Shares of Multi Commodity Exchange of India (MCX) rallied over 10 per cent intraday after reports that the independent commodity exchange has hiked the transaction charges for trades on its platform.
Shares of Multi Commodity Exchange of India (MCX) rallied over 10 per cent intraday after reports that the independent commodity exchange has 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. The transaction fee on the turnover value is to be paid by the members based on their turnover in all the commodities traded on the exchange. At 11.51 am, shares of the company were trading 8.92 per cent up at Rs 1167.20. The scrip opened at Rs 1085 and has touched a high and low of Rs 1181.35 and Rs 1075, respectively, in trade so far. Later, the scrip of the company ended 7.41 per cent up at Rs 1151.05.
For, non-agricultural commodities, traders have to pay transaction fee of Rs 2.60 per lakh for average daily turnover up to Rs 350 crore and Rs 1.75 per lakh on incremental turnover above Rs 350 crore. Average daily turnover will be calculated at the end of every month by way of dividing the total turnover of the member by the total number of trading days. For, agricultural commodities, transaction fee will be levied at Rs 1.75 per lakh of turnover on the total turnover of the member. The transaction fee shall be debited on a monthly basis to the settlement account of the members in the first week of the succeeding month.
In the past one year, shares of MCX have risen nearly 13 per cent to Rs 1071.60 till September 26, whereas BSE Sensex jumped 10 per cent during the same period.
For the quarter ended June 30, 2016, MCX 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 the company increased by 12.47 per cent year-on-year to Rs 58.23 crore.