Financial Tech on the rise
Financial Technologies is doing well today morning. The stock opened higher at Rs.805.90 and went on to hit an intra day high at Rs.815 and it is currently at around the same levels.
The stock is up in the green on news that the promoter of the company, Multi Commodities Exchange has begun stalking with some PE funds to sell its 6% stake in Indian Energy Exchange (IEX). This stake sale is necessary to bring down its stake to 25% as that is the limit mandated by electricity regulator Central Electricity Regulatory Commission for promoters of such exchanges.
Launched in 2008, IEX offers day ahead and weekly spot trade in electricity. As many as 29 states and union territories, 150 private generators and over 100 industrial consumers are managing their energy portfolio on the power bourse.
In 2010, the company had sold 6.92% in the power exchange to foreign venture capitalists at Rs.115.42/share.
Financial Tech is also scheduled to announce its Q4 and FY13 numbers on 30th May.