NCDEX e-Markets (NeML), an NCDEX group company, has signed an agreement with the Iranian Mercantile Exchange to develop joint trading platform for commodities trade between the two countries.
"This agreement with NeML will create a joint e- trading platform for trading of commodities from Iran to India and vice-versa. The trading platform is likely to begin its operation with trading of bitumen from Iran to India," a joint press release issued said.
The trading platform will be used by all the leading bitumen manufacturers in Iran and its leading users in India. NeML and IME would jointly develop and run this trading platform. Though the beginning would be made with spot trading of bitumen, a future contract for bitumen is the goal.
"Our agreement with NCDEX e-Markets is another step to facilitate trading of commodities between two the countries and IME is happy to contribute towards this noble objective.
"This would go a long way in strengthening the price discovery mechanism thereby benefitting the entire supply chain and leveraging the expertise from IME," chief executive Hamed Soltaninejad said.
"NeML is committed to enhancing the efficiencies of international markets leveraging its e-market and services platform," NeML managing director Rajesh Sinha said.
Mahindra Finance plans QIP to raise capital
Mumbai: Mahindra Finance has received board approval to raise capital through qualified institutional placement (QIP) route under which it will issue up to 2.4 crore equity shares and a preferential issue to parent Mahindra & Mahindra for up to 2.5 crore equity shares.
"The capital to be raised shall be used for business growth and funding requirements, investment in its subsidiaries and joint venture, strengthening its capital adequacy and for general corporate purposes," the company said in a statement.
The company did not specify how much money it will raise.
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