NeML facilitates commodities trade of Rs 20,500 cr in FY15

NCDEX e-Market, (formerly NSPOT), today said it has facilitated commodities trade worth almost Rs 20,500 crore for government agencies in fiscal 2014-15.
The company helped governments and public sector enterprises in six states with the procurement of 74 lakh tonnes of staples worth almost Rs 20,500 crore such as sugar, pulses, salt, rice and edible oil under food security programmes such as the public distribution system, Mid-Day Meal Scheme, at most competitive rates, the company said in a release issued here.
Gujarat, Karnataka, Maharashtra, and Chhattisgarh were the first to adopt e-markets for welfare programmes.
This year Andhra Pradesh and Haryana were added to the list.

"We help government agencies deliver on their promises through our people, process and technology. Our focus is always on sustainable outcomes and results that connect the commodity market more effectively with its participants. NeML's impact on the Indian commodity markets is reflected in its good financial performance," NeML Director Samir Shah said in a release issued here.
In FY 2013-14, NeML facilitated the trade of 34 lakh tonnes in essential commodities, worth Rs 10,422 crore.

Its growing presence in commodity spot markets is reflected in a 66 per cent jump in its revenue to Rs 19.01 crore and a 10-fold rise in its net profit in FY 2014-15.

"NeML delivers its solutions through the skilled application of e-markets business process management expertise, physical market experience, deep subject matter knowledge and technology tools in its primary service areas," company CEO Rajesh Sinha said.
The company's initiatives such as the Mandi Modernisation Project and Unified Market Platform in Karnataka, which are used by 10,000 farmers daily, have been recognised by the government as a model for building the National Agricultural Market.