Shares of commodity exchange player Multi Commodity Exchange of India (MCX) surged 6% on Wednesday to hit a record high. This comes after global brokerage UBS raised its target price to ₹10,000, indicating 21% upside, driven by strong financials and new product launches.
The regulatory approval for electricity derivatives is expected to unlock fresh hedging tools. MCX reported a 54.2% profit increase in Q4 FY25, beating expectations.
MCX shares have rallied 33% in the last one month.
SEBI-registered analyst Palak Jain predicts further upside potential, with targets set at ₹11,145.34 to ₹12,829.92 in the next three months.
She observed that the stock has broken out above key resistance levels, triggering buying interest. Jain pegged support between ₹8,200-₹8,300, with resistance at ₹9,000-₹9,200.
She concludes that a bullish trend is expected, and investors are advised to monitor the stock closely.
Data on Stocktwits shows that retail sentiment has turned ‘bullish’ on this counter this week.
Year-to-date, MCX shares have gained 38%.
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