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, February 21st, 2025. This is Nelson John, let's get started.

Your daily cup of coffee is set to become more expensive. Global coffee prices have surged due to supply shortages in major producing countries like Brazil and Vietnam. Brazil faces its worst drought in over four decades, severely impacting coffee yields. Similarly, Vietnam has been hit by typhoons and erratic rainfall, disrupting harvests and lowering bean quality. These challenges have pushed Robusta futures to a record high of $5,849 per tonne, with Arabica prices rising about 70% in 2024. In India, coffee consumption is steadily rising, making price hikes more impactful than ever, reports Suneera Tandon. Specialty coffee chains like Blue Tokai have already increased prices and may implement further hikes. Packaged coffee brands are also feeling the squeeze, with the Indian Coffee Roasters’ Association announcing a ₹200 per kilo hike in powdered Arabica and Robusta. Major brands like Nestlé, which sells Nescafé, acknowledge the impact of skyrocketing coffee costs, with coffee prices up 75% year-on-year. While some chains strive to avoid passing the burden onto consumers, the sustained rise in global coffee prices makes it challenging to absorb the increased costs. As a result, your morning brew is likely to see a price increase in the near future.

Microsoft has unveiled Majorana 1, (MayoRANA) a breakthrough quantum chip that could bring industrial-scale quantum computing within years, not decades. Built with an innovative material called a topoconductor, this chip is designed to scale up to a million qubits on a single processor—potentially transforming computing as we know it. Unlike classical computers, which process information in binary (0s and 1s), quantum computers leverage qubits, which can exist in multiple states at once. This enables them to perform complex calculations exponentially faster, with potential applications in AI, financial modeling, drug discovery, and climate research. Microsoft’s approach relies on Majorana particles, a unique type of theoretical particle that could make quantum computing more stable and scalable. While tech giants like Google and IBM have also made strides in quantum computing, Microsoft’s announcement signals that commercial quantum applications could be closer than anticipated. With this breakthrough, the race to harness quantum power is accelerating, bringing us one step closer to solving problems beyond the reach of today’s computers.

When switching jobs, you probably focus on transferring or withdrawing your provident fund (PF), assuming all your savings are covered. But what if part of your money was stuck—unclaimed and inaccessible? That’s what happened to Mr. A. While he successfully withdrew his PF, his Employees’ Pension Scheme (EPS) contributions remained unmerged. Without linking past EPS accounts, his withdrawal request was denied. Unlike PF, EPS doesn’t transfer automatically—it requires an extra step that many employees overlook. Here’s the rule: Employers contribute 8.33% of your salary to EPS. If you’ve worked with both private PF trusts (exempt) and EPFO-managed (non-exempt) employers, your pension funds could be scattered. To withdraw or claim benefits, EPS must be transferred and merged. If you’ve worked for less than 10 years, you can withdraw your EPS—but only if it’s properly linked. Cross the 10-year mark, and withdrawal isn’t an option. Instead, you’ll need a pension scheme certificate to claim benefits at retirement. To avoid complications, always transfer EPS when changing jobs. Staying proactive ensures you don’t lose your hard-earned pension savings! Read Aparajita Sharma’s detailed report on this in today’s Mint Money.

It's Thursday, February 20th, 2025. This is Nelson John, let's get started.

In January 2025, Foreign Portfolio Investors (FPIs) withdrew over ₹780 billion from Indian equities, marking a significant sell-off. This trend persisted into February, with outflows reaching ₹73.4 billion by the 10th, as per National Securities Depository Ltd (NSDL) data. Despite this broad retreat, FPIs increased their stakes in select companies during the December 2024 quarter. Notably, FPIs raised their holdings in Greaves Cotton, a diversified engineering company, from 1% to 2.4%. This surge coincided with the company’s announcement of an IPO for its electric mobility subsidiary, Greaves Electric Mobility. Similarly, Shaily Engineering, specializing in high-performance plastic components, saw FPI ownership rise from 3.1% to 5.4%. The company’s focus on proprietary drug delivery devices has positioned it favorably in the healthc are sector. Borosil Renewables, India’s sole solar glass manufacturer, experienced an increase in FPI stake from 4.2% to 5.4%. This uptick followed the imposition of anti-dumping duties on solar glass imports, benefiting domestic producers. Infrastructure firms like Kalpataru Projects International and KEC International also attracted higher FPI interest, with stakes rising to 12.4% and 15.2%, respectively, driven by substantial order wins in the transmission and distribution sectors. In the chemicals sector, Atul Ltd saw FPI holdings increase to 11.2%, bolstered by strong quarterly performance. Meanwhile, Action Construction Equipment, a leading crane manufacturer, witnessed FPI stakes climb to 11.9%, reflecting confidence in its growth trajectory. These targeted investments suggest that, despite overall market exits, FPIs are selectively increasing exposure to companies with robust growth prospects and strategic initiatives.

In the December quarter, Bharti Airtel reported an average revenue per user (ARPU) of ₹245, surpassing Reliance Jio’s ₹203. This ₹42 gap, up from ₹38 in the previous quarter, is attributed to Airtel’s higher proportion of postpaid users and the migration of 2G users to 4G services. Despite Airtel’s ARPU lead, Jio’s larger subscriber base of approximately 460 million, compared to Airtel’s 360 million, positions it to gain more in absolute revenue from future tariff hikes. With India’s mobile connections nearing saturation at 1.15 billion, ARPU growth remains crucial for revenue expansion. However, challenges such as increased home broadband penetration and regulatory directives for voice-and-SMS-only plans may impact ARPU growth. While Airtel’s shares have risen nearly 50% over the past year, the recent 0.8% stake sale by the Mittal family, the company’s promoters, could influence short-term investor sentiment. 

