these chains are offering discounts and promotions to boost in-store demand.   Tata Motors launched its popular EV, the Nexon, in 2020. Early buyers may now be considering selling their first-generation green cars. Alisha Sachdev brings encouraging news: the resale value of Indian EVs is outperforming their global counterparts. However, EVs still depreciate faster than petrol and diesel vehicles. Despite this, Alisha notes that as the EV market continues to mature and the availability of used electric vehicles grows, this depreciation gap is likely to shrink, potentially making electric mobility more accessible and appealing to a wider range of consumers. India’s festival season, kicking off in early September and culminating with Diwali sometime in November, is a critical period for e-commerce players. It's traditionally marked by a surge in offers as consumers' buying appetite increases. This year, India’s quick commerce sector is taking on e-commerce head-on during this busy time. Zomato is expanding its "dark stores" and introducing more consumer electronics categories to meet festive demand, while Tata-owned Big Basket has ventured into selling large appliances. Sowmya Ramasubramanian and Suneera Tandon report on the trend. Pharmaceutical companies have long been criticized for their aggressive marketing tactics aimed at doctors. A prime example is Dolo-650, which became the most prescribed drug during the pandemic in 2020. By 2022, however, Dolo’s manufacturer, Micro Labs, was facing scrutiny from the tax department for allegedly offering ₹1,000 crore in freebies to doctors to promote the pain and fever reliever. Now, the government is tightening its focus on such ethically questionable practices, writes Priyanka Sharma. The Department of Pharmaceuticals, under the Ministry of Chemicals and Fertilizers, has mandated that companies disclose details of their spending on free samples, conferences, workshops, and other promotional activities, including specifics on sample distribution, event expenses, and recipient information. The brutal rape and murder of a junior doctor at Kolkata’s RG Kar Medical College on 9 August shocked the entire nation. The capital of West Bengal—currently the only state led by a woman chief minister—has since been gripped by protests and unrest following the horrific crime. Mamata Banerjee, who has led the West Bengal government for 13 years and been an active politician for over four decades, now faces perhaps the toughest test of her career. Despite a history of leading protests against the state’s previous Left regime, this tragedy has emerged as her most significant challenge yet. Mint's Romita Datta delves into how the Kolkata rape and murder has become a defining moment in Mamata Banerjee’s political journey.   Eating at a fast-food outlet may be a better bargain than ordering in   EV resale value improving in India—but still less attractive than ICE siblings   It’s e-commerce versus quick commerce this festive season   Govt targets drugmakers offering freebies to doctors to promote their medicines   Bengal: Mamata Banerjee, who wrote the book on protests, faces her biggest test   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, February 5, 2025. This is Nelson John, let's get started.   Despite India's solid track record of fiscal discipline and a narrowing fiscal deficit, international rating agencies like Moody's and Fitch remain cautious about upgrading India's sovereign rating. Currently, Fitch Ratings assigns India a 'BBB-' with a stable outlook, which is the lowest investment grade, suggesting good credit quality but vulnerability to adverse conditions. Similarly, Moody's and S&P rate India at 'Baa3' and 'BBB-', respectively. This contrasts with China's 'A+' and the US's 'AA+', indicating higher credit qualities and lower default risks. The hesitation to upgrade India’s rating affects the cost of borrowing and investment attractiveness, crucial for economic growth, N Madhavan reports. Critics, including UNCTAD, argue that international rating agencies may be biased against emerging economies. Despite significant growth, robust financial systems, and strong foreign investor interest, India's rating has remained unchanged for two decades.    India is set to develop its own AI chip, aiming to enhance its technological independence and global competitiveness. This initiative, led by the Ministry of Electronics and Information Technology in collaboration with the Centre for Development of Advanced Computing (C-Dac) and the National e-Governance Division, focuses on creating a chip using the open-source 'Risc-V' architecture. The goal is to support academic researchers and startups in building foundational AI models, Shouvik Das reports. High-level discussions have involved not only Indian experts but also US Big Tech firms and Taiwan's TSMC, to craft a chip fully made in India by 2027, leveraging local talents and resources. This move is part of a broader strategy under the India AI Mission, aiming to establish a domestic chip production capability that reduces reliance on foreign technology, particularly in light of recent geopolitical tensions and supply chain vulnerabilities highlighted by US restrictions. Rashmi Saluja's tenure as chairperson at Religare Enterprises may be nearing an end amid a contentious takeover battle. Despite efforts to stabilize the company post-bankruptcy, about one-third of its investors have voted against her reappointment ahead of the upcoming AGM on February 7th. The Delhi High Court has also declined Saluja any interim relief to halt the AGM proceedings. Investors, including the Burman family who owns 25.1% of Religare, have expressed a desire for new management to steer the company towards growth. With 31.85% of shareholders, including financial firms and mutual funds, voting against her, Saluja’s reappointment seems unlikely unless there is an unexpectedly high turnout in her favour from smaller shareholders.    The National Medical Commission (NMC) is gearing up to elevate India's postgraduate medical education to global standards by forming Specialty Expert Committees (SEC) for each speciality. Priyanka Sharma spoke to Dr B. Srinivas, secretary at the NMC, who said that these committees will develop model curriculums, assess educational institutions, and address academic needs, aiming to standardize and improve the quality of speciality courses across the country. This initiative, highlighted in a letter to medical colleges reviewed by Mint, also involves these expert committees in handling student grievances and other speciality-specific requirements. The NMC has called for nominations of faculty members ready to join this effort, with a deadline for submissions set for within 15 days. The move comes as part of a broader effort to address the disproportionate doctor-patient ratios in India by boosting both graduate and postgraduate medical manpower.   Wingify, started in 2009 in Delhi, has grown significantly, boasting a global customer base and robust revenue growth, reaching ₹288.61 crore in 2023-24. This bootstrapped startup's success caught private equity firm Everstone's eye, especially Wingify’s self-sufficient growth and strong technology base. This acquisition aligns with Everstone’s focus on technology-driven firms, following a similar investment in MediaMint, Shadma Shaikh reports. The deal not only marks a significant phase for Wingify but also stands out as a successful bootstrapped venture in the SaaS space, showcasing that startups can achieve substantial growth without external funding. This event is seen as a boost for the Indian SaaS ecosystem, reflecting a mature, profitable company making a significant impact globally. Learn more about your ad choices. Visit megaphone.fm/adchoices

  Welcome to Top of the Morning by Mint, your weekday newscast that brings you five major stories from the world of business. It's Wednesday, September 4, 2024. My name is Nelson John. Let's get started. Indian equity markets were little changed on Tuesday, with benchmark indices Sensex and Nifty moving less than 0.01 percent during the day. Seventeen-year-old Sheetal Devi, an armless Indian Paralympian archer, has captured the world's attention by scoring a perfect 10  earning a bronze medal at the Paris Paralympics 2024, using her foot, jaw, and shoulder with remarkable precision. Her achievement underscores a significant advancement in tech for Paralympians. Leslie D'Monte writes that Devi's success is part of a broader narrative of technological evolution in Paralympic sports. From rudimentary equipment to today's customised, high-tech aids like 3D-printed prosthetics, Paralympics have come a long way. This ensures fair competition, and showcases incredible human spirit and determination. India is currently at 15 medals in these Games — watch out for a better tally in the days to come. At R-I-L's annual general meeting last week, Mukesh Ambani formally announced the merger of JioCinema and Disney+ Hotstar. This deal has stirred unease among producers and content creators, who fear it could lead to a market monopoly. With one fewer player in the market, their bargaining power is diminished, and the commissioning of new shows and films may decline. Lata Jha reports that Disney+ Hotstar had already been slowing down on commissioning new content. Despite these concerns, some media experts see potential benefits in the merger. It turns out you can have your brownie and eat it too. The sale of Theobroma Foods is nearing its final stages, reports Ranjani Raghavan, drawing strong interest from private equity firms like Bain Capital, Carlyle Group, and Chrys Capital. The sale, initiated by its major private equity partner ICICI Venture, involves offloading a 42% stake. The patisserie brand is valued at ₹2,800 crore, with an asking price slightly higher by a few hundred crores. IT companies are making it clear they want employees back in the office. LTI Mindtree has revised its leave policy to deduct a quarter-day of leave for each day an employee misses office, reports Jas Bardia. This policy categorizes employees into three groups based on their work requirements: those required in the office full-time, those working at client locations as needed, and those on a hybrid model. Hybrid employees must come to the office at least two days per week, with total leave deductions capped at 1.5 days per month. Jas notes that employees are generally receptive to the change, viewing it as the formalization of previously understood expectations. Currently, the minimum limit for starting an SIP is ₹500. Sebi chief Madhavi Puri Buch has proposed reducing this to ₹250—a 'micro SIP,' if you will. The move aims to democratize wealth creation and cater to small investors, including rural residents and daily wage earners, writes Abhinaba Saha. However, mutual fund houses see micro SIPs more as charitable efforts, citing operational challenges and low profitability in managing numerous small transactions. 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, September 3, 2024. My name is Nelson John. Let's get started. Indian equity markets set another record on Monday, with the Nifty rising by 0.17 percent and the Sensex gaining 0.24 percent. This marks the thirteenth consecutive trading session where the markets have closed in the green. Last week, the Securities and Exchange Board of India proposed a major regulatory change for stock brokers, requiring them to implement a payment mechanism that blocks funds for trading in the secondary market. Mint’s Neha Joshi explains that this type of block mechanism, where investors set aside money for transactions, enhances security while allowing them to earn interest on the funds held in their accounts. Ever encountered a "ghost job"? These are fake vacancies posted by companies to gather resumes for future use and test market interest. Additionally, they might also post such jobs to maintain their brand image or signal growth. Devina Sengupta reports that these postings are usually done by smaller companies. Read her primer on this trend, and find out how to avoid wasting your time by applying for a ghost job. Regulatory challenges for India Inc. have been steadily increasing, prompting companies to seek assistance from "crisis consultants" to navigate these issues. Recent incidents, such as the problems with IT systems at Kotak Mahindra Bank, highlight this sectoral shift. Shayan Ghosh and Devina Sengupta write that the emergence of crisis consulting as a sector is imminent. They also note that the use of artificial intelligence is significantly reducing resolution times from months and weeks to mere days. In July, SBI Card reported a rise in non-performing assets, attributing it to customers over-leveraging by securing multiple credit lines, which directly affected their repayment capacity. Our partners at How India Lives highlight that this trend reflects a broader issue of rising household debt in India, exacerbated by the pandemic. Soaring household debt is impacting savings and expenditure, raising concerns about the broader implications for economic growth and the urgent need for a rebound in household financial savings. In New Delhi, the renewable power sector is facing a challenge as nearly 30 gigawatts of capacity is struggling to find buyers. Potential buyers expect uniform tariffs and improved grid connectivity, both of which are missing. Rituraj Baruah reports that projects worth at least 15 gigawatt lacks Power Purchase Agreements, while around 14 gigwatts are awaiting Power Supply Agreements. India aims to significantly increase its green power project tendering to meet an ambitious goal of achieving 500 gigwatts of non-fossil-based energy capacity by 2030. Such a backlog by the authorities in approving projects is spooking investors 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, September 1, 2024. My name is Nelson John. Let's get started.   