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Tata Consumer gets Rs 171.83 crore tax demand from I-T department

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Mumbai, June 29 (IANS) Tata Consumer Products Ltd on Saturday said it has received an income tax demand of Rs 171.83 crore for the assessment year 2019-20.

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In a stock exchange filing, the fast-moving consumer goods (FMCG) major said the “demand is not maintainable and it is in the process of preferring an appeal and rectification against the said order”.

“There is no immediate impact on the financials, operations or other activities of the company on account of the aforementioned order,” said the Tata Group company.

In the filing, the company stated that it had received an “Assessment Order dated June 27, 2024, under section 143(3) read with section 144C(13) of Income-tax Act, 1961, for the income tax return filed for the financial year 2019-20, wherein certain additions/ disallowances with respect to returned income, have been proposed by the assessing officer”.

“The demand raised is Rs.171.83 crs (including interest),” it added.

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The stock of the company closed at Rs 1,098, up 1.14 per cent on the BSE.

In the fourth quarter ended March 31, Tata Consumer Products’ net profit dropped 19.3 per cent to Rs 217 crore.

The company’s revenue went up 8.5 per cent at Rs 3,927 crore during the quarter, with a strong performance in the India business.

–IANS

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Mahindra reports 11 pc growth in overall auto sales for June at 69,397 units

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New Delhi, July 1 (IANS) Automaker Mahindra & Mahindra (M&M) on Monday announced that its overall auto sales for June stood at 69,397 vehicles, a growth of 11 per cent, including exports.

In the Utility Vehicles (UV) segment, the company sold 40,022 vehicles in the domestic market, a growth of 23 per cent and overall, 40,644 vehicles, including exports.

The domestic sales for commercial vehicles stood at 20,594.

“June has been a momentous month, as we rolled out the 200,000th XUV700 from our facility. We also celebrated 25 years of Bolero Pik-Ups, a category creator and a market leader in the LCV segment,” Veejay Nakra, President, the Automotive Division, M&M, said in a statement.

Meanwhile, Mahindra & Mahindra has announced to invest Rs 12,000 crore in its electric vehicle (EV) unit over a period of three years.

In a stock exchange filing, the automaker said that it has approved an investment of Rs 12,000 crore in Mahindra Electric Automobile Limited (MEAL) to fund its EV journey over the next three years.

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–IANS

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SRI-Bangalore democratising Galaxy AI in India

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New Delhi, July 1 (IANS) As the development of Galaxy AI involved multiple R&D teams working across cultures and borders, Samsung R&D Institute India-Bangalore (SRI-B), the company’s largest R&D centre outside South Korea, collaborated with teams globally to develop artificial intelligence (AI) language models for Indian, British and Australian English as well as Thai, Vietnamese and Indonesian, the company said on Monday.

Recently, core engineers from other Samsung Research centres visited Bangalore where the SRI-B team helped ramp up the technology to bring Vietnamese, Thai and Indonesian to Galaxy AI.

“Every language has its challenges. But when you consider the end goal of bringing people to communicate in other languages, it’s worth every ounce of effort. We couldn’t wait to bring Hindi to Galaxy AI,” said Giridhar Jakki, Head of Language AI at SRI-B.

SRI-B developed the Hindi language for Galaxy AI. According to the company, developing the Hindi AI model “wasn’t simple”.

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The team had to ensure over 20 regional dialects, tonal inflections, punctuation and colloquialisms were covered.

“Hindi has a complex phonetic structure that includes retroflex sounds — sounds made by curling the tongue back in the mouth — which are not present in many other languages,” said Jakki.

“To build the speech synthesis element of the AI solution, we carefully reviewed data with native linguists to understand all the unique sounds and created a special set of phenomes to support specific dialects of the language,” he added.

Moreover, the company mentioned that the collaborative efforts between Samsung and academic partners were instrumental in developing the AI language model.

The Vellore Institute of Technology (VIT) helped secure almost a million lines of segmented and curated audio data on conversational speech, words and commands.

Galaxy AI now supports 16 languages, allowing more people to enhance their language capabilities. Users can now access on-device translation in features such as Live Translate, Interpreter, Note Assist, and Browsing Assist, even when offline.

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–IANS

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SK Group chairman meets with CEOs of Amazon, Intel

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Seoul, July 1 (IANS) SK Group Chairman Chey Tae-won has met with leaders of global tech giants, including Amazon and Intel, to discuss ways to broaden business cooperation in artificial intelligence (AI) semiconductors, his company said on Monday.

Chey, who has been on a US trip since June 22, held talks with Amazon CEO Andy Jassy at the headquarters of the US multinational technology company in Washington, last week, to explore ways to enhance cooperation in the AI chip sector, according to SK Group.

Amazon has unveiled its own AI chips, Trainium and Inferentia, as part of its plans to expand its business portfolio to include designing AI chips and offering AI services, reports Yonhap News Agency.