AkzoNobel N.V., Europe’s leading paint manufacturer, is considering selling its consumer paints division in India, potentially valuing the sale between $1.5 billion and $1.7 billion. This move comes as part of a strategic review initiated last year. The company plans to retain its industrial coatings segment due to its complex partnerships and advanced technological requirements. Three major contenders—Pidilite Industries, JSW Paints, and Indigo Paints—have advanced to the second round of bidding for the consumer paints business. Pidilite is reportedly preparing a solo bid, while JSW Paints and Indigo Paints are exploring collaborations with private equity firms such as Blackstone, TPG, Advent International, and Warburg Pincus. If AkzoNobel opts to sell both its consumer and industrial coatings divisions, the total valuation could reach up to $2.2 billion. The industrial coatings sector involves intricate intellectual property rights and long-term contracts, making it less straightforward to divest. The final decision on the sale’s structure and the assets included is still under deliberation. This potential sale could significantly reshape India’s paint industry landscape, currently dominated by players like Asian Paints, Berger Paints, and Kansai Nerolac.

Byju’s suspended directors have approached the National Company Law Appellate Tribunal (NCLAT) to prevent creditors from deciding on a ₹150 crore settlement with the Board of Control for Cricket in India (BCCI). This move aims to facilitate Byju’s exit from insolvency proceedings. The National Company Law Tribunal (NCLT) had previously directed that the settlement be presented to the Committee of Creditors (CoC) for approval. However, Byju’s lenders, including Glas Trust and Aditya Birla Finance, oppose the settlement, arguing that the funds should first address their claims. The NCLAT has agreed to hear Byju’s plea, with the next hearing scheduled for 3 March. A favorable ruling could restore control of the company to founder Byju Raveendran. This legal battle underscores the complexities in resolving financial disputes involving multiple stakeholders.

ABB India reported a robust 58% year-on-year increase in EBITDA for the December quarter, driven by a favorable revenue mix and improved economies of scale. However, the company’s order inflow experienced a 14% decline, totaling ₹2,695 crore, marking a significant drop from the ₹3,000-3,500 crore range observed over the previous seven quarters. This slowdown raises concerns about future growth prospects. Notably, while the robotics and discrete automation segment saw increased orders, it contributed less than 4% to the annual revenue, limiting its impact on overall performance. Despite strong earnings, ABB India’s stock has faced a sharp decline, reflecting investor apprehension about the company’s growth trajectory amid the recent downturn in order inflows

It's Wednesday, February 19th, 2025. This is Nelson John, let's get started.

The Indian stock market is currently experiencing a notable downturn, raising concerns among investors about whether this is a temporary correction or the onset of a prolonged bear market. Since reaching its peak in September 2024, the Sensex has declined by approximately 12%. Mid-cap and small-cap indices have been hit harder, with declines nearing 20%, placing them on the cusp of bear market territory. Now generally a bear market is defined as a decline of 20% or more from recent highs. Foreign Portfolio Investors (FPIs) have been significant sellers, offloading $21 billion worth of Indian equities over the past four months. This selling spree is attributed to concerns over slowing corporate earnings and high valuations. Despite this, FPIs have only reduced their holdings by about 3%, suggesting that the magnitude of selling isn’t alarming yet. This downturn hasn’t spared any sectors. The power sector has suffered the most, with a decline of 33.2%, followed by oil and gas at 29.4%, and public sector undertakings (PSUs) at 28.6%. These significant drops reflect widespread investor caution across various industries.  While the current market trajectory is uncertain, experts advise focusing on companies with strong earnings, robust balance sheets, and competent management. These attributes are expected to help such companies navigate the downturn effectively and emerge resilient. The Indian stock market is navigating a challenging phase marked by significant corrections and cautious investor sentiment. Whether this phase deepens into a full-blown bear market remains to be seen, but strategic investment in fundamentally strong companies may offer a prudent path forward.

India is shifting its focus from traditional energy sectors to cutting-edge technologies like Artificial Intelligence (AI), the Internet of Things (IoT), quantum computing, and semiconductors. This strategic transition aims to position the country as a global leader in these emerging fields. Union Commerce and Industry Minister Piyush Goyal highlighted this transition during the India-Qatar Business Forum, emphasizing the move from energy-based trade to technology-driven collaborations. He stated, “We are now looking at a new future where we will transition from energy being the hallmark of our trade to new-age technologies.” This shift is anchored on promoting eco-friendly practices in technology development, encourages innovation and supports startups in tech sectors by integrating advanced technologies, Investing in research and development for AI, IoT, and semiconductors. While India is making significant strides, challenges such as low private R&D investment and the need for a specialized workforce persist. However, with government initiatives and international partnerships, India aims to overcome these hurdles and establish itself as a global hub for AI, IoT, and semiconductor technologies. 

ITC Ltd., a prominent Indian conglomerate, is set to acquire a 100% stake in Prasuma, a well-known frozen food and ready-to-cook brand, over the next three years. The initial phase involves purchasing a 43.8% stake for ₹131 crore, expected to conclude by March 2025. This strategic move aims to bolster ITC’s presence in India’s burgeoning frozen foods market, currently valued at over ₹10,000 crore and anticipated to grow rapidly. Prasuma, recognized for its popular momos and a diverse range of frozen snacks, operates under brands like ‘Prasuma,’ ‘Meatigo by Prasuma,’ and ‘Prasuma Momo Kitchen.’ With a footprint in over 100 cities through both online and offline channels, Prasuma has achieved an annual revenue run-rate of approximately ₹200 crore. This acquisition aligns with ITC’s strategy to expand its portfolio in high-growth categories, complementing its existing ‘ITC Master Chef’ brand, which offers a variety of frozen foods across 200 towns. The integration of Prasuma’s offerings is expected to enhance ITC’s market position, providing consumers with a wider array of convenient and high-quality food products.