The Adani Group plans to invest $1 billion in acquiring packaged consumer goods brands in southern and eastern India. Anirudh Laskar reports that the investment will be made through its subsidiary, Adani Wilmar. This move is part of the group's strategy to expand its presence in the fast-moving consumer goods segment. Adani Wilmar aims to make multiple acquisitions over the next few years and anticipates a surge in demand for its products. The Group has previously used this strategy in other sectors too, like renewable energy and the cements business.   India's audit authority plans to close a loophole that lets companies escape scrutiny over fund misuse by making lead auditors of conglomerates more responsible. This addresses a gap in accounting standards that let main auditors depend on subsidiary auditors without accountability. Gireesh Chandra Prasad writes that the previous practice posed a potential risk and additional burden for auditors. The National Financial Reporting Authority aims to issue new, stricter guidelines to ensure lead auditors fully oversee and answer for the entire group's financial statements — this would be aligned more with global practices.   In July, a massive digital attack on a popular cryptocurrency platform led to half the depositors losing their money. India's largest crypto platform WazirX saw a massive attack that led to a huge chunk of their user base of 42 lakh people lose some money. But since this is a decentralised currency, the government isn't safeguarding investors. Neil Borate and Anil Poste spoke to investors who lost their money in this attack, who have no redressal mechanisms so far. A lack of regulatory clarity and no action from WazirX has baffled those who used the platform to buy crypto currencies.   Even though online betting is mostly illegal in India, global betting platforms are finding clever ways to sneak back into public view. They're popping up everywhere, from digital ads to sports jersey sponsorships, and they're using celebrities to grab attention. For instance, cricketer Dinesh Karthik and actor Jacqueline Fernandez are just a few of the faces you might see promoting brands like Parimatch and FairPlay India. These companies are cleverly leveraging the massive social media followings of these celebrities to reach millions, despite ongoing government crackdowns on such ads. Varuni Khosla reports on how betting apps in India are circumventing the legal hurdles with the help of surrogate advertising.    Food prices in India have been persistently high, driven by a combination of climatic events and policy responses. According to RBI data, food inflation has been notably higher in recent years, averaging 6.3% from June 2020 to June 2024, compared to 2.9% in the previous four years. Consumers have felt the pinch of rising prices, but farmers haven't necessarily benefited proportionately. High market prices for crops like pulses and vegetables often result from reduced production due to climate impacts rather than increased farmer income. Rainfall plays a critical role in agricultural output and, consequently, in food prices. The India Meteorological Department's forecast of a wet September could affect the Kharif crops, with potential for both beneficial and adverse impacts depending on the timing and intensity of the rains. Sayantan Bera examines how a bountiful monsoon could result in a fall in prices of food crops.  That’s all for today. Thank you for listening.  We're eagerly looking forward to our next Top of the Morning episode, which will be packed with fresh business news. Until then, have a great day! Learn more about your ad choices. Visit megaphone.fm/adchoices

  Welcome to Top of the Morning by Mint, your weekday newscast that brings you five major stories from the world of business. It's Friday, 30 August 2024. My name is Nelson John. Let's get started.   The Indian equity markets touched record highs on Thursday. The Sensex rose by 0.43 percent, while the Nifty was up by 0.33 percent.   Messaging app Telegram's founder Pavel Durov was recently arrested in France. He is accused of not acting against harmful content on the app. Allegations include drug trafficking, fraud, cyberbullying, and generating fake images. Earlier, John McAfee and Julian Assange have been arrested on similar grounds. Shelley Singh explains the reasons for the arrest, which might have more to do with politics and diplomacy than crimes. Mukesh Ambani, Asia's richest man, announced ambitious plans for Reliance Industries during the company's 47th annual general meeting. He revealed a strategy to double the income of Reliance’s digital and retail branches under the brands Jio and Reliance Retail in the next 3-4 years. Ambani envisions RIL’s new energy venture to match the size of its oil-to-chemical business, which generated ₹5.64 trillion in FY24, in just five years. Ambani highlighted the transformative plans for Reliance Industries, detailing initiatives across five key business areas: O2C, retail, Jio, media, and green energy, Mint’s Anirudh Laskar reports. Ambani is betting big on a future where Reliance isn't just a heavyweight in traditional sectors but also leads in green energy and tech. The plan includes a massive green energy complex in Jamnagar, envisioned as a future global energy hub.   Up until a few years ago, you could only take an international flight from one of India's major airports. Flying outside India meant you'd first have to go to either New Delhi, Mumbai, Chennai or Bengaluru to hail a long-distance flight. But that changed when many non-metro airports secured the rights to fly internationally. Anu Sharma reports that airports such as Amritsar, Bhubaneswar, Lucknow and Kozhikode are seeing robust growth in international travel. Travellers from these regions usually go to Southeast Asia and the Middle East, Anu writes.    Millions of students pursue an engineering degree every year in hopes of getting a job offer from India’s top IT companies. Last year’s graduates were caught in the midst of a storm as many IT firms refused to go for campus placements. This year, Wipro has decided to come back for this exercise. A student might be excited to see that they have been placed in the “elite” category at Wipro, but the salary comes in at only 3.5 lakh rupees per annum. Jas Bardia reports that while Wipro will be going to recruit in a couple of weeks, they will only be rolling out their lowest packages to students. In previous hiring cycles, packages for freshers went as high as 10.5 lakh rupees. Last year’s struggles continue for IT sector aspirants.    In India, companies are now required to have a certain number of women on their boards, but this often just ticks a box rather than ensuring their voices are truly heard in decision-making. Speaking to Mint’s Devina Sengupta, Aparna Mittal from the Samāna Centre for Gender, Policy and Law pointed out that it's not just about having women on boards but whether they're genuinely independent and their opinions valued. Despite this, there's a silver lining as pay for women directors has seen a significant boost, doubling over the last five years due to their increased responsibilities.       Wipro to up fresher hiring, but at lowest pay grade of Rs 3.5 lakh per year Reliance to double Jio, retail biz in 3-4 years Overseas travel picks up at non-metros Women independent directors’ pay doubles in 5 years Pavel Durov: Why tech and global geeks worry govts 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, August 29, 2024. My name is Nelson John. Let's get started. India’s benchmark index Nifty 50 hit a new high on Wednesday, marking 10th straight day of gains. It ended the day 0.14 per cent above its previous close. BSE’s Sensex too edged into the green, surging 0.9 per cent. The Reserve Bank of India is gearing up to launch the Unified Lending Interface (ULI) nationwide, aiming to revolutionize the lending process much like the Unified Payments Interface, or UPI, transformed payments. So, what exactly is ULI? Mint’s banking editor Gopika Gopakumar explains. It's a digital hub that helps fast-track loan approvals by pulling together digital info like land records from various sources right to the lenders' fingertips. This could seriously cut down the time it takes to get a loan, especially for sectors craving credit like agriculture and small businesses.  The Competition Commission of India has greenlit the merger of Disney Star and Reliance's Viacom18, setting the stage for a colossal shake-up in India's media landscape, creating an $8.5-billion behemoth. This merger, bringing under one roof entities like Reliance Industries, Viacom18 Media, and Star India, is set for completion following voluntary modifications agreed by the parties, reports Gaurav Laghate. The combined entity, to be primarily owned by Reliance and its affiliates, marks a significant consolidation in the media and entertainment sector. Post-merger, the landscape will see Disney Star and Viacom18 merging their considerable media assets, ranging from television channels to OTT platforms, potentially reaching over 750 million viewers. This move is poised to streamline operations and enhance content delivery but could lead to significant job redundancies, affecting around 1,000 employees. The integration process is expected to kick off by October. India's renewable energy scene is buzzing, but it's hitting a snag with regulatory grey areas, especially around Virtual Power Purchase Agreements. These aren't your typical energy deals; they let energy be sold at fixed prices on an exchange, not directly through the grid. This setup skirts around the traditional system and should be a game-changer, right? Well, there's a catch. The problem lies with the Securities Contracts (Regulation) Rules, which have made companies cautious of stepping into potential legal grey areas with these contracts, Nehal Chaliawal reports. Though the Supreme Court has clarified that physical electricity delivery falls under the Central Electricity Regulatory Commission, the industry is still treading carefully.  Indians might lose over three years of life expectancy due to air pollution, reveals the University of Chicago's Air Quality Life Index report. Despite a 19.3% reduction in particulate levels from 2021 to 2022, persistent pollution levels still pose a severe health risk. Northern India is particularly affected, where residents could lose up to 5.4 years of life expectancy despite recent improvements, Mint’s Puja Das reports. Other heavily impacted areas include Maharashtra, Madhya Pradesh and Rajasthan, where residents could lose about 2.9 years on average. The report also noted a significant 18% decrease in air pollution across South Asia in 2022, influenced by factors like the La Niña-induced above-normal monsoon, which enhanced the effects of modest emission reductions from residential and transport sectors. An ISRO-made space station may soon be orbiting the earth. India is gearing up to launch its own space station, the Bharatiya Antariksha Station (BAS), by 2028 with operational goals set for 2035. This development comes as the International Space Station is expected to be decommissioned by the end of 2030. The BAS, entirely engineered domestically, aims to become a new hub for global research collaborations, especially as the West seeks alternatives post-ISS. The final engineering and cost plans are awaiting cabinet approval, with ISRO confirming progress in recent statements. The BAS will stand alongside China's Tiangong Space Station as one of the only nation-operated space stations globally, reports Mint’s Shouvik Das. However, the emergence of private space stations could pose competition, potentially limiting BAS's global impact. Despite these challenges, India's space station is seen as an opportunity to leverage geopolitical advantages and foster collaborations.    