StoneX Group (SNEX) plans to expand its presence in India beyond precious metals into base metals and agricultural commodities after launching its first local precious metals trading desk in June, Bloomberg reported Tuesday.

The US financial firm expects India to become a larger contributor to revenue as demand for commodities and related financial services grows alongside the country's economy, Chief Executive Officer for the Asia Pacific region, Greg Kallinikos, told the news agency.

StoneX also plans to expand its offerings, including foreign exchange management, capital markets advisory, and debt and equity financing, according to the report.

The new India-based desk will primarily serve refiners, bullion dealers and family offices with trading, hedging and risk management services, it added.

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