Financial Tech gains ground on MCX foreign deals

DALAL STREET SPIKES

The stock gained 4.6 per cent on Monday to close at Rs 1,632.45, after touching a high of Rs 1,652. Over 33,000 shares were traded on the BSE. The stock has gained 11 per cent in the past week and by 30 per cent over the past month.

The company's subsidiary - MCX - has signed an MoU with Zhengzhou Commodity Exchange for mutual cooperation. Earlier in March, MCX had signed an MoU with Bursa Malaysia Derivatives Berhad for similar cooperation.

Financial Technologies posted a net profit growth of 170 per cent for Q1 FY07 to Rs 27.73 crore compared with Rs 10.26 crore in the corresponding previous quarter. During the same period, net sales rose 212 per cent to Rs 70.43 crore from Rs 22.59 crore.

The company had declared a final dividend of 260 per cent for FY06, which took the total dividend declared during the year to 300 per cent. The company develops software solutions for online trading terminals.