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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, April 26, 2024. My name is Nelson John. Let's get started:  Indian benchmark equity indices surged for a fifth straight session on Thursday with BSE’s Sensex recording its all-time high of 74,571 points. NSE’s Nifty 50 ended the day 0.75 per cent higher.   Packaged food is a convenience a lot of us rely on. From cereal for infants to readymade spice mixes, packaged food has become a crucial part of our diets. But recently, some big-name brands have found themselves in hot water over their food products. Public Eye, a Swiss watchdog group, has called out Nestle for adding too much sugar in its infant products and cereals in India. Nestle says it's been cutting down on sugar, but concerns linger. MDH and Everest, two popular spice brands, got flagged by regulators in Hong Kong and Singapore for using ethylene oxide, a cancer-causing chemical, to keep spices fresh. In response to these concerns, the Food Safety and Standards Authority of India is conducting thorough investigations, including sample testing from various production sites. Sayantan Bera, who covers food and nutrition for Mint, explains the implications of lingering regulatory action on packaged food brands.   Is Tesla on its way to India or not? That is a question a lot of Tesla fans and enthusiasts are grappling with right now. Despite India rolling out the red carpet with a new electric vehicle policy aimed at wooing automakers like Tesla, Elon Musk’s powerhouse remains on the fence. People in the know told Mint’s autos correspondent Alisha Sachdev that the Texas-based EV-maker hasn't engaged significantly with state governments or local suppliers, nor has it taken steps to set up its crucial supercharger network in India. Other automakers like Vietnamese EV-maker Vinfast, meanwhile, are making strides towards setting up their operations in India. Tesla on the other hand seems to prefer entering the market through imports to gauge potential before committing to local manufacturing.  India is currently in discussions to sidestep a potential G7 mandate that requires all diamond imports to the G7 countries to be tested in Belgium. The G7 mandate is to ensure that diamonds originating from Russia do not enter its member nations. India on the other hand wants the diamonds to be tested in domestic hubs like Surat and Mumbai to avoid escalating costs for diamantaires. India, a major player in the diamond industry, processes about 91% of the world’s rough diamonds and is looking to negotiate with European authorities to prevent a disruption in its exports. Mint’s Mihir Mishra and Ram Sahgal report on India’s efforts to keep its diamond testing within its borders.   The finance ministry's latest report is buzzing with optimism, thanks to predictions of a bountiful monsoon expected to boost harvests and keep inflation in check this year. This good news comes amid a backdrop of stubborn global inflationary pressures. Mint’s economy correspondent Rhik Kundu writes about the Finance Minister’s monthly Economic Report for March, according to which India's handling of inflation has been quite effective thanks to a mix of strategic interest rate decisions, robust food supply policies, and eased import restrictions. This has brought retail inflation down to a post-pandemic low, with core inflation dipping to 3.3 per cent in March. The India Meteorological Department's prediction of a normal monsoon paints a hopeful picture of agricultural revival and falling food prices, especially after last year's erratic weather. Food inflation in India eased to 8.52 per cent in March from February's 8.66 per cent, although prices remained high in categories like meat, fish, and eggs.    Since the 90s, MTV has been a part of India’s cultural zeitgeist with not only its music but also many of its popular shows. Last month, MTV’s parent company Paramount Global decided to call it quits in India.The American media and entertainment giant sold its remaini ng stake in Viacom18 to Reliance for $517 million. Paramount is not the only international media company to leave India. Previously, NBCUniversal ended its joint venture with NDTV in 2009, Disney closed its Hindi film production division in 2016, and Universal Pictures shut its India office in 2020. Despite India being a prime market for streaming platforms and social media, traditional media companies have struggled to maintain their operations. The reason? Challenges range from the difficulty of creating content for a linguistically diverse audience to the complexities of managing local teams. Mint’s media and entertainment correspondent Lata Jha examines the reasons behind the exodus of global media companies.   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'll be back next week with a fresh episode of Top of the Morning. Have a great weekend ahead!    Show notes:  <a href="https://www.livemint.com/industry/retail/mint-primer-heres-food-for-thought-how-safe-is-your-child-s-dinner-plate-11714047744204.html">Mint Primer | Here's food for thought: How safe is your child’s dinner plate?</a><a href="https://www.livemint.com/companies/teslas-india-entry-on-ice-musk-yet-to-firm-up-plans-for-india-11714027088606.html">Tesla’s India entry on ice: Musk yet to firm up plans for India</a><a href="https://www.livemint.com/industry/russian-diamonds-g7-belgium-diamond-verification-centre-indian-diamond-exports-11714017646008.html">Surat, not Belgium: India pushes back on G7's diamond checks</a><a href="https://www.livemint.com/videos/economy/abovenormal-monsoon-forecast-to-ease-inflationary-concerns-finance-ministry-11714042949051.html">Above-normal monsoon forecast to ease inflationary concerns: Finance ministry</a><a href="https://www.livemint.com/industry/media/unhappy-ending-why-foreign-entertainment-companies-are-heading-for-the-exits-11714039316828.html">Unhappy ending: Why foreign entertainment companies are heading for the exits</a>

Top of the Morning

Is Tesla coming to India or not?

