Apr 20, 2024 | Uncategorized
National Stock Exchange of India (NSE), the world’s No 1 derivatives exchange in the year 2023 based on contracts traded, has received approval for Derivatives on Nifty Next 50 index (NIFTYNXT50) from the Securities and Exchange Board of India (SEBI) and will launch these contracts from April 24, 2024.
Exchange will offer 3 serial monthly index futures and index options contract cycle. The cash settled derivatives contracts will expire on the last Friday of the expiry month.
The Nifty Next 50 Index represents 50 companies from Nifty 100 after excluding the Nifty 50 companies. As on March 2024, the index had top sector representation from financial services sector with 23.76% weight followed by capital goods sector with 11.91% and consumer services with 11.57%. The index was introduced on January 1, 1997, with base date and base value being November 03, 1996, and 1000 respectively. Over the years, the index methodology has undergone revision. The index computation methodology was revised to Free Float Market Capitalisation weighted method from May 4, 2009. Subsequently, weight capping was introduced for constituent stocks on which derivatives were not available. This was revised in 2023 to cumulative weight of non-F&O stocks capped at 10% and non-F&O stocks in the index are individually capped at 4.5% on quarterly rebalance dates.
The market capitalization of index constituents stands at Rs 70 trillion representing about 18% of total market capital of the stocks listed on NSE as on March 29, 2024. The aggregate daily average turnover of index constituents stood at Rs 9,560 crores accounting for around 12% of cash market turnover in FY24.The Nifty Next 50 index has a 71% correlation and a Beta value of 0.95 with the Nifty 50 Index. It has a correlation of 90% with Nifty Midcap 150 index in financial year 2024.
In recent years, Exchange had introduced derivatives on Nifty Midcap Select Index (MIDCPNIFTY) in January 2022 and derivatives on Nifty Financial Services index (FINNIFTY) in January 2020 in the equity derivatives segment and multiple products in commodity derivatives segment.
The MIDCPNIFTYDerivatives has seen peak at Rs 2,888 crores of futures turnover, 16.7 crores of option contracts traded and option premium turnover of Rs 17,283 crores. The FINNIFTY Derivatives has seen peak at Rs 1,288 crores of futures turnover, 38.2 crores of option contracts traded and option premium turnover of Rs 32,994 crores. In the commodity derivatives segment, the Option of WTI Crude Oil Futures has seen a peak of 1,02,304 contracts.
On the occasion, Shri Sriram Krishnan, Chief Business Development Officer, NSE said “The introduction of derivatives on the Nifty Next 50 index (NIFTYNXT50) will well complement the existing index derivatives product suite. The Nifty Next 50 index will represent the space between the Nifty 50 index comprising the top large & liquid stocks and the Nifty Midcap Select index comprising the top large & liquid mid capitalised stocks”.
Apr 20, 2024 | Uncategorized
LTIMindtree [NSE: LTIM, BSE: 540005], a global technology consulting and digital solutions company, has collaborated with Vodafone, a global leader in managed Internet of Things (IoT), with over 175 million connections worldwide, supporting a wide range of business-critical applications. Through this partnership, LTIMindtree will offer connected and smart IoT solutions, powered by its Insight NXT platform (iNXT) and Vodafone’s IoT Managed Connectivity, that will enable Industry X.0 and digital transformation across multiple vertical sectors.
LTIMindtree’s iNXT Business Unit brings Technical and Functional components, and together with Vodafone’s IoT Managed Connectivity solutions it will deliver to solve complex business challenges. By drawing on a best-in-class ecosystem of partners, LTIMindtree will empower clients to maximize their efforts across revenue acceleration through newer business models, cost efficiency and sustainability, leveraging Smart IoT and Industry X.0. LTIMindtree, enabled by Vodafone will provide solutions that deliver advance capabilities in AI, machine learning, predictive maintenance, digital twin, supply chain visibility, sustainability, energy management, worker safety, sensorization of assets, augmented reality, and virtual reality training.
Gemma Barsby, UK Head of IoT, Vodafone, said, “Our partnership with LTIMindtree means Vodafone can support the real-time delivery of IoT managed services to their clients and empower them in driving cost efficiencies and greater productivity. As a global IoT provider we look forward to collaborating with LTIMindtree to mutually grow our market share in the Industrial 4.0 and Digital Transformation domain.”
Through this partnership, LTIMindtree will design highly scalable, end-to-end solutions by leveraging the power of IoT, Metaverse, Artificial Intelligence and Machine Learning and deliver secure, connected ecosystems and outcomes over Vodafone’s “Managed IoT Connectivity” Network.
