Business

Tata Motors Ltd. on Wednesday unveiled the Harrier.ev, a sport utility vehicle (SUV), at an introductory price of ₹ 21.49 lakh (ex-showroom).

Powered by the next-gen acti.ev+ pure EV architecture, the SUV is capable of sprinting from 0-100 km/h in 6.3 seconds with boost mode. Tata Motors has also introduced lifetime warranty on the battery pack of the Harrier.ev.

Shailesh Chandra, Managing Director, Tata Motors Passenger Vehicle Ltd. and Tata Passenger Electric Mobility Ltd., said, “From defining the SUV segment in the 1990s with iconic nameplates to democratising it by boldly entering new whitespaces in the 2020s, our journey has always been driven by innovation and leadership.”

“With the launch of Harrier.ev, we are not just introducing a new electric SUV or challenging convention — we are rewriting the rules of what’s possible. Born of legendary pedigree and engineered for tomorrow, the Harrier.ev is India’s most capable SUV,” he added.

Built on the acti.ev+ architecture and powered by QWD that generates the highest torque and unleashes fastest acceleration ever seen in an Indian SUV, the Harrier.ev will be differentiated by its performance, the company said.

Zydus Lifesciences plans to acquire Nasdaq-listed clinical-stage immuno-oncology firm Agenus’s two biologics manufacturing facilities in California, U.S. for $125 million to enter the global biologics contract development and manufacturing organization (CDMO) business.

The move enables it to leverage supply chain dynamics and a favourable geopolitical environment to expand reach in the U.S. and globally.

The facilities in Emeryville and Berkeley will be acquired for an upfront consideration of $75 million and contingent payment of $50 million, to be paid over three years subject to achievement of certain revenue milestone. Zydus said the acquisition, through a subsidiary, will provide access to advanced biologics manufacturing capabilities and establish a key presence in the leading global biotechnology hub of California.

Also as a part of the transaction Zydus will become an exclusive contract manufacturer for Agenus and provide manufacturing services for clinical and commercial supply of two identified Phase-3 ready immuno-oncology products, Botensilimab (BOT) and Balstilimab (BAL).

Zydus will also have first right of negotiation to manufacture any of the future pipeline products developed by Agenus.

Create jobs, spur local economy

With the acquisition Zydus will become a one stop solution provider across the entire development spectrum of biologics, from pre-clinical to toxicology studies, clinical development to manufacturing. Zydus said it intends to further expand the team and help create new jobs in the region and contribute to the local economy.

Zydus’ CDMO business will operate as an independent entity and will house the acquired manufacturing capabilities. “The acquisition will give Zydus a strategic foothold in the U.S. for biologics manufacturing in the global hub for biotech innovation, California. It will enhance our ability to partner with innovation-centric entities, advancing new products and prioritizing patient-centric solutions,” MD Sharvil Patel said.

In a parallel development, Zydus Lifesciences has entered into a definitive agreement with Agenus Inc. to secure exclusive commercial rights for India and Sri Lanka for BOT and BAL.

Industries and Commerce Minister T.G. Bharath releases the poster of the new flight services between Vijayawada and Kurnool, at the APIIC office on Tuesday.
| Photo Credit: BY ARRANGEMENT

The official poster of the new flight services between Vijayawada and Orvakal airport in Kurnool, set to commence on July 2, was released on Tuesday by Industries and Commerce Minister T.G. Bharath. The sector was recently approved by the Union Civil Aviation Ministry. Initially, IndiGo will operate flights between Vijayawada and Kurnool every Monday, Wednesday, and Friday, with plans to expand to daily services soon.

An IndiGo representative said that the flight from Vijayawada will depart at 3.45 p.m. and will arrive in Kurnool at 4.50 p.m. The return flight will depart from Kurnool at 5.10 p.m. and will arrive in Vijayawada at 6.15 p.m. The fares start at ₹2,533 per person. The new air connectivity to Orvakal is expected to benefit industrialists and senior bureaucrats.

Speaking at the event, Mr. Bharath said that the State government is committed to developing the Rayalaseema region and is working to attract major industries related to defence, drones, electric, and green energy. Already, the region has received investments to the tune of thousands of crores.” He revealed that an industrial corridor from Lepakshi to Kopparthi and Orvakal in Kurnool district will soon be developed.

Mr. Bharath shared that a semi-conductor industry is likely to be set up at Orvakal, and works will commence once the Centre releases its policy on semi-conductors. He added that the process for setting up a High Court bench is underway and will be completed soon.

