Top of the Morning

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  • Top of the Morning is a daily podcast in which we bring you all the action from the global markets and the business world to kick-start your day on a well-informed note. This is a Mint production, brought to you by HT Smartcast
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Top of the Morning is a daily podcast in which we bring you all the action from the global markets and the business world to kick-start your day on a well-informed note. This is a Mint production, brought to you by HT Smartcast
個人ファイナンス 政治・政府 経済学
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  • Pakistan’s War Rhetorics & Empty Pockets | Maruti Earnings Preview | Airspace Shut

    Pakistan’s War Rhetorics & Empty Pockets | Maruti Earnings Preview | Airspace Shut
    2025/04/25
    To get your dose of daily business news, tune into Mint Top of the Morning on Mint Podcasts available on all audio streaming platforms. https://open.spotify.com/show/7x8Nv1RlOKyMV5IftIJwP1?si=bf5ecbaedd8f4ddc 1. India-Pakistan Tensions Rise After Indus Waters Treaty Suspension Just a day after India suspended the Indus Waters Treaty in response to the Pahalgam terror attack that killed 26 civilians, Pakistan retaliated by calling the move an “Act of War.” Prime Minister Shehbaz Sharif chaired an emergency meeting, announcing a series of countermeasures—halting all trade with India, expelling Indian diplomats, closing airspace to Indian carriers, and putting the 1972 Simla Agreement “in abeyance.” But can Pakistan afford a war? The numbers say no. Foreign reserves stand at just $11.09 billion, barely covering two months of imports. With $131 billion in external debt and $100 billion due in repayments over the next four years, Islamabad is walking a fiscal tightrope. Its economic lifeline, a $7 billion IMF bailout, is arriving in slow trickles amid warnings of “formidable vulnerabilities.” Political instability adds to the volatility. While rhetoric from Islamabad is heating up, experts warn a full-blown escalation could tip Pakistan deeper into economic crisis. 2. Airspace Closed, Ticket Prices Climb Pakistan’s closure of airspace to Indian airlines is already causing turbulence. Airlines like Air India, IndiGo, SpiceJet, and Akasa Air are now forced to reroute via the UAE or Iran, adding over an hour of flight time. The result? A potential 35–40% surge in international ticket prices, according to aviation experts. Affected routes include key flights to the US, UK, Europe, and Middle East. Meanwhile, India has suspended visa services for Pakistani nationals. Though ICAO permits such restrictions for security, bilateral coordination is now unlikely, signaling worsening diplomatic frostbite. Hospitals in India are rushing to treat Pakistani patients before a May 1 deadline, with critical medical cases—especially children—caught in the crossfire. 3. Tesla May Finally Set Up Shop in India India’s EV policy may soon get a revamp—and Tesla could be the biggest beneficiary. A senior government official said India is open to revising its electric vehicle manufacturing policy once tariff terms are finalised under the India-US Bilateral Trade Agreement. At stake is the Scheme to Promote Manufacturing of Electric Passenger Cars in India, which slashes import duties from 70–80% to 15% for up to 8,000 imported EVs annually for five years. While the scheme had no takers initially, Tesla’s February hiring spree in India signals renewed interest. US Trade Representative Jamieson Greer, commenting on the broader trade talks, said, “There’s a serious lack of reciprocity” with India. With both sides looking to strike balance on tariffs and access, Tesla’s India debut could mark a turning point in EV manufacturing for the region. 4. Maruti Suzuki Braces for Earnings Slowdown India’s auto giant Maruti Suzuki is expected to post a muted Q4 today, with revenue growth of 7% and profit likely down by 4%, say brokerages. Margins are squeezed by higher marketing spends and discounts, with Ebitda likely shrinking by 44 basis points. Inventory levels have surged—from 9 days in January to over 40 now—forcing the company to scale back wholesale dispatches. Still, Maruti sold over 6 lakh vehicles in Q4. Key things to watch: Demand outlook as income tax relief and RBI rate cuts play out. Export risk, especially amid Trump’s 25% tariffs on autos. The lukewarm launch of Maruti’s first EV, the e-Vitara, which has seen slow bookings ahead of a May-June delivery window. Despite the slowdown, Maruti’s stock has climbed 6% this year, outpacing the Nifty Auto index. But investors are looking to today’s earnings call for clues on whether the momentum can return.
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    9 分
  • Kashmir Travel Collapse After Terror Attack | India, Saudi Ink $100B Energy & Infra Pact | Buying Luxury? Pay Extra Tax

