MCX gains after FMC's nod for launching fresh contracts

Multi Commodity Exchange of India rose 2.29% to Rs 836.65 at 10:50 IST on BSE after the Forwards Market Commission approved the launch of all the company's contracts for the year 2015 once the full divestment by FTIL in the company takes place.

The announcement was made after market hours on Wednesday, 17 September 2014.

Meanwhile, the S&P BSE Sensex was up 273.59 points or 1.03% at 26,904.88.

On BSE, so far 61,000 shares were traded in the counter as against average daily volume of 1.81 lakh shares in the past two weeks.

The stock hit a high of Rs 842 and a low of Rs 832.60 so far during the day. The stock had hit a 52-week high of Rs 895 on 21 July 2014. The stock had hit a 52-week low of Rs 362.95 on 1 October 2013.

The Forwards Market Commission (FMC) said that Multi Commodity Exchange of India (MCX) can launch contracts up to March 2015 as soon as a new technology agreement is signed between MCX and Financial Technologies (India) (FTIL). This is being done in view of the fact that signing of such an agreement is a pre-condition for the sale of shares from FTIL to Kotak Mahindra Bank (KMBL). It is expected that the divestment will be completed by FTIL soon after signing of the technology agreement, the FMC said in its order.

MCX's net profit fell 61.1% to Rs 23.41 crore on 61.4% 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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