NewswireToday - /newswire/ -
Mumbai, Maharashtra, India, 2007/06/27 - Futures contracts in 3 most versatile Polymers viz Polypropylene (PP), Linear Low density Polyethylene (LLDPE) & Polyvinyl Chloride (PVC) were launched for trading on the NCDEX platform by Shri Mukesh D. Ambani, CMD, Reliance Industries Limited on the 16t.
Since then NCDEX has received encouraging responses from the Industry participants as well as other market participants who actively contribute in the derivatives markets.
With a motive to discover and disseminate real time prices for Polymers in India by actual trading in futures contracts and to provide the availability of this risk hedging tool to the entire value chain of the Polymer Industry, NCDEX has been continuously attempting to inform and educate the Polymer Industry to understand and come forward to hedge the risk that they have always been carrying due to volatility in prices.
Moving forward in this endeavor NCDEX today said that they were proud to announce a strategic tie - up with a leading online Polymer information portal.
Polymerupdate, provider of real time news and price alerts has grown to become a preferred destination for local as well as global players seeking plastics and petrochemical intelligence. Polymerupdate subscribers include most of the regions leading resin producers, processors, traders, consultant firms, investment bankers, credit rating agencies, as well as renowned international information services, news, and media companies who access polymerupdate for gaining superior market knowledge.
Mr. Shrikant S., Chief Business officer, NCDEX said, " this tie - up would strategically integrate the Polymer industry with the Derivative market participants as Polymerupdate would showcase almost real time prices of polymers been traded on NCDEX platform are at the same time provide current happenings in the Polymer domain across the globe, thereby catering to the requirements of all market participants and provide a synergizing effect".
Commenting on the benefits of plastics futures trading, Mr. Sajjid Mitha, CEO and Founder of polymerupdate.com said, "in order to insulate producers and consumers from the adverse effects of pricing volatility on their margins, a hedging tool is an imperative. The NCDEX plastics futures provide just that and must become a routine part of every industry participant's daily business life, with immediate effect."
Mr. Mitha said, "for polymerupdate to be associated with a renowned commodities exchange entity like NCDEX is a great honour. I am certain that a large number of our subscribers will benefit greatly from their membership of the exchange. Plastics futures trading will pick up in India and before long converters will see the immense advantage of hedging their risks using this most valuable risk management tool."
National Commodity & Derivatives Exchange Limited (NCDEX) is a professionally managed on-line multi commodity exchange promoted by ICICI Bank Limited (ICICI Bank), Life Insurance Corporation of India (LIC), National Bank for Agriculture and Rural Development (NABARD) and National Stock Exchange of India Limited (NSE). Canara Bank, CRISIL Limited (formerly the Credit Rating Information Services of India Limited), Goldman Sachs, Indian Farmers Fertiliser Cooperative Limited (IFFCO) and Punjab National Bank (PNB) by subscribing to the equity shares have joined the initial promoters as shareholders of the Exchange. NCDEX is the only commodity exchange in the country promoted by national level institutions. This unique parentage enables it to offer a bouquet of benefits, which are currently in short supply in the commodity markets. The institutional promoters and shareholders of NCDEX are prominent players in their respective fields and bring with them institutional building experience, trust, nationwide reach, technology and risk management skills.
NCDEX is a public limited company incorporated on April 23, 2003 under the Companies Act, 1956. It obtained its Certificate for Commencement of Business on May 9, 2003. It commenced its operations on December 15, 2003.