MCX amongst top gainers on BSE

MCX is up strongly in the green today, amongst the top gainers on the BSE. The stock is currently up 3.5% at Rs.727, with an intra day high at Rs.743.75. Volumes are pretty robust at 21,000 shares being traded today compared to 19,000 shares over past two weeks average.

The stock is up on news that the Govt has approved FDI cap at 49% through the automatic route for stock exchanges. It has also allowed 49% FDI in commodity exchanges at 49%, also through the automatic route.   Just early this month, Govt had rejected MXC’s FDI proposal and this news could come as a big relief for the company. Currently, FIIs have a38.40% holding in the company, much higher than Financial Tech, the promoter which holds 26% stake.