Pickleball, a dynamic blend of tennis, badminton, and table tennis, is rapidly gaining popularity in India, transforming from a niche pastime into a burgeoning business opportunity. This surge in interest has captured the attention of startups, investors, and major brands, all eager to tap into the sport’s potential. India’s pickleball scene has witnessed a remarkable 275% increase in active players over the past three years, with projections estimating participation will surpass 1 million by 2028. The sport’s appeal lies in its accessibility and inclusivity, attracting players across various age groups and fitness levels. This widespread enthusiasm has led to a proliferation of pickleball courts, especially in urban apartment complexes, fostering community engagement and social interaction. Recognizing the sport’s potential, several startups have emerged to cater to the growing demand. In a report by Soumya Ramasubrmanyan, the Bengaluru-based GoRally, which operates 15 pickleball courts across four centers and has plans to expand into Chennai and New Delhi, has recently secured $750,000 in pre-seed funding from prominent investors, including Udaan founder Sujeet Kumar and Tracxn’s Abhishek Goyal. Similarly, Goodland Pickleball raised ₹80 lakh for a 6% equity stake plus a 0.5% royalty from boAt founder Aman Gupta on Shark Tank India Season 4. These investments underscore the confidence in pickleball’s growth trajectory and its commercial viability. Despite the enthusiasm, industry experts advise cautious investment, emphasizing the need for sustainable growth and infrastructure development. The next few years will be crucial in determining pickleball’s integration into mainstream sports and its potential inclusion in major tournaments. As the sport continues to evolve, strategic partnerships and community engagement will play pivotal roles in solidifying pickleball’s presence in India’s sporting landscape.

Niche OTT platforms in India, such as Sun NXT, are choosing to offer content exclusively in original regional languages without dubbing or subtitles. This strategy aims to foster audience loyalty and maintain cultural authenticity. By focusing on native language content, these platforms cater to viewers who value genuine regional narratives, setting themselves apart from larger, more generalized services. This approach is also cost-effective, allowing more resources to be allocated toward producing and acquiring original content, reports Lata Jha. However, experts suggest that for sustained growth, a hybrid model incorporating selective dubbing or subtitling could help expand reach while preserving core identity. For instance, starting with subtitles and gradually introducing dubbing for content with broader appeal can attract new subscribers without significant investment. Ultimately, understanding audience preferences and strategic content investment are crucial for the long-term success of these regional OTT services.

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, February 18th, 2025. This is Nelson John, let's get started.

Japan’s KYB Corporation has sold its 51% stake in the joint venture KYB Conmat Pvt. Ltd., transferring full ownership back to India’s Conmat Group, led by Premraj Keshyep. Established in 2013, this partnership combined KYB’s advanced technology with Conmat’s local expertise to produce concrete construction equipment like transit mixers, batching plants, and concrete pumps. Over the past decade, the company has grown significantly, increasing its revenue sixfold. With KYB’s exit, Conmat plans to expand further by developing electric and AI-driven machinery and diversifying into earthmoving equipment. The Indian concrete construction equipment market is projected to grow from ₹88 billion to approximately ₹230 billion in the next four years, driven by infrastructure development and urbanization. Conmat aims to capitalize on this growth, targeting a revenue of over ₹10 billion within two years, up from the current ₹3.3 billion, reports Priyamvada C. Additionally, KYB has granted Conmat a non-exclusive license to continue using its transit mixer technology, allowing the company to manufacture and sell existing products both domestically and internationally.

In a recent development, the Indian government has assured the Bombay High Court that it will not halt Skoda Auto Volkswagen India’s shipments amid an ongoing $1.4 billion import tax dispute. The controversy centers on the classification of imported car parts. Authorities allege that Skoda misclassified these parts to benefit from lower customs duties, importing them as individual components rather than as completely knocked down (CKD) units, which attract higher taxes. Skoda contends that it has consistently used its global NADIN software for production planning, a practice it claims is standard in the automotive industry and not intended to circumvent tax laws. The company has sought legal intervention to challenge the tax demand and prevent any disruption to its operations. The court has scheduled further hearings to delve deeper into the matter. 

As of January 31, 2025, Indian investors have left approximately ₹323 crore in funds and ₹182 crore in securities unclaimed, totaling about ₹500 crore. To address this, the Securities and Exchange Board of India (Sebi) has proposed new guidelines to ensure these unclaimed assets are promptly returned to their rightful owners and safeguarded against misuse.

What Are ‘Unclaimed’ Assets?

Unclaimed assets refer to funds or securities in a client’s brokerage account that cannot be transferred back to their bank or demat account due to issues like inactive accounts or incorrect details. If a broker cannot return these assets and cannot reach the client, the account is labeled as ‘unclaimed.’

Sebi’s Proposed Process:

1. Immediate Action by Brokers: Brokers must attempt to return unutilized funds to the client’s bank account regularly. For inactive accounts (no activity for 30 days), funds should be returned during the monthly settlement on the first Friday of each month. Active accounts should have funds returned monthly or quarterly, based on the client’s preference.

2. Handling Unclaimed Securities: Securities bought but not transferred to the client’s demat account due to issues should be flagged. If unresolved for seven days, brokers must pledge these securities to the stock exchange’s demat account.

3. Efforts to Locate Clients: Brokers are required to make at least six attempts to contact the client before transferring unclaimed assets to the stock exchange. If the client is deceased, efforts should be made to contact nominees or legal heirs.

4. Role of Stock Exchanges: Once assets are transferred, exchanges must try to locate clients using available databases. Unclaimed funds held by exchanges for over three years will be moved to the Investor Protection Fund (IPF). Clients can still claim these funds, including interest accrued up to the fourth year.

