Shares of Multi-Commodity Exchange (MCX) surged 7.16% to ₹6,953 on December 6, as of 1:12 PM, reaching a record intraday high of ₹7,048.60 earlier in the session. The rally was driven by heavy trading volumes, with over seven lakh shares exchanging hands, more than double the one-month daily average of three lakh shares.
Recent financial performance:
MCX reported strong financials for the September quarter, posting a net profit of ₹153.6 crore, compared to a loss of ₹19.1 crore in the same period last year. Revenue from operations jumped 73% to ₹285.6 crore, supported by an improved EBITDA margin of 62.8%.
Growth drivers:
The company is focusing on expanding its product offerings, enhancing market participation, and upgrading technological capabilities to fuel its next phase of growth. Recent initiatives include the introduction of mini contracts and monthly expiry gold options, aligning with its strategy to boost trading volumes.
Brokerage outlook:
HDFC Securities remains optimistic about MCX’s future, projecting gradual volume growth supported by new product launches and increased investor participation. The brokerage has assigned a ‘buy’ rating to the stock with a target price of ₹7,000.
MCX has delivered over 117% year-to-date returns and continues to gain traction among investors as it positions itself for sustained growth in the commodities trading space.
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