Sell Multi Commodity Exchange of India, target price Rs 1360: Chandan Taparia

Chandan Taparia of Motilal Oswal Securities has sell call on Multi Commodity Exchange of India with a target price of Rs 1360. The current market price of Multi Commodity Exchange of India Ltd. is Rs 1401.8 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 7281.80 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 31-12-2021, the company reported a Consolidated Total Income of Rs 104.06 Crore, up 4.84 % from last quarter Total Income of Rs 99.26 Crore and down -17.20 % from last year same quarter Total Income of Rs 125.67 Crore. Company reported net profit after tax of Rs 35.00 Crore in latest quarter.


Investment Rationale
Trending lower on daily frame and making lower tops – lower bottoms from the last three weeks.

Promoter/FII Holdings
Promoters held 0 per cent stake in the company as of 31-Dec-2021, while FIIs owned 33.99 per cent, DIIs 43.78 per cent.