Shares of Multi Commodity Exchange of India Limited (MCX) surged on report of merger with National Stock Exchange of India Ltd (NSE). MCX shares zoomed over 13 percent, in the early afternoon hours of trade, their biggest daily percentage gain in over two months.
As per a media report, MCX is in merger talks with the NSE ahead of the implementation of the universal exchange framework for trading in both commodities and equities, in October. Both exchanges plan to approach the market regulator, Sebi this month, for the proposed merger plan.
The merger is possibly to result into the largest exchange of India and the both entities will reinforce their respective position in the equities and commodity derivatives segment.
At the time of these reporting, shares of MCX are trading up by 13.95 percent at Rs. 817.95 on NSE. The stock opened at Rs. 740.20 and hit a high and low of Rs. 844.60 and Rs. 737.70
MCX trading tips- Opt Services