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News Topical, Digital Desk : Stock to Buy: Shares of Multi Commodity Exchange of India (MCX) Limited saw a surge on Wednesday, November 26th. The stock is trading with a gain of over 2.5% today. Registering gains for the fourth consecutive day, the stock has crossed the ₹10,000 mark for the first time. Trading is at a record high. The stock has seen gains in eight of the last 10 trading sessions.
Strong sentiment from brokerage houses is also supporting the stock. Axis Capital recently initiated coverage on MCX, giving it a 'Buy' rating and setting a target price of ₹12,500, the highest on the Street. UBS also upgraded the stock to 'Buy' in October 2024 and raised its target from ₹10,000 to ₹12,000.
New CEO's 10X Growth Plan
Speaking to CNBC-TV18, MCX's new CEO, Praveena Rai, stated that the company's operating revenue is growing at 40% and EBITDA at 50%.
The company aims to process 10 billion orders per day. Rai added that the company's long-term target is 10x growth, although this will not happen all at once. The first significant milestone is expected to be achieved in the next 12–18 months.
What are analysts saying? There are a total of 11 analysts covering MCX -
- 5 have given 'Buy' rating
- 4 said 'Hold'
- 2 have given 'Sell' opinion
MCX Shares Rise Strongly
Shares of the Multi Commodity Exchange of India (MCX) surged to a new record high in Wednesday afternoon trading. The stock was trading at ₹10,221.50, up 3.59%, its all-time high. Earlier, the stock had touched an intraday high of ₹10,250.
The stock opened at ₹9,888 and continued its upward trend, crossing the psychological ₹10,000 mark within a short time. The company's market cap increased to ₹52,126 crore, while the stock's 52-week high now stands at ₹10,250.
Strong investor interest and positive market sentiment have supported the stock's continued upward move. MCX shares have seen consistent strength over the past few sessions.
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