MCX gaining ground on bourses
DSIJ Intelligence / 29 Sep 2016
Multi Commodity Exchange (MCX) has been buzzing on bourses with the stock gaining almost 26 per cent over one month. The stock is abuzz with the news of option contracts being allowed to trade by SEBI on the MCX.
Multi Commodity Exchange (MCX) has been buzzing on bourses with the stock gaining almost 26 per cent over one month. The stock is abuzz with the news of option contracts being allowed to trade by SEBI on the MCX.
Besides, MCX has suddenly raised its transaction fees by around 25 per cent for futures contracts in the current week. This increase in the transaction fees will help MCX improve its earnings and hence the stock is gaining traction.
With new management the company looks to be in shape to grow consistently. Investors while taking exposure to the stock need to be careful about valuations though, as the stock is trading at almost 44 times its expected earnings according to analyst report.
There are also reports of CME group Inc’s interest in buying stakes in MCX. Even though sentiment could be positive in favour of the stock investors ought to be careful on the valuation front.
MCX is trading at Rs 1390 up by 11.60 per cent or Rs 131 per share, on an intraday basis at 9.30 a.m.
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