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, July 26, 2024. My name is Nelson John. Let's get started:Sensex was down by 0.14 percent, while Nifty dropped by 0.03 percent during trading hours yesterday.Nifty and Sensex aren't the only ones having a poor run. Their cousin in the US, Nasdaq, is having a bit of a meltdown too. Technology stocks, which were having a dream run over the past couple of years, have seen a massive sell-off this week. So far this week, Nasdaq is down nearly 3 and a half percent. Widespread fear of the artificial intelligence bubble bursting for these tech stocks has spooked investors, who have decided to sell en masse. Abhishek Mukherjee brings you the details of this sudden change, and what lies ahead for Nasdaq's tech stocks.Gold prices too are down around 7 percent since the Union Budget cut the import duty on gold. This move by Nirmala Sitharaman raised fear among investors because this directly affected the yields of sovereign gold bonds. But Ram Sahgal reports that despite this beating, investors in the gold bonds still stand to double their investments. As per the Reserve Bank of India, bonds bought in 2016 which are to be redeemed in August this year will give an annual compounded rate of 10.3 percent. In comparison, Nifty has compounded 13.8 percent over the same period. It's not all dull for gold bond investors, after all.Out with the dollar, in with the yen. Indian companies are increasingly open to taking on debt in Japan's national currency, as opposed to the standard US dollar. The yen has slid 18 percent against the rupee since the beginning of 2023. Nehal Chaliawala and Shayan Ghosh report that this makes it quite appealing for Indian corporates to take on debt — a sliding currency means that the borrower will have to pay less than anticipated. Companies like JSW Steel, Power Finance Corporation, and the Housing and Urban Development Corporation have taken yen-denominated debt worth about 11,000 crore rupees in the past 11 months. Even the Tamil Nadu government has borrowed a substantial amount in the Japanese currency, note Nehal and Shayan.Patanjali has a new segment it wants to conquer in the FMCG industry: toothpaste. After faring well in areas like ghee, biscuits, hair oil, and honey, the Baba Ramdev-led company wants to beat out the likes of Colgate, Nestle, and Unilever. We invited freelance journalist Devika Singh to take a deep dive into the company's latest pursuit. Patanjali has also done quite well in the ayurveda space, and now wants to replicate that success across the FMCG board. Devika writes about Patanjali's past, how it turned its focus into FMCGs, and what the road looks ahead after consecutive years of flat revenues.The Olympics start today! The celebrated sporting event starts in Paris today, and will continue for the next two and a half weeks. Every leap year, athletes look forward to qualifying and participating in this spectacle. However, every leap year, another discussion takes place: that India should host the Olympics. Siddharth Upasani writes that this isn't a very wise move. Hosting such an event costs about 8 billion dollars. While the organising committee is looking to make Olympics more sustainable and cost effective, at this stage, India isn't ready and doesn't need to host Olympics, Upasani writes.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:The Magnificent Seven: Has the AI bubble burst? Gold bondholders winners even after slash in dutyIndian borrowers take fancy to Japanese debtA new Patanjali: The monk who sold toothpaste is at it again Why India shouldn't host the Olympics—a costly affair with no returns

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 25, 2024. My name is Nelson John. Let's get started:India’s benchmark indices Sensex and Nifty 50 continued their decline for the fourth straight session. Sensex dropped 0.35 per cent while Nifty fell 0.27 per cent.Finance Minister Nirmala Sitharaman faced new challenges as she prepared for her seventh consecutive budget amidst changing political dynamics. The recent electoral results have shifted the political landscape, impacting the government's approach and introducing the pressures of coalition politics. Despite these pressures, the budget focused on maintaining fiscal discipline and promoting capital expenditure-led growth, writes N Madhavan. This was evident in the government's commitment to reducing fiscal deficits and boosting public investment to stimulate economic activity, hoping to catalyze private sector investment. Employment remained a central theme, with the government introducing schemes to enhance education, skills, and job creation, reflecting a proactive approach to harness India's demographic potential. Capital expenditure was maintained at robust levels to ensure continued infrastructure development and encourage state-level spending, which is typically more immediate in its economic impact. Overall, the budget balanced prudent fiscal management with necessary spending on critical areas, aiming to sustain growth without compromising financial stability. This explainer by Mint’s senior editor  N Madhavan is the only one you will need to understand the Union Budget of 2024. Click on the link in the show notes to read. The $250 billion IT services sector had a rough start in Q1 FY25, with mixed performances from big names like TCS, HCLTech, Infosys, Wipro, and LTIMindtree. Companies are still holding back on spending, and the much-anticipated boom from AI projects hasn’t quite hit yet. For instance, TCS saw a dip in its operating margins and overall contract values, while Infosys actually did better than expected, prompting it to boost its revenue outlook for FY25. Looking forward, there's a cautious optimism in the air. Global IT spending is expected to rise by 7.5% this year, but sectors like banking and financial services are keeping their wallets tight, which affects overall growth. The industry is hopeful for a stronger second half of the fiscal year as companies start loosening the purse strings and AI projects scale up. Mint’s Shelley Singh explains whether the IT sector will see a resurgence in the ongoing fiscal year or not in today’s Mint Primer. In its first budget after a modest election victory, the BJP-led government is putting job creation at the forefront with new financial incentives to boost formal-sector employment. Details are pending, but the gist is clear: financial perks for hiring and for new employees signing up. However, given the deep-seated issues in India's job market and employers' typical aversion to formalizing roles, it's uncertain how much these incentives will actually move the needle. With three new schemes, the government aims to formalize more jobs, but past patterns suggest a tough road ahead. Real change might need more than just incentives if the underlying issues of job security and employer reluctance aren't addressed. Our partners at howindialives.com take a comprehensive look at the job-creation schemes through charts and numbers and whether these schemes can deliver what they promise. Travelling from airports like Bengaluru, Kochi, or Ahmedabad? It might cost you more, even if your airline hasn't hiked its fares. This is due to increased airport charges, specifically the user development fees, which are passed from the airline to the airport operator and, ultimately, to travellers. Since the start of FY25, 16 major airports across India, including those in cities like Hyderabad, Mangalore, and Chennai, have increased the fee by 2 to 200 per cent, Mint’s aviation correspondent Anu Sharma reports. This rise in airport fees adds another layer to the already higher airfares this year, driven by a shortage of available aircraft and a spike in demand. The Centre is committed to maintaining its fiscal deficit below 4.5% of GDP for FY26, continuing its track record of exceeding fiscal projections. Speaking to Mint’s Rhik Kundu and Subhash Narayan, finance secretary T.V. Somanathan said this goal, announced during the budget on Tuesday, aligns with the fiscal consolidation path set by Finance Minister Nirmala Sitharaman. The government aims to cut down the deficit from the 9.1% peak during the pandemic. The capex plan of the Central government will remain at about 3.4% of GDP, consistent with levels from the interim budget, and it may see an absolute increase in FY26. Somanathan indicated that while the percentage of GDP allocated to capex will hold steady, the actual amounts could rise, reflecting the government's commitment to maintaining robust investment levels in the coming years.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:Budget 2024-25: The ultimate explainerMint Primer |  IT services: When will the tide turn?Will the budget sops for hiring bear fruit?Why you’re paying more for flying from these airportsCentre aims to better fiscal deficit target in FY26: Finance secretary

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, July 24, 2024. My name is Nelson John. Let's get started:The Indian market's benchmark indices reacted poorly to the Union Budget yesterday. Sensex fell during the day, but recovered by the time markets closed. It was down by 0.1 percent. Nifty dropped by 0.12 percent.First things first — if you're looking for a quick primer to catch up on yesterday's announcements, we have you covered. Vivek Kaul lists out the Budget in 8 succinct points. Topics ranging from personal income tax to the stock market and even the added benefits to Bihar and Andhra Pradesh are covered. The Budget had some setbacks for investors: both short and longterm capital gains taxes were increased. In this new environment, how should you invest? Ram Sahgal spoke to market veterans, who said that the adverse reaction from the markets might not last too long. Some volatility in trading is expected in the next few trading sessions. However, investors must ride out this volatile period before chasing any dips, Ram writes.There were also changes to the income tax brackets. Aprajita Sh arma writes that these changes to the new tax regime will attract a maximum benefit of 17,500 rupees. She analyses both old and new tax regimes, and presents a study of which one you should choose. While anyone earning less than 7 lakh rupees should choose the new regime, higher income brackets have some decisions to make. Aprajita also speaks to a chartered accountant to get additional inputs on this crucial decision.The Union Budget had some raucous background noises every time the Finance Minister would talk about initiatives for the states of Bihar and Andhra Pradesh. Nitish Kumar and N. Chandrababu Naidu cashed in on being good allies of the NDA government. Dhirendra Kumar writes that Bihar will be receiving nearly 60,000 crore rupees worth of assistance from the central government, while Andhra Pradesh is set to receive 15,000 crore rupees. Dhirendra explains the various schemes that will benefit the two states over the coming year.This was a great budget if you were the founder of a startup or a large investor. The industry has received two big bonuses from this year's Budget: abolition of the angel tax, and reduction of long-term gains tax for unlisted securities. Ranjani Raghavan writes that this will boost domestic capital investment into the Indian startup ecosystem, at a time when funding for such companies has been stagnant. 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:Mint Primer | Eight points to note from the Union budget Let the dust settle on tax shocker, but MF investors can stick to SIP route How to choose between the old and new tax regimes The good allies: Bihar gets ₹47,400 cr for infra; AP ₹15,000 cr for capital  Startups, investors buoyed by twin tax wins in “dream budget”

