A look at the headlines in the sector:
- Economy may take up to 2 years to recover, Deloitte India head tells Business Standard: PR Ramesh named several domestic and external factors that have led to the slowdown, that ‘will take no less than 12 months’ to be undone.
- Maruti Suzuki unseats Hyundai to become India’s largest exporter of passenger cars: Its sales in April-September rose 6% year on year, whereas Hyundai’s dropped 29.25%, according to the Society of Indian Automobile Manufacturers.
- Supreme Court denies bail to Unitech MD Sanjay Chandra, asks him to deposit Rs 1,000 crore: The money could be used to pay flat buyers who have demanded refunds, the court said.
- Sensex makes late gains to close 116 points ahead, Nifty closes at 10,184 points: The major gainers on the Sensex were Bharti Airtel, Reliance Industries, BHEL, ICICI Bank and Wipro.
- Flipkart in talks to acquire or invest in Swiggy, UrbanClap and UrbanLadder, says report: The online retail giant is currently infused with a lot of cash, having raised almost $3 billion in fresh capital in recent months.
- GST rates need to be overhauled to reduce burden on small firms, Revenue Secretary Adhia tells PTI: He said on Sunday the GST Council will consider revising some tax slabs at its next meeting in Guwahati on November 10.
- HSBC names Jayant Rikhye its new India chief executive officer: Rikhye, who is now the bank’s International head for the Asia-Pacific region, will replace Stuart Milne.