The company suggested that MCXCCL to receive up to Rs 25 crore in unsecured loans or inter corporate deposits as needed to meet their operational needs. The same will depend on receiving the required regulatory approvals.
Multi Commodity Exchange of India Limited (MCX) share price share price jumped over 6 percent intraday on November 28. The stock price also hit all-time high.
The company decided to recover technology costs for the old platform from its subsidiary, Multi Commodity Exchange Clearing Corporation Ltd (MCXCCL).
“The board decided to only recover the technology costs for the old platform from MCXCCL until October 15, 2023, on a “pay-for-use basis,” by the terms of the current Resource Sharing Agreement.
MCX will be responsible for the remaining expenditure, which amounts to approximately Rs 35 crore, on the old platform between October 16, 2023, and December 31, 2023,” according to MCX’s exchange filing on November 25.
At 2:13 PM, the stock was trading at Rs 3,113.25 per share on NSE. It was up Rs 185.90 or 6.35 percent.
It suggested that MCXCCL to receive up to Rs 25 crore in unsecured loans or inter corporate deposits as needed to meet their operational needs. The same will depend on receiving the required regulatory approvals.
“Since the commencement of operations of our subsidiary company, MCXCCL, the technology costs are shared between Parent company-MCX and Subsidiary-MCXCCL.
With effect from October 16, 2023, the technology platform has been changed over to a new platform, for which the technology cost sharing is being finalised as per Transfer Pricing Norms which is subject to confirmation from the statutory auditors,” the company said in its filing.
MCX reported a net loss of Rs 19.07 crore in the second quarter of fiscal year 2023-24. The net profit stood at Rs 63.3 crore in Q2 FY23 and at Rs 19.6 crore in Q1 FY24.
However the firm’s revenue from operations increased during the quarter under review by 30 percent. It came in at Rs 165.11 crore against Rs 127.4 crore in the corresponding quarter of the previous fiscal.
Disclaimer: The information provided in this blog post is for informational purposes only and should not be construed as investment or trading advice. The author is not a financial advisor and does not have any professional qualifications in this area. The author does not guarantee the accuracy or completeness of the information provided. Any action you take based on the information in this blog post is done at your own risk. Please consult with a financial advisor before making any investment decisions.
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