MCX hits the ceiling

MCX is locked on the 5% upper circuit at Rs.306.90, the moment is opened for trading today morning. Volumes were muted at around 3500 shares but almost 5.4 lakh buy orders remained pending on the counter.

Though the troubles for  NSEL are far from over, MCX hit the ceiling on news that the Kotak group, which has interests in the commodity business, might be interested in picking up stake in the exchange if the promoter, Jignesh Shah is forced to put its holdings on the sale block. NSE which held 2.45% stake has sold out its entire stake and this could have been bought a few of the existing shareholders of MCX. A meeting is scheduled for tomorrow to figure out SEBI’s intentions and its future course of action.

Currently, Financial Technologies holds 26% stake and another 21.63% is held by institutions - Fidelity , Blackstone GPV, Euronext, IFCI, Nabard , HDFC Bank abd Union Bank of India.