Welcome to Top of the Morning by Mint, your weekday newscast that brings you five major stories from the world of business. It's Tuesday, November 5, 2024. This is Nelson John, let’s get started. 

Recent earnings reports from big consumer companies like Nestle India, HUL, and Maruti Suzuki highlight a sharp slowdown in urban consumption, posing a potential threat to India's economic growth. This quarter, the fast-moving consumer goods sector saw growth shrink from 10.1% to just 2.8%. The slowdown isn't just due to a heavy monsoon; deeper issues like stagnant urban incomes and high food inflation are tightening consumer purse strings, particularly affecting the middle class. The IT sector's slowdown in hiring and modest wage increases only add to the problem. This consumption dip could severely impact India's economic growth since private consumption is a key growth driver. N Madhavan explains the reasons behind this slowdown in today’s Primer. 

The "Big Five" of Indian IT—TCS, Cognizant, Infosys, HCL, and Wipro—are facing a predicament as investors seem more captivated by smaller firms despite their varied performance metrics. Over the last four years, smaller IT companies like Persistent Systems and Coforge have seen their valuations skyrocket, far outpacing their giant counterparts. This shift is driven by the belief that these nimble players are better positioned to adapt to disruptions from generative AI technologies, which lessen the importance of scale in traditional IT operations. Varun Sood writes that despite achieving solid revenue growth, the big players haven't seen the same enthusiasm from investors, who are concerned about declining profitability and leadership changes. 

Leading manufacturers like steel and cement companies are increasingly tapping into renewable energy. Nehal Chaliawala reports on how this is proving to be a smart move financially. By signing long-term green power purchase agreements at lower rates than traditional coal-powered electricity, these firms are seeing significant reductions in energy costs. For instance, Ambuja Cement reported a 27% reduction in power and fuel costs this quarter, driven by a shift to renewable sources which now make up 25% of its energy mix. Similarly, ACC and Ultratech Cement have made strides in integrating renewables, with substantial cost savings. 

Ramco Group from Tamil Nadu is restructuring its corporate framework to eliminate cross-holdings and attract foreign investors. Anirudh Laskar and Satish John report that Ramco Cements has sold its 16.23% promoter stake in Ramco Industries to other promoter entities. Ramco is looking to remove cross-holdings that might not be appealing to foreign investors. It plans to divest from assets worth at least ₹1,000 crore to reduce its debt.

Multi-speciality hospitals are now passe — private equity investors now want single-specialty medicare centres. Soumya Gupta writes that this is because patients are typically seeking higher standards of service, and such specialised hospitals are started by well-regarded doctors. Since 2022, private investors have increasingly favored single-speciality hospitals, leading to significant funding and acquisitions. Last year, 20% of the $5.5 billion in hospital funding in India went to such facilities. As for investors, these smaller hospitals offer more scalable options compared to larger counterparts.