MCX rose 2.36% to Rs 504.10 at 11:18 IST on BSE on reports a jewellers' trade body is planning to buy 5% in the exchange.
Meanwhile, the BSE Sensex was up 151.14 points, or 0.71%, to 21,291.62.
On BSE, so far 4.12 lakh shares were traded in the counter, compared with an average volume of 3.06 lakh shares in the past one quarter.
The stock hit a high of Rs 508.80 and a low of Rs 495 so far during the day. The stock hit a 52-week high of Rs 1,497 on 2 January 2013. The stock hit a record low of Rs 238.30 on 19 August 2013.
The stock had outperformed the market over the past one month till 1 January 2014, rising 3.37% compared with the Sensex's 1.68% rise. The scrip had also outperformed the market in past one quarter, rising 28.79% as against Sensex's 8.32% rise.
The small-cap company has an equity capital of Rs 51 crore. Face value per share is Rs 10.
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According to media reports, the Bombay Bullion Association (BBA) has written to the commodities derivatives regulator Forward Markets Commission (FMC), expressing its interest in picking up a stake in MCX, promoted by Jignesh Shah's Financial Technologies (FTIL) group.
BBA has reportedly joined hands with Universal Commodities Exchange (UCX) and envisions a consortium of investors picking up the original promoter's stake of at least 24%.
The move comes after MCX's board at a meeting held on 26 December 2013, advised FTIL to reduce its stake in the company from 26% to 2% or below, within a period of 1 month hereof, in compliance with the Forward Markets Commission's (FMC) order. The board also advised to withdraw the representation of FTIL -- Mr. Miten Mehta, on MCX board in view of FMC letter dated 26 December 2013.
FMC in its order dated 17 December 2013 said that FTIL, the promoter and anchor shareholder holding 26% of the paid-up capital of MCX, is not 'fit and proper person' to continue to be a shareholder of 2% or more of the paid-up equity capital of MCX as prescribed under the guidelines issued by the Government of India (GoI) for capital structure of commodity exchanges post 5-years of operation.
The FMC order also stated that Mr. Jignesh Shah, Ex- Director, Mr. Joseph Massey, Ex-Director and Mr. Shreekant Javalgekar, Ex-Managing Director & CEO of MCX, are not 'fit and proper person' in terms of the directions issued under the Board Composition Guidelines issued by the Commission and as amended from time to time.
FTIL had on 19 December 2013 said that it was examining the FMC order and will take appropriate steps in due course of time.
Jignesh Shah is currently the chairman of FTIL which owns and runs National Spot Exchange (NSEL) where a Rs 5600 crore payment crisis is being probed by multiple agencies.
MCX's net profit fell 66.8% to Rs 27.05 crore on 38% decline in net sales to Rs 81.23 crore in Q2 September 2013 over Q2 September 2012.
MCX is a dominant player in commodity exchanges in India. Its market share stood at 89% in the first half of the fiscal year ending 31 March 2014.
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