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, April 25, 2024. My name is Nelson John. Let's get started:  The Indian equity markets increased marginally on Wednesday. Benchmark indices Sensex and Nifty both rose by about 0.15 per cent. Vodafone Idea, Tata Consumer, and Sun Pharma were some of the notable names that lost a lot of shareholder value during yesterday's trading session.  The board of Tata Sons is soon headed for a revamp, with two directors set to retire over the next 15 months, reports Varun Sood. Last month, a new independent member joined. In effect, about one-third of the Tata Sons 10-member board will be going through a turnover in just over a year. The main task for the new board members will be to ensure that the Tata group becomes a debt-free company. The group currently owes over 20,000 crore rupees to its lenders. But through selling of shares in its crown jewel TCS, and other measures, Tata Sons can realistically achieve this goal by next year.   Kotak Mahindra Bank received a huge jolt yesterday when the banking regulator barred it from onboarding any new customers online. The Reserve Bank of India also barred Kotak Mahindra from issuing any fresh credit cards. RBI said that serious lapses in the bank's IT services had forced it to take such a drastic measure. Shayan Ghosh writes that existing Kotak customers shouldn't face any hurdles, but this is a huge loss of confidence for new CEO Ashok Vaswani's bank.  At Mint, we've been steadily bringing you some in-depth election coverage. For today's Long Story, we invited Ruhi Tewari to write about the election landscape in Uttar Pradesh. UP is inarguably the most pivotal state when it comes to the general election: 15% of all elected Lok Sabha members come from this state. But what issues are UP citizens voting on? The usual, writes Ruhi: electricity, roads, and water. India's most populous state will vote for the party that guarantees them these basic necessities. However, the ruling BJP is expected to win this state again—not because of the Ram temple, but because of an improved law-and-order situation in the state. Ruhi gets the on-ground pulse from Lucknow, Ayodhya, and Mathura for this deftly reported story.  If you've watched IPL this year, a host of betting apps would've tried to lure you in. But if you log in, they don't just offer bets on how much Dhoni will score or how many runs RCB will lose by this time—you can even punt on the results of the general election. Varuni Khosla writes that the advertising standards council of India has flagged brazen promotions by these illegal betting apps, but to no avail. This issue assumes importance especially as the Supreme Court forced Patanjali to apologise for its misleading advertisements, and hauled up other consumer goods companies as well.  If you've seen any betting apps on a website, chances are you have searched for some betting sites yourself. This is called a targeted ad: catering to specific users' needs, based on their search or browsing history. If you're surprised, I agree: it's quite invasive. To help with that, the ministry of corporate affairs has initiated the Digital Competition Bill. This bill is only likely to be taken up after the national election is concluded, but will help with maintaining your privacy online, reports Gireesh Chandra Prasad. However, executives from the adtech industry have said this will result in fewer monetising avenues. In this battle for privacy versus revenue, who will win? We'll only find out by the end of the year—that's when the bill is likely to be introduced in Parliament.  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:<a href="https://www.livemint.com/companies/news/new-faces-on-tata-sons-board-bhaskar-bhat-ralph-speth-near-retirement-11713945575788.html">New faces on Tata Sons board? Bhaskar Bhat, Ralph Speth near retirement </a><a href="https://www.livemint.com/industry/banking/rbi-directs-kotak-mahindra-bank-from-onboarding-new-customers-via-online-mobile-banking-issuing-new-credit-cards-11713955753773.html">RBI bars Kotak Mahindra Bank from adding new customers via web, mobile app</a><a href="https://www.livemint.com/politics/news/work-is-worship-bijli-sadak-paani-are-once-again-the-key-poll-issues-in-uttar-pradesh-11713953540303.html">Work is worship: Bijli, sadak, paani are once again the key poll issues in UP</a><a href="https://www.livemint.com/industry/betting-illegal-betting-companies-advertising-bets-ipl-general-elections-ads-gaming-11713931990067.html">IPL, elections are all fair game on illegal betting apps</a><a href="https://www.livemint.com/news/india/targeted-ads-become-focal-point-of-digital-competition-debate-11713947633867.html">Targeted ads become focal point of digital competition debate</a>

