Financial Technologies leaps as unit to divest 18%

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Financial Technologies India gained 1.83% to Rs 1475 on 14:20 IST on BSE, after the company said that the MCX Stock Exchange plans to divest 18% of its equity to Indian banks.

The company made this announcement after trading hours on Thursday, 4 June 2009.

Meanwhile, the BSE Sensex was up 141.61 points, or 0.94%, 15,150.29.

On BSE, 37,804 shares were traded in the counter. The stock had an average daily volume of 2.38 lakh shares in the past one quarter.

The stock hit a high of Rs 1525.10 and a low of Rs 1461 so far during the day. The stock hit a 52-week high of Rs 1900.05 on 9 June 2008 and a 52-week low of Rs 404 on 23 January 2009.

The mid-cap stock had outperformed the market over the past one month till 4 June 2009, surging 82.87% as compared to the Sensex's return of 25.57%. It had also outperformed also the market in the past one quarter, galloping 237.75% as compared to the Sensex's return of 80.27%.

The company's current equity is Rs 9.18 crore. Face value per share is Rs 2.

The current price of Rs 1475 discounts the company's Q3 December 2008 annualized EPS of Rs 37.64, by a PE multiple of 39.19.

Multi Commodity Exchange (MCX) has already divested 6.48% equity with Union Bank of India and Bank of India through a primary offering for Rs 87.5 crore. The exchange is also expecting another 11.52% divestment to other public and private banks.

Financial Technologies India currently holds about 32% in MCX.

Financial Technologies (India)'s net profit fell 43.94% to Rs 43.19 crore on a 47.76% decline in sales to Rs 62.40 crore in Q3 December 2008 over Q2 September 2008.

Financial Technologies develops software solutions used in online trading terminals.

The company had in February 2009 announced that the promoter did not pledge any shares of the firm.

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