SVC Bank Santacruz West Branch Celebrates 100 Years of Banking Excellence A Century of Trust, Gratitude, and Financial Excellence: Celebrating 100 years

Mr. Durgesh Chandavarkar – Chairman, SVC Bank along with key members from Board of Directors and Board of Management of SVC Bank encouraging the Branch Manager of SVC Bank Santacruz Branch on the occasion of the branch’s Centenary Year Celebrations – photo by NHM

97 yr old customer Mr. Dinkar Burde, associated with the branch since 75 years, being felicitated on the occasion of the Centenary Year Celebrations of Santacruz West branch – Photo by NHM 

SVC Bank Santacruz West Branch Celebrates 100 Years of Banking Excellence, A Century of Trust, Gratitude, and Financial Excellence: Celebrating 100 years.

Mumbai, December 05^th , 2023 (NHM):  SVC Co-operative Bank Ltd. (SVC Bank – earlier known as The Shamrao Vithal Co-operative Bank Ltd.) with a rich legacy spanning around 117 years, organised the Centenary Celebrations of its Santacruz West Branch, highlighting a remarkable journey of a century, dedicated to providing trusted financial services to the society.

In a heartfelt show of appreciation, a grand ceremony was held at its Santacruz West Branch premises and the Saraswat Club in Santacruz to express gratitude to its valued customers. The ceremony was also attended by ex-Staff, current staff, former Directors and the existing Board of Directors and Board of Management members. Visitors were greeted with a special Thank You Photo opportunity, capturing moments of joy as the Branch staff shared smiles and snapshots with customers, many of whom being cherished associates of the branch for over three decades. 97 yrs old customer, Mr. Dinkar Burde, expressed his thoughts saying, “I have been associated with the branch since 75 years now. They have provided me with prompt services throughout. Even today, they attend to me as an elderly man, promptly. I bless the branch and wish them continued excellence.” 

On the occasion, an audio-visual film showcasing the various milestones of the branch was presented.
The celebrations started with Lord Satyanarayan Puja followed by a Customer Rendezvous joined by Board of Directors and Senior Management Executives. The festivities concluded with a traditional lunch, symbolizing the completion of this celebratory occasion as the branch staff prepared to begin a new journey towards excellence. The branch also initiated various Wellness and Financial Education programs that will be held throughout the month at the branch premises, in addition to curated offers on banking products.

Mr. Durgesh Chandavarkar, Chairman, SVC Bank shared his thoughts, stating, “I am honoured to lead a legacy of financial innovation and an unwavering commitment. Santacruz West Branch’s 100 year journey highlights how a cooperative institution, deeply rooted in the welfare of its customers, not only withstands the test of time but also emerges as a dream fulfiller and a trusted partner for over a century. I am sure that the branch shall continue to chart a course towards continued growth, service and success with the same gratitude and determination that has helped it reach this summit of excellence.”

‘This is our second branch after SV Marg branch that has lived up to the trust of thousands of shareholders and customers for over a century now,” said Mr. Ravinder Singh, Managing Director, SVC Bank. He added, “It is the tenacity of these branches to keep doing the right thing in the interest of the discerning customers, irrespective of the challenge at hand, that has contributed in the blossoming of this magnificent tree of trust, seeds of which were sown 100 years ago. We owe this legacy to the values and principles given by our Founders and the faith bestowed upon us by our shareholders, customers and employees and express our sincere gratitude to all. We stand committed to the same principles of co-operation, values and ethos to carry forward the vision set forth by our Founders and continue to serve the community, society and ultimately our great nation.”

