MCX hits new 52-week high as SEBI allows launch of new commodity trading platform

MCX share price: Shares of the commodity exchange Multi Commodity Exchange of India (MCX) in intra-day trade rallied over 5 per cent, scaling a fresh 52-week high of Rs 2149.50 per share on the BSE. The gains in the stock were triggered after SEBI's technology panel- the SEBI Technical Advisory Committee gave its approval for the implementation of the new Commodity Derivative Platform (CDP). 

"Subsequently, SEBI Technical Advisory Committee has recommended that MCX and MCXCCL may Go-Live with the CDP and to intimate SEBI regarding the proposed date for Go Live," said the company in a regulatory filing with the exchanges.

At 11:45 am, the stock traded over 4 per cent higher at Rs 2125..4.

Earlier, SEBI on September 29 had asked the exchange to keep in abeyance the proposed go-live of its new commodity derivatives platform. 

In the last 7 trading sessions, the stock has gained around 5%, while the stock’s 1-year return stands at 60.7 per cent. The stock’s 52-week low and high prices are Rs 1285 and Rs 2150 per share, respectively.

The consensus recommendation on the stock from 10 analysts is ‘Hold’, with a ‘Strong Buy’ call by 5 analysts, Trendlyne data shows.

In the June quarter, the company’s total revenue came in at Rs 166.2 crore versus Rs 118 crore in the corresponding period of the previous FY. Net profit during the period, however, declined sharply from Rs 41.5 crore in the Q1FY23 period to Rs 19.7 crore in the Q1FY24 period,

MCX with a market valuation of Rs 10,784 crore is a smallcap company. The company operates a state-of-the-art commodity derivatives exchange that offers online trading of commodity derivatives.