Business Standard Podcast

Bike-taxis have hit yet another roadblock. This time in Delhi. The Delhi Transport Department on Monday became the latest state government body to put a stop to bike taxi services. But why are state governments disallowing these two-wheeler cab services?  German retailer METRO AG’s cash & carry business is set to hit the fast lane in India. The company had introduced the cash-and-carry business format in the country back in 2013.  But the pivotal moment came two months ago, when Reliance Industries acquired the Indian business. Now, with India’s largest conglomerate in the saddle, what does Metro's future look like? Business Standard’s Nivedita Mookerji caught up with Arvind Mediratta, Managing Director & CEO of the company’s India unit.  Global and domestic developments have kept the market sentiment in check so far this calendar year. The returns from benchmark Sensex and Nifty have been nearly negligible. So, what should investors do? Is it a time to remain a fence-sitter, or is there any investment strategy that one can adopt in this range-bound market? Here's a highlighting of the top sectors and stocks recommended by analysts.   Like equities and mutual funds, savings made under EPF scheme also offer good returns due to over 8% interest rate. An amended made in 2014 and ratified by the Supreme Court in November last year has made it even more attractive. Raghav Aggarwal’s report reveals how

At a time when global tech giants like Google, Microsoft and Meta are on a firing spree, Indian IT major TCS has said that it will not hand out pink slips to its workers. Rather, it has announced to hire from the talented pool -- which has been laid off by Indian start-ups and US tech companies. So why is TCS bucking the trend?  TCS has certainly set the bar high. Its decisions have provided plenty of food for thought to other companies. Speaking of food, ancient Ayurveda believed that cure of most ailments can be found in our kitchens. And a healthy diet keeps all the ailments at the bay. But are we eating healthy? Do we get all our essential nutrients from staple grains like wheat and rice? Or do we need the forgotten superfoods like millets which have been making a comeback off late? And what are the challenges that these coarse grains are facing to become a viable alternative to wheat and rice?  Let us turn our focus back to the issue of hiring in IT firms. The IT index has been an outperformer so far in calendar year 2023 even as IT companies have been treading cautiously on hiring fresh talent. So, what is driving the stock performance and should you buy any given the overall macro set up?  An equity research report by Jefferies recently said that Adani group’s consolidated net debt is at ₹2 trillion and it has relatively “low refinancing needs” in the near term. The report comes after some banks showed reluctance in refinancing the debts of the apple-to-airport group. But what exactly is debt refinancing? And how is it different from debt restructuring? We decode it for you in this episode of the podcast.   

India’s goods exports fell by 6.6% year-on-year in January. It was the third decline in the past four months. But the country’s trade deficit touched a 12-month low of 17. 7 billion dollars in January -- which was a relief from last year’s July figure of 30 billion dollars. Imports also dipped and contributed to the narrowing of the trade gap. So is this fall in trade deficit a cause for cheer?  It is not just cross-border trade that is taking a hit due to the global slowdown. World over, companies are also scrambling to maintain their profitability. They are laying off employees to stay afloat. Last week, Disney announced its plan to fire 7,000 employees as the conglomerate restructured the organisation. In India, Disney+ Hotstar has lost the IPL digital rights along with 3.8 million subscribers. So, is Disney+ Hotstar in trouble here? If so, what is the way out?  Moving on to the financial markets, the new budget proposal to tax income on high value insurance policies has raised concerns for insurers, evident from their weakness on the bourses. So, how long may the pain continue for the stocks and can they bear fruit in the long run?  Meanwhile, on global indices, stocks of small artificial intelligence groups have soared in the last few months. Thanks to the hype surrounding Open AI’s ChatGPT. No one took artificial intelligence so seriously before the ChatGPT happened. It is now inspiring a host of other chatbot innovations. One such chatbot will now help Indians address their Aadhaar-related queries. This episode of the podcast explains how. 

