Multi Commodity Exchange of India (MCX) has rallied almost 7% to Rs 1,272 in late noon trades on back of heavy volumes. The stock opened at Rs 1,203 and hit a low of Rs 1,199 on the NSE.
A combined 440,287 shares have already changed hands on the counter so far against an average less than 90,000 shares that were traded daily in past two weeks.
On Wednesday, MCX-SX, the stock exchange promoted by MCX and Financial Technologies, said its barometer index would comprise 40 top stocks based on liquidity and non-promoter market value among other factors.
Analyst at Motilal Oswal Securities has recommended the “Buy” rating on the stock with target price of Rs 1,440 per share.
Analyst expects MCX's revenues to surge from Rs 39 crore FY11 to at least Rs 100 crore by FY13 after launching of MCX-SX.
