Markets reach new record highs

Top of the Morning

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

India’s stock markets had a great Thursday, with the Nifty and Sensex benchmarks each rising more than 1.6% to close at record highs. As a result, India's stock markets are now valued at over 5 trillion dollars, writes Dipti Sharma. Banking stocks, which have largely underperformed this year, also saw significant gains. Additionally, investor sentiment was boosted by the Prime Minister's projection that the stock markets would hit record highs on 4 June if the BJP returns to power with a comfortable majority.

Zomato, on the other hand, rose just about a per cent yesterday. However, its share price has surged over 50 per cent since the beginning of the year. The food delivery company distinguishes itself from its startup peers as a consistently profitable and innovative entity. However, Zomato wasn't always this way—it spent its first four years burning through investor money. TN Hari, a senior executive with multiple growth-stage startups, chronicles Zomato's journey from a struggling startup to an investor darling.

Paytm, another startup, which listed around the same time as Zomato, has faced a contrasting fate. Yesterday, Paytm's shares dropped nearly 3 per cent, bringing its total decline in 2024 to over 44 per cent. When the Reserve Bank of India cancelled its banking licence, Paytm's share price cracked. That has had an impact on its employees as well, who have flooded the job market with their resumes. Shayan Ghosh and Devina Sengupta report about the fintech's challenges. While Paytm hasn't resorted to any layoffs, yet, employees are concerned about potential cuts and career stagnation. If you're hiring, expect to see resumes from Paytm employees soon.

Every year, India adds to its electric power generation capacity, a necessity given the record highs in electricity consumption we hit annually. With summer officially here, the demand for electronic items to keep cool has surged. However, June might bring with it a power crisis. As N. Madhavan writes, the power deficit in June is expected to be the highest in 14 years. Night-time demand is projected to reach 235 gigawatts, while supply lags at only 221 gigawatts. In response, the government has reopened old coal plants and plans to open new ones to meet this demand. Despite these efforts, power cuts are likely this year.

These days, it seems only brands text me on WhatsApp. The app, once a cheap way to communicate with friends and family, has become a platform for endless coupons and shopping offers. This shift began a few years ago when Meta, WhatsApp's parent company, integrated commercial features into the messaging app. According to our reporter Gulveen Aulakh, this trend will only become more widespread. Gulveen spoke with Sandhya Devanathan, the head of Meta India, who said that conversational commerce is set to be a priority for Meta. Users will be able to chat with bots and shop for goods directly. Meta is targeting the 350 million Indians who have already used UPI for payments, believing they will be more receptive to online shopping on WhatsApp.

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RBI largesse catapults market to fresh high

Profits delivered: What Zomato’s sizzling results teach investors, VCs

Paytm, its payments bank employees seek greener pastures

Power crisis: Are we in for another sizzling summer?

Chat-based e-commerce key priority for WhatsApp: Meta India head