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, July 23, 2024. My name is Nelson John. Let's get started:Continuing their losing streak for a second consecutive session, Indian stock market benchmarks, the Nifty 50 and the Sensex, closed in the red on Monday, July 22, ahead of the Union Budget 2024.The Economic Survey - an annual document presenting the state of India’s economy - was tabled in Parliament on Monday, a day ahead of the Union Budget. The Survey serves as the government's most detailed analysis of the economy and plays a crucial role in shaping policy decisions. Today, let's take a look at the critical stories around the Survey, as the country prepares for the third Narendra Modi government’s first full budget. As we look ahead to the Union Budget for 2024-25, Mint’s N Madhavan looks at the insights the Survey might offer into what may be prioritised. The Survey cautiously pegs next year's economic growth at between 6.5% and 7%. To keep this momentum, it points to several key areas. These include enhancing job and skill development, supporting small and micro enterprises, maximizing agricultural outputs, managing environmental transitions, tackling inequality, and growing the corporate bond markets. Madhavan also explains what the Survey has to present on key economic indicators. The Economic Survey highlights a critical need for job creation in India, projecting a requirement to generate 7.8-8.1 million jobs annually up to 2036, which totals about 103 million new roles. The emphasis is not only on quantity but also on quality, as current data indicates only half of college graduates are directly employable. To address this, there has been an increase in youth receiving formal vocational education, although participation remains in the low single-digits. Informal training channels are compensating somewhat, contributing an additional 16.6% in trained youth. Read today’s Long Story by howindialives.com to understand the government’s recipe for growth in charts. You can click on the link in the show notes to see the charts prepared by our partners at howindialives.com.The Economic Survey 2023-24, delivered by Finance Minister Nirmala Sitharaman, emphasizes the pivotal role of the private sector in scaling up investments and spearheading job creation in an era increasingly shaped by technology and AI. The Survey critiques the private sector's investment patterns, noting a preference for real estate over sectors like machinery and intellectual property, which are crucial for transforming India into a manufacturing hub and creating quality jobs. Chief Economic Advisor V Anantha Nageswaran stresses that employment offers dignity and self-respect, urging corporates to prioritize job creation. Additionally, the Survey advocates a strategic embrace of Chinese FDI, suggesting that India can boost its export capabilities by integrating into Chinese supply chains, a strategy that has benefitted other Asian economies. This approach aligns with global trade shifts and could enhance India’s export performance, particularly to the United States. Mint’s senior editors Gireesh Chandra Prasad and Subhash Narayan write on the Economic Survey’s focus on private investment and job creation.Qatar’s sovereign wealth fund, the Qatar Investment Authority, which has been an investor in Bengaluru-based ed-tech startup Byju’s, has taken legal action in India, demanding that founder Byju Raveendran disclose his personal assets. Mint’s startup editor Ranjani Raghavan reports that the QIA has approached the Karnataka High Court to prevent Raveendran from selling or transferring his assets, aiming to secure up to $235.19 million. QIA has been deeply involved with Byju's, having invested in 2019 and 2022. It also provided a $250 million loan to Raveendran in March 2022. He used this loan to invest back into Byju's during its last funding round, which valued the company at $22 billion. Now, QIA is seeking a court injunction to freeze Raveendran's dealings with his assets, reflecting the serious financial stakes. The Indian government is actively preparing for a new phase of airport development under public-private partnerships. This aligns with its aim to enhance infrastructure in the rapidly growing aviation sector. Senior government officials told Mint’s aviation correspondent Anu Sharma that internal discussions are underway, with plans to open bids for several airports by the end of the financial year. This approach builds on the previous strategy of pairing major airports with smaller ones for balanced development. Currently, only 14 out of over 135 airports operate under public-private partnerships, indicating significant potential for future privatization and investment. 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:Mint Primer: Hints on budget proposals from the economic surveyEconomic Survey: The government’s recipe for growth, in 12 chartsEconomy to grow at 6.5-7; time for private sector to take the capex baton: Economic SurveyNow, Qatar wealth fund goes after Byju Raveendran's personal assetsAirport privatisation plan on the anvil

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, July 22, 2024. My name is Nelson John. Let's get started:Last Friday, a global tech blackout hit airports, hospitals, banks, and more. As more systems rely on a few tech service providers, can we avoid future blackouts? Blackouts can recur due to human errors like faulty code or incorrect updates. Tech firms regularly push updates to fix issues, but unknown bugs can slip through. Cyberattackers exploit these bugs, making global blackouts a recurring risk. Complete insulation from blackouts isn’t possible, but resilience is. In today’s Primer, Mint’s tech correspondent Shouvik Das explains what happens during a cyberattack and how you can stay safe from one.A train accident in Uttar Pradesh’s Gonda district on Thursday afternoon - just five days before the Union budget - has left four passengers dead and over 30 injured. This accident was not the first in recent times. In fact, over the course of the last year, India has seen a string of major train accidents - the biggest one being the derailment of the Coromandel Express in Odisha’s Balasore district last June. So how is the government planning to ensure a safer Indian Railways for its passengers? The Railways budget allocation has risen from 0.3% of GDP in 2018-19 to 0.8% in 2024-25. However, much of the capital expenditure has gone towards new lines, track renewals, and rolling stock, with less than 20% allocated to safety. This neglect has coincided with several fatal accidents. Payal Bhattacharya from Mint’s data team explains why a big budget for the railways does not really guarantee safety.This summer, the country saw one of the harshest heatwaves in recent memory. Our cities are getting hotter day by day while rampant climate change disturbs weather cycles. To counter this, the government is planning to promote urban forests. A senior environment ministry official told Mint’s Puja Das that the plan is a part of Modi 3.0’s 100-day agenda.Under the Nagar Van Yojana (NVY) scheme launched in 2020, the ministry aims to boost urban biodiversity to mitigate pollution, provide cleaner air, reduce noise, and harvest water. Urban forests are also expected to address issues like the rising mosquito population and monkeys encroaching on cities due to dwindling green spaces.The story of COVID-related deaths is not over yet. A new study by researchers from several universities, including Oxford, pegs the number of “excess deaths” at 1.19 million. That’s almost 12 lakh lives we’re talking about. What are excess deaths? The term refers to the difference between the number of lives lost in an unusual period (like a pandemic year) and a normal year. Published in the Science Advances journal on 19 July, the study indicates that life expectancy at birth was 2.6 years lower and mortality 17% higher in 2020 compared to 2019. This data is based on a subsample of 14 states and Union Territories. The report has been rejected by the government for its methodology. So what was the methodology and what key insights does the report bring to the table? Mint’s data editor Tanay Sukumar explains.L&T Finance, a subsidiary of engineering group Larsen and Toubro, has been in the NBFC game for nearly three decades. But despite its long presence, the company remains lower down the order. Almost 94 per cent of its loan book is retail loans and stands at around 86,000 crore rupees. To put it in perspective, Mahindra Finance, which started three years before L&T Finance, in 1991, is well ahead with assets under management of ₹1 trillion at the end of the last fiscal year. Bajaj Finance, which started out in 1987 as Bajaj Auto Finance, an NBFC focusing on two- and three-wheeler finance, has eclipsed them both with an AUM of ₹3.3 trillion as of 2023-24. Sudipta Roy, a finance professional with over two decades of experience, has been brought in as the CEO. Roy would be expected to turn the company’s fortunes around. Mint’s Shayan Ghosh takes a deep dive into the company’s strategies around increasing regulations and integrating AI into its risk management. 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 Friday, July 19, 2024. My name is Nelson John. Let's get started:The Indian market's benchmark indices —Nifty and Sensex—increased during Thursday's trading. Sensex and Nifty both were up by around 0.77 percent.IT giant Infosys was up 2.2 percent during yesterday's trading session. Investors expected a good earnings report, and Infosys delivered. The company's revenue for the first three months of FY2025 increased by 3.3 percent. Jas Bardia writes that Infosys is now pulling in more money than ever from the financial services sector. It made a total of 34 deals in the last three months, a record high. Infosys's earnings from India-based companies also grew. Jas notes that this is a pattern among Indian IT companies, as their clients in the west continue to tighten their budgets.A-S-K Asset and Wealth Management Group handles assets worth more than 80,000 crore rupees. So when such an entity comments on the market, you take notice. Bharat Shah, whole-time director of the group, doesn't think the market is overvalued. This is in contrast to a lot of other financial gurus, who get startled seeing the price-to-earnings ratio multiples. Speaking to Dipti Sharma, Shah said that today's market is ripe with opportunities, and that investors have never had a more diverse group of stocks to choose from. He feels that the classic notion that small and midcaps will eventually fizzle out is wrong, and that the Indian equity markets have matured enough to think long-term and move on from the boom-and-bust cycle.This week, Byju's faced a legal showdown with the Board of Control for Cricket in India over non-payment of dues. The National Company Law Tribunal has admitted BCCI’s insolvency petition against Byju’s, resulting in Byju Raveendran losing control of his company. Byju’s will now be overseen by a bankruptcy resolution professional until the legal matter is closed. Other edtech companies, like Unacademy and Vedantu are struggling too. Is this the end of edtechs as we know them? Mansi Verma answers.The Union Budget will be unveiled on Tuesday. Employment and jobs will be key focus areas for the government. Political experts pointed out that rising unemployment was one of the reasons that the BJP government could not secure a majority on its own in the Lok Sabha election. Our partners at howindialives.com examine a report by the Reserve Bank of India on the jobs situation in India. The controversial report has a lot of loopholes, which are fact-checked. RBI said that 46 million additional jobs were created between 2022 and 2024, which is a tall claim. Such optimistic interpretations of data might not serve the on-ground reality too well.There's been a sudden boom in equity trading. But that isn't restricted to just stocks and mutual funds: investors are now dabbling in futures and options too. Different types of investments result in different kinds of tax compliance. Ahead of the ITR filing deadline of July 31, Shipra Singh writes about how you need to report different kinds of investments to the taxman. Stocks trading, intra-day trading, and futures and options all have different regulations. Make sure to read this piece if you follow any of these trading methods.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:Infosys regains its stripes, outpaces peers on the back of financial services, India businessesWhy Bharat Shah thinks the weariness around midcaps and smallcaps is outdatedByju’s bankrupt: Is the edtech crisis deepening? Finding jobs: What surveys tell us about India’s biggest puzzle F&O, intraday and delivery trading: How different types of trading are reported