Show notes:  Mint Primer | Will ULI change the lending landscape? Competition watchdog CCI approves Disney, RIL-owned Viacom18’s $8.5-bn merger India's renewable energy boom stunted by regulatory ambiguity over sales accords Indians risk losing 3.4 years of life expectancy due to persistent air pollution, says report India puts space station on priority eyeing geopolitical gains 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, August 28, 2024. My name is Nelson John. Let's get started. The Indian equities markets edged just slightly upwards on Tuesday. Sensex increased by 0.03 percent, while Nifty was up by 0.02 percent. Getting a US visa seems to be getting more difficult by the day. But if you have some money in your bank account, the process might be easier. Neil Borate writes that the US investor visa programme, known as the EB-5, allows individuals to obtain a green card. The programme means that one needs to invest in a US-based project that leads directly to the creation of at least 10 jobs. Neil outlines this process and speaks to immigration experts to find out the fine print of this deal. For many kirana stores, quick commerce has proven to be a bit of a death knell. Foot traffic in these mom-and-pop shops has dwindled. Whatever customers that do walk in, rarely want big, heavy items. Suneera Tandon spoke to owners of small grocery stores, who reported dips of 20 percent in their business. Quick commerce players like Zepto, Dunzo, BlinkIt, and Instamart are now becoming direct distributors for major FMCG companies. While this phenomenon is restricted largely to major metro cities, smaller retail stores are increasingly feeling threatened, Suneera writes. Will the government intervene? After suffering through the effects of the Hindenburg Research report in early 2023, the Adani Group is focusing on improving its financial health. The Gautam Adani-led Group is reducing debt and contemplating selling stakes in certain entities. While it still has plans for expansion, the group is cautiously balancing its debt. Mayur Bhalerao and Niti Kiran report that debt growth slowed to 6 percent in 2023-24. That included a significant shift from domestic bank debt to bonds—from 86 percent to 15 percent. The Bureau of Indian Standards, or BIS, is an important body that ensures standardised products for the Indian consumer. BIS is used to certify items like children's toys, LPG cylinders, electronics, and even cement. Soon, it could be used to certify... artificial intelligence, reports Dhirendra Kumar. The Indian government has decided to start certifying, and to some extent standardising, generative AI. Gen AI finds usage in areas such as healthcare, finance, and education. Regulating it will help prevent unintended consequences that might have far-ranging impact, Dhirendra notes. In almost every sport, backups exist — those who can play in a pinch in case of an injury, usually. But that's not restricted to just sports: IT companies have their version of a substitute bench, too. These employees are on the sidelines, waiting to be deployed on a project. But need for continuity and poor interviews lead to many employees being on the bench for extended periods of time. Clients sometimes interview employees before choosing them for a project. Jas Bardia reports that IT companies are now culling those on the bench for more than a month or two. As demand for IT services is falling, growth slows as well, leading to IT companies taking such decisions. 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, 27 August 2024. My name is Nelson John. Let's get started.   The Indian stock market saw solid gains on Monday, with the Nifty and the Sensex climbing nearly 1 per cent each.  India is setting the stage to enhance its local manufacturing with a new initiative called 'Rapid', which stands for Research, Analysis, Programme Implementation and Data Intelligence. Mint’s Shouvik Das and Mihir Mishra write that the mission aims to boost domestic private-sector research and development through strategic incentives. ‘Rapid’ will target key sectors like automobiles, electronics, medical devices, and aerospace. Chaired by Pawan Goenka - who is also at the helm of INSPACE -  the initiative is part of India's broader strategy to build a design-led manufacturing ecosystem. This is essential for advancing India's manufacturing goals and aligning with its ambitious targets to grow the economy to $5 trillion by FY28.  Last year, India briefly banned imports of certain IT hardware products like laptops, desktops, and tablets. This decision was quickly reversed after pressure from industry leaders such as Dell, HP, Lenovo, and the US Trade Representative. However, the government is now reassessing whether to extend deadlines for import restrictions, reports Gulveen Aulakh. This comes as local manufacturing shows signs of improvement, though not fast enough to fully replace imports. Through the Production-Linked Incentive scheme, local production has increased. About 30-35 per cent of laptops sold in India in 2023 were made domestically. This figure is expected to rise above 40 per cent. Global manufacturers are expanding their local production bases. Yet, most won’t start significant production until next year. With ongoing analysis of import and production data, the government has not made a final decision on extending import restrictions.  The recruitment industry is hitting a rough patch after the post-pandemic hiring boom. Companies like Teamlease have to tighten their belts, adjust team sizes and tweak incentive targets because projects are drying up, clients are squeezing costs, and the deadlines to fill positions are stretching out. This shake-up has led to a shortage of hiring agents, with sourcing fees dipping well below the usual 8.33 per cent of a candidate’s annual salary, reports Mint’s workplace correspondent Devina Sengupta. This slowdown marks a stark shift from the 'Great Resignation' era when the demand for recruiters surged. Firms are now refining their strategies; for example, ABC Consultants is zeroing in on senior management roles, while Xpheno pivots towards contract staffing, especially targeting global captive centres. This shift comes as IT bigwigs like TCS, Infosys, and Wipro scale back their workforces significantly.   Reserve Bank of India Governor Shaktikanta Das announced plans for a nationwide rollout of the Unified Lending Interface, or ULI, aimed at transforming credit distribution like UPI transformed payments. Speaking at a conference in Bengaluru, Das outlined that ULI would expedite loan processing, especially for smaller and rural borrowers, by integrating various data sources through a seamless digital platform. The platform, which has evolved from pilot projects like digitizing Kisan Credit Card loans, promises quicker loan approvals with reduced paperwork by connecting banks with diverse data services, reports Mint’s banking editor, Gopika Gopakumar. The RBI's initiative is set to simplify borrowing, reflecting a significant shift towards digital infrastructure in banking, enhancing efficiency and accessibility of credit. Ola Electric recently launched a successful IPO, which was oversubscribed by 4.27 times, raising more than 6,000 crore rupees. This move solidified the company's standing as India’s premier electric two-wheeler maker, a title it has held since its explosive entry into the market in 2022. The IPO not only raised substantial funds but also significantly boosted the profile of its CEO, Bhavish Aggarwal, who has been a prominent figure in India’s entrepreneurial scene, transitioning from Ola Cabs to Ola Electric, and now to AI with his new venture Krutrim. Mint’s Sumant Benerjee and Abhishek Mukherjee examine Ola Electric’s future, answering questions about the future of the company’s CEO Bhavish Aggarwal. 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, August 26, 2024. My name is Nelson John. Let's get started. Set to roll out next year, the Unified Pension Scheme is a new government initiative that combines features of the Old Pension Scheme and the National Pension Scheme. It aims to offer government employees a guaranteed pension equivalent to 50% of their last salary, incorporating both employee and government contributions. N. Madhavan writes that the UPS also will try to address the sustainability concerns of OPS and the uncertainties of NPS pensions. Will it work better than its predecessors? Madhavan tries to answer. Ola Electric's claim of being the biggest two-wheeler EV company in the world had a curious asterisk — that claim only stands if China is excluded. Currently, China dominates the global EV market. Chinese companies hold a combined 72% global market share for electric two-wheelers and lead in the electric four-wheeler segment as well, with a stock of 21.8 million units. Our partners at How India Lives explain how China's rapid shift towards electric mobility is significantly supported by the government, which contrasts with a more modest uptake in markets like the US. Have you been coughing more due to bad air quality? It's going to affect your insurance payments. Health insurance premiums in India are expected to increase due to rising rates of diseases caused by extreme weather and polluted air, reports Puja Das. The number of claims for respiratory, vector-borne, gastric, and abdominal diseases has risen significantly leading to a potential hike in premiums. Additionally, waterlogging from heavy rains has caused a surge in water- and vector-borne diseases, which again worry the insurance companies. AI is transforming print media advertising by generating human-like figures, raising industry concerns yet offering cost-effective production alternatives. Varuni Khosla and Pratishtha Bagai write that this shift could potentially eliminate the need for real models and expensive shoots. Technology and AI's ability to replicate human-like figures is evolving rapidly, and some believe it could reshape the advertising landscape. In the 1970s, the FMCG sector in India changed because of a single product innovation: sachets. Selling smaller quantities of a product proved to be a game changer in a cost-conscious market like India. While that strategy worked for items like shampoo and detergents, Godrej Consumer Products is trying to replicate that phenomenon for mosquito repellents. Suneera Tandon writes about the company's CEO, Sudhir Sitapati, and his efforts to make Godrej's consumer goods arm at par with the other players in the 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 Friday, 23 August 2024. My name is Nelson John. Let's get started.   Indian equity benchmark index, the Nifty, extended its winning streak to six consecutive sessions on Thursday, rising by 0.17 per cent. BSE’s Sensex too saw a surge of 0.18 per cent at the end of the trading session.    Zomato is making strides by entering another duopoly market. It already competes with Swiggy in the food delivery market, and now it is entering entertainment and ticketing, dominated by BookMyShow. The company is planning to acquire Paytm’s ticketing business and rebrand it as a separate entity called ‘District’. Zomato will acquire the business for a little over 2,000 crore rupees. However, launching District as a separate app could pose challenges in user convenience and operational costs, Mint’s startup correspondents Priyamvada C and Sowmya Ramasabramanian explain. Despite these potential hurdles, analysts are optimistic, predicting significant revenue growth for Zomato through this expansion. Ronnie Screwvala's Swades Foundation has stirred up interest in social stock exchanges or SSEs by raising 10 crore rupees on the National Stock Exchange's SSE. This move has other non-profits curious, but the complex compliance requirements are a bit of a deterrent. Since the concept launched in early 2023, just a handful of NGOs have actually raised funds through SSEs. Introduced in India in 2019, SSEs are designed to help non-profits raise funds transparently, hoping to draw individual donors and build trust. Mint’s Sneha Shah and Nehal Chaliawala write that allthough there's potential for SSEs to make fundraising more accessible, experts caution that they may not offer significant advantages over existing channels like crowdfunding.  Prime Minister Narendra Modi's recent trip to Ukraine marks a significant stride in India's foreign policy, especially following his visit to Russia. The move showcases the fact that the country can maintain ties with both Russia and Ukraine while navigating its relationships with Western allies like the US. Modi's visit—the first by an Indian prime minister since diplomatic ties were established 30 years ago—aims to enhance relations in sectors like agriculture, infrastructure, and education, among others. Shweta Singh, associate professor at the department of international relations, South Asian University, explains the significance of the PM’s trip to the war-torn Eastern European nation. Get ready for a government-owned OTT platform. Prasar Bharati, India's public broadcaster, is diving into the crowded digital scene with its own OTT platform. This new venture aims to feature content from private broadcasters and indie creators, potentially expanding streaming access, especially in rural areas, Mint’s entertainment and media correspondent Lata Jha reports. Yet, it faces stiff competition from giants like Netflix and Amazon Prime Video, not to mention the free content powerhouse, YouTube. While the platform may initially focus on news and movies—areas with fewer digital rights headaches—luring fresh content could be tough. Prasar Bharati will need to navigate these waters carefully, possibly leveraging its niche to attract viewers who aren't the primary target for mainstream OTT platforms.  Korean esports giant Krafton just kicked off a major gaming tournament in India, the Battlegrounds Mobile India Pro Series 2024, with a juicy 2 crore rupees prize pool. Exciting times, right? But here's the twist: despite the hype, many pro gamers in India are struggling to make money off their gameplay and social media. Mint’s Shouvik Das and Pratishtha Bagai write that unlike in the West, where gamers make bank by streaming on platforms like YouTube and Twitch, Indian gamers are hitting roadblocks with monetization. The scene here is pretty new, and most of the audience is quite young, which complicates things. However, there's a silver lining—industry experts believe that as today's young gamers grow up and start calling the shots, they'll pump up the esports economy.      