These measures aim to create a clear and efficient process, making it easier for investors to reclaim their assets and ensuring brokers and exchanges actively work to return unclaimed funds and securities. To know more about this read Jash Kriplani’s article in today's mint premium.

India is confronting a severe antibiotic resistance crisis, with approximately 600,000 deaths annually attributed to drug-resistant infections. In response, the central government plans to centralize the approval process for manufacturing antibiotics, removing this authority from state regulators. Currently, state agencies can license antibiotic production after an initial four-year period of central oversight. The proposed change would classify all antibiotics as “new drugs” under the New Drugs and Clinical Trial Rules, 2019, granting the Central Drugs Standard Control Organization (CDSCO) exclusive licensing power. This move aims to ensure uniform manufacturing standards and curb the misuse and overprescription of antibiotics, which have been significant factors in the rise of antimicrobial resistance. Experts emphasize the need for responsible antibiotic use, enhanced public awareness, and stricter regulations to combat this growing public health threat.

Canada is urging its universities and colleges to diversify their international student recruitment beyond India, which currently stands as the largest source of foreign students in the country. Immigration Minister Marc Miller emphasized the need for a more balanced approach, highlighting concerns over the heavy reliance on a single nation for international enrollments. While acknowledging the significant contributions of Indian students, Miller pointed out that institutions have been predominantly focusing on one or two countries for their recruitment efforts. The call for diversification comes in the wake of challenges faced by international students, including housing shortages and integration issues. By broadening the recruitment base, Canadian institutions hope to create a more inclusive environment and ensure sustainable growth in international education. This initiative aligns with Canada’s broader international education strategy, which seeks to attract a diverse range of students from various countries, enriching the cultural fabric of campuses and contributing to the global competitiveness of Canadian education. While Indian students remain a vital part of Canada’s educational landscape, the government encourages institutions to expand their horizons and recruit talent from a wider array of countries to foster a more balanced and resilient international student community.

It's Monday, February 17, 2025. This is Nelson John, let's get started.

Foreign Portfolio Investors (FPIs) have recently sold shares worth $21 billion over the past four months, representing about 2.7% of their total equity holdings in India, which stood at $782 billion as of January 2025. While this percentage may seem modest, the impact on the Indian stock market has been significant. The selling pressure has been particularly intense in small and mid-cap stocks. FPIs increased their holdings in the Nifty Smallcap 250 and Nifty Midcap 150 indices during the December quarter. However, aggressive selling in these segments has led to sharper declines compared to large-cap stocks. The Nifty Smallcap index has plunged 22.4% from its record high in September 2024, while the Nifty Midcap 150 has fallen 18.5% in the same period, reports Mint’s Ram Saghal. Domestic institutional investors (DIIs) have attempted to counterbalance FPI outflows by purchasing shares worth ₹2.73 trillion in the same four-month period. However, their efforts have not been sufficient to prevent the market downturn.

India has become a key destination for Japanese Foreign Direct Investment (FDI) as part of Japan’s “China-plus” strategy, according to Deloitte Japan CEO Kenichi Kimura. In 2023, India received over $5 billion in FDI from Japan, surpassing China and Hong Kong, which collectively received $3.6 billion. This marks the first time India has overtaken China in Japanese investments. The trend continued in early 2024, with India receiving $1.8 billion, ahead of China and Vietnam. India’s large domestic market, strategic location as a gateway to the Middle East and Africa, and strong business and talent networks make it an attractive investment hub. The Indian government’s policies, including Production-Linked Incentive (PLI) schemes, stable economic growth, and capital market development, further enhance its appeal. Additionally, India’s thriving start-up ecosystem and focus on emerging technologies are drawing Japanese investors seeking innovation and collaboration.  According to the report by Mint’s Giresh Chandra Prasad’s, Prime Minister Narendra Modi has prioritized FDI to drive economic growth, with initiatives like an investment index for states and tax incentives to boost consumption and investment. As Japanese companies diversify their supply chains post-pandemic, India is emerging as a critical manufacturing and supply chain hub for regional and global markets.

A financial scam has rocked the New India Co-operative Bank, leaving its customers in disarray..  The bank's former General Manager, Hitesh Mehta, is at the center of an alleged ₹122 crore embezzlement. The fraud, spanning several years, was uncovered during an internal audit, prompting swift action from authorities. According to reports, Mehta, who headed the bank’s accounts department, siphoned funds from the Prabhadevi and Goregaon branches between 2020 and 2025. Investigators believe he manipulated records and withdrew cash without proper authorization, exploiting his senior position. The fraud came to light when the bank’s acting CEO, Devarshi Ghosh, filed a formal complaint, leading to a police probe. Following the revelations, the Reserve Bank of India (RBI) took immediate action, superseding the bank’s board for a period of 12 months and appointing an administrator to oversee operations. RBI also imposed restrictions on withdrawals to safeguard depositors. Mehta has been arrested and remanded in police custody until February 21, 2025, as investigations continue. Authorities are now examining whether more officials were involved in the financial mismanagement. Meanwhile, depositors remain anxious, awaiting clarity on the fate of their savings.

