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Business News/ Market / Stock-market-news/  MCX gains for fourth day on Bombay Bullion Association offer
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MCX gains for fourth day on Bombay Bullion Association offer

MCX shares have gained 8.8% over the previous three sessions

The Bombay Bullion Association said it was considering buying the MCX stake through a consortium led by a smaller bourse it promotes, Universal Commodity Exchange. Photo: Ramesh Pathania/MintPremium
The Bombay Bullion Association said it was considering buying the MCX stake through a consortium led by a smaller bourse it promotes, Universal Commodity Exchange. Photo: Ramesh Pathania/Mint

Mumbai: Shares in Multi Commodity Exchange of India Ltd (MCX) gained as much as 4.2%, heading for a fourth consecutive day of gains, after Bombay Bullion Association said on Wednesday it was considering buying a 5% stake in the company.

India’s leading bullion trade body said it was considering buying the MCX stake through a consortium led by a smaller bourse it promotes, Universal Commodity Exchange.

“Through a consortium led by Universal Commodity Exchange, we are trying to buy a 5% stake in MCX. The value of the stake would be around 125 crore," Mohit Kamboj, president of the Bombay Bullion Association, told reporters on Wednesday.

Traders also see synergies between MCX and Bombay bullion Association considering most of MCX volumes were coming in from bullion trades in 2013.

MCX shares have gained 8.8% over the previous three sessions.

The UCX’s offer comes after India’s commodity markets last month ordered major shareholder Financial Technologies (India) Ltd to cut its stake to 2% or less after calling the company not “fit and proper" to run an exchange.

MCX shares were trading at 511.75, up 3.9%, at 12:30pm on Thursday, outperforming the 0.6% gain in the benchmark Sensex.

Reuters

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Published: 02 Jan 2014, 12:40 PM IST
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