Show notes: Mint Explainer: Zomato’s Paytm deal and its big bet on entertainment NGOs eye social stock exchanges, but compliance barriers remain Mint Primer | PM Modi in Ukraine: Can India play a role in ending the war? Prasar Bharati's OTT ambition: Can it compete in a crowded market? Indian gaming influencers reach for the stars, but it's tricky 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, 21 August 2024. My name is Nelson John. Let's get started.   The Indian stock market saw solid buying on Tuesday, with key indices, the Sensex and the Nifty, closing up by half a per cent, driven by mostly positive global cues.   The World Health Organization has sounded the alarm on Mpox, tagging it as a global health emergency. Originally identified in the tropical rainforests of Africa, this virus, which we used to call monkeypox, was detected in humans back in 1970 in the Democratic Republic of Congo. Mint’s Priyanka Sharma explains that the disease manifests symptoms similar to smallpox, such as skin lesions and flu-like symptoms, and spreads through close contact, making prolonged interactions, especially of a sexual nature, high-risk scenarios. In terms of preparation, India is on alert, with enhanced surveillance at international borders and readiness in specific healthcare facilities to manage potential cases. Despite this, the situation calls for heightened vigilance and public awareness, especially among high-risk groups including newborns, pregnant women, and individuals with compromised immune systems.   The recent turmoil in Bangladesh has put thousands of Indian students in a tough spot, stirring anxieties about their safety and academic futures. Over 19,000 Indians, including 9,000 students, are currently stranded amidst escalating violence, with many worrying about lost academic years and severed communications due to frequent internet shutdowns. This situation echoes students’ plight during Russia's invasion of Ukraine. Due to lower fees than that charged by Indian private colleges, Bangladesh was fast becoming a popular educational destination for Indian students, writes Sanghamitra Kar. As of now, violence continues to unsettle Bangladesh, leaving Indian students uncertain if they’ll return to their chosen universities.   India's smartphone exports really took off last year, hitting over $15 billion, thanks in part to Apple ramping up production here. Each month in early 2024, we were shipping out smartphones worth about $1.6 billion! While that's impressive, it's worth noting that India is still playing catch-up to manufacturing behemoths like China. This increase is largely attributed to the government’s production-linked incentive scheme initiated in 2020. Mint’s partners at HowIndiaLives.com write about how, despite this growth, India remains primarily an assembly hub rather than a full-fledged manufacturing giant like China, heavily importing the components required to build smartphones.   Businesses are upgrading their old PCs due to the end of support for Windows 10 and growing AI demands, leading to a significant increase in PC sales across India. The latest data from the International Data Corporation shows a nearly 4 per cent rise in commercial PC sales in the June quarter, the largest increase since 2022, driven by India's IT sector gearing up for a revival. Notably, Apple reported a 65 per cent increase in enterprise Mac sales in the same period, with overall PC shipments in India up 7 per cent year-on-year to 3.39 million units. Mint’s Shouvik Das reports on the rising demand for computers boosted by the $265 billion Indian IT industry.  IndiGo has decided to go fancy and introduce a business class in its Airbus 321 planes. This is exciting news for anyone following their journey from a low-cost carrier to now eyeing those premium seats. This isn't just about more legroom and comfy seats—it’s about capturing a slice of the lucrative business traveller market.  Why the shift, you might wonder? Mint’s Mihir Mishra and Anu Sharma might have the answer. IndiGo is looking to beef up its earnings per seat rather than just packing more people in. They're setting the stage for bigger things, like flying longer international routes with their upcoming Airbus models. This strategic shift could really shake things up, making IndiGo a go-to for not just budget travellers but also for a crowd that wouldn’t mind a bit more pampering on their travels.      Show notes: Mint Primer: Should India be worried about Mpox? Out of Bangladesh fire, Indian students find themselves in the frying pan What’s behind India’s surging smartphone exports? Tech employers look for new laptops after two-year lull Class war: IndiGo shows Air India it means business Learn more about your ad choices. Visit megaphone.fm/adchoices

Welcome to Top of the Morning by Mint, your weekday newscast that brings you five major stories from the world of business. It's Tuesday, February 4, 2025. This is Nelson John, let's get started.   The Budget has introduced several agricultural schemes to boost crop productivity and improve credit access, particularly in 100 underperforming districts. However, its real impact may be limited, as many initiatives are underfunded and rely on existing programmes. For instance, despite growing climate risks, funding for the crucial crop insurance scheme has been slashed by ₹3,600 crore, while research funding has seen only a marginal increase. The budget’s approach could yield mixed results for farm incomes. While the government has promised to procure pulses at minimum support price, the effectiveness of this measure remains uncertain, given only a modest rise in the PM-AASHA scheme’s budget, which ensures farm-gate prices. At the same time, rising agricultural employment has put pressure on farm wages and productivity, adding to income stress. Sayantan Bera examines whether the Budget’s proposals can truly uplift rural India in today's Primer.   The Indian government is considering scrapping the requirement for National Company Law Tribunal (NCLT) approval in mergers of local listed companies, aiming to streamline the process and ease the judiciary’s burden. The move, currently under discussion among multiple ministries, could significantly reshape India’s mergers and acquisitions landscape by reducing bureaucratic delays, Anirudh Laskar reports. Introduced in 2016, fast-track mergers allowed certain companies to bypass lengthy NCLT approvals, which can take up to 10 months. The proposed change would extend this streamlined approach, enabling more mergers to proceed with just regulatory and shareholder consent, eliminating the need for court intervention. While the NCLT ensures fairness in mergers, experts argue that its involvement often causes unnecessary delays, exposing companies to market volatility and potential manipulation. Removing this step could accelerate deal-making and allow the NCLT to focus on critical cases like insolvency.   India is moving to initiate formal trade discussions with the United States to secure protection against potential future tariffs. While the country avoided the initial round of tariffs imposed on Canada, Mexico, and China, Indian officials are keen on negotiating a formal exemption with the US Trade Representative, Dhirendra Kumar reports. These talks will emphasize India’s role as a key trade partner, particularly in sectors like pharmaceuticals, IT services, and leather, which are integral to US supply chains. The decision to engage follows President Donald Trump’s recent tariff moves, which have heightened global trade concerns. With a $35-billion trade surplus with the US, India managed to steer clear of the first wave of tariffs, aided by its diversified export portfolio, which includes engineering goods, jewellery, and textiles. These exports are not only critical to India’s economy but also to US businesses, reinforcing the mutual benefits of their trade relationship.   Small-town restaurants in India are undergoing a digital transformation as food delivery giants like Zomato and Swiggy expand their reach. To stay competitive, these eateries are adopting restaurant management software such as DotPe, UrbanPiper, and PetPooja to streamline billing, inventory, customer relations, and payroll. India’s food services market—including online orders and dining out—is poised to nearly double to $152 billion by 2030. This surge is driven by the growing popularity of food and grocery delivery platforms, which are reshaping consumption patterns in tier-II and III cities to resemble those of larger metros. Sowmya Ramasubramanian explores how the rise of food delivery services is accelerating the modernization of small-town restaurants.   Delhi’s political landscape is heating up as the Bharatiya Janata Party (BJP) seeks a return to state power after 27 years. Despite its dominance in Lok Sabha elections, the BJP has struggled in state polls, where Arvind Kejriwal’s Aam Aadmi Party (AAP) remains a formidable force. Without a chief ministerial face, the BJP is relying on Narendra Modi’s appeal, framing the contest as a direct face-off between Modi and Kejriwal. For the AAP, this election is a fight for survival. Despite corruption scandals and key leaders behind bars, its voter base remains loyal, drawn to its free public services and infrastructure improvements in healthcare, education, and electricity. Meanwhile, Congress, once Delhi’s dominant force, is a distant third, attempting to revive its relevance with promises mirroring AAP’s welfare model. Ruhi Tewari explores the high-stakes political battle in poll-bound Delhi in today’s Long Story. Learn more about your ad choices. Visit megaphone.fm/adchoices

Welcome to Top of the Morning by Mint, your weekday newscast that brings you five major stories from the world of business. It's Tuesday, 20 August 2024. My name is Nelson John. Let's get started.   On Monday, the Sensex was down by 0.02 percent, while the Nifty edged up by 0.13 percent.   Women's safety is a prominent issue right now, and corporate India is trying to protect half its workforce. Indian companies are enhancing office safety measures to protect female employees. Priyamvada C and Devina Sengupta write about these Initiatives, which include more helplines, safer travel options like hotel stays near airports during assignments, self-defence training, and gender sensitization classes. Amidst rising harassment cases, firms are now more focused on gender diversity and safety, with measures such as SOS applications and secure transportation partnerships. The importance of creating a safe and inclusive work environment is underscored by reports of women contemplating leaving their jobs due to various workplace challenges.   The National Payments Corporation of India, or NPCI, has announced that it would hive off Bharat Interface for Money (BHIM), a payment app based on UPI, into a separate subsidiary. The move aims to boost BHIM’s market position amid competition from other UPI apps like Google Pay and PhonePe. The NPCI hopes that with a dedicated team focusing on its development, BHIM's market share will improve. Additionally, BHIM is looking to increase its user base by foraying into the e-commerce sector via the Open Network for Digital Commerce (ONDC), explains Gopika Gopakumar.   During his Independence Day speech, Prime Minister Narendra Modi reaffirmed India's aim to achieve 500 gigawatts of non-fossil energy capacity by 2030. This includes renewables and nuclear power. Despite missing a previous target, recent progress indicates India is on track, having added 15 gigawatts in the first half of 2024 alone. Manjul Paul writes that the government's plan to invite bids for 50 gigawatts annually until 2027-28 supports this ambition. With renewables now accounting for 33 percent of India's energy capacity — up from 18% in 2017 — the push towards a greener grid is evident. However, meeting the 2030 goal also requires overcoming challenges like India's reliance on coal and ensuring budget allocations are fully utilized.   After leaving his position as CEO of PayU India in 2019, Amrish Rau envisioned starting afresh in India's fintech scene. He approached Sequoia Capital for funding. Instead of funds, he was offered the leadership of Pine Labs by Shailendra Singh, a company well-established in the payments industry with a key focus on point-of-sale terminals and solutions. Samikha Goel writes that Rau was Initially hesitant to build a new venture. But he accepted, recognizing the growth potential and existing 1.6 billion dollar valuation. Under his leadership since March 2020, Pine Labs has soared to a 5 billion dollar valuation, positioning itself as India's fourth-largest fintech firm and contemplating a billion-dollar IPO. This would potentially raise its valuation over 6 billion dollars, marking a significant milestone in India's fintech landscape.   As climate change intensifies, it's impacting vehicle reliability. This is pushing the automotive industry to adapt. Manufacturers now prioritize rigorous testing of air conditioning systems and tyres to ensure they withstand extreme weather conditions. For instance, Subros, a leading car AC maker in India, tests products in temperatures up to 55°C, while tyre manufacturers like JK Tyre address challenges in natural rubber production due to weather impacts by initiating projects to secure quality rubber supplies. Alisha Sachdev writes that the rise of electric vehicles  adds another layer of complexity, requiring effective heat management for their numerous electronic components to maintain performance and longevity. This industry-wide push towards resilience and sustainability reflects a proactive response to our changing climate.   