Best of the week: IPL returns after a pause—is peace taking the field too?

The past few days in India have felt heavy—tense, uncertain, and deeply emotional. With border tensions escalating and civilian lives at risk, the looming threat of war has reminded us how fragile peace can be. But in the midst of it all, one thing stood out: the unity. 

Naturally, this tension spilled over into other parts of our lives too. One of the biggest disruptions? The Indian Premier League (IPL). It was paused to prioritise the safety of players and everyone involved. But now, there's a shift in energy.

The IPL is set to resume on 17 May, after a week-long break that followed India's 'Operation Sindoor'—a military strike on terror camps in Pakistan and Pakistan-occupied Kashmir. The season will resume with a clash between Royal Challengers Bangalore and Kolkata Knight Riders at the M. Chinnaswamy Stadium. With 17 matches left, the action will now span six cities—Bengaluru, Jaipur, Delhi, Ahmedabad, Lucknow, and Mumbai. 

On to the best of Mint’s work from this week:

Visibility Over Profits

With the IPL resuming on May 17 after a brief suspension due to India-Pakistan tensions, the Torrent Group—new owners of Gujarat Titans—gets a momentary sigh of relief. But for corporate owners like them, IPL team ownership is less about annual profits and more about visibility, brand value, and asset appreciation. The Gujarat Titans, bought at a valuation of ₹7,500 crore, represent an investment into a finite, ever-appreciating asset class. With predictable revenue flows and capped costs, IPL teams offer a near risk-free business model. Now, with Indian owners backing England’s The Hundred league, the global T20 ecosystem is evolving fast. Read more.

India-US trade deal imminent

India and the US are likely to sign a long-pending bilateral trade agreement before 8 July, ahead of the expiry of a 90-day pause on the US’s reciprocal tariff action. Commerce minister Piyush Goyal is leading a high-level delegation to Washington for in-person talks. Officials say discussions are progressing positively, with both sides aiming to conclude the deal ahead of the original fall 2025 timeline. The agreement would help India avoid steep US tariffs and bring clarity to trade relations. India is firm on protecting sensitive sectors like dairy and agriculture, with selective tariff concessions under discussion. Read more.

Banking contrarian play

Warren Buffett and Charlie Munger were long-time skeptics of banks due to their high leverage and managerial pitfalls, yet Berkshire Hathaway invested in select well-run lenders like ICICI Bank and Bank of America. Their approach underlines the importance of management quality over valuation. Indian banks, despite macro headwinds and slowing credit growth, posted solid Q4 results—ICICI and HDFC Bank led with strong profits and deposit growth, while Axis and Kotak faced operational strain. Challenges like net interest margin compression, weak deposit growth, and global uncertainties loom. Yet, analysts remain bullish on large banks with strong retail franchises, stable asset quality, and diversified revenue. Read more.

Fast-tracking J&K dual-use projects

India is fast-tracking infrastructure in Jammu & Kashmir to strengthen civilian life and military readiness. Key dual-use projects include new highways with emergency airstrips, a rail link between Jammu and Srinagar, and expanded waterways on the Chenab and Jhelum rivers. A priority is critical-mineral mining—especially lithium, with 5.9 million tonnes identified in Reasi—prompting plans for fresh surveys and additional auction blocks by year-end. Hydro projects and 810 km of highways across five strategic corridors are also on a fast track. Experts stress deeper geological studies (G2/G1), advanced extraction technologies, and international partnerships to make mining viable. Read more.

Chandra’s TCS wake-up call

At its annual “Blitz” meet in Dubai in February, Tata Sons chair Natarajan Chandrasekaran candidly rebuked TCS for lagging behind its sibling Tata companies—whose stocks rose over 530% from 2020 to 2024, while TCS managed only 270%. He highlighted the firm’s underwhelming AI leadership and put senior executives under the spotlight, personally reviewing business heads for the first time since 2017 and appointing two new leaders to boost strategy and operations. Though TCS has outpaced peers with modest revenue growth and leading margins under CEO K. Krithivasan, much of its performance hinges on a $1.5 billion BSNL contract that’s winding down. Read more.

Tax gains help Airtel 5x its Q4 profit

Bharti Airtel posted a fivefold jump in net profit to ₹11,022 crore in Q4FY25, boosted by a ₹5,913 crore deferred tax gain. However, the profit was down 25.4% sequentially due to one-off gains in Q3 from the Indus Towers consolidation. Consolidated revenue rose 27.3% year-on-year to ₹47,876 crore, driven by strong India mobile and Africa performance, but fell short of the ₹49,200 crore street estimate. Average revenue per user, or ARPU, stayed flat at ₹245, while rival Reliance Jio’s rose to ₹206.2. Airtel Business' revenue declined 2.7% as the company exited low-margin wholesale services. Ebitda grew 39.9% to ₹27,404 crore with a margin of 57.2%. The telco added 18.2 million subscribers and saw data usage rise 21.2% on-year. Read more.

How Hyderabad’s waste management is a lesson for all

Hyderabad has emerged as India’s “circularity capital”, managing nearly all its 9,000 tonnes of daily municipal waste through a highly integrated system built over 25 years. Led by environmental management services company Re Sustainability, the city’s efforts include a massive facility at Jawahar Nagar that converts waste into compost, recycled plastic, RDF fuel, and compressed biogas, while also housing waste-to-energy plants and landfills. In contrast, India processes just 30% of its 62 million tonne of annual municipal waste. Experts attribute this gap to fragmented regulation, underfunded urban bodies, and low public awareness. Recent policy moves—like Extended Producer Responsibility and mandated use of recycled materials—are starting to close the viability gap for private recyclers. Read more.

Ceasefire brings cheer to markets

Indian markets staged their strongest rally in over four years on Monday as geopolitical and trade tensions eased. The Nifty 50 jumped 3.8% to 24,924.70 while the Sensex surged 3.7% to 82,429.90. The rally, triggered by a ceasefire between India and Pakistan and a temporary US-China tariff rollback, added ₹16 trillion in investor wealth, pushing BSE market capitalisation to ₹430 trillion. Gains were broad-based, led by IT, financials, and heavyweights like Infosys, Reliance, and HDFC Bank. Foreign investors net bought ₹1,246 crore in shares, while domestic funds added ₹1,448 crore. Read more.

Here’s how to cut your AC bills

As AC demand in India soars, a new field test near Mumbai showed super-efficient units using 60% less power, promising big energy and cost savings. These prototypes, developed under the Global Cooling Prize, adapt to real conditions using smarter compressors and sensors. With AC usage set to rise ninefold by 2050, traditional cooling tech risks overwhelming power grids and worsening emissions. Greener alternatives—like hybrid systems, eco-friendly refrigerants, and modern air coolers—offer hope but need wider adoption. Experts warn that without breakthroughs or systemic changes like district cooling, India’s comfort-driven boom could heat up cities and derail climate goals. Read more.

“Critical” deadlines for mineral miners

India is set to impose strict deadlines and penalties on winners of critical mineral blocks to accelerate domestic production of key elements vital to clean energy technologies. The draft Mineral (Auction) Second Amendment Rules, 2025 proposes that exploration begin within four months of a contract being awarded, with penalties for delays deducted from performance guarantees. The move targets faster development of minerals like lithium, cobalt, copper, and nickel, for which India remains heavily import-dependent. For example, the country imports 93% of its copper ores and 100% of its lithium, cobalt, and nickel needs. Read more.

That’s all for this week!

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,

Shravani Sinha

Senior Correspondent