The rich legacy of Santacruz West Branch is filled with heart-warming stories, showcasing the unyielding faith of customers and shareholders alike. Originating in a small flat in 1923 within Saraswat Colony, Santacruz, the Branch set out with a noble agenda to cultivate a culture of savings among citizens during the burgeoning cooperative movement. Founded by the visionary Late Rao Bahadur S.S. Talmaki, also known as the Maharshi of Cooperatives, SVC Bank garnered support from local citizens who apart from, sharing from their monthly earnings, also became proud shareholders of the Bank. The Branch successfully navigated economic challenges during the Great Depression, the unemployment of 1939 and World War 2. In the 1960s, the Branch experienced a significant uptick as the Santacruz-Khar belt underwent a massive demographic change, earning the trust of customers along the way. Embracing the digital era in the 2000s, SVC Bank implemented the indigenously developed Core Banking Software, Genius, enhancing services for Santacruz West Branch customers with speed and personalization. The introduction of ATM, Debit Card, and Net Banking services between 2001 and 2011 positioned the Bank to appeal to a younger audience. A rebranded identity followed to take the youth connect ahead. Today, with a business exceeding Rs 400 Crores, the Branch competes effectively in retail, corporate, and international banking, standing out as a leader in the industry. The Branch draws strength from a century-old foundation of trust and a loyal customer base. Fuelled by the Bank’s commitment to adopting the latest technologies like Finacle CBS, Santacruz West Branch is poised to carry this rich legacy forward into a future filled with promise and possibilities, stated in a press release.

About SVC Bank: Set up in 1906, SVC Bank is a 116-year-rich institution that has contributed significantly to the development of the cooperative movement in India for over a century. Today, the Bank is one of the oldest and most recognised names in the country’s cooperative Banking space. SVC is a multi-state scheduled Bank with its presence across 11 states – Maharashtra, Karnataka, Goa, Gujrat, Rajasthan, Delhi, Haryana, Madhya Pradesh, Andhra Pradesh, Telangana, Tamil Nadu. With a total business of INR 33,480.61 crore and a Net Profit of INR 176.31 crore (FY 22-23), it has proven its robust and strong fundamentals. Headquartered in Mumbai, the Bank has a vast spread of 198 branches, 214 ATMs and an employee strength of over 2300. The Bank offers the entire gamut of services across Retail Banking, Corporate Banking and International Banking. SVC Bank was recently awarded for its 100+ years of service at the hands of Hon’ble Union Minister of Home Affairs and Cooperation – Shri Amitbhai Shah. It has also been acknowledged with many prestigious recognitions, like the ET Best BFSI Brands 2023, ET Best Organisation for Women 2023, Best Risk Management Initiative and Best Security Initiative in Large UCB category at NCBS & FCBA Awards 2023, Banco Blue Ribbon Best Bank 2022 Award (Above 15000 Crores Business Mix category), Best Bank Award by The Maharashtra Urban Co-operative Banks Federation (Large UCB category), Best Bank award by Maharashtra State Sahakari Bank Association Ltd. for FY 21-22. The Bank was among the first few cooperative banks in the country to get the Authorized Dealer Category I License (Independent Forex Operations) from RBI in December 2007. In July 2008, it launched its International Banking Division, which handles more than Rs. 5,000 crore forex business today. Ends

Alpex Solar Limited files DRHP with NSE Emerge

MUMBAI, DECEMBER 5, 2023 (NHM): Alpex Solar on Tuesday announced plans to launch an Initial Public Offering to fund its capacity expansion projects.

The company has filed a Draft Red Herring Prospectus with NSE Emerge, it said in a statement.

The company intends to use the proceeds to fund its ambitious capacity expansion plan, besides meeting working capital expenses, it said.

The company did not disclose the entire amount it aims to raise through the IPO route but said it intends to utilise Rs 19.55 crore of the net proceeds to upgrade and expand its capacity by 750 MW, Rs 12.94 crore to set up a new manufacturing unit for its solar module's aluminium frame, and another Rs 20.49 crore to meet its working capital requirements, besides general corporate expenses.

The issue size comprises a fresh issue of 64,80,000 equity shares with a face value of Rs 10 each.