The US company is one of SK Hynix’s clients for high-bandwidth memory (HBM), a core component for AI semiconductors. SK Hynix is leading the HBM market with its latest fifth-generation HBM3E product.

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Later, Chey also met with Intel CEO Pat Gelsinger at its headquarters in California.

During the meeting, the two leaders celebrated the long partnership between the two companies and shared views on future technologies and business collaborations in the sector of AI chips.

In partnership with Intel, SK Hynix developed the fastest DRAM for servers, DDR5 Multiplexer Combined Ranks Dual In-line Memory Module, in December 2022.

Last year, SK Hynix’s DDR5 product for servers received approval for Intel’s fourth-generation processor for the first time in the industry.

During his stay in the US, Chey has also met with other tech moguls, including Sam Altman from OpenAI and Satya Nadella of Microsoft.

Meanwhile, SK Group unveiled its reform plan to secure 80 trillion won ($58 billion) by 2026 to increase investment in AI and semiconductors, aiming to keep up with the AI-led industry transition.

–IANS

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Video telematics startup Cautio raises Rs 6.5 cr led by Antler, other investors

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New Delhi, July 1 (IANS) Video telematics startup Cautio on Monday announced a pre-seed raise of Rs 6.5 crore led by Antler, 8i Ventures and AU Small Finance Bank.

The funding round, a mix of equity and debt, also saw participation from Cautio’s early believing customers and angel investors.

“With the support of our friends at Antler, 8i and AU, we are primed to escalate our efforts in deploying cutting-edge safety solutions across the country,” Pranjal Nadhani, Co-founder & CTO, Cautio, said in a statement.

Cautio offers cost-effective video telematics products and delivers tailored solutions aimed at mitigating safety issues prevalent in India.

Through customisable dash cam devices and an AI-powered operating system, Cautio ensures accountability, improves driver conduct, minimises revenue loss, and adopts an API-first strategy, the company said.

“The Cautio model is not just about capturing telematics data but transforming it into actionable insights to enhance driver behaviour, increase safety, and pave the way for autonomous vehicles,” said Nitin Sharma, Partner at Antler.

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According to Ankit Acharya, Co-founder & CEO of Cautio, telematics in India has rapidly advanced from GPS, Bluetooth and portable navigation to embedded connectivity.

“India, ranking first in global road fatalities, recorded 1,68,491 deaths in 2022, with overspeeding responsible for 70 per cent of these fatalities, along with approximately 4.4 lakh injuries,” said Acharya.

“Video telematics and dash cams, driven by demand from the commercial vehicle sector, will be crucial in eliminating hearsay and enhancing road safety,” he added.

–IANS

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Doctors face high burnout, must set clear boundaries for work & personal life

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New Delhi, July 1 (IANS) While we call them beacons of hope, heroes of life, doctors often face extensive job pressures and long hours of duty, leaving them burnt out and with physical and emotional problems. Thus it is imperative to set clear boundaries to maintain a perfect work-life balance, health experts said on Monday on National Doctors Day.

National Doctors Day is celebrated on July 1 every year to appreciate the efforts of doctors, as well as to raise issues about them.

“In many professions including the medical profession, it is easier for the work pressure to crawl in the personal time leading to easy and early burnout. Doctors should understand this and try to set clear boundaries between work life and personal hours,” Dr Meenakshi Jain, Assistant Professor, Psychiatry, Amrita Hospital, Faridabad, told IANS.

Jain said that given the strenuous work hours, requirement of high cognitive performance and often changing schedules, doctors should also try to take breaks if possible and have better communication with team members to improve work efficiency without extra stress. Set healthy boundaries.

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“As doctors, we are so preoccupied with patients’ health that we tend to often neglect ourselves. Long and erratic work schedules and the enormity of taking responsibility for the lives of others are taxing. We should prioritise our health first,” Dr Tushar Tayal, Lead Consultant, Department of Internal Medicine, CK Birla Hospital, Gurugram, told IANS.

Citing that work-life balance is essential, the experts suggested a healthy and regular sleep-wake cycle is paramount.

For good physical and mental health, the experts advised maintaining a regular schedule, avoiding skipping meals, exercising or brisk walking for 30 min daily, and developing some hobbies, among others.

Dr Meenakshi also emphasised the importance of the emotional wellness of doctors.

“Medical professionals touch the lives of so many people and inadvertently burden themselves with negative memories. Emotional expression thus is essential to build resilience and maintain well-being,” the experts said.

Besides Yoga and meditation, the doctors must communicate with team members, join a peer support group, and must not hesitate to utilise psychological services, if necessary.

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“Doctors often underestimate their symptoms and many times do not reach out for help during work pressure and other reasons. Getting regular physical and mental health checkups is essential for all medical professionals,” Dr Meenakshi said.

–IANS

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