Multi Commodity Exchange of India jumped 4.45% to Rs 733.70 at 13:09 IST on BSE after the government on Tuesday, 16 July 2013, said foreign investors won't have to seek government approval for up to 49% ownership in commodity exchanges.
Meanwhile, the S&P BSE Sensex was up 121.07 points or 0.61% at 19,972.30.
On BSE, 30,000 shares were traded in the counter as against average daily volume of 27,315 shares in the past one quarter.
The stock hit a high of Rs 743.75 and a low of Rs 708.55 so far during the day. The stock had hit a record low of Rs 697.30 on Tuesday, 16 July 2013. The stock had hit a record high of Rs 1,617 on 13 November 2012.
The stock had underperformed the market over the past one month till 16 July 2013, sliding 17.28% compared with the Sensex's 3.51% gain. The scrip had also underperformed the market in past one quarter, declining 18.96% as against Sensex's 5.9% rally.
The mid-cap company has equity capital of Rs 51 crore. Face value per share is Rs 10.
Earlier, the foreign direct investment (FDI) in commodity exchanges needed an approval from the the Foreign Investment Promotion Board (FIPB). The government retained the 49% foreign equity cap in commodity exchanges but made the route automatic to help bring more investment and make the existing exchanges more competitive.
Multi Commodity Exchange of India's (MCX) net profit rose 16.2% to Rs 76.63 crore on 2.6% decline in net sales to Rs 120.66 crore in Q4 March 2013 over Q4 March 2012.
MCX is a dominant player in commodity exchanges in India.
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