American President Joe Biden, French President Emmanuel Macron, and British Prime Minister Rishi Sunak have hailed Air India’s multi-billion-dollar aircraft deal with Boeing and Airbus. The Boeing deal was welcomed by Prime Minister Narendra Modi and Biden as a “shining example of mutually beneficial cooperation”. So, why has one deal brought all these leaders together and what does it mean for India's civil aviation market?  India’s airlines aren’t the only ones giving wings to India’s ambition. A major find in the hills of Jammu and Kashmir has also ignited the country’s hope to become a key player in the electric vehicle ecosystem. The government on February 10 announced that it has found a stash of 5.9 million tonnes of lithium in the hill state’s Reasi district. But there are many a slip between the cup and the lip. Will this lithium reserves make India an EV power?   Turning our focus back to aviation, Aero India Show, which seeks to display India’s growth in aerospace and defence capabilities, has put the spotlight on related stocks. Analysts say the event would improve the sector’s long-term growth prospects as investments worth Rs 75,000 crore are expected. But, are the stocks worth adding to your portfolio given tepid budgetary allocation?  Two grey fighter jets, which have come from Utah, United States to take part in the Aero India show are attracting a lot of attention. They are arguably the world’s most advanced fifth-generation fighters. Fighter jets have come a long way since the first world war -- when pilots used to take down enemy planes with rifles and grenades. Now we have supersonic jets equipped with guided missiles and radar-evading stealth technology. But how did the jets evolve? And what is a fifth generation fighter jet? Lets find out in thos episode of the podcast. 

Anchor link: Consumer inflation soared to 6.52% in January after staying within the RBI’s tolerance band for three months running. The sharp jump not just betrayed the pain that the consumers have been going through, but also justified the RBI stand which has refused to lift the foot off the rate hike pedal. So is retail inflation going to haunt us? Or is this just a blip?  The ongoing Adani fiasco is another burning issue which is keeping the central bank busy these days. Sebi too is on its toes. The government on Tuesday agreed to the Supreme Court’s suggestion to form a panel to look into existing investor protection regime against the backdrop of rout in Adani group shares. So what can this panel do to ensure that investors don’t lose their wealth to another such meltdown.    Meanwhile, new-age technology stocks have been on investors’ radar for a while. Shares of Nykaa, Paytm, and PB Fintech have surged up to 17% in a month. However, these companies reported a mixed set of results during the third quarter earnings, keeping analysts cautious over the sustenance of this strength.  After the financial markets, let us move on to a debate raging around various models of pension schemes for government servants. Andhra Pradesh recently proposed a pension scheme claiming that it combines benefits of both old and new pension regimes. According to a report, it has also caught the attention of the central government. In this episode of the podcast, we tell more about this new Guaranteed Pension Scheme. 

Hundreds of freshers were reportedly shown the door at Wipro and Infosys recently after they failed to clear tests at the end of their training period. At the same time, the wait for final year engineering students seems to be getting longer, as major IT firms have not visited the campuses yet. So are freshers and students staring at a tough year ahead?  The government, meanwhile, has announced to fill a hundred thousand central government vacancies in the next one year. In the last four years, over three hundred thousand people landed jobs in various central government ministries and departments. What does this mean? Is this increase in government size a good thing?  Besides unemployment, inflation has been a cause of worry for the government. It rose to 6.52% in January, bringing the key indices down. Markets have been under pressure for the last few sessions. How long will this continue? Are any counters worth your money at the current levels, and is the worst over for Adani group stocks? Puneet Wadhwa caught up with Gaurav Ratnaparkhi, head of technical research at Sharekhan by BNP Paribas on what technical charts indicate for Adani group stocks, the key levels he is tracking for the frontline indices and his investment strategy.  On Tuesday, the markets are likely to remain range-bound amid lack of any major triggers. Stock-specific action, however, will continue. Moving on, an altogether different kind of action is going on in Bengaluru sky. With the slogan “Make in India for the World” at the centre stage, Prime Minister Narendra Modi inaugurated the Aero India 2023 in the city on 13th February. The five-day event will host a slew of aerospace and defence companies. This episode of the podcast decodes what Aero India is and more.

