The National Commodity and Derivatives Exchange of India (NCDEX), the country’s largest agriculture-based commodity exchange, has recognised The Hindu BusinessLine as the best daily in covering commodities in the print media at the NCDEX Commodities Award 2022 held in Mumbai on Thursday.
In the regional category, Agrowon Sakal and NafaNuksaan were awarded for their news coverage in the commodity section. In the television category, Zee Business and CNBC Awaaz won the accolade.
While Kotak Bank was awarded for its significant contribution to the exchange business, Punjab National Bank and ICICI Bank were recognised as emerging banks in the electronic negotiable warehouse receipts space. Among corporates, ITC, Ruchi Soya and Rajasthan Gums were recognised for their best price risk management policy.
Ashok Dalwai, CEO, National Rainfed Area Authority, said value chain participants use futures and options to hedge their price risk and ensure business viability. With put options, farmers or FPOs can lock their selling price right at the time of sowing and it is a very good way of price risk management, he said.
He stressed on the need of a strong regulated futures market as it helps in developing a solid agriculture marketing infrastructure, especially in the warehousing arena.
A total of 58 entities and individuals were given awards in different categories. Four FPOs, one each from Gujarat, Maharashtra, Madhya Pradesh and Rajasthan, were felicitated for incorporating best farming and agri marketing practices along with two Resource Institutions for significant contribution in helping FPOs. Tata Mutual Fund and Alpha Alternatives were the winners in the institutional participants’ segment.
Arun Raste, Managing Director, NCDEX, said a small initiative started three years ago to honour stakeholders with Commodity Awards has become so popular that there is a need to scale up the scope and categories of awards.
The exchange is committed to develop the commodity derivatives market to create a robust risk management platform in the country, he added.
Narinder Wadhwa, National President of the Commodity Participants’ Association of India, said the Association aims to engage with the regulator, exchange, experts, members of the exchange and other value chain participants for the growth of the market. CPAI has planned a series of programmes for creating awareness about hedging and skill development for our members, FPOs and other participants, he said.