Shapoorji Pallonji nears major revmap

At long last, Jet Airways revival in sight

Tweaked stock options, coming soon to a job contract near you

Petrol pumps cap inventory amid hopes of fuel price cut

Startups, SMEs increasingly covet so-called fractional CXOs

Netflix needs another midstream change in India. Here’s why

Welcome to Top of the Morning by Mint, your weekday newscast that brings you five major stories from the world of business. It's Wednesday, March 13, 2024. My name is Nelson John. Let's get started:

Indian benchmark indices Sensex and Nifty trimmed some of their gains, yet managed to end Tuesday in the green. Largely the indices remained flat with NSE’s Nifty 50 gaining a miniscule 0.01 per cent. BSE’s 30-company index Sensex too rose only 0.22 per cent. HDFC Bank, TCS, Maruti Suzuki India, Infosys, and Reliance Industries emerged as the top gainers on Tuesday.

Finally, there’s been some progress in the possible revival of Jet Airways. The grounded airline got a second wind on Tuesday, after a decision by the National Company Law Appellate Tribunal. N-C-L-A-T has asked the bankrupt airline’s lender’s to handover the carrier to the Jalan-Karlock Consortium within 90 days. The National Company Law Tribunal — a lower body than the N-C-L-A-T, had approved the consortium’s resolution plan for Jet Airways back in June 2021. It had even allowed the handover in January last year. However, Jet’s lenders challenged this decision in the higher tribunal over alleging the consortium to be non-compliant with the resolution plan. Mint’s legal correspondent Krishna Yadav reports on the development, crucial for not just Jet but also the Indian aviation industry. 

In a bid to retain top talent amid rising attrition, companies are juggling with different kinds of stock options for employees. India Inc is experimenting with hybrid forms of stock options, as opposed to the regular ones. Some of them include stricter forms of performance based stock options, analysts told Mint’s HR and workplace correspondent Devina Sengupta. These restricted stock units or RSUs, are shares given to an employee as a reward upon fulfilling a predetermined period of service. On the other hand, performance stocks are granted only when an employee achieves particular objectives, remains with the company for a designated duration, and the company itself reaches its goals within its industry. For businesses, these stock options are considered "less dilutive." According to consultancy firm EY, the number of companies choosing alternative stock incentives for employees has increased by 25 to 30 per cent in the last few years.

General elections are only a few weeks away. Freebies and price cuts usually become the main weapons against anti-incumbency for governments around this time. One such important pre-election move is cutting down the price of fuel. Anticipating a price cut, fuel stations are running low on inventory. Petrol and diesel pumps are keeping enough stock for only three days, as opposed to their regular inventory of five days. This is to save on any losses that may occur in case a price cut is announced. In case of a price cut, the new rates take effect immediately — leaving fuel retailers with losses on the stock they bought for a higher price. Mint’s energy correspondent Rituraj Baruah reports on the cautious move by fuel retailers. He explains how a 5-rupee deduction in the price of petrol and diesel could mean losses of up to 1.5 lakh rupees for retailers in rural areas. The number only goes up for petrol stations in tier-3 and tier-2 cities. Petrol pumps in metro cities usually see losses of up to 25 lakh rupees on a 5-rupee price cut. 

Ever thought of a life where you can be a banker by the day, and manage finances for a startup as its CFO by the night? No, I am not talking about moonlighting for another company. Fractional C-suites employees are becoming more and more common across startups and small and medium enterprises in India. What’s that you ask? These are experienced executives with deep competencies in domains like finance, marketing, and strategy who work with multiple companies at a time on a part-time basis. With the kind of flexibility a fractional CXO gig is able to offer, more senior executives are getting attracted to it. There is a demand factor to it also. Companies are increasingly looking for fractional CXOs to access good talent at affordable costs. Mint’s startup correspondent Samiksha Goel writes about this unique trend shaping boardrooms across startups. She also spoke to C-suite executives following the trend and working as a fractional CXO. Globally, there's been about a 25 per cent increase in the hiring of fractional CXOs, while India saw a 10-12 per cent uptick among startups in sectors such as legal, finance, e-commerce, and technology, according to HR consulting firm Randstad. 

Remember Nawazuddin Siddiqui’s iconic dialogues in Sacred Games? The Netflix original, parts of which were set in the Bombay of the 80s, became a pop culture phenomenon across languages in India. But pause for a moment and think. Has there been any other Netflix show as iconic as Sacred Games that comes to mind? The answer is highly likely to be no. The streaming pioneer, who entered India in 2016 has largely been facing flak for its strategy (or lack thereof) for the Indian market. Until recently, the streaming platform was struggling with adding and retaining subscribers. That is when it changed its password sharing policy, allowing only four devices to be linked to an account. The change, which is part of a multi-pronged strategy worked wonders for the company. Its paid subscribers have doubled over the past two years. Another change that helped, was slashing subscription prices. The mobile-only plan which would cost a user 199 rupees is now just 149, whereas for 199 a month, a user can watch Netflix on any device. Despite a big turnaround, the company lags behind its rivals which include Amazon Prime, Hotstar and JioCinema. The question remains, what’s not working for Netflix, and what other changes does the company need? Mint’s media and entertainment correspondent Lata Jha takes a deep dive into Netflix India’s current scenario and answers some of these questions. For once, the company’s acquisition strategy, where it is focusing on acquiring movies rather than producing originals, has been dubbed lazy by many. With the streaming market reaching the point of saturation in India, Netflix needs to up its game.

