MCX, FTIL in demand

MCX and Financial Technologies (India) rose by 3.75% to 12.99% at 14:23 IST on BSE after National Spot Exchange said one of its members has agreed to pay-in Rs 771 crore over a period of one year towards its settlement obligations.

Financial Technologies (India) (FTIL) (up 12.99%) and MCX (up 3.75%), edged higher.

The S&P BSE Sensex was up 112.19 points, or 0.54% at 21,041.20.

Shares of MCX had outperformed the market over the past one month till 29 October 2013, rising 13.68% compared with the Sensex's 6.09% rise. The scrip had, however, underperformed the market in past one quarter, sliding 34.12% as against Sensex's 6.82% rise.

Shares of FTIL had underperformed the market over the past one month till 29 October 2013, rising 4.18% compared with the Sensex's 6.09% rise. The scrip had also underperformed the market in past one quarter, falling 72.69% as against Sensex's 6.82% rise.

National Spot Exchange (NSEL), which owes Rs 5600 crore to investors, on Wednesday, 30 October 2013, said one of its members, Mohan India, has agreed to pay-in Rs 771 crore over a period of one year towards its settlement obligations.

Mohan India is one of the largest defaulters among the 24 buyer members of NSEL. Mohan India will make a down payment of Rs 11 crore and pay the balance over the next year, NSEL said in a statement.

NSEL had to shut down its operations since 1 August 2013 following the government direction in the wake of violation of certain rules. NSEL is grappling with the problem of payment settlement after the suspension. It has given eight-month plan to settle Rs 5574.31 crore to investors. NSEL is scheduled to make a payout every Tuesday for 30 weeks, ending in March 2014.

FTIL, one of the two promoters of NSEL, holds a 26% stake in MCX.

MCX's net profit fell 7.14% to Rs 60.12 crore on 3.02% increase in total income to Rs 151.35 crore in Q1 June 2013 over Q1 June 2012. MCX is a dominant player in commodity exchanges in India.

FTIL's net profit rose 6.84% to Rs 81.21 crore on 15.44% growth in total income to Rs 169.54 crore in Q1 June 2013 over Q1 June 2012.

FTIL is among the global leaders in offering technology IP (Intellectual Property) and domain expertise to create and trade on next generation financial markets, that are transparent, efficient and liquid, across all asset classes including - equities, commodities, currencies and bonds among others. The group operates one of the world's largest networks of nine exchanges connecting fast-growing economies of Africa, Middle East, India and South East Asia. The group also has five ecosystem ventures to address upstream and downstream opportunities around exchanges, including clearing, depository, information vending and payment gateway, among others.

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