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FDA shuts K Rustom ice cream in Mumbai

Mumbai’s iconic K Rustom Ice Cream, a favourite among generations of residents and tourists for over seven decades, has been ordered to shut temporarily after the Maharashtra Food and Drug Administration (FDA) found serious hygiene violations during an inspection.

The FDA suspended the licence of the popular Churchgate ice cream parlour after officials discovered rats, flies and poor sanitary conditions inside the premises. The inspection was carried out as part of an ongoing drive to check food safety standards at restaurants and eateries across Mumbai.

According to the FDA, inspectors found evidence of rodent activity, flies in food preparation areas and several lapses in cleanliness. Officials said these conditions posed a potential health risk to customers and violated food safety regulations.

Following the inspection, the authorities immediately suspended the outlet’s licence and directed the management to stop operations until all deficiencies are addressed. The parlour will be allowed to reopen only after it complies with hygiene standards and receives fresh approval from the FDA.

K Rustom Ice Cream has been one of Mumbai’s best-known dessert destinations since the early 1950s. Located near Churchgate railway station, the parlour is especially famous for its handmade ice cream sandwiches, attracting students, office-goers, tourists and families alike. News of its temporary closure has disappointed many loyal customers, with several expressing surprise on social media.

FDA officials said food businesses have a responsibility to maintain proper hygiene and ensure safe conditions for customers. They added that inspections across the city will continue and strict action will be taken against establishments that fail to meet prescribed standards.

The action against K Rustom comes amid increased monitoring of food outlets following recent complaints about hygiene and food safety. Authorities have urged restaurant owners to follow sanitation rules, maintain clean kitchens and adopt proper pest-control measures to protect public health.

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GPT Live makes ChatGPT more natural

OpenAI has launched GPT Live, a new voice model that aims to make conversations with ChatGPT feel more natural, responsive and human-like. The latest technology allows the AI to listen and speak simultaneously, eliminating the need for users to wait for the assistant to finish responding before continuing the conversation.

Unlike traditional voice assistants that process speech only after a user has stopped talking, GPT Live can handle interruptions, pauses and changes in conversation in real time. This creates a smoother and more fluid interaction, making it easier for users to communicate naturally without following rigid turn-taking patterns.

The new voice system combines speech recognition, language understanding and speech generation into a single model. According to OpenAI, this significantly reduces response time while improving the AI’s ability to understand tone, context and emotional cues. As a result, conversations feel more engaging and closer to speaking with another person.

GPT Live is being rolled out to ChatGPT users across mobile and desktop platforms. The feature supports multiple languages and is designed for a wide range of everyday tasks, including brainstorming ideas, practising languages, learning new concepts, planning trips and seeking quick information.

OpenAI has also made the technology available through its API, allowing developers to integrate the live voice capability into their own applications. The company expects the new model to power customer service tools, education platforms, productivity apps and other AI-driven voice experiences.

To address safety concerns, OpenAI has introduced safeguards to reduce misuse. These include measures aimed at preventing voice impersonation, limiting harmful responses and ensuring the technology is used responsibly. The company said the model has been trained to better recognise risky requests while maintaining a natural conversational flow.

The launch comes as competition in AI voice technology continues to grow, with major companies racing to build assistants capable of holding lifelike conversations. By reducing delays and making interactions more intuitive, OpenAI hopes GPT Live will encourage more people to use voice as their preferred way to interact with AI.

The latest upgrade marks another step in OpenAI’s effort to make artificial intelligence more accessible and conversational, bringing users closer to an experience that feels less like using software and more like talking to a helpful assistant.

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Kalyan Jewellers stock falls despite growth

Shares of Kalyan Jewellers India came under sharp selling pressure on Tuesday, falling nearly 7% despite the company reporting a strong business update for the first quarter of FY27. The decline surprised investors, as the jewellery retailer posted robust growth across its domestic and international operations.

