MCX rises 3% as Morgan Stanley upgrades stock, hikes target price by 66%: Here's why

MCX share price

• MCX shares rose 3% after Morgan Stanley upgraded its rating and target price.
• Morgan Stanley raised MCX's target price by 66% to Rs 11,135 per share
• MCX shares have surged over 77% in 2025 so far

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The shares of Multi Commodity Exchange of India (MCX) jumped around 3 percent on December 31 after Morgan Stanley upgraded its rating on the stock, and hiked its target price by as much as 66 percent.

The shares of the company rose to Rs 11,198 apiece in the morning trading hours of Wednesday, snapping a two-day losing streak. This comes despite gold and silver futures tumbling today.

Morgan Stanley on MCX:

Morgan Stanley issued a bullish note for the shares of MCX, upgrading its rating for the stock to 'Equal-weight' and raised its target price to Rs 11,135 per share from Rs 6,710 per share. The latest target price implies an upside potential of more than 2 percent from the stock’s previous closing price of Rs 10,889 per share.

The international brokerage said that the average daily transaction revenue has surged in the past three months due to the sharp surge in commodities. It raised estimates materially and sees potential further upside opportunities if transaction volumes are sustained.

Morgan Stanley also raised EPS forecasts by 15 percent for FY26, 20 percent for FY27, and 24 percent for FY28. At the current prices, the stock trades at around 50 times FY27 estimated EPS and 47.5 times FY28 estimated earnings.

Gold, silver futures tumble:

MCX shares are rising today despite the sharp fall in silver and gold futures. Silver futures with March expiry on the Multi Commodity Exchange of India (MCX) dropped more than 7 percent to Rs 2,32,228 per kilogram. The future contracts with May expiry meanwhile fell around 8 percent to Rs 2,35,512 per kilogram.

Gold futures with February expiry meanwhile fell more than 1 percent to Rs 1,35,155 per 10 grams.

The sharp fall may have been driven by profit-booking after the sharp rally. Additionally, hopes for the US-brokered peace deal between Russia and Ukraine reaching a conclusion, which in turn will significantly ease global geopolitical tensions, also may have affected the safe-haven assets.

MCX share price history:

MCX shares have gained more than 9 percent in the past one month, and around 25 percent in the past six months. The stock has surged over 77 percent in 2025 so far.

The company currently has a market capitalisation of more than Rs 56,800 crore.

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