THE NEXT 500

The cumulative profit of the Next 500 companies fell 36% this year, a much better show when compared to last year’s fall of 65%. The churn continues, with the list seeing 119 new entrants as compared to last year ’s 163.

THE INSIDE STORY

From leader to challenger, Rupa & Company is shifting gears to reclaim its disruptor tag in India’s innerwear market.

Pai in a One-Horse Race to Buy Columbia Asia Hospitals

The billionaire looks set to break the jinx in his bid to buy a hospital chain to improve his Manipal Hospitals’ pan-India presence.

IN HIGH SPIRITS

Passion for the liquor trade has made Abhishek Khaitan, MD of branded spirits manufacturer Radico Khaitan, build top-selling premium brands by targeting niches and, recently, taking advantage of the free flow of alcohol in states like Uttar Pradesh.

A POCKET FULL OF ACES

Jaydev Mody has become India’s casino czar by institutionalising Indians’ love for gambling and packaging it well. He now wants to future-proof brand Deltin by going international, opening casinos on cruises, and growing in the online gaming space.

What's In The Stars For Facebook?

Facebook india under Ajit Mohan has two new bets for the future: social videos and social commerce. But it has got to tackle two things first: regulation and a rival that goes by the name TikTok.

LESS IS MOMO

FOR THE RAPIDLY GROWING KOLKATA-BASED QSR CHAIN, THE SMALL KIOSK EMBEDDED IN A MALL HAS PROVEN TO BE A PROFITABLE IDEA. ESPECIALLY WHEN IT SERVES ONE OF INDIA’S FAVOURITE FAST FOODS.

INDIA'S MISSION AI

India is ahead of China and Israel in artificial intelligence readiness, according to a new study. It should spare no effort to break into the top 10 as AI has been described as the ‘new electricity’.

THE SMARTER THE BETTER

DESPITE THE STRESS IN THE TELECOM SPACE, CALL DROPS, AND A SPUTTERING ECONOMY, IT'S BEEN MOSTLY SMOOTH SAILING FOR THE UPPER END OF THE SMARTPHONE INDUSTRY IN 2019

INDIA'S CALL-DROP MOMENT

ONCE THE POSTER CHILD OF INDIA’S GROWING ECONOMIC CLOUT, INDIAN TELECOM IS IN THE DOLDRUMS. A RAPID TECHNOLOGICAL SHIFT, CUT-THROAT COMPETITION, AND LEGAL WRANGLES HAVE ROILED THE SECTOR AND ERODED VALUE. WHAT HAPPENS NOW?

BECOMING FUTURE-FIT

There is no instant cure for a slowing economy. The idea is to build sustainable, resilient, and equitable growth. Budget 2020 offers a roadmap for this vision.

“I AM VERY OPTIMISTIC ON 5G, BUT IT NEEDS TO BE LOOKED AT FROM THE PERSPECTIVE OF 10 YEARS INTO THE FUTURE, BECAUSE ITS IMPACT WILL BE LIFE-CHANGING.”

ONE OF THE PERKS of owning a McLaren 720S Spider is the ability to control the light in the cabin.

AIR INDIA: TO BUY OR NOT TO BUY

In its second attempt to sell the loss-making national carrier, the government has sweetened the deal for potential buyers. But are the concessions enough for take-off?

BIKE BUST: AN A.I. PREVIEW?

Investors in China’s doomed bike-sharing craze don’t seem to have learnt their lesson as an artificial intelligence boom gathers speed.

A WINDOW OF OPPORTUNITY

Once known only for working with the big boys’ club, Microsoft is changing its game in India with small and medium businesses, and startups, and stitching interesting tie-ups along the way.

The Great Big Billionaire Backlash

Fifteen years ago, the ultrarich were widely admired by the American public. Now we find their entire existence is being questioned. What changed?

Investing In 2020

There is a clear divergence between the Indian economy and markets. While the economy continues to face challenges, the markets remain buoyant. What does an investor do in these interesting times? Over the next few pages, Fortune India gives a peak into the road ahead across sectors.