Monish Mishra, Chief Business Officer- iNXT, LTIMindtree, said, “In today’s highly distributed yet interdependent economy, continuous innovation and access to connected ecosystems to deliver immersive experiences, is vital for growth and differentiation. We are excited to collaborate with Vodafone and enhance our proposition on Industry X.0 and Industrial Digital transformation. We remain committed to working with customers across industries within UK & Europe and getting them to the future, faster.”
Apr 20, 2024 | Uncategorized
Axis AMC, one of the fastest growing fund houses in the country, is pleased to announce that R Sivakumar has been elevated to the role of Head of Corporate Strategy, BIU & Data Science, effective from 5th April 2024. An integral part of Axis AMC’s inception team, and with decades of experience and expertise in the Fixed Income space, he was responsible for leading the launch of some of Axis Mutual Fund’s signature and award-winning funds. In September 2010, he was promoted to Head – Fixed Income and was responsible for the overall investment strategy, performance, and risk management across fixed income investments.
Furthermore, Devang Shah has been elevated to Head – Fixed Income, effective from 5th April 2024. Devang joined Axis AMC in 2012 as a Fund Manager. He has over two decades of industry experience of which, 18 years have been spent in the Mutual Fund industry. His core responsibilities include managing top quartile performance for all Fixed Income Funds & managing client relationship. Additionally, he has been actively involved in ideation and determining the investment strategy for fixed income funds.
Axis AMC is further pleased to announce that it has fortified its Sales Channel through the appointment of Rohit Mattoo as the National Head of Retail Sales, Arunima Nain as the National Head of Wealth & Family Office, and Vikash Wadekar as the Head for the Passive Business. Last year, we had appointed Vandana Trivedi as the Head for Institutional Business and Passives. All these appointments underscore Axis Mutual Fund’s commitment to strengthening its leadership team and reinforcing its position as a preferred investment partner for its investors.
Axis AMC’s dedication to continuous improvement has demonstrably yielded positive results. Recent initiatives have been instrumental in driving a steady upward trend in fund performance, positioning the fund house to unlock investors’ full investment potential and propel their long-term growth trajectory.
Commenting on the internal movements and new appointments, B. Gopkumar, MD & CEO, Axis AMC said, “Leveraging his extensive knowledge and years of experience, Sivakumar is well-positioned to steer enterprise-wide strategy and new initiatives, adding heft to the company’s strategic intent for accelerating growth. Additionally, we believe that Devang’s immense knowledge and years of expertise is well-positioned to navigate market dynamics. Axis AMC is committed to capitalizing on the expertise of Rohit, Arunima and Vikash. Their deep industry experience and understanding will further strengthen the company’s various Sales Channels.”
Apr 20, 2024 | Uncategorized
As India’s monumental democratic exercise unfolds with the voting process for the 18th Lok Sabha Elections currently in progress, ABP News has launched a compelling campaign ‘Jeetna Aapka Zaroori Hai’ aimed at reinforcing the significance of the nation’s voters in shaping the course of democracy – the power of the people.
ABP News’ ‘Jeetna Aapka Zaroori Hai’ (It is essential for you to win), the impactful campaign serves as an impassioned appeal from India’s most trusted channel, ABP News, urging all citizens to exercise their constitutional right and ensure their voice and choice resonate in this pivotal election. At its core, the campaign emphasizes that the true triumph in an election lies not with any political party, but with the voters themselves, who wield the power to chart the nation’s future.
Reflecting the essence of the ‘Jeetna Aapka Zaroori Hai’ campaign, Avinash Pandey, CEO of ABP Network, stated: “Democracy thrives on the power of the people, by the people and for the people. Elections serve as a grand celebration of this fundamental principle, where each vote holds the potential to shape India’s destiny. Through our ‘Jeetna Aapka Zaroori Hai’ initiative, ABP News is steadfastly committed to reminding every Indian that their vote, their choice, constitutes the true victory to be achieved in this election above all else. We are rallying the nation to exercise their invaluable franchise and amplify their voices through the ballot.”
The stirring campaign’s multimedia outreach encompasses a diverse array of evocative TV and digital films depicting various aspects of the Indian electorate – showcasing individuals from diverse backgrounds and enthusiastic first-time voters alike.
As the nation’s foremost broadcaster with the distinctive pledge of ‘Aapko Rakhe Aage’ (Keeping You Ahead), ABP News has curated an unparalleled programming line-up covering ‘Kaun Banega Pradhanmantri 2024’ and ‘Lok Sabha Elections 2024’ featuring over special shows to ensure that every Indian is equipped with the necessary information to make an informed choice. From dynamic poll analytics and fact-checking to expert insights and ground reports from every corner of the country, ABP News’ elections coverage is empowering India to engage in the electoral process effectively.