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.

Welcome to Top of the Morning by Mint, your weekday newscast that brings you five major stories from the world of business. It's Tuesday, March 12, 2024. My name is Nelson John. Let's get started: 

The Indian stock market slid on Monday, with benchmark indices Nifty and Sensex falling by about 0.8 percent. Smallcap stocks like JM Financial, which faced disciplinary action by Sebi, and IIFL Finance were the worst losers of the day. However, if you owned shares of Godfrey Phillips — maker of Marlboro cigarettes, you had reason to cheer: the stock surged by more than 9 percent.

ITC, another cigarette stock, might have an interesting week ahead: Mint's Mark to Market reporter Dipti Sharma reports that one of its biggest stakeholders might liquidate their position. British American Tobacco, which holds 29 percent of ITC, might look to sell 4 percent of its stake. Dipti writes that ICICI Prudential Mutual Fund and O3 securities are in line to buy this stake. This sale might yield the company more than 20,000 crore rupees, which would be one of the biggest block deals in the Indian stock market in the last few years.

Speaking of public markets, there might be a new entity IPO-ing soon. On Monday, Aditya Birla decided to merge two of its subsidiaries. Aditya Birla Capital and Finance will now work as a single company, which allows the non-banking financial company, or NBFC, to list on the public markets. Mint's banking correspondent Shayan Ghosh writes that this move will consolidate Aditya Birla's financial arms, and lead to fewer complications when the newly-minted company decides to IPO.

Lloyds, the electronic consumer goods company, claims to be the third-largest AC maker in India. But you wouldn't know it if you walked into any store: Lloyds air conditioners are rare to find in any brick-and-mortar shops.  A struggling Lloyds was bought by Havells in 2017, but the investment hasn't paid off yet: while Lloyds' goods contribute 20% of the revenue posted by Havells, it dragged its profits down by 14%. Mint's national editor Sumant Banerji writes about the company and its journey so far, and why analysts feel Lloyds is harming the potential of Havells.

The State Bank of India is almost synonymous with its infamous lunch breaks. But when the Supreme Court is in line, you better hurry up. On Monday, the apex court directed SBI to share the names of donors who purchased electoral bonds. SBI had argued that it needed time to collate all the data till at least June 30 — well after the general elections had concluded. The Supreme Court, led by chief justice Chandrachud, squashed this plea. Mint's legal reporter Krishan Yadav writes about this verdict that orders the names of donors to be submitted to the court by today evening, which will also be publicly disclosed by March 15.

If you were to make a big purchase, you might consider pulling money from your provident fund. EPFO, or the employees' provident fund organisation, is in charge of this money. To get your hands on this money, you need to file an application with EPFO and upload some documents. Easy, right? But as Mint Money's Anil Poste and Shipra Singh found out, it really isn't. The duo spoke to four individuals who tried to get their money, but couldn't. On paper, it's an easy process. But in practice, you might have to jump through many hoops to get access to your own money.

We'd love to hear your feedback on this podcast. Let us know by writing to us at 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.

That’s all for today. Thank you for listening.

We'll be back tomorrow with a fresh episode of Top of the Morning. Have a nice day!

Show notes:

ITC block deal likely in two weeks; BAT to offload 4% stake 

Aditya Birla Capital, subsidiary Aditya Birla Finance to merge

Not cool enough: Bleeding Lloyd gives Havells a hard time 

SC asks SBI to disclose electoral bond details by 12 March

Why withdrawal of money from your PF is fraught with challenges 

Who will win Barbenheimer clash at Oscars? Here’s what history shows.

India's chip ambitions are about to get larger 

Disney merger in sight, Viacom18 rejigs top roles

Spotify bets on independent music to bolster presence in India

NexCAR 19 cancer therapy: Conceived at IIT Bombay, delivered in Tata Memorial

Welcome to Top of the Morning by Mint, your weekday newscast that brings you five major stories from the world of business. It's Monday, March 11, 2024. My name is Nelson John. Let's get started:

The big day for cinephiles is finally here. As you are listening to this podcast, The 96th Academy Awards are being announced at the Kodak Theatre in Los Angeles. The apex awards for the global movie industry have for long raised eyebrows with their nomination choices. Often the Academy’s picks go against the popular box office trends of the year. Take 2023’s highest grossing film Barbie for example: it received 9 nominations, but missed out on some key categories. The Greta Gerwig directorial venture was snubbed in major categories including direction and leading actress. Christopher Nolan’s Oppenheimer, on the other hand, which clashed with Barbie in an epic showdown at the box office, received 13 nominations. Mint’s Shuja Asrar breaks down the data on the Academy’s past picks and how they performed in the theatres. For the Oscars, popular doesn't always equate to being the best. This year doesn’t seem like it’ll be any different.

It’s the era of semiconductors. It is difficult to imagine the world without these tiny silicon chips, and India is bullish on its prospects. In an interview with Mint’s senior assistant editor Gulveen Aulakh, union IT minister Ashwini Vaishnaw spoke about the government’s plan to boost chip sector incentives. Currently, these incentives add up to about 76,000 crore rupees. Thanks to a n increase in incentives, we can expect a boom in the number of chip fabs and testing units across the country. This interview comes as just last week the union government approved three chip sector projects with expected investments of 1.26 trillion rupees, with two of them being won by Tata. The minister expects dozens of such units to be up and running in the next five years. 