Schloss Bangalore (The Leela Hotels) said it has received Mumbai Metropolitan Region Development Authority (MMRDA’s) allotment for a commercial plot in Bandra Kurla Complex (BKC) for a total lease premium of ₹1,302 crore. The company plans to set up 250- key luxury hotel on land.

The company, as the lead member of a consortium, along with Schloss Chanakya Private Ltd, its subsidiary, and Arliga Ecospace Business Parks Private Ltd., an affiliate of Brookfield, submitted a binding bid to lease a plot of land for a duration of 80 years. 

“We were the highest bidder for this lease, based on the evaluation of the financial bid conducted by MMRDA on April 4, 2025. The plot area is 8,411.88 sqm and the permissible built-up area is 33,647.52 sqm. The total lease premium payable is ₹1,302.16 crore wherein 25% of the total lease premium is payable within 2 months of the offer of allotment and the remaining 75% within ten months thereafter,” the company said in a filing. 

“The possession of the aforesaid plot shall be handed over after the payment of the total lease premium. The company intends to develop mixed-use project, including a 250 key luxury hotel on this plot,” it added.

Victoria’s Secret is postponing the release of its quarterly earnings after a security breach disrupted corporate operations and forced the popular lingerie brand to take its US shopping website offline for several days last week.In an update on Tuesday, the Ohio-based retailer said it first detected a “security incident involving its information technology systems” on May 24 and immediately activated its response protocols “to contain and eradicate unauthorized network access,” including engaging third-party experts, AP reported.As a precaution, the company temporarily shut down corporate systems and its US retail website on May 26. The website remained inaccessible for several days and was only restored late Thursday, causing ongoing frustration among customers.While Victoria’s Secret did not explicitly confirm a ransomware attack, analysts noted that the characteristics of the incident align with such threats, which have become increasingly common across the retail sector. The breach also impacted some in-store services at both Victoria’s Secret and Pink-branded outlets, though the company said most of those operations had since resumed.The cyberattack is also affecting the company’s ability to release its first-quarter financial results. Victoria’s Secret said that it is still working to restore full access to its corporate systems, which has “prevented employees from accessing certain systems and information” required to complete its financial reporting.Despite the disruption, the company released preliminary first-quarter results for the period ending May 3, which predated the breach. It expects to report $1.35 billion in net sales and an adjusted operating income of $32 million—figures that exceed its previous guidance. Analysts polled by FactSet had forecast sales of approximately $1.33 billion.Victoria’s Secret has not announced a new date for the release of its complete first-quarter earnings report.The company maintained that the breach had no impact on its first-quarter results but added it would continue to “assess the full scope” of the incident, including any future financial implications.The Victoria’s Secret breach comes amid a broader surge in cybersecurity incidents targeting consumer-facing brands. In recent weeks, British retailers including Marks & Spencer, Harrods, and Co-op have reported cyberattacks, with M&S estimating a potential financial hit of 300 million pounds ($400 million) due to the disruption of online orders and supply chain issues.In a separate case last month, Adidas disclosed that consumer contact information had been accessed through a third-party customer service provider.Following such incidents, cybersecurity experts urge consumers to stay vigilant. They warn that fraudsters may exploit the situation by sending phishing emails, offering fake promotions, or attempting to misuse compromised data.

The institute said it would continue to accept laboratory-grown diamonds for evaluation and identification.
| Photo Credit: VIJAY SONEJI

The Gemological Institute of America (GIA), considered the world’s foremost authority on gemmology, said later this year, it will start using descriptive terms to characterise the quality of laboratory-grown diamonds and no longer use colour and clarity nomenclature it had developed for natural diamonds and been in use since 1953. 

It means GIA will drop its traditional 4Cs (Colour, Clarity, Cut & Carat Weight) diamond grading system for lab-grown diamonds to ensure clear demarcation between natural and man-made diamonds. Later this year, lab-grown diamonds handed over to GIA will receive simplified descriptors—categorised broadly as either “premium” or “standard”— or no grade at all if the quality is subpar.

The institute said it would continue to accept laboratory-grown diamonds for evaluation and identification.

“Similar to other man-made gem materials, we anticipate the continued acceptance and popularity of laboratory-grown diamonds,” said Tom Moses, GIA executive vice-president and chief laboratory and research officer in a statement. 

Amit Pratihari, Managing Director, De Beers India said, “GIA’s decision is a timely and important move that brings much-needed clarity to consumers. 

“It reinforces the fundamental differences between natural diamonds and lab-grown — not just in origin, but in emotional and enduring value. We have always maintained that natural diamonds are rare, billions of years old, and deeply symbolic — a fact that resonates strongly with Indian consumers,” he said.

