MUMBAI: Mobile phone operator, Idea Cellular, has for the first time in India, introduced SMS-based information updates in the commodity markets using a subscription-based model. This service will be available across all Idea Cellular circles in India.
Idea's customers will now be able to receive updates about the current prices in the major exchanges as well as spot markets all over the country, 10-15 times a day, over SMS. International markets of China, London and Tokyo, vessel positions and port information will also be covered.
Idea Bazaar Bhav on mobiles will initially cover the commodity markets for oil, pulses, cotton and bullion (Gold, Silver etc).
In the next phase, the grains and sugar markets will also be added to the service. An Idea subscriber can register by sending an SMS to 1920 and start getting updates. Idea Bazaar Bhav subscription will be offered to postpaid subscribers for Rs 150 per month and prepaid customers will be able to use the dynamic and effective SMS Pull feature to get the updates as and when required.
With the Idea Bazaar Bhav service, customers will be able to participate more actively in commodity trading, including forward trading, and benefit from the real time information updates. It will also keep the traders, brokers and farmers updated about the current trends in the market. ADCC Research and Computing is powering this service.
Idea Cellular CEO Vikram Mehmi said, "We are extremely happy to be the first ones to offer such a service to our customers and enable greater value addition in their day to day business transactions. With the mobile subscriber base penetrating deeper sections of India and spreading into rural areas, such a service is a boon to farmers, traders and the masses having their livelihood depend upon agro-based activities."
ADCC Research and Computing Arun Lakhani CEO said, "Bazaar Bhav will act as a force multiplier to the rural economy empowering farmers to get fair prices and avoid exploitation. This is a first step in taking the technology to villages and contributing to the village economy."