As the mega-merger between media giants Reliance and Disney is inching closer, preparations are underway on both sides. In one such move, Reliance-owned Viacom18 is planning to rejig its organisational structure to streamline the business. Senior executives at the company spoke to Mint’s senior editor Gaurav Laghate about the upcoming change. As per the planned restructuring Kiran Mani, who was appointed as the Chief Executive Officer of JioCinema in November last year, has now been tasked with overseeing both the digital and sports divisions. Meanwhile, the entire content division will be managed by Kevin Vaz, who assumed the role of CEO for Broadcast in July of the last year. Read Gaurav’s insightful piece to find out how Reliance is reshuffling its ranks to hit the ground running.

There is a good chance that you’re listening to this podcast on Spotify, which is also at the centre of this story. Don’t worry, this isn’t another spotify ad! 

In a move to bolster its presence in India, the audio streaming platform is ready to bet big on independent artists. The indie music scene in India is growing at a faster pace than film music consumption, which accounts for 70 to 90 per cent of music streaming on the platform in India. In an interview with Mint’s entertainment correspondent Lata Jha, Spotify India’s managing director Amarjit Singh Batra said that the platform would like to see an equal balance of film and indie music. The Swedish-audio streaming platform has also invested in ‘Spotify for Artists’ an initiative which involves working with independent artists by sharing streaming data and consumption habits with them. The significance of this shift in strategy towards independent music is evidenced in the fact that the most streamed song from 2023 was a song by King, who is an independent artist. Batra highlighted that consumption patterns differ significantly among various languages. For instance, in Punjabi music, non-film tracks dominate, making up 90 per cent of the total consumption. In contrast, in languages such as Hindi, Tamil, or Telugu, where film music plays a more prominent role, the share of movie tracks in total music consumption ranges from 70 to 80 per cent. 

This next story is about a potentially groundbreaking therapy for cancer patients. It starts with a 60-year-old woman named Sheeba. Three years after discovering a growth on her tonsils, Sheeba was diagnosed with lymphoma, a cancer that attacks your lymph nodes. Traditional treatments, including naturopathy and chemotherapy, had failed her. But rather than giving in, Sheeba and her husband sought out CAR T-cell therapy, a cutting-edge procedure that modifies a patient's immune cells to combat cancer. This therapy, developed on a modest budget by a dedicated team at IIT Bombay, represents a beacon of hope, offering significant advancements in cancer treatment in India. Remarkably, Sheeba's cancer was arrested just 28 days following her treatment, showcasing the potential of this innovative approach. Despite the high cost and no insurance coverage, CAR T-cell therapy stands out as a crucial alternative for patients facing a dire prognoses. But it isn't the silver bullet for cancer yet. Mint’s Devina Sengupta takes a deep dive into the journey of this emerging weapon against cancer cells. Devina also examines why the new therapy, which can cost the patient up to 50 lakh rupees, still has a long way to go. 

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.

That’s all for today. Thank you for listening.

We'll be back tomorrow with a fresh episode of Top of the Morning. Have a nice day!

Don't be startled — you're still listening to Top of the Morning by Mint, your weekday newscast that brings you five major stories from the world of business. I'm Devina Sengupta, deputy editor at Mint. I write about careers, workplaces, and higher education. I am your host for this special episode and will be substituting for Nelson John. It's Friday, March 8, 2024. Let's get started:

Markets ended flat on Thursday, as Sensex maintained its position above the 74,000 mark. The benchmark indices showed marginal gains across the board, although oil companies in particular performed poorly. Bharat Petroleum, Indian Oil, and Reliance Industries fell by more than a percentage point each.

The market has maintained its bull run for a few weeks now. Retail investors have reason to be delighted, but so do multinational companies. Startups and new economy reporter Priyamvada C writes that multinational companies have been selling their stakes in Indian companies. Companies like America's Conagra Brands, British American Tobacco, and Japan's Sumitomo Wiring offloaded their holdings in Indian companies to take advantage of high share prices and pay off debt in high interest markets.. The multinationals will use these proceeds for a host of purposes, using this moment to effectively manage their treasury and investments, notes Priyamvada.

One such deal took place just yesterday evening: Singapore's telecom giant Singtel sold 0.8 percent of its stake in Airtel to investment firm GQG Partners. The value of the transaction was just above 700 million us dollars, or 4,888 crore rupees. Even after this deal, Singtel remains the largest stakeholder in Airtel — even more than Airtel's promoters, the Bharti Group. Mint's telecom correspondent Gulveen Aulakh reports that Singtel hopes to equalise its stake with Bharti over time through such deals. GQG Partners, an investment firm based in the US, has steadily increased its bets in India. It bought large chunks of Adani Group companies last year. It also invested in GMR Infrastructure, IDFC First, and JSW Energy.

The markets regulator Sebi barred financial services company JM Financial from acting as a lead manager for any public issue of debt securities.  The order came after Sebi found some serious lapses in a case where JM Financial acted as a lead manager for a public issue.. During a routine examination, Sebi found some inconsistencies with this debt offering. Mint's legal correspondent Priyanka Gawande explains Sebi's 22-page order, which is likely to have consequences for JM Financial's share price when markets open tomorrow.

