Abhishek Securities

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...

Marking the 95th Founder’s Day, Tamilnad Mercantile Bank Director V.V.D.N. Vikraman inaugurated a bus shelter here on Friday. The TMB organised a number of peoples’ welfare initiatives here and one of them was the construction of the shelter at VOC College on the Thoothukudi-Palayamkottai Road. According to a press release, Directors Chidambaranathan and Kesavamurthi, CEO H.S. Upendra Kamath, GMs M. Gunasekaran, S. Kandavel, M.A. Nayagam, N. Devadas and others participated.

INCOME TAX I sold a certain number of shares of an unlisted company in September 2016. These shares were purchased by me in March 2014. What is the tax implications if there is a gain arising on proposed transfer of the said shares? —Answer ::: As per the third proviso to Section 2(42A) newly inserted by Finance Act 2016, the shares of unlisted company shall be considered as short-term capital asset if they are held by the assessee for a period of not more than 24 months before the date of its transfer. Therefore in the instant case, since the shares of the unlisted company are held for a period of more than 24 months, the gain on sale of such shares shall be taxable as long term capital gains at the rate of 20% (with cost indexation benefit). 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 ...

Since 2015,  Otis India  has supported  SOS Children’s Villages  of India and in that time donated funds to provide quality education to nearly 1,800 parentless children in 25 SOS Children’s villages spread across India. Otis’ support for SOS Children’s Villages is part of the United Technologies Green Shoots corporate social responsibility initiative. Otis, the world’s leading manufacturer and maintainer of people-moving products, including elevators, escalators and moving walkways, is a unit of  United Technologies Corp .   “Under the UTC Green Shoots programme, we get the opportunity to come together and do something for a larger good,” said  Sebi Joseph, president, Otis India . “We believe everyone emerges a winner from engaging in such a programme. It is a great feeling for us, knowing that we at Otis are supporting the future generation.”   Green Shoots  is an employee-driven volunteer program in Asia to support primary-age childre...

Tamilnad Mercantile Bank is looking for a new Managing Director cum Chief Executive Officer. The announcement has come at least seven months ahead of the expiry of the current Managing Director HS Upendra Kamath’s term in office. Kamath assumed charge in July 2014 for a period of three years. The 95-year old Thoothukudi-headquartered bank, caught in a number of legal battles over its ownership, has seen quite a churn of the people at the helm. G Narayanamoorthy served for three years between 2006 and 2009. His two-year term ended in November 2008, but was extended at intermittent intervals till May. G Nagamal Reddy took over in June 2009. He demitted office in 15 months. AK Jagannathan, who succeeded Reddy, was earlier the Managing Director of State Bank of Travancore. He served for a slightly longer period – 20 months – from September 2010 to May 2012, before seeking early retirement on health grounds. KB Nagendra Murthy assumed charge next in July 2012. Murthy, who started ...

The Reserve Bank of India has approved the appointment of  C V R Rajendran  as the Managing Director & CEO of  Catholic Syrian Bank  Ltd for a period of three years. Rajendran is currently holding the position of Chief Executive Officer of the Association of Mutual Funds in lndia. Prior to this he has held other key positions like Chairman and Managing Director of Andhra Bank and Executive Director at Bank of Maharashtra. Rajendran's banking experience spans more than three-and-a-half decades. He has had hands-on cross functional experience in different aspects of banking spread across Branch Operations, NPA / Asset quality management, Business process reengineering, Productivity enhancement, Corporate/lndustrial Finance, Merchant Banking, Treasury Operations, Interoperational Banking, Primary Dealership,Collection and Payment Services, and Information Technology. Rajendran's experience will help the bank in quickly attaining its ambitious...

Mahindra Intertrade Ltd., a part of the Mahindra Partners Division of the $17.8-billion Mahindra Group, and MSTC Ltd., a Government of India enterprise, have come together to jointly set up a first-of-its-kind greenfield auto shredding and recycling capability in the country. Mahindra Intertrade owns and operates a network of steel service centres across the automotive, power and home appliances verticals. Mahindra Partners is the $900 million private equity division of the Mahindra Group. The proposed collaborative venture will establish an integrated automotive recycling capability for end-of-life vehicles. And, it will undertake a host of activities — collection, compaction, transportation, de-pollution, dismantling, shredding, recycling, and disposal. 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/unlist...