NSE emerges as the worlds largest derivatives exchange
National Stock Exchange of India Ltd (NSE) has emerged as the world's largest derivatives exchange in 2019 by number of contracts traded surpassing the CME Group, based on the statistics published by Futures Industry Association (FIA) which is a derivatives trade body. It also ranks 3rd in the world in the cash equities segment by number of trades as per the statistics published by the World Federation of Exchanges (WFE).
NSE has been focused on building robust markets for all asset classes. Over the last 5 years, the cash equities segment has grown by more than 90 per cent from a daily average turnover of about Rs. 17,572 crore in CY2015 to about Rs. 34,264 crore in CY2019. During the same period, equity derivatives daily average turnover has increased by 70 per cent from about Rs. 52,371 crore in CY15 to Rs. 88,772 crore in CY19. Derivatives to cash market turnover ratio consistently remained around 3x. Further, during this period, NSE witnessed about 60 per cent delivery percentage of trades executed in the cash market. Empirical research globally and in India has established beneficial impact of the derivatives market on cash market turnover. Growth in volumes of both cash equities and derivatives is on the back of deepening of equity markets in India.
Mr. Vikram Limaye, MD & CEO of NSE said that the achievements are backed by supportive government and regulatory policies, state of the art technology infrastructure, a robust risk management framework and broad based trust and participation by the entire spectrum of global and domestic investors. Market development is critical for financing the growth of India and for achieving the aspiration of becoming a $5 trillion economy by 2024-25. Thus, robust capital markets are not only critical for financing the country's growth potential but also for creating employment opportunities for our youth.
Edelweiss Financial Services’ arm raises fund via NCDs
Edelweiss Financial Services wholly-owned subsidiary, Edelweiss Finance & Investments (EFIL) announced that it has issued secured redeemable Non-Convertible Debentures (NCDs) of a face value of Rs. 1,000 each which, amounts to Rs. 125 crore (base issue), with an option to retain over-subscription up to Rs. 125 crore, aggregating to a total of Rs. 250 crore. The stated debentures offer an effective yield of up to 10.25 per cent along with 0.20 per cent additional interest for tenure of 18 months, 36 months, 60 months and 120 months. The NCDs have monthly, annual and cumulative interest options.
The funds raised will be primarily used for the purpose of onward lending and the repayment of interest and principal of existing borrowings of company as well as for general corporate purposes. Edelweiss Finance & Investments is 100 per cent owned subsidiary, currently having loan book exposure to products such as granting loans against securities, Employee Stock Ownership Plan (ESOP) finance, margin trade financing, Initial Public Offering (IPO) financing and so on.
PSP Projects get LoA worth Rs. 357.90 crore from various clients
Ahmedabad-based construction firm, PSP Projects has received work orders amounting to Rs. 357.90 crore for institutional, industrial, government and government residential projects from various clients. The order includes a major work for the development and beautification of Shri Kashi Vishwanath Dham at Varanasi (Uttar Pradesh) worth Rs. 339.00 crore and the remaining orders are from other clients. Along with this, the total work orders received during the financial year 2019-20 on a standalone basis, amounts to Rs. 1,510.85 crore.
As on Q2FY20, the company has an order book of almost Rs. 3,190.9 crore, which gives the revenue visibility for the next 3 years. Further, it had strong orders in the pipeline of about Rs. 2,000 crore. Looking at the recently concluded quarter Q2FY20, the company’s net sales surged nearly 47 per cent YoY to Rs. 312.1 crore. Notably, Profit after Tax (PAT) jumped around 88 per cent YoY to Rs. 32.46 crore.