If you're a woman, today is as good a day as any to learn about your rights. Mint Money's Aprajita Sharma writes about some key financial laws every woman should be aware of. Aprajita speaks to legal experts about Indian laws surrounding inheritance, insurance, and loans. They are structured differently for men and women, and differ across religions. It also points out contradictions in our system: for example, how the laws have exemptions for women to encourage them to buy properties — but how it's also more difficult for women to get loans. 

It's not easy being a woman in corporate India — or in India, for that matter. I teamed up with my colleagues Suneera Tandon and Madhurima Nandy to bring you stories of four women at various stages in their careers. What's been their journey so far? Why is working from office a dealbreaker? Why do you carry a swiss army knife in your purse?  Special thanks to Shakshi, Rohini, Alisha, and Arudhati for sharing their stories. These are stories of determination and success. I hope you have as great of a time treading this piece as we had reporting and writing it.

In addition to writing such stories, I'm also the host of The Working Life, a podcast on workplace practices. I'm currently working on season 2 of the podcast, but you can listen to any episode from season one. I'd like to think they're evergreen, and come in handy for any employee of India Inc navigating their professional life. 

We'd love to hear your feedback on this podcast. Let us know by writing to us at 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.

That’s all for today. Thank you for listening.

Nelson will be back on Monday  with a fresh episode of Top of the Morning. Have a nice day!

Why MNCs are on a selling spree in India 

Singtel sells 0.8% stake in Airtel to GQG Partners

Sebi bars JM Financial from taking new mandates amid lapses in debt issue

The key financial laws that every woman should know 

Swiss knife to Lucknow diaries: Four women executives on guilt and success

It's Thursday, March 7, 2024. My name is Nelson John. Let's get started:

A new day, a new record high for the Indian stock market. Nifty and Sensex both surged by around half a percent each. Sensex crossed the 74,000 mark for the first time. Stocks such as ICICI Bank, SBI, and NTPC also hit lifetime highs. 

However, as markets correspondent Ram Sahgal notes, trading remained uneven. Midcap and smallcap stocks plunged, as investors took note of regulatory action by the markets regulator. Ram spoke to analysts to make sense of the day's trading, and whether this bull run will continue across large, mid, and small caps. 

After decades of fast-paced growth, China's economy looks to have run into some roadblocks. Its economy is likely to grow at 5% this year — it grew at 5.3% in 2023. But even this modest target looks difficult, given the tough position the country is in right now. The country is too debt-ridden, and demand has fallen. The markets have been ailing for a few months now. Mint's senior editor N. Madhavan explains the current predicament that China finds itself in.

When you're looking for a credit card, you can choose which bank, which tier, and what the annual fees could be. But what you can't choose is the card network — either Visa or Mastercard. That comes baked into any credit card. That will change soon: the Reserve Bank of India banned exclusive tie-ups between card issuers and networks. This ruling will apply from September this year. While applying for a new card, or renewing an existing one, you can now choose between the two options. Mint's banking correspondent Shayan Ghosh writes on this decision taken by the RBI, and explains its implications for the banking framework in the country.

Speaking of credit cards: have you swiped your plastic to make a big purchase? I suppose we all have. But to buy a car? That seems a little... strange? As Mint Money's Shipra Singh writes, most car dealers will let you pay by credit card — either just the down payment, or the entire value in full. You can use the points and rewards for a variety of future expenses. Shipra writes that adopting this strategy can help you save a fair bit of money, which wouldn't be possible if you paid in cash or using other forms. However, Shipra writes that some dealers might charge you an extra 2 percent for processing the payments, negating some of your benefits. Lastly, such a transaction could also lower your credit score. But there's a way to steer clear of that too, while lapping up the points! Read this story before you pay for your new wheels using a credit card.

Fast-food and cheese pretty much go hand in hand. If you were to walk into a McDonalds, chances are most items might contain some element of cheese in them. Except... it's not real cheese! The Maharashtra Food and Drug Administration recently looked into claims that McDonald's doesn't serve real cheese, but rather cheese substitutes in its products. While it was being investigated, the international burger chain was forced to change the names on its menus: McCheese turned to cheddar veg delight. A back and forth ensued between the FDA and Westlife, the proprietors of McDonald's in West and South India. Mint's special correspondent Nehal Chaliawala takes a deep look to find out if McDonald's claims of serving real cheese melt under scrutiny.

We'd love to hear your feedback on this podcast. Let us know by writing to us at 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.

That’s all for today. Thank you for listening.

Welcome to Top of the Morning by Mint, your weekday newscast that brings you five major stories from the world of business. It's Wednesday, March 6, 2024. My name is Nelson John. Let's get started:

Breaking a four day winning streak, Indian markets closed in the red on Tuesday. Benchmark indices Sensex and Nifty both suffered some losses during the day but closed slightly above their intraday lows. Sensex was down 0.26 per cent at the end of Tuesday’s trading. Nifty, at the closing bell, was down 0.22 per cent. 

