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MCX surges on MoU with Mozambique Commodities Exchange for strategic co-operation

Multi Commodity Exchange of India (MCX) surged over 2 per cent on Wednesday after it signed a a Memorandum of Understanding (MoU) with Mozambique Commodities Exchange (also known as Bolsa De Mercadorias De Mocambique, or BMM) for strategic co-operation.

By: | Updated: September 21, 2016 4:40 PM
MCX surges on MoU with Mozambique Commodities Exchange for strategic co-operation Multi Commodity Exchange of India (MCX) surged over 2 per cent on Wednesday after it signed a a Memorandum of Understanding (MoU) with Mozambique Commodities Exchange (also known as Bolsa De Mercadorias De Mocambique, or BMM) for strategic co-operation. (Photo: Reuters)

Multi Commodity Exchange of India (MCX) surged over 2 per cent on Wednesday after it signed a a Memorandum of Understanding (MoU) with Mozambique Commodities Exchange (also known as Bolsa De Mercadorias De Mocambique, or BMM) for strategic co-operation. Bolsa De Mercadorias De Mocambique (BMM) envisages developing Mozambican commodity markets ecosystem consisting of energy, base metals and agricultural products in an endeavor to deliver better value to the stakeholders.

At 3.14 pm, share price of the company was trading 1.42 per cent up at Rs 1023.35. The scrip had opened at Rs 1005 and touched a high and low of Rs 1038 and Rs 1005, respectively. Later, the scrip settled the day 1.66 per cent up at Rs 1025.80.

In a BSE filing the company said, “MCX intends to work with BMM to help Mozambique realize its potential behind its resource rich economy through sharing its market, institutional, and capacity development expertise. The exchanges aim to continue facilitating potential collaboration in areas such as sharing of knowledge, research, experiences etc., which is expected to result in opening up of new avenues of mutual cooperation. ”

MCX, the commodity bourse, largely offers futures trading in non-agricultural commodities. The exchange contributes maximum business to the total turnover of the commodity futures market.

Both the exchanges aim to continue facilitating potential collaboration in areas such as sharing of knowledge, research, experiences etc., which is expected to result in opening up of new avenues of mutual cooperation.

MCX Managing Director and CEO Mrugank Paranjape saidd, “I am sure this alliance will surely go a long way in creating more efficient markets and strengthen trading among the Asian and African regions benefiting each
other’s stakeholders. We look forward to a longstanding and gratifying partnership with BMM. “

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