Tuesday's news, 22 September.
Industrial India spent the day going electric and going shopping: JSW Greentech launched its Ampstar electric truck and bus brand with a ₹2,500 crore commitment and a financing arm to go with it, while Mahindra's auto chief said the passenger vehicle market is headed for another record year. The IPO pipe stayed busy, with Snapdeal parent AceVector setting a ₹30-32 band for a 25 September issue and used-car platform Spinny pre-filing confidentially for up to ₹3,000 crore, as Captain Fresh crossed ₹5,169 crore in revenue and PB Fintech laid out a ₹10,000 crore hospital plan. Energy strain showed up at the pump, with Reliance's Jio-bp capping diesel at 50 litres a fill as the West Asia war squeezes supply. Abroad, Amazon shut Meta's new Muse agent out of its retail site, Alibaba unveiled what it calls China's most powerful AI chip, Microsoft handed Halo to Activision in another Xbox restructuring, and Kylian Mbappe left Nike after 20 years for On. Persistent Systems took control of Nagarro, Binance bought into Circle, and India's women's cricketers won the country's first gold of the Asian Games.
These are the stories the quiz is written from, so reading on answers it.
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JSW Greentech Marks Entry Into Commercial EV Market with 'Ampstar' Launch, Invests Rs 2,500 Crore
JSW Greentech launched Ampstar, its electric truck and bus business, with vehicles offered in both fixed and swappable battery configurations. Chairman Sajjan Jindal is betting about ₹2,000 crore on industrial customers such as steel, cement and port operators, with a target of 100,000 electric trucks by 2030. The company expects ₹12,000 crore from vehicle sales at full capacity and another ₹2,000-3,000 crore from after-sales.
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Amazon blocks Meta’s Muse AI agent from its retail site
Amazon began blocking Meta's Muse agent, which was introduced earlier this month to carry out tasks such as shopping and booking appointments, from Amazon.com. Amazon prohibits third-party automated shopping tools on its site and runs its own foundation models and inference platform. Meta shares have risen sharply since Muse launched.
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RIL's Jio-bp curbs diesel fills as West Asia war strains supplies
Jio-bp, Reliance's fuel retailing joint venture with BP, has restricted diesel purchases to 50 litres per transaction and put daily caps on outlet sales. The limits could hit bulk users such as long-haul trucks, buses and the farm sector, which depend on large single fills.
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Alibaba launches new AI chip, CEO Eddie Wu calls it ‘most powerful’ in China; expansion plans ahead
Alibaba unveiled a new AI chip and announced plans to significantly expand data centre capacity in the coming years. Eddie Wu said the Qwen team is continuing research into model architecture and data optimisation, aiming at more complex, longer-horizon tasks and what he described as progress towards artificial superintelligence.
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Snapdeal parent AceVector to launch IPO on September 25, seeks Rs 1,741-crore valuation
AceVector will launch its IPO on 25 September, raising ₹287 crore in fresh capital alongside an offer for sale of ₹133 crore by investors including SoftBank, Nexus and Foxconn. The company's restated net loss narrowed about 64% to ₹45.5 crore in FY26.
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Kylian Mbappe dumps Nike after 20 years for On: Football star gets equity, not just endorsement cheque; check details
Nike had backed Mbappe since 2006, when he was still a child. He has moved to On in a deal that gives him equity in the company alongside cash, one of the highest-profile switches in football sponsorship.
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Persistent Systems buys additional stake to get 83.2% control of Nagarro
The mid-sized Indian IT firm raised its holding in the German-listed digital engineering company Nagarro to 83.2% through a further stake purchase. Nagarro's shares will be removed from trading on the Frankfurt exchange.
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Activision is taking over Halo as part of a massive Xbox shake-up
Microsoft announced a large restructuring of its Xbox studios, part of 3,200 role cuts previously flagged, following July's layoffs of 1,600 Xbox employees. Studios are being consolidated into fewer business units, with Activision taking over several of the brand's best-known franchises.
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Why Policybazaar-backed PB Health is doubling down on hospitals
PB Health, backed by Policybazaar parent PB Fintech, is doubling down on hospitals with a ₹10,000 crore plan for a 500-hospital network. The company says the focus will be preventive care instead of volume of admissions.
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Binance buys $100 million stake in Circle, expands partnership
Crypto exchange Binance purchased a $100 million stake in Circle, the issuer of the dollar-pegged token USDC. The two companies said the investment expands their existing partnership.
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Spinny Confidentially Files IPO Papers, Eyes Up To ₹3,000 Cr Issue
Used-car marketplace Spinny has taken the confidential pre-filing route with the market regulator for an IPO of as much as ₹3,000 crore. The platform sells refurbished used cars directly to buyers.
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Manappuram, Titan ink pact for jewellery manufacture
Manappuram and Titan have inked a manufacturing pact under which Manappuram Jewellers produces jewellery to Titan's designs. The tie-up adds contract manufacturing capacity for one of India's largest branded jewellery businesses.
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Captain Fresh’s Revenue Jumps 52% To ₹5,169 Cr In FY26
IPO-bound Captain Fresh reported FY26 revenue of ₹5,169 crore, a 52% increase, with adjusted EBITDA nearly tripling. The packaged seafood and B2B supply company has now been net profit positive for two consecutive years and has set a ₹10,000 crore revenue target for FY27.
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Mahindra, India passenger-vehicle market headed for another record year: Nalinikanth Gollagunta
Mahindra sees enough demand momentum for the company and the wider passenger vehicle market to set new highs this year. The comments came as its auto business readies another model launch.
