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 8, 2024. My name is Nelson John. Let's get started.

Over the previous quarter, the Nifty IT index rose around 14%, while the Nifty50 increased by around half that number. Harsha Jethmalani writes that this happened after the US Federal Reserve cut its interest rates by half a percent. That spurred BFSI clients to increase their IT spending. However, this money will only be seen on the books in the quarter next year. Harsha adds that recent comments from Accenture suggest a continued focus on cost-optimisation by clients, but the overall outlook does look better than it did a few months ago.

Maldives President Mohamed Muizzu is in India, aiming to patch up strained ties and get Indian tourists heading back to his country’s stunning islands. Even though overall tourist numbers in the Maldives are up by 10 per cent this year, the number of Indian visitors has plummeted. Politics and international relations have nudged Indian travellers toward other destinations, which is a real hit to the Maldives where tourism isn't just big business—it's essential, contributing about 30% directly to its GDP. Back in 2023, Indian tourists made up 12 per cent of all visitors to the Maldives, but this year, that's halved to just 6 per cent. N Madhavan explains how Muizzu is planning to mend his country’s relationship with its biggest and most important neighbour - India. 

Hero Motocorp has dominated the two-wheeler sector for more than three decades. However, its former partner Honda now threatens to overtake this lead. This is the first time in years that the automative market has seen any sort of competitive action to this extent. The two companies were partners from 1984 to 2010. After their split, Hero and Honda ruled the motorcycle and scooter markets respectively. Sumant Banerji writes that both companies are making significant inroads into each other's strongholds. Sumant writes about the segment battles in detail, and outlines who is winning what — including the up and coming EV market.

India's Ministry of Law and Justice is considering updates to the Civil Procedure Code to streamline civil lawsuits and reduce court backlogs. Inspired by the effective Commercial Courts Act, the proposed reforms aim to incorporate mandatory timelines and mediation efforts to expedite legal processes. This initiative is part of broader judicial reforms, including recent revisions to major criminal laws, aimed at speeding up justice. With over 5.6 million pending civil cases, these reforms are crucial for enhancing the efficiency of India's judicial system. The goal is to modernise the CPC, established in 1908, and ensure it meets contemporary legal needs more effectively, reports Manas Pimpalkhare.

The festive season is here, and so is the season of festive foods. The joy of Hilsa, a favourite among fish enthusiasts, is marred this year by skyrocketing prices and scarce supplies. In Kolkata, the cost of a 1.5 kg Hilsa has surged by 600 rupees compared to last year, now fetching 2,000-2,200 rupees at wholesale and even more at retail. In Delhi's C.R. Park, daily arrivals have plummeted from up to four quintals in previous years to just one quintal. With Durga Puja around the corner, demand is spiking, and prices are expected to climb even higher, potentially increasing by 400-500 rupees per kg. Puja Das reports on the root of the problem, which lies in the dwindling catch—down over 70% since the 1980s—and a reduced import window from Bangladesh.

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