Join the national movement and ensure your choice counts. #JeetnaAapkaZarooriHai with #ElectionON on ABP News. Watch the promo here – ‘Jeetna Aapka Zaroori Hai’ campaign
Apr 20, 2024 | Uncategorized
After an adrenaline-charged debut in the 2024 Asia Road Racing Championship in Thailand, the IDEMITSU Honda Racing India team from Honda Motorcycle & Scooter India (HMSI) is all set for Round-2 to be held at the Zhuhai International Circuit in China this weekend.
After making a promising start at the inaugural round of 2024 Asia Road Racing Championship in the Asia Production 250cc (AP250cc) class, the Indian two-wheeler racing team enters the upcoming round with a total 5 points.
Commenting on the upcoming round, Mr. Yogesh Mathur, Director, Sales & Marketing, Honda Motorcycle & Scooter India, said, “The first round of 2024 ARRC witnessed our feisty riders Kavin and Mohsin delivering powerful performances on the international soil, showcasing their racing prowess. Both our young guns scored points for the team. The performance of IDEMITSU Honda Racing India in the opening round of the 2024 Asia Road Racing Championship reflects our commitment to excellence and determination to succeed in this tough competition. As our riders head to China for Round-2, the team is fuelled with motivation and our riders are in full form. We are confident that they will continue to push boundaries and deliver remarkable results.”
In the AP250 class Race 2 of Round-1 in Chang International Circuit in Thailand, team rider Kavin Quintal, the Chennai (Tamil Nadu) racing prodigy secured a respectable position, earning crucial 3 points for the team. His strong performance in Round-1 is a testament to his talent and determination. The 18-year-old rider enters the Round-2 with total 3 points and currently placed at 15th on the scoreboard.
His teammate, the promising rookie rider Mohsin P, the young lad from Mallapuram (Tamil Nadu) is at 16th position with 2 points at his second season at ARRC.
Sharing his thoughts, Kavin Quintal said, “I’m thrilled with our performance in the opening round of the Asia Road Racing Championship. It felt great to contribute points to the team. As we head to China for Round-2, I am confident that we will continue to up our game and aim for even better results. Thanks to the Honda team for their hard work and unwavering support. We wouldn’t have made it this far without them!”
Looking forward to the second round, Mohsin Paramban said, “Round-1 came with its own set of challenges, I am proud of the team’s effort and resilience. It was a good learning experience, and I am eager to apply those lessons in Round-2 in China. Every race is an opportunity to grow and showcase our potential. I have worked hard on my weak points and I’m excited to see what we can achieve in China.”
About 2024 FIM Asia Road Racing Championship (ARRC): The 27th edition of FIM Asia Road Racing Championship is Asia’s most competitive motorcycle road racing championship, held since 1996. The 2024 season will have six rounds beginning with the official test and season opener at the Chang International Circuit (Thailand) from 15-17 March 2024. In April 2024, the Zhuhai International Circuit, China will host the second leg. The host venue for Round 3 in June 2024 will be held at the Mobility Resort Motegi, Japan. Round 4, 5 and 6 will be held in July, September and December in Indonesia, Malaysia, and Thailand, respectively.
Apr 20, 2024 | Uncategorized
Air India SATS Airport Services Private Limited (AISATS), India’s leading airport services management company, introduces its revolutionary AeroWash services to Air India Express, offering advanced and unmatched robotic cleaning technology to the airline. AeroWash enhances fuel efficiency, reduces carbon footprint, safeguards against structural damage, prevents corrosion, and extends the lifespan of the aircraft, thus improving the financial standing of the organization.
AISATS introduced AeroWash services for Air India and Vistara last year. Being the first and only ground handler in India to introduce this innovative and sustainable aircraft exterior cleaning solution, AeroWash has already completed over 800 aircraft washes at Delhi airport, enabling airlines to reduce their reduction fuel consumption decrease their carbon emissions substantially. This game-changing technology by AISATS has established a new benchmark in aircraft exterior washing across the Indian aviation landscape.
Mr. Sanjay Gupta, CEO of AISATS, said, “We are thrilled to announce the extension of our AeroWash services to Air India Express, showcasing our unwavering dedication to sustainability and innovation in aviation. Our advanced, eco-friendly solutions are designed to benefit the environment while boosting the financial bottom line of the airline. AISATS is committed to delivering cutting-edge solutions to our valued clients, with AeroWash representing a significant stride in this direction. This transformative technology will enhance efficiency and pave the way towards a greener future.”
AeroWash harnesses state-of-the-art robotic technology, delivering precise and efficient exterior cleaning while upholding the highest safety standards for both the aircraft and the equipment operators. AISATS has been at the forefront of introducing sustainable solutions to the Indian aviation sector, further solidifying its position as an industry leader. Recent initiatives, such as the introduction of solar-powered passenger ramp bridges and electric buses at various airports, underscore the company’s unwavering commitment to environmental sustainability.
