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

Starting tomorrow, Zomato will fight its rival not just to deliver your food and groceries, but for your investments too. Swiggy will list on the stock exchanges after its initial public offering was oversubscribed by 3.59 times. At the heart of all the investor buzz is Swiggy’s rather reclusive founder Sriharsha Majety. What is he like, and how different is he from Zomato’s extremely public founder Deepinder Goyal? Ranjani Raghavan profiles Majety – the man of ideas – and how he quietly won over sceptics in the battle for food delivery and quick commerce.

Any foreign traveller will think about how they're going to pay for things once they have reached their destination. Cash, debit card, credit card, and forex card are your major options. Out of these, prepaid forex cards are theoretically the most economical option as they lower conversion markups. Shipra Singh writes that forex cards also allow for loading multiple currencies at the bank's prevailing exchange rates. However, loading fees and issuing charges can severely eat into this advantage. Shipra's research shows that providers like BookMyForex and Thomas Cook offer better value compared to major banks due to mid-market rates and minimal fees.

ESOPs, or employee stock options, used to be restricted to startups. Mid and junior level employees got them as incentive to leave established companies and join fledgling startups. But now, even the former have joined in on the trend: Devina Sengupta and Sneha Shah write that companies are focusing on middle and junior management employees to retain top talent by offering employee stock ownership plans. They are being offered broadly across industries like IT and e-commerce. These benefits are traditionally reserved for senior management. This shift reflects a growing need to compete for niche talent even at junior-level positions. Soon, these companies might also offer other startup perks like flexible work arrangements to either attract or retain talent.

Cryptocurrencies like bitcoin have fallen out of favour in India. Cryptocurrencies have seen a 90% decline in retail trading volumes in the past three years. Shouvik Das writes that Bitcoin's surge to a new all-time high of over $82,000 due to Donald Trump's recent election victory might tempt crypto investors back. Platforms like CoinSwitch and CoinDCX are reporting a 700% increase in active users. Challenges like heavy taxation and the Reserve Bank of India's negative stance on cryptocurrencies still persist, denting exponential growth. Issues like the WazirX hacking incident have also worried investors.

Small-town residents in India are increasingly adopting the dining habits of their urban counterparts. They are developing a preference for eating out and trying international cuisines. Priyamvada C writes that the absence of extensive community spaces has made dining out an important social activity in smaller cities. With the Indian food services market expected to nearly double to ₹9 trillion by the end of the decade, investors see significant opportunities.

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

You know it's a bear run when even fund managers are worried about earnings. Nilesh Shah, the managing director of Kotak Mahindra Asset Management, discussed about earnings growth estimates for FY26 with Mint’s Ram Sahgal. The current quarter is likely to benefit from higher government spending and seasonal sales, but earnings growth is projected to be only around 5%. This doesn't bode well for the markets, Shah said. The recent stimulus package by the Chinese government into its markets is another cause for worry. But he isn't entirely pessimistic: Shah said that despite recent selling by foreign investors, a rebound might be possible given the strong earnings growth of Indian companies over the past decade.

Today, COP29 commences in Azerbaijan. The Conference of Parties has established itself as the premier event to discuss global warming. Sayantan Bera writes that key discussions will focus on a climate finance deal essential for supporting poor and emerging economies in transitioning to clean energy. These countries will require an estimated $2.4 trillion annually. India, the third-largest emitter, is expected to advocate for increased climate finance while balancing its energy needs, he adds.

How will Donald Trump's victory impact your portfolio? In the west, the immediate aftermath of the results saw a spike in stocks on Nasdaq, as well as Bitcoin. However, Abhishek Mukherjee writes that this euphoria was short-lived. Investors began to assess the potential implications of Trump’s policies on the economy and markets worldwide, including in India — leading to massive sell-offs. Despite some initial concerns, the Indian IT sector stands to gain from Trump's proposed economic measures. Tighter immigration policies, however, may hurt Indian companies and they might have to hire US citizens to ease that burden.

The Reserve Bank of India doesn't want banks to dole out too many unsecured personal loans. This has spurned a surge in gold loans. September saw an increase of 51% in the disbursal of gold loans. Shayan Ghosh and Anshika Kayastha write that the outstanding gold loan base stands at ₹1.5 trillion. However, this is quite small in comparison to the personal gold loan base, which is a mammoth ₹14.3 trillion. Encouraged by a 16% increase in gold prices, borrowers are finding that a more attractive option over personal loans. There are concerns over this trend, and RBI might yet have something to say about the rapid increase in gold loans.

