MCX India may see limited weakness, says SP Tulsian

MCX India may see limited weakness from hereon, says SP Tulsian, sptulsian.com.

Tulsian told CNBC-TV18, “MCX India, it is very strange to see that Euronext has pulled off. I don’t know whether they were not satisfied with the valuation because if you see the trend of the stock price in fact it has been correcting. Earlier on the fear that commodity transaction tax (CTT) is going to be introduced and after the Budget it has got introduced. So, it has been ruling weak and if the Euronext has decided to exit closer to about 5 percent of their stake just couple of days back they should have factored in this weak valuation into the stock price but I don’t know whether they have changed their mind or they were not getting the correct valuation for the stock.”
He further added, “Hereon I am not keeping a negative stance on the stock in fact it is promoter company Financial Tech I had been keeping the positive stance on that stock for maybe couple of days or so. So, maybe Multi-Commodity Exchange of India (MCX) also should bottom out maybe closer to three digit maybe Rs 990-1000 or so. I don’t think that much weakness can be seen from hereon in the stock.”