MCX Q2 Net up by 9 pc to Rs 29.37 crore

Country's largest commodity exchange MCX today reported about 9 per cent increase in net profit at Rs 29.37 crore for the second quarter ended September 30.
The company had clocked a net profit of Rs 27.04 crore in the year ago period.
Total income from operations during July-September period sharply declined to Rs 54.82 crore from Rs 88.02 crore in the year ago period, the company said in a BSE filing.
Despite the fall in income, the company reported increase in its net profit on back of fall in total expenses to Rs 43.22 crore against Rs 77.19 crore during the period under review.

During the quarter, on August 27, the original promoters FTIL exited from the exchange by selling their residual 5 per cent stake for over Rs 200 crore.
In July, Jignesh Shah-led FTIL, the erstwhile promoter of MCX, had announced sale of its 15 per cent stake in MCX to Kotak Mahindra Bank for Rs 459 crore.

FTIL originally held a 26 per cent stake in MCX. It has divested stake in MCX after market regulator FMC had declared the company unfit to run any exchange in the wake of Rs 5,600 crore payment crisis at group company National Spot Exchange Ltd (NSEL).

The regulator had asked FTIL to reduce its stake in MCX to 2 per cent from 26 per cent.
Before the Kotak deal, FTIL had sold 6 per cent stake in MCX, including about 2 per cent to billionaire investor Rakesh Jhunjhunwala, in two rounds for about Rs 220 crore, bringing down its shareholding to 20 per cent.