Multi Commodity Exchange of India hit an upper circuit limit of 5% at Rs 446.25 at 9:55 IST on BSE, extending Thursday's 5% jump triggered by MCX Stock Exchange announcing changes to its management and board.
Shares of Multi Commodity Exchange of India (MCX) jumped 5% to Rs 425 on Thursday, 10 October 2013. The stock has risen 10.24% in two sessions from Rs 404.80 on Wednesday, 9 October 2013.
Meanwhile, the BSE Sensex was up 165.85 points, or 0.82%, to 20,438.76.
On BSE, 3,335 shares were traded in the counter compared with average volume of 2.18 lakh shares in the past one quarter.
The stock opened with an upward gap, surging by the maximum 5% daily circuit and remained locked at the 5% level at Rs 446.25 so far in the day.
The stock hit a record low of Rs 238.30 on 19 August 2013. The stock hit a record high of Rs 1,617 on 13 November 2012.
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The stock had underperformed the market over the past one month till 10 October 2013, falling 2.95% compared with the Sensex's 1.38% rise. The scrip had also underperformed the market in past one quarter, sliding 41.26% as against Sensex's 5.07% rise.
The small-cap company has an equity capital of Rs 51 crore. Face value per share is Rs 10.
MCX Stock Exchange (MCX-SX) announced after market hours on Wednesday, 9 October 2013, that Vice-Chairman Jignesh Shah and Managing Director & CEO Joseph Massey stepped down from the board.
Meanwhile, the exchange said in an announcement the Securities and Exchange Board of India (Sebi) had, through a letter dated 8 October 2013, nominated former LIC head, Thomas Mathew T, as MCX-SX's public interest director.
U Venkataraman, whole-time director, will assist a special committee of public interest directors in carrying out the functions of the exchange, according to the statement.
Last month, Sebi renewed the license of MCX-SX stock exchange for a period of one year beginning 16 September 2013. The recognition was due to expire on 15 September 2013.
After granting the approval, Sebi asked the MCX-SX shareholders to reconstitute its board and rejig its top management if necessary to improve governance standards within the stock exchange.
The order from Sebi came after MCX-SX's affiliated commodity exchange, the National Stock Exchange of India (NSEL), abruptly suspended trading. NSEL has since struggled to square off outstanding contracts worth over Rs 5500 crore.
Financial Technologies (India) (FTIL), which controls NSEL, holds a 26% stake in MCX. FTIL and MCX are the promoters of the MCX-SX stock exchange.
MCX's net profit fell 7.14% to Rs 60.12 crore on 3.02% increase in total income to Rs 151.35 crore in Q1 June 2013 over Q1 June 2012.
MCX is a dominant player in commodity exchanges in India.
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