Abhishek Securities

CSB has been struggling with bad loans and operational losses for many years. Private sector lender Catholic Syrian Bank (CSB) is set to get a new managing director and chief executive soon. The names of three former officials from public sector banks have been sent to the Reserve Bank of India for its approval, said CSB chairman S. Santanakrishnan. The names before RBI are C.V.R. Rajendran, chief executive of the Association of Mutual Funds of India and former chairman and managing director of Andhra Bank; M.S. Raghavan, former chairman and managing director of IDBI bank; and Jeevan Das Narain, former managing director of the State Bank of Travancore. CSB is also looking for a candidate to replace Santanakrishnan after he retires early next year, said a person in the know. CSB has been struggling with bad loans and operational losses for many years. The bank had planned to raise Rs400 crore through an initial public offering last year, but dropped the plan due to weak financ...

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Even before it goes public, the  shares  of BSE, the oldest bourse in Asia, are changing hands in off-market deals among rich or high net worth individuals (HNIs). “There’s a good deal of demand for the  shares  among HNIs, with investors anticipating ‘value unlocking’ for the untendered, unlisted  shares  in the run-up to the  IPO  (initial public offer),” said a person, who did not want to be identified. Trades not settled through the clearing corporation or clearing house of an exchange are classified as off-market trades. The route is frequently used by investors who wish to offload their holdings in unlisted stocks and the payment is settled privately between the parties. According to another person, the off-market transactions are being done close to Rs 385, the price currently quoting in the grey market. “The demand raises the chances of oversubscription for the IPO,” he said.   During the offer for sale in August, investors had t...

Otis Elevator Company , an unit of  United Technologies  has made a name for itself as the world’s leading manufacturer of elevators, escalators and moving walkways, but what a lot of people are not aware of are their unique HR policies when it comes to their Indian employees.  One of them is their flagship Employee Scholar Program. This company-sponsored employee education program empowers employees to expand their knowledge in their current field, or learn new skills for a different career path. They are encouraed to obtain a degree in any field, whether or not it is related to their work duties.  "The idea is to promote the advancement and development of our employees through education — not just to help them in their current jobs but also to give them a chance to prepare for the jobs of tomorrow," stated Sebi Jospeh, President,  Otis  India  Under the program, every employee at Otis is eligible to take upto three hours of paid time to study ev...

Gross non-performing assets have come down to ₹463 crore from ₹504 crore and net NPAs to ₹331 crore from ₹405 crore due to the accelerated provisions made by the bank KOCHI, OCT 26:   Thrissur-based Catholic Syrian Bank has recorded a net profit of ₹53 crore in the first half of 2016-17 against a loss of ₹41 crore in the corresponding period of the previous year. The operating profit for the first half was ₹95 crore. According to a bank statement issued here, surge in treasury profits on the back of favourable interest rate movements, effective management of stressed assets, improvement in current account, savings account (CASA) deposits, asset growth and strict control over operating expenses contributed to the profit growth. Gross non-performing assets (NPAs) have come down to ₹463 crore from ₹504 crore and net NPAs to ₹331 crore from ₹405 crore due to the accelerated provisions made by the bank. Provision coverage  The provision-coverage ratio has impro...

Otis has been selected to provide high-speed elevators to the prestigious Altairproject in Colombo, Sri Lanka, which when complete will be the tallest residential building in Sri Lanka and will have the country's fastest elevators.Otis, the world's largest manufacturer and maintainer of people-moving products, is a unit of United Technologies Corp. (NYSE: UTX). Elevators Private Limited, a JV entity between Otis and Aitken Spence, will install the elevators. "Otis is a natural choice for a demanding construction like the 68-floor Altair project, especially because of the reliability and performance that Otis elevators promise. It's been a great opportunity for us to partner an international franchise and to showcase the capabilities of the Otis range in a local setting and we are looking ahead for the completion of the project," commented Surendar Mariappan, Joint Managing Director, Aitken Spence Elevators. Altair will reach 240 metres – 68 floors – consisti...