Welcome to Top of the Morning by Mint, your weekday newscast that brings you five major stories from the world of business. It's Monday, December 30, 2024. This is Nelson John, let's get started.
Several major investors of Religare criticised a PIL that led the Madhya Pradesh High Court to indefinitely stay the company's upcoming annual general meeting. They argued that a takeover of Religare by the Burman family could concentrate ownership and harm minority shareholders. Nehal Chaliawala writes that one executive from a mutual fund said that holding an AGM is an independent matter, and unrelated to regulatory approvals. The AGM was scheduled for December 31. Key leadership issues, particularly those surrounding the chairperson Rashmi Saluja, were slated to be discussed.
America's sought-after H-1B visa is doing the rounds after being brought in the limelight by Elon Musk. This visa is essential for hiring specialized foreign workers. Usually, skilled workers from India and China are first in line for such a visa. Shelley Singh writes that Musk's interest in hiring more workers via the H-1B is at loggerheads with President Donald Trump's conservative supporters, who want tighter immigration norms. However, the Indian IT sector is becoming less reliant on the H1-B as more American companies open offices in India.
The government wants to cut red tape, and it wants to do it by next year's Union Budget. Gireesh Chandra Prasad reports that the government is identifying regulations that can be relaxed during the Budget to help revive a slowing economy. These rules will directly address concerns of "over regulation" in certain sectors, and will scale back these rules to help India Inc. flourish without having to worry about endless compliance norms. Gireesh identifies two major areas where a streamlined process could do wonders: land and labour laws.
If your portfolio includes one of India's top five IT stocks, you probably had a mixed 2024. Revenue growth this past year slowed down, compared to the previous year. Jas Bardia and Varun Sood write that despite this, shares of TCS, Infosys, HCL, and Tech Mahindra performed better than expected. 2025 might bring heavier spending by these companies due to the US Federal Reserve's interest rate cuts. Increased revenues on the back of deflated base numbers would bode well for these IT stocks.
It's hiring season for rural India. Devina Sengupta and Suneera Tandon write that India's consumer goods companies are ramping up hiring in rural markets. Rural markets outperformed their urban counterparts this year, leading to this move. There is a higher demand for roles such as van sales representatives, leading to this move. Notable firms like Godrej Consumer Products, Dabur, and ITC are expanding their workforce and introducing more economical options to try and push deeper into the hinterlands. Recruitment firms are reporting a 10-15% increase in hiring by fast-moving consumer goods companies in these areas.
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