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Top of the Morning

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  • Top of the Morning is a daily podcast in which we bring you all the action from the global markets and the business world to kick-start your day on a well-informed note. This is a Mint production, brought to you by HT Smartcast
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Episodios
  • Predictions for the Union Budget

    Predictions for the Union Budget
    Jul 17 2024
    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?
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    5 m
  • Inside India’s stressed real estate projects

    Inside India’s stressed real estate projects
    Jul 16 2024
    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
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    5 m
  • Implications of the attack on Trump

    Implications of the attack on Trump
    Jul 15 2024

    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
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    4 m
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