Financial Technologies (India) jumped 8.05% at Rs 195.90 at 9:15 IST on BSE after the company said its unit Financial Technologies Singapore sold its stake in SMX to ICE Singapore Holdings for $150 million.
The announcement was made before trading hours today, 19 November 2013.
Meanwhile, the BSE Sensex was up 30.43 points, or 0.15%, to 20,881.17.
On BSE, 2.49 lakh shares were traded in the counter compared with average volume of 16.15 lakh shares in the past one quarter.
The stock hit a high of Rs 198.60 and a low of Rs 191 so far during the day. The stock hit a 52-week high of Rs 1,197.90 on 21 January 2013. The stock hit a 52-week low of Rs 102.05 on 30 August 2013.
The stock had outperformed the market over the past one month till 18 November 2013, rising 13.31% compared with the Sensex's 0.15% fall. The scrip had also outperformed the market in past one quarter, gaining 20.07% as against Sensex's 12.11% rise.
The small-cap company has an equity capital of Rs 9.22 crore. Face value per share is Rs 2.
Financial Technologies (India) (FTIL) said that its wholly-owned subsidiary, Financial Technologies Singapore (FTSPL), sold its 100% stake in SMX (together with its wholly-owned subsidiary SMX CC) to ICE Singapore Holdings, an entity owned by the Intercontinental Exchange Group, Inc. for $150 million.
The transaction was approved by the board of directors of FTSPL and FTIL on 18 November 2013 with signing of definitive agreements and is subject to certain customary closing conditions and approvals, the company said.
FTIL said it will primarily utilise the amount towards repayment of outstanding debt towards external commercial borrowings (ECB) and foreign currency loan (FCL) to banks, pursuant to which FTIL will become debt-free.
FTIL's net profit rose 6.84% to Rs 81.21 crore on 15.44% growth in total income to Rs 169.54 crore in Q1 June 2013 over Q1 June 2012.
FTIL is among the global leaders in offering technology IP (Intellectual Property) and domain expertise to create and trade on next generation financial markets, that are transparent, efficient and liquid, across all asset classes including - equities, commodities, currencies and bonds among others. The group operates one of the world's largest networks of nine exchanges connecting fast-growing economies of Africa, Middle East, India and South East Asia. The group also has five ecosystem ventures to address upstream and downstream opportunities around exchanges, including clearing, depository, information vending and payment gateway, among others.
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