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FCI wheat auction on NSPOT Platform sees 76 per cent increase in sales
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Monday, 01 September, 2014, 08 : 00 AM [IST]
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Our Bureau, Bengaluru
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fiogf49gjkf0d The National Commodities and Derivatives Exchange (NCDEX) Spot Exchange informed that the Food Corporation of India (FCI) saw a 76% rise in the quantity of wheat sold to millers at the first three e-auctions of the new marketing season.
They took place on the NSPOT Platform between August 7 and 21, 2014. About 1.54 lakh tonne of the grain was sold. Millers across 26 states have bought the wheat for prices ranging between Rs 1,500 per quintal to Rs 1,836 per quintal.
The auctions were conducted on the platform after the completion of a successful pilot last year, in which FCI sold 17 lakh tonne wheat through seven e-auctions.
This year, FCI plans to sell ten million tonne wheat to millers using the platform. The platform has allowed FCI to meet the twin objectives of timely transparent and efficient sales of wheat to the private mills as well as reduce its own economic cost.
“The efficiency, transparency and wider scale of operations that an electronic platform provides, allows both public sector units (PSU) and private players to be in a win-win situation,” said Samir Shah, managing director and chief executive officer, NCDEX.
NSPOT works closely with various state governments, PSUs and corporates to establish electronic marketplaces for agricultural commodities.
With more than 15,000 market participants, NSPOT is playing a crucial role in transforming the fragmented agricultural spot markets into a single national marketplace.
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