Shares of Multi Commodity Exchange of India rise as much as 2.5% to Rs 8,198 apiece, a six-week high, on October 3 after global brokerage UBS has forecast strong September quarter earnings.
UBS said September quarter earnings per share of the commodity derivatives exchange is likely to rise 32% year-on-year.
UBS estimates transaction fee revenue growth of 35% YoY for MCX, supported by futures (up 55%) and options average daily value (up 22%).
At 10:55 am on October 3, MCX shares were trading 1.5% higher at Rs 8,123 apiece. UBS reiterated its "buy" call on the stock at a price target of Rs 10,000, the highest among eight analysts tracking MCX with an average rating of "hold", data compiled by LSEG showed. The target price represents up to 23% upside from the current levels.
The 52-week low of the stock is Rs 4,408 and 52-week high is Rs 9,115. The market capitalisation of the stock is Rs 41,350 crore.
UBS added MCX's Q2 results are likely to surpass market forecasts, aided by the rise of bullion prices.
UBS further said market regulator SEBI's measures to support the commodity market will aid in structural growth opportunities.
MCX shares rose 28% in 2025 so far.
At 11 am on October 3, Nifty Capital Markets index was trading 0.5% higher at 4,229 with Nuvama Wealth Management Ltd, MCX, Nippon Life India Asset Management leading the gains.
SEBI has approved Nuvama Wealth Management's application seeking to act as a sponsor to set up a mutual fund, the company informed exchanges through a filing, sending the shares higher by more than 4 percent on October 3.
With inputs from Reuters
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