Tata Technologies inks MoU with China’s FutureMove Automotive
Tata Technologies has inked a pact with China’s FutureMove Automotive to develop connected mobility solutions for automotive manufacturers in China and other markets. The companies signed a MoU on the sidelines of the Shanghai Motor Show 2019.
Through the agreement, the two companies will integrate technologies, products, solutions, and resources to respond to demands within the automotive industry.
Tata Technologies has strong capabilities in delivering end-to-end vehicle programmes. With over 9,000 professionals, the company serves clients in 27 countries from its 17 global delivery centres across Asia-Pacific, Europe, and North America. On the other hand, FutureMove Automotive, with its digital and mobility services, is a strategic partner to Tata Technologies’ customers in Mainland China, Hong Kong, Macao and the US.
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Indian Commodity Exchange (ICEX) has recorded a five-fold increase in turnover in the last six months, largely due to robust trading in diamond contracts. Daily turnover on the exchange hit a lifetime high of Rs 418 crore on February 27.
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The largest commodity exchange in diamond futures trading has seen a steady increase in turnover from Rs 1,090 crore logged last September to a high of Rs 5,332 crore in February. Nearly 85% of the turnover generated in February was attributed to trading in diamond futures contracts, which were launched on the platform in August 2017.
Traded only on ICEX, the diamond contract provides a hedging tool for exporters. Turnover of the diamond futures contract on the exchange increased over 14 times in the last six months to Rs 4,531.50 crore in February from about Rs 318 crore.
Sanjit Prasad, CEO, ICEX, said several factors, including price volatility, launch of new commodities for trading and change in contract design in the flagship diamond contract contributed to the increase in turnover. Last month was a record-breaking month for ICEX in terms of daily turnover till date, he added.
The exchange recorded an average daily volume of Rs 267 crore in February, five times higher than the Rs 55 crore logged last September. The exchange has handled diamond delivery of 980.45 carats since November 2017, of which 127.67 carats was delivered in March.
Indian Commodity Exchange is SEBI regulated Exchange.
Sebi has allowed mutual funds and portfolio management services (PMS) to trade in commodity derivatives. This is likely to boost turnover of Indian Commodity Exchange (ICEX). Rival MCX expects 15-20% volume growth to be maintained with entry of MFs and PMS in FY20.
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Sanjit Prasad, CEO, Indian Commodity Exchange (ICEX), said adding commodities in investors’ portfolios involves some risk but the overall risk adjusted returns of the portfolio may improve. “The ICEX platform will enable them to participate in unique commodities such as diamonds where we have seen a healthy growth in terms of participation and open interest,” he said.
Sebi allows MFs, PMS to invest in commodity derivatives
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Metropolitan Stock Exchange of India (MSEI), India’s new stock exchange, is recognised by Securities & Exchange Board of India. It is India’s third functional and recognised stock exchange after BSE and NSE.