In 2024, IMAX’s box office earnings in India experienced a significant decline of 36%, totaling $14.7 million, down from $23 million in 2023. This downturn is primarily attributed to the absence of major Hollywood releases, as the 2023 writers’ and actors’ strikes led to delays of several big titles. Additionally, the limited number of local language blockbusters, with only films like “Pushpa 2: The Rule” and “Kalki 2898 AD” making a substantial impact, contributed to the reduced earnings. Entertainment industry experts point out that premium formats such as IMAX and 4DX have been trying to expand their footprint in India for a while, but there aren’t enough movies to keep the screens running for even half of the year. Additionally the standoff between multiplex chains and southern film producers over early OTT releases further exacerbated the situation, resulting in fewer titles available for premium formats like IMAX, especially in northern India, reports mint’s Lata Jha. Despite these challenges, IMAX considers India a high-priority market, ranking it as the eighth highest-grossing market globally in 2024. The company plans to expand its footprint by focusing on tier-II and tier-III cities, aiming to increase its screen count from the current 34 to 100 over the next five years. Looking ahead, IMAX anticipates a stronger content lineup in 2025, with releases such as “Captain America: Brave New World,” “Mission: Impossible – The Final Reckoning,” and “Avatar: Fire and Ash” expected to boost box office performance. 

Naga cuisine, once dismissed for its pungent aromas and unconventional ingredients, has undergone a remarkable transformation, emerging as a vibrant avenue for entrepreneurship across India. Traditionally characterized by its use of diverse meats, foraged greens, and fermented condiments like aha-o-ni which is fermented soybean, Naga food faced skepticism and cultural biases in metropolitan areas. Early migrants from Nagaland often encountered prejudice, with their culinary traditions labeled as “stinky” or “dirty.” Despite these challenges, enterprising Nagas identified a niche market among fellow northeastern migrants and adventurous urban food enthusiasts. This realization led to the establishment of numerous Naga food ventures in cities like Delhi, Bangalore, and Mumbai. For instance, Delhi now hosts approximately 40 Naga food businesses, ranging from restaurants to cloud kitchens and delivery services. Bengaluru boasts about 15 such establishments, while Mumbai has at least five. The increasing acceptance and curiosity about northeastern flavors suggest a promising future for Naga cuisine in India’s culinary landscape.

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, February 14, 2025. This is Nelson John, let's get started.

Top Indian business schools are witnessing a resurgence in hiring activities, despite uncertainties stemming from global political developments. This rebound is attributed to the robust growth of India’s economy, which has bolstered corporate confidence and led to an increased demand for management graduates. Companies across sectors such as technology, finance, and consulting are actively recruiting, offering competitive packages to secure top talent reports Devina sengupta & Pritista Bagi. However, global political events, including trade tensions and policy shifts, have introduced elements of unpredictability. These developments have prompted organizations to reassess their international strategies, potentially influencing the nature and volume of roles offered to graduates. Despite these challenges, the overall hiring sentiment remains optimistic, with firms focusing on candidates who can navigate complex global scenarios and drive growth in uncertain times. While global political dynamics present challenges, the strong domestic economic environment ensures that top Indian business schools continue to experience healthy hiring trends.

Finance Minister Nirmala Sitharaman introduced the Income Tax Bill 2025 in the Lok Sabha yesterday. The much-anticipated new Bill will not introduce new taxes but only simplifies the language of the existing Income Tax Act of 1961 and enhances clarity for taxpayers. 

Some of the key highlights include: 

Reduction of Obsolete Provisions: Numerous outdated and redundant sections have been eliminated to streamline the tax code.

Consolidation of Sections: Related provisions, especially those concerning salaries and deductions, have been grouped together for easier reference.

Introduction of ‘Tax Year’: The bill introduces the concept of a “tax year,” aligning it with the financial year to reduce confusion.

Taxpayer’s Charter: A charter outlining the rights and obligations of taxpayers has been introduced to promote transparency and trust.

Faceless Jurisdiction: Provisions have been made for faceless assessments to minimize direct contact between taxpayers and authorities, reducing potential biases.

Enhanced Compliance Measures: The bill empowers the Central Board of Direct Taxes (CBDT) to establish tax administration rules and implement digital tax monitoring systems without requiring frequent legislative amendments. 

Those were some of the key highlights of the new income tax bill.. Now this Bill, represents a significant step toward modernizing India’s tax framework, aiming for greater simplicity, transparency, and taxpayer-friendliness. The new provisions are set to take effect from April 1, 2026, providing taxpayers ample time to adapt to the changes. 

Quantum computing is making big leaps forward, but most businesses aren’t paying attention because they’re busy with other tech priorities like AI. A startup called PsiQuantum, based in California, aims to build a fully functional quantum computer by 2027. Unlike other companies, they are using existing computer chip factories to speed up the process. Despite these advancements, a poll at the Wall Street Journal’s CIO Network Summit revealed that none of the attending tech executives were actively exploring quantum computing applications for their businesses. Many are currently more focused on areas like artificial intelligence and adapting to evolving technology policies. However, India is making significant strides in quantum computing through government-led initiatives & research programs through the National Quantum Mission and collaborations with global tech firms like IBM, Google, and Microsoft who are partnering with Indian firms and universities to train talent in quantum technologies. India’s investments in quantum computing are expected to transform industries like finance, healthcare, defense, and logistics in the coming years.

The International Finance Corporation (IFC), part of the World Bank Group, has invested ₹860 crore (approximately $98.35 million) in India’s first sustainability-linked bond issued by Cube Highways Trust (Cube InvIT). The funds from this bond will be used to acquire NAM Expressway Limited, a key highway that links Chennai and Hyderabad. Additionally, the investment will support Cube InvIT’s long-term objectives, including initiatives focused on sustainability and social inclusion. As the main investor, IFC’s involvement is expected to attract more capital, promoting the development of India’s road infrastructure while adhering to global ESG standards, reports subshas narayan. 

Global investment firm Carlyle has acquired controlling stakes in two Indian auto parts manufacturers, Highway Industries and Roop Automotives, to create a diversified auto components platform. Highway Industries specializes in powertrain parts, while Roop Automotives produces steering system assemblies and exports to Europe and North America. The founders of both companies will retain significant stakes and continue to be involved in the business. Carlyle aims to help these companies leverage operational synergies, enhance capabilities, and expand capacities to deliver greater value to their customers. This move reflects Carlyle’s strategy to build a significant presence in India’s auto components sector, focusing on companies that cater to electric vehicles and have strong export potential. 