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 18, 2024. My name is Nelson John. Let's get started:The Indian stock markets BSE and NSE remained closed on Wednesday on the account of Muharram.The upcoming Union budget on 23 July is set to unveil a new initiative aimed at boosting the domestic production of medical devices, mirroring an existing program for pharmaceuticals. This move is intended to enhance self-sufficiency in medical equipment, potentially lowering healthcare costs. While the specifics of the financial backing remain under wraps, ongoing discussions signal a strong government focus on enhancing the sector's global standards. Currently, India’s medical device market is predominantly composed of disposables and implants, which contributed to an $11 billion industry in 2022, accounting for about 1.5% of the global market. Projections suggest this could expand to $50 billion by 2030. Mint’s Priyanka Sharma reports that the proposed scheme is expected to resemble the Revamped Pharmaceuticals Technology Upgradation Assistance Scheme launched earlier this year. The scheme supports technological advancements in the pharma sector through financial incentives.A new piece of legislation from the Karnataka government made news on Wednesday. The now-halted bill required that 50% of management and 75% of non-management roles in the private sector be reserved for local residents. Local residents are defined under the bill as individuals born in Karnataka or have lived in the state for at least 15 years. Being able to speak Kannada is also mandatory under this bill. The pause came after this policy shift was being seen as a serious challenge, particularly to the IT sector, which is a major contributor to the state's economy. The potential impact on these sectors includes a decrease in investments and a possible exodus of companies to other regions with less restrictive employment laws. Industry bodies like Nasscom even expressed deep concerns, predicting that such protectionist measures could deter global firms looking to invest in the state. Mint’s Devina Sengupta explains how the now-paused piece of legislation could have impacted Karnataka’s position in the race to become the country’s biggest tech hub.Guess what tech startups can do without? A Chief Technology Officer. Major tech-driven companies like Zomato, Healthify, Swiggy and others are reconsidering the necessity of this senior executive role. Mint’s Mansi Verma reports that instead of hiring new CTOs, these firms are redistributing responsibilities to existing team members or leaving the position vacant altogether. So what's causing this shift? Firstly, the cost of maintaining such a high-level position is substantial. CTO compensation packages often include hefty salaries and stock options, which can be financially burdensome. Additionally, internal promotions and reallocation of duties are proving effective. Companies are finding that empowering existing staff can maintain momentum and innovation without the need for a dedicated CTO. Despite this, an absence of the CTO could pose challenges, especially for companies relying on cutting-edge technology. The impacts of climate change are increasingly visible and distressing, ranging from severe floods to prolonged droughts. These events not only disrupt lives but also foreshadow significant economic turmoil. We're looking at potential drops or fluctuations in agricultural yields, which could lead to persistent food price inflation. Additionally, the severity of monsoon-related coastal flooding is likely to increase. In this article, part of Mint’s special series of pre-budget stories, former Minister of State for Finance Jayant Sinha talks about how India’s goal of net zero emissions can be reached through three steps: legislation, emission trading and capital mobilisation. Once synonymous with inefficiency, public sector undertakings or PSUs have transformed into significant wealth generators. In 2023-24, the 56 listed PSUs in the BSE PSU index recorded a combined profit of over ₹5 trillion, an all-time high. This surge is partly attributed to the government's emphasis on enhancing India's infrastructure, with capital expenditure rising dramatically over the past decade. Yet, this remarkable performance raises questions. Are we witnessing a sustainable growth trajectory, or is this another market bubble driven by government spending and sector-wide euphoria? Investors should consider whether they are chasing short-term gains or genuinely investing in long-term growth. While PSUs currently show strong performance, the underlying risk of a sector-driven bubble looms, suggesting caution in an overheated market. Today’s Long Story by Mint’s Abhishel Mukherjee focuses on PSUs listed on the Dalal Street, and whether investors should continue investing. 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:Budget may unveil scheme to incentivize medical gear makersOutsiders stay away: Karnataka's 'locals only' quotas can hit firms and jobsThe CTO charm is wearing thin at Indian tech startupsThree steps to net-zero: Legislation, emissions trading, capital mobilizationPSU stocks are in a micro-bubble. What should investors do now?

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, July 17, 2024. My name is Nelson John. Let's get started:The Indian market's benchmark indices —Nifty and Sensex—inched up during Tuesday's trading. Sensex was up by 0.06 percent, while Nifty increased by 0.11 percent.Today, we're publishing a collection of pre-budget stories, ahead of the Union Budget set to be presented next week. I'd recommend you pick up a physical copy of Mint today to read this special edition.The lead story of our special pre-budget collection is penned by Montek Singh Ahluwalia, former deputy chairman of the Planning Commission. He predicts that all roads lead to the government's massive gamut of promises to be completed by 2047. First and foremost, NDA's third successive government is likely to want to boost GDP growth even further. A fiscal deficit of 5.1 percent is achievable, Ahluwalia writes. Lastly, an overhaul of the current Goods and Services tax should also take place to aid India's economic progress. Alhuwalia lists some other challenges the government would do well to achieve a superpower status in the next two decades.India's insurance companies, barring LIC, aren't exactly in the most strong positions. Three state-owned insurance companies, namely National Insurance, Oriental Insurance, and United India Insurance, need more money in case they need to settle a high amount of claims together. Subhash Narayan and Rhik Kundu report that the upcoming Union Budget might allocate anywhere between 4,000 to 5,000 crore rupees as a shot in the arm to these insurance companies. Subhash and Rhik report that the solvency numbers of these three insurers are much worse than they should be, and a one-time infusion of funds could help with either a public listing or privatisation.Notice that groceries have gotten expensive again? Official data shows that food inflation has shot up to 9.4 percent year-on-year, the highest in six months. Vegetables are dearer by 29 percent, pulses by 16 percent, and cereals by 8.8 percent. Sayantan Bera explains these numbers, and the reasons why your shopping carts have gotten more expensive yet again.Byju's has been dealing with a lot of financial struggles of late. Yesterday, the national company law tribunal, or N-C-L-T, admitted an insolvency petition. Interestingly, the petition was made by the Board of Control for Cricket in India — that's right, the management of the Indian cricket team. BCCI is suing Byju's for non-payment of dues. But the latest in this saga has dire consequences for Byju Raveendran and his team. They lose control of the startup, which will now be controlled by a resolution professional as appointed by the NCLT. Mansi Verma explains what this decision means for Byju's, its investors, and all those it has defaulted against.Financial influencers, or finfluencers, generally dole out advice to anyone willing to pay for their services. However, most of these finfluencers are unregulated — according to the Securities and Exchange Board of India, they aren't exactly qualified to advise you on your investments. But what about those who are qualified? Sashind Ningthoukhongjam writes about registered mutual fund distributors who are also doubling up as finfluencers. Sebi feels that registered entities should distance themselves from unregistered creators offering tall claims. Sashind explores this grey area by speaking to some industry experts on the matter.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:How to pack the journey for 2047Mint Explainer: NCLT admits insolvency plea against Byju’s. Here’s what it means Fund infusion announcement for public sector general insurers likely in BudgetHidden in plain sight: New food inflation data Sebi is regulating influencers. What if they’re also MFDs?

