The stock of Multi Commodities Exchange of India (MCX) touched a new high ahead of the launch of an equity trading platform by its arm.

The stock of promoter Financial Technologies of India also touched 52-week high at Rs 1,071 and closed at Rs 1,068.95, up 2.76 per cent on the BSE.

The MCX stock closed at Rs 1,474.05, up 2.75 per cent from its previous close on the Bombay Stock Exchange. The scrip touched 52-week high at Rs 1,480.10 today.

“One reason for the rise is the expected launch of the MCX stock exchange around Diwali. Another reason that could have triggered positive movements is the Forward Contract Regulation Act (FCRA) Bill. The market is waiting for Parliament to approve the Bill by the end of November,” said Rikesh Parikh, Vice-President, Market Strategy and Product Development, Motilal Oswal Financial Services.

In October, when the Cabinet passed the FCRA Bill, the MCX stock rose about 5 per cent.

“MCX-SX is likely to start trading in equities soon, after a strong and successful membership drive (over 700 members). We believe this should be a positive for the MCX stock as well,” said Citi in a note, maintaining a ‘buy’ on the stock. The stock’s movement has been significant from Rs 1,335.85 as of October 5 to Rs 1,475 on November 7.

priya.s@thehindu.co.in

(This article was published on November 7, 2012)
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