In yet another blow to the Adani Group, MSCI has changed its weightings for some of the conglomerate’s stocks. The global index provider has cut its determined free float for four group companies, including flagship firm Adani Enterprises. Adani’s troubles, brought on by allegations of fraud, have also led to doubts about India’s growth story, which is being driven by investments in infrastructure. So, will the storm set off by Hindenburg Research hit the country’s ambitious infra plans?  A 33% hike in capital expenditure outlay for FY24 attests to the government’s commitment towards building better roads, highways, ports and other critical infrastructure. And from the proposed Rs 10 lakh crore capex budget, railways got the lion’s share. But despite the good budgetary allocations in the past, the national transporter’s operating ratio is still hovering close to 100. So how best can the railways allocate its budgetary outlay?  Meanwhile, for corporate India, the pace of earnings growth continued to slow down in the December quarter as high interest rates increased the costs. Besides, persistent weakness in the rural economy, coupled with plateauing urban discretionary spends, ate into the profitability. Find out the key risks that India Inc may see in upcoming quarters. The rout in Adani group stocks -- which began January 25th after the release of a Wall Street short seller’s report -- was halted for a brief two-day period last week. It coincided with the conglomerate’s move to release pledged shares worth $1.11 billion in its three companies about nine months ahead of the maturity. It instilled some confidence in the investors, before another news dented it. But what is pledging of stocks? Listen to this podcast for more. 

India appears set to overtake Germany and Japan to become the world’s third largest economy by the end of this decade. It is the world’s fastest growing major economy right now. But this rapid growth is not without a cost. India is the world’s third largest oil importer too. Oil is fuelling the growth but denting the exchequer. The government is now planning to almost double the crude oil refining capacity. But what are the challenges?  Windfall tax has also eaten into the profit of Reliance Industries. Meanwhile, India’s biggest company by market valuation has recently put in place a succession plan. India’s corporate empires are in the midst of transition. The Aditya Birla Group too has initiated a succession plan. Ananya Birla and Aryaman Birla, the two children of Kumar Mangalam Birla were recently inducted in the boards of group companies. So who are these new Birlas?    Meanwhile, stocks of Adani group are on a roller coaster ride since the release of Hindenburg report. Puneet Wadhwa caught up with market guru Mark Mobius, founder, Mobius Capital Partners LLP to know his views on the developments and on the Indian equity markets.  The brief rally in Adani Group stocks came to a halt on Thursday after index provider MSCI said that it will review free float status of the group’s listed companies. So what is a free float or public float, as it is also known. We find out in this episode of the podcast.

The Reserve Bank of India’s Monetary Policy Committee has hiked repo rate by 25 basis points. A Business Standard poll had also forecast the 25 basis point hike about three days ago. So with inflation coming under the RBI’s comfort zone, will the central bank hit the pause button on further rate hikes?  Inflation in air fare, meanwhile, was way higher than the overall inflation till a few months ago - especially during the festivals in October and November. It has come down now. But did you know that the iconic aircraft which made air travel affordable for most of us is slowly but certainly flying into dusk, after over five decades of successful operation. The last aircraft of the revolutionary Boeing 747 series rolled out of the Boeing factory last week. The company has decided to halt its production. Listen to the legacy left behind by Boeing 747 - also called ‘Queen of the Skies”. Shifting the focus back to the rate hike, the RBI move has weakened the sovereign bonds. The central bank’s status quo on its policy stance, with no signal that it will take the foot off the pedal, has dampened the market’s spirit. So, what is in store for bond markets going ahead after the RBI’s policy outcome and the budget’s market borrowing estimate for FY24?  Meanwhile, the race for clean energy is on. Oil and Natural Gas Corporation or ONGC is now planning to come up with a geothermal map of India. We know about nuclear, solar, hydro-electric and wind energies. But what exactly is geothermal energy? This episode of the podcast explains it for you. 

