OPINION, P10 WELL BEING FE LINES ACROSS THE AISLE, P CHIDAMBARAM Burnout in youngsters, often caused by academic pressure, or social expectations, is on the rise. It’s important to address the underlying causes rather than 'pushing through' Page 7 An AWS Cloud outage led to global chaos. Any solution? Page 6 Will Bihar escape its self-made traps? TEENAGERS IN TURMOIL VOL.NO.XVI SL.NO.40 A Cloud break we never saw coming WORDS WORTH Follow us on Twitter & Facebook. App available on App Store & Play Store WWW.FINANCIALEXPRESS.COM MAN BEHIND THE BRAND FINANCIAL EXPRESS ON SUNDAY SUNDAY, NOVEMBER 2, 2025 F R O M : A H M E D A B A D , B E N G A L U R U , C H A N D I G A R H , ● Whisky & rum passé, desi brands offer niche spirits KUNAL DOLEY New Delhi, November 1 INDIA MAY BE a historically whisky-drinking nation, but homegrownbrands,bothestablishedaswellasnew,areincreasingly coming out with niche alcoholic beverages. From limoncello, a liqueur mainly crafted in southern Italy,tovermouth, a fortified wine pro- market share in F&O notional turnover fell from 61.9% in September to 56.3% in October, whereas BSE’s share climbed from 38.1% to 43.7% Compiled by Kishor Kadam Average daily F&O notional turnover (` lakh crore) MoM (%) 230 May 221 127 -5.5 Jun 2025 Apr 218 128 -0.7 Sept Oct 4.5 10.2 152 270 285 ■ Maya Pistola: Agave spirits, synonymous with tequila and mezcal in Mexico ducedinItaly;fromliqueur,historically made in France, to agave spirits,synonymouswith Mexico, these products—most of them reimagined for India—areshakingupthecountry’sliquormarket.Theyarealso finding more acceptance among today's consumers who arewell-travelled,experimental 8.8 178 5.2 166 221 16.1 and open to exploring global drinking cultures. “Consumers are not just drinking; they’re seeking experiences, stories, and authentic- NOV EXPECTED TO REFLECT FESTIVE JUMP Oct GSTreceipts up 4.6% onyearat`1.96lakhcrore THE GROSS GOODS and services tax (GST) collections came in at `1.96 lakh crore in October, (September transactions), recording a year-onyear growth of 4.6%, as per official data released on Saturday.An annual growth in gross receipts of the indirect taxwas achieved despite massive cuts in tax rates for around 380 items, including automobiles and consumer durables, effected in September-end. The October collections were in absolute terms higher than in both September and August (`1.89 lakh crore and Mar 2025 `1.86 lakh crore,respectively) and at the same level as July. The annual growth in gross receipts in October is the lowest since June 2021 (2%), in peak Covid period. This decline in collections was largely expected due to the inevitable temporary effect of rate rationalisation and deferred consumer spending Apr May of high-value goods ahead of the festive season, partly in anticipation of the rate cuts. Gross GST receipts grew 9.11% on year in September 2025 (August sales), and 8.92% in October 2024. Net GST revenue in October this year grew by just 0.6% to `1.69 lakh crore with refunds surging by 40% to Jun Jul Aug Sept 1.96 Gross GST collections (` lakh crore) KULDEEP SINGH New Delhi, November 1 F&O turnover in Oct highest in one year 237 crafted with 21 herbs including Kashmiri saffron ● Gross collections MUTED MOMENTUM higher than in both August, September Gourmand perfumes are entering an unexpected phase, with brands digging into the kitchen pantry for bolder, saltier inspirations Aug ■ Geist Pop Fiction: Beer made from popped rice or aralu, unlike polished rice typically found in lagers ■ Zaffran: Spiced liqueur, 1.89 On a spicy note 229 Oct 2025 `26,934 crore as businesses would have utilised input tax credit post the tax cuts, data showed. November receipts are expected to reflect a jump in consumption during the festive season, especially of durables and cars. Continued on Page 2 GST, DIWALI DHAMAKA Highest-evercarsalesincrackerofOct SWARAJ BAGGONKAR Mumbai, November 1 CARMAKERS SAW THEIR highest-everdomesticsalesina