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, October 22, 2024. My name is Nelson John. Let's get started.

When you don't agree with the outcome, just don't release the data: that's the approach Indian carmakers have taken of late. The release of a crucial carbon emissions compliance report has been delayed because companies like Hyundai, Kia, and Mahindra failed to meet norms. Alisha Sachdev reports that the automakers want a five-year period to bring down their emissions, while the government has already issued steep fines. If the companies publish their below par numbers, the fines will increase — leading to this stalemate. Indian emission norms are still better than their European counterparts, but carmakers don't seem like they want to budge as of now.

The Edelweiss Group is set to unleash a sea of IPOs into the market soon. In an interview with Mint, the group's founder and chairman Rashesh Shah said that the company is hoping to list seven subsidiaries soon. The group intends to begin with the IPO of its mutual fund arm and its alternative asset management subsidiary, each valued at 1 billion dollars. Shah admitted that initially, the financial services company chased growth above everything else, which backfired later. The group also plans to pay off debt worth 6,000 crore rupees by the end of this year to prepare for a clean slate as the IPOs approach.

After being a laggard for much of 2024, the Bank Nifty has finally turned a corner, led by HDFC and Axis Banks. Other stocks like Kotak Mahindra have provided mixed results. Ram Sahgal writes that the banks have had to adopt new strategies to adjust their loan books and attract more deposits. Ram also spoke to analysts, who said that the Bank Nifty could now outperform the Nifty50. HDFC's stock performance will be crucial to the Bank Nifty's growth, they added.

Last week, fintech Navi got a huge jolt as it was barred by the Reserve Bank of India from disbursing any more loans. The RBI had banned Navi for charging high interest rates for its loans. Gopika Gopakumar reports that Navi and its founder Sachin Bansal assured its lenders in an unscheduled meeting that the company was well-prepared to manage any fallout until March 2026. Navi outlined a plan to cover 3,027 crore rupees in debt repayments due in the next six months, with expected customer collections touching 4,000 crore rupees. The company also has a liquidity buffer of 1,500 crore rupees, Bansal outlined. Navi focuses on personal loans of up to 20 lakh rupees, disbursed through its app.

We told you yesterday about how gold prices in India are hitting record highs. The prices are peaking over 78,000 rupees per 10 grams, influenced by a mix of global and domestic factors. Initially, a cut in import duty led to a temporary drop in prices, spurring a spike in demand. However, global uncertainties have driven prices back up. Soumya Gupta explains that despite this  volatility, Indian consumers aren't necessarily reducing their gold purchases. Sales of lighter and more affordable jewellery pieces have increased during the festive season, with jewellers responding quickly to cater to this demand.

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