Financial Technologies

FTIL in pact with Jhunjhunwala, others to exit MCX-SX bourse

New Delhi - Financial Technologies India Ltd Tuesday inked a pact with ace investor Rakesh Jhunjhunwala, financial major Edelweiss and others to sell its entire five percent stake in MCX-SX stock exchange for Rs 88.41 crore.

FTIL has been in trouble ever since the Rs 5,600 crore payment scam surfaced at group firm NSEL in July last year.

The group has started exiting from the exchange business both in India and abroad after commodity markets regulator FMC order in December 2013 declared FTIL and its founder Jignesh Shah as unfit to run any exchanges in view of this scam.

FTIL Q1 net profit up 58% at Rs 128 cr

FTIL Q1 net profit up 58% at Rs 128 crNew Delhi - Financial Technologies (India) Ltd on Wednesday posted 58 percent jump in standalone net profit at Rs 128.24 crore for the first quarter ended June 30, 2014-15, on account of higher income.

The Jignesh Shah-led company had reported net profit of Rs 81.2 crore in the year-ago.

In a filing to the BSE, the FTIL said that total income increased to Rs 216 crore Q1, 2014-15 from Rs 169.54 crore in the same quarter of last fiscal, 2013-14.

The company has also declared first interim dividend of Rs 2 per share to be paid on September 5, the filing added.

FTIL to sell 15% stake in MCX to Kotak Bank for Rs 459 cr

Financial Technologies India LtdMumbai - Jignesh Shah-led Financial Technologies on Sunday said it has signed an agreement to sell 15 percent stake in MCX to Kotak Mahindra Bank for Rs 459 crore.

Financial Technologies India Ltd (FTIL) originally held a 26 percent stake in commodity exchange MCX.

Earlier this month, it sold 6 percent stake in MCX in two rounds for about Rs 220 crore, bringing down its shareholding to 20 percent.

After an agreement with Kotak Mahindra bank to sell 15 percent stake, FTIL is left with 5 percent stake in MCX.

Financial Technologies ordered to divest all holdings in stock exchanges

Financial Technologies ordered to divest all holdings in stock exchangesCapital market regulator Sebi on Wednesday ordered Financial Technologies group to divest its holdings in Multi Commodity Exchange of India Ltd Stock Exchange (MCX-SX) and four other entities.

Sebi ruled that crisis-hit Jignesh Shah-led Financial Technologies group was not "fit and proper" to own stakes in any of the country's stock exchanges.

FTIL appoints four-member panel to oversee restructuring plan

FTIL appoints four-member panel to oversee restructuring planFinancial Technologies India Limited (FTIL) has appointed a four-member committee to oversee its restructuring plan, which includes divesting up to 24 per cent stake in the Multi-Commodities Exchange (MCX).

In a press release, FTIL said the committee was appointed to propose and oversee a restructuring plan as part of its efforts to charter a new growth path. The committee will submit its report in around four months.

FTIL threatens legal action after MCX caps its voting rights

FTIL threatens legal action after MCX caps its voting rightsFinancial Technologies (India) Limited (FTIL) has threatened the Multi-Commodity Exchange (MCX) that it could tale a legal action against the latter's move of capping its voting rights at 2 per cent.

Last Friday, the board of directors of MCX capped FTIL's voting rights at 2 per cent with immediate effect, declaring that any holding of FTIL in excess of 2 per cent would not be considered while voting on a resolution. At present, FTIL owns 26 per cent stake in MCX.

FMC issues show-cause notice to MCX promoters

FMC issues show-cause notice to MCX promotersTaking a tougher stance in the National Spot Exchange Ltd (NSEL) crisis case, the Forward Markets Commission (FMC) has slapped Financial Technologies, the promoter of commodity exchange MCX, FT Group owner Jignesh Shah and other senior officials with show-cause notice.

The FMC asked Shah and others to show cause why they shouldn’t be declared not ‘fit & proper’ to be MCX shareholders and directors.

Buy Financial Technologies With Target Of Rs 1000

Financial TechnologiesPrice Breakout post Sideways move: The stock has witnessed a sideways to neutral move over the last few weeks. Yesterday’s price move indicates a price breakout along with excellent volumes. This can take the stock price higher in the coming few weeks. The short term charts also support this hypothesis.

Financial Technologies Sell Call by Sudarshan Sukhani

Financial Technologies Sell Call by Sudarshan SukhaniTechnical expert Sudarshan Sukhani has given a sell call for Financial Technologies. The intraday target for the stock is Rs 1220.

Mr. Sukhani has given a stop loss of Rs 1320 during at interview on financial news channel CNBC TV18. Financial Technologies is currently trading at Rs 1250, down by nearly 2 per cent. The stock has hit an intraday low of Rs 1232 on NSE.

The stock is trading at P/E multiple of 26 and has touched 52 week of Rs 1895 on NSE.

Financial Technologies to raise Rs 1500 crore

Financial Technologies to raise Rs 1500 croreMumbai-based Financial Technologies India, will soon raise Rs 1500 crore by issuing shares in the international markets and by private placement of shares with buyers.

The company would raise funds by issuing shares in the form of Global Depository Receipts, American Depository Receipts and Foreign Currency Convertible Bonds.

Besides this, the funds would also be raised by private placement of shares with potential buyers.




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