month in October at 4.70 lakh, a 17% year-on-year (y-o-y) jump,asaresultofDiwalifestive demand and lower GST rates. Octoberwasthefirstfullmonth postthereductioningoodsand servicestaxrates,effectedinthe lastweek of September. The GST rate reduction to 18% from 28% on small cars, coupled with removal of cess, boosted overall consumersentiment and demand. It was a busy month for companies as they operated factories at full capacity, besides extending business hours at showrooms, officials said. Maruti Suzuki, the country’s largest carmaker, logged 10% growth in dispatches to its dealers at 176,318 units. The company’s utilityvehicles like Brezza and compact vehicleslikeSwiftsawdemandoutstrip supply. On Friday, the company claimed to have bookings for 350,000 cars pending for delivery. SUV specialist Mahindra & Mahindra (M&M) recorded a growth of 31% in dealer dispatches to 71,624 units, including sales of electric SUVs.The month had also seen new editions of Thar, Bolero and Bolero Neo. N E W D E L H I , P U N E 159,591 176,318 Maruti Suzuki Mahindra Tata Motors Hyundai Toyota Kia Skoda JSW MG Motor Continued on Page 2 GEETIKA SRIVASTAVA New Delhi, November 1 54,504 31 71,624 48,131 27 61,295 55,568 -3 53,792 28,138 43 40,257 22,735 30 29,556 4,079 102 8,252 2,167 195 6,397 WORLD CUP FINAL Players to look out for India, two-time runners-up, in final for the first time since 2017 INDIA ■ Smriti Mandhana ■ Shafali Verma ■ Jemimah Rodrigues South Africa playing their maiden final 3 pm IST SOUTH AFRICA ■ Laura Wolvaardt ■ Tazmin Brits ■ Marizanne Kapp Indian captain Harmanpreet Kaur (left) with South African captain Laura Wolvaardt shetakeshomearound`25lakh perendorsement. According to Munish Vaid, vice-president,PrimusPartners, fromwhereshestandsnow,she might be looking at individual deals in the `50 lakh range annually.Formediumterm(2-3 years), if she becomes a series face and her social following grows, the player could start looking at `1 crore-plus deals. ■ Davana Vermouth Indica: 100% homegrown vermouth, a fortified wine produced in Italy ity in every glass,” said Aakriti Kochhar Sachdeva, co-founder and CMO of Mikiamo Limoncello, an Indian brand of artisanal limoncello, made with lemons from Italy’s southern coast and produced in small batches in Goa. “In Italy,limoncello is more than a drink—it is a ritual of togetherness, savoured over long meals, conversations, and family gatherings.With Mikiamo,ourvisionwastobringthat veryspirit—andapieceofItalian culture—to India,” she added. Launched in May last year, Mikiamo closed at `1.25 crore in its very first financial year— whichcoveredjustninemonths of sales—with market presence limited to a singlestate,Goa. Continued on Page 2 Zepto aims for bigger Q-comm piewithfeewaiver ANEES HUSSAIN Bengaluru, November 1 INANATTEMPTtoraceaheadin theintenselycompetitivequick commerce market, Zepto is usingthepricestrategybyeliminatinghandlingfeesandsurge charges across all orders irrespective of order value, while alsowaivingdeliverychargeson orders above `99. The move comes as the company battles rivals Blinkit and Swiggy Instamart for market dominance in the rapidlygrowing sector. UnderZepto’s new“All New Zepto Experience” initiative, customers pay zero handling fees,zerorainandsurgefeeson every order, and zero delivery charges once their cart crosses `99.For orders below `99,the company will continue to charge `30 as delivery fee. However, there won’t be any additional small cart fee applicableevenonsuchorders. Notably,Zepto’s `99 threshold for free delivery is the lowest amongst competitors. The company has also eliminated convenience fee charged on cigarette and tobacco orders. The fee structure compar- PRICE STRATEGY ■ Customers to pay zero handling, rain/ surge, delivery fees once cart crosses `99 ■ For orders below `99, company to continue charging `30 as delivery fee ■ However, there won’t be additional small cart fee applicable even on such orders ■ Zepto’s `99 threshold for free delivery is lowest among competitors ison with Eternal’s Blinkit and Swiggy’s Instamart reveals Zepto’s aggressive pricing strategy. Continued on Page 2 INDIA-US BTA FESTIVE RALLY 10 Oct 2024 Oct 2025 % change Rodrigues’ endorsement value set to swing 100% JEMIMAH RODRIGUES' UNBEATEN 127 off 134 balls that powered India’s victory against Australia on Thursday also marked a pivotal moment inherbrandendorsementjourney.Experts nowpredict up to a 100% surge in her endorsement value, positioning her alongside established stars like SmritiMandhanaandHarmanpreet Kaur in the marketability stakes,providedshesustainsher performance inthe long-run. Rodrigues’ endorsement catalogue includes Red Bull, Hyundai, Gillette, Dream11, HMD (Human Mobile Devices), boATandPlatinumEVARA,and M U M B A I , historically made in France ■ Mikiamo: Artisanal limoncello, a liqueur mainly crafted in southern Italy 1.86 ■ LEISURE, P5 Jul L U C K N O W , ■ Bonga Bonga: Liqueur, 1.96 Wildlife encounters are becoming more and more frequent in urban areas, raising fear and concerns among local residents, and deepening the faultlines of man-animal conflict 139 K O L K A T A , BEYOND BOOZE 1.85 Spotted in the city BSE K O C H I , 2.01 ■ SPOTLIGHT, P8-9 NSE H Y D E R A B A D , Global liquortraditions nowreimagined in India WHAT'S INSIDE THEAVERAGE DAILY futures and options (F&O) notional turnover on the NSE and BSE rose 16.1% month-on-month to `506.3 lakh crore in October—the highest in a year. During the month, NSE’s average daily F&O notional turnover increased 5.6% to `285.3 lakh crore, while BSE recorded a 33.1% jump to `221.01 lakh crore. Consequently, NSE’s C H E N N A I , 2.37 P U B L I S H E D READ TO LEAD 1.96 BENGALURU 16 Pages, `12 Review of Eternal founder Deepinder Goyal’s new biography Page 4 “But there needs to be consistency on the field and how she manages her off-field brand presence,” he noted. Compared to emerging male cricketers,Rodrigues and her peers still face a considerablegapshapedlargelybyaudience reach.“Nonetheless, her inspiringcomebackstory,emotional connection with fans, andgrowingperformancetrajectory make her one of the most promising faces in women’s sports,” said Vedang Jain,director,Prachar Communication. Continued on Page 2 ■ See also Page 16 BENGALURU Non-tradeissueskey as deadline nears FE BUREAU New Delhi, November 1 AS INDIAAND the US enterthe last few weeks of the autumn deadline forthe first tranche of the Bilateral Trade Agreement (BTA),both sides have signalled that a deal is around the corner that might see tariffs on India come down to 10-15%. The drop in additional tariffs from 50% to 1015%was indicated byChief Economic AdviserVAnantha NageswaraninSeptember,who hadsaidhisintuitionsayspenal tariffs would not exist beyond November30. DemandsfromtheUSrelate more with non-tariff and trade issues, while India is seeking that its 50% duties— 25% reciprocal and 25% penal forbuying Russian oil—be brought down to levels that other close AUTUMN DEAL ■ Both sides signal that deal may see tariffs on India come down to 10-15% ■ Demands from US relate more with non-tariff, trade issues ■ Beyond trade, US may ask for concessions for its tech companies ■ India wants 50% duties for buying Russian oil be brought down US allies and partners have got. The US wants India to shut downorconsiderablyreduceoil purchases from Russia. Continued on Page 2 Pine Labs files RHP 9 killed at Andhra with Sebi for IPO temple accident FINTECH MAJOR Pine Labs, which operates in the merchant payments and lending space, has submitted its Red Herring Prospectus (RHP) to the Securities and Exchange Board of India (Sebi) for its upcoming IPO, reports Anees Hussain. ■ PAGE 3 AT LEAST nine people were killed and many others injured in an accident at Venkateswara temple in Andhra Pradesh's Srikakulam district on Saturday. The incident occurred due to the collapse of an iron grill near the steps, said the police.