After the Hindenburg Research’s critical report on Adani group, global credit rating agencies have started to recalibrate their stance on the conglomerate’s assets. Contracts awarded to its group companies are also under the scanner. So will the dark clouds hovering over the group grow darker in the days ahead? Or 60-year-old Gautam Adani -- who was the world’s third richest man until a few days ago -- will be able to overcome this crisis?  Adani group stocks made a comeback on Tuesday. Adani port -- which is about to declare its Q3 results-- also surged over 8% in the early trade. The conglomerate operates India’s largest private port in Gujarat’s Mundra. India has 13 big ports now. But despite all the progress, big ships continue to evade Indian ports. Why is that so? Why do big ships not dock at Indian harbours? And does it have any impact on trade?  Equity markets, meanwhile, have remained range-bound, with the NSE Nifty index down nearly 2 per cent. Amidst this volatility, defensive pockets like Nifty FMCG and IT indices have outperformed frontline indices. Analysts, therefore, suggest investors to rotate from high beta stocks to select defensive plays due to an uncertain roadmap ahead.  After the financial markets, let us move on to a tragedy which has struck part of Turkey and neighbouring Syria. At least 5,000 people have lost their lives after three devastating earthquakes shook the region which sits on a well-known fault line, the Anatolia tectonic block. But what is a fault line? Let us understand it in this episode of the podcast and more. 

The Central government has finally given its nod to convert Vodafone Idea’s interest dues into equity. But about 16 months of delay has cost the already struggling firm dearly. In the September quarter, the telco lost six million subscribers. So, will the government’s lifeline be enough to pull the country’s third largest telecom company from the quicksand of debt?  Another debt-ridden and struggling entity was offered a fresh lease of life last year. On 27th of January 2022, salt-to-software conglomerate Tata Group took over the operations of Air India -- which was on the verge of flying into obscurity. And now, as the takeover marks one year, how is the airline performing? Has it turned the corner? And what are the challenges ahead?  Moving on to markets, the crisis engulfing Adani Group led to a panic sell-off in bank stocks. Investors dumped shares of the pack as they are worried about debt repayment by the group. And this comes despite the RBI’s assurance that the Indian financial sector was “stable” and “resilient”. Find out why analysts think it may be a good time to start buying the dip.  Rout in Adani stocks spoiled the financial markets’ party, which welcomed the provisions in the government's annual budget. In the budget speech, Financial Minister Nirmala Seetharaman had also announced a research and development grant for one IIT, aiming to encourage domestic production of lab-grown-diamonds. The government hopes to reduce import dependency and increase employability. So, what are lab-grown diamonds? We decode it for you in this episode of the podcast. 

Believe it or not. The super-rich too care about the annual Union budget. Like the common man, the run-up to the budget is hard on the rich too due to the annual calls for imposing more taxes on them. This year’s budget may have been a mixed bag for the high-net-worth individuals, otherwise known as the super-rich. Why is that the case? Bhaswar Kumar’s report answers that question   Allotment of 10 trillion rupees for capital expenditure in 2023-24 was one of the key highlights of this Union budget. This was 37% more than the revised estimate for 2022-23. But what does the fine print tell us?  Meanwhile, last week was quite eventful for the domestic markets. Frontline indices weathered a storm that ravaged the Adani Group stocks. Economic survey’s growth projection for 2023-24 and reforms announced in the Union budget saved the day for it. The dovish stance by the US Federal Reserve also worked in its favour. This week, after the US Fed carved the path of a smaller rate hike, analysts expect the Reserve Bank of India to walk the similar path.  Financial markets, GDP, per capita income -- there are several ways to gauge the health of a country’s economy. But, of late, economists and financial institutions have also been exploring unconventional ways to arrive at conclusions. Night light data is one of such metrics. We explain it in this episode of the podcast and more. 

