BSE’S India INX set to offer crude oil futures contracts
NEW DELHI: Bse-promoted India International Exchange (India INX) on Wednesday said it will begin trading in crude oil future contracts from this month.
It will commence trading in WTI crude oil futures contract from October 20 and Brent crude oil futures contract from October 31, India INX said in statement.
The move comes after the exchange received approval from the Securities and Exchange Board of India (Sebi).
"We are extremely happy to launch Crude Oil future contracts on WTI and brent and commence trade within this month.
"Crude oil futures is a global commodity affecting every user and India INX will provide a global platform to allow all users to manage their price risk and hedging needs," India INX Managing Director and CEO V Balasubramaniam said.
The exchange would offer two contracts -- one with Brent crude as the underlying and the other with WTI crude. The contract size has been fixed at 100 barrels each.
Presently, BSE'S India INX and the NSE IFSC are the two exchanges at the International Financial Services Centre (IFSC). While India INX went live in January, NSE IFSC started trading in June. These bourses offer trading facilities for 22 hours.
As of September 30, India INX registered a total cumulative turnover of over $5,600 million. NEW DELHI: Transportation app Ola on Wednesday said it has raised $1.1 billion in funding led by Tencent Holdings and is in "advanced talks" to close an additional $1 billion to conclude a total mop-up of over $2 billion.
The funding will help Ola bolster its position against the Us-based rival Uber. The two are locked in an intense battle for leadership in the Indian market and have pumped in millions of dollars in driver incentives and discounted rides for customers.
The company did not disclose the valuations at which funds were raised. Existing investor Softbank, in addition to other new Us-based financial investors, has also participated in this round, Ola.
It, however, did not disclose the time period when the funding was raised or the timeline for the closure of the total $2 billion round.
According to industry sources, who did not wish to be named as the discussions are private, the $1.1 billion came in over the last 4-6 months in tranches. The additional $1 billion funding is also likely to be closed in the next few weeks, they added. "Tencent Holdings Limited, a leading Internet company in China, will bring significant expertise to Ola as it furthers its leadership position across the mobility market in India," the firm added.
Ola said it will make strategic investments in supply, technology and innovations "to build for the country's unique transportation needs". It has operations across 110 Indian cities. The cab aggregator also plans to make significant technology investments into artificial intelligence and machine learning capabilities.
ANI Technologies, which operates Ola, counts among its investors names like Softbank Group, Tiger Global, Sequoia India and Accel Partners US.
Ola suffered a consolidated loss of over Rs 2,311 crore during that fiscal on account of heavy advertising and promotional expenses and other costs. CHENNAI: Self-driving car service provider Zoomcar on Wednesday said it has launched PEDL - country's first technology enabled cycle sharing facility in three cities.
The service is available in Bengaluru, Kolkata and Chennai respectively, operating 500 bicycles in the three cities, a company statement said.
The company has plans to have more than 10,000 bicycles by year-end as part of expanding the service.
"PEDL will primarily serve local use cases such as grocery shopping and last mile commuting. PEDL was designed to complement Zoomcar's existing car sharing business through serving an additional part of the personal transportation stack", the statement said.
"With the launch of PEDL service, we are officially extending the Zoomcar platform into the realm of multi-modal urban mobility", Zoomcar CEO and Co-founder Greg Moran said.