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SBICAP Securities has maintained buy rating on Multi Commodity Exchange of India in the long term and revised target price to Rs 1,330 from Rs 1,165.
hares of MCX ended up 6.7% at Rs 1288.70 on Tuesday while BSE Sensex closed 192.84 points (0.47%) up at 40,869.47.
Company FinancialsFor the quarter ended 30-09-2019, the company has reported consolidated sales of Rs 100.15 crore, up 26.05% from last quarter sales of Rs 79.45 crore and up 40.86% from last year same quarter sales of Rs 71.10 crore.
The company has reported net profit after tax of Rs 72.04 crore in the latest quarter.
The company’s top management includes Dr.Bhartendu Kumar Gairola, Dr.Deepali Pant Joshi, Mr.Amit Goela, Mr.Basant Seth, Mr.Chengalath Jayaram, Mr.Hemang Raja, Mr.P S Reddy, Mr.Saurabh Chandra, Mr.Shankar Aggarwal, Ms.Madhu Vadera Jayakumar, Ms.Padma Raghunathan, Ms.Pravin Tripathi.
Company has Shah Gupta - Co.
as its auditors.
As on 30-09-2019, the company has a total of 50,998,369 shares outstanding.
Investment RationaleMCX is poised for strong growth in activity due to 1) impending institutional participation catalyzed by resolution of custodian-related issues, 2) increasing depth due to participation of hedgers, 3) introduction of new contracts, and 4) growth in trading of options, said SBICAP.
The brokerage said it may have to revise its estimates upwards if there is greater institutional participation.