Make hay while the sun shines? Sure! But 2023 seems like a poor year for India's solar projects. We only installed 7.5 gigawatts of solar capacity last year. Compare this to 13.4 gigawatts in 2022, and 10 gigawatts in 21. Why is our capacity addition going down? High taxes to forbid the entry of Chinese solar panels is one reason for this drop. Mint's national editor Sumant Banerji explains this anomaly in India's solar story — and what the outlook is for the next few years. 

While we are on the topic of solar power, have you ever heard of agrivoltaics ? Let’s dive in. Agrivoltaics is a unique way of melding solar power generation with agriculture. The use of solar panels on agricultural land is what makes the method unique. The integrated system aims at maximising land productivity, by harnessing solar power while simultaneously growing crops under photovoltaic solar panels. The concept, conceived in the 1980s, solves multiple problems at the same time. It’s not only a step toward renewable energy, but also tackles the problem of land scarcity. But why isn’t it more prevalent in India? And what are the challenges this system faces? P Anima, who writes on climate change, environment and agriculture, tries to get beneath these questions in today’s Long Story. Some of the challenges include the lack of a uniform model for the method in India, and an unequal power dynamic between the main stakeholders, which includes farmers and solar developers.

This next story is for those following India’s debt securities market. India is set to receive inflows of 3 to 4 billion dollars from next year. The reason? Financial data provider Bloomberg announced its decision to include Indian government bonds to its emerging markets index. India’s domestic debt securities, which are accessible through the Fully Accessible Route or FAR , will now feature in Bloomberg’s  Emerging Market Local Currency Government Index. The FAR is a framework introduced by the Reserve Bank of India in 2020, aimed at encouraging foreign investment in the Indian securities market by removing some of the regulatory barriers. Under the framework, non resident Indians can invest in government securities without facing any investment ceilings or restrictions that typically apply to foreign ownership. Mint’s banking correspondent Shayan Ghosh reports that global investors with passive investment strategies are likely to be candidates to put their money into Indian government bonds. t These inflows could prove crucial for the Indian bonds and debt market. As of January 31, there are 34 Indian FAR bonds, totaling 448 billion dollars, eligible to be listed on the Bloomberg index. 

At the end of HBO’s flagship show Game of Thrones, a long winter sets over the fictional continent of Westeros. The advent of winter in the show is a catastrophic event that supposedly lasts for decades. A similar, almost catastrophic winter fell upon the Indian funding landscape and startup ecosystem. But, latest data suggests that the funding winter may be starting to thaw.. Take MoveInSync for example. The office commute platform received a term sheet for a 15 million dollar raise within a week of announcing the deal. That is a really quick turnaround time for investors to get interested in today’s market. During the last financial year, funding for very early-stage deals continued, but growth-stage financing had slowed to a trickle. However, funding in the new economy across life stages of a business  is now experiencing a revival, with deals beginning to conclude successfully. Deals worth 443 million dollars were struck in January, which nearly doubled to 835 million in February. Mint’s Sneha Shah reports on the visible greenshoots from the frozen funding landscape. 

On Tuesday, shares of Tata Motors surged over 3 per cent following an announcement that could redefine the automotive landscape in India. The company disclosed its ambitious plan to separate its commercial-vehicles and passenger-vehicles businesses into two distinct entities. For existing shareholders, this means a direct stake in both firms, with one share each being allocated for both the newly formed companies. By separating its entities, Tata Motors is not only sharpening its focus on each segment but is also aligning itself more closely with investor interests. Up until now, investors keen on the more stable passenger vehicles  business had no choice but to also invest in the commercial segment due to their combined operation under a single corporate umbrella. With financials for both divisions already being reported separately, this move allows for a more apples-to-apples comparison with industry rivals. How this could potentially lead to a re-rating of the passenger vehicles business. Mint’s Manish Joshi examines this and other implications of the Tata Motor’s decision today’s Mark to Market. 

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.

Small investors are savvier; look what they did with small-cap stocks 

International airlines vie for the Indian globetrotter

Tata Motors business divisions come to a fork in the road

Should Nvidia employees with stock options sell or stay put?

Ask me anything: Inside the race to build desi GPTs

Welcome to Top of the Morning by Mint, your weekday newscast that brings you five major stories from the world of business. It's Tuesday, March 5, 2024. My name is Nelson John. Let's get started:

Concluding the day marked by range-bound trading, Indian benchmark indices ended Monday with marginal gains. The Nifty 50 reached a new all-time high of 22,440 in early trading but subsequently pared some of those gains. At the end of the session, Nifty was up 0.12 per cent while Sensex closed marginally up by 0.09 per cent. 

Retail investors are getting smarter day by day. With a rally in small and midcap stocks over the last three quarters of 2024, these investors who trade directly on the exchanges, had a gala time. Companies such as BSE, Birlasoft, Zensar Tech, Sonata Software, and RBL Bank saw their stock prices jump anywhere between 23 per cent to 415 per cent in the nine months through December. At the same time, retail investors cut their stake in these companies by 4 to 11 per cent. This means, these investors who typically invest only up to 2 lakh rupees, are getting in at low points and selling at mega profits. Mint’s market correspondents Ram Sahgal and Mayur Bhalerao examine how retail players are riding the small cap wave.

