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U.S. Supreme Court Rules Against Google: Here’s What It Means

The U.S. Supreme Court has declined to block a lower court’s order mandating significant changes to Google’s Play Store, following a lawsuit filed by Epic Games, the developer of Fortnite.

This decision stems from a 2023 jury verdict that found Google had unlawfully maintained a monopoly over the distribution of Android apps and in-app payments.

The injunction issued by U.S. District Judge James Donato requires Google to allow users to download rival app stores within the Play Store and make its app catalog accessible to competitors.

Additionally, the injunction mandates that Google permit developers to include external links in their apps, enabling users to bypass Google’s billing system. The provision allowing external links is set to take effect on October 22, 2025, while the broader changes are scheduled for July 2026.

Despite Google’s concerns that the mandated changes could expose users to security risks and disrupt the Android ecosystem, the Ninth Circuit Court of Appeals upheld Judge Donato’s ruling in July 2025, affirming that Google’s practices violated antitrust laws. Following the appellate court’s decision, Google petitioned the Supreme Court to temporarily stay the injunction.

However, the justices declined to intervene, allowing the lower court’s order to stand. The Supreme Court’s refusal to block the injunction means that Google must comply with the mandated changes by the specified deadlines.

Epic Games welcomed the Supreme Court’s decision, viewing it as a victory for competition and consumer choice in the app marketplace.

The company plans to bring Fortnite and its Epic Games Store to the Google Play Store in the United States, offering users alternative avenues for app distribution and payment options.

This legal development marks a significant shift in the dynamics of the Android app ecosystem, potentially leading to increased competition among app stores and developers.

As the implementation deadlines approach, stakeholders across the tech industry are closely monitoring the situation to assess its impact on app distribution models and revenue structures.

Also Read: Why Is WeWork India’s ₹3,000 Crore IPO Facing Scrutiny

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Why Is WeWork India’s ₹3,000 Crore IPO Facing Scrutiny?

WeWork India Management Limited’s initial public offering (IPO), aiming to raise ₹3,000 crore, has garnered attention due to several concerns raised by governance advisory firms and market analysts.

The offering, which opened on October 3, 2025, and is set to close on October 7, is structured entirely as an Offer for Sale (OFS), meaning no new capital will be infused into the company. Instead, existing shareholders, primarily Embassy Buildcon LLP and 1 Ariel Way Tenant, a subsidiary of WeWork Global, are selling their stakes.

One of the primary concerns highlighted by InGovern Research Services is WeWork India’s financial health. Despite reporting a revenue of ₹2,024 crore and a net profit after tax of ₹128.19 crore for the fiscal year 2025, the company’s financials show signs of strain.

The company continues to report negative cash flows, with lease costs consuming over 43% of its revenues.

Additionally, the net profit was largely driven by a deferred tax credit, raising questions about the sustainability of its profitability

Another significant issue is the governance structure and promoter-related concerns. Over 53% of WeWork India’s pre-IPO shares held by Embassy Buildcon were previously pledged against approximately ₹2,065 crore of borrowings.

These pledges were temporarily released to facilitate the IPO, with an agreement that if the listing does not occur, the shares would need to be re-pledged within 45 days. This arrangement has raised concerns among potential investors about the stability and governance of the company.

The IPO’s subscription has been tepid, with the issue subscribed only 7% by the second day of bidding, up from 4% on the first day. The employee segment was the only category to show stronger interest, being oversubscribed at 1.2 times.

The muted response from institutional and retail investors may reflect the concerns raised by InGovern and other market participants.

WeWork India, a franchisee of the U.S.-based WeWork, operates 59 centers across major Indian cities, maintaining occupancy rates above 80%.

The company has reported steady revenue growth and profitability in recent years. However, the absence of new capital infusion through this IPO and the highlighted governance issues may impact investor confidence.

Also Read: AMD Shares Surge Following Major AI Chip Supply Deal with OpenAI

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AMD Shares Surge Following Major AI Chip Supply Deal with OpenAI

Advanced Micro Devices Inc. (AMD) experienced a significant surge in its stock price following the announcement of a multi-year agreement with OpenAI to supply artificial intelligence (AI) chips.

The deal, disclosed on October 6, 2025, led to a 34% increase in AMD’s share price, marking one of the company’s most substantial single-day gains in recent years. This partnership positions AMD as a key player in the rapidly expanding AI infrastructure sector.

Under the terms of the agreement, OpenAI will purchase AMD’s upcoming Instinct MI450 chips, with the initial deployment of one gigawatt of computing power scheduled for the second half of 2026.

The total commitment amounts to six gigawatts of computing capacity, equivalent to the energy consumption of approximately five million U.S. homes.

