The Hindu Business Line : Commodity price info on Reliance mobiles

RELIANCE Infocomm is now getting into value-added services targeting farmers, commodity traders and cooperatives by providing commodity prices on its mobile service.

The company has tied up with National Commodity & Derivatives Exchange Ltd (NCDEX) to disseminate its spot and future commodity prices through its R-world suite of mobile applications.

This would make available real time commodity prices to subscribers of Reliance IndiaMobile.

Bringing the mandi on mobile handsets will benefit the huge farmer and trader community of India, said a news release from Reliance Infocomm.

"This joint initiative is a major step taken by NCDEX and Reliance Infocomm in providing a convenient way to access commodity prices," said Mr Narendra Gupta, Chief Business Officer, NCDEX Ltd.

"Price information is very critical for all traders, and given that one would like to take advantage of price changes in a dynamic world, such real-time quotes will help to leverage such situations even while on the move."

The application `NCDEX Quotes' is available on R World, the data application suite of Reliance IndiaMobile.

"With a customer base of over 9 million and our recent initiatives to expand our network to over 5,000 towns covering urban and rural areas as well as rail routes and highways, a sizable farmer and trader community that have not had access to real-time information on PCs or the Internet will benefit from this new initiative on Reliance mobiles," said Mr Mahesh Prasad, President Applications & Solutions Group, Reliance Infocomm.

NCDEX with around 500 members, has on a daily basis over 2,000 users participating in an average of 40,000-60,000 trades involving volumes of over Rs 1,000 crore, said the news release.

"Active trades are conducted in all major agro products such as castor seed, chana, crude palm oil, expeller mustard oil, guar gum, guar seeds, jute, cotton, mustard seed, pepper, palmolein, refined soya oil, rubber, soya bean, soya meal, sugar, turmeric, urad, wheat and yellow peas.

Precious metals such as gold and silver have been recently added.

More Stories on : Telecommunications | Commodities | Commodity Exchanges

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