MCX Tumbles 2% as Higher Software Cost Drags Q1 Insights
Summary
On July 31, MCX shares opened lower as the business’s net profit for the April-June quarter was pulled down by the hefty license and maintenance charges paid to 63 Moons Technologies. In June, MCX planned to extend its licence and maintenance contract with 63 Moons Technologies for 6 months as its relocation to the new trading platform was delayed. Till September 2022, when the original contract was in process, the software support and license fee was Rs 16 crore per quarter. As of June end, domestic mutual funds held 34.4% stake, foreign portfolio investors 23.49%, and Kotak Mahindra Bank alone had 15%. The commodity derivatives exchange recorded a combined profit of Rs 19.6 crore the quarter, dropping 52.6% over a year-ago period, obstructed by dismal operating performance.