To facilitate this, OpenAI plans to construct a dedicated one-gigawatt facility utilizing AMD’s chips. The deal also includes a provision granting OpenAI the option to acquire up to 10% of AMD’s shares through warrants, contingent upon meeting specific performance milestones and stock price targets.

This partnership underscores OpenAI’s strategy to diversify its hardware suppliers beyond its existing relationships with Nvidia and Broadcom.

While Nvidia remains a dominant supplier of AI chips, the collaboration with AMD reflects the growing demand for computational power in AI development and the need for a more diversified supply chain.

Analysts view this move as indicative of the increasing competition in the AI hardware market.

From AMD’s perspective, the agreement represents a significant opportunity to expand its footprint in the AI sector. The company anticipates that this partnership could generate over $100 billion in new revenue over the next four years, driven by OpenAI and similar clients.

The deal also serves as a validation of AMD’s technological capabilities in high-performance computing.

The announcement has had a notable impact on the stock market. AMD’s share price closed at $203.71, up from $164.67 the previous day, adding approximately $80 billion to the company’s market capitalization.

In contrast, shares of Nvidia, which had previously announced a $100 billion deal with OpenAI, experienced a slight decline following the news. This shift highlights the dynamic nature of the AI hardware market and the competitive landscape among chipmakers.

OpenAI’s decision to enter into this agreement with AMD is part of its broader strategy to build a robust AI infrastructure capable of supporting advanced models and applications.

CEO Sam Altman emphasized the importance of this partnership in meeting the escalating demand for AI computing power. He noted that the collaboration with AMD complements OpenAI’s existing relationships with other hardware providers, ensuring a diversified and resilient infrastructure.

As the AI industry continues to evolve, partnerships like the one between AMD and OpenAI are likely to play a crucial role in shaping the future of AI development.

The increasing reliance on advanced computing resources underscores the importance of strategic collaborations in meeting the growing demands of AI technologies.

The AMD-OpenAI partnership marks a significant development in the AI hardware sector.

It not only enhances AMD’s position in the market but also reflects the broader trends of diversification and competition in AI infrastructure.

As both companies move forward with their plans, the success of this collaboration could have far-reaching implications for the future of AI development and deployment.

Also Read: Canara Robeco AMC IPO Targets ₹5,305 Crore Valuation

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IndusInd Bank Promoter Acquires Sterling Bank in the Bahamas

IndusInd International Holdings Ltd (IIHL), the promoter of IndusInd Bank, has finalized the acquisition of a 100% stake in Sterling Bank, a financial institution based in the Bahamas.

This move follows IIHL’s initial purchase of a 51% equity interest in Sterling Bank in September 2022 through its wholly owned subsidiary, IIHL (Capital), Mauritius. The remaining 49% was acquired in a subsequent transaction, culminating in full ownership.

In conjunction with the acquisition, Sterling Bank has been renamed IIHL Bank & Trust Limited. This rebranding aligns with IIHL’s strategic objective to establish a global financial presence, particularly in the Caribbean region.

The acquisition is expected to enhance IIHL’s footprint in international banking markets and diversify its portfolio within the Banking, Financial Services, Securities, and Insurance (BFSI) sectors.

As of August 31, 2025, IIHL reported a net worth of $1.26 billion. The entity serves over 42 million customers through a network exceeding 6,100 touchpoints, with a business size surpassing $86 billion.

The acquisition of Sterling Bank is part of IIHL’s broader strategy to expand its global operations and achieve a market capitalization target of $50 billion by 2030.

The transaction is anticipated to close by the end of October 2025, pending regulatory approvals.

This acquisition underscores IIHL’s commitment to leveraging international best practices and digital financial technologies to strengthen its position in the global financial services industry.

IndusInd Bank, headquartered in Mumbai, is India’s fifth-largest private sector lender, offering a range of banking services to a diverse customer base.

The completion of this acquisition marks a significant step in IIHL’s vision to build a global financial powerhouse, combining decades of experience with global best practices to deliver long-term value to shareholders and customers.

Also Read: Tata Capital IPO Sees Muted Start; Day 2 Could Hold Key Signals

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Indian Markets Extend Gains for Fourth Consecutive Session

Indian equity benchmarks continued their upward trajectory on Tuesday, October 7, with the Sensex advancing by 179 points to 81,969.32 as of 11:52 AM and the Nifty rising 43 points to 25,121.70.

In early trade, Sensex had risen as much as 400 points to 81,974.09 after gaining 183.97 points, while the Nifty climbed as much as 62.05 points to hit 25,139.70.