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, July 16, 2024. My name is Nelson John. Let's get started:The Indian market's benchmark indices —Nifty and Sensex—inched up during Monday's trading session to settle at fresh closing highs. The Indian government is exploring an exciting proposal: getting public sector banks to take equity stakes in state-owned specialized infrastructure financiers. The spotlight is on the National Bank for Financing Infrastructure and Development. This plan is part of a broader effort to supercharge India's infrastructure development, which is already set for a massive investment boost. In fact, the 2024 interim budget has earmarked a hefty 11.1 trillion rupees for capital expenditures, a solid 11.1% jump from last year. Mint’s Mihir Mishra and Shayan Ghosh report on the plan that focuses on increasing the capital base of DFIs to 1 trillion rupees, utilizing contributions from banks with robust capital adequacy ratios.Macquarie Group, JSW Group, and Actis have thrown their hats in the ring to acquire Gurugram-based renewable energy platform O2 Power. The companies have even signed a non-disclosure agreement. Mint’s economy and policy reporter Utpal Bhaskar reports that the deal, managed by Barclays, is set to potentially value O2 Power at around 1 billion dollars in equity with an enterprise value of about 1.5 billion dollars. O2 Power, counts EQT and Temasek as major investments. The company is eyeing an ambitious expansion to reach a capacity of 5 gigawatts; it’s already close, with a current capacity of 4 gigawatts. The acquisition deal is poised to be a landmark in the renewable energy sector, reflecting growing interest in sustainable investments.Kota's coaching centres, once the epicentre for competitive exam preparation, are seeing a notable shift in their student base. With new branches opening in cities like Patna, New Delhi, and Latur, these centres are attracting local students who would have traditionally travelled to Kota. This shift is reshaping the coaching landscape, leading to reduced enrollments in Kota itself and impacting the city's once-thriving educational ecosystem. Mint’s Mansi Verma spoke to faculty members across various institutes, including Allen Career Institute. Representatives from Allen highlighted that while Kota is dealing with salary cuts due to fewer students, new centres in other cities are booming.Did you buy a flat in a stressed real estate project and are now waiting for the possession? Thousands in Delhi-NCR bought units in projects across the region around the turn of the last decade - only to find their investments stuck in limbo. While the Supreme Court intervened in 2019, asking state-owned construction corporation NBCC to take over the construction at Amrapali Group’s Noida projects, involving 38,000 units, the stressed project landscape otherwise looks very rocky. In 2023, the Indian Banks’ Association (IBA) reported that about 412,000 residential units, valued at 4.08 trillion rupees, were affected by halted real estate projects across India. Over half of these, approximately 240,000 units, are located in the national capital region. Additionally, more than 100,000 units are in the Mumbai Metropolitan Region, with significant numbers also reported in Pune, Bengaluru, and other major cities. In a detailed investigation of the troubled real estate market, Mint's Madhurima Nandy explores the protracted delays that have left many homebuyers waiting for years to receive possession of their homes.The government is considering a significant investment of 4.5 trillion rupees over the next five years to construct 23.5 million rural homes under the Pradhan Mantri Awas Yojana Gramin. The allocation targets 20 million new rural houses in addition to completing 3.5 million homes from the previous phase of the scheme. Mint’s Puja Das reports that the officials have outlined a phased approach, aiming to complete 4 million houses by the end of FY24, 8 million by FY26, and the remainder by FY29. The proposed funding of about 4.5 trillion rupees includes contributions from both the central and state governments, with the central government providing about 2.9 trillion rupees.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:Govt wants its big banks to help their rival–the country’s youngest infra lenderMacquarie, JSW Group, Actis line up to buy O2 Power in $1-billion dealHow the cannibals came for Kota's coaching giantsBought a flat in a stressed real estate project? Here’s how long you've to waitUnion budget may approve ₹4.5 trillion for rural housing scheme

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, July 15, 2024. My name is Nelson John. Let's get started: US Presidents have had a long history of being targets of assassinations — Abraham Lincoln, John Kennedy, and Ronal Reagen, to name a few. Yesterday, former president Donald Trump joined this illustrious list after being shot at by a 20-year old. Trump survived, but the shooter did not, after the Secret Service found him. The attack could intensify political divisions and influence the upcoming US presidential election. Elizabeth Roche brings you the implications of the shot heard around the world. The new government is set to present its next union budget next week. If you're a little confused, the Budget presented a few months ago was a small one — meant to keep the government machinery chugging till the election results were announced. The next budget, also presented by Nirmala Sitharaman, is much-anticipated: some reports state that income tax rate cuts might be coming. This is expected to boost the economy. But with only 0.4 percent of the country paying 86 percent of the taxes, will this really stimulate any growth? Vivek Kaul answers this crucial question in a narrative format the way only he can. How much processed food do you consume? It's difficult to ascertain — nearly every packeted item might contain some additive. From beloved namkeen snacks to instant noodles, everything has some preservatives. Shuja Asrar and Niti Kiran take a deep dive into a government survey that outlines India's eating habits. While urban India has started to get more health conscious — think the different varieties of Maggi — rural India loves snacking on biscuits. The rise of junk food in the Indian diet has also worried experts, but that doesn't stop Indians from thronging to fast food joints. TCS investors might want to close their ears: the company's CEO said that hard times are just starting. Tata Consultancy Services shares are up 7 percent since they announced their Q1 results last week, but global conflicts and confusion about interest rate cuts might prove to be dampers moving forward. Demand for the IT company's services has remained muted — if you leave out a contract from state-owned BSNL, and TCS's numbers look much worse. Varun Sood got the chance to sit down with K. Krithivasan and have an in-depth and honest interview about the state of TCS, the IT sector at large, and the impact of AI on jobs in the IT sector. Some people like to cook when they want a break. But what happens when cooking is your job? This weekend's cover story on Mint Lounge explored just that. Avantika Bhuyan spoke to chefs from India's top kitchens about what they did when they took a break. Answers range from playing music to painting to long distance cycling. These activities help them unwind, but also gather inspiration for the next time they step into a kitchen. 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: Trump’s murder attempt: What it means for us   A stormy night and a taxing conversation on the budget  In charts and numbers: India’s junk food juggernaut rolls on  TCS not out of the woods, sees no GenAI threat The secret lives of chefs

