Abhishek Securities

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...

   Tata Technologies Ltd plans to acquire companies to expand its defence footprint over the coming four years, a top executive said. “In the last six years our compound annual growth rate is 16%,” Tata Technologies CEO Warren Harris said in an interview to Washington-based DefenseNews.com. “We fully expect to be able to maintain that organically. Our trajectory over the next four years organically sees us going to $800 million, so we see about $200 million in revenue that will come in from acquisitions.” Tata Technologies is part of the $100 billion Tata Group.  Harris said that Tata Technologies’ business is about 70% automotive, 11% aerospace, and 12 % industrial heavy machinery. Harris wants to see aerospace grow at a much higher rate than automotive in order to maintain a balanced portfolio. Under the government led by Prime Minister Narendra Modi,- India has moved swiftly to seal defence contracts. India’s high defence spending, along with the government’s ‘M...

Tata Motors is not planning to list its engineering solutions and IT product developing subsidiary Tata Technologies. Tata Technologies IPO could have been a huge value unlocking trigger for Tata Motors. Speaking at the automaker’s annual general meeting, Chairman Cyrus Mistry answered to a query from a shareholder while adding that the focus currently is on turning around Tata Motors’ operations. Tata Motors owns 70.4% equity stake in Tata Technologies. We have no immediate plans for an initial public offer (IPO) for Tata Technologies. However, we will explore various options in the future – Cyrus Mistry, Chairman, Tata Motors Mistry also made clear that there are no plans to list the defense business. The Chairman said the flagship company’s business is going to increase in volatility. “We are all becoming used to unpredictable and dynamic market environments, learning to manage by anticipating customer needs, leveraging strong processes and building competitive product...

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...