Top headlines: Oct GST collection second highest ever; auto sales skid

Maruti Suzuki and Hyundai report a double-digit drop in sales in October as auto firms struggle to get computer chips for their vehicles. More in our top headlines.

India collected Rs 1.30 trillion as GST in October: the fourth month straight that revenue was more than a trillion rupees and prompting the government to say economic recovery is stable. More on that story in our top headlines.

GST collection in October up 24% at Rs 1.3 trillion, second highest ever

Goods and services tax (GST) collected in October rose to Rs 1.3 trillion, which is 24 per cent higher than in the same period a year ago, and 36 per cent more than the collection in the pre-Covid year of 2019-20.

This is the second highest collection since the introduction of new indirect regime in 2017. All time high collection figure was over Rs 1.40 trillion in April this year.

The finance ministry expects the positive trend to continue and that the second half of the year will post higher revenues. It said the constant rise in collection the past five months indicates the economy is recovering faster. Read more
 

Auto sales skid on supply chain woes; Tata Motors, M&M buck trend

Leading carmakers Maruti Suzuki and Hyundai witnessed a double-digit drop in sales in October on account of the global semiconductor shortage impacting production.

Kia India, Honda Cars and MG Motor also saw a fall in dispatches last month as compared with October 2020.

However, companies like Tata Motors, Mahindra, Nissan and Skoda managed to post positive numbers last month despite the supply chain challenges. Read more
 

Beauty startup Nykaa's IPO attracts bids of nearly $33 billion

TPG-backed Indian fashion e-commerce platform Nykaa's initial public offering drew bids worth $32.55 billion as it was oversubscribed by nearly 82 times on Monday, signalling strong investor demand for the latest startup in the country to pursue a domestic stock listing.

FSN E-Commerce Ventures, the company which owns the Nykaa brand, priced the 53.52 billion rupee IPO at a range of 1,085 rupees to 1,125 rupees per share, giving it a valuation of as much as $7.11 billion. Read more
 

Govt asks ONGC to give 60% stake in two oil fields to foreign firms

The petroleum ministry has told ONGC to give away 60% stake plus operating control in India's largest oil and gas producing fields of Mumbai High and Bassein to foreign companies, according to an October 28 letter to the state-owned company. Read
more
 

Steel firms hike prices by up to Rs 3,500 a tonne as input cost bites

Steel companies have raised prices by Rs 2,000-Rs 3,500 a tonne this month on the back of input cost pressure.

After a reprieve between July and September, domestic steel prices started rising in October with an increase of Rs 1,200-1,500 a tonne in the first week for hot rolled coil (HRC), a benchmark for flat steel. Long steel prices rose by about Rs 3,000 a tonne.

The major reason for the increase is a surge in input cost. Read more