Business

Toyota plans to build three new manufacturing plants in India, which would triple its current production capacity in the country. The move signals a major long-term bet on India's auto market and could intensify competition across the passenger vehicle segment.

GameStop has made an unsolicited $56 billion offer to acquire eBay, according to the Wall Street Journal. The bid raises immediate questions about financing and whether eBay's board will engage, given GameStop's far smaller market cap.

Indian Railways crossed Rs 6,000 crore in scrap sales while non-revenue fare income jumped 168% over five years, reaching Rs 777.76 crore in FY 2025-26. Both streams help Railways fund capital spending without raising passenger fares or increasing borrowing.

Groww reported a 122% jump in net profit to Rs 686 crore for Q4, with revenue from operations rising 87% year-on-year to Rs 1,505 crore. The numbers show India's large retail investment platforms converting rapid user growth into strong earnings, raising the prospect of a future public listing.

A State Bank of India-led consortium is in talks to extend ₹25,000 crore in debt to Vodafone Idea following government relief on AGR dues. The telco is also seeking ₹10,000 crore in working capital to fund a three-year network and 5G turnaround plan.

A group led by Lakshmi Mittal and the Poonawalla family is buying an IPL franchise for $1.65 billion, one of the largest sports deals in Indian history. The price underscores how sharply IPL valuations have risen since two new franchises sold for a combined $1.69 billion in 2022.

The Mittal family has bought a 75% controlling stake in IPL franchise Rajasthan Royals for around ₹15,600 crore, implying a total team valuation of roughly ₹20,800 crore. The deal ends an earlier agreement with the Somani family and places Lakshmi N.

The Mittal family and Adar Poonawalla have acquired Rajasthan Royals for Rs 15,660 crore, with the Mittals holding ~75% and Poonawalla ~18%. The deal sets a new valuation benchmark for IPL franchises and signals continued strong investor appetite for T20 cricket assets.

Laxmi Mittal's family has joined a consortium acquiring a stake in Rajasthan Royals, alongside Aadar Poonawala and existing principal owner Manoj Badale. The move reflects rising IPL franchise valuations and a trend toward high-profile multi-investor ownership structures.

Groww reported Q4 FY26 revenue of Rs 1,535.5 crore and a profit of Rs 686 crore as customer assets crossed Rs 3 trillion, up 36% year-on-year. The company plans to channel profits and fresh fundraise proceeds into scaling its lending business across consumer credit and broking segments.

Spirit Airlines has shut down after government bailout talks failed, ending service at the US budget carrier. Its collapse, driven by fuel cost pressure, removes a major source of cheap fares and puts thousands of jobs at risk.

Spirit Airlines announced Saturday it has ceased all operations after 34 years, shutting down immediately with no wind-down period. Passengers holding tickets are stranded, and hundreds of U.S. routes lose a key source of low-fare competition overnight.

Apple posted strong double-digit growth in iPhones, iPads, and Macs in India even as the overall Indian smartphone market declined, CEO Tim Cook said. The performance signals Apple is winning first-time buyers and expanding its ecosystem base in one of the world's fastest-growing consumer markets.

JioHotstar posted Rs 31,048 crore in operating revenue and Rs 3,228 crore profit before tax for FY26, with monthly active users reaching 550 million. Sports viewership, rising digital ad revenue, and 35% growth in entertainment watch time drove the gains.

The RBI has formally cancelled Paytm Payments Bank's licence, concluding an enforcement process that began in 2022. The Paytm app and its payment services operate under a separate licence and remain unaffected, while depositors and wallet holders will be repaid.

Amazon will expand its quick-commerce service Amazon Now to 100 Indian cities, investing over Rs 2,800 crore to build more than 1,000 micro-fulfillment centres. The move directly challenges established quick-commerce players by bringing Amazon's scale and logistics depth into the minutes-delivery segment.

India's auto sector kicked off FY26 with double-digit sales growth in April, led by Maruti Suzuki and Tata Motors each posting over 30% gains. Strong utility vehicle demand drove volumes, with domestic UV sales reaching 56,331 units, up 8% year-on-year.

Apple has flagged significantly higher memory chip costs in coming quarters, an unusual direct warning about a core input expense. The move signals potential margin pressure across its iPhone, iPad, and Mac product lines during a key product refresh cycle.

Apple posted $111.2 billion in March-quarter revenue, up 17%, with iPhone sales rising 21.7% to $57 billion and Services hitting a record $31 billion. India stood out with double-digit growth across most categories, and Cook flagged significant room to grow given Apple's still-modest market share there. Apple guides 14

Toyota Motor plans to build three assembly plants in Maharashtra, India, backed by an estimated 300 billion yen investment. The expansion would triple its Indian output to one million vehicles a year by the 2030s. It signals a major long-term bet on India as a core global manufacturing base.