Global airlines are looking at India with hopeful eyes. After witnessing a surge in the domestic market last year, airlines are upbeat on foreign fliers from India. The upcoming summer season is adding to the momentum. International carriers like Emirates, Singapore Airlines, Qantas, Cathay Pacific, and Etihad, among others, are expecting a significant increase in demand from India. They are adjusting their networks to accommodate this anticipated growth. According to the ratings agency ICRA, international passenger traffic for domestic airlines is projected to exceed the peak levels recorded in the fiscal year 2024. January 2024 itself saw 6.52 million passengers flying abroad, 17 per cent more than last January. Data from online travel portal ixigo attests to the growing number of outbound flights from India, reports Anu Sharma, Mint’s aviation correspondent. Ixigo saw a 2.5 times increase in searches for international travel in April and May this year, compared to 2023. Most popular destination in these searches you wonder? These are countries that have recently made travel for Indians visa free such as Kenya, Thailand, and Malaysia.

One of India’s automobile behemoths is going to see a massive change in its corporate structuring. Tata Motors is going ahead with a demerger into two separate publicly traded companies. The company’s board greenlit the demerger proposal on Monday. This division will segregate the Commercial Vehicles business and its related investments from the Passenger Vehicles sector, which includes passenger vehicle, EV, and Jaguar Land Rover verticals. So if you are a shareholder in Tata Motors, how will this affect you? All shareholders of the company will retain stock worth the same value in both companies following the demerger. The demerger is a logical next step after the previous split of the passenger and electric vehicle segments in 2022. The decision is expected to boost the independence of each business unit, which will also allow them to implement strategies more efficiently.

Software company Nvidia has had a stellar run on the US stock market. Since the start of the year, its share price has gained more than 70 percent. Since last year, it has surged by a whopping 240 percent. The reason? Its dominance over supply over hardware and software needed to make artificial intelligence a reality. Such a performance in the markets has created many millionaires among its staff who hold employee stock options. Mint Money's Shipra Singh speaks to some Nvidia employees from India and talks to them about their newfound wealth — and how they plan to use it. Moreover, since these are US stocks, some might be tempted to not disclose them to the taxman. Shipra writes that this isn't advisable, as it opens them up to scrutiny under the Black Money Act.

LLMs or large language models are the generators behind most of the AI chatbots floating around. LLMs excel in understanding and generating human-like text in the language that they are trained in. But How do you design an LLM for a country like ours, with hundreds of languages being spoken? This is where Indian GPTs come into the picture. While OpenAI’s ChatGPT is largely trained on English, companies developing Indian language LLMs face the daunting challenge of training their systems in languages that are not extensively digitised. Indian companies have already started the uphill task of making accessible AI chatbots for all. Take ‘Ask Disha’ for example - IRCTC’s chatbot aimed at helping passengers. Chennai Police has a similar project — ‘AI Police’, a virtual assistant. These chatbots work on an LLM called BharatGPT, which is designed by Bengaluru’s AI startup CoRover. Mint's executive editor Leslie D'monte takes a deep dive into the emerging world of Indian LLMs. He also writes about the mammoth task that Indian companies face - creating an AI, accessible to all Indians. 

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.

What a scorcher: Can India sustain this torrid pace of growth? 

What the TCS bosses have in mind: A growth spurt in the year ahead 

2024 is the year to scale up beyond pilots, advance GenAI projects: IBM's Candy

Mint Explainer: Who’s winning the app war – Google or Indian startups? 

Struck by Byju’s, General Atlantic’s India ship is in distress. Will it survive? 

Welcome to Top of the Morning by Mint, your weekday newscast that brings you five major stories from the world of business. It's Monday, March 4, 2024. My name is Nelson John. Let's get started:

In some surprising news, India’s GDP grew at a staggering 8.4% in the third quarter of the financial year in 2024. Mining and agriculture had tepid production, so estimates were moderate. The revised estimate for GDP growth for the entire year is now at 7.6 percent. This means that India will continue to be the fastest growing large economy in the world. Mint's senior editor N. Madhavan explains these numbers. He outlines that while this is good news for our economy, these numbers are unlikely to sustain for the next quarter.

IT giant TCS wants rapid growth — and it wants it soon. At a strategic retreat in Abu Dhabi, its CEO K. Krithivasan said he wanted at least double-digit growth in revenue in FY25. This would be double of its last year growth, which came in at 5.3 percent. Speaking at the same event, Tata Sons chair N. Chandrasekaran said he wanted the company to record at least 10 billion dollars worth of business from India alone. Mint's IT and corporates correspondent Varun Sood reports on the inside details from this event, including the incoming business for TCS worth billions.

From one MNC to another: let's talk about IBM. Its consulting arm employs some 1.6 lakh people. Out of these, more than 20,000 employees now work solely on artificial intelligence. Mint's executive editor Leslie D'monte speaks to Matthew Candy, IBM consulting's global managing partner. Candy spoke about IBM's AI strategy, including how they are devoting their resources towards two big areas: customer care, and HR. Candy also gave advice to Indian founders who are foraying into Generative AI, and doing so responsibly.

Some Indian startups received a jolt last week when Google removed them from its Play Store. Bharat Matrimony, Shaadi.com, and 99 acres were some of the apps that were removed after Google said that they didn't pay service fees. This isn't a first for the tech giant: Google has had similar tiffs in the US and Europe as well. Indian startups are crying foul, and saying that Google shouldn't have the power to unilaterally de-platform apps in such a manner. Mint's tech correspondent Shouvik Das writes a detailed explainer on this issue. 

