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ICICI Securities Report
The key question for Multi Commodity Exchange of India Ltd. is its ability to recover volumes post the impact of higher margin trading norm and establish business traction on new products.
Basis nine months-FY22 average daily trading volume, we factor futures/options (notional) ADTV of Rs 295 billion/200 billion for MCX in FY23E and Rs 350/330 billion in FY24E.
We keep reiterating that ADTV recovery is not bound to be linear and MCX remains one of the better plays on commodity price volatility.
However, without significant traction in optionalities yet, we have kept valuations unchanged.
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