Corporate Capital Ventures has been appointed the book running lead manager while Skyline Financial Services Pvt Ltd is the registrar to the issue.

Alpex Solar Ltd Chairman & Managing Director Ashwani Sehgal said, "To meet market demand for large-sized cells with Multi-Bus Bars and the latest types of Mono Perc, Topcon, and Bifacial cells, we are planning to raise funds to expand our business operations by increasing our capacity from 450 MW to 1.2 GW in the existing manufacturing unit."

The aim is also to build a new plant dedicated to producing aluminium frames, eliminating our dependency on imports of the frames from other countries, he said.

Alpex Solar clocked a revenue of Rs 183.93 crore in FY23, up from Rs 156.06 crore in FY22. The company earned revenues of Rs 207.13 crore for the April-September period this fiscal.

The Greater Noida-based company manufactures and delivers solar panels in the B2B market and also serves as a contract manufacturer for several large companies, such as Luminous, Jakson, and Tata Power.

Accent Microcell Ltd IPO opens on December 8, price band fixed at ₹133-140 per share

• Anchor book will be opened on December 7, 2023, while the issue will be closed on December 12, 2023
• IPO comprises of fresh issue of 56 lakh Equity Shares with a face value of Rs. 10 each through the book-building route
• Net proceeds from the issue to be utilised in setting up a new manufacturing unit at Navagam Kheda, Gujarat, India and for general corporate purposes
• Corporate Capital Ventures Private Limited is the Book Running Lead Manager and KFIN Technologies Limited is the Registrar to the Issue

AHMEDABAD, 4 DECEMBER, 2023 (NHM):  City-based Accent Microcell Limited, a leading manufacturer and exporter of cellulose-based pharmaceutical excipients, on Monday announced that its Initial Public Offer will open on Friday, December 8, 2023. The Anchor portion will open on Thursday, December 7, 2023, and the issue will conclude on Tuesday, December 12, 2023.

The company is planning to raise approximately Rs. 78.40 crores from the issue and aims to be listed with NSE Emerge. The price band for the issue has been fixed at Rs. 133 – Rs. 140 per share. The lot size will be 1,000 shares.

The IPO will comprise fresh issue of 56 lakh Equity Shares with a face value of Rs 10 through the book-building route. While 15.96 lakh equity shares have been reserved for Anchor portion, 2.8 lakh equity shares for Market Maker, 10.64 lakh equity shares for QIB portion, 7.98 lakh equity shares allocated for NIIs and Retail (RII) portion accounts for 18.62 lakh equity shares.

Chairman Vasant V Patel said that the new facility to be operational by April 2025 and the company spends Rs 2 to 3 crore per year.

Accent Microcell plans to utilise Rs. 54.39 crores out of net proceeds from the offering to establish a new plant at Navagam Kheda, Gujarat, India for manufacturing Croscarmellose Sodium (CCS), Sodium Starch Glycolate (SSG) and Carboxymethylcellulose (CMC), which is expected to be commercialised by April 2025. Out of the total proceeds from the fresh issue, the company proposes to invest Rs 48.39 crore in the current financial year and Rs 6 crore in FY25.

The company predominantly manufactures Microcrystalline Cellulose (MCC), which is widely used as a texturizer, anticaking agent, binder, lubricant, bulking agent, and diluent with an extensive range of applications in pharmaceutical, nutraceutical, food, cosmetic and other industries. In addition to MCC, it produces other excipients such as Croscarmellose Sodium (CCS) and Magnesium Stearate (MS).

Leveraging its high-quality product line, the company has established a long-standing market in India and abroad. Accent Microcell exports its products to more than 45 countries, including the USA, Canada, Germany and many others.