Show notes: Dressing Pine Labs for IPO: What ‘fintech bully’ Amrish Rau can learn from Paytm Transport, timings, SOS: How India Inc is trying to keep women staff safe What is NPCI’s game plan for BHIM app?   Your car’s AC and tyres need a climate-driven upgrade. Here's why Data explainer: India’s green energy goals face stiff test  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, 19 August 2024. My name is Nelson John. Let's get started.   The Adani Group is on an aggressive expansion bid - from realty to cement. Now, the Gautam Adani-led company is eyeing a thermal power plant. Sources told Mint’s Anirudh Laskar and Dipti Sharma that the group is keen on buying Anil Ambani’s bankrupt company Reliance Power’s 600-megawatt thermal power plant in Butibori, near Nagpur. The potential acquisition, valued between 2,400-3,000 crore rupees, aligns with Adani's strategy to expand its thermal power capacity amid growing electricity demands, particularly in Maharashtra, India's largest power-consuming state. This move could integrate Adani’s existing coal-based power plant in Tiroda with Butibori, enhancing its competitive edge in the region.    In March this year, Swedish investor EQT and Singapore’s Temasek - joint owners of O2 Power- decided to sell the renewable energy company. Since then, buyers have lined up to buy the company in a one-billion-dollar deal. The company has drawn significant interest, with seven major entities submitting non-binding offers. These include prominent firms like Stonepeak, I Squared Capital, JSW Neo Energy, Sekura Energy from Edelweiss Alternative Asset Advisors, Actis Llp, Sembcorp Industries, and Macquarie Group, reports Utpal Bhaskar. Managed by Barclays, the sale process values O2 Power at $2.3 billion in enterprise value. Seven bidders were selected from thirteen who had signed non-disclosure agreements.   In her second full year at the helm of India's market watchdog, Madhabi Puri Buch oversaw a record 342 investigations by the Securities and Exchange Board of India, the most in nearly 30 years. Behind this spike is a mix of a bustling equity market with more everyday investors jumping into both stocks and derivatives and Sebi's smarter use of tech to keep an eye on things. The regulator's getting sharper, using AI and other tools to sniff out market manipulation and insider trading like never before, writes Mint’s Neha Joshi.    India is planning to establish a new independent regulator for its upcoming coal exchange, which is expected to be launched within the current fiscal year, FY25. Originally, it was considered that the Coal Controller Organisation would regulate the exchange, but concerns about independence and market trust have led to discussions about creating a separate regulatory body. As the government aims to boost domestic coal production to 1 billion tonnes annually and reduce import dependency, the need for a modernized and efficient coal exchange becomes crucial, writes Rituraj Baruah. This exchange will serve as a marketplace where buyers and sellers of coal can transact, offering options in terms of coal grade and location.   Nestled within IIT Madras’ Research Park, Agnikul Cosmos stands out with a life-size rocket prototype at their doorstep. This Chennai-based startup isn't just about the show; they've made real strides in the space race with their recent milestone, earning them praise from even PM Narendra Modi. They've successfully test-launched their 3D-printed semi-cryogenic rocket, Agnibaan–SOrTeD, using technology that allows them to create rocket engines in under a week. This test not only demonstrated their tech prowess but also gathered essential data for their upcoming orbital launches. Mint’s Leslie D’Monte takes a deep dive into Agnikul's vision which extends beyond just launching rockets; they aim to revolutionise how small satellites reach space.       Show notes:   Adani plans to buyout Reliance Power's thermal power plant Stonepeak, I Squared, Actis, 4 others submit bids for O2 Power in $1 bn deal Sebi ramps up investigations amid market turmoil Centre evaluates setting up separate regulator for coal exchange Agnikul Cosmos: It's definitely rocket science 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, 16 August 2024. My name is Nelson John. Let's get started.   When ChrysCapital's executives flew to Pune during the covid-19 pandemic, they were looking to invest in FirstCry, a baby products giant founded by Supam Maheshwari. They were struck by Maheshwari's modest office—a sharp contrast to the flashier setups of many new-age entrepreneurs. This meeting led to a 315 million dollar investment in the startup, boosting its valuation to nearly 2 billion dollars. Maheshwari, an introvert unlike the more outspoken Bhavish Aggarwal of Ola Electric, strategically builds businesses with an eye on the long game, focusing on deep market understanding rather than just following trends. Mint’s startup reporter Sneha Shah explores the journey of Maheshwari, who has founded three unicorns - FirstCry, Xpressbees and Globalbees.    Prime Minister Narendra Modi addressed the nation for the 11th consecutive time from the Red Fort on Independence Day. In his first speech since assuming office for the third time, the prime minister spoke for 98 minutes, making it his longest Independence Day speech. He laid out many ambitious plans, from adding 75,000 medical seats over the next five years to ramping up India's renewable energy capacity to 500 gigawatts by 2030. Modi emphasized revamping agriculture with a big push towards natural farming, with plans to use advanced tech like drones, Dhirendra Kumar writes. He's also got his sights set on making India a powerhouse in semiconductor manufacturing to cut down on imports and boost self-sufficiency.    At IIMs - India's top management institutes -  students are facing a stagnant job market where median salaries haven't budged much.  Median pay - the salary a middle-ranked candidate would get - has stagnated. This is despite the continuous rise in tuition fees due to operational costs. For example, at IIM-Kozhikode, the median salary has been stuck at 27 lakh rupees for the past couple of years. This stagnation is attributed to global economic uncertainties and a cooling job market following the pandemic hiring spurts, reports Mint’s Devina Sengupta. Despite this, institutes are revising their curriculums and infrastructure to better align with industry needs and ensure robust placement outcomes in the future.    India's law ministry is taking a big step towards transforming the country into a top spot for global arbitration. Mint’s Manas Pimpalkhare reports that the ministry wants to streamline processes and cut down on the hefty legal bills the government faces as the country's most frequent litigant. They're studying how places like Singapore and the UK handle arbitration to figure out what changes are needed back home. One of the main goals is to speed up how arbitral awards—decisions made outside of court—are enforced, as Indian assets often get bogged down in other legal tangles, which slows things down.   Indian liquor brands like Amrut, Rampur, and Indri are making a splash on the global stage, catching the eye of the growing Indian diaspora and other premium spirit lovers around the world. In fiscal year 2023-24 alone, overseas shipments of alcohol jumped to a cool 400 million dollars. Whisky's leading the charge with a whopping 67% surge in exports since fiscal year 2019-20, hitting about 5.8 million cases, writes Mint’s Varuni Khosla. Radico Khaitan and Allied Blenders are at the forefront of this trend. Radico's not just winning over folks with its Rampur Indian single malt and Jaisalmer craft gin, but it's also now selling in over 100 countries. The buzz is spreading to beer, too. Goa’s Latambarcem Brewers has started shipping their Maka Di Beer to the US, and Delhi’s Medusa beer is setting sights on the UK.     Show notes:   Inside the reticent mind of FirstCry’s top bee—Supam Maheshwari Prime Minister Modi’s I-Day speech: 75k medical seats, renewable energy goals and more IIM grads get a reality check in a tight job market India aims to be global arbitration hub. And cut costs for its biggest litigant. Spirits Exports Soar As Single Malts Spice Up 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. Wishing you a happy independence day! It's Wednesday, 15 August 2024. My name is Nelson John. Let's get started.   Markets remained largely flat on Wednesday. The Sensex was up by 0.2 percent, while the Nifty 50 edged up by just 0.02 percent.   India is 78 today. Our markets reach record highs regularly, although not without volatility, and our economy is chugging along. This has been made possible due to some path-breaking economic decisions that have been taken along the way. N. Madhavan takes a look at some of these decisions that have helped India become the fifth-largest economy in the world. Some moments over the years include the green revolution, Manmohan Singh's LPG, and GST.   The recent turmoil in the markets is largely caused by foreign investors pulling their money out of Indian equities. But they have been kept in check by retail investors, who are acting as a counterbalance. Ram Sahgal writes that Indian investors have helped prop the Nifty up and perform better than its peers like Japan's Nikkei, South Korea's Kospi, and Singapore's Straits Time Index. Despite foreign investors pulling out in large numbers, domestic investors are keeping things going for the Indian public markets.   The Nifty has fallen 1.8% during the past 30 days. One of the major factors has been the announcement of the Q1 results for FY25. Manjul Paul analysed nearly 1,500 companies listed on the public bourses, which yielded moderate growth this quarter. Combined revenue increased by 9 percent annually, while net profit was up just 5 percent for the same period. Profits have been trending downwards for a few quarters, economists note. But a closer analysis shows some disparate trends: Manjul finds out that sectors like oil and gas, power, chemicals, and agriculture are performing much more poorly than their peers.   This year's Union Budget allocated nearly a billion dollars towards the National Quantum Mission. But what is that? India wants to be a hub for super-fast quantum computers, and it also wants to make semiconductor chips. The central government has also been bullish on artificial intelligence and has announced several schemes. These are good, healthy targets. Leslie D'monte takes stock of India's technological progress and how these ideas will receive policy support over the years to make the plans a reality.    Indian mangoes ruled the foreign market for decades. Farmers grew varieties like alphonso, langra, and dasheri specifically for export, as they fetched a better price in the western countries. India produces 40 percent of the world's total mangoes. However, India is losing its stronghold over everyone's favourite fruit. There's a new exporter in the market: any guesses?? It’s China. Dhirendra Kumar reports that China exported mangoes worth 59 million dollars in 2023, compared to mangoes worth 55 million dollars by India. Funnily enough, mangoes are not native to China — India’s first prime minister Jawaharlal Nehru had gifted China eight mango saplings back in the 1950s. This diplomatic gift has come back to haunt Indian mango makers decades later.     Show notes:   Amid FII selling, retail investors again prop up Indian market   As Q1 profit growth retreats, can India Inc. hold its head above water?   Chips, Indic LLMs, flying taxis: Inside India’s tryst with tech independence   Seven economic moments to remember since 1947   Mango wars: China grown Indian mango varieties eat into India’ exports 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, 14 August 2024. My name is Nelson John.  A series of explosions in South Korea has prompted discussions in Mumbai about a ban on charging electric vehicles in basements. Alisha Sachdev explains that since EV charging involves high-voltage electricity, such discussions are paramount to the safety of those who live in such buildings. Automakers have been asking for regulation on this front ever since EVs went mainstream in India. The government has taken up the mantle of creating public charging infrastructure, but hasn't formed any regulations about safer charging at home. Another EV-related story for you: this time, about BluSmart. If you haven't heard about it, BluSmart is an EV-only cab service operating in NCR and Bangalore. Anmol Jaggi, the founder of BluSmart, is happy with the company's growth and progress. But he has one big problem: The lack of sufficient charging infrastructure. Sumant Banerji writes that, unlike their petrol and diesel counterparts, BluSmart's EVs have a considerably higher downtime. Moreover, BluSmart also owns its entire fleet, as opposed to a commission model by Ola and Uber. This is a capital-intensive setup. In his Long Story, Sumant lists out the challenges and opportunities for BluSmart. Cab hailing is already a cash-burning business; BluSmart's current business model doesn't allow for much headroom to change a lot at the moment. According to the Securities and Exchange Board of India, or Sebi, a registered investment advisor needs to be at least 21 years old. But Sebi's jurisdiction ends when you type youtube.com. Here, teenagers can give you advice too. Sashind Ningthoukhongjam writes about kids as young as 13 advising investors to try out futures and options, or F&O, trading. They boast of turning the share market into a "sure market", with annual returns of over 36%. While Sebi has strictly dissuaded F&O trading, that doesn't stop these kids from promising their viewers the moon with their investing tips. It's not just F&O trading that has picked up in India. Take, for example, factor funds. In July, more than 26,000 crore rupees has been invested in this kind of funds. Factor funds track attributes like size, value, momentum, and volatility to try and offer better returns to investors. Dipti Sharma writes about the rise of factor funds, which are growing in size as well as in number. These funds have risen more than 15% so far this year, as opposed to the Nifty's 12%. Read this story to see if it’s worth investing in these funds. At some point, over the last couple of years, everyone started wearing a smartwatch. Watches that just showed the time and perhaps date were passe; now, you could know your heart rate, step count, and even pick up calls with a digital watch. In 2021, more than 12 million smartwatches were sold in India, writes Shouvik Das. In 2023, this figure jumped to 50 million. But now, smartwatch makers have run into a problem: market saturation. It seems like everyone who wanted one, has one. Buyers now only have demand for the expensive watches made by Apple or Samsung. Meanwhile, the demand for cheap smartwatches has cratered. Shouvik writes that this has become a problem for companies such as Boat and Noise.   