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MCX Shares Surge To Record High As Gold Prices Shine
Amid relentless rally in gold prices, shares of MCX (Multi Commodity Exchange), the country's commodities exchange, surged to a record high of Rs 1,792 in the morning session. In the second half, the stock was trading below the previous close price, most likely on profit booking.
Experts suggest that the rise in share value may on expectations of increased trading volumes in gold futures as the metal's prices high new all-time high. On Wednesday, gold futures (5 August 2020), rose to a high of Rs 52,846 per 10 grams reflecting strong demand in the international market for the precious metal amid uncertainty from the coronavirus pandemic.
Spot gold hit an all-time of $1,980.57 on Tuesday.
On 26 July, MCX had posted a 29 percent growth in its June quarter net profit at Rs 56.43 crore from Rs 43.70 crore a year ago. Its total income in the April-June period increased by 11 percent to Rs 122.70 crore from Rs 110.84 crore in the same period last year.
During the quarter, the exchange's market share in commodity derivative space increased to 96.71 percent as against 91.60 percent in the corresponding quarter a year earlier.
While COVID-19 induced lockdown may have affected physical demand for the metal, investors have poured money into exchange-traded funds or ETFs to benefit from the rally.
Morgan Stanley raised its target for MCX from Rs 1,600 to Rs 2,000, citing strong balance sheet and high dividend payout
Shares of gold loan companies like Manappuram Finance and Muthoot Finance have also rallied over the past few months, due to a surge in the metal's prices.
