Paytm withdraws application for general insurance license: BharatPe-PhonePe resolves trademark dispute, market-cap of 9 out of top-10 companies increased by ₹1.85 lakh crore

Yesterday’s big news was related to Paytm. Paytm General Insurance Limited (PGIL) has withdrawn its application for general insurance license from the Insurance Regulatory and Development Authority of India (IRDAI). At the same time, digital payment companies BharatPe Group and PhonePe Group have resolved the long-running legal dispute over the use of the word ‘Pe’. Before tomorrow’s big news, today’s major events, which will be watched… Now read tomorrow’s big news… 1. Paytm withdraws general insurance license application: This will save ₹ 950 crores for One97 Communications, the company will work only on distribution model Paytm General Insurance Limited (PGIL), a subsidiary of One97 Communications Limited, has withdrawn its application for general insurance license from the Insurance Regulatory and Development Authority of India (IRDAI). The company gave this information in a stock exchange filing on Saturday. The company said that withdrawing the license application will help the parent company save 950 crores, which was kept for investment in PGIL. PGIL said that the company will continue to operate only on the distribution model for general insurance. Click here to read the full news… 2. BharatPe and PhonePe resolved trademark dispute: There was a dispute going on between the two companies for the last 5 years regarding the use of ‘Pe’ Digital payment companies BharatPe Group and PhonePe Group have resolved the long-running legal dispute over the use of the word ‘Pe’. Both the companies have informed in a joint statement that they have decided to resolve this dispute and focus on the business in future. BharatPe and PhonePe have been involved in long-running legal disputes in several courts for the last 5 years. Now this agreement between the two companies will end all open judicial proceedings. Click here to read the full news… 3. Market cap of 9 out of top 10 companies increased by ₹1.85 lakh crore: Reliance Industries was the top gainer; its value increased by ₹61 thousand crores to 20.03 lakh crores. In last week’s trading, the combined market capitalization of 9 out of the top 10 companies of the country increased by ₹1.85 lakh crores. Among these, Reliance Industries was the biggest gainer. Its market cap increased by ₹61 thousand crores to 20.03 lakh crores. At the same time, the market cap of HDFC Bank increased by ₹38 thousand crores to ₹11.53 lakh crores. Apart from this, the market value of LIC, Bharti Airtel, HUL, Infosys, SBI, ICICI Bank and TCS has increased. Whereas, the market cap of ITC has declined. Click here to read full news… 4. EaseMyTrip founder does not want to buy GoFirst anymore: Nishant Pitti withdraws bid; had placed a bid jointly with SpiceJet in February EaseMyTrip co-founder and CEO Nishant Pitti has withdrawn his bid to buy cash-strapped airline GoFirst. Pitti said, “After careful consideration, I have decided to withdraw from the bidding for GoFirst.” Busy Bee, the company in which Nishant Pitti has a majority stake, had shown interest in buying stake in GoFirst. For this, Busy Bee had placed a bid jointly with SpiceJet’s MD and Chairman Ajay Singh in February. Busy Bee Airways Pvt Ltd is a joint venture of Nishant Pitti and Ajay Singh. Click here to read the full news… Now read the news of your need… You can download Virtual Aadhaar from home: It is valid everywhere, see the process to download it Aadhaar is an important document in our country. Many times we do not keep it with us due to the fear of losing it or damaging it. But do you know that you can also download its virtual copy (PDF file). You do not have to pay any fee for this and it is also valid everywhere. According to UIDAI, the organization issuing Aadhaar card, virtual Aadhaar or e-Aadhaar is also valid everywhere like Aadhaar card. We are telling you the way to download it. Click here to read the full news… Also see who were the top-10 richest people in the world yesterday… Yesterday the market was closed on Sunday, so know the status of the stock market and gold-silver on 24 May… Know the latest price of petrol-diesel and gas cylinder…

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