Buy Multi Commodity Exchange of India, target price Rs 1689: ICICI Direct

ICICI Direct has buy call on Multi Commodity Exchange of India Ltd. with a target price of Rs 1689. The current market price of Multi Commodity Exchange of India is Rs 1636.4.

Time period given by analyst is Intra Day when Multi Commodity Exchange of India Ltd. price can reach defined target.

Multi Commodity Exchange of India Ltd., incorporated in the year 2002, is a Mid Cap company (having a market cap of Rs 8343.59 Crore) operating in Financial Services sector.


Multi Commodity Exchange of India Ltd. key Products/Revenue Segments include Fees & Other Charges and Other Operating Revenue for the year ending 31-Mar-2021.

Financials
For the quarter ended 30-06-2021, the company reported a Consolidated Total Income of Rs 108.94 Crore, up .44 % from last quarter Total Income of Rs 108.46 Crore and down -11.21 % from last year same quarter Total Income of Rs 122.70 Crore. Company reported net profit after tax of Rs 39.87 Crore in latest quarter.

Investment Rationale
Price resumes uptrend after taking support at 38.2 % retracement of recent up move

Promoter/FII Holdings
Promoters held 0 per cent stake in the company as of June 30, 2021, while FIIs held 35.7 per cent, DIIs 40.5 per cent and public and others 23.9 per cent.