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, April 24, 2024. My name is Nelson John. Let's get started:

Indian benchmark indices continued their momentum on Tuesday to close in the green for a third straight session. BSE’s Sensex closed 0.12 per cent above its previous close while NSE’s Nifty too ended the day up 0.14 per cent.

Are Indians changing the way they travel? It certainly seems so, given the surge in air travel. On April 21, a record-breaking number of over 470,000 passengers flew across India, surpassing last year's record on April 30. India, already the third-largest aviation market after the U.S. and China, has witnessed a remarkable growth in air traffic, more than doubling over the past decade. Experts suggest this boom is fueled by increasing incomes, competitive pricing of airfares, and the untapped potential of first-time flyers. Mint’s aviation correspondent Anu Sharma explores what's driving this shift, the impact on airlines, and the challenges that could temper this rising trend.

The conversation around lowering the extra charges on hybrid vehicles is stuck in a bit of a limbo. People close to the development told Mint’s autos correspondent Alisha Sachdev that despite backing from the ministry of commerce and transportation, no real movement is possible without a bigger shake-up of the overall tax system. Right now, hybrids get slapped with a hefty 43 per cent tax, while electric vehicles cruise by with just a 5 per cent GST, thanks to policies aimed at cleaning up transportation. But not everyone's on board with making hybrids more attractive—major local car makers, led by Tata Motors, argue that cutting taxes on hybrids could slow down the electric vehicle revolution. Amid all this, there's a growing anxiety within the auto industry about what future tax rates might look like for electric vehicles as they become more common. Will the current low rates hold as EVs grab a larger market share?

The scorching heat wave sweeping across East and South India isn't letting up anytime soon. The India Meteorological Department has issued a heads-up that we’re in for another five gruelling days of high temperatures. This heat wave is hitting just as voters in states including West Bengal, Uttar Pradesh, Karnataka, Kerala, and Bihar gear up for the second phase of the Lok Sabha election this Friday. IMD has predicted a particularly harsh summer with the possibility of extended heat wave conditions lasting anywhere from 10 to 20 days. An orange alert is out for regions like Odisha, Bihar, and Gangetic West Bengal, signalling moderate health risks, especially for the more vulnerable groups like the elderly or those with chronic health issues. Mint’s Puja Das reports on the met department’s predictions for the upcoming weeks.

The Supreme Court of India has widened its lens in the Patanjali case to include all fast-moving consumer goods (FMCG) companies, particularly those peddling health products with potentially misleading ads. This expansion follows a complaint by the Indian Medical Association against Patanjali for its controversial advertising tactics. The court has now asked several key ministries to step up and monitor these companies more closely, ensuring they aren't misleading especially vulnerable groups like children and the elderly. This could potentially reshape advertising norms in India, as the industry heavily invests in advertising, with FMCG companies being the largest spenders. Mint’s consumer correspondent Suneera Tandon reports on the crucial development that could shape the future of advertising in India.

One of India’s biggest conglomerates - the Adani Group - is omnipresent in sectors across the country’s industrial landscape. Now Adani Properties, a part of the conglomerate, is making strides in the country’s real estate sector. The company won the bid to redevelop Mumbai’s Dharavi, also known as Asia’s largest slum settlement. It won the redevelopment bid in November 2022 with an offer of 5,069 crore rupees. The area, in the heart of India’s financial capital, is home to about a million people. Group chairman Gautam Adani has in the past expressed deep personal commitment to the redevelopment of Dharavi. The project aims to resettle Dharavikars and transform the area into a prime real estate location, potentially elevating Adani Properties to a major player in the real estate sector. The company, which ventured into real estate under the Adani Realty brand about 14 years ago, has expanded significantly, with projects across Mumbai, Pune, Ahmedabad, and the Delhi-NCR region, totaling 200 million sq.ft. in various stages of development. Mint’s Madhurima Nandy takes a deep dive into the operations and projects of Adani Properties, and the conglomerate’s other real estate businesses, for today’s Long Story.

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Show notes:

Up, up and away: the implications of India’s soaring demand for air travel

Hybrid cars must haul the cess load for longer

Severe heat wave likely in East & South India until Saturday ahead of phase 2 poll

Patanjali ads cast a long shadow over FMCG sector

From Shantigram to Dharavi: How the rise of Adani’s realty play threatens DLF