Why UP is likely to vote for the BJP

Welcome to Top of the Morning by Mint, your weekday newscast that brings you five major stories from the world of business. It's Wednesday, April 24, 2024. My name is Nelson John. Let's get started:Indian benchmark indices continued their momentum on Tuesday to close in the green for a third straight session. BSE’s Sensex closed 0.12 per cent above its previous close while NSE’s Nifty too ended the day up 0.14 per cent.Are Indians changing the way they travel? It certainly seems so, given the surge in air travel. On April 21, a record-breaking number of over 470,000 passengers flew across India, surpassing last year's record on April 30. India, already the third-largest aviation market after the U.S. and China, has witnessed a remarkable growth in air traffic, more than doubling over the past decade. Experts suggest this boom is fueled by increasing incomes, competitive pricing of airfares, and the untapped potential of first-time flyers. Mint’s aviation correspondent Anu Sharma explores what's driving this shift, the impact on airlines, and the challenges that could temper this rising trend.The conversation around lowering the extra charges on hybrid vehicles is stuck in a bit of a limbo. People close to the development told Mint’s autos correspondent Alisha Sachdev that despite backing from the ministry of commerce and transportation, no real movement is possible without a bigger shake-up of the overall tax system. Right now, hybrids get slapped with a hefty 43 per cent tax, while electric vehicles cruise by with just a 5 per cent GST, thanks to policies aimed at cleaning up transportation. But not everyone's on board with making hybrids more attractive—major local car makers, led by Tata Motors, argue that cutting taxes on hybrids could slow down the electric vehicle revolution. Amid all this, there's a growing anxiety within the auto industry about what future tax rates might look like for electric vehicles as they become more common. Will the current low rates hold as EVs grab a larger market share?The scorching heat wave sweeping across East and South India isn't letting up anytime soon. The India Meteorological Department has issued a heads-up that we’re in for another five gruelling days of high temperatures. This heat wave is hitting just as voters in states including West Bengal, Uttar Pradesh, Karnataka, Kerala, and Bihar gear up for the second phase of the Lok Sabha election this Friday. IMD has predicted a particularly harsh summer with the possibility of extended heat wave conditions lasting anywhere from 10 to 20 days. An orange alert is out for regions like Odisha, Bihar, and Gangetic West Bengal, signalling moderate health risks, especially for the more vulnerable groups like the elderly or those with chronic health issues. Mint’s Puja Das reports on the met department’s predictions for the upcoming weeks.The Supreme Court of India has widened its lens in the Patanjali case to include all fast-moving consumer goods (FMCG) companies, particularly those peddling health products with potentially misleading ads. This expansion follows a complaint by the Indian Medical Association against Patanjali for its controversial advertising tactics. The court has now asked several key ministries to step up and monitor these companies more closely, ensuring they aren't misleading especially vulnerable groups like children and the elderly. This could potentially reshape advertising norms in India, as the industry heavily invests in advertising, with FMCG companies being the largest spenders. Mint’s consumer correspondent Suneera Tandon reports on the crucial development that could shape the future of advertising in India.One of India’s biggest conglomerates - the Adani Group - is omnipresent in sectors across the country’s industrial landscape. Now Adani Properties, a part of the conglomerate, is making strides in the country’s real estate sector. The company won the bid to redevelop Mumbai’s Dharavi, also known as Asia’s largest slum settlement. It won the redevelopment bid in November 2022 with an offer of 5,069 crore rupees. The area, in the heart of India’s financial capital, is home to about a million people. Group chairman Gautam Adani has in the past expressed deep personal commitment to the redevelopment of Dharavi. The project aims to resettle Dharavikars and transform the area into a prime real estate location, potentially elevating Adani Properties to a major player in the real estate sector. The company, which ventured into real estate under the Adani Realty brand about 14 years ago, has expanded significantly, with projects across Mumbai, Pune, Ahmedabad, and the Delhi-NCR region, totaling 200 million sq.ft. in various stages of development. Mint’s Madhurima Nandy takes a deep dive into the operations and projects of Adani Properties, and the conglomerate’s other real estate businesses, for today’s Long Story. 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:<a href="https://www.livemint.com/industry/mint-primer-up-up-and-away-the-implications-of-india-s-soaring-demand-for-air-travel-11713884539289.html">Up, up and away: the implications of India’s soaring demand for air travel</a><a href="https://www.livemint.com/auto-news/hybrid-cars-must-haul-the-cess-load-for-longer-11713879292433.html">Hybrid cars must haul the cess load for longer</a><a href="https://www.livemint.com/news/india/severe-heat-wave-likely-in-east-south-india-until-saturday-ahead-of-phase-2-poll-11713872760757.html">Severe heat wave likely in East & South India until Saturday ahead of phase 2 poll</a><a href="https://www.livemint.com/industry/patanjali-ads-cast-a-long-shadow-over-fmcg-sector-11713883090287.html">Patanjali ads cast a long shadow over FMCG sector</a><a href="https://www.livemint.com/industry/infrastructure/from-shantigram-to-dharavi-how-the-rise-of-adani-s-realty-play-threatens-dlf-11713864999736.html">From Shantigram to Dharavi: How the rise of Adani’s realty play threatens DLF</a>

