Brokerages' profits suffer due to Sebi's rules, film industry is confronted with its action
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, September 27, 2024. My name is Nelson John. Let's get started.
Online brokerage firm Zerodha generated over ₹8,000 crore in revenue last fiscal year, with profits reaching ₹4,700 crore, according to founder Nithin Kamath. However, Kamath cautioned that the coming year might not be as bright, with a significant revenue drop on the horizon. Recent regulatory changes, aimed at protecting retail investors, are expected to hit brokerages hard. Abhinaba Saha delves into these new rules and their potential impact on both brokerages and retail investors.
India's National Medical Commission (NMC), responsible for overseeing medical education, is grappling with internal conflicts among its four autonomous boards. Poor coordination has led to the cancellation of several public notices, prompting the NMC to seek intervention from the Union health ministry, sources told Mint’s Priyanka Sharma. The issue came to light when the boards issued conflicting decisions while reviewing applications from medical colleges. In one instance, a college was penalized by one board while another approved an increase in its seat capacity. This inconsistency is raising alarm, especially in the wake of recent controversies, such as the NEET exam paper leak.
Radisson Hotel Group is rapidly expanding its footprint in India, capitalizing on opportunities in both major cities and growing smaller towns. Nikhil Sharma, Radisson’s managing director for India, told Varuni Khosla that while the country has 200,000 branded hotel rooms, there's still a significant gap between supply and demand. This imbalance is driving Radisson’s aggressive growth strategy, which includes tapping into religious tourism markets with new properties in Ayodhya and Vrindavan. This move is part of a larger strategy that has already placed Radisson ahead of competitors like IHG and Hilton in India, with its 115 hotels generating around ₹4,000 crore in revenue. The group, which manages brands like Radisson Blu and Park Inn, has 80 more hotels under development as part of its broader expansion plan.
The telecom department is exploring a major policy shift by potentially waiving the requirement for telcos to deposit bank guarantees for spectrum acquired before 2022. The move is part of the broader reforms in the telecom sector. Starting in 2024, companies will no longer need to provide these guarantees under the new rules. The potential waiver is backed by precedents set in 2017, when the government extended the payment period for spectrum purchases from 10 to 16 years and reduced interest on penalties.
The recent wave of harassment allegations in the movie industry reveals that little has changed in Hindi, Bengali, and Malayalam cinema. Lata Jha highlights that this misconduct manifests in various ways, including demands for sexual favours, unwarranted attention on and off sets, unequal pay, and inadequate facilities for women's hygiene. The Hema committee report reinforced what many in the industry already knew—widespread misbehaviour and misconduct remain pervasive. In this piece, Lata delves into the industry’s culture, the allegations, and the persistent lack of accountability within the system.