MCX stock skyrockets 8.5% to record high amid heavy volumes

With gains in today's session, MCX stock has delivered around 120 percent returns in the year so far.

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Shares of Multi-Commodity Exchange skyrocketed 8.5 percent on December 6 and charted a new record high of Rs 7,048.60, driven by heavy trading volumes.

As much as seven lakh shares of MCX changed hands so far, already more than double the one-month daily traded average of three lakh shares.

At 12.42 pm, shares of MCX were trading at Rs 7,030 on the NSE. With gains in today's session, the stock has delivered around 120 percent returns in the year so far.

The firm swung back into black and reported a net profit of Rs 153.6 crore for the September quarter, a sharp turn from a loss of Rs 19.1 crore in the year ago period. Its revenue from operations surged 73 percent to Rs 285.6 crore as against Rs 165.1 crore in the same period of the preceding fiscal. Operational performance also improved as EBITDA margin came at 62.8 percent in Q2.

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The company is also gearing up for its next phase of growth. The strategic pillars driving this include the introduction of new products, boosting market participation, and enhancing technological capabilities.

Brokerage firm HDFC Securities pointed that the primary focus of MCX management over the last few years was on technology transition. "The key focus from here will be product and market
development, and the launch of mini contracts and monthly expiry gold options are steps in this direction," the brokerage said.

Looking ahead, HDFC Securities expects the volume to increase gradually with scaling and launch of new products and rising FPI and investor participation in commodities. The brokerage has a 'buy' call on the stock with a price target of Rs 7,000.

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