Buy Multi Commodity Exchange of India, target price Rs 1,330: Dharmesh Shah

Dharmesh Shah of ICICI Direct has a buy call on Multi Commodity Exchange of India Ltd. with a target price of Rs 1330.0. The current price of Multi Commodity Exchange of India Ltd. is Rs 1259.0 Time period given by the analyst is Intra Day when Multi Commodity Exchange of India Ltd. price can reach defined target. Dharmesh Shah recommended to keep a stoploss at Rs 1225 .

Multi Commodity Exchange of India Ltd., incorporated in 2002, has a market cap of Rs 6415.85 crore.

Investment Rationale

Price rebounding taking support at 50-day EMA and lower band of the rising channel.

Quarterly Results
Source: ETMarkets.com

Financials

For the quarter ended March 31, 2020, the company reported consolidated sales of Rs 105.28 crore, up 17.93 per cent from last quarter sales of Rs 89.27 crore and up 33.03 per cent from last year same quarter sales of Rs 79.14 crore. The company reported net profit after tax of Rs 65.54 crore in the latest quarter.

Promoter/FII Holdings

FIIs held 32.58 per cent stake in the company as of March 31, 2020 while DIIs held 39.32 per cent and public and others 28.11 per cent.