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, February 13, 2025. This is Nelson John, let's get started.

• Amid India-China geopolitical tensions, China's Fosun Pharmaceutical is in discussions with three global private equity firms to sell its majority stake in the Hyderabad-based Gland Pharma. Fosun currently owns about 51% of Gland Pharma, after initially acquiring a 74% stake for $1.2 billion. They have hired investment banks Morgan Stanley and UBS to assist with the sale. Global private equity firms Blackstone, Brookfield, and Warburg Pincus are interested in buying this stake, valuing the company at nearly $3 billion. Gland Pharma, founded in 1978, specializes in making generic injectable medicines and serves nearly 90 countries, focusing on India and the U.S. markets. In the December quarter, the company reported revenues of ₹1,384 crore and a profit after tax of ₹204.7 crore.
• The potential sale is expected to trigger an open offer to Gland Pharma’s shareholders, with the buyers aiming to own between 60-65% of the company after the transaction.
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• In a major step toward strengthening digital payment security, the Reserve Bank of India (RBI) has proposed additional factor authentication (AFA) for international card-not-present (CNP) transactions. This means Indian consumers will have an extra layer of security when making payments to foreign merchants—just like they already do for domestic transactions.
• Now you may wonder what prompted this move by the RBI?
• It’s primarily due to Rising Fraud Cases in international transactions involving unauthorized charges on foreign websites with minimal authentication. Now adding AFA will ensure stronger security standards that safeguard Indian cardholders against such risks.
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US-based industrial and aerospace giant Honeywell and Greenko founders-led AM Green signed an agreement on Wednesday to collaborate on manufacturing sustainable aviation fuel (SAF) in India from biofuels, including ethanol, methanol, and green hydrogen. Under this agreement, Honeywell’s cutting-edge technology will be leveraged to produce SAF from renewable sources, aligning with global efforts to transition toward greener energy solutions. AM Green, a company backed by the founders of renewable energy giant Greenko, will focus on production and scaling operations in India, catering to both domestic and international markets.

The companies will assess the feasibility of making SAF in India to reduce the country's oil import dependence, helping shipping companies adopt the low-emission fuel, and aiding aviation companies to meet International Civil Aviation Organisation guidelines for low-carbon fuel replacements. 

The global aviation industry is under increasing pressure to cut carbon emissions, and SAF has emerged as a key solution. This partnership strengthens India’s role in the green energy revolution, supporting global decarbonization goals while reducing reliance on fossil fuels.

Over two dozen Indian startups are expected to go public in the coming months, including big names like Groww, Lenskart, and Zepto, which could see billion-dollar IPOs. Smaller companies like Ather Energy, BoAt, Bluestone, Infra.market, PhysicsWallah, PayU, and Pine Labs are also gearing up for their stock market debuts. This is a jump from last year when only 13 startups, including Swiggy, Ola Electric, and FirstCry, went public. However, market conditions are getting tougher. Investment bankers say startups might need to adjust their IPO sizes and valuations due to recent global economic shifts. The US stock market has been hit hard after President Donald Trump announced new tariffs, leading to uncertainty in global equity markets. India’s Nifty 50 index is down 12.5% from its peak last September, with foreign investors selling off shares. Amid tough market conditions and lock-in expiries those looking to invest in upcoming IPOs could also be staring at losses in the short term 

At the Maha Kumbh Mela, India's largest spiritual gathering, several startups are seizing the opportunity to engage with the vast influx of pilgrims. Zomato-owned Blinkit has set up a temporary store offering ritual-related items and other essentials. Swiggy's Instamart has established a stall near the Triveni Sangam to serve attendees. PhonePe, in collaboration with ICICI Lombard General Insurance, is providing affordable travel insurance plans tailored for Kumbh visitors. Chai Point has deployed around 175 personnel and 18-20 mini stations, utilizing brewing bots capable of producing 15 liters of tea every 12 minutes, resulting in daily sales of approximately 160,000 cups reports Peiyamvada C. Now these initiatives not only cater to the immediate needs of pilgrims but also serve as strategic moves for brand visibility and customer acquisition. By adjusting pricing and packaging, these startups aim to connect with a broader audience beyond their typical urban clientele, gathering valuable insights for future expansions.

Welcome to Top of the Morning by Mint, your weekday newscast that brings you five major stories from the world of business.

It's Wed, February 12, 2025. This is Nelson John, let's get started.

Hexaware Technologies Ltd, a global digital and technology services company backed by private equity firm Carlyle Group, is set to make a grand re-entry into the Indian stock market with a ₹8,750 crore (about $1 billion) initial public offering (IPO).

The much-anticipated IPO, which opens on 12 February and closes on 14 February. Hexaware’s IPO price band has been set at ₹674-708 per share. The entire offering will be an offer for sale (OFS) by the promoter, CA Magnum Holdings, a subsidiary of Carlyle Group. 

While Hexaware is well-positioned for growth, it faces several risks. It operates in a fiercely competitive IT services landscape, where it faces both established global titans and mid-sized local challengers; another concern is the economic slowdown in its key markets, particularly in the US and Europe, which poses a significant challenge. Any downturn in discretionary IT spending by clients could impact revenue growth.

Prime Minister Narendra Modi is on a three-day visit to France, A key highlight of this visit is his co-chairing of the AI Action Summit in Paris alongside French President Emmanuel Macron. The summit brings together global leaders and tech industry executives to discuss collaborative approaches to artificial intelligence for innovation and public good. 