Supreme Court pulls up FMCG firms on ad practices

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, April 23, 2024. My name is Nelson John. Let's get started:The Indian equity markets bounced back on Monday. Benchmark indices Sensex and Nifty both rose by about 0.8 percent. The country's largest conglomerate, Reliance Industries, filed its earnings report yesterday. While profits were down quarter-on-quarter, overall profit increased 4 percent in FY24, as compared to the previous financial year. The oil and chemicals giant reported a dividend of 10 rupees per share. Reliance Retail and Jio also reported their earnings yesterday, recording steady growth. Since the results were declared after the market closed, RIL's stock didn't record any significant change owing to the results.Let's move to another oil conglomerate, this time from across the Arabian Sea: I'm talking about Aramco, Saudi Arabia's state-owned oil refining company. Aramco's venture capital arm is interested in the Indian startup sector, and is willing to bet on it. Sneha Shah reports that this arm, named Prosperity7 Ventures, is looking to set aside around two to three hundred million dollars to invest in early-stage Indian startups. It plans on spreading that amount across nearly two dozen companies, Sneha writes. Prosperity7 has a portfolio worth about 3 billion dollars worldwide, and wants India to be the home for its next set of investments.You can't talk about conglomerates without talking about the Adani Group. Last year, the group bought a majority stake in infrastructure behemoth Ambuja Cements, and has slowly increased its share in the company. But the plan doesn't stop there, writes Anirudh Laskar: Ambuja is planning a series of acquisitions to overtake Ultratech as the country's number 1 cement company. A capital expenditure of over 9 billion dollars is in the works, Anirudh reports. This would take Ambuja's annual production capacity to at least 180 million tonnes, from about 80 million tonnes now. But Ultratech too has plans to add to its  current capacity of 151.6 million tonnes a year. The Adani group has lots to catch up, at least in the cement sector.Metro cities are full of e-commerce deliveries constantly in action: vans, scooters, and even trucks fulfilling orders round the clock. But e-commerce hasn't penetrated as much into India's hinterlands. That is now changing, writes Priyamvada C. E-retailers like Rozana and Floryo are targeting customers in tier 2 cities and beyond, where customers are increasingly ready to pay more for products but unwilling to compromise on quality. These e-tailers are also attracting enough money from investors to become viable businesses, Priyamvada writes. She also spoke to executives from venture capital funds to assess the scope of startups that operate primarily in such markets.Election campaigns are in full flow. In most corners of the country, voters will be choosing between national or state parties. But very rarely will there be a viable independent candidate. Barmer, a desert-laden district in Rajasthan, might just have that. Sayantan Bera profiles Ravindra Singh Bhati, an independent candidate fighting for the seat of Barmer. He seems to be incredibly popular, and at 26, is one of the youngest candidates across the country. Bhati's popularity seems to be credited to his social media presence. On instagram, he has more followers than Barmer has eligible voters. Sayantan writes about how Bhati's campaign is developing, how caste politics are in play again, and asks the crucial question: will this show and dance translate to actual votes come elections?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.We'll be back tomorrow with a fresh episode of Top of the Morning. Have a nice weekend!Show notes:<a href="https://www.livemint.com/companies/company-results/reliance-q4-result-revenue-up-11-yoy-pat-comes-almost-flat-key-highlights-11713794841942.html">Oil fuels RIL’s Q4 show</a><a href="https://www.livemint.com/companies/start-ups/aramcos-vc-arm-in-talks-for-india-team-11713784742640.html">Aramco’s VC arm in talks for India team</a><a href="https://www.livemint.com/companies/gautam-adani-ambuja-cements-capex-9-billion-aditya-birla-ultratech-cement-11713776166063.html">Battle to cement leadership hots up between Adani’s Ambuja and Birla’s UltraTech</a><a href="https://www.livemint.com/news/tier-2-online-shoppers-are-here-can-they-change-the-game-11713761458740.html">The rise of tier-2 online shoppers: Can they change Indian e-commerce? </a><a href="https://www.livemint.com/politics/news/in-desert-country-a-26-yr-old-reel-neta-rises-to-challenge-bjp-congress-11713781717981.html">In desert country, a 26-yr-old ‘reel neta’ rises to challenge BJP, Congress </a>

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