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ICICI Securities Report
Multi Commodity Exchange of India Ltd. options has now extended the contract with existing software platform provider (63 moons) till June 2023.
This is disappointing considering that the new extension (six months) is longer than the first extension (three months) along with the related higher cost incidence now in FY23/24.
While we are positive on MCX due to strong continued traction in options, strong business position of being India's largest commodity exchange with monopolistic market share and ultimate expectations of cost reduction from eventual software migration to new platform, some of these upsides have been captured in the ~30% rally in stock price over last quarter.
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