This marks the fourth consecutive day of gains, driven by robust buying in energy, metal, and financial stocks, alongside favorable global cues and expectations of a U.S. Federal Reserve rate cut.

The energy sector saw significant gains, with oil marketing companies benefiting from declining international crude oil prices and anticipations of government compensation for LPG losses.

Siemens Energy India and Petronet LNG were among the prominent gainers in this segment. Similarly, the metal sector experienced a boost, with the Nifty Metal index jumping 1.82% to 10,277.10, reflecting optimism over anticipated Fed rate cuts and a softer dollar index.

Investor sentiment was further uplifted by expectations of a Federal Reserve rate cut later this month. Such a move is anticipated to enhance global liquidity, making emerging markets like India more attractive to foreign investors.

This optimism was mirrored in global markets, with Asian indices trading higher and U.S. markets ending the previous session on a positive note.

In the financial sector, Bajaj Finance reported strong second-quarter results, with a 24% year-on-year increase in assets under management (AUM) to ₹4.62 lakh crore. The company also saw a 26% rise in new loans booked, totaling 12.17 million, and a 20% growth in its customer base to 110.64 million.

These figures underscore the resilience and growth potential of the financial services sector, contributing to the overall market rally.

Additionally, the Indian rupee strengthened slightly to 88.7375 against the U.S. dollar, supported by expected capital inflows. However, analysts caution that ongoing trade concerns with the U.S. could temper further gains.

Overall, the continued upward momentum in the markets reflects a combination of sectoral strength, favorable global conditions, and positive corporate earnings, positioning Indian equities for sustained growth in the near term.

Also Read: Adani Energy Raises $250 Million Loan From International Lenders

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Festive Delight: Gold Hits Record Rs 1.19 Lakh, Silver Surges

Gold prices in India surged to an all-time high on Monday, with domestic rates reaching Rs 1.19 lakh per 10 grams as investors increased allocations to bullion amid seasonal buying and mounting global uncertainty.

Silver traded in tandem, touching multi-year highs as demand from both retail and investment channels rose ahead of the festival season and amid safe-haven flows.

Market reports said the single-day move reflected a confluence of firm festive demand, technical buying and broader international cues that pushed both spot and futures contracts to fresh peaks.

Global markets showed parallel strength, with spot gold surpassing the $3,900-per-ounce mark as investors sought refuge from geopolitical and economic instability, and expectations grew for further interest-rate reductions by the U.S. Federal Reserve.

Spot gold climbed close to $3,958.57 an ounce on October 6, reflecting heightened safe-haven buying amid conflicts overseas, concerns about the U.S. political landscape and renewed central-bank purchases.

Reports noted that robust inflows into physical gold exchange-traded funds and central-bank buying had supported the international rally.

On India’s domestic platforms, futures and spot markets advanced with similar momentum. Multi Commodity Exchange contracts and local spot quotations moved to record levels as traders priced in sustained demand through October and the approaching Diwali festival, while a softer rupee amplified rupee-denominated gains.

Market snapshots showed sharp intraday moves, with trade reports pointing to single-day increases of several thousand rupees in benchmark quotes as liquidity and appetite for physical metal firmed, and as participants adjusted positions in response to global cues and domestic buying.

Analysts noted central bank purchases and ETF inflows of nearly 588 tonnes through September had underpinned the rally. Forecasts suggested continued upside into Diwali, with some estimates placing gold near Rs 1.20–1.22 lakh and silver around Rs 1.5 lakh in the coming weeks if current trends continue, driven by a combination of seasonal purchases and ongoing safe-haven demand.

Observers pointed out that the prospect of lower U.S. interest rates weakens the opportunity cost of holding non-yielding bullion, a dynamic that has encouraged both institutional and retail allocations.

Silver’s rally was particularly notable in regional trading centres, where prices were reported to have reached around Rs 1.50 lakh per kilogram in some domestic markets and about Rs 1.48 lakh per kg in other spot quotations.

In U.S. dollar terms, silver approached levels not seen in decades, driven by a mix of retail buying for jewellery and gifts, industrial demand, and speculative flows.

Commodity dealers in key hubs reported brisk activity in both wholesale and grey-market channels, and analysts pointed to constrained supplies together with renewed investor interest as contributors to the sharp move.

Intermediaries and trade bodies signalled mixed expectations for consumption through the season. Several industry reports suggested record-high prices might curb discretionary purchases of jewellery, yet historically strong cultural and ceremonial demand around Diwali and the wedding season could sustain baseline volumes.

Analysts monitoring futures and spot flows said volatility was likely to remain elevated in the near term as markets balance profit-taking, fresh buying and reactions to macroeconomic developments.

