 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 |
 Bharat Heavy Electricals Limited (BHEL) and Libcoin are in dialogue to form a world-class consortium to initially build 1GWh lithium-ion battery plant in India. Its capacity will be scaled up to 30GWh in due course. With this, India has finally taken steps into its energy security and clean energy commitment to the world. BHEL will be sending a team of senior officers for the study of the facilities, R&D infrastructure and other techno-commercial issues soon. |
| Source- Press Information Bureau (PIB) |
 Reliance Industries Ltd Chairman and managing director Mukesh Ambaniannounced that group companies Reliance Retail and Reliance Jio Infocomm would jointly launch a new e-commerce platform in the country. Gujarat would be the first state to get it. The announcement was made at the inauguration of the three-day Vibrant Gujarat summit. The new e-commerce project would empower 1.2 million shopkeepers in Gujarat. |
| Source- The Livemint |
 The Reserve Bank of India has shortlisted six major IT companies, including TCS, Wipro and IBM India, to set up a wide-based digital Public Credit Registry (PCR) for capturing details of all borrowers and wilful defaulters. The proposed PCR will also include data from entities like market regulator Sebi, the corporate affairs ministry, Goods and Service Tax Network (GSTN) and the Insolvency and Bankruptcy Board of India (IBBI) to enable banks and financial institutions to get a 360-degree profile of the existing as well as prospective borrowers on a real-time basis. The other three shortlisted vendors are: Capgemini Technology Services India, Dun & Bradstreet Information Services India, and Mindtree Ltd. |
| Source- The Economic Times |
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