Kirit Bhansali, Chairman, Gem & Jewellery Export Promotion Council (GJEPC) said, “This change will help eliminate confusion by clearly distinguishing how lab-grown diamonds are assessed, separate from the standards developed for natural diamonds.” 

“For consumers, it brings greater transparency and ensures that purchasing decisions are based on a clear understanding of a diamond’s origin and characteristics,” he said. 

“For India, as a leading hub for both natural and lab-grown diamonds, this change brings much-needed clarity and balance to the marketplace — allowing both categories to grow with greater transparency, integrity, and consumer confidence,” he added.

US equity markets opened on a mixed note Tuesday as investors weighed global economic signals and awaited fresh cues on interest rates and inflation.The Dow Jones Industrial Average dipped slightly, down 17.92 points, or 0.04 per cent, to 42,287.56, reflecting a cautious start. The S&P 500 also edged lower by 1.91 points or 0.03 per cent, trading at 5,934.03.In contrast, the Nasdaq Composite opened in positive territory, rising 23.19 points, or 0.12 per cent, to 19,265.81, supported by gains in select tech stocks.In commodities, gold prices softened, falling $10.60 or 0.31 per cent to $3,360 per ounce, while crude oil gained 0.77 per cent to trade at $63 per barrel, as market participants priced in expectations of summer demand and OPEC+ output strategies.Global stock markets diverged on Tuesday while the US dollar edged higher as investors closely monitored developments in the ongoing trade tensions between the United States and China. Speculation has intensified over a potential conversation between Presidents Donald Trump and Xi Jinping.Market sentiment had been shaken after President Trump accused China over the weekend of breaching a prior agreement to reduce tariffs. He threatened to double levies on steel and aluminium, reigniting fears of an escalation in the trade war.“Trade tensions threatened a sharp sell-off on Monday, before news that President Trump and President Xi would speak on the phone helped to ease fears,” said Kathleen Brooks, research director at XTB. However, she added that a “risk-off tone” remained, partly due to fresh political uncertainty in Europe and signs of economic weakness in both the US and China.In Asia, Hong Kong and Shanghai closed higher on Tuesday, but European markets were mostly flat or slightly down by midday. The Euronext Amsterdam index fell 0.3 percent following political turmoil in the Netherlands.Far-right Dutch politician Geert Wilders pulled his party out of the ruling coalition over disagreements on immigration, effectively collapsing the government and likely paving the way for snap elections. This has introduced fresh uncertainty in the eurozone’s fifth-largest economy and a key EU exporter, at a time when far-right movements are gaining momentum across Europe.Meanwhile, eurozone inflation figures showed price growth eased in May to an eight-month low, dipping below the European Central Bank’s 2 percent target. Markets widely expect the ECB to cut interest rates this week, further pressuring the euro.Oil prices ticked higher following Monday’s sharp gains, which were driven by lower-than-expected OPEC+ output increases and renewed geopolitical tensions after a Ukrainian strike on Russian bombers inside Russian territory.Investor focus remains fixed on the US and China. Trade officials from both countries are expected to meet on the sidelines of the OECD ministerial gathering in Paris on Wednesday.The Organisation for Economic Co-operation and Development (OECD) downgraded its 2025 global growth forecast to 2.9 percent from a previous estimate of 3.1 percent. The outlook for US growth was also cut to 1.6 percent, down from 2.2 percent.The OECD warned that continued high trade barriers, tighter financial conditions, weak consumer and business confidence, and persistent policy uncertainty could significantly hurt growth. “For everyone, including the United States, the best option is that countries sit down and get an agreement,” said OECD chief economist Alvaro Pereira.On the economic front, fresh data from China showed factory activity contracting at its fastest rate since September 2022, adding to concerns about the health of the world’s second-largest economy.On Wall Street, the Nasdaq led gains on Monday, buoyed by strong earnings from chipmaker Nvidia. Tech stocks provided support amid broader concerns about trade and growth.Elsewhere, US Commerce Secretary Howard Lutnick expressed optimism over a forthcoming trade agreement with India, saying it could materialize “in the not too distant future.”Meanwhile, political debate intensified in Washington over Trump’s proposed “big, beautiful bill,” featuring tax cuts projected to add $3 trillion to the national debt. The package includes extending tax breaks from 2017, partly funded by budget cuts that could significantly impact low-income healthcare programs.Key market figures at around 1030 GMT:

Currencies and Commodities: