MCX share price jumps over 9% to hit 52-week high amid reports of going live on TCS platform from October 1
- In June this year, the largest commodity bourse in India MCX in the country, had announced an extension of the support services being rendered by its existing software vendor, 63 Moons Technologies till December 2023.
MCX share price jumped over 9% to hit a fresh high on Monday amid reports of the launch of a new trading platform soon. MCX shares rallied as much as 9.3% to a 52-week high of ₹1,950.00 apiece on the BSE.
The uptrend in the MCX shares comes amid a CNBC-TV18 news report that said the commodity exchange will go live with the new platform serviced by Tata Consultancy Services (TCS) from October 1.
However, the Multi Commodity Exchange of India (MCX) has not issued any official statement related to the date of shifting on the new trading platform.
In June this year, the largest commodity bourse in the country, had announced an extension of the support services being rendered by its existing software vendor, 63 Moons Technologies till December 2023.
Read here: MCX extends support services contract with 63 Moons for another six months at ₹125 crore per quarter
MCX will use the 63 Moons platform as a backup in case it finds glitches on the new platform provided by TCS, the news report said, adding that the mock sessions on the new platform were glitch-free so far.
MCX will also need market regulator Securities & Exchange Board of India’s (SEBI) approval to go live on the new TCS platform.
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In February 2021, the board of MCX had decided to award the contract for implementation of Commodity Derivatives Platform to TCS, thereby migrating to TCS’ software to run its technology platform.
However, the commodity exchange had multiple times extended the software support service arrangement with its founder-promoter 63 Moons, as the bourse failed to migrate to the new trading platform within the deadline.
The software support and maintenance agreement with 63 Moons started in September 2014 and had ended in September 2022.
MCX share price has rallied more than 20% in the last one month, while the stock is up over 50% on one year.
At 2:25 pm, MCX shares were trading 6.72% higher at ₹1,904.00 apiece on the BSE.
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