Read Latest India Business News headlines 11th January 2019
– GST Council has doubled the tax exemption limit to Rs.40 lakh in annual revenue. The turnover limit for businesses availing GST composition scheme, allowing them to pay GST at a flat rate, has also been raised to Rs.1.5 crore.
– CLP Holdings, Macquarie Infrastructure and Hero Future Energies are among the top companies interested in the acquisition of wind power business of PTC India, valued at approx. Rs.2,000 crores.
– Ola has secured $74 million in fresh funding from its existing investor Steadview Capital at a valuation of $5.7 billion. With this funding round, Ola regained its No.2 ranking as India’s most valuable startup.
– Jet Airways is reportedly now looking to restart talks with Tata Group for fund raising. The airlines is reportedly set to run out of cash in about a month.
– Twitter will bring a new dashboard for enhanced political ad transparency in India. The advertising dashboard provides transparency to the public and users can take a look at spending on the platform during the course of the election. Twitter had started this in US during the last elections.
– The government is expecting around Rs.7,000 crore from the sale of Air India, for which it will initiate the process of strategic disinvestment in the second half of 2019-20. Air India has a debt of around Rs.55,000 crores.
– IRCTC has tied up with Bharti AXA to offer free Rs.50 lakh travel insurance with every domestic and international flight ticket booked through its platform.
– An employee union leading the 2-day strike that ended yesterday has claimed that the strike resulted in non-clearance of cheques valued over Rs 20,000 crore.
– Eruditus Group has raised $40-million in a Series C round of funding led by Sequoia Capital. Eruditus plans to use the funds to expand its operations to China and Latin America, as also introduce more courses in AI and ML.
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– Jio has launched an app for Kumbh with family locator, lost and found features and other customised services. The various feature of the app will help attendees to stay close to their family and friends by getting their exact location.
– Grover Zampa Vineyards, India’s No. 2 winemaker, is set to buy USL and HCC for Rs.67 Crores. The deal will help Grover Zampa to consolidate its position in the Sula dominated market.
– Oyo said that it would take legal action for contract breach if any hotel listed on its platform boycotts bookings.
– NSE algo trading case – As per three forensic audit reports by EY India, Deloitte and ISB, 62 broking firms may have enjoyed preferential access to NSE servers and not just the three which have been served show cause notices.
News credit: Livemint, Economic Times, Business Standard