| The commodities trading subsidiary of IDBI is likely to be called IDBI Commodities and will be incorporated once IDBI Capital gets the go-ahead from the Reserve Bank of India, said S Muhnot, managing director and CEO, IDBI Capital. |
| IDBI will make a beginning in commodities trading with gold and silver and later include non-ferrous metals. "This will help us offer our customers one more asset class for investment," he said. |
| The commodities trading initiative is part of IDBI Capital's expansion plans. It is also in the process of launching a mutual fund. |
| IDBI Chairman V P Shetty today inaugurated IDBI Capital's new office premises which will house all its existing (investment banking and institutional broking) activities and the proposed initiatives. |
| Muhnot said the commodities trading subsidiary will also indulge in proprietary trading, apart from investing on behalf of clients. |
| "We will be interested in non-deliverable futures trading and not in taking deliveries. The facility of holding warehouse receipts in dematerialised form helps in institutional trading in commodities," he added. |
| IDBI Capital is launching next week its online trading facility for retail investors as well. With this IDBI will be the first among public sector banks to have its own online trading platform for retail investors. |
| IDBI has posted net profit of Rs 119.30 crore for the third quarter ended December 31, 2005, whereas the same was at Rs 62.13 crore in the corresponding quarter of the previous year. |
| Total income stood at Rs 1,548.16 crore up from Rs 1,259.08 crore recorded in the yeaago period, the company informed the Bombay Stock Exchange. |
| The results for the quarter ended december 31, 2005, are not comparable with the last corresponding quarter as they include the operations of the erstwhile IDBI Bank Ltd, which was merged with IDBI in April, it added. |
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