Multi Commodity Exchange of India (MCX), the largest commodity exchange in India, witnessed a sharp rise in share price on Wednesday after the company and CME Group, the world's leading and most diverse derivatives marketplace, signed a Memorandum of Understanding (MoU). Both parties agreed on various cooperation activities and potential business opportunities, including a joint viability study of setting up operations in an International Finance Service Center in India. 

Under this MoU, various initiatives between MCX and CME Group will also include the establishment of a joint working group to explore opportunities to develop and market new products and services for the US and Indian markets, as well as collaboration on customer education. 

At the same time, MCX and CME Group also announced the extension of the licensing agreement which enables MCX to settle their rupee-denominated oil and gas contract to CME Group's NYMEX prices.

Shares of Multi Commodity Exchange of India are trading at Rs 1,156, up Rs 50.9, or 4.61% at the Bombay Stock Exchange (BSE) on Wednesday at 11:14 a.m. The scrip has touched an intra-day high of Rs 1,169.40 and low of Rs 1,103.10.

Total volume of shares traded on the bourses today was higher by 583.14% to 720,167 compared with 22-day average volume of 105,420.