For consumers and small buyers, the rapid rise in benchmark prices translated into higher retail rates across cities, with local premiums and taxes further affecting final jewellery costs.

Market participants said that while investment demand — including coins, bars and ETFs — was a major driver of the recent leg up, consumer purchases for festivals continued to play an important role in supporting physical demand in India.

Traders advised caution as liquidity conditions and geopolitical developments remained notably fluid.

Also Read: Adani Energy Raises $250 Million Loan From International Lenders

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Adani Energy Raises $250 Million Loan From International Lenders

Adani Green Energy Ltd has signed an agreement to raise about $250 million from a group of international lenders, marking the renewable energy firm’s first foreign-currency loan since the United States Department of Justice unsealed an investigation that touched the wider Adani conglomerate.

The loan, arranged with four banks — DBS Bank Ltd, DZ Bank AG, Rabobank and Bank SinoPac Co— is intended to refinance existing debt and support working capital needs, according to market reports.

The facility is structured for roughly five years and carries an indicative interest rate near 8.2 percent, though final pricing and documentation remain subject to customary conditions precedent.

The lenders and Adani Green did not provide immediate public comment. Market observers said the deal is notable because several international banks had previously weighed pausing fresh credit to Adani businesses after the U.S. legal developments, and the agreement signals that some lenders remain prepared to provide offshore financing on commercially acceptable terms.

The loan follows a series of legal and reputational challenges for the broader Adani Group that began with allegations and a U.S. criminal indictment unsealed in November 2024 alleging bribery and related misconduct in connection with solar contracts.

U.S. prosecutors widened their review in 2024 to examine whether senior executives were involved in improper payments related to energy projects; the company has denied wrongdoing and said it would cooperate with legal processes.

The U.S. move drew criticism in some quarters for its potential diplomatic and economic consequences. Commentators in the American press argued the Department of Justice action risked undermining economic collaboration and trust at a sensitive geopolitical juncture.

Those views were reflected in opinion pieces and commentary, and at least one U.S. congressman publicly questioned the Justice Department’s approach, warning of possible harm to bilateral ties.

Analysts said the successful placement of the loan may indicate a selective reopening of offshore funding channels for parts of the Adani group where lenders can quantify and price legal and reputational risks.

When the U.S. charges were first announced, Adani Group companies experienced sharp share price falls and higher scrutiny from investors and counterparties, prompting several partners to reassess or pause arrangements pending clarity on the legal process.

The new facility therefore both responds to existing refinancing needs and tests market appetite for further international funding for the group.

Whether this transaction leads to a sustained return to offshore borrowing for Adani subsidiaries will depend on final documentation, evolving legal proceedings in the United States and the degree of commercial comfort among international banks.

Market participants said lenders would continue to monitor legal, regulatory and reputational developments closely before extending additional credit to borrowers associated with ongoing investigations.

Also Read: Canara Robeco AMC IPO Targets ₹5,305 Crore Valuation

 

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Canara Robeco AMC IPO Targets ₹5,305 Crore Valuation

Canara Robeco Asset Management Company Limited (CRAMC), a joint venture between India’s Canara Bank and Japan’s ORIX Corporation Europe, has announced the price band for its upcoming initial public offering (IPO) at ₹253 to ₹266 per share.

The IPO, scheduled to open on October 9, 2025, aims to raise approximately ₹1,326 crore through an offer-for-sale (OFS) of 4.98 crore equity shares, with no fresh issue component. At the upper end of the price band, the offering values the company at around ₹5,305 crore.

The offer will see Canara Bank and ORIX Corporation Europe divest portions of their stakes. Canara Bank plans to sell 25.92 million shares, reducing its holding by 13%, while ORIX will offload 23.93 million shares.

The IPO is structured with a 50% allocation for qualified institutional buyers (QIBs), 35% for retail investors, and 15% for non-institutional investors (NIIs). The minimum bid lot is set at 56 equity shares, translating to an investment of approximately ₹14,896.

CRAMC has demonstrated robust financial performance, with revenue from operations increasing from ₹164.22 crore in FY22 to ₹318.09 crore in FY24.

Profit after tax (PAT) also saw significant growth, rising from ₹60.16 crore in FY22 to ₹151 crore in FY24. The company’s assets under management (AUM) have grown substantially, reaching over ₹1 trillion, positioning it among India’s leading asset management firms.

The IPO is expected to list on both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) on October 16, 2025. This move comes amid a busy period for India’s primary market, with several significant IPOs anticipated in the October-December quarter.

Investors interested in participating can apply through the Application Supported by Blocked Amount (ASBA) process via banks or stockbrokers.

