1. Financial Technologies India Q2 profit jumps 12 times to Rs 327 cr

Financial Technologies India Q2 profit jumps 12 times to Rs 327 cr

Financial Technologies India Ltd (FTIL) today said its net profit for the second quarter...

By: | New Delhi | Published: November 13, 2014 2:22 PM

Financial Technologies India Ltd (FTIL) today said its net profit for the second quarter of the current fiscal has jumped over 12 times to Rs 327 crore on the back of one-time gain on sale of its holding in MCX.

The company had posted a net profit of Rs 27 crore in the comparable period last fiscal.

The company booked a gain of Rs 851 crore on sale of its holding in MCX during the period under review, FTIL said in a statement.

During the period, the company has made provisions towards other than temporary diminution in value of investments to the tune of Rs 588 crore.

“We have successfully completed the divestment of our holding in MCX during the period,” FTIL Whole Time Director Dewang Neralla said.

Last month, the government had ordered merger of scam-hit National Spot Exchange with its holding company FTIL in order to help investors and others hit by Rs 5,600-crore “fraud” get back their money.

As per the government order FTIL would absorb NSEL along with all its liabilities including payments due to be paid to brokers, investors and others.

The company has appointed Amarchand & Mangaldas & Suresh A. Shroff & Co (AMSS) as its Principal law firm.

Shares of FTIL today closed at Rs 190.90, up 1.57 per cent on the BSE.

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