MCX hits three month high

In the past one week, the stock has rallied nearly 17% from Rs 513 on April 7, 2014 compared to 0.63% rise in CNX Nifty.

Multi Commodity Exchange of India (MCX) has surged 5% to Rs 590 on the back of heavy volumes on the National Stock Exchange (NSE). The stock opened at Rs 570 and touched a high of Rs 597, its highest level since January this year on the NSE.

A combined 2.55 million shares changed hands on the counter till 1040 hours as against an average sub-2 million shares that were traded daily in the past two weeks on the NSE and BSE.

In the past one week, the stock has rallied nearly 17% from Rs 513 on April 7, 2014 compared to 0.63% rise in benchmark CNX Nifty during the period.

Financial Technologies India Ltd (FTIL) said it planned to finalise the bidder for its stake sale in MCX on April 25. FTIL holds 26% in MCX; it has to reduce this to 2%.

The company’s restructuring committee, at a meeting on Friday, considered the non-binding bids of nine conglomerates listed by JM Financial, which is assisting in the stake sale.

Chicago Mercantile Exchange, Warburg Pincus, Kotak Group (which anchors ACE commodity exchange), Tata Capital and BSE were among the investors, the Business Standard report suggests.

FTIL, on the other hand, is trading higher by 1.6% at Rs 368 on the NSE.  The stock opened at Rs 366 and touched a high of Rs 374 so far.