Electric three wheelers are about to get expensive. The government announced that the annual cap for subsidies for three wheelers has nearly been reached, as sales have exceeded expectations so far this year. Alisha Sachdev writes that this will increase the prices of EV three wheelers by 15 to 18%. Major manufacturers including Mahindra Last Mile Mobility and Bajaj Auto have expressed concerns about the impact on demand. They told Alisha that a temporary sales slump would be dangerous for the adoption of EV three wheelers in India. They are also lobbying the government to create a more flexible incentive structure to accommodate the growth in demand.

Welcome to Top of the Morning by Mint, your weekday newscast that brings you five major stories from the world of business. It's Friday, November 8, 2024. This is Nelson John, let's get started.

One of India's marquee airlines finally ended its journey yesterday. The Supreme Court ordered the liquidation of Jet Airways, ending a long quest for survival. Krishna Yadav writes that the Jalan Kalrock Consortium had failed to meet obligations such as infusing ₹350 crore and settling worker dues, leading to this decision. Jet Airways has been bankrupt since April 2019. Krishna adds that this case has raised concerns about the effectiveness of India’s Insolvency and Bankruptcy Code, particularly regarding airline insolvencies.

Have you ever thought why we get pizzas and groceries in 10 minutes, but not life-saving medicines? That might change soon. Jessica Jani writes that companies like Tata 1mg, PharmEasy, and Apollo 24/7 are piloting ultra-fast medicine delivery services. 1mg is collaborating with fellow Tata brand BigBasket for quick delivery in select cities, while Apollo 24/7 has launched a 19-minute delivery in major markets. Swiggy is also partnering with PharmEasy for under-10-minute deliveries in Bengaluru. However, inventory management, medicine storage, and regulatory compliance are big challenges.

In a surprise decision, the government announced that it will stop paying interest on National Savings Scheme accounts from October 1. This means that both principal and interest will be taxable on withdrawal. Aprajita Sharma spoke to NSS holders who expressed concerns about the negative impact on their tax liabilities as senior citizens. The sudden change has also prompted calls for the government to reconsider its decision, and offer tax relief or alternative investment options. This move undermines trust in small savings schemes, and it also triggers fears about the stability of other savings products like the Public Provident Fund.

A day after the big result, we're still assessing the implication of Donald Trump's victory. Shouvik Das writes that Trump's pro-business and anti-regulations will be favourable for Big Tech companies like Twitter and Meta. These companies have faced some issues in India as well as Europe, where they are under scrutiny for their trade practices. Lawyers and policymakers that Shouvik spoke to told him that Trump's backing could ease their worries in India, which has often been tough on Big Tech's practices so far.

For most, homes are private spaces. It's where you come to relax, take a breather, and sometimes escape from the outside world. Not for influencers, though: Pratishtha Bagai writes about content creators who share tours of their homes on social media. House tours have become a major "self-expression trend", as Pratishtha writes. Experts suggest this fascination reflects aspirational consumer behavior. Viewers seem to be actually influenced and inspired to recreate the aesthetics of their favorite influencers in their own homes, irrespective of the high costs involved in such a practice.

Welcome to Top of the Morning by Mint, your weekday newscast that brings you five major stories from the world of business. It's Thursday, November 7, 2024. This is Nelson John, let's get started.

Donald Trump has won the US Presidential election once again, this time with substantial control over the US Senate. N. Madhavan analyses how Trump’s policies are set to trigger economic and political turbulence at home and abroad. His aggressive trade stance—highlighted by proposed universal tariffs and the looming threat of a trade war with China—could destabilize the global trading landscape. On the political front, his plans for mass deportations risk deepening divisions within the US and straining national resources. Madhavan’s in-depth piece explores Trump’s potential policy moves and their far-reaching implications for India and the world.

Following recent lows, Indian stock markets are expected to rebound in the wake of Trump’s victory. Ram Sahgal notes that institutional investors may begin unwinding short positions, fuelling a rally that analysts predict could last about a week. However, much like Trump’s unpredictable policies, the long-term impact of his presidency remains uncertain, with tariffs and inflation likely to be key influences.

Rhik Kundu reports that India’s trade dynamics with the US could face significant shifts under Trump’s administration. With a trade surplus favouring India, Trump's "America First" agenda may lead to higher tariffs on Indian goods, posing challenges for the Indian economy. Key sectors like automobiles and pharmaceuticals are likely to feel the impact most acutely. Additionally, India's IT sector could be affected by potential changes to US visa policies, as Trump is expected to tighten H-1B regulations.

