MCX Soars Over 5% on Kotak Bank Deal; FTIL up 7%
Shares in Jignesh Shah-led Financial Technologies India (FTIL) surged over 7 per cent on Monday after the company signed an agreement to sell 15 per cent stake in MCX to Kotak Mahindra Bank for Rs 459 crore.
MCX, which fell over 3 per cent in opening trade, recovered sharply and was up over 5 per cent. Billionaire investor Rakesh Jhunjhunwala had picked up about two per cent stake in MCX for over Rs 66 crore earlier this month.
TS Harihar, chief executive and founder, HRBV Client Solutions told NDTV that MCX is still one of the most robust exchanges on the commodity side.
"Investors are betting on the fact that the worst is behind for MCX, which will now be a Kotak-driven company," he added.
FTIL was forced to bring down its stake in MCX from 26 per cent to 2 per cent after market regulator FMC declared it unfit to run any exchange in the wake of Rs 5,600 crore payment crisis at group company National Spot Exchange Ltd (NSEL).
Kotak Mahindra was among the top Nifty gainers today. The stock rose to Rs 1,006.70, but traded at Rs 1,004.60 as of 09.25 a.m. MCX traded at Rs 820 after earlier falling to Rs 735. FTIL shares traded 6.6 per cent higher at Rs 285 after earlier rising to Rs 288.10.
On Friday, Kotak Bank closed at Rs 935.85, Financial Technologies closed at Rs 267.35 and MCX ended at Rs 786.25.
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