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FTIL tumbles on profit booking

Capital Market/ 15:40 , Sep 13, 2013

Financial Technologies (India) fell 8.79% to Rs 198.30 at 15:30 IST on BSE on profit booking after the stock surged 93.93% in the past six sessions to Rs 217.40 on 12 September 2013 from a recent low of Rs 112.10 on 3 September 2013.

Meanwhile, the BSE Sensex was down 71.70 points, or 0.36%, to 19,710.18.

On BSE, 37.68 lakh shares were traded in the counter compared with average volume of 13.49 lakh shares in the past one quarter.

The stock hit a high of Rs 228 and a low of Rs 193.60 so far during the day. The stock hit a 52-week low of Rs 102.05 on 30 August 2013. The stock hit a 52-week high of Rs 1,223.80 on 13 November 2012.

The stock had outperformed the market over the past one month till 12 September 2013, rising 27.69% compared with the Sensex's 4.41% rise. The scrip had, however, underperformed the market in past one quarter, falling 71.93% as against Sensex's 3.89% rise.

The mid-cap company has an equity capital of Rs 9.22 crore. Face value per share is Rs 2.

Profit booking emerged on the Financial Technologies (India) (FTIL) counter after media reports suggested that the Enforcement Directorate (ED) in its status report submitted to the finance ministry on Thursday, 12 September 2013, on alleged financial law violations by National Spot Exchange (NSEL), indicated that the crisis-ridden NSEL may have violated money laundering laws and a few foreign exchange procedures.

NSEL had to shut down its operations since 1 August 2013 following the government direction in the wake of violation of certain rules. NSEL is grappling with the problem of payment settlement after the suspension. It has given eight-month plan to settle Rs 5574.31 crore to investors. NSEL is scheduled to make a payout every Tuesday for 30 weeks, ending in March 2014. FTIL is one of the two promoters of the NSEL.

The ED was one of the two working groups that was looking into NSEL's payment crisis.

As per reports, once the finance ministry and a panel of secretaries, headed by economic affairs secretary Arvind Mayaram, go through the contents of the ED report, legal action could be initiated against those involved in the operations of NSEL.

The ED, according to reports, could register cases under the Prevention of Money Laundering Act (PMLA) and may also launch a preliminary inquiry to probe forex violations under the Foreign Exchange Management Act (FEMA).

FTIL's net profit rose 6.84% to Rs 81.21 crore on 15.44% growth in total income to Rs 169.54 crore in Q1 June 2013 over Q1 June 2012. The Q1 result was announced after market hours on Tuesday, 30 July 2013.

FTIL's earnings before interest, taxation, depreciation and amortization (EBITDA) rose 17% to Rs 120 crore in Q1 June 2013 over Q1 June 2012. The company's profit before tax (PBT) surged 32% year on year (YoY) to Rs 110 crore in Q1 June 2013.

FTIL is among the global leaders in offering technology IP (Intellectual Property) and domain expertise to create and trade on next generation financial markets, that are transparent, efficient and liquid, across all asset classes including - equities, commodities, currencies and bonds among others. The group operates one of the world's largest networks of nine exchanges connecting fast-growing economies of Africa, Middle East, India and South East Asia. The group also has five ecosystem ventures to address upstream and downstream opportunities around exchanges, including clearing, depository, information vending and payment gateway, among others.


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