Futures turnover touches record high in 2006-07
Mumbai: Commodity and stocks futures accounted for 80 per cent of the total turnover of the cash and futures markets in 2006-07 against a share of 74 per cent a year ago and 60 per cent two years ago.

A trader is now required to pay upfront margins of 15 per cent of the market value of index futures, about 25 per cent of the market values of stocks futures, around 8-10 per cent of agro commodity futures and up to six per cent of non-agro commodities.

The turnover of the commodity and stocks (including index futures) futures rose 58.8 per cent in 2006-07, crossing the Rs100 trillion mark at Rs110.53 trillion. The commodity futures outperformed the stocks and index futures by posting 70 per cent growth in turnover. The turnover of stocks and index futures rose 53.7 per cent.

The three major commodity exchanges had a combined turnover of Rs36.37 trillion (Rs36,37,009 crore) during the financial year.

On the stock markets, the BSE and the NSE clocked a total turnover of Rs74,15,257 crore due to introduction of 49 new stocks futures during the year.

Among the five major exchanges that allow futures trading, the National Stock Exchange accounts for 66.6 per cent, the Multi Commodity Exchange (MCX) 20 per cent and the National Commodities and Derivatives Exchange (NCDEX) 10.5 per cent. The BSE has a minuscule 0.50 per cent share, while the NMCE accounts for the remaining 2 per cent.
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BEML to float Rs 440 crore follow-on issue in June
Bangalore: Bharat Earth Movers is planning to come out with a follow on public issue to raise Rs 440 crore by offloading 49 lakh shares for the first half of June this year.

The follow-on issue will mainly finance the modernisation and expansion plans of its metro coach production infrastructure at Bangalore. Internal accruals would partly fund the expansion — Rs230 crore for metro infrastructure and Rs150 crore for modern machinery.

The plan is to raise the output to around 300 coaches a year to meet the estimated demand for 1,000 coaches in a couple of years as many States have announced metro projects.

BEML closed the just ended 2006-07 year with a provisional profit before tax of Rs315 crore, or 10 per cent growth year on year. Provisional turnover was up 18 per cent recording its highest ever figure of Rs2,600 crore. Exports were Rs110.05 crore. The larger plan is to touch Rs5,000 crore by 2013, its 50th year.
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