Abhishek Securities

Mumbai-based  Nazara Technologies  has been on an expanding spree in online gaming sector. Founded by  Nitish Mittersain  in 2000, the global gaming and sports media company boasting of a network of more than 100 million users in the country has invested in several viable start-ups over the last 18 months, including Nodwin Gaming, Next Wave Multimedia, Sportskeeda, Mastermind Sports, Paper Boat Apps, Moonglabs Technologies, CrimzonCode, Bakbuck and InstaSportz. Having business operations in over 64 countries,  Nazara Technologie s is now in the headlines for increasing its stake in HalaPlay by buying  Kae Capital ‘s stake for  14.6 Crores . This huge investment in HalaPlay makes the company the majority stakeholder in the leading fantasy sports platform. “The company has now gone ahead and bought Kae Capital’s stocks in Halaplay making it the majority investors in the fantasy sports vertical,” a statement by Nazara Technologies read. Sandip Ginodi...

Listed companies in Indian stock exchanges accounted for less than a third of the total corporate tax paid to the government in FY18, as reported by Business Standard (BS). This year too represents a continuation of the downward trend in the metric over the last few years. Listed companies are those whose shares are traded on an official stock exchange like BSE (Bombay Stock Exchange). These companies are expected to adhere to specific listing requirements like the number of shares that will be listed be on exchanges and also minimum income levels. According to the I-T (Income Tax) Department, the total tax receipts increased by 17.8 per cent on a Y-O-Y (Year-On-Year) basis, rising to Rs 5.71 trillion in FY18. However, listed companies contributed only Rs 1.88 trillion of the total amount and data shows that the tax paid by India’s top 868 companies declined by 0.6 per cent over the last year. While MSMEs (Medium Small and Micro Enterprises) in India, with revenues of less than ...

LTCG on unlisted equity shares continued to be taxed after providing for indexation. Accordingly, taxpayers are generally familiar with the LTCG regime including the mechanism for indexing the cost of acquisition w.r.t inflation. The new regime for LTCG proposed in the Finance Bill, 2018 has been designed in a similar manner. In fact, the computation of LTCG is now simpler since the cost of acquisition is not required to be indexed. This computation process does not involve any discretion on the part of the taxman. Moreover, all doubts have already been clarified by way of FAQs released by the CBDT as early as on February 4, 2018. More such FAQs can be released in due course, if the need arises. Thus, there is no reason to believe that the proposal will give rise to any kind of governance issues. 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 :...

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. Fo...

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...

RBL Bank (formerly Ratnakar Bank) is opening its upcoming IPO on 19 August in what will be the 16 th  public offer this year in India. Shares of the private sector bank are proposed to be listed on NSE and BSE on 31 August. RBL Bank IPO has been priced in the range of  INR224-225 per share  and investors can make applications in multiples of 65 shares. Here are 10 important aspects of this IPO: History  – RBL Bank was set up in 1943 as Ratnakar Bank – a regional banking firm with focus on Maharashtra. The bank persisted with its regional focus strategy till 2009. Renamed in December 2013 to RBL Bank. Transformation  – In 2010, the bank embarked on a major transformation with new owners and management at helm. RBL Bank acquired the business banking, credit card and mortgage portfolio businesses of Royal Bank of Scotland (RBS) in India during in FY2014. The bank is extending its reach in rural and semi-urban India and unbanked parts of urban and metro India....

RBL Bank, the Kolhapur-based private sector lender, will be entering the primary market with its initial public offering (IPO) on Aug.19, 2016. The bank plans to raise about Rs. 1,200 crore during the five-day offer period, as is evident from details now available. The bank had filed the draft prospectus with the regulator on June 23, 2015. Kolhapur-based RBL Bank had raised Rs. 488 crore in pre-IPO preferential placement of shares last December at Rs. 195 per share. The bank was incorporated in 1943 as Ratnakar Bank. The exercise was in accordance with its IPO document filed with the Securities and Exchange Board of India (Sebi) in June 2015 and the shares were placed with international investors, including the Asian Development Bank (ADB) and CDC Group Plc.  Here are the details of RBL Bank IPO: Price band: Rs. 224-225 per share Issue opens on Aug. 19 and closes on Aug. 23 Bid lot: 65 equity shares or multiples thereof Overall issue size: 5,3...