Posts Tagged ‘Union Bank’

Ace Derivatives & Commodity Exchange

Ace Derivatives & Commodity Exchange with over five decades of impeccable experience in commodity trading, has recently transformed itself and established an online multi-commodity platform with a pan-India presence. Kotak Group is the anchor investor in ACE Commodity Exchange with a 51 per cent stake, while Haryana”s Hafed has a 15 per cent interest and banks like Bank of Baroda, Union Bank and
Corporation Bank have an over 14 per cent stake. The remaining equity is held by Ahmedabad Commodity Exchange members.

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Products offered

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Ace offers futures trading the following commodity groups:

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Bullions: Gold, Silver

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Energy: Crude oil, Natural Gas

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Agri

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•Castor Seed (Ex-Warehouse Ahmedabad)

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•Mustard Seed (Ex-Warehouse Jaipur-inclusive of all taxes but exclusive of Sales tax/ VAT)

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•Soybean Ex-Warehouse Indore -inclusive of all taxes but exclusive of Sales tax/VAT)

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•Refined Soy Oil (Ex-Tank Indore-Inclusive of all Taxes and Levies)

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•Pulses

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•Chana

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•Spices

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•Turmeric

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The Kotak-anchored exchange started futures trading in soybean, soyoil, rape/mustard seed, chana and castor seed. With the launch, the first set of contracts will be available for trade for delivery on November 20, December 20 and January 20.

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The lot size of trading is fixed at 10 tonnes of each contract. According to the exchange data, the castor seed contract for December-expiry opened at `3,442 a quintal, chana at `2,440 a quintal, soyabean at `2,244 a quintal, mustard seed at `573 for every 20 kg and refined soy oil at`545.90 for every 10 kg.

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Trade Timings:

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Agri: 10:00 a.m. to 05:00 p.m. (Monday to Friday)

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10:00 a.m. to 2:00 p.m. (Saturday)

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Bullion/Metals: 10:00 a.m. to 11.30 p.m. (Monday to Friday)

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10:00 a.m. to 2:00 p.m. (Saturday)

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Risk Management

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The Exchange assumes the counter party risk by guaranteeing trade settlement. The Risk Management framework of the Exchange ensures timely settlement.

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More hands working on…..

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Haryana State Cooperative Supply and Marketing Federation (Hafed) is planning to set up spot exchanges of the recently launched Ace Derivatives and Commodity Exchange (ACE) in mandis soon. The association of Hafed with the ACE will help it in playing the role of an aggregator and a risk manager on behalf of thousands of farmers, who will be motivated to become participants of the ACE in the coming decade.

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In addition to its convenient trading platform, Ace provides a robust clearing & settlement infrastructure that supports the complete process of trade intermediation – including registration of trades, settlement of contracts and mitigation of counter party risk; giving traders the peace of mind in times of increased market volatility.

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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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Sensex Tumbles 216 Points on Weak Global Cues

Stocks dropped on Wednesday, triggered mainly by weak sentiments in Asian markets  on concern over rising dollar, ahead of the expiry of October series of futures and option contracts.

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European markets saw a gap-down opening, but recovered later, helping the market to gain some ground in the last half-an-hour of trade. The BSE Sensex trimmed 216.02 points, or 1.07 per cent, to close at 20,005.37. Nifty index declined 69.35 points, or 1.14 per cent, to 6,012.65.

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“Strengthening of the dollar against a basket of major world currencies dragged the market on Wednesday. The Dollar Index, which has an inverse relationship with different assets classes, is rebounding these days. Due to which, investors have turned cautious on equities markets,” said Jagannadham Thunuguntla, head of research at SMC Global Securities.

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The Dollar Index on Wednesday rose to 77.92 against 76.64 on October 14. Before this, the index was falling continuously from the middle of July.

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There was also speculation that US Federal Reserve’s asset purchase plan may be a disappointing one, said Alex Mathews of Geojit BNP Paribas.

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“Nifty has a major support at 5,963 while on the upside, it faces resistance at 6,089 level. On Thursday, we are going to see the October F&O expiry. The rollovers at the end of Wednesday’s session was around 45 per cent,” he said.

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Banking stocks continued to weigh heavy while disappointing results of heavyweight NTPC hurt sentiments on the power counter.

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Union Bank, ICICI Bank and HDFC Bank fell 5.85 per cent, 2.23 per cent and 1.93 per cent, respectively. SBI inched up 0.41 per cent to Rs 3,193.45. Union Bank on Wednesday posted 40 per cent decline in September quarter PAT to Rs 303 crore compared with the same period a year ago.

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NTPC fell 3.24 per cent after the company reported 2.07 per cent drop in PAT on 20.46 per cent year-on-year rise in net sales for the September quarter. The results were announced after Tuesday’s trading hours.

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Among other stocks in news, MRPL rose 1.76 to Rs 83.95 after its Q2 net profit jumped 56.70 per cent to Rs 281.57 crore. ONGC and HPCL, the two stakeholders of the company, dipped 1.80 per cent and 1.42 per cent.

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Shriram Transport Finance hit an all-time high and rose 3.94 per cent to Rs 89.45 after its net profit surged 44.11 per cent year-on-year to Rs 298.96 crore.

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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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