Uncertain time for MCX, FT over NSEL scam: Sudip Bandyopadhyay

In a chat with ET Now, Sudip Bandyopadhyay, President, Destimoney Securities, shares his views on FT and MCX. Excerpts:

ET Now: The last few days have seen some news flow for FT as well as MCX spot with the FMC asking FT to reduce the stake in the company to 2 per cent from the current 25-26 that they have. What would your advice be for both of these stocks?

Sudip Bandyopadhyay: There is a huge change which is happening as far as both these companies are concerned. MCX has suffered probably without any reason. Predominantly as FT happens to be its majority shareholders and they were the owners of the scam tainted NSEL.

Having said that, apart from this particular incidence, MCX is also suffering on account of multiple other factors whereby the commodity trading volume itself has become one-third of its volume before all these problem started. Hence, business of MCX is under pressure. The promoter has to exit by selling the shareholding so it is a very uncertain time for MCX as a stock.

Unless you have a desperate need for cash, do not run to sell this stock at a cheap valuation. As far as FT is concerned, the situation is even more grim. Probably an exit from FT at an opportune time will be right for the shareholders.