    Kashmir Travel Collapse After Terror Attack | India, Saudi Ink $100B Energy & Infra Pact | Buying Luxury? Pay Extra Tax
    2025/04/24
    To get your dose of daily business news, tune into Mint Top of the Morning on Mint Podcasts available on all audio streaming platforms. https://open.spotify.com/show/7x8Nv1RlOKyMV5IftIJwP1?si=bf5ecbaedd8f4ddc Kashmir Travel Takes a Hit Post Terror Attack Following the deadly terrorist attack in Pahalgam, Jammu & Kashmir, that claimed 26 lives, travel agencies across India report up to 90% cancellations for Kashmir-bound trips. The Resistance Front (TRF), linked to Lashkar-e-Taiba, claimed responsibility. Agencies say bookings dropped overnight, with customers demanding refunds—even for non-refundable trips—leading to operational chaos. In response, SpiceJet, Air India, and IndiGo have added emergency flights out of Srinagar and are offering waivers on cancellations and rescheduling for bookings made before April 22, valid through April 30. The attack has derailed Kashmir’s fragile post-pandemic tourism recovery. India-Saudi Arabia Boost Energy Ties with Refinery Pact During Prime Minister Modi’s visit to Jeddah, India and Saudi Arabia agreed to jointly set up two oil refineries in India, part of a broader push to strengthen strategic ties. The agreement was sealed during the India-Saudi Strategic Partnership Council meeting co-chaired by Modi and Crown Prince Mohammed bin Salman. The two countries reaffirmed Saudi Arabia’s $100 billion investment commitment, spanning energy, fintech, infrastructure, and health. Additional MoUs were signed on space collaboration, healthcare, and postal services, and new committees were created for defence and tourism cooperation. Though Modi cut short his visit after the Kashmir attack, momentum on bilateral ties remains strong. Lodha vs Lodha: A Real Estate Rivalry Brews in Mumbai In a bold move, Abhinandan Lodha’s House of Abhinandan Lodha (HoABL) is stepping into Mumbai’s competitive real estate market—directly challenging big brother Abhishek Lodha’s Macrotech Developers. HoABL announced three vertical projects, including a landmark American Culture Center in Marine Lines, a Chowpatty beachfront project, and a joint venture in Naigaon, with a total investment of ₹2,500 crore and projected revenue of ₹3,500 crore. Known for its plotted development outside Mumbai, HoABL now aims for 50% of its revenue from vertical projects within 2-3 years. With approvals in place and construction beginning by year-end, Mumbai’s skyline may become the new Lodha battleground. SEBI’s Fast-Track Dispute Resolution Plan Draws Mixed Reactions SEBI’s latest consultation paper proposes a faster, tech-driven online dispute resolution (ODR) framework for the securities market, including direct arbitration for claims over ₹10 crore. Legal experts back the move for greater certainty and accountability, but warn that mandating a 100% deposit to appeal arbitral awards could discourage retail investors. The proposal also seeks to differentiate regulatory vs. contractual disputes, a grey area that’s caused confusion in the past. SEBI plans digital filings, 21-day conciliation timelines, and a round-robin panel allocation system. While hailed as a step forward in improving market efficiency, experts urge flexibility for complex or multi-party cases. Public feedback is open until May 12. Luxury Shoppers Face 1% Tax on Big-Ticket Buys From April 22, 2025, India’s luxury buyers will need to factor in a 1% Tax Collected at Source (TCS) on purchases over ₹10 lakh, as per a new CBDT directive. This includes high-end items like watches, artworks, collectibles, yachts, designer bags, shoes, sports gear, and even home theatres and racehorses. The tax applies to the entire transaction value once the ₹10 lakh threshold is breached. “This aligns with global trends in tax transparency and tracking high-value consumption,” said Munjal Almoula of BDO India. The move is part of a broader strategy to widen the tax base and monitor luxury spending.
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    8 分
  • Mutual Fund Fees Rise | RBI Pushes ‘.bank.in’ Shift | Trident’s ₹2,000 Cr Startup Bet

