Another down year for IT stocks?

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, June 12, 2024. My name is Nelson John. Let's get started: The equity markets remained flat on Tuesday, with no major gains or losses across any market indices during the trading session. The financial year 2023-2024 was largely forgettable for information technology (IT) stocks. Revenues were low across the board, leading to muted stock prices for companies such as TCS, Infosys, and HCL Tech. Mint correspondent Harsha Jethmalani notes that the situation isn't expected to improve in the current financial year. The revenue guidance for these companies is bleak, with growth expectations of just 1 to 3 percent. If you hold IT stocks, Harsha's detailed analysis is a must-read. Now that the portfolios have been allocated, the real work begins. The new government must reconstitute the parliamentary committees that are the backbone of India's policymaking process. Subhash Narayan, Manas Pimpalkhare, and Rituraj Baruah report that major parliamentary panels, such as finance, IT, and defence, are likely to retain their current heads to maintain policy continuity and ensure a quick rollout of reforms. Each ministry has a parliamentary committee that plays an advisory role in policymaking. Those concerned about big-ticket reforms slowing down due to a coalition government might find reassurance in this story.  Early last year, there was much celebration as scientists discovered high reserves of lithium in Kashmir. The Geological Survey of India found about 5.9 million tonnes of the precious metal. Lithium is crucial for many sectors, including infrastructure and electric vehicle batteries. However, the initial excitement has since died down. Sumant Banerji notes that one concern is the location of these reserves — just 50 kilometres from the Pakistan border. Additionally, such discoveries take a long time to realize, potentially decades before mining can begin. Despite this, lithium is the future, and corporate India remains eager to win bids for these mines. While the response is currently lukewarm, Sumant writes that interest will increase as the mines become more viable for exploration. Online shopping has become an integral part of our lives, leading to many malls shuttering and others struggling to survive. However, real estate developers remain optimistic about brick-and-mortar stores. Madhurima Nandy reports that the organized retail space is poised for a significant upsurge, with around 45 million square feet set to be added by 2028. Despite the closure of smaller malls, larger ones are thriving with better occupancy rates and increased footfall. If you live in the National Capital Region, Hyderabad, or Chennai, expect to see more retail stores popping up near you. Here are some movie names for you: All We Imagine As Light, All That Breathes, Agra, and Kennedy. What's common between them? They're all international film festival-winning movies from India. You know what else is common? You probably haven't seen them. The Indian cinema industry has made it difficult for these movies to get a theatrical release in the country. Lata Jha writes that such movies need to spend at least 3 to 4 crore rupees on marketing — a budget they can't afford. Even if they receive international acclaim, some might make it to theatres but only in major metro cities. It's an unfortunate development, as the industry has shifted to a model focused on maximizing profits, leaving indie movies out of the ecosystem. We'd love to hear your feedback on this podcast. Let us know by writing to us at feedback@livemint.com. You may send us feedback, tips or anything that you feel we should be covering from your vantage point in the world of business and finance. Show notes: IT companies' revenue revival seen delayed to FY26  After government formation, focus now on parliamentary committees No white gold rush: Why interest in Kashmir’s lithium reserves is lukewarmWhy developers are shopping for offline retail Festival favourites struggle for screen time in Indian cinemas