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Geojit makes its presence felt in commodity exchanges

Special Correspondent

KOCHI: As a result of the initiatives taken by Geojit to educate various stakeholders in utilising the futures market conditions, there has been an unprecedented rise in the deliveries.

The record delivery figures registered in commodity exchanges for March proved that commodity trade was no more speculative in nature or meant only for price discovery, said the Kochi-based Geojit Services in a press note.

As per the figures, over 50 per cent of the total deliveries were carried out through Geojit Commodities Limited. Out of 8,386 m tonnes of rubber delivery through NMCE, 4,635 m tonnes of delivery was through Geojit (56 per cent of the total delivery). Among 3830 m tonnes of pepper delivery, 2831m tonnes were made possible through Geojit (74 per cent of the total delivery).

In the case of cardamom, out of 736 quintals of delivery 171 quintals were delivered through Geojit (23 per cent of the total delivery).

Through NCDEX, total pepper delivery registered was 2,180 m tonnes out of which delivery taken place through Geojit was 1064 m tonnes (49 per cent).

This record delivery was possible due to the active participation of farmers, especially small farmers.

When rubber prices went down, sale of the product through the futures market helped farmers to hedge their loses. C.P. Krishnan, head of Geojit Commodities, said that as per the present scene spot prices were influenced by futures prices as in the international markets and the situation is catching up with global standards.

Geojit is a broker active in cash equities, derivatives and commodities and also in the distribution of financial products: mutual funds, life insurance and IPOs.

It has a network of 385 branches across India. During the first nine months of 2006-07, the company generated a revenue of Rs.97.65 crore with 19.47 crore profit. Recently BNP Paribas, one of the largest banks in the world, took 34.35 per cent stake in the company, the release added.

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