Multi Commodity Exchange of India

Multi Commodity Exchange of India Limited (MCX) is a holding company. The Company is engaged in Facilitating Trading, and Clearing and Settlement of Commodity Derivatives. It operates as a commodity futures exchange. It offers its products in various segments, such as Bullion, including Gold, Gold Mini, Gold Petal and Silver; Base Metals, including, Aluminum, Copper, Lead, Nickel and Zinc; Energy, including Crude Oil, Brent Crude Oil and Natural Gas, and Agro Commodities, including Cardamom, Cotton, Crude Palm Oil, Kapas and Mentha Oil. Its MCXCOMDEX is a real-time commodity index based on commodity futures price of an exchange. Other commodity indices developed by the Company include MCXAgri, MCXEnergy and MCXMetal. Its online trading platform is accessible to its members through its trader workstation or computer-to-computer link (CTCL) using multiple connectivity media, including point of presence (POP) connectivity, very small aperture terminal (VSATs) and the Internet.
  • TickerMCX
  • ISININE745G01035
  • ExchangeNational Stock Exchange of India
  • SectorFinancial Services
  • CountryIndia

MULTI CMOD.EX.OF IDA.LTD sees a downgrade to Slightly Negative on account of less fundamental stars

The independent financial analyst theScreener just lowered the general evaluation of MULTI CMOD.EX.OF IDA.LTD (IN), active in the Investment Services industry. As regards its fundamental valuation, the title now shows 1 out of 4 stars while market behaviour can be considered moderately risky. theScreener believes that the title remains under pressure due to the loss of a star(s) and downgrades its general evaluation to Slightly Negative. As of the analysis date April 28, 2020, the closing price was INR 1,095.75 and its target price was estimated at INR 834.04.

Anmol Garg

MOSL: MCX (Buy)-Sporadic increase in volumes drives strong performance

MCX: Sporadic increase in volumes drives strong performance (MCX IN, Mkt Cap USD0.7b, CMP INR1017, TP INR1250, 23% Upside, Buy)   Operationally in line; PAT exceeds estimate Revenue increased 26% QoQ to INR1,002m in 2QFY20, marginally below our estimate of INR1,044m. Volumes were up 40.2% YoY to INR23.2t, mainly led by Gold (+131% YoY) and Crude (+88% YoY), partly offset by lower base metal volumes. Aluminum volumes declined 71% YoY, while copper, lead and zinc volumes were down 25%, 52% and 50%, respectively. EBIT increased 82% QoQ to INR430m, with the margin of 43% exceeding our e...

Ashish Chopra

MOSL: MCX (Buy) - Clarifies on whistleblower allegations

MCX: Clarifies on whistleblower allegations (MCX IN, Mkt Cap USD0.6b, CMP INR871, TP INR1000, 15% Upside, Buy)   We attended a call hosted by MCX, where management clarified on the recent concerns raised by a whistle blower with the SEBI. Key highlights: Concern-1: Malpractice in cotton trade from November 2018 to June 2019 by two international customers, which delivered stock of sub-standard quality. MCX passed it off to investors who bought on the exchange platform. Clarification: Those two international customers have been participating for some time now, and from November’18 to Jun...

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

More cracks begin to show Weaker than expected data out of China and an as-expected 0.1% preliminary GDP contraction for the 2nd quarter in Germany has global equities back on the defensive, with the MSCI ACWI, ACWI ex-US, and EAFE back near logical support. In last week's Int'l Compass we noted that some cracks are beginning to show in the form of STOXX 600 Banks and Brent crude breakdowns, which led us to believe global equities are vulnerable to a breakdown. Below we highlight more cracks that are showing, which only increases the likelihood that equities may be poised to break down. • Mo...

Ashish Chopra

MOSL: MCX (Buy)-Operationally in line, PAT beat on one-time tax reversal

MCX: Operationally in line, PAT beat on one-time tax reversal (MCX IN, Mkt Cap USD0.6b, CMP INR801, TP INR950, 19% Upside, Buy)   Operating profit exceeds estimate Income from operations increased 2.9% QoQ to INR791m (226bp beat to our estimate of INR774m). EBIT grew 24% QoQ to INR211m, with the margin at 26.6% (47bp beat). PAT increased 45% QoQ to INR610m (PAT margin of 55%), significantly ahead of our estimate of INR348m, mainly due to the recognition of a minimum alternate tax (MAT) credit of INR206m for the year. EPS for the quarter was INR12.0 v/s our estimate of INR6.8.  FY19...

