 "Financial Technologies rebounds nearly 30% from 52-week low")
Financial Technologies India (FTIL) is trading higher by 3% to Rs 175, recovering nearly 30% from its intra-day low on the National Stock Exchange (NSE).
The stock opened at Rs 136, also its 52-week low after the government on Tuesday proposed a merger of the National Spot Exchange (NSEL) with the company. On Tuesday, the stock tanked 20% to Rs 170 from Rs 212.
The trading volumes on the counter jumped more than five-fold with a combined 7.82 million shares changed hands till 1100 hours on NSE and BSE.
On October 20, the ministry of corporate affairs issued a draft notification, which said merging the two companies would combine assets and capital of the two and could allow the "satisfactory settlement of rights and liabilities of stakeholders and creditors of NSEL".
If NSEL is merged with FTIL, all the liabilities of the bourse will get transferred to its promoter whose main business is providing trading technologies.
FTIL owns 99.99% of NSEL, on which trading was suspended after a Rs 5,600-crore payment crisis came to light in July 2013.
FTIL said it is taking appropriate steps in the matter in consultation with the legal Counsel of the company.
The stock opened at Rs 136, also its 52-week low after the government on Tuesday proposed a merger of the National Spot Exchange (NSEL) with the company. On Tuesday, the stock tanked 20% to Rs 170 from Rs 212.
The trading volumes on the counter jumped more than five-fold with a combined 7.82 million shares changed hands till 1100 hours on NSE and BSE.
On October 20, the ministry of corporate affairs issued a draft notification, which said merging the two companies would combine assets and capital of the two and could allow the "satisfactory settlement of rights and liabilities of stakeholders and creditors of NSEL".
If NSEL is merged with FTIL, all the liabilities of the bourse will get transferred to its promoter whose main business is providing trading technologies.
FTIL owns 99.99% of NSEL, on which trading was suspended after a Rs 5,600-crore payment crisis came to light in July 2013.
FTIL said it is taking appropriate steps in the matter in consultation with the legal Counsel of the company.
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