India’s EV overdrive, powered by PM E-Drive

The government has started vetting proposals from states and oil marketing companies to build EV charging stations under the ₹10,900 crore PM E-Drive scheme. The aim to disburse ₹80 crore for chargers by the end of FY26. Of the total outlay, ₹2,000 crore is earmarked to support over 72,000 charging stations, with subsidy covering up to 70%–100% of infrastructure costs at public sites.

But therein lies the problem—location viability and grid access. Will PM E-Drive succeed where FAME-II fell short?

It has to, for reliable public charging infrastructure is critical if India has to to achieve 30% EV penetration across vehicle segments by 2030. As on date, that figure stands at 7.6%.

🔗 Why adoption in India is slow and uneven

In today’s edition of Top of the Morning:

• Crude shock rattles oil-linked stocks
• Governance gaps in PSU boardrooms
• Cognizant’s AI strategy

MARKET WATCH

THE MAIN STUFF

Crude shock rattles oil-linked stocks: Brent crude’s surge to $82.77 a barrel, its highest since July 2024, has sent shockwaves through Dalal Street, hammering sectors most exposed to oil.

Stocks of India’s refining to tyre and paint companies fell more than 3% on 4 March, extending a two-day slide of nearly 7%—far steeper than the 2% drop in the Nifty 50. With oil derivatives forming up to 70% of raw material costs, margins are acutely vulnerable.

A similar spike after the Russia-Ukraine war compressed profitability sharply. Analysts warn that any prolonged disruption, especially around the Strait of Hormuz, could push crude higher and trigger another earnings reset.

Governance gaps in PSU boardrooms

A survey by Excellence Enablers found that 36 Maharatna and Navratna firms fail to meet the mandated one-third quota for independent directors in FY25. Gender diversity has worsened. Thirty PSUs had no women independent directors, up sharply from seven in FY22, despite legal requirements.

Boardrooms are also greying, with independent directors under 50 dropping to just five from 40 three years ago. Short tenures and patchy succession planning disclosures add to concerns, signalling that corporate governance reforms still have ground to cover.

The cost of PM Modi’s foreign trips: The Indian government has spent ₹815 crore on Prime Minister Narendra Modi’s 99 foreign trips since 2014, covering 78 countries in a travel calendar that reflects his diplomatic style.

Data shared in Parliament shows he spent 352 days abroad across three terms, averaging one trip every six weeks. Adjusted for inflation, the total exceeds ₹1,000 crore in today’s prices. A typical visit lasts 3.6 days and costs about ₹10.2 crore. The US is his most visited destination, accounting for 10 trips and nearly a fifth of total spending, followed by France among the costliest stops. Read more.

Cognizant’s AI strategy

Cognizant Technology Solutions Corp. is choosing craft over cuts in the AI race. Instead of slashing prices to win deals, the New Jersey-based firm says it is focusing on building better designed, tightly executed solutions.

CFO Jatin Dalal told investors at a Morgan Stanley conference that Cognizant rigorously vets deal requirements and tracks performance through monthly “bid versus did” reviews led by the CEO. Multiple client workshops aim to limit surprises once projects go live.

The strategy sets it apart from Infosys Ltd., which has leaned on quick execution to showcase AI savings.

India Inc. is increasingly Startup Co.

India saw 24,136 new companies registered in February, up 37% from a year earlier and the second highest tally this fiscal.

According to data from the Ministry of Corporate Affairs, incorporations rebounded after a festive season dip, climbing steadily from January’s 23,280.

Most new firms are small, closely held private companies, with average paid-up capital about ₹6 lakh, pointing to grassroots enterprise. Services dominate, especially IT and consulting, with about 300 AI-focused firms being set up each month. Read more.

NEWS IN NUMBERS

𝟤,𝟢𝟢𝟢: 𝖳𝗁𝖾 𝖺𝗉𝗉𝗋𝗈𝗑𝗂𝗆𝖺𝗍𝖾 𝗇𝗎𝗆𝖻𝖾𝗋 𝗈𝖿 𝗍𝖺𝗋𝗀𝖾𝗍𝗌 𝗍𝗁𝖾 𝖴𝖲 𝗌𝖺𝗒𝗌 𝗂𝗍 𝗁𝖺𝗌 𝗁𝗂𝗍 𝗂𝗇 𝖨𝗋𝖺𝗇 𝗎𝗇𝖽𝖾𝗋 𝖮𝗉𝖾𝗋𝖺𝗍𝗂𝗈𝗇 𝖤𝗉𝗂𝖼 𝖥𝗎𝗋𝗒 𝗌𝗂𝗇𝖼𝖾 𝟤𝟪 𝖥𝖾𝖻𝗋𝗎𝖺𝗋𝗒, 𝗂𝗇𝖼𝗅𝗎𝖽𝗂𝗇𝗀 𝟣𝟩 𝖨𝗋𝖺𝗇𝗂𝖺𝗇 𝗌𝗁𝗂𝗉𝗌 𝖺𝗇𝖽 𝖺 𝗌𝗎𝖻𝗆𝖺𝗋𝗂𝗇𝖾.