The allotment of shares is expected to be finalized on October 14, with refunds initiated on October 15 and shares credited to demat accounts on the same day.

As the IPO approaches, market participants are closely watching Canara Robeco’s performance and the broader market conditions to assess the offering’s potential.

Also Read: Vodafone Idea Appoints Tejas Mehta as New CFO

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JSW One Platforms Secures Rs 575 Crore Funding from SBI

JSW One Platforms has raised Rs 575 crore in funding from the State Bank of India (SBI), reinforcing its commitment to support micro, small, and medium enterprises (MSMEs) through technology-driven financial solutions.

The partnership marks a significant step for the company’s non-banking financial company (NBFC) operations, aimed at bridging working capital gaps for small businesses across India.

Parth Jindal, Chairman of JSW One Platforms, said the collaboration with SBI represents a long-term alliance that will strengthen the company’s ability to deliver timely credit to MSMEs.

The funding infusion is expected to significantly enhance JSW One Platforms’ lending capacity, enabling it to extend working capital support to a broader range of MSMEs.

These enterprises, which form the backbone of India’s economy, often face challenges in accessing timely credit, particularly for scaling operations or managing day-to-day liquidity.

By leveraging technology, JSW One Platforms aims to simplify the loan process, reduce turnaround times, and provide data-driven financial products tailored to the unique needs of small businesses.

The partnership with SBI also reflects the bank’s increasing focus on supporting MSME financing through private sector collaborations. SBI, which has been actively expanding its MSME lending portfolio, brings both financial clout and credibility to the initiative, ensuring that smaller enterprises can access formal credit at competitive rates.

Industry experts say the collaboration could set a precedent for similar alliances, combining the reach and reliability of established banks with the agility and innovation of tech-driven NBFCs. As MSMEs recover and grow in the post-pandemic economic landscape, access to structured, tech-enabled financing has become critical for sustaining operations and driving expansion.

JSW One Platforms’ NBFC arm, which operates alongside its broader digital and industrial ecosystem, has been increasingly focused on creating end-to-end financial solutions for small businesses, from working capital loans to trade financing. With the new funding from SBI, the company is poised to expand its footprint, enhance its product offerings, and strengthen its support for the MSME sector, which contributes significantly to India’s employment and GDP growth.

The Rs 575 crore investment is expected to accelerate JSW One Platforms’ efforts to empower MSMEs with efficient, technology-backed financial solutions while deepening its strategic partnership with India’s largest public sector lender.

Also Read: Supreme Court Defers Vodafone Idea’s AGR Plea; Stock Falls Around 4%

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ONGC to Invest Rs 8,110 Crore in Andhra Pradesh

Oil and Natural Gas Corporation Limited (ONGC) is set to invest Rs 8,110 crore for the onshore development and production of oil and gas from 172 wells across eight Production Mining License (PML) blocks in Andhra Pradesh.

The investment is part of the company’s ongoing efforts to expand domestic hydrocarbon production and strengthen India’s energy security.

The PML blocks, spread across key oil- and gas-producing regions of the state, are expected to contribute significantly to ONGC’s output over the coming years.

This development will involve the drilling of new wells as well as the augmentation of existing infrastructure, with the company deploying advanced technologies aimed at enhancing extraction efficiency and optimizing production from mature fields.

Officials said the initiative is expected to generate substantial employment opportunities in Andhra Pradesh, both directly and indirectly. Ancillary industries supporting oil and gas operations, such as logistics, equipment manufacturing, and maintenance services, are likely to benefit from the large-scale development.

The move is also expected to provide a boost to the local economy in the areas surrounding the PML blocks.

ONGC has been steadily increasing its focus on onshore operations in Andhra Pradesh, building on its established presence in the Krishna-Godavari basin and other productive regions.

The company has previously invested in exploration, appraisal, and development projects in the state, with several wells already contributing to domestic oil and gas output. The latest investment marks one of the largest single-year onshore development initiatives by ONGC in the region.

This investment aligns with the central government’s broader strategy to encourage domestic oil and gas exploration, reduce import dependence, and achieve self-reliance in energy.

By intensifying production from onshore fields, ONGC aims to strengthen India’s energy portfolio while ensuring a steady supply of crude oil and natural gas to meet growing domestic demand.

Experts say such large-scale investments are crucial for sustaining long-term growth in the sector, particularly as global oil prices remain volatile and energy security becomes a strategic priority.

With the project set to roll out over the next few years, Andhra Pradesh is likely to emerge as an increasingly important hub for India’s oil and gas industry, supported by modern infrastructure and investment in technology-driven production.