Current Affairs Business

 Indian low-cost airlines SpiceJet has joined the International Air Transport Association (IATA). SpiceJet is the first Indian budget carrier to join the IATA,which has over 290 airlines as members. The membership of IATA will allow SpiceJet to explore and grow its collaborations with international member airlines of IATA through interlining and code shares and also enables to seamlessly expand the network options for its passengers in future.
What is IATA? International Air Transport Association (IATA) is the trade association for the world’s airlines and represents some 290 airlines which contribute to about 82% of total air traffic.
Source- The Times of India

  Hyundai Motor Group (the Group) and Ola announced a strategic partnership under which Hyundai Motor Company and Kia Motors Corporation will invest a total of $ 300 million in Ola, making it their biggest combined investment to date. The agreement will see the three companies collaborate on developing fleet and mobility solutions, building India-specific electric vehicles and infrastructure, as well as nurturing opportunities and offerings for aspiring driver partners with customized vehicles on the Ola platform.
Source- The Hindu Business Line

  ICICI Lombard and Mobikwik announced a strategic partnership to provide cyber-insurance cover. The relationship aims to provide protection against unauthorized and fraudulent transactions online, across bank accounts, debit and credit cards. and mobile wallets. MobiKwik users can avail the commercial cyber-insurance policy underwritten by ICICI Lombard and enjoy the benefit of stress-free and secured transactions. It can be availed at Rs 99 per month and with a sum insured of Rs 50,000.
Source- ANI News

  HDFC Bank Ltd crossed the Rs6 trillion market capitalization mark for the first time, making it only the third Indian firm—after Tata Consultancy Services Ltd (TCS) and Reliance Industries Ltd (RIL)—to achieve the milestone. RIL is the most valued company in India with a market cap of Rs8.50 trillion, followed by TCS at Rs7.48 trillion.
Source- The Livemint

  The Ahmedabad bench of the National Company Law Tribunal (NCLT) has approved the Rs 42,000-crore resolution plan submitted by ArcelorMittal for the debt-ridden Essar Steel Ltd. The tribunal’s approval for the mega-deal has come 583 days after it started the insolvency proceedings, instead of the mandated 270 days. ArcelorMittal’s takeover proposal for the indebted steel-maker was approved by the Essar Steel’s Committee of Creditors last October and it was pending before the NCLT for approval since then.
Source- The Economic Times

  The Ministry of Commerce and Industry in an attempt to provide relief to and boost investments into start-ups in India has decided to simplify the process for them to get exemptions under the Income Tax Act, 1961. It will now recognize an entity as a start-up up to 10 years from the date of its incorporation or registration instead of the existing duration of 7 years. It will also recognize an entity as a start-up if its turnover for any of the financial years since its incorporation or registration does not exceed Rs 100 crore unlike the previous amount of Rs 25 crore.
Source: Money Control

  Food delivery startup Swiggy has acquihired Bengaluru-based AI startup Kint.io for an undisclosed amount. As part of the deal, Kint.io’s founding members Pavithra Solai Jawahar and Jagannathan Veeraraghavan will join the Swiggy team. Founded in 2014, Kint.io specialises in applying deep learning and computer vision for object recognition in videos. Acqui-hiring refers to buying out a company or an entity primarily for the skills and expertise of its staff, rather than for its products or services. The team at Kint.io will join Swiggy to boost its computer vision technology and superior consumer experience.
Source: The Hindu

 Paytm has launched hotel bookings on its platform and acquired Night Stay, which offers deals on last-minute bookings at luxury hotels, as the Alibaba-backed payments and e-commerce company expands its travel business. Paytm plans to invest Rs 500 crore in scaling up its travel operations and has partnered with more than 5,000 hotels across the budget, luxury and business segments.
Source- Business Standard

 India’s largest telecom operator by subscriber base Vodafone Idea announced that its board had approved a rights issue of Rs25,000 crore to existing eligible equity shareholders in line with the recommendations of a capital raising committee it had set up in November 2018. The fund infusion will come at a time when it is critical for the company to raise resources to compete in the telecom market disrupted by the entry of Reliance Jio in September 2016, which brought down tariffs, hitting revenue streams of other operators.
Source- The Livemint

 Microsoft India has launched a new e-commerce platform re-weave.in for handloom weavers under its Project ReWeave, part of its philanthropic initiatives. This e-commerce platform will help connect artisans to buyers directly, enabling them to expand to newer customers and markets. The new e-commerce website hosts signature collections created by weaver communities and showcases traditional designs and products created from natural dyes. Project ReWeave aims to help weavers with working capital support through non-profit organizations.
Source- The Livemint



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