Buy MCX for long term: Jagannadham Thunuguntla

Buy MCX at this level from medium term to long term perspective, says Jagannadham Thunuguntla of SMC Global Securities.

Thunuguntla told CNBC-TV18, "We are syndicate member for the MCX issue, and so view has to be taken in that context. We are happy that we are associated with such an issue because after long-long time at least I can see smile when you talk about IPOs instead of a sorry face because whatever happened in the last one year or so. I think good that the exchange is getting listed so there is a good chance that retail investor interest will come back."
He further added, "Only thing is the issue got so many times oversubscribed that is why it has not given same kind of thumbs up in terms of money made but I feel at this level it still makes a good buy from medium term to long term. Hardly you seen any industry, hardly you will find any player with 88% market share and with such a pricing power and such a huge profit margin and top of that continuous dividend every year, hardly you