The company reported a 38% year-on-year increase in consolidated revenue for the April–June quarter, driven by healthy consumer demand and strong festive and wedding-related purchases. Its India business delivered solid growth, while international operations also recorded steady expansion, contributing around 14% of consolidated revenue.

Despite the upbeat operational performance, investors chose to book profits after the stock’s recent rally. Analysts said the market may have been expecting even stronger growth, particularly after competitor Titan reported a higher business growth rate for the same period. Comparisons with peers and concerns over the stock’s valuation also weighed on sentiment.

The company continued to expand its retail footprint during the quarter by opening new showrooms in India and overseas. Management said demand remained resilient despite elevated gold prices, with customer interest supported by wedding purchases and festive buying. The franchise-led expansion strategy also continued to strengthen Kalyan Jewellers’ presence across key markets.

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Bata India names Sanjay Rao as new CEO

Bata India has appointed Sanjay Rao as its new Managing Director and Chief Executive Officer, marking a significant leadership transition at one of the country’s most recognised footwear companies.

Rao will take over the role from Gunjan Shah, who led Bata India through a period of business transformation and expansion. The appointment comes as the company seeks to strengthen its market position and accelerate growth in an increasingly competitive retail environment.

A seasoned business leader, Rao brings extensive experience in consumer-facing industries and retail operations. He has held leadership roles across multiple sectors and is expected to focus on driving growth, enhancing customer experience and expanding Bata’s presence across both physical and digital channels.

The company said the appointment reflects its commitment to building on recent progress while preparing for future opportunities in India’s evolving footwear and lifestyle market. Bata has been investing in product innovation, store modernisation and digital initiatives to cater to changing consumer preferences.

For employees and stakeholders, the leadership change represents the beginning of a new chapter. Industry analysts believe Rao’s experience in brand building and business strategy could help the company navigate shifting consumer trends and strengthen its position in key market segments.

The Indian footwear market has witnessed rapid growth in recent years, driven by rising incomes, urbanisation and increasing demand for branded products. Companies are also investing heavily in digital commerce as consumers increasingly shop online.

Bata India remains one of the largest footwear retailers in the country, serving millions of customers through an extensive network of stores and online platforms. The company has been focusing on premiumisation, expanding its product portfolio and improving customer engagement as competition intensifies.

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Japan inflation keeps BOJ on alert

Japan’s central bank is facing growing pressure to respond to persistent inflation, with markets closely watching the Bank of Japan’s (BOJ) next steps on interest rates.

Inflation in Japan has remained above the BOJ’s 2% target for an extended period, driven by rising food costs, higher wages and stronger domestic demand. The trend has strengthened expectations that the central bank could continue moving away from its long-standing ultra-loose monetary policy.

Investors are paying close attention to signals from the BOJ after it began normalising policy following years of negative interest rates and aggressive stimulus measures. Policymakers are now balancing the need to support economic growth with efforts to keep inflation under control.

For ordinary households, however, higher prices have increased pressure on budgets. The cost of food and everyday essentials has continued to rise, prompting concerns about the impact on consumer spending.

Financial markets are divided on how quickly the BOJ will tighten policy. Some analysts expect further interest-rate increases if inflation remains elevated, while others believe policymakers will move cautiously to avoid disrupting the economic recovery.

The BOJ’s decisions are being watched globally because changes in Japanese interest rates can influence currency markets, international capital flows and investment decisions. A shift towards higher rates could also strengthen the yen and alter borrowing costs across the economy.

As inflation remains above target, investors and businesses are looking for clues on how the central bank plans to navigate a changing economic landscape. The coming months are expected to be crucial in determining whether Japan’s long-awaited return to sustained inflation will lead to further policy adjustments.

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ADIA sells 2.3% stake in Lenskart for ₹1,960 cr

Abu Dhabi Investment Authority (ADIA) has reduced its stake in eyewear retailer Lenskart through a block deal worth ₹1,960 crore, attracting strong interest from both global and domestic institutional investors.

