A look at the headlines in the sector:

  1. 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.
  2. 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.
  3. 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.
  4. 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.
  5. 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.
  6. 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.
  7. 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.