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, July 4, 2024. My name is Nelson John. Let's get started:

Indian stock market benchmark indices Sensex and the Nifty hit fresh highs on Wednesday. The Sensex breached the coveted 80,000 landmark, while the Nifty scaled its fresh peak of 24,309 points. The Sensex finally ended the day 0.69 per cent higher, while the Nifty closed 0.67 per cent higher.

A new player has entered India’s investment game - and it's not a new company or a new investor. It's an entire generation of Indians. GenZ now makes up 40 per cent of the 95 million registered users on the National Stock Exchange. This marks a substantial increase from the 22-23% share before the pandemic. Mint’s Ram Sahgal and Sneha Shah spoke to industry insiders to report on the changing demographics of Indian investors. Dhiraj Relli, MD & CEO of HDFC Securities, notes that this age group tends to favour short-term gains through index options and intraday trading rather than long-term investment strategies. This trend is reflected in the overall dynamics of the NSE's investor base, where the median age has dropped from 38 in FY18 to 32.

When Uttar Pradesh reported higher GST collections than Tamil Nadu for April, it stirred discussions about potential shifts in economic performance between the states. However, this occurrence seems more like a statistical outlier rather than a trend, as Tamil Nadu quickly regained the lead in May. Over the past six years, Tamil Nadu's gap in GST collection over Uttar Pradesh has actually widened from 13% to 16%. When GST was rolled out in 2017, there was a theory that it might benefit larger but economically weaker states due to their higher population and consumption. But the numbers tell a different story. Despite their large populations, states like Uttar Pradesh and Bihar haven't seen the surge in collections many expected. In contrast, Maharashtra, another populous state but with a stronger economic base, has consistently outperformed in GST collections. Our partners at howindialives.com report on this scenario that challenges the simplistic equation that a bigger population equals higher GST revenue.

The price of onions has always been a pain point for parties when it comes to electoral politics. Historically, soaring onion prices have influenced voter behaviour. The looming shadow of another onion price hike is causing the Indian government to take preemptive measures to avoid a repeat of last year's crisis when skyrocketing prices hit consumers hard. Despite a good harvest, fewer onion-laden trucks are rolling into the country’s largest vegetable market—Delhi’s Azadpur mandi. This raises concerns about a potential price rise. This decrease in supply has not yet reached alarming levels, but it's enough to make the government cautious. Mint’s Puja Das reports that the government is considering requiring traders to declare their stocks and possibly imposing stock limits if the situation does not improve. This issue is particularly sensitive as several state elections are on the horizon.

Top Chinese smartphone brands Vivo, Oppo, and Xiaomi are exploring partnerships with Indian companies to manufacture and distribute their products locally. This follows previous attempts to create joint ventures with Indian entities, but those didn't progress as planned. The discussions have evolved as large Indian conglomerates including the Tata Group, Reliance Industries, and Dixon Technologies have showed interest in setting up their own manufacturing operations rather than taking a majority stake in these Chinese firms. Mint’s telecom correspondent Gulveen Aulakh along with Shouvik Das report on developments that come amid ongoing investigations by India's Enforcement Directorate into allegations of tax evasion by the Chinese companies, totaling around ₹9,000 crore. This scrutiny has made potential Indian partners wary of associating closely with these brands despite the mutual benefits a partnership could bring.

In Bengaluru’s Embassy Manyata Business Park, a 15-year-old Rosewood building has been extensively renovated to meet modern office standards. This 250,000 square foot structure now features a modern design with a double-glazed glass façade, updated elevators, and new interior finishes. It's part of a broader upgrade within the park, which also includes new premium dining options, enhancing the park's appeal to the 125,000 employees who work out of its office buildings. The renovation reflects a wider trend towards high-quality office spaces that combine functionality with luxury, aiming to attract top tenants and cater to a young workforce. Such spaces command a higher rental premium due to their enhanced amenities and design that prioritise employee experience and comfort. This shift is driven by companies' focus on retaining talent and making offices more appealing places to work. Mint’s Madhurima Nandy takes a detailed look.

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Show notes:

GenZ's share of investors on NSE doubles as young turks charge at the markets

Uttar Pradesh tops Tamil Nadu in GST collection: Myth and reality

Now, Centre mulls stock declaration for onions, imposing stock limit

Chinese smartphone makers looking for Indian partners for manufacturing

Still working from home? These offices just might lure you back