A critical pressure point for the Indian economy remains the rupee's performance against the dollar. In the wake of Trump’s victory, geopolitical uncertainty and trade tariff concerns, especially regarding China, have intensified. Shayan Ghosh notes that the rupee recently hit a record low of 84.28 against the dollar. To counter further depreciation, the Reserve Bank of India, backed by $684 billion in reserves, stands ready to intervene. Analysts suggest that the RBI’s actions could stabilize the rupee, with projections indicating a possible recovery toward the 84 level following initial declines.

Trump's victory is likely to bring significant implications for visas, especially for the millions of Indian IT professionals and students who move to the US each year. The H-1B visa, critical for many, remains a contentious point. Mansi Verma, Devina Sengupta, and Shouvik Das report that while immediate effects may be limited, the true impact will emerge in the coming years as Trump’s policies fully take hold. With Australia and Canada also tightening visa issuance, restrictions in the US could sharply curtail emigration opportunities for Indians.

Welcome to Top of the Morning by Mint, your weekday newscast that brings you five major stories from the world of business. It's Wednesday, November 6, 2024. This is Nelson John, let’s get started.

The NSE is likely to see a drop in its trading activity. This is because the market regulator, Sebi, has decided that starting November 20th, the exchange can only offer one type of weekly trading option, focusing on the Nifty series instead of the more popular Bank Nifty series. Ram Sahgal reports on the decision which is part of Sebi’s efforts to calm down trading activities and reduce losses for individual investors. Ashishkumar Chauhan, MD and CEO of NSE, said on Tuesday that this change might lead to a decrease in trading volumes, and some of the activity that used to happen every week might just vanish as traders adjust to the new rules.

Data from RBI has revealed that state-owned banks have been raising their deposit interest rates to the highest levels in almost eight years, trying to attract more people to save money with them. This increase, reaching 7% in September for public sector banks, is in response to their high credit-deposit ratios, indicating a high use of deposits for lending. The push by PSBs to offer more competitive rates aims to attract more deposits as their loan growth outpaces deposit accumulation. Shayan Ghosh spoke to top public bankers who suggest that deposit rates may have peaked, which could help stabilize their margins.

Last month saw a sudden rise in hoax calls that targeted airlines and hotels. These hoax calls were usually bomb threats made by anonymous people on the internet. Shouvik Das writes that these are the latest form of scam calls that use virtual networks and VPNs to hide the caller's digital footprint. India experiences an average of 5 million scam and hoax calls a day. Cyber security experts are investigating the incidents, but have to work through the sophisticated techniques used by perpetrators. Additionally, cross-border regulations complicate matters further. Tracing calls to foreign origins requires cooperation from other nations, and substantial evidence isn't always available.

Consumer and e-commerce firms faced subdued sales during the festive season. This could affect year-end bonuses for employees, who could see a potential 15% reduction. Companies typically pay bonuses during the festive season and at the fiscal year's end, with additional performance-linked payouts, Sowmya Ramasbramanian, Shouvik Das and Devina Sengupta report. However, due to less spending by consumers who are cautious due to high prices and relying more on EMIs, overall sales haven't met expectations. This downturn in sales means bonuses tied to sales targets and company performance could be lower. While some sectors, like quick commerce, saw decent festive sales, overall, the scenario remains challenging, impacting how much companies can afford in terms of bonuses this year.

India's mattress market has long had stalwarts like Kurlon and Sleepwell. A few years ago, some startups came and disrupted this space. One of them was Wakefit. Fuelled by a steady stream of venture capital funding, Wakefit has increased its revenue by 12x over the last five years. This revenue in excess of ₹1,000 crore has already exceeded that of Kurlon. Samiksha Goel writes about Wakefit's journey and strategy to set itself apart in India's mattress market by using cheaper pricing and strategies such as a 100 day trial period.That’s all for today.

Welcome to Top of the Morning by Mint, your weekday newscast that brings you five major stories from the world of business. It's Tuesday, November 5, 2024. This is Nelson John, let’s get started.

Recent earnings reports from big consumer companies like Nestle India, HUL, and Maruti Suzuki highlight a sharp slowdown in urban consumption, posing a potential threat to India's economic growth. This quarter, the fast-moving consumer goods sector saw growth shrink from 10.1% to just 2.8%. The slowdown isn't just due to a heavy monsoon; deeper issues like stagnant urban incomes and high food inflation are tightening consumer purse strings, particularly affecting the middle class. The IT sector's slowdown in hiring and modest wage increases only add to the problem. This consumption dip could severely impact India's economic growth since private consumption is a key growth driver. N Madhavan explains the reasons behind this slowdown in today’s Primer.