2020: Great Expectations

It was surprising that the markets in India touched new highs in 2019 though these were hard times for the economy. A deeper look reveals that markets thrive on hopes of things turning around in the future through measures adopted in the present. Here’s what market watchers think will be positive for 2020.

RIPPING UP THE RULES AT GOLDMAN SACHS

One year into his tenure as CEO, David Solomon is bulldozing the old ways of doing business at Wall Street’s most storied bank—from its legendary pay and perks to its 35-page dress code. Will a shake-up help Goldman grow again?

I'LL BE THERE FOR YOU

IT WOULDN’T BE HYPERBOLE TO CALL WARBURG PINCUS A ROUGH-WEATHER FRIEND FOR INDIAN ENTREPRENEURS. OVER 25 YEARS, THE PRIVATE EQUITY FIRM HAS SHOWN ITS WILLINGNESS TO RIDE OUT THE STORM WITH ITS INVESTEES.

TAKING THE LONG VIEW

MARKET MAVEN MOTILAL OSWAL EXPECTS INDIAN MARKETS TO REMAIN STRONG IN 2020, NOTWITHSTANDING HEADWINDS. HE SEES OPPORTUNITIES FOR LONG-TERM WEALTH CREATION.

CYRUS MISTRY WALKS THE TALK

By giving up his claim to the Tata top job, Mistry gives primacy to governance over quest for power.

THE CRYSTAL GAZERS

INDIA'S EQUITY MARKETS ARE ON A ROLL DESPITE A SLUGGISH ECONOMY, LEAVING INVESTORS PERPLEXED. FORTUNE' INDIA SPOKE TO SOME OF THE BEST INVESTMENT BRAINS IN THE BUSINESS FOR THEIR OUTLOOK ON INDIA'S GROWTH STORY THE POTENTIAL UPSIDE IN THE FINANCIAL MARKETS, THEIR PREFERRED ASSET ALLOCATION, AND OVERALL INVESTMENT STRATEGY.

CORPORATE GOVERNANCE: INVESTORS GATHER HEFT

Institutional investors would generally abstain from voting on issues that could upset promoters, who would then force their way through at board meetings. With institutions now owning close to 35% of the market and promoter holding down to 54%, the power equation has changed.

TAILOR-MADE FOR INDIA

How online fashion retailer Myntra’s new alteration service is a convenience for its customers and an invaluable additional source of income for 200 tailors (and counting).

WHY TRUMP IS BAD FOR BUSINESS

America’s first billionaire president promised to bring a C-suite sensibility to the Oval Office. It started well—but now bad policy choices have pushed CEO confidence to the lowest level in a decade.

OUTSIDERS NOT WELCOME

INFOSYS HAS HAD ONLY TWO EXTERNAL CEOs, THE REST BEING CO-FOUNDERS. BUT THERE HAVE BEEN SEVERAL INSTANCES OF WHISTLE-BLOWING DURING THE STINTS OF OUTSIDERS VISHAL SIKKA AND NOW SALIL PAREKH. ANALYSTS SAY IT COULD BE FRICTION CAUSED BY THE TRANSITION FROM A PROMOTER-LED MANAGEMENT TO A PROFESSIONAL LED ONE.

WASTE NOT WANT NOT

BUSINESSES ARE REDUCING THEIR USE OF WATER AND HAVE ADOPTED TECH TO RECYCLE AND REUSE IT. THEY ARE ALSO DEVELOPING MORE SUSTAINABLE PRODUCTS.

MUKESH AMBANI, REDUX

“At Reliance, we have been ruthless in reshaping our growth model in response to the global realities.”

HOME AWAY FROM HOME

ABOUT 75% OF THE 37 MILLION STUDENTS IN INDIA PURSUING HIGHER EDUCATION LIVE AWAY FROM HOME. AT HOSTELS, PGs, AND OTHER RUN-OF-THE-MILL OPTIONS, THE EXPERIENCE IS FAR FROM IDEAL: UNHEALTHY FOOD, POOR HYGIENE, CRAMPED ROOMS, AND NOSY LANDLORDS. A CLUTCH OF STARTUPS ARE LOOKING TO CHANGE IT ALL.