ICEX Unlisted Share FY24 Results | Company Exits Core Business | Indian Commodity Exchange Update
ICEX, the Indian Commodity Exchange, which was involved in facilitating commodity trading, has announced its FY24 results. The company's revenue growth in FY24 was mainly driven by an increase in other income. In FY24, the company's operating income dropped to ₹0.006 crore, compared to ₹0.25 crore in FY23. The main reason for this was that the company discontinued its commodity derivatives business and surrendered its exchange license. However, in FY24, there was a significant increase in other income, rising from ₹1.58 crore to ₹9.61 crore. This increase, along with reduced expenses, helped the company generate a net profit of ₹2.91 crore before tax, compared to a loss of ₹58.27 crore in the previous year. The large increase in other income suggests that the company made good money through investments or other financial activities.
But now the question arises: ICEX's main business of facilitating commodity trading has been discontinued, and it is being decided whether its shares will also stop being traded. So, if you own its shares, you should consider selling them now.
About ICEX Unlisted Share:
The Indian Commodity Exchange (ICEX) is an online multi commodity stock exchange in India that offers futures and options contracts on a variety of agricultural and non-agricultural commodities. The exchange has now 14 different commodity derivatives contracts available for trading on its platform.
ICEX is the first exchange in India to adopt a global hi-tech platform that ensures automatic and seamless switch-over from its Data Center (DC) to the Disaster Recovery (DR) site with zero data loss in case of exigencies. During the FY 2018-19, the Hon’ble National Company Law Tribunal (NCLT) sanctioned the amalgamation of National Multi-Commodity Exchange of India Limited (“NMCE”) with ICEX vide its common order dated 27 August 2018 and 31 August 2018, and the merger was effective from 7 September 2018.
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