After a long lull, India's equity primary market is set to witness some activity. The Multi Commodity Exchange of India (MCX) is set to hit the market with its initial public offer (IPO) in February. The investment banking circles are already buzzing with talks about valuation. Experts say, if priced well the issue could pump life into the moribund IPO market.
The reason, say market players, is heavy losses suffered by traders in south India and Ahmedabad dabbling in the white metal.
The Multi Commodity Exchange has filed its draft red herring prospectus with the Securities and Exchange Board of India for the company's public offer. It will list only on the Bombay Stock Exchange (BSE).
Gold futures climbed to a fresh high of Rs 28,800 per 10 grams on Tuesday, tracking a firming trend overseas, where the rate topped $1,910 an ounce as global financial turmoil raised demand for the metal as a safe haven.
With the West Asian/North African crisis not likely to end soon and investors' appetite increasing for gold, it is expected to touch $1,600 an oz by the year-end.
The Bombay Stock Exchange and Foreign Exchange market will remain closed today due to a terrorist attack in Mumbai.
Market regulator, the Securities and Exchange Board of India, on Monday said one person named Jignesh Shah was found involved in price manipulation in stock markets and has imposed a fine of Rs 2.5 lakh (Rs 250,000) on him.
The Ahmedabad-based Kunvarji Group has has signed with India's leading bourse, Multi Commodity Exchange of India (MCX) for offering Commodities related Training Programs in Ahmedabad.
Asia's oldest bourse, Bombay Stock Exchange on Wednesday launched currency derivatives segment (BSE-CDX) that would enable participants to hedge their currency risks through trading in the US dollar-rupee future platform.
On August 7, the Reserve Bank of India and the Securities and Exchange Board of India cleared the guidelines for currency futures trading. Exactly six days later, the National Stock Exchange got the market regulator's approval to start such trading and is scheduled to kick off currency futures this Friday.
Commodity futures exchanges are set for another round of equity restructuring with the Forward Markets Commission, the regulator, currently finalising guidelines that will require anchor investors to prune their equity holding to 26 per cent from the present 40 per cent after three years but before five years.
India's largest commodity boursethe Multi Commodity Exchange (MCX)on Wednesday tied up with the Shanghai Futures Exchange (SHFE) of China to share knowledge and expertise for further development of their exchange ecosystems.
Talking during the India Investment Show organised by myiris.com in association with ICICI Direct, Chiragra Chakrabarty, head of training, Research and Development, Multi Commodity Exchange, said the commodity market has huge volatility.
Ambitious plans by NGOs and companies to take technology to farmers are not always successfully executed.
The National Bulk Handling Corporation Ltd (NBHC) on Monday signed a memorandum of understanding with Bank of India to work together in the area of warehouse-based receipt financing.
Move follows 26 per cent acquisition in Ahmedabad's NMCE.
The National Spot Exchange Ltd (NSEL), an arm of Multi Commodity Exchange (MCX), is planning to launch gold and silver (bullion) contracts in spot market in Kolkata by end of this month.
India's leading commodity bourse - the Multi-Commodity Exchange - is in negotiations with the Andhra Pradesh government to set up spot exchanges in the state.
Airlines have been conducting fuel efficiency analysis, which involves fuel calculations on a daily basis, based on the availability of optimum routes in terms of wind, flight levels and overflying charges, route rationalisation to prune the number of flights and increase utilisation. They also want the Centre to grant ATF a declared goods status, which would result in a uniform levy of 4 per cent sales tax at the state level.
Commodity exchanges are all restructuring their boards of directors, after the recently issued guidelines of the Forward Markets Commission.
The Cabinet Committee of Economic Affairs is all set to announce the guidelines for FDI in commodity exchanges. Following this, the Forward Markets Commission is expected to submit the proposal for ownership structure of exchanges before the Union ministry of consumer affairs.
The Bombay Stock Exchange has called off its plan to acquire 26 per cent in the Ahmedabad-based National Multi Commodity Exchange. The deal was terminated just before the resignation of BSE Managing Director and CEO Rajnikant Patel.
Last week, after months of scrutiny, the Forward Markets Commission, the regulator for futures trading in commodities, approved a proposal from state-owned MMTC Ltd and finance-to-real estate group Indiabulls to set up a national multi-commodity exchange.
The Multi-Commodity Exchange on Wednesday initiated changes in the composition and weightage of India's first real-time composite commodity futures index - MCX-Comdex.
The exchange also plans to start Futures trading in electricity, carbon credit, coal, freight index, weather index, real estate index and rain index after the amendment to the Futures Contracts Regulation Act is passed by the Parliament.
Multi-Commodity Exchange of India is the only listed bourse in the country
Economists V Shunmugam and D G Prasad working with India's largest commodity bourse -- the Multi Commodity Exchange -- have come out with a research paper arguing that the government urgently needs to shift the method of calculating inflation.
Have you heard of an electronic exchange to trade electricity? Soon, online power exchanges will be a reality in India.
The 5 per cent equity investment is the maximum equity interest permitted to foreign investors in derivative exchanges
ICICI Venture Funds Management Co. acquired 3.55 per cent, Infrastructure Leasing & Financial Services 5 per cent and Kotak Group 1 per cent in MCX from the holding company Financial Technologies. The transaction values the company at $1.1 billion.
India's largest commodity bourse--the Multi Commodity Exchange of India --may soon unveil futures contract in gold coins in an attempt to tap the small retail investors across India.
These investments from strategic international partners would provide Indian commodity markets and MCX access to global know how and technology making them more efficient, competitive and transparent institutions globally.
Breaking all previous records, gold prices on Saturday surged to a new peak at Rs 16,349 per 10 gram in futures trade, as traders increased their exposure in the precious metal following melting stock and forex.
The rolling out of the raw jute futures contracts comes close on the heel of the successful launch of Kufri Jyoti potato futures contract from MCX.
Indian Energy Exchange Ltd, a joint venture of Financial Technologies (India) Ltd and Multi Commodity Exchange, could be just one step away from getting approval to set up the country's first power exchange.
The company, which has applied for a license, is likely to get an ad hoc license in another 10 to 15 days.
Spot exchanges to trade in commodities are set to be launched across the country in a few months' time. The man in the limelight most of the time these days is Anjani Sinha, managing director and chief executive officer of National Spot Exchange.
Ginger is the hot and happening commodity now. In fact, the National Multi-Commodity Exchange is mulling expansion of its futures basket and launch of trade in dried ginger and cashew.
If anyone asks who should be named the pioneer of online Futures trading exchanges in commodities, the first name that would prop up will be that of Kailash Gupta.
MCX deputy managing director Joseph Massey said it was a "routine investigation" by the IT department at the exchange.
