Multi Commodity Exchange of India (MCX) surged 6.52% to Rs 998 after a foreign brokerage firm reportedly upgraded the stock to 'overweight' from 'equal-weight' with a price target of Rs 1260 in the next 12 months.
The brokerage reportedly sees a strong structural multiyear business uptrend at MCX. Also, strong cyclical tailwinds to trading volumes could hasten the structural upside and should also be an added incentive to build positions in the stock now, it added.
The target price of Rs 1260 is 26.25% premium to the prevailing market price of Rs 998.
On 4 September 2019, MCX informed that it has e signed Memorandum of Understanding (MoU) for cooperation and the exchange of information with the Zhengzhou Commodity Exchange (ZCE), one of the leading commodity exchanges in China.
Multi Commodity Exchange of India (MCX) is India's first listed, national-level, electronic exchange. It is also the first exchange to introduce commodity options in India. It offers commodity futures contracts in bullion, base metal, energy and agricultural commodities, whereas commodity futures with both Agricultural and non-agricultural products like Cotton, Rapeseed Oil, Seed & Meal, Sugar, Flat Glass, Methanol, Pure Teraphthelic Acid (PTA) and Thermal Coal as underlying's are traded on ZCE. Besides ZCE offers option products on White Sugar and Cotton. While, options on Gold, Silver, Crude Oil, Copper and Zinc futures are traded on MCX.
Meanwhile, the S&P BSE Sensex was up 39 points or 0.10% to 39129.47.
On the BSE, 3.04 lakh shares were traded in the MCX counter so far compared with average daily volumes of 61421 shares in the past one quarter. The stock hit a high of Rs 1030.5 and a low of Rs 951.95 so far during the day.
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The stock hit a 52-week high of Rs 1030.5 on 24 Sep 2019. The stock hit a 52-week low of Rs 643.5 on 19 Feb 2019.
On a consolidated basis, MCX's net profit rose 53.6% to Rs 43.70 crore on a 29.9% increase in the total income to Rs 110.95 crore in Q1 June 2019 over Q1 June 2018.
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