Byju's is going through a tough time. The startup, once valued at 22 billion dollars, is now raising money through a rights issue for a total valuation of only 20 million. This is of course a smart accounting practice, but it does hurt previous investors. One such investor is General Atlantic. The company has pumped in 380 million dollars into the edtech so far, but refused to put in more money during the latest round. The private equity firm is running on thin ice: it's current portfolio includes fellow edtech Unacademy, real estate platform NoBroker, and payments aggregator BillDesk. None of these companies have provided the returns GA would have liked. Startups and new economy writes Ranjani Raghavan and Sneha Shah write about General Atlantic's trouble in navigating the Indian waters, and what lies ahead for the PE firm.

We'd love to hear your feedback on this podcast. Let us know by writing to us at 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.

It’s Friday, March 1, 2024. My name is Nelson John. Let's get started:

Sensex and Nifty remained flat on Thursday. Both market indices marginally increased by around 0.2 percent.

Ever had a single malt named Rampur? Or a gin named Ranthambore? They're all made by a distiller named Radico Khaitan. And with a topline of close to 12 thousand crores, it's doing quite well. Radico Khaitan caters to the higher end of the alcohol market, which has found many suitors. Mint's luxury and lifestyle correspondent Varuni Khosla speaks to its managing director Abhishek Khaitan to find out about the distiller's present and future plans.

Placements at IIMs usually consisted of consultancies or large corporates. But a surge in mergers and acquisitions has changed that. Investment banks and private equity firms are now lining up at IIMs to hire aggressively. Mint's startups reporter Sneha Shah and workplaces and HR correspondent Devina Sengupta team up to bring you this news from our nation's top institutions. These firms are estimating that the India growth story will need more analysts and bankers. This is good news for IIM graduates, who were anticipating a muted placement season. However, companies across consulting, FMCG or banking still prefer applicants with prior work experience. 

What would you prefer - an electric vehicle which runs purely on electricity or a hybrid which has both an electric motor and a conventional engine? Data suggests that Indians are leaning hard towards a car that can do it both, also called the hybrid. This is despite hybrids getting no incentives or tax concessions from the government, as opposed to EVs. Hybrid cars attract 43 per cent GST, compared to a mere 5 per cent on EVs. In 2023, more than 82 thousand hybrids were sold in India. This marked a four-fold increase in hybrid sales compared to 2022. The growth in EV sales was subdued compared to hybrids. However, the number of EVs sold in 2023 was close to that of hybrids. So what’s fuelling the growth in hybrids? It is a slew of new models. The expansion in this segment is being led by Maruti Suzuki Grand Vitara and Invicto, along with Toyota Hyryder and Innova Hycross. But what does a growth in the hybrid sector mean for EVs? EVs continue to be in demand but with a lack of charging infrastructure, range anxiety is still a deciding factor behind an EV purchase. Mint’s autos correspondent Sumant Banerji takes a look at India’s changing automotive landscape. He also takes on the hotly debated question - should hybrids be incentivized?

Punjab - the land of five rivers, has historically been an area prone to conflicts. C Subramaniam, the agriculture minister behind India’s green revolution, wrote in his memoir that the area’s proximity to foreign invasions has made the people enterprising. Farming has been the main occupation for people here since centuries. And the area is yet again at the epicentre of the ongoing farmers’ protests. The state has been supplying food to the rest of the country for decades. Perpetual harvesting over the decades resulted in its soil getting ruined. With a depleting yield of paddy and wheat, and a lack of jobs elsewhere, farmers in Punjab are tied to their land. The increased dependence on rice and wheat at assured prices is also what makes the Punjab farmers edgy. Mint’s Sayantan Bera who writes on rural India, takes a deep dive into the issues plaguing the farmers of Punjab. He also explains why Punjabi farmers have been at the forefront of the ongoing protests. Is diversifying their crop a strategy that could work for the farmers of Punjab? Is there a solution to their issues? Sayantan tries to answer these questions in today’s long story.

India is still growing, and it's growing well. The latest data shows that India's GDP grew at an 8.4% pace. That is double of what we saw in the corresponding quarter of the previous year. Mint's economy correspondent Subhash Narayan writes that this growth can be attributed to robust manufacturing and construction activity. However, an erratic monsoon lead to negative growth by the agriculture sector, official data showed.

We'd love to hear your feedback on this podcast. Let us know by writing to us at 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.

Premium push: Radico Khaitan sees sixfold rise in shareholder value in 5 years

I-banks at the IIMs drop an optimistic note on India’s economy

Hybrid cars are winning as range anxiety grips EVs

A crisis is brewing in Punjab and farmers know it

December quarter, when GDP beat every forecast

Welcome to Top of the Morning by Mint, your weekday newscast that brings you five major stories from the world of business. It's Thursday, February 29, 2024. Happy Leap day to all our listeners. My name is Nelson John. Let's get started:

Bears went loose on the D-street on Wednesday with benchmark indices Sensex and Nifty seeing a crash. Dragged down by the Midcap and Smallcap indices, both Sensex and Nifty were down more than one per cent at close, falling below the psychological levels of 73 thousand and 22 thousand respectively.

