Latest news with #Manyavar
Economic Times
3 days ago
- Business
- Economic Times
AI mishaps hit 95% executives, only 2% firms meet responsible use standards: Infosys study
TIL Creatives Almost every executive using artificial intelligence (AI) for professionals has faced at least one problematic incident, but only a handful of companies are using the new-age technology responsibly, Infosys said in a report on Thursday. The 'Responsible enterprise AI in the agentic era' report by Infosys Knowledge Institute, the research arm of Infosys, found that 95% of executives who use enterprise AI experienced at least one incident. The report took inputs from 1,500 executives in the US, Canada, the UK, Germany, France, and Australia and New Zealand (ANZ). Privacy violations, systemic failures, inaccurate or harmful predictions, and ethical violations were the most common incidents that executives sampled for the survey reported. Nearly three-quarters of the companies covered in the Infosys report considered the damage 'substantial,' while 39% said the impact was 'severe' or 'extremely severe.' Financial losses most common in AI incidents More than three-fourths (77%) of the time, these incidents resulted in a direct financial loss, while the remaining instances involved reputational or legal damages, according to the Infosys report. However, executives considered loss of face much more threatening to their business than financial losses, it being the most common, the size of financial losses due to AI errors is relatively small, the report said. 'The average company in our sample reported financial losses from enterprise AI incidents of about $800,000 over two years. In total, this equates to between $750 million and $1.5 billion across the sample, and when extrapolated, represents an annual cost of between $1.4 billion and $2.9 billion globally across all businesses ($2.1 billion on average),' the report said. Responsible AI on back burner Despite the widespread troubles, the Infosys survey found only 2% of the surveyed companies meeting the IT services company's standards of responsible AI use. Nearly 15% of the sample size meet three-fourths of the standards, while 83% implement them in a piecemeal manner, the report executives cited the lack of resources and the ever-changing regulations for their weak RAI processes. On average, leaders sought an additional 30% of responsible AI (RAI) spending, which already accounts for 25% of overall AI costs. Meanwhile, financial losses from enterprise AI incidents amount to only 8%, making the demand for higher spending a risky the human resources front, a larger RAI team enables the deployment of more enterprise AI initiatives. However, the success rate of deployments as a proportion of total initiatives falls from 24% to 21% as team size grows. Elevate your knowledge and leadership skills at a cost cheaper than your daily tea. Tariffs, tantrums, and tech: How Trump's trade drama is keeping Indian IT on tenterhooks Good, bad, ugly: How will higher ethanol in petrol play out for you? As big fat Indian wedding slims to budget, Manyavar loses lustre As 50% US tariff looms, 6 key steps that can safeguard Indian economy Stock Radar: JSPL forms Ascending Triangle pattern on weekly charts, could hit fresh 52-week high soon Nifty and business are different species: 5 small-cap stocks from different sectors with upside potential of up to 30% F&O Radar | Deploy Bear Put Spread in Nifty to play index's negative stance amid volatility Wealth creation: Look beyond the obvious in some things; 10 fertilizer sector companies worth watching
Economic Times
4 days ago
- Business
- Economic Times
Possessions possess
Elias Canetti's said, 'To possess is to be possessed.' His idea encapsulates the complex relationship between ownership and its psychological implications. When we acquire possessions, whether material or intangible, there is a reciprocal effect that occurs. On one hand, the act of possessing provides a sense of control and power, as one gains ownership and influence over something or someone. However, simultaneously, this act of possession also possesses us, exerting an undeniable hold on our lives. The more we possess, the more we are consumed by the responsibilities, obligations and even emotional attachments. Hence, Canetti suggests that possession goes beyond the physical aspect, infiltrating our thoughts, emotions and identity, ultimately exerting a powerful influence on our lives. An everyday example further elucidates Canetti's statement. Nowadays, almost all of us possess high-end phones. But, in fact, these expensive gadgets have possessed us as we all have become slaves to them. We're all at sea without them. The great Persian mystic Jalaluddin Rumi says, 'Own nothing, for what you own eventually owns you.' We keep accumulating objects of material comforts only to be consumed by them sooner or later. It's like a snake swallowing and consuming its own tail. Try not to possess more than what's required. When possessions start possessing you and threaten to take your contentment away, it's time to bid farewell to them. (Disclaimer: The opinions expressed in this column are that of the writer. The facts and