MCX gains after uncertainty over appointment of MD & CEO gets resolved

The board announces appointment of Dr Manoj Vaish as MD&CEO

Shares of Multi-Commodity Exchange were up over 2% at Rs 499 after the uncertainty over appointment of the company's Managing Director and Chief Executive Officer was finally settled late Thursday.

"The Board at its meeting held on January 2, 2014 has appointed and recommended to FMC, Dr. Manoj Vaish as Managing Director & CEO of the company for a period of three years from the date of joining subject to approval of Forward Markets Commission and such other approvals as may be necessary," the company said in a release to the Bombay Stock Exchange.

The stock opened at Rs 485 and touched a high of Rs 510 so far on the Bombay Stock Exchange.

Over 1.2 million shares were traded on both the stock exchanges so far.