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HDFC Securities Institutional Equities
Multi Commodity Exchange of India Ltd. could be a key beneficiary of a series of proposed regulatory reforms aimed at broadening India's commodity derivatives market, according to HDFC Securities, which has maintained its' gBuy' rating on the stock with a target price of Rs 3,600, implying an upside of around 23% from current levels.
HDFC Securities said MCX stands to gain from two SEBI consultation papers that propose allowing foreign portfolio investors (FPIs) to participate in a wider range of commodity derivative products and easing various market participation norms. The brokerage believes these measures could help address key constraints around participant base, product breadth, and capital efficiency in the commodity derivatives segment.
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