Incorporated in 2012, Accent Microcell has successfully developed a resilient manufacturing infrastructure, supported by an efficient supply chain that caters to the needs of various Indian and global customers. With two state-of-the-art manufacturing facilities located in Pirana (Unit-I), and Dahej SEZ (Unit-II), the company serves various categories of clients from different industries. With the addition of 2,400 metric tonnes to its current annual total installed capacity of 8,000 metric tonnes, the company plans to increase its cumulative annual capacity to 10,400 metric tonnes, including all range of excipients category (including premium excipients products). The expansion of capacity will enable the company to deliver products that are specifically tailored to customer needs. In addition to existing customer base, the company will cater to the clients in untapped regions.

The firm registered a revenue of Rs 204.19 crore in 2022-23 (FY23), up from Rs 165.71 crore in FY22 and its profit after tax (PAT) more than doubled to Rs 13.01 crore in FY23 from Rs 5.89 crore in the preceding financial year.

Corporate Capital Ventures Private Limited is the Book Running Lead Manager and KFIN Technologies Limited is the Registrar to the Issue.

Post-IPO, the company will list shares on NSE’s SME segment Emerge

7th edition of “KalaaSpandan Art Fair” India’s leading contemporary Art Expo ongoing at Nehru Centre, Worli

MUMBAI, 1 DECEMBER, 2023 (NHM):  “KalaaSpandan Art Fair” is an initiative of Indian Art Promoter. It will showcase its 7th edition of “KalaaSpandan Art Fair” from 30th November to 3rd December 2023 (4 days) at Nehru Centre, Worli, Mumbai-18. It is a leading contemporary art fair of India. It has started kalaaSpandan Art Fair in order to render the art arena an opportunity to showcase their artistic talents in very affordable cost & thus enabling the art fraternity to communicate & buy art from the artists directly. It is a unique bridge between great masters, emerging artists and art students that enlightens one and all.

It will showcase variety of thousands of artworks in all mediums ranging from figurative to abstract paintings, oil, water, acrylic colour & mix medium paintings, sculpture, photography, resin art, calligraphy, mandala art, madhubani art, ceramic art, terracotta, stained glass, mosaic art, blue pottery, decorative arts, traditional art, handcrafted &handwoven art, artefacts to designer concepts in all shapes, styles and forms from several professional masters to emerging artistic talents exhibiting from various corners of the nation.

Showcasing artists like Raamji Sharmaa, Paramesh Paul, Sayajirao Nangare, Tirthankar Biswas, Ajay Chandak, Speed painter Rabin Bar, Ullhas Raikar, Rajashree Dadarkar, Sonjaye Maurya, Sarbani Ganguly, Sneha Naware, Dr. Vandy Jais, Subhendu Ghosh, Pulak Das, Surybhan Meravi, Sheeba Manghat, Lakshmi Venkatesh, Tanvi Jenil, Vaishali Kale, Meghana Nalawade, Poonam Khanvilkar, Shirish Joglekar, Amit Wagh, Swati Mishra, Soumya Swaminathan, Binal Gada, Mansi Shah, Geetha Sundar, Munwar Bux, Mehernosh Venkatesh, Prakash Ambegaonkar, Rekha Prakash, Maya Avanith, Dr Pranita Rao, Kishore Roy, Shivani Ojha, Ankita Bhatnagar, Sonali Korde, Mrunalini Gaikwad, Manjiri Tagare, Madhuri Nage, Santosh Kardak, Sonali Jadhav, Jainil Desai, Namrata Daniver, Rajam Sankar, Shanti Mahadevan, Suryakumari Kolisetti, Vinisha Ruparel, Stasia Fernandes, Leanne Mascarenhas, Nidhi Kantharia, Nandini Chandrawanshi, Manisha Shekhawat, M M Sheena Ajan, Dr Vaishali Das, Amit, Arwa Raaz, Praveena, Gagandeep Singh, Ranjit, Reena Chaudhary, Deeba Qureshi, Jaydeep Ghosh, Sandipan Sen, Arunabha Ghosh, Sathish A, Madhulika Nigam, Sandesh Jadhav, Krisha Shah, Prashant Patil, Janvhi Pandey, Jyoti Upadhyay, Hansa Sewani, Lakshmanasa Kabadi, Basavaraj Aragi, Satyesh Vishwakarma, Mukesh Vishwakarma, Gangadas Machcha, Vilas Gajare, Amita Chakrawarti, Swaroop Vekkatramam, Vilesh Sagwekar, Nitin Brid, Divya Kamat, Tanmay Nikam, Rupa Haridas, Nandiitta Banerjee, Dipak Bagda, Tushar Chokka, Purva Tenani, Dr Veeri Gupta, Pranita Bora, Ghanshyam Gupta, Photographer Ramnath Bhatt & many more will be displaying their artworks. Brand like Honey Comb, Petals India, Mrida Gram, Vini’s, Trendy Vastra, Pehrawaah, Craftnxt, Oriental Handicraft, Balaji Handicraft, Hand Made in Asia, etc will showcase their specialities.

