Best of the Week: For the joy (and bragging rights) of being right

Dear reader, 

Do you know what one of life’s underrated joys is? The joy of being right. Let’s be honest, everyone loves being correct, factual, and validated (or at least thinks they are). I’m no different.

Now, how does one prove they’re right without coming off as arrogant or smug? The best way to do it is by participating in a quiz! So, naturally, I found myself at one.

Bengaluru has a rich quizzing culture. The city’s bars and pubs, which are lively and buzzing on weekends, transform into something quieter yet equally engaging on weekdays. These weekday gatherings, known as ‘pub quizzes’ or ‘trivia nights,’ offer a completely different way of experiencing the city’s vibe. Here, not only can you meet like-minded people, but you might even find a new quizzing partner.

Personally, I consider myself a casual quizzer. But believe me, there are people who take this very seriously, treating quizzing with utmost conviction. One such place is Vapour Pub, located on the bustling 100 Feet Road in Indiranagar, where they’ve been hosting quizzes for over a decade. Every Tuesday, a hoard of trivia enthusiasts descends upon Vapour for a 3-hour quiz extravaganza, with questions covering everything from Bollywood and sports to quirky themes like ‘The Simpsons.’

In a time when misinformation runs rampant and facts sometimes take a backseat, it’s genuinely heartwarming to see groups of people come together to celebrate knowledge. Even if it's just for the bragging rights, there’s something special about striving to get the facts right.

On to Mint’s best journalism from this week: 

👨‍👦 The Tata Trusts, responsible for over half of Tata Sons' shares, have made a significant change by appointing trustees for life, ending fixed-term appointments. This move came shortly after Noel Naval Tata was named chair following Ratan Tata's recent passing. The Trusts, which include significant entities like Sir Ratan Tata Trust and Sir Dorabji Tata Trust, play a pivotal role in overseeing Tata's extensive philanthropic efforts. Varun Sood and Satish John report on this change, which aims to stabilize governance and ensure continuity in the trusts' oversight of Tata Sons. Additionally, Noel Tata is set to become one of three Tata Trusts-nominated executives on the Tata Sons board, pointing towards a tighter integration of leadership across the Tata entities. 

🤳 As the world of social media influence grows, so do the responsibilities and legal challenges that influencers face. This month, prominent influencers including Saurav Joshi, Abhishek Malhan, Purav Jha and Elvish Yadav were pulled up by the Enforcement Directorate for promoting Hibox, an app involved in a multi-crore scam. The Advertising Standards Council of India mandates thorough validation of claims, especially in sensitive sectors like health and finance, to avoid legal repercussions under consumer protection laws. As the lines between personal endorsements and professional obligations blur, Pratishtha Bagai reports on how influencers are increasingly relying on talent agencies to manage legalities and ensure transparency with their audience.  

💵 India’s business landscape is changing rapidly, and everyone wants to join. From large-scale tech firms to late-stage startups and government agencies, everyone wants to embed themselves within the startup ecosystem through in-house accelerators and incubators. Companies are looking to support early-stage innovation through mentorship and financial support. Mansi Verma writes about the surge in corporate-run accelerators, which now number around 900 in India. This reflects a broader trend of established entities leveraging startup dynamism to fuel their innovation pipelines, retain entrepreneurial talent, and potentially fast-track the next generation of industry leadership.

🛻 💨 India has postponed releasing its crucial emissions compliance report, affecting major automakers like Hyundai, Kia, and Mahindra & Mahindra, who reportedly failed to meet the country's fuel efficiency norms for FY23. The delay is due to government uncertainty over penalties linked with these violations, highlighting the challenges in enforcing new environmental standards. As the Bureau of Energy Efficiency deliberates over the release, companies face potential heavy fines under the newly stringent rules of the amended Energy Conservation Act, reports Alisha Sachdev.

🌃 Did you know that Noida is an acronym? It stands for New Okhla Industrial Development Authority. Now, there’s a new one on the way – the Uttar Pradesh government has greenlit the development of New Noida near Greater Noida. This new city, planned over 15 years in the Dadri-Noida-Ghaziabad region, will unfold in four phases, with the first to be ready in four years. It's expected to accommodate 600,000 residents and include a mix of industrial hubs, residential areas, commercial spaces and healthcare facilities. Notably, the city plans also feature specialised industrial hubs such as a 'Korean City', a 'Japanese City', and an ‘Olympic City’. Madhurima Nandy explains more in this Primer

🤝 India’s cement sector is witnessing a vigorous tug-of-war as Ambuja Cement, part of the Adani group, acquires a substantial stake in Orient Cement, marking the industry's fourth major deal in less than a year. This move not only increases Ambuja’s capacity by integrating Orient’s 8.5 million tonnes per annum with additional expansion plans but also intensifies competition with UltraTech, the current market leader.  This aggressive consolidation strategy is reshaping the landscape, driving smaller players out due to depressed prices and squeezed margins, Nehal Chaliawala and Saloni Goel report.

🏦 Two years ago, HDFC Bank announced a huge merger with its parent company, HDFC Ltd. The merger aimed to boost synergies and enhance the housing sector and the overall economy. However, despite the initial excitement, which saw the bank's stock jump 10% on announcement day, the performance has been somewhat disappointing. Over two-and-a-half years, the stock has only seen a modest 4.7% increase, underperforming market benchmarks. Market sceptics have pointed to the difficulties of maintaining growth momentum and managing financial metrics like net interest margins and the loan-to-deposit ratio on such a large balance sheet. Abhishek Mukherjee writes on how the bank’s investors can learn a lesson or two on persistence from none other than the Master Blaster Sachin Tendulkar himself.

✅ The Burman family is nearing the acquisition of Religare Enterprises Ltd, having received the green light from the Insurance Regulatory and Development Authority of India, which found no issues with the transfer regarding their insurance arm, Care Health Insurance. This move is part of a broader deal awaiting approvals from RBI and Sebi, following initial hesitations from Religare and a legal tussle featuring allegations against Religare's leadership. The acquisition positions the Dabur owners to significantly increase their stake in the financial services firm, pending a successful open offer, amidst broader corporate strategy shifts within the Burman businesses. 

💩 In a surprising turn of events, 60 out of 100 private equity and venture capital executives in India failed a mandatory exam set by the National Institute of Securities Management, under directives from Sebi. This exam, which is crucial for maintaining registration, has stirred concerns within the sector. Critics argue that the exam's content, which spans various fund types—venture capital, private equity and public markets—is disproportionately focused on public markets, and does not reflect the practical differences between these fund categories. Sneha Shah and Ranjani Raghavan report on the embarrassing situation India’s PE and VC sector is staring at. 

📞 Despite ambitions to phase out 2G in India, industry executives suggest that a significant portion of the country's last 100-150 million 2G users are unlikely to upgrade to 4G or 5G soon. High device costs and a preference for feature phones among economically lower strata make transitions costly despite some of the world's lowest tariff rates. Companies like Reliance Jio and Vodafone Idea are attempting strategies to encourage this shift, including subsidized smartphones and leveraging funds intended for rural connectivity. However, without a mandate to shut down 2G networks or substantial telecom subsidy reforms, these networks will likely persist, writes Gulveen Aulakh. 

That's all for this week. I hope you have a pleasant weekend!

If you have any feedback, want to talk about food, or have anything else to say about our journalism, write to me at siddharth.sharma1@htdigital.in or reply to this mail. You can also write to feedback@livemint.com.

Best,

Siddharth Sharma

Community Editor