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, July 12, 2024. My name is Nelson John. Let's get started: Indian stock market benchmarks- the Sensex and the Nifty 50- closed flat on Thursday, as gains in shares of ITC, ONGC, Tata Motors and SBI were offset by losses in those of Mahindra and Mahindra, Bajaj Finance, Larsen and Toubro and HDFC Bank. Delhi's summer has been nothing short of extreme this year. With temperatures frequently soaring well beyond the usual, hitting near 50 degrees Celsius, the capital found itself grappling with intense heatwaves. The sweltering heat prompted a significant response, with public hospitals establishing special heat treatment wards and reported heat-related fatalities reaching 58 by mid-June. However, as June ended, the weather took a drastic turn. The city experienced its highest single-day rainfall in 88 years on the 28 June.This sudden deluge not only disrupted daily life but also resulted in significant infrastructure damage, including the collapse of a canopy at Delhi Airport which tragically resulted in a fatality. The first half of 2024 has indeed been challenging for the residents of Delhi and the surrounding National Capital Region, home to a combined population of over 70 million. And the outlook for the remainder of the year suggests no respite, with the meteorological department predicting an unusually wet monsoon, which could lead to further flooding. Looking ahead to the winter, the situation appears equally grim with the anticipated onset of Delhi's notorious smog, which annually contributes to a high number of respiratory-related illnesses and deaths. This persistent cycle of extreme weather conditions underlines the urgent need for comprehensive environmental and infrastructural strategies to mitigate these impacts. Delhi’s weather also begets the question - Is it time for you to leave Delhi? Mint’s Sayantan Bera examines in today’s Long Story. India’s largest software exporter Tata Consultancy Services has set a strong pace in the first quarterly earnings of FY25, outperforming its average growth rate over the past five years. TCS reported a quarterly revenue of $7.5 billion, a 1.9% increase from the previous quarter, surpassing expectations from analysts who had projected a revenue of $7.44 billion. A significant portion of this growth, however, is attributed to an unusual surge in its India operations, Mint’s IT correspondents Jas Bardia and Shouvik Das report. The push in revenue is primarily because of a $1.83-billion 4G network project from BSNL. This has raised questions about the organic nature of TCS's growth, as half of its $142 million sequential revenue increase was derived from this Indian deal, marking a deviation from its traditional revenue streams predominantly from the Americas, Europe, and UK. Despite these doubts, K Krithivasan, TCS’s CEO, asserts that the company's growth isn’t solely reliant on the BSNL project. He acknowledges the current volatile market conditions, which affect decision-making and client investments but remains cautiously optimistic about the broader growth beyond this single project.India is gearing up for an expansion of its aviation infrastructure by doubling the number of airports from the current 138 to 300 by the 100th year of independence in 2047. Mint’s aviation correspondent Anu Sharma resorts that the plan is outlined in a draft by the Airports Authority of India. This ambitious project aims to accommodate an eightfold increase in passenger traffic, potentially reaching 3-3.5 billion passengers annually by the target year. The initiative aligns with efforts to enhance connectivity to tier 2 and tier 3 cities through programs like UDAN, which aims to make air travel affordable and widespread, particularly in less served areas. Locations identified for potential new airports include Kota in Rajasthan, Parandur in Tamil Nadu, and Puri in Odisha, among others. The plan also proposes converting existing airstrips in places like Mandavi in Gujarat and Sultanpur in Uttar Pradesh into operational airports.The Agnipath scheme is under review for potential modifications to enhance its appeal. Introduced in June 2022, to recruit young individuals aged 17.5 to 21 years into the armed forces, the scheme has been pivotal in rejuvenating the youth profile of the armed forces. It also addresses the ballooning defence pension liabilities. Currently, the scheme recruits these young individuals for a four-year tenure, with a fourth of them being offered a chance to join the permanent cadre afterwards. As of now, the scheme is expected to continue with possible modifications either in the FY25 Budget or later to make it more attractive to potential recruits, Mint’s Gireesh Chandra Prasad reports. The financial implications of the scheme are significant, given that the defence pension allocation for FY25 is ₹1.41 trillion, nearly a quarter of the ₹6.2 trillion defence budget. The Agnipath scheme is seen as a sustainable solution to manage these pension costs.Hyundai Motors is making waves with its plans to list its Indian subsidiary, eyeing a massive $3-3.5 billion IPO. This could be India’s second-largest public offering, valuing Hyundai India at $20 billion. It's a big move that's turning heads and might just inspire other multinational corporation to consider the vibrant Indian market for their listings. Mint’s Priyamvada C spoke to Gaurav Sood, from Avendus Capital, who notes that Hyundai's decision underscores the depth and appetite of Indian capital markets. This  points to an increasing interest among global businesses towards India. This trend is supported by factors like enhanced ease of doing business and significant untapped market potential. Legal and financial experts suggest that other MNCs are observing Hyundai’s move closely, with firms like LG Electronics and Italy’s Carraro also rumored to be considering listings. Historical precedents from giants like Suzuki and Unilever, which have listed successful Indian subsidiaries, further pave the way for such strategic decisions.   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're eagerly looking forward to our next Top of the Morning episode, which will be packed with fresh business news. Until then, have a great day! Show notes:Frying pan, wetland, gas chamber: Is it time for you to leave Delhi?Big one mega hit on home ground, TCS kicks off first quarter on the front footIndia prepares plans to double airports to 300 by 2047Agnipath scheme to stay, tweaks likely in the upcoming budget or laterHyundai's IPO may inspire other MNCs to list in India for valuation gains

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 11, 2024. My name is Nelson John. Let's get started: Indian stock market indices ended the day around half a percent down each on Wednesday dragged by profit booking at higher levels.Prime Minister Narendra Modi recently wrapped up a two-day visit to Russia, a trip that stood out for the diplomatic delicacy amid ongoing global tensions due to the Ukraine conflict. Addressing President Vladimir Putin as a “friend,” Modi highlighted the longstanding ties between India and Russia. Yet, he didn't shy away from addressing tougher issues, including a recent Russian missile strike in Kyiv. The economic talks were particularly fruitful, with both leaders aiming to balance the currently skewed trade relationship, heavily dominated by India's purchase of Russian oil. They set an ambitious target to boost bilateral trade to $100 billion by 2030, up from a previous goal of $30 billion, which has already been surpassed. So what did the visit to Russia achieve for India diplomatically? Jindal Global University’s associate professor Elizabeth Roche explains in today’s Primer. Allen Career Institute, a major player in India's competitive exam coaching industry, has implemented significant salary cuts for its over 4,000 faculty and administrative staff. This decision follows a sharp 35-40% decline in student enrollments, signalling tough times for the coaching hub in Rajasthan’s Kota. Two years after a high-stakes battle to attract top faculty, the coaching giant is now facing severe financial strain, cutting salaries by 20-40 per cent. In a recent meeting led by CEO Nitin Kukreja, it was revealed that student admissions had plummeted from 131,000 last year to just 81,000 this year. The revised salary structure will now include a variable pay component. This move has sparked unrest among the staff, with around 600 teachers already voicing their discontent through a formal letter. Mint’s Devina Sengupta and Mansi Verma spoke to industry insiders who suggest this could be the start of a challenging period for Kota’s educational institutions.Several retired cricketers are discovering that their earning potential doesn't have to drop after hanging up their professional boots. Mint’s Varuni Khosla reports that thanks to leagues like Legends League Cricket, or LLC, these seasoned players are not only staying in the game but also scoring paychecks that often surpass what they made in their last IPL seasons. Take Gautam Gambhir, for instance. His last IPL paycheck was Rs 2.8 crore, but the LLC offered him a cool Rs 3.75 crore. Irfan Pathan saw a similar bump, going from Rs 50 lakh in the IPL to Rs 1.65 crore in the LLC. It’s not just them—players like Hashim Amla and Aaron Finch are also enjoying hefty salary boosts in these senior circuits. The LLC has become quite the attraction, now housing around 100 retired stars and still pulling in new faces. India is gearing up to introduce a new law aimed at ensuring fair transactions between Big Tech companies like Google and Meta and news publishers, drawing inspiration from similar initiatives in Australia and other countries. This move is part of a broader effort to make sure that tech giants pay for the news content they use on their platforms. The proposed legislation will complement the Digital Competition Bill, which is currently in its final stages of public consultation, sources familiar with the matter told Mint’s Gireesh Chandra Prasad. While the Digital Competition Bill focuses on establishing clear rules for Big Tech to promote fair competition, the new law under consideration will specifically address the dynamics between news aggregators and publishers. In less than five years, Quant Mutual Fund has rocketed up to the 18th position in India's mutual fund rankings under the leadership of Sandeep Tandon. The fund's assets under management (AUM) surged from just 166 crore rupees in December 2019 to an impressive 84,000 crore rupees by May 2024. However, the shine began to dim last month, reportedly, as SEBI officials raided Quant’s Mumbai and Hyderabad offices on suspicions of frontrunning. Frontrunning is an illegal practice similar to insider trading but in the mutual fund context. Quant Mutual Fund quickly confirmed receiving queries from SEBI, though specifics of the probe remained undisclosed. Tandon, maintaining a business-as-usual front, downplayed the disruptions. The story, however, isn’t just about the mutual fund. It also touches on Quant Capital, a separate entity set up a decade earlier, unrelated to the AMC but also linked to Tandon, who faced different challenges there. Mint’s Varun Sood takes a deep dive into rollercoaster ride of Sandeep Tandon as the head of the mutual fund, in today’s Long Story. 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: Mint Primer: What did the PM’s Russia visit achieve?As Kota craze abates, Allen’s once-prized teachers face the musicTrue legends: Many cricketers are getting pay hikes after retiringBig Tech vs news publishers: India plans a new law for fair dealingsQuant Mutual Fund: Inside Sandeep Tandon’s roller-coaster ride to success

