ICICI Direct's research report on Multi Commodity Exchange
MCX is the leader in commodity derivatives exchanges in India with ~94% market share in terms of commodity futures turnover. It has ~100% market share in precious metals & base metals and energy • Presence in various commodities offers healthy diversification.
Outlook
Factoring in timelines for launch of spot exchanges, we lower our multiple to value MCX at ~33x core FY24E EPS and net cash. Thus, we lower our target price from Rs 2000 to Rs 1600.
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