MCX shares rally 9% on strong September quarter results
BusinessToday.In October 16, 2019
Shares of Multi Commodity Exchange of India rallied 9% intraday after the company posted over two-fold jump in year-on-year net profit to Rs 71.75 crore, as compared to Rs 36 crore during the corresponding period last fiscal on the back of higher volume and jump in gold prices.
MCX shares gained 5.25% with the opening bell today at Rs 1,070 on the BSE, against the previous closing of Rs 1,016.65. Later the stock rose 8.98% to intraday's high of Rs 1,107.70.
As per stock's technical trend, the share value has shown positive momentum in its 1 day, 5 days, 1 month, 6 months, year-to-date, 1 year, 5 years chart.
MCX reported over two-fold jump in net profit to Rs 71.75 crore for the quarter. Its net profit stood at Rs 35.93 crore in the year-ago period. Total income including other income increased 55% year-on-year to Rs 144.53 crore.
The exchange platform reported better Q2 figures in all counts backed by higher volumes led by gold and crude oil futures, controlled costs, higher other income on account of MTM gain from investments.
The average daily turnover trade in commodity futures on the exchange increased 40% to Rs 34,526 crore in Q2 FY20 from Rs 24,655 crore in the corresponding quarter of 2018-19.
In the first six months, the MCX's markets share in commodity derivative space has increased to 92.87 per cent as against 91.4 per cent in the corresponding period of FY2019.
By Rupa Burman Roy