NMCE expects four-fold rise in turnover in 2009-10

The National Multi-Commodity Exchange (NMCE) expects a four-fold increase in its turnover for the financial year 2009-10, its CEO Anil Mishra said today.

"NMCE has registered 142 per cent growth in the year 2008-09. The turnover has increased from Rs 50,829 crore (in 2007-08) to Rs 1,22,914 crore," Mishra told reporters here.

"Compared to the first quarter of 2008-09 that is April to June, there has been over 300 per cent increase in our business. Our business has been over Rs 86,000 crore in the this year's first quarter visa vis Rs 17,829 crore in the same period last year," he said.

"With such figures we are quit optimistic in saying that we expect turnover of 200 per cent this financial year," Mishra said.

He said that the increasing number of members of the exchange will also help in achieving the target.

"Our membership has grown from 100 to 200 last year. We are looking to add over hundred more members this year," Mishra said.

He said that NMCE was also planning to increase in exposure to the bullion market for which it has initiated talks with a company (dealing in bullion) which has a pan-India presence.