How much lower can the rupee go?

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 Thursday, October 17, 2024. My name is Nelson John. Let's get started.

Indian stock markets declined for the second straight session on Wednesday, with the benchmark Sensex shedding 319 points, or 0.39 per cent, and the Nifty 50 slipping 86 points, or 0.34 per cent.

In the past three months, several films have been re-released in theatres, driving higher footfalls and occupancy rates for PVR Inox, India's largest cinema chain. Abhinaba Saha reports that re-releases now account for 6 per cent of the chain’s total footfalls. PVR Inox plans to continue this strategy in the coming quarters, with upcoming blockbusters like Singham Again and Pushpa 2 expected to further boost its business and, consequently, its stock performance.

Over the past two decades, Bandra Kurla Complex (BKC) has emerged as Mumbai’s premier business hub, housing giants like the National Stock Exchange, Sebi, ICICI Bank, and Facebook. However, available office space in BKC is now scarce, with vacancy rates hovering at just 3-4%. Khushi Malhotra reports that the intense demand for office space has driven businesses to explore nearby areas such as Kalina, Kurla, Worli, and Lower Parel. Yet, with many projects in these locations still years from completion, companies seeking grade-A offices face a prolonged wait.

How much does bhujia cost? According to Haldiram’s, about 10 billion dollars. The leading snack maker initially explored a majority sale, but is now eyeing a smaller stake sale, Sneha Shah reports. Despite the shift, investors like Bain Capital, Blackstone, and Temasek Holdings remain interested, eager to tap into India’s booming snacks market, which is projected to double by 2032. With its status as a profitable market leader and a potential IPO candidate, Haldiram's presents a compelling investment opportunity, Sneha adds.

The Indian rupee hit a record low of 84.07 against the US dollar this week, marking a depreciation of over 9% since April 2022—far exceeding the typical 3% annual decline. The slide is attributed to foreign institutional investors pulling out around $8 billion this month, dampening demand for the rupee. With global markets in flux and geopolitical tensions—such as the Israel-Iran conflict and the ongoing Russia-Ukraine war—adding pressure, experts anticipate further depreciation, possibly touching 84.20. Sumant Banerji breaks down how the weakening rupee impacts both you and the broader economy.

Pratilipi, the platform for long-form regional stories, hit a major milestone in July 2024 by turning cash-flow positive. Founded in 2014, with backing from big names like Tencent and Nexus Ventures, Pratilipi saw its revenue jump 66% to ₹58 crore last year, while it managed to slash its losses by 62%. In a market where many content platforms have struggled or shut down, Pratilipi’s focus on in-depth storytelling in Indian languages has set it apart. While others chased short videos and social media trends, Pratilipi remained true to its core—delivering engaging narratives across 12 regional languages. The platform’s success comes from its loyal reader base, mostly women aged 18-35, and a commitment to its authors, offering workshops and fellowships to support their work. Shadma Shaikh delves into how the platform scripted a rare hit.

PVR Inox re-release bet pays off in Q2, more in the pipeline

With BKC packed, Mumbai hunts for its new business district

Haldiram deal turns into a minority stake sale

Mint Primer | Rupee's big fall: How much lower can it go?

How storytelling platform Pratilipi scripted a rare hit