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, September 24, 2024. My name is Nelson John. Let's get started.

Banks are finding creative ways to attract new customers amid a deposit crunch. Smaller banks in particular are spicing up their offerings to stand out. They're partnering with fintechs and rolling out products such as standalone fixed deposits and secured loan-linked deposits. Anshika Kayastha reports on how this shift is helping banks compete with mutual funds and insurance options which have been drawing in more household savings. Banks are also teaming up with platforms such as PhonePe and Mobikwik to offer FDs without the need for a bank account, aiming to make banking as convenient as online shopping. 

As the festive season approaches, online sellers of refurbished electronics such as smartphones and laptops are gearing up for a sales boost. ReFit Global and Cashify, leaders in the refurbished market, are expecting significant increases in sales figures during the festive months, which is traditionally a high point for electronics purchases. Despite the availability of newer devices at competitive prices, refurbished models continue to attract consumers looking for cost-effective alternatives, reports Sowmya Ramasubramanian. These are particularly popular in tier-2 and tier-3 cities, where budget-conscious consumers can access premium brands at reduced prices. Moreover, the convenience of monthly payment options and the increased presence of these products on major e-commerce platforms enhance their appeal.

Speaking of smartphones, let's talk about Samsung. A workers' union is protesting against low wages at the company's plant in Chennai. Talks with Samsung’s management have not progressed and the protests are in their third week. Sumant Banerji and N Madhavan teamed up to bring you an on-ground report of this stalemate. The workers have three main demands: recognising the labour union, increasing wages and improving working conditions. For now, Samsung has hired contractual workers to ensure that its production isn't halted for too long. But who will blink first? The union doesn't seem like it will budge, while Samsung has faced a slew of issues that has reduced its market share.

JSW Group is moving its massive 40,000 crore rupee EV and battery project from Odisha to Maharashtra, chasing political stability and new opportunities. Initially planned for Cuttack and Paradip, they're now eyeing Aurangabad and Nagpur, Alisha Sachdev reports. This switch follows Maharashtra's welcoming of big-ticket projects such as JSW Energy's 25,000 crore rupee lithium battery venture in Nagpur and a 27,200 crore rupee electric vehicle plant in Chhatrapati Sambhaji Nagar. This isn't the first time a big name has shifted a plant because of regional politics—remember Tata’s Nano move to Gujarat in 2008? Similarly, JSW’s pivot aligns with its strategy to enhance supply chains and secure a stable setup.

If you've been in the market for diamonds in the past couple of years, you may have been tempted to buy lab-grown ones, which are nearly indistinguishable from their natural counterparts. Varuni Khosla and Suneera Tandon report that as the festive season approaches, customers are likely to find great deals as the diamond market is seeing a massive correction in prices. Real diamonds are about 20 percent cheaper, while lab-grown diamonds have seen a whopping 100 percent drop in prices. This is also an important development for India, as roughly 90 percent of the world's diamonds are polished here.

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