Shares of this commodity derivatives exchange platform are buzzing on the bourses today!
The stock surged 6.86% on the day.
On October 25, the market is trading flat. At 10:42 am, the S&P BSE Sensex is trading at 59744.44, down 0.15%, while NIFTY50 is 0.18% down on the day and trading at 17699. About Sectoral performance, Auto is the top gainer, while Telecom and FMCG are the top losers for the day. Regarding stock-specific action, Multi Commodity Exchange of India Ltd is among the top gainers.
Shares of Multi Commodity Exchange of India Ltd have surged 6.86% and are trading at Rs 1463, as of 10:42 am. The stock opened at Rs 1375 and so far, has made an intraday high and low of Rs 1485.75 and Rs 1371.8, respectively.
On October 22, when the market was closed, the company announced its latest September quarter results. The Q2FY23 results were strong, hence the shares of Multi Commodity Exchange of India Ltd are significantly outperforming the market.
For H1 FY23, the company’s market share in the commodity futures market stood at 96.8%. The Q2FY23 revenue increased YoY by 53% and stood at Rs 127.4 crore. The net profit for Q2FY23 increased YoY by 94 % to Rs 63.27 crore. Q2FY23 net profit margin remained fairly strong at 43%. In Q2 FY22-23, the average daily turnover of commodity futures contracts traded on the exchange dropped by 7.3% from Rs 25,797 crore in Q2 FY22 to Rs 23,918 crore.
Multi Commodity Exchange of India Limited is India’s largest commodity derivatives exchange that provides a platform for price discovery and risk management through online trading of commodity derivatives transactions. It started its operation in 2003 and is the first listed exchange in India. The exchange is governed by the rules and regulations of the Securities and Exchange Board of India (SEBI).
Multi Commodity Exchange of India Limited has a market capitalisation of Rs 7445 crore and is currently trading at a PE multiple of 38.7x.
Share Market Today
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