Show notes: Why India needs safety protocols for EV charging  Low battery: The biggest challenge hindering all-electric cab company BluSmart  Meet the new YouTube finfluencers: teens ‘making 36-40%’ returns trading options  Indian investors are discovering the power of factor investing Indians loved to flaunt their budget smartwatches. Not any more.  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, August 13, 2024. My name is Nelson John. Let's get started: Indian benchmark equity indices Sensex and Nifty 50 ended Monday's session flat amid mixed global cues.     Retail investors like us, once mere spectators in the stock market, are now major players. Just last July, a staggering 4.5 million new demat accounts popped up, a big jump from the 3.5 million monthly average of the past year. To put it in perspective, back in 2019, we only saw about 400 thousand new accounts monthly. Now, 43% of companies listed on the NSE have over 50,000 retail shareholders, a significant increase from just 441 companies in March 2020. Even more impressive, 54 firms now have over a million retail shareholders—almost five times more than four years ago. So where is this inflow from retail investors headed? Are they betting big on blue-chip giants, or taking risks on smaller companies? Niti Kiran from Mint’s data team takes a look.   Sumitomo Mitsui Banking Corporation’s top boss, Akihiro Fukutome, is flying to India this week, eyeing a big slice of Yes Bank. Three people aware of the development told Mint’s banking editor Gopika Gopakumar, that Fukutome is thinking about snapping up a whopping 51% stake, pegging the deal at 5 billion dollars. Fukutome's trip includes meetings with top officials from the Reserve Bank of India and the State Bank of India, which currently holds a 23.99 per cent stake in Yes Bank. The discussions are critical, as SMBC has started the due diligence process, leveraging the financial expertise of JPMorgan and legal guidance from J Sagar Associates. But why Yes Bank? Well, SMBC sees a lot of promise in the private lender and is keen to make a major play in India’s banking scene.  Airfares for the upcoming Independence Day weekend have surged by as much as 50% due to a combination of holiday timing and slow fleet expansion. Independence Day and the Parsi New Year on August 15, followed by Rakshabandhan on Monday, have created a perfect storm for a long, five-day weekend, encouraging many to take extended breaks. This has led to a spike in bookings, particularly for popular destinations like Bengaluru, Delhi, Srinagar, and Leh. Mint’s Anu Sharma reports that the rise in airfares is partly due to the slow pace at which new aircraft are being added to India's fleets, even as the demand for travel significantly outpaces supply. Industry insiders point to a shortage of spare parts and delayed aircraft deliveries as key factors keeping capacity from meeting the surging demand. The Hindi film industry, which traditionally relied heavily on the star power of individual male leads, is shifting gears. As solo star vehicles falter at the box office, producers are increasingly turning to ensemble casts, betting on the combined drawing power of multiple big names to lure larger audiences and ensure robust ticket sales. Take, for instance, Ranveer Singh's upcoming untitled movie that stars not just him but also Sanjay Dutt, Akshaye Khanna, and R. Madhavan. Similarly, the latest installment of the Housefull series boasts a lineup that includes Akshay Kumar, Riteish Deshmukh, and Abhishek Bachchan. At the same time, Kumar's other project, Welcome 3, packs an even more star-studded cast. Mint’s media correspondent Lata Jha spoke to trade experts who suggest that films with ensemble casts draw from the fan bases of each star, potentially ensuring grand openings. For more than a year, the Indian equity market has witnessed an unusual divergence—Bank Nifty has consistently underperformed compared to the benchmark Nifty. Typically, these two indices move closely together, so this gap suggests something is off balance. The prime suspect for this underperformance? HDFC Bank, which holds significant weight in the Bank Nifty. But it's not just about one bank; the entire banking sector in India is facing several challenges, as evident from recent financial results. Mint’s Abhishek Mukherjee takes a deep dive into the banking sector’s struggles with systemic challenges, evident in its first quarter results.   We'd love to hear your feedback on this podcast. Let us know by writing to us at feedback@livemint.com. You may send us feedback, tips or anything that you feel we should be covering from your vantage point in the world of business and finance.   Show notes: Analysis: Retail investors remain undaunted, but what are they betting on? This Japanese lender's chief is visiting India to discuss buying Yes Bank stake Travelling by air this weekend? Prepare to shell out more Ensemble cast back in vogue as filmmakers spread bets across stars War for deposits: Banks’ biggest headache now coming for investors? Learn more about your ad choices. Visit megaphone.fm/adchoices

Good morning listeners,  Welcome to Top of the Morning by Mint, your weekday newscast that brings you five major stories from the world of business. It's Monday, August 12, 2024. My name is Nelson John.    Our first four stories of today have to do with the Hindenburg allegations against the markets regulator Sebi. Strap in.   When Hindenburg Research issued a note on the Adani Group in January last year, it had set off a firestorm in India’s capital markets. At one point, the Adani Group lost more than 100 billion dollars worth of market cap. On Saturday night, Hindenburg turned its attention to India yet again — but this time, towards the markets regulator. Hindenburg has put Madhabi Puri Buch, the head of the Securities and Exchange Board of India, under the lens. This is the first time Hindenburg has targeted an individual — the head of the regulator, no less. Varun Sood breaks down the new report, and gets some reactions from the markets industry.   Specifically, Hindenburg accused Buch of conflict of interest as she owns a consulting firm based in Mumbai. The research group said that Sebi's clean chit to the Adani Group became tainted because of this issue. Buch and her husband, who works at private equity firm Blackstone, have strongly denied these allegations. However, some governance experts told Varun and Shayan Ghosh that Hindenburg has some legitimacy to its argument. It's a tough gig to be the chief of the markets regulator, and this muck slinging certainly doesn't bode well for Buch.   Buch and her husband have termed this report as a "character assisination" by the US-based short seller and research group. They maintain that there was no conflict of interest; all stakes were either disclosed or transferred prior to Buch assuming her position at Sebi. However, the Buchs also have an offshore fund in Mauritius, which also held Adani Group shares. Ram Sahgal and Neha Joshi help you untangle this complicated situation, to help you understand the facts and decide for yourself on whose side you'd like to believe.   Another thread that the Hindenburg report pulled on was Reits, or real estate investment trusts. Hindenburg pointed out that since Bunch took over at Sebi, she has introduced a lot of legislation that has to do with governing Reits. Hindenburg alleges that this helped her husband, who as we mentioned already works at Blackstone. Blackstone was involved in launching India's first and second Reits, as well as the first listed Reit. Madhurima Nandy explains the complexities of this allegation — the first of which would be to help you understand how Reits have actually fared in India since they were launched in 2019.   Moving on, you must have been annoyed by misleading advertisements. They can claim one thing and offer another, or exaggerate certain facets. The Supreme Court has taken note of this matter too, and pulled up the central government last week to have better regulations in place to prevent this. Dhirendra Kumar reports that the government is planning on rolling out a unified system to address such complaints by consumers. Presently, the process to file a complaint against a misleading ad is complex and full of delays. Companies such as Patanjali have been at the receiving end of such complaints, triggering concerns about violation of consumer rights.    That’s all for today. Thank you for listening.   We're eagerly looking forward to our next Top of the Morning episode, which will be packed with fresh business news. Until then, have a great day!     Show notes:   Emboldened Hindenburg’s profit score has gotten better as it targets bigger guns   Sebi chair Madhabi Buch owns majority in consultancy named in Hindenburg report Sebi chief responds to Hindenburg allegations, asserts compliance with all rules Mint Explainer: Why real estate investment trusts are in Hindenburg’s crossfire  Pulled up by Supreme Court, Centre plans complete overhaul of consumer complaints redressal mechanism 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, August 9, 2024. My name is Nelson John. Let's get started: Indian stock market benchmarks—the Nifty and Sensex—resumed their downward march on Thursday, falling by 0.73 per cent. The Reserve Bank of India kept the repo rate steady at 6.5 per cent for the ninth time in a row, pointing to a slower-than-expected drop in inflation. The decision aligns with the ongoing scrutiny of rising food prices, which greatly influence the consumer price index. Though some members advocated for a rate cut, the majority voted to maintain the current monetary stance. RBI Governor Shaktikanta Das said while India's economic growth appears robust and forex reserves have soared to $675 billion, achieving the 4% inflation target remains challenging. Persistently high food prices, especially in June when vegetable prices rose sharply, are a key concern. Shayan Ghosh reports on the central bank’s decision amid slow disinflation. Foreign airlines are increasingly tapping India's rich pool of aviation talent amid rising travel demand. Airlines such as Riyadh Air, Turkish Airlines and Saudia are conducting recruitment drives in India to hire cabin crew, particularly for flights with many Indian travellers. Mint’s aviation correspondent Anu Sharma spoke to senior executives and other industry insiders, who highlighted the strategic importance of the Indian market to global aviation. Remember Ramalinga Raju? The founder of Satyam Computers confessed to a 1.5 billion dollar accounting fraud in 2009. Now Brane Enterprises, a firm linked to his younger son Byrraju Rama Raju, is in hot water. The Hyderabad-based company recently to let go of more than 1,500 employees and hasn't paid salaries for the past three months. It is also behind on some of its financial obligations such as tax deductions and provident fund contributions. While management promised to clear dues by August 12, Mint’s Samiksha Goel reports that employees are skeptical because of previous broken promises. Challa Sreenivasulu Setty is gearing up to take the helm at State Bank of India, India's largest lender, for three years starting August 28. He steps into a complex financial landscape in which the bank confronts a noticeable disparity between robust loan growth and slower deposit accumulation, alongside rising delinquencies in unsecured loan products such as Xpress Credit. Despite these challenges, the bank's balance sheet remains strong. Shayan Ghosh reports that industry experts see potential in Setty's leadership to enhance strategic areas such as deposit market share, SME growth, and digital initiatives. Irfan Razack, chairman of real estate developer Prestige Group, has been methodically expanding the company’s footprint. Starting with Bengaluru, the group gradually entered other southern cities. Despite tempting offers from Mumbai, he kept his distance until a promising project at Pali Hill caught his eye. This marked Prestige's entry into Mumbai's real estate market, which now represents a significant portion of its sales. Razack's ambitions didn't stop there. He's now setting sights on Delhi-NCR, challenging established giants such as DLF and Godrej Properties. Mint’s Madhurima Nandy looks at what the future holds for the Prestige Group. We'd love to hear your feedback on this podcast. Let us know by writing to us at feedback@livemint.com. You may send us feedback, tips or anything that you feel we should be covering from your vantage point in the world of business and finance.   