At the time this story was written, about 1.45 lakh shares were traded on BSE. The number was less than the average of 51,000 shares for the past two weeks. With a market capitalization (m-cap) of Rs 9,827.39 crore, the counter’s turnover was Rs 27.46 crore. So far this year, the scrip has gone up about 32%, and it has gone up about 56% in a year.
On Monday, shares of Multi Commodity Exchange of India Ltd (MCX) kept going up for the third day in a row. The stock went up by 9.30% today to reach a 52-week high of Rs 1,950. It had been at Rs 1,784.05. At the time this story was written, about 1.45 lakh shares were traded on BSE. The number was less than the average of 51,000 shares for the past two weeks. With a market capitalization (m-cap) of Rs 9,827.39 crore, the counter’s turnover was Rs 27.46 crore. So far this year, the scrip has gone up about 32%, and it has gone up about 56% in a year.
There were rumours that a new trade platform would be released by the end of this month, which caused the counter to go up. But MCX hasn’t said anything public about it yet.
On the basis of how the stock was set up technically, experts said that it looked “bullish.” But an analyst said that investors should make money at the present prices.
“It looks like the stock will do well. It can go as high as Rs 2,000. Short-term and long-term signs point in the right direction. Also, RSI is in a good place. “Right now, there is a bullish attitude,” said market expert Ravi Singh.
With the next barrier around Rs. 2,015, the MCX India appears quite overbought but positive. AR Ramachandran from Tips2trades said, “Investors should take their profits now because a daily finish below the support level of Rs 1,833 could lead to Rs 1,610 in the near future.”
Earlier in June, the commodity exchange had again extended its software support deal with 63 Moons Technologies Ltd, the company that started the bourse. The deal has been extended for six months, starting July 1, 2023, according to MCX and 63 Moons.
MCX has missed dates for switching to a new trading platform more than once. The deal has been renewed at a cost of Rs 125 crore per quarter, or Rs 250 crore for a six-month term. It had also talked about how the new commodity swaps platform would be rolled out.
63 Moons, which used to be called Financial Technologies India Ltd, said about the deal that it had once again agreed to MCX’s last-minute request, which MCX said was for the “last time.”
This was the third time MCX asked 63 Moons to extend the software support service agreement. The long-term agreement with MCX finished on September 30, 2022, and MCX chose a new technology service provider in February 2021.
MCX had to cancel a number of practise trade sessions that were meant to test the new trading platform. Since it began operating in November 2003, 63 Moons, which used to be its founder and advocate, has been helping MCX with its technology.
Tata Consultancy Services (TCS) was chosen as the company that would build the new commodity derivative platform in February 2021. MCX and TCS have been working together to make a new platform. At first, they thought it would be ready by July 2022. But since then, both businesses have had to wait longer than expected.
MCX was the first exchange in the country to be traded. It is a commodity derivatives exchange that makes it easy to trade commodity derivatives online.