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Top 10 business headlines: GST collection falls, car sales skid, and more

From domestic car sales slowdown to Vedanta changing pecking order, Business Standard brings you top 10 stories that made news on Monday

BS Web Team 

GST

GST collection falls below Rs 1 trillion in June, first time in four months

The goods and services tax (GST) mop-up fell below the Rs 1-trillion-mark for the first time in four months in June. It grew by a meager 4.5 per cent to Rs 99,939 crore, against 6 per cent growth in May, according to data released by the Ministry of Finance on Monday. Read more here

Under Sebi's glare, Icra sends MD & CEO Naresh Takkar on forced leave

Domestic rating agency Icra Monday decided to send its managing director and chief executive Naresh Takkar on forced leave, pending an enquiry into the "concerns" raised by the capital markets watchdog Sebi. Read more here

Domestic car sales slump continues in June; only Mahindra posts 4% growth

Automakers sent fewer vehicles for despatch to dealers in June amid poor sentiment and lacklustre demand, shows monthly sales data released by companies on July 1. Auto companies in India count despatch to dealers as sales. Read more here

Firms likely to do water audit as govt plans policy to assess consumption

Companies might soon have to do a water audit as the government plans to create a policy to assess the per unit consumption of water. This is part of the Centre’s efforts to create sustainable water resources in the country, said a senior government official. Read more here

BKC deal puts Blackstone far ahead of rivals in office property space

Blackstone’s deal for about 650,000 square feet of office property in the Bandra Kurla Complex, Mumbai, at Rs 2,600 crore, the largest of its kind in the country this year, puts the firm far ahead of its competitors. Read more here

Anil Agarwal's Vedanta changes pecking order in private sector oil biz

The Vedanta group has taken the space vacated by Reliance Industries in the country’s oil and gas sector in 10 years after starting production from its Mangala oil field in Barmer district of Rajasthan. Cairn India completes a decade of production at Mangala on August 29. Incidentally, Mukesh Ambani-led RIL started natural gas production from its once flagship KG-D6 in April 2009. Read more here

Lenders to crisis-hit DHFL agree to sign inter-creditor agreement by July 5

Lenders to Dewan Housing Finance Ltd (DHFL) will sign an inter-creditor agreement (ICA) by July 5 to begin a restructuring plan. The case will be dealt with under the Reserve Bank of India's (RBI’s) revised circular for restructuring stressed assets. Read more here

Food delivery fight grips small-town India

Four months ago, it was a homecoming of sorts for 25-year-old Ankush Mohanrao. For over a year, he had been working as a trainee engineer at a manufacturing company in Pune, some 500 kilometres (km) away from Amravati, his hometown in Maharashtra. Bored out of his wits with the nine-to-five routine, he resigned in February and returned home, but with another job at hand. Thanks to Swiggy’s entry into Amravati, Mohanrao is now a delivery executive. Being able to make more money, along with the privilege of staying with his family, the decision to be a delivery partner at Swiggy was a no-brainer, the Livemint reported.

To beat slump, Royal Enfield looks beyond the thump

Royal Enfield, the cultbike brand from Eicher MotorsNSE 2.54 %, is considering a new 250 cc variant to arrest a slide in volumes and market share, and as part of a broader push to make it more accessible to buyers, the Economic Times reported.

IndInfravit Trust to buy Sadbhav Infrastructure’s entire stake in 9 road projects for Rs 6,610 cr

IndInfravit Trust has entered into an agreement to acquire the entire shareholding of Ahmedabad-based Sadbhav Infrastructure Project Ltd (SIPL) in nine operational road projects, for about Rs 6,610 crore, the Hindu Businessline reported.

First Published: Tue, July 02 2019. 06:24 IST
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