The "Big Five" of Indian IT—TCS, Cognizant, Infosys, HCL, and Wipro—are facing a predicament as investors seem more captivated by smaller firms despite their varied performance metrics. Over the last four years, smaller IT companies like Persistent Systems and Coforge have seen their valuations skyrocket, far outpacing their giant counterparts. This shift is driven by the belief that these nimble players are better positioned to adapt to disruptions from generative AI technologies, which lessen the importance of scale in traditional IT operations. Varun Sood writes that despite achieving solid revenue growth, the big players haven't seen the same enthusiasm from investors, who are concerned about declining profitability and leadership changes.

Leading manufacturers like steel and cement companies are increasingly tapping into renewable energy. Nehal Chaliawala reports on how this is proving to be a smart move financially. By signing long-term green power purchase agreements at lower rates than traditional coal-powered electricity, these firms are seeing significant reductions in energy costs. For instance, Ambuja Cement reported a 27% reduction in power and fuel costs this quarter, driven by a shift to renewable sources which now make up 25% of its energy mix. Similarly, ACC and Ultratech Cement have made strides in integrating renewables, with substantial cost savings.

Ramco Group from Tamil Nadu is restructuring its corporate framework to eliminate cross-holdings and attract foreign investors. Anirudh Laskar and Satish John report that Ramco Cements has sold its 16.23% promoter stake in Ramco Industries to other promoter entities. Ramco is looking to remove cross-holdings that might not be appealing to foreign investors. It plans to divest from assets worth at least ₹1,000 crore to reduce its debt.

Multi-speciality hospitals are now passe — private equity investors now want single-specialty medicare centres. Soumya Gupta writes that this is because patients are typically seeking higher standards of service, and such specialised hospitals are started by well-regarded doctors. Since 2022, private investors have increasingly favored single-speciality hospitals, leading to significant funding and acquisitions. Last year, 20% of the $5.5 billion in hospital funding in India went to such facilities. As for investors, these smaller hospitals offer more scalable options compared to larger counterparts.

Welcome to Top of the Morning by Mint, your weekday newscast that brings you five major stories from the world of business. It's Thursday, October 31, 2024. This is Nelson John, wishing you a very happy Diwali.

As we step into Samvat 2081, speculation is rife about whether the Sensex can breach the 100,000 mark by March 2025. A Mint survey, reported by Mayur Bhalerao, reveals a split verdict among analysts: about half expect it to reach the milestone, driven by robust corporate earnings and steady foreign inflows, while others remain cautious, citing global uncertainties. Market volatility is now the new normal, with most experts anticipating a turbulent stretch ahead—marked by a potential correction followed by a gradual recovery toward the year-end. All eyes are on the US Federal Reserve, with many expecting a rate cut in December, which could provide a timely lift to Indian markets.

Diwali brings a unique tradition to India's stock market with Muhurat Trading, where the National Stock Exchange and the BSE will light up for a special one-hour session from 6-7 pm this Friday. This auspicious hour marks the start of the Hindu calendar year, Samvat 2081. Since last Diwali, the Nifty 50 has surged 25%, buoyed by strong GDP growth, robust corporate earnings, and plentiful liquidity. Which sectors have beaten the benchmark, which stocks have been the winners and laggards, and what can investors expect in the medium term? Abhinaba Saha brings a recap of Samvat 2080.

Europe’s largest paint maker is planning to exit its India business. Anirudh Laskar reports that Akzo Nobel is eyeing a ₹25,000 crore valuation for the sale, with Citigroup managing the transaction. Among the potential bidders are Adani, Aditya Birla, JSW, and Asian Paints. While Asian Paints already owns a 4% stake in Akzo Nobel’s Indian arm, any acquisition bid may attract regulatory scrutiny, given its dominant position in the market.

India is positioning itself as the next hub for artificial intelligence. Major players like Nvidia and Meta have already set up operations and are optimistic about India’s role in shaping the AI landscape. However, the government's push for indigenous development presents both challenges and opportunities for global firms. Leslie D'monte writes that initiatives like Viksit Bharat offer tech giants a platform to collaborate with local companies, fostering research and job creation. High-profile visits from tech leaders reflect this growing momentum, while Indian firms are also making strides with localised AI models.

In India, where privacy is a coveted luxury, the hotel industry is evolving to cater to the ultra-wealthy. A prime example is Arq by The Leela—a collection of exclusive villas that debuted in Udaipur this month, offering unparalleled seclusion. Despite its premium pricing, demand for these opulent stays remains strong. The luxury travel sector has seen a robust post-pandemic revival, with India's spending on luxury travel hitting $10 billion in 2022. High-end properties are driving this growth, with 39% of the country’s branded hotel rooms classified as upscale or luxury, reports Varuni Khosla.