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, July 10, 2024. My name is Nelson John. Let's get started: India’s stock market benchmarks- the Nifty 50 and the Sensex - hit fresh highs on Tuesday despite mixed global cues. Both indices saw a rise of just under half a percentage point from their previous day’s close.  India's journey towards electric mobility has hit a bit of a speed bump. After a promising start, sales of electric vehicles, or EVs, are beginning to stagnate, largely because subsidies were slashed earlier this year. This has shifted a lot of expectations onto the upcoming third phase of the Faster Adoption and Manufacturing of (Hybrid and) Electric Vehicles—or FAME—scheme, which everyone is eyeing ahead of the budget announcement on July 23. The FAME scheme first rolled out in 2015 and has been a cornerstone of India’s push to get more electric and hybrid vehicles on the road. It saw a significant boost in 2019 with FAME II, which pumped in ₹10,000 crore to support the adoption of EVs across various segments, from buses to two-wheelers. The impact of these initiatives? Pretty impressive initially. From selling just under 2,400 units in FY2015, EV sales soared, breaking the 100,000 mark in FY19 and reaching a whopping 1.68 million units by FY24. So, what’s the buzz around FAME III? Mint’s Sumant Banerji explains in today’s Mint Primer. The industry is hoping it will not only bring back better subsidies for individual car buyers and two-wheelers but also expand support to include trucks.  India's recent net surplus in its current account, at $5.7 billion for the first quarter of 2024, is quite the headline. But it's not just about more money coming in than going out; it's a story that calls for a deeper look. Typically, India runs a current account deficit because our massive investment needs outpace the collective savings of our households, businesses, and the government. In fact, barring the first pandemic year, this year's deficit, projected at $23 billion, or 0.7% of GDP, is on track to be the second-lowest in two decades. Now, you might think this sounds like great news, but here’s where it gets complex. The Reserve Bank of India pointed out an uptick in investments, particularly driven by higher government spending and a surge in the housing sector. With investments pegged at 33.7% of GDP, that's a big deal because it means we're saving at a rate of 33% to maintain a current account deficit of just 0.7%. When the savings rate climbs, it opens the door for more substantial investments without widening the current account deficit. Picture this: with a modest 2% deficit and a savings rate of 33%, we're looking at an investment rate of 35%. That translates to a whopping ₹6 trillion directed towards nation-building efforts. So, a deficit isn't necessarily a bad thing when it stems from strong savings and solid investment. Deepa Vasudevan from Mint’s data team explores why having a current account deficit is good for the economy.  The national rural job guarantee scheme, a crucial lifeline for millions in rural India, isn't expected to receive increased funding in this year's Union budget, according to two officials. The Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGS) will likely see its budget allocations hold steady as per earlier estimates. The scheme provides a financial safety net to rural households. These funds could be adjusted later based on job demands and requirements in rural areas. The budget originally earmarked ₹60,000 crore for FY24 and projected ₹86,000 crore for FY25. However, actual spending for FY24 exceeded the estimates significantly, reaching more than one trillion rupees, underscoring a strong demand for rural employment. This increase reflects the ongoing challenges in rural consumption and stagnant growth in the FMCG sector, with many economists pointing out the disparities affecting rural markets compared to urban centres.For anyone who grew up in the 90s and mid 2000s, Aahat remains to be one of the most iconic shows from their childhood. The horror show, which used to air on Sony, was one of the pre-saas-bahu era gems of Indian TV. Sony - the home to to such popular shows is now facing a challenge. Sony runs a vast media empire in India, including 26 TV channels, the SonyLIV streaming platform, a movie distribution and production business, a music label, and a talent management vertical. Despite these extensive operations, Sony’s revenue growth has been sluggish, increasing just 2% to ₹6,909.2 crore in the fiscal year 2022-23. In an effort to invigorate the brand, Sony has brought on Gaurav Banerjee as the new chief steward, hoping his fresh approach can turn things around. Will Banerjee’s advent at Sony turn things around for the Indian operations of the Japanese media giant? Lata Jha takes a deep dive to find out, in today’s Long Story.   Management consultant Sharan Hegde was just 25 in July 2021 when Mint first wrote about the rise of financial influencers, or ‘finfluencers’ as they've come to be known. Hegde was a budding 'finfluencer' working at PwC and just starting to earn more from his Instagram promotions than his regular job. Fast forward to 2024, and he's a powerhouse in India’s financial influencer landscape with six million followers and a staggering Rs 60 crore in annual revenue, predominantly from his 'One Percent Club' courses. But Hegde's journey didn't stop at social media. He ventured into the more regulated world of financial advising by starting an RIA (Registered Investment Advisory) business. This move, however, raises significant questions about the role of social media influencers in the regulated financial space. How should the Securities and Exchange Board of India (Sebi) handle advertising codes for RIAs when they are run by influencers like Hegde? Mint Money’s Neil Borate and Shashind Ningthoukhongjam tackle the question.  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're eagerly looking forward to our next Top of the Morning episode, which will be packed with fresh business news. Until then, have a great day!  Show notes: Mint Primer: How the budget can push electric vehicle salesWhy a current account deficit is good for IndiaBudget 2024: MGNREGS unlikely to see higher allocation; lakhpati didi scheme toPicture imperfect: Why Gaurav Banerjee has an arduous job at SonyWhy Sharan Hegde’s financial advisory business is a test for Sebi's ad rules

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, July 9, 2024. My name is Nelson John. Let's get started: Sensex and Nifty remained largely flat on Monday. Both fell by less than 0.05 percent during trading hours yesterday. Yes Bank has had a phenomenal turnaround. After collapsing in 2020, a new set of people resurrected the struggling lender to a respectable position. Now that Yes Bank is in decent shape, it's attracting interest from outside. But any potential buyer wants at least a controlling 51 percent stake in Yes Bank. Anirudh Laskar reports that the Reserve Bank of India has given a go-ahead for Yes Bank to find a buyer with a controlling stake. Such approvals are quite rare, as RBI usually has an upper limit of 26 percent for any promoter. Anirudh also reports that the sale will be made at a valuation of 10 billion dollars for Yes Bank. As the income tax filing deadline approaches, many people will hand over their IDs, passwords, and OTPs to their chartered accountants to file returns on their behalf. No matter how much you trust your CA, that isn't a wise decision. Shipra Singh tells you a couple of alternatives for your CA to file your returns — without having access to your personal information. However, Shipra writes that Indian taxpayers aren't very apprehensive about this. Only one in ten clients express any hesitation about sharing their personal information, one executive from an accounting firm told Shipra. That isn't the best habit, but it seems that Indians don't care about sharing information as long as their work gets done. If you're not one of them, this article is for you. There are some media reports that the upcoming Union Budget will feature some income tax cuts. Theoretically, this move will stimulate the economy as people will have more money in hand to spend. But as Nandita Venkatesan outlines, this doesn't really work out. 92 million people in India pay taxes; a third of them reported a gross annual income of less than 5 lakh rupees. Another 24 million people earn less than 10 lakh rupees. So the most dominant tax-paying base already pays zero to minimal taxes. Nandita also spoke to economists to show why this presumption may not be correct after all, and has presented her story with some charts to drive the point home. If mobile phone companies had their way, we'd all be using foldable phones today. They occupy half the space, turn into much larger screens when opened, and have a good battery life. Foldables came back into the mainstream five years ago, and the Indian market has plenty of options. Despite that, foldables still aren't used widely. Shouvik Das writes that sky high prices and lack of innovative use cases are hampering the sales of foldable phones in India. App support is also poor; the split screen setup doesn't accommodate all the apps that you and I may use. Essentially, what foldable phones boast about doing — normal smartphones do much better. In 2009, Bajaj Auto took a landmark decision: to stop making scooters altogether. Rajiv Bajaj, the company's CEO, said that his company would focus solely on motorcycles. As scooter sales have outshone bike sales, that decision seems to have been a poor one for the makers of the iconic Chetak. Last week, Bajaj Auto took yet another decision that would have a wide-ranging impact on India's two-wheeler segment: it launched a CNG-powered bike, the first of its kind anywhere in the world. Bajaj is the number 2 in the 125 cc bike segment — with this CNG bike named the Freedom, it hopes to trounce Hero Motocorp to the first place. Sumant Banerji writes that Bajaj Auto has always prioritised margins over volumes. Will the 95,000 rupee Freedom too follow that model? 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: In a rare move, RBI okays 51% stake sale proposal for Yes BankAre you sharing too much? The risks of giving your ITR credentials to CAs Income tax cuts in Budget: A half-hearted recipe to fix India’s consumption woesFoldable phones: Why haven’t they taken off? Riding on CNG, can Bajaj Auto raid Hero MotoCorp’s fortress?

