Financial Technologies (FTIL) shares climbed as much as 7.38 per cent in the early trade on Thursday after it said that the company has exited from Dubai Gold and Commodities Exchange (DGCX) by selling its 13 per cent stake in the bourse to Dubai Multi Commodities Centre (DMCC).
Shares of FTIL were trading 4.87 per cent up at Rs 79.60 (at 9.36 am). The scrip opened at Rs 79 and touched a high and low of Rs 81.50 and Rs 78.80, respectively, in trade so far. Later, the scrip settled the day 2.90 per cent up at Rs 78.10.
FTIL in a BSE filing said, “Financial Technologies (India) Ltd (FTIL) concluded the transaction relating to sale of its 13 per cent stake in DGCX to Dubai Multi Commodities Centre (DMCC), a Government of Dubai enterprise.”
The deal concluded after it got an approval from Reserve Bank of India (RBI) on March 4. “With the conclusion of the above transaction, FTIL has completely exited from DGCX,” FTIL said.
For the quarter ended December 2015, the company registered a consolidated net profit of Rs 64.12 crore, up 135.61 per cent, against Rs 27.21 crore in the same quarter last year.
In the past one year, the share price of FTIL tanked 58 per cent to Rs 75.90 till March 16, whereas BSE Sensex slid 13.21 per cent during the same period.
FTIL is a flagship company of the Financial Technologies Group. It provides technology solutions and domain expertise for digital transactions and financial markets across all asset class including equity, commodities, currency and debt.