Tuesday, April 15News That Matters

Author: wealth18.com

Mar272015 by wealth18.comNo Comments

Sukanya Samriddhi Account – Maturity value calculator

PF
In my previous post, I explained the features of Sukanya Samriddhi Account. Summary of its features are: Sukanya Samriddhi Account can be opened by parents for their girl child The account can be opened at Post office or at designated bank branches. Interest rate is 9.1% for current financial year. Interest rate for each year will be declared every year (like PPF)   The age of girl at the time of opening account should not be more than 10 years. Money must be deposited for 14 years. The maturity of the account is 21 years from the date of opening of account. Minimum deposit amount is Rs 1000 and maximum is Rs 1.50 lakhs per year You can also get benefit of 80C deduction for your investment Read full details about Sukanya Samriddhi Yojna Account Scheme at the post below: https://w...
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Mar262015 by wealth18.comNo Comments

Sukanya Samriddhi Yojana Account – Saving scheme for Girl Child – Details & Review

PF
In Jan 2015, the government has announced a new savings scheme called “SUKANYA SAMRIDDHI ACCOUNT” (SSA) / Sukanya  Samridhi Yojna which is mainly for saving money for the girl child’s education and marriage. It provides tax benefit u/s 80C as well as Interest rate of 9.1%.  9.2%. Interest rate for the current financial year 2015-16 is 9.20 per cent against 9.1 per cent in the previous year. In the post below, we will try explain the features of this savings scheme and answer your queries related to benefits and drawbacks of SUKANYA SAMRIDDHI ACCOUNT, how can one open this account, when you can withdraw money from this account, how this account is compared to other investment options like PPF. What is Sukanya Samriddhi Account? Sukanya Samriddhi Account (SSA) is an saving deposit investme...
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Mar192015 by wealth18.comNo Comments

How to Apply for a PAN Card

Taxation
PAN card is required for almost all major financial transactions. In this post, I will quicly explain how to get / apply a PAN card. You can apply for PAN card by yourself. Income tax department has ensured that getting PAN is a simple procedure. You just need to submit a Form, passport size photo, fees &  ID & Address proof. You can submit the form either manually or online. 1. Form  :  Get the Form 49A .  Download the form 2. Where to Submit: Submit the Form at locations near to your area. Check out the office near you where you can submit the form :  See UTI Locations   OR    See NSDL Locations 3. Charges  :  There is a processing fees of Rs 105 (Rs 971 for NRI card dispatched outside India) 4. Documents:  You have to submit the following documents with the application form: ...
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Mar42015 by wealth18.comNo Comments

Citgroup Global buys 1.15% stake in Eicher Motor for Rs 619 crore

Stocks
The firm purchased a total of 4,09,675 shares (representing 1.15% stake) of Eicher Motors through a bulk transaction on BSE Foreign fund house Citigroup Global Markets Mauritius on Wednesday acquired shares worth more than Rs619 crore in Eicher Motors, in which Swedish company Volvo sold 4.7% stake for Rs1,920 crore. A total of 4,09,675 shares (representing 1.15% stake) of Eicher Motors were purchased by Citigroup Global through a bulk transaction on stock exchange BSE. Shares of the company were picked up for an average price of Rs 15,111 apiece, amounting the total value of the transaction at Rs619.06 crore, as per bulk deal data of bourses. Swedish commercial vehicle major AB Volvo on Wednesday sold around 4.7% stake (12.7 lakh shares) in Eicher Motors for $310 million (over Rs1,9...
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Mar42015 by wealth18.comNo Comments

