EaseMyTrip briefly touches $1 bn m-cap as shares hit record high
Delhi-based travel startup EaseMyTrip briefly touched a market capitalisation of $1 billion as its shares hit a new all-time high of ₹717.65 on the NSE. This came after EaseMyTrip announced foray into US, Philippines, Thailand markets. Online travel portal ixigo Co-founder Aloke Bajpai and investor Dr Ritesh Malik congratulated EaseMyTrip and its founders for entering the unicorn club.
Binance under probe in US for possible insider trading
US officials are examining possible insider trading and market manipulation at Binance. They are looking into whether Binance or its staff profited by taking advantage of its customers. Binance said it has a “zero-tolerance policy for insider trading” and a “strict ethical code” to prevent any misconduct that could hurt its customers or the cryptocurrency industry.
Swiggy, Zomato to pay GST instead of restaurants; tax to be charged at point of delivery
Food delivery apps like Swiggy, Zomato will pay GST on restaurant service supplied through them, said Finance Minister Nirmala Sitharaman. “The place where food is delivered will be the point where the tax will be collected,” she said adding that there’s no new tax. Earlier, the tax was paid by restaurants but now aggregators will have to pay the tax.
NODWIN Gaming buys OML’s gaming & adjacent IP business for ₹73 crore
Gurugram-based esports start-up and an independent subsidiary of Nazara Technologies, NODWIN Gaming, has acquired the gaming and adjacent IP business of OML Entertainment for ₹73 crore. The transaction will provide partial liquidity to OML’s shareholders, including CA Media, the company said. Further, OML’s Managing Director Ajay Nair will join the board of NODWIN Gaming as part of the transaction.
GST on drugs used to treat cancer reduced from 12% to 5%, World’s most expensive drug Zolgen Ma, costing ₹16 crore exempted
The Finance Minister said that the GST Council decided to extend the concessional rates on drugs used for COVID-19 treatment till December 31, 2021. After the 45th GST Council meeting, Finance Minister Nirmala Sitharaman said GST exemptions are being given for non-COVID-19 life-saving drugs including the world’s most expensive drug Zolgen Sam that costs ₹16 crore. She added Viltepso will also be exempted.