As the February derivatives approached their expiry, the border markets corrected themselves on Wednesday amid stretched valuations. small and midcap companies bore the brunt of the crash. This is after Sebi asked mutual funds investing in these companies to disclose more information about the risks involved. A senior mutual fund executive confirmed to Mint’s market correspondent Ram Sahgal, that the fund had shared information about handling a stress situation with Sebi. The market regulator had been in discussions with mutual funds about excessive inflow of cash into smaller companies. Coinciding with this, Kotak Mutual fund has capped the lump sum inflows to its small cap fund at 2 lakh rupees per PAN per month and SIP inflows to 25,000 rupees per PAN per month.

https://blankpaper.htdigital.in/dash/story/11709128654894

“If you want to be a millionaire, start with a billion dollars and launch a new airline,” if this quote by Virgin Atlantic airline’s founder Richard Branson does not tell you enough about the risks of airline business, today’s Mint Primer, definitely will. For an airline business to be revived, a lot of factors need to align, it is no easy feat. Profitable carriers rely on a mix of factors: from favourable fuel prices and suitable aircraft, to reliable maintenance contracts, extensive networks, prime airport slots, and a skilled workforce. In India especially, the action plan to get the planes back on the tarmac, requires a hawk-eye over costs and proactive management. What’s also crucial is support from vendors, engine lessors and maintenance companies. With SpiceJet’s boss Ajay Singh making a bid,, Mint’s aviation reporter Anu Sharma explains the future prospects of Go First, the bankrupt airline that was launched by the Wadias.. Interestingly, the only revival story in the aviation industry over the last three decades is that of SpiceJet, which got a second lease of life in December 2014.

https://www.livemint.com/money/personal-finance/reviving-go-first-won-t-be-easy-here-s-why-11709133529363.html

News from the edtech sector has been very bad lately.. But PhysicsWallah stands as an exception. The unicorn startup, which raised 100 million dollars at a valuation of more than a billion dollars from Westbridge capital in 2022, has been profitable for the last three years. In an interview  to Mint’s new economy reporter Sneha Shah, Physicswallah’s cofounder Prateek Maheshwari said the company is considering making more acquisitions in the future. The company has set aside a corpus of 100 million dollars for acquisitions and other inorganic deals, of which 60 million is from its last fund raise. The company, according to Maheshwari, is a cash generating one, unlike startups which took the cash-burning route. Physicswallah’s is expected to close this fiscal with a revenue of 2000 crore rupees, a growth of 150 percent over last year.. The edtech is now in need of new growth areas. According to Maheshwari’s plan for the company, physical centres will form a significant part of its expansion strategy. The company, which started as a YouTube channel, was entirely bootstrapped before the fund infusion by Westbridge, which was also joined by GSV ventures. Interestingly the founders still hold 91 per cent of the company. 

https://www.livemint.com/news/we-will-raise-more-capital-if-an-interesting-acquisition-comes-up-11709128788045.html

Private equity fund Kedaara Capital is on the verge of a milestone achievement in the Indian context. According to a Reuters report,Kedaara is set to raise 1.7 billion dollars for its fourth private equity fund. The new  fund will see about 80 per cent coming from existing investors. New investors including the US-based Cleveland Clinic and the University of Minnesota, will infuse the rest. The upcoming fund is poised to venture into various sectors, including banking, healthcare, consumer goods, and software. Kedaara plans to unveil the fund by the end of March, with final paperwork currently in the works. While investors expressed interest in committing over 2 billion dollars, Kedaara opted to cap the fund at 1.7 billion dollars, mindful of maintaining its deployment capabilities.

https://www.livemint.com/videos/companies/kedaara-close-to-raising-1-7-billion-for-indias-biggest-pe-fund-sources-say-11709134679257.html

Reliance and Disney disclosed the details of their merger to create  a sports and entertainment juggernaut. The newly formed media behemoth will look to take on streaming giants Netflix and Amazon in the rapidly growing Indian streaming market.  Reliance will also invest 11 thousand 500 crore rupees into the joint venture between its subsidiary Viacom 18 and Disney’s Star India. On a post-money basis, the combined entity will be valued at more than 70 thousand crore rupees. That’s close to 844 million dollars. The new joint venture will see Nita Ambani as the chairperson, while former Star India executive Uday Shankar will be the vice chairperson. With a 55 to 60 per cent shareholding, Reliance will have a controlling stake in the company. The merged entity will unite media assets spanning entertainment channels - including Colors, Star Plus, Star GOLD and sports channels like Star Sports and Sports18, along with content streaming on JioCinema and Hotstar. This collaboration is expected to reach over 750 million viewers in India. Additionally, the entity will gain exclusive distribution rights for Disney films and productions in India, encompassing over 30,000 Disney content assets. Mint’s entertainment and media correspondents Lata Jha and Gaurav Laghate bring to you the details on this much anticipated marriage of the two media giants. 

https://www.livemint.com/companies/news/reliancedisney-india-sign-binding-agreement-to-merge-media-operations-nita-ambani-to-chair-merged-entity-11709126952804.html

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:

Small-caps sneeze, markets catch a cold

Reviving Go First won’t be easy. Here’s why

Will raise more capital if an interesting acquisition comes up: Physics Wallah

Kedaara close to raising $1.7 billion for India's biggest PE fund, sources say

Media empire takes shape, with Reliance-Disney at helm