Multi Commodity Exchange (MCX) shares hit a fresh 52-week high on Monday over reports suggesting that the commodity exchange will shift to the new platform serviced by Tata Consultancy Services (TCS) from October 1.

Even though the mock sessions on the new platform have been glitch-free so far, MCX will continue to use the 63 Moons platform as a backup till December 2023 in case it finds glitches. 

However, MCX has not yet issued an official statement and will need the Securities & Exchange Board of India’s (SEBI) approval to go live on the new TCS platform.

Shares of MCX reached a 52-week high of Rs 1,952.20, surging nearly 9.45% from the previous closing price on the National Stock Exchange (NSE) during the early opening hours on September 25. The stock closed 6.59% higher at Rs 1,901.  

The support and maintenance agreement of MCX’s software with 63 Moons started in September 2014 and ended in September 2022. In February 2021, the exchange’s board decided to award the contract for implementing the Commodity Derivatives Platform to TCS.

The 63 Moons agreement has since been extended multiple times by MCX as it could not transition to the TCS platform within the given deadlines. In the latest extension in June, MCX decided to continue on the 63 Moons’ platform for six months, from July 1 till December 2023.