Art fraternity & connoisseurs who may be just beginning to explore some art or a seasoned collector both will surely find arts in this fair which will suit everybody’s taste, budget & collection.

So, join us to explore & buy art according to your choice amongst a plethora of contemporary artworks. The Fair will be inaugurated by prominent personalities at 3 pm on 30th November 2023 (Thursday) & will continue up to 3rd December 2023 (Sunday) from 11 am to 7 pm.
Visit our website- www.indianartfair.net.in

SBM Bank India celebrates its 5th anniversary, Rolls out special offers on both advances and deposits

MUMBAI, 1st DECEMBER, 2023 (NHM): SBM Bank India, celebrating its 5th anniversary, has unveiled exclusive anniversary offers on advances and deposits for its customers. As part of the commemoration, the bank will give a higher interest rate of 8.25% p.a on fixed deposits for a specific tenure from December 1 to December 7, 2023, for amounts below Rs 2 crore.

This limited-time offer extends to tenures of over three years, two days and less than five years. Additionally, for durations ranging from 391 days to 15 months, customers will get interest at 8.10% p.a.

For senior citizens, SBM Bank India grants an extra 0.5% benefit on the Anniversary Special FD rates exclusively for resident Indian senior citizens.

The bank has also announced a 50% reduction in processing fees on MSME loans, secured and unsecured loans, and equipment finance. This reduction, effective from December 1, 2023, for one month, aims to minimize costs for aspirants, particularly MSME borrowers.Ends

Sheetal Universal Limited Announces IPO Opening Date

Sheetal Universal Limited IPO comprises a fresh issue of 34 lakh equity shares with a face value of Rs. 10 each at a fixed price of Rs. 70 per share. The issue will be open on December 4 and conclude on December 6, 2023. Issue Size Rs. 2380 lakhs.

MUMBAI, 30 NOVEMBER, 2023 (NHM):  Sheetal Universal Limited, an agricultural product processor and exporter, on Thursday, November 30, announced that its Initial Public Offer will open on Monday, December 4, 2023, and close on Wednesday, December 6, 2023.

The company plans to raise approximately Rs. 2380 Lacs from the issue and aims to be listed with NSE Emerge. The IPO will comprise a fresh issue of 34 lakh Equity Shares with a face value of Rs 10/- each at a fixed price of Rs. 70 per share. Beeline Capital Advisors Private Limited is the Lead Manager to issue. Bigshare Services Private Limited is the registrar of the Issue.

Rajkot-headquartered company is engaged in sourcing, processing, and supply of agricultural products such as peanuts, sesame seeds, spices, and grains to cater to the manufacturers of peanut butter, biscuits, cakes, chocolate, and food products. The company has two subsidiaries - Saumesvar International Private Limited and Svar Industries Private Limited, which are into processing and exporting of Agri Commodities like oil seeds, grains, etc.