Show notes: RBI holds rates as disinflation remains slow Foreign carriers eye Indian talent for cabin crew Satyam hangover: The chaos inside a tech firm with family link to Ramalinga Raju New SBI chairman Setty has his task cut out Realty wars in NCR: Can Prestige Group eat Godrej’s lunch? 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, August 8, 2024. My name is Nelson John. Let's get started: After crashing for a few days, the Indian equity markets recovered on Wednesday. Sensex and Nifty were up by more than 1.1 percent. Ram Sahgal writes that much of yesterday's recovery could be attributed to a change in investor sentiment. The Bank of Japan's deputy governor soothed investors by saying that the sell-offs were temporary, and adopted a dovish stance. Markets in Japan crashed after the BOJ increased its interest rates by 25 bonus points, and its effects were felt in bourses all over the world — including India. However, market experts told Ram that any more conflicts arising in the Middle East could yet again lead to more selling of stocks. Bangladesh was born in 1971, after being carved out of Pakistan. It was a nation grappling with poverty and socio-economic challenges and several coup attempts. However, it achieved a remarkable feat in just about four decades when it emerged as the world’s second-largest garments exporter. Bangladesh capitalized on the availability of labour to produce garments at cheaper rates and became an exporting hub, with the sector making up about 85% of its total exports. As the country continues to combat domestic unrest, Payal Bhattacharya explains the country's economic progress and the reason why a stagnant economy led to the ouster of Sheikh Hasina. Tata Motors sells 80 percent of four wheeler electric vehicles sold in India today. But it's not resting on this laurel. Its latest model the Curvv is priced rather aggressively. Alisha Sachdev writes that such prices, combined with the reduced GST on EVs, has helped Tata corner such a large share. Alisha spoke to Sailesh Chandra, MD of Tata's passenger vehicles division. Chandra avoided calling this pricing as strategic, which is competitive with Tata's petrol and diesel versions. Tata hopes to buck the trend of slowing four wheeler sales with this launch — and its pricing will definitely help. If you were planning on becoming an investment advisor as a career option, you'd have to register with Sebi to pursue it. Becoming a registered investment advisor or a research analyst is a long process — or at least was, until Monday. Late on Tuesday evening, Sebi came out with a draft proposal that would ease the requirements for one to become an RIA or an RA. Neil Borate and Anil Poste break down these requirements, and tell you how this notice is a shot in the arm to India's beleaguered investment advisory landscape. Kota - was the mecca for any competitive exam aspirant. Millions of kids flocked to the coaching capital of India to try and become an engineer, doctor, or civil servant. But of late, the inflow of students has reduced greatly. A couple of years ago, nearly 200,000 students used to come to Kota. This year, coaching centres peg that the number has reduced to just around 70,000, writes Devina Sengupta. But it's not just teachers and coaching institutes that are suffering: an entire ecosystem that was built to support the large influx of students is now floundering as well. Devina presents an on-ground report from Kota about the current situation and a historical review of the town. We'd love to hear your feedback on this podcast. Let us know by writing to us at feedback@livemint.com. You may send us feedback, tips or anything that you feel we should be covering from your vantage point in the world of business and finance.   Show notes: Bear retreat lifts market, but worries stay on Bangladesh’s economic rise and the new crisis, in charts  Tata Motors aims to match its EV prices with rivals' conventional SUVs How Sebi’s reforms could transform India’s investment advisory landscape  Why coaching capital Kota has failed its entrance test 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, August 7, 2024. My name is Nelson John.  Let's get started: Indian stock market benchmarks—the Sensex and Nifty—extended their losses for the third straight session on Tuesday. The Sensex finally ended the day down 166 points, or 0.21 per cent, while the Nifty 50 closed 63 points or 0.26 per cent lower. India’s neighbour to the east is facing political turmoil. The recent regime change in Bangladesh is shaking up India’s trade and infrastructure plans. India shares its longest land border with Bangladesh, and with the economic stability of its neighbour wavering, the government needs to be watchful. This instability could push Bangladesh to reduce imports from India, potentially benefiting competitors such as Vietnam and China. Meanwhile, Indian textile companies saw their stocks soar, betting on a business boost as Bangladesh’s global textile reputation takes a hit. The fallout from these tensions includes a potential reshuffle in regional trade dynamics, as India could lose a top trading partner to political chaos. Mint’s Rhik Kundu, Dhirendra Kumar and Suneera Tandon explain how the political instability could affect a wide range of sectors, from textiles and technology to energy. The emergence of "de-influencers" – individuals who criticise products online – is reshaping brand perceptions and consumer choices. These ‘reverse influencers’ post negative reviews on social media, warning consumers about certain products and in turn hitting companies’ sales. As de-influencers gain traction, companies are increasingly wary of the impact on their reputation and sales. Regulatory bodies are stepping up to ensure that advertising claims are accurate and that negative reviews are fair. Mint’s Pratishtha Bagai and Suneera Tandon write about the rising phenomenon. The rural Indian job scene is still very much tied to agriculture, although that is changing. Rural youth are setting their sights on more stable, salaried jobs, though these are hard to come by. In a survey of 5,000 rural youth engaged in farming, a huge majority expressed a strong preference for salaried jobs over agriculture. The survey, conducted by the Development Intelligence Unit, Global Development Incubator, and Transforming Rural India, showed that many young people are turned off by the low returns and labour demands of agriculture. While many older rural women are choosing to run small businesses instead, the younger crowd – especially women – is more keen to snag government jobs. Mint’s Pragya Srivastava looks at the changing landscape of jobs in rural India through data. Click the link in show notes to see the charts and graphs prepared by Pragya and team. Imagine you work in the tech department of a big IT company and decide to make a little extra cash by trading stocks, only to end up with a one lakh rupee penalty for insider trading. That's the harsh reality of Sudhir Bapusaheb Devkar, an employee at Mindtree who dipped his toes into stock trading without realising the intricate rules around insider trading. This is a tricky area where not knowing the rules can cost you dear. In this piece, Mint Money’s Sashing Ningthoukhongjam explains why you should be extremely cautious before booking a profit on an insider trade. The looming US presidential elections have sparked a flurry of concern worldwide. Donald Trump, known for his assertive stance on trade, is back in the spotlight as the Republican nominee. His four years as president marked a significant shift in global trade dynamics, particularly with China, disrupting the existing multilateral trading system and sidelining the World Trade Organization. Now with the potential of Trump 2.0, the global community, including India, is bracing for more stringent tariffs and a renewed trade war with China, which could further complicate the already fragile global supply chain. Mint’s N Madhavan takes a deep dive into how a second term for self-acclaimed “tariff man” Trump could be full of surprises for global trade. We'd love to hear your feedback on this podcast. Let us know by writing to us at feedback@livemint.com. You may send us feedback, tips or anything that you feel we should be covering from your vantage point in the world of business and finance.   As Bangladesh descends into chaos, India’s trade and security hang in balance Brands fretting as negative influencers rise, pushed toward credibility India’s jobs crisis: How dreams of rural youth outpace the labour market From profit to penalty: The perils of insider trading ‘Tariff man’ Trump can bring a bagful of surprises. Are you ready? Learn more about your ad choices. Visit megaphone.fm/adchoices

Welcome to Top of the Morning by Mint, your weekday newscast that brings you five major stories from the world of business. It's Monday, February 3, 2025. This is Nelson John, let's get started.   US President Donald Trump has implemented tariffs on imports from Canada, Mexico, and China, citing a national emergency related to drug trafficking. Starting February 4, imports from Canada and Mexico will face a 25% tariff, except for Canadian oil which will see a 10% duty. Chinese imports will incur an additional 10% tariff. These tariffs are expected to increase prices in the US, potentially driving up inflation and slowing economic growth globally. In response, Canada has already slapped a 25% tariff on US imports worth Canadian $155 billion. Mexico and China have also promised retaliatory measures. The move has sparked concerns of a potential trade war, with Trump suggesting he might extend tariffs to other countries, including India. This could fundamentally alter global trade dynamics. Read N Madhavan’s primer on Trump’s latest decision to impose the tariffs and how it could affect India.    Naveen Jindal, chairman of Jindal Steel and Power Ltd, is expanding his steel empire globally, setting up a network of mines and steel plants across Europe, the Middle East, and Africa. He's a contender to acquire Italy's largest steel plant, Acciaierie d’Italia, potentially adding significant capacity to his operations. His privately-owned ventures, distinct from the publicly-listed JSPL, could match the scale of his Indian operations by 2028. Jindal's strategy includes developing end-to-end operations from mining in Mozambique and Cameroon to steel production in Oman and processing in the Czech Republic. This expansion has raised corporate governance concerns regarding potential conflicts of interest with JSPL. However, Jindal has taken steps to mitigate these concerns, such as resigning from an executive role and ensuring his private companies do not transact with JSPL, Nehal Chaliawala writes. Critics still question why these expansions are not under JSPL’s umbrella, suggesting that it could protect the listed company from potential risks associated with international ventures. Foreign portfolio investors were notably absent from India's markets during the special budget session, setting the stage for what analysts anticipate could be a negative reaction in the markets. This comes amid concerns about a global trade war and ahead of a critical monetary policy announcement. Analysts Ram Sahgal spoke to, suggest that the government's focus on boosting consumption over capital expenditure and fears of an expanding global trade war might have spurred FPIs to adopt a cautious approach. FPIs have been net sellers in the Indian cash market since October, offloading shares worth ₹2.38 trillion through the end of January. They have also increased their bearish bets by shorting index futures and selling index call options—moves that reflect a heightened sense of caution and concern over India's corporate profitability and economic growth prospects amid global uncertainties. On the eve of the budget, FPIs significantly increased their short positions in Nifty and Bank Nifty call options, indicating a strong bearish stance.   Recruiters are sceptical about the Union budget's plan to reduce migration by boosting job opportunities in rural areas and tier-II and -III cities. Devina Sengupta spoke to recruiters who argue that unless there's significant development in these areas, the pull towards India's 30 biggest cities will continue due to better employment opportunities and higher wages. Finance Minister Nirmala Sitharaman emphasized in her budget speech that the aim is to create enough jobs in rural areas to make migration unnecessary. However, recruiters like Aditya Narayan Mishra of CIEL HR Services point out that economic growth remains uneven across the country, with specific industries concentrated in certain states like Gujarat, Tamil Nadu, and Karnataka. This makes migration inevitable as job seekers move towards these hubs for better prospects. While the government plans to develop Global Capability Centres in smaller cities to ease the strain on major urban areas, recruiters call for more concrete plans on how these and other job creation initiatives will be implemented.  