MCX Shares Hit Record Ahead Of Commodity Derivatives Platform Launch On Oct. 16

Shares of Multi Commodity Exchange of India Ltd. hit a record high on Wednesday ahead of the launch of its proposed commodity derivatives platform on Oct. 16

The exchange will conduct mock trading on the platform on Oct. 15, according to an exchange filing.

On Sept. 29, SEBI had asked MCX to delay the launch of the Commodity Derivatives Platform, which was scheduled to go live by Oct. 3. Then, on Oct. 8, the regulator withdrew its abeyance order.

Shares of the company rose 2.81% to an all-time high of Rs 2,158.75 apiece. It pared gains to trade 2.08% higher at Rs 2,143.50 apiece, compared to a 0.66% advance in the benchmark NSE Nifty 50 as of 9:47 a.m.

It has risen 37.9% on a year-to-date basis. The total traded volume so far in the day stood at 2.4 times its 30-day average. The relative strength index was at 72, implying that the stock may be overbought.

Five out of the 10 analysts tracking MCX maintain a 'buy' rating, two recommend a 'hold', and three suggest a 'sell', according to Bloomberg data. The average of 12-month analyst price targets implies a potential downside of 9.7%.