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Buy Multi Commodity Exchange; target of Rs 2000: ICICI Direct

ICICI Direct is bullish on Multi Commodity Exchange has recommended buy rating on the stock with a target price of Rs 2000 in its research report dated October 26, 2021.

October 28, 2021 / 02:19 PM IST
 
 
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ICICI Direct's research report on Multi Commodity Exchange

MCX is the leader in commodity derivatives exchanges in India with ~93% market share in terms of commodity futures turnover. It has ~100% market share in precious & base metals and energy Presence in various commodities offers healthy diversification

Outlook

Being a market leader in commodities exchange and a beneficiary of increase in option volume, we retain our BUY rating on the stock We value MCX at ~46x core FY23E EPS and net cash and maintain our target price at Rs 2000.