Shares of MCX surged past 10% after news of its likely merger with the largest Indian bourse, NSE came in. The stock in Friday's trade touched an intra-day high of Rs. 794 on the NSE against previous day's closing of Rs. 717.75, up 10.62%.
On the development, MCX in a statement said, "As a part of corporate strategy, the company continuously evaluates various opportunities for enhancing shareholders' value. If and when any proposal is required to be considered by the board of directors of the company warranting disclosures, the same shall be informed to the exchange". "As of now, there is no information/event which requires disclosures", the multi-commodity exchange based out of Mumbai added.
Trading volumes in the stock also spiked to unusual levels in comparison to its 3-month average trading volume.
As per media reports, the multi-commodity exchanges is currently undergoing merger talks with the NSE and is expected to approach the SEBI as early as this month. The merger talks between the two exchanges have been on since the SEBI proposed to offer both commodities and stocks at one place.
When reporting the stock of MCX was trading higher by 8.39% at Rs. 777.95 on the NSE.