On July 8, the Supreme Court will review nearly twenty petitions regarding NEET-UG. The outcome could affect around 2.4 million students. Allegations of paper leaks, exam delays, and unusually high scores have sparked demands for a reexamination. The petitions also sought CBI and ED investigations, besides the formation of an independent committee to probe these irregularities. Responding to the uproar, the government has withdrawn grace marks for some students and formed a committee to review the exam administration process and enhance security. Mint's legal correspondent Krishna Yadav and education reporter Devina Sengupta discuss the implications of this entire fiasco in today's Mint Primer.Moving on to our next topic of the day: Following India's thrilling victory over South Africa in the T20 World Cup Finals, India's cricketing dominance is at an all-time high. However, amid this glory, a critical pillar of support is faltering—a unique cricketing asset, the Kashmir Willow. Skilled artisans, famed for crafting cricket bats from Salix alba caerulea willow, are rallying for a renewed emphasis on local production, calling upon Indian cricketers to champion domestic industries, and highlighting the challenges they face. The craftsmen like Mohammad Yousuf are contemplating closure due to severe shortages of willow clefts, and rising costs. Irfan Amin Malik, a Kashmiri journalist, delves into the stories of families linked to Kashmir's bat-making tradition, capturing their resilience and hardships in today's extensive Long Story.Now let’s switching gears to enter the world of entertainment: In the dynamic OTT landscape, the rise of advertising video-on-demand (AVoD) within traditionally subscription-driven platforms is causing waves in the streaming world. Leading this charge are platforms like Amazon's miniTV and Disney+ Hotstar, which are now offering popular shows and major sports events for free on mobile devices. This shift isn't just about cost efficiency—AVoD content is notably cheaper to produce than SVoD. It's also levelling the playing field for new talent and smaller production houses to make their mark. Mint’s entertainment and media correspondent, Lata Jha, spoke with industry insiders who emphasised the challenge of maintaining robust ad rates and crafting compelling content that turns casual viewers into devoted subscribers. India's burgeoning digital marketplace could soon face a new regulatory hurdle. Companies like Zomato, Myntra, and Nykaa, alongside international giants such as Alphabet and Meta, are in the spotlight, and might soon find themselves classified as 'systemically significant digital enterprises' or SSDEs under the proposed Digital Competition Bill. It will henceforth be mandatory for them to stick to a strict set of rules and report compliance to the Competition Commission of India every year. But here’s the kicker—any slip-ups could see these firms facing fines of up to 10% of their global turnover. Mint’s senior editor Gireesh Chandra Prasad reports on the proposed move, inspired by Europe's Digital Markets Act, but \tailored to better fit the contours of India’s dynamic economy.With each budget announcement, citizens hold their breath for potential tax breaks, yet an emerging concern is the rising trend of retail investors plunging into high-risk ventures. According to an NSE report, 40% of its 95 million investors are Gen Zs, up significantly from 22% just five years ago. Additionally, the volume of high-risk index options has skyrocketed by over five times in the last three years. Consequently, there's a push for strategic tax incentives to guide investors toward safer, and regulated options. RBI's retail direct scheme for government bonds, for instance, offers secure investment avenues, but has seen limited uptake due to higher taxes and complex interface. Finsafe India’s Mirin Agarwal writes for Mint Money, explaining how three policy changes could put more money in the pockets of the aam aadmi, while safeguarding them from risks.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're eagerly looking forward to our next Top of the Morning episode, which will be packed with fresh business news. Until then, have a great day ahead!Show notes:Mint Primer | NEET-UG fiasco: How to avoid trouble, going aheadDeath overs: After a century, Kashmir’s batmakers could be run outAd-driven slates are a strong focus for OTT platforms as initial efforts pay offDigital Competition Bill: Gatekeeper tag likely for top digital startupsThree ways Budget 2024 can put more money in aam aadmi's pocket

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, July 5, 2024. My name is Nelson John. Let's get started:Sensex and Nifty remained largely flat on Thursday. Both rose by around 0.5 percent during trading hours yesterday.The share of foreign investors in HDFC Bank is set to drop below 55 percent. This is crucial for India's largest private lender as its weight in the MSCI India Index will double. Investors are excited for this move — HDFC's share price has increased by more than 16 and a half percent over the last month. Despite this surge, HDFC's share price has remained flat from a year ago. In sharp contrast, ICICI Bank’s share price has increased by more than 30 percent over the same period. HDFC's inclusion in the MSCI index might provide some cheer for investors in the short term, but it has plenty to catch up.The banking industry in India looks quite different than it did just five years ago. In September 2019, the Reserve Bank of India had directed all banks to link their interest rates to the repo rate as well as the treasury bonds. This meant that when any change in RBI's repo rate or the bond yields took place, the interest rates that the banks charged to the consumer would change proportionally. Prior to that, banks were quick to pass on interest rate hikes but not the savings that came with rate cuts. Shayan Ghosh writes that this transmission has been swift: 58 percent of all floating loans in India are now tied to \rates standardised by RBI. The regulator’s main motive is to protect consumers, and it's doing a good job of it so far under governor Shaktikanta Das.At Mint, we're closely following the next Union Budget. Our big Budget story of the day is that the government is planning on easing business-related hurdles, plugging in tax gaps, and recaliberating customs duties to empower domestic companies. The industries that are set to benefit from this move are textiles and engineering goods, report Gireesh Chandra Prasad and Rhik Kundu. Policymakers want to improve domestic production of goods, and will resort to these protective measures to ensure Indian companies fare better than their foreign counterparts.The Indian startup industry has had one major complaint for the entirety of its existence: the angel tax. This was a duty amounting to 30.6 percent — a steep price to pay when any startup is raising money. The government imposed it in 2012, and earlier this year, extended it to NRIs as well. This made fundraising a much more expensive process for both investors and the startups. But finally, there's some reprieve: Dhirendra Kumar reports that the ministry of commerce has recommended that this tax be repealed. This decision now lies with the ministry of finance. If this goes through, expect a lot more investments in India's ever-growing startup industry.At its peak, Tiger Global was one of the most prolific venture capital funds around the globe. It grew to prominence via its investments in China, making billions of dollars in the process. In India, Tiger has invested in more than 160 companies. Some of its notable investments in India include Flipkart, MakeMyTrip, Zomato, and Ola. But that was the Tiger Global of yesterday. Today, its roars have turned into meek yelps, writes Ranjani Raghavan. Tiger has only been making smaller, follow-up investments these days, and is afraid to take on big bets. The zero interest rate phenomenon is now dead, which means Tiger can't afford to invest in companies that believe in a growth-at-all-costs philosophy. That particular strategy allowed Tiger Global to grow to new heights, and it might be the reason why it fails spectacularly.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:HDFC Bank’s weight on the MSCI India Index is set to double. But does it matter? How Shaktikanta Das is fixing the problem of wayward bank interest rates Govt plans duty reforms, tax tweaks to boost local manufacturing DPIIT recommends removal of Angel Tax Why Tiger Global’s ferocious roar has turned into a soft mewl

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.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:GenZ's share of investors on NSE doubles as young turks charge at the marketsUttar Pradesh tops Tamil Nadu in GST collection: Myth and realityNow, Centre mulls stock declaration for onions, imposing stock limitChinese smartphone makers looking for Indian partners for manufacturingStill working from home? These offices just might lure you back

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, July 3, 2024. My name is Nelson John. Let's get started:Sensex and Nifty remained largely flat on Wednesday. Both fell by less than 0.1 percent during trading hours yesterday.It's difficult to keep the Adani Group out of the news cycle. More than a year and half after it was accused of various irregularities by US-based short seller Hindenburg Research, we're back at it. The markets regulator Sebi sent a show-cause notice to Hindenburg and its financial partner, accusing their report of being sensationalist and profit-oriented. Hindenburg fired back and denied Sebi's accusations, calling it, and I quote, "nonsense". Hindenburg added that Sebi's report was premeditated, and the research firm stood by its report. Varun Sood outlines the entire saga, and explains the notices and responses between Sebi, Adani, and Hindenburg.It's incredibly easy to get a loan these days. Fintech apps have brought in the "buy now, pay later" revolution, which means that you can order a pizza for dinner tonight and pay for it in the next three months, without any interest. But Indians aren't just borrowing small amounts — home, car, and education loans have been disbursed at the highest volumes since 2008. Vivek Kaul points out a glaring contrast between borrowing and spending data: we're borrowing more than ever, and spending... less? Private consumption today stands at just 8.5 percent, the slowest in two decades. Vivek answers why this dichotomy has taken place, and how the Indian economy is getting affected by such a pattern.While fintechs have more business than ever, their voracious potential for growth is only limited by one possibility: regulation. Priyamvada C and Mansi Verma team up to report that India's fintech companies want clarity on such regulations. They want hassle-free licensing, tax considerations, and provisions for financial inclusion. Fintech players told Priyamvada and Mansi that a clear framework would help in streamlining their work. For example, currently, a fintech has to apply for multiple licences to offer their services. They claim that they could be making much more progress and digitising more of India's finances if they had such a framework to adhere to.It's July, which means that it's the rainy season for most of India. While the season officially starts in June, this year's progress has been slow. This is bad news for India's agricultural sector, which completes much of the sowing for its kharif crops this month. A slow or insufficient monsoon can spell disaster for the country's economy, writes Harsha Jethmalani. She points out the concerns around inflation in June, and a cascading effect on rural incomes. India needs rural demand to rise, and a poor monsoon won't help with that.July also means that it's tax season. The deadline to file your income tax returns is 31st July. Unfortunately, the process isn't easy. There are a lot of forms to choose from, and one might get confused. Sashind Ningthoukhongjam weaves a nice narrative to explain the different kinds of forms, and which ones would be appropriate for your type of income. Remember, missing the 31st July deadline can lead to a penalty of 5,000 rupees — I'd recommend you to read this story if you still had doubts on filing your IT returns.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:Mint Explainer: Hindenburg's latest salvo against Sebi and Adani—and Kotak Retail credit aplenty. But why is our spending growth soft? Fintechs seek regulatory clarity, improved licensing, tax reformsWith a sombre start, spectre of a disappointing monsoon season lurks Income tax deadline looms: Know your ITR forms to avoid penalties

