MCX Surges Over 5% Ahead Of The Launch Of Its Commodity Derivatives Platform

Shares of Multi Commodity Exchange Of India Ltd (MCX). rose to a 22-month-high after the commodity trading exchange announced that its new derivatives platform will be implemented from Oct. 3, 2023. Clearing Corporation has planned to conduct mock session on Oct. 2, 2023, as per the MCX circular.

The scrip rose as much as 5.58% intraday to Rs 2,045 apiece, the most since Nov. 16, 2021, before paring gains to trade 3.10% higher at Rs 1,997 apiece, as of 9:47 a.m. This compares to a 0.19% decline in the NSE Nifty 50.

It has risen 28.4% on a year-to-date basis. Total traded volume so far in the day stood at 15 times its 30-day average. The relative strength index was at 77, implying that the stock maybe overbought.

Out of the nine analysts tracking the company, four maintain a ‘buy’ rating, two recommend a ‘hold,’ and three suggest ‘sell,’ according to Bloomberg data. The average 12-month consensus price target implies an downside of 13.3%.

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