The net proceeds from the issue will be used for funding capital expenditure, working capital requirements, general corporate purposes and to meet Public Issue expenses. Furthermore, it intends to venture into new product management like producing protein powder and cold press extract oil, plans to set up a manufacturing facility for defatted protein powder (dry powder) powder and extract cold press oil from raw peanut, almond, cashew nut, and seed considered as vegan foods for India and export market.

The company plans to spend Rs. 584 lacs towards purchasing necessary equipment. The company will spend Rs. 1200 lacs on working capital, which will be used to expand the product range, increase the number of business verticals, and explore various geographical areas.

Sheetal Universal Limited operates a manufacturing & processing facility in Jamnagar district at Haripar Khandhera, which is spread over 14,568 Sq Mts with a constructed area of 6,000 Sq Mts. The facility implements an extensive and stringent quality control mechanism at each stage of the process to ensure that its finished product meets its customers’ specifications. The company exports its products to various countries including the Russian Federation, Indonesia, Malaysia, Vietnam, UAE, Iran, Algeria, Israel, Turkey, and Egypt.

Commenting on the company’s plans, Mr. Hiren Vallabhbhai Patel, Promoter and Managing Director of Sheetal Universal Limited, said, “With our proven experience in the Agro Processing Industry, we are aiming for forward integration with value addition by setting up a manufacturing facility with the adequate equipment for producing defatted protein power and extract cold press oil for the domestic and export market. We are also planning to set up a production unit for defatted protein powder (dry powder) made from raw peanuts, almonds, cashew nuts, and seeds which are considered vegan foods. Therefore, we will allocate the proceeds from the IPO towards expanding our capacity and geographical reach.”

In FY 2022-23, the company's total income increased to Rs.131.65 crore, up from Rs. 39.84 crore in FY 2021-22. It recorded a profit (PAT) of Rs. 1.98 crore in 2022-23, compared to Rs. 28.31 lakh in FY 2021-22. Further, for the first half of FY 2024, the Company has achieved a total income of Rs. 56.75 crores with a recorded profit (PAT) Rs. 1.88 crores.Ends

Axis AMC Launches Axis India Manufacturing Fund, Eyes Rs 3 lakh cr AUM by March; Expects Rs 2,500 cr from new fund

The Axis Bank subsidiary which competes with 44 other players, is also eyeing around Rs 3 lakh AUM by the end of this fiscal, given the market rally. The fund house opened the year with an AUM (assets under management) over Rs 2.25 lakh crore

MUMBAI, 29 NOVEMBER, 2023 (NHM/ Babita Prabhakar M.): Axis Mutual Fund on Wednesday launched a manufacturing fund and has set a target of collecting at least Rs 2,500 crore during the offer period.

The Axis Bank subsidiary which competes with 44 other players, is also eyeing around Rs 3 lakh AUM by the end of this fiscal, given the market rally.

The fund house opened the year with an AUM (assets under management) over Rs 2.25 lakh crore.

The open-ended equity scheme represents the manufacturing theme and opens for subscription from December 1 and closes on December 15.

The fund will track Nifty manufacturing index and will be managed by Shreyash Devalkar and Nitin Arora, the company announced here.

If 10 per cent of the investment is redeemed/switched within 12 months from the date of allotment there will be no exit load, while for the remaining investment there will be a 1 per cent charge, B Gop Kumar, managing director & chief executive of the fund house said.

On the overall AUM target for the year, Kumar said the growth has been very good for the company and hopes to close the year with Rs 2.8-3 lakh crore in AUM driven by SIPs and fixed-income funds.

On the new fund offer, Raghav Iyengar said they have set an internal target of collecting at least Rs 2,500 crore during the offer period.

Kumar said the fund will endeavour to harness the potential of the country's growing manufacturing theme, which of late has been gaining increased traction.

The fund managers see increased scope for exports to the US and Europe, when it comes to capital goods and power section equipment.

The country is transitioning rapidly, thanks to significant government impetus, favourable policy frameworks, and the improving cost competitiveness, said Ashish Gupta, chief investment officer.Ends