In his address at the AI Action Summit, Prime Minister Modi emphasized the need for global cooperation to establish governance and standards for AI that uphold shared values, address risks, and build trust. Beyond the summit, Modi and Macron are scheduled to hold bilateral talks to review the progress of the 2047 Horizon Roadmap for the India-France strategic partnership.

Additionally, They will inaugurate India's newest Consulate General in Marseille and visit the International Thermonuclear Experimental Reactor (ITER) project, a significant collaboration in nuclear fusion research. This visit underscores the deepening ties between India and France, focusing on cooperation in technology, innovation, and strategic sectors.

The government is thinking about extending duty-free imports of urad beyond March 31 due to a supply shortage. Urad, a staple in South Indian cuisine, is already imported without any duty, and this policy is likely to continue since domestic production has been steadily dropping. For those of you unaware, Urad is a three-season crop, mainly sown during the kharif season but also grown in rabi and summer. According to the agriculture ministry, production has declined from 2.7 million tonnes in FY22 to 2.3 million tonnes in FY24. With demand increasing, a supply crunch could lead to higher prices. Finance Minister Nirmala Sitharaman has announced a six-year Mission for Aatmanirbharta in Pulses to boost domestic production and reduce reliance on imports. The initiative will focus on key pulses like tur (pigeon pea), urad, and masoor (lentils). And as part of this push, the minimum support price (MSP) for urad has been increased to ₹7,400 per quintal, up from ₹6,950 last season. This move aims to encourage farmers to grow more pulses and strengthen India’s self-sufficiency in food production. 

Imagine getting a call from someone claiming to be a police officer or a government official. They tell you that you’re involved in a serious crime—maybe money laundering or cyber fraud. To avoid immediate arrest, they demand a fine or ask you to verify your identity via video call. Sounds terrifying, right? Welcome to the era of ‘Digital Arrest’ Scams, one of the latest fraud tactics spreading across India. A family in Noida has fallen victim to a sophisticated cyber fraud, losing over ₹1 crore after being subjected to a five-day 'digital arrest' by fraudsters. According to reports, Mr. Chandrabhan Paliwal received a call from an unknown number. The caller claimed to be from the Telecom Regulatory Authority of India and warned that his SIM card was at risk of being blocked. Shortly thereafter, Paliwal was contacted by another individual purporting to be an officer from the Cyber Crime Branch of Mumbai. The fraudulent officer falsely accused Paliwal of extortion, alleging that 24 criminal cases had been filed against him in multiple locations. The ordeal escalated when Paliwal’s wife and daughter were also targeted with similar video calls, during which they were warned of imminent arrest unless a payment was made. Yielding to the threats, Paliwal transferred a total of ₹1.10 crore over the course of five days.. The government has consistently emphasised that "digital arrest" does not exist and has repeatedly cautioned the people of India against falling for such scams. 

The 90-hour workweek debate gained attention after some business leaders and entrepreneurs, especially in the tech and startups space, suggested that working extreme hours is necessary for success. This sparked a heated discussion about work-life balance, productivity, and employee well-being. Amid the debate over a 90-hour workweek and work-life balance, the Andhra Pradesh government plans to implement a “Work From Home” policy, especially for women. Andhra Pradesh Chief Minister Chandrababu Naidu announced the new initiative in a post on LinkedIn. He added that he’s confident these initiatives will foster greater workforce participation, especially of women professionals, who will benefit through flexible remote/hybrid work options. The new policy comes after L&T Chairman SN Subrahmanyan sparked online debate after his undated video advocating a 90-hour work week that went viral. Now India already has a long working hour culture, with many employees in tech, startups, and finance working well beyond the standard 40-48 hours per week. While some believe extra effort is necessary for economic growth, others argue that sustainable productivity, innovation, and work-life balance are more important. What’s your take—hustle culture or healthy boundaries? Let us know in the comments below!

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, February 10, 2025. This is Nelson John, let's get started.

Air traffic is booming in India. Manufacturers are actively seeking deals at the Aero India exhibition, highlighting the country's potential. The International Air Transport Association (IATA) is set to hold its annual general meeting in June in New Delhi, a testament to India's growing market influence.

According to Airbus India's Remi Maillard, “ India is now the third-largest air market globally, after the U.S. and China”. Boeing's Salil Gupte echoed this sentiment, calling India the most dynamic and exciting market. The civil aviation ministry claims a meteoric rise in the sector, with traffic growth projected over seven percent annually until 2043.

Although rail travel remains popular, it's often slow and chaotic. Boeing estimates that converting just two percent of daily train users to air travel could double the air market, given the current low per capita air travel of 0.12 compared to 0.46 in China.

Going by these statistics, the Indian market will need at least 2,835 new aircraft in the next 20 years, and all major players like Indigo, Airbus and Air India are gunning for the Next big leap in the airline sector. 

Ola Electric will need to consistently sell 50,000 units every month in order to achieve profitability, says founder and chief executive officer (CEO) Bhavish Aggarwal. 

To be sure, Ola Electric has faced considerable criticism due to widespread customer complaints about poor service centre experience. In September last year, Mint reported that Ola’s service centre backlogs had risen to 80,000 customer complaints per month.

Speaking to an analyst, Aggarwal claimed that the company had recaptured its market leadership in terms of volumes with 25,000 units sold in January.

The company has consistently been under pressure, with Ola Electric’s shares losing about 2% on Friday alone to settle at ₹70 apiece on the BSE—only 8% off its all-time low.  The company has suffered a quarterly net loss of ₹564 crore in the last quarter of 2024.

Aggarwal, however, claimed that the company “maintained a steady industry leadership with a market share of over 25%.”