Robust personal income tax revenue, showing strong buoyancy, facilitated substantial tax relief in the FY26 budget, Finance Secretary Tuhin Kanta Pandey highlighted. In a post-budget interview with Rhik Kundu and Gireesh Chandra Prasad, he explained that this would help counterbalance the effects of the recent tax cuts. The government is also pushing for mandatory deregulation reforms. These are required for states to access part of the Centre's 50-year interest-free loans for capital expenditure. Additionally, the 16th Finance Commission, led by Arvind Panagariya, is set to guide state governments on reducing their debt, aiming to lower the central government's debt-GDP ratio to 50% by 2031 from the current 57.1%. 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, August 6, 2024. My name is Nelson John. Let's get started:   Global currents affected the Indian stock markets too: Sensex and Nifty both were down by about 2.7 percent during yesterday's trading session. This was the steepest intra-day drop in nearly two months. Ram Sahgal writes that fears of an economic slowdown in the US and a huge equities crash in Japan prompted the massive sell-off. The worst may not be over yet: Ram also writes that foreign investors have turned bearish on Indian markets, and are betting that they will fall even further. India is a global economy — that means it is also prone to suffering from the headwinds of other economies, in the form of crashes like yesterday's.   There's violent trouble with one of our neighbours: yesterday, Bangladesh's newly-elected Prime Minister Sheikh Hasina was forced to resign by protestors. Most of these protestors were students. She had been in power since 2008, and will be succeeded by an internal government controlled by the country's army. Elizabeth Roche explains the turmoil, its rich history, and why India should keep a close eye on this coup's ultimate result.   According to new rules set by the markets regulator, any company in India that has sizeable debt on its books is liable to turn public. That put Tata Sons in hot soup: despite having 16 listed entities, the parent company often leveraged itself to balance out the books of its subsidiaries. After Sebi's ruling, Tata Sons quickly pared this debt down to avoid getting listed. Shayan Ghosh and Varun Sood report that it has now reduced its disclosed debt to just 5 crore rupees. Last year, it had nearly 19,000 crore rupees worth of borrowings. It used its crown jewel, TCS, to repay most of the debt, write Shayan and Varun.    Have you noticed a growing trend of consultants among your peers? While their work remains the same, their designation changes. Mid to senior level employees who are switching roles enjoy a host of tax benefits via this method, writes Shipra Singh. When you earn as a consultant, your income gets categorised as a business revenue. This allows you to claim a lot of deductions. This strategy could help you save tax on more than half your income, tax experts told Shipra. Instead of paying tax at your slab rate, you instead pay a flat 6 percent GST on this income — helping you amass quite a bit of savings.   Kunal Bahl is one of the most prolific people in India's burgeoning startup landscape. He is the co-founder of Snapdeal, an e-commerce app. At one point, Snapdeal hoped to topple Flipkart from its position as India's top online seller. That fight didn't turn out so well for Snapdeal and Bahl. However, some would argue that Bahl is a better investor than an executive. Bahl is also the main man behind Titan Capital, which boasts of returns greater than 100x from investments such as Urban Company, Mamaearth, and Ola Cabs. Another acquisition, Unicommerce, is set to IPO today — yet another huge return for the investment company. Mansi Verma and Priyamvada C write a detailed story on how Kunal Bahl became the titan of early-stage investing in India.   We'd love to hear your feedback on this podcast. Let us know by writing to us at feedback@livemint.com. You may send us feedback, tips or anything that you feel we should be covering from your vantage point in the world of business and finance.   Show notes:       Markets reel under global pressure   Mint Explainer: Why India needs to have a wary eye on Bangladesh coup   Tata Sons goes debt-free as it seeks listing exemption   Switch to consultant from employee and you can save tax on half your income  Don’t do as I did: How Snapdeal's Bahl became the titan of early-stage investing 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, August 5, 2024. My name is Nelson John. Let's get started:   Toor dal, a staple across India and a vital protein source for the nation’s millions of vegetarians, is facing a crisis. Unpredictable weather patterns—from droughts in Karnataka to heavy rains in Maharashtra—have severely impacted production. Compounding the issue, many farmers are shifting to more lucrative crops, such as rice and soybean, leading to a significant drop in toor cultivation. Considering that less than 10% of toor farms are irrigated, these crops are highly vulnerable to weather fluctuations. The surge in prices by 60% between 2022 and 2024, also underscores that while rice and wheat have managed to adapt to climate changes, toor hasn't. The situation has forced India to rely heavily on imports, with significant quantities now coming from distant countries such as Mozambique and Myanmar. This dependence has introduced risks, as was seen by recent events where traders from Mozambique held shipments hostage. Mint’s Sayantan Bera explores this pressing issue affecting Indian kitchens.   Now, onto our next topic: In response to the NEET scandal and exam paper leaks, the Union government is set to increase undergraduate medical seats by 3,000 from the next academic year, bringing the total to 115,000. This move includes approving 28 new private medical colleges, significantly boosting India’s medical education capacity, as endorsed by the National Medical Commission. To ensure transparency and address past controversies, the process for adding seats and establishing new colleges will be closely monitored. Mint’s Priyanka Sharma reports that officials have implemented rigorous checks and physical inspections for all applications to prevent bias and fraud, aiming for a more secure admissions process. The third news highlight involves a survey of 15 economists and treasury heads conducted by Mint. It revealed that the Reserve Bank of India's Monetary Policy Committee is expected to maintain a status quo on policy rates at 6.5% at its meeting on August 8, despite speculation about rate cuts, particularly in light of recent global central bank actions. From what economists are predicting, it looks like the RBI isn’t ready to change gears just yet. All 15 experts consulted by Mint expect the MPC to maintain its current stance of "withdrawal of accommodation”. In a job market simmering with competition, a staggering 95% of employees are eyeing a job switch post-appraisals, according to the latest Mint+Shine study. The April-June Talent Insights Report, which surveyed 3,000 job seekers and employers, revealed that a lacklustre appraisal season has intensified the job search activity, with 78% finding the environment overly competitive. Approximately 89% of employees are demanding clearer performance metrics during appraisals, while 32% consider compensation as a key factor for their decision to stay. put. Two weeks ago, the tech world watched as Google's parent company, Alphabet, proposed buying cloud security startup Wiz for $23 billion. This bid would represent Alphabet's largest acquisition to date, surpassing its previous major purchases, including the $12.5 billion Motorola deal. Yet, despite the attractive offer, which valued Wiz at nearly double its recent valuation, the startup chose to walk away, leaving the deal unresolved. This decision was not solely about the money; it also highlighted deeper trends and tensions within the tech industry. Mint’s partners at HowIndiaLives.com present the big picture behind Google’s largest failed acquisition.    We'd love to hear your feedback on this podcast. Let us know by writing to us at feedback@livemint.com. You may send us feedback, tips or anything that you feel we should be covering from your vantage point in the world of business and finance.     Show notes:   Brace yourself, climate crisis is coming for your sambar Post NEET controversy, Centre plans to increase undergrad medical seats by 3,000 RBI may keep rates unchanged next week, cut likely in December: Mint Poll Are you one of the 95%? Why most workers want a job change now The big picture behind Google's largest acquisition failure 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, August 2, 2024. My name is Nelson John. Let's get started:   India’s benchmark equity indices ended at fresh highs on Thursday. The Nifty 50 closed above the historic 25,000-point mark for the first time, rising 60 points from previous close. The 30-share Sensex climbed 126.21 points to settle at a new lifetime high of 81,867.55. Ola Electric is set to debut on the stock market this Friday, with its valuation reduced to $4 billion, significantly lower than the initial target of $7 billion. This recalibration aligns Ola more closely with the global EV industry's valuation range, typically spanning 3 to 8 times annual sales. The adjustment reflects challenges posed by policy shifts and stiff competition from established players like Hero MotoCorp, underscoring the turbulent path Ola has faced due to fluctuating sales driven by changing government subsidies. Despite holding a 49% share of India’s electric two-wheeler market, Ola's financial standing is less robust compared to Hero, which benefits from healthier profit margins. The key question remains: will the lower valuation of Ola's IPO appeal to investors? Manish Joshi explores this in his Mark to Market piece. This month is super exciting for India's startup scene because Bhavish Aggarwal of Ola Electric, Supam Maheshwari of FirstCry, and Kunal Bahl of Unicommerce are about to make some serious waves by taking their companies public. This isn't just big news for these founders; it's a game-changer for everyone watching the space. Bhavish Aggarwal is all set to join the elite club of startup billionaires, much like Deepinder Goyal from Zomato and Falguni Nayar from Nykaa. Mint’s startups and new economy editor Ranjani Raghavan writes on how these listings illustrate the growing confidence in Indian startups. These IPOs are not just about cashing out; they're about setting a precedent for the market and instilling confidence in new entrepreneurs.   If you are a Tata Play customer, this next bit is for you. The Tata-group DTH service, is pulling the plug on all Sony Pictures Networks India channels from nearly 10 million subscribers’ plans over the next ten days. The decision, which began with one million subscribers on Thursday, is based on low viewership figures, Tata Play's CEO, Harit Nagpal told Mint’s Gaurav Laghate. Despite the potential revenue loss, Nagpal justified the move as a cost-saving measure for subscribers, emphasizing that those interested in Sony channels can easily reactivate them. On the flip side, Sony criticized the action as "arbitrary" and potentially retaliatory, linked to disputes over audit rights and discrepancies in subscriber data management.  India's innovative faceless tax assessment system, launched in 2020 to eliminate biases by concealing the identities of tax officials from the assessees, is encountering challenges. According to tax lawyers who spoke to Mint’s Neha Joshi, the system, designed to simplify and speed up tax processes, is proving to make communication more difficult and is resulting in an increase in court cases. Tax lawyers highlight that explaining complex tax issues through just audio communication without visual cues makes it tough for assessing officers to grasp the intricacies, leading to misunderstandings and more disputes being escalated to courts. Additionally, the random assignment of cases to officers, regardless of their expertise, is contributing to less efficient handling of complex cases. The recent landslide in Wayanad, Kerala, which claimed over 200 lives, is a stark reminder of the increasing frequency of such natural disasters in India. Positioned among the top four countries most prone to landslides, India's landscape faces significant risks. These mountains, still evolving from the tectonic pressures between the Indian and Eurasian plates, are vulnerable to the slow yet constant geological shifts that make them susceptible to both landslides and earthquakes. Mint’s Sumant Banerji explains why the country is at a higher risk of landslides, in today’s Mint Primer.    We'd love to hear your feedback on this podcast. Let us know by writing to us at feedback@livemint.com. You may send us feedback, tips or anything that you feel we should be covering from your vantage point in the world of business and finance.     Show notes: Will investors greet Ola IPO at lower valuation? Startup street mints new founder millionaires Tata Play starts to remove Sony channels from 10 million subscribers' plans Tax lawyers stare at robotic faceless assessments Mint Primer | Landslides: Why they are more frequent & lethal Learn more about your ad choices. Visit megaphone.fm/adchoices