opinions expressed here do not reflect the views of Elevate your knowledge and leadership skills at a cost cheaper than your daily tea. As 50% US tariff looms, 6 key steps that can safeguard Indian economy As big fat Indian wedding slims to budget, Manyavar loses lustre Why are mid-cap stocks fizzling out? It's not just about Trump tariffs. The airport lounge war has begun — and DreamFolks is losing Stock Radar: UNO Minda eyeing fresh 52-week high in next few weeks; check target and stop loss for long positions Buy, Sell or Hold: Antique recommends buy on Siemens; Avendus upgrades SBI to Buy post June quarter results Stock picks of the week: 5 stocks with consistent score improvement and upside potential of up to 25% Weekly Top Picks: These stocks scored 10 on 10 on Stock Reports Plus
Fashion Value Chain
02-06-2025
- Business
- Fashion Value Chain
Snitch Raises $40M to Scale Up Retail & Go Global
Snitch, India's fastest-growing D2C menswear brand, has secured up to USD 40 million in a Series B funding round led by 360 ONE Asset. The investment also saw participation from IvyCap Ventures, SWC Global, the Ravi Modi Family Office (of Manyavar fame), and other angel investors. The capital will fuel Snitch's bold expansion goals: Growing its offline presence from 55+ to 100+ stores by end-2025 Entering quick commerce to offer fashion delivered within hours Launching new apparel and lifestyle categories Piloting global markets Siddharth Dungarwal, Founder & CEO, described this round as validation of the brand's vision—an Indian menswear brand built on speed, belief, and customer-centricity ready to compete on a global stage. With 120% YoY growth and a strong omnichannel model, Snitch is now preparing for international expansion and a future IPO. 360 ONE Asset's Chetan Naik praised Snitch's lean, design-led business model and ability to maintain profitability while scaling quickly, calling it a 'category-defining' brand in the making. IvyCap Ventures and SWC Global reaffirmed their commitment, citing Snitch's superior supply chain, tech agility, and ability to engage India's Gen Z and millennial male shoppers as reasons for continued support. Founded in 2020, Snitch has made its mark by blending drop-driven fast fashion with a digital-first strategy and rapid design cycles. Its previous ₹110 Cr Series A in 2023 laid the groundwork for tech upgrades and retail expansion. PwC India served as the exclusive financial advisor on the deal, while JSA acted as legal counsel.
Fashion Network
15-05-2025
- Business
- Fashion Network
Vedant Fashions Ltd Q4 net profit declines 13 percent to Rs 101 crore
Vedant Fashions Ltd, the owner of ethnic wear brand Manyavar reported a 13 percent decline in net profit to Rs 101 crore ($11.9 million) for the fourth quarter ended March 31, as against Rs 116 crore in the year-ago quarter. The company's revenue for the quarter was up marginally by 1 percent to Rs 367 crore, as against Rs 363 crore in the corresponding quarter of the previous fiscal year. On a full-year basis, the company's net profit declined 6 percent to Rs 388 crore on a 1 percent increase in revenue to Rs 1,386.48 crore in FY25 over FY24. 'The company's performance in FY25 was impacted by subdued consumer sentiment and severely impacted Q1 FY25 with extremely low/negligible wedding dates nationally. However, in the nine months period from July to March FY25, retail sales grew by 9.3%, with like-to-like sales growing by 2.9%,' Vedant Fashions said in its investor presentation. 'Despite these challenges, the company successfully maintained strong financial margins and profitability metrics, reflecting resilient business fundamentals,' it added. Vedant Fashions is engaged in manufacturing and retailing of readymade ethnic wear for men, women and kids under the brand names Manyavar, Mohey, Mebaz, Twamev, and Manthan.
Business Standard
06-05-2025
- Business
- Business Standard
Vedant Fashions slides after Q4 PAT fall 13% YoY; recommends final dividend of Rs 8/sh
Vedant Fashions dropped 4.89% to Rs 751.50 after the company reported 12.68% decline in consolidated net profit to Rs 101.10 crore in Q4 FY25 as against Rs 115.79 crore posted in Q4 FY24. However, revenue from operations increased 1.17% to Rs 367.44 crore in the quarter ended 31 March 2025. Profit before tax fell 8.93% to Rs 134.70 crore in Q4 FY25 as against Rs 147.92 crore reported in the corresponding quarter previous year. Total expenses increased 6.45% year on year to Rs 254.79 crore in Q4 FY25. Cost of raw material consumed stood at Rs 45.01 crore (up 19.01% YoY) while finance cost was at Rs 136.23 crore (up 3.06% YoY). On a full-year basis, the companys net profit declined 6.20% to Rs 388.47 crore on a 1.38% increase in revenue to Rs 1,386.48 crore in FY25 over FY24. Meanwhile, the companys board has recommended a final dividend of Rs 8 per equity share for the financial year ended 31st March 2025, subject to the approval of the shareholders at the ensuing Annual General Meeting of the company. Vedant Fashions is primarily engaged in manufacturing, trading and selling readymade ethnic wear for men, women and kids primarily in India under the brand names Manyavar, Mohey, Mebaz, Twamev and Manthan.
