FTIL zooms as it exits MCX-SX

Financial Technologies (India) Ltd or FTIL as more popularly recognized, spiked up almost 8% at one time during the day to Rs.194 levels. It has come off that level since then and now remains around 5% higher at Rs.190 levels.

The stock is reacting positively to the news that it has sold its entire 100% stake in beleaguered MCX-SX after it announced that it has signed a deal with Rakesh Jhunjhunwala, Edelweiss, Trust Investment Advisors Pvt. Ltd. Ms. Viral A. Parikh, M/s. Nemish S. Shah H.U.F., M/s, Derive Investments, Mr. Kalpraj Dharamshi, Mr. Dhanesh Sumatilal Shah, Mr. Uday Shah, Ms. Madhuri Kela, Ms. Renuka Shah, M/s. SKS Capital & Research Pvt. Ltd. and Ms. Madhu Vadera Jayakumar for sale of its 100% stake in MCX-SX comprising of 2,70,00,000 equity shares and 56,24,60,000 warrants for an aggregate consideration of Rs. 88.41 crore. Post completion of the above said transaction, the Company would have completely exited MCX-SX.