Coimbatore, March 9:
The shares of MCX continued to shed gains from the day’s high as investors seemed to book profit in view of the phenomenal gains on the first day of trading in the bourses today.
The stock, which listed at a 34 per cent premium on the BSE at Rs 1,387 and then climbed higher to Rs 1,426, has slipped to 1,318.40 with a trading volume of 35.48 lakh shares in post-noon session.
On the NSE, the MCX shares were down to Rs 1,319.10, still a gain of Rs 287.10 or 27.82 per cent. The share touched a high of Rs 1,428.55 on the NSE.
PTI reports: After a record-breaking investor demand for shares in its initial public offer (IPO) late last month, the Multi-Commodity Exchange saw robust buying interest in its debut trade on the stock market this morning and saw its price soaring past Rs 1,400 level within minutes of listing.
In the pre-open bidding, the shares attracted a premium of over 40 per cent from its IPO price of Rs 1,032 a share and touched a high of Rs 1,450.
Based on a new price-discovery mechanism, followed for the first time in MCX listing, the shares finally opened normal trade at the BSE at Rs 1,387 — a premium of 34 per cent, and went on to gain further ground to a high of Rs 1,420.
On the NSE, the shares opened at Rs 1,408 and touched a high of Rs 1,428.25 by 10.15 a.m.
After becoming the first Indian exchange to come out with an IPO, and also the first public offer of the year 2012, MCX also became the first company to list under the new SEBI rules introducing pre-open bidding in the first-day trade of stocks listing after IPOs.
Under the new guidelines, announced by the SEBI on January 20, a pre-open bidding is conducted for one hour between 9 am to 10 a.m., pursuant to which an equilibrium price is discovered.
Thereafter, a price band of 20 per cent is imposed for the listing day trade.
These measures were adopted by the market regulator to check wild price fluctuations in the listing day trade, as many stocks in the past have seen movements of even 100 per cent or more on their first day of trade.
Although MCX had offered to list its shares on the BSE alone, NSE in a late night circular on March 7 said that it will admit MCX shares for trading on its platform.
MCX had previously said that it would first observe the volumes on BSE for some time and then decide about NSE.
However, NSE has not pro-actively offered to list MCX shares on its platform. Regulations allow an exchange to add a stock in the list of ‘securities permitted to trade category’ even if a company has not applied itself.
However, the move has come as a surprise as both NSE and the MCX founders (FTIL group) have been at the loggerheads for many years now over various issues, including direct competition in some business areas.
Some market experts said that MCX shares were expected to create strong volumes in the secondary market, given the demand worth Rs 36,000 crore for its IPO worth about Rs 650 crore, and the NSE might not have wanted to lose the volumes to its rival BSE.
A listing ceremony was held at the BSE here to mark MCX’ debut in the stock market. The MCX Vice-Chairman, Mr Jignesh Shah, and the CEO, Mr Lamon Rutten, were among those present for the ceremony.
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