    Mutual Fund Fees Rise | RBI Pushes ‘.bank.in’ Shift | Trident’s ₹2,000 Cr Startup Bet
    2025/04/23
    To get your dose of daily business news, tune into Mint Top of the Morning on Mint Podcasts available on all audio streaming platforms. https://open.spotify.com/show/7x8Nv1RlOKyMV5IftIJwP1?si=bf5ecbaedd8f4ddc 1. RBI Pushes Banks to Adopt ‘.bank.in’ Domain for Safer Digital Banking In a major cybersecurity move, the Reserve Bank of India (RBI) has asked all banks to migrate to the new ‘.bank.in’ domain by October 31, 2025. The initiative aims to curb rising digital payment frauds and phishing attacks, enhancing user trust in digital banking. The migration will be managed by IDRBT, under the supervision of NIXI and the Ministry of Electronics and IT. Banks are urged to begin the transition immediately, with IDRBT guiding the technical process. 2. IMF Cuts India’s Growth Forecast Amid Global Trade Slowdown The International Monetary Fund (IMF) has slashed India’s FY26 growth forecast to 6.2% from 6.5%, citing global trade tensions and policy uncertainty. IMF chief economist Pierre-Olivier Gourinchas said businesses are pausing investments due to the volatile environment. Despite the downgrade, India remains the fastest-growing major economy, with FY27 growth pegged at 6.3%. However, the global outlook is dim: trade growth for 2025 is seen at just 1.7%, and advanced economies like the US and Europe are expected to slow sharply. 3. Trident Launches ₹2,000 Cr Fund for Growth-Stage Startups Trident Growth Partners, backed by Ranjan Pai’s Claypond Capital, has launched a ₹2,000 crore fund to support Series B and C startups across sectors like consumer, fintech, healthcare, and tech. The fund will invest ₹150–170 crore in 10–12 companies with scalable models. Trident’s backers include startup founders from Lenskart, Policybazaar, KreditBee, and Livspace. With a strong exit record from 14 unicorns and 8 IPOs, Trident has already made its first bet in SaaS firm Spotdraft and is lining up more deals, aiming to bridge India’s mid-market funding gap. 4. Mutual Fund Fees Rise Despite Market Slump Investors in direct equity mutual funds are facing a double whammy — market downturns and higher expense ratios (TERs). A Mint analysis found that 62% of direct equity schemes increased TERs from Sept 2024 to March 2025, even as many saw asset growth. While Sebi caps TERs based on fund size, there’s no rule on timing of hikes, creating room for asset managers to raise fees strategically. In contrast, regular plans — which include distributor commissions — mostly kept or cut their TERs. Sebi’s earlier proposal to shift TER slabs to the AMC level is currently on hold. 5. HCLTech Leads in Growth, Warns of Weak FY26 HCL Technologies outpaced peers like TCS, Infosys, and Wipro with 4.3% revenue growth in FY25, reaching $13.84 billion. But it projects just 2–5% growth for FY26, its slowest outlook since 2020, amid macro uncertainty and tariff headwinds. CEO C. Vijayakumar cited weak discretionary spending and client delays. Net profit rose 7.65% to $2.04 billion, with margins expanding due to strong performance in its software products arm. Still, HCLTech cut over 4,000 jobs, signaling a cautious approach to hiring, unlike its peers. The company says FY26 hiring will be “quarterly and cautious,” as AI and soft demand reshape the IT workforce.
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    9 分

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