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

More cracks begin to show Weaker than expected data out of China and an as-expected 0.1% preliminary GDP contraction for the 2nd quarter in Germany has global equities back on the defensive, with the MSCI ACWI, ACWI ex-US, and EAFE back near logical support. In last week's Int'l Compass we noted that some cracks are beginning to show in the form of STOXX 600 Banks and Brent crude breakdowns, which led us to believe global equities are vulnerable to a breakdown. Below we highlight more cracks that are showing, which only increases the likelihood that equities may be poised to break down. • Mo...

Anmol Garg

MOSL: MCX (Buy)-Sporadic increase in volumes drives strong performance

MCX: Sporadic increase in volumes drives strong performance (MCX IN, Mkt Cap USD0.7b, CMP INR1017, TP INR1250, 23% Upside, Buy)   Operationally in line; PAT exceeds estimate Revenue increased 26% QoQ to INR1,002m in 2QFY20, marginally below our estimate of INR1,044m. Volumes were up 40.2% YoY to INR23.2t, mainly led by Gold (+131% YoY) and Crude (+88% YoY), partly offset by lower base metal volumes. Aluminum volumes declined 71% YoY, while copper, lead and zinc volumes were down 25%, 52% and 50%, respectively. EBIT increased 82% QoQ to INR430m, with the margin of 43% exceeding our e...

Ashish Chopra

MOSL: MCX (Buy) - Clarifies on whistleblower allegations

MCX: Clarifies on whistleblower allegations (MCX IN, Mkt Cap USD0.6b, CMP INR871, TP INR1000, 15% Upside, Buy)   We attended a call hosted by MCX, where management clarified on the recent concerns raised by a whistle blower with the SEBI. Key highlights: Concern-1: Malpractice in cotton trade from November 2018 to June 2019 by two international customers, which delivered stock of sub-standard quality. MCX passed it off to investors who bought on the exchange platform. Clarification: Those two international customers have been participating for some time now, and from November’18 to Jun...

Ashish Chopra

MOSL: MCX (Buy)-Operationally in line, PAT beat on one-time tax reversal

MCX: Operationally in line, PAT beat on one-time tax reversal (MCX IN, Mkt Cap USD0.6b, CMP INR801, TP INR950, 19% Upside, Buy)   Operating profit exceeds estimate Income from operations increased 2.9% QoQ to INR791m (226bp beat to our estimate of INR774m). EBIT grew 24% QoQ to INR211m, with the margin at 26.6% (47bp beat). PAT increased 45% QoQ to INR610m (PAT margin of 55%), significantly ahead of our estimate of INR348m, mainly due to the recognition of a minimum alternate tax (MAT) credit of INR206m for the year. EPS for the quarter was INR12.0 v/s our estimate of INR6.8.  FY19...

Ashish Chopra

MOSL: MCX (Buy)-Steady pick-up in volumes continues

MCX: Steady pick-up in volumes continues (MCX IN, Mkt Cap USD0.5b, CMP INR764, TP INR900, 18% Upside, Buy)   Operating profit inline (excluding one-off expenses) Revenue grew 26% YoY to INR769m, in line with our estimate of INR766m. Futures volumes grew 34% YoY (+8% QoQ) to INR17t, dominated by crude (+78% YoY) and gold (+53% YoY). EBITDA margin of 27.2% (+500bp YoY, -500bp QoQ) was below our estimate of 34% due to higher other expenses (INR45m one-off). Excluding this one-time expense, the margin stood at 33.1% (90bp lower than our estimate). PAT growth of 124% YoY (to INR420m) exc...

Ashish Chopra

MOSL: MCX (Buy)-Volume-led growth- A broader set of Options now in action

MCX: Volume-led growth; A broader set of Options now in action (MCX IN,Mkt Cap USD0.6b, CMP INR798, TP INR1000, 25% Upside, Buy)   Marginal operational miss: MCX's 1QFY19 revenue grew 3.2% QoQ to INR729m v/s our estimate of INR775m - a 6% miss led by (i) rebates in the Liquidity Enhancement Scheme accounted in revenues and (ii) lower blended transaction yield. Consequently, the miss flowed through to profitability and EBIT margin contracted by 140bp QoQ to 27.6% (estimate of 400bp expansion). Adjusted PAT of INR279m declined by 18% QoQ because of lower other income. Volumes holding up fo...

MULTI CMOD.EX.OF IDA.LTD sees a downgrade to Slightly Negative on account of less fundamental stars

The independent financial analyst theScreener just lowered the general evaluation of MULTI CMOD.EX.OF IDA.LTD (IN), active in the Investment Services industry. As regards its fundamental valuation, the title now shows 1 out of 4 stars while market behaviour can be considered moderately risky. theScreener believes that the title remains under pressure due to the loss of a star(s) and downgrades its general evaluation to Slightly Negative. As of the analysis date April 28, 2020, the closing price was INR 1,095.75 and its target price was estimated at INR 834.04.

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

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