How will India manage its power demand this summer?
Welcome to Top of the Morning by Mint, your weekday newscast that brings you five major stories from the world of business. It's Wednesday, May 29, 2024. My name is Nelson John. Let's get started:
The Indian equity markets fell slightly on Tuesday. Nifty was down by 0.19 percent, while the Sensex dropped by 0.29 percent.
We've got a pretty hot edition for you today: a lot of our top stories of the day have to do with the summer. Let's get into it.
The summers are here — and with it, comes enormous demand for power. Temperatures are a good indicator of the demand for electricity, but that can vary a lot for a given place — and even on the same day. 2024 is shaping up to be warmer than last year
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The heatwave is also bad news for automakers. Fewer people are stepping out to escape the sun, and in turn, fewer prospective buyers are going to the showroom to look at cars. Sales in May are sharply down from the same period a year ago, reports Alisha Sachdev. But the heatwave isn't the only one at fault: the election cycle, as well as a lack of auspicious days are also to blame. To counter that, dealerships are offering widespread discounts and doorstep deliveries. If you're in the market for a new set of wheels, now might be the time to capitalise.
Despite a record harvest, wheat prices are still rising. Lower production due to untimely rains in some states has marred the distribution for wheat. This might push the Indian government to allow the import of wheat, which is currently banned. While currently wheat prices are fine, they might steadily but surely rise as there's less wheat stock in the market. Sayantan Bera explores the current predicament and the future outlook in this Mint Primer.
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For global media conglomerate Walt Disney, a particular piece of inheritance in India has turned into a white elephant. When Disney bought out 21st century Fox, it also received a 30 percent share of Tata's DTH company, Tata Play. However, sources told Gaurav Laghate that Disney wants nothing to do with this business. The Tata Group has refused to buy Disney out, and other buyers aren't interested either — further complicating the matter. The Tatas had hoped to IPO this company in at least three different instances, but decided against it. Tata Play has now become the strange DTH that nobody wants to play with.
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The Indian society isn't firmly patriarchal anymore: women now have various rights, and more importantly, cash in hand. Romita Datta's on-ground report from Kolkata during this election season proves that point. A host of women-centric schemes by the BJP government have made women in rural and semi-urban areas quite independent. More women are now registering as voters
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Show notes:
Can India keep up with the ebbs and flows of power demand?
Heatwave cooks car sales in May, footfall stalls in car showrooms
Our daily bread’s getting hot. Can imports help?
The curious case of Disney’s 30% stake in Tata Play
Why political parties are breaking the bank to win over women voters