Shares of this listed commodity exchange gains 5.06 percent after speculations to get approval from SEBI regarding the launch of new platform
On 6th October 2023 shares of Multi Commodity Exchange Of India Ltd closed at Rs. 2,047.95 per share up by 5.06 percent from previous closing price of Rs. 1,949.25 per share.
Such bullish stock price movements were observed after news came that MCX may get approval to launch Commodity Derivative Platform (CDP) soon. The commodity derivative platform was set to launch on 3rd October 2023 but it got suspended by SEBI due to technical issues, according to sources of zee business, the technical issues have been solved and SEBI’s technical advisory team has approved the Commodity Derivative Platform (CDP) for launch.
Having a walkthrough at financial reports, the company’s revenue has increased by 8.9 percent from 133.75 crore in Q4FY23 to 145.77 crore in Q1FY24. Moreover, the company’s profit has increased by 260 percent from 5.45 crore in Q4FY23 to 19.66 crore in Q1FY24.
Looking at the financial ratios, Company reported return on equity (ROE) of 7.42 percent and return on capital employed (ROCE) of 9.51 percent in the last financial year. Multi Commodity Exchange (MCX) is India’s first listed exchange that facilitates online trading of commodity derivatives transactions, etc.
The company holds over 96.67 percent of the market share in commodity Futures turnover and roughly 99.72 percent in commodity Options. It has a complete monopoly on the trading of precious metals, energy, and base metals.
Written by: Vinit Israni
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