FreePress India - Breaking News and Editorial in Indian Business

Commodity exchanges record 45% rise in turnover in August

September 4, 2009 by Editor's Desk

The three leading commodity exchanges – the Multi Commodity Exchange (MCX), the National Commodity & Derivatives Exchange (NCDEX) and the National Multi-Commodity Exchange (NMCE) – recorded splendid turnover in August despite uncertainty over recovery in global economies that forced participants to play safe and hold back their investment and trading plans.

The three comexes that represent over 95% cent of India’s futures trade, witnessed 45.40% growth in turnover at Rs 6,17,484.83 crore in August 2009 as compared to Rs 4,24,666.28 crore in the corresponding month last year. Total agri business of the three exchanges soared 119% to Rs 121619.44 crore while non-agri business also advanced 34.33% to Rs 495865.40 crore.

Adlabs Films to be renamed Reliance MediaWorks inline with DreamWorks

September 4, 2009September 4, 2009 by Editor's Desk

Adlabs Films Ltd has informed BSE that pursuant to the approval from the Registrar of Companies, Maharashtra, Mumbai, Adlabs Films Ltd shall be renamed “Reliance MediaWorks Ltd”, subject to approval by shareholders in the ensuing Annual General Meeting. The era of Manmohan Shetty comes to an end with he company’s name also being changed. Anil Ambani appears to be inspired by Dreamwoks and hence named his company as Reliance MediaWorks.

Government may hike stake sale target in Coal India to push disinvestment

September 3, 2009 by Komal Meswani

Indian government is considering disinvestment in the public sector Coal India. It is further understood to be contemplating hike in the stake sale target from 10% proposed earlier to 15% as it wants to put a sizeable number of shares in the market. The move may also be due to finance ministry considering anther proposal of mandating a 25% public float for listed companies. While the entire 25% stake may not be sold at one tranche, a significant first issue would raise chances of better returns for a follow on sale.

Way2SMS Achieves Five Million Subscribers

September 2, 2009September 2, 2009 by Editor's Desk

Way2SMS, India’s largest free SMS service provider has achieved an unprecedented milestone by getting five million subscriptions. This allows the Hyderabad based SMS service provider to enter into the big league of web portals. Way2SMS records twenty five thousand new subscriptions per day, which makes it one of the fastest growing web portals in the country.

Indian Government to end oil exploration licensing

September 2, 2009 by Editor's Desk

The government is aiming at ending the current regime of oil exploration licensing by 2011. This will allow firms to identify oil exploration areas they want to drill. The move will end the new exploration licensing policy which has seen increased role of private sector and is currently in its eighth round.

At present, the government auctions pre-defined blocks under its exploration licensing rounds that are open for a fixed period. However, in the new system, companies may be allowed to identify the area they want to drill and can bid for the same at any time of the year. This will provide greater flexibility to the oil exploration companies.

FIIs net sellers of Rs 635.94 cr (prov) in the cash market on Tuesday

September 2, 2009 by Editor's Desk

Foreign institutional investors (FIIs) were net sellers of Rs 635.94 crore (provisional) in the cash market on Tuesday, as per information available on the BSE website. FIIs made gross purchases of Rs 2,444.21 crore, while their gross sales stood at Rs 3,080.15 crore.

On the other hand, domestic institutional investors (DIIs) were net buyers of Rs 366.99 crore (provisional) on the same day. DIIs made gross purchases worth Rs 1,759.07 crore, while their gross sales were pegged at Rs 1,392.18 crore.