MCX gains on bargain hunting

MCX rose 1.04% to Rs 486 at 14:04 IST on BSE on bargain hunting after the stock tumbled 6.07% in the preceding two trading sessions to Rs 481 on 8 November 2013 from a recent high of Rs 512.10 on 6 November 2013.

Meanwhile, the BSE Sensex was down 78.33 points, or 0.38%, to 20,587.82.

On BSE, 1.93 lakh shares were traded in the counter compared with average volume of 2.46 lakh shares in the past one quarter.

The stock hit a high of Rs 513.55 and a low of Rs 474 so far during the day. The stock hit a record high of Rs 1,617 on 13 November 2012. The stock hit a record low of Rs 238.30 on 19 August 2013.

The stock had outperformed the market over the past one month till 8 November 2013, rising 19.22% compared with the Sensex's 3.42% rise. The scrip had also outperformed the market in past one quarter, soaring 62.86% as against Sensex's 9.99% rise.

The small-cap company has an equity capital of Rs 51 crore. Face value per share is Rs 10.

MCX's net profit fell 66.8% to Rs 27.05 crore on 38% decline in net sales to Rs 81.23 crore in Q2 September 2013 over Q2 September 2012. The result was announced on Saturday, 11 November 2013.

MCX is a dominant player in commodity exchanges in India. Its market share stood at 89% in the first half of the fiscal year ending March 2014.

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