Shares of Multi Commodity Exchange (MCX) surged as much as 12 per cent in the early and also hit their fresh 52-week high of Rs 1400 after the Securities and Exchange Board of India (SEBI) allowed the commodity exchanges to launch options contracts in commodities.
Shares of Multi Commodity Exchange (MCX) surged as much as 12 per cent in the early and also hit their fresh 52-week high of Rs 1400 on Thursday after the Securities and Exchange Board of India (Sebi) allowed the commodity exchanges to launch options contracts in commodities. At 11.26 am, shares of the exchange were trading 8.77 per cent up at Rs 1356 and had touched a high and low of Rs 1400 and Rs 1282.25, respectively, in trade so far. Benchmark BSE Sensex was trading 36.11 points, or 0.13 per cent, up at 28328.92.
For commodity traders, Venu Madhav, chief operating officer, Zerodha, “This is really positive news for all commodity clients who literally have more options now than before. We believe market participation will increase manifold because of the launch of options contracts and the ability to hedge positions with ease. With Sebi watching over this new development, it will give a lot of confidence to traders.”
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On Tuesday, the commodity exchange hiked the transaction charges for trades on its platform. The transaction fee structure will be effective for trades executed from October 1, 2016 onwards and will be valid till further notice.
For the quarter ended June 30, 2016, the exchange reported a net profit of Rs 32.81 crore, up 54.56 per cent, against Rs 21.23 crore in the corresponding quarter a year ago. Net sales of MCX jumped by 12.47 per cent year-on-year to Rs 58.23 crore for the quarter under review against Rs 51.78 crore in the corresponding quarter a year ago.
In the past one year, shares of the company have risen 31 per cent to Rs 1246.65 till September 28, whereas BSE Sensex jumped 10.45 per cent during the same period.