Futures trading in tur, urad banned
Chenna: The Central government has banned futures trading in tur and urad until further notice. An NCDEX official said the exchange received the notice late in the evening asking it to stop trading in forward contracts of urad and tur with immediate effect. He said the current open positions would be settled at today's prices. Urad for February delivery closed at Rs3,245 a quintal on NCDEX. However, tur ended on a negative note on profit booking at Rs2,476 a quintal for February. The commodity ruled at Rs2,240 on January 12.

Commodity exchange sources attributed the Centre's move as one to curb inflation that rose to 6.12 per cent for the week ended January 6.

The Centre has been under pressure from the Left parties to ban forward trading. The Left allies of the UPA Government have blamed forward trading solely for the rise in prices of essential commodities.

Market players, on the other hand, say that the spurt is in view of tight supplies and rising consumption.

Commodity exchanges heads and analysts believe the Government should take long-term measures to improve farm productivity rather than blame futures trading for the inflation spike.

They said production of wheat and pulses has been stagnant for the past seven years whereas population has shown a growth of 20 per cent.
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Mudra Lifestyle raises Rs14.4-cr
Mumbai: Mudra Lifestyle, which manufactures and exports fashion fabrics and garments, has raised Rs14.4 crore through a pre-IPO private placement of equity shares to SIDBI Venture Capital and State Bank of India.

The company is proposing to make a public issue and has filed the draft red herring prospectus with SEBI.
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JP Morgan to begin operations in India by April
Kolkata: JP Morgan Asset Management Co, among the world's biggest fund managers, has received in-principle approval from the securities regulator to set up operations in India.

As part of its pre-launch efforts, the firm has started a limited brand awareness exercise, via select distributors that are carrying its message in the form of an overview.

The asset management firm also has finalized a team covering a number of functions. The team will propel it to move apace once the SEBI go-ahead is in place.

The interface with distributors is aimed at establishing its identity and explaining its objective, he added.

In India there has been an investment of over $5.6 billion in India-dedicated funds (through FIIs) as on November 30, 2006. JP Morgan has a network of 22 investment centres within 4 hubs - New York, London, Hong Kong and Tokyo.
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