$MCX MCX (Multi Commodity Exchange of India) shares surged over 4% today

MCX (Multi Commodity Exchange of India) shares surged over 4% today to ₹2,963 after Jefferies initiated coverage with a Buy rating and a target price of ₹3,600, while gold and silver futures on MCX fell sharply due to US Fed rate hike expectations. 📈 MCX Stock Market Update Current Price: ₹2,963 (up 4.43%) Target Price (Jefferies): ₹3,600 (27–28% upside potential) Reason for Rally: Jefferies initiated coverage with a Buy rating. UTI Mutual Fund purchased ₹425 crore worth of shares via bulk deal. Growth Outlook: Revenue expected to grow at 20% CAGR till FY29. Earnings projected to grow at 22% CAGR. Retail participation in commodities is only 20% of NSE levels, leaving room for expansion. 🪙 Commodity Prices on MCX Gold (Aug Futures): ₹1,41,300 per 10g (down 0.86%) Silver (Sep Futures): ₹2,23,850 per kg (down 2.06%) June Performance: Gold fell nearly 10% (₹15,100 drop). Silver fell nearly 15% (₹38,250 drop). Reason: Strong US dollar, rising US Treasury yields, and expectations of multiple Fed rate hikes in 2026. 📰 Other Key Developments Leadership Change: Sanjay Rajpal appointed Executive Director (Critical Operations) at MCX effective June 30, 2026. Market Performance: MCX stock has rallied 63% in the past year and 34% in 2026 so far. Analyst Consensus: Out of 15 analysts, 10 recommend Buy, 4 Hold, and 1 Sell. UBS recently downgraded to Neutral but raised target to ₹3,600. ⚠️ Risks & Considerations Commodity Volatility: Gold & silver prices remain under pressure from global macro factors. Valuation Risk: MCX trades at high multiples; Jefferies values it at 45× FY28 EPS. Regulatory & Market Risks: Commodity derivatives market penetration is still low in India, requiring policy support.