India's Multi Commodity Exchange drops 14% after extending IT contract at higher cost

63 Moons Technologies

30/06/2023 05:43

** Shares of Multi Commodity Exchange of India  MCEI.NS 
fall as much as 14.06% to 1,411.40 rupees, sharpest intraday pct
loss since Mar. 23, 2020
    ** Co says it has extended services of software vendor 63
Moons Technologies  63MO.NS  for six months at a higher cost
    ** Commodity exchange renewed the contract for 2.50 bln
rupees ($30.5 mln) for 6 months, beginning July 1, compared with
810 mln rupees for first 6 months of the year
    ** Shares of 63MO rise as much as 18.01% to 255.90 rupees,
hitting highest level since Apr. 26, 2022
    ** Avg rating of 9 analysts covering MCEI close to
equivalent of "hold", median PT is 1,600 rupees - Refinitiv data



($1 = 82.0250 Indian rupees)

 (Reporting by Ashish Chandra in Bengaluru)
 ((ashish.chandra@thomsonreuters.com (+91 7982114624))