𝟤𝟦,𝟣𝟥𝟨: 𝖳𝗁𝖾 𝗇𝗎𝗆𝖻𝖾𝗋 𝗈𝖿 𝗇𝖾𝗐 𝖼𝗈𝗆𝗉𝖺𝗇𝗂𝖾𝗌 𝗋𝖾𝗀𝗂𝗌𝗍𝖾𝗋𝖾𝖽 𝗂𝗇 𝖥𝖾𝖻𝗋𝗎𝖺𝗋𝗒, 𝖺𝗌 𝖺𝗀𝖺𝗂𝗇𝗌𝗍 𝟤𝟥,𝟤𝟪𝟢 𝖺 𝗆𝗈𝗇𝗍𝗁 𝖺𝗀𝗈 𝖺𝗇𝖽 𝗎𝗉 𝟥𝟩% 𝗒𝖾𝖺𝗋-𝗈𝗇-𝗒𝖾𝖺𝗋, 𝗌𝗂𝗀𝗇𝖺𝗅𝗅𝗂𝗇𝗀 𝖾𝗇𝗍𝗋𝖾𝗉𝗋𝖾𝗇𝖾𝗎𝗋𝗂𝖺𝗅 𝗆𝗈𝗆𝖾𝗇𝗍𝗎𝗆 𝖺𝗇𝖽 𝖿𝗈𝗋𝗆𝖺𝗅𝗂𝗌𝖺𝗍𝗂𝗈𝗇.

₹𝟣,𝟧𝟢𝟢 𝖼𝗋𝗈𝗋𝖾: 𝖳𝗁𝖾 𝖺𝗆𝗈𝗎𝗇𝗍 𝖬𝗈𝗇𝖾𝗒𝗏𝗂𝖾𝗐 𝗉𝗅𝖺𝗇𝗌 𝗍𝗈 𝗋𝖺𝗂𝗌𝖾 𝗍𝗁𝗋𝗈𝗎𝗀𝗁 𝗂𝗍𝗌 𝖨𝖯𝖮, 𝖺𝗅𝗈𝗇𝗀𝗌𝗂𝖽𝖾 𝖺𝗇 𝗈𝖿𝖿𝖾𝗋‑𝖿𝗈𝗋‑𝗌𝖺𝗅𝖾 𝗈𝖿 𝗎𝗉 𝗍𝗈 𝟣𝟥.𝟨 𝖼𝗋𝗈𝗋𝖾 𝗌𝗁𝖺𝗋𝖾𝗌, to 𝖻𝗈𝗈𝗌𝗍 𝗅𝗈𝖺𝗇 𝖽𝗂𝗌𝖻𝗎𝗋𝗌𝖺𝗅𝗌 𝖺𝗇𝖽 𝗌𝗍𝗋𝖾𝗇𝗀𝗍𝗁𝖾𝗇 𝗂𝗍𝗌 𝖿𝗂𝗇𝖺𝗇𝖼𝗂𝖺𝗅 𝗌𝗎𝖻𝗌𝗂𝖽𝗂𝖺𝗋𝗒.

𝟤,𝟢𝟢𝟢: 𝖳𝗁𝖾 𝗇𝗎𝗆𝖻𝖾𝗋 𝗈𝖿 𝖿𝗋𝖾𝖾 𝖼𝗁𝗂𝗅𝖽𝖼𝖺𝗋𝖾 𝗌𝖾𝖺𝗍𝗌 𝖭𝖾𝗐 𝖸𝗈𝗋𝗄 𝖢𝗂𝗍𝗒 𝗉𝗅𝖺𝗇𝗌 𝗍𝗈 𝗈𝖿𝖿𝖾𝗋 𝖿𝗈𝗋 𝗍𝗐𝗈-𝗒𝖾𝖺𝗋-𝗈𝗅𝖽𝗌 𝖿𝗋𝗈𝗆 𝗍𝗁𝗂𝗌 𝖿𝖺𝗅𝗅, 𝖺𝗌 𝗉𝖺𝗋𝗍 𝗈𝖿 𝗍𝗁𝖾 𝖿𝗂𝗋𝗌𝗍 𝗉𝗁𝖺𝗌𝖾 𝗈𝖿 𝗂𝗍𝗌 𝗇𝖾𝗐 “𝟤-𝖪” 𝖾𝗑𝗉𝖺𝗇𝗌𝗂𝗈𝗇.

