MCX shares fall 7 per cent despite doubling Q2 profit
The commodity exchange reported a consolidated net profit of ₹455 crore for the September quarter of FY27.
Multi Commodity Exchange of India (MCX) shares fell 7 per cent on Wednesday, 4 November, even as the exchange reported a more than two-fold increase in consolidated net profit for the September quarter of FY27, according to Mint.
The exchange recorded a consolidated net profit of ₹455 crore for the quarter, up from ₹197.47 crore in the same period last year. Total income rose to ₹799.66 crore from ₹374.23 crore a year earlier, while expenses increased to ₹211.36 crore from ₹150.41 crore.
MCX MD and CEO Praveena Rai said the performance showed continued trust from market participants. Rai attributed the growth to momentum across product segments and efforts to expand the product portfolio.
Technical analyst Rajesh Bhosale of My Advisor Alpha said the drop was due to profit booking after a recent rally. He noted the stock faced resistance near ₹3,500 and identified ₹3,200 as a key support level.
Gaurav Arora, Head of Research at SAHI, described the movement as a pullback rather than a breakdown of the technical structure. He noted that while revenue rose approximately 114 per cent, the stock's price-to-earnings multiple of around 54 is nearly twice the sector average.
Arora suggested existing investors remain invested with trailing stop-loss levels, noting the technical structure stays intact if the stock holds above ₹3,225.