Top of the Morning is a daily podcast hosted by Nelson John, in which we bring you all the action from the global markets and the business world to kick-start your day on a well-informed note. This is a Mint production, brought to you by HT Smartcast
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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 While verification remains a challenge for accounts with outdated contact details, experts see Mitra as a game-changer.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.
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Paytm’s ₹611 Crore Regulatory Setback
Tuesday, March 4, 2025 • Duration 08:09
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?
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SBI chairman on Q3 results
Episode 754
Friday, February 7, 2025 • Duration 06:38
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.
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GST: Anti-profiteering regime to end soon
Episode 664
Wednesday, October 2, 2024 • Duration 05:30
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
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What way will Haryana vote this time?
Episode 663
Tuesday, October 1, 2024 • Duration 05:25
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.
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Stockbrokers raise alarm against fake WhatsApp groups
Episode 662
Monday, September 30, 2024 • Duration 05:24
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
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Another telecom revolution brewing?
Episode 661
Friday, September 27, 2024 • Duration 05:13
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.
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How much will it cost to watch Coldplay in Abu Dhabi?
Episode 660
Thursday, September 26, 2024 • Duration 04:59
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!
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Why does LTIMindtree continue to struggle?
Episode 659
Wednesday, September 25, 2024 • Duration 05:44
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.
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Cheaper diamonds are here
Episode 658
Tuesday, September 24, 2024 • Duration 05:24
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.
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