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Showing posts from 2017

OTIS INDIA STRENGTHENS ITS PRESENCE WITH A NEW OFFICE IN VIJAYAWADA

With a new office in Vijayawada, Andhra Pradesh, Otis Elevator Company (India)  is ready to meet the growing demand in the region. The new office strengthens the company’s existing service presence and will cater to the growing demand for vertical transport solutions in the city and surrounding areas, enabling Otis to develop closer relationships with customers to better serve them. Otis, the world’s leading manufacturer and maintainer of elevators, escalators and moving walkways, has is a unit of United Technologies Corp. “We have had a strong presence in Vijayawada for a long while with many reputed customers. The growth that the city promises further prompted our desire to be closer to customers by establishing this new office,” says  Sebi Joseph, President, Otis India.  Otis already works closely with BVR Mall and India American Hospital in Vijayawada. Otis India has the largest elevator and escalator service network in-country with approximately 80 centres, covering approximately

Draft rules released to prevent tax evasion via unquoted shares

India’s apex body for direct taxes has proposed new rules for bringing the value of unquoted shares on a par with the fair market value of underlying assets, seeking to prevent tax avoidance by firms that use the historical acquisition cost to set the price of unlisted stock.  The Finance Act, 2017, inserted a new section to the Income tax Act on the valuation of unquoted shares — those not listed on any exchange — at fair market value for computing capital gains tax. It had also introduced new provisions to expand the scope of taxation of any gift or property received for inadequate consideration.  The Central Board of Direct Taxes on Friday released draft rules prescribing the method of valuation of any such property, jewellery, artistic work, immovable property, or shares and securities. Stakeholders have until May 19 to provide their comments.  According to the draft rules, the “net asset book value” method is proposed to be adopted for the valuation of shares. For valuation of

Tata Sons to buy Tata Steel's 2.9 per cent stake in Tata Motors

In a move to consolidate cross-holdings across group firms, Tata Group’s holding firm Tata Sons is set to acquire Tata Steel’s 2.9 per cent stake in Tata Motors. The announcement on Saturday, made through a filing with the stock exchanges, confirms reports that the Tata Group is planning widespread consolidation of holdings.   The issue of cross-holdings has already come up several times, even during the tumultuous few months following the sacking of Cyrus Mistry from the group’s top post. In November, a group of foreign institutional investors wrote to Tata Steels’ board raising concerns about its cross-holdings in other Tata firms. According to the filing, Tata Sons will buy around 83.6 million shares in Tata Motors at or around the prevailing price of the stock on the date of the planned acquisition, it said, citing “restructuring of investment portfolio” as the reason for the planned deal. As per details available, Tata Sons owned 29.75 per cent of Tata Steel at the end o

RBL Bank posts 55% increase in Q4 profit at Rs130.13 crore

RBL Bank Ltd, formerly known as Ratnakar Bank, reported a 55% increase in profit for the March quarter on higher interest income. Profit rose to Rs130.13 crore in the three months to March from Rs84.18 crore a year ago. Net interest income, the difference between interest earned on loans and that paid on deposits, rose 47% from a year ago to Rs352.16 crore. Other income rose 66% to Rs236.55 crore. Net interest margin widened to 3.52% from 3.21% a year ago. Provisions more than doubled to Rs82.10 crore, compared to Rs36.17 crore in the preceding quarter. Gross non-performing assets (NPAs) as a ratio of gross advances as of the March quarter were at 1.20%, compared to 0.98% as of 31 December. Net NPA ratio at the end of the fourth quarter was 0.64%, slightly up from 0.59% in the third quarter. Capital adequacy ratio on 31 March stood at 13.72% against 12.94% a year ago. “There was one corporate account in engineering, procurement and construction (EPC) worth Rs65 crore in loa

Sura Chawla sells stake in CSB

Non-resident Indian Sura Chansri Chawla is reported to have struck a deal with the Bhansalis of Enam group to sell the entire remaining part his stake in Thrissur-based Catholic Syrian Bank Ltd. (CSB). The sale is believed to have been done at a price of about ₹160 a share. The NRI, it is gleaned from reliable sources, has sold close to 5% of his holding in the bank. When contacted, former chairman of the bank S. Sananthanakrishnan confirmed that the deal had indeed taken place. Queried on the exact sale price, he, however, said he would not hazard any guess, Sources indicated that the reported sale price of Rs. 160 a share would definitely set the bench-mark for any future sale of the bank shares. The deal comes at a time when Fairfax was widely reported to be contemplating equity stake in the Thirusur-based private sector bank. Sandip Ginodia , Director   A LTIUS INVESTECH PVT LTD | ABHISHEK SECURITIES We deal in over 60 unlisted companies with 15 years of e

HDFC Life inks distribution tie-up with Catholic Syrian Bank

HDFC Life  has entered into a  bancassurance  (the selling of life assurance and other insurance products and services by banking institutions) tie-up with Catholic Syrian Bank to distribute its individual life insurance products to the private lender’s customers. HDFC Life will offer its leading range of individual life insurance, health and pension products to the Catholic Syrian Bank’s  1.5 million  customer base across all its branches over a period of time. Sandip Ginodia , Director   A LTIUS INVESTECH PVT LTD | ABHISHEK SECURITIES We deal in over 60 unlisted companies with 15 years of experience . For latest prices visit :  www.abhisheksecurities.com/unlisted.htm  / call : 09830271248 . Email :  ginodiasandip1@gmail.com

Centre plans to divest near 25% stake in MSTC

The Centre is planning to bring down its stake in MSTC, the company’s Director (Finance) AK Basu said here on Thursday. The Centre’s stake in the Miniratna PSU currently stands at over 89 per cent. The remaining 10-odd per cent is held by various industry associations. According to Basu, the plan is to opt for an “offer-for-sale” and not an IPO to bring down the stake to 65 per cent. “The government’s stake post-dilution will stand at 65 per cent,” he told reporters on the sidelines of the foundation stone-laying ceremony of its corporate building in the satellite township of New Town on the north eastern fringes of the city. He further maintained that the company was also exploring options to divest stake in its subsidiary Ferro Scrap Nigam. Having reported a turnover of ₹51,000 crore last fiscal, it is eyeing 10-20 per cent growth this fiscal. “We should cross ₹60,000 crore at least,” Basu said. JV with Mahindra Meanwhile, BB Singh, CMD, MSTC, pointed out that the comp