MCX gains after FMC OKs Kotak Mahindra stake buy

MCX rose 1.81% to Rs 830.25 at 13:59 IST on BSE after the company said that Forward Market Commission has approved Kotak Mahindra Bank's proposal to buy 15% stake in MCX.

The company made the announcement during trading hours today, 27 August 2014.

Meanwhile, the BSE Sensex was up 124.69 points, or 0.47%, to 26,567.50.

On BSE, so far 5.99 lakh shares were traded in the counter, compared with an average volume of 5.56 lakh shares in the past one quarter.

The stock hit a high of Rs 840 and a low of Rs 817 so far during the day. The stock hit a 52-week high of Rs 895 on 21 July 2014. The stock hit a 52-week low of Rs 322.20 on 27 August 2013.

The stock had underperformed the market over the past one month till 26 August 2014, falling 1.95% compared with 1.21% rise in the Sensex. The scrip had, however, outperformed the market in past one quarter, rising 44.65% as against Sensex's 6.98% rise.

The mid-cap company has an equity capital of Rs 51.01 crore. Face value per share is Rs 10.

MCX said that the commodity market regulator Forward Market Commission (FMC) has conveyed its approval to Kotak Mahindra Bank (KMBL) for its proposed acquisition upto 15% of equity shares capital of MCX.

In July 2014, Financial Technologies (India) (FTIL) entered into a share purchase agreement (SPA) to sell 15% stake in MCX to Kotak Mahindra Bank for a total consideration of Rs 459 crore. After the latest stake sale, FTIL's shareholding in MCX will come down to 5%, which is under lock-in till 7 March 2015. FTIL said it will continue with its divestment process to sell the balance 5% stake in MCX subject to receipt of binding bids and regulatory and other approvals.

Net profit of MCX declined 61.06% to Rs 23.41 crore on 61.43% decline in net sales to Rs 47.38 crore in Q1 June 2014 over Q1 June 2013.

MCX is India's first listed, national-level, electronic, commodity futures exchange with permanent recognition from the Government of India.

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