Financial Daily from THE HINDU group of publications
Wednesday, Feb 22, 2006
Financial Daily from THE HINDU group of publications Wednesday, Feb 22, 2006 |
|
|
|
|
|
|
|
Agri-Biz & Commodities
-
Commodity Exchanges Peninsular Cap to focus on commodity market Our Bureau
Kochi , Feb. 21 PENINSULAR Capital Market Ltd, which recently sold its stock broking business to Motilal Oswal Securities Ltd, will focus on the commodity market, its Chairman, Mr T.S. Anantharaman, said. "We have a 25-30 per cent market share in Dubai Gold and Commodity Exchange brokerage. There is a huge potential in that market," Mr Anantharaman said. Peninsular has a network of over 60 trading locations in the commodity segment. It will aggressively expand this network in the coming days, he said. From April 1, the capital market operations of Peninsular will be transferred to Motilal Oswal for an undisclosed sum. "This is the biggest acquisition that we have done so far," said Mr Motilal Oswal, Chairman of Motilal Oswal Securities. Earlier, the company had taken over a brokerage firm in Andhra Pradesh and another one in Karnataka. Mr Anantharaman said although Peninsular was going through its best growth period, he sold the capital market operations in view of the high investments required to scale up operations. "The business dynamics are changing dramatically. Scaling up to the next level of growth needs very high investment. We looked at an IPO, but the present norms which require the promoters to hold 51 per cent of the capital, would let us raise only a very small amount," he said. With this deal, Peninsular has dropped its earlier plans of the IPO.
More Stories on : Commodity Exchanges
Article E-Mail :: Comment :: Syndication :: Printer Friendly Page
|
Stories in this Section |
|
The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription Group Sites: The Hindu | Business Line | Sportstar | Frontline | The Hindu eBooks | The Hindu Images | Home |
Copyright © 2006, The
Hindu Business Line. Republication or redissemination of the contents of
this screen are expressly prohibited without the written consent of
The Hindu Business Line
|