Some new sectors in which the commerce ministry has proposed to allow foreign direct investment (FDI) are credit information companies and commodity exchanges. The ministry is in favour of allowing up to 49 per cent FDI proposed in both these sectors. In proposing to open up the commodity sector, the ministry has said that FII investment be limited to 24 per cent, with a condition that a foreign investor cannot hold more than 10 per cent equity in the investing companies
In terms of value, this translates into more than Rs 300 crore (Rs 3 billion) of delivered quantity.
With satisfactory progress of monsoon rainfalls prompting farmers to bring in additional area under basmati sowing, prices are set to fall lower going forward.
Shah's emotional statement indicates he has bid farewell to MCX; but is he stooping to hit back?
The proposal to merge the Gujarat International Finance Tec-City (GIFT City) units of the National Stock Exchange (NSE) and BSE has reached an advanced stage, and both bourses could file an application before the National Company Law Tribunal as early as this month, according to a top regulatory official. Sources indicate that the merger proposal has received approval from their respective boards. Both the NSE and BSE are arch rivals when it comes to onshore trading.
Tinesh Bhasin explains the pros and cons of trading in gold 'options', which were introduced in India this Dhanteras
India should become a middle-income country and then push to make INR (rupee) a hard currency, and till then, it must promote the settlement of global trade in the local currency, think tank GTRI said on Sunday. Global Trade Research Initiative (GTRI) said that transforming a currency into a hard currency is a complex process that hinges on several pivotal factors. Firstly, economic stability is paramount; a country must exhibit low and stable inflation, consistent growth, and a balanced trade environment.
At present, foreign direct investment and foreign institutional investments are added to determine sectoral foreign investment cap in banking, credit information companies, broadcasting, commodity exchanges and telecom. But, with RBI allowing FIIs to acquire shares in companies under the portfolio investment scheme, the government is now likely to mandate that sectoral caps would henceforth be for FDI investment only, official sources said.
Amendments to the Agriculture Produce Market Committees Act have opened floodgates for private companies and online commodity exchange in Gujarat.
Though retail demand was weak, jewellers were restocking for Pongal festival.
The government is considering a common appellate authority for insurance and all instruments traded on the stock or commodity exchanges. This comes after the formation of the Financial Stability Development Council, a statutory body to coordinate the functioning of financial market regulators.
Jeweller and importers were awaiting the correction to stock the yellow metal for upcoming marriage season.
The deal values DGCX, which started operations one and a half years ago, at a whopping $1.25 billion.
The Budget should use the extra RBI surplus to better effect, suggests A K Bhattacharya.
Wipro was the biggest loser among Sensex firms, sliding 2.32 per cent, followed by HDFC Bank, Power Grid, UltraTech Cement, ITC, ICICI Bank and Tata Motors. IndusInd Bank, Maruti, State Bank of India, Mahindra & Mahindra, Asian Paints and Bajaj Finserv were among the gainers.
The Reserve Bank of India has set up an expert working group for examining issues related to the launch of currency futures in the country.
The proposals, approved by Finance Minister P Chidambaram on the recommendations of Foreign Investment Promotion Board, also included the application of Images Multimedia, which would bring in Rs 33.37 crore (Rs 333.7 million) in the country, according to an official release. NYSE Euronext would infuse Rs 281 crore (Rs 2.81 billion) in India for acquiring 5 per cent equity in Multi-Commodity Exchange. This amount includes premium as well.
The National Multi Commodity Exchange is planning to launch turmeric futures of Erode variety soon.
Securities and Exchange Board of India on Friday said the process of demutualisation of bourses will be started soon after government carries out necessary legislative changes.\n\n\n\n
Financial Technologies India Ltd, the main promoter of India's largest commodity exchange MCX, on Thursday said it has acquired 90 per cent stake in a South Africa-based ICX Platform (Pty) Ltd for $1.5 million (about Rs 6 crore).Financial Technologies has acquired 90 per cent stake in ICX Platform (Pty) Ltd, a technology company situated at Johannesburg, South Africa, the firm said in a filing to the Bombay Stock Exchange.
The wedding season will continue till early January and gold is an important gift item at marriages.
The exchange also asked traders to square off their trading positions in three contracts -- gold February 2015, kapas March 2015 and kapas April 2015.
Investors are reluctant to take long-term positions this year after the spectacular gains in 2023. The delivery-based trades on the National Stock Exchange (NSE) have declined to below 36 per cent this year from an average of 38.1 per cent in 2023. Investors tend to seek delivery for stocks where they see a long-term investment opportunity or tactical positional trade.
The Multi Commodity Exchange on Wednesday launched India's first ever crude oil futures contract.
Gold had hit an all-time high of Rs 11,492 on the Multi Commodity Exchange, the largest commodity bourse. The gold contract has gone up more than 7 per cent so far in 2008. Traders said the demand for gold is dull, as many people are expecting that the prices will come down.
Firm overseas trend, spot demand support uptrend.
The National Stock Exchange (NSE) has withdrawn its decision to change the expiry day for Bank Nifty derivatives contracts from Thursday to Friday. The move follows a "request" from the BSE, which settles its Sensex and Bankex derivatives contracts on Friday. The proposed change in Bank Nifty settlement was scheduled to be effective from July 6 with the first weekly expiry on July 14.
The MCX chief was in the US to clinch a deal with the NYSE that has bought 5 per cent stake in MCX.
Investors may take a 5 to 10 per cent exposure to silver. 'Have a long-term investment horizon when investing in silver ETFs to ride out short-term market fluctuations.'
MCX said it has no exposure to crisis-hit NSEL, which has to settle dues worth Rs 5,600 crore to investors after it suspended trading.
Among the Sensex firms, HDFC Bank emerged as the biggest loser, falling 4 per cent. JSW Steel, Reliance Industries, UltraTech Cement, Maruti, Tata Steel, Wipro, Tech Mahindra, Bharti Airtel and Larsen & Toubro were the other major laggards. Power Grid, Asian Paints, Sun Pharma, Axis Bank, NTPC, ITC and Infosys were among the gainers.
If at all it was some great strategy, the delay has only helped the person they eventually arrested.
The exchange has always seen huge volumes in gold trading. But due to a fall in prices, volumes took a hit.
Brokers have only kept guarantees for which they have open positions.
At least 11 firms have called-off their Initial Public Offer (IPO) plans since the beginning of 2012, even as the country's largest commodity exchange MCX today made a stellar debut in the stock market after a highly-successful IPO last month, a report has said.
Mahindra & Mahindra was the biggest gainer on the Sensex chart, rising 2.56 per cent, followed by Tata Steel, Tech Mahindra, Nestle, Power Grid, Infosys, HCL Technologies, Axis Bank, UltraTech Cement and L&T. In contrast, Asian Paints, ITC, Bajaj Finserv, Bharti Airtel and Tata Motors were among the laggards.
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