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
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.
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