MUMBAI: MCX’s March quarter numbers, though decent, fell a tad short of analysts’ estimates. With the reduction in exchange timings, traded volume declined in April and May.
Hence, given that shares have jumped about 20% in the past month, further gains in stock prices may be capped. MCX’s revenues were up nearly 33% year-on-year in Q4 as the company saw an increase in trading in gold, silver, nickel and crude.
The growth in earnings before interest and tax was also in sync with analysts' estimate, after adjusting for one-off expenses.
The growth in the average daily turnover is also encouraging with an overall growth of 44%, driven by precious metals. Note that there was a dip in volumes in March on account of reduction in trading hours.