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

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 (AGN):  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 files IPO papers with SEBI, to list with NSE Emerge

MUMBAI, 5th DECEMBER, 2023 (AGN): Alpex Solar Limited, one of the leading manufacturers of solar systems in the country, has filed a Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for an Initial Public Offer (IPO). The company's shares are proposed to be listed on NSE Emerge platform.

A fresh issue of 64,80,000 equity shares with a face value of ₹10 per share makes up the offer. The net proceeds from the IPO will be used by Alpex Solar in the following ways: ₹19.55 crore to upgrade and expand the company's current solar module manufacturing facility, increasing its capacity by 750 MW; ₹12.94 crore to establish a new manufacturing unit for the company's solar module's aluminium frame; ₹20.49 crore to cover working capital needs; and the remaining capital allocated for general corporate expenses.

The registrar of the issue is Skyline Financial Services Private Limited, and the book running lead manager (BRLM) is Corporate Capital Ventures.

The company uses both monocrystalline and polycrystalline cell technologies in the production of PV modules. Its product line includes half-cut, mono-perc, and bifacial solar PV modules. Additionally, it provides complete solar energy solutions, such as engineering, procurement, and construction (EPC) of surface- and submersible-class AC/DC solar pumps.

Alpex Solar recorded revenue of ₹183.93 crore for FY23, a rise from ₹156.06 crore for FY22. For H1FY24, the company brought in ₹207.13 crore. Alpex Solar's profit (PAT) was ₹3.74 crore in FY2022-23 and ₹7.05 Lakh in FY2021-22, respectively, while the company's PAT for the first half of the current fiscal year ended in September 2023 was ₹10.02 crore.

“As India aims to achieve zero emissions by 2070, adopting renewable energy plays a critical role in its ambitious plan. To meet market demand for large-sized cells with multi-bus bars (MBB) 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.

We are also planning to build a new plant dedicated to producing aluminium frames, eliminating our dependency on imports of the frames from other countries," said Ashwani Sehgal, Chairman & Managing Director of the company, as stated in the press release.

Accent Microcell IPO Limited opens on December 8, price band set at Rs 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 (AGN): 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.Ends

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

MUMBAI, 1st DECEMBER, 2023 (AGN): 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.

Sheetal Universal IPO Opens on 4th December

Sheetal Universal IPO is a SME IPO of 3,400,000 equity shares of the face value of ₹10 aggregating up to ₹23.80 Crores. The issue is priced at ₹70 per share. The minimum order quantity is 2000 Shares. The IPO opens on December 4, 2023, and closes on December 6, 2023.

MUMBAI, 30 NOVEMBER, 2023 (AGN): 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

Union AMC Launches Union Children's Fund, Open for subscription on November 28, 2023 and closes on December 12, 2023

MUMBAI, 27 NOVEMBER, 2023 (AGN):  Union Asset Management Company Pvt. Ltd., Investment Manager to Union Mutual Fund, sponsored by Union Bank of India and Japan's Dai-ichi Life Holdings, Inc., today announced the launch of Union Children's Fund - an open-ended fund for investment for children, having a lock-in for at least 5 years or till the child attains the age of majority (whichever is earlier).

The New Fund Offer (NFO) of Union Children's Fund ('the Scheme') will open on November 28, 2023 and close on December 12, 2023. The Scheme will re-open for ongoing sale and repurchase within 5 business days from Allotment.

Benchmarked against S&P BSE 500 Index (TRI)^^, the Scheme aims to generate long-term capital appreciation by investing in a mix of securities comprising equity, equity-related securities and debt instruments as per the asset allocation pattern of the Scheme with a view to providing investment solution to investors.

The minimum application amount for investment in the Scheme is Rs 1,000 and in multiples of Rs. 1 thereafter.

Mr. G. Pradeepkumar, Chief Executive Officer (CEO) of Union AMC, said, "We are excited to announce the launch of Union Children's Fund. At a time when inflation is on the rise, it has become challenging for people to invest for their children's future needs. In this scenario, imagine a future where each child's dreams have no limits, where his/her potential is nurtured, and where every milestone is supported with unwavering love and financial well-being. That's exactly what Union Children's Fund aims for - to help you plan for your child's bright future. This investment can be a tangible expression of your love and commitment towards your child."Ends

Sunpure forays into packaged jaggery market with it's brand riso targets Rs 120 crore Annually

MUMBAI, 21 NOVEMBER, 2023 (AGN):  Sunpure, an edible oil brand, introduces a new product category – packaged jaggery. Sunpure Jaggery Powder and Sunpure Jaggery Block. The company aims to expand the new products to its existing markets across Karnataka, Maharashtra, Kerala, Andhra Pradesh, Telangana, Goa, and Tamil Nadu in the next month.

MK Agrotech, the parent company of Sunpure, is a karnataka based organisation focused on integrating technology and tradition in the food sector. The company aims to expand its presence as a pan-India FMCG brand. Considering the growing health consciousness among Indian consumers and their preference for healthier alternatives to refined white sugar, the company decided to enter the new segment with Sunpure Jaggery. 

“India is one of the leading exporters of jaggery in the world and the domestic market for packaged jaggery is ripe for disruption. With mounting health concerns due to growing incidence of diabetes, heart diseases and obesity-related issues, more and more Indian consumers today are replacing white sugar with jaggery, an unrefined natural sweetener made from sugarcane juice. What’s more, jaggery also offers numerous nutritional benefits, making it a healthy addition to the household pantry staples,” Sridhar Vaidyanathan, chief operating officer, MK Agrotech, said. 

“Unlike traditional jaggery sold in open markets or other packaged jaggery products available in the market, Sunpure Jaggery’s USP is that it is produced using traditional methods with skilled manpower in hygienic conditions, and without the use of any harmful chemicals, artificial colours, or commonly used preservatives. You may notice that Sunpure Jaggery is darker in colour due to the absence of bleaching agents; it is 100% natural and safe,” added Mannan Khan, Director, MK Agrotech. 

The packaged jaggery market in India reached Rs 55.6 billion in 2022 and is projected to reach Rs 122.1 billion by 2028, with a growth rate (CAGR) of 14.1% over five years. Sunpure aims for an annual revenue of Rs 120 crores in this segment. In Mumbai, the products have been introduced under Riso Jaggery powder and Riso Jaggery block. Sunpure had acquired Riso, a premium edible oil brand in Maharashtra, in February this year to enhance its presence in the Western market.Ends