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, September 20, 2024. My name is Nelson John. Let's get started.

On Thursday, Indian equity markets hit another record high following the US Federal Reserve's decision to cut interest rates by 50 basis points—double the expected 25-point reduction. Harsha Jethmalani notes that Indian markets are anticipating further rate cuts ahead. While the European Central Bank has already reduced rates, Harsha points out that the RBI may refrain from doing the same due to persistent inflationary pressures.

This week, dozens were injured and some killed across Lebanon and Syria after pagers exploded. Hezbollah had been using these low-tech devices to communicate, fearing smartphones could be tracked. These pagers, which only receive messages via radio frequencies and aren't connected to any network, offer a lower-tech alternative. Leslie D'Monte reports that despite their perceived redundancy, pagers and walkie-talkies are still widely sold. He also notes that cellphones and smartphones, equipped with GPS tracking, are even more vulnerable to such attacks.

The Adani Group is on a shopping spree. The budget? Around 7 billion dollars. Anirudh Laskar reports that this amount would be spread across cement, airports, defence, ports, and FMCG. The deals are supposed to be concluded in the current financial year. While the conglomerate has completed over 60 acquisitions in recent years, activity paused following the Hindenburg Research report in early 2023. Anirudh notes that in its three-decade history, the company has never embarked on such an aggressive expansion plan.

In the pre-pandemic era, Indian startups and their investors were fixated on one key metric: Gross Merchandise Value (GMV), which measures total sales without accounting for discounts or operational costs. This focus drove rapid growth, backed by abundant investment. However, the pandemic shifted attention towards unit economics, pushing investors to scrutinize profitability per rupee spent as startup losses mounted. This transition marked a shift from celebrating growth at any cost to prioritizing financial sustainability. Priyamvada C reports that many Indian startups are now adopting this more sustainable approach, with a renewed focus on improving their unit economics.

Goa’s picturesque beaches and vibrant nightlife have long been a magnet for tourists, but in recent years, the region has also emerged as a hotbed for real estate development. Spurred by the pandemic, demand for 'second homes' in Goa has surged, with luxury homes and premium plots reaching record prices. Property portals like 99acres.com and Housing.com now list residential plots in Goa for up to ₹5 crore, highlighting the intense interest in the market. However, this boom is not without challenges, writes Madhurima Nandy. The rapid transformation has raised local concerns about the sustainability of such growth and the preservation of Goa’s cultural and environmental heritage.

Markets want Fed to go fast and furious on rate cuts

Pager bombs: Are low-tech devices sitting ducks?

Adani’s resurgence: A $5-7 bn war chest for cement, ports, defence acquisitions

From growth at all costs to sustainable growth: the maturing of Indian startups

Living in paradise: The great Goa realty rush

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