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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, April 17, 2024. My name is Nelson John. Let's get started:Indian benchmark indices fell for the third consecutive session on Tuesday, influenced by negative cues from global markets which are currently under pressure due to geopolitical tensions in the Middle East. The Sensex closed down 0.62 per cent, while the Nifty ended the session 0.56 per cent lower.Shaktikanta Das, the Reserve Bank of India - India’s highest monetary authority - has recently flagged concerns about unauthorised forex trading platforms, urging banks to keep a sharp eye on them. This has sparked a broader discussion about the need for tighter regulation in India's forex market. These platforms are where most foreign exchange transactions happen. They are primarily used by businesses like importers and exporters to manage their currency risks. These trades usually happen on Over-the-Counter platforms authorised by the RBI or through recognized exchange-traded segments of bourses. So what exactly is going on with forex trading platforms? And what has the RBI done about it? Mint’s banking editor Gopika Gopakumar tackles those questions in today’s Primer.Smartphone companies in India finally have some good news. The scramble for smartphones in the country, triggered by Covid-19 lockdowns ebbed back as the world returned to normal. However, the March quarter has ignited some hope in the hearts of smartphone manufacturers. This past March quarter, smartphone shipments rose by 5% year-over-year to somewhere between 32.5 to 35 million units, according to data from four industry analysts. It’s a refreshing change, especially considering that back in the March quarter of 2021, shipments had peaked at 38 million units. Since then, there's been a bit of a slump. Mint’s technology correspondent Shouvik Das reports on this turnaround which is especially crucial for big players like Samsung, Xiaomi, and Vivo, who together made about $38.8 billion in sales in India last year. However, despite these positive signs, industry veterans are advising caution. The broader economic pressures still loom large, affecting consumer confidence. The market has also seen a shift toward refurbished and second-hand smartphones, thanks to the growth of organised retailers in this space. India is gearing up for the third phase of its airport privatisation plan. More airports are expected to see private stakeholders after the upcoming election. Officials close to the matter told Mint’s aviation correspondent Anu Sharma of Airports Authority of India’s plans to sell off its remaining 13 per cent stake in Bangalore International Airport Ltd . But that’s not all — they're also planning to throw the doors open for private bids to manage, operate, and develop 13 other airports, including popular ones like Bhubaneswar, Trichy, Indore, Raipur, Amritsar, and Varanasi. There’s also talk of selling stakes in Hyderabad airport. The authorities are planning to bundle six profitable airports with seven smaller, not-so-profitable ones like Kushinagar, Gaya, Hubballi, Aurangabad, Jabalpur, Tirupati, and Kangra. This mix and match might just make the deal more attractive to potential investors. This push towards privatisation is part of a bigger picture - India’s National Monetisation Plan which was rolled out back in 2021. The plan is ambitious, aiming to privatise around 25 airports and offload airport authority’s shares in big metro airports like Delhi, Mumbai, Hyderabad, and Bangalore. The government is hoping to unlock 21,000 crore rupees from these sales between 2022 and 2025.Mid-budget movies, which really felt the pinch through Covid, are suddenly back in the spotlight. Judging by the impressive box office numbers of films like Crew, Shaitaan, and Article 370 it looks like affordable ticket prices and clever marketing are paying off. Let’s talk numbers. The movie Crew, featuring stars like Tabu, Kareena Kapoor Khan, and Kriti Sanon, earned 77 crore rupees since its release at the end of March. Ajay Devgn’s horror thriller Shaitaan pulled in a cool 148 crore rupees from early March, and the political drama Article 370 isn’t far behind with 82 crore rupees since late February. Andthese films have all been profitable. Even though the Hindi box office saw a 25 per cent dip year-on-year in the last quarter of FY24, small and medium-budget films are making a stronger showing than they have since the pandemic began. They’re now accounting for 30-35 per cent of box office receipts, up from just 12-15 per cent previously. Mint’s media and entertainment correspondent Lata Jha reports on the resurgence of mid-budget bollywood movies and the changing landscape of Indian cinema. As tensions in West Asia heat up, there's a real concern that crude oil prices might just hit the roof, possibly soaring past $100 per barrel if things continue to escalate. This is a big deal not just globally, but especially for India's oil marketing companies, because hiking fuel prices during an election season is not a popular move. Now, high crude prices are already an issue for state-owned oil marketing companies because it squeezes the marketing margins – which is the difference between what it costs to make petrol or diesel and what they sell it for. Right now, those margins are pretty thin, about 5 rupees per litre for petrol and barely a rupee for diesel. If crude prices shoot up, these margins could get even tighter. Mint’s energy correspondent Rituraj Baruah spoke to industry insiders and analysts to break down the ongoing problem for Indian oil marketing companies. 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:Dialling in hope: India's smartphone sales show signs of recoveryAirport privatization 3.0: Here are the 13 candidatesMint Primer: Decoding RBI’s alert on illegal forex platformsMid-budget movies punch above their weight at the box officeKeeping fuel prices steady during turmoil comes with a price