ADIA-backed Platinum Jasmine A 2018 Trust sold 4 crore shares, representing a 2.3% stake in Lenskart, at ₹490 per share. The transaction was executed through open market deals and was subscribed by 19 investors, reflecting continued confidence in the company’s growth prospects.

Among the major buyers were global financial institutions such as Morgan Stanley, Goldman Sachs, Societe Generale and Citigroup. Domestic investors including SBI Mutual Fund, ICICI Prudential Mutual Fund, Kotak Mutual Fund, Mirae Asset Mutual Fund, National Pension System Trust and several insurance companies also participated in the transaction.

Kotak Mahindra Asset Management emerged as the largest buyer in the deal, purchasing around 1.27 crore shares worth approximately ₹626 crore. Institutional demand remained strong despite the large size of the transaction.

Following the stake sale, ADIA’s investment vehicle continues to hold a significant stake in Lenskart. The sale is seen as a partial profit-booking exercise rather than a complete exit from the company.

The transaction comes just days after technology investor SoftBank sold a portion of its holding in Lenskart through another large block deal. Market observers say these stake sales are linked to portfolio rebalancing by early investors following Lenskart’s stock market listing and the expiry of lock-in restrictions for some shareholders.

Investor participation in the latest deal highlights strong confidence in Lenskart’s business model and future growth potential. The company has expanded rapidly across India and overseas through a combination of physical stores and online sales, making it one of the country’s leading eyewear brands.

Shares of Lenskart remained largely stable after the transaction, indicating that the market comfortably absorbed the large sale. Analysts said the successful deal demonstrates sustained institutional interest in consumer-focused companies with strong growth prospects and scalable business models.

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Jeff Bezos backed AI startup Prometheus raises $12 bn

Prometheus, an artificial intelligence startup backed by Amazon founder Jeff Bezos, has raised $12 billion in one of the largest funding rounds in the AI sector, highlighting growing investor interest in industrial applications of artificial intelligence.

The company plans to use the fresh capital to expand its AI-powered engineering platform, which is designed to help manufacturers and industrial firms speed up complex design, production and infrastructure projects. The funding round values Prometheus among the world’s most highly valued AI startups.

Prometheus focuses on applying generative AI and advanced machine learning tools to industrial engineering challenges. Its technology can assist engineers in designing products, optimizing manufacturing processes and managing large-scale industrial projects more efficiently. The company says its systems can significantly reduce the time required for planning and development.

The latest investment reflects increasing demand for AI solutions beyond consumer applications such as chatbots and digital assistants. Investors are now placing greater emphasis on technologies that can improve productivity in sectors including manufacturing, energy, construction and logistics.

According to reports, the company has attracted strong support from major investors who believe industrial AI could become one of the most valuable segments of the rapidly expanding artificial intelligence market. Businesses worldwide are seeking ways to use AI to cut costs, improve efficiency and accelerate innovation.

Jeff Bezos, who has backed the startup through his investment interests, is among the prominent figures supporting the company’s growth. His involvement has drawn additional attention to Prometheus as competition intensifies among AI firms seeking to develop practical business applications.

Industry experts say industrial engineering remains a largely untapped area for AI adoption. Unlike consumer-focused AI products, industrial systems often require specialized tools capable of handling complex technical data and engineering workflows.

The $12 billion funding round is expected to help Prometheus expand its workforce, strengthen research and development efforts and increase deployment of its technology across global industries. The company also plans to invest in computing infrastructure needed to train and operate advanced AI models.

The investment underscores continued confidence in artificial intelligence despite growing competition and rising development costs, with industrial AI emerging as a major focus area for future growth.

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Government launches ₹5,000 cr Coal India OFS

The Government of India has launched an Offer for Sale (OFS) in state-owned Coal India Ltd to divest up to a 2% stake in the company and raise nearly ₹5,000 crore. The move is part of the Centre’s ongoing disinvestment programme aimed at mobilising resources and reducing its stake in public sector enterprises.