The recent deportation of 104 illegal migrants to India by the US government has sparked controversy in the Indian Parliament. In the midst of this debate, Prime Minister Narendra Modi is scheduled to visit the United States from February 12 to 13, where he will engage in discussions with President Donald Trump, as quoted by Indian Foreign Secretary Vikram Misri.

Earlier, on January 27, President Trump and Prime Minister Modi held a conversation focused on immigration matters and the importance of India purchasing more American-made security equipment.

The United States is India's largest trading partner, with two-way trade surpassing $118 billion in 2023/24, and India recording a trade surplus of $32 billion.

As a strategic partner of the United States, India will aim to enhance trade relations, simplify access to skilled worker visas and review import tariffs on over 30 items, including luxury cars, and solar cells, potentially boosting imports from the US amid rising global trade tensions.

4)

The Reserve Bank of India's monetary policy committee (MPC) on Friday cut the key policy interest rate by 25 basis points to 6.25% to support growth. At a post-policy press conference, new RBI governor Sanjay Malhotra spoke on a range of issues such as implementation of the proposed guidelines on liquidity coverage ratio (LCR), working with the government on various recommendations, geopolitical developments, and the cost of policy actions on regulated entities. 

It is not only about stability, the implementation of LCR norms comes at a cost. It requires a strict impact analysis and enough time to be implemented. 

While the Rupee depreciation puts pressure on inflation, a higher worry is how global uncertainties would pan out. 

5) 

Religare Enterprises Ltd chairperson Rashmi Saluja informed shareholders at the company's annual general meeting (AGM) on Friday that she was not retiring as a director, a move that stumped shareholders and proxy advisory firms. However, a third of Religare's investors told Mint that they had voted against Saluja’s reappointment as director. Manendra Singh, partner at law firm Economic Laws Practice revealed that "Under the Companies Act, 2013, the chairman can regulate the manner in which voting is conducted, but cannot take away the voting rights of its members.” The Burman family, which owns a little over 25% of Religare, got approvals from all regulatory agencies and offered to buy up to 26% shares from minority investors via an open offer that opened on 27 January. Following the hearing on Gaekwad's appeal, the Supreme Court said the Burmans' open offer cannot be closed until the Sebi decides on the legality of Gaekwad's competing offer.

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, February 7, 2025. This is Nelson John, let's get started.

State Bank of India (SBI) posted a net profit of ₹16,891 crore for Q3 FY25, an 84.3% year-on-year surge. Chairman C.S. Setty highlighted a pickup in private capital expenditure, though sectors like steel remain sluggish, report Anshika Kayastha and Gopika Gopakumar. Despite these headwinds, SBI's corporate loan pipeline remains solid, with ₹4.8 trillion in sanctioned or under-process loans as of December-end. Setty is confident about meeting the bank’s 14-16% credit growth target for FY25, supported by budget measures aimed at boosting disposable income and consumption, which are expected to fuel credit demand.

Global private equity giant Blackstone is exploring a potential sale of its majority stake in Bengaluru-based digital learning platform Simplilearn, report Mansi Verma and Sneha Shah. This comes more than three years after its initial $250 million investment. A Simplilearn spokesperson, however, has denied any plans for an exit or the appointment of investment bankers.Since acquiring over 60% of Simplilearn in 2021, Blackstone has seen the company recalibrate its strategy amid a broader slowdown in the edtech sector. Once focused on rapid expansion, Simplilearn has pivoted toward profitability, cutting its FY24 Ebitda losses by 75% by discontinuing select programs and doubling down on core offerings. This shift reflects the broader challenges in edtech, where reduced funding and the return of physical classes post-COVID have pushed many firms to prioritize sustainability over aggressive growth.

Employees expecting bigger pay hikes this year may be in for a disappointment, as salary increments are set to be lower than last year’s, which were already the smallest in nearly a decade. Consultants and firms Devina Sengupta and Samiksha Goel spoke to cited slower corporate earnings and economic growth as key reasons for tighter budgets and more conservative raises. According to Aon's Annual Salary Increase and Turnover Survey 2023-24, the average salary hike stood at 9.3% in 2024, down from 9.7% in 2023. The outlook for 2025 is even softer, with Mercer forecasting an average increase of 9.4%, a sharp decline from the peak of 10.6% in 2022. With companies shifting focus from aggressive hiring to retaining top talent, some are offering unique perks—such as exclusive credit cards—to keep key employees engaged. However, only a select group of high performers is likely to see significant pay bumps.

In a high-profile insider trading case, the Securities and Exchange Board of India (Sebi) has barred two former IT executives, Keyur Maniar and Ramit Chaudhri, from the securities market for a year. Maniar, a former senior vice president at Wipro, and Chaudhri, previously with Infosys, were found guilty of trading on confidential information about Infosys’ $1.89 billion deal with Vanguard before its public announcement on July 14, 2020. Sebi’s investigation revealed that Chaudhri shared details of the deal with Maniar, who then made ₹2.6 crore in profits from trading Infosys shares. The regulator’s surveillance system flagged unusual trading activity around the announcement, leading to a probe that confirmed the misuse of unpublished price-sensitive information. Jas Bardia and Varun Sood  take a deep dive into the Sebi probe and how the case unfolded.

Recent hits like Singham Again, Animal, and Bhool Bhulaiyaa 3 reveal a trend where most box office earnings are concentrated in the first week of release. Over 60% of a film's total revenue often comes within its opening days, signalling a shift towards shorter theatre runs. Lata Jha speaks with Rahul Puri of Mukta Arts, who notes that films now face immense pressure to perform immediately, especially with the quick transition to streaming platforms. For movies relying on word-of-mouth to gain traction, this presents a unique challenge. Devang Sampat from Cinepolis India emphasizes that while the opening weekend is key, sustaining positive reviews is crucial for a film’s long-term success.