$𝟤𝟢𝟢,𝟢𝟢𝟢: 𝖳𝗁𝖾 𝖼𝗎𝗋𝗋𝖾𝗇𝗍 𝖼𝗈𝗌𝗍 𝗈𝖿 𝗌𝗈𝗆𝖾 𝗉𝗋𝗂𝗏𝖺𝗍𝖾 𝖼𝗁𝖺𝗋𝗍𝖾𝗋 𝖿𝗅𝗂𝗀𝗁𝗍𝗌 𝗈𝗇 𝖬𝗂𝖽𝖽𝗅𝖾 𝖤𝖺𝗌𝗍 𝗋𝗈𝗎𝗍𝖾𝗌, 𝗎𝗉 𝖿𝗋𝗈𝗆 𝖺𝗋𝗈𝗎𝗇𝖽 $𝟣𝟣𝟧,𝟢𝟢𝟢 𝖾𝖺𝗋𝗅𝗂𝖾𝗋 𝖿𝗈𝗋 𝖺 𝟣𝟨-𝗉𝖺𝗌𝗌𝖾𝗇𝗀𝖾𝗋 𝖱𝗂𝗒𝖺𝖽𝗁-𝖯𝗈𝗋𝗍𝗈 𝖿𝗅𝗂𝗀𝗁𝗍.

₹𝟨,𝟣𝟧𝟢 𝖼𝗋𝗈𝗋𝖾: 𝖳𝗁𝖾 𝖾𝗌𝗍𝗂𝗆𝖺𝗍𝖾𝖽 𝖼𝗈𝗆𝖻𝗂𝗇𝖾𝖽 𝗋𝖾𝗏𝖾𝗇𝗎𝖾 𝗉𝗈𝗍𝖾𝗇𝗍𝗂𝖺𝗅 𝗈𝖿 𝗍𝗐𝗈 𝗅𝖺𝗇𝖽 𝗉𝖺𝗋𝖼𝖾𝗅𝗌 𝖺𝖼𝗊𝗎𝗂𝗋𝖾𝖽 𝖻𝗒 𝖦𝗈𝖽𝗋𝖾𝗃 𝖯𝗋𝗈𝗉𝖾𝗋𝗍𝗂𝖾𝗌 𝗂𝗇 𝖪𝗈𝗅𝗄𝖺𝗍𝖺 𝖺𝗇𝖽 𝖦𝗎𝗋𝗎𝗀𝗋𝖺𝗆 𝖿𝗈𝗋 𝗎𝗉𝖼𝗈𝗆𝗂𝗇𝗀 𝗉𝗋𝖾𝗆𝗂𝗎𝗆 𝗋𝖾𝗌𝗂𝖽𝖾𝗇𝗍𝗂𝖺𝗅 𝗉𝗋𝗈𝗃𝖾𝖼𝗍𝗌.

$𝟫–$𝟣𝟢.𝟧 𝖻𝗂𝗅𝗅𝗂𝗈𝗇: 𝖳𝗁𝖾 𝗏𝖺𝗅𝗎𝖺𝗍𝗂𝗈𝗇 𝗋𝖺𝗇𝗀𝖾 𝖺𝗍 𝗐𝗁𝗂𝖼𝗁 𝖯𝗁𝗈𝗇𝖾𝖯𝖾 𝗂𝗌 𝗉𝗅𝖺𝗇𝗇𝗂𝗇𝗀 𝖺𝗇 𝖨𝖯𝖮, 𝗅𝗈𝗐𝖾𝗋 𝗍𝗁𝖺𝗇 𝗍𝗁𝖾 $𝟣𝟤 𝖻𝗂𝗅𝗅𝗂𝗈𝗇 𝗂𝗍 𝗅𝖺𝗌𝗍 𝖿𝖾𝗍𝖼𝗁𝖾𝖽 𝗂𝗇 𝖺 𝟤𝟢𝟤𝟥 𝗉𝗋𝗂𝗏𝖺𝗍𝖾 𝖿𝗎𝗇𝖽𝗂𝗇𝗀 𝗋𝗈𝗎𝗇𝖽.

AROUND THE WORLD

• Why Ali Khamenei may have welcomed the nature of his death
• Iran war circles global markets, stirring fears on growth, inflation
• Israel is blowing up Iran’s police state to clear the way for a revolt
• Iran escalates attacks on Gulf nations as conflict widens
• Oil continues to rise as Middle East conflict enters fifth day

LOUNGE RECOMMENDS

Apple AirTag 2 Review: The second-gen AirTag is proof that making zero changes on the design doesn’t mean it’s a lazy update, and its impressive how the tracker improved upon the tracking distance and speaker volume by only tweaking internal hardware. Read more.

WHAT THE FACT

The Returnees Building Unicorns: Venture capitalist Sajith Pai coined the playful acronym “BARBIE” for a rising tribe of Indian startup founders. It stands for Bachelors Abroad, Returned to Build In India’s Ecosystem.

These are entrepreneurs who studied overseas but chose to come back and launch companies in India. Notable examples include Peyush Bansal and Aadit Palicha. According to Pai, BARBIE founders have started ~11.5% of India’s active unicorns, making them a powerful force in the country’s startup story.

Top of the Morning captures the latest in business news and stock market you need to know to start your day. Want this newsletter delivered to your inbox? Subscribe here.

Written by Siddharth Sharma. Edited by Alokesh Bhattacharyya.