Adani Group continues to bleed. On Wednesday evening, it pulled the plug on its ambitious FPO. On Thursday, its stocks hit the lower circuit, again. In the Parliament, opposition parties are demanding a JPC or a Supreme Court- monitored probe in the Adani- Hindenburg saga. So what next for Adani Group? How will it bounce back?  But this is not the first time a research firm has gone all guns blazing against a corporate house. It happened in the past too. So, how will this Adani- Hindenburg battle unfold? Does history give us some lessons?  A please-all budget -- which delivered what the industry and the markets wanted -- has failed to lift the spirit of the indices, especially that of Nifty. Rout in Adani group-led shares continued on Thursday. And it has impacted Nifty as well, which ended flat. So will the Budget announcements ease out investors’ worries any time soon?  Coining catchy terms and acronyms has been one of the hallmarks of the Narendra Modi-led central government. This year’s budget speech too was peppered with terms which caught everyone’s fancy -- like ‘Amrit Kaal’ and ‘MISHTI’. In this episode of the podcast, we explain some of them for you. 

This year’s Union budget brought all the key ingredients together. It was pro-growth as the government committed 10-lakh crore rupees to capital expenditure -- which is 33% more than the last budget. It was pro-middle class as the income tax rebate limit was raised to seven lakh rupees. Government borrowing plans were close to the market’s expectation -- which may offer it a good runway. Industry too welcomed it amid good news on pharmaceutical and automobile sectors. In today’s budget special, we spoke to experts and economists to gauge the likely impact of this budget on each of these segments. Find out how it may impact the common man. There is one part in the budget speech which everyone is interested in: the announcement on personal income tax. So when Finance Minister Nirmala Sitharaman finally reached that point, she said, “Now, I come to what everyone is waiting for.” And her next announcement on tax rebates made millions jump on their seats. Experts share the likely impact of the budget on the lives of common man. With dark clouds of recession hanging over the global economy, India Inc. leaders had raised their concerns and handed over their wish list to the finance minister during pre-budget consultations. Now that the budget has been tabled, were all their demands met? And what will be its impact on India Inc?  Two key benchmark indices -- BSE and NSE -- moved in opposite directions on the budget day. While BSE soared over 150 points, NSE fell. What has the Budget 2023 done for the markets? Are the investors a happy lot? Puneet Wadhwa caught up with Shankar Sharma, founder, GQuant Investech to know his views on the budget proposals and his investing strategy in this backdrop.  Anchor link: In the budget statement, the government provides a detailed account of its revenue and expenditure. The total size of the 2023-24 Budget is Rs 45.03 trillion, which is 7.5% more than the previous one. But have you ever wondered where the govt gets its revenues from and where it spends it? Let us find out in this episode of the podcast. 

The annual Economic Survey released Tuesday was positive about the ‘India story’. It projected the economy to grow 6.5 per cent in 2023-24. The Survey also said that a strong domestic economy will provide some immunity from the global slowdown. So what does the Economic Survey tell us about growth?  But the good projections of the Economic Survey failed to cheer up the Indian financial markets as benchmark indices ended flat on Tuesday. All eyes were on Adani Group’s FPO, which was fully subscribed on Tuesday -- thanks to non-institutional investors. But, it seems, trouble for the conglomerate is far from over. The rout which started with the release of a scathing report by Hindenburg Research last week has shaved off 16 per cent of its market value.  According to reports, banks are now wary of giving fresh loans to the company. So what lessons does it offer to regulators? What can they do to avoid a recurrence of such a fiasco?  The Union Budget is being presented at a time when the global economy is slowing. So, will the government bite the bullet and stick to fiscal prudence? Which sectors are likely to be accorded priority? Puneet Wadhwa spoke to leading market experts and economists to understand what they expect from the Finance Minister this time. This Budget will give an account of where the money is expected to come from and where the government plans to spend it. But the annual financial statement, as the Budget is called, is also full of complex terms. Let's understand them better in this episode of the podcast.