Posts Tagged ‘foreign exchange’

SMC Global Securities Selects SunGard Kiodex Risk Workbench

SMC Global Securities, one of India’s largest brokering firms, has selected SunGard’s Kiodex Risk Workbench, a fully integrated Web-based risk management solution, to help its clients in hedging their price risk in foreign exchange, commodities and interest rates.

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SMC Global Securities also selected Kiodex Global Market Data for its independent market data needs.

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Kiodex will help SMC Global Securities establish a corporate hedging desk by assisting with deal capture, reporting and risk analysis of its client portfolios. SMC chose SunGard’s Kiodex Risk Workbench because of its robust risk management tools and its software-as-a-service (SaaS) delivery model, helping companies quickly bring new business to market.

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Mr. D K Aggarwal, chairman and managing director of SMC Comtrade Ltd, said, “With the globalization of the Indian economy, corporations in India need to have proper risk management systems in place. Through this relationship with SunGard, SMC would be in a position to help its clients to effectively manage price risk volatilities in the foreign exchange and commodities space.”

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Mr. Ajay Garg, director, SMC Global Securities, said, “SunGard’s Kiodex Risk Workbench and Kiodex Global Market Data will help us streamline deal entry, capture the dynamics of the commodity markets, and give us the ability to view risk from multiple perspectives so we can focus on assisting our clients with their risk management needs.”

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Kirk Howell, chief operating officer, SunGard’s Kiodex business unit, said, “India is a rapidly growing commodities market. SMC’s selection of Kiodex extends our existing presence in India to the brokerage community.”

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OUR Websites:  http://www.smcindiaonline.com,http://www.smccapitals.com,
http://www.smctradeonline.comhttp://www.smcwealth.com

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Thomas Cook Spikes up on CRISIL’s Rating

Thomas Cook (India) is currently trading at Rs 70.50, up by 2.40 points or 3.52% from its previous closing of Rs 68.10 on the BSE.

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The scrip opened at Rs 69.00 and has touched a high and low of Rs 71.45 and Rs 68.60 respectively. So far 379951 shares were traded on the counter.

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The BSE group ‘B’ stock of face value Rs 1 has touched a 52 week high of Rs 78.50 on 14-Jan-2010 and a 52 week low of Rs 51.15 on 03-Nov-2009.

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Last one week high and low of the scrip stood at Rs 73.00 and Rs 67.55 respectively. The current market cap of the company is Rs 1489.78 crore.

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The promoters holding in the company stood at 77.23% while Institutions and Non-Institutions held 0.85% and 21.92% respectively.

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Credit rating agency, CRISIL has reaffirmed ‘AA-/Stable’ rating to Rs 6.80 crore proposed long term bank loan facility and Rs 158.20 crore cash credit and working capital demand loan of Thomas Cook India..

The ratings reflect the company’s leading position in the foreign exchange (forex) business in India, and its strong brand equity. These rating strengths are partially offset by the susceptibility of the company’s business to the external environment, and the company’s moderate financial risk profile.

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Thomas Cook is a part of the Thomas Cook group. It operates in the forex and travel services businesses.

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OUR Websites:  http://www.smcindiaonline.com,http://www.smccapitals.com,
http://www.smctradeonline.comhttp://www.smcwealth.com

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India World”s 10th Largest Gold-Holding Country :)

The Economic Survey, which was tabled in the Parliament by the Finance Minister today noted that the year 2009-10 witnessed India becoming the world”s 10th largest gold-holding country, from a nation that pledged its bullion two decades ago to pay for imports.

The gold purchase by the government of 200 tonnes from the International Monetary Fund (IMF) took its total reserves to 557.7 tonnes, or about 6 per cent of the total foreign exchange reserves.

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India in 1991 had to pledge its gold to the Bank of England in order to pay for its imports.

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The survey said “Post-purchase, India has become the 10th largest official gold-holding country in the world,”.

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The Reserve Bank of India (RBI) in November last year concluded 200 tonnes of gold purchase from IMF as part of the country”s foreign exchange reserve management operation.

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The purchase, which was executed over two weeks during October, was an official-sector off-market transaction.

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Earlier, Finance Minister Pranab Mukherjee had said that the purchase of gold provided a healing touch to the pride of the nation, which was dented about two decades earlier when the country sold its gold for a few hundred million dollars.

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Meanwhile, the survey sates that IMF”s Executive Board, on September 18, 2009 announced its decision to sell 403.3 metric tonnes of gold as a central element of its New Income Model and in order to increase its resources for lending to low-income countries.

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The IMF also decided that the initial offer of the sale would be directly to official holders, including the central banks. Consequent of this, the RBI concluded the purchase of 200 metric tonnes of gold from IMF, under the IMF”s limited gold sales programme, at the cost of US$ 6.7 billion, in November 2009, as part of its foreign exchange reserves management operation.

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The purchase was an official- sector off-market transaction and was executed over a two-week period during October 19-30, 2009 at market-based prices.

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With this purchase, gold holdings in the country”s foreign exchange reserves have increased to 557.7 tonnes from 357.7 tonnes, which is about 6 per cent of the reserves. Post-purchase, India has become the 10th largest official gold-holding country in the world.

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Stay Tuned for More updates.

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