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, July 2, 2024. My name is Nelson John. Let's get started:The Indian market’s benchmark indices Nifty and Sensex both gained more than 0.5 per cent by the end of the trading session on Monday.In a significant push to bolster the 'Make in India' initiative, the government is considering a Production-Linked Incentive scheme that could transform the railway sector. The scheme—likely to be introduced in the upcoming Union budget—will specifically target the manufacturing of certain railway components that we typically import. Now, what’s on the cards? The government is thinking about offering incentives ranging from 5-10% for locally produced products like wheels, axles, and braking systems, crucial for modern train sets such as the Vande Bharat and green trains running on alternative fuels like hydrogen. They've proposed this scheme to last three years with an expected incentive pool of ₹1,000-1,500 crore. Mint’s Subhash Narayan reports on the scheme, aimed at making our rail component industry more robust and competitive.Indian investors have been showing unparalleled enthusiasm towards the defence sector–something that was seen post-world war 2 on Wall Street. Since its inception in January 2022, the Nifty India Defence Index has surged nearly 400%, overshadowing gains in other sectors. With India's significant military size and budget commitments to defence modernization, the sector presents a massive opportunity. In the fiscal year 2023-24, defence exports from India reached an all-time high, boosting investor optimism. However, the escalating stock prices have raised concerns about sustainability. Experts like Anirudh Garg from Invasset and George Thomas from Quantum AMC advise caution, pointing out that the sector might be overheated despite its growth potential. Mint’s Abhishek Mukherjee takes a detailed look at whether defence stocks can armour-plate your portfolio - in today’s Long Story. Private investors are increasingly initiating forensic audits earlier in their relationships with portfolio companies, aiming to identify and address potential financial and governance issues preemptively. This shift comes in response to significant financial losses caused by mismanagement in high-profile startups, leading to a more proactive approach in risk management. Previously, audits were typically conducted after issues surfaced, but now, they're often triggered by early warning signs, enhancing the ability to manage risks effectively throughout the investment lifecycle. Mint’s startups correspondent Sneha Shah reports. The first half of the year was packed with big Bollywood releases like Fighter, Bade Miyan Chote Miyan, and Maidaan, but even these star-studded films couldn't shake the Indian movie industry out of its slump. Box office collections dropped from ₹4,868 crore in the first half of 2023 to ₹3,000-3,500 crore this time around, also partly because we had almost no new films during the Lok Sabha election for about two months. Particularly, Bollywood's numbers were down by ₹400-500 crore. Despite these flops, there's a silver lining with some smaller films. Movies like Crew, Article 370, and Munjya did quite well, hinting that moviegoers are ready to return to the theatres if the content catches their eye. This shift towards smaller films is pretty stark compared to last year's blockbusters. But it's not all gloomy. Malayalam cinema has been doing surprisingly well, with several hits like Manjummel Boys and Aadujeevitham-The Goat Life easily crossing the ₹100 crore mark. It seems they've managed to rake in nearly 71% of their last year's total in just the first three months of 2024! Mint’s Lata Jha brings a wrapup of the first half of the year for India’s film industry. The rise of digital avatars or 'deadbots' that allow us to interact with representations of the deceased is stirring both fascination and ethical debates. Companies like DeepBrain AI, HereAfter AI, and Eternime are pioneering services that enable the dead to have a form of digital presence, often inspired by popular media like the Pixar film Coco. The goal ranges from providing comfort and legacy planning to educational purposes, such as allowing students to interact with an avatar of Einstein discussing relativity. The potential of these technologies extends beyond simple memorials. They can perform at virtual concerts, offer family recipes, or guide medical students—almost like bringing the past into the present. Mint’s Leslie D’Monte explains what deadbots are in today’s Primer. 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:Wheels, brakes and axles: Vande Bharat's parts makers may get a PLI horsepowerGunning for glory: Can defence stocks armour-plate your portfolio?Forensic auditors at startup doors as edgy investors look to fix issues earlyAt the box office, a dull first half punctuated by small moments of delightMint Primer: AI can make you immortal. What’s the problem?

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, July 1, 2024. My name is Nelson John. Let's get started:Three days ago, Reliance Jio hiked its tariff rates across all its plans. Its closest competitors Airtel and Vodafone Idea soon followed suit. This is the third such hike in the last five years. Average rates for all plans were increased by 10 to 25 percent. Gulveen Aulakh reports that another hike could come in the next financial year. However, increased prices are good news for investors, as this will lead to better revenues across the board. India will continue to have some of the cheapest data tariffs anywhere in the world. Telecom companies feel that these hikes can be easily absorbed by the end users at the moment. Over 2.3 million aspirants had pinned their hopes on the results of the UGC NEET exam. However, the entire debacle has dashed the hopes of many hoping to pursue medicine as a career option. Rajrishi Singhal opines that this fiasco was a failure of the government's education policy. NEET was conceptualised in an era where the contrast between the applicants and the number of medical seats was far too high, while most states conducted their own entrance exams. This supply-demand problem led to huge financial exploitation of aspirants. The NEET exam was intended to level the playing field. That problem still exists: the 2.3 million students are vying for just over a hundred thousand seats. Rajrishi argues that fixing this would involve long-term solutions, not immediate band-aid fixes that have proven to be a bane for India's education system.If you've been planning to buy a new phone, you'd most likely rather wait till the upcoming festive season to capitalise on all the discounts. However, at smartphone showrooms, these discounts are rolling in already. And no, these aren't bank-specific offers that are now run-of-the-mill at any online retailer. For example, you can now take EMIs without any down payment. You can even immediately exchange your existing smartphone for a new one. Shouvik Das writes that mobile phone makers might soon extend further discounts to boost weakening consumer sentiment. The prices for flagship phones are only increasing, putting off potential buyers. These offers are intended to lure such buyers, notes Shouvik. So before you add to cart, make sure to visit your nearest store — you might just find a better deal.Amaravati in Andhra Pradesh was supposed to be the next big megapolis. It was supposed to have lush green manicured lawns and a city plan that accounted for trees all over the city. In 2014, Amaravati was declared as AP's new capital, to be inaugurated in a decade. Well, it's that time, and Amaravati is... a ghost town? But with K. Chandrababu Naidu and the Telugu Desam Party roaring back to power, Amaravati is poised to return to its planned glory. Amaravati is centrally located for most parts of AP, and is connected to the river Krishna. Read N. Madhavan's excellent on-ground report of the promise that was Amaravati, what exists today, and what the new government has planned to turn it into posthaste.It's July, which means it's also Wimbledon season! Arguably the most prestigious grand slam to exist in the world of tennis, winning just a single match at the tournament is considered a huge achievement for many. Last year's result in the men's division was a shocker for most: 20-year old phenom Carlos Alcaraz won the coveted title. He was the first new name to win Wimbledon since 2003. With Nadal, Federer, and Murray retired, and Novak Djokovic nursing injuries, this year too could spring up a new surprise winner. Deepti Patwardhan writes an excellent primer on this year's tournament, and how for the first time in decades, it feels like it could be anyone's year.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:Phone tariff hikes: Is this the end of cheap data? There are no neat solutions to the country’s Neet fiasco Festive season comes early to smartphone showrooms Capital gains: How zombie town Amaravati could rise again with TDP in Andhra Wimbledon 2024: A tournament that is brimming with possibilities