McNally Bharat Engineering allots shares to Rekha Jhunjhunwala

Stocks
Shares of McNally Bharat Engineering climbed 15 % intraday on Wednesday after the engineering company allotted shares worth Rs 25 crore to Rekha Jhunjhunwala.  The company has allotted 25 lakh equity shares to Rekha Rakesh Jhunjhunwala, the wife of ace investor Rakesh Jhunjhunwala, at Rs 100 a piece on a preferential basis. Allotment price was at a 10 percent premium to Tuesday's closing price. The Kolkata-based turnkey solutions provider also allotted 20 lakh shares to promoter Williamson Magor & Company at same price. Promoter currently held 10.23 percent stake in the company as of December 2014 while other promoters have 22.08 percent stake. At 10:42 hours IST, McNally Bharat Engineering was quoting at Rs 100.60, up Rs 9.50, or 10.43 percent.
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Mar42015 by wealth18.comNo Comments

Goldman Sachs to buy 74% stake in JV with Nitesh Estates

Stocks
Goldman Sachs is set to invest USD 300 million (Rs 1,850 crore) in a joint venture company floated by listed developer Nitesh Estates, which will own and operate commercial real estate assets in India, According to report, Goldman will hold 74 % and the remaining 26% will be held by the Bangalore-based real estate developer. "The JV entity is planning to acquire rent-yielding office parks, shopping malls and luxury hotels. The impending deal is a proprietary investment from the Goldman Sachs balance sheet which has assets estimated at over USD 900 billion," says the report. At 10:35 hours IST, the scrip of Nitesh Estates was quoting at Rs 12.58, up Rs 2.09, or 19.92 percent on the BSE. There were pending buy orders of 353,093 shares, with no sellers available.
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Mar42015 by wealth18.comNo Comments

Reliance Infra acquires Pipavav Defence and Offshore Engg Co

Stocks
Reliance Infrastructure Limited today announced the acquisition of Pipavav Defence and Offshore Engineering Company Limited, together with sole management control. Reliance Infrastructure, together with its wholly owned subsidiary Reliance Defence Systems Private Limited, has agreed to acquire from the Promoters of Pipavav Defence 13,00,00,000 equity shares representing approx. 18% shareholding in the Company at a price of Rs. 63 per Share, aggregating Rs. 819 crore. Pursuant to the aforesaid acquisition resulting in a change in management and control of the Company, Reliance Defence Systems Ltd., a subsidiary of Reliance Infrastructure Ltd. has issued a Public Announcement to make a mandatory open offer to acquire 26% shares from the public shareholders of the Company, at a price of ...
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Feb122015 by wealth18.comNo Comments

Jhunjhunwala invests in Fortis Healthcare

Stocks
February 11, 2015 Rakesh Jhunjhunwala bought 34,85,075 shares of Fortis Healthcare through bulk deal on the BSE today. The scrips were purchased on an average price of Rs 119.35 per share at a total transaction value at Rs 41.6 crore Shares of Fortis Healthcare climbed by 20 per cent to settle at 52-week high of Rs 138.90 a piece. Also Read - Rakesh JhunJhunwala Latest Portfolio holdings - Feb 2015 ------------------ Fortis Healthcare Ltd., incorporated in the year 1996, is a Mid Cap company (having a market cap of Rs 6430.45 Cr.) operating in Pharmaceuticals and health care sector. Fortis Healthcare Ltd. key Products/Revenue Segments include HealthCare Services which contributed Rs 346.48 Cr to Sales Value (93.28% of Total Sales), Other Operating Revenue which contributed Rs 13.42 ...
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Feb42015 by wealth18.comNo Comments

PPF tenure, lock-in & interest rate may be increased

News
Government may increase lock-in period to 8 years and also to offer higher interest rate for 20-year tenure The government is likely to increase the lock-in period for Public Provident Fund (PPF) to 8 years (as compared to 6 years now). The government is also likely to increase the tenure of PPF from 15 years to 20 years. While it will be up to the saver to opt for either a 15-year or a 20-year saving period, the government will look to lure people with a higher interest rate for the 20-year tenure, under Section 80C," So, if the investor is willing to invest in PPF for 20 years, the subsequent tax benefit will be higher. Reported by ET Now.  
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