Motilal Oswal sets Street-high PT for India's MCX, shares up 6%

63 Moons Technologies

10/04/2024 08:06

** Shares of Multi Commodity Exchange of India (MCX)
 MCEI.NS  up 6% at 3,952.60 rupees
     ** Motilal Oswal upgrades stock to "buy" from "neutral",
sets Street-high PT of 4,300 rupees
    ** New products, including gold serial contracts, power
contracts, will be key growth drivers for MCX in near term, says
Motilal Oswal
    ** MCX's recently launched Steel TMT bar contracts expected
to result in large volumes for MCX, Motilal says
    ** Adds, completion of software transition to TCS  TCS.NS 
from 63 Moons  63MO.NS  will result in cost savings
    ** Avg rating of eight analysts at "buy"; median PT is 3,900
rupees - LSEG data
    ** Trading volume nearly 5x the 30-day moving avg, its
busiest session so far this year
    ** Stock up 23.5% YTD after more than doubling in 2023
    

 (Reporting by Kashish Tandon in Bengaluru)
 ((kashish.tandon@thomsonreuters.com))