Buy MCX below Rs 1000: SP Tulsian

Buy Multi Commodity Exchange of India (MCX) below Rs 1000, says SP Tulsian, sptulsian.com.

Tulsian told CNBC-TV18, "May be MCX stock is bottoming out because Financial Technology has bottomed out on which I have a positive call from here on. So may be that should happen. Infact Euronext is a surprising episode, the seller have decided to put it on hold may be because of change of their mind or because of not getting the rate.”
He further added, “The trend pre-Budget on the fear of CTT which has come in this Budget was making this stock to correct. So if that was the trend what was the reason for Euronext to shed their sub 5 percent stake in the company. So sub Rs 1000 looks a good entry point, may be the stock should bottom out from here, not much downside is seen in the stock.”
At 10:26 hrs Multi Commodity Exchange of India was quoting at Rs 960.95, down Rs 54.90, or 5.40%. It has touched an intraday high of Rs 1,036 and an intraday low of Rs 957.25.
The latest book value of the company is Rs 195.52 per share. At current value, the price-to-book value of the company was 4.93. The dividend yield of the company was 2.49%.