Under the OFS, the government will initially sell 6.16 crore equity shares, representing a 1% stake in Coal India. It has also retained a greenshoe option to sell an additional 6.16 crore shares, taking the total potential sale size to 12.32 crore shares or 2% of the company’s equity.

The floor price for the issue has been fixed at ₹412 per share. The offer price is around 10% lower than Coal India’s previous closing price of approximately ₹457 on the stock exchanges, offering investors an opportunity to purchase shares at a discount.

The OFS opened for non-retail investors on May 27, while retail investors and eligible employees can participate in the offer on May 29. Typically, OFS transactions reserve a portion of shares for retail investors, allowing broader participation in government stake sales.

The announcement led to pressure on Coal India shares during market trading, with the stock declining more than 6% as investors reacted to the discounted offer price and increased supply of shares in the market.

Prior to the stake sale, the Government of India held around 63.13% stake in Coal India. Following the completion of the transaction, the government’s holding is expected to reduce depending on the final subscription and exercise of the additional sale option.

Coal India remains one of the country’s largest public sector companies and plays a key role in India’s energy and mining sector. The latest OFS is expected to support the government’s revenue generation efforts while advancing its broader divestment strategy for the financial year.

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Reliance talks with CATL on battery parts

Reliance Industries is in discussions with Chinese battery giant Contemporary Amperex Technology Co. Limited (CATL) and other global suppliers to source key components for its battery energy storage systems (BESS), according to people familiar with the matter.

The talks are part of Reliance’s broader push to expand its clean energy business, particularly its large-scale battery storage plans linked to its Jamnagar energy ecosystem. The company is looking to build out capacity for grid-scale storage systems that can support renewable energy integration.

However, the negotiations come at a time when China’s tightening restrictions on battery technology exports have made it more difficult for global companies to access advanced cell manufacturing know-how. Earlier attempts by Reliance to secure technology transfer agreements reportedly faced hurdles due to these curbs, pushing the group to focus more on assembling systems using imported components.

If the discussions with CATL and other suppliers progress, Reliance is expected to concentrate on procuring pre-made cells and components rather than fully localising advanced battery cell production in the near term. This would allow the company to move ahead with deployment of energy storage infrastructure while longer-term manufacturing capabilities are developed separately.

The move reflects a broader trend in the global clean energy sector, where companies are racing to secure battery supply chains amid rising demand for electric mobility, renewable integration, and grid stability solutions.

Reliance has been investing heavily in its new energy ambitions, including solar, hydrogen, and battery storage, as part of its transition beyond traditional oil and petrochemicals. The Jamnagar project is expected to be a key hub in this strategy.

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Gates Foundation ends Microsoft era with $3.2 bn sale

The Gates Foundation has officially ended its long financial association with Microsoft by selling its remaining shares in the company, worth around $3.2 billion. The sale marks the end of a relationship that has lasted for more than two decades and is closely linked to the fortune created by Microsoft co-founder Bill Gates.

According to reports, the foundation sold its final 7.7 million Microsoft shares, completing a gradual reduction of its stake over the past few years. At one point, Microsoft had been among the foundation’s largest investments, with holdings worth billions of dollars.

The move, however, is not being viewed as a sign of reduced confidence in Microsoft or its business prospects. Instead, reports suggest that the sale is part of the foundation’s larger financial plan as it prepares to increase spending on global charitable work.

The Gates Foundation has been expanding its work in areas such as healthcare, education and poverty reduction. It reportedly plans to increase annual grant spending to around $9 billion, which requires greater cash availability for long-term projects and programmes.

The decision also carries symbolic importance because Microsoft played a central role in building Bill Gates’ wealth. Over the years, Gates gradually moved away from day-to-day involvement in the company and shifted much of his attention toward philanthropy and global development efforts.

Despite the foundation’s complete exit, Bill Gates personally still holds Microsoft shares. The sale therefore appears to be more about financial planning and supporting future philanthropic goals rather than any concerns about the company itself.

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