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Posted On:
08-05-2024

HP India in talks with Dixon Technologies, VVDN for laptop assembly

HP India is currently in talks with VVDN Technologies and Dixon Technologies to assemble its laptops in the country, according to people in the know. The India arm of the American laptop maker is one of the 27 companies eligible for the PLI scheme 2.0 for IT hardware, for which Rs 17,000 crore has been earmarked as incentives. While HP India already has its own assembly plant and a partnership with US-headquartered Flex for laptop assembly, the sources said it is seeking assembly-only deals with Sunil Vachani-led Dixon and VVDN, both of which are also eligible for production-linked incentives. Under this arrangement, HP India would provide all the components for manufacturing, a process also known as jobwork. When contacted, spokespersons for HP India, VVDN Technologies, and Dixon did not respond to queries regarding these negotiations.Both VVDN Technologies and Dixon Technologies are already collaborating with chipmaker Intel, which provides them with key technological insights to establish a robust laptop manufacturing industry in India. Other collaborators with Intel include Kaynes Technology, Syrma SGS, and Optimeius. VVDN has already partnered with Hewlett Packard Enterprise (HPE) to assemble servers for the US company at its Manesar plant in Haryana. The factory is expected to produce high-end servers valued at $1 billion over the next five years.
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Posted On:
08-05-2024

GCPL takes Rs 2,389 cr one-time hit over Africa market strategy tweak

Godrej Consumer Products (GCPL) reported a Rs 2,389 crore exceptional loss for the quarter ended January-March 2023-24, owing to a change in strategy for its Africa market. In the long run, the company expects the profit after tax (PAT) from this market to improve to Rs 50 crore in the medium term after the completion of its planned restructuring, it mentioned in its investor presentation following the announcement of its October-December quarter results.In its presentation uploaded on exchanges on Tuesday, the company said that it had positive cash flow due to the East Africa reorganisation.It also said that its rest of the world business (excluding India and Indonesia) expects volume growth in the medium term to be in mid-single digits and expects its earnings before interest, tax, depreciation, and amortisation margins to exceed 15 per cent.GCPL reported that it completed the reorganisation of its Africa business in the January-March quarter and exited the East Africa market during that period. Due to the restructuring exercise, the company reported an impairment loss of Rs 1,390.8 crore, attributed to its brand and goodwill for Africa, which included its brand Strength of Nature.
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Posted On:
08-05-2024

Setu unveils Sesame, India's first domain-specific LLM for BFSI sector

Setu, a leading Indian fintech company and part of the Pine Labs Group, on Tuesday unveiled Sesame, India’s first Large Language Model (LLM) specifically designed for the banking, financial services, and insurance (BFSI) sector. Developed in collaboration with indigenous AI research firm Sarvam AI, the company said this marks a "ChatGPT moment" in financial services. The unveiling took place at Adbhut India, an event organised by the non-profit People+ai, in the presence of Nandan Nilekani (co-founder and director of EkStep Foundation), Shankar Maruwada (co-founder and chief executive officer of EkStep Foundation), Tanuj Bhojwani (head of People+ai), and other prominent figures in fintech, AI, and digital public infrastructure.“At Setu, our mission is to democratise financial services," said Nikhil Kumar, co-founder of Setu. "We believe that the powerful combination of the Account Aggregator framework and transformative technologies like Large Language Models (LLMs) is the key to making this a reality. Just as India has led the way with groundbreaking innovations like Aadhaar and UPI, we are excited to build meaningful, compliant, and responsible AI applications that showcase India's leadership in applied AI,” Kumar added.
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Posted On:
08-05-2024

Amazon unveils first electric seaport trucks amid push to slash emissions

Amazon.com on Tuesday will unveil the first of a dozen Volvo electric big rigs it plans to deploy this year to pick up cargo from the nation's busiest container seaport in southern California. The e-commerce giant said it already has eight of those semi trucks in use at the Los Angeles/Long Beach port complex, where every so-called drayage truck must be zero-emissions by 2035.The deployment is a first for Amazon, extending its vehicle electrification projects across its land-based logistics network that stretches from ocean ports to customer doorsteps. The effort is vital to the company's push to reach net-zero carbon emissions by 2040.So far, a little more than 1% of the 23,761 trucks that serve the Los Angeles/Long Beach port complex are zero-emission vehicles - including 201 electric rigs, Long Beach port spokesman Lee Peterson said. "Heavy-duty trucking is a particularly difficult area to decarbonize," said Udit Madan, Amazon's vice president of worldwide operations.
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Posted On:
08-05-2024

Patanjali case: SC expresses displeasure over misleading advertisements continuing after product licences suspended

The Supreme Court on Tuesday took a stern stance while hearing the contempt case against Patanjali, stressing the need for immediate action to address misleading advertisements continuing despite the suspension of product licences.A bench of Justices Hima Kohli and Ahsanuddin Amanullah expressed dissatisfaction over the persistence of Patanjali's misleading advertisements on various platforms, including the internet and television channels, as it pointed out Uttarakhand's earlier actions, including the suspension of manufacturing licences for 14 products and the filing of a criminal complaint against Patanjali, itsManaging Director Acharya Balkrishna, and co-founder Baba Ramdev under relevant legislation. Despite these measures, the court questioned senior advocate Balbir Singh, representing Patanjali, about the continued presence of misleading ads, particularly on social media